Track market-moving stories before they get noisy

Massive demand for memory chips for artificial intelligence (AI) training and inference has been a boon for the three major memory chipmakers. Shares of Micron Technology (MU 6.59%) have climbed over 850% in the past year, while its Korean competitors SK Hynix and Samsung Electronics are up nearly 900% and 500%, respectively, in the same period. All three have benefited from a massive supply/demand imbalance, which has allowed them to charge record-high prices for their products.

Now SK Hynix is making a move that should be a warning to Micron investors and the memory market in general. The company will list American depositary receipts on the Nasdaq stock exchange next month. The offer could raise over $29 billion. Here's why Micron investors need to pay attention.

Image source: The Motley Fool.

A massive capital raise for Micron's biggest competitor While we're talking about trillion-dollar companies, make no mistake: $29 billion is still a huge amount of money to raise from the public market. Few other companies have ever raised that much at one time from a stock offering.

That capital has to come from somewhere. With Micron being the only one of the big three memory chipmakers with U.S.-listed shares, it may feel the brunt of the shift in capital as investors look to broaden exposure in the memory market.

The bigger thing Micron investors need to worry about, however, is exactly what SK Hynix plans to do with all that cash. In its SEC filing, management said it intends to use all proceeds to construct new production facilities in Korea and to purchase new fabrication equipment.

Those facilities could start producing new chips before the end of 2027, with a rapid ramp-up in capacity through 2030. It's also constructing an advanced chip packaging facility in Indiana that's set to open in 2028.

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SK Hynix's expansion plans could rapidly increase the total supply of memory chips in a market where products are mostly commoditized. SK Hynix chips can be used in place of Micron chips. As a result, if SK Hynix has more chips to sell, it could gain market share and put pressure on pricing.

Of course, Micron isn't standing still. It's building two factories in Idaho, which are set to open in 2027 and 2028. It also acquired a site in Taiwan where it expects to start production in mid-2027, and it's planning additional projects set to start production later this decade. Overall, management expects supply constraints to persist through the end of next year.

As more supply comes online to meet demand, prices will fall. Overall profits can continue to climb for some time, as more unit sales offset declining market prices. However, profits will eventually fall as supply growth outpaces demand growth, with SK Hynix, Micron, and Samsung all racing to build capacity. SK Hynix's capital raise could accelerate that peak.

Micron investors should exercise caution The current upward earnings cycle in the memory chip market can't last forever. Micron is already taking steps to protect itself against what could be a severe downcycle in a few years. It's signing long-term strategic customer agreements that lock in pricing at a maximum equal to its current price, while also creating a pricing floor.

Many of those agreements run through 2030, and management says they represent about 20% of its dynamic random-access memory (DRAM) chip volume. The agreements could reduce the cyclical downturn later this decade, but it also caps the upside it could generate over the next year or two from increased pricing.

With SK Hynix's aggressive build-out plans about to receive significant capital backing, Micron may be betting on an accelerated timeline toward the market's peak pricing.

The stock price has climbed to about 9 times forward earnings expectations and 8 times fiscal 2028 earnings expectations. If Micron's earnings cycle peaks, as expected, in 2028, it's currently trading for a relatively expensive multiple compared to its historic valuation. If the competition pushes that timeline forward or worsens the downcycle, it could prove way overvalued at today's price.

, /PRNewswire/ -- Honeywell Technologies (NASDAQ: HON) today announced it will issue its second quarter financial results before the opening of the Nasdaq Stock Market on Thursday, July 23. The results for the second quarter will include the former Aerospace Technologies segment, which is now operating as Honeywell Aerospace and trading on Nasdaq under the ticker symbol "HONA" following the spin-off from Honeywell today. Honeywell Technologies will hold a conference call at 8:30 a.m. EDT to discuss its second quarter performance and 2026 outlook.

Presentation Materials / Webcast Details

A real-time audio webcast of the presentation can be accessed at investor.honeywell.com, where related materials will be posted prior to the presentation and a replay of the webcast will be available for 30 days following the presentation.

Honeywell Technologies is a global, pure-play automation company with a legacy of innovating to help solve the world's most mission-critical challenges, enhancing the quality of life for people and communities around the world.  We serve the building, industrial, and process sectors with a broad portfolio of services, solutions, and products, underpinned by our Honeywell Technologies Accelerator operating system and Honeywell Technologies Forge intelligence layer.  By combining the deep domain expertise of our more than 50,000 employees with decades of data from our global installed base, we are uniquely positioned to lead the industrial sector's transition from automation to autonomy. For more news and information on Honeywell Technologies, please visit Honeywell Technologies Newsroom.

Honeywell Technologies uses our Investor Relations website, investor.honeywell.com, as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD.  Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media.

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SOURCE Honeywell Technologies

VR-205 Met Primary Endpoint and Key Secondary Endpoints and Was Well Tolerated

VR-205 Efficacy and Safety Profile in Japanese Patients Was Consistent with the Profile Observed in Global Studies 

Japanese New Drug Application Submission Targeted by End of 2026

, /PRNewswire/ -- Viatris Inc. (Nasdaq: VTRS), a global healthcare company, today announced positive top-line results from a Phase 3 clinical trial evaluating the efficacy and safety of VR-205 (targeted-release budesonide formulation) (Nefecon®) in Japanese adult patients with primary immunoglobulin A nephropathy (IgAN) at risk of developing end-stage renal disease.

The Phase 3 clinical trial was a multicenter, interventional, open-label study designed to evaluate the efficacy and safety of 16 mg of VR-205 in Japanese adult patients with primary IgAN. Patients were treated for nine months, followed by a three-month follow-up period.

The study achieved its primary endpoint, with VR-205 demonstrating a 33.75 percent reduction in geometric mean urine protein-to-creatinine ratio (UPCR) at 9 months compared to baseline [95% CI: -45.27 to -19.80; p < 0.001]. These results were statistically significant and clinically meaningful, and were consistent with those observed in the global Phase 3 program for the product. Key findings included:

In addition to a statistically significant and clinically meaningful reduction in UPCR at 6 and 12 months, VR-205 demonstrated a significant improvement in estimated glomerular filtration rate (eGFR) and reductions in serum creatinine and urine albumin-to-creatinine ratio (UACR) at 9 months compared to baseline. The overall therapeutic benefit of VR-205 was further supported by improvements in microhematuria and a sustained proteinuria reduction. No study participants progressed to dialysis, kidney transplant or severe renal impairment (eGFR ≤15 mL/min per 1.73 m2) by the end of the study. VR-205 was generally well tolerated over the nine-month treatment period, with a safety profile consistent with the known safety profile of targeted-release budesonide in non-Japanese patients. "We are pleased with these top-line results, which highlight VR-205 as a potentially meaningful, disease-modifying treatment option for patients with primary IgAN," said Viatris Chief R&D Officer Philippe Martin. "In Japan, where IgAN incidence is the highest globally, VR-205 could become the first IgAN-specific, targeted-release budesonide oral therapy. This progress reflects the continued execution of Viatris' strategy focused on building a differentiated and increasingly innovative portfolio in Japan, with an emphasis on delivering therapies that provide meaningful value and address significant unmet needs."

"Primary IgAN is a designated intractable disease in Japan, and remains a significant unmet need, with no curative treatment despite the risk of progression to end-stage renal disease," said Yuko Asami, Head of R&D, Viatris Japan. "These top-line results mark an important step toward expanding treatment options for patients and healthcare providers."

Viatris is targeting submission of a New Drug Application in Japan by the end of 2026.

In 2022, Calliditas Therapeutics AB and Viatris Pharmaceuticals Japan Inc., a subsidiary of Viatris Inc., entered into an exclusive license agreement to obtain marketing authorization and to commercialize VR-205 for the treatment of primary IgAN in Japan. It is currently a specialty drug approved and marketed as Tarpeyo® in the U.S. and as Kinpeygo® in Europe.

About Phase 3 Study (VR-205A-01-CAZ-3001)
The Phase 3 trial was a multicenter, interventional, open-label study conducted in Japan to evaluate the efficacy and safety of oral VR-205 (targeted-release budesonide formulation) for the treatment of primary IgA nephropathy in Japanese adult patients at risk of developing end-stage renal disease. The study enrolled a total of 39 participants who were treated with 16 mg of VR-205 daily (four capsules) over a nine-month treatment period.

Following completion of treatment, participants entered a three-month follow-up period including a two-week dose tapered to 8 mg of VR-205 (two capsules) daily at the start of the follow-up period.

About Immunoglobulin A Nephropathy (IgAN)
IgAN is a progressive, immune-mediated kidney disease and the most common primary glomerulonephritis worldwide. Japan reports the highest incidence rates globally, at 39 to 45 cases per million population per year, with peak age at diagnosis between 30 and 39 years. In Japan, adult-onset IgAN is reported to progress to end-stage renal disease (dialysis or transplantation) in approximately 15-20 percent of patients within 10 years. Most patients reaching end-stage renal disease face decades of dialysis. The total national cost of maintenance hemodialysis in Japan is approximately JPY 1.5 trillion per year. Chronic glomerulonephritis (with IgAN as a leading underlying cause) accounts for 23.4 percent of Japan's more than 340,000 dialysis patients. Despite this burden, therapies that target the underlying immunological drivers of IgAN to preserve long-term kidney function have remained limited, and a clear need persists for disease-modifying treatment options.

About Viatris
Viatris Inc. (Nasdaq: VTRS) is a global healthcare company whose mission is to empower people worldwide to live healthier at every stage of life. We meet the needs of patients around the world by acting decisively with ingenuity and resolve. Whether we're developing new medicines, working to maintain a resilient supply of needed therapies, or pursuing bold innovation, we strive to deliver solutions that are effective at scale and built to endure. We're purpose-built to make an impact with a dynamic portfolio that spans generics, established brands and innovative medicines that address areas of significant unmet need. We are headquartered in the U.S., with global centers in Pittsburgh, Shanghai, China, and Hyderabad, India. Learn more at viatris.com and investor.viatris.com, and connect with us on LinkedIn, Instagram, YouTube and X.

Forward-Looking Statements
This press release includes statements that constitute "forward-looking statements." These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include statements that positive top-line results from a Phase 3 clinical trial evaluating the efficacy and safety of VR-205 (targeted-release budesonide formulation) (Nefecon®) in Japanese adult patients with primary immunoglobulin A nephropathy (IgAN) at risk of developing end-stage renal disease; VR-205 met primary endpoint and key secondary endpoints, and was well tolerated; VR-205 efficacy and safety profile in Japanese patients was statistically significant and clinically meaningful and were consistent with the profile observed in global studies; we are pleased with these top-line results, which highlight VR-205 as a potentially meaningful, disease-modifying treatment option for patients with primary IgAN; in Japan, where IgAN incidence is the highest globally, VR-205 could become the first IgAN-specific, targeted-release budesonide oral therapy; this progress reflects the continued execution of Viatris' strategy focused on building a differentiated and increasingly innovative portfolio in Japan, with an emphasis on delivering therapies that provide meaningful value and address significant unmet needs; these top-line results mark an important step toward expanding treatment options for patients and healthcare providers; Viatris is targeting submission of a New Drug Application in Japan by the end of 2026. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the uncertainties inherent in research and development, including the outcomes of clinical trials; the ability to meet anticipated clinical endpoints; the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from clinical studies; failure to achieve the intended benefits of our strategic initiatives and priorities; goodwill or impairment charges or other losses; any changes in or difficulties with the Company's manufacturing facilities; failure to achieve expected or targeted future financial and operating performance and results; Viatris' or its partners' ability to develop, manufacture, and commercialize products; any regulatory, legal or other impediments to Viatris' ability to bring new products to market; products in development and/or that receive regulatory approval may not achieve expected levels of market acceptance, efficacy or safety; actions and decisions of healthcare and pharmaceutical regulators; changes in healthcare and pharmaceutical laws and regulations in the U.S. and abroad; the scope, timing and outcome of any ongoing legal proceedings, and the impact of any such proceedings on Viatris; any significant breach of data security or data privacy or disruptions to our IT systems; risks associated with international operations; changes in third-party relationships; the effect of any changes in Viatris' or its partners' customer and supplier relationships and customer purchasing patterns; the impacts of competition; changes in the economic and financial conditions of Viatris or its partners; uncertainties regarding future demand, pricing and reimbursement for the Company's products; uncertainties and matters beyond the control of management, including but not limited to general political and economic conditions, potential adverse impacts from future tariffs and trade restrictions, inflation rates and global exchange rates; and the other risks described in Viatris' filings with the Securities and Exchange Commission ("SEC"). Viatris routinely uses its website as a means of disclosing material information to the public in a broad, non-exclusionary manner for purposes of the SEC's Regulation Fair Disclosure (Reg FD). Viatris undertakes no obligation to update these statements for revisions or changes after the date of this press release other than as required by law.

SOURCE Viatris Inc.

June 29, 2026 07:30 ET  | Source: FuelCell Energy, Inc.

DANBURY, Conn., June 29, 2026 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) announced that the Board of Directors of the Export-Import Bank of the United States (EXIM) approved a financing package on June 23, 2026, of $49 million to be disbursed in two tranches.

The first tranche, expected to disburse on June 30, 2026, provides the company with net proceeds of approximately $22 million after financing fees and customary expenses and reserves to support the delivery of five 2.8-megawatt (MW) FuelCell Energy Blocks to Gyeonggi Green Energy (GGE) in South Korea. With nearly 60 MW of installed capacity, GGE’s site is among the largest fuel cell installations in the world and serves as an important example of distributed utility-scale clean energy deployment. A second tranche is expected to be disbursed in October 2026, subject to customary closing conditions.

EXIM structured the financing under its loan guarantee program and arranged with Private Export Funding Corporation (PEFCO), supporting the export of American clean energy technology to international markets. It builds upon FuelCell Energy’s prior EXIM-supported financing completed in 2024 and 2025 and reflects continued support for the company’s export of U.S.-manufactured clean energy technology.

“EXIM’s approval validates the strength of this project, our partnership with Gyeonggi Green Energy, FuelCell Energy’s business plan, and our ability to deliver distributed utility-scale clean power globally,” said Michael Bishop, FuelCell Energy’s Chief Financial Officer. “This financing adds non-dilutive capital to support growth and provides added flexibility as we invest in scaling manufacturing capacity, pursuing strategic opportunities in global power markets and mirroring our distributed utility scale solutions to AI factories and data centers.”

FuelCell Energy manufactures its clean, baseload fuel cell technology in Torrington, Conn., supporting domestic manufacturing, U.S. supply chains, and skilled American jobs. The transaction aligns with EXIM’s mission to support U.S. manufacturing, exports, and global competitiveness. Approximately 90% of the content in FuelCell Energy Blocks is sourced from the United States.

About FuelCell Energy

FuelCell Energy, Inc. is an American clean energy technology company delivering continuous, scalable baseload power for mission critical applications globally. The company’s fuel cell systems generate electricity directly at the point of use, enabling reliable, low emissions power for data centers, industrial facilities, utilities, and distributed generation customers. FuelCell Energy delivers commercially proven, modular, utility-scale systems—backed by global fuel cell deployments approaching one gigawatt. Learn more at www.fuelcellenergy.com.

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Comcast said Monday it plans to separate its media and technology businesses into two publicly traded companies as it looks to better compete in a media landscape increasingly characterized by ‌pressure from streaming rivals and consolidation.

The separation, which will happen via a tax-free spin-off of NBCUniversal and Sky, is expected to be completed in about one year, and Comcast shareholders will own shares in both Comcast and NBCUniversal, the company said in a statement.

Comcast shares jumped as much as 26% in premarket trading.

Comcast co-CEO Mike Cavanagh will become CEO of NBCUniversal, while Comcast's former Chief Financial Officer Michael Angelakis will become CEO of Comcast.

Comcast's other co-CEO and chair, Brian L. Roberts, will continue to be actively involved in the leadership of both Comcast and NBCUniversal.

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"The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business," Roberts said.

"Comcast will continue to build on its leadership in connectivity, while NBCUniversal, together with Sky, will have the scale, brands, content and financial resources to compete as a premier global media and entertainment company," Cavanagh said.

