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CEO Mary Barra dropped a number on General Motors (NYSE:GM | GM Price Prediction) Q1 2026 earnings call that should make every investor in the autonomous vehicle race pay attention. “Today, nearly 90% of the code written by our autonomy team is generated by AI,” the CEO said. She framed it as proof of “how seriously we’re embracing AI across the enterprise.” This is safety-critical software being machine-written at scale.

The 90% applies to GM’s autonomy team specifically, not all of GM’s code base. It powers the next-generation eyes-off, hands-off Super Cruise system targeted to launch on the Cadillac Escalade IQ in 2028. This is pre-launch code, not yet in customer cars. The validation regime is what investors should focus on.

GM’s answer to the “can you trust AI-written autonomy code” question is volume-based testing. Barra told analysts the company is stress testing in a digital environment capable of simulating roughly 100 years of human driving every single day. Supervised on-road testing is underway in California and Michigan.

The leading indicator is Super Cruise. Customers have logged 1 billion hands-free miles, and the product is on pace to exceed 850,000 subscribers by year-end, with renewal trends in the 30% to 40% range. CFO Paul Jacobson said attachment rates after the free trial sit near 40%, calling himself “very optimistic” about the conversion math.

The Financials Back the Bet GM has the cash flow to fund aggressive AI tooling investment. Q1 adjusted EPS came in at $3.70 versus the $2.6393 estimate, a 40% beat, the fourth consecutive quarter beating Wall Street EPS forecasts. EBIT-adjusted hit $4.25 billion, up 22% year over year, with margin expanding 2 percentage points to 10%. Management raised full-year adjusted EPS guidance to $11.50 to $13.50.

Digital services show the same strength. OnStar revenue topped $750 million in Q1, up more than 20% year over year, with calendar-year revenue expected to reach $3.1 billion and deferred revenue approaching $7.5 billion.

The Industry Context Cuts Both Ways Barra’s announcement comes as two U.S. senators are urging NHTSA to review Tesla’s self-published Full Self-Driving crash statistics and European regulators accuse Tesla of “misleading data” on FSD safety. Tesla’s robotaxi fleet in Texas sits at 69 vehicles versus Waymo’s 620. GM is positioning its AI-written, simulation-validated approach as the disciplined alternative, though a single high-profile failure of machine-generated safety code would carry significant reputational risk.

The market has rewarded the pitch. GM shares are up 66% over the past year and 9% in the past month, trading at $80.04 against an analyst target of $94.81 and a forward P/E of 7. The 2028 Escalade IQ launch is the verdict event. Until then, Barra’s question remains open: when 90% of safety-critical autonomy code is machine-written, what is the right confidence threshold?

General Motors (GM - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Shares of this an automotive manufacturer have returned +0.6% over the past month versus the Zacks S&P 500 composite's +2% change. The Zacks Automotive - Domestic industry, to which General Motors belongs, has gained 0.4% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

General Motors is expected to post earnings of $3.11 per share for the current quarter, representing a year-over-year change of +22.9%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

The consensus earnings estimate of $12.85 for the current fiscal year indicates a year-over-year change of +21.2%. This estimate has remained unchanged over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $14.23 indicates a change of +10.7% from what General Motors is expected to report a year ago. Over the past month, the estimate has changed +0.2%.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, General Motors is rated Zacks Rank #3 (Hold).

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

In the case of General Motors, the consensus sales estimate of $46.65 billion for the current quarter points to a year-over-year change of -1%. The $185.27 billion and $191.08 billion estimates for the current and next fiscal years indicate changes of +0.1% and +3.1%, respectively.

Last Reported Results and Surprise HistoryGeneral Motors reported revenues of $43.62 billion in the last reported quarter, representing a year-over-year change of -0.9%. EPS of $3.7 for the same period compares with $2.78 a year ago.

Compared to the Zacks Consensus Estimate of $43.94 billion, the reported revenues represent a surprise of -0.72%. The EPS surprise was +41.76%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates two times over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

General Motors is graded A on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about General Motors. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

SAN DIEGO--(BUSINESS WIRE)--General Atomics (GA) announced today it has been awarded a $20 million California Competes Tax Credit from the state of California through the Governor’s Office of Business and Economic Development (GO-Biz). The award will support the company’s proposal to design and develop a Blanket Component Test Facility (BCTF) in San Diego.

“With growing support from federal, state and local leaders, I am more optimistic than ever about the future of fusion energy and the role California, San Diego and GA can play in helping move this industry forward."

Share The proposed state-of-the-art facility would be dedicated to testing full-scale fusion blanket components, an essential system that lines the inside of a fusion vessel, captures energy and produces tritium, a fuel needed to sustain fusion reactions. The work would address a major scientific and engineering challenge on the path to the world’s first commercial fusion power plant.

For GA and San Diego, the BCTF would serve as a focal point for scientists and engineers from the public and private sectors to validate blanket designs and develop other critical technologies. The project would also support a growing workforce and further strengthen the region’s role as a fusion innovation hub focused on helping the industry move toward commercialization.

“We are grateful for this award and energized by what it means for the future of fusion in San Diego,” said Anantha Krishnan, senior vice president of the General Atomics Energy Group. “This support will aid General Atomics’ continued investment in the research and capabilities needed to move fusion closer to realization, while strengthening our clean energy future. Facilities like the BCTF are where fusion research begins moving closer to real-world energy, and we are proud to help lead that work in California.”

The California Competes Tax Credit is a statewide income tax credit designed to help businesses grow in California and create quality, full-time jobs. Administered by GO-Biz and approved by the California Competes Tax Credit Committee, the program supports high-value employers that drive investment, strengthen the economy and provide good wages and benefits.

“Through the California Competes Tax Credit, we are doubling down on the ingenuity and innovation that will define the future. By further investing in the fusion sector, we are helping ensure California remains a global leader in both the industries of today and the transformative technologies of tomorrow,” said Dee Dee Myers, senior advisor to Gov. Newsom and director of GO-Biz.

General Atomics first announced earlier this month that it is currently pursuing concept designs for a BCTF in collaboration with the U.S. Department of Energy. The initiative is part of a public-private partnership that includes Idaho National Laboratory, UC San Diego and other key collaborators across industry and academia.

Fusion is the same process that powers the sun. Instead of splitting atoms, as traditional nuclear power does, fusion combines light atomic nuclei to release large amounts of clean energy without long-lived radioactive waste. Researchers believe fusion could provide virtually limitless, carbon-free electricity to help meet growing global energy demand.

General Atomics helped pioneer fusion research in the United States, establishing its program in 1957. Since then, the company has played a leading role in international fusion research, advancing plasma physics, high-field magnets and precision engineering.

GA also operates the DIII-D National Fusion Facility on behalf of DOE. Located in San Diego, DIII-D is the nation’s largest magnetic fusion user facility and testbed. The region is also home to the Fusion Data Science and Digital Engineering Center, major academic programs at UC San Diego and San Diego State University, and a growing network of private-sector and government collaborators.

California’s growing fusion ecosystem was strengthened last year by Senate Bill 80, which created the California Fusion Research and Development Innovation Initiative, the first state program of its kind focused on accelerating fusion technology development and commercialization. The state also expanded support for fusion technologies through SB 86, which extended the Sales and Use Tax Exclusion Program to fusion technologies. SB 925, currently pending in the California Legislature, would establish a state strategic plan and regulatory roadmap for fusion. Ongoing efforts by the city of San Diego and the San Diego Regional Economic Development Corporation also continue to highlight the region’s potential as a center for fusion innovation and advanced manufacturing.

“Fusion has always required bold science, sustained commitment and a shared belief in what is possible,” Krishnan said. “With growing support from federal, state and local leaders, I am more optimistic than ever about the future of fusion energy and the role California, San Diego and GA can play in helping move this industry forward. Together, we are closer than ever to turning decades of research into a new source of clean energy that could benefit generations to come.”

For more information about General Atomics’ energy research and technologies, visit https://www.ga.com/about/energy-group.

About General Atomics

Since the dawn of the atomic age, General Atomics innovations have advanced the state of the art across the full spectrum of science and technology from nuclear energy and defense to medicine and high-performance computing. Behind a talented global team of scientists, engineers, and professionals, GA’s unique experience and capabilities continue to deliver safe, sustainable, economical, and innovative solutions to meet growing global demands.

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.

Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.

Zacks Premium includes access to the Zacks Style Scores as well.

What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

#1 (Strong Buy) stocks have produced an unmatched +24% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: General Motors (GM - Free Report) One of the world’s largest automakers, General Motors held the largest share of the U.S. auto market at 16.5% in 2024. Headquartered in Detroit, the auto giant has had a long and checkered history. Founded in 1908, the company rose to dominate the U.S. industry. However, hit by the financial crisis, General Motors filed for bankruptcy on Jun 1, 2009. Just within 40 days, the firm emerged from bankruptcy. In 2010, the company launched its IPO – the biggest in U.S. history at that time – and has been steadily profitable since then. From going bankrupt in 2009 to becoming one of the world’s best-run car companies, General Motors has indeed come a long way.

GM is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. GM has a Growth Style Score of B, forecasting year-over-year earnings growth of 21.2% for the current fiscal year.

10 analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.42 to $12.85 per share. GM boasts an average earnings surprise of +20.3%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, GM should be on investors' short list.

The results, submitted for peer review and publicly available, demonstrate significant progress toward key 1 keV electron temperature milestone

Two energy leaders to support decarbonization and energy transition objectives in Italy

VANCOUVER, British Columbia, June 24, 2026 (GLOBE NEWSWIRE) -- General Fusion Inc. (“General Fusion” or the “Company”), a leader in the global race to commercialize fusion energy, and Renexia S.p.A. (“Renexia”), a Toto Group company specializing in renewable energy, today announced a framework agreement (the “Agreement”) to advance the commercial deployment of General Fusion’s fusion energy technology in Italy. General Fusion previously announced its plans to go public through a business combination (the transactions contemplated by the business combination, collectively, the “Proposed Business Combination”) with Spring Valley Acquisition Corp. III (NASDAQ: SVAC) (“SVAC”).

Through the Agreement, General Fusion and Renexia have established a milestone-based framework for collaboration on the commercial deployment of General Fusion’s technology in Italy through potential siting, development, funding, construction, and commissioning of one or more Magnetized Target Fusion (“MTF”) power plants. The collaboration is intended to support the country’s decarbonization and energy transition objectives. The Agreement defines multiple potential phases of collaboration, beginning with site evaluation and selection, and continuing through identification of commercial opportunities, offtake agreements, permitting and construction, with multiple milestone-based definitive agreements contemplated. Collaborative work related to site feasibility is expected to begin immediately, with further phase one work expected to begin in 2026 subject to agreement on related definitive terms.

