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Binance has seen the sharpest percentage drop in XRP reserves, while Upbit and Bithumb continue to hold the bulk of tracked supply.

XRP’s struggle near $1 continues even as its peers display modest gains this week. The crypto asset went down almost 10% over the past month before it rebounded significantly on Wednesday evening.

Despite the weakness, much more XRP is being withdrawn than deposited across major platforms.

Reserves Slide According to the latest analysis shared by CryptoQuant, XRP reserves across Upbit, Binance, and Bithumb have fallen by roughly 240 million from their late-May and early-June levels, as of August 19. South Korean giant Upbit held 6.40 billion XRP, down from 6.51 billion on May 30, which is a decline of about 110 million, or 1.7%.

The figures for Bithumb fell to 1.82 billion from 1.85 billion on June 2, a decrease of roughly 30 million, or 1.6%. Meanwhile, Binance recorded the largest percentage decline, with its reserves for the token dropping to 2.62 billion from 2.72 billion over the same period, which translates to a reduction of approximately 100 million XRP, or 3.7%.

Combined reserves across the three exchanges decreased from about 11.08 billion to 10.84 billion, representing a decline of roughly 2.2%. Despite the overall reduction, Upbit remains the largest holder of the crypto asset among the three exchanges. In fact, Upbit and Bithumb together hold about 8.22 billion XRP and account for nearly 76% of the reserves tracked across the three platforms.

The falling exchange reserves come as wallet activity across major exchanges turns more focused on withdrawals. As recently reported by CryptoPotato, Coinbase recorded a seven-day net wallet count of -14,300 as of August 18. The exchange accounted for 47.3% of the total absolute imbalance, its highest share since July 2024.

Binance posted a net wallet count of -3,270, while Crypto.com recorded -2,680. Both exchanges moved into negative territory on July 18, almost a week after Coinbase. Binance’s share of the overall imbalance also rose from nearly zero on July 16 to around 10%. Upbit, however, saw its share fall to about 12% from 40% in June.

You may also like: Important Ripple News and XRP Price Update: August 19 XRP Wallet Activity Turns Withdrawal-Heavy Across Exchanges: What It Means for Price? Ripple’s (XRP) $1 Breakdown Could Get Worse Before It Gets Better Whale Activity The asset’s weak price performance has not stopped large transactions from picking up on the XRP Ledger. Data shared by crypto analyst Ali Martinez revealed that transactions worth more than $1 million jumped 280% in a single day and reached nearly 40, compared with around 10 during each of the previous two days.

The spike came shortly after wallets holding between 10 million and 100 million XRP accumulated about 72 million tokens in one day.

Network activity has also picked up, as the ledger recorded nearly 50,000 active addresses over a 24-hour period last week. Despite the rise in activity, social sentiment around XRP fell to a three-month low.

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The American mutual fund Kinetics Internet Portfolio, which has $275 million in assets and is part of Kinetics Portfolios Trust, has acquired a direct equity stake in Ripple Labs Inc.

The investment was disclosed in the fund's quarterly Form NPORT-P report filed with the U.S. Securities and Exchange Commission (SEC). According to the document, the fund owns Class A common shares (Class A Common Shares) issued by Ripple.

SEC Form NPORT-P filing confirming Ripple Labs equity ownership by Kinetics Portfolios Trust. Source: SEC.govThe distinctive aspect of the transaction is that the institutional investor invested directly in the company — through Ripple shares — rather than in the 

volatile XRP cryptocurrency.

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The position is estimated at approximately $150,000, making it small in size relative to a $275 million fund. The filing reflects the portfolio's holdings as of June 30, 2026, but due to regulatory reporting delays, the information became public only in August.

IPO and Washington factors: What is making funds rush to buy Ripple sharesThe fund's purchase coincided with a noticeable softening in Ripple management's rhetoric regarding a potential public listing. Speaking at the Wyoming Blockchain Symposium 2026, CEO Brad Garlinghouse said the company now takes a "more neutral" view of the idea of an IPO.

Previously, Ripple's senior management, including President Monica Long, had categorically denied having such plans, citing the company's strong balance sheet and the absence of a clear timeline.

Because Ripple Labs remains a private company, the fund acquired the securities through specialized over-the-counter pre-IPO platforms for accredited investors. The transaction comes amid Ripple's own large-scale $750 million tender offer to repurchase its shares, which valued the company at $50 billion.

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At the same time, the U.S. Securities and Exchange Commission has opened a proposed new regulatory framework, known as "Regulation Crypto Assets," for public comment, while the U.S. administration is holding direct closed-door meetings with Ripple executives at the White House.

Against the backdrop of these regulatory changes and the confirmation of Ripple's multibillion-dollar valuation, institutional investors are rushing to gain exposure to the company through the private market rather than waiting for an official IPO.

Activest Wealth Management lowered its stake in shares of Meta Platforms, Inc. (NASDAQ:META – Free Report) by 29.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,588 shares of the social networking company’s stock after selling 7,373 shares during the quarter. Meta Platforms comprises approximately 1.9% of Activest Wealth Management’s investment portfolio, making the stock its 12th largest holding. Activest Wealth Management’s holdings in Meta Platforms were worth $9,907,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. RHL Group LLC acquired a new stake in shares of Meta Platforms during the fourth quarter worth $28,000. Strategic Wealth Advisors LLC purchased a new stake in shares of Meta Platforms during the fourth quarter valued at $29,000. Niles Investment Management LLC acquired a new position in shares of Meta Platforms in the 4th quarter valued at $29,000. Axiom Investment Management LLC acquired a new position in shares of Meta Platforms in the 1st quarter valued at $36,000. Finally, Bayban raised its stake in shares of Meta Platforms by 100.0% in the first quarter. Bayban now owns 70 shares of the social networking company’s stock worth $40,000 after purchasing an additional 35 shares during the last quarter. 79.91% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets In related news, COO Javier Olivan sold 1,258 shares of the business’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $600.00, for a total transaction of $754,800.00. Following the completion of the transaction, the chief operating officer directly owned 1,517 shares of the company’s stock, valued at $910,200. The trade was a 45.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Susan J. Li sold 2,127 shares of the business’s stock in a transaction on Saturday, August 15th. The stock was sold at an average price of $689.85, for a total value of $1,467,310.95. Following the transaction, the chief financial officer directly owned 15,347 shares of the company’s stock, valued at $10,587,127.95. The trade was a 12.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 19,899 shares of company stock worth $12,290,969 in the last ninety days. 13.53% of the stock is owned by corporate insiders.

Key Meta Platforms News Here are the key news stories impacting Meta Platforms this week: Positive Sentiment: Meta’s AI investments are showing measurable benefits: second-quarter revenue increased 28% year over year to $60.8 billion, while AI-driven ad ranking reportedly lifted clicks and conversions. Advantage+ reached a $75 billion annual revenue run rate, supporting the argument that AI can improve monetization and eventually offset heavy infrastructure spending. Meta’s AI Payoff Has Already Begun Positive Sentiment: Some analysts and institutional investors remain constructive, viewing the recent selloff as excessive and citing future margin expansion, WhatsApp monetization and additional AI businesses as potential upside drivers. Meta also remains a major holding among several large investment firms. Meta’s Dip Offers A 30% Upside Potential Neutral Sentiment: Options traders are reportedly using range-bound strategies, indicating that markets may expect elevated volatility but no immediate decisive move while the legal proceedings unfold. Meta’s legal troubles has options traders eyeing the jade lizard Neutral Sentiment: CFO Susan Li sold 2,127 shares to cover tax withholding tied to vested equity awards. Because the transaction was described as tax-related rather than discretionary, it is unlikely to materially change the investment thesis. Susan Li Sells Meta Shares Negative Sentiment: The central market overhang is the landmark federal child-safety trial involving 29 states. Prosecutors allege Facebook and Instagram were deliberately designed to encourage addictive use among children, while former safety personnel have testified that Meta ignored or minimized internal warnings. A loss could lead to substantial penalties, product changes, restrictions on youth engagement and follow-on litigation, potentially threatening user activity and advertising revenue. Former Meta engineer resumes testimony Negative Sentiment: Privacy criticism surrounding Meta’s smart glasses, including workplace restrictions and reports of people being recorded without consent, creates reputational and adoption risks for the company’s wearables strategy. Meta Glasses privacy concerns Meta Platforms Stock Performance NASDAQ:META opened at $546.03 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.23 and a current ratio of 2.23. Meta Platforms, Inc. has a fifty-two week low of $520.26 and a fifty-two week high of $790.80. The stock has a market capitalization of $1.39 trillion, a PE ratio of 20.57, a P/E/G ratio of 0.93 and a beta of 1.25. The company has a fifty day moving average of $594.30 and a two-hundred day moving average of $617.08.

Meta Platforms (NASDAQ:META – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The social networking company reported $6.18 EPS for the quarter, missing the consensus estimate of $7.19 by ($1.01). The firm had revenue of $60.80 billion for the quarter, compared to analysts’ expectations of $60.22 billion. Meta Platforms had a return on equity of 33.18% and a net margin of 29.83%.The firm’s revenue for the quarter was up 28.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $7.14 earnings per share. As a group, research analysts forecast that Meta Platforms, Inc. will post 28.5 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend The company also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Monday, June 15th were given a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Monday, June 15th. Meta Platforms’s payout ratio is currently 7.91%.

Wall Street Analysts Forecast Growth META has been the subject of a number of recent research reports. Stifel Nicolaus reduced their price target on shares of Meta Platforms from $805.00 to $780.00 and set a “buy” rating for the company in a research report on Friday, May 1st. KeyCorp reduced their price objective on Meta Platforms from $790.00 to $780.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. Bank of America decreased their price objective on Meta Platforms from $835.00 to $810.00 and set a “buy” rating for the company in a report on Thursday, July 30th. TD Cowen dropped their price objective on shares of Meta Platforms from $800.00 to $750.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. Finally, Rothschild & Co Redburn lifted their target price on shares of Meta Platforms from $900.00 to $1,000.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Four research analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $785.32.

Check Out Our Latest Analysis on Meta Platforms

Meta Platforms Profile (Free Report)

Meta Platforms, Inc (NASDAQ: META), formerly Facebook, Inc, is a global technology company best known for building social networking services and immersive computing platforms. Founded in 2004 and headquartered in Menlo Park, California, the company operates a family of consumer-facing products and services that connect users, creators and businesses. In October 2021 the company rebranded as Meta to reflect an expanded strategic focus on augmented and virtual reality technologies alongside its social media businesses.

Meta’s core consumer products include Facebook, Instagram, WhatsApp and Messenger, which enable social networking, messaging, content sharing and community building across mobile and desktop devices.

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One of the most impressive investments at the corporate level in recent years has been Amazon's (AMZN +2.46%) decision to take an early stake in Anthropic. The tech giant invested $8 billion in the artificial intelligence start-up in 2024, then followed that up with an additional $5 billion investment this year.

Combined, those moves gave Amazon a reported 21% stake in Anthropic, the developer of the Claude chatbot and family of large language models. And they have paid off in a big way. According to Amazon's quarterly financial reports, its Anthropic stake was valued at $190.4 billion as of the end of June, including $97.9 billion in convertible notes and $92.5 billion in nonvoting preferred stock.

But that calculation was based on a May 2026 funding round that valued Anthropic at $965 billion, and it's already being valued at much more than that. In early July, secondary markets were valuing Anthropic at $1.2 trillion in anticipation of the company going public as early as October.That would bring Amazon's stake to a whopping $252 billion.

And more recent estimates from secondary markets put Anthropic's valuation at much higher -- $2 trillion or more. If Anthropic is successful in that offering (it submitted its confidential S-1 form to the Securities and Exchange Commission earlier this year to explore the possibility), Amazon's stake in it would be valued at roughly $420 billion.

Amazon executive chairman Jeff Bezos. Image source: Amazon.

The bigger Anthropic gets, the better it is for Amazon Amazon could book a huge profit from its Anthropic shares, should it ever want to divest itself of some of them. But considering how fast Anthropic is growing, it may be hard for Executive Chairman Jeff Bezos and CEO Andy Jassy to pull the trigger on a sale.

Let's look at how the Anthropic stake has become an increasingly larger part of Amazon. By doing so, we'll look at four data points.

Metric

March 31, 2026

June 30, 2026

Estimated Valuation in July 2026

Estimated Valuation in August 2026

Anthropic's estimated value

$353 billion

$965 billion

$1.2 trillion*

$2 trillion*

Amazon's stake in Anthropic

$74.2 billion

$190.4 billion

$252 billion

$420 billion

Amazon's market cap

$2.158 trillion

$2.566 trillion

$2.814 trillion**

$2.814 trillion**

Anthropic stake as a percentage of Amazon's market cap

3.43%

7.42%

8.95%

14.92%

Data sources: Amazon filings, Macrotrends. *Targeted IPO valuation. **Amazon's market cap as of Aug. 17, 2026.

For this example, we'll look at the value of Amazon's stake in Anthropic as reported by the company in its two most recent quarterly filings and compare it to the company's market cap. At the end of March, Anthropic accounted for only 3.4% of Amazon's value, but that share climbed to 7.4% by the end of June as Anthropic's valuation rose.

If Anthropic achieved a $1.2 trillion valuation in its IPO -- a conservative estimate, given how secondary markets are pricing the start-up now -- its Anthropic shares would be nearly 9% of Amazon's value. But based on a $2 trillion valuation -- assuming that Amazon's market cap stays roughly at its current level for the next two months or so -- that Anthropic stake is providing nearly 15% of Amazon's value.

Today's Change

(

2.46

%) $

6.39

Current Price

$

265.84

With all this in mind, Amazon investors should be watching the Anthropic news closely. The bigger the AI startup gets, the more important it is to Amazon. Based on its current outlook, Bezos and Jassy could realize a windfall if they sell some or all of those shares -- money that could help fund Amazon's aggressive AI build-out. And if Anthropic's valuation craters, Amazon would be looking at big paper declines.

Either way, though, Amazon's $13 billion investment has been amazingly profitable -- and it may just be in the opening stages.

Ascentis Wealth Management LLC lifted its holdings in shares of Mastercard Incorporated (NYSE:MA – Free Report) by 27,363.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 378,717 shares of the credit services provider’s stock after purchasing an additional 377,338 shares during the quarter. Ascentis Wealth Management LLC’s holdings in Mastercard were worth $194,509,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in MA. Robinswood Financial LLC bought a new stake in shares of Mastercard in the first quarter worth about $25,000. E Fund Management Hong Kong Co. Ltd. increased its stake in shares of Mastercard by 820.0% during the fourth quarter. E Fund Management Hong Kong Co. Ltd. now owns 46 shares of the credit services provider’s stock valued at $26,000 after buying an additional 41 shares during the period. Strive Financial Group LLC bought a new position in shares of Mastercard during the fourth quarter valued at approximately $27,000. Hyposwiss Advisors SA bought a new position in shares of Mastercard during the fourth quarter valued at approximately $29,000. Finally, First Pacific Financial lifted its stake in Mastercard by 113.8% in the first quarter. First Pacific Financial now owns 62 shares of the credit services provider’s stock worth $31,000 after acquiring an additional 33 shares during the period. Institutional investors own 97.28% of the company’s stock.

