Market Signal Briefing

TOKYO, JAPAN - DECEMBER 03: An Nvidia logo is displayed during the International Robot Exhibition on December 03, 2025 in Tokyo, Japan. The exhibition, one of the world's largest robot exhibitions, will be held through December 6. (Photo by Tomohiro Ohsumi/Getty Images)

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Investors are on edge. AI valuations have skyrocketed, data center expenditures are at an all-time high, and every earnings call now hints at even larger GPU clusters. If this ten trillion dollar boom loses momentum, nearly everything in the tech sector will experience the effects.

None of these industry leaders are exempt. However, they are not equally structured.

The distinction between a sharp market correction and a disastrous collapse depends on a company’s revenue structure: Is their revenue reliant on one-time purchase orders, or on essential, recurring subscriptions? This division forms two distinct risk categories — companies with significant potential but substantial exposure if budgets are cut, and another category of companies designed to buffer against downturns while still benefiting from the broader AI growth.

Google: The UtilityAlphabet (NASDAQ:GOOG) operates based on recurring human behavior. People search, click, and advertise in both booms and downturns. Queries like “Gyms near me” and “best running shoes” remain relevant even when AI spending decreases.

At the same time, it can implement AI enhancements instantly across Search, Ads, YouTube, Maps, and Workspace. Improved rankings, increased ad relevance, and enhanced computing efficiency through TPUs all compound at Google's scale.Google boasts millions of advertisers, very high switching costs, and a diversified revenue stream.Additionally, it is one of Nvidia’s largest clients. If Google reallocates more workloads to its own TPUs — which are reportedly improving significantly — Google saves costs while Nvidia's revenue is impacted.Its lower earnings multiple indicates its stability resembles that of a utility rather than speculative AI prospects. In a downturn, this stability becomes a strategic advantage.Microsoft: Workflow SubscriptionMicrosoft (NASDAQ:MSFT) provides the infrastructure for daily operations: Outlook, Excel, Teams, Windows, Azure.

These are essential tools that businesses cannot forgo, even during economic downturns. Email services aren’t disabled. Spreadsheets aren’t cancelled. This subscription model secures Microsoft a stable revenue foundation.There’s a wealth of built-in AI possibilities as well. Copilot tools in Office, Azure’s AI functionalities, GitHub’s developer AI, and the broader incorporation of LLMs into enterprise workflows increase ARPU and foster greater cloud consumption.Apple: Consumer EcosystemApple is the sole Mag7 company that is not investing tens of billions in data centers and GPUs. Its business success hinges on consumer loyalty and device cycles, not B2B computing expenses.

Apple maintains a vast consumer ecosystem characterized by robust loyalty and pricing power. Its $1,000 smartphones, $500 smartwatches, and $10 monthly services operate independently of developments in the AI sector.Although the downside risk is manageable, Apple could also emerge as one of the greatest beneficiaries of AI advancements due to its over 2 billion user base, a digital services division exceeding $100 billion, and a strong position for offering on-device intelligence.Oracle: Legacy Lock-InOracle may lack glamour but is firmly established. Once a bank, insurer, or governmental entity adopts Oracle databases, they tend to remain for decades.

Replacing Oracle is both risky and costly, and in many cases, operationally unfeasible. This legacy lock-in provides a reliable revenue base.While newer AI firms rely on attracting new clients to validate their valuations, Oracle garners advantages from clients who cannot leave.Oracle has made significant investments in AI (capital expenditure of $35 billion in FY’26), yet the bulk of this expenditure has already been pre-sold through substantial take-or-pay cloud/GPU contracts with strict penalties. Such deals ensure high-visibility revenue even in the event of a slowdown in broad AI capital expenditures, while its entrenched legacy clientele continues to pay uninterrupted.The Exposed Models: Who Gets Hit First When AI Spending PausesThese companies are closely tied to capital cycles, inflated valuations, or unstable competitive dynamics. They realize the most significant gains during booming periods and are the first to suffer when conditions soften. Their primary vulnerability lies in their reliance on substantial, non-recurring capital orders from a select group of customers.

Capital EquipmentCurrent frontier model training resembles a winner-takes-all arms race, yet it may essentially be a capital expenditure. Once hyperscalers reach "sufficient compute" for the present generation of models, orders may decline.

For instance, Nvidia — boasting 60% revenue growth, 70% gross margins, and 50% net margins — is likely to be at risk as competition intensifies or spending decelerates. Moreover, Nvidia’s revenue is concentrated. Unlike Google, Microsoft, or Apple, who have billions of users, just two customers accounted for nearly 40% of Nvidia's sales in a recent quarter.Nvidia relies on one-time sales of extremely costly chips. Its latest chips are priced at $30,000 or more. If hyperscalers reduce their purchasing because they feel they have "enough GPUs," Nvidia will immediately be affected. Demand is linked to capital expenditure cycles, which can be unpredictable. A halt in data center investments directly results in revenue pressures and a reevaluation of valuations.Similar trends are evident among other AI hardware companies like AMD, Marvell, and Super Micro Computer.Valuation-Dependent GrowthEstablished software companies such as Palantir develop robust AI-enabled software, but their valuations depend on rapid customer growth and extensive deployments. If IT budgets tighten or contracts are delayed, the stock could face a steep re-evaluation due to a lack of room for disappointment.In contrast to Oracle, it does not benefit from a long-term customer lock-in.The Safety Checklist: How to Identify the Most Durable Tech Companies

Three straightforward questions can uncover resilience:

Does it cater to millions of customers instead of relying on a select few giants?
Google does. Nvidia does not.Does it offer a subscription rather than a one-time sale?
Microsoft does. Hardware manufacturers do not.Would customers disrupt their operations by ceasing use of it?
Oracle meets this criterion. Most AI infrastructure suppliers do not.If the AI bubble bursts, most tech assets will face markdowns. However, companies with diversified demand, steady revenue streams, and robust lock-in features possess genuine shock absorbers. They may not evade the storm, but they will endure significantly less damage compared to firms providing the underlying infrastructure of the boom.

The Trefis High Quality (HQ) Portfolio, which comprises 30 stocks, has a history of comfortably outperforming its benchmark, which includes all three — S&P 500, S&P mid-cap, and Russell 2000 indices. What’s the reason for that? As a group, HQ Portfolio stocks have delivered superior returns with less risk compared to the benchmark index; providing a smoother ride, as illustrated by the HQ Portfolio performance metrics.

Here are three stocks with buy rank and strong value characteristics for investors to consider today, Dec. 4: 

Federated Hermes, Inc. (FHI - Free Report) : This investment management company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 7.7% over the last 60 days.