Comcast said it expects to retain a stake of up to 19.9% ownership position in NBCUniversal for up to one year after the transaction is completed, which it intends to tax-efficiently monetize over time.

It comes as Comcast's share price has plummeted 30% over the past 12 months amid significant challenges facing the media industry that are driven by the shift away from the TV bundle and toward streaming.

Comcast shares over the past year.

Earlier this year, it completed the spin-off of its portfolio of cable TV networks and digital assets, which includes CNBC and MS Now, to the separate public company Versant Media.

The media sector has seen a wave of consolidation recently, as legacy players strive for scale, with few companies going public amid the challenging environment.

Paramount Skydance completed its merger last year, and earlier this month, it won DOJ approval for a $110 billion deal for Warner Bros. Discovery. Meanwhile, Fox entered an agreement to acquire Roku for $22 billion earlier this month.

— CNBC's Lillian Rizzo contributed to this report

Disclosure: Versant is the parent company of CNBC.

President Donald Trump bought as much as $5 million in shares of Axon Enterprise — maker of Tasers, body cameras and policing software — two weeks before Immigration and Customs Enforcement sought a five-year, $220 million contract that experts told CNBC appeared tailored to the company's weapons.

On Feb. 10, Trump purchased between $1 million and $5 million worth of Axon stock, according to federal disclosures he filed in May. On Feb. 24, ICE posted a notice seeking roughly 17,800 new Tasers, along with unlimited cartridges and training.

The White House has said Trump's assets are held in a trust managed by his children and that Trump's investments are managed by independent third-party firms, not Trump or his family.

"There are no conflicts of interest," spokesperson Anna Kelly told CNBC, calling the scrutiny a "tired narrative" pushed by Democrats.

Trump's disclosures with the U.S. Office of Government Ethics, made public May 14, show more than 3,700 transactions, with the total amount for each listed as a range rather than an exact figure.

Under federal law, presidents are exempt from the criminal conflict-of-interest statute that applies to most executive branch officials.

The ICE notice does not name Axon, which makes about 90% of U.S. Tasers according to investment firm Brown Advisory, but it calls for "conductive-energy weapons" with specifications and capabilities that procurement reviewers and three policing experts told CNBC appeared to match only Axon products. The company already supplies the federal government with Tasers.

If finalized, the purchase would more than quadruple ICE's current Taser arsenal, replacing about 4,300 devices in the field, according to the February notice.

The notice refers to an upgrade to the "T10," Axon's "TASER 10" model, to replace ICE's older "X26P/X2 Tasers," which are also Axon-made. It also specifies features associated with "TASER 10," including a 45-foot range and 10 individually targeted probes — all specifications and capabilities that procurement experts say effectively foreclose other bidders.

There's no evidence Trump was involved in or had knowledge of the procurement process, that contracting officials knew of his stock purchase or that Axon knew that Trump was a shareholder. Trump bought the stock on Feb. 10, but the purchase did not become public until his financial disclosure was released in May. There is no indication Axon had access to non-public information about the president's personal investments.

The ICE notice was part of the standard federal procurement process. Federal procurement records show no contract has been awarded yet, and because the notice was a "Request For Information" rather than a formal solicitation, there is no public record showing which vendors, if any, responded.

Axon did not respond to requests for comment on whether it discussed the potential Taser purchase with ICE, DHS or White House officials before ICE posted the Feb. 24 notice.

The timing of the notice raises questions for ethics and three policing experts in part because of its proximity to Trump's stock purchase.

The president was also carrying out his pledge to enact mass deportations. Trump's Feb. 10 purchase occurred weeks after federal agents in Minneapolis shot and killed two U.S. citizens who were protesting an immigration crackdown in the city. Civil rights advocates have decried the killings of protesters as an overreach of law enforcement.

"What happened [in Minneapolis] showed how ICE agents have a hard job," said Deborah Fleischaker, a former acting chief of staff at ICE during the Biden administration. "The agency has a responsibility to make sure they have appropriate modern tools and training, but it's vital that new purchases are made for the right reasons."

Fleischaker, now a senior advisor for immigration policy and strategy at UnidosUS, said the timing "raises red flags," while cautioning it is impossible to assess from the public record whether anything improper occurred. UnidosUS is a nonprofit, nonpartisan Hispanic civil rights advocacy group.

"It is not smart to buy stock in a company that was impacted by the decisions you would be making at the agency," Fleischaker said. "I would have stayed far, far away from actual impropriety, or the appearance of impropriety."

Read more on Trump investmentsCompany that bet big on Trump-backed crypto says its fortunes have improvedTrump family got about $500M from crypto venture — but investors saw steep lossesTrump Jr. calls banking a 'Ponzi scheme' that forced family to create crypto businessThe Trump family crypto empire looks to Asia: Eric Trump talks Bitcoin in Hong KongTrump family says U.S. dollar needs an upgrade and they are the ones to do itEthics experts said the concern is not proof of wrongdoing, but the appearance of a conflict.

"The concern is that [Trump] bought into a company whose business could grow if his own administration expands immigration enforcement," Jordan Libowitz, vice president of communications at Citizens for Responsibility and Ethics in Washington, told CNBC. CREW is a liberal-leaning, nonpartisan watchdog group on government ethics.

Axon shares rose more than 22% in the month after Trump's purchase, before paring those gains. As of the June 26 close, the stock was up about 7% from his purchase date. If Trump bought near the top amount of the disclosed range, the potential paper gain could be worth roughly $350,000 as of market close on June 26. In the week following ICE's notice for seeking a contract, the company's stock rose more than 34%.

ICE and its parent agency, the Department of Homeland Security, did not respond to requests for comment. CNBC asked the agencies whether the purchase has been awarded, why ICE is seeking such a large expansion, how many vendors expressed interest, whether any company besides Axon could meet the requirements and whether the deal requires DHS secretary-level approval.

A person familiar with the procurement, who spoke on condition of anonymity due to fear of retaliation for discussing the pending ICE notice, said awarding the Taser contract appears to be stalled by its price tag and a shakeup in DHS leadership.

The person said ICE posted the contract notice about a week before then-Homeland Security Secretary Kristi Noem was fired and before she had signed off on it. Under Noem, DHS rules required expenditures over $100,000 to be personally approved by the secretary's office. Homeland Security Secretary Markwayne Mullin canceled the rule in April.

It's unclear what the timeline for awarding the contract is, but the person familiar with the procurement said DHS is expected to continue pursuing a deal.

Axon's growing federal footprintFor Axon, the financial upside may not stop at Tasers.

The roughly $35 billion company's biggest growth engine is the policing infrastructure that can follow weapons purchases: cloud storage, evidence-management systems, body cameras, real-time operations tools and AI products. Policing experts say one-time device orders can turn into a long-term technology relationship.

"If Trump expands ICE, Axon could be selling the infrastructure behind the crackdown," said Matthew Guariglia, a senior policy analyst at the Electronic Frontier Foundation focused on policing surveillance who has written extensively about Axon. "It can sell the cameras, cloud storage, software and AI tools that come with a bigger federal enforcement machine." The nonprofit group advocates for privacy and free speech online.

Axon already has a $370 million DHS body-camera and software contract awarded in 2023, though only about $67.5 million has been obligated so far, according to HigherGov, a government market-intelligence platform that tracks federal contracts and grants.

The potential ICE Taser deal would land as Axon is already riding record demand. The company reported its two highest-revenue quarters on record: $796.7 million in the fourth quarter of 2025, up 39% from a year earlier, and $807.3 million in the first quarter of 2026, up 34%, fueled by Taser sales and fast-growing AI products.

Axon executives told investors in February that DHS contracts are a "major opportunity."

Axon has been staffing up to chase that opening. On a May 6 earnings call, Axon President Joshua Isner said the company had "rebuilt a large portion" of its federal team and hired Claudia Davidson from Palantir, where she spent more than seven years helping expand the data-mining and defense contractor's business with federal agencies.

"We're seeing renewed interest in body cameras and Tasers in federal law enforcement," Isner told investors, adding that Axon's federal business was "trending very much in the right direction" and that, "with a few things going our way, it could be a banner year in Fed."

However, civil liberties advocates warn that ICE is wading deeper into Axon's surveillance ecosystem.

Axon's software works to combine live feeds from body cameras, drones, fixed cameras and other sources. If ICE expands raids and works more closely with state and local police, advocates warn that this kind of system could give federal agents a real-time map of local operations.

"If they are able to plug into Ring cameras, livestreams, body cameras and other local feeds, then suddenly you are not just talking about officer safety or accountability," Guariglia said. "You are talking about a platform that could give federal law enforcement a real-time picture of where people are, what is happening on the ground and how to respond with local precision."

Axon announced a Ring partnership in 2025 that lets Ring users voluntarily share footage with law enforcement through Axon's evidence platform. Axon's Fusus platform separately aggregates shared community cameras, body cameras, drones and other feeds onto a real-time map.

Fleischaker said the proposed Taser use expansion via the DHS contract appears consistent with the Trump administration's broader immigration agenda.

"It indicates what we know from other places, which is that the Trump administration has and will continue to ramp up immigration enforcement beyond levels we've ever seen," Fleischaker said. "That requires lots and lots of enforcement, and they would be procuring Tasers to be a part of that effort."

Politically connectedAxon's growth strategy has also led the company to boost its spending in Washington.

Axon spent nearly $2.5 million lobbying last year, its highest annual total, according to OpenSecrets, a nonprofit organization that tracks political spending. Its targets included legislation and regulation around body cameras, counter-drone technology, digital evidence management and other law-enforcement products it is pushing into federal agencies.

And that push appears to be gaining ground. Congress has proposed a $20 million line item in DHS appropriations requiring the agency to outfit immigration enforcement agents with body cameras, partly as a result of heavy lobbying by Axon, policing experts say.

Democrats have joined the effort, too. Sens. Ruben Gallego and Mark Kelly, both Arizona Democrats, introduced legislation requiring all DHS officers to wear body cameras. The legislation has no Republican support, making it unlikely to advance in the Republican-controlled Senate.

Donors connected to Scottsdale, Arizona-based Axon donated over $20,000 to Gallego during the 2024 election cycle when he ran for the Senate, according to OpenSecrets.

Gallego and Kelly, who have publicly championed body-camera and use-of-force requirements for ICE, did not respond to requests for comment on Axon's position as a likely beneficiary of body-camera mandates.

On Capitol Hill, Democrats have called for body cameras as an accountability measure and as a political bargaining chip with Republicans. For Axon, they are also a gateway product, policing experts say, to tie federal officers to its cloud storage, evidence software and AI tools.

"Body cameras can create a durable technology relationship with law enforcement agencies because the footage has to be stored, managed, analyzed and integrated into broader evidence systems," Guariglia said.

Axon's political spending has also drawn scrutiny from shareholders.

The Nathan Cummings Foundation sued Axon in January to stop the company from excluding a shareholder proposal seeking more disclosure around its political spending.

"Since Trump came into office, Axon has spent enormous amounts of money in politics to curry favor and support contracts and laws that benefit the company," Richard Kirby, a former SEC attorney who represented the foundation in its lawsuit against Axon that settled March 9, told CNBC. "That is exactly why investors need transparency."

Key Takeaways AYI said lighting demand is firming after winter softness, with project flow normalizing into Q4.AIS sales rose 14.9% to $303.5 million, driven by Distech, QSC and open-architecture wins.Acuity cited AIS product launches, data center momentum and organic growth in controllers. Acuity Inc. (AYI - Free Report) used its third-quarter fiscal 2026 earnings call to press a forward-looking message: lighting demand is stabilizing, while Acuity Intelligent Spaces continues to supply the company’s faster-growth engine. Management emphasized execution more than headline beat metrics.

That framing mattered because the quarter again showed a split business. Lighting remained pressured on sales, but AIS expanded at a double-digit rate, and management sounded increasingly confident about growth avenues in controls, OEM channels and data centers.

AYI Sees a Better Setup in LightingChairman, president and CEO Neil Ashe said Acuity Brands Lighting is seeing firmer demand after a softer stretch in the winter months, when conversion rates from quoting to releases ran longer than normal. He said activity is starting to normalize and described project flow as more typical heading into the fourth quarter.

Chief financial officer Karen Holcom added that fourth-quarter sales should rise sequentially from the third quarter, though not necessarily at the same pace as the recent step-up. That outlook stopped short of a broad rebound call, but it marked a more constructive tone than earlier commentary around a tepid market.

The quarter itself still reflected pressure. ABL sales fell 1.9% to $905.2 million, though adjusted operating margin remained a healthy 18.2%. Management tied the sales decline partly to a tough comparison against last year’s tariff-related order pull-forward rather than to a new deterioration in demand.

Acuity Leans Harder on AIS GrowthIf the call had a central growth theme, it was AIS. Sales in the segment climbed 14.9% to $303.5 million, with adjusted operating profit up 22.5% and adjusted operating margin reaching 25.1%, driven by Distech and QSC.

Ashe spent much of his prepared remarks on Distech, arguing that Acuity’s open-architecture strategy is translating into share gains. He cited wins at universities, sports venues, enterprise campuses and data centers while also pointing to OEM manufacturers adopting the Eclipse portfolio for next-generation applications.

Management also highlighted new product cadence inside AIS, including Eclipse Resilience for mission-critical cooling and a preloaded dashboard tied to occupancy and space utilization. The message was that AIS is broadening from controls into a platform story built around edge control, cloud intelligence and occupant experience.

AYI Protects Margins While InvestingThe company’s financial backdrop supported that strategy. Adjusted earnings per share increased to $5.31 from $5.12 a year earlier. The figure topped the Zacks Consensus Estimate of $5.20 by 2.1%. Net sales rose 1.6% to $1.2 billion, which modestly beat the $1.19 billion estimate by 1.1%.

Gross margin remained a notable talking point. Adjusted gross profit margin improved 10 basis points to 50.1%, helped by a richer AIS mix, even as ABL adjusted gross margin slipped 50 basis points to 46.1%.

Ashe said inflation remains present across materials and SG&A, with medical costs one example, but he stressed that recent spending has been concentrated in technology and AI capabilities rather than undisciplined overhead growth. He argued that those investments are already helping gross margin and should create stronger operating leverage when volume improves.

Acuity Keeps Capital Deployment FlexibleHolcom said Acuity’s capital allocation priorities have not changed: invest for growth, raise the dividend, pursue acquisitions and repurchase stock opportunistically. That framework was visible in the quarter’s actions.

For the first nine months of fiscal 2026, Acuity generated $520.2 million in operating cash flow and $461.7 million in free cash flow. It also repaid $200 million of term debt year to date, repurchased about 766,000 shares for $230 million and refinanced its revolver with a new five-year $800 million unsecured facility.

Ashe made clear that acquisitions remain a priority, especially in AIS. But he also underscored selectivity, pointing to QSC as the model for buying quality assets that can perform better inside Acuity’s broader platform.

AYI Uses Q&A to Expand the Data Center StoryAnalyst questions pushed management to define how durable AIS growth is and whether data centers are becoming a more material opportunity. Ashe responded by tying recent momentum to a mix of product innovation, market share gains and expansion into adjacencies such as refrigeration and OEM channels.

On data centers, management sounded more explicit than in prior calls. Ashe said Distech now has both direct digital controllers and PLC controllers, which broadens its ability to serve hyperscalers, while the lighting side is also seeing rapid percentage growth off a smaller base.

The answer that stood out most was management’s insistence that this push is currently organic. Ashe said the company’s entry into the data center market is being driven by internal product development, not by a need to buy its way in.

Acuity Leaves the Call With a Clearer ToneThe call ended with a more confident posture than the raw ABL sales number alone would imply. Management’s emphasis was on normalization in lighting, continued margin discipline and a wider runway for AIS.

Ashe also pointed to internal priorities that framed Acuity’s next phase: deploying AI inside the business, accelerating product velocity, improving digital manufacturing and pursuing targeted AIS expansion. Those comments reinforced a company trying to compound operational discipline with higher-value technology exposure.

