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CHANTILLY, Va.--(BUSINESS WIRE)---- $AMTM #Amentum--Amentum (NYSE: AMTM) provided critical ground systems operations to NASA on the Artemis II mission, the first crewed flight in the Artemis program. The mission marked a new era in human space exploration, advancing NASA's objective of a sustainable lunar presence and setting the stage for future deep-space exploration and habitation. “Artemis II is a giant leap not just for NASA, but for humanity's reawakening to human space exploration,” said Mark Walter, presi.

CHANTILLY, Va.--(BUSINESS WIRE)--Amentum (NYSE: AMTM), a global leader in advanced engineering and innovative technology solutions, will host a conference call on May 12, 2026, at 8:30 AM EDT to discuss financial results for the second quarter fiscal year 2026 ending April 3, 2026. A news release containing the results will be issued prior to the call.

Amentum will host a conference call on May 12, 2026, at 8:30 AM EDT to discuss financial results for the second quarter fiscal year 2026.

Share The conference call will be webcast to the public through a link on Amentum’s Investor Relations Website. A replay of the conference call, along with the earnings press release, presentation slides and supplemental financial disclosures, will be available via the same link.

About Amentum

Amentum is a global leader in advanced engineering and innovative technology solutions, trusted by the United States and its allies to address their most significant and complex challenges in science, security and sustainability. Our people apply undaunted curiosity, relentless ambition and boundless imagination to challenge convention and drive progress. Our commitments are underpinned by the belief that safety, collaboration and well-being are integral to success. Headquartered in Chantilly, Virginia, we have approximately 50,000 employees in approximately 80 countries across all 7 continents.

Visit us at amentum.com to learn how we advance the future together.

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CHANTILLY, Va.--(BUSINESS WIRE)--Amentum Holdings, Inc. (“Amentum” or the “Company”) (NYSE: AMTM), a leading advanced engineering and technology company, today announced results for the second quarter ended April 3, 2026, and reaffirmed guidance for its fiscal year 2026.

“Amentum delivered another quarter of solid performance across all key financial and business development metrics."

Share “Amentum delivered another quarter of solid performance across all key financial and business development metrics," said Amentum Chief Executive Officer John Heller. “We see significant and growing opportunities across national security, nuclear energy, space, and critical digital infrastructure markets with most of these in the early stages of a substantial investment cycle. We believe that our strategic alignment with these markets and our focus on execution, innovation, and delivery excellence will translate into long-term value for our shareholders.”

Summary Operating Results

Three Months Ended

(in millions, except per share data)

April 3, 2026

March 28, 2025

% Change

GAAP Measures:

Revenues

$3,478

$3,491

—%

Operating income

$151

$110

37%

Net income

$54

$4

1250%

Diluted earnings per share

$0.22

$0.02

1000%

Non-GAAP Measures1:

Adjusted EBITDA1

$275

$268

3%

Adjusted EBITDA Margin1

7.9%

7.7%

+20 bps

Adjusted Diluted Earnings Per Share (EPS)1

$0.60

$0.53

13%

Free Cash Flow1

$220

$53

315%

GAAP Results

Revenues of $3,478 million were consistent year-over-year driven by the ramp-up of new contract awards in high demand areas including critical digital infrastructure and space systems and technologies; partially offset by an approximately 3% impact due to contract transitions from consolidated to unconsolidated joint ventures and divestitures. Operating income increased as a result of strong operational performance and decreased intangible amortization expense. Net income and diluted earnings per share improved year-over-year, supported by higher operating income and lower interest expense due to debt repayments.

Non-GAAP Results

Adjusted EBITDA of $275 million reflects Adjusted EBITDA Margins of 7.9%, up from 7.7% in the prior year quarter, driven by continued progress on our margin expansion initiatives and strong operational performance. Adjusted Net Income and Adjusted Diluted Earnings Per Share increased primarily as a result of the strong operational performance and lower interest expense.

Non-GAAP Segment Results

Three Months Ended

(in millions)

April 3, 2026

March 28, 2025

% Change

Revenues

Digital Solutions

$1,468

$1,340

10%

Global Engineering Solutions

2,010

2,151

(7%)

Total Revenues

$3,478

$3,491

—%

Adjusted EBITDA1

Digital Solutions

$105

$107

(2)%

Global Engineering Solutions

170

161

6%

Total Adjusted EBITDA

$275

$268

3%

Digital Solutions revenues increased 10% year-over-year driven by the ramp-up of new contract awards in our critical digital infrastructure and space systems and technologies accelerating growth markets, partially offset by the fiscal year 2025 divestiture of Rapid Solutions. Adjusted EBITDA decreased 2% year-over-year due to the divestiture and higher net program write-ups in the prior year quarter, partially offset by the increased revenue volume.

Global Engineering Solutions revenues decreased 7% year-over-year due to contract transitions from consolidated to unconsolidated joint ventures, a fiscal year 2025 divestiture, and the expected ramp-down of other historical programs; partially offset by the ramp up of new contract awards. Adjusted EBITDA increased 6% year-over-year as a result of continued progress on our margin expansion initiatives.

Cash Flow Summary

In the second quarter, Amentum generated $225 million of net cash from operating activities and used $18 million and $24 million in investing and financing activities, respectively. Net cash provided by operating activities was driven by strong cash earnings, disciplined working capital management, and benefited from one less pay cycle compared to the prior year quarter. Net cash used in investing activities included $3 million in net contributions to equity method investments, $5 million in capital expenditures, and $8 million in working capital settlements for prior year divestitures. Net cash used in financing activities consisted primarily of $10 million in principal payments on our Term Loan and $12 million of distributions to non-controlling interests. As of April 3, 2026, Amentum had $428 million in cash and cash equivalents and $4 billion of gross debt.

On April 24, 2026, we completed an amendment to our credit agreement enhancing our capital structure. The transaction included a new $1.4 billion Term Loan A, with proceeds used to reduce outstanding borrowings and refinance our existing Term Loan B. In addition, we increased our revolving credit facility to $1.0 billion. The amendment also repriced our debt, lowering our weighted average cost of debt and annual interest expense. Collectively, these actions strengthen our liquidity, improve financial flexibility, and support the path to our target leverage profile.

Backlog and Contract Awards

As of April 3, 2026, the Company had total backlog of $47.8 billion, compared with $44.8 billion as of March 28, 2025, an annual increase of 7% driven by $17.2 billion in net bookings and 1.2x book-to-bill. Funded backlog as of April 3, 2026 was $6.9 billion.

Notable Q2 Fiscal Year 2026 Highlights

Great British Energy - Nuclear (GBE-N) Small Modular Reactor Engineering – GBE-N awarded a $406 million, 14-year contract to an Amentum-led joint venture, to serve as the owner’s engineer for the United Kingdom’s Small Modular Reactor (SMR) program. Under the contract, Amentum will deliver engineering and design support, as well as oversight, governance, and construction management solutions in support of SMR deployments in Wales, UK. European Commission Joint Research Centre (JRC) – JRC awarded a $112 million, two-year contract to an Amentum-led joint venture to serve as lead contractor for decommissioning and waste management across nuclear research sites in four European countries. The work leverages Amentum’s deep expertise in complex nuclear remediation and reinforces its position as a trusted partner in Europe’s nuclear cleanup efforts. California Department of Forestry and Fire Protection (CALFIRE) – CALFIRE awarded Amentum a $425 million, 5-year contract to deploy predictive analytics and data-driven tools to optimize fleet sustainment, reduce downtime, and streamline supply chain and repair cycles. The partnership underscores Amentum’s commitment to supporting California in its battle against wildfires. Multiple Intelligence Awards – Amentum was awarded over $300 million in intelligence contracts, delivering a variety of mission-focused solutions intelligence support capabilities to advance national security priorities. These awards illustrate the strong demand for Amentum’s expertise and innovative intelligence solutions. Multiple Critical Digital Infrastructure (CDI) Awards – Amentum was awarded over $600 million in Critical Digital Infrastructure awards, supporting telecom, hyperscaler, enterprise and national security customers. Under these agreements, Amentum will deploy advanced wireless networks, expand secure connectivity solutions, and retrofit data centers to support AI-driven workloads, while providing mission-critical cybersecurity through advanced risk management, continuous monitoring and compliance. These wins build on Amentum’s core strengths in delivering integrated, large-scale digital infrastructure across both commercial and government markets. Fiscal Year 2026 Guidance

Amentum reaffirms its fiscal year 2026 guidance as follows:

(in millions, except per share data)

Fiscal Year 2026 Guidance

Implied Underlying Growth2

Revenues

$13,950

-

$14,300

~3%

Adjusted EBITDA1

$1,100

-

$1,140

~5%

Adjusted Diluted EPS1

$2.25

-

$2.45

~12%

Free Cash Flow1

$525

-

$575

~12%

Webcast Information

Amentum will host a conference call beginning at 8:30 a.m. Eastern time on Tuesday, May 12, 2026 to discuss the results for the second quarter ended April 3, 2026. The conference call will be webcast simultaneously to the public through a link on the Investor Relations section of the Amentum website at amentum.com. After the call concludes, a replay of the webcast can be accessed on the Investor Relations website.

