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, /PRNewswire/ -- Australian Financial Planning Group (AFPG), an established wealth management firm serving clients across Australia, and Kudu Investment Management, LLC (Kudu), a provider of permanent capital solutions to independent asset and wealth managers globally, today announced that AFPG has secured a minority investment from Kudu. Financial terms of the transaction were not disclosed.

Founded in 2001, AFPG has a team of 30 advisers, manages in excess of A$3.0 billion, and offers a suite of financial planning, lending and accounting services.

Sydney-based AFPG plans to use the proceeds from this transaction to support its continued growth, including expanding its advisor base and pursuing strategic acquisitions, while maintaining its independent ownership structure. The firm will continue to be led by Matt Carter, its founder, and management team, with no changes to its day-to-day operations.

"We founded AFPG with a commitment to delivering independent, high-quality advice to our clients, and that will not change," said Carter. "Kudu's minority investment allows us to retain control of our business while providing the capital and strategic support to accelerate our growth, particularly through acquisitions. We're excited about the opportunities ahead."

"Australia represents a compelling market for wealth management, supported by strong secular growth drivers and increasing demand for high-quality financial advice," said Chris Shin, partner and co-chief investment officer of Kudu. "AFPG has built an impressive business with a clear vision and strong leadership. We are delighted to partner with Matt and his team as they continue to expand their business."

Since it was founded in 2015, New York-based Kudu has made investments in 34 asset and wealth managers in the U.S., Canada, U.K., Europe and Australia. Kudu's partner firms now collectively invest approximately US$154 billion, as of March 31, 2026, on behalf of individual and institutional investors worldwide in traditional and alternative strategies and market segments.

Johnson Winter Slattery was legal counsel and PwC served as financial advisor to AFPG. MinterEllison served as legal counsel to Kudu.

About Australian Financial Planning Group

AFPG is an independent wealth management firm providing comprehensive financial planning and investment advisory services to individuals and families across Australia. Based in Sydney, the firm manages in excess of A$3.0 billion for its clients and is dedicated to delivering tailored advice, long-term client relationships, and disciplined investment solutions. For more information, visit www.afpg.com.au.

About Kudu Investment Management, LLC

Kudu Investment Management, LLC provides long-term capital solutions—including generational ownership transfers, management buyouts, acquisition and growth finance, as well as liquidity for legacy partners—to independent asset and wealth managers globally. Kudu was founded in 2015 and is backed by capital partners White Mountains Insurance Group, Ltd. (NYSE: WTM) and MassMutual. For more information, visit www.kuduinvestment.com.

Media Contacts

For AFPG:

Matt Carter, Founder
[email protected]

For Kudu:

Margaret Kirch Cohen
Newton Park PR
[email protected]
+1 847-507-2229

SOURCE Kudu Investment Management, LLC

HOUSTON, June 24, 2026 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), an energy-systems platform company that enables the safe, certifiable deployment of ultra-high-power lithium battery systems for space and defense programs, mobility applications, hyperscale AI data centers, and telecom infrastructure applications, today published a letter from the Company's Chairman and Chief Executive Officer, Michael Mo. The letter is available on the Company's investor relations page and the full text of the letter is as follows:

KULR TECHNOLOGY GROUP, INC.
Letter to Shareholders
From Michael Mo, CEO and Founder · June 2026

Dear shareholders, customers, and partners,

I want to step outside the cadence of quarterly reporting and share with you, in my own words, where KULR stands today, and where I believe we are headed. We have reached a point where the company’s broader strategic vision is coming into focus, and I want to share that vision with you directly.

Battery Is Infrastructure

Let me start with the idea everything else in this letter rests on: battery is infrastructure.

In the digital era, artificial intelligence runs on infrastructure we can see — power lines, fiber, and data centers. With the physical AI era now arriving, intelligence moves into machines that operate out in the world, and those machines depend on a different kind of infrastructure. Every satellite, every drone, every robot, every rack of backup power for AI compute runs on a battery system. The battery is not a component bolted onto physical AI; it is the energy foundation physical AI is built on.

There is a specific reason the battery is the foundation, and it sits at the heart of how we are building KULR. The markets we serve — autonomous platforms, directed-energy systems, and digital infrastructure — look unrelated on the surface, but they share one technical constraint: power density. A drone, a robot, a satellite, a directed-energy system, a rack of AI backup power — none of them needs a battery that simply stores energy. They need a battery that can deliver power: at five to twenty times the discharge rate of a standard cell, sustained through repeated high-demand cycles, with the heat that output generates managed without failure. That is a categorically harder problem than just energy storage, and it is the problem the KULR ONE platform was built to solve.

Power is the wedge. It is why our platform wins design, and everything downstream — the customers, the programs, the revenue — follows from solving it first. The constraint does not relax as physical AI scales; it tightens, with every system demanding more power, in less space, more safely, generation after generation. The company that owns that layer — safe, dense, high-discharge power delivered as a complete system — owns the infrastructure physical AI runs on. That is what we mean when we say battery is infrastructure: not energy you store, but power you can trust, everywhere the grid does not reach.

That is why our mission for 2026 is as direct as it sounds: build more batteries, and sell more batteries. It is not a slogan — it is the work of laying the infrastructure layer for the systems that will define the next decade. On our last earnings call, I said 2026 would be measured by three things: product revenue growth, gross margin improvement, and cost discipline. That is the commitment, and what we are accountable for delivering. Everything else in this letter is built on top of it.

The first quarter showed real progress: revenue nearly doubled year-over-year, product sales grew sharply, gross margin expanded meaningfully, and operating expenses came down even as revenue grew — the early signs of the operating leverage we promised. We will report the quarter-by-quarter details on our earnings calls; this letter is about the strategy those numbers are building toward. One quarter does not make a turnaround, but the direction is exactly what we said: build more batteries, sell more batteries, operate with discipline. That is the foundation everything else is built on.

What We Are Building On Top of the Foundation

As we develop all the technology pieces for our KULR ONE platform, we are building the energy and power electrification platform for physical AI — the autonomous, mobile, and intelligent systems that operate in the physical world.

Let me explain what I mean by physical AI, because the term is common but its substance is often missed. The AI most investors have encountered lives inside data centers — it runs on GPUs and draws power from the grid. Physical AI is the same intelligence — perception, planning, reasoning — embedded inside systems that operate in the physical world: a satellite processing data in orbit, a robot maintaining a space station, a drone flying an inspection route, a humanoid working in a warehouse, a counter-drone system responding in milliseconds.

PHYSICAL AI

The same intelligence, embedded inside systems that operate in the physical world.

Autonomous drone inspectionHumanoid & warehouse roboticsElectric aircraft / eVTOLSpace systems in orbit
Every one of these systems shares the same constraint. It must carry its own intelligence, because cloud latency makes remote inference impractical and often unsafe. And it must carry its own energy, because there is no grid in the sky, in orbit, on the ocean, on a battlefield, or on a robot floor. Physical AI is therefore defined by the convergence of three disciplines that have historically lived in separate industries: artificial intelligence, energy storage, and power electronics. The companies that integrate across them will define the next decade of physical infrastructure; the companies that operate inside only one will be commodities. This is the structural insight our platform is built on. And the way we get there is to start with what I described: build more batteries, sell more batteries. Every pack we ship is one more proof point that the platform works.

