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Philippe Laffont has made a name for himself as someone capable of spotting secular technology trends early and making big bets on some of the biggest potential beneficiaries. That makes his hedge fund, Coatue Management, a useful source of potentially great investment ideas in tech stocks.

Laffont has held the same artificial intelligence (AI) stock at the top of Coatue's portfolio throughout 2026, and he has good reason to keep it as the fund's biggest holding. Taiwan Semiconductor Manufacturing (TSM -3.40%) accounts for nearly 9% of Coatue's publicly traded U.S. equities. While the stock has performed well for Phillipe Laffont and anyone else who owns it, it could still climb a lot higher from here.

Here's what a $10,000 investment in TSMC could be worth by 2030.

Image source: Getty Images.

Going up the supply chain
It's worth noting that Laffont holds a lot of semiconductor stocks for Coatue. The massive spending on artificial intelligence is driving a significant cash transfer from hyperscalers to chipmakers, benefiting many companies. Having said that, Laffont also likes most hyperscalers, as they have the potential to generate strong returns on their enormous capital outlays.

Laffont's largest positions, however, are mostly higher up the supply chain. TSMC is the world's largest third-party semiconductor manufacturer. It buys equipment from Lam Research and Applied Materials, both of which sat in Coatue's top-five holdings as of the end of June. He also holds a significant position in Micron Technology, which handles manufacturing in-house, exercising greater control over supply and benefiting from vertical integration.

Laffont appears to see better value higher up in the semiconductor supply chain than in chipmakers themselves or in end customers like hyperscalers or neoclouds. Despite high growth expectations for chip designers, TSMC may be best positioned to deliver sustainable earnings growth over the long run.

The center of the semiconductor industry
TSMC holds a dominant position in third-party semiconductor fabrication, especially among the world's most advanced logic chips like GPUs or custom AI accelerators. Those chips require the most advanced fabrication processes to achieve better price performance. At the scale of AI, every small improvement in efficiency creates a huge difference in how much it costs to run a data center.

TSMC ended the second quarter with an estimated 73% market share, and that number has steadily climbed over the last few years. It could keep climbing as AI spending doesn't appear to be slowing anytime soon, and TSMC is investing heavily to add new production capacity.

The demand for advanced chips, combined with its technology lead and capacity constraints, has allowed it to raise prices. It plans to keep raising prices on existing technologies through 2029 while it ramps up production of its newest generation, N2, and starts production of its next-generation processes.

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TSMC should be able to maintain its market share thanks to its close relationships with existing customers, its technology lead, and its capacity. That ensures it generates more revenue than its competitors, giving it more cash to reinvest in R&D to maintain its technology lead and build more production capacity.

Management previously forecast compound annual revenue growth of 25% between 2024 and 2029. That forecast may be conservative, given its 2026 revenue growth of above 35% through the first half of the year and 36% in 2025.

TSMC could maintain its 25% target growth rate through 2029, fueled by higher prices for older technology and a rapid ramp-up of its current and next-generation production processes. That should prevent much change in its gross margin profile, and net income could climb even faster than revenue, as it generates strong returns on its R&D spending and keeps capital spending in line with demand.

How much TSMC stock could climb will depend, in part, on how long the current earnings cycle lasts. While management works closely with its customers to ensure it doesn't overbuild, it's still subject to the semiconductor industry's swings. On average, the company commands a price multiple of 20-25 times earnings. At a 25% earnings growth rate through 2030, that puts its total return somewhere between 52% and 90%, based on the stock price as of this writing. That means $10,000 invested in TSMC today could be worth between $15,200 and $19,000 by 2030.

There's a lot that goes into building new AI data centers. Companies need to secure a site, ensure it can supply it with enough power and water to run thousands of servers and keep them cool, and build the structure itself. Only then can it start installing racks full of AI chips and networking equipment.

As the industry looks to build as fast as possible to support the growing demand for AI computing, it's faced several challenges. Ensuring there's enough power to run each data center is a challenge. Meanwhile, wafer shortages have impacted the entire semiconductor industry. Memory chips have been in particularly short supply, as the three biggest memory chipmakers hesitated to expand production capacity, fearing another big cyclical downturn.

Despite the supply chain challenges for building new data centers, hyperscalers and other AI data center companies could face an even bigger bottleneck, according to the CEOs of Broadcom (AVGO -3.10%) and Intel: capital. Long lead times and massive price tags for data centers means capital constraints could be holding back some companies from building as fast as they want.

Here are the companies that can benefit the most.

Image source: Getty Images.

The biggest companies are starting to feel the pinch of building The biggest hyperscalers are facing negative free cash flow as they continue to increase their AI spending.

Alphabet (GOOG -1.68%) (GOOGL -1.74%), for example, reported negative free cash flow for the first time as a public company last quarter. That free cash flow challenge is expected to get much worse in 2027, and it's raised capital in the debt and equity markets to fund its future build-out.

Amazon (AMZN -1.74%) saw its trailing-12-month free cash flow dip into negative territory last quarter. Management cited a $66.1 billion increase in capital expenditures as the reason why.

Meta Platforms, Oracle, and Microsoft are all in similar boats, although Microsoft intends to remain cash flow positive.

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Negative free cash flow combined with rising interest rates means companies could face challenges raising enough capital to keep building. The problem is much more pronounced for neoclouds and the leading AI labs, which don't have other sources of revenue or the creditworthiness to support the massive loans needed to continue their build-outs.

Both Nvidia and Broadcom have taken the approach of securing financing for their customers to ensure they can keep buying. That comes with additional risks, but it also creates loyal customers and helps solve the biggest bottleneck for some. Still, the best way to overcome the financing challenge is to reduce the cost of building new data centers in the first place.

The biggest winners There aren't many ways to reduce the cost of standing up data centers and installing new hardware. The biggest cost is the chips themselves, though, and there's a clear shift going on there. The biggest hyperscalers along with OpenAI and Anthropic are using custom silicon for a growing share of their computing.

Custom chips, or XPUs, come with much lower upfront costs and can deliver better price-performance on specific tasks. That said, GPUs are more flexible and offer superior processing capabilities for many tasks, so a certain number are necessary for a complete cloud computing platform offering.

Using XPUs can save cloud platforms a lot of cash. During Amazon's first-quarter earnings call, CEO Andy Jassy explained the potential savings from its custom Trainium chips. "At scale, we expect Trainium will save us tens of billions of dollars of capex each year and provide several hundred basis points of operating margin advantage versus relying on other chips for inference," he said.

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The head of Google Cloud, Thomas Kurian, said the payback period on its custom TPU servers is half that of its average server. While the chips may be more power efficient, the bulk of that accelerated payback likely comes from lower upfront capital needs.

As such, I expect XPU makers to be some of the biggest beneficiaries as companies look to keep capital spending in check. Broadcom is the market leader in XPU chips, but smaller competitors like Marvell Technology (MRVL -8.72%) could also see rapid growth as XPU sales outpace those of GPUs and other chips. While Marvell is expected to grow slightly faster, Broadcom sits in a very strong position with leading AI labs and hyperscalers, and its stock trades for half the price on a forward P/E basis.

Adam Levy has positions in Alphabet, Amazon, Broadcom, Meta Platforms, and Microsoft. The Motley Fool has positions in and recommends Alphabet, Amazon, Broadcom, Intel, Marvell Technology, Meta Platforms, Microsoft, Nvidia, and Oracle. The Motley Fool has a disclosure policy.

Ameris Bancorp (NYSE:ABCB – Get Free Report) is anticipated to announce its results after the market closes on Thursday, October 22nd. Analysts expect Ameris Bancorp to announce earnings of $1.68 per share and revenue of $326.66 million for the quarter.

Ameris Bancorp (NYSE:ABCB – Get Free Report) last issued its earnings results on Thursday, July 23rd. The bank reported $1.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.06). Ameris Bancorp had a return on equity of 10.62% and a net margin of 21.98%. The firm had revenue of $317.78 million during the quarter, compared to analysts’ expectations of $323.78 million. During the same quarter last year, the business earned $1.59 EPS. On average, analysts expect Ameris Bancorp to post $6.61 EPS for the current fiscal year and $7.02 EPS for the next fiscal year.

Ameris Bancorp Stock Performance
Shares of ABCB opened at $78.07 on Thursday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.02 and a current ratio of 1.04. The stock has a 50-day moving average of $84.06 and a two-hundred day moving average of $85.30. The stock has a market cap of $5.24 billion, a P/E ratio of 14.12 and a beta of 0.96. Ameris Bancorp has a one year low of $68.80 and a one year high of $93.22.

Ameris Bancorp Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 5th. Stockholders of record on Wednesday, September 30th were issued a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. Ameris Bancorp’s dividend payout ratio is currently 14.47%.
Analysts Set New Price Targets
ABCB has been the subject of a number of research reports. Stephens set a $88.00 target price on Ameris Bancorp in a report on Monday, July 27th. DA Davidson lifted their price objective on shares of Ameris Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Weiss Ratings began coverage on shares of Ameris Bancorp in a report on Wednesday, September 2nd. They issued a “buy (b)” rating on the stock. Truist Financial dropped their price objective on shares of Ameris Bancorp from $90.00 to $84.00 and set a “hold” rating on the stock in a report on Friday, October 9th. Finally, Morgan Stanley upgraded shares of Ameris Bancorp to an “overweight” rating in a research note on Wednesday, June 24th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $90.67.

Check Out Our Latest Report on ABCB

Ameris Bancorp Company Profile
(Get Free Report)

Ameris Bancorp (NYSE: ABCB) is a financial holding company whose principal subsidiary, Ameris Bank, provides banking and financial services to individuals, businesses and institutions. The bank offers deposit accounts, commercial and consumer lending, residential mortgages, treasury and payment services, wealth management and other financial solutions.

Founded in 1971, Ameris Bank has grown from a community banking institution in Georgia into a regional bank serving customers across the southeastern United States.

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Bloom Energy (BE -9.15%) stock has surged as artificial intelligence (AI) data centers have turned to the company's fuel cells for on-site power. Even after dropping 9% on Oct. 14, shares closed at $239.34, up almost 1,000% in the last five years.

But the stock has also come down hard from its high. The close was around 31% below its June 22 record of $345.85.

So, where might Bloom stock be at the end of 2030? My forecast is around $230 a share, near where it trades now. I think the company can get much bigger and more profitable in the next four years. I just don't think today's valuation leaves much room for the stock to reward that growth.

Image source: Getty Images.

How big could Bloom get by 2030?Bloom grew its revenue 37% in 2025, to $2.02 billion. Growth then picked up sharply this year, with second-quarter revenue up 166% year over year to $1.07 billion.

And management now expects $3.9 billion to $4.2 billion of revenue for all of 2026, around twice last year's total at the midpoint. The company also plans to double its Fremont, California, factory's annual production capacity from 1 gigawatt to 2 gigawatts by the end of 2026.

For my forecast, I'll assume Bloom's revenue hits around $12 billion in 2030, or about triple the midpoint of this year's guidance. That would mean growth of about 31% a year after 2026 -- under a third of this year's rate. Getting there would likely take another factory expansion after this one.

Margins may be flattening outA year ago, Bloom's non-GAAP (adjusted) operating margin was just 7.1%. It rose to 17.3% in the first quarter of 2026, then hit 22.5% in the second quarter as revenue more than doubled.

But management's full-year guidance is for adjusted operating income of $800 million to $900 million. After the first half, that implies a margin of only about 21% to 22% over the rest of the year.

So the big gain could already be behind Bloom, at least for now. Its third-quarter report on Oct. 22 should show the first of the second-half quarters.

Taxes might also take a bigger bite. Bloom recorded almost no income tax expense on its second-quarter profit, helped by $2.3 billion in federal tax-loss carryforwards it had at the end of 2025. With at least $800 million of adjusted operating income expected this year alone, those carryforwards might be mostly used up long before 2030.

In my base case, Bloom keeps around 22 cents of adjusted profit for every dollar of revenue in 2030, a little over the 21% or so that this year's guidance implies. Even that takes progress, of course, because holding the margin after taxes likely means operating margins in the high 20s.

On $12 billion of revenue, that's around $2.6 billion of adjusted earnings. Spread across about 340 million diluted shares (up from about 323 million in the second quarter), it's about $7.75 a share. That's nearly triple the $2.70 midpoint of management's adjusted earnings-per-share guidance for 2026.

What would that be worth?I'll pick 30 times adjusted earnings as the stock's price-to-earnings ratio at the end of 2030.

For a growth stock that could still be expanding at a solid double-digit pace by then, I think that's a fair price. But it's a big step down from today. After all, at $239.34, shares cost nearly 90 times adjusted earnings, using the $2.70 per share Bloom expects this year.

Thirty times $7.75 of adjusted earnings per share brings me to around $230 a share. From the Oct. 14 close, that's a total drop of about 4%, or a loss of a bit under 1% a year.

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If margins just stay near today's levels, the result looks worse. Say Bloom's adjusted operating margin holds around 21% and taxes take a normal bite. So adjusted profit might be closer to 17 cents per dollar of revenue, or about $6 per share in 2030. At 30 times adjusted earnings, the stock would be near $180, about 25% under the Oct. 14 close.

Sure, if demand keeps outrunning Bloom's factories, revenue might well beat $12 billion. But a short-seller's July report questioning Bloom's accounting (which the company rejected), adds another risk besides margins.

In the end, I think Bloom will probably be a much larger, more profitable company in 2030 than it is today. The trouble is the starting price. Earnings per share could nearly triple and still leave shareholders around where they started, so I'd want a lower price before buying the stock.

Integer (NYSE:ITGR – Get Free Report) is anticipated to announce its Q3 2026 results before the market opens on Thursday, October 22nd. Analysts expect the company to post earnings of $1.68 per share and revenue of $456.91 million for the quarter. Individuals can find conference call details on the company’s upcoming Q3 2026 earnings results page for the latest details on the call scheduled for Thursday, October 22, 2026 at 9:00 AM ET.

Integer (NYSE:ITGR – Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The medical equipment provider reported $1.60 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.22. Integer had a return on equity of 12.79% and a net margin of 6.97%. The business had revenue of $464.11 million during the quarter, compared to analysts’ expectations of $451.07 million. During the same quarter last year, the business posted $1.55 EPS. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. On average, analysts expect Integer to post $6.09 EPS for the current fiscal year and $6.71 EPS for the next fiscal year.

Integer Stock Performance NYSE:ITGR opened at $126.63 on Thursday. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.73 and a quick ratio of 2.41. Integer has a 1 year low of $62.00 and a 1 year high of $126.79. The stock’s 50 day simple moving average is $125.91 and its two-hundred day simple moving average is $103.99. The company has a market cap of $4.31 billion, a price-to-earnings ratio of 34.60, a PEG ratio of 2.41 and a beta of 0.58.

