Track market-moving stories before they get noisy

Getting paid to borrow money sounds like a financial fever dream. Sats Terminal just made it real on Starknet.

The BTC lending platform announced its integration with Starknet on July 22, enabling users to borrow USDC against their Bitcoin collateral through the Vesu lending protocol at a net APR of approximately -2.04% at a 50% loan-to-value ratio. In English: borrowers walk away with more money than they owe in interest, courtesy of STRK token rewards that more than cover the borrowing costs.

How negative interest actually works Negative APRs aren’t magic. They’re subsidized. Starknet has allocated at least 100 million STRK tokens toward its rewards program, and those incentives are what make the economics work for borrowers.

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Here’s the math on a concrete example. A borrower putting up 1 BTC as collateral can expect to earn roughly $1,997 annually from STRK rewards while paying approximately $1,344 in interest. That nets out to about $653 in the borrower’s pocket, just for taking out a loan.

The maximum loan-to-value ratio through Vesu can stretch up to 86%, though the juiciest negative rates come at the more conservative 50% LTV tier.

The integration runs through Vesu, a lending protocol on Starknet that positions itself as capital-efficient. Sats Terminal acts as the front-end interface, connecting Bitcoin holders to USDC liquidity without requiring them to sell their underlying BTC position. The loans are non-custodial, meaning users maintain control of their assets throughout the process.

Sats Terminal’s growing footprint The platform has onboarded over 100,000 unique wallets since its inception. Its backers include yzilabs, Coinbase Ventures, and Draper VC. Tim Draper himself highlighted the platform back in January 2026.

Co-founder Stanislav Havryliuk and his team have been building toward this kind of cross-chain integration. Moving onto Starknet, a ZK-rollup scaling solution originally designed for Ethereum, represents a bet that Bitcoin-native users want access to DeFi infrastructure beyond the Bitcoin network itself.

What this means for investors Negative rates funded by token rewards only work as long as the reward tokens maintain their value and the incentive programs keep running. STRK rewards that generate $1,997 annually today could generate significantly less if the token price drops or if Starknet decides to redirect those 100 million tokens elsewhere.

The 86% maximum LTV deserves attention from a risk perspective. High LTV ratios in volatile markets can lead to cascading liquidations. Conservative borrowers sticking to the 50% tier have meaningful buffer. Those pushing toward the ceiling are betting that Bitcoin’s price won’t move against them fast enough to trigger a margin call.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

GE Vernova Inc. (GEV) Q2 2026 Earnings Call July 22, 2026 7:30 AM EDT

Company Participants

Michael Lapides - Vice President of Investor Relations
Scott Strazik - CEO, President & Director
Kenneth Parks - Chief Financial Officer

Conference Call Participants

Nicole DeBlase - Deutsche Bank AG, Research Division
Andrew Obin - BofA Securities, Research Division
Nigel Coe - Wolfe Research, LLC
Andrew Kaplowitz - Citigroup Inc., Research Division
Ameet Thakkar - BMO Capital Markets Equity Research
David Arcaro - Morgan Stanley, Research Division
Joseph Ritchie - Goldman Sachs Group, Inc., Research Division
Julien Dumoulin-Smith - Jefferies LLC, Research Division
Christopher Dendrinos - RBC Capital Markets, Research Division
Sunaina Ocalan - Bernstein Institutional Services LLC, Research Division

Presentation

Operator

Good day, ladies and gentlemen, and welcome to GE Vernova's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] My name is Liz, and I will be your conference coordinator today. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the program over to your host for today's conference, Michael Lapides, Vice President of Investor Relations. Please proceed.

Michael Lapides
Vice President of Investor Relations

Thank you. Welcome to GE Vernova's Second Quarter 2026 Earnings Call. I'm joined today by our CEO, Scott Strazik; and CFO, Ken Parks.

Our conference call remarks will include both GAAP and non-GAAP financial results. Reconciliations between GAAP and non-GAAP measures can be found in today's Form 10-Q press release and the presentation slides, all of which are available on our website. Please note that unless otherwise specified, our year-over-year commentary or variances on orders, revenue, adjusted and segment EBITDA, and margin discussed during our prepared remarks are on an organic basis, which includes the removal of the impact of our Prolec GE acquisition.

We will make forward-looking statements about our performance. These statements are based on how we see things

, /PRNewswire/ -- The European Commission has today formally cleared the acquisition of Warner Bros. Discovery, Inc. (NASDAQ: WBD) ("WBD") by Paramount Skydance Corporation (NASDAQ: PSKY) ("Paramount"), representing a major milestone in completing the transaction in line with the publicly stated timeline.

Paramount has already received competition clearances from antitrust and competition authorities in the following jurisdictions: the United States, Australia, Brazil, Canada, China, Kuwait, Montenegro, New Zealand, North Macedonia, Saudi Arabia, Serbia, South Africa, South Korea, Ukraine, and the COMESA Competition Commission (the regional competition authority for the Common Market for Eastern and Southern Africa). Additionally, Paramount has received foreign direct investment clearances in Australia, Germany, France, Spain, Slovenia, Belgium, Czechia, New Zealand, Italy, and Romania. The transaction was also unconditionally approved by European Commission under its Foreign Subsidies Regulation regime and by the Austrian Federal Competition Authority under its media merger control regime.

With the clearance from the European Commission, bodies and governments representing 65 jurisdictions have either cleared the transaction or chosen not to challenge it on competition and/or foreign direct investment grounds.

These clearances recognize that the combination of Paramount and WBD will enhance consumer choice and enable a creative-first company to invest in more projects and bring stories to audiences worldwide. It will create a scaled media and entertainment company capable of competing with the tech companies that have come to dominate the industry, strengthening the media ecosystem and creating more opportunities for creatives both in front of and behind the camera.

The conclusions reached by the European Commission directly refute key assumptions that underpin the state AGs' complaint seeking to block the transaction. In its finding that "at film production level, enough film studios remain as competitors in the EEA", the European Commission correctly defined the market as including "smaller US studios such as Amazon MGM, A24 and Lionsgate, as well as European studios" in addition to "other major US studios like Disney, NBC Universal and Sony." The European Commission did not find that high-budget or 'blockbuster' films constituted a relevant market. It rather considered them as an element of differentiation in its competitive assessment, and found that the market will remain competitive for these types of films too. In coming to the conclusion that "as regards the AV value chain, the Commission's investigation showed that enough alternative competitors remain to exert sufficient competitive pressure on the merged entity in the EEA", the European Commission rightly considered streaming platforms as competing directly with linear TV. These conclusions further undermine the market definition relied upon by the state AGs in their complaint. 

"Today's approval from the European Commission marks another significant milestone in bringing Paramount and Warner Bros. Discovery together. We appreciate the Commission's constructive engagement and thorough analysis throughout its review," said Makan Delrahim, Chief Legal Officer, Paramount. "Not only does this combination not pose any competitive harms, it actually enhances competition by creating a scaled media and entertainment company with the ability to truly challenge the tech platforms that have come to dominate the industry. By strengthening competition it will support increased investment in content, expand opportunities for creatives and deliver greater choice for consumers. We are pleased that the European Commission, following its robust review, joins other bodies, including the United States Department of Justice, Australia's ACCC, Canada's CCB, Brazil's CADE, China's SAMR and South Africa, in concluding that this transaction does not harm competition and can proceed, further underscoring its potential to strengthen the global media and entertainment ecosystem."

The transaction brings together the two companies' complementary strengths to create more competition and support greater investment in storytelling and talent. Paramount has proactively made clear its plans and incentives for the combined company: to increase output to at least 30 high-quality films annually, each of which will receive a full theatrical release starting immediately; to continue licensing content to and acquiring content from third parties; and to preserve iconic brands with independent creative leadership.

***

About Paramount, a Skydance Corporation

Paramount, a Skydance Corporation is a next-generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. PSKY's portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance Animation, Film, Television, Interactive/Games, and Paramount Sports Entertainment.