The NVIDIA Lesson

NVIDIA spent more than thirty years building the accelerated computing platform — graphics, then general-purpose parallel compute, then CUDA as a software ecosystem developers could not easily leave — and then watched the world’s most important workload, artificial intelligence, land on their architecture as if it had been designed for it all along. The platform was decades in the making; the payoff arrived in a compressed window once the workload showed up. Two lessons sit inside that history, and both shape how we think about KULR.

The first lesson is that platform companies reveal themselves one capability at a time, until the architecture that was always there becomes visible to everyone else. For most of those thirty years, NVIDIA looked like a graphics-card company. It was, in fact, assembling the substrate for modern AI. The second lesson is that platforms compound: each capability reinforces the others and makes the next one easier to add. The value is not in any single component but in the integration — which is what competitors find hardest to replicate. A company selling one component competes on price; a company with an integrated platform competes on architecture, and architecture is durable.

Our mission is to build KULR on a similar path, with one meaningful advantage NVIDIA’s own platform has now made possible — an advantage they did not have at the start: artificial intelligence is now accelerating the rate at which platforms can be designed, simulated, qualified, and brought to market. The same intelligence NVIDIA’s platform serves is what helps us iterate faster on cell chemistry selection, thermal architecture, control software, power electronics integration and manufacturing design. What took NVIDIA decades, I believe can compress meaningfully — not because the engineering is easier, but because the tools are categorically more powerful than they were even five years ago. To be candid, we are early. What I am committing to is that we will build with the patient discipline that defined the great platform companies, while taking full advantage of the accelerants that did not exist before — and let the architecture reveal itself through what we ship.

KULR’s Evolution

If the NVIDIA lesson is about how a platform is built, there is a second lesson — about how a company evolves over time — and the clearest example of it is SpaceX. I raise it because the company KULR is becoming is a natural evolution of the company we have been building: not a pivot, but a progression.

A little over two decades ago, SpaceX began with one hard problem: reaching orbit affordably. It solved that, then made launch reusable, then used that foundation to build Starlink, a global connectivity platform — and today that same orbital infrastructure is being positioned for the AI era, with disclosed plans for constellations of compute satellites in space. SpaceX turned one technology business into the next; it compounded them. Each stage was built on the domain expertise of the one before it, and over roughly twenty-four years a launch company became foundational infrastructure for the next era of computing.

KULR’s arc rhymes with that, on our own scale and timeline. The hard problem at our core is older than the company itself: for nearly forty years, the thermal management, carbon fiber, and safety engineering that keep high-energy systems from failing in the most unforgiving environments have been proven in space, alongside NASA and on real space missions. KULR was founded about thirteen years ago to build on that heritage — to carry four decades of space-proven thermal and safety engineering into new applications beyond space and defense. That expertise was never the destination. It was the foundation, because the hard part of building a safe, high-power battery is precisely the thermal and safety engineering that heritage gave us.

That foundation became the KULR ONE battery platform we operate today. The next stage is the same evolution carried forward: from a battery platform into a physical AI energy infrastructure platform — the company that supplies the safe, dense, high-power energy layer that autonomous machines depend on, across every market physical AI is creating. The thermal expertise made the battery platform possible; the battery platform makes the energy infrastructure platform possible. We are not changing what we are — we are growing into the fuller expression of it.

The Platform

Let me describe what the platform actually consists of, because “platform” is easy to claim and harder to substantiate. At the core is the KULR ONE battery architecture — cells and packs engineered for the power density I described, built for high discharge and the thermal stability to sustain that output safely. It is, by design, battery-cell-agnostic: it pairs with whatever chemistry serves the application best, so we can partner with every cell manufacturer and our customers always get the best technology for their needs. As cell chemistry advances and commoditizes through its maturity cycle, the architecture that integrates those cells safely and reliably captures more durable value.

Around that core sit the capabilities that turn a battery into a system: our battery management systems and control electronics; NASA-grade thermal management and passive propagation resistance — the safety engineering that lets a high-power pack operate next to people, processors, or astronauts; and KULR VIBE, our vibration-mitigation technology for the rotors and rotating systems that airborne platforms depend on. We are also beginning to build power electronics organically: the KULR ONE Charger, planned for 2026, will incorporate a power supply unit of our own design — our first power conversion product engineered in-house.

Each piece is useful on its own. Together they form the complete energy and power stack that an autonomous system needs. We are not assembling a catalog of products; we are assembling an integrated platform where the battery, the management software and electronics, and the thermal and safety engineering are designed to work as one.

And we are building the capability to make it at scale. From our vertically integrated facility in Texas — which we are expanding with new high-volume production lines — we are bringing battery assembly, certification, and high-performance component fabrication in-house, so we can build, qualify, and ship faster and at lower cost. A platform is only as real as the factory behind it, and we are building ours to be the one-stop shop the US market needs for high-power batteries.

We bring this platform to five core end markets where physical AI is creating the largest infrastructure opportunities of the next decade.

The Five End Markets

01 · SPACE & DEFENSE
Autonomous systems
The engineering reference standard — KULR ONE Space, qualified in low-Earth and geostationary orbit.

02 · LOW ALTITUDE ECONOMY
Drones & UAS
Below 3,000 feet, toward roughly $210 billion by 2045.

03 · AI DATA CENTER BACKUP
Power at the rack
Edge inference, a roughly $255 billion market by 2030 — on the ground and in orbit.

04 · ENERGY AS A SERVICE
Power delivered as a service
Guaranteed uptime, not equipment — turning hardware sales into recurring revenue.

05 · ROBOTICS
Physical AI on the ground
Toward roughly $370 billion by 2040 — engaged with two humanoid customers; operations in Japan.

The first is space and defense autonomous systems — the engineering reference standards for everything else we build. They operate where battery failure is not recoverable, imposing certification, safety, and reliability requirements no commercial application can match. Meeting that bar in our KULR ONE Space program is what gives our platforms credibility in every other market: customers in defense drones, electric aviation, and AI data centers inherit a battery architecture qualified in low-Earth and geostationary orbits.

That heritage is now extending into physical AI in orbit. Autonomous, free-flying space robots are embodied AI systems that must carry both their own intelligence and their own energy in the most demanding environment that exists — and KULR ONE Space is being selected to power them. Alongside continued satellite mission wins across low-Earth and geostationary orbit, these programs extend our space heritage into a new class of mission. In the most recent quarter, additional low-Earth and geostationary programs selected KULR ONE Space, and our space-qualified batteries remain in active deployment across multiple satellite missions.

The second is the Low Altitude Economy — for a US audience, simply the drone and unmanned aerial systems economy: UAVs and drones operating below 3,000 feet across logistics and last-mile delivery, agricultural and infrastructure inspection, public safety, and the fast-growing fleet of defense and counter-drone platforms procured under NDAA-compliant mandates. Bank of America Global Research projects the global low altitude economy growing toward roughly $210 billion by 2045, and the United States market is opening rapidly as domestic, NDAA-compliant supply becomes a national priority. 2026 is the inflection year — when frameworks become revenue. Every one of these aircraft is, at its core, a battery-powered flying computer, and our KULR ONE Air platform — with a dual-purpose architecture spanning traditional rotorcraft and emerging electric aviation — positions us across this market. Execution here is the furthest along of any market we serve: our high-power flight packs are already in production and broadening adoption, our rotorcraft and electric-aviation partnerships extend the platform across traditional and emerging aircraft, and we recently won a prototype contract for a US defense drone program — with manufacturing scaling toward thousands of packs per month to meet the demand. And the value of these batteries does not end when their flight life does. A pack engineered for electric aviation retains meaningful useful life once its aviation service is complete, and we are designing for it to begin a second life as stationary energy storage, delivering years of additional service on the ground. One battery, two lives: a more sustainable and more capital-efficient model that turns what the industry treats as end-of-life into the start of a second mission.

