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Expands technology portfolio and addressable market, with $500 million or more in expected annual cost synergies and immediate non-GAAP EPS accretion   | Source: Skyworks Solutions, Inc.

IRVINE, Calif., Oct. 05, 2026 (GLOBE NEWSWIRE) -- Skyworks (Nasdaq: SWKS) today announced the successful completion of its combination with Qorvo. The close of the transaction creates a U.S.-based, global leader in high-performance radio frequency (RF), power management, and analog and mixed-signal semiconductor solutions. 

“This combination is about far more than bringing two companies together,” said Phil Brace, chief executive officer and president of Skyworks. “Our customers are tackling increasingly complex challenges and need partners with the capabilities, engineering expertise and scale to help them innovate faster. Together, we are well positioned to deliver more integrated, system-level solutions and accelerate the next generation of connected technologies. Today marks an important milestone—but it is only the beginning. We see an extraordinary opportunity to create long-term value for our customers, shareholders and employees while helping shape the future of our industry.”

The transaction creates a larger, more diversified semiconductor company, combining complementary RF, analog, and power technologies with expanded engineering capabilities — approximately 8,000 engineers and more than 12,000 issued and pending patents. 

In Mobile, the combination broadens its RF front-end portfolio, positioning the company to benefit from rising RF complexity. As 5G-Advanced evolves and the industry moves toward 6G, smartphones are expected to support more frequency bands, new spectrum and AI-driven features, increasing demand for highly integrated RF solutions.

Beyond Mobile, the combination more than doubles Skyworks' addressable market and establishes a platform spanning physical AI and connected edge, defense and aerospace, data center and networking, and automotive. It also broadens the technology portfolio into RF GaN, low-voltage power, and wired broadband.

Skyworks will benefit from greater end-market breadth, strengthened domestic manufacturing, and annualized cost synergies of $500 million or more, expected to be realized within 24 to 36 months post-close when the companies are fully integrated. 

The transaction is expected to be immediately accretive to non-GAAP EPS while maintaining a favorable capital structure. Skyworks will provide financial guidance on its fiscal fourth-quarter earnings call on Nov. 3. 

Bob Bruggeworth, former chief executive officer and president of Qorvo and a member of the Skyworks Board of Directors, added, “This next chapter begins with an immense amount of pride. I've had the opportunity to see firsthand our teams preparing for this moment with tremendous focus and discipline. I have great confidence in the future of the combined company and its ability to deliver on the promise of the combination.”

Under the terms of the merger agreement, Qorvo shareholders are entitled to receive $32.50 in cash and 0.960 of Skyworks’ common share for each share of Qorvo common stock they owned. Legacy Skyworks shareholders own approximately 63% of the combined company and legacy Qorvo shareholders own approximately 37%, on a fully diluted basis. The company will continue to operate as Skyworks and trade under the SWKS ticker symbol on the NASDAQ market.

As previously announced, Phil Brace will continue to serve as chief executive officer and president of Skyworks. Bob Bruggeworth, Richard Clemmer and Chris Koopmans, formerly on the Qorvo board of directors, have each joined the Skyworks Board of Directors. 

Advisors
Qatalyst Partners and Goldman Sachs & Co. LLC acted as financial advisors to Skyworks, with Skadden, Arps, Slate, Meagher & Flom LLP serving as Skyworks’ legal advisor.

Centerview Partners LLC was exclusive financial advisor and Davis Polk & Wardwell LLP acted as legal advisor to Qorvo.

About Skyworks 
Skyworks® is a global leader in high-performance RF, precision timing, power management and mixed-signal solutions that power the intelligent, connected world. Through deep engineering expertise, Skyworks helps customers address rising complexity and deliver seamless connectivity across smartphones, vehicles, networks and critical infrastructure.

From defense and aerospace systems to the connected edge, AI infrastructure and next-generation automotive platforms, Skyworks provides the essential technologies that connect, synchronize and power physical AI, as intelligence moves out of the data center and into the real world. Harnessing decades of technical leadership and trusted partnerships across the technology ecosystem, Skyworks helps the world's leading innovators bring next-generation products and services to market. 

Skyworks is a member of the S&P 500® market index (Nasdaq: SWKS). For more information, please visit www.skyworksinc.com.

Forward Looking Statements

This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include information relating to future events, prospects, expectations and results of Skyworks (e.g., certain projections and business trends, including with respect to future sales and revenue, as well as statements regarding the recently completed combination with Qorvo, Inc. (“Qorvo”)). Forward-looking statements can often be identified by words such as “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “believes,” “plans,” “may,” “will” or “continue,” and similar expressions and variations or negatives of these words. All such statements are subject to certain risks, uncertainties and other important factors that could cause actual results to differ materially and adversely from those projected and may affect our future operating results, financial position and cash flows.

These risks, uncertainties and other important factors include: the potential impacts on our business, reputation, relationships, results of operations, cash flows and financial condition as a result of the combination with Qorvo, Inc.; the possibility that expected benefits related to such transactions with Qorvo may not materialize as expected; our business experiencing disruptions as a result of the acquisition, including factors making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities; the diversion of management time to integration of the business; our being unable to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all; the costs, fees, expenses and other charges related to the transactions with Qorvo, including with respect to any related litigation; reduced flexibility in operating our business as a result of the substantial amount of additional indebtedness we have incurred and may in the future incur in connection with the Qorvo transactions; unexpected costs, charges and expenses related to the integration of the parties’ businesses; the risks of doing business internationally, including from trade war or trade protection measures (e.g., tariffs, retaliatory tariffs and other countermeasures or taxes), increased import/export restrictions and controls (e.g., our ability to obtain foreign-sourced raw materials, including from Chinese-based sources, as well as our ability to sell products to certain specified foreign entities only pursuant to a limited export license from the U.S. Department of Commerce), the susceptibility of the semiconductor industry and the markets addressed by our, and our customers’, products to economic cycles or changes in economic conditions, including inflation and recession that could result from trade war or trade protection measures; our reliance on a small number of key customers for a large percentage of our sales; decreased gross margins and loss of market share as a result of increased competition; our ability to obtain design wins from customers; our ability to convert design wins into revenue; market acceptance of our products and our customers’ products, including market acceptance of new, emerging technologies such as AI; the mix and volume of phone models sold by our largest customer; delays in the deployment of commercial 5G networks or in consumer adoption of 5G-enabled devices; the volatility of our stock price; changes in laws, regulations and/or policies that could adversely affect our operations and financial results, the economy and our customers’ demand for our products, or the financial markets and our ability to raise capital; fluctuations in our manufacturing yields due to our complex and specialized manufacturing processes; our ability to develop, manufacture and market innovative products, avoid product obsolescence, reduce costs in a timely manner, transition our products to smaller geometry process technologies and achieve higher levels of design integration; the quality of our products and any defect remediation costs; our products’ ability to perform under stringent operating conditions; the availability and pricing of third-party semiconductor foundry, assembly and test capacity, raw materials, including rare earth and similar minerals, supplier components, equipment and shipping and logistics services, including limits on our customers’ ability to obtain such services and materials; risks that we may not be able to optimize our manufacturing footprint and achieve any financial and operational benefits from such efforts, including reducing fixed costs or improving utilization rates, disruptions to our manufacturing processes, including relating to any relocation of our key facilities; our ability to successfully manage our senior management transitions; our ability to retain, recruit and hire key executives or the departure of any such executives, technical personnel and other employees in the positions and numbers, with the experience and capabilities, and at the compensation levels needed to implement our business and product plans; the timing, rescheduling or cancellation of significant customer orders and our ability, as well as the ability of our customers, to manage inventory; other economic, social, military and geopolitical conditions in the countries in which we, our customers or our suppliers operate, including the conflicts in Ukraine, Iran and other regions in the Middle East, possible disruptions in transportation networks, and fluctuations in foreign currency exchange rates; the effects of global health crises on business conditions in our industry, including the risk of significant disruptions to our business operations, as well as negative impacts to our financial condition; our ability to prevent theft of our intellectual property, disclosure of confidential information or breaches of our information technology systems; uncertainties of litigation, including potential disputes over intellectual property infringement and rights, as well as payments related to the licensing and/or sale of such rights; our ability to continue to grow and maintain an intellectual property portfolio and obtain needed licenses from third parties; our ability to make certain investments and acquisitions, integrate Qorvo and other companies we acquire and/or enter into strategic alliances; and other risks and uncertainties, including those detailed from time to time in our filings with the Securities and Exchange Commission.

The forward-looking statements contained in this press release are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Note to Editors: Skyworks, Qorvo, the Skyworks symbol, and the Qorvo symbol are trademarks or registered trademarks of Skyworks Solutions, Inc., or its subsidiaries in the United States and other countries. Third-party brands and names are for identification purposes only and are the property of their respective owners.

Media Relations:        
Constance Griffiths
(949) 230-4867        
[email protected] Relations:
Raji Gill
(949) 508-0973
[email protected]        

 | Source: Crescent Biopharma, Inc.

Phase 1/2 APOLLO global clinical trial to evaluate CR-002 in multiple solid tumor types, including non-small cell lung cancer (NSCLC) and head and neck squamous cell carcinoma (HNSCC), on track to initiate in the fourth quarter of 2026

Initial clinical data expected in the second half of 2027

WALTHAM, Mass., Oct. 05, 2026 (GLOBE NEWSWIRE) --  Crescent Biopharma, Inc. (“Crescent” or the “Company”) (Nasdaq: CBIO), a clinical-stage biotechnology company dedicated to rapidly advancing the next wave of therapies for cancer patients, today announced that the U.S. Food and Drug Administration (FDA) has cleared its Investigational New Drug (IND) application for CR-002, a topoisomerase inhibitor antibody drug-conjugate (ADC) targeting programmed cell death ligand 1 (PD-L1), being developed for the treatment of advanced solid tumors.

“FDA clearance of the CR-002 IND is an important milestone for Crescent and is the third distinct program in our portfolio to enter the clinic,” said Ellie Im, M.D., chief medical officer of Crescent. “The strong scientific rationale and encouraging preclinical profile of CR-002 underscores its promise in addressing a range of solid tumors. We look forward to initiating the APOLLO trial this quarter and working with global investigators to generate important clinical insights and advance our mission of bringing new treatment options to patients living with difficult-to-treat cancers.”

The Phase 1/2 APOLLO global clinical trial plans to enroll patients in the United States, Europe and Asia Pacific with advanced solid tumors, including non-small cell lung cancer (NSCLC), head and neck squamous cell carcinoma (HNSCC), and various gastrointestinal and gynecological tumors. The study’s dose escalation and tumor-specific backfill cohorts are expected to enroll approximately 200 participants with the opportunity for additional participants in expansion cohorts. Crescent anticipates reporting initial clinical data from the APOLLO trial in the second half of 2027, including safety, pharmacokinetic and preliminary antitumor activity in multiple tumor types.

About CR-002
CR-002, internally developed in collaboration with Paragon Therapeutics, is a topoisomerase inhibitor ADC directed to PD-L1, a validated target known to have high expression in multiple solid tumors and comparatively limited expression in healthy tissue. CR-002 incorporates a PD-L1 antibody selected for high internalization to facilitate payload release in target cells and a linker designed for intracellular cleavage and high stability in circulation, an approach intended to concentrate payload delivery in tumor tissue. APOLLO, a global Phase 1/2 trial of CR-002 in patients with solid tumors, is anticipated to commence in the fourth quarter of 2026. Crescent also plans to evaluate CR-002 in combination with CR-001, its PD-1 x VEGF bispecific antibody, as part of its efforts to evaluate synergistic ADC and immuno-oncology combinations.

About Crescent Biopharma 
Crescent Biopharma’s vision is to build a world leading oncology company bringing the next wave of therapies for cancer patients. The Company’s clinical-stage pipeline includes its lead program, a PD-1 x VEGF bispecific antibody, as well as novel antibody-drug conjugates (ADCs). By leveraging multiple modalities and established targets, Crescent aims to rapidly advance potentially transformative therapies as single agents and as part of combination regimens to treat a range of solid tumors. For more information, visit www.crescentbiopharma.com and follow the Company on LinkedIn and X.

Forward-Looking Statements 
Certain statements in this press release, other than purely historical information, may constitute "forward-looking statements" within the meaning of the federal securities laws, including for purposes of the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements relating to Crescent’s expectations, beliefs, or strategies regarding the future of its pipeline and business including, without limitation: the initiation, design, timing, and success of the Phase 1/2 global APOLLO trial; the potential for CR-002 to treat a range of solid tumors; and anticipated timing of reporting proof-of concept data from the APOLLO trial. Forward-looking statements generally relate to future events or future financial or operating performance. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “predict,” “target,” “intend,” “could,” “would,” “should,” “project,” “plan,” “expect and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects and involve a number of risks, uncertainties or other assumptions that may cause actual performance to be materially different from those expressed or implied by these forward-looking statements. Risks and uncertainties include, but are not limited to: the expected benefits of, and opportunities related to, the strategic partnership between Crescent and Kelun-Biotech may not be realized or may take longer to realize than anticipated; Crescent’s limited operating history, including with respect to clinical trials; Crescent’s historical losses and any future ability to generate revenue; Crescent’s ability to raise capital to support its business plans; risks associated with clinical development and regulatory approval; risks related to Crescent’s intellectual property; Crescent’s reliance on third parties, including to help develop its product candidates, run its clinical trials, and manufacture its product candidates; significant disruptions of information technology systems or breaches of data security, litigation and regulatory risks; risks related to the current macroeconomic environment, including fluctuating interest rates, barriers to trade, changes to fiscal and monetary policy or government budget dynamics, geopolitical factors, including the ongoing conflicts in Iran and between Russia and Ukraine and the responses thereto, and supply chain disruptions, as well as those factors more fully described in Crescent’s most recent filings with the Securities and Exchange Commission (including its Quarterly Report on Form 10-Q), and Crescent’s other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of Crescent’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements in this press release speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Except as required by law, Crescent does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statements.

Contacts

Investors
Amy Reilly
Chief Communications Officer
[email protected]
617-465-0586

Media
Jenna Poist
Director, Corporate Communications
[email protected]
781-671-5019

 | Source: iRhythm

Combination broadens iRhythm’s cardiac monitoring portfolio, advances its multi-vitals strategy and expands iRhythm’s addressable market across the continuum of care.iRhythm’s commercial scale, health system relationships, market access expertise, and integrated clinical service capabilities are expected to accelerate VitalConnect's growth and expand customer access.Transaction is expected to enhance iRhythm's revenue growth rate beginning in 2027 while preserving iRhythm’s previously communicated 15% adjusted EBITDA margin target for 2027. SAN FRANCISCO, Oct. 05, 2026 (GLOBE NEWSWIRE) -- iRhythm Holdings, Inc. (Nasdaq: IRTC) today announced that it completed the previously announced acquisition of Vital Connect, Inc. ("VitalConnect"), a leader in wearable biosensor technology and ambulatory cardiac monitoring.

“Today marks an important milestone as iRhythm continues its evolution toward a broader cardiac monitoring and intelligence platform,” said Quentin Blackford, President and Chief Executive Officer of iRhythm. “VitalConnect brings complementary mobile cardiac telemetry (MCT), multi-vitals and monitoring capabilities to iRhythm’s established end-to-end cardiac monitoring service. Together, we can offer clinicians greater choice, serve more patients and customers across the continuum of care, and deepen customer relationships. We are pleased to welcome the VitalConnect team to iRhythm.”

“Joining iRhythm creates an opportunity to extend the reach and impact of VitalConnect’s technology,” said Peter Van Haur, Chief Executive Officer of VitalConnect. “By bringing together what our team has built with iRhythm’s scale, clinical expertise and customer reach, we believe we can accelerate the growth of our platform, expand access to our technology and create even greater value for clinicians and patients.”

VitalConnect’s cardiac monitoring platform supports multiple modalities, including complementary MCT capabilities. The VitalConnect platform offers differentiated features such as up to 30-day patient monitoring, four-in-one functionality, flexible service models and live look-in. VitalConnect’s platform also has the capability to monitor up to 11 physiological parameters, advancing iRhythm’s multi-vitals strategy beyond traditional ambulatory cardiac monitoring. Together with iRhythm’s end-to-end cardiac monitoring service, the combination creates a broader portfolio designed to serve distinct customer workflows as well as clinician and patient needs.

Strategic Fit and Financial Benefit

The acquisition immediately expands iRhythm's capabilities across ambulatory cardiac monitoring, including MCT, creating a broader portfolio to serve diverse clinical needs. The combination also creates meaningful commercial acceleration opportunities by leveraging iRhythm's scale, customer relationships and go-to-market capabilities.

Further, the addition of VitalConnect broadens iRhythm's addressable market across the continuum of care, extending its reach into inpatient, remote and hospital-to-home settings. The transaction also brings together complementary technology, data and workflow capabilities that are expected to accelerate innovation and enhance customer solutions. Together, these benefits strengthen iRhythm's long-term growth profile and position the company to serve more clinicians, customers and patients across a broader range of care settings.

As previously announced, the acquisition is expected to enhance iRhythm’s revenue growth rate, while preserving its previously communicated adjusted EBITDA margin target of 15% for 2027.

Transaction Detail

The purchase consideration consisted of $237.5 million in cash, subject to customary adjustments, funded from iRhythm's balance sheet and up to 423,334 shares issued in connection with closing. In addition, iRhythm provided $10.0 million of working capital funding to VitalConnect between signing and closing.

iRhythm will provide updated 2026 financial guidance, inclusive of VitalConnect, during its third quarter earnings call on November 5th, 2026.

About iRhythm Holdings, Inc.

iRhythm is a leading digital health care company with a mission to boldly innovate to create trusted solutions that detect, predict, and prevent disease. Combining its Zio® wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm's vision is to deliver better data, better insights, and better health for all. For more information, visit www.irhythmtech.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among other things, statements regarding the anticipated strategic, commercial, operational and financial benefits of the transaction; the ability to expand into new markets, care settings, customer categories and commercial partnerships; the potential to take advantage of and accelerate VitalConnect's growth, deepen customer relationships and realize cross-selling opportunities; future product development, regulatory approvals and commercialization; the success of integration and the retention of key employees; the anticipated growth of the mobile cardiac telemetry category; and the expected impact on revenue growth, adjusted EBITDA and adjusted EBITDA margin. These statements may be identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will” and similar expressions. Forward-looking statements are based on current assumptions and expectations and involve risks and uncertainties that could cause actual results to differ materially, including challenges in integrating VitalConnect and realizing anticipated benefits and synergies on the expected timeline or at all; business disruption or diversion of management’s attention; changes in market demand, reimbursement, competition or regulation; product development or regulatory delays; the loss of key VitalConnect employees, customers or partners; and unforeseen liabilities and future expenditures associated with the transaction; and the risks described under “Risk Factors” and elsewhere in iRhythm's filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q filed on August 6, 2026. These forward-looking statements speak only as of the date of this press release. iRhythm undertakes no obligation to update them except as required by law.

Contacts

Company has provided four rounds of bill credits while continuing investments in PFAS treatment and water quality improvements across Indiana

, /PRNewswire/ -- Indiana American Water announced that it is providing a fourth bill credit to customers this month following the company's receipt of proceeds from settlements reached with manufacturers of per- and polyfluoroalkyl substances (PFAS). With this latest credit, Indiana American Water will have returned a total of over $25.5 million to customers statewide of PFAS settlement distributions.

Since November 2025, eligible water customers will have received nearly $75 per account in PFAS settlement credits. For the average residential customer, that amount exceeds the cost of a typical monthly water bill, based on average usage of 4,000 gallons per month and an average monthly bill of approximately $55.

Credit       

Timing                       

Amount Per Customer

First Credit    

November 2025  

$13.20

Second Credit   

January 2026           

$39.43

Third Credit  

July-August 2026     

$10.64

Fourth Credit   

October 2026               

$11.65

Total                     

$74.92

The credits distribute settlement proceeds Indiana American Water received from PFAS manufacturers through a customer bill credit mechanism approved by the Indiana Utility Regulatory Commission (IURC). This streamlined approach allows settlement funds to be returned quickly, equitably and transparently through automatic bill credits that are applied equally among eligible tariffed water customer accounts. The company plans to continue providing additional bill credits as future settlement payments are received and approved for distribution.

"Indiana American Water remains committed to returning these settlement proceeds directly to our customers while continuing to invest in the long-term protection of safe, clean, reliable and affordable drinking water across Indiana," said Barry Suits, president of Indiana American Water. "These credits provide a direct customer benefit from the settlements, while our company continues making significant investments in monitoring, treatment technologies and infrastructure improvements designed to address contaminants of emerging concern such as PFAS. We believe customers should receive the benefit of these settlement funds as quickly and efficiently as possible."

The credits are not based on whether PFAS has ever been detected in a customer's water supply, and Indiana American Water remains committed to meeting all state and federal drinking water standards while proactively addressing evolving PFAS regulations.

Indiana American Water has been a leader in PFAS treatment and water quality investments in Indiana. In January 2026, the company announced operation of Indiana's first drinking water treatment system specifically designed to remove PFAS at its Charlestown Water Treatment Plant. The company also has advanced PFAS treatment projects underway in Terre Haute and is evaluating additional treatment investments in other communities as part of its broader strategy to address emerging contaminants and comply with future regulatory requirements.

PFAS are a group of manufactured chemicals that have been used in consumer products and industrial applications for decades. Indiana American Water, along with numerous other water utilities nationwide, participated in multi-district litigation (MDL) proceedings seeking damages from manufacturers of PFAS chemicals. Settlement agreements provide payments over multiple years, allowing utilities to return proceeds to customers as funds are received.

Customers interested in learning more about PFAS, including what these compounds are, how they are regulated and the steps Indiana American Water is taking to address them, can visit the company's PFAS information webpage at Indiana American Water PFAS Information. Customers can also view annual Water Quality Reports for their local community, which provide detailed information about drinking water quality, testing and compliance with state and federal standards.

About American Water
American Water (NYSE: AWK) is the largest regulated water and wastewater utility company in the United States. With a history dating back to 1886 and celebrating 140 years in 2026, We Keep Life Flowing® by providing safe, clean, reliable and affordable drinking water and wastewater services to approximately 14 million people with regulated operations in 14 states and on 19 military installations. American Water's approximately 7,000 talented professionals leverage their significant expertise and the company's national size and scale to achieve excellent outcomes for the benefit of customers, employees, investors and other stakeholders. For more information, visit amwater.com and join American Water on LinkedIn, Facebook, X and Instagram.

