Track market-moving stories before they get noisy

@circle has launched cirBTC, a wrapped bitcoin token built for institutional collateral desks, bringing its reserve and custody infrastructure to bear on a market long dominated by BitGo's WBTC and Coinbase's cbBTC.

Bank-grade custody and real-time reserve verification Each cirBTC token is backed 1:1 by native $BTC. Custody sits with Circle National Trust, a federally chartered trust bank that operates under direct supervision of the U.S. Office of the Comptroller of the Currency. Circle National Trust operates as a qualified custodian under OCC supervision and provides regulated fiduciary custody services to Circle affiliates and their institutional clients.

Rather than relying on periodic monthly attestations, reserves are verified onchain in real time through @chainlink Proof of Reserve, giving counterparties continuous visibility into the collateral backing each token. Circle describes the product's standard as covering 1:1 backing, segregated custody, ongoing onchain reserve visibility, and strategic neutrality.

Circle Internet Group received approval from the OCC to establish a national trust bank. The new entity, formally named First National Digital Currency Bank, will operate as Circle National Trust and is supervised directly by the OCC, the federal regulator responsible for national banks and national trust banks.

Target market and competitive positioning cirBTC is now live on Ethereum, bringing wrapped bitcoin collateral into one of the deepest onchain financial markets. For institutions that operate across lending protocols, OTC workflows, market making, treasury operations, and settlement, this marks a practical expansion of bitcoin utility. Arc support is set to follow.

@circle is pitching the token at lending protocols, OTC desks and market makers that want $BTC collateral alongside $USDC as the borrow asset from the same issuer. A treasury that already settles in USDC through Circle Mint can now hold BTC exposure through the same operational pipeline, the same legal entity, and the same compliance team. That unified workflow removes a vendor-management problem that has long complicated institutional crypto operations.

The product also sidesteps a structural conflict that affects some competing products. Circle does not operate a competing centralized exchange, decentralized exchange, or lending protocol, which gives institutions a clear rationale for using cirBTC across their own venues, clients, liquidity relationships, and risk policies.

cirBTC enters a market currently led by BitGo's WBTC and Coinbase's cbBTC. Coinbase's cbBTC, launched in September 2024, carries a market capitalization of around $5.9 billion, while BitGo's WBTC remains the dominant product at roughly $8 billion. Circle is betting that regulatory credibility and issuer neutrality can carve out a meaningful share of that market.

Sources:
Circle: cirBTC Is Live on Ethereum
CoinTelegraph: Circle to Launch cirBTC Wrapped Bitcoin for Institutions
Bitcoin.com News: Circle Wins OCC Approval for National Trust Bank

TLDR: Hyperliquid generated over $800M in annual revenue, with about 99% of certain fees used to buy HYPE. Uniswap’s UNIfication activated protocol fees and included a one-time treasury burn of 100M UNI tokens. Aave spent about $42M buying over 205,000 AAVE in 10 months, equal to roughly 1.28% of total supply. Aave’s January 2026 revenue fell to $7.95M from $13.5M, prompting a proposal to cut annual buybacks to $30M. Crypto markets are increasingly being judged by a metric familiar to traditional businesses: how much revenue they generate and return to asset holders. Bitwise CIO Matt Hougan said in an Aug. 12 memo that this shift is weakening a long-running criticism of digital assets.

Historically, many networks could attract users, generate fees, and process billions in activity without creating direct economic benefits for native token holders. That model is changing as major protocols adopt buybacks, burns, and other mechanisms linking platform revenue with token economics.

Hougan’s argument does not equate crypto tokens with stocks. Instead, it highlights a clearer connection between protocol activity and token demand.

Hyperliquid and Uniswap Turn Protocol Fees Into Token Demand Hyperliquid provides the clearest example of the revenue model highlighted by Matt Hougan. Bitwise said the decentralized trading network generated more than $800 million in revenue last year.

The protocol directs roughly 99% of certain fee revenue toward purchasing HYPE, creating recurring token demand from trading activity. DefiLlama currently estimates Hyperliquid’s trailing-year revenue rate near $750 million, while monthly perpetual-futures volume recently reached about $190 billion.

The mechanism creates a measurable relationship between usage, fees, and token purchases. Instead of growth remaining separate from token economics, platform activity directly funds demand for HYPE through market purchases.

Uniswap has also strengthened that connection through its “UNIfication” overhaul. The governance proposal activated protocol fees and created a structure allowing collected fees to fund UNI burns.

It also included a one-time 100 million UNI treasury burn. That adjustment was significant as Uniswap had processed roughly $4 trillion in cumulative volume before the proposal was introduced. Previously, that activity did not produce a comparable direct value-accrual mechanism for UNI holders.

Aave Shows Why Revenue Alone Cannot Guarantee Token Value Meanwhile, Aave demonstrates the appeal and limits of revenue-based token analysis. The Aave DAO launched its buyback program in April 2025 and spent about $42 million purchasing more than 205,000 AAVE.

Those purchases represented approximately 1.28% of total token supply during the program’s first 10 months. However, a later proposal sought to reduce the annual buyback budget from $50 million to $30 million.

The proposal followed a drop in January 2026 revenue to $7.95 million from $13.5 million one year earlier. Aave then paused buybacks on April 19 after the rsETH incident to preserve treasury flexibility.

That decision showed why investors cannot treat protocol revenue as guaranteed token-holder cash flow. Governance decisions, security events, operating expenses, and treasury needs affect how much economic value reaches holders.

Regulatory conditions are also changing alongside these token models. SEC Chairman Paul Atkins, who took office in April 2025, has prioritized clearer rules covering crypto issuance, custody, and trading.

Still, revenue-generating tokens do not automatically give holders the legal rights associated with company shares. The shift is therefore centered on measurable value transfer rather than fees alone.

As Bitwise CIO Matt Hougan argues, revenue becomes more meaningful when token holders can clearly capture part of the economic activity a network creates.

Bitwise Chief Investment Officer Matt Hougan argued on Aug. 12 that crypto valuations outside Bitcoin could rise sharply as more protocols connect revenue generated by network activity to their native tokens.

Summary

Bitwise CIO Matt Hougan says stronger revenue capture could help crypto valuations double or more. Hyperliquid routes roughly 99% of fee revenue toward HYPE purchases through its Assistance Fund mechanism. Uniswap governance has funded about 7.5 million UNI burns through protocol fees since December 2025. Aave’s first ten months of buybacks acquired over 205,000 AAVE using $42 million in allocations. SEC commissioners will consider tailored crypto offering rules at an open meeting scheduled for Friday. In a memo, Hougan pointed to Hyperliquid, Uniswap, Aave, Pump.fun and Lighter as examples of projects using fees or other protocol revenue to finance token purchases or burns. He expects more DeFi applications and layer 1 networks to adopt similar structures over the next 12 to 24 months.

His strongest forecast was explicitly conditional. Hougan wrote that “we could see valuations double or more” if his view that the link between protocol revenue and token value continues strengthening proves correct. Bitwise also states that the memo represents an assessment at a particular time and is neither a guarantee of future results nor investment advice.

Crypto valuations increasingly face a revenue test Hougan’s argument rests on a change in how some tokens capture economic activity. Historically, many governance tokens gave holders voting powers without directly tying protocol fees to token demand. Buyback and burn systems attempt to create that connection by using revenue to acquire tokens from the market and then removing them from supply or holding them in protocol controlled mechanisms.

Hyperliquid provides one of the clearest current examples. Its official documentation says trading fees flow to the Assistance Fund, which converts them into HYPE, with acquired HYPE burned and removed from circulating and total supply. Hougan estimates that roughly 99% of fee revenue has been directed toward the mechanism.

The model has already become a major part of HYPE’s investment narrative. As previously reported, Hyperliquid routed more than $1.16 billion in trading fees into HYPE purchases, creating recurring token demand linked to exchange activity. That demand still depends on trading volumes and fee generation, meaning weaker activity would reduce the amount available for future purchases.

Hougan compared the structure with stock buybacks, but the comparison has limits. A crypto token does not automatically carry the legal rights attached to corporate equity. Token holders generally lack a shareholder’s contractual claim on profits, assets or distributions, and governance can change token economics. Hougan acknowledged those differences in his own analysis.

Uniswap and Aave show two different revenue models Uniswap has moved further toward an automated burn structure since governance approved UNIfication in December 2025. The measure burned 100 million UNI from the treasury and activated protocol fees for v2 and v3 pools. By July, Uniswap governance reported that protocol fees had financed about 7.5 million additional UNI in burns, worth roughly $25.6 million at the figures used in its proposal.

The system has continued expanding. An onchain vote to activate v4 protocol fees on Ethereum, Arbitrum, Base, BNB Chain, Polygon, Optimism and Robinhood Chain was executed on July 27 with 46.6 million UNI voting in favor. In related coverage, Uniswap expanded its revenue-linked UNI burn mechanism as governance pushed protocol fees into more versions and networks.

Aave uses a different structure. DAO funding records show its buyback program acquired more than 205,000 AAVE during its first 10 months after launching in April 2025. About $42 million had been allocated to those purchases, representing more than 1.28% of AAVE’s 16 million total supply.

Aave’s broader revenue framework is also evolving. Its Aave Will Win proposal directs 100% of revenue from Aave branded products to the DAO treasury, after specified partner revenue sharing and user incentives. The framework also states that the DAO receives protocol fees. That does not mean every dollar reaching the DAO is automatically and immediately used to purchase AAVE.

Kulechov said in June that “100% of Aave Protocol and GHO revenue goes to the $AAVE token,” while also saying the team was designing an automated and nondiscretionary Aavenomics 3.0 buyback system. The distinction matters because the new automated mechanism was described as work in progress rather than an already completed deployment. Earlier crypto.news coverage showed Aave governance considering larger recurring AAVE buybacks.