Zacks Signals Still Call for SelectivityAYI currently carries a Zacks Rank #3 (Hold), alongside Value and Growth Scores of B, a Momentum Score of F and a VGM Score of C. Under the Zacks framework, a Zacks Rank #1 (Strong Buy) and #2 (Buy) stocks paired with Style Scores of A or B offer the strongest near-term setup, while a Rank #3 is generally more neutral. You can see the complete list of today’s Zacks #1 Rank stocks here.

That mix points to a stock with some supportive value and growth characteristics, but weaker momentum. The Zacks methodology also treats estimate revisions as the primary driver, which means the current rank can change after analysts update forecasts following the quarter.

LOS ANGELES--(BUSINESS WIRE)--Korn Ferry (NYSE: KFY), a global organizational consulting firm, today announced that it has entered into a definitive agreement with OMERS Private Equity to acquire UK-headquartered AMS, which will create a global leader in talent and organizational consulting.

The combination will bring together two highly complementary organizations across geographies and industries with a shared commitment to drive business performance. Following completion, the collective firm will have more than 16,000 colleagues placing a professional in a job approximately every 90 seconds.

“By bringing AMS into the Korn Ferry family, we are expanding our ability to help clients solve their most critical organizational challenges,” said Gary D. Burnison, CEO, Korn Ferry. “Despite all of the technological innovations of yesterday, today and tomorrow, the real driver of organizational success is people. And with our AMS colleagues we will be stronger together than apart. Over almost 20 years I have watched AMS grow and evolve, with deep admiration and respect. I am convinced that the culture and values of both companies are completely aligned. And it all starts with people. This is indeed a significant milestone for Korn Ferry and I am excited about the future that we will shape together.”

The transaction will combine Korn Ferry’s expertise across Search, Talent & Organizational Solutions, and Workforce Solutions with AMS’s highly regarded expertise in Recruitment Process Outsourcing (RPO), Early Careers and Campus Recruiting, Contingent Workforce Solutions, Consulting, and Skills Creation.

“At AMS we connect organizations with the people who advance their vision and deliver their purpose—powering industries, achieving results and shaping futures,” said Rosaleen Blair, Founder and Chair of AMS. “In Korn Ferry we have a like-minded partner that shares the same beliefs and embraces the same values.” Following the consummation of the transaction, Rosaleen Blair will continue in a Chair role.

“Combining AMS with Korn Ferry will create new opportunities for our clients, our teams, and accelerate our ability to shape the future of work,” said Gordon Stuart, CEO of AMS.

“AMS has made incredible progress over the course of our ownership,” said Michael Block, Head of Private Capital, OMERS. “We have supported the company as it has expanded its capabilities, strengthened its client relationships and focused on the people and organizations it serves. Korn Ferry is a strong strategic fit for AMS as it enters its next chapter.”

Founded by Rosaleen Blair in 1996, AMS serves many of the world’s leading organizations across financial services, technology, healthcare, life sciences, consumer, industrial, and public sector markets. Its operations span more than 120 countries, including a well-established presence throughout Europe and Asia.

Drawing on the totality and strength of both firms—and leveraging combined expertise and relationships across geographies, the combined company will create more sustainable opportunities at scale.

Terms of the Acquisition Agreement

Under the terms of the acquisition agreement, Korn Ferry has agreed to acquire AMS for an aggregate purchase price of approximately £850 million (approximately $1.1 billion), consisting of (i) approximately £659 million (approximately $881 million) in cash and (ii) approximately £191 million (approximately $255 million) in Korn Ferry common stock.1

Korn Ferry expects to fund the cash portion of the transaction consideration with approximately $300 million of cash on hand and the remaining approximately $581 million of cash consideration with borrowings under Korn Ferry’s existing revolver. Additionally, Korn Ferry will issue approximately 3.6 million shares2, subject to a 15% collar at the closing.

On a current annual run-rate basis, AMS is generating approximately $650 million of Fee Revenue and $100 million of Adjusted EBITDA.3 Assuming no adverse change in the economic environment, Korn Ferry estimates that the run-rate Adjusted EBITDA3 contribution within a year following the closing of the acquisition will be approximately $140 million.

The consummation of the transaction is subject to receipt of regulatory clearances and is expected to close in Korn Ferry’s 2nd fiscal quarter of FY’27. The transaction is expected to be immediately accretive to earnings per share in the first full year after adjusting for restructuring and integration and transaction costs.

AMS’s long-term contracts will add more than $1.5 billion in estimated fees remaining under existing contracts, providing greater revenue visibility and enhancing the Company’s ability to provide scalable, data-driven talent strategies across geographies and industries.

Additional details regarding the transaction will be discussed during a conference call with investors on Monday, June 29 at 8:30 a.m. EDT. The call will be webcast and available online at www.kornferry.com under Investor Relations, News & Events.

About Korn Ferry

Korn Ferry is a global consulting firm that powers performance. We unlock the potential in your people and unleash transformation across your business—synchronizing strategy, operations, and talent to accelerate performance, fuel growth, and inspire a legacy of change. That’s why the world’s most forward-thinking companies across every major industry turn to us—for a shared commitment to lasting impact and the bold ambition to Be More Than.

As the Official Talent & Organizational Consulting Partner of LA28, Korn Ferry is powering the nearly 5,000 people who power the Olympic Games—bringing in the right talent, building strong leaders, and shaping the structure and culture that will deliver an unforgettable experience for the world.

About AMS

We are people experts.

Our 8,000 colleagues power talent acquisition and consulting strategies that deliver results for leading organizations across 120 countries.

We partner with our clients to help re-define a new era of talent, driven by people, process, data and technology, enabling them to attract and retain the talent they need to achieve their vision.

Our core areas of service include: Recruitment Process Outsourcing (RPO), Early Careers and Campus Recruiting, Contingent Workforce Solutions, Consulting and Skills Creation, which are amplified by digital capability and strategic technology partnerships.

We call this...People powered partnership.

Forward-Looking Statements

Statements in this press release and our conference call include “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 concerning the transaction. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “estimate,” “may,” “plan,” “outlook,” “project,” “will” or other similar expressions. Such forward-looking statements include, but are not limited to, statements relating to the USD converted purchase price, the number of shares of Korn Ferry stock to be issued in the transaction, the timing of the transaction, the expected benefits of the transaction, including the global leadership position of the combined company, the combined company’s expanded capabilities, transaction synergies, future financial and operating results, and the combined company’s plans, objectives and expectations. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. Such risks and uncertainties, many of which are outside of the control of Korn Ferry, include, but are not limited to: (1) the occurrence of any event or change that could give rise to the termination of the acquisition agreement; (2) the inability to timely complete or complete at all the transaction; (3) delays in obtaining or the inability to obtain, necessary regulatory approvals; (4) the risk that the transaction disrupts current plans and operations of Korn Ferry and/or AMS; (5) the ability to successfully integrate the operations and employees of AMS into Korn Ferry; (6) the ability to recognize the anticipated benefits of the transaction which may be affected by, among other things, the ability of Korn Ferry and AMS (prior to the closing) and the combined company (following the closing) to maintain relationships with clients and suppliers and retain key employees; (7) currency exchange rates; (8) fluctuations in Korn Ferry’s stock price; (9) costs related to the transaction; (10) the outcome of any legal proceedings that may be instituted against Korn Ferry or AMS or their respective affiliates following announcement of the transaction; (11) the possibility that Korn Ferry or AMS may be adversely affected by economic, business, and/or competitive factors; and (12) other risks and uncertainties indicated from time to time in filings with the SEC by Korn Ferry. Korn Ferry undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

No Offer or Solicitation

This communication is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities.

Nvidia CEO Jensen Huang. Bloomberg/Getty Images Nvidia's AI ambitions are officially out of this world this year, and they haven't come back down to Earth.

The AI chip giant is adding to the team behind Space-1, its first computing system designed for space. In recent weeks, the chip giant posted a second job tied to orbital data centers.

The role — for a system software principal architect — will help build software for Space-1, which the chip giant unveiled at its GTC event in March.

Space data centers have emerged as a potential way to get around growing constraints on land, power, and cooling on Earth. Companies like SpaceX are racing to make the idea a reality, while skeptics argue the costs still outweigh the benefits.

During a recent earnings call, Nvidia CEO Jensen Huang said the economics around space computing are poor today but will improve over time.

The principal architect job post follows another role shared earlier this year for an orbital data center system architect. While that position focuses on designing the overall system — from computing hardware to satellites to connectivity systems — the new post focuses on making Space-1's software work in practice.

The person hired will design the software that runs the system so it can withstand radiation and extreme temperature swings and be managed remotely.

Space-1 harnesses Nvidia's latest Vera Rubin AI chip platform and is designed for low-Earth orbit missions.

The system software role requires previous experience building AI infrastructure and systems in space. It offers a base salary of $272,000 to $431,250, which doesn't include Nvidia's coveted equity awards.

While the technology is still in its early stages, Nvidia's latest job postings suggest the chipmaker is moving from conceptual planning to building the systems needed to make it work.

Have a tip? Contact this reporter via email at [email protected] or Signal at @geoffweiss.25. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely.

Read next

Geoff Weiss You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Geoff Weiss is a senior reporter on Business Insider’s tech team, where he writes about AI startups and Y Combinator, the intersection of AI and the media industry, and workplace dynamics within top AI labs and chip companies.Previously, Geoff was on the media desk, covering YouTube and Netflix, and themes like the intersection of Hollywood and the creator economy. His work on Netflix’s video podcasting ambitions and Mr Beast’s lessons for Hollywood won second and first prize, respectively, at the 2025 LA Press Club Awards.Prior to joining Business Insider, Geoff was the senior editor of Tubefilter and a staff writer at Entrepreneur. He graduated from New York University with a degree in English Literature.He can be reached at [email protected], on Signal @geoffweiss.25, and on LinkedIn. Have a tip? Use a personal email address and a nonwork device; here's our guide to sharing information securely.Selected stories:Nvidia crushed its quarter — and CEO Jensen Huang said in a leaked all-hands that 'the market did not appreciate it'Nvidia will foot the bill for Trump's new visa fees. Here's what CEO Jensen Huang told staff.Massive AI salaries and RTO are fueling a real estate boom in San Francisco: 'It's going to rain money'The AI talent wars are ricocheting across startups. Here's how they're competing with Big Tech.

AI Space Big Tech More Data Centers Jobs

Broadcom stock NASDAQ:AVGO has fallen sharply from its record high, but the selloff may say more about investor expectations than about weakness in AI demand.

Shares have retreated from around $495 to much lower levels, leaving the stock more than 24% below its peak.

That looks brutal, but Broadcom’s latest quarter was not a demand collapse. The company reported record revenue, strong earnings and a huge jump in AI semiconductor sales.

Broadcom’s fiscal second-quarter numbers were strong on the surface.

Revenue rose 48% from a year earlier to a record $22.2 billion, while adjusted earnings came in at $2.44 a share. AI semiconductor revenue jumped 143% year on year to $10.8 billion.

The real trigger was guidance. Broadcom said it expects AI chip revenue of about $16 billion in the fiscal third quarter.

That would still be more than triple the year-earlier level, but it came in below the roughly $17 billion-plus investors had hoped for.

The bigger disappointment was that CEO Hock Tan did not raise Broadcom’s longer-term AI target. He reiterated that the company is still aiming for more than $100 billion in AI chip sales in fiscal 2027.

In this market, “on track” was not enough.

Trading volume surged as the stock fell, showing this was a panic-style reset rather than a slow reassessment.

Broadcom’s management still sounds confident about demand.

Tan said demand for XPUs and networking is “simply insatiable,” adding that AI semiconductor bookings in the quarter were over $30 billion against the $10.8 billion the company shipped.

That means customers are still ordering far more than Broadcom can currently deliver.

The company has also pointed to gigawatt-scale commitments from major AI customers, including Anthropic, OpenAI and Meta.

Broadcom now expects to ship more than 10 gigawatts of AI chips in 2027, slightly above its earlier view.

Wall Street has not abandoned the stock either. JPMorgan reiterated its Overweight rating and $580 price target, telling clients it would be “aggressive buyers” at current levels.

The broader analyst picture remains heavily bullish. Recent consensus screens show dozens of Buy ratings, only a handful of Holds and no Sells, with average price targets still above $500.

There are real risks as CFO Kirsten Spears has previously flagged margin pressure as AI becomes a bigger part of Broadcom’s mix, because some AI system sales may carry lower margins than its software business.

Tan has also acknowledged that Google may diversify TPU suppliers over time, even though Broadcom remains central to Google’s custom chip roadmap.

Broadcom’s drop did not happen in isolation.

The selloff spilled into the broader semiconductor space, with Nvidia, AMD, Marvell, Intel, Micron and other chip names also coming under pressure in the days after the report.

Texas Instruments and Analog Devices were hit in a wider chip-sector pullback as investors questioned whether AI-related valuations had run too far.

The market was looking for any sign that the AI trade had become too crowded.

Broadcom’s decision not to raise its long-term target gave investors an excuse to take profits across the group.

June 29, 2026 02:00 ET  | Source: Verizon Communications, Inc.

BT Group and Verizon agree to combine their respective international operations in a 50:50 joint venture, creating a new company focused on multinational connectivity.The joint venture will serve more than 3,000 customers across more than 180 countries, representing approx. $4 billion in combined annual revenue.The combination of international networking businesses creates a future-ready, scaled organization underpinned by a new platform designed for the age of cloud and AI.Martijn Blanken is appointed Chief Executive Officer-designate of the new joint venture, conditional on completion of the transaction.The transaction is expected to complete in 2027, subject to regulatory clearances and other customary closing conditions. LONDON and NEW YORK, June 29, 2026 (GLOBE NEWSWIRE) -- BT Group (BT) and Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced the signing of an agreement to combine their respective international enterprise operations into a 50:50 joint venture – in a move that is set to transform international connectivity.

The new joint venture will focus on serving multinational organizations. It is expected to serve more than 3,000 customers across more than 180 countries, representing approximately $4 billion in combined annual revenue. This breadth of operations will unlock significant scale efficiencies across the combined global network and service operations following completion.

Designed specifically for a cloud-first world in the age of AI, the joint venture brings together BT International, which serves multinational customers with secure and resilient communication and network services around the world, with Verizon’s international enterprise wireline arm, which provides secure connectivity to enterprises worldwide. Both BT and Verizon will hold equal voting rights and Verizon has agreed to pay BT an equalization payment of $625 million.

By combining global scale with infrastructure designed and built to support local compliance and sovereignty needs, the joint venture will create a stronger platform for growth and accelerate the rollout of next-generation connectivity platforms. Customers will benefit from secure and resilient connectivity designed to meet data, operational and regulatory requirements.

At the same time, the parent companies will be better able to focus on their domestic markets, while providing support to the new joint venture as equal shareholders.

BT and Verizon have also today confirmed that Martijn Blanken has been appointed Chief Executive Officer-designate of the new joint venture, conditional on the completion of the transaction. Martijn has almost three decades in senior leadership positions across telecommunications, technology and digital infrastructure at Telstra, Openwave Systems, EXA Infrastructure and KPN, and a career spanning four continents. From September 1, 2026, he will join BT and will work with both parent companies, while observing relevant regulatory requirements, as they prepare for the launch of the proposed joint venture.

Clive Selley will continue to lead BT International as CEO, ensuring continuity of BT International’s ongoing transformation in readiness for the creation of the joint venture. Verizon’s leadership remains unchanged.

Allison Kirkby, Chief Executive of BT Group, said: “The world’s leading brands and international organizations trust BT International to connect them across the world. Bringing together this expertise and heritage with Verizon’s deep relationships with multinationals will create a stronger, scaled connectivity partner – one that has the reach, innovation and investment to succeed. Customers will benefit from new, secure and resilient connectivity platforms which are designed for the age of AI and sovereign where it matters. It will create new opportunities for our people and long-term value for our owners. Today’s announcement marks a major milestone for BT International, and an important step forward for BT as a whole, as we deliver on our U.K.-focused strategy.”

