EUR/USD se drží u 1,1627, zatímco silná americká data z trhu práce podpořila dolar. Trh nyní čeká na zasedání ECB, kde je zvýšení sazeb už plně započteno a rozhodne hlavně doprovodná komunikace.
EUR/USD trades near 1.1627 on Tuesday after a US jobs report that came in almost three times above forecast. The data supported the dollar and strengthened expectations of tighter Federal Reserve policy. Attention now shifts to the European Central Bank meeting on 10 September, where the rate increase is already fully priced in, and the guidance that follows will determine the euro's next move.
US jobs data put the Dollar back on the front footThe US labour market delivered its strongest month since March. Nonfarm payrolls rose by 162,000 in August against a market forecast of around 56,000. The unemployment rate held at 4.1%, average hourly earnings rose 3.1% year-on-year, and the Bureau of Labor Statistics revised June and July higher by a combined 55,000, turning July's previously reported job loss into a gain.
Nonfarm payrolls measure how many paid jobs the US economy added during the month, excluding farm work. They provide one of the clearest monthly indications of how much room the Fed has to adjust interest rates.
A labour market this resilient takes the pressure off the Fed to support growth and leaves inflation as its main concern. After the release, money markets raised the probability of a September rate increase to around 58%, up from roughly 52% before the data. Higher expected US rates make dollar deposits more attractive, so the dollar gained ground and EUR/USD settled into a narrow range.
Why the ECB meeting matters more than the decision itselfAll 65 economists polled by Reuters expect a 25-basis-point increase in the deposit rate to 2.50%. A basis point is one hundredth of a percentage point, so 25 basis points equal 0.25%. Money markets are pricing in the same outcome with near-full certainty and expect the deposit rate to rise further, reaching around 3.00% by June 2027. That implies two more increases after this week.
When an outcome is fully priced in, the decision itself rarely moves the market. The euro will take its cue from the press conference. Eurozone inflation accelerated to 3.3% in August, driven largely by energy costs, and Christine Lagarde has already identified the energy shock as an upside risk to prices.
That leaves one open question for Thursday. If Lagarde confirms that further tightening remains under discussion, the euro could gain support against a dollar that is also pricing in higher rates, with EUR/USD potentially testing 1.1655, the upper edge of its current range. If she delivers the rate increase and keeps every option open without committing to a path, the rate outlook remains in the dollar's favour, and the pair could move towards 1.1525.
German factory orders add a second layerNew orders in German manufacturing rose 2.5% in July after an upwardly revised 3.7% increase in June. The market expected 0.3%, and this was the third consecutive monthly increase.
The detail matters for anyone trading the euro. Excluding large-scale contracts, orders fell 1.4% from June. Domestic orders jumped 9.1% while foreign orders fell 2.1%, with demand from outside the euro area down 10.1% and demand from inside the bloc up 12.1%. Most of the headline strength came from shipbuilding, rail and aircraft contracts.
German industry is recovering, but that recovery currently relies on a small number of large contracts and on demand from within Europe. For the ECB, this supports the case that the economy can absorb higher rates.
EUR/USD technical analysis
On the four-hour chart, EUR/USD is building a consolidation range around 1.1620. An upward move towards 1.1655 remains on the table, with a decline towards 1.1525 seen as the following stage.
The MACD indicator supports this reading. MACD compares two moving averages of price and shows whether momentum is building or fading. Its signal line sits above zero and points firmly upwards, reflecting bullish momentum with room for the move higher to continue in the near term.
On the hourly chart, the market has completed a downward wave to 1.1620. The pair is now consolidating above that level. The working scenario for today is another upward leg towards 1.1655.
The Stochastic oscillator supports this view. The Stochastic oscillator shows where the current price sits within its recent trading range. Its signal line is above 20 and points upwards towards 80, indicating that the move higher still has room to develop.
ConclusionEUR/USD enters the ECB week with the technical picture pointing towards 1.1655 in the near term, while the fundamental picture stays split between two central banks moving in the same direction. The rate increase to 2.50% is already priced in, so the euro's next move depends on the guidance that follows.
While the pair holds above 1.1620, the upside scenario remains the working one, with 1.1525 the level to watch further out should the move higher fail to hold. The US inflation report due next week will be the next catalyst on the dollar side of the pair, so the levels set this week are likely to be tested again quickly. Traders who want to follow the reaction in real time can place both levels on the chart in advance and watch how EUR/USD behaves around them during the decision.
Akcie Monday.com za měsíc vzrostly o 16 % poté, co silné výsledky Salesforce zlepšily sentiment vůči softwarovým a CRM titulům. Tržby za 2. čtvrtletí stouply meziročně o 22 % na téměř 365 mil. USD.
Monday.com (MNDY -6.43%), a workplace production software developer that has pushed into the customer relationship management (CRM) space, saw its stock rise an impressive 16% last month. Investors didn't react well to the company's second-quarter results, but the solid performance of a notable peer known for its CRM offerings ultimately helped turn the tide.
A tough crowd of investors Monday.com's quarterly results hit the headlines just before market open on Aug. 10. These revealed that the company's revenue for the period was 22% higher year over year at nearly $365 million. Net income not under generally accepted accounting principles (non-GAAP, or adjusted) also headed north, rising nearly 13% to $65.6 million, or $1.48 per diluted share.
Image source: Getty Images.
That meant a double beat for Monday.com, as the consensus analyst estimate for revenue was just under $356 million, and that for adjusted profitability stood at $1.11 per share.
Monday.com's growth numbers were enviable, and the company fully expects more. It proffered guidance for both its current (third) quarter and the entirety of 2026 that anticipates notable improvements.
For the latter period, it's modeling revenue ranging from almost $1.47 billion to slightly over that number, which would shake out into year-over-year growth of at least 19%. It also forecast adjusted operating income of $230 million to $234 million.
Yet the top end of that revenue range basically meets, and doesn't exceed, the average analyst estimate. Investors also pored over mildly concerning developments in the earnings report, such as the net revenue retention growth rate. These factors, plus lingering negative sentiment toward legacy software companies in our age of artificial intelligence (AI), led to a sell-off in Monday.com's stock.
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The end of the software slump? The major development that reversed this was another second-quarter earnings report -- this one for fiscal 2027 -- published late in the month. It was from CRM king Salesforce, which delivered an earnings report that featured a more than doubling of adjusted net income.
That figure crushed the average analyst projection, and the company also notched a convincing beat on full-year, bottom-line guidance.
At a stroke, Salesforce's powerful performance made the investing community notably more bullish on legacy software stocks generally, and CRM companies specifically. Monday.com got a late-in-the-month lift on both dynamics.
The question now is whether it has the momentum to continue. Its stock still looks cheap to me, both on a per-share basis and relative to its valuations. The current forward P/E (on adjusted earnings) of under 14 feels quite low given the company's recent improvements in fundamentals, and the fact that it runs a reliably high-margin business. I would consider loading up on its stock at its still-bargain level.
BDACS zvolila standard OFT od LayerZero pro KRW1, první korejský stablecoin krytý wonem, aby jej mohla nativně provozovat napříč více blockchainy. Každý KRW1 se má při přesunu mezi sítěmi odepsat na zdrojové a připsat na cílové síti.
BDACS, the largest digital asset custodian in South Korea, has selected LayerZero's OFT standard as its interoperability solution for KRW1, the first on-shore Korean won-backed stablecoin. To build with it, visit Developers or reach out to our team.
KRW1, the first Korean won-backed stablecoin, already exists as a multi-chain asset on Ethereum, Avalanche, and Circle’s Arc. But for BDACS, the issuer of KRW1, the distribution and utility of KRW1 has been limited by friction related to its cross-chain interoperability infrastructure.
After a rigorous review of options to bring KRW1 natively multi-chain, BDACS chose LayerZero's OFT (Omnichain Fungible Token) standard.
A standard already tested at scale The OFT standard is the same standard Tether uses for USDT0, PayPal for PYUSD, and Paxos for USDG. It now facilitates 87% of all cross-chain volume transferred and has transferred $280 billion in lifetime transfers across 170+ chains. BDACS's decision puts KRW1 on infrastructure other major stablecoin issuers already put through rigorous diligence before adopting.
The OFT standard is designed with institutional and enterprise-grade issuers top of mind. It provides issuers with the customization and control they need to satisfy regulators and enterprise-grade security teams, while simultaneously lowering the operational burden to add the next incremental chain and manage the resulting supply fragmentation.
Under the OFT standard, when KRW1 moves across chains, it will now be debited on the source chain and credited on the destination chain. One KRW1 supply will exist across every connected network, instead of several disconnected instances competing for liquidity. Stargate, LayerZero's cross-chain transfer application, is what executes that debit-and-credit transfer for users moving KRW1.
Why the timing matters Korea's Won Internationalization Roadmap, published in July 2026, commits to amending the Foreign Exchange Transactions Act to establish a legal basis for won-denominated stablecoins. Related measures, including offshore won accounts and a 24-hour offshore won settlement network piloting into 2027, build the institutional plumbing for the won to move outside Korea.
Cross-chain interoperability builds the circulation side of that plan. Each KRW1 unit that moves under the OFT standard extends won-denominated liquidity to any LayerZero-connected chain, without depending on one network's ecosystem for reach. Most bridged omnichain stablecoin volume today is denominated in dollars; this integration puts the won into that mix.
BDACS is the largest digital asset custodian in Korea by assets under custody, and the first company to issue a won-backed stablecoin. KRW1 stays fully reserved 1:1 with Korean won held at Woori Bank, with independent attestation of reserves, a compliance position that does not change as KRW1's network reach grows.
Harry Ryoo, CEO of BDACS said, "The value of a Korean won stablecoin lies in its global scalability." He added, "KRW1, the leading Korean won stablecoin, has established a technical foundation to expand beyond Korea into global markets by enabling more flexible use across multiple blockchains through the application of OFT. Building on this technical foundation, we will continue to expand the scope of KRW1's use going forward."
Start building Developers integrating stablecoins across chains can start with LayerZero's OFT standard. Visit Developers or reach out to our team.
About BDACS BDACS is a digital asset infrastructure company providing custody to institutional clients. In the first half of 2026, it surpassed 80 billion KRW in assets under custody, the largest total of any digital asset custodian in Korea. BDACS holds SOC 1 and ISO 27001 certifications and is pursuing SOC 2. It issued KRW1, the world's first Korean won stablecoin, and partners with Woori Bank, Galaxy Digital, and Circle.
About LayerZero LayerZero is where finance and the internet converge. It makes any token or application compatible with every type of blockchain. From protocols to institutions, organizations use LayerZero to build, issue, and scale digital assets and products. It connects 170+ blockchains, processes millions of messages a year, and powers billions in value transfer. Trusted by PayPal USD, Ethena, Ondo Finance and more, LayerZero has become the standard for building on blockchains.
Akcie Metaplanet po reakci generálního ředitele na kritiku ředění klesly o 7,5 % na 271 jenů. Firma čelí otázkám kvůli opčnímu poolu, který narostl z 46 milionů na 319,46 milionu akcií.
When the CEO of a Bitcoin treasury company finally speaks up about governance concerns, you’d expect the stock to stabilize. Metaplanet’s shares had a different idea, falling roughly 7.5% to close at 271 yen on September 7, the trading session after CEO Simon Gerovich posted his response to shareholder criticism.
The Tokyo-listed firm, which adopted a Bitcoin-centric treasury strategy in 2024, is facing pointed questions about an executive stock option pool that ballooned nearly sevenfold. Gerovich’s attempt to reassure investors appears to have had the opposite effect.
The option pool problem At the center of the controversy is Metaplanet’s Series 10 executive option pool. Originally sized at approximately 46 million shares, the pool swelled to 319.46 million shares thanks to a floating allocation formula tied to the company’s fully diluted share count.
On August 18, the company moved to cap the pool at 319.46 million shares, freezing it at its already-expanded size. A five-year lock-up was also instituted, meaning those options can’t be touched until August 17, 2031.
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Just ten days after the cap was announced, Gerovich exercised 92,000 units on August 28, converting them into 64,032,000 common shares. That brought his total holdings to 79,587,500 shares.
Gerovich’s response and the MMXX question On September 6, Gerovich took to X to address the growing chorus of shareholder discontent. He acknowledged that the company needed to communicate more effectively on governance matters and outlined plans for future remuneration policy transparency.
He also clarified his relationship with MMXX Ventures Limited, a firm established in 2022 that holds approximately 42,474,750 shares of Metaplanet, representing about 3.26% of the company. Gerovich stated that while he has an association with MMXX Ventures, he does not hold any operational role there.
The broader Bitcoin treasury dilemma Metaplanet’s governance turbulence isn’t happening in a vacuum. The company is one of several publicly traded firms that have tied their corporate identity to Bitcoin holdings, following the playbook popularized by MicroStrategy’s Michael Saylor. The basic pitch: hold Bitcoin on the balance sheet, use equity markets to fund purchases, and let the company’s stock serve as a leveraged proxy for Bitcoin exposure.
Repeated equity issuances to fund Bitcoin purchases dilute existing shareholders. Executive option pools that expand automatically with each issuance compound that dilution.
The floating mechanism that allowed the Series 10 pool to expand from 46 million to 319.46 million shares was embedded in the option structure since 2023. That it was only capped in August 2026, after it had already grown nearly seven times over, raises fair questions about whether the board’s oversight kept pace with the strategy’s execution.
Capping the pool and imposing a five-year lock-up are concrete steps. But they also crystallize a new reality: 319.46 million shares are now earmarked for executive compensation, locked until 2031.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Spotový XRP ETF od Bitwise překonal 500 milionů USD v AUM pouhých devět měsíců po spuštění. I přes prudký pokles ceny XRP fond dál přitahuje čisté přílivy.
Bitwise Asset Management’s spot XRP exchange-traded fund has crossed a notable threshold, reaching more than $500 million in assets under management only nine months after it started trading. The firm shared the update on August 31, 2026, highlighting how quickly the product has drawn capital from investors seeking regulated exposure to XRP.
The fund, which trades under the ticker XRP, began listing on the New York Stock Exchange on November 20, 2025.
At launch it carried a 0.34 percent annual fee, with the sponsor waiving that charge on the first $500 million of assets for the opening month.
That introductory structure helped attract early interest from both retail and institutional buyers who wanted XRP exposure without holding the token directly or managing private keys.
What makes the $500 million mark striking is the backdrop of XRP’s price action.
The token has fallen sharply from levels seen earlier in 2026, yet the fund has continued to gather net inflows.
Those new subscriptions have more than offset the decline in the value of the underlying holdings.
By late August the product held roughly 364.8 million XRP tokens.
Across the broader US spot XRP ETF category, combined assets stood near $1.53 billion, with cumulative inflows exceeding $1.5 billion since the first products appeared.
14 years in, and the ripple:native community continues to be unstoppable.
The Bitwise XRP ETF (XRP) crossed $500,000,000 in AUM—just 9 months after launch.
Grateful for the chance to expand mainstream access to XRP and steward investors’ exposure to the opportunities in this… pic.twitter.com/sgeMDiY5ce
— Bitwise (@Bitwise) August 31, 2026
Bitwise occupies the leading position among those funds.
Competitors such as Franklin Templeton’s XRPZ and Canary Capital’s offering have also seen inflows, but Bitwise has maintained the largest share of both assets and tokens held.
The $500 million level is often viewed as a psychological milestone that signals a product has achieved a stable investor base and greater liquidity.
The company framed the achievement as evidence of enduring community support.
In its announcement it noted that fourteen years after XRP’s creation, demand remains strong and expressed appreciation for the chance to give traditional investors a straightforward way to participate.
The ETF structure removes the operational and custodial hurdles that have historically limited institutional participation in digital assets.
The rapid accumulation also reflects a wider shift toward listed crypto products.
After Bitcoin and Ethereum ETFs demonstrated that regulated wrappers can attract sizable capital, issuers moved quickly to offer similar vehicles for other large-cap tokens.
XRP’s long operating history, focus on payments infrastructure, and relatively clear regulatory standing in the United States have made it a natural candidate.
Persistent inflows even during a price slump suggest many investors are treating the allocation as a longer-term position rather than a short-term trade.
For advisors and institutions that cannot or prefer not to custody crypto themselves, the Bitwise product provides a familiar brokerage-account wrapper, daily liquidity, and professional administration.
As more wealth managers become comfortable with digital asset ETFs, products that reach scale first often capture a lasting advantage in visibility and trading volume.
The $500 million crossing therefore represents both a commercial success for Bitwise and another data point in the gradual integration of crypto into conventional portfolios. Whether the fund continues its growth trajectory will depend on XRP’s market performance, competing products, and the broader appetite for alternative asset exposure.
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Ethereum Foundation uvedla, že cílem je učinit Ethereum Layer 1 odolným vůči kvantovým počítačům do prosince 2029. Současně zveřejnila hodnocení 62 EIP pro upgrade Hegotá.
The Ethereum Foundation (EF) has shared the results of its comprehensive review process for Hegotá, planned as one of the next major upgrades to the Ethereum network. The study, published by Protocol Cluster within the Foundation, examined and rated 62 Ethereum Improvement Proposals (EIPs) proposed as part of the upgrade.
Published under the title “Hegotá EIP Opinion Compilation and Rating List,” this assessment is the first unified EIP rating list prepared by Protocol Cluster for a single Ethereum network upgrade. Approximately 60 researchers, engineers, and domain experts from nine different teams within Protocol Cluster participated in the review process. Participants submitted a total of 397 evaluation comments, with some of the controversial proposals discussed in face-to-face meetings.
