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 29 November, 2023

Happy hump day!

Market highlights

ASX futures up 13 points or 0.2% to 7051 near 7am AEDT

  • AUD +0.6% to 66.49 US cents
  • Bitcoin +3.2% to $US38,106 at 7.08am AEDT
  • On Wall St at 3.10pm: Dow +0.3% S&P +0.03% Nasdaq +0.06%
  • In New York: BHP +0.5% Rio +0.4% Atlassian +4.6%
  • Tesla +4.1% Apple +0.01% Amazon -0.7% Block +5.5%
  • VIX +-0.08% QQQ +0.07% TLT +0.01%
  • Stoxx 50 -0.2% FTSE -0.1% DAX +0.2% CAC -0.2%
  • Spot gold +1.2% to $US2038.67/oz at 1.44pm in New York
  • Brent crude +2.2% to $US81.76 a barrel
  • Iron ore -2.9% to $US128.80 a tonne
  • 10-year yield: US 4.34% Australia 4.49% Germany 2.49%
  • US prices as of 3.04pm in New York

Australian shares are poised to rise in line with modest gains in New York after Federal Reserve governor Christopher Waller not only signalled rates have peaked but that a pivot to cuts in on the horizon. The S&P 500 was little changed near 3pm.

The yield on the US 10-year note slid below 4.35 per cent. The two-year Treasury yield was down 13 basis points to 4.75 per cent today, near 60 basis points lower than the effective Fed Funds Rate.

The Australian dollar was trading just shy US66.5¢ at about 7.10am, on bets the US dollar will lose some of its investment lustre if the gap between US and Australian rates narrows.

Local investors will be particularly focussed on the release at 11.30am of the monthly CPI indicator. At midday, the RBNZ will release its latest official cash rate decision – a hold at 5.5 per cent is expected.

Source: AFR

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Closer to Home
  • SX-listed Weebit Nano announced maiden revenue from its ReRAM product
  • ReRam is billed as the next generation non-volatile memory chip
  • We spoke to Weebit Nano’s CEO, Coby Hanoch

Generating first revenue is one of the most important milestones of a tech company’s journey. For instance, Nvidia hasn’t always been a market darling. It earned its current status as a tech star through decades of innovation and incremental increases in revenue.

Incorporated in 1993, Nvidia earned its first revenue in 1995 and went public via an IPO in 1999. Since debut, Nvidia’s revenue has grown by a staggering 7,000%.
On the ASX, one tech company that has just earned its maiden revenue is the memory chip maker, Weebit Nano (ASX:WBT).

Earlier this month, the company announced its first IP licensing revenue for its embedded Resistive Random-Access Memory (ReRAM) technology.
While this initial licensing fee is relatively small at US$100,000, the company considers the fact that Weebit Nano is no longer “pre-revenue” to be material, as it marks the company’s transition to commercialisation phase.

“Becoming a revenue generating company is always a very important milestone,” Weebit Nano’s CEO, Coby Hanoch, told Stockhead.

“It just happened that the first payment was a small amount of $100,000, but obviously we’re expecting more payments and are expecting it to grow over time.”
Hanoch says that he’s always told shareholders not to expect immediate, rapid growth in revenue because the business model revolves around multiple steps.

“First we sign a licensing agreement, then the customer pays us engineering fees to make the adjustments necessary to their environment.

“So it takes time until we actually start getting the royalties, which are the key element of revenue for us,” Hanoch said.


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If you would like more information on future Peak deals, please don’t hesitate to get in touch.

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