Amazon tvrdí, že jeho vlastní čipy pro datová centra jsou jedním z největších byznysů v oboru a mají roční tempo tržeb 50 miliard USD. Trainium2 je už téměř vyprodaný a Trainium3 je téměř plně rezervovaný.
CANADA - 2026/06/19: In this photo illustration, the AWS (Amazon Web Services) logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)
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This article was written by Doug Nathman, with research by his team at Trefis.
Worries in the market regarding Amazon's significant investment in AI might underestimate the impressive proprietary technology being developed to support it.
Despite a history of fast surges, Amazon has felt rather constrained as of late, trading sideways for nearly six months. A key question among investors is: will the company’s significant investment in artificial intelligence yield a substantial return, or will this expenditure not produce adequate returns?
However, concentrating on the spending overlooks the more critical narrative. Amazon’s approach in the fiercely competitive AI arena encompasses more than just simple purchases; the firm is constructing the vital infrastructure. In doing so, it is stealthily establishing itself as one of the most significant semiconductor manufacturers globally.
Is Amazon Among The Top Three Global Chip Firms?Buried within the most recent earnings call was a striking claim from management: if its custom silicon division operated independently, its yearly revenue run rate would be $50 billion. To provide context, the company asserts its “custom silicon segment is now one of the top three data center chip enterprises worldwide.” This isn’t merely a secondary endeavor. This is a strategic cornerstone slowly materializing in plain view, centered on two primary products: Graviton for general computing and Trainium for AI applications.
While the public perceives AWS primarily as a cloud service provider, it is swiftly transforming into a vertically integrated powerhouse. It has progressed from simply leasing server space to designing and implementing its own high-performance, cost-effective silicon to operate that space. And customers are eagerly awaiting their turn.
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Demand Has Already Surpassed SupplyThis isn’t a theoretical edge; the demand is tangible and urgent. The company’s Trainium2 AI chip is already “primarily sold out.” Its successor, Trainium3, which has just commenced shipping, is “almost fully subscribed.” Most notably, Amazon reports that “a large portion of Trainium4, which is still approximately 18 months from widespread availability, has already been booked.”
When clients are reserving hardware that is set to be available in a year and a half, it indicates a strong demand for the unique price-performance ratio that Amazon is presenting. The customer base extends far beyond AI startups. Tech titan Meta recently “committed to utilizing tens of millions of Graviton cores” to advance its own AI initiatives, opting for Amazon’s custom CPU that delivers up to “40% superior price performance” compared to alternatives.
How Is This Addressing The Spending Concern?This is the vital connection. The bearish argument against Amazon is predicated on the massive cost of its AI expansion. However, creating its own chips fundamentally alters the cost dynamics of that investment. Management has been clear about the benefits, indicating that at scale, it anticipates Trainium will “save us tens of billions of dollars in capital expenditures every year.”
In addition to the cost savings, it establishes a robust competitive advantage. The company forecasts that its in-house silicon will “yield several hundred basis points of operating margin advantage compared to relying on external chips.” In a business as substantial as AWS, which currently operates at a $150 billion annualized revenue run rate, such margin enhancement is a powerful catalyst for profit.
While investors have been closely examining every dollar of capital spending, Amazon has been developing the very technology that could significantly enhance that capital's efficiency. It answers the market's most pressing question, suggesting that the company is evolving beyond mere participation in the AI revolution to construct a foundational, high-margin engine to sustain it for years ahead.
Where Will An Opportunity Like This First Manifest?An opportunity of this nature only counts once it begins to reflect in the financial figures, and the first concrete indication is in management’s outlook. The instant a company can actually anticipate new revenue, it adjusts its forecast, and an upward adjustment that the market is already rewarding serves as some of the clearest evidence that a narrative like this is becoming a reality.
A growth narrative this credible warrants action, but investing through a single stock means accepting all the fluctuations that one company experiences. A more intelligent strategy is to maintain a collection of stocks where the long-term perspective is equally robust, ensuring that the sustainable upside remains intact and no unexpected event can compromise it. This is how patient capital flourishes.
Differentiating the genuinely sustainable narratives from the merely appealing ones is the foundation of the Trefis methodology. The Trefis High Quality (HQ) Portfolio assesses the complete picture of quality across thousands of stocks, not just a single factor, retains the 30 strongest selections, and re-balances them with careful discipline. It possesses a track record of outperforming a benchmark that merges the three major indices – the S&P 500, S&P Mid-cap, and Russell 2000.
Nokia rozšiřuje spolupráci s AWS na autonomních sítích pro éru AI, s dostupností produktu později v letošním roce. Akcie v premarketu klesly o 3,79 % na 13,45 USD.
Nokia stock is among today’s weakest performers. Why is NOK stock falling? What Is Driving Nokia’s AWS Collaboration?Nokia’s latest catalyst is the expanded AWS collaboration aimed at "autonomous networks built for the AI era," with its Autonomous Networks Fabric set to run on AWS so telecom operators can move more of their operational stack into the cloud. The companies are positioning the integration around Level 4 autonomy using AI and cloud services, with product availability expected later this year.
Nokia’s pitch leans on unifying data management, agentic AI, digital twin simulations, and intent-based networking to drive "step-change efficiency," with the company’s CTO for AI and Autonomous Networks saying, "This is how telcos will compete in the AI era."
Nokia also has a separate AI-automation thread running through its Google Cloud partnership, where it’s building six specialized Gemini-powered agents for telecom workflows like event triage, anomaly detection, KPI analysis, and remediation recommendations. The companies said the system can cut troubleshooting times 50% to 80%, a concrete efficiency claim that can influence how investors model software-led margin upside.
Nokia Stock: Key Technical Levels To WatchEven with the premarket dip, the longer-term trend still leans bullish: the stock is up 170.93% over the past 12 months and remains well above its 100-day SMA ($10.75) and 200-day SMA ($8.39). The golden cross that formed in October 2025 (50-day SMA above the 200-day SMA) is still intact, which often keeps dip-buyers engaged as long as price holds near those longer averages.
Near-term, the chart looks more like a digestion phase than a breakdown, with price at $13.45 sitting just under the 50-day SMA ($13.49) and below the 20-day SMA ($14.69). That matters because the 20-day SMA is still above the 50-day SMA (a bullish alignment), but the stock needs to reclaim the short-term average to signal that buyers are taking control again.
RSI is the cleaner momentum read right now: at 48.90, it’s neutral and suggests the prior upside momentum has cooled rather than flipped into an oversold washout. In plain terms, RSI helps gauge whether a move is getting stretched, and this reading points to balance—neither panic selling nor overheated buying.
Key Resistance: $15.00 — a round-number ceiling that lines up with a nearby rebound-stall zone if the stock tries to bounce back above its short-term averages – Key Support: $13.00 — a nearby floor that sits close to the 50-day moving-average area where trend buyers often defend pullbacks
What Does Nokia Corporation Do?Nokia is a networking equipment vendor focused primarily on supporting wireless networks and, to a growing extent, Internet Protocol and optical systems. The firm operates three segments spanning mobile infrastructure (wireless core and related software), network infrastructure (IP routing/switching, optical, and fixed-network gear), and a portfolio bucket of businesses it views as less central longer term.
That mix is why the AWS tie-up matters to the stock narrative: it’s aimed at pushing more telecom operations into the cloud while layering in AI-driven automation (including agentic AI, digital twin simulations, and intent-based networking). If operators adopt that approach, it can support a more software- and services-oriented angle alongside the company’s traditional hardware footprint.
Nokia Earnings Preview: July 2026 EstimatesLooking further out, the next major catalyst for the stock arrives with the July 23, 2026 (confirmed) earnings report.
EPS Estimate: 7 cents (Up from 4 cents YoY) Revenue Estimate: $5.59 Billion (Up from $5.15 Billion YoY) Valuation: P/E of 87.8x (Indicates premium valuation relative to peers) Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price target of $14.67. Recent analyst moves include:
JP Morgan: Overweight (Raises Target to $21.00) (June 12) Argus Research: Upgraded to Buy (Target $15.00) (April 27) Morgan Stanley: Initiated with Overweight (Target $8.00) (Feb. 9) Nokia Benzinga Edge Rankings OverviewBelow is the Benzinga Edge scorecard for Nokia, highlighting its strengths and weaknesses compared to the broader market:
The Verdict: Nokia’s Benzinga Edge signal reveals a momentum-led setup with supportive quality, but a less forgiving valuation backdrop. For longer-term bulls, the key is whether the stock can hold the $13.00 area and rebuild strength back toward $15.00 without losing the 50-day trend zone.
Nokia Stock Price Action in Premarket TradingNOK Stock Price Activity: Nokia shares were down 3.79% at $13.45 during premarket trading on Friday, according to Benzinga Pro data.
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Citigroup prošla stresovým testem Fedu a plánuje zvýšit kvartální dividendu o 12 % na 67 centů na akcii. Spustila také víceleté zpětné odkupy akcií za 30 miliard USD.
Key Takeaways Citigroup cleared the Fed's 2026 stress test, reinforcing capital strength and shareholder return plans.C plans a 12% dividend increase to 67 cents and launched a $30B multi-year buyback program.C expects higher repurchases in 2026 than in 2025, backed by strong capital and liquidity positions. Citigroup Inc.'s (C - Free Report) successful completion of the Federal Reserve's 2026 stress test underscores the bank's financial resilience and strengthens its ability to reward shareholders. While passing the annual stress test is a regulatory milestone, the bigger takeaway for investors is the capital flexibility it creates. A strong capital position allows banks to return more cash through dividend payments and share repurchases while continuing to invest in growth initiatives.
Along with Citigroup, 31 banks like Wells Fargo (WFC - Free Report) and JPMorgan (JPM - Free Report) also cleared the Fed’s 2026 stress test.
C's Lower Capital Requirement Creates More Financial FlexibilityCitigroup’s Stress Capital Buffer remains unchanged at 3.6% after the Federal Reserve’s 2026 supervisory stress test. However, C stated that its latest stress-test results would have supported a lower SCB of 3.3% had the Fed not extended the existing requirements through Oct. 1, 2027. The Fed is maintaining current SCB levels while it finalizes updates to its stress-testing framework, enabling citigroup to continue operating under its existing capital buffer until the revised rules are implemented.
Even with the current requirement, Citigroup remains comfortably above regulatory minimums. As of March 31, 2026, its Standardized Common Equity Tier 1 capital ratio was 12.7%, 110 basis points above the required level of 11.6%. This excess capital provides a meaningful cushion against economic stress and highlights the progress the company has made in simplifying its operations, strengthening risk controls and improving earnings quality.
C’s liquidity position also remains solid. As of March 31, 2026, cash and due from banks, along with total investments, aggregated $467.8 billion, exceeding total debt, including short-term and long-term borrowings, of $379.6 billion.
This strength is translating directly into enhanced shareholder returns. Citigroup plans to raise its quarterly common stock dividend 12% to 67 cents per share from 60 cents, beginning in the third quarter of 2026, subject to board approval. The company has also initiated a $30-billion multi-year common stock repurchase program.
The broader banking sector is also moving to reward shareholders following the stress test results. JPMorgan plans to lift its quarterly dividend to $1.65 per share from $1.50 and authorized a $50-billion share repurchase program. Wells Fargo, meanwhile, plans to increase its quarterly dividend 11% to 50 cents per share, subject to board approval in July.
Coming back to Citigroup, its Investor Day financial overview reinforces this capital-return narrative. C has noted that it has returned roughly $45 billion of capital to shareholders since the beginning of 2022 and expects repurchases to be higher in 2026 than in 2025. This reflects disciplined capital deployment, improving profitability and continued progress in reshaping Citigroup into a simpler and more resilient company.
Final Words on Citigroup Capital StrengthIn conclusion, C’s stress test performance reinforces the strength of its franchise and the continued momentum in executing its transformation strategy. The results show that efforts to reshape the bank into a simpler and more resilient firm are translating into tangible progress, including stronger earnings capacity, enhanced capital resilience and a consistent reduction in its stress capital buffer.
Overall, Citigroup appears well-positioned to deliver steady long-term shareholder returns across varying economic conditions.
C’s Price Performance & Zacks RankCitigroup shares have surged 71.8% in the past year compared with the industry’s growth of 26.2%.
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The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NVIDIA má objednávky na dodávky za 145 miliard USD, které mají zajistit výrobu čipů pro další čtvrtletí i rok 2027. Firma tím podporuje výhled na 1 bilion USD tržeb z Blackwell a Rubin do roku 2027.
A woman takes a picture at the NVIDIA booth during the China International Supply Chain Expo (CISCE) in Beijing on June 25, 2026. (Photo by Pedro PARDO / AFP via Getty Images)
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This article was written by Doug Nathman, with research by his team at Trefis.
While investors concentrate on NVIDIA's staggering growth rate, an even more revealing figure resides in its supply commitments, illustrating a calculated strategy to satisfy demand that skeptics argue may not be viable.
Following a remarkable ascent, NVIDIA (NVDA) shares have cooled. The stock price has dipped below recent peaks, and discussions have transitioned from celebration to doubt. Is it possible for any corporation, even one at the forefront of the AI surge, to sustain this growth rate? While many analysts are examining the latest earnings figures or its trailing multiple, a crucial piece of information for an optimistic perspective is not found on the income statement at all.
The figure is $145 billion. This amount signifies NVIDIA’s overall supply, comprising existing inventory and, more critically, its future purchase commitments.
What Does $145 Billion In Commitments Represent?This amount signifies much more than merely a stockpile of chips stored away; it embodies a substantial, strategic commitment to future production. These pledges secure the necessary manufacturing capacity and raw materials required to create its upcoming generation of processors. Management has affirmed that this is a calculated initiative, reflecting the enhanced demand visibility we possess and a choice to secure capacity farther in advance than is normally standard. In a sector where a single shortage of components can disrupt production, NVIDIA is investing now to ensure it can manufacture the products it anticipates selling over the next several quarters, and even extending into the year 2027.
How This Assures Future RevenueThe underlying principle is straightforward: one cannot sell what cannot be produced. The primary physical limitation on NVIDIA's expansion is not demand, but rather the intricate supply chain necessary for its AI accelerators. By securing $145 billion worth of supply, the company is establishing the groundwork for its forecasts. This strategy is proactive, acting as the concrete basis for management's proclaimed confidence in achieving $1 trillion in Blackwell and Rubin revenue through 2027. That projection appears abstract until one observes the nine-figure commitments being undertaken to ensure the components needed for chip production.
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The Resolution To The Major Concern?The foremost risk looming over the stock is its sustainability. The stock is currently facing pressure precisely because the market is questioning the duration of this level of growth. The company’s price-to-earnings multiple of 30.3, although high in relative terms, lies toward the lower end of its own 10-year spectrum of 19.6 to 143.1, indicating that investors are reluctant to factor in future growth at a rate comparable to the past. These purchase commitments represent a direct and significant response to that apprehension. A corporation that fears an approaching cyclical peak would not engage in long-term supply agreements of this magnitude. This indicates that management perceives a demand trajectory that justifies the undertaking of risk to secure capacity well in advance.
Of course, a commitment does not equate to a sale. The ultimate benchmark is converting that secured supply into revenue. However, for investors attempting to evaluate the resilience of NVIDIA’s market position, this $145 billion figure offers a concrete, forward-looking metric that the headline growth rates do not convey.
Typically, one figure does not drive a decision independently, but recognizing which number is crucial and the rationale behind it constitutes a significant portion of the challenge. Arriving at the aforementioned figure required looking beyond the surface level of fear to what was genuinely occurring beneath—an analysis that is difficult to perform once and exceedingly challenging to replicate consistently.
The Trefis High Quality (HQ) Portfolio is constructed on executing precisely that, continuously, across 30 quality enterprises, and then maintaining them with rule-based discipline so that no single entity dominates your outcome. You acquire a selection of well-researched advantages rather than a sole all-or-nothing gamble, with a proven record of surpassing a benchmark that aggregates the three major indices – the S&P 500, S&P Mid-cap, and Russell 2000. If a figure like this one merits action, that form of disciplined quality deserves serious consideration.
Nvidia vykázala tržby 81,61 miliardy USD za Q1 FY27 a těží z CUDA. Cerebras sice nabízí až 21násobně rychlejší inference, ale pro celý rok čeká provozní marže v rozmezí -28 % až -32 %.
NVIDIA (NASDAQ: NVDA | NVDA Price Prediction) and Cerebras Systems (NASDAQ: CBRS) just delivered earnings that frame the same question from opposite ends. Nvidia posted another blowout quarter built on its CUDA software stack. Cerebras, fresh off its May IPO, showed jaw-dropping inference speed yet guided full-year operating margins negative. The moat is developer gravity.
One Sells Platforms. The Other Sells Speed. Nvidia’s Q1 FY27 hit $81.61 billion in revenue, up 85.2% YoY, with Data Center alone reaching $75.25 billion on 92% growth. Networking soared 199% as InfiniBand, NVLink and Spectrum-X locked customers deeper into the stack. Jensen Huang told investors NVIDIA is “the only platform that runs in every cloud, powers every frontier and open source model, and scales everywhere AI is produced”, and the numbers back the claim.
Cerebras’ first report as a public company landed differently. Q1 GAAP revenue reached $193.4 million, up 94% YoY, with cloud services growing 178%. A multi-year, $20 billion-plus OpenAI inference deal covering 750 megawatts anchors near-term growth. Yet management guided full-year operating margins to negative 28% to negative 32%. Speed sells. Scaling it economically is harder.
Software Gravity Beats Wafer-Scale Throughput Independent benchmarks show Cerebras’ wafer-scale design delivering a 21x speed advantage over Nvidia hardware for latency-sensitive, low-batch inference. The catch is that every major LLM framework and enterprise developer stack is natively optimized for Nvidia architecture out of the box, while Cerebras requires specialized compilation and custom engineering support for anything off the well-trodden path.
Lens NVIDIA Cerebras Core Bet CUDA full-stack platform Wafer-scale inference speed Q1 Gross Margin 75.0% non-GAAP 44.6% GAAP Anchor Customers Meta, OpenAI, Anthropic, Google OpenAI, AWS, G42 Biggest Vulnerability OpenAI’s Jalapeño custom chip Negative operating margins Nvidia’s $119 billion in supply commitments and $80 billion added to its buyback authorization signal management is doubling down on the platform. Cerebras raised $5.6 billion at IPO and is funneling it into data center capacity for OpenAI’s decode workloads while AWS Trainium 3 handles prefill. That is a focused inference bet riding on one customer’s roadmap.
The Next Test Is Whether Developers Defect Two catalysts matter into the back half of 2026. For Nvidia, the OpenAI Jalapeño chip, built with Broadcom, is the most credible threat to CUDA stickiness. NVDA shares are already down 8.79% over the past month, even with the stock up 27.01% YoY. For Cerebras, the bar is executing the OpenAI ramp without further margin slippage. Q2 core gross margin guidance of 36% to 38% telegraphs how steep the infrastructure build will be.
Why The Setup Still Favors Nvidia For AI infrastructure exposure with a self-funding moat, Nvidia remains the cleaner expression of the thesis. The 75% gross margin, $48.55 billion in quarterly free cash flow, and the developer install base are tough to dislodge in a single product cycle. Cerebras has the faster chip and a marquee anchor customer. A forward P/E of 23 on NVDA already prices in some software erosion. If CUDA defections spread beyond OpenAI, my view changes.
JPMorgan Chase zvýší kvartální dividendu na 1,65 USD na akcii ve 3. čtvrtletí z 1,50 USD a spustí nový program zpětného odkupu akcií za 50 miliard USD s účinností od 1. července. Akcie se drží poblíž historického maxima.
JPMorgan Chase stock is trading near recent highs. Where is JPM stock headed? What Is JPMorgan’s New Capital-Return Plan?The board plans to raise the quarterly common dividend to $1.65 per share in the third quarter from $1.50, and it authorized a new $50 billion share repurchase program effective July 1. CEO Jamie Dimon framed the move as enabled by excess capital and liquidity, positioning the bank to keep returning cash while maintaining balance-sheet strength.
JPMorgan’s after-hours pop earlier in the week put the stock near its prior record around $338.09, reinforcing why traders are treating the payout reset as a near-term floor for sentiment. The bank also ended March 31 with $4.9 trillion in assets and $364 billion in stockholders’ equity, giving the capital-return plan more credibility than a one-off headline.
JPMorgan is also navigating tighter internal controls around AI tooling, after restricting Hong Kong staff access to Anthropic’s Claude models tied to export-control pressure on "Fable 5" and "Mythos 5." That operational friction sits in the background even as the stock pushes higher on a new $50B repurchase authorization.
JPM Stock: Critical Levels To WatchJPM is extended versus its trend gauges, trading 6.4% above the 20-day SMA ($316.41) and 9.4% above the 200-day SMA ($307.82), which keeps the longer-term uptrend intact but increases the odds of a pause or sideways digestion. The trend stack is still constructive, with the 20-day SMA above the 50-day SMA and the golden cross that formed in June (50-day SMA above the 200-day SMA) reinforcing the intermediate bullish regime after the death cross in March.
For momentum, MACD is the cleaner read here: it’s above its signal line with a positive histogram, which points to improving upside pressure versus the prior downswing. RSI previously entered overbought territory in June, so the setup can stay bullish while still being vulnerable to short, sharp pullbacks.
Key Resistance: $337.50 — a nearby pivot area just above the current price where breakouts can stall, especially with the stock pressing the top end of its 52-week range Key Support: $293.50 — a prior demand zone well below current levels that traders may treat as a larger "line in the sand" if the uptrend unwinds How JPMorgan Chase Operates GloballyJPMorgan is a leading global financial services firm with operations in 66 countries and over 318,000 employees as of year-end 2025. Under the JPMorgan brands, the bank holding company boasts a $4.9 trillion balance sheet and $2.68 trillion in deposits, as of March 2026.
JPM Earnings Preview: What Analysts ExpectLooking further out, the next major catalyst for the stock arrives with the July 14, 2026 (confirmed) earnings report.
EPS Estimate: $5.42 (Up from $4.96 YoY) Revenue Estimate: $48.61 Billion (Up from $45.68 Billion YoY) Valuation: P/E of 16.0x (Suggests fair valuation relative to peers) Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price target of $343.88. Recent analyst moves include:
Evercore ISI Group: Outperform (Raises Target to $340.00) (April 17) Jefferies: Hold (Raises Target to $320.00) (April 15) Truist Securities: Hold (Raises Target to $332.00) (April 15) JPMorgan Chase: Benzinga Edge Scorecard BreakdownBelow is the Benzinga Edge scorecard for JPMorgan Chase &, highlighting its strengths and weaknesses compared to the broader market:
The Verdict: JPMorgan Chase &’s Benzinga Edge signal reveals a growth-leaning profile with moderate momentum but a weaker quality score. For longer-term bulls, the setup works best if price can hold above the rising short-term averages while it digests gains near resistance.
JPM Stock Price ActivityJPM Stock Price Activity: JPMorgan Chase shares were down 0.80% at $332.44 at the time of publication on Friday, according to Benzinga Pro data.
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Chevron uvedl, že všichni zaměstnanci ve Venezuele jsou v pořádku a provoz po silných zemětřeseních pokračuje bez narušení. Normálně fungují i klíčové těžební projekty, rafinerie Paraguaná a exportní terminál José.
Key Takeaways Chevron confirmed employees are safe and Venezuelan operations continue without earthquake disruptions. CVX said key crude projects, refining and export facilities continue operating normally. Chevron is supporting communities while monitoring safety and recovery across Venezuela. Chevron Corporation (CVX - Free Report) has confirmed that its operations in Venezuela remain unaffected despite two powerful earthquakes that caused widespread destruction and significant loss of life, underscoring the company's commitment to employee safety, operational resilience and support for local communities during challenging times.