About Amentum

Amentum is a global leader in advanced engineering and innovative technology solutions, trusted by the United States and its allies to address their most significant and complex challenges in science, security and sustainability. Our people apply undaunted curiosity, relentless ambition and boundless imagination to challenge convention and drive progress. Our commitments are underpinned by the belief that safety, collaboration and well-being are integral to success. Headquartered in Chantilly, Virginia, we have approximately 50,000 employees in over 70 countries across all 7 continents.

Visit us at amentum.com to learn how we advance the future together.

Cautionary Note Regarding Forward Looking Statements

This release contains or incorporates by reference statements that relate to future events and expectations and, as such, could be interpreted to be “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements may be characterized by terminology such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including projections of financial performance; statements of plans, strategies and objectives of management for future operations; any statement concerning developments, performance or industry rankings relating to products or services; any statements regarding future economic conditions or performance; any statements of assumptions underlying any of the foregoing; any statements regarding industry and market trends; and any other statements that address activities, events or developments that the Company intends, expects, projects, believes or anticipates will or may occur in the future.

Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others: changes in U.S. or global economic, financial, business and political conditions, including changes to governmental budgetary priorities and tariffs and the ongoing conflicts in Europe and the Middle East; our ability to comply with the various procurement and other laws and regulations; risks associated with contracts with governmental entities; reviews and audits by the U.S. government and others; changes to our professional reputation and relationship with government agencies; the occurrence of an accident or safety incident; the ability of the Company to control costs, meet performance requirements or contractual schedules, compete effectively or implement its business strategy; the ability of the Company to retain and hire key personnel, and retain and engage key customers and suppliers; the failure to realize the anticipated benefits of the 2024 transaction with Jacobs Solutions Inc.; potential liabilities associated with shareholder litigation or other settlements or investigations; evolving legal, regulatory and tax regimes; and other factors set forth under Item 1A, Risk Factors in the annual report on Form 10-K (the “Annual Report”), and from time to time in documents that we file with the SEC. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the discussions under the section entitled “Risk Factors” in the Annual Report. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Non-GAAP Measures

This release includes the presentation and discussion of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Free Cash Flow, and Net Leverage, which are not measures of financial performance under Generally Accepted Accounting Principles in the United States (“GAAP”). These non-GAAP measures should be considered only as supplements to, and should not be considered in isolation or used as substitutes for, financial information prepared in accordance with GAAP. Management of the Company believes these non-GAAP measures, when read in conjunction with the Company’s financial statements prepared in accordance with GAAP and, where applicable, the reconciliations herein to the most directly comparable GAAP measures, provide useful information to management, investors and other users of the Company’s financial information in evaluating operating results and understanding operating trends by adjusting for the effects of items we do not consider to be indicative of the Company’s ongoing performance, the inclusion of which can obscure underlying trends. Additionally, management of the Company uses such measures in its evaluation of business performance, particularly when comparing performance to past periods, and believes these measures are useful for investors because they facilitate a comparison of financial results from period to period. The computation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability.

Definitions of applicable non-GAAP measures and reconciliations to the most directly comparable GAAP measures are provided elsewhere in this release.

In addition to the above non-GAAP financial measures, the Company has included backlog, net bookings, and book-to-bill in this release. Backlog is an operational measure representing the estimated amount of future revenues to be recognized under negotiated contracts, and net bookings represent the change in backlog between reporting periods plus reported revenues for the period. Book-to-bill represents net bookings divided by reported revenues for the same period. We believe these metrics are useful for investors because they are an important measure of business development performance and are used by management to conduct and evaluate its business during its regular review of operating results.

AMENTUM HOLDINGS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

  Three Months Ended

Six Months Ended

April 3, 2026

March 28, 2025

April 3, 2026

March 28, 2025

Revenues

$

3,478

$

3,491

$

6,715

$

6,907

Cost of revenues

(3,133

)

(3,124

)

(6,044

)

(6,179

)

Selling, general, and administrative expenses

(124

)

(145

)

(239

)

(275

)

Amortization of intangibles

(94

)

(120

)

(188

)

(240

)

Equity earnings of non-consolidated subsidiaries

24

8

45

29

Operating income

151

110

289

242

Interest expense and other, net

(73

)

(86

)

(147

)

(173

)

Income before income taxes

78

24

142

69

Provision for income taxes

(24

)

(22

)

(44

)

(46

)

Net income including non-controlling interests

54

2

98

23

Less: net income attributable to non-controlling interests

—

2

—

(7

)

Net income attributable to common shareholders

$

54

$

4

$

98

$

16

Basic and diluted earnings per share attributable to common shareholders

$

0.22

$

0.02

$

0.40

$

0.07

Basic weighted average shares outstanding

244

243

244

243

Diluted weighted average shares outstanding

245

243

245

243

AMENTUM HOLDINGS, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except per share data)

  April 3, 2026

October 3, 2025

ASSETS

Current assets:

Cash and cash equivalents

$

428

$

437

Accounts receivable, net

2,496

2,479

Prepaid expenses and other current assets

173

197

Total current assets

3,097

3,113

Property and equipment, net

105

114

Equity method investments

216

196

Goodwill

5,698

5,703

Intangible assets, net

1,769

1,955

Other long-term assets

285

379

Total assets

$

11,170

$

11,460

LIABILITIES

Current liabilities:

Current portion of long-term debt

$

40

$

42

Accounts payable

832

892

Accrued compensation and benefits

618

705

Contract liabilities

180

227

Other current liabilities

421

488

Total current liabilities

2,091

2,354

Long-term debt, net of current portion

3,887

3,901

Deferred tax liabilities

259

260

Other long-term liabilities

230

325

Total liabilities

6,467

6,840

SHAREHOLDERS' EQUITY

Common stock, $0.01 par value, 1,000,000,000 shares authorized; 244,090,344 shares issued and outstanding at April 3, 2026 and 243,464,776 shares issued and outstanding at October 3, 2025.

2

2

Additional paid-in capital

4,935

4,924

Retained deficit

(363

)

(461

)

Accumulated other comprehensive income

35

40

Total Amentum shareholders' equity

4,609

4,505

Non-controlling interests

94

115

Total shareholders' equity

4,703

4,620

Total liabilities and shareholders' equity

$

11,170

$

11,460

AMENTUM HOLDINGS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

  Three Months Ended

Six Months Ended

April 3, 2026

March 28, 2025

April 3, 2026

March 28, 2025

Cash flows from operating activities

Net income including non-controlling interests

$

54

$

2

$

98

$

23

Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities:

Depreciation

6

9

18

18

Amortization of intangibles

94

120

188

240

Equity earnings of non-consolidated subsidiaries

(24

)

(8

)

(45

)

(29

)

Distributions from equity method investments

29

14

54

35

Deferred income taxes

1

4

(2

)

(11

)

Stock-based compensation

8

5

15

8

Other

4

5

6

10

Changes in assets and liabilities, net of effects of business acquisition:

Accounts receivable, net

95

(100

)

47

(127

)

Prepaid expenses and other assets

10

36

51

71

Accounts payable, contract liabilities, and other current liabilities

(151

)

20

(250

)

(11

)

Accrued compensation and benefits

90

(40

)

(88

)

(46

)

Other long-term liabilities

9

(10

)

(3

)

(14

)

Net cash provided by operating activities

225

57

89

167

Cash flows from investing activities

Divestitures, net of cash conveyed

(8

)

—

(8

)

—

Payments for property and equipment

(5

)

(4

)

(11

)

(12

)

Contributions to equity method investments

(10

)

(27

)

(52

)

(28

)

Returns of capital from equity method investments

7

1

22

1

Other

(2

)

(1

)

(2

)

—

Net cash used in investing activities

(18

)

(31

)

(51

)

(39

)

Cash flows from financing activities

Borrowings on revolving credit facilities

866

303

1,986

513

Payments on revolving credit facilities

(866

)

(303

)

(1,986

)

(513

)

Repayments of borrowings under the credit agreement

(10

)

—

(19

)

—

Distributions to non-controlling interests

(12

)

(9

)

(21

)

(22

)

Other

(2

)

(3

)

(4

)

(6

)

Net cash used in financing activities

(24

)

(12

)

(44

)

(28

)

Effect of exchange rate changes on cash

(2

)

10

(3

)

(6

)

Net change in cash and cash equivalents

181

24

(9

)

94

Cash and cash equivalents, beginning of period

247

522

437

452

Cash and cash equivalents, end of period

$

428

$

546

$

428

$

546

AMENTUM HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES

The presentation and discussion of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow, and Net Leverage are not measures of financial performance under Generally Accepted Accounting Principles in the United States (“GAAP”). These non-GAAP measures should be considered only as supplements to, and should not be considered in isolation or used as a substitute for, financial information prepared in accordance with GAAP. Management believes these non-GAAP measures, when read in conjunction with our consolidated financial statements prepared in accordance with GAAP and the reconciliations herein to the most directly comparable GAAP measures, provide useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company. The computation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability.

