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LONDON, Ontario, Aug. 19, 2026 (GLOBE NEWSWIRE) -- Aduro Clean Technologies Inc. (“Aduro” or the “Company”) (Nasdaq: ADUR) (TSX: ACT) (FSE: 9D5), a clean technology company using the power of chemistry to transform lower-value feedstocks, like waste plastics, heavy bitumen, and renewable oils, into resources for the 21st century, today announced the selection of Saipem S.p.A. (“Saipem”) for Early Works and Services supporting the development of Aduro's planned First-of-a-Kind (“FOAK”) Hydrochemolytic™ Technology ("HCT") Facility at Chemelot in the Netherlands. Early Works activities are expected to be funded from the Company’s existing cash resources and are not expected to require additional financing.

Saipem, a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore, is recognized globally for delivering complex industrial and energy infrastructure projects and brings extensive experience in process engineering, modular project execution, downstream facilities, and industrial-scale technology deployment. Aduro believes this expertise will strengthen engineering and execution planning while supporting efficient progression toward industrial operation.

The selection follows a comprehensive evaluation process and establishes the engineering and project execution framework for Aduro's FOAK Program. The two companies intend to advance the project through a structured, stage-gated execution model that aligns engineering development with technical validation, supporting disciplined progression from pilot-scale operations toward industrial deployment.

The initial phase of the collaboration focuses on early engineering and procurement activities, including review of the Process Design Package, optimization of critical equipment packages, preliminary utility integration, and capital cost refinement. These activities are intended to mature the project definition while incorporating operating data generated through Aduro's Next Generation Process (“NGP”) Pilot Plant. Subject to successful completion of each development stage, the parties’ continued evaluation of the project, and the execution of definitive agreements, the collaboration is expected to progress through Front-End Engineering Design (“FEED”), detailed engineering, procurement, construction, commissioning, and start-up.

Aduro has intentionally aligned engineering activities with its ongoing pilot operating campaigns. This integrated approach enables lessons learned through pilot operations to be incorporated directly into the industrial design, reducing execution risk while strengthening the reference design for future commercial deployment. With Saipem engaged during the engineering readiness stage, Aduro expects the company's vast engineering and project execution experience to further help refine the planned facility design, validate key engineering assumptions, and support preparation for a potential FEED phase.

The planned FOAK Plant represents the next step in Aduro's commercialization strategy by providing the initial industrial-scale implementation of Hydrochemolytic™ Technology. The broader FOAK Facility is intended to establish the engineering, operating, and economic foundation for future commercial plants and provide a repeatable execution model for subsequent deployments.

“Selecting Saipem represents an important milestone in the industrialization of Hydrochemolytic™ Technology,” said Ofer Vicus, Chief Executive Officer of Aduro. “As we transition from pilot-scale toward industrial implementation, it was important to select a partner with deep experience delivering complex process facilities and bringing innovative technologies into commercial operation. Equally important is our shared commitment to a disciplined, stage-gated approach that allows engineering decisions to evolve alongside the operational knowledge we continue to generate through our NGP Pilot Plant. We believe this integrated development model strengthens the technical foundation of the FOAK Plant while reducing execution risk and improving long-term scalability.”

Vicus added, “By engaging with Saipem at an early stage, we can work together to optimize process and engineering decisions, procurement strategies, constructability, and overall project execution as the project advances through its planned development phases.”

The FOAK Facility is planned for Chemelot Industrial Park in the Netherlands, where Aduro has been advancing multiple parallel workstreams including permitting, site integration, feedstock logistics, customer engagement, engineering development, and commercialization planning. The engagement with Saipem represents another foundational element of the broader FOAK Program, complementing these activities as the Company continues advancing toward industrial deployment.

About Aduro Clean Technologies

Aduro Clean Technologies is a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals. The Company’s Hydrochemolytic™ technology relies on water as a critical agent in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into resources for the 21st century. For more information, visit https://www.adurocleantech.com

For further information, please contact:

Abe Dyck
Head of Corporate Development / Investor Relations
[email protected]
+1 226 784 8889

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws, including the U.S. Private Securities Litigation Reform Act of 1995.

Forward-looking information in this news release includes, but is not limited to, statements regarding the Conditional Letter of Award with Saipem; the anticipated scope, timing, objectives, and potential benefits of the Early Works/Services; the expectation that the Early Works activities will be funded from the Company’s existing cash resources and will not require additional financing; the potential execution of a full FEED services contract; the potential progression of the collaboration through FEED, detailed engineering, procurement, construction, commissioning, and start-up, subject to successful completion of each development stage, continued evaluation of the project, and execution of definitive agreements; the planned development and advancement of the Company’s FOAK Plant and broader FOAK Program at Chemelot; the expected role of engineering, procurement support, capital cost review, and pilot data in supporting the project; the Company’s NGP Pilot Plant operating campaigns; the intended role of the FOAK Facility in establishing an engineering, operating, and economic foundation for future commercial plants and informing subsequent deployments; the potential industrial implementation of Hydrochemolytic™ Technology; and the Company’s broader scale-up and commercialization pathway.

Forward-looking information is based on management’s current expectations, estimates, projections, and assumptions, and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. These risks include, but are not limited to, the possibility that the parties may not enter into a full FEED services contract; changes to the scope, timing, cost, or outcome of the Early Works/Services; engineering, procurement, permitting, financing, construction, commissioning, and scale-up risks; availability and performance of critical equipment; the Company’s ability to generate sufficient pilot data to support design decisions; the ability to secure and maintain required commercial, feedstock, offtake, and project agreements; changes in market, regulatory, or economic conditions; availability of capital; and other risks described in the Company’s public disclosure filings available on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date of this news release. Except as required by applicable law, Aduro undertakes no obligation to update or revise any forward-looking information.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/900dfb40-f478-4c57-bb06-ea7b7a6e4a75

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

NYU Stern professor and Prof G Markets host Scott Galloway told listeners this week that SpaceX (NASDAQ:SPCX | SPCX Price Prediction) shares are worth a fraction of where they trade today. On an episode released around Monday, Aug. 17 to 18, 2026, he said the stock is “still crazy overvalued. I think this is a $10 to $30 stock.” Measured against the Aug. 17 close of $146.23, that range implies roughly 79% to 93% downside. Shares then closed down 1.98% at $143.34 on Aug. 18.

The Unusual IPO That Set the Stage SpaceX (NASDAQ:SPCX) price and key stats:

SpaceX priced at $135 per share on June 11, 2026 and began trading the next day on NASDAQ, implying a valuation of roughly $1.75 to $1.77 trillion at the IPO price. CNBC reported the stock closed up 19% at $161 on debut. Only about 4.2% of total equity floated publicly (555.6 million Class A shares), with retail earmarked 30% of the float, three times the mega-cap IPO norm. The offering represented a 61% premium to the December 2025 tender-offer valuation of roughly $800 billion. SpaceX was fast-tracked into the NASDAQ-100 effective July 7, 2026, forcing QQQ-tracking funds to buy. Around June 23, 2026, less than two weeks after listing, the company priced a $25 billion bond offering that drew nearly $89 billion in orders, even though it already held $100.8 billion in cash.

Galloway’s Three-Part Bear Case Galloway’s argument rests on three pillars. First, an artificially scarce public float of only 4% to 5% of shares, combined with forced index-fund buying from NASDAQ-100 inclusion, inflates the price through market mechanics rather than fundamentals. Second, he cast Elon Musk’s talent in financial terms, saying “Musk will go down as the greatest engineer of our time, but as a financial engineer,” framing the valuation as substantially a function of Musk’s ability to generate investor enthusiasm. Third, the $25 billion bond raise despite $100.8 billion in cash shows investors pricing in speculative AI-infrastructure ambitions well beyond the existing rocket and satellite businesses.

Galloway said he would not personally short the stock, because Musk’s ability to drive investor enthusiasm could keep pushing the price higher regardless of fundamentals. His $10 to $30 range reflects an attributed opinion about intrinsic value rather than a forecast of where shares will trade.

The Aug. 20 Supply Overhang A structural share unlock is scheduled. A 319 million-share unlock is set for Aug. 20, 2026, and roughly 4.9 billion shares, about 70% of non-Musk holdings, will unlock by the end of 2026. The stock fell as much as 4% intraday the day after Galloway’s comments before paring losses, with reporting attributing the move to a mix of his remarks and investors weighing the looming unlock.

The Bull Case Cuts the Other Way Wall Street disagrees. Consensus is a Moderate Buy with an average 12-month price target of roughly $226 to $232, implying 55% to 62% upside. A Yahoo Finance opinion piece argues the absence of a clean comparable is a feature of SpaceX’s uniqueness rather than evidence of an unanchored price, noting Amazon and Alphabet also lacked clean IPO-era comparables and later reached $2.7 trillion and $4.1 trillion. The same piece argues SpaceX’s three integrated businesses (reusable heavy-lift launch, a newly profitable Starlink broadband unit, national security contracts) have no public equivalent, and that gains have tracked concrete milestones, citing prediction markets pricing SpaceX around $1.5 to $2.5 trillion.

Operating momentum is real. Q2 2026 revenue of $7.81 billion beat the $6.82 billion consensus, EPS came in at -$0.09 versus a -$0.29 estimate, and adjusted EBITDA was $3.54 billion, up 191% year over year. Starlink subscribers doubled to 12.0 million and AI segment revenue grew 247%, per the company’s Aug. 4 earnings release.

What to Watch The Aug. 20 unlock is the near-term test. It will show how much of SPCX’s price reflects scarcity from a 4.2% float pinned by index buying, and how much reflects durable demand for a business generating 92% revenue growth with a $47.50 billion backlog. Galloway’s bear case rests on real mechanics. The bull case rests on real precedent and operating momentum. The unlocks will pressure both.

Contact [email protected] for any questions or corrections.

Prediction market traders now see little chance that Google releases its next flagship Gemini Pro artificial intelligence model before September, underlining a delay that has dragged on for most of the year.

On Polymarket, the largest betting exchange for real-world events, contracts give just a 2% chance of a release by 21 August and 10% by the end of the month, with the latter down 35 points.

The odds do not clear 50% until 30 September, priced at 47%, and reach 71% only by 31 October.

More than $1.1 million has been wagered on the market, making it one of the busier technology contracts on the platform.

The pessimism reflects a troubled development cycle for Gemini 3.5 Pro, the model most traders are watching.

Sundar Pichai, the Alphabet chief executive, told developers at Google's I/O conference in May that the model would arrive within a month.

That deadline passed, as did a widely reported July target, in what has become the company's third delay since June.

Google has instead shipped a series of cheaper, faster Gemini Flash models, releasing another version on 13 August without giving any date for the Pro edition.

Reports have pointed to persistent problems with coding performance and reliability, alongside the departure of senior researchers from its DeepMind AI unit.

The company is thought to have rebuilt the model from its foundations after it fell short of internal quality benchmarks.

Rivals have pressed their advantage during the gap, with OpenAI's GPT-5.6 and Anthropic's Claude models shipping on schedule.

The stakes are high for Alphabet, whose shares fell more than 4% in July after Bloomberg reported the setback, wiping out roughly $200 billion in market value.

For now, the current flagship remains Gemini 3.1 Pro, which dates back to February.

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Nvidia's effective monopoly over the most powerful chips has made U.S. export controls a key tool in Washington's effort to preserve its advantage over China in the AI race.

But despite U.S. restrictions on exporting the company's most advanced semiconductors, including GB300s, several Chinese firms have reportedly been able to access the chips' compute power via data centers in Southeast Asia.

Less than a week after Moonshot AI released a new model in July, White House official Michael Kratsios accused the company of using Nvidia's GB300 chips via a facility in Thailand.

Moonshot's Kimi K3 is one of a wave of new Chinese AI models that have made leaps in performance in recent months, as the race for AI supremacy between Washington and Beijing intensifies. DeepSeek and Alibaba have also recently released new AI systems that have scored well on performance benchmarks.

Industry watchers say access to advanced compute via overseas cloud providers is a key factor in Chinese AI models gaining capability. U.S. legislation is being discussed to plug this loophole, but hurdles remain before it can have an impact.

How Chinese firms access Nvidia computing power overseasNvidia's most advanced AI chips are under export restrictions to China, though some less capable semiconductors are allowed to be shipped to the country.

Cassia King, senior researcher on the Compute Policy team at the Institute for AI Policy and Strategy, told CNBC that Moonshot's reported access to compute through a Thai facility was legal "so long as Moonshot isn't actually buying and owning the physical hardware directly."

She said the U.S. export control regime "controls physical AI chips. It does not cover remote access to those chips."

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When asked about Chinese firms accessing Nvidia compute overseas to train AI models, a White House official told CNBC: "The Trump administration has implemented the most rigorous export control regime in modern history, and remains committed to safeguarding America's national and economic security."

The U.S. Department of Commerce and Bureau of Industry and Security (BIS) did not respond to a request for comment.

Chinese hyperscalers including ByteDance, Alibaba and Tencent have reportedly accessed compute power from Nvidia chips remotely via other Asian nations, including Thailand, Malaysia and Japan. ByteDance and Tencent did not respond to a request for comment. Alibaba declined to comment.

ByteDance was working with Singapore-headquartered Aolani, a cloud provider with Nvidia chips, to access compute in Malaysia, according to a source familiar with the matter, who asked to remain anonymous when discussing private information. The Wall Street Journal first reported the arrangement in March.

Aolani told CNBC it worked "with a global and diversified customer base spanning customers from North America and Asia."

"The companies we service do not have ownership, potential future claim or physical access to the chips that power our solutions," the spokesperson added. "Any permitted access to our services, infrastructure or technology is fully compliant with all applicable regulations."

AI infrastructure buildouts in Southeast Asia are booming as companies look to tap the growing market for advanced compute.

Real estate company JLL estimates that global data center capacity could roughly double to 200GW by 2030.

There are 31 planned 100MW+ data centers across Malaysia, Indonesia and Thailand, compared to just two today, according to data compiled by DC Byte.

What the Remote Access Security Act would changeMichelle Nie, a visiting fellow in technology and national security at think tank Center for a New American Security, told CNBC that loophole was "threatening U.S. national security."

"The point of chip export controls is to deny China the ability to train frontier AI using advanced U.S. chips," she added.

A proposed piece of legislation, the Remote Access Security Act (RASA), seeks to expand U.S. export controls to include the remote cloud-based access of critical hardware and software. It passed the House of Representatives in January but has yet to pass the Senate.

It faces potential industry pushback, Nie said, adding: "Cloud providers would bear the compliance burden of any KYC and customer verification requirements mandated by the bill."

The passing of RASA alone wouldn't solve the problem, Nie added, saying it would give the U.S. government "the authority to regulate remote access," but it "would still need to create a rule to export-control remote access to advanced chips."

The Bureau of Industry and Security (BIS) could push through a rule quickly, possibly in a "matter of days" with White House support, said King.

"The challenge will be in making a rule that's effective and enforceable," she added. "Policymakers will need to decide what compute is covered, who should be prohibited from remotely accessing the compute, and how to implement a robust know-your-customer scheme."

Target (TGT.N) on Wednesday raised its annual sales ​forecast as efforts to cut prices and freshen merchandise continued to bear fruit, while noting its quarterly profit received a nearly $1 billion boost from tariff refunds.

It was ‌the third straight strong quarter for Target, which also raised its growth forecast in May. The results suggest the turnaround plan of new CEO Michael Fiddelke is taking root ahead of the all-important holiday shopping season.

"It's encouraging to see a strong consumer response to change where we've made it," Fiddelke told reporters on a pre-earnings conference call on Tuesday. But he warned: "There's a lot more to come, and ... we need to execute well."