Employee Safety Remains the Top Priority for CVXChevron reported that all of its employees in Venezuela are safe and accounted for following the twin earthquakes, which measured 7.2 and 7.5 in magnitude. The company expressed solidarity with the Venezuelan people and reaffirmed its commitment to supporting employees, neighboring communities and maintaining safe operations.
With a long-standing presence in the country, Chevron emphasized that protecting its workforce remains its highest priority while continuing to monitor the evolving situation closely.
CVX's Operations Continue Without DisruptionDespite the severe impact of the earthquakes, Chevron, currently carrying a Zacks Rank #3 (Hold), confirmed that its Venezuelan assets continue to operate normally. The company's three onshore heavy crude projects in western and eastern Venezuela have not experienced operational disruptions.
Key oil infrastructure also remained functional following the seismic events. Venezuela's Paraguaná refining complex, located near the affected region, continued normal refining activities, while the José export terminal maintained regular crude export operations.
These developments demonstrate the resilience of critical energy infrastructure even under difficult circumstances.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Industry Maintains StabilityChevron was not the only energy company to report uninterrupted operations. Other international operators, including Eni S.p.A. (E - Free Report) and Repsol, S.A. (REPYY - Free Report) , also confirmed that their Venezuelan assets remain operational.
Eni continues supplying natural gas that supports approximately half of Venezuela's gas-fired power generation, while Repsol's projects, including its partnership with Eni in the Perla gas field, continue contributing to the country's energy supply.
Although operations have remained stable, authorities and industry operators like CVX, E and REPYY continue assessing petrochemical facilities located closer to the earthquake's epicenter to ensure long-term safety.
Recovery Efforts Continue Across VenezuelaEmergency response teams remain engaged in rescue and recovery efforts following one of the strongest earthquakes recorded in Venezuela in more than a century. Authorities continue evaluating damage to industrial facilities, public infrastructure and residential areas.
Meanwhile, the Morón Petrochemical Complex has begun restoring operations after temporarily suspending activities to complete safety inspections. The precautionary shutdown reflects the industry's emphasis on protecting personnel and ensuring facility integrity before resuming operations.
Chevron's Long-Term Commitment to VenezuelaChevron has maintained a presence in Venezuela through years of political and economic uncertainty. It is making major developments in Venezuela, where production from its joint ventures has been steadily rising, reinforcing its position as a critical partner to PDVSA. The company currently contributes roughly a quarter of the country’s total crude output, underscoring both its operational importance and long-term strategic interest in the region. Chevron's ability to continue operating safely following this natural disaster reflects its focus on operational excellence, risk management and responsible energy production.
By prioritizing employee safety while maintaining reliable operations, Chevron continues to support Venezuela's energy sector during a period of significant national hardship.
Chevron's Ongoing Commitment to Safety and RecoveryAs Venezuela continues recovery efforts, Chevron remains focused on safeguarding its workforce, supporting affected communities and ensuring the safe operation of its assets. The company's swift response and operational resilience demonstrate the importance of strong safety practices and infrastructure preparedness in the face of unexpected natural disasters.
With ongoing assessments across the country's energy sector, Chevron continues working alongside stakeholders to provide reliable energy while contributing to recovery efforts wherever possible.
Nebius zvýšil smluvní kapacitu napájení na více než 3,5 GW a do konce roku očekává přes 4 GW. Digital Realty hlásí rekordní leasing v oblasti AI a backlog ve výši 1,8 mld. USD.
Key Takeaways NBIS is expanding its AI infrastructure, targeting more than 4 GW of contracted power capacity by year-end. DLR is seeing record AI-driven leasing, expanding its data center pipeline through 2027 and beyond.Both NBIS and DLR are investing heavily in AI infrastructure, but differ in growth pace and business models. Nebius Group N.V. (NBIS - Free Report) and Digital Realty Trust, Inc. (DLR - Free Report) are benefiting from the rapid expansion of AI infrastructure as enterprises and hyperscalers accelerate investments in high-performance computing, AI cloud platforms and next-generation data centers. Growing demand for AI training and inference workloads is driving the need for large-scale GPU capacity, power-rich data center campuses and globally connected infrastructure, positioning both companies to capitalize on the ongoing buildout of the AI ecosystem.
While Nebius is expanding its AI-native cloud platform by adding GPU capacity, securing long-term customer commitments and investing heavily in new AI infrastructure, Digital Realty is scaling its global data center platform through record leasing activity, hyperscale developments and expanded connectivity to support increasingly AI-driven workloads. Both companies continue to invest aggressively to meet rising AI infrastructure demand, although they are executing through different business models within the AI infrastructure value chain.
Let’s evaluate their fundamentals, growth prospects, market challenges and valuations to determine which stock presents a stronger investment opportunity.
The Case for NBISNebius is rapidly scaling its AI infrastructure footprint by expanding data center capacity and strengthening its AI-native hyperscaler platform. Within the past three months, the company has increased its contracted power capacity from more than 2 gigawatts to over 3.5 gigawatts and now expects to exceed 4 gigawatts by year-end. It also announced a new data center site in Pennsylvania, which is expected to support 1.2 gigawatts of power at full build-out. More than 75% of the company's contracted power capacity is now owned, reflecting its strategy of building and operating an integrated AI infrastructure platform with greater control over long-term capacity.
The company continues to enhance its full-stack AI cloud platform by offering services across the AI lifecycle, including bare-metal infrastructure, multi-tenant cloud, inference and agentic capabilities. The acquisitions of Tavily, Eigen AI and Clarifai have strengthened its engineering capabilities while improving inference optimization and agentic search technologies. The company also expanded its collaboration with NVIDIA and achieved NVIDIA Exemplar Cloud status for GB300 training workloads, placing it among a limited number of cloud providers recognized across multiple GPU generations.
Demand for Nebius' AI infrastructure remains strong across a broad range of industries, with management stating that several customers typically compete for every GPU brought online. During the first quarter, pipeline generation increased 3.5 times sequentially, supported by growing demand from AI-native companies, enterprises and software vendors. Customers spanning fintech, physical AI, life sciences, manufacturing, energy and pharmaceuticals are increasingly adopting the company's AI cloud platform. Nebius also delivered a strong first-quarter financial performance, with group revenue rising 684% year over year and the AI business recording 841% revenue growth, reaching an annualized run-rate revenue of $1.9 billion.
For 2026, Nebius expects annualized run-rate revenue of $7 billion to $9 billion, group revenue of $3 billion to $3.4 billion and an adjusted EBITDA margin of around 40%. However, management expects quarterly EBITDA margins to fluctuate during the year as investments in infrastructure and capacity expansion are incurred ahead of revenue generation. Margins are expected to decline in the second quarter due to the back-half weighted deployment of new capacity before recovering to first-quarter levels in the third quarter and improving further in the fourth quarter.
The company has also raised its 2026 capital expenditure guidance to between $20 billion and $25 billion from the earlier range of $16 billion to $20 billion to support additional AI infrastructure capacity planned for 2027. The increased investment is backed by customer commitments but will require incremental financing through asset-backed structures, corporate debt and other funding alternatives. The company continues to evaluate multiple financing sources while maintaining a disciplined approach to funding its long-term data center expansion strategy.
The Case for DLRDigital Realty is gaining from robust AI infrastructure and data center demand, with enterprises and hyperscalers increasingly deploying AI workloads across its global PlatformDIGITAL ecosystem. The company said digital infrastructure has become foundational as AI adoption accelerates compute intensity, cloud demand remains resilient and enterprises continue investing in technology. This drove one of the strongest leasing quarters in the company's history, supported by rising demand for both interconnection services and large-scale hyperscale capacity.
The company continues to strengthen its position in AI-ready infrastructure through record leasing activity and an expanding global footprint. The company signed its largest-ever lease, a 200-megawatt AI inference deployment with a hyperscale customer in Charlotte, while also securing multiple 10-plus megawatt AI-related leases across major global markets. AI-oriented bookings represented a record share of the 0-1 megawatt category, reflecting growing enterprise adoption. To support future demand, the company expanded its development pipeline to 1.2 gigawatts under construction, increased investments in hyperscale campuses and added new connectivity hubs and land acquisitions across North America, Europe and the Asia-Pacific.
Digital Realty is also benefiting from strong long-term visibility supported by a record backlog and continued investments in AI-focused data center capacity. Management highlighted that customers are shifting AI deployments from pilot projects to production environments, particularly for inference workloads, while enterprise AI demand continues to expand. Record bookings lifted the backlog to $1.8 billion, with lease commencements extending into 2027 and beyond. Digital Realty is simultaneously scaling its private capital platform, expanding hyperscale development funding and securing additional land and power resources to meet customers' long-term AI infrastructure requirements.
However, the rapid expansion of AI infrastructure continues to face industry-wide execution challenges. Management noted that limited power availability, labor shortages, supply chain constraints and community opposition are restricting the pace at which new data center capacity can be delivered. These factors are widening the gap between customer demand and deployable capacity, while utilities, equipment availability and construction timelines remain key variables across major markets.
Digital Realty is also navigating higher development costs as inflation in land values, construction expenses, supply chains and liquid-cooling infrastructure increases capital requirements for new AI data centers. The company acknowledged elevated operating expenses during the quarter and expects continued investment spending to support hyperscale growth. While management believes market rental rates are strong enough to offset rising development costs and preserve targeted returns, higher capital intensity and ongoing infrastructure investments remain important considerations.
Share Performance for NBIS & DLRIn the past three months, NBIS stock has surged 154.5% while DLR gained 10.4%.
Image Source: Zacks Investment Research
Valuation for NBIS & DLRIn terms of Price/Book, NBIS shares are trading at 8.97X, higher than DLR’s 2.93X.
Image Source: Zacks Investment Research
How Do Estimates Compare for NBIS & DLR?Over the past 60 days, analysts have significantly revised estimates for NBIS’ bottom line for the current year.
Image Source: Zacks Investment Research
For DLR, estimates have been revised marginally upward over the past 60 days.
Image Source: Zacks Investment Research
NBIS or DLR: Which Stock is the Better Investment?Both NBIS and DLR currently carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
While Digital Realty provides a more established and stable data center platform supported by strong leasing activity and long-term backlog, Nebius' faster growth profile, improving earnings outlook and expanding AI-native platform make it the more compelling choice for investors seeking higher upside in the AI infrastructure space.
SSR Mining dokončila prodej 80% podílu v dole Çöpler společnosti Cengiz Holding za 1,49 mld. USD v hotovosti. Výnosy chce použít na reinvestice, návrat kapitálu akcionářům a růst.
Key Takeaways SSR Mining closed the sale of its 80% stake in the Copler Mine to Cengiz.SSRM received $1.49B in cash and plans to reinvest, return capital and pursue growth.SSR Mining expects its 2026 gold equivalent output of 450,000-535,000 ounces from four mines. SSR Mining Inc. (SSRM - Free Report) announced that it closed its previously announced sale of 80% stake in the Çöpler Mine to Cengiz Holding A.S. Along with the prior announced sale of the 20% stake in the Hod Maden development project, the sale of the Çöpler Mine is consistent with SSR Mining's refocusing toward an Americas platform.
Details of SSR Mining’s Deal to Sell Çöpler Mine StakesOn March 4, 2026, SSR Mining inked a binding memorandum of understanding to sell its majority stake in the Çöpler Mine and related properties in Türkiye. Çöpler was a key contributor to SSRM’s output, which stopped operations on Feb. 13, 2024, following a significant slip on the heap leach pad.
SSR Mining worked toward the restart of the Çöpler Mine while securing the necessary regulatory approvals from Turkish authorities over the past two years. During this time, the company determined a strategic review to be the optimal path for the mine to maximize shareholder value.
SSR Mining received $1.49 billion in cash from the transaction, which it plans to use for continued business reinvestment, capital returns and accretive growth initiatives. SSRM expects the sale to yield immediate value for shareholders by exceeding current market expectations for the mine's net asset value and cash flow.
SSRM’s recent strategic actions, including the acquisition of the Cripple Creek & Victor Mine, position it as a leading producer in the United States focused on free cash flow and capital return. The company currently operates four active mines across the United States, Canada and Argentina. SSR Mining expects gold-equivalent ounces to be 450,000-535,000 for 2026.
SSRM Stock Price PerformanceThe SSRM stock has appreciated a whopping 125.2% in a year compared with the industry’s return of 40.8%.
Image Source: Zacks Investment Research
SSR Mining’s Zacks Rank & Stocks to ConsiderThe Zacks Consensus Estimate for Dow's current-year earnings is pegged at $2.61 per share, indicating a 377% year-over-year surge. Dow’s shares have gained 13.6% in a year.
Albemarle has an average trailing four-quarter earnings surprise of 74.5%. The Zacks Consensus Estimate for the company’s 2026 earnings is pegged at $12.45 per share, indicating year-over-year growth from a loss of 79 cents. ALB shares have skyrocketed 124% so far this year.
Avino Silver has an average trailing four-quarter earnings surprise of 125%. The Zacks Consensus Estimate for Avino Silver’s 2026 earnings is pegged at 39 cents per share, indicating 34.5% year-over-year growth. Its shares have surged 62.7% in a year.
Jefferies potvrdila pro AstraZeneca doporučení koupit a označila ji za Franchise Pick před klíčovým čtením dat ze studie CARDIO-TTRansform ve druhé polovině roku 2026. Cílová cena 18 000 p znamená asi 30% růst.
Jefferies has reiterated its 'buy' rating on AstraZeneca PLC (LSE:AZN, NASDAQ:AZN) and named the drugmaker a Franchise Pick, framing an approaching late-stage trial readout as the next major catalyst for the shares.
The broker holds a price target of 18,000p, implying upside of around 30% to the current price.
At the centre of the call is CARDIO-TTRansform, a phase III study of eplontersen, marketed as Wainua, in transthyretin amyloidosis, a progressive condition in which misfolded proteins build up in the heart.
Data is due in the second half of 2026, and Jefferies argues a positive result could de-risk around $5 billion in future sales while adding a low single-digit percentage to its net present value estimate.
The analysts see the trial as well placed to succeed, citing a large patient population and the ability to test the drug both alone and alongside existing stabiliser therapies such as tafamidis.
A favourable outcome would validate eplontersen as a competitive silencing treatment and open the door to combination use, where Jefferies sees the larger long-term prize.
The broker frames the opportunity within a transthyretin amyloidosis market it expects to reach around $18 billion by 2030, driven by earlier diagnosis and a shift towards disease-modifying therapies in a condition that remains widely underdiagnosed.
Jefferies also points to AstraZeneca's broader pipeline, including the amyloid-clearing antibody cliramitug, as evidence of a multi-mechanism franchise rather than a single-product bet.
On the longer-term question of growth beyond 2030, the analysts estimate AstraZeneca must de-risk roughly $12.5 billion of incremental revenue by 2034 to sustain forecast top-line growth of about 3% a year, a target they consider achievable.
The price target places the stock at a premium of around 40% to the European pharmaceuticals sector on 2027 earnings, a valuation Jefferies says is justified.
Intel v 1. čtvrtletí vykázal non-GAAP EPS 0,29 USD při tržbách 13,58 mld. USD a divize Data Center a AI vzrostla meziročně o 22 %. TSMC zároveň zvýšila tržby o 21,4 % a čistý zisk o 43,82 %.
Intel (NASDAQ:INTC | INTC Price Prediction) and Taiwan Semiconductor Manufacturing (NYSE:TSM) both posted Q1 2026 results that frame the same question from opposite sides: who builds the world’s most advanced chips, and where. TSMC remains the engine of AI silicon. Intel is the Western alternative hyperscalers are quietly funding. Geography matters more than the numbers.
Foundry Bets Lift Intel. AI Wafers Carry TSMC. Intel’s Q1 came in at $0.29 in non-GAAP EPS on $13.58B revenue, with Data Center and AI up 22% YoY and Foundry up 16% YoY. CEO Lip-Bu Tan stated: “The next wave of AI will bring intelligence closer to the end user… This shift is significantly increasing the need for Intel’s CPUs and wafer and advanced packaging offerings.” A $4.07B Mobileye-related restructuring charge dragged GAAP results into a loss.
TSMC’s quarter was cleaner. Q1 revenue hit NT$1,134.10B, up 21.4% YoY, and net income jumped 43.82% to NT$572.48B. Gross margin reached 66.2%, a profitability profile Intel cannot match today. April monthly revenue rose 17.5% YoY, confirming AI wafer demand is accelerating.
Western Subsidies vs. Taiwanese Scale Intel’s foundry roadmap anchors a politically insulated U.S. manufacturing base: $8.9B in CHIPS Act funding, a $5.0B NVIDIA equity investment, $2.0B from SoftBank, and Intel 18A ramping at Fab 52 in Arizona. Xeon 6 was selected as the host CPU for NVIDIA’s DGX Rubin NVL8 systems. Intel joined the Terafab project alongside SpaceX, xAI, and Tesla. Hyperscalers are realizing that relying on a single island for over 90% of advanced chip fabrication is an unsustainable operational risk.
TSMC is diversifying with fabs in Arizona, Japan, and Germany, with its Arizona tax credit rate raised from 25% to 35%. Customer concentration is striking: the top 10 customers represent 84% of accounts receivable. Most leading-edge research stays in Hsinchu.
Lens Intel TSMC Core Bet U.S. foundry as secure second source Taiwan-anchored leading-edge dominance Key Vulnerability Execution on 18A yields and customer wins Geopolitical concentration risk Profit Engine Xeon, advanced packaging, foundry ramp 3nm and 2nm AI wafers The Next Test Is Intel 18A Customer Wins Watch whether Intel converts its Google ASIC partnership and NVIDIA wafer relationship into named 18A foundry customers before management decides on the Intel 14A go-ahead. For TSMC, monitor whether the 2D transistor and CoPoS packaging roadmap stays on schedule while Arizona expansion absorbs more capex. Intel guided Q2 to $13.8B-$14.8B in revenue with non-GAAP EPS of $0.20, so the margin path matters more than the headline.
Why Intel Offers Asymmetric Upside Intel fits investors seeking exposure to the structural reshoring trade, even with restructuring noise and a CFO who trimmed shares at $109.82. The stock is up 256.78% YTD, so the easy money is gone, but the foundry thesis has years to play out. TSMC remains the better business by every operating metric, with 46.5% profit margin proving it. TSMC may appeal to investors prioritizing quality compounding. If China-Taiwan tensions cool meaningfully, the relative case for TSMC strengthens. Until then, Intel’s political insulation is the edge the market is still underpricing.
DexCom potvrdil výhled růstu tržeb na rok 2026 o 11 % až 13 % a dál rozšiřuje adopci CGM díky novým produktům a širšímu pokrytí. Abbott naopak čelí slabosti diagnostiky, nejistotě v Číně a ředění EPS po akvizici Exact Sciences.
Key Takeaways Abbott faces Diagnostics weakness, China uncertainty and EPS dilution from the Exact Sciences deal.DXCM is expanding CGM adoption through new products, broader coverage and global market growth.DXCM reiterated 2026 revenue growth guidance of 11%-13% and expects wider G7 15 Day adoption. With the rising prevalence of diabetes worldwide, the demand for more efficient and real-time glucose monitoring solutions has intensified. Abbott (ABT - Free Report) and DexCom (DXCM - Free Report) are among the leading players in the continuous glucose monitoring (CGM) device market, valued at $13.4 billion in 2025 by Grand View Research.
Healthcare giant Abbott’s businesses span cardiovascular care, diagnostic testing, nutrition, pain and movement disorders, with Diabetes Care being a consistent top-line driver for the past several quarters. On the other hand, DexCom is a pure-play CGM company whose target market consists mainly of people with Type 1 and Type 2 diabetes using insulin therapy, as well as certain non-insulin users who struggle with hypoglycemia.
Here’s a closer look at both companies to determine which stock offers the more compelling investment opportunity today.
The Case for Abbott
Abbott’s flagship, sensor-based CGM system, FreeStyle Libre, has quickly established global leadership across both Type 1 and Type 2 diabetes. CGM sales reached $2 billion in the first quarter of 2026, up 7.5% year over year, though growth was affected by a delay in an international tender renewal and a difficult prior-year comparison tied to shelf restocking dynamics. CGM growth is forecasted to return to double-digits in the second quarter.
Abbott’s CEO also remains bullish on the long-term CGM opportunity, estimating that 70-80 million people globally should be using CGMs compared with the current market of roughly 10-12 million users. Recently, the company secured CE Mark for the first-ever dual glucose-ketone sensing technology for people with diabetes, branded as Libre Duo and Libre Duo 10 Day. The systems continuously measure glucose and ketone levels every minute and will integrate with the Libre digital health ecosystem.
Beyond Diabetes Care, Abbott’s Core Lab Diagnostics business is seeing robust demand across the United States, Europe and Latin America. However, Core Lab trends were flat in China, with the company continuing to expect a weaker market for the full year despite lapping prior pricing actions.
The March 2026 acquisition of Exact Sciences added a Cancer Diagnostics business, expanding presence in one of the fastest-growing areas of healthcare. Even so, the deal introduces a $0.20 dilution to the 2026 adjusted EPS guidance of $5.38 to $5.58.
Abbott’s Rapid and Molecular Diagnostics business suffered from lower demand for respiratory virus testing due to a much weaker respiratory season compared to last year. Management is taking a cautious view and is not assuming the shortfall will recover later in the year. The Established Pharmaceuticals Division benefits from branded generics positions in faster-growing geographies. Abbott is focused on restoring a healthier balance between price and volume over time in Nutrition, while its Medical Devices segment is gaining from scale advantages and new product cycles across the franchises.
Take a look at how analysts are projecting Abbott’s bottom line.
Image Source: Zacks Investment Research
The Case for DexCom
DexCom is benefitting from broader access to its CGM product portfolio, continued active base growth and new product launches. The company has partnered with several insulin delivery systems manufacturers to integrate its CGM products, with more than one million CGM users now connected to an automated insulin delivery (AID) system worldwide.
Internationally, DexCom’s 2026 first-quarter growth was widespread across core markets, with notable strong performance in countries such as France and Canada, where access has recently expanded. Management outlined a targeted international strategy aimed at gaining share through reimbursement progress and a portfolio tailored to local channels, including DexCom One+ in Europe.
In the quarter, DexCom made an expanded rollout of the G7 15 Day sensor across all U.S. channels. The platform is now available with all U.S. pump partners, helping minimize friction for AID users who upgrade within the installed base. DexCom expects nearly 50% conversion of the U.S. base to the 15-day sensor by year-end 2026, with an international launch expected to begin in the second half of the year. The company also introduced its next-generation G8 roadmap, designed to deliver a step-change improvement in glucose performance with a smaller form factor and self-adapting sensor.
DexCom continues to build out its software ecosystem, adding engagement tools for Stelo, including enhanced Smart Meal Logging features, and it has been expanding provider-facing capabilities through Direct EHR Integration. More than 320 health systems have already integrated or are in the process of onboarding this capability across the United States and international markets.
The company also continues to expand insurance coverage for its CGM sensors, particularly among Type 2 diabetes patients. The three largest U.S. Pharmacy Benefit Managers now cover DexCom CGM for all people with diabetes, including those with type 2 not using insulin.
ABT also reiterated its 2026 revenue guidance, calling for 11% to 13% growth over 2025 levels. Take a look below at how the company’s earnings estimates are shaping up.
Image Source: Zacks Investment Research
ABT & DXCM: Price Performance and Valuation
Year to date, ABT shares have declined 25.6%, whereas DexCom shares have climbed 4.1%.
Image Source: Zacks Investment Research
Abbott is trading at a forward, five-year Price/Sales (P/S) of 2.99X, below its median of 4.63X. Meanwhile, DXCM sits with a five-year P/S of 4.88X, also lower than its median of 9.93X.