Federated Hermes has a price-to-earnings ratio (P/E) of 10.19, compared with 18.80 for the industry. The company possesses a Value Score  of A.

Bunge Global SA (BG - Free Report) : This agribusiness and food company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its next year earnings increasing 7.7% over the last 60 days.

Bunge Global has a price-to-earnings ratio (P/E) of 12.83, compared with 25.07 for the S&P. The company possesses a Value Score of A.

ZTO Express (Cayman) Inc. (ZTO - Free Report) : This logistics company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 5.9% over the last 60 days.

ZTO Express has a price-to-earnings ratio (P/E) of 12.76, compared with 25.07 for the S&P. The company possesses a Value Score of B.

See the full list of top ranked stocks here.

Learn more about the Value score and how it is calculated here.

SINGAPORE, Dec. 04, 2025 (GLOBE NEWSWIRE) -- DayOne Data Centers, a Singapore-headquartered data center developer and operator, today announced that it has secured a mezzanine financing facility of €500 million, expandable up to €1 billion upon mutual agreement, from global investment firm Brookfield and a global sovereign investor, both long-term investors with significant expertise in infrastructure.

The borrowing will be secured by DayOne’s Finland platform, with proceeds of the facility used to support the rollout of its hyperscale developments in Lahti and Kouvola. The structure also provides the flexibility to allocate proceeds to other key growth markets as required, enabling DayOne to capture rising AI and cloud infrastructure demand.

This capital solution underscores investor confidence in DayOne’s platform quality, governance, and long-term growth trajectory. The facility operates under a seven-year tenor and provides strategic flexibility to support organic expansion, and new-build programs.

The financing adds to DayOne’s US$1.9 billion raised across its Series A and Series B equity rounds, and further supports its expanding presence in Europe and Asia-Pacific. In August 2025, DayOne announced a €1.2 billion investment commitment in Lahti. Together with a joint-venture hyperscale development in Kouvola, the company is advancing nearly 300 MW of planned capacity across Finland.

 “The Brookfield facility strengthens DayOne’s long-term capital base and supports the continued build-out of our global platform. It aligns with the scale and pace of digital infrastructure our customers require and reflects the confidence our investors, including Brookfield, have in our strategy and execution. With Finland as the initial borrower, it marks another important step in advancing our development across multiple markets,” said Jamie Khoo, Chief Executive Officer of DayOne.

“Brookfield is uniquely positioned to provide flexible, large-scale financing solutions for high-quality operators like DayOne that are enabling the global shift toward AI and cloud-driven data demand given our experience in digital infrastructure. We’re delighted to support DayOne’s expansion with this milestone transaction,” said Sean Robertson, Infrastructure Debt Senior Vice President, Brookfield.

DayOne continues to build a global platform of hyperscale data centers, with a development pipeline spanning Singapore, Malaysia, Indonesia, Thailand, Japan, Hong Kong and Finland.

About DayOne 

DayOne is a Singapore headquartered data center pioneer that develops and operates next-gen digital infrastructure for industry leaders who demand reliable, cost-effective and quickly scalable solutions. Our cutting-edge facilities empower hyperscalers and large enterprises to achieve rapid deployment and enhance connectivity, driving transformative engagement and innovation as we shape the future of industries. DayOne’s data center developments span key markets, including Singapore, Johor (Malaysia), Batam (Indonesia), Greater Bangkok, Hong Kong, Tokyo, and Finland.

About Brookfield Asset Management

Brookfield Asset Management Ltd. (NYSE: BAM, TSX, BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles. For more information, please visit our website at www.brookfield.com.

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SummaryRayonier gets rated a hold for my first coverage, as it awaits a merger of equals with peer PotlatchDeltic in an all-stock deal creating a mega timberland REIT.Positive features of Rayonier are investment-grade credit ratings, low D/E, a huge portfolio of pure timberland, and trading somewhat undervalued.There are key value drivers for Rayonier shareholders who will become owners in the newly formed company, such as a larger timberland portfolio, cost synergies, and additional revenue diversification.The risk of antitrust challenges has been discussed, since Weyerhaeuser appears to be the only other major publicly traded timberland REIT. Kerrick/iStock via Getty Images

Today's Pick: A REIT Behind Millions Of Acres Of American Forests It's winter in many parts of the world, and often this means plumbing issues, so I want to lead into this article with a personal story. While

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Historical headwinds may prove insurmountable for Wall Street's hottest artificial intelligence (AI) stock in the new year.

Roughly 30 years ago, the advent and mainstream proliferation of the internet began charting a new course for corporate America. It opened new doors for businesses to sell and market their products and services, while also breaking down information barriers that had previously existed on Wall Street between professional and retail investors.

For decades, investors have been waiting (sometimes impatiently) for the next game-changing technology that would provide a decisive boost to America's long-term growth potential. Artificial intelligence (AI) looks to be this long-awaited innovation.

Although graphics processing unit (GPU) company Nvidia is commonly viewed as the face of the AI revolution -- GPUs act as the brains that facilitate split-second decision-making in AI-accelerated data centers -- a strong argument can be made that data-mining specialist Palantir Technologies (PLTR +3.20%) has supplanted it. Shares of Palantir have skyrocketed more than 2,500% since the end of 2022.

Image source: Getty Images.

While Palantir possesses a well-defined moat and clearly has an enthusiastic investor base, history offers a very big (and potentially worrisome) clue as to where the company's shares may head in 2026.

Palantir's ascent to Wall Street's eighth most valuable tech stock didn't happen by accident
As of the closing bell on Nov. 28, Palantir had a market cap of more than $401 billion, which places it 23rd in the pecking order of the largest U.S.-listed companies, and eighth overall within the tech sector. Its ascent from a company of fringe importance to one of the stock market's most valuable tech businesses didn't occur by accident.

Above all else, investors value Palantir's sustainable moat. Its two core operating segments -- Gotham and Foundry -- have no true one-for-one replacements at scale, which all but ensures predictable operating cash flow and transparent double-digit sales growth.

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Gotham is the company's AI- and machine learning-inspired platform used by the U.S. government and its allies to plan and oversee military missions, as well as collect and analyze copious amounts of data. Government contracts typically span four to five years in length, leading to the predictability of Palantir's sales and cash flow.

Meanwhile, Foundry is an AI-driven subscription service that helps businesses understand their data to improve all aspects of their operating efficiency. This is a relatively newer segment that's generating eye-popping sales growth.

Investors have also come to appreciate Palantir's ability to hurdle Wall Street's sales and profit expectations. Gotham has been the primary profit driver, allowing CEO Alex Karp and his team to raise full-year sales guidance on several occasions this year.