Dan Schulman, CEO of Verizon, said: "Our international customers require secure, flexible connectivity that works seamlessly across borders and cloud environments. When we thought about how to best support them, this joint venture was the clear answer: a cutting-edge, AI-ready and secure platform run by a single global organization dedicated to their needs. At the same time, our relationship with those customers will stay equally strong as we continue to directly provide them with the connectivity they need in the U.S."

The transaction is subject to regulatory clearances and consultation with employee representations in countries where required. BT and Verizon’s international businesses will continue to operate independently until the transaction officially closes with a full commitment to their respective customers.

Additional information

The new joint venture will be incorporated in the Bailiwick of Jersey and headquartered and tax resident in the United Kingdom.On completion of the transaction, the new joint venture will establish commercial relationships with both BT and Verizon – providing a seamless, end-to-end service across borders including for our customers in the U.K. (BT) and the U.S. (Verizon).Goldman Sachs acted as lead financial advisor to BT, with Deloitte transaction services advisor and Freshfields LLP as legal counsel. Morgan Stanley & Co. LLC acted as financial advisors to Verizon and Kirkland & Ellis LLP acted as legal counsel. Verizon Forward-Looking Statements

This communication contains forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include those regarding our possible or assumed future results of operations and those regarding our ability to consummate the proposed transaction with BT Group plc and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all. Forward-looking statements also include those preceded or followed by the words "anticipates," "assumes," "believes," "estimates," "expects," "forecasts," "hopes," "intends," "plans," "targets," “will” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

This announcement was originally published by Verizon. Read the original press release.

About BT Group

BT Group is the U.K.’s leading provider of fixed and mobile telecommunications and related secure digital products, solutions and services.

BT Group consists of four customer-facing units:  Consumer serves individuals and families in the U.K.; Business covers companies and public services in the U.K.; International serves multinational organisations headquartered outside the U.K. and overseas public sector customers; Openreach is an independently governed, wholly owned subsidiary wholesaling fixed access infrastructure services to its customers – over 700 communications providers across the U.K.

British Telecommunications Limited is a wholly owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on the London Stock Exchange.

For more information, visit www.bt.com/about

About Verizon

Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $138.2 billion in 2025. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contacts:
Sarah Heinz (Verizon)
[email protected]
347-931-6300

If approved, upadacitinib is expected to be the first systemic medication for patients with non-segmental vitiligo, addressing important treatment needs for those living with the chronic, unpredictable autoimmune disease Positive CHMP opinion is supported by data from the Phase 3 Viti-Up clinical studies, in which upadacitinib achieved both co-primary endpoints demonstrating at least a 50% improvement in total body repigmentation (T-VASI 50) and at least a 75% improvement in facial repigmentation (F-VASI 75) from baseline at week 481 , /PRNewswire/ -- AbbVie (NYSE: ABBV) today announced that the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion recommending the approval of upadacitinib (RINVOQ®; 15 mg, once daily) for the treatment of adult and adolescent patients with non-segmental vitiligo (NSV). The final European Commission decision is expected in the coming months. If approved, upadacitinib is expected to be the first systemic medication for patients with non-segmental vitiligo.

"Vitiligo is an autoimmune skin disease with high stigma and significant burden to patients with limited treatment options available," said Roopal Thakkar, M.D., executive vice president, research and development, chief scientific officer, AbbVie. "A positive opinion for upadacitinib in non-segmental vitiligo is an important step forward in providing patients with a systemic treatment option."

The CHMP positive opinion is supported by data from the ongoing Phase 3 Viti-Up clinical program, including two replicate, randomized, placebo-controlled, double-blind studies evaluating the efficacy and safety of upadacitinib in adult and adolescent patients with NSV. Upadacitinib 15 mg met both co-primary endpoints and key secondary endpoints, with significant improvements in total body and facial repigmentation.1 The safety profile of upadacitinib 15 mg was consistent with that observed in approved indications, with no new safety signals.1

Upadacitinib is approved in the European Union (EU) for the treatment of adults and adolescents with atopic dermatitis, and adults with radiographic axial spondylarthritis, non-radiographic axial spondylarthritis, psoriatic arthritis, rheumatoid arthritis, ulcerative colitis, Crohn's disease, and giant cell arteritis. Use of upadacitinib in NSV is not currently approved in the EU.

About Vitiligo
Vitiligo is a chronic, autoimmune disease characterized by the loss of pigment-producing cells (melanocytes), resulting in white patches of skin that can appear anywhere on the body and at any time.2 It imposes a significant psychosocial burden, profoundly affecting an individual's confidence, identity and daily life.3 Non-segmental vitiligo (NSV), the most common form of vitiligo afflicting approximately 84% of patients, is marked by symmetrical and bilateral depigmented white patches and is prone to unpredictable progression even after long periods of stability.2,4-6 While location varies, many patients report patches on critical areas such as the face, feet, hands and groin. Despite its immune-mediated nature, vitiligo is often considered primarily a cosmetic problem, which can lead to stigma and psychological impact on patients' lives.7-9 Vitiligo management is anchored in three primary treatment goals: disease stabilization, repigmentation, and maintaining repigmentation.10,11 There are currently no approved systemic medicines specifically indicated for these treatment goals in vitiligo.

About Viti-Up Clinical Trials
Upadacitinib M19-044 was conducted under a single protocol encompassing two replicate Phase 3 studies (Study 1 and Study 2) with independent randomization, investigative sites, data collection, analysis and reporting for each study. The trials were designed to evaluate the efficacy, safety and tolerability of upadacitinib in adult and adolescent patients (ages 12 and older) living with non-segmental vitiligo (NSV) who were eligible for systemic therapy. In Period A of both studies, participants were randomized in a 2:1 ratio to receive either upadacitinib 15 mg once daily or placebo for 48 weeks. Participants who completed Period A were eligible to enter Period B, a 112-week open-label extension in which all patients received upadacitinib 15 mg once daily. In total, Study 1 and Study 2 Periods A and B span 160 weeks. The two trials randomized 614 participants with NSV across 90 sites worldwide. More information on these trials can be found at www.clinicaltrials.gov (NCT06118411).

The co-primary endpoints were based on the achievement of Total Vitiligo Area Scoring Index (T-VASI) 50, defined as at least 50% reduction in T-VASI from baseline, at week 48, and the achievement of Facial Vitiligo Area Scoring Index (F-VASI) 75, defined as at least 75% reduction in F-VASI from baseline, at week 48 with the treatment of upadacitinib 15 mg compared with placebo in adults and adolescents with NSV.

The secondary endpoints include the achievement of F-VASI 50, defined as at least a 50% reduction in F-VASI from baseline, at week 48, and the achievement of F-VASI 75, defined as at least a 75% reduction in facial vitiligo area from baseline, at week 24. These endpoints were designed to assess the degree and timing of re-pigmentation on the face, an area among the most visible and psychosocially impactful for people living with NSV.

About RINVOQ® (upadacitinib)
Discovered and developed by AbbVie scientists, RINVOQ is a JAK inhibitor that is being studied in several immune-mediated inflammatory diseases. Based on enzymatic and cellular assays, RINVOQ demonstrated greater inhibitory potency for JAK-1 vs JAK-2, JAK-3, and TYK-2. The relevance of inhibition of specific JAK enzymes to therapeutic effectiveness and safety is not currently known.

Upadacitinib (RINVOQ) is being studied in Phase 3 clinical trials for alopecia areata, hidradenitis suppurativa, Takayasu arteritis, systemic lupus erythematosus, and vitiligo. The use of upadacitinib in non-segmental vitiligo is not approved; its safety and efficacy are under regulatory review by the U.S. FDA and the European Medicines Agency.

EU Indications and Important Safety Information about RINVOQ® (upadacitinib)12

Indications

Rheumatoid arthritis

RINVOQ is indicated for the treatment of moderate to severe active rheumatoid arthritis (RA) in adult patients who have responded inadequately to, or who are intolerant to one or more disease-modifying anti-rheumatic drugs (DMARDs). RINVOQ may be used as monotherapy or in combination with methotrexate.

Psoriatic arthritis

RINVOQ is indicated for the treatment of active psoriatic arthritis (PsA) in adult patients who have responded inadequately to, or who are intolerant to one or more DMARDs. RINVOQ may be used as monotherapy or in combination with methotrexate.

Axial spondyloarthritis

Non-radiographic axial spondyloarthritis (nr-axSpA)

RINVOQ is indicated for the treatment of active non-radiographic axial spondyloarthritis in adult patients with objective signs of inflammation as indicated by elevated C-reactive protein (CRP) and/or magnetic resonance imaging (MRI), who have responded inadequately to nonsteroidal anti-inflammatory drugs (NSAIDs).

Ankylosing spondylitis (AS, radiographic axial spondyloarthritis)

RINVOQ is indicated for the treatment of active ankylosing spondylitis in adult patients who have responded inadequately to conventional therapy.

Giant cell arteritis

RINVOQ is indicated for the treatment of giant cell arteritis (GCA) in adult patients.

Atopic dermatitis

RINVOQ is indicated for the treatment of moderate to severe atopic dermatitis (AD) in adults and adolescents 12 years and older who are candidates for systemic therapy.

Ulcerative colitis

RINVOQ is indicated for the treatment of adult patients with moderately to severely active ulcerative colitis (UC) who have had an inadequate response, lost response or were intolerant to either conventional therapy or a biologic agent.

Crohn's disease

RINVOQ is indicated for the treatment of adult patients with moderately to severely active Crohn's disease who have had an inadequate response, lost response or were intolerant to either conventional therapy or a biologic agent.

Important Safety Information

Contraindications
RINVOQ is contraindicated in patients hypersensitive to the active substance or to any of the excipients, in patients with active tuberculosis (TB) or active serious infections, in patients with severe hepatic impairment, and during pregnancy.

Special warnings and precautions for use
RINVOQ should only be used if no suitable treatment alternatives are available in patients:
- 65 years of age and older;
 - patients with history of atherosclerotic cardiovascular (CV) disease or other CV risk factors (such as current or past long-time smokers);
 - patients with malignancy risk factors (e.g. current malignancy or history of malignancy)

Use in patients 65 years of age and older
Considering the increased risk of MACE, malignancies, serious infections, and all-cause mortality in patients ≥65 years of age, as observed in a large randomised study of tofacitinib (another Janus Kinase (JAK) inhibitor), RINVOQ should only be used in these patients if no suitable treatment alternatives are available. In patients ≥65 years of age, there is an increased risk of adverse reactions with RINVOQ 30 mg once daily. Consequently, the recommended dose for long-term use in this patient population is 15 mg once daily.

Immunosuppressive medicinal products
Use in combination with other potent immunosuppressants is not recommended.

Serious infections
Serious and sometimes fatal infections have been reported in patients receiving RINVOQ. The most frequent serious infections reported included pneumonia and cellulitis. Cases of bacterial meningitis and sepsis have been reported with RINVOQ. Among opportunistic infections, TB, multidermatomal herpes zoster, oral/esophageal candidiasis, and cryptococcosis have been reported. RINVOQ should not be initiated in patients with an active, serious infection, including localized infections. RINVOQ should be interrupted if a patient develops a serious or opportunistic infection until the infection is controlled. A higher rate of serious infections was observed with RINVOQ 30 mg compared to 15 mg. As there is a higher incidence of infections in the elderly and patients with diabetes in general, caution should be used when treating these populations. In patients ≥65 years of age, RINVOQ should only be used if no suitable treatment alternatives are available.

Tuberculosis
Patients should be screened for TB before starting RINVOQ. RINVOQ should not be given to patients with active TB. Anti-TB therapy may be appropriate for select patients in consultation with a physician with expertise in the treatment of TB. Patients should be monitored for the development of signs and symptoms of TB.

Viral reactivation
Viral reactivation, including cases of herpes zoster, was reported in clinical studies. The risk of herpes zoster appears to be higher in Japanese patients treated with RINVOQ. Consider interruption of RINVOQ if the patient develops herpes zoster until the episode resolves. Screening for viral hepatitis and monitoring for reactivation should occur before and during therapy. If hepatitis B virus DNA is detected, a liver specialist should be consulted.

Vaccination
The use of live, attenuated vaccines during or immediately prior to therapy is not recommended. It is recommended that patients be brought up to date with all immunizations, including prophylactic zoster vaccinations, prior to initiating RINVOQ, in agreement with current immunization guidelines.

Malignancy
Lymphoma and other malignancies have been reported in patients receiving JAK inhibitors, including RINVOQ. In a large randomised active-controlled study of tofacitinib (another JAK inhibitor) in RA patients ≥50 years of age with ≥1 additional CV risk factor, a higher rate of malignancies, particularly lung cancer, lymphoma, and non-melanoma skin cancer (NMSC), was observed with tofacitinib compared to tumour necrosis factor (TNF) inhibitors. A higher rate of malignancies, including NMSC, was observed with RINVOQ 30 mg compared to 15 mg. Periodic skin examination is recommended for all patients, particularly those with risk factors for skin cancer. In patients ≥65 years of age, patients who are current or past long-time smokers, or patients with other malignancy risk factors (e.g., current malignancy or history of malignancy), RINVOQ should only be used if no suitable treatment alternatives are available.

Hematological abnormalities
Treatment should not be initiated, or should be temporarily interrupted, in patients with hematological abnormalities observed during routine patient management.

Gastrointestinal perforations
Events of diverticulitis and gastrointestinal perforations have been reported in clinical trials and from post-marketing sources. RINVOQ should be used with caution in patients who may be at risk for gastrointestinal perforation (e.g., patients with diverticular disease, a history of diverticulitis, or who are taking non-steroidal anti-inflammatory drugs (NSAIDs), corticosteroids, or opioids. Patients with active Crohn's disease are at increased risk for developing intestinal perforation. Patients presenting with new onset abdominal signs and symptoms should be evaluated promptly for early identification of diverticulitis or gastrointestinal perforation.

Major adverse cardiovascular events
MACE were observed in clinical studies of RINVOQ. In a large randomised active-controlled study of tofacitinib (another JAK inhibitor) in RA patients ≥50 years of age with ≥1 additional CV risk factor, a higher rate of MACE, defined as CV death, non-fatal myocardial infarction and non-fatal stroke, was observed with tofacitinib compared to TNF inhibitors. Therefore, in patients ≥65 years of age, patients who are current or past long-time smokers, and patients with history of atherosclerotic CV disease or other CV risk factors, RINVOQ should only be used if no suitable treatment alternatives are available.

Lipids
RINVOQ treatment was associated with dose-dependent increases in lipid parameters, including total cholesterol, low-density lipoprotein cholesterol, and high-density lipoprotein cholesterol.

Hepatic transaminase elevations
Treatment with RINVOQ was associated with an increased incidence of liver enzyme elevation. Hepatic transaminases must be evaluated at baseline and thereafter according to routine patient management. If alanine transaminase (ALT) or aspartate transaminase (AST) increases are observed and drug-induced liver injury is suspected, RINVOQ should be interrupted until this diagnosis is excluded.

Venous thromboembolism
Events of deep venous thrombosis (DVT) and pulmonary embolism (PE) were observed in clinical trials for RINVOQ. In a large randomised active-controlled study of tofacitinib (another JAK inhibitor) in RA patients ≥50 years of age with ≥1 additional CV risk factor, a dose‑dependent higher rate of VTE including DVT and PE was observed with tofacitinib compared to TNF inhibitors. In patients with CV or malignancy risk factors, RINVOQ should only be used if no suitable treatment alternatives are available. In patients with known VTE risk factors other than CV or malignancy risk factors (e.g. previous VTE, patients undergoing major surgery, immobilisation, use of combined hormonal contraceptives or hormone replacement therapy, and inherited coagulation disorder), RINVOQ should be used with caution. Patients should be re-evaluated periodically to assess for changes in VTE risk. Promptly evaluate patients with signs and symptoms of VTE and discontinue RINVOQ in patients with suspected VTE.

Retinal vein occlusion
Retinal vein occlusion has been reported in patients treated with JAK inhibitors, including upadacitinib. Patients should be advised to promptly seek medical care in case they experience symptoms suggestive of retinal vein occlusion.