Image Source: Zacks Investment Research
Conclusion
Both companies are poised to benefit from the long-term growth trends of the CGM market. However, Abbott continues to face respiratory testing volatility in Diagnostics, dilution risk following the Exact Sciences acquisition and ongoing uncertainty in China. DexCom is gaining from elevated CGM demand worldwide, new product launches and expanding coverage for its sensors.
While DexCom trades at a premium to Abbott, it remains well below its historical median. The stock has also delivered stronger YTD performance relative to Abbott. Coupled with positive earnings estimate revisions, existing DXCM holders may find it prudent to stay invested to enjoy growth prospects. Meanwhile, those holding ABT stock may find it wise to sell for now until the short-term operating visibility improves.
DXCM carries a Zacks Rank #3 (Hold), while ABT has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Morgan Stanley Wealth Management rozšířila přístup k PMAX - Balanced, odstranila požadavek na akreditovaného investora a spustila PMAX - Growth. Minimální investice je 10 000 USD.
NEW YORK--(BUSINESS WIRE)--Morgan Stanley Wealth Management announced that it has expanded access to the Morgan Stanley Private Markets and Alternatives Fund ("PMAX") by registering it as PMAX - Balanced. This change removes the accredited investor requirement, lowers minimum investment amounts, and introduces daily subscriptions, making private market strategies accessible to a broader range of clients through a simplified, professionally managed investment vehicle.
Morgan Stanley Wealth Management is also adding to its PMAX product suite with the launch of PMAX - Growth, a fund with a growth-focused allocation, and plans to introduce additional strategies with targeted investment objectives.
Historically, access to private markets was primarily limited to institutions and ultra-high-net-worth investors, but the PMAX fund platform now broadens access to institutional-quality private market investment managers for more clients.
This expansion comes as private markets continue to gain momentum. Global Alternatives AUM is expected to exceed $30 trillion in 2030, up from less than $10 trillion a decade ago, driven by companies staying private longer and increasing investor demand for opportunities beyond public markets.1 Over the same period, the number of public companies has declined significantly, while 84% of companies generating $100 million or more in revenue remain private.2
Morgan Stanley Wealth Management continues to see substantial growth in alternative investments, with over $300 billion in client assets under management.3 This achievement positions the Firm as a leading provider of alternative investment solutions in the wealth management sector and underscores its 45-year history of excellence in this space, extensive resources, and a dedicated team of nearly 350 alternatives professionals.
“Our PMAX platform reflects our commitment to broadening access to private markets through innovative products designed to meet a wider range of client needs,” said Alison Nest, Head of Investment Solutions Products. “By expanding the platform and making it easier to invest, we are giving clients and advisors more ways to build diversified portfolios aligned with their investment objectives.”
PMAX platform overview
PMAX - Balanced, with currently over $1B in AUM4, is a multi-manager portfolio offering diversified exposure across private equity, private credit, real estate and infrastructure through a simplified, single-ticket evergreen vehicle. With a diversified allocation across these strategies, it seeks to offer the potential for risk-adjusted higher returns, income and lower correlation relative to traditional investments.
PMAX - Growth is a growth-oriented private markets approach for clients seeking increased exposure to long-term capital appreciation opportunities. The fund provides diversified exposure to private equity through a curated, multi-manager portfolio across sectors, geographies and vintages, combining growth‑oriented and buyout strategies that seek to pursue long‑term capital appreciation while providing diversification.
The funds require a $10,000 initial investment and $5,000 for subsequent contributions. The funds permit daily purchases and allow clients to benefit from consolidated tax reporting and fully funded exposure without capital calls. Additionally, the streamlined investor experience removes the need for subscription documents, making the process simpler and more efficient for clients.
The funds are closed-end investment companies and do not offer daily redemptions. Liquidity is anticipated only through limited quarterly repurchase offers that occur at the discretion of each fund's Board of Trustees.
“The PMAX platform brings together Morgan Stanley Wealth Management’s scale, alternatives expertise and manager access in a way that is designed to make private markets investing more accessible and more flexible for clients,” said Brian Holzer, Head of Alternative Investments Distribution. “With these offerings, we are continuing to build a differentiated platform that helps advisors deliver institutional-quality private market strategies.”
Investment approach
The funds utilize the intellectual capital of Morgan Stanley Wealth Management’s Global Investment Committee for asset allocation and Global Investment Manager Analysis team for manager selection and due diligence.
PMAX - Balanced targets allocations to private equity, private credit and real assets. This calibrated mix is designed to pursue higher risk-adjusted returns, income and diversification across private market strategies that may have lower correlation to public markets. The strategy also seeks diversification across sub-strategy, geography, sectors and managers, while retaining flexibility to incorporate additional strategies as opportunities arise.
PMAX - Growth targets allocation ranges that emphasize buyout strategies, as a core component, complemented by growth equity and venture capital and other opportunistic strategies. Overall, the approach focuses on diversification within private equity through manager selection, asset allocation, and periodic rebalancing, with the goal of seeking attractive risk‑adjusted returns over time.
About Morgan Stanley Wealth Management
Morgan Stanley Wealth Management, a global leader, provides access to a wide range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, cash management and lending products, annuities and insurance, retirement and trust services.
About Morgan Stanley
Morgan Stanley (NYSE MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For more information, visit www.morganstanley.com.
Important Information
This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy any securities, nor does it constitute investment advice or a recommendation of any kind.
The PMAX funds are closed-end investment companies with limited to no liquidity. Shares are not listed on any securities exchange and no secondary market is expected to develop. Shareholders do not have the right to require the funds to redeem their shares. The funds may offer to repurchase shares on a quarterly basis in an amount not to exceed 3% of each fund's net asset value, subject to the discretion of each fund's Board of Trustees. No assurances can be given that a fund will conduct a repurchase in any given quarter and investors should not expect to be able to sell their shares regardless of how a fund performs.
The funds invest primarily in private market strategies for which valuations are generally provided on a quarterly basis by the underlying portfolio fund managers, while the funds calculate their net asset value and offer shares on a daily basis. Accordingly, the daily net asset value of a fund's shares may not fully reflect the current fair value of the fund's underlying investments and may be subject to adjustment as updated valuations become available.
Investing in the funds involves a high degree of risk, including the possible loss of the entire investment. The funds invest in non-traditional, alternative strategies, including private equity, private credit and real assets, that are subject to risks not typically associated with traditional investments, including but not limited to illiquidity, limited transparency, leverage, valuation uncertainty and potential for significant price volatility. Past performance is not indicative of future results, and there can be no assurance that the funds will achieve their investment objectives.
Investors should carefully read the applicable prospectus before investing for a more complete description of the risks involved. Copies of the prospectus may be obtained by contacting your Morgan Stanley Financial Advisor.
The sole purpose of this material is to inform, and it is in no way intended to be an offer or solicitation to purchase or sell any security, other investment or service, or to attract any funds or deposits. Products mentioned herein may not be appropriate for all investors and may be purchased only after an eligible investor has carefully reviewed the Fund’s offering materials and executed any applicable subscription documents. MSWM has not considered the actual or desired investment objectives, goals, guidelines, or factual circumstances of any investor in any fund(s). Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering materials, and make a determination, based upon their own particular circumstances, that the investment is consistent with their investment objectives and risk tolerance.
Past performance is no guarantee of future results. Actual results may vary. Diversification does not assure a profit or protect against loss in a declining market.
Alternative investments involve complex tax structures, tax inefficient investing, and delays in distributing important tax information. Individual funds have specific risks related to their investment programs that will vary from fund to fund. Clients should consult their own tax and legal advisors as MSWM does not provide tax or legal advice.
Interests in alternative investment products are only made available pursuant to the terms of the applicable offering materials, are distributed by MSWM and certain of its affiliates, and (1) are not FDIC-insured, (2) are not deposits or other obligations of MSWM or any of its affiliates, (3) are not guaranteed by MSWM or any of its affiliates, and (4) involve investment risks, including possible loss of principal. MSWM is a registered broker-dealer, not a bank.
RedStone nyní dodává cenový feed pro JupUSD na Solaně, aby stablecoin mohl fungovat jako kolaterál v DeFi. Jupiter tím zpeněžuje nevyužitý kolaterál z perpetuals.
Launching a stablecoin used to mean building the whole stack: reserves, attestation, custody, redemption, distribution. Stablecoin-as-a-Service from Ethena removes that work. What is left for the issuer is the price feed that lets the token work as collateral in DeFi. For JupUSD, that feed comes from RedStone.
TL;DR: Stablecoin-as-a-Service lets any app launch a branded stablecoin on rented reserve infrastructure. Ethena runs the reserves and the machinery, and the partner brings the name and the distribution. Jupiter launched JupUSD stablecoin, monetizing $400 to $500 million of idle perps collateral. The current stablecoin circulating supply sits at $51 million. RedStone now delivers the price feed for JupUSD on Jupiter’s Solana platform. Stablecoin-as-a-Service: Ethena’s Reserve Model Ethena Whitelabel is a Stablecoin-as-a-Service product that allows partners to launch a branded stablecoin on rented reserve infrastructure, the same infrastructure that also backs USDtb, Ethena’s BUIDL-backed dollar.
When a partner launches a branded stablecoin, Ethena runs the reserves and the mint and redemption process, allowing the issuer to focus on the branding and distribution.
Ethena’s whitelabel offering covers multiple chains and protocols, with partners choosing between Ethena’s underlying reserve models depending on the product they want.
For JupUSD, that reserve asset is USDtb, which has grown to a circulating supply of roughly $889 million as of June 2026, according to DeFiLlama. Partners building on this infrastructure plug into a reserve mechanism already operating at scale.
Why JupUSD Needs Reliable Pricing Data Jupiter is Solana’s largest DeFi platform by total value locked. Founded in October 2021 as a swap aggregator routing trades across Solana DEXs, it has since expanded into a full onchain finance suite providing perpetual futures trading, lending, prediction markets, and a mobile trading app. Jupiter processed over $1 trillion in spot and perpetuals volume in 2025.
JupUSD was launched in January 2026, initially backed entirely by USDtb before the reserve mix shifted to its current 90/10 split with USDC. For Jupiter, the stablecoin solved a balance sheet problem: its perpetuals venue was sitting on roughly $400 to $500 million of idle collateral, and JupUSD puts that capital to work.
It is monetization infrastructure, not a savings account for users. Because USDtb flows through to BlackRock’s BUIDL fund, the yield accrues to Jupiter’s reserves rather than to JupUSD holders. As of June 12, 2026, JupUSD’s circulating supply sits around $51 million, published live on the project’s transparency page with broader metrics on DeFiLlama.
JupUSD is the default stablecoin powering the Jupiter superapp, which means that every venue using it needs reliable pricing data to run smoothly. Perps need it to value collateral, Jupiter Lend needs it to trigger liquidations, and Jupiter Predict needs it to settle markets. RedStone now provides that price feed for JupUSD on Solana.
The RedStone approach for whitelabeled stablecoins A whitelabeled stablecoin arrives with its reserves handled but cannot be used as collateral until a price feed makes it usable. Lending markets, perps, and prediction markets all need a fast, manipulation-resistant feed before they will take it as collateral or settle against it. The more venues the stable reaches, the bigger demand for price feed is.
RedStone’s modular architecture treats each feed as a configuration change rather than a bespoke build, so coverage expands at the pace these stablecoins now launch. On Jupiter that is already live: RedStone provides the JupUSD feed on Solana today, currently serving Jupiter’s perpetual markets.
Ethena handles reserve management as a service. RedStone provides the pricing data that makes each one usable.
Frequently Asked Questions What is Stablecoin-as-a-Service?
A model where the reserve and issuance infrastructure for a stablecoin is provided as a service, so an app can launch its own branded stable without building custody, attestation, and redemption from scratch. Ethena offers it through Ethena Whitelabel, and JupUSD is built on it.
Why does a service-issued stablecoin still need an oracle?
Reserves back the token’s value, but they do not make it usable in DeFi. Lending markets and perpetual venues need a manipulation-resistant price feed to accept it as collateral. Without one, the stablecoin remains a simple coin rather than a productive asset.
What type of price feed is RedStone running for JupUSD?
A push-model market feed for JupUSD on Solana that aggregates the spot price from exchanges and pushes updates onchain on deviation 0.2% or 24h heartbeat triggers.
Freeport-McMoRan rozšiřuje projekty v Chile, Arizoně a Indonésii, aby zvýšil kapacitu a produkci mědi. Konsensus ohledně EPS společnosti FCX pro roky 2026 a 2027 počítá s růstem o 6,1 % a 44,6 %.
Key Takeaways FCX is advancing expansion projects in Chile, Arizona and Indonesia to boost copper capacity and output.Freeport's organic growth pipeline positions itself well to benefit from future demand growth.Estimates for 2026 and 2027 for FCX point to 6.1% and 44.6% growth, trending higher over the past 60 days. Freeport-McMoRan Inc. (FCX - Free Report) remains committed to disciplined execution and the development of its organic growth projects. The company’s expansion efforts are designed to enhance production capacity, supported by solid financial strength.
FCX has completed the evaluation of a large-scale expansion at El Abra in Chile to define a large sulfide resource that could potentially support a major mill project similar to the large-scale concentrator at Cerro Verde, with an estimated resource of approximately 20 billion recoverable pounds of copper.
In Arizona, FCX is progressing with pre-feasibility studies at its Safford/Lone Star operations, with completion targeted for 2026, to assess a sizable sulfide expansion opportunity. It has expansion opportunities at Bagdad in Arizona that can more than double the concentrator capacity of the operation. Technical and economic studies have revealed the potential to build concentrating facilities to boost copper production by 200-250 million pounds annually.
PT Freeport Indonesia (PT-FI) is developing the Kucing Liar ore body within the Grasberg district with a targeted ramp-up to commence in 2030. FCX completed studies in 2025 that showed an opportunity to increase Kucing Liar’s design capacity to 130,000 metric tons of ore per day and reserves by roughly 20% at low costs.
FCX’s organic growth pipeline, designed to expand capacity and output, positions it well to benefit from future demand growth. Effective execution of these projects will strengthen its ability to drive shareholder value.
Among FCX’s peers, Southern Copper Corporation (SCCO - Free Report) has a strong pipeline of world-class copper greenfield projects and various other promising opportunities. Southern Copper continues to build its presence in Peru as the country is the second-largest producer of copper. The company’s key growth catalysts include the Tía María, Los Chancas and Michiquillay projects in Peru, along with El Pilar and El Arco in Mexico, all of which underpin SCCO’s long-term expansion pipeline.
BHP Group Limited (BHP - Free Report) continues to reshape its portfolio toward commodities such as copper and potash, allocating nearly 70% of its medium-term capital expenditure to these areas. This strategy positions BHP to benefit from decarbonization, electrification, population growth and rising living standards in emerging markets. BHP, in March 2026, submitted the Environmental Impact Declaration permit for the Escondida New Concentrator to replace the aging Los Colorados plant as it nears the end of operations, a move that backs its growth strategy while addressing asset longevity. With an estimated investment of $4.4-$5.9 billion, the project targets new capacity to produce 220-260 kt of copper annually.
The Zacks Rundown for FCXShares of Freeport-McMoRan have rallied 22% in the past six months compared with the Zacks Mining - Non Ferrous industry’s growth of 6.8%.
Image Source: Zacks Investment Research
From a valuation standpoint, FCX is currently trading at a forward 12-month earnings multiple of 20.82, a modest 3.2% premium to the industry average of 20.17X. It carries a Value Score of C.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for FCX’s 2026 and 2027 earnings implies a year-over-year rise of 6.1% and 44.6%, respectively. The EPS estimates for 2026 and 2027 have been trending higher over the past 60 days.
Biogen uvedl, že jeho růstové produkty v 1. čtvrtletí vygenerovaly tržby 851 milionů USD, což je meziročně o 12 % více. Nové léky ale zatím nestačí kompenzovat pokles tržeb z franšízy na roztroušenou sklerózu.
Key Takeaways Biogen's newer drugs are growing but remain insufficient to offset declining MS franchise sales.Leqembi's subcutaneous autoinjector and blood-based diagnostics may support growth from 2027 onward.Biogen's growth products generated $851 million in Q1 sales, up 12% year over year. Biogen (BIIB - Free Report) is in the midst of a major portfolio transition. The company is seeing declining sales of its key multiple sclerosis (“MS”) drugs like Tecfidera and Tysabri and spinal muscular atrophy (SMA) treatment, Spinraza, due to generic erosion, increasing competition from newer therapies and pricing headwinds.
To combat the pressure on key drugs, Biogen has been aggressively building a new growth engine around recently launched products, Eisai-partnered Leqembi for Alzheimer’s disease, Skyclarys for Friedreich’s ataxia, Qalsody for amyotrophic lateral sclerosis (ALS) and Supernus Pharmaceuticals (SUPN - Free Report) -partnered Zurzuvae for depression.
The key question for investors is whether these products can eventually compensate for the erosion of blockbuster drugs like Tecfidera, Tysabri and Spinraza. Let us discuss.
Key Multiple Sclerosis Drugs, Spinraza Face Increased CompetitionBiogen’s MS sales are declining due to generic competition for Tecfidera globally, biosimilar competition for Tysabri in Europe and rising competitive pressure in the MS market.
In 2026, Biogen expects revenues for MS products, excluding Vumerity, to decline by a mid-teen percentage versus 2025 due to increased competitive pressure on the ex-U.S. MS business, particularly accelerating generic competition for Tecfidera in Europe.
Spinraza’s sales are also declining due to lower demand amid increasing competitive pressure from newer SMA treatments, including gene therapies and oral medicines that offer greater convenience. Spinraza faces competition from Novartis’ (NVS - Free Report) gene therapy, Zolgensma, and Roche and PTC Therapeutics’ (PTCT - Free Report) Evrysdi (risdiplam), which comes as either a liquid solution or an oral tablet.
BIIB’s New Drug Contributing to Top-Line GrowthAmid declining demand for MS drugs and Spinraza, Biogen believes its new products, Leqembi, Skyclarys and Zurzuvae have the potential to return the company to revenue growth.
The largest opportunity in Biogen's new portfolio is arguably Leqembi. Leqembi/lecanemab gained approval for early Alzheimer’s disease in the United States in 2023. Though the Leqembi launch was slow, it picked up in 2024 and 2025. Leqembi has also been launched in Japan, China, the EU and some other countries. Leqembi commands over 60% of the anti-amyloid therapy market share in the United States.
A less frequent maintenance intravenous dosing version of Leqembi was approved by the FDA in January 2025. A subcutaneous autoinjector for maintenance dosing called Leqembi Iqlik was launched in October 2025, while a supplemental filing seeking approval of the Leqembi Iqlik subcutaneous autoinjector for initiation dosing has been granted priority review by the FDA, with a decision expected in August. Biogen and Eisai believe that the introduction of blood-based diagnostics (which can help earlier detection of Alzheimer’s) and the subcutaneous autoinjector for maintenance and initiation should drive Leqembi’s growth from 2027 onward.
Other new products, Qalsody, Biogen/Supernus’ Zurzuvae and Skyclarys (added from the 2023 acquisition of Reata Pharmaceuticals) are also seeing strong demand trends in the United States.
Skyclarys is seeing strong demand trends in the United States as well as the EU. Biogen expects Skyclarys’ future growth to come from ex U.S. markets as the launches advance. Zurzuvae’s launch also exceeded the company’s internal expectations, with sales more than doubling in 2025. Skyclarys and Zurzuvae’s sales are expected to continue to rise in 2026.
Biogen’s growth products (Skyclarys, Qalsody, Zurzuvae, Vumerity and Spinraza plus Alzheimer’s revenues from the Leqembi collaboration) generated sales of $851 million in the first quarter, rising 12% year over year.
In April, Biogen closed its acquisition of Apellis Pharmaceuticals, adding the commercialized medicines Empaveli and Syfovre for immune-mediated retinal disease and nephrology to its commercial portfolio. These drugs should also contribute to Biogen’s growth in future quarters.
Can BIIB’s New Drugs Offset Key Drugs’ Erosion?After declining for several years, Biogen’s revenues have somewhat stabilized since 2024 due to contributions from newer products and pipeline progress. However, its newer drugs, Leqembi, Skyclarys, Qalsody and Zurzuvae, are currently insufficient to offset the near-term top-line decline of the MS franchise. Though all these new drugs are showing signs of growth, replacing lost revenues from Tecfidera, Tysabri and Spinraza will likely take time.
BIIB’s Price Performance, Valuation and EstimatesBiogen’s stock has risen 14.8% so far this year compared with an increase of 5.4% for the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, Biogen is reasonably priced. Going by the price/earnings ratio, the company’s shares currently trade at 13.44 forward earnings, which is lower than 17.72 for the industry. The stock is trading above its five-year mean of 13.17.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for earnings has declined from $15.04 per share to $13.99 per share for 2026 over the past 60 days. For 2027, the consensus mark for earnings has declined from $16.61 to $16.22 per share over the same time frame.
Image Source: Zacks Investment Research
Biogen has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Vaxart vyzvala akcionáře, aby na výroční schůzi hlasovali pro všech šest kandidátů do představenstva na základě bílé plné moci. Firma zároveň uvedla, že její vývoj vakcín pokračuje a má zajištěné financování i pokračující podporu BARDA.
Details Strategic Actions Taken by the Board to Advance the Company’s Pipeline and Drive Value Creation
Vaxart’s Purpose-Built Board Brings the Proven Expertise Needed to Oversee its Next Phase of Growth
Dissident Nominees Lack Relevant Clinical-Stage Biotech Expertise, Misrepresented Their Qualifications
and Offered No Credible Ideas for Value Creation
Vaxart Has Made Multiple Settlement Offers to the Dissident Shareholder Group – Daniel Houle Insists on Making This Proxy Contest About Winning a Seat for Himself
Visit Vote.Vaxart.com for Additional Information and Voting Resources
SOUTH SAN FRANCISCO, Calif., June 26, 2026 (GLOBE NEWSWIRE) -- Vaxart, Inc. (OTCQX: VXRT) (“Vaxart” or the “Company”), a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform, today published a presentation urging shareholders to vote “FOR” ALL six of the Company’s highly qualified director nominees on the WHITE proxy card in connection with its upcoming Annual Meeting of Stockholders scheduled to be held on July 16, 2026.
Highlights of the presentation include:
Strategic Execution at a Pivotal Moment
Vaxart is developing game-changing oral vaccines with the potential to redefine vaccine delivery and immune responses:
Vaxart is advancing multiple vaccine programs across high-value markets, including COVID-19, norovirus and influenza.Management is pursuing a disciplined development strategy that prioritizes programs with the strongest scientific rationale, commercial opportunity and funding pathways.Through its Phase 2b COVID-19 trial, Vaxart is working toward topline 12-month safety and immunogenicity data from the approximately 400-participant Sentinel Cohort.Vaxart is also targeting a full efficacy and safety readout from its approximately 5,100-participant Main Cohort, representing a significant clinical and value-creation milestone.
Vaxart’s Board has taken prudent steps to enable Vaxart to continue advancing its programs in a challenging environment:
Vaxart has been executing through immense industry pressures brought upon by significant regulatory, funding and policy disruption, including two BARDA stop-work orders that impacted Vaxart and many other vaccine companies.Through CEO Steven Lo’s leadership and negotiations with government stakeholders, the Company secured the continuation of BARDA funding for its lead COVID-19 program.Vaxart entered into a $25 million share purchase agreement, providing flexible access to capital, if needed, to support continued execution toward key milestones.The Board’s decision to raise $40 million in 2025 extended the Company’s runway, enabling it to enter key partnerships and advance its programs.