Insiders Place Their Bets In other Mastercard news, insider Raj Seshadri sold 1,977 shares of Mastercard stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $529.73, for a total value of $1,047,276.21. Following the completion of the transaction, the insider directly owned 16,429 shares of the company’s stock, valued at $8,702,934.17. This trade represents a 10.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Miebach sold 15,372 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $575.00, for a total value of $8,838,900.00. Following the sale, the chief executive officer owned 93,693 shares in the company, valued at approximately $53,873,475. This trade represents a 14.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 62,913 shares of company stock worth $35,769,036. 0.09% of the stock is owned by corporate insiders.

Mastercard Trading Down 0.0% Shares of NYSE:MA opened at $574.21 on Thursday. The stock’s 50-day simple moving average is $535.21 and its two-hundred day simple moving average is $517.37. The stock has a market capitalization of $503.01 billion, a price-to-earnings ratio of 31.58, a PEG ratio of 1.73 and a beta of 0.72. Mastercard Incorporated has a 52-week low of $464.52 and a 52-week high of $601.77. The company has a debt-to-equity ratio of 3.96, a quick ratio of 1.06 and a current ratio of 1.06. Mastercard (NYSE:MA – Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The credit services provider reported $5.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.77 by $0.27. Mastercard had a net margin of 46.34% and a return on equity of 239.99%. The firm had revenue of $9.28 billion during the quarter, compared to the consensus estimate of $9.08 billion. During the same quarter in the previous year, the firm posted $4.15 EPS. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. Analysts expect that Mastercard Incorporated will post 19.86 EPS for the current year.

Mastercard Dividend Announcement The firm also recently declared a quarterly dividend, which was paid on Friday, August 7th. Shareholders of record on Thursday, July 9th were paid a $0.87 dividend. This represents a $3.48 annualized dividend and a yield of 0.6%. The ex-dividend date was Thursday, July 9th. Mastercard’s dividend payout ratio is presently 19.14%.

Analyst Ratings Changes Several brokerages have recently issued reports on MA. Truist Financial increased their target price on Mastercard from $554.00 to $633.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Keefe, Bruyette & Woods increased their price target on shares of Mastercard from $665.00 to $685.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Cantor Fitzgerald boosted their price objective on shares of Mastercard from $650.00 to $695.00 and gave the stock an “overweight” rating in a research note on Monday, August 3rd. Barclays increased their price objective on shares of Mastercard from $640.00 to $660.00 and gave the company an “overweight” rating in a research report on Friday, July 31st. Finally, Clear Str upgraded shares of Mastercard to a “strong-buy” rating in a report on Thursday, July 16th. Five investment analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $661.93.

Get Our Latest Report on Mastercard

Mastercard Profile (Free Report)

Mastercard Incorporated is a global payments technology company that operates a network connecting consumers, financial institutions, merchants, governments and businesses in more than 200 countries and territories. The company facilitates electronic payments and transaction processing for credit, debit and prepaid card products carrying the Mastercard brand, while also providing a range of payment-related services to issuers, acquirers and merchants. Its technology and network enable authorization, clearing and settlement of payments and support a broad set of use cases including point-of-sale, e-commerce and mobile payments.

Beyond core transaction processing, Mastercard offers a suite of value-added services such as fraud and risk management, identity and authentication tools, tokenization and digital wallet support, cross-border and commercial payment solutions, and data analytics and consulting services for merchants and financial partners.

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Reading Treasury’s newly proposed GENIUS Act rules on Bits + Bips, Austin Campbell said Coinbase’s US platform “might have to delist Tether,” pointing to Europe’s MiCA delistings as the template.

Original Image Credits: Official White House Photo by Abe McNatt

Posted August 18, 2026 at 4:26 pm EST.

Austin Campbell, founder of Zero Knowledge Group, said on the Bits + Bips podcast that Treasury’s newly proposed rules for the GENIUS Act could leave US exchanges unable to offer Tether‘s USDT, forcing platforms such as Coinbase to delist it for American users.

“There may be a de minimis, but I’m starting to think Coinbase’s US platform might have to delist Tether,” Campbell said on the Aug. 17 show, hours after the Treasury Department released the proposal. “And by the way, Europe has already been doing this.”

The rule is Treasury’s notice of proposed rulemaking for Section 3 of the GENIUS Act, which governs who may issue, offer and sell payment stablecoins in the United States.

Beginning Jan. 18, 2027, a digital asset service provider, the category that covers exchanges, generally may not offer or make available a foreign-issued stablecoin unless the issuer can and will comply with US lawful orders and any reciprocal arrangement between Treasury and the issuer’s home country.

“You cannot offer, sell, or make available a foreign-issued payment stablecoin in the US unless that issuer can and will comply with lawful orders and reciprocal arrangements,” Campbell said on the podcast, summarizing the core prohibition. “So basically, Tether can be used offshore, but not here.”

The European precedent Campbell’s read has a recent template. Under the EU’s MiCA regime, EU-regulated exchanges faced the same binary, carry a compliant stablecoin or lose their own license, and USDT lost its listings. Coinbase removed USDT for users in the European Economic Area effective March 31, 2025, with Crypto.com and Binance following the same quarter.

“I will remind people that’s not new, and we’re not going first,” Campbell said on the show. “The European Union with MiCA basically said, ‘If you’re not registered, goodbye.'”

USDT has about $183 billion in circulation, roughly 59% of the stablecoin market. It has not pursued the kind of registration MiCA required, and its answer to the US framework is more layered than a straight refusal.

Tether’s two-track answer The company has split its strategy. It kept USDT as an offshore, dollar-pegged token and launched a separate, US-domestic stablecoin, USAT, in January 2026, built to comply with the GENIUS Act, issued through Anchorage Digital Bank and run by Bo Hines, the former head of the White House’s crypto council.

Co-host Chris Perkins, head of Franklin Crypto, pointed to that split on the show. “They also have USAT onshore being led by Bo Hines,” Perkins said. “I don’t think that they’re just ignoring Genius. I think they have a plan.”

That plan is what makes Campbell’s scenario coherent rather than hypothetical. If USDT stays foreign and unregistered while USAT carries Tether’s compliant US business, USDT is exactly the sort of foreign-issued stablecoin the proposed rule is written to reach.

Caveats The rule is a proposal, not final. Treasury has opened a roughly 60-day comment window, and the foreign-issuer restriction does not take effect until Jan. 18, 2027.

A path also stays open: Treasury can deem a foreign issuer’s home regime “comparable” to the US framework and let it register, though no country has such a determination yet. And the proposal is silent on stablecoin yield, the issue tangled up in the separate CLARITY Act fight.

Related Listen: In an AI Agent World, Do Money Markets Win Over Stablecoins? – Bits + Bips

AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.

Addison Advisors LLC trimmed its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 87.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,074 shares of the network equipment provider’s stock after selling 14,812 shares during the quarter. Addison Advisors LLC’s holdings in Cisco Systems were worth $244,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. MidAtlantic Capital Management Inc. bought a new position in shares of Cisco Systems during the fourth quarter valued at $25,000. Intesa Sanpaolo Wealth Management acquired a new stake in shares of Cisco Systems in the fourth quarter valued at about $25,000. Networth Advisors LLC lifted its position in shares of Cisco Systems by 276.4% in the 1st quarter. Networth Advisors LLC now owns 335 shares of the network equipment provider’s stock worth $26,000 after purchasing an additional 246 shares during the period. Financial Life Planners bought a new position in Cisco Systems during the first quarter worth $27,000. Finally, Manning & Napier Advisors LLC boosted its position in shares of Cisco Systems by 137.0% during the 1st quarter. Manning & Napier Advisors LLC now owns 346 shares of the network equipment provider’s stock valued at $27,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 73.33% of the company’s stock.

Key Headlines Impacting Cisco Systems Here are the key news stories impacting Cisco Systems this week:

Positive Sentiment: Cisco reported approximately $17.3 billion in quarterly revenue, up 18% year over year, and adjusted EPS of $1.22, exceeding the $1.17 consensus estimate. Management’s fiscal 2027 outlook was also optimistic, reinforcing expectations for continued growth. Strong AI Infrastructure Orders Drive Confidence in Cisco Systems Positive Sentiment: AI infrastructure demand remains a major growth driver. Cisco recorded $4 billion of AI infrastructure orders in the latest quarter, $9.3 billion for fiscal 2026, and expects $7.5 billion of AI infrastructure revenue in fiscal 2027. Bank of America reiterated its Buy rating and $150 price target, indicating substantial potential upside if execution continues. BofA makes bold call on Cisco stock after earnings Neutral Sentiment: Analysts questioned how sustainable the AI-led growth surge will be and whether Cisco can convert strong orders into durable, profitable recurring revenue. A recent Freedom Capital upgrade to Strong Buy provides a counterpoint to the more cautious views. What Kept Coming Up When Analysts Grilled CSCO Negative Sentiment: Gross-margin pressure was the key earnings concern. Margins fell to about 66.3% and are expected to remain around 65%–66% in the next quarter, partly because of higher memory costs, hardware pricing, and an unfavorable product mix. Soft recurring growth and a premium valuation have led some analysts to recommend holding the stock despite strong revenue growth. Cisco: Buy The AI Pullback, But Watch The Margin Pressure Negative Sentiment: HSBC downgraded Cisco to Hold, while CEO Charles Robbins and other executives disclosed share sales. The transactions were conducted under pre-arranged Rule 10b5-1 plans, making them a modest negative signal rather than clear evidence of deteriorating management confidence. Wall Street Analyst Weigh In CSCO has been the subject of a number of research analyst reports. Wall Street Zen upgraded Cisco Systems from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Argus upped their price objective on shares of Cisco Systems from $100.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, May 19th. Evercore boosted their price target on shares of Cisco Systems from $110.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, May 14th. Freedom Capital raised shares of Cisco Systems from a “hold” rating to a “strong-buy” rating in a research note on Sunday. Finally, Zacks Research lowered Cisco Systems from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $129.43. Read Our Latest Report on CSCO

Cisco Systems Stock Performance Shares of CSCO opened at $110.55 on Thursday. The stock has a 50 day moving average of $116.47 and a 200 day moving average of $99.94. The company has a market capitalization of $435.73 billion, a price-to-earnings ratio of 33.10, a PEG ratio of 2.38 and a beta of 1.02. Cisco Systems, Inc. has a 12 month low of $66.13 and a 12 month high of $130.37. The company has a current ratio of 0.93, a quick ratio of 0.79 and a debt-to-equity ratio of 0.39.

Cisco Systems (NASDAQ:CSCO – Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The network equipment provider reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.05. Cisco Systems had a return on equity of 30.16% and a net margin of 20.95%.The business had revenue of $17.25 billion for the quarter, compared to analysts’ expectations of $16.84 billion. During the same quarter in the previous year, the firm earned $0.99 earnings per share. The business’s revenue was up 17.6% on a year-over-year basis. Cisco Systems has set its FY 2027 guidance at 5.050-5.110 EPS and its Q1 2027 guidance at 1.320-1.340 EPS. As a group, sell-side analysts forecast that Cisco Systems, Inc. will post 4.09 earnings per share for the current year.

Cisco Systems Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 21st. Shareholders of record on Friday, October 2nd will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Friday, October 2nd. Cisco Systems’s dividend payout ratio (DPR) is currently 50.30%.

Insider Transactions at Cisco Systems In other news, EVP Oliver Tuszik sold 2,760 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $112.46, for a total transaction of $310,389.60. Following the transaction, the executive vice president owned 165,276 shares of the company’s stock, valued at $18,586,938.96. This represents a 1.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Thimaya K. Subaiya sold 7,127 shares of the business’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $119.91, for a total value of $854,598.57. Following the completion of the sale, the executive vice president owned 140,857 shares in the company, valued at $16,890,162.87. This represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 69,179 shares of company stock valued at $7,985,229. 0.01% of the stock is currently owned by insiders.

Cisco Systems Profile (Free Report)

Cisco Systems, Inc is a global technology company that designs, manufactures and sells networking hardware, software and telecommunications equipment. Its core business focuses on enabling enterprise and service-provider networks through products such as routers, switches, network security appliances and wireless systems. Over time Cisco has broadened its portfolio to emphasize software-defined networking, cybersecurity, cloud infrastructure and edge computing solutions that help organizations build and manage modern IT environments.

In addition to hardware, Cisco offers a growing range of software platforms and subscription services for network management, security, analytics and collaboration.

Recommended Stories Five stocks we like better than Cisco Systems Bloom Energy’s AI Surge Meets a Valuation Reality Check Target Is Winning Shoppers Back—Can the Rally Reach $180? IonQ’s Space Contract Points to a New Frontier for Quantum Investors Is Apple’s AI Strategy Smarter Than Skeptics Think? Want to see what other hedge funds are holding CSCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cisco Systems, Inc. (NASDAQ:CSCO – Free Report).

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Baker Avenue Asset Management LP increased its holdings in shares of NextEra Energy, Inc. (NYSE:NEE – Free Report) by 40.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 145,423 shares of the utilities provider’s stock after purchasing an additional 41,958 shares during the quarter. Baker Avenue Asset Management LP’s holdings in NextEra Energy were worth $12,764,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of NextEra Energy in the 4th quarter valued at approximately $2,816,327,000. Employees Provident Fund Board bought a new stake in shares of NextEra Energy during the 4th quarter worth about $240,840,000. Pictet Asset Management Holding SA grew its position in shares of NextEra Energy by 47.3% in the fourth quarter. Pictet Asset Management Holding SA now owns 9,254,022 shares of the utilities provider’s stock valued at $742,913,000 after purchasing an additional 2,972,924 shares during the last quarter. Vanguard Group Inc. grew its holdings in NextEra Energy by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 216,033,697 shares of the utilities provider’s stock valued at $17,343,185,000 after buying an additional 2,234,176 shares in the last quarter. Finally, Amundi grew its stake in shares of NextEra Energy by 16.7% in the third quarter. Amundi now owns 12,461,783 shares of the utilities provider’s stock valued at $1,012,129,000 after acquiring an additional 1,780,881 shares in the last quarter. 78.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets NEE has been the topic of a number of recent research reports. Erste Group Bank lowered NextEra Energy from a “buy” rating to a “hold” rating in a research note on Thursday, June 25th. TD Cowen upped their price objective on shares of NextEra Energy from $99.00 to $101.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Mizuho set a $95.00 target price on NextEra Energy in a research report on Monday, July 27th. JPMorgan Chase & Co. raised their price target on shares of NextEra Energy from $100.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, May 13th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $112.00 price objective on shares of NextEra Energy in a research note on Friday, April 24th. Seventeen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $100.43.

View Our Latest Research Report on NEE NextEra Energy Trading Down 0.3% NYSE NEE opened at $85.98 on Thursday. The company has a quick ratio of 0.44, a current ratio of 0.53 and a debt-to-equity ratio of 1.45. The business has a 50 day moving average price of $87.26 and a 200-day moving average price of $89.94. NextEra Energy, Inc. has a 52 week low of $69.24 and a 52 week high of $98.75. The company has a market cap of $179.33 billion, a price-to-earnings ratio of 19.32, a P/E/G ratio of 2.36 and a beta of 0.67.

NextEra Energy (NYSE:NEE – Get Free Report) last released its quarterly earnings data on Friday, July 24th. The utilities provider reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.04. NextEra Energy had a net margin of 32.40% and a return on equity of 12.28%. The firm had revenue of $7.53 billion for the quarter, compared to analyst estimates of $8.11 billion. During the same period last year, the firm earned $1.05 earnings per share. The business’s quarterly revenue was up 12.4% compared to the same quarter last year. NextEra Energy has set its FY 2026 guidance at 3.920-4.020 EPS. As a group, equities analysts expect that NextEra Energy, Inc. will post 4.01 earnings per share for the current fiscal year.