Hypersensitivity reactions
Serious hypersensitivity reactions such as anaphylaxis and angioedema have been reported in patients receiving RINVOQ. If a clinically significant hypersensitivity reaction occurs, discontinue RINVOQ and institute appropriate therapy.

Hypoglycemia in patients treated for diabetes
There have been reports of hypoglycemia following initiation of JAK inhibitors, including RINVOQ, in patients receiving medication for diabetes. Dose adjustment of anti-diabetic medication may be necessary in the event that hypoglycemia occurs.

Medication Residue in Stool
Reports of medication residue in stool or ostomy output have occurred in patients taking RINVOQ. Most reports described anatomic (e.g., ileostomy, colostomy, intestinal resection) or functional gastrointestinal conditions with shortened gastrointestinal transit times. Patients should be instructed to contact their healthcare professional if medication residue is observed repeatedly. Patients should be clinically monitored, and alternative treatment should be considered if there is an inadequate therapeutic response.

Giant Cell Arteritis
RINVOQ monotherapy should not be used for the treatment of acute relapses as efficacy in this setting has not been established. Corticosteroids should be given according to medical judgement and practice guidelines.

Adverse reactions
The most commonly reported adverse reactions in RA, PsA, and axSpA clinical trials (≥2% of patients in at least one of the indications) with RINVOQ 15 mg were upper respiratory tract infections, blood creatine phosphokinase (CPK) increased, ALT increased, bronchitis, nausea, neutropenia, cough, AST increased, and hypercholesterolemia. Overall, the safety profile observed in patients with psoriatic arthritis or active axial spondyloarthritis treated with RINVOQ 15 mg was consistent with the safety profile observed in patients with RA.

The most commonly reported adverse reactions in AD trials (≥2% of patients) with RINVOQ 15 mg or 30 mg were upper respiratory tract infection, acne, herpes simplex, headache, blood CPK increased, cough, folliculitis, abdominal pain, nausea, neutropenia, pyrexia, and influenza. Dose dependent increased risks of infection and herpes zoster were observed with RINVOQ. The safety profile for RINVOQ 15 mg and 30 mg in adolescents was similar to that in adults. With long-term exposure, skin papilloma was reported in adolescents in the RINVOQ 15 mg and 30 mg groups.

The most commonly reported adverse reactions in the UC and CD trials (≥3% of patients) with RINVOQ 45 mg, 30 mg or 15 mg were upper respiratory tract infection, pyrexia, blood CPK increased, anemia, headache, acne, herpes zoster, neutropenia, rash, pneumonia, hypercholesterolemia, bronchitis, AST increased, fatigue, folliculitis, ALT increased, herpes simplex, and influenza. The overall safety profile observed in patients with UC was generally consistent with that observed in patients with RA. Overall, the safety profile observed in patients with CD treated with RINVOQ was consistent with the known safety profile for RINVOQ.

Overall, the safety profile observed in patients with GCA treated with RINVOQ 15 mg was generally consistent with the known safety profile for RINVOQ.

The most common serious adverse reactions were serious infections.

The safety profile of RINVOQ with long-term treatment was generally similar to the safety profile during the placebo-controlled period across indications.

This is not a complete summary of all safety information.

See RINVOQ full Summary of Product Characteristics (SmPC) at www.ema.europa.eu

Globally, prescribing information varies; refer to the individual country product label for complete information.

About AbbVie in Immunology
AbbVie is relentless in our pursuit to redefine the standard of care for patients living with immune-mediated conditions, with the goal of helping them live a life free from the limitations of their disease. For more than 20 years, AbbVie has led and helped shape the field of immunology through groundbreaking science and trusted medicines. Building on deep expertise across gastroenterology, rheumatology and dermatology, and other areas of high unmet need, we continue to invest in a broad and differentiated pipeline – spanning innovative modalities, novel mechanisms of actions and next-generation approaches designed to conquer the complex biology underlying immune-mediated disease.

Today, more than 1 million patients worldwide are treated with AbbVie's immunology medicines, approved in more than 175 countries across 19 immune-mediated diseases that impact adult and pediatric populations. As we work to strengthen our legacy and drive the next wave of innovation, we remain focused on delivering meaningful progress for patients and expanding access to our medicines. For more information, please visit www.abbvie.com/immunology.

About AbbVie
AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas including immunology, neuroscience and oncology – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X and YouTube.

Forward-Looking Statements

Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2025 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

References

AbbVie. Data on file ABVRRTI82545 Ezzedine K, Eleftheriadou V, Whitton M, van Geel N. Vitiligo. Lancet. 2015;386(9988):74-84. doi:10.1016/S0140-6736(14)60763-7 Krüger C, Schallreuter KU. A review of the worldwide prevalence of vitiligo in children/adolescents and adults. Int J Dermatol. 2012;51(10):1206-1212. doi:10.1111/j.1365-4632.2011.05377.x Mazzei Weiss ME. Vitiligo: to biopsy or not to biopsy?. Cutis. 2020;105(4):189-190. Ezzedine K, Lim HW, Suzuki T, et al. Revised classification/nomenclature of vitiligo and related issues: the Vitiligo Global Issues Consensus Conference. Pigment Cell Melanoma Res. 2012;25(3):E1-13 Taneja N, Sreenivas V, Sahni K, Gupta V, Ramam M. Disease Stability in Segmental and Non-Segmental Vitiligo. Indian Dermatol Online J. 2021 Aug 2;13(1):60-63. doi: 10.4103/idoj.IDOJ_154_21. PMID: 35198469; PMCID: PMC8809159 Hlača N, Žagar T, Kaštelan M, Brajac l, Prpić-Massari L. Current concepts of vitiligo immunopathogenesis. Biomedicines. 2022;10(7):1639. doi:10.3390/biomedicines10071639 Abdel-Malek ZA, Jordan C, Ho T, Upadhyay PR, Fleischer A, Hamzavi l. The enigma and challenges of vitiligo pathophysiology and treatment. Pigment Cell Melanoma Res. 2020;33(6):778-787. doi:10.1111/pcmr.12878 Birlea SA, Goldstein NB, Norris DA. Repigmentation through melanocyte regeneration in vitiligo. Dermatol Clin. 2017;35(2):205-218. doi:10.1016/j.det.2016.11.015 van Geel N, Speeckaert R, Taïeb A, et al. Worldwide expert recommendations for the diagnosis and management of vitiligo: position statement from the International Vitiligo Task Force part 1: towards a new management algorithm. J Eur Acad Dermatol Venereol. 2023;37(11):2173-2184. doi:10.1111/jdv.19451 Seneschal J, Boniface K. Vitiligo: Current therapies and future treatments. Dermatol Pract Concept. 2023;13(4S2):e2023313S. doi:10.5826/dpc.1304S2a313 RINVOQ [Package Insert]. North Chicago, IL: AbbVie Inc.; 2026 SOURCE AbbVie

Sentiment around cryptocurrency memecoin launch platform Pump.fun [PUMP] has turned positive again following renewed interest in memecoins over the past day.

The platform’s native token moved alongside that momentum, with PUMP surging 12% over the past day.

Even so, the rally remained tied to the platform’s underlying health, leaving investors exposed if protocol activity failed to recover.

Why are investors buying PUMP? PUMP’s recent rally has coincided with growing investor participation. The token’s holder count reached a record 122,440, while retail investors accounted for roughly 38% of holders.

That increase also appeared in on-chain data, suggesting fresh capital supported the recent move.

Source: DeFiLlama Between the 26th of June and now, investors added roughly $15.7 million to Total Value Locked (TVL), lifting it to $217.7 million. Those inflows suggested investors committed more capital despite recent volatility.

Total Value Locked measures assets deposited into DeFi protocols. Rising TVL often reflects stronger long-term conviction while investors earn yield.

Is the protocol keeping up? However, rising TVL did not match the protocol’s underlying performance.

Pump.fun continued underperforming across key metrics, including revenue, fees, and launchpad volume.

Data from Artemis showed launchpad volume and fees generated by memecoins on the platform fell 86.7% and 35.6% to $5.8 million and $587,200, respectively.

Source: Artemis Those declines suggested user activity remained weak despite improving investor sentiment.

Lower activity reduced fee generation and limited protocol utility, making it harder for the recent price recovery to gain stronger fundamental support.

Revenue reflected the same trend.

Protocol revenue fell 23% to $147.8 million, reinforcing signs of slowing activity.

Historically, sustained token rallies have been easier to support when protocol usage improves alongside price. Until those metrics recover, PUMP’s recent optimism could remain vulnerable.

Final Summary PUMP gained 12%, holder count hit a record, and TVL increased sharply, signaling renewed market interest. If protocol metrics fail to recover, investor optimism may prove difficult to sustain.

Ethereum’s first zero-knowledge rollup, Loopring, announced Sunday the closure of its decentralized exchange and automated market maker, ending all trading services and halting the relayer effective immediately.

In a post on X on Sunday, the team cited three main reasons for the closure: its failure to gain meaningful adoption, a lack of business development skills and being technologically surpassed by modern zkEVM solutions.

“To be honest, Loopring never gained meaningful adoption,” the team said. “As the first zk-rollup, we lacked a virtual machine – no composability, no real‑world payment use cases. That limitation kept our ecosystem from growing.”

Loopring was a technical pioneer of its time, raising $45 million in a 2017 initial coin offering and helping to prove that scaling Ethereum via zk-rollups was viable. But technology evolves fast in the crypto industry, and it was ultimately surpassed by the more capable successors it helped inspire, such as zkSync, Scroll and StarkNet.

The team said they are “engineers at heart,” not business operators, excelling at writing code but never developing the “passion or skills for business development.”

“External pressures – including major exchange delistings of LRC in 2026 – only accelerated the inevitable,” they said. 

The team added that pressure from more advanced competitors, which are fully compatible with Ethereum smart contracts, “while our specialised architecture now feels obsolete,” compounded the decision to gracefully end it, “rather than running a hollow service.”

Loopring had already shut down its wallet services in July 2025, citing scaling challenges. 

With the DEX closure, the team said it will be calculating and publishing all final user balances, then distributing funds directly to users' Ethereum wallets in batches and covering gas fees. 

Loopring's total value locked is about $8 million, down almost 99% from the $760 million peak in November 2021, according to L2Beat. Its native token, LRC, has collapsed by a similar amount to $0.01 from its all-time high in the same month of $3.75. 

Loopring's total value locked has collapsed over the past five years. Source: L2Beat

One of Loopring’s biggest milestones was a 2021 partnership with GameStop to power its NFT platform, launched the following year. 

Crypto winter bites deep this yearThe demise of Loopring adds to the growing list of crypto closures this year, as the bear market deepens and previous-cycle narratives no longer apply. 

More than 60 crypto projects and protocols have already shuttered services in 2026, according to RootData. Some of the more notable ones include a16z-backed decentralized self-custody solution Entropy, app-chain infrastructure protocol Syndicate and AI blockchain platform Yupp.

Magazine: Bitcoin slides to $58K, XRP hits $1 but onchain data promising: Market Moves

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

By PYMNTS  |  June 28, 2026

 | 

China’s Tencent is reportedly testing an app designed for overseas travelers to its country.

TenPayGo was created to function as a one-stop digital services platform that includes mobile payments, Bloomberg News reported Sunday (June 28), citing Jiemian News. The app, now being tested, lets users spend directly at millions of merchants in China that accept Weixin Pay, letting visitors send and explore China with no need for cash, the report added.

Bloomberg noted that China is seeing a steep increase in foreign visitors, with almost 7 billion cross-border trips logged last year, according to the National Immigration Administration. Overseas nationals made up more than 82 million entries and exits, a 26.4% increase compared to the prior year.

The report added that this increase is indicative of expanded visa-free arrangements and wider travel facilitation measures, which authorities say have made it easier for foreign visitors to come to China for both business and pleasure.

Tencent’s efforts come at a time when digital wallets are evolving from “a more convenient way to pay” to “something more consequential: a platform for managing permissions,” as PYMNTS wrote last week.

This evolution can be seen in two recent developments. Samsung’s launch of Samsung ID with CLEAR lets American passport holders store TSA-approved digital credentials inside Samsung Wallet. Meanwhile Visa and OpenAI announced plans to support payments initiated by artificial intelligence agents operating under consumer-defined rules and controls.

“Viewed separately, one initiative concerns identity and the other payments,” PYMNTS wrote. “Together, they point toward a broader development in digital commerce: identity verification and spending authorization are beginning to reside in the same place.”

The report cited data from PYMNTS Intelligence which suggests consumers, younger ones in particular, are already making digital wallets part of their regular shopping behavior, setting the stage for them to get comfortable using them for other things.

The traditional role of digital wallets, the report continued, was to offer users a place to store payment credentials and make checkout simpler. Today’s wallets, however, house boarding passes, loyalty cards, tickets, digital keys and government credentials.

“A wallet that can prove who a consumer is occupies a different position in the commerce ecosystem than one that simply stores a card number,” PYMNTS wrote. “Identity credentials are difficult to establish, heavily regulated and tied directly to fraud prevention and security requirements. Once consumers rely on a wallet for identity verification, the relationship becomes more durable.”

When investors are searching for high-flying stocks, they likely wouldn't start in the automotive industry. That said, General Motors (GM 0.55%) has been firing on all cylinders over the past three years. The stock is up 116% over that time. Over the past 12 months, it has gained more than 62% compared to the broader S&P 500's 21% rise.

The good news for investors who missed the rise is that GM is poised to keep driving higher for these three reasons.

1. GM is returning value to shareholders Ford Motor Company (F +0.18%) and its Detroit rival, GM, have much in common, but the two return value in distinctly different ways. Ford is well-known for its lucrative dividend, currently yielding roughly 4.2%, and it often dishes out annual supplemental dividends when cash flow is strong.

A GMC Hummer. Image source: General Motors.

Ford gets more attention for the value it returns through its dividend than GM does for its buybacks, but GM's buybacks are quietly impressive. More specifically, over the past five years, GM has slashed its shares outstanding by a huge chunk, as you can see in the graph below.

Data by YCharts.

Thanks to high-margin, lucrative full-size truck sales and valuable SUV sales, the company generates significant cash. It's used this cash to fund development of a long list of new vehicle launches, and has also retired roughly 500 million shares valued at $30 billion over the past five years -- a staggering number.

While rival Ford's dividend yield sits at roughly 4.2%, much higher and more recognizable than GM's 0.9% dividend yield, the latter's total shareholder yield (which adds buybacks into the equation) sits at a much more impressive 7.6%. Expect GM to continue its buyback strategy, and more investors should be aware of just how valuable it is.

2. GM's OnStar is on point Another factor that many investors overlook with General Motors is its ongoing bet with OnStar and Super Cruise. The automaker is making a long-term bet that it can generate meaningful recurring revenue through its software business.

Last year, GM logged roughly $2.7 billion in realized revenue. It has an even larger $5.4 billion in deferred revenue from OnStar and Super Cruise subscriptions. For context, that's real growth from the $1.7 billion realized and $200 million deferred as recently as 2020. There's more growth ahead, with the company expecting to generate $3.1 billion in realized revenue and $7.5 billion in deferred revenue this year.

Here's the kicker: Starting with 2025 model years, GM is including an eight-year subscription to OnStar services, as well as a three-year subscription to Super Cruise. The simple strategy behind this is gambling that when people go to purchase their next vehicle, they will have become so used to these services that they'll purchase them again. There is some evidence already that this strategy is working: At least 30% of the 35,000 GM owners who had expiring three-year subscriptions to Super Cruise resubscribed last year. These are high-margin sales, comparable to those seen in the software industry.

3. GM's vehicle model balancing act has been successful Most investors are aware that almost everyone in the automotive industry misjudged electric vehicles (EVs) and how quickly they anticipated the shift in demand trends. This caused the broader industry to take billions and billions in charges to rebalance between production and capacity between EVs and traditional gasoline-powered vehicles. GM was no exception, taking a special items hit of $7 billion in the fourth quarter of 2025.