Pump.fun and Solana push revenue capture beyond DeFi Pump.fun has made its fee model unusually explicit. Its official token page lists 50% of protocol revenue as allocated to buybacks. The platform previously moved from a model that committed all revenue to purchases to a structure that directs half of net revenue toward automated PUMP buybacks and burns.

The mechanism is producing measurable activity. As crypto.news reported this week, Pump.fun generated $10.03 million in weekly protocol fees while burning $5.02 million of PUMP during Aug. 3 through Aug. 9. The platform said 2.15 billion PUMP were purchased and burned during that period.

The same debate is moving to base layer economics. Hougan cited Solana’s SGP 0003 process, which combines proposals designed to increase fee burns and reduce token issuance more quickly. One component, SIMD 0553, would replace Solana’s flat signature fee with an inclusion fee plus a resource based charge that is burned. 

Modeling from proposal author Temporal estimates that full implementation could raise daily burns from roughly 648 SOL to between 7,500 and 9,000 SOL at comparable network activity.

The proposal has moved beyond an initial concept. Validator signaling cleared the required threshold on Aug. 5, and the formal governance process is now underway. The proposal still requires validator approval, so the projected increase in SOL burns should not be treated as an implemented change.

U.S. regulation may decide how far revenue models spread Hougan attributes part of the shift toward token revenue mechanisms to a more permissive U.S. regulatory environment. His argument references the Ripple litigation and the change in SEC leadership, but the legal history requires more precision than simply saying XRP was ruled not to be a security. The district court found Ripple’s institutional sales violated securities laws while certain other sales did not constitute investment contracts. The SEC and Ripple dismissed their appeals in August 2025, leaving the final judgment in place.

The regulatory framework has since changed further. In March 2026, the SEC adopted an interpretation that created categories for crypto assets and addressed when a nonsecurity crypto asset may nevertheless be involved in an investment contract. Chairman Paul Atkins described the framework as an effort to provide clearer boundaries under existing federal securities laws.

That does not amount to a blanket legal approval for token buybacks, burns or revenue distributions. The securities analysis can still depend on how a token is offered, what rights or promises accompany it and the relationship between buyers and a project team. Hougan’s claim that regulatory change will accelerate revenue capture is therefore an investment thesis rather than an established legal outcome.

The next U.S. development arrives quickly. The SEC is scheduled to hold an open meeting at 10 a.m. ET on Aug. 14 to consider whether to propose tailored offering rules for certain investment contracts involving crypto assets. The agenda does not say those rules will specifically authorize token revenue sharing. Any proposal would also precede further rulemaking steps before becoming final.

That regulatory process will matter to Hougan’s broader thesis. As crypto.news previously reported, Hougan expects U.S. crypto growth to continue despite delays to the CLARITY Act, partly because he believes agency rulemaking can provide another route toward clearer operating conditions. Whether those rules make revenue capture easier, and whether investors assign higher valuations as a result, remains unproven.

HomeDividends AnalysisREITs AnalysisReal Estate Analysis

SummaryHighwoods Properties is now rated HOLD with a $21/share price target, reflecting deteriorated fundamentals and valuation concerns.HIW faces elevated leverage, declining occupancy, and refinancing at higher rates, with dividend coverage now exceeding 100% of AFFO.Despite some improvement in occupancy and leasing, HIW's credit rating is BBB-, one notch above junk, and refinancing risk remains high.I require a substantial discount to re-enter HIW, as the current risk/reward is unattractive and a dividend cut appears likely if trends persist.Looking for more investing ideas like this one? Get them exclusively at Wolf of Value. Learn More » Sandwish/iStock via Getty Images

In this article, I'll be updating you on what used to be one of my favorite office REITs, Highwoods Properties (HIW). I was long the company a few years back and rotated my position

35.4K Followers

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.

While this article may sound like financial advice, please observe that the author is not a CFA or in any way licensed to give financial advice. It may be structured as such, but it is not financial advice. Investors are required and expected to do their own due diligence and research prior to any investment. Short-term trading, options trading/investment, and futures trading are potentially extremely risky investment styles. They generally are not appropriate for someone with limited capital, limited investment experience, or a lack of understanding for the necessary risk tolerance involved. I own the European/Scandinavian tickers (not the ADRs) of all European/Scandinavian companies listed in my articles. I own the Canadian tickers of all Canadian stocks I write about. Please note that investing in European/Non-US stocks comes with withholding tax risks specific to the company's domicile, as well as your personal situation. Investors should always consult a tax professional as to the overall impact of dividend withholding taxes and ways to mitigate these.

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.

The silhouette of Elon Musk and Starlink logo are seen in this illustration taken June 11, 2026. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

HANOI, Aug 13 (Reuters) - Starlink, the satellite internet service operated by Elon Musk's SpaceX, has ​begun accepting orders in Vietnam, according to the ‌company's local website.

Households are now able to place deposits through its website at starlink.com.vn for a residential service ​plan starting at 1.13 million dong ($43) ​per month, plus hardware costs of 8.66 ⁠million dong.

Make sense of global markets with the Trading Day newsletter. Sign up here.

The minimum monthly subscription for ​corporate clients is 1.48 million dong.

Vietnam becomes the sixth ​Southeast Asian market where Starlink services are available, joining Indonesia, Malaysia, the Philippines, Singapore and East Timor, according ​to Starlink's coverage map.

Vietnam's government announced ​in March 2025 that it would allow SpaceX to ‌launch ⁠Starlink on a trial basis, waiving foreign ownership limits for the service.

Authorities have capped the number of subscribers at 600,000 during ​the trial ​period, which ⁠runs through the end of 2030.

The service is operated by ​SpaceX's local unit, Starlink Services Vietnam, ​which ⁠was established in September 2025 with charter capital of 30 billion dong ($1.1 million).

Vietnam has ⁠authorised ​four Starlink ground gateway ​stations, according to the government.

Reporting by Khanh Vu; Additional reporting ​by Phuong Nguyen; Editing by David Stanway

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Robinhood Chain, the Ethereum Layer 2 built by the trading platform using Arbitrum technology, has shown strong recent throughput. Over the most recent full week of available data, the network processed an average of approximately 11.6 million transactions each day.

This level set a new high for the chain and represented a roughly 30 percent increase from the prior week’s daily average.

Total value locked on the network also advanced, reaching about $473 million.

That marked a 32 percent week-over-week rise, reflecting continued capital movement onto the chain.

User metrics moved more modestly. Average daily active accounts increased only 3.3 percent from the previous week and remained roughly 11 percent below the high point recorded on July 16.

A short-lived rise in activity occurred after the Cashcat memecoin appeared for spot trading inside the Robinhood application, yet this did not meaningfully lift the weekly average for active accounts.

The pattern points to greater intensity of use among an established group of participants rather than a broad influx of new ones.

Existing accounts appear to be generating more transactions per user, which has lifted overall volume even as the size of the active base has stayed relatively stable.

A notable contributor to the TVL expansion has been the growing presence of Ethena’s USDe.

Holdings of the synthetic dollar on Robinhood Chain have climbed to around $253 million, equivalent to roughly 43 percent of the network’s overall stablecoin supply.

One month earlier the figure stood near $17 million, when Robinhood’s own USDG held the larger share.

The shift toward a yield-oriented synthetic stablecoin tends to encourage capital to settle into deposits and related positions instead of circulating primarily through high-frequency trading.

This helps explain why locked value has continued to climb alongside a flatter trajectory for unique active accounts.

Since its public mainnet launch in early July, Robinhood Chain has drawn attention for rapid early growth in both activity and deposits.

While speculative trading has played a visible role, the latest weekly figures highlight how changes in stablecoin composition can shape network metrics.

Transaction counts have reached new peaks through higher usage frequency among current participants, and the expansion of USDe has provided clear support for total value locked.

These developments leave open questions about the breadth of future participation.

Sustained growth in unique active users would indicate broader adoption beyond the current cohort, while continued reliance on yield-seeking deposits could keep TVL elevated even if trading intensity varies. For now, the combination of record-level average daily transactions and USDe-driven capital inflows stands as the clearest recent signal of activity on the network.Primary data and analysis source:

John T. Reilly, President and Chief Executive Officer of Six Flags Entertainment Corporation (FUN +3.33%), purchased 15,713 shares of common stock at $15.80 per share on August 12, 2026 per a recent SEC Form 4 filing.

Transaction summaryMetricValueTransaction value~$248,265Shares purchased15,713Post-transaction shares (directly held)297,736Post-transaction value$4.89 millionTransaction value based on SEC Form 4 weighted average purchase price ($15.80); post-transaction value based on August 12, 2026 market close ($16.44).

Key questionsWhat was the primary driver of this equity acquisition?
The purchase was executed under a Rule 10b5-1 trading plan that John Reilly established on May 12, 2026, indicating the trade was scheduled in advance to meet personal portfolio management objectives.How does this transaction affect the CEO’s total equity stake?
By acquiring 15,713 shares, Reilly increased his direct holdings by 6%, bringing his total direct position to 297,736 shares of common stock.What is the current market valuation and concentration of the insider position?
The CEO’s direct holdings are valued at $4.89 million based on the August 12, 2026 market close, representing approximately 0.29% of the company's total market capitalization.What is the recent performance context for the stock?
The transaction was completed at a time when shares were priced at $15.80, following a one-year return of -36% as of the August 12, 2026 transaction date.Company OverviewMetricValueShare Price (as of market close 2026-08-11)$15.91Market Capitalization$1.6 billionRevenue (TTM)$2.7 billionNet Income (TTM)-$1.8 billionCompany SnapshotSix Flags Entertainment operates a diversified portfolio of amusement parks, water parks, and themed leisure destinations across North America, generating revenue through admission fees, food and beverage sales, merchandise, and ancillary services.The company's business model centers on delivering experiential entertainment to families and leisure consumers through iconic branded attractions featuring roller coasters, shows, and seasonal events that drive repeat visitation and season pass subscriptions.Six Flags serves a broad consumer base including families, thrill-seekers, and tourists across 17 U.S. states plus Canada and Mexico, with particular strength in metropolitan markets where population density supports high-traffic destination properties.Six Flags Entertainment stands as a prominent operator of amusement and resort properties across North America, maintaining an extensive network of 17 domestic locations supplemented by international operations. The company leverages its established brand portfolio and operational scale to deliver memorable experiences while managing capital-intensive theme park infrastructure.