Target's shares were down about 3% ​in premarket trading. The stock has surged 56% this year, outpacing Walmart (WMT.O) and the S&P 500 Consumer Staples index.

Comparable sales for the quarter ended August 1 grew 3.8%, beating ​estimates of 2.5% growth, according to data compiled by LSEG. That included a 3.6% rise in traffic and an 8.7% jump in digital comparable ⁠sales, as shoppers opted for same-day delivery.

TARIFF REFUNDS BOOST INCOME
Excluding one-off items and including a tariff benefit of $1.65 per shaer, the company's quarterly profit rose 20% to $2.46. Analysts had expected earnings per ​share of $2.33.

"The market is not reacting to a disappointment. The stock had a high bar given the year-to-date run and buy side had high expectations, which the (numbers excluding tariffs) didn't clear," said Jacob ​Aiken-Phillips, analyst at Melius Research.

Excluding benefits from the tariff refunds of about $1.65 per share, Target raised the mid-point of its annual profit per share forecast by 75 cents. In May, it had forecast annual earnings per share near the high end of $7.50 to $8.50.

The retailer now expects year-over-year net sales growth of around 5%, compared with its prior target of growth around 4%.

The company has cut prices on more than 10,000 items over the past year, ​it said, and about 95% of its school supplies were priced below last year's rates, to draw in back-to-school shoppers.

When asked how the company would use tariff refunds, Chief Financial Officer Jim ​Lee said, "We have and will continue to invest in price." He stopped short of offering specifics about how tariff refund dollars would be deployed.

Fiddelke has focused on keeping shelves well-stocked and adding more products in key ‌categories such ⁠as baby care and health and wellness. Building on an effort to draw in young families, the company on Wednesday noted double-digit growth in its hardline business, known as Fun101, naming Legos a leading product.

LITTLE ROOM FOR ERROR
Target said in March it would invest an extra $2 billion — on top of a previously announced $4 billion — to help fix the merchandising problems that had turned shoppers away in past quarters. On an adjusted basis, Target's second-quarter gross margin rate expanded about 100 basis points to 33.7%.

However, margin comparisons could get harder in the second half, and Target's forecast implies that margin expansion ​will slow even as the sales outlook rises, ​Melius Research's Aiken-Phillips said.

Fiddelke hinted at more investments ⁠in the coming months to maintain growth, including launching beauty studios in more than 600 stores, enhancing its home assortment and advancing its use of technology.

Wednesday's report was a key barometer as to whether Target can consistently execute on price, product mix and store experience, as it did during ​the quarter ending May 2, said Morningstar analyst Brett Husslein.

Whereas Walmart's (WMT.O) low prices and high-margin ad business can help it to withstand macro headwinds ​or managerial missteps, Target's ⁠margins are more dependent on retail sales, and factors that push shoppers away - be they social, macroeconomic or business-driven - can quickly change its fortunes, Husslein said.

That magnifies the importance of execution at a time when consumers are tightening their belts, he said — especially on prices, which must be low enough to compel shoppers without denting margins.

"If they are not on the ball in every way, they risk losing customer wallet share," Husslein said.

Target also ⁠said it ​had added more space for fresh produce, snacks and bakery products, with snack sales up 15% year-over-year. "Our aspiration is to ​move our food business from a basket builder and a 'while-you're-at-Target' to (being) the reason why you come to Target," Chief Merchandising Officer Cara Sylvester said on Tuesday's call.

Other categories, like apparel and home, were "just barely positive," Fiddelke said. "We've got a lot ​of work to do in some of the categories where we're not yet pleased with our performance."

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Lowe's on Wednesday reported mixed results as the home improvement retailer said it saw "pressure" in spending on projects.

Though the company did not cut its full-year guidance, it updated its outlook to the bottom end of its prior guidance. It now expects total sales of $92 billion, compared to $92 billion to $94 billion previously, and comparable sales to be flat, versus flat to up 2%. It expects adjusted earnings per share for the year of $12.25, versus $12.25 to $12.75 previously.

Shares of Lowe's fell about 2% in premarket trading.

Here's how the company performed in its second fiscal quarter compared with what Wall Street was expecting, according to a survey of analysts by LSEG:

Earnings per share: $4.40 adjusted, it was not immediately clear if it was comparable to the $4.22 expectedRevenue: $25.96 billion vs. $26.16 billion expectedFor the quarter, Lowe's reported net income of $2.4 billion, or $4.27 per share, roughly the same as the year-ago period. Excluding one-time factors and including tariff refund benefits, the company reported adjusted earnings of $4.40 per share.

Lowe's also said tariff refunds provided an 11 cent boost to its earnings per share this quarter.

The company reported total sales of $25.96 billion for the quarter, up from $23.96 billion the year prior. Comparable sales were up 0.2%, due in part to strong performance in its pro and home services sales, according to the company.

Lowe's also saw a 15.7% increase in online sales, though it added that performance was partially offset by macroeconomic pressures for the do-it-yourself customers.

"While the near-term remains dynamic, our teams are executing at a high level, advancing our Total Home strategy and investing to drive growth and profitability," CEO Marvin Ellison said in a statement.

The earnings come as the home improvement retailer grapples with a slower housing market and a more cautious consumer.

Lowe's rival Home Depot said in its earnings report on Tuesday that the company did not see customers returning to big projects and continues to operate in "frozen housing market conditions."

Study projects Loki Flake Graphite Deposit as a long-life graphite development project with positive economics; project to advance toward Feasibility Study

SASKATOON, SK / ACCESS Newswire / August 19, 2026 / Abasca Resources Inc. ("Abasca" or the "Company") (TSXV:ABA) announces positive results from an independent Preliminary Economic Assessment (the "PEA") for its 100%-owned Loki Flake Graphite Deposit ("Loki Deposit" or the "Project"), approximately 15 kilometres south of the Key Lake mill, Figure 1. The study projects the Loki Deposit as a long-life graphite development project with an after-tax net present value (NPV) of US$130 million and 16.7% internal rate of return (Table 1).

The Company's focus will now shift to continuing to acquire the technical data required for preparing a feasibility study ("FS"), while also obtaining an updated environmental impact assessment and the permits necessary to support future project advancement.

"Loki has continued to exceed our expectations. We are pleased to reach this significant milestone in our fast‑track journey to develop the deposit and to vest the staged project value. The PEA also provides Abasca with the technical data needed to support financing and offtake strategic processes, while advancing a long‑life graphite development project that aligns with our vision of establishing a reliable, long‑term source of graphite to support the federal and provincial governments' critical‑minerals supply‑chain security strategies," said Dawn Zhou, President and CEO of Abasca.

PEA Highlights

Long-Life Graphite Project: 2,750 tonnes-per-day ("tpd") open-pit mining and processing operation with a 19-year mine life, averaging 66,500 tonnes of graphite concentrate (with an average 95% grade) produced annually and 1.2 million tonnes of payable graphite over the life of mine. The Project's scale and longevity provide exposure to multiple graphite price cycles.

Positive Project Economics: Positive economics under the base case graphite price assumptions, generating approximately US$662 million in cumulative after-tax free cash flow under the base case.

Table 1: Loki Flake Graphite Project PEA Pre-Tax and After-Tax Economic Results Summary.

Graphite Price (US$/tonne)

US$1,450/tonne

Pre-Tax Net Present Value (NPV) @ 8%

US$161M

Pre-Tax Internal Rate of Return (IRR)

16.6%

After-Tax Net Present Value (NPV) @ 8%

US$130M

After-Tax Internal Rate of Return (IRR)

16.7%

Note: Project economics are presented on an unleveraged basis and do not assume project debt or other financing arrangements.

Description of the PEA

The PEA outlines a conceptual development scenario for the Project based on the updated Mineral Resource Estimate (see "Mineral Resources" below), incorporating conventional open-pit mining and onsite graphite concentrate recovery through a 2,750 tonne-per-day processing facility.

The PEA was prepared by Tetra Tech Canada Inc. ("Tetra Tech") in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The geology and mineral resources sections of the PEA were prepared by Understood Mineral Resources Inc. ("UMR").

This PEA is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

A technical report supporting the PEA will be filed on SEDAR+ (www.sedarplus.ca) and on the Company's website within 45 days of this news release.

Project Overview

The Loki Flake Graphite Deposit is located approximately 15 kilometres south of the Key Lake mill. Provincial Highway 914, a north-south all-weather highway in Saskatchewan, crosses the project, providing ideal access. The Project consists of 12 contiguous claims (23,974 hectares or approximately 240 sq. km) which were staked during 2011 to 2012 and have been held and explored by a private company ("SaskCo") until the end of 2022. Abasca subsequently acquired the Project by reverse takeover leading to holding 100% interest in the Project.

The Loki Flake Graphite Deposit is underlain by the prospective uranium hosting rocks of the Wollaston-Mudjatik contacting zone (WMCZ) in the southeastern Athabasca Basin. The world's largest high-grade uranium deposits are associated with the unconformity between the Athabasca Basin and the Wollaston-Mudjatik basement as well as strongly graphitic fault zones. Most of the uranium occurrences and deposits associated with the Athabasca Basin are located near the boundary between the Mudjatik and Wollaston domains as either unconformity-related or basement-hosted type. The Project is located in the southern strike extent of these deposits and in the same regional magnetic low structure that hosts them.

On July 14, 2026, Abasca announced an updated Mineral Resource Estimate (the "MRE") for the Loki Flake Graphite Deposit. The pit-constrained MRE conforms to the Reasonable Prospects of Eventual Economic Extraction (RPEEE) requirements of NI 43-101 and includes an Indicated resource of 6.99 Mt at 8.27 % Cg in addition to Inferred resource of 15.83 Mt at 6.93 % Cg1.

PEA Economic Results

The Loki Deposit's PEA Economic Results are presented in Table 2. All dollar figures are expressed in US dollar and all units in metric, unless otherwise noted.

The PEA is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

[1] Please refer to the Company's news release dated July 14, 2026 and titled: "Abasca Increases Loki Flake Graphite Resource and Confirms Second Mineralized Trend at Thor Zone"

Figure 1: Map showing the location of the Key Lake South Project that hosts the Loki Flake Graphite Deposit

Table 2: Loki Flake Graphite Project PEA Economic Results

Description

Unit

Value

Metal Price

Graphite Price (Average)

US$/t

1,450

Production

Mine Life

Year

19

Mill Feed Tonnage, Life of Mine (LOM)

Mt

17.9

Mill Feed Grade, Life of Mine (LOM)

% Cg

7.27

Concentrate Grade, Life-of-mine Average

% Cg

95.0

Graphite Recovery to Concentrate

%

92.3

Graphite Produced, Life of Mine (LOM)

dry tonnes

1,263,000

Annual, Life of Mine Average

dry tonnes

66,500

Operating Costs, Life of Mine (LOM)

US $M

828

Unit

US$/t proc.

46.34

Operational Revenue

US $M

940

Capital Costs

Initial Capex

US $M

216

Sustaining

US $M

64

Closure & Reclamation

US $M

27

Total Capital Costs

US $M

307

Economic Results

Discount Rate

%

8%

Pre-Tax Unlevered Free Cash Flow (UCF)

US $M

633

Pre-Tax Net Present Value (NPV) @ 8%

US $M

161

Pre-Tax Internal Rate of Return (IRR)

%

16.6%

Pre-Tax Simple Payback

Year

6.2

After-Tax Unlevered Free Cash Flow (UCF)

US $M

477

After-Tax Net Present Value (NPV) @ 8%

US $M

130

After-Tax Internal Rate of Return IRR

%

16.7%

After-Tax Simple Payback

Year

4.7

Notes

Initial Capex represents upfront expenditures to construct and commission the mine, plant, and supporting infrastructure.

Sustaining Capex represents ongoing capital expenditures required to maintain production during the life of mine.

Payback represents years from start of commercial production to achieve cumulative positive after-tax free cash flow, including sustaining capital.

Exchange rate assumption: $0.72 USD per $1.00 CAD.

Non-GAAP financial measures are presented for additional information and benchmarking purposes only. See "Use of Non-GAAP Financial Measures."

Capital and Operating Costs

Initial CAPEX: US$216M, including contingency of US$24.3M and US$22.5M mining initial operating costs and equipment lease downpayment.

Sustaining Capital and Closure Costs: US$91.0M from Year 1 to Year 19, followed by a 4-year period of closure and reclamation.

Operating Costs: US$46.34/t processed, including mining and waste management (44%), processing (28%), G&A and site services (27%), and interest on mining equipment lease (1%).

Mineral Resources

An updated MRE, effective date April 23, 2026, was prepared by UMR in accordance with CIM and NI 43-101 Guidelines and replaces the previous mineral resource estimate with an effective date of April 10, 2025, Table 3.

The updated MRE incorporates the current geological interpretation and forms the basis of the 19 year mine plan evaluated in the PEA.

Table 3: Loki Flake Graphite Project PEA Mineral Resource Statement, effective date April 23, 2026

Classification

Cg Grade
Cut-off (%)

Tonnes (Mt)

Cg Grade (%)

Contained
Cg (Mt)

Indicated

2.30

6.99

8.27

0.58

Inferred

2.30

15.83

6.93

1.10

Notes

The reporting standard for the Mineral Resource Estimate uses the terminology, definitions and guidelines given in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Mineral Reserves (May 2014) as required by NI 43-101.

Reported Mineral Resources are constrained to a conceptual pit-shell above a cut-off grade of 2.30% Cg.

Numbers may not add up due to rounding.

The effective date of this Mineral Resource estimate is April 23, 2026.

The qualified person knows of no environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant factors that may materially affect the Mineral Resource Estimate in this release.

Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.

Mining Method

The Company plans to develop the Loki Flake Graphite Project using conventional open-pit mining methods, including drilling, blasting, loading, and hauling with conventional mining equipment. Material will be drilled and blasted, then loaded into diesel-powered haul trucks using a fleet of hydraulic shovels and front-end wheel loaders.

To identify the optimal pit size and mining sequence, Tetra Tech employs the Lerchs-Grossmann (LG) algorithm to evaluate the net value of individual blocks within the block model. An assumed graphite concentrate price of US$1,450 per tonne has been applied. Life of mine (LOM) operating costs were estimated from both first principles and based on similar projects or operations. Figure 2 shows the PEA mine production plan.

Figure 2: Loki Flake Graphite Deposit PEA Mine Production Plan

The life-of-mine plan comprises 17 years of active mining operations followed by two years of stockpile processing. Mining is conducted at a consistent rate of 10.0 Mt of material annually during the first seven years and slowly diminishing from Y8 to Y17, with a LOM average strip ratio of 6.1:1. The process plant is designed for a nominal throughput of 2,750 tonnes per day (approximately 1.0 million tonnes per year). Average payable graphite production over the 19-year mine life is estimated at approximately 1.23 million dry tonnes per year. Mill throughput is planned at 75% of nameplate capacity in Year 1, 85% in Year 2, and 100% from Year 3 onward, allowing for a controlled start-up and optimization of plant performance. The mill feed grade fluctuates between 6% to 8% from Year 1 to Year 17, before reaching 4% to 5% during the processing of the stockpiled material from Year 18 to Year 19.

Processing

A preliminary test program for recovering the graphite from the Abasca deposit was conducted by SGS Lakefield during 2025 and 2026. The test program included chemical characterization, mineralogical analyses, grindability testing, and flotation testing, graphite concentrate and flotation tailings characterisation.

The test results indicate that the samples respond well to conventional flotation concentration. The flowsheet uses separate flotation with staged regrinding for coarse and fine fractions respectively. The final concentrates are expected to be approximately 95% or higher.