Wall Street Analyst Weigh In A number of research analysts have recently commented on the company. Piper Sandler downgraded Integer from an “overweight” rating to a “hold” rating and set a $127.00 target price for the company. in a research report on Monday, August 3rd. Oppenheimer cut shares of Integer from an “outperform” rating to a “market perform” rating in a research report on Monday, August 3rd. Wells Fargo & Company upped their price target on shares of Integer from $84.00 to $127.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 4th. HC Wainwright reiterated a “buy” rating on shares of Integer in a research report on Friday, July 24th. Finally, KeyCorp cut shares of Integer from an “overweight” rating to a “sector weight” rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Buy rating and thirteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $109.86. Check Out Our Latest Analysis on ITGR

Insider Activity at Integer In related news, insider Andrew Senn sold 9,408 shares of the stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $126.30, for a total transaction of $1,188,230.40. Following the sale, the insider owned 5,405 shares in the company, valued at approximately $682,651.50. This represents a 63.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Kirk Thor sold 19,773 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $126.25, for a total value of $2,496,341.25. Following the sale, the insider owned 18,920 shares in the company, valued at $2,388,650. The trade was a 51.10% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 40,948 shares of company stock worth $5,169,920. Corporate insiders own 1.10% of the company’s stock.

Integer Company Profile (Get Free Report)

Integer Holdings Corporation (NYSE: ITGR) is a medical device contract development and manufacturing company. The company designs, develops and manufactures components and finished products for medical device manufacturers, helping customers bring products from concept and development through commercial production.

Integer’s products and technologies support a range of medical applications, including cardiac and vascular devices, neuromodulation systems, orthopedics, and other specialty medical products.

Read More Five stocks we like better than Integer Tesla Wants to Make Its Own Chips—What Could Go Wrong? IREN Limited’s AI Pivot Gains Traction—But Can Its Data Centers Deliver? PBF Energy’s Stunning Rally Faces a Critical Test Citi Stock Falls Despite Earnings Beat: What Investors Need to Know

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Shares of Stepan Company (NYSE:SCL – Get Free Report) crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $57.07 and traded as high as $62.22. Stepan shares last traded at $62.0950, with a volume of 97,167 shares.

Analysts Set New Price Targets Several analysts have recently weighed in on SCL shares. Wall Street Zen upgraded shares of Stepan from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Weiss Ratings upgraded shares of Stepan from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, July 29th. Seaport Research Partners reaffirmed a “buy” rating and issued a $85.00 target price on shares of Stepan in a research report on Friday, August 7th. Finally, Zacks Research upgraded shares of Stepan from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, September 29th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Stepan presently has an average rating of “Moderate Buy”.

Read Our Latest Research Report on SCL

Stepan Price Performance The stock has a 50-day moving average price of $62.89 and a 200 day moving average price of $57.07. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.15 and a quick ratio of 0.77. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of -517.46 and a beta of 0.94. Stepan (NYSE:SCL – Get Free Report) last posted its earnings results on Wednesday, July 29th. The basic materials company reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.57. The business had revenue of $684.11 million during the quarter, compared to the consensus estimate of $635.85 million. Stepan had a positive return on equity of 3.90% and a negative net margin of 0.11%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.52 EPS. As a group, equities research analysts forecast that Stepan Company will post 2.69 earnings per share for the current fiscal year.

Stepan Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were paid a $0.3950 dividend. The ex-dividend date was Tuesday, September 1st. This represents a $1.58 dividend on an annualized basis and a yield of 2.5%. Stepan’s payout ratio is currently -1,316.67%.

Institutional Investors Weigh In On Stepan Large investors have recently modified their holdings of the company. O Keefe Stevens Advisory Inc. raised its holdings in shares of Stepan by 4.1% in the third quarter. O Keefe Stevens Advisory Inc. now owns 99,461 shares of the basic materials company’s stock valued at $6,204,000 after buying an additional 3,901 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Stepan by 194.8% during the third quarter. Farther Finance Advisors LLC now owns 395 shares of the basic materials company’s stock worth $25,000 after buying an additional 261 shares during the period. Core Capital Management & Research inc. acquired a new stake in shares of Stepan during the second quarter worth about $2,670,000. Integrated Wealth Concepts LLC purchased a new position in shares of Stepan during the second quarter worth about $85,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Stepan during the second quarter worth about $283,000. 82.70% of the stock is owned by institutional investors and hedge funds.

Stepan Company Profile (Get Free Report)

Stepan Company (NYSE:SCL) is a global manufacturer of specialty and intermediate chemicals. The company produces surfactants, polymers and specialty products used in a broad range of consumer and industrial applications, including household and institutional cleaning, personal care, agriculture, food, construction, automotive, coatings and insulation.

Stepan’s surfactants are used as cleaning agents, emulsifiers, dispersants and wetting agents in products such as detergents, shampoos, agricultural formulations and industrial cleaners.

Recommended Stories Five stocks we like better than Stepan Tesla Wants to Make Its Own Chips—What Could Go Wrong? IREN Limited’s AI Pivot Gains Traction—But Can Its Data Centers Deliver? PBF Energy’s Stunning Rally Faces a Critical Test Citi Stock Falls Despite Earnings Beat: What Investors Need to Know Receive News & Ratings for Stepan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Stepan and related companies with MarketBeat.com's FREE daily email newsletter.

This month marks the first payment of a major compute-rental contract for Space Exploration Technologies (SPCX -2.80%). Alphabet's Google agreed to pay the space company $920 million a month for access to about 110,000 Nvidia GPUs in a deal that runs from October 2026 through June 2029.

SpaceX has about 13.2 billion shares outstanding, so some quick math shows how much this compute deal is worth per share.

Image source: Getty Images.

At the contract's monthly rate, Google will pay SpaceX about $11 billion a year and about $30 billion over the full 33-month term. That comes out to approximately $0.07 in sales per share per month, $0.83 in sales per share per year, and $2.27 in sales per share over the entire term.

SpaceX has a market cap of $2.2 trillion as of Oct. 12, so $11 billion in annual sales is a small amount by comparison. It's more significant when compared with SpaceX's revenue. The space company reported revenue of $20.7 billion over the trailing 12 months. This contract alone could increase yearly revenue by over 50%, and SpaceX has secured an even more lucrative deal with Anthropic for up to $84.5 billion through May 2029.

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The catch is that SpaceX's deals with Google and Anthropic include 90-day mutual cancellation clauses, giving each side the option to walk away with 90 days' notice after an initial period. Investors shouldn't look at SpaceX's compute-rental contracts as guaranteed long-term income. Still, these agreements are promising signs that the company's AI segment will become a profitable part of its business and help justify the premium valuation on SpaceX stock.

Lyle Daly has positions in Alphabet and Nvidia. The Motley Fool has positions in and recommends Alphabet and Nvidia. The Motley Fool has a disclosure policy.

The firm is strengthening advisor relationships with notable growth across field sales teams, wealth leadership, and product specialists

, /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, is increasing the capacity of its U.S. Intermediaries Wealth Management business to deepen and expand advisor engagement and relationships. In today's evolving marketplace, where client needs are becoming increasingly complex and personalized, advisors are seeking more specific and targeted service. In response, T. Rowe Price is expanding its field sales coverage, growing its wealth leadership and product specialist teams, and enhancing how the firm connects advisors with thoughtfully developed resources, broad product expertise, and specialized support.

This growth underscores T. Rowe Price's ongoing commitment to aid advisors as business models and investor priorities evolve. With an expanded footprint and strategic enhancements underway, the firm intends to further support advisors and their clients with access to tailored and relevant expertise and offerings, including: tax-optimized drawdown strategies; customizable resources, including Portfolio Construction Solutions and custom model portfolios; a full range of investment products, including alternative investments, separately managed accounts (SMAs), and actively managed exchange-traded funds (ETFs); and research-rich insights, practice management guidance, and thought leadership designed to help advisors grow their businesses and strengthen client relationships.

"Financial advisors are operating in a rapidly changing marketplace," said Kevin Collins, head of T. Rowe Price U.S. Intermediaries (USI). "They're helping clients navigate more complex markets, extreme equity market concentration, and a dynamic interest rate environment, all against clients' growing needs for more tailored wealth solutions. We've built strong momentum across our Wealth business in recent years, but we see opportunity to do more. By significantly expanding our field sales coverage, growing our leadership, and continuing to enhance the products, insights, and support services we bring to market, we are better positioned to help advisors solve for the challenges they and their clients face today."

T. Rowe Price has been in the process of adding more than 50 new client-facing roles in broker-dealer and registered investment advisor (RIA) field sales, as well as to the alternatives, ETF, and model portfolio specialist teams. These additions also include two executives for new strategy-focused national account leadership roles within the wealth management channel, reporting to Co-Head of Wealth Management within USI Annie Brown: Kevin Johnson joined the firm as head of wealth research and Ryan Bauer joined as head of RIA enterprise national accounts.

Johnson is leading the firm's wealth research strategy, driving the strategic engagement with manager research teams and discretionary model teams about T. Rowe Price's range of investment strategies and capabilities. In this role, Johnson is working with manager research teams and model teams across channels and platforms to cultivate new distribution relationships. He joins T. Rowe Price with more than 30 years of industry experience, having most recently served as head of platform distribution at Allspring Global Investments.
Bauer is responsible for T. Rowe Price's strategy development and execution across its largest and most complex RIA relationships, including Enterprise RIAs. Bauer joins the firm with more than 15 years of industry experience, most recently serving for 12 years in the asset management business of Deutsche Bank, DWS Group. His background covers a range of industry distribution channels, including RIA enterprise, Outsourced Chief Investment Officer (OCIO), independent broker-dealers, and banks.

ABOUT T. ROWE PRICE

T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.86 trillion in client assets as of September 30, 2026, about two-thirds of which are retirement-related. Renowned for nearly 90 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.

SOURCE T. Rowe Price Group

15.10.2026 08:53, BAAPEN

Skupina Photon Energy oznámila, že se s Andrejem Horánským dohodla na ukončení spolupráce s účinností ke 14. říjnu 2026.

Horánsky tak odstupuje z pozice finančního ředitele skupiny (CFO), do které nastoupil teprve 1. října 2026. Odpovědnost za finanční řízení skupiny se 14. října 2026 vrací Stanislavu Zemanovi. Ten funkci CFO zastával od 4. září 2025 do 30. září 2026 a od 1. října působil jako provozní ředitel (COO). Důvody odchodu společnost neuvedla.

Akcie Photon Energy Akcie Photon Energy (BAAPEN) včera na pražské burze uzavřely na 6,4 Kč.

Zdroj: Photon Energy

Michal Bárta
Fio banka, a.s.
Prohlášení

Související odkazy Společnost Photon Energy oznámila změny v managementu, na pozici CFO se vrací Andrej Horanský Společnost Photon Energy znovu odkládá výroční zprávu za rok 2025, nový termín zatím nestanovila Photon Energy ruší hlasování držitelů dluhopisů, návrhy by podle společnosti neprošly Photon Energy reportoval výsledky za 2Q a 1H 2026 Photon Energy odkládá kupon i výroční zprávu, věřitele svolává k hlasování o restrukturalizaci

Tim Cook unquestionably had a stellar run at the head of Apple (AAPL +0.49%). When he took over the CEO job in August 2011, Apple was already a force -- the iPhone was a hit, the iPad was relatively new, and the customer base was fiercely loyal.

But what Cook did over the next 15 years was remarkable. Apple's annual revenue nearly quadrupled, growing from $108 billion in fiscal 2011 to $416 billion in fiscal 2025. And iPhone sales, which were already enormous when Cook arrived, climbed from roughly $47 billion to nearly $210 billion.

Now John Ternus has taken over as Apple's CEO. And investors have an interesting question to consider: Can he build on Cook's success, or has Apple already experienced its greatest years of growth?

Tim Cook turned Apple into a much bigger business Cook didn't invent the iPhone. But he deserves considerable credit for turning it into one of the most successful consumer products in history. Under his leadership, Apple expanded the iPhone's availability worldwide while introducing new models at different price points. That helped the company reach more customers without abandoning its premium pricing strategy.

Apple also expanded its lucrative services business, which includes the App Store, Apple Music, iCloud, and Apple Pay. Those products generate recurring revenue from customers who are already using Apple's devices, and they can be extremely profitable -- and they come without the overhead of developing new hardware product lines.

Former Apple CEO Tim Cook. Image source: Apple.

Apple's services segment generated $30.74 billion in revenue during its fiscal third quarter of 2026 (ending June 27), with a gross margin exceeding 75%.

Cook also used Apple's enormous cash flow to repurchase shares, helping increase earnings per share and rewarding long-term shareholders.

What John Ternus inherited Ternus, who became CEO on Sept. 1, has a different challenge than Cook faced in 2011.

Apple already has more than 2.5 billion active devices worldwide, giving it an enormous customer base for new products and services. But expanding a company generating more than $400 billion in annual revenue isn't nearly as easy as growing a smaller business.

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And Apple has been playing catch-up in artificial intelligence (AI).

The company introduced an upgraded Siri AI assistant earlier this year, hoping to make artificial intelligence a more useful part of its devices. On Oct. 13, Apple unveiled HomeView, a $299 smart home display that uses Siri AI to compete with products from Amazon and Alphabet.

But investors shouldn't expect another fourfold increase in annual revenue simply because Cook accomplished it. Apple's enormous size makes that a much more difficult proposition.

For Ternus, the opportunity isn't necessarily to duplicate Cook's growth. It's about finding new ways to make Apple's massive customer base even more valuable -- and giving shareholders a reason to stay invested for the next chapter.

Meta Platforms (META -3.27%) will report its third-quarter results after the market closes on Wednesday, Oct. 21. Shares are at about $743 as I write -- roughly 6% under the stock's record close of $790, set in August 2025.

The stock has also gained about 30% since Aug. 31.

The earnings figure in the report might look stunning. Analysts expect earnings per share of $6.77, according to FactSet, compared to just $1.05 a year ago.

But last year's number was distorted by a one-time charge. I'd buy the stock before the report anyway, though not because of a sixfold jump in earnings. What counts more is what the update says about Meta's ad business and its massive artificial intelligence (AI) budget.

Image source: Getty Images.

A distorted comparisonMeta's third-quarter 2025 earnings included a one-time, non-cash income tax charge of $15.9 billion linked to the One Big Beautiful Bill Act. Without it, Meta said its diluted earnings per share would've been $7.25 rather than $1.05.

Against that $7.25, FactSet's $6.77 estimate is around 7% lower. The gap probably reflects higher spending. Management also expects a tax rate of 15% to 17% for the rest of 2026, over the 14% Meta would've paid in the year-ago quarter without the charge.

Put another way, investors shouldn't read much into a big jump in earnings per share on Oct. 21.

Ad growth needs to hold upShowing the strength of demand for Meta's ads, advertising revenue climbed 33% year over year in the first quarter of 2026. In the second quarter, ad revenue rose 27% to $59.4 billion. And management's guidance points to further deceleration. Meta expects third-quarter revenue of $61 billion to $64 billion -- growth of around 19% to 25% from $51.2 billion a year ago.

What would I like to see? Revenue in the top half of that range would be a solid start. But what's behind the growth matters even more.

In the second quarter, ad impressions rose 14% year over year, and the average price per ad was up 12%. CFO Susan Li tied the higher prices partly to stronger ad performance, plus improving economic conditions and currency.

Meta also said its AI-driven upgrades to its ad-ranking system led to an 8% boost in ad clicks and a 16% lift in conversions on Facebook in the quarter. If the average price per ad keeps rising at a double-digit rate in the third quarter, it suggests advertisers are paying more for ads that work better for them.