Despite current profitability challenges reflected in its net losses, the company's substantial revenue base of $2.7 billion over the trailing 12 months demonstrates the enduring appeal of experiential leisure consumption across its geographic footprint.

What this transaction means for investorsThe August 12 acquisition of Six Flags shares by CEO John Reilly indicates he has a bullish outlook towards the stock, so much so that he scheduled the transaction in advance through a Rule 10b5-1 trading plan. The purchase at $15.80 per share suggests this level presents a buy opportunity.

Six Flags stock fell after the company announced earnings for its fiscal second quarter ended June 28. Revenue dropped 7% year over year to $864.9 million due to the closure and sale of some of its amusement parks. Excluding these parks from the sales numbers results in a year-over-year increase to $864.5 million compared to $844.2 million in 2025.

While the comparable park sales growth is encouraging, the same can’t be said for the bottom line. Excluding the closed and sold parks, fiscal Q2’s net loss totaled $194.4 million compared to the prior year’s loss of $86.6 million. The widening net loss coupled with total debt of $5 billion was enough to drive shares down.

Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool recommends Six Flags Entertainment. The Motley Fool has a disclosure policy.

The Japanese yen continued its recent retreat, reaching its lowest level since July 31 as the recent US intervention backfired. The USD/JPY pair rose to 159.43, up by 2.72% from its lowest level this month. 

The USD/JPY pair crashed hard earlier this month, reaching its lowest level since May, after the Donald Trump administration made its biggest intervention in years. It did that by converting some of its euro holdings into the Japanese yen, a move that caught European officials offguard.

The Bank of Japan (BoJ) also intervened, pumping billions of dollars to yen buying. This happened after the pair jumped to 163.96, its highest level in decades. 

The Trymp administration intervened to prevent the BoJ from intensifying its US government bond sales, which would have driven yields higher. Already, the 30-year yield has remained above 5% for months.  And this week, the US government sold ten-year bonds at the highest yield in years. 

Historically, forex market interventions tend to have a short-term impact on the currency. A good example of this is how the Japanese yen jumped on April 30th after the BoJ intervened and then resumed its downward trend.

The main issue facing the Japanese yen is that the Bank of Japan maintains low interest rates compared to the Federal Reserve. It recently hiked rates to 1%, the highest level in decades. This rate, however, is much lower than the US, which has remained between 3.50% and 3.75% this year.

The implication of this is that the USD/JPY has become a carry top carry trade pair. A carry trade is a situation where investors borrow from a low interest country and invests in a high interest rate one. In this case, they are borrowing from Japan and investing in the US.

As such, analysts believe that the Japanese yen will only have a sustained uptrend against the US when the BoJ hikes interest rates further. The BoJ has hinted that it may hike rates further this year. A Polymarket poll shows that odds of a 25 basis point hike in September have jumped to 68%.

Separately, the USD/JPY pair reacted mildly to the latest US nonfarm payrolls and consumer inflation data. The jobs report showed that the US economy lost 23k jobs in July, while the unemployment rate dropped to 4.2%. Another report released on Wednesday showed that the US inflation softened a bit in July. These numbers mean that the Fed will maintain rates unchanged this year.

USDJPY chart | Source: TradingView

The daily chart shows that the USD to JPY pair has rebounded in the past two weeks as the impact of the intervention fades. It has now jumped to 159.46, and is attempting to cross the 25-day Exponential Moving Average (EMA). 

The Average Directional Index (ADX) has continued rising and moved to 37, the highest level in months, a sign that the uptrend is continuing. Therefore, the path of the least resistance for the pair is bullish, with the next key target to watch being 160. A move above that level will point to more upside.

The only caveat to remember is that the BoJ and the US have hinted at possible interventions, meaning that these gains can easily reverse.

Obsah:
00:41 AI cyklus jede dál
01:57 Návratnost investic
04:43 IPO Anthropic a OpenAI
06:02 Boj o kapitál
07:59 Compute jako nová třída aktiv
13:45 Univerzální Nvidia
21:29 Pozitivní AI obrázek

Výsledková sezóna nepřinesla jediný zásadní signál, který by zpochybňoval pokračování investičního cyklu kolem umělé inteligence. AI investiční příběh se tak po další výsledkové sezóně nejen nezhoršil, ale v některých ohledech vypadá ještě přesvědčivěji než před několika měsíci. Branislav Soták zůstává přesvědčený, že poptávka po výpočetním výkonu stále převyšuje nabídku a že současný cyklus investic do umělé inteligence má prostor pokračovat. „Za celou výsledkovou sezónu si momentálně nedokážu vybavit jediné vysloveně špatné číslo. Samozřejmě jsme místy viděli slabší reakce akcií na výsledky, ale jednotlivé indikace o stavu AI cyklu prakticky všechny ukazují, že bude pokračovat,“ říká Soták.

Kdo na AI skutečně vydělává?

Jednou z klíčových otázek současného cyklu zůstává monetizace. Podle Sotáka se paradoxně jako rizikovější část AI ekosystému profilují společnosti na jeho konci – takzvané frontier AI laboratoře, které vyvíjejí nejpokročilejší modely. Patří sem například OpenAI nebo Anthropic. Ekonomika samotných modelů je navíc pod tlakem konkurence. Open-source modely ze Západu i z Číny tlačí ceny dolů a část výpočetní zátěže se přesouvá k volně dostupným a méně výkonným modelům. To podle Sotáka znamená, že zisková marže se zatím ve větší míře přesouvá jinam. „Zatím ten profit podle všeho zůstává v hardwaru,“ říká.

Výsledková sezóna přesto přinesla pozitivní signály i ze softwarové části trhu. Soták jako výrazného vítěze zmiňuje Microsoft, přičemž velmi dobrá čísla představil také Palantir. Hodnota se tak podle něj začíná ukazovat i u firem, které vlastní infrastrukturu nebo vrstvu pod samotnými jazykovými modely.

IPO Anthropic ano, u OpenAI je Soták opatrnější

Pozornost investorů se bude soustředit také na budoucí IPO společností Anthropic a OpenAI. U první z nich je Soták výrazně optimističtější. „Anthropic je nejrychleji rostoucí firmou a podle všech indicií dokáže růst dokonce profitabilně i na frontier vrstvě, která je poměrně drahá. Pokud se dostane na trh, jeho IPO velmi pravděpodobně bude úspěšné,“ míní.

U OpenAI je naopak opatrnější. Problém podle něj není pouze v managementu, ale především v ekonomice podnikání. Firma sice rychle roste, její růst je ale velmi nákladný a spotřebovává prakticky všechny generované tržby. „OpenAI stále funguje se ztrátou a myslím, že k bodu zvratu má ještě poměrně daleko. Tady bych takovým optimistou nebyl,“ říká.

Na scénu vstupuje „compute“ jako nová třída aktiv

Případná dvě velká IPO navíc přicházejí v době, kdy se o kapitál uchází stále více projektů. Konkurence na kapitálových trzích roste nejen kvůli obrovskému americkému rozpočtovému deficitu, ale také kvůli makroekonomickému vývoji v Japonsku a financování samotné AI infrastruktury. Právě zde Soták vidí jeden z nejzajímavějších posunů posledních týdnů: Nvidia společně s velkými finančními institucemi, mezi něž patří Goldman Sachs, BlackRock či Blackstone, oznámila záměr mobilizovat až 500 miliard dolarů institucionálního kapitálu pro financování výpočetního výkonu. Výpočetní výkon by se tak mohl stát samostatně investovatelnou třídou aktiv. To může podle Sotáka zásadně změnit dostupnost a cenu kapitálu pro výstavbu datacenter.

„Třetí strany budou schopné investovat do výpočetního výkonu jako do nezávislé třídy aktiv. To je velmi zajímavé z hlediska dostupnosti kapitálu i nákladů financování,“ říká. Argumentem je podle něj i velikost potenciálního kapitálu. David Solomon z Goldman Sachs v této souvislosti upozornil, že jen v amerických money-market fondech je zaparkováno přibližně 9 bilionů dolarů, zatímco americký akciový trh má kapitalizaci kolem 100 bilionů dolarů. Kapitálu tedy podle Sotáka na trhu pravděpodobně je dostatek, jde především o to vytvořit mechanismus, který jej nasměruje do nové třídy aktiv.

V budoucnu si přitom lze představit standardizované finanční produkty navázané na výpočetní výkon – například forwardy či futures na kapacitu datacenter. „Mohou vzniknout standardizované produkty a otevřít se nový trh, který těm, kdo tuto infrastrukturu financují, zajistí větší dostupnost kapitálu a kapitál také zlevní,“ říká.

Současně ale upozorňuje, že finanční inženýrství samo o sobě neřeší otázku návratnosti. Právě zde vzniká paralela s hypoteční krizí, která je s podobnými finančními konstrukcemi historicky spojována. „Zatím tak daleko ještě nejsme. Finanční trhy jsou od toho, aby efektivně alokovaly kapitál, a většinu času to dělají poměrně dobře,“ konstatuje Soták. Riziko podle něj vzniká ve chvíli, kdy se na produktivní aktiva začne nabalovat příliš mnoho spekulace.