The Right Board to Oversee the Path Forward
The Board is purpose-built to guide Vaxart through its next phase of value creation. The Board is aligned with the Company's evolving strategic priorities, with substantial expertise across biotech, vaccine development, clinical trials and regulatory affairs.The Board’s experience has helped secure continued BARDA funding, establish the Dynavax partnership and enable additional financing flexibility through the Lincoln Park Capital agreement.Mr. Lo, Dr. Elaine J. Heron and Dr. David Wheadon are instrumental to Vaxart's success and have the judgment, credibility and relationships needed to oversee the Company’s most important future opportunities. The Board is responsive to shareholder feedback and acts in shareholders’ best interests: The Board has added two new independent directors — Dr. James B. Breitmeyer and Kevin Finney — over the last 18 months as part of its ongoing refreshment efforts, resulting in an average director tenure of approximately 2.3 years.In 2025, the Board further strengthened independent oversight through the appointment of W. Mark Watson as Lead Independent Director.The Board maintains an active dialogue with shareholders and withdrew its reverse split proposal for this upcoming Annual Meeting following feedback. The Dissident Campaign is Risking Vaxart’s Momentum
Replacing ANY of Vaxart’s highly qualified directors with the dissident nominees is not in shareholders’ best interests: None of the dissident nominees has experience leading a public clinical-stage biotech company or with vaccine development, regulatory affairs and clinical trial oversight.The dissident nominees have drastically exaggerated their qualifications, and Daniel Houle’s reckless public statements show that he should not serve on Vaxart’s Board.Collectively, they present unacceptable risk for a company approaching critical inflection points like Vaxart. Vaxart has made good-faith efforts to resolve the proxy contest: Vaxart has made multiple settlement offers to the dissident shareholder group in an effort to resolve the proxy contest.The Board’s proposals are highly reasonable and reflect what it has heard other independent shareholders want to see.Mr. Houle is waging a self-interested campaign primarily focused on “winning” a Board seat for himself rather than reaching a constructive resolution that would benefit all Vaxart shareholders. Vote “FOR” ALL 6 of Vaxart’s highly qualified director nominees on the WHITE proxy card TODAY!
If you have questions or require assistance with voting your shares, please call Vaxart’s proxy solicitor:
Additional shareholder resources and voting information can be found at Vote.Vaxart.com.
About Vaxart
Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the Company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against coronavirus, norovirus, and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.
Cautionary Language Concerning Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” provisions created by those sections, that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this communication regarding Vaxart’s strategy, prospects, plans and objectives, results from preclinical and clinical trials, commercialization agreements and licenses, and beliefs and expectations of management are forward-looking statements. These forward-looking statements may be accompanied by such words as “should,” “believe,” “could,” “potential,” “will,” “expected,” “anticipate,” “plan,” “target,” “seek,” “intend,” “may,” “predict,” “project,” “would,” and other words and terms of similar meaning. Examples of such statements include, but are not limited to, statements relating to Vaxart’s ability to develop and commercialize its product candidates, including its vaccine booster products; Vaxart’s expectations regarding clinical results and trial data, and the timing of receiving and reporting such clinical results and trial data; Vaxart’s expected timing for future clinical trials; and Vaxart’s expectations with respect to the effectiveness of its product candidates; expectations regarding collaborations, including the collaboration with Dynavax; expectations regarding the pursuit of strategic partnerships and external funding opportunities for Vaxart’s programs; expectations regarding government funding; and expectations regarding Vaxart’s capital resources and funded runway. Vaxart may not actually achieve the plans, carry out the intentions, or meet the expectations or projections disclosed in the forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations, and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Vaxart makes, including uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates, and/or launch dates, as well as 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 the clinical studies; decisions by regulatory authorities impacting labeling, manufacturing processes, and safety that could affect the availability or commercial potential of any product candidate, including the possibility that Vaxart’s product candidates may not be approved by the FDA or non-U.S. regulatory authorities; that, even if approved by the FDA or non-U.S. regulatory authorities, Vaxart’s product candidates may not achieve broad market acceptance; that a Vaxart collaborator may not attain development and commercial milestones; that Vaxart or its partners may experience manufacturing issues and delays due to events within, or outside of, Vaxart’s or its partners’ control; difficulties in production, particularly in scaling up initial production, including difficulties with production costs and yields, quality control, including stability of the product candidate and quality assurance testing, shortages of qualified personnel or key raw materials, and compliance with strictly enforced federal, state, and foreign regulations; that Vaxart may not be able to obtain, maintain, and enforce necessary patent and other intellectual property protection; that Vaxart’s capital resources may be inadequate; Vaxart’s ability to resolve pending legal matters; Vaxart’s ability to obtain sufficient capital to fund its operations on terms acceptable to Vaxart, if at all; the impact of government healthcare proposals and policies; competitive factors; and other risks and uncertainties described in the “Risk Factors” sections of Vaxart’s most recent Annual Report on Form 10-K, including amendments thereto, and Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. Vaxart undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
Important Additional Information and Where to Find It
Vaxart has filed a definitive proxy statement and form of white proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its solicitation of proxies for the 2026 Annual Meeting of Stockholders (the “Annual Meeting”). Stockholders are able to obtain the Company’s proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC at no charge at the SEC’s website at www.sec.gov. Copies are also available at no charge at the Company’s website at https://investors.vaxart.com/financials-filings/sec-filings.
Paramount Skydance prodloužila lhůtu pro nabídky na výměnu a odkup dluhopisů do 15. července 2026. K 25. červnu bylo nabídnuto 24,38 % dluhopisů určených k odkupu a 44,27 % dluhopisů určených k výměně.
, /PRNewswire/ -- Paramount Skydance Corporation (NASDAQ: PSKY) ("Paramount") today announced the extension of the Expiration Dates in connection with the previously announced (i) offers to purchase (the "Tender Offers" and each, a "Tender Offer") for cash, upon the terms and subject to the conditions set forth in the related offer to purchase (the "Offer to Purchase"), any and all of the identified notes in each series of the Existing Tender Offer Notes (defined by reference to the table set forth below) issued by Discovery Global Holdings, Inc. (formerly WarnerMedia Holdings, Inc.) (the "DGH Issuer") and Discovery Communications, LLC (the "DCL Issuer" and together with the DGH Issuer, each a "WBD Issuer" and collectively the "WBD Issuers"), as applicable, and (ii) offers to exchange (the "Exchange Offers" and each, an "Exchange Offer" and, together with the Tender Offers, the "Offers" and each, an "Offer"), upon the terms and subject to the conditions set forth in the related exchange offer memorandum (the "Offering Memorandum"), any and all of the identified notes in each series of the Existing Exchange Offer Notes (defined by reference to the table set forth below) (together with the Existing Tender Offer Notes, the "Offer Notes") issued by the applicable WBD Issuer for notes to be newly issued by Paramount.
The Expiration Dates for the Tender Offers and Exchange Offers (as defined in each of the Offer to Purchase and Offering Memorandum, respectively) have been extended to 5:00 p.m., New York City time, on July 15, 2026, unless further extended. The Settlement Dates for the Tender Offers and Exchange Offers (as defined in each of the Offer to Purchase and Offering Memorandum, respectively) will occur promptly after the Expiration Date and are currently anticipated to occur in the third quarter of 2026. Paramount anticipates extending the Expiration Date for such Tender Offers and Exchange Offers until such time that would result in the Settlement Dates occurring on the closing date of the proposed acquisition (the "Acquisition") by Paramount of Warner Bros. Discovery, Inc. ("WBD") or within one business day thereof. Tenders of the Offer Notes in the Offers may be withdrawn at any time prior to the Expiration Date. The aforementioned extensions further extend the Expiration Dates previously extended by Paramount on June 12, 2026.
As of 5:00 p.m., New York City time, on June 25, 2026, approximately 24.38% and 44.27% of the aggregate principal amount of the Existing Tender Offer Notes and Existing Exchange Offer Notes, respectively, have been validly tendered in the applicable Offers. As Paramount previously announced that it anticipates extending the Offers to align with the closing date of the Acquisition, Paramount does not view these figures to be representative of the final results of the applicable Offers.
Information about each series of Offer Notes eligible to participate in the Offers is summarized below.
Type of Offer
Offer Notes to be Tendered
or Exchanged, as
Applicable
Issuer of Offer Notes
CUSIP No. / Common Code
/ ISIN Eligible to
Participate in the Offers (1)
Aggregate Principal
Amount of Offer Notes
Eligible to Participate in the
Offers (2)
Tender Offer
3.950% Senior Notes due 2028
DCL Issuer
25470D CP2
US25470DCP24
$1,234,458,000
Exchange Offer
4.125% Senior Notes due 2029
DCL Issuer
25470D CQ0
US25470DCQ07
$655,825,000
Exchange Offer
3.625% Senior Notes due 2030
DCL Issuer
25470D CR8
US25470DCR89
$914,183,000
Exchange Offer
5.000% Senior Notes due 2037
DCL Issuer
25470D CS6
US25470DCS62
$453,281,000
Exchange Offer
6.350% Senior Notes due 2040
DCL Issuer
25470D CT4
US25470DCT46
$438,102,000
Exchange Offer
4.950% Senior Notes due 2042
DCL Issuer
25470D CU1
US25470DCU19
$130,366,000
Exchange Offer
4.875% Senior Notes due 2043
DCL Issuer
25470D V91
CV9US25470DC
$141,584,000
Exchange Offer
5.200% Senior Notes due 2047
DCL Issuer
25470D W74
CW7US25470DC
$3,161,000
Exchange Offer
5.300% Senior Notes due 2049
DCL Issuer
25470D X57
CX5US25470DC
$247,860,000
Tender Offer
3.755% Senior Notes due 2027
DGH Issuer
254948 AH5
US254948AH58
254948 AN2
US254948AN27
U25483 AA3
USU25483AA38
$1,189,336,000
Exchange Offer
4.054% Senior Notes due 2029
DGH Issuer
254948 AJ1
US254948AJ15
254948 AP7
US254948AP74
U25483 AB1
USU25483AB11
$1,353,828,000
Exchange Offer
4.279% Senior Notes due 2032
DGH Issuer
254948 AK8
US254948AK87
254948 AQ5
US254948AQ57
$2,691,764,000
Exchange Offer
5.050% Senior Notes due 2042
DGH Issuer
254948 AL6
US254948AL60
254948 AR3
US254948AR31
U25483 AD7
USU25483AD76
$4,104,687,000
Exchange Offer
5.141% Senior Notes due 2052
DGH Issuer
254948 AM4
US254948AM44
254948 AS1
US254948AS14
$949,883,000
Exchange Offer
4.302% Senior Notes due 2030
DGH Issuer
XS3393993285
339399328
€234,382,000
Exchange Offer
4.693% Senior Notes due 2033
DGH Issuer
XS3393994507
339399450
€316,641,000
__________
(1) No representation is made as to the correctness or accuracy of the identifiers listed in this press release or printed on the Offer Notes. Such identifiers are provided solely for the convenience of the holders.
(2) Represents the aggregate principal amount of Offer Notes outstanding that are eligible to participate in the Offers.
The Exchange Offers are being made pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the "Securities Act"), and the rules and regulations of the Securities and Exchange Commission (the "SEC") promulgated thereunder, and are also not being registered under any state or foreign securities laws. Any securities offered pursuant to the Exchange Offers may not be offered or sold in the United States or to any U.S. persons (as defined below) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Exchange Offers will only be made, and the securities offered pursuant to the Exchange Offers are only being offered and issued, to holders of applicable Existing Exchange Offer Notes who are (a) reasonably believed to be "qualified institutional buyers" as defined in Rule 144A under the Securities Act or (b) not "U.S. persons," as defined in Rule 902 of Regulation S under the Securities Act (such holders, "Eligible Holders"), and only Eligible Holders who have completed and returned the eligibility certification are authorized to receive or review the Offering Memorandum or to participate in the Exchange Offers. The eligibility certification is available electronically at: https://gbsc-usa.com/eligibility/paramount.
General
Each Offer is a separate offer, and each may be individually consummated, amended, extended, terminated, or withdrawn, subject to certain conditions and applicable law, at any time in Paramount's sole discretion, and without also consummating, amending, extending, terminating, or withdrawing any other Offer with respect to any other series of Offer Notes. Paramount may terminate an Offer if any of the conditions of such Offer described in the Offer to Purchase or Offering Memorandum, as applicable, are not satisfied or waived by the applicable Expiration Date, subject to applicable law. In addition, Paramount may waive the conditions to an Offer without extending such Offer in accordance with applicable law.
The Offers are being made solely by Paramount and are not being made by WBD or the WBD Issuers. None of Paramount, WBD, the WBD Issuers, the Dealer Managers, the Exchange Agent (as defined below), the Information Agent (as defined below), the trustees under each of the indentures governing the Offer Notes, the trustee or collateral agent under the indenture that will govern the notes to be issued in the Exchange Offers, or any affiliate of any of them makes any recommendation as to whether any holder of Offer Notes should tender or refrain from tendering all or any portion of the principal amount of such holder's Offer Notes for cash or notes to be issued in the Exchange Offers. No one has been authorized by any of them to make such a recommendation. Holders must make their own decision whether to tender Offer Notes in any Offer and, if so, the amount of Offer Notes to tender.
Only Eligible Holders may receive a copy of the Offering Memorandum and participate in the Exchange Offers. Paramount has engaged Global Bondholder Services Corporation to act as the exchange agent (in such capacity, the "Exchange Agent") and information agent (in such capacity, the "Information Agent") for the Offers. Questions concerning the Offers, or requests for additional copies of the Offer to Purchase or Offering Memorandum or other related documents, may be directed to Corporate Actions by telephone at (855) 654-2014 (U.S. toll-free) or (212) 430-3774 (banks and brokers) or by email at [email protected]. Holders should also consult their broker, dealer, commercial bank, trust company or other institution for assistance concerning the Offers. The Exchange Offer documents and the Tender Offer documents can be accessed at the following link: https://gbsc-usa.com/paramount.
Paramount has engaged BofA Securities and Citigroup as dealer managers (in such capacity, the "Dealer Managers") for the Offers. Holders with questions regarding the Offers should contact BofA Securities, Inc. at +1 (888) 292-0070 (toll-free) or +1 (980) 388-3646 (collect) or [email protected] or Citigroup Global Markets Inc. at +1 (800) 558-3745 (toll-free) or +1 (212) 723-6106 or [email protected]. Latham & Watkins LLP is serving as legal counsel to Paramount and Cahill Gordon & Reindel LLP is serving as legal counsel to the Dealer Managers.
This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security, and does not constitute an offer, solicitation, or sale of any security in any jurisdiction in which such offer, solicitation, or sale would be unlawful.
About Paramount, a Skydance Corporation
Paramount, a Skydance Corporation is a next-generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. PSKY's portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance Animation, Film, Television, Interactive/Games, and Paramount Sports Entertainment.
This communication contains "forward-looking statements" regarding the Acquisition and the other transactions referred to herein. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Paramount. Risks and uncertainties include, but are not limited to: the risk that the closing conditions for the Acquisition will not be satisfied, including the risk that clearances under applicable antitrust or regulatory laws will not be obtained or will be obtained subject to conditions that are not anticipated; the possibility that the transactions described herein will not be completed in the expected timeframe or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the Acquisition; potential adverse effects to the businesses of Paramount or WBD during the pendency of the Acquisition, such as employee departures or distraction of management from business operations; negative effects of the announcement or the consummation of the Acquisition on the market price of WBD or Paramount stock; the risk of stockholder litigation relating to the Acquisition, including resulting expense or delay; the potential that the expected benefits and opportunities of the Acquisition, if completed, may not be realized or may take longer to realize than expected; risks related to the streaming business of the post-Acquisition combined business (the "Combined Company"); the adverse impact on the Combined Company's advertising revenues as a result of changes in consumer behavior, advertising market conditions, and deficiencies in audience measurement; risks related to operating in highly competitive and dynamic industries; the unpredictable nature of consumer behavior, as well as evolving technologies and distribution models; risks related to the Combined Company's decision to invest in new businesses, products, services, and technologies, and the evolution of the Combined Company's business strategy; the potential for loss of carriage or other reduction in, or the impact of negotiations for, the distribution of the Combined Company's content; damage to the Combined Company's reputation or brands; losses due to asset impairment charges for goodwill, content and long-lived assets, including finite-lived intangible assets; liabilities related to discontinued operations and former businesses; increasing scrutiny of, and evolving expectations for, sustainability initiatives; evolving business continuity, cybersecurity, privacy and data protection and similar risks; challenges in protecting and maintaining the Combined Company's intellectual property rights; domestic and global political, economic and regulatory factors affecting the Combined Company's business generally or the Acquisition; the inability to hire or retain key employees or secure creative talent; disruptions to the Combined Company's operations as a result of labor disputes; risks and costs associated with the integration of, and Paramount's ability to integrate, the businesses of Paramount Global, Skydance Media, LLC, and WBD successfully and to achieve anticipated synergies, including in the amounts or on the timelines anticipated to realize such synergies; litigation related to the Acquisition and other matters or transactions; risks associated with the Combined Company's holding company structure, including its dependence on distributions from its subsidiaries to meet tax obligations and other cash requirements; risks related to our indebtedness, including our substantial outstanding debt obligations, our ability to incur substantially more debt and our ability to meet the financial and other covenants contained in the agreements governing the indebtedness of Paramount, WBD, or the Combined Company. A further list and description of these risks, uncertainties and other factors and the general risks associated with the respective businesses of Paramount and WBD can be found in Paramount's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 25, 2026, including in the sections captioned "Cautionary Note Concerning Forward-Looking Statements" and "Item 1A. Risk Factors," Paramount's most recently filed Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 4, 2026, including in the sections captioned "Cautionary Note Concerning Forward-Looking Statements" and "Item 1A. Risk Factors," and Paramount's subsequent filings with the SEC, and in WBD's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 27, 2026, including in the section captioned "Item 1A. Risk Factors," WBD's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 6, 2026, and WBD's subsequent filings with the SEC. Neither Paramount nor WBD undertakes to update any forward-looking statement as a result of new information or future events or developments, except as required by law.
Šéf Rivian varuje, že automobilky soustředěné na zisk z benzinových aut budou na konci dekády technologicky pozadu. Klíčová je podle něj investice do softwaru a elektromobilů.
Carmakers that focus on selling fossil fuel engines are at risk of being “woefully behind” on technology by the end of the decade, according to the boss of Rivian, an Amazon-backed US electric carmaker.
RJ Scaringe, Rivian’s founder and chief executive, said the car industry has reached a “fork in the road” in the choice between short-term profits and the heavy investments, particularly in software, that will be required to survive.
In an interview this month in London, he said many have chosen profits, ramping up the production of petrol or hybrid pickup trucks and SUVs in the US and Europe.
Much of the automotive industry in the US and Europe has lobbied to slow the transition to electric vehicles, favouring instead polluting but profitable cars with internal combustion engines.
The retreat has been particularly striking in the US, where Donald Trump’s administration has gutted incentives to produce and buy EVs. Ford, General Motors, Honda, Stellantis and Volkswagen, all of which have large US operations, have collectively written off more than $70bn (£53bn) from their previous EV investments, according to Reuters.
Workers on the production line at Rivian’s headquarters in California. Photograph: Bloomberg/Getty ImagesScaringe said the decisions to focus on profitable petrol cars could come back to haunt manufacturers.
He said: “That looks really good financially for 2026, 2027, maybe even 2028. But as you get to the end of the 2020s and into the 2030s, I think we’re going to find a lot of companies are unfortunately woefully behind in terms of their technology.”
The turn against EVs has led to uncertainty over demand for Rivian, which has just started deliveries of its R2 SUV in the US. The car is “make or break” for the company as it tries to turn a profit for the first time, Scaringe said.
RJ Scaringe says focusing on the profitable petrol cars could come back to haunt manufacturers. Photograph: Kimberly White/Getty Images for RivianRivian was founded in 2009, and delivered its first electric vehicle in 2021, the same year as it floated on the stock market.
Rivian lost $3.6bn in 2025 amid heavy investment in the R2 and in autonomous driving abilities. After its market value soared above $100bn at its initial public offering, the carmaker has dropped back to $21bn – although Scaringe could be in line for share awards worth as much as $5bn if he can push the share price to targets well above its all-time high.
Rivian lost $3.6bn in 2025 amid heavy investment in the R2 and in autonomous driving abilities. Photograph: RivianScaringe said the “the more damaging and more dangerous aspect” of the turn against EVs was not the delayed transition from petrol engines to batteries but rather the failure to develop the software that increasingly controls every aspect of the vehicle.
He said petrol cars were stuck with a design that scatters computer chips throughout the car – from the engine to the seats and wing mirrors – rather than a centralised architecture that can be easily modified. Relying instead on a single computer reduces production costs by “thousands of dollars”, Scaringe said.
Rivian’s heavy investment in digital technology and software has at least partly paid off. Alongside the Amazon investment, which includes a deal for up to 100,000 delivery vans, Rivian and Germany’s Volkswagen agreed a $5.8bn electric tech and software joint venture in 2024, and Uber invested $1.25bn in a deal that could also lead to the sale of 50,000 robotaxis.
Scaringe said Rivian could help to increase the take-up of EVs in the US despite the White House backlash. Electric cars made up 7.8% of all US car sales in 2025, and Scaringe said the R2 alone could eventually increase the market share by three or four percentage points.
“The objective is to be a very large company” with annual sales in the millions, Scaringe said.
Scaringe said he was sceptical of carmakers’ claims that buyers do not want EVs, but rather that the dominance of Tesla’s Model 3 saloon car and Model Y SUV in the US was a “sign of a market starved for great choices”. Chinese carmakers dominate the global EV industry but are locked out of the US by prohibitive tariffs.
Rivian is also aiming to sell the R2 in the UK and mainland Europe, although that will not happen for at least a year.
MAS zařadila Hyperliquid na seznam Investor Alert List a uvedla, že platforma není v Singapuru licencovaná ani autorizovaná. Hyperliquid tvrdí, že nikdy netvrdila opak.
Singapore’s top financial watchdog just put Hyperliquid on notice. The Monetary Authority of Singapore (MAS) added the high-speed trading platform to its Investor Alert List on June 26, flagging it as neither licensed nor authorized to operate in the city-state.
The move doesn’t ban Hyperliquid outright. But it does tell Singaporean users something important: if things go sideways on the platform, MAS protections won’t be there to catch you.
What the Investor Alert List actually means MAS launched the list back in 2004 as a public warning tool. Its purpose is straightforward: inform residents when a financial service provider hasn’t obtained the proper licenses to operate within Singapore’s jurisdiction.
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Being on the list doesn’t mean Hyperliquid is fraudulent. It means the platform hasn’t gone through Singapore’s regulatory gatekeeping process, which covers things like capital requirements, anti-money laundering compliance, and consumer safeguards.
Singapore’s MAS has also placed Bybit Fintech Ltd. on its Investor Alert List as part of its efforts to strengthen oversight of crypto platforms operating without local authorization.
In response, Bybit said it is seeking clarification from MAS and noted that it has long implemented measures, including contractual restrictions and IP blocking, to prevent Singapore users from accessing its platform.
Hyperliquid says it never claimed to be licensed by MAS In a statement, Hyperliquid said that as permissionless infrastructure, it is not, and has never claimed to be, licensed or authorized by MAS.
Hyperliquid has been added to the MAS's Investor Alert List (IAL). IAL listing does not constitute a ban, an enforcement action, or a finding of wrongdoing. The IAL provides a list of entities that, based on information available to MAS, may be wrongly perceived as being licensed…
— Hyperliquid (@HyperliquidX) June 26, 2026
The team added that nothing about the network or its operation has changed. Users always maintain self-custody, and all transactions are settled transparently and fully onchain.