Can ads keep paying for the AI build-out?The other half of the report is spending. Meta expects 2026 capital expenditures (including principal payments on finance leases) of $130 billion to $145 billion, up from $72.2 billion in 2025. Through June, it had spent $50.9 billion. Even the bottom of the range implies about $79 billion for the second half, or roughly $40 billion a quarter, up from $31.1 billion in the second quarter.

That spending is already hitting cash flow. Free cash flow dropped to just $784 million in the second quarter, versus $8.5 billion a year before. And long-term debt rose to $83.7 billion as of June 30, from $58.7 billion at year-end 2025.

Third-quarter free cash flow could slip below zero. A year ago, it was $10.6 billion.

Investors might also get a first look at 2027. A year ago, management used its third-quarter earnings call to say capital expenditure dollar growth would be "notably larger" in 2026 than in 2025. In July, Li held off on a 2027 number.

"Infrastructure planning remains highly dynamic and even this year, there are a range of outcomes embedded in our outlook," she said on the second-quarter earnings call.

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I can live with a weak free cash flow quarter if ad revenue keeps growing at roughly 20% or higher. After all, Meta still expects its 2026 operating income to be above 2025's $83.3 billion. A far bigger 2027 spending plan paired with ad growth falling below that rate, though, might make me rethink the stock.

Of course, the report may push the stock down, especially after its climb since late August. But at around 22 times expected 2027 earnings, I think shares are reasonably priced for a company whose ad sales rose 27% last quarter. At that price, Meta doesn't need a blowout quarter -- just revenue growth in management's range and a spending plan the ad business can cover.

Overall, I'd consider buying shares ahead of the report. But, given the risks, probably gradually rather than all at once.

Boards of directors matter. They are responsible for defending shareholders' interests and helping set the company's strategic direction and capital allocation, electing its management, and lending their experience and expertise to steer the company in the right direction. These are incredibly important aspects for a company like Boeing (BA -0.98%) right now, and the good news is the board looks significantly stronger than it did a few years ago.

Boeing's board changes
One useful way to assess the changes is to consider the board when the previous CEO, David Calhoun, was appointed and compare it with the board when the current CEO, Kelly Ortberg, took over.

Boeing Board That Elected Calhoun

Current Boeing Board

Lawrence W. Kellner, former CEO of Continental Airlines

Steven M. Mollenkopf, former chief executive of Qualcomm

David L. Calhoun, a 26-year General Electric veteran, including running GE Aircraft Engines

Robert K. "Kelly" Ortberg, president and chief executive, former chief executive of Rockwell Collins

Robert A. Bradway, CEO of Amgen

Robert A. Bradway, CEO of Amgen

Arthur D. Collins Jr., former CEO of Medtronic

Akhil Johri, former chief financial officer of United Technologies

Edmund P. Giambastiani Jr., former vice chairman of the Joint Chiefs

David L. Joyce, former chief executive of GE Aviation

John M. Richardson, former chief of naval operations

John M. Richardson, former chief of naval operations

Lynn J. Good, CEO of Duke Energy

Lynn J. Good, CEO of Duke Energy

Nikki R. Haley, former U.N. ambassador

Lynne M. Doughtie, former U.S. chairman and chief executive of KPMG

Caroline B. Kennedy, former ambassador to Japan

David L. Gitlin, chairman and chief executive of Carrier

Susan C. Schwab, former U.S. trade representative

Bradley D. Tilden, former chief executive of Alaska Air Group

Edward M. Liddy. Chairman and chief executive of Allstate.

Stayce D. Harris, retired United Airlines pilot and Air Force lieutenant general

Mike S. Zafirovski. Former chief executive of Nortel and former president and chief operating officer of Motorola.

Mortimer J. "Tim" Buckley, former chief executive of Vanguard

Dennis A. Muilenburg, outgoing chief executive.

N/A

Ronald Williams, former chairman and CEO of Aetna

N/A

Data source: Boeing filings.

In comparing the boards that elected Calhoun with its current makeup, there's a significant shift in directors with deep aviation experience. In particular, it's not immediately clear what deep aviation expertise Nikki Haley, Caroline Kennedy, Susan Schwab, Ronald Williams, and Arthur Collins possessed at the time. Richardson, Good, and Bradway remain on the board today.

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A board with deep aviation expertise
Four standout names on the current board should give investors considerable confidence. David Tilden formerly ran an air carrier. David Joyce is a vastly experienced aviation executive who retired as CEO of GE Aviation (the company that preceded GE Aerospace) in 2020. Akhil Johri is a vastly experienced aerospace executive who was formerly the CFO of United Technologies (the company that gave birth to the aerospace and defense giant RTX). David Gitlin is a former president of two United Technologies' aerospace businesses, Collins Aerospace and UTC Aerospace.

Image source: Boeing.

Why it matters for Boeing
Industry experience is crucial for Boeing because, as Ortberg noted on his first earnings call as CEO in October 2024, "we need to develop a new airplane, but we have a lot of work to do before them," including "restoring the balance sheet so that we do have a path to the next commercial aircraft."

It's no small task as its debt has ballooned and free cash flow has collapsed in recent years. The key point is that the usual cycle of the current generation narrow-body, in this case the 737 MAX, generating the cash flow to fund the development of the next generation narrow-body, has been severely disrupted by the high-profile crashes, groundings, and production ramp issues on the 737 MAX.

BA Financial Debt (Quarterly) data by YCharts

These issues remain apparent, as Ortberg recently told investors that Boeing needs "a couple more years" before it can commit to a new airplane.

It still has a $715 billion backlog and many years' worth of orders to deliver. As such, Boeing's board has a key role in ensuring that the overall strategy, business plan, capital structure, oversight, and capital allocation are on the right track. The good news is the board has plenty of experience to help Ortberg get there, and it's a weapon in the company's arsenal as its executive management engineers a long-term turnaround.

Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amgen, Boeing, GE Aerospace, Medtronic, and RTX. The Motley Fool recommends Duke Energy. The Motley Fool has a disclosure policy.

IREN Limited's AI Pivot Gains Traction—But Can Its Data Centers Deliver?NioCorp Developments NASDAQ: NB hosted federal and state officials at its Elk Creek Critical Minerals Mine and Processing Facility site in Nebraska, where company leaders and policymakers emphasized the project’s potential role in building domestic supplies of minerals used in defense, aerospace, manufacturing and electronics.

The event included a signing ceremony involving NioCorp and the Export-Import Bank of the United States, or EXIM. Nebraska Sen. Deb Fischer said the signing marked “another important step” as NioCorp continues the federal financing review process, though speakers did not provide details on the document being signed.

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China Still Dominates Rare Earths—These 3 U.S. Companies Could BenefitMark Smith, NioCorp’s chairman and chief executive officer, said the Elk Creek operation is planned to produce eight critical-mineral products from a single domestic source. He identified niobium, scandium, titanium and rare earth elements, including dysprosium and terbium, among the materials the company expects to produce and process in Nebraska.

Smith said the facility is designed to take minerals “from mine to finished product” rather than sending materials overseas for processing. He said the company expects the project to support about 1,200 construction jobs and roughly 500 permanent skilled jobs over an anticipated 40-year mine life.

Focus on Supply-Chain Security
The AI Buildout Needs Power It Cannot Get: 4 Energy Stocks Already Have ItSpeakers repeatedly framed the project as part of a broader effort to reduce U.S. reliance on foreign sources of critical minerals and mineral processing. Smith said the U.S. imports all of the niobium and scandium it uses, more than 85% of its titanium requirements, and virtually all of several rare earth elements.

Fischer said critical minerals are used in consumer electronics, advanced manufacturing and military equipment, while foreign dependence creates risks for both the economy and national security. She said she helped secure a $10 million federal investment in domestic aluminum-scandium alloy production, which she said is planned for Elk Creek.

“NioCorp is also working to develop a domestic source of the niobium and titanium, among other rare earth elements,” Fischer said. “These minerals are essential to our defense industrial base, our aerospace industry, and American manufacturing.”

Sen. Pete Ricketts said China processes more than 80% of certain critical minerals, even where it does not mine them. He described domestic mining and processing of niobium, scandium, titanium and magnetic rare earths as important to securing defense supply chains.

Ricketts also cited potential uses for niobium in armored vehicles, naval vessels, drones and jet-engine turbines, and said scandium is used in aerospace and defense materials. He called the Elk Creek project a “win-win-win” for the local community, Nebraska and U.S. national defense.

Federal Officials Cite Strategic Importance
U.S. Energy Secretary Chris Wright said the Trump administration views access to critical minerals as a strategic national-security concern. He said China had altered the terms under which it would supply critical minerals to the United States, creating a need to accelerate development of domestic alternatives.

Wright said long mine-development timelines remain a challenge, noting that the average time from mineral discovery to a U.S. mine being built is 29 years. He argued that the United States needs to remove barriers and mobilize capital to develop domestic supply chains.

“It is imperative for our national security,” Wright said of efforts to develop domestic mineral production. “We are here addressing a strategic concern.”

EXIM Chairman John Jovanovic said the bank’s role is to help level the playing field for U.S. companies in markets he described as neither free nor fair. He said EXIM aims to support American capital, engineers, innovation and companies operating in strategically important sectors.

Jovanovic thanked NioCorp’s partners, including JPMorgan, Traxys and Lockheed Martin, and said projects such as Elk Creek could support well-paying jobs while strengthening supply-chain and economic security.

Nebraska Leaders Highlight Local Impact
Nebraska Gov. Jim Pillen credited NioCorp and local supporters for years of work on the project and called the deposit an important opportunity for the state. Rep. Adrian Smith said the project could broaden the regional tax base and create economic opportunity, while noting that it remains in its early stages despite years of permitting work.

NioCorp’s Mark Smith said the project represents billions of dollars of potential investment over its operating life and could reshape economic opportunities in Johnson County and surrounding communities.

About NioCorp Developments (NASDAQ:NB)NioCorp Developments Ltd. is a U.S.-focused critical minerals company advancing the Elk Creek Critical Minerals Project in southeast Nebraska. The project is designed to produce niobium, scandium and titanium, with the potential to recover several rare earth elements, including neodymium, praseodymium, terbium and dysprosium.

NioCorp's planned products are intended for use in applications such as high-strength steel, aerospace and defense systems, electric vehicles, permanent magnets, and other advanced technologies.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in NioCorp Developments Right Now?Before you consider NioCorp Developments, you'll want to hear this.

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Rewind to 2019 when Tesla (TSLA -2.15%) broke ground on its Giga Shanghai. Musk made it pretty clear at the time the factory was to produce more affordable versions of the Model 3 and Y for China. Sometime later, Tesla's CEO added, "Affordable cars must be made on same continent as customers." Things haven't quite gone according to plan thanks to China's domestic automakers rapidly developing their electric vehicle (EV) technology and a brutal price war that has forced all automakers to go back to the drawing board. Despite the change of plans, Tesla's exports from China are surging, and it's absolutely the right move. But there are a couple of things for investors to know.

The right call, right?
Fast-forward to today. Tesla sold 381,088 vehicles in China through the first three quarters of 2026, a nearly 12% decline from the prior year, according to data from the CPCA. In a flip-flop of growth, however, Tesla's exports from Giga Shanghai have more than doubled to 361,972 vehicles, nearly matching its domestic sales in the country. Through September, Tesla's exports as a share of wholesale jumped 2,000 basis points, or 20 percentage points, to 49%. Thanks to growth in Tesla's exports, even amid the brutal domestic Chinese automotive market, Tesla China's total wholesale volume jumped nearly 23% to 743,060 compared to the prior year.

To be fair, while the explosive exports growth is just what the doctor ordered for Tesla in China, it's also the lowest domestic retail sales through the first nine months the EV maker has posted over the past four years. This also isn't just a Tesla problem, and the pain has been felt across the board with more and more Chinese brands racing to leave the market and expand overseas, especially as hybrids can avoid some of the tariffs Europe set for Chinese EVs.

Image source: Tesla.

Making things a little awkward for everyone involved is that Beijing recently announced it will cut the tax rebate on EV exports next year. China's Ministry of Finance and State Taxation Administration announced the export rebate on new energy vehicles (NEVs), which include full EVs as well as plug-in hybrids, will drop from 13% to 9% on April 1, 2027, essentially making every Tesla export 4% less valuable to the company. A rebate cut of 4% might not sound alarming, but it will either equate to Tesla eating hundreds of millions of dollars or passing on price increases to its destination market.

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What it all means
It might depend on whether you're a glass half-full investor or a glass half-empty investor. On one hand, Tesla has absolutely salvaged its Giga Shanghai production capacity and wholesale numbers. On the other hand, its actual business in China's market is still hurting. It's an important distinction for investors because while China's domestic auto market is in decline this year, it's also fair to say that Tesla is struggling to keep up with the accelerated vehicle launches by China's automakers, which have roughly halved the development time for a new vehicle.

For investors, this is what you can likely expect going forward. Because the rebate cut rate depends on the customs declaration date, it would make sense for Tesla to ship as many vehicles as possible from Giga Shanghai during the fourth quarter and the first quarter of 2027. That should mean two more solid quarters of wholesale Tesla China numbers before the realization hits that the year-over-year comparisons will likely look ugly for a while, and Tesla will find itself in a tough spot between raising prices overseas where Chinese brands are already undercutting on price, reduce production capacity in China, which hurts profitability, or continue with the status quo and just eat the margin loss from the rebate cut.

Shares of Nvidia (NVDA -3.16%) hit another record on Tuesday, Oct. 6, closing at $239.24. If history's any guide, the October-to-December quarter has usually been a good one for the artificial intelligence (AI) chip giant's stock.

Measured from the end of September to the end of December, Nvidia's shares rose in 20 of the 27 years from 1999 through 2025. The median change for all 27 fourth quarters was a gain of around 14%.

But the record comes with two caveats. Nvidia's stock has climbed in most quarters during this stretch, not just the last one of the year. From 2000 through 2025, for example, it also gained in 20 of 26 first quarters.

And two of the seven fourth quarters that went wrong cost shareholders over half their money.

I think the calendar matters much less here than the report Nvidia puts out in the middle of it.

Jensen Huang. Image source: Nvidia.

A report in the middleNvidia's fiscal year ends in late January, so its fiscal third quarter closes in late October. The report for that period tends to come in mid-to-late November, about halfway through the calendar fourth quarter.

That report also gives management's revenue outlook for the fiscal fourth quarter, which runs roughly from November through January.

Sure, even a great report doesn't promise a good quarter. Nvidia's fiscal third-quarter 2026 results, released Nov. 19, 2025, showed revenue up 62% year over year to $57.0 billion. Management also guided for $65.0 billion in the next quarter.

The stock dropped around 3% a day later. It closed the fourth quarter down 0.04% -- a paper-thin loss in a quarter when the Nasdaq Composite (^IXIC -1.88%) gained around 3%.

What happens when the pattern breaks?Nvidia's two worst fourth quarters broke the pattern for very different reasons. In 2000, the stock lost 60% as the dot-com crash pulled down tech stocks broadly. The Nasdaq Composite slid by around a third during the same three months. But Nvidia's shares were back above their late-September 2000 price by April 2001.

The 2018 decline was mainly Nvidia's own problem, and the November report made it far worse. By report day, shares had already fallen about 28% from their late-September close.

For the three months ended Oct. 28, 2018 (Nvidia's fiscal third quarter of 2019), revenue grew 21% year over year to $3.18 billion. But management forecast fiscal fourth-quarter revenue of $2.70 billion, around 15% below what the company had just reported.

