Market Signal Briefing

Nvidia and xAI said on Wednesday that a large data center facility being built in Saudi Arabia and equipped with hundreds of thousands of Nvidia chips will count Elon Musk's artificial intelligence startup as its first customer.

Musk and Nvidia CEO Jensen Huang were both in attendance at the U.S.-Saudi Investment Forum in Washington, D.C.

The announcement builds on a partnership from May, when Nvidia said it would provide Saudi Arabia's Humain with chips that use 500 megawatts of power. On Wednesday, Humain said the project would include about 600,000 Nvidia graphics processing units.

Humain was launched earlier this year and is owned by the Saudi Public Investment Fund. The plan to build the data center was initially announced when Huang visited Saudi Arabia alongside President Donald Trump.

"Could you imagine, a startup company approximately 0 billion dollars in revenues, now going to build a data center for Elon," Huang said.

The facility is one of the most prominent examples of what Nvidia calls "sovereign AI." The chipmaker has said that nations will increasingly need to build data centers for AI in order to protect national security and their culture. It's also a potentially massive market for Nvidia's pricey AI chips beyond a handful of hyperscalers.

Huang's appearance at an event supported by President Trump is another sign of the administration's focus on AI. Huang has become friendly with the president as Nvidia lobbies to gain licenses to ship future AI chips to China.

When announcing the agreement, Musk, who was a major figure in the early days of the second Trump administration, briefly mixed up the size of the data center, which is measured in megawatts, a unit of power. He joked that plans for a data center that would be 1,000 times larger would have to wait.

"That will be eight bazillion, trillion dollars," Musk joked.

Humain won't just use Nvidia chips. Advanced Micro Devices and Qualcomm will also sell chips and AI systems to Humain. AMD CEO Lisa Su and Qualcomm CEO Cristiano Amon both attended a state dinner on Tuesday to honor Saudi Crown Prince Mohammed bin Salman.

AMD will provide chips that may require as much as 1 gigawatt of power by 2030. The company said the chips that it would provide are its Instinct MI450 GPUs for AI. Cisco will provide additional infrastructure for the data center, AMD said.

Qualcomm will sell Humain its new data center chips that were first revealed in October, called the AI200 and AI250. Humain will deploy 200 megawatts of Qualcomm chips, the company said.

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NEW YORK, Nov. 19, 2025 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of Fortinet, Inc. (NASDAQ: FTNT).

Shareholders who purchased shares of FTNT during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.

CONTACT US HERE:

https://securitiesclasslaw.com/securities/fortinet-inc-loss-submission-form/?id=177909&from=3

CLASS PERIOD: November 8, 2024 to August 6, 2025

ALLEGATIONS: According to the filed complaint, defendants made false statements and/or concealed that defendants knew that the refresh cycle would never be as lucrative as they represented, nor could it, because it consisted of old products that were a “small percentage” of the Company’s business. Moreover, defendants misrepresented and concealed that they did not have a clear picture of the true number of FortiGate firewalls that could be upgraded. And while telling investors that the refresh would gain momentum over the course of two years, Fortinet misrepresented and concealed that it had aggressively pushed through roughly half of the refresh in a period of months, by the end of 2Q 2025.

DEADLINE: November 21, 2025 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/fortinet-inc-loss-submission-form/?id=177909&from=3

NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of FTNT during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is November 21, 2025. There is no cost or obligation to you to participate in this case.

WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: [email protected]
Phone: (646) 453-8903

NEW YORK, Nov. 19, 2025 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of Molina Healthcare, Inc. (NYSE: MOH).

Shareholders who purchased shares of MOH during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.

CONTACT US HERE:

https://securitiesclasslaw.com/securities/molina-healthcare-inc-loss-submission-form/?id=177907&from=3

CLASS PERIOD: February 5, 2025 to July 23, 2025

ALLEGATIONS: According to the filed complaint, defendants made false statements and/or concealed: (1) material, adverse facts concerning the Company’s “medical cost trend assumptions;” (2) that Molina was experiencing a “dislocation between premium rates and medical cost trend;” (3) that Molina’s near term growth was dependent on a lack of “utilization of behavioral health, pharmacy, and inpatient and outpatient services;” (4) as a result of the foregoing, Molina’s financial guidance for fiscal year 2025 was substantially likely to be cut; and (5) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis Molina's stock price dropped following this news.

DEADLINE: December 2, 2025 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/molina-healthcare-inc-loss-submission-form/?id=177907&from=3 

NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of MOH during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is December 2, 2025. There is no cost or obligation to you to participate in this case.

WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: [email protected] 
Phone: (646) 453-8903

Yann LeCun, known as one of the godfathers of modern artificial intelligence and one of the first AI visionaries to join the company then known as Facebook, is leaving Meta.

LuCun said in a LinkedIn post on Wednesday that he plans to create a startup that specializes in a kind of AI technology that researchers have described as world models, analyzing information beyond web data in order to better represent the physical world and its properties.

"I am creating a startup company to continue the Advanced Machine Intelligence research program (AMI) I have been pursuing over the last several years with colleagues at FAIR, at NYU, and beyond," LeCun wrote. "The goal of the startup is to bring about the next big revolution in AI: systems that understand the physical world, have persistent memory, can reason, and can plan complex action sequences."

Meta will partner with LeCun's startup.

The departure comes at a time of disarray within Meta's AI unit, which was dramatically overhauled this year after the company released the fourth version of its Llama open-source large language model to a disappointing response from developers. That spurred CEO Mark Zuckerberg to spend billions of dollars recruiting top AI talent, including a June $14.5 billion investment in Scale AI to lure the startup's 28-year-old CEO Alexandr Wang, now Meta's new chief AI officer.

LeCun, 65, joined Facebook in 2013 to be director of the FAIR AI research division while maintaining a part-time professorial position at New York University.

At the time, Facebook and Google were heavily recruiting high-level academics like LeCun to spearhead their efforts to produce cutting-edge computer science research that could potentially benefit their core businesses and products.

LeCun, along with other AI luminaries like Yoshua Bengio and Geoffrey Hinton, centered their academic research on a kind of AI technique known as deep learning, which involves the training of enormous software systems called neural networks so they can discover patterns within reams of data. The researchers helped popularize the deep learning approach, and in 2019 won the prestigious Turing Award, presented by the Association for Computing Machinery.

Since then, LeCun's approach to AI development has drifted from the direction taken by Meta and the rest of Silicon Valley.

Meta and other tech companies like OpenAI have spent billions of dollars in developing so-called foundation models, particularly LLMs, as part of their efforts to advance state-of-the-art computing. However, LeCun and other deep-learning experts, have said that these current AI models, while powerful, have a limited understanding of the world, and new computing architectures are needed for researchers to create software that's on par with or surpasses humans on certain tasks, a notion known as artificial general intelligence.

"As I envision it, AMI will have far-ranging applications in many sectors of the economy, some of which overlap with Meta's commercial interests, but many of which do not," LeCun said in the post. "Pursuing the goal of AMI in an independent entity is a way to maximize its broad impact."

Besides Wang, other recent notables that Zuckerberg brought in to revamp Meta's AI unit include former GitHub CEO Nat Friedman, who heads the unit's product team, and ChatGPT co-creator Shengjia Zhao, the group's chief scientist.

In October, Meta laid off 600 employees from its Superintelligence Labs division, including some who were part of the FAIR unit that LeCun helped get off the ground. Those layoffs and other cuts to FAIR over the years, coupled with a new AI leadership team, played a major role in LeCun's decision to leave, according to people familiar with the matter who asked not to be named because they weren't authorized to speak publicly.