Hyperliquid said the ecosystem will continue to engage constructively with regulators and institutions around the world in support of clear, effective frameworks that enable the continued development of onchain finance.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Strategy navýšila dolarové rezervy o 300 milionů USD na celkových 1,4 miliardy USD a koupila dalších 520 BTC za 35 milionů USD, čímž potvrdila pokračující akumulaci i při poklesu Bitcoinu.
Under the leadership of Michael Saylor, Strategy has reaffirmed its commitment to Bitcoin, even as the cryptocurrency experiences a sharp pullback. On Thursday, the price of Bitcoin fell to as low as $58,000—its lowest level since October 2024. This decline means Bitcoin has now dropped about 52% from its all-time high above $126,000 reached last year.
Strategy stands firm as Bitcoin downturn continuesAccording to recent data, Bitcoin repeatedly found support around the $60,000 mark throughout the year. After rebounding from this level in February and again in the first half of June—reaching as high as $67,000—the latest wave of selloffs has once again put this threshold under pressure. As of publication time, Bitcoin was down 3.95% over the past 24 hours to $59,729, and had dropped 4.16% for the week.
Michael Saylor emphasized that volatility tests every capital structure, and he underscored that Strategy remains steadfast in its Bitcoin focus, disciplined capital allocation, credit integrity, and commitment to long-term value creation.
Strategy has emerged as one of the most prominent companies regularly adding Bitcoin to its balance sheet since 2020. Originally a software firm, Strategy has become well-known in recent years for its institutional approach to acquiring Bitcoin. Saylor has made this strategy central to the company’s corporate identity.
Balance sheet pressure and growing criticismAs cryptocurrency market losses deepened, Strategy has faced more than $13 billion in unrealized losses on paper. Nonetheless, the company’s management remains convinced that the current volatility is not reason enough to alter its core investment strategy. The company’s statements have consistently highlighted its focus on transparency and unwavering execution.
However, this approach is not without its critics. Crypto analytics firm CryptoQuant argued that Strategy should temporarily pause its Bitcoin purchases and focus on strengthening its reserves. According to CryptoQuant, adopting a more systematic purchasing schedule—rather than buying only when new capital is raised—would represent a more cautious strategy.
CryptoQuant believes that it would be more prudent for Strategy to first rebuild its reserves and then adopt a more structured timing model for its future Bitcoin acquisitions.
Strategy boosts reserves and maintains Bitcoin buying policyMost recently, Strategy increased its dollar reserves by $300 million, bringing the total to $1.4 billion. The company reported that these additional funds would continue to back the credit quality of its digital debt securities.
During the same period, Strategy acquired an additional 520 BTC for $35 million, raising its total Bitcoin holdings to 847,363 coins. This demonstrates that, even amid significant price declines, Strategy has not abandoned its accumulation policy.
Supporters argue that the losses currently remain unrealized and that the outlook could improve dramatically if Bitcoin finds a bottom and begins to climb again. Nonetheless, as market pressure persists, attention remains fixed on Strategy’s debt structure, reserve management, and the timing of its new acquisitions.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Michael Saylor hájí Strategy a říká, že firma zůstává zaměřená na Bitcoin, i když akcie spadly na několikaletá minima. Analytici zároveň varují před dalším nákupem a doporučují obnovit hotovostní rezervy.
ToplineBillionaire Michael Saylor on Friday defended his Strategy’s approach to bitcoin even as shares of the cryptocurrency’s largest institutional holder fell to multi-year lows, and as analysts warned against the company buying more amid a broader decline in the crypto market.
Shares of bitcoin’s largest institutional holder have plummeted 80% from their all-time high.
Getty Images
Key FactsSaylor, in a post on X, wrote that “volatility tests capital structure” and reaffirmed that Strategy “remains focused on bitcoin, disciplined capital allocation, credit quality and long-term value creation.”
Shares of Strategy plunged by more than 9% on Thursday to their lowest level since February 2024, and shares are down more than 8% from their record intraday high ($543) in November 2024, while its preferred stock has dropped nearly 25% since Jan. 13 to a new record low.
The price of bitcoin briefly stumbled to a 21-month low on Thursday, hitting an intraday low of $58,131, and the world’s leading cryptocurrency has shed more than half of its value since peaking above $126,000 in October 2025.
Crypto analytics firm CryptoQuant wrote in a report Thursday that Strategy should halt its bitcoin purchases and instead rebuild its cash reserves, arguing the company’s strategy of buying during bitcoin price dips has resulted in “rapid unrealized loss growth.”
JPMorgan analysts issued a similar warning in a note earlier this month, concluding Strategy’s dollar reserves should be rebuilt to “restore confidence and reduce investor concerns that the company would sell more bitcoins to cover dividend payments.”
forbes valuationSaylor founded Strategy, then known as MicroStrategy, in 1989, and his net worth has swelled to $3 billion as of market close on Thursday. He emerged as a top executive during the dot-com bubble, after which Saylor’s fortune plummeted, but Strategy’s bitcoin investments made him a billionaire once again, as Saylor has directed the firm to shift its corporate coffers into bitcoin.
big number845,256. That’s Strategy’s total bitcoin holdings, which the company priced at an aggregated market value of $63.9 billion, or roughly $75,680 per token, according to a regulatory disclosure earlier this month. Strategy most recently purchased 1,550 bitcoin for $101.3 million on June 8 at an average price of $65,332 per coin.
key backgroundStrategy’s cash reserves totaled $1.4 billion as of Friday, representing just a fraction of its bitcoin holdings. The company’s bitcoin transactions have shifted broader views of the crypto market, including its first bitcoin sale in years late last month, sparking a selloff that erased the cryptocurrency’s record-setting surge. Billionaire hedge fund executive Philippe Laffont said earlier this week he was a “little bit more worried” about bitcoin, arguing there were more attractive investment opportunities, like SpaceX, that he would “rather bet” on. Bitcoin’s latest slide also comes as $10 billion in options is set to expire Friday on Deribit, the world’s largest crypto options venue.
further readingForbesBillionaire Saylor’s Strategy Buys Bitcoin Worth $101 Million—After Earlier Sale Sparked Sell-OffBy Ty Roush
Strategy tvrdí, že pokles ceny $BTC ani akcií $MSTR neohrožuje její bitcoinové rezervy. Většina dluhu je v dlouhodobých konvertibilních dluhopisech se splatností do roku 2032 a dále, obvykle s úrokem mezi 0 % a 1 %, bez margin maintenance covenants navázaných přímo na cenu Bitcoinu.
An "Indestructible" Balance Sheet@Strategy executive @CJ_Bitcoin has moved to reassure investors that neither a drop in $BTC's price nor a slide in the company's equity can threaten its Bitcoin reserves. In comments shared on June 26, he described the balance sheet as an "indestructible" digital fortress, capable of absorbing significant market drawdowns without triggering forced liquidations or margin calls.
The confidence is rooted in how Strategy structures its debt. Unlike retail traders or hedge funds that use margin loans, Strategy does not rely on high-leverage facilities with automatic liquidation thresholds. Most of its debt consists of long-dated convertible notes, with maturities extending to 2032 and beyond, typically carrying low interest rates between 0% and 1%, with no margin maintenance covenants tied directly to Bitcoin's price. That means a falling $BTC price does not automatically force the company's hand. If Bitcoin appreciates, the value of the company's holdings rises, strengthening its balance sheet. If Bitcoin declines, the debt does not automatically trigger asset sales.
Analysts have broadly echoed that view. No margin calls can be triggered by a price decline in the coin, and forced liquidation probably would not even become a realistic possibility until Bitcoin fell to around $8,000. Absent a "Black Swan" event, involuntary Bitcoin sales remain highly unlikely before debt maturities arrive in 2028, leaving insolvency rather than margin calls as the only plausible risk scenario.
Scale and ContextStrategy's conviction has been tested before. During the 2022 crypto winter, pressure was intense. Critics questioned whether the company could survive its leveraged Bitcoin bet, and calls for forced liquidation circulated widely. Strategy did not sell a single coin. Instead, it held its position and began planning the capital raises that would define the next three years.
As of May 25, 2026, Strategy holds 843,738 Bitcoin, giving it 220,900 Bitcoin per share (in sats), alongside $6.7 billion in aggregate principal of convertible notes and $15.5 billion in aggregate notional preferred stock outstanding. According to data from BitcoinTreasuries.net, Strategy now controls approximately 4% of Bitcoin's fixed 21 million supply.
The picture is not without complications. In early June, Strategy disclosed in an SEC filing that it sold 32 Bitcoin at an average price of $77,135 per coin to help meet obligations tied to its preferred stock. The transaction was tiny relative to its overall holdings, but the symbolism was enormous, as a line that investors once assumed would never be crossed just got crossed. Critics, including gold advocate Peter Schiff, continue to argue that the firm's leverage structure creates latent risks, though Strategy has not indicated any intention to sell its Bitcoin holdings, and Saylor has repeatedly stated his commitment to holding the asset long-term.
For now, @CJ_Bitcoin's message is clear: short-term price volatility in either $BTC or $MSTR is not a strategic threat to the reserve itself.
Sources:
CCN: Strategy Has No Liquidation Risk Until Bitcoin Falls to $8,000
Strategy Inc: Q1 2026 Financial Results (Official Press Release)
Strategy Form 8-K, May 2026 (SEC Filing)
Michael Saylor broke his public silence on June 26 with a post on X reaffirming Strategy’s commitment to Bitcoin, as the company faces a securities investigation and widening pressure across its capital structure.
Rosen Law Firm launched the probe, examining whether Strategy executives made materially misleading statements across five linked securities. The company has issued no formal response.
Saylor Doubles Down on Bitcoin FocusOn X, Saylor offered no direct comment on the probe. Instead, he framed volatility as a structural test. He signaled continued commitment to credit quality and long-term value creation.
Volatility tests every capital structure. Strategy remains focused on Bitcoin, disciplined capital allocation, credit quality, and long-term value creation. We appreciate our investors and will continue to execute with transparency and resolve. $MSTR
— Michael Saylor (@saylor) June 26, 2026 Michael Saylor. Source: XThe statement is notable for what it omits. It makes no mention of the class action interest gathering around the firm or the sharp declines across Strategy’s preferred securities. Saylor focuses on capital discipline, a message directed at both equity holders and creditors.
Strategy holds 847,363 Bitcoin (BTC), more than 4% of all Bitcoin that will ever exist. Its average acquisition cost sits near $75,500 per coin, well above current prices. That gap compressed the MSTR premium investors once paid for leveraged Bitcoin exposure. It also sharpened scrutiny on how the company continues to fund new purchases.
Strategy built much of that position through multiple classes of publicly traded preferred stock. Those instruments now sit under pressure as Bitcoin prices weaken and investor confidence in the dividend model erodes.
Market Pressure Tests That ConvictionThe day before Saylor posted, critic Peter Schiff escalated his criticism of Strategy’s declining market performance.
He argued MSTR has fallen 84% from its all-time high. Schiff also noted that STRC dropped 25% from par, now carrying an implied yield of 15.3%. Saylor’s post served as an indirect rebuttal to those attacks without addressing them directly.
Questions about STRC’s long-term sustainability have grown sharper. The preferred stock’s dividend structure costs an estimated $1.2 billion annually. Strategy disclosed a $1.4 billion cash reserve on June 22, barely a year of cover at current rates.
Whether Saylor’s reaffirmation steadies investor confidence or the probe escalates into a formal complaint may define Strategy’s near-term trajectory.
X Money od Elona Muska se začíná zpřístupňovat vybraným uživatelům a jako bankovní infrastrukturu používá Cross River Bank, dlouholetého partnera Ripple. To znovu rozdmýchalo spekulace o možné budoucí integraci XRP.
Elon Musk’s X Money begins rolling out to some of Premium+ users today, with “everything app” payments feature gaining momentum. X Money is using Ripple’s long-term partner Cross River Bank as banking infrastructure for its services, sparking speculation over XRP and other crypto integration in the future.
Elon Musk Launches Digital Payments Service X Money X Money, the payments and digital wallet system integrated into Elon Musk’s X platform, is rolling out to select users with features like peer-to-peer transfers, a Visa debit card, and high-yield savings options.
pic.twitter.com/6Zi3pmHwPN
— Elon Musk (@elonmusk) June 25, 2026
While currently fiat-focused and backed by traditional rails, its banking infrastructure provider Cross River Bank is a long-standing partner with Ripple since 2014.
FDIC member Cross River Bank serves as the primary banking partner for X Money, holding user deposits and offering up to $10M in FDIC insurance through the X Cash Sweep Program. It would power key elements like card issuance and payment processing.
This brings XRP into the spotlight, sparking speculation about future cross-border efficiency, stablecoin support, or even direct token integration. Cross River uses XRP Ledger to enable faster and lower-cost cross-border transfers.
The XRP Army claimed a likely infrastructure overlap for deposits and instant settlement. Meanwhile, Elon Musk’s X Money launch coincided with Ripple’s push to provide tradFi with payments and tokenization infrastructure. XRP’s strengths in liquidity and speed could prove valuable.
While X Money remains primarily a fiat-based service in its early public access phase, Elon Musk earlier hinted about potential crypto integration.
As CoinGape reported earlier, Elon Musk’s X launched Big Charts for stocks and crypto, expanding its Smart Cashtags feature. Users can see larger real-time charts and posts for BTC, ETH, XRP, HYPE, DOGE, TSLA, MSTR, COIN, and others.
Will XRP Price Rebound? XRP price pared gains after rebounding more than 3% after the crypto market crash. The price is currently trading at $1.03, with a 24-hour low and high of $1.01 and $1.08, respectively. Furthermore, trading volume has increased by 25% in the last 24 hours, indicating a rise in interest among traders.
Analyst Ali Martinez pointed out that XRP is testing a major volume block at $1.06. On-chain data from the UTXO Realized Price Distribution (URPD) showed over 830 million XRP changed hands at the price.
It makes it a key support level to watch. If XRP plunges, the next support levels based on volume are $0.80, $0.62, and $0.51.
CoinGlass data showed selling in the derivatives market amid crypto options expiry. The total XRP futures open interest dropped 1.83% to $2.31 billion in the last 4 hours.
XRP UTXO Realized Price Distribution. Source: Ali Martinez
A conditional national trust bank charter, a pending Federal Reserve master account, and a string of acquisitions in brokerage, payments, and treasury. Ripple is assembling a full regulated-finance stack. The benefits flow first to its stablecoin and the company itself. What is left for XRP is the question.
Summary
Ripple has assembled a full regulated-finance stack: a conditional national trust bank charter, a pending Federal Reserve master account bid, and acquisitions in prime brokerage, payments, and treasury services. The charter and master account primarily benefit RLUSD, Ripple’s stablecoin, whose reserves would sit under federal and state oversight, not XRP directly. A national trust bank cannot take ordinary deposits or carry federal deposit insurance, so the real prize is direct access to Federal Reserve payment rails and custody of its own stablecoin reserves. For XRP, the benefit is indirect: a more legitimate, bank-grade Ripple strengthens the whole ecosystem and XRP’s role as a bridge asset, but it creates no direct token-demand mechanism. This is the same pattern that defined XRP through 2026, in which Ripple’s wins flow first to the company and RLUSD, with the token benefiting slowly, if at all. Ripple is turning itself into a bank, or something very close to one, and it is doing it methodically.
Over the past year the company won conditional federal approval to operate a national trust bank, applied for a Federal Reserve master account that would give it direct access to the central bank’s payment systems, and bought its way into prime brokerage, payments, and corporate treasury services through a series of acquisitions.
Add the dollar stablecoin it already issues, the 70-plus regulatory licenses it holds around the world, and a fresh European license that lets it passport services across 30 countries, and the picture is unmistakable.
A company once known mainly for a cross-border payments network and a controversial token is assembling the full apparatus of a regulated financial institution.
For XRP holders, who have watched the token grind sideways near a dollar through a year of Ripple triumphs, the natural question is what all of this means for them.
The honest answer is more complicated, and more sobering, than the headlines suggest, because almost every piece of Ripple’s banking build benefits the company and its stablecoin first, and the token only indirectly.
This piece works through Ripple’s transformation into a regulated financial institution and what it actually delivers for XRP. It covers the banking stack Ripple is assembling, what a national trust bank can and cannot do, the real prize of a Federal Reserve master account, why the charter is mostly a stablecoin story, what genuinely accrues to XRP, the bull case within the bank build, and what holders should watch.
The goal is to separate the real significance of Ripple becoming a bank, which is considerable for the company, from the wishful assumption that everything good for Ripple is automatically good for the token, which 2026 has repeatedly shown to be false.
A payments company is turning into a financial institution Take the full measure of what Ripple has built, because the strategy only becomes clear when you see the pieces together.
The foundation is a conditional charter to operate a national trust bank, granted by the Office of the Comptroller of the Currency, the federal regulator that supervises national banks. The OCC conditionally approved Ripple National Trust Bank alongside other crypto firms in a broader wave of national trust bank approvals.
That federal approval matters because it moves Ripple deeper into the regulated banking perimeter without turning it into an ordinary retail bank.
A subsequent rule expanded what such trust banks are allowed to do, turning what would have been a narrow custody license into something with real operational scope, including digital-asset custody, stablecoin reserve management, and certain payment services.
On top of the charter, a Ripple subsidiary applied for a Federal Reserve master account, the account that would connect Ripple directly to the central bank’s payment rails.
And around that regulatory core, Ripple has been buying capabilities: a prime brokerage, a payments business, and a corporate treasury-services firm, each acquisition adding a piece of the institutional-finance stack.
Layer in the rest and the ambition is obvious. Ripple issues a dollar-pegged stablecoin that has grown past $1 billion in market value.
It holds dozens of regulatory licenses across jurisdictions, and it recently secured preliminary European authorization that lets it offer regulated services across the entire European Economic Area.
That is where Ripple’s European license fits into the larger build. The company is not only chasing U.S. banking access; it is trying to make its regulated-finance stack portable across major markets.
Taken individually, any one of these is a notable corporate step. Taken together, they describe a single, coherent strategy: to become the institutional infrastructure layer for crypto-native finance.
Ripple wants to be a regulated entity that banks and corporations can trust to custody assets, manage stablecoin reserves, settle payments, and connect to both the traditional financial system and the blockchain world.
Ripple is not dabbling in banking. It is building a bank-grade financial institution deliberately, piece by piece.
The question for a token holder is where, in all of this carefully assembled machinery, XRP actually fits.
What a national trust bank is, and what it is not Before assessing what the charter means for XRP, it is worth being precise about what a national trust bank actually is, because the word “bank” carries connotations the charter does not deliver.
A national trust bank is not a retail bank. It cannot take ordinary deposits, cannot offer checking or savings accounts, and does not carry federal deposit insurance, the protection that backs ordinary bank deposits.
What it can do is custody assets, provide fiduciary and trust services, manage reserves, and, under the expanded rule, handle digital-asset custody and certain payment-related functions.
Headlines that say “Ripple becomes a bank” are gesturing at something real, but they compress away an important distinction.
That distinction matters for understanding the charter’s purpose. Ripple’s trust bank exists primarily to serve Ripple’s stablecoin business.
Its core planned function is to custody and manage the reserve assets that back the stablecoin, which today are held through a separate trust entity, and to provide custody to institutional clients.
By bringing reserve management in-house under a federal charter, Ripple gains tighter control, removes reliance on third-party custodians, and obtains a regulatory standing that few stablecoin issuers can match: oversight at both the federal level, through the national chartering regulator, and the state level, through New York’s financial regulator.
That dual supervision is a genuine selling point to institutions weighing whether to trust Ripple’s rails.
This is also why the fight over trust charters matters. Senator Elizabeth Warren and banking groups have challenged the idea that crypto firms with OCC trust charters should be treated like bank-grade institutions, arguing that they could act like crypto banks without the same restrictions.
NEW: Sen. Elizabeth Warren joins banks to challenge Ripple and other crypto firms with OCC trust charters. Claims they act as crypto banks avoiding regulatory obligations pic.twitter.com/ojuHDUd73U
— crypto.news (@cryptodotnews) May 28, 2026 The crypto industry has pushed back. The Digital Chamber called on the OCC to uphold crypto trust bank charters for firms including Coinbase, Ripple, Circle, and BitGo, arguing that the charters are part of bringing digital assets into regulated finance rather than keeping them outside it.
NEW: Digital Chamber calls on OCC to uphold crypto trust bank charters for Coinbase, Ripple, Circle and BitGo against Sen. Warren’s claim of banking law violations pic.twitter.com/qBLrmTOD14
— crypto.news (@cryptodotnews) May 27, 2026 But notice what the trust bank does not do. It does not custody XRP for the benefit of XRP holders, does not create any obligation to buy or hold the token, and does not make XRP a bank deposit or a regulated bank instrument.
It is, at its heart, infrastructure for the stablecoin, which is the recurring theme of Ripple’s entire banking build.
The real prize: a Federal Reserve master account The most consequential piece of Ripple’s banking strategy is the one furthest from being secured: a Federal Reserve master account.
A master account is the account a financial institution holds directly with the central bank, and it is the gateway to the core of the financial system.
It allows direct settlement through the central bank’s payment networks, the same rails the largest banks use, and direct access to base money rather than balances held at a commercial bank.
For a stablecoin issuer, the prize is enormous. With a master account, Ripple could hold the reserves backing its stablecoin directly at the central bank, the safest possible place, eliminating the counterparty risk of relying on private banks and giving institutions far greater confidence in the stablecoin’s solvency and redemption safety.
That is why custody and reserve safety matters so much in this story. Stablecoins are only as trusted as the assets backing them, the institutions holding those assets, and the transparency around redemption.
The catch is that no crypto-native firm has ever received full access of this kind on ordinary terms, and the bar is extraordinarily high.
The central bank has historically been reluctant to extend master accounts to non-traditional institutions. Uninsured trust banks face the most stringent levels of review, and previous attempts by crypto-adjacent firms to win access have often failed or taken years.
Ripple’s subsidiary has applied, and the application remains pending, with no public timeline and no clear signal of when or whether the central bank will act.
Approval would be genuinely transformative. It would mark a deeper integration between a crypto-native company and the core U.S. financial system, and it would dramatically strengthen the institutional credibility of RLUSD.
Ripple, Circle receive conditional national bank charter approvals from OCC
— crypto.news (@cryptodotnews) December 12, 2025 But it is far from assured. Even in the optimistic case, the direct beneficiary is again the stablecoin and the company’s settlement capabilities, not the token.
A master account would let Ripple hold stablecoin reserves at the central bank and settle through its rails. It would not, by itself, create demand for XRP.
The prize is real, and the prize is mostly about everything except the token.
Why this is mostly a stablecoin story Step back and a clear pattern emerges from every piece of Ripple’s banking build: it is, overwhelmingly, a stablecoin story.
The trust charter exists primarily to custody and manage stablecoin reserves. The master account, if granted, would primarily benefit the stablecoin by letting its reserves sit at the central bank.
The European license primarily expands where Ripple can offer regulated payment and stablecoin services. The acquisitions in brokerage, payments, and treasury primarily build out an institutional settlement and services business in which the stablecoin is the natural cash leg.
Ripple’s dollar stablecoin has grown past $1 billion, expanded across multiple blockchains, and won approvals in multiple jurisdictions. The banking apparatus is being constructed largely to support and legitimize it.
That is why the RLUSD the bank serves is the center of the story. A stablecoin is useful to institutions precisely because it is designed to hold a steady dollar value while moving across crypto rails.
Ripple’s own reserve-transparency page also shows why this matters. The company is trying to make RLUSD look less like an experimental crypto product and more like a regulated dollar instrument with transparent backing, regular attestations, and bank-grade custody.
This is the same dynamic that defined XRP through 2026, when Ripple’s marquee bank deals and settlement milestones ran through its stablecoin and ledger while the token captured little beyond a negligible network fee.
