Shares of technology companies have once again outperformed expectations as initial public offerings (IPOs) continue to show strength. Instacart, the popular grocery delivery service, saw its shares soar, opening 40% higher during its first day of trading. This impressive performance mirrors that of Arm Holdings, a Softbank-backed tech giant, just one day earlier.
The market's increasing appetite for newly launched shares indicates that Wall Street firms are becoming more willing to take risks, according to J.D. Joyce, president of Houston financial advisory firm Joyce Wealth Management.
In other industry news, e-commerce giant Amazon.com has announced its plans to hire a staggering 250,000 workers in the U.S. as part of its annual holiday hiring spree. This number significantly surpasses the company's goal of hiring 150,000 workers for the holiday season in 2022.
Meanwhile, Tuhu Car, an automotive-services company supported by Chinese tech titan Tencent Holdings, is expected to set the price for its IPO at the lower end of the range, as insiders familiar with the matter have revealed.