Another study published by the Ethereum Foundation outlined the current and long-term development priorities for the Ethereum protocol layer. The most notable of these goals was making the Ethereum Layer 1 network resilient to quantum computers by December 2029.
The foundation stated that the scope of the Hegotá upgrade was determined by considering the Protocol Cluster’s long-term technical commitments and the shared priorities identified among the teams. The published rating of the 62 EIPs is also expected to contribute to the decision-making process regarding which proposals will be included in the upgrade.
*This is not investment advice.
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Bitwise podal upravenou žádost S-1 o spotové Ethereum ETF a doplnil do ní staking, provoz validátorů i riziko slashing. SEC staking ve spotových ETH ETF zatím neschválila.
Bitwise has filed an amended S-1 registration statement for its spot Ethereum ETF, adding language around staking mechanics, validator operations, slashing risk, and staking-yield accounting.
The filing is significant because staking remains one of the biggest unresolved questions around spot Ethereum ETFs. ETH is not just a passive asset. It secures a proof-of-stake network, and holders can earn rewards by participating in validation.
ETF staking would change the product conversation.
But the caveat is just as important: the SEC has not approved staking inside spot Ethereum ETFs. Bitwise’s filing is a proposal, not a green light.
For more details, visit the official Sec platform.
TL;DR Bitwise filed an amended spot Ethereum ETF S-1. The amendment includes staking mechanics and validator-risk disclosures. The SEC has not approved staking for spot ETH ETFs. Why Staking Is Such A Big Issue Ethereum staking is central to ETH’s investment case.
When ETH is staked, it helps secure the network and can earn protocol rewards. For direct ETH holders, staking is one reason the asset can look different from Bitcoin. It has a yield-like component tied to network participation.
Spot Ethereum ETFs complicate that.
If an ETF holds ETH but cannot stake it, investors may receive price exposure without the potential staking rewards. If an ETF can stake, the fund may become more attractive, but it also introduces new operational and regulatory questions.
That is the tension.
Slashing Risk Has To Be Disclosed Staking is not risk-free.
Validators can be penalized for certain failures or misconduct, a process known as slashing. There are also risks around downtime, validator concentration, custodian operations, smart contract exposure, and reward variability.
An ETF structure would need to explain those risks clearly.
Bitwise’s amended filing adds detail around custodian staking operations and slashing protection. That matters because regulators and investors need to understand how ETH would be staked, who operates validators, how rewards are treated, and what happens if something goes wrong.
The SEC Question Remains Open This is not an approval.
A filing amendment shows what Bitwise wants to include and how it proposes to disclose the mechanics. The SEC still has to decide whether staking can be part of a spot Ethereum ETF structure under its review standards.
That uncertainty is the story.
Issuers may want staking because it makes ETH products more complete. Regulators may want more comfort around custody, investor protection, securities-law implications, and operational risk before allowing it.
Why Investors Care ETF investors care because staking can affect returns.
A non-staking ETH ETF may underperform direct staked ETH over time, depending on fees and reward rates. That could make the ETF less attractive to sophisticated investors who can access staking elsewhere.
On the other hand, a staking-enabled ETF could bring new complexity.
Some investors may prefer a simpler product that tracks ETH without validator exposure. Others may want the fund to capture as much of ETH’s economic profile as possible.
The Market Signal Bitwise’s amendment keeps the staking debate alive.
Ethereum ETF products are still evolving, and issuers are testing how far the structure can go. Staking is the next big frontier because it touches the heart of what ETH is.
The market should not treat the filing as approval.
But it should recognize that issuers are still pushing for Ethereum ETFs to become more than passive spot exposure. If the SEC eventually allows staking, the ETH ETF market could look very different.
This article draws on Bitwise’s amended S-1 filing for its spot Ethereum ETF.
This article was written by the News Desk and edited by Samuel Rae.
Ethereum Institutional uvítal plán Jižní Koreje začlenit tokenizované cenné papíry do regulovaného kapitálového trhu a slíbil podporu institucím na síti Ethereum. FSC chce v první fázi, která začne začátkem února po nabytí účinnosti související legislativy, zavést tokenizaci fondů peněžního trhu a dluhopisů pro instituce.
SEOUL, Sept. 8 (Yonhap) -- Ethereum Institutional welcomes South Korea's latest push to integrate tokenized security offerings (STOs) into the formal capital market framework and is willing to support institutions planning to adopt its network, the organization's co-founder said.
Matthew Dawson, the co-founder of the nonprofit organization, made the remarks in an exclusive interview with Yonhap News Agency in Seoul, which came on the sidelines of his first visit to the country.
"I can't think of a better time with regulatory clarity coming to meet Korean institutions, as they look to define their digital asset strategy," he said during the interview held Monday.
Ethereum Institutional is an independent organization that supports institutions seeking to launch assets on the ethereum ecosystem -- the second-largest blockchain network in the world after bitcoin.
Matthew Dawson, the co-founder of Ethereum Institutional, speaks during an exclusive interview with Yonhap News Agency in Seoul on Sept. 7, 2026. (Yonhap)
Dawson's comment comes after South Korea's financial services commission (FSC) unveiled a three-step road map Friday to expand STOs beyond fractional investment products into conventional securities, including stocks, bonds and funds.
The first stage will start in early February, when related legislation takes effect, with the tokenization of money market funds (MMF) and bonds for institutions.
The second phase calls for the tokenization of publicly offered securities, such as bonds, stocks and funds, while the third step aims to establish an on-chain payment infrastructure linking stablecoins.
"As the FSC road map unfolds and we see institutions actually deploying those assets ... we will be supporting them in whatever way they need," Dawson said, noting tokenized MMFs from major U.S. institutions, including BlackRock, J.P. Morgan and Fidelity, already operate on the ethereum network.
In South Korea, domestic virtual asset exchange operator Upbit hosts a stablecoin payment system on the ethereum layer-2 blockchain called GIWA.
The price of the ethereum cryptocurrency is displayed on a screen inside the Bithumb building in southern Seoul, in this file photo taken Nov. 5, 2025. (Yonhap)
Dawson described South Korea as a "powerhouse" in both finance and technology, saying its strong developer community, as well as its capacity to build both traditional financial institutions as well as fintech and neo-banks, make it an important country for the ethereum ecosystem.
The co-founder is seeking to meet with several financial institutions here, including major brokerages, asset managers and banks, during the trip.
The organization also plans to scale up, actively hiring technical and business consulting roles across Asia, including South Korea, to bring more capacity to support institutions directly, Dawson added.
When asked about Ethereum Institutional's long-term goals in South Korea, Dawson said it plans to focus on the network's actual deployment, to stay committed to ethereum's "unique" identity as global infrastructure for everyone to use.
"I saw ... in the news that Korea is actively working to make AI accessible to everyone and to have less dependency on U.S. and Chinese models," he said, pointing to a project to develop publicly accessible artificial intelligence services led by South Korea's science ministry.
"If we take that framing and consider that from a blockchain perspective, ethereum is the most neutral blockchain, which gives confidence to Korean institutions, regulators and governments that they can operate globally without the threat of a foreign nation taking advantage or control of this."
Cardano Foundation a Blockforce zaznamenaly na Cardanu přes 500 000 záznamů o dodavatelském řetězci. Systém běží v produkci pro velké brazilské módní skupiny.
A Dual-Ledger Approach to Supply Chain VerificationThe Cardano Foundation (@Cardano_CF) and Brazilian technology firm Blockforce have put Cardano to work as the public proof layer in an enterprise supply chain platform, with more than 500,000 records already anchored on-chain. The system is live in production, not a pilot, and is currently operating with some of Brazil's largest fashion groups.
The architecture is built around a clear separation between confidentiality and verifiability. Sensitive commercial information, including supplier identities, contract terms, and production volumes, stays on that permissioned network.
This matters because the two obvious alternatives both fall short. A fully private database protects commercial secrets but gives no outsider a way to independently verify anything. A fully public ledger provides verifiability but exposes pricing and supplier relationships to anyone watching the chain. Blockforce's setup sidesteps both problems.
Cost Engineering and the Road AheadScaling a proof-anchoring system to enterprise volumes requires keeping per-record costs manageable. The published architecture processes up to 44 certificates per transaction, with each certificate remaining individually verifiable. That figure comes from the project partners and has not been independently audited.
The company uses supplier, fiscal, and government database records to build each traceable record before it is proofed and anchored.
Sources:
Cardano Foundation: Blockforce Partnership Case Study
Crypto.news: Cardano Anchors 500,000 Supply Chain Records
CoinTurk: Cardano Anchors Over 500,000 Brazilian Supply Chain Records
Tether podle CEO Paola Ardoina dál rozšiřuje dolarovou síť a zisk financuje nákupy Bitcoinu i zlata. Firma od května 2023 alokuje až 15 % realizovaného provozního zisku do BTC.
Tether isn’t just printing digital dollars anymore. CEO Paolo Ardoino has laid out a vision that positions the stablecoin giant as something closer to a sovereign wealth fund, one that distributes dollars globally while quietly amassing enormous reserves of Bitcoin and physical gold.
Tether has been buying between 1 and 2 tons of gold every single week. Let that accumulate over months, and you get approximately 140 tons of gold valued at roughly $23-24B.
Ardoino has indicated the company targets gold at approximately 10-15% of its investment portfolio. The purchases are funded not by minting more USDT, but by profits from Tether’s core operations. Tether earned an estimated $10-13.7B across 2024 and 2025, with expectations for 2026 running even higher. When your stablecoin has $186B in market circulation and you’re earning yield on the reserves backing it, the cash flow becomes almost absurdly large.
The company has also reportedly been hiring ex-HSBC traders and expanding into gold trading operations.
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Tether has been allocating up to 15% of its realized operating profits to Bitcoin since May 2023, building a position that now sits somewhere in the range of 83,000 to 100,000 BTC. At current prices, that Bitcoin treasury is worth north of $8B. Ardoino has described Bitcoin as a “digital inflation hedge” and, in more colorful terms, a crucial defense against what he called an “apocalyptic future.”
The Bitcoin allocation targets roughly 10% of the overall investment portfolio, mirroring the gold strategy. Together, these two hard-asset positions represent about 20-25% of Tether’s total reserves, with US Treasuries and cash equivalents making up the bulk of the company’s backing.
With approximately $186B in circulation, Tether’s stablecoin dwarfs every competitor and serves as the de facto digital dollar for emerging markets worldwide. In parts of Latin America, Africa, and Southeast Asia, USDT functions as a savings vehicle and payments rail in ways that traditional banking simply doesn’t reach.
Tether earns yield on the Treasury bonds and other instruments backing USDT, while users get the dollar exposure they want. USDT holders don’t earn interest, making the spread between what Tether earns on reserves and what it pays out the core business model.
The company has also launched Tether Gold (XAUT), a tokenized gold product that has been gaining traction. If Tether’s physical gold holdings continue to grow at the current pace, XAUT could allow the company to monetize its gold reserves twice: once through appreciation and once through tokenization fees.
Tether’s Bitcoin purchases represent a steady, programmatic source of buying pressure. A company allocating 15% of multi-billion-dollar annual profits to BTC on an ongoing basis creates a persistent bid in the market. Hiring traders from major banks and building physical commodity positions gives Tether credibility with institutional players who might otherwise dismiss a stablecoin company as a purely crypto phenomenon.
A company holding $186B in stablecoin liabilities, 140 tons of gold, and nearly 100,000 Bitcoin has become systemically relevant. Any shock to Tether’s operations, whether regulatory, operational, or reputational, would now send ripples through multiple asset classes simultaneously.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The XLM crypto price moved closer to $0.20 after gaining 1.45%, extending its recovery from an August low near $0.155.
Another potential source of liquidity for Stellar’s payment-centric network follows Tether’s USDT0 token launching on it earlier this week. Over the past few rallies the XLM price has struggled to break through its previous price records.
USDT0 expands Stellar’s stablecoin offering On September 2, the Stellar Development Foundation announced the arrival of USDT0.
People and businesses are able to use Tether’s USDT liquidity through Stellar, using USDT0, and potential use cases include international payments, transferring funds between financial applications and company settlements.
This means that instead of creating separate pools of tokens for every network supported by the asset, there is one common supply supported by USDT.
The move is set to increase the choice of digital dollars on Stellar’s payments platform, joining other USD-backed and euro-backed stablecoins already available on the system like UDSC and PYUSD.
Users do not have to hold XLM to send out payments; the network’s token is mostly used to cover transaction charges and maintain accounts. However, stablecoin usage would increase activity and make XLM popular amongst its peers.
XLM price approaches a familiar barrier XLM was swapping hands at $0.1903 at the time of this writing, having ranged between lows of $0.1854 during the trading session and climbed to $0.1964 at its highest. The total amount of trades of XLM has now totalled 87.09 million.
The price is now nearing $0.20 again, and this area stopped advances in July and again in the second half of August.
However, touching that level briefly may not be enough, since buyers will need to keep XLM above the level of $0.20 to suggest that a room for a potential rally is ahead.
Source: TradingView In that scenario $0.21 will be looked at next, then $0.22; again an area in the past that has brought sellers out.
If rejected from these levels, it means XLM could fall back down to around the $0.18 mark. It recently saw support from these regions; a rejection, however, means that it could potentially move into the trading regions last seen in August, which lie near $0.16.
Buying interest has started to pick up, although it is still nowhere near the levels of the sharp rallies it printed earlier in the year. Although XLM is moving in the right direction, the recovery is holding back for its biggest push.
Final Summary XLM reached $0.1964 as buyers pushed the price towards the repeatedly tested $0.20 level. USDT0 has expanded Stellar’s stablecoin offering, although its effect on demand for XLM remains uncertain.
Chainlink zavádí SVR, který rozšiřuje standardní Chainlink Price Feeds o volitelnou soukromou transmisní vrstvu a má vracet OEV zpět protokolu místo botům. Řešení se rozšířilo na Base, Arbitrum a BNB Chain.
Every time a Chainlink oracle pushes a new price onchain, it can instantly render some collateralized loans eligible for liquidation. Automated bots race to capture that opportunity, pocketing the profit while the protocol that generated the price update walks away with nothing. The industry has a name for it: Oracle Extractable Value, or OEV.
@chainlink has built a mechanism to change that. Smart Value Recapture (SVR) extends standard Chainlink Price Feeds with an optional private transmission layer. In practice, the price report travels two routes simultaneously: one through the public mempool as normal, and one through a private channel where searchers bid for the right to execute the resulting liquidation.
Designed to Be Non-Toxic A key feature of the design is its deliberate scope. Protocols that worry about the private route failing also have a safety net:
From Ethereum to Multi-Chain
Since that launch, adoption has broadened considerably. @chainlink has also added a second auction venue and extended SVR to Base, Arbitrum, and BNB Chain, deepening the multi-chain reach of the product.
Harmony uvedla, že po sjednocení převodů mezi burzami klesla dočasná mezera ONE na 6,581 miliardy z původních 10,234 miliardy. Současně koordinuje obnovení vkladů, výběrů a obchodování s ONE.
PANews, September 8 - Harmony released an update on the exchange reconciliation following the August 11 incident, stating that it has verified on-chain deposits, withdrawals, and cross-platform fund flows with Binance, Gate, KuCoin, MEXC, OKX, and Binance.US. Exchange teams have frozen large amounts of ONE balances and hacker proceeds. The current priority is to coordinate the resumption of ONE deposits, withdrawals, and trading as soon as possible, with specific resumption times to be announced separately by each exchange.
Harmony stated that after matching 295 cross-exchange transfers totaling approximately 3.493 billion ONE, and adjusting for circular transfers and return funds, the provisional gap has decreased from approximately 10.234 billion ONE to 6.581 billion ONE, a reduction of about 3.653 billion ONE. This change is due to adjustments in reconciliation methodology and does not equate to newly recovered funds. Among these, Binance's data remains a provisional upper-bound estimate, while some data from Gate and OKX are still pending final verification.
In addition, this work will be coordinated with the ONE migration and validator transition proposal. According to the proposal, validators may cease operations starting from 22:00 Beijing time on September 10.
ExxonMobil těží z vyšších cen ropy a ropných produktů, zatímco WTI letos vzrostla o 59 %. Firma zároveň hlásí rekordní těžbu v upstreamu a 18,9 mld. USD volného cash flow za 2Q.
SummaryExxonMobil maintains a buy rating, supported by strong free cash flow, disciplined capex, and attractive valuation.Q2 saw record upstream output, $18.9B free cash flow, and $5.1B in buybacks, offsetting mixed earnings and refining weakness.Management targets $25B earnings and $35B cash flow growth by 2030, with advantaged assets driving production to 5.5M boe/d.Technicals remain bullish, with rising moving averages and RSI momentum; price target is updated to $179 based on 17x forward earnings. ridham supriyanto/iStock Editorial via Getty Images
ExxonMobil (XOM) continues to benefit from higher oil and product prices amid the ongoing conflict in Iran. For the year, WTI is up 59%, while shares of the largest US oil company are higher by
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Spoluzakladatel Solana Labs Anatoly Yakovenko řekl, že změna zdanění stakingových odměn IRS by pro ekosystém Solany znamenala víc než úpravy burn mechanismů, poplatků či inflace. Kritizoval, že odměny jsou daněny jako běžný příjem hned po jejich získání.