Adjusted EBITDA is defined as GAAP net income attributable to common shareholders adjusted for interest expense and other, net, provision for income taxes, depreciation and amortization, and excludes the following discrete items:

Acquisition, transaction, and integration costs – Represents acquisition, transaction and integration costs, including severance, retention, and other adjustments related to acquisition and integration activities. Amortization of intangibles – Represents the amortization of intangible assets. Divestitures – Represents divestiture gains and losses. Utilization of certain fair market value adjustments assigned in purchase accounting – Represents the periodic utilization of the fair market value adjustments assigned to certain equity method investments and non-controlling interests based on the remaining period of performance for the related contract. Stock-based compensation – Represents non-cash compensation expenses recognized for stock-based arrangements. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenues.

Adjusted Net Income is defined as GAAP net income attributable to common shareholders excluding the discrete items listed under Adjusted EBITDA and the related tax impacts.

Adjusted Diluted EPS is defined as Adjusted Net Income divided by diluted weighted average number of common shares outstanding.

Free Cash Flow is defined as GAAP cash flow provided by operating activities less purchases of property and equipment. For the second quarter of fiscal year 2026, Free Cash Flow was $220 million, consisting of $225 million of GAAP cash flow provided by operating activities less $5 million of purchases of property and equipment.

Net Leverage is defined as GAAP total debt (excluding unamortized original issue discount and deferred financing costs) less cash and cash equivalents, divided by last twelve months Adjusted EBITDA, which is a non-GAAP measure. For the second quarter of fiscal year 2026, Net Leverage was 3.2x, consisting of $3,988 million of total debt less $428 million of cash and cash equivalents, divided by the last twelve months Adjusted EBITDA of $1,112 million.

AMENTUM HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES
(in millions, except per share data and margin percentages)

The following table presents the reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted EPS to the most directly comparable GAAP measures for the three months ended April 3, 2026:

For the Three Months Ended April 3, 2026

As
reported

Acquisition,
transaction
and
integration costs

Amortization
of
intangibles

Utilization of
fair market
value
adjustments

Stock-based
compensation

Non-GAAP
results

Revenues

$

3,478

$

—

$

—

$

—

$

—

$

3,478

Operating income

$

151

$

16

$

94

$

4

$

8

$

273

Non-operating expenses, net

(73

)

—

—

—

—

(73

)

Income before income taxes

78

16

94

4

8

200

Provision for income taxes 1

(24

)

(3

)

(18

)

(1

)

(2

)

(48

)

Net income including non-controlling interests

54

13

76

3

6

152

Less: net income attributable to non-controlling interests

—

—

—

(4

)

—

(4

)

Net income (loss) attributable to common shareholders

$

54

$

13

$

76

$

(1

)

$

6

$

148

Basic income per share attributable to common shareholders

$

0.22

$

0.05

$

0.31

$

—

$

0.03

$

0.61

Basic weighted average shares outstanding

244

244

244

244

244

244

Diluted income per share attributable to common shareholders

$

0.22

$

0.05

$

0.31

$

—

$

0.02

$

0.60

Diluted weighted average shares outstanding

245

245

245

245

245

245

Net income (loss) attributable to common shareholders

$

54

$

13

$

76

$

(1

)

$

6

$

148

Net income margin 2

1.6

%

4.3

%

Depreciation

6

—

—

—

—

6

Amortization of intangibles

94

—

(94

)

—

—

—

Interest expense and other, net

73

—

—

—

—

73

Provision for income taxes

24

3

18

1

2

48

EBITDA (non-GAAP)

$

251

$

16

$

—

$

—

$

8

$

275

EBITDA margin

7.2

%

7.9

%

1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts.

2 - Calculated as net income attributable to common shareholders divided by revenues.

AMENTUM HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES
(in millions, except per share data and margin percentages)

The following table presents the reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted EPS to the most directly comparable GAAP measures for the six months ended April 3, 2026:

For the Six Months Ended April 3, 2026

As
reported

Acquisition,
transaction
and
integration costs

Amortization
of
intangibles

Divestitures

Utilization of
fair market
value
adjustments

Stock-based
compensation

Non-GAAP
results

Revenues

$

6,715

$

—

$

—

$

—

$

—

$

—

$

6,715

Operating income

$

289

$

27

$

188

$

—

$

10

$

15

$

529

Non-operating expenses, net

(147

)

—

—

(3

)

—

—

(150

)

Income (loss) before income taxes

142

27

188

(3

)

10

15

379

(Provision) benefit for income taxes 1

(44

)

(6

)

(37

)

1

(2

)

(3

)

(91

)

Net income (loss) including non-controlling interests

98

21

151

(2

)

8

12

288

Less: net income (loss) attributable to non-controlling interests

—

—

—

—

(9

)

—

(9

)

Net income (loss) attributable to common shareholders

$

98

$

21

$

151

$

(2

)

$

(1

)

$

12

$

279

Basic and diluted income per share attributable to common shareholders

$

0.40

$

0.08

$

0.62

$

—

$

—

$

0.04

$

1.14

Basic weighted average shares outstanding

244

244

244

244

244

244

244

Diluted weighted average shares outstanding

245

245

245

245

245

245

245

Net income (loss) attributable to common shareholders

$

98

$

21

$

151

$

(2

)

$

(1

)

$

12

$

279

Net income margin 2

1.5

%

4.2

%

Depreciation

18

—

—

—

—

—

18

Amortization of intangibles

188

—

(188

)

—

—

—

—

Interest expense and other, net

147

—

—

3

—

—

150

Provision (benefit) for income taxes

44

6

37

(1

)

2

3

91

EBITDA (non-GAAP)

$

495

$

27

$

—

$

—

$

1

$

15

$

538

EBITDA margin

7.4

%

8.0

%

1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts.

2 - Calculated as net income attributable to common shareholders divided by revenues.

AMENTUM HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES
(in millions, except per share data and margin percentages)

The following table presents the reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted EPS to the most directly comparable GAAP measures for the three months ended March 28, 2025:

For the Three Months Ended March 28, 2025

As
reported

Acquisition,
transaction
and
integration
costs

Amortization
of
intangibles

Utilization of
fair market
value
adjustments

Stock-based
compensation

Non-GAAP
results

Revenues

$

3,491

$

—

$

—

$

—

$

—

$

3,491

Operating income

$

110

$

21

$

120

$

11

$

5

$

267

Non-operating expenses, net

(86

)

—

—

—

—

(86

)

Income before income taxes

24

21

120

11

5

181

Provision for income taxes 1

(22

)

(5

)

(13

)

(2

)

(1

)

(43

)

Net income including non-controlling interests

2

16

107

9

4

138

Less: net income (loss) attributable to non-controlling interests

2

—

—

(10

)

—

(8

)

Net income (loss) attributable to common shareholders

$

4

$

16

$

107

$

(1

)

$

4

$

130

Basic and diluted income per share attributable to common shareholders

$

0.02

$

0.07

$

0.43

$

—

$

0.01

$

0.53

Basic and diluted weighted average shares outstanding

243

243

243

243

243

243

Net income (loss) attributable to common shareholders

$

4

$

16

$

107

$

(1

)

$

4

$

130

Net income margin 2

0.1

%

3.7

%

Depreciation

9

—

—

—

—

9

Amortization of intangibles

120

—

(120

)

—

—

—

Interest expense and other, net

86

—

—

—

—

86

Provision for income taxes

22

5

13

2

1

43

EBITDA (non-GAAP)

$

241

$

21

$

—

$

1

$

5

$

268

EBITDA margin

6.9

%

7.7

%

1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts.

2 - Calculated as net income attributable to common shareholders divided by revenues.