"Our near-term results reflect excess channel inventory post the cryptocurrency boom, which will be corrected," CEO Jensen Huang said in the earnings release.

Put simply, too many of Nvidia's chips sat unsold with distributors and retailers after demand from cryptocurrency miners cooled. Shares fell about 19% the day after the report and ended the quarter down 52%, versus a loss of about 18% for the Nasdaq. They didn't climb back above their late-September 2018 close till February 2020.

Notably, most of Nvidia's down fourth quarters lined up with a falling market. The Nasdaq fell in five of the seven. Only in 2020 and last year did Nvidia's shares drop while the index gained.

This year's bar is higherNvidia's business now looks nothing like it did in late 2018. For its fiscal second quarter of 2027 (which ended on July 26, 2026), revenue more than doubled, climbing 106% year over year to $96.2 billion. Management's forecast calls for $108.0 billion in fiscal Q3, plus or minus 2%.

That's the bar the fiscal third-quarter report needs to clear. Meeting the guide would mean growth of about 89% from the $57.0 billion Nvidia reported a year earlier, a step down from 106%. The forecast for the following quarter could matter even more to the stock than the quarter itself.

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Nvidia's shares sell for around 15 times the consensus earnings estimate for fiscal 2028 (the year ending January 2028). Broadcom, another AI chipmaker, costs about 19 times its consensus earnings estimate for its next fiscal year.

True, a price-to-earnings ratio is only as good as the estimates behind it. But at that price, Nvidia's shares could arguably weather a weaker report than the past few.

So, does the calendar make Nvidia stock a buy right now? Not on its own. Twenty up years out of 27 mainly reflect a stock that's climbed in most quarters, whatever the season. And the worst years that broke the pattern saw a falling market, a weak forecast from Nvidia, or both.

At today's price, I'd consider buying shares for the growth Nvidia is delivering. The fourth quarter's history doesn't do much for that case.

Palantir Technologies Inc. (PLTR - Free Report) closed at $200.97 in the latest trading session, marking a -3.69% move from the prior day. The stock's change was less than the S&P 500's daily loss of 1.11%. At the same time, the Dow lost 0.09%, and the tech-heavy Nasdaq lost 1.88%.

The stock of company has risen by 20.93% in the past month, leading the Computer and Technology sector's gain of 3.49% and the S&P 500's gain of 2.06%.

Market participants will be closely following the financial results of Palantir Technologies Inc. in its upcoming release. The company plans to announce its earnings on November 2, 2026. The company's earnings per share (EPS) are projected to be $0.42, reflecting a 100% increase from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $2.17 billion, reflecting a 83.95% rise from the equivalent quarter last year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $1.64 per share and revenue of $8.23 billion. These totals would mark changes of +118.67% and +83.79%, respectively, from last year.

Investors might also notice recent changes to analyst estimates for Palantir Technologies Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.35% higher. As of now, Palantir Technologies Inc. holds a Zacks Rank of #3 (Hold).

With respect to valuation, Palantir Technologies Inc. is currently being traded at a Forward P/E ratio of 127.52. This indicates a premium in contrast to its industry's Forward P/E of 20.8.

Also, we should mention that PLTR has a PEG ratio of 2.3. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Internet - Software stocks are, on average, holding a PEG ratio of 1.19 based on yesterday's closing prices.

The Internet - Software industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 79, this industry ranks in the top 33% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

Mr. He Xiaopeng, Chairman & CEO, becomes the first Chinese automotive CEO to deliver a keynote in the history of the Paris Automotive Summit, calling for greater industry collaboration as AI, electrification and globalization reshapes the automotive sector.

Mr. He Xiaopeng introduced XPENG AI Engineering, calling for open collaboration and opening XPENG's full-stack technologies and engineering capabilities to global partners, from vehicle platforms to Physical AI.

XPENG highlighted NGP which is aiming for global market expansion in 2027, alongside clear milestones for its humanoid robot, IRON, targeting mass production in late 2026, initial deliveries in H1 2027, and a European rollout in H2 2027.

, /PRNewswire/ -- Mr. He Xiaopeng, Chairman & CEO of XPeng Inc. ("XPENG" or the "Company,"NYSE: XPEV; HKEX: 9868), a leading global Physical AI company, today called for deeper collaboration across the global automotive industry, as he became the first Chinese automotive CEO to deliver a keynote in the history of the Paris Automotive Summit.

Speaking to automotive industry leaders in Paris, Mr. He outlined how AI, electrification and smart technologies are reshaping the automotive industry, creating new opportunities for technology collaboration across the sector.

The theme of his keynote speech was "Navigating the AI Era: Open Collaboration for a Smarter Future," where he outlined XPENG AI Engineering, XPENG's strategy to combine its Physical AI technology with deeper ecosystem partnerships across Europe and globally.

He emphasized that no single manufacturer holds all the advantages required for the next generation of smart mobility. To accelerate this transition, XPENG is opening its in-house tech stack and engineering resources to key international partners.

Open Technology Collaboration for the AI Era: XPENG AI Engineering

XPENG's approach to collaboration is rooted in its evolution as a Physical AI company, with full-stack technologies spanning chips, models and applications across intelligent vehicles, robotaxis, humanoid robots and flying cars. In intelligent driving, XPENG highlighted NGP powered by VLA 2.0, designed to advance directly from L2 to L4 and deliver the same core capability across China and Europe, as the company prepares to bring advanced intelligent driving to global markets in 2027.

XPENG is also advancing the commercialization of its humanoid robot, IRON, with mass production targeted for late 2026, deliveries beginning in the first half of 2027, and a European rollout planned for the second half of 2027.

As AI expands into the physical world, XPENG believes industry transformation will be driven both from within and beyond automotive. To usher in this new era, XPENG is opening its proprietary technologies and engineering toolchains to global partners - spanning vehicle platforms, E/E architecture, batteries, e-drives, and modular innovations like the AI BOX, Turing AI chip, and Turing physical world foundation model.

Through XPENG AI Engineering, the company is pursuing a model built around complementary strengths, flexible collaboration and independent innovation, enabling partners to co-develop differentiated products while building their own technology capabilities over time.

As a proven example of this mutually beneficial approach, Mr. He highlighted XPENG's strategic collaboration with Volkswagen Group, which brings together XPENG's intelligent-driving and software capabilities with Volkswagen's vehicle engineering and testing expertise.

This latest development builds on XPENG's continued investment in technology and talent. In the first half of 2026, XPENG invested approximately €770 million in R&D.

"Partnership starts with trust, and after trust comes openness," said Mr. He. "We welcome global partners to work with us, learn from each other and bring our strengths together. To bring technology to life and build the future together."

In Europe, For Europe, With Europe

Mr. He also reinforced XPENG's long-term "In Europe, For Europe, With Europe" commitment, centered on producing in Europe, designing for European users and partnering with the region's industrial ecosystem.

XPENG has put four models into production in Europe within one year, including the G6, G9, P7+ and the latest G9L. Its European R&D center serves as a hub for EU homologation and certification, language and interaction localization, intelligent-driving validation, European chassis and handling tuning, and charging-network integration.

XPENG continues to deepen collaboration across Europe's automotive and technology ecosystem, working with local partners as it expands its capabilities in the region.

ENDS

About XPENG

XPENG is a leading global Physical AI company, dedicated to bringing artificial intelligence into the physical world to reshape future mobility and smart living. Through in-house R&D, XPENG has developed a full-stack Physical AI architecture spanning Turing AI chips, world foundation models, and highly integrated software and hardware applications. This unified technology foundation powers an expansive product portfolio of smart EVs, robotaxis and humanoid robots, advancing the deployment of Physical AI at scale.

Headquartered in Guangzhou, China, XPENG is dual-primary listed on the New York Stock Exchange and the Hong Kong Stock Exchange. With global capabilities across R&D, manufacturing, sales and services, XPENG drives continuous technological innovation and fosters an open Physical AI ecosystem, making life smarter, safer and better for users worldwide.

For more information, please visit https://www.xpeng.com/.

SOURCE XPENG

Rocket Lab Corp. (NASDAQ:RKLB) pushed the first launch of its Neutron rocket into 2027 on Wednesday, confirming a schedule setback after previously warning that a debut this year was becoming less likely.

The announcement leaves investors waiting longer for a rocket central to the company’s expansion into larger launch missions.

"Today we shared an update on Neutron’s development, including adjusting the schedule for flight one to 2027," Rocket Lab wrote on X.

RKLB stock is falling. See the chart and price action here. Warning Becomes a DelayThe update follows a shift in August, when Rocket Lab targeted getting Neutron to the launch pad in the fourth quarter rather than committing to launching during that period. The company had previously targeted an inaugural flight in the fourth quarter of 2026.

Reaching the launch pad and completing a maiden flight are distinct milestones in the development process.

"The window for an end-of-year launch is narrowing," CEO Peter Beck said in August, according to Reuters. Management was increasingly focused on preparing Neutron to support a faster cadence of missions after its debut.

Bigger Missions at StakeNeutron is a reusable, medium-lift rocket designed to help Rocket Lab compete for larger commercial satellite, civil-space and U.S. national-security missions. It also plays a role in the company’s own satellite plans.

Rocket Lab has been spending heavily on Neutron’s development, launch infrastructure and production preparations, while signing customers ahead of its debut. The revised timeline moves that first-flight milestone into next year, extending the wait for a demonstration of the new vehicle’s capabilities.

RKLB Stock Price Activity: Rocket Lab shares were down 8.52% at $54.60 during after-hours trading Wednesday, according to Benzinga Pro. The stock had already fallen 7.85% during the regular session to close at $59.18.

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Want Diversified Upside in Biotechnology? Check out LABUArrowhead Pharmaceuticals NASDAQ: ARWR presented interim Phase I/II data for ARO-MAPT, an investigational small interfering RNA therapy designed to reduce tau protein expression in the central nervous system, alongside initial clinical results for its TRiM CNS delivery platform.

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The company said the platform uses a transferrin receptor 1-targeted Fab linked to an siRNA payload, with the goal of enabling subcutaneous administration and delivery across the blood-brain barrier. ARO-MAPT targets the MAPT gene, which produces tau, a protein implicated in Alzheimer’s disease and primary tauopathies including progressive supranuclear palsy, corticobasal degeneration and some forms of frontotemporal dementia.

Early healthy-volunteer data show tau reductions
James Hamilton, Arrowhead’s Head of R&D and Chief Medical Officer, said interim data from single-ascending-dose healthy-volunteer cohorts showed mean reductions in cerebrospinal fluid, or CSF, total tau of up to 73% following an initial loading dose. The largest individual reduction was up to 85%, he said.

Hamilton said the data showed evidence of a dose response, while placebo recipients showed no reductions in CSF tau. The company characterized the response as generally consistent across treated individuals.

Available safety findings supported continued dosing and further development, according to Hamilton. He said ARO-MAPT had been well tolerated to date, with no reported serious treatment-emergent adverse events, no neurobehavioral events such as confusion, and no persistent anemia.

The ongoing ARO-MAPT-SC-1001 study is designed to assess safety, pharmacokinetics and pharmacodynamic effects in healthy volunteers and people with early Alzheimer’s disease. Healthy-volunteer enrollment has been completed, while enrollment in Alzheimer’s patient cohorts is ongoing at sites in Canada, the U.K., Australia and New Zealand.

Arrowhead plans to provide additional data from multiple-ascending-dose healthy-volunteer cohorts in 2027 and expects an update from its Alzheimer’s patient cohorts that year as well.

Company highlights subcutaneous CNS delivery
Chief Executive Officer Chris Anzalone said the results represent Arrowhead’s first clinical proof of concept for delivery of siRNA to the central nervous system through a subcutaneous injection. He said the company believes the approach could potentially support dosing as infrequently as quarterly and, if developed successfully, could potentially be administered at home.

In preclinical monkey studies, Arrowhead said subcutaneous administration of ARO-MAPT reduced MAPT expression by more than 75% across multiple brain regions, including the hippocampus. The company also reported that repeat dosing in monkeys maintained gene silencing and supported up to 60% CSF tau knockdown four months after the last dose.

Hamilton said Arrowhead’s preclinical work suggested more homogeneous brain distribution from the subcutaneous platform than from intrathecal administration, which delivers drugs directly into spinal fluid. He said broader distribution could avoid high concentrations in the spinal cord and potentially improve silencing in disease-relevant brain regions.

Anzalone said the company has one wholly owned and one partnered CNS candidate in clinical development using the TRiM CNS platform, and expects another partnered candidate to enter the clinic in 2027. Arrowhead also plans to introduce at least three additional wholly owned CNS candidates into the clinic over the next 12 months, according to his remarks.

Tau remains an emerging therapeutic target
Adam Boxer, a professor of neurology at the University of California, San Francisco, reviewed the rationale for reducing tau in neurodegenerative diseases. He said the amount and location of insoluble tau in the brain are closely correlated with symptoms in Alzheimer’s disease and several primary tauopathies.

Boxer noted that two approved anti-amyloid therapies have shown modest slowing of cognitive decline in symptomatic Alzheimer’s disease, but said tau-directed treatments may provide another way to address disease progression. He discussed prior studies of tau-targeting antisense therapies, including results suggesting reductions in CSF tau and signals of slowed cognitive decline or neurodegeneration in certain settings.

However, Boxer said important questions remain regarding the optimal degree and duration of tau reduction. Tau has normal physiological roles, and while animal studies and human genetic evidence have not linked tau loss of function to disease, prior clinical findings with another tau-lowering therapy raised questions about whether adverse effects could result from the treatment approach or potentially from on-target tau reduction.

Potential next studies in PSP and FTD
Arrowhead said it has begun regulatory discussions regarding potential later-stage studies in MAPT-variant frontotemporal dementia and progressive supranuclear palsy. Hamilton said the company aims to finalize study designs following additional regulatory discussions over the next one to two quarters, with a goal of starting studies in 2027.

Boxer said PSP and certain forms of frontotemporal dementia may offer potential development advantages because they are rare, severe diseases with no approved disease-modifying therapies and generally faster clinical progression than Alzheimer’s disease. He added that clinical studies in these conditions can potentially be smaller and shorter, although he did not provide a specific regulatory outlook for ARO-MAPT.

In discussing future dose selection, Hamilton said the 6.4 mg/kg and 12.8 mg/kg regimens appeared broadly comparable after the initial loading dose. He said Arrowhead may favor the lower end of the range if higher doses do not show added benefit, though patient data and results after subsequent doses will be needed to guide that decision.

About Arrowhead Pharmaceuticals (NASDAQ:ARWR)Arrowhead Pharmaceuticals, Inc is a biopharmaceutical company focused on developing medicines that silence disease-causing genes. Its research is based primarily on RNA interference (RNAi), a biological process that reduces the production of specific proteins by targeting messenger RNA before it can be used to make those proteins.

The company uses its proprietary Targeted RNAi Molecule (TRiM) platform to design and deliver RNAi therapeutics to selected tissues, including the liver and lungs.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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With media M&A in the air, shareholders of both companies have approved Fox’s planned cash and stock acquisition of Roku at special meetings today.

The approvals were expected.

