London Daily

Focus on the big picture.
Thursday, Nov 13, 2025

Tech companies are seizing the market moment

Tech companies are seizing the market moment

The biggest tech companies strengthened their hold on the global economy during the pandemic. Now, the industry is leveraging a moment of market euphoria to gear up for what comes next.

What's happening: Airbnb and DoorDash could raise billions of dollars through initial public offerings, while Salesforce's purchase of messaging platform Slack (WORK) for nearly $28 billion is a bet on the future of work.

This week has brought a flurry of tech deal activity as investment bankers help companies prepare for life after 2020.

The arrival of safe and effective vaccines has given investors a jolt of confidence, making it easier for companies to make their Wall Street debuts with bold promises about future growth.

See here: Airbnb disclosed Tuesday that it plans to sell shares in a price range of $44 to $50. At the the upper end of that range, Airbnb would be valued at just over $30 billion — not far off its private valuation before the pandemic decimated demand for travel bookings.

If the offering goes ahead at $47 per share, the deal could raise up to $2.5 billion. It's a notable figure for a company that's come through an immensely challenging year, slashing costs and relying more on longer-term stays closer to home.

Not alone: Delivery app DoorDash said earlier this week that its IPO could raise $2.54 billion if it prices shares at $80, the midpoint of its expected range.

Meanwhile, other tech companies are increasing their exposure to cloud computing and services that support remote work, which have been bright spots during the pandemic.

Salesforce (CRM), which sells cloud-based customer management software and other enterprise applications, said its acquisition of Slack, announced Tuesday, will help to bolster its business offerings at a crucial time.

"Together, Salesforce and Slack will shape the future of enterprise software and transform the way everyone works in the all-digital, work-from-anywhere world," Salesforce CEO Marc Benioff said.

It's not just a US phenomenon. After selling nearly $100 billion in assets, Japanese conglomerate SoftBank (SFTBF) is back in buying mode. Sinch, a Swedish cloud and telecommunications company, said this week that SoftBank had acquired a 10% stake in the firm, which is the best performing stock in Europe this year.

And Chinese smartphone maker Xiaomi said Wednesday that it's raising more than $3 billion for strategic investments and expansion in key markets.
Step back: In a recent report, Bain & Company noted that tech companies' share prices have been "resilient" during the recent downturn, and many are sitting on piles of cash. That creates the conditions for a spending spree.

"Those with the means will use this opportunity to add new capabilities and reposition their organizations for the post-pandemic world," partners Adam Haller and Chris Johnson said.

Three big developments investors should watch


Global investors are watching three big events this December: the Covid-19 vaccine rollout, stimulus efforts and Brexit trade talks. On all fronts, there have been important developments.

* On vaccines: The United Kingdom has become the first Western nation to approve a Covid-19 vaccine, a landmark moment in the coronavirus pandemic that paves the way for the first doses to be rolled out across the country next week. "Help is on the way," Health Secretary Matt Hancock announced Wednesday morning, after UK regulators granted emergency authorization for a vaccine made by US pharma giant Pfizer and its German partner BioNTech.

* On stimulus: President-elect Joe Biden has said his top priority is getting a stimulus package through Congress, even before he takes office. On Tuesday, a bipartisan group of lawmakers unveiled a package worth roughly $900 billion aimed at jumpstarting stalled talks. While the plan doesn't have support from Senate Majority Leader Mitch McConnell, pressure to act is growing. McConnell indicated Tuesday that Republicans may try to combine stimulus spending with legislation to keep the government funded and prevent a shutdown. That would require buy-in from both parties, however.

* On Brexit: Reports on Tuesday indicated that negotiations on a trade deal between the United Kingdom and the European Union were nearing a positive conclusion. That sent the British pound above $1.34, its highest level in more than two years. But an EU diplomat told CNN Wednesday that differences remain and there's still no guarantee of agreement.

Stocks are taking a breather on Wednesday after a strong start to December. But additional progress in any of these areas could shift markets.

Nasdaq's diversity push for Corporate America


Nasdaq wants to give companies that list on its high-profile exchange an ultimatum: Diversify your boards, or get out.

Details, details: The exchange is proposing a rule that would require companies to have at least two "diverse" directors, including one woman and one member of an underrepresented minority group, my CNN Business colleague Chris Isidore reports. Smaller companies and foreign companies on the exchange could comply with two directors who are women.

A company could have its shares delisted from the exchange if it does not comply.

Big picture: Nasdaq joins a growing group of voices pushing for greater diversity in boardrooms. In September, California Gov. Gavin Newsom signed a law that would require at least one minority member on the boards of all publicly-traded companies based in the state. Goldman Sachs has said it will not take a company public unless it has at least one diverse board member.

Many large public companies already comply with the rule's minimum requirements. A spokesperson for Nasdaq said it believes that at least 85% of its 3,249 listed companies have either one woman or one underrepresented minority on their boards.

What's next: Should the rule get a green light from the Securities and Exchange Commission, Nasdaq-listed firms would need to have at least one diverse director within two years, and two within four to five years, depending on the size of the company.