While EVs are largely unprofitable and continue to hinder most automakers' earnings, GM has invested much time, effort, and capital into LMR battery chemistry that is expected to reduce cell and battery pack costs by several thousand dollars per unit. That puts GM on the path to EV profitability, which management expects to achieve within three to five years, reversing billions in annual losses. Reversing EV losses is arguably the easiest way for GM to boost its bottom line and reward investors with an appreciating stock price -- and, likely, a better valuation.

Today's Change

(

-0.55

%) $

-0.43

Current Price

$

78.10

What it all means GM has quietly been thriving for the better part of the past decade, and has managed to talk Wall Street into rewarding it with a price-to-earnings ratio in the lower 30x. That's rare for automakers, which are typically valued around 10x price-to-earnings. That's simply because the automaker is well-positioned to continue thriving in the years ahead, for the three reasons stated above, among others. GM is far from the Detroit automaker of old, and don't be surprised if it keeps beating the broader market over the next three to five years.

News Highlights: 

HP Inc. will deploy powerful AI-driven solutions with OpenAI Frontier to help drive HP transformation and growth initiatives The Frontier platform will be used across HP’s business, to enhance customer-facing experiences and internal operations  The Frontier strategic partnership supports HP’s efforts to deliver an advanced telemetry platform with WXP, a recognized Gartner magic quadrant leader, enabling a connected device layer for the AI era  PALO ALTO, Calif., June 28, 2026 (GLOBE NEWSWIRE) -- Today, HP Inc. (NYSE: HPQ) announced the launch of a strategic partnership with OpenAI, integrating its Frontier platform into HP’s global efforts to shape the Future of Work through enhanced customer-facing experiences and accelerated transformation across its operations.  

“With OpenAI there is an opportunity to fundamentally rethink how AI can deliver better outcomes. With the use of Frontier platform, HP is planning to build a more consistent experience across store, partner, chat, and voice experiences, giving customers and partners faster ways to get answers, complete routine workflows, and move toward resolution. It reflects the ambition of our AI strategy to deliver real-world outcomes at scale,” said Prakash Arunkundrum, chief strategy and transformation officer, HP Inc.  

HP has become one of the first global enterprises to adopt the Frontier platform to fuel its transformation. While specific use cases will be refined and added as the strategic partnership rolls out, HP’s aim is to deploy AI-driven solutions across areas that include:  

Customer- and partner-facing solutions and experiencesCustomer telemetry insights, enabled through HP’s market leading WXP solution, and reportingEmployee productivity Software development  “HP is showing what enterprise transformation looks like when AI becomes an operating layer - connected to the systems and workflows where work already happens,” said Denise Dresser, chief revenue officer at OpenAI. “HP has been an exceptional early partner, turning early value from OpenAI APIs and tools like ChatGPT and Codex into repeatable systems. We're thrilled to go deeper with them as they move beyond Frontier pilots to deliver measurable business impact at scale.” 

The launch of the Frontier strategic partnership follows an exploratory period started in February 2026, in which HP worked with OpenAI to conduct a comprehensive evaluation of Frontier and its capabilities. HP assessed technical capabilities, use cases, and strategic alignment with company priorities through pilots of agentic capabilities, platform components, security, and enterprise integration. 

Based on this evaluation, HP has determined OpenAI offers best-in-class models with a compelling vision for agent-based capabilities. With the Frontier strategic partnership underway, the two companies now plan to co-develop future use cases and ensure they meet HP’s rigorous enterprise standards, particularly around data integration, governance, and security. For HP, AI is becoming a new layer for how work gets done across the company. With OpenAI Frontier, that layer is being built with the context, governance, and execution capacity needed to move from early wins to enterprise-wide transformation. 

Shaping the Future of Work for the AI Era 

AI will change how people work. As AI tools get more powerful, HP believes that humans and AI agents will work together to unlock a new era of innovation and productivity. To prepare for this future, HP is innovating a suite of agentic AI Devices that seamlessly integrate into existing workflows, increasing employee efficiency. For AI Workloads that require always-on inference, HP is building devices with dedicated hardware optimized to run agentic AI workloads 24x7, creating the technology layer customers need to achieve their AI vision.  

HP’s customers are building their workspaces to include PCs, workstations, printers, and collaboration solutions that work together to deliver powerful AI experiences, all secured and managed by the Workforce Experience Platform (WXP). WXP, a Leader in the 2026 Gartner® Magic Quadrant™ for Digital Employee Experience Management Tools, offers a ‘single pane of glass’ that can manage entire fleets of devices and provide the peace of mind CIOs and IT managers need as they define this AI future for their organizations.  

HP is the surface where work gets done. As we move into an AI-driven era of technological advancement, HP brings AI to the edge, where work happens — not just where data is processed. That is the future of work.  

About HP 

HP Inc. (NYSE: HPQ) is a global technology leader redefining the Future of Work. Operating in more than 180 countries, HP delivers innovative and AI-powered devices, software, services, and subscriptions that drive business growth and professional fulfillment. For more information, please visit: HP.com. 

Forward-Looking Statements  

This press release contains forward-looking statements based on current expectations and assumptions that involve risks, uncertainties, and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, statements regarding the partnership between HP and OpenAI, the expected benefits of the partnership, the impact of the partnership on HP’s business, future opportunities, and any other statements regarding HP’s future expectations, beliefs, plans, objectives, or future events or performance. Forward-looking statements can also generally be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will,” “would,” “could,” “can,” “may,” and similar terms. Our forward-looking statements involve significant risks and uncertainties (may of which are beyond HP’s control) including the factors described in the Annual Report on Form 10-K for the fiscal year ended October 31, 2025, and HP’s other filings with the Securities and Exchange Commission. The forward-looking statements in this press release are made as of the date of this document and HP assumes no obligation and does not intend to update these forward-looking statements.  

HP Inc. Media Relations

[email protected]

www.hp.com/go/newsroom

By PYMNTS  |  June 28, 2026

 | 

Reviews website Trustpilot has reportedly launched a partnership with eCommerce platform Shopify.

The arrangement will let merchants showcase and manage Trustpilot reviews on their online stores, Bloomberg News reported Saturday (June 27), citing an interview with Adrian Blair, Trustpilot’s chief executive. 

Blair said that third-party consumer feedback is growing in importance as artificial intelligence plays a larger role in online retail.

“The key problem that all these Shopify merchants are facing is, how do you actually build trust with customers now in the age of AI?” he said. “There is so much that is now being created by AI, this kind of synthetic content, and Trustpilot is a canonical source of what people say about their experiences with businesses.”

AI-driven search engines and AI shopping assistants also depend on data such as Trustpilot’s, the report added, meaning that a greater volume of reviews can create more visibility online. Trustpilot content is already a vital resource for large language models, with the click-through rate from AI search climbing 1,490% in its most recent financial year, Bloomberg said.

Integrated Trustpilot reviews on the Shopify platform are set to go live Monday (June 29), the report continued. Blair had said in March that his company was exploring partnerships with the internet’s shopping giants.

The Shopify collaboration is “the first kind of major proof point, so we are executing against the strategy that we set out earlier this year,” Blair told Bloomberg, adding that the agreement isn’t exclusive and Trustpilot hopes to pursue partnerships across a variety of industries.

“We see huge adoption of Trustpilot with banks, insurance companies, utilities, accounting firms, cybersecurity companies, law firms, et cetera,” Blair added. “For us retail is very important, but it is one of many verticals.”

Meanwhile, recent research from PYMNTS Intelligence shows that consumers want AI to be involved in their online shopping journey, though more as a navigator than a driver.

“Tasks involving discovery, comparison shopping and information gathering emerged as natural fits for AI,” PYMNTS wrote earlier this month. “Areas involving payments, financial commitments and irreversible decisions, however, continued to trigger greater demand for human oversight.”

The findings, from the May 2026 Consumer AI Benchmark, indicate that the next phase of AI adoption will hinge less on the sophistication of the technology and depend more on whether merchants can find the balance between automation and human control.

AST SpaceMobile (ASTS +9.08%) has already proved that ordinary phones can connect directly to satellites. The bigger test now is whether it can build, launch, and operate enough of its BlueBird satellites to turn that technology into a commercial network.

Here's why its upcoming satellite launch could strengthen the bullish case for the stock and why buying before the planned August launches makes sense.

Image source: Getty Images.

AST SpaceMobile's satellite launch strategy In June 2026, AST SpaceMobile launched BlueBirds 8, 9, and 10, which the company says are already operating in orbit. It is now targeting the launch of BlueBirds 11, 12, and 13 in the first half of August 2026.

This timeline will test whether AST can keep launching satellites at the pace needed to build a commercial network. The satellites due to be launched in August are expected to use large 2,400-square-foot antennas.

The company recently reached a peak download speed of 98.9 megabits per second from its satellite network directly to ordinary smartphones. The August satellites are expected to nearly double that peak speed.

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In the 2026 first-quarter earnings call, management said that BlueBird satellites 11 through 33 were already in an advanced state of assembly, with key antenna parts completed through BlueBird 28. The company is targeting six fully assembled satellites per month, showing that it is trying to move from building satellites one by one to a steadier launch program.

AST SpaceMobile says it has already contracted launch capacity to support its 2026 target of roughly 45 satellites in orbit. The company is not relying on only one rocket provider. Its launch plan includes Space Exploration Technologies' Falcon 9, which can carry three BlueBird satellites; Blue Origin's New Glenn, which can carry up to eight; and United Launch Alliance's Vulcan, which can carry up to five. The alliance is a joint venture between Boeing and Lockheed Martin.

Management said new satellites could be ready to support 4G or 5G service with mobile network partners about 45 days after launch. Over time, it aims to cut that setup period to about two weeks.

Financials may improve over time AST SpaceMobile's revenue was only $14.7 million in the first quarter. However, management expects revenue to grow in the remaining three quarters of 2026. The company is guiding for 2026 revenue in the range of $150 million to $200 million.

The revenue story goes beyond satellite launches. AST SpaceMobile expects 2026 revenue from ground equipment and services for mobile-network partners, government contract work, consulting with mobile operators, and possible early service revenue as more satellites are launched and activated.

Management sees 2027 revenue potentially approaching $1 billion, helped by cellular broadband service in major markets and larger U.S. government contracts. To support that growth, the company is working on ground networks across markets covering about 2.9 billion people. This groundwork should help mobile-network partners activate service as more satellites come online.

Lastly, AST had about $3.5 billion in cash on its balance sheet at the end of the first quarter, against about $3.02 billion of total debt. Since nearly $2.9 billion of that is long-term debt, AST SpaceMobile has some flexibility to fund its commercial strategy.

I think it makes sense to buy the stock before the August launches. 

20h05 ▪ 5 min read ▪ by Evans S.

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Bitwise brutally strengthens its crypto bet on Hyperliquid. The asset manager transferred 1.775 million HYPE tokens to the protocol before staking them. The operation, estimated at around 114 million dollars, accompanies the rise of its Hyperliquid spot ETF launched in May.

In brief Bitwise placed 1.775 million HYPE in staking. The crypto operation amounts to about 114 million dollars. The BHYP ETF strengthens institutional demand around Hyperliquid. Bitwise deposited 1.775 million HYPE on Hyperliquid, then committed all the tokens to staking. This position confirms the interest already shown by the manager for an asset he recently judged undervalued on the market.

At the price taken during the transaction, the tokens represented roughly 114 million dollars. This is therefore no longer a simple institutional test. Bitwise is establishing massive exposure on one of the main decentralized crypto derivatives platforms.

Staking also reduces the amount of HYPE immediately available on the market. When large holders lock their tokens, the liquid supply can contract. This mechanism however does not guarantee an automatic price increase. The economic model of Hyperliquid plays a central role in this operation. Staking rewards are not only based on the issuance of new tokens. They are notably supported by the activity and revenue generated by the protocol.

Bitwise is thus exposed to two crypto variables. The first remains the price of HYPE. The second depends on Hyperliquid’s level of use, notably the volume handled on its decentralized markets. This structure makes the bet more strategic than a classic purchase. If the activity grows, the protocol’s revenues can reinforce staking interest. Conversely, a drop in volumes would reduce the position’s economic attractiveness.

Hyperliquid quickly established itself in derivatives trading. The platform now competes with several major centralized venues on certain indicators, while retaining a largely on-chain architecture.

The BHYP ETF fuels crypto accumulation The operation follows the launch of the Bitwise Hyperliquid ETF, listed under the symbol BHYP. This product gives investors exposure to HYPE without forcing them to directly manage a crypto portfolio or technical staking constraints.

The fund also seeks to capture rewards thanks to the tokens held. This design distinguishes BHYP from an ETF that would merely passively track the price of an asset. Bitwise wants to combine market exposure and on-chain yield.

The manager also dedicates part of its revenue to buying and staking HYPE. Fund growth can therefore feed new demand for the token. The more assets managed increase, the larger this mechanism can grow.

This dynamic explains why the Hyperliquid ETF now occupies an important place in Bitwise’s crypto strategy. The manager no longer only bets on Bitcoin or Ethereum. It also seeks to capture growth from younger infrastructures.

Hyperliquid attracts institutional finance Bitwise is not alone in this field. Other managers have also sought to launch products linked to HYPE. This competition shows Hyperliquid has exceeded its status as a platform reserved for specialized traders.

The arrival of regulated funds can create a new source of demand. A few tens of millions of dollars represent little at the scale of traditional finance, but a lot for a token whose liquid supply remains limited. This concentration carries risks though. If ETFs accumulate a large share of available HYPE, their purchases can support the price. But their sales could also amplify a correction during massive exits.

Staking adds another level of dependency. Bitwise must monitor the protocol’s operation, validators, technical risks, and the network’s rule evolution. Institutional exposure does not remove crypto’s inherent vulnerabilities.

The 114 million dollar investment thus remains a strong signal, but not a guarantee. It confirms that Hyperliquid is entering a new phase, driven by ETFs, staking, and institutional capital. The battle for exposure to HYPE is probably just beginning, while the token aims higher in the crypto hierarchy.

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Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.

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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

TLDR: Table of Contents

TLDR:Bitcoin Weekly Death Cross Raises Fresh BTC Price ConcernsMichael Saylor Hints at More Bitcoin Buying Despite Strategy Valuation Pressure Bitcoin approaches a rare weekly death cross as traders monitor long-term market direction closely. Strategy’s mNAV has dropped below 1.0 for the first time during this market cycle. Michael Saylor hinted at more Bitcoin discussions despite growing valuation concerns. Technical signals and institutional buying remain key factors shaping Bitcoin sentiment. Bitcoin could soon print a rare weekly death cross as bearish technical signals return to the market. At the same time, Michael Saylor has hinted that Strategy may continue accumulating Bitcoin despite growing pressure on its valuation. 

The two developments have reignited discussion around Bitcoin’s price outlook and institutional demand. Investors are now watching technical charts alongside corporate buying activity for the next major market signal.

Bitcoin Weekly Death Cross Raises Fresh BTC Price Concerns Crypto Rover shared that Bitcoin is approaching a weekly death cross, a technical pattern that appears when the long-term moving average falls below the shorter trend. The account noted that the previous weekly death cross preceded another 28% decline in Bitcoin’s price.

🚨 BITCOIN WEEKLY DEATH CROSS IS NOW INCOMING.

Last time this happened, BTC crashed another -28%.

If history repeats again, the real bottom may not come until late Q3 or early Q4 2026.

That would also perfectly match Bitcoin’s 4-year cycle. https://t.co/NgE8PlCamN pic.twitter.com/sbPGjGTIv4

— Crypto Rover (@cryptorover) June 28, 2026

The same post highlighted Bitcoin’s historical four-year market cycle. According to Crypto Rover, another extended correction could align with the later stages of the current cycle if previous patterns repeat.

The signal has attracted attention because weekly chart formations appear far less often than daily indicators. Traders typically monitor them for broader market direction rather than short-term volatility.

Despite the technical setup, the pattern alone does not determine future price action. Market participants continue weighing macroeconomic conditions, liquidity, and institutional demand alongside historical chart behavior.