The third is AI data center backup — an opportunity spanning two environments converging on the same need. On the ground, AI economics are shifting decisively toward inference at the edge, in telecom facilities, commercial real estate, and distributed sites close to where data is generated — which analysts expect to be the majority of a roughly $255 billion inference market by 2030 (MarketsandMarkets). KULR ONE MAX is engineered for these deployments: high-power, propagation-resistant battery backup that installs at the rack, co-located with compute, without the cooling and footprint of a hyperscale facility. In orbit, the same logic plays out on a larger scale: SpaceX’s recent S-1 disclosed plans for up to one million orbital AI compute satellites targeting 100 gigawatts of capacity beginning in 2028 — and because orbital infrastructure cannot be serviced by technicians, it depends on autonomous space robotics for inspection, repair, and assembly, the same systems KULR ONE Space is being selected to power. On the ground or in orbit, AI compute needs energy engineered for power density, safety, and reliability, and KULR is positioned to power both. We are already executing: licensing our propagation-resistant safety and thermal IP to data center OEMs, advancing a high-power backup platform purpose-built for the rack, and holding a seat in the consortium defining next-generation data center power standards.

The fourth is Energy as a Service — mission-critical power delivered as a managed service rather than sold as hardware. If battery is infrastructure, this is how we deliver and monetize it: KULR provides the battery systems, safety architecture, monitoring, and lifecycle management, and the operator pays for guaranteed power, not equipment — turning one-time hardware sales into multi-year recurring revenue and moving backup power off the customer’s balance sheet. We are starting where the need is most acute, with telecom operators migrating from lead-acid to lithium-ion — already moving from concept to engagement, with a growing set of operators evaluating the model with us. But the model is not telecom-specific: the same logic of guaranteed uptime, delivered as a service, extends to commercial real estate, data centers, and any infrastructure where downtime is not an option. It is the infrastructure-as-a-service layer of our platform — the same shift that turned computing into a service, applied to power.

The fifth is robotics — physical AI on the ground, and ultimately perhaps the largest opportunity of all. McKinsey projects the general-purpose robotics market growing from under $1 billion in 2025 to roughly $370 billion by 2040; venture funding has tripled since 2023, governments have declared embodied AI a strategic priority, and SoftBank called physical AI its next frontier in its $5.4 billion acquisition of ABB’s robotics division — the capital and the conviction are arriving together. Every general-purpose robot faces the same constraint as every other physical AI system: it must carry its own energy, deliver high burst power for dynamic motion, manage heat in a compact enclosure, and stay safe around people and in a fall. The differentiator is not only the cell chemistry but the pack architecture, thermal management, and operational safety wrapped around it — precisely the KULR ONE platform’s strength. Our work here is already underway: through KULR ONE Air we are engaged with two humanoid robotics customers, our space programs already power robotics in the most demanding environment that exists, and we are establishing operations in Japan, one of the world’s deepest robotics ecosystems, to position KULR at the energy and safety layer where, as the supply chain matures, durable value will concentrate.

Why Power, Compute, and Intelligence Will Integrate at the Edge

I want to share one structural insight foundational to how investors should think about KULR’s place in the future of AI and physical AI. We are not creating that future — it is driven by forces far larger than any one company — but we see clearly where it is heading, and we are positioning KULR to align with this future. As edge AI matures, the relationship between the energy system and the compute system is inverting, and the company that owns the power infrastructure is positioned to own substantially more than power.

Four trends point in this direction. Edge inference silicon is shrinking fast — a Jetson Orin Nano delivers 40 trillion operations per second at 15 watts, smaller than a deck of cards. Small language models are advancing toward distilled forms that run on hardware fitting inside a battery enclosure. Agentic workloads — predictive maintenance, anomaly detection, energy optimization — operate on exactly the current, voltage, temperature, and cycle data the battery management system already holds, making the BMS their natural home. As compute becomes the smaller element, the rational configuration is compute inside the power system, not power beside it — and the owner of the power infrastructure becomes the natural integration point for the compute, memory, and intelligence that run on top of it.

There is a larger architecture implied by all of this. The first era of AI was built on centralization — vast, power-hungry data centers concentrating compute in a few places. Physical AI runs the other way: when intelligence has to live where the work happens — in orbit, in the air, on the factory floor, at the edge of the network — energy and compute must be distributed there too. The future of AI infrastructure is not only larger central data centers but a distributed fabric of energy-and-compute nodes across the physical world. Each of our markets is a node in that fabric where distributed energy and distributed intelligence meet.

I want to be measured about this. It is a structural direction over a multi-year horizon, it will be contested, and it will require KULR to invest in capabilities adjacent to our platform — software, edge AI deployment, and partnerships with model and compute providers. The decisions we are making — the battery-cell-agnostic architecture, the investment in battery management systems, the engineering depth we are extending into Japan — are the decisions that position us at the integration point of the edge intelligence stack as it emerges.

Taken together, the markets this addresses are vast — edge AI inference, general-purpose robotics, the Low Altitude Economy, orbital AI infrastructure, and energy services for critical infrastructure — served by a common platform, the integration of energy, compute, and intelligence at the edge.

Looking Forward

Over the years ahead, we will reveal the platform one capability at a time. Each quarter will bring proof points — customer wins, program advances, manufacturing milestones, partnership extensions, financial discipline — that together demonstrate the architecture we are building. Some quarters will be lumpy, because foundational programs in physical AI are multi-phase and revenue does not always land in the quarter a strategic position is secured. We will be clear about which milestones are foundational and which are revenue-generating.

We will continue to invest in this platform, extend our partnerships, and expand our global footprint with conviction — and operate with discipline, deploying your capital where it builds the most enduring positions. The opportunity, as I see it, is to build the platform the autonomous and intelligent systems of the next decade will depend on — because battery is infrastructure, and that infrastructure is ours to build. The way we get there is by doing exactly what we said we would in 2026: build more batteries, and sell more batteries.

Thank you for the trust you have placed in KULR. I am honored to do this work on your behalf, alongside a team that shows up every day to earn it.

Sincerely,
Michael Mo
Chief Executive Officer and Founder
KULR Technology Group, Inc.

Market Data Sources

• General-purpose robotics (~$370B by 2040, from <$1B in 2025): McKinsey & Company, “Will embodied AI create robotic coworkers?” (June 2025).

• Low Altitude Economy (~$210B by 2045): Bank of America Institute / BofA Global Research, “The ‘low-altitude’ economy is taking off” (June 2025).

• AI inference market (~$255B by 2030): MarketsandMarkets, AI Inference Market (2025).