Although Wall Street handsomely rewards profitable businesses with sustainable moats, historical precedent is a headwind that Palantir may struggle to overcome in the new year.

Image source: Getty Images.

History hasn't been kind to next-big-thing technologies early in their expansion
To preface this discussion, no previous event or data point can guarantee what will happen with a specific stock, trend, or the broader market. Nevertheless, certain correlated events throughout history have demonstrated a phenomenal track record of predicting the future. This is especially true when it comes to Wall Street's next-big-thing trends, which include AI.

There's no question that the internet was a massive leap forward for businesses. But while it was immediately embraced, corporate America didn't figure out how to optimize the internet from a sales and marketing perspective for years. The dot-com bubble is evidence that investor expectations were too lofty.

Following the proliferation of the internet, we've witnessed investors overestimate the adoption rate, utility, and/or early optimization of several next-big-thing technologies, including genome decoding, nanotechnology, 3D printing, blockchain technology, and the metaverse. Investors consistently overlook the fact that new technologies need ample time to mature. In other words, there's the real potential for an AI bubble to form and burst in 2026.

If there's a bit of a silver lining for Palantir, it's that AI hardware stocks, such as Nvidia, would be among the hardest hit if an AI bubble forms and bursts. Palantir's multiyear government contracts and subscriptions would ensure that sales don't fall off a cliff. Nonetheless, investor sentiment would still be expected to weigh heavily on Palantir's shares if such an event were to occur.

The other historical headwind for Palantir Technologies is its valuation.

PLTR PS Ratio data by YCharts. PS Ratio = price-to-sales ratio.

Although it's an arbitrary line in the sand, history shows that trailing-12-month (TTM) price-to-sales (P/S) ratios above 30 for businesses on the leading edge of next-big-thing trends are unsustainable over an extended period. Internet stocks frequently bogged down at peak TTM P/S ratios ranging from 31 to 43 before the dot-com bubble burst.

In Palantir's case, it closed out the previous week with a P/S ratio of (drum roll) 110! We've never witnessed a TTM P/S ratio of 30 be sustainable, let alone one that's nearly four times this bubble-marking level.

Companies that have previously met these criteria -- market leaders of next-big-thing trends with P/S ratios of 30 or higher -- have all seen their shares plunge by well over 50%. When the metaverse bubble popped, Meta Platforms shares fell 80% from their peak. Meanwhile, Amazon and Cisco Systems each tumbled by around 90% when the dot-com bubble burst.

In Palantir's case, a 50% decline in its shares still wouldn't come close to removing it from clear bubble territory, based on its P/S ratio.

Although it's impossible to accurately predict when the music will stop for hyped early stage technologies and innovations, history offers undeniable clues that point to significant downside for Palantir stock in 2026.

Edgewise Therapeutics, Inc. (EWTX) Piper Sandler 37th Annual Healthcare Conference December 2, 2025 2:00 PM EST

Company Participants

Kevin Koch - President, CEO & Director

Conference Call Participants

Yasmeen Rahimi - Piper Sandler & Co., Research Division

Presentation

Yasmeen Rahimi
Piper Sandler & Co., Research Division

Good afternoon, everyone. Welcome to our Piper Sandler Healthcare Conference. My name is Yas Rahimi. I'm a senior biotech analyst at Piper Sandler. So thrilled to have the team from Edgewise Therapeutics here and lots to cover, and I don't even know where to start in 25 minutes. So the team, I think probably the best place is to start with the near-term disclosure that you're going to provide across 7500, the CIRRUS study.

Question-and-Answer Session

Yasmeen Rahimi
Piper Sandler & Co., Research Division

So I'm sure the first question from everyone throughout your meetings has been, are you on track to provide a disclosure this month? And what will the disclosure entail? So maybe help us understand that.

Kevin Koch
President, CEO & Director

Yes. So maybe take a step back and what -- why we're disclosing what we're disclosing in December and then the subsequent disclosure in the first half of '26. So what we've noticed is the run rate for mavacamten in HCM is now above $1 billion. So remember, there's been a question, is about is there an HCM market? How big is that HCM market. So now with a run rate of north of $1 billion and additional agents probably coming into the area, it's a substantial market. So what has limited the market for mavacamten. It's that it's well utilized within the center of excellences. We have academic centers that can do the echos, work through the REMS and treat the patients with the safety liabilities. What's holding up that market is the ability to get into the community cardiologists.

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Russia has introduced restrictions against Apple's video-calling app FaceTime, widely used in the country after the government restricted WhatsApp and Telegram call services, Russian news agencies reported on Thursday.

PRESS RELEASE                                        

Share Buyback Transaction Details November 27 – December 3, 2025

Alphen aan den Rijn – December 4, 2025 - Wolters Kluwer (Euronext: WKL), a global leader in professional information solutions, software and services, today reports that it has repurchased 156,339 of its own ordinary shares in the period from November 27, 2025, up to and including December 3, 2025, for €14.1 million and at an average share price of €90.42.

These repurchases are part of the share buyback program announced on November 5, 2025, under which we intend to repurchase shares for up to € 200 million from November 6, 2025, up to February 23, 2026.

The cumulative amounts repurchased in the year to date are as follows:

Share Buyback 2025

PeriodCumulative shares repurchased in period Total consideration
(€ million)Average share price
(€)2025 to date 7,851,2971,036.2131.97 For the period starting November 6, 2025, up to and including February 23, 2026, we have engaged a third party to execute €200 million of buybacks on our behalf, within the limits of relevant laws and regulations (in particular Regulation (EU) 596/2014) and the company’s Articles of Association.

Shares repurchased are added to and held as treasury shares and will be used for capital reduction purposes through share cancelation.

Further information is available on our website:

Download the share buyback transactions excel sheet for detailed individual transaction information.Weekly reports on the progress of our share repurchases.Overview of share buyback programs. For more information about Wolters Kluwer, please visit: www.wolterskluwer.com.

###

About Wolters Kluwer

Wolters Kluwer (EURONEXT: WKL) is a global leader in information solutions, software and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.

Wolters Kluwer reported 2024 annual revenues of €5.9 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,900 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX, Euro Stoxx 50 and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt (ADR) program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Facebook, YouTube and Instagram.

MediaInvestors/AnalystsStefan KloetMeg GeldensAssociate DirectorVice PresidentGlobal CommunicationsInvestor Relations  [email protected]@wolterskluwer.com Forward-looking Statements and Other Important Legal Information
This report contains forward-looking statements. These statements may be identified by words such as “expect”, “should”, “could”, “shall” and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions; conditions in the markets in which Wolters Kluwer is engaged; conditions created by pandemics; behavior of customers, suppliers, and competitors; technological developments; the implementation and execution of new ICT systems or outsourcing; and legal, tax, and regulatory rules affecting Wolters Kluwer’s businesses, as well as risks related to mergers, acquisitions, and divestments. In addition, financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Elements of this press release contain or may contain inside information about Wolters Kluwer within the meaning of Article 7(1) of the Market Abuse Regulation (596/2014/EU). Trademarks referenced are owned by Wolters Kluwer N.V. and its subsidiaries and may be registered in various countries.

