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Kevin Hochman, the president and CEO of Brinker International, Inc. (EAT +1.92%), reported the disposition of 100,152 shares of common stock on August 13, according to an SEC Form 4 filing.

Transaction summaryMetricValueTransaction value~$24.4 millionShares sold100,152Post-transaction shares (directly held)184,090Post-transaction value$43.93 millionTransaction value based on SEC Form 4 weighted average sale price ($243.63); post-transaction value based on the August 13 market close ($238.61).

Key questionsWhat was the mechanism behind this equity disposition?
The transaction was executed through two primary channels: a non-discretionary tax withholding of 60,152 shares to satisfy obligations arising from a vesting event, and an open-market sale of 40,000 shares conducted under a Rule 10b5-1 plan adopted on March 4.How does this move align with recent share performance?
The transaction occurred after a period of equity appreciation, with the stock delivering a one-year return of 52% as of the August 13 transaction date.What is the insider's remaining direct equity position?
Hochman maintains direct ownership of 184,090 shares following this transaction, representing a total beneficial ownership interest of approximately 0.4% in the company as of the August 14 market close.What is the current scale of the company's operations?
Headquartered in Dallas, the company manages a portfolio including 1,648 restaurant locations under the Chili's and Maggiano's brands, generating $5.7 billion in trailing twelve-month revenue as of the August 13 transaction date.Company OverviewMetricValueShare Price (as of market close 2026-08-14)$237.15Market Capitalization$10.2 billionRevenue (TTM)$5.7 billionNet Income (TTM)$462.9 millionCompany SnapshotBrinker International operates and licenses casual dining restaurants under two primary brands: Chili's Grill & Bar and Maggiano's Little Italy, generating revenue through restaurant operations, food and beverage sales, and licensing arrangements across domestic and international markets.The company operates a franchised and company-operated restaurant model, generating revenue from company-operated restaurant sales, franchise royalties, and rental income, while leveraging brand recognition and operational expertise to drive profitability.Brinker International targets casual dining consumers seeking moderately priced, full-service dining experiences, with a primary customer base in North America and an expanding international presence.Brinker International is a leading casual dining restaurant operator with a portfolio of approximately 1,648 restaurants generating $5.7 billion in TTM revenue. The company's diversified brand portfolio and established market presence position it competitively within the casual dining segment, supported by strong operational execution and brand loyalty. With a market capitalization of $10.2 billion and a 52% one-year stock price appreciation, the company demonstrates robust investor confidence and operational momentum.

What this transaction means for investorsHalf of what Hochman filed is the usual tax withholding, but the other half is a real choice, an open-market sale of 40,000 shares under a plan he set in March, his to make after Chili's turnaround sent the stock up more than 50% in a year. He still holds 184,090 shares, though, so he's got a fair amount still tied to company performance

Meanwhile, Brinker closed fiscal 2026 with a fourth quarter that, in Hochman's words, "completes five consecutive years of Chili's same-store sales growth, delivering an unprecedented 71% cumulative increase over that time." Company sales rose to $1.52 billion in the quarter, comps climbed 5%, and Chili's specifically grew 5.6%, still taking share from the broader casual-dining industry. Adjusted EBITDA reached $227.6 million, up from $212.4 million a year earlier.

The question the sale quietly raises is durability. Lapping five years and a 71% surge means the comparisons only get harder from here, and fiscal 2027 is where investors find out whether Chili's momentum is a lasting reset or a run that eventually meets gravity.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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Uber chief operating officer Andrew Macdonald previously said it's getting harder to justify money spent on AI. Sam Barnes/Sportsfile for Collision via Getty Images Uber President and COO Andrew Macdonald is "tempted to say" the ride-hailing giant will have fewer employees in five years, but don't hold him to it.

"I think if you took everything Uber does today and held it static and said in five years you're going to need more or less people, I'd say, 'Well, we could do everything we do today with less people in five years because of the power of AI, but we're going to be doing a whole bunch of new interesting stuff,'" Macdonald said during a recent appearance on venture capitalist Harry Stebbings' "20VC" podcast. "And so maybe we need more employees to do that stuff."

Macdonald talked about how the company has a "disproportionate" head count in roles that seem ripe to be augmented and one day potentially replaced by AI.

"When you look at the largest teams from a numbers-of-people perspective, you do have disproportionate head count in like more producing type functions, whether it's customer support, sales, or content production, or analytics, where you're producing reports and dashboards and these sorts of things," he said. "And I think those sorts of functions lend themselves well to first augmentation by AI, and eventually, I think at least partial replacement by AI."

Macdonald, who is also Uber's chief operating officer, said the reason he's cautious about saying Uber will reduce its head count is that early AI workforce predictions haven't come to pass.

"The reason I won't emphatically state that is because I think that's sort of been proven wrong the last few years as AI has rolled out and employment in companies continues to grow," he said.

As for its last five years, Uber's head count overall has increased 54.4%, according to filings with the Securities and Exchange Commission. In July, Uber said it was laying off about 10% of its community operations team, which a company spokesperson previously told Business Insider was done to "simplify operations, strengthen in-person collaboration, and continue to embrace AI."

The ride-hailing company has about 36,600 global employees, according to its most recent filing.

A return to ROIMuch of the discussion returns to the question of return on investment. In May, Macdonald's comments about Uber not seeing enough return on investment for its AI spending went viral and were dissected across Silicon Valley and Wall Street.

Macdonald said that people didn't understand the nuance of what he was saying.

"I think AI skeptics were sort of like, 'See the Uber COO is saying there's no return on AI', which is obviously not what I was saying," he said. "On the other side, there was sort of this, if you were a fundamentalist AI evangelist, you were saying, this guy has no idea what he's talking about."

Uber is seeing ROI, Macdonald said. He listed a handful of examples, including reducing the time it takes to make financial forecasts and the turnaround time for marketing quality assurance. What remains difficult, he said, is quantifying it all.

"The natural question is, 'OK, great, how many of those people can I take out of my organization, so that I get the cost back and that flow through to the bottom line, or I can put it into other things?" he said. "But formulaically doing that is really hard."

Measuring is difficult, Macdonald said, because when AI reduces the time required for a task, another task takes its place.

"Drawing the direct line between 'I transformed this process and therefore I need two less operations analysts' is really tough to do," he said.

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Brent D. Griffiths You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Brent Griffiths is a senior reporter at Business Insider who covers AI and tech.Previously, he worked at the Washington Post as a researcher on Power Up and the Finance 202. He started his career at Politico where he worked on the web production team and covered breaking news. His passion for covering politics has only grown since he cut his teeth covering the presidential campaign as a student journalist. He's also contributed to the Almanac of American Politics.

Uber AI

Amazon’s ambition to turn its cloud computing business into a $1 trillion-a-year revenue engine is still a long way from becoming reality, but the pursuit of that target could create substantial value for shareholders, according to Morgan Stanley analyst Brian Nowak.

Amazon Chief Executive Andy Jassy recently said AWS could "very possibly" become a business generating $1 trillion in annual revenue, highlighting the scale of the opportunity management sees in cloud computing and artificial intelligence.

"We long believed AWS could become a few hundred billion dollar revenue business," Amazon said, "and now believe it'll be at least double that, and very possibly be a $1 trillion annual revenue business for us in time with very appealing accompanying free cash flow and return on invested capital."

The company has also sought to reassure investors that the expansion of AI-related workloads will not necessarily come at the expense of profitability.

"We've done this before in the first era of cloud computing, just over a longer time horizon where demand built more gradually than it has in AI. But we see the margins and returns in AI tracking what we saw with core at the same point of evolution. Actually a little ahead."

Amazon Web Services, the company’s cloud division, is currently generating about $170 billion in annualized sales.

That means revenue would have to increase almost sixfold for AWS to reach the $1 trillion milestone.

While AWS is unlikely to reach $1 trillion in revenue anytime soon, Nowak believes Amazon’s shares could benefit considerably as the company scales its cloud infrastructure.

In a recent note, the Morgan Stanley analyst outlined a scenario in which AWS could reach $1 trillion in annual revenue within the next eight to 10 years.

He also sees a possibility for Amazon’s overall earnings before interest and taxes to reach $500 billion over the same period.

Such a growth trajectory could support a share price of $500 by the end of 2027, according to the model.

That would be roughly double Amazon’s recent share price of around $261.

Morgan Stanley has already raised its Amazon price target to $335 from $330 following the company’s second-quarter earnings while reiterating an Overweight rating on it.

The revised target represents roughly 28% upside from Amazon’s Monday close of $261.31.

The more immediate investment case therefore does not depend on AWS reaching its ultimate $1 trillion target.

Instead, investors could benefit from continued cloud growth, rising AI demand and the resulting expansion in Amazon’s earnings.

The rapid development of artificial intelligence has created an enormous need for computing power, putting data-center capacity at the center of Amazon’s long-term growth strategy.

Nowak estimates Amazon will add 6 gigawatts of capacity in 2026 and another 8 gigawatts in 2027.

His longer-term model assumes AWS could continue adding roughly 8 gigawatts annually after that.

He described the assumption as a "reasonable range," while acknowledging that forecasting infrastructure additions several years into the future is considerably more difficult.

Amazon has not disclosed its precise current data-center capacity.

Jassy said during an earnings call for the company’s September quarter that Amazon had added 3.8 gigawatts of data-center capacity over the preceding 12 months.

More recently, Jassy reiterated that Amazon is on pace to double its power capacity by the end of 2027 compared with 2025 levels.

The ability to bring additional capacity online will be particularly important if AI demand continues to expand rapidly.

Without enough computing infrastructure, AWS may struggle to convert strong customer demand into corresponding revenue growth.

Nowak believes capacity is only part of the equation. The other major variable is how effectively AWS can monetize every watt of computing power it adds.

According to his estimates, each incremental watt currently generates about $8 in revenue for Amazon.

If AWS can increase that figure to $12 per watt, the company could potentially reach $1 trillion in annual revenue as early as 2035.

Technological advances could help cloud companies generate more economic value from existing power resources.

Improvements in computing efficiency, software, chip performance and data-center utilization could all increase the revenue generated from each unit of electricity.

That makes the economics of AI infrastructure just as important as the sheer amount of capacity Amazon can build.

The $1 trillion projection remains highly dependent on continued growth in demand for AI computing.

"As long as innovation and demand for [generative AI] tools continue to scale, we still believe each hyperscaler's ability to bring on compute capacity is the key factor driving forward revenue growth," Nowak wrote.

Beyond 2028, however, Amazon could encounter a range of constraints.

Its expansion will depend on the availability of servers and racks, improvements in power efficiency, regulatory approvals and the speed at which new data centers can be constructed.

There is also uncertainty over how long the current pace of AI investment can continue.

DA Davidson analyst Gil Luria told MarketWatch that any projection of $1 trillion in AWS revenue is "bold speculation."

He believes AWS could reasonably grow by 40% to 50% this year, but warned that "extrapolating beyond that is more than ambitious."

"There is no hard information Mr. Jassy or anybody else has to quantify a market that didn't even exist three years ago," Luria said.

For Amazon investors, the trillion-dollar AWS target is therefore better viewed as a long-term indication of the company’s ambitions than as a near-term earnings forecast.

Even if AWS falls short of that figure, sustained AI demand, expanding infrastructure and better monetization of computing capacity could still make the cloud division a powerful driver of Amazon’s future growth.

BEIJING, Aug. 18, 2026 (GLOBE NEWSWIRE) -- iQIYI, Inc. (Nasdaq: IQ) (“iQIYI” or the “Company”), a leading provider of online entertainment video services in China, today announced its unaudited financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Highlights

Total revenues were RMB6.29 billion (US$926.6 million1), decreasing 5% year over year.Operating loss was RMB104.8 million (US$15.4 million) and operating loss margin was 2%, compared to operating loss of RMB46.2 million and operating loss margin of 1% in the same period in 2025.Non-GAAP operating loss2 was RMB30.3 million (US$4.5 million) and non-GAAP operating loss margin was 0.5%, compared to non-GAAP operating income of RMB58.7 million and non-GAAP operating income margin of 1% in the same period in 2025.Net loss attributable to iQIYI was RMB287.5 million (US$42.4 million), compared to net loss attributable to iQIYI of RMB133.7 million in the same period in 2025.Non-GAAP net loss attributable to iQIYI2 was RMB209.7 million (US$30.9 million), compared to non-GAAP net income attributable to iQIYI of RMB14.7 million in the same period in 2025.
“In the second quarter, we reinforced our content leadership and advanced our strategic transformation. According to Enlightent, we maintained the No. 1 domestic market share across long-form dramas, films, and children’s content during the quarter, while our short-form dramas claimed the top domestic market share for the first time in June,” commented Mr. Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. “The strategic transformation toward a decentralized social media ecosystem and our all-in approach to AI are yielding encouraging initial results. We look forward to further leveraging AI to empower our content ecosystem and enhance our financial performance.”

“Our financial performance improved sequentially in the second quarter, marked by revenue growth and substantially narrowed operating loss,” commented Mr. Ying Tian, Chief Financial Officer of iQIYI. “We implemented our share repurchase program, underscoring our commitment to creating long-term value for shareholders.”

Second Quarter 2026 Financial Highlights

  Three Months Ended(Amounts in thousands of Renminbi (“RMB”), except for per ADS data, unaudited) June 30, March 31, June 30,  2025
 2026
 2026
  RMB RMB RMBTotal revenues 6,628,248  6,225,775  6,287,064        Operating loss (46,168) (228,433) (104,758)Operating income/(loss) (non-GAAP) 58,678  (148,599) (30,305)       Net loss attributable to iQIYI, Inc. (133,708) (294,581) (287,504)Net income/(loss) attributable to iQIYI, Inc. (non-GAAP) 14,652  (234,352) (209,674)       Diluted net loss per ADS (0.14) (0.31) (0.30)Diluted net income/(loss) per ADS (non-GAAP)2 0.02  (0.24) (0.13)           Footnotes:
[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.7851 as of June 30, 2026, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.
[2] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also “Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures” for more details).

Second Quarter 2026 Financial Results

Total revenues reached RMB6.29 billion (US$926.6 million), decreasing 5% year over year.

Membership services revenue was RMB4.01 billion (US$591.6 million), decreasing 2% year over year.

Online advertising services revenue was RMB1.25 billion (US$183.7 million), decreasing 2% year over year.

Content distribution revenue was RMB681.5 million (US$100.4 million), increasing 56% year over year, primarily driven by the increase in cash transactions.

Other revenues were RMB344.9 million (US$50.8 million), decreasing 58% year over year, primarily due to the alteration of certain business cooperation arrangement.

Cost of revenues was RMB5.25 billion (US$773.7 million), decreasing 1% year over year. Content costs as a component of cost of revenues were RMB3.82 billion (US$563.7 million), increasing 1% year over year.

Selling, general and administrative expenses were RMB744.2 million (US$109.7 million), decreasing 22% year over year. The decrease was primarily attributable to disciplined marketing spending.

Research and development expenses were RMB398.0 million (US$58.7 million), decreasing 6% year over year, primarily attributable to the decrease in personnel-related expenses.

Operating loss was RMB104.8 million (US$15.4 million), compared to operating loss of RMB46.2 million in the same period in 2025. Operating loss margin was 2%, compared to operating loss margin of 1% in the same period in 2025.

Non-GAAP operating loss was RMB30.3 million (US$4.5 million), compared to non-GAAP operating income of RMB58.7 million in the same period in 2025. Non-GAAP operating loss margin was 0.5%, compared to non-GAAP operating income margin of 1% in the same period in 2025.

Total other expense was RMB5.5 million (US$0.8 million), decreasing 91% year over year, primarily attributable to the decrease in interest expense.

Loss before income taxes was RMB110.2 million (US$16.2 million), compared to loss before income taxes of RMB108.1 million in the same period in 2025.

Income tax expense was RMB219.8 million (US$32.4 million), compared to income tax expense of RMB27.2 million in the same period in 2025. The increase was primarily attributable to discrete enterprise income tax expenses and related interest totaling RMB193.6 million (US$28.5 million), relating to certain adjustments at a Chinese mainland subsidiary.