NextEra Energy Dividend Announcement The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 28th will be paid a dividend of $0.6232 per share. The ex-dividend date is Friday, August 28th. This represents a $2.49 annualized dividend and a yield of 2.9%. NextEra Energy’s dividend payout ratio (DPR) is 55.96%.

NextEra Energy Company Profile (Free Report)

NextEra Energy, Inc (NYSE: NEE), headquartered in Juno Beach, Florida, is a leading clean energy company with both regulated utility operations and competitive renewable generation businesses. The company’s principal operating subsidiaries include Florida Power & Light Company (FPL), a regulated electric utility serving customers in Florida, and NextEra Energy Resources, which develops, constructs, owns and operates a large portfolio of wind, solar and energy storage projects. Together these businesses provide electricity supply, transmission and distribution services as well as utility-scale renewable generation and related services.

NextEra’s activities cover the full lifecycle of power assets, from project development and construction to operation, maintenance and asset optimization.

Featured Stories Five stocks we like better than NextEra Energy Bloom Energy’s AI Surge Meets a Valuation Reality Check Target Is Winning Shoppers Back—Can the Rally Reach $180? IonQ’s Space Contract Points to a New Frontier for Quantum Investors Is Apple’s AI Strategy Smarter Than Skeptics Think?

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Abacus FCF Advisors LLC bought a new stake in Gilead Sciences, Inc. (NASDAQ:GILD – Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 59,974 shares of the biopharmaceutical company’s stock, valued at approximately $7,577,000.

A number of other hedge funds have also made changes to their positions in GILD. Persistent Asset Partners Ltd purchased a new stake in shares of Gilead Sciences during the second quarter worth $25,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Gilead Sciences during the 4th quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC grew its stake in shares of Gilead Sciences by 71.4% in the 4th quarter. Vermillion & White Wealth Management Group LLC now owns 204 shares of the biopharmaceutical company’s stock valued at $25,000 after buying an additional 85 shares in the last quarter. Quattro Advisors LLC acquired a new position in Gilead Sciences in the fourth quarter worth approximately $26,000. Finally, Wealth Preservation Advisors LLC increased its holdings in Gilead Sciences by 60.0% in the fourth quarter. Wealth Preservation Advisors LLC now owns 216 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 81 shares during the last quarter. 83.67% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets GILD has been the subject of several recent research reports. Truist Financial decreased their target price on shares of Gilead Sciences from $157.00 to $156.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Leerink Partners lowered shares of Gilead Sciences from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $146.00 to $127.00 in a research note on Tuesday, July 21st. Morgan Stanley decreased their price objective on shares of Gilead Sciences from $166.00 to $165.00 and set an “overweight” rating for the company in a report on Monday, July 27th. Royal Bank Of Canada increased their target price on shares of Gilead Sciences from $120.00 to $123.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 5th. Finally, Daiwa Securities Group cut their target price on Gilead Sciences from $161.00 to $150.00 and set an “outperform” rating on the stock in a report on Tuesday, May 19th. Twenty-four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $158.04.

View Our Latest Research Report on GILD Gilead Sciences Trading Up 2.9% Shares of NASDAQ:GILD opened at $147.60 on Thursday. The company has a debt-to-equity ratio of 2.03, a quick ratio of 1.09 and a current ratio of 1.27. The stock’s 50-day moving average is $131.21 and its 200-day moving average is $136.51. The company has a market cap of $183.02 billion, a P/E ratio of -55.28 and a beta of 0.32. Gilead Sciences, Inc. has a 52-week low of $108.46 and a 52-week high of $157.29.

Gilead Sciences (NASDAQ:GILD – Get Free Report) last announced its earnings results on Monday, August 3rd. The biopharmaceutical company reported ($6.75) earnings per share for the quarter, beating the consensus estimate of ($7.25) by $0.50. The firm had revenue of $7.80 billion during the quarter, compared to the consensus estimate of $7.40 billion. Gilead Sciences had a negative return on equity of 2.11% and a negative net margin of 10.64%.The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.01 EPS. Equities research analysts predict that Gilead Sciences, Inc. will post -0.53 earnings per share for the current year.

Gilead Sciences Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a $0.82 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $3.28 dividend on an annualized basis and a yield of 2.2%. Gilead Sciences’s dividend payout ratio is -122.85%.

Gilead Sciences News Roundup Here are the key news stories impacting Gilead Sciences this week:

Positive Sentiment: BMO Capital reaffirmed its Buy rating on Gilead, supporting the bullish view that the company’s recent momentum can continue. BMO Capital reaffirms Buy rating Positive Sentiment: Zacks Research raised estimates for third-quarter 2026 EPS to $1.93 from $1.84, fourth-quarter 2026 EPS to $2.14 from $2.07, and full-year 2027 EPS to $9.30 from $9.11. It also lifted estimates for parts of 2027, indicating improving expectations for near-term earnings. Gilead Sciences analyst estimates Positive Sentiment: Investors remain focused on Gilead’s expanding HIV portfolio. Biktarvy continues to anchor sales, while Yeztugo and additional pipeline programs could create new treatment and prevention opportunities. The company’s latest reported revenue also increased 10.6% year over year to $7.8 billion, exceeding expectations. Gilead’s expanding HIV portfolio Positive Sentiment: Gilead’s quarterly dividend of $0.82, equivalent to $3.28 annually, provides ongoing income support and reinforces its appeal to defensive and healthcare-focused investors. Neutral Sentiment: Zacks reduced estimates for first-quarter 2028 EPS to $2.14 from $2.21, second-quarter 2028 EPS to $2.27 from $2.33, and full-year 2028 EPS to $9.58 from $10.00. These cuts temper the otherwise positive near-term revisions and suggest some uncertainty about longer-term growth. Negative Sentiment: Chief Commercial Officer Johanna Mercier sold 28,000 shares, while CFO Andrew Dickinson sold 3,000 shares. Both transactions were made under pre-arranged Rule 10b5-1 plans, limiting their significance, but the sales may modestly weigh on sentiment. Insiders Place Their Bets In other news, insider Johanna Mercier sold 28,000 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $137.64, for a total transaction of $3,853,920.00. Following the transaction, the insider owned 118,234 shares in the company, valued at approximately $16,273,727.76. The trade was a 19.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel Patrick O’day sold 15,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $130.31, for a total transaction of $1,954,650.00. Following the transaction, the chief executive officer directly owned 592,133 shares of the company’s stock, valued at $77,160,851.23. This represents a 2.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 82,000 shares of company stock worth $10,837,860 in the last ninety days. Insiders own 0.30% of the company’s stock.

(Free Report)

Gilead Sciences, Inc, founded in 1987 and headquartered in Foster City, California, is a biopharmaceutical company focused on the discovery, development and commercialization of medicines in areas of high unmet medical need. The company initially built its reputation in antiviral therapies and has since expanded into oncology, cell therapy and inflammatory diseases. Gilead operates a global research and commercial organization, conducting clinical development and selling medicines in markets around the world.

Gilead’s product portfolio is anchored by antiviral therapies for HIV and viral hepatitis.

Further Reading Five stocks we like better than Gilead Sciences Bloom Energy’s AI Surge Meets a Valuation Reality Check Target Is Winning Shoppers Back—Can the Rally Reach $180? IonQ’s Space Contract Points to a New Frontier for Quantum Investors Is Apple’s AI Strategy Smarter Than Skeptics Think? Want to see what other hedge funds are holding GILD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gilead Sciences, Inc. (NASDAQ:GILD – Free Report).

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The Chinese Yuan received a firmer official signal after the PBOC set the USD/CNY reference rate at 6.7808, stronger than the previous 6.7854 fixing. China's central bank strengthened its daily Yuan reference rate on Thursday, setting USD/CNY exchange rate at 6.7808 compared with 6.7854 in the previous session.

The 46-pip shift continues a period in which the People's Bank of China has used the fixing to guide the currency more firmly while balancing pressure from exporters and the domestic economy.

The stronger midpoint came on the same day that China left its benchmark loan prime rates unchanged for a fifteenth consecutive month.

The one-year LPR stayed at 3.00%, while the five-year rate remained at 3.50%.

PBOC Keeps Policy Support Targeted The combination of a firmer fixing and unchanged lending rates suggests Beijing remains reluctant to deploy broad monetary easing that could undermine the currency.

Foreign exchange analysts at ING noted that the PBOC has increasingly guided daily fixes stronger and that exporters have tended to sell Dollars into USD/CNY rallies.

ING economists Deepali Bhargava and Lynn Song maintain a 6.67-6.92 forecast band for the remainder of 2026 and favour “further CNY strength heading into 2027.” Read our latest USD/CNY forecast sentiment survey for 2026, 2027 and 2028 here.

The official fixing does not guarantee the direction of USD/CNY, but it remains an important policy signal because onshore trading is permitted only within a band around the midpoint.

Further stronger-than-expected fixings would reinforce the view that authorities are comfortable with gradual Yuan appreciation, while renewed economic weakness could test that preference.

Exchange Rates UK Research Our currency coverage draws on live market data, official economic releases and published bank research.

For Immediate ReleaseChicago, IL – August 20, 2026 – Today, Zacks Equity U.S. Bancorp (USB - Free Report) , State Street Corp. (STT - Free Report) and Northern Trust Corp. (NTRS - Free Report)

Industry: Major Regional Banks

Link: https://www.zacks.com/commentary/2976809/3-major-regional-banks-that-could-win-big-from-industry-tailwinds

The Zacks Major Regional Banks’ asset quality is expected to remain subdued in the near term due to a challenging operating backdrop. While the Federal Reserve is likely to keep rates unchanged in the near term, industry players should continue benefiting from relatively lower rates. Combined with decent economic growth and improving loan demand, this is expected to support expansion in net interest income and margins.

Business restructuring and expansion efforts and ongoing digitization should provide additional support. Major regional banks like U.S. Bancorp, State Street Corp.  and Northern Trust Corp.  are well-positioned to gain.

About the IndustryThe Zacks Major Regional Banks industry includes the nation’s largest banks in terms of assets, with most operating globally. The financial performance of these banks largely depends on the nation’s economic health. As banks are involved in numerous complex financial activities, they are required to comply with stringent regulations set by the Federal Reserve and other regulatory agencies. 

Apart from traditional banking services, which are the source of net interest income (NII), major regional banks provide a wide array of other financial services and products to retail, corporate and institutional clients, both domestic and global. These include credit and debit cards, mortgage banking, wealth management and investment banking, among others. A significant revenue source for these banks is fees and commissions earned from these services.

4 Key Themes to Influence the Major Regional Banks IndustryNo Change in Interest Rates:The Fed has paused interest rate cuts and turned hawkish because of rising inflation numbers amid the ongoing geopolitical conflict. Market participants expect at least one rate hike before 2026 ends, with no chance of further cuts till mid-2027. As such, major regional banks are likely to keep benefiting from relatively lower rates (compared with historically higher rates in 2022 and 2023) as deposit and funding costs fall/stabilize and the lending backdrop gradually improves. As such, industry players’ NII and margins are expected to keep expanding.

Rise in Loan Demand: The central bank’s aggressive monetary tightening in 2021 and 2022 weighed on loan demand amid concerns over a potential economic downturn or recession. However, the trend has reversed since then. According to the Fed’s Summary of Economic Projections released in June 2026, U.S. economic growth is expected to remain decent. This, coupled with lower borrowing costs and greater clarity on several macroeconomic factors, is likely to support loan demand. Major regional banks are expected to see a solid increase in demand for both wholesale and consumer loans.

Restructuring Initiatives: Major regional banks are taking steps to diversify their revenue streams and reduce their reliance on spread income. Business restructuring remains a key priority, enabling banks to support technological advancement, expand their domestic and international operations, and enhance profitability. 

Industry participants are investing heavily in artificial intelligence and other digital platforms, while also pursuing partnerships with or acquisitions of technology and service providers. Several major regional banks are aggressively expanding their footprints across the United States and international markets. At the same time, many are reassessing their business models to streamline operations, improve efficiency and exit less profitable businesses.

Asset Quality: Mounting worries about the economy and uncertainty around trade policies pursued by the Trump administration have added to inflationary pressure. Renewed Middle East tensions and oil-shock risks are further lifting costs, squeezing household and business budgets and, in turn, weakening borrowers’ repayment capacity. In response, major regional banks are less likely to lower loan-loss reserves to cushion against potential defaults and payment delays. While disciplined underwriting and generally resilient borrowers have helped industry players keep asset quality under control, several key credit indicators have drifted above pre-pandemic levels.

Zacks Industry Rank Indicates OptimismThe Zacks Major Regional Banks industry is a nine-stock group within the broader Zacks Finance sector. The industry currently carries a Zacks Industry Rank #55, which places it in the top 22% of more than 240 Zacks industries.

The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates outperformance in the near term. Our research shows that the top 50% of the Zacks-ranked industries outpace the bottom 50% by a factor of more than 2 to 1.

The industry’s positioning in the top 50% of the Zacks-ranked industries is a result of an encouraging earnings outlook for the constituent companies in aggregate. The aggregate estimate revision trend reflects an improving situation. Over the past year, the industry’s earnings estimates for 2026 have been revised 9% upward, and those for 2027 are up 7.9%.

Before we present a handful of major regional bank stocks to bet on, let’s take a look at the industry’s recent stock market performance and valuation picture.

Industry's Stock Market Performance Is SolidThe Zacks Major Regional Banks industry outperformed the S&P 500 composite and the sector over the past two years. 

Stocks in this industry have collectively jumped 64.6% over the past two years. In the same time frame, the Zacks S&P 500 composite has surged 42.8%, and the Zacks Finance sector rallied 35.3%.

Industry's Valuation is AttractiveOne might get a good sense of the industry’s relative valuation by looking at its price-to-tangible book ratio (P/TBV), which is commonly used for valuing banks because of large variations in their earnings from one quarter to the next.

The industry currently has a trailing 12-month P/TBV of 3.08X. This compares with the highest level of 3.21X, the lowest of 1.85X and the median of 2.41X over the past five years. The industry is trading at a huge discount compared with the market at large, as the trailing 12-month P/TBV for the S&P 500 composite is 10.18X.

As finance stocks typically have a lower P/TBV ratio, comparing major regional banks with the S&P 500 may not make sense to many investors. However, comparing the group’s P/TBV ratio with that of the broader sector ensures that the group is trading at a solid discount. The Zacks Finance sector’s trailing 12-month P/TBV came in at 6.05X. This is above the Zacks Major Regional Banks industry’s ratio. 

3 Major Regional Banks to ConsiderU.S. Bancorp: Headquartered in Minneapolis, MN, U.S. Bancorp provides banking and investment services, mainly operating in the Midwest and West regions of the United States. The company has expanded through several strategic acquisitions over the years, which have strengthened its market position, digital capabilities and diversified revenue streams. 

In June 2026, the company completed the acquisition of BTIG, expanding its capital markets platform with institutional equity sales and trading, equity capital markets, electronic trading and M&A advisory capabilities. This, along with several other expansion efforts, will continue to strengthen USB’s fee-based businesses.

The company’s NII has been rising over the past few years. Going forward, less deposit migration, relatively lower rates and stabilizing funding costs will continue to support NII and NIM expansion. U.S. Bancorp has experienced steady growth in total loans and deposits during the past few years as it continues to expand and deepen relationships with current customers as well as acquire new customers and market share. 

