Track market-moving stories before they get noisy

The logo of Equinor is set up at the entrance of a building at Western Europe's largest liquefied natural gas plant Hammerfest LNG in Hammerfest, Norway, March 14, 2024. REUTERS/Lisi Niesner Purchase Licensing Rights, opens new tab

SummaryCompaniesCompanies investing $410 million to expand outputStartup of new wells expected in 2028Owners are Equinor, Petoro, Shell, TotalEnergies, ConocoPhillipsNorway is Europe's biggest gas supplierOSLO, June 19 (Reuters) - Equinor (EQNR.OL), opens new tab and its partners will invest just ‌over 4 billion Norwegian crowns ($410 million) in a new subsea development that will boost gas production from Norway's offshore Troll field, the company said on Friday.

Norway is Europe's biggest supplier ​of natural gas, meeting around 30% of the continent's annual demand, ​and the North Sea Troll field is its largest gas resource.

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The ⁠expansion will lift Norway's output of gas by between 2 million and ​2.5 million cubic metres (mcm) per day for the first eight years, a company ​spokesperson said, corresponding to just under 1% of the country's daily production.

The TWIN project agreed with partners Petoro, Shell (SHEL.L), opens new tab, TotalEnergies (TTEF.PA), opens new tab and ConocoPhillips is expected to contribute a total of around ​11 billion standard cubic metres of gas from Troll, Equinor said in ​a statement.

The companies aim to start production from the new development as early as 2028, ‌said ⁠Gunnar Nakken, Equinor's senior vice president for projects and subsea in Norway.

"By simplifying, increasing standardisation, and reusing existing infrastructure and equipment, we are reducing costs and enabling faster production in line with our new ways of working," Nakken said ​in the statement.

PROJECT IS ​THIRD STAGE OF ⁠TROLL PHASE 3The TWIN project, consisting of two wells in a seabed template and a pipeline connected to existing ​subsea facilities, is the third step of Troll phase 3, ​which ⁠produces gas from the Troll West reservoir, Equinor said.

It follows the announcement last month that Norway's petroleum safety regulator had given Equinor permission to start gas production ⁠from the ​now completed second phase of Troll phase 3.

Operator ​Equinor owns a 30.55% stake in Troll, while state company Petoro holds 55.93%, Shell 8.19%, TotalEnergies 3.69% ​and ConocoPhillips 1.64%.

($1 = 9.7534 Norwegian crowns)

Reporting by Terje Solsvik; Editing by Nora Buli

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

Key Takeaways Klarna will add Pay in Full and installment payments to Bolt rides and scooter trips in four markets.Klarna gains exposure to Bolt's 200M customers, expanding beyond retail and e-commerce.KLAR reported Q1 2026 active consumers up 21% and GMV up 33%, supporting growth efforts. Klarna Group plc (KLAR - Free Report) is expanding into mobility through a new partnership with Bolt, a leading European shared mobility platform. Per the agreement, Klarna’s payment options will be integrated directly into the Bolt app, allowing users in Sweden, Germany, Finland and Norway to pay for car rides and scooter trips using Klarna’s “Pay in Full” feature or customized monthly installment plans. Using secure tokenization, riders can link accounts once for seamless automated billing on future trips. The rollout is expected to wrap up across these markets by late June 2026.

The partnership extends Klarna’s reach beyond its traditional retail and e-commerce roots into transportation services. By embedding its payment solutions into a service consumers use regularly, Klarna can become a larger part of customers’ daily spending habits while expanding its reach through Bolt’s network of more than 200 million customers across 50 countries.

The move aligns with Klarna’s strategy of increasing payment frequency and driving engagement beyond online shopping. Mobility services are particularly attractive because they generate recurring transactions and encourage repeat usage. Integrating Klarna into the Bolt app will also increase its visibility among millions of users across Europe.

The partnership supports Klarna’s efforts to diversify its revenue base. Klarna entered the deal with strong momentum, as active consumers rose 21% year over year to 119 million and Gross Merchandise Volume (GMV) increased 33% in first-quarter 2026. While the initiative is unlikely to have a material near-term financial impact, it strengthens Klarna’s long-term growth strategy and expands its presence across consumer transactions.

How Are Competitors Faring?While Klarna is expanding into everyday mobility payments, other payment companies like Affirm Holdings, Inc. (AFRM - Free Report) and Visa Inc. (V - Free Report) are finding new ways to grow by tapping into travel and AI-driven commerce.

Affirm expanded its partnership with Royal Caribbean, bringing buy now, pay later (BNPL) options to cruise bookings in the United Kingdom and Canada. Affirm also strengthened its presence in the travel sector through broader integrations, reflecting its efforts to move beyond traditional retail purchases.

Visa recently integrated its payment capabilities into ChatGPT, allowing AI agents to securely complete purchases using tokenized credentials. The move highlights Visa's growing focus on AI-powered commerce and its efforts to make digital payments more seamless across emerging platforms.

KLAR’s Price Performance, Valuation & EstimatesShares of KLAR have lost 34.9% year to date compared with the industry’s decline of 16.7%.

Image Source: Zacks Investment Research

From a valuation standpoint, KLAR trades at a forward price-to-sales ratio of 1.46X, down from the industry average of 4.72X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for KLAR’s 2026 earnings is pegged at 4 cents per share, implying a 105.06% jump from the year-ago period’s level.

Image Source: Zacks Investment Research

KLARcurrently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

© tanitost / Shutterstock.com

IREN (NASDAQ:IREN) has transformed from a Bitcoin miner into one of the most aggressively contracted AI cloud platforms on the public market, and the stock has rerated to match.

Shares closed at $59.96 on June 18, 2026, up 511.84% over the past year. Our 24/7 Wall St. price target for IREN is $114.86, implying 91.55% upside. Our model classification is Bullish, with confidence of 90%.

24/7 Wall St. Price Target Summary Metric Value Current Price $59.96 24/7 Wall St. Price Target $114.86 Upside 91.55% Recommendation BUY Confidence Level 90% A Year That Rewrote the IREN Story IREN is having a remarkable year. The stock is up 58.75% year to date, 25.6% over the past month, and trades roughly 5% below its 52-week high of $76.87.

The Q3 FY2026 report on May 7, 2026 looked weak on paper: revenue of $144.8 million missed consensus by 33.97% and the company posted a $247.8 million net loss that included a $140.4 million non-cash impairment on retired mining hardware.

The market looked past it because AI Cloud Services revenue almost doubled sequentially to $33.6 million, and IREN signed a five-year, $3.4 billion AI Cloud contract with NVIDIA. The June 16 acquisition of Spanish developer Ingenostrum added roughly 490 MW of European capacity.

The Case for $125 and Higher The bull case rests on capacity already under contract. Management is targeting $3.7 billion in ARR by the end of calendar 2026, with $3.1 billion already contracted. The $9.7 billion Microsoft AI Cloud deal, the NVIDIA partnership covering up to 5 GW of DSX-aligned infrastructure, and a $1.6 billion Dell agreement signed May 26 mean roughly 84% of the 2026 ARR target is already locked in.

CEO Daniel Roberts told investors, “There are no idle GPUs“. Our bull-case scenario points to $124.85, or 108% upside, with Jefferies most recently reiterating a Buy at $79 and the high end of Street targets at $105.

The Risks Worth Watching The bear case starts with capital intensity. IREN carries $3.7 billion in convertible notes, and analysts have flagged a potential $21 billion funding gap to fully execute the global build-out.

Needham cut estimates on June 11 citing a delayed AI revenue ramp, and JP Morgan sits at a bearish $46 target. Customer concentration with Microsoft and NVIDIA is real.

Bulls would counter that the headline net loss is dominated by non-cash impairments on decommissioned ASIC miners and that Adjusted EBITDA of $59.5 million at a 41% margin tells a healthier story. Our bear-case scenario lands at $79.52, which still implies upside from current levels.

IREN Price Prediction 2026-2030 Our 24/7 Wall St. price target is $114.86, our recommendation is buy, and confidence sits at 90%. The tipping factor for me is contracted ARR coverage: with 84% of the 2026 target already booked, the operational risk centers on execution and timing, with demand already in hand.

The setup looks constructive for investors comfortable with a 4.23 beta and seeking exposure to the AI infrastructure buildout. Investors who doubt IREN’s ability to fund the next leg without meaningful dilution may prefer to wait for clarity on financing.

Year 24/7 Wall St. Price Target 2026 $85 2027 $134 2028 $216 2029 $282 2030 $352 These projections assume IREN continues to convert secured power into contracted ARR on schedule. Significant upside could come from accelerated NVIDIA Vera Rubin deployments at Sweetwater, while regulatory or grid-connection delays in Texas, Spain, or Australia would push the curve lower.

Rare-earth magnets are central to many modern technologies, including electric vehicles, wind turbines, defense and missile guidance systems, and advanced consumer electronics. For years, the U.S. has become dependent on China for mining and processing raw materials into refined magnets, a trend that has grown into a national security concern.

The U.S. is taking steps to achieve full independence in producing rare-earth permanent magnets by reshoring the supply chain, including mining, processing, and manufacturing of these crucial materials. This "mine-to-magnet" strategy has put several mining companies on the map, including USA Rare Earth (USAR 5.37%).

Over the past year, USA Rare Earth has raised significant capital from the U.S. government and outside investors to build its supply chain. Does that make the stock a buy today? Let's dive into the company and find out.

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USA Rare Earth has raised significant capital Earlier this month, USA Rare Earth finalized an agreement with the U.S. Department of Commerce for up to $1.6 billion in federal funding under the CHIPS and Science Act. This funding package consists of $277 million in direct grants and up to $1.3 billion in senior secured loan capacity. In return, the federal government received 16.1 million common shares and 17.6 million warrants.

In addition to this federal funding, the company secured another $1.5 billion in private placement funds in January, bringing total liquidity to $3.5 billion. This funding is crucial for USA Rare Earth to build out its domestic mine-to-magnet supply chain, including developing the Round Top mine in Texas and expanding its processing and manufacturing capabilities.

The mine-to-magnet company has made some huge moves USA Rare Earth is building out its near-term capabilities and has made several key acquisitions to do so. Last year, it acquired U.K.-based Less Common Metals (LCM) for $100 million in cash, plus 6.5 million shares. Building on this, in April, it acquired Serra Verde Group for approximately $2.8 billion, structured via $300 million in cash and 126.8 million newly issued common shares.

Image source: Getty Images.

This move is crucial to helping USA Rare Earth get off the ground and running. That's because Serra Verde's Pela Ema mine in Brazil is currently the only operating, large-scale producer outside Asia that supplies all four primary magnetic rare-earth elements.

In addition, the company recently announced a $1.2 billion magnet manufacturing facility in South Carolina. Combining this with its acquisition of LCM and its active permanent magnet facilities in Oklahoma helps USA Rare Earth bridge the gap between raw extraction and finished commercial products.

The expansion efforts by USA Rare Earth have management projecting that the company will reach a magnet manufacturing run rate of 600 metric tons per annum (MPTA) at its Oklahoma facility, along with 3,000 MPTA of metal-making and alloy capacity through its LCM subsidiary.

In the longer term, the company is targeting annualized production capacity of 10,000 tons of rare-earth metal alloys and 10,000 tons of Neodymium Iron Boron (NdFeB) permanent magnets, positioning it to capture high-margin market share across the defense, electric vehicle, and semiconductor sectors.

Is USA Rare Earth for you? USA Rare Earth is making progress on building its mine-to-magnet supply chain, and recent acquisitions have given its business a big boost. Looking ahead, the company will continue advancing its Round Top mine in Texas, which is rich in heavy rare-earth elements critical to the production of high-heat permanent magnets.

Another benefit of this mine is that its mineralization enables cleaner, cheaper processing of these rare-earth elements, which could enable low-cost production and provide a notable competitive advantage for USA Rare Earth. The company hopes to begin commercial production at Round Top as soon as 2028.

With this in mind, USA Rare Earth is still undergoing massive expansion efforts that will be expensive for shareholders. Its dealings with the U.S. government and other acquisitions have diluted shareholders, and scaling its mining and processing capabilities will take time, underscoring the risks of owning early-stage, start-up mining stocks.

On June 22, China added 10 U.S. companies to its export-control list, including rare-earth mining companies MP Materials (MP 3.85%) and USA Rare Earth (USAR 5.37%). Both stocks are up over the past five days, despite the news.

The restrictions are designed to stop dual-use item exports from China from reaching the companies. While the news appears negative on its face, the market often interprets these actions as a long-term validation of the companies' strategic importance and a catalyst for increased domestic government support.