Based on the test work results, a preliminarily optimized flowsheet was developed for this study. The process flowsheet is designed for 2,750 tpd and follows a conventional flotation circuit with staged regrinding process to produce sized high-grade graphite concentrate, which will be further processed at an offsite purification facility. The processing plant (Figure 3 shows simplified process flow diagram) will consist of the following:

A run-of-Mine (ROM) mill feed stockpile,

A primary crusher operating in open circuit,

A secondary crusher operating in closed circuit with a vibrating screen,

A crushed mill feed stockpile with reclaim feeders,

A ball mill grinding circuit operating with flash flotation and a classification hydrocyclone cluster,

A rougher flotation circuit comprising rougher and rougher-scavenger flotation, followed by a rougher-scavenger tailings dewatering circuit, including thickening and filtration processes to generate tailings filter cakes for tailings dry stacking at a lined tailings management facility (TMF) to mitigate the impacts of tailings acid generation potentials on environment,

A rougher concentrate upgrading circuit comprising

one-stage polishing regrinding followed by one stage of cleaner flotation,

second-stage polishing mill followed by three stages of cleaner flotation,

A fourth-cleaner concentrate sizing circuit to separate the upgraded rougher concentrate into coarse and fine graphite concentrate streams,

A coarse concentrate regrind mill, followed by four additional stages of cleaner flotation (5th to 8th cleaners) to produce a final coarse graphite concentrate,

A fine concentrate regrind mill, followed by five additional stages of cleaner flotation (5th to 9th cleaners) to produce a final fine graphite concentrate,

A concentrate dewatering and product handling circuit, including concentrate thickening, filtration, drying, final product sizing, and packaging.

Figure 3: Loki Flake Graphite Deposit PEA Simplified Process Flowsheet

Infrastructure

The Project benefits from existing transportation infrastructure, proximity to provincial power network, and favourable site characteristics that support future development, including:

Road Access: The Loki Flake Graphite Deposit is located approximately 15 kilometres south of the Key Lake mill. Provincial Highway 914, a north-south all-weather highway in Saskatchewan, crosses the project, providing ideal access.

Power: The provincial power grid is 15 km from the Loki Flake Graphite Deposit, which can provide long-term cost-effective and reliable electrical power for the Project.

Water: Several surface water bodies are located near the project site and are expected to provide suitable water sources for future operations, subject to detailed engineering and permitting.

Waste Rock and Tailings Co-deposition Facility (WRTCF): The WRTCF was designed to accommodate 17.9 Mt of tailings and 108.4 Mt of waste rock over the life of the mine. The WRTCF will consist of co-deposited dry stacked tailings and waste rock, providing advantages over the conventional slurry Tailings Management Facility design.

Camp and Services: Existing accommodation camps nearby have the potential to support construction and operations. Camp services are expected to be provided by third-party contractors, creating potential business and employment opportunities for nearby Indigenous communities.

Overall Site General Arrangement: The overall site arrangement is presented in the Figure 4.

Figure 4: Loki Flake Graphite Deposit PEA Overall Site General Arrangement Plan.

Environmental, Social, and Permitting

In 2025, Abasca engaged CanNorth Environmental Services to conduct environmental studies on the Project. The purpose of the studies was to initiate data collection for components that require baseline datasets, specifically hydrology, water chemistry, and bathymetry to support a future Environmental Impact Assessment. Studies and data collection will continue into 2026 and 2027, including further work on aquatic, terrestrial and heritage resources as well as work on meteorological, hydrogeological and geochemical conditions. This work will advance project development and support future submissions to meet regulatory requirements.

Opportunities and Exploration Potential

The PEA presents a conceptual development scenario for Loki Deposit based on current information. The following opportunities may be evaluated in future technical studies to further optimize the Project's technical and financial performance.

Power Optimization

SaskPower funds community initiatives, educational programs, and clean energy development across Saskatchewan to align with its strategic utility goals. As the province's principal electric utility, the crown corporation provides financial backing through corporate sponsorships, capital grants, and energy-efficiency programs. Abasca will initiate business opportunity discussions with SaskPower for funding power supply infrastructure for the project.

Government and Critical Minerals Funding Opportunities

Graphite is included on Canada's and Saskatchewan's critical minerals list. Abasca intends to evaluate available federal and provincial funding, infrastructure and strategic investment programs that may support future engineering, infrastructure development and project advancement.

Closure Cost Refinement

The PEA applies a conservative estimate for closure costs. Additional geochemical and hydrological and site-specific engineering studies may allow estimates to be further refined in subsequent technical studies.

Mineral Resource Conversion to Mineral Reserve

There exists the opportunity to continue drilling the Loki Deposit to upgrade the Classification to Indicated by Infill drilling and to expand the resource, providing opportunities to further evaluate and potentially enhance long-term project value through future exploration.

Next Steps/Path Forward

Advancing Engineering

The completion of the PEA establishes a strong technical foundation for the next stage of engineering. The Company believes the Project is well positioned to advance to feasibility-level engineering.

Future work is expected to focus on metallurgical optimization, geotechnical and hydrogeological investigations, detailed mine, infrastructure and tailings engineering, environmental studies, and continued refinement of the Project's capital and operating cost estimates.

Engineering Support Drilling

The Company anticipates evaluating a targeted drilling program to support feasibility-level engineering. The program would be expected to focus primarily on infill drilling, geotechnical investigations and metallurgical sample collection, and mineral resource expansion.

Environmental & Permitting

In parallel with the Feasibility Study, Abasca intends to advance the environmental assessment process and obtain the regulatory approvals required to support future Project development, building on the substantial environmental studies and technical work completed during the previous Environmental Assessment process. The Company will continue to engage with the Indigenous Groups, regulators and local stakeholders throughout this process.

Strategic Development

The Company will continue evaluating opportunities to advance the Project through strategic partnerships, government-supported critical mineral initiatives and engagement with potential customers and other industry participants.

Study Notes

The PEA was prepared by Tetra Tech Canada Inc. with an effective date of August 19, 2026. The study is based on an updated Mineral Resource Estimate with an effective date of April 23, 2026, prepared in accordance with the CIM Definition Standards and NI 43-101.

The NI 43-101 Technical Report supporting the PEA will be filed on SEDAR+ and the Company's website within 45 days of this news release.

Qualified Persons

The scientific and technical information contained in this news release has been reviewed and approved by Brian McEwan, P.Geo., who is a Qualified Person ("QP") as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and is not independent of the Company. Mr. McEwan is the Vice-President of Exploration and Development for Abasca Resources Inc.

The following Qualified Persons are responsible for the PEA, are independent of Abasca and the Project, and have reviewed and approved the scientific and technical information contained in this news release:

Matt Batty, P.Geo., MSc., Understood Minerals Resources Ltd.-Geology/mineral resources

Hasssan Ghaffari, P.Eng., MASc., Tetra Tech-Infrastructure/capital costs and environmental/permitting

Sabry Hafez, P.Eng., PhD, Tetra Tech-Mining/mine planning and financial analysis

Jianhui Huang, P. Eng., PhD, Tetra Tech-Processing/metallurgy

Chris Johns, P.Eng., Tetra Tech-Tailings management

About Tetra Tech

Founded in 1966 and headquartered in Pasadena, California, Tetra Tech is a leading global consulting and engineering firm worldwide, specializing in water, environment, and sustainable infrastructure. With more than 25,000 employees, Tetra Tech, is a leading global provider of high-end consulting and engineering services focussing on water, environment, sustainable infrastructure, renewable energy, and international development. The company operates as a publicly traded corporation (NASDAQ: TTEK). Tetra Tech distinguishes itself with its trademarked slogan "Leading with Science®," leveraging an interdisciplinary network of scientists, engineers, and data analysts to design and implement highly technical solutions.

About Abasca Resources

Abasca is a mineral exploration company that is primarily engaged in the acquisition and evaluation of mineral exploration properties. The Company owns the Key Lake South Project (KLS), a 23,977-hectare exploration project located in the Athabasca Basin Region in northern Saskatchewan, approximately 15 km south of the former Key Lake mine and current Key Lake mill. The project possesses geological similarities with and is along-strike of the past-producing Key Lake Mine and hosts over 50 km of prospective conductors for potential uranium mineralization. KLS is also host to the Loki Flake Graphite Deposit comprising a total Indicated Resources of 6.99 Mt at 8.27 % Cg and inferred resource of 15.83 Mt at 6.93 % Cg. Abasca has completed a Preliminary Economic Assessment for the Loki Deposit with positive result of after-tax NPV of US$130 million and 16.7% IRR. Please refer to the news releases dated July 14, 2026 and August 19, 2026, and the technical report dated May 29, 2025, with an effective date of April 10, 2025 and titled "Technical Report on the Key Lake South Project with Initial Mineral Resource Estimate for the Loki Flake Graphite Deposit, Saskatchewan, Canada", filed under the Company's profile on the SEDAR+ website, for further information about the current resource estimate.

On behalf of Abasca Resources Inc.

Dawn Zhou, M.Sc., CPA
President, CEO and Director

For more information visit the Company's website at https://www.abasca.ca or contact:

Abasca Resources Inc.
Email: [email protected]
Telephone: +1 (306) 933 4261

Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.

Forward-Looking Statements

This press release may contain certain forward-looking information ("forward-looking information") within the meaning of applicable Canadian securities legislation that are not based on historical fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. Forward-looking information reflects management's current beliefs with respect to future events and is based on information currently available to management. Forward-looking information contained in this press release includes, but is not limited to, statements relating to an updated mineral resource estimate for the Loki Deposit; the preparation of a preliminary economic assessment for the Loki Deposit that will provide an initial evaluation of the Project's economic potential, including capital and operating cost estimates, mine design and metallurgical recovery processes; the de-risking of the Loki Deposit; the advancement of the Loki Deposit from an exploration project towards a development-ready asset; the PEA providing the technical and economic framework required to advance the Loki Deposit into the feasibility stage and ultimately bring the project into production; the advancement of the environmental assessment process and obtaining the regulatory approvals required to support future Project development; the evaluation of a targeted drilling program to support feasibility-level engineering, and mineral resource expansion; and the acceleration of the Company's path towards its production goals. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. Abasca undertakes no obligation to comment on analyses, expectations, or statements made by third-parties in respect of Abasca, its securities, or financial or operating results (as applicable). Although Abasca believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors, and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks, uncertainties and factors, certain of which are beyond Abasca's control, including the impact of general business and economic conditions; risks related the exploration activities to be conducted on KLS, including risks related to government and environmental regulation; actual results of exploration activities; industry conditions, including uranium and graphite price fluctuations, interest and exchange rate fluctuations; the influence of macroeconomic developments; business opportunities that become available or are pursued; title, permit or license disputes related to KLS; litigation; fluctuations in interest rates; the impact of international trade disputes and the imposition of tariffs, international conflict and other geopolitical tensions and events; the Company's ability to raise additional capital; and other factors. In addition, the forward-looking information is based on several assumptions which may prove to be incorrect, including, but not limited to, assumptions about the availability of qualified employees and contractors for the Company's operations and the availability of equipment. The forward-looking information contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. Abasca disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

SOURCE: Abasca Resources Inc.

Palantir Technologies (PLTR -0.58%) is one of the most popular artificial intelligence trades on the market, particularly among retail investors. The stock has essentially moved sideways this year despite a series of strong financial results, but investors have reason to think it could break higher in the coming months.

Recent commentary from CEO Alex Karp suggests the company can maintain its impressive revenue growth trajectory for the foreseeable future, and most Wall Street analysts believe the stock is undervalued. Here are the important details.

Image source: The Motley Fool.

Alex Karp says Palantir can maintain its growth trajectory for the next 18 months Palantir develops data integration and analytics platforms for customers in the public and private sectors. The company also provides an adjunct artificial intelligence platform (AIP) that serves as an orchestration tool for large language models (LLMs).

Palantir has received praise from several independent research firms. Dresner Advisory Services has ranked the company as a leader in three market studies: AI, data science, and machine learning; model operations; and agentic AI. And Forrester Research has recognized Palantir as a leader in AI decisioning platforms.

Palantir reported tremendous financial results in the second quarter, beating consensus estimates on both the top and bottom lines. Revenue rose 93% to $1.9 billion, marking the 12th consecutive acceleration, and non-GAAP (generally accepted accounting principles) net income increased 215% to $0.41 per diluted share. Palantir also achieved a phenomenal Rule of 40 score of 155%.

Here's the good news: During a recent CNBC interview, CEO Alex Karp said Palantir was a "business unlike any other." He also said the company was "poised to grow with these margins and this revenue growth for another 18 months."

Karp pins his confidence on the strong demand for sovereign AI, meaning systems that ensure a company has absolute control over its proprietary data and model weights. "Demand for AI sovereignty has now been unleashed," said Karp. "Palantir is the only company that has demonstrated it can transform tokens into actual economic value."

Palantir is the application layer that makes AI models safe, useful, and precise Palantir plays a critical role in the AI value chain. Companies like Anthropic and OpenAI have built incredible models, but businesses need an application layer not only to unlock operational value with those models but also to safeguard proprietary data. Palantir is that application layer.

One way Palantir has differentiated itself is through its unique software architecture. Whereas most analytics products focus on reporting through spreadsheets and charts, Palantir built its platforms around a decision-making framework called an ontology. Think of an ontology as a real-time digital twin for an organization. It connects abstract data to physical assets, creating an intuitive interface that lets users surface insights and take action.

Here's the bottom line: Most analytics products are simply visualization dashboards, but Palantir actually bridges the gap between data and decision-making, allowing its software to create real operational value. And ontology-based software is the secret to its success. CEO Alex Karp says the company's ontology makes large language models "safe, useful, and precise."

Today's Change

(

-0.58

%) $

-1.01

Current Price

$

171.54

The Wall Street consensus says Palantir stock will increase 18% in the next year Wall Street expects Palantir's adjusted earnings to increase at 56% annually through 2027. That is impressive, but the current price-to-earnings ratio of 144 still looks very expensive by comparison. Those figures give a price-to-earnings-to-growth (PEG) ratio of 2.5, and values above 2 are generally considered rich.

Nevertheless, Palantir has such a long runway for growth that most Wall Street analysts anticipate upside in the stock. Palantir has a median 12-month target price of $205 per share among 35 analysts. That implies 18% upside from its current share price of $173.

Personally, I think investors should be cautious with Palantir. While the stock has traded sideways this year, it has also climbed more than 60% since late June, and the valuation is not cheap. I think it's OK to purchase a few shares today, but I would limit the position to no more than 1% of my portfolio.

19.8.2026 13:36, MRK, MRNA, NVAX, BNTX

Farmaceutické společnosti Moderna a Merck & Co. oznámily, že jejich personalizovaná protinádorová vakcína ve velké studii pozdní fáze pomohla snížit recidivu melanomu. Jde o první úspěšnou studii závěrečné fáze u jakékoli protinádorové terapie založené na mRNA.

Studie splnila hlavní cíl, když prokázala, že vakcína v kombinaci s imunoonkologickým lékem Keytruda od Mercku snižuje míru návratu melanomu ve srovnání se samotnou imunoterapií. Splněn byl i klíčový sekundární cíl, když vakcína pomohla bránit šíření nádorů do dalších částí těla. Konkrétní čísla k přežití bez recidivy firmy nezveřejnily, studie dále pokračuje a má posoudit, zda pacienti s vakcínou žijí déle.