PSKY-IR

Cautionary Note Concerning Forward-Looking Statements

This communication contains "forward-looking statements" regarding the Merger. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of PSKY or WBD. Risks and uncertainties include, but are not limited to: the risk that the closing conditions for the Merger will not be satisfied, including the risk that clearances under applicable antitrust or regulatory laws will not be obtained; the possibility that the transaction will not be completed in the expected timeframe or at all; potential adverse effects to the businesses of PSKY or WBD during the pendency of the transaction, such as employee departures or distraction of management from business operations; the risk of stockholder litigation relating to the transaction, including resulting expense or delay; the potential that the expected benefits and opportunities of the Merger, if completed, may not be realized or may take longer to realize than expected; risks related to PSKY's streaming business; the adverse impact on PSKY's advertising revenues as a result of changes in consumer behavior, advertising market conditions and deficiencies in audience measurement; risks related to operating in highly competitive and dynamic industries; the unpredictable nature of consumer behavior, as well as evolving technologies and distribution models; risks related to PSKY's decisions to invest in new businesses, products, services and technologies, and the evolution of PSKY's business strategy; the potential for loss of carriage or other reduction in, or the impact of negotiations for, the distribution of PSKY's content; damage to PSKY's reputation or brands; losses due to asset impairment charges for goodwill, content and long-lived assets, including finite-lived intangible assets; liabilities related to discontinued operations and former businesses; increasing scrutiny of, and evolving expectations for, sustainability initiatives; evolving business continuity, cybersecurity, privacy and data protection and similar risks; challenges in protecting and maintaining PSKY's intellectual property rights; domestic and global political, economic and regulatory factors affecting PSKY's businesses generally; the inability to hire or retain key employees or secure creative talent; disruptions to PSKY's operations as a result of labor disputes; risks and costs associated with the integration of, and PSKY's ability to integrate, the businesses of Paramount Global and Skydance successfully and to achieve anticipated synergies; litigation relating to the transactions contemplated by the transaction agreement entered into on July 7, 2024, between Paramount Global and Skydance, potentially resulting in substantial costs; volatility in the price of PSKY's Class B common stock; the effect PSKY's dual-class capital structure and the concentrated ownership may have on the price of its Class B common stock or business; risks related to a private sale of a controlling interest in PSKY, including that PSKY's stockholders may not realize any change of control premium on shares of PSKY's Class B common stock and that PSKY may become subject to the control of a presently unknown third party; risks associated with PSKY's status as a "controlled company" under Nasdaq rules, including its exemption from certain corporate governance requirements; risks associated with the lack of voting rights of PSKY's Class B common stock; risks that anti-takeover provisions in PSKY's amended and restated certificate of incorporation (the "Charter") and amended and restated bylaws, and under Delaware law, could deter, delay, or prevent a change of control; risks that exclusive forum provisions in the Charter could limit a stockholder's choice of forum for certain claims and discourage lawsuits against PSKY's directors and officers; risks that corporate opportunity provisions in the Charter could permit certain persons to pursue competitive opportunities that might otherwise be available to PSKY; risks associated with PSKY's holding company structure, including its dependence on distributions from its subsidiaries to meet tax obligations and other cash requirements; risks related to PSKY's indebtedness, including PSKY's substantial outstanding debt obligations; risks related to PSKY's ability to incur substantially more debt and PSKY's ability to meet the financial and other covenants contained in the agreements governing PSKY's indebtedness; risks relating to PSKY's ability to deleverage the business in accordance with management's targets, including risks arising from assumptions, uncertainties and contingencies that may affect PSKY's ability to reduce indebtedness; risks relating to management's ability to execute on its strategic plan and improve its financial profile and cash flows from operations; and risks relating to any capital or other financing PSKY may have to raise in order to reduce its indebtedness following the Merger. A further list and description of these risks, uncertainties and other factors and the general risks associated with the respective businesses of PSKY and WBD can be found in PSKY's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 25, 2026, and PSKY's Form 10-Q for the quarterly period ended March 31, 2026, filed with the SEC on May 4, 2026, including, in each case, in the sections captioned "Cautionary Note Concerning Forward-Looking Statements" and "Item 1A. Risk Factors," and PSKY's subsequent filings with the SEC, and WBD's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 27, 2026, and WBD's Form 10-Q for the quarterly period ended March 31, 2026, filed with the SEC on May 6, 2026, including, in each case, in the sections captioned "Cautionary Note Concerning Forward-Looking Statements" and "Item 1A. Risk Factors," and WBD's subsequent filings with the SEC. Copies of these filings, as well as subsequent filings, are available online at www.sec.gov, ir.wbd.com or on request from PSKY or WBD. PSKY undertakes no obligation to update any forward-looking statement as a result of new information or future events or developments, except as required by law. 

SOURCE Paramount Skydance Corporation

Key Takeaways Astera Labs' Taurus portfolio drove strong Q1 results with 93% year-over-year revenue growth. ALAB expanded Taurus with new Smart Retimers and Redrivers for rack-scale AI infrastructure. ALAB expects Q2 revenues of $355M-$365M, implying 15% to 18% sequential growth. Astera Labs (ALAB - Free Report) is benefiting from robust demand for its Taurus portfolio, which is driving significant growth and positioning the company for further upside. The Taurus product line, focused on signal conditioning and reach extension for both AI and general-purpose compute platforms, has seen broad adoption, particularly as AI infrastructure spending accelerates across hyperscalers, AI labs and sovereign entities.

One of the key strengths of the Taurus portfolio is its ability to support advanced Ethernet Active Electrical Cables, which are critical for extending reach in AI clusters and data center environments. During the first quarter of 2026, Taurus delivered solid results, contributing to Astera Labs’ impressive 93% year-over-year revenue growth.

The company’s expanding Taurus portfolio has been noteworthy. Astera Labs recently expanded its Taurus 3.2T Smart Signal Conditioner portfolio with footprint-compatible 16-lane Smart Retimers and Smart Redrivers for 200G-per-lane Ethernet, UALink and ESUN connectivity in rack-scale AI infrastructure.

The new Taurus family enables customers to switch between retimers and redrivers using the Smart Swap feature without redesigning boards, improving deployment flexibility. Managed through the COSMOS software platform, the solutions provide advanced telemetry, intelligent link management and diagnostics to optimize signal integrity, reduce power consumption and accelerate large-scale AI cluster deployments while supporting multi-vendor sourcing through the OCP standard footprint.

Aster Labs is benefiting from strong demand for its Aries, Taurus, and Scorpio product families, all of which are expected to drive growth in the second quarter of 2026. For the same quarter, ALAB expects revenues between $355 million and $365 million, implying 15% to 18% sequential growth.

ALAB Faces Stiff CompetitionALAB is facing stiff competition from other industry players like Marvell Technology (MRVL - Free Report) and Credo Technology (CRDO - Free Report) . Both Marvell Technology and Credo Technology are making strong efforts in the connectivity space.

Marvell Technology’s expanding portfolio has been noteworthy. In June 2026, Marvell Technology introduced the Teralynx T100, a 102.4 Tbps AI-optimized switch silicon designed to enhance high-speed connectivity and networking efficiency in large-scale AI data centers through lower latency and reduced power consumption.

Credo Technology’s expanding portfolio has been noteworthy. In May 2026, Credo Technology completed its acquisition of DustPhotonics, adding industry-leading silicon photonics technology to strengthen its optical interconnect portfolio across 800G, 1.6T and 3.2T solutions. The acquisition enhances Credo Technology’s vertically integrated AI connectivity stack and is expected to be a significant growth driver in fiscal 2027, supported by increasing hyperscale AI adoption.

ALAB’s Share Price Performance, Valuation, and EstimatesALAB shares have surged 92.3% in the year-to-date period, outperforming the broader Zacks Computer & Technology sector’s increase of 12.1%. The Zacks Internet - Software industry has decreased 6.1% in the same time frame.

ALAB Stock’s Performance
Image Source: Zacks Investment Research

ALAB stock is trading at a premium, with a forward 12-month Price/Sales of 29.28X compared with the  Internet - Software industry’s 3.98X. ALAB has a Value Score of F.

ALAB’s Valuation
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for 2026 earnings is pegged at $ 2.97 per share, which has increased by a couple of pennies over the past 30 days. This suggests 61.41% year-over-year growth.

ALAB’s Zacks RankAstera Labs currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Investors have long known that Meta Platforms (META -2.76%) planned to continue growing through AI. Most investors assumed that it would leverage its massive data collection to train AI models in ways that its competitors could not precisely replicate.

Hence, even though Meta has been a hyperscaler for years, it may have come as a surprise to some to hear that Mark Zuckerberg was also contemplating a move into leasing cloud computing capacity. Knowing that, investors will likely be watching Meta and its CEO closely when the company reports its Q2 earnings on July 29.

Image source: The Motley Fool.

The move into the neocloud So far, investors don't seem enthusiastic about Meta's expensive AI ambitions. The company has pledged to spend between $125 billion and $145 billion on capital expenditures in 2026 alone, primarily to develop its AI. That comes after it spent almost $70 billion on capex in 2025.

Additionally, the social media stock trades at a P/E ratio of 23, the lowest among the "Magnificent Seven" stocks. Its revenue grew by 33% year over year in the first quarter of 2026, a level of growth that supports the investment thesis for Meta, particularly given its low multiple and its success in digital advertising.

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Nonetheless, uncertainty about where it could derive significant long-term growth from may partially explain its low P/E ratio. 

Today, an average of 3.56 billion people, about 43% of the world's population, already log into a Meta-owned site daily. That past success has left it with relatively few potential new users to pursue. 

For now, the start of its shift to the neocloud appears to hinge on a proposed two-year, $10 billion deal with Anthropic, and some believe an announcement during its July 29 earnings call that such a deal has been sealed will send the stock soaring. That deal would allow Meta to put some of its AI infrastructure to use in a way that directly translates into revenue.

Admittedly, that deal is not final and could still fall through. However, there is plenty of demand for cloud infrastructure across the market. Though it has been viewed as one of the four major hyperscalers throughout the AI build-out, analysts including Mark Mahaney of Evercore see what Meta is likely to offer to its clients as more akin to the specialized cloud offerings of the smaller neocloud providers. 

That looks like a promising model: Mordor Intelligence estimates a compound annual growth rate of 46% for the neocloud through 2031. 

However, if such an announcement occurs, it still may not ease investor concerns. Nearly 98% of Meta's revenue came from digital advertising in Q1, and Zuckerberg has yet to prove that he can turn his company into a cloud infrastructure provider on par with Amazon Web Services or Microsoft Azure. Until investors feel more confident about Meta's pivot in this direction, many may remain skeptical.

Should investors buy Meta Platforms stock before earnings? The good news for investors is that Meta Platforms stock is likely a buy before July 29, when Zuckerberg will probably offer more clarity on its AI ambitions.

Indeed, Meta Platforms stock could take a hit if the Anthropic deal falls through. Additionally, its massive capex spending on new AI data centers is concerning to many investors, given that almost all of the company's revenue still comes from digital ads.

