Track market-moving stories before they get noisy

Upbit and Bithumb Listings Send Derive (DRV) Soaring Nearly 30%

PALO ALTO, Calif.--(BUSINESS WIRE)--D-Wave Quantum Inc. (NYSE: QBTS), (“D-Wave” or the “Company”), the only dual-platform quantum computing company providing both annealing and gate-model systems, software and services, announced today that it will voluntarily transfer the listing of its common stock, par value $0.0001 per share (“Common Stock”) to The Nasdaq Stock Market LLC (“Nasdaq”) from the New York Stock Exchange, effective after market close on July 24, 2026.D-Wave expects its Common Stoc.

Twenty-year triple-net (NNN) lease totaling $6.6 billion in contracted revenue, with up to $11.6 billion after full extension options

175 MW of critical IT load with deliveries expected to begin in Q4 2027 to a high-investment-grade tenant

Tenant has executed a letter of intent and exclusivity arrangement covering CleanSpark's entire Texas portfolio of 885 MW

, /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) ("CleanSpark" or the "Company"), a market leading data center developer, today announced it has entered into a 20-year infrastructure lease agreement, with two five-year extension options, directly with a high-investment grade, leading global technology company at its Sandersville, Georgia, campus. The lease is expected to generate approximately $6.6 billion of contracted revenue over the initial term.

Under the agreement, the global technology company will deploy production-grade infrastructure at Sandersville, dedicated to a range of computing workloads. In connection with the transaction, the tenant has also executed a letter of intent and exclusivity arrangement covering CleanSpark's entire Texas portfolio of 718 acres with up to 885 MW of secured and planned power capacity, positioning Sandersville as the first chapter of a substantially larger relationship.

"This lease is a transformational moment for CleanSpark as we complete our evolution into a diversified digital infrastructure platform and begin monetizing our power portfolio at institutional scale," said Matt Schultz, CleanSpark CEO and chairman. "A 20-year commitment from a high-investment-grade global technology company with a market-leading commercial profile and exclusivity across our nearly 900 MW of additional capacity in Texas is a tremendous validation of our land-and-power strategy. We have long believed in the second-mover advantage in this sector: grow our portfolio as the market matures, then execute with excellent terms and velocity. Today's announcement validates our thesis."

A Foundation Built at Sandersville

The Sandersville campus was selected for its access to reliable, low-cost power, available capacity for high-density compute, and its ability to support rapid, phased deployment of advanced data center infrastructure. Since the 2022 launch of its Sandersville operations, CleanSpark has established a sustained presence in the local community, investing in energy infrastructure, site development, and long-term operations that support economic activity throughout the region.

"CleanSpark has been a pillar of the Sandersville community for many years, providing job market stability, tax revenue, and broad support for what makes our part of the world special," said Mayor Jimmy Andrews. "We are excited to see CleanSpark embark on this new chapter and stand shoulder to shoulder with them to support this incredible infrastructure project."

While the tenant remains confidential, they are a global technology company among the high-investment-grade cohort, facilitating CleanSpark's financing options and the multi-decade term of the lease.

Transaction Details

Triple net (NNN) lease with annual escalators $6.6 billion of expected contract value across the initial 20-year term $11.6 billion of expected contract value if two five-year extension options are exercised Expected cumulative NOI contribution margin of nearly 100%, or an average annual NOI contribution of approximately $330 million Estimated landlord project costs of $10-$12 million per MW of critical IT load Texas Portfolio Under Exclusivity

Pursuant to the executed letter of intent, CleanSpark's entire Texas portfolio is now under exclusivity with the tenant. The Texas portfolio totals 718 acres with up to 885 MW of secured and planned power capacity, including 271 acres with nearly 300 MW at our Sealy campus and 447 acres at the Brazoria campus, where transmission-level infrastructure supports an initial 300 MW demand load with the potential to expand to 600 MW.

Advisors

Morgan Stanley & Co. LLC acted as financial advisor to the Company. Davis Polk & Wardwell LLP acted as legal counsel to the Company.

Conference Call

The Company will host a conference call on Tuesday, July 14 at 11 a.m. ET / 8 a.m. PT to discuss the announcement. Investors can join the live webcast at clsk.news/irupdatejul26.

About CleanSpark

CleanSpark (Nasdaq: CLSK), is a market-leading data center developer with a proven track record of success. We control a portfolio of more than 1.8 GW of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence, and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the estimated costs, contract value and NOI contribution (including as to the timing thereof) of the transaction announced in this press release and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other important factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the Company's ability to timely achieve the lease agreement milestones for, among other things, obtaining financing for and completing the construction of the Sandersville data center project; the potential consequences of the Company not timely achieving the lease agreement milestones, which could include rent abatements and/or termination of the lease agreement; the Company's ability to meet all other covenants and conditions contained in the lease agreement; the Company's need for, and ability to raise, substantial additional capital to fund the development of the Sandersville project; risks related to the significant additional indebtedness that the Company may incur for purposes of such funding; the Company's dependence on a third party for development of the Sandersville project and the performance of such third party and its personnel and suppliers; the  ability to obtain the necessary equipment for the project on a timely basis and the competitive environment therefor; regulatory approvals and electrical power availability to complete the Sandersville data center project; the ongoing supply of electrical power to the project after the completion of construction and interruptions thereof; uncertainty as to whether the lease extension options will be exercised; natural disasters and other unforeseen events; changes to AI and HPC infrastructure needs; the risk that expectations of future revenue and NOI growth may not be realized; and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in those filings. Forward-looking statements contained herein are made only as to the date of this press release, and the Company assumes no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law.

Investor Relations Contact
Kyle Sourk
702-989-7693
[email protected] 

Media Contact
Malory Van Guilder
[email protected]

SOURCE CleanSpark, Inc.

Gold (XAU/USD) trades in a narrow range on Tuesday, with bulls defending the $4,000 psychological mark as traders await the US June Consumer Price Index (CPI) data, due at 12:30 GMT, and closely monitor the fragile situation in the Middle East.

At the time of writing, XAU/USD trades around $4,020, up nearly 0.45% on the day after touching a two-week low of $3,983 earlier in the Asian session.

Headline CPI is expected to ease to 3.8% YoY from 4.2% in May, while the monthly reading is forecast to decline 0.1% after rising 0.5%. Core CPI, which strips out volatile food and energy prices, is forecast to rise 0.2% MoM and 2.8% YoY, broadly matching May’s readings.

“If we get another hot reading on core inflation this week, then the FOMC will need to consider tightening monetary policy in the near term,” Fed Governor Christopher Waller said on Monday.

According to the CME FedWatch Tool, traders are now pricing in a 40% chance of a rate hike at the July meeting, up from 26% a week ago, while the probability of a September hike has risen to 74%.

Later in the American session, traders will turn their attention to Fed Chair Kevin Warsh’s congressional testimony. Speeches from Fed officials Michael Barr, Austan Goolsbee and Lisa Cook will also be closely watched.

Renewed tensions between the US and Iran have pushed crude Oil prices to a one-month high. West Texas Intermediate (WTI) trades around $80.00, up around 12% so far this week.

The US carried out strikes against Iran for a third consecutive night on Monday. US President Donald Trump also said he was reinstating a naval blockade on Iran, which will take effect at 20:00 GMT on Tuesday. Trump added that other countries could continue using the Strait of Hormuz but would face a 20% security fee.

Iran's top joint military command said the US had no role in determining the future of Hormuz and would not be allowed to intervene in the strait.