As previously reported, this is why Ripple wins bypass the token. Ripple can deepen its institutional footprint while XRP still waits for direct, measurable token demand.
The banking build is that dynamic taken to its logical conclusion. Ripple is constructing a regulated financial institution whose central purpose is to make its stablecoin the most trusted, most institutionally credible dollar token in the market, and to build a settlement and custody business around it.
XRP is part of the broader ecosystem, but it is not the thing the bank is for.
A holder hoping that the charter, the master account bid, and the acquisitions would translate into direct demand for the token is, once again, watching the wrong variable.
The value of all this machinery flows first to Ripple the company and to the stablecoin it is built to serve, exactly as Ripple’s own communications have acknowledged in noting that the banking progress is unlikely to move the token’s price directly or immediately.
So what do XRP holders actually get? If the bank build is mostly about the stablecoin, the fair question is whether XRP holders get anything at all.
The honest answer is yes, but indirectly and slowly. The benefit to XRP runs through legitimacy and ecosystem strength rather than any direct mechanism.
As Ripple becomes a regulated, bank-grade financial institution, the entire ecosystem it anchors gains credibility in the eyes of the banks and corporations Ripple wants as customers.
A more trusted Ripple makes every part of its stack, including the ledger on which XRP lives and the role XRP can play, more palatable to institutional users.
The argument, which Ripple and many holders make, is that demand for one asset in an ecosystem can lift others in the same stack, and that a Ripple wired into the core of the financial system is a Ripple better positioned to drive real-world use of XRP as a bridge asset over time.
This indirect benefit is not nothing, and it would be a mistake to dismiss it. XRP’s most plausible long-term role is as a bridge asset that moves value between currencies in settlement.
A Ripple with a federal charter, a master account, and a credible institutional settlement business is a Ripple with more opportunities to route that kind of settlement in ways that touch the token.
But the benefit is conditional, gradual, and unguaranteed, three qualities that make it very different from the direct, immediate boost holders often hope for.
XRP does not become a bank deposit, a stablecoin, or a regulated instrument through any of this. It remains a separate, volatile asset whose demand depends on whether Ripple’s growing institutional infrastructure eventually channels real settlement volume through it.
The competing path is obvious: the same settlement volume could instead keep flowing through RLUSD, which is better suited to settlement precisely because it does not move in price.
The banking build improves the odds that Ripple can win regulated institutional business someday. It does not make that business flow through XRP now, and it does not create token demand on its own.
The bull case within the bank build In fairness to the optimistic view, there is a coherent bull case for XRP buried inside Ripple’s banking transformation, and it deserves a clear statement.
The strongest version goes like this: Ripple is methodically removing every reason an institution might hesitate to build on its rails.
The charter answers the custody and reserve-management question. The master account, if granted, answers the reserve-safety question at the highest possible level.
The acquisitions answer the brokerage, payments, and treasury questions. The licenses answer the regulatory question across jurisdictions.
As those barriers fall one by one, Ripple becomes a place where serious institutions can conduct serious volume. In a world where Ripple is running large-scale regulated settlement, the case for using XRP as the neutral bridge asset between currencies strengthens, because the infrastructure to do it at scale finally exists and is trusted.
Pair that with the token’s other tailwinds, including the regulatory clarity from its resolved legal status, the spot exchange-traded funds gathering assets, and the prospect of federal legislation codifying its commodity classification, and the bull case becomes clearer.
That is where the legislation that could codify XRP fits in. If the CLARITY Act turns XRP’s commodity treatment into durable federal law, it could make institutions more comfortable using the token where it has a genuine settlement role.
In that version of the future, XRP sits inside a maturing, increasingly bank-grade ecosystem at exactly the moment that ecosystem becomes capable of institutional-scale activity.
If even a fraction of the settlement flowing through a fully built-out Ripple touches XRP as a bridge, the demand could be meaningful, and it would arrive on top of a token that has already cleared its regulatory hurdles.
This is a real argument, and it is why the banking build is truly good news for the long-term XRP thesis even though it is not a direct catalyst.
The caveat, as always, is the word “if.” The bull case depends on Ripple choosing and managing to route settlement through the token rather than through the stablecoin, and the entire pattern of 2026 suggests the stablecoin keeps winning that role.
The infrastructure being built is real. Whether XRP is wired into it is the open question.
What XRP holders should watch For a holder trying to judge whether Ripple’s banking transformation will ever translate into token demand, the analysis points to a few specific signals worth tracking, none of which is another charter or acquisition headline.
The first is the Federal Reserve master account decision.
If granted, it would be a landmark for Ripple and the stablecoin, and it would mark the company’s deepest integration into the financial system. Over time, that expands the surface area where XRP could be used.
If denied, a key piece of the institutional thesis stalls.
Either way, it is the most consequential pending item, and its outcome shapes everything downstream.
The second and more important signal is whether XRP actually appears in the settlement flows of Ripple’s bank-grade business, as opposed to the stablecoin doing all the work.
This is the variable that decides the entire question. If Ripple’s institutional settlement increasingly routes through XRP as a bridge asset, generating real, recurring token demand, then the banking build will finally have reached the token.
If, as has been the pattern, the stablecoin carries the settlement while XRP captures only a fee, then the bank is a Ripple and stablecoin story with XRP riding the halo of legitimacy but not the flows.
The third signal is the broader regulatory picture, particularly whether federal legislation codifies XRP’s status, which would compound the legitimacy the banking build provides.
The honest synthesis is that Ripple becoming a bank is a major, genuine achievement that strengthens the company, the stablecoin, and the long-term credibility of the whole ecosystem.
For XRP specifically, it improves the odds without delivering the goods.
The token’s payoff depends on a future choice, to run regulated settlement through XRP, that Ripple has not yet shown it will make.
Until it does, the bank is being built for everything except the token, and the token, as it has all year, waits.
Frequently asked questions Is Ripple actually becoming a bank? Sort of, but with important caveats. Ripple won conditional federal approval to operate a national trust bank and applied for a Federal Reserve master account, and it has acquired prime brokerage, payments, and treasury businesses. But a national trust bank is not a retail bank: it cannot take ordinary deposits, offer checking or savings accounts, or carry federal deposit insurance. It is a specialized institution for custody, fiduciary services, and reserve management. So Ripple is building a bank-grade regulated financial institution, but one focused on custody and stablecoin reserves instead of traditional deposit-taking banking.
What is the Federal Reserve master account and why does it matter? A master account is an account held directly with the central bank, giving direct access to its payment rails and to base money, the same access the largest banks have. For Ripple, it would let the company hold its stablecoin’s reserves directly at the central bank, the safest possible location, eliminating reliance on private banks and boosting institutional confidence in the stablecoin. No crypto-native firm has ever been granted full access of this kind on ordinary terms, the review is stringent, and Ripple’s application is pending with no timeline. Approval would be transformative for the company and stablecoin, though not a direct catalyst for XRP.
Does Ripple’s banking push help XRP? Indirectly and gradually, not directly. The charter and master account primarily benefit Ripple’s stablecoin, whose reserves they would custody and secure. XRP does not become a deposit, a stablecoin, or a regulated instrument. The benefit to XRP runs through legitimacy: a bank-grade Ripple strengthens the whole ecosystem and improves the odds that XRP is eventually used as a bridge asset in regulated settlement. But that is conditional and slow, not the direct demand boost holders often hope for, and Ripple itself has acknowledged the banking progress is unlikely to move the token’s price immediately.
Why does the stablecoin benefit more than XRP? Because the entire banking build is designed around the stablecoin. The trust charter exists mainly to custody and manage stablecoin reserves. The master account, if granted, would let those reserves sit at the central bank. The acquisitions build a settlement business in which the stablecoin is the natural cash leg. A stablecoin is suited to settlement precisely because it holds a steady value, while XRP’s volatility makes it less suitable for that role. So Ripple’s regulated infrastructure naturally channels value to the stablecoin, with XRP benefiting only as part of the broader, more credible ecosystem.
What is the bull case for XRP in all this? The bull case is that Ripple is methodically removing every reason an institution might hesitate to use its rails, through the charter, the master account bid, the acquisitions, and the licenses. As those barriers fall, Ripple becomes capable of large-scale regulated settlement, and the case for using XRP as a neutral bridge asset between currencies strengthens because the trusted infrastructure to do it finally exists. Combined with XRP’s regulatory clarity, its ETFs, and possible federal legislation, the bull case is that XRP sits inside a maturing, bank-grade ecosystem just as that ecosystem becomes capable of institutional-scale activity. The caveat is whether settlement actually routes through XRP instead of the stablecoin.
What should XRP holders watch next? Three things. First, the Federal Reserve master account decision, which would mark Ripple’s deepest integration into the financial system and expand where XRP could be used, or stall a key part of the thesis if denied. Second, and most important, whether XRP actually appears in the settlement flows of Ripple’s institutional business, generating real token demand, as opposed to the stablecoin doing all the work. Third, the broader regulatory picture, especially whether federal legislation codifies XRP’s commodity status. The token’s payoff depends on Ripple choosing to route regulated settlement through XRP, a choice it has not yet shown it will make.
This article is information, not investment advice. Cryptocurrency is volatile, and regulatory approvals, corporate plans, and figures reflect reporting available as of June 26, 2026, which can change quickly. Verify current data from primary sources before making any decision.
XRPL získá Lending Protocol v1.1 jako samostatné rozšíření, které v1.0 nenahrazuje ani neodkládá jeho použití. SOIL zároveň plánuje jako první aplikace využít nativní lending na XRPL.
The XRP Ledger (XRPL) is poised to welcome a new generation of lending and yield products as its decentralized finance (DeFi) ecosystem continues its rapid expansion.
Ripple executive J. Ayo Akinyele has provided a detailed clarification regarding the upcoming Lending Protocol v1.1.
Akinyele explicitly stated that v1.1 is an enhancement to the existing protocol, rather than a replacement for v1.0, and emphasized that developers have no reason to hold off on utilizing v1.0 today.
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"The protocol works as designed," Akinyele noted, explaining that the v1.1 update simply introduces refinements and added flexibility driven by feedback from the ecosystem and the long-term vision for lending on the XRPL.
Version 1.1 will ship as a separate amendment that extends the existing protocol. The previous will not be deprecated, meaning supporting it now allows institutions and developers to deploy lending applications and use cases directly on the mainnet.
"The protocol works as designed. v1.1 enhances it: refinements and added flexibility driven by ecosystem feedback and where we want lending on XRPL to go. It ships as a separate amendment that extends the existing protocol. v1.0 will not be deprecated, and supporting it now will enable institutions and developers to deploy lending applications and use cases on mainnet," he said.
The activation of v1.1 will follow the standard amendment process, meaning there is no dependency requiring users to wait for it before acting on v1.0. Each amendment will be reviewed on its own merits by validators on their normal cadence.
SOIL eyes first application After the news of the protocol's development, another Ripple executive confirmed that a new wave of lending and yield products is officially coming to the network.
SOIL, a prominent protocol known for offering institutional lending services using USDC, RLUSD, and XRP, has officially announced its plans to integrate the XRPL Lending Protocol alongside SAV. The firm is positioning itself to become the first application to leverage these native features, which could potentially introduce an entirely new category of yield-generation products directly to the XRP Ledger.
To facilitate this new phase of lending services, the firm has proposed the activation of specific technical standards in the near future. Most notably, this includes the XLS-65 and XLS-66 standards, which are expected to be activated as soon as possible to ensure the lending upgrade is effectively deployed across the network.
Na XRP Ledgeru vyskočil denní platební objem na zhruba 926 milionů XRP, ale počet aktivních adres zůstal téměř beze změny. To naznačuje spíš velké převody než širší adopci.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Transaction activity on the XRP Ledger has increased dramatically, with payment volume close to 1 billion XRP in a single day.
XRP's payments volume surgeRecent network data shows that on June 25, payment volume increased to about 926 million XRP, one of the biggest spikes seen in recent weeks. Such a sharp rise seems extremely bullish at first glance. High transaction volumes are frequently seen as a sign of increasing institutional involvement, expanding network utility, or rising demand for the underlying asset.
XRP/USDT Chart by TradingViewThe overall picture, however, indicates that investors should exercise caution when analyzing the data. One crucial detail is the fact that payment volume increased without a corresponding increase in active users. The number of active addresses stayed comparatively constant throughout the month, varying between 100,000 and 150,000, despite transaction volume surging toward 1 billion XRP. This divergence suggests that rather than broad network adoption, the spike might have been caused by a comparatively small number of significant transactions.
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The XRP Ledger frequently exhibits this kind of behavior. Hundreds of millions of XRP can be moved between wallets by large organizations, exchanges, payment processors, and institutional players, momentarily inflating transaction metrics without necessarily indicating a significant change in retail demand.
In the meantime, XRP's market performance continues to be challenged. The asset recently broke below a multi-month support zone that had held since March and is still trading within a wider downtrend. According to technical indicators, XRP is trading below all significant moving averages, and the price structure continues to form lower highs and lower lows.
XRP's market performance There is a substantial gap between price action and network activity. In the past, persistent bull markets have typically been accompanied by concurrent increases in market demand, active addresses, and transaction volume. In this instance, only one of those metrics has demonstrated significant acceleration.
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Strong network utilization frequently provides a stronger long-term foundation, as opposed to speculative trading alone. The market may start to see the recent spike as proof of real adoption growth, rather than isolated whale activity, if active users begin to track transaction volume higher in the upcoming weeks.
For the time being, the billion-XRP payment spike shows how active the XRP Ledger is, but before interpreting it as a clear bullish signal, traders will probably need confirmation from user growth and price performance.
Binance u XRP hlásí téměř neutrální Z-Score 0,17, což ukazuje na běžné derivátové pozice bez výrazného pákového nárůstu. XRP mezitím za 24 hodin klesl o více než 4,4 % při širším výprodeji krypta.
TLDR: Binance’s XRP Perpetual-Spot Volume Imbalance Z-Score sits near neutral at 0.17, within normal historical range. XRP dropped over 3.3% in 24 hours to $1.049 as tech stock declines triggered over $1 billion in crypto liquidations. Ripple’s RLUSD stablecoin launched on SBI VC Trade in Japan, becoming the first regulated listing with zero fees. Spot XRP ETFs recorded $31.32 million in June net inflows, well below May’s record high of $132 million. Binance’s XRP Perpetual-Spot Volume Imbalance Z-Score is holding near neutral at approximately 0.17, according to the latest on-chain data.
The reading reflects that the gap between perpetual and spot trading volumes remains within a historically normal range.
XRP is trading near $1.02 as of this writing, down over 4.4% in 24 hours amid a broad crypto market selloff. Despite the price drop, derivatives market activity has not shown signs of excessive speculative buildup.
Z-Score Stability Points to Measured Derivatives Positioning The Volume Imbalance indicator on Binance measures the difference between perpetual and spot trading volumes for XRP.
The current reading stands at approximately 0.51, with the 30-day Z-Score sitting near 0.17. That figure places the current imbalance well within the range of normal activity relative to the past month.
Source: CryptoQuant
Perpetual trading continues to dominate XRP market activity, but the margin of dominance remains unremarkable.
The Z-Score has moved through notable swings over the past several months. During price rallies in April and May, perpetual volumes expanded sharply, widening the gap above spot market activity on several occasions.
As XRP’s price retreated and speculative interest eased, the indicator pulled back toward balanced levels. The 30-day Z-Score then stabilized near zero before settling at its current modest positive reading.
A Z-Score of 0.17 indicates the present level of perpetual dominance is not exceptional. It falls broadly in line with average derivatives activity recorded over the past month.
There is no evidence of the kind of leverage buildup that typically precedes sharp price swings or large-scale liquidation events. At the same time, the reading does not suggest any notable drop in trader participation across derivatives markets.
The data paints a picture of cautious, measured positioning in XRP derivatives at this stage. Traders appear to be adjusting exposure gradually rather than piling into directional bets.
That behavior is consistent with a market navigating a broad selloff without taking on outsized risk. The Z-Score’s proximity to neutral reflects that restraint across Binance’s XRP derivatives market.
Market Context: Selloff and Ecosystem Developments XRP’s decline of over 4.4% in 24 hours came alongside a broader crypto market selloff driven by falling technology stocks.
Over $1 billion in crypto positions were liquidated during the period across the market. The price pressure pushed XRP to approximately $1.02, compounding recent weakness in the token.
Despite the turbulence, Binance’s derivatives data has not shown a corresponding spike in speculative activity.
Ripple’s RLUSD stablecoin launched in Japan through SBI VC Trade, the first Japanese exchange to list the asset. The listing is fully regulated and carries zero fees, going live immediately upon approval.
X Finance Bull noted on X that the Japan listing continues opening regulatory doors for the broader Ripple ecosystem.
JUST IN 🚨 RLUSD on Japan now.
Is $XRP for settlement next?
SBI VC Trade became the first Japanese exchange to list Ripple's stablecoin, fully regulated, zero fees, live today.
Japan keeps opening doors for the Ripple ecosystem one piece at a time.pic.twitter.com/IT9nYBpz1g https://t.co/SfemaHq3N2
— X Finance Bull (@Xfinancebull) June 24, 2026
RLUSD also surpassed Ethereum in circulating supply, adding to the milestone’s weight despite subdued XRP price action.
Spot XRP ETFs recorded $31.32 million in net inflows during June, per SoSoValue data. That figure trails May’s record of $132 million in net inflows by a wide margin.
Still, the ongoing institutional interest reflected in ETF flows contrasts with the short-term price weakness. Cumulative inflows into spot XRP ETF products have exceeded $1.43 billion since their November 2025 launch.
The combination of a neutral Z-Score, modest ETF inflows, and active ecosystem expansion gives a layered picture of XRP’s current market state.
Price performance has weakened amid macro-driven selling pressure. However, derivatives positioning on Binance remains measured, and the broader Ripple infrastructure continues to grow.
The Z-Score’s stability near 0.17 suggests traders are not amplifying the selloff through excessive leveraged exposure.
Bývalý člen Ethereum Foundation Trent Van Epps varoval, že Ethereum může během 3 až 9 měsíců čelit kritické mezeře ve financování vývoje. Zároveň uvedl, že ETH je po prudkém poklesu v přeprodaném pásmu.
Former Ethereum Foundation member Trent Van Epps warned on Thursday that Ethereum (CRYPTO: ETH) faces a critical funding gap within 3 to 9 months.
Why The Foundation Is Pulling Back On PurposeVan Epps, who spent five years at the Ethereum Foundation before recently stepping away, explained in an interview with Coindesk that the organization is deliberately pushing legitimacy and funding power out into the broader ecosystem rather than holding onto it.
The Foundation’s treasury, built from the network’s earliest days, has funded critical shared resources like client development and the move from proof of work to proof of stake, but that treasury is shrinking by design.
Core development funding needs sit at roughly $30 million per year, a small figure against Ethereum’s $200 billion market cap and the trillions in stablecoin settlement the network handles.
The problem isn’t a lack of need. It’s that as the Foundation steps back, no clear institution has stepped up to fill the gap, even as the Foundation recently cut its workforce by 20% and saw executives depart.
Protocol Guild Raised $40 Million In Four Years, But It Isn’t EnoughVan Epps built Protocol Guild, a collective funding mechanism for Ethereum’s core developers, distributing nearly $40 million over four years.
“We’ve had some good success,” he said, “but ultimately it’s not sufficient.”
He pointed to the free-rider problem as the core obstacle to fixing it.
“If somebody donates, but their competitor doesn’t, all of a sudden they have a distinct advantage over somebody who’s parted with some of their resources to fund the shared resource,” he said, calling coordination among large stakeholders genuinely hard even when most understand what’s at stake.
Beyond the funding question, Van Epps argued ETH as an asset needs fresh, confident storytelling that connects the token directly to the EVM’s dominance, the engine underpinning roughly 90% of total value locked across crypto including layer-2 networks.
ETH’s Chart Shows Oversold Conditions After A Sharp Trendline BreakETH broke a rising trendline that had held since February, triggering a fast move down through $1,900, then $1,800, into the $1,557 level.
The death cross from November 2025 remains intact across all major moving averages.
RSI sits at 28.98, an oversold reading that often precedes bounce attempts even within a larger downtrend.
The 20-day EMA at $1,707.57 and 50-day EMA at $1,864.11 sit overhead as the first levels traders will watch for any recovery to either fail or gain real traction.
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Charles Hoskinson testuje chytrý kontrakt pro obnovu peněženek po exploitu SecondFi, který odčerpal zhruba 16 milionů ADA. Ověřoval by držení 24slovné seed phrase pomocí zero-knowledge proof bez jejího zveřejnění na blockchainu.
A Smart Contract Approach to Wallet RecoveryCardano founder Charles Hoskinson (@IOHK_Charles) is experimenting with a smart contract designed to help users recover funds from wallets compromised in the recent SecondFi exploit. According to Hoskinson, the contract would use a zero-knowledge proof to verify that a claimant possesses the 24-word seed phrase associated with an affected wallet, without requiring that phrase to be exposed on-chain. If verified, the contract would vend $ADA and Cardano native tokens from a dedicated recovery pool to the confirmed owner. Hoskinson said he plans to coordinate with the Midnight team and key developers on the findings before any wider rollout.
The Midnight network, Cardano's privacy-focused sidechain, is a natural fit for this kind of work. Hoskinson has previously described Midnight as deeply connected to zero-knowledge systems , and the project's cryptographic tooling makes it a practical base for building proof-based recovery mechanisms.
The SecondFi Exploit: What Happened SecondFi, the Cardano wallet formerly known as Yoroi, confirmed a major exploit that drained roughly 16 million $ADA, worth approximately $2.4 million, from 374 user wallets across three separate attacks. SecondFi's team traced the breach to a vulnerability in its proprietary wallet generation software, which gave attackers access to funds across multiple user wallets. Critically, Cardano's base protocol was not the entry point.
The team rescued a further 129 million $ADA before attackers could reach it, routing funds to a third-party custodian, but blockchain security firm SlowMist estimates total losses could still exceed $20 million pending an independent audit. Users cannot protect themselves by simply moving their seed phrase to another wallet. The vulnerability activates at the address level when a transaction is signed, and affected users must submit claims directly to SecondFi.
SecondFi was built on the foundations of Yoroi, a wallet created by EMURGO, one of the three founding entities behind Cardano. That history makes the breach sting harder for the community. The team says it is working with IOG, Cardano Foundation, IntersectMBO, and SundaeSwap to limit damage across the wider ecosystem.
Hoskinson's proposed recovery mechanism remains experimental, and no timeline has been confirmed. Its viability will depend on the technical findings from his coordination with the Midnight team and core developers. For now, affected users have been advised to wait for official guidance from SecondFi before taking any independent action.
Sources:
CoinDesk: SecondFi loses $2.4 million in Cardano wallet exploit, up to $20 million at risk
CryptoNewsZ: SecondFi fixes Cardano wallet flaw that led to 16M ADA theft
CoinGabbar: SecondFi Cardano Wallet Exploit: User Impact and Recovery Plan
USDt od Tether se podle tržní kapitalizace stal druhou největší kryptoměnou, když Ether po denním propadu o 5,2 % klesl na 1 510 USD a jeho kapitalizace spadla pod 185 miliard USD. USDt měl kapitalizaci 186 miliard USD.
Tether stablecoin USDt has become the second-largest cryptocurrency by market capitalization as Ether fell to its lowest price of the year on Friday
Ether’s market capitalization dropped below $185 billion following a 5.2% price crash over 24 hours, sending the asset tumbling to $1,510 on Coinbase, according to TradingView. This allowed USDt, with a $186 billion market capitalization, to surpass the cryptocurrency.
“[The] stablecoin overtake really highlights how the market still favors stability over ETH’s volatility right now,” Andri Fauzan Adziima, research lead at Bitrue Research Institute, told Cointelegraph.