Fortunately, that digital ad business is likely not going anywhere, and the company's AI efforts have enhanced its effectiveness. Considering its rapid revenue increases and the 23 P/E ratio, the company's growth should continue even if Meta's AI plans fail to meet investor expectations.

Alphabet (GOOG +0.00%)(GOOGL -0.13%) reports second-quarter results after the market closes today, with the earnings call scheduled for 4:30 p.m. ET. The revenue and earnings may end up being the focus on many of the headlines. But I'd argue the number that actually has more implications for the stock sits further down the report. It's capital expenditures -- the money Alphabet is pouring into data centers and the computing infrastructure behind its artificial intelligence (AI) push.

After all, nobody doubts that the business is growing. The question is whether the company's AI spending is an investment compounding into more growth or a cost rising faster than the returns it generates.

Image source: Alphabet.

The spending curve keeps steepening In April, alongside first-quarter results, Alphabet raised its 2026 capital expenditure guidance to a range of $180 billion to $190 billion, up from $175 billion to $185 billion. Chief financial officer Anat Ashkenazi also said the company expects its 2027 capital expenditures to "significantly increase" from there.

And Alphabet spent $35.7 billion on capital expenditures during Q1 specifically. So, even to reach even the low end of its full-year range, spending would need to average about $48 billion per quarter for the rest of the year -- a step-up of more than 30% from the first quarter's pace.

To be fair, the tech company's growth has been impressive. Alphabet's first-quarter revenue rose 22% year over year to $109.9 billion, the company's 11th consecutive quarter of double-digit growth. Google Cloud revenue climbed 63% year over year to $20 billion -- an acceleration that made the segment the company's most powerful growth catalyst. And Alphabet notably said its cloud backlog swelled to more than $460 billion.

Further, Alphabet remains compute-constrained.

"We are compute constrained in the near term," CEO Sundar Pichai said in the company's first-quarter earnings call. "Our cloud revenue would have been higher if we were able to meet the demand."

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What would be reassuring -- and what wouldn't As for the earnings line, it has gotten noisy recently. Alphabet's first-quarter net income rose 81% year over year, but a $36.9 billion pre-tax gain on equity securities added $28.7 billion to the bottom line, a swing factor that has nothing to do with the operating business. That's exactly why profit is a poor scoreboard for this report, and the capital expenditure line is a better one.

So what would a reassuring report look like?

Capital expenditure guidance held at $180 billion to $190 billion, cloud growth still running near 60%, and clear evidence that the more than $460 billion cloud backlog is converting into revenue. That combination would say the spending is buying growth at a steady exchange rate.

The worrying version is the opposite. Another guidance raise stacked on top of April's, paired with decelerating cloud growth, would suggest the price of keeping up in AI is rising faster than the payoff. Investors could probably forgive either one on its own. Both together, however, could hit the stock hard.

Valuation frames the stakes. At about $347 per share, Alphabet trades at about 27 times earnings -- closer to 32 times without the first quarter's equity gains, but hardly extreme either way for a company growing revenue 22%. Shares also sit about 15% below their 52-week high of $408.61, so some caution is already priced in.

But a multiple like that still assumes Alphabet's strong growth persists as its investments pay off.

Alphabet has earned patience from investors on this front before. Google Cloud spent years absorbing investment before it became the profit driver it is now, and the company's balance sheet gives it more room for error than almost any business on Earth. The bull case, therefore, is simply that history repeats: spend heavily, wait, collect a bigger business on the other side.

Ultimately, the report lands this afternoon, and the reaction will come fast. When it does, I'll go straight past revenue and earnings to the capital expenditure line -- and I think investors should, too. If Alphabet holds the range while cloud keeps compounding, the stock's premium valuation looks earned. But if the spending number jumps again without growth to match, investors may have some cause for concern.

Reddit and a growing number of news publishers are reportedly mulling whether to cut off Google’s access to their sites as the Big Tech giant’s controversial AI search summaries siphon web traffic.

Reddit, which previously inked a $60 million per year deal which permitted Google to use its online message boards to train AI models, has grown disillusioned with the search giant’s tactics and is debating whether the agreement is worth it, the Wall Street Journal reported, citing people familiar with the matter.

USA Today, Politico, Reuters and The Economist are also reconsidering their ties to Google over its use of AI-generated “overviews” – which are placed at the top of search results instead of links to outside outlets in what critics have called an existential threat to online publishers.

Reddit is considering cutting ties despite having a content partnership with Google. SDF_QWE – stock.adobe.com

Social media community forum Reddit is considering cutting off Google’s access to the site. Amanda Alamsyah – stock.adobe.com “It’s time to take a stand and say enough is enough,” said USA Today CEO Mike Reed told the Journal.

Google search traffic from US users to USA Today plummeted by nearly half over the 12 months ending in June 2026, according to data compiled by Semrush. Traffic plunged 23% for Politico and by more than 85% for Business Insider, the report found.

USA Today – which is already suing Google for alleging operating a monopoly over digital advertising technology – is considering cutting off Google’s access to its articles for AI training. That would also mean its articles would no longer appear in search results.

Politico, which is owned by publishing giant Axel Springer, has discussed blocking Google and other bots from accessing its non-paywalled articles, according to the report. Reuters is also considering limits.

USA Today could cut off Google’s access to its articles. sharafmaksumov – stock.adobe.com “We are certainly looking at the economic trade-offs between search and AI summaries,” Reuters President Paul Bascobert told the Journal.

A Google spokesperson pushed back on the criticism, asserting that publishers are able to opt out of allowing their sites to be used for training its Gemini AI models without removing themselves from search.

“Google’s AI Search features send billions of clicks to the web every week, meeting people’s evolving preferences for how they want to find information while driving significant traffic to websites,” the spokesperson said.

Google is accused of siphoning traffic from news publishers. Koshiro K – stock.adobe.com “Our AI features highlight links to the web and help creators and publishers grow their audiences, and we offer clear controls for website owners to manage their content.”

Meanwhile, Google has turned up the heat on news publishers.

An example of AI Overview on a Google search page. Google In June, The Information reported that the company was pitching news publishers on a pilot program to have their sites featured in AI Overviews – but only if they agreed to allow sweeping access to their content for AI training.

Nvidia NVDA shares rose over 3% on Wednesday as investors looked ahead to Alphabet's quarterly earnings for fresh insight into artificial intelligence spending, a key driver of demand for the chipmaker's processors.

The gains followed a 2% rally on Tuesday that lifted the broader semiconductor sector.

Advanced Micro Devices and Broadcom also traded about 2% higher on Wednesday.

The broader US market was little changed as rising oil prices tempered investor sentiment.

The S&P 500 edged up 0.1%, the Nasdaq Composite slipped 0.1%, and the Dow Jones Industrial Average gained 152 points, or 0.3%.

Although Nvidia shares have gained nearly 25% over the past year, the stock has underperformed several other semiconductor companies as investors weigh concerns over growing competition and the sustainability of elevated AI chip pricing.

The earnings season is expected to provide a clearer picture of whether major technology companies plan to maintain their current pace of investment in AI infrastructure.

Investor attention has shifted to earnings from major technology companies, beginning with Alphabet's results after Wednesday's market close.

The report is expected to provide additional clarity on artificial intelligence investment plans that could influence demand for Nvidia's chips.

Companies including Microsoft, Meta Platforms, and Amazon are scheduled to report quarterly results this month, with investors closely monitoring capital expenditure guidance as an indicator of future AI infrastructure spending.

Beyond overall spending levels, investors are also expected to scrutinize commentary on the mix of AI hardware purchases.

Large technology companies have increasingly explored custom-designed processors, often developed with partners such as Broadcom, for certain workloads.

While those chips may not match the performance of Nvidia's graphics processing units, they could reduce dependence on third-party suppliers for specific applications.

Bank of America Research maintained a Buy rating and a $350 price target on Nvidia, arguing that the company's recently introduced Vera central processing unit expands its position in artificial intelligence infrastructure.

The bank estimates the server CPU total addressable market could reach $170 billion by 2030, roughly four times current levels.

According to analyst Vivek Arya, the launch of Vera marks the beginning of a direct competition with AMD over how agentic AI workloads should be measured and monetized.

"The key question for investors is whether agentic AI is primarily constrained by time-to-complete an agent or number-of-agents-per-rack," Arya wrote.

Nvidia's Vera architecture is designed around the former approach.

The processor combines 88 custom Olympus Arm-based cores with 1.2 terabytes per second of memory bandwidth and 3.4 terabytes per second of on-die fabric bandwidth.

Vera is intended to operate as part of an integrated AI platform that includes Nvidia's Rubin graphics processing unit, NVLink interconnect, Spectrum networking switches, and BlueField networking and storage interface cards.

Bank of America said its bullish view is based on Nvidia's ability to offer a co-designed AI system rather than a standalone processor.

Cars are pictured at the Ford factory in Almussafes near Valencia, Spain June 15, 2018. REUTERS/Heino Kalis/File Photo Purchase Licensing Rights, opens new tab

CompaniesLISBON/MADRID, July 22 (Reuters) - Ford Motor (F.N), opens new tab and China's Geely (0175.HK), opens new tab have struck a landmark deal under which the ​U.S. automaker will sell part of its Almussafes ‌plant near Valencia, paving the way for Geely to manufacture electric vehicles in Spain, ABC newspaper reported on ​Wednesday.

Citing sources familiar with the matter, ABC ​said the announcement is expected during a ⁠visit to the Almussafes plant on Thursday ​by Spanish Prime Minister Pedro Sanchez and Ford Europe ​President Jim Baumbick.