The deal announced in June – which will turbocharge Fox’s streaming capabilities – calls for the company run by Lachlan Murdoch to acquire Roku for $160 a share through a combination of cash and Fox Class A stock, giving Roku an enterprise valuation of $22 billion. On closing, Fox shareholders will own about 73% of the merged business, with Roku shareholders taking the other 27%.

Roku, founded in 2002, reaches around 100 million global streaming homes through its connected TV platform, and is in more than half of all U.S. broadband households. Fox operates its namesake broadcast network, a large local station portfolio, cable networks Fox News and Fox Business, subscription streamer Fox One, and a sports rights portfolio including the NFL, MLB, NASCAR, Big Ten and the FIFA World Cup.

Fox said at the announcement that the Roku purchase would “create a scaled next-generation media and technology company positioned at the intersection of two of the most important forces reshaping video consumption: the enduring primacy of live sports and news, and the continued rise of streaming.”

Roku founder, chairman and CEO Anthony Wood will have an ongoing role at the combined company and will join the Fox board.

Fox Corp. President and Chief Operating Officer John Nallen told investors at a media conference last month that the deal is on track to close in the first half of next year despite a new request for information from regulators. He called the request by the U.S. Department of Justice “entirely expected.”

It’s the latest transformative deal in a rapidly transforming media landscape that just saw Paramount and Warner Bros. Discovery close their merger, creating the new Skydance.

In an SEC filing today, Fox noted nearly 100% of votes in favor of the deal. Roku’s tally will come in a filing Thursday.

CONWAY, Ark., Oct. 14, 2026 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Quarterly Highlights

MetricQ3 2026Q2 2026Q1 2026Q4 2025Q3 2025Net income$129.5 million$119.3 million$118.2 million$118.2 million$123.6 millionNet income, as adjusted (non-GAAP)(1)$129.1 million$128.1 million$118.2 million$117.9 million$119.7 millionTotal revenue (net)$288.4 million$295.1 million$266.7 million$282.1 million$277.7 millionIncome before income taxes$166.9 million$154.4 million$152.2 million$153.3 million$159.3 millionPre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)$166.9 million$159.6 million$152.7 million$167.7 million$162.8 millionPPNR, as adjusted (non-GAAP)(1)$166.6 million$171.2 million$152.7 million$167.1 million$157.7 millionPre-tax net income to total revenue (net)57.87%52.32%57.08%54.35%57.38%Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)57.75%56.27%57.06%54.14%55.53%P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)57.87%54.08%57.27%59.46%58.64%P5NR, as adjusted (non-GAAP)(1)57.75%58.03%57.25%59.25%56.80%ROA2.12%1.95%2.09%2.06%2.17%ROA, as adjusted (non-GAAP)(1)2.11%2.09%2.09%2.05%2.10%NIM4.53%4.51%4.51%4.61%4.56%Purchase accounting accretion$2.9 million$3.6 million$1.1 million$1.3 million$1.3 millionROE11.24%10.55%11.09%11.04%11.91%ROE, as adjusted (non-GAAP)(1)11.20%11.32%11.08%11.01%11.54%ROTCE (non-GAAP)(1)16.59%15.67%16.56%16.65%18.28%ROTCE, as adjusted (non-GAAP)(1)16.54%16.82%16.55%16.60%17.70%Diluted earnings per share$0.65$0.59$0.60$0.60$0.63Diluted earnings per share, as adjusted (non-GAAP)(1)$0.65$0.64$0.60$0.60$0.61Non-performing assets to total assets1.02%0.93%0.97%0.55%0.56%Common equity tier 1 capital16.7%16.3%16.7%16.3%16.1%Leverage14.3%13.9%14.3%14.1%13.8%Tier 1 capital16.7%16.3%16.7%16.3%16.1%Total risk-based capital19.4%19.0%19.5%19.1%18.9%Allowance for credit losses to total loans1.93%1.92%1.90%1.90%1.87%Book value per share$22.74$22.68$22.15$21.88$21.41Tangible book value per share (non-GAAP)(1)$15.35$15.32$14.87$14.60$14.13Dividends per share$0.23$0.21$0.21$0.21$0.20Shareholder buyback yield(2)0.69%0.77%0.25%0.27%0.18% (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
(2) Calculation of this metric is included in the schedules accompanying this release.

“In banking some play the growth game. At HOMB, we focus on stability. Strength is no accident, it’s our culture, and for that I am proud. Our team delivered a very solid and safe third quarter,” said John Allison, Chairman.

Quarterly Financial Performance TrendsNet income reached a Company-record $129.5 million for the third quarter of 2026, compared to $119.3 million for the second quarter of 2026 and $123.6 million for the third quarter of 2025. Net income, as adjusted (non-GAAP)(1), also reached a Company-record of $129.1 million, increasing 0.8% from $128.1 million in the prior quarter and 7.9% from $119.7 million in the third quarter of 2025. PPNR (non-GAAP)(1) totaled $166.9 million for the third quarter of 2026, compared to $159.6 million in the prior quarter and $162.8 million in the third quarter of 2025. PPNR, as adjusted (non-GAAP)(1) totaled $166.6 million, compared to $171.2 million in the prior quarter and $157.7 million in the third quarter of 2025, reflecting the continued strength and resilience of the Company's earnings performance.Dollar amounts presented below in thousands.
 
   Net interest income after credit loss expense totaled $242.0 million for the third quarter of 2026, compared to $236.4 million in the prior quarter and $222.7 million for the third quarter of 2025. The increase from both the linked quarter and prior-year period was driven by strong net interest income generation and a reduction in credit loss expense. Non-interest income totaled $46.4 million for the third quarter of 2026, compared to $53.5 million in the second quarter of 2026 and $51.5 million in the third quarter of 2025. Results for the quarter reflect the normal variability of fee-based revenue categories while continuing to contribute to the Company's overall earnings performance.
 
Total revenue (net) totaled $288.4 million for the third quarter of 2026, compared to $295.1 million in the prior quarter and $277.7 million in the third quarter of 2025. While revenue declined modestly from the linked quarter, results remained strong and increased from the third quarter of 2025, reflecting continued strength in net interest income and the Company's banking operations. Non-interest expense totaled $121.5 million for the third quarter of 2026, compared to $135.5 million in the prior quarter and $114.8 million in the third quarter of 2025. The linked-quarter decrease was primarily driven by the absence of acquisition-related expenses incurred during the second quarter, while the increase from the prior-year quarter reflects the impact of franchise growth and continued investment in the Company's operations. Interest expense decreased from both the prior quarter and prior-year period, reflecting continued improvement in the Company's funding costs.
 
   The efficiency ratio was 40.78% for the third quarter of 2026, compared to 44.54% in the prior quarter and 40.21% in the third quarter of 2025. The efficiency ratio, as adjusted (non-GAAP)(1), was 40.84%, compared to 40.46% in the prior quarter and 40.95% in the third quarter of 2025. The improvement in the reported efficiency ratio from the linked quarter primarily reflects the absence of acquisition-related expenses recognized during the second quarter. On an adjusted basis, the efficiency ratio remained relatively stable compared to the prior quarter and improved modestly from the prior-year period, reflecting continued operating discipline. Return on average assets (ROA) was 2.12% for the third quarter of 2026, compared to 1.95% in the prior quarter and 2.17% in the third quarter of 2025. ROA, as adjusted (non-GAAP)(1), was 2.11%, compared to 2.09% in the prior quarter and 2.10% in the third quarter of 2025. The linked-quarter improvement in both reported and adjusted ROA reflects strong earnings performance and the absence of acquisition-related expenses recognized during the second quarter, while adjusted ROA improved from the prior-year quarter, demonstrating the Company's continued ability to generate strong returns on its asset base.
 
The tables below present additional key financial metrics over the past five quarters, including net interest margin (NIM), yield on interest-earning assets, rate on interest-bearing liabilities, and net interest spread. These metrics are fundamental indicators of the Company’s profitability and operational efficiency.
      Book value per share increased to $22.74 at September 30, 2026, compared to $22.68 at June 30, 2026 and $21.41 at September 30, 2025. Tangible book value per share (non-GAAP)(1) increased to $15.35 from $15.32 in the prior quarter and $14.13 in the prior-year period. The continued growth in both book value per share and tangible book value per share reflects the Company's strong earnings generation during the past year and disciplined capital management.     Operating Highlights

Net income for the three-month period ended September 30, 2026 was $129.5 million, or $0.65 diluted earnings per share, both of which were records for the Company. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $129.1 million(1) and $0.65 per share(1), respectively, for the three months ended September 30, 2026.

Our net interest margin was 4.53% and 4.51% for the three-month periods ended September 30, 2026 and June 30, 2026, respectively. The yield on loans was 6.95% and 7.00% for the three months ended September 30, 2026 and June 30, 2026, respectively, as average loans decreased from $17.08 billion to $17.06 billion. The rate on interest bearing deposits decreased to 2.37% for the three-month period ended September 30, 2026, from 2.39% for the three-month period ended June 30, 2026, and average interest-bearing deposits decreased from $14.69 billion to $14.43 billion.

During the third quarter of 2026, there was $1.5 million of event interest income compared to $1.7 million of event interest income for the second quarter of 2026. Purchase accounting accretion on acquired loans was $2.9 million and $3.6 million for the three-month periods ended September 30, 2026 and June 30, 2026, respectively, and average purchase accounting loan discounts were $39.4 million and $42.0 million for the three-month periods ended September 30, 2026 and June 30, 2026, respectively. The decrease in accretion was dilutive to the net interest margin by one basis point.

Net interest income on a fully taxable equivalent basis was $244.5 million for the three-month period ended September 30, 2026, compared to $244.3 million for the three-month period ended June 30, 2026. This increase in net interest income for the three-month period ended September 30, 2026, was the result of a $2.3 million decrease in interest expense, which was partially offset by a $2.1 million decrease in interest income. The $2.3 million decrease in interest expense was due to a $1.2 million decrease in interest expense on deposits and a $1.1 million decrease in interest expense on FHLB and other borrowed funds. The $2.1 million decrease in interest income was primarily the result of a $1.6 million decrease in income from interest-bearing balances due from banks and a $963,000 decrease in income from investments.

The Company reported $46.4 million of non-interest income for the third quarter of 2026. The most important components of non-interest income were $12.0 million from other service charges and fees, $11.6 million from other income, $10.4 million from service charges on deposit accounts, $4.0 million from trust fees, $3.8 million in mortgage lending income, $2.6 million from dividends from FHLB, FRB, FNBB and other, $1.5 million from the increase in cash value of life insurance, $744,000 in income from the gain on sale of branches, equipment and other assets and $561,000 in insurance commissions, which were partially offset by $916,000 in expense from the fair value adjustment for marketable securities. Included within other income was $528,000 in bank-owned life insurance death benefit income, and included within the $744,000 in income from the gain on sale of branches, equipment and other assets was a $710,000 gain from the sale of a former branch location in Arkansas.

Non-interest expense for the third quarter of 2026 was $121.5 million. The most important components of non-interest expense were $67.6 million of salaries and employee benefits expense, $28.9 million in other operating expense, $15.8 million in occupancy and equipment expenses, and $9.2 million in data processing expenses. For the third quarter of 2026, our efficiency ratio was 40.78%, and our efficiency ratio, as adjusted (non-GAAP), was 40.84%(1).

Financial Condition

Total loans receivable were $16.91 billion at September 30, 2026, compared to $17.13 billion at June 30, 2026. Total deposits were $18.76 billion at September 30, 2026, compared to $19.11 billion at June 30, 2026. Total assets were $24.15 billion at September 30, 2026, compared to $24.71 billion at June 30, 2026.

During the third quarter of 2026, the Company had a $216.6 million decrease in loans. Our community banking footprint experienced $255.7 million in organic loan decline during the quarter ended September 30, 2026, while Centennial CFG experienced $39.1 million of organic loan growth in the third quarter, with $2.08 billion of loans outstanding at September 30, 2026.

Non-performing loans to total loans were 1.19% and 1.08% at September 30, 2026 and June 30, 2026, respectively. Non-performing assets to total assets were 1.02% and 0.93% at September 30, 2026 and June 30, 2026, respectively. Net loans charged-off were $2.1 million and $5.8 million for the three months ended September 30, 2026 and June 30, 2026, respectively. The charge-off detail by region for the quarters ended September 30, 2026 and June 30, 2026 can be seen below.

For the Three Months Ended September 30, 2026(in thousands) Texas Arkansas Centennial CFG Shore Premier Finance Florida Tennessee Alabama TotalCharge-offs $848  $947  $— $679  $1,165  $18 $12  $3,669 Recoveries  (199)  (228)  —  (6)  (1,085)  —  (2)  (1,520)Net charge-offs (recoveries) $649  $719  $— $673  $80  $18 $10  $2,149  For the Three Months Ended June 30, 2026(in thousands) Texas Arkansas Centennial CFG Shore Premier Finance Florida Tennessee Alabama TotalCharge-offs $1,708  $2,605  $— $1,896  $286  $11 $14  $6,520 Recoveries  (249)  (324)  —  (5)  (142)  —  (2)  (722)Net charge-offs (recoveries) $1,459  $2,281  $— $1,891  $144  $11 $12  $5,798  At September 30, 2026, non-performing loans were $200.8 million, and non-performing assets were $245.3 million. At June 30, 2026, non-performing loans were $185.3 million, and non-performing assets were $228.6 million.

The table below shows the non-performing loans and non-performing assets by region as of September 30, 2026:

(in thousands) Texas Arkansas Centennial CFG Shore Premier Finance Florida Tennessee Alabama TotalNon-accrual loans $126,160 $18,322 $14,844 $9,789 $22,581 $4,049 $44 $195,789Loans 90+ days past due  2,129  1,079  —  —  1,810  —  —  5,018Total non-performing loans  128,289  19,401  14,844  9,789  24,391  4,049  44  200,807                 Foreclosed assets held for sale  16,379  2,478  22,812  —  315  1,382  —  43,366Other non-performing assets  —  —  —  1,140  —  —  —  1,140Total other non-performing assets  16,379  2,478  22,812  1,140  315  1,382  —  44,506Total non-performing assets $144,668 $21,879 $37,656 $10,929 $24,706 $5,431 $44 $245,313
The table below shows the non-performing loans and non-performing assets by region as of June 30, 2026:

(in thousands) Texas Arkansas Centennial CFG Shore Premier Finance Florida Tennessee Alabama TotalNon-accrual loans $123,170 $19,529 $— $11,886 $24,235 $4,335 $44 $183,199Loans 90+ days past due  690  238  —  —  282  916  —  2,126Total non-performing loans  123,860  19,767  —  11,886  24,517  5,251  44  185,325                 Foreclosed assets held for sale  15,647  2,028  22,812  —  260  1,392  —  42,139Other non-performing assets  —  —  —  1,140  —  —  —  1,140Total other non-performing assets  15,647  2,028  22,812  1,140  260  1,392  —  43,279Total non-performing assets $139,507 $21,795 $22,812 $13,026 $24,777 $6,643 $44 $228,604 The Company’s allowance for credit losses on loans was $326.2 million, or 1.93% of total loans, at September 30, 2026 compared to $328.4 million, or 1.92% of total loans, at June 30, 2026. As of September 30, 2026 and June 30, 2026, the Company’s allowance for credit losses on loans was 162.45% and 177.19% of its total non-performing loans, respectively.