AMENTUM HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES
(in millions, except per share data and margin percentages)

The following table presents the reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted EPS to the most directly comparable GAAP measures for the six months ended March 28, 2025:

For the Six Months Ended March 28, 2025

As
reported

Acquisition,
transaction
and
integration
costs

Amortization
of
intangibles

Utilization of
fair market
value
adjustments

Stock-based
compensation

Non-GAAP
results

Revenues

$

6,907

$

—

$

—

$

—

$

—

$

6,907

Operating income

$

242

$

30

$

240

$

11

$

8

$

531

Non-operating expenses, net

(173

)

—

—

—

—

(173

)

Income before income taxes

69

30

240

11

8

358

Provision for income taxes 1

(46

)

(7

)

(30

)

(2

)

(1

)

(86

)

Net income including non-controlling interests

23

23

210

9

7

272

Less: net income attributable to non-controlling interests

(7

)

—

—

(12

)

—

(19

)

Net income (loss) attributable to common shareholders

$

16

$

23

$

210

$

(3

)

$

7

$

253

Basic and diluted income (loss) per share attributable to common shareholders

$

0.07

$

0.09

$

0.86

$

(0.01

)

$

0.03

$

1.04

Basic and diluted weighted average shares outstanding

243

243

243

243

243

243

Net income (loss) attributable to common shareholders

$

16

$

23

$

210

$

(3

)

$

7

$

253

Net income margin 2

0.2

%

3.7

%

Depreciation

18

—

—

—

—

18

Amortization of intangibles

240

—

(240

)

—

—

—

Interest expense and other, net

173

—

—

—

—

173

Provision for income taxes

46

7

30

2

1

86

EBITDA (non-GAAP)

$

493

$

30

$

—

$

(1

)

$

8

$

530

EBITDA margin

7.1

%

7.7

%

1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts.

2 - Calculated as net income attributable to common shareholders divided by revenues.

More News From Amentum Holdings, Inc.

Amentum Holdings (AMTM - Free Report) reported $3.48 billion in revenue for the quarter ended March 2026, representing a year-over-year decline of 0.4%. EPS of $0.60 for the same period compares to $0.53 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $3.48 billion, representing a surprise of +0.02%. The company delivered an EPS surprise of +3.9%, with the consensus EPS estimate being $0.58.

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

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

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

Revenues- Global Engineering Solutions (GES): $2.01 billion compared to the $2.11 billion average estimate based on three analysts.Revenues- Digital Solutions (DS): $1.47 billion versus the three-analyst average estimate of $1.36 billion.Adjusted EBITDA- Global Engineering Solutions (GES): $170 million versus the two-analyst average estimate of $169.57 million.Adjusted EBITDA- Digital Solutions (DS): $105 million versus $106.65 million estimated by two analysts on average.View all Key Company Metrics for Amentum here>>>

Shares of Amentum have returned -6.7% over the past month versus the Zacks S&P 500 composite's +9.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Bargain Alert on 3 Stocks Investors Have OversoldAmentum NYSE: AMTM reported what executives described as solid second-quarter fiscal 2026 results, supported by growth in key markets, strong bookings and a rebound in free cash flow.

CEO John Heller said the company delivered revenue of $3.5 billion in the quarter, reflecting normalized growth of 3%. Adjusted EBITDA was $275 million, with an adjusted EBITDA margin of 7.9%, while adjusted diluted earnings per share rose 13% year over year to $0.60. Free cash flow totaled $220 million.

Get Amentum alerts:

2 Essential Data Center Solutions Providers Riding the AI Boom Heller opened the call by recognizing Amentum employees supporting customers globally, including teams in the Middle East. He also congratulated NASA, Amentum employees and industry partners on the successful Artemis II mission, calling it an example of the company’s long-running relationship with NASA.

Bookings and backlog reach new highs Amentum reported $4 billion in net bookings during the quarter, producing a quarterly and last-12-months book-to-bill ratio of 1.2 times. Heller said ending backlog reached nearly $48 billion, up 7% from the prior-year quarter and an all-time high for the company. Funded backlog was $6.9 billion, up 20% year over year.

The company also reported more than $20 billion in first-half submits, putting it on track to exceed its fiscal 2026 target of $35 billion. Amentum ended the quarter with $26 billion in proposals awaiting award, about 65% of which represented new business to the company.

Heller highlighted several second-quarter awards, including:

A 14-year, $406 million contract from Great British Nuclear to an Amentum-led joint venture supporting small modular reactors in the United Kingdom. A two-year, $112 million European Commission Joint Research Centre contract for decommissioning and waste management solutions. A five-year, $425 million contract from CAL FIRE for aviation fleet sustainment using predictive analytics and data-driven tools. Multiple intelligence contracts totaling more than $300 million. More than $600 million in critical digital infrastructure awards tied to telecom, hyperscaler and national security customers. In response to a question from Morgan Stanley’s Greg Parrish, Heller said the company believes its book-to-bill can remain consistent with recent levels, supported by more than $35 billion in expected bids this year. He said bidding activity in fiscal 2026 is also important for positioning Amentum for fiscal 2027.

Digital infrastructure identified as growth driver Amentum used part of the call to outline its opportunity in critical digital infrastructure, which Heller said is being driven by demand for artificial intelligence, data and mission-critical applications across commercial and government markets.

Heller said Amentum’s work in the area focuses on smart commercial infrastructure and data centers, next-generation digital connectivity, and cyber and network defense. He said the company supports hyperscalers in retrofitting legacy data centers for AI workloads and also works on large-scale wireless and fiber network deployments.

Chief Operating Officer Steve Arnette said Amentum is not a new entrant in telecom-related infrastructure, describing it as a business the company has built for more than a decade. He said the company supports major telecom providers with capacity planning, engineering and deployment across population centers.

Heller said Amentum’s capabilities in data transmission, data center support and cybersecurity are being applied to commercial markets as AI-related demand grows.

Segment performance and margins CFO Travis Johnson said Digital Solutions revenue was $1.5 billion, up 10%, driven by new contract awards in critical digital infrastructure and space systems and technologies. Adjusted EBITDA for the segment was $105 million, with margins of 7.2%. Johnson said adjusted EBITDA was slightly lower year over year due to a fiscal 2025 divestiture, timing factors related to new program starts and higher net write-ups in the prior-year quarter.

Global Engineering Solutions revenue was $2 billion, reflecting impacts from joint venture transitions, a divestiture and expected ramp-downs on certain historical programs, partly offset by new awards. Adjusted EBITDA was $170 million, and adjusted EBITDA margin improved 100 basis points year over year to 8.5%.

Johnson told Parrish that margin improvement in Global Engineering Solutions was driven by a focus on higher-margin work, a higher mix of fixed-price work, disciplined program execution, stronger joint venture performance and cost synergy initiatives. He said most of the drivers appear sustainable, although timing of program write-ups can vary from quarter to quarter.

Capital structure and fiscal 2026 outlook Johnson said free cash flow of $220 million in the second quarter benefited from recovered collections, consistent with the company’s prior commentary. First-half free cash flow was $78 million, which he said was in line with expectations.

After quarter end, Amentum issued a new $1.4 billion Term Loan A facility and used the proceeds to pay down and reprice its Term Loan B. The company also increased revolving credit capacity to $1 billion. Johnson said those actions, along with a Moody’s rating upgrade in December, reduced the company’s weighted average cost of debt by about 50 basis points.

Amentum reaffirmed its fiscal 2026 guidance, including revenue of $13.95 billion to $14.3 billion, adjusted EBITDA of $1.1 billion to $1.14 billion, adjusted diluted EPS of $2.25 to $2.45 and free cash flow of $525 million to $575 million.

Johnson said the company remains on track to achieve net leverage below three times by the end of the fiscal year. In response to Truist’s Tobey Sommer, he said future capital deployment could include organic investments, accretive mergers and acquisitions, further debt reduction or capital returns to shareholders, depending on the circumstances.

NASA, nuclear and portfolio outlook Arnette said Amentum remains enthusiastic about NASA’s Artemis program and is already working on hardware processing for Artemis III. He said a NASA workforce directive to incrementally insource some expertise is expected to have an immaterial effect on fiscal 2026 results and an estimated roughly 1% revenue impact in fiscal 2027, with a smaller impact on EBITDA.

On nuclear opportunities, Heller said Amentum is in discussions on multiple U.S. projects, including those involving small modular reactor technologies. He said he expects a number of nuclear projects to move from design and theoretical stages toward practical construction in the second half of the year and into 2027.

Asked by RBC Capital Markets analyst Kevin Liu about further divestitures, Heller said the company has been pleased with its overall portfolio but will continue to assess its businesses through its normal strategic planning process, including whether portfolio changes could support growth or margin expansion.

About Amentum NYSE: AMTMAmentum is a government services provider specializing in mission-critical solutions for defense, federal civilian and commercial customers around the globe. The company delivers integrated services that span the full lifecycle of complex programs and facilities, including engineering, program and project management, logistics, operations, maintenance and environmental remediation.