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.

Ford and Geely did not immediately respond to requests for comment emailed outside regular business hours.

ABC said ​the deal would give Geely, owner of ​brands including Volvo, Polestar and Lotus, a manufacturing base inside ‌the ⁠European Union, helping it to avoid EU tariffs on electric vehicles imported from China while providing direct access to the European market.

For Ford, the ​deal would cut ​fixed costs ⁠through the shared use of factory infrastructure while helping to safeguard jobs ​and production at Almussafes, the future ​of ⁠which has been clouded by the phasing out of several models and its dependence on its Kuga ⁠model.

The ​newspaper said the agreement would ​allow Geely to produce its EX2 electric vehicle at Almussafes.

Reporting ​by Sergio Goncalves and Victoria Waldersee Editing by David Goodman

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

Key Takeaways AbbVie's Q2 oncology revenues are expected to decline slightly as Imbruvica sales remain under pressure.ABBV expects growth from Venclexta and newer therapies to be offset by continued Imbruvica weakness.Decnupaz may add only a modest Q2 revenue contribution following its FDA approval in May. AbbVie’s (ABBV - Free Report) oncology franchise has evolved considerably in recent years. What was once largely a hematology-focused business has expanded into solid tumors through a series of acquisitions, collaborations and internal innovation. However, the continued decline in Imbruvica sales remains the franchise’s biggest headwind ahead of the company’s second-quarter 2026 results on July 31.

The portfolio currently comprises six marketed therapies. While blood cancer drugs Imbruvica and Venclexta continue to generate the majority of oncology revenues, AbbVie has expanded its portfolio with newer products. These include Epkinly for lymphoma, Elahere for ovarian cancer, Emrelis for lung cancer and, most recently, Decnupaz for blastic plasmacytoid dendritic cell neoplasm (or BPDCN – a rare and aggressive blood cancer).

The Zacks Consensus Estimate for oncology revenues is pegged at $1.62 billion, suggesting a slight decline from the year-ago period. Growth from Venclexta and newer therapies, such as Epkinly, Elahere and Emrelis, is expected to be more than offset by the continued weakness in Imbruvica. Sales of this blockbuster blood cancer drug are likely to remain the franchise's biggest drag as competitive pressure from newer BTK inhibitors and the impact of Medicare IRA pricing continue to weigh on sales.

Since Decnupaz received FDA approval in May, its contribution to second-quarter revenues is expected to be modest.

Competition in the Oncology SpaceOther bigger players in the oncology space are AstraZeneca (AZN - Free Report) , Merck (MRK - Free Report) and Pfizer (PFE - Free Report) .

For AstraZeneca, oncology sales now account for 44% of total revenues. Sales in its oncology segment rose 16% year over year in first-quarter 2026, driven by the strong performance of medicines such as Tagrisso, Lynparza, Imfinzi, Calquence and Enhertu (in partnership with Daiichi Sankyo).

Merck’s key oncology medicines are PD-L1 inhibitor Keytruda and PARP inhibitor Lynparza, which it markets in partnership with AstraZeneca. Keytruda, approved for several types of cancer, alone accounted for roughly half of MRK’s total revenues in first-quarter 2026.

Pfizer’s oncology revenues grew 7% in first-quarter 2026, driven by drugs such as Lorbrena, the Braftovi-Mektovi combination and Padcev. The segment now accounts for more than 26% of Pfizer’s total revenues.

ABBV’s Price Performance, Valuation & EstimatesShares of AbbVie have outperformed the industry year to date, as seen in the chart below.

Image Source: Zacks Investment Research

From a valuation standpoint, AbbVie is trading at a discount to the industry. Based on the price/earnings (P/E) ratio, the company’s shares currently trade at 16.74 times forward earnings, lower than its industry’s average of 18.78.

Image Source: Zacks Investment Research

EPS estimates for 2026 and 2027 have declined over the past 30 days.

Image Source: Zacks Investment Research

AbbVie currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Palantir Technologies Inc. (NYSE:PLTR) stock fell on Wednesday, driven by targeted regulatory scrutiny regarding its UK National Health Service (NHS) Federated Data Platform (FDP) contract.

The Nasdaq is down 0.21% while the S&P 500 has gained 0.11%, and Technology is the weakest sector on the day (down 0.4%), setting a tougher backdrop for high-multiple software names.

• Palantir Technologies shares are sliding. Why is PLTR stock dropping?

UK Regulator Addresses FDP MetricsThe UK’s Office for Statistics Regulation (OSR) addressed public concerns on Wednesday regarding NHS England’s communication of performance metrics for the FDP.

On June 6, NHS England updated its methods page, adding: "We cannot therefore draw conclusions about cause and effect as other variables have not been controlled for."

The OSR noted that NHS England added the caveat following Freedom of Information requests regarding FDP data analysis. NHS England committed to placing caveats on its main FDP website and commissioning Imperial College to conduct an independent academic evaluation.

Contract Controversies and CriticismThe regulatory developments follow broader scrutiny over the NHS contract.

Jo Maugham, executive director of the Good Law Project, stated: “Palantir is not — and frankly never has been — a company that can be trusted with this nationally important contract.”

Domestic Alternatives In the UKRegional NHS entities have also opted out of the system. In a Guardian letter published on July 20, Dr. Devan Moodley, CEO of Health Connect Global, highlighted that Greater Manchester’s integrated care board declined the platform, relying instead on local capabilities built with UK universities and firms.

Financial Results ApproachingPalantir will report its second-quarter financial results on Aug. 3. Analysts project earnings per share of 33 cents on quarterly revenue of $1.81 billion.

Technical AnalysisFrom a trend perspective, Palantir is still trying to stabilize after a longer downtrend: it’s trading 2.9% below its 50-day SMA ($132.22) and 17.1% below its 200-day SMA ($154.84), keeping the intermediate and long-term bias tilted bearish. The 20-day SMA ($126.81) is just underneath price, but the 20-day remains below the 50-day (bearish), and the Death Cross that formed in February (50-day below 200-day) continues to hang over rallies.

Momentum is best read through RSI, which sits at 47.37 — neutral and consistent with a stock that’s chopping rather than trending strongly.

Key Resistance: $136.50 Key Support: $122.50 PLTR Stock Price Activity: Palantir Technologies shares were down 4.93% at $126.12 at the time of publication on Wednesday, according to Benzinga Pro data.

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SummaryTaiwan Semiconductor Manufacturing Company Limited reported another record-breaking quarter, but TSM stock reacted ambivalently despite strong AI-driven revenue growth.HPC now dominates TSMC's revenue mix, with North America contributing 75% of revenue and China below 10%, reflecting increased geographic and segment concentration.TSMC forecasts Q3 2026 revenue of $44.6–45.8 billion and gross margins of 65–67% but faces margin pressure from aggressive U.S. and Taiwan fab expansions.Raised FY 2026 CapEx guidance to $60–64 billion signals significant capital deployment and potential pricing power to offset higher production costs. Getty Images

After Taiwan Semiconductor Manufacturing Company Limited, aka TSMC (TSM), announced its Q2 2026 earnings on the 16th of July, the market’s reaction to the stock has been ambivalent at best, with the stock slipping after

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

I lead research at an ETP issuer that offers daily-rebalanced products in leveraged/unleveraged/inverse/inverse leveraged factors with various stocks, including some mentioned in this article, underlying them. As an issuer, we don't care how the market moves; our AUM is mostly driven by investor interest in our products.

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

By PYMNTS  |  July 22, 2026

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Intuit has debuted a new small business-focused credit card in collaboration with Mastercard.

The World Elite Business Mastercard, announced Wednesday (July 22), is designed to sync with Intuit’s QuickBooks platform to help businesses manage spending, access credit and get a handle on their financial health from a single place.

“We know businesses don’t have a one-size-fits-all need for capital, which is why we’re building a range of capital solutions on the Intuit platform,” David Hahn, executive vice president and general manager of Intuit’s services group, said in a news release. “The Intuit Business Credit Card introduces a smarter way to power business growth with critical controls and value on every dollar spent. This is an important part of Intuit’s broader commitment to building the capital solutions small businesses need to grow with confidence.”

The release points to in-house findings from Intuit showing that businesses that use financing are almost twice as likely to be “in an active growth phase” than businesses who rely on personal funds.

“Yet many businesses still lack timely access to capital and real-time visibility into their financial health, relying on disconnected tools and manual processes to manage spending, accounting, and financing,” the release said.

Intuit argues its new card addresses this by combining spending, credit, and financial data, allowing for “smarter cash flow control, confident spending, and growth opportunities.”

Research by PYMNTS Intelligence and Mastercard has found that a sizable number of small- to medium-sized businesses (SMBs) don’t use a business credit card, with 30% saying they use personal cards to cover work-related expenses.

“With small businesses alone numbering 36 million in the United States and driving 43.5% of U.S. GDP, it all adds up to a lot of missed opportunity for card issuers,” PYMNTS wrote earlier this year.

More recently, PYMNTS spoke with Ginger Siegel, North America small and medium business lead at Mastercard, about some of the working capital burdens facing SMBs.

“The biggest challenge that small businesses face is really around cash flow uncertainty and everything that cascades from it,” Siegel said in an interview earlier this week, adding that lag times require owners to tap into personal reserves or credit lines.

Siegel went on to say that many businesses also lose purchasing opportunities while waiting for funds to settle, a burden compounded by administrative work that falls to owners who often oversee finance, operations and customer service on their own.