Vakcína nazvaná intismeran autogene je vyvinuta pomocí technologie mRNA, která stála za covidovou vakcínou Moderny, a každá dávka se upravuje na míru podle konkrétních mutací nádoru daného pacienta. Podávána byla pacientům po chirurgickém odstranění nádoru, kontrolní skupina dostávala samotnou Keytrudu. Ve studii střední fáze měli pacienti s kombinací po pěti letech o 49 % nižší pravděpodobnost úmrtí nebo návratu rakoviny než ti na samotné Keytrudě.

Obě společnosti budou o podání žádosti o registraci jednat s regulátory a data představí na nadcházející lékařské konferenci. Generální ředitel Moderny Stéphane Bancel uvedl, že přípravek by mohl být schválen už v roce 2027 v závislosti na průběhu regulačního řízení. Merck a Moderna testují vakcínu i u dalších typů rakoviny včetně rakoviny plic, studie s melanomem jsou ale nejdále.

Vývoj akcií Akcie Moderny se obchodují na burze NASDAQ pod tickerem MRNA a v předburzovní fázi obchodování posilují o 62,42 % na 102,26 USD. Akcie Merck & Co., obchodované na NYSE pod tickerem MRK, přidávají 6,89 % na 144,48 USD.

Pozitivně reagují i další výrobci vakcín. Německý BioNTech, jehož americké depozitní certifikáty (ADR) se obchodují na NASDAQ pod tickerem BNTX a reprezentují jednu podkladovou akcii, roste o 11,05 % na 103 USD. Novavax (NVAX) posiluje o 4,04 % na 8,25 USD.

Zdroj: Bloomberg

Michal Bárta
Fio banka, a.s.
Prohlášení

Revenues Up +9% to $1.8bn, and Net Income Up +170% to $64m, y-o-y

Q2 EBITDA and Net Income, adjusted for costs related to the pending Hapag-Lloyd transaction, up +4% to $491m and +226% to $77m, y-o-y, respectively

Positive H1 Adjusted Net Income with significantly stronger performance expected in H2

Generated $386m of Free Cash Flow in Q2

Full year 2026 guidance: Adjusted EBITDA between $2.0bn to $2.4bn and Adjusted EBIT of $700m to $1.1bn

Dividend to shareholders expected based on 2026 results

Pending transaction with Hapag-Lloyd remains subject to closing conditions, including regulatory approvals; the parties continue to perform their obligations under the merger agreement and engage with the relevant authorities to obtain such approvals

, /PRNewswire/ -- ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) ("ZIM" or the "Company") announced today its consolidated results for the three and six months ended June 30, 2026.

ZIM's strong second-quarter results demonstrated the resilience of its business. ZIM's strategic presence in the Transpacific trade enabled the Company to capitalize on favorable market conditions, which together with ZIM's modern, fuel-efficient and cost-effective fleet and agile commercial strategy, drove improved year-over-year profitability.

Second Quarter 2026 Highlights

Net income for the second quarter was $64m (compared to $24m in the second quarter of 2025), or diluted earnings per share of $0.53 (compared to $0.19 in the second quarter of 2025). Adjusted net income for the second quarter was $77m (compared to $24m in the second quarter of 2025) Adjusted EBITDA for the second quarter was $491m, a year-over-year increase of 4%. Revenues for the second quarter were $1.78bn, a year-over-year increase of 9%. Carried volume in the second quarter was 922 thousand TEUs, a year-over-year increase of 3%. Average freight rate per TEU in the second quarter was $1,590, a year-over-year increase of 8%. Free cash flow of $386m generated during the quarter. Net leverage ratio of 1.6x as of June 30, 2026, compared to 1.7x net leverage ratio as of March 31, 2026 and 1.3x net leverage ratio as of December 31, 2025. Net debt, comprised predominantly of lease liabilities minus total cash position, of $2.77bn as of June 30, 2026, compared to $2.93bn as of March 31, 2026, and $2.92bn as of December 31, 2025. Net cash position (total cash position minus financial debt; i.e., excluding lease liabilities) of $2.46bn as of June 30, 2026. Chen Lichtenstein, ZIM President & CEO, stated, "Since assuming my role in July, my focus has been clear: to capitalize fully on current market opportunities while deploying the Company's resources with discipline and efficiency. We remain committed to preserving the agility that allows us to respond quickly to changing market conditions, strengthening our competitiveness, and creating sustainable value."

Sami Jubran, Chief Financial Officer, added, "We delivered solid results in the second quarter and expect significantly stronger performance during the remainder of the year, as reflected in our guidance. This anticipated improvement would enable our Board of Directors to consider declaring a dividend to shareholders based on our third-quarter results."

Summary of Key Financial and Operational Results

Q2-26

Q2-25

H1-26

H1-25

Carried volume (K-TEUs).............................

922

895

1,788

1,839

Average freight rate ($/TEU)........................

1,590

1,479

1,455

1,632

Total Revenues ($ in millions)......................

1,781

1,636

3,177

3,642

Operating income (EBIT) ($ in millions).......

144

149

126

613

Profit (loss) before income tax ($ in millions) 

61

49

(38)

430

Net income (loss) ($ in millions)...................

64

24

(22)

320

Adjusted EBITDA ($ in millions)................... 

491

472

804

1,251

Adjusted EBIT ($ in millions)........................ 

169

149

164

612

Adjusted net income ($ in millions) ............. 

77

24

4

318

Net income margin (%)................................

4

1

(1)

9

Adjusted EBITDA margin (%).......................

28

29

25

34

Adjusted EBIT margin (%)............................ 

10

9

5

17

Adjusted net income margin (%)..................

4

1

0

9

Diluted earnings per share ($)..................... 

0.53

0.19

(0.19)

2.64

Net cash generated from operating activities
($ in millions)............................................... 

395

441

657

1,296

Free cash flow ($ in millions).......................

386

426

621

1,213

JUN-30-26

DEC-31-25

Net debt ($ in millions).................................. 

2,773

2,925

Financial and Operating Results for the Second Quarter Ended June 30, 2026

Total revenues were $1.78 billion for the second quarter of 2026, compared to $1.64 billion for the second quarter of 2025, mainly driven by the increase in freight rates as well as carried volume.

ZIM carried 922 thousand TEUs in the second quarter of 2026, compared to 895 thousand TEUs in the second quarter of 2025. The average freight rate per TEU was $1,590 for the second quarter of 2026, compared to $1,479 for the second quarter of 2025.

Operating income (EBIT) for the second quarter of 2026 was $144 million, compared to $149 million for the second quarter of 2025.

Net income for the second quarter of 2026 was $64 million, compared to $24 million for the second quarter of 2025. Adjusted net income for the second quarter of 2026 was $77 million, compared to $24 million for the second quarter of 2025.

Adjusted EBITDA for the second quarter of 2026 was $491 million, compared to $472 million for the second quarter of 2025. Adjusted EBIT for the second quarter of 2026 was $169 million, compared to $149 million for the second quarter of 2025. Adjusted EBITDA and Adjusted EBIT margins for the second quarter of 2026 were 28% and 10%, respectively. This compares to 29% and 9% for the second quarter of 2025, respectively.

Net cash generated from operating activities was $395 million for the second quarter of 2026, compared to $441 million for the second quarter of 2025.

Financial and Operating Results for the Six Months Ended June 30, 2026

Total revenues were $3.18 billion for the first half of 2026, compared to $3.64 billion for the first half of 2025, primarily driven by the decrease in freight rates as well as carried volume.

ZIM carried 1,788 thousand TEUs in the first half of 2026, compared to 1,839 thousand TEUs in the first half of 2025. The average freight rate per TEU was $1,455 for the first half of 2026, compared to $1,632 for the first half of 2025.

Operating income (EBIT) for the first half of 2026 was $126 million, compared to $613 million for the first half of 2025. The decrease in operating income for the first half of 2026 was primarily driven by the above-mentioned decrease in total revenues.

Net loss for the first half of 2026 was $22 million, compared to net income of $320 million for the first half of 2025, mainly driven by the above-mentioned decrease in total revenues, partially offset by the impact of income taxes. Adjusted net income for the first half of 2026 was $4 million, compared to $318 million for the first half of 2025.

Adjusted EBITDA for the first half of 2026 was $804 million, compared to $1.25 billion for the first half of 2025. Adjusted EBIT for the first half of 2026 was $164 million, compared to $612 million for the first half of 2025. Adjusted EBITDA and Adjusted EBIT margins for the first half of 2026 were 25% and 5%, respectively. This compares to 34% and 17%, respectively, for the first half of 2025.

Net cash generated from operating activities for the first half of 2026 was $657 million, compared to $1.30 billion for the first half of 2025.

Liquidity, Cash Flows and Capital Allocation

ZIM's total cash position (which includes cash and cash equivalents and investments in bank deposits and other investment instruments), was $2.53 billion as of June 30, 2026, compared to $2.54 billion as of March 31, 2026 and $2.80 billion as of December 31, 2025.

Capital expenditures totaled $12 million and $43 million for the second quarter of 2026 and for the first half of 2026 respectively, compared to $24 million for the second quarter of 2025 and $102 million for the first half of 2025. Other cash flow items in the first half of 2026 include a dividend payment of $106 million and $781 million of debt service, mostly related to charter vessel and equipment lease liability repayments.

Net debt position as of June 30, 2026, was $2.77 billion compared to $2.93 billion as of March 31, 2026, and $2.92 billion as of December 31, 2025.

Net cash position (total cash minus financial debt) was $2.46 billion as of June 30, 2026, unchanged from March 31, 2026, compared with $2.72 billion as of December 31, 2025. ZIM's net leverage ratio as of June 30, 2026, was 1.6x, compared to 1.7x net leverage ratio as of March 31, 2026 and 1.3x as of December 31, 2025.

Fleet Update

ZIM currently operates 115 containerships with a total capacity of 707 thousand TEUs, as well as 13 car carriers, compared to 123 containerships with total capacity of 767 thousand TEU and 14 car carriers as of our Q2 2025 earnings release (August 20, 2025).

In addition, the Company has 9 containerships scheduled for charter expiration during the remainder of 2026, representing an aggregate capacity of approximately 35 thousand TEU. In 2027, 13 containerships are scheduled for charter expiration, representing an aggregate capacity of approximately 28 thousand TEU. While this flexibility allows ZIM to actively manage its operated capacity, the company expects capacity to remain stable in 2026.

ZIM has entered into charter agreements for an aggregate of 40 vessels, or approximately 286 thousand TEU of capacity, the vast majority of which is newbuild capacity, including:

Four 8,000 TEU newbuild scrubber fitted vessels with charter durations of either 5 or 7.5 years and expected delivery between the second half of 2026 and the first half of 2027 Ten 11,500 TEU newbuild dual-fuel LNG vessels with charter duration of 12 years and expected delivery between 2027 and 2028. ZIM holds options to extend the charter duration or alternatively, to purchase these vessels Two 12,000 TEU newbuild scrubber fitted vessels, scheduled for delivery during 2027, with charter periods of up to five years, with optional extensions included Four 9,000 TEU secondhand vessels (build 2015-2016), with expected delivery between 2027-2028, with charter periods of five years with optional extensions included 20 newbuild vessels, some of which are scrubber fitted, with capacities ranging from 3,000 to 5,000 TEU, scheduled for delivery between 2027 and 2028. Charter periods for these vessels are of either 5 or 7.5 years, some of which also include optional extensions. Volume Breakdown by Geographic Trade Zone (K TEU)*

Three months ended June 30

Six months ended June 30

2026

2025

2026

2025

Pacific

426

354

817

738

Cross-Suez

66

76

132

161

Atlantic

118

129

233

270

Intra-Asia

212

199

409

392

Latin America

100

137

197

278

Total

922

895

1,788

1,839

* The table above may contain slight summation differences due to rounding.

Use of Non-IFRS Measures in the Company's 2026 Guidance

A reconciliation of the Company's non-IFRS financial measures included in its full-year 2026 guidance to corresponding IFRS measures is not available on a forward-looking basis. In particular, the Company has not reconciled Adjusted EBITDA and Adjusted EBIT because the various reconciling items between such non-IFRS financial measures and the corresponding IFRS measures cannot be determined without unreasonable effort due to the uncertainty regarding, and the potential variability of, the future costs and expenses for which the Company adjusts, the effect of which may be significant, and all of which are difficult to predict and are subject to frequent change.

Full-Year 2026 Guidance and Expected Dividend

In 2026, the Company expects to generate Adjusted EBITDA between $2.0 billion and $2.4 billion and Adjusted EBIT between $700 million and $1.1 billion.

Based on its current full year 2026 guidance, the Company expects to distribute dividends to shareholders on account of 2026 results in accordance with its existing dividend policy.

All future dividends are subject to the discretion of the Company's Board of Directors, the restrictions provided by Israeli law and the applicable restrictions set forth in the merger agreement with Hapag-Lloyd.

Transaction with Hapag-Lloyd

On February 16, 2026, ZIM announced that it entered into a merger agreement with Hapag-Lloyd, under which Hapag-Lloyd will acquire ZIM for $35.00 per share in cash. The transaction was unanimously approved by ZIM's Board of Directors and approved by shareholders at a special meeting held on April 30, 2026. The transaction remains subject to satisfaction of customary closing conditions, including approvals by various regulatory authorities among them the State of Israel pursuant to the requirements of the Special State Share (the "Golden Share") and is targeted to close in the fourth quarter of 2026.

Until the closing of the transaction, Hapag-Lloyd and ZIM will remain separate independent companies and ZIM will continue to operate in the ordinary course.

Conference Call Details

In light of the pending transaction with Hapag-Lloyd, ZIM will not host a conference call in connection with its second quarter 2026 results.

About ZIM

Founded in Israel in 1945, ZIM (NYSE: ZIM) is a leading global container liner shipping company with operations in more than 90 countries, serving over 30,000 customers across more than 300 ports worldwide. ZIM leverages digital strategies and a commitment to ESG values to provide customers innovative seaborne transportation and logistics services and exceptional customer experience. ZIM's differentiated global-niche strategy, based on agile fleet management and deployment, covers major trade routes with a focus on select markets where the company holds competitive advantages. Additional information about ZIM is available at www.ZIM.com.

Forward-Looking Statements

This press release contains, or may be deemed to contain, forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995). In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties, assumptions, and other important factors, may include statements regarding macroeconomic and geopolitical conditions, chartering agreements, anticipated capacity, and the timing thereof, statements relating to the timing and closing of the pending transaction with Hapag-Lloyd, the Company's anticipated growth strategies and anticipated trends in its business. These statements are only predictions based on the Company's current expectations and projections about future events or results. There are important factors that could cause the Company's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause such differences include, but are not limited to: our expectations regarding general market conditions as a result of the current geopolitical instability, developments and further escalation of events, including, but not limited to, risks and uncertainties relating to outcome of the pending transaction with Hapag-Lloyd, the current military conflict between Israel and the U.S. against Iran and some of its proxies, the Houthi attacks against vessels in the Red Sea, the war between Israel and Hamas, Iran and Iranian-backed proxies (including its impact on the Strait of Hormuz), the political and military instability in the Middle East and the war between Russia and Ukraine; our expectations regarding general market conditions as a result of global economic trends, including potential rising inflation and interest rates as a result of geopolitical and other events; our expectations regarding trends related to the global container shipping industry, including with respect to fluctuations in vessel and container supply, industry consolidation, demand for containerized shipping services, bunker and alternative fuel prices and supply, charter and freight rates, container values and other factors affecting supply and demand; our plans regarding our business strategy, areas of possible expansion and expected capital spending or operating expenses; our ability to adequately respond to political, economic and military instability in Israel and the Middle East (particularly as a result of the Israel-Hamas war and the Israel-Hezbollah and Israel-Iran armed conflicts), and our ability to maintain business continuity as an Israeli-incorporated company in times of emergency; our ability to effectively handle cyber-security threats and recover from cyber-security incidents, including in connection with the war between Israel and Iran and Iranian-backed proxies; our anticipated ability to obtain additional financing in the future to fund expenditures; our expectation of modifications with respect to our and other shipping companies' operating fleet and lines, including the utilization of larger vessels within certain trade zones and modifications made in light of environmental regulations; the expected benefits of our cooperation agreements and strategic partnerships; formation of new alliances among global carriers, changes in and disintegration of existing alliances and collaborations, including alliances and collaborations to which we are not a party to; our anticipated insurance costs; our expectations regarding the availability of crew; our expectations regarding our environmental and regulatory conditions, including extreme weather events (such as the drought conditions in the Panama Canal), changes in laws and regulations or actions taken by regulatory authorities, and the expected effect of such regulations; our expectations regarding potential liability from current or future litigation; our plans regarding hedging activities; our ability to pay dividends in accordance with our dividend policy; our expectations regarding our competition and ability to compete effectively, and other risks and uncertainties detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission (SEC), including under the caption "Risk Factors" in its 2025 Annual Report filed with the SEC on March 9, 2026 and its Notice and Proxy Statement attached as Exhibit 99.1 to its Current Report filed with the SEC on March 19, 2026 in connection with the pending transaction with Hapag-Lloyd. 

Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. The Company assumes no duty to update any of these forward-looking statements after the date hereof to conform its prior statements to actual results or revised expectations, except as otherwise required by law.

The Company prepares its financial statements in accordance with IFRS Accounting Standards (IFRSs), as issued by the International Accounting Standards Board (IASB).

Use of Non-IFRS Financial Measures

The Company presents non-IFRS measures as additional performance measures as the Company believes that it enables the comparison of operating performance between periods on a consistent basis. These measures should not be considered in isolation, or as a substitute for operating income, any other performance measures, or cash flow data, which were prepared in accordance with IFRS as measures of profitability or liquidity. Please note that Adjusted EBITDA does not take into account debt service requirements or other commitments, as well as capital expenditures, and therefore, does not necessarily indicate the amounts that may be available for the Company's use. In addition, the non-IFRS financial measures presented by the Company may not be comparable to similarly titled measures reported by other companies due to differences in the way these measures are calculated.

Adjusted EBITDA is a non-IFRS financial measure which we define as net income (loss) adjusted to exclude financial expenses (income), net, income taxes, depreciation and amortization in order to reach EBITDA, and further adjusted, as applicable, to exclude impairment of assets (or the reversal of which), capital gains (losses) beyond the ordinary course of business, expenses related to legal contingencies and acquisition related expenses (compensation costs and professional fees).

Adjusted EBIT is a non-IFRS financial measure which we define as net income (loss) adjusted to exclude financial expenses (income), net and income taxes, in order to reach our results from operating activities, or EBIT, and further adjusted, as applicable, to exclude impairment of assets (or the reversal of which), capital gains (losses) beyond the ordinary course of business, expenses related to legal contingencies and acquisition related expenses (compensation costs and professional fees).

Adjusted Net Income is a non-IFRS financial measure which we define as net income (loss) adjusted, as applicable, to exclude impairment of assets (or the reversal of which), capital gains (losses) beyond the ordinary course of business, expenses related to legal contingencies and acquisition related expenses (compensation costs and professional fees), all of which net of their respective income tax effect.

Free cash flow is a non-IFRS financial measure which we define as net cash generated from operating activities minus capital expenditures, net.

Net debt is a non-IFRS financial measure which we define as face value of short- and long-term debt, minus cash and cash equivalents, bank deposits and other investment instruments. 

Net cash position is a non-IFRS financial measure which we define as the total cash position (which includes cash and cash equivalents, bank deposits and other investment instruments) minus financial debt (i.e., excluding lease liabilities).

Net leverage ratio is a non-IFRS financial measure which we define as net debt (see above) divided by Adjusted EBITDA for the last twelve-month period. When our net debt is less than zero, we report the net leverage ratio as zero.

See the reconciliation of net income to Adjusted EBIT, Adjusted EBITDA and Adjusted net income and net cash generated from operating activities to free cash flow in the tables provided below.

Investor Relations:

Elana Holzman
ZIM Integrated Shipping Services Ltd.
+972-4-865-2300
[email protected]

Leon Berman
The IGB Group
212-477-8438
[email protected]

Media:

Yifat Ginzberg
ZIM Integrated Shipping Services Ltd.
+972-4-865-2249
[email protected]

CONSOLIDATED BALANCE SHEET (Unaudited)
(U.S. dollars in millions)

June 30

December 31

2026

2025

2025

Assets

Vessels

5,372.6

5,825.0

5,801.7

Containers and handling equipment

1,078.0

1,058.0

1,102.1

Other tangible assets

137.1

109.1

137.8

Intangible assets

108.0

109.9

109.4

Investments in associates 

31.1

33.3

28.6

Other investments

958.3

1,137.6

1,051.7

Other receivables

117.3

50.4

137.0

Deferred tax assets

9.0

7.7

9.2

Total non-current assets

7,811.4

8,331.0

8,377.5

Inventories

223.1

199.3

167.8

Trade and other receivables

992.7

794.6

676.0

Other investments

600.9

585.7

735.1

Cash and cash equivalents

1,037.1

1,187.1

1,051.7

Total current assets

2,853.8

2,766.7

2,630.6

Total assets

10,665.2

11,097.7

11,008.1

Equity

Share capital and reserves

2,041.4

2,046.4

2,051.4

Retained earnings

1,839.8

1,851.0

1,969.5

Equity attributable to owners of the Company

3,881.2

3,897.4

4,020.9

Non-controlling interests

3.4

4.3

4.7

Total equity

3,884.6

3,901.7

4,025.6

Liabilities

Lease liabilities

4,191.2

4,647.4

4,551.6

Loans and other liabilities

42.2

52.3

47.2

Employee benefits

78.4

60.9

63.4

Deferred tax liabilities

173.4

130.9

186.2

Total non-current liabilities

4,485.2

4,891.5

4,848.4

Trade and other payables

714.4

641.7

636.4

Provisions

117.2

93.6

118.4

Contract liabilities

384.6

353.7

239.9

Lease liabilities

1,041.1

1,167.6

1,096.5

Loans and other liabilities

38.1

47.9

42.9

Total current liabilities

2,295.4

2,304.5

2,134.1

Total liabilities

6,780.6

7,196.0

6,982.5

Total equity and liabilities

10,665.2

11,097.7

11,008.1

CONSOLIDATED INCOME STATEMENTS (Unaudited)
(U.S. dollars in millions, except per share data)

Six Months ended
June 30

Three Months ended
June 30

Year ended
December 31

2026

2025

2026

2025

2025

Income from voyages and related services

3,177.2

3,642.3

1,780.7

1,635.7

6,904.2

Cost of voyages and related services:

Operating expenses and cost of services

(2,245.3)

(2,260.6)

(1,213.6)

(1,098.0)

(4,460.8)

Depreciation

(619.7)

(627.7)

(312.1)

(316.9)

(1,259.5)

Impairment reversal of assets

137.0

Gross profit

312.2

754.0

255.0

220.8

1,320.9

Other operating income

27.9

27.8

2.5

15.3

43.4

Other operating expenses

(0.9)

(0.2)

(0.8)

(0.2)

(1.5)

General and administrative expenses

(203.7)

(163.2)

(107.5)

(84.2)

(336.3)

Share of loss of associates

(9.5)

(4.9)

(4.9)

(2.5)

(10.5)

Results from operating activities

126.0

613.5

144.3

149.2

1,016.0

Finance income

56.4

69.7

24.1

29.7

133.1

Finance expenses

(219.9)

(253.4)

(107.7)

(129.6)

(490.6)

Net finance expenses

(163.5)

(183.7)

(83.6)

(99.9)

(357.5)

Profit (loss) before income taxes

(37.5)

429.8

60.7

49.3

658.5

Income taxes

15.3

(110.0)

3.4

(25.6)

(177.0)

Profit (loss) for the period

(22.2)

319.8

64.1

23.7

481.5

Attributable to:

Owners of the Company

(22.5)

318.1

63.5

22.8

479.2

Non-controlling interests

0.3

1.7

0.6

0.9

2.3

Profit (loss) for the period

(22.2)

319.8

64.1

23.7

481.5

Earnings (loss) per share (US$)

Basic earnings (loss) per 1 ordinary share

(0.19)

2.64

0.53

0.19

3.98

Diluted earnings (loss) per 1 ordinary share

(0.19)

2.64

0.53

0.19

3.98

Weighted average number of shares for earnings per share calculation:

Basic

120,498,861

120,448,448

120,520,263

120,457,512

120,453,671

Diluted

120,498,861

120,511,122

120,658,073

120,508,193

120,515,854

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(U.S. dollars in millions)

Six Months ended
June 30

Three Months
ended June 30

Year ended
December 31

2026

2025

2026

2025

2025

Cash flows from operating activities

Profit (loss) for the period

(22.2)

319.8

64.1

23.7

481.5

Adjustments for:

Depreciation and amortization

640.0

639.0

322.0

323.1

1,286.1

Impairment reversal

(137.0)

Net finance expenses

163.5

183.7

83.6

99.9

357.5

Share of losses and change in fair value of investees

(10.5)

0.1

4.9

(2.3)

5.6

Capital gains, net

(7.6)

(22.6)

(2.8)

(10.7)

(37.6)

Income taxes

(15.3)

110.0

(3.4)

25.6

177.0

Other non-cash items

0.4

2.1

0.2

1.7

(0.1)

748.3

1,232.1

468.6

461.0

2,133.0

Change in inventories

(55.3)

12.9

(16.5)

18.2

44.4

Change in trade and other receivables

(304.4)

139.7

(266.6)

(42.1)

262.3

Change in trade and other payables, including contract liabilities

219.2

(154.3)

188.9

(28.1)

(267.1)

Change in provisions and employee benefits

10.3

11.4

2.7

10.0

35.6

(130.2)

9.7

(91.5)

(42.0)

75.2

Dividends received from associates

1.2

1.0

1.9

Interest received

52.0

61.9

24.5

31.5

113.7

Income taxes paid

(14.0)

(8.7)

(7.0)

(9.2)

(24.3)

Net cash generated from operating activities

657.3

1,296.0

394.6

441.3

2,299.5

Cash flows from investing activities

Proceeds from sale of tangible assets, intangible assets, and interest in investees

6.2

19.0

2.5

9.1

36.6

Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees

(42.9)

(102.4)

(11.6)

(24.4)

(217.7)

Disposal of investment instruments, net

87.9

37.7

41.4

50.9

148.6

Loans granted to investees

(6.8)

(3.9)

(3.3)

(2.0)

(8.1)

Change in other receivables

15.6

15.3

7.8

7.9

(67.5)

Change in other investments (mainly deposits), net

158.5

133.8

76.3

99.7

(25.2)

Net cash generated from (used in) investing activities

218.5

99.5

113.1

141.2

(133.3)

Cash flows from financing activities

Repayment of lease liabilities and borrowings

(564.0)

(810.0)

(282.7)

(349.6)

(1,439.6)

Dividend paid to owners of the Company

(106.1)

(471.0)

(471.0)

(515.6)

Dividend paid to non-controlling interests

(0.4)

(3.8)

(3.6)

(3.8)

Interest paid

(217.4)

(241.6)

(106.8)

(119.9)

(474.3)

Net cash used in financing activities

(887.9)

(1,526.4)

(389.5)

(944.1)

(2,433.3)

Net change in cash and cash equivalents

(12.1)

(130.9)

118.2

(361.6)

(267.1)

Cash and cash equivalents at beginning of the period

1,051.7

1,314.7

921.6

1,546.1

1,314.7

Effect of exchange rate fluctuation on cash held

(2.5)

3.3

(2.7)

2.6

4.1

Cash and cash equivalents at the end of the period

1,037.1

1,187.1

1,037.1

1,187.1

1,051.7

RECONCILIATION OF NET INCOME TO ADJUSTED EBIT*
(U.S. dollars in millions)

Six months ended
June 30

Three months ended
June 30

2026

2025

2026

2025

Net income (loss)

(22)

320

64

24

Financial expenses, net

164

184

84

100

Income taxes

(15)

110

(3)

26

Operating income (EBIT)

126

613

144

149

Capital loss (gain), beyond the ordinary course of business                    

(1)

(2)

Acquisition related costs

39

25

Adjusted EBIT

164

612

169

149

Adjusted EBIT margin

5 %

17 %

10 %

9 %

* The table above may contain slight summation differences due to rounding.

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA*
(U.S. dollars in millions)

Six months ended
June 30

Three months ended
June 30

2026

2025

2026

2025

Net income (loss)

(22)

320

64

24

Financial expenses, net

164

184

84

100

Income taxes

(15)

110

(3)

26

Depreciation and amortization

640

639

322

323

EBITDA

766

1,253

466

472

Capital loss (gain), beyond the ordinary course of business            

(1)

(2)

Acquisition related costs

39

25

Adjusted EBITDA

804

1,251

491

472

Adjusted EBITDA margin

25 %

34 %

28 %

29 %

* The table above may contain slight summation differences due to rounding.

RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME*
(U.S. dollars in millions)

Six months ended
June 30

Three months ended
June 30

2026

2025

2026

2025

Net income (loss)

(22)

320

64

24

Capital loss (gain), beyond the ordinary course of business (net of tax)

(1)

(2)

Acquisition related costs (net of tax)

27

13

Adjusted net income (loss)

4

318

77

24

Net income (loss) margin

-1 %

9 %

4 %

1 %

Adjusted net income (loss) margin

0 %

9 %

4 %

1 %

* The table above may contain slight summation differences due to rounding.

RECONCILIATION OF NET CASH GENERATED FROM
OPERATING ACTIVITIES TO FREE CASH FLOW*
(U.S. dollars in millions)

Six months ended
June 30

Three months ended
June 30

2026

2025

2026

2025

Net cash generated from operating activities                                       

657

1,296

395

441

Capital expenditures, net

(36)

(83)

(9)

(15)

Free cash flow

621

1,213

386

426

* The table above may contain slight summation differences due to rounding.

Logo - https://mmx.prnewswire.com/media/1933864/ZIM_Logo.jpg

SOURCE Zim Integrated Shipping Services Ltd.

Berkshire Hathaway (BRKA +0.83%) (BRKB +0.95%) is shuffling its portfolio again. The Omaha, Nebraska-based conglomerate filed its second-quarter 13F form with the Securities and Exchange Commission, detailing the company's huge stock portfolio and changes made since the first quarter.

Chief Executive Officer Greg Abel, who took over from the legendary Warren Buffett at the beginning of the year, was an active buyer, increasing the portfolio's size from $263 billion to $299 billion. Abel is getting the most attention for his purchase of Alphabet stock, which is now the third-largest position in the company's portfolio. He increased the size of its holdings in the company by 83%, bringing its stake to more than $36 billion.

However, I'm also intrigued by some of his smaller stock purchases. Here are three companies that Berkshire bought last quarter -- not including Alphabet.

Berkshire Hathaway has bought more shares in Lennar, a homebuilder. Image source: Getty Images.

No. 1: Delta Air Lines Delta Air Lines (DAL -2.16%) is one of the biggest airlines in the world, serving 290 destinations and operating about 5,000 flights per day. When you add Delta's partner network, the airline can get you to more than 700 destinations in 130 countries and territories.