Net loss attributable to iQIYI was RMB287.5 million (US$42.4 million), compared to net loss attributable to iQIYI of RMB133.7 million in the same period in 2025. The net loss was primarily due to the increase in income tax expense during the quarter. Diluted net loss attributable to iQIYI per ADS was RMB0.30 (US$0.04) for the second quarter of 2026, compared to diluted net loss attributable to iQIYI per ADS of RMB0.14 in the same period of 2025.

Non-GAAP net loss attributable to iQIYI was RMB209.7 million (US$30.9 million), compared to non-GAAP net income attributable to iQIYI of RMB14.7 million in the same period in 2025. Non-GAAP diluted net loss attributable to iQIYI per ADS was RMB0.13 (US$0.02), compared to non-GAAP diluted net income attributable to iQIYI per ADS of RMB0.02 in the same period of 2025.

Net cash provided by operating activities was RMB339.6 million (US$50.0 million), compared to net cash used for operating activities of RMB12.7 million in the same period of 2025. Free cash flow was RMB319.6 million (US$47.1 million), compared to free cash flow of negative RMB34.1 million in the same period of 2025.

As of June 30, 2026, the Company had cash, cash equivalents, restricted cash and short-term investments of RMB4.12 billion (US$607.8 million). In addition, as of the same date, the Company had an aggregate loan of US$636.6 million to PAG, classified as a non-current asset under prepayments and other assets.

Share Repurchase Program

Pursuant to the Company’s share repurchase program of up to US$100 million adopted in March 2026 and effective through September 2027, as of June 30, 2026, the Company had repurchased a total of approximately 21.8 million ADSs for a total cost of US$24.1 million.

Conference Call Information 

iQIYI’s management will hold an earnings conference call at 7:00 AM on August 18, 2026, U.S. Eastern Time (7:00 PM on August 18, 2026, Beijing Time).

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10056305-aij68c.html

It will automatically direct you to the registration page of "iQIYI Second Quarter 2026 Earnings Conference Call", where you may fill in your details for RSVP.

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

A telephone replay of the call will be available after the conclusion of the conference call through August 25, 2026.

Dial-in numbers for the replay are as follows:International Dial-in+1 855 883 1031Passcode:10056305   A live and archived webcast of the conference call will be available at http://ir.iqiyi.com/.

About iQIYI, Inc.

iQIYI, Inc. is a leading provider of online entertainment video services in China. It combines creative talent with technology to foster an environment for continuous innovation and the production of blockbuster content. It produces, aggregates and distributes a wide variety of professionally produced content, as well as a broad spectrum of other video content in a variety of formats. iQIYI distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. Over time, iQIYI has built a massive user base and developed a diversified monetization model including membership services, online advertising services, content distribution, online games, talent agency, experience business, etc.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the quotations from management in this announcement, as well as iQIYI's strategic and operational plans, contain forward-looking statements. iQIYI may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about iQIYI’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: iQIYI’s strategies; iQIYI’s future business development, financial condition and results of operations; iQIYI’s ability to retain and increase the number of users, members and advertising customers, and expand its service offerings; competition in the online entertainment industry; changes in iQIYI's revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and iQIYI undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

To supplement iQIYI’s consolidated financial results presented in accordance with GAAP, iQIYI uses the following non-GAAP financial measures: non-GAAP operating income/(loss), non-GAAP operating income/(loss) margin, non-GAAP net income/(loss) attributable to iQIYI, non-GAAP diluted net income/(loss) attributable to iQIYI per ADS and free cash flow. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

iQIYI believes that these non-GAAP financial measures provide meaningful supplemental information regarding its operating performance by excluding certain items that may not be indicative of its business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to the non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to iQIYI’s historical operating performance. The Company believes the non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that the non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.

Non-GAAP operating income/(loss) represents operating income/(loss) excluding share-based compensation expenses, amortization of intangible assets resulting from business combinations.

Non-GAAP net income/(loss) attributable to iQIYI, Inc. represents net income/(loss) attributable to iQIYI, Inc. excluding share-based compensation expenses, amortization of intangible assets resulting from business combinations, disposal gain or loss, impairment of long-term investments, fair value change of long-term investments, adjusted for related income tax effects. iQIYI’s share of equity method investments for these non-GAAP reconciling items, primarily amortization and impairment of intangible assets not on the investees’ books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.

Non-GAAP diluted net income/(loss) per ADS represents diluted net income/(loss) per ADS calculated by dividing non-GAAP net income/(loss) attributable to iQIYI, Inc, by the weighted average number of ordinary shares expressed in ADS.

Free cash flow represents net cash provided by operating activities less capital expenditures.

For more information, please contact:

Investor Relations
iQIYI, Inc.
[email protected]

iQIYI, INC.Condensed Consolidated Statements of Income/(Loss)(In RMB thousands, except for number of shares and per share data)     Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025
 2026
 2026
 2025
 2026
 RMB RMB RMB RMB RMB (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)Revenues:         Membership services4,090,126  4,199,761  4,014,128  8,489,136  8,213,889 Online advertising services1,272,198  1,240,611  1,246,461  2,600,025  2,487,072 Content distribution436,578  358,749  681,529  1,065,321  1,040,278 Others829,346  426,654  344,946  1,660,235  771,600 Total revenues6,628,248  6,225,775  6,287,064  13,814,717  12,512,839           Operating costs and expenses:         Cost of revenues(5,292,894) (5,233,486) (5,249,566) (10,699,235) (10,483,052)Selling, general and administrative(959,604) (816,530) (744,232) (1,985,346) (1,560,762)Research and development(421,918) (404,192) (398,024) (834,407) (802,216)Total operating costs and expenses(6,674,416) (6,454,208) (6,391,822) (13,518,988) (12,846,030)Operating income/(loss)(46,168) (228,433) (104,758) 295,729  (333,191)          Other income/(expenses):         Interest income87,779  80,459  73,014  166,535  153,473 Interest expenses(235,267) (213,951) (187,397) (468,696) (401,348)Foreign exchange gain, net100,811  89,066  89,137  142,700  178,203 Share of losses from equity method investments(1,086) (1,464) (2,172) (4,703) (3,636)Others, net(14,134) 17,936  21,927  (12,410) 39,863 Total other expense, net(61,897) (27,954) (5,491) (176,574) (33,445)          Income/(loss) before income taxes(108,065) (256,387) (110,249) 119,155  (366,636)Income tax expense(27,155) (37,161) (219,778) (68,745) (256,939)          Net income/(loss)(135,220) (293,548) (330,027) 50,410  (623,575)Less: Net income/(loss) attributable to noncontrolling interests(1,512) 1,033  (42,523) 1,973  (41,490)Net income/(loss) attributable to iQIYI, Inc.(133,708) (294,581) (287,504) 48,437  (582,085)Net income/(loss) attributable to ordinary shareholders(133,708) (294,581) (287,504) 48,437  (582,085)          Net income/(loss) per share for Class A and Class B ordinary shares:         Basic(0.02) (0.04) (0.04) 0.01  (0.09)Diluted(0.02) (0.04) (0.04) 0.01  (0.09)          Net income/(loss) per ADS (1 ADS equals 7 Class A ordinary shares):         Basic(0.14) (0.31) (0.30) 0.05  (0.60)Diluted(0.14) (0.31) (0.30) 0.05  (0.60)          Weighted average number of Class A and Class B ordinary shares used in net income/(loss) per share computation:         Basic6,743,563,754  6,756,463,437  6,714,713,903  6,742,194,780  6,735,473,338 Diluted6,743,563,754  6,756,463,437  6,714,713,903  6,780,167,606  6,735,473,338  iQIYI, INC.
Condensed Consolidated Balance Sheets(In RMB thousands, except for number of shares and per share data)
       December 31, June 30,  2025
 2026
  RMB RMB    (Unaudited)ASSETS    Current assets:    Cash and cash equivalents 4,354,275  3,205,909 Restricted cash 23,123  514 Short-term investments 314,819  917,512 Accounts receivable, net 2,522,668  2,611,330 Prepayments and other assets 2,406,222  2,243,330 Amounts due from related parties 221,681  187,686 Licensed copyrights, net 447,507  488,913 Total current assets 10,290,295  9,655,194      Non-current assets:    Fixed assets, net 903,427  933,019 Long-term investments 1,773,309  1,775,528 Deferred tax assets, net 20,773  11,863 Licensed copyrights, net 5,962,954  6,068,224 Intangible assets, net 217,085  211,353 Produced content, net 14,578,037  13,905,594 Prepayments and other assets 8,458,312  8,420,032 Operating lease assets 489,720  476,505 Goodwill 3,820,823  3,820,823 Amounts due from related parties 167,000  143,900 Total non-current assets 36,391,440  35,766,841      Total assets 46,681,735  45,422,035      LIABILITIES AND SHAREHOLDERS’ EQUITY    Current liabilities:    Accounts and notes payable 6,652,432  7,422,956 Amounts due to related parties 3,717,283  3,617,220 Customer advances and deferred revenue 4,160,459  4,191,942 Convertible senior notes, current portion 1,459,151  1,067 Short-term loans 2,493,100  1,945,742 Long-term loans, current portion 738,391  1,600,388 Operating lease liabilities, current portion 84,174  86,983 Accrued expenses and other liabilities 2,762,317  2,630,307 Total current liabilities 22,067,307  21,496,605 Non-current liabilities:    Long-term loans 3,368,876  3,546,659 Convertible senior notes 6,711,948  6,615,221 Amounts due to related parties 38,192  27,412 Operating lease liabilities 340,256  323,522 Other non-current liabilities 846,230  843,215 Total non-current liabilities 11,305,502  11,356,029      Total liabilities 33,372,809  32,852,634           Shareholders’ equity:         Class A ordinary shares 239  241 Class B ordinary shares 193  193 Treasury Stock -  (163,601)Additional paid-in capital 56,026,232  56,179,788 Accumulated deficit (44,015,680) (44,597,765)Accumulated other comprehensive income 1,305,542  1,240,991 Non-controlling interests (7,600) (90,446)Total shareholders’ equity 13,308,926  12,569,401      Total liabilities and shareholders' equity 46,681,735  45,422,035  iQIYI, INC.Condensed Consolidated Statements of Cash Flows(In RMB thousands)   Three Months Ended June 30, March 31, June 30, 2025
 2026
 2026
 RMB RMB RMB (Unaudited) (Unaudited) (Unaudited)      Net cash provided by/(used for) operating activities(12,731) 186,448  339,582 Net cash used for investing activities(1,2)(114,005) (274,759) (245,937)Net cash used for financing activities(465,256) (933,140) (200,228)Effect of exchange rate changes on cash, cash equivalents and restricted cash(27,881) (34,896) (8,385)Net decrease in cash, cash equivalents and restricted cash(619,873) (1,056,347) (114,968)Cash, cash equivalents and restricted cash at the beginning of the period4,758,390  4,377,738  3,321,391 Cash, cash equivalents and restricted cash at the end of the period4,138,517  3,321,391  3,206,423 Reconciliation of cash and cash equivalents and restricted cash:

     Cash and cash equivalents3,329,708  2,941,129  3,205,909 Restricted cash2,062  379,928  514 Long-term restricted cash806,747  334  - Total cash and cash equivalents and restricted cash shown in the statements of cash flows4,138,517  3,321,391  3,206,423       Net cash provided by/(used for) operating activities(12,731) 186,448  339,582 Less: Capital expenditures(2)(21,410) (76,698) (20,015)Free cash flow(34,141) 109,750  319,567  (1) Net cash used for investing activities primarily consists of net cash flows from investing in debt securities, purchase of long-term investments and capital expenditures.
(2) Capital expenditures are incurred primarily in connection with construction in process, computers and servers.

iQIYI, INC.Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures(Amounts in thousands of Renminbi (“RMB”), except for per ADS information, unaudited)  　Three Months Ended　June 30, March 31, June 30,　2025
 2026
 2026
　RMB RMB RMB　     Operating loss(46,168) (228,433) (104,758)Add: Share-based compensation expenses103,313  78,301  72,920 Add: Amortization of intangible assets(1)1,533  1,533  1,533 Operating income/(loss) (non-GAAP)58,678  (148,599) (30,305)　     Net loss attributable to iQIYI, Inc.(133,708) (294,581) (287,504)Add: Share-based compensation expenses103,313  78,301  72,920 Add: Amortization of intangible assets(1)1,533  1,533  1,533 Add: Impairment of long-term investments25,950  9,009  - Add: Fair value loss/(gain) of long-term investments17,564  (28,614) 3,377 Net income/(loss) attributable to iQIYI, Inc. (non-GAAP)14,652  (234,352) (209,674)　     Diluted net loss per ADS(0.14) (0.31) (0.30)Add: Non-GAAP adjustments to earnings per ADS0.16  0.07  0.17 Diluted net income/(loss) per ADS (non-GAAP)0.02  (0.24) (0.13) (1) This represents amortization of intangible assets resulting from business combinations.

Co-founder and Chief Technology Officer Yoav Landman sold 45,000 ordinary shares of JFrog Ltd. (FROG -1.59%) on August 13, 2026, according to an SEC Form 4 filing.

Transaction summaryMetricValueTransaction value~$4.1 millionShares sold (direct)45,000Post-transaction shares (directly held)5,448,338Post-transaction value$518.41 millionTransaction value based on SEC Form 4 weighted average sale price ($90.86); post-transaction value based on August 13, 2026 market close ($95.15).

Key questionsWhat was the underlying driver of this disposition?
The transaction was executed under a Rule 10b5-1 trading plan established on September 1, 2025, which allows insiders to set up a predetermined schedule for selling shares to avoid concerns about trading on non-public information.How significant is the remaining equity position?
Yoav Landman continues to hold ~5.4 million shares directly, and the insider also holds derivative securities. The current transaction represents a minor adjustment to the total position, impacting less than 1% of the insider's direct holdings.What is the company's recent financial and market performance?
As of the August 13, 2026 transaction date, the stock had achieved a 127% one-year return. The company reported trailing twelve-month revenue of $600.0 million and a net loss of -$44.1 million.Company OverviewMetricValueShare Price (as of market close 2026-08-14)$96.17Market Capitalization$11.6 billionRevenue (TTM)$600.0 millionNet Income (TTM)-$44.1 millionCompany SnapshotJFrog delivers a comprehensive DevOps platform featuring JFrog Artifactory, a flexible package repository for storing and managing software packages at scale, alongside JFrog Pipelines, a robust continuous integration and continuous delivery (CI/CD) engine that enables organizations to automate and optimize their software development workflows.The company operates on a subscription-based SaaS model, generating revenue through tiered licensing of its DevOps platform solutions, with customers paying based on usage levels, deployment scale, and feature access across its integrated suite of development and delivery tools.JFrog serves a diverse customer base spanning technology companies, enterprises, and development teams across the United States and globally, targeting organizations of all sizes that require sophisticated software package management and continuous delivery capabilities to accelerate their development cycles.JFrog Ltd. is a market-leading DevOps platform provider with approximately 1,800 employees and a market cap of $11.6 billion, demonstrating significant investor confidence in the software development automation market. The company has achieved substantial revenue scale of $600 million on a trailing 12-month basis while maintaining a strategic focus on expanding its integrated platform capabilities and market penetration within the enterprise DevOps segment.

JFrog's competitive advantage derives from its comprehensive, unified platform approach that consolidates critical DevOps functions -- package management, CI/CD automation, and delivery orchestration -- reducing complexity and integration costs for enterprise customers.

What this transaction means for investorsJFrog co-founder and CTO Yoav Landman's Aug. 13 sale of 45,000 company shares for $90.86 came after the stock had skyrocketed to a 52-week high of $99.22 in July. Even so, his disposition was a non-discretionary transaction conducted under a Rule 10b5-1 trading plan.

This, combined with Landman's massive remaining stake of 5.4 million directly held shares, which ensures his continued alignment with shareholder interests, suggests the sale is not a cause for investor concern.