Michael Saylor Hints at More Bitcoin Buying Despite Strategy Valuation Pressure While bearish technical signals circulated, Michael Saylor posted that more charts would be needed, a familiar response that often precedes fresh Bitcoin discussions. His comment followed renewed debate surrounding Strategy’s ability to continue funding Bitcoin purchases.

🚨 JUST IN: Michael Saylor hints at buying more $BTC.

What's interesting is the timing.

Strategy's mNAV has now fallen below 1.0 for the first time this cycle, meaning the company is trading below the market value of the Bitcoin it holds.

Management has previously indicated… https://t.co/WkFYTYOyBi

— Wise Advice (@wiseadvicesumit) June 28, 2026

Wise Advice pointed to Strategy’s market value relative to its Bitcoin holdings. The account noted that the company’s modified net asset value, or mNAV, has fallen below 1.0 for the first time during the current market cycle.

According to the same discussion, Strategy previously suggested that issuing new equity below roughly 1.22 times mNAV could reduce shareholder value. That threshold has prompted questions about whether additional equity-funded Bitcoin purchases remain practical under current market conditions.

Even so, Saylor’s brief response has kept attention on Strategy’s long-standing Bitcoin accumulation strategy. 

Investors now await any official filings or announcements that could clarify whether another Bitcoin purchase is approaching while the company navigates changing market dynamics.

MicroStrategy’s $64 billion Bitcoin (BTC) bet has become a stress test for everyone who funded it. BTC now trades below $60,000, and the renamed company, Strategy, sits at a discount to its own holdings.

The question dividing investors is no longer whether Strategy gets liquidated tomorrow. It is who absorbs the losses while the company keeps its coins and keeps paying to hold them.

How the Bitcoin Flywheel was BuiltBy June 22, Strategy held 847,363 BTC bought for $64.1 billion, an average of $75,651 each. That is the largest corporate Bitcoin position anywhere.

MicroStrategy Bitcoin Purchases in 2026. Source: StrategyThe model runs like a flywheel. The company sells stock and debt, buys more Bitcoin, and its shares climb when BTC rises. However, falling prices spin the machine in reverse.

BTC has fallen below $60,000 this week, its lowest level since 2024. The stock has slid with it, dropping under the value of the Bitcoin on its books.

A new accounting standard made the pain visible. Since 2025, FASB rule ASU 2023-08 forces firms to mark Bitcoin to fair value each quarter. As a result, Strategy booked a $14.46 billion unrealized loss in early 2026. That produced a $12.54 billion net loss, or $38.25 for every diluted share.

Michael Saylor's Strategy currently has a $14 billion unrealized loss on bitcoin.

Tom Lee's Bitmine currently has a $10.5 billion unrealized loss on ETH.

This is why it's foolish to follow the smart money and not take profit.

They can survive a crypto winter, most of will not!

— Layah Heilpern (@LayahHeilpern) June 25, 2026 Follow us on X to get the latest news as it happens

Who Actually Pays for MicroStrategy’s Bitcoin BetThe bill does not fall on Strategy alone. As the flywheel slows, the cost spreads to five groups, in rough order of exposure.

Common shareholders They stand first in line. When the stock trades below the value of its Bitcoin, the company still raises cash by selling new shares. Each sale buys less Bitcoin than it hands away.

“If we decide to sell $1 billion of MSTR stock and buy $1 billion of Bitcoin… when you do it at 1.0x MNAV… it is dilutive. It is a minus 48 basis point yield. It costs the shareholders $310 million,” Michael Saylor, Executive Chairman, Strategy, said during Q1 2026 earnings call.

Existing owners are left holding a smaller claim on the same coins, and that dilution is how the strategy gets funded.

Investors in other treasury companies The copycats have fared worse than the original. Their shares once traded far above the Bitcoin they held, lifted by hype.

As that premium faded, many Bitcoin treasury company stocks fell much harder than Bitcoin itself, leaving late buyers deep underwater.

“If that’s not already a bubble burst, how would that bubble burst?” Tom Lee, Chairman of BitMine, said while many treasury stocks traded below net asset value.

Passive and index fund investors This group never chose the bet. MSCI has proposed removing companies whose digital assets exceed half their total assets from its global indexes.

“Feedback from the consultation confirmed institutional investor concern that some DATCOs exhibit characteristics similar to investment funds, which are not eligible for inclusion in the MSCI Indexes,” MSCI said in its official announcement earlier this year.

Strategy clears that bar with ease. An exclusion would force index funds and pension trusts to sell automatically, whatever the price, just to keep tracking the benchmark.

Convertible bondholders and preferred shareholders These investors lent on the assumption that MicroStrategy could always refinance. If Bitcoin stays depressed into 2027, that assumption breaks.

“Proceeds from the bitcoin sales are expected to be used to fund distributions on preferred stock,” Strategy indicated in the June 1 Form 8-K.

Bondholders can demand cash, and preferred holders still expect dividends, both drawing on a reserve of just $1.4 billion.

MicroStrategy itself The company is the backstop of last resort. On its first quarter 2026 earnings call, Michael Saylor again framed Strategy as a net buyer that never sells.

“We will probably sell some Bitcoin to fund a dividend just to inoculate the market, just to send the message that we did it.”

Yet if financing freezes while debt and dividends come due, keeping that vow could become impossible.

“We will sell Bitcoin when it is advantageous to the company. We are not going to sit back and just say we will never sell the Bitcoin,” Strategy co-CEO Phong Le added.

The Real Test Arrives in 2027MicroStrategy faces no margin call today. Its main debt is unsecured, so a falling price alone cannot trigger a forced sale. The threat is a date, not a level.

Holders of a $1.01 billion convertible note can demand repayment on September 15, 2027. If the shares sit below the conversion price, that claim becomes a cash bill the company must cover.

Strategy has neared this edge before. A 2022 Silvergate loan backed by Bitcoin carried a margin call near $21,000 before the firm repaid it. Moving to unsecured notes and preferred stock removed the automatic trigger, but not the obligation.

Microstrategy took a loan to buy more #bitcoin a few months ago using 19,000 $BTC as collateral.

Margin call price is $21,000…

Time to post some more collateral I think!

— Lark Davis (@LarkDavis) June 13, 2022 Some peers have already blinked. This month one Nasdaq company sold Bitcoin to repay debt, and its shares jumped. Analysts have also questioned Strategy’s exit liquidity if it is ever forced to sell at scale.

For now, no forced sale looms. The pressure has simply moved from a price trigger to a calendar. The number that matters is no longer $60,000, but the September 2027 repayment date.

California’s DFAL Clock Is Ticking: XRP Price Hanging in the Balance

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California’s Digital Financial Assets Law will take effect on July 1. It requires any firm conducting digital asset business activity with state residents to hold a DFAL license, and have a completed application on file with the DFPI, or cease covered operations. Right now, as of public records, no Ripple entity appears among applicants. XRP price has fallen below the $1.10 level at this moment of uncertainty.

DFAL covers the exchange of digital assets for fiat or other digital assets, their transfer between persons, custody, and the issuance of reserve-backed instruments. It maps directly onto Ripple’s California-facing operations: payments infrastructure, custody services, and the issuance and redemption of RLUSD, Ripple’s dollar-pegged stablecoin.

Ripple’s existing portfolio of 40-plus U.S. money transmitter licenses does not automatically satisfy DFAL; the law is a separate regime administered by the DFPI through the Nationwide Multistate Licensing System.

However, there are three paths to legal compliance by July 1: hold a DFAL license, have a completed application pending with the DFPI, or qualify under a narrow statutory exemption, primarily available to banks, certain trust companies, and SEC- or CFTC-registered entities operating within already-regulated activity.

🗓️Key date for @Ripple – July 1.
Ripple previously engaged CA's DFPI for a DFAL license noting firms can keep operating if submit by 7/1/26. Public docs through March '26 don't list any Ripple entities, though likely filed. Necessary for all CA offerings, issue/redeem/custody. pic.twitter.com/xfQK4Z3IBc

— WrathofKahneman (@WKahneman) June 19, 2026 Ripple has engaged with the process as the company submitted a formal comment letter to the DFPI, pushing to eliminate redundant money transmitter license requirements for DFAL-licensed firms. However, engagement is not the same as a filed application.

Law firms, including Chambers-ranked practices, have described DFAL as one of the most expansive state-level digital asset licensing regimes in the country.

Discover: The Best Crypto to Diversify Your Portfolio

Can XRP Price Hold $1 If Ripple Misses the DFAL Deadline?XRP is trading near $1.10, far below the expected $2.50 many predicted. Recent price action reflects weak momentum, with sellers repeatedly capping rallies around the $1.15 to $1.20 area. Despite ongoing attention on Ripple’s regulatory developments, the market has yet to price in a decisive positive outcome.

Meanwhile, investors remain focused on several legal and regulatory milestones involving Ripple. The court’s earlier finding that XRP itself is not inherently a security removed a major uncertainty. However, the remaining penalty and injunction issues still matter because they could influence Ripple’s future business operations and market sentiment.

From a technical perspective, XRP must first reclaim the $1.15 to $1.20 zone before traders can discuss a stronger trend reversal. If buyers regain control and regulatory developments remain favorable, the next resistance area could emerge around $1.30 to $1.50. A sustained move above those levels would likely require a meaningful catalyst.

On the downside, support remains clustered around $1.05 and $1.00. If regulatory expectations weaken or broader crypto markets turn lower, those levels could come under pressure. The $1.00 mark remains an important psychological threshold, as a decisive break could invite additional selling.

For now, the market appears to be waiting for confirmation rather than trading on assumptions. Regulatory progress could improve sentiment, yet XRP’s longer-term trajectory will likely depend on both legal clarity and stronger demand returning to the market.

Don’t Miss Out on Our $1,000 USDT Airdrop on ByBit

Brad Garlinghouse said one word, “maybe,” and the XRP community heard a promise. Asked whether holders could get a piece of Ripple if it goes public, he nodded toward a “special arrangement.” This is what was actually said, what holders could realistically receive, and the downside almost nobody is talking about.

Summary

Ripple chief executive Brad Garlinghouse said that “if and when” Ripple goes public, the company might do “something special” for XRP holders, then immediately added it was “not in the immediate term.” That hedged “maybe” was offered in response to a direct question, not volunteered as a plan, and he declined to commit to any mechanism such as a token buyback. Ripple and XRP are legally and financially separate assets: holding XRP grants no shares, no dividends, and no claim on Ripple’s corporate profits, and no bridge between the two currently exists. The mechanisms holders imagine, preferential IPO share access, long-term holding rewards, or tokenized Ripple equity, are all unannounced and face serious securities-law hurdles given XRP’s legal history. The overlooked risk is that a Ripple IPO could actually pressure XRP, by drawing institutional capital toward Ripple stock and pushing the company to monetize its escrow holdings to satisfy public-market investors. One word from Ripple’s chief executive set the XRP community alight, and that word was “maybe.” Speaking on the “Crypto In America” podcast with journalist Eleanor Terrett, Brad Garlinghouse was asked the question XRP holders have wanted answered for years: if Ripple ever goes public, could the people who hold XRP get a piece of it. He did not say no. He gestured first at the indirect benefits Ripple already provides, then, pressed on whether the company would do something specific for holders in an initial public offering, he said, “Maybe, but that is not in the immediate term.”

JUST IN: Ripple CEO Brad Garlinghouse says the company processed $13T in payments last year with no immediate IPO plans pic.twitter.com/f9bd80FPsX

— crypto.news (@cryptodotnews) May 5, 2026 That was the entire substance of it, a hedged possibility wrapped in a qualification, offered in answer to a direct question rather than announced as a plan. And yet within hours it had been clipped, shared, and reshaped across XRP social media into something close to a corporate commitment, with community members urging one another to “hold accordingly.” The gap between what Garlinghouse actually said and what the community heard is the real story here, because the difference between a hinted-at maybe and a planned reward is the difference between a reasonable hope and a misplaced expectation.

The reason the remark landed so hard is the situation it landed into. XRP holders have spent 2026 watching Ripple collect exactly the kind of institutional wins the community long predicted, settlements with JPMorgan, stablecoin launches with major partners, a steady drumbeat of bank deals, while the token itself has stayed pinned near a dollar and change, beneath every major moving average. That combination, corporate triumph paired with token stagnation, breeds a particular hunger: the sense that the wins are real but are somehow not reaching holders, and that some missing mechanism could finally connect the two. Into that hunger dropped Garlinghouse’s nod, and it did what a catalyst does in a starved market.

This piece separates the hope from the reality. It covers exactly what was said and the precise wording that matters, the crucial distinction between Ripple the company and XRP the token, the mechanisms a holder benefit could theoretically take and why each is harder than it sounds, why Ripple may not even go public soon, the indirect benefit Ripple genuinely does provide, and the downside almost nobody is discussing: that an IPO could actually work against XRP. The goal is the real picture, neither dismissing the possibility nor inflating it into the certainty the hype implied.

What Garlinghouse actually said Precision matters here, because the entire community reaction rests on a few carefully chosen words, and those words were more conditional than the excitement suggested. Garlinghouse did not volunteer the remark; he was asked directly whether XRP holders could share in Ripple’s success if the company eventually launched an initial public offering. His first instinct was to point to the indirect benefit Ripple already provides, saying he hopes XRP holders feel they benefit from Ripple’s existence through the work the company does to grow the XRP ecosystem. Only when pressed on whether Ripple would do something specific for holders in an IPO scenario did he offer the line that ignited everything: “Maybe, but that is not in the immediate term.”

When pushed further on concrete mechanisms, including a possible token buyback, he declined to commit to any of them, pointing back instead to what Ripple already does for the ecosystem. So the full extent of the supposed promise is a “maybe,” qualified as not near-term, given in response to a direct question rather than offered as a plan, with no program described, no mechanism named, and no action committed to. The community heard “Ripple will do something special for holders.” What Garlinghouse actually said was closer to “maybe someday, if we go public, which is not happening soon.”

Those are not the same statement, and stacking the two conditionals reveals how far the exciting headline sits from anything concrete: a possible benefit, attached to a possible IPO, that he himself describes as not a priority. It is worth adding that days earlier, at an industry conference, Garlinghouse had been cooler still on the idea of going public at all, emphasizing that staying private gives Ripple flexibility. Read in that context, the podcast remark was a hint, not a plan and certainly not a promise. Any honest assessment of what holders would actually get has to begin from that fact rather than from the amplified version that spread online.

Ripple is not XRP: the distinction that decides everything To understand why this question is so charged, and so easily misunderstood, you have to grasp a distinction that still confuses many people: Ripple and XRP are legally and financially separate assets, and owning one does not mean owning the other. Ripple is a private technology company that builds payment and liquidity products, some of which use the XRP Ledger. XRP is a cryptocurrency, the native asset of the XRP Ledger, which is a decentralized, open-source blockchain that Ripple does not control. Holding XRP gives you ownership of that token and nothing else.

It confers no shares in Ripple, no dividends, no voting rights, and no claim whatsoever on Ripple’s corporate profits or assets. The two are different things with different value drivers, and the price of one does not automatically move the other. That distinction is why the company-versus-token gap keeps resurfacing across Ripple’s 2026 story. Ripple can win institutional business, launch products, and deepen its corporate value without automatically delivering a direct benefit to XRP holders.

This separation is the foundation of the entire holder-payout question, because it means there is no existing structure, no dividend, no buyback mechanism, no holder-equity bridge, that currently connects Ripple’s corporate fortunes to the people who hold XRP. Any such benefit would require a deliberate corporate decision: Ripple choosing to extend something to holders of a token that is legally distinct from its stock. That is precisely what makes Garlinghouse’s “maybe” notable, because it gestures at the possibility of Ripple voluntarily building a connection that does not exist and is not required to exist. The community’s hope is that Ripple might someday decide to construct that bridge.

The reality is that no bridge exists today, none is planned, and the entire question is whether Ripple might ever choose to build one. Everything that follows, every imagined mechanism and every obstacle, flows from this single fact: a Ripple IPO would, by default, do nothing for XRP holders, because the token and the company are separate. Only an affirmative, deliberate choice by Ripple could change that. Until such a choice is announced, a holder payout remains speculation, not entitlement.