Here are two reasons why the two mining stocks are climbing, and one reason to be cautious.

Image source: Getty Images.

The move is proof of strategic necessity China's decision to blacklist these firms serves as official confirmation that they are the primary credible threats to China's near-monopoly on rare-earth supply chains. For investors, this serves as a seal of approval, indicating that the companies have reached a level of operational maturity sufficient to disrupt Beijing's leverage.

While sanctions introduce operational hurdles, they paradoxically lower the risk that these companies will be undercut by state-subsidized Chinese imports in the future.

Retaliatory actions from China often accelerate the release of federal grants, low-interest loans, and Department of Defense (DoD) contracts. For instance, both companies have already secured massive backing, including a $400 million DoD investment in MP Materials and $1.6 billion in Commerce Department funding for USA Rare Earth to insulate them from Chinese supply disruptions.

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The supply chain decoupling has already begun The practical impact of these specific bans is often limited or symbolic. Both companies have spent the past year aggressively de-risking their supply chains. MP Materials and USA Rare Earth have largely transitioned away from relying on Chinese-sourced equipment or dual-use precursors.

Because they operate outside the Chinese-controlled ecosystem, they are increasingly able to command premium prices for non-China-certified rare-earths, which are in high demand among defense contractors and Western electric vehicle manufacturers subject to new trade regulations.

The move by China is also a reaction to the G7 agreement last week to cap rare-earth reliance on non-partner countries to below 60% by 2030.

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Still, there are concerns The operational reality remains challenging. Investors must weigh the long-term strategic support against potential near-term headwinds.

If these firms are barred from accessing specialized Chinese-made processing equipment or dual-use parts, they may face higher capital expenditures or project delays as they scramble to find alternative (often more expensive) suppliers.

On top of that, neither of the two companies is close to being profitable, and they're just beginning to ramp up production. MP Materials, in its first quarter, reported $90.6 million in revenue, up 49%, year over year, thanks to increased sales of NdPr oxide and metal, used in rare-earth magnets, but it had an earnings per share (EPS) loss of $0.04, compared to a loss of $0.12 in the same quarter in 2025.

USA Rare Earths' Round Top project in Texas isn't fully operational. It just commissioned a hydrometallurgical demonstration facility in Colorado, with production of separated oxides expected by the third quarter of the year. In the first quarter, the company had no revenue in the first quarter to go with its EPS loss of $0.34.

Silicon Motion Technology (NASDAQ:SIMO) had its price target raised to $400 from $230 by Wedbush, which reiterated an ‘Outperform’ rating, citing stronger forward estimates and a higher valuation multiple reflecting improving growth visibility.

Shares of Silicon Motion added almost 5% at $337 on the news.  

Wedbush said it is raising its outlook as it updates its model to better reflect “improving opportunities and shifts in fundamentals,” noting that both earnings estimates and the multiple have been increased to align with SIMO’s expected growth profile.

The firm pointed to a more constructive view on client SSD demand, driven by a combination of higher assumed market share and improving average selling prices tied to new product cycles.

It also highlighted next-generation Gen 5 PCIe controllers as a key pricing driver, noting they are being sold at a premium versus prior-generation products.

Wedbush added that SIMO’s share gains are expected to become more visible in the second half of the year as newer 4-channel mainstream controllers ramp across NAND manufacturers. The company’s share is currently around 30%, according to the note.

On enterprise storage, Wedbush highlighted growing traction for the MonTitan platform, which is beginning to ship in limited volumes and is expected by the company to reach mid-single-digit to low-double-digit percentages of revenue by the end of 2026.

The firm also sees potential upside into 2027 driven by strengthening demand from enterprise customers and emerging neocloud and AI infrastructure requirements.

In embedded, Wedbush pointed to continued opportunities across automotive and data center-related products, including expanding content in networking and boot drive applications, with additional wins referenced at large infrastructure and search-related customers.

The firm raised its estimates for 2026 and 2027 to $1.64 billion and $2.09 billion in revenue respectively, alongside higher EPS forecasts, reflecting stronger assumed growth across SSD, embedded, and enterprise segments.

Despite the more optimistic outlook, Wedbush noted its revised model may still understate potential upside, particularly if NAND pricing remains supportive, enterprise adoption accelerates, and share gains continue in key regions such as China.

The memory and storage segment of the semiconductor sector is in the midst of a powerful boom, fueled by the artificial intelligence (AI) infrastructure build-out. With hyperscalers and others pouring hundreds of billions of dollars into new data centers, demand for high-capacity solid-state drives (SSDs) is far outpacing the world's capacity to manufacture them. As a leading producer of NAND flash storage and enterprise SSDs, Sandisk (SNDK 0.11%) has been one of the clearest beneficiaries of this movement.

So far this year, Sandisk stock has surged 873% -- making it the top-performer in the Nasdaq-100 by a wide margin. While such gains might suggest to some that Sandisk's rally has become overdone, a close look at the company's operational trends and valuation points to the potential for further upside.

Let's dig into what the next year could look like for Sandisk investors. Spoiler alert: The stock could still be a multibagger from here.

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Breaking down the memory up cycle's tailwinds The primary driver behind Sandisk's rise is big tech's insatiable demand for memory and storage solutions. AI training clusters require vast quantities of high-performance storage alongside accelerated compute systems, and data center operators are deploying those systems at a prodigious pace.

Also, large enterprises and cloud infrastructure providers are refreshing their aging servers by adding denser, faster SSDs; meanwhile, consumer demand for premium AI-enabled devices supports baseline volumes. The imbalance between supply and demand has allowed all of the memory makers to boost their average selling prices significantly. That has translated into noticeable profit margin expansion and top-line momentum for Sandisk.

SNDK Revenue (TTM) data by YCharts.

New contract structures give Sandisk strong earnings visibility One of the bearish talking points surrounding an investment in Sandisk is the cyclical nature of the memory and storage chip market. While this argument has some validity, Sandisk has made an interesting move that suggests that the memory and storage solutions markets are becoming more secular in the context of the broader AI infrastructure narrative.

Sandisk's management recently highlighted its new business model, which features multiyear supply agreements that provide the company with exceptional visibility into its future sales and profits -- something it historically lacked. During Sandisk's fiscal third-quarter earnings call, management shared that the company has signed five multiyear supply agreements this year -- and just the three it inked in its most recent fiscal quarter carry a minimum total value of $42 billion.

The resulting backlog and contracted performance obligations extend Sandisk's runway well into 2028 and beyond -- materially reducing its cyclical risk. For this reason, the analysts' consensus points to earnings per share (EPS) of approximately $65 in fiscal 2026, followed by a step-up to roughly $183 next year as its volumes scale further and its margins continue to widen.

Image source: Getty Images.

Where will Sandisk stock be in one year? Sandisk's forward price-to-earnings (P/E) multiple has expanded significantly throughout 2026. While rapid multiple expansion can sometimes signal froth, I think Sandisk's current valuation profile remains compelling given the duration and magnitude of the demand outlook.

Should Sandisk continue to meet or exceed its revenue and profitability targets, further upside could be in store even without further multiple expansion. For example, if Sandisk hits analysts' 2027 EPS target of $183 and maintains a forward earnings ratio of around 33, the stock would rocket to about $6,000. That would be 160% above current levels.

Taking this one step further, Sandisk stock could easily continue rising even if its multiples contract or normalize a bit. For instance, if the company generates earnings results consistent with Wall Street's outlook but its forward P/E dips to a level more in line with the average S&P 500 figure of 22, Sandisk stock would still surge to roughly $4,000 per share by the end of next year.

All told, the combination of strong secular tailwinds supported by contracted revenue visibility and compounding earnings creates a compelling setup for share price appreciation. If this memory up cycle persists and the company delivers on its expectations, the stock has a credible path to at least double -- if not gain even more -- by year-end 2027.

The stock of Centrus Energy Group (LEU 2.04%) didn't exactly go nuclear on Thursday, but investor enthusiasm over a new deal boosted its price. The nuclear fuel and enrichment services company's shares raced more than 12% higher on the news in that trading session.

A powerful piece of news In a joint press release published that morning, Centrus and small modular reactor (SMR) company Oklo announced they had signed a letter of intent for a set of projects in Ohio.

Image source: Getty Images.

Under the terms of the document, Centrus will supply sufficient high-assay low-enriched uranium (HALEU) for up to five of Oklo's Aurora powerhouses in the state. The letter of intent covers multiple years, the two companies wrote without being more specific. Deliveries are to start in 2029, they said.

The Ohio assets are being built by Oklo in partnership with social media company Meta Platforms to power its artificial intelligence (AI)-capable data centers.

Centrus and Oklo added that their pact "brings together domestic fuel supply, planned advanced nuclear power generation, customer demand, and project execution" for the latter company's operations.

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High on the coming supply On top of that, per Centrus and Oklo, the arrangement comes "at a time when access to domestically sourced HALEU remains one of the central constraints facing the advanced nuclear sector."

This is an important point, and a key reason why investors were understandably bullish on Centrus stock after the news hit the headlines.

The great bulk of the company's revenue derives from fuel supplies, so the more it can lock in with long commitments, the better. The current U.S. nuclear power revival seems to be picking up energy -- forgive the corny wordplay -- and Centrus should be one of the top beneficiaries of this. I'd be positive on the company's future too.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Meta Platforms. The Motley Fool has a disclosure policy.

June 17, 2026 16:05 ET  | Source: SL Green Realty Corp

NEW YORK, June 17, 2026 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced that its board of directors has declared a quarterly ordinary dividend of $0.6175 per share of common stock, which is the equivalent of an annualized dividend of $2.47 per share. The dividend is payable in cash on July 15, 2026 to shareholders of record at the close of business on June 30, 2026.

The board of directors also declared the regular quarterly dividend on the company's Series I Preferred Stock for the period April 15, 2026 through July 14, 2026 of $0.40625 per share, which is the equivalent of an annualized dividend of $1.625 per share. The dividend is payable in cash on July 15, 2026 to shareholders of record at the close of business on June 30, 2026.

About SL Green Realty Corp.

SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of March 31, 2026, SL Green held interests in 55 buildings totaling 30.8 million square feet which included ownership interests in 29.4 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 3 buildings totaling 0.8 million square feet owned by third parties.

Forward Looking Statement

This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

PRESS CONTACT
[email protected]

SLG – DIV

VIRGINIA CITY, Nev., June 22, 2026 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (“Comstock,” “our” and the “Company”), today announced that it has executed a Securities Purchase Agreement (the “SPA”) to sell 100% of its mineral, mining, processing and related mining district real estate entities to Mackay Precious Metals Inc. (“Mackay”), a wholly owned subsidiary of Mackay Gold & Silver Corp., for an aggregate transaction value of over $45 million, consisting of over $30 million in cash and stock payments, a retained 1.5% NSR royalty, the assumption of all reclamation obligations and liabilities, and an additional contingent future payment of $10 million. Mackay will acquire 100% of four Comstock subsidiaries: Comstock Mining LLC, Comstock Processing LLC, Comstock Exploration and Development LLC, and Comstock Real Estate Inc., including all patented and unpatented mining claims, town lots, processing facilities, operating permits and water rights.

“This transaction achieves a critical milestone in our transformation from a hard rock, junior mining company to our growing, global, renewable metals and materials company, that potentially unlocks high value for our shareholders, delivers and reallocates non-dilutive capital to fund that growth, simplifies our business model and reduces costs while retaining real upside through both equity in MACK and potential future NSR royalties,” stated Corrado De Gasperis, Comstock’s CEO. “Mackay has now assembled a historic, world-class district with highly sophisticated capital partners, board members and management, coupled with a geological development plan that we support and remain vested in, to potentially unlock the discovery of millions of gold and silver ounces and the associated potential share value across the entirety of the historic mining district. We support all of Darwin’s and the Mackay team’s plans.”

Upon closing, the Company will have received $20 million in cash, plus 2 million shares of Mackay Gold & Silver (TSXV: MACK, OTCQB: MKGSF) valued at over $3.5 million at recent prices. A secured, second-tranche cash payment of $7 million is due within 18 months. Mackay may elect to satisfy up to $2 million of the second-tranche payment through the issuance of additional Mackay Gold & Silver Corp. shares, subject to the pricing thresholds and conditions set forth in the SPA. All reclamation obligations and liabilities will be assumed by the sold entities and all associated reclamation and surety bond deposits and collateral will also be assigned and remain with the sold entities.

Comstock expects the divestiture to reduce ongoing costs associated with maintaining these mining assets, permits, environmental compliance obligations and related activities, resulting in over $1.5 million in annualized savings.