Today's Change

(

-2.16

%) $

-1.89

Current Price

$

85.70

Operating an airline can be a tough business when you factor in jet fuel costs, competition from low-fare operators, and the overhead of purchasing and maintaining a fleet of aircraft. Operating revenue was $19.8 billion in the quarter, up 19% from a year ago.

But expenses grew even faster. Fuel costs jumped 67%, and refinery expenses were up 89%. Overall, Delta reported operating expense of $17.9 billion, up 25% from a year ago. That led to net income falling 25% year over year to $1.6 billion.

Berkshire Hathaway initiated a stake in Delta in the first quarter and increased it by 44% in the second quarter. The conglomerate now owns 8.7% of the airline, with 57.3 million shares representing a stake of about $5 billion in Delta stock.

No. 2: Lennar Lennar (LEN -1.85%) is a home construction and real estate company and one of the nation's largest homebuilders. The company delivered just over 20,500 homes in the second quarter, near the midpoint of its forecast, with an average sale price of $371,000.

However, revenue from home sales fell 2% in the quarter to $7.6 billion, with housing prices falling by an average of 5% from last year. Gross margin was 15.6%, down from 17.8% year over year, and operating earnings for the company's financial services segment fell from $157 million to $100 million.

The company is in the process of making over its business, moving from a capital-heavy land developer to a land-light strategy built on land-option platforms and option agreements. Lennar has said the change will make it more efficient, freeing up capital and improving returns on inventory and equity over the long term.

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Abel apparently sees it as a good value. Berkshire increased its stake in Lennar Class B shares by 43% in the quarter, and the conglomerate now holds 13.4 million shares of its Class A and Class B stock that represents a combined stake of almost $1.2 billion.

No. 3: The New York Times Company Berkshire used to be big into the newspaper business, operating a chain of daily papers under the Berkshire Hathaway Media Group. Buffett once said that he liked that daily newspapers essentially held monopolies in the communities they served by providing news, supermarket ads, and job listings.

All that changed with the internet, however, and Berkshire sold its last newspapers in 2020. Buffett declared that the industry was "toast."

But there are always exceptions, and one of those is The New York Times Company (NYT -0.31%). Berkshire opened a position in the company in the fourth quarter of 2025 and has been adding to it steadily. Abel tripled Berkshire's position in the first quarter this year, and in the second quarter, he increased the conglomerate's stake again, by 4%.

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The news company has transitioned to a digital model, with digital-only subscriptions up 16.4% from a year ago and digital ad revenue up 20.7%. Overall, the company has 13.4 million subscribers, of which 12.8 million are digital-only.

Total revenue was $762.5 million in the quarter, up 11%, and adjusted operating profit was $155.3 million, up 20% from last year. Berkshire Hathaway now owns 15.7 million shares of New York Times stock, or 9.8% of the company, and its stake is valued at a little more than $1 billion.

Few large-cap stocks offer a more direct way to capitalize on today’s powerful transportation-fuel margins than Valero Energy (VLO - Free Report) ).

With VLO sporting a Zacks Rank #1 (Strong Buy), it’s noteworthy that Valero’s Zacks Oil and Gas-Refining and Marketing Industry is currently in the top 10% of over 240 Zacks industries.

In addition to its strong buy rating, VLO also checks an overall “A” VGM Zacks Style Scores grade for the combination of Value, Growth, and Momentum.

This comes as U.S. gasoline prices have climbed back above $4 per gallon. At the same time, refining margins have reached historically elevated levels as tight global product supplies stemming from disruptions in the Middle East have collided with resilient transportation demand.

Bullish Refining MarginsThe 3-2-1 crack spread — a widely watched proxy for refinery profitability — recently reached record territory, creating an exceptionally favorable backdrop for efficient U.S. refiners.  

As provided by the Chicago Mercantile Exchange (CME) Group and visualized by TradingView, U.S. refining margins have surged to historic levels, with the closely watched 3-2-1 crack spread approaching $70 per barrel.

This means that the market value of the gasoline and diesel produced from crude oil is running roughly $70 per barrel above the cost of the crude itself—a powerful indicator of the unusually favorable economics facing refiners such as Valero.

In other words, refiners can currently sell the gasoline and diesel produced from a barrel of crude for roughly $70 more than the crude feedstock cost, before accounting for the refinery’s other expenses.

Image Source: CME Group

Valero is Translating that Environment Directly into Earnings GrowthValero's Refining segment generated $4.5 billion of Q2 operating income, up sharply from $1.3 billion a year ago, while throughput averaged roughly 3 million barrels per day.

More importantly, refining margin per barrel surged to $23.62 from $12.35 in the year-ago period. That combination of high utilization and dramatically stronger margins gives Valero tremendous operating leverage when gasoline and diesel markets tighten.

The earnings picture reflects it. Last month, Valero delivered record quarterly adjusted EPS of $12.54, comfortably topping the Q2 consensus estimate of $9.87 by 27% and surging 450% from earnings of $2.28 per share in the prior year quarter.

Plus, Valero has now exceeded earnings expectations for seven consecutive quarters with an impressive average EPS surprise of 26.8% in its last four quarterly reports.

Image Source: Zacks Investment Research

Surging EPS Revisions and a Reasonable ValuationJust as encouraging is the direction of analyst estimates. Following the Q2 EPS beat, the forward earnings-revision trend has moved decisively higher in the last month, with Valero's fiscal 2026 and FY27 EPS estimates now spiking over 30% in the last 60 days, respectively.

In the last two months, EPS revisions for the current quarter and next quarter have both spiked over 90%, with Valero’s annual adjusted earnings now expected to surge more than 282% to what would be a new record of $40.62 per share.

Image Source: Zacks Investment Research

And despite a more than 100% year-to-date run-up in VLO shares, Valero’s valuation remains very reasonable at 8X forward earnings. 

Image Source: Zacks Investment Research

VLO still trades at a steep discount to the benchmark S&P 500’s 22X forward earnings multiple despite having one of the clearest earnings growth catalysts in the market.

Its valuation is also roughly in line with the broader Oil and Gas-Refining and Marketing industry, which includes notable peers Marathon Petroleum (MPC - Free Report) ) and Phillips 66 (PSX - Free Report) ).

Image Source: Zacks Investment Research

Bottom LineWith gasoline prices above $4 per gallon, refining margins exceptionally strong, throughput near 3 million barrels per day, and earnings estimates moving sharply higher, Valero remains one of the clearest large-cap beneficiaries of the current transportation-fuel environment.

Last year, Opendoor (OPEN -5.08%) had a new CEO, Kaz Nejatian, take the helm, promising a massive turnaround for the struggling pandemic-era real estate technology company. The stock price rose from under $1 to $10 in a year, with investors betting that the pain was finally over.

Today, shares are back down to $3.50. The financial results for the real estate buying platform continue to deteriorate, with housing market activity frozen shut in the United States.

Here's what Opendoor's future may look like, and whether the stock looks cheap again, down 90% from 2021 highs, as a bet on an eventual reversion to the mean in homebuying activity.

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A struggling turnaround When joining Opendoor, Nejatian wanted to reinvigorate the business by becoming leaner on costs and adding new features for real estate buyers and sellers on its platform. Historically, Opendoor's business model has been to buy and sell homes directly, which has proved tough to finance as a start-up trying to hold more and more inventory on its balance sheet.

This business model broke down amid the rising interest-rate environment of 2022, which drove many transactions out of the U.S. housing market. Opendoor's revenue has steadily declined from its peak, reaching $3.2 billion over the last 12 months, down from over $15 billion at one point in 2021.

Nejatian wants to scale up home acquisitions again, but more efficiently. Last quarter, Opendoor had 6,900 acquisition contracts but spent just $5 million on marketing. That compares to a similar level of acquisitions back in Q2 2022, when Opendoor spent $81 million on marketing.

At the same time, Nejatian wants to turn over homes more quickly, reducing the time this inventory sits on the balance sheet. Opendoor is making progress in this regard, with the percentage of homes on the market at over 120 days down to 9% last quarter, compared to 10% a year prior.

Image source: Getty Images.

Should you buy Opendoor stock? Despite efforts to improve the core business model and layer on new products, such as automated pricing and mortgage lending through Opendoor, the business remains in rough financial shape.

Last quarter, Opendoor had a net loss of $162 million. It has never generated positive profitability, no matter how hot or cold the U.S. housing market is. Right now, the housing market is ice cold when it comes to transactions, and Opendoor and its investors are betting that an eventual turnaround will finally lead to profitability.

Investors should not automatically expect the housing market to return to the level it was at during the COVID-19 pandemic. We may be in a new environment of higher interest rates and an aging population that lessens the importance of this sector. And Opendoor operated in a hot housing environment a few years ago, and it still could not generate a profit. For these reasons, investors should stay far away from this stock.

Chief Policy Officer Deborah M. Autor reported a non-discretionary disposition of 16,147 shares of Hims & Hers Health, Inc. (HIMS -4.26%) on August 14, according to a recent SEC Form 4 filing.

Transaction summaryMetricValueTransaction value~$455,000Shares sold (directly held)16,147Post-transaction shares (directly held)65,734Post-transaction value~$1.9 millionTransaction value based on SEC Form 4 weighted average sale price ($28.15); post-transaction value based on the August 14 market close ($28.15).

Key questionsWhat prompted the disposition of these shares?
The transaction was non-discretionary and executed specifically to cover tax liabilities associated with the vesting and settlement of restricted stock units, a routine event for executive compensation.What is the insider's total equity exposure following this move?
While direct ownership now stands at 65,734 shares, the insider also holds 427,953 derivative securities, including unvested awards that align future incentives with shareholder performance.How has the stock performed leading up to this transaction?
As of the August 14 transaction date, Hims & Hers Health shares had returned -38% over the preceding 12-month period.What is the company's current financial and market profile?
The company operates a digital health platform and reported trailing-twelve-month revenue of $2.6 billion and a net loss of $142.0 million, with a market capitalization of $6.4 billion as of the latest reporting date.Company OverviewMetricValueShare Price (as of market close 2026-08-17)$28.61Market Capitalization$6.4 billionRevenue (TTM)$2.6 billionNet Income (TTM)-$142.0 millionCompany SnapshotHims & Hers operates a comprehensive digital health platform that delivers prescription medications, over-the-counter drugs, medical devices, cosmetics, and dietary supplements directly to consumers through its websites and mobile application.The company generates revenue through a direct-to-consumer model by connecting patients with licensed medical professionals for virtual consultations and facilitating the sale of health and wellness products with recurring subscription and transaction-based revenue streams.The company primarily serves consumers seeking convenient, accessible healthcare solutions and wellness products, targeting individuals who prefer digital-first medical consultations and home delivery of pharmaceutical and consumer health products.Hims & Hers Health operates as a leading digital health platform with a $6.4 billion market capitalization and $2.6 billion in TTM revenue, positioning itself at the intersection of telehealth and direct-to-consumer pharmaceutical distribution. The company's integrated platform model creates competitive advantages through operational efficiency, customer convenience, and data-driven personalization. Despite current net losses of $142.0 million TTM, the company's substantial revenue base and market scale reflect strong consumer adoption of its digital-first healthcare delivery model.

What this transaction means for investorsThis was a relatively small transaction, and it landed on the same day as filings from other Hims & Hers executives, including the firm's CEO and CTO. That makes this seem pretty clearly like a quarterly RSU vesting working throughout the executive ranks, as opposed to something specific to Autor, meaning nothing here points to her view of the stock.

The more useful context is what she oversees. As chief policy officer, Autor sits closest to the regulatory obstacles the company is currently having in two directions at once. The FTC sued Hims & Hers on July 29 over data-sharing and billing practices, and the company took a $47.5 million legal contingency accrual in the second quarter. Separately, the FDA hasn't yet finalized rulemaking on the peptide compounds Hims wants to sell, six of seven cleared a key advisory hearing last month, and CEO Andrew Dudum told analysts on the August 10 call that the company is "waiting on full and final rule making from the FDA" before it launches them. Both of those developments are what actually move the stock from here. Autor's 427,953 in unvested derivative securities is the real measure of how much she has riding on the outcome, not the 16,147 shares that just got disposed of.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Hims & Hers Health. The Motley Fool has a disclosure policy.

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SPCX buy on unlock + rebalance bid

Buy SpaceX (NASDAQ: SPCX). The August 6 unlock added massive supply yet the stock rallied (+6.1% day-of, +16% next session). That signals strong absorption from index/ETF demand. With another 319M shares becoming eligible Aug 20 and a Nasdaq-100 rebalance before Sept 21, passive flows can keep demand ahead of supply and extend the momentum into September.

Key Risk: The Aug 20 eligibility finally triggers real selling (insiders monetize) and the stock breaks the post-unlock support, proving buyers can’t absorb the float increase.

SPCX sell/short into valuation risk

Sell or short SpaceX (NASDAQ: SPCX) into the September catalyst. Even if index buying happens, it doesn’t fix the valuation argument: Morningstar flags overvaluation, and the stock has been extremely volatile since the IPO. If the market has already priced “Nasdaq funds fuel the rally,” any supply wave (Aug 20) or rebalance disappointment can cause a sharp mean reversion.

Key Risk: Index/ETF demand overshoots expectations and keeps SPCX grinding higher through the rebalance, leaving valuation bears behind.

SpaceX stock NASDAQ:SPCX faces another major supply test on Thursday, but investors are already looking beyond the August lockup to a September catalyst.

Another 319 million shares are expected to become eligible for trading on August 20, following the release of 912 million shares on August 6.

Yet the first unlock failed to trigger the selloff many investors feared.

SpaceX rose 6.1% that day and nearly 16% in the following session, while shares have risen about 35% since the restrictions lifted.

The Nasdaq-100’s September quarterly rebalance is scheduled to take effect before trading begins on September 21.

SpaceX joined the Nasdaq-100 on July 7. JPMorgan estimated at the time that inclusion could attract roughly $4.3 billion in passive inflows from funds tracking the benchmark.

“Clearly, there’s a lot of demand; that’s why they fast-tracked the integration into the index,” Morningstar strategist Michael Field told Reuters. He also warned that Morningstar considered the shares overvalued.

The next question is whether SpaceX’s growing public float could increase its index representation.

Investor Tangerine Tan Capital calculates that SpaceX currently carries about a 1.16% Nasdaq-100 weight, well below the 4% to 5% allocation he believes its market value could justify without the float constraint.

As more insider shares become tradable, the investor expects index funds to increase their holdings around future rebalances.

“I am expecting a price increase around the time of the rebalancing,” Tangerine Tan Capital wrote.

The September thesis first has to survive Thursday.

About 319 million additional shares become eligible for trading, increasing the pool available to insiders and early investors.

Eligibility does not mean those holders will sell, but it creates another potential source of supply.

Research analyst Ed Elson expects “a lot of selling pressure” as early backers gain opportunities to monetise years of gains.

The August 6 unlock offered an encouraging precedent. More than 900 million shares became eligible, but SpaceX instead climbed 6.1% to $114.92. Elson suggested short sellers closing positions may have helped absorb the new supply.

Morgan Stanley analyst Adam Jonas was also bullish around that event. The Associated Press reported that Jonas viewed the unlock as a buying opportunity and believed SpaceX could reach $300 by mid-2027.

Any additional passive buying would not automatically make SpaceX fundamentally cheap.

The stock has remained highly volatile since its $135 IPO, climbing as high as $225.64 before falling below the offer price and subsequently recovering.

NYU professor and investor Scott Galloway told Business Insider this week that SpaceX remained “crazy overvalued,” arguing that its limited initial public float and rapid Nasdaq-100 inclusion had created unusually strong demand.