2025.12.04 Share Buyback Transactions Nov 27 - Dec 3 2025

HSINCHU, Taiwan & BLOOMINGTON, Minn.--(BUSINESS WIRE)--United Microelectronics Corporation (NYSE: UMC: TWSE: 2303)(“UMC”), a leading global semiconductor foundry, and Polar Semiconductor, LLC (“Polar”), a U.S.-owned and operated foundry specializing in high-voltage, power, and sensor technologies, today announced they have signed a Memorandum of Understanding (MOU) to explore collaboration on delivering scalable U.S.-based 8-inch production of high-quality wafers that are essential across pilla.

Japan's exchange chief is urging Nidec to move quickly to improve internal controls in the wake of accounting and reporting troubles that have put the company at risk of being delisted.

If you are looking for the next Tesla, this electric vehicle stock is set to make a Tesla-like move in 2026.

The electric vehicle (EV) sector is very different today than it was when Tesla (TSLA +4.17%) sold its first EV. That high-end automobile effectively helped to prove that EVs could compete with internal combustion engine vehicles. Now, thanks to Tesla, just about every major auto company is making EVs.

There's still one pure-play EV maker seeking to prove that there's room for more competition in the automotive sector. Here's why, for more aggressive investors, this EV start-up could be a no-brainer buy if you have $500 to invest.

The path that was blazed by Tesla
As the first company to mass-produce electric vehicles, Tesla established a business model that others could follow.

Step one is to produce a high-end model. Step two is to ramp up production of the high-end model. And step three is to fine-tune production to improve profitability. Finally, step four is to bring out a mass-market model. There are more steps, but that last one is the one that Rivian (RIVN +1.74%) is currently working on.

Image source: Getty Images.

Indeed, Rivian has successfully pulled off the first three steps. Its electric trucks are award-winning. Its technology is attractive enough that Amazon was an early customer, and Volkswagen is investing heavily in the company. Rivian was even able to produce a gross profit.

Achieving a gross profit requires some discussion, as it is both important and merely a step on the way toward sustainable profitability. Essentially, a gross profit means that Rivian generated more revenue from selling cars than it cost to produce those cars. There are other important costs further down the income statement that keep it in the red -- specifically, research and development and sales, general, and administrative costs. Those aren't optional expenses.

This is where step four comes into play, as Rivian continues to invest in its business to bring out the R2 in 2026. That's the mass-market version of its truck. The goal, like it was for Tesla, is to sell more EVs over which to spread the company's costs.

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Rivian's big test will come with the R2
The auto industry is highly competitive and capital-intensive, as well as hard for a company to break into. Tesla leveraged new technology to achieve this, and that's what Rivian is also trying to do. It appears increasingly likely that Rivian will be able to follow Tesla's lead as Rivian continues to hit key milestones.

And yet, when you step back a few paces, it remains a money-losing start-up. It is only appropriate for more aggressive investors.

The company's success to date, however, bodes well for its future. The big key is that Rivian's balance sheet had $4.8 billion of cash and $2.7 billion of short-term investments on it at the midpoint of 2025. It is almost certain to get the R2 to market, allowing the company to hit yet another key goal.

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The bet you are making by buying it today is that the R2 will be well-received by consumers. Given the strong reception to its high-end models, that seems like a reasonable bet to make. A $500 investment will net you around 30 shares.

The problem is that it will likely take a year or so following the R2 launch to get a real picture of how well the new model is doing. So Rivian is a long-term investment, not one that will play out over a few months. However, if you are an aggressive growth investor, Rivian's ability to follow Tesla's path suggests the business has a strong opportunity for success.

Rivian is succeeding where others have failed
Rivian isn't the only company trying to follow Tesla into the auto sector. There are, for example, a couple of Chinese EV makers that now compete directly and effectively with Tesla. However, many upstart EV companies have fallen by the wayside. Even the ones that still remain aren't sure things, noting that Lucid (LCID +5.28%) is still just trying to achieve the production levels that Rivian has hit.

In other words, Rivian stands out for its success. And if it can continue to hit its goals, there could be material growth ahead for the business.

Mesquite, NV, Dec. 04, 2025 (GLOBE NEWSWIRE) -- Mesquite, NV December 4, 2025 — Dogecoin Cash, Inc. (OTCQB: DOGP) today announced that its controlled subsidiary, MEMECOINS, Inc., has entered into an agreement with Tipestry, Inc. to acquire 4 billion Dogecoin Cash (MEMECOIN:DOG) tokens.

The transaction, structured through the issuance of preferred shares at the subsidiary level, does not dilute DOGP shareholders. Upon closing, the Company’s combined direct and indirect DOG token exposure — through MEMECOINS, DogeSPAC LLC, and Dogecoin Treasury Inc. — is expected to exceed 8 billion DOG.

“This isn’t just an asset transaction,” said David Tobias, CEO of Dogecoin Cash, Inc. “This agreement fits into our broader strategy. Our goal is to align digital-asset exposure with operating-company opportunities in ways that may support real-world utility over time. While many discuss the future of Web3 in abstract terms, we are focused on participating in that evolution in a measured, practical, and responsible way.”

This strategic step aligns with ideas explored in the recently published Dogecoin Cash White Paper: Reconstructing Digital Value, available on Amazon.com and DogecoinCash.org.

The paper outlines a federated model for social platforms combined with a tokenized value layer — a novel framework for aligning online participation with measurable economic contribution. It proposes a “forum, stream, and stage” design for digital interaction and explores how blockchain-based tools can restore transparency, identity portability, and user ownership to social systems.

While the white paper remains theoretical, its originality and systems-level thinking have drawn attention for reframing blockchain not as speculation, but as infrastructure for trust and participation — the same principles guiding DOGP’s disciplined, long-term development strategy.

Beyond its digital assets, DOGP operates real-world businesses, including PrestoDoctor.com, a leading telehealth platform serving medical cannabis patients across approved states — reflecting the company’s hybrid approach to value creation that unites regulated commerce and decentralized technology.

“The convergence of innovation and practicality defines where we’re headed,” Tobias said. “Our goal is steady, principle-based growth — building assets and technologies that stand on both real-world utility and conceptual strength.”

The closing of the transaction remains subject to customary conditions.