Shareholders’ equity was $4.53 billion at September 30, 2026, which decreased approximately $17.7 million from June 30, 2026. The net decrease in shareholders’ equity is primarily associated with the $64.9 million decrease in accumulated other comprehensive income, the $39.6 million in stock repurchases for the quarter and the $46.0 million in dividends paid during the quarter, which were partially offset by the $129.5 million in net income for the quarter. Book value per common share was $22.74 at September 30, 2026, compared to $22.68 at June 30, 2026. Tangible book value per common share (non-GAAP) was $15.35(1) at September 30, 2026, compared to $15.32(1) at June 30, 2026. Book value per common share and tangible book value per common share, as of September 30, 2026, were both records for the Company.

Stock Repurchases and Dividends

During the three-month period ended September 30, 2026, the Company repurchased 1.3 million shares of common stock, which equated to a shareholder buyback yield of 0.69%(2). In comparison, during the three-month period ended June 30, 2026, the Company repurchased 1.5 million shares of common stock, which equated to a shareholder buyback yield of 0.77%(2). The Company defines shareholder buyback yield as the percentage of the Company’s market capitalization spent on share repurchases. It reflects how much the Company is returning to the shareholders by reducing the number of outstanding shares, and it is calculated by dividing the Company’s total share repurchase cost for the period by the Company’s total market capitalization at the beginning of the period.

In addition, during the quarter ended September 30, 2026, the Company paid a dividend of $0.23 per share. This cash dividend represented a $0.02, or 9.5%, increase over the $0.21 cash dividend paid during the second quarter of 2026 and a $0.03, or 15.0%, increase over the $0.20 cash dividend paid during the third quarter of 2025.

Branches

The Company currently has 75 branches in Arkansas, 78 branches in Florida, 59 branches in Texas, 8 branches in Tennessee, 5 branches in Alabama and one branch in New York City.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, October 15, 2026. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/887189816. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://events.q4inc.com/analyst/887189816?pwd=Khijd6H0. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-833-461-5787, Passcode: 887189816. A replay of the call will be available using the following link: https://events.q4inc.com/attendee/887189816. Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com.

About Home BancShares

Home BancShares, Inc. is a bank holding company headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, Tennessee, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures--including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); PPNR, as adjusted; pre-tax net income, as adjusted, to total revenue (net); pre-tax, pre-provision, profit percentage; pre-tax, pre-provision, profit percentage, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted, excluding intangible amortization; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted, excluding intangible amortization; efficiency ratio, as adjusted; tangible book value per common share and tangible common equity to tangible assets--to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income and equity available to common shareholders for certain significant items or transactions that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

(2) Calculation of this metric is included in the schedules accompanying this release.

General

This release contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including any prospective financial information, are not fact and should not be relied upon as being guarantees or necessarily indicative of future events, performance or results. Readers are cautioned not to place undue reliance on any prospective financial information or other forward-looking statements contained in this news release. When we use words or phrases like “may,” “will,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” “bringing it closer to” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release and are based on various assumptions, estimates and judgments. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including any future impacts from inflation or changes in tariffs or trade policies; the risk that the anticipated benefits from the completed acquisition of Mountain Commerce Bancorp, Inc. (“MCBI”) may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Home and MCBI operate; the ability to promptly and effectively integrate the businesses of Home and MCBI; the ability to retain key employees, customers and business relationships following the acquisition; the reaction to the completed acquisition of the companies’ customers, employees and counterparties; diversion of management time on integration-related issues; the possibility that the costs of integration may be greater than anticipated; the effect of any future mergers, acquisitions or other transactions to which we or our bank subsidiary may from time to time be a party, including as a result of one or more of the factors described above as they would relate to such transaction; the ability to identify, complete and successfully integrate additional acquisitions; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; the impacts of political instability, ongoing or future military conflicts and other major domestic or international events; the impacts of recent or future adverse weather events, including hurricanes, and other natural disasters; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 27, 2026. Home undertakes no obligation to update the information in this press release, except as otherwise required by law.

FOR MORE INFORMATION CONTACT:
Donna Townsell
Director of Investor Relations
Home BancShares, Inc.
(501) 328-4625