About Indiana American Water
Indiana American Water, a subsidiary of American Water, is the largest regulated water utility in the state, providing high-quality and reliable water and wastewater services to approximately 1.5 million people.

SOURCE American Water

Increases total implied consideration by 25% to US$5.00 per Aurora Share, representing a premium of 86% to Aurora's Unaffected Share Price

Increases Cash consideration by 33% to US$1.00 per Aurora Share, which represents approximately 20% of the consideration mix

Increases Share Consideration to 0.4013 Curaleaf shares per Aurora Share and increases the Cap Price by 20% to US$6.00 per share

Enhanced proposal developed solely from publicly available information; Curaleaf remains committed to engaging with Aurora in a formal due diligence process and urges Aurora's Board to engage in good faith discussions regarding the Enhanced Offer

Enhanced Offer continues to provide Aurora Shareholders with the opportunity to become owners of the premium global cannabis platform and participate in the significant long-term upside of the combined company

, /PRNewswire/ -- Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading international provider of consumer and medical cannabis products, today announced that it will file a Notice of Variation and Change to increase its offer (the "Enhanced Offer") to acquire all of the issued and outstanding common shares (the "Aurora Shares") of Aurora Cannabis Inc. ("Aurora") for consideration consisting of subordinate voting shares of Curaleaf (the "Curaleaf Shares") and cash.

Under the terms of the Enhanced Offer, Aurora shareholders would receive total implied consideration of US$5.00 per Aurora Share, comprised of 0.4013 Curaleaf Shares (the "Share Consideration") plus US$1.00 cash (the "Cash Consideration", and collectively with the Share Consideration, the "Amended Consideration") based on Curaleaf's U.S. dollar equivalent closing share price of C$14.21 (C$1.00 = US$0.7015) on October 2, 2026. Based on Aurora's 30-day volume weighted average price ("VWAP") of US$2.75 as of August 10, 2026 (the day before Curaleaf announced its intention to make its initial Offer (the "Unaffected Share Price"), the Enhanced Offer represents a premium of 86% to Aurora's Unaffected Share Price. Excluding the value of the cash and cash equivalents that Aurora has on its balance sheet, including its subsequent equity issuances pursuant to its at-the-market ("ATM") program issued during its fiscal first quarter, the Enhanced Offer represents a premium of 217% to the ex-cash Unaffected Share Price.  

The Enhanced Offer will also increase the Offer's maximum consideration per Aurora Share from US$5.00 to US$6.00 (the "Cap Price"). The Cap Price would represent a premium of 118% to Aurora's Unaffected Share Price and a 295% premium to the ex-cash Unaffected Share Price.

Boris Jordan, Chairman of the Board and Chief Executive Officer of Curaleaf, stated:

"Over the past several weeks, we have met with a significant percentage of Aurora's shareholder base, all of whom are supportive of the strategic rationale for the deal. This increased offer reflects careful consideration and shareholder input, demonstrating our continued commitment to reaching a successful outcome.

"Importantly, we are enhancing our proposal despite Aurora's refusal to engage and provide access to customary due diligence. We view this as a significant good-faith step that demonstrates our conviction in the merits of a combination and the value creation opportunity it represents.

"We have demonstrated our willingness to act in the best interest of shareholders. While this is not how we would expect to engage in a sale process, we are prepared to act because we believe strongly in the value creation opportunity. Importantly, if Aurora is providing diligence access to other parties, shareholders deserve a fair and open process that includes Curaleaf."

A combination of Curaleaf and Aurora would create the global cannabis leader, with operations across 17 countries, more than US$1.5 billion of last-twelve-month ("LTM") revenue, nearly US$350 million of LTM Adjusted EBITDA and at least US$40 million of expected annual cost synergies. Aurora shareholders would retain exposure to Aurora's international business while gaining ownership in Curaleaf's leading U.S. platform and future regulatory upside.

The combined company would be a larger, more diversified global cannabis platform with a pro forma market capitalization in excess of US$3 billion, with its scale, diversity and enhanced liquidity providing a significantly lower cost of capital than Aurora has today, providing Aurora shareholders with greater opportunities to capitalize on the global cannabis sector.

Curaleaf will be filing a Notice of Variation, Change and Extension (the "Notice of Variation and Change") to its Offer to Purchase and Circular and related offer materials to reflect the Enhanced Offer with the applicable Canadian securities regulatory authorities and a new Registration Statement on Form F-80 with the U.S. Securities and Exchange Commission. The Notice of Variation and Change is expected to be filed promptly. Aurora shareholders and other interested parties can find additional information regarding Curaleaf's Enhanced Offer, including materials and instructions on how to tender their shares, at grow.curaleaf.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

Although we do not believe required, as a sign of our commitment to the Enhanced Offer, the Notice of Variation and Change will also include the pro forma financial statements that Aurora suggests should be provided. The Notice of Variation and Change will also extend the Expiry Time under the Offer from 5:00pm (Mountain Time) on December 1, 2026 to 11:59pm (Mountain Time) on December 4, 2026.

IMPORTANT INFORMATION

This document does not constitute an offer to buy or the solicitation of an offer to sell any securities. The Offer by Curaleaf to purchase all outstanding common shares of Aurora is made solely by the Offer to Purchase and Circular dated August 18, 2026, as amended by the Notice of Variation and Change and as may be further amended or supplemented.

SECURITY HOLDERS ARE URGED TO READ THE NOTICE OF VARIATION AND CHANGE AS WELL AS THE OFFER TO PURCHASE AND CIRCULAR, THE REGISTRATION STATEMENTS ON FORM F-80, THE TENDER OFFER STATEMENT ON SCHEDULE 14D-1F, AND ALL OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Free copies are available at www.sedarplus.ca, www.sec.gov or by contacting the Information Agent, Carson Proxy Advisors, at 1-800-530-5189 (toll-free), 416-751-2066 (local/text), or [email protected].

NOTICE TO U.S. SHAREHOLDERS

The enforcement by investors of civil liabilities under the federal securities laws may be affected adversely by the fact that the subject company is located in a foreign country, and that some or all of its officers and directors are residents of a foreign country.

Investors should be aware that the bidder or its affiliates, directly or indirectly, may bid for or make purchases of the issuer's securities subject to the offer or of the issuer's related securities, or of the bidder's securities to be distributed or of the bidder's related securities, during the period of the tender offer, as permitted by applicable Canadian laws or provincial laws or regulations.

Curaleaf has filed with the SEC a Registration Statement on Form F-80 under the U.S. Securities Act of 1933 and a Tender Offer Statement on Schedule 14D-1F under the U.S. Securities Exchange Act of 1934 and will promptly be filing amendments to both to reflect the Enhanced Offer. The Offer is being conducted in accordance with Section 14(e) of the Exchange Act and Regulation 14E.

THE OFFER AND THE OFFEROR SHARES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY U.S. STATE SECURITIES COMMISSION, NOR HAS ANY SUCH AUTHORITY PASSED UPON THE ACCURACY OR ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

The Curaleaf Shares to be issued under the Offer have not been registered or otherwise qualified for offer and sale in certain U.S. states where shareholders may reside. No offer is made in those states except to qualifying Exempt Institutional Investors as described in the Offer to Purchase and Circular.

FORWARD-LOOKING INFORMATION

This document contains "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of applicable U.S. securities laws. Such statements relate to, among other things, the expected benefits, timing, and effects of the Offer, the timing for filing of the Notice of Variation and Change, and anticipated synergies from a combination of Curaleaf and Aurora. Forward-looking statements can often be identified by words such as "believes," "expects," "anticipates," "may," "will," or similar expressions.

Actual results may differ materially due to risks including: changes in general economic conditions; failure to satisfy conditions to the Offer; failure to realize anticipated synergies; fluctuations in foreign exchange and interest rates; regulatory changes; and other risks described under "Risk Factors" in the Offer to Purchase and Circular. The safe harbor for forward-looking statements does not apply to statements made in connection with a tender offer. Security holders should not place undue reliance on forward-looking information. Curaleaf disclaims any obligation to update forward-looking information except as required by law.

AURORA INFORMATION

Information concerning Aurora herein is based solely on Aurora's publicly available filings and other public sources. Aurora has not reviewed this document. Neither Curaleaf nor its officers or directors assumes responsibility for the accuracy or completeness of such information.

ADDITIONAL INFORMATION

The disposition of Common Shares and the acquisition of Curaleaf shares may have U.S. and Canadian tax consequences; shareholders should consult their own tax advisors and review the tax disclosure contained in the Offer to Purchase and Circular which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

About Curaleaf Holdings

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) ("Curaleaf") is a leading international provider of consumer products in cannabis with a mission to enhance lives by cultivating, sharing and celebrating the power of the plant. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select, Grassroots, Find, Dark Heart, and Anthem provide industry-leading service, product selection and accessibility across the medical and adult use markets. Curaleaf International is powered by a strong presence in all stages of the supply chain. Its unique distribution network throughout Europe, Canada and Australasia brings together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Toronto Stock Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit https://ir.curaleaf.com.

Contacts

Media Contact
Kekst CNC
[email protected] 

Investor Contact
Curaleaf Holdings, Inc.
[email protected] 

Shareholder Contact 
Carson Proxy Advisors
North American Toll Free Phone: 1-800-530-5189
Local (Collect outside North America): 416-751-2066
Email: [email protected] 

SOURCE Curaleaf Holdings, Inc.

, /PRNewswire/ -- Leidos (NYSE: LDOS) and investment firm Altaris have completed their previously announced transaction to form a scaled U.S.-based joint venture (JV) for advancing security screening at airports, borders and critical infrastructure worldwide.

Operating under the Analogic brand, the new company combines complementary security screening technologies, engineering expertise and advanced manufacturing capabilities. Leidos will retain a significant minority ownership stake in the company, maintaining its interests in a critical national security market.

"This JV creates an American innovator with the technology, talent and scale to address rapidly evolving global security screening needs," said Leidos Chief Executive Officer Tom Bell. "Its launch also sharpens our focus on the growth engines driving our NorthStar 2030 strategy."

In parallel with the mission of the Analogic JV, Leidos will continue its work across the broader aviation ecosystem, including modernizing airports and air traffic systems to help move people safely and efficiently around the world.

"The strategic combination of these two businesses into one reinforces our commitment to the important national security missions and markets we serve," Bell said.

About Leidos

Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with approximately 50,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.leidos.com.

About Analogic

Analogic, headquartered in Salem, New Hampshire, is a global provider of advanced imaging, detection, automation, and power technology solutions. The company designs, develops, manufactures, and supports a comprehensive portfolio of solutions for aviation security, ports and borders, critical infrastructure, healthcare, and industrial markets worldwide. Backed by decades of innovation and a global installed base, Analogic combines advanced imaging, artificial intelligence, precision power, automation, and lifecycle support capabilities to help customers meet evolving operational and regulatory requirements. For more information, visit www.analogic.com.

About Altaris

Altaris is an investment firm with an exclusive focus on acquiring and building companies in the healthcare industry. Since its inception in 2003, Altaris has invested in more than 50 companies across a range of healthcare subsectors, with a consistent goal of delivering value to the healthcare system and generating attractive financial returns for investors. Altaris is headquartered in New York City and manages $9+ billion of equity capital. For more information, visit www.altariscap.com.

Certain statements in this release contain or are based on "forward-looking" information within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. Actual performance and results may differ materially from those results anticipated by our guidance and other forward-looking statements made in this release depending on a variety of factors, including, but not limited to: ; the future operational and financial performance of the new joint venture company; the ability of the new joint venture company to successfully integrate the SES business and Analogic at all or otherwise in accordance with any anticipated timeline; the ability of the new joint venture company to service its indebtedness;  developments in the U.S. government defense and non-defense budgets, including budget reductions, sequestration, implementation of spending limits or changes in budgetary priorities, future delays in the U.S. government budget process, or the U.S. government's failure to raise the debt ceiling, which increases the possibility of a default by the U.S. government on its debt obligations, related credit-rating downgrades, or an economic recession; uncertainties in tax due to new tax legislation or other regulatory developments; deterioration of economic conditions or weakening in credit or capital markets; uncertainty in the consequences of current and future geopolitical events; inflationary pressures and fluctuations in interest rates; delays in the U.S. government contract procurement process or the award of contracts and delays or loss of contracts as a result of competitor protests; changes in U.S. government procurement rules, regulations and practices; our compliance with various U.S. government and other government procurement rules and regulations; governmental reviews, audits and investigations of our company; our ability to effectively compete and win contracts with the U.S. government and other customers; our ability to respond rapidly to emerging technology trends, including the use of artificial intelligence; our reliance on information technology spending by hospitals/healthcare organizations; our reliance on infrastructure investments by industrial and natural resources organizations; energy efficiency and alternative energy sourcing investments; investments by U.S. government and commercial organizations in environmental impact and remediation projects; the effects of an epidemic, pandemic or similar outbreak may have on our business, financial position, results of operations and/or cash flows; our ability to attract, train and retain skilled employees, including our management team, and to obtain security clearances for our employees; our ability to accurately estimate costs, including cost increases due to inflation, associated with our firm-fixed-price contracts and other contracts; resolution of legal and other disputes with our customers and others or legal or regulatory compliance issues; cybersecurity, data security or other security threats, system failures or other disruptions of our business; our compliance with international, federal, state and local laws and regulations regarding privacy, data security, protection, storage, retention, transfer, disposal and other processing, technology protection and personal information; the damage and disruption to our business resulting from natural disasters and the effects of climate change; our ability to effectively acquire businesses and make investments; our ability to maintain relationships with prime contractors, subcontractors and joint venture partners; our ability to manage performance and other risks related to customer contracts; the failure of our inspection or detection systems to detect threats; the adequacy of our insurance programs, customer indemnifications or other liability protections designed to protect us from significant product or other liability claims, including cybersecurity attacks; our ability to manage risks associated with our international business; our ability to comply with the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act of 2010 and similar worldwide anti-corruption and anti-bribery laws and regulations; our ability to protect our intellectual property and other proprietary rights by third parties of infringement, misappropriation or other violations by us of their intellectual property rights; our ability to prevail in litigation brought by third parties of infringement, misappropriation or other violations by us of their intellectual property rights; our ability to declare or increase future dividends based on our earnings, financial condition, capital requirements and other factors, including compliance with applicable law and our agreements; our ability to grow our commercial health and infrastructure businesses, which could be negatively affected by budgetary constraints faced by hospitals and by developers of energy and infrastructure projects; our ability to successfully integrate acquired businesses; and our ability to execute our business plan and long-term management initiatives effectively and to overcome these and other known and unknown risks described in our Securities and Exchange Commission filings.

Media Contact:

Victor Melara
Senior Media Relations Manager
703.431.4612
[email protected]

SOURCE Leidos

New offerings bring beverage culture's biggest trends to life through distinctive new flavors, expanded energy choices and updates to iconic brands

, /PRNewswire/ -- Keurig Dr Pepper (NASDAQ: KDP) today unveiled a first look at its 2027 beverage innovation pipeline ahead of the 2026 National Association of Convenience Stores (NACS) Show. The lineup delivers what consumers want most: familiar favorites, reimagined; a bigger, bolder energy lineup; and refreshed iconic brands.

Photo Credit: Keurig Dr Pepper

Photo Credit: Keurig Dr Pepper

Photo Credit: Keurig Dr Pepper

Photo Credit: Keurig Dr Pepper

"Beverages are one of the strongest drivers of traffic and basket growth for convenience retailers, and innovation is what keeps shoppers engaged," said Jeff Tabor, Chief Customer Officer at Keurig Dr Pepper. "Our 2027 pipeline brings together breakthrough energy varieties, culturally relevant flavors and meaningful investments in some of the industry's most iconic brands. Backed by our broad portfolio and route-to-market capabilities, these innovations are designed to create excitement, spark discovery and help retailers capture incremental sales across the beverage category."

Familiar Favorites, Reimagined

KDP's research shows that younger consumers are exploring a wider range of beverage categories and flavors, while remaining drawn to the nostalgia and familiarity of brands they know and love. Carbonated Soft Drinks remain the largest non-alcoholic beverage segment, and innovation continues to drive category dollar growth. Building on a track record that includes delivering the #1 CSD innovation in each of the past three years1, KDP is introducing the following fresh twists on familiar favorites, all of which are available in both Regular and Zero Sugar varieties:

Dr Pepper® Ice Cream Float blends Dr Pepper's signature 23 flavors with a creamy vanilla ice cream flavor and rich notes of caramel and butterscotch for an everyday treat take on the beloved float. Launching nationwide as a permanent offering, the flavor will be available in cans and 20 oz. bottles beginning February 2027, with fountain and frozen dispensed formats arriving mid-year.
   7UP® Miami Vice™ combines refreshing lime-lemon, sweet strawberry daiquiri, and creamy pina colada flavors for a tropical soda experience inspired by the classic frozen cocktail. The limited-time offering arrives nationwide in June 2027.
   7UP® Shirley Temple, one of the brand's most successful recent flavor platforms, returns for the holiday season as a limited-time offering. Featuring the nostalgic flavors of cherry and pomegranate, the fan-favorite flavor will roll out with expanded immediate-consumption availability through a new 20 oz. package in 2027.
   Canada Dry® Raspberry Lemonade combines the flavors of raspberry and lemonade with the crisp refreshment of Canada Dry for a bright, seasonal twist beginning in Spring 2027. A Bigger, Bolder Energy Lineup for 2027

Energy remains one of the fastest-growing areas in beverages, with innovation and limited-time offerings driving nearly three-quarters of category growth2. In 2027, KDP will distribute more than 25 new items across its energy brand portfolio, spanning permanent additions, limited-time releases, distinctive collaborations and new formats designed to meet growing demand for flavor exploration and variety. Highlights from the Company's owned energy brand, GHOST®, and energy brand partners include:

Building on the success of its partnership with KDP, GHOST® - now a $1 billion brand at retail - will make GHOST® Energy x 7UP® and GHOST® Energy x A&W® permanent offerings in 2027 following the popularity and strong retail performance of the 2026 limited-time releases. The brand will also launch GHOST® Energy Sour Strips Appleberry™, a sweet-and-sour blend of green apple and strawberry, nationwide in January, followed by the limited-time GHOST® Energy Blueberry Cream, a first-to-market flavor requested by consumers that pairs tangy blueberry with sweet, creamy vanilla for a nostalgic yogurt-inspired taste.
   Bloom Energy™ will introduce a new lineup of iconic treats, featuring three flavors inspired by childhood favorites. Strawberry Shortie, available beginning in October 2026, combines sweet swirls of strawberry and vanilla cream flavors reminiscent of a classic ice cream truck treat, while Cotton Candy and Lemon Freezie, arriving in January 2027, deliver playful takes on blue cotton candy and frozen lemonade respectively.
   C4 Energy® will expand its zero-sugar Cereal's Most Wanted lineup in January 2027, introducing Cocoa Loco in 16-ounce cans and launching new 8.4-ounce mini can formats for Cereal Killer, Jacked Apple Crunch and Buzzin' Honey O's. The great Breakfast Heist of 2027 is upon us.   Refreshing Iconic Brands

While consumers are exploring more flavors than ever, they continue to return to the brands they know and trust. KDP is investing in iconic brands like 7UP and Sunkist with updates that enhance taste, evolve with changing consumer preferences and strengthen their presence across the physical and digital shelf.

7UP®recently unveiled its most significant brand evolution in more than 15 years, featuring a consumer-preferred lime-forward formula, refreshed packaging, a modernized logo and an updated visual identity across select varieties. The refresh reflects a renewed investment in the iconic brand and reinforces 7UP's distinctive position within the category.
   Sunkist® will introduce updated graphics and a refreshed recipe in Q1 2027. The renovation builds on the brand's signature citrus flavor with an improved orange taste for a more fruit-forward experience for today's consumer. In addition to the innovations featured in this release, attendees at the 2026 NACS Show in Las Vegas will get an exclusive preview of upcoming consumer-inspired innovations from across KDP's portfolio of owned and partner brands, including Snapple, Electrolit, Polar, La Colombe, Vita Coco and more.

About Keurig Dr Pepper
Keurig Dr Pepper (Nasdaq: KDP) is a leading beverage company with more than 150 owned, licensed and partner brands that meet a wide range of needs and occasions. Our North American refreshment beverage business holds leadership positions across carbonated soft drinks, water, juice and mixers with a portfolio of iconic brands such as Dr Pepper®, Canada Dry®, Mott's®, A&W®, Peñafiel®, GHOST®, 7UP®, Snapple®, Clamato® and Core Hydration®. Our global coffee business spans more than 100 markets and includes the leading Keurig® single‑serve brewing system in the U.S. and Canada, along with powerhouse brands such as Peet's, L'OR and Jacobs, and other regional coffee leaders. Our more than 50,000 employees aim to enhance the experience of every beverage and coffee occasion while making a positive impact for people, communities and the planet. Learn more at www.keurigdrpepper.com and follow us @KeurigDrPepper on LinkedIn and Instagram.

Media Contact:
Xenja Lindberg
[email protected]

1 Source: Circana Total US Multi-Outlet + Convenience, Calendar Year 2025, 2024 and 2023
2 Source: Circana POS Energy Drink Aisle, 2024 vs. 2025.

SOURCE Keurig Dr Pepper

New business unit designed to deliver enterprise-grade AI transformation to emerging enterprises that generate $1 billion to $5 billion in annual revenue, building toward Global 2000 scale, through a dedicated, right-sized operating model built for speed

, /PRNewswire/ -- Cognizant (Nasdaq: CTSH), a leading AI builder and technology services provider, today announced the launch of Cognizant Activate, a new business unit designed to help emerging enterprises harness AI and accelerate transformation. Cognizant Activate brings the depth of Cognizant's AI Builder capability, proven with the world's largest companies, together with a purpose-built operating model tailored to the speed, priorities and decision-making dynamics of emerging enterprises.

Cognizant is an AI Builder company www.cognizant.ai Emerging enterprises with high growth face many of the same pressures as large enterprises, including legacy technology, rising cybersecurity risk and the need to adopt AI ahead of competitors, but they require solutions that are faster to deploy and right-sized for their scale.