Core offerings include infrastructure support, energy and facilities management, environmental solutions and nuclear services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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CHANTILLY, Va.--(BUSINESS WIRE)---- $AMTM #AI--Amentum (NYSE: AMTM), a global leader in advanced engineering and technology solutions, has named Dr. Sam Nazari the company's Chief AI Architect. In this role, Dr. Nazari will drive Amentum-wide AI integration to accelerate innovation and work closely with programs to optimize mission impact for customers across the defense, intelligence, energy, space, and commercial sectors. "Advancements in artificial intelligence are revolutionizing how mission objectives a.

CHANTILLY, Va.--(BUSINESS WIRE)--Amentum (NYSE: AMTM), a global advanced engineering and technology company, has been named to the Fortune 500 list at the #313 position. The Fortune 500, published annually by Fortune magazine, ranks the largest U.S. corporations based on total revenue for the previous fiscal year.

“Amentum’s inclusion on the Fortune 500 is a testament to the dedication of our 50,000 employees in more than 70 nations, as well as the enduring and trusted relationships forged with our customers and partners."

Share “Amentum’s inclusion on the Fortune 500 is a testament to the dedication of our 50,000 employees in more than 70 nations, as well as the enduring and trusted relationships forged with our customers and partners," said John Heller, Amentum chief executive officer. “By delivering innovative, technologically advanced solutions in national security, energy, space, intelligence, and infrastructure, we are addressing today’s challenges and leading these critical industries into the future.”

"This milestone in Amentum’s history is about more than financial performance. It demonstrates our commitment to innovation, operational excellence, and problem-solving on a global scale,” said Travis Johnson, Amentum chief financial officer. "As we grow, we remain steadfast in our commitment to delivering innovative advanced engineering and technology solutions to solve the most significant and complex challenges in science, security and sustainability.”

About Amentum

Amentum is a global leader in advanced engineering and innovative technology solutions, trusted by the United States and its allies to address their most significant and complex challenges in science, security and sustainability. Our people apply undaunted curiosity, relentless ambition and boundless imagination to challenge convention and drive progress. Our commitments are underpinned by the belief that safety, collaboration and well-being are integral to success. Headquartered in Chantilly, Virginia, we have approximately 50,000 employees in more than 70 countries across all 7 continents.

Visit us at amentum.com to learn how we advance the future together.
Follow @Amentum_corp on X
Follow Amentum on LinkedIn

Forward-Looking Statements

This press release contains or incorporates by reference statements by Amentum Holdings, Inc. (the “Company”) that relate to future events and expectations and, as such, constitute “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements may be characterized by terminology such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements, other than historical facts, including, but not limited to, statements regarding the anticipated work and revenue under the awarded contract, and the Company’s objectives, expectations and intentions, applicable legal, economic and regulatory conditions, and any assumptions underlying any of the foregoing, are forward-looking statements.

A number of important factors could cause actual results to differ materially from those contained in or implied by these forward-looking statements, including those factors discussed in our filings with the Securities and Exchange Commission (SEC), including, among others: the occurrence of an accident or safety incident; the ability of the Company to control costs, meet performance requirements or contractual schedules; and other factors set forth under Item 1A, Risk Factors in our Annual Report on Form 10-K for the fiscal year ended September 27, 2024, which can be found at the SEC’s website at www.sec.gov or the Investor Relations portion of our website at www.amentum.com. Any forward-looking statement speaks only as of the date on which it is made, and the Company assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Amentum Holdings rated Strong Buy, driven by transformation into an advanced engineering monopsony controlling key nuclear, defense, and AI infrastructure bottlenecks. AMTM's forward catalysts include Deep Isolation's borehole nuclear waste disposal, integration of CG-SEA software into missile defense, and bridging DoD-grade cybersecurity for hyperscalers. Reaffirmed FY2026 guidance (revenue $13.95–$14.3B, adj. EBITDA $1.1–$1.14B, FCF $525–$575M) and sub-3x net leverage by FY2026 may enable aggressive capital returns.

, /PRNewswire/ -- 

Why: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Futu Holdings Limited (NASDAQ: FUTU) resulting from allegations that Futu may have issued materially misleading business information to the investing public.

So What: If you purchased Futu securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

What to do next: To join the prospective class action, go to https://rosenlegal.com/cases/futu-holdings-limited/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

What is this about: On May 22, 2026, Reuters published an article entitled "China to crack down on 'illegal' cross-border securities" The article stated that China "announced a major crackdown on cross-border investment on Friday and said it would punish brokers it accused of illegally moving money to foreign markets, sending their shares plunging." Further, "online rokers Tiger, Futu and Longbridge would be penalised for soliciting ‌business in China without an onshore licence, the securities regulator said."

On this news, Futu American Depositary Shares ("ADSs") fell 27.5% on May 22, 2026.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions.  Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

     Laurence Rosen, Esq.
     Phillip Kim, Esq.
     The Rosen Law Firm, P.A.
     275 Madison Avenue, 40th Floor
     New York, NY 10016
     Tel: (212) 686-1060
     Toll Free: (866) 767-3653
     Fax: (212) 202-3827
     [email protected]
     www.rosenlegal.com

SOURCE THE ROSEN LAW FIRM, P. A.

NEW YORK, June 03, 2026 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Futu Holdings Limited (NASDAQ: FUTU) resulting from allegations that Futu may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Futu securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/cases/futu-holdings-limited/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

WHAT IS THIS ABOUT: On May 22, 2026, Reuters published an article entitled "China to crack down on 'illegal' cross-border securities" The article stated that China "announced a major crackdown on cross-border investment on Friday and said it would punish ​brokers it accused of illegally moving money to foreign markets, sending their shares plunging." Further, "online brokers Tiger, Futu and Longbridge would be penalised for soliciting ‌business in China without an onshore licence, the securities regulator said."

On this news, Futu American Depositary Shares ("ADSs") fell 27.5% on May 22, 2026.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com

JERSEY CITY, N.J., June 04, 2026 (GLOBE NEWSWIRE) -- Moomoo Financial Inc. (“moomoo”), a leading global investment and trading platform that empowers self-directed investors with advanced market data and professional-grade tools, today announced its partnership with Kalshi, the world’s largest prediction market, to launch regulated event contracts, expanding access for eligible users to trade on the outcomes of major economic, political, and cultural events through a CFTC-regulated exchange.1

The new offering enables eligible users to buy and sell event contracts tied to real-world outcomes, including Federal Reserve decisions, inflation data releases, elections, and major global sporting events such as the 2026 World Cup. Event contracts are exchange-listed derivatives that allow participants to take positions on the outcome of specific events. Contract prices, ranging from $0.01 to $1.00, reflect the market-implied probability of the event occurring.

The contracts are fully collateralized and integrated directly into moomoo’s trading platform alongside equities, options, ETFs, and other investment products2, enabling users to access event-driven markets within a familiar brokerage experience.

“Our users are increasingly engaging with markets around major macroeconomic and news-driven events,” said Nate Palmer, President of moomoo U.S. “Event contracts through Kalshi provide a more direct and transparent way for eligible users to express views on those developments within a regulated market structure.”

"Prediction markets are built from the wisdom of the crowd," said Valeria Vouterakou, Counsel at Kalshi. "Integrating with moomoo to expand investor access will make the crowd even bigger, and help Kalshi continue dominating in our effort to become the global liquidity layer for prediction markets."

A Growing Market for Event-Driven Investing

Interest in event-driven markets has grown in recent years as investors seek additional ways to participate around key economic releases, monetary policy decisions, elections, and other significant developments that influence financial markets. By integrating event contracts into its platform, moomoo continues to expand access to emerging market products.

“Over the last decade, retail investing has become significantly more accessible through advances in technology and market access,” Palmer added. “The addition of event contracts to moomoo represents another step in the evolution of modern retail trading by giving investors new ways to participate in markets tied to real-world events.”

Key Features of moomoo's Event Contracts Offering:

Fully collateralized with defined risk characteristicsTransparent pricing designed for accessibility and retail participationSeamless integration within moomoo's existing trading platform and tools
Expanding the Product Ecosystem

The launch further strengthens moomoo's evolving product ecosystem and reflects the company's broader vision of delivering modern, market access across emerging financial products and asset classes. The company just introduced a new Direct Crypto Deposit and Withdraw functionality to its platform, enabling users to transfer cryptocurrencies directly between their external Web3 wallets and moomoo accounts3, and recently rolled out Moomoo API Skills, a feature that makes agentic investing possible for users.4 As its product ecosystem expands, moomoo continues to prioritize tools that simplify investing and make professional-grade tools more accessible to everyday investors.