About Dogecoin Cash, Inc. (OTCQB: DOGP)
Dogecoin Cash Inc. (OTCQB: DOGP) is a publicly traded company that owns and operates PrestoDoctor, (www.prestodoctor.com), a trusted leader in medical cannabis telemedicine. DOGP also focuses on blockchain innovation and developing blockchain-based infrastructure and digital asset initiatives. Its subsidiary, MEME Coins Inc., currently holds DOG tokens as its sole digital asset and is  an emerging platform focused on meme based cryptocurrency innovation, token utility, and social crypto applications. DOGP holds the first patented cannabis strain, Ecuadorian Sativa aka “CTA”, and a patented cannabis lozenge for treatment of hypertension 
Investor & Media Contact
Dogecoin Cash, Inc.
[email protected]
Forward-Looking Statements Disclaimer
This communication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Forward-looking statements are based on current expectations, estimates, forecasts, and assumptions, and involve risks and uncertainties that could cause actual outcomes to differ materially from those anticipated. Words such as “may,” “could,” “expect,” “anticipate,” “project,” “estimate,” “believe,” “intend,” “forecast,” or similar expressions are intended to identify forward-looking statements.
These statements are not guarantees of future performance and are subject to risks and uncertainties, including but not limited to regulatory developments, market volatility, adoption trends, technological changes, and other factors beyond the Company’s control. Investors should not place undue reliance on forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

About Ian Lyall
Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive's editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually.
Prior to Proactive, Ian helped lead the business output at the Daily... Read more

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Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists.

Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth.

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Andrew Yoon
Director of Financial Planning & Investor Relations

Hello. I'm Andrew Yoon, Director of Finance and Investor Relations, and I will review our sales results for the 4-week retail month of November, which started on Monday, November 3, and ended on Sunday, November 30. This period is compared to the 4 weeks that began last year on Monday, November 4 and ended on Sunday, December 1.

This call will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that may cause actual events, results and/or performance to differ materially from those indicated by such statements. The risks and uncertainties include, but are not limited to, those outlined in today's call and sales release as well as other risks identified from time to time in the company's public statements and reports filed with the SEC.

Forward-looking statements speak only as of the date they are made, and the company does not undertake to update them, except as required by law. Comparable sales and comparable sales, excluding impacts from changes in gasoline prices and foreign exchange are intended as supplemental information and are not a substitute for net sales presented in accordance with U.S. GAAP.

As reported in our release, net sales for the month came in at $23.64 billion, an increase of 8.1% from $21.87 billion last year. Reported comparable sales for the month were as follows: U.S., 6.0%; Canada, 6.9%; Other International, 11.4%; total company, 6.9%; digitally enabled, 16.6%.

Comparable sales for the month, excluding the impacts from changes in gasoline prices and foreign exchange were as follows: U.S., 5.8%; Canada, 8.3%; Other International, 8.0%; total company, 6.4%; digitally

Jack Henry & Associates, Inc. (JKHY) UBS Global Technology and AI Conference 2025 December 3, 2025 6:15 PM EST

Company Participants

Gregory Adelson - CEO, President & Director

Conference Call Participants

Timothy Chiodo - UBS Investment Bank, Research Division

Presentation

Timothy Chiodo
UBS Investment Bank, Research Division

Welcome, everyone. I'm Tim Chiodo. I'm the lead payments processors and fintech analyst here at UBS. We are very, very glad to be joined by the team at Jack Henry. We've got Vance, the Head of IR, here in the room as well. Vance, I want to thank you for making the trip and being a part of our conference for many years.

And likewise, to Greg Adelson, who's the CEO, and is up here on stage with us. So thanks for being here. We really appreciate you making the trip to Arizona.

Gregory Adelson
CEO, President & Director

For sure. Thank you, Tim. Great conference, by the way.

Question-and-Answer Session

Timothy Chiodo
UBS Investment Bank, Research Division

We appreciate that. All right. So first things first. So just recently took over lead coverage of Jack Henry. Our long time and great colleague, [ Nick Crimo ] has moved on. And so I've taken over the coverage here. So I want to say a special thanks to Nick, and I'm really glad to be covering you guys.

So great to be spending time here in Arizona.

Gregory Adelson
CEO, President & Director

Yes, for sure.

Timothy Chiodo
UBS Investment Bank, Research Division

All right. We've got a great list of topics to hit here. We're going to start with the core. We're going to get into payments. We're going to get into the complementary segment. We're going to wrap up with some financial topics around margins and capital allocation.

So with that, Greg, if you

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Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Phase 2 clinical trial initiated to evaluate SEMA3A mAb as potential treatment for Alport syndrome

Milestone payment to Evotec expected upon first dosing of first study participant in early 2026

HAMBURG, DE / ACCESS Newswire / December 4, 2025 / Evotec SE (Frankfurt Stock Exchange:EVT, SDAX/TecDAX, Prime Standard, ISIN: DE0005664809, WKN 566480; NASDAQ:EVO) today announced that its partner Bayer AG has initiated a Phase 2 clinical study of a kidney disease program originating from the multi-target research collaboration between Evotec and Bayer in kidney diseases. Under the terms of the collaboration agreement, Evotec is eligible to receive a milestone payment upon first patient dosing, which is expected in early 2026. The study drug, BAY 3401016, a monoclonal antibody ("mAb") targeting the protein Semaphorin-3A ("Sema3A") is being developed as a potential treatment for Alport syndrome, a rare genetic kidney disease.

Bayer's ASSESS study is a randomized, double-blind, placebo-controlled, parallel group Phase 2a study with an extension phase to evaluate the efficacy and safety of BAY 3401016 in participants aged 18 to 45 with Alport syndrome. The program originates from a strategic collaboration, which Evotec and Bayer entered in August 2016. Under the terms of the agreement, Evotec is eligible to receive further development and sales milestones as well as tiered royalties of net sales contingent upon the future progress during clinical development and potential commercialization of a drug in the future.

Dr Cord Dohrmann, Chief Scientific Officer of Evotec, commented: "We are very pleased that our jointly developed antibody, BAY 3401016, for the treatment of Alport syndrome has advanced into Phase 2 of clinical development. Alport syndrome primarily damages the kidney, often starting at childhood and worsening through life. This debilitating disease significantly impacts patient's quality of life through both the symptoms and disease management, especially in later stages of kidney disease. New therapeutic options that enable better quality of life are urgently needed for individuals and families affected by this disease. The initiation of this study represents an important and hopeful step forward. We congratulate Bayer on the Phase 2 launch and are proud to support the advancement of this program."