JFrog shares experienced a dramatic reversal from a 52-week low of $34.05 reached in February thanks to outstanding business performance. The stock had fallen on fears the software-as-a-service sector would be hurt by the rise of artificial intelligence.

Instead, JFrog delivered 29% year-over-year revenue growth to $163.8 million in the second quarter, validating that its business remains robust. The company expects Q3 sales to rise between $164 million and $166 million, representing solid growth from the prior year's $136.9 million.

Bitmine owns 4.8% of the total ETH coin supply of 120.7 million

Bitmine is 96% of the way to the 'Alchemy of 5%' in just 14 months

In July, ETH outperformed Nasdaq 100 by 2,500 basis points, the largest since July 2025, reflective of the strengthening fundamentals of crypto

Bitmine repurchased 1.7 million shares of common stock in the past week, and has repurchased over 20.8 million shares cumulatively since July 2026 under its previously announced $4 billion share repurchase program

Bitmine was added to the Russell 1000 Large-cap index on June 26, 2026

Bitmine's Series A Preferred Stock is trading on the NYSE under the symbol BMNP

Bitmine has 5,067,309 staked ETH, representing $9.6 billion at $1,893 per ETH. MAVAN (Made in America VAlidator Network) is a premier Ethereum staking destination for BMNR and institutional investors

Bitmine owns $73 million of Eightco (NASDAQ: ORBS), now one of the only publicly listed equities in the world to provide investors indirect exposure to OpenAI

Bitmine Crypto + Total Cash Holdings & Marketable Securities + "Moonshots" total $11.4 billion, including 5.82 million ETH tokens, total cash & marketable securities of $78 million, and other crypto holdings

Bitmine remains supported by a premier group of institutional investors including ARK's Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and personal investor Thomas "Tom" Lee to support Bitmine's goal of acquiring 5% of ETH

, /PRNewswire/ -- (NYSE: BMNR) Bitmine Immersion Technologies, Inc. ("Bitmine" or the "Company") a Bitcoin and Ethereum Network company with a focus on the accumulation of crypto for long term investment, today announced Bitmine crypto + total cash & marketable securities + "moonshots" holdings totaling $11.4 billion.

Bitmine Weekly Update

ETH/BTC ratio: Moving above a 1-year downtrend

ETH/BTC ratio: Future tailwinds of Tokenization and AI

STAKING: BMNR now staking over 5 million ETH as of August 16, 2026

As of August 16, 2026 at 9:30pm ET, the Company's crypto holdings are comprised of 5,815,164 ETH at $1,893 per ETH (per CoinbaseNASDAQ: COIN), 210 Bitcoin (BTC), $180 million stake in Beast Industries, $73 million stake in Eightco Holdings (NASDAQ: ORBS) ("moonshots") and total cash & marketable securities of $78 million. Bitmine's ETH holdings are 4.8% of the ETH supply (of 120.7 million ETH).

"We are encouraged to see the ETH/BTC ratio at 0.02994 and rising. This ratio has moved above the long-term downtrend in place over the last few years and is a sign, in our view, that markets are beginning to see materialization of tokenization and agentic-AI applications, which should benefit Ethereum," stated Thomas "Tom" Lee, Chairman of Bitmine. "We expect easing financial conditions to be a tailwind for crypto."

"This ETH/BTC ratio has moved up during crypto bull cycles, driven by increasing use of Ethereum relative to bitcoin. These prior cycles were fueled by ICOs (2017-2018), NFTs (2020-2021), and stablecoins (2025). In this upcoming crypto cycle, we see the ETH/BTC ratio rising, driven by Wall Street tokenizing on the blockchain and by agentic-AI using blockchains," continued Lee.

"We continue to view Bitmine's common shares as undervalued and the Company repurchased 1.7 million shares during the past week, bringing total common equity repurchases to over 20.8 million common shares since the start of July. This buyback remains the largest ever executed by any Ethereum, Bitcoin or crypto DAT (Digital Asset Treasury)," continued Lee. Since July 1, 2026, Bitmine has repurchased 20.8 million shares of common stock under the previously authorized $4 billion share repurchase program.  

"Over the past week, we acquired 9,926 ETH. Bitmine has bought ETH every week since the inception of the ETH Treasury Strategy on June 30, 2025 about 14 months ago," stated Lee.

On July 16, 2026, Bitmine released the latest Chairman's Message (link here) for July 2026. The title of the Message is "ETH is the cure for the Uncanny Valley of Wealth."

Earlier in 2026, Bitmine launched MAVAN (the Made in America VAlidator Network), the institutional-grade staking platform. While MAVAN was originally developed to support Bitmine's own Ethereum treasury, MAVAN intends to expand to serve institutional investors, custodians, and ecosystem partners seeking best-in-class staking infrastructure. A portion of Bitmine's ETH is already staked on the MAVAN platform.

As of August 16, 2026, Bitmine total staked ETH stands at 5,067,309 ($9.6 billion at $1,893 per ETH). "Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine's ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $287 million on an annualized basis (using 2.61% 7-day BMNR yield)," stated Lee.

"Annualized staking revenues are now projected at $250 million. And this 5.1 million ETH is 87% of the 5.82 million ETH held by Bitmine. Bitmine's own staking operations generated a 7-day yield of 2.61% (annualized)," continued Lee.

Bitmine's crypto holdings reign as the #1 Ethereum treasury and #2 global treasury, behind Strategy Inc., which reportedly owns 840,447 BTC valued at approximately $58 billion. Bitmine remains the largest ETH treasury in the world. 

Bitmine management believes the GENIUS Act and the Securities and Exchange Commission's (SEC) Project Crypto are as transformational to financial services in 2026 as the US action on August 15, 1971, which ended the Bretton Woods system and took the U.S. dollar off the gold standard 55 years ago. This 1971 event was the catalyst for the modernization of Wall Street, creating the iconic Wall Street titans and financial and payment rails of today. These proved to be better investments than gold.

The Chairman's message can be found here:
https://www.Bitminetech.io/chairmans-message

The Fiscal Full Year 2025 Earnings presentation and corporate presentation can be found here: https://Bitminetech.io/investor-relations/ 

To stay informed, please sign up at: https://Bitminetech.io/contact-us/ 

About Bitmine
Bitmine Immersion Technologies, Inc. (NYSE: BMNR), together with its subsidiaries ("Bitmine" or the "Company"), is a blockchain technology infrastructure company operating across institutional digital asset staking and validation services, bitcoin mining, and strategic digital asset management. As the world's leading Ethereum Treasury company, it implements an innovative digital asset strategy for institutional investors and public market participants. The Company provides institutional-grade staking and validation infrastructure—through which it earns staking rewards and validation income—alongside bitcoin mining activities. Bitmine holds digital assets strategically, generating yield on those holdings to support liquidity and capital formation. Since 2025, the Company has expanded its blockchain infrastructure capabilities, including developing and deploying MAVAN, its institutional staking and validation platform. The Company's activities further include investments in early-stage blockchain opportunities ("moonshot" investments) and ancillary mining, hosting, and consulting services.

For additional details, follow on X:
https://x.com/bitmnr
https://x.com/fundstrat

Forward Looking Statements
This press release contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include all statements that are not purely historical and can generally be identified by terms such as "expects," "projects," "intends," "plans," "believes," "anticipates," "estimates," "forecasts," "targets," "goals," "may," "will," "would," "could," "should," "view," "see," or similar expressions, or the negative of such terms, or other comparable terminology. This press release specifically contains forward-looking statements regarding, among other things: (i) the Company's goal of acquiring 5% of the total ETH supply (the "Alchemy of 5%" initiative) and statements regarding its progress toward this goal; (ii) the Company's digital asset accumulation and treasury strategy, including statements regarding continued weekly ETH acquisitions and the Company's status as the largest ETH treasury in the world; (iii) the Company's staking operations, including projected annualized ETH staking rewards of approximately $287 million (assuming Bitmine's ETH is fully staked by MAVAN and its staking partners at scale), current projected annualized staking revenues of approximately $250 million, and the 7-day yield of 2.61% (annualized); (iv) MAVAN's intended expansion to serve institutional investors, custodians, and ecosystem partners seeking best-in-class staking infrastructure; (v) the Company's $4 billion share repurchase program, including statements regarding the execution, size, and potential accretive value of such program; (vi) management's views regarding the valuation of the Company's common shares and the characterization of such shares as "undervalued"; (vii) expectations regarding the relationship between ETH performance versus Bitcoin or the Nasdaq 100, including statements that ETH outperformed the Nasdaq 100 by 2,500 basis points in July 2026 as "reflective of the strengthening fundamentals of crypto"; (viii) management's expectation that easing financial conditions will be "a tailwind for crypto"; (ix) statements and expectations regarding the ETH/BTC ratio, including that markets are "beginning to see materialization of tokenization and agentic-AI applications, which should benefit Ethereum," and that the ETH/BTC ratio will rise in the upcoming crypto cycle driven by Wall Street tokenization and agentic-AI using blockchains; (x) management's belief that the GENIUS Act and SEC Project Crypto are "as transformational to financial services" as the end of the Bretton Woods system in 1971; (xi) statements regarding the Company's investment in Eightco Holdings (NASDAQ: ORBS) as providing indirect exposure to OpenAI; and (xii) the future growth, advancement, and strategic direction of the Company's Ethereum treasury strategy, blockchain infrastructure capabilities, and MAVAN staking platform.

These forward-looking statements involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Factors that could cause or contribute to such differences include, but are not limited to: the extreme volatility and unpredictability of digital asset prices, including ETH and Bitcoin, and the speculative nature of digital asset investments; changes in market conditions affecting the trading price of the Company's common stock and Series A Preferred Stock; the Company's ability to successfully execute its digital asset acquisition strategy and achieve its ETH accumulation targets, including the "Alchemy of 5%" goal; the Company's ability to finance its business operations, Ethereum treasury operations, MAVAN expansion, and share repurchase activities; operational, security, and technological risks associated with the Company's staking and validation operations, including network failures, slashing events, cybersecurity breaches, and protocol changes; competition in the digital asset treasury, staking, and mining industries; the Company's dependence on key personnel, including executive leadership; regulatory developments affecting digital assets, blockchain technology, and staking activities in the United States and globally, including the ultimate enactment, implementation, and interpretation of the GENIUS Act and other pending legislation and regulatory initiatives; actions by the SEC, CFTC, and other regulatory bodies affecting digital assets and related businesses; risks related to the Company's investments in early-stage blockchain opportunities ("moonshot" investments), including the investment in Eightco Holdings and any indirect exposure to OpenAI; macroeconomic factors, including inflation, interest rates, Federal Reserve monetary policy, labor market conditions, and general economic conditions affecting investor sentiment toward digital assets; the accuracy of management's expectations regarding the ETH/BTC ratio and the impact of tokenization and agentic-AI applications on Ethereum; the unpredictability of cryptocurrency market cycles and the accuracy of expectations regarding future crypto cycles; changes to the Ethereum protocol, including staking mechanics, validator requirements, and reward structures; risks related to AI systems and their potential impact on cryptocurrency markets and blockchain technology; the performance of third-party service providers, exchanges, custodians, and staking partners; risks related to the concentration of the Company's assets in digital currencies, particularly Ethereum; and the other risk factors described in the Company's filings with the SEC.

The forward-looking statements contained in this press release are based on information available to management as of the date of this release and reflect management's current expectations, estimates, forecasts, projections, views, and beliefs concerning future events and circumstances. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, including those described above and in the Risk Factors section of the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025 filed with the SEC on November 21, 2025, the Company's Quarterly Reports on Form 10-Q, and the Company's other filings with the SEC, as amended or updated from time to time. Copies of these filings are available on the SEC's website at www.sec.gov and on the Company's website at https://Bitminetech.io/investor-relations/. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Bitmine expressly disclaims any obligation or undertaking to update, revise, or supplement any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statements are based, except as required by applicable law or regulation.

SOURCE Bitmine Immersion Technologies, Inc.

Bitmine bezit 4,8% van het totale ETH-aanbod van 120,7 miljoen

Bitmine heeft in slechts 14 maanden 96% van het doel van de 'Alchemy of 5%' bereikt

In juli presteerde ETH 2.500 basispunten beter dan de Nasdaq 100, het grootste verschil sinds juli 2025, wat wijst op de steeds sterker wordende fundamentele basis van crypto

Bitmine heeft de afgelopen week 1,7 miljoen gewone aandelen teruggekocht en heeft sinds juli 2026 in totaal meer dan 20,8 miljoen aandelen teruggekocht via het eerder aangekondigde aandeleninkoopprogramma van 4 miljard dollar.

Bitmine werd op 26 juni 2026 opgenomen in de Russell 1000 Large-cap Index

De preferente aandelen van serie A van Bitmine worden op de NYSE verhandeld onder het symbool BMNP

Bitmine heeft 5.067.309 gestakete ETH, wat een waarde vertegenwoordigt van 9,6 miljard dollar bij een koers van 1.893 dollar per ETH. MAVAN (Made in America VAlidator Network) is een toonaangevend Ethereum-stakingplatform voor BMNR en institutionele beleggers

Bitmine bezit voor 73 miljoen dollar aan Eightco-aandelen (NASDAQ: ORBS), nu een van de weinige beursgenoteerde ondernemingen wereldwijd die beleggers indirecte blootstelling aan OpenAI bieden

De totale waarde van de cryptobezittingen, liquide middelen, verhandelbare effecten en 'moonshot'-investeringen van Bitmine bedraagt 11,4 miljard dollar, waaronder 5,82 miljoen ETH-tokens, in totaal 78 miljoen dollar aan liquide middelen en verhandelbare effecten, en andere cryptobezittingen

Bitmine wordt ondersteund door een vooraanstaande groep institutionele beleggers, waaronder Cathie Wood van ARK, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital en privébelegger Thomas 'Tom' Lee, bij zijn doel om 5% van alle ETH te verwerven

, /PRNewswire/ -- (NYSE: BMNR) Bitmine Immersion Technologies, Inc. ('Bitmine' of de 'onderneming'), een Bitcoin- en Ethereum-netwerkonderneming met een focus op het opbouwen van cryptobezittingen voor langetermijninvesteringen, maakte vandaag bekend dat de totale waarde van zijn cryptobezittingen, liquide middelen en verhandelbare effecten, en 'moonshot'-investeringen 11,4 miljard dollar bedraagt.

Bitmine Weekly Update

ETH/BTC ratio: Moving above a 1-year downtrend

ETH/BTC ratio: Future tailwinds of Tokenization and AI

STAKING: BMNR now staking over 5 million ETH as of August 16, 2026

Op 16 augustus 2026 om 21.30 uur (ET) bestaan de crypto-holdings van de onderneming uit 5.815.164 ETH tegen een koers van 1.893 dollar per ETH (via CoinbaseNASDAQ: COIN), 210 Bitcoin (BTC), een belang van 180 miljoen dollar in Beast Industries, een belang van 73 miljoen dollar in Eightco Holdings (NASDAQ: ORBS) ('moonshots') en een totaal aan liquide middelen en verhandelbare effecten van 78 miljoen dollar. De ETH-bezittingen van Bitmine vertegenwoordigen 4,8% van het totale ETH-aanbod van 120,7 miljoen ETH.

"We zijn verheugd om te zien dat de ETH/BTC-ratio 0,02994 is en stijgt. Deze ratio is gestegen boven de neerwaarste trend op lange termijn over de laatste jaren en is volgens ons een teken dat markten de materialisatie van tokenisatie en agentic-AI applicaties beginnen te zien, wat tot voordeel zou moeten strekken voor Ethereum", aldus Thomas 'Tom' Lee, voorzitter van Bitmine. "We verwachten dat versoepelende financiële omstandigheden een rugwind zullen zijn voor crypto."

"Deze ETH/BTC-ratio is gestegen tijdens "crypto bull"-cycli, aangedreveven door hoger gebruik van Ethereum ten opzichte van bitcoin. Deze vorige cycli werden aangespoord door ICO's (2017-2018), NFT's (2020-2021), en stablecoins (2025). In de komende crypto-cyclus zien we de ETH/BTC-ratio stijgen, aangedreven door tokeniseren van Wall Street op de blockchain en door agentic-AI die blockchains gebruikt", vervolgde Lee.

