As the last week of August wrapped up, tech investors were closely monitoring earnings reports from major players, cryptocurrency price fluctuations, and new developments from companies like OpenAI and Google. While some companies posted strong results, the market saw mixed performance, and cryptocurrencies like Bitcoin and Ether experienced significant losses. Meanwhile, OpenAI made headlines with plans for a massive funding round, and Google introduced exciting new features for its Gemini platform.

1. Bitcoin and Ether Prices Drop Amid Profit-Taking

Cryptocurrencies took a hit this week as Bitcoin and Ether both suffered notable declines after a strong weekend rally. Starting Monday, Bitcoin opened at US$63,500 and Ether at US$2,700, but profit-taking quickly took a toll. By Tuesday evening, Bitcoin had dropped 8.68 percent, while Ether tumbled by 11.53 percent.

Despite a brief recovery midweek, Bitcoin struggled to hold above the US$60,000 mark, briefly touching US$61,009 on Thursday morning following positive GDP data. However, by Friday, Bitcoin had fallen to US$59,200, marking a 7 percent weekly loss. Ether mirrored Bitcoin’s movements, closing the week down 8.5 percent, below the US$2,600 threshold.

2. OpenAI Pursues Multi-Billion Dollar Funding Round

OpenAI made waves this week with news that it is in discussions for a significant funding round led by Thrive Capital, with Thrive expected to contribute US$1 billion. Big names like Microsoft (NASDAQ: MSFT), Apple (NASDAQ: AAPL), and NVIDIA are also reportedly looking to participate.

This funding round could push OpenAI’s valuation above US$100 billion, making it the highest-valued AI startup to date. Though no official announcements have been made, insiders report that OpenAI’s CFO, Sarah Friar, shared the news with employees via an internal memo.

3. Tech Sector Ends August with a Volatile Week

The tech sector saw a mixed bag of results as August came to a close. Investors kept a close watch on earnings reports from major companies like NVIDIA (NASDAQ: NVDA), Dell (NYSE: DELL), and Crowdstrike (NASDAQ: CRWD). However, despite some initial optimism, the Nasdaq Composite (INDEXNASDAQ: .IXIC) and S&P 500 (INDEXSP: .INX) struggled, dragged down by a selloff in chip stocks on Monday (August 26).

The Nasdaq fell by 0.63 percent, and both indexes continued to face losses into Tuesday (August 27). By Wednesday (August 28), the market saw some brief gains, with the S&P 500 opening 0.5 percent higher and the Nasdaq rising over 1 percent. However, a 17 percent plunge in Super Micro Computer’s (NASDAQ: SMCI) stock, driven by a delayed 10-K filing, weighed down the market, and tech stocks continued to decline in after-hours trading.

Thursday (August 29) brought a slight reprieve with better-than-expected US jobless claims and second-quarter GDP growth, but the tech-heavy Nasdaq Composite still ended the day down by 0.73 percent. The week closed on a positive note with the release of personal consumption expenditures (PCE) data, which showed consumer spending had risen in July. The Nasdaq-100 rose by 1.29 percent, the S&P 500 advanced by 1.01 percent, and the Nasdaq Composite finished up by 1.13 percent.

4. NVIDIA, Crowdstrike, and Dell Release Key Earnings Reports

Several major tech players delivered earnings reports this week, with mixed results. NVIDIA reported second-quarter revenue for fiscal 2025, exceeding expectations with US$30 billion in revenue. However, its growth slowed to 15 percent, a drop from previous quarters, causing concerns that the AI boom might be tapering off. NVIDIA’s stock dropped 1.94 percent on Wednesday and continued to fall, ending the week down 7.9 percent.

Crowdstrike also released earnings for its second fiscal quarter of 2025, posting a 32 percent increase in revenue, reaching US$963.9 million. Despite these strong numbers, the company lowered its full-year guidance due to costs associated with a July system outage that affected Fortune 500 companies. Crowdstrike’s stock was still up 2.62 percent for the week.

Dell had a standout performance, with 80 percent growth in server sales compared to last year. The company raised its full-year revenue guidance to between US$95.5 billion and US$98.5 billion, driving its share price up 4.33 percent for the week and 54.49 percent year-to-date.

5. Google Launches New Gemini Features

Google also made headlines with the rollout of new features for its Gemini platform. On Wednesday, Google introduced Gems, customizable versions of Gemini designed for specific business needs. Alongside these personalized Gems, preloaded options—including a learning coach, brainstormer, career guide, writing editor, and coding partner—were made available immediately.

Additionally, Google announced that its latest image generation model, Imagen 3, will be available in the coming days. Imagen 3 promises to set new standards for image quality, allowing users to create visuals with fewer language prompts and in a variety of styles.

Conclusion

The final week of August saw plenty of action across the tech sector, with mixed earnings results, significant declines in cryptocurrency prices, and major developments from industry leaders like OpenAI and Google. As these trends unfold, investors and tech enthusiasts alike will be watching closely to see how the industry moves forward.