• Orbital AI compute satellites (up to ~1 million, ~100 GW from 2028): SpaceX, Form S-1 registration statement filed with the U.S. Securities and Exchange Commission (2026).

Forward-Looking Statements

This letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words such as “believe,” “expect,” “intend,” “plan,” “will,” “should,” “could,” “may,” “anticipate,” “project,” “target,” “on a [year] horizon,” and similar expressions.

These statements include, but are not limited to, statements regarding the Company’s strategic direction, market opportunities, platform development, partnerships, supply chain, geographic expansion, anticipated benefits of strategic partnerships, anticipated benefits of expansion into Japan, anticipated growth in addressable markets including space and defense, AI inference, AI data center infrastructure, orbital AI infrastructure, the Low Altitude Economy, general-purpose and humanoid robotics, and Energy as a Service for critical infrastructure, anticipated technology roadmap, expected timing of manufacturing capacity expansion and consolidation activities, anticipated future integration of compute, memory, and agentic intelligence with the Company’s power platform, and the Company’s overall business outlook.

Forward-looking statements are based on management’s current expectations and assumptions and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements. Factors that could cause actual results to differ include, but are not limited to: risks related to the Company’s reliance on third parties; risks related to the closing and execution of strategic partnerships and customer agreements; market acceptance and adoption of the Company’s products and services; risks related to the development and certification of new products and platforms; competition; supply chain, geopolitical, and regulatory risks; the timing and execution of manufacturing capacity expansion; risks related to the development of edge AI compute integration and adjacent capabilities; and the other risk factors described in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q.

The Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this letter, except as required by law. Statements concerning third parties, including SpaceX, NVIDIA, Bank of America Global Research, McKinsey & Company, and industry market sizing, are based on publicly available information and are referenced for context. The Company makes no representation as to the accuracy or completeness of such third-party statements.

About KULR Technology Group, Inc.
KULR Technology Group, Inc. (NYSE American: KULR) is an energy-systems platform company delivering certifiable battery safety, vibration-mitigation, and thermal control solutions that enable ultra-high-power lithium-ion systems and sensitive electronics to operate reliably across space and defense missions, mobility applications, hyperscale AI data centers, and telecom infrastructure applications. Learn more at KULR.ai.

Find KULR: Website | X | Telegram | LinkedIn | Instagram | TikTok | Facebook

Investor Relations:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: [email protected]

Safe Harbor Statement
This release contains certain forward-looking statements based on our current expectations, intentions and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on March 31, 2026, as may be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. All such forward-looking statements that are provided by management in this release are based on information available at this time, and management expects that internal expectations may change over time. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.

Rigetti Computing (RGTI 8.22%) stock, which managed to hold more or less steady earlier in the week, suddenly stumbled and fell 9.2% through 2:55 p.m. ET Wednesday.

Helping to support the stock price earlier was a Trump Administration order promoting the development of quantum computing, which sparked a wave of call option buying yesterday -- as many as 10.4 calls purchased for every put, according to StreetInsider.com -- indicating traders were heavily bullish on the stock.

Image source: Getty Images.

Some good news for Rigetti? As NBC reports, President Trump on Monday signed an order "to build a powerful quantum computer for ​scientific research," aiming to have the device operational before he leaves office in 2029.

Further out, the President called for protecting government computer systems from cyberattacks made more powerful by the use of quantum computers, by using other quantum computers to build quantum-resistant cryptography by 2030 or 2031.

And I must say, all of this sounds pretty bullish for a leading quantum computing stock like Rigetti, and a good reason for investors to be bidding it up yesterday.

Today's Change

(

-8.22

%) $

-1.75

Current Price

$

19.53

No bad news for Rigetti stock The other good news is that there's no specific bad news driving today's sell-off. It's just that all the call-buying yesterday may have gone overboard. The lack of further good news like Monday's may have prompted day traders to cash out today, sparking a momentum crash.

Volatility, of course, is the name of the game in quantum computing stocks, where far-in-the-future advancements (2028? 2030? 2031?) run into analyst forecasts of continued losses for the companies supposed to make the advancements. Analysts polled by S&P Global Market Intelligence warn that it could be 2031 or later before Rigetti earns its first profit.

Even with government support, Rigetti stock remains a risky bet.

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

ST. JOHN’S, Newfoundland and Labrador, June 24, 2026 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (“Kraken” or the “Company”) (TSX-V: PNG, OTCQB: KRKNF) is pleased to announce the results from its annual and special meeting of shareholders (the “Meeting”) held on June 24, 2026 at 1:00 p.m. EST. A total of 133,635,867 common shares, representing approximately 43.50% of the Company’s issued and outstanding common shares, were represented in person or by proxy at the Meeting.

All the matters put forward before the shareholders, as set out in the Company’s management information circular dated May 14, 2026 (the “Circular”), were approved by the shareholders. Detailed voting results are set out below. All terms defined but not used herein have the meanings given to them in the Circular.

Number of Directors: The number of directors of the Company was fixed at seven (7) directors.

Votes forVotes against#%#%132,618,19999.241,017,6670.76
Election of Directors: Each of the following seven nominees were elected as directors of the Company to hold office until the next annual meeting of shareholders of the Company or until their successors are duly elected or appointed.

Nominee
Votes forVotes against#%#%Shaun McEwan87,651,66694.165,440,3505.84Greg Reid91,645,12398.451,446,8931.55Kim Butler91,576,75198.371,515,2651.63Michael Connor80,870,58186.8712,221,43513.13Peter Hunter91,483,33498.271,608,6821.73Kristin Robertson91,460,10498.251,631,9121.75Don Robertson91,567,71998.361,524,2971.64
Auditor: Shareholders approved the reappointment of Ernst & Young LLP as the Company’s auditor for the ensuing year and authorized the directors of the Company to fix the auditor’s remuneration.

Votes forVotes withheld#%#%132,669,66799.28966,1970.72
New Omnibus Incentive Plan: Shareholders approved the adoption of the Company’s new omnibus incentive plan, as more particularly described in the Circular. The omnibus incentive plan replaces the Company’s existing Stock Option Plan and RSU plan, and permits the issuance of options, restricted share units (RSUs), performance share units (PSUs), and deferred share units (DSUs). The omnibus incentive plan is a “rolling” equity incentive plan reserving for issuance up to 10% of the Company’s issued and outstanding common shares from time to time, and provides for the grant of stock options, RSUs, PSUs and DSUs. The omnibus incentive plan remains subject to final TSX Venture Exchange (“TSXV”) approval.

Votes forVotes against#%#%84,576,14090.858,515,8769.15
Amended & Restated By-Law: On May 10, 2026, the board of directors (the “Board”) approved the repeal of the previous by-laws and the adoption of the New By-Law No. 1, with such repeal and adoption to be effective as of the date of the approval by the shareholders of the New By-Law No. 1. The Company’s prior by-law had been in place since 2015 and so the Board determined that it was in the best interests of the Company to adopt New By-Law No. 1 to reflect evolving practices. The New By-Law No.1 is standard in its form and governs all aspects of the business and affairs of the Company, such as the introduction of an advance notice requirement for nominations of directors, the establishment of a quorum for meetings of directors and shareholders, the conduct of such meeting, signing authorities, the appointment of officers, the authority of persons to contract on behalf of the Company and similar matters. Shareholders confirmed the Company’s amended and restated by-law, which became effective upon approval by shareholders at the Meeting. The New By-Law No. 1 remains subject to final TSXV approval.