The Company will also retain a 1.5% NSR royalty from sales of silver, gold, and all other valuable minerals and products extracted from these properties, subject to the terms of the Royalty Agreement. Mackay has the option to repurchase the royalty at any time for $3.5 million in cash. Comstock will further share in the success of Mackay’s exploration and development activities through a contingent payment of $10 million if, within seven years following closing, (i) Mackay makes a decision to proceed with the construction of a mine on any of the properties, or (ii) Mackay is sold, merged, or otherwise participates in a change-of-control transaction with aggregate consideration of at least $500 million. If the contingent payment does not occur, the value of the NSR buy-out doubles to $7 million.

This transaction follows Mackay’s very successful lease of Comstock’s Northern Targets starting in June 2023, and the purchase of those properties in December 2024 for a total value of $3.85 million. Over the life of these transactions, Comstock received approximately $8 million when adding prior lease payments and reimbursed expenses to the sale.

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, gold, and other critical minerals, primarily from end-of-life photovoltaics.

To learn more, please visit www.comstock.inc.

Comstock Social Media Policy

Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its X.com, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contacts

For investor inquiries:
Judd B. Merrill, Chief Financial Officer
Tel (775) 413-6222
[email protected]

For media inquiries:
Zach Spencer, Director of External Relations
Tel (775) 847-7573
[email protected]

Forward-Looking Statements 

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “forecast,” “seek,” “target,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: expectations regarding the completion of the proposed securities offering, future market conditions; future explorations or acquisitions, divestitures, spin-offs or similar distribution transactions; future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: sales of, and demand for, our products, services, and/or properties; industry market conditions, including the volatility and uncertainty of commodity prices; the speculative nature, costs, regulatory requirements, and hazards of natural waste resource identification, exploration, development, availability, recycling, extraction, processing, and refining activities, including operational or technical difficulties, and risks of diminishing quantities or insufficiency of grades of qualified resources; changes in our planning, exploration, research and development, production, and operating activities; research and development, exploration, production, operating, and other variable and fixed costs; throughput rates, margins, earnings, debt levels, contingencies, taxes, capital expenditures, net cash flows, and growth; restructuring activities, including the nature and timing of restructuring charges and the impact thereof; employment and contributions of personnel, including our reliance on key management personnel; the costs and risks associated with developing new technologies; our ability to commercialize existing and new technologies; the impact of new, emerging, and competing technologies on our business; the possibility of one or more of the markets in which we compete being impacted by political, legal, and regulatory changes, or other external factors over which we have little or no control; the effects of mergers, consolidations, and unexpected announcements or developments from others; the impact of laws and regulations, including permitting and remediation requirements and costs; changes in or elimination of laws, regulations, tariffs, trade, or other controls or enforcement practices, including the potential that we may not be able to comply with applicable regulations; changes in generally accepted accounting principles; adverse effects of climate changes, natural disasters, and health epidemics, such as the COVID-19 outbreak; global economic and market uncertainties, changes in monetary or fiscal policies or regulations, the impact of terrorism and geopolitical events, volatility in commodity and/or other market prices, and interruptions in delivery of critical supplies, equipment and/or raw materials; assertion of claims, lawsuits, and proceedings against us; potential inability to satisfy debt and lease obligations, including because of limitations and restrictions contained in the instruments and agreements governing our indebtedness; our ability to raise additional capital and secure additional financing; interruptions in our production capabilities due to equipment failures or capital constraints; potential dilution from stock issuances, recapitalization, and balance sheet restructuring activities; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to maintain the listing of our securities on any securities exchange or market; and our ability to implement additional financial and management controls, reporting systems and procedures and comply with Section 404 of the Sarbanes-Oxley Act, as amended. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.

VIRGINIA CITY, Nev., June 24, 2026 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE American: LODE) (“Comstock” and the “Company”) is pleased to announce that Comstock Metals LLC, a wholly owned subsidiary of Comstock Inc. (NYSE: LODE), a leader in the responsible recycling of end-of-life solar panels with the only certified, North American, zero-landfill solution, announced today, in collaboration with JobsOhio and OhioSE, its selection of Cambridge, Ohio, as one of the national locations for its industrial-scale solar panel recycling and production facility and logistics hub. The Ohio operation is expected to create 20 full-time positions.

The project is supported by a newly announced JobsOhio $75,000 Grant, which promotes economic development, business expansion, and job creation by funding eligible projects. OhioSE supported and assisted the company through the process of establishing itself and obtaining this financial assistance.

Comstock Metals LLC specializes in sustainable, industrial-scale recycling of end-of-life solar panels, that cleanly recovers valuable materials, including aluminum, copper, silver, and glass, using a fully circular, zero-landfill solution. The company has operated its initial recycling facility in Silver Springs, Nevada, for the past two and a half years, where it is currently scaling to 100,000 tons of solar panels annually, and achieves 100% material recovery. The Cambridge facility will expand that capacity to ultimately produce aluminum, silver, and glass bead outputs for resale into Midwest industrial supply chains.

“Comstock Metals’ decision to establish its first Ohio processing and production facility in Cambridge reflects the strategic advantages the state offers growing companies,” said JobsOhio President and CEO, J.P. Nauseef. “With its centralized location and strong logistics network, Cambridge is well positioned to support Comstock Metals’ continued expansion as demand for solar recycling services grows across the country.”

Founded in 2022 and headquartered in Silver Springs, Nevada, Comstock Metals has built a national customer base across the Southwest, Midwest and eastern United States. The Cambridge facility will enable Comstock Metals to reduce long-distance transportation costs, which can account for 30 to 50 percent of total recycling expenses, while better serving its growing Midwest and eastern US customer base. The company has identified a 21,570-square-foot facility with an adjacent laydown yard.

“Our new Cambridge facility in Ohio is an integral part of our growing national capacity of logistics, storage and recycling of end-of-life solar materials that are decommissioning across the country,” said Corrado De Gasperis, Chief Executive Officer of Comstock Inc. “We truly appreciate the collaboration with JobsOhio and OhioSE for supporting and enabling these jobs. The speed that we build these human systems and deploy our recycling network is critical to keeping these hazardous materials out of our landfills, communities and eco-systems.”

“The central Ohio location provides a cost-effective, logistical solution for our growing Midwest and Northeast US customer base, supporting the company’s goal to set the standard for solar recycling here in the United States,” said Dr. Fortunato Villamagna, President of Comstock Metals. “Our team has developed a strong network of relationships in the eastern US with solar power producers, O&M groups, and manufacturers. The support from JobsOhio and OhioSE is an important step in our nation’s recognition and prioritization of these critical recycling activities that best serve our communities.”

“We are grateful for the decision of Comstock Metals to invest in Guernsey County,” said Matt Abbott, President & CEO of OhioSE Economic Development. “This investment continues to prove the positive momentum that is taking place in eastern and southeastern Ohio,” said Abbott.

“Guernsey County is excited to welcome Comstock Metals to the community and are grateful for their investment and the new job opportunities they will bring to Jackson Township,” said Bill Arnett, Executive Director, Cambridge-Guernsey CIC. “We look forward to supporting them through their local startup and future growth opportunities,” Arnett said.

The Cambridge-Guernsey County CIC was created by the Guernsey County Commissioners in 1965 and designated by resolution to perform the economic development functions for the County, City of Cambridge, and Village of Byesville. It was joined in this function in 2000 by the creation of the Guernsey County Port Authority. Operating out of the same office with a common director and staff, the organizations are positioned to offer the best resources of each to help businesses locate or expand in Guernsey County.

Ohio Southeast Economic Development (OhioSE) is the JobsOhio Network Partner for southern, eastern, and southeastern Ohio, providing economic development work and resources in 25 rural counties. Geographically the largest of the seven regions across the state, OhioSE partners closely with regional development districts, local economic development offices, state agencies, and other entities to expand, retain, and attract businesses in the counties they serve. Learn more at OhioSE.com or contact Sarah Arnold, OhioSE Director of Communication & Marketing: (740) 525-5510 and [email protected].

JobsOhio, Ohio's private nonprofit economic development corporation, enhances company growth and personnel development through business attraction, retention, and expansion across ten competitive industry sectors. With a team of seasoned professionals, JobsOhio utilizes a comprehensive network to foster talent production in targeted industries and attract talent through Find Your Ohio. Collaborating with seven regional partners, including Dayton Development Coalition, Lake to River Economic Development, Ohio Southeast Economic Development, One Columbus, REDI Cincinnati, Regional Growth Partnership, and Team NEO, JobsOhio delivers world-class customer service to provide companies with a competitive advantage. Follow JobsOhio at LinkedIn, Twitter and Facebook. Learn more at www.jobsohio.com or contact Matt Englehart, JobsOhio Communications Manager: (614) 300-1152 and [email protected]

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, gold, and other critical minerals, primarily from end-of-life photovoltaics.

To learn more, please visit www.comstock.inc.

Comstock Social Media Policy

Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its X.com, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contacts

For investor inquiries:
Judd B. Merrill, Chief Financial Officer
Tel (775) 413-6222
[email protected]

For media inquiries:
Zach Spencer, Director of External Relations
Tel (775) 847-7573
[email protected]

Forward-Looking Statements 

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “forecast,” “seek,” “target,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: expectations regarding the completion of the proposed securities offering, future market conditions; future explorations or acquisitions, divestitures, spin-offs or similar distribution transactions; future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: sales of, and demand for, our products, services, and/or properties; industry market conditions, including the volatility and uncertainty of commodity prices; the speculative nature, costs, regulatory requirements, and hazards of natural waste resource identification, exploration, development, availability, recycling, extraction, processing, and refining activities, including operational or technical difficulties, and risks of diminishing quantities or insufficiency of grades of qualified resources; changes in our planning, exploration, research and development, production, and operating activities; research and development, exploration, production, operating, and other variable and fixed costs; throughput rates, margins, earnings, debt levels, contingencies, taxes, capital expenditures, net cash flows, and growth; restructuring activities, including the nature and timing of restructuring charges and the impact thereof; employment and contributions of personnel, including our reliance on key management personnel; the costs and risks associated with developing new technologies; our ability to commercialize existing and new technologies; the impact of new, emerging, and competing technologies on our business; the possibility of one or more of the markets in which we compete being impacted by political, legal, and regulatory changes, or other external factors over which we have little or no control; the effects of mergers, consolidations, and unexpected announcements or developments from others; the impact of laws and regulations, including permitting and remediation requirements and costs; changes in or elimination of laws, regulations, tariffs, trade, or other controls or enforcement practices, including the potential that we may not be able to comply with applicable regulations; changes in generally accepted accounting principles; adverse effects of climate changes, natural disasters, and health epidemics, such as the COVID-19 outbreak; global economic and market uncertainties, changes in monetary or fiscal policies or regulations, the impact of terrorism and geopolitical events, volatility in commodity and/or other market prices, and interruptions in delivery of critical supplies, equipment and/or raw materials; assertion of claims, lawsuits, and proceedings against us; potential inability to satisfy debt and lease obligations, including because of limitations and restrictions contained in the instruments and agreements governing our indebtedness; our ability to raise additional capital and secure additional financing; interruptions in our production capabilities due to equipment failures or capital constraints; potential dilution from stock issuances, recapitalization, and balance sheet restructuring activities; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to maintain the listing of our securities on any securities exchange or market; and our ability to implement additional financial and management controls, reporting systems and procedures and comply with Section 404 of the Sarbanes-Oxley Act, as amended. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.

Zeta Global stock price jumped on Tuesday after the company intensified its pivot towards artificial intelligence (AI) by partnering with Palantir Technologies. It jumped to $20.50, and then pared back some of those gains to close at $19.50. So, will this partnership boost ZETA shares in the near future?

Zeta Global is a top company in the adtech industry, where it provides the Zeta Marketing Platform (ZMP) that is used by companies and advertising agencies. ZMP analyzes structured and unstructured data points to predict consumer behavior. 

Zeta also offers the Consumer Data Platform (CDP) that ingests, analyzes, and distills data points to generate a single view of a consumer. Some of the top clients include companies like T-Mobile, Renault, Generali, Samsung, and General Mills.

Zeta Global stock jumped after announcing a strategic partnership with Palantir. This deal will help the company build a unified data and AI infrastructure, with Athena by Zeta being at the center.

READ MORE: Zeta Global stock soared after Snowflake OSI entry: what next?

The deal will pair two complementary platforms: Palantir Foundry and Zeta Data Cloud. In this, Zeta Data Cloud will be rearchitected on Foundry, with Athena by Zeta, turning that data into decisions and measurable outcomes. In a statement, Alex Karp, Palantir’s CEO said:

“Palantir and Zeta are using Ontology to create a next-generation marketing environment, giving Zeta all the advantages of AI while protecting against many of the known dangers. Bringing together containerized architecture and AI in the context of marketing will transform this industry.”