Cognizant Activate is expected to deliver platform-aligned, pre-configured solution kits spanning data and AI, cybersecurity, enterprise applications, cloud modernization and managed services. The business unit will operate with vertically integrated teams and a single engagement lead accountable from the first conversation through delivery. It will launch with an initial focus on financial services, healthcare, manufacturing and retail/CPG sectors, where Cognizant has deep domain expertise and an established presence serving emerging enterprises. Cognizant Activate will also draw on Cognizant's ecosystem partnerships to accelerate time-to-value for clients.

"The companies shaping tomorrow's economy are moving fast and thinking boldly, and they need a partner who will treat their transformation as consequential, not incremental," said Ravi Kumar S, Chief Executive Officer of Cognizant. "Cognizant Activate brings the same AI Builder capability that is helping to transform some of the world's largest enterprises to emerging enterprises, right-sized for their speed and scale. This is how our clients activate growth with AI."

Cognizant Activate is built around the idea that emerging enterprises aren't looking for a scaled-down version of an enterprise engagement. They want a partner that can build AI into how they operate today, not add it as a future roadmap item. Cognizant's approach combines pre-built AI accelerators, compressed implementation timelines and commercial models designed for high-growth economics.

"Emerging enterprises with high growth want enterprise-grade capability without enterprise-level complexity and cost," said Mohammad Haque, Global Head of Intelligent Enterprise Platforms and Large Deals of Cognizant. "Cognizant Activate gives them access to our global delivery network, platform certifications and decades of industry expertise, delivered through a model built specifically for their speed and ambition."

About Cognizant
Cognizant (Nasdaq: CTSH) is an AI builder and technology services provider, building the bridge between AI investment and enterprise value by building full-stack AI solutions for our clients. Our deep industry, process and engineering expertise enables us to build an organization's unique context into technology systems that amplify human potential, realize tangible returns and keep global companies ahead in a fast-changing world. See how at www.cognizant.ai or @cognizant.

For more information, contact:
Katrina Cheung
[email protected]

SOURCE Cognizant Technology Solutions Corporation

Credo Technology just posted its seventh consecutive quarter of triple-digit revenue growth, yet analysts still set targets well below where this volatile stock has already traded. One specific milestone in its optical business could force a dramatic rethink of where…

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Credo Technology (NASDAQ:CRDO | CRDO Price Prediction) sells the connectivity that keeps AI clusters talking. Its lineup covers active electrical cables, optical DSPs, retimers and now silicon photonics. Revenue hit a record $479 million last quarter, up 115% year over year.

Shares are up 54.22% year to date but still trade well below the $308.67 52-week high. One number could change the long-term story: more than $600 million of optical revenue in fiscal 2027. So can Credo hit $350 in 2027?

What’s Holding Credo Back Right Now The biggest risk is volatility: Credo carries a beta of 3.228. Shares traded at $282.82 in mid-August and fell to $161.49 by mid-September, though recent gains of +13.24% week-over-week show a rebound.

GAAP gross margin slipped to 64.5% from 68.2% sequentially due to acquisition amortization. Goodwill jumped to $986.4 million. The largest customer accounted for 33% of revenue and the second-largest for 28%. Inventory rose to $313.1 million, and share-based compensation reached $87.98 million.

Analysts Are Bullish, but Their Targets Trail the Estimates The consensus target is $281.09. The stock carries 4 Strong Buy, 14 Buy, 1 Hold, plus 0 Sell ratings from analysts. The model’s base case is $270.13, or 18.44% upside. The scenario range runs from a bear case of $212.44 to a bull case of $335.88. Model confidence is high, at 0.9 on a 1.0 scale.

The fiscal 2028 EPS estimate has rose to $9.7049 from $8.8475 90 days ago. Over the last 30 days there were 14 upward revisions and 1 downward. Analyst sentiment is 95% bullish, yet the model may be underweighting the optical ramp.

Here’s What It Takes for Credo to Reach $350 A climb to $350 from $228.07 means a gain of 53.5%.

Given forward EPS of $7.1551, $350 amounts to a significantly higher forward multiple than the base case of $270.13, calling for additional multiple expansion.

That expansion is justified because management expects fiscal 2027 revenue growth above 85% and a non-GAAP net margin “in the vicinity of 50%”. Zero-flap optics, silicon photonics PICs and optical DSPs are each expected to top $100 million.

CEO Bill Brennan said: “Fiscal 27, I think, is just a stepping stone for where we’re going with our optical business.” OmniConnect could add “thousands of dollars of Credo content per GPU” starting in fiscal 2028.

A slowdown in hyperscaler capex poses the biggest risk, landing hard on a business where three to four customers each make up more than 10% of revenue.

The flip side is that the same expansion is lifting a whole bench of suppliers beyond the chipmakers (we covered seven of them, from power to cooling to networking, in a free report).

Where Credo Trades Today vs Its Earnings Power At $228.07, Credo’s forward multiple is reasonable for a company posting its seventh consecutive quarter of triple-digit growth. The stock is trading between its 52-week low of $86.48 and a high of $308.67.

Since January 2022, the stock has gained 1,804.81%. If the optical business delivers, today’s multiple leaves room for the rerating the bull case depends on.

$350 Is a Stretch, but Here’s Why It’s Possible Hitting $350 requires a 53.5% gain. It’s a stretch, but within reach for a stock this volatile.

Optical revenue must clear $600 million, the first 1.6T DSP revenue must arrive on schedule, and Q2 revenue must meet the $525 million to $535 million guidance. A sharp cut in AI infrastructure spending would undermine the thesis. We’ve outlined the blueprint for how Credo could reach $350 in 2027.

Contact [email protected] for any questions or corrections.

 | Source: SAIC, Inc.

RESTON, Va., Oct. 05, 2026 (GLOBE NEWSWIRE) -- Science Applications International Corp. (NASDAQ: SAIC), a leading mission integrator supporting defense, space, intelligence, and civilian agencies, today announced it has completed the acquisition of Information Security Corporation (ISC).

For more than three decades, ISC has delivered public key infrastructure (PKI), encryption, and credential management software to some of the most security-conscious organizations in government and industry, providing the critical cryptographic building blocks for confidentiality, integrity, and availability of sensitive data. Engineered with a forward-looking focus on automation and crypto-agility, ISC’s product suite helps customers modernize their cryptographic infrastructure and transition to post-quantum cryptography. The suite spans PKI and data protection solutions, including CertAgent, which has been on the National Security Agency’s Commercial Solutions for Classified (CSfC) Components List for more than a decade.

“This strategic tuck-in acquisition reflects our disciplined approach to investing in technology and capabilities that address the nation’s most critical challenges,” said Jim Reagan, Chief Executive Officer of SAIC. “Integrating ISC’s mission-proven cryptographic technologies with SAIC’s pedigree of delivering and operating robust zero-trust architectures, provides our intelligence and defense customers with the security and scalability to protect against rapidly evolving threats.”

“Joining SAIC marks an exciting new chapter for ISC and our employees,” said Jonathan Schulze-Hewett, Vice President of Development at ISC. “For more than three decades, our team has built innovative products to solve some of our customers’ most difficult security challenges. Joining SAIC gives us the opportunity to build on that work and bring ISC’s technology to more customers and more missions.”

ISC's technology is deeply embedded across the U.S. intelligence community and Department of War, supporting identity, authentication, and data protection in some of the government's most sensitive environments.

Financial terms were not disclosed. SAIC was supported by KPMG and ISC was advised by TideLock Partners.

About SAIC
SAIC® is a premier mission integrator focused on advancing the power of technology and innovation to serve and protect our world. Our robust portfolio of offerings across the defense, space, intelligence, and civilian markets includes secure high-end solutions in mission IT, enterprise IT, engineering services, and professional services. We integrate emerging technology, rapidly and securely, into mission critical operations that modernize and enable critical national imperatives.

We are approximately 23,000 strong; driven by mission, united by purpose, and inspired by opportunities. Headquartered in Reston, Virginia, SAIC has annual revenues of approximately $7.3 billion. For more information, visit saic.com. For ongoing news, please visit our newsroom.

Media Contact: 
Caralyn Duke
[email protected]

Forward-Looking Statements
Certain statements in this release contain or are based on “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “guidance,” and similar words or phrases. Forward-looking statements in this release may include, among others, estimates of future revenues, operating income, earnings, earnings per share, charges, total contract value, backlog, outstanding shares and cash flows, as well as statements about future dividends, share repurchases and other capital deployment plans. Such statements are not guarantees of future performance and involve risk, uncertainties and assumptions, and actual results may differ materially from the guidance and other forward-looking statements made in this release as a result of various factors. Risks, uncertainties and assumptions that could cause or contribute to these material differences include those discussed in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Legal Proceedings” sections of our Annual Report on Form 10-K, as updated in any subsequent Quarterly Reports on Form 10-Q and other filings with the SEC, which may be viewed or obtained through the Investor Relations section of our website at www.saic.com or on the SEC’s website at www.sec.gov. Due to such risks, uncertainties and assumptions you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. SAIC expressly disclaims any duty to update any forward-looking statement provided in this release to reflect subsequent events, actual results or changes in SAIC’s expectations. SAIC also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others.

- In exploratory analyses at Month 12, among individuals with LGMD2I/R9 (FKRP-related) with elevated HS troponin I at baseline, 100% treated with BBP-418 returned to the normal range by Month 12 versus 40% in the placebo arm (p=0.0248); HS troponin I, a blood marker of heart muscle injury, declined more with BBP-418 than placebo (LS mean difference -17.8 ng/L; 95% CI: -35.1 to -0.5; p=0.0443)

- 54% of BBP-418-treated individuals had stable or improved LVEF at Month 12 versus 25% in the placebo arm (p=0.0262)

- In data presented separately, BBP-418 treatment of LGMD2I/R9 in FORTIFY increased mean glycosylated αDG by Month 3 to the levels of asymptomatic heterozygous FKRP carriers, who do not exhibit disease; this result was sustained through Month 12

- Taken together, these findings support the potential of BBP-418 to act as a disease modifying therapy by addressing the condition at its source

- BBP-418 is under FDA Priority Review with a PDUFA target action date of November 27, 2026

PALO ALTO, Calif., Oct. 05, 2026 (GLOBE NEWSWIRE) -- BridgeBio Pharma, Inc. (Nasdaq: BBIO) ("BridgeBio" or the "Company"), a biopharmaceutical company focused on developing medicines for genetic conditions, today presented new exploratory cardiac data from the 12-month interim analysis of FORTIFY, the Phase 3 clinical trial of oral BBP-418 in individuals living with limb-girdle muscular dystrophy type 2I/R9 (LGMD2I/R9) (FKRP-related). The data were presented in an oral presentation at the 31st annual Congress of the World Muscle Society in Hiroshima, Japan by Volker Straub, M.D., Ph.D. of Newcastle University, UK.

“Cardiac involvement is a major driver of morbidity and mortality in LGMD2I/R9, which is why it remains one of the greatest concerns for people living with the condition, families and treating physicians. Historically, we have been able to monitor the heart and manage complications, but we have not been able to address the underlying cause of the disease," said Dr. Straub. “What stands out in this analysis is how consistent it is: high-sensitivity troponin I fell and, in those who entered the study with elevated levels, it normalized; ejection fraction stabilized; and this happened alongside walking farther and breathing better. It’s encouraging to see that the therapeutic approach seems to work across the whole muscular system, including the heart.”

Cardiomyopathy affects approximately 30% of individuals with LGMD2I/R9 and approximately 60% of those with other FKRP genotypes, and is progressive, with an annual loss of approximately 0.4% of left ventricular ejection fraction (LVEF). In FORTIFY, 22.9% of participants (25/109) had elevated high-sensitivity (HS) troponin I at baseline and 17.1% (18/105) had an LVEF below 50%. Exploratory cardiac findings at Month 12 showed:

HS troponin I is a blood test used to detect injury to heart muscle. 100% of the participants treated with BBP-418 returned to the normal range for HS troponin l by Month 12 versus 40% in the placebo arm (p=0.0248); HS troponin I declined more with BBP-418 than placebo (LS mean difference -17.8 ng/L; 95% CI: -35.1 to -0.5; p=0.0443)At Month 12, 54% of participants treated with BBP-418 had stable or improved LVEF, a measurement of how much blood the heart's main chamber pushes out with each beat, compared with 25% of those on placebo (p=0.0262)Both HS troponin I and LVEF will continue to be monitored in the ongoing FORTIFY study
A consistent pattern across the FORTIFY interim analysis is the proportion of treated individuals reaching normal or near-normal levels on markers of the disease e.g., 38% of patients whose CK reached normal levels. In addition to the HS troponin I finding, in which 100% of evaluable BBP-418-treated participants with elevated levels at baseline returned to the normal range by Month 12, separate data presented at WMS 2026 by Anne Katrine Kjemsø Jensen, a medical student in the laboratory of John Vissing M.D., D.M.Sci., Copenhagen Neuromuscular Center of Rigshospitalet, DK, quantified αDG glycosylation in 34 asymptomatic heterozygous FKRP carriers. Results showed:

Asymptomatic carriers showed significantly reduced glycosylation versus healthy controls, thereby establishing a reference point for the level associated with normal muscle function (34% of control)In FORTIFY, BBP-418 treatment increased mean glycosylated αDG above carrier levels by Month 12, suggesting that BBP-418 can restore glycosylated αDG to asymptomatic levelsWhile many therapies in progressive neuromuscular disease aim to slow decline, BBP-418 was developed to target LGMD2I/R9 at its source, and the pattern of biomarker normalization observed to date, alongside functional improvement from baseline rather than stabilization, is consistent with the potential for BBP-418 to be a disease modifying therapy
In the Phase 3 FORTIFY trial, BBP-418 met all primary and secondary endpoints at the pre-specified 12-month interim analysis, showing treated individuals improving while placebo recipients declined across every key measure. These results were presented as a late-breaking oral presentation at the 2026 MDA Clinical and Scientific Conference, which are available here.

BridgeBio believes BBP-418 is positioned to become the first and only approved therapy for individuals living with LGMD2I/R9, addressing a significant unmet need in this disease and potentially representing the first approval of a therapy for any form of LGMD. Approximately 7,000 individuals currently live with LGMD2I/R9 and other addressable α-dystroglycanopathies in the U.S. and Europe. BBP-418 is under FDA Priority Review with a PDUFA target action date of November 27, 2026. The Company is also engaging regulatory agencies to identify an expedited path to approval for BBP-418 in Europe.

BBP-418 has previously received Orphan Drug, Fast Track, and Rare Pediatric Disease Designations from the FDA and Orphan Drug Designation from the European Medicines Agency (EMA). BBP-418 received Priority Review from the FDA, highlighting the potential for BBP-418 to address unmet need in LGMD2I/R9. Consistent with Rare Pediatric Designation from the FDA, if BBP-418 is approved, BridgeBio may qualify for a Priority Review Voucher. The Company intends to initiate clinical studies of BBP-418 in LGMD2I/R9 for individuals less than 12 years of age in the first half of 2027 and in LGMD2M/R13 and LGMD2U/R20 in the near future.

About Limb-Girdle Muscular Dystrophy Type 2I/R9 (LGMD2I/R9)
LGMD2I/R9 is a monogenic autosomal recessive disease caused by partial loss of function mutations in the fukutin-related protein (FKRP) gene, and FKRP mutations impair glycosylation of alpha-dystroglycan (αDG), a protein associated with stabilizing muscle cells. Clinical manifestations typically present as a skeletal myopathy affecting the lower and then upper limbs, which is commonly later accompanied by pulmonary muscle and cardiac muscle involvement. Individuals who harbor a homozygous L276I genotype typically develop disease manifestations during late childhood with progression to loss of independent ambulation (25%), assisted ventilation (10%), and cardiomyopathy (30%) in adulthood. Cardiomyopathy is progressive, with an annual loss of 0.4% of left ventricular ejection fraction (LVEF). Individuals with other FKRP genotypes typically have an earlier childhood onset with a more severe clinical course, rapid loss of mobility by 20 years of age, more frequent cardiac involvement (60%), and eventual pulmonary decline by 30 years of age in nearly all cases.

About BBP-418
BBP-418 is an investigational oral glycosylation substrate therapy with potential to be the first and only therapy for LGMD2I/R9. BBP-418 is designed to saturate the partially functional FKRP enzyme with substrate thereby enhancing residual FKRP function and restoring glycosylation of αDG. Through restoration of αDG glycosylation, BBP-418 may stabilize or improve muscle function, including gross motor, ambulatory, and cardiopulmonary function.

About BridgeBio
BridgeBio exists to develop transformative medicines for genetic conditions. Millions of people worldwide living with genetic conditions lack treatment options, often because drug development for small patient populations can be commercially challenging. We aim to bridge the gap between advancements in genetic science and meaningful medicines for underserved patient populations. Our decentralized, hub-and-spoke model is designed for speed, precision, and scalability. Autonomous and empowered teams focus on individual conditions, while a central hub provides the clinical, regulatory, and commercial capabilities needed to bring innovation to market. For more information, visit bridgebio.com and follow us on LinkedIn, X, Facebook, Instagram, YouTube, and TikTok.

BridgeBio Forward-Looking Statements
This press release contains forward-looking statements. Statements in this press release may include statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), which are usually identified by the use of words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “hopes,” “intends,” “may,” “plans,” “projects,” “remains,” “seeks,” “should,” “will,” and variations of such words or similar expressions. BridgeBio intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. These forward-looking statements include statements regarding the potential clinical significance and therapeutic implications of data regarding BBP-418, including the potential for BBP-418 to act as a disease-modifying therapy for LGMD2I/R9, restore or normalize disease biomarkers, and stabilize or improve cardiac, gross motor, ambulatory and pulmonary function; the potential for BBP-418 to become the first and only approved therapy for individuals living with LGMD2I/R9 and potentially the first approved therapy for any form of LGMD; the timing and likelihood of potential regulatory approval and commercialization of BBP-418, including the PDUFA target action date of November 27, 2026; BridgeBio’s interactions with regulatory authorities regarding a potential expedited path to approval for BBP-418 in Europe; BridgeBio’s potential eligibility to receive a Priority Review Voucher if BBP-418 is approved; the continued evaluation of cardiac and other clinical measures in the ongoing FORTIFY study; and BridgeBio’s plans to initiate additional clinical studies of BBP-418, including in individuals with LGMD2I/R9 less than 12 years of age and in individuals with LGMD2M/R13 and LGMD2U/R20. Although the Company believes that its plans, intentions, expectations and strategies as reflected in or suggested by those forward-looking statements are reasonable, the Company can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a number of risks, uncertainties and assumptions, including, but not limited to, initial and ongoing data from the Company’s preclinical studies and clinical trials not being indicative of final data; the exploratory and non-alpha-controlled nature of certain analyses described in this press release and the small sample sizes on which certain of those analyses are based; that observed biomarker changes, including normalization of HS troponin I, glycosylated αDG or other disease markers, may not be replicated in additional analyses or studies or predict or translate into long-term clinical benefit, sustained improvement in cardiac or other muscle function, or prevention of disease progression; that BBP-418 may not demonstrate the anticipated efficacy, safety, therapeutic benefit or disease-modifying potential in ongoing or future clinical studies; that the design, enrollment, conduct, timing and success of ongoing and planned clinical trials may differ from current expectations; that the FDA or other regulatory authorities may not approve BBP-418 on the anticipated timeline or at all, may not agree with BridgeBio’s regulatory approval strategies, clinical trial designs, conduct or methodologies, or the sufficiency of data submitted, or may require additional data, studies or other information; that BBP-418 may not become the first and only approved therapy for LGMD2I/R9 or the first approved therapy for any form of LGMD; that BridgeBio may not identify or obtain an expedited path to approval for BBP-418 in Europe; that BridgeBio may not qualify for or receive a Priority Review Voucher; that plans to initiate additional clinical studies, including studies in individuals less than 12 years of age or in other forms of LGMD, may be delayed, modified or may not occur as expected; the potential size of the target patient populations BBP-418 is designed to treat not being as large as anticipated; the impacts of current macroeconomic and geopolitical events, including changing conditions from hostilities in Ukraine and the Middle East, increasing rates of inflation and changing interest rates, on business operations and expectations, as well as those risks set forth in the Risk Factors section of the Company’s most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K and the Company’s other filings with the U.S. Securities and Exchange Commission. Moreover, the Company operates in a very competitive and rapidly changing environment in which new risks emerge from time to time. These forward-looking statements are based upon the current expectations and beliefs of the Company’s management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as required by applicable law, BridgeBio assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

BridgeBio Media Contact
Kaitlyn Reilly, Director, Communications
[email protected]  
(650) 789-8220

BridgeBio Investor Contact
Kristen Kelleher, Director, Investor Relations
[email protected]

EDEN PRAIRIE, Minn. & CHARLOTTE, N.C.--(BUSINESS WIRE)--C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) and RXO Inc. (NYSE: RXO) (“RXO”), a Fortune 1000 provider of asset-light tech-enabled transportation solutions, today announced that they have entered into a definitive agreement (the “Merger Agreement”) under which C.H. Robinson will acquire RXO in a stock-and-cash transaction for an implied value of $5.8 billion and will create a combined company with an enterprise value of over $25 billion.

This transaction is a natural next step in our transformation, allowing us to create a more scaled, resilient North American third-party logistics provider positioned to offer exceptional customer service and redefine the future of our industry.

Share The acquisition of RXO brings together two complementary networks and diversifies and strengthens C.H. Robinson’s multi-modal platform to accelerate its growth and increase its penetration across all modes and segments. Combining both companies’ robust trucking brokerage and managed transportation businesses, along with C.H. Robinson’s global forwarding and RXO’s strengths in expedited and last mile, will create a more comprehensive offering for customers across a larger and denser network. Through the implementation of its proven Lean AI operating model across RXO’s business, C.H. Robinson expects to realize approximately $300 million of net run-rate cost synergies within two years post-close. The companies expect these productivity improvements to create a more resilient platform to drive profitable growth with enhanced operating leverage and improved margins regardless of the freight market environment.

“This transaction is a natural next step in our transformation, allowing us to create a more scaled, resilient North American third-party logistics provider positioned to offer exceptional customer service and redefine the future of our industry,” said Dave Bozeman, C.H. Robinson President and Chief Executive Officer. “Like C.H. Robinson, RXO is a customer-focused company with expertise and talent that will allow us to expand our capabilities to better support customers of all sizes on their most complex challenges. By applying our proven Lean AI model to RXO’s business, we expect to significantly enhance productivity to unlock compelling cost synergies. We are confident our experienced team and disciplined execution plan will allow us to seamlessly integrate our organizations and position the combined company to capture the expected synergies, drive innovation and deepen customer relationships to enhance profitable growth and shareholder value.”