The company’s capital distributions seem impressive. Following the successful completion of the 2026 stress test, management plans to increase the quarterly dividend by 4% to 54 cents per share in the third quarter of 2026, subject to board approval. The company also continues to repurchase shares under its $5 billion buyback program. Given its consistent earnings and decent liquidity position, the company’s capital deployment activities seem to be sustainable.

USB, which carries a Zacks Rank #2 (Buy), has a market cap of $100.9 billion. The Zacks Consensus Estimate for earnings indicates growth of 13% and 10.4% for 2026 and 2027, respectively. The stock has rallied 21.6% over the past three months.

State Street:Headquartered in Boston, MA, State Street provides a range of products and services for institutional investors worldwide through its subsidiaries. As of June 30, 2026, the company reported record assets under custody and administration (AUC/A) of $57.9 trillion and assets under management (AUM) of $6.28 trillion.

State Street's fee-based model continues to benefit from its scale in custody, asset management and markets, supported by strong flows, product expansion and broader distribution. While the company’s total fee revenues declined in 2022 and 2023, the metric saw a four-year (2021-2025) CAGR of 2.3%, mainly driven by higher client activity and significant market volatility. AUC/A and AUM recorded a CAGR of 5.3% and 8.2%, respectively, in the same time frame.  

At the end of the first quarter, STT reported $2.93 trillion of AUC/A to be installed and $335 million of servicing fee revenues to be installed. This provides better forward visibility beyond near-term market swings, while continued Alpha mandate wins reinforce demand for integrated front-to-back solutions. State Street remains well-placed for fundamental business activities, given its global exposure and a broad array of innovative products and services. 

This Zacks Rank #2 company has been using partnerships, minority stakes and strategic bolt-on acquisitions to expand growth platforms across investment, distribution and technology. Despite lower rates, State Street’s NII and net interest margin are expected to witness decent improvements in the near term. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

STT has a market cap of $48.7 billion. The Zacks Consensus Estimate for earnings indicates growth of 30.5% for 2026 and 11.2% for 2027. Over the past three months, the stock has gained 27.2%.

Northern Trust: With total assets worth $179.3 billion as of June 30, 2026, Northern Trust is a leading provider of wealth management, asset servicing, asset management and banking solutions to corporations, institutions, families and individuals. 

Organic growth is the company’s key strength. Its revenues witnessed a CAGR of 5.7% over the last five years (2020-2025), driven by rising non-interest income and NII. As the client base expands, the company expects to see a steady rise in loan activity, particularly as its wealth management services attract more clients. This ongoing focus on wealth management is expected to drive growth in the lending portfolio. 

Following the launch of Family Office Solutions for ultra-high-net-worth clients, NTRS’ investment management division, Northern Trust Asset Management, partnered with Envestnet in January to expand access to its tax-managed direct indexing solutions, enhancing distribution reach for this client segment. These initiatives, along with continued asset servicing wins and low double-digit wealth management trust fee growth, are expected to support fee income and strengthen organic growth momentum.

NTRS is undertaking expense management efforts to tackle expense growth and support operating leverage. It is focused on disciplined headcount management, vendor consolidation, rationalization of its real estate footprint and process automation. Through such efforts, it will likely improve productivity and meet the financial targets.

NTRS has a market cap of $34.9 billion. The Zacks Consensus Estimate for earnings indicates 28.6% and 9.1% growth in 2026 and 2027, respectively. The company, which carries a Zacks Rank of 2, witnessed a 15.6% rise in its stock price over the past three months.

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, /PRNewswire/ -- NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, "NetEase" or the "Company"), a leading internet and game services provider, today announced its unaudited financial results for the second quarter ended June 30, 2026.

In this results announcement, "we", "us", and "our" refer to the Company and where the context otherwise requires, the Group.

"Our robust performance in the first half of 2026 reflects players' growing enthusiasm for both our newly launched and established games, underscoring our ability to create distinctive and refreshing experiences with lasting appeal," said Mr. William Ding, Chief Executive Officer and Director of NetEase. "As we continue to strengthen both our live game operations and new title pipeline, we are sharpening our focus on original gameplay, cutting-edge technology and deeper global reach to support our enduring growth.

"Looking ahead, we will remain committed to creating original content that shapes industry trends, building evergreen franchises, and cultivating vibrant communities that sustain player engagement. Backed by disciplined execution and an expanding global presence, we aim to keep pushing creative boundaries, delivering exceptional gaming experiences and creating long-term value for our players, partners and shareholders," Mr. Ding concluded.

FINANCIAL HIGHLIGHTS

Second Quarter 2026 Financial Highlights

Net revenues were RMB30.1 billion (US$4.4 billion), an increase of 7.9% compared with the same quarter of 2025. Games and related value-added services net revenues were RMB25.0 billion (US$3.7 billion), an increase of 9.7% compared with the same quarter of 2025. Youdao net revenues were RMB1.5 billion (US$216.2 million), an increase of 3.5% compared with the same quarter of 2025. NetEase Cloud Music net revenues were RMB2.0 billion (US$291.4 million), which was relatively stable compared with the same quarter of 2025. Innovative businesses and others net revenues were RMB1.6 billion (US$241.6 million), a decrease of 3.5% compared with the same quarter of 2025. Gross profit was RMB21.2 billion (US$3.1 billion), an increase of 17.5% compared with the same quarter of 2025. Total operating expenses were RMB9.1 billion (US$1.3 billion), an increase of 1.5% compared with the same quarter of 2025. Net income attributable to the Company's shareholders was RMB7.0 billion (US$1.0 billion). Non-GAAP net income attributable to the Company's shareholders was RMB7.7 billion (US$1.1 billion).[1] Basic net income per share was US$0.32 (US$1.61 per ADS). Non-GAAP basic net income per share was US$0.36 (US$1.78 per ADS).[1] [1] As used in this announcement, non-GAAP net income attributable to the Company's shareholders and non-GAAP basic and diluted net income per share and per ADS are defined to exclude share-based compensation expenses. See the unaudited reconciliation of GAAP and non-GAAP results within this announcement.

Six Months Ended June 30, 2026 Financial Highlights

Net revenues were RMB60.7 billion (US$8.9 billion), an increase of 7.0% compared with the same period of 2025. Games and related value-added services net revenues were RMB50.7 billion (US$7.5 billion), an increase of 8.3% compared with the same period of 2025. Youdao net revenues were RMB2.8 billion (US$414.9 million), an increase of 3.6% compared with the same period of 2025. NetEase Cloud Music net revenues were RMB4.0 billion (US$583.4 million), an increase of 3.4% compared with the same period of 2025. Innovative businesses and others net revenues were RMB3.2 billion (US$469.9 million), a decrease of 4.0% compared with the same period of 2025. Gross profit was RMB42.4 billion (US$6.3 billion), an increase of 16.2% compared with the same period of 2025. Total operating expenses were RMB17.7 billion (US$2.6 billion), an increase of 3.9% compared with the same period of 2025. Net income attributable to the Company's shareholders was RMB17.7 billion (US$2.6 billion). Non-GAAP net income attributable to the Company's shareholders was RMB19.0 billion (US$2.8 billion). [1] Basic net income per share was US$0.81 (US$4.06 per ADS). Non-GAAP basic net income per share was US$0.88 (US$4.38 per ADS).[1] [1] As used in this announcement, non-GAAP net income attributable to the Company's shareholders and non-GAAP basic and diluted net income per share and per ADS are defined to exclude share-based compensation expenses. See the unaudited reconciliation of GAAP and non-GAAP results within this announcement.

BUSINESS OVERVIEW

We continue to drive innovation across both newly launched and established titles, while further advancing our pipeline of titles in development.

Below are some recent highlights from our key products and services:

Games and related value-added services

The Fantasy Westward Journey franchise, Identity V, Eggy Party, Sword of Justice and Where Winds Meet sustained solid momentum through ongoing content updates, gameplay innovation and vibrant community activities.

We also advanced our global strategy and enhanced player engagement through strong live operations. For example, Where Winds Meet and Marvel Rivals further broadened their international reach with a steady stream of fresh content and community-focused initiatives in various markets including North America and Europe.

With respect to our pipeline of new titles, Sea of Remnants launched in China in July 2026, while development of Ananta and Blood Message remained on track, strengthening our innovative pipeline across diverse genres, gameplay and markets.

Youdao

Youdao advanced its AI-native strategy and deepened AI-driven innovation across its ecosystem. In the second quarter, it launched the large language model, Confucius 4, which delivers leading mathematical reasoning capabilities at lower inference costs compared to its previous version. Youdao also advanced its AI agent capabilities toward the autonomous execution of complex work and learning tasks.

NetEase Cloud Music

NetEase Cloud Music further developed its music-centric ecosystem by nurturing its distinctive community and enriching its differentiated content offering with original music, thereby driving stronger community engagement. It also further improved music-oriented monetization through continued growth in subscription-based memberships.

Innovative businesses and others

Innovative businesses and others remained focused on sustainable development and efficient operations, with Yanxuan maintaining leading positions on major e-commerce platforms in China across its key categories, including pet food, home scents and home goods.

FINANCIAL REVIEW

Second Quarter 2026 Financial Results

Net Revenues

Net revenues for the second quarter of 2026 were RMB30.1 billion (US$4.4 billion), compared with RMB30.6 billion and RMB27.9 billion for the preceding quarter and the same quarter of 2025, respectively.

Net revenues from games and related value-added services were RMB25.0 billion (US$3.7 billion) for the second quarter of 2026, compared with RMB25.7 billion and RMB22.8 billion for the preceding quarter and the same quarter of 2025, respectively. Net revenues from the operation of online games accounted for approximately 97.7% of the segment's net revenues for the second quarter of 2026, compared with 97.5% and 97.1% for the preceding quarter and the same quarter of 2025, respectively. The quarter-over-quarter decrease was mainly due to a slight decline in net revenues from certain self-developed and licensed games. The year-over-year increase was attributable to higher net revenues from self-developed games, such as the Fantasy Westward Journey franchise and Where Winds Meet.

Net revenues from Youdao were RMB1.5 billion (US$216.2 million) for the second quarter of 2026, compared with RMB1.3 billion and RMB1.4 billion for the preceding quarter and the same quarter of 2025, respectively. The quarter-over-quarter and year-over-year increases were mainly attributable to higher net revenues from its learning services.

Net revenues from NetEase Cloud Music were RMB2.0 billion (US$291.4 million) for the second quarter of 2026, remaining stable compared with the preceding quarter and the same quarter of 2025.

Net revenues from innovative businesses and others were RMB1.6 billion (US$241.6 million) for the second quarter of 2026, compared with RMB1.5 billion and RMB1.7 billion for the preceding quarter and the same quarter of 2025, respectively. The quarter-over-quarter increase was mainly attributable to higher net revenues from e-commerce business and several other businesses included within the segment. The year-over-year decrease was mainly due to decreased net revenues from the e-commerce business.

Cost of Revenues

Cost of revenues for the second quarter of 2026 was RMB8.9 billion (US$1.3 billion), compared with RMB9.4 billion and RMB9.8 billion for the preceding quarter and the same quarter of 2025, respectively. The quarter-over-quarter decrease was mainly due to lower revenue-sharing costs. The year-over-year decrease was mainly due to lower revenue-sharing and product costs.

Gross Profit

Gross profit for the second quarter of 2026 was RMB21.2 billion (US$3.1 billion), compared with RMB21.2 billion and RMB18.1 billion for the preceding quarter and the same quarter of 2025, respectively.

Operating Expenses

Total operating expenses for the second quarter of 2026 were RMB9.1 billion (US$1.3 billion), compared with RMB8.6 billion and RMB9.0 billion for the preceding quarter and the same quarter of 2025, respectively. The quarter-over-quarter increase was primarily due to increased marketing expenditures, staff-related costs and research and development expenditures. The year-over-year increase was primarily due to increased research and development expenditures.

Other Income/(Expenses)

Other income/(expenses) consisted of net investment income/(loss), interest income, net exchange gains/(losses) and others. The quarter-over-quarter and year-over-year fluctuations in other income/(expenses) were mainly due to a decline in the fair value of equity security investments and impairment provisions made during the second quarter of 2026.

Income Tax

The Group recorded a net income tax charge of RMB2.5 billion (US$362.4 million) for the second quarter of 2026, compared with RMB2.5 billion and RMB1.6 billion for the preceding quarter and the same quarter of 2025, respectively. The effective tax rate for the second quarter of 2026 was 25.5%, compared with 18.9% and 14.7% for the preceding quarter and the same quarter of 2025, respectively. The effective tax rate represents certain estimates by the Group as to the tax obligations and benefits applicable to it in each quarter.

Net Income and Non-GAAP Net Income

Net income attributable to the Company's shareholders totaled RMB7.0 billion (US$1.0 billion) for the second quarter of 2026, compared with RMB10.7 billion and RMB8.6 billion for the preceding quarter and the same quarter of 2025, respectively.

Basic net income was US$0.32 per share (US$1.61 per ADS) for the second quarter of 2026, compared with US$0.49 per share (US$2.46 per ADS) and US$0.40 per share (US$1.99 per ADS) for the preceding quarter and the same quarter of 2025, respectively.

Non-GAAP net income attributable to the Company's shareholders totaled RMB7.7 billion (US$1.1 billion) for the second quarter of 2026, compared with RMB11.3 billion and RMB9.5 billion for the preceding quarter and the same quarter of 2025, respectively.

Non-GAAP basic net income was US$0.36 per share (US$1.78 per ADS) for the second quarter of 2026, compared with US$0.52 per share (US$2.60 per ADS) and US$0.44 per share (US$2.20 per ADS) for the preceding quarter and the same quarter of 2025, respectively.

Six Months Ended June 30, 2026 Financial Results

Net Revenues

Net revenues for the six months ended June 30, 2026 were RMB60.7 billion (US$8.9 billion), compared with RMB56.7 billion for the same period of 2025.

Net revenues from games and related value-added services were RMB50.7 billion (US$7.5 billion) for the six months ended June 30, 2026, compared with RMB46.9 billion for the same period of 2025. Net revenues from the operation of online games accounted for approximately 97.6% of the segment's net revenues for the six months ended June 30, 2026, compared with approximately 97.3% for the same period of 2025. The increase was attributable to higher net revenues from self-developed games, such as the Fantasy Westward Journey franchise, Where Winds Meet and Eggy Party.

Net revenues from Youdao were RMB2.8 billion (US$414.9 million) for the six months ended June 30, 2026, compared with RMB2.7 billion for the same period of 2025. The increase was mainly attributable to higher net revenues from its learning services and online marketing services, partially offset by a decrease in net revenues from smart devices.

Net revenues from NetEase Cloud Music were RMB4.0 billion (US$583.4 million) for the six months ended June 30, 2026, compared with RMB3.8 billion for the same period of 2025. The increase was mainly attributable to higher net revenues from online music services, driven by growth in sales of membership subscriptions.

Net revenues from innovative businesses and others were RMB3.2 billion (US$469.9 million) for the six months ended June 30, 2026, compared with RMB3.3 billion for the same period of 2025. The decrease was mainly due to a decline in net revenues from the e-commerce business.

Cost of Revenues

Cost of revenues for the six months ended June 30, 2026 was RMB18.3 billion (US$2.7 billion), compared with RMB20.2 billion for the same period of 2025. The decrease was mainly due to lower revenue-sharing and product costs.

Gross Profit

Gross profit for the six months ended June 30, 2026 was RMB42.4 billion (US$6.3 billion), compared with RMB36.5 billion for the same period of 2025.