"We blijven van mening dat de gewone aandelen van Bitmine ondergewaardeerd zijn en het bedrijf heeft de afgelopen week 1,7 miljoen aandelen teruggekocht, waardoor het totale aantal teruggekochte gewone aandelen sinds begin juli op meer dan 20,8 miljoen komt. Dit blijft de grootste aandeleninkoop ooit door een Ethereum-, Bitcoin- of andere crypto-DAT (Digital Asset Treasury)", vervolgde Lee. Sinds 1 juli 2026 heeft Bitmine 20,8 miljoen gewone aandelen teruggekocht in het kader van het eerder goedgekeurde aandeleninkoopprogramma van 4 miljard dollar. 

"In de afgelopen week hebben we 9.926 ETH aangekocht. Bitmine heeft sinds de start van de ETH-treasurystrategie op 30 juni 2025, ongeveer 14 maanden geleden, elke week ETH gekocht", aldus Lee.

Op 16 juli 2026 heeft Bitmine de meest recente boodschap van de bestuursvoorzitter voor juli 2026 gepubliceerd (link hier). De titel van de boodschap luidt: "ETH is de remedie voor de Uncanny Valley of Wealth".

Eerder in 2026 lanceerde Bitmine MAVAN (het Made in America VAlidator Network), een stakingplatform van institutioneel niveau. Hoewel MAVAN oorspronkelijk werd ontwikkeld ter ondersteuning van Bitmine's eigen Ethereum-treasury, is MAVAN van plan het platform uit te breiden om ook institutionele beleggers, custodians en ecosysteempartners die op zoek zijn naar stakinginfrastructuur van topklasse van dienst te zijn. Een deel van Bitmine's ETH is al gestaket op het MAVAN-platform.

Op 16 augustus 2026 bedroeg het totale aantal door Bitmine gestakete ETH 5.067.309 (9,6 miljard dollar bij een koers van 1.893 dollar per ETH). "Bitmine heeft meer ETH gestaket dan enige andere partij ter wereld. Op volle schaal, wanneer alle ETH van Bitmine via MAVAN en zijn stakingpartners is gestaket, zullen de ETH-stakingbeloningen naar verwachting 287 miljoen dollar op jaarbasis bedragen (uitgaande van een zevendaags BMNR-rendement van 2,61%)", aldus Lee.

"De stakinginkomsten op jaarbasis worden nu geraamd op 250 miljoen dollar. Deze 5,1 miljoen ETH vertegenwoordigen 87% van de 5,82 miljoen ETH die Bitmine aanhoudt. De eigen stakingactiviteiten van Bitmine realiseerden een rendement over 7 dagen van 2,61% (op jaarbasis)", vervolgde Lee.

De cryptobezittingen van Bitmine maken het bedrijf tot de grootste Ethereum-treasury en de op één na grootste treasury ter wereld, na Strategy Inc., dat naar verluidt 840.447 BTC bezit met een waarde van ongeveer 58 miljard dollar. Bitmine blijft de grootste ETH-treasury ter wereld. 

Het management van Bitmine is van mening dat de GENIUS Act en Project Crypto van de Amerikaanse Securities and Exchange Commission (SEC) in 2026 net zo ingrijpend zijn voor de financiële dienstverlening als het besluit van de Verenigde Staten van 15 augustus 1971, waarmee 55 jaar geleden een einde werd gemaakt aan het Bretton Woods-systeem en de koppeling van de Amerikaanse dollar aan goud werd losgelaten. Deze gebeurtenis in 1971 vormde de katalysator voor de modernisering van Wall Street en leidde tot het ontstaan van de huidige toonaangevende spelers op Wall Street en de huidige financiële en betalingsinfrastructuur. Deze bleken uiteindelijk betere investeringen dan goud.

Het bericht van de bestuursvoorzitter vindt u hier:
https://www.Bitminetech.io/chairmans-message

De resultatenpresentatie voor het volledige boekjaar 2025 en de ondernemingspresentatie vindt u hier: https://Bitminetech.io/investor-relations/ 

Om op de hoogte te blijven, kunt u zich aanmelden via: https://Bitminetech.io/contact-us/ 

Over Bitmine
Bitmine Immersion Technologies, Inc. (NYSE: BMNR), samen met zijn dochterondernemingen ('Bitmine' of de 'onderneming') vormen een onderneming voor blockchaintechnologie-infrastructuur die actief is op het gebied van institutionele staking- en validatiediensten voor digitale activa, en strategisch beheer van digitale assets. Als 's werelds toonaangevende onderneming op het gebied van Ethereum-treasury's hanteert Bitmine een innovatieve strategie voor digitale activa, gericht op institutionele beleggers en deelnemers aan de openbare kapitaalmarkten. De onderneming biedt staking- en validatie-infrastructuur van institutionele kwaliteit, waarmee ze stakingbeloningen en inkomsten uit validatie genereert, en houdt zich daarnaast bezig met bitcoinmining. Bitmine houdt digitale activa strategisch aan en genereert rendement op die activa ter ondersteuning van de liquiditeit en kapitaalvorming. Sinds 2025 heeft de onderneming haar capaciteiten op het gebied van blockchaininfrastructuur uitgebreid, waaronder de ontwikkeling en implementatie van MAVAN, haar institutionele platform voor staking en validatie. De activiteiten van de onderneming omvatten verder investeringen in veelbelovende blockchainprojecten in een vroege fase ('moonshot'-investeringen), evenals aanvullende diensten op het gebied van mining, hosting en consultancy.

Volg voor aanvullende informatie op X:
https://x.com/bitmnr
https://x.com/fundstrat

Toekomstgerichte verklaringen
Dit persbericht bevat verklaringen die kunnen worden aangemerkt als 'toekomstgerichte verklaringen' in de zin van de Private Securities Litigation Reform Act van 1995, zoals gewijzigd. Toekomstgerichte verklaringen omvatten alle verklaringen die niet uitsluitend historisch van aard zijn en die over het algemeen kunnen worden herkend aan termen zoals 'verwacht', 'raamt', 'is van plan', 'plant', 'gelooft', 'anticipeert', 'schat', 'voorspelt', 'streeft naar', 'doelstellingen', 'kan', 'zal', 'zou', 'zou kunnen', 'zou moeten', 'beschouwen', 'zien, of soortgelijke uitdrukkingen, of de ontkenning van dergelijke termen, of andere vergelijkbare terminologie. Dit persbericht bevat specifiek toekomstgerichte verklaringen met betrekking tot onder meer: (i) de doelstelling van het bedrijf om 5% van de totale ETH-aanbod te verwerven (het initiatief 'Alchemy of 5%') en verklaringen over de voortgang richting deze doelstelling; (ii) de accumulatie van digitale activa en de treasurystrategie van het bedrijf, waaronder verklaringen over de voortzetting van wekelijkse ETH-aankopen en de status van het bedrijf als de grootste ETH-treasury ter wereld; (iii) de stakingactiviteiten van het bedrijf, waaronder verwachte geannualiseerde ETH-stakingbeloningen van ongeveer 287 miljoen dollar (ervan uitgaande dat de ETH van Bitmine volledig wordt gestaket door MAVAN en zijn stakingpartners op volle schaal), de huidige verwachte geannualiseerde stakinginkomsten van ongeveer 250 miljoen dollar en het rendement over 7 dagen van 2,61% (geannualiseerd; (iv) de beoogde uitbreiding van MAVAN om institutionele beleggers, custodians en ecosysteempartners te bedienen die op zoek zijn naar stakinginfrastructuur van topniveau; (v) het aandeleninkoopprogramma van het bedrijf ter waarde van 4 miljard dollar, waaronder verklaringen over de uitvoering, omvang en mogelijke waardeverhogende impact van een dergelijk programma; (vi) de opvattingen van het  management over de waardering van de gewone aandelen van de onderneming en de karakterisering van deze aandelen als "ondergewaardeerd"; (vii) verwachtingen inzake de relatie tussen de prestaties van ETH ten opzichte van Bitcoin of de Nasdaq 100, waaronder verklaringen dat ETH beter presteerde dan de Nasdaq 100 met 2.500 basispunten in juli 2026 als "wat wijst op de steeds sterker wordende fundamentele basis van crypto"; (viii) de verwachting van het management dat versoepelende financiële omstandigheden "een rugwind zullen zijn voor  crypto"; (ix) verklaringen en verwachtingen over de ETH/BTC-ratio, waaronder dat markten "de materialisatie van tokenisatie en agentic-AI applicaties beginnen te zien, wat tot voordeel zou moeten strekken voor Ethereum" en dat de ETH/BTC-ratio zal stijgen in de komende crypto-cyclus aangedreven door tokenisering van Wall Street en agentic-AI die blockchains gebruiken; (x) de overtuiging van het management dat de GENIUS Act en SEC Project Crypto "een even transformerende impact hebben op financiële diensten" als het einde van het Bretton Woods systeem in 1971; (xi) verklaringen over de investering van de  onderneming in Eightco Holdings (NASDAQ: ORBS) als een investering die indirecte blootstelling aan OpenAI biedt; en (xi) de toekomstige groei, ontwikkeling en strategische richting van de Ethereum-treasurystrategie, de blockchaininfrastructuurcapaciteiten en het MAVAN-stakingplatform van de onderneming.

Deze toekomstgerichte verklaringen brengen aanzienlijke risico's en onzekerheden met zich mee die ertoe kunnen leiden dat de werkelijke resultaten wezenlijk afwijken van de resultaten die hierin worden uitgedrukt of geïmpliceerd. Factoren die dergelijke verschillen kunnen veroorzaken of daaraan kunnen bijdragen, omvatten onder meer, maar zijn niet beperkt tot: de extreme volatiliteit en onvoorspelbaarheid van prijzen van digitale activa, waaronder ETH en Bitcoin en de speculatieve aard van investeringen in digitale activa; veranderingen in marktomstandigheden die van invloed zijn op de handelsprijs van de gewone aandelen en preferente aandelen van serie A van het bedrijf; het vermogen van het bedrijf om zijn strategie voor de verwerving van digitale activa succesvol uit te voeren en zijn doelstellingen voor de opbouw van ETH-bezittingen te behalen, waaronder de doelstelling "Alchemie van 5%"; het vermogen van het bedrijf om zijn bedrijfsactiviteiten, Ethereum-treasuryactiviteiten, de uitbreiding van MAVAN en aandeleninkoopactiviteiten te financieren; operationele, beveiligings- en technologische risico's verbonden aan de staking- en validatieactiviteiten van het bedrijf, waaronder netwerkstoringen, cyberbeveiligingsinbreuken en protocolwijzigingen; concurrentie in de sectoren van digitale-activatreasury's, staking en mining; de afhankelijkheid van het bedrijf van belangrijke medewerkers, waaronder de leidinggevenden; regelgevende ontwikkelingen die van invloed zijn op digitale activa, blockchaintechnologie en stakingactiviteiten in de Verenigde Staten en wereldwijd, waaronder de uiteindelijke goedkeuring, implementatie en interpretatie van de GENIUS Act, CLARITY Act en andere aanhangige wetgeving en regelgevende initiatieven; acties van de SEC, CFTC en andere toezichthoudende instanties die van invloed zijn op digitale activa en aanverwante activiteiten; risico's verbonden aan de investeringen van het bedrijf in blockchainmogelijkheden in een vroeg stadium ('moonshot'-investeringen), waaronder de investering in Eightco Holdings; macro-economische factoren, waaronder inflatie, rentetarieven, het monetaire beleid van de Federal Reserve en algemene economische omstandigheden die van invloed zijn op het beleggerssentiment ten aanzien van digitale activa; de nauwkeurigheid van de verwachtingen van het management over de ETH/BTC-ratio en de impact van tokenisatie en agentic-AI applicaties op Ethereum; de onvoorspelbaarheid van cryptomarktcycli en de nauwkeurigheid van verwachtingen over toekomstige crypto-cycli; wijzigingen in het Ethereum-protocol, waaronder stakingmechanismen, vereisten voor validators en beloningsstructuren; risico's verbonden aan AI-systemen en hun mogelijke impact op cryptomarkten en blockchaintechnologie; de prestaties van externe dienstverleners, beurzen en custodians; risico's verbonden aan de concentratie van de activa van het bedrijf in digitale valuta's, voornamelijk Ethereum; en de overige risicofactoren beschreven in de documenten die het bedrijf bij de SEC heeft ingediend.

De toekomstgerichte verklaringen in dit persbericht zijn gebaseerd op informatie waarover het management beschikte op de datum van dit persbericht en weerspiegelen de huidige verwachtingen, ramingen, prognoses, meningen en overtuigingen van het management met betrekking tot toekomstige gebeurtenissen en omstandigheden. De werkelijke resultaten kunnen wezenlijk afwijken van de resultaten die in toekomstgerichte verklaringen worden uitgedrukt of geïmpliceerd op basis van een aantal factoren, waaronder de hierboven beschreven factoren en de factoren die zijn beschreven in het gedeelte Risicofactoren van het jaarverslag van het bedrijf op formulier 10-K voor het boekjaar dat eindigde op 30 september 2025, ingediend bij de SEC op 21 november 2025, de kwartaalverslagen van het bedrijf op formulier 10-Q en de overige documenten die het bedrijf bij de SEC heeft ingediend, zoals deze van tijd tot tijd worden gewijzigd of bijgewerkt. Kopieën van deze documenten zijn beschikbaar op de website van de SEC via [www.sec.gov] en op de website van het bedrijf via https://Bitminetech.io/investor-relations/. Het bedrijf waarschuwt lezers om niet overmatig te vertrouwen op dergelijke toekomstgerichte verklaringen, die alleen gelden op de datum waarop ze worden gedaan. Bitmine wijst uitdrukkelijk elke verplichting of toezegging af om toekomstgerichte verklaringen bij te werken, te herzien of aan te vullen om rekening te houden met wijzigingen in zijn verwachtingen of wijzigingen in gebeurtenissen, omstandigheden of situaties waarop dergelijke verklaringen zijn gebaseerd, behalve indien dit wordt vereist door toepasselijke wet- of regelgeving.

Bloom Energy (BE +0.96%) recently said that it has visibility on 25 gigawatts of deployments, which is the kind of line that makes you stop and do the math (and consider an investment). On the second-quarter earnings call, management laid out the scandium and capacity story in a way that stuck with many investors.

K.R. Sridhar, Bloom's CEO, said:

The three takeaways for you all as investors to understand are the following: there is enough scandium on the planet that can be recovered economically viably to power of the planet. That is what's available on the planet. We have visibility currently based on what we are working for 25 gigawatts of like deployments. And we are not dependent on China.

This is a strong statement that Bloom believes it can scale up solid-oxide fuel cell deployments to tens of gigawatts without hitting resource or supply chain constraints for scandium, a chemical element that improves fuel cell performance. 

Image source: Getty Images.

Great numbers recently The recent numbers back up that confidence. The company just reported record second-quarter revenue of $1.065 billion, its first billion-dollar quarter, with sales up 166% year over year and 42% sequentially. Product revenue reached $935 million, up 215% from a year earlier, driven mainly by orders from artificial intelligence (AI) data centers and other large power users.

Adjusted earnings jumped to $0.78 per share, nearly double the consensus estimate, and the company raised full-year 2026 guidance to ranges of $3.9 billion to $4.2 billion in revenue, $800 million to $900 million of operating income, earnings per share (EPS) of $2.55 to $2.85, and a gross margin of around 34%.

Bloom's earlier guidance and capacity plans help translate that into a rough value per gigawatt. In the first quarter, management said its current manufacturing footprint will allow it to deliver 5 gigawatts of product annually and raised 2026 revenue guidance into the mid-$3 billion range before this latest bump.

Put those pieces together, and a reasonable estimate is that each gigawatt of commercial product capacity supports $700 million to $800 million of annual revenue at the current mix, with gross margins in the mid-30% range and rising operating leverage. If Bloom can ultimately deploy 25 gigawatts of systems over a decade or so, you are talking about a cumulative revenue opportunity in the tens of billions of dollars, not counting service income and upgrades. That is before you factor in the 2.8-gigawatt master agreement with Oracle and the expansion of the deal with Brookfield from $5 billion to $25 billion for on-site data center power.