Restrictions apply. Event swap trading is not appropriate for everyone. Prediction markets are offered by Moomoo Financial Inc., an FCM registered with the NFA. Certain contracts are unavailable in select U.S. states.Securities offered through Moomoo Financial Inc., Member FINRA/SIPCCrypto services are offered by Moomoo Crypto Inc. ("MCI") (NMLS ID 2287314), a money services business registered with FinCEN (MSB Registration Number: 31000288349013). MCI is not a broker-dealer. Cryptocurrency services are not available in all states, see our full licensing disclosures at www.moomoo.com/us/support/topic4_600.Moomoo does not sponsor any AI agents or LLM. Any output from your AI agent connected to moomoo API Skills should not be considered investment advice or a recommendation to buy or sell or hold a security and should not be used as the basis of any investment decision. The moomoo app is offered by Moomoo Technologies Inc. ("MTI"). MTI and its affiliates make no representations or warranties with respect to the accuracy, completeness, quality, or timeliness of the output. About Moomoo

Moomoo is a leading global investment and trading platform dedicated to empowering investors with user-friendly tools, data, and insights. Our platform is designed to provide essential information and technology, enabling users to make well-informed investment decisions. With advanced charting tools, pro-level analytical features, moomoo evolves alongside our users, fostering a dynamic community where investors can share, learn, and grow together.

Founded in the US, moomoo has expanded its global presence to serve investors across multiple markets, including Singapore, Australia, Japan, Canada, Malaysia, and New Zealand. As a subsidiary of a Nasdaq-listed company, moomoo is trusted by more than 30 million investors worldwide and has earned recognition from leading financial institutions and publications for its innovation and reliability, including being recognized as the #1 Broker for Stocks in North America in 2024 and 2025 by TradingView.

For more information, please visit moomoo's official website at www.moomoo.com

Accolades are not indicative of future performance. Moomoo Financial Inc. is not affiliated with TradingView. For more information, please visit:

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Founded in 2018, Kalshi is the largest prediction market in the world, offering financial markets on the outcome of real world events such as award shows and more. Kalshi is the industry leader and pioneer, widely credited with legalizing prediction markets and building a safe, legal, regulated platform for millions of traders in America. To learn more, visit www.kalshi.com.

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Bragar Eagel & Squire, P.C. Litigation Partner Brandon Walker Encourages Investors Who Suffered Losses In Futu (FUTU) To Contact Him Directly To Discuss Their Options

If you purchased or acquired stock in Futu and would like to discuss your legal rights, call Bragar Eagel & Squire partner Brandon Walker or Melissa Fortunato directly at (212) 355-4648.

Click here to participate in the action.

NEW YORK, June 05, 2026 (GLOBE NEWSWIRE) --

What’s Happening?

Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Futu Holdings Limited (“Futu” or the “Company”) (NASDAQ:FUTU) on behalf of Futu stockholders. Our investigation concerns whether Futu has violated the federal securities laws and/or engaged in other unlawful business practices. What are the Investigation Details?

On May 22, 2026, Futu announced it had “received a Notice of Investigation and an Administrative Penalty Pre-Notification Letter from the China Securities Regulatory Commission and its Shenzhen bureau (collectively the “CSRC”) in connection with the Company’s operations in mainland China.” On this news, the price of Futu shares declined by $34.10 per share, or approximately 28%, from $123.86 per share on May 21, 2026 to close at $89.7 6 on May 22, 2026. What are my Next Steps?

If you purchased or otherwise acquired Futu shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you. About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, South Carolina, and California. The firm represents individual and institutional investors in securities,
derivative, and commercial litigation as well as individuals in consumer protection and data privacy litigation. The firm has a nationwide practice and routinely handles cases in both federal and state courts. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Follow us for updates on LinkedIn and Facebook, and keep up with other news by following Brandon Walker, Esq. on LinkedIn.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
[email protected]
www.bespc.com

NEW YORK, June 07, 2026 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Futu Holdings Limited (NASDAQ: FUTU) resulting from allegations that Futu may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Futu securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/cases/futu-holdings-limited/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

WHAT IS THIS ABOUT: On May 22, 2026, Reuters published an article entitled "China to crack down on 'illegal' cross-border securities" The article stated that China "announced a major crackdown on cross-border investment on Friday and said it would punish ​brokers it accused of illegally moving money to foreign markets, sending their shares plunging." Further, "online brokers Tiger, Futu and Longbridge would be penalised for soliciting ‌business in China without an onshore licence, the securities regulator said."

On this news, Futu American Depositary Shares ("ADSs") fell 27.5% on May 22, 2026.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        [email protected]
        www.rosenlegal.com

NEW YORK CITY & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), is investigating claims on behalf of investors of Futu Holdings Limited (NasdaqGM: FUTU). Such investors are advised to contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit us at https://ksfcounsel.com/cases/futu-holdings-limited-nasdaqgm-futu/ to learn mo.

New York, New York--(Newsfile Corp. - June 8, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Futu Holdings Limited (NASDAQ: FUTU) resulting from allegations that Futu may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Futu securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/cases/futu-holdings-limited/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

WHAT IS THIS ABOUT: On May 22, 2026, Reuters published an article entitled "China to crack down on 'illegal' cross-border securities" The article stated that China "announced a major crackdown on cross-border investment on Friday and said it would punish ​brokers it accused of illegally moving money to foreign markets, sending their shares plunging." Further, "online brokers Tiger, Futu and Longbridge would be penalised for soliciting ‌business in China without an onshore licence, the securities regulator said."

On this news, Futu American Depositary Shares ("ADSs") fell 27.5% on May 22, 2026.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300684

Source: The Rosen Law Firm PA

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

, /PRNewswire/ --

Why: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Futu Holdings Limited (NASDAQ: FUTU) resulting from allegations that Futu may have issued materially misleading business information to the investing public.

So What: If you purchased Futu securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

What to do next: To join the prospective class action, go to https://rosenlegal.com/cases/futu-holdings-limited/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

What is this about: On May 22, 2026, Reuters published an article entitled "China to crack down on 'illegal' cross-border securities." The article stated that China "announced a major crackdown on cross-border investment on Friday and said it would punish brokers it accused of illegally moving money to foreign markets, sending their shares plunging." Further, "online rokers Tiger, Futu and Longbridge would be penalised for soliciting ‌business in China without an onshore licence, the securities regulator said."

On this news, Futu American Depositary Shares ("ADSs") fell 27.5% on May 22, 2026.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions.  Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:
     Laurence Rosen, Esq.
     Phillip Kim, Esq.
     The Rosen Law Firm, P.A.
     275 Madison Avenue, 40th Floor
     New York, NY 10016
     Tel: (212) 686-1060
     Toll Free: (866) 767-3653
     Fax: (212) 202-3827
     [email protected]
     www.rosenlegal.com

SOURCE THE ROSEN LAW FIRM, P. A.

NEW YORK, June 09, 2026 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Futu Holdings Limited (NASDAQ: FUTU) resulting from allegations that Futu may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Futu securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/cases/futu-holdings-limited/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

WHAT IS THIS ABOUT: On May 22, 2026, Reuters published an article entitled "China to crack down on 'illegal' cross-border securities" The article stated that China "announced a major crackdown on cross-border investment on Friday and said it would punish ​brokers it accused of illegally moving money to foreign markets, sending their shares plunging." Further, "online brokers Tiger, Futu and Longbridge would be penalised for soliciting ‌business in China without an onshore licence, the securities regulator said."

On this news, Futu American Depositary Shares ("ADSs") fell 27.5% on May 22, 2026.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com

NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP continues its investigation on behalf of Futu Holdings Limited (“Futu” or the “Company”) (NASDAQ:FUTU) investors concerning the Company's and/or members of its senior management's possible violation of the federal securities laws and other unlawful business practices.[LEARN MORE ABOUT THE INVESTIGATION]What Happened?On May 22, 2026, Futu announced it had “received a Notice of Investigation and an Administrative Penalty Pre-Notificati.

SINGAPORE--(BUSINESS WIRE)--Seagate Technology Holdings plc (NASDAQ: STX) (“Seagate” or “us”) and Seagate HDD Cayman, a subsidiary of Seagate (“Seagate HDD”) today announced that on May 20, 2026, they entered into separate, privately negotiated exchange agreements with a limited number of holders of Seagate HDD's 3.50% Exchangeable Senior Notes due 2028 (the “notes”) to exchange (collectively, the “exchanges”) $185.908 million principal amount of notes for consideration consisting of an aggrega.

Artificial intelligence is turning the semiconductor industry upside down. For years, memory chips were treated like a commodity business — boom during shortages, bust during gluts, rinse and repeat. But AI may be rewriting the rules. Training large language models and powering hyperscale data centers requires staggering amounts of high-bandwidth memory, or HBM, and suddenly DRAM producers look less like cyclical chipmakers and more like critical infrastructure providers.