August is home to two of the most important data releases of the quarter: Nvidia's (NVDA -2.34%) operating results (scheduled for Aug. 26) and Form 13F filings by institutional investors with at least $100 million in assets under management. A 13F offers a snapshot of the stocks that Wall Street's leading money managers purchased and sold in the latest quarter.

Friday, Aug. 14, marked the deadline for fund managers to file Form 13Fs detailing their second-quarter trading activity. It also gives investors a firsthand look at the trends captivating the attention of billionaire investors, such as Coatue Management's Philippe Laffont.

The second quarter was a busy one for Laffont, with nine new holdings, eight existing stakes added to, five positions exited, and 22 holdings reduced. But among these more than three dozen chess moves, one consistency stands out: Laffont was, yet again, a seller of Nvidia stock.

Image source: Getty Images.

Coatue Management's billionaire boss has been a persistent seller of Nvidia stock Despite Nvidia's graphics processing units (GPUs) absolutely dominating in artificial intelligence (AI)-accelerated data centers, Laffont has been reducing his exposure to the face of the AI revolution in all but one of the last 13 quarters (share counts adjusted for Nvidia's 10-for-1 forward split in June 2024):

Q1 2023: 49,802,020 shares held Q2 2023: 46,449,700 shares (-3,352,320) Q3 2023: 45,410,400 shares (-1,039,300) Q4 2023: 43,222,010 shares (-2,188,390) Q1 2024: 13,851,410 shares (-29,370,600) Q2 2024: 13,754,447 shares (-96,963) Q3 2024: 10,138,161 shares (-3,616,286) Q4 2024: 10,006,488 shares (-131,673) Q1 2025: 8,545,835 shares (-1,460,653) Q2 2025: 11,488,529 shares (+2,942,694) Q3 2025: 9,870,743 shares (-1.617,786) Q4 2025: 9,203,337 shares (-667,405) Q1 2026: 6,331,620 shares (-2,871,718) Q2 2026: 6,055,197 shares (-276,423) Collectively, Coatue Management's billionaire boss has slashed his fund's stake in Nvidia by roughly 88% since March 31, 2023. It begs the question: What does Philippe Laffont know that Wall Street doesn't?

Image source: Nvidia.

There's likely more than just profit-taking behind this selling One of the more obvious reasons for this ongoing selling activity is profit-taking. Since Laffont's Nvidia stake peaked in the first quarter of 2023, shares of the company have jumped tenfold. But there's likely more to this selling than just ringing the register.

For example, competition is expected to ramp up. Although Nvidia's GPUs are superior on a compute basis, the company's biggest threat may come from within.

Several of Nvidia's top customers by net sales are developing AI chips for their own data centers. While these in-house AI chips aren't an external threat to Nvidia, they're notably cheaper and more readily accessible than Nvidia's hardware. In other words, they can take up valuable data center real estate and minimize the GPU shortage that's helped fuel Nvidia's pricing power.

-- Geiger Capital (@Geiger_Capital) May 8, 2026 Furthermore, history shows that every game-changing technology dating back more than 30 years has navigated an early stage bubble-bursting event. Investors consistently overestimate the pace of adoption and optimization of hyped technologies, and nothing suggests that AI will be the exception to this unwritten rule.

Things need to go perfectly for Nvidia to maintain its $5.45 trillion valuation. However, the ramp-up of every game-changing technology has been filled with proverbial speed bumps and potholes.

Sean Williams has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.

Coinbase Global (COIN - Free Report) ) has spent the past several years establishing itself as one of the dominant gateways to the cryptocurrency economy. The company continues to expand beyond traditional spot crypto trading, with growing businesses in derivatives, stablecoins, payments, prediction markets, and subscription services.

But while the long-term story may remain intriguing, the near-term earnings picture has deteriorated considerably.

Coinbase stock currently lands a Zacks Rank #5 (Strong Sell), reflecting a wave of negative earnings estimate revisions following a disappointing second-quarter report.

Image Source: Zacks Investment Research

Q2 Misses the MarkCoinbase delivered a rough second quarter, reporting a GAAP net loss of $359.5 million.  

The company reported an adjusted loss of $0.39 per share, significantly below the consensus estimate that called for earnings of $0.14 per share and down from EPS of $0.12 in the prior year quarter.

That translated to a negative earnings surprise of 378%. Revenue of $1.22 billion also missed Q2 expectations of $1.29 billion by nearly 6% and declined more than 18% from $1.49 billion in the year-ago period.

The underlying operating metrics provided little comfort.

Monthly Transacting Users fell to 7.6 million from 8.7 million a year earlier and came in below the 8.15 million consensus estimate. Assets on Platform totaled $245.9 billion versus expectations near $295 billion. Meanwhile, transaction revenue declined more than 21% year over year to roughly $599 million.

Consumer transaction revenue was particularly weak, falling approximately 31% YoY.

More concerning is that Coinbase has now missed earnings expectations in three of its last four quarterly reports with a very dismal average EPS surprise of -128.56%. 

Image Source: Zacks Investment Research

Earnings Estimates Head SouthThe most concerning development for investors has been the dramatic deterioration in earnings expectations.

Immediately following Coinbase's Q2 report in late July, the Zacks Consensus Estimate had called for fiscal 2026 earnings of $1.41 per share. The current consensus has now fallen all the way to a loss of $0.05 per share (F1 below). Notably, current year sales are expected to decline 29% to $5.09 billion.

In fact, when Coinbase was added to the Zacks Rank #5 (Strong Sell) list earlier this month, the consensus estimate for FY26 had fallen more than 81% over the preceding 60 days.

And the revisions have continued to decline since then, as FY26 EPS estimates are now down more than 102% in the last 60 days from projections of $1.74, with FY27 EPS estimates dropping 25% from projections of $4.79 to $3.59.

Image Source: Zacks Investment Research

As shown in the above “Q1” column, the EPS outlook for the current quarter has been slashed by more than 90%.

The current Zacks Consensus Estimate calls for earnings of just $0.04 per share in Q3, while the Most Accurate and recent estimate among Wall Street analysts sits at a loss of $0.33 per share and even further below the underlying consensus (Current Qtr below).

As also pictured below, Wall Street expects Coinbase to widely miss earnings expectations next quarter as well, with the Most Accurate Estimate having Q4 EPS slated at $0.06 compared to the underlying consensus of $0.46.

Image Source: Zacks Investment Research

Bottom LineCoinbase holds a prominent position in the crypto ecosystem and continues to broaden its platform well beyond its roots as a spot cryptocurrency exchange. Stablecoins, derivatives, payments, and other products could ultimately produce a more diversified business model.

But the Zacks Rank is focused primarily on earnings estimate revisions and their implications for near-term stock performance.

On that front, Coinbase is moving decisively in the wrong direction.

A significant Q2 earnings miss has been followed by aggressive reductions in EPS and revenue expectations, with analysts now forecasting virtually no earnings for 2026.

With estimates continuing to move south and COIN currently carrying a Zacks Rank #5 (Strong Sell), investors may want to steer clear of Coinbase stock until the earnings outlook begins to stabilize.

 | Source: SQM

Highlights
SQM reported total revenues for the six months ended June 30, 2026 of US$4,228.5 million compared to total revenues of US$2,079.3 million for the same period last year. Net income for the six months ended June 30, 2026 of US$1,024.7 million or US$3.59 per share, compared to US$225.9 million or US$0.79 per share for the same period last year. In lithium: record-high quarterly sales volumes surpassing 84 thousand metric tons of Lithium Carbonate Equivalent (LCE). In Iodine: record-high sales price and record quarterly revenue. In Specialty Plant Nutrition: strong sales volumes and solid sales price. During the first half of 2026, SQM and its subsidiaries accrued over US$1.6 billion in payments to the Chilean State.i  SQM will hold a conference call to discuss these results on Wednesday, August 19, 2026 at 12:00pm EDT (12:00pm Chile time).Participant Call link: https://register-conf.media-server.com/register/BI3e9715a0ab7b4208a6ae898954f0797bWebcast: https://edge.media-server.com/mmc/p/s7toz78m  SANTIAGO, Chile, Aug. 19, 2026 (GLOBE NEWSWIRE) -- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today net income for the six months ended June 30, 2026, of US$1,024.7 million or US$3.59 per share, an increase of 353.5% compared to US$225.9 million or US$0.79 per share reported for the same period last year.

Gross profit(1) reached US$2,038.6 million (48.2% of revenues) for the six months ended June 30, 2026, 267.2% higher than US$555.2 million (26.7% of revenues) recorded for the six months ended June 30, 2025. Revenues totaled US$4,228.5 million for the six months ended June 30, 2026, representing an increase of 103.4% compared to US$2,079.3 million reported for the six months ended June 30, 2025.

The Company also announced net income for the second quarter of 2026 of US$660.0 million or US$2.31 per share, an increase of 646.4% compared to US$88.4 million or US$0.31 per share for the second quarter of 2025. Gross profit for the second quarter of 2026 reached US$1,260.0 million, 398.1% higher than the US$253.0 million reported for the second quarter of 2025. Revenues totaled US$2,468.4 million for the second quarter of 2025, an increase of 136.7% compared to US$1,042.7 million for the second quarter of 2025.

SQM’s Chief Executive Officer, Ricardo Ramos, stated, “I am pleased to announce SQM’s second-quarter results. As we close the first half of the year and look ahead to the remainder of 2026, I am encouraged by the solid performance we have delivered across our main business lines.”

He added, “In lithium, we achieved record quarterly sales volumes of over 84 thousand metric tons of Lithium Carbonate Equivalent (LCE) from our lithium operations in Chile through Nova Andino Litioii and in Australia through Covalent Lithiumiii. As anticipated in our previous earnings report, prices increased during the second quarter, supported by stronger-than-expected market demand. We now expect global lithium demand to be over 2.1 million metric tons in 2026, further strengthening our confidence in the long-term fundamentals of the market.

To see full press release please visit: https://ir.sqm.com/

For media inquiries, contact:

Nova Andino Litio: Ignacia Lopez / [email protected]
International Lithium Division: Gonzalo Colazo / [email protected]
Iodine & Plant Nutrition Division: Carolina Guzman / [email protected]

i Includes accrued corporate income taxes and mining taxes (part of which has already been paid), and payments related to the Corfo contracts such as the lease payment (paid quarterly), and other accrued payments to local governments (paid annually) in connection with said contracts. This amount also includes the dividend accrued to be paid to Codelco.
ii Nova Andino Litio (or Novandino) is the joint company between SQM and Codelco.
iii Covalent Lithium is a joint venture between SQM and Wesfarmers Limited.

Please see below information about transactions made under the buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR) for shares to be used in the share-based incentive programmes for employees and management.

Date on which the buy-back programme was announced: 4 February 2026.

The duration of the buy-back programme: 13 February 2026 to 15 January 2027.

Size of the buy-back programme: The total purchase amount under the programme is NOK 1,971,000,000 and the maximum shares to be acquired is 19,600,000 shares, of which up to 7,920,000 shares can be acquired in the period from 13 February 2026 to 15 May 2026, and up to 11,680,000 shares can be acquired in the period from 15 May 2026 to 15 January 2027.

On 14 August 2026, Equinor ASA has purchased a total of 415,000 own shares at the Oslo Stock Exchange at an average price of NOK 382.7682 per share.

Aggregated overview of transactions per day:

DateAggregated volume (number of shares)Weighted average share price (NOK)Total transaction value (NOK)14 August 2026415,000382.7682158,848,803Previously disclosed buy-backs under the programme (accumulated)2,984,081330.0844984,998,523Total buy-backs under the programme3,399,081336.51661,413,847,326 Following the completion of the above transactions, Equinor ASA owns a total of 16,809,915 own shares, corresponding to 0.70% of Equinor ASA’s share capital, including shares purchased under the previous buy-back programme for the share-based incentive programmes for employees, and shares purchased under Equinor’s disclosed buy-back programmes which will be used to reduce the issued share capital of the company.

This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Appendix: A detailed overview of all transactions made under the buy-back programme that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.

Further information from

Investor relations
Bård Glad Pedersen, senior vice president Investor Relations,
+47 918 01 791

Media
Sissel Rinde, vice president Media Relations,
+47 412 60 584

Equinor Employee share saving programme -19 August 2026

Target Corporation (NYSE:TGT) will release its second quarter earnings report before the opening bell on Wednesday, Aug. 19.

Analysts expect the Minneapolis, Minnesota-based company to report quarterly earnings of $2.33 per share, up from $2.05 per share in the year-ago period. The consensus estimate for Target’s quarterly revenue is $26.13 billion. It reported $25.21 billion last year, according to Benzinga Pro.

On July 22, Target named former 7-Eleven CEO to its board of directors.

Shares of Target rose 1% to close at $152.48 on Tuesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Telsey Advisory Group analyst Joseph Feldman maintained an Outperform rating and raised the price target from $150 to $170 on Aug. 14, 2026. This analyst has an accuracy rate of 64%. Truist Securities analyst Scot Ciccarelli maintained a Hold rating and raised the price target from $130 to $147 on Aug. 14, 2026. This analyst has an accuracy rate of 70%. Piper Sandler analyst Peter Keith maintained a Neutral rating and increased the price target from $127 to $146 on Aug. 14, 2026. This analyst has an accuracy rate of 67%. Jefferies analyst Corey Tarlowe maintained a Buy rating and increased the price target from $161 to $177 on Aug. 14, 2026. This analyst has an accuracy rate of 60%. RBC Capital analyst Steven Shemesh maintained an Outperform rating and raised the price target from $153 to $166 on Aug. 12, 2026. This analyst has an accuracy rate of 60%. Latest Private Market Opportunities

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The Estée Lauder Companies Inc. (NYSE:EL) will release its fourth earnings report before the opening bell on Wednesday, Aug. 19.

Analysts expect the New York-based company to report quarterly earnings of 32 cents per share, up from 9 cents per share in the year-ago period. The consensus estimate for Estée Lauder’s quarterly revenue is $3.55 billion. It reported $3.41 billion last year, according to Benzinga Pro.

On July 16, Estée Lauder named Madeleine Boyd as senior vice president, Global Brand Communications.

Estée Lauder shares fell 0.1% to close at $84.27 on Tuesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

TD Cowen analyst Oliver Chen maintained a Hold rating and raised the price target from $85 to $90 on July 21, 2026. This analyst has an accuracy rate of 52%. Barclays analyst Lauren Lieberman maintained an Equal-Weight rating and raised the price target from $75 to $80 on July 21, 2026. This analyst has an accuracy rate of 63%. JP Morgan analyst Andrea Teixeira maintained an Overweight rating and cut the price target from $99 to $94 on July 16, 2026. This analyst has an accuracy rate of 61%. UBS analyst Peter Grom maintained a Neutral rating and raised the price target from $85 to $86 on July 16, 2026. This analyst has an accuracy rate of 58%. Goldman Sachs analyst Bonnei Herzog reinstated a Buy rating with a price target of $100 on June 22, 2026. This analyst has an accuracy rate of 64%. Latest Private Market Opportunities

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CHICAGO--(BUSINESS WIRE)--GE HealthCare (Nasdaq: GEHC), a leading global precision care innovator, today announced the appointment of William (Bill) Grogan as Chief Financial Officer, effective September 14, 2026. Grogan succeeds Jay Saccaro, who, as previously announced, stepped down for an expanded role outside of the medical technology industry. George Newcomb, who is serving as interim Chief Financial Officer, will continue in his role as Controller and Chief Accounting Officer.

Grogan joins GE HealthCare from Xylem Inc., a leading global water solutions company with approximately $9 billion in revenue, where he has served as executive vice president and chief financial officer since 2023. At Xylem, he partnered with the leadership team to execute a strategy to outpace market growth, significantly expanded margins, and simplified operations to fund investment in innovation and higher-growth digital and services offerings. Under his financial leadership, Xylem successfully integrated a $7.5 billion acquisition, delivering cost synergies well ahead of schedule, drove portfolio optimization, and strengthened capital deployment across the business.

Prior to Xylem, Grogan spent more than a decade at IDEX Corporation, a diversified global engineered products company delivering mission-critical solutions, including serving as senior vice president and chief financial officer from 2017 to 2023. As CFO, he helped reposition IDEX’s portfolio toward higher-growth markets, a strategy that supported a more than doubling of the company’s market capitalization, while delivering consistent margin expansion and disciplined capital deployment. Earlier in his career, Grogan held finance leadership positions at Walgreens, Crane Co., and Sears Holdings Corp.

"I am excited that Bill will serve as our CFO and help lead our next chapter of growth," said Peter Arduini, President and CEO, GE HealthCare. "He combines strong financial leadership with an operator's mindset, grounded in lean business systems and a clear focus on execution. Bill's capabilities will augment our strong leadership team as we advance our precision care strategy and create long-term value for our colleagues, patients, customers, and shareholders."

“GE HealthCare’s purpose of creating a world where healthcare has no limits, its commitment to patients, and the opportunity created by this new wave of innovation drew me to the company,” said Grogan. “I am excited to partner with Peter and the leadership team, spend time with our customers, and lead a finance organization that helps turn innovation into profitable growth and long-term value creation.”

Grogan serves on the Board of Directors and Audit Committee of Crane NXT and on the Advisory Council for the Girard School of Business at Merrimack College. He holds a Master of Business Administration from Northwestern University’s Kellogg School of Management and a bachelor’s degree in finance from Merrimack College.

Forward-looking statements

This release contains forward-looking statements. These forward-looking statements might be identified by words, and variations of words, such as “will,” “expect,” “may,” “would,” “could,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “potential,” “position,” and similar expressions. These forward-looking statements may include, but are not limited to, statements about Mr. Grogan’s anticipated contributions, the Company’s growth and strategy, and value creation. These forward-looking statements involve risks and uncertainties, many of which are beyond the Company’s control. Factors that could cause the Company’s actual results to differ materially from those described in its forward-looking statements include, but are not limited to, those described in Item 1A, “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission and any updates or amendments it makes in future filings. There may be other factors not presently known to the Company or which it currently considers to be immaterial that could cause the Company’s actual results to differ materially from those projected in any forward-looking statements the Company makes. The Company does not undertake any obligation to update or revise its forward-looking statements except as required by applicable law or regulation.

About GE HealthCare Technologies Inc.

GE HealthCare is a leading global healthcare solutions provider of advanced medical technology, pharmaceutical diagnostics, and AI, cloud and software solutions that help clinicians tackle the world’s most complex diseases. Serving patients and providers for 130 years, GE HealthCare is delivering bold innovations designed for the next era of medicine across its Advanced Imaging Solutions, Pharmaceutical Diagnostics, and Patient Care Solutions segments to help clinicians deliver more personalized, precise patient care. We are a $20.6 billion business with approximately 54,000 colleagues working to create a world where healthcare has no limits.

GE HealthCare is proud to be among 2026 Fortune World’s Most Admired Companies™.

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Now part of the F5 AI Security Platform, new capabilities provide a unified control point for AI tokenomics, policy enforcement, and security across models, agents, and tools

SEATTLE--(BUSINESS WIRE)--F5 (NASDAQ: FFIV), the global leader in delivering and securing every app and API, today introduced significant enhancements to the F5 AI Gateway and integrated the solution into the F5 AI Security Platform. The enhanced F5 AI Gateway seamlessly enforces policies on every AI request, giving enterprises a unified control plane to govern how AI models, agents, and tools are accessed and used, while optimizing the economics of AI at scale.

Enterprises have moved past AI experimentation, but governance has not kept pace. AI traffic still moves through a patchwork of standalone proxies and monitoring tools that were never built for AI, with no guardrails in between. According to F5’s 2026 State of Application Strategy Report, 77% of organizations say inference, rather than model training or tuning, is now their dominant AI activity, and organizations are managing an average of seven AI models.

As inference scales, tokenomics is becoming an increasingly important consideration, with every model request carrying implications for cost, performance, and security. Yet the piecemeal approach to standalone tools to secure AI traffic leaves enterprises without consistent control over how models and agents are accessed and used.

"We're watching enterprises race to deploy AI while struggling to control it," said Kunal Anand, Chief Product Officer at F5. "Every AI request carries economic, security, and governance implications, yet most organizations are relying on fragmented tools that address only part of the problem. The result is rising costs, increased risk, and operational complexity. F5 AI Gateway, integrated into the F5 AI Security Platform, provides a single control point for managing AI across models, clouds, agents, and applications. We believe every enterprise will need an intelligent control layer for AI. F5 is building that foundation, helping customers accelerate innovation while maintaining visibility, security, and control."

F5 AI Gateway brings three critical functions together in a single integrated solution:

Model Gateway for model access and cost optimization MCP Gateway for agent-to-tool governance AI Guardrails for prompt and response protection Budgets, model routing policies and agent access controls are set once centrally and enforced across distributed environments wherever the models, agents and AI apps run, providing a single operations pane for AI platform ops, AI Security ops and finance teams.

Rapid adoption of AI is fueling the need for AI gateways. According to a recent Gartner® report, "AI gateways have emerged as a critical part of AI infrastructure, as enterprises need tools to support safe, efficient and controlled access to AI models and MCP servers. Adoption of AI gateways will continue to accelerate among large enterprises."1

Bringing AI costs under control

Organizations that cannot see which teams, models, and providers are consuming tokens cannot assess the value and costs of using AI. F5 AI Gateway puts tokenomics under control: the Model Gateway function attributes every token by provider, model, team, and user, per-team budgets enforce limits as spend occurs rather than after the invoice arrives; and automated optimization — smart routing and model tiering, semantic caching, and GPU-aware load balancing — routes each request to the right model at the right cost. The solution is designed to reduce token spend by up to 60 percent, with no application changes.

Governing agents and controlling tool access

As agents multiply, so do the MCP servers they call, usually with no central registry, no per-tool authorization, and no record of what agents are doing. The MCP Gateway function of F5 AI Gateway provides fine-grained access controls that limit agents to the resources they are explicitly authorized to use, including APIs, data sources, and RAG systems. A complete audit trail captures what was accessed, when, by which agent, and on whose behalf. MCP server registry gives teams a single source of truth for approved MCP servers, thereby removing friction for developers who would otherwise find it challenging to discover which servers and tools exist.

Protecting AI data flows and proving compliance

Personal data, health records, and intellectual property move through AI applications every day, and that data usually reaches external models uninspected while injection and jailbreak attempts go undetected. F5 AI Guardrails inspect every prompt and response, redacting sensitive data before it reaches the model, blocking injection and jailbreak attempts, and failing closed when a request cannot be evaluated. Full audit trails, SIEM export, data residency controls, and alignment with SOC 2, ISO, and HIPAA frameworks give regulated industries the evidence they need before putting AI into production.

The enforcement point for the F5 AI Security Platform

F5 introduced the F5 AI Security Platform earlier this year to give teams continuous visibility, governance, and protection across enterprise AI applications, models, agents, and the APIs connecting them. Four integrated pillars — AI governance, AI usage control, AI security testing, and AI runtime protection — plus an overarching observability layer, create a persistent security lifecycle rather than a one-time compliance exercise. F5 AI Gateway is where those pillars meet live traffic, putting policy into force at the point of interaction and controlling what AI can access, what it can expose, and, crucially, what it can cost the business. F5 AI Gateway is deployable across SaaS, hybrid SaaS, and hybrid multicloud environments, with air-gapped support planned for regulated and sovereign use cases.

Supporting resources

Blog: F5 AI Gateway: A single control point for all enterprise AI Product page: F5 AI Gateway F5 AI Gateway Early Access About F5

F5, Inc. (NASDAQ: FFIV) is the global leader that delivers and secures every app. Backed by three decades of expertise, F5 has built the industry’s premier platform—F5 Application Delivery and Security Platform (ADSP)—to deliver and secure every app, every API, anywhere: on-premises, in the cloud, at the edge, and across hybrid, multicloud environments. F5 is committed to innovating and partnering with the world’s largest and most advanced organizations to deliver fast, available, and secure digital experiences. Together, we help each other thrive and bring a better digital world to life.

For more information visit f5.com
Explore F5 Labs threat research at f5.com/labs
Follow to learn more about F5, our partners, and technologies: Blog | LinkedIn | X | YouTube | Instagram | Facebook

Forward-Looking Statements. This press release contains forward-looking statements, including regarding the expected availability, timing, functionality, and benefits of the F5 AI Gateway and F5 AI Security Platform, made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially due to the risks described in F5's SEC filings, including its most recent Forms 10-K and 10-Q. F5 undertakes no obligation to update these statements.

F5 is a trademark, service mark, or tradename of F5, Inc. or its affiliates in the U.S. and other countries. All other product and company names herein may be trademarks of their respective owners.

Source: F5, Inc.

1 Gartner, Market Overview for AI Gateways, Keith Guttridge, Andrew Humphreys, Shiva Varma, 13 May 2026.
GARTNER is a trademark of Gartner, Inc. and/or its affiliates.

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Investment will accelerate the company’s live entertainment ambitions and build on its pioneering role in bringing global artists and marquee productions to Indian audiences.

MUMBAI, India--(BUSINESS WIRE)--KKR, a leading global investment firm, and BookMyShow (the ‘Company’), one of India’s leading entertainment destinations, today announced the signing of definitive agreements under which funds managed by KKR will acquire a minority stake in the Company. KKR’s investment will support BookMyShow’s next phase of growth as it scales its live entertainment business and deepens its full-stack offering across India.

Established in 2007, BookMyShow has evolved from a ticketing platform into a full-stack entertainment company, combining technology, consumer reach and deep industry capabilities across movies, live entertainment and experiences. A key part of this evolution has been BookMyShow Live, the Company’s live entertainment experiences division, which operates across the value chain - from talent and IP acquisition to production, promotion, partnerships, and audience development. Through sustained investment in the ecosystem, BookMyShow Live has built the capabilities and scale to bring increasingly ambitious entertainment experiences to India, while contributing to the development of a more robust and commercially viable live entertainment market.

KKR’s investment reflects its conviction in India’s entertainment sector and in BookMyShow’s ability to drive its next phase of growth, powered by rising discretionary spending, a large and young consumer base, and growing demand for world-class live experiences. With expansive consumer reach, technology and entertainment capabilities, the Company is positioned to continue its growth in a fast-maturing market.

Akshay Tanna, Partner and Head of India Private Equity at KKR, said, “BookMyShow has been a pioneer in delivering high-quality entertainment experiences in India. We are pleased to support BookMyShow as it continues to lead the next phase of growth in India’s out-of-home entertainment sector. We believe BookMyShow will play an important role in advancing India’s ambition to become a global entertainment hub and a premier destination for leading artists and acts from around the world. We look forward to combining our deep local knowledge with our global investment experience and network to support BookMyShow in its next stage of transformation and further elevate the world-class experiences it delivers to audiences across India.”

Ashish Hemrajani, Founder & CEO, BookMyShow, said, “We are delighted to welcome KKR as an investor in BookMyShow. Their global perspective, deep expertise and strong understanding of consumer businesses will be invaluable as we enter the next phase of our journey. The timing of this investment is particularly exciting, as we have significantly expanded our presence across the live entertainment landscape and are seeing the opportunity for India’s entertainment economy grow like never before. We are also grateful to our longstanding investors Network18 (part of Reliance Industries Limited), Accel Partners, Elevation Capital, Stripes Group, and TPG for their continued support.”

The transaction marks KKR’s latest private equity investment in India, where KKR has made investments across a range of industries and sectors including Medicover India, a multi-speciality hospital; Lighthouse Learning, a leading Indian education services provider; Vini Cosmetics, a leading personal care and beauty products company; Healthcare Global Enterprises, a leading oncology hospital chain; Darwinbox, a leading HR technology platform; Rebel Foods, an internet restaurant company. BookMyShow adds to KKR’s global portfolio of Media and Entertainment investments, including Internet Brands; ByteDance; Chord Music Partners; Epic Games; PlayOnSports; OverDrive; Superstruct; and Simon & Schuster.

The transaction is subject to customary regulatory approvals. Additional details of the transaction are not disclosed.

Avendus Capital served as the exclusive financial advisor for BookMyShow, while Trilegal acted as legal advisor.

****

About BookMyShow

Launched in 2007, BookMyShow, owned and operated by Bigtree Entertainment Pvt. Ltd. (founded in 1999), is one of India's leading entertainment destinations with global operations and the one-stop shop for every entertainment need. The firm is present in over 700 towns and cities in India and works with partners across the industry to provide unmatched entertainment experiences to millions of customers. Over the years, the company has evolved from a purely online ticketing platform for movies across 7,000 plus screens, to end-to-end management of live entertainment events including music concerts, live performances, theatricals, sports and more, all accomplished at par with global standards. Some of the key properties that BookMyShow Live, the live entertainment experiential division of BookMyShow, has brought to its markets over the past few years include Lollapalooza India, U2’s The Joshua Tree Tour, NBA’s debut games in India, Disney’s Aladdin, Cirque du Soleil BAZZAR as also international artists such as Coldplay, Ed Sheeran, Travis Scott, Linkin’ Park, John Mayer, Guns N’ Roses, Post Malone, Def Leppard, Justin Bieber to name a few.

BookMyShow is invested in providing the best user experience, whether on-ground or online and to that effect, launched BookMyShow Stream, India’s largest home-grown transactional video-on-demand (TVOD) platform hosting award-winning and critically acclaimed content from around the world, complementing its cinemas business. BookMyShow also houses India’s most extensive organic reviews and ratings engine for movies and has driven technology innovations, such as the M-ticket and Movie Mode, impacting tens of millions of users and the industry at large. With continued support from marquee investors like TPG Growth, Stripes Group, Elevation Capital (formerly SAIF Partners), Accel and Network18 (part of Reliance Industries Limited), and now KKR, BookMyShow has constantly demonstrated category leadership, growing beyond India with operations in Singapore, Indonesia, Malaysia, UAE and Sri Lanka. BookMyShow is also committed to society at large, by way of BookAChange and BookMyShow Foundation, which support special causes to enrich the lives of the less fortunate across India through entertainment-led experiences.

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About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Small batches of Nvidia's (NVDA.O) H200 chips, one ​of the company's most powerful AI ‌chips, have been allowed to enter mainland China, the Financial Times reported on Tuesday, citing two ​people with knowledge of the matter.

ByteDance ​and Tencent (0700.HK) have each received about 10,000 ⁠H200 processors in recent weeks, while a ​few other Chinese technology firms could soon ​secure similar shipments, the report said.

Although the U.S. has cleared the companies to purchase up to 100,000 ​H200 chips each, Beijing wants them to ​keep the hardware outside mainland China to support the ‌growth ⁠of domestic chipmakers, according to the FT report.

The report added that Chinese regulators have told companies they can ship the processors ​to Hong ​Kong, which ⁠operates outside mainland China's customs border, and use them there.

Last month, ​a top U.S. official told Congress that ​a ⁠small number of Nvidia H200 chips had been shipped to China.

Reuters could not immediately ⁠verify ​the report. Nvidia did not ​immediately respond to a Reuters request for comment.