Home BancShares, Inc.Consolidated End of Period Balance Sheets(Unaudited)           (In thousands) Sep. 30, 2026 Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025ASSETS          Cash and due from banks $281,515  $279,660  $296,209  $237,224  $284,750 Interest-bearing deposits with other banks  577,537   772,859   815,714   430,113   516,170 Cash and cash equivalents  859,052   1,052,519   1,111,923   667,337   800,920 Federal funds sold  4,025   5,450   6,025   3,000   3,625 Investment securities - available-for-sale, net of allowance for credit losses  2,613,377   2,776,216   2,803,847   2,871,931   2,924,496 Investment securities - held-to-maturity, net of allowance for credit losses  1,250,246   1,254,802   1,256,635   1,259,262   1,264,200 Total investment securities  3,863,623   4,031,018   4,060,482   4,131,193   4,188,696 Loans receivable  16,910,621   17,127,208   15,633,628   15,686,209   15,285,972 Allowance for credit losses  (326,220)  (328,369)  (297,634)  (297,583)  (285,649)Loans receivable, net  16,584,401   16,798,839   15,335,994   15,388,626   15,000,323 Bank premises and equipment, net  439,729   437,552   374,010   369,324   374,515 Foreclosed assets held for sale  43,366   42,139   40,874   39,831   41,263 Cash value of life insurance  232,361   233,515   221,830   220,469   219,075 Accrued interest receivable  111,688   108,384   106,628   108,939   110,702 Deferred tax asset, net  170,002   153,803   143,987   148,022   155,963 Goodwill  1,410,211   1,410,211   1,398,253   1,398,253   1,398,253 Core deposit intangible  62,651   65,541   30,355   32,293   34,231 Other assets  364,555   374,277   371,318   374,592   380,236 Total assets $24,145,664  $24,713,248  $23,201,679  $22,881,879  $22,707,802            LIABILITIES AND SHAREHOLDERS' EQUITY          Liabilities          Deposits:          Demand and non-interest-bearing $4,209,426  $4,447,710  $3,994,217  $3,868,405  $3,880,101 Savings and interest-bearing transaction accounts  12,354,400   12,423,361   11,971,866   11,792,828   11,500,921 Time deposits  2,191,743   2,242,034   1,772,192   1,818,724   1,946,674 Total deposits  18,755,569   19,113,105   17,738,275   17,479,957   17,327,696 Securities sold under agreements to repurchase  161,181   158,744   157,409   155,803   145,998 FHLB and other borrowed funds  250,250   450,250   500,250   500,250   550,500 Accrued interest payable and other liabilities  169,129   164,112   176,727   169,733   189,551 Subordinated debentures  279,774   279,602   279,433   279,265   279,093 Total liabilities  19,615,903   20,165,813   18,852,094   18,585,008   18,492,838            Shareholders' equity          Common stock  1,992   2,005   1,964   1,964   1,969 Capital surplus  2,265,268   2,301,551   2,191,243   2,201,923   2,214,211 Retained earnings  2,496,333   2,412,859   2,335,787   2,258,871   2,181,911 Accumulated other comprehensive loss  (233,832)  (168,980)  (179,409)  (165,887)  (183,127)Total shareholders' equity  4,529,761   4,547,435   4,349,585   4,296,871   4,214,964 Total liabilities and shareholders' equity $24,145,664  $24,713,248  $23,201,679  $22,881,879  $22,707,802             Home BancShares, Inc.Consolidated Statements of Income(Unaudited)                 Quarter Ended Nine Months Ended(In thousands) Sep. 30, 2026 Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Sep. 30, 2026 Sep. 30, 2025Interest income:              Loans $298,625  $298,066 $273,473  $285,491 $283,165  $870,164  $829,990 Investment securities              Taxable  24,971   25,787  24,728   25,860  26,326   75,486   80,203 Tax-exempt  7,711   7,811  7,829   7,834  7,743   23,351   23,019 Deposits - other banks  3,546   5,135  4,945   4,405  6,242   13,626   21,813 Federal funds sold  43   37  48   41  56   128   164 Total interest income  334,896   336,836  311,023   323,631  323,532   982,755   955,189 Interest expense:              Interest on deposits  86,280   87,432  79,145   83,739  87,962   252,857   263,237 FHLB and other borrowed funds  3,255   4,346  4,692   4,985  5,378   12,293   16,819 Securities sold under agreements to repurchase  1,009   1,057  927   962  1,019   2,993   3,105 Subordinated debentures  2,359   2,358  2,355   2,359  3,007   7,072   11,254 Total interest expense  92,903   95,193  87,119   92,045  97,366   275,215   294,415 Net interest income  241,993   241,643  223,904   231,586  226,166   707,540   660,774 Provision for credit losses on loans  —   5,200  1,500   14,400  6,700   6,700   9,700 Recovery of credit losses on unfunded commitments  —   —  (1,000)  —  (1,000)  (1,000)  (1,000)Recovery of credit losses on investment securities  —   —  —   —  (2,194)  —   (2,194)Total credit loss expense  —   5,200  500   14,400  3,506   5,700   6,506 Net interest income after credit loss expense  241,993   236,443  223,404   217,186  222,660   701,840   654,268 Non-interest income:              Service charges on deposit accounts  10,403   10,030  10,007   10,480  10,486   30,440   29,688 Other service charges and fees  12,008   12,973  9,810   11,148  12,130   34,791   35,462 Trust fees  3,969   6,109  5,482   5,121  4,600   15,560   14,594 Mortgage lending income  3,783   5,139  4,430   4,680  4,691   13,352   13,070 Insurance commissions  561   578  536   460  574   1,675   1,698 Increase in cash value of life insurance  1,530   1,553  1,368   1,400  1,404   4,451   4,661 Dividends from FHLB, FRB, FNBB & other  2,640   2,841  2,536   2,678  2,658   8,017   8,033 Gain on SBA loans  —   —  80   308  46   80   334 Gain (loss) on branches, equipment and other assets, net  744   3  (7)  11  (66)  740   743 Gain (loss) on OREO, net  81   332  707   203  (1)  1,120   (364)Fair value adjustment for marketable securities  (916)  817  (1,248)  1,173  1,020   (1,347)  1,224 Other income  11,643   13,079  9,102   12,838  13,963   33,824   38,867 Total non-interest income  46,446   53,454  42,803   50,500  51,505   142,703   148,010 Non-interest expense:              Salaries and employee benefits  67,607   68,742  63,236   62,891  63,804   199,585   189,977 Occupancy and equipment  15,819   15,787  14,867   14,434  14,828   46,473   43,276 Data processing expense  9,187   9,307  8,884   8,653  8,871   27,378   25,793 Merger and acquisition expenses  —   12,726  394   580  —   13,120   — Other operating expenses  28,919   28,932  26,594   27,805  27,335   84,445   84,760 Total non-interest expense  121,532   135,494  113,975   114,363  114,838   371,001   343,806 Income before income taxes  166,907   154,403  152,232   153,323  159,327   473,542   458,472 Income tax expense  37,456   35,076  34,023   35,098  35,723   106,555   101,256 Net income $129,451  $119,327 $118,209  $118,225 $123,604  $366,987  $357,216                 Home BancShares, Inc.Selected Financial Information(Unaudited)                 Quarter Ended Nine Months Ended(Dollars and shares in thousands, except per share data) Sep. 30, 2026 Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Sep. 30, 2026 Sep. 30, 2025PER SHARE DATA              Diluted earnings per common share $0.65  $0.59  $0.60  $0.60  $0.63  $1.84  $1.80 Diluted earnings per common share, as adjusted (non-GAAP)(1)  0.65   0.64   0.60   0.60   0.61   1.88   1.75 Basic earnings per common share  0.65   0.59   0.60   0.60   0.63   1.84   1.81 Dividends per share - common  0.23   0.21   0.21   0.21   0.20   0.65   0.595 Shareholder buyback yield  0.69%  0.77%  0.25%  0.27%  0.18%  1.73%  1.19%Book value per common share $22.74  $22.68  $22.15  $21.88  $21.41  $22.74  $21.41 Tangible book value per common share (non-GAAP)(1)  15.35   15.32   14.87   14.60   14.13   15.35   14.13                STOCK INFORMATION              Average common shares outstanding  199,868   201,223   196,528   196,553   197,078   199,219   197,750 Average diluted shares outstanding  200,051   201,420   196,733   196,764   197,288   199,413   197,952 End of period common shares outstanding  199,210   200,460   196,394   196,357   196,889   199,210   196,889                ANNUALIZED PERFORMANCE METRICS              Return on average assets (ROA)  2.12%  1.95%  2.09%  2.06%  2.17%  2.05%  2.11%Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)  2.11%  2.09%  2.09%  2.05%  2.10%  2.10%  2.04%Return on average assets excluding intangible amortization (non-GAAP)(1)  2.30%  2.12%  2.25%  2.22%  2.34%  2.22%  2.28%Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)  2.29%  2.27%  2.25%  2.22%  2.27%  2.27%  2.21%Return on average common equity (ROE)  11.24%  10.55%  11.09%  11.04%  11.91%  10.94%  11.81%Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)  11.20%  11.32%  11.08%  11.01%  11.54%  11.19%  11.45%Return on average tangible common equity (ROTCE) (non-GAAP)(1)  16.59%  15.67%  16.56%  16.65%  18.28%  16.23%  18.31%Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)  16.54%  16.82%  16.55%  16.60%  17.70%  16.59%  17.75%Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)  16.87%  15.96%  16.76%  16.85%  18.51%  16.48%  18.55%Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)  16.82%  17.11%  16.76%  16.80%  17.93%  16.85%  17.98%               (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release. Home BancShares, Inc.Selected Financial Information(Unaudited)                 Quarter Ended Nine Months Ended(Dollars in thousands) Sep. 30, 2026 Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Sep. 30, 2026 Sep. 30, 2025Efficiency ratio  40.78%  44.54%  41.59%  39.54%  40.21%  42.34%  41.35%Efficiency ratio, as adjusted (non-GAAP)(1)  40.84%  40.46%  41.99%  39.53%  40.95%  41.07%  41.91%Net interest margin - FTE (NIM)  4.53%  4.51%  4.51%  4.61%  4.56%  4.52%  4.48%Fully taxable equivalent adjustment $2,516  $2,653  $2,661  $2,252  $2,916  $7,830  $7,976 Total revenue (net)  288,439   295,097   266,707   282,086   277,671   850,243   808,784 Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)  166,907   159,603   152,732   167,723   162,833   479,242   464,978 PPNR, as adjusted (non-GAAP)(1)  166,585   171,238   152,677   167,130   157,704   490,500   450,929 Pre-tax net income to total revenue (net)  57.87%  52.32%  57.08%  54.35%  57.38%  55.69%  56.69%Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)  57.75%  56.27%  57.06%  54.14%  55.53%  57.02%  54.95%P5NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)  57.87%  54.08%  57.27%  59.46%  58.64%  56.37%  57.49%P5NR, as adjusted (non-GAAP)(1)  57.75%  58.03%  57.25%  59.25%  56.80%  57.69%  55.75%Total purchase accounting accretion $2,875  $3,618  $1,061  $1,265  $1,272  $7,554  $3,883 Average purchase accounting loan discounts  39,395   41,962   12,507   13,753   15,009   31,399   16,257                OTHER OPERATING EXPENSES              Advertising $2,179  $2,214  $2,227  $2,114  $2,149  $6,620  $6,131 Amortization of intangibles  2,890   2,889   1,938   1,938   2,024   7,717   6,096 Electronic banking expense  2,950   3,223   3,326   3,288   3,357   9,499   9,584 Directors' fees  402   416   518   388   405   1,336   1,288 Due from bank service charges  335   344   333   324   404   1,012   968 FDIC and state assessment  3,498   3,045   1,599   2,970   3,245   8,142   8,268 Insurance  1,073   1,090   1,074   1,044   1,110   3,237   3,158 Legal and accounting  1,235   1,426   914   1,362   1,061   3,575   7,062 Other professional fees  2,523   2,247   1,946   2,168   2,083   6,716   6,241 Operating supplies  877   769   748   759   773   2,394   2,195 Postage  580   684   543   564   538   1,807   1,529 Telephone  267   324   363   382   367   954   1,222 Other expense  10,110   10,261   11,065   10,504   9,819   31,436   31,018                Total other operating expenses $28,919  $28,932  $26,594  $27,805  $27,335  $84,445  $84,760                (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release. Home BancShares, Inc. Selected Financial Information (Unaudited)              (Dollars in thousands) Sep. 30, 2026 Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025  BALANCE SHEET RATIOS            Total loans to total deposits  90.16%  89.61%  88.13%  89.74%  88.22%  Common equity to assets  18.76%  18.40%  18.75%  18.78%  18.56%  Tangible common equity to tangible assets (non-GAAP)(1)  13.48%  13.22%  13.42%  13.36%  13.08%               LOANS RECEIVABLE            Real estate            Commercial real estate loans            Non-farm/non-residential $5,543,038  $5,921,829  $5,395,529  $5,290,112  $5,494,492   Construction/land development  2,851,115   2,780,116   2,613,604   2,726,993   2,709,197   Agricultural  326,929   329,231   321,046   332,412   331,301   Residential real estate loans            Residential 1-4 family  2,486,120   2,545,462   2,100,374   2,134,334   2,142,375   Multifamily residential  1,281,202   1,269,728   1,232,639   1,140,911   716,595   Total real estate  12,488,404   12,846,366   11,663,192   11,624,762   11,393,960   Consumer  1,305,141   1,278,008   1,254,936   1,253,746   1,233,523   Commercial and industrial  2,330,327   2,285,054   2,172,267   2,222,401   2,100,268   Agricultural  372,834   356,611   329,563   359,879   346,167   Other  413,915   361,169   213,670   225,421   212,054   Loans receivable $16,910,621  $17,127,208  $15,633,628  $15,686,209  $15,285,972                ALLOWANCE FOR CREDIT LOSSES            Balance, beginning of period $328,369  $297,634  $297,583  $285,649  $281,869   Allowance for credit losses on acquired loans - MCBI  —   31,333   —   —   —   Loans charged off  3,669   6,520   2,849   3,063   4,651   Recoveries of loans previously charged off  1,520   722   1,400   597   1,731   Net loans charged off (recovered)  2,149   5,798   1,449   2,466   2,920   Provision for credit losses - loans  —   5,200   1,500   14,400   6,700   Balance, end of period $326,220  $328,369  $297,634  $297,583  $285,649                Net charge-offs (recoveries) to average total loans  0.05%  0.14%  0.04%  0.06%  0.08%  Allowance for credit losses to total loans  1.93%  1.92%  1.90%  1.90%  1.87%               NON-PERFORMING ASSETS            Non-performing loans            Non-accrual loans $195,789  $183,199  $179,639  $78,002  $81,087   Loans past due 90 days or more  5,018   2,126   2,481   6,980   4,125   Total non-performing loans  200,807   185,325   182,120   84,982   85,212   Other non-performing assets            Foreclosed assets held for sale, net  43,366   42,139   40,874   39,831   41,263   Other non-performing assets  1,140   1,140   1,140   —   —   Total other non-performing assets  44,506   43,279   42,014   39,831   41,263   Total non-performing assets $245,313  $228,604  $224,134  $124,813  $126,475                Allowance for credit losses for loans to non-performing loans  162.45%  177.19%  163.43%  350.17%  335.22%  Non-performing loans to total loans  1.19%  1.08%  1.16%  0.54%  0.56%  Non-performing assets to total assets  1.02%  0.93%  0.97%  0.55%  0.56%               (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release. Home BancShares, Inc.Consolidated Net Interest Margin(Unaudited)               Three Months Ended  September 30, 2026 June 30, 2026(Dollars in thousands) Average Balance Income/ Expense Yield/ Rate Average Balance Income/ Expense Yield/ RateASSETS            Earning assets            Interest-bearing balances due from banks $401,244 $3,546 3.51% $555,186 $5,135 3.71%Federal funds sold  4,743  43 3.60%  4,042  37 3.67%Investment securities - taxable  2,792,283  24,971 3.55%  2,936,008  25,787 3.52%Investment securities - non-taxable - FTE  1,174,643  10,113 3.42%  1,165,876  10,260 3.53%Loans receivable - FTE  17,055,603  298,739 6.95%  17,083,743  298,270 7.00%Total interest-earning assets  21,428,516  337,412 6.25%  21,744,855  339,489 6.26%Non-earning assets  2,791,365      2,780,403    Total assets $24,219,881     $24,525,258                 LIABILITIES AND SHAREHOLDERS' EQUITY            Liabilities            Interest-bearing liabilities            Savings and interest-bearing transaction accounts $12,209,970 $68,052 2.21% $12,392,404 $68,650 2.22%Time deposits  2,224,381  18,228 3.25%  2,301,685  18,782 3.27%Total interest-bearing deposits  14,434,351  86,280 2.37%  14,694,089  87,432 2.39%Federal funds purchased  11  — —%  30  — —%Securities sold under agreement to repurchase  151,203  1,009 2.65%  167,885  1,057 2.53%FHLB and other borrowed funds  351,588  3,255 3.67%  466,734  4,346 3.73%Subordinated debentures  279,689  2,359 3.35%  279,519  2,358 3.38%Total interest-bearing liabilities  15,216,842  92,903 2.42%  15,608,257  95,193 2.45%Non-interest bearing liabilities            Non-interest bearing deposits  4,251,520      4,222,813    Other liabilities  181,041      158,476    Total liabilities  19,649,403      19,989,546    Shareholders' equity  4,570,478      4,535,712    Total liabilities and shareholders' equity $24,219,881     $24,525,258    Net interest spread     3.83%     3.81%Net interest income and margin - FTE   $244,509 4.53%   $244,296 4.51%              Home BancShares, Inc.Consolidated Net Interest Margin(Unaudited)               Nine Months Ended  September 30, 2026 September 30, 2025(Dollars in thousands) Average Balance Income/ Expense Yield/ Rate Average Balance Income/ Expense Yield/ RateASSETS            Earning assets            Interest-bearing balances due from banks $504,055 $13,626 3.61% $664,308 $21,813 4.39%Federal funds sold  4,687  128 3.65%  5,037  164 4.35%Investment securities - taxable  2,887,538  75,486 3.50%  3,104,254  80,203 3.45%Investment securities - non-taxable - FTE  1,172,057  30,658 3.50%  1,121,481  30,294 3.61%Loans receivable - FTE  16,611,685  870,687 7.01%  15,056,440  830,691 7.38%Total interest-earning assets  21,180,022  990,585 6.25%  19,951,520  963,165 6.45%Non-earning assets  2,732,719      2,710,647    Total assets $23,912,741     $22,662,167                 LIABILITIES AND SHAREHOLDERS' EQUITY            Liabilities            Interest-bearing liabilities            Savings and interest-bearing transaction accounts $12,158,366 $201,110 2.21% $11,450,902 $211,120 2.47%Time deposits  2,108,760  51,747 3.28%  1,866,855  52,117 3.73%Total interest-bearing deposits  14,267,126  252,857 2.37%  13,317,757  263,237 2.64%Federal funds purchased  14  — —%  19  — —%Securities sold under agreement to repurchase  156,986  2,993 2.55%  148,462  3,105 2.80%FHLB and other borrowed funds  438,979  12,293 3.74%  572,538  16,819 3.93%Subordinated debentures  279,521  7,072 3.38%  405,285  11,254 3.71%Total interest-bearing liabilities  15,142,626  275,215 2.43%  14,444,061  294,415 2.73%Non-interest bearing liabilities            Non-interest bearing deposits  4,111,722      3,973,135    Other liabilities  172,277      201,228    Total liabilities  19,426,625      18,618,424    Shareholders' equity  4,486,116      4,043,743    Total liabilities and shareholders' equity $23,912,741     $22,662,167    Net interest spread     3.82%     3.72%Net interest income and margin - FTE   $715,370 4.52%   $668,750 4.48%              Home BancShares, Inc.Non-GAAP Reconciliations(Unaudited)                 Quarter Ended Nine Months Ended(Dollars and shares in thousands, except per share data) Sep. 30, 2026 Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Sep. 30, 2026 Sep. 30, 2025NET INCOME (EARNINGS), AS ADJUSTED              GAAP net income available to common shareholders (A)$129,451  $119,327  $118,209  $118,225  $123,604  $366,987  $357,216 Pre-tax adjustments              Merger and acquisition expense  —   12,726   394   580   —   13,120   — Gain on retirement of subordinated debt  —   —   —   —   (1,882)  —   (1,882)FDIC special assessment credit  —   —   (1,697)  —   —   (1,697)  (1,516)BOLI death benefits  (528)  (274)  —   —   (187)  (802)  (1,430)Gain on sale of premises and equipment  (710)  —   —   —   —   (710)  (983)Fair value adjustment for marketable securities  916   (817)  1,248   (1,173)  (1,020)  1,347   (1,224)Special income from equity investment  —   —   —   —   —   —   (7,389)Legal fee reimbursement  —   —   —   —   —   —   (885)Legal claims expense  —   —   —   —   —   —   3,300 Recoveries on historic losses  —   —   —   —   (2,040)  —   (2,040)Total pre-tax adjustments  (322)  11,635   (55)  (593)  (5,129)  11,258   (14,049)Tax-effect of adjustments  50   2,901   (13)  (231)  (1,207)  2,938   (3,083)Total adjustments after-tax (B)  (372)  8,734   (42)  (362)  (3,922)  8,320   (10,966)Net income, as adjusted (C) $129,079  $128,061  $118,167  $117,863  $119,682  $375,307  $346,250                Average diluted shares outstanding (D)  200,051   201,420   196,733   196,764   197,288   199,413   197,952                GAAP diluted earnings per share: (A/D) $0.65  $0.59  $0.60  $0.60  $0.63  $1.84  $1.80 Adjustments after-tax: (B/D)  0.00   0.05   0.00   0.00   (0.02)  0.04   (0.05)Diluted earnings per common share, as adjusted: (C/D) $0.65  $0.64  $0.60  $0.60  $0.61  $1.88  $1.75                ANNUALIZED RETURN ON AVERAGE ASSETS              Return on average assets: (A/E)  2.12%  1.95%  2.09%  2.06%  2.17%  2.05%  2.11%Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)  2.11%  2.09%  2.09%  2.05%  2.10%  2.10%  2.04%Return on average assets excluding intangible amortization: ((A+C)/(E-F))  2.30%  2.12%  2.25%  2.22%  2.34%  2.22%  2.28%Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))  2.29%  2.27%  2.25%  2.22%  2.27%  2.27%  2.21%               GAAP net income available to common shareholders (A)$129,451  $119,327  $118,209  $118,225  $123,604  $366,987  $357,216 Amortization of intangibles (B)  2,890   2,889   1,938   1,938   2,024   7,717   6,096 Amortization of intangibles after-tax (C)  2,186   2,185   1,466   1,466   1,529   5,837   4,607 Adjustments after-tax (D)  (372)  8,734   (42)  (362)  (3,922)  8,320   (10,966)Average assets (E)  24,219,881   24,525,258   22,954,441   22,786,852   22,638,938   23,912,741   22,662,167 Average goodwill & core deposit intangible (F)  1,474,223   1,481,989   1,429,527   1,431,479   1,433,474   1,462,077   1,435,475  Home BancShares, Inc.Non-GAAP Reconciliations(Unaudited)                 Quarter Ended Nine Months Ended(Dollars in thousands) Sep. 30, 2026 Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Sep. 30, 2026 Sep. 30, 2025ANNUALIZED RETURN ON AVERAGE COMMON EQUITY            Return on average common equity: (A/D)  11.24%  10.55%  11.09%  11.04%  11.91%  10.94%  11.81%Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)  11.20%  11.32%  11.08%  11.01%  11.54%  11.19%  11.45%Return on average tangible common equity: (ROTCE) (A/(D-E))  16.59%  15.67%  16.56%  16.65%  18.28%  16.23%  18.31%Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))  16.54%  16.82%  16.55%  16.60%  17.70%  16.59%  17.75%Return on average tangible common equity excluding intangible amortization: (B/(D-E))  16.87%  15.96%  16.76%  16.85%  18.51%  16.48%  18.55%Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))  16.82%  17.11%  16.76%  16.80%  17.93%  16.85%  17.98%               GAAP net income available to common shareholders (A) $129,451  $119,327  $118,209  $118,225  $123,604  $366,987  $357,216 Earnings excluding intangible amortization (B)  131,637   121,512   119,675   119,691   125,133   372,824   361,823 Adjustments after-tax (C)  (372)  8,734   (42)  (362)  (3,922)  8,320   (10,966)Average common equity (D)  4,570,478   4,535,712   4,324,720   4,248,856   4,115,884   4,486,116   4,043,743 Average goodwill & core deposits intangible (E)  1,474,223   1,481,989   1,429,527   1,431,479   1,433,474   1,462,077   1,435,475                EFFICIENCY RATIO & P5NR              Efficiency ratio: ((D-G)/(B+C+E))  40.78%  44.54%  41.59%  39.54%  40.21%  42.34%  41.35%Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))  40.84%  40.46%  41.99%  39.53%  40.95%  41.07%  41.91%Pre-tax net income to total revenue (net) (A/(B+C))  57.87%  52.32%  57.08%  54.35%  57.38%  55.69%  56.69%Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))  57.75%  56.27%  57.06%  54.14%  55.53%  57.02%  54.95%Pre-tax, pre-provision, net income (PPNR) (B+C-D) $166,907  $159,603  $152,732  $167,723  $162,833  $479,242  $464,978 Pre-tax, pre-provision, net income, as adjusted (B+C-D+F) $166,585  $171,238  $152,677  $167,130  $157,704  $490,500  $450,929 P5NR(Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)  57.87%  54.08%  57.27%  59.46%  58.64%  56.37%  57.49%P5NR, as adjusted (B+C-D+F)/(B+C)  57.75%  58.03%  57.25%  59.25%  56.80%  57.69%  55.75%               Pre-tax net income (A) $166,907  $154,403  $152,232  $153,323  $159,327  $473,542  $458,472 Net interest income (B)  241,993   241,643   223,904   231,586   226,166   707,540   660,774 Non-interest income (C)  46,446   53,454   42,803   50,500   51,505   142,703   148,010 Non-interest expense (D)  121,532   135,494   113,975   114,363   114,838   371,001   343,806 Fully taxable equivalent adjustment (E)  2,516   2,653   2,661   2,252   2,916   7,830   7,976 Total pre-tax adjustments (F)  (322)  11,635   (55)  (593)  (5,129)  11,258   (14,049)Amortization of intangibles (G)  2,890   2,889   1,938   1,938   2,024   7,717   6,096                Adjustments:              Non-interest income:              Gain on retirement of subordinated debt $—  $—  $—  $—  $1,882  $—  $1,882 Fair value adjustment for marketable securities  (916)  817   (1,248)  1,173   1,020   (1,347)  1,224 Gain (loss) on OREO  81   332   707   203   (1)  1,120   (364)Gain (loss) on branches, equipment and other assets, net  744   3   (7)  11   (66)  740   743 Special income from equity investment  —   —   —   —   —   —   7,389 BOLI death benefits  528   274   —   —   187   802   1,430 Legal fee reimbursement  —   —   —   —   —   —   885 Recoveries on historic losses  —   —   —   —   2,040   —   2,040 Total non-interest income adjustments (H) $437  $1,426  $(548) $1,387  $5,062  $1,315  $15,229                Non-interest expense:              FDIC special assessment credit  —   —   (1,697)  —   —   (1,697)  (1,516)Merger and acquisition expenses  —   12,726   394   580   —   13,120   — Legal claims expense  —   —   —   —   —   —   3,300 Total non-interest expense adjustments (I) $—  $12,726  $(1,303) $580  $—  $11,423  $1,784                 Home BancShares, Inc.Non-GAAP Reconciliations(Unaudited)              Quarter Ended   Sep. 30, 2026 Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 TANGIBLE BOOK VALUE PER COMMON SHARE           Book value per common share: (A/B) $22.74  $22.68  $22.15  $21.88  $21.41  Tangible book value per common share: ((A-C-D)/B)  15.35   15.32   14.87   14.60   14.13              Total shareholders' equity (A) $4,529,761  $4,547,435  $4,349,585  $4,296,871  $4,214,964  End of period common shares outstanding (B)  199,210   200,460   196,394   196,357   196,889  Goodwill (C)  1,410,211   1,410,211   1,398,253   1,398,253   1,398,253  Core deposit and other intangibles (D)  62,651   65,541   30,355   32,293   34,231              TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS          Equity to assets: (B/A)  18.76%  18.40%  18.75%  18.78%  18.56% Tangible common equity to tangible assets: ((B-C-D)/(A-C-D)) 13.48%  13.22%  13.42%  13.36%  13.08%             Total assets (A) $24,145,664  $24,713,248  $23,201,679  $22,881,879  $22,707,802  Total shareholders' equity (B)  4,529,761   4,547,435   4,349,585   4,296,871   4,214,964  Goodwill (C)  1,410,211   1,410,211   1,398,253   1,398,253   1,398,253  Core deposit and other intangibles (D)  62,651   65,541   30,355   32,293   34,231   Home BancShares, Inc.Shareholder Buyback Yield(Unaudited)                 Quarter Ended Nine Months Ended(Dollars and shares in thousands) Sep. 30, 2026 Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Sep. 30, 2026 Sep. 30, 2025SHAREHOLDER BUYBACK YIELD              Shareholder buyback yield: (A/B)  0.69%  0.77%  0.25%  0.27%  0.18%  1.73%  1.19%               Shares repurchased  1,300   1,500   508   541   350   3,308   2,350 Average price per share $30.20  $26.94  $27.32  $27.26  $28.34  $28.28  $28.33 Principal cost  39,262   40,415   13,877   14,747   9,918   93,554   66,575 Excise tax  376   386   1   141   93   763   669 Total share repurchase cost (A) $39,638  $40,801  $13,878  $14,888  $10,011  $94,317  $67,244                Shares outstanding beginning of period  200,460   196,394   196,357   196,889   197,239   196,357   198,882 Price per share beginning of period $28.55  $26.93  $27.78  $28.30  $28.46  $27.78  $28.30 Market capitalization beginning of period (B) $5,723,133  $5,288,890  $5,454,797  $5,571,959  $5,613,422  $5,454,797  $5,628,361                                Photos accompanying this announcement are available at:

