Shares on Wall Street ended mixed on Friday with Nasdaq recording its worst week since March falling 0.60% mainly driven by decline in tech companies.
The Nasdaq 100 plunged more than 100 points dragged by tech companies such as Apple, Tesla and Microsoft which turned to losses mid-session. Since the stock splits on 31st August, shares of electric vehicle manufacturer Tesla and tech firm Apple Inc have been volatile and given their high market capitalization, the volatility greatly influences the major stock markets in the United States.
Nikola Motors’ stocks last week fell over 20% after Citron Research publicly supported Hindenburg for “exposing” Nikola for deceiving investors and media to “cash out $70 million.”
On Thursday last week, Hindenburg Research released a report describing Nikola Corporation as a “new short”, adding that the company’s business strategy an “intricate fraud built on dozens of lies.”
Nvidia Corp to acquire Arm from Softbank
The Wall Street Journal reported on Saturday that Softbank Corp. is in the final phase of negotiations to sell its chip designer Arm Ltd. to Nvidia Corp. The deal will be conducted via a cash-and-stock transaction worth more than $40 billion, according to people familiar with the matter.
The deal comes after several weeks of exclusive talks and is expected to be announced early next week.
Apple Loosens App Store Rules
Apple Inc. on Friday unveiled a new updated version of its App Store rules that provide explicit permissions to services used for video game streaming, such as Google Stadia and Microsoft xCloud.
Apple revised the rules following the dispute with Epic Games ahead of the iOS 14 release, saying that all games offered by the streaming services will have to be downloaded exclusively from the App Store.
The new rules will also affect all other apps that offer services such as in-app teaching. For those apps, one-on-one training classes remain exempt from the in-app payments, while this principle won’t apply for multi-person courses.