Votes forVotes against#%#%52,139,25256.0140,952,76443.99
For more information on all of the matters voted on at the Meeting, including the new Omnibus Incentive Plan and the New By-Law No.1, please refer to the Circular, filed on the Company’s profile on SEDAR+ at www.sedarplus.ca.

ABOUT KRAKEN ROBOTICS INC.

Kraken Robotics Inc. is transforming subsea intelligence through 3D imaging sensors, power solutions, and robotic systems. Our products and services enable clients to overcome the challenges in our oceans – safely, efficiently, and sustainably.

Kraken’s synthetic aperture sonar, sub-bottom imaging, and LiDAR systems offer best-in-class resolution, providing critical insights into ocean safety, infrastructure, and geology. Our revolutionary pressure tolerant batteries deliver high energy density power for UUVs and subsea energy storage.

Kraken is headquartered in Canada with offices in North America, South America, and Europe, supporting clients in more than 30 countries worldwide.

On March 3, 2026, Kraken announced the acquisition of Covelya Group (the “Covelya Acquisition”), a leading international provider of mission-critical underwater technology solutions operating through its subsidiary companies: Sonardyne International Limited, EIVA A/S, Forcys Limited, Wavefront Systems Limited, Voyis Imaging Inc., and Chelsea Technologies Ltd. The Covelya Acquisition is expected to close on or about July 2, 2026, subject to the satisfaction of customary conditions and regulatory approvals.

LINKS:
www.krakenrobotics.com

SOCIAL MEDIA:
LinkedIn www.linkedin.com/company/krakenrobotics
Twitter www.twitter.com/krakenrobotics
Facebook www.facebook.com/krakenroboticsinc
YouTube www.youtube.com/channel/UCEMyaMQnneTeIr71HYgrT2A
Instagram www.instagram.com/krakenrobotics

FORWARD LOOKING STATEMENTS

This news release contains statements that constitute “forward-looking information” as defined under applicable Canadian securities laws (collectively, “forward-looking statements”). When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: the closing of the Covelya Acquisition, and timing thereof; business objectives; and expected growth of the Company. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions, ability to complete the Covelya Acquisition, macroeconomic uncertainties and other factors set out in the Company's continuous disclosure materials filed from time to time with the Canadian Securities Administrators, including the Company's most recent annual information form under the section entitled “Risk Factors”, quarterly and annual reports, and supplementary information, which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Additional risks and uncertainties not presently known to the Company or that Kraken believes to be less significant may also adversely affect the Company. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and accordingly, forward-looking statements should not be unduly relied upon.

Forward-looking statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release, and the OTCQB has neither approved nor disapproved the contents of this press release.

For further information:

Erica Hasenfus, Director of Global Marketing
[email protected]

Shant Madian, Director of Capital Markets
[email protected]

Kraken Robotics Inc.
+1 709-757-5757 or [email protected]

SNDK weekly chart emphasizes a well-formed bullish trend Big Picture Trend Strength Remains Intact At the high, the price of SNDK was up approximately 892% for the year, and when measured from the last more significant swing low of $558.58 in late March, it had gained around 321% as of the high. That kind of advance reflects sustained underlying demand, which is also evident in the strength of the uptrend structure. A rising trend channel defines key parameters of the trend, and it remains a potential downside target if the current pullback continues to deepen. The lower boundary of the uptrend is also marked by dynamic support represented by the 50-day moving average.

Key Dynamic Supports Define Pullback Risk Dynamic support for the near-term uptrend, encompassing much of the advance from the March 30 swing low, is represented by the 20-day moving average. Since it held as a support zone during the prior two pullbacks, it may do so again. If it does, that would reinforce the bullish trend. If it does not, that would be a bearish sign and increase the chance to test support at lower levels. Currently, the 50-day moving average is near $1,469.91, with the uptrend line a little above there. There is also the latest higher swing low at $1,514.36, which is nearby and will be closer soon to the 50-day average since it is rising.

Deeper Correction Thresholds in Focus There were three larger corrections within the uptrend that ranged from declines from roughly 28% to 34%. That would suggest a potential maximum decline to approximately $1,553.90, which would be 34% below the recent high and in a similar price zone as noted in the prior paragraph. Taken together, the current setup suggests that the stock remains in a strong primary uptrend, but the next few sessions will help determine whether this pullback becomes another routine reset or the start of something deeper.

If you’d like to know more about technical analysis and how traders use it, please visit our educational area.

Cerebras Systems Inc. (CBRS) Q1 2026 Earnings Call Transcript

Most of the "Magnificent Seven" members are generating huge profits. Many years' worth of expected growth are already priced into SpaceX stock.

The hype around Space Exploration Technologies (SPCX 1.01%) and its initial public offering (IPO) has been out of this world. It is officially the largest public debut in history, in terms of valuation and capital raised.

It seems like everyone wants to own a piece of SpaceX. Yet the contrarian investor knows that this is a flashing warning sign to run for the hills and avoid buying SpaceX stock. Here's why the IPO hype may be setting up investors who hold this highly unprofitable space economy and artificial intelligence (AI) stock for disappointment over the next few years.

Image source: Getty Images.

Unprofitable growth and massive loss risks SpaceX has massive potential if you take its projected addressable markets of trillions of dollars at face value. Elon Musk himself said that SpaceX may generate $1 trillion in revenue by 2030.

This is a far-off goal relative to the 2025 revenue level of $18.7 billion. On this revenue, SpaceX posted a $5 billion net loss, mainly due to its aggressive investments in AI data centers and in developing its Starship rocket. To reach $1 trillion in revenue by 2030, it will need to deliver north of 100% revenue growth each of the next five years.

2026 growth looks promising, with $26 billion in contracts SpaceX has secured from Alphabet and Anthropic for AI data center computing. However, this is not coming from a position of strength, as these data centers for its xAI division were intended for internal use. Now it is reselling this power, likely at a loss, to its competitors.

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Why SpaceX stock will disappoint investors Overall, SpaceX stock is poised to disappoint investors due to its massive initial valuation. One could argue that SpaceX is a good business due to its dominance in rocket flight, the highly profitable Starlink internet service, and its call option in AI.

However, the stock is getting a huge premium right now. It is now trading at a market cap of $2 trillion, or a price-to-sales ratio (P/S) of more than 100, based on 2025 revenue. Plus, SpaceX is posting massive losses that are only growing in 2026, with free cash flow of negative $9 billion in the first quarter alone. If this continues, it is going to run out of the $85 billion it raised from the IPO in around two years.

Even if SpaceX succeeds in building its Starlink internet, Starship, and orbital data center businesses, the stock is already pricing in all of this and more. If the company falters, this massive cash burn will hurt shareholders. In either scenario, SpaceX's stock is bound to disappoint investors who buy today.

Tesla shares TSLA remained under pressure on Wednesday as investors looked ahead to the electric vehicle maker's second-quarter delivery report while increasingly focusing on speculation surrounding a potential merger with SpaceX.

Tesla stock fell 1.8% to $374.69 after declining 5.8% in the previous session.