Zatím podle něj ale trh spíše vytváří novou investiční infrastrukturu než spekulativní bublinu. A první výsledky naznačují, že financování skutečně zlevňuje. CoreWeave například podle posledních výsledků zaznamenal meziroční pokles procentních nákladů na obsluhu dluhu.

Nvidia získává další výhodu

Nový způsob financování může být důležitý také pro samotnou Nvidii. Pokud se budou datacentra financovat jako samostatná produktivní aktiva, bude záležet na tom, jaký hardware v nich bude instalován. A právě zde má Nvidia podle Sotáka silnou pozici. Její čipy jsou univerzální a podporují širokou škálu modelů. Nad hardwarem navíc stojí softwarová vrstva CUDA, která umožňuje výkon dále optimalizovat.

Ještě důležitější je podle něj skutečnost, že Nvidia je ochotna poskytnout záruky za část financování. Pokud by nebyla dostatečná poptávka po nově vybudovaných kapacitách, Nvidia by podle oznámení převzala reziduální hodnotu části hardwaru. To přímo míří na jeden z hlavních argumentů medvědů kolem AI. Ti upozorňují, že hardware může zastarávat rychleji, než se investice vrátí.

Praxe ale podle Sotáka začíná ukazovat něco jiného. Hyperscaleři původně počítali s užitečnou životností GPU serverů kolem tří let, dnes ji řada z nich prodlužuje až na šest let. CoreWeave navíc uzavřel kontrakt na cluster postavený na čipech Nvidia A100 z roku 2020, který má trvat až do roku 2029. „To znamená, že i devět let po uvedení a instalaci čipu si tento hardware stále najde ekonomické využití. To poměrně výrazně nabourává tezi o rychlé depreciaci a negativním dopadu na profitabilitu,“ upozorňuje Soták.

Dalším argumentem je vývoj cen za pronájem GPU výkonu. U čipů H100 podle Nvidie vzrostla cena zhruba z 1,70 dolaru za GPU hodinu v roce 2025 na 2,40 dolaru. U novějšího Blackwellu se ve stejném období cena zvýšila přibližně z 5,30 na 7 dolarů. Podle Sotáka to podporuje tezi, že AI datacentrum není pouze rychle zastarávající hardware, ale může představovat produktivní aktivum, jehož výnosnost se díky růstu poptávky, cenové síle a technologickému pokroku zvyšuje.

Nvidia zůstává první volbou

Pokud jde o samotné investice do polovodičového řetězce, Soták v současnosti nevidí důvod hledat složitější alternativu. „Pokud se bavíme o poměru očekávaného nebo viditelného růstu a ceny, byla by to v tuto chvíli Nvidia. Moc bych nespekuloval s jinými jmény a volil bych lídra,“ říká. Nvidia je podle něj výjimečná tím, že má expozici na více částí dodavatelského řetězce. A zatímco se často hovoří o jednotlivých úzkých hrdlech, jejich význam je nakonec odvozen od samotné poptávky po výpočetním výkonu. Tu Nvidia stále ve velké míře obsluhuje.

Nová generace Vera Rubin by navíc měla podle Sotáka nabíhat do výroby rychleji než Blackwell. „Tempo růstu, které je enormní z té velké báze, na které Nvidia je, se pravděpodobně ani v dohledné době výrazně nezpomalí,“ domnívá se.

Příležitosti vidí ale i v síťové a optické infrastruktuře. Výsledky společností Lumentum a Coherent by měly přinést další indikaci o síle této poptávky. Rychlejší datová centra podle Sotáka totiž narážejí na fyzikální limity měděných spojů, což podporuje přechod k optickým technologiím. Valuace těchto firem jsou ovšem podle něj oproti Nvidii na jiné úrovni.

AI cyklus zůstává v dobré kondici

Celkový obrázek po výsledkové sezóně je tak podle Sotáka pozitivní. A možná ještě pozitivnější než na jejím začátku. Důležitá je přitom nejen síla jednotlivých firem, ale skutečnost, že AI komplex má dnes výrazný vliv na celý akciový trh. Když se v červenci AI segment otřásl, otřásl se podle Sotáka i celý trh. „Celková zpráva o stavu AI cyklu je z mého pohledu i po této výsledkové sezóně velmi pozitivní a možná pozitivnější, než byla na jejím začátku,“ uzavírá.

An Australia and New Zealand Banking Group Limited (ANZ) logo is displayed in a branch window in Sydney, Australia, September 9, 2025. REUTERS/Hollie Adams Purchase Licensing Rights, opens new tab

SummaryCompaniesANZ posts quarterly NIM of 1.54%Reports Q3 cash profit of A$1.90 billionANZ echoes peers on slowing mortgage applicationsSYDNEY, Aug 13 (Reuters) - Australian lender ANZ Group (ANZ.AX), opens new tab said on Thursday home loan applications had slumped 12% ‌since the Labor government scrapped lucrative property investment tax concessions, as the bank reported a A$1.9 billion ($1.3 billion) cash earnings for the third quarter.

ANZ, the smallest of Australia's "Big Four" lenders by market capitalisation and mortgage share, became the fourth ​major bank to flag the hit created by the May Budget to residential housing borrowing ​demand.

Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.

The A$1.9 billion profit for the three months to end-June was helped by ⁠a 1 basis point increase in its net interest margin, a key profitability measure, to 1.54% ​during the quarter.

ANZ's shares rose by up to 3.4% early on Thursday, outperforming a 0.4% decline in ​the S&P/ASX200 (.AXJO), opens new tab.

The share price increase was attributed by analysts to ANZ reporting a 3% decline in costs to A$2.75 billion for the quarter, not taking into account a NZ$125 million ($73.3 million) class action settlement.

"We think the market should receive ​well the better performance on costs," Citigroup analyst Thomas Strong said.

ANZ recorded a A$102 million bad-debt charge for ​the quarter, well below analysts' forecasts of up to A$205 million.

The figure helped boost the bank's bottom line as non-performing ‌loans ⁠were stable and did not grow despite three interest rate rises in Australia this year.

Australia's major banks have said home loan applications have fallen between 12% and 20% since the centre-left Labor government abolished some tax breaks on property investment.

Auction clearance rates are at six-year lows and average property prices are down about ​2% over four months, ​according to data from ⁠property consultant Cotality.

Australia's top four banks control more than 70% of the national mortgage market and residential lending is a key driver of earnings for ​the sector.

ANZ said growth in lending and a modest improvement in margins ​supported earnings ⁠during the third quarter, as net interest income, excluding markets, rose 2% from the first-half quarterly average.

Its common equity tier 1 (CET1) ratio, a closely watched measure of spare cash, stood at 12.51% as at June ⁠30.

Jefferies raised ​its 2026 and 2027 earnings-per-share forecasts for ANZ by 2% ​each, while reiterating its "hold" rating, the brokerage said in a client note.

($1 = 1.4160 Australian dollars)

($1 = 1.7065 New Zealand dollars)

Reporting by Scott ​Murdoch in Sydney, Rajasik Mukherjee and Sherin Sunny in Bengaluru; Editing by Shinjini Ganguli and Stephen Coates

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Scott Murdoch has been a journalist for more than two decades working for Thomson Reuters and News Corp in Australia. He has specialised in financial journalism for most of his career and covers the Australian financial services sector and superannuation. He is based in Sydney.

NZD/USD volatility sits near two-decade lows Kiwi swaps price aggressive RBNZ tightening Two-year inflation expectations headline crucial RBNZ survey AUD/NZD probes potential bullish breakout NZD/USD bullish momentum fading fast The Survey That Could Shift RBNZ Pricing The Kiwi has been unbelievably quiet in August, but that calm may be living on borrowed time. Volatility is sitting near the lowest levels seen in two decades, Kiwi rates markets are heavily priced for further RBNZ tightening, and today brings the release of a survey that has historically carried meaningful implications for interest rates.

The RBNZ’s Survey of Expectations is probably the most important New Zealand release most have never heard of. Two-year inflation expectations are the number to watch, with a meaningful deviation carrying the potential to jolt the Kiwi out of its funk.

Markets Have Priced Plenty of Hikes Ahead of its release, swaps traders continue to expect a relatively aggressive monetary policy tightening cycle from the RBNZ, even after the modest pullback sparked by the soft New Zealand employment report earlier this month. Implied pricing puts the probability of a hike at the September meeting at 88%, with roughly 3.7 further hikes priced by June next year and close to five by August, on top of the first increase of the cycle delivered last month.

Source: RBNZ, FOREX.com, Bloomberg

That is far steeper than the path implied by the RBNZ’s May forecasts. From the 2.25% OCR prevailing at the time, its track implied around 3.3 hikes by the middle of next year. That differential suggests the hurdle for a further hawkish repricing is high, meaning a modest increase in inflation expectations later today may not be enough. If we were to see a retracement in inflation expectations, it could prove far more meaningful for Kiwi rates and currency.

RBNZ Reaction Function Is More Sensitive to Falls The survey provides several measures of inflation, but it’s the two-year reading that tends to be more influential when it comes to monetary policy. It is more reflective of medium-term price pressures, rather than capturing near-term volatility in food, energy and other prices. Two-year expectations rose to 2.53% in the May survey, putting them well above the 2% midpoint of the RBNZ’s 1–3% inflation target.

Source: RBNZ, FOREX.com

What’s interesting is that the historical relationship is not especially mechanical when expectations rise. Increases of at least 10bp, 15bp and 20bp while two-year expectations were above 2% were followed by a hike at the next meeting only 32%, 27% and 36% of the time respectively. It was only when the increase reached 30bp or more that the response became noticeably more hawkish, with the RBNZ hiking in 60% of cases, although that is based on only five observations.

The reaction has been considerably stronger since 2020. Increases of at least 20bp while two-year expectations were above 2% were followed by a hike at the next meeting in 60% of cases, while all three increases of 30bp or more were followed by a hike.