“This agreement with Renexia represents another meaningful step toward exporting our practical fusion energy technology, developed in Canada, to the world,” said General Fusion CEO Greg Twinney. “As a clean energy leader in Italy and around the world, and an early member of our Market Development Advisory Committee, Renexia brings valuable insight into the energy sector and what it takes to bring innovative technologies to market. We are excited to continue working with their expert team to engage key stakeholders in Italy and build the capabilities needed to deploy commercial fusion energy.”

“Fusion has the potential to have a transformational impact on our future energy mix. We’re thrilled to expand on several years of collaboration with General Fusion with this new agreement to advance commercial fusion energy deployment,” said Renexia CEO Riccardo Toto. “As a member of General Fusion’s Market Development Advisory Committee, we’ve had the opportunity to see firsthand the progress the company has made in developing its Magnetized Target Fusion approach, and we look forward to furthering our collaboration to explore opportunities for siting, development, and construction of a fusion power plant in Italy. Energy demand is surging, and as Italy experiences high power costs, General Fusion’s Magnetized Target Fusion has the potential to provide economical clean power and is an important technology to pursue on its path to commercialization.”

General Fusion previously announced its plans to go public through a Proposed Business Combination with Spring Valley Acquisition Corp. III (“Spring Valley” or “SVAC”). At the closing of the Proposed Business Combination, Spring Valley will be renamed “General Fusion Group Ltd.,” and the combined company’s shares and warrants are expected to trade on Nasdaq under the ticker symbols “GFUZ” and “GFUZW,” respectively, subject to approval of its listing application. Spring Valley set a record date of June 12, 2026, and a meeting date of July 6, 2026, for its extraordinary general meeting of shareholders. If the Spring Valley shareholders and General Fusion securityholders approve the Proposed Business Combination, the transaction is expected to close shortly thereafter, subject to the satisfaction of customary closing conditions.

Quick Facts:

General Fusion’s Magnetized Target Fusion (“MTF”) is designed to solve significant barriers to commercializing fusion energy at a time when electricity demand is surging, and nations around the world are racing to commercialize fusion power.As a technology, MTF aims to achieve fusion in a practical way, avoiding superconducting magnets and high-powered lasers, while enabling the use of existing materials for durable machines that would produce cost-effective energy. In early 2025, General Fusion announced that it had designed, built, and begun operating its world-first Lawson Machine 26 (“LM26”) fusion demonstration machine in under two years. LM26 is the first MTF demonstration machine to be built at a commercially relevant scale. It mechanically compresses plasma with a lithium liner at 50% commercial-scale diameter, based on current design parameters.LM26 aims to achieve key fusion technical milestones: plasma heating to 1 keV (10 million degrees Celsius), then 10 keV (100 million degrees Celsius), and ultimately the Lawson criterion, the combination of fusion parameters that can produce net fusion energy in the plasma. General Fusion’s Market Development Advisory Committee membership spans North America, Europe, and Asia and guides the design and development of a practical MTF power plant that will meet users’ needs. For a complete list of committee member companies, please visit https://generalfusion.com/path-to-commercialization/partners-early-adopters-facilities/. About General Fusion
General Fusion is pursuing a fast and practical approach to commercial fusion energy and is headquartered in Vancouver, Canada. The Company was established in 2002 and has been funded by a global syndicate of leading energy venture capital firms, industry leaders, and technology pioneers. Learn more at www.generalfusion.com.

About Spring Valley Acquisition Corp. III
Spring Valley is a part of a family of investment vehicles formed for the purpose of acquiring or merging with a business focused on the Power Infrastructure and Decarbonization sectors. Over the past five years, Spring Valley vehicles have raised $920 million in four IPOs. Spring Valley completed a business combination with NuScale Power Corporation, a leading U.S. small modular reactor technology company, and Spring Valley II completed a business combination with Eagle Nuclear Energy Corp., a next-generation nuclear energy company with rights to the largest open pit-constrained measured and indicated uranium deposit in the United States. SVAC maintains a corporate website at https://sv-ac.com.

About Renexia
Renexia is the Toto Group company specializing in the development and operation of energy infrastructure, with a strong focus on renewable energy projects. Building on the experience gained through its subsidiary US Wind on the East Coast of the United States, the Group in Italy has introduced a first-mover approach based on rigorous environmental compatibility assessments and the active involvement of local communities, ensuring full respect for the environment and the adoption of best-in-class technological solutions.

In addition to its leadership in renewable energy, Renexia is progressively expanding its activities across the wider energy value chain, including new initiatives in strategic infrastructure, such as liquefied natural gas (LNG), with the aim of supporting energy security, system flexibility, and the transition toward a more sustainable and diversified energy mix.

Cautionary Note Regarding Forward-Looking Statements
Certain statements included in this document are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this document are forward-looking statements.

Any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are also forward-looking statements. In some cases, you can identify forward-looking statements by words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,” “may,” “target,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” “preliminary,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements include, without limitation, statements regarding (i) the potential benefits of the Agreement potentially supporting Italy’s decarbonization and energy transition objectives and a means of exporting General Fusion’s technology; (ii) the settlement and execution of definitive agreements for future stages of the work program contemplated under the Agreement; (iii) the intended roles and contributions of Renexia and General Fusion under the Agreement; (iv) the possible siting, development, funding, construction, and commissioning of one or more MTF power plants including the evaluation, selection, and potential use of a site for an MTF power plant; (v) the closing of the Proposed Business Combination; (vi) SVAC’s, General Fusion’s, or their respective management teams’ expectations concerning General Fusion’s plan to go public through the Proposed Business Combination and expected benefits or timing thereof; and (vii) the outlook for General Fusion’s business, including its ability to commercialize MTF or any other fusion technology on its expected timeline or at all; and (viii) statements regarding the current and expected results of General Fusion’s LM26 program; as well as any information concerning possible or assumed future results of operations of General Fusion.

The forward-looking statements are based on the current expectations of the respective management teams of SVAC and General Fusion, as applicable, and are inherently subject to uncertainties and changes in circumstance and their potential effects. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties, or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that the parties are unable to agree on the terms of a definitive agreement for the identification and evaluation of a potential site; the parties are unable to complete the due diligence and the acquisition or leasing of any proposed site; the risk that the parties are thereafter unable to agree on the scope, timing, budgets and other terms for the development, permitting, funding, construction, and commissioning of an MTF power plant in Italy; the parties are unable to negotiate and enter into definitive agreements with any third parties in connection with the funding, permitting, construction, commissioning, and operation of an MTF power plant in Italy; the parties are unable to secure required capital, permits, approvals, equipment, and services for an MTF power plant in Italy; the risk that the demand and interest and regulatory environment for fusion energy in Italy in a manner adverse to the objectives of the Agreement, the Proposed Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of SVAC’s securities; the risk that the conditions to the consummation of the Proposed Business Combination, including the adoption of the business combination agreement, dated January 21, 2026, among General Fusion, SVAC, and the other party thereto (as amended the “Business Combination Agreement”) by the shareholders of SVAC and General Fusion and the receipt of regulatory approvals are not satisfied or waived; the risk that there occurs any event, change or other circumstance that could give rise to the termination of the Business Combination Agreement; the risk that the announcement or pendency of the Proposed Business Combination has a negative effect on General Fusion’s business relationships, performance, and business generally; the risk that the Proposed Business Combination disrupts current plans of General Fusion and potential difficulties in its employee retention as a result of the Proposed Business Combination; the risk of legal proceedings against General Fusion or SVAC related to the Proposed Business Combination; the risk that the anticipated benefits of the Proposed Business Combination are not realized; the risk that the combined entity is unable to maintain the listing of SVAC’s securities or to meet listing requirements and maintain the listing of the combined company’s securities on Nasdaq; the risk that the Proposed Business Combination may not be completed by SVAC’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by SVAC; the risk that the price of the combined entity’s securities may be volatile due to a variety of factors, including changes in laws, regulations, technologies, natural disasters, national security tensions, and macro-economic and social environments affecting its business; the risk of changes in the laws and regulations governing General Fusion’s research and development activities; the risk that General Fusion fails to commercialize MTF on the expected timeline or at all, including any failure to achieve the objectives of the LM26 program; the risk of the effects of climate change, extreme weather events, water scarcity, and seismic events, and that strategies to deal with these issues are not effective; the risk of fluctuations in currency markets; the risk that General Fusion is unable to complete and successfully integrate any future acquisitions; the risk of increased competition in the fusion industry; the risk of supply chain disruptions and that materials are in limited supply; and the risk that the proposed private placement of convertible preferred shares and warrants by General Fusion (the “PIPE Financing”) may not be completed, or that other capital needed by the combined company may not be raised on favorable terms, or at all, including as a result of the restrictions agreed to in connection with the PIPE Financing.

The foregoing list is not exhaustive, and there may be additional risks that neither SVAC nor General Fusion presently know or that SVAC and General Fusion currently believe are immaterial. You should carefully consider the foregoing factors, any other factors discussed in this document and in the other filings and potential filings by General Fusion, SVAC or the combined entity resulting from the proposed transaction with the U.S. Securities and Exchange Commission (the “SEC”) including under the heading “Risk Factors.”

General Fusion and SVAC caution you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth in this document speak only as of the date of this document. Neither General Fusion nor SVAC undertakes any obligation to revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, except as required by applicable securities laws. In the event that any forward-looking statement is updated, no inference should be made that General Fusion or SVAC will make additional updates with respect to that statement, related matters, or any other forward-looking statements.

Important Information for Investors and Shareholders
In connection with the Proposed Business Combination, General Fusion and SVAC jointly filed with the SEC a registration statement on Form F-4 (the “Registration Statement”), which includes a preliminary prospectus with respect to SVAC’s securities to be issued in connection with the Proposed Business Combination and a preliminary proxy statement in connection with SVAC’s solicitation of proxies for the vote by SVAC’s shareholders with respect to the Proposed Business Combination and other matters described in the Registration Statement. On June 12, 2026, the SEC declared the Registration Statement effective and SVAC filed the definitive Proxy Statement (the “Proxy Statement”) with the SEC. SVAC mailed copies of the Proxy Statement to SVAC’s shareholders as of the record date of June 12, 2026. Before making any investment or voting decision, investors and security holders of SVAC and General Fusion are urged to read the Registration Statement and the Proxy Statement, and any amendments or supplements thereto, as well as all other relevant materials filed or that will be filed with the SEC in connection with the Proposed Business Combination as they become available because they will contain important information about General Fusion, SVAC and the Proposed Business Combination. Investors and security holders are able to obtain free copies of the Registration Statement, the Proxy Statement and all other relevant documents filed or that will be filed with the SEC by SVAC through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by SVAC may be obtained free of charge from SVAC’s website at https://sv-ac.com or by directing a request to Spring Valley Acquisition Corp. III, Attn: Corporate Secretary, 2100 McKinney Avenue, Suite 1675, Dallas, Texas 75201. The information contained on, or that may be accessed through, the websites referenced in this document is not incorporated by reference into, and is not a part of, this document.