The shares have dropped nearly 13% in June and are down 4.7% since SpaceX began trading publicly on June 12, according to Dow Jones Market Data.

Tesla is expected to release its second-quarter vehicle delivery and energy storage deployment figures in early July.

According to FactSet, analysts expect the company to deliver approximately 401,120 electric vehicles during the quarter, representing a 4% increase from a year earlier.

However, investor attention appears to be shifting away from Tesla's traditional automotive metrics and toward broader strategic developments involving artificial intelligence initiatives and the possibility of combining Elon Musk's businesses.

Wall Street remains divided on Tesla's near-term delivery outlook.

JP Morgan analyst Rajat Gupta lowered his second-quarter delivery estimate to 420,000 vehicles from 430,500 units, although the revised forecast remains above consensus expectations.

If achieved, the total would mark Tesla's strongest quarterly delivery performance since the company delivered a record 497,099 vehicles in the third quarter of 2025.

Gupta pointed to "mixed recent signals" on electric vehicle demand in China and the United States as government incentives expire. However, he noted that Europe "remains the bright spot."

Recent registration data appears to support that assessment.

According to the European Automobile Manufacturers' Association, Tesla vehicle registrations in European markets more than doubled in May compared with the same period last year.

RBC Capital analyst Tom Narayan expects Tesla to deliver around 405,000 vehicles during the quarter.

However, he cautioned that the company's increased focus on robotaxis and humanoid robots could potentially weigh on demand for its privately owned vehicles.

Investors continue to view Tesla's artificial intelligence initiatives as central to the company's long-term growth story, with expectations that autonomous driving and robotics could create new sources of earnings beyond vehicle manufacturing.

A potential combination of Tesla and SpaceX has emerged as another major topic among investors.

Baird analyst Ben Kallo estimated second-quarter deliveries at around 392,900 vehicles but said recent attention has centered on the SpaceX initial public offering and the prospect of a merger between Musk's companies.

"We see this as likely to happen sooner rather than later," Kallo wrote on the business combination.

The analyst believes a merger could occur within the next 18 months, giving SpaceX time to integrate its recent merger with xAI and establish itself as a public company.

"We see the strategic rationale for a merger as clear and compelling with both companies benefitting from greater scale. Questions may arise regarding regulatory review; however, we do not expect significant scrutiny given limited overlap of end markets," Kallo wrote.

Meanwhile, Tesla is also facing legal scrutiny following a fatal crash in Texas involving one of its vehicles.

The family of a woman who died after a Tesla Model 3 crashed into a home last week has filed a lawsuit against both Tesla and the driver, alleging gross negligence and wrongful death.

According to the lawsuit, the vehicle was operating with an automated driving assistance system and "failed to detect the end of the street" before crashing into the residence.

The suit alleges Tesla should be held liable for defects in its driver-assistance systems and for failing to adequately warn consumers of potential dangers.

Chief Executive Elon Musk said in a post on X that "FSD drives slowly through neighborhood streets and this was a high speed crash," referring to Tesla's Full Self-Driving (Supervised) system.

Another company executive stated that the driver manually pressed the accelerator pedal, overriding the self-driving system.

The National Highway Traffic Safety Administration has launched a special investigation into the incident and is already conducting a separate investigation into possible defects in Tesla's Full Self-Driving technology.

As Tesla approaches its quarterly delivery report, investors are balancing near-term questions around vehicle demand with longer-term opportunities tied to artificial intelligence, autonomous driving, and the potential reshaping of Musk's corporate empire.

Accounting for markets being closed on Friday, June 19, in observance of the Juneteenth holiday, Space Exploration Technologies (SPCX 0.97%) has just five trading days under its belt, but that's enough time for an array of exchange-traded funds (ETFs) to have gotten involved with the stock.

Just five days after the largest initial public offering (IPO) in history, 28 ETFs feature Elon Musk's reusable rockets company among their top 15 holdings. The leader of that pack is the Baron First Principles ETF (RONB +0.47%), which, as of June 17, had a 31.2% weight to SpaceX, or more than double the allocation to the fund's second-largest holding.

This ETF has a substantial stake in SpaceX stock. Image source: Getty Images.

The $238.5 million Baron ETF debuted last December, and SpaceX is obviously a new stock, so the jury is still out on whether this is one of the best ETFs that hold SpaceX, performance-wise. Still, with that hefty weight to the hottest name in space equities, the fund is useful for investors who want exposure without an all-in commitment. If there's a rub, it's an annual fee of 1%, or $100 on a $10,000 investment. That's very high compared to many ETFs.

History and housekeeping It's unusual for a single stock to command nearly a third of an ETF's portfolio, so it's worth examining how and why SpaceX looms so large in the Baron fund. For starters, it must be noted that this is an actively managed fund, so the managers can make large, concentrated bets if they see fit. Conversely, the passive broad-market ETFs that add the satellite stock will wait for SpaceX's market cap to rise before the shares command larger percentages of their portfolios.

History also helps explain why this ETF holds such a sizable stake in SpaceX. Ron Baron, the founder of the firm, is a friend of Musk's and has long put his money (and clients' money) where his mouth is. The money manager first invested in SpaceX in 2017, when the company was valued at just $22 billion, and subsequently participated in 27 capital raises. Baron Capital threw another $1 billion at the stock on IPO Day.

The Baron First Principles ETF isn't the firm's only ETF with SpaceX exposure. Another pair of the firm's actively managed ETFs is among the top nine ETF holders of the space stock.

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Baron himself is overtly bullish on SpaceX. He sees the company's market value rising to $20 trillion and beyond a decade out, implying exponential appreciation from the current level of $2.2 trillion. If that prediction is anywhere close to accurate, investors who deploy this ETF stand to benefit.

Don't forget the Tesla angle Leading up to and immediately following the SpaceX IPO, there's been plenty of chatter about that company potentially acquiring Tesla (TSLA 1.61%). There are no guarantees that the transaction will occur, but more than 40% Kalshi traders are betting it could be announced in March, April, or May of 2027.

Speculation about a SpaceX/Tesla marriage is relevant to discussing the Baron ETF because Musk's electric vehicle company is the fund's second-largest holding, accounting for almost 12% of the portfolio.

Interestingly, Baron's affinity for Musk-backed companies started with Tesla, as he invested in the company in 2014 and 2016. While Baron reduced client holdings in Tesla, it's estimated 40% of personal net worth is tied to that stock.

Putting it all together, this ETF is a highly concentrated bet on two Musk stocks. Most ETFs don't assign 40%-plus of their weights to just two companies so investors seeking a diverse roster may want to take a pass on the Baron ETF. On the other hand, risk-tolerant market participants that want to double-dip with Musk's two public companies without owning either outright may want to give this fund a closer look.

Top AI researchers Jonas Adler and Alexander Pritzel are leaving Google for Anthropic, according to Bloomberg. Per the report, Adler and Pritzel played key roles in the development of Google’s Gemini model.

TechCrunch reached out to Google for comment.

These departures are part of a concerning trend for Google. Last week, legendary AI researcher Noam Shazeer announced that he was leaving Google for OpenAI. Shazeer had been at Google since 2000, save for the three years he spent building his controversial chatbot startup, Character.AI (which Google effectively acquihired for $2.7 billion, in part to bring Shazeer back to work on Gemini).