Source: RBNZ, FOREX.com

More interesting is what happens when inflation expectations fall, particularly when the decline takes the two-year measure back towards the RBNZ’s 2% target midpoint. Historically, that has produced a much stronger reaction function at the following policy meeting than an equivalent increases in expectations.

When two-year expectations fell but remained between 2.00% and 2.25%, the RBNZ did not hike at the next meeting in any observation across more than two decades of data. When they finished between 2.25% and 2.50%, the next-meeting hike rate was just 9%. By contrast, when expectations fell but remained above 2.50%, the RBNZ still hiked 36% of the time.

Kiwi Volatility Goes Cold

Source: LSEG, FOREX.com

While there’s been plenty of political instability in New Zealand over the past week, there's been almost none in the Kiwi. NZD/USD has been remarkably subdued, with 10-day realised volatility falling to 4.1% annualised, putting it in roughly the bottom 1% of observations going back two decades!

A decline in inflation expectations, particularly back towards the RBNZ’s 2% target midpoint, could force traders to rethink the aggressive tightening path and weigh on the Kiwi as a result. 

NZD/USD Downside Risk Starts to Build

Source: TradingView

You can see visually how quiet NZD/USD has been over the past fortnight. What has piqued my interest is the pair breaking lower from what resembles a wedge structure in the wake of the US July inflation report, pushing down to test 0.5860, a level that has acted as both support and resistance earlier this year.

The message from the oscillators suggests upside momentum is fading fast. RSI (14) has been setting sequentially lower highs and lower lows and now sits only marginally above the neutral 50 level. MACD has also staged a bearish crossover, although it remains in positive territory. Combined with the recent price action, that suggests the bears may be slowly gaining the upper hand.

If the breakdown extends through 0.5860, attention shifts to the confluence of the 100 and 200-day moving averages, horizontal support around 0.5825 and the uptrend dating back to the late-June low. That is the key downside support zone to watch. A break beneath it would open the door for a deeper retracement towards the 50-day moving average, 0.5762, 0.5747 and 0.5724.

If the price manages to push back into the former compression structure, 0.5900 is the level to watch overhead. A move above there that sticks may encourage bulls to look for a run towards 0.5920, which has previously acted as support, followed by 0.5992.

AUD/NZD Bulls Eye Breakout

Source: TradingView

The price action in AUD/NZD is arguably more interesting, with a firming in RBA rate hike pricing seeing the cross rebound strongly from beneath support at 1.1935. You can’t help but notice the price is now testing the upper end of a structure that resembles a falling wedge, which is a bullish continuation pattern. Having come after a very strong rally over the past year, it suggests the pair may be on the cusp of breaking out and retesting the highs set earlier this year.

The upper boundary of the structure kicks in around 1.2053, which also coincides with horizontal resistance. A break of that level would put the 50-day and 100-day moving averages into play for bulls, with the latter marking an area where the pair stalled in late July after another rebound. A move back above the confluence of the 100-day moving average with 1.2115 resistance would improve the probability of a run towards the recent highs.

If the upper boundary of the structure holds, we may see a potential retracement back towards 1.2000, a level that capped gains previously earlier this month. Beyond that, 1.1935 and the lower boundary of the compression structure, found today around 1.1900, are the next downside levels to watch, along with the key 200-day moving average located just beneath.

Mirroring the rebound seen over the past two weeks, the oscillators have turned more constructive for the bulls. RSI (14) is setting higher highs and higher lows and now sits marginally above the neutral 50 level. MACD has also staged a bullish crossover but remains negative, although it is pushing back towards positive territory. It is still a mixed signal, more neutral in nature, but it does suggest the bears no longer have it their own way.

Paul Paradis, a director and president of Sezzle Inc. (SEZL -2.21%), disposed of 7,110 shares of common stock at $118.00 per share on August 10, according to a recent SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$838,980Shares sold7,110Post-transaction shares~1.1 millionPost-transaction shares (directly held)~390,000Post-transaction shares (indirectly held)~737,000Post-transaction value~$133.01 millionTransaction value based on SEC Form 4 weighted average sale price ($118.00); post-transaction value based on the August 10 market close ($118.00).

Key questionsWhat was the specific nature of this transaction?
The disposition was a non-discretionary event where 7,110 shares were forfeited to Sezzle to meet tax withholding obligations arising from the vesting of restricted stock units.How is the remaining equity stake structured?
Paradis’ total interest of roughly 1.1 million shares is divided between 390,000 shares held directly and 737,000 shares held indirectly through a spouse and other disclaimed beneficial interest entities.What is the current valuation of the insider's position?
Based on the August 11 market close of $128.27, the total position is valued at approximately $144.6 million, reflecting a period where the stock delivered a roughly 30% return over the year ending on the transaction date.What is the current operational profile of Sezzle?
Sezzle Inc. is a Minneapolis-based financial technology company operating in the United States and Canada. It provides a payment platform that connects consumers and businesses through interest-free installment plans at e-commerce and retail locations.Company OverviewMetricValueShare Price (as of market close 2026-08-11)$128.27Market Capitalization$4.3 billionRevenue (TTM)$531.9 millionNet Income (TTM)$161.4 millionCompany SnapshotSezzle Inc. operates a tech-powered point-of-sale financing platform that enables consumers to divide purchases into four equal, interest-free installments across e-commerce and physical retail channels in the United States and Canada.The company generates revenue through merchant fees charged to retailers and businesses that use its payment platform, capturing a percentage of the transaction volume processed through its network.Sezzle targets digitally-native consumers and merchants seeking flexible payment solutions, with primary customers including online retailers and brick-and-mortar establishments seeking to increase conversion rates and average order values.Sezzle Inc. operates as a fintech-enabled payment platform with a market capitalization of $4.3 billion, demonstrating significant scale with TTM revenue of $531.9 million and net income of $161.4 million. The company's competitive positioning centers on its frictionless buy-now-pay-later (BNPL) model, which differentiates it through interest-free installment structures and omnichannel deployment capabilities. With 201 employees and operations spanning North America, Sezzle has established itself as a material participant in the consumer credit services sector, leveraging technology infrastructure to facilitate merchant-consumer transactions at scale.

What this transaction means for investorsTwo of Sezzle's founders had stock vest on the same August day, and just as with CEO Charlie Youakim, the president's filing is a tax withholding and nothing more. Paradis holds around 1.1 million shares worth roughly $145 million currently, so 7,110 going to cover taxes is immaterial to a stake that size.

The vesting landed days after a quarter that the market badly interpreted on first glance. Sezzle grew revenue 52% to $150 million and, notably, raised its full-year guidance for the third time this year, lifting expected revenue growth to 35% and adjusted net income to $185 million. Still, the stock still fell close to 30% on worries about a slower second half, but the raised outlook is the fact that cuts hardest against the gloom. Ultimately, two founders holding a combined fortune in stock, letting only the tax slip away while the company lifts its targets again, is a steadier signal than one day's sell-off, and it points the other way. That’s a good indicator for long-term investors.

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

Cerebras (CBRS - Free Report) reported $209.87 million in revenue for the quarter ended June 2026, representing no change year over year. EPS of -$0.04 for the same period compares to $0 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $194.16 million, representing a surprise of +8.09%. The company delivered an EPS surprise of +80.95%, with the consensus EPS estimate being -$0.21.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Cerebras performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenue- Cloud and other services: $125.99 million versus $114.99 million estimated by two analysts on average.Revenue- Hardware: $54.12 million versus $79.18 million estimated by two analysts on average.Core gross profit- Cloud and Other Services: $53.34 million versus the two-analyst average estimate of $53.75 million.Core gross profit- Hardware: $31.88 million versus $43.12 million estimated by two analysts on average.View all Key Company Metrics for Cerebras here>>>

Shares of Cerebras have returned +15.2% over the past month versus the Zacks S&P 500 composite's +2.1% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

Pan American Silver (PAAS - Free Report) came out with quarterly earnings of $0.73 per share, missing the Zacks Consensus Estimate of $0.84 per share. This compares to earnings of $0.43 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -13.10%. A quarter ago, it was expected that this silver mining company would post earnings of $1.06 per share when it actually produced earnings of $1.09, delivering a surprise of +2.83%.

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

Pan American Silver, which belongs to the Zacks Mining - Silver industry, posted revenues of $1.12 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 3.36%. This compares to year-ago revenues of $811.9 million. The company has topped consensus revenue estimates just once over the last four quarters.

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

Pan American Silver shares have lost about 0% since the beginning of the year versus the S&P 500's gain of 12.9%.

What's Next for Pan American Silver?While Pan American Silver has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

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

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

Ahead of this earnings release, the estimate revisions trend for Pan American Silver was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.06 on $1.3 billion in revenues for the coming quarter and $4.11 on $5 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Silver is currently in the bottom 17% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the broader Zacks Basic Materials sector, Sigma Lithium Corporation (SGML - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 14.

This company is expected to post quarterly earnings of $0.15 per share in its upcoming report, which represents a year-over-year change of +188.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Sigma Lithium Corporation's revenues are expected to be $54 million, up 219.7% from the year-ago quarter.

Fossil Group (FOSL - Free Report) came out with a quarterly loss of $0.13 per share versus the Zacks Consensus Estimate of a loss of $0.29. This compares to a loss of $0.1 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +55.17%. A quarter ago, it was expected that this watch and accessories maker would post a loss of $0.22 per share when it actually produced a loss of $0.03, delivering a surprise of +86.36%.

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

Fossil Group, which belongs to the Zacks Retail - Apparel and Shoes industry, posted revenues of $209.7 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.69%. This compares to year-ago revenues of $220.4 million. The company has topped consensus revenue estimates three times over the last four quarters.

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

Fossil Group shares have added about 39.4% since the beginning of the year versus the S&P 500's gain of 12.9%.