Participants in the Solicitation
General Fusion, SVAC and their respective directors, executive officers and other members of management and employees may, under the rules of the SEC, be deemed to be participants in the solicitations of proxies from SVAC’s shareholders in connection with the Proposed Business Combination. For more information about the names, affiliations and interests of SVAC’s directors and executive officers, please refer to the Final Prospectus and the Registration Statement, Proxy Statement and other relevant materials filed or to be filed with the SEC in connection with the Proposed Business Combination when they become available. Shareholders, potential investors and other interested persons should read the Registration Statement and the Proxy Statement carefully, when they become available, before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

No Offer or Solicitation
This document shall not constitute a “solicitation” as defined in Section 14 of the Securities Exchange Act of 1934, as amended. This document shall not constitute an offer to sell or exchange, the solicitation of an offer to buy or a recommendation to purchase, any securities, or a solicitation of any vote, consent or approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale may be unlawful under the laws of such jurisdiction. No offering of securities in the Proposed Business Combination shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom.

Investor Relations Contact:
You can contact General Fusion’s Investor Relations team by email at: [email protected].

If you are based in North America, you may also leave a toll-free voicemail at +1 (833) 717-1519. Callers outside North America can reach us at +1 (236) 253-6968.

General Fusion Media Relations Contact:
[email protected]
1-866-904-0995

Renexia Media Relations Contact:
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Company details efforts across its Mission: Electrify the Planet to Thrive and Decarbonize.

Highlights include:

2025 step change advancements across a range of breakthrough technologies, including small modular reactors, carbon capture and storage, direct air capture, and hydrogen and ammonia as fuels. Bringing 26 gigawatts (GW) of new generating capacity online in 2025, with a carbon intensity ~31% below the global average carbon intensity of the existing grid. Of that new capacity added, 47% was deployed in developing and emerging economies. 64% reduction in Scope 1 and 2 operational emissions since 2019. Our overall product coverage under the 4R circularity framework reached 53%, an increase from 38% in 2024. GE Vernova’s newly launched Electrification Impact Tracker released alongside report illustrates the company’s global impact electrifying the planet and supporting people and communities so everyone can thrive. CAMBRIDGE, Mass.--(BUSINESS WIRE)--GE Vernova today released its 2025 Sustainability Report, demonstrating continued progress toward its mission to electrify the world to thrive and decarbonize, with an emphasis on moving bold and innovative breakthrough technologies from concepts to reality.

The company’s annual sustainability reporting highlights milestones for bringing new global power generation online the world needs to expand energy access, including in developing and emerging economies, while doing so at a lower carbon intensity than the global grid average. The annual summary also noted additional investments around the world in workforce training for the energy sector’s next generation of leaders and continued reductions to the company’s Scope 1 and 2 emissions.

“At its core, our work is not only about electrons and emissions,” said Scott Strazik, GE Vernova CEO. “Energy is about people, and we’re working to electrify the planet in a way that enables individuals, communities, and economies to thrive, every day.”

“The story of GE Vernova is one of an unrelenting focus on delivering the technologies the world needs not just today, but importantly for the decades ahead,” said Roger Martella, Chief Corporate Officer and Chief Sustainability Officer. “I have never been more optimistic about our ability to help meet not only the needs of today, but of the generations that follow.”

The new Sustainability Report showcases the company's comprehensive sustainability strategy based on a refreshed sustainability framework which is underpinned by 5 Charges, the bold ambitions driving how the company delivers impact to achieve its sustainability goals. Progress on these goals is driven by the four strategic pillars of the sustainability framework: Electrify, Decarbonize, Conserve, and Thrive.

2025 Progress includes:

ELECTRIFY: Catalyze access to more secure, sustainable, reliable, and affordable electricity, and help drive global economic development

In 2025, GE Vernova brought 26 GW of new generating capacity online, the approximate equivalent of the installed generating capacity of the U.S. state of Louisiana, with 47% deployed in developing and emerging economies. Across grid infrastructure, 68 GW of new power transformers were energized, equivalent to the approximate installed generating capacity of Egypt, with 33% in developing and emerging economies. Approximately 10,700 students and learners have been reached through the GE Vernova Foundation’s workforce development programs since the beginning of 2024, with an overall goal to reach 30,000 learners by 2030. DECARBONIZE: Invent, deploy, and service the technology to help decarbonize our world

New power generating capacity of our equipment brought online is ~31% below the global average carbon intensity of the existing grid, demonstrating that electrification with our equipment has an impact on reducing the carbon intensity of the grid. 22 million metric tons of CO₂ avoided last year by deploying technologies with lower carbon emissions than the current standard for the relevant grid. This is the equivalent to 5.1 million gasoline-powered passenger vehicles driven in one year. This is a relevant data point for how we deploy technologies with favorable emissions profiles as compared to what may otherwise be deployed. We document 2025 step change progress on our breakthrough technologies, including small modular nuclear reactors, carbon capture and storage, direct air capture, and ammonia and hydrogen as fuels. Breakthrough technologies moving from concept to reality:
As part of the company’s focus on innovating for the future, the 2025 Sustainability Report highlights step change progress on breakthrough technologies:

Small Modular Reactors (SMRs): In April 2025, GE Vernova Hitachi received the first license issued to construct an SMR in Canada. Construction on the GE Vernova Hitachi (GVH) BWRX-300 at Ontario Power Generation’s (OPG) Darlington site in Clarington, Ontario started in May 2025. The project will deliver the first operating commercial SMR in the Western world. Carbon Capture & Storage (CCS): Construction began on the Net Zero Teesside (NZT) Power station in the United Kingdom in 2025 – once completed, it is expected to be the world's first commercial-scale gas power plant equipped with carbon capture and storage. The facility is expected to generate over 740 MW of lower-carbon power. Direct Air Capture (DAC): The company’s 10-ton-per-year DAC pilot system at its Advanced Research Center in Niskayuna, New York is now operational, capturing CO₂ directly from ambient air across a wide range of operating conditions. Our DAC system will soon be deployed at Deep Sky Alpha in Alberta, Canada, becoming the world’s first cross-technology CO₂ removal hub. Ammonia and Hydrogen Fuel Capabilities: GE Vernova and IHI completed a new Large-scale Combustion Test (LCT) facility engineered to test advanced ammonia combustion systems at GE Vernova’s F-class gas turbine operating conditions. Also, GE Vernova successfully completed the validation test campaign of a hydrogen Dry Low Nox (DLN) combustor for B- and E-class gas turbines, demonstrating robust operations on natural gas and hydrogen blends and on 100% hydrogen with dry emissions below 25 ppm NOx. CONSERVE: Innovate more, while using less, safeguarding natural resources

In 2025, GE Vernova reduced its Scope 1 and 2 (market based) greenhouse gas emissions footprint by 27% year-over-year across our operations, with a 64% reduction since 2019. GE Vernova’s Circularity Brochure details the company’s Circularity efforts, highlights include: 53% of GE Vernova's top products are now covered by its 4R circularity framework (Rethink, Reduce, Reuse, Recycle), with 76% of products covered by Life Cycle Assessments or Environmental Product Declarations. THRIVE: Advance safe, responsible, and fair working conditions in our operations and across our value chain

GE Vernova’s 2025 Human Rights Statement provides detailed information on the company’s efforts to enhance due diligence processes, risk assessments, and other actions taken in 2025 across the human rights program. GE Vernova’s new Code of Conduct marks a significant milestone for the evolution of the ethics and compliance program, shifting from a rules-based framework to a values-based foundation. The GE Vernova Foundation helped support thriving people and communities by distributing $12.8 million in total GE Vernova family giving, and $800,000 in disaster relief and recovery aid to communities affected by global disasters in 2025. The company achieved recognition for its inclusion efforts, earning "Best Company: Culture" and "Best Company: Work-Life Balance" honors from Comparably. Empowering AI For Customers, Company and Communities
As AI transforms how the world works, GE Vernova is using the power of automation and Artificial Intelligence to transform energy into solutions. The company is working to drive greater efficiency, higher quality, and innovation that can improve outcomes for our customers, company, and communities.

The report details how GE Vernova is scaling AI infrastructure for customers, pursuing AI as a key area of growth and innovation within the company, and establishing key partnerships with organizations in our communities to explore and evaluate potential solutions that aim to use AI for sustainability-related use cases.

Electrification Impact Tracker
Released alongside the 2025 Sustainability Report today is GE Vernova’s newly launched Electrification Impact Tracker, available on GE Vernova’s sustainability website. By visualizing the gigawatts of new power generating capacity added and technologies deployed to power homes in various regions, the Impact Tracker illustrates our company's global impact electrifying the planet and supporting people and communities so everyone can thrive.

A New Way of Solving Energy Access
In April 2025, GE Vernova hosted the first-of-its kind Mendoza Collective Action Summit. Over three days in Mendoza, Argentina, 15 global leaders from across the public, private, and academic sectors came together to confront a shared challenge: how to accelerate access to affordable, reliable, and sustainable energy for all.

What emerged was a shared sense of urgency that we need new ways of working together, which led to the development of a set of shared foundational values to guide this work, known as the Mendoza Principles. The report outlines the principles and actions that the energy industry must take to meet rapidly growing energy demand while delivering sustainable development for the benefit of our communities. Read the Mendoza Report here.

“2025 marks the transformative moment where GE Vernova’s story became squarely focused on serving the future. The world’s growing needs are changing, and we need to change to be ahead of it,” Martella said.

GE Vernova is a signatory of, and participant in, the UN Global Compact (UNGC). The United Nations Sustainable Development Goals (UN SDGs) provide 17 objectives to help address the most pressing global challenges. Our sustainability efforts align with ten of the 17 SDGs.

The full 2025 Sustainability Report is available at https://www.gevernova.com/sustainability/reports-data.