Just days after Shazeer made his announcement, Google DeepMind Director John Jumper said he was leaving Google for Anthropic. Alongside DeepMind CEO Demis Hassabis, Jumper won the 2024 Nobel Prize in Chemistry for his work on AlphaFold, which can predict 3D protein structures from animo acid sequences.

As OpenAI and Anthropic prepare to go public, this trend could continue — it’s a great time for the companies to recruit top AI talent with a promise of equity.

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Amazon.com (AMZN +0.05%), global e-commerce, cloud infrastructure, and digital advertising platform giant, closed at $234.27. The stock edged higher on Prime Day demand, AI shopping activity, and analyst support for a Q2 revenue beat.
Trading volume reached 67.7 million shares, coming in about 47% above its three-month average of 45.9 million shares. Amazon.com IPO'd in 1997 and has grown 239,256% since going public.

How the markets moved todayThe S&P 500 (^GSPC 0.10%) fell 0.10% to 7,358, while Nasdaq Composite (^IXIC 0.43%) declined 0.43% to 25,477. Among global e-commerce, retail, cloud computing, advertising, and logistics peers, Walmart (WMT 0.33%) fell 0.34% to $119, while MercadoLibre (MELI +4.83%) rose 4.79% to $1,659.57, highlighting mixed trading across consumer and platform names.

What this means for investorsAmazon’s Prime Day event has begun, with four days of special deals and enticements to expand the company’s Prime membership base. Prime Day got off to a strong start, according to spending data from Adobe (ADBE 0.41%).

Initial figures show online spending jumped 5.3% on the event’s first day yesterday, year over year, to $8.3 billion. AI-driven spending is one of the reasons boosting activity. Online spending for electronics and appliances hit records while baby products and everyday essentials also showed strength. The event runs until Friday, and analysts will use the data to adjust estimates for Amazon’s second-quarter sales.

That might have some investors wanting to get ahead of any revenue and earnings adjustments. Amazon is also seeing tailwinds from its cloud infrastructure business with a planned $10 billion investment for a large new data center.

Howard Smith has positions in Amazon. The Motley Fool has positions in and recommends Adobe, Amazon, Corning, MercadoLibre, and Walmart. The Motley Fool recommends the following options: long January 2028 $330 calls on Adobe and short January 2028 $340 calls on Adobe. The Motley Fool has a disclosure policy.

Microsoft Corporation is rated a Strong Buy as shares trade 20%–25% below 5-year valuation averages despite robust growth. MSFT's data center investments are driving revenue acceleration, with performance obligations doubling to $633 billion and strong operating margin expansion. Azure and Productivity segments exhibit high-teens growth, with Copilot and Fabric platforms scaling rapidly and deepening the company's competitive moat.

Alibaba's Qwen team released Qwen-AgentWorld on Tuesday — two models trained not to act inside agent environments, but to predict what those environments return. The release covers seven domains under a single architecture: MCP, Search, Terminal, Software Engineering, Android, Web, and OS.

Anthropic logo, a keyboard and a robotic hand in this illustration created on June 5, 2026. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

June 24 (Reuters) - U.S. AI company Anthropic accused Alibaba (9988.HK), opens new tab, the Chinese technology and e-commerce giant, ​of illicitly extracting its Claude AI model ‌capabilities in what it said was the largest known distillation attack on the company to date, according to a ​letter seen by Reuters.

Distillation attacks are ​a way AI companies improperly obtain capabilities to ⁠improve their own models, and involve training a less ​capable model on the outputs of a stronger ​one, Anthropic has said in the past.

The Reuters Inside Track newsletter is your essential guide during the World Cup. Sign up here.

Anthropic said the campaign was conducted between April 22 and June 5, ​2026, and generated more than 28.8 million exchanges ​with Claude through almost 25,000 fraudulent accounts.

Anthropic said in the ‌letter ⁠that it is a way for competitors to harvest American AI, and help China reach its most advanced model's capabilities sooner.

It said the ​campaign was ​conducted by ⁠operators affiliated with Alibaba and Alibaba Qwen, Alibaba's AI lab. Alibaba did not ​immediately respond to a request for ​comment.

⁠The letter, dated June 10, was sent to Senators Tim Scott and Elizabeth Warren, the chair ⁠and ranking ​member, respectively, of the ​U.S. Senate Banking Committee, ahead of a hearing scheduled on AI.

Reporting ​by Karen Freifeld; additional reporting by David Shepardson

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

Nike named Pfizer's former CFO David Denton as finance chief and reaffirmed guidance, but clearer evidence that the turnaround is working may still be several quarters away.

Key Takeaways Seagate generated fiscal Q3 2026 revenues of $3.11B, up 44% from a year earlier.STX expects fiscal Q4 2026 revenues of about $3.45B and EPS near $5.00.Seagate projects earnings growth of 84.3% this year and 85.7% next year. Demand for NVIDIA Corporation’s (NVDA - Free Report) state-of-the-art chips has exploded in recent years, pushing the company’s market capitalization over $4 trillion and making it the most valuable company ever.  

Despite this astounding growth, NVIDIA’s shares experienced periods of volatility as investors questioned whether artificial intelligence (AI)-related spending could continue to grow fast enough to justify NVIDIA’s mammoth size. The stringent China-related export curbs could further put pressure on NVIDIA’s revenue growth and profit margins. 

NVIDIA’s shares gained 35.3% over the past year, but one AI memory stock — Seagate Technology Holdings plc (STX - Free Report) — delivered stronger returns, skyrocketing 647.9%. Let’s thus take a closer look at what the key catalysts are behind its rally and why its growth trajectory may be far from over –

Seagate’s AI-Fueled Growth Engine Is Just Getting Started In the third quarter of fiscal 2026, Seagate generated $3.11 billion in revenues, up 44% from the year-ago period, according to investors.seagate.com. Such rapid growth is uncommon among hardware manufacturers and reflects strong customer demand for Seagate’s high-capacity storage solutions. The main engine of growth is Seagate’s nearline storage business, which provides high-capacity hard drives to data center customers. 

Importantly, Seagate’s revenue growth shows little sign of slowing down. This is because the company expects fiscal fourth-quarter 2026 revenues to be around $3.45 billion, plus or minus $100 million, indicating sustained growth momentum.  

The company also expects non-GAAP diluted earnings per share (EPS) of $5, plus or minus 20 cents, for the fiscal fourth quarter, compared with $4.1 in the fiscal third quarter. Additionally, the company’s strong 47% non-GAAP gross margin in the fiscal third quarter highlights improving profitability, operational leverage and strong pricing power. 

To top it off, Seagate’s free cash flow reached $953 million during the fiscal third quarter, underscoring the strength of its underlying business and providing sufficient financial strength to fund future growth initiatives. 

Seagate Is Emerging as a Quiet Winner of the AI Boom Seagate’s accelerating demand for data-center storage, improving margins, and solid cash flows have set the stage for continued growth, which could translate into additional gains in its share price, making it one of the strong contenders that could mirror NVIDIA’s rise. 

No doubt, Seagate is a cyclical stock, but for now, it is benefiting from the sharp demand surges driven by the AI data storage boom. Seagate’s chair and chief executive officer, Dave Mosley, confirmed that “Seagate is entering a new era of structural growth as AI applications amplify data creation and support sustained storage demand.”  