“The card is becoming more than a payment vehicle, and in fact is becoming a salve against those pain points,” PYMNTS wrote.

See More In: credit, credit cards, Intuit, Mastercard, News, partnerships, PYMNTS News, QuickBooks, small businesses, What's Hot, working capital

Key Takeaways Extra Space Storage is expected to report higher Q2 revenues and FFO per share year over year.EXR's diversified portfolio, strong brand and recession-resilient demand support expected top-line growth.Competitive pressure in the fragmented self-storage market may have weighed on pricing during the quarter. Extra Space Storage (EXR - Free Report) , a leading self-storage real estate investment trust (REIT) in the United States, is set to release its second-quarter 2026 results on July 28, after market close. The company’s quarterly results are likely to display a year-over-year rise in revenues and funds from operations (FFO) per share.

In the last reported quarter, this Salt Lake City, UT-based REIT reported FFO per share of $2.04, surpassing the Zacks Consensus Estimate of $2.01. Results reflected a year-over-year increase in same-store NOI. However, lower occupancy during the quarter was a spoilsport.

The company beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with the average surprise being 1.11%. The graph below depicts this surprising history:

Factors to Consider & Projections for EXRIn the second quarter, Extra Space Storage is likely to have gained from its high brand value, geographically diversified portfolio and presence in key cities in the United States. The self-storage asset category is need-based and recession-resilient in nature. The self-storage industry continues to benefit from favorable demographic changes. Collectively, these factors are likely to have contributed to the company’s top-line growth.

The Zacks Consensus Estimate of $738.7 million for quarterly property rental revenues suggests an increase from the year-ago period’s $721 million. The consensus estimate for revenues from tenant reinsurance is pegged at $91.3 million, up from the year-ago reported figure of $88.6 million. The consensus mark for management fees and other income for the quarter stands at $34.2 million, slightly up from $32 million in the year-ago period.

The Zacks Consensus Estimate of $867.4 million for quarterly revenues suggests a 3.07% increase year over year.

Extra Space Storage’s activities during the second quarter were adequate to gain analysts’ confidence. The Zacks Consensus Estimate for the quarterly core FFO per share has moved a cent upward to $2.06 over the past two months. It also indicates a 0.5% rise from the year-ago reported figure.

However, EXR operates in a highly fragmented market in the United States, facing intense competition from numerous operators. This competitive environment is likely to have weighed on pricing in the to-be-reported quarter.

What Our Quantitative Model Predicts for EXROur proven model likely predicts a surprise in terms of core FFO per share for Extra Space Storage this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is the case here.

Extra Space Storage currently has an Earnings ESP of +0.39% and carries a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Other Stocks That Warrant a LookHere are two stocks from the broader REIT industry — BXP, Inc. (BXP - Free Report) and Cousins Properties (CUZ - Free Report) — that you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter.

BXP, which is scheduled to report quarterly results on July 28, has an Earnings ESP of +0.18% and a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.

Cousins Properties is slated to report quarterly numbers on July 30. CUZ has an Earnings ESP of +0.45% and carries a Zacks Rank of 3 at present.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

Uniswap [UNI] continues drawing renewed attention. This comes after exchange balances recorded their largest decline of 2026. Around 8.4 million UNI left trading platforms within 24 hours, ending weeks of relatively stable exchange flows.

Normally, large outflows from exchanges are indicative of investors moving assets to self-custody or DeFi applications. Therefore, this removes the tokens from the potential for immediate supply.

In UNI’s case, the timing also coincides with renewed focus on its fee and burn narrative, Robinhood Chain launch, tokenized asset support, and Spark’s $150 million v4 liquidity migration. This could encourage longer holding periods.

Source: Santiment However, exchange outflows alone do not necessarily guarantee sustained accumulation. This is because later on, tokens can return to exchanges if market sentiment weakens.

Nevertheless, when combined with increasing network activity, continued decreases in exchange outflows would likely validate increased conviction among holders.

Alternatively, a reversal in exchange flow trends would indicate that the recent optimism was short-lived rather than the start of a larger trend towards accumulation.

UNI attracts fresh whale accumulation Following the drop in the exchange supply of UNI, there was also a new increase in the accumulation by a HODLer. A four-year-old wallet built a new 82.891K UNI position worth roughly $305,000, completing the purchase in three transactions at an average price of $3.68.

Source: Arkham The timing of the accumulation was notable. This is because UNI had already gained 3.33% over the past week and 23.59% over the last month. Thus, it appears that UNI’s price movement was improving even before the accumulation began.

Source: Arkham Moreover, the accumulation indicates that the wallet was responding to strengthening market conditions rather than attempting to catch a falling asset. Nevertheless, one transaction cannot determine a larger trend since even shorter-term increases in price can reverse.

If additional long-term wallets continue accumulating while UNI extends its recent gains, the improving price structure would carry stronger conviction across the market.

That aside, on-chain activity presents a mixed picture for Uniswap’s accumulation narrative.

However, both new wallet creation and unique trader growth have generally slowed down. Meanwhile, protocol fees support over 107 million UNI burned, strengthening token economics.

All this together, lasting trading activity, rather than parked capital, will determine whether tighter supply translates into sustained demand and broader price strength across upcoming market cycles instead of temporary momentum alone.

Final Summary Uniswap saw record exchange outflows, but sustained demand will determine whether accumulation continues. UNI attracted fresh whale buying, while stronger network activity could confirm a lasting recovery.

Key Takeaways Corning reports Q2 2026 earnings on July 28, with Optical Communications expected to lead growth.GLW's AI infrastructure, fiber broadband and solar businesses are expected to support results.GLW has topped earnings estimates in the past four quarters but lacks a favorable earnings beat signal. Corning Incorporated (GLW - Free Report) is scheduled to report second-quarter 2026 earnings on July 28, 2026. The Zacks Consensus Estimate for sales and earnings is pegged at $4.6 billion and 76 cents per share, respectively. Earnings estimates for GLW have decreased 0.31% to $3.18 for 2026 and increased 0.96% to $4.22 for 2027 over the past 60 days.

GLW Estimate Trend
Image Source: Zacks Investment Research

Earnings Surprise HistoryThe advanced glass substrates producer has a solid trailing four-quarter earnings surprise history, having exceeded expectations on each occasion. It delivered a four-quarter earnings surprise of 2.41%, on average.

Image Source: Zacks Investment Research

Earnings WhispersOur proven model does not conclusively predict an earnings beat for Corning for the second quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. That is not the case here.

Corning currently has an ESP of -0.70% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Factor Shaping Upcoming ResultsCorning's Optical Communications business is expected to remain the primary growth engine in the second quarter. Growing investment in AI infrastructure will likely propel growth in this segment. Rising deployment of AI data centers is increasing demand for the company's optical fiber, cable and connectivity products.

Ongoing expansion of fiber broadband networks is another growth factor. Telecom carriers continue investing in fiber-to-the-home infrastructure to meet rising bandwidth requirements, creating strong demand for Corning's optical solutions.

The Solar business is expected to remain a major contributor. Demand for domestically manufactured solar products, including polysilicon, wafers and modules, remains healthy. Customers increasingly prefer U.S. made products and suppliers to increase reliability in their supply chain amid growing geopolitical volatility and trade uncertainty. Growing investment in advanced chip production and AI-related semiconductor capacity is supporting demand for the company's high-performance materials and optical technologies.

Per the Zacks Consensus Estimate, net sales from the optical communications segment are pegged at $1.94 billion, up from $1.56 billion a year ago. Net sales from the automotive and Life Sciences vertical are pegged at $453.36 million and $315.35 million, respectively.

Price PerformanceOver the past year, Corning has surged 191% compared with the industry’s growth of 251.2%. It has outperformed peers like Amphenol Corporation (APH - Free Report) but lagged Ciena Corporation (CIEN - Free Report) over this period. While Amphenol has gained 56.7%, Ciena has jumped 371.1%.

Image Source: Zacks Investment Research

Key Valuation MetricFrom a valuation standpoint, Corning appears premium relative to the industry but is trading above its mean. Going by the price/earnings ratio, the company shares currently trade at 43.17 forward earnings, higher than 39.47 for the industry and higher than the stock’s mean of 31.88.

Image Source: Zacks Investment Research

Investment ConsiderationCorning is positioning itself as a critical supplier to the AI ecosystem. An AI data center requires massive GPU clusters, high-speed optical interconnects, robust fiber networking infrastructure and advanced photonic solutions. Hyperscalers are rapidly expanding AI data centers, and this is directly boosting demand for Corning’s leading-edge optical fiber and connectivity products.

The company's Solar business has also emerged as an important growth engine. Its vertically integrated U.S. manufacturing platform, spanning polysilicon, wafers and solar modules, positions Corning to capitalize on growing demand for domestically produced solar components. Growing demand for specialty optical materials used in semiconductor manufacturing further diversifies its revenue base. Despite some weakness, demand for premium Corning’s Gorilla Glass products remains resilient. A diverse portfolio and strong focus on innovation enable it to maintain its competitive edge amid growing competition from other players, such as Amphenol and Ciena.

Corning's ongoing productivity initiatives are expected to remain a positive driver. Improved manufacturing efficiency, disciplined cost management and a more favorable product mix are expected to drive strong margin expansion.

End NoteCorning continues to strengthen its competitive position through innovation across optical connectivity, advanced glass and semiconductor applications. Expansion into high-growth markets, such as AI data center, solar, automotive and semiconductor, is a positive factor. Upward estimate revisions underscore growing confidence among investors regarding the stock's growth potential. Owing to these factors, Corning seems to be a good investment option at present.