The announcement came at a time when its business is continuing its growth trajectory. Its revenue grew by 50% to $396 million, while its cash from operations soared by 43% to $50 million. This growth accelerated as 9 of the ten verticals it focuses on continued growing.

Most notably, the company boosted its revenue and profitability growth. It now expects that its revenue will grow by 37% this year, while its adjusted EBITDA margin moving to 22.3%. 

The company’s customers continue to boost their spending, which has helped its average revenue per user (ARPU) gain momentum. Also, the management expects that its organic annual revenue will jump to $2.3 billion in 2028 from the estimated $1.78 billion. Its adjusted EBITDA is expected to move to $573 million that year from this year’s $397 million.

There are also signs that the company is not all that overvalued, especially based on the rule-of-40 multiple. Its annual revenue growth this year is expected to be 37%, while its EBITDA margin is expected to be 6%, giving it a multiple of 42%.

Zeta stock chart | Source: TradingView

The daily chart shows that the Zeta share price formed a double-bottom pattern at $14.48 and a neckline at $19.5. This pattern explains why it jumped to a high of $26 on June 2nd.

Most recently, the stock has pulled back as investors booked profits. It has remained above the 200-day Exponential Moving Average (EMA) and the 61.8% Fibonacci Retracement level.

Therefore, the most likely scenario is where it loses momentum after forming a doji candlestick pattern. If this happens, it may move below the 200-day EMA and then rebound later this year.

In the latest close session, Modine (MOD - Free Report) was down 6.13% at $277.46. The stock fell short of the S&P 500, which registered a loss of 1.44% for the day. Elsewhere, the Dow lost 0.09%, while the tech-heavy Nasdaq lost 2.22%.

The stock of heating and cooling products maker has risen by 13.46% in the past month, leading the Auto-Tires-Trucks sector's loss of 3.79% and the S&P 500's gain of 0.08%.

The upcoming earnings release of Modine will be of great interest to investors. In that report, analysts expect Modine to post earnings of $1.43 per share. This would mark year-over-year growth of 34.91%. At the same time, our most recent consensus estimate is projecting a revenue of $895.49 million, reflecting a 31.15% rise from the equivalent quarter last year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $7.73 per share and a revenue of $4.03 billion, representing changes of +53.98% and +26.76%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for Modine. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 6.99% increase. Right now, Modine possesses a Zacks Rank of #3 (Hold).

In the context of valuation, Modine is at present trading with a Forward P/E ratio of 38.24. This expresses a premium compared to the average Forward P/E of 13.11 of its industry.

Meanwhile, MOD's PEG ratio is currently 0.96. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. MOD's industry had an average PEG ratio of 0.9 as of yesterday's close.

The Automotive - Original Equipment industry is part of the Auto-Tires-Trucks sector. With its current Zacks Industry Rank of 160, this industry ranks in the bottom 35% of all industries, numbering over 250.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Key Takeaways Futu added 225,000 funded accounts in Q1, lifting its total to 3.59 million, up 34.3% year over year.Futu needs about 575,000 more funded accounts this year, with Q2 growth expected to stay stable from Q1.Malaysia and Hong Kong led Q1 account additions, while Moomoo held over 55% of group-funded accounts. Futu Holdings’ (FUTU - Free Report) account story still has momentum, but 2026 will test how broad that momentum really is. In the first quarter, the company added 225,000 net new funded accounts, taking the total to 3.59 million. This was a 34.3% jump from a year earlier and kept management comfortable with its full-year goal of 800,000 additions.

The target now depends on steady delivery. After the first quarter, Futu needs about 575,000 more funded accounts across the rest of the year. On the earnings call, management said second-quarter net new funded accounts are expected to remain stable from the first quarter, which would keep the target within reach.

That push is being supported by a wider geographic mix. Malaysia and Hong Kong together contributed more than half of the first-quarter net new funded accounts. Singapore delivered double-digit sequential growth, while Japan saw stronger U.S. stock and options activity. Futu also said more than 55% of group-funded accounts were under Moomoo, its overseas brand.

Futu’s user base is growing alongside higher activity. Total users rose 14.9% to 30.2 million, brokerage accounts climbed 26.8% to 6.28 million, and client assets increased 47.2% to HK$1.22 trillion. Trading volume hit HK$4.15 trillion, with U.S. stocks at HK$3.00 trillion and Hong Kong stocks at HK$1.01 trillion.

Still, regulation remains a watch point. Futu booked a proposed RMB1.85 billion CSRC penalty, which pushed net income down 61.2% to HK$831 million (US$106.0 million). Management said mainland China-funded accounts represented about 13% of funded accounts, around 17% of client assets and roughly 20% of revenues. Still, S&P reaffirmed Futu’s BBB- rating with a stable outlook, and management said the issue should not derail its 800,000-account guidance.

How Are Interactive Brokers and Robinhood Growing?Interactive Brokers (IBKR - Free Report) kept adding clients at a fast clip. In May 2026, Interactive Brokers reported 4.995 million client accounts, up 32% year over year and 3% from April. For Interactive Brokers, that growth came with $937.3 billion in client equity and $100.9 billion in margin loans, signaling deeper client engagement overall.

Robinhood Markets (HOOD - Free Report) remains a large retail name by funded customers. HOOD reported 27.7 million funded customers at May-end, up 1.76 million year over year, with total platform assets of $377 billion. For Robinhood, $5.6 billion of May net deposits and stronger equity/options volumes show accounts are active.

FUTU's Price Performance, Valuation and EstimatesShares of Futu have declined 31% over the past three months against the industry’s growth of 8.7%. 

Image Source: Zacks Investment Research

From a valuation standpoint, FUTU trades at a forward 12-month price-to-earnings of 9.85, below the industry and also lower than its one-year median of 16.15. This valuation disparity might not be as favorable as it seems. It carries a Value Score of C.

Image Source: Zacks Investment Research

Over the past 30 days, earnings estimates for both 2026 and 2027 have been revised downward, signaling a bearish outlook from analysts.

Image Source: Zacks Investment Research

Seagate Technology (NASDAQ:STX | STX Price Prediction) has delivered one of the market’s most remarkable runs of 2026, with the stock up 297.98% year to date as AI-driven storage demand rewrites the narrative around legacy hard drive makers. After a parabolic move from $274.90 on December 31, 2025 to $1,094.04 on June 22, 2026, the question is how much higher this can go.

Our 24/7 Wall St. price target for Seagate is $1,010.11 over the next 12 months, implying roughly 7.7% downside from current levels. Our recommendation is hold, with a 90% confidence level, reflecting high conviction in the model output even as fundamentals remain intact.

Metric Value Current Price $1,094.04 24/7 Wall St. Price Target $1,010.11 Upside/Downside -7.7% Recommendation HOLD Confidence Level 90% Why We Could Be Wrong Our 24/7 Wall St. price target sits below where Seagate trades today. STX is one of the most dynamic AI infrastructure stories in the market, and real upside could come from accelerated Mozaic 4 ramp through calendar 2026 or from HDD pricing power lasting deeper into 2028 than the model assumes. The bull case below explains why Seagate could keep rallying past our number.

From $131 to $1,094 in 12 Months Seagate has gained 746% over the past year and 34.61% in the past month alone.

The catalyst was Q3 FY26 earnings on April 28, 2026, where Seagate posted adjusted EPS of $4.10 versus $3.50 expected on revenue of $3.11 billion, up 44.07% year over year. Non-GAAP gross margin expanded to 47.0% from 36.2%, and free cash flow reached $953 million. Management guided Q4 to $3.45 billion in revenue and $5.00 EPS, fueling the move.

The Case for $1,200+ Bulls have real ammunition. Morgan Stanley raised its target to $1,035 from $767 citing HDD shortages through at least 2028. Mizuho raised its target to $1,090 from $875, JPMorgan to $920, and Wells Fargo to $900.

CEO Dave Mosley said Seagate has “exabyte-scale supply agreements in place with nearly all major cloud and hyperscale customers, with nearline capacity almost fully allocated through calendar 2027”, and management raised its annual revenue growth target to a minimum of 20% over the next few years. Our bull case scenario points to $1,217.94, an 11.32% return.

What Could Go Wrong The risk centers on valuation. STX trades at a P/E of 102 and roughly 88x forward earnings, well above the $898.09 analyst consensus target.

Insiders, including CFO Gianluca Romano and CEO Dave Mosley, sold shares in mid-June at $880.19, though bulls note these were pre-planned 10b5-1 transactions and Mosley still holds over 327,000 shares. Other risks include tariff exposure, Middle East conflict, and dilution from Exchangeable Senior Notes due 2028. Our bear case lands at $742.76, a 32.11% drawdown.

Seagate Price Prediction 2026-2030 A pullback to the $850 to $900 range would look more attractive on a risk/reward basis if HAMR qualification with remaining hyperscalers closes on schedule. The setup looks less compelling if Q4 results show softening in pricing or if exabyte shipments miss the mid-20% growth bar.

My 24/7 Wall St. price target of $1,010.11 and hold rating reflect high confidence that the easy money has been made, even though the structural AI thesis remains intact.

Here is where our model projects Seagate could trade, assuming current growth trajectories and pricing discipline hold.

Year 24/7 Wall St. Price Target 2026 $1,010 2027 $1,045 2028 $1,080 2029 $1,055 2030 $1,044 These projections assume Seagate executes the Mozaic roadmap and captures share of AI storage spend. Significant upside or downside could result from HAMR adoption pace, hyperscaler capex cycles, or competitive pressure from NAND on the storage tier.

Key Takeaways ALAB posted Q1 revenues of $308.4M, up 14% sequentially and 93% year over year. Astera Labs' PCIe Gen 6 revenues topped one-third of Q1 sales, driven by Aries adoption. ALAB expects Q2 revenues of $355M-$365M, implying 15% to 18% sequential growth. Astera Labs (ALAB - Free Report) is benefiting from robust demand for its Aries and Taurus product lines, which are central to the company’s strong performance in the AI infrastructure market. In the first quarter of 2026, Astera Labs reported revenues of $308.4 million, marking a 14% sequential increase and an impressive 93% year-over-year growth.

This surge was driven by broad-based adoption across the company’s signal conditioning and fabric switch portfolios, with Aries and Taurus playing pivotal roles in supporting both scale-up and scale-out connectivity for AI infrastructure and general-purpose compute platforms.

The Aries product line, focused on PCIe 6 signal conditioning, has seen strong early adoption, particularly as AI infrastructure spending accelerates. Aries solutions are now integral to both AI fabric and signal conditioning, with PCIe Gen 6 revenues contributing more than one-third of ALAB’s total revenues in the first quarter of 2026. The company has shipped millions of PCIe Gen 6 ports to date, demonstrating the maturity and robustness of its portfolio. Aries is set to expand into PCIe 7, positioning ALAB’s leadership in intelligent connectivity solutions for AI infrastructure.

Taurus, meanwhile, has delivered solid results through the broad adoption of its Active Electrical Cable technology, which extends connectivity reach in both AI and general compute environments. The Taurus portfolio is also poised for further expansion into 1.6T Ethernet, aligning with industry trends toward higher-speed networking.

Aster Labs is benefiting from strong demand for its Aries, Taurus, and Scorpio product families, all of which are expected to drive growth in the second quarter of 2026. For the same quarter, ALAB expects revenues between $355 million and $365 million, implying 15% to 18% sequential growth.

ALAB Faces Stiff CompetitionALAB is facing stiff competition from other industry players like Marvell Technology (MRVL - Free Report) and Credo Technology (CRDO - Free Report) . Both Marvell Technology and Credo Technology are making strong efforts in the connectivity space.

Marvell Technology’s expanding portfolio has been noteworthy. Marvell Technology recently introduced the Teralynx T100, a 102.4 Tbps AI-optimized switch silicon designed to enhance high-speed connectivity and networking efficiency in large-scale AI data centers through lower latency and reduced power consumption.

Credo Technology’s expanding portfolio has been noteworthy. In May 2026, Credo Technology completed its acquisition of DustPhotonics, adding industry-leading silicon photonics technology to strengthen its optical interconnect portfolio across 800G, 1.6T and 3.2T solutions. The acquisition enhances Credo Technology’s vertically integrated AI connectivity stack and is expected to be a significant growth driver in fiscal 2027, supported by increasing hyperscale AI adoption.

ALAB’s Share Price Performance, Valuation, and EstimatesALAB shares have surged 150.7% in the year-to-date period, outperforming the broader Zacks Computer & Technology sector’s increase of 20%. The Zacks Internet - Software industry has decreased 13.7% in the same time frame.