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AI power demand considerations The link between AI power demand and electricity is direct: Bloom's solid-oxide fuel cells convert natural gas or hydrogen to electricity at high efficiency. Its systems sit in data centers, deliver multi-megawatt blocks of always-on power within months rather than years, and avoid the transmission constraints utilities face when serving new AI campuses. In its AI-focused commentary, management describes a vast addressable market where every new cluster that needs fast, resilient, lower-carbon power is a candidate for on-site fuel cell arrays, either instead of or alongside a hookup to the local grid.

That is where the utility angle comes in. AI data centers will still rely heavily on the grid for baseload and backup power. Analysts now talk about U.S. AI power demand rising from single-digit gigawatts to well north of 100 gigawatts in little more than a decade.

Right now, Wall Street spends most of its AI time on the chips and the models. Micron, Nvidia, and others deserve that attention, but the power layer is just as important. Bloom's 25-gigawatt visibility is one piece of that power story. The utilities that will feed the grid side of those same loads are another.

So, if the company can ultimately deploy 25 gigawatts of systems at something like today's economics, it is looking at a revenue opportunity that easily runs into the tens of billions of dollars over the life of those assets. That makes Bloom Energy a compelling investment choice right now.

Reliance Worldwide Corporation Limited (RLLWF) Q4 2026 Earnings Call August 17, 2026 7:00 PM EDT

Company Participants

Heath Sharp - CEO, MD & Director
Andrew Johnson - Executive VP & Chief Financial Officer

Conference Call Participants

Ramoun Lazar - Jefferies LLC, Research Division
Samuel Seow - Citigroup Inc., Research Division
Brook Campbell-Crawford - Barrenjoey Markets Pty Limited, Research Division
Peter Steyn - Macquarie Research
Harry Saunders - E&P, Research Division
Lee Power - JPMorgan Chase & Co, Research Division
Keith Chau - MST Financial Services Pty Limited, Research Division
Daniel Sykes - Jarden Limited, Research Division
Nathan Reilly - UBS Investment Bank, Research Division

Presentation

Operator

Thank you for standing by, and welcome to the Reliance Worldwide Corporation Full Year Earnings Call. [Operator Instructions]

I would now like to hand the conference over to Heath Sharp, CEO. Please go ahead.

Heath Sharp
CEO, MD & Director

Good morning, everyone. Welcome to RWC's Financial Year 2026 Results Call. This is Heath Sharp, and I'm joined here in Sydney by Andrew Johnson, our CFO.

This morning, we released our full year results material. But before we turn to the results, I want to deal with our second announcement this morning. So let's start on Slide 3 of our presentation.

RWC has entered into a process deed with Brookfield Capital Partners on August 17. This relates to Brookfield's unsolicited nonbinding indicative proposal to acquire RWC for AUD 4.75 cash per share. The proposal follows earlier approaches from Brookfield at $4.15, $4.25 and $4.50 per share, which the board considered insufficient.

Following a period of engagement including providing Brookfield with nonpublic information over an approximately 8-week period, Brookfield submitted its current $4.75 proposal. The proposal values RWC at an enterprise value of approximately AUD 4.1 billion. This represents an FY '26 EV-to-EBITDA multiple of 12.9x on a pre-AASB 16 basis. This is at the upper end of

Uber COO Andrew Macdonald said large companies with new ideas move more slowly than startups as employees get "fat" on the resources. Zed Jameson/Bloomberg via Getty Image At the top, it's hard to know where else to go.

In an interview on Harry Stebbings' 20VC podcast published on Monday, Andrew Macdonald, Uber's chief operating officer and president, said that finding new businesses can be challenging when the company's core business is already so large.

Call it the "classic innovator's dilemma," he said.

"The thing you've already built is so big that it just swallows up your organizational capacity to do anything else," Macdonald said. "And even if you're able to stand up other businesses, it's impossible for those businesses to get the resourcing, attention, distribution, marketing dollars, engineering capacity — whatever it is, it just gets swallowed up by the hole."

Macdonald said Uber is close to $250 billion in gross bookings on an annualized basis. At that scale, he said, a new product would need a plausible path to becoming a multibillion-dollar business before it's compelling enough for the company.

"It just actually constrains your thinking a little bit," Macdonald said.

Uber is operating at a formidable scale. The company reported $58 billion in gross bookings in its most recent quarter and $14.2 billion in revenue. Uber said the platform averaged 208 million monthly active platform consumers.

The company is still making big bets.

Autonomous vehicles, Macdonald said, are now Uber's "largest single area of investment." The company has partnered with a slew of robotaxi platforms, including Alphabet's Waymo, and launched Uber Autonomous Solutions earlier this year — a suite of services aimed at helping AV companies commercialize their tech. The Financial Times estimated in an April report that the company has committed more than $10 billion to investments in AV companies and spending on robotaxi fleets.

On Monday, Uber also unveiled a partnership with drone-delivery startup Zipline to allow Uber Eats customers to receive drone deliveries starting later this year. The companies said they were targeting one million daily drone deliveries by the end of 2029.

The partnership includes a "strategic investment" in Zipline by Uber.

Macdonald said on the podcast that the company tries to incubate fledgling ideas through a program called "Growth Bets," in which Uber dedicates employees to new projects rather than having people manage existing businesses simultaneously.

Even then, Macdonald said big companies throwing a ton of money at new projects often move more slowly than startups, as people get "fat on the resources."

The upside for Uber, he said, is that if a new idea works, the company can put it in front of more than 200 million people.

Not a bad head start.

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Uber

The Q2 earnings season continues to wind down, which has overall shown immense strength with outsized growth. There have been several standout releases during the Q2 earnings cycle, including those from Palantir (PLTR - Free Report) and Microsoft (MSFT - Free Report) .

Palantir Earnings

Palantir’s overall revenue surged by 93% YoY to $1.94 billion, yet again reflecting another acceleration relative to recent periods. Huge top-line growth has been led by rock-solid demand, with Palantir closing $3.4 billion of total contract value throughout the period, jumping 49% YoY.

U.S. results came in notably strong, with U.S. commercial and government revenue climbing by 149% and 90%, respectively. Higher-value deals are also continuing to flow in at a rapid pace, with PLTR closing 73 deals worth at least $10 million throughout the period.

The company lifted its guidance across many metrics, now expecting FY26 revenue in a band of $8.150 - $8.158 billion, reflective of 82% YoY growth. U.S. commercial demand is also expected to remain red-hot, with PLTR upping the guidance to reflect 134% YoY growth.

Microsoft Earnings

Microsoft posted a double-beat relative to our consensus expectations, with sales growing by 18% YoY alongside 23% YoY growth in earnings. Most importantly, the mega-cap heavyweight delivered favorable Intelligent Cloud results, a key benchmark the market has consistently scrutinized amid the billions it’s been investing in AI infrastructure.

Microsoft’s Intelligent Cloud results include Azure, its cloud computing platform that provides AI computing power to businesses. Intelligent Cloud revenue came in at $39.3 billion, beating our consensus estimate handily and growing 32% YoY. The growth rate here is mightily important from a sentiment standpoint, showing an acceleration relative to recent periods.

Australia's Reliance Worldwide Corporation (RWC.AX) said on ​Tuesday that Brookfield Capital Partners LLC had sweetened ‌its offer to buy the plumbing solutions company for an enterprise value of A$4.1 billion ($2.91 billion).

Under the proposed deal, ​Brookfield would acquire all outstanding ordinary ​shares of Reliance for A$4.75 apiece in ⁠cash, implying an equity valuation of A$3.55 ​billion for the Australian firm. Reliance said Brookfield ​had made a series of unsolicited, non-binding, indicative offers in April and May at A$4.15, A$4.25 and A$4.50 ​a share, all in cash.

Reliance also said ​it has signed a process deed with Brookfield to ‌move ⁠the proposal forward. Under the agreement, Reliance cannot solicit or discuss competing offers and does not have to share information with other potential ​bidders during ​a four-week ⁠period from August 17 to September 15.

If a scheme implementation deed ​is entered between the two parties, ​it ⁠would give Reliance 30 days to seek and negotiate potentially better offers from others.

Reliance has ⁠appointed ​Goldman Sachs and Oaktower Partnership ​as financial advisers for the proposal.

($1 = 1.4075 Australian dollars)

 | Source: Dime Commercial Bancshares, Inc.

HAUPPAUGE, N.Y., Aug. 17, 2026 (GLOBE NEWSWIRE) -- Dime Commercial Bank today announced its entry into the affordable housing space with the launch of a dedicated group that will serve developers that are building or preserving affordable and workforce housing.

The launch of the Affordable Housing Group is part of Dime’s growth plan to expand specialized commercial banking verticals and drive organic growth through targeted talent acquisition and market expansion.

The group will be led by Michael Camoia, who joins Dime as Senior Vice President, Head of Affordable Housing. Mr. Camoia recently served as Senior Vice President, Director of Community Development and Community Reinvestment Act Finance at BankUnited.

The new vertical will focus on:

Pre-development, construction, and permanent financing for affordable and workforce housing developers, including supportive housing.Tax Credit Equity Investment — Direct equity investments in Low-Income Housing Tax Credit (LIHTC) transactions supporting multifamily, mixed-use, and mixed-income developments.Collaborating with state housing finance agencies, and local CDFIs to expand access to subsidized capital for affordable housing sponsors. “Affordable housing capacity is under strain across the country, and we see this expansion as consistent with our focus of reinvesting in our communities while at the same time developing solid commercial banking business and relationships,” said Stuart H. Lubow, President and Chief Executive Officer of Dime. “The launch reflects both our Community Reinvestment Act strategy and rising demand from developers and municipalities for reliable, well-capitalized lending partners. Dime continues to be the bank-of-choice for talented and entrepreneurial individuals, and we are excited to welcome Mike Camoia to lead this new vertical for us.”

ABOUT DIME COMMERCIAL BANCSHARES, INC.
Dime Commercial Bancshares, Inc. is the holding company for Dime Commercial Bank, a New York State-charted trust company with approximately $15 billion in assets and the number one deposit market share on Greater Long Island (1).

Investor Relations Contact:
Avinash Reddy
Senior Executive Vice President – Chief Operating Officer and Chief Financial Officer
Phone: 718-782-6200; Ext. 5909
Email: [email protected]

 ¹ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for commercial banks with less than $20 billion in assets.

FORWARD-LOOKING STATEMENTS
Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated.

Intel (INTC +0.97%) carries one of the stranger price tags in the market right now. The chipmaker's net loss over the past year comes to about $11.3 billion. Its stock, meanwhile, trades at about $105 as of this writing, up more than 350% from its 52-week low of $22.78. And it costs about 62 times what the company is expected to earn on an adjusted basis over the year ahead.

A company losing billions doesn't usually command a $550 billion market value and a premium growth multiple at the same time. The market has decided Intel's losses aren't what they appear, and on that point, I think the market is right.

Whether the stock is worth that price is a different matter.

Image source: Intel.

Charges, not cashThe second quarter shows what the red ink is made of. Intel reported an $11.0 billion net loss for a quarter in which revenue climbed 25% from a year earlier to $16.1 billion.

Nearly all of the loss traces to a $12.5 billion non-cash, mark-to-market charge on shares Intel holds in escrow for the U.S. government under its CHIPS Act agreement. The first quarter followed the same pattern, with a $3.7 billion net loss that included a $3.9 billion goodwill impairment and another $1.1 billion escrow charge.

Set those items aside, and Intel is already profitable. Non-GAAP (adjusted) net income was $1.5 billion in the first quarter and $2.2 billion in the second.

Gross margin is climbing, too: 39.4% in the first quarter, 40.4% in the second, and management guided to 41% for the third -- a steady expansion. And revenue growth accelerated, from 7% year over year in the first quarter to 25% in the second. Management's own forecast even calls for positive earnings of $0.31 per share in the third quarter on a GAAP basis.

In other words, the swing from red ink to black is already underway.

What is 62 times buying?The loss, then, is mostly an accounting story. The stock's valuation is harder to explain away.

At about $105 a share, Intel trades at roughly 62 times its projected adjusted earnings for the year ahead -- projections that work out to only about $1.70 per share from a company valued at $550 billion. And management's own third-quarter guidance implies something similar. Annualize its guided $0.38 of adjusted earnings per share, and shares trade at roughly 70 times the company's current earnings pace.

Demand isn't the concern. CEO Lip-Bu Tan said in the company's second-quarter earnings release that "AI is driving unprecedented demand for compute," and the numbers back him up. Revenue in Intel's data center and artificial intelligence (AI) segment rose 59% year over year to $6.3 billion last quarter.

Growth like that could well continue. After all, management says supply, not demand, is what limits the business right now.

But growth that has already shown up doesn't get a stock to 62 times earnings on its own. The rest of the price rests on something that hasn't happened yet.

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The $8 billion swingThat something is the foundry. Intel's products businesses already earn plenty. The client computing and physical AI group posted $2.3 billion of operating profit last quarter, and the data center and AI group earned $2.5 billion. Intel Foundry, the chip-manufacturing arm, gave $2.1 billion of that back -- a loss pace of more than $8 billion a year.

Chief Financial Officer Dave Zinsner said last year that the foundry was on track to break even sometime in 2027, and the losses are narrowing, down from $2.4 billion a quarter earlier. Ending them would roughly double the company's current adjusted earnings pace all by itself. Much of that swing, I'd argue, is already baked into the stock's price.

However, the foundry is still overwhelmingly Intel's own customer. External customers supplied $293 million of the unit's $5.8 billion in second-quarter revenue. Intel 14A, the manufacturing process meant to win outside chip designers at scale, isn't scheduled for high-volume production until 2028, so meaningful outside revenue may be a couple of years away.

And the spending comes first. Intel raised its 2026 capital spending outlook to more than $20 billion, expects significantly higher spending in 2027, and sold $20 billion of new stock at $95 a share this month for general corporate purposes.

The turnaround looks impressive. Revenue is accelerating, margins are expanding, and the adjusted bottom line has been positive for two quarters running.

My problem is the price. A 62-times-forward multiple leaves the stock priced for a foundry payoff that still depends on customers who mostly haven't signed yet. Even a company executing this well can be an expensive stock, and I think Intel is one right now.

XP Inc.A (XP - Free Report) came out with quarterly earnings of $0.53 per share, beating the Zacks Consensus Estimate of $0.51 per share. This compares to earnings of $0.43 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +3.92%. A quarter ago, it was expected that this company would post earnings of $0.48 per share when it actually produced earnings of $0.47, delivering a surprise of -2.08%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

XP Inc.A, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $966.45 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.03%. This compares to year-ago revenues of $786.31 million. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

XP Inc.A shares have lost about 3.4% since the beginning of the year versus the S&P 500's gain of 13.7%.

What's Next for XP Inc.A?While XP Inc.A has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for XP Inc.A was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.53 on $999.94 million in revenues for the coming quarter and $2.11 on $3.95 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the top 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, IREN Limited (IREN - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 27.

This company is expected to post quarterly loss of $0.80 per share in its upcoming report, which represents a year-over-year change of -1100%. The consensus EPS estimate for the quarter has been revised 65.1% lower over the last 30 days to the current level.

IREN Limited's revenues are expected to be $138.89 million, down 25.8% from the year-ago quarter.