About Semaphorin-3A
Semaphorin-3A ("Sema3A") is an extracellular guidance protein and a well-known regulator of the actin cytoskeleton. Alterations of the actin cytoskeleton, particularly of podocytes, are a key pathophysiological feature of Alport syndrome, a rare genetic kidney disease with progressive loss of filtration capacity, leading to end stage renal disease, progressive hearing loss and variable vision impairment. Sema3A is upregulated in injured human kidneys and implicated in the development and progression of acute and chronic kidney diseases. The monoclonal antibody ("mAb") developed by Bayer in partnership with Evotec blocks Sema3A activity and is currently investigated as a potential treatment of Alport syndrome, aiming to delay disease progression and onset of end-stage renal disease.

About Alport Syndrome
Alport syndrome is a genetic condition characterized by kidney disease, hearing loss, and eye abnormalities. Most affected individuals experience progressive loss of kidney function, which may lead to end-stage kidney disease. People with Alport syndrome also frequently develop sensorineural hearing loss in late childhood or early adolescence. The eye abnormalities characteristic of this condition seldom lead to vision loss. In 80% of cases, Alport syndrome is inherited in an X-linked manner and is caused by genetic changes in the COL4A5 gene. In the remaining cases, it may be inherited in either an autosomal recessive, or rarely in an autosomal dominant manner. In these cases, the condition is caused by genetic changes in the COL4A3 or COL4A4 genes. Diagnosis of the condition is based on family history of the condition, clinical signs, and specific testing such as a kidney biopsy. The diagnosis can be confirmed by genetic testing.

About Evotec SE
Evotec is a life science company that is pioneering the future of drug discovery and development. By integrating breakthrough science with AI-driven innovation and advanced technologies, we accelerate the journey from concept to cure - faster, smarter, and with greater precision.

Our expertise spans small molecules, biologics, cell therapies and associated modalities, supported by proprietary platforms such as Molecular Patient Databases, PanOmics and iPSC-based disease modeling.

With flexible partnering models tailored to our customers' needs, we work with all Top 20 Pharma companies, over 800 biotechs, academic institutions, and healthcare stakeholders. Our offerings range from standalone services to fully integrated R&D programs and long-term strategic partnerships, combining scientific excellence with operational agility.

Through Just - Evotec Biologics, we redefine biologics development and manufacturing to improve accessibility and affordability.

With a strong portfolio of over 100 proprietary R&D assets, most of them being co-owned, we focus on key therapeutic areas including oncology, cardiovascular and metabolic diseases, neurology, and immunology.

Evotec's global team of more than 4,800 experts operates from sites in Europe and the U.S., offering complementary technologies and services as synergistic centers of excellence. Learn more at www.evotec.com and follow us on LinkedIn and X/Twitter @Evotec.

Forward-looking statements
This announcement contains forward-looking statements concerning future events, including the proposed offering and listing of Evotec's securities. Words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "should," "target," "would" and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding Evotec's expectations for revenues, Group EBITDA and unpartnered R&D expenses. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Evotec at the time these statements were made. No assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Evotec. Evotec expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Evotec's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information, please contact:

Media
Susanne Kreuter
VP Head of Strategic Marketing
[email protected]

Investor Relations
Volker Braun
EVP Head of Global Investor Relations & ESG
[email protected]

SOURCE: Evotec SE

Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) has told investors it is entering a “new chapter”, promising tighter discipline, stronger productivity and a simpler structure as it seeks to deliver what it calls industry-leading returns.

At its Capital Markets Day, the miner said it would streamline itself around three core businesses (iron ore, copper and aluminium and lithium) with a focus on safety, reliability and “best in class” knowledge of its ore bodies.

The idea is to make the group easier to run and better able to turn investment into production growth.

Simon Trott, chief executive, said: “We are building from a position of strength for Rio Tinto’s next chapter, sharpening and simplifying the business to deliver leading returns.”

He said Rio was already seeing “strong early productivity benefits and cost savings with more to come”, adding that freeing up cash from its existing assets “will strengthen the balance sheet and maintain returns”.

A key plank of the updated strategy is what the company calls operational excellence: putting more decision-making in the hands of individual sites, cutting layers of management and dropping non-core projects.

Rio said the changes had already delivered annualised productivity benefits of $650 million in the first three months, with “significantly more targeted”.

The group also flagged a more selective approach to capital spending. It expects mid-term capital expenditure, from 2028 onwards, to fall to less than $10 billion a year as major projects such as the Oyu Tolgoi copper mine in Mongolia, the Simandou iron ore development in Guinea and the Rincon lithium project in Argentina move through construction and ramp-up.

Capital discipline, in this context, means committing funds only where returns justify it and keeping debt levels manageable.

Rio added that it could release between $5 billion and $10 billion of value from its existing asset base through options such as partnerships, partial ownership changes or other commercial arrangements where third-party funding is cheaper than redeploying its own capital. Strategic reviews of its Iron and Titanium, and Borates units are already underway.

On production, the miner expects 7% growth in 2025, underpinned by increases from its copper, iron ore and lithium developments. It sees compound annual production growth of 3% through to 2030.

It also upgraded its copper guidance for next year to 860,000-875,000 tonnes (from 780,000-850,000 tonnes), cut its expected copper unit costs, and said bauxite output would exceed previous guidance. Aluminium production is expected to land at the top end of its 3.25-3.45 million tonne range. Iron Ore Company of Canada output has been trimmed.

Looking further out, Rio said earnings before interest, tax, depreciation and amortisation (a common measure of operating profit) could be 40-50 % higher by 2030 based on long-run consensus commodity prices.

It expects copper-equivalent production to grow by about 20% over that period as new projects ramp up and existing operations become more efficient. The group also highlighted increasing diversification, with aluminium and copper becoming more meaningful contributors to earnings alongside iron ore.

On decarbonisation, Rio set out a revised capital estimate of $1-2 billion to 2030 for delivering a 50% reduction in emissions. This is much lower than earlier projections, which the company said reflected the use of third-party investment in renewable energy and a focus on technologies that are still maturing.

The group said it remains committed to its policy of returning 40-60% of earnings to shareholders, backed by what it called a “strong balance sheet” and a conservative net debt position.

Trott said the aim was to become “the most valued metals and mining company — for shareholders, the people who work with us, our partners and the communities around us”.

Powered by agentic AI, new features help regulatory teams improve accuracy and enable faster, more confident decisions across the product lifecycle

, /PRNewswire/ -- Clarivate Plc (NYSE:CLVT), a leading global provider of transformative intelligence, has launched its Cortellis Regulatory Intelligence AI Assistant. Powered by agentic AI, the assistant introduces new capabilities that redefine how life sciences professionals access and apply regulatory information. Following a successful beta release earlier this year, the assistant is now available to all Cortellis Regulatory Intelligence customers. The latest release enhances usability, personalizes the user experience, and strengthens decision support, reflecting the company's commitment to applying artificial intelligence to real-world regulatory challenges.