The latest escalation has shifted attention back to the inflationary impact of rising Oil prices. With markets expecting the Fed to raise interest rates later this year, Gold’s near-term bias remains bearish.

Technical analysis: XAU/USD attempts to stabilize within a bearish setup

On the daily chart, XAU/USD maintains a bearish bias, trading below the 50-day, 100-day and 200-day Simple Moving Averages (SMAs).

Gold is attempting to stabilize above the $4,000 psychological mark, but momentum remains weak. The Relative Strength Index (RSI) is near 39, while the Moving Average Convergence Divergence (MACD) remains modestly positive, suggesting that selling pressure may be easing but does not yet indicate a clear bullish reversal.

On the upside, initial resistance is at $4,200, followed by the 50-day SMA at $4,331. The 200-day SMA at $4,495 and the 100-day SMA at $4,570 represent stronger barriers and reinforce the broader bearish structure.

Immediate support is located at the round $4,000 mark. A sustained break below this level could trigger renewed selling pressure, while Gold would need to reclaim $4,200 to ease the current bearish bias.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Inflation FAQs Inflation measures the rise in the price of a representative basket of goods and services. Headline inflation is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core inflation excludes more volatile elements such as food and fuel which can fluctuate because of geopolitical and seasonal factors. Core inflation is the figure economists focus on and is the level targeted by central banks, which are mandated to keep inflation at a manageable level, usually around 2%.

The Consumer Price Index (CPI) measures the change in prices of a basket of goods and services over a period of time. It is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core CPI is the figure targeted by central banks as it excludes volatile food and fuel inputs. When Core CPI rises above 2% it usually results in higher interest rates and vice versa when it falls below 2%. Since higher interest rates are positive for a currency, higher inflation usually results in a stronger currency. The opposite is true when inflation falls.

Although it may seem counter-intuitive, high inflation in a country pushes up the value of its currency and vice versa for lower inflation. This is because the central bank will normally raise interest rates to combat the higher inflation, which attract more global capital inflows from investors looking for a lucrative place to park their money.

Formerly, Gold was the asset investors turned to in times of high inflation because it preserved its value, and whilst investors will often still buy Gold for its safe-haven properties in times of extreme market turmoil, this is not the case most of the time. This is because when inflation is high, central banks will put up interest rates to combat it. Higher interest rates are negative for Gold because they increase the opportunity-cost of holding Gold vis-a-vis an interest-bearing asset or placing the money in a cash deposit account. On the flipside, lower inflation tends to be positive for Gold as it brings interest rates down, making the bright metal a more viable investment alternative.

MCLEAN, Va.--(BUSINESS WIRE)--AIRO Group Holdings, Inc. (Nasdaq: AIRO)(“AIRO” or the “Company”), a next-generation aerospace and defense company, today announced that its RQ-35 Heidrun, developed through its drone brand, Sky-Watch, has been granted Blue UAS status by the Defense Contract Management Agency (DCMA). With this approval, the RQ-35 is recognized by the Department of War (DoW) as a secure, compliant unmanned aircraft system eligible for government and defense acquisition under NDAA re.

July 14, 2026 07:00 ET  | Source: USA Rare Earth, Inc.

Positions USA Rare Earth as one of few companies outside of Asia with the capability to separate heavy rare earths

Represents important step toward an integrated value chain that secures global supply for advanced manufacturing and critical industries

Broadens Company’s feedstock options to include recycled material, complementing planned oxide production from Round Top and Serra Verde concentrates

Samples to be sent to LCM for qualification; produced oxides to serve as feedstock to rare earth metal production, which supplies the Company’s magnet manufacturing facilities in the United States

WHEAT RIDGE, Colo., July 14, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) ("USAR", "USA Rare Earth", or the "Company"), a rare earth, critical minerals and advanced materials company, today announced that its hydrometallurgical facility in Wheat Ridge, Colorado, has produced commercial-grade dysprosium (Dy) oxide and neodymium-praseodymium (NdPr) oxide samples from recycled rare earth magnet scrap, known in the industry as "swarf."

USA Rare Earth’s successful separation of commercial-grade Dy oxide and NdPr oxide at Wheat Ridge is a pivotal milestone, establishing the Company as one of the few Western producers capable of executing this technically demanding process outside Asia. By bridging world-class upstream resources with advanced separation and processing, metallization, and magnet manufacturing, the Company’s mission is to build the leading global rare earth and critical mineral value chain where each link reinforces the next. This achievement marks a critical step toward delivering a global, integrated solution to de-risk supply chains for defense, semiconductors, and physical AI infrastructure.

The Dy and NdPr oxides were produced using swarf, the fine scrap generated when neodymium-iron-boron (NdFeB) magnets are machined and finished, which in this case were sourced from the Company’s Stillwater, OK magnet manufacturing facility. Turning that scrap back into high-purity light and heavy rare earth oxide broadens the Company’s feedstock options and strengthens the circularity of its value chain, with swarf projected to support up to 30% of future magnetic rare earth oxide feedstock needs. This validation of the magnet swarf recycling flowsheet also lays the foundation to potentially incorporate end-of-life magnets as an additional commercial feedstock option.

The oxides produced at Wheat Ridge are expected to be sent to Less Common Metals (“LCM”), USA Rare Earth’s subsidiary in the United Kingdom, for qualification and for conversion into rare earth metals and strip cast. The output from LCM, which is one of the few commercial scale metal, alloy and strip cast producers outside of Asia, is expected to serve as feedstock for the Company’s magnet manufacturing facilities in the United States.

Dysprosium is one of the most technically challenging rare earth elements to separate at commercial purity, and today virtually all Dy oxide is produced in China. While NdPr provides the magnetic foundation of NdFeB permanent magnets, dysprosium is added in smaller quantities to allow magnets to retain performance and coercivity at high operating temperatures, a requirement of the aerospace, defense, electric vehicle, robotics and industrial motor applications that NdFeB magnets enable. Producers with the proven ability to separate heavy rare earths at commercial specification outside Asia remain scarce, and Dy availability is widely recognized as a primary constraint on the Western permanent magnet industry.

Today’s production milestone places USA Rare Earth in that small group and establishes swarf from magnet manufacturing as a feedstock stream back into the Company’s value chain, closing the loop between the Company’s downstream magnet manufacturing and its upstream separation. Additional campaigns underway at Wheat Ridge are expected to process material from the Company’s Round Top project and from Serra Verde’s Pela Ema mine. These campaigns are expected to produce additional varieties of rare earth and critical mineral oxides in the coming weeks, further advancing USA Rare Earth toward proven capability across every stage of the rare earth value chain: mining, separation and processing, metal and alloy making, and permanent magnet manufacturing.

About the Wheat Ridge Facility

The Wheat Ridge demonstration facility runs 24 hours a day and is fully instrumented for real-time process monitoring across every unit operation. The facility is built to digitally and physically simulate the Company’s future commercial-scale operation, and the data it generates flows directly into the engineering design of a planned consolidated separation facility, which will process both magnet swarf and mixed rare earth carbonate (MREC). This allows the team to validate its proprietary flowsheets and refine the commercial design using live operating data and physical testing rather than theory alone.

About USA Rare Earth, Inc.

USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States and the United Kingdom, with plans for expansion in France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world’s leading producers of rare earth metals and alloys, its magnet manufacturing capacity in Stillwater, Oklahoma, the planned acquisition of the Pela Ema mine in Brazil (subject to closing the Serra Verde Group transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and other key industrial sectors. For more information, visit www.usare.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the objectives, scope and anticipated benefits of the Wheat Ridge demonstration program; the Company’s ability to validate and optimize its processing and separation flowsheets and to produce separated oxides at commercial quality; the Company’s plans for a consolidated commercial separation facility for magnet swarf and mixed rare earth carbonate; and the Company’s global value chain strategy. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate,” “believe,” “can,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from the Company’s expectations, including without limitation: the Company’s ability to execute its business plan, including development of the Round Top deposit and its processing and manufacturing facilities; the timing and advancement of expected business milestones; the significant long-term and inherently risky investments the Company is making in mining and manufacturing facilities; the Company’s ability to obtain additional or replacement financing as needed; risks that the proposed transactions with Serra Verde Group, Carester SAS and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; the Company may not realize the anticipated benefits of its proposed and prior acquisitions, including expected synergies, financial performance, estimated EBITDA and, in the case of Serra Verde Group, integration of operations, on the anticipated timeline or at all; the ability of the Company’s Stillwater facility or other future magnet manufacturing facilities to commence commercial operations on the timing and with the production capacity anticipated or at all; the Company’s limited operating history; risks that the Company may experience delays, unforeseen expenses, increased capital costs, and other complications in operating its business; potential dilution to existing stockholders and adverse effect on the Company’s stock price if the Company issues additional common stock or equity-linked securities; the volatility of the Company’s stock price; the Company’s ability to satisfy project milestones and other conditions to disbursement under the Company’s financing arrangement with the Department of Commerce (“DOC”) on the anticipated timeline or at all; the Company’s dependence on continued governmental support for the DOC financing transactions, which remains subject to changes in laws, regulations, administrations and appropriations; extensive affirmative and negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations in the DOC financing agreements that restrict the Company’s operational and financial flexibility; the risk that defaults under the DOC funding agreements could trigger cross-defaults across the Company’s financing arrangements; the impact of the DOC’s equity interest in the Company on the Company’s ability to pursue strategic transactions and on the Company’s relationships with customers, suppliers, partners and other counterparties; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow the Company to develop and commercially operate the Company’s Stillwater facility and other facilities; the Company’s ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of the Company’s products, including without limitation as a result of dumping, predatory pricing and other tactics by the Company’s competitors or state actors or the overall competitive environment; the Company’s ability to achieve positive cash flow or profitability or the ability to access cash flow within the Company’s corporate structure due to restrictions contained in the Company’s financing agreements; the Company’s ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of the Company’s neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other countries in which the Company operates or sells products or otherwise; war, terrorism, natural disasters or public health emergencies; the Company’s ability to retain or recruit key personnel; environmental, health and safety regulations; and the Company’s ability to comply with requirements for federal, state and local government incentives and financing.

Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and subsequent filings. Any forward-looking statements speak only as of the date of this press release (or such other date as is specified in such statements), and the Company undertakes no obligation to update any forward-looking statements as a result of new information or future developments except as required by law.

Investor Contact
JB Lowe
Vice President, Investor Relations
USA Rare Earth, Inc.
[email protected]

Media Contact
Collected Strategies
[email protected]

Escalating tensions between the US and Iran have once again pushed crude oil prices higher, providing further support for the US dollar. The greenback has performed particularly well against lower-yielding currencies, such as the Swiss franc, as investors seek both safety and higher returns while reassessing the inflation outlook. Although the euro has held up better than some of its peers, thanks to expectations that the European Central Bank may have to tighten its policy further, the balance of risks remain for the downside. If oil prices continue climbing, energy costs are likely to become a more powerful driver of FX markets than interest rate differentials, leaving the EUR/USD forecast increasingly bearish.

Oil-driven inflation fears revive the dollar Following that weak US jobs report, the dollar lost some momentum but it had now regained it as markets begin to price in the growing risk that renewed disruptions in the Gulf could tighten global energy supplies. Brent crude has climbed to around $87 a barrel, but current pricing still suggests investors are not fully convinced a major supply shock is imminent.

That leaves scope for both oil and the dollar to extend their gains should tensions escalate further. If you recall, oil prices reached north of $110 at the height of the crisis a few months ago, and spent majority of that time around the $100 level.

But unlike earlier in the year, the Fed is now not offering any forward guidance following its hawkish shift in June. That has encouraged markets to speculate more freely about additional policy tightening, with traders now assigning a meaningful probability to a rate increase before the end of the summer.

Warch or CPI unlikely to cause fireworks Attention now turns to Chair Kevin Warsh’s testimony before Congress, although he is expected to maintain his preference for avoiding strong policy signals. Several other Fed officials are also due to speak, while the latest US inflation figures could reinforce expectations that policymakers may have to tighten policy. Even if headline inflation eases because of earlier declines in energy prices, sticky core inflation is unlikely to provide much reassurance. What’s more, the latest upsurge in oil prices will shift inflation expectations higher for the coming months.

So, markets may not pay too much attention to a small miss in CPI, if we get one. Anyway, the headline figure is expected to print 3.8% year-on-year for June, down from 4.2% in May. Core CPI is seen easing modestly to 2.8% from 2.9%.

Euro supported by yields, but energy remains a headwind The euro has avoided sharper losses largely because eurozone bond yields have risen alongside US Treasury yields, preventing a significant widening in transatlantic rate differentials.

Markets continue to expect further ECB tightening this year, although policymakers have adopted a more cautious tone recently. That leaves limited room for expectations to become significantly more hawkish from here.

Meanwhile, the outlook for Europe is becoming increasingly complicated by higher energy prices. Rising natural gas costs pose a much greater challenge for the eurozone economy than for the United States. Should Brent crude climb towards the $100 area, the negative impact on Europe’s economy could easily outweigh any support generated by higher ECB rates, increasing the likelihood of a deeper EUR/USD decline.

Technical EUR/USD forecast: Bearish pattern points to further weakness The technical picture also continues to favour the bears. The EUR/USD remains confined within a bearish flag formation following its recent correction. A decisive break beneath the lower boundary of that pattern would strengthen the case for another leg lower, initially exposing the recent swing low around 1.1324.

Source: TradingView.com Below there, the 1.1300 area becomes the next key objective for the EURUSD chart. That level also coincides with the 127.2% Fibonacci extension of the March-to-April rally, making it an important technical support zone.

Given the combination of rising energy prices, improving dollar sentiment and the prospect of further Fed tightening, rallies may continue to attract sellers.

On the upside, initial resistance is located around 1.1450, with a stronger barrier between 1.1480 and 1.1500.

With the eurozone economic calendar relatively light in the days ahead, the EUR/USD forecast is tilted to the downside. The pair is likely to remain driven primarily by developments in oil markets, geopolitical headlines and evolving expectations for US monetary policy rather than domestic European data.

-- Written by Fawad Razaqzada, Market Analyst

Follow Fawad on Twitter @Trader_F_R

When a company's valuation is high and wildly above what its fundamentals justify, that's a clear sign that expectations are high. While that can be an encouraging sign that there is a ton of growth likely ahead for the business, it also signifies risk, because if it falls short and the growth story unravels, the stock could be poised for a significant sell-off.

One company whose valuation hinges on its growth story is Space Exploration Technologies (SPCX 4.75%), which is often referred to as just SpaceX. Its market cap has been hovering around $2 trillion since its shares went public about a month ago. It has some tremendous growth opportunities, and here's just how big analysts believe the business will get in five years.

Image source: Getty Images.