More News From GE Vernova

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Key Takeaways GE Aerospace repurchased $2.2 billion in shares and paid $381 million in dividends in Q1 2026.GE raised its dividend 30.6% and expects $8.0-$8.4 billion in free cash flow for 2026.GE's $11 billion cash position supports its shareholder-friendly policies and capital returns. GE Aerospace (GE - Free Report) is a leading designer, developer and producer of jet engines, components and integrated systems for military, commercial and business aircraft. Its products and services range from jet engines like LEAP, GE9X & GEnx, airframes, engine gear, and transmission components and services, among others.

The company’s commitment to reward its shareholders through dividends and share buybacks is encouraging. In first-quarter 2026, it bought back shares for $2.2 billion and paid dividends of $381 million, up 26.2% year over year, to its shareholders. In addition, in 2025, it rewarded its shareholders with a dividend payment of $1.45 billion and repurchased shares for $7.6 billion.  After the first quarter of 2026, share repurchases are made under a new $20 billion authorization approved in December 2025.

GE Aerospace raised its dividend by 30.6% to 36 cents per share in February 2026. It expects to generate a free cash flow of $8.0-$8.4 billion in 2026. Also, the company earlier announced its plan to boost total shareholder returns by 20% to approximately $24 billion from 2024 to 2026, through a mix of dividends and share repurchases.

The company’s strong liquidity also supports its shareholder-friendly policies. Exiting the first quarter, GE’s cash, cash equivalents and restricted cash were $11 billion, much higher than the short-term borrowings of $2.1 billion. This implies that the company has sufficient cash to meet its short-term debt obligations.

Do GE’s Peers Focus on Returning Capital to Shareholders?Honeywell International Inc. (HON - Free Report) paid out dividends worth $781 million and repurchased shares worth $1 billion in first-quarter 2026. In September 2025, Honeywell hiked its quarterly dividend by approximately 5% to $1.19 per share (annually: $4.76). This marks Honeywell’s 16th consecutive dividend hike since 2010.

Howmet Aerospace (HWM - Free Report) remains focused on rewarding its shareholders handsomely through dividends and share buyback programs. In the first three months of 2026, Howmet paid dividends of $48 million and repurchased shares worth $300 million. In August 2025, Howmet hiked its dividend by 20% to 12 cents per share (annually: 48 cents), marking its second dividend hike in 2025.

GE's Price Performance, Valuation and EstimatesShares of GE Aerospace have gained 12.1% in the past six months against the industry’s decline of 8%.

Image Source: Zacks Investment Research

From a valuation standpoint, GE is trading at a forward price-to-earnings ratio of 44.14X, above the industry’s average of 33.01X. GE Aerospace carries a Value Score of D.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for GE’s earnings has increased for both 2026 and 2027 over the past 60 days.

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

NEW YORK, June 17, 2026 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (“Verizon”) (NYSE, Nasdaq: VZ) today announced the expiration and final results, as of 5:00 p.m. (New York City time) on June 16, 2026 (the “Expiration Date”), which was also the Any and All Notes Extended Early Participation Date (as defined in Verizon’s press releases relating to the Tender Offers and Consent Solicitations dated June 2, 2026 (collectively, the “June 2026 Press Release”) of its previously announced 11 separate offers, on behalf of certain of its wholly-owned subsidiaries, to purchase for cash any and all of the debt securities listed in Table 1 below (the “Any and All Notes” and such offers, the “Any and All Tender Offers”) as well as solicit consents (the “Consent Solicitations”) to the proposed amendments to the indentures governing the Any and All Notes issued by such subsidiaries (with respect to each series of Any and All Notes, the “Proposed Amendments”) in order to, among other things, eliminate certain of the restrictive covenants and other provisions contained therein on the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated May 11, 2026 (the “Offer to Purchase and Consent Solicitation Statement” and, together with the accompanying letter of transmittal, the “Offer Documents”), as amended by the June 2026 Press Release.

As previously announced, Verizon accepted for purchase all of the Waterfall Notes (as defined in the June 2026 Press Release) (together with the Any and All Notes, the “Notes”) validly tendered at or prior to the Waterfall Notes Early Participation Date (as defined in the June 2026 Press Release) in connection with its 9 separate Waterfall Tender Offers (as defined in the June 2026 Press Release) (together with the Any and All Tender Offers, the “Tender Offers”) on behalf of itself and certain of its wholly-owned subsidiaries in accordance with the Acceptance Priority Procedures (as defined in the June 2026 Press Release) described in the Offer to Purchase and Consent Solicitation Statement, as amended. Because the aggregate purchase price to be paid for the Waterfall Notes validly tendered at or prior to the Waterfall Notes Early Participation Date was equal to the increased Waterfall Cap, no additional Waterfall Notes tendered after the Waterfall Notes Early Participation Date were accepted for purchase.

Verizon today also announced the final results of its separate, previously announced exchange offers and consent solicitations (such consent solicitations, the “Separate Consent Solicitations”), on behalf of certain of its wholly-owned subsidiaries, to exchange the Any and All Notes for new notes issued by Verizon, on the terms and subject to the conditions set forth in the Exchange Offer and Consent Solicitation Statement dated May 11, 2026 (the “Exchange Offer and Consent Solicitation Statement”), as amended by Verizon’s press release relating to the exchange offers and Separate Consent Solicitations dated June 2, 2026. Consents delivered for a series of Any and All Notes in connection with the Tender Offers were cumulated with the consents delivered for such series of Any and All Notes in connection with the Separate Consent Solicitations. The exchange offers are separate and distinct from the Tender Offers, and neither the Tender Offers nor the separate exchange offers are conditioned upon the consummation of such other offers.

As of the Expiration Date, all conditions to the Tender Offers and Consent Solicitations were deemed satisfied or waived by Verizon. The requisite consents to effect the applicable Proposed Amendments were received in connection with the Consent Solicitations and Separate Consent Solicitations with respect to the 6.860% Debentures due 2028, 6.730% Debentures, Series G due 2028, 8.375% Debentures due 2029, 7.875% Debentures due 2029, 8.625% Debentures due 2031 and 7.875% Senior Notes due 2032. The aggregate principal amount of the Notes accepted by Verizon (not including accrued and unpaid interest on such Notes) in connection with the Tender Offers and Consent Solicitations is $1,857,563,000.

Verizon has accepted all Notes (and, with respect to the Any and All Notes, the related consents) validly tendered and not validly withdrawn at or prior to the Expiration Date. The tables below set forth, among other things, the principal amount of each series of Notes that has been accepted for purchase:

Table 1Any and All of the Outstanding Any and All Notes and related Consent Solicitations Listed Below: CUSIP
Number Issuer(1) Title of Security Maturity Date Principal
Amount
Outstanding Principal
Amount
Outstanding
Accepted Percentage of
Principal
Amount
Outstanding362333AH9 Frontier Florida LLC 6.860% Debentures due 2028 2/1/2028 $282,289,000 $234,260,000 82.99%362337AK3 Frontier North Inc. 6.730% Debentures, Series G due 2028 2/15/2028 $200,000,000 $157,217,000 78.61%020039AJ2 Alltel Corporation 6.800% Debentures due 2029 5/1/2029 $38,098,000 $634,000 1.66%165087AL1 Verizon Virginia LLC 8.375% Debentures due 2029 10/1/2029 $8,993,000 $2,756,000 30.65%165069AP0 Verizon Maryland LLC 8.000% Debentures due 2029* 10/15/2029 $19,981,000 $1,498,000 7.50%645767AW4 Verizon New Jersey Inc. 7.850% Debentures due 2029 11/15/2029 $44,704,000 $4,739,000 10.60%644239AY1 Verizon New England Inc. 7.875% Debentures due 2029* 11/15/2029 $133,077,000 $20,467,000 15.38%165069AQ8 Verizon Maryland LLC 8.300% Debentures due 2031 8/1/2031 $21,111,000 $305,000 1.44%252759AM7 Verizon Delaware LLC 8.625% Debentures due 2031 10/15/2031 $2,381,000 - 0.00%020039DC4 Alltel Corporation 7.875% Senior Notes due 2032 7/1/2032 $55,847,000 $4,349,000 7.79%92344WAB7 Verizon Maryland LLC 5.125% Debentures due 2033 6/15/2033 $139,085,000 $20,369,000 14.65% Table 2Outstanding Waterfall Notes in the Waterfall Tender Offers Listed Below: Acceptance
Priority
Level CUSIP
Number Issuer(1) Title of Security Maturity Date Principal
Amount
Outstanding Principal
Amount
Outstanding Accepted  Percentage of
Principal
Amount
Outstanding  1 362311AG7 Frontier California Inc. 6.750% Debentures due 2027 5/15/2027 $200,000,000 $109,112,000 54.56% 2 650094CJ2 Verizon New York Inc. 6.500% Debentures due 2028 4/15/2028 $34,773,000 $1,899,000 5.46% 3 07786DAA4 Verizon Pennsylvania LLC 6.000% Debentures due 2028 12/1/2028 $44,079,000 $9,237,000 20.96% 4 165123AM2 Frontier West Virginia Inc. 8.400% Debentures due 2029* 10/15/2029 $50,000,000 $48,516,000 97.03% 5 078167AZ6 Verizon Pennsylvania LLC 8.350% Debentures due 2030 12/15/2030 $31,140,000 $8,642,000 27.75% 6 078167BA0 Verizon Pennsylvania LLC 8.750% Debentures due 2031 8/15/2031 $34,923,000 $24,279,000 69.52% 7 92344XAB5 Verizon New York Inc. 7.375% Debentures due 2032 4/1/2032 $99,437,000 $17,551,000 17.65% 8 362320BA0 Verizon Communications Inc. 6.940% Notes due 2028 4/15/2028 $249,838,000 $48,752,000 19.51% 9 92343VGH1 Verizon Communications Inc. 2.100% Notes due 2028 3/22/2028 $2,068,135,000 $1,142,981,000 55.27% _______________________
(1)   See Annex A of the Offer to Purchase and Consent Solicitation Statement for a list of original issuer names, as applicable.
*      Denotes a series of Notes, a portion of which is held in physical certificated form (such portion, the “Certificated Notes”) and is not held through The Depository Trust Company (“DTC”). Such Certificated Notes may only be tendered in accordance with the terms and conditions of the accompanying Letter of Transmittal. With respect to the Certificated Notes, all references to the Offer to Purchase and Consent Solicitation Statement herein shall also include the Letter of Transmittal.

On June 22, 2026 (the “Settlement Date”), holders whose Notes have been accepted for purchase will receive the applicable Total Consideration, which is based on the previously announced pricing terms for the Tender Offers and includes the Early Participation Payment (each as defined in the Offer to Purchase and Consent Solicitation Statement, as amended), in cash. Such holders will also receive an additional cash payment equal to accrued and unpaid interest on such Notes to, but not including, the Settlement Date.