The mechanisms holders imagine Once the “maybe” spread, the community began filling in the blank with specific mechanisms, and it is worth laying them out, because they define the range of what “something special” could plausibly mean. The most discussed idea is preferential access to IPO shares, an arrangement in which verified long-term XRP holders, or users staking on the XRP Ledger, would be granted priority subscription rights to buy into a Ripple offering at favorable terms before the general public. This is the version that most directly answers the community’s wish, because it would let XRP holders transition, at least partly, into Ripple shareholders. It would turn token loyalty into an equity stake.

A second imagined mechanism is a long-term holding reward, a community-based structure that would give some benefit to holders who have kept XRP for a defined period, rewarding loyalty without necessarily handing over equity. A third, more technically ambitious idea is tokenized Ripple equity: a blockchain-based representation of Ripple stock made available to eligible token holders, which would use the very tokenization technology the industry is racing to build in order to bridge the gap between Ripple shares and XRP. Some in the community have also floated the notion of an “equity-token-bound” proof of entitlement, a digital claim linking XRP holding to some future right in Ripple. Each of these would, in its own way, construct the bridge between Ripple equity and XRP holders that currently does not exist.

The crucial thing to hold in mind is that all of them remain imagined, not announced. Garlinghouse named none of them; he declined, in fact, to endorse any specific structure when asked. They represent the community’s wish list of what “something special” might be, not a menu Ripple has offered. The distance between a fan’s plausible idea and a company’s actual program is considerable, especially when the imagined benefit touches securities law, global compliance, investor eligibility, and the legal separation between Ripple equity and XRP.

Why each mechanism is harder than it sounds The reason Garlinghouse spoke in hints instead of specifics is almost certainly that nearly every concrete version of a holder benefit collides with serious obstacles, and understanding those obstacles is essential to a realistic view. The largest is securities law, and it is a particularly sharp problem for XRP of all tokens. Linking a cryptocurrency’s holding to equity benefits raises exactly the kind of securities-law questions that defined Ripple’s long and costly legal battle, the years-long fight over whether XRP sales amounted to unregistered securities transactions. Building a formal bridge that rewards XRP holders with equity or equity-like rights risks recreating the very entanglement between the token and the company that Ripple spent years and enormous legal resources trying to separate.

The company would have to navigate that terrain with extreme care, because a poorly designed holder-benefit program could reintroduce the argument that XRP is a security tied to Ripple’s enterprise, which is the last thing Ripple wants. That is why the catalyst that matters more than the IPO is still statutory clarity from the CLARITY Act, not an undefined corporate reward. Federal clarity can strengthen XRP’s status without blurring the line between the token and Ripple equity. A holder-equity program, by contrast, could blur that line if designed carelessly.

Beyond securities law, the practical obstacles multiply. A preferential-share program would require verifying who is a genuine long-term holder, drawing cutoff lines that would inevitably be seen as arbitrary or unfair, and managing the identity and compliance machinery to do it at scale across a global, pseudonymous holder base. A holding-reward structure raises questions of how to fund it and how to avoid favoring large holders over small ones. Tokenized equity would face the full weight of securities regulation governing who can own and trade company stock, plus the technical and legal work of making a regulated equity instrument function on a blockchain.

Each mechanism, in other words, is not just a matter of Ripple deciding to be generous; it is a tangle of legal exposure, fairness problems, and operational complexity, any one of which could sink it. This is why the most dramatic interpretations of “special arrangement” are also the least likely. A sober reading has to weight the modest possibilities, a governance gesture, a symbolic recognition, or simply Ripple structuring its business so more value flows through XRP over time, far more heavily than the windfall the community imagined.

Why Ripple may not even go public soon The entire holder-benefit scenario is downstream of a prior question that often gets lost in the excitement: will Ripple even go public at all, and if so, when. On this, Garlinghouse has been consistent and notably unenthusiastic. He has repeatedly described an IPO as not a priority, and his reasoning is grounded in the current state of the public markets for crypto companies. He has pointed to the underwhelming performance of crypto-related public listings, citing peers whose post-listing stock has struggled, and noted reports that at least one major exchange had delayed its own listing plans.

His view, in short, is that the public markets have not treated Ripple’s peers well, and that there is little reason to rush into that environment. He has also made a positive case for staying private, arguing that it preserves flexibility, including, he joked, the freedom to speak openly without lawyers drafting every word. This is not the posture of a company on the verge of ringing the opening bell. It means the holder-benefit question is built on a foundation that is itself uncertain: a possible reward contingent on an IPO that the chief executive describes as neither planned nor imminent.

That is the sense in which the whole thing is a maybe attached to a maybe. For an XRP holder weighing what they might receive, this is the most important practical point, because even the most generous imaginable holder benefit is irrelevant unless and until Ripple actually decides to go public. By Garlinghouse’s own account, that decision is not on the calendar. The community’s hope therefore rests on two sequential uncertainties: first that Ripple goes public, and second that, having done so, it chooses to extend something to holders it is under no obligation to help.

Either link breaking is enough to make the whole scenario evaporate. That is why the IPO hint should not be treated like a near-term catalyst, even if it tells holders something about how Ripple thinks about its community. The comment matters as a signal of openness, but it does not change the current legal structure, the current IPO timeline, or the current token economics. XRP holders should separate those categories carefully.

The indirect benefit Ripple already provides Set against the speculation is Garlinghouse’s actual, stated position, which deserves a fair hearing because it is not a trivial argument: that XRP holders already benefit from Ripple’s existence, indirectly but intentionally. The foundation of this argument is a simple fact: Ripple is the largest single holder of XRP. That gives the company a stronger economic incentive than anyone else to increase the token’s value and adoption, because Ripple profits when XRP rises, just as holders do. Its incentives are genuinely aligned with holders, even without any formal program linking the two.

Every commercial partnership Ripple pursues, every payment corridor it opens, every institutional deal it closes, and every regulatory battle it fights is evaluated, at least in part, through the lens of how it drives XRP utility and liquidity. Garlinghouse’s framing is that this alignment is the real benefit, that Ripple’s entire strategy is built around making XRP the most useful, liquid, and trusted digital asset in payments and settlement, and that by growing the ecosystem it makes what holders own more valuable, even without a dividend or an equity link. That is where XRP’s actual utility remains central to the long-term case. The token’s real thesis has to rest on usage, liquidity, and settlement demand, not on implied ownership of Ripple.

NEW: JPMorgan, Mastercard, Ondo Finance and Ripple complete tokenized Treasury redemption test on XRP Ledger. Settlement took roughly 5 seconds compared to 3 to 5 business days on traditional rails pic.twitter.com/9Rkd3MkWF4

— crypto.news (@cryptodotnews) June 12, 2026 Garlinghouse has pointed to concrete examples of this posture, including Ripple’s backing of XRP treasury companies such as Evernorth, which is working to build a large XRP treasury business with Ripple’s support, an effort Garlinghouse frames as helping XRP holders, the XRP community, and Ripple shareholders at the same time. This argument has genuine merit and should not be dismissed as spin. The company’s commercial work plausibly does increase XRP’s utility and demand over time, which is a real, if diffuse, benefit to anyone holding the token. The counterpoint, and the reason the “maybe” resonated, is that many in the community find this indirect alignment insufficient.

They want a concrete share of Ripple’s corporate success, not an incentive structure that may or may not translate into token-price appreciation. That dissatisfaction is precisely the nerve Garlinghouse’s remark touched. His indirect-benefit argument is, in effect, his answer to it: you already benefit, just not in the direct way you want. Whether that answer satisfies holders depends on whether Ripple’s wins eventually become visible in XRP demand rather than simply in Ripple’s corporate valuation.

The downside nobody mentions: an IPO could hurt XRP Here is the part of the story that the bullish excitement almost entirely skips: a Ripple IPO is not unambiguously good for XRP, and there is a credible case that it could actively work against the token, at least in the near term. The first channel is competition for capital. Today, an institution that wants exposure to Ripple’s success has essentially one liquid way to get it: buy XRP, the token associated with the company’s ecosystem. If Ripple goes public, that changes.

Suddenly there is a direct way to own a piece of Ripple itself, a regulated equity that offers what a token cannot: potential dividends, audited financial transparency, ownership of the company’s actual assets and cash flows, and the compliance comfort of a listed stock. Faced with that choice, institutional capital that might have flowed into XRP as a proxy for Ripple could instead flow into Ripple stock, siphoning off the very institutional demand the XRP bull case depends on. The IPO, in this reading, would give the market a cleaner instrument for the Ripple thesis, and XRP could lose its role as the default vehicle for it. That is the uncomfortable side of where XRP trades while holders wait: the market wants direct token demand, not merely a story about Ripple’s corporate success.

The second channel is selling pressure from Ripple itself. As a private company, Ripple has long been criticized for selling XRP from its large escrow holdings, a persistent source of new supply. After an IPO, that pressure could intensify instead of ease, because a public company answers to Wall Street’s quarterly demands for cash flow and profitability. To satisfy those demands and bolster its financial reports, Ripple’s board could face strong incentives to monetize tens of billions of XRP from its escrow accounts in a more systematic and aggressive way, creating an invisible, long-term overhang on the token’s price.

None of this is certain, and a well-managed IPO could be handled in ways that limit these effects, but the point is that the community’s framing of an IPO as pure upside for holders is incomplete. The honest version acknowledges that going public is a double-edged sword for XRP. It could, in the bullish case, come bundled with a “special arrangement” that rewards holders, or it could, in the bearish case, drain attention and capital away from the token while increasing the supply pressure on it. Holders hoping for the first should at least weigh the second.

What it means for holders today So what should an XRP holder actually take from all of this, standing in the present with the token trading near a dollar and the “special arrangement” still nothing more than a hedged remark? The disciplined answer is to give the IPO hint the weight it actually carries, which is to say very little, and to keep attention on the catalysts that truly move XRP. A possible IPO reward is a weak basis for any decision, because it is a maybe attached to a maybe: an unplanned, undefined benefit contingent on an IPO that Ripple does not prioritize. It is better regarded as a distant possible upside not to be counted on than as a catalyst to position around.

The things that will actually determine XRP’s path are observable and concrete: whether the CLARITY Act passes and writes XRP’s commodity status into federal law, whether spot ETF flows compound or trickle, whether the network’s settlement usage grows enough to translate into real token demand against the escrow supply, and where Bitcoin drags the broader market. Those are the signals worth watching, and the IPO hint is not among them. This does not mean the remark is meaningless. It reveals something real about Ripple’s posture toward its community, a willingness to at least entertain the idea of connecting corporate success to holders, which is more than many companies would offer.

But revealing a posture is not the same as making a commitment, and the most useful thing a holder can do is to enjoy the signal for what it shows about Ripple’s attitude while declining to build any expectation on top of it. The community heard a promise. What Garlinghouse offered was a maybe, and in investing the difference is everything. An XRP holder is better served by evaluating the token on its actual merits, its use in payments, its regulatory position, its adoption, and its supply dynamics, than by speculating about an IPO reward that exists only as a hedged possibility.

That possibility is attached to an IPO that may never come, and that could, in some scenarios, hurt the token as much as help it. The hope is understandable. The discipline is to keep it in proportion. If Ripple ever announces a real program, holders can judge the terms then; until then, the “special arrangement” is a signal, not a strategy.

Frequently asked questions Did Ripple promise XRP holders a payout from its IPO? No. Ripple chief executive Brad Garlinghouse said that “if and when” Ripple goes public, the company might do “something special” for XRP holders, then immediately added that it was “not in the immediate term.” That was a hedged “maybe” offered in response to a direct question, not a plan, a program, or a commitment, and he declined to endorse any specific mechanism such as a token buyback. The community amplified the remark into something close to a promise, but no payout has been announced, no mechanism has been described, and the comment was explicitly conditional on an IPO that Garlinghouse describes as not a priority.

Does holding XRP give me any ownership of Ripple? No. Ripple and XRP are legally and financially separate assets. Ripple is a private technology company that builds payment and liquidity products, some of which use the XRP Ledger. XRP is the native cryptocurrency of the XRP Ledger, a decentralized blockchain that Ripple does not control. Holding XRP grants no shares in Ripple, no dividends, no voting rights, and no claim on the company’s profits or assets.

What could a “special arrangement” actually look like? The mechanisms the community imagines include preferential access to Ripple IPO shares for verified long-term XRP holders, long-term holding rewards for those who keep XRP for a defined period, and tokenized Ripple equity made available to eligible holders. All of these are unannounced and remain speculation instead of anything Ripple has offered. Each also faces serious obstacles, especially securities law, because linking token holding to equity benefits raises exactly the questions Ripple fought during its long legal battle over XRP. More modest possibilities, such as a governance gesture or simply structuring the business so more value flows through XRP, are more realistic than a direct equity windfall.

Is Ripple actually going to have an IPO? It is uncertain, and Garlinghouse has repeatedly described going public as not a priority. He has cited the weak post-listing performance of crypto-company peers and reports of a major exchange delaying its own plans, and he has argued that staying private preserves flexibility. This matters because the entire holder-benefit question is downstream of an IPO happening at all. Even the most generous imaginable reward is irrelevant unless Ripple first decides to go public and then chooses to extend something to holders.

Could a Ripple IPO actually be bad for XRP? It could, and this is the part the bullish framing tends to skip. An IPO would give institutions a direct way to own Ripple through regulated stock that offers dividends, financial transparency, and ownership of company assets, potentially drawing capital that might otherwise have flowed into XRP as a proxy for Ripple. Separately, as a public company answerable to quarterly earnings expectations, Ripple could face stronger incentives to monetize its large XRP escrow holdings more aggressively, adding long-term selling pressure on the token. Going public is therefore a double-edged sword for XRP, with credible downside as well as the hoped-for upside, and holders should weigh both.

What should XRP holders actually focus on? On the observable catalysts that truly move the token instead of the IPO hint. Those include whether the CLARITY Act passes and codifies XRP’s commodity status, whether spot XRP ETF flows compound or stall, whether the network’s settlement usage grows into real token demand against the escrow supply, and the direction of Bitcoin and the broader market. The “special arrangement” remark is best treated as a small signal about Ripple’s posture toward its community, given minimal weight in any actual view of XRP’s prospects. Evaluating XRP on its real merits, utility, regulatory position, adoption, and supply, is far sounder than positioning around a hedged maybe.

This article is information, not investment advice. Prices, corporate plans, and statements reflect reporting available as of June 28, 2026, and can change quickly. Brad Garlinghouse’s comments were conditional and did not constitute a commitment or a program. Nothing here is a recommendation to buy or sell XRP or any security. Verify current details from primary sources and consider your own circumstances before making any decision.

CompaniesJune 28 (Reuters) - U.S. pipeline operator Williams (WMB.N), opens new tab is in advanced talks to acquire rival natural ​gas pipeline operator Momentum Midstream for about $5.5 ‌billion, Bloomberg News reported on Sunday, citing people familiar with the matter.

The Tulsa, Oklahoma-based company is putting the finishing ​touches on an agreement to buy Momentum ​from private equity firm EnCap Flatrock Midstream, the ⁠report said, adding that a deal could ​be announced in about a week.

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Reuters could not immediately ​verify the report. Williams Companies, Momentum Midstream and EnCap Flatrock Midstream did not immediately respond to a request for comment.

The ​deal would give Williams additional capacity to ​move gas from the Haynesville shale to U.S. Gulf Coast export ‌terminals, ⁠the Bloomberg report said.

No final decision has been made and EnCap could still opt to retain the company, according to the report.

Williams is exploring acquiring ​U.S. natural gas ​production assets ⁠as it looks to secure supplies for its offerings to hyperscalers and ​data center clients, Reuters reported in February.

Momentum ​Midstream ⁠operates around 4,000 miles (6,437 km) of pipelines, serving more than 140 customers across its network, according to ⁠the company ​website, opens new tab. It also serves 10 ​liquefied natural gas facilities and 26 power plants.

Reporting by Bipasha Dey ​in Bengaluru; Editing by Edmund Klamann and Bill Berkrot

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