SpaceX's revenue could top $565 billion by 2031 In recent years, there has been some solid growth, but nothing like what analysts expect from the company in the future. From $10.4 billion in revenue in 2023, the company's top line would rise by 35% to just over $14 billion in 2024, and then by another 33% in 2025, totaling $18.7 billion last year. That's a strong growth rate, but if analysts are right, then the company's top line could be about to take off, significantly.

The bull case around SpaceX centers around its growth potential. Today, it trades at around 100 times its trailing revenue, but if the business gets much larger in the future, then its high valuation may be much more tenable. By 2031, Wall Street analysts project that its revenue will soar to $565 billion -- that's more than 30 times what it achieved this past year. Those kinds of numbers would make it among the largest companies in terms of revenue. E-commerce giant Amazon is the leader today, with its revenue totaling $743 billion over its past four quarters.

Today's Change

(

-4.75

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-6.90

Current Price

$

138.40

Expectations are high, but so too is the risk SpaceX has some mammoth opportunities in artificial intelligence, space, and telecom. The problem, however, is that kind of significant growth means expectations are going to be through the roof for SpaceX. Not only will the company likely need to ramp up spending at a time when investors are growing more concerned about high capital expenditures, but it will also need to execute and prove that it's making the most of those investments. It's a tall task, to say the least.

Given that the stock isn't cheap, investors who buy it at its current levels aren't leaving themselves with any margin for error. While SpaceX's business may do well and achieve its lofty expectations, there's also a strong chance it falls well short of them, which is why taking a wait-and-see approach with the space stock may be the safest option right now.

SpaceX stock is dangerously close to falling below its IPO price.

Shares could soon look “too expensive,” KeyBanc's Brandon Nispel warns as he cuts his rating for the iPhone maker.

The stock market has been on fire since the bear market ended in October 2022, with the "Magnificent Seven" leading the charge. Although Nvidia is Wall Street's largest publicly traded company, it's Google parent Alphabet (GOOGL 1.23%)(GOOG 1.16%) that's outperformed of late.

While Alphabet is best known for its globally dominant internet search engine, Google, as well as its burgeoning cloud infrastructure services platform, Google Cloud, there's another mammoth investment that's been powering its stock higher over the last decade. However, Alphabet recently abandoned this decade-long, $346 billion investment to pursue its artificial intelligence (AI) ambitions. Based on what history tells us, Alphabet going all-in on AI is a mixed bag.

Image source: Getty Images.

Alphabet bids adieu to a steady $346 billion investment Although Alphabet has established itself as one of Wall Street's premier money managers, one of the most impressive investments it's made is in itself. Between Jan. 1, 2016, and Dec. 31, 2025, Alphabet spent approximately $346 billion to repurchase shares of its stock:

2016: $3.693 billion in full-year buybacks 2017: $4.846 billion 2018: $9.075 billion 2019: $18.396 billion 2020: $31.149 billion 2021: $50.274 billion 2022: $59.296 billion 2023: $61.504 billion 2024: $62.222 billion 2025: $45.709 billion The sizable uptick in buybacks that began in 2018 is a direct result of President Donald Trump's Tax Cuts and Jobs Act, which permanently lowered the peak marginal corporate income tax rate from 35% to 21%. Enabling businesses to retain more of their income allowed them to repurchase their shares.

Today's Change

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-1.23

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-4.38

Current Price

$

352.80

For companies with steady or growing net income, share buybacks can also increase earnings per share and make a company's stock more fundamentally attractive to value-focused investors.

But on June 1, Alphabet officially squashed its $346 billion investment by announcing an $80 billion equity offering (which was subsequently raised to $84.75 billion). This offering, $10 billion of which went to Berkshire Hathaway in a private placement, is to be used to expand Alphabet's AI infrastructure.

Image source: Getty Images.

Alphabet is going all-in on AI, and history suggests it'll be a bumpy ride Although Alphabet retains its strong cyclical advertising ties via Google and streaming platform YouTube, its jaw-dropping capital expenditures on AI, which are offsetting years of buybacks, are likely to be a mixed bag.

When peering five or more years into the future, this has all the hallmarks of a slam-dunk investment. Since Alphabet began integrating generative AI and large language model solutions into Google Cloud, sales in this high-margin segment have reaccelerated in a big way. In the March-ended quarter, Google Cloud revenue soared 63% from the year-ago period, with annual run rate sales topping $80 billion.

Over time, Google Cloud can overtake ads as Alphabet's primary cash-flow driver.

"Google Cloud revenues grew 63% with backlog nearly doubling quarter on quarter to over $460 billion."

Analysts Projection: +52% YoY

Google Results:

- Cloud Revenue: +63% YoY
- Cloud Backlog: +300% YoY$GOOGL $GOOG pic.twitter.com/zNkiP1vcd1

-- Qualtrim (@qualtrim) April 29, 2026 On the other hand, every game-changing technology since (and including) the dawn of the internet has endured a bubble-bursting event early in its expansion. Regardless of how impressive early adoption of a new technology is, optimization takes time. It'll likely be years before businesses are optimizing AI solutions to boost sales and profits.

If an AI bubble forms and bursts, which history clearly points to, Alphabet wouldn't be immune. Thankfully, its competitive moat and cash-rich balance sheet would allow it to weather the storm better than most AI-focused companies.

A securities fraud class action lawsuit has been filed on behalf of Microsoft investors after its stock plummeted 10% because Microsoft allegedly misled investors regarding its AI chatbot Copilot and cloud computing platform Azure.

, /PRNewswire/ -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against Microsoft Corporation (NASDAQ:MSFT) and certain of the Company's senior executives for securities fraud after its significant stock drop resulting from potential violations of the federal securities laws.

If you invested in Microsoft, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/microsoft-class-action-lawsuit.

Key Details of the Microsoft ($MSFT) Class Action:

Lead Plaintiff Deadline: August 11, 2026 Alleged Misconduct: Securities fraud alleging that Microsoft misled investors regarding its Azure cloud computing platform and AI chatbot Copilot Stock Drop: January 28, 2026 – 10% Stock Drop Court: U.S. District Court for the Western District of Washington Action: Contact BFA Law to discuss your rights Investors have until August 11, 2026 to ask the Court to be appointed to lead the case. The complaint asserts securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Microsoft common stock. The class action is pending in the U.S. District Court for the Western District of Washington. It is captioned City of St. Clair Shores Police and Fire Retirement System, et al., No. 26-cv-02071.

Why is Microsoft Being Sued for Securities Fraud?

Microsoft is a multinational technology company that develops software, cloud services, and devices. In recent years, Microsoft's cloud computing platform named Azure has been Microsoft's main growth driver. A key reason for Azure's recent growth is Microsoft's multi-billion-dollar investment into AI, including the development of its own generative AI chatbot named Copilot. 

According to the complaint, during the relevant period, Microsoft consistently touted Copilot's best-in-class capabilities, which purportedly drove widespread and growing user adoption.  Copilot's apparent success allowed Microsoft to report surging Azure-related revenue.

As alleged, in truth, Copilot suffered from severe functionality issues that caused user adoption to decline and put Microsoft's Azure revenue at risk.

Why did Microsoft's Stock Drop?

On January 28, 2026, Microsoft announced disappointing 2Q 2026 financial results and that Azure growth had slowed suddenly. Microsoft also allegedly revealed for the first time that the number of Microsoft 365 Copilot premium customers totaled only 15 million, materially below analyst estimates.

This news caused the price of Microsoft common stock to decline $48.13 per share, or 10%, from $481.63 per share on January 28, 2026, to $433.50 per share on January 29, 2026. 