Verizon retained Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC to act as lead dealer managers and lead solicitation agents for the Tender Offers and Consent Solicitations and BNY Mellon Capital Markets, LLC, CIBC World Markets Corp., Intesa Sanpaolo IMI Securities Corp. and NatWest Markets Securities Inc. as co-dealer managers and co-solicitation agents for the Tender Offers and Consent Solicitations.

Global Bondholder Services Corporation has acted as the Tender Agent and the Information Agent for the Tender Offers and Consent Solicitations. Questions or requests for assistance related to the Tender Offers and Consent Solicitations or for additional copies of the Offer Documents may be directed to Global Bondholder Services Corporation at (855) 654-2015 (toll-free) or (212) 430-3774 (collect). You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Tender Offers and Consent Solicitations.

Holders are advised to check with any bank, securities broker or other intermediary through which they hold Notes as to when such intermediary would need to receive instructions from a beneficial owner in order for that Holder to be able to participate in, or (in the circumstances in which revocation is permitted) revoke their instruction to participate in, the Tender Offers and Consent Solicitations before the deadlines specified herein and in the Offer Documents. The deadlines set by any such intermediary and DTC for the submission and withdrawal of tender instructions may be earlier than the relevant deadlines specified herein and in the Offer Documents.

This announcement is for informational purposes only. This announcement is not an offer to purchase or a solicitation of an offer to purchase any Notes. The Tender Offers and Consent Solicitations have been made solely pursuant to the Offer Documents and related documents. The Tender Offers and Consent Solicitations are not being made to Holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Tender Offers and Consent Solicitations to be made by a licensed broker or dealer, the Tender Offers and Consent Solicitations will be deemed to be made on behalf of Verizon by the dealer managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

This communication and any other documents or materials relating to the Tender Offers and Consent Solicitations have not been approved by an authorized person for the purposes of Section 21 of the Financial Services and Markets Act 2000, as amended (the “FSMA”). Accordingly, this announcement is not being distributed to, and must not be passed on to, persons within the United Kingdom save in circumstances where section 21(1) of the FSMA does not apply. Accordingly, this communication is only addressed to and directed at (i) persons who are outside the United Kingdom, or (ii) persons falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Financial Promotion Order”)), or (iii) within Article 43 of the Financial Promotion Order, or (iv) high net worth companies and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the Financial Promotion Order (such persons together being “relevant persons”). Any person who is not a relevant person should not act or rely on any document or material relating to the Tender Offers and Consent Solicitations or any of their contents.

This communication and any other documents or materials relating to the Tender Offers and Consent Solicitations are only addressed to and directed at persons in member states of the European Economic Area (the “EEA”), who are “Qualified Investors” within the meaning of Article 2(1)(e) of Regulation (EU) 2017/1129. The Tender Offers and Consent Solicitations are only available to Qualified Investors. None of the information in any document or material relating to the Tender Offers and Consent Solicitations should be acted upon or relied upon in any member state of the EEA by persons who are not Qualified Investors.

Cautionary Statement Regarding Forward-Looking Statements

In this communication Verizon has made forward-looking statements, including regarding the conduct and completion of the Tender Offers and Consent Solicitations. These forward-looking statements are not historical facts, but only predictions and generally can be identified by use of statements that include phrases such as “will,” “may,” “should,” “continue,” “anticipate,” “assume,” “believe,” “expect,” “plan,” “appear,” “project,” “estimate,” “hope,” “intend,” “target,” “forecast,” or other words or phrases of similar import. Similarly, statements that describe our objectives, plans or goals also are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those currently anticipated, including those discussed in the Offer to Purchase and Consent Solicitation Statement under the heading “Risk Factors” and under similar headings in other documents that are incorporated by reference in the Offer to Purchase and Consent Solicitation Statement. Holders are urged to consider these risks and uncertainties carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements included in this press release are made only as of the date of this press release, and Verizon undertakes no obligation to update publicly these forward-looking statements to reflect new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events might or might not occur. Verizon cannot assure you that projected results or events will be achieved.

This announcement was originally published by Verizon. Read the original press release.

Media contact:
Katie Magnotta
201-602-9235
[email protected]

© Michail Petrov / Shutterstock.com

Earned income disappears the moment you stop showing up. Dividend income does not. That asymmetry is why so many investors over the past two years have shifted serious capital into companies that mail a check every 90 days regardless of layoffs, headlines, or a University of Michigan Consumer Sentiment reading of 49.8 that sits firmly in recessionary territory.

The appeal sharpens when you compare alternatives. Rental property locks up capital and demands midnight phone calls. Private credit funds gate your money for years. High-yield dividend stocks pay you in cash, settle in two days, and let you walk away anytime. With the 10-Year Treasury at 4.48%, any equity yield above that bar earns its keep, and the three names below clear it by a wide margin.

The market routinely mispriced mature cash-cow businesses whenever growth narratives dominate. We screened our 24/7 Wall St. dividend equity research database, looking for stocks that pay massive dividends, and we found a collection of companies that, combined, can generate over $1,100 a year in passive annual income if you invest just $6,667 in each stock at the time of this writing.

AT&T Stock #3: AT&T Yield: 4.83% Shares for $6,667: ~286 Annual Passive Income: ~$322 AT&T (NYSE:T | T Price Prediction) has become a focused converged-connectivity operator after years of media misadventures. The $23.29 share price reflects the market’s lukewarm view of a slow-growth telecom carrying $138.4 billion in total debt, but the cash machine underneath is humming. Q1 2026 produced $31.51 billion in revenue and adjusted EPS of $0.57, with management guiding to $18 billion-plus in free cash flow this year.

The yield is elevated because AT&T cut its payout after the Warner spin-off and the market has yet to forgive the move. The quarterly dividend has held steady at $0.2775 per share since 2022, and CEO John Stankey is funneling capital into roughly $8 billion of buybacks planned for 2026. Institutions own 69.3% of the float, with Vanguard and BlackRock leading the register.

Altria Stock #2: Altria Yield: 5.88% Shares for $6,667: ~96 Annual Passive Income: ~$406 Altria (NYSE:MO) is the Marlboro parent and a textbook example of a melting ice cube that still throws off enormous cash. Cigarette volumes shrink every year, yet pricing power keeps the profit pool intact. Q1 2026 delivered $5.43 billion in revenue and adjusted diluted EPS of $1.32, with smokeable products carrying a 65.1% adjusted OCI margin.

The dividend payout drives the entire return profile. Altria just raised its quarterly payout to $1.06 per share and paid out $1.8 billion in Q1 2026 alone. Years of returning nearly every dollar to shareholders have produced negative shareholders’ equity of $3.2 billion, which is unusual but functionally irrelevant as long as the cash keeps flowing. Institutions hold 63.5% of the stock.

Verizon Stock #1: Verizon Yield: 5.89% Shares for $6,667: ~142 Annual Passive Income: ~$401 Verizon (NYSE:VZ) just closed the Frontier Communications acquisition on January 20, 2026, pushing fiber connections to roughly 10.8 million. Q1 produced its first positive Q1 postpaid phone net adds since 2013, and adjusted EBITDA grew 6.7% to $13.39 billion.

The yield is structurally high because Verizon carries $172.5 billion in total debt and trades at a discount to slower-growing utilities. The payoff is one of the most reliable dividends in the S&P 500: 19 consecutive years of increases, most recently to $0.7075 per quarter. Institutional ownership sits at 70.4%.

The Combined Income Picture Combined, these 3 positions generate $1,129 in annual passive income on a $20,001 investment, a blended yield of 5.6%. Altria contributes $406, Verizon adds $401, and AT&T rounds out the portfolio with $322.

Ticker Annual Income Share of Total MO $406 36% VZ $401 36% T $322 28% The quiet magic of a portfolio like this is what happens when you flip the dividend reinvestment switch on. Every quarterly check buys fractional shares at whatever price the market offers that day, which means down moves accelerate your share count instead of scaring you out of the position. Five years of that mechanic, applied to yields north of 5%, can quietly double the income stream without a single additional dollar of fresh capital.

It's hard to find more attractive investments than healthy dividend-paying stocks, because they offer a win-win-win proposition: Over time their stock prices should rise, plus they pay dividends to shareholders regularly, plus those dividends tend to be increased over time, too.

That's a winning combination! Note, too, that these dividend payments tend to keep being made no matter whether the economy is booming or ailing. Here, then, is one attractive dividend payer to consider: Verizon Communications (VZ 1.75%).

Image source: Getty Images.

Why Verizon Communications? Let's start with Verizon's dividend, because it may be the most compelling thing about the stock. It recently yielded a hefty 6%. It's also a growing dividend, though it hasn't been growing super briskly. Over the past five years, for example, it has increased at an average annual rate of 2.4%. The most recent increase, announced in February, was a 2.5% hike.

That modest growth rate may be disappointing, but remember that while other dividend payers may yield, say, 3.5% and be hiking their payouts rapidly, it can still take a while to get to Verizon's current yield of 6%. And Verizon has been upping its payout for 20 consecutive years. Better still, its payout ratio was recently around 67%, meaning that it's only paying out about 67% of its earnings in dividends, leaving plenty of room for further growth.

Here are some more reasons, beyond its dividend yield, to consider Verizon Communications for your portfolio:

The company is well established, with close to 150 million wireless retail connections and serving 99% of Fortune 500 companies. Its beta is low, currently at 0.22%. That should appeal to anyone worried about a looming market crash, because the low beta means Verizon is much less volatile than the overall market. If the market drops by, say, 10%, Verizon's history suggests it might fall by just 2.2%. The high dividend yield can help fight inflation. It has a new CEO, Dan Schulman, who is turning away from price hikes and focusing on adding value -- while laying the foundation for future growth. The company is already performing reasonably well, posting 2.9% year-over-year revenue growth in its first quarter, with non-GAAP (adjusted) earnings per share (EPS) rising 7.6%. Management hiked its full-year adjusted EPS growth guidance from between 4% to 5% to between 5% to 6%. It also reaffirmed its 2026 free cash flow outlook of $21.5 billion or more, which amounts to growth of at least 7%.

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Verizon stock isn't for everyone. If you favor fast-growing stocks, look elsewhere. But fast growers can fall harder in market downturns, and in some years, they may not grow much. Verizon delivers 6% no matter whether the market is up or down.

Its stock price will likely grow over time, too. Over the past decade, it averaged 3.2% annual growth, and over the past 15 years, 5.9%. Over the past three years, it's been growing more briskly, averaging 14.8%. So give this stock, and other compelling dividend payers, some consideration.