, /PRNewswire/ -- Yalla Group Limited ("Yalla" or the "Company") (NYSE: YALA), the largest Middle East and North Africa (MENA)-based online social networking and gaming company, today announced its unaudited financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Financial and Operating Highlights

Revenues were US$82.6 million in the second quarter of 2026, compared with US$84.6 million in the second quarter of 2025. Revenues generated from chatting services in the second quarter of 2026 were US$47.4 million. Revenues generated from games services in the second quarter of 2026 were US$34.2 million. Net income was US$29.3 million in the second quarter of 2026, compared with US$36.5 million in the second quarter of 2025. Net margin[1] was 35.5% in the second quarter of 2026. Non-GAAP net income[2] was US$34.4 million in the second quarter of 2026, compared with US$39.4 million in the second quarter of 2025. Non-GAAP net margin[3] was 41.7% in the second quarter of 2026. Average MAUs[4] increased by 12.3% to 47.6 million in the second quarter of 2026, compared with 42.4 million in the second quarter of 2025. The number of paying users[5] was 10.9 million in the second quarter of 2026, compared with 11.2 million in the second quarter of 2025. Key Operating Data

For the three months ended

June 30, 2025

June 30, 2026

Average MAUs (in thousands)

42,421

47,625

Paying users (in thousands)

11,186

10,861

[1] Net margin is net income as a percentage of revenues.

[2] Non-GAAP net income represents net income excluding share-based compensation. Non-GAAP net income is a non-GAAP financial measure. See the sections titled "Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" for more information about the non-GAAP measures referred to in this press release.

[3] Non-GAAP net margin is non-GAAP net income as a percentage of revenues.

[4] "Average MAUs" refers to the average monthly active users in a given period, calculated by dividing (i) the sum of active users for each month of such period by (ii) the number of months in such period. "Active users" refers to registered users who accessed any of our main mobile applications at least once during a given period; main mobile applications are mobile applications that have exceeded the 0.5 million average MAUs threshold at least once.

[5] "Paying users" refers to registered users who played a game or purchased our virtual items or upgraded services using virtual currencies on our main mobile applications at least once in a given period, except for users who received all of their virtual currencies directly or indirectly from us for free. "Registered users" refers to users who have registered accounts on our main mobile applications as of a given time; a registered user is not necessarily a unique user, as an individual may register multiple accounts on our main mobile applications.

"We delivered solid results across our flagship products and growing momentum in our gaming business in the second quarter of 2026," said Mr. Tao Yang, Founder, Chairman and CEO of Yalla. "Our revenues exceeded the upper end of our guidance, driven by an 11.6% year-over-year increase in revenues from games services. Meanwhile, our core products continued to build momentum, with refined operations and targeted marketing driving a sequential rebound in paying users for Yalla Ludo and a 12.3% year-over-year increase in overall average MAUs to 47.6 million.

"Beyond the sustained strength of our flagship products, we made progress in expanding our gaming ecosystem. Our new games, including our first self-developed match-3 title and desert-themed SLG title, continued to advance smoothly with a clear roadmap taking shape for the next stage of development. We also continued to strengthen our pipeline of self-developed products, spanning casual games, hyper-casual games, social products and AI applications, designed to maximize the synergy between our social and gaming ecosystems. Building on years of deep-rooted expertise in MENA, we will continue to unlock local opportunities and broaden our reach globally through strategic partnerships to deliver sustainable growth for our shareholders."

Ms. Karen Hu, CFO of Yalla, commented, "In the second quarter of 2026, we continued to pursue high-quality development while maintaining solid profitability. Total revenues were US$82.6 million, with revenues from games services growing to US$34.2 million, increasing the segment's contribution to 41.4%. While doubling our selling and marketing expenses year over year to support the promotion of new products, we maintained a healthy non-GAAP net margin of 41.7% through increased efficiency. Our balance sheet and cash flow remain ample to support our investments in business expansion as well as consistent shareholder returns. Going forward, we will continue to invest in long-term growth while driving value creation."

Second Quarter 2026 Financial Results

Revenues

Revenues were US$82.6 million in the second quarter of 2026, compared with US$84.6 million in the second quarter of 2025, primarily due to a decrease in paying users attributable to the impact of recent geopolitical events in the broader region, partially offset by an increase in revenues from games services.

In the second quarter of 2026, revenues generated from chatting services were US$47.4 million, and revenues from games services were US$34.2 million.

Costs and expenses

Total costs and expenses were US$63.2 million in the second quarter of 2026, compared with US$53.9 million in the second quarter of 2025.

Cost of revenues was US$26.8 million in the second quarter of 2026, a 4.1% decrease from US$27.9 million in the second quarter of 2025, primarily due to lower commission fees paid to third-party payment platforms. Cost of revenues as a percentage of total revenues decreased to 32.4% in the second quarter of 2026 from 33.0% in the second quarter of 2025.

Selling and marketing expenses were US$17.8 million in the second quarter of 2026, a 106.0% increase from US$8.7 million in the second quarter of 2025, primarily due to higher advertising and market promotion expenses attributable to the Company's continued user acquisition efforts and support for new games. Selling and marketing expenses as a percentage of total revenues increased to 21.6% in the second quarter of 2026 from 10.2% in the second quarter of 2025.

General and administrative expenses were US$8.6 million in the second quarter of 2026, a 4.0% decrease from US$9.0 million in the second quarter of 2025, primarily due to a decrease in incentive compensation, partially offset by an increase in foreign exchange loss. General and administrative expenses as a percentage of total revenues slightly decreased to 10.5% in the second quarter of 2026 from 10.6% in the second quarter of 2025.

Technology and product development expenses were US$9.9 million in the second quarter of 2026, an 18.9% increase from US$8.3 million in the second quarter of 2025, primarily due to an increase in salaries and benefits for our technology and product development staff, driven by an increase in headcount to support the development of new businesses and our product portfolio expansion. Technology and product development expenses as a percentage of total revenues increased to 12.0% in the second quarter of 2026 from 9.9% in the second quarter of 2025.

Operating income

Operating income was US$19.4 million in the second quarter of 2026, compared with US$30.6 million in the second quarter of 2025.

Non-GAAP operating income[6]

Non-GAAP operating income in the second quarter of 2026 was US$24.5 million, compared with US$33.5 million in the second quarter of 2025.

Interest income

Interest income was US$5.4 million in the second quarter of 2026, compared with US$6.8 million in the second quarter of 2025.

Investment income

Investment income was US$5.1 million in the second quarter of 2026, compared with US$0.02 million in the second quarter of 2025, primarily due to changes in the fair value of wealth management products.

Income tax expense

Income tax expense was US$0.6 million in the second quarter of 2026, compared with US$1.5 million in the second quarter of 2025.

Net income

Net income was US$29.3 million in the second quarter of 2026, compared with US$36.5 million in the second quarter of 2025.

Non-GAAP net income

Non-GAAP net income in the second quarter of 2026 was US$34.4 million, compared with US$39.4 million in the second quarter of 2025.

Earnings per ordinary share

Basic and diluted earnings per ordinary share were US$0.21 and US$0.18, respectively, in the second quarter of 2026, while basic and diluted earnings per ordinary share were US$0.24 and US$0.20, respectively, in the second quarter of 2025.

Non-GAAP earnings per ordinary share[7]

Non-GAAP basic and diluted earnings per ordinary share were US$0.24 and US$0.21, respectively, in the second quarter of 2026, compared with US$0.25 and US$0.22, respectively, in the second quarter of 2025.

Cash and cash equivalents, restricted cash, term deposits and short-term investments

As of June 30, 2026, the Company had cash and cash equivalents, restricted cash, term deposits and short-term investments of US$824.2 million, compared with US$754.6 million as of December 31, 2025.

[6] Non-GAAP operating income represents operating income excluding share-based compensation. Non-GAAP operating income is a non-GAAP financial measure. See the sections titled "Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" for more information about the non-GAAP measures referred to in this press release.             

[7] Non-GAAP earnings per ordinary share is non-GAAP net income attributable to Yalla Group Limited's shareholders, divided by the weighted average number of basic and diluted shares outstanding. Non-GAAP net income attributable to Yalla Group Limited's shareholders represents net income attributable to Yalla Group Limited's shareholders, excluding share-based compensation. Non-GAAP earnings per ordinary share and non-GAAP net income attributable to Yalla Group Limited's shareholders are non-GAAP financial measures. See the sections titled "Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" for more information about the non-GAAP measures referred to in this press release.

Share Repurchase Program

Under the Company's two share repurchase programs launched in 2021 and 2026 (the "2021 Program" and the "2026 Program"), the Company repurchased 4,357,024 American depositary shares ("ADSs"), representing 4,357,024 Class A ordinary shares, for an aggregate amount of approximately US$27.6 million in the first half of 2026. Of this number, 2,896,035 ADSs, representing 2,896,035 Class A ordinary shares, were repurchased during the second quarter of 2026, for an aggregate amount of approximately US$18.0 million.

The 2021 Program expired on May 21, 2026. Under the 2021 Program, the Company was authorized to repurchase up to US$150 million worth of its outstanding ADSs and/or Class A ordinary shares, and the Company repurchased a cumulative total of 18,762,758 ADSs, representing 18,762,758 Class A ordinary shares, from the open market with cash for an aggregate amount of approximately US$126.5 million.

In addition, the Company had cancelled 12,734,059 ADSs, representing 12,734,059 Class A ordinary shares, as of August 14, 2026. The Company will continue executing its 2026 Program, under which the Company may repurchase up to US$150 million worth of its outstanding ADSs and/or Class A ordinary shares over the 24 months starting from March 9, 2026.

Outlook

For the third quarter of 2026, Yalla currently expects revenues to be between US$78.0 million and US$85.0 million.

The above outlook is based on current market conditions and reflects the Company management's current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

Conference Call

Yalla Group Limited will hold a conference call on Monday, August 17, 2026, at 8:00 PM Eastern Time, 4:00 AM Dubai Time on Tuesday, August 18, 2026, or 8:00 AM Beijing Time on Tuesday, August 18, 2026, to discuss the financial results.

Participants should complete online registration using the link provided below before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

Event Title:               Yalla Group Ltd. Second Quarter 2026 Earnings Conference Call
Registration Link:     https://register-conf.media-server.com/register/BIa9b95130104d40aa9a598586197e750b

Additionally, a live webcast of the conference call will be available on the Company's investor relations website at https://ir.yalla.com, and a replay of the webcast will be available following the session.

Non-GAAP Financial Measures

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP financial measures, namely non-GAAP operating income, non-GAAP net income, non-GAAP net margin and non-GAAP basic and diluted earnings per ordinary share, as supplemental measures to review and assess the Company's operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define non-GAAP operating income as operating income excluding share-based compensation. We define non-GAAP net income as net income excluding share-based compensation. We define non-GAAP net margin as non-GAAP net income as a percentage of revenues. We define non-GAAP net income attributable to Yalla Group Limited's shareholders as net income attributable to Yalla Group Limited's shareholders, excluding share-based compensation. We define non-GAAP earnings per ordinary share as non-GAAP net income attributable to Yalla Group Limited's shareholders, divided by the weighted average number of basic and diluted shares outstanding.

By excluding the impact of share-based compensation expenses, which are non-cash charges, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. Investors can better understand the Company's operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess its core operating results, as they exclude share-based compensation expenses, which are not expected to result in cash payments. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using the non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company's operations. Share-based compensation has been and may continue to be incurred in the Company's business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by providing the relevant disclosure of its non-GAAP financial measures in the reconciliations to the nearest U.S. GAAP performance measures, all of which should be considered when evaluating its performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of GAAP and non-GAAP results are set forth at the end of this press release.

About Yalla Group Limited

Yalla Group Limited is the largest MENA-based online social networking and gaming company, in terms of revenues in 2022. The Company operates two flagship mobile applications, Yalla, a voice-centric group chat platform, and Yalla Ludo, a casual gaming application featuring online versions of board games, popular in MENA, with in-game voice chat and localized Majlis functionality. Building on the success of Yalla and Yalla Ludo, the Company continues to add engaging new content, creating a regionally-focused, integrated ecosystem dedicated to fulfilling MENA users' evolving online social networking and gaming needs. Through its holding subsidiary, Yalla Game Limited, the Company has expanded its capabilities in mid-core and hard-core games in the MENA region, leveraging its local expertise to bring innovative gaming content to its users. In addition, the growing Yalla ecosystem includes YallaChat, an IM product tailored for Arabic users, and casual games such as Yalla Baloot and 101 Okey Yalla, developed to sustain vibrant local gaming communities in MENA. Yalla is also actively exploring outside of MENA with Yalla Parchis, a Ludo game designed for the South American markets. Yalla's mobile applications deliver a seamless experience that fosters a sense of loyalty and belonging, establishing highly devoted and engaged user communities through close attention to detail and localized appeal that profoundly resonates with users.

For more information, please visit: https://ir.yalla.com.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Statements that are not historical facts, including statements about Yalla Group Limited's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Yalla Group Limited's filings with the SEC. All information provided in this press release is as of the date of this press release, and Yalla Group Limited does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Yalla Group Limited
Investor Relations
Kerry Gao - IR Director
Tel: +86-571-8980-7962
Email: [email protected]

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
Email: [email protected]

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: [email protected]

YALLA GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of

December 31,
2025

June 30,
2026

US$

US$

ASSETS

Current assets

Cash and cash equivalents

526,972,019

268,371,117

Restricted cash

1,625,525

1,797,132

Term deposits

84,800,000

217,427,135

Short-term investments

141,251,128

336,596,144

Prepayments and other current assets

41,659,226

31,167,184

Total current assets

796,307,898

855,358,712

Non-current assets

Property and equipment, net

14,976,818

15,146,724

Intangible asset, net

728,348

663,976

Operating lease right-of-use assets

1,902,655

4,840,602

Long-term investments

82,053,772

57,821,227

Other assets

250,000

858,516

Total non-current assets

99,911,593

79,331,045

Total assets

896,219,491

934,689,757

LIABILITIES

Current liabilities

Accounts payable

1,066,625

1,059,103

Deferred revenue, current

55,178,093

52,493,495

Operating lease liabilities, current

357,525

1,781,737

Amounts due to a related party

44,177

15,264

Income taxes payable

1,319,111

2,325,945

Accrued expenses and other current liabilities

30,350,120

25,363,411

Total current liabilities

88,315,651

83,038,955

Non-current liabilities

Deferred revenue, non-current

1,837,543

1,453,259

Operating lease liabilities, non-current

1,095,245

2,686,922

Deferred tax liabilities

2,924,137

2,885,096

Total non-current liabilities

5,856,925

7,025,277

Total liabilities

94,172,576

90,064,232

EQUITY

Shareholders' equity of Yalla Group Limited

Class A Ordinary Shares

13,441

13,441

Class B Ordinary Shares

2,473

2,473

Additional paid-in capital

339,199,644

349,196,164

Treasury stock

(42,497,929)

(66,242,824)

Accumulated other comprehensive (loss) income

(1,636,586)

668,175

Retained earnings

515,197,658

572,215,132

Total shareholders' equity of Yalla Group Limited

810,278,701

855,852,561

Non-controlling interests

(8,231,786)

(11,227,036)

Total equity

802,046,915

844,625,525

Total liabilities and equity

896,219,491

934,689,757

YALLA GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS

OF OPERATIONS

Three Months Ended

Six Months Ended

June 30,
2025

March 31,
2026

June 30,
2026

June 30,
2025

June 30,
2026

US$

US$

US$

US$

US$

Revenues

84,564,086

79,006,789

82,608,696

168,440,853

161,615,485

Costs and expenses

Cost of revenues

(27,944,596)

(26,473,813)

(26,802,984)

(57,145,019)

(53,276,797)

Selling and marketing expenses

(8,661,573)

(9,722,665)

(17,841,216)

(15,604,841)

(27,563,881)

General and administrative expenses

(9,002,347)

(10,251,576)

(8,642,276)

(17,697,655)

(18,893,852)

Technology and product development expenses

(8,338,195)

(9,097,323)

(9,915,355)

(16,166,332)

(19,012,678)

Total costs and expenses

(53,946,711)

(55,545,377)

(63,201,831)

(106,613,847)

(118,747,208)

Operating income

30,617,375

23,461,412

19,406,865

61,827,006

42,868,277

Interest income

6,791,492

5,884,059

5,446,054

13,352,672

11,330,113

Government grants

603,115

67,165

4,699

666,548

71,864

Investment income (loss)

21,758

(432,522)

5,090,505

4,056

4,657,983

Income before income taxes

38,033,740

28,980,114

29,948,123

75,850,282

58,928,237

Income tax expense

(1,531,310)