Plume's nOPAL is now live on Avalanche, bringing tokenized Brazilian credit card receivables to one of the fastest-growing ecosystems for institutional private credit.

The launch gives allocators direct access to Brazilian credit card receivables through a tokenized vault, expanding access to an asset class that has traditionally been limited to institutional markets. It also expands nOPAL to Avalanche, connecting Brazilian private credit with a growing ecosystem of institutional issuers and allocators.

What Is nOPAL?nOPAL is a tokenized Plume vault issued by BlackOpal, backed by institutional-grade Brazilian credit card receivables. 

When a small business accepts a credit card payment, the funds aren't received immediately. Instead, the merchant holds a receivable that will settle through Visa or Mastercard. BlackOpal purchases those receivables at a discount and collects payment once they settle. Because the receivables are registered with Brazil's Central Bank, collections flow through the existing payment network infrastructure.

The result is exposure to a real-world credit strategy that's now available onchain through Avalanche.

How nOPAL Works

The returns come from real economic activity, not token incentives or crypto market movements. The underlying receivables settle through the same payment networks that process millions of transactions every day, creating a structure designed around established financial infrastructure.

A few numbers that back it up:

0% default rate since inceptionAudited by 0xMacro and SpearbitBacked by BlackOpal's 25+ years of credit market experience and $200M+ in institutional support

Why Avalanche?Avalanche has become one of the leading ecosystems for tokenized private credit, bringing together the infrastructure, issuers, and growing allocator network needed to support institutional markets onchain.

For asset managers, launching on Avalanche means more than accessing high-performance blockchain infrastructure. It means joining an ecosystem where institutional participants are already deploying capital across tokenized assets, helping connect new investment opportunities with active demand.

The network's deterministic finality, high throughput, predictable fees, and EVM compatibility provide the foundation for institutional-grade workflows, while its growing ecosystem continues to attract tokenized credit products from around the world, including a rapidly expanding pipeline across Latin America.

nOPAL adds another example of that momentum, bringing Brazilian receivables onchain through a structure designed for institutional investors and expanding access to one of the region's largest private credit markets.

Open Finance in PracticenOPAL shows what open finance looks like in practice. A real-world credit strategy becomes available onchain, giving allocators more efficient access to institutional assets while preserving the underwriting and settlement processes behind them. As more issuers bring private market assets to Avalanche, the network continues to connect those opportunities with a growing base of capital.

‍

This material is for general informational and educational purposes only and does not constitute financial, investment, legal or tax advice. Tokenized assets involve risk and may not be suitable for all participants. Returns, performance and characteristics of traditional financial instruments may not translate identically to their tokenized counterparts. Always conduct your own research and consult qualified professionals before making decisions involving real-world assets or blockchain-based systems.

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Dell Technologies Inc. DELL shares moved 9% higher on Wednesday after Super Micro Computer released a stronger-than-expected preliminary update that reinforced expectations for continued spending on artificial intelligence infrastructure.

The rally followed Super Micro's announcement that it received more than $60 billion in new orders during its fiscal fourth quarter, driving its order backlog to a record high.

The update lifted sentiment across AI hardware stocks as investors viewed the results as evidence of sustained demand from enterprise customers and hyperscale cloud providers.

Dell and Super Micro both assemble Nvidia graphics processing units into AI server racks, making Dell one of the companies expected to benefit from continued investment in AI infrastructure.

Investor optimism spread across the server hardware sector after Super Micro reported record order activity despite guiding revenue toward the lower end of its previously announced fourth-quarter range of $11 billion to $12.5 billion.

The company's outlook for gross margins, however, exceeded expectations, with projected margins of between 15% and 17%, well above previous guidance.

The strong order intake overshadowed the softer revenue outlook and suggested that demand for AI servers remains robust.

The update provided a positive read-through for companies supplying AI infrastructure, including Dell, which has positioned itself as a major provider of enterprise AI servers powered by Nvidia chips.

Dell has already reported an AI backlog of $51.3 billion, representing 85.5% of its annual sales target.

The company also said first-quarter fiscal 2027 AI-optimized server revenue reached $16.1 billion, a 757% increase from a year earlier, contributing to total quarterly revenue of $43.8 billion.

The company serves more than 5,000 active AI customers.

Analysts remain optimistic ahead of earningsWall Street analysts continue to maintain positive expectations for Dell as demand for AI computing infrastructure expands.

Evercore ISI recently raised its price target on Dell to $500 while maintaining an Outperform rating, citing confidence in the company's position within the AI infrastructure market.

JPMorgan also increased its target price to $550 and reiterated its Overweight rating.

Morgan Stanley lifted its target to $477, pointing to continued enterprise server demand driven by AI infrastructure spending, compute shortages and hardware refresh cycles.

The broader analyst consensus price target stands near $503, above Dell's recent share price.

According to Fiscal.ai estimates, analysts expect Dell to report revenue of $44.39 billion for the quarter ending July 2026, representing nearly 50% year-over-year growth.

Earnings per share are projected to reach $4.90, compared with $2.32 during the same period a year earlier.

Technical picture remains constructiveDell shares continue to trade above their major moving averages, reflecting a strong longer-term trend.

The stock remains approximately 5.2% above its 20-day simple moving average and nearly 17% above its 50-day moving average. It also trades well above its 200-day moving average, with the bullish golden cross formed earlier this year remaining intact.

Momentum indicators suggest that upside momentum has moderated.

The moving average convergence divergence indicator remains below its signal line, indicating that while the broader trend remains positive, the pace of gains has slowed.

Key technical levels include resistance around $463.50 and support near $378.50, an area that aligns closely with the 50-day moving average and may serve as an important level for investors monitoring the stock's trend.

Key Takeaways D.R. Horton lowered average closing prices 2% to $362,000 to support affordability and demand.DHI improved construction cycle times and kept aged completed inventory limited with faster turns.DHI's gross margin fell to 20.7% as incentives stayed high despite lower stick-and-brick costs. D.R. Horton, Inc. (DHI - Free Report) is working through a housing market where affordability, mortgage-rate volatility and cautious buyers still shape demand.

The company’s current setup rests on a practical trade-off. It is using incentives, lower prices, product mix and its mortgage platform to keep homes moving while trying to protect returns.

DHI Leans on Affordable DemandD.R. Horton’s demand defense starts with affordability. In the third quarter of fiscal 2026, its average closing price declined 2% year over year to $362,000, reflecting a continued push toward more affordable offerings.

First-time buyers remain central to that strategy. They represented 65% of mortgage closings in the quarter, while net sales orders totaled 23,084 homes with an order value of $8.4 billion despite a difficult housing backdrop.

D.R. Horton Gains From Faster TurnsOperational speed is another part of the thesis. Median construction cycle times improved roughly three weeks year over year in the quarter, helping homes move through inventory more quickly.

D.R. Horton ended the quarter with 38,000 homes in inventory, including 23,300 unsold homes. Completed unsold homes were 7,600, with only 600 completed for more than six months, limiting the drag from aged supply.

DHI Uses Its Lot Strategy for FlexibilityThe company’s lot position supports future volume without forcing too much owned land onto the balance sheet. At June 30, 2026, D.R. Horton controlled 568,500 homebuilding lots, including 126,600 owned lots and 441,900 lots under purchase contracts.

That structure gives DHI room to adjust if demand changes. During the first nine months of fiscal 2026, 67% of homes closed were built on lots developed by Forestar or third parties, reinforcing its flexible land model.

PulteGroup (PHM - Free Report) is another large homebuilder competing for buyers across major housing markets, so its trends remain relevant to the same demand cycle. Toll Brothers (TOL - Free Report) , with a more luxury-oriented position, offers a useful contrast to DHI’s affordability-led approach.

D.R. Horton Still Faces Margin PressureThe offset is profitability. Home sales gross margin fell to 20.7% in the third quarter of fiscal 2026 from 21.8% a year earlier, even as closings increased 4% year over year.

Cost relief has not fully solved the issue. Stick-and-brick costs declined 5% year over year, but lot costs rose 5%, while incentives are expected to remain elevated through the fourth quarter as affordability remains the primary demand constraint.

DHI Signals a Balanced Stock SetupDHI’s setup remains balanced rather than one-sided. The company is using scale, inventory control and land flexibility to defend demand, but margin pressure and rate-sensitive buyers keep the near-term earnings picture measured.

The stock currently carries a Zacks Rank #3 (Hold), which fits a neutral short-term earnings-revision backdrop. DHI also has a VGM Score of A, Value Score of B, Growth Score of C and Momentum Score of A. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Style Scores point to favorable value and momentum characteristics, while the Growth Score is more middle-of-the-road. For investors, the combination suggests that DHI has useful support factors, but the Rank keeps the stock in hold territory until earnings visibility improves.

CME Group Inc. (CME) Q2 2026 Earnings Call July 22, 2026 8:30 AM EDT

Company Participants

Adam Minick - Investor Contact
Terrence Duffy - Chairman & CEO
Lynne Fitzpatrick - Senior MD, President & CFO
Tim McCourt - Senior MD & Global Head of Equities, FX and Alternative Products
Derek Sammann - Senior MD & Global Head of Commodities Markets
Julie Winkler - Senior MD & Chief Commercial Officer
Suzanne Sprague - Senior MD, Group COO & Global Head of Clearing
Michael Dennis - Senior Managing Director & Global Head of Fixed Income

Conference Call Participants

Daniel Fannon - Jefferies LLC, Research Division
Alex Kramm - UBS Investment Bank, Research Division
Christopher Allen - Keefe, Bruyette, & Woods, Inc., Research Division
Kenneth Worthington - JPMorgan Chase & Co, Research Division
Patrick Moley - Piper Sandler & Co., Research Division
Brian Bedell - Deutsche Bank AG, Research Division
Alexander Blostein - Goldman Sachs Group, Inc., Research Division
Benjamin Budish - Barclays Bank PLC, Research Division
Michael Cyprys - Morgan Stanley, Research Division
William Katz - TD Cowen, Research Division
Simon Alistair Clinch - Rothschild & Co Redburn, Research Division
William Qi - RBC Capital Markets, Research Division

Presentation

Operator

Welcome to the CME Group Second Quarter 2026 Earnings Call. [Operator Instructions]

I will now turn the call over to Adam Minick. Please go ahead.

Adam Minick
Investor Contact

Good morning, and I hope you're all doing well today. Earlier this morning, we released our earnings commentary, which provides extensive details on the second quarter 2026, which we will be discussing on this call. I'll start with the safe harbor language, and then I'll turn it over to Terry.

Statements made on this call and in the other reference documents on our website that are not historical facts are forward-looking statements. These statements are not guarantees of future performance. They involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes

Solana has solidified its position as the leading blockchain for decentralized exchange (DEX) activity, outpacing not only other blockchains but also some established centralized exchanges. Recent spikes in both DEX volumes and user participation have been driven by active trading on platforms like Meteora and PumpSwap.

Currently, Solana accounts for approximately 20% of all spot DEX trading volume. While activity is still below the levels seen during the 2021 bull market surge, the network maintains a steady baseline and continues to attract new interest.

Solana DEXs have now surpassed the likes of Bybit, as the top five chains engage in fierce competition to secure higher token volumes—including the growing segment of tokenized security trading.

An important factor behind Solana’s steady growth is the sustained influx of stablecoins from both major and smaller issuers. Over the past day, $300 million in new USDC liquidity has been injected into the network, enhancing liquidity and trading activity.

Chain/ExchangeWeekly DEX Spot VolumeSolana$10.29 billionEthereum$6.7 billionBNB Chain$5.8 billionNYSE American$6 billionThe combination of increased meme token offerings and a push into tokenized securities continues to set Solana apart from competing chains.

MetaMask, a widely used multi-chain crypto wallet, has introduced a new incentive for users engaging in swaps on Solana. The wallet will now pay gas fees for all swaps greater than $200, lowering the barrier for retail traders who may not hold SOL tokens.

“SOL-less? we gotchu covered. MetaMask will now pay the gas fee for you on Solana swaps over $200,” MetaMask stated in its latest announcement.

This update comes as retail participation on Solana remains strong, with failed transaction rates hovering around 23%. Retail-friendly tools like Jupiter’s routing services and swap solutions integrated in the Phantom wallet are further facilitating user access to spot trading.

Solana currently offers predictable and competitive average DEX trading fees at $0.19, making it more appealing for newcomers, especially when compared to established networks such as Ethereum and BNB Chain.

Solana overtakes traditional exchange volumesWhile the overall activity on Solana remains lower than traditional fiat-based markets, its presence is increasingly significant in the digital asset space. Solana’s weekly spot DEX volumes have consistently surpassed those of the NYSE American in 2026 to date, with decentralized trading on Solana reaching $10.29 billion last week.

The ongoing increase in trading is largely fueled by PumpSwap tokens and the fast-expanding market for tokenized equities.

Tokenized assets on Solana have risen to $5.77 billion in the second quarter of 2026, marking a 114% increase compared to the previous quarter. Tokenized equities make up 84% of these real-world assets, extending their growth streak to six consecutive quarters.

For the first time, tokenized asset trading has overtaken meme tokens as the primary use case for Solana as of June 23. This shift points towards Solana’s growing appeal among institutional traders and large holders seeking robust settlement layers.

These tokenized equities are also adding significant value to the lending sector on Solana, with a weekly collateral record of $51.9 million—$31 million on Kamino and $20 million on Jupiter’s lending platform.

Mini dictionary: MetaMask is a non-custodial crypto wallet widely used for managing assets and executing swaps across multiple blockchains, including Ethereum and now Solana.

Compared to competitor chains, Solana has become more accessible to newcomers, combining fast transaction speeds with low, predictable fees and a vibrant mix of retail and institutional activity.

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

TLDR: RWA perpetuals now represent nearly 35% of on-chain perpetual trading, with June volume reaching about $118 billion across 652 markets. Public equities control 46% of RWA open interest, supported by roughly $2 billion in positions, $2.2 billion in daily volume and 411 markets. Hyperliquid HIP-3, Solana and exchange-based tokenized stock products are widening round-the-clock access to equities, indices and commodities. Oracle failures, weekend pricing gaps, concentrated liquidity and uneven investor rights create new risks as leveraged RWA markets expand. RWA perpetuals now account for nearly 35% of total on-chain perpetual trading volume in early Q3 2026. Their share stood at only 0.16% in Q4 2025, showing how quickly traditional-market exposure has moved onto crypto rails.

June volume reached about $118 billion, while the number of available markets expanded to 652. Other market trackers also recorded more than $100 billion in June volume and over 600 listed contracts.

Public equities lead the expansion as traders seek leveraged, round-the-clock access to familiar companies without using traditional brokerage hours.

RWA Perpetuals Shift Demand Toward Public Equities Public equities now represent 46% of RWA perpetuals open interest. The segment holds roughly $2 billion in outstanding positions and generated about $2.2 billion in 24-hour volume.

Source: Cryptorank It also supports 411 active markets, compared with 54 precious-metals markets and 41 equity-index markets.

That concentration shows traders prefer listed companies over less liquid real-world assets. Equity contracts offer clear price references, frequent news events, and deep underlying markets.

Earnings, guidance, and macro data can quickly create trading opportunities. Stock perps also remain active when traditional exchanges close.

These contracts provide synthetic price exposure rather than direct share ownership. Traders can open long or short positions, often using USDC collateral, but receive no voting rights or dividends.

Funding rates and oracle prices keep each contract linked to its underlying stock. A Micron contract on TradeXYZ, for example, trades continuously through Hyperliquid infrastructure.

Hyperliquid’s HIP-3 framework has accelerated this shift by allowing qualified builders to deploy custom perpetual markets. The protocol requires deployers to stake 500,000 HYPE, creating an economic backstop for market operators.

HIP-3 markets cover equities, indices, commodities, and pre-IPO references.

The broader tokenized-equities market is also expanding across Solana, Kraken, Bybit and Robinhood-linked infrastructure. Solana accounted for 97% of cumulative tokenized-equity spot volume in May.

Kraken separately expanded xStocks to 100 backed US stocks and ETFs, widening access outside standard market hours.

RWA Perpetuals Growth Exposes New Risks Across Platforms The rapid rise of RWA perpetuals introduces risks that differ from crypto-native contracts. Equity markets close overnight and on weekends, while on-chain perps continue trading.

Platforms must manage price gaps, funding changes and thin liquidity when primary exchanges are inactive.

Oracle dependence creates another weak point. RWA contracts rely on external feeds for stock, index and commodity prices.

Ostium halted trading after an attacker manipulated its price-reporting infrastructure and drained about $18 million in USDC during July. The incident showed how a compromised oracle component can turn false prices into profitable trades.

Liquidity is also concentrated among a small group of venues and builders. TradeXYZ has controlled most HIP-3 open interest during several growth phases.

Such dominance can improve execution, but it increases exposure to one platform’s technology, market design, and risk controls.
Regulatory treatment remains uneven. Some tokenized shares represent backed instruments, while equity perps provide only cash-settled exposure.
Jurisdiction, investor rights, custody, and disclosure rules vary across platforms. Traders must therefore examine contract terms, oracle design, liquidation rules, and weekend pricing before taking leveraged positions.

Grayscale has filed a new Form 8-K tied to its Solana product, outlining a trust agreement amendment that would allow net staking rewards to be distributed to shareholders at least quarterly.

The filing relates to Grayscale Solana Staking ETF, or GSOL, and was filed with the SEC on July 17. The amendment is expected to become effective on August 7, 2026.

The key point is that this is not a spot Solana ETF approval story.

The filing concerns how staking rewards may be handled for the existing Solana-linked trust structure. It introduces a cash payout mechanism for net staking rewards, which could make the product more attractive to investors who want Solana exposure with a clearer income component.

For Solana, it also shows how staking economics continue to shape institutional product design.

TL;DR Grayscale filed a Form 8-K tied to its Solana staking product on July 17. The amendment would allow net staking rewards to be paid to shareholders at least quarterly. The filing concerns distribution mechanics, not approval of a new spot Solana ETF. Solana Staking Is Becoming Part Of Product Design Solana is a proof-of-stake network, which means staking is central to how the network works.

Tokenholders can delegate SOL to validators and earn rewards for helping secure the chain. In direct ownership, those rewards are part of the appeal. But when investors access SOL through a trust or fund product, staking becomes more complicated.

Who controls the staking process? How are rewards calculated? What fees are deducted? Are rewards reinvested or paid out? How often are distributions made? What risks come with validator selection?

These are not small details for institutional investors.

A product that holds staked SOL but does not clearly pass benefits through to shareholders may be less attractive than one with a defined payout structure. Grayscale’s proposed amendment addresses that question by introducing cash payouts of net staking rewards at least quarterly.

That gives investors a clearer framework for how staking income may be reflected.