Reflecting this momentum, the company’s expected earnings growth rate for the current and next year is a solid 84.3% and 85.7%, respectively. The Zacks Consensus Estimate of $14.93 for STX’s EPS is up 51% year over year.

 

Image Source: Zacks Investment Research

Seagate currently has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The board of directors today declared a quarterly dividend of $0.2775 per share on the company's common shares, payable August 3, 2026.

Key Takeaways:

The board of directors declared a quarterly dividend of $0.2775 per share on the company's common shares. Dividends on common stock as well as Series A and Series C preferred stock are payable on August 3, 2026. , /PRNewswire/ -- The board of directors of AT&T (NYSE:T) today declared a quarterly dividend of $0.2775 per share on the company's common shares.

The board of directors also declared quarterly dividends on the company's 5.000% Perpetual Preferred Stock, Series A and the company's 4.750% Perpetual Preferred Stock, Series C. The Series A dividend is $312.50 per preferred share, or $0.3125 per depositary share. The Series C dividend is $296.875 per preferred share, or $0.296875 per depositary share.

Dividends on the common stock and Series A and Series C preferred stock are payable on August 3, 2026, to stockholders of record of the respective shares at the close of business on July 10, 2026.

To automatically receive AT&T financial news by email, please subscribe to email alerts.

About AT&T
We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 150 years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.

© 2026 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

SOURCE AT&T

NEW YORK--(BUSINESS WIRE)--JPMorgan Chase & Co. (NYSE: JPM) (“JPMorganChase” or the “Firm”) has announced updated information relating to its third quarter dividend, common share repurchase program and regulatory capital requirements. More information is available at www.jpmorganchase.com under Investor Relations, Press Releases. JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase.

U.S. President Donald Trump speaks with the press at the U.S. Capitol, in Washington, D.C., U.S., June 24, 2026. REUTERS/Evelyn Hockstein Purchase Licensing Rights, opens new tab

CompaniesWASHINGTON, June 24 (Reuters) - The White House asked Congress ​on Wednesday for $1 billion ‌to boost the pensions of workers at former ​General Motors (GM.N), opens new tab auto ​parts unit Delphi that were ⁠cut during the ​Detroit automaker's 2009 bankruptcy ​restructuring.

The White House is also asking for $500 million to support ​ongoing construction projects ​in and around Washington and $1 ‌billion ⁠to assist to reconstruct New York's Penn Station. The White House ​also wants ​Congress ⁠to let the Federal Aviation ​Administration reallocate any funds ​in ⁠the $12.5 billion air traffic control modernization effort ⁠to ​any air ​traffic reform plan.

Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here.

Reporting by David Shepardson; ​Editing by Chris Reese

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

JPMorgan Chase on Wednesday unveiled a new $50 billion share repurchase program and raised its quarterly dividend after the Federal Reserve found the industry remained well capitalized under its annual stress test.

The biggest U.S. bank by assets said it will increase its quarterly dividend 10% to $1.65 per share, subject to board approval, and authorized the buyback program effective July 1.

"The Board's intended dividend increase is supported by our consistent investment in our business and strong financial performance," JPMorgan CEO Jamie Dimon said in a statement. "As always, we are prepared for a wide range of scenarios, including the hypothetical 2026 supervisory severely adverse scenario."

Goldman Sachs likewise increased its quarterly payouts, saying that its dividend will rise 11% to $5 per share, citing the firm's strong earnings and capital position.

Wells Fargo said it expects to raise its dividend by 11% to 50 cents per share, while Morgan Stanley boosted its payout 15% to $1.15 per share, while also reauthorizing a $20 billion buyback program.

Bank of America CEO Brian Moynihan said in a statement that the bank will make an announcement on the firm's dividend next month.

The announcements followed the release of the Federal Reserve's annual stress test, which found that all 32 large banks remained above their minimum capital requirements even after a hypothetical recession generating more than $708 billion in projected losses across the industry.

Unlike in previous years, however, the results will not affect banks' capital requirements. The Fed said earlier this year it would keep stress capital buffers unchanged through 2027 while it overhauls the testing methodology, meaning banks entered Wednesday with a clear understanding of their capital requirements.

While analysts had expected the exercise to have little immediate impact, in a sign of confidence, banks opted to proceed with payout increases, despite the regulatory limbo.

In a note ahead of the results, KBW described this year's stress test as "going through the motions," arguing that investors are more focused on the pending Basel III Endgame proposal expected later this year than on the Fed's annual exercise.

This story is developing. Please check back for updates.

Xerox (XRX) remains a speculative 'BUY' with a reiterated $6/share price target, supported by strong turnaround progress and Lexmark synergies. Q1'26 results confirmed revenue up 27%, tripled adjusted EBIT, and improved operating margin, validating the ongoing recovery thesis. XRX continues to address debt, enhance free cash flow, and maintain liquidity, with recent opportunistic debt buybacks and a 3.18% dividend yield.

NEW YORK--(BUSINESS WIRE)--Qualcomm Technologies, Inc. (NASDAQ: QCOM):

Highlights:

Qualcomm and Meta have announced a collaboration on a multi-generation roadmap for CPU products supporting Meta’s growing compute footprint. Qualcomm’s first-generation Qualcomm Dragonfly™ C1000 CPU will be in production starting in the second half of 2028. Qualcomm Technologies, Inc. (NASDAQ: QCOM) and Meta today announced a strategic multi-generation collaboration for Qualcomm Technologies to be a supplier for data center CPUs for Meta. Qualcomm Technologies’ data center CPU, the Qualcomm Dragonfly™ C1000, is planned to power Meta’s next-generation server fleet, underscoring the growing importance of high-performance, power-efficient compute in large-scale scale-out environments.

Qualcomm Technologies’ solutions will be in production starting in the second half of 2028 and future data center capacity expansions. Qualcomm Technologies’ platform approach, spanning advanced compute, high-performance connectivity, and system-level optimization, is designed to deliver substantial performance per watt and help reduce total cost of ownership at scale.

“We designed our data center CPU to deliver leading performance per core and a breakthrough in power efficiency for large scale data center deployments, and this multi-generation agreement with Meta is a significant validation of that approach,” said Cristiano Amon, President and CEO, Qualcomm Incorporated. “We’re thrilled to build on our partnership with Meta, expanding from devices to data center. And this is just the beginning.”

"We're excited to continue partnering with Qualcomm Technologies as they design the next generation of CPUs for Meta," said Mark Zuckerberg, Founder and CEO, Meta. "Along with our other compute investments, we're quickly building the infrastructure we need to deliver personal superintelligence to everyone in the world.”

For more information on Qualcomm Dragonfly solutions please read our data center announcement.

About Qualcomm

Qualcomm is a global computing leader at the center of the AI era, enabling intelligence to scale from the most personal devices to large scale infrastructure. Building on more than four decades of innovation, we develop platforms and solutions that bring together advanced AI, high performance, low power computing and industry leading connectivity—powering products and services used around the world. At Qualcomm, we are engineering human progress.

Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering and research and development functions and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm patents are licensed by Qualcomm Incorporated. Qualcomm, Snapdragon, Qualcomm Dragonwing and Qualcomm Dragonfly are trademarks or registered trademarks of Qualcomm Incorporated.

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