Up next


US stock futures are slightly lower after the S&P 500 and Nasdaq Composite both logged fresh records Tuesday. Markets in Europe dipped in early trading, while stocks in Asia were mixed. Investors are selling benchmark US Treasuries, sending yields higher.

CrowdStrike (CRWD) and Snowflake report results after US markets close.

Also today: The ADP private employment report for November posts at 8:15 a.m. ET. It's an important data point ahead of Friday's official US jobs report.
Coming tomorrow: Dollar General (DG) and Kroger (KR) post earnings.

Newsletter

Related Articles

0:00
0:00
Close
UK Upholds Firm Rules on Stablecoins to Shield Financial System
Brussels Divided as UK-EU Reset Stalls Over Budget Access
Prince Harry’s Remembrance Day Essay Expresses Strong Regret at Leaving Britain
UK Unemployment Hits 5% as Wage Growth Slows, Paving Way for Bank of England Rate Cut
Starmer Warns of Resurgent Racism in UK Politics as He Vows Child-Poverty Reforms
UK Grocery Inflation Slows to 4.7% as Supermarkets Launch Pre-Christmas Promotions
UK Government Backs the BBC amid Editing Scandal and Trump Threat of Legal Action
UK Assessment Mis-Estimated Fallout From Palestine Action Ban, Records Reveal
UK Halts Intelligence Sharing with US Amid Lethal Boat-Strike Concerns
King Charles III Leads Britain in Remembrance Sunday Tribute to War Dead
UK Retail Sales Growth Slows as Households Hold Back Ahead of Black Friday and Budget
Shell Pulls Out of Two UK Floating Wind Projects Amid Renewables Retreat
Viagogo Hit With £15 Million Tax Bill After HMRC Transfer-Pricing Inquiry
Jaguar Land Rover Cyberattack Pinches UK GDP, Bank of England Says
UK and Germany Sound Alarm on Russian-Satellite Threat to Critical Infrastructure
Former Prince Andrew Faces U.S. Congressional Request for Testimony Amid Brexit of Royal Title
BBC Director-General Tim Davie and News CEO Deborah Turness Resign Amid Editing Controversy
Tom Cruise Arrives by Helicopter at UK Scientology Fundraiser Amid Local Protests
Prince Andrew and Sarah Ferguson Face Fresh UK Probes Amid Royal Fallout
Mothers Link Teen Suicides to AI Chatbots in Growing Legal Battle
UK Government to Mirror Denmark’s Tough Immigration Framework in Major Policy Shift
UK Government Turns to Denmark-Style Immigration Reforms to Overhaul Border Rules
UK Chancellor Warned Against Cutting Insulation Funding as Budget Looms
UK Tenant Complaints Hit Record Levels as Rental Sector Faces Mounting Pressure
Apple to Pay Google About One Billion Dollars Annually for Gemini AI to Power Next-Generation Siri
UK Signals Major Shift as Nuclear Arms Race Looms
BBC’s « Celebrity Traitors UK » Finale Breaks Records with 11.1 Million Viewers
UK Spy Case Collapse Highlights Implications for UK-Taiwan Strategic Alignment
On the Road to the Oscars? Meghan Markle to Star in a New Film
A Vote Worth a Trillion Dollars: Elon Musk’s Defining Day
AI Researchers Claim Human-Level General Intelligence Is Already Here
President Donald Trump Challenges Nigeria with Military Options Over Alleged Christian Killings
Nancy Pelosi Finally Announces She Will Not Seek Re-Election, Signalling End of Long Congressional Career
UK Pre-Budget Blues and Rate-Cut Concerns Pile Pressure on Pound
ITV Warns of Nine-Per-Cent Drop in Q4 Advertising Revenue Amid Budget Uncertainty
National Grid Posts Slightly Stronger-Than-Expected Half-Year Profit as Regulatory Investments Drive Growth
UK Business Lobby Urges Reeves to Break Tax Pledges and Build Fiscal Headroom
UK to Launch Consultation on Stablecoin Regulation on November 10
UK Savers Rush to Withdraw Pension Cash Ahead of Budget Amid Tax-Change Fears
Massive Spoilers Emerge from MAFS UK 2025: Couple Swaps, Dating App Leaks and Reunion Bombshells
Kurdish-led Crime Network Operates UK Mini-Marts to Exploit Migrants and Sell Illicit Goods
UK Income Tax Hike Could Trigger £1 Billion Cut to Scotland’s Budget, Warns Finance Secretary
Tommy Robinson Acquitted of Terror-related Charge After Phone PIN Dispute
Boris Johnson Condemns Western Support for Hamas at Jewish Community Conference
HII Welcomes UK’s Westley Group to Strengthen AUKUS Submarine Supply Chain
Tragedy in Serbia: Coach Mladen Žižović Collapses During Match and Dies at 44
Diplo Says He Dated Katy Perry — and Justin Trudeau
Dick Cheney, Former U.S. Vice President, Dies at 84
Trump Calls Title Removal of Andrew ‘Tragic Situation’ Amid Royal Fallout
UK Bonds Rally as Chancellor Reeves Briefs Markets Ahead of November Budget
×