Drew Wilkerson, RXO Chairman and Chief Executive Officer, said, “Joining C.H. Robinson represents an exciting next chapter for our company, our employees and our customers. We have built a strong business by staying relentlessly focused on our customers, operating with agility and delivering solutions that help them navigate an increasingly complex supply chain. By bringing together our complementary capabilities, talented teams and shared commitment to service, we will be able to offer customers greater scale, broader capabilities and even more value. I’m incredibly proud of what our team has built and excited about the opportunities ahead as part of C.H. Robinson.”

Adam R. Karr, President and Portfolio Manager at Orbis Investments, said, “Orbis is RXO’s largest shareholder and has owned the Company since it became independent. We know the business and the team well, and we fully support this transaction. It gives RXO shareholders substantial cash today and continued ownership in a combined platform with significant upside.”

Strategic & Financial Benefits

Unlocks compelling cost synergy opportunities through C.H. Robinson’s Lean AI operating model – C.H. Robinson expects to unlock significant productivity improvements and drive operating margin expansion as it applies its proven Lean AI operating model to RXO’s business. The transaction is expected to deliver approximately $300 million of net run-rate cost synergies within two years following the transaction close, through cost-to-serve opportunities, operating efficiencies, shared-services savings and third-party spend optimization. The anticipated synergies will allow the combined company to increase operating leverage and drive significant shareholder value creation. The acquisition will also significantly expand C.H. Robinson’s proprietary datasets, enhancing the speed and precision of its AI-driven sales, matching and procurement capabilities. Increases scale in a large and fragmented market – The addition of RXO will improve C.H. Robinson’s network density and expand its capabilities, enhancing penetration across verticals and increasing volumes. The combined company’s complementary platform and diversified customer exposure will increase market visibility and enhance its ability to drive growth through market cycles. Diversifies and strengthens offerings to support customers’ end-to-end needs – The transaction will bring together C.H. Robinson’s global, multi-modal solutions with RXO’s capabilities in North American brokerage, expedited and last mile to deliver more tailored solutions, creating opportunities to deepen relationships, increase wallet share and win new enterprise customers. The companies’ complementary commercial capabilities and diverse customer base will also create compelling cross-selling opportunities. Strengthens financial profile to support deleveraging – C.H. Robinson expects the transaction to be accretive to adjusted EPS1 within nine months of the transaction close and mid-teens accretive to adjusted EPS in 2028. Additionally, the anticipated productivity improvements are expected to increase cash flow generation to support rapid de-leveraging to C.H. Robinson’s target leverage range of 1.75x to 2.25x net debt to LTM adjusted EBITDA by the end of 2028, with flexibility to continue growth investments. C.H. Robinson expects to maintain its solid investment grade credit ratings and intends to pause share repurchases until it reaches its target leverage ratio after the transaction closes. Transaction Details

Under the terms of the merger agreement, RXO stockholders will receive $17.25 per share in cash and 0.0856 shares of C.H. Robinson common stock for each RXO share they own, representing an implied total consideration of $30.25 per share.2 The transaction represents a premium of 27% to RXO’s 90-day volume-weighted average price and 29% to RXO’s closing price on Friday, October 2, 2026. Under the terms of the merger agreement, RXO stockholders may elect to receive either (i) the standard mixed consideration consisting of $17.25 in cash and 0.0856 shares of C.H. Robinson common stock, (ii) all-cash consideration of $30.25 per share or (iii) all-stock consideration of 0.1992 shares of C.H. Robinson common stock, in each case subject to proration and adjustment procedures designed to ensure that, in the aggregate, approximately 57% of the merger consideration is paid in cash and 43% is paid in shares of C.H. Robinson common stock. RXO stockholders are expected to own 11% of the combined company upon transaction close.

The merger agreement, which was unanimously approved by the Boards of both companies, is expected to close in the first half of 2027 and is subject to customary closing conditions, including regulatory approval and approval by RXO’s stockholders. In connection with the execution of the Merger Agreement, MFN Partners LP has agreed, among other things, to vote all of its shares of RXO (which represents approximately 17%) in favor of the transaction and adoption of the Merger Agreement, and, subject to certain exceptions, not to transfer its shares.

C.H. Robinson will finance the cash consideration with new debt financing and has entered into a fully underwritten commitment for a bridge facility with Morgan Stanley Senior Funding, Inc. Upon completion of the transaction, C.H. Robinson will integrate RXO primarily into its NAST division.

For additional information regarding the transaction, including resources for customers, carriers, employees and investors, please visit www.CHRobinsonAcquiresRXO.com.

Advisors

Morgan Stanley & Co. LLC is acting as financial advisor to C.H. Robinson, Gibson, Dunn & Crutcher LLP is serving as its legal counsel and Joele Frank, Wilkinson Brimmer Katcher is serving as its strategic communications advisor. Goldman Sachs & Co. LLC is serving as financial advisor to RXO and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as its legal counsel.

Conference Call and Webcast Information:

C.H. Robinson will host a conference call at 8:00 a.m. Eastern Time today to discuss the announcement. A slide presentation and a simultaneous live audio webcast of the conference call may be accessed through C.H. Robinson’s website at investor.chrobinson.com.

About C.H. Robinson

C.H. Robinson is the global leader in Lean AI supply chains. For more than a century, companies everywhere have looked to us to reimagine how goods move. Now, as we redefine what’s next for the industry, that same drive fuels our commitment to Building Tomorrow’s Supply Chains, Today™. Trusted by 75,000 customers and 450,000 contract carriers, we manage 37 million shipments annually, representing $23 billion in freight. We deliver tailored solutions across the world via truckload, less-than-truckload, ocean, air, and more. With our unique combination of human insight and Lean AI working as one, supply chains move faster, smarter, and more sustainably. As a responsible global citizen, we proudly contribute millions to the causes that matter most to our employees. For more information, visit us at chrobinson.com (Nasdaq: CHRW).

About RXO

RXO (NYSE: RXO) is a leading provider of asset-light transportation solutions. RXO offers tech-enabled truck brokerage services together with complementary solutions including managed transportation and last mile delivery. The company combines massive capacity and cutting-edge technology to move freight efficiently through supply chains across North America. The company is headquartered in Charlotte, N.C. Visit RXO.com for more information and connect with RXO on LinkedIn, Facebook, Instagram, X and YouTube.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act. Statements that are not historical facts, including statements about beliefs, expectations, targets or goals, the expected timing of the closing of the proposed transaction, the anticipated benefits of the proposed transaction, including synergies, and expected future financial position, total addressable market and results of operations, are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. Some of these forward-looking statements can be identified by the use of forward-looking words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “projects,” “strategy,” or “anticipates,” or the negative of those words or other comparable terminology. C.H. Robinson’s and RXO’s results may differ materially from the experience and results anticipated in such statements. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the following factors: the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; the risk that the conditions to the closing of the proposed transaction are not satisfied, including the risk that required approvals of the transaction from the stockholders of RXO or from regulators are not obtained; litigation or regulatory action relating to the transaction; the risk that the proposed transaction may not be completed on the anticipated terms, in a timely manner or at all; uncertainties as to the timing of the consummation of the proposed transaction and the ability of each party to consummate the proposed transaction; risks that the proposed transaction disrupts the current plans or operations of C.H. Robinson or RXO; the effect of the announcement of the proposed transaction on the ability of C.H. Robinson or RXO to retain and hire key personnel; competitive responses to the proposed transaction; unexpected costs, charges or expenses resulting from the transaction; the risk that C.H. Robinson is unable to obtain the anticipated debt financing in connection with the proposed transaction on the anticipated timing or terms, or at all; potential adverse effects on the market price of RXO’s and/or C.H. Robinson’s common stock, credit ratings, or operating results; fluctuations in the market value of the merger consideration, which may vary from its value as of the date of the Merger Agreement or the date of this communication, as a result of changes in the market price of C.H. Robinson common stock; potential adverse reactions or changes to relationships with employees, customers, suppliers, distributors and other business partners resulting from the announcement, pendency or completion of the proposed transaction; restrictions during the pendency of the proposed transaction on RXO’s ability to pursue certain business opportunities or strategic transactions; the potential acquisition being more expensive to complete than anticipated, including as a result of unexpected factors or events, significant transaction costs or unknown liabilities; the combined company’s ability to achieve the synergies expected from the proposed transaction, as well as delays, challenges and expenses associated with integrating the combined company’s existing businesses or realizing the anticipated benefits of the proposed transaction; competitive factors, including but not limited to pricing pressures, industry consolidation, entry of new competitors into the industries in which C.H. Robinson and RXO operate, as well as new product and marketing initiatives by C.H. Robinson’s and RXO’s competitors; risks associated with cyber-attacks, information security and data privacy; diversion of management’s time and attention from C.H. Robinson’s and RXO’s ongoing business operations due to the proposed transaction; disruptions resulting from key management changes; unknown liabilities and uncertainties regarding general economic, market sector, competitive, legal, regulatory, tax and geopolitical conditions; and legislative, regulatory, economic, competitive or technological developments. Other factors that might cause such a difference include those discussed in C.H. Robinson’s and RXO’s filings with the SEC, which include their Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and in the registration statement on Form S-4 (including the proxy statement/prospectus) to be filed in connection with the proposed transaction. For more information, see the section entitled “Risk Factors” and the forward-looking statements disclosure contained in C.H. Robinson’s and RXO’s Annual Reports on Form 10-K and in other filings. Forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. The forward-looking statements included in this communication are made only as of the date hereof and, except as required by applicable law, C.H. Robinson and RXO undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information about the Proposed Transaction and Where to Find It

In connection with the proposed transaction, C.H. Robinson intends to file with the SEC a registration statement on Form S-4 that will include a preliminary proxy statement of RXO that also constitutes a preliminary prospectus of C.H. Robinson. C.H. Robinson and RXO also each plan to file other relevant documents with the SEC regarding the proposed transaction. After the registration statement is declared effective, the definitive proxy statement/prospectus will be mailed to stockholders of RXO. This communication is not a substitute for the registration statement, the proxy statement/prospectus or any other document that C.H. Robinson or RXO may file with the SEC in connection with the proposed transaction. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4, PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Investors and stockholders will be able to obtain free copies of these documents (if and when available), and other documents containing important information about C.H. Robinson and RXO, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by C.H. Robinson will be available free of charge on C.H. Robinson’s website at investor.chrobinson.com/financials/sec-filings. Copies of the documents filed with the SEC by RXO will be available free of charge on RXO’s website at investors.rxo.com.

Participants in the Solicitation

C.H. Robinson, RXO and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from RXO’s stockholders in respect of the proposed transaction. Information about the directors and executive officers of C.H. Robinson, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in (i) the C.H. Robinson’s proxy statement for its 2026 Annual Meeting of Shareholders, which was filed with the SEC on March 24, 2026, including under the sections captioned “Proposal 1: Election of Directors,” “Compensation of Directors,” “Compensation Discussion and Analysis,” “Executive Compensation Tables,” “Security Ownership of Certain Beneficial Owners and Management,” and “Related Party Transactions,” (ii)the C.H. Robinson Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 13, 2026, including under the section captioned “Information about our Executive Officers” in Part I, Item 1, and (iii) Item 5.02 of the C.H. Robinson’s Current Report on Form 8-K filed with the SEC on June 2, 2026. Information about the directors and executive officers of RXO , including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in (i) RXO’s proxy statement for its 2026 Annual Meeting of Stockholders, which was filed with the SEC on March 30, 2026, including under the sections captioned “Proposal 1: Election of Directors,” “Director Compensation,” “Certain Relationships and Related Party Transactions,” “Security Ownership of Certain Beneficial Owners and Management,” and “Compensation Discussion and Analysis,” and (ii) RXO’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 9, 2026, including under the section captioned “Information about our Executive Officers” in Part I, Item 1. To the extent holdings of RXO’s securities by its directors or executive officers have changed since the applicable “as of” date described in its 2026 proxy statement, such changes have been or will be reflected on Initial Statements of Beneficial Ownership of Securities on Form 3, Statements of Changes in Beneficial Ownership on Form 4 or Annual Statements of Changes in Beneficial Ownership on Form 5 filed with the SEC, including (i) the Form 4s filed by Mr. Wilkerson on May 4, 2026 and May 19, 2026; (ii) the Form 4 filed by Mr. Morris on May 18, 2026; and (iii) the Form 4 filed by Mr. Firestone on August 25, 2026.

Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors and stockholders should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from C.H. Robinson and RXO using the sources indicated above.

No Offer or Solicitation

This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

CHRW-IR

More News From C.H. Robinson

, /PRNewswire/ -- Applied Optoelectronics, Inc. (NASDAQ: AAOI) ("AOI"), a leading provider of advanced optical and HFC networking products that power AI, today announced that it has completed its previously disclosed $600 million "at-the-market" equity offering program (the "ATM Program").

AOI disclosed on August 21, 2026 that it filed a prospectus supplement with the U.S. Securities and Exchange Commission to offer and sell shares of its common stock having an aggregate offering price of up to $600,000,000. The Company sold a total of 5,694,845 shares at an average sales price of $105.36 per share, representing proceeds to the Company of $587,999,985.89, net of commissions and fees.

"We are pleased to have successfully completed our third at-the-market equity offering program this year, which strengthens our balance sheet and supports our ability to address growing demand for high-speed optical connectivity in AI data centers," said Dr. Thompson Lin, AOI's Founder, President and Chief Executive Officer. "We intend to use these proceeds to continue to make investments in the business, including new equipment and machinery for production and research and development use, as we continue to scale our advanced manufacturing capacity. We thank our shareholders for their continued support of AOI and welcome our new shareholders."

The Company currently intends to use the net proceeds from the ATM Program for general corporate purposes, which may include, among other things, debt repayment, working capital, and capital expenditures, primarily in support of its manufacturing expansion efforts for data center optical devices.

Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "could," "would," "target," "seek," "aim," "predicts," "think," "objectives," "optimistic," "new," "goal," "priorities," "strategy," "potential," "is likely," "will," "expect," "momentum," "plan" "project," "permit," "positions" or by other similar expressions that convey uncertainty of future events or outcomes. These statements include management's beliefs and expectations regarding the use of proceeds from the ATM Program and planned investments in manufacturing capacity. Such forward-looking statements reflect the views of management at the time such statements are made. These forward-looking statements involve risks and uncertainties, as well as assumptions and current expectations, which could cause the company's actual results to differ materially from those anticipated in such forward-looking statements. These risks and uncertainties include but are not limited to: reduction in the size or quantity of customer orders; change in demand for the company's products due to industry conditions; changes in manufacturing operations; volatility in manufacturing costs; delays in shipments of products; disruptions in the supply chain; change in the rate of design wins or the rate of customer acceptance of new products; the company's reliance on a small number of customers for a substantial portion of its revenues; potential pricing pressure; a decline in demand for our customers' products or their rate of deployment of their products; general conditions in the internet datacenter, cable television (CATV) broadband, telecom, or fiber-to-the-home (FTTH) markets; changes in the world economy (particularly in the United States and China); changes in the regulation and taxation of international trade, including the imposition of tariffs; changes in currency exchange rates; the negative effects of seasonality; and other risks and uncertainties described more fully in the company's documents filed with or furnished to the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly report on Form 10-Q for the quarter ended June 30, 2026. More information about these and other risks that may impact the company's business are set forth in the "Risk Factors" section of the company's quarterly and annual reports on file with the Securities and Exchange Commission. You should not rely on forward-looking statements as predictions of future events. All forward-looking statements in this press release are based upon information available to us as of the date hereof, and qualified in their entirety by this cautionary statement. Except as required by law, we assume no obligation to update forward-looking statements for any reason after the date of this press release to conform these statements to actual results or to changes in the company's expectations.

About AOI  
Applied Optoelectronics, Inc. (AOI) is a leading developer and manufacturer of advanced optical and HFC networking products that are the building blocks for AI datacenters, CATV and broadband fiber access networks around the world. AOI supplies this critical infrastructure to tier-one customers across cloud computing, CATV broadband, telecom, and FTTH markets. The company has R&D facilities in Atlanta, GA, and engineering and manufacturing facilities at its corporate headquarters in Sugar Land, TX, as well as in Taipei, Taiwan and Ningbo, China. For additional information, visit www.ao-inc.com.  

SOURCE APPLIED OPTOELECTRONICS, INC.

HIGHLIGHTS 3,933 m of new infill drilling in 36 holes from the Lowhee Zone 1290 m level. Highlight intercepts include:7.28 g/t Au over 16.15 m (~105 m vertical depth), including 173.66 g/t Au over 0.60 m, 6.80 g/t Au over 0.50 m, 5.39 g/t Au over 0.50 m, and 3.58 g/t Au over 0.50 m7.13 g/t Au over 11.60 m (~61 m vertical depth), including 62.06 g/t Au over 0.50 m, 31.88 g/t Au over 0.80 m, 18.85 g/t Au over 0.50 m, 7.13 g/t Au over 0.85 m, 6.47 g/t Au over 0.90 m, and 2.23 g/t Au over 0.85 m
TORONTO, Oct. 05, 2026 (GLOBE NEWSWIRE) -- Osisko Gold Group Inc. (NYSE: OGG, TSXV: OGG) ("Osisko Gold" or the "Company") is pleased to announce new results from its ongoing definition infill drilling program on 10-15 metre ("m") target spacing totaling 3,933 m in 36 holes drilled from the 1290 m level in the Lowhee Zone of the Company's flagship, permitted, 100%-owned Cariboo Gold Project (the "Project"), currently under construction in central British Columbia, Canada.

Chris Lodder, President, stated, "Ongoing underground infill drilling continues to strengthen our confidence in the Lowhee Zone of the Cariboo Gold deposit. Intercepts outside the modelled reserve stopes also suggest potential for resource conversion and upside mineralization, reinforcing the Cariboo Gold Project's potential as underground development advances into new zones."

Corporate Updates

In connection with the ongoing construction of the Cariboo Gold Project, the Company, through its wholly-owned subsidiary, Barkerville Gold Mines Ltd., has awarded the continuing underground mine development and related works contract to current contractor JDS Energy & Mining Inc. ("JDS") effective October 5, 2026.The Company also announces that it has granted an aggregate of (i) 72,700 stock options of the Company (the "Options"), and (ii) 553,700 restricted share units of the Company ("RSUs") to certain newly hired senior officers and non-executive employees (collectively, the "Incentive Awards"), pursuant to the Company's omnibus equity incentive plan ("Omnibus Plan"). The Incentive Awards are designed to align the interests of the recipients with those of shareholders and support the execution of the Company's long-term growth strategy. The Options are exercisable at a price of C$4.00 per common share of the Company (based on the October 2, 2026, closing price on the TSX Venture Exchange) and will expire on October 5, 2031. The Options will vest in three equal installments over the next three years. The RSUs will cliff vest on October 5, 2029, and are subject to time and performance conditions. DRILL ASSAY HIGHLIGHTS

This news release contains assays from thirty-six (36) diamond drillholes ("DD") completed in four fans totaling 3,933 m drilled to the northwest from the L1290-ORE-000 drill station with depths ranging from 81.20 to 150.50 m (see Table 1 and Figures 5-9). All holes were collared in HQ (63.5 millimetre diameter). Estimated true widths of intercepts are provided in Table 1. Select photon assay highlights include:

7.28 grams per tonne ("g/t") gold ("Au") over 16.15 m at ~105 m vertical depth in BMU-26-121, including: 173.66 g/t Au over 0.60 m, and6.80 g/t Au over 0.50 m, and5.39 g/t Au over 0.50 m, and3.58 g/t Au over 0.50 m 7.13 g/t Au over 11.60 m at ~61 m vertical depth in BMU-26-075 (Figure 1), including: 62.06 g/t Au over 0.50 m, and31.88 g/t Au over 0.80 m, and18.85 g/t Au over 0.50 m, and7.13 g/t Au over 0.85 m, and6.47 g/t Au over 0.90 m, and2.23 g/t Au over 0.85 m 9.40 g/t Au over 8.50 m at ~72 m vertical depth in BMU-26-076, including: 78.39 g/t Au over 0.65 m, and41.31 g/t Au over 0.55 m, and3.77 g/t Au over 0.55 m, and3.06 g/t Au over 0.50 m 29.30 g/t Au over 2.10 m at ~62 m vertical depth in BMU-26-096 (Figure 2), including: 111.38 g/t Au over 0.55 m 10.26 g/t Au over 5.75 m at ~56 m vertical depth in BMU-26-076, including: 60.62 g/t Au over 0.80 m, and7.84 g/t Au over 0.50 m, and5.28 g/t Au over 0.50 m, and4.82 g/t Au over 0.50 m 4.04 g/t Au over 14.35 m at ~78 m vertical depth in BMU-26-098, including: 29.57 g/t Au over 1.00 m, and20.35 g/t Au over 1.00 m, and7.06 g/t Au over 0.50 m 9.98 g/t Au over 5.70 m at ~91 m vertical depth in BMU-26-118, including: 72.45 g/t Au over 0.60 m, and8.75 g/t Au over 0.75 m, and6.38 g/t Au over 0.50 m, and3.16 g/t Au over 0.50 m 11.17 g/t Au over 3.05 m at ~65 m vertical depth in BMU-26-119, including: 50.82 g/t Au over 0.50 m, and14.38 g/t Au over 0.50 m 2.71 g/t Au over 9.95 m at ~63 m vertical depth in BMU-26-097, including: 19.51 g/t Au over 0.95 m, and6.95 g/t Au over 0.50 m, and4.87 g/t Au over 0.50 m 4.10 g/t Au over 6.50 m at ~40 m vertical depth in BMU-26-047, including: 17.25 g/t Au over 0.50 m, and14.98 g/t Au over 0.50 m, and9.18 g/t Au over 0.50 m, and6.33 g/t Au over 0.50 m, and2.51 g/t Au over 0.50 m Complete assay highlights, including true width estimates, are presented in Table 1. Vertical depths are measured from modelled topographic surface to the interval mid-point. Drill hole locations and orientations are listed in Table 2. Intervals not recovered were assigned zero grade. Top cuts have not been applied to high grade assays.

Cut-off assay composites from ongoing infill drilling at the 1290 Level, presented in plan in Figure 5 and in cross section in Figures 6-9, show a degree of spatial correlation with modelled reserve stopes; intercepts outside these areas suggest potential for resource conversion and upside mineralization.