Alphabet will replace Verizon in the Dow Jones Industrial Average, S&P Global said Tuesday, further expanding mega-cap technology's presence in the blue-chip average.

S&P Global said the Google parent's A shares — which trade under the ticker GOOGL — would take the spot in the 30-stock index ahead of the start of Monday's trading. Shares of the online search giant rose about 1% after the bell on Tuesday following the announcement.

The California-based company will join mega-cap tech peers Nvidia, Amazon, Apple and Microsoft in the blue-chip index. S&P Global said Alphabet's inclusion would bolster the Dow's exposure to themes like artificial intelligence, cloud infrastructure and advertising.

Alphabet has been spending heavily on AI, including raising $141 billion in debt and equity since October. The company has been trying to prove that its vertically integrated AI stack can generate returns.

But investors have grown weary recently, with Alphabet on Monday closing its worst day on the stock market in more than a year. The stock underperformed both the Nasdaq and the other tech mega-caps in the session.

Google A shares, 1-year

Before the Alphabet selloff, the company came off highs from the spring time, when Google had its best month on Wall Street since 2004. That came after Alphabet reported better-than-expected results, driven by soaring cloud revenue.

Despite recent volatility, Alphabet's A shares are up more than 10% in 2026. The stock is on track for its fourth straight winning year and seventh positive year of the last eight.

Verizon had represented just around one-half of a percentage point in the index because of its low share price, S&P Global said. The Dow is a price-weighted index, meaning that each member stock is weighted based on its share price. As a result, a company with a higher price per share will have more sway over the index.

Honeywell International will remain in the Dow under its new name, Honeywell Technologies, following the completion of its spin off of Honeywell Aerospace, S&P Global said. But the spun-off company would not be in the index, according to the firm.

watch now

The change will take effect before the market opens on June 29, said S&P Dow Jones Indices, which manages the index.

Energy Transfer and Verizon are the only two Fortune 500 industry leaders currently meeting the 'dogcatcher' ideal of fair-priced, safer high-yield dividend stocks. Analyst projections suggest the top ten F500IL dividend dogs could deliver an average net gain of 25.41% by June 2027, with volatility 30% below the market. Five F500IL stocks—ET, VZ, International Paper, Dow, and Ford—offer annual dividends from $1,000 invested that exceed their single share prices.

People shop for lumber from a Home Depot store in Alhambra, California on April 10, 2025. Lumber tariffs are already impacting businesses from home remodeling to construction projects as about 70-80 percent of the lumber imported by the United States comes from Canada. (Photo by Frederic J. BROWN / AFP) (Photo by FREDERIC J. BROWN/AFP via Getty Images)

AFP via Getty Images

Once again, the mainstream crowd is wrong—this time on real estate. And they’re wrong for the same reason they always are: They’re looking at the wrong numbers.

We’re fine with that. We saw it coming.

And we’re ready to profit through an overlooked dividend grower that throws off $14 billion in yearly cash flow. It hands much of that to us as share buybacks and a dividend that’s jumped 11% annualized in the last five years.

We haven’t seen an opportunity like this since 2021. Back then, pandemic restrictions kicked off a home-renovation bonanza. Another one is getting started now.

Welcome to “Home Reno Boom 2.0”Today, six years after COVID forced me to turn my patio into Puerto Backyarda (complete with a “misting fan” from Home Depot—hint!), homeowners are pouring another wave of cash into their abodes.

Thankfully, it’s for a different reason: Mortgage rates are high, and those who did buy homes in the rock-bottom-rate days of 2020 and 2021 are loath to move—and lose their bargain-basement 30-year mortgage rates.

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The answer? Stay put—and reno your current place.

Many of those folks have also built up a lot of equity since 2021, and they’re tapping it to remodel that kitchen or bathroom they’re tired of looking at.

Last year, for example, they were busy setting up home-equity lines of credit (HELOCs), the number of which jumped 14.3% in the fourth quarter. This year, the total spend on remodeling is projected to jump to $518 billion.

So the money is there. The motivation is there. Now here’s the real trigger for Reno Boom 2.0: The typical American home is now 44 years old.

These houses need new roofs. They need new pipes. The HVAC is about to wheeze its last breath. None of these problems care about interest rates, Middle East conflicts or AI. They need to be fixed—stat.

That’s where Home Depot (HD), the world’s largest home-improvement retailer, comes in.

As I write, little to none of this reno demand is priced into the stock, which has fallen as the crowd assumes HD is going nowhere until home sales pick up. The reno story? They missed the memo.

That’s okay—we’re happy to fill them in!

Another reason why HD is a buy now is that the stock’s decline has sent its dividend yield higher (as yields and prices move in opposite directions). As I write, it’s just below 3% and near a peak we haven’t seen since, yes, the 2020 COVID crash:

HD Yield Chart

Ycharts

A buy now locks in that yield, which is nearly triple what the typical S&P 500 stock pays. Doing so also gives us a nice yield on cost to build from, with HD’s payout hikes averaging 11% annualized over the past five years.

And no, I don’t expect that yield to stick around, for another reason: AI. As it marches through the economy, it’s weighing on hiring and capping wage growth. That’s already happening, with wages gaining 3.6% in April, well behind the May CPI print of 4.2%.

In other words, AI is a deflation machine. As it spreads, CPI—and rates—will likely fall.

Renos Now, a New Address LaterHomeowners, by the way, are somewhat insulated here, as they tend to have higher incomes than the public-at-large.

As lower rates arrive, they’ll tempt more homeowners to move, as the “rate penalty” for ditching their current mortgage eases. That sets up a tidy “2-step” catalyst for HD: a reno boom now, followed by a “handoff” to a fresh round of homebuying as rates fall.

And, again, none of this is priced into the stock.

As I write this, HD is more than 25% off the all-time high it hit in late 2024. That’s absurd for a company generating $14 billion in yearly free cash flow—a total that’s been growing strongly in the last decade:

HD Cash Flow

Ycharts

Management, meanwhile, is returning as much of that cash as possible: In the last decade, HD has bought back 17% of its outstanding shares and hiked the dividend a rich 238%. Thanks to that growth, an investor would be yielding 7.3% on a buy made then.

That sturdy payout growth has fueled HD’s “Dividend Magnet”—or the tendency of a rising dividend to pull the share price higher. You can see that in the chart below.

HD Dividend Magnet

Ycharts

You can also see that the orange line (the share price) has split from the purple staircase since about last fall. That’s our upside: When that gap closes, we collect the difference.

Meantime, HD is catching a lot more of what contractors spend on projects through its Pro Desk, which, thanks to a couple of recent acquisitions, makes the company a top-to-bottom supplier for contractors.

That’s a big deal: Five years back, a contractor who’d just, say, landed a big kitchen job would have had to call three or four different suppliers to get what they needed. Now they can wander into the local Home Depot’s Pro Desk (or better yet order through the online platform) and everything arrives from one source, on one truck.

Contractors need these materials whether the housing market is booming or busting, especially as American homes age. That alone makes Home Depot’s revenue base stickier—and more recession-resistant—than Wall Street gives it credit for.

AI-Powered Tools Make Contractors Faster (and Home Depot Busier)Let’s wrap with another way AI is speeding up HD’s business: The company recently rolled out AI-powered tools that convert construction blueprints into material lists in days rather than weeks.

Voice prompts, uploaded documents, text descriptions—throw anything at it and the system spits out a shopping list ready for checkout and delivery. This means AI isn’t replacing contractors—it’s making them faster. And the faster they work, the more projects they take on, and the more materials they order from … you guessed it.

Add it up and you get a company that’s building resilience and growth at the same time. That sets us up for faster payout hikes and Dividend Magnet–powered price gains. And thanks to the lack of love from Wall Street, we’re getting in at a bargain, to boot.

Brett Owens is Chief Investment Strategist for Contrarian Outlook. For more great income ideas, get your free copy his latest special report: Your Early Retirement Portfolio: Huge Dividends—Every Month—Forever.

Home Depot (HD - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.

Shares of this home-improvement retailer have returned +6.5% over the past month versus the Zacks S&P 500 composite's +1.4% change. The Zacks Retail - Home Furnishings industry, to which Home Depot belongs, has gained 10.3% over this period. Now the key question is: Where could the stock be headed in the near term?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

Home Depot is expected to post earnings of $4.71 per share for the current quarter, representing a year-over-year change of +0.6%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.2%.

For the current fiscal year, the consensus earnings estimate of $15.01 points to a change of +2.2% from the prior year. Over the last 30 days, this estimate has changed +0.1%.

For the next fiscal year, the consensus earnings estimate of $16.21 indicates a change of +8% from what Home Depot is expected to report a year ago. Over the past month, the estimate has changed -0.5%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Home Depot.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

For Home Depot, the consensus sales estimate for the current quarter of $47.5 billion indicates a year-over-year change of +4.9%. For the current and next fiscal years, $171.65 billion and $178.54 billion estimates indicate +4.2% and +4% changes, respectively.

Last Reported Results and Surprise HistoryHome Depot reported revenues of $41.77 billion in the last reported quarter, representing a year-over-year change of +4.8%. EPS of $3.43 for the same period compares with $3.56 a year ago.

Compared to the Zacks Consensus Estimate of $41.49 billion, the reported revenues represent a surprise of +0.67%. The EPS surprise was +0.88%.

Over the last four quarters, Home Depot surpassed consensus EPS estimates two times. The company topped consensus revenue estimates three times over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Home Depot is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Home Depot. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Home Depot remains a "Hold" as shares appear fairly valued with technicals signaling a challenging setup. Q1 results beat expectations, but guidance was uninspiring; currency headwinds and tepid EPS growth outlook persist. HD's strategic shift toward the pro market may drive higher average tickets but increases cyclicality and risk exposure.

Goldman Sachs has crossed more than $1 trillion in announced M&A advisory volume in the first half of 2026, setting the fastest pace ever recorded by an investment bank.

The milestone, based on Dealogic data cited by Goldman Sachs, comes during a powerful rebound in dealmaking and capital markets activity.

It also lands days after Goldman served as lead-left underwriter on SpaceX’s blockbuster market debut, which pushed the Elon Musk-led company’s valuation past $2 trillion.

For Goldman, the story is more about whether a historic investment-banking boom can justify a stock already trading ahead of much of Wall Street’s target-price range.

Goldman’s $1 trillion-plus M&A haul reflects a sharp revival in boardroom confidence after a quieter stretch for global deals.