Anatoly “Toly” Yakovenko, co-founder of Solana Labs, made a pointed argument on September 7: changing how the IRS taxes block rewards would do more for Solana’s ecosystem than any tweak to the network’s burn mechanisms, transaction fees, or inflation schedule.
The tax problem nobody wants to do math on The core issue traces back to IRS Revenue Ruling 2023-14, which treats staking rewards as ordinary income the moment a validator or delegator gains “dominion” over them. In practical terms, that means if you earn 100 SOL in staking rewards and SOL is trading at $150, you owe income tax on $15,000, even if you never sold a single token.
This creates what tax professionals call “phantom income.” You have a tax bill on gains you haven’t actually realized. If SOL’s price drops 40% before you sell, you still owe taxes based on the higher value at the time you received the rewards.
The burden falls hardest on smaller stakers who may not have the liquidity to cover tax obligations without selling their rewards. That selling pressure, ironically, can push prices down further, creating a cycle that discourages the very participation proof-of-stake networks depend on.
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Legislative momentum, but no finish line In December 2025, Representative Mike Carey and 18 of his congressional colleagues sent a letter to the IRS urging the agency to revise its guidance on staking and mining rewards before the 2026 tax year.
The core of the reform argument is that staking rewards should be treated as newly created property, not income. Under this framework, tokens earned through staking would only become taxable when they’re actually sold.
The Solana Policy Institute has been active on this front as well, filing legal briefs that advocate for realization-based taxation on newly minted tokens.
Despite the bipartisan interest, the IRS hasn’t budged from its 2023 position. Revenue Ruling 2023-14 remains in effect, and no formal rulemaking process has been announced to modify it.
Solana’s tokenomics debate takes a back seat SGP-0002, a governance proposal that doubles Solana’s disinflation rate to 30%, was approved in late August 2026. The proposal accelerates the pace at which new SOL issuance decreases over time, making the token’s supply dynamics more deflationary.
Yakovenko’s framing suggests these efforts are secondary. His reasoning appears to be that enhancing network capacity and reducing latency, paired with favorable tax treatment, would have a compounding effect that dwarfs what protocol-level economic tweaks can achieve alone. He also indicated support for testing burn mechanisms specifically to benefit app developers, but positioned this as a complementary effort rather than the main event.
What’s actually at stake The implications extend well beyond Solana. Every proof-of-stake network in the US ecosystem faces the same tax headwind. Ethereum stakers, Cosmos delegators, and participants across dozens of other networks all contend with the same Revenue Ruling 2023-14 framework.
The 2026 tax year is already underway, meaning any retroactive guidance change would need to come relatively soon to affect current filing obligations. For US stakers across every network, the clock is ticking on a problem that no governance proposal can solve.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Solana spustila pětistupňové snížení minimálního zůstatku $SOL pro on-chain úložiště, což může uvolnit až 3,06 mil. $SOL k výběru. Nejde o airdrop, ale o vracení přebytku držitelům účtů.
Amid numerous network upgrades, Solana has started a 5-stage reduction in the amount of $SOL users must lock into accounts to cover onchain storage. The reform could eventually make about 3.06M $SOL available for users to reclaim.
Why Everyone Is Calling It a $319M Airdrop At around $100 per $SOL, that represents more than $300M. A price around $104 would put 3.06M $SOL near $319M, which explains the figure circulating online.
However, Solana users should not expect the network to distribute free $SOL. The tokens already belong to account holders. The rent reduction lowers the minimum balance required to maintain accounts, potentially leaving some accounts with excess lamports that users can reclaim. Solana activated the first SIMD-0437 feature gate at epoch 1028 on September 3. The change reduced the lamports-per-byte figure from 6,960 to 6,333, delivering an initial 9% reduction.
Developers will not automatically activate each remaining stage. They will examine state growth at each level before deciding whether to proceed. A separate safeguard, SIMD-0438, can restore the original 6,960 value if state growth creates problems.
The second stage reached testnet on September 3 and cuts the figure to 5,080 lamports per byte. Developers expect mainnet activation in mid-September. The remaining 3 stages target Agave 4.4, which is expected in November.
What “Rent” Actually Means Solana calls the required balance rent, but users do not permanently pay this money as a fee. The balance works as a refundable bond that covers the storage an account occupies across validators.
Solana calculates the minimum balance using:
Minimum balance = (128 + data size) × lamports per byte
SIMD-0437 ultimately reduces the constant from 6,960 to 696, a 90% reduction.
For an SPL token account, the change could reduce the deposit from about $0.159 to $0.0159, assuming similar economics. A business creating 1M token accounts could therefore see its required deposits fall from about $159,000 to $15,900.
How Can You Reclaim the Excess $SOL? If you have $SOL and other Solana ecosystem tokens in your wallet, you are definitely eligible for the claim, depending on the token accounts in your wallet.
You can now recover the difference between your current $SOL rent balance for each token account and the new minimum rent as the rent required reduces, using multiple tools such as Sol-Incinerator’s ‘incinerator’ tool.
The first stage of the rollout, which is currently live on mainnet, has reduced the required rent by about 10% of the 696 lamport target. The remaining 90% will be available to claim as the remaining 4 stages go live.
The reclaim mechanism adds another important part to the story. Solana's Token Program now includes a WithdrawExcessLamports instruction through its May P-token upgrade. The instruction is what enables wallet providers, DeFi apps, and other onchain services to claim the $SOL sitting above the rent-exempt minimum from a token account, mint, or multisig account without closing the account or affecting its token balance.
Another Step in Solana's Upgrade Cycle The Solana network is embodying the popular “Increase Bandwidth, Reduce Latency” maxim as the rent reduction arrives alongside other major Solana changes. SIMD-0525 recently reduced the target slot time from 400ms to 300ms, with 2 further reductions planned before the network reaches the proposed 200ms target.
Meanwhile, Transaction V1 has reached testnet and increases the maximum transaction size from 1,232 bytes to 4,096 bytes. The larger format could accommodate workloads such as ZK proofs, large multisigs, and confidential transfers within a single transaction.
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The Solana logo appears on the screen of a smartphone in Reno, United States, on December 5, 2024. (Photo by Jaque Silva/NurPhoto via Getty Images)
NurPhoto via Getty Images
“After 500 calls in the past few hours we got all the votes in the last few seconds and passed the disinflation proposal by a literal hair,” Mert Mumtaz, the chief executive of Solana infrastructure company Helius, posted to his 2.2 million followers on Friday, August 28. SOL changed hands at $101.73 on Friday, September 4, down 3.4% on the day.
The validator and data publication Solana Compass posted “SGP-0002: 67.001%. Bar: 66.667%. Margin: 0.334 pts,” as the count closed, with 176.29 million SOL voting for and 66.19 million against. “With 70 min left, it was losing by 58M $SOL. @mert made 500+ calls. Kraken reversed. JitoSOL overrode validators,” the same post said, putting turnout at 60.7% of eligible stake across 1,326 validators.
Lark Davis, a New Zealand-based commentator posted to his 1.5 million followers that Kraken had voted against mid-count “nearly sinking it before flipping at the last minute”, after the exchange moved roughly 8.9 million SOL against the proposal with under three hours left, and swung about 8.1 million back behind it in the final hour. “Less dilution for holders, lower staking rewards for validators. Not everyone’s happy, but the vote is done,” Davis wrote.
Trading Yield, Not Prices
MacBrennan Peet, the founder of Project 0, said on the On The Margin podcast: “when I think about trading, I think primarily about trading yield, not trading prices,”. Describing the delta-neutral yield hunt that sets the price of capital across chains. “So not necessarily taking directional exposure on something going 10x, but seeing a difference in spreads across market and taking advantage of that,” he said.
“Perhaps you want Bitcoin exposure. You’ve chosen that you want to be long Bitcoin. And now that you have the Bitcoin asset, you want to maximize your yield on it,” Peet said of the same hunt one asset over, describing the alternative as fragmented: “multiple fragmented accounts that also have no idea of your risk exposure across different venues.” According to Solana Company’s published figures, SOL holders are now maximizing on 4.34% in year one against 5.84% on the old schedule, 3.00% in year two and 2.25% in year three, assuming 68% of SOL stays staked.
“It’s math. It’s just a hard asset,” said the co-founder of bitcoin custody firm Onramp, Michael Tanguma. Making the case that scarcity is the only durable defense against a shrinking share. “Everyone gets diluted unless they import a harder form of money,” he said, and “now you’ve got to understand that there’s no real choices.”
Reopening The Settled, Deterministic Schedule
The Company’s objection is not to “lower issuance as an end state, but rather to reopening the settled, deterministic schedule,” Solana Company said on August 21, voting against SGP-0002 “on grounds of timing, not intent.” Staking on the Nasdaq-listed treasury vehicle’s own SOL produced $2.512 million of its $2.526 million in revenue in the quarter ended June 30, or 99.4%.
The proposal’s authors, the Helius engineers Lostin and 0xIchigo, who put the saving at about 18.9 million SOL over six years, wrote “41% of validators already opting for a 0% commission on emissions” will barely register the change.
Nothing Changes For Your Stake Today
“Nothing changes for your stake today. SGP-0002 is a governance mandate rather than a live protocol change yet,” wrote Andre Caldeira of the staking provider P2P.org. The cut lands only once SIMD-0550 is “accepted and activated through the normal Solana feature-gate process.”
The platform Nexo told its 279,000 followers on Wednesday that Solana’s validators voted through a “permanent cut to future token issuance,” listing it among the signals that “held up underneath” a soft week. It is the trade other networks have already run, and SOL sits far below the $250 level traders were modeling in the spring.
“SOL $1,000,” Mumtaz wrote to close the victory post, above a line of thanks: “THANK YOU TO EVERYONE WHO WAS OPEN TO CHANGING THEIR MIND”.
Kamino Finance has opened a new borrowing market on Solana that accepts ZEC, the bridged version of Zcash’s native token, as collateral. Users can now post ZEC to borrow USDC, or dial up their exposure using Kamino’s Multiply product, which loops positions to create leverage without requiring a centralized exchange.
How it works and why Kamino built it this way Kamino routes ZEC through cross-chain bridge infrastructure, specifically NEAR Intents and OmniBridge, to bring the asset onto Solana in a form the protocol can price and custody. ZEC first became tradable on Kamino Swap, the protocol’s aggregator, in late October 2025, so this lending launch is a logical next step rather than a sudden pivot.
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The ZEC market sits inside Kamino’s isolated lending architecture, where ZEC collateral risk is contained in its own pool rather than mingling with the protocol’s main liquidity. That structure lets Kamino set custom loan-to-value ratios and liquidation thresholds tuned specifically to ZEC’s volatility profile, without exposing core markets to spillover risk if ZEC experiences a sharp drawdown.
The Multiply feature automates the loop of borrowing USDC, swapping it back into ZEC, and redepositing in a single transaction. The result is amplified ZEC exposure funded by borrowed stablecoins.
Part of a bigger pattern at Kamino The most recent comparable move was the introduction of a PAXG market on or around July 27, 2026. PAXG represents tokenized gold, so Kamino effectively allowed users to borrow USDC against a digital representation of physical gold bars. ZEC follows the same template, just with a privacy-focused cryptocurrency rather than a precious metal.
What this means for ZEC and privacy-asset DeFi Zcash’s shielded transaction capability uses zero-knowledge proofs, but regulatory pressure around privacy coins has kept many centralized venues at arm’s length, and DeFi integration has lagged behind mainstream assets by years.
Kamino’s overall lending platform handles billions in aggregate market size across its various pools, though specific figures for the ZEC market have not yet been disclosed. No expert commentary or specific TVL data has surfaced regarding the ZEC market to date.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
DeFi Development Corp. plánuje nabídnout až 20 milionů USD v preferenčních akciích, aby rozšířila své držby Solana (SOL). Výnos má být použit i na nákupy dalších SOL.
DeFi Development Corp. (NASDAQ: DFDV), the firm that has built its balance sheet around accumulating Solana, has outlined plans for a new preferred-stock raise aimed at expanding that treasury. The company said it intends to offer up to $20 million of Variable Rate Series C Perpetual Preferred Stock, marketed under the nickname CHAD Stock, in a registered public offering.
The securities would carry a $10 stated amount per share and begin with an annual dividend rate of 13 percent, paid on a daily basis when declared.
The first regular payment is scheduled for October 1, 2026. Because the stock is perpetual, it has no maturity date.
The underwriter would also receive a 30-day option to buy an additional 15 percent of the shares. R.F. Lafferty & Co. is serving as sole book-running manager.
Completion remains subject to market conditions, and the company cautioned that size and final terms could still change.
Management said net proceeds would go toward general corporate purposes.
That list includes working capital, purchases of additional SOL, other digital-asset investments, strategic deals, and growth projects.
In other words, the raise is designed to keep DFDV’s core strategy moving: convert newly raised capital into more Solana and related exposures rather than rely solely on common-stock issuance.
At closing, the company plans to set aside a dividend reserve equal to the first 12 months of payments at the initial 13 percent rate, funded with cash, financial instruments, or digital assets.
The timing fits a broader pattern. DFDV has repeatedly used equity programs, convertible notes, and at-the-market facilities to scale its SOL holdings while tracking a metric it calls SOL per share.
Last week it reported that it had resumed buying Solana, adding roughly 19,000 SOL at an average price of about $98.
Earlier communications have described preferred equity as a cleaner form of leverage than convertible debt, because distributions can theoretically be supported by staking yield, validator income, and other on-chain activity rather than by issuing more common shares.
The new variable-rate series is the latest attempt to put that idea into practice.
For investors, the instrument sits between ordinary equity and senior debt.
Holders would rank ahead of common stockholders for dividends and in a liquidation, but the coupon can be adjusted after the first period at the board’s discretion, and payments still depend on legally available funds.
The company has applied to list the shares on Nasdaq under the ticker CHAD.
Whether a liquid market develops after listing is another open question.
The proposal also reflects how digital-asset treasury companies have evolved.
Instead of treating crypto simply as an unproductive reserve, DFDV presents Solana as an asset that can appreciate and generate yield. Preferred stock, in that framing, becomes a way to add leverage without the forced-sale risk of margin loans.
Critics will note the usual caveats: SOL prices remain volatile, dividend coverage is not guaranteed, and any new senior claim sits ahead of existing common shareholders.
Still, the announcement is consistent with DFDV’s stated goal of compounding Solana exposure per share over a multi-year horizon. If the offering closes near the proposed size, it would give the company another modest but targeted pool of capital to deploy into the same asset that already dominates its treasury.
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Podíl Solany na globálním objemu tokenizovaných akcií spadl během dvou týdnů z 71 % na 30 %. Kapitál odtáhly memecoinové páry na BNB Chain a Robinhood Chain.
Solana went from controlling nearly three-quarters of on-chain tokenized equity trading to holding less than a third. The culprit? Memecoins dressed up in stock-market clothing on competing chains.
Over a two-week stretch ending around August 27, 2026, Solana’s daily share of global tokenized stock volume collapsed from 71% to 30%, according to Blockworks. The decline wasn’t driven by anything breaking on Solana itself. Instead, rival EVM-compatible chains, specifically BNB Chain and a new Robinhood-branded chain, introduced hybrid trading mechanics that paired memecoins with tokenized real-world assets, pulling speculative capital away from Solana at a remarkable clip.
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How meme/stock pairings rewired the market Rather than simply listing tokenized versions of stocks the way Solana’s xStocks protocol does, BNB Chain and Robinhood Chain created trading pairs that bundle a memecoin with a tokenized equity. On BNB Chain, a meme/stock pair called $牛来 reached a peak market cap of $77 million. On Robinhood Chain, a pair branded $AI hit $67 million.
The design also forces users to bridge assets onto the host chain in order to participate. That bridging activity inflates transaction volumes, which in turn makes the chains look more active, which attracts more traders.
The contrast with Solana’s earlier dominance is stark. During Q2 2026, and particularly around a wave of SpaceX-related tokenized equity activity in June, Solana captured between 95% and 97% of all on-chain tokenized equity spot trading volume.
Solana’s absolute numbers tell a different story The network has processed over $9.5 billion in cumulative tokenized stock volume since the xStocks protocol launched in July 2025. It has 288,000 unique holders. And it has generated $56 million in equity-backed lending pools as of late August 2026.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
XPENG spustil výrobní linky pro humanoidní roboty a IRON se autonomně svezl z linky, což znamená přechod od prototypů k výrobě. Firma plánuje masovou výrobu do konce roku.
XPENG has officially commissioned its humanoid robot production lines and completed the production-lines manufacturing of the world's first advanced humanoid robot, which autonomously walked off the lines, marking a critical leap from R&D prototyping to production-lines manufacturing. XPENG's humanoid robot production lines feature core process automation exceeding 80%, setting a new manufacturing benchmark with a precision, flexible, and intelligent production line. XPENG extends its automotive-grade manufacturing capabilities to robotics, marking a critical step toward mass production. , /PRNewswire/ -- XPeng Inc. ("XPENG" or the "Company,"NYSE: XPEV; HKEX: 9868), a leading global Physical AI company, today announced that its humanoid robot production lines are now in operation, and the world's first advanced general‑purpose humanoid robot made its debut by autonomously walking off the lines after completing production. This achievement signifies a key leap from R&D prototyping to line manufacturing and an important advance toward volume production.