ALAB Stock’s Performance
Image Source: Zacks Investment Research

ALAB stock is trading at a premium, with a forward 12-month Price/Sales of 39.34X compared with the  Internet - Software industry’s 3.61X. ALAB has a Value Score of F.

ALAB’s Valuation
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for 2026 earnings is pegged at 69 cents per share, which has been unchanged over the past 30 days. This suggests 56.82% year-over-year growth.

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

Upgrading key logistics corridor to improve efficiency and strengthen Egypt’s trade flows 18 June 2026 – Alstom, leading a consortium with Rowad Modern Engineering and Concrete Plus, has signed four landmark contracts with Egyptian National Railways (ENR) to modernise Egypt’s strategic railway corridors, covering the 6th of October–Alexandria corridor and Belbes–10th of Ramadan (B10) line.

The combined value of the contracts is approximately €690 million, with Alstom’s share representing around €300 million1. As four of Egypt’s most significant rail modernisation projects, the contracts support Egypt Vision 2030 by strengthening national logistics and improving connectivity between new dry ports, industrial zones, and major seaports.

The 6th of October–Alexandria corridor, valued at €550 million, of which Alstom’s share amounts to approximately €240 million, will be delivered across three major implementation lots. It will modernise the corridor with next-generation digital railway systems, upgraded telecommunications, reinforced power supply, and comprehensive civil and track rehabilitation. These enhancements will improve safety, increase capacity, enhance operational reliability, and reduce full route travel time by nearly 80 minutes.

The Belbes–10th of Ramadan (B10) project, valued at approximately €140 million, of which Alstom’s share amounts to approximately €60 million, will introduce the same advanced railway technologies and modernisation scope. It will enhance connectivity to one of Egypt’s largest industrial hubs, strengthening freight efficiency and supporting industrial growth across the eastern logistics corridor.

By transforming freight operations between the 6th of October Dry Port and the Alexandria Seaport and enhancing rail connectivity to the 10th of Ramadan industrial zone, the projects will strengthen links between Egypt’s major logistics hubs and maritime gateways.
They will help ease supply chain bottlenecks, support sustainable freight transport, and boost national and regional trade flows.

“The Africa, Middle East and Central Asia region has never been more committed to building smarter, more resilient rail networks, and Alstom is at the center of that transformation. These contracts demonstrate our capacity to deliver large-scale, complex signalling programmes, and our determination to be a long-term partner for its most critical mobility infrastructure”, said Martin Vaujour, President, Africa, Middle East and Central Asia (AMECA) at Alstom.

As consortium leader, Alstom will be responsible for the end-to-end engineering, design, supply, testing, and commissioning of the new digital railway systems across both corridors. This includes ETCS Level 1 signalling, modern telecommunications, reinforced power infrastructure, and state-of-the-art operations control capabilities, enabling real-time, coordinated management across the network.

“These projects are redefining the future of rail in Egypt,” said Ramy Salah, Managing Director of Alstom Egypt. “Our partnership with Egyptian National Railways, driven by world class expertise and Egyptian talents, is creating vital transport corridors that drive economic growth, connect key industrial and logistics centres, and unlock new opportunities for future generations.”

In parallel, Rowad Modern Engineering and Concrete Plus will deliver the technical buildings, MEP works, and the full suite of civil and track upgrades to secure resilient, future-ready rail infrastructure. The projects also strongly support national industry development, achieving around 50% local content through Egyptian engineering talent and local sourcing.

Alstom in Egypt
Alstom has been present in the country for more than 40 years, supporting the development and modernisation of rail infrastructure through landmark transport projects. Today, Alstom employs around 800 people locally and has established strong operational and engineering capabilities, including recognised centers of excellence in signalling, power supply, and depot equipment. These capabilities support complex rail programmes nationally and across the AMECA region, reflecting a deeply embedded, long term commitment and a solid industrial and technological footprint in the rail sector.

ALSTOM™ is a protected trademark of the Alstom Group.

 About AlstomAlstom is the pure rail leader, committed to making rail the backbone of sustainable transportation. We design and deliver a complete range of future-ready solutions – from high-speed and regional trains to metros, monorails, trams, turnkey systems, end-to-end services, infrastructure, signalling and digital rail solutions. With 87,800 people in 61 countries, Alstom brings together global expertise and multi-local presence to make every journey smarter, cleaner and more enjoyable. Together with our partners and customers, we realise the power of rail. Listed in France, Alstom generated revenues of €19.2 billion for the fiscal year ending 31 March 2026. For more information, please visit

www.alstom.comContactsPress: HQ

Coralie COLLET – Tel.: +33 (0) 7 63 63 09 62
[email protected]

 Africa, Middle East and Central Asia Region (AMECA)
AMECA Communications VP

Souade BEKHTI – Tel.: +971 56 9954576
[email protected]

 Cluster Communications Director

Clare ASHAMALLAH - Tel.: +20 128 812 3195
[email protected]

 Saudi & Egypt Communications Manager

Mariam SALAH - Tel.: +201126371226
[email protected]

 Investor Relations
Cyril GUERIN – Tel.: +33 (0)6 07 89 36 16
[email protected]

 Guillaume GAUVILLE – Tel.: +44 (0)7 588 022 744
[email protected]

 Jalal DAHMANE – Tel.: +33 (0)6 98 19 96 62
[email protected]

1 This contract will be reflected in the Group’s order intake in the 1st quarter of the 2026/27 fiscal year.

20260618_Press Release_Egypt_EN

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Most nuclear timelines slip. James Walker, CEO of Nano Nuclear Energy (NASDAQ:NNE), says his will not. He expects construction permission in 2027 and a fully licensed, net-power-producing commercial reactor by 2030. That is an audacious promise from a pre-revenue startup, and the market is still figuring out what to do with it.

I’ve been tracking NNE for about eight months now, and what stands out is how rare it is to see a pre-revenue nuclear name commit to a hard date in public — most peers hedge every milestone.

What Walker Actually Said Walker laid out a sequence of milestones. Nano Nuclear is one of only five commercial companies to have submitted a construction permit application to the U.S. Nuclear Regulatory Commission, distinct from the roughly dozen companies participating in the Department of Energy’s reactor pilot program. Geotechnical drilling on the site has been completed and submitted. The NRC piece already has a paper trail: the agency formally accepted the construction permit application for the KRONOS microreactor on May 29, 2026, kicking off a multi-year safety and environmental review, with initial construction expected at the University of Illinois Urbana-Champaign site in mid-to-late 2027.

Walker also took a swing at competitor Antares. He called its criticality demonstration meaningful but fundamentally different, saying that "to take a reactor critical at a zero-power reactor" is a different exercise than running "a full-scale, fully operational, net-power-producing reactor system that’s commercially licensed." Translation: zero-power criticality is a lab benchmark; a commercially licensed plant selling electrons is a different beast.

The AI Power Argument Walker’s pitch leans hard on hyperscaler demand. Microsoft, Meta, Amazon, and AWS are chasing nuclear because upgrading grid infrastructure to meet AI demand would require roughly $5 trillion. For hyperscalers that want off-grid, zero-downtime, clean baseload, Walker said nuclear is the only viable option, citing that "the highest capacity factor of all energies is nuclear" and that data centers can tolerate "minutes, maybe less" of annual downtime.

The math lines up with federal projections. The EIA’s High Electricity Demand case shows data center server electricity use growing more than 16 times the 2020 level by 2050, reaching 818 billion kilowatthours. Bloomberg energy reporter Will Wade noted that many hyperscalers are hedging by placing bets across multiple energy technologies, needing only one to pay off. That hedging behavior is exactly the demand backdrop NNE is selling into.

What the Market Is Pricing NNE trades at $25.17 as of June 15, 2026, with a market cap around $1.2 billion and a beta of 5.04. The shares are down about 28% over the past year and down 14% over the past month, even as the broader nuclear narrative has gotten louder. Analyst consensus sits at a $46.67 target with three buys and one hold.

Fundamentals look like a story stock. Revenue TTM is $0, EBITDA is negative $44.97 million, and diluted EPS is -$0.68. The recent Secured Transportation Services acquisition, valued at up to $13 million, adds $7.1 million in 2025 revenue and $1.3 million in net income, plus access to more than 90% of active NRC-approved spent fuel routes. NNE also signed an MOU with Super Micro Computer on June 13, 2026, to develop joint go-to-market strategies pairing microreactors with AI server infrastructure.

The Insider Tell Believers should reconcile the bullish narrative with what executives are actually doing. Under pre-arranged 10b5-1 plans, CEO James Walker sold roughly $3.28 million in shares, President and Chairman Yu Jiang sold about $19.9 million, and CFO Jaisun Garcha sold roughly $985,617. These were pre-planned sales tied to RSU vesting. They are a data point worth weighing against a 2030 promise.

Bringing It Back Walker’s 2030 claim only works if the NRC moves on schedule, the Illinois site breaks ground in 2027, and a hyperscaler signs an actual offtake. If you believe AI compute needs clean baseload more than anything else, NNE is one of the few public names with a permit application already accepted. If you think nuclear timelines always slip, the 346% five-year gain already prices in a lot of patience. The promise is on the table. The receipts are due in 2030.

SAN JOSE, Calif.--(BUSINESS WIRE)-- Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the “Company”), a U.S. commercial space company specializing in satellite technology, space transportation, and in-orbit services, today announced that it has secured a new commercial contract with the University of Colorado Boulder’s Laboratory for Atmospheric and Space Physics (LASP) to provide in-orbit services.

“We’re proud to support the OWLS mission demonstrating the versatile capabilities of our advanced technology combined with the flexibility of the orbital hosting infrastructure of our latest OSV, Vigoride-9,” said John Rood, Chief Executive Officer of Momentus. “We are encouraged by the increasing demand across a diverse set of commercial customers to support mission-critical orbital services, delivering reliable long-duration hosting and sustained operations. As our orbital services portfolio increases, we are optimistic about the durability of incremental revenue growth opportunities.”

LASP has selected Momentus to host and operate its Occultation Wave Limb Sounder (OWLS) mission on the Company’s Vigoride-9 Orbital Service Vehicle (OSV). LASP’s upcoming mission will fly advanced instruments into orbit to target improvements to modeling of space weather in low Earth orbit (LEO). These instruments are designed to measure atmospheric density waves between 100 and 400 kilometers using solar occultation techniques, generating high-quality data intended to improve modeling of space weather, atmospheric drag, and the evolution of the operating environment for satellites in LEO. During its targeted mission launch in 2027, Momentus will integrate and operate two OWLS instruments on Vigoride-9.

“Partnering with Momentus allows us to deploy OWLS quickly and efficiently by leveraging its orbital transportation services during the upcoming LEO launch to optimize our latest space weather forecasting instruments,” said OWLS Principal Investigator Dr. Ed Thiemann. “The data we collect will help improve models of the upper atmosphere and deepen our understanding of how the weather we experience at Earth’s surface ultimately impacts satellites in LEO.”

The contract further expands Momentus’ commercial revenue portfolio of hosted payload and in-orbit services that provide the U.S. government, science and academic, technology organizations, and commercial customers with scalable orbital infrastructure and operational support capabilities. Vigoride’s modular architecture and high-power hosting capabilities are well-positioned to deliver on missions requiring long-duration operations, precision, and specialized environmental conditions.

Momentus launched its Vigoride-7 Orbital Service Vehicle in March, and the spacecraft is currently meeting all mission objectives. The company’s upcoming Vigoride-8 mission is fully booked supporting NASA and scheduled to fly in 2027. Momentus still has capacity available on the Vigoride-9 mission, and organizations interested in securing a payload slot can contact the Momentus Commercial team at [email protected].

About Momentus

Momentus is a U.S. commercial space company offering satellites, satellite components, and in-space transportation and infrastructure services. Through its Vigoride orbital service vehicle, the company delivers hosted payload support, last-mile delivery, and servicing capabilities tailored to scalable mission architectures.

Follow the University of Colorado Boulder’s Laboratory for Atmospheric and Space Physics (LASP) Occultation Wave Limb Sounder (OWLS) mission at (https://lasp.colorado.edu/missions/owls).

Forward-Looking Statements

This press release contains certain statements which may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements regarding the expected filing of the Company’s Form 10-K and Form 10-Q and its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, and are not guarantees of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Momentus’ control. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to risks and uncertainties included under the heading “Risk Factors” in the Annual Report on Form 10-K filed by the Company on April 9, 2025, as such factors may be updated from time to time in our other filings with the Commission, accessible on the Commission’s website at www.sec.gov and the Investor Relations section of our website at investors.momentus.space. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

More News From Momentus Inc.