What's Next for Fossil Group?While Fossil Group has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

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

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

Ahead of this earnings release, the estimate revisions trend for Fossil Group was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.02 on $247.2 million in revenues for the coming quarter and -$0.15 on $954.8 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Retail - Apparel and Shoes is currently in the top 43% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

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

This clothing chain is expected to post quarterly earnings of $0.50 per share in its upcoming report, which represents a year-over-year change of -12.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Gap's revenues are expected to be $3.72 billion, down 0.1% from the year-ago quarter.

In the latest trading session, Jabil (JBL - Free Report) closed at $366.16, marking a +2.68% move from the previous day. This change outpaced the S&P 500's 0.26% gain on the day. Elsewhere, the Dow saw a downswing of 0.04%, while the tech-heavy Nasdaq appreciated by 0.54%.

The electronics manufacturer's shares have seen an increase of 9.12% over the last month, surpassing the Computer and Technology sector's loss of 0.41% and the S&P 500's gain of 2.13%.

The upcoming earnings release of Jabil will be of great interest to investors. It is anticipated that the company will report an EPS of $4.05, marking a 23.1% rise compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $9.61 billion, indicating a 16.51% increase compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $12.74 per share and revenue of $34.97 billion, which would represent changes of +30.67% and +17.33%, respectively, from the prior year.

Investors should also take note of any recent adjustments to analyst estimates for Jabil. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Jabil is currently sporting a Zacks Rank of #2 (Buy).

Investors should also note Jabil's current valuation metrics, including its Forward P/E ratio of 27.99. This valuation marks a discount compared to its industry average Forward P/E of 28.36.

Meanwhile, JBL's PEG ratio is currently 0.98. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. JBL's industry had an average PEG ratio of 0.8 as of yesterday's close.

The Electronics - Manufacturing Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 7, which puts it in the top 3% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Grocery Outlet Holding Corp. (GO - Free Report) came out with quarterly earnings of $0.2 per share, beating the Zacks Consensus Estimate of $0.12 per share. This compares to earnings of $0.23 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +66.67%. A quarter ago, it was expected that this supermarket company selling discount, overstocked and closeout products would post earnings of $0.02 per share when it actually produced earnings of $0.05, delivering a surprise of +150%.

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

Grocery Outlet, which belongs to the Zacks Consumer Products - Staples industry, posted revenues of $1.19 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.24%. This compares to year-ago revenues of $1.18 billion. The company has topped consensus revenue estimates two times over the last four quarters.

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

Grocery Outlet shares have lost about 2.7% since the beginning of the year versus the S&P 500's gain of 12.9%.

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

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

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

Ahead of this earnings release, the estimate revisions trend for Grocery Outlet was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.18 on $1.16 billion in revenues for the coming quarter and $0.50 on $4.63 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Consumer Products - Staples is currently in the bottom 14% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the broader Zacks Consumer Staples sector, Campbell's (CPB - Free Report) , is yet to report results for the quarter ended July 2026.

This maker of canned soup, Pepperidge Farm cookies and V8 juice is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of -35.5%. The consensus EPS estimate for the quarter has been revised 7.3% lower over the last 30 days to the current level.

Campbell's' revenues are expected to be $2.16 billion, down 7.1% from the year-ago quarter.

LODI, Calif., Aug. 12, 2026 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), declared a quarterly cash dividend of $5.60 per share, up 4.7% from $5.35 for the previous quarter which was paid on July 1, 2026. The cash dividend is payable on October 1, 2026, to shareholders of record on September 11, 2026. Based on the Company's financial performance through June 30, 2026, net income over the trailing twelve months was $96.3 million compared with $90.0 million for the same trailing period a year earlier. Diluted earnings per share over the trailing twelve months totaled $139.94, up 10.30% compared with $126.87 for the same trailing period a year ago. This dividend represents a 15.4% payout ratio. This year marks the 91st consecutive year that the Company has paid cash dividends and the 61st consecutive year the Company has increased dividends. As a result of the consistency of the Company's cash dividends over many decades, the Company remains a member of a select group of only 58 publicly traded companies referred to as “Dividend Kings” by Sure Dividend where the Company is currently ranked 17t h.

Hyperliquid is reportedly lobbying U.S. regulators to open a pathway for regulated firms to offer perpetual futures on its blockchain, according to a report by The Information on Wednesday.

The news comes as market commentators point to improving fundamentals and institutional accumulation around the HYPE token.

Will HYPE Grab the Perps Market?Hyperliquid is engaging with the CFTC and SEC to allow U.S.-regulated companies to offer perpetual futures that trade and settle on its public blockchain, The Information reported.

The decentralized trading platform currently restricts U.S. users from accessing its services but is reportedly seeking no-action letters or new regulatory guidance that could allow its infrastructure to play a larger role in regulated U.S. markets.

The push comes as Hyperliquid’s underlying business continues to gain traction. The platform reportedly generated more than $900 million in profit last year.

In late July, VanEck’s Matthew Sigel highlighted Hyperliquid as an early leader and an example of crypto-native infrastructure expanding beyond digital assets.

He predicts HYPE to generate $800 million in annualized revenue.

Traders Debate if HYPE Is a BuyCrypto trader Michael van de Poppe highlighted HYPE as an asset worth watching during market weakness, arguing investors should focus on buying dips in assets that are gaining traction and have a strong narrative.

"HYPE has been one of those assets for almost a year," he said.

Arkham Intelligence data points to continued demand from Bitwise clients.

Bitwise-linked ETF clients have purchased more than $5 million worth of HYPE over the past week. The wallets tracked by Arkham have not sold any HYPE since last month and have only accumulated the token during August.

Trader Crypto McKenna sees an improving technical setup, noting that HYPE appears to be establishing a higher low following a deviation below its range low.

He also highlighted the upcoming AQAv2 launch at the end of August and increased fee flexibility for HIP-3 deployers as potential fundamental catalysts.

Altcoin Sherpa is also looking for accumulation opportunities but would prefer a deeper correction. He hopes to build a larger spot position if HYPE falls into the $40s. Currently, the setup does not offer attractive trading opportunities.

He added that the token does not currently offer an especially attractive active trading setup.

Price Action: Hyperliquid Strategies Inc (NASDAQ:PURR) is up 1.5% on the day, the 21shares Hyperliquid ETF (NASDAQ:THYP) is up 2.5%.

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

Hyperliquid is turning its attention toward the U.S. market, according to a recent report by The Information. 

The push comes at an important moment for the crypto industry. Hyperliquid has grown into one of the largest venues for crypto perpetual futures.

U.S. regulators are simultaneously trying to determine how derivatives, decentralized exchanges and other on-chain financial products should fit into a regulatory system largely designed around centralized intermediaries.

HOT Stories

The question, therefore, is not simply whether Hyperliquid wants to enter the United States. It is whether the existing regulatory framework gives a decentralized protocol a workable way to do so.

U.S. prohibition?In practical terms, Hyperliquid's current trading interface is closed to U.S. users. The Hyperliquid blockchain itself has been declared illegal in the United States.

Hyperliquid is a permissionless blockchain. Its network and smart contracts are distinct from the website interface through which many users access the protocol. 

Hyperliquid's terms of use identify people and entities located in or resident in the United States as "Restricted Persons" and prohibit them from using the interface. 

Perpetual futures are its most important product. In the U.S., derivatives markets are subject to an extensive regulatory framework that has been developed by the CFTC.  

The Hyperliquid Policy Center has made precisely this issue the centerpiece of its Washington strategy. The organization says it is seeking a "clear, regulated path" for Americans to access onchain markets. 

The Policy Center was launched in Washington in February 2026 and is led by crypto lawyer Jake Chervinsky.

Hyperliquid's remarkable growth Hyperliquid has plenty of economic reasons to pursue the U.S. after it recorded remarkable growth. 

According to the Q2 report cited in the recent report on Hyperliquid, HYPE rose 79.2% during the second quarter. 

This is the second consecutive quarter in which HYPE substantially outperformed the broader crypto market.

The platform has become large enough that Washington can no longer simply ignore it. 

At the same time, American users remain largely excluded from direct access to the derivatives upstart. 

Gold price (XAU/USD) declines to around $4,400 during the early Asian session on Thursday, pressured by escalating geopolitical tensions between the United States (US) and Iran. However, the potential downside for the precious metal might be limited as a tame reading of US inflation eased pressure on the US Federal Reserve (Fed) to raise interest rates as soon as next month.

A senior Iranian official said that Washington and Tehran remain at loggerheads over efforts to agree a permanent end to the war in the Gulf, adding that there ‌had been no progress in talks to revive the interim deal agreed in June and define a time frame to implement it.

Renewed tensions in the Middle East and the continued closure of the Strait of Hormuz weigh on the yellow metal as it raises oil-driven inflation fears. “With the Strait of Hormuz still shut, upside inflation risks will remain top of mind for the foreseeable future,” said Seema Shah, chief global strategist at Principal Asset Management.

The latest US July Consumer Price Index (CPI) inflation moderated across a range of goods and services, cooling September Fed rate hike expectations. This, in turn, could help limit gold’s losses. Data released by the Bureau of Labor Statistics on Wednesday showed that the CPI increased 3.4% YoY in July, versus 3.5% prior. Excluding food and energy, the so-called core CPI increased 2.5% YoY in July, compared to 2.6% in June. Both readings came in line with expectations. 

Interest-rate swaps are now pricing in nearly a 40.1% odds of a Fed hike in September, though the odds on an October move fell to about 60% from 75% a day earlier, with the next increase fully priced for December, according to the CME FedWatch tool. 

Gold upside persists as US CPI fails to revive Fed hike betsAccording to TD Securities, “precious metals maintain upside” as the latest US CPI release “did little to reignite the Fed hike pricing.” The bank notes that “recent price action highlights the gold market is increasingly not expecting hikes,” underscoring a supportive backdrop for bullion even as investors reassess the policy outlook in light of softer inflation dynamics.