That shift has already minted huge winners for investors. The question now is whether buying a basket of the top memory names through the new Roundhill Memory ETF (CBOE:DRAM) offers a smarter way to ride the trend.

Memory Stocks Are Some of 2026’s Biggest Winners The numbers tell the story better than any hype cycle could. Sandisk (NASDAQ:SNDK | SNDK Price Prediction) has returned more than 4,000% since being spun out of Western Digital (NASDAQ:WDC) in February 2025. Meanwhile:

Company 2026 Return Micron Technology (NASDAQ:MU) 163% Seagate Technology (NASDAQ:STX) 195% Western Digital 181% Those gains reflect a market finally recognizing that AI servers cannot function without massive amounts of memory bandwidth. Nvidia’s (NASDAQ:NVDA) GPUs may grab headlines, but those accelerators become bottlenecked without HBM and DRAM feeding them data fast enough.

According to Micron’s latest earnings release, HBM revenue is now measured in “multiple billions” annually, while the company expects demand to outstrip supply into 2027. Further, AI servers can require six times more DRAM than traditional cloud servers, changing the math for the entire industry.

Forget the GPU wars—the real AI explosion is happening in memory, where demand is surging 6x and minting 4,000% winners. The world's fastest ETF launch proves that the 'boring' side of tech has officially become critical infrastructure. © 24/7 Wall St. DRAM Gives Investors Access to the Whole Memory Ecosystem Buying Micron, Western Digital, and Seagate only captures part of the opportunity. It misses out on two of the most important memory companies in the world: SK hynix and Samsung Electronics. They are harder for U.S. investors to access directly because neither trades on a major U.S. exchange in the same way many retail investors prefer.

SK hynix has emerged as the dominant HBM supplier for Nvidia’s AI chips, while Samsung Electronics remains one of the largest memory manufacturers on Earth. That’s where DRAM comes in.

The Roundhill Memory ETF launched on April 2 and accumulated $6.5 billion in assets within just 27 trading days. That made it the fastest-growing ETF launch in history, surpassing the previous record held by iShares Bitcoin Trust (NASDAQ:IBIT), which took 30 days to cross the same threshold. Even more eye-catching, DRAM has already climbed 90% since launch.

However, the fund is concentrated — very concentrated. SK hynix, Micron, and Samsung account for roughly 73% of assets. And concentration risk cuts both ways. If memory pricing weakens or AI spending slows, DRAM will feel it quickly.

Still, those three companies arguably control the most critical layer of the AI memory stack.

The Micron Bet Could Magnify Returns — And Risks DRAM also takes a more aggressive approach than traditional semiconductor ETFs. Roughly 9% of the portfolio is tied to a leveraged long total return swap linked to Micron stock. In other words, the ETF is also using derivatives to amplify gains if Micron rises.

That strategy has worked beautifully so far because Micron has become one of the market’s strongest AI infrastructure plays. But — like concentration — leverage works in both directions. If Micron drops 15%, the derivative exposure could deepen losses inside the ETF.

That said, the managers are clearly signaling conviction. Micron’s HBM leadership, improving pricing power, and expanding margins are central pillars of the AI memory story.

Key Takeaway In short, the Roundhill Memory ETF is not a low-risk semiconductor ETF. It is a concentrated bet that AI-driven memory demand has fundamentally changed the industry.

Yet, the thesis is compelling. AI data centers are consuming unprecedented amounts of DRAM and HBM, supply remains tight, and the world’s leading memory producers are finally gaining pricing power after decades of brutal cyclicality.

Smart investors should understand the tradeoff. DRAM’s concentration and leveraged Micron exposure introduce volatility. But for shareholders who believe memory chips are evolving from commodity products into foundational AI infrastructure, this ETF may offer one of the purest ways to capture the trend.

© vzphotos / iStock Editorial via Getty Images

On a recent episode of the Earn Your Leisure podcast titled “The AI Boom Isn’t Over! Micron Technology Just Proved It!“, a panelist from the Market Moneys platform celebrated a multi-year call on memory that has paid off in spectacular fashion with a 2,000% personal return on Micron. The show also discussed the more important story about why the memory cycle has broken from its historical pattern.

A Call That Paid Off Micron Technology (NASDAQ:MU | MU Price Prediction) closed at $751 on May 22, 2026, with the panel noting that the stock had crossed nearly $800 during the session amid recent strength. “We’ve been talking about it on Market Moneys for 2 years now, right? So like when people are talking about Micron, it was $86, $87,” the speaker said. The stock is up over 600% from the $94.60 level it traded at on May 22, 2025.

The stock blew through targets that looked aggressive at the time. Prior analyst price targets of $400 and $500 came and went before the most recent surge. Micron’s one-year return now stands at +693.87%, with a year-to-date move of +163.25%. Long-time holders on Reddit are finally celebrating “in the green after ~10yrs” after years of cyclical pain.

Why the Memory Shortage Changed Everything The mechanism that drove these astounding returns was pricing power. “The fact that there’s a shortage means that now we can control price. And when you can control pricing on something that is in demand, you’re seeing legendary returns,” the speaker said. Memory has historically been a brutal commodity business defined by boom-bust cycles. The AI buildout has restructured that dynamic.

The financials tell the story. Micron’s most recent quarter showed revenue of $13.64 billion, up 56.6% year over year, with non-GAAP EPS of $4.78 against a $3.94 estimate. GAAP gross margin expanded to 56.0% from 38.4%, and the Cloud Memory Business Unit alone delivered $5.28 billion at a 66% gross margin and 55% operating margin. Q2 guidance calls for $18.70 billion in revenue and non-GAAP EPS of $8.42. CEO Sanjay Mehrotra said the company “delivered record revenue and significant margin expansion at the company level and also in each of our business units.”

Micron has been sold out through 2027, the panel noted, which means the story may still have legs well into 2026 and beyond. Wall Street appears to agree, with the consensus analyst target price sitting at $613.23, with 39 buy or strong buy ratings against five holds and zero sells. The forward P/E sits at 8.

The Broader AI Rack Trade The panel framed Micron as the clearest expression of a thesis that runs across the entire AI hardware stack. NVIDIA (NASDAQ:NVDA) sits at the compute layer, posting $81.62 billion in Q1 FY27 revenue with $75.25 billion from Data Center. Dell Technologies (NYSE:DELL) is the systems integrator, carrying a $43 billion AI server backlog entering FY27 after closing $64 billion in AI orders during FY26. Advanced Micro Devices (NASDAQ:AMD) is the alternative compute story, with a 322.28% one-year return. On the storage side, Western Digital (NASDAQ:WDC) has returned 875.76% over one year, and Seagate Technology (NASDAQ:STX) has returned 656.06%.

The panel’s broader point is that investors who understood what goes inside a data center rack have captured this trade from multiple angles. When supply is genuinely constrained, and demand is durable, the companies sitting in the bottleneck position tend to keep producing outsized returns until that bottleneck breaks. The bulls on Micron argue it may not be anywhere close to breaking yet.

Key Takeaways Sandisk gains from AI-driven NAND demand and hyperscaler adoption of BiCS8 storage products.WDC is seeing strong AI and cloud demand with rising adoption of high-capacity HDD solutions.STX expects AI-led growth as its Mozaic 4 HAMR platform delivers up to 44TB capacity drives. On May 26, Micron Technology Inc. (MU - Free Report) achieved a milestone with its valuation closing above the $1 trillion mark. The artificial intelligence (AI) infrastructure trade has shifted from pure-play semiconductors to memory and storage devices.

The four major hyperscalers raised their AI capital expenditure budget to $750 billion in 2026 from $670 billion estimated earlier. This figure is set to cross $1 trillion next year and is likely to rise further beyond 2027. 

This has resulted in more AI semiconductor sales which implies the need multiple AI memory chips and storage devices to operate. Flash memory technologies like DRAM and NAND are used in AI chips, enabling them to perform optimally. 

However, the enormous application of AI in day-to-day life has pushed up the demand for memory chips and storage devices. In their last earnings reports, all four hyperscalers mentioned above highlighted a shortage of memory and storage chips, resulting in soaring prices of these products. 

As a result, besides MU, a handful of other AI-enabled memory and storage device makers have benefited enormously. Their stock prices have skyrocketed year to date. However, massive demand, huge shortage of these devices and their current top Zacks Rank will ensure more upside over a long period. 

These stocks are: Western Digital Corp. (WDC - Free Report) , Sandisk Corp. (SNDK - Free Report) and Seagate Technology Holdings plc (STX - Free Report) . Each of our picks currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The chart below shows the price performance of the above-mentioned four stocks year to date.