The development reflects accelerating stablecoin growth, which currently represents almost 15% of the entire crypto market capitalization. Stablecoin supply contracted more than 30% in the last bear market, but they’re hitting record highs this time, wrote 21Shares on Thursday, adding:
“To us, that is the strongest evidence yet that stablecoins are one of crypto’s defining use cases – demand that no longer depends on the cycle.”USDt flipped ETH in market capitalization. Source: CoinGecko
Alvin Kan, chief operating officer of Bitget Wallet, told Cointelegraph that the flip is a “notable milestone that highlights the explosive growth and dominance of stablecoins in today’s crypto ecosystem.”
“It demonstrates strong demand for reliable, liquid on- and off-ramps during periods of volatility, while serving as a reminder that ETH must continue delivering compelling utility and narrative momentum to maintain its position.” Kan said the development is positive for the broader market, as deeper stablecoin liquidity supports higher trading volumes and ecosystem innovation.
ETH prices are back at crucial support levels last visited in October 2023 and April 2025.
The Ethereum ecosystem has also faced internal changes recently, following several executive departures and a 20% workforce reduction at the Ethereum Foundation.
However, a new nonprofit organization called Ethlabs was launched this week by key EF developers and researchers and backed by Ether treasuries Bitmine and Sharplink.
ETH prices are at a critical long-term support level. Source: TradingView
Not all are bearish Some have taken Ether's decline as an opportunity.
Ether treasury company Sharplink bought the dip, making its first purchase in eight months, scooping up 5,000 ETH on Thursday. Bitmine, chaired by Tom Lee, has also been accumulating at these low prices, adding a further 76,881 ETH last week.
Meanwhile, Circle’s USDC (USDC) also flipped Ripple’s XRP (XRP) in market capitalization as XRP fell back towards $1, its lowest level since November 2024, leaving XRP with a market capitalization of $64 billion compared with USDC's $73.6 billion.
Magazine: AI is banking the unbanked in Africa... faster than crypto
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DOMA Perpetual Capital Management odmítá nabídku na odkup InMode za 16,20 USD za akcii a plánuje hlasovat proti obchodu. Tvrdí, že cena společnost podhodnocuje.
DOMA Perpetual Capital Management LLC (PRNewsfoto/DOMA Perpetual) DOMA ASSERTS THAT THE $16.20 PER SHARE OFFER MATERIALLY UNDERVALUES INMODE AND ITS LONG-TERM POTENTIAL
DOMA BELIEVES THE BID EXPLOITS THE DEPRESSED VALUATIONS CREATED BY YEARS OF CEO-LED UNDERPERFORMANCE
DOMA EXPLICITLY REJECTS THE CURRENT TERMS AND URGES THE BOARD TO UPLHOLD ITS FIDUCIARY DUTIES
, /PRNewswire/ -- DOMA Perpetual Capital Management LLC, a significant stockholder of InMode Ltd. (NYSE: INMD) ("InMode"), today sent a letter to the Board of Directors of InMode (the "Board").
The letter can be downloaded here
The full text of the letter follows:
June 26, 2026
To the Board Member of InMode:
As of the date of this letter, DOMA Perpetual Capital Management LLC ("DOMA") and its affiliates beneficially own approximately 4.63% of the outstanding ordinary shares of InMode Ltd. ("InMode" or the "Company").
We are writing as a concerned shareholder regarding the recently proposed acquisition of the Company led by the Chief Executive Officer in partnership with a group of investors. The circumstances surrounding this proposal raise serious concerns about conflicts of interest, governance, the Board's fiduciary responsibilities, and the fairness of the proposed transaction.
We believe the proposal materially undervalues the Company, particularly in light of its long-term potential and intrinsic assets. It is difficult to ignore that this proposal also follows a long period of operational underperformance under the current CEO's leadership. We have previously asked the Board, in a public communication dated May 9, 2025, to replace the CEO precisely because of his sustained underperformance, and that same CEO now appears positioned to benefit from the proposed transaction.1 In our view, these circumstances warrant close scrutiny, and DOMA reserves all of its rights in connection with the proposed transaction.
We strongly believe the proposal would allow management to capitalize on a depressed valuation that developed during its own stewardship and that, in our view, management's performance helped create. Such dynamics are deeply troubling from a governance perspective.
The Board has fiduciary obligations to act in the best interests of all shareholders, not management or any specific investor group. In this context, we urge the Board to take the following actions:
Establish a fully independent special committee with no ties to management to evaluate the proposal. Retain international independent financial and legal advisors to conduct a rigorous valuation and fairness assessment. Conduct a broad and transparent market check inviting public offers to determine whether superior offers exist. Ensure that shareholders are provided with full and fair disclosure regarding the process, assumptions, and any potential conflicts of interest. Any transaction that allows insiders to acquire the Company at a price influenced by their own stewardship must be subject to the highest level of scrutiny. Failure to do so could expose the Company and the Board to significant shareholder value destruction, as well as reputational and legal risk.
Shareholders rely on the Board to uphold strong governance standards and to protect against precisely this type of conflicted transaction. I trust that you will take these responsibilities seriously and act accordingly.
At the current offer of $16.20/share DOMA does not support the proposal and intends to vote against the transaction.
Sincerely,
Pedro Escudero
CEO & CIO
DOMA Perpetual Capital Management LLC
This letter has been prepared by DOMA. The views expressed herein reflect DOMA's opinions and are based on publicly available information regarding the Company. DOMA recognizes that the Company or others may have information not available to DOMA that could lead them to disagree with DOMA's views or conclusions. DOMA reserves the right to change or modify its views, opinions, intentions, or positions at any time and for any reason, and disclaims any obligation to update or revise the information contained herein, except as may be required by applicable law.
This letter was not prepared by, and has not been endorsed by, InMode Ltd. This letter is provided for informational purposes only and is not intended to be, and should not be construed as, an offer to sell or a solicitation of an offer to buy any security, or as a recommendation to purchase or sell any security. DOMA is not currently soliciting proxies, consents, authorizations, or voting commitments with respect to any securities of the Company. One or more funds managed by DOMA currently beneficially own shares of the Company.
Certain statements in this letter may constitute forward-looking statements. These statements reflect DOMA's current views and expectations, speak only as of the date hereof, and are subject to risks, uncertainties, and assumptions that could cause actual results or developments to differ materially from those expressed or implied.
PR Newswire, May 9, 2025, DOMA Perpetual Sends Letter Urging Board of Directors of InMode Ltd. to Resume Share Repurchase Program (urging the Board, among other actions, to replace the Chief Executive Officer), https://www.prnewswire.com/news-releases/doma-perpetual-sends-letter-urging-board-of-directors-of-inmode-ltd-to-resume-share-repurchase-program-302451097.html SOURCE DOMA Perpetual
Biogen po akvizici Apellis za 5,6 miliardy USD pozastavil nebo ukončil financování většiny výzkumných programů a zrušil část míst ve výzkumu. Firma přesouvá zdroje k Empaveli a Syfovre.
Biogen logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab
CompaniesJune 26 (Reuters) - Biogen (BIIB.O), opens new tab said on Friday it had either paused or discontinued funding for most of Apellis Pharmaceuticals' research programs as it integrates the rare-disease drugs specialist it purchased for $5.6 billion earlier this year.
The U.S. drugmaker has also cut a small number of roles within the research organization as it shifts resources toward Empaveli and Syfovre, the approved therapies acquired through the deal.
Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.
"As part of the integration of Apellis, Biogen is conducting a comprehensive review of the former Apellis clinical & preclinical portfolio to further evaluate strategic fit," a Biogen spokesperson said.
The company did not offer details on the number of roles or the specific programs impacted by the decision.
Biogen has suspended two trials evaluating Empaveli in two separate kidney-related conditions, according to updates posted earlier this month on the U.S. government's clinical trials database.
The Apellis deal, Biogen's largest since its 2023 buyout of Reata Pharmaceuticals, is expected to support the company's near-term growth as demand for its key multiple sclerosis franchise declines and sales of Alzheimer's drug Leqembi lag expectations.
Empaveli is approved for two rare kidney diseases and a rare blood disorder while Syfovre is authorized to treat geographic atrophy, an advanced eye condition that is a leading cause of blindness.
The two drugs generated a combined revenue of about $689 million last year and are expected to grow at a mid-to-high-teens rate at least through 2028, the companies had said when the deal was announced in March.
Reporting by Mariam Sunny in Bengaluru; Editing by Sriraj Kalluvila
Our Standards: The Thomson Reuters Trust Principles., opens new tab
BNB Chain je vedoucím řetězcem pro tokenizované akcie s více než 709 aktivy, kumulativním objemem přes 5 miliard USD a tržní kapitalizací nad 1 miliardu USD.
TL;DRBNB Chain is now the leading chain for tokenised stocks with over 709 tokenized stocks and ETFs, cumulative volume crossing $5 billion and market cap surpassing $1BMultiple tokenized stock versions of the same company give users more choice over where and how they access an assetSupported assets can be traded, held or used across BNB DeFi ecosystemTraditional markets tell you when you can trade, where you need to live and which intermediaries you need to use. Tokenized stocks on BNB Chain work differently.
More than 709 tokenized stocks and ETFs are now available across the ecosystem, giving users around-the-clock access to some of the world’s largest public companies and selected private-market opportunities.
Demand is already growing, with cumulative tokenized stock volume on BNB Chain crossing $5 billion and market cap surpassing $1 billion, more than any other chain.
RWAs Are Accelerating on BNB ChainTokenized stocks are part of a much bigger RWA sector taking shape across BNB Chain:
Almost $4B in distributed RWA valueRWA holders up 55.65% in the past 30 daysMore than $3B over the same period$18B stablecoin market cap with 76M holdersTokenized stocks are a big part of what's driving that. Non-stablecoin RWA value globally has crossed $30B, and BNB Chain holds a meaningful share of almost $4B. These aren't just minted and parked, they're being traded on DEXs, posted as collateral to borrow stablecoins, and now used to access companies that aren't even publicly listed yet.
One Stock, Multiple Tokenized OptionsTokenized stocks on BNB Chain are about access and choice. One company can have multiple tokenized versions, each with different structures, liquidity and DeFi integrations.
SpaceX is one example. Tokenized representations of SpaceX equity went live on BNB Chain, with June 23 recording $6.5 million in volume in a single day.
Users can access SpaceX exposure through three tokenized versions on BNB Chain:
SPCXB from bStocks0xbe9d156892e55e7154bcd3cb0fea677f9d3103e1SPCXon from Ondo Global Markets0xd0a58BC9D88D3FF48C0294Cb7e45937d0E41A928SPCXx from xStocks0x68fa48b1c2fe52b3d776e1953e0e782b5044ce28Similar options are available for companies such as NVIDIA and Micron, giving users more ways to choose how they access, hold and use their exposure onchain.
More Ways to Access Global CompaniesbStocks: Tokenized 1:1 U.S Stocks, FSRA ApprovedbStocks are BEP-20 tokens on BNB Chain, each a 1:1 representation of a real U.S. share held with a regulated custodian and verifiable anytime via the Proof of Collateral page. The tokenized stock comes wzero mint, burn, and conversion fees. You can use them as collateral on Venus Protocol, Lista DAO, or trade them on PancakeSwap, Trust Wallet and Aster.
Ondo Global Markets: High trading volume, different token structureOndo Global Markets is where the majority of tokenized equity trading on BNB Chain is happening. BSC accounts for $5.12B of Ondo Global Markets’s $6B in cumulative DEX volume.
Ondo Global Markets on BNB Chain now offers 430+ tokenized stocks and ETFs, covering a wide array of sectors and assets.
The token structure is worth understanding before using it in DeFi. Ondo tokens are total return trackers: they reflect reinvested dividends rather than tracking the share price directly, which means the token price drifts from the underlying share price over time. That affects how they behave as collateral. Trading is available through PancakeSwap, Binance Alpha, Trust Wallet and more.
xStocks: 50+ U.S. Equities and ETFsxStocks launched on BNB Chain in April 2026 with 50+ US equities and ETFs, with 100+ more in the pipeline. It maintains a 1:1 ratio with underlying shares and trades on PancakeSwap AMM, accessible to anyone already using PancakeSwap.
Colb Finance: Pre-IPO exposure on BNB ChainThe pre-IPO segment of the market has historically been limited to institutional investors and late-stage venture funds. Last week, Colb Finance deployed over $60M in tokenized pre-IPO positions on BNB Chain, covering private companies in AI, space, and global fintech.
Pre-IPO tokens from Colb trade directly on PancakeSwap.
Paimon Finance: Pre-IPO + Institutional Private CreditPaimon Finance offers tokenized pre-IPO positions (SpaceX, Anthropic, OpenAI, etc.) and a diversified private credit vault called Paimon Prime. It uses a dual-token structure for compliance while enabling open trading on PancakeSwap. Paimon Prime provides daily liquidity and yield exposure to institutional-grade private credit.
Why BNB Chain For All Of ThisTokenized markets need infrastructure that remains available whenever users want to act.
BNB Chain operates 24/7, allowing positions to be traded, transferred and managed without waiting for a market to reopen. Its low transaction costs for under $0.01 with finality in around 650 milliseconds also make frequent onchain actions more practical.
With 705+ assets and over $5 billion in cumulative volume, tokenized stocks are becoming an active market on BNB Chain.
First Graphene dokončila akvizici americké MITO® Material Solutions a posiluje expanzi v USA. Do firmy zároveň nastupuje CEO MITO® Haley Marie Keith jako viceprezidentka pro business development.
First Graphene Ltd (ASX:FGR, OTCQB:FGPHF, FRA:M11) earlier this week confirmed it had completed the acquisition of USA-based MITO® Material Solutions, with managing director and CEO Michael Bell telling Proactive the transaction had moved quickly and gave the company a stronger commercial platform in the United States.
Bell said First Graphene completed the deal within “sort of five or six days” of signing the agreement, describing the rapid turnaround as a reflection of the motivation shown by both teams. He said it was “a testament to both our team and the MITO® team being pretty motivated to get the deal across the line”.
The acquisition also brings MITO® Material Solutions chief executive officer Haley Marie Keith into First Graphene Ltd (ASX:FGR, OTCQB:FGPHF) as vice president of business development. Bell said Keith would lead US business operations, business development, commercial activity and promotion from Indiana.
For investors, the appointment appears to be an important catalyst in the company’s US expansion strategy. Bell said Keith brought “a huge amount of experience” in the US market, composites and the MITO® Material Solutions portfolio. He described her appointment as “a fairly clear line in the sand” that showed First Graphene Ltd was committed to growing its US business.
Bell said the scale of the US market required a focused approach. Drawing on previous experience, he said companies could not assume one person could represent a business across the entire country, noting that the market was vast and often required a state-by-state focus.
The company is initially looking at opportunities across aerospace, transportation and defence, although Bell said those sectors were likely to move more slowly. In the near term, First Graphene Ltd also intends to build on MITO® Material Solutions’ validation work in commercial sporting goods, where the acquired business already has clients.
Revenue growth and pipeline development were also highlighted. Bell said First Graphene Ltd had recently expanded from five new clients to six, with another footwear company coming across the line in recent days. He added that the time taken to move customers from inquiry to execution or production was speeding up.
Bell said the company had a pipeline approaching 700 opportunities, ranging from early-stage discussions to projects that had been in development for up to three years. He also pointed to a nearer-term group of around 30 to 40 potential clients in areas such as marketing releases and regulatory approvals, which he said could become contributors to revenue over the next six months.
Interview highlights First Graphene Ltd has completed the acquisition of USA-based MITO® Material Solutions within about five or six days of signing the agreement. Michael Bell said the fast completion reflected strong motivation from both the First Graphene Ltd and MITO® Material Solutions teams. MITO® Material Solutions chief executive officer Haley Marie Keith has joined First Graphene Ltd as vice president of business development. Keith will support US business operations, business development, commercial activity and promotion from Indiana. Bell said Keith brings significant experience in the US market, composites and the MITO® Material Solutions portfolio. First Graphene Ltd sees the appointment as a “line in the sand” showing its commitment to expanding in the United States. The company is targeting opportunities across aerospace, transportation, defence and commercial sporting goods. Bell said MITO® Material Solutions has already validated products in commercial sporting goods, giving First Graphene Ltd a base to grow from. First Graphene Ltd has added a sixth client in recent months, including another footwear company. The company has a pipeline approaching 700 opportunities, with 30 to 40 potential clients in later-stage areas such as marketing releases and regulatory approvals.
Proactive: Welcome back to Proactive Investors. I’m your host, Kerry Stevenson. I’ve asked Michael Bell to come back. He is the managing director and CEO of First Graphene Ltd, ASX code FGR. The reason I’ve asked Michael back is that the last time I had him on, which was only a couple of weeks ago, we were talking about the acquisition of MITO® Material Solutions. That has now closed. The deal is done, but First Graphene Ltd has also made its first hire in the United States. This looks like rapid global expansion. Michael, congratulations on closing the deal. We talked about the deal last time. Talk to us about closing the deal. It was a pretty quick turnaround.
Michael Bell: Yes, we managed to get it closed within sort of five or six days from signing the agreement. It was really a testament to both our team and the MITO® team being pretty motivated to get the deal across the line and get into it. We got it wrapped up the other week, and we also made our first hire as part of that deal.
Haley Marie Keith, who is the CEO of MITO® Material Solutions, has come across to First Graphene Ltd. She will head up our business operations, business development, commercial and promotion within the United States. She is based out of Indiana and brings a huge amount of experience in both the US market and composites, but also the MITO® portfolio. She will really help us drive that forward.
It is also a fairly clear line in the sand of our intent to grow the US business. There is huge opportunity there. As we immerse ourselves more, both in the MITO® materials as well as the First Graphene PureGRAPH line, we start to understand the true potential of the United States. It is a line in the sand saying we are committed to growing that side of the business.
Proactive: Is the US market a tough one to break into, Michael? I know it is a big market. It is huge, isn’t it?
Michael Bell: It is big. I have had previous experience of trying to grow businesses in the United States out of a company that I was a partner in, in New Zealand. That taught us some very hard lessons in terms of the size of the market. Where you think one person can represent you across the United States, you need to focus on a state basis because the market is so vast.
How I apply that to Haley Marie Keith is that she has a big role and a very broad opportunity. It will take some really critical focus on certain applications, certain client bases and so on.
Proactive: Talking about focus, are you going to focus more on government or are you going to focus more on private?
Michael Bell: It is a good question. The products that we have acquired from MITO® Material Solutions, and the ones that we see proving the most successful and having the fastest timeline, would be aerospace, transportation and defence. Those are probably slower-moving industries.
What MITO® Material Solutions has done is take its products and validate them in the commercial sporting goods segment. It has clients in those spaces and we have a pipeline to expand that. We will probably continue focusing on that, pushing that and growing the sporting goods side, while at the same time advancing the pipeline that MITO® Material Solutions has established in bigger industries like aerospace, transportation and defence.
Proactive: Before we finish up, it is important for our audience and investors to know that First Graphene Ltd has a very full pipeline, which means growth is happening. The company also already has revenue generation. What is that looking like?
Michael Bell: It is strong. It is growing. We mentioned previously, I think in our last call, that we had added five clients in the last couple of months. That has now expanded into a sixth client. We got another footwear company across the line just in the last few days.
That tax rate, or that time to get people from inquiry to executing or getting it into production, is speeding up. We have a big pipeline, somewhere up towards 700 different opportunities, somewhere between a week and three years deep in development. We have also got that really good next wave of clients, sort of 30 or 40 of them, that are in marketing releases, regulatory approvals and that sort of phase. Those are coming on and are our next contributors to revenue over the next six months.
Proactive: The US market is a major focus. MITO® Material Solutions has now been acquired, and the deal is done. More importantly, MITO® Material Solutions CEO Haley Marie Keith is joining First Graphene Ltd as vice president of business development as the company strikes out into a big US market. First Graphene Ltd’s ASX code is FGR. Michael is taking strides to expand and First Graphene Ltd is generating revenue. Michael, good to chat. Talk to you next time.
@chainlink's strategic reserve is growing at a pace that would have seemed unlikely at the start of the year. The protocol added 593,088 $LINK in June alone, worth more than $4.6 million, bringing total holdings to 4,504,167 LINK. Since January, the reserve has more than tripled.
How the Reserve Works The Chainlink Reserve is designed to support the long-term growth and sustainability of the Chainlink Network by accumulating LINK tokens using offchain revenue from large enterprises adopting the Chainlink standard and from onchain service usage. The mechanism sits at the heart of what Chainlink calls Economics 2.0.
The reserve is built up by using Payment Abstraction, onchain infrastructure that reduces payment friction by enabling users to pay for Chainlink services in their preferred form of payment, such as gas tokens and stablecoins. Those payments are then programmatically converted to LINK using a combination of Chainlink services and decentralized exchange infrastructure.
Additionally, 50% of fees from staking-secured SVR services is now planned to be used to help fund the Chainlink Reserve via Payment Abstraction.
The contract includes a multi-day timelock for withdrawals, and no withdrawals are expected for multiple years, which reduces the circulating supply by locking accumulated $LINK.
A Fast-Growing Institutional Footprint The pace of accumulation reflects a broader expansion in Chainlink's enterprise business. Demand for Chainlink has already created hundreds of millions of dollars in revenue, substantially from large enterprises that have paid offchain for access to the Chainlink Platform.
Chainlink's oracle network secures $33.124 billion in total value across 505 protocols, holding roughly 59% of the tracked oracle market by total value secured. CCIP transfer volume grew 319% year-over-year in Q1 2026, processing over $18 billion for the quarter.
Chainlink has also formed a working group alongside several multinational groups, across Europe and South Korea, collectively representing over $10 trillion in assets under management, with a focus on evaluating the transition from traditional T+2 settlement cycles toward real-time T+0 settlement models.
The reserve's trajectory underscores a broader shift in how the protocol ties real commercial activity back to $LINK. Each enterprise deal and each protocol interaction feeds into the same accumulation engine, compounding over time with no near-term release valve.
Chainlink navázal spolupráci se SWIFT, JPMorgan, UBS a DTCC, ale LINK stále obchoduje kolem 7 USD, asi 86 % pod maximem z roku 2021. Trh zatím nevidí, jak se adopce infrastruktury promění v poptávku po tokenu.
Chainlink has wired itself into the plumbing of global finance, with SWIFT, JPMorgan, UBS, and DTCC building on its infrastructure. Its token trades around $7, roughly 86% below its all-time high. The gap between the adoption and the price is the whole story, and it is the same story as XRP.
Summary
Chainlink has embedded itself in traditional finance, with SWIFT, JPMorgan, UBS, DTCC, and others building on its cross-chain infrastructure, yet LINK trades near $7, about 86% below its 2021 high. The disconnect mirrors XRP almost exactly: the network’s adoption is real and growing, but the token captures the value only indirectly and slowly. Chainlink secures more value than any other oracle network and its cross-chain protocol processes billions of dollars a month, but the fees actually reaching LINK holders are tiny next to the headline adoption. A new strategic reserve converts protocol revenue into LINK and staking locks up supply, but neither yet offsets weak token-level demand and a soft market for high-risk altcoins. The gap closes only if bank usage scales into real, recurring fee demand for LINK, and the clearest test is whether SWIFT’s integration moves from pre-production into live settlement volume. Chainlink may be the most widely adopted piece of infrastructure in all of crypto, and its token trades like an afterthought.
Over the past two years the network has wired itself into the core of traditional finance, with SWIFT, the messaging backbone that connects roughly 11,000 banks and moves on the order of $150 trillion a year, moving from pilot to pre-production on Chainlink’s cross-chain technology.
JPMorgan, UBS, ANZ, Fidelity International, SBI, DTCC, Euroclear, and Mastercard have also built around its infrastructure, while the value secured across its oracle network has climbed past $90 billion, many times that of any competitor.