The bank has advised on some of the year’s largest transactions, including Dominion Energy’s $66.8 billion sale to NextEra Energy, Unilever’s $44.8 billion combination of its foods business with McCormick, and the $33.4 billion acquisition of AES by a consortium led by BlackRock’s Global Infrastructure Partners and EQT.

SpaceX is not an M&A transaction, but it adds to the same investment-banking momentum.

Goldman won the prized lead-left role on the rocket and satellite company’s IPO, the most influential spot on an offering’s front page.

SpaceX priced at $135 a share and surged past a $2 trillion market value on its debut, giving Goldman both fees and prestige in one of the most closely watched listings in market history.

The underwriting payday is also meaningful.

Goldman and Morgan Stanley are each expected to earn roughly $100 million from the SpaceX IPO, according to reports citing the company’s regulatory filing.

Goldman CEO David Solomon said in a LinkedIn post that global M&A volumes have already exceeded $2.6 trillion this year, as artificial intelligence and strategic consolidation reshape industries.

Matt McClure, Goldman’s global co-head of investment banking, told Reuters that “CEOs and Boards are taking a long-term strategic view” despite a complex backdrop.

The tension is that Goldman’s operating momentum has not fully translated into analyst enthusiasm at current prices.

JPMorgan recently raised its price target on Goldman Sachs to $900 from $826, but kept a Neutral rating.

Morgan Stanley has also been around the $900 mark, while CICC Research is more constructive, lifting its target to $980 with an Outperform rating.

DBS Bank and BofA Securities are more bullish, with targets around $1,050, while Zacks Research earlier downgraded Goldman from Strong Buy to Hold.

That still leaves a gap. Goldman shares have recently traded around $1,090, above the average analyst target of about $942.

In plain English, the market has already priced in a lot of good news. The stock is being rewarded for stronger trading, revived M&A, higher IPO activity and the SpaceX halo.

But several analysts appear reluctant to chase it further at this valuation.

JPMorgan’s Rob Dwyer and Ayano Tsunoda, in a note cited by MarketWatch, said investors may be underestimating “a multiplier effect from IPOs and financing deals” on Wall Street banks.

Their point is that a mega-listing does not just produce underwriting fees, but can also drive secondary trading, financing activity, hedging and client flows.

That is the bull case. The cautious view is simpler: Goldman has already rallied hard, and even strong deal flow may not be enough if investors believe earnings are peaking.

SAN FRANCISCO--(BUSINESS WIRE)--Parafin, a leading embedded financial infrastructure company named to the 2026 Forbes Fintech 50, today announced a new credit facility led by Goldman Sachs, alongside One William Street Capital Management, L.P.

The new facility will help extend access to embedded lending for more small businesses through the platforms they already use, including Amazon, DoorDash, Gusto, TikTok Shop, Walmart, and many others.

ShareBuilding on Parafin's recent warehouse credit facility expansion with Silicon Valley Bank, EverBank, and Trinity Capital, the new facility will help extend access to embedded lending for more small businesses through the platforms they already use, including Amazon, DoorDash, Gusto, TikTok Shop, Walmart, and many others. The additional capacity will support financing products that help businesses manage cash flow, invest in growth, and navigate day-to-day operating needs.

The growth in financing capacity reflects consistent demand from small businesses that return to Parafin’s products as they grow: the majority of Parafin’s fundings go to repeat borrowers. With over 50,000 businesses funded to date¹, that repeat usage underscores the role embedded capital plays in helping businesses invest in growth and manage cash flows.

“Small businesses increasingly expect financial products to be built into the software and platforms they already use to run their businesses,” said Sahill Poddar, cofounder and CEO of Parafin. “Embedded lending is becoming a critical part of how businesses access capital, and this facility strengthens our ability to meet that demand at scale. Through our expanded financing capabilities, we are accelerating the delivery of flexible financing to small businesses from every part of the economy, supported by this credit facility from Goldman Sachs and One William Street."

As the leader in embedded lending, Parafin has extended over $35 billion in offers to small businesses across the United States and Canada to date¹. Learn more about how Parafin helps platforms deliver financing at the point of need at parafin.com.

¹ Parafin internal data, as of June 2026

About Parafin

Parafin is a financial infrastructure company that provides platforms with embedded financing products for their small businesses by abstracting the complexity of capital markets, underwriting, servicing, compliance, and customer support. By powering the financial services of marketplaces, vertical SaaS platforms, and payment processors, small businesses can run and grow despite uncertain economic conditions. Parafin powers platforms such as Amazon, Walmart, DoorDash, Gusto and many more and serves tens of thousands of businesses. Parafin was founded in 2020 by Sahill Poddar, Vineet Goel, and Ralph Furman, and is backed by Ribbit Capital, Thrive Capital, GIC, Notable Capital, and Redpoint Ventures. For more information, visit parafin.com or contact [email protected].

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. For more information, visit goldmansachs.com.

About One William Street Capital Management

One William Street Capital Management, L.P. ("OWS") is a premier alternative investment manager offering clients investment solutions across public and private asset-based, structured, and opportunistic credit. Founded in 2008, OWS and its affiliates manage in excess of $8.0 billion in assets under management. OWS’ Private Asset-Based Finance strategy provides capital and risk solutions to specialty finance companies, fintechs and other asset owners and originators via unitranche and mezzanine facilities, forward flow agreements, portfolio acquisitions, and other bespoke asset acquisition and financing structures. On behalf of its investors, the firm invests in both public and private format across a range of asset classes and geographies, with a focus on North America and Europe. For more information, please visit https://onewilliamstreet.com

Key Takeaways Bank groups urged regulators to revise Basel market-risk rules over Treasury liquidity fears.Industry groups said that the current rules could lift trading capital needs by 30% to 89%.The March 2026 revisions may cut capital needs for major lenders like JPM by 4.8%. Wall Street’s campaign to reshape the final U.S. implementation of Basel banking rules has gained fresh momentum. Several leading financial industry groups have recently urged regulators to revise the market-risk portion of the Basel Endgame framework, warning that the current approach could unintentionally weaken liquidity in the U.S. Treasury market. The news was first reported by the Financial Times.

The latest appeal was made by the International Swaps and Derivatives Association, the Securities Industry and Financial Markets Association, and the Institute of International Finance.

In a joint letter to the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, these organizations argued that parts of the proposal do not accurately capture the underlying economic risks associated with Treasury and repo trading.

Banking groups said that the existing framework could increase capital requirements tied to certain trading activities by 30% to 89%. They believe that these higher requirements may discourage banks from providing liquidity in one of the world's most important fixed-income markets.

Treasury Clearing Rules Add to ConcernsA key issue centers on the upcoming transition to mandatory central clearing for Treasury securities and repurchase agreements. Central clearing is intended to improve market stability and lower collateral demands for market participants.

However, banks contend that the Basel proposals would simultaneously raise capital charges linked to counterparty credit risks, offsetting much of the benefits gained from lower margin requirements.

Industry representatives have cautioned that if these concerns remain unresolved, banks could scale back their involvement in Treasury market-making activities, potentially reducing trading depth and increasing volatility during periods of stress.

Regulators Have Already Softened Their ApproachThe current debate follows a significant shift in the regulatory stance earlier this year. In March, the Federal Reserve unveiled revised Basel Endgame proposals that, when combined with other regulatory adjustments, are expected to reduce capital requirements for the largest U.S. lenders like JPMorgan (JPM - Free Report) and Bank of America (BAC - Free Report) by 4.8%.

This marked a substantial departure from earlier plans that were projected to raise capital levels meaningfully. The changes were viewed as a major victory for the banking industry, with Goldman Sachs’ (GS - Free Report) chief executive, David Solomon, stating that he was encouraged by the Fed's updated position.

Despite these concessions, banks are pressing regulators for additional modifications, particularly regarding the Fundamental Review of the Trading Book, the section governing market-risk calculations.

How Could Banks Be Affected?The above-mentioned banks like JPM, Goldman Sachs and BAC have the most at stake as these are trading-oriented institutions. These firms play an important role in Treasury market intermediation and maintain sizable fixed-income trading operations.

If regulators further ease the Basel market-risk rules, these banks could benefit from lower capital consumption, improved trading economics and greater flexibility to deploy balance sheets in Treasury and repo markets.

Conversely, retaining the existing proposal may require them to hold more capital against trading exposures, potentially reducing profitability in these businesses.

Goldman Sachs (GS) analysts have lowered their year-end gold forecast by $500 an ounce as the Federal Reserve is no longer expected to cut rates in 2026. The re

Here at Zacks, we offer our members many different opportunities to take full advantage of the stock market, as well as how to invest in ways that lead to long-term success.

The Zacks Premium service, which provides daily updates of the Zacks Rank and Zacks Industry Rank; full access to the Zacks #1 Rank List; Equity Research reports; and Premium stock screens like the Earnings ESP filter, makes these more manageable goals. All of the features can help you identify what stocks to buy, what to sell, and what are today's hottest industries.

Also included in Zacks Premium is the Focus List. This is a long-term portfolio of top stocks that have all the traits to beat the market.

Breaking Down the Zacks Focus ListIf you could get access to a curated list of stocks to kickstart your investment portfolio, wouldn't you jump at the chance to take a peek?

That's what the Zacks Focus List, a portfolio of 50 stocks, offers investors. Not only does it serve as a starting point for long-term investors, but all stocks included in the list are poised to outperform the market over the next 12 months.

One thing that makes the Focus List even more advantageous is that each pick comes with a full Zacks Analyst Report. This helps explain why each stock was selected and why we believe it's a good pick for the long-term.

The portfolio's past performance only solidifies why investors should consider it as a starting point. For 2020, the Focus List gained 13.85% on an annualized basis compared to the S&P 500's return of 9.38%. Cumulatively, the portfolio has returned 2,519.23% while the S&P returned 854.95%. Returns are for the period of February 1, 1996 to March 31, 2021.

Focus List MethodologyWhen stocks are picked for the Focus List, it reflects our enduring reliance on the power of earnings estimate revisions.

Earnings estimates, or expectations of growth and profitability, come from brokerage analysts who track publicly traded companies; these analysts work together with company management to analyze every aspect that may affect future earnings, like interest rates, the economy, and sector and industry optimism.

What a company will earn down the road also needs to be taken into consideration, and this is why earnings estimate revisions are so important.

Stocks that receive upward earnings estimate revisions are more likely to receive even more upward changes in the future. For example, if an analyst raised their estimates last month, they're more likely to do it again this month, and other analysts are likely to do the same.

Harnessing the power of earnings estimate revisions is where the Zacks Rank comes in. The Zacks Rank is a unique, proprietary stock-rating model that utilizes changes to a company's quarterly earnings expectations to help investors build a winning portfolio.