(620,089)

(619,210)

(2,968,387)

(1,239,299)

Net income

36,502,430

28,360,025

29,328,913

72,881,895

57,688,938

Net loss attributable to non-controlling interests

269,782

575,459

2,434,355

981,717

3,009,814

Net income attributable to Yalla Group
Limited's shareholders

36,772,212

28,935,484

31,763,268

73,863,612

60,698,752

Earnings per ordinary share

——Basic

0.24

0.19

0.21

0.47

0.40

——Diluted

0.20

0.16

0.18

0.41

0.34

Weighted average number of shares
outstanding used in computing earnings per
ordinary share

——Basic

155,958,658

152,975,006

150,945,883

157,604,992

151,954,839

——Diluted

180,765,359

177,171,652

175,048,711

181,508,856

176,104,576

Share-based compensation was allocated in cost of revenues, selling and marketing expenses, general and administrative expenses and
technology and product development expenses as follows:

Three Months Ended

Six Months Ended

June 30,
2025

March 31,
2026

June 30,
2026

June 30,
2025

June 30,
2026

US$

US$

US$

US$

US$

Cost of revenues

1,328,152

2,150,971

2,391,819

2,654,237

4,542,790

Selling and marketing expenses

170,304

440,566

425,808

341,332

866,374

General and administrative expenses

1,328,931

2,161,700

2,097,097

2,459,438

4,258,797

Technology and product development expenses

20,670

146,087

182,472

140,144

328,559

Total share-based compensation expenses

2,848,057

4,899,324

5,097,196

5,595,151

9,996,520

YALLA GROUP LIMITED

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

Three Months Ended

Six Months Ended

June 30,
2025

March 31,
2026

June 30,
2026

June 30,
2025

June 30,
2026

US$

US$

US$

US$

US$

Operating income

30,617,375

23,461,412

19,406,865

61,827,006

42,868,277

Share-based compensation expenses

2,848,057

4,899,324

5,097,196

5,595,151

9,996,520

Non-GAAP operating income

33,465,432

28,360,736

24,504,061

67,422,157

52,864,797

Net income

36,502,430

28,360,025

29,328,913

72,881,895

57,688,938

Share-based compensation expenses,
net of tax effect of nil

2,848,057

4,899,324

5,097,196

5,595,151

9,996,520

Non-GAAP net income

39,350,487

33,259,349

34,426,109

78,477,046

67,685,458

Net income attributable to Yalla Group
Limited's shareholders

36,772,212

28,935,484

31,763,268

73,863,612

60,698,752

Share-based compensation expenses, net of
tax effect of nil

2,848,057

4,899,324

5,097,196

5,595,151

9,996,520

Non-GAAP net income attributable to
Yalla Group Limited's shareholders

39,620,269

33,834,808

36,860,464

79,458,763

70,695,272

Non-GAAP earnings per ordinary share

——Basic

0.25

0.22

0.24

0.50

0.47

——Diluted

0.22

0.19

0.21

0.44

0.40

Weighted average number of shares
outstanding used in computing earnings
per ordinary share

——Basic

155,958,658

152,975,006

150,945,883

157,604,992

151,954,839

——Diluted

180,765,359

177,171,652

175,048,711

181,508,856

176,104,576

SOURCE Yalla Group Limited

-

Milestone delivery underscores more than a decade of customer confidence in the proven light jet platform as company progresses toward the future of flight with the Cessna Citation CJ4 Gen3

WICHITA, Kan.--(BUSINESS WIRE)--Textron Aviation Inc., a Textron Inc. (NYSE:TXT) company, today announced the 500th delivery of a Cessna Citation CJ4 series business jet, underscoring more than a decade of customer confidence in the company’s largest light jet and setting the stage for the next chapter of the aircraft with the upcoming Cessna Citation CJ4 Gen3. The milestone aircraft, a Citation CJ4 Gen2, was delivered to a customer based in the Philippines, reflecting the platform’s global reach.

The delivery milestone reflects the CJ4’s position as a trusted light jet for customers who need a balance of performance, efficiency and mission flexibility. The aircraft is valued by owner-operators and fleet customers around the world for its versatility across a wide range of missions, from business travel to special mission operations.

“The Citation CJ4 has set the standard in its class for more than a decade, and with the Citation CJ4 Gen2 and the upcoming Citation CJ4 Gen3, we're continuing to invest in the innovation, technology and capabilities our customers value most,” said Lannie O’Bannion, senior vice president, Sales & Marketing. “As we look to the future, our focus remains on delivering the performance, efficiency and confidence operators need to succeed in an evolving aviation landscape. Reaching 500 deliveries is a meaningful milestone that reflects the strength of the CJ4 platform and the trust customers around the world place in Textron Aviation.”

The Cessna Citation CJ4 Gen3 is expected to achieve Federal Aviation Administration certification this year. The aircraft’s flight test program has completed more than 880 flight test hours across two test articles thus far.

About the Cessna Citation CJ4 Gen3
The Cessna Citation CJ4 Gen3 is the largest Citation aircraft in the light jet segment. Designed with customer feedback in mind, the Citation CJ4 Gen3 introduces Garmin G3000 PRIME avionics to support a more intuitive flight deck experience, and the aircraft also offers pilot and passenger peace of mind with Garmin Emergency Autoland. The CJ4 Gen3 brings a new level of expectations to the light jet segment with the most standard features in its class. The single-pilot certified aircraft combines superior speed, range and operating economics compared to larger aircraft, making it the ideal platform for owner/operators or corporate missions. The CJ4 is valued by customers around the world for luxury and productivity, as well as a wide range of missions including air ambulance, maritime patrol, search and rescue and aerial survey.

The Citation CJ4 Gen3 is expected to feature a maximum range of 2,165 nm and a maximum payload of 2,200 pounds. With seating for up to 11 occupants and a 1,040-pound baggage capacity, the aircraft offers superior performance and versatility. For more information, visit: cessna.txtav.com/cj4-gen3.

About Textron Aviation Inc.
We have been inspiring the journey of flight for nearly 100 years. Textron Aviation Inc., a Textron Inc. company, has empowered our collective talent across the Beechcraft, Cessna, Hawker and Pipistrel brands to design and deliver the best aviation experience for our customers. With a range that includes everything from business jets, turboprops, light and high-performance pistons, to special mission, military trainer and defense aircraft, Textron Aviation has the most versatile and comprehensive aviation product portfolio in the world and a workforce that has produced more than half of all general aviation aircraft worldwide. Customers in more than 170 countries rely on our legendary performance, reliability and versatility, along with our trusted global customer service network, for affordable, productive and flexible flight. For more information, visit www.txtav.com.

About Textron Inc.
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Pipistrel, Jacobsen, Kautex, Lycoming, E-Z-GO, and Textron Systems. For more information, visit: www.textron.com.

Certain statements in this press release may project revenues or describe strategies, goals, outlook or other non-historical matters; these forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update them. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, the efficacy of research and development investments to develop new products or unanticipated expenses in connection with the launching of significant new products or programs; the timing of our new product launches or certifications of our new aircraft products; our ability to keep pace with our competitors in the introduction of new products and upgrades with features and technologies desired by our customers; demand softness or volatility in the markets in which we do business; changes in government regulations or policies on the export and import of commercial products; risks related to our international business, including relying on joint venture partners, subcontractors, suppliers, representatives, consultants and other business partners in connection with international business; and performance issues with key suppliers or subcontractors.

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On The Investor’s Podcast (Ep 838), Daniel Mahncke and Shawn O’Malley discussed an alarming development at Reddit (NYSE:RDDT | RDDT Price Prediction) after its Q2 2026 earnings report. The company recently retired a user metric that appears to be deteriorating, and co-host Shawn O’Malley didn’t mince words about what this means for investors.

Reddit Is Eliminating a Metric Just as It Starts to Weaken On the July 30 earnings call, CFO Drew Vollero told investors that “Q2 will be the last quarter we report logged-in and logged-out user metrics. In Q3 2026 disclosures, we’ll continue to report total U.S. and international daily and weekly active users, but we’ll no longer report logged-in and logged-out daily active users.” Management framed the change as one that “reflects how we look at and run our business.”

O’Malley argued that Q2’s logged-in user growth of just 7% year over year was already troubling for a stock trading at roughly 40x earnings. He saw this development as a way to hide poor user engagement data: “Rather than speak candidly about the issue with investors, they opted to just hide it… right as this metric that I think is very important might be turning against them, they’re obfuscating things.”

Logged-In Users Are Worth 3x More for Reddit Only 9% of Reddit’s monthly active users log in daily, compared to 35% for TikTok and 50% for Instagram. Reddit itself has said logged-in users are worth roughly three times more than logged-out users.

Also, more than half of daily Reddit visitors arrive via Google Search rather than the app directly, a structural dependency the hosts flagged as vulnerable to AI overviews, which they estimated reduce click-through rates to original sources by roughly 60%.

Reddit’s CEO Steve Huffman acknowledged the search headwind on the call, saying “external search is volatile, particularly logged out web, but that’s not where our business lives.” He argued app users are worth “multiples more than the search referral traffic” and pointed to new app user retention improving 50% year-over-year on a relative basis as evidence the product work is compounding.

Blowout Revenue Growth Still Sent the Stock Tumbling Reddit’s Q2 was a financial standout on almost every line. Revenue landed at $804.9 million, up 61.1% year over year, with advertising revenue of $762 million (64% YoY growth) and EPS of $1.25 versus a $0.97 estimate. Adjusted EBITDA margin reached 42.6%, and global ARPU rose to $6.18, up 36% YoY.

The market’s reaction was harsh anyway. Shares fell from $180.90 at filing to $140.67 one day after, and RDDT is down 28.47% year to date, with the stock down 7.7% on Monday.

Reddit’s Clear Under-Monetization Keeps the Bull Case Alive The host made clear that the podcast is maintaining its current position because the bull case still looks appealing: “If you just look at the earnings numbers and the revenue growth, despite users not growing that fast, it shows you how under-monetized this platform actually is.”

Reddit’s U.S. ARPU of $11.85 still sits well below what larger social peers extract per user, leaving room for the monetization flywheel to run.

However, O’Malley believes slowing user growth hinders the thesis: “For a company trading at 40 times earnings, come on, you got to do better than 7% growth in logged-in users because ultimately that is what underpins their earnings power going forward.“

Key Takeaways Reddit’s financial results demonstrate how much more revenue the platform can extract from its existing audience, with advertising growth of 64% and global ARPU up 36%. The concern is whether monetization can continue outrunning sluggish growth among the logged-in users who underpin its long-term earnings power.

Contact [email protected] for any questions or corrections.

NuScale (SMR -2.13%), a developer of small modular reactors (SMRs), posted its second-quarter results on Aug. 5. Its revenue plunged 99% year over year to just $75,000, but it ended the quarter with $1.9 billion in cash, cash equivalents, and liquid investments. That was an increase of $900 million from the first quarter and a near four-fold jump from a year ago. Let's see why NuScale's liquidity matters more than its declining revenue.

Why is NuScale's revenue growth so lumpy? NuScale's SMRs are much smaller than conventional nuclear reactors. They're prefabricated to reduce the time, labor, and costs for building a nuclear power plant. A single SMR generates only 77 MWe, but it can be deployed with other reactors to construct higher-capacity plants. That modular flexibility makes its SMRs well-suited for remote areas.

Image source: Getty Images.

NuScale is working with Fluor (FLR +4.53%) to deploy six of its 77 MWe reactors in a 462 MWe plant for Romania's RoPower, and plans to deploy up to six gigawatts of its SMR capacity across seven states in the U.S. for the Tennessee Valley Authority (TVA).

However, it doesn't expect to actually deploy any of those SMRs until the early 2030s. Until then, most of its revenue will come from its front-end engineering and design (FEED) studies, licensing fees, and consulting work for those upcoming projects.

In late 2025, NuScale concluded its FEED Phase 2 work on its RoPower project. Without any comparable projects to fill that void immediately, its revenue plummeted in the first half of 2026. That's why its revenue growth is lumpy and not a clear indicator of its future returns.

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Why does its liquidity matter more? Instead, its huge increase in liquidity during the second quarter deserves more attention. That increase is mainly attributable to its $984.5 million in net proceeds from stock offerings in the first half of 2026. To achieve that, NuScale increased its Class A share count from 318.5 million shares at the end of 2025 to 410.4 million shares at the end of the second quarter of 2026.

On Aug. 11, NuScale filed to sell an additional $750 million in shares through an at-the-market offering. That dilution will continue for the foreseeable future, since its revenue growth is lumpy, it's racking up steep losses, and it won't deploy its first commercial SMRs until the next decade.

That's not a great look for a stock that still trades at 14 times its projected 2028 sales. That's also probably why its insiders were net sellers over the past 12 months, and why investors should carefully assess how quickly NuScale is actually burning through its cash.

On a recent episode of The Investor’s Podcast (838), Daniel Mahncke and Shawn O’Malley argued that Amazon offers more asymmetric upside than its hyperscaler peers: “Amazon has literally built one of the largest chip businesses in the world in the last couple of years, and barely anyone has even noticed.”

Amazon’s silicon business now exceeds a $25 billion annualized run rate, is growing at a triple-digit percentage, and has expanded from about a $10 billion run rate in under a year.

The $25B Chip Business Hiding Inside AWS Amazon (NASDAQ:AMZN | AMZN Price Prediction) has scaled its custom silicon operation faster than most investors realize. On the Q2 FY2026 earnings call, CEO Andy Jassy told analysts AWS grew 36.7% year over year, the fastest growth in 18 quarters. On the show, the hosts suggested the current $25 billion run rate for the chips business “could even be double that or closer to $50 billion” if Amazon began selling chips externally.

Amazon’s Trainium2 is fully subscribed with 1.4 million chips landed, powering the majority of inference on Bedrock. Project Rainier is the world’s largest operational AI compute cluster with more than 500,000 Trainium2 chips training Anthropic’s Claude, and OpenAI committed to roughly 2 GW of Trainium capacity beginning 2027. On the CPU side, Graviton is used by 98% of the top 1,000 EC2 customers.

AWS’s $496B Backlog Supports the Silicon Expansion AWS revenue reached $42.2 billion in Q2 FY2026, with operating income of $16.6 billion and a 39% operating margin. Even more exciting, the company’s $496 billion backlog tells the forward story, growing at triple-digit rates year over year.

Amazon’s capital spending is climbing to match. Q2 CapEx was $53.1 billion, with roughly $200 billion planned for FY2026. Amazon’s CEO Andy Jassy has framed AWS as capable of becoming “a trillion-dollar annual revenue business for us in time.”

Google’s AI Rally Has Left Amazon Far Behind Alphabet (NASDAQ:GOOGL) offers a natural comparison, with its own custom TPU stack and hyperscale cloud. Google Cloud accelerated to 82% growth in Q2 FY2026, reaching $24.77 billion, with Q2 CapEx of $44.9 billion. The show hosts flagged that both companies are guiding to roughly $200 billion in CapEx and that free cash flow has turned negative as a result.

What differs is the market’s reception. At the time of recording, Alphabet was up roughly 75% while Amazon was up just 0.5% over 12 months. The hosts laid out the case for Amazon stock today, saying: “Since Amazon has benefited less from the AI hype cycle, there’s probably less for the stock to lose in terms of giving up gains,” and “It does feel like [Amazon] has a lot more room to catch up.”

Amazon’s Valuation Creates an Asymmetric AI Setup After adjusting for a $17 billion markup due to Amazon’s Anthropic stake, Amazon trades closer to 17-18x operating cash flow, which the hosts called “pretty attractive for a company of that quality.” The forward P/E sits at 28.3, with analyst consensus firmly bullish at 59 buy or strong buy ratings versus 3 hold and no sell ratings, and a target price of $327 vs a current share price of $260.

Amazon’s custom-silicon business, Trainium and Graviton, has become a core part of AWS. This business supports Anthropic, has attracted a major OpenAI commitment, and generates more than $25 billion in annualized revenue. The risk is that Amazon must spend roughly $200 billion this year to satisfy an AI demand curve that remains difficult to forecast.

