Why Snowflake's monster IPO reignited a debate in Silicon Valley about how to go public: CNBC After Hours
CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC.com's Ari Levy breaks down yesterday's blockbuster record-setting Snowflake IPO. Plus, CNBC's Kate Rooney explains why fintech firm Stripe is paying its employees $20,000 to leave San Francisco.
Snowflake shares tumble 10% a day after IPO surge
Shares of Snowflake closed down 10.39% Thursday, a day after the cloud company's blockbuster market debut.
It's a sharp drop from Wednesday's close, when shares were up more than 111%, giving Snowflake a $70.4 billion market capitalization. The company's market cap dropped to $63.1 billion at Thursday's market close.
The slide came amid a broader decline among tech stocks.
Sony announces PS5 price and release date: Starts at $399 and launches Nov. 12
Sony on Wednesday announced that the PlayStation 5 will start at $399.99 and goes on sale Nov. 12 in the U.S. The Sony PS5 will compete directly with Microsoft's Xbox Series X and Series S game consoles.
The PS5 Digital Edition, which does not have a disc drive, will cost $399.99. The "regular" version of the console will cost $499.99.
Microsoft announced earlier this month that the Xbox Series X and Xbox Series S will go on sale Nov. 10 for $499 and $299, respectively. The Microsoft Series X is slightly more powerful than the Series S and includes a disc drive for installing games while the Xbox Series S is smaller and will need to download games from the internet. Microsoft's system comes with an eight-core AMD Zen 2 processor — like the PS5 — but will have a better graphics card than Sony's rival machine.
TikTok set to IPO globally if Trump approves deal with Oracle, Walmart
President Donald Trump is expect to decide on TikTok's fate in the U.S. in the next 24-36 hours, sources told CNBC's David Faber.
To address ownership concerns, ByteDance plans to do an initial public offering of global TikTok on a U.S. stock exchange, according to people familiar with the matter. Oracle will also own a minority stake that will be less than 20% of the new global TikTok, two of the people said. Walmart will also take a stake, though its size is still unknown, according to two of the people.
The Treasury Department sent major revisions about security issues on the TikTok/Oracle term sheet Wednesday night, sources told CNBC's Sara Eisen. ByteDance has fully agreed to those revisions, the sources said, although it's unclear what the changes entailed.