Four primary factors make up the Zacks Rank: Agreement, Magnitude, Upside, and Surprise. Each is given a raw score that's recalculated every night and compiled into the Rank, and with this data, stocks are then classified into five groups, ranging from "Strong Buy" to "Strong Sell."

The Focus List is comprised of stocks hand-picked from a long list of #1 (Strong Buy) or #2 (Buy) ranked companies, meaning that each new addition boasts a bullish earnings consensus among analysts.

Because stock prices react to revisions, buying stocks with rising earnings estimates can be very profitable. Focus List stocks offer investors a great opportunity to get into companies whose future earnings estimates will be raised, potentially leading to price momentum.

Focus List Spotlight: Goldman Sachs (GS - Free Report) Founded in 1869, The Goldman Sachs Group, Inc. is a leading global financial holding company providing IB, securities, investment management, and consumer banking services to a diversified client base. The company is headquartered in New York, with offices in major financial centers globally.

GS, a #3 (Hold) stock, was added to the Focus List on July 11, 2018 at $226.85 per share. Since then, shares have increased 387.71% to $1.

For fiscal 2026, two analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.52 to $59.6. GS boasts an average earnings surprise of 13.1%.

Additionally, GS's earnings are expected to grow 16.1% for the current fiscal year.

Reveal Winning StocksUnlock all of our powerful research, tools and analysis, including the Zacks #1 Rank List, Equity Research Reports, Zacks Earnings ESP Filter, Premium Screener and more, as part of Zacks Premium. You'll quickly identify which stocks to buy, hold and sell, and target today's hottest industries, to help improve the performance of your portfolio. Gain full access now >>

Investment follows a year of strong commercial momentum, with Behavox growing its customer base 86% to more than 100 major financial institutions across five continents

LONDON & MONTREAL--(BUSINESS WIRE)--Behavox, the AI-native controls platform for global banks, asset managers, hedge funds, and commodity firms, today announced a $175 million preferred equity investment from investment funds and accounts managed by HPS Investment Partners, a leading global credit investment firm and a part of BlackRock (“HPS”). The completed investment positions Behavox to accelerate global growth, expand its Unified Controls Platform, and pursue disciplined M&A.

Behavox set out to give the world’s most demanding institutions a single, AI-native platform to manage risk and meet regulatory obligations. HPS brings the scale, sophistication, and long-term perspective to help us reach more institutions in more markets.

Share With this investment, HPS joins a roster of leading institutional investors on Behavox's cap table, including SoftBank, Citigroup, Index Ventures, and Hoxton Ventures.

“Behavox set out to give the world’s most demanding institutions a single, AI-native platform to manage risk and meet regulatory obligations,” said Erkin Adylov, Founder and CEO of Behavox. “HPS brings the scale, sophistication, and long-term perspective to help us reach more institutions in more markets. Their investment recognizes the strong platform we have built and positions us to pursue strategic acquisitions that expand our capabilities and accelerate global growth.”

As part of the completed transaction, Behavox fully repaid and retired its $70 million venture-debt facility with Hercules Capital Inc. (NYSE: HTGC), further strengthening its balance sheet. Behavox secured a $70 million credit facility from Hercules Capital in autumn 2024 to support strategic expansion, including its acquisition of Mosaic Smart Data and its strategic investment in b-next. Together, those transactions accelerated Behavox’s move into trade surveillance by adding FICC front-office analytics and deep capital markets trade surveillance expertise.

“Our partnership with Behavox has been highly successful,” said Ruslan Sergeyev, Managing Director at Hercules Capital. “We congratulate Behavox and HPS on this transaction and look forward to future opportunities to partner.”

Behavox has been profitable since 2023, using that financial strength to reinvest in R&D, product expansion, and global market growth. The HPS investment is the company's first equity financing since 2020, when SoftBank invested $100 million. Since then, SoftBank has remained a strategic partner as Behavox grew the business sevenfold, with the relationship extending beyond capital to include SoftBank Investment Advisers in the UK and SoftBank Corporation in Japan as Behavox customers.

The HPS investment will support Behavox’s next phase of global expansion, including further M&A and continued investment in Polaris, its trade surveillance product. Behavox introduced Polaris in 2025 as a next-generation trade surveillance platform that supports market abuse detection across all 10 major asset classes on a single AI-native platform. Polaris can operate independently or alongside Quantum, Behavox’s communications surveillance product, using agentic AI to pull related chats, emails, voice, and archive records into a single case.

With pipeline growth of more than 80% since the beginning of the year, Polaris has demonstrated strong market demand for one governed workflow that unifies communications and trade surveillance.

Ardea Partners served as investment advisor to Behavox. Freshfields LLP served as legal counsel to Behavox on the transaction. The Freshfields team was led by London partner Rhys Evans, and associates Jo Lee, Jennifer Okoye, Megan Rodgers and Jonathan Stelzer, with support from Ethan Klingsberg, Co-Head of US Corporate and M&A.

Learn more about the Behavox Unified Controls Platform at www.behavox.com

About Behavox

Behavox is an AI company that helps organizations safeguard and enhance their businesses through a unified controls framework.

Its AI-native platform brings together communications surveillance (Quantum), trade surveillance (Polaris), regulatory data retention (Intelligent Archive), and policy management (Pathfinder) on a single, integrated platform.

Behavox enables firms to detect risk, meet regulatory obligations, reduce operational complexity, and turn enterprise data into revenue. Founded in 2014 and headquartered in London, Behavox serves a global client base across financial services and other regulated industries, with offices in North America, EMEA, and APAC.

Learn more about the Behavox Unified Controls Platform at www.behavox.com

BlackRock (BLK 2.77%) and Blackstone (BX 1.65%) are the undisputed heavyweights of the investment world, but they operate with very different strategies. Investors often struggle to choose which asset manager offers the better path for long-term growth.

BlackRock focuses on scale and technology, dominating the exchange-traded fund space. Blackstone specializes in alternative assets, managing private funds for institutional clients. Both companies are major players in the financial world, yet they serve different roles in a diversified portfolio.

The case for BlackRockBlackRock operates as a global investment powerhouse, managing a massive range of products from passive index funds to active private equity strategies. The firm is a dominant force among financial stocks, serving a diverse client base that includes pension plans, official institutions, and insurance companies. A major part of its strategy involves its Aladdin technology platform, which provides risk management and investment tools to other large financial institutions.

In FY 2025, revenue reached nearly $24.2 billion, representing an 18.7% increase over the previous year. The company generated a net income of approximately $5.6 billion for the same period. While revenue grew, the net margin, the percentage of revenue retained as profit, was nearly 22.9%, down from 31.2% in the previous fiscal year.

As of its December 2025 balance sheet, the debt-to-equity ratio is approximately 0.3x. This ratio measures total debt, including short- and long-term borrowings, against shareholders’ equity to indicate how much a firm relies on debt. The current ratio, which measures the ability to cover short-term debts with short-term assets, is close to 0.25x. Free cash flow, or the cash left after capital expenditures, reached nearly $3.6 billion. Note that stock-based compensation (SBC) accounted for roughly 33.3% of operating cash flow, inflating reported cash generation, since SBC is a non-cash expense added back in the cash flow statement.

The case for BlackstoneBlackstone is the global leader in alternative asset management, focusing on areas like real estate, private equity, and credit. The firm serves large institutional clients such as public pension funds and sovereign wealth funds that seek higher returns than traditional markets typically offer. Recently, the company completed the sale of a residential portfolio to Brookfield Asset Management (BAM 0.87%) and is actively pursuing new real estate acquisitions in Canada.

During FY 2025, Blackstone generated approximately $13.1 billion in revenue, marking a 21.6% increase over the prior year. The company reported a net income of $7.1 billion. Its net margin for the period was roughly 54%, an slight improvement from the year earlier.

As of its December 2025 balance sheet, the debt-to-equity ratio is approximately 1.5x. The company's current ratio is roughly 0.8x, suggesting it has slightly fewer short-term assets than short-term liabilities. Free cash flow for the period reached nearly $4.6 billion. Note that stock-based compensation (SBC) represented roughly 104.7% of operating cash flow, meaning reported cash generation is heavily inflated by this non-cash add-back.

Risk profile comparisonBlackRock faces risks from market volatility, as changes in asset values directly affect the fees it earns from managing those assets. The company also faces pressure to keep its Aladdin platform ahead of competitors and must navigate complex global regulations on sustainability and antitrust. Integrating large acquisitions such as GIP and HPS presents operational challenges that could affect growth if synergies are not realized.

Blackstone is highly sensitive to interest rates, which can lower the value of its real estate holdings and make it harder to sell assets for a profit. The firm relies on its ability to raise new capital from investors, which could become difficult if market performance dips or institutional preferences shift. Additionally, Blackstone must manage risks related to cybersecurity and potential tax changes, such as the Pillar Two global minimum tax.

Valuation comparisonBlackRock appears more attractively priced than Blackstone based on its lower P/S ratio and slightly more conservative Forward P/E multiple.

MetricBlackRockBlackstoneSector BenchmarkForward P/E19.9x20.8x17.2xP/S ratio6.7x7.8xSector benchmark uses the SPDR XLF sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Blackstone and BlackRock may seem similar — both are financial giants with similar names — but they have some key differences.

Speaking broadly, BlackRock is reliant on retail investors, while Blackstone’s core markets are high-net-worth and institutional clients.

Both businesses have been making money hand over fist, generating billions of dollars in profits thanks to the boom in world markets.

Blackstone is the smaller of the two, though it plays in the more sophisticated private equity and private credit markets. Yet concerns across the opaque private credit market warrant caution regarding BX. Recently, withdrawal requests have exceeded the 5% limit the company has in place, with demand from wealthy clients to pull some money the strongest compared to institutional clients. Still, Blackstone management has spent a lot of time reassuring its investors that it has the issue under control and that the business should see revenue approach $15 billion in 2026, a 15% rise from 2025.

BlackRock has been focused on the ETF market as the core of its business. The company is believed to be the largest operator of bond ETFs in the world. To attract and retain clients as they get wealthier, BlackRock has been pivoting to add private-market wealth management options for those seeking the promise of greater returns often seen in the long-term private equity space.  The company also recently acquired Preqin, which it will combine with ASladdin to create a trading platform covering public and private markets.

Taken altogether, management says it has a plan to achieve $35 billion in revenue in 2030, with an operating margin of some 45%, which should translate into huge profits. The fact that it is slightly cheaper on price-to-earnings and price-to-sales ratios than Blackstone makes BlackRock the better pick for those looking to invest in asset management stocks.

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