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CoreWeave (CRWV.O) CEO Mike Intrator said on Wednesday market can sometimes "misunderstand and act irrationally", ​with shares of the AI cloud-computing ‌provider closing down around 15%.

Here are some details:

The company's deal backlog is large enough to more ​than support its debt obligations, Intrator ​told employees in a memo that was ⁠seen by Reuters

Issues such as the difficulties ​and delays observed in the attempted IPOs ​and debt financings of some of CoreWeave's rivals "are bleeding into the narrative around CoreWeave", Intrator said in ​the memo

According to Bloomberg News, which first ​reported on the remarks earlier in the day, CoreWeave's ‌bonds ⁠have plunged to levels that typically indicate distress

CoreWeave's unsecured debt due in 2032 traded below 80 cents on the dollar on ​Wednesday, Bloomberg ​News said ⁠in a separate report citing Trace pricing data

CoreWeave has reported revenue backlog ​of $104.2 billion in the second quarter, ​up ⁠from $99.4 billion in the first quarter

On top of the backlog, the company said it ⁠had ​secured more than $25 billion of ​net new customer commitments in the third quarter

Shares of Skydance Corp. fell Wednesday after the newly formed media giant distributed nearly 471 million stock warrants to shareholders.

Skydance shares fell as much as 26% in Wednesday trading, trading at $6.68 per share as of 11:35 a.m. ET. The stock later pared some of those losses, closing down 22.2% at $7.06 a share.

The company distributed about 470.7 million warrants on Oct. 13 following its acquisition of Warner Bros. Discovery, according to a Securities and Exchange Commission (SEC) filing.

Warrants give investors the right to buy shares at a set price before they expire.

PARAMOUNT REACHES SETTLEMENT WITH STATES SUING TO BLOCK WARNER BROS DISCOVERY TAKEOVER

Shares of Skydance Corp. fell Wednesday after the newly formed media giant distributed nearly 471 million stock warrants to shareholders. (ÂPhoto by Richard B. Levine)

Eligible shareholders received one warrant for each share of Skydance Class B common stock they held as of the Oct. 5 record date. Each warrant allows the holder to buy one Skydance Class B share for $12.

If all the warrants are exercised, Skydance could raise about $5.7 billion, according to the company.

The warrants are set to expire in October 2036, although they could expire earlier under certain conditions.

The warrant distribution followed Skydance's completion of its $110 billion takeover of Warner Bros. Discovery. The deal brought brands including CBS, CNN, Paramount+ and HBO Max under one company, according to Reuters.

WARNER BROS DISCOVERY SHAREHOLDERS APPROVE PARAMOUNT SKYDANCE DEAL

The warrant distribution followed Skydance's completion of its $110 billion takeover of Warner Bros. Discovery.  (Ringo Chiu/Reuters)

The combined company began trading on the New York Stock Exchange under the ticker "SKYD" following the deal.

Wells Fargo analysts said the warrant distribution marked the "final step" in closing the Warner Bros. Discovery transaction, according to Variety.

CEO David Ellison has said the merger would help Skydance better compete with streaming and technology giants including Netflix and Amazon, Reuters reported.

Skydance plans to combine HBO Max and Paramount+ into a single streaming service while pursuing about $6 billion in planned savings.

CALIFORNIA CRACKS DOWN ON LOUD STREAMING ADS UNDER NEW STATE LAW

CEO David Ellison has said the merger would help Skydance better compete with streaming and technology giants including Netflix and Amazon. (Jeenah Moon/Reuters)

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The combined company is expected to carry roughly $80 billion in debt, according to Reuters.

FOX Business reached out to Skydance for comment.

Reuters contributed to this report.

Apple (AAPL +0.49%) is one of the most iconic companies in the world. It's also one of the largest, with a market cap of $5 trillion. Its stock has also been a huge winner over the past decade, up more than 1,070% during that stretch. With just under $10,000, you could buy 29 shares of the stock.

The company is best known for its popular iPhone, which makes up roughly half its total sales and around 70% of its product sales. Meanwhile, Macs (computers), iPads (tablets), and wearables (smartwatches, headphones, and other accessories) each make up around 10% of its product revenue.

These products tend to have fairly predictable replacement cycles, which leads to relatively stable sales. Meanwhile, the company's newer, higher-priced foldable iPhone and recent price increases should be a nice revenue growth driver.

Image source: The Motley Fool.

While Apple only holds around 20% of the global smartphone market, it importantly has a strong position among affluent customers. The iPhone has well over 50% share of the U.S. smartphone market and is often seen as more of a luxury item in international markets. This is important because it feeds directly into the company's important services segment.

The great thing about Apple's business is that once someone buys one of its devices, they tend to get locked into the company's ecosystem. The company has built a high-end reputation, and its devices work together seamlessly. Meanwhile, switching becomes more difficult the more apps and subscriptions you buy and photos you take.

This all leads to high retention, which in turn feeds into Apple's high-gross-margin services business. The company makes money here through things like cloud storage and the sales of apps and subscriptions on its devices. It also gets a 36% share of the revenue from Google searches on its devices through an agreement with Alphabet. Finally, it generates revenue by taking a small cut from Apple Pay transactions.

Overall, Apple's services segment consistently grows its revenue in the low to mid-teens and has a mid-70% gross margin, significantly higher than its product segment's gross margin of roughly 40%. This leads to its profit growth nicely outpacing its revenue growth.

Where Apple could trade in five years Apple has one of the best compounding businesses on the planet, which benefits long-term investors. However, the one thing working against the stock at the moment is its valuation. Before the pandemic, Apple stock generally traded at a price-to-earnings (P/E) ratio between 15 and 20, while today its P/E is closer to 40, and its forward P/E is roughly 35.5, based on fiscal 2027 (ending September) analyst estimates.

Analysts currently forecast that the company's adjusted earnings per share (EPS) will rise from $8.83 this fiscal year (ending September 2026) to $15.12 in fiscal 2030. Add another 10% EPS growth the following year, and it would generate adjusted EPS of $16.63 in fiscal 2031.

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Now the question becomes what type of multiple Apple should command. It's a great business, but the stock appears to be ahead of itself following years of multiple expansion. Assign the stock between a 20 times and 30 times forward P/E, and it would trade between $330 and $500. That represents between a 3% decline in the stock and a 47% gain. At the midpoint, the stock could see a 22% gain, and a just-under-$10,000 investment would be worth between $9,570 and $14,500.

Given Apple's multiple expansion over the past several years, it's pretty likely the stock will underperform the market over the next five years. Either it has to sustain its bloated multiple, which is certainly possible, or it needs to greatly outperform expectations, which may not be easy given the size of its business.

As such, this is a growth stock that I'd pass on buying at the moment.

On Nov. 16, 2022, Nvidia (NVDA -3.16%) reported results for the third quarter of fiscal 2023. It wasn't a great report. The chip designer missed Wall Street's average bottom-line target, even.

Revenue fell 17% year over year, and gaming sales were cut in half. New U.S. export rules blocked its top data center chips from China. Management took a $702 million inventory charge for products it no longer expected to sell in the Chinese market. If you skimmed the headlines that evening and went back to your couch, nobody could blame you.

Two weeks later, OpenAI released ChatGPT, and the tech world went bananas. Nvidia was already shipping chips to support the generative AI wonder. The stock was worth roughly $390 billion back then, and $5.5 trillion in October 2026. Things have changed, and November 2022 was a turning point.

So I went back and checked out that ho-hum earnings call. Hindsight is cheating, I know. It's also a pretty good way to learn what an early signal might look like before it becomes obvious.

Nvidia CEO Jensen Huang. Image source: Nvidia.

The ghost in the gaming numbersNvidia still had a gamer's reputation. The pandemic graphics card frenzy, further juiced by crypto miners, had ended with a whimper. Its ghost was haunting the sales channel in the form of unsold inventory and secondhand cards on eBay. When an analyst asked about leftover mining hardware, CEO Jensen Huang said he didn't expect blockchain to be an important part of the business anymore.

In 2022, it sounded like Huang dodging an uncomfortable question in the middle of a crypto winter. He was absolutely right, though. Ethereum switched from GPU-based mining to a proof-of-stake system in September that year, and specialized processors were already orders of magnitude better for mining Bitcoin. Even if the AI boom hadn't been around the corner, the crypto-mining surge was over.

Meanwhile, in the other corner of the income statement, data center revenue rose 31% to a record $3.8 billion. Gaming fell 51% to $1.6 billion. Just one year earlier, gaming had been the bigger segment. By this quarter, data center was about 2.4 times its size and made up nearly two-thirds of total revenue.

The new pillar of the business had been poured and set while most of the attention stayed on the gaming wreckage.

Nvidia named the trend before it had a mascotWhat gets me is that management wasn't hinting. CFO Colette Kress credited data center growth to workloads like "large language models, recommendation systems and generative AI." Huang called it "the beginning of the era of generative AI." The investor presentation flatly stated that LLMs "are widely viewed as the most important AI models today."

Many investors still had to look up what LLM meant. This was before ChatGPT turned the acronym into casual dinner-table material.

The deck also had a chart about the computing power needed to train transformer-based AI models. It was growing about 275 times every two years, versus 8 times for everything else. Squint at that chart as a sales forecast for an AI chip company, and it starts to look exciting.

Image source: The Motley Fool.

Then came the metaverse slideThe deck didn't stop at LLMs. The very next slide pitched Nvidia's Omniverse computing systems as a foundation for the metaverse. A later slide declared metaverse applications "the next wave." The company's $1 trillion market opportunity slide gave Omniverse software the same $150 billion estimate as AI enterprise software.

On paper, it was a coin flip. Facebook had renamed itself Meta Platforms (META -3.27%) about a year earlier. In an alternate universe, virtual reality worlds might have taken the spotlight that AI stole in 2022 and 2023.

To be fair to Nvidia, Omniverse was mostly aimed at industrial digital twins for factories and rail networks, not cartoon avatars, and the product is still around. It just isn't what turned Nvidia into a $5.5 trillion company.

The unglamorous plumbingHuang spent several answers on networking. He argued that high-performance interconnects pay for themselves in large AI data centers. The deck described the network and storage as part of "the computing fabric," not separate add-ons. Microsoft (MSFT -1.80%) was about to launch an AI infrastructure platform, running entirely on Nvidia's InfiniBand networking. That systems-level approach helps explain why Nvidia captured so much of the AI spending wave, not just the GPU slice.

Microsoft also happened to be OpenAI's biggest backer. Nobody on the call connected those dots.

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The H100 was already rollingNvidia started shipping its H100 data center GPU during the quarter. Huang said customers were "clamoring" for it. He expected large volumes by early 2023, a faster ramp than the prior generation. The slide deck said partners would roll out the first wave of H100 products and services in fiscal Q4. ChatGPT launched in that same quarter.

Timing like that is hard to plan. For investors, the signs were hiding in plain sight.

What I'd borrow from this callNone of this guaranteed what happened next. Nvidia guided for $6.0 billion in fourth-quarter revenue, barely above the third quarter. China export restrictions, inventory charges, and a gaming slump dominated the near-term picture.

Yet, data center revenue was growing while everything else shrank. Management was talking specifically about LLMs and generative AI. A new flagship chip was ramping into exactly those workloads.

Those three signals are worth watching for in any earnings call: which segment keeps growing through a downturn, and which topics management keeps returning to.