XPENG's robot production lines are the world's first automated production lines for advanced humanoid robots, deeply integrating the mature automotive-grade quality systems of the smart electric vehicle industry with precision manufacturing for humanoid robot. Built to automotive-grade quality standards, it establishes a quality system for mass production of advanced humanoid robots. Designed for scale from day one, with over 80% of core processes automated, the lines deliver a high-precision, highly flexible, and intelligent manufacturing system, ensuring consistent critical-process quality and laying the foundation for scaled production and rapid capacity expansion.
He Xiaopeng, Chairman & CEO of XPENG, said: "The robot production lines were created from scratch with no precedent to follow. Today's step is small, but XPENG is building the production lines for an entirely new product category. Looking ahead, XPENG will continue to explore faster production rhythms and greater scale in robot manufacturing, charting a new path toward a leading robot manufacturing industry in China and globally."
As a key pillar of XPENG's Physical AI strategy, XPENG's next-generation IRON is an advanced humanoid robot combining highly human-like form and movement with AI-driven intelligence, designed to meet the highest safety standards. It is being developed as an advanced general-purpose humanoid robot platform, capable of supporting a broad range of applications and continuously improving through self-reinforcement in the real world.
XPENG IRON features an industry-leading human-like form and design, with a proprietary fully enclosed flexible lattice structure designed to balance aesthetics and safety. With 76 degrees of freedom (DOF) across the body and 21 in each hand, IRON delivers industry-leading levels of dexterity and mobility. On the intelligence side, XPENG IRON is powered by three Turing AI chips delivering up to 2,250 TOPS of effective computing power. This computing power enables XPENG to deploy its Physical AI foundation model directly on the robot, enabling IRON to autonomously perform complex tasks without remote operation, while ensuring low-latency inference and enhanced data security.
Mr. He said, "We aim to build a new type of robot with full generalization capabilities that can truly become part of everyday life, create a better life for people, and ultimately become a companion in their lives." And he put on a staff badge for IRON, symbolizing that it has officially become a member of the XPENG team.
Looking ahead, XPENG robots are scheduled to enter mass production by the end of this year, with initial commercial-scenario rollouts beginning in XPENG's own stores and campuses. Official market launch and delivery in China and overseas markets are planned for 2027.
XPENG remains committed to its physical-AI and globalization strategy, continuously building three growth curves: automotive, robotics, and globalization. The rollout of the first advanced general-purpose humanoid robot and the activation of the production lines mark another important milestone in the ongoing implementation of XPENG's physical-AI strategy. Given the high technical barriers and limited high-quality supply in the advanced general-purpose humanoid robot segment, the gross margin per unit is expected to be significantly higher than that of new energy vehicles. As XPENG's robotics business accelerates into scaled manufacturing and commercialization, its value as the Company's second growth curve is rapidly becoming visible.
On August 24, XPENG's robotics business has entered into share purchase agreements with multiple investors, raising over US$900 million at a post-money valuation of over US$6.3 billion, which marks the largest single-round private capital raise in China's embodied AI industry to date. This is a strong endorsement from the capital markets of XPENG Group's leading position, technology roadmap, scaled manufacturing capabilities, and long-term commercial value in the physical AI domain.
From a unified physical AI foundation model, to different intelligent embodiments, to scaled manufacturing, XPENG is progressively connecting the full chain from model base and product R&D to industrialized deployment, bringing AI out of the digital world into the real world, and into the broader physical world.
About XPENG
XPENG is a global leader in physical AI, dedicated to bringing artificial intelligence into the physical world and redefining future mobility and smart living. The company has built a full-stack self-developed physical AI technology system covering Turing AI chips, physical world foundation models, and highly integrated software and hardware applications. Based on its unified technology foundation, XPENG has developed products including smart electric vehicles, Robotaxi, and humanoid robots, driving the scaled deployment of physical AI. Headquartered in Guangzhou, China, XPENG has dual primary listings on the New York Stock Exchange and the Hong Kong Stock Exchange. With an international R&D, manufacturing, sales, and service system, XPENG brings smarter, safer, and better lifestyles to users worldwide through continuous technological innovation and an open physical AI ecosystem. For more information, please visit XPENG's official website at https://www.xpeng.com/.
Interactive Brokers měl na konci srpna 185,6 miliardy USD v neinvestovaných klientských penězích, které dál přinášejí úrokový výnos. Firma čeká, zda případné IPO Anthropic část těchto peněz odčerpá.
Interactive Brokers (IBKR -0.35%) ended June with $182.4 billion of uninvested client cash, up 27% year over year. Not only did the pile grow, but it was bigger still two months after the quarter closed, reaching $185.6 billion at the end of August. And until clients put that money to work, the automated global broker collects interest on it.
They may soon get a big occasion to put some of it to work. Anthropic's initial public offering (IPO) prospectus could arrive as soon as this week. In late August, The Information reported that the artificial intelligence (AI) company planned to release it just after Labor Day, with a market debut following as soon as the end of this month.
Investors project the Claude maker's valuation could land at about $2 trillion, CNBC has reported. They also expect the offering itself could top the largest on record -- the $85.7 billion SpaceX (SPCX -1.20%) raised in its June debut.
Anthropic's timing is a plan, not a scheduled event. There's no public prospectus, no price, and no share count yet.
But I think the setup is worth examining, because the broker just lived through a version of it. What does a huge listing do to this business?
Image source: The Motley Fool.
A cash pile that paysInteractive Brokers earns money on client cash in a straightforward way. It segregates customer cash as regulators require and invests the majority of that segregated cash in short-term U.S. government securities and related instruments. Clients earn interest on qualifying U.S. dollar balances, and the company keeps a spread for itself: half a percentage point below the benchmark federal funds rate.
At today's scale, net interest income is the company's biggest revenue line. It rose 23% year over year to $1.06 billion in the second quarter, helped by growing customer credit balances and a 67% jump in customer margin loans. That was more than half of the quarter's $1.9 billion of total net revenues. Notably, the growth came from bigger balances. The company's net interest margin narrowed to 1.93% from 2.07% a year earlier as interest rates declined, yet net interest income climbed anyway.
In other words, the cash isn't idle from the broker's perspective. Every uninvested dollar earns the company a little interest, and clients added about $39 billion of those dollars over the past year.
SpaceX's debut didn't drain the pileIf a giant IPO were going to pull client cash out of the business for good, the second quarter was the test. SpaceX went public on June 12, and Interactive Brokers participated directly. "In Europe, we directly offered the SpaceX IPO to eligible U.K. and European retail clients, providing access across multiple countries," said Nancy Stuebe, the company's director of investor relations, on the July earnings call.
The trading side delivered. Commission revenue hit a record $673 million in the second quarter, up 30% year over year and accelerating from 19% growth in the first quarter.
But the cash pile grew anyway. Client equity climbed to $962.8 billion in August, up 35% year over year, and customers traded more too -- daily average revenue trades rose 23%.
And a big reason the cash keeps pace is that new customers keep arriving. Client accounts reached 5.46 million in August, up 35% from a year earlier.
Will Anthropic be a repeat?Two things would have to happen first. The offering has to arrive at all. Anthropic's June filing was a confidential draft registration statement, and the company has said the proposed offering will depend on market conditions.
Interactive Brokers would also need access to the shares. The company hasn't said anything about distributing Anthropic's offering, and its SpaceX access was limited to eligible retail clients in the U.K. and Europe. I wouldn't assume a repeat until the company announces one.
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Still, the second quarter suggests shareholders don't need one. Heavier customer trading can lift commissions, while account growth keeps refilling the interest-earning cash pile.
Ultimately, I view an Anthropic debut as a potential bonus for this business rather than a swing factor. Even at a record $673 million, commissions remain the smaller of the company's two big revenue lines.
The stock, meanwhile, sits near $92 as of this writing, about 6% short of its 52-week high. And it trades at about 29 times what analysts expect it to earn next year -- arguably a rich price for a brokerage, although one attached to 28% net revenue growth and a pretax profit margin that expanded to 77% last quarter.
I wouldn't buy shares because of an IPO on the horizon. The account growth that keeps refilling that cash pile matters a lot more.
@injective has announced that staking on its network has hit a new all-time high, with 58.8 million $INJ tokens now locked with validators. That figure represents roughly 59% of the protocol's fixed 100 million total supply, a level the team described as one of the highest staking ratios among layer-1 blockchains.
A Sharp Climb From 2023 The milestone marks a significant shift from where the network stood just three years ago. Staked supply has risen from approximately 42 million INJ in September 2023, with the bulk of that growth coming over the past several months. The climb reflects both growing confidence in the network and the structural incentives built into the protocol.
What a High Staking Ratio Means for the Network That dynamic has been reinforced by the protocol's burn mechanics.
The growing staking base has also attracted institutional attention. Separately,
SanDisk před vstupem do S&P 100 v pátek vyskočil o 11,9 % na 1 740 USD a stal se největším růstovým titulem S&P 500. Firma zároveň oznámila, že tržby za čtvrtletí vzrostly o 372 % na 8,97 mld. USD.
Friday's rally made Sandisk the S&P 500's top performer before its September 21 index promotion. Summary
Summary: Index demand meets a NAND business already growing revenue at triple-digit rates.
Sandisk Corporation SNDK, the flash-memory powerhouse, earned promotion to the S&P 100 before trading opens September 21. The announcement followed an explosive Friday session that sent the stock 11.9% higher to $1,740, making it the S&P 500's biggest gainer and pushing its market value to roughly $273 billion. U.S. markets were closed Monday.
The operating numbers are just as dramatic. Sandisk's latest quarterly results showed revenue rocketing 372% to $8.97 billion, gross margin expanding to 84.6% and data-center revenue more than doubling sequentially to $2.98 billion. Management also lifted the remaining share-repurchase authorization to $15.5 billion and projected as much as $10.8 billion in revenue for the coming quarter.
That repurchase capacity represents approximately 5.7% of Sandisk's market capitalization, while S&P 100 admission could unlock another wave of index-fund demand. Yet the GuruFocus chart flashes a clear warning beneath the spectacular growth: Sandisk's GF Score is only 51 out of 100, with strong growth and financial strength offset by weak GF Value and momentum readings. Sandisk has squeezed exceptional profits from the memory boom, but sustaining a $1,740 valuation will require its long-term customer agreements to hold firm when NAND supply eventually catches up.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Apple čelí nedostatku paměťových čipů, protože datová centra pro AI pohlcují kapacitu a ceny některých pamětí se více než zčtyřnásobily. Ohrožuje to marže iPhonu, který tvoří 49,6 % čtvrtletních tržeb.
AI servers are absorbing premium memory capacity while Apple tries to protect hardware margins. Summary
Memory inflation now threatens a product category supplying nearly half of Apple’s quarterly revenue.
Apple AAPL, the consumer-technology giant, faces a tightening memory crunch as artificial-intelligence data centers swallow an expanding share of global chip capacity. The Verge reported Monday that some smartphone-memory prices have more than quadrupled, with meaningful relief potentially delayed until late 2027 or 2028. Apple shares last closed at $319.97 because U.S. markets were shut Monday.
Samsung, SK Hynix and Micron command roughly 90% of the memory market. Manufacturers can earn more by steering scarce wafer capacity toward the high-bandwidth memory demanded by deep-pocketed AI customers, leaving smartphone producers fighting over conventional DRAM supply. Apple's enormous purchasing power offers leverage, but it cannot manufacture new factories overnight.
The financial stakes are substantial. Apple's latest statements show $54.25 billion of iPhone revenue, representing 49.6% of quarterly sales, while companywide gross margin reached 50.1%. The shares trade 12.35% above the GF Value estimate of $284.79, signaling that investors already expect Apple to defend margins despite rising component costs. Premium models and price increases could absorb part of the pressure, but customers must remain willing to pay more for each upgrade.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Tim Cook po 15 letech odstoupil z funkce generálního ředitele společnosti Apple; akcie za jeho éry přinesly celkový výnos 2 720 % včetně dividend. Nový šéf John Ternus přebírá firmu v době tlaku na marže a očekávání kolem Apple Intelligence.
Tim Cook just stepped down as CEO of Apple (AAPL -2.51%) after a storied 15-year tenure. During his time as CEO, Apple stock returned 2,720% to investors, including dividends, which is a tough act to follow. The pressure is on for new CEO John Ternus as he takes the reins. Here's what to expect.
More than an apple a day The first iPhone came out in 2007, when Steve Jobs was still CEO, and Tim Cook turned it into the world's top-selling smartphone. According to Counterpoint Research, Apple accounted for the three top-selling smartphones in the 2026 second quarter, and according to Statista, there are an estimated 1.6 billion active units today, with the company shipping nearly 248 million units in 2025 alone. iPhone sales have increased by more than 20% over the past three quarters,and The Wall Street Journal has called it "the most lucrative product in history."
Apple CEO John Ternus. Image source: Apple.
Cook also developed several significant products and services over his time as CEO, including Apple Pay and Apple TV streaming, and he got the company started with Apple Intelligence. However, while Apple's hyperscaler competitors have launched major artificial intelligence (AI) platforms, Apple has lagged.
Can Ternus deliver? There had been reports of several candidates for Cook's replacement, and the choice of Ternus, who had previously headed the company's hardware division, tells shareholders how it's thinking about the future. Apple's edge is in hardware, where it differs from the other major tech giants; most of them are software companies. It has grown in importance through its focus on the user experience and ecosystem, which is what brings loyal customers back again and again.
However, Ternus is taking on the top role at a time when Apple is facing challenges. Management has said that soaring memory prices are leading to some price hikes, and it's already feeling some margin pressure. The market is highly anticipating developments in Apple Intelligence, and the updated Siri voice assistant is rolling out. Apple stock briefly surpassed $5 trillion before the latest earnings report, but it fell on the news of margin pressure and the guidance for lower iPhone sales growth.
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These are short-term factors, though. Ternus can revive the stock if Apple Intelligence impresses investors and if the company creates the kind of innovations it's known for. Ternus was on the 2026 fiscal third-quarter earnings report (ended June 27), but so far, shareholders haven't heard too much from him.
Apple has its Surprise and Shine event on Sept. 9, where it's expected to launch several iPhone 18 models, as well as the iPhone Ultra foldable phone and other new products. It will be the first time investors get to hear Ternus as CEO.
Keep in mind, though, that even if Ternus is successful in bringing Apple into a new era, it isn't possible to deliver another 2,720% in gains for Apple stock. The base is just too big for that kind of growth. It can still offer value to shareholders, but that kind of growth is only possible for new start-ups.
Meta čelí varování OSN ohledně ochrany kritické infrastruktury a komunikací v závodě o AI. Ve 2. čtvrtletí kapitálové výdaje dosáhly 31,08 miliardy USD, tedy asi 51,1 % výnosů.
The warning creates no binding rule, but it raises the governance cost surrounding Meta's infrastructure race. Summary
Meta’s enormous AI investment is attracting scrutiny beyond earnings, electricity and data-center permits.
Meta Platforms META, the social-media, digital-advertising and artificial-intelligence giant, faced a sharper global warning over AI governance Monday. According to Reuters, UN human-rights chief Volker Türk urged governments and technology companies to build firm protections against risks to critical infrastructure, communications and democratic institutions. Meta shares were priced at $616.77.
The warning lands as Meta pours unprecedented capital into the AI race. Second-quarter capital expenditures hit $31.08 billion, equivalent to roughly 51.1% of revenue. Sales climbed 28% to $60.80 billion, but total costs rocketed 55% to $42.03 billion, squeezing free cash flow to just $784 million.
The valuation picture adds another layer. Meta's $616.77 share price sits 27.35% below its GF Value estimate of $848.92, signaling substantial potential upside if the company converts its massive AI spending into durable earnings. The UN warning carries no immediate financial penalty, but tougher testing, reporting and safety standards could raise the price of staying at the front of AI. Meta has the cash to build the infrastructure; investors now need proof that its safeguards can scale just as aggressively.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Alphabet oznámil, že test s Cathay Pacific na více než 80 letech snížil oteplování způsobené kondenzačními stopami o 40 %. Projekt míří poprvé do Asie a na ultra dlouhé tratě.
Cathay's ultra-long-haul trial gives Alphabet a climate showcase, although commercial terms remain undisclosed. Summary
More than 80 flights tested technology targeting a major source of aviation warming.
Alphabet GOOGL, Google's search, cloud and artificial-intelligence powerhouse, expanded its contrail-fighting AI program with Cathay Pacific Monday. More than 80 flights in the initial trial delivered an estimated 40% reduction in contrail-related warming. U.S. markets were closed, leaving Alphabet at its previous closing price of $335.31.
The partnership takes Google's technology into Asia-Pacific and, for the first time, onto ultra-long-haul routes. Its platform blends satellite images, weather intelligence and AI-generated forecasts to flag atmospheric zones where pilots can change altitude and reduce persistent contrail formation.
Alphabet's latest quarter generated $119.8 billion in revenue, with Google Cloud contributing $24.8 billion. The chart shows Alphabet trading 32.75% above its $252.58 GF Value estimate, signaling that investors already expect plenty from its AI ambitions. Cathay disclosed neither a contract value nor a commercialization plan, making this a sharp demonstration of real-world AI utility—but not yet a meaningful revenue engine.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Akcie Alibaba se po srpnovém prodeji akcií obchodují pod upisovací cenou HK$112,70; pondělní uzavření bylo asi o 2,75 % níž. Firma získala HK$80 miliard na AI infrastrukturu, ale čistý zisk za čtvrtletí klesl zhruba o 75 %.