As regulatory environments continue to shift, the Cortellis Regulatory Intelligence AI Assistant helps professionals interpret complex requirements and turn them into clear, actionable insight. Built on Clarivate's proven AI platform, which powers solutions like Web of Science and serves hundreds of organizations globally, it combines advanced technology with over 30 years of regulatory expertise trusted by top pharmaceutical companies and international agencies.

Developed in close collaboration with customers, the AI-enabled assistant integrates direct feedback and insights to ensure it meets the evolving needs of regulatory professionals. The Cortellis Regulatory Assistant allows users to:

Get precise, cited answers instantly: ask regulatory questions naturally and receive AI-powered, context-aware responses that build on previous conversations.
Work in your preferred language: multilingual capabilities provide a seamless, tailored experience.
Summarize documents in seconds: quickly generate clear, customized summaries, from concise takeaways to in-depth insights.
Spot key differences instantly: compare draft and final guidance in seconds, saving hours of manual review and accelerating decision making.

Anne Lecocq, SVP and GM, R&D, Life Sciences & Healthcare, Clarivate, said: "In today's fast-moving life sciences environment, regulatory intelligence needs to be accurate and actionable from early-stage product development. The Cortellis Regulatory Assistant leverages AI to transform the way regulatory intelligence is accessed and applied, cutting through complexity, delivering insights quickly, and highlighting what matters most. By combining AI with deep domain expertise, we are helping teams make faster, more confident decisions that ultimately accelerate development and improve patient outcomes."

Wendy Lara, Sr Manager FDA Business Excellence, Bayer, said: "The AI Regulatory Assistant has made it significantly faster for us to find the right documents without the need for complex/advanced filtering. It understands specific requirements and provides valuable foundational guidance, allowing our subject matter experts to focus their time on in-depth document review rather than document searches. The project team is truly committed to enhancing the user experience and embracing AI to stay ahead of the game, continually improving the tool based on active user feedback in a very short period of time. This is just the first step in what I'm sure will become an even more powerful tool as the scope expands across Clarivate's Cortellis modules. With Clarivate's strong foundation in regulatory intelligence and documentation, the AI Assistant will help us to truly leverage that knowledge base."

Learn more about the Cortellis Regulatory Intelligence AI-powered Assistant.

About Clarivate
Clarivate is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit clarivate.com 

Media Contact:
Catherine Daniel
Director, External Communications, Life Sciences & Healthcare, Clarivate
[email protected]

SOURCE Clarivate Plc

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The BONK team announced major changes in fee structure and revenue. This was done in a bid to boost BNKK’s DAT purchases as it looks to expand holdings.

New Fee Model to Boost BONK DAT Buys
In a post recently made on X, Bonk.fun announced it had implemented a shift in how its fees are allocated. This would redirect a larger share to token accumulation under the DAT managed by Bonk Holdings Inc. (BNKK).

Starting today, 51% of the BONKfun fees will be used for the BNKK DAT buying of BONK.

The 51% of fee distribution will come from the prior 35% of Buy/Burn, 4% SBR and 2% from BONKrewards categories and add to the existing 10% currently being used for the BNKK DAT.

With these… pic.twitter.com/pz8e7008vg

— BONK.fun (@bonkfun) December 4, 2025

Starting today, 51% of all the fees collected from Bonk.fun will be used to fund BNKK’s DAT purchases. This significantly increases the previous 10%.

To this end, the platform is reallocating its former 35% buy-and-burn allocation, in addition to portions from SBR and BONK Rewards. Community-focused budgets will not be touched.  Even as sources of the fees have changed, the platform insisted that overall buy pressure on the meme coin remains the same.

This restructuring follows the purchase by BNKK in October. The firm completed its acquisition $32 million worth of the token to establish its DAT officially. The firm also outlined intentions to double its holdings in the coming months.

The company boosted its position yesterday with the acquisition of a majority revenue interest in the platform. It was valued at about $30 million. 

BNKK board director Mitchell Rudy also explained the move as one aimed at enhancing the company’s capability of accumulating and holding BONK.

“By organizing a majority 51% revenue interest, we are supercharging the Company’s ability to solidify a dominant position in BONK supply.We are building a fortress balance sheet that locks in long-term value” he said.

Importantly, Bonk.fun has generated almost $30 million in revenue in July 2025 alone. This proves its capability for robust liquidity in favorable market cycles.

Bonk.inu Enters European Markets After Listing of First ETP
Last week, Bitcoin Capital AG launched the first-ever BONK ETP on Switzerland’s SIX Exchange. With the listing, retail and institutional investors alike can easily get into the token without the need for a digital wallet.

Bitcoin Capital CEO Marcel Niederberger highlighted how easy the new product is to use.

“With the Bonk ETP now listed on SIX Swiss Exchange, it has never been easier to invest in Bonk. Investors do not need crypto expertise; they can trade it like any other stock,” he said.

The ETP is also fully-backed meaning tokens held in reserve back it on a physical level for every share issued. However, the token’s price has yet to make any major move. It has basically stayed put to its level at the time of the ETP’s debut.

Source: TradingView; Bonk Price Daily Chart

Ether, the native coin of the Ethereum blockchain, is the best performer among the top 10 cryptocurrencies by market cap.

It is up 4.5% in the last 24 hours and is now trading above $3,200.

The positive performance comes following the activation of the Fusaka upgrade, the second major upgrade by the network in 2025.

The upgrade will usher in PeerDAS and a host of other features.

Ethereum activates the Fusaka upgrade
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Ether is currently trading above $3,200, outperforming the broader cryptocurrency market, thanks to the activation of the Fusaka upgrade.

The upgrade was activated at 21:49 UTC on Wednesday and finalised roughly after 15 minutes. 

According to the technical document, Fusaka is set to help Ethereum handle the increasingly large transaction batches coming from the layer-2 networks that settle on top of it.

This upgrade bundles two hard forks on Ethereum happening at the same time: one on the consensus layer and one on the execution layer. 

PeerDAS is the primary feature of this upgrade. It is a system that lets validators check small slices of data rather than entire “blobs.”

PeerDAS is designed to reduce both costs and computational load for validators and layer-2 networks.

Ethereum developers are optimistic that Fusaka will lower the barrier to entry for smaller or newer validator operators by reducing the resources required to run just a few validators. 