Image Source: Zacks Investment Research

Western Digital Corp.Western Digital has been witnessing strong execution amid intensified cloud and AI demand. WDC saw strong data center demand and increased adoption of high-capacity hard disk drives (HDDs). This reflects its ability to scale reliable, high-capacity storage solutions to meet the needs of the AI-driven data economy.

As AI and cloud adoption accelerate, demand for higher-density storage continues to rise. WDC is meeting this demand through close collaboration with hyperscalers, delivering reliable, high-capacity drives at scale with strong performance and total cost of ownership.

Western Digital has an expected revenue and earnings growth rate of 34.6% and 71.6%, respectively, for next year (ending June 2027). The Zacks Consensus Estimate for next year’s earnings has improved 19.9% over the last 30 days.

Image Source: Zacks Investment Research

Sandisk Corp.Sandisk — a leading flash and advanced memory technology innovator — is set to maintain its astonishing momentum. SNDK has benefited from the structural shift toward AI computing, which requires significantly more NAND flash storage per deployment compared with traditional workloads. 

AI training models and inference applications generate massive data volumes that demand high-performance enterprise solid-state drives, while edge devices need greater storage capacity to support on-device AI features. 

This creates a favorable demand environment where SNDK can command premium pricing for its advanced technology products while maintaining disciplined supply allocation. SNDK’s BiCS8 quad-level cell storage product continues to advance through qualification with two major hyperscalers. The extended joint venture agreement with Kioxia Corporation through December 2034 positions Sandisk favorably in the AI memory and storage space. 

Sandisk has an expected revenue and earnings growth rate of more than 100%, each, for next year (ending June 2027). The Zacks Consensus Estimate for next year’s earnings has improved 69% over the last 30 days.

Image Source: Zacks Investment Research

Seagate Technology Holdings plcSeagate Technology has been benefiting from AI-led storage demand, a robust technology roadmap anchored in Mozaic and HAMR and disciplined execution focused on converting demand into profitable growth and long-term value creation. 

STX highlighted that the company is entering a “new era of structural growth” driven by strong AI-led demand, the rising adoption of Mozaic products and disciplined execution focused on expanding margins, cash flow and long-term value.

HDDs remain significantly more cost-effective for bulk storage—especially critical in hyperscale data centers supporting AI infrastructure. Seagate is well-positioned to capture this expanding opportunity through a technology strategy focused on increasing areal density rather than unit volumes, enabling a more capital- and manufacturing-efficient path to scale while improving cost and power efficiency per terabyte. 

This supports STX’s target of mid-20% exabyte growth. Its Mozaic 4+ platform, a second-generation HAMR product, delivers up to 44TB per drive — more than 30% higher capacity than earlier versions — achieved with minimal changes to materials, while integrating advanced laser and photonics technology for precision manufacturing at scale. 

Seagate Technology has an expected revenue and earnings growth rate of 33.9% and 76.9%, respectively, for the next year (ending June 2027). The Zacks Consensus Estimate for next year’s earnings has improved 30.3% in the last 30 days.

Image Source: Zacks Investment Research

Seagate Technology Holdings plc (STX) Presents at TD Cowen's 54th Annual Technology, Media & Telecom Conference Transcript

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SINGAPORE--(BUSINESS WIRE)--Seagate Technology Holdings plc (NASDAQ: STX) (“Seagate” or “Company”) and Seagate HDD Cayman, a subsidiary of Seagate (“Seagate HDD”) today announced that on May 27, 2026, the Company closed the previously announced privately negotiated exchanges (the “exchanges”) of $185.908 million principal amount of Seagate HDD’s 3.50% Exchangeable Senior Notes due 2028 (the “notes”) for aggregate consideration consisting of $185.908 million in cash and approximately 2.02 million ordinary shares of Seagate stock. The number of ordinary shares of Seagate stock issued pursuant to the exchanges was determined over the one trading day period beginning on, and including, May 21, 2026. The exchanged notes have been retired. Approximately $185.8 million in aggregate principal amount of notes remain outstanding with terms unchanged.

The exchanges were conducted as private placements, and the shares of common stock issued in the exchanges were issued pursuant to the exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), afforded by Section 4(a)(2) of the Securities Act in transactions not involving any public offering. This press release is neither an offer to sell nor a solicitation of an offer to buy any securities described above, nor will there be any offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Seagate

Seagate (NASDAQ: STX) is a pioneer in mass-capacity data storage, accelerating ability to harness the full value of data. Our portfolio of advanced storage solutions helps hyperscale cloud providers, enterprises, and consumers protect, create and manage the data that powers their transformation and growth. For more than 45 years, Seagate has driven breakthrough innovations that bring sustainable, high-performance storage to the world at-scale.

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With Warren Buffett retired, Stanley Druckenmiller is now arguably one of the most closely watched money managers on Wall Street -- and his Duquesne Family Office just gave its followers plenty to chew on. The fund's latest quarterly filing with regulators, which captures its U.S. stock holdings as of March 31, revealed a clean break from one of the market's favorite names: Druckenmiller sold every last share of Alphabet (GOOG 2.23%)(GOOGL 1.95%), a stake he had aggressively built up just one quarter earlier. He also cut the bulk of his Amazon common stock position.

In their place, the billionaire rotated into the unglamorous hardware that the

artificial intelligence (AI) boom runs on. The wager seems to be that the next leg of AI spending will lean less on training enormous models and more on inference -- actually running them at scale -- which leans heavily on memory and custom chips. It's a bold move from one of the great track records in the business, so the natural question is whether everyday investors should do the same.

Image source: Getty Images.

The picks and shovels he bought Druckenmiller disclosed new positions across a handful of AI hardware names that fall into two clear camps.

The first is memory and storage, where pricing is in the middle of a once-in-a-cycle surge as AI data centers absorb every bit of capacity the industry can produce. He opened positions in flash-memory specialist Sandisk (SNDK 0.04%), memory chipmaker Micron Technology (MU 3.81%), and hard-drive maker Seagate Technology (STX 3.44%).

These companies' growth has been staggering. Sandisk's fiscal third-quarter revenue (the period ended April 3) more than tripled from a year earlier to $5.95 billion, with its data center business alone up 233% from the prior quarter. Micron's most recent quarterly revenue nearly tripled as well, and management guided for current-quarter revenue to grow more than 200%. Seagate, meanwhile, grew revenue 44% last quarter while posting record margins.

These companies are also locking that demand in. Sandisk CEO David Goeckeler called the quarter "a fundamental inflection point" in the company's fiscal third-quarter earnings release, citing a shift toward higher-value data center customers backed by multiyear commitments. And Seagate says its highest-capacity drives are nearly spoken for through 2027.

The second camp is custom silicon. Here, Druckenmiller bought semiconductor giant Broadcom (AVGO 4.86%) and chip-design specialist Arm Holdings (ARM 5.37%). Broadcom designs the custom accelerators that big cloud companies use as alternatives to Nvidia chips, and that business is booming; AI revenue jumped 106% year over year to $8.4 billion last quarter, with more strong growth guided for the period it will report in early June.

Why following him may be risky -- and why Alphabet still looks attractive There's a catch baked into every one of these filings: a six-week reporting lag. Druckenmiller's purchases reflect where the fund stood at the end of March, but the filing didn't surface until mid-May. In between, these stocks went vertical. Sandisk is up several thousand percent over the past year, while Micron has climbed more than 850% and Seagate has climbed about 600%. Anyone copying the trade now is paying far more than he did.

That gap matters because memory and storage are historically cyclical businesses. The forward price-to-earnings ratios on names like Sandisk and Micron look almost absurdly cheap -- in the single digits -- but that is often how deeply cyclical stocks appear at the top of a cycle, when current profits are peaking. Should supply catch up with demand, pricing and margins could reverse in a hurry.

It's also worth remembering how Druckenmiller tends to operate. He has a long history of ringing the register on winners early, sometimes too early -- he exited Nvidia in late 2024 and later called it a mistake -- and he has sounded wary about AI valuations for a while.

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Then there's the stock he left behind. Alphabet's business reported a stellar quarter since Druckenmiller unloaded the stock. First-quarter revenue rose 22% to $109.9 billion, its 11th straight quarter of double-digit growth, while Google Cloud revenue accelerated to 63% growth and its cloud backlog roughly doubled to more than $460 billion. Additionally, Alphabet's operating income rose 30%.

At a forward price-to-earnings ratio of about 27, Alphabet is no longer the bargain it was a year ago. Still, this valuation looks reasonable considering the search giant's business momentum.

So should you follow Druckenmiller out of the search giant and into AI hardware? I'm skeptical. His memory and custom-silicon bets may keep working, but they're cyclical, already up enormously, and being mirrored weeks after the fact. Alphabet, by contrast, still seems to offer durable double-digit growth at a fair price.