Yet with Amazon trailing dramatically behind Alphabet, investors may be getting one of the world’s fastest-growing chip franchises without paying the same AI premium attached to its peers.

Contact [email protected] for any questions or corrections.

Investment banker Morgan Stanley sounded an alarm on the artificial intelligence industry this morning -- and took a chunk out of Microsoft's (MSFT -3.04%) market cap when it did it. AI revenue isn't rising as fast as AI cost, and Microsoft could end up poorer as a result.

Shares of the mega-tech hyperscaler stock are down 3.2% through 1:45 p.m. ET.

Image source: Microsoft.

Why Microsoft investors might worry Hyperscalers as a whole are expected to grow their capital spending 57% this year, relative to 2025, says Morgan Stanley. Microsoft, in particular, plans to spend $190 billion as it builds out its AI infrastructure.

This much was already known.

What's new today is that Morgan Stanley is warning that "the gap between capital deployment and revenue generation continues to pressure near-term cash generation." At least some hyperscalers simply aren't generating enough free cash flow to cover their enormous cash outlays. And as a result, MS forecasts that some companies will need to take out more loans to cover the gap -- and pay higher interest rates to do so.

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What this means for Microsoft stock The good news is that Morgan Stanley says higher-quality borrowers will probably pay less extreme interest rates than lower-quality borrowers (such as Oracle (ORCL -2.57%), which has a rated mid-to-low BBB credit rating, reports StreetInsider.com).

The better news is that Microsoft is arguably one of the best credit risks out there in hyperscaler land. Although Microsoft is carrying a pretty substantial debt load of $129 billion, it has $77 billion in the bank to cover its payments and is generating gobs of free cash flow -- even after paying for capital investment: $67 billion is expected this year, according to data from S&P Global Market Intelligence.

Long story short, despite MS's misgivings, Microsoft stock will be just fine.

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Microsoft and Oracle. The Motley Fool has a disclosure policy.

Key Takeaways NIKE is refocusing on athlete-led innovation and performance products to rebuild consumer demand.NIKE is using platforms such as NIKE MIND, Liquid Air Max and AeroFit to create differentiated products.NIKE is resetting its Greater China strategy with localized products, stronger partnerships and approaches. NIKE, Inc. (NKE - Free Report) is showing encouraging signs that product innovation is helping win back consumers, particularly in performance footwear and apparel. The company is refocusing its product strategy on athlete-led innovation, performance and differentiated technology as it seeks to reignite consumer demand. It is using insights from its proprietary technologies and advanced manufacturing to develop products that address specific athlete needs.

NIKE has shifted its focus back toward athlete-centered innovation and performance products under its “Sport Offense” strategy. The company has introduced platforms such as NIKE MIND, Liquid Air Max and AeroFit, using proprietary research and technology to create differentiated products.

The company is investing in advanced tools and capabilities to improve the speed, precision and reliability of its product creation and manufacturing processes. These investments span Air manufacturing, materials innovation, product planning and supply-chain execution, with the goal of better serving athletes while improving profitability. The focus is on becoming more premium, culturally relevant and responsive to local consumers, while creating seamless experiences across digital and physical retail channels.

In Greater China, NIKE is undertaking a comprehensive reset centered on sport and innovation. The company is taking a more localized approach to product creation and building a territory-level strategy designed to better reflect Chinese consumer preferences. It is also revamping its marketplace strategy by strengthening partnerships and exploring new approaches to accelerate growth and improve consumer engagement.

Although the progress is still underway, continued product innovation, stronger marketplace execution and deeper cultural relevance could help NIKE rebuild consumer demand and drive sustainable long-term growth.

NKE’s Peerslululemon athletica inc. (LULU - Free Report) is focused on driving sustainable growth through international expansion, product innovation and a stronger omnichannel presence. LULU is reenergizing its product engine by increasing the frequency and breadth of new styles, improving speed to market and focusing on technical performance and newness. lululemon is leveraging its innovation platform and expanding beyond traditional yoga and core categories into areas such as running, training, tennis, golf, hiking and footwear.

adidas AG (ADDYY - Free Report) is focused on enhancing profitability and competitiveness by maintaining inventory discipline, improving operational efficiency and advancing its strategic efforts. ADDYY’s innovation strategy is centered on athlete-led product development, advanced technologies, local consumer insights and a combination of performance innovation with lifestyle appeal. adidas aims to continuously launch innovative products that enhance athletic performance, resonate with evolving consumer trends and strengthen the brand’s cultural relevance and appeal.

NKE’S Price Performance, Valuation and EstimatesShares of NIKE have lost 36.9% in the past six months compared with the industry’s decline of 31.4%.

Image Source: Zacks Investment Research

From a valuation standpoint, NKE trades at a forward price-to-earnings ratio of 21.8X compared with the industry’s average of 19.3X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for NKE’s fiscal 2027 and fiscal 2028 earnings implies year-over-year growth of 10.1% and 34.5%, respectively. The company’s EPS estimate for fiscal 2027 and fiscal 2028 has moved south in the past 30 days.

NIKE stock currently carries a Zacks Rank #4 (Sell).

Image Source: Zacks Investment Research

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

Meta Platforms (NASDAQ:META | META Price Prediction) stock is down 4% to $567.58, and it is down 10% year to date (YTD). The decline arrives on the eve of a bellwether child safety trial. Pinterest (NYSE:PINS) stock is down 4% to $23.15, and it is down 7% year to date. Snap (NYSE:SNAP) stock is down 3% to $5.25, and it is down 33% year to date.

The market is repricing legal risk across the social media sector. Both Pinterest and Snap are falling alongside Meta Platforms stock despite not being defendants in Tuesday’s trial.

Bellwether Youth Trial Opens Tuesday A lawsuit filed by 29 states in 2023 goes to trial Tuesday in U.S. District Court for the Northern District of California in Oakland, before District Judge Yvonne Gonzalez Rogers. California, Colorado, Kentucky and New Jersey are taking part, and testimony is expected from Meta Platforms CEO Mark Zuckerberg and Instagram CEO Adam Mosseri. Plaintiffs claim the company “developed and refined a set of psychologically manipulative platform features designed to maximize young users’ time spent on its social media platforms,” including infinite scroll, autoplay and likes.

The states also allege the company knew its apps harmed users, including through increased instances of anxiety, depression and suicide, and separately allege violations of the Children’s Online Privacy Protection Act (COPPA).

Meta Platforms has said potential damages in the case could be as high as $1.4 trillion, against a market capitalization the company describes as about $1.5 trillion. That’s the company’s own characterization of its exposure, offered as context rather than as a court finding or award. A Meta Platforms spokesperson stated:

The State AGs may call this a landmark case, but their limited claims are unsubstantiated, and their financial demands are vastly disproportionate. The AGs offer no proof anyone in their states was misled, claim benign features like having an additional Instagram account somehow harmed their residents, and attempt to penalize Meta for industry-wide challenges like age verification. Rather than sticking to the facts or the law, the states have instead decided to chase an outlandish payout. We stand by our record of creating strong protections for teens, and look forward to making our case in court.

Earlier this month a New Mexico District Court ordered Meta Platforms to pay $567 million to address teen mental health in the state, plus $375 million in civil penalties. In March a jury found both Meta Platforms and YouTube negligent in a suit alleging their products drove a user’s dependency, anxiety, depression and self-harm after she began using the platforms at age 10, with $6 million in punitive and compensatory damages ordered. Thousands of similar cases are pending against social media companies in the U.S., and countries from Australia to Turkey have imposed laws restricting children’s use of these platforms.

Peer Stocks Reprice Alongside Alphabet (NASDAQ:GOOGL) stock is down 0.5% to $344.13, though Alphabet shares are up 11% year to date. That much smaller move and positive YTD return stand apart from the social platforms, despite YouTube being a co-defendant in the March verdict.

The declines in Pinterest stock and Snap stock signal the market is repricing sector-wide regulatory and litigation risk.

In a secondary but nonetheless relevant news item, BlackRock (NYSE:BLK) stock is down 2% to $1,154.47, though BlackRock shares are up 11% year to date. The Financial Times reported Monday that a $14 billion data center project in El Paso, Texas faces potential insurance gaps, raising concerns about losses that may not be fully protected. The venture is developing a one-gigawatt campus, with BlackRock holding an 80% interest and Meta Platforms owning the remaining 20%.

Each company is expected to finance its portion of development costs. Insurance, arranged through Marsh, reportedly covers up to $218 million for certain construction delays and $645 million related to terrorism. During construction the project is expected to carry property protection up to $427 million, rising to $450 million once operational, with commercial liability capped at $50 million per event and in aggregate. This remains a reported risk on a project still under construction.

Meanwhile, the Communication Services Select Sector SPDR Fund (NYSEARCA:XLC) is down 2% to $110.82, and the ETF is down 3% year to date. The fund’s smaller decline shows how a diversified sector basket absorbs single-name legal risk relative to individual social platforms.

What to Watch Investors can watch for whether Zuckerberg and Mosseri testify as expected, how the bellwether verdict lands and what it signals for pending cases against social media companies, and whether additional states join or settle. A bellwether outcome can set terms for follow-on litigation, which is why peer stocks are moving even without direct exposure to Tuesday’s case.

Traders may also want to monitor for any revision to insurance arrangements on the El Paso project and further disclosures from Meta Platforms or BlackRock on the venture. A cautious position size is reasonable given legal uncertainty layered on top of an already volatile setup for Meta Platforms stock.

Contact [email protected] for any questions or corrections.

Broadcom (AVGO -0.14%) shares fell 5.9% on Friday, closing at about $393 -- nearly 21% below their 52-week high. The drop capped a difficult week for the tech sector. Among the week's unwelcome news was a downgrade aimed not at Broadcom's earnings but at its debt.

Early last week, Bank of America reportedly downgraded Broadcom's bonds to market weight -- the firm's equivalent of a neutral. The reported reason was a new platform Broadcom built with Apollo Global Management and Blackstone to finance customers' artificial intelligence (AI) data centers.

The headline number from the note: the financing behind the platform could reach $370 billion by mid-2029, with Broadcom reportedly guaranteeing much of it.

A number that size deserves scrutiny. But I'd argue it also deserves context, because $370 billion isn't what Broadcom owes, and it isn't what Broadcom has signed.

The company's own quarterly filing caps the maximum it can lose on the platform's first transaction at $29 billion. Even the bank's analysis reportedly puts the modeled worst case for the full platform (every customer defaulting at once) at about $42 billion.

Image source: Getty Images.

That platform launched in June, when Broadcom, Apollo, and Blackstone announced what they call the AI XPV Platform, starting with a $35 billion financing package led by Apollo. It's designed to enable more than 20 gigawatts of compute capacity for frontier AI labs through 2028.

Anthropic and OpenAI are the named customers, with Anthropic's first phase covering more than 1 gigawatt of compute starting in mid-2026.

In short, outside investors buy the AI racks built on Broadcom's custom chips, the AI lab leases them, and Broadcom stands behind much of the financing. The chipmaker keeps booking enormous orders without its customers needing hundreds of billions of dollars up front.

The $370 billion is what Bank of America's analysts reportedly get when they model the platform scaling all the way to its 20-gigawatt design. By mid-2029, the financing stacked across those deals (much of it carrying Broadcom's guarantees) could reach that figure. It's a ceiling on hypothetical future commitments, not debt on Broadcom's balance sheet.

The same analysis reportedly estimated that if every customer defaulted, Broadcom's losses would be about $42 billion. At a 25% default rate, the reported figure is about $10.5 billion. Those modeled losses, unlike the filing's cap, assume Broadcom recovers some value on the racks.

What Broadcom has signedBroadcom's latest 10-Q filing describes the commitment that exists today. On June 8, the company arranged for an investor partner to take on agreements to purchase AI racks based on Broadcom's custom AI accelerators, plus the related customer leases. Broadcom agreed to backstop that customer's lease payments over five-year terms. The backstop grows as racks are deployed, shrinks as the customer pays, and tops out at $29 billion. If the customer defaults, Broadcom can take over the lease or sell the racks, either of which would reduce the loss.

That makes the filing's figure a cap, not a forecast. For Broadcom to lose the full $29 billion, its customer would have to stop paying entirely and the racks would have to be worth almost nothing.

For perspective, Broadcom earned $9.3 billion in its fiscal second quarter of 2026 (the period ended May 3, 2026), up 88% year over year, on revenue that rose 48% to $22.2 billion. And the growth is accelerating -- management guided for fiscal third-quarter revenue of about $29.4 billion, up about 84%. A total wipeout on the first transaction would equal about nine months of profits at the current pace -- painful, but nowhere near $370 billion.

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The number that growsSure, today's cap is $29 billion. But it covers only the first deal. The platform is designed to reach more than 20 gigawatts, and if Broadcom backstops each new deal the same way, the committed number will likely keep climbing. That is how the bank's model reportedly gets to $370 billion.

The customers behind those leases are private AI labs, and their lease payments depend on the AI build-out staying funded. Broadcom is, in effect, helping finance the demand for its own chips.

At about $393 as of this writing, shares cost about 65 times earnings and about 25 times the coming year's expected profits. Even after Friday's drop, the price is built on the AI ramp continuing for years to come.

Ultimately, the risk I'd weigh isn't the $370 billion ceiling, which describes deals not yet signed. It's that Broadcom's growth now leans partly on guarantees the company extends to keep that ramp going. For now, the number Broadcom has committed to is $29 billion, and each new deal Broadcom backstops will add to it.

-  Nadin Virani appointed Interim CFO
-  Reaffirms full-year 2026 financial guidance

, /PRNewswire/ -- Aon plc (NYSE: AON), a leading global professional services firm, today announced that Edmund Reese will transition from his role as Executive Vice President and Chief Financial Officer, effective immediately, to pursue opportunities outside the firm. Aon appointed Nadin Virani as Interim CFO, effective immediately, and Reese will serve as senior advisor to Aon President and CEO Greg Case, through August 16, 2027, to support the transition.

"I want to recognize Edmund for his many contributions to our firm," said Case. "Through consistent execution of our 3x3 Plan and a relentless and disciplined focus on performance, Edmund has helped to enhance our capabilities, accelerate growth and deliver meaningful value for our shareholders."

"It has been a privilege to serve as CFO of Aon," said Reese. "I am proud of the significant progress we have made building on the firm's strong financial foundation, strengthening our growth engine and enhancing our capacity to invest in long-term value creation. With a winning strategy and an experienced financial leadership team in place, Aon is well positioned to continue delivering strong results and creating value for clients, colleagues and shareholders."

Virani brings deep financial leadership expertise and a wealth of experience in the financial services industry to his new role, having previously served as the firm's Global Head of Corporate Planning and Analytics with oversight of financial planning and analysis, forecasting processes, cash management and budgeting. Prior to joining Aon, Virani served as Head of Corporate Planning and Analytics at Broadridge Financial and General Manager for the Delta Amex Co-Brand portfolio at American Express, where for 18 years he held a number of CFO positions in London, Frankfurt and New York, supporting areas such as international and U.S. lending, loyalty, insurance and merchant pricing.

"As Global Head of Corporate Planning and Analytics and a member of our Aon Executive Committee, Nadin has played a central role in strengthening our financial performance and developing our strategy to drive sustainable growth across our firm," said Case. "His financial expertise and proven leadership will be invaluable as we continue to accelerate our Aon United strategy and create better outcomes for clients and shareholders."

Virani will report to Case and lead Aon's Finance organization, while working closely with the Aon Executive Committee to ensure continuity and oversight of the firm's financial strategy. Aon has also engaged a leading executive search firm to conduct a comprehensive internal and external search for a permanent CFO.

"I am honored to serve as Interim CFO of Aon and build on the strong foundation we have established across our Finance organization," said Virani. "We will remain focused on financial discipline and thoughtful investment in the business as we continue to support Aon's growth and create long-term shareholder value."

Consistent with the update provided in its second quarter earnings release on July 29, 2026, Aon reaffirmed its full-year 2026 guidance.

About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses.

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SOURCE Aon plc