Cerebras Systems (NASDAQ:CBRS) is approaching its first earnings report as a public company with execution rather than demand as the key variable to watch, according to Wedbush analysts.

Demand risk is "almost zero," according to Wedbush, given Cerebras's existing deals with OpenAI and Amazon, meaning results will largely reflect how well management delivers against its own targets.

Driving the optimism is TSMC capacity. The analysts believe the foundry will deliver at least modest upside to expected wafer output in 2026 and 2027, which could translate into incremental system sales for Cerebras.

That dynamic is further helped by tightening accelerator availability across the industry and growing memory sourcing constraints, a challenge that matters less for Cerebras because its chips rely on SRAM rather than high-bandwidth memory.

The firm also flags the company's next-generation WSE-4 chip as a potential positive catalyst. While Cerebras has not provided a formal timeline, Wedbush notes that general speculation points to a late 2026 or early 2027 launch and ramp, with the new design expected to improve both margins and revenue.

Wedbush also credits management with building in some conservatism at the IPO stage, suggesting that simply executing to plan could yield upside to current estimates.

Longer term, the firm argues Cerebras's story is less about near-term beats and more about capturing share in a rapidly expanding AI accelerator market. Analysts point to continued growth in inference demand, potential incremental customers supported by TSMC output, and worsening memory pricing constraints as tailwinds that should work in the company's favor.

The firm considers 2028 the appropriate reference year as the first in which OpenAI-related investment costs begin to moderate and the company reaches what it views as meaningful revenue and operational scale.

Wedbush maintains a Buy rating and $270 price target on Cerebras based on a 40x price-to-earnings multiple applied to its 2028 EPS estimate of $6.03, plus net cash of $28.19 per share.

GAAP quarterly revenue of $193.4 million; record core revenue of $191.3 million, up 92% from a year agoAnnounced a multi-year deal with OpenAI for 750MW valued at more than $20 billionLaunched multi-year partnership with Amazon to bring Cerebras’ fast inference to AWS Raised $6.4 billion in Q2 in largest semiconductor IPO of all time SUNNYVALE, Calif., June 23, 2026 (GLOBE NEWSWIRE) -- Cerebras Systems Inc. (NASDAQ: CBRS), maker of the world’s fastest AI infrastructure, today announced financial results for the first quarter of fiscal year 2026, ended March 31, 2026.

“This was an outstanding start to 2026 for Cerebras. And we are proud of our achievements,” said Andrew Feldman, Cerebras co-founder and CEO. “AI has moved from being a novelty to being useful and productive. Cerebras’ wafer-scale technology delivers the fastest AI in the world. And fast AI is more valuable than slow AI because it is more productive. It provides answers in less time. It delivers solutions in less time. This in turn has created significant momentum with pioneering customers like OpenAI and AWS and emerging customers as well. The growing importance of AI in our economy requires AI infrastructure that can power the most advanced applications at unprecedented speed. This is the Cerebras mission.”

“Our strong financial performance in Q1 highlights the large and rapidly growing opportunity in front of us,” said Bob Komin, Cerebras CFO. “We are focused on innovating at the pace of demand, supporting accelerating investments in growth and capitalization on strategic opportunities while effectively managing our capital structure.”

Q1 2026 and Recent Business Highlights

Announced a multi-year deal with OpenAI valued at more than $20 billion Reached agreement for OpenAI to deploy 750 megawatts of Cerebras’ high-speed inference compute over the next several yearsCo-launched Codex-Spark, a model designed for near-instant coding and optimized for interactive work where latency matters, delivering more than 1,000 tokens per second Began a multi-year partnership with AWS to bring fast inference to an even bigger scale through global distribution for every startup, AI native, and enterprise company Together with AWS, we will launch a disaggregated inference strategy, with AWS’s Trainium 3 chips performing the prefill and the Cerebras CS-3 running blisteringly fast inference for decode Launched enterprise customer trials of Kimi K2.6 and Gemma 4 Kimi K2.6, the leading open-weight frontier model and the first trillion-parameter model served on Cerebras, achieved performance approaching 1,000 tokens per second as independently measured by Artificial AnalysisGemma 4 31B, flagship of Google DeepMind’s open-weight Gemma family, runs an order of magnitude faster on Cerebras based on scores on the Artificial Analysis Intelligence Index, enabling image understanding at Cerebras speed Raised $6.4 billion in gross proceeds through our IPO, in addition to the $1 billion Series H pre-IPO financing closed in February and the $1 billion working capital loan from OpenAI in January. Also, in April, Cerebras closed a revolving credit facility for up to $850 million from a broad syndicate of investment banks to further support the company’s strategy to accelerate the pace of our data center acquisitions. 1Q 2026 Financial Highlights

GAAP Financial Results:

GAAP revenue of $193.4 million, up 13% sequentially and up 94% year-over-year Hardware revenue of $110.6 million, up 59% year-over-yearCloud and other services revenue of $82.8 million, up 178% year-over-year GAAP gross margin of 45% GAAP hardware gross margins of 41%GAAP cloud and other services gross margins of 49% GAAP loss from operations of $15.0 millionGAAP net loss of $14.0 millionCash, cash equivalents, restricted cash, and short-term investments of $3.3 billion Core Financial Results are all non-GAAP metrics (and exclude the impact of amortization of customer warrants, data center pass-through revenues and costs, stock-based compensation, and certain other items):

Core total revenue of $191.3 million, up 12% sequentially and up 92% year-over-year Core hardware revenue of $111.6 million, up 60% year-over-yearCore cloud and other services revenue of $79.8 million, up 167% year-over-year Core gross margin of 47% Core hardware gross margins of 42%Core cloud and other services gross margins of 53% Core operating loss of $3.5 millionCore net loss of $2.5 million Q2 2026 Financial Outlook

Core Non-GAAP Financial Outlook: Core revenue of approximately $194.0 million, up 88% year-over-yearCore gross margin in the range of 36 - 38%Core operating margins in the range of  (30) to (32)% Full Year Fiscal 2026 Financial Outlook

Core Non-GAAP Financial Outlook:

Core revenue of $855.0 to 865.0 million, up 69% year-over-year at the midpointCore gross margin in the range of 38 - 41%Core operating margins in the range of (28) to (32)% Earnings Webcast and Conference Call

Cerebras Systems will host a conference call to review its financial results for the first quarter of fiscal 2026 and to discuss our financial outlook today at 2 p.m. PT (5 p.m. ET). Interested parties may join the conference call via the webcast and can be accessed at the Cerebras website at https://investors.cerebras.ai/. The webcast will be recorded and available for replay on the same website following the conclusion of the conference call.

About Cerebras Systems

Cerebras Systems (NASDAQ: CBRS) is building the world’s fastest AI infrastructure. The Cerebras team of pioneering computer architects, computer scientists, AI researchers, and engineers of all types came together to make AI blisteringly fast through innovation and invention. They believe that when AI is fast, it will change the world. Leading global corporations, research institutes, and governments choose Cerebras to run their AI workloads. Cerebras solutions are available on premises and in the cloud.

Investor Relations
Sean Dorsey
[email protected]

Corporate Communications
Kriselle Laran
[email protected]

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of applicable securities laws. All statements other than statements of historical fact could be deemed to be forward-looking, including, but not limited to, statements regarding Cerebras’ future financial performance, including Cerebras’ expectations regarding its revenue, cash flows, expenses, gross margins, and other results of operations, business strategy, such as partnerships, investments, financings, borrowings, capital structure, capital allocations and data centers, growth and market opportunity, customer demand, product roadmap, technology leadership, supply chain, operating model, and outlook for Q2 and full year 2026, as well as the timing, execution and anticipated benefits of customer, partner and financing arrangements, deployments and capacity expansion initiatives, and any assumptions relating to the foregoing. The words “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “objective,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Cerebras’ control. These risks and uncertainties include, but are not limited to: Cerebras’ ability to sustain and manage its growth, access borrowings and other sources of capital on acceptable terms, and deploy available capital to support growth; its history of net losses and ability to achieve and maintain profitability; its limited operating history at its current scale and ability to accurately forecast revenue and appropriately budget and manage expenses; its dependence on a limited number of significant customers, including OpenAI, Group 42 Holding Ltd, Mohamed bin Zayed University of Artificial Intelligence, and AWS, and the potential impact of any reduction in demand from, material adverse development in its relationships with, or failure to meet its obligations to, such customers, including under its Master Relationship Agreement with OpenAI; the timing, execution and expected benefits of its strategic customer, partner and financing arrangements; its historical reliance on sales of hardware systems and the early-stage, rapidly evolving market for its cloud-based offerings and AI infrastructure; its ability to secure sufficient data center capacity and capital to support its cloud-based offerings; its ability to launch new offerings and add new product capabilities; and its ability to compete effectively in the rapidly evolving and competitive market for AI computing solutions.

Cerebras’ actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors. Accordingly, undue reliance should not be placed on such statements. These forward-looking statements are made as of the date they were first issued and are based on information available to Cerebras together with Cerebras’ expectations, estimates, forecasts, projections, beliefs, and assumptions as of such date. These forward-looking statements should not be relied upon as representing Cerebras’ views as of any date subsequent to the date of this press release. Past performance is not necessarily indicative of future results. Cerebras undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Further information on potential risks that could affect actual results is included in Cerebras’ most recent filings with the Securities and Exchange Commission (the “SEC”), including in Cerebras’ most recent Quarterly Report on Form 10-Q, copies of which may be obtained by visiting Cerebras’ Investor Relations website at investors.cerebras.ai or the SEC’s website at www.sec.gov.

Discussion of Non-GAAP Financial Measures

Use of non-GAAP financial measures

We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include Core total revenue, Core hardware revenue, Core cloud and other services revenue, Core gross profit, Core hardware gross profit, Core cloud and other services gross profit, Core gross margin, Core hardware gross margin, Core cloud and other services gross margin, Core operating loss, Core operating margin, Core net loss, and adjusted earnings before income tax, depreciation and amortization (“Adjusted EBITDA”). We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons.

These non-GAAP financial measures are not computed in accordance with, or as an alternative to, US GAAP. The GAAP measures comparable to the supplemental non-GAAP financial measures are as follows:

The GAAP measure most directly comparable to Core total revenue is total revenue.The GAAP measure most directly comparable to Core hardware revenue is hardware revenue.The GAAP measure most directly comparable to Core cloud and other services revenue is cloud and other services revenue.The GAAP measure most directly comparable to Core gross profit is GAAP gross profitThe GAAP measure most directly comparable to Core gross margin is GAAP gross marginThe GAAP measure most directly comparable to Core hardware gross margin is hardware gross marginThe GAAP measure most directly comparable to Core cloud and other services gross margin is cloud and other services gross marginThe GAAP measure most directly comparable to Core operating loss is loss from operationsThe GAAP measure most directly comparable to Core operating margin is GAAP operating marginThe GAAP measure most directly comparable to adjusted earnings before income tax, depreciation and amortization (“Adjusted EBITDA”) is loss from operations.The GAAP measure most directly comparable to Core net loss is net loss. Reconciliations of each of these non-GAAP financial measures to their most directly comparable GAAP measures for this quarter and prior periods are included in the tables below or elsewhere in the materials accompanying this press release.

Usefulness of non-GAAP financial measures to investors

By excluding certain items that may not be indicative of our recurring operating results from our core technology and service offerings and stock-based compensation from grants of equity awards, we believe that the Non-GAAP metrics described below provide meaningful supplemental information regarding our performance. Accordingly, we believe these non-GAAP financial measures are useful to investors and others because they allow additional information with respect to financial measures used by management in its financial and operational decision-making and may be useful to our institutional investors and the analyst community to help them analyze the health of our business. Disclosure of these non-GAAP financial measures also facilitates the comparisons of Cerebras’ operating performance with the performance of other companies in the same industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a manner comparable to their core operations.

Economic substance of and material limitations associated with non-GAAP financial measures used by Cerebras

Core revenue, Core hardware revenue, Core cloud and other services revenue, Core gross profit, Core hardware gross profit, Core cloud and other services gross profit, Core gross margin, Core hardware margin, Core cloud and other services margin, Core operating loss, Core operating margin, Adjusted EBITDA and Core net loss are adjusted, as applicable, to: (i) exclude non-cash stock-based compensation; (ii) exclude pass-through revenues and costs that are not part of our core technology and services offering; and (iii) add back non-cash amortization from customer warrants that is recorded as a reduction in revenues. Non-GAAP adjusted EBITDA excludes the impacts of depreciation and amortization and stock-based compensation.

