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Opendoor jumps after announcing Coinbase Canada CEO Lucas Matheson will be its next president

Opendoor is surging this morning after announcing that Lucas Matheson, CEO of Coinbase Canada, will be its next president.

Management changes have been a key catalyst for Opendoor Technologies as the online real estate company looks to reverse its fortunes. Shares booked a record one-day gain of nearly 80% on September 11, following its announcement that cofounders Keith Rabois and Eric Wu were rejoining the company to serve on its board of directors and that Shopify COO Kaz Nejatian would serve as CEO. Matheson worked at Shopify from 2016 to 2021, with his tenure overlapping with Nejatian’s for two years.

Per the press release, Matheson will “oversee Corporate Development, Financial Planning & Analysis, and emerging strategic initiatives, including the Company’s exploration of how blockchain technology and tokenization might create new pathways to homeownership.”

Traders have enthusiastically greeted previous rumors and reports that Opendoor would pursue real estate tokenization, as this would seem to de-risk the inventory of homes it holds on its balance sheet by enhancing the liquidity for those assets, freeing up the company to go after even higher volumes.

In addition, Opendoor also said that Christy Schwartz would be its permanent CFO, after she was appointed to that position on an interim basis in September.

“We looked everywhere,” Nejatian said in the press release. “We talked to CFOs from nearly every sector. And we realized the person with the deepest command of our business, the trust of every team, and the bias for action we need was already here.”

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Markets droop as AI credit fears grow and jobs report looms

The S&P 500, Nasdaq 100, and Russell 2000 all slumped on Monday.

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To AI-nfinity... and beyond!

Deutsche Bank highlights four roadblocks for tech CEOs’ obsession: Data centers in space

The good news: “There are clearly technical challenges to making this a viable endeavor but these seem to be engineering constraints as opposed to physics,” per Deutsche Bank.

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Matt Phillips11h

Bitcoin-sensitive stocks hammered as crypto declines

Bitcoin-sensitive stocks tumbled Monday, enduring a much steeper drop than the keystone crypto asset itself, which was down nearly 4%, falling below $87,000, as of 12:20 p.m. ET.

Goldman Sachs’ themed basket of bitcoin-sensitive equities was down more than 8%. (It consists of companies tied to bitcoin, either through mining, digital payments, crypto investment, or blockchain technology.) It was one of the worst performers among Goldman’s thematically curated baskets of shares on Monday.

Among the basket’s constituents, miners Cipher Mining, CleanSpark, Hut 8, TeraWulf, and IREN were getting the worst of it.

At midday, the basket was on its way to its worst day since November 24, when bitcoin was also languishing below $90,000 and the broader tech sector was going through a brief downturn related to rising worries about durability of the AI boom.

Among the basket’s constituents, miners Cipher Mining, CleanSpark, Hut 8, TeraWulf, and IREN were getting the worst of it.

At midday, the basket was on its way to its worst day since November 24, when bitcoin was also languishing below $90,000 and the broader tech sector was going through a brief downturn related to rising worries about durability of the AI boom.

GameStop rallies on bullish options activity as Michael Burry teases post

And let’s not sell the artist formerly known as “Best Buy Rilie” short, either.

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Nvidia’s favorite stocks are getting shellacked as AI credit risk spreads

Nvidia’s “House of GPUs” is looking a little wobbly.

Shares of Applied Digital, CoreWeave, and Nebius — three of the four biggest equity positions held by the chip designer as of September 30 — are getting crushed on Monday.

Nvidia owned about $3.6 billion worth of these data center and neocloud stocks (with the overwhelming majority in CoreWeave) per its most recent 13F filing.

The AI credit risk that’s been most talked about in reference to Oracle’s widening credit default swaps spreads is also present in some of these firms, as well.

An Applied Digital bond due in 2030 is trading below $96 for the first time this month. That issuance was made to support data centers where CoreWeave will be the main tenant.

CoreWeave, which earlier this year received warrants enabling it to purchase a large chunk of Applied Digital shares as part of a data center leasing deal, sank last week after announcing a $2 billion convertible note offering that was later upsized.

Of course, it’s not just Nvidia-owned stocks, but the entire data center ecosystem that’s under pressure on Monday. Cipher Mining and IREN are also getting walloped — with Monday’s crypto tumble also likely weighing on these two bitcoin miners turned data center companies.

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