FIGURE 1: 7.13 g/t Au over 11.60 m at ~61 m vertical depth in BMU-26-075

FIGURE 2: Visible gold with pyrite under hand lens in composite interval with 29.30 g/t Au over 2.1 m at ~62 m vertical depth in BMU-26-096

FIGURE 3: Cariboo Gold Project deposit map with Location of Lowhee Zone and Cow Portal underground access.

FIGURE 4: Location and overview of ongoing Lowhee Zone underground definition infill diamond drilling.

FIGURE 5: Lowhee Zone select underground drilling highlights (plan view).

FIGURE 6: L1290-ORE-F09 select underground drill assay highlights (this release) with previously released surface and underground diamond drilling results in cross section by fan. New results from adjacent fans within slice (20 m looking 029°) omitted for visual clarity.

FIGURE 7: L1290-ORE-F10 select underground drill assay highlights (this release) with previously released surface and underground diamond drilling results in cross section by fan. New results from adjacent fans within slice (20 m looking 039°) omitted for visual clarity.

FIGURE 8: L1290-ORE-F11 select underground drill assay highlights (this release) with previously released surface and underground diamond drilling results in cross section by fan. New results from adjacent fans within slice (20 m looking 046°) omitted for visual clarity.

FIGURE 9: L1290-ORE-F12 select underground drill assay highlights (this release) with previously released surface and underground diamond drilling results in cross section by fan. New results from adjacent fans within slice (20 m looking 050°) omitted for visual clarity.

Table 1: Length weighted assay composites and individual samples>=1.8 g/t for Lowhee Zone underground DD.
Drillhole ID From (m)To (m)Length (m)Au g/tEst. True
Width (m)Approx. Vertical
Depth (m)BMU-26-047 50.1051.101.002.320.8276 Including50.1050.600.504.38    83.0083.500.502.340.4149  89.6596.156.504.104.0940 Including90.1590.650.5017.25   and92.1592.650.502.51   and92.6593.150.5014.98   and94.1594.650.506.33   and94.6595.150.509.18    99.30100.301.002.670.6434 Including99.3099.800.504.05  BMU-26-050 85.3091.806.501.925.3745 Including87.3087.800.501.99   and87.8088.400.604.43   and88.9089.500.603.74   and89.5090.200.708.06    101.65103.652.002.961.6433 Including102.15102.650.509.84  BMU-26-053 48.0048.500.502.240.3882  123.00123.500.5017.800.4321BMU-26-056 11.1011.600.501.870.48113  46.9048.401.503.521.4585 Including47.4047.900.5010.26    78.8079.300.501.920.3361BMU-26-059 11.0011.500.502.530.45114  35.9036.400.502.110.4997  43.5044.000.503.420.4691  87.0089.502.502.212.4861 Including87.0087.500.502.66   and88.5089.000.507.90    93.6094.100.502.070.5058BMU-26-062 11.0011.500.503.410.49115  42.5044.001.502.061.3196 Including43.0043.500.505.68    60.2061.701.502.971.4886 Including61.2061.700.507.79    78.5080.502.001.981.3476 Including80.0080.500.507.02    84.8086.301.506.271.1573 Including85.3085.800.5018.52  BMU-26-065 12.0012.500.503.570.43116  42.0042.500.506.510.50100  60.5061.000.503.240.4192  63.6064.100.507.640.4991  67.6068.100.505.010.4889BMU-26-067 13.4014.901.501.981.30117 Including13.4013.900.502.99   and13.9014.400.502.73    41.4043.001.605.231.59109 Including41.4041.900.5016.43    59.4059.900.502.990.50104  63.4063.900.501.950.50103  73.8074.300.506.950.49101BMU-26-069 0.001.001.002.120.97122  14.5015.000.5013.870.46119  39.1039.600.5021.450.49116  45.0049.504.502.104.04115 Including45.0045.500.5013.23   and48.5049.000.504.15    82.2087.004.802.664.51115 Including82.2082.700.5015.58   and84.4584.950.502.13   and86.0087.001.003.81  BMU-26-070 35.1035.600.502.310.43124  48.4048.900.506.760.37126  59.0059.500.504.030.32127  73.4074.000.606.880.49130  88.4090.251.851.941.06134 Including89.2089.750.553.87  BMU-26-072 39.1040.601.505.431.4587 Including39.6040.100.5015.77    69.5070.501.003.090.6463 Including69.5070.000.506.05  BMU-26-073 37.9039.501.609.891.3190 Including37.9038.400.5024.86   and38.4039.000.605.54    50.6551.300.653.160.5680BMU-26-074 36.0537.051.002.240.9593 Including36.5537.050.503.92    48.2049.201.004.230.9584 Including48.2048.700.508.30    84.2085.201.0010.130.8757 Including84.2084.700.5019.94    99.05102.403.352.983.1545 Including101.60102.400.8011.02  BMU-26-075 10.8011.300.502.850.47114  74.8076.902.101.971.6768 Including75.4075.900.502.10   and75.9076.901.002.99    79.4091.0011.607.1311.3061 Including79.9080.400.5018.85   and81.7082.500.8031.88   and83.0083.500.5062.06   and86.5587.400.852.23   and87.4088.250.857.13   and90.1091.000.906.47    97.0098.001.002.180.9153 Including97.0097.500.504.21  BMU-26-076 72.5081.008.509.407.9472 Including73.7574.250.503.06   and75.1075.650.5541.31   and75.6576.200.553.77   and76.2076.850.6578.39    91.0094.003.002.142.7261 Including93.0093.500.5011.15    97.60103.355.7510.265.2156 Including99.50100.000.504.82   and100.50101.300.8060.62   and101.30101.800.505.28   and102.85103.350.507.84    110.40111.901.502.751.4348 Including110.40110.900.502.42   and110.90111.400.505.60    113.30114.301.008.231.0046 Including113.30113.800.5015.88  BMU-26-077 7.508.000.502.590.49118  78.1079.151.053.561.0579 Including78.1078.600.503.84   and78.6079.150.553.32    81.7582.250.501.920.4977BMU-26-078 42.0042.500.502.250.50102  68.5069.501.001.970.9791 Including68.5069.000.503.22    86.0089.003.003.492.1284 Including86.0086.500.5017.99  BMU-26-079 12.7013.701.0013.560.71118 Including13.2013.700.5026.97    43.9045.401.503.901.43109 Including44.9045.400.5011.51    63.0063.500.506.360.50105  69.6071.101.502.531.48103 Including69.6070.100.507.08    73.1073.600.503.490.47103  79.0081.102.105.882.07101 Including80.6081.100.5024.35  BMU-26-080 14.8015.300.5018.580.45120  49.4049.900.503.380.43117  71.5072.000.502.600.48117  82.4085.202.801.802.42118 Including82.9083.800.904.40  BMU-26-081 15.8017.101.306.201.06124 Including16.6017.100.5015.63    44.3544.850.503.000.43127  46.5047.000.503.010.43127  53.6554.701.053.700.80128 Including54.2054.700.507.53    58.6059.100.501.810.38129  77.5079.001.505.231.15133 Including77.5078.000.5015.19    80.3580.850.503.760.43134BMU-26-093 6.007.001.001.870.87116  68.0071.053.053.072.6467 Including68.9069.400.502.01   and69.4069.950.558.82   and69.9570.550.603.27  BMU-26-094 36.0039.053.055.232.7493 Including38.0538.550.5029.40    41.5042.551.052.840.9189 Including42.0042.550.555.00    57.0057.500.501.940.3578  61.0065.704.703.843.2374 Including62.5563.200.6518.46   and63.7064.200.507.34   and64.7065.200.502.51  BMU-26-095 35.9039.403.504.543.2995 Including37.4037.900.5029.01    65.9066.400.503.040.4775BMU-26-096 68.3070.802.503.392.1777 Including68.3068.800.502.50   and68.8069.300.5013.72    91.4093.502.1029.301.7962 Including91.9092.450.55111.38    119.40119.900.501.970.2342BMU-26-097 35.7536.250.502.000.49101  67.2577.109.851.959.4481 Including67.7568.550.803.63   and70.8071.700.907.62   and72.8073.500.702.44   and74.0074.500.503.28   and74.5075.000.508.49    88.3089.801.502.421.3071 Including88.8089.300.506.94    97.00106.959.952.718.7663 Including97.0097.500.506.95   and98.8599.800.9519.51   and106.45106.950.504.87    111.50114.002.501.812.4157 Including113.00113.500.508.56    130.80137.006.202.325.9947 Including133.25133.750.5014.79   and134.80135.500.702.10   and135.50136.250.753.77  BMU-26-098 65.7567.501.752.441.7489 Including65.7566.250.507.65    81.0095.3514.354.0411.5178 Including89.5090.501.0029.57   and92.0092.500.507.06   and92.5093.501.0020.35    107.40119.5012.102.0710.4865 Including107.40108.000.603.44   and110.50111.150.655.14   and111.65112.150.508.08   and112.90113.400.504.50   and113.40113.900.5013.82   and114.40115.401.002.26   and115.40116.000.601.98  BMU-26-099 83.5085.502.002.121.4789 Including85.0085.500.507.35    92.2092.850.651.920.5986  94.3597.002.651.832.2585 Including94.8595.851.002.33  BMU-26-100 11.2012.201.0010.380.97120 Including11.7012.200.5019.78    44.9047.002.102.042.07112 Including44.9045.500.605.87    66.0069.003.002.852.90109 Including68.5069.000.5016.13    76.4077.250.852.480.84108  90.0091.501.502.831.06106 Including91.0091.500.508.26    104.65106.501.851.871.82104 Including104.65105.150.505.19  BMU-26-101 14.0516.702.652.072.29122 Including14.7015.200.507.87   and15.2015.700.502.47    48.1051.903.804.853.20120 Including51.4051.900.5034.71    66.0068.502.502.192.25121 Including68.0068.500.5010.61    73.5074.501.002.990.87121 Including73.5074.000.505.89    90.1091.101.004.600.71122 Including90.1090.600.508.92    106.00111.005.002.244.05124 Including106.00106.550.551.88   and108.00108.500.507.79   and109.00109.500.5011.12  BMU-26-102 2.703.300.602.950.41124  8.308.800.501.850.35124  9.4010.601.201.900.69124 Including9.4010.100.702.15    17.0017.500.5010.930.41124  37.1038.101.008.370.77127 Including37.1037.600.5016.46    58.3058.800.503.210.35131BMU-26-116 16.2016.800.602.360.42124  49.5050.050.553.030.39127  53.1553.650.502.410.45128  68.1569.151.008.650.94130 Including68.6569.150.5016.99    72.5073.000.502.320.43131  87.6088.100.502.010.43133  89.7090.300.604.630.52134  110.80113.502.703.862.54139 Including111.30111.800.5018.27   and111.80112.400.601.81    115.55116.050.503.610.47140  119.00119.500.502.010.47140BMU-26-117 11.5013.301.802.351.63121 Including12.3012.800.507.95    47.4047.900.502.690.43118  93.4093.900.502.400.43118  104.90106.401.504.351.15119 Including105.40105.900.5012.04    116.50117.000.502.430.35120BMU-26-118 10.9011.901.008.870.94119 Including10.9011.400.5017.52    77.5078.501.002.991.0099 Including77.5078.000.505.89    98.4099.401.002.400.9494 Including98.4098.900.502.46   and98.9099.400.502.33    110.90116.605.709.985.3691 Including111.45111.950.506.38   and111.95112.550.6072.45   and112.55113.300.758.75   and113.30113.800.503.16  BMU-26-119 34.5035.000.504.240.47104  44.5046.001.505.551.4899 Including44.5045.000.5015.26    64.0066.002.002.401.8190 Including64.0064.700.706.19    88.9089.400.5027.240.4777  100.90105.905.002.074.8369 Including100.90101.400.502.18   and101.40102.000.601.90   and102.00102.500.508.41   and102.50103.000.501.92   and104.00104.500.503.21   and105.40105.900.501.90    111.20114.253.0511.172.3465 Including111.75112.250.5050.82   and113.25113.750.5014.38  BMU-26-120 24.0025.001.001.810.91106 Including24.5025.000.503.49    33.3034.701.406.971.2199 Including33.3034.200.9010.78    52.5054.502.003.301.7387 Including53.0053.500.5012.86  BMU-26-121 14.2530.4016.157.2813.99105 Including17.9018.400.503.58   and18.4019.000.60173.66   and26.6027.100.506.80   and29.9030.400.505.39    39.0040.901.901.951.7291 Including39.9040.400.506.63    47.9051.003.101.981.9985 Including48.9049.400.505.50   and49.4049.900.501.84    52.0053.001.001.960.9482 Including52.5053.000.502.79    56.9058.001.102.560.8479 Including57.4058.000.604.56   Table 2: Underground DD collar locations, drillhole orientations, and max depths. Negative dips point down.Drillhole IDMine LocationEasting
(UTM Zn 10N)Northing
(UTM Zn 10N)Elevation (m)DipAzimuthDepth (m)BMU-26-047L1290-ORE-0005964895882890129233302123.20BMU-26-050L1290-ORE-0005964895882890129228302126.30BMU-26-053L1290-ORE-0005964895882890129122302132.40BMU-26-056L1290-ORE-0005964895882890129116302112.90BMU-26-059L1290-ORE-0005964895882890129110302103.90BMU-26-062L1290-ORE-00059648958828901290330296.50BMU-26-065L1290-ORE-00059648958828901290-430293.30BMU-26-067L1290-ORE-00059648958828901290-1630287.40BMU-26-069L1290-ORE-00059648958828901290-2730287.50BMU-26-070L1290-ORE-00059648958828901289-3830296.20BMU-26-072L1290-ORE-000596489588289012923330996.20BMU-26-073L1290-ORE-0005964895882890129228309111.30BMU-26-074L1290-ORE-0005964895882890129122309120.40BMU-26-075L1290-ORE-0005964895882890129116309118.90BMU-26-076L1290-ORE-0005964895882890129110309114.30BMU-26-077L1290-ORE-000596489588289012903309113.10BMU-26-078L1290-ORE-00059648958828901290-4309102.30BMU-26-079L1290-ORE-00059648958828901290-1730993.40BMU-26-080L1290-ORE-00059648958828901289-2730997.30BMU-26-081L1290-ORE-00059648958828901289-38309105.20BMU-26-093L1290-ORE-000596490588289012923331681.30BMU-26-094L1290-ORE-000596490588289012922831681.20BMU-26-095L1290-ORE-000596489588289012912231687.40BMU-26-096L1290-ORE-0005964905882890129117316150.50BMU-26-097L1290-ORE-0005964905882890129110317137.00BMU-26-098L1290-ORE-000596490588289012903316122.00BMU-26-099L1290-ORE-00059648958828901290-4316116.00BMU-26-100L1290-ORE-00059648958828911290-16316113.00BMU-26-101L1290-ORE-00059648958828911289-27316114.50BMU-26-102L1290-ORE-00059649058828901289-38316111.30BMU-26-116L1290-ORE-00059649058828911289-33320120.50BMU-26-117L1290-ORE-00059649058828911289-21320119.00BMU-26-118L1290-ORE-00059649058828911290-7320126.50BMU-26-119L1290-ORE-000596490588289112917320134.00BMU-26-120L1290-ORE-000596490588289012912132089.00BMU-26-121L1290-ORE-000596490588289012923332097.90
ABOUT LOWHEE ZONE

Geological mapping and geochemical sampling were carried out on Barkerville Mountain from 2017-2018, with the Lowhee Zone identified as a high-priority drill target. From 2019 to 2022, a total of 167 surface drill holes were completed, totaling 54,494.5 m.

The Lowhee Zone is accessed through the Cow portal on the northwestern flank of Barkerville Mountain (Figure 3 and Figure 4). Cow portal construction was completed in Q4 2024 and development of the underground ramp into the Lowhee Zone commenced in Q1 2025. The probable mineral reserves estimate for the Lowhee Zone (with an effective date of April 10, 2025) includes 104,491 ounces of contained Au (923,162 tonnes grading 3.52 g/t Au) and represents approximately 5% of the total contained gold in the estimated probable mineral reserves for the Cariboo Gold Project.

ABOUT CARIBOO GOLD PROJECT

The Cariboo Gold Project is a permitted, 100%-owned feasibility-stage project currently under construction located in the historic Wells-Barkerville mining camp of central British Columbia, Canada. Spanning approximately 186,740 hectares, the Company's land package includes 443 mineral titles and covers an area that extends approximately 77 kilometres from northwest to southeast. In late 2024, the Project was granted the Mines Act and Environmental Management Act (British Columbia) permits, marking the successful completion of the permitting process for key approvals. On September 14, 2026, the Company announced a formal positive decision to proceed with the construction of the Project, with an expected first gold pour in Q1 2029 and commercial production in H2 2029.

Technical Reports

Scientific and technical information relating to the Cariboo Gold Project and the 2025 feasibility study on the Cariboo Gold Project is supported by the technical report, titled "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada" and dated June 11, 2025 (with an effective date of April 25, 2025) (the "Cariboo Technical Report").

For readers to fully understand the information in the Cariboo Technical Report, reference should be made to the full text of the Cariboo Technical Report in its entirety, including all assumptions, parameters, qualifications, limitations and methods therein. The Cariboo Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context. The Cariboo Technical Report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and is available electronically on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under Osisko Gold's issuer profile and on the Company's website at www.osiskogold.ca.

Qualified Persons

The scientific and technical information in this news release has been reviewed, verified and approved by Scott Smith, P. Geo., Vice President, Exploration of Osisko Gold, a "qualified person" within the meaning of NI 43-101. Verification includes core photo and three-dimensional review of logged drillhole data and assays consistent with the Company's standard procedures.

Quality Assurance (QA) – Quality Control (QC)

All drill core was whole core sampled in on-site logging facilities following daily QAQC checks for logging and sampling errors. Quality control (QC) samples are inserted at regular intervals in the sample stream, including blanks and reference materials with all sample shipments to monitor laboratory performance. Samples are bagged, labelled, sealed with numbered security tags.

Samples are taken by expeditor from the logging facilities direct to MSALABS's analytical facility in Prince George, B.C., Canada, for preparation and analysis. MSALABS is independent of the Company. The MSALABS facility is accredited to the ISO/IEC 17025 standard for gold assays, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The entire sample is dried, crushed, and split into sealed containers. Analysis for gold is by gamma ray analysis using the Chrysos PhotonAssay (PA1408X). Samples are bombarded with gamma rays and the resulting signal is sent to the detectors.

ABOUT OSISKO GOLD GROUP INC.Osisko Gold Group Inc. is a North American gold development company focused on past-producing mining camps with district-scale potential. The Company's objective is to become an intermediate gold producer through the development of its flagship, fully permitted, 100%-owned Cariboo Gold Project, currently under construction in central British Columbia, Canada. The Project is situated within the Company's broader Cariboo regional land package, which hosts numerous prospective exploration targets and provides opportunities for future discoveries. Its Cariboo project pipeline is complemented by the Tintic Project, located in the historic East Tintic mining district in Utah, U.S.A., a brownfield property with significant exploration potential, extensive historical mining data, and access to established infrastructure. Osisko Gold is focused on developing long-life mining assets in mining-friendly jurisdictions while maintaining a disciplined approach to capital allocation, development risk management, and mineral inventory growth.For further information, visit our website at www.osiskogold.ca or contact:

Sean Roosen
Chairman and CEO
Email: [email protected]
Tel: +1 (514) 940-0685Philip Rabenok
Vice President, Investor Relations
Email: [email protected]
Tel: +1 (437) 423-3644
CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended) (collectively, "forward-looking statements"). Such forward-looking statements are identified with words such as "may", "will", "would", "could", "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee", "objective", "strategy", variants of these words or the negative or comparable terminology, as well as terms usually used in the future and the conditional. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including the assumptions, qualifications, limitations or statements pertaining to: the utility and significance of the underground infill drilling results and the interpretation thereof; the interpretation and accuracy of intercepts outside modelled reserve stopes to suggest potential for resource conversion and upside mineralization (if at all); the potential for upside at depth and along strike of the known mineral resource footprint (if any); the interpretation and accuracy of spatial geometries, geological structure and local variability modeling and assumptions in regard to potential reserve or resource revisions (if at all); the ability and utility of exploration and infill drilling to inform resource modeling, mine planning, production stope design procedures and parameters, refinement of infill drill requirements, and the appropriate drill spacing for future infill drilling (if at all); the results (if any) of further exploration work and ability of the Company to define and expand mineral resources beyond current mineral resource estimates; mineral resource category conversion; the prospectivity of exploration in targets outside of currently defined mineral reserves and/or mineral resources; the performance of the underground mine development and related works contract with JDS and the advancement of underground development into new zones; the anticipated construction of the Cariboo Gold Project, including the expected timing of first gold pour and commercial production; the vesting, exercise and settlement of the Incentive Awards, including the satisfaction of applicable time and performance conditions; assumptions, qualifications and parameters underlying the Cariboo Technical Report (including, but not limited to, the mineral resources, mineral reserves, production profile, mine design and project economics); the results of the Cariboo Technical Report as an indicator of quality and robustness of the Cariboo Gold Project; the ability of the Company to achieve the estimates outlined in the Cariboo Technical Report in the timing contemplated (if at all); the future development and operations at the Cariboo Gold Project; management's perceptions of historical trends, current conditions and expected future developments; the utility and significance of historic data, including the significance of the district hosting past producing mines; the ability of exploration work (including drilling and sampling) to accurately predict mineralization; the ability of the Company to complete its exploration and development objectives for its projects in the timing contemplated and within expected costs (if at all); the ability to adapt to changes in gold prices, estimates of costs, estimates of planned exploration and development expenditures; the Company's strategy and objectives relating to the Cariboo Gold Project as well as its other projects; the assumptions, qualifications and limitations relating to the Cariboo Gold Project being permitted; the exploration potential and prospectivity (if any) of its properties; 'regulatory framework remaining defined and understood as well as other considerations that are believed to be appropriate in the circumstances, and any other information herein that is not a historical fact may be "forward looking information". Actual results could differ materially due to a number of factors, including, without limitation: 'risks relating to third-party approvals, including the issuance of permits by governments; risks relating to the performance of contractors, including JDS; capital market conditions and the Company's ability to access capital on terms acceptable to the Company for the contemplated exploration, development and construction at the Company's properties; risks related to the exploration, development, construction and operation of the Cariboo Gold Project, including delays and cost overruns; risks related to geological modeling and resource estimation; health, safety and security incidents; regulatory delays or changes in regulatory framework and applicable laws; labour shortages or disputes; general economic and market conditions and business conditions in the mining industry; fluctuations in commodity prices and currency exchange rates, as well as those risks and factors disclosed in the Company's most recent annual information form, financial statements and management's discussion and analysis as well as other public filings on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov).