Core gross margin, Core hardware margin, and Core cloud and other services margin represent Core gross profit, Core hardware gross profit, and Core cloud and other services gross profit, respectively, expressed as a percentage of their corresponding Core revenue.

More specifically, Cerebras excludes each of those items mentioned above for the following reasons:

Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date. Although stock-based compensation is a key incentive offered to employees, Cerebras excludes these charges for the purpose of calculating these non-GAAP measures, primarily because they are non-cash expenses, and the Company’s internal benchmarking analyses evidence that many industry participants and peers present non-GAAP financial measures excluding stock-based compensation expense.Amortization of customer warrants consists of equity granted to customers and recorded as contra-revenue. We exclude the impact of amortization of customer warrant assets recorded as contra‑revenue from our non‑GAAP results because it represents a non‑cash, valuation‑driven adjustment associated with equity instruments issued to customers. This adjustment does not reflect the underlying economics of our core revenue‑generating activities, including pricing, volume, or cost of delivering our products and services, and therefore may not be indicative of our ongoing operating performance.Pass-through revenue and associated pass-through cost of revenue relate to non-recurring data center start-up and recurring data center costs that are incurred on behalf of specific customers. We exclude pass‑through revenue and the associated pass-through cost of revenue from our non‑GAAP financial measures because such amounts are incurred on behalf of specific customers based on capacity deployment options and may vary significantly from period to period. These pass-through revenues and costs do not reflect the underlying economics of our core hardware technology and services offerings, generate fixed minimal gross margins and can significantly distort period‑to‑period comparisons of our operating performance. There are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures. No reconciliation is provided with respect to certain forward-looking non-GAAP financial measures as the GAAP measures are not accessible on a forward-looking basis. We cannot reliably predict all necessary components or their impact to reconcile such financial measures without unreasonable effort. The events necessitating a non-GAAP adjustment are inherently unpredictable and may have a significant impact on our future GAAP financial results. Cerebras compensates for these limitations on the use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only as a supplement. Cerebras also provides a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP financial measure for this quarter and prior periods within this press release and Cerebras encourages investors to review those reconciliations carefully.

 CEREBRAS SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share amounts)
  Three Months Ended March 31,  2026   2025 Revenue   Hardware$110,593  $69,674 Cloud and other services 82,813   29,838 Total revenue 193,406   99,512 Cost of revenue   Hardware 64,931   48,410 Cloud and other services 42,299   9,498 Total cost of revenue 107,230   57,908 Gross profit 86,176   41,604 Operating expenses   Research and development 75,495   52,751 Sales and marketing 14,701   10,326 General and administrative 11,017   6,997 Total operating expenses 101,213   70,074 Loss from operations (15,037)  (28,470)Other income, net 2,528   6,286 Loss before income taxes (12,509)  (22,184)Income tax expense 1,497   1,683 Net loss$(14,006) $(23,867)    Net loss per share, basic and diluted$(0.22) $(0.46)Weighted average shares outstanding, basic and diluted 62,806   52,003   CEREBRAS SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(unaudited)
(in thousands)
  Three Months Ended March 31,  2026   2025 Net loss$(14,006) $(23,867)Change in foreign currency translation adjustments, net of tax 911   180 Available-for-sale investments:   Change in net unrealized gain (loss) on debt securities, net of tax 1,184   (72)Comprehensive loss$(11,911) $(23,759)  CEREBRAS SYSTEMS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)  March 31, 2026 December 31, 2025ASSETS   Current assets:   Cash and cash equivalents$1,716,016  $701,706 Restricted cash 1,029,098   228,672 Investments 515,605   406,531 Accounts receivable, net 62,631   50,423 Inventories 89,040   63,626 Customer warrants 90,701   60,906 Prepaid expenses and other current assets 77,870   31,782 Total current assets 3,580,961   1,543,646 Property and equipment, net 572,439   437,396 Customer warrants, net of current portion 425,355   91,447 Operating lease right-of-use assets 353,303   248,950 Other non-current assets 16,320   4,598 Total assets$4,948,378  $2,326,037     LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ DEFICIT   Current liabilities:   Accounts payable$50,336  $48,630 Deferred revenue 149,918   131,049 Operating lease liability 66,218   45,865 Customer deposits 368,426   354,460 Loan from customer 621,306   — Accrued and other current liabilities 171,042   139,536 Total current liabilities 1,427,246   719,540 Deferred revenue, net of current portion 94,344   35,847 Operating lease liability, net of current portion 312,474   215,957 Loan from customer, net of current portion 361,617   — Total liabilities$2,195,681  $971,344     Redeemable convertible preferred stock$2,947,379  $1,933,348     Stockholders’ deficit   Class A common stock 1   1 Class N common stock —   — Treasury stock 742,713   346,829 Additional paid-in capital (21,456)  (21,456)Accumulated other comprehensive income 3,396   1,301 Accumulated deficit (919,336)  (905,330)Total stockholders’ deficit (194,682)  (578,655)Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit$4,948,378  $2,326,037   CEREBRAS SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
  Three Months Ended March 31,  2026   2025 Cash flows from operating activities:   Net loss$(14,006) $(23,867)Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:   Depreciation and amortization 18,175   3,911 Non-cash interest expense 18,949   — Non-cash lease expense 15,775   2,912 Stock-based compensation 9,593   9,154 Provision for product warranties 4,590   4,500 Amortization of customer warrants 2,053   — Other (959)  (254)Changes in operating assets and liabilities:   Accounts receivable (12,208)  56,787 Inventories (21,684)  53,752 Prepaid expenses and other assets (57,603)  3,688 Accounts payable (10,070)  (5,650)Deferred revenue 36,769   15,055 Customer deposits 13,966   (159,599)Other liabilities 8,995   (15,326)Net cash flows provided by (used in) operating activities$12,335  $(54,937)Cash flows from investing activities:   Purchases of property and equipment$(131,970) $(98,244)Purchases of investments (308,801)  (20,175)Maturities and sales of investments 204,155   61,673 Net cash flows used in investing activities$(236,616) $(56,746)Cash flows from financing activities:   Proceeds from sale of shares of Series H redeemable convertible preferred stock$1,014,249  $— Costs incurred in connection with the sale of shares of Series H redeemable convertible preferred stock (218)  — Proceeds from Working Capital Loan 1,004,571   — Proceeds from issuance of shares of Class N common stock 15,019   — Proceeds from exercise of stock options 5,315   1,552 Tax withholding from tender offer (623)  — Payments of deferred offering costs (207)  — Net cash flows provided by financing activities$2,038,106  $1,552 Effect of exchange rate on cash 911   180 Increase in cash, cash equivalents, and restricted cash$1,814,736  $(109,951)Cash, cash equivalents, and restricted cash beginning of period 930,378   581,965 Cash, cash equivalents, and restricted cash end of period$2,745,114  $472,014   CEREBRAS SYSTEMS INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(unaudited)
(in thousands)
   Three Months Ended March 31,   2026   2025  Total Hardware Cloud and Other Services Total Hardware Cloud and Other ServicesGAAP revenue $193,406  $110,593 $82,813  $99,512 $69,674 $29,838Less: Pass-through revenue  (4,111)  —  (4,111)  —  —  —Add: Amortization of customer warrant assets  2,053   969  1,084   —  —  —Core revenue $191,348  $111,562 $79,787  $99,512 $69,674 $29,838   Three Months Ended March 31,   2026   2025  Total Hardware Cloud and Other Services Total Hardware Cloud and Other ServicesGAAP gross profit $86,176  $45,662 $40,514  $41,604 $21,264 $20,340Less: Pass-through revenue  (4,111)  —  (4,111)  —  —  —Add: Pass-through costs  3,991   —  3,991   —  —  —Add: Amortization of customer warrant assets  2,053   969  1,084   —  —  —Add: Stock-based compensation expense  950   238  712   326  82  245Core gross profit $89,059  $46,869 $42,190  $41,930 $21,346 $20,585   Three Months Ended March 31,  2026  2025   Total Hardware Cloud and Other Services Total Hardware Cloud and Other ServicesGAAP gross margin 44.6% 41.3% 48.9% 41.8% 30.5% 68.2%Non-GAAP adjustments 1.9% 0.7% 4.0% 0.3% 0.1% 0.8%Core gross margin 46.5% 42.0% 52.9% 42.1% 30.6% 69.0%   Three Months Ended March 31,   2026   2025   Total Research and Development Sales and Marketing General and Administrative Total Research and Development Sales and Marketing General and AdministrativeGAAP operating expenses $101,213  $75,495  $14,701  $11,017  $70,074  $52,751  $10,326  $6,997 Less: Stock-based compensation expense $(8,643) $(5,699) $(1,792) $(1,152) $(8,828) $(5,712) $(1,949) $(1,167)Core operating expense $92,570  $69,796  $12,909  $9,865  $61,246  $47,039  $8,377  $5,830   Three Months Ended March 31,  2026   2025 GAAP loss from operations$(15,037) $(28,470)Less: Pass-through revenue (4,111)  — Add: Stock-based compensation expense 9,593   9,154 Add: Pass-through costs 3,991   — Add: Amortization of customer warrant assets 2,053   — Core operating loss$(3,511) $(19,316)  Three Months Ended March 31, 2026  2025 GAAP operating margin(8)% (29)%Non-GAAP adjustments6% 9%Core operating margin(2)% (19)%  Three Months Ended March 31,  2026   2025 GAAP loss from operations$(15,037) $(28,470)Add: Depreciation and amortization 18,175   3,911 Add: Stock-based compensation 9,593   9,154 Adjusted EBITDA$12,731  $(15,405)  Three Months Ended March 31,  2026   2025 GAAP net loss$(14,006) $(23,867)Less: Pass-through revenue (4,111)  — Add: Stock-based compensation expense 9,593   9,154 Add: Pass-through costs 3,991   — Add: Amortization of customer warrant assets 2,053   — Core net loss$(2,480) $(14,713)

Cerebras Systems CBRS shares tumbled about 10% in premarket trading on Wednesday after the artificial intelligence chipmaker forecast lower profit margins for 2026.

The outlook overshadowed better-than-expected quarterly results and highlights the costs of scaling its rapidly growing AI infrastructure business.

If losses hold, the stock is on track to trade at its lowest level since its market debut more than a month ago and erase more than $6 billion in market value.

The decline adds to a sharp pullback in the stock since its blockbuster initial public offering.

Shares are now down more than 27% from their debut as enthusiasm around artificial intelligence stocks cools and investors increasingly question the massive spending required to build AI infrastructure.

The company reported revenue of $193 million for the quarter, topping analyst estimates of $181 million and rising 94% from a year earlier.

Cerebras also posted an adjusted operating loss of $3.5 million, an improvement from a loss of $19.3 million in the same period last year.

The company forecast second-quarter revenue of $194 million, representing year-over-year growth of 88% and exceeding Wall Street expectations of $178 million.

Despite the strong top-line performance, investors focused on the company's profitability outlook.

Cerebras projected adjusted gross margins of between 38% and 41% for 2026, well below the 47% margin reported in the first quarter.

Although the forecast exceeded analyst expectations of 29.58%, it remains significantly lower than the margin profiles of major semiconductor peers.

Nvidia has reported gross margins in the mid-70% range, while Advanced Micro Devices has generated margins in the mid-50% range.

Analysts have previously warned that Cerebras' margins could come under pressure because of its relatively larger chip designs and the costs associated with meeting surging customer demand.

During its earnings call, the company said demand from OpenAI's cloud operations is growing faster than it can bring new servers online.

To bridge the gap, Cerebras decided to rent back equipment it had previously sold to other customers and redeploy it to OpenAI. The arrangement is expected to weigh on profitability this year.

The company's revenue picture is also complicated by warrants for 33.4 million shares granted to OpenAI.

The value of these warrants is recognized as a sales discount, creating a noncash contra-revenue charge that analysts expect to grow as the OpenAI contract ramps up.

Despite concerns about margins, analysts continue to point to the company's long-term growth prospects.

Morgan Stanley raised its price target on Cerebras to $273 from $250, while TD Cowen said agreements with Amazon and OpenAI remain critical to the company's future.

Cerebras has signed a $20 billion multi-year agreement with OpenAI. Chief Executive Officer Andrew Feldman said on the post-earnings call that OpenAI's GPT 5.4 is currently running on Cerebras chips.

The ChatGPT maker is expected to deploy 750 megawatts of Cerebras semiconductors under the agreement.

Feldman also said Amazon Web Services will soon begin using Cerebras chips in its data centers, with revenue contributions expected next year.

The arrangement would make AWS the first major cloud provider to host Cerebras' AI chips.