Technical Analysis: Gold keeps a bullish vibe in the near term

In the daily chart, XAU/USD holds a bullish near-term bias as it extends above the 100-day simple moving average (SMA) and remains comfortably over the Bollinger Bands’ 20-day middle line, suggesting a well-supported uptrend structure. Price is now pressing the upper Bollinger band, while the Relative Strength Index (14) at 67.51 flirts with overbought territory, hinting that the latest advance is strong but increasingly stretched.

On the topside, immediate resistance is defined by the Bollinger upper band at $4,410, where a sustained break would open the way to further gains. On the downside, initial support is seen near the current area, with the 100-day SMA at $4,390 acting as the first meaningful floor, ahead of the Bollinger middle band at $4,140; a deeper pullback toward the lower band at $3,865 would only come into focus if the bullish structure starts to unwind.

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

Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

Two launchpads on Robinhood Chain cut pump.fun's share of launchpad fees from 80% to 27% in two weeks. Pump.fun's fees are up 30% over 30 days anyway, because the category grew 77% around it. Memecoin prices did not participate.

A wave of launchpads on Robinhood Chain took most of pump.fun's share of the token-launch business in the first two weeks of July. Still, pump.fun is now earning more per week than before they arrived.

The launchpad business grew faster than pump.fun lost ground in it. Weekly fees across the launchpads DefiLlama reports went from about $7 million in late June to roughly $18 million by mid-July and have stayed there, while pump.fun's own weekly take climbed to a 90-day high. Growth in the memecoin space came almost entirely from Robinhood Chain, whose mainnet opened six weeks ago, and it has since begun to reverse.

Fees Nearly DoubledLaunchpads collected $75.39 million in fees over the 30 days to Aug. 11, against $42.53 million in the 30 days before that, June 13 to July 12, a 77% increase, according to The Defiant's calculation from DefiLlama's daily fee data. The comparison covers all 125 launchpads for which DefiLlama reports fees.

Pump.fun took $31.83 million of the July 13 to Aug. 11 total, against $24.45 million in the June 13 to July 12 window, a 30% increase. Its share of the category fell to 42.2% from 57.5%.

The weekly series is sharper. In the week to June 30, pump.fun collected $5.63 million of the category's $7.10 million, or 79.4%. In the week to July 14, it collected $5 million of $18.71 million — 26.7%. In the week to Aug. 11 it collected $9.21 million of $17.83 million, or 51.7%, its largest weekly haul in 90 days.

Two products caused the July collapse in share.

The first was NOXA, a launchpad and DEX that reached Robinhood Chain before the chain reached the public. Its Robinhood Chain factory went live on June 16, two weeks before the chain's public mainnet, and earned a few hundred to a few thousand dollars a day through the end of the month. Fees crossed $99,000 on July 1, ran between $24,000 and $71,000 for the next week, then jumped to $2.22 million on July 8. They peaked at $2.33 million on July 11. NOXA charged a 1% swap fee, so that implies roughly $233 million of trading in a day on a chain then 10 days old.

That day NOXA switched its own launchpad off, and said the reason was that too many people were using it. On July 11, nine seconds after the last token launched through it, the deployer wallet dev.noxa.eth called setLaunchEnabled(false) on the launch factory, according to Robinhood Chain's Blockscout explorer. About a minute later its account posted: "you folks have been vocal about the constant new token spam, vamps, and we identified some bots spamming and copying new tokens every hour." It called the shutdown temporary. "we are finding a workaround for this issue and we have decided to temporarily disable new launches while we work."

Every launch attempted since has reverted.

The second was Pons. Ozzy, the developer who posts as @MEADGod, deployed its first factory on July 13, two days after NOXA stopped accepting launches. "I built a launchpad for Robinhood Chain because the existing ones were extracting without taking care of their communities," he wrote 10 minutes before the second deployment.

Pons charges the same 1% pool fee NOXA charged, plus a 0.0005 ETH launch fee, and splits the pool fee 70% to the creator and 30% to the protocol for tokens launched through the current factory, per its documentation. The 11 hours of launches that went through the first factory keep a 90/10 split in the creator's favor. Eighty percent of the protocol's share funds a PONS buyback and burn. Pons has produced $19.80 million in fees across its two versions in 30 days, more than every launchpad except pump.fun.

Pons Peaked In JulyPons' first version peaked at $1.54 million of fees on July 21 and took about $340,000 on Aug. 11, a decline of 78%. It has generated $18.89 million all-time and $5.03 million of protocol revenue, per DefiLlama.

Ozzy deployed a second version on Aug. 3, and it began recording fees the next day. Contract reads against the PonsV2LaunchFactory return a 1% curve fee, a 1% post-graduation fee, a 30% protocol share, an optional creator tax capped at 10%, and a 99% opening buy tax that decays over three seconds. Version two spends 50% of the creator's residual buying back the launched token rather than PONS, and vests what it buys over five years instead of burning it. It took about $148,000 in fees on Aug. 12.

Uniswap Takes No CutUniswap Labs opened pools.trade on Aug. 5 on the same chain, with no launchpad fee at all. Each token opens a Uniswap v4 pool with a 0.25% LP fee that autocompounds into a position the creator cannot withdraw; creators can switch on a cut of 0.05% of those 25 basis points. Uniswap's announcement calls that "a fraction of the standard ~1% on other launchpads."

Pump.fun's own fee schedule is the standard Uniswap is pricing against: 1.25% on the bonding curve, split 0.95% to the protocol and 0.300% to the creator. Creating a coin is free; graduating one to PumpSwap costs 0.015 SOL, after which a tiered schedule takes over and the total fee falls as the token's market capitalization rises.

Pools took $266,668 in fees on launch day, its highest since. By Aug. 11 that was $36,390, down 86%. Its 30-day total is $806,000, against $19.80 million for Pons. On Aug. 11 the first version of Pons alone took $343,432, nine times what Pools did. DefiLlama has recorded fees for the Pools contracts since July 31, five days before the interface opened. The Defiant reported that Pools out-launched Pons on its first day with 10,506 tokens against 7,210, and that Pools’ flagship token FRONG was minted six days before the product opened.

PONS has risen 160% in the week since. It traded at $0.05072 at 17:20 UTC on Aug. 12, with a market capitalization of $36.9 million, up 19.3% over 24 hours and 23.6% below its July 27 record, according to CoinGecko. UNI traded at $3.52, down 14.5% on the week.

Four days before launching a competitor on Robinhood Chain, Uniswap's account replied to Pons' with "Powered by Uniswap". Neither Ozzy nor the Pons account has posted about pools.trade.

Every Solana Rival ShrankSolana-based launchpads competing with pump.fun are smaller now than they were a month ago. Trading fees paid by users fell 65% on Bags, 56% on Meteora's Dynamic Bonding Curve, 44% on BONK.fun and 85% on EasyA Kickstart. Four.meme on BNB Chain fell 23%. Each falls by within a point of the same amount measured on protocol revenue instead, and SOL and BNB were flat between the two windows, so the declines are activity rather than price.

Their launch counts fell with them. Over the 30 days to Aug. 10, Bags created 923 tokens, down 78.5%; LetsBonk 4,039, down 34.3%; Jupiter Studio 347, down 45.5%, according to Dune data published by The Block. Pump.fun created 872,202, up 3%, and 99.3% of all tokens launched on Solana.

Growth outside pump.fun came from chains pump.fun does not operate on. Flap.sh on BNB Chain grew 209% to $5.51 million. The o1 Launchpad, which runs mostly on Base, grew from $12,698 to $982,481 after its July 3 launch. The four largest new entrants of the period — Pons, StonkBrokers, LetsCash and Uniswap Pools — all launched on Robinhood Chain.

Robinhood Chain Caught SolanaLaunchpad fees on Solana and on Robinhood Chain over the 30 days to Aug. 11 were $33.61 million and $33.49 million. Solana's grew 18%; Robinhood Chain's grew 236% against a prior 30 days in which it had produced $9.97 million, its own first month. BNB Chain took $6.62 million, up 88%. Base took $1.44 million.

Robinhood Chain's weekly launchpad fees peaked at $11.95 million in the week to July 14 and were $7.07 million in the week to Aug. 11. Solana's ran to $9.59 million, its highest of the 90-day window. On the narrow measure of who is taking money from token launches, Solana is winning again.

Robinhood Chain generated $100.2 million in application fees over 30 days against Solana's $233 million and Base's $39.6 million, per DefiLlama. Over the 30 days to Aug. 12 it did $16.58 billion in DEX volume against $4.49 billion the month before. Solana did $46.41 billion over the same window, down 25%. The Defiant reported in July that Robinhood Chain overtook Base on daily active users three weeks after launch.

The Fight For The TraderOne of the fastest-growing competitors for pump.fun's users on Solana does not launch tokens at all.

FOMO, a social trading app built by FOMO Labs, took $9.76 million in fees over the 30 days to Aug. 11, up 172% from $3.58 million in the 30 days before that. Its revenue over the seven days to Aug. 11 was $3.01 million, more than double the $1.34 million it made in the week to July 11, and above Phantom's $1.51 million and Jupiter's $0.96 million over the same week. Its daily revenue record, $544,444, was set on Aug. 6.

FOMO charges "a minimum fee of 0.50% per transaction (subject to a minimum fee of $0.95 per transaction)," according to its terms of service. It sells copy-trading, a leaderboard, and Apple Pay onboarding. It raised a $75 million Series B led by Index Ventures in June, and says more than 625,000 people have joined and traded over $4 billion. It has no token and no launchpad.