By the measure of institutional adoption that crypto has chased for a decade, Chainlink has arguably won. And yet LINK, its token, trades around $7, roughly 86% below the all-time high near $53 it reached back in 2021.
The fundamentals keep setting records and the price keeps disappointing. That gap, between a network embedding itself in global finance and a token that acts like none of it is happening, is the entire story.
Anyone who followed XRP through 2026 will recognize it immediately, because it is the same adoption-versus-token gap.
This piece works through why Chainlink’s extraordinary adoption has not lifted its token. It covers what Chainlink actually does and why banks cannot easily avoid it, what SWIFT and the institutions signed up for, the central problem of how value is supposed to reach the token at all, the mechanisms Chainlink has built to try to close that gap, why the market still refuses to pay up, and what would finally have to change for the price to follow the adoption.
The aim is not to talk LINK up or down, but to explain one of the most striking disconnects in the market: how a project can win the institutional race it set out to win and watch its token languish anyway.
The most important company in crypto you do not trade Start with what Chainlink does, because its importance is easy to miss precisely because it is infrastructure.
Blockchains have a built-in blindness: they cannot, on their own, see anything that happens outside their own network. A smart contract on a blockchain has no native way to know the price of a stock, the result of a shipment, the value of a currency, or whether a payment cleared in a bank account.
This is called the oracle problem, and it is a hard limit on what blockchains can do, because a contract that cannot react to real-world information is a contract that can only move tokens around inside its own walls.
Chainlink exists to solve exactly this. It is a decentralized network that feeds outside data onto blockchains and connects them to one another and to traditional systems, acting as the secure bridge between the on-chain world and everything else.
Without something like Chainlink, the entire edifice of decentralized finance, and the much larger project of tokenizing real-world assets, simply does not function.
That is why what oracles feed data to matters. Smart contracts are only as useful as the data and systems they can reliably touch.
Because that role is foundational, Chainlink has become close to unavoidable for anyone serious about putting financial activity on a blockchain.
Its price feeds underpin major lending and trading protocols across decentralized finance. Its cross-chain protocol has been adopted by large exchanges and protocols as a bridging standard.
Critically, its institutional push has landed the names that matter most. The roster of traditional-finance firms building on Chainlink reads like a directory of the global banking system, and the total value its oracle network secures runs into the tens of billions, many times that of the nearest competitor.
By the standard crypto has always used to define success, real institutions using the technology for real financial activity, Chainlink is at or near the top of the entire industry.
It is, in a sense, the most important company in crypto that most people never think to trade, because its product is the invisible plumbing rather than the visible coin.
And a token that trades like the adoption is not happening Now place that adoption next to the chart, and the contrast is jarring.
LINK trades around $7, down roughly 86% from its 2021 peak near $53, and it spent the most recent stretch sliding rather than rising, sitting below the technical levels that traders watch for signs of strength.
The pattern across the last couple of years has been almost comically consistent: record after record on the fundamentals, the cross-chain protocol moving billions a month, the value secured hitting new highs, the bank partnerships piling up, while the token closed well below where it traded years earlier.
Analysts who follow Chainlink closely have taken to describing its recent history in exactly those terms, as a period of record fundamental milestones paired with significant price disappointment.
The ETF channel has not solved the problem either. Chainlink spot ETFs recently saw a net outflow, ending a six-month inflow streak and showing that even new institutional access does not automatically create uninterrupted demand.
This is what makes Chainlink such a clean case study, and such a frustrating holding for its believers.
It is not a story of a failing project ignored for good reason; the project is, by adoption metrics, thriving. It is a story of a thriving network whose token has decoupled from its success.
That forces an uncomfortable question that applies to a whole category of crypto assets: what is the actual link between a network being used and its token rising in value?
For Bitcoin the answer is relatively direct, since the asset itself is the product. For an infrastructure token like LINK, the answer is far murkier, and the murkiness is precisely what the price reflects.
The market is not saying Chainlink has failed. It is saying it does not yet see how all that institutional adoption turns into sustained demand for the token.
Until it does, the chart and the deal sheet point in opposite directions.
The oracle problem, and why it made Chainlink unavoidable To understand both the strength of Chainlink’s position and the weakness of its token, it helps to sit with the oracle problem a moment longer, because it explains the moat.
A blockchain is a deterministic system: it is brilliant at agreeing on its own internal state, who holds what, but it is mathematically incapable of knowing anything about the outside world on its own.
If a smart contract needs to know the price of an asset to liquidate a loan, or whether a real-world bond has matured, it has to get that information from somewhere. If it gets it from a single source, it inherits that source’s vulnerability to error or manipulation.
That would undermine the security that makes blockchains worth using in the first place.
Chainlink’s design answers this by gathering data through a decentralized network of independent node operators, aggregating their inputs, and delivering a result that no single party can easily corrupt.
That decentralized, tamper-resistant design is why Chainlink became the default rather than one option among many.
Once a network of high-quality node operators is securing tens of billions of dollars across hundreds of applications, that track record itself becomes a moat. A bank deciding whose data and cross-chain infrastructure to trust with real money is going to choose the one with the longest, most battle-tested history.
This is the foundation of the institutional strategy.
Chainlink’s cross-chain protocol added a risk-management layer, an independent set of nodes that watches for anomalies and can halt transfers if something looks wrong. That is the kind of dual-layer safeguard large institutions demand before moving significant capital on-chain.
The result is that Chainlink occupies a position closer to critical utility than to speculative token: the oracle and interoperability standard that the tokenized-finance future is being built on.
The strength of that position is not in doubt. What is in doubt is whether holding the token captures any of it.
What SWIFT and the banks actually signed up for The institutional adoption is concrete and worth spelling out, because it is genuinely impressive and it is also, on close inspection, the source of the token’s problem.
Chainlink built a suite of products aimed squarely at banks and asset managers: a cross-chain protocol for moving assets and messages between blockchains and legacy systems, a runtime environment that lets institutions build and manage tokenized-asset workflows, a compliance engine that embeds rules like identity checks directly into tokenized assets, a confidential-compute layer that lets sensitive institutional data be processed without exposing it on a public chain, and data services that bring benchmark and index information on-chain.
This is not a retail product suite. It is enterprise financial infrastructure, designed to slot into how large institutions already operate.
The marquee relationship is with SWIFT, and it captures both the scale and the nature of the adoption.
SWIFT connects roughly 11,000 banks and carries the messaging behind an enormous share of global settlement, and Swift and Chainlink’s ongoing work moved from early pilot toward pre-production.
The goal is to let banks send traditional SWIFT messages that trigger smart-contract actions across blockchains, without those banks having to rip out and rewrite their legacy systems.
That is a profound integration: it means the existing banking messaging layer could reach into the on-chain world through Chainlink as the connective tissue.
More recently, Chainlink also partnered with more than 50 banks on Project Pangea for T+0 foreign-exchange settlement, another sign that traditional finance is testing Chainlink as an institutional bridge rather than a crypto side experiment.
But notice the shape of it. What the banks signed up for is infrastructure, a way to connect their systems to blockchains using Chainlink’s technology.
They signed up to use the network. Nothing in a SWIFT pre-production integration, a JPMorgan tokenization pilot, or a bank FX settlement project necessarily requires anyone to buy, hold, or even think about the LINK token.
The adoption is real, and it is adoption of Chainlink the infrastructure. That is different from demand for LINK the asset.
That distinction is the hinge on which the entire price puzzle turns.
The value-accrual problem: adoption is not token demand Here is the core issue, the one that explains the chart.
For a token to rise because its network is being used, there has to be a mechanism that converts that usage into demand for the token. For infrastructure tokens, that mechanism is often weak, indirect, or still being built.
When a bank uses Chainlink’s Cross-Chain Interoperability Protocol, it pays fees, and those fees are part of how value is meant to flow to the network.
But the fees generated even by substantial institutional usage are, so far, small relative to the headline numbers that make the adoption sound overwhelming.
The value secured across the network may be measured in tens of billions, but the value secured is not revenue. Revenue is not automatically token demand either.
A pilot or a pre-production integration generates little in the way of recurring fees, and even meaningful live usage produces fee flows that are modest next to LINK’s multi-billion-dollar market value.
This is the value-accrual problem, and it is the single best explanation for why LINK trades where it does.
The market is making a distinction that the celebratory headlines blur: between adoption of the infrastructure, which benefits the network and its users, and demand for the token, which is what actually moves the price.
It is the identical distinction that explains why XRP failed to rally on Ripple’s bank deals, because those deals ran through the company and its stablecoin while the token captured only a sliver.
For Chainlink, the question every prospective LINK buyer faces is simple and unforgiving: if SWIFT and JPMorgan can use the network without the token being central to the economics, then what exactly am I buying when I buy LINK?
The project has answers to that question, and they are improving. But the market has not yet been convinced that the answers are large enough to matter.
That is why the adoption keeps growing and the token keeps waiting.
The strategic reserve and staking: Chainlink’s answer Chainlink is acutely aware of the value-accrual problem, and it has been building mechanisms specifically designed to tie network usage to token value.
That is the strongest part of the bull case.
The first is a fee model that converts revenue generated across the network, including from institutional and off-chain use, into LINK, accumulating it in the Chainlink Reserve.
The logic is that as adoption grows and generates more revenue, more of that revenue is converted into LINK and held, creating a structural source of buying tied directly to usage.
This is meant to be the bridge between adoption and token demand that infrastructure tokens so often lack.
It is a way to make sure that when the network earns, the token benefits. The reserve has been growing, adding millions of LINK, which is a tangible sign of the mechanism working, even if the amounts remain small relative to the total supply.
The second mechanism is staking.
Chainlink lets LINK holders stake their tokens to help secure the network’s data feeds and services, locking up supply and giving the token a direct role in the system’s security and economics.
As more high-value feeds and services come to rely on staked LINK as a security backstop, demand to stake, and therefore to acquire and lock the token, is meant to rise.
That makes Chainlink part of a broader move toward security-backed crypto networks. For context, another staking-secured network shows how tokens can accrue value when they are required to secure services rather than simply sit beside them.
Together, the reserve and staking are Chainlink’s answer to the question of why anyone should own LINK instead of simply admire the network.
The reserve ties revenue to token accumulation. Staking ties the token to the network’s security and to a yield.
These are real, well-designed mechanisms, and they are the reason the bull case is not empty.
The honest caveat is that they are still early and still modest in scale relative to a multi-billion-dollar market cap. They point in the right direction, but they have not yet generated token demand large enough to overcome the broader forces pushing the price down.
Why the chart still says no Even granting the reserve and staking, several forces keep weighing on LINK, and naming them explains why the token has not responded to the adoption.
The first is the simple gravity of the broader market. LINK is a high-beta altcoin, meaning it tends to move more violently than the market as a whole, rising faster in booms and falling harder in downturns.
Through a stretch of macro pressure and a weak environment for risk assets, infrastructure tokens like LINK have been sold off regardless of their individual progress.
When capital flees risk, the quality of a project’s bank partnerships offers little protection, because the selling is driven by macro flows, not fundamentals.
The second force is competition. Chainlink leads the oracle space by a wide margin, but rivals are chasing the same market with different technical models, faster delivery in certain niches, or lower costs.
The existence of credible competitors caps the pricing power and the perceived inevitability that would justify a higher token valuation.
The third and deepest force is the value-accrual skepticism already described.
The market keeps treating Chainlink’s institutional milestones as proofs of concept instead of as recurring revenue, pricing a SWIFT pre-production integration as a promising experiment instead of as a stream of token demand, because that is what it currently is.
Until the pilots become production volume large enough to drive real fees into the reserve and real demand into staking, the market is, not unreasonably, declining to pay in advance.
This is the same discipline that kept XRP pinned through its own parade of bank wins. The chart is not ignoring the adoption; it is refusing to pay for token demand that has been promised but not yet delivered at scale.
What would finally make LINK follow the adoption If you want to know when LINK might finally track its fundamentals, the analysis points to a specific set of conditions, and none of them is simply another partnership announcement.
The first and most important is the transition from pilots to production volume.
A SWIFT integration in pre-production is a promise; SWIFT-connected banks routing real, recurring settlement volume through Chainlink’s protocol would be a structural source of fee demand unlike anything in the token’s history.
Even a small fraction of the volume that flows through global bank messaging would dwarf current usage.
The clearest single catalyst to watch is whether that integration goes fully live and starts carrying real traffic, because that is the moment infrastructure adoption could begin converting into the recurring revenue that feeds the reserve.
The policy backdrop also matters. Chainlink executives have warned that delays in U.S. crypto rules benefit overseas competitors, because institutions need clarity before they can scale production deployments.
The second condition is the maturation of the token mechanisms themselves: the strategic reserve growing large enough that its accumulation of LINK becomes a meaningful, visible source of demand, and staking scaling to the point where locking the token to secure high-value services pulls significant supply off the market.
The third is the broader environment, since even strong fundamentals struggle against a hostile macro tape, and a friendlier market for risk assets would let Chainlink’s progress show up in the price.
The new exchange-traded products tracking LINK add another potential channel for demand if they gather assets. But as the recent outflow showed, the ETF channel must become a sustained buyer, not just another headline.
The honest synthesis is that Chainlink has done the hard part, winning the institutional adoption that the rest of crypto only talks about.
The remaining question is purely about conversion: whether all that adoption can be turned into durable, measurable demand for the token through fees, the reserve, and staking, at a scale large enough to matter.
Until it is, LINK will keep trading like the adoption is not happening, not because the market is blind to Chainlink’s success, but because it is watching the one number that has not yet moved. That number is demand for the token itself.
Frequently asked questions Why does Chainlink have so much adoption but a low token price? Because adoption of the infrastructure is not the same as demand for the token. Banks and protocols use Chainlink’s data feeds and cross-chain protocol, generating fees, but those fees are still small relative to LINK’s multi-billion-dollar market value, and nothing about a SWIFT or JPMorgan integration requires anyone to buy or hold LINK. The market distinguishes between the network being used, which benefits the infrastructure, and token demand, which moves the price. So far, the adoption has not converted into token demand large enough to lift the price, which is why LINK trades around $7 despite record fundamentals.
What does Chainlink actually do? Chainlink solves the oracle problem. Blockchains cannot natively access information outside their own network, so a smart contract has no built-in way to know a price, a payment status, or a real-world event. Chainlink is a decentralized network that feeds outside data onto blockchains and connects them to one another and to traditional systems, using many independent node operators so no single party can easily corrupt the data. This makes it foundational infrastructure for decentralized finance and for tokenizing real-world assets.
What did SWIFT and the banks sign up for with Chainlink? They signed up to use Chainlink’s infrastructure, chiefly its cross-chain protocol, which lets banks send traditional SWIFT messages that trigger smart-contract actions across blockchains without rewriting their legacy systems. JPMorgan, UBS, DTCC, Euroclear, and others are building on Chainlink’s suite of institutional products for tokenized assets, compliance, and data. Crucially, this is adoption of the infrastructure, not a commitment to buy or hold the LINK token, which is exactly why the impressive partnerships have not directly lifted the price.
How is Chainlink trying to connect adoption to the token? Through two main mechanisms. A fee model converts revenue generated across the network, including from institutional use, into LINK and accumulates it in a strategic reserve, creating buying tied to usage. Staking lets holders lock LINK to help secure the network’s data feeds and services, taking supply off the market and giving the token a direct economic role. Both are well-designed attempts to bridge the gap between adoption and token demand, and the reserve has been growing, but they remain modest relative to LINK’s market value and have not yet offset the forces pushing the price down.
Will LINK go up if SWIFT fully adopts Chainlink? It could, but the key is volume, not the integration itself. A pre-production SWIFT integration is a promise; SWIFT-connected banks routing real, recurring settlement volume through Chainlink would generate fee demand on a scale unlike anything in the token’s history, because even a fraction of global bank messaging volume would dwarf current usage. That fee flow could feed the strategic reserve and drive real token demand. So the catalyst to watch is whether the integration goes live and carries actual traffic, turning infrastructure adoption into recurring revenue, instead of the announcement of the integration alone.
Is Chainlink’s situation similar to XRP’s? Very. Both are cases where a network or company achieved real institutional adoption while the token failed to follow, because the value flows first to the infrastructure and only indirectly to the token. Ripple’s bank deals ran through its stablecoin and ledger while XRP captured a sliver; Chainlink’s bank integrations run through its infrastructure while LINK captures fees that are still small relative to its valuation. In both cases the market prices the adoption as promising proof of concept instead of as token demand, and in both cases the token waits for pilots to become production-scale volume.
This article is information, not investment advice. Cryptocurrency is volatile, and figures for Chainlink and LINK reflect reporting available as of June 26, 2026, which can change quickly. Do your own research and verify current data from primary sources before making any decision.
Arista Networks ve fiskálním 1. čtvrtletí roku 2026 zvýšila tržby o 35,1 % na 2,71 miliardy USD a zvedla výhled tržeb na 11,5 miliardy USD. Z AI má letos přijít 3,5 miliardy USD, tedy více než dvojnásobek oproti loňsku.
Networking company Arista Networks, Inc. (ANET) up 3,218% since 2015’s first outlier inflow.
ANET’s programmable networking equipment and low-latency switch solutions help many of the world’s largest organizations run their cloud and AI networks. The company’s first-quarter fiscal 2026 report showed $2.71 billion in quarterly revenue (up 35.1% year-over-year), diluted per-share earnings of $0.87 (a 31.8% gain), and raised 2026 revenue guidance to $11.5 billion (representing 27.7% annual growth), with $3.5 billion coming from AI (more than double the prior year).
No wonder ANET shares are up 26% so far this year – and they could rise more. MoneyFlows data shows how Big Money investors are again betting heavily on the stock.
Arista Networks Being Bought Institutional volumes reveal plenty. In the last year, ANET has enjoyed strong investor demand, which we believe to be institutional support.
Each green bar signals unusually large volumes in ANET shares. They reflect our proprietary inflow signal, pushing the stock higher:
Source: www.moneyflows.com Plenty of technology names are under accumulation right now. But there’s a powerful fundamental story happening with Arista Networks.
Arista Networks Fundamental Analysis Institutional support and a healthy fundamental backdrop make this company worth investigating. As you can see, ANET has had strong sales and earnings growth:
Also, EPS is estimated to ramp higher this year by +22.7%.
Now it makes sense why the stock has been generating Big Money interest. ANET has a track record of strong financial performance.
Marrying great fundamentals with MoneyFlows software has found some big winning stocks over the long term.
Arista Networks has been a top-rated stock at MoneyFlows for years. That means the stock has unusual buy pressure and growing fundamentals. We have a ranking process that showcases stocks like this on a weekly basis.
It’s had 90 Big Money outlier inflow signals since 2015 and is up 3,218% since then. The blue bar below shows when ANET was a top pick in the last year…institutions keep supporting gains:
Source: www.moneyflows.com Tracking unusual volumes reveals the power of money flows.
This is a trait that most outlier stocks exhibit…the best of the best. Big Money demand drives stocks upward.
Arista Networks Price Prediction The ANET action isn’t new at all. Big Money buying in the shares is signaling to take notice. Given the historical gains in share price and strong fundamentals, this stock could be worth a spot in a diversified portfolio.
Disclosure: the author holds no position in ANET at the time of publication.
If you are a Registered Investment Advisor (RIA) or are a serious investor, take your investing to the next level and follow our free weekly MoneyFlows insights.
A new mobile app is giving Zcash ($ZEC) holders something the ecosystem has long needed: a simple way to find businesses near them that accept ZEC in the real world.
ZecMap is now available on the Apple App Store. Users can open the map, locate nearby merchants accepting Zcash, and head straight to a participating business. The premise is straightforward. Holding ZEC has never been the hard part. Spending it has.
From Web to MobileZecMap first launched as a web platform in May 2026, inviting the Zcash community to contribute merchant listings. The project also introduced a contributor rewards programme, letting users earn ZEC by adding verified businesses to the directory. The iOS app is the next step in that rollout, putting the map directly in users' pockets.
The platform has expanded steadily since its web debut. According to the Zcash community newsletter ZecHub, ZecMap has grown to support more than 9,000 locations and has integrated with Flexa, a payments network that lets users spend crypto at physical retail locations. A planned AI assistant is also in development, designed to help users find nearby merchants and answer questions about Zcash day-to-day usage.
Closing the Spending Gap for a Privacy CoinThe app arrives at a moment when the broader Zcash ecosystem is seeing renewed momentum. Zcash uses zero-knowledge proofs to allow shielded transactions, meaning payment details can remain private without sacrificing verifiability on-chain. That technical foundation makes it well-suited to real-world commerce, but merchant acceptance has historically lagged behind the technology.
Tools like ZecMap are a direct response to that gap. By surfacing a live, community-sourced directory of accepting merchants, the app turns Zcash from a stored asset into something more practical for everyday use. For the Zcash community, that shift matters as much as any protocol upgrade.
An Android version was announced as part of the original roadmap and is expected to follow the iOS release.
Sources
Zcash Community Forum: ZecMap is now available on the App Store
ZecHub Shielded News Vol. 23: ZecMap Flexa integration and 9,000+ locations
Zcash Community Forum: ZecMap Contributor Rewards Programme
H&R Block zvýšil čtvrtletní dividendu na 0,42 USD z 0,375 USD a zvedl výhled na upravený EPS pro FY2026 na 5,10 až 5,20 USD. Tržby ve 3. čtvrtletí vzrostly o 5,31 % na 2,40 miliardy USD.
Joel Greenblatt’s Magic Formula ranks stocks on two factors: earnings yield (EBIT divided by enterprise value) and return on capital. It surfaces good companies trading at cheap prices.
For retirees, “cheap and high-quality” is only the starting point. Income reliability, drawdown control, and earnings predictability matter as much as a low multiple. Here is a look at how three Magic Formula candidates stack up, ranked from least to most appropriate for a retirement portfolio.
3. Peabody Energy Peabody Energy (NYSE: BTU | BTU Price Prediction) screens as the deep-value, optionality-rich name Greenblatt enthusiasts love. Shares closed most recently at $23.69, with a price-to-book ratio of 0.85 and a forward P/E near 22x. The one-year return of 83.8% reflects renewed enthusiasm for coal tied to AI data-center power demand.
The retirement case breaks down on consistency. Q1 FY26 produced an EPS of −$0.26 versus a $0.22 estimate, a −218% earnings surprise, after Centurion mine commissioning issues caused roughly $80 million of damage to the Seaborne Met segment. CEO Jim Grech cited “temporary equipment and roof control challenges.” The $0.075 quarterly dividend has held since Q3 2023. However, the historical record shows cuts from $0.145 to $0.115 during the 2018 downturn and losses from 2015 through 2020. Cyclical coal is a trade, rarely a retirement holding.
2. Molina Healthcare Molina Healthcare (NYSE: MOH) is the classic Magic Formula recovery setup. The managed-care operator trades at a forward P/E of 38x against trailing revenue of $43.1 billion. Shares rebounded 24.5% year to date to $216.04, though that still is 26.6% below year-ago levels.
Q4 2025 delivered an ugly adjusted EPS of −$2.75 against a $0.50 estimate, but Q1 2026 turned with reported EPS of $2.35 versus $1.91 expected, a 23.04% beat. CEO Joseph Zubretsky stated: “We believe that the imbalance between rates and trend marks 2026 as a trough year for Medicaid industry margins.” Management guides to at least $5.00 in adjusted EPS for 2026, burdened by Florida contract costs and MAPD underperformance, with embedded earnings above $11.00 by 2027 to 2029.
For retirees, the problem is income. Molina pays no dividend, regulatory risk on Medicaid rates is real, and operating cash flow turned negative $535 million in FY2025. It is a value bet on a regