Scrapped IPO of Nvidia-Backed Firmus Points to Limits of AI Boom — Daily Fintech News, October 9, 2026
Friday, October 9, 2026 · 11:27 AM ET
Markets
1.Scrapped IPO of Nvidia-Backed Firmus Points to Limits of AI Boom
Nvidia-backed Australian AI cloud-computing firm Firmus Grid scrapped its planned IPO, which had sought a roughly $30 billion valuation despite the company having only two operational data centers — a sign of limits to the AI data-center boom.
Markets
2.Nvidia's Subtle Change to How It Counts Cash Flow Has Big Implications for Buybacks
Nvidia quietly changed how it counts free cash flow, signaling a new way of thinking about the competing demands of capital returns and continued spending to build out its AI ecosystem.
$NVDA
$NVDAClose$230.25-0.10%Live$230.23-0.01%
1Y +19.6%Rev QoQ +105.9%EPS QoQ +127.8%52wk $164.27–$243.37P/E 29.1Mkt Cap $5.56T
AI
3.SoftBank Seeks $100bn From Gulf Investors to Expand AI Bet
SoftBank founder and CEO Masayoshi Son has held talks with senior figures in the UAE to raise about $100 billion from Gulf investors, aiming to significantly expand the group's bet on artificial intelligence.
$SFTBY
$SFTBYClose$18.04+1.18%
1Y -3.5%Rev QoQ +10.9%EPS QoQ -17.8%52wk $10.55–$28.97P/E 6.5Mkt Cap $205.62B
Markets
4.SpaceX's $750 Billion Rally Breaks Stock Out of Post-IPO Funk
SpaceX shares broke above $160 for the first time since July, extending a roughly 48% three-month rally that has lifted the company toward a $750 billion valuation, with the stock rising further after SpaceX acquired spectrum to offer nationwide phone coverage.
$SPCX
$SPCXClose$163.29+1.69%Live$163.30+0.01%
1Y +1.5%Rev QoQ +91.9%EPS QoQ —52wk $104.83–$225.64P/E —Mkt Cap $2.15T
AI
5.Andreessen Horowitz Backs TypeSafe AI (“Jev”) at $7.5 Billion Value
TypeSafe AI, the startup behind the viral “Jev” AI model, raised about $870 million at a $7.5 billion valuation in a round led by Andreessen Horowitz; the model is now used by roughly a third of Fortune 500 companies and passed one million users within days of launch.
Markets
6.DayOne in Early Talks With Banks for Potential $500 Million Bond
DayOne Data Centers, the Singapore-based AI data-center operator, has been in preliminary talks with banks for weeks about a potential $500 million bond offering, even as it plans a US listing.
AI
7.Jefferies' Chris Wood Sees 'Massive Capital Destruction' in AI
Jefferies strategist Chris Wood says the most likely long-term outcome of the AI boom will be massive capital destruction in the US, with market share shifting to cheaper open-source Chinese models.