Fresh shareholders are already underwater after funding one of Hong Kong's largest-ever follow-on offerings. Summary
Monday’s close sat approximately 2.75% below Alibaba’s August placement price.
Alibaba Group (BABA), the Chinese e-commerce and cloud-computing giant, raised HK$80 billion in August after pricing 710 million new Hong Kong shares at HK$112.70 apiece. The U.S.-listed stock stood at $113.24 on Sept. 7, putting investors' focus squarely on whether Alibaba can turn fresh capital into faster, more profitable AI growth.
The placement expands Alibaba's share count by roughly 3.6%, and every dollar of net proceeds is headed toward AI infrastructure and full-stack capabilities. The company's June-quarter results delivered 9% revenue growth to RMB268.95 billion and a 45% surge in cloud and AI-related revenue. The catch was brutal: net profit plunged approximately 75%.
The valuation picture offers some breathing room. At $113.24, Alibaba trades 5.3% below its GF Value™ estimate of $119.58, suggesting modest upside if execution improves. But that discount is not a free pass. Management now has the capital; the real test is whether cloud growth and proprietary chips can outrun dilution, collapsing profit and the enormous depreciation burden created by its infrastructure buildout.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Morgan Stanley zvýšila cílovou cenu společnosti Oracle na 210 USD, což naznačuje asi 32% potenciál růstu, a vidí ji lépe než Adobe. U Adobe má podvážené doporučení a cílovou cenu 240 USD, tedy zhruba 10% pokles.
Both software giants report earnings Sept. 10, but Morgan Stanley sees very different setups for the two stocks. Summary
Morgan Stanley raised its Oracle target to $210, implying about 32% upside
Oracle Corp. (ORCL, Financials) and Adobe are scheduled to release earnings on the same day. Morgan Stanley thinks this one is considerably better positioned.
The bank boosted its Oracle price target to $210 from $207 signaling about 32% upside but with an Equal-weight rating.
Analyst Sanjit Singh anticipates Oracle's cloud revenue growth to be near the high end of management's 58% to 64% projection, driven by new compute capacity for AI workloads.
Wall Street estimates suggest Oracle's quarterly revenue will grow approximately 28% to $19.13 billion and adjusted earnings will be $1.74 per share.
Adobe has a different problem. Morgan Stanley has an Underweight rating on the stock with a $240 target, which implies around 10% downside.
Not just one quarter of worry. Investors are anxious to see how Adobe's growth strategy will alter under new leadership. Anil Chakravarthy will succeed longstanding CEO Shantanu Narayen on Dec. 1. That makes Sept. 10 very intriguing.
Oracle needs to prove that its big bet on AI infrastructure is boosting its cloud sales. Adobe needs to sell investors on growth holding up through another big leadership change.
More positive on Oracle in the immediate term is Morgan Stanley.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Korejské akcie výrobců paměťových čipů prudce rostly: SK Hynix přidal 8,3 % a Samsung Electronics 5,7 %.
Pro Micron to zvyšuje tlak před výsledky 30. září, kdy má potvrdit silnou poptávku po AI pamětech.
Korean memory stocks surged while Wall Street was closed, sharpening Micron's September 30 earnings test. Summary
Asian memory shares rallied as Micron’s guided sequential growth hurdle reached 20.6%.
Micron Technology MU, the memory-and-storage chipmaker, caught another bullish AI-memory signal Monday as SK Hynix SKHY rocketed 8.3% and Samsung Electronics SSNLF advanced 5.7%. Micron entered the holiday after jumping 6.1% Friday to $1,016.59, leaving Wall Street unable to react immediately while U.S. markets were closed for Labor Day.
The operating momentum is just as dramatic. Micron's latest quarterly release reported $41.46 billion in revenue, an 84.9% adjusted gross margin and $18.3 billion in adjusted free cash flow. Management expects fiscal fourth-quarter revenue of $50 billion, plus or minus $1 billion, alongside an adjusted gross margin near 86%.
Hitting the guidance midpoint would require revenue to leap another 20.6% sequentially before Micron reports September 30. The valuation already assumes enormous success: at $1,016.59, the shares trade 63.22% above their $622.82 GF Value™ estimate. Asia's semiconductor rally reinforces the high-bandwidth-memory narrative, but Micron must now prove that AI demand can convert its extraordinary revenue target into equally extraordinary gross profit.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Wintermute, one of the largest algorithmic market makers in digital assets, has quietly built a position worth more than $3 million in PONS, the governance token for the leading meme-coin launchpad on Robinhood Chain. Blockchain analytics firm Arkham Intelligence flagged the accumulation on September 5, noting that Wintermute’s holdings had grown from roughly $2 million to north of $3 million through a series of incremental purchases on Uniswap.
The buying pattern suggests a time-weighted average price strategy, which is basically the crypto equivalent of dollar-cost averaging on autopilot. Instead of slamming the order book with one big trade, a TWAP algorithm spreads purchases across time intervals to minimize price impact.
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What PONS actually is PONS serves as both the governance and utility token for Pons, a launchpad platform built on top of Robinhood Chain. The chain itself went live on July 1, 2026, and Pons quickly established itself as the dominant launchpad in the ecosystem, leading in both trading volume and daily active addresses.
The token’s price trajectory reads like a fever chart. PONS traded near $0.003 in mid-July, then climbed to peaks above $0.50 by early September. That’s roughly a 16,000% move in under two months.
Pons generates revenue through its launchpad operations and channels a portion of that back into token buybacks and burns. The mechanism creates a direct feedback loop: the more activity the launchpad sees, the more tokens get pulled out of circulation.
What Wintermute’s involvement signals Arkham was careful to note that Wintermute has not disclosed a market-making mandate for PONS. That distinction matters. When a firm like Wintermute takes on a market-making role, it’s typically compensated by the project or its foundation, often through token loans or fee arrangements. A proprietary position, by contrast, suggests the firm sees value in holding the asset for its own book.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Adresy spojené se sankcionovanou severokorejskou Lazarus Group přes Hyperliquid přesunuly více než 30 milionů USD, podle Arkham Intelligence. Toky zahrnovaly bitcoin, ether i solanu a mířily na centralizované burzy.
Wallets tied to North Korea’s sanctioned Lazarus Group have been routing tens of millions of dollars through Hyperliquid, according to on-chain work first published by Arkham analyst Emmett Gallic.
The finding lands just as the Trump administration is trying to pull the same derivatives venue into the regulated US market.Gallic reported that addresses linked to the OFAC-designated group moved more than $30 million through Hyperliquid’s HyperUnit bridge as recently as August 30.
Investigator ZachXBT had already tied those same addresses in 2024 to about $61 million in stolen bitcoin.
In the latest flow, funds arrived as bitcoin, were swapped into ether and solana, then bridged out to Tron, Solana, and Ethereum.
From there they reached KuCoin, LBank, Kraken, and several unlabeled Tron services.
Gallic split the activity into two clusters: one of about $30 million that traces to wallets already labeled Lazarus, and another of about $5 million that shows similar dormancy, address style, and counterparties.
That pattern is not a claim that Hyperliquid itself was breached.
It is a claim that a permissionless venue can be used to convert and hop stolen coins before they hit centralized exchanges.
Public ledgers show the path. They do not by themselves show whether those exchanges later froze accounts, filed reports, or blocked further withdrawals.
The policy backdrop makes the tracing more than a crime-lab footnote.
At a White House gathering in mid-August, President Donald Trump said CFTC Chairman Michael Selig was working to bring Hyperliquid into the United States “in a fully compliant and legal fashion.”
Separate reporting has described advanced talks between Hyperliquid Labs and Payward, Kraken’s parent, about offering some perpetual futures to American traders through Bitnomial, a CFTC-regulated exchange and clearinghouse.
An onshore product would still have to satisfy derivatives rules, customer-protection standards, market surveillance, and sanctions screening—requirements that sit uneasily next to wallet-to-wallet trading with no traditional KYC gate.
Hyperliquid grew into the largest decentralized home for perpetual futures by letting users trade from a wallet rather than a brokerage account.
That design helped it process trillions of dollars in cumulative volume.
It also leaves developers unable to force identity checks on every address that touches the chain.
Product filings for HYPE-linked funds have already listed that gap as a sanctions risk.
Lazarus-linked wallets were flagged on the platform as early as late 2024, when earlier suspected DPRK activity helped spark a large one-day outflow even though the protocol said no user funds were taken.
US agencies have long argued that North Korean cyber units steal crypto to finance weapons programs.
Analytics firms put 2025 DPRK-linked theft near $2 billion. Converting bitcoin on a high-liquidity perps venue, then bridging into other networks before cash-out, matches a familiar layering playbook.
Addresses linked to OFAC Sanctioned Lazarus Group (North Korea) have been actively moving $30M+ through Hyperliquid (HyperUnit) as recent as yesterday.@zachxbt identified these addresses as Lazarus Group in 2024 linked to $61M in stolen fundshttps://t.co/RNJ4NMBrxA pic.twitter.com/CvivPLVnEL
— Emmett Gallic (@emmettgallic) August 31, 2026
None of that proves an intent to sabotage Hyperliquid’s US ambitions.
It does give regulators a concrete case when they ask how a permissionless global book can be walled off from a compliant American offering.
The open questions are practical.
Who controls the deposit accounts at the centralized exchanges? Which of those firms acted after the coins arrived? And can an onshore Hyperliquid product be designed so that sanctioned clusters on the open protocol do not bleed into U.S. order flow?
Until those answers are public, the $30 million trail is less a verdict on Hyperliquid than a stress test of whether DeFi can enter US markets without importing the same sanctions problem that thrives in wallet-native trading.
Sui Foundation uvedla, že Mysticeti vynechává certifikační kolo a zkracuje dobu finalizace konsensu na zhruba půl sekundy. Jednoduché transakce se podle ní vypořádají asi za 250 milisekund.
How Mysticeti Rewrote the RulesMost legacy blockchain consensus designs require each proposed block to collect signatures from a quorum of validators before it is considered valid. That certification round adds meaningful overhead: under the older Narwhal-Bullshark setup that @SuiNetwork previously ran, a commit could take as many as three round trips before it was finalised.
Mysticeti removes that bottleneck. According to the Sui Foundation, the protocol takes a different approach: validators simply sign and share their blocks directly, without waiting for a formal certification step. A novel commit rule then decides when each block is ready, meaning every block can be committed as soon as the rule is satisfied, with no added delay. The result is a consensus commit time of roughly half a second, with single-owner transactions settling even faster at around 250 milliseconds.
The academic paper behind Mysticeti, published on arXiv, confirms the headline numbers: Mysticeti-C is described as the first Byzantine consensus protocol to achieve wide-area network latency of 0.5 seconds for consensus commit while simultaneously maintaining throughput exceeding 200,000 transactions per second. Integrating it into Sui produced compared to what came before.
Parallel Proposals and the Mysticeti v2 Extension That is a deliberate departure from older designs, where validators effectively took turns, and each slot was limited to a single block per validator.
Dropping the certification round creates a side effect: without the one-block-per-validator-per-slot constraint that the old signing round enforced, a validator can now propose more than one block. The commit rules carry the responsibility for handling that. @SuiNetwork addressed this further with Mysticeti v2, which builds on top of the original rather than replacing it. Mysticeti v2 also folds a fast path into the DAG structure itself, allowing eligible transactions to settle at even lower latency.
That improvement, combined with a reported , makes the architecture a meaningful step forward for validators and application developers building on the network.
Sources:
Sui Foundation: Mysticeti Set to Supercharge Consensus on Sui
arXiv: Mysticeti: Reaching the Limits of Latency with Uncertified DAGs
Sui Foundation: Mysticeti v2: Faster and Lighter Sui Transaction Processing
Flare po revizi tokenomiky zvýšil vsazený FLR od července asi o 34 % na 21,5 miliardy. Zároveň klesla inflace a spalování transakčních poplatků je nyní více než 10× nad úrovní před upgradem.
Flare has recorded a roughly 34% increase in staked FLR since July, taking the total to 21.5 billion tokens as its revised economic model cuts inflation and ties more network activity to token burns and protocol revenue.
Summary
Flare staking increased from about 16 billion to 21.5 billion FLR after the July upgrade. FIP.16 reduced annual FLR inflation from 5% to 3% and lowered its issuance ceiling. Transaction-fee burns have risen to more than 10 times their level before the network upgrade. FIRE has collected $31,438 from four revenue sources since it started operating in May. Flare staking has increased to 21.5 billion FLR DefiLlama Research reported on Sept. 4 that Flare’s tokenomics changes are producing measurable onchain results four months after the network approved FIP.16.
Staked FLR rose from approximately 16 billion in July to 21.5 billion, an increase of about 34%. The portion of all staked or delegated FLR held in staking climbed from roughly 32% in April to 46% by late August, with much of the increase occurring within weeks of the July 14 network upgrade.
Under FIP.16, FLR locked on Flare’s P-chain carries five times the signing weight of wrapped FLR delegated on its C-chain. Delegated tokens remain liquid and can be withdrawn at any time, while P-chain staking requires holders to lock their capital with a validator.
Signing weight determines how much influence infrastructure providers have when producing blocks and operating Flare’s native data systems. Providers run the Flare Time Series Oracle, which supplies price feeds, and the Flare Data Connector, which verifies information from other blockchains and Web2 services.
Before FIP.16, different Flare protocols calculated voting weight in different ways. The revised system applies one calculation across FTSO anchor feeds, FDC, and block-latency feeds, with locked stake receiving the fivefold weighting.
Flare’s official governance proposal said the change was designed to put more influence behind committed capital and make the network’s core services equally costly to attack.
At the same time, the July upgrade raised the maximum stake per validator from 200 million to 300 million FLR. It also introduced a network-wide minimum delegation fee of 20%, replacing the previous minimum of zero.
Flare said the fee floor should prevent providers from competing through unsustainably low charges. Infrastructure providers must operate validators, collect data, maintain independent systems, and participate in governance, according to the proposal.
Flare tokenomics changes cut inflation and raise burns Annual FLR inflation fell from 5% to 3% on May 14, cutting the headline rate by 40%. The annual issuance ceiling also declined from 5 billion to 3 billion FLR.
With an inflatable supply of about 87 billion tokens, the 3% rate produces a gross yearly issuance of roughly 2.6 billion FLR, according to DefiLlama Research. Actual issuance may decrease over time because FIP.16 also changed, which balances count toward the calculation.
Permanently burned FLR, tokens held by the Flare Income Reinvestment Entity, and unearned rewards placed in certain penalty pools are excluded from the inflation base. As those balances increase, the amount subject to the 3% calculation becomes smaller.
Transaction burns accelerated after Flare implemented its Granite upgrade on July 14. Official network release notes show that the minimum C-chain base fee increased from 25 gwei to 500 gwei.
All FLR paid as base transaction fees are permanently destroyed. Flare had burned 15.6 million FLR through transaction fees in 2026 by the time DefiLlama published its report, with more than 40% of the total burned following the July upgrade.
Consequently, the current burn pace sits at more than 10 times its pre-upgrade baseline. Usage determines the amount destroyed because every transaction removes FLR without requiring a new vote or a treasury decision.
Higher gas settings have not made simple transfers expensive in dollar terms. DefiLlama estimated that a basic transfer costs around 0.064 FLR, although transactions involving smart contracts may consume more gas.
Activity feeding the burn mechanism has also expanded through Flare’s FAssets system. In May, an FAssets v1.3 upgrade allowed users to mint FXRP from centralized exchanges such as Binance and Kraken through an XRP Ledger destination tag. FLR rose 14% on the day the upgrade went live, crypto.news reported at the time.
FIRE has started collecting network revenue FIP.16 created FIRE as a governed entity responsible for receiving revenue generated by Flare’s protocols. Its primary mandate permits the entity to reduce FLR supply through token burns and open-market purchases.
Secondary uses include supporting asset issuers, application yields, liquidity programs and the Flare Foundation’s network operations. Flare initially administers the entity through its foundation.
Four income sources are already active. FIRE receives all FAssets minting fees, 90% of FDC request fees, 10% of FAssets redemption fees, and FLR paid for FXRP destination-tag registrations.
Since collections began in May, FIRE has received assets worth $31,438, according to the DefiLlama report. FAssets minting provided $18,248 across 7,708 mints, making it the largest source.
FDC request fees contributed another $12,676 after collections from that service began on Aug. 18. Destination-tag registrations added $505, while FAssets redemption fees supplied $9.
Two sources pay FIRE in FLR, and two pay in FXRP. As a result, the pool’s reported dollar value changes with token prices as well as the volume of protocol activity.
FDC activity supports several services behind those revenue streams. Flare uses the connector to verify payments and events outside its network, including XRP Ledger transactions involved in creating FXRP.
A July update simplified FXRP access by allowing users to mint the asset and enter selected vaults with one XRP Ledger signature. At the time, FXRP deployed in DeFi had increased from 82 million in February to 144 million, while users had created nearly 24,000 Flare Smart Accounts.
FIRE’s current receipts remain small compared with approximately 2.6 billion FLR in estimated gross annual issuance. Flare’s model therefore still relies mainly on reduced inflation and transaction burns rather than on enough protocol income to offset token creation.