At the end of 2025, Cerebras reported a backlog of $24.6 billion, largely driven by the OpenAI agreement.

The company expects to recognize $3.7 billion of that backlog as revenue during 2026 and 2027.

Cerebras has experienced significant volatility since its IPO. The stock was priced at $185 in May and surged to as high as $386 on its first day of trading before retreating sharply.

The upcoming lockup expirations could add further pressure to the stock.

Nearly 13% of IPO shares become eligible for sale this week, while another 17% of shares are scheduled to become tradable shortly after the company reports second-quarter earnings.

A month has gone by since the last earnings report for Toll Brothers (TOL - Free Report) . Shares have added about 9.8% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Toll Brothers due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for Toll Brothers Inc. before we dive into how investors and analysts have reacted as of late.

TOL Beats Q2 Earnings & Revenue Estimates on Higher DeliveriesToll Brothers reported second-quarter fiscal 2026 (ended April 30) results, with earnings and revenues beating the Zacks Consensus Estimate. However, both the top and bottom lines declined on a year-over-year basis.

TOL’s top-line beat was underpinned by steady demand across its footprint and a favorable mix that lifted delivered pricing. The company’s average price on home deliveries rose meaningfully from last year, helping cushion the impact of lower unit volume.

On a macro level, the company navigated a challenging housing market characterized by pressures such as volatile mortgage rates, elevated inflation and fluctuations in luxury home demand.

TOL’s Quarterly Earnings & Revenue DiscussionThe company reported adjusted earnings per share (EPS) of $2.72, which beat the Zacks Consensus Estimate of $2.58 by 5.4% but declined 22.3% year over year.

In the fiscal second quarter, total revenues of $2.53 billion surpassed the consensus mark of $2.41 billion by 5.1% but fell 7.6% from the year-ago quarter.

Inside Toll Brothers’ Q2 ResultsFor the quarter under review, Toll Brothers’ total home sales revenues decreased 7.2% (down from our projection of a 11.5% year-over-year decline) year over year to $2.51 billion from $2.71 billion. Home deliveries declined 14.1% to 2,491 units from 2,899 units in the year-ago quarter (down from our expectation of a 15.4% decline year over year).

Despite the lower volume, the average delivered price increased 8% year over year to about $1,008,600 from $933,600, highlighting a favorable pricing and mix backdrop in the luxury segment. Our model had expected ASP to be up 4.5% year over year to $975,900.

Toll Brothers’ Orders Grow While Backlog Stays SolidOrder momentum remained a constructive signal for a builder operating in a rate-sensitive environment. Net signed contracts increased 6.9% year over year to 2,834 homes, and contract value rose 8.1% to $2.81 billion, reflecting steady demand from higher-income buyers despite broader affordability pressures. We had projected net-signed contracts to be up 4% in units and 5.1% in value for the quarter.

Backlog ended the quarter at 5,394 homes valued at $6.32 billion, down 11% and 7.6%, respectively, from the prior-year period. Even so, the average price of homes in the backlog was $1,171,800, up from $1,128,100 a year ago. Cancellations were controlled, with quarterly cancellations at 4.8% of signed contracts, improving from 6.2% a year ago.

TOL Faces Margin Pressure From Write-Downs and CostsWhile operations were strong enough to drive a revenue beat, profitability was pressured by lower margins and higher costs. Home sales gross margin fell to 23.9% from 26% a year ago, and adjusted home sales gross margin declined to 26.2% from 27.5%, reflecting a less favorable margin environment.

A key drag came from higher inventory impairments and write-offs embedded in home sales cost of revenues. SG&A also moved higher as a percentage of home sales revenues to 10.3% from 9.5%, further constraining year-over-year earnings performance.

Toll Brothers’ Capital Position Supports Shareholder ReturnsToll Brothers continued returning capital while maintaining a strong liquidity position. The company repurchased about 1.2 million shares during the quarter for $175.4 million at an average price of $143.72, and it increased its quarterly dividend to 26 cents per share.

Liquidity remained substantial, with cash and cash equivalents of $1.11 billion at quarter-end, down from $1.26 billion as of Oct. 31, 2025. Available liquidity under the senior unsecured revolving credit facility was $2.24 billion, reflecting strong capacity under the expanded $2.38 billion facility. Leverage stayed conservative, with the debt-to-capital at 24.7% at quarter-end (down from 26% at fiscal 2025 year-end). Net debt-to-capital was 15.4%, slightly above 15.3% at fiscal 2025 year-end, indicating only a modest uptick in net leverage while the company continued investing for growth.

TOL Updates Q3 & FY26 TargetsManagement raised full-year guidance across key homebuilding metrics based on year-to-date performance. For the third quarter, TOL expects deliveries of 2,600-2,700 units (compared with 2,959 units delivered in the prior-year quarter) and an average delivered price of $965,000-$985,000 (compared with $973,600 in the year-ago quarter). Adjusted home sales gross margin is projected at 25.25%, implying a decline from 25.6% in the year-ago period. SG&A is estimated at 10.0% of home sales revenues and a tax rate of 26%.

For full-year fiscal 2026, TOL forecasts deliveries of 10,400-10,700 units. The estimated range reflects a decline from the fiscal 2025 level of 11,292. Average delivered price of $985,000-$1,000,000, indicating growth from $960,200 in fiscal 2025. The company now sees adjusted home sales gross margin at 26.10% (a decline from the 27.3% reported in fiscal 2025) and SG&A at 10.10% of home sales revenues, with period-end community count projected at 480-490.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -15.5% due to these changes.

VGM ScoresCurrently, Toll Brothers has a poor Growth Score of F, a score with the same score on the momentum front. However, the stock has a grade of B on the value side, putting it in the top 40% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Toll Brothers has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

SummaryCompaniesAdvanced Intel chips can take 2-3 years to make, analysts sayApple may test Intel with lower-end products firstAnalysts split on which manufacturing process Apple will chooseJune 24 (Reuters) - Apple turning to Intel for chips, as Washington announced last week, has the neat logic of necessity meeting ambition. But ​it is not that simple, as analysts say any advanced Intel chip will take two to three years to make and even ‌longer to translate into gains due to the long and exacting production process.

A deal - which neither company has formally announced - would pair Intel's effort to rebuild its credibility as a contract chipmaker with Apple's search for more manufacturing capacity, as its supplier TSMC (2330.TW), opens new tab struggles to meet surging AI chip demand from the likes of Nvidia (NVDA.O), opens new tab.

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Supply constraints at the contract manufacturer have held back ​iPhone sales, Apple CEO Tim Cook said in April.

Baked into this deal is a strategic calculation. Intel has emerged as a key pillar ​in the U.S. plan to rebuild domestic chipmaking through tariffs and incentives, thanks to its 10% stake in the company ⁠and a $5 billion investment from Nvidia at the behest of President Donald Trump.

"The absolute best possible case would be 2-3 years before the first chips ​flowed off the line. It takes 2 years to design an SoC (system on chip) of this complexity, and a further 4 months through production cycle time to ​volume ramp up," said Malcolm Penn, CEO of chip research firm Future Horizons.

This assessment assumes Intel's technology is fully worked out and its design tools are reliable enough for Apple to depend on, Penn said. "With no track record, that's a huge leap of faith and commercial and financial risk," said Penn, who termed the deal "a shotgun wedding".

FIRST TESLA, NOW APPLEAfter missing out ​on the early stages of the AI boom, Intel has begun to show tentative progress, landing Tesla TSLA.O as a customer in April and positioning itself ​for a more consequential partnership with Apple.

Analysts are divided on which Intel manufacturing process Apple will choose.

Some see it following Tesla onto Intel's next-generation 14A, a process years away ‌from volume ⁠production but built on the world's most advanced chipmaking tools.

Others expect Apple to sacrifice cutting-edge gains for reliability, favoring 18A-P, a refined version of Intel's most advanced process that began initial production this month - or an older, reliable node like Intel 3.

"Apple would probably want to use Intel's 14A process technology... and that's expected to be available in 2028 or 2029 so it's still going to be a while," said Bob O'Donnell, an analyst at TECHnalysis Research.

"However, if it proves ​to be true, it's an extremely ​important development for Intel's foundry business ⁠and US-based semiconductor manufacturing in general."

Daniel Newman, CEO of tech research firm Futurum Group, said volume production of Apple-designed chips was unlikely until late 2027 or early 2028, with the initial work focused on less critical components used in ​MacBook Air or some iPad Pro models.

INTEL HAS FACED POOR CHIP YIELDSApple may even hedge, testing Intel with lower-end ​products before committing its ⁠most critical chips, analysts said.

Intel, which has historically faced issues with the timeline and quality of its chips, will have to meet Apple's high expectations for yield, a standard that the world's largest consumer electronics company has come to expect from TSMC. Yield is the percentage of chips on a silicon wafer that work correctly ⁠when manufacturing ​is done.

"Investors are pricing in perfect execution by Intel, which is a company that hasn't delivered ​for about 20 years. Granted, it looks like Intel has made strides with its latest manufacturing process, but I think we should all at least modestly discount a perfect outcome," said Paul ​Meeks, head of tech research at Freedom Capital Markets and an Intel investor.

Reporting by Zaheer Kachwala and Anhata Rooprai in Bengaluru; Editing by Sayantani Ghosh and Arun Koyyur

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

Key Takeaways Meta expanded Instagram for TV to Samsung Smart TVs, adding to Fire TV and Google TV reach. META is testing channels, Reel casting, Stories on TV and longer-form creator content. Meta said Instagram drove a 10% lift in reel time spent; Facebook video time rose 8% globally. Meta Platforms (META - Free Report) is benefiting from its strategic expansion of Instagram TV (IGTV) reach, leveraging the platform’s growing emphasis on video content to drive higher user engagement. The company’s focus on enhancing video experiences, including improvements to content recommendations and AI-driven personalization, has led to significant increases in time spent on video features such as Reels and IGTV.

Meta Platforms' expanding portfolio has been noteworthy. The company recently expanded Instagram for TV to Samsung Smart TVs in the United States, adding to its availability on Amazon Fire TV and Google TV devices. The company is also testing new features to make shared viewing easier, including interest-based channels, casting Reels from phones, Stories on TV and support for horizontal videos. META is exploring longer-form creator content, episodic series and live broadcasts tailored for the living room experience. The updates aim to make Instagram a more social, communal viewing platform while helping creators reach audiences on larger screens.

Meta Platforms' AI advancements facilitate the auto-translation and dubbing of videos, making IGTV content accessible to a broader, global audience. Over half a billion users on both Facebook and Instagram now watch AI-translated videos weekly. This broadening of reach increases the potential audience for IGTV creators and enhances the platform’s appeal to advertisers seeking to target diverse demographics with localized content. The company continues to see improvements on Instagram, which have driven a 10% lift in reel time spent, while Facebook saw an 8% increase in total video time globally, the largest quarter-over-quarter gain in four years.

Meta Platform’s strong portfolio is fueling robust financial results and is expected to benefit the company’s top-line growth. For the second quarter of 2026, the company expects total revenues between $58 billion and $61 billion.

META Faces Stiff CompetitionMeta Platforms is facing stiff competition from competitors like Snap (SNAP - Free Report) and Reddit (RDDT - Free Report) . Both Snap and Reddit are expanding their portfolio to compete in the rapidly growing digital ad market.

Reddit is continuing to grow as engagement rises and monetization gets better through a stronger performance ad stack. The company is benefiting from an increase in daily active users and weekly active users, along with a higher average revenue per user and more advertisers using tools like Reddit Max, Dynamic Product Ads and improved measurement. AI-led features, including translation and better discovery, are helping broaden the user base and deepen intent-driven use cases, while content licensing adds diversification.

Snapchat has reached 956 million monthly active users and 483 million daily active users in the first quarter of 2026, driven by continued adoption of Augmented Reality Lenses, Spotlight and AI-powered features. Key growth drivers include its AI-powered automation solutions, AI Sponsored Snaps, Sponsored Snaps, Promoted Places, Dynamic Product Ads and subscription offerings including Snapchat+, Memories Storage and Lens+.

META’s Share Price Performance, Valuation, and EstimatesMETA’s shares have lost 14.6% in the year-to-date period, underperforming the broader Zacks Computer & Technology sector’s return of 20%.

META Stock's Performance
Image Source: Zacks Investment Research

META shares are overvalued, with a forward 12-month Price/Sales of 5.15X compared with the Internet - Software’s 3.66X. META has a Value Score of C.

META's Valuation
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for 2026 earnings is pegged at $33.01 per share, which has increased by a penny over the past 30 days. This suggests 40.53% year-over-year growth.

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