Additionally, on February 3, 2026, The Wall Street Journal reported in an article titled "Microsoft's Pivotal AI Product Is Running Into Big Problems" that severe challenges and functionality issues had plagued Copilot, causing the application to lose market share. Specifically, The Wall Street Journal reported that "[c]onfusing brand positioning and interoperability problems have frustrated users."

Click here for more information: https://www.bfalaw.com/cases/microsoft-class-action-lawsuit.

What Can You Do?

If you invested in Microsoft, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/microsoft-class-action-lawsuit

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named "Elite Trial Lawyers" by the National Law Journal, "Litigation Stars" by Benchmark Litigation, among the top "500 Leading Plaintiff Financial Lawyers" by Lawdragon, "Titans of the Plaintiffs' Bar" by Law360 and "SuperLawyers" by Thomson Reuters.

Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff's securities litigation law firm, with clients noting: "[t]here is no better service provider in the practice area," "[t]he interest of the client is always front and center," and "[t]here isn't a better firm in this space."  One testimonial described the firm as "nimble and entrepreneurial," with a "relentless focus on adding value for clients."

Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/microsoft-class-action-lawsuit

Attorney advertising. Past results do not guarantee future outcomes.

SOURCE Bleichmar Fonti & Auld LLP

It will take roughly 6,090 shares to earn $10,000 a year in dividends from Nike (NKE 1.31%). This is based on its current quarterly payment of $0.41, or a forward-12-month dividend of $1.64 per share.

Nike's dividend yield is the highest in its history. The company recently raised the quarterly payment by 3%, marking 24 consecutive years of dividend increases.

Image source: The Motley Fool.

But the high yield doesn't come without risks. The stock has fallen 76% from its previous peak due to weaker consumer spending and lower revenue growth.

The weaker revenue isn't the biggest problem for Nike -- it's lower margins. To support continued dividend payments, the company has to pay out more cash than it is taking in. Over the last year, Nike paid out roughly $2.4 billion in dividends but generated just over $1 billion in free cash flow. That's obviously not sustainable in the long run.

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Free cash flow is down partly due to restructuring costs related to turnaround efforts and investment in stores and products. These are largely transitional, so Nike should be able to recover its free cash flow fairly quickly. I wouldn't be too alarmed about the high payout ratio right now.

Nike also has approximately $9 billion in cash and short-term investments on its balance sheet, with $7.9 billion in total debt. More cash than debt is solid, but investors will need to closely follow quarterly earnings reports. Nike needs to show progress in improving margins and boosting free cash flow to cover the dividend payments.

John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nike. The Motley Fool has a disclosure policy.

Bitcoin has rebounded toward the $64,000 mark before dropping to 62K. However, blockchain analytics firm Glassnode isn’t convinced and says the recovery is not as strong as it looks. While institutional interest is slowly returning, weak spot demand, lower trading activity, and cautious derivatives positioning suggest the rally is still missing broad market conviction.

The Rally Lacks Strong Buying SupportAccording to Glassnode, several on-chain indicators show that Bitcoin’s recent recovery has been driven by thin liquidity. This is occurring rather than aggressive buying.

bitcoin:native recovered toward $64K, but weak spot participation and subdued on-chain activity suggest the move lacks broad conviction. Institutions are returning, while options remain defensive.

Read this week’s Market Pulse👇https://t.co/5XDjtDSiHl pic.twitter.com/EVlTuoUHYH

— glassnode (@glassnode) July 13, 2026 Some of the key metrics include:

Bitcoin’s 14-day RSI jumped from 50.8 to 66.9, pushing the asset close to overbought territory.Spot trading volume dropped 21.5%, falling from $5.2 billion to $4.1 billion over the past week.Spot Cumulative Volume Delta (CVD) flipped from +$17.2 million to -$58.8 million. This means aggressive sellers are now outnumbering aggressive buyers even as prices rise.Perpetual futures CVD also plunged from $457.5 million to $83.9 million, showing buyers are gradually losing momentum.Glassnode summed up the situation by saying the advance has been driven by “relatively thin liquidity rather than broad-based buying conviction.”

Retail Traders Stay CautiousRetail sentiment has also started cooling as Bitcoin struggles to stay above $63,000.

The broader crypto market slipped about 1.1%, bringing the total market capitalization to roughly $2.24 trillion. More than $250 million worth of leveraged crypto positions were liquidated over the past 24 hours. Nearly $200 million of that came from long positions.

Meanwhile, futures open interest remained almost unchanged, slipping only slightly from $31.4 billion to $31.3 billion. This suggests traders are holding positions but without strong confidence. Options open interest increased modestly to $28.1 billion. However, it remains below its historical statistical range.

Altcoins Show Mixed PerformanceMajor altcoins delivered mixed results during the market pullback.

XRP posted the biggest decline among large-cap cryptocurrencies, falling around 1.5% as retail sentiment shifted from extremely bullish to bearish.Ethereum, Solana, BNB, and Dogecoin all declined by less than 1%.Ethereum traded near $1,782, with traders closely watching $1,700 as key support and $1,840-$1,850 as the next resistance zone.Crypto analyst Ted Pillow said that as long as Ethereum stays above $1,750, the path toward $2,000 remains open.

What Comes Next?Glassnode says the next few trading sessions will determine whether buying activity strengthens enough to support the rally.

On-chain analyst Ali Martinez added that whale accumulation has continued since June, with Bitcoin’s Accumulation Trend Score remaining close to 1. However, he warned that after losing the $63,000 mid-range level, Bitcoin could retest support near $61,700. It may do this before attempting another move higher.

Overall, this week’s CPI and PPI inflation data, possible Strategy (MSTR) Bitcoin accumulation updates, and renewed discussions around the CLARITY Act all could influence market direction.

Story Ends Here

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

Read the Next News

, /PRNewswire/ -- Bank of America reported its second quarter 2026 financial results today. The news release, supplemental filing and investor presentation can be accessed at Bank of America's Investor Relations website at https://investor.bankofamerica.com/quarterly-earnings.

A Form 8-K containing Bank of America's financial results is also available at the U.S. Securities and Exchange Commission's website at https://www.sec.gov.

Investor Conference Call information

Chair and CEO Brian Moynihan and Executive Vice President and CFO Alastair Borthwick will discuss the financial results in an investor conference call at 8:30 a.m. ET today. For a listen-only connection to the conference call, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international), and the conference ID is 79795. Please dial in 10 minutes prior to the start of the call.

Investors can listen to live audio of the conference call and view the presentation slides by visiting the "Events and Presentations" section of the company's Investor Relations website.

Replay information for Investor Conference Call

Investors can access replays of the investor conference call by visiting the Investor Relations website or by calling 1.800.934.4850 (U.S.) or 1.402.220.1178 (international) from noon on July 14 through 11:59 p.m. ET on July 24. 

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 60 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. As the #1 small business lender in the United States (FDIC), Bank of America offers industry leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Investors may contact

Lee McEntire, Bank of America
Phone: 1.980.388.6780
[email protected]
 

Jonathan G. Blum, Bank of America (Fixed Income)

Phone: 1.212.449.3112

[email protected]

Reporters may contact

Jocelyn Seidenfeld, Bank of America

Phone: 1.646.743.3356

[email protected] 

SOURCE Bank of America Corporation

HomeIndustriesInvestors appeared to be “selling the news” after the bank reported very strong results.July 14, 2026, 7:15 a.m. ET

Bank of America reported a 15% jump in revenue year-on-year. Photo: patrick t. fallon/Agence France-Presse/Getty ImagesShares of Bank of America declined 1% during premarket trading on Tuesday despite the second-largest bank in the U.S. reporting a jump in earnings per share in its second quarter.

Bank of America’s BAC second-quarter earnings per share caome in at $1.21, up 36% compared to the same quarter last year, and surpassing the Wall Street consensus of $1.13, per LSEG.

Walmart (WMT +0.77%) has quietly become one of the market's strongest large-cap performers over the past few years, rewarding investors who had long underestimated it. Lately, though, the run has cooled. Yet even after slipping from a 52-week high near $135 to about $114 as of this writing, the stock still fetches about 40 times earnings -- a growth stock multiple for a retailer that rings up most of its sales on low-margin groceries.

That gap is the whole question for anyone buying today. Can a company this enormous grow into a price like that over the next five years? The answer sits in a surprisingly small corner of the business.

Image source: The Motley Fool.

The engines behind the premium On the surface, Walmart's results read like a big, dependable retailer's. In its fiscal first quarter of 2027 (the period ended April 30, 2026), total revenue rose 7.3% to $177.8 billion. Comparable sales in the U.S., excluding fuel, grew 4.1% -- healthy, but a notch below the 4.5% it posted a year earlier. Growth like that doesn't explain such a premium.

The explanation sits beneath the top line. Walmart's fastest-growing businesses happen to be its highest-margin, and they are finally big enough to matter. In the U.S., its Walmart Connect ad platform grew 44%, part of a broad jump in higher-margin advertising across the company. Membership fee income climbed 17.4% globally. And e-commerce sales rose 26%, now about 23% of net sales.

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Two things make that mix powerful. These lines carry far fatter margins than selling packaged food, so a growing share of Walmart's profit now comes from advertising, memberships, and marketplace fees rather than the shelves. And its online business, long a drag the company absorbed just to stay competitive, is finally reaching the point where better e-commerce economics help profits instead of hurting them.

"Our teams are ... growing higher-margin commerce solutions," CEO John Furner said in the company's first-quarter earnings release, describing a push he tied to stronger returns.

Automation feeds the same goal, with Walmart steering more of its capital expenditures into automated distribution and fulfillment that lower the cost of each online order.

Where the stock could be in 2031 Here is what today's price is really asking. At about 40 times earnings, the market is valuing Walmart less like a retailer and more like a durable and fast-growing compounder -- and management's own outlook shows why that's a stretch. For the full year, Walmart reiterated guidance for non-GAAP (adjusted) operating income to grow 6% to 8% and adjusted earnings per share of $2.75 to $2.85, up only about 6% from the prior year. Mid-single-digit profit growth rarely earns a valuation multiple in the 40s.

The five-year outcome comes down to two things: how fast earnings grow, and what multiple investors keep paying. Assume Walmart compounds earnings at 8% to 10% a year, a bit above current guidance and generous to the high-margin businesses. Hold the price-to-earnings ratio at 40, and the stock could approach $175. Let the premium fade toward a still-rich 30 times, and the same earnings support a price closer to $130. Push the multiple toward the broader market's, and five years of steady execution could leave the shares near where they trade now.

So a realistic five-year range runs from about $130 to $175, and nearly all of that spread comes from the multiple, not the business. The single most important factor, then, isn't comparable sales or the next holiday quarter. It's whether the high-margin engines, advertising above all, keep growing fast enough to keep investors excited about the growth story and ultimately defend the valuation premium. If Walmart Connect and membership keep compounding at double-digit rates, the mix shift can justify a rich multiple. If they cool, it likely compresses, and the stock can stall for years even while the business does fine.

There are, of course, reasons for caution. U.S. comparable sales already slowed last quarter, and higher fuel costs in the supply chain weighed on operating profit. Sure, Walmart keeps sending cash back to shareholders through a $30 billion buyback authorization (and notably a small dividend that yields under 1%). But against a company worth more than $900 billion, this repurchase program only modestly moves earnings.

So where does that leave the stock? I think Walmart will very likely be a bigger, more profitable business in five years, carried by the high-margin growth it's leaning into. But an excellent business bought at a demanding price can still make an ordinary investment. At about 40 times earnings, too much of the good news already sits in the share price for me. I'd rather wait for a pullback that prices in the chance the advertising and membership businesses cool before they fully scale. For now, it's a stock I'd watch rather than buy.

SummaryCompaniesMarkets revenue surges 35%Investment banking fees climb 30%Shares fall after bank raises 2026 expense forecastProfit hits $21.2 billionJuly 14 (Reuters) - JPMorgan Chase (JPM.N), opens new tab reported a record second-quarter profit on Tuesday, as a wave of big-ticket IPOs ​and dealmaking helped drive investment banking fees to their highest levels since 2021, while stock traders capitalized on volatile ‌markets.

Revenue rose across all business units at the bank. Investment banking rode a sharp rebound in the U.S. IPO market, led by Elon Musk's SpaceX, which roared into the market with the largest listing in history. JPMorgan was among the lead underwriters on the deal.

Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.

"This strength is being supported by several tailwinds, ​including AI-driven capital investment, fiscal stimulus and the benefits of more efficient regulation," JPMorgan CEO Jamie Dimon said in a statement.

Shares ​of JPMorgan fell 2% in volatile premarket trading after the bank raised its forecast for 2026 expenses to $107.5 billion ⁠from $105 billion.

The largest U.S. lender posted a profit of $21.2 billion, or $7.70 per share, in the three months ended June 30, compared with $14.99 ​billion, or $5.24 per share, a year earlier.

Profit was boosted by a $4.6 billion gain tied to its stake in Visa. Markets revenue, which houses ​trading operations, surged 35% over the prior year.

INTEREST INCOME FORECAST GETS A BUMPNet interest income, excluding markets, rose 4% from a year earlier to $23.7 billion in the quarter. The metric is a key measure of lending profitability. Average loans climbed 10%.

It raised its 2026 forecast for interest income to $96.5 billion, excluding markets, ​from $95 billion.

Although banks have continued to describe consumers as resilient, the health of lower-income borrowers remains a key focus as higher interest ​rates and still-elevated living costs pressure household finances.

Dimon said several risks are in focus, including geopolitical tensions and wars, sticky inflation, large global fiscal deficits ‌and elevated ⁠asset prices.

The results of large lenders such as JPMorgan Chase and Bank of America (BAC.N), opens new tab are seen as a barometer of the U.S. economy, as they offer insight into consumer spending, borrowing and business activity.

DEALMAKING BOOMJPMorgan's investment banking fees jumped 30% in the second quarter from a year earlier, higher than the bank's earlier estimate.

The bank was part of several landmark transactions during the quarter, including as co-adviser on NextEra Energy's $67 billion ​merger with Dominion Energy and lead ​active bookrunner on Alphabet's $85 billion ⁠equity offering.

It also retained the top spot in global investment banking league tables, generating the highest investment banking revenue in the industry, according to Dealogic data.

The value of global mergers and acquisitions announced ​so far this year has surpassed $3 trillion, according to Dealogic data, adding momentum to one of banks' ​biggest fee-generating businesses: ⁠advising on deals

STOCK TRADING WINDFALLMarkets remained volatile during the quarter as the conflict in the Middle East and disruptions to shipping through the Strait of Hormuz rattled investors and drove swings across asset classes.

The jump in oil prices also rekindled concerns about inflation, prompting investors to reassess the ⁠outlook for ​Federal Reserve interest-rate cuts.

JPMorgan's equity trading revenue surged 86%, while fixed-income trading revenue ​increased 6%.

The recovery in investment banking has coincided with elevated market volatility, giving Wall Street banks a boost across both businesses.

Stronger dealmaking and equity issuance have supported fees, ​while active client trading has lifted markets revenue.

Reporting by Manya Saini in Bengaluru and Nupur Anand in New York; Editing by Anil D'Silva

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Manya covers the most influential U.S. financial institutions, from Wall Street’s largest banks and card networks to leading asset managers and fintech companies. She also reports on late-stage venture capital fundraises, initial public offerings on U.S. exchanges and regulatory developments shaping the cryptocurrency industry. Her work appears across the finance, markets, business and future of money sections of the Reuters website. She holds a bachelor’s degree in political science from the University of Delhi and a master’s in journalism from the Symbiosis Institute of Media and Communication.

Nupur Anand is a U.S. banking correspondent at Reuters in New York. She focuses on JPMorgan Chase, Wells Fargo and regional banks. Anand covered banking and finance in India for more than a decade, chronicling the collapse of major lenders and turmoil at digital banks and cryptocurrencies. She has a degree in English literature from Delhi University and a postgraduate diploma in journalism from the Indian Institute of Journalism & New Media in Bangalore. Anand is also an award-winning fiction writer.

HomeIndustriesBankingEarnings ResultsEarnings ResultsBanking giant reports record revenue in each business segment, but the stock once again suffers a postearnings declineJuly 14, 2026, 7:04 a.m. ET

JPMorgan's stock falls, even after a big profit beat, record revenue and a raised outlook for net interest income. Photo: DDP/AFP via Getty Images JPMorgan Chase reported blowout second-quarter profit, as an acceleration in investment banking fees and activity highlighted record performances in each of the banking giant’s business segments.

The strong results come as CEO Jamie Dimon pointed to “notable resiliency” in the U.S. economy, noting that capital investment in artificial intelligence and fiscal stimulus led to stronger business investment and hiring.

A never-before-drilled, kilometre-scale target in one of British Columbia's most storied copper-gold camps.

VANCOUVER, BC / ACCESS Newswire / July 14, 2026 / Prospect Ridge Resources Corp. (the "Company" or "Prospect Ridge") (CSE:PRR)(OTCQB:PRRSF)(FRA:OED) is thrilled to announce that drilling has commenced at it's 100%-owned1; Excalibur copper-gold porphyry project in British Columbia's prolific Babine porphyry district (Figure 1). The initial discovery drill program at Excalibur is a significant first step in evaluating this undrilled, 2 km2, soil-covered geophysical and geochemical target that is interpreted as a potential altered and mineralized porphyry complex (Figure 2).

Why Excalibur is a target worth watching

Textbook porphyry signature: A recently completed induced polarization ("IP") survey revealed a large chargeability feature, interpreted as a classic pyrite-bearing halo flanking a series of magnetic highs, interpreted as magnetite-rich potassic alteration. These geophysical targets are supported by elevated copper in soil values and peripheral outcrops of pyrite-bearing hornfelsed sediments marking a potential copper-bearing porphyry system2 (Figures 2 and 3).

A large exploration fairway: The 28 km2, undrilled and only partly explored property, has delivered a 2 km2 coincident chargeability, magnetic, and multi-element soil anomaly that points to the potential for a buried porphyry-style system of a scale attractive to major mine developers.

A prime address in a proven district: Excalibur sits within the BC's Babine porphyry belt, 60-70 km from the past-producing Bell and Granisle mines and 40-50 km from exciting new discoveries such as Duke (Amarc Resources Ltd. and Boliden Mineral Canada Ltd.) and NAK (American Eagle Gold Corp.; TECK Resources Ltd. and South32 Limited)3,4 representing the newly highlighted potential of this belt.

Management comment

Prospect Ridge President & CEO Len Brownlie, Ph.D. commented: "Excalibur is an exciting new porphyry target in an established mining district. Our team's preparations since January have allowed us to assemble a high-quality operations team including Equity Exploration Consultants and Alpha Drilling along with solid local support to conduct this program during a very busy summer field season. For our shareholders, this program could provide a potentially transformational event in the form of a discovery of a new Babine-style copper-gold porphyry system."

Program and next steps

Drill program under way: The Company is targeting three to four drill collar locations for an initial ~1,500 metre program. Drill plans will be adjusted as new results drive exploration. An additional 1,500 meters of success-based drilling is also available to be deployed in 2026, dependant on results. Drilling commenced July 12, 2026, with updates and results to follow as the story unfolds.

A rock-solid technical foundation: Recent induced polarity and magnetic vector inversion modelling, multi-element soil geochemistry, and peripheral pyrite-mineralized outcrop support a compelling buried porphyry target.

Expansion of the supporting datasets to identify additional targets: In anticipation of positive drilling results, the Company is preparing to execute additional target development work in 2026 including expansion of the magnetic and IP data coverage and additional soil sampling across the 28 km2 mineral claims package.

Figure 1 - Excalibur Property location in relation to other projects in and near the Babine District.

About the Excalibur Property

On the Excalibur Property, suspected Bulkley and Babine-aged felsic intrusions cut Cretaceous stratified rocks, comprising Skeena Group clastic rocks to the west and Kasalka Group andesitic rocks to the east. A 50 to 500 metre wide by >1,600 metre long, east-west trending, Babine feldspar ± hornblende ± biotite porphyry dyke has been affected by a complex pattern of alteration, ranging from unaltered to propylitic and phyllic assemblages. Several outcrops of quartz-feldspar porphyry and granodiorite to the west of the current target are believed to be apophyses of the Bulkley stock documented south of the Excalibur Property. Copper, gold, and molybdenum mineralization is indicated by anomalous soil values over the overburden-covered targets.

Historical work includes mapping, soil sampling, and geophysical surveys (1971-72, 2019-2022); Prospect Ridge added to that foundation with additional soil sampling and a six-line IP survey in 2025. The target remains entirely undrilled providing a rare, wide-open canvas in a district with a proven mineral endowment.

The case for a buried porphyry system at Excalibur is compelling: anomalous copper, molybdenum, and gold in soils; strong IP chargeability; and a high magnetic response flanked by the chargeability high. Together, these geophysical and geochemical signatures may be interpreted as mineralized potassic alteration zone ringed by a pyrite halo - closely mirroring the geological setting of the nearby Granisle and Bell Copper porphyry deposits of the Babine Plutonic Suite.

Figure 2 - Plan view of planned drilling and supporting geophysical and geochemical data.

Figure 3 - Oblique section view of planned drilling and supporting geophysical data.

Funded and Positioned for 2026 Drilling

Prospect Ridge enters this program fully funded and permitted for this phase of planned work5; and driving toward key milestones, with further updates and assay results to follow as work advances. The Company is also aggressively advancing two other projects in its portfolio in 2026, with drilling planned for the Camelot Project in the third quarter, making this a potentially pivotal year for shareholders.

First Nations Land Acknowledgement

Prospect Ridge acknowledges that Excalibur is situated within the traditional territory of the Lake Babine First Nation. Prospect Ridge is committed to developing positive and mutually beneficial relationships with First Nations based on trust and respect and a foundation of open and honest communications.

Qualified Person Statement

All technical information that forms the basis for the written disclosure in this press release has been approved by Ron Voordouw, Ph.D., P.Geo., Director of Geoscience for Equity Exploration Consultants Ltd., who is an independent consultant to the Company, and a qualified person as defined under the terms of National Instrument 43-101.

About Prospect Ridge Resources Corp.

Prospect Ridge Resources Corp. is a British Columbia-based exploration and development company focused on critical metals and gold. Led by a seasoned management and technical team with over 100 years of combined mineral exploration experience, Prospect Ridge is advancing its north-central B.C.-located Golden Horseshoe and Cariboo projects - high-potential copper-gold systems positioned within some of Canada's most under-explored yet geologically endowed mineral belts.

Contact Information

Sources of Technical Information

(1) Subject to option payments totalling $159,000 and 920,000 shares and a 1.5% NSR royalty that may be reduced to 0.6% on payment of $400,000 prior to the definition of an indicated mineral resource.

(2) See Prospect Ridge press release dated June 16, 2026.

(3) See Amarc Resources Ltd. press release dated April 2, 2026.

(4) See American Eagle Gold Corp. press release dated May 8, 2026.

(5) See Prospect Ridge press release dated July 7, 2026.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This release includes certain statements and information ("FLI") that may constitute forward-looking information within the meaning of applicable Canadian securities laws. FLI relates to future events or future performance and reflect the current expectations or beliefs of the Company's management. Anything that is not historical fact is FLI. Generally, FLI can be, without limitation, identified by the use of forward-looking wording such as "aims","advancing","poised","potential", potentially","plans", "intends", "believes", "expects", "anticipates" or "estimates", and statements or phrases that certain actions, events or results "may", "might", "could", "should" or "would" occur, and similar expressions. FLI is not historical fact, is made as of the date of this news release and includes, without limitation, statements and discussions of future plans, intentions, expectations, estimates and forecasts, and statements as to management's intentions and expectations with respect to, among other things, positive exploration results at the Excalibur project. FLI involves numerous risks and uncertainties, and are based on assumptions, and actual results might differ materially from results suggested in any FLI. These risks and uncertainties include, among other things, the availability of financing to continue exploration activities, the availability and cost of qualified exploration personnel and service providers, and that future exploration results at the Excalibur project will not be as anticipated. In making any FLI in this news release, the Company has applied several material assumptions, including without limitation, that future exploration results at the Excalibur project will be as anticipated and that financing and permitting are adequate. Although management has endeavored to evaluate and use reasonable assumptions and to identify important factors that could cause actual results to differ materially from those contained in FLI, these assumptions may prove incorrect and there may be other factors that cause results not to be as intended, expected, anticipated or estimated. There can be no assurance that FLI will prove to be accurate, and actual results and future events could differ materially from those expressed in FLI. Accordingly, readers should not place undue reliance on FLI, and are further cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any FLI expressed or incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

SOURCE: Prospect Ridge Resources Corp.

Item 1 of 3 PepsiCo's new product of Doritos and Cheetos NKD (no dyes) for sale in a Walmart store in Encinitas, California, U.S., January 20, 2026. REUTERS/Mike Blake/File Photo

[1/3]PepsiCo's new product of Doritos and Cheetos NKD (no dyes) for sale in a Walmart store in Encinitas, California, U.S., January 20, 2026. REUTERS/Mike Blake/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesPepsiCo's Q2 North America food sales fall 2%, volumes flatGLP-1 use reached 21% of US households in May 2026, data showsPepsiCo food volumes have fallen in four of the last six quartersJuly 14 (Reuters) - Americans built one of the world's ​great snacking cultures. Now PepsiCo (PEP.O), opens new tab is discovering just how fast that can shift.

With one in five American households using ‌GLP-1 weight-loss drugs, surging living costs, and a broader shift toward healthier eating, it is getting harder for the company to reignite growth. The pressure showed up in its quarterly results last week.

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Sales in the Frito-Lay and Pepsi soda maker's North American food business slipped 2%, while volume was flat in the second quarter ​ended June 13, even after earlier price cuts of up to 15% on some of its biggest products including Lay's, Doritos, ​Cheetos and Tostitos.

That marked a reversal from the modest recovery investors thought they were seeing at the start ⁠of the year, when volume growth improved to around 2% in the first quarter, with the North America food business returning to ​growth.

Volumes at its food business have fallen four times in the last six quarters.

The contrast with Coca-Cola (KO.N), opens new tab is particularly sharp.

PepsiCo's North America beverage ​volume fell 4% in the latest quarter, while Coca-Cola reported a 4% growth in the region three months earlier, underscoring the challenges facing PepsiCo's snack-heavy portfolio as consumers become more selective about what they eat and drink.

Coca-Cola's stock has risen more than 20% so far this year, while PepsiCo is down around 4%.

PepsiCo's ​results are likely to bring more scrutiny from activist investor Elliott Investment Management, which disclosed a roughly $4 billion stake nearly 10 months ago ​and has pushed the company to reinvigorate its soda business, boost its share price and explore selling non-core food assets.

Investors "certainly want better volumes in the face ‌of them ⁠lowering price," said Stephanie Link, chief investment officer at Hightower Advisors, which holds PepsiCo stock.

SNACKING BECOMES MORE INTENTIONALAmericans are increasingly gravitating toward food with perceived health benefits such as higher protein, lower sugar and added fiber.

This comes as GLP-1 adoption has increased to 21% of U.S. households in May 2026, from 9% in January 2025, with users buying fewer sweet treats and cutting back on salty snacks, according to a ​PwC analysis of Numerator data.

"Consumers ​have moved from snacking on autopilot ⁠to making much more deliberate decisions about what they eat and how often," said Suzy Davidkhanian, vice president and principal analyst at eMarketer.

For PepsiCo, whose food brands including Ruffles and PopCorners generate about 58% ​of its annual revenue, the shift threatens one of the key engines that has driven growth for ​decades.

Analysts said any ⁠turnaround hinges not just on affordability, but on how quickly PepsiCo capitalizes on the demand for functional products.

The company's executives said last week that improvement in its North America business was likely to be more gradual than expected.

"PepsiCo now finds itself competing harder for every dollar, and increasingly that ⁠competition is ​about relevance as much as price," said Katherine Machado O'Hara, founder of marketing consultancy ​The Oxigeno Project.

The company "must rethink its 'giant in the room' mentality and support their innovation teams to allow products to market much faster ... A year late isn't just a ​delay, it can mean missing the trend entirely."

Reporting by Anuja Bharat Mistry and Aishwarya Venugopal in Bengaluru; Editing by Sayantani Ghosh and Sriraj Kalluvila

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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Shares of the tech giant fall sharply after IBM releases preliminary second-quarter numbers.

International Business Machines shares slipped double digits on Tuesday after the hardware, software and consulting provider released preliminary second-quarter results that fell short of expectations.

The tech company reported adjusted earnings of $2.93 a share on revenue of $17.2 billion, below analysts' expectations for earnings of $3.01 a share and revenue of $17.86 billion, according to FactSet. Shares tumbled more than 17% in premarket trading.

CEO Arvind Krishna blamed the shortfall on weakness in the software and infrastructure business because clients shifted money toward hardware purchases like memory chips.

"In the last few weeks of June, we saw clients shift their quarterly capex spend toward servers, storage, and memory purchases to secure supply-constrained infrastructure ahead of expected price increases," Krishna wrote in a letter to IBM investors. "While we anticipated some supply chain related impact in our expectations, we did not anticipate the magnitude of the capex reprioritization."

"These conditions require our teams to execute perfectly, and this quarter we faltered. We did not adapt and move quickly enough, and numerous large deals failed to close on the timelines we expected, driving the majority of our shortfall," Krishna added.

This is breaking news. Please refresh for updates.

International Business Machines warned of weakness in the latest quarter as a number of large deals failed to close on the timelines anticipated and supply chains shifted.