Operating Expenses

Total operating expenses for the six months ended June 30, 2026 were RMB17.7 billion (US$2.6 billion), compared with RMB17.0 billion for the same period of 2025. The increase was primarily attributable to higher marketing and research and development expenditures for games and related value-added services.

Other Income/(Expenses)

Other income/(expenses) consisted of net investment income/(loss), interest income, net exchange gains/(losses) and others. The fluctuation in other income/(expenses) was mainly due to a decline in the fair value of equity security investments, increased net exchange losses, and impairment provisions made during the six months ended June 30, 2026.

Income Tax

The Group recorded a net income tax charge of RMB5.0 billion (US$734.3 million) for the six months ended June 30, 2026, compared with RMB3.5 billion for the same period of 2025. The effective tax rate for the six months ended June 30, 2026 was 21.7%, compared with 15.0% for the same period of 2025. The effective tax rate represents certain estimates by the Group as to the tax obligations and benefits applicable to it in each period.

Net Income and Non-GAAP Net Income

Net income attributable to the Company's shareholders totaled RMB17.7 billion (US$2.6 billion) for the six months ended June 30, 2026, compared with RMB18.9 billion for the same period of 2025.

Basic net income was US$0.81 per share (US$4.06 per ADS) for the six months ended June 30, 2026, compared with US$0.88 per share (US$4.38 per ADS) for the same period of 2025.

Non-GAAP net income attributable to the Company's shareholders totaled RMB19.0 billion (US$2.8 billion) for the six months ended June 30, 2026, compared with RMB20.8 billion for the same period of 2025.

Non-GAAP basic net income was US$0.88 per share (US$4.38 per ADS) for the six months ended June 30, 2026, compared with US$0.96 per share (US$4.81 per ADS) for the same period of 2025.

OTHER FINANCIAL INFORMATION

As of June 30, 2026, the Company's net cash (total cash and cash equivalents, current and non-current time deposits and restricted cash, as well as short-term investments balance, minus loans) totaled RMB167.5 billion (US$24.7 billion), compared with RMB163.5 billion as of December 31, 2025. Net cash provided by operating activities was RMB10.0 billion (US$1.5 billion) for the second quarter of 2026, compared with RMB13.7 billion and RMB10.9 billion for the preceding quarter and the second quarter of 2025, respectively.

EXCHANGE RATE INFORMATION

The United States dollar (US$) amounts disclosed in this announcement are presented solely for the convenience of the reader. The percentages stated are calculated based on RMB.

The conversion of Renminbi (RMB) into US$ is based on the noon buying rate of US$1.00 = RMB6.7851 on the last trading day of June 2026 (June 30, 2026) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on June 30, 2026, or at any other certain date.

CONFERENCE CALL

NetEase's management team will host a teleconference call with a simultaneous webcast at 8:00 a.m. Eastern Time on Thursday, August 20, 2026 (Beijing/Hong Kong Time: 8:00 p.m., Thursday, August 20, 2026). NetEase's management will be on the call to discuss the results and answer questions.

Interested parties may participate in the conference call by dialing 1-914-202-3258 and providing conference ID: 10056362, 15 minutes prior to the initiation of the call. A replay of the call will be available by dialing 1-855-883-1031 and entering PIN: 10056362. The replay will be available through August 27, 2026.

This call will be webcast live, and the replay will be available for 12 months. Both will be available on NetEase's Investor Relations website at http://ir.netease.com/.

ABOUT NETEASE, INC.

NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, "NetEase") is a leading internet and game services provider centered around premium content. With extensive offerings across its expanding gaming ecosystem, the Company develops and operates some of the most popular and longest-running mobile and PC games available in China and globally.

Powered by one of the largest in-house game R&D teams focused on mobile, PC and console, NetEase creates superior gaming experiences, inspires players, and passionately delivers value for its thriving community worldwide. By infusing play with culture, and education with technology, NetEase transforms gaming into a meaningful vehicle to build a more entertaining and enlightened world.

Beyond games, NetEase service offerings include its majority-controlled subsidiaries Youdao (NYSE: DAO), an intelligent learning and advertising solutions provider, and NetEase Cloud Music (HKEX: 9899), a well-known online music platform featuring a vibrant content community, as well as Yanxuan, NetEase's private-label consumer lifestyle brand.

For more information, please visit: http://ir.netease.com/.

Contact for Media and Investors:

Email: [email protected] 

FORWARD-LOOKING STATEMENTS

This announcement contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions. In addition, statements that are not historical facts, including statements about NetEase's strategies and business plans, its expectations regarding the growth of its business and its revenue and the quotations from management in this announcement are or contain forward-looking statements. NetEase may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that the online games market will not continue to grow or that NetEase will not be able to maintain its position in that market in China or globally; risks associated with NetEase's business and operating strategies and its ability to implement such strategies; NetEase's ability to develop and manage its operations and business; competition for, among other things, capital, technology and skilled personnel; potential changes in regulatory environment in the markets where NetEase operates, including policy or rule changes on taxation; the risk that NetEase may not be able to continuously develop new and creative online services or that NetEase will not be able to set, or follow in a timely manner, trends in the market; risks related to evolving economic cycles and geopolitical tensions, including the direct or indirect impacts of national trade, investment, protectionist, tax or other laws or policies as well as export controls and economic or trade sanctions; risks related to the expansion of NetEase's businesses and operations internationally; risks associated with cybersecurity threats or incidents; and fluctuations in foreign currency exchange rates that could adversely affect NetEase's business and financial results. Further information regarding these and other risks is included in NetEase's filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. NetEase does not undertake any obligation to update this forward-looking information, except as required under applicable law.

NON-GAAP FINANCIAL MEASURES

NetEase considers and uses non-GAAP financial measures, such as non-GAAP net income attributable to the Company's shareholders and non-GAAP basic and diluted net income per ADS and per share, as supplemental metrics in reviewing and assessing its operating performance and formulating its business plan. The presentation of 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.

NetEase defines non-GAAP net income attributable to the Company's shareholders as net income attributable to the Company's shareholders excluding share-based compensation expenses. Non-GAAP net income attributable to the Company's shareholders enables NetEase's management to assess its operating results without considering the impact of share-based compensation expenses. NetEase believes that this non-GAAP financial measure provides useful information to investors in understanding and evaluating the Company's current operating performance and prospects in the same manner as management does, if they so choose. NetEase also believes that the use of this non-GAAP financial measure facilitates investors' assessment of its operating performance.

Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP net income attributable to the Company's shareholders is that it does not reflect all items of expense/income that affect the Company's operations. Share-based compensation expenses have been and may continue to be incurred in NetEase's business and are not reflected in the presentation of non-GAAP net income attributable to the Company's shareholders. In addition, the non-GAAP financial measures NetEase uses may differ from the non-GAAP measures used by other companies, including peer companies, and therefore their comparability may be limited.

NetEase compensates for these limitations by reconciling non-GAAP net income attributable to the Company's shareholders to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. NetEase encourages you to review its financial information in its entirety and not rely on a single financial measure.

The unaudited reconciliation of GAAP and non-GAAP results is set out as follows in RMB and US$ (in thousands, except per share data or per ADS data):

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

June 30,

June 30,

June 30,

June 30,

2025

2026

2026

2026

2025

2026

2026

RMB

RMB

RMB

US$

RMB

RMB

US$

Net income attributable to the
  Company's shareholders

8,601,010

10,674,106

6,980,656

1,028,821

18,902,167

17,654,762

2,601,989

Add: Share-based compensation

930,921

600,718

766,058

112,903

1,866,491

1,366,776

201,438

Non-GAAP net income attributable
  to the Company's shareholders

9,531,931

11,274,824

7,746,714

1,141,724

20,768,658

19,021,538

2,803,427

Non-GAAP net income per share

Basic

2.99

3.53

2.42

0.36

6.53

5.94

0.88

Diluted

2.96

3.49

2.40

0.35

6.46

5.90

0.87

Non-GAAP net income per ADS

Basic

14.95

17.63

12.09

1.78

32.64

29.72

4.38

Diluted

14.81

17.46

12.02

1.77

32.32

29.49

4.35

NETEASE, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

December 31, 

June 30, 

June 30, 

2025

2026

2026

RMB

RMB

US$

Assets

Current assets:

Cash and cash equivalents

47,167,904

22,814,542

3,362,447

Time deposits

92,639,378

101,978,645

15,029,792

Restricted cash

4,319,344

4,447,483

655,478

Accounts receivable, net

5,337,819

5,746,080

846,867

Inventories

689,183

511,896

75,444

Prepayments and other current assets, net

7,658,346

5,965,371

879,188

Short-term investments

22,803,503

50,599,638

7,457,464

Total current assets

180,615,477

192,063,655

28,306,680

Non-current assets:

Property, equipment and software, net

8,425,327

8,180,276

1,205,623

Land use rights, net

4,047,355

3,982,017

586,877

Deferred tax assets

2,831,423

2,695,809

397,313

Time deposits

2,995,000

260,000

38,319

Restricted cash

3,893

3,775

556

Long-term investments

18,462,883

21,336,343

3,144,588

Other long-term assets

4,033,702

3,686,261

543,287

Total non-current assets

40,799,583

40,144,481

5,916,563

Total assets

221,415,060

232,208,136

34,223,243

Liabilities, Redeemable noncontrolling interests and
  Shareholders' equity

Current liabilities:

Accounts payable

643,164

702,263

103,501

Salary and welfare payables

4,889,708

3,764,789

554,861

Taxes payable

3,874,143

3,720,498

548,334

Short-term loans

6,384,417

12,604,170

1,857,625

Contract liabilities

20,514,540

19,297,191

2,844,054

Accrued liabilities and other payables

16,062,984

15,529,221

2,288,724

Total current liabilities

52,368,956

55,618,132

8,197,099

Non-current liabilities:

Deferred tax liabilities

2,637,258

3,727,316

549,338

Other long-term liabilities

1,304,837

1,300,994

191,742

Total non-current liabilities

3,942,095

5,028,310

741,080

Total liabilities

56,311,051

60,646,442

8,938,179

Redeemable noncontrolling interests

91,319

94,938

13,992

Shareholders' equity:

Ordinary shares

2,631

2,632

388

Additional paid-in capital

9,837,460

8,781,946

1,294,299

Treasury stock

(1,518,573)

(1,617,961)

(238,458)

Statutory reserves

2,457,371

2,457,371

362,172

Accumulated other comprehensive loss

(237,770)

(1,644,123)

(242,314)

Retained earnings

149,755,000

159,110,675

23,450,011

NetEase, Inc.'s shareholders' equity

160,296,119

167,090,540

24,626,098

Noncontrolling interests

4,716,571

4,376,216

644,974

Total equity

165,012,690

171,466,756

25,271,072

Total liabilities, redeemable noncontrolling interests and
  shareholders' equity

221,415,060

232,208,136

34,223,243

NETEASE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME

(in thousands except per share data or per ADS data)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

June 30,

June 30,

June 30,

June 30,

2025

2026

2026

2026

2025

2026

2026

RMB

RMB

RMB

US$

RMB

RMB

US$

Net revenues

27,891,664

30,591,281

30,106,546

4,437,156

56,720,209

60,697,827

8,945,753

Cost of revenues

(9,839,182)

(9,374,209)

(8,889,221)

(1,310,109)

(20,188,321)

(18,263,430)

(2,691,697)

Gross profit

18,052,482

21,217,072

21,217,325

3,127,047

36,531,888

42,434,397

6,254,056

Operating expenses:

Selling and marketing expenses

(3,578,174)

(3,441,485)

(3,678,809)

(542,189)

(6,273,771)

(7,120,294)

(1,049,401)

General and administrative
  expenses

(1,056,578)

(636,597)

(805,268)

(118,682)

(2,012,915)

(1,441,865)

(212,505)

Research and development
  expenses

(4,356,646)

(4,482,157)

(4,643,910)

(684,428)

(8,742,959)

(9,126,067)

(1,345,016)

Total operating expenses

(8,991,398)

(8,560,239)

(9,127,987)

(1,345,299)

(17,029,645)

(17,688,226)

(2,606,922)

Operating profit

9,061,084

12,656,833

12,089,338

1,781,748

19,502,243

24,746,171

3,647,134

Other income/(expenses):

Investment income/(loss), net

328,444

5,472

(2,953,671)

(435,317)

1,021,195

(2,948,199)

(434,511)

Interest income, net

953,490

890,267

863,201

127,220

2,014,376

1,753,468

258,429

Exchange gains/(losses), net

114,037

(622,108)

(436,492)

(64,331)

115,840

(1,058,600)

(156,018)

Other, net

192,167

438,978

62,858

9,264

447,482

501,836

73,961

Income before tax

10,649,222

13,369,442

9,625,234

1,418,584

23,101,136

22,994,676

3,388,995

Income tax

(1,560,757)

(2,523,838)

(2,458,674)

(362,364)

(3,465,900)

(4,982,512)

(734,331)

Net income

9,088,465

10,845,604

7,166,560

1,056,220

19,635,236

18,012,164

2,654,664

Accretion of redeemable
  noncontrolling interests

(1,051)

(1,104)

(1,087)

(160)

(2,100)

(2,191)

(323)

Net income attributable to
  noncontrolling interests

(486,404)

(170,394)

(184,817)

(27,239)

(730,969)

(355,211)

(52,352)

Net income attributable to the
  Company's shareholders

8,601,010

10,674,106

6,980,656

1,028,821

18,902,167

17,654,762

2,601,989

Net income

9,088,465

10,845,604

7,166,560

1,056,220

19,635,236

18,012,164

2,654,664

Other comprehensive income

Foreign currency translation
  adjustment

(389,857)

(728,683)

(770,419)

(113,546)

(628,819)

(1,499,102)

(220,940)

Total comprehensive income

8,698,608

10,116,921

6,396,141

942,674

19,006,417

16,513,062

2,433,724

Comprehensive income
  attributable to noncontrolling
  interests

(470,857)

(121,843)

(140,619)

(20,725)

(690,158)

(262,462)

(38,682)

Comprehensive income
  attributable to the
  Company's shareholders

8,227,751

9,995,078

6,255,522

921,949

18,316,259

16,250,600

2,395,042

Net income per share

Basic

2.70

3.34

2.18

0.32

5.94

5.52

0.81

Diluted

2.67

3.31

2.17

0.32

5.88

5.47

0.81

Net income per ADS

Basic

13.49

16.69

10.90

1.61

29.71

27.58

4.06

Diluted

13.36

16.53

10.83

1.60

29.41

27.37

4.03

Weighted average number of
  ordinary shares used in
  calculating net income per
  share

Basic

3,188,634

3,198,123

3,203,046

3,203,046

3,181,307

3,200,598

3,200,598

Diluted

3,214,681

3,227,325

3,221,637

3,221,637

3,210,563

3,224,495

3,224,495

NETEASE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

June 30,

June 30,

June 30,

June 30,

2025

2026

2026

2026

2025

2026

2026

RMB

RMB

RMB

US$

RMB

RMB

US$

Cash flows from operating activities:

Net income

9,088,465

10,845,604

7,166,560

1,056,220

19,635,236

18,012,164

2,654,664

Adjustments to reconcile net income to net cash
  provided by operating activities:

Depreciation and amortization

428,427

430,583

439,439

64,765

909,188

870,022

128,225

Fair value changes of equity security, other
  investments and financial instruments

55,715

1,117,717

2,023,477

298,224

(502,784)

