Photo illustration: Aïda Amer/Axios. Getty Images photo: Taylor Hill/FilmMagic

Snowflake, a Silicon Valley cloud data warehousing company, on Tuesday night raised $3.4 billion in what is the largest software IPO ever.

Between the lines: Snowflake loses money, but got a big boost of confidence when Warren Buffett's Berkshire Hathaway agreed to invest $500 million concurrent to the IPO.

Rocket ship: Snowflake raised venture capital in early 2018 at a $1.5 billion valuation, to help it compete in the red-hot business of helping companies move their legacy workloads into the cloud.

  • The IPO values Snowflake at over $44 billion, with indicative bids suggesting it could open at double its $120-per-share IPO price.
  • Update: Snowflake shares opened at $245 per share, and then began trading even higher.

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Ina Fried, author of Login
Sep 17, 2020 - Economy & Business

IPOs flourish as market shows appetite for tech stocks

Photo: JFrog

Snowflake shares more than doubled on Wednesday, after having the biggest software IPO in history, while JFrog also posted strong first-day gains.

Why it matters: The moves show that Wall Street's appetite for new tech stocks remains significant, with concerns about both the pandemic and high valuations taking a back seat.

Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.