Although the Company believes the expectations conveyed by the forward-looking statements are reasonable based on information available as of the date hereof, no assurances can be given as to future results, levels of activity and achievements. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. Forward-looking statements are not guarantees of performance and there can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Photos accompanying this announcement are available at:

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France’s Schneider Electric shares tumbled about 9% on Monday after the company announced plans to acquire US industrial software group PTC for $22.6 billion, with investors likely questioning the hefty premium and the debt burden needed to fund the deal.

Schneider said it expects to complete the all-cash acquisition in the third quarter of 2027 at $205 per PTC share.

The offer represents a 42.3% premium to PTC’s last closing price and marks the largest acquisition in Schneider’s history.

The transaction is a major expansion of Schneider’s software ambitions, but its scale has raised concerns about valuation, financing and the ability to deliver promised synergies.

The $205-per-share offer values PTC at roughly 20–21 times its expected 2027 EBITDA before synergies, a multiple that some investors consider stretched.

PTC’s valuation had fallen as low as 13.1 times next-12-month earnings this year, according to FactSet.

Schneider said the transaction is priced at 13 times earnings after taking synergies into account.

However, much of that benefit comes from projected revenue synergies, which can be more difficult to realise than cost savings.

“AI disruption fears are still weighing on software valuations, which allows acquiring PTC at a decade-low valuation but could still weigh on [Schneider] post-deal,” Jefferies analysts led by Lucas Ferhani said.

Citi analysts described the transaction as Schneider’s “largest deal yet,” but said it should not come as a surprise given the company’s earlier pursuit of acquisitions including Aveva and Bentley Systems.

“The deal may be seen as opportunistic — ‘SaaSpocalypse’ fears have led to the de-rating of many industrial software companies on AI disruption fears — and the onus will be on Schneider to show how the combined software and hardware offering fortifies its moat,” the analysts said.

They added that, given the size of the transaction, investors should seek greater disclosure around the details of the “enlarged software business within Schneider.”

Schneider will finance the acquisition through a combination of new equity and debt.

It plans to raise €5 billion to €6 billion through an Accelerated Bookbuild Offering of new shares, alongside €16 billion to €17 billion in new debt.

The financing is likely to increase Schneider’s leverage significantly and could create near-term earnings dilution for existing shareholders.

JPMorgan analysts said, “Large-scale M&A is typically unwelcome in the first instance by European investors, although Schneider Electric's deals have typically proven strategically astute, if debatable from a valuation standpoint."

JPMorgan reiterated its Overweight rating and €345 price target on Schneider, while acknowledging that the PTC deal represents roughly 12% of the French company’s market capitalisation.

The bank expects the acquisition to become accretive to sales and EBITDA over time.

Schneider expects the combined business to deliver €250 million in annual run-rate cost savings by the third year after closing.

It is also targeting about €800 million in revenue synergies.

The PTC acquisition builds on Schneider’s growing push into industrial software and artificial intelligence.

The company agreed in June to acquire Cognite Holding, a privately held provider of AI software and industrial data.

Schneider has also undergone a broader transformation in recent years.

Once primarily associated with electrical components such as fuses and circuit breakers, it now supplies critical infrastructure for data centres, including cooling systems, server racks and power distribution equipment.

Surging data-centre investment, particularly in the US, has become an increasingly important growth driver for Schneider and is helping offset weaker demand in some traditional electrical-equipment markets.

PTC provides software used to design, manufacture and service products across multiple industries.

Its portfolio has also benefited from growing interest in AI-powered industrial tools.

Poland's antitrust watchdog said on Monday it suspected Alphabet's (GOOGL.O) Google of abusing its dominant market position while negotiating content payments ​with domestic media publishers.

The Office of Competition and Consumer Protection, ‌known by its Polish abbreviation UOKiK, said the charges relate to how Google negotiates remuneration for displaying articles and snippets in its search results, Google News ​and Discover services.

The companies named in the statement are Alphabet Inc, ​Google LLC, Google Ireland Limited and Google Poland, none ⁠of which immediately responded to a Reuters request for comment.

UOKiK alleges Google ​failed to provide publishers with the necessary data to properly assess offers, ​leading to an information imbalance that prevented fair negotiations on payment for content.

"Big tech companies cannot place themselves above the law," UOKiK President Tomasz Chrostny said in ​the statement, adding the lack of data led to negotiations becoming ​illusory and tending towards Google imposing terms.

The dispute stems from a 2024 Polish copyright ‌law ⁠amendment that implemented an EU directive under which online services may use press publishers' content in return for remuneration.

The maximum fine for abusing a dominant market position may amount to 10% of a company's turnover, the ​regulator said.

It added ​the investigation was ⁠separate from the European Commission probe opened in December 2025 into whether Google used publishers' content in ​its AI services without adequate compensation or giving them ​the ability ⁠to object.

The Polish probe, which focuses on Google Search, Google News and Discover services, is being carried out independently following an agreement with the ⁠Commission, UOKiK ​said.

In December 2024, Polish e-commerce group Allegro's ​price comparison platform Ceneo sued Alphabet for 2.33 billion zlotys ($568 million) in damages for alleged ​anti-competitive behaviour.

Angeles Wealth Management LLC lifted its stake in Amazon.com, Inc. (NASDAQ:AMZN – Free Report) by 18.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 118,524 shares of the e-commerce giant’s stock after purchasing an additional 18,648 shares during the period. Amazon.com accounts for about 1.1% of Angeles Wealth Management LLC’s investment portfolio, making the stock its 15th biggest holding. Angeles Wealth Management LLC’s holdings in Amazon.com were worth $28,249,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently modified their holdings of the company. Silvant Capital Management LLC purchased a new stake in Amazon.com in the 2nd quarter worth $60,065,000. Public Employees Retirement System of Ohio purchased a new position in shares of Amazon.com during the second quarter valued at about $909,868,000. Northstar Financial Companies Inc. bought a new stake in shares of Amazon.com in the second quarter worth about $3,376,000. Gryphon Financial Partners LLC increased its holdings in shares of Amazon.com by 7.5% in the first quarter. Gryphon Financial Partners LLC now owns 73,085 shares of the e-commerce giant’s stock worth $15,221,000 after purchasing an additional 5,125 shares during the last quarter. Finally, First Citizens Bank & Trust Co. increased its holdings in shares of Amazon.com by 1.7% in the first quarter. First Citizens Bank & Trust Co. now owns 303,862 shares of the e-commerce giant’s stock worth $63,285,000 after purchasing an additional 5,104 shares during the last quarter. Institutional investors own 72.20% of the company’s stock.

Key Headlines Impacting Amazon.com Here are the key news stories impacting Amazon.com this week:

Positive Sentiment: AWS data-center push received support: Amazon Web Services pledged more than $1 billion over five years for communities hosting its U.S. data centers, including job training, education and infrastructure initiatives. The investment is intended to ease resistance to new facilities and help Amazon secure capacity for AI workloads. Amazon to invest $1 billion over five years in US data center communities Positive Sentiment: AI and AWS growth remain the main bullish catalyst: Reports highlighted AWS’s rapid expansion, a more than $1 billion Synopsys agreement supporting custom-chip development, and Anthropic’s expected long-term AWS commitments of roughly $110 billion. Amazon also launched an AI agent that audits customers’ cloud environments, potentially increasing AWS usage while improving customer cost, security and performance management. Amazon Is Both Landlord And Shareholder In Anthropic’s Giant Cloud Bet Positive Sentiment: Analyst confidence provided additional support: Goldman Sachs added Amazon to its conviction list, while New Street raised its price target to $385 and maintained a Buy rating. Analysts cited AWS growth, generative AI exposure and potential retail-margin improvement as reasons for longer-term upside. New Street Adjusts Price Target on Amazon.com to $385 Neutral Sentiment: Amazon is reportedly exploring an $8 billion chip sale-and-leaseback: Moving Nvidia AI chips to an investment vehicle could make the balance sheet more asset-light and help fund capital spending, but it also underscores the scale of Amazon’s AI infrastructure costs and financing requirements. Amazon seeks to offload $8 billion of Nvidia chips Negative Sentiment: Investors face profitability and regulatory risks: Analysts questioned how much AWS earnings are distorted by unrealized Anthropic investment gains, while surging AI capital expenditures could pressure free cash flow. Potential tougher EU cloud rules, data-center opposition, warehouse labor actions and Prime-related settlement payments add further uncertainty. What Are Amazon Investors Paying for AWS Without Investment Gains? Analyst Ratings Changes A number of equities analysts recently commented on the company. Needham & Company LLC reissued a “buy” rating and set a $300.00 price target on shares of Amazon.com in a research note on Friday, July 31st. Pivotal Research reaffirmed a “buy” rating and issued a $333.00 price objective (up from $320.00) on shares of Amazon.com in a research note on Friday, July 31st. JPMorgan Chase & Co. upped their price objective on Amazon.com from $330.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. Mizuho set a $330.00 target price on Amazon.com and gave the company an “outperform” rating in a research report on Friday, July 31st. Finally, Royal Bank Of Canada raised their target price on shares of Amazon.com from $320.00 to $330.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Fifty-six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $321.63. Check Out Our Latest Report on AMZN

Amazon.com Price Performance Shares of Amazon.com stock opened at $251.52 on Monday. The stock has a market cap of $2.71 trillion, a price-to-earnings ratio of 20.23, a price-to-earnings-growth ratio of 1.95 and a beta of 1.45. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.87 and a current ratio of 1.03. The stock has a 50 day moving average price of $257.06 and a 200-day moving average price of $248.51. Amazon.com, Inc. has a one year low of $196.00 and a one year high of $287.20.

Amazon.com (NASDAQ:AMZN – Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The e-commerce giant reported $5.75 earnings per share for the quarter, beating the consensus estimate of $1.82 by $3.93. Amazon.com had a return on equity of 18.00% and a net margin of 17.44%.The company had revenue of $200.61 billion for the quarter, compared to analyst estimates of $197.03 billion. During the same quarter in the prior year, the firm posted $1.68 EPS. Amazon.com’s quarterly revenue was up 19.6% compared to the same quarter last year. Equities analysts expect that Amazon.com, Inc. will post 8.01 EPS for the current year.

Insider Buying and Selling In other news, SVP David Zapolsky sold 9,258 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $259.77, for a total transaction of $2,404,950.66. Following the transaction, the senior vice president owned 41,190 shares of the company’s stock, valued at approximately $10,699,926.30. This represents a 18.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Shelley Reynolds sold 2,343 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $259.01, for a total value of $606,860.43. Following the completion of the sale, the vice president owned 119,780 shares in the company, valued at approximately $31,024,217.80. The trade was a 1.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 70,589 shares of company stock worth $18,329,015 over the last three months. 8.90% of the stock is currently owned by company insiders.

Amazon.com Company Profile (Free Report)

Amazon.com, Inc is a global technology and commerce company that operates online marketplaces, physical stores, and a broad portfolio of digital and cloud-based services. The company offers consumer products across categories such as electronics, household goods, apparel, groceries, and entertainment, while also providing third-party sellers with tools for listing, selling, and fulfilling orders.

Amazon’s major businesses include Amazon Web Services (AWS), which provides cloud computing, storage, database, analytics, and artificial intelligence services; Prime, a membership program that includes shipping, streaming, and other benefits; and digital entertainment services such as Prime Video, Amazon Music, Kindle, and Audible.

See Also Five stocks we like better than Amazon.com Could Nike’s Brutal Sell-Off Finally Be Running Out of Steam? The AI Buildout Needs Power It Cannot Get: 4 Energy Stocks Already Have It McDonald’s Is Undergoing a Massive New Growth Strategy. Can It Win Back Consumers? MGM Resorts Stock Sinks After Diller Deal Collapse: Overreaction or Warning?

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Ketron Financial lowered its stake in Microsoft Corporation (NASDAQ:MSFT – Free Report) by 11.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,056 shares of the software giant’s stock after selling 3,994 shares during the quarter. Microsoft comprises about 3.7% of Ketron Financial’s portfolio, making the stock its 6th biggest holding. Ketron Financial’s holdings in Microsoft were worth $11,958,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of MSFT. Friedenthal Financial raised its position in Microsoft by 6.2% in the first quarter. Friedenthal Financial now owns 431 shares of the software giant’s stock valued at $160,000 after purchasing an additional 25 shares during the period. Sequent Planning LLC lifted its stake in Microsoft by 0.7% during the 1st quarter. Sequent Planning LLC now owns 3,733 shares of the software giant’s stock worth $1,382,000 after acquiring an additional 25 shares in the last quarter. Riverpoint Wealth Management Holdings LLC lifted its stake in Microsoft by 0.5% during the 1st quarter. Riverpoint Wealth Management Holdings LLC now owns 5,543 shares of the software giant’s stock worth $2,052,000 after acquiring an additional 26 shares in the last quarter. American Investment Services Inc. boosted its holdings in Microsoft by 3.1% during the 1st quarter. American Investment Services Inc. now owns 876 shares of the software giant’s stock valued at $324,000 after acquiring an additional 26 shares during the period. Finally, REAP Financial Group LLC grew its position in Microsoft by 1.1% in the 2nd quarter. REAP Financial Group LLC now owns 2,453 shares of the software giant’s stock valued at $915,000 after acquiring an additional 26 shares in the last quarter. Hedge funds and other institutional investors own 71.13% of the company’s stock.

Microsoft Stock Performance Shares of Microsoft stock opened at $517.53 on Monday. The firm has a market capitalization of $3.84 trillion, a P/E ratio of 28.82, a P/E/G ratio of 1.66 and a beta of 1.10. Microsoft Corporation has a 52 week low of $349.20 and a 52 week high of $553.72. The company has a quick ratio of 1.22, a current ratio of 1.23 and a debt-to-equity ratio of 0.07. The firm’s 50 day moving average is $490.08 and its two-hundred day moving average is $430.19.

Microsoft (NASDAQ:MSFT – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The software giant reported $4.74 EPS for the quarter, topping the consensus estimate of $4.24 by $0.50. The firm had revenue of $90.01 billion for the quarter, compared to analyst estimates of $87.62 billion. Microsoft had a net margin of 40.31% and a return on equity of 31.98%. Microsoft’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period last year, the business earned $3.65 EPS. Research analysts forecast that Microsoft Corporation will post 19.62 EPS for the current fiscal year. Microsoft Increases Dividend The company also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Thursday, November 19th will be given a $0.98 dividend. This is a boost from Microsoft’s previous quarterly dividend of $0.91. The ex-dividend date of this dividend is Thursday, November 19th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 0.8%. Microsoft’s payout ratio is currently 20.27%.

Analyst Ratings Changes Several equities research analysts recently weighed in on MSFT shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Microsoft in a research note on Monday, July 20th. Mizuho reduced their price objective on Microsoft from $515.00 to $490.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 15th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Microsoft in a report on Thursday, September 10th. Barclays decreased their price objective on Microsoft from $545.00 to $512.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. Finally, KeyCorp reissued an “overweight” rating on shares of Microsoft in a research report on Thursday, September 3rd. Forty-three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $571.18.

Check Out Our Latest Stock Analysis on Microsoft

Insider Transactions at Microsoft In other news, EVP Amy Hood sold 41,674 shares of Microsoft stock in a transaction on Monday, September 14th. The shares were sold at an average price of $498.27, for a total value of $20,764,903.98. Following the transaction, the executive vice president directly owned 533,624 shares of the company’s stock, valued at $265,888,830.48. The trade was a 7.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Satya Nadella sold 86,525 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $501.46, for a total transaction of $43,388,826.50. Following the completion of the sale, the chief executive officer owned 486,763 shares of the company’s stock, valued at approximately $244,092,173.98. This trade represents a 15.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 143,009 shares of company stock worth $71,420,699 in the last three months. Corporate insiders own 0.03% of the company’s stock.

Key Stories Impacting Microsoft Here are the key news stories impacting Microsoft this week:

Positive Sentiment: Azure and AI demand remain the primary catalyst. Investor data and analyst commentary point to accelerating Azure demand, while Microsoft’s recent earnings showed its fastest cloud growth in four years. The improving demand is helping ease concerns that the company’s substantial AI infrastructure spending will not generate adequate returns. Ca$htag: MSFT Azure Cloud Drives Soaring Demand Positive Sentiment: Wells Fargo added Microsoft to its Q4 Tactical Ideas list and raised its price target to $725, citing Azure’s growth potential and the prospect of improved AI monetization through Copilot. The action adds to a series of bullish analyst revisions; one report noted that 52 analysts covering Microsoft currently have no sell ratings. With Azure as a Catalyst, Microsoft Is Positioned for Sustained Growth Positive Sentiment: Microsoft’s OpenAI relationship provides potential additional value. Investors are increasingly focused on Microsoft’s stake and commercial partnership with OpenAI, particularly ahead of a possible OpenAI initial public offering that could provide a market reference for the investment. OpenAI’s Future IPO Keeps Me Buying Microsoft Positive Sentiment: Microsoft introduced new real-time AI speech models for customer-service agents, multilingual assistants and voice interfaces. The products broaden Microsoft’s enterprise AI offering and could support additional cloud consumption and software revenue. Microsoft Targets Contact Center Market With Real-Time AI Voice Models Neutral Sentiment: Investors are awaiting Microsoft’s October 7 Surface and Windows event. New hardware or Windows updates could support the ecosystem, although the event has not yet produced a material earnings catalyst. Microsoft Stock Notches Up Ahead of the Surface Show Negative Sentiment: Risks include heavy AI capital spending, valuation concerns and broader market concentration. Critics argue that rising data-center capacity could pressure compute pricing and returns, while strategists warn that a market correction could disproportionately affect megacap technology stocks. Microsoft’s dividend remains affordable, but AI infrastructure spending and lease commitments could limit future dividend growth. Morgan Stanley Strategist Sees Market Drawdown Potential Microsoft Profile (Free Report)

Microsoft Corporation is a global technology company that develops software, cloud services, devices, gaming products and business solutions. Founded in 1975 by Bill Gates and Paul Allen, the company is best known for the Windows operating system and Microsoft Office productivity software. Microsoft is headquartered in Redmond, Washington, and serves consumers, businesses, governments and educational institutions worldwide.

Microsoft’s productivity and business offerings include Microsoft 365 applications such as Word, Excel, PowerPoint and Outlook, along with collaboration tools including Teams.

Read More Five stocks we like better than Microsoft Could Nike’s Brutal Sell-Off Finally Be Running Out of Steam? The AI Buildout Needs Power It Cannot Get: 4 Energy Stocks Already Have It McDonald’s Is Undergoing a Massive New Growth Strategy. Can It Win Back Consumers? MGM Resorts Stock Sinks After Diller Deal Collapse: Overreaction or Warning? Want to see what other hedge funds are holding MSFT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microsoft Corporation (NASDAQ:MSFT – Free Report).

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On a sunny day in Seattle in late September, about 50 executives representing large Microsoft customers had a rare opportunity. They could ask anything of CEO Satya Nadella.

One attendee wanted to know what Microsoft could do to help companies adapt to the artificial intelligence age. Nadella responded by emphasizing the importance of "diffusion inside the enterprise," meaning AI tools need to be widely deployed.

"Like all things, change is always bottom up, top down, and middle up," said Nadella, sporting a tight black crewneck and dark gray slacks, as he strode across the stage at the downtown Paccar Pavilion.

For the 59-year-old Nadella, who's spent over half his life at Microsoft, the gathering landed at a pivotal moment, as the software giant tries to magnify its role in the AI boom. Of late, Nadella has been inserting himself more into the AI discourse, posting on X last month about the need for "deliberate pacing" in model development, and days later addressing safety fears at the All-In Summit in Los Angeles.

Despite its almost $4 trillion market cap, Microsoft has yet to break out as an AI leader. Nvidia dominates in AI chips, Anthropic and OpenAI boast the foremost models, Meta just released the first mass-market personal agent, and Google's Gemini-powered services are popular with businesses and consumers.

Microsoft was aggressively early to AI through an investment in OpenAI, but that alliance has frayed. While the software giant has a big business in renting out chips for AI developers through its Azure cloud, its Copilot technology isn't pervasive in the workplace, and its proprietary AI models remain niche.

The company is hosting a Windows and Surface event in San Francisco on Wednesday, describing it in an invitation as "a conversation on how local AI will shape the next chapter of the PC."

Wall Street is lukewarm on the story. Even factoring in a sharp third-quarter rally, the stock is trailing its megacap peers and the broader Nasdaq this year, up just 7% as of Friday's close. Microsoft hasn't beaten the S&P 500 in a calendar year since 2023.

Nasdaq vs. S&P 500 since the end of 2023

Tiffany Wade, co-portfolio manager at Microsoft shareholder Columbia Threadneedle, said there are a lot of unknowns about Copilot, which is the centerpiece of Nadella's AI strategy.

"I think there needs to be a little bit more maturity of the product before we figure out actually what the best solution or what pricing is," Wade said in an interview.

For longtime Microsoft investors, Nadella has a solid track record when it comes to navigating industry shifts. He was named CEO in 2014, succeeding Steve Ballmer, who had presided over a roughly 33% drop in the stock price during his 14-year tenure, as Microsoft slipped into the beleaguered category of legacy software.

Nadella proceeded to turn Microsoft into a cloud powerhouse. He tossed aside perpetual Office software licenses and pushed the company into subscription-based software-as-a-service offerings alongside Azure infrastructure. And he permitted customers to integrate products from bitter rivals like Oracle and Salesforce, rather than insisting on a pure Microsoft stack.

Trained as an electrical engineer and computer scientist, Nadella became a savvy dealmaker, expanding Microsoft through acquisitions of "Minecraft"-maker Mojang, business social network LinkedIn and code-sharing service GitHub.

In recent months, Nadella has acknowledged to investors that he's got to change the business model yet again, this time to reflect the AI-fueled move toward consumption-based pricing. That means becoming a vendor of large volumes of tokens, which measure computing usage and represent the currency of the AI economy.

Success would mean "further expanding our TAM," Nadella said on Microsoft's July earnings call, adopting the acronym for total addressable market.