Planned income from Flare Smart Accounts, Confidential Compute, and protocol-level maximal extractable value has yet to enter FIRE. Flare said its MEV system would capture value from permitted activities such as liquidations, atomic arbitrage, cross-chain arbitrage, and just-in-time liquidity.
According to Flare’s April explanation of FIP.16, its DeFi ecosystem processed more than 660,000 transactions involving cyclic-arbitrage structures and over 1,000 liquidation events during the first quarter of 2026. The company said the amount that FIRE could collect from MEV would depend on the volume and type of DeFi transactions processed by the network.
FXRP activity connects Flare with U.S.-regulated RLUSD FAssets give tokens from networks without smart-contract support a usable form on Flare. FXRP represents XRP within that system, allowing holders to place the asset in lending markets, liquidity pools, vaults, and other decentralized applications.
Flare said in April that more than 150 million FXRP was in circulation, with about 85% deployed across DeFi. At that point, the network had more than $160 million in total value locked under DefiLlama’s standard calculation and over 880,000 active addresses.
Part of that activity now reaches Ethereum. In August, FXRP received approval as collateral in Sentora’s RLUSD Main vault on Morpho, allowing holders to borrow Ripple’s dollar-backed stablecoin without selling their XRP exposure.
The RLUSD lending market provides a relevant U.S. connection because Ripple received approval for the stablecoin from the New York Department of Financial Services in December 2024. Sentora reviewed FXRP’s liquidity, price behavior, oracle design and liquidation mechanics before accepting it as collateral.
Morpho uses isolated lending markets, limiting problems with one collateral asset to its specific pool rather than exposing every market in the protocol. Borrowers must deposit more FXRP than the value of RLUSD they receive, and liquidations depend on enough FXRP liquidity being available to repay lenders.
FIRE may move to joint community governance after its first year. Initiating the change requires support from holders representing at least 50% of Flare’s total inflatable FLR supply, after which the network would elect four representatives from infrastructure providers operating across Flare and Songbird.
Na společnost Dick's Sporting Goods byla podána hromadná žaloba po zklamání z výsledků a snížení celoročního výhledu po integraci Foot Locker. Akcie po oznámení spadly o 55,02 USD na akcii, tedy zhruba o 30 %.
Robbins LLP is investigating allegations that defendants misled investors regarding Dick's growth and profitability in light of the integration of recently acquired Foot Locker.
, /PRNewswire/ -- Robbins LLP notifies investors that a class action lawsuit has been filed against Dick's Sporting Goods, Inc. (NYSE: DKS) on behalf of shareholders who purchased common stock between September 8, 2025, and August 24, 2026. The legal action follows a sharp decline in the company's market value after disappointing financial results linked to its acquisition of Foot Locker. Investors who suffered losses during the class period can get more information Robbins LLP.
On August 25, 2026, Dick's reported second-quarter revenue from Foot Locker of $1.73 billion, missing analyst estimates of $1.81 billion. The company simultaneously lowered its full-year 2026 net sales guidance and disclosed that it expected Foot Locker's proforma comparable sales to decline by as much as 2.0%—a significant reversal from the previously forecasted growth of 1.5% to 3%.
Following these disclosures, the price of Dick's common stock fell $55.02 per share, a decline of approximately 30%, to close at $124.31 per share on August 25, 2026.
Allegations of Misleading Disclosures
The complaint alleges that Dick's Sporting Goods misled investors by touting the Foot Locker acquisition as a strategic growth driver while omitting critical information about inventory challenges. Specifically, the lawsuit claims the company failed to disclose that efforts to clean up Foot Locker's inventory were incomplete and that the business remained heavily dependent on legacy footwear products vulnerable to intensifying promotional pressures.
Executive Chairman Edward W. Stack later revealed the athletic footwear marketplace had become "increasingly promotional," which significantly impacted the Foot Locker business due to its "greater exposure to legacy footwear."
Investors who wish to serve as lead plaintiff must move the court no later than November 3, 2026. A lead plaintiff is a court-appointed representative acting on behalf of other class members. While serving as a lead plaintiff is not required to participate in any potential recovery, it allows shareholders to direct the litigation.
Robbins LLP represents investors on a contingency fee basis, meaning shareholders pay no out-of-pocket costs for representation. Additional information regarding the class action and potential eligibility is may contact Robbins LLP by submitting an inquiry, emailing attorney Aaron Dumas, Jr., or calling (800) 350-6003.
"Companies have an obligation to provide investors with complete and accurate information so that markets can function fairly and efficiently," said Brian J. Robbins, Founding Partner of Robbins LLP. Shareholders can sign up for Stock Watch to receive alerts regarding corporate wrongdoing.
Akcie UWM Holdings v srpnu klesly o více než 20 % po slabém druhém čtvrtletí a oznámení kapitálového financování v objemu 1,65 miliardy USD, které vyvolalo obavy z ředění akcií. Společnost zároveň pozastavila dividendu.
United Wholesale Mortgage (UWMC +0.69%) had an August to forget. An unsuccessful acquisition attempt impacted the quarterly results the mortgage originator reported that month, and the impact wasn't positive. Relatedly, it announced a large-scale fundraising effort that raised concerns about stock dilution.
Largely due to the strong investor sell-off these events engendered, UWM's stock fell by more than 20% over the course of August.
Second-quarter swoon UWM's second-quarter results were unveiled on Aug. 5. For the period, it earned $888 million in revenue, up 17% year over year. The company's specialty is mortgage originations; these were essentially flat at $39.7 billion.
The bottom line looked uglier. UWM flipped hard to a net loss not under generally accepted accounting principles (non-GAAP, or adjusted) during the quarter, with a deficit of almost $367 million ($0.23 per share) against second quarter 2025's more than $137 million profit.
That must have come as a shock to analysts tracking the stock, as they were modeling an adjusted net profit of $0.09 per share. This surprise loss was mitigated to some degree by a solid beat on the top line; those pundits collectively estimated UWM's revenue would be under $743 million.
The year-over-year dive was due mainly to one line item, a steep $603 million accounting loss on interest rate derivatives. UWM had established a stand-alone interest rate hedge in anticipation of acquiring the real estate investment trust (REIT) Two Harbors; the idea was that the hedge would protect against potential losses on Two Harbors' mortgage servicing portfolio.
That might have worked out had Two Harbors agreed to be acquired; however, it opted to be purchased by privately held CrossCountry Mortgage instead. UWM closed that derivative position, but the consequence was the nine-digit loss.
One casualty of the awful second quarter was UWM's dividend. The company tersely announced within the earnings release that it suspended the payout, compounding the disappointment of the quarterly results.
Image source: Getty Images.
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A $2 billion-plus move Another stock-shaking announcement occurred on the same day that the earnings report was released. UWM announced what it described as a "capital partnership" with SFS Group Capital and Oaktree Capital Management. This is effectively a $1.65 billion sale by the company of preferred equity and 330 million warrants for its publicly traded Class A common stock.
Another part of this capital-raising effort is a rights offering. It aims to raise $400 million by floating 200 million shares of Class A stock to current holders of that equity. This should take place in early October.
While these moves help shore up its finances, they illustrate that the company is very much reeling from its ultimately scotched attempt to acquire Two Harbors. I feel it'll recover eventually, as originating mortgages in a massive country full of people eager to own homes is a lucrative endeavor.
Yet I think the road to recovery might be longer and more painful than some think, not least because the rights issue and the large pile of new warrants could be significantly dilutive. Also, the preferred stock pumps out a high-yield dividend, so I wouldn't expect a return of the common stock payout anytime soon. To me, it feels best to steer away from UWM's shares until these storms pass.
Baxter zvýšil výhled tržeb na rok 2026 na 3 % až 4 % a upraveného EPS na 1,95 až 2,15 USD po silném 2. čtvrtletí. Tržby vzrostly o 5 % na 2,96 mld. USD, a to na reported i organic bázi, ale marže klesly kvůli nákladům a clům.
Key Takeaways Baxter lifts 2026 sales growth to 3%-4% and adjusted EPS guidance to $1.95-$2.15.Q2 revenues rose 5% to $2.96B, with Advanced Surgery delivering 12% organic growth.Baxter's margins fell as manufacturing costs, tariffs and higher-cost inventory pressured profits. Baxter International Inc. (BAX - Free Report) raised its 2026 sales and adjusted earnings outlook after second-quarter results exceeded expectations. The update gives investors another data point on the company’s early-stage turnaround as operating execution improves.
The remaining question is whether better demand and cost actions can translate into sustained earnings improvement while margins face manufacturing, tariff and pricing pressure.
BAX Lifts 2026 Sales and Earnings ExpectationsBaxter now expects 2026 reported sales growth of 3% to 4%, up from its prior forecast of flat to 1% growth. Organic sales are projected to increase 2% to 3%, compared with the earlier expectation of approximately flat growth.
Adjusted earnings guidance increased to $1.95-$2.15 per share from $1.85-$2.05. Management tied the stronger organic sales view to year-to-date performance and expected second-half growth, while the higher earnings outlook also incorporates the second-quarter tariff refund benefit.
Image Source: Zacks Investment Research
Baxter Q2 Results Show Broad-Based Organic GrowthSecond-quarter revenues were $2.96 billion, up 5% on both a reported and organic basis. Adjusted earnings came in at 56 cents per share, ahead of expectations despite declining 5% from the year-ago period.
Medical Products & Therapies generated $2.08 billion in sales and grew 5% organically, while Healthcare Systems & Technologies posted $801 million and 4% organic growth. Advanced Surgery stood out with $331 million in revenues and 12% organic growth, supported by demand for hemostats and sealants.
BAX Margin Compression Tempers the Earnings BeatThe earnings beat did not remove profitability concerns. Adjusted gross margin fell 210 basis points to 38.6%, while adjusted operating margin declined 90 basis points to 14.2%.
Higher-cost inventory produced in late 2025, manufacturing costs and tariffs weighed on profitability. Medical Products & Therapies also saw a lower contribution from pricing. Baxter still expects full-year adjusted operating margin of 13% to 14%, leaving margin recovery dependent on stronger volumes, cost actions and improved inventory flow-through.
Baxter Novum Hold Remains a Key Guidance RiskThe Novum IQ large-volume pump hold remains an execution risk. Lower Infusion Systems sales in the second quarter reflected the ongoing shipment and installation hold, customer returns and transitions to Spectrum, even as demand for Spectrum IQ remained steady.
Baxter has identified corrections and moved into early verification testing while continuing to work with regulators. The 2026 outlook still includes potential customer uncertainty around the hold, so a delayed normalization could continue to constrain Infusion Systems performance.
Becton, Dickinson and Company (BDX - Free Report) also competes in infusion technology through its Alaris system, underscoring the importance of reliable product availability in this market. ICU Medical, Inc. (ICUI - Free Report) sells IV smart pumps and other infusion-therapy products, giving hospital customers another established alternative within the broader infusion landscape.
BAX Ratings Keep the Outlook BalancedBaxter’s raised guidance improves the earnings backdrop, but margin pressure and the unresolved Novum hold keep the turnaround from looking complete. The stock currently carries a Zacks Rank #3 (Hold), a rating consistent with a more balanced near-term setup rather than a clear directional signal. Both, Becton, Dickinson and Company and ICU Medical, also cayry a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BAX has a Value Score of B, Growth Score of B and VGM Score of B, providing favorable supporting characteristics across valuation and growth measures. Its Momentum Score of C is less supportive, reinforcing that stronger guidance by itself does not eliminate near-term execution uncertainty
Kenvue v první polovině roku zvýšila upravenou provozní marži o 180 bazických bodů na 23,1 % a upravený zisk vzrostl o 18,9 %. Růst tržeb ale zůstal slabý, když organické prodeje stouply jen o 1,2 %.
Key Takeaways Kenvue's first-half adjusted operating margin rose 180 basis points to 23.1% as earnings climbed 18.9%.Cost cuts aided profitability, while second-quarter inflation and tariffs pressured Kenvue's margins.Kenvue's Skin Health and Beauty sales grew 4.4%, but Self Care sales and volumes remained under pressure. Kenvue Inc. (KVUE - Free Report) is showing better earnings leverage than its sales growth alone would suggest. In the first half of 2026, adjusted operating margin rose 180 basis points to 23.1% and adjusted earnings increased 18.9% to 63 cents per share.
The improvement is encouraging, but revenue momentum remains modest. First-half organic sales grew only 1.2%, with volume up 0.2%, while the company continues to manage tariff, inflation, debt and transaction-related risks.
Cost discipline is doing much of the work. Supply-chain optimization, restructuring benefits and lower administrative expenses supported first-half profitability. Kenvue expects its 2026 Restructuring Initiative to generate about $200 million of annualized pre-tax gross savings upon completion, although the program is also expected to require about $250 million of pre-tax charges in 2026.Kenvue Inc. Price, Consensus and EPS Surprise
The second quarter showed why investors should not assume margin expansion will be linear. Organic sales improved to 1.6%, but adjusted gross margin declined 70 basis points to 60.2% as inflation, tariffs and transactional foreign exchange outweighed pricing and productivity gains. Adjusted operating margin also narrowed 60 basis points to 22.1% as Kenvue increased brand investment.
The sales mix remains uneven. Skin Health and Beauty was the clearest growth engine in the first half, with organic sales up 4.4% and segment adjusted operating income rising 46.9% to $354 million. Self Care moved back to 0.6% organic growth in the second quarter, yet first-half organic sales still declined 0.9% and volumes fell 2.3%. That leaves Kenvue exposed to seasonal illness patterns and slower category demand.
Cash generation offers some support. Operating cash flow increased 12.2% to $1.2 billion in the first six months of 2026 and free cash flow rose to about $1 billion. Still, total debt remained $8.5 billion at the end of the second quarter. Kenvue is also withholding forward financial guidance while its pending combination with Kimberly-Clark moves toward an expected fourth-quarter 2026 closing, subject to remaining approvals and conditions.
Image Source: Zacks Investment Research
Valuation is not demanding relative to several benchmarks. KVUE trades at 15.6X forward 12-month earnings, below the Zacks sub-industry's 18.7X multiple and its own five-year median of 16.8X. On fiscal-year-one earnings, KVUE's 16.4X multiple is also below Church & Dwight Co., Inc. (CHD - Free Report) at 26.1X. Church & Dwight provides a useful consumer-staples benchmark for how investors are valuing a peer with a higher earnings multiple.
The Procter & Gamble Company (PG - Free Report) offers another large-cap consumer-products comparison. PG trades at 21.0X fiscal-year-one earnings, again above KVUE. These peer gaps support the argument that Kenvue's slower growth and execution risks are already reflected to some degree in its valuation, but a discount alone does not establish a near-term buying signal.
The bottom line is that Kenvue's improving first-half profitability, stronger cash flow and healthier Skin Health and Beauty trends are offset by modest organic growth, weak Self Care volumes, quarterly margin pressure and $8.5 billion of debt. The risk-reward profile looks balanced rather than decisively favorable.
KVUE currently carries a Zacks Rank #3 (Hold), along with a Value Score of C, Growth Score of C, Momentum Score of D and VGM Score of D.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Zacks Rank #3 can support holding an existing position, while the weaker Momentum and VGM scores reduce the case for an aggressive new entry. Investors may want firmer evidence of sustained volume growth and more consistent margin expansion before treating the current valuation discount as a clear buying opportunity.
Applied Digital má smlouvy za 36 miliard USD, ale do fiskálního roku 2029 dorazí méně než 2 miliardy USD nájemného. K dnešku je zprovozněno jen 175 MW z nasmlouvané kapacity.
On paper, Applied Digital (APLD +1.77%) has already sold the next 15 years. The artificial intelligence (AI) data center builder has signed leases covering about 1,410 megawatts (MW) of critical IT load (the power available to tenants' computing equipment) across five campuses. Those contracts add up to about $36 billion over their initial 15-year base terms.
And yet the company generated just $611.3 million of revenue in the fiscal year that ended May 31 -- and posted a $249.2 million net loss attributable to common shareholders.
As of this writing, the growth stock sits near $26, well below the $50.73 it touched over the past year, and the market values the company at about $7.7 billion.
The difference is timing. Applied Digital's leases don't pay until the buildings are finished, powered, and handed over. And only 175 MW of the contracted capacity was live as of the company's late-July update.
Image source: Getty Images.
A $36 billion lease bookThe five campuses (three in North Dakota and two in the South) are leased to CoreWeave and two investment-grade hyperscalers. Each lease runs 15 years on a take-or-pay basis, meaning the tenant owes the rent whether or not it uses the space.
Today's business, however, is far smaller than the contracts suggest. Revenue jumped 167% year over year in fiscal 2026, to $611.3 million, but only $99.8 million of that was base rent from the AI campuses. Most of the rest came from crypto mining hosting and from reimbursed work fitting out tenants' buildings. And the net loss widened slightly year over year as overhead and stock-based compensation climbed.
"We believe delivering on time is a genuine differentiator in this industry," CEO Wes Cummins said in the company's fiscal fourth-quarter update. "We brought Polaris Forge 1's first 100 MW online on schedule and have now scaled total live capacity at the campus to 175 MW."
When does the rent arrive?Applied Digital begins recognizing rental revenue when a property is ready for its intended use and the tenant takes possession. In other words, a signed lease on an unfinished building produces no rental revenue at all.
The annual report even warns that significant construction delays can, in certain circumstances, give tenants the right to terminate.
The company's own schedule of minimum lease payments shows how gradually the money arrives: the leases call for $451 million in fiscal 2027. Fiscal 2028's figure is $1.45 billion, and fiscal 2029's is $2.25 billion. In other words, less than $2 billion of the 15-year, $36 billion total (about 5%) arrives before fiscal 2029. Payments quintuple across those three years as buildings come online, with deliveries phased from Polaris Forge 2's first buildings in calendar 2026 out to the second half of calendar 2028. Once every campus is delivered, the leases call for about $2.3 billion of rent per year.
That schedule, I'd argue, is the heart of the case. Take-or-pay contracts leave little doubt about who owes the rent, so long as the buildings get built. What's still open is the construction itself, and big builds can slip.
The financing isn't cheapThe construction bill, meanwhile, is due now. Applied Digital's capital expenditures came to $2.87 billion in fiscal 2026, up from about $680 million the year before.
It ended fiscal 2026 with $5.0 billion of debt against $4.2 billion of cash, much of it restricted. The subsidiaries' senior secured notes carry rates from 6.75% to 9.25%.
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Macquarie Asset Management has also funded $1.8 billion of perpetual preferred equity, with the right to invest up to $4.9 billion more, for the North Dakota campuses. But that money isn't free either, since preferred capital collects ahead of common shareholders.
At about $7.7 billion, the market is paying more than 12 times fiscal 2026 sales -- and over three times the annual rent the finished portfolio is contracted to produce. That valuation arguably bakes in years of smooth construction.
It might all go to plan. Management has delivered on schedule so far, and the leases likely remove most of the demand risk a project like this usually carries.
But most of the buildings don't exist yet, and lenders and preferred holders get paid before common shareholders do. I'd avoid buying shares today. If Applied Digital keeps delivering campuses on schedule (management expects Polaris Forge 2's first buildings to begin coming online in calendar 2026), I would take another look.
Apple ve středu představí první skládací iPhone, což bude pro nového CEO Johna Ternuse první velký test. Firma zároveň chystá i iPhone 18 Pro a Pro Max s čipem A20 a vyšší cenou.
Apple is expected to unveil its most radical iPhone redesign in years this Wednesday — giving new CEO John Ternus an early test of whether he can reignite innovation at the tech giant during a challenging time.
The Cupertino, Calif.-based company is set to introduce its first-ever foldable iPhone at its annual product showcase, alongside new high-end iPhone 18 models and possible updates to its home and wearable devices, according to reports.
The new tech — rumored to have names like “iPhone Ultra” or “iPhone fold” — is expected to be about the size of a passport when fully folded, with the capacity to fold out to a wider display with a roughly 4:3 aspect ratio.
John Ternus (pictured) took over as Apple CEO from Tim Cook on Sept. 1, ending Cook’s 15 years at the helm. Apple Inc./AFP via Getty Images The foldable would represent a significant departure from the familiar iPhone design and arrives as Apple searches for another breakout hardware success.
Its Vision Pro headset, which debuted to much fanfare in 2024, has yet to connect with consumers.
The launch comes just days after Ternus took over from longtime CEO Tim Cook last Tuesday. The 50-year-old Apple veteran previously ran the company’s hardware division.
He inherited a company facing questions about its artificial intelligence strategy — including a long-delayed overhaul of Siri — and whether it can deliver another blockbuster product as its existing lineup ages.
Whether a new crop of products can meet picky customers’ demands will be one of the main questions in the air on Wednesday.
Apple is expected to unveil its first foldable iPhone on Wednesday, marking what could be the most radical redesign of its flagship device in years. YouTube/Bob Obba Apple may unveil a long-rumored home hub featuring a display and smart-speaker capabilities that would serve as a central control point for connected devices and entertainment, according to Bloomberg.
Updates to the Apple TV and HomePod mini are expected, with new internal hardware designed to accommodate Apple’s revamped AI-powered Siri, the outlet reported.
The company is expected to refresh its wearables, too, with new AirPods and Apple Watch models including the Series 12 and Ultra 4.
Tim Cook stepped down as Apple CEO on Sept. 1 after 15 years leading the tech giant. AP Photo/Annie Mulligan The watches are set to receive chip upgrades aimed at expanding their fitness features without a major exterior redesign.
Apple is also expected to showcase the finished versions of iOS 27, iPadOS 27, macOS 27, watchOS 27 and visionOS 27. The foldable is expected to run an iteration of iOS 27 adapted for its two-display configuration.
Rollouts of the iPhone 18 Pro and iPhone 18 Pro Max are reportedly on the way, too.
Apple is expected to unveil the iPhone 18 Pro and iPhone 18 Pro Max on Wednesday, with upgrades including faster chips and improved cameras. Apple The Pro handsets are expected to feature Apple’s new A20 chip along with camera upgrades, changes to the Dynamic Island and additional color options.
The standard iPhone 18 and a successor to the iPhone Air, however, reportedly won’t arrive alongside the Pro models.
Apple is set to begin splitting its iPhone launches between the fall and the spring, with reveals of the iPhone 18 and new iPhone Air coming in March, according to Fast Company.
One of the biggest questions Wednesday will be what Apple charges for the new lineup.
The company raised prices on iPads, Macs and home products over the summer amid an AI-fueled memory shortage, but spared the iPhone from those increases.
That reprieve is likely to end with the iPhone 18 Pro series, which is expected to carry higher prices than the current models.
Oracle uzavřel na 158,78 USD, tedy 54 % pod rekordem. Firma ale dál hlásí silný růst: tržby ve fiskálním roce 2026 stouply o 17 % na 67,4 miliardy USD.
Oracle (ORCL +3.08%) closed at $158.78 on Friday, 54% below its record high of $345.72. The stock set that high on Sept. 10 of last year -- one year to the day before its next earnings report, scheduled for Thursday, Sept. 10.
Shares have been in a hole this deep before. Measured on monthly closing prices, adjusted for stock splits, the stock peaked at $45.47 in August 2000 and fell 83% to $7.86 by September 2002. It didn't close a month above the 2000 level until June 2017, nearly 17 years after the peak.
Before that history scares anyone out of the stock, though, it's worth looking at what made the last recovery so slow. It wasn't the business.
Image source: Getty Images.
The 17-year round tripDaily closing prices tell the same story. The stock's best close of 2000 was $46.31, on Sept. 1 of that year. Shares came within 8 cents of that level in December 2014, faded, and finally closed higher on June 21, 2017. Later that day, Oracle reported its fiscal 2017 results.
And the fall itself was enormous. A stock that drops 83% has to rise nearly 480% just to get back to even.
Today's decline has been shallower, but not by as much as the 54% figure suggests. At its low of $114.50 in late July, the stock was down 67% from its high.
What took so long?To me, the striking part of the dot-com episode is what didn't happen. Demand didn't collapse.
Oracle's revenue rose 7% in fiscal 2001 (the company's fiscal years end May 31), then fell about 12% in fiscal 2002 as customers cut back on technology spending. That was the worst single year. In fact, operating income was higher in fiscal 2002, at about $3.6 billion, than it had been in fiscal 2000.
The problem was the starting price. When the stock peaked in August 2000, Oracle was on its way to earning a split-adjusted $0.44 per share in fiscal 2001, the year then underway. The peak price was more than 100 times those earnings.
However, even a growing business can spend years catching up to a price like that.
By fiscal 2017, revenue had more than tripled from fiscal 2000's $10.2 billion to $37.7 billion, and earnings per share had grown about five times, to $2.21. By the time the stock crossed its old peak in June 2017, it traded at about 21 times earnings.
In other words, the stock didn't so much recover as grow into its old price.
This time, the spending is Oracle's ownThe two declines do share one thing: heavy spending sits at the center of both.
But in 2000, the spending at risk belonged to Oracle's customers, and when they pulled back, revenue dipped. Today the heavy spending is Oracle's own -- and demand is the strong part of the story.
Highlighting that demand, Oracle's fiscal 2026 revenue climbed 17% year over year, to $67.4 billion. Cloud infrastructure revenue did even better, rising 77% to $18.1 billion. Remaining performance obligations (contracted future revenue that hasn't shown up in results yet) ended the year at $638 billion, up from $138 billion a year before. And management expects more, confirming a fiscal 2027 revenue target of about $90 billion, or growth of about 34%.
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Paying for that demand is the hard part. Oracle's operations produced a record $32 billion of cash in fiscal 2026, 54% more than the year before. But capital expenditures jumped 162%, to $55.7 billion, leaving free cash flow at negative $23.7 billion.
The comparison to 2000 breaks down at the valuation, though, and in shareholders' favor. Shares have a price-to-earnings ratio of about 27. Management's fiscal 2027 guidance calls for $8.05 of non-GAAP (adjusted) earnings per share, so buyers today are paying about 20 times those expected earnings. That could prove expensive if the margins on Oracle's artificial intelligence (AI) contracts disappoint, but it's nothing like the triple-digit price-to-earnings multiple of 2000.
Ultimately, the 17-year round trip is arguably a lesson about starting prices more than a warning about Oracle. Still, I wouldn't buy the stock today. A company that spent about $24 billion more cash than its operations brought in last fiscal year carries real risk if AI demand cools.
But for investors who already own the stock, the dot-com comparison seems like a weak reason to sell. The last long wait began at more than 100 times earnings. Today's starting point is nowhere near that.
Kenvue získala souhlas akcionářů i americké antimonopolní povolení pro plánovanou dohodu s Kimberly-Clark, která má být uzavřena ve 4. čtvrtletí 2026. Další rizika zůstávají v podobě regulatorních schválení, dluhu 8,5 miliardy USD a soudních sporů.
Key Takeaways Kenvue secured shareholder approval and U.S. antitrust clearance for its planned Q4 2026 deal.Kenvue's Q2 sales rose 3%, but EPS missed estimates and adjusted gross margin fell 70 basis points.Kenvue faces Self Care weakness, $8.5B debt, restructuring costs and ongoing litigation risks. Kenvue Inc. (KVUE - Free Report) is moving closer to its planned combination with Kimberly-Clark Corporation (KMB - Free Report) , with shareholder approvals secured and the U.S. antitrust waiting period expired. The cash-and-stock transaction is expected to close in the fourth quarter of 2026, subject to remaining foreign regulatory approvals and customary conditions.
Kenvue shareholders are expected to receive 0.14625 Kimberly-Clark shares plus $3.50 in cash for each Kenvue share. They are expected to own about 46% of the combined company on a fully diluted basis after closing.
Kimberly-Clark has already announced a post-closing organizational structure that would become effective once the acquisition is completed. The buyer, which describes itself as a global personal care leader, is preparing for integration even as the transaction still depends on outstanding approvals.
Those remaining conditions matter because Kenvue is not providing forward-looking financial guidance while the deal is pending. Expected transaction benefits may not be realized or may take longer than expected, while the pending transaction could also disrupt the business.
Recent results show why execution remains important. Second-quarter 2026 net sales rose 3% to $3,955 million and organic sales increased 1.6%, but adjusted earnings of 31 cents per share fell short of the Zacks Consensus Estimate of 32 cents. Adjusted gross margin fell 70 basis points to 60.2% as inflation, tariffs and unfavorable transactional foreign exchange outweighed pricing and supply-chain productivity benefits.
Self Care remains a pressure point. First-half organic sales in the segment declined 0.9% as volumes fell 2.3%, reflecting lower illness incidence in pediatric pain and cough-and-cold categories. Skin Health and Beauty provided a stronger offset, with first-half organic sales up 4.4% and segment adjusted operating income rising 46.9% to $354 million.
Competition across these categories remains broad. The Procter & Gamble Company (PG - Free Report) operates Beauty, Health Care and Grooming businesses, including skin and personal care and oral care, which overlap with several Kenvue markets. PG's portfolio breadth makes it a relevant competitive reference point for Kenvue's brand-led categories.
The balance sheet adds another layer of risk. Kenvue had $8.5 billion of total debt and $1.1 billion of cash as of June 28, 2026. First-half operating cash flow improved 12.2% to $1.2 billion and free cash flow reached $1 billion, but the 2026 restructuring program is expected to carry approximately $250 million of pre-tax charges before delivering approximately $200 million of annualized pre-tax gross cost savings upon completion.
Legal and macro pressures have not disappeared. The Second Circuit vacated the prior acetaminophen judgment in July 2026 and remanded the litigation for further proceedings. Kenvue also remains responsible for certain talc-related liabilities outside the United States and Canada, while annualized gross tariff exposure was estimated at approximately $80 million.
Bottom line, major shareholder and U.S. antitrust milestones are complete, but the expected fourth-quarter closing still carries regulatory, operational and financial risk. Weak Self Care volumes, margin pressure, debt, restructuring execution and litigation keep the near-term picture balanced despite stronger cash generation and improving Skin Health and Beauty trends.
Image Source: Zacks Investment Research
Kenvue currently carries a Zacks Rank #3 (Hold), a Value Score of C, a Growth Score of C, a Momentum Score of D and a VGM Score of D. Within the Style Score framework, A and B grades are more favorable than C and D grades, while the Zacks Rank remains the first screen for near-term earnings-estimate trends. Kenvue's C and D scores therefore do not add a strong style-based tailwind to its #3 Rank.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Citi označila schválení Etcamah od AstraZeneca ze strany FDA za významný impuls pro sentiment akcií. Lék získal zrychlené schválení v kombinaci s inhibitorem CDK4/6 pro hormonálně receptor-pozitivní, HER2-negativní metastatickou rakovinu prsu. Schválení platí při zjištění mutace ESR1 během léčby inhibitorem aromatázy a inhibitorem CDK4/6.
Citi has flagged AstraZeneca PLC's (LSE:AZN, NASDAQ:AZN) accelerated approval for Etcamah, known chemically as camizestrant, as a meaningful sentiment driver for the shares.
The oral selective oestrogen receptor degrader has been cleared by the US Food and Drug Administration in combination with a CDK4/6 inhibitor for hormone receptor positive, HER2 negative metastatic breast cancer.
The approval applies once an ESR1 mutation is detected during treatment with an aromatase inhibitor and CDK4/6 inhibitor.
It follows a delayed decision date and a negative advisory committee vote of six to three in April, as well as European approval in July.
Citi notes the label is broadly in line with expectations, covering use alongside all three major CDK4/6 inhibitors: abemaciclib, palbociclib and ribociclib.
Patients must be tested using Guardant360 CDx, an FDA-authorised diagnostic approved simultaneously.
As anticipated following the advisory committee hearing, the label carries a boxed warning over QT prolongation and arrhythmia risk, particularly when combined with ribociclib, alongside monitoring requirements.
Citi models the underlying SERENA-6 opportunity at $450 million, risk-adjusted down to $112 million.
That is dwarfed by the potential $6 billion opportunity from SERENA-4, a trial due in the second half of the financial year that could expand Etcamah into the broader first-line HR positive, HER2-negative population.
Citi adds that should SERENA-4 fail, it still sees a $1.5 billion opportunity underpinned by SERENA-6 alone.
Vornado uvedla, že PENN 1 je po podpisu Gusta na 38 000 čtverečních stop pronajatý z více než 90 %. Steve Roth zároveň označil PENN 1 i PENN 2 za „victory lap“.
Vornado scored a 38,000-square-foot expansion at PENN 1 by payroll and HR management platform Gusto, which brought the redesigned tower to over 90% leased. The asking rent was $135 per square foot, sources said.
But while Gusto’s move is relatively modest, it’s revealing to hear Vornado chairman Steve Roth’s comments in the company’s second-quarter earnings call.
PENN1 is more than 90% leased after payroll and HR management platform Gusto signed a lease for 38,000 square feet. Matthew McDermott Vornado leased 978,000 square feet of Manhattan offices in the year’s first half, Roth said — most with an average starting rent of $105 per square foot.
He declared a “victory lap” for both PENN 1 and sister property PENN 2 across from Madison Square Garden.
At PENN 1, “broadly speaking, we invested $200 per square foot to achieve a $50 a foot uptick in rents, which when all gets said and done, is a 25% return,” Roth said.
Vornado spent $450 million to turn the once obsolescent building into a sparkling, 2.5 million square-foot trophy with a dramatic new glass curtain wall.
Nvidia and Micron Technology are among the most important companies in the artificial intelligence (AI) infrastructure ecosystem, providing mission-critical chips that facilitate the training of large language models (LLMs) and help run inference workloads in data centers.
Nvidia dominates the AI data center accelerator market with an estimated 80% share, which explains why the company has been clocking terrific growth quarter after quarter. Micron, meanwhile, is benefiting from the strong demand for memory chips used by Nvidia and other chip designers to enable the rapid transfer of large data sets in AI data centers.
Importantly, both semiconductor stocks seem capable of delivering solid gains to investors over the long run, driven by their ability to sustain healthy growth rates amid booming demand for AI infrastructure. However, there is another AI infrastructure stock that's outperforming Nvidia and Micron stock this year -- Dell Technologies (DELL +1.50%).
Let's see why that has been the case.
Image source: The Motley Fool.
Strong AI server demand has supercharged Dell's growthDell stock has soared 316% this year, eclipsing the 256% surge in Micron stock and a 23% jump in Nvidia's shares. The booming demand for AI servers, which are used to mount chips designed and manufactured by Nvidia, Micron, and others, has been instrumental in driving Dell's impressive rally.
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Fortune Business Insights estimates that the AI server market could grow from $262 billion in 2026 to $2.85 trillion in 2034 at a compound annual growth rate (CAGR) of nearly 35%. Dell is one of the leading players in this market, which explains why its latest quarterly results crushed Wall Street's expectations.
Dell released fiscal 2027 second-quarter results (for the quarter ended July 31) on Sept. 1. The company's quarterly revenue shot up 58% year over year to a record $47 billion. Dell's non-GAAP earnings-per-share growth was even more stellar at 203%, reaching a record $7.04 last quarter. Analysts would have settled for $4.92 in earnings per share on revenue of $44.9 billion.
Dell noted that it sold $16.4 billion worth of AI servers last quarter. Importantly, the company received a record $60.9 billion in AI server orders during the quarter, suggesting that its future revenue pipeline is expanding at a robust pace. It is also worth noting that Dell finished the quarter with a record AI order backlog of $95 billion.
Management also pointed out that its potential revenue pipeline is in "multiples of our backlog," which isn't surprising, given the tremendous long-term growth opportunity in AI servers. The company now expects its AI server revenue to increase 3x in fiscal 2027 to $74 billion. That's well above the overall AI server market's growth rate.
We have already seen that Fortune Business Insights anticipates the AI server market to clock $262 billion in revenue this year. Dell's AI server revenue forecast for this year suggests that it is on track to control 28% share of this market in 2026. More importantly, it could become a bigger player in the AI server market due to its sizable backlog.
Not surprisingly, analysts are now expecting stronger growth from Dell.
DELL Revenue Estimates for Current Fiscal Year data by YCharts
Robust growth and an attractive valuation suggest more upside for investorsDell has increased its fiscal 2027 guidance. It now expects non-GAAP earnings per share of $25.50 this year, a terrific 148% jump over last year. The following chart suggests that Dell's earnings growth could slow down in fiscal 2028 before accelerating the following year.
DELL EPS Estimates for Current Fiscal Year data by YCharts
However, that's unlikely to be the case. Dell's earnings-per-share growth could be way stronger next year, thanks to the rapid growth of the AI server market and its substantial share of this space. So, don't be surprised to see analysts ramp up their earnings-per-share expectations.
The good part is that Dell trades at an attractive 28 times forward earnings despite its multibagger performance in 2026. That's almost in line with the tech-laden Nasdaq-100 index's forward earnings multiple of 24. It ideally deserves to trade at a premium owing to the triple-digit earnings growth it has been clocking, and its ability to outperform consensus expectations.
Assuming Dell's earnings per share reach $34.56 in fiscal 2029 and it trades at 30 times earnings, this AI stock could jump to $1,037. That's almost double its current stock price, though I won't be surprised to see Dell delivering bigger gains on the back of a potentially larger improvement in earnings.
So, investors looking to add a top AI infrastructure stock to their portfolios right now should take a closer look at Dell, as it is well-positioned to sustain its red-hot rally by capitalizing on the secular growth of the AI server market.
Arm uzavřel se Samsungem dohodu o 2nm on-device AI accelerator SoC pro zařízení, která má posílit inferenci v telefonech a spotřební elektronice. Nejde ale o datacentrový průlom, na který investoři čekají.
Arm's new Samsung chip deal looks like a data center breakthrough, but the business investors are actually paying 298 times earnings for operates on completely different terrain from where this partnership lands.
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Arm Holdings (NASDAQ:ARM | ARM Price Prediction) is pushing deeper into AI silicon through a new collaboration with Samsung on a 2nm on-device AI accelerator SoC, with Arm supplying the AI accelerator architecture and core design IP while Samsung’s System LSI division handles full SoC integration and its foundry manufactures the chip on the SF2 2nm process. Investors reading the headline as a data center breakout are misreading the deal. The Samsung tie-up targets power-efficient, low-latency inference on phones and consumer devices to reduce cloud dependence, a high-volume but lower-margin segment. Arm’s actual data center bet is the AGI CPU, where CEO Rene Haas said demand now exceeds $2 billion across fiscal 2027 and fiscal 2028. That is the number to benchmark against the incumbents.
Arm: On-Device Wins Are Real, Data Center Ambitions Are Bigger The Samsung SoC extends Arm’s reach in mobile inference, but the strategic pivot investors are paying for lives in the data center. Arm’s fiscal Q1 2027 delivered revenue of $1.29 billion, up 22.4% year over year, with royalty revenue of $715 million outpacing licensing. On the earnings call, Haas said data center royalty revenue more than doubled year over year once again and that Arm Neoverse shipments have surpassed 1.5 billion cores. Management now targets a $15 billion silicon business against a data center TAM cited at more than $100 billion by 2030.
The bull case: Arm sits inside NVIDIA’s Vera CPU, Google’s Axion, Microsoft’s Cobalt, and Amazon’s Graviton 5, giving it approximately 50% CPU compute share among top hyperscalers. The risk is margin. Arm’s own AGI CPU gross margin is guided to the high 30% range, maybe low 40s for the first generation, a step down from its 92.5% IP-licensing gross margin. The stock is priced for perfection at a P/E of roughly 298, after a 130.62% year-to-date run to $252.09. And the Qualcomm license litigation trial expected Q4 2026 hangs over the royalty base.
NVIDIA: The Incumbent Arm Has to Coexist With, Not Displace NVIDIA (NASDAQ:NVDA) remains the incumbent Arm must coexist with. Its fiscal Q2 2027 revenue reached $96.22B, up 105.8% year over year, with Data Center revenue of $89.02B. Jensen Huang said demand is growing 100% year over year while NVIDIA expects to fulfill approximately 70% of that demand because of supply constraints. Revenue opportunity per gigawatt is stepping up from roughly $18 billion on Hopper to $40 billion on Vera Rubin.
Critically for the Arm thesis, NVIDIA’s Vera CPU is itself Arm-based. Grace CPU revenue already exceeded $5 billion on a trailing twelve-month basis, and NVIDIA sees demand for approximately 20 billion in total server CPUs. The bull case for NVDA is a platform moat that keeps expanding into CPUs, networking, and financing. The risk is customer concentration and geopolitics: NVIDIA assumes no China Data Center compute revenue in its Q3 guidance, and supply obligations have surged to $279B. Shares trade at a P/E of roughly 46 after gaining 23.67% year to date.
Taiwan Semiconductor: The Toll Booth Every Architecture Pays Taiwan Semiconductor Manufacturing (NYSE:TSM) fabricates the leading-edge silicon for NVIDIA’s Rubin, Arm’s AGI CPU partners, and Qualcomm’s hyperscaler custom chips. Q2 2026 revenue reached $40.2 billion, up 36.0% year over year, with advanced nodes at 77% of wafer revenue and 2nm debuting at 3% of wafer revenue in its first ramp quarter. Full-year 2026 revenue is expected to grow slightly above 40% in US dollar terms.
Management said high-performance computing represented 66% of revenue and cited a resurgence in the role of CPUs in AI data centers, singling out agentic workloads. Notably, Samsung’s SF2 node is competing for the same generation of AI silicon. That partial disintermediation of TSMC is the strategic subplot behind the Arm-Samsung deal. The bull case is unavoidable throughput: whoever wins the accelerator war, most of the wafers ship from TSMC. The risk is 2nm ramp cost, guided to dilute Q3 gross margin by about 3 to 4 percentage points, plus Taiwan Strait geopolitical exposure. Shares are up 41.85% year to date to $428.91.
Qualcomm: The Peer Entering Data Center Through the Same Door Qualcomm (NASDAQ:QCOM) is Arm’s closest strategic analog and its most direct new-entrant competitor in AI data center compute. Fiscal Q3 2026 revenue was $9.95B, down 4.0% year over year, with non-GAAP EPS of $2.21. CEO Cristiano Amon confirmed that two near-term custom-silicon wins will begin generating revenue in the December quarter, both with global scale hyperscalers. Management is guiding to $5 billion in fiscal 27 data-center revenue and $15 billion in fiscal 29, with the Arm-based Dragonfly C1000 as its merchant CPU entry.
The bull case: automotive already grew 61% year over year for 23 consecutive quarters of double-digit growth, and hyperscaler custom silicon opens a second engine. The risks are cost and legal exposure. The data-center ramp is guided as a drag of 1.5% to 2% on weighted-average QCT gross margin. The Arm license dispute, with a trial expected Q4 2026, could reshape the economics of Qualcomm’s Arm-based server chips. Shares are essentially flat year to date at up 0.21%, trading at a P/E of roughly 33.
What It All Means The Samsung SoC deal expands Arm’s mobile inference footprint and gives Samsung Foundry a real 2nm reference design, though it stops short of the AGI CPU opportunity. Investors underwriting Arm at 298 times earnings are paying for the data center silicon business, where the incumbent shipped $89 billion in a single quarter and the closest peer is guiding to $15 billion by fiscal 2029. Arm’s on-device wins are additive to a larger data center story. The competitive gravity of the data center still points through NVIDIA’s platform and TSMC’s fabs (we reverse-engineered what the biggest AI chip winners looked like early in a free playbook here: The Next Nvidia Playbook).
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Bonk (BONK) is edging lower and trading at $0.00000318 on Monday, weighed down by a broader cryptocurrency market correction. The meme coin was rejected around $0.00000367 the day before, cutting short a recovery attempt. If support at $0.00000300 holds, the meme coin could stabilize ahead of another recovery attempt.
Upbit to delist BONK citing user protection risksUpbit, one of South Korea’s leading crypto exchanges, announced it will remove BONK from its tradable asset list on Monday, including the trading pairs BONK/KRW and BONK/USDT. In a press release, the exchange said the delisting follows its “Digital Asset Trading Support Termination Policy,” which flagged multiple shortcomings and the risk of user harm.
Upbit said its evaluation revealed several risks and incidents, including unexplained security breaches such as hacking, and that the digital asset’s wallet and the distribution ledger used to issue and store the token remained unresolved. BONK was flagged as a cautionary trading item on July 7, but the exchange’s concerns were not resolved as per its termination policy.
Investors will no longer be able to trade the asset as of Monday, but withdrawals will be supported until October 7. Deposits will remain suspended; therefore, investors have been cautioned against sending funds to the platform.
Upbit has also designated Mantra (MANTRA) and related pairs as a cautionary trading item, temporarily suspending deposits and withdrawals.
Technical analysis: BONK slides toward short-term supportBONK is correcting lower, trading around $0.00000318. The meme coin is down over 7% on the day and appears poised to test the key support at $0.00000300. Meanwhile, the descending trendline provides short-term support that, if defended, could support BONK’s recovery outlook.
BONK/USDT daily chartMomentum remains mixed, as the Relative Strength Index (RSI) at 55 falls toward the midline, suggesting that bears are tightening their grip. With the Moving Average Convergence Divergence (MACD) holding above its signal line and the histogram staying positive, momentum leans toward a constructive bias rather than a full-fledged correction. On the upside, a recovery above supply at $0.00000367 would open the door to gains targeting highs beyond $0.00000400.
Bitcoin, altcoins, stablecoins FAQs Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
USD/JPY za poslední čtyři obchodní dny klesl téměř o 3,6 %, protože trh dál sází na zásahy Japonska do kurzu a na vyšší sazby Bank of Japan. Ministerstvo financí uvedlo, že do 26. srpna použilo na intervencích zhruba 98,6 miliardy dolarů.
The yen has continued to gain relevance during recent trading sessions and, over the last four trading days, USD/JPY has declined by nearly 3.6%, highlighting the strength currently being displayed by the Japanese currency against the U.S. dollar. This selling pressure has remained in place as markets continue digesting recent updates regarding Japan's currency interventions while also maintaining expectations of a more aggressive Bank of Japan. As long as these factors remain dominant, downside pressure on USD/JPY could continue to be an important feature of the market in the sessions ahead.
Is Intervention Risk Returning to Japan?
The most important short-term development behind the yen's recent strength relates to the latest confirmations regarding Japan's efforts to support its currency through direct intervention.
Recent data revealed that Japan carried out a record intervention program during August. International reserves declined by approximately $76.6 billion, marking the largest monthly drop seen in recent years and falling from July's peak of $1.287 trillion in total reserves. As a result, markets have interpreted a significant portion of this decline as being linked to yen-buying operations.
In addition, the Ministry of Finance confirmed that approximately $98.6 billion was deployed in currency interventions through August 26, including operations conducted in coordination with the United States. This information is particularly important because it confirms that intervention threats are no longer merely theoretical but are instead supported by figures directly released by the Japanese government.
The market's interpretation has been straightforward: Japanese authorities remain willing to sell dollars and buy yen aggressively whenever they believe the currency is under excessive pressure. Consequently, this confirmation has increased expectations that intervention could continue to play an important role in the months ahead, helping reinforce demand for the yen over the short term.
Alongside this situation, expectations of a more restrictive monetary policy from the Bank of Japan also remain important. Markets are currently assigning more than a 62% probability to a rate increase at the September 17 meeting, taking the benchmark rate from 1.00% to 1.25%. This reflects continued expectations that Japan will gradually move away from the ultra-low interest rate environment that has characterized its monetary policy for decades.
Source: centralbankwatch
Taking all of this into account, the outlook surrounding the yen appears to have changed significantly compared with previous weeks. Expectations of additional interventions and a more aggressive Bank of Japan are helping support interest in the Japanese currency. On one hand, markets continue to consider the possibility of renewed yen purchases by authorities. On the other, higher interest rates improve the relative attractiveness of yen-denominated investments. As long as these factors remain in place, downside pressure on USD/JPY could continue to be an important feature of the short-term outlook.
Could the U.S. Dollar Become a Threat?
At the same time, it is important to recognize that the main obstacle to further yen strength could remain the U.S. dollar. This issue gained importance after last Friday's NFP report, which delivered employment figures well above expectations and once again supported the possibility of a more aggressive Federal Reserve.
Although this dynamic has not yet translated into a significant recovery in the dollar itself, it could become a relevant factor over the coming weeks. For now, the DXY Index continues to trade around the 98-point area without registering meaningful declines and remains relatively stable near the lows established in recent weeks.
Part of this lack of reaction may be explained by the U.S. market holiday, which tends to reduce both activity and volatility across financial markets.
Source: TradingEconomics
The key point to monitor is whether expectations of a more hawkish Federal Reserve begin translating into a more meaningful recovery in the dollar. If that occurs, part of the yen's recent advance could begin to face resistance. Under such a scenario, USD/JPY could move into a more balanced trading environment, particularly if both central banks continue progressing toward more restrictive policy settings over the coming months.
USD/JPY Technical Outlook
Source: StoneX, Tradingview
A Potential Trendline Begins to Take Shape: The recent decline in USD/JPY has led to the formation of a sequence of increasingly lower lows on the chart, a development that is beginning to shape a potential bearish trendline. As long as selling pressure remains dominant, this structure could continue to strengthen and become the most important technical pattern to monitor in the weeks ahead.
MACD: The MACD histogram continues to move below the neutral 0 line, indicating that the average strength of short-term moving averages remains tilted toward the downside. As long as this behavior persists, bearish momentum could continue dominating market activity.
RSI: A similar dynamic can be seen in the RSI, which continues to move lower below its neutral threshold. However, it is also worth noting that the indicator has now fallen below the 30 oversold level. This suggests that selling pressure may be becoming excessive in the short term and could create room for temporary bullish corrections over the coming sessions.
Key Levels:
158.235 – Key Resistance: This level coincides with the 200-period Simple Moving Average and represents the most important upside barrier on the chart. Price action returning toward this area could challenge the formation of the current bearish structure and favor a broader phase of consolidation during the weeks ahead.
155.928 – Nearby Barrier: This area corresponds to the nearest retracement zone on the chart and stands as the primary reference point for potential short-term bullish corrections.
152.441 – Key Support: A support area not seen since February and currently the most important downside barrier within the market. A move toward this level could reinforce the dominant bearish bias and further confirm the downtrend structure that has emerged during recent sessions.
Written by Julian Pineda, CFA, CMT – Market Analyst
IREN roste, protože výnosy z AI cloudu za fiskální rok 2026 vyskočily na 128,8 milionu USD z 16,4 milionu USD před rokem. Akcie za pět dní přidaly asi 23 %.
AI cloud revenue surged 687% last year, giving investors a new reason to look at a company once known mainly for Bitcoin mining. Summary
IREN shares have gained about 23% in five days
IREN Ltd. (IREN, Financials) was a simple corporation to describe. It dug Bitcoin. Now investors are beginning to think about something else.
IREN shares have soared roughly 23% in the last five days as Wall Street has paid more attention to the company's fast-growing AI cloud division. The figures explain the excitement.
AI cloud sales climbed to $128.8 million in fiscal 2026 from $16.4 million a year ago. That represents a rise of over 700%. The rest of the quarter was, well, not so impressive.
Revenue declined 27 percent from a year earlier to $137.2 million, and the business reported an adjusted loss of 41 cents a share. But both numbers were better than analysts had predicted. That was enough to push AI back into the spotlight.
Iren controls a lot of electrical infrastructure, which has suddenly become quite valuable as corporations scramble for electricity and data-center capacity for AI.
Bernstein has alluded to the company's aspirations to grow toward about 2 gigawatts of electricity capacity by 2029. That leaves IREN with an interesting second phase.
Bitcoin mining has helped construct the infrastructure. Eventually, AI could be the business that matters most to investors. Next test is if AI cloud revenue can increase quickly enough to justify stock's recent rally.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