While PeerDAS is the primary feature, the upgrade also contains 12 other Ethereum Improvement Proposals (EIPs). They are;

EIP-7642: Removes old fields from Ethereum’s networking messages to simplify and clean up the protocol.
EIP-7823: Sets a maximum limit on how big certain math operations can be.
EIP-7825: Sets an upper cap on how big a single transaction can be.
EIP-7883: Makes a specific type of math operation more expensive in gas to ensure heavy calculations don’t unfairly strain the network.
EIP-7892: Allows future upgrades to change only blob-related settings without affecting the entire protocol.  
EIP-7910: Adds a new API method that lets software easily check what configuration or rules a node is using.
EIP-7917: Ensures transparency and reliability in the process of predicting who will propose the next blocks. 
EIP-7918: Makes sure blob data fees stay aligned with the actual cost of processing them.
EIP-7934: Adds a strict size limit to certain block data.
EIP-7935: Raises the default block gas limit to 60 million.
EIP-7939: Includes a simple new instruction for smart contracts that lets them improve efficiency for some calculations.
EIP-7951: Adds built-in support for a widely used cryptographic signature type.ETH could rally to $3,500 if the bullish trend persists
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The ETH/USD 4-hour chart is bullish and efficient as Ether has performed excellently over the past few days.

The technical indicators are also bullish, suggesting that the coin could rally higher in the near term.

The MACD lines flashed into the bullish region on Tuesday, indicating that the buyers are now in control.

The RSI of 59 is above the neutral 50, adding more bullish confluence for Ether.

If the rally continues, ETH could push above the $3,251 resistance and hit the next major level at $3,500 over the next few hours or days. 

However, if the market undergoes a correction, ETH could lose steam and test the resistance-turned-support level at $2,982.

Macro Context: Liquidity Wave Hits the Market🇺🇸 The U.S. Treasury just bought back $12.5 BILLION of its own debt — the largest buyback ever recorded.

Why this matters:

Debt buybacks = liquidity supportLiquidity support = risk assets pumpRisk assets pump = crypto ralliesThis fresh injection of liquidity follows:

Expectations of QE returningMarket pricing in rate cutsA flood of money supporting the bond marketGlobal central banks, including Japan, introducing competing stimulus plansEven the only risk factor — a potential Bank of Japan rate hike — is softened by Japan’s $185B stimulus package announced simultaneously.

All of this sets a bullish tone for Q1–Q2 2026, and crypto is already reacting.

Ethereum Price Analysis: Strong Reversal from Support$Ethereum bounced cleanly from the key support zone around $2,730, forming a strong V-shaped recovery.

ETH/USD 1-hour chart - TradingView

Key Observations From the Chart:1. ETH broke back above the $3,200 resistance$ETH is now consolidating right on this level — a strong sign that buyers are defending the breakout rather than taking profits.

2. Momentum is cooling, but still bullishThe Stoch RSI shows a pullback from overbought conditions, which usually happens after a powerful leg up. This isn’t bearish — it often precedes the next wave.

3. Structure remains strongly bullishHigher lowsHigher highsClean reclaim of major EMAsStrong correlation with BTC upward momentumThe $3,200 level is now the line to watch.

ETH Price Prediction: What Comes Next?Upside Targets (Bullish Scenario)With liquidity expanding and BTC holding above $90K:

1. $3,350 – Minor resistance: A retest of this zone is likely if BTC stays stable.

2. $3,500 – Major target: This is the next significant resistance level on the chart — marked previously as a local top. A break above $3,500 opens the door to:

3. $3,800 – Extension target: This would require strong BTC momentum and sustained liquidity inflows.

Downside Targets (If Market Pulls Back)Should ETH lose the $3,200 area:

1. $3,050 – Local support: Likely to be tested if momentum cools.

2. $2,900 – Strong support: The level where buyers previously stepped in aggressively.

3. $2,730 – Major support zone: This is ETH’s resilience line — losing it would weaken the trend.

At the moment, none of these downside levels are being threatened.

How Bitcoin’s Return Above $90,000 Boosted ETHEthereum tends to perform strongly after Bitcoin stabilizes from a correction. Over the past 48 hours:

Bitcoin reclaimed $90,000Market fear disappearedLiquidity injections from the U.S. Treasury boosted confidenceRisk assets across equities and crypto reboundedWith BTC regaining dominance and momentum, ETH traders rotated back into the market.

Historically:

BTC stability + macro liquidity = ETH acceleration

This is exactly what we’re seeing now.

Bitcoin surges to over $93,000 after extreme deleveraging clears overleveraged positions. Analysts say the leaner leverage base creates conditions for sustained recovery in 2025.

Newton Gitonga2 min read

4 December 2025, 07:49 AM

Bitcoin's trajectory appears to be shifting after a strong 8% surge on Wednesday brought fresh optimism to cryptocurrency markets. The digital asset briefly approached $94,000 during the rally before settling at $93,079 at the time of writing.

BTC price chart, Source: CoinMarketCap

Market analysts suggest the worst may be over. Bitfinex research indicates that extreme deleveraging and capitulation among short-term holders have created conditions favorable for stabilization. The selling pressure that characterized recent weeks shows signs of exhaustion.

The cryptocurrency market underwent significant cleansing on October 10 when approximately $19 billion in overleveraged positions were liquidated. This event triggered a sustained downturn that pushed Bitcoin to $82,000 by November 21. The market has since recovered over 11% from that local bottom.

Reduced Leverage Creates StabilityThe current market structure differs substantially from previous periods of volatility. Bitcoin now operates on what analysts describe as a leaner leverage base. This reduction in borrowed capital diminishes the risk of cascading liquidations that have historically caused sharp price drops.

Bitfinex analysts emphasize that remaining leverage appears well-contained. The market's systemic fragility has decreased, improving prospects for a sustained consolidation phase. Investors who survived the recent shakeout tend to hold stronger positions with less debt exposure.

The October liquidation event effectively cleared weak hands from the market. Long positions built on excessive leverage were forced to close, leaving behind a more resilient base of holders. This process, while painful, typically precedes more stable price action.

Traditional Cycle Patterns Face QuestionsThe late-year price correction has prompted debate about Bitcoin's four-year cycle theory. This framework historically aligned Bitcoin's peak prices with halving events and subsequent years. Many observers expected the October all-time high of $125,100 to mark the peak of the current cycle.

However, market behavior suggests that traditional patterns may no longer be applicable. Bitcoin analyst PlanC stated the current cycle differs fundamentally from previous ones. The analyst has maintained this position for over a year, urging followers to recognize evolving market dynamics.

December's performance will be crucial in determining whether seasonal trends remain relevant. Historical data show modest gains of 4.69% in December since 2013. Yet November defied expectations by declining 17.67% despite being statistically Bitcoin's strongest month, with average returns exceeding 41%.

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Newton Gitonga

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

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