3,141,194

462,955

Impairment losses on investments

161,463

344,871

1,281,917

188,931

250,534

1,626,788

239,759

Share-based compensation cost

946,395

616,180

781,656

115,202

1,898,267

1,397,836

206,015

Allowance for expected credit losses

153,179

6,719

1,309

193

169,950

8,028

1,183

Gains on disposal of property, equipment and
  software

(30,920)

(565)

(13,983)

(2,061)

(10,627)

(14,548)

(2,144)

Unrealized exchange (gains)/losses

(165,662)

643,942

487,982

71,920

(194,115)

1,131,924

166,825

(Gains)/losses on disposal of long-term investments

(141,078)

(1,071,442)

5,550

818

(129,403)

(1,065,892)

(157,093)

Deferred income taxes

(853,764)

532,257

693,742

102,245

(525,492)

1,225,999

180,690

Share of results on equity method investees

13,479

442,575

96,645

14,244

(5,189)

539,220

79,471

Fair value changes of short-term investments

(344,604)

(385,395)

(372,234)

(54,861)

(546,213)

(757,629)

(111,661)

Changes in operating assets and liabilities:

Accounts receivable

953,295

(1,188,837)

726,762

107,111

(135,665)

(462,075)

(68,101)

Inventories

(73,944)

143,099

34,048

5,018

(20,171)

177,147

26,108

Prepayments and other assets

583,484

116,152

(16,816)

(2,478)

288,306

99,336

14,640

Accounts payable

119,644

134,445

(105,340)

(15,525)

(28,432)

29,105

4,290

Salary and welfare payables

920,662

(2,253,559)

1,107,729

163,259

(1,164,449)

(1,145,830)

(168,874)

Taxes payable

(764,372)

1,895,324

(2,038,642)

(300,459)

1,031,751

(143,318)

(21,122)

Contract liabilities

(718,719)

1,384,445

(2,511,144)

(370,097)

1,807,479

(1,126,699)

(166,055)

Accrued liabilities and other payables

530,718

(21,044)

184,272

27,158

240,344

163,228

24,057

Net cash provided by operating activities

10,861,863

13,733,071

9,972,929

1,469,827

22,968,515

23,706,000

3,493,832

Cash flows from investing activities:

Purchase of property, equipment and software

(189,842)

(312,148)

(18,785)

(2,769)

(643,913)

(330,933)

(48,774)

Proceeds from sale of property, equipment and
  software

21,499

1,673

14,539

2,143

22,835

16,212

2,389

Purchase of intangible assets, content and licensed
  copyrights

(313,349)

(290,019)

(61,554)

(9,072)

(612,120)

(351,573)

(51,815)

Net changes of short-term investments with terms of
  three months or less

776,428

(15,766,308)

(1,594,496)

(235,000)

(5,362,128)

(17,360,804)

(2,558,666)

Purchase of short-term investments with terms over
  three months and debt securities

(5,800,000)

(5,885,000)

(12,851,707)

(1,894,107)

(8,770,000)

(18,736,707)

(2,761,449)

Proceeds from maturities of short-term investments
  with terms over three months

5,745,454

4,861,483

3,515,814

518,167

8,454,055

8,377,297

1,234,661

Investment in equity method investees

(100,986)

(94,021)

(3,040,753)

(448,152)

(155,089)

(3,134,774)

(462,009)

Investment in other equity investments

(2,640,655)

(3,110,374)

(453,871)

(66,892)

(2,677,518)

(3,564,245)

(525,304)

Proceeds from disposal of long-term investments

784,855

1,353,947

50,733

7,477

862,283

1,404,680

207,024

Placement/rollover of matured time deposits

(27,980,605)

(30,608,133)

(50,216,128)

(7,400,941)

(77,582,412)

(80,824,261)

(11,912,022)

Proceeds from maturities of time deposits

33,617,510

42,018,869

30,056,765

4,429,819

77,543,992

72,075,634

10,622,634

Change in other long-term assets

(27,367)

65,909

(58,891)

(8,679)

(28,045)

7,018

1,034

Net cash provided by/(used in) investing activities

3,892,942

(7,764,122)

(34,658,334)

(5,108,006)

(8,948,060)

(42,422,456)

(6,252,297)

Cash flows from financing activities:

Net changes from loans with terms of three months or
  less 

2,017,570

1,182,383

420,940

62,039

(236,845)

1,603,323

236,300

Proceeds of loans with terms over three months

1,231,000

6,134,520

1,326,090

195,441

3,978,550

7,460,610

1,099,558

Payment of loans with terms over three months

(1,804,730)

(2,620,900)

—

—

(4,740,407)

(2,620,900)

(386,273)

Dividends paid to shareholders

(3,082,122)

(5,156,320)

(3,138,873)

(462,613)

(8,666,654)

(8,295,193)

(1,222,560)

Net amounts received/(paid) related to capital
  contribution from or repurchase of noncontrolling
  interests shareholders

42,400

(23,418)

4,874

718

84,917

(18,544)

(2,733)

Net amounts paid related to repurchase of NetEase's
  ADSs/purchase of subsidiaries' shares 

(355,563)

(1,314,003)

(1,795,596)

(264,638)

(659,164)

(3,109,599)

(458,298)

Net cash used in financing activities

(1,951,445)

(1,797,738)

(3,182,565)

(469,053)

(10,239,603)

(4,980,303)

(734,006)

Effect of exchange rate changes on cash, cash
  equivalents and restricted cash held in foreign
  currencies

(31,749)

(340,829)

(187,753)

(27,671)

(88,681)

(528,582)

(77,903)

Net increase/(decrease) in cash, cash equivalents
  and restricted cash

12,771,611

3,830,382

(28,055,723)

(4,134,903)

3,692,171

(24,225,341)

(3,570,374)

Cash, cash equivalents and restricted cash, at the
  beginning of the period

45,395,483

51,491,141

55,321,523

8,153,384

54,474,923

51,491,141

7,588,855

Cash, cash equivalents and restricted cash, at end of
  the period

58,167,094

55,321,523

27,265,800

4,018,481

58,167,094

27,265,800

4,018,481

Supplemental disclosures of cash flow information:

Cash paid for income taxes, net

2,184,556

1,464,650

2,487,225

366,572

3,391,111

3,951,875

582,434

Cash paid for interest expenses

64,366

78,326

25,374

3,740

161,790

103,700

15,283

Supplemental schedule of non-cash investing and
  financing activities:

Fixed asset purchases financed by accounts payable
  and accrued liabilities

744,596

463,033

522,371

76,988

744,596

522,371

76,988

NETEASE, INC.

UNAUDITED SEGMENT INFORMATION

(in thousands)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

June 30,

June 30,

June 30,

June 30,

2025

2026

2026

2026

2025

2026

2026

RMB

RMB

RMB

US$

RMB

RMB

US$

Net revenues:

Games and related value-added services

22,806,459

25,712,975

25,022,788

3,687,903

46,854,466

50,735,763

7,477,527

Youdao

1,417,541

1,348,022

1,466,861

216,189

2,715,803

2,814,883

414,862

NetEase Cloud Music

1,968,729

1,981,234

1,977,472

291,443

3,827,117

3,958,706

583,441

Innovative businesses and others

1,698,935

1,549,050

1,639,425

241,621

3,322,823

3,188,475

469,923

Total net revenues

27,891,664

30,591,281

30,106,546

4,437,156

56,720,209

60,697,827

8,945,753

Cost of revenues:

Games and related value-added services

(6,792,240)

(6,482,431)

(5,973,965)

(880,453)

(14,287,502)

(12,456,396)

(1,835,846)

Youdao

(808,181)

(745,729)

(749,986)

(110,534)

(1,492,216)

(1,495,715)

(220,441)

NetEase Cloud Music

(1,258,855)

(1,247,066)

(1,237,231)

(182,345)

(2,434,632)

(2,484,297)

(366,140)

Innovative businesses and others

(979,906)

(898,983)

(928,039)

(136,777)

(1,973,971)

(1,827,022)

(269,270)

Total cost of revenues

(9,839,182)

(9,374,209)

(8,889,221)

(1,310,109)

(20,188,321)

(18,263,430)

(2,691,697)

Gross profit:

Games and related value-added services

16,014,219

19,230,544

19,048,823

2,807,450

32,566,964

38,279,367

5,641,681

Youdao

609,360

602,293

716,875

105,655

1,223,587

1,319,168

194,421

NetEase Cloud Music

709,874

734,168

740,241

109,098

1,392,485

1,474,409

217,301

Innovative businesses and others

719,029

650,067

711,386

104,844

1,348,852

1,361,453

200,653

Total gross profit

18,052,482

21,217,072

21,217,325

3,127,047

36,531,888

42,434,397

6,254,056

SOURCE NetEase, Inc.

Stablecoin Payments Enter the Convenience StoreThree Japanese corporate heavyweights are bringing stablecoin payments to the checkout counter. JCB (@JCB_CARD), Digital Garage (@DigitalGarage) and Lawson (@lawsonbank_jp) have signed a basic agreement to conduct a proof of concept (PoC) for in-store payments using USDC, the US dollar-pegged stablecoin. The test is scheduled for Thursday, August 20, at the Gate City Osaki Atrium branch of Lawson in Tokyo.

The mechanics are straightforward. Participants use the Consumer-Presented Mode (CPM) method, in which a barcode containing stablecoin wallet address information displayed on a user's smartphone is scanned by Lawson's in-store POS terminal. The trial runs on base:0x833589fcd6edb6e08f4c7c32d4f71b54bda02913 on @base, using Coinbase's Base app as the supported wallet.

JCB provides the payment web screen and barcode generation and settles merchant proceeds in fiat currency. Digital Garage supplies the payment API and backend system. Lawson contributes the store environment and connects its point-of-sale system using code-payment processing technology from Canal Payment Services.

Participation is restricted to personnel from the three companies. The initiative is primarily targeting inbound visitors to Japan , making it relevant to the country's growing tourism economy. The PoC aims to assess the practicality and convenience of stablecoin payments, potentially reducing currency exchange burdens and enhancing cash flow for merchants.

Part of a Broader Push in JapanThursday's test does not come out of nowhere. This initiative follows a January 2026 collaboration between JCB, Digital Garage and Resona Holdings aimed at the social implementation of stablecoin payments in Japan. That earlier pilot ran at a Tokyo venue in late February 2026 and helped lay the groundwork for today's retail-focused experiment.

Japan created the legal foundation for such projects in 2023 by updating its Payment Services Act, allowing banks, trust companies and licensed money transfer firms to issue fiat-backed stablecoins. The companies said the experiment will evaluate payment-flow feasibility, POS integration requirements, impact on checkout operations, time to completion and usability of the customer-facing web system.

Japan's convenience store sector, which serves tens of millions of customers daily, represents a significant proving ground for digital payment innovation. A successful PoC could pave the way for broader stablecoin adoption at physical retail locations across the country.

Sources:
JCN Newswire: JCB, in Collaboration with Digital Garage, to Conduct a PoC for Stablecoin-Based Payments at a Lawson Store
Japan Industry News: JCB and Partners Test Stablecoin Payments in Japan's Lawson Stores
Digital Garage Official Release: Stablecoin Payments Pilot Program

Table of contents

Circle has expanded Circle Mint to support direct local-currency USDC on- and off-ramps across eight currencies. The company said in an Aug. 18 post that foreign exchange is handled inside Mint, removing the need for a separate conversion step or pre-funding additional accounts.

Alongside USD and EUR, Circle listed the Brazilian real, British pound, Hong Kong dollar, Mexican peso, offshore Chinese yuan and Singapore dollar among the local currencies supported for eligible Mint account holders.

How the proposed flow works Circle says customers can activate cross-currency exchange, link a bank account for the local-currency side and register that account for the currency they intend to trade. The company describes each transaction as a quote, trade and settlement process, with USDC arriving in the Mint balance after conversion.

Circle says settlement uses local payment rails nearly around the clock where supported. Availability remains subject to jurisdiction and account eligibility, and the company notes that some account-registration steps are handled offline.

Not a retail bank account The update is directed at businesses and eligible Mint customers, including payment providers, financial institutions and fintechs. Circle states that Circle Mint is not a bank account and that funds are not protected by FDIC, SIPC or comparable government insurance.

The announcement is a Circle product update. It does not mean all currencies, regions or users have identical access, so institutions need to check Mint eligibility and local requirements before relying on the new routes.

AUTHOR

Simeon is a detail-driven editor who sharpens every piece with clarity and precision, ensuring clean, consistent, and professional content throughout.

Aurora Investment Counsel acquired a new position in Qualys, Inc. (NASDAQ:QLYS – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,653 shares of the software maker’s stock, valued at approximately $2,565,000. Qualys comprises approximately 1.3% of Aurora Investment Counsel’s holdings, making the stock its 15th largest position. Aurora Investment Counsel owned 0.05% of Qualys at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Strive Financial Group LLC acquired a new position in shares of Qualys during the 4th quarter worth $27,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Qualys by 204.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 213 shares of the software maker’s stock valued at $28,000 after purchasing an additional 143 shares during the last quarter. Root Financial Partners LLC lifted its stake in shares of Qualys by 206.2% in the 1st quarter. Root Financial Partners LLC now owns 297 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares during the last quarter. Employees Retirement System of Texas acquired a new stake in shares of Qualys in the 4th quarter valued at $43,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in Qualys by 37,400.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 375 shares of the software maker’s stock worth $50,000 after purchasing an additional 374 shares in the last quarter. Institutional investors own 99.31% of the company’s stock.

Insider Activity In related news, CEO Sumedh S. Thakar sold 30,000 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $135.00, for a total transaction of $4,050,000.00. Following the completion of the sale, the chief executive officer owned 196,686 shares in the company, valued at $26,552,610. This trade represents a 13.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Joo Mi Kim sold 1,627 shares of Qualys stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $153.04, for a total transaction of $248,996.08. Following the transaction, the chief financial officer directly owned 75,743 shares of the company’s stock, valued at $11,591,708.72. This represents a 2.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 71,979 shares of company stock worth $9,217,993 over the last 90 days. 0.72% of the stock is currently owned by company insiders.

Qualys Stock Down 0.7% Qualys stock opened at $186.68 on Thursday. The business has a 50 day moving average price of $148.18 and a two-hundred day moving average price of $115.16. The stock has a market cap of $6.46 billion, a price-to-earnings ratio of 32.30 and a beta of 0.60. Qualys, Inc. has a 12 month low of $74.51 and a 12 month high of $201.54. Qualys (NASDAQ:QLYS – Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The software maker reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.20. Qualys had a return on equity of 37.52% and a net margin of 29.38%.The company had revenue of $182.18 million for the quarter, compared to analyst estimates of $178.57 million. During the same quarter last year, the firm earned $1.68 EPS. Qualys’s revenue for the quarter was up 11.1% compared to the same quarter last year. Qualys has set its FY 2026 guidance at 7.740-7.880 EPS and its Q3 2026 guidance at 1.910-1.980 EPS. On average, analysts expect that Qualys, Inc. will post 5.85 earnings per share for the current fiscal year.

Analyst Ratings Changes QLYS has been the topic of several analyst reports. Jefferies Financial Group increased their target price on shares of Qualys from $150.00 to $185.00 and gave the stock a “hold” rating in a research report on Wednesday, August 5th. JPMorgan Chase & Co. boosted their price target on Qualys from $139.00 to $150.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Weiss Ratings upgraded Qualys from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, July 16th. Morgan Stanley increased their price objective on Qualys from $115.00 to $130.00 and gave the company an “underweight” rating in a report on Wednesday, August 5th. Finally, Piper Sandler raised their price objective on Qualys from $100.00 to $175.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $170.53.

Check Out Our Latest Analysis on Qualys

Qualys Profile (Free Report)

Qualys, Inc (NASDAQ: QLYS) is a leading provider of cloud-based security and compliance solutions designed to help organizations streamline their IT security programs. Operating on a unified, modular platform, Qualys offers continuous visibility into global IT assets through a combination of lightweight cloud agents and on-premises scanner appliances. The platform supports an array of security and compliance use cases, enabling real-time detection of vulnerabilities, policy violations and misconfigurations across on-premises, cloud and hybrid environments.

The company’s flagship Qualys Cloud Platform delivers a suite of integrated applications, including vulnerability management, detection and response (VMDR), policy compliance, web application scanning, file integrity monitoring, asset inventory and container security.

See Also Five stocks we like better than Qualys Bloom Energy’s AI Surge Meets a Valuation Reality Check Target Is Winning Shoppers Back—Can the Rally Reach $180? IonQ’s Space Contract Points to a New Frontier for Quantum Investors Is Apple’s AI Strategy Smarter Than Skeptics Think? Want to see what other hedge funds are holding QLYS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Qualys, Inc. (NASDAQ:QLYS – Free Report).

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Bell & Brown Wealth Advisors LLC bought a new stake in Williams-Sonoma, Inc. (NYSE:WSM – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 28,894 shares of the specialty retailer’s stock, valued at approximately $6,735,000. Williams-Sonoma comprises about 2.0% of Bell & Brown Wealth Advisors LLC’s portfolio, making the stock its 14th biggest position.

Several other hedge funds have also recently added to or reduced their stakes in the company. Strategic Advisory Partners LLC bought a new position in shares of Williams-Sonoma during the second quarter valued at approximately $272,000. Csenge Advisory Group bought a new stake in Williams-Sonoma in the second quarter valued at $407,000. Johnson Financial Group Inc. purchased a new position in Williams-Sonoma during the 2nd quarter valued at $151,000. Tocqueville Asset Management L.P. bought a new position in Williams-Sonoma in the 2nd quarter worth $19,046,000. Finally, Empirical Asset Management LLC bought a new position in Williams-Sonoma in the 2nd quarter worth $803,000. Institutional investors own 99.29% of the company’s stock.

Williams-Sonoma Price Performance Shares of NYSE WSM opened at $242.34 on Thursday. Williams-Sonoma, Inc. has a 1 year low of $165.51 and a 1 year high of $254.89. The stock has a market cap of $28.54 billion, a P/E ratio of 27.14, a price-to-earnings-growth ratio of 2.65 and a beta of 1.50. The firm has a 50-day moving average of $231.71 and a 200 day moving average of $207.33.

Williams-Sonoma (NYSE:WSM – Get Free Report) last announced its quarterly earnings data on Thursday, May 21st. The specialty retailer reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.13. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Williams-Sonoma had a net margin of 13.81% and a return on equity of 53.29%. The business’s revenue was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.85 earnings per share. Research analysts expect that Williams-Sonoma, Inc. will post 9.38 earnings per share for the current fiscal year. Williams-Sonoma Dividend Announcement The business also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Friday, July 17th will be given a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, July 17th. Williams-Sonoma’s payout ratio is currently 34.04%.

Insider Transactions at Williams-Sonoma In other Williams-Sonoma news, CEO Laura Alber sold 15,000 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $200.00, for a total transaction of $3,000,000.00. Following the sale, the chief executive officer directly owned 923,524 shares in the company, valued at approximately $184,704,800. This trade represents a 1.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Karalyn Yearout sold 1,112 shares of Williams-Sonoma stock in a transaction on Monday, June 15th. The stock was sold at an average price of $228.49, for a total value of $254,080.88. Following the completion of the sale, the executive vice president directly owned 21,717 shares of the company’s stock, valued at approximately $4,962,117.33. The trade was a 4.87% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 18,156 shares of company stock worth $3,738,699. 1.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets A number of equities research analysts have recently weighed in on the stock. Telsey Advisory Group lifted their target price on shares of Williams-Sonoma from $225.00 to $255.00 and gave the company an “outperform” rating in a research note on Thursday, August 13th. Bank of America assumed coverage on shares of Williams-Sonoma in a research note on Friday, June 12th. They issued a “buy” rating and a $250.00 price target for the company. Royal Bank Of Canada lifted their price objective on Williams-Sonoma from $192.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Argus set a $230.00 target price on Williams-Sonoma in a report on Friday, May 29th. Finally, Wells Fargo & Company increased their target price on Williams-Sonoma from $190.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $231.88.

Get Our Latest Analysis on Williams-Sonoma

Williams-Sonoma Profile (Free Report)

Williams‑Sonoma, Inc is a specialty retailer focused on the home and culinary markets, best known for premium cookware, kitchen tools and home furnishings. The company traces its roots to a single cookware store founded by Chuck Williams in 1956 in Sonoma, California, and has evolved into a multi‑brand home furnishings and housewares business. Its merchandise mix spans cookware and kitchen electrics, tabletop and food prep items, furniture, bedding, lighting and decorative accessories designed for both everyday use and higher‑end interiors.

The company operates a portfolio of consumer brands that target distinct segments of the home market.

See Also Five stocks we like better than Williams-Sonoma Bloom Energy’s AI Surge Meets a Valuation Reality Check Target Is Winning Shoppers Back—Can the Rally Reach $180? IonQ’s Space Contract Points to a New Frontier for Quantum Investors Is Apple’s AI Strategy Smarter Than Skeptics Think?

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Aurora Investment Counsel bought a new position in shares of Xylem Inc. (NYSE:XYL – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 4,723 shares of the industrial products company’s stock, valued at approximately $558,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Callahan Advisors LLC acquired a new position in shares of Xylem during the fourth quarter worth approximately $1,721,000. Northwestern Mutual Wealth Management Co. boosted its position in Xylem by 2,309.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 431,824 shares of the industrial products company’s stock worth $54,314,000 after purchasing an additional 413,904 shares during the last quarter. Abacus Wealth Partners LLC purchased a new position in Xylem in the fourth quarter valued at about $1,663,000. Norges Bank bought a new position in Xylem during the fourth quarter valued at $361,012,000. Finally, MUFG Securities EMEA plc increased its stake in shares of Xylem by 608.1% in the fourth quarter. MUFG Securities EMEA plc now owns 32,990 shares of the industrial products company’s stock worth $4,493,000 after purchasing an additional 28,331 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors.

Xylem Price Performance Shares of XYL stock opened at $116.28 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.24 and a current ratio of 1.61. The business’s 50 day moving average price is $117.87 and its 200-day moving average price is $120.03. The firm has a market cap of $27.15 billion, a P/E ratio of 27.69, a P/E/G ratio of 1.58 and a beta of 1.02. Xylem Inc. has a fifty-two week low of $105.29 and a fifty-two week high of $154.27.

Xylem (NYSE:XYL – Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The industrial products company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.34 by $0.12. The business had revenue of $2.34 billion during the quarter, compared to analyst estimates of $2.34 billion. Xylem had a net margin of 11.15% and a return on equity of 11.77%. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.26 EPS. Xylem has set its FY 2026 guidance at 5.550-5.700 EPS. On average, equities research analysts anticipate that Xylem Inc. will post 5.67 earnings per share for the current year. Xylem Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 27th will be issued a $0.43 dividend. The ex-dividend date is Thursday, August 27th. This represents a $1.72 annualized dividend and a yield of 1.5%. Xylem’s dividend payout ratio (DPR) is 40.95%.

Analyst Ratings Changes Several research analysts have commented on the stock. Mizuho raised their price target on shares of Xylem from $124.00 to $130.00 and gave the company a “neutral” rating in a report on Wednesday, July 29th. Stifel Nicolaus boosted their price target on shares of Xylem from $157.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. UBS Group increased their price target on shares of Xylem from $135.00 to $138.00 and gave the stock a “neutral” rating in a report on Thursday, August 13th. Oppenheimer lowered their price objective on shares of Xylem from $160.00 to $158.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 29th. Finally, Jefferies Financial Group raised shares of Xylem from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $130.00 to $140.00 in a report on Thursday, June 25th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $154.23.

View Our Latest Analysis on XYL

About Xylem (Free Report)

Xylem Inc (NYSE: XYL) is a global water technology company that designs, manufactures and services engineered systems and equipment for the transport, treatment, testing and efficient use of water. Its product portfolio spans pumps and pumping systems, valves, filtration and disinfection equipment, sensors and analytical instruments, and digital solutions for monitoring and control of water infrastructure. Xylem serves the full water cycle with offerings for water and wastewater utilities, industrial customers, commercial and residential buildings, and agricultural applications.

The company was established as an independent publicly traded company in 2011 following a corporate spin-off from ITT Corporation and is headquartered in Rye Brook, New York.

Further Reading Five stocks we like better than Xylem Bloom Energy’s AI Surge Meets a Valuation Reality Check Target Is Winning Shoppers Back—Can the Rally Reach $180? IonQ’s Space Contract Points to a New Frontier for Quantum Investors Is Apple’s AI Strategy Smarter Than Skeptics Think? Want to see what other hedge funds are holding XYL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Xylem Inc. (NYSE:XYL – Free Report).

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GUANGZHOU, China, Aug. 20, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), a world-leading advanced air mobility (“AAM”) technology platform company, today announced a strategic cooperation framework agreement of intent with China Construction Sixth Engineering Bureau Corp., Ltd. (“CSCEC Sixth Engineering Bureau”), a top-tier state-owned infrastructure giant in China. The partnership intends to focus on low-altitude infrastructure development and operational scenario planning. The Cross-Sea Low-Altitude Corridor Project in Lingao, Hainan (the “Project”) marks the first project to break ground under the partnership, aiming to establish a closed-loop low altitude economy ecosystem that integrates infrastructure and commercial operations.

Under the framework agreement, China Construction Sixth Engineering Bureau will draw on its industrial chain strengths and state-owned enterprise resources to jointly develop low‑altitude infrastructure such as general aviation airports, eVTOL vertiports and hangars tailored for low‑altitude flight operations and project planning and implementation. EHang, in turn, will deploy its core expertise in R&D, airworthiness certification and operations of pilotless passenger‑grade eVTOLs, providing aircraft alongside supporting operational and technical solutions.

The Project, as the first implementation of the partnership, has officially commenced construction, with Hainan Fuma General Aviation, a client and partner of EHang, as the project owner, CSCEC Sixth Engineering Bureau as the main constructor and EHang providing joint planning of infrastructure and operational sites, aircraft, operational services and technical support.

Centered around the Maniao General Aviation Airport, the Project will develop multiple eVTOL operational sites and vertiports along Lingao’s coastline, with plans to implement point-to-point passenger eVTOL routes and cross-sea shuttle services. The first key flight station, the WingHub South Sea, is taking shape and will include an operations and exhibition center, vertiports compatible with EHang’s pilotless eVTOL aircraft, and testing zones. The center’s application rollout will be implemented in phases: starting from offering aerial sightseeing, low-altitude logistics, training, and testing, followed by expansion to cross-sea passenger transport.

In December 2025, EH216-S completed a 22-kilometer cross-sea flight across the Qiongzhou Strait in 18 minutes, from Haikou in Hainan to Xuwen Port in Guangdong, validating the technical capabilities and efficiency of pilotless eVTOLs in cross-sea applications.

Hainan's 15th Five-Year Comprehensive Transportation Plan calls for the development of island-wide and cross-sea low-altitude route networks, as well as upgrades of general aviation airports and construction of low-altitude vertical takeoff and landing infrastructure. The Maniao General Aviation Airport in Lingao has been included among 36 major low-altitude infrastructure projects of Hainan's 15th Five-Year plan. Upon completion, the airport is expected to support point-to-point eVTOL flights between Lingao in Hainan and Xuwen in Guangdong, serving as the key base of an “aerial express corridor” across the inter-provincial Qiongzhou Strait.

A representative of CSCEC Sixth Engineering Bureau, stated, “As a strategic emerging industry and an important area of future development, the low-altitude economy is becoming an important driver of new quality productive forces and urban development. We will leverage its strengths in engineering construction, infrastructure investment and urban development to work with EHang, a leading eVTOL enterprise, on low-altitude infrastructure and application scenarios, supporting the standardized and high-quality development of the low-altitude economy in China.”

Zhao Wang, Chief Operating Officer of EHang, said, “With our pilotless human-carrying eVTOL aircraft that have met the technical and airworthiness requirements for commercial operations, infrastructure remains a critical enabler for scaling real-world applications. Our strategic partnership with CSCEC Sixth Engineering Bureau will bring together infrastructure development capabilities and EHang’s pilotless eVTOL technology to accelerate the build-out of AAM operational infrastructure and flight route network. Starting with the Project in Lingao, Hainan, EHang will work with CSCEC Sixth Engineering Bureau from infrastructure planning through operation launch. We look forward to applying this integrated approach to more cities and regions.”

(Image: EHang and CSCEC Sixth Engineering Bureau Sign Strategic Cooperation Framework Agreement)

(Image: Conceptual Planning Rendering of the WingHub South Sea)

About EHang

EHang (Nasdaq: EH) is the world’s leading advanced air mobility (“AAM”) technology platform company, committed to making safe, autonomous, and eco-friendly air mobility accessible to everyone. The company develops and manufactures a diversified portfolio of pilotless electric vertical take-off and landing (“eVTOL”) aircraft for a wide range of use cases, including aerial tourism, intra-city transport, intercity travel, logistics and emergency firefighting. Its flagship model, EH216-S, has obtained the world’s first type certificate, production certificate and standard airworthiness certificate for pilotless eVTOL issued by the Civil Aviation Administration of China, and is now commercially operated under the country’s first Air Operator Certificates for human-carrying eVTOL services. Complementing this, EHang’s VT35 expands its reach into long-range and intercity scenarios, supporting the development of a multi-tiered low-altitude mobility network. By integrating advanced autonomous technologies with scalable operational infrastructure, EHang is redefining how people and goods move—across cities, regions, and natural barriers—shaping the future of air mobility. For more information, please visit www.ehang.com.

About CSCEC Sixth Engineering Bureau

China Construction Sixth Engineering Bureau Corp., Ltd. (“CSCEC Sixth Engineering Bureau”) is a core member of China State Construction Engineering Corporation, a Fortune Global 500 company. With registered capital of RMB6.278 billion, the company holds top-tier qualifications in building construction, municipal engineering and highway construction, and first-class qualifications in water conservancy, river and lake management and real estate development. Its core businesses include infrastructure, high-end building construction and real estate. The company provides integrated services covering planning, investment, design, construction, operations and technical consulting, with a focus on developing capabilities across the full project lifecycle.

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 management’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 those relating to certifications, our expectations regarding demand for, and market acceptance of, our products and solutions and the commercialization of UAM services, our relationships with strategic partners, and current litigation and potential litigation involving us. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause EHang’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

Investor Contact: [email protected]
Media Contact: [email protected]

Photos accompanying this announcement are available at

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Tap Global Group PLC (LSE:TAP), the AIM-listed digital finance company, saw its shares rise 18% to 1.30pt, up from a previous close of 1.10p, after it reported stronger-than-expected revenue and a sharp narrowing of its operating loss.

The shares opened at 1.20p, compared with a previous close of 1.10p, before reaching 1.30p, according to London Stock Exchange data.

Tap reported revenue of approximately £3 million for the year ended 30 June, about 7% above market expectations, despite cryptocurrency exchange volumes falling by more than half during the year.

The group’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) loss was approximately £260,000, about 80% lower than market expectations of £1.3 million, while its group EBITDA loss was about £55,000.

Tap said it was EBITDA-profitable in the second half of the financial year, marking an improvement as the company moved towards its stated goal of sustained profitability.

The company’s Tap Earn product, launched in May, also showed strong early growth, with assets under management reaching more than $5.6 million, up 61% in three months.

Tap Earn has delivered 15 consecutive weekly payouts and generated approximately $125,000 in yield revenue, equivalent to an annualised gross yield of about 7% on committed capital.

Customer deposits have reached $6.9 million since launch, compared with withdrawals of approximately $700,000, indicating that deposits have significantly exceeded withdrawals.

Tap had more than 400,000 registered users at 30 June, compared with about 391,000 a year earlier, while cash and cryptoassets totalled £2.15 million.

The company said its financial year 2026 performance demonstrated the resilience of its fee-based model during a difficult cryptocurrency market, while financial year 2027 would focus on scaling and sustained profitability.

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All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this communication.

This communication is intended for information purposes only and does not constitute investment advice, a personal recommendation, an offer, solicitation, or inducement to buy or sell any investment or financial product. Opinions and commentary reflect the views of the named author at the time of writing and are subject to change without notice.

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https://coinpedia.org/price-analysis/jito-surges-as-solanas-market-layer-goes-live-can-jto-price-extend-its-rally-beyond-1

The holders of JitoSOL have achieved the necessary governance quorum, enabling the Jito Stake Pool to cast a decisive YES vote on three active Solana governance proposals. This development involves approximately 10 million SOL being used to influence protocol governance, marking a significant step for JitoSOL holders in participating in Solana’s decision-making processes. The quorum was reached under the JIP-30 trigger mechanism, which allows the stake pool to reflect the collective vote of JitoSOL holders once the threshold is met, thereby integrating liquid staking token holders into Solana’s governance framework.

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The move appears to reflect a growing trend of liquid staking tokens playing a crucial role in blockchain governance. By involving JitoSOL holders in decision-making, the initiative could enhance engagement and confidence in the Solana ecosystem. The market response to this development suggests a positive outlook, potentially impacting Solana’s market dynamics and price trajectory.

Key Takeaways The move appears to integrate JitoSOL holders into Solana’s governance, suggesting increased community involvement. JitoSOL’s governance mechanism indicates strong support for the current Solana proposals, potentially impacting market sentiment. The development could indicate a shift in the governance role of liquid staking tokens within the Solana ecosystem. What to Watch The effects of this governance decision on Solana’s market dynamics will be crucial in the coming days. Observers should monitor Solana’s price movements and any subsequent governance outcomes. Additionally, further integration of liquid staking tokens into other blockchain governance frameworks could indicate a broader trend, potentially influencing market confidence and participation.

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Term Structure

Contract Odds Δ since publish Volume 24h September 1 2026 0.2% — — View market → September 1 2026 0.9% — — View market → September 1 2026 1% — — View market → September 1 2026 1.8% — — View market → September 1 2026 16.1% — — View market → September 1 2026 60.9% — — View market → September 1 2026 7% — — View market → September 1 2026 1.7% — — View market → September 1 2026 0.3% — — View market → September 1 2026 0.1% — — View market → September 1 2026 0.7% — — View market →

Scammers have been spreading false information about token migrations within the Shiba Inu ecosystem, prompting warnings from Shiba Eternity game advisor and long-standing community member Mazrael. The alerts come as fraudulent narratives begin circulating on Telegram channels, targeting holders of SHIB, BONE, LEASH, and TREAT tokens.

Warning over fraudulent migration claimsMazrael, who plays a key advisory role in the official Shiba Inu mobile game, stated that individuals are using Telegram to mislead community members about supposed token migrations. He highlighted one specific account with the alias ‘someonesmart’ for broadcasting a fake migration campaign across multiple Telegram groups, including those dedicated to Bone ShibaSwap and Shibarium.

The scammer reportedly posted unauthorized links and group invitations in official community channels, muting moderators and banning developers to prevent them from addressing the fraudulent messages immediately. Mazrael made it clear that these groups and messages have no connection with ShibaSwap or the Shibarium project.

Mazrael emphasized that the group promoted by ‘someonesmart’ had “nothing to do with ShibaSwap or Shibarium,” warning users to avoid any migration claims from unofficial sources.

He further clarified that, as of now, “No migration is taking place,” and reminded users planning to stake BONE on Shibarium or interact with ShibaSwap to use only the real tokens and avoid offers of supposed replacement tokens.

Official guidance and token safetyCommunity leaders are encouraging participants to rely solely on official channels and the legitimate tokens within the Shiba Inu ecosystem. These tokens include SHIB, BONE, LEASH, and TREAT. Users are advised to remain skeptical of any request involving unfamiliar contracts, swapping tokens due to supposed migrations, or moving assets to new addresses unless such actions are directly confirmed by official Shiba Inu sources.

“If you want to stake your BONE on Shibarium or use your real tokens on ShibaSwap, you use the real tokens,” Mazrael stated, reinforcing that no migration or token replacement is currently legitimate.

LEASH contract upgrade underwaySeparately, the development team is preparing for a planned migration of the LEASH token following the identification of a technical flaw in its original code. This vulnerability affected the token’s fixed-supply feature, raising concerns that supply could be changed through a rebase mechanism, even though developers had previously stated the contract keys had been burned.

After addressing the issue, developers confirmed that the new LEASH v2 contract cannot mint additional tokens under any circumstance. The entire supply of the v2 token has already been secured in a multisignature wallet, awaiting distribution.

The team explained that when the migration process begins, holders of the original LEASH (v1) will have their tokens locked or burned, while v2 tokens will be issued from the multisig wallet according to each investor’s holdings. However, the official date for this migration is yet to be announced, and no action is required from holders at this time.

Mini dictionary: Multisignature wallet, a type of cryptocurrency wallet that requires more than one private key to authorize a transaction, offering additional security by distributing control among multiple parties.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Over the past 24 hours, Shiba Inu (SHIB) on-chain activity recorded a sharp 14.86% surge in transfer volume, coinciding with a local drop in the token's price to $0.00000442.

Fresh data from CryptoQuant and Etherscan show that while retail investors watch the price decline, the largest holders are using this moment to withdraw billions of SHIB from trading platforms en masse.

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Blockchain metrics paint a rather anomalous picture: while daily growth in new wallets on the network is virtually zero (+0.004%), the volume of transferred tokens has surged, while the number of transactions itself has remained at its baseline level.

Daily transfer dynamics of Shiba Inu (SHIB) coin, Source: EtherscanThis means that it was not millions of small sums moving through the network, but several enormous, undivided blocks of capital.

How 740 major players are emptying SHIB exchange order booksThe reason for this dynamic is that Shiba Inu is extremely centralized: just 740 whale wallets control a colossal 94.57% of the coin's entire circulating supply. At the same time, nearly one million small investors with balances of up to $10 collectively own just 0.05% of the SHIB supply.

Retail addresses are practically incapable of moving the network's overall metrics by even one percentage point.

The on-chain trail of this activity leads to the largest liquidity hubs — the internal addresses of Robinhood, which holds 3.92% of the supply, Binance with 3.45% and Crypto.com with 2.75%. 

CryptoQuant's Exchange Netflow chart clarifies the motive behind these movements: deep outflows from trading platforms were recorded on Aug. 17 and 18, with the net exchange balance falling by roughly 46.7 billion SHIB at the beginning of current week alone.

Total Shiba Inu (SHIB) exchange netflow, Source: CryptoQuant You Might Also Like

Large players are not transferring tokens to exchanges to sell them. On the contrary, they are removing supply from the market by moving billions of SHIB to cold wallets.

For the millions of small investors, this surge in transfers has yet to become a signal for the start of a retail rally. 

However, the network has sent a clear signal: the 740 whales that fully control this asset are methodically buying up the supply and moving tokens off the market, possibly laying the groundwork for a breakout from the prolonged sideways trend.

The Euro (EUR) posts a fresh three-month high at around 1.1693 against the US Dollar (USD) during the European trading session on Thursday. The major currency pair strengthens as the US Dollar takes a hit due to plunging United States (US) long-dated bond yields after the Treasury Department’s announcement that it will double down on its bond-buying operations to curb higher borrowing costs.

Strategists at Danske Bank note that EUR/USD “spiked higher” after the US Treasury announced an increase in buyback volumes of longer-dated Treasury bonds, a move that coincided with a flattening of the US yield curve. They highlight that the 10Y UST, at “4.64% currently, … is now 10bp below the peak on Tuesday,” and that the adjustment in US yields has “only partly spilled over to Europe, where the primary market has opened with plenty of SSA and covered bond deals.”

In the European session, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, extends its decline and posts a fresh 11-week low near 98.70.

US Dollar Price Today The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the weakest against the New Zealand Dollar.

USDEURGBPJPYCADAUDNZDCHFUSD-0.15%-0.17%0.16%-0.24%-0.01%-0.33%0.15%EUR0.15%-0.02%0.30%-0.08%0.13%-0.19%0.30%GBP0.17%0.02%0.32%-0.07%0.15%-0.15%0.32%JPY-0.16%-0.30%-0.32%-0.40%-0.17%-0.50%-0.01%CAD0.24%0.08%0.07%0.40%0.24%-0.08%0.39%AUD0.01%-0.13%-0.15%0.17%-0.24%-0.31%0.16%NZD0.33%0.19%0.15%0.50%0.08%0.31%0.50%CHF-0.15%-0.30%-0.32%0.01%-0.39%-0.16%-0.50% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

On the Euro front, financial markets are confident that the European Central Bank (ECB) will raise interest rates at the September meeting. In contrast, the Federal Reserve (Fed) is expected to leave them steady in the same month.

EUR/USD Technical Analysis

EUR/USD trades at 1.1693, extending its advance above the 20-period exponential moving average (EMA) at 1.1547. The pair’s position comfortably above this short-term trend indicator suggests a constructive near-term bias, though the Relative Strength Index (RSI) at 73.98 signals overbought conditions that could cap upside in the very short run.

On the downside, initial support is located at the 20-day EMA around 1.1547, where a pullback would likely be tested before any deeper correction unfolds. Looking up, the pair could advance towards May's high at around 1.1800 once it stabilizes above 1.1700.

Analysts at UOB Group are also constructive on the pair in the near-term horizon, recalling that they “turned positive on Monday (17 Aug, spot at 1.1570), indicating that ‘the price action suggests EUR is likely to trade with an upside bias.’” On Tuesday (18 Aug, spot at 1.1580), they maintained that “while the upside bias remains intact, given that there is no significant increase in upward momentum, EUR must break and hold above 1.1615 before a move to 1.1655 and beyond can be expected.” That condition was met yesterday as EUR “broke above 1.1615, as it rallied sharply to 1.1679,” with the pair closing “at a three-month high of 1.1677, up by 0.89%.”

UOB now judges that, “given the strong momentum, there is room for further upside in EUR toward 1.1725,” and will “maintain our positive EUR view as long as it stays above 1.1600 (‘strong support’ level previously at 1.1525).”

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

US Dollar FAQs The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away.

The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback.

In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed’s weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar.

Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.

The Pound to Dollar (GBP/USD) exchange rate jumped above 1.3600 on Wednesday, reaching its strongest level since May as falling Treasury yields hit the US Dollar.

Pound Sterling's own UK inflation backdrop was broadly neutral.

Latest — Exchange Rates:

Pound to Dollar (GBP/USD): 1.360955 (+0.55%)

Euro to Dollar (EUR/USD): 1.167557 (+0.86%)

Dollar to Yen (USD/JPY): 158.12827 (-0.89%)

DAILY RECAP:

GBP/USD climbed around 0.5% as the Dollar sold off sharply across the major currencies.

The decisive move came after the US Treasury announced it would double buybacks of longer-dated government bonds, sending 10 and 30-year yields lower and easing financial conditions.

Deutsche Bank strategist George Saravelos warned that failure by the Federal Reserve to recognise that effect would amount to “an additional dollar negative driver.”

The subsequent FOMC minutes were more hawkish.

Several policymakers had been prepared to raise rates in July, while many judged that another increase would be needed if inflation failed to return towards target.

Markets largely looked through that message following softer jobs, inflation and retail sales data released since the meeting.

ING's Chris Turner said: “Our base case is that it does not, and the dollar softens a little,” referring to the prospect of a September Fed hike.

Scotiabank remains similarly cautious on the US currency, stating: “We remain bearish on the outlook for the USD in the short/medium term.”

Pound Sterling had earlier shown little reaction to UK inflation.

Headline CPI rose as expected to 2.9%, while services inflation eased to 3.4% and producer input prices dropped 1.7%.

Those figures, combined with Tuesday's softer labour data, leave the Bank of England with little urgency to raise rates again.

Near-Term GBP/USD Forecast: 1.3650 in Focus After Dollar Sell-Off Thursday brings US jobless claims, forecast at 210,000, alongside the Philadelphia Fed manufacturing index.

Friday is busier for Sterling. UK retail sales are forecast to fall 0.5%, before manufacturing and services PMIs at 09:30 BST.

US flash PMIs follow at 14:45 BST.

Strong UK activity alongside softer US figures could push GBP/USD through 1.3650 and expose 1.3700.

Weak UK retail sales combined with resilient US data would put 1.3500 back in view.

The broader Pound to Dollar exchange rate (GBP/USD) remains constructive while the pair holds above the low-1.35 area.

Exchange Rates UK Research Our currency coverage draws on live market data, official economic releases and published bank research.

Walmart is expected to report fiscal second-quarter earnings before the bell on Thursday and offer its latest read on the health of the U.S. consumer.

The retailer, which has been leaning into prioritizing value for its lower-income cohort while winning over more high-income shoppers, has been largely insulated from macroeconomic pressures. However, the company has previously said it's seeing the divide between income groups widen.

As the largest U.S. retailer, Walmart can offer a unique perspective on consumer behavior.

Here's how the company is expected to perform, based on a survey of analysts by LSEG:

Earnings per share: 74 cents expectedRevenue: $186.77 billion expectedLast quarter, the retailer issued a worse outlook than Wall Street expected for the year due to soaring gas prices and lower consumer confidence. Its fiscal first quarter was only the third time in 16 quarters that Walmart did not beat quarterly earnings expectations.

Chief Financial Officer John David Rainey previously told CNBC he believed higher tax refunds may have "muted" some of the pressure on consumers during the first few months of the year.

"It's something that we're keeping a close eye on, but that expectation is built into our guidance for the second quarter," Rainey said at the time.

Analysts at Bernstein wrote in a late July note that they believe Walmart is experiencing a slowdown in comparable sales due to "the lapping of tariff-driven price increases," which helped to increase revenue.

"This, combined with price cut talks from grocers, weak read-across from peers and ongoing inflationary pressure on the low-income consumer has created an elevated level of uncertainty," they wrote.

Nonetheless, the analysts said they still see Walmart in "a strong fundamental position" with its pricing, assortment and delivery.

The retailer is also expected to offer some color on how tariff refunds shaped its business in the quarter.

Competitor Target said on Wednesday that its quarterly results included a $752 million boost to net earnings, or $1.65 per share, from tariff refunds. Home improvement retailers Home Depot and Lowe's also reported increases to earnings from those refunds, with Home Depot adding that $685 million of its refunds were used to reduce the cost of goods sold.