Additionally, LeCun rarely interacted with Wang nor TBD Labs unit, which is compromised of many of the headline-grabbing hires Zuckerberg made over the summer. TBD Labs oversees the development of Meta's Llama AI models, which were originally developed within FAIR, the people said.

While LeCun was always a champion of sharing AI research and related technologies to the open-source community, Wang and his team favor a more closed approach amid intense competition from rivals like OpenAI and Google, the people said.

WATCH: Meta is a table pounder here.

NASHVILLE, Tenn.--(BUSINESS WIRE)--Five9 CX Summit – Five9 (Nasdaq: FIVN), provider of the Intelligent CX Platform, today announced the winners of the 2025 New Era of CX Awards during Five9 CX Summit 2025. The awards recognize organizations and partners who are redefining what's possible in customer and employee experience through innovation, AI, and automation. This recognition celebrates those who have achieved measurable business outcomes and demonstrated exceptional creativity in leveraging.

Clarivate Plc (CLVT) Global Technology, Internet, Media & Telecommunications Conference 2025 November 19, 2025 1:20 PM EST

Company Participants

Matti Shem Tov - CEO & Director
Jonathan Collins - Executive VP & CFO

Conference Call Participants

Ashish Sabadra - RBC Capital Markets, Research Division

Presentation

Ashish Sabadra
RBC Capital Markets, Research Division

Sabadra, and I cover information services companies here at RBC. Matti -- we are excited to host Matti, CEO; and Jonathan CFO of Clarivate. Thanks for giving us this opportunity.

Matti Shem Tov
CEO & Director

Yes. Thank you. Happy to be here.

Question-and-Answer Session

Ashish Sabadra
RBC Capital Markets, Research Division

We'll kick off with the #1 question that we are getting across our coverage universe. It's all about GenAI. GenAI, GenAI, GenAI. So GenAI first from the top line, how do you think about -- one of the concerns is disintermediation risk. So can you talk about how proprietary is your data? How deeply embedded are you in your client workflows? And if you can go through all your segments, like all 3 of them at a very high level, talk about why is -- how do you think about GenAI, but also from not only disintermediation risk but also monetization opportunity, how it's going to open up newer ways for you to monetize.

Matti Shem Tov
CEO & Director

Yes. Sure. First of all, thank you for hosting us today here. Definitely, AI is not going to displace Clarivate. In fact, AI is a great opportunity for us because of the unique nature of our proprietary data and I'll talk about it in general and then I'll talk about segment by segment.

Our data is unique, and we are in a very unique position to strive in the era of AI because the foundation of the company

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SAN FRANCISCO, Nov. 19, 2025 (GLOBE NEWSWIRE) -- On November 17, 2025, James Hardie Industries plc (NYSE: JHX) announced the departure of its CFO (Rachel Wilson) who was immediately replaced by outsider Ryan Lada.

This development follows the 34% August 20, 2025 collapse in James Hardie’s share price and the class-action lawsuit filed against it and certain of its executives, alleging Defendants committed securities fraud by misleading investors about inventory levels and customer demand in its crucial North American segment.

Hagens Berman is investigating the alleged claims and urges investors in James Hardie who suffered significant losses to contact the firm now.

Read more about the issue facing JHX investors, Alleged Inventory Deception: Investors Claim James Hardie Concealed Weak Demand.

Class Period: May 20, 2025 – Aug. 18, 2025
Lead Plaintiff Deadline: Dec. 23, 2025
Visit: www.hbsslaw.com/investor-fraud/jhx
Contact the Firm Now: [email protected]
844-916-0895

The James Hardie Industries (JHX) Securities Class Action

James Hardie Industries plc is the dominant producer of fiber cement building materials in the U.S..

The lawsuit, Laborers’ District Council & Contractors’ Pension Fund of Ohio v. James Hardie Industries plc., et al., 25-cv-13018 (N.D. Ill.), filed on behalf of all investors who purchased or acquired James Hardie common stock—which converted from American Depositary Shares on July 1, 2025—between May 20, 2025, and August 18, 2025 (the "Class Period"), seeks damages for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5.

The action centers on James Hardie’s North America Fiber Cement segment, which the company states generates about 80% of its total earnings. The plaintiffs allege that despite the company starting to observe significant inventory destocking by its North American channel partners in April and early May 2025, management publicly denied the trend and assured investors of the segment’s sustained strength.

Specifically, the complaint highlights statements made by company executives on or around May 20 and 21, 2025, which it claims falsely represented that customer demand remained robust and expressly denied that inventory destocking was occurring. The plaintiffs contend that these assurances concealed an underlying problem: sales were artificially inflated by “inventory loading by channel partners, with the hallmarks of fraudulent channel stuffing,” rather than genuine, sustainable customer demand.

This alleged deception came to a head on August 19, 2025, when James Hardie belatedly disclosed a sharp decline in performance. The company reported that sales in the North America Fiber Cement division had dropped by 12%, attributing the decline to the very customer destocking it had previously denied, which management now admitted had been discovered "in April through May."

Company CEO and Executive Director Aaron Erter sought to frame the downturn as a “normalization of channel inventories,” but cautioned that the impact was expected to affect sales for at least the next two quarters.

The market’s reaction was severe and swift. Following the disclosure, James Hardie’s common stock dropped by over 34%.

The plaintiffs argue that this precipitous decline—and the significant losses suffered by investors—was a direct result of the defendants’ alleged wrongful acts and omissions during the Class Period. The lawsuit aims to recover damages on behalf of the Class Members who were financially injured by the sudden reversal of the company’s reported financial health.

Hagens Berman’s Investigation on Behalf of Investors

Hagens Berman is actively investigating the alleged claims.

“We want to know if James Hardie’s sales were fueled by unsustainable sales practices and whether senior management was aware of the problem,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in James Hardie and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »

If you’d like more information and answers to frequently asked questions about the James Hardie case and our investigation, read more »

Whistleblowers: Persons with non-public information regarding James Hardie should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

Contact:
Reed Kathrein, 844-916-0895

XRP is under renewed pressure as the broader market downturn drags its profitability metrics back to levels last seen during Donald Trump’s November 2024 re-election.

Glassnode data shows that only 58.5% of XRP’s circulating supply is now in profit. That is the weakest reading since late November 2024, when the token hovered around $0.53.

Even at today’s price of roughly $2.15, about 41.5% of all circulating XRP, equating to nearly 26.5 billion tokens, sits at a realized loss.

XRP’s Supply in Profit (Source: Glassnode)According to the firm, the imbalance reflects how much of this year’s trading volume clustered near elevated price zones. That concentration has left late buyers exposed as momentum fades.

According to CryptoSlate’s data, XRP has dropped 12% in the past six months and trades 40% below its July cycle peak of $3.65.

Why is XRP struggling?Notably, derivatives activity has reinforced that cautious sentiment.

According to CoinGlass data, XRP futures open interest has collapsed to about $3.8 billion, down sharply from almost $10 billion earlier this year.

XRP’s Open Interest YTD (Source: CoinGlass)Open interest tracks the value of active futures contracts. As a result, lower levels typically show that speculative demand is weakening and traders are pulling back from directional bets.

This explains why XRP’s price growth has stalled significantly since its post-election spike. Indeed, XRP has traded chiefly sideways in a tight range around $2.10, disappointing traders who expected follow-through above that level.

Apart from that, XRP’s price has struggled significantly because its long-term holders have stepped up their profit-taking.

Glassnode noted that investors who accumulated XRP below $1 ahead of the late-2024 run are now unwinding positions at a breakneck pace.

According to the firm, this cohort profit-realization activity has risen 240% since September, climbing from about $65 million a day to nearly $220 million.

XRP’s Long-Term Holders Profit Taking (Source: Glassnode)Strong fundamentalsDespite the short-term weakness, the token’s underlying fundamentals remain intact.

Earlier this year, Ripple resolved its multi-year dispute with the US Securities and Exchange Commission (SEC) through a settlement following several favorable rulings.

At the same time, Ripple’s recent $500 million raise, strategic acquisitions of Palisade and Hidden Roads, and several partnerships are strengthening the company’s product suite and expanding its global presence.

Market analysts view these developments as supportive of the asset’s long-term positioning because they build out the ecosystem that relies on the token.

Moreover, institutional interest in the digital assets continues to rise.

Several spot XRP ETFs have launched in November 2025, including products from Franklin Templeton, Bitwise, 21Shares, and CoinShares. Notably, Canary Capital’s XRPC ETF has already drawn nearly $278 million in early inflows, according to SoSoValue data.

XRP ETF Daily Inflows (Source: SoSoValue)At the same time, the blockchain analytics platform Santiment noted that XRP remains a major topic across social platforms, with discussions focusing on ETF launches, market volatility, and the token’s positioning relative to Bitcoin, Ethereum, Solana, and Cardano.

Additionally, the firm also flagged recent retail sales as evidence of an imminent price rebound.

XRP Retailers Dumping (Source: Santiment)It noted that wallets holding fewer than 100 XRP have sold 1.38% of their balances since early November. Retail capitulation often precedes rebounds, and analysts are watching the trend as a potential sign of recovery.

Mentioned in this article

On Wednesday, the crypto market coughed up a hefty chunk of value as bitcoin slipped under the $89,000 mark and ethereum dipped below $2,900. While the heavyweights took their hits, plenty of alternative assets face-planted hard enough to make even seasoned holders feel queasy.

Key NotesUS policy developments triggered the latest AVAX selloff, pushing monthly losses beyond 25% as market sentiment weakened across major cryptocurrencies.Granite upgrade delivers three protocol improvements including dynamic blocktimes, FaceID-compatible authentication, and optimized cross-chain messaging costs.Technical indicators show persistent bearish pressure with AVAX trading below all major moving averages and requiring a close above $16 for recovery signals.
Avalanche

AVAX
$13.77

24h volatility:
6.4%

Market cap:
$5.90 B

Vol. 24h:
$441.84 M

fell 6% on Nov. 19, trading as low as $13, exceeding its losses since the start of November, above the 25% mark.

Despite the market turbulence, the Avalanche team delivered its most significant network upgrade of the year. According to the official announcement via X, Avalanche Granite introduces three high-value protocol improvements designed to enhance execution speed, user authentication, and optimize cross-chain transactions.

Avalanche Granite is live. The tech is powerful.

This upgrade does three things: pic.twitter.com/l36s4c1wVr

— Avalanche🔺 (@avax) November 19, 2025

ACP-226: Faster Blocktimes
Granite allows validators to adjust minimum block times dynamically as network conditions improve. The long-term roadmap includes sub-second confirmations and more responsive user experience.

ACP-204: Biometric-Style Approvals for dApps
Avalanche now supports the cryptographic curve used in FaceID and TouchID (secp256r1), enabling passwordless, device-native authentication across dApps. The aim is to deliver stronger identity checks and friction-free transactions with mobile-grade security.

ACP-181: Cheaper, More Reliable Cross-Chain Messaging
Granite stabilizes the validator set for short epochs of 5–10 minutes rather than changing every block. This lowers gas costs, reduces cross-chain message failures, and simplifies development for multi-chain applications.

AVAX Price Forecast: Can Bulls Defend the $13 Support Zone?
The AVAX 3-day chart shows a persistent downtrend, with the price sliding below all major moving averages. The 50-day sits at $23.11, the 100-day at $22.44, and the 200-day at $27.45, all above current levels and continuing to slope downward, signaling potential for more downside action.

Avalanche (AVAX) technical price analysis, Nov. 19, 2025 | Source: TradingView

AVAX action remains trapped within a six-bar descending range, reflecting a 26.5% drawdown from early November. Volume has thinned, and the candles continue to print lower highs, showing that sellers have maintained control throughout the month.

A rebound requires a firm defense of the $13–$14 zone. A close above $16 would be the first meaningful signal of market recovery, potentially clearing the path to the $20 psychological resistance area. Failure to hold $13 opens the door to a retest of $12 and potentially the psychological $10 level. With all major trend metrics pointing lower, this remains the path of least resistance until momentum reverses.

Conversely, a 3-day close above $18 and a MACD bullish crossover would invalidate the current bearish outlook.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Cryptocurrency News, News

Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.

Ibrahim Ajibade on LinkedIn

BlackRock’s iShares Bitcoin Trust (IBIT) recorded $523 million in net outflows on Tuesday, its most significant single-day withdrawal since launching in January 2024.

Summary

Abu Dhabi’s sovereign wealth fund Mubadala invested $518 million in a Bitcoin ETF.
The fund tripled its Bitcoin exposure just before the crypto crash.
BlackRock Inc.’s iShares Bitcoin Trust ETF posted five consecutive days of outflows totaling $1.43 billion.

The fund has now posted five consecutive days of outflows totaling $1.43 billion, contributing to four straight weeks of withdrawals amounting to $2.19 billion. The accelerating outflows coincide with Bitcoin’s drop below $90,000, extending a steep decline from its early-October all-time high near $126,000.

The update, courtesy of SoSoValue data, comes on the heels of Abu Dhabi’s sovereign wealth fund increasing its Bitcoin exposure just before the crypto market downturn.

Sovereign wealth and crypto don’t often mix, but that’s changing fast. Gulf-region funds, in particular, are increasingly allocating to digital assets as part of long-term diversification plays. Yet, new filings show that the crypto volatility remains a significant risk.

The Abu Dhabi Investment Council significantly increased its Bitcoin exposure in Q3, just before the Bitcoin (BTC) crash. Specifically, the fund acquired nearly 8 million shares of BlackRock Inc.’s iShares Bitcoin Trust (IBIT) ETF on September 30, according to disclosures to the U.S. Securities and Exchange Commission.

This purchase alone was worth about $518 million at the time, and it tripled its Bitcoin exposure. Just three months earlier, the fund held 2.4 million shares of the Bitcoin ETF. In a separate disclosure, the Mubadala fund stated that it owned 8.7 million shares of the IBIT ETF, valued at $567 million.

Abu Dhabi won’t back down on Bitcoin
Following this purchase, Bitcoin rallied to its all-time high of $126,198 on October 6. Shortly after, Bitcoin saw a major correction and is currently trading at $92,015. Yet, despite the crash, Abu Dhabi Investment Council stated it’s not backing down from its strategy.

“We view Bitcoin as a store of value similar to gold, and as the world continues to move toward a more digital future, we see Bitcoin playing an increasingly important role alongside gold,” the ADIC spokesperson told Bloomberg. “Both assets contribute to diversifying our portfolio, and we expect to hold them as part of our near and long-term strategy.”

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

As retail sentiment reaches its lowest level in months, institutional players have continued to show interest in the crypto industry, regardless of the market’s performance, signaling long-term confidence in the sector with their expansion to multiple blockchains, such as the BNB Chain and Ethereum.

Institutions Show Confidence As Crypto Market Struggles
On Wednesday, the BNB Chain unveiled a new milestone for its Real-World Asset (RWA) ecosystem, which has been driven by the ongoing institutional demand despite the market’s ongoing correction.

The crypto market has reportedly wiped out over $1.1 trillion in market capitalization over the past month and a half, driven by a series of massive liquidations and strong selling pressure since early October, which has shrunk retail investors’ sentiment to multi-month lows.

As reported by Bitcoinist, sentiment across the market has fallen to its lowest levels since March, recently reaching the Extreme Fear zone in the Fear & Greed Index. The index measures the predominant sentiment in the crypto market, ranging from 0 to 100.

Amid the broader correction, market sentiment had been moving between the Neutral and Fear zones. However, last week’s performance, which sent Bitcoin (BTC) below the key psychological $100,000 barrier, caused the score to plunge below the 20-point level, and it has been hovering within the Extreme Fear zone for the past five days, currently sitting at 16.

Despite retail sentiment, institutional investors have continued to bet on the industry’s long-term potential with the launch of multiple Digital Asset Treasury (DAT) strategies, altcoin-based Exchange-Traded Funds (ETFs), and the expansion of tokenized Real-World Assets across chains

According to the Wednesday announcement, the BNB Chain now leads global adoption of Circle’s interest-bearing stablecoin US Yield Coin (USYC) after launching on the network in July.

The asset, which recently surpassed $1 billion in total supply, now has over $900 million of its supply on the BNB Chain, adding to the network’s momentum in one of the fastest-growing sectors in the industry.

Notably, institutions have repeatedly chosen some of the leading networks, including BNB Chain and Ethereum, for tokenized assets and permissioned financial products. According to RWA.xyz data, the total RWA value on-chain currently sits at around $35.67 billion, a 3.53% increase over the past 30 days.

The BNB Chain, which has had a remarkable performance across its ecosystem this year, recently passed the $1 billion mark in on-chain value and has expanded its RWA ecosystem with multiple key partnerships and integrations from major institutional players.

Last week, the network welcomed BlackRock’s BUIDL Fund, the world’s largest tokenized real-world asset (RWA) fund with $2.5 billion in invested capital, on the BNB Chain, by launching a new share class on the network.

The expansion reportedly aims to broaden investor access and interoperability with other on-chain financial applications while offering qualified investors exposure to tokenized US dollar yields on a “high-performance, low-cost network.”

Similarly, Ondo Finance recently integrated with the BNB Chain to bring tokenized US stocks and ETFs to the blockchain at scale with its tokenized securities platform, Ondo Global Markets.

As reported by Bitcoinist, Ondo Global Markets has offered a selection of more than 100 tokenized US stocks and ETFs since its launch in September, surpassing $350 million in total value locked (TVL) and driving over $669 million in total on-chain volume.

Meanwhile, CMB International, Franklin Templeton, and VanEck have also expanded to the BNB Chain, bringing key money market funds and platforms, and offering tokenized US Treasury exposure on the network.

BNB Trades at $921 in the one-week chart. Source: BNBUSDT on Tradingview
Featured Image from Unsplash.com, Chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

US-based investment bank JPMorgan has made a brave forecast for Bitcoin (BTC), predicting the asset to rise as high as $170,000 next year. In the short term, the bank’s analysts pegged BTC’s floor at $94,000, tipping the top cryptocurrency for an imminent rally in the coming weeks to recoup previous losses.

A $94,000 Floor Will Be The Base For A Bitcoin Resurgence
Wall Street giant JPMorgan has set a floor for Bitcoin amid a dizzying decline in the cryptocurrency over the last week. According to the firm’s analysts, the Bitcoin price will bottom at $94,000 before rising back to new all-time highs in 2026.

For JPMorgan, the choice of $94,000 is not random, as the figure tallies with the average production cost of a single Bitcoin. Per the report, BTC’s production cost has historically indicated that the bottom for the asset in periods of a sell-off.

“The bitcoin production cost has empirically acted as a floor for bitcoin, so a $94,000 production cost implies very limited downside to the current bitcoin price,” said JPMorgan’s analysts.

CoinMarketCap data reveals that Bitcoin is trading at $95,000 after a tumultuous decline from its peak of $126,198 in October. A 24% decline in a month has since sparked whispers of a bear market, with JPMorgan jolting the ecosystem with its near-term forecast.

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The report predicted an imminent price spurt to previously unseen highs of $170,000 in 2026, reiterating previous mid-term predictions for the cryptocurrency. Analysts are pinning their forecasts on rising net inflows into Bitcoin ETFs, surging interest from crypto treasury companies like Strategy (formerly MicroStrategy).

“While price action may be bearish for now, overall it has been a very good year for crypto in terms of regulation and institutional adoption,” said CoinGecko head of research Zhong Yang Chan.

After years of maintaining a hawkish stance against the premier cryptocurrency, recent reports have indicated a reversal by JPMorgan. The Wall Street giant has increased its exposure to Bitcoin via BlackRock’s ETF while inching toward allowing institutional customers to use the asset as collateral.

Meanwhile, several Bitcoin proponents have begun making a case for an imminent capital rotation from gold into Bitcoin. Eric Trump argues that Bitcoin’s position as “digital gold” and its ability to move value between borders give it an edge over physical bullion. Bitwise analysts predicted that a 5% capital rotation from gold into Bitcoin will send prices of the premier cryptocurrency to new highs close to $250,000.

XRP price is currently facing downward pressure following a significant 12% decline over the past week, pushing the cryptocurrency below the $2 mark. In the last 24 hours, XRP has fallen by 8%, aligning with a broader market downturn, which saw a 5.12% drop across the crypto space.

This marks an extension of the coin’s seven day slide, primarily driven by profit-taking after the launch of ETF products, rising fear in the market, and several technical breakdowns.

XRP Price Faces Pressure Amid Market Decline
XRP’s price dipped from $2.17 earlier in the day to briefly touch $2.16. This sharp correction has been exacerbated by a notable 30% drop in trading volume, now at $4.75 billion. 

This decline in volume indicates waning market interest, with XRP’s market capitalization currently sitting at $130.02 billion. 

Despite a brief rally that saw the coin gain 10% in the last week, the current momentum is weak, with weekly losses now at 11%, erasing much of November’s previous gains.

XRP’s long-term holders are showing signs of anxiety as the coin’s price struggles to stay above $2. Following a period of optimism, the market sentiment has shifted from euphoria to denial. 

Currently, XRP faces the risk of falling further, as seen in the latest NUPL chart, which reflects a growing sense of unease among investors.

Source: Coinglass
Impact of ETF Launches and “Sell-the-News” Effect
This week saw the launch of spot XRP ETFs by both Franklin Templeton and Bitwise, bringing in $134 million in weekly ETF inflows. However, the news triggered a typical “sell-the-news” reaction, where investors locked in profits, causing a further dip in XRP’s value. 

The current market sentiment remains bearish, with fear driving selling activity. The uncertainty around the Federal Reserve’s next moves, alongside ETF outflows and general market liquidations, has left many investors cautious.

 XRP’s struggles are part of a larger trend; BTC price and Ethereum also face significant losses. BTC has broken below the $90,000 mark, while ETH struggles to hold above $3,000, down 8% in the last 24 hours. 

How Low Can XRP Price Go?
The XRP price crashed to $2.05 after showing strong bearish signals in the market. This decline follows a series of downward movements in the price, signaling a potential continuation of this trend.

The immediate resistance level lies around $2.20, and the next key support is seen at $2.00. If the bearish momentum continues, XRP could test this lower support.

The immediate target for bears is the $2.0 mark, which represents a crucial support level. If XRP manages to break this level, the next target could be even lower. 

On the other hand, a potential rebound could see XRP testing resistance at $2.2 again as the Future XRP outlook is still bearish.

Source: XRP/USD 4-hour chart: Tradingview
The  MACD indicator is showing a clear bearish crossover, with the MACD line below the signal line. This suggests that bearish momentum is dominating the market.

The RSI is also below the 30 mark at 28, indicating that XRP is in oversold conditions. This suggests that while a further decline is possible, a potential reversal or at least a short-term bounce might occur once the market finds a bottom.

Frequently Asked Questions (FAQs)

XRP is facing downward pressure due to profit-taking after ETF launches, a broader market decline, and rising investor fear.

The recent price drop is driven by market fear, ETF sell-offs, and declining trading volume, along with technical breakdowns.

In brief
Zcash treasury firm Cypherpunk Technologies bought another $18 million worth of ZEC.
The privacy coin has surged in value recently, rising in value by 15x since the start of September.
Cypherpunk's stock is up 469% over the last month, following the Zcash pivot.
Long-running privacy coin Zcash (ZEC) has continued its recent surge, rising 31% over the last week even as Bitcoin, Ethereum, and other major coins are deep in the red—and now a publicly traded treasury firm said it has amassed even more of the rising cryptocurrency.

Cypherpunk Technologies (Nasdaq: CYPH) announced Wednesday has purchased an additional 29,869.29 ZEC (Zcash) for $18 million at an average price of $602.63 per coin.

Combined with the firm’s initial acquisition of 203,775.27 ZEC for $50 million, the company now holds 233,644.56 ZEC at an average price of $291.04, representing 1.43% of the total ZEC supply. Cypherpunk’s ZEC treasury is now valued above $146 million.

Zcash recently traded hands at $626 per coin, up 125% over the last 30 days and marking a more than 15x jump since the start of September. The price of ZEC has eclipsed the $700 mark multiple times so far this month, but has remained volatile, with sizable swings up and down the charts.

Even with the recent upswing, ZEC remains far from its all-time high mark of $3,191 set upon its launch in 2016.

Bitcoin, by contrast, has set a more recent all-time high, peaking above $126,000 in early October. However, it has fallen sharply since, diving to a new seven-month low price of nearly $88,637 on Wednesday. Bitcoin is down more than 12% over the last week, while Zcash has jumped 31% during the same span.

Cypherpunk Technologies launched its Zcash treasury earlier this month with the backing of Winklevoss Capital, the VC firm founded by Tyler and Cameron Winklevoss, the co-founders of crypto exchange Gemini. The firm recently appointed veteran investor Khing Oei to its board of directors and Will McEvoy from Winklevoss Capital as both a board member and chief investment officer.

CYPH stock is up nearly 6% on the day to a recent price of $3.14, pushing its one-month gain to 469%.

Launched in 2016 with the help of famed whistleblower Edward Snowden, Zcash was forked from Bitcoin’s codebase with a focus on privacy: Transactions can be “shielded” via zero-knowledge proofs, making it difficult to trace coin movements.

What’s driving the recent surge? Analysts suggest that it may be due in part to concerns around Bitcoin’s growing mainstream profile and interest from Wall Street institutions, pushing crypto natives towards a coin that isn’t as easy to trace on the blockchain.

“Bitcoin itself has always been fully transparent; ETFs haven’t made it any less so, only more intermediated,” Galaxy Digital Research Analyst Will Owens wrote this month. “Zcash’s advocates, by contrast, frame it as ‘encrypted Bitcoin,’ a return to cypherpunk principles that resonate amid widespread on-chain surveillance.”

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Bitcoin’s price is under heightened bearish pressure as it falls back to the $90,000 level, raising the potential of the beginning of a bear market phase. With the price of BTC dropping fast, selling pressure is rising rapidly in the market, which is extending into the institutional landscape.

Are Bitcoin Institutional Investors Exiting?
In a significant development, several large corporations are starting to react strongly to the ongoing correction in Bitcoin’s price. As market volatility increases, institutional investors, who were once seen to be the stabilizing force driving Bitcoin’s maturation, are now starting to unwind some of their holdings.

Related Reading: Massive Bitcoin Outflow Hits Galaxy Digital Wallets: 1,531 BTC Moved

One of the most recent corporations that has recently gone on a selling spree is Digital Galaxy. Galaxy Digital has secretly started to sell off some of its Bitcoin holdings, signifying a significant change in conduct from one of the most powerful institutional stakeholders in the sector. The firm’s decision to begin selling BTC after months of consistent accumulation and long-term strategy is causing controversy in the cryptocurrency space.

According to Darkfost, the firm, championed by billionaire and investor Mike Novogratz, has been quite active over the past few weeks, selling off thousands of its BTC stash at a rapid rate. During this period, Galaxy Digital transferred more than 2,800 BTC for the purpose of selling. 

Galaxy Digital goes on a selling spree | Source: Chart from Darkfost on X
Data shared by the expert revealed that 1,474 BTC valued at $135 million were moved to America’s leading cryptocurrency exchange, Coinbase Prime, within a few hours. Darkfost stated that this selling pressure is likely to extend the ongoing downward trend of Bitcoin’s price. 

Sales are still mostly under control, but they show signs of strategic repositioning in the face of increasing volatility and changing macro signals. Meanwhile, should the trend become highly popular among institutional investors, it could impact the course of BTC in the upcoming weeks and months.

BTC’s Current Downtrend Driven Largely By Long-Term Holders

Since the sharp pullback in Bitcoin’s price, many developments have been linked to the decline. However, the one that stands out the most is the negative action of long-term BTC holders or old Bitcoiners in the market.

Related Reading: Bitcoin Buyers Step In: Largest Accumulation Wave Emerges In the Heart of Market Fear

As reported by Ki Young Ju, the founder and Chief Executive Officer (CEO) of CryptoQuant, the current dip is a result of long-term BTC holders rotating among themselves. Old Bitcoiners are selling their coins to TradFi players, who will likewise hold for the long run.

At the beginning of the year, Young Ju predicted that BTC had reached a top, putting an end to the bull cycle. The increased selling pressure from OG whales supported his forecast. Meanwhile, current trends show that the market structure has shifted, with ETFs, MSTR, and other new channels persistently adding fresh liquidity.

Despite waning price performances basically caused by OG whales dragging the market, on-chain inflows remain strong. These days, corporate treasuries, multi-asset funds, pension funds, and sovereign funds are creating even larger liquidity channels. Young Ju claims that as long as these liquidity channels stay active, the cycle theory is dead.

BTC trading at $91,786 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pngtree, chart from Tradingview.com

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In November 2025, Bitcoin's price journey entered a crucial phase as on-chain data hinted at a potential market bottom. Miners shifted to net buying, signaling possible confidence in future price increases.

The cryptocurrency plunged below the $90K threshold once again on Wednesday, as a multi-day sell-off persisted. Bitcoin Dips Below $90K and Paper Hands Start Panic Selling, Glassnode Says Bitcoin retreated below the $90K threshold once again, and skittish investors with so-called “paper hands” are getting the heck out of dodge in droves.

CEA Industries Inc., the Nasdaq-listed firm managing the world’s most extensive corporate treasury of BNB, launched a new Treasury Dashboard designed to give investors real-time visibility into crypto holdings and capital strategy.

Summary

CEA Industries launched a real-time Treasury Dashboard showcasing its BNB holdings, capital activity, and treasury performance.
The company now holds 515,054 BNB with a cost basis of $851 per token and has generated a 5%+ annualized yield since August.
CEA’s stock rose over two consecutive days as BNB hit new all-time highs and reinforced investor confidence in the firm’s single-asset strategy.

The rollout, now live on CEA’s website, marks the company’s most expansive push yet toward institutional-grade transparency as it continues an aggressive accumulation strategy aimed at controlling 1% of the entire BNB supply by year-end 2025.

The dashboard consolidates key operational metrics — from token holdings to share buybacks and asset yields — underscoring the firm’s effort to position itself as the BNB-centric analog to MicroStrategy’s Bitcoin play.

The launch, the company said, reflects its commitment to transparency and its long-term strategy of disciplined asset management within the BNB ecosystem.

As of Nov. 18, the dashboard reports 515,054 BNB in total holdings, with an average acquisition cost of $851 per token, representing roughly $438.5 million in invested capital and an estimated market value of $481 million as of 6 p.m. ET.

CEA also disclosed the sale of 856,275 BNC shares through its at-the-market offering and the repurchase of 1.17 million shares at an average price of $6.77 since September. Its BNB strategy has generated a realized yield of 6,506 BNB, equivalent to a simple return of 1.5% — or more than 5% annualized — since the program’s inception in August.

“Publishing this dashboard gives investors clear visibility into how we manage and grow the largest BNB treasury in the world,” said CEO David Namdar. He added that the tool is intended to evolve as the company integrates new metrics and moves toward a “fully transparent, on-chain, institutionally aligned treasury strategy.”

CEA’s steady ramp-up
The update follows CEA’s October disclosure that its BNB holdings had surpassed 480,000 tokens, then valued at $585.5 million. The company has added more than 91,000 tokens since September alone, deploying roughly $78 million as BNB surged to all-time highs above $1,330.

The accumulation puts CEA nearly halfway toward its goal of owning 1% of the BNB supply by the end of 2025 — an approach that diverges sharply from diversified corporate investment strategies.

BNB’s recent market strength has buoyed CEA’s conviction. The token logged fresh highs above $1,336 this month and posted a 30% weekly gain, pushing its market capitalization past $180 billion and widening its lead over rivals such as Solana.

“BNB’s all-time highs are a clear validation that global markets are waking up to the inherent value, credibility, scale, and utility of both the asset and underlying ecosystem,” Namdar said.

Price Action
At last check, CEA Industries is trading at around $5.18 per share, up about 4%.

BlackRock's IBIT ETF records historic $523M outflow as Bitcoin volatility intensifies. November sees five consecutive days of net withdrawals despite BTC trading above $85,000.

Newton Gitonga2 min read

19 November 2025, 08:38 PM

BlackRock's spot Bitcoin ETF experienced its largest single-day withdrawal since launch on Tuesday, with $523.2 million leaving the fund. The outflow marks a significant shift in investor sentiment despite Bitcoin's recent price movements.

The withdrawal occurred during a period of elevated market uncertainty. IBIT, which launched in January 2024, had previously maintained relatively stable flows throughout its first year of operation. Tuesday's exodus represents the fund's most dramatic redemption event to date.

Bitcoin ETFs Face Mounting PressureNovember has proven challenging for spot Bitcoin ETF products across the board. Five consecutive trading days of net outflows have characterized the month's activity. Total combined flows reached a negative $372.8 million on Tuesday alone.

The broader ETF landscape showed mixed signals during the same period. Franklin Templeton's EZBC attracted $10.8 million in new capital. Grayscale's Bitcoin Mini Trust recorded $139.6 million in inflows. These gains could not offset the massive IBIT withdrawal and other fund exits.

Bitcoin has declined approximately 30% from its peak in October. The cryptocurrency briefly touched all-time highs before entering a correction phase. Current trading levels hover around $88,891, creating uncertainty among institutional investors.

Bitcoin price chart, Source: CoinMarketCap

Investors Remain Near Entry PointsAnalysis suggests that selling pressure originates primarily from sources outside ETF products. The magnitude of Bitcoin's price decline exceeds the proportional outflows from exchange-traded funds. This pattern suggests that broader market dynamics are at play beyond ETF redemptions alone.

Traders have noted a disconnect between price action and fund flows. Bitcoin's climb above $93,000 failed to stem the withdrawal tide from IBIT. Traditional correlations between asset appreciation and fund inflows appear temporarily disrupted.

Investor behavior suggests a defensive posture in current conditions. The reluctance to commit new capital reflects concerns about near-term volatility. ETF holders are waiting for clearer market signals before re-entering positions.

The record IBIT outflow demonstrates that even leading fund issuers face redemption pressure during turbulent periods. BlackRock's dominant market position did not shield the product from investor caution. No ETF provider appears immune to the current market headwinds.

Volatility metrics have increased across cryptocurrency markets. Trading volumes show heightened activity as participants adjust positions. The combination of thinning flows and rising price swings creates a challenging environment for ETF products.

The November reversal in ETF demand may continue until Bitcoin establishes a stable trading range. Institutional investors typically seek confirmation of trend stability before deploying significant capital. Current market conditions have yet to provide that reassurance.

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Newton Gitonga

Newton Gitonga covers cryptocurrencies, blockchain, and digital finance. He specializes in breaking down complex trends with clear, data-driven reporting. His work focuses on market analysis, technical insights, and the evolving role of altcoins in shaping global markets.

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BROOKFIELD, Conn., Nov. 19, 2025 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), the nation’s leading builder of luxury homes, today announced the opening of  Willows at Brookfield, a new luxury townhome community in Brookfield, Connecticut. Located just one mile from Candlewood Lake, this intimate enclave of two- and three-story homes features modern architecture and low-maintenance living with lawn care and snow removal provided, making it an ideal choice for home shoppers seeking a blend of convenience and style. The Sales Center and brand-new designer-decorated model homes are now open for tours at 518 Federal Road in Brookfield.

Willows at Brookfield offers home designs ranging from 1,913 to 2,585+ square feet and priced from the upper $500,000s. Each home includes 3 bedrooms, 2.5 to 4.5 bathrooms, and a 1- or 2-car garage, with features such as first-floor primary bedroom suites in select designs, versatile lofts, and optional finished basements. This community is served by Brookfield Public Schools, offering an exceptional educational experience for residents.

"Willows at Brookfield exemplifies the quality and craftsmanship that Toll Brothers is known for," said Jack Lannamann, Division President of Toll Brothers in Connecticut. "With its prime location near scenic outdoor recreation, commuter routes, and top-rated schools, this community is the perfect place for home shoppers to find their dream home."

Toll Brothers customers will experience one-stop shopping at the Toll Brothers Design Studio. The state-of-the-art Design Studio allows home shoppers to choose from a wide array of selections to personalize their dream home with the assistance of Toll Brothers professional Design Consultants. Quick move-in homes with Designer Appointed Features are also available in the community, with move-in dates as early as January 2026.

For more information on Willows at Brookfield, call 855-999-8655 or visit WillowsatBrookfield.com.

About Toll Brothers

Toll Brothers, Inc., a Fortune 500 Company, is the nation’s leading builder of luxury homes. The Company was founded 58 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations.

Toll Brothers has been one of Fortune magazine's World's Most Admired Companies™ for 10+ years in a row, and in 2024 the Company's Chairman and CEO Douglas C. Yearley, Jr. was named one of 25 Top CEOs by Barron's magazine. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com.

From Fortune, ©2025 Fortune Media IP Limited. All rights reserved. Used under license.

Contact: Andrea Meck | Toll Brothers, Senior Director, Public Relations & Social Media | 215-938-8169 | [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a61cf758-7bb5-4d71-bf4c-a92e8dce6d38

Sent by Toll Brothers via Regional Globe Newswire (TOLL-REG)

The TJX Companies, Inc. (TJX) Q3 2026 Earnings Call November 19, 2025 11:00 AM EST

Company Participants

Ernie Herrman - CEO, President & Director
Debra McConnell - Senior Vice President of Global Communications
John Klinger - Senior Executive VP & CFO

Conference Call Participants

Brooke Roach - Goldman Sachs Group, Inc., Research Division
Paul Lejuez - Citigroup Inc., Research Division
Alexandra Straton - Morgan Stanley, Research Division
Matthew Boss - JPMorgan Chase & Co, Research Division
Lorraine Maikis - BofA Securities, Research Division
Irwin Boruchow - Wells Fargo Securities, LLC, Research Division
Michael Binetti - Evercore ISI Institutional Equities, Research Division
Corey Tarlowe - Jefferies LLC, Research Division
Jay Sole - UBS Investment Bank, Research Division
Adrienne Yih-Tennant - Barclays Bank PLC, Research Division
Mark Altschwager - Robert W. Baird & Co. Incorporated, Research Division

Presentation

Operator

Ladies and gentlemen, thank you for standing by. Welcome to The TJX Companies Third Quarter Fiscal 2026 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded, November 19, 2025.

I would now like to turn the conference over to Mr. Ernie Herrman, Chief Executive Officer and President of TJX Companies, Inc. Please go ahead, sir.

Ernie Herrman
CEO, President & Director

Thanks, Courtney. Before we begin, Deb has some opening comments.

Debra McConnell
Senior Vice President of Global Communications

Thank you, Ernie, and good morning. Today's call is being recorded and includes forward-looking statements about our results and plans. These statements are subject to risks and uncertainties that could cause the actual results to vary materially from these statements, including, among others, the factors identified in our filings with the SEC. Please review our press release for a cautionary statement regarding forward-looking statements as well as the full safe harbor statements included in the Investors section of our website, tjx.com. We have also detailed the impact of foreign exchange on our consolidated results and our international divisions

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Williams-Sonoma, Inc. (WSM) Q3 2026 Earnings Call November 19, 2025 10:00 AM EST

Company Participants

Jeremy Brooks - Senior VP, Chief Accounting Officer & Head of IR
Laura Alber - President, CEO & Director
Jeff Howie - Executive VP & CFO
Sameer Hassan - Chief Technology & Digital Officer

Conference Call Participants

Maksim Rakhlenko - TD Cowen, Research Division
Zachary Fadem - Wells Fargo Securities, LLC, Research Division
Cristina Fernandez - Telsey Advisory Group LLC
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Charles Grom - Gordon Haskett Research Advisors
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Presentation

Operator

Welcome to the Williams-Sonoma, Inc. Third Quarter Fiscal 2025 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Jeremy Brooks, Chief Accounting Officer and Head of Investor Relations. Please go ahead.

Jeremy Brooks
Senior VP, Chief Accounting Officer & Head of IR

Good morning, and thank you for joining our third quarter earnings call. I'm here today with Laura Alber, our Chief Executive Officer; Jeff Howie, our Chief Financial Officer; and Sameer Hassan, our Chief Technology and Digital Officer.

Before we get started, I'd like to remind you that during this call, we will make forward-looking statements with respect to future events and financial performance, including our updated guidance for fiscal '25 and our long-term outlook.

We believe these statements reflect our best estimates. However, we cannot make any assurances these statements will materialize, and actual results may differ significantly from our expectations. The company undertakes no obligation to publicly update or revise any of these statements to reflect events or circumstances that may arise after today's

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Plug Power, a maker of hydrogen fuel cells, plans to sell $375 million in debt.
Agnes Lopez / Bloomberg via Getty Images

Key Takeaways
Plug Power shares tumbled Wednesday after the hydrogen fuel cell maker announced a sale of $375 million in convertible notes.The company said it will use the money to pay off debt.The stock has lost 60% of its value since hitting a 52-week high in early October.

Plug Power (PLUG) shares sank Wednesday after the maker of hydrogen fuel cells announced it would sell $375 million in debt that could be converted into stock.

The company said the notes would pay a rate of 6.75%, and be sold to qualified institutional investors in a private offering. Plug Power said that it intends to use $245.6 million in net proceeds to pay off current debt having a rate of 15%, and $101.6 million plus cash on hand to pay off another debt at 7%.

Why This News Matters
Plug Power plans to raise $375 million through convertible debt to pay down higher-interest obligations, offering investors the option to convert the notes into stock. This news comes as the hydrogen fuel-cell maker has seen its shares slide recently after a big run-up in September.

The company said the notes can be converted into Plug Power stock at an initial rate of 333.3333 shares for every $1,000 of notes. That works out to a conversion price of about $3 per share—roughly a 40% premium over the stock’s Nov. 18 closing price of $2.14.

The conversions will be settled in cash, stock, or a combination of both. The notes cannot be converted until Feb. 28, 2026.

Shares of Plug Power were down 16% in mid-afternoon trading, at $1.80. The stock has lost 60% of its value since hitting a 52-week high of $4.58 in early October.

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Atlanta, Nov. 19, 2025 (GLOBE NEWSWIRE) -- Piedmont Realty Trust, Inc. (“Piedmont” or the “Company”) (NYSE: PDM) today announced the pricing of the cash tender offer to purchase any and all of its outstanding 9.250% senior notes due 2028 (the “notes”) for the consideration described below by its operating partnership, Piedmont Operating Partnership, LP (the “Operating Partnership”). The table below sets forth the applicable Reference Yield and Consideration for the notes, as calculated at 2:00 p.m., New York City time, today, November 19, 2025, in accordance with the Offer to Purchase.

Title of SecurityCUSIP Number / ISIN(1)Principal Amount OutstandingU.S. Treasury
Reference Security(2)Reference Yield(2)Bloomberg
Reference Page(2)Fixed Spread(2)Consideration(2)9.250% Senior Notes due 2028720198AG5 /
US720198AG56$532,460,0003.50% UST due November 15, 20283.569%FIT195 bps$1,114.09 (1)      No representation is made as to the correctness or accuracy of the CUSIP numbers listed in this press release, the Offer to Purchase (as defined below) or printed on the notes. They are provided solely for the convenience of holders of the notes.

(2)      The consideration (the “Consideration”) payable per $1,000 principal amount of notes validly tendered and accepted for purchase is based on the fixed spread specified in the table above (the “Fixed Spread”), plus the yield to maturity of the U.S. Treasury Reference Security (the “Reference Yield”) based on the bid-side price of the U.S. Treasury Reference Security specified above (the “Reference Page”) at 2:00 p.m., New York City time, today, November 19, 2025. The sum of the Fixed Spread and the Reference Yield is referred to as the “Repurchase Yield.” The calculation of the Consideration was performed to the Par Call Date (as defined in the Offer to Purchase) for the notes in accordance with standard market practice. The Consideration does not include accrued interest, which will be paid on notes accepted for purchase by us as described in the Offer to Purchase and assumes settlement on the Settlement Date (as defined below). The formula for determining the Consideration and accrued interest is set forth on Annex A of the Offer to Purchase.

The tender offer will expire at 5:00 p.m., New York City time, today, November 19, 2025, unless extended or earlier terminated (the “Expiration Time”). Holders who have validly tendered their notes may withdraw such notes at any time (i) at or prior to the earlier of (x) the Expiration Time and (y) in the event the tender offer is extended, the tenth business day after the date hereof, and (ii) after the 60th business day after the date hereof if for any reason the tender offer has not been consummated within 60 business days of the date hereof (in each case, the “Withdrawal Deadline”).

The delivery of notes tendered by guaranteed delivery procedures must be made no later than 5:00 p.m., New York City time, on November 21, 2025. The Company expects to pay the Consideration on November 20, 2025, the first business day following the Expiration Time (the “Settlement Date”), for notes validly tendered and not validly withdrawn at or prior to the Withdrawal Deadline. Settlement of notes tendered and accepted for purchase pursuant to the guaranteed delivery procedures is expected to occur on November 24, 2025. For the avoidance of doubt, accrued interest will cease to accrue on the Settlement Date for all notes accepted for purchase pursuant to the tender offer, including those tendered pursuant to the guaranteed delivery procedures. The tender offer is conditioned upon the satisfaction or waiver of certain conditions, including the Operating Partnership’s completion of a proposed concurrent senior notes offering. The tender offer is not conditioned upon any minimum amount of notes being tendered.

From time to time after completion of the tender offer, the Company or its affiliates may purchase additional notes in the open market, in privately negotiated transactions, through tender or exchange offers, or other methods, or the Company may redeem the notes pursuant to their terms. Any future purchases may be on the same terms or on terms that are more or less favorable to holders of the notes than the terms of the tender offer.

The complete terms and conditions of the tender offer are set forth in the Offer to Purchase, dated November 13, 2025 (the “Offer to Purchase”) and in the related Notice of Guaranteed Delivery, along with any amendments and supplements thereto, which holders are urged to read carefully before making any decision with respect to the tender offer. The Company and the Operating Partnership have retained BofA Securities, Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC as dealer managers (collectively, the “Dealer Managers”) in connection with the tender offer. Copies of the Offer to Purchase and the related Notice of Guaranteed Delivery may be obtained from D.F. King & Co., Inc., the tender and information agent for the tender offer (the “Tender and Information Agent”), by phone at +1 (212) 365-6884 (banks and brokers) or +1 (800) 669-5550 (all others), by email at [email protected] or online at www.dfking.com/piedmont. Questions regarding the tender offer may also be directed to the Dealer Managers as set forth below:

BofA Securities
620 S Tryon Street, 20th Floor
Charlotte, North Carolina 28255
United States of America
Attention: Liability Management Group
Collect: (980) 387-3907
Toll-Free: (888) 292-0070
Email: [email protected] Securities
1 Vanderbilt Avenue, 11th Floor
New York, New York 10017
Attn: Liability Management
Group Toll Free: +1 (866) 584-2096
Collect: +1 (212) 827-2806
Email: [email protected] Fargo Securities
550 South Tryon Street, 5th Floor Charlotte, North Carolina 28202
Attn: Liability Management
Group Toll-Free: +1 (866) 309-6316
Collect: (704) 410-4759
Email: [email protected] This press release is neither an offer to purchase nor a solicitation of an offer to sell any securities. The tender offer is being made only by, and pursuant to the terms of, the Offer to Purchase and the related Notice of Guaranteed Delivery. The tender offer is not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction where the laws require the tender offer to be made on the Operating Partnership’s behalf by a licensed broker or dealer and the Dealer Managers or one of the Dealer Managers’ affiliates is such a licensed broker or dealer in any such jurisdiction, the tender offer will be deemed to be made by such Dealer Manager or affiliate, as the case may be, on behalf of the Operating Partnership. None of the Company, the Operating Partnership, the Tender and Information Agent or the Dealer Managers, or any of their affiliates, makes any recommendation as to whether holders should tender or refrain from tendering all or any portion of their notes in response to the tender offer.

About Piedmont Realty Trust

Piedmont Realty Trust™ (NYSE: PDM), is a fully integrated, self-managed real estate investment company focused on delivering an exceptional office environment. As an owner, manager, developer and operator of approximately 16 MM SF of Class A properties across major U.S. Sunbelt markets, Piedmont Realty Trust is known for its hospitality-driven approach and commitment to transforming buildings into premier “Piedmont PLACEs” that enhance each client’s workplace experience.

Forward-looking Statements

Certain statements contained in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends for all such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such information is subject to certain known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. Therefore, such statements are not intended to be a guarantee of the Company’s performance in future periods. Such forward-looking statements can generally be identified by the Company’s use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or similar words or phrases that indicate predictions of future events or trends or that do not relate solely to historical matters. These statements are based on beliefs and assumptions of Piedmont’s management, which in turn are based on information available at the time the statements are made.

The following are some of the factors that could cause the Company’s actual results and its expectations to differ materially from those described in the Company’s forward-looking statements: economic, regulatory, socio-economic, technological (e.g., artificial intelligence and machine learning, virtual meeting platforms, etc.), and other changes that impact the real estate market generally, the office sector or the patterns of use of commercial office space in general, or the markets where we primarily operate or have high concentrations of revenue; reduced demand for office space, including as a result of remote working and flexible or “hybrid” working arrangements that allow work from remote locations other than an employer’s office premises; the impact of competition on our efforts to renew existing leases or re-let space on terms similar to existing leases; lease terminations, lease defaults, lease contractions, or changes in the financial condition of our tenants, particularly by one of our large tenants; impairment charges on our long-lived assets or goodwill resulting therefrom; the success of our real estate strategies and investment objectives, including our ability to implement successful redevelopment and development strategies or identify and consummate suitable acquisitions and divestitures; the illiquidity of real estate investments, including economic changes, such as fluctuating interest rates, costs of construction, improvements and redevelopments, and available financing, which could impact the number of buyers/sellers of our target properties, and regulatory restrictions to which real estate investment trusts are subject and the resulting impediment on our ability to quickly respond to adverse changes in the performance of our properties; the risks and uncertainties associated with our acquisition and disposition of properties, many of which risks and uncertainties may not be known at the time of acquisition or disposition; development and construction delays, including the potential of supply chain disruptions, and resultant increased costs and risks; future acts of terrorism, civil unrest, or armed hostilities in any of the major metropolitan areas in which we own properties; risks related to the occurrence of cybersecurity incidents, including cybersecurity incidents against us or any of our properties, vendors, or tenants, or a deficiency in our identification, assessment or management of cybersecurity threats impacting our operations and the public’s reaction to reported cybersecurity incidents, including the reputational impact on our business and value of our common stock; costs of complying with governmental laws, regulations and policies, including environmental standards imposed on office building owners; uninsured losses or losses in excess of our insurance coverage, and our inability to obtain adequate insurance coverage at a reasonable cost; additional risks and costs associated with directly managing properties occupied by government tenants, such as potential changes in the political environment, a reduction in federal or state funding of our governmental tenants, government layoffs or an increased risk of default by government tenants during periods in which state or federal governments are shut down or on furlough; significant price and volume fluctuations in the public markets, including on the exchange on which we listed our common stock; risks associated with incurring mortgage and other indebtedness, including changing capital reserve requirements on our lenders and rising interest rates for new debt financings; a downgrade in our credit ratings, the credit ratings of the Operating Partnership or the credit ratings of our or the Operating Partnership’s unsecured debt securities, which could, among other effects, trigger an increase in the stated rate of one or more of our unsecured debt instruments; the effect of future offerings of debt or equity securities on the value of our common stock; additional risks and costs associated with adverse U.S. global and economic conditions, inflation and potential increases in the rate of inflation, including the impact of a possible recession, uncertainty and volatility in financial markets, and any changes in governmental rules, regulations, and fiscal policies; uncertainties associated with environmental and regulatory matters; changes in the financial condition of our tenants directly or indirectly resulting from geopolitical developments that could negatively affect important supply chains and international trade, the termination or threatened termination of existing international trade agreements, or the implementation of tariffs or retaliatory tariffs on imported or exported goods; the effect of any litigation to which we are, or may become, subject; additional risks and costs associated with owning properties occupied by tenants in particular industries, such as oil and gas, hospitality, travel, co-working, etc., including risks of default during start-up and during economic downturns; changes in tax laws impacting real estate investment trusts and real estate in general, as well as our ability to continue to qualify as a real estate investment trust under the Internal Revenue Code of 1986, as amended, or other tax law changes which may adversely affect our stockholders; the future effectiveness of our internal controls and procedures; actual or threatened public health epidemics or outbreaks of highly infectious or contagious diseases, as well as immediate and long-term governmental and private measures taken to combat such health crises; and other factors, including the risk factors described in Item 1A. Risk Factors of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as well as the risk factors discussed under Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2024.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company cannot guarantee the accuracy of any such forward-looking statements contained in this press release, and the Company does not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact

Sherry Rexroad, EVP & Chief Financial Officer
770-418-8592
[email protected]