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Much of the growth story Nadella preaches involves the production of software. Develop more code and do it faster, boosted by the latest and greatest AI tools.

"We went from the code assist to the agentic coding to software factory all within one year," Nadella said at the customer gathering late last month.

Now he wants to see Microsoft clients open their own software factories, spending more along the way to help churn out code. He's also hoping to empower non-technical knowledge workers. Some of Nadella's lieutenants at the event unveiled a Copilot "super app" that can perform increasingly complex tasks, generate simple applications and function as a virtual teammate.

Nadella had a preview of what was coming.

Microsoft first invested in OpenAI in 2019, when the company was still a fledgling lab. In 2021, a year before ChatGPT launched, Microsoft and OpenAI collaborated to release GitHub Copilot, a tool that could write parts of applications and websites based on vast swaths of public source code.

They'd created an early sensation. But as the generative AI market took off, developers moved to products from AI-native startups like Cursor, now owned by SpaceX, and Anthropic, which rolled out Claude Code.

'Learned lessons'Microsoft's sluggishness in keeping up with the rapid changes cost GitHub market share.

Earlier this year, Microsoft adjusted the pricing for the coding tool to align more with computing demand. Some customers initially balked, but by July the company said it had racked up 50 million users, up from 26 million last October, meaning that one in five on GitHub were on board.

Nadella said on the July earnings call that GitHub Copilot sales growth accelerated 60% from the previous quarter, with "significant consumption revenue after the new model went into effect."

"GitHub Copilot went out and learned lessons," said Kyle Daigle, the unit's operating chief, in an interview.

Daigle said GitHub employees shared their lessons with other teams at Microsoft that are eyeing consumption-based pricing schemes.

Hayete Gallot, Microsoft's executive vice president for security products, said the company will charge clients according to how intensely they use the technology.

"I always say to my team, when customers consume, it means we add value. And for me, the truth starts with customers," Gallot said. "If they don't consume, it means we're not giving value."

Currently, Microsoft's enterprise portfolio is reliant on subscriptions. For its core Microsoft 365 productivity suite, which includes Word, Excel and Teams, customers sign up for years at a time, and Copilot costs an extra $30 per person each month. Microsoft has 30 million Copilot seats. The commercial Office 365 base exceeds 450 million.

One area of uncertainty in Microsoft's AI roadmap revolves around Mustafa Suleyman.

Suleyman previously co-founded AI lab DeepMind, which Google bought in 2014. Nadella hired him in 2024 to lead AI initiatives as Microsoft's relationship with OpenAI was cooling.

Last year, Microsoft lost its status as OpenAI's exclusive cloud provider, and this year its license on OpenAI intellectual property became non-exclusive. That left the software company with a massive investment in the AI lab but less preferential treatment. Microsoft said in April that it continues to serve as OpenAI's "primary cloud partner."

Suleyman's group has rolled out models for coding, image generation and reasoning. This week he boasted on X that a new speech-to-text model was "the most accurate real time transcription model in the world... #1 !!!" But for raw digital intellect, the team has yet to rival Anthropic or OpenAI, according to independent leaderboards.

Microsoft executives say there are benefits to having model and application development under the same roof. The group building Teams and other Office productivity apps has seen higher performance from Suleyman's transcription models at a lower price, and engineers get clear feedback as they build out products, said Executive Vice President Charles Lamanna.

"The collaboration is much tighter with Mustafa," he said.

Suleyman maintains a high profile at Microsoft, but his responsibilities have shifted. In March, Microsoft announced that it was bringing together the engineering groups for its commercial and consumer Copilot assistants, as adoption had been sluggish. Jacob Andreou was promoted to executive vice president for Copilot experience, and Suleyman was charged with focusing on model development.

Nadella, meanwhile, has been downplaying the importance of world-beating models in isolation.

"In my view, our priority has to be building a frontier ecosystem, not just a frontier model, so value flows broadly across every company, every industry, and every country," he wrote in a post on his SN Scratchpad website in June.

At the September Copilot event, Nadella stood before a slide declaring that Copilot could connect to "every model," with the Anthropic, OpenAI, SpaceX and Microsoft AI logos.

Fixing the economicsIncreasingly, Microsoft is finding the model leaders encroaching on its turf, as they release products for cybersecurity, customer service and other functions.

In January, as Anthropic's Claude Code was building momentum, Microsoft executives were impressed with its ability to tap a bevy of tools to get things done, said Jared Spataro, Microsoft's marketing chief for AI at work. Microsoft was losing deals to Anthropic, promoting a close study of a rising competitor, said a person familiar with the matter, who asked not to be named due to confidentiality.

A Microsoft spokesperson declined to comment.

Spataro said the company sensed a need to change the mechanics.

"It became very clear to us at that moment. Like, oh wow, the economics are not going to be such that we're going to be able to offer now the best outcome within a fixed price per user per month," Spataro said. "We realized that we needed to start to think about the business model."

The company got cracking on a more comprehensive approach to consumption-based pricing that it calls usage-based billing, or UBB. The first UBB product was Copilot Cowork, which accepts large productivity assignments and shows its progress, Spataro said.

Nadella said on the July earnings call that "earlier this month, we added usage-based billing to Cowork with thousands of customers already paying for and actively using it."

Derrick Wood, an analyst at Cowen, said it was a strong signal.

"It may have the effect of what we saw when Claude Code, for example, shifted to consumption pricing, and you saw token bills go significantly higher," said Wood, who recommends buying Microsoft shares. "There's definitely the possibility for that to happen with Cowork."

Nadella is a user. On a podcast recorded after the September event, he said he can ask Cowork to prepare a supply chain optimization spreadsheet showing multiple scenarios.

"It'll create a fantastic artifact," he said.

David Berry, a vice president at advisory group Directions on Microsoft, said budget-conscious IT executives aren't all ready to take the Cowork plunge.

"There's a very real concern that you just kind of turn it on and people are going to start draining the bank," Berry said. "There's no way to determine if people are actually getting any benefit from it."

With the ChatGPT era nearing its four-year anniversary, Microsoft is still looking for a smash hit, whether at the model or application layer. While Nadella earned investor trust in reviving Microsoft once, he can't afford to let the company become an also-ran in AI.

Berry said he still sees Nadella as the right person to command the ship.

"He seems to be able to handle the situations or identify the situations and come up with a plan to change and evolve the business," he said. "The challenge is we're facing a lot more of the unknowns in a sense with AI, so it's a lot of different market dynamics going on, but he seems to have a plan, and he's working the plan."

In Seattle, Nadella ended his response to the transformation question by saying that those at the top of organizations play a key role.

"Leaders who are hands-on are able to change," he said. "Otherwise, they're all from press event to press event, right?"

He added, "It's kind of like you've got to be in it."

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Oriental Harbor Investment Master Fund reduced its stake in NVIDIA Corporation (NASDAQ:NVDA – Free Report) by 15.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,083,827 shares of the computer hardware maker’s stock after selling 201,882 shares during the period. NVIDIA makes up approximately 13.1% of Oriental Harbor Investment Master Fund’s portfolio, making the stock its 3rd biggest position. Oriental Harbor Investment Master Fund’s holdings in NVIDIA were worth $216,863,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the stock. Bank of America Corp DE boosted its position in shares of NVIDIA by 2.1% during the first quarter. Bank of America Corp DE now owns 191,200,989 shares of the computer hardware maker’s stock worth $33,345,453,000 after buying an additional 4,019,505 shares during the period. Invesco Ltd. raised its holdings in shares of NVIDIA by 0.3% in the 4th quarter. Invesco Ltd. now owns 143,239,504 shares of the computer hardware maker’s stock valued at $26,714,167,000 after buying an additional 446,178 shares during the period. Amundi lifted its stake in NVIDIA by 10.4% during the 1st quarter. Amundi now owns 133,768,018 shares of the computer hardware maker’s stock worth $23,329,141,000 after acquiring an additional 12,575,177 shares in the last quarter. J. Stern & Co. LLP grew its position in NVIDIA by 13,709.1% in the 4th quarter. J. Stern & Co. LLP now owns 125,760,307 shares of the computer hardware maker’s stock valued at $23,454,297,000 after acquiring an additional 124,849,603 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in NVIDIA by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 94,521,253 shares of the computer hardware maker’s stock worth $16,479,126,000 after purchasing an additional 555,221 shares during the period. 65.27% of the stock is currently owned by institutional investors and hedge funds.

NVIDIA Price Performance Shares of NVDA opened at $233.95 on Monday. The firm has a market capitalization of $5.64 trillion, a price-to-earnings ratio of 29.58, a PEG ratio of 1.81 and a beta of 2.22. The firm’s fifty day simple moving average is $218.74 and its 200-day simple moving average is $207.65. NVIDIA Corporation has a twelve month low of $164.27 and a twelve month high of $237.88. The company has a current ratio of 4.59, a quick ratio of 3.85 and a debt-to-equity ratio of 0.14.

NVIDIA (NASDAQ:NVDA – Get Free Report) last issued its earnings results on Wednesday, August 26th. The computer hardware maker reported $2.22 EPS for the quarter, topping analysts’ consensus estimates of $2.09 by $0.13. The firm had revenue of $96.22 billion during the quarter, compared to the consensus estimate of $92.27 billion. NVIDIA had a net margin of 63.66% and a return on equity of 96.04%. The company’s revenue was up 105.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.05 earnings per share. Equities analysts forecast that NVIDIA Corporation will post 9.25 EPS for the current fiscal year. NVIDIA announced that its board has authorized a share repurchase program on Monday, September 28th that authorizes the company to buyback $150.00 billion in outstanding shares. This buyback authorization authorizes the computer hardware maker to buy up to 2.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

NVIDIA Dividend Announcement The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Thursday, September 10th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Thursday, September 10th. NVIDIA’s payout ratio is 12.64%.

Insider Transactions at NVIDIA In other news, Director Mark A. Stevens sold 622,239 shares of the firm’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $231.62, for a total transaction of $144,122,997.18. Following the sale, the director owned 2,336,531 shares of the company’s stock, valued at approximately $541,187,310.22. This trade represents a 21.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Timothy S. Teter sold 30,460 shares of the business’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $222.80, for a total value of $6,786,488.00. Following the sale, the executive vice president owned 2,687,660 shares of the company’s stock, valued at approximately $598,810,648. The trade was a 1.12% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 1,766,118 shares of company stock valued at $399,450,353. 3.94% of the stock is currently owned by corporate insiders.

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

Positive Sentiment: Morgan Stanley named NVIDIA its top semiconductor pick, maintaining an Overweight rating and setting a $300 price target. The firm believes NVIDIA’s software ecosystem, scale and positioning across AI infrastructure trends give it a durable competitive moat. Morgan Stanley names NVIDIA a top pick Positive Sentiment: NVIDIA’s recently announced $150 billion buyback authorization lifts total remaining repurchase capacity to approximately $235 billion. Investors view the plan as a sign of management confidence and a potential source of per-share earnings support. NVIDIA buyback analysis Positive Sentiment: Analysts continue to raise expectations for hyperscaler spending, with Barclays estimating NVIDIA could generate $401 billion in hyperscaler revenue in 2027. CoreWeave’s launch of the Vera Rubin platform and additional enterprise customers also supports demand for NVIDIA’s next-generation systems. Barclays hyperscaler revenue estimate Neutral Sentiment: The broader semiconductor and technology complex is attracting buying interest as AI investment remains a major market leadership theme. However, NVIDIA’s valuation and substantial market concentration leave the stock sensitive to interest rates, economic data and shifts in institutional positioning. Negative Sentiment: Investors are monitoring reports that Amazon may move roughly $8 billion of NVIDIA chips off its balance sheet through leasing or financing structures. While this could improve customer flexibility, it adds scrutiny around AI infrastructure financing and so-called circular transactions. Amazon NVIDIA chip balance-sheet report Negative Sentiment: Export-control concerns remain a headline risk after prosecutors alleged a California man helped smuggle approximately $300 million of NVIDIA chips to China. Separately, Michael Burry warned that GPU depreciation could undermine the economics of the AI infrastructure boom, while Alphabet’s growing use of internally designed chips represents a longer-term competitive threat. NVIDIA chip smuggling prosecution Analysts Set New Price Targets NVDA has been the topic of several research reports. Wells Fargo & Company set a $210.00 price target on shares of NVIDIA in a research report on Friday. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of NVIDIA in a research note on Monday, August 31st. Itau BBA Securities decreased their price target on shares of NVIDIA from $256.00 to $218.00 in a research report on Wednesday, June 24th. UBS Group set a $300.00 price target on shares of NVIDIA and gave the stock a “buy” rating in a research note on Thursday, August 27th. Finally, Piper Sandler initiated coverage on NVIDIA in a research report on Wednesday, September 9th. They set an “overweight” rating and a $300.00 price objective on the stock. Four analysts have rated the stock with a Strong Buy rating, fifty have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $320.71.

View Our Latest Research Report on NVDA

NVIDIA Profile (Free Report)

NVIDIA Corporation is a technology company that designs accelerated computing platforms, graphics processing units (GPUs), central processing units (CPUs), networking products and related software. Its technologies are used in artificial intelligence, data centers, scientific and technical computing, gaming, professional visualization, automotive systems and robotics.

The company’s products include GeForce GPUs and gaming software, data center computing platforms, networking solutions, and enterprise software for AI development and deployment.

Recommended Stories Five stocks we like better than NVIDIA Could Nike’s Brutal Sell-Off Finally Be Running Out of Steam? The AI Buildout Needs Power It Cannot Get: 4 Energy Stocks Already Have It McDonald’s Is Undergoing a Massive New Growth Strategy. Can It Win Back Consumers? MGM Resorts Stock Sinks After Diller Deal Collapse: Overreaction or Warning?

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Advisors Capital Management LLC raised its holdings in shares of NVIDIA Corporation (NASDAQ:NVDA – Free Report) by 4.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,271,599 shares of the computer hardware maker’s stock after purchasing an additional 54,830 shares during the period. NVIDIA comprises about 2.7% of Advisors Capital Management LLC’s portfolio, making the stock its 4th largest holding. Advisors Capital Management LLC’s holdings in NVIDIA were worth $254,434,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of NVDA. Lifetime Wealth Management P.C. bought a new position in shares of NVIDIA in the fourth quarter valued at approximately $26,000. Longview Financial Advisors Inc. acquired a new position in shares of NVIDIA during the first quarter valued at approximately $27,000. Phillip James Consulting Co. bought a new stake in NVIDIA during the first quarter worth approximately $40,000. Frankly Finances LLC bought a new stake in NVIDIA during the second quarter worth approximately $60,000. Finally, Lam Group Inc. acquired a new stake in NVIDIA in the first quarter worth approximately $77,000. 65.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth Several equities analysts have recently issued reports on the company. KeyCorp reiterated an “overweight” rating and set a $330.00 price target on shares of NVIDIA in a research report on Monday, August 24th. HSBC upped their price objective on NVIDIA from $360.00 to $365.00 in a report on Thursday, August 27th. China Renaissance raised their target price on NVIDIA from $319.00 to $330.00 and gave the company a “buy” rating in a research note on Monday, August 31st. JPMorgan Chase & Co. lifted their target price on NVIDIA from $280.00 to $320.00 and gave the stock an “overweight” rating in a report on Thursday, August 27th. Finally, UBS Group set a $300.00 price target on shares of NVIDIA and gave the company a “buy” rating in a report on Thursday, August 27th. Four analysts have rated the stock with a Strong Buy rating, fifty have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $320.71.

View Our Latest Stock Analysis on NVDA More NVIDIA News Here are the key news stories impacting NVIDIA this week:

Positive Sentiment: Morgan Stanley named NVIDIA its top semiconductor pick, maintaining an Overweight rating and setting a $300 price target. The firm believes NVIDIA’s software ecosystem, scale and positioning across AI infrastructure trends give it a durable competitive moat. Morgan Stanley names NVIDIA a top pick Positive Sentiment: NVIDIA’s recently announced $150 billion buyback authorization lifts total remaining repurchase capacity to approximately $235 billion. Investors view the plan as a sign of management confidence and a potential source of per-share earnings support. NVIDIA buyback analysis Positive Sentiment: Analysts continue to raise expectations for hyperscaler spending, with Barclays estimating NVIDIA could generate $401 billion in hyperscaler revenue in 2027. CoreWeave’s launch of the Vera Rubin platform and additional enterprise customers also supports demand for NVIDIA’s next-generation systems. Barclays hyperscaler revenue estimate Neutral Sentiment: The broader semiconductor and technology complex is attracting buying interest as AI investment remains a major market leadership theme. However, NVIDIA’s valuation and substantial market concentration leave the stock sensitive to interest rates, economic data and shifts in institutional positioning. Negative Sentiment: Investors are monitoring reports that Amazon may move roughly $8 billion of NVIDIA chips off its balance sheet through leasing or financing structures. While this could improve customer flexibility, it adds scrutiny around AI infrastructure financing and so-called circular transactions. Amazon NVIDIA chip balance-sheet report Negative Sentiment: Export-control concerns remain a headline risk after prosecutors alleged a California man helped smuggle approximately $300 million of NVIDIA chips to China. Separately, Michael Burry warned that GPU depreciation could undermine the economics of the AI infrastructure boom, while Alphabet’s growing use of internally designed chips represents a longer-term competitive threat. NVIDIA chip smuggling prosecution NVIDIA Stock Performance Shares of NASDAQ NVDA opened at $233.95 on Monday. The company has a quick ratio of 3.85, a current ratio of 4.59 and a debt-to-equity ratio of 0.14. NVIDIA Corporation has a 12 month low of $164.27 and a 12 month high of $237.88. The company has a market cap of $5.64 trillion, a price-to-earnings ratio of 29.58, a P/E/G ratio of 1.81 and a beta of 2.22. The business has a fifty day simple moving average of $218.74 and a 200-day simple moving average of $207.65.

NVIDIA (NASDAQ:NVDA – Get Free Report) last released its earnings results on Wednesday, August 26th. The computer hardware maker reported $2.22 earnings per share for the quarter, topping the consensus estimate of $2.09 by $0.13. The business had revenue of $96.22 billion for the quarter, compared to the consensus estimate of $92.27 billion. NVIDIA had a net margin of 63.66% and a return on equity of 96.04%. The firm’s quarterly revenue was up 105.9% compared to the same quarter last year. During the same period last year, the firm posted $1.05 earnings per share. Sell-side analysts predict that NVIDIA Corporation will post 9.25 EPS for the current year.

NVIDIA Announces Dividend The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Thursday, September 10th were paid a $0.25 dividend. The ex-dividend date of this dividend was Thursday, September 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.4%. NVIDIA’s dividend payout ratio is 12.64%.

NVIDIA declared that its board has approved a share repurchase program on Monday, September 28th that permits the company to repurchase $150.00 billion in outstanding shares. This repurchase authorization permits the computer hardware maker to buy up to 2.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling In other NVIDIA news, EVP Timothy S. Teter sold 30,460 shares of the business’s stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $222.80, for a total value of $6,786,488.00. Following the transaction, the executive vice president owned 2,687,660 shares in the company, valued at $598,810,648. The trade was a 1.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Colette Kress sold 34,918 shares of the firm’s stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $219.05, for a total value of $7,648,787.90. Following the sale, the chief financial officer directly owned 765,103 shares of the company’s stock, valued at $167,595,812.15. This trade represents a 4.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 1,766,118 shares of company stock worth $399,450,353. Corporate insiders own 3.94% of the company’s stock.

NVIDIA Profile (Free Report)

NVIDIA Corporation is a technology company that designs accelerated computing platforms, graphics processing units (GPUs), central processing units (CPUs), networking products and related software. Its technologies are used in artificial intelligence, data centers, scientific and technical computing, gaming, professional visualization, automotive systems and robotics.

The company’s products include GeForce GPUs and gaming software, data center computing platforms, networking solutions, and enterprise software for AI development and deployment.

Featured Stories Five stocks we like better than NVIDIA Could Nike’s Brutal Sell-Off Finally Be Running Out of Steam? The AI Buildout Needs Power It Cannot Get: 4 Energy Stocks Already Have It McDonald’s Is Undergoing a Massive New Growth Strategy. Can It Win Back Consumers? MGM Resorts Stock Sinks After Diller Deal Collapse: Overreaction or Warning?

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Algebris UK Ltd. purchased a new position in shares of NVIDIA Corporation (NASDAQ:NVDA – Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 11,098 shares of the computer hardware maker’s stock, valued at approximately $2,214,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Lifetime Wealth Management P.C. bought a new stake in shares of NVIDIA during the 4th quarter valued at about $26,000. Longview Financial Advisors Inc. bought a new stake in NVIDIA in the first quarter worth approximately $27,000. Langley Wealth Management LLC acquired a new position in NVIDIA in the second quarter valued at approximately $34,000. Phillip James Consulting Co. acquired a new position in NVIDIA in the first quarter valued at approximately $40,000. Finally, Frankly Finances LLC bought a new position in shares of NVIDIA during the 2nd quarter worth approximately $60,000. Institutional investors and hedge funds own 65.27% of the company’s stock.

