Market Beats | US Judge Rules Trump’s Deployment of National Guard to LA Violated Federal Law; US Revokes TSMC Nanjing’s VEU Authorization; Klarna Revives New York IPO, Targets Up to $1.27 Billion Raise; Nvidia Drops Below Key Technical Level; OpenAI Acquires Statsig; Anthropic Raises $13 Billion; Creditors Push for Fast Sale of Luxury Retailer Ssense

—— US Judge Rules Trump’s Deployment of National Guard to LA Violated Federal Law; US Revokes TSMC Nanjing’s VEU Authorization; Klarna Revives New York IPO, Targets Up to $1.27 Billion Raise; Nvidia Drops Below Key Technical Level; OpenAI Acquires Statsig; Anthropic Raises $13 Billion; Creditors Push for Fast Sale of Luxury Retailer Ssense

1. US Judge Rules Trump’s Deployment of National Guard to LA Violated Federal Law

US District Judge Charles Breyer on Tuesday ruled that President Donald Trump’s decision to deploy National Guard troops and active-duty Marines to Los Angeles during protests over his immigration crackdown violated federal law. He issued an order barring the use of such troops in California to “execute the laws,” though he paused the ruling pending further legal action.

“There were indeed protests in Los Angeles, and some individuals engaged in violence,” Breyer wrote. “Yet there was no rebellion, nor was civilian law enforcement unable to respond to the protests and enforce the law.”

Trump deployed about 4,000 National Guard members and 700 Marines to Los Angeles to respond to protests triggered by Immigration and Customs Enforcement raids. By late July, most troops had been recalled, leaving only a few hundred.

Breyer noted that evidence at trial showed the Trump administration systematically used military vehicles and armed soldiers — “whose identity was often obscured by protective armor” — to set up traffic blockades and engage in crowd control.

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2. US Revokes TSMC Nanjing’s VEU Authorization

The US government has revoked Taiwan Semiconductor Manufacturing Co.’s “validated end user” (VEU) authorization for its Nanjing facility, effective December 31, 2025. The move will require suppliers to apply for individual licenses before shipping semiconductor equipment covered by US export controls to the site, replacing the blanket approval that had allowed smoother operations.

TSMC said it is evaluating the situation, communicating with US officials, and remains committed to ensuring uninterrupted operations at Nanjing.

The action mirrors similar steps against Samsung Electronics and SK Hynix facilities in China. While US officials indicated they will issue licenses needed to keep such plants running, the shift raises uncertainty due to significant license backlogs.

TSMC’s US-listed ADRs slipped as much as 2.3% on Tuesday following the news.

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3. Klarna Revives New York IPO, Targets Up to $1.27 Billion Raise

Klarna Group Plc and several shareholders are seeking to raise as much as $1.27 billion through a revived New York initial public offering.

According to a filing Tuesday with the US Securities and Exchange Commission, the company and its backers will offer 34.3 million shares priced between $35 and $37 each. At the top of that range, Klarna would carry a market value of about $14 billion. The company itself plans to sell 5.6 million shares, while existing holders — including co-founder Victor Jacobsson, Sequoia Capital-linked entities, and Danish billionaire Anders Holch Povlsen’s Heartland A/S — will sell about 28.8 million.

The IPO is expected to price on Sept. 9. Klarna had filed with the SEC in March but paused in April as US President Donald Trump’s trade war unsettled markets. Now, with IPO activity accelerating, Klarna is rejoining a strong pipeline. So far in 2025, first-time US share sales have raised $24.3 billion, up from $20.4 billion in the same period last year.

Other companies launching marketing alongside Klarna include crypto exchange Gemini Space Station Inc. (led by the Winklevoss twins), Blackstone-backed engineering firm Legence Corp., and Black Rock Coffee Bar Inc.

After the deal, Sequoia Capital is expected to control about 22% of Klarna’s voting power.

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4. Nvidia Drops Below Key Technical Level

Nvidia Corp. fell as much as 4% to $167.22 on Tuesday, marking its fourth straight decline and its first break below the 50-day moving average ($171.02) since May.

“This shows how momentum has broken down, and it makes me concerned about the stock in the short term,” said Buff Dormeier, chief technical analyst at Kingsview Partners. He sees $160 as the next support level, followed by $145, warning that a break under $145 would be “really concerning.”

The chipmaker’s market cap has shed over $340 billion in just four days, but the stock remains up nearly 78% from its April low.

At around $4.1 trillion in value, Nvidia is still the world’s largest company, well ahead of Microsoft at $3.72 trillion.

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5. OpenAI Acquires Statsig

OpenAI said it will acquire Statsig, a product testing startup, in an all-stock deal worth $1.1 billion, making it one of the largest acquisitions in the ChatGPT maker’s history.

Founded in 2021, Statsig provides tools that help software developers test and flag new features. Its services have been used by teams at OpenAI, Eventbrite, and SoundCloud. Earlier this year, the company raised $100 million at a $1.1 billion valuation.

As part of the deal, Statsig founder and CEO Vijaye Raji will join OpenAI as chief technology officer of applications, reporting to Fidji Simo, the former Instacart head who recently became CEO of that division. Simo said Raji will help developers and companies build “safe applications that empower people” using OpenAI’s technology.

The acquisition adds to OpenAI’s aggressive M&A streak in 2025. In March, the company secured a $40 billion funding round that valued it at $300 billion. It is also in talks to let current and former employees sell shares at a potential $500 billion valuation.

In July, OpenAI closed a $6.5 billion all-stock acquisition of an AI device startup co-founded by Jony Ive, Apple’s former design chief. The company also attempted a $3 billion deal for AI coding startup Windsurf, but that transaction collapsed.

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6. Anthropic Raises $13 Billion

Anthropic has closed a $13 billion funding round, lifting its valuation to $183 billion and cementing its status as one of the most valuable startups worldwide.
The round was led by Iconiq Capital with participation from Fidelity, Lightspeed, GIC, Insight Partners and Qatar Investment Authority.
Initially targeted at $5 billion, the round grew to $13 billion due to heavy investor demand.
Anthropic said its annualized revenue surged from around $1 billion at the start of 2025 to over $5 billion in August, with 300,000 business customers now onboard.

Its flagship products, Claude and Claude Code, continue to expand rapidly — Claude Code alone generates more than $500 million in annualized revenue, with usage growing tenfold in just three months.

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7. Creditors Push for Fast Sale of Luxury Retailer Ssense

Lenders to luxury fashion retailer Ssense are asking a Canadian court to approve a quick sale of the cash-strapped company, with first bids due in early October.

A group led by Bank of Montreal filed an application to the Quebec Superior Court, saying creditors had lost confidence in Ssense’s ability to oversee operations. Other lenders include Royal Bank of Canada, JPMorgan Chase, National Bank of Canada, and Bank of Nova Scotia, with total debt of about C$145 million ($105 million).

Creditors want the company placed under court supervision via Canada’s Companies’ Creditors Arrangement Act. They are pushing for a fast-track sale process, with potential buyers contacted next week and non-binding bids due by Oct. 6. They’ve also proposed selling inventory this month to raise cash.

Ssense, once a Montreal family-run success story valued at more than C$5 billion in 2021, is now threatened by debt and eroding trust.

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