Why Quarterly Payouts Matter Quarterly payouts make the product easier to understand.

Traditional investors are used to funds that distribute income on a schedule. Bond funds, dividend funds, and other yield-linked products often use regular distributions to make income visible.

Crypto staking rewards are different, but the investor expectation can be similar.

If a Solana product can translate staking rewards into scheduled cash payouts, it may become easier for advisors, funds, and institutions to evaluate. It turns an on-chain reward mechanism into something closer to a familiar financial product feature.

That does not remove risk.

Staking yields can fluctuate. Validator performance matters. Network conditions can change. Fees and expenses reduce net payouts. Regulatory treatment may evolve.

But the structure is more legible to traditional investors than a vague promise of staking exposure.

Not A Spot ETF Approval It is important to keep the filing in proportion.

The Form 8-K does not mean regulators have approved a new spot Solana ETF. It does not mean Solana has cleared the same path as Bitcoin or Ethereum in the ETF market. It is a trust agreement amendment involving distribution mechanics.

That distinction matters because Solana ETF speculation has been a major market theme.

Traders often react quickly to anything involving Grayscale, Solana, SEC filings, or staking language. But not every filing is an ETF approval milestone. Some filings deal with product operations, disclosures, agreements, or shareholder mechanics.

This one is about staking reward distributions.

That is still meaningful, especially for investors watching how crypto products evolve. It just should not be misread as a regulatory green light for a spot Solana ETF.

Solana Products Are Getting More Sophisticated The broader trend is that Solana investment products are becoming more sophisticated.

As Solana’s network activity, DeFi ecosystem, and institutional profile grow, asset managers have more reason to design products around SOL exposure. Staking is a natural part of that conversation because it is embedded in the network’s economics.

For institutions, the question is not only whether they want SOL exposure. It is what kind of exposure they want.

Direct custody gives maximum control but requires operational infrastructure. Fund products simplify access but introduce fees, structures, and rules around staking. A trust with scheduled net reward payouts sits somewhere in the middle.

Grayscale’s filing shows how these products may evolve before or alongside any future ETF decisions.

Solana investors should watch the effective date and any further disclosures about payout mechanics, expenses, and staking operations.

For now, the filing adds another institutional layer to Solana’s market story.

It does not change the regulatory status of spot Solana ETFs, but it does show that staking rewards are becoming harder for asset managers to ignore.

This article is based on Grayscale’s July 17 SEC Form 8-K filing for GSOL.

This article was written by the News Desk and edited by Samuel Rae.

Key Takeaways NOC signed an MOU with Airbus to expand NATO ISR capabilities using MQ-4C Triton systems.The pact covers communications, data processing, intelligence analysis, dissemination and command systems.NOC's NATO experience and partnerships support faster deployment and allied interoperability. Northrop Grumman (NOC - Free Report) continues to strengthen its position in the Intelligence, Surveillance and Reconnaissance (ISR) market through its advanced unmanned aircraft systems, communications technologies and mission-critical defense solutions. The company develops integrated ISR capabilities that help military customers improve situational awareness, enhance decision-making and support operations across multiple domains.

A key example is Northrop Grumman's recently signed Memorandum of Understanding (MOU) with Airbus Defence and Space to support the expansion of the NATO Intelligence, Surveillance and Reconnaissance Force with MQ-4C Triton uncrewed aircraft systems. The collaboration will explore a transatlantic solution to deliver advanced ISR capabilities for NATO operations while strengthening defense cooperation across the Alliance.

Per the agreement, Northrop Grumman will work with Airbus and several European defense companies to provide services that include airborne and ground communications, data processing, intelligence analysis and dissemination, as well as command and control capabilities. The partnership also builds on the company's experience supporting NATO's existing RQ-4D Phoenix fleet, helping accelerate the deployment of next-generation ISR capabilities and strengthen interoperability among allied forces.

As defense agencies worldwide continue to invest in advanced ISR capabilities, demand for integrated surveillance, communications and command systems is expected to remain strong. Northrop Grumman's expanding international partnerships, proven MQ-4C Triton platform and expertise in communications, networking and mission systems position it well to benefit from long-term defense modernization programs and growing demand for ISR solutions.

Other Stocks to Keep on the WatchlistOther aerospace and defense companies expanding their ISR capabilities are discussed below:

General Dynamics (GD - Free Report) : Through its General Dynamics Information Technology business, the company provides ISR and C5ISR solutions, including secure communications, systems integration and mission support services for military customers.

L3Harris Technologies (LHX - Free Report) : The company offers advanced ISR solutions, including airborne sensors, intelligence systems and secure communications that help improve surveillance, information sharing and mission effectiveness.

The Zacks Rundown for NOCShares of NOC have lost 0.2% in the past month compared with the industry’s 3.6% decline.

Image Source: Zacks Investment Research

The company shares are trading at a discount on a relative basis, with its forward 12-month Price/Sales being 1.60X compared with its industry’s average of 2.46X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for NOC’s 2026 earnings has moved south over the past 60 days.

Image Source: Zacks Investment Research

By PYMNTS  |  July 22, 2026

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Highlights

Issuers are becoming more selective within credit tiers as they pursue growth across the credit spectrum.

New account growth remains strong, shifting the contest toward which cards consumers actually use once they are approved.

Private-label, co-branded and general-purpose cards are increasingly giving issuers different routes to the same consumer.

Capital One and Synchrony earnings results this week highlight a consumer credit market that is becoming more segmented: lenders are drawing finer distinctions within credit tiers, millions of new accounts are still being opened and card products are increasingly being matched to both a borrower’s credit profile and expected spending behavior.

Beyond the traditional measures of spending, balances and credit losses, the second-quarter earnings calls provide a closer view of how two of the largest card issuers are approaching consumers after several years of tightening, normalization and changes in household finances.

1. Prime Versus Subprime Capital One continues to originate across the spectrum, but its treatment of the Discover portfolio illustrates how much can differ among borrowers within broad credit categories. Discover expanded credit during 2022 and 2023 before reducing originations and credit-line increases beginning late in 2023. Since acquiring the company, Capital One has tightened further in areas where it is less comfortable with borrowers’ ability to withstand financial pressure, particularly among high-balance revolvers.

At the same time, Capital One is investing heavily at the other end of the market. Chairman and CEO Richard Fairbank said during the earnings call that the company continues to pursue its “heavy spender franchise at the top of the market,” while also pointing analysts toward its originated upmarket portfolio as a better comparison with issuers that do not deliberately originate subprime accounts.

PYMNTS Intelligence data shows why improving credit metrics do not erase pressure among subprime consumers. About 17% of U.S. consumers, or 44 million adults, are subprime, and 55% struggle to pay monthly bills. Yet their card behavior is changing: the share that always or usually revolves balances fell from roughly 50% in mid-2023 to 38% in January 2026, while 35% hold no credit or store card at all. For issuers, subprime remains a sizable market, but one increasingly defined by cash-flow pressure and changing credit use rather than FICO scores alone.

Synchrony has also experienced a change in its credit mix as it has added and renewed major partners. When an analyst asked about the implications of the portfolio moving toward higher-credit-quality consumers, CEO Brian Doubles said the company evaluates programs against its long-term return requirements, including newer and smaller programs.

A FICO score establishes an important measure of risk, but lenders also have to account for balance size, propensity to revolve, expected spending and the economics of acquiring and retaining that particular account.

2. Opening the Account Is Becoming Only Half the Job Synchrony generated more than 5.1 million new accounts during the second quarter and roughly 9.5 million to 10 million during the first half. CFO Brian Wenzel said that puts the company on a trajectory toward about 20 million new accounts for the year. The growth extends across partners and retail categories rather than depending on a single program.

Capital One next expansion could also come from Discover once the portfolio conversion is complete. Half of Discover’s new originations are already running on Capital One technology, with the front book expected to be fully converted by the end of the third quarter.

Digital Channels Raise the Stakes After Approval The large number of new accounts makes the post-approval relationship more consequential. PYMNTS Intelligence found that 70% of cardholders use their primary card’s mobile app and 69% say app quality influences which credit card becomes their most used card. That figure reaches 87% among Gen Z. Nearly one-third of app users said they increased spending on a card after adopting its app.

The digital channel therefore connects account acquisition to spending behavior. An issuer can approve a customer and still receive little economic value if another card captures most of that consumer’s transactions. Apps increasingly serve as the place where cardholders check balances, manage payments and rewards, and decide how actively to use the account.

3. One Consumer Can Now Fit Several Card Products The discussion on conference calls indicate that issuers are using different products to capture consumers with different credit and spending profiles.

Synchrony’s Lowe’s relationship provides a clear example. Its commercial co-branded card now operates alongside the retailer’s private-label program, creating another route for applicants who do not fit the underwriting requirements of the co-brand.

Wenzel said applicants who might otherwise receive nothing after applying for the co-brand can be “offered at least a private label card.”

The implications extend beyond Lowe’s. Private-label cards can be targeted around purchases with a particular retailer, while co-branded general-purpose cards can follow spending outside that merchant. Different underwriting criteria can consequently place consumers into different products rather than treating approval as a binary decision.

Capital One is approaching segmentation through its Discover integration. Fairbank said putting Discover originations onto Capital One technology will allow the company to deploy “full spectrum underwriting” alongside its spender capabilities, which it expects eventually to support more originations and purchase volume.

The earnings point toward a card business becoming more precise at several points in the consumer relationship. Issuers are differentiating more closely among borrowers, competing harder for spending after an account is opened and using multiple card products to accommodate different credit profiles.