Key NVIDIA News Here are the key news stories impacting NVIDIA this week:

Positive Sentiment: Morgan Stanley named NVIDIA its top semiconductor pick, maintaining an Overweight rating and setting a $300 price target. The firm believes NVIDIA’s software ecosystem, scale and positioning across AI infrastructure trends give it a durable competitive moat. Morgan Stanley names NVIDIA a top pick Positive Sentiment: NVIDIA’s recently announced $150 billion buyback authorization lifts total remaining repurchase capacity to approximately $235 billion. Investors view the plan as a sign of management confidence and a potential source of per-share earnings support. NVIDIA buyback analysis Positive Sentiment: Analysts continue to raise expectations for hyperscaler spending, with Barclays estimating NVIDIA could generate $401 billion in hyperscaler revenue in 2027. CoreWeave’s launch of the Vera Rubin platform and additional enterprise customers also supports demand for NVIDIA’s next-generation systems. Barclays hyperscaler revenue estimate Neutral Sentiment: The broader semiconductor and technology complex is attracting buying interest as AI investment remains a major market leadership theme. However, NVIDIA’s valuation and substantial market concentration leave the stock sensitive to interest rates, economic data and shifts in institutional positioning. Negative Sentiment: Investors are monitoring reports that Amazon may move roughly $8 billion of NVIDIA chips off its balance sheet through leasing or financing structures. While this could improve customer flexibility, it adds scrutiny around AI infrastructure financing and so-called circular transactions. Amazon NVIDIA chip balance-sheet report Negative Sentiment: Export-control concerns remain a headline risk after prosecutors alleged a California man helped smuggle approximately $300 million of NVIDIA chips to China. Separately, Michael Burry warned that GPU depreciation could undermine the economics of the AI infrastructure boom, while Alphabet’s growing use of internally designed chips represents a longer-term competitive threat. NVIDIA chip smuggling prosecution NVIDIA Price Performance NVDA stock opened at $233.95 on Monday. NVIDIA Corporation has a twelve month low of $164.27 and a twelve month high of $237.88. The company has a quick ratio of 3.85, a current ratio of 4.59 and a debt-to-equity ratio of 0.14. The stock’s 50 day moving average is $218.74 and its 200-day moving average is $207.65. The firm has a market capitalization of $5.64 trillion, a PE ratio of 29.58, a P/E/G ratio of 1.81 and a beta of 2.22. NVIDIA (NASDAQ:NVDA – Get Free Report) last announced its quarterly earnings results on Wednesday, August 26th. The computer hardware maker reported $2.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.13. NVIDIA had a return on equity of 96.04% and a net margin of 63.66%.The business had revenue of $96.22 billion during the quarter, compared to the consensus estimate of $92.27 billion. During the same quarter in the prior year, the company posted $1.05 earnings per share. NVIDIA’s revenue was up 105.9% compared to the same quarter last year. Sell-side analysts expect that NVIDIA Corporation will post 9.25 EPS for the current fiscal year.

NVIDIA announced that its Board of Directors has initiated a stock buyback program on Monday, September 28th that authorizes the company to buyback $150.00 billion in shares. This buyback authorization authorizes the computer hardware maker to buy up to 2.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

NVIDIA Announces Dividend The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Thursday, September 10th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Thursday, September 10th. NVIDIA’s payout ratio is currently 12.64%.

Insider Transactions at NVIDIA In related news, CFO Colette Kress sold 34,918 shares of the firm’s stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $219.05, for a total transaction of $7,648,787.90. Following the transaction, the chief financial officer directly owned 765,103 shares of the company’s stock, valued at $167,595,812.15. This trade represents a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Timothy S. Teter sold 30,460 shares of NVIDIA stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $222.80, for a total transaction of $6,786,488.00. Following the completion of the sale, the executive vice president directly owned 2,687,660 shares in the company, valued at approximately $598,810,648. This represents a 1.12% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,766,118 shares of company stock worth $399,450,353 in the last quarter. 3.94% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth Several analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of NVIDIA in a research report on Monday, August 31st. Piper Sandler started coverage on shares of NVIDIA in a research note on Wednesday, September 9th. They set an “overweight” rating and a $300.00 target price on the stock. Sanford C. Bernstein restated a “buy” rating on shares of NVIDIA in a report on Monday, September 21st. JPMorgan Chase & Co. lifted their price target on shares of NVIDIA from $280.00 to $320.00 and gave the company an “overweight” rating in a research note on Thursday, August 27th. Finally, KeyCorp reiterated an “overweight” rating and set a $330.00 price objective on shares of NVIDIA in a report on Monday, August 24th. Four equities research analysts have rated the stock with a Strong Buy rating, fifty have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $320.71.

Get Our Latest Analysis on NVDA

NVIDIA Company Profile (Free Report)

NVIDIA Corporation is a technology company that designs accelerated computing platforms, graphics processing units (GPUs), central processing units (CPUs), networking products and related software. Its technologies are used in artificial intelligence, data centers, scientific and technical computing, gaming, professional visualization, automotive systems and robotics.

The company’s products include GeForce GPUs and gaming software, data center computing platforms, networking solutions, and enterprise software for AI development and deployment.

Featured Stories Five stocks we like better than NVIDIA Could Nike’s Brutal Sell-Off Finally Be Running Out of Steam? The AI Buildout Needs Power It Cannot Get: 4 Energy Stocks Already Have It McDonald’s Is Undergoing a Massive New Growth Strategy. Can It Win Back Consumers? MGM Resorts Stock Sinks After Diller Deal Collapse: Overreaction or Warning?

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Oxford Financial Group LTD. LLC reduced its holdings in NVIDIA Corporation (NASDAQ:NVDA – Free Report) by 23.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 87,951 shares of the computer hardware maker’s stock after selling 27,153 shares during the period. NVIDIA comprises about 0.9% of Oxford Financial Group LTD. LLC’s holdings, making the stock its 15th largest holding. Oxford Financial Group LTD. LLC’s holdings in NVIDIA were worth $17,598,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in NVDA. Kilter Group LLC lifted its position in NVIDIA by 5.9% in the 2nd quarter. Kilter Group LLC now owns 8,795 shares of the computer hardware maker’s stock worth $1,760,000 after buying an additional 491 shares in the last quarter. D L Carlson Investment Group Inc. grew its holdings in shares of NVIDIA by 0.6% during the 2nd quarter. D L Carlson Investment Group Inc. now owns 114,511 shares of the computer hardware maker’s stock valued at $22,912,000 after acquiring an additional 706 shares in the last quarter. Fischer Financial Services Inc. grew its holdings in shares of NVIDIA by 3.0% during the 2nd quarter. Fischer Financial Services Inc. now owns 109,580 shares of the computer hardware maker’s stock valued at $21,926,000 after acquiring an additional 3,197 shares in the last quarter. Ninepoint Partners LP acquired a new position in shares of NVIDIA in the second quarter worth $5,039,000. Finally, SGL Investment Advisors Inc. increased its position in NVIDIA by 1.4% in the 2nd quarter. SGL Investment Advisors Inc. now owns 40,345 shares of the computer hardware maker’s stock worth $8,777,000 after purchasing an additional 549 shares during the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

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

Positive Sentiment: Morgan Stanley named NVIDIA its top semiconductor pick, maintaining an Overweight rating and setting a $300 price target. The firm believes NVIDIA’s software ecosystem, scale and positioning across AI infrastructure trends give it a durable competitive moat. Morgan Stanley names NVIDIA a top pick Positive Sentiment: NVIDIA’s recently announced $150 billion buyback authorization lifts total remaining repurchase capacity to approximately $235 billion. Investors view the plan as a sign of management confidence and a potential source of per-share earnings support. NVIDIA buyback analysis Positive Sentiment: Analysts continue to raise expectations for hyperscaler spending, with Barclays estimating NVIDIA could generate $401 billion in hyperscaler revenue in 2027. CoreWeave’s launch of the Vera Rubin platform and additional enterprise customers also supports demand for NVIDIA’s next-generation systems. Barclays hyperscaler revenue estimate Neutral Sentiment: The broader semiconductor and technology complex is attracting buying interest as AI investment remains a major market leadership theme. However, NVIDIA’s valuation and substantial market concentration leave the stock sensitive to interest rates, economic data and shifts in institutional positioning. Negative Sentiment: Investors are monitoring reports that Amazon may move roughly $8 billion of NVIDIA chips off its balance sheet through leasing or financing structures. While this could improve customer flexibility, it adds scrutiny around AI infrastructure financing and so-called circular transactions. Amazon NVIDIA chip balance-sheet report Negative Sentiment: Export-control concerns remain a headline risk after prosecutors alleged a California man helped smuggle approximately $300 million of NVIDIA chips to China. Separately, Michael Burry warned that GPU depreciation could undermine the economics of the AI infrastructure boom, while Alphabet’s growing use of internally designed chips represents a longer-term competitive threat. NVIDIA chip smuggling prosecution Wall Street Analyst Weigh In Several brokerages have recently commented on NVDA. President Capital increased their price target on shares of NVIDIA from $295.00 to $330.00 in a research note on Thursday, August 27th. BMO Capital Markets set a $340.00 price target on NVIDIA and gave the stock an “outperform” rating in a research report on Thursday, August 20th. Raymond James Financial set a $515.00 target price on shares of NVIDIA and gave the company a “strong-buy” rating in a research note on Thursday, August 27th. Zacks Research raised shares of NVIDIA from a “hold” rating to a “strong-buy” rating in a report on Monday, September 21st. Finally, Weiss Ratings restated a “buy (b)” rating on shares of NVIDIA in a research report on Wednesday, July 8th. Four equities research analysts have rated the stock with a Strong Buy rating, fifty have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $320.71. Read Our Latest Analysis on NVIDIA

Insider Activity at NVIDIA In other NVIDIA news, CFO Colette Kress sold 34,918 shares of the stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $219.05, for a total transaction of $7,648,787.90. Following the sale, the chief financial officer owned 765,103 shares of the company’s stock, valued at $167,595,812.15. This represents a 4.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Timothy S. Teter sold 30,460 shares of the firm’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $222.80, for a total transaction of $6,786,488.00. Following the completion of the sale, the executive vice president owned 2,687,660 shares of the company’s stock, valued at $598,810,648. The trade was a 1.12% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,766,118 shares of company stock valued at $399,450,353 over the last ninety days. 3.94% of the stock is owned by insiders.

NVIDIA Stock Performance Shares of NASDAQ:NVDA opened at $233.95 on Monday. The business’s fifty day moving average price is $218.74 and its two-hundred day moving average price is $207.65. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.59 and a quick ratio of 3.85. NVIDIA Corporation has a fifty-two week low of $164.27 and a fifty-two week high of $237.88. The stock has a market capitalization of $5.64 trillion, a price-to-earnings ratio of 29.58, a price-to-earnings-growth ratio of 1.81 and a beta of 2.22.

NVIDIA (NASDAQ:NVDA – Get Free Report) last announced its quarterly earnings results on Wednesday, August 26th. The computer hardware maker reported $2.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.13. NVIDIA had a net margin of 63.66% and a return on equity of 96.04%. The firm had revenue of $96.22 billion during the quarter, compared to the consensus estimate of $92.27 billion. During the same period last year, the firm posted $1.05 EPS. The firm’s quarterly revenue was up 105.9% on a year-over-year basis. As a group, analysts predict that NVIDIA Corporation will post 9.25 EPS for the current fiscal year.

NVIDIA Announces Dividend The firm also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Thursday, September 10th were paid a $0.25 dividend. The ex-dividend date was Thursday, September 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.4%. NVIDIA’s dividend payout ratio (DPR) is 12.64%.

NVIDIA declared that its Board of Directors has initiated a stock repurchase plan on Monday, September 28th that permits the company to buyback $150.00 billion in outstanding shares. This buyback authorization permits the computer hardware maker to reacquire up to 2.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

NVIDIA Company Profile (Free Report)

NVIDIA Corporation is a technology company that designs accelerated computing platforms, graphics processing units (GPUs), central processing units (CPUs), networking products and related software. Its technologies are used in artificial intelligence, data centers, scientific and technical computing, gaming, professional visualization, automotive systems and robotics.

The company’s products include GeForce GPUs and gaming software, data center computing platforms, networking solutions, and enterprise software for AI development and deployment.

Read More Five stocks we like better than NVIDIA Could Nike’s Brutal Sell-Off Finally Be Running Out of Steam? The AI Buildout Needs Power It Cannot Get: 4 Energy Stocks Already Have It McDonald’s Is Undergoing a Massive New Growth Strategy. Can It Win Back Consumers? MGM Resorts Stock Sinks After Diller Deal Collapse: Overreaction or Warning?

Receive News & Ratings for NVIDIA Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NVIDIA and related companies with MarketBeat.com's FREE daily email newsletter.

Silvant Capital Management LLC increased its stake in shares of NVIDIA Corporation (NASDAQ:NVDA – Free Report) by 1.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,174,219 shares of the computer hardware maker’s stock after buying an additional 40,560 shares during the quarter. NVIDIA accounts for 12.7% of Silvant Capital Management LLC’s investment portfolio, making the stock its largest holding. Silvant Capital Management LLC’s holdings in NVIDIA were worth $435,040,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Impax Asset Management Group plc increased its stake in shares of NVIDIA by 2.2% during the 2nd quarter. Impax Asset Management Group plc now owns 3,722,756 shares of the computer hardware maker’s stock worth $744,886,000 after purchasing an additional 81,671 shares during the last quarter. KilterHowling LLC raised its stake in shares of NVIDIA by 2.6% in the second quarter. KilterHowling LLC now owns 8,185 shares of the computer hardware maker’s stock valued at $1,638,000 after buying an additional 211 shares during the period. Kilter Group LLC raised its stake in shares of NVIDIA by 5.9% in the second quarter. Kilter Group LLC now owns 8,795 shares of the computer hardware maker’s stock valued at $1,760,000 after buying an additional 491 shares during the period. D L Carlson Investment Group Inc. lifted its position in shares of NVIDIA by 0.6% during the 2nd quarter. D L Carlson Investment Group Inc. now owns 114,511 shares of the computer hardware maker’s stock valued at $22,912,000 after buying an additional 706 shares during the last quarter. Finally, Fischer Financial Services Inc. grew its stake in shares of NVIDIA by 3.0% during the 2nd quarter. Fischer Financial Services Inc. now owns 109,580 shares of the computer hardware maker’s stock worth $21,926,000 after acquiring an additional 3,197 shares during the period. 65.27% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades Several research firms recently commented on NVDA. Truist Financial raised their price objective on shares of NVIDIA from $307.00 to $346.00 and gave the stock a “buy” rating in a report on Thursday, August 27th. Daiwa Securities Group decreased their price objective on shares of NVIDIA from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Thursday, September 17th. Cantor Fitzgerald restated an “overweight” rating and set a $350.00 price target on shares of NVIDIA in a research report on Thursday. Morgan Stanley set a $230.00 price objective on NVIDIA in a research report on Friday. Finally, JPMorgan Chase & Co. boosted their target price on NVIDIA from $280.00 to $320.00 and gave the stock an “overweight” rating in a research report on Thursday, August 27th. Four equities research analysts have rated the stock with a Strong Buy rating, fifty have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $320.71.

Read Our Latest Analysis on NVIDIA Trending Headlines about NVIDIA Here are the key news stories impacting NVIDIA this week:

Positive Sentiment: Morgan Stanley named NVIDIA its top semiconductor pick, maintaining an Overweight rating and setting a $300 price target. The firm believes NVIDIA’s software ecosystem, scale and positioning across AI infrastructure trends give it a durable competitive moat. Morgan Stanley names NVIDIA a top pick Positive Sentiment: NVIDIA’s recently announced $150 billion buyback authorization lifts total remaining repurchase capacity to approximately $235 billion. Investors view the plan as a sign of management confidence and a potential source of per-share earnings support. NVIDIA buyback analysis Positive Sentiment: Analysts continue to raise expectations for hyperscaler spending, with Barclays estimating NVIDIA could generate $401 billion in hyperscaler revenue in 2027. CoreWeave’s launch of the Vera Rubin platform and additional enterprise customers also supports demand for NVIDIA’s next-generation systems. Barclays hyperscaler revenue estimate Neutral Sentiment: The broader semiconductor and technology complex is attracting buying interest as AI investment remains a major market leadership theme. However, NVIDIA’s valuation and substantial market concentration leave the stock sensitive to interest rates, economic data and shifts in institutional positioning. Negative Sentiment: Investors are monitoring reports that Amazon may move roughly $8 billion of NVIDIA chips off its balance sheet through leasing or financing structures. While this could improve customer flexibility, it adds scrutiny around AI infrastructure financing and so-called circular transactions. Amazon NVIDIA chip balance-sheet report Negative Sentiment: Export-control concerns remain a headline risk after prosecutors alleged a California man helped smuggle approximately $300 million of NVIDIA chips to China. Separately, Michael Burry warned that GPU depreciation could undermine the economics of the AI infrastructure boom, while Alphabet’s growing use of internally designed chips represents a longer-term competitive threat. NVIDIA chip smuggling prosecution Insider Buying and Selling In related news, Director Mark Stevens sold 622,239 shares of the company’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of $231.62, for a total value of $144,122,997.18. Following the sale, the director directly owned 2,336,531 shares of the company’s stock, valued at $541,187,310.22. This represents a 21.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Timothy Teter sold 30,460 shares of the stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $222.80, for a total transaction of $6,786,488.00. Following the completion of the transaction, the executive vice president owned 2,687,660 shares of the company’s stock, valued at approximately $598,810,648. The trade was a 1.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,766,118 shares of company stock valued at $399,450,353 over the last ninety days. Company insiders own 3.94% of the company’s stock.

NVIDIA Stock Performance NASDAQ:NVDA opened at $233.95 on Monday. NVIDIA Corporation has a twelve month low of $164.27 and a twelve month high of $237.88. The company has a quick ratio of 3.85, a current ratio of 4.59 and a debt-to-equity ratio of 0.14. The firm’s fifty day simple moving average is $218.74 and its 200 day simple moving average is $207.65. The stock has a market cap of $5.64 trillion, a P/E ratio of 29.58, a price-to-earnings-growth ratio of 1.81 and a beta of 2.22.

NVIDIA (NASDAQ:NVDA – Get Free Report) last released its quarterly earnings results on Wednesday, August 26th. The computer hardware maker reported $2.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.09 by $0.13. NVIDIA had a net margin of 63.66% and a return on equity of 96.04%. The company had revenue of $96.22 billion during the quarter, compared to the consensus estimate of $92.27 billion. During the same period in the prior year, the firm earned $1.05 earnings per share. NVIDIA’s revenue was up 105.9% on a year-over-year basis. As a group, research analysts predict that NVIDIA Corporation will post 9.25 EPS for the current year.

NVIDIA Announces Dividend The company also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Thursday, September 10th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, September 10th. This represents a $1.00 annualized dividend and a dividend yield of 0.4%. NVIDIA’s payout ratio is currently 12.64%.

NVIDIA declared that its board has initiated a stock repurchase plan on Monday, September 28th that allows the company to repurchase $150.00 billion in outstanding shares. This repurchase authorization allows the computer hardware maker to repurchase up to 2.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

NVIDIA Profile (Free Report)

NVIDIA Corporation is a technology company that designs accelerated computing platforms, graphics processing units (GPUs), central processing units (CPUs), networking products and related software. Its technologies are used in artificial intelligence, data centers, scientific and technical computing, gaming, professional visualization, automotive systems and robotics.

The company’s products include GeForce GPUs and gaming software, data center computing platforms, networking solutions, and enterprise software for AI development and deployment.

Further Reading Five stocks we like better than NVIDIA Could Nike’s Brutal Sell-Off Finally Be Running Out of Steam? The AI Buildout Needs Power It Cannot Get: 4 Energy Stocks Already Have It McDonald’s Is Undergoing a Massive New Growth Strategy. Can It Win Back Consumers? MGM Resorts Stock Sinks After Diller Deal Collapse: Overreaction or Warning? Want to see what other hedge funds are holding NVDA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NVIDIA Corporation (NASDAQ:NVDA – Free Report).

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The Pentagon placed a massive bet on a single American company to break China's stranglehold on rare earth magnets, and General Motors is first in line to find out if that wager pays off.

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On July 10, 2025, the Department of Defense agreed to buy $400 million of convertible preferred stock in MP Materials (NYSE:MP), along with a ten-year warrant. The government’s projected ownership stake of 15% made it the company’s largest shareholder. The deal also included a $150 million loan to expand Mountain Pass and a 10-year commitment to buy all of the company’s output at $110/kg for neodymium-praseodymium (NdPr), the key rare earth input in permanent magnets.

General Motors (NYSE:GM | GM Price Prediction) is first in line for MP’s magnets, according to The Business Journals. The Pentagon deal and GM supply agreement fund different facilities on separate schedules.

Pentagon Capital Targets Mountain Pass and a Future Plant Pentagon money funds upgrades at Mountain Pass in California and a separate magnet plant called 10X. Commissioning at 10X is expected around 2028. The Department of War remains MP’s partner on the project.

GM’s Magnets Come From an Already Running Texas Plant GM’s magnets come from a different facility, and MP paid for it. The two companies signed their supply agreement in December 2021 and released the details in April 2022. MP backed the deal with a $700 million investment commitment of its own to supply magnets for GM’s Ultium-platform electric vehicles. MP began commercially producing rare earth metal for GM in 2024. Its Independence facility in Fort Worth has made neodymium-iron-boron magnets since December 2025, according to MP’s fourth-quarter 2025 earnings release filed with the SEC.

Reports on delivery timing conflict. In mid-September, The Business Journals reported that MP delivered its first magnets to GM from Fort Worth. Days later, GM Authority described GM as “About To” take delivery. On MP’s August earnings call, the CFO said regular production deliveries should begin sometime in the fourth quarter of 2026, starting at small volumes. No exact shipment date has been made public. The best reading of the record is that the milestone is underway or very close.

Mine to Magnet Under One Roof Co-founder and CEO James Litinsky said “no single entity” elsewhere handles the entire supply chain under one roof. MP is America’s only fully integrated rare earth producer, from mining and processing through metallization and magnet manufacturing. Its customers include Apple (NASDAQ:AAPL) and U.S. aerospace and defense contractors.

China has dominated rare earths since Deng Xiaoping’s 1992 comment that the Middle East has oil and China has rare earths. MP stopped selling concentrate to China in July 2025.

Stock Already Traded the Pentagon Story MP’s share price at each of its recent filings shows how the market responded. At its May 8, 2025 filing, before the agreement, shares stood at $23.90. At its August 7, 2025 filing, weeks after the deal, they were at $77.05. They were at $72.20 at the May 7, 2026 filing and $48.47 at the August 6, 2026 filing.

The shares closed at $46.98 on Friday, October 2, 2026, up 1.93% for the session. That close left them down 33.81% over one year and 14.13% over one month, for a market value of $8.37 billion. Over ten years, they are up 369.70%.

The stock ran up sharply on Pentagon news, then gave back much of the gain. MP rallied on unrelated headlines, including a 6% surge in late September as traders considered the critical minerals growth story, according to 24/7 Wall St.

China’s grip on the rare earth supply chain is the whole reason the Pentagon wrote the check, and we mapped out why the fix takes years, not weeks, in a free guide here: The Next Nvidia Playbook.

Amin Credits MP’s Pace for the Shorter Timeline GM’s chief supply officer Shilpan Amin said the full development cycle should have taken 8 years. The companies got there in 5 years because of MP’s pace. Litinsky said finding customers who believe in you is the “hardest thing” early on. GM signed as an anchor customer in 2021, before Washington invested capital, and that commitment cut the schedules.

The GM milestone shows Independence works. Government capital depends on 10X, still under construction and expected to begin commissioning around 2028.

Contact [email protected] for any questions or corrections.