The competition pump.fun faces on Solana is now for the trade rather than the mint, and pump.fun has answered by widening its own app. On July 8 it made Robinhood Chain tokens tradable inside the pump.fun app with no bridging, which The Defiant covered as CASHCAT trading built. Alon Cohen, the pump.fun co-founder who posts as @a1lon9, wrote that "the pump fun app is not just for pump fun coins, it covers all of your crosschain trading."

Fewer Coins, Better OddsThe share of pump.fun tokens that graduate from the bonding curve averaged 2.82% in the first 11 days of August and 2.55% in July, against 0.86% in June and 0.62% in September 2025, per Dune data published by The Block. Launches rose over the same stretch, ruling out a shrinking denominator.

Pump.fun has taken $1.17 billion in fees and $1.083 billion in revenue since March 2024. In April it committed half of revenue to buying back and burning PUMP for a year, after burning roughly $370 million of previously repurchased tokens, about 36% of circulating supply at the time. DefiLlama has attributed $17.9 million of revenue to holders over the past 30 days.

Memecoins Did Not Come BackNone of this reached memecoin prices.

The memecoin sector was worth $25.15 billion on Aug. 12, according to CoinGecko, or 1.11% of the $2.27 trillion crypto market. CoinGecko's own research puts the sector's peak at $150.6 billion in December 2024. The sector is 83% below that. It is roughly flat over 30 days and down about a third over 90, by The Defiant's calculation from CoinGecko market-cap history for the category's 16 largest constituents, which hold 80% of its value.

Of the 20 largest memecoins excluding wrapped duplicates, seven are up over 30 days. BONK is down 42%, SPX6900 down 15%, FLOKI down 7%, TRUMP down 7%, WIF down 7%, FARTCOIN down 6%, DOGE down 2%. Across the 5,774 memecoins CoinGecko prices with a market capitalization, 34% are higher than a month ago and the median one sits 99% below its record, by The Defiant's count.

The exception is PUMP, up 83% over 30 days to $0.00273 and a $1.07 billion market capitalization, per CoinGecko. It remains 69% below its September 2025 high. It is the token of the business this story is about, with buybacks funded from that business's revenue.

The launch business is bigger, better-monetized and more contested than it was in June. The sector its output belongs to is worth 83% less than at its peak.

U.S. spot Bitcoin ETFs absorbed about 13,300 BTC last week, more than four times the roughly 3,150 BTC newly created by the network.

Bitcoin moved toward the top of its range last week as institutional demand through U.S. spot ETFs strengthened. Cooler employment data reduced expectations for an immediate Federal Reserve rate hike, but persistent selling pressure kept the move contained.

The stronger ETF demand was reflected in $865.3 million of net inflows across five straight sessions, the funds’ strongest weekly showing since April. According to a recent Bitfinex Alpha report, the funds absorbed about 13,300 BTC during the period. That was more than four times the roughly 3,150 BTC newly created by the network.

ETF Inflows Return, But Sellers Push Back BlackRock’s IBIT and Fidelity’s FBTC accounted for much of the ETF activity. Ether-focused ETFs also recorded $243.7 million in inflows, extending their weekly streak and showing that demand was not limited to Bitcoin.

The renewed demand came as broader risk assets also moved higher amid easing tensions and falling oil prices. The S&P 500 rose 3.58% for the week, while Bitcoin gained slightly more than 2%, indicating that other sources of supply continued to weigh on its price.

One notable source of that supply came from Strategy, which disclosed the sale of 1,638 BTC for approximately $104.7 million. The company sold the coins at an average price of about $63,957 and said it would use the proceeds for preferred dividends and a discounted share repurchase.

Strategy’s sale adds to a broader supply overhang visible on-chain around Bitcoin’s current trading range. An estimated 1.79 million BTC have cost bases between $62,000 and $65,000, creating potential selling pressure as the price moves through the band.

Why the Macro Picture Remains Mixed U.S. labor data added to the macro backdrop, with July payrolls falling by 23,000 and earlier figures revised lower. The three-month average job gain dropped to about 20,000, while unemployment reached 4.1% as participation declined.

You may also like: Bitcoin Rebound Faces Risk as Futures Demand Outpaces Spot Buying: Analysts Only 90 Bitcoin Wallets Hold 10K+ BTC: And That Number Just Hit a 6-Month High BTC Price Drops Below $64K as Peter Schiff Urges Investors to Sell Bitcoin Initial jobless claims remained low, indicating that the labor market was cooling rather than collapsing. Futures markets lowered the probability of a September rate hike to 43.9%, while Treasury yields and the dollar eased.

However, long-term borrowing costs stayed high, with the 30-year Treasury yield above 5.2% amid inflation concerns and heavy government borrowing. Bitfinex said Bitcoin could break above $65,000 if ETF demand remains strong while inflation and long-term yields ease.

Tags:

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

Canada's second-largest bank, Bank of Montreal (BMO), has disclosed positions in XRP-focused financial vehicles. The information appears in its latest quarterly Form 13F-HR filing submitted to the U.S. Securities and Exchange Commission (SEC).

The new filing officially confirms the presence of XRP within BMO's massive investment portfolio, whose total value exceeded $303 billion at the end of June 2026. Specifically, the bank's reportable positions include 323 shares of the Rex Osprey XRP ETF and 20 shares of the ProShares Ultra XRP ETF.

Text file showing XRP ETF from Rex Osprey on Bank of Montreal's balance sheet, Source: Form 13F-HR filingThe bank did not purchase tokens directly on exchanges. Instead, it used regulated U.S. infrastructure in the form of spot and derivatives-based ETF products, allowing it to integrate the volatile token into a giant portfolio within a familiar legal framework and without direct custody risks.

HOT Stories

You Might Also Like

For Canada's banking sector, this is becoming a systemic trend. Earlier in the same reporting period, National Bank of Canada disclosed a holding of 3,848 shares in the Bitwise XRP ETF, worth approximately $330,000. 

Conservative capital has effectively developed a single playbook: entering the cryptocurrency market selectively and through transparent funds.

New force behind institutional XRP accumulationAt the same time, 13F filings revealed a "changing of the guard" among XRP holders. Major first-wave players led by Goldman Sachs, which held positions worth more than $150 million around the turn of 2025–2026, had reduced or fully exited them by the summer, locking in profits.

However, they were replaced by a group of midsize asset managers and family offices, including Arax Advisory Partners, Gerber, Vista Finance and Gallacher Capital. 

You Might Also Like

These new investors are taking a more flexible approach, splitting capital between traditional spot funds, such as the Franklin XRP Trust and Bitwise, and short-term leveraged instruments such as the ProShares Ultra XRP ETF.

Because 13F filings are published with a 45-day delay, they provide only an interim snapshot. Nevertheless, BMO's filing officially confirms that XRP is now on another top bank's balance sheet.

Tokenizing precious metals on public blockchains has gained momentum in 2026. Ripple‘s XRP Ledger, known for its speed and cost-effectiveness in cross-border payments, was an early entrant in this trend. In 2024, Meld Gold, a specialist in digital gold products, introduced the first batch of tokenized gold shares on the XRP Ledger. Despite this innovation, the amount of gold involved remains modest, with about 1,000 ounces accounting for a few million dollars in assets.

Assetiko expands XRP Ledger tokenizationFollowing Meld Gold’s initiative, Assetiko, a digital asset tokenization platform with a larger gold reserve, implemented a similar strategy. The company released approximately 1,524 certified ounces of gold, establishing an XRP-based collateral pool valued at $3.08 million. Assetiko’s move signaled an ambition for larger-scale tokenization, raising the prospect of multi-billion dollar on-chain gold reserves if broader institutional adoption occurs within the UK.

Crypto analyst SMQKE examined this dynamic and highlighted the connection between ongoing tokenization efforts and new regulatory developments in the UK. SMQKE stated on X that XRP Ledger has the capabilities to tokenize gold and emphasized that Ripple operates as an FCA-authorized fintech firm in the country.

SMQKE observed that Ripple holds formal FCA authorization in the UK, which enables XRP Ledger to potentially support large-scale gold tokenization projects within the United Kingdom’s financial system.

Mini dictionary: FCA (Financial Conduct Authority), the financial regulatory body in the United Kingdom, oversees the conduct of financial services firms and markets to ensure integrity and protect consumers.

Potential UK gold market transformationThe United Kingdom’s Financial Conduct Authority reportedly is considering plans to allow over 70% of the country’s gold reserves to be moved on-chain. The objective is to strengthen London’s position in global gold trading and respond to increased competition from markets in Shanghai and Hong Kong. If the FCA advances this initiative and leverages the XRP Ledger, tokenization efforts could scale from millions to billions of dollars, fundamentally altering gold reserve management in the region.

A decision by the UK to deploy a large portion of its gold reserves on-chain would mark a major institutional endorsement for XRP Ledger and the broader blockchain-based asset tokenization sector. The integration of gold tokenization infrastructure is projected to move significant capital into the digital asset space, making practical factors such as user adoption and operational scalability the next hurdles for progress.

ProjectGold Tokenized (ounces)ValueBase TechnologyMeld Gold~1,000A few million USDXRP LedgerAssetiko1,524$3.08 millionXRP LedgerPotential UK FCA InitiativeOver 70% of UK gold reservesBillions USD (projected)XRP Ledger (proposed)Ripple advances UK strategy after regulatory approvalRipple, a San Francisco-based payments technology company, has recently strengthened its regulatory position in the UK. The company secured an Electronic Money Institution (EMI) license and received registration as a cryptoasset business, updating its compliance with the latest UK financial services framework. These regulatory clearances have enabled Ripple to expand its payment operations inside the UK market.

With established regulatory backing, Ripple is positioned to support a potential transition toward tokenized assets in the UK. As regulatory and technical questions give way to considerations of demand, market adoption will determine the pace and scale of blockchain-based gold reserves in the United Kingdom.

Ripple’s recent regulatory approvals have paved the way for integrated growth of payment services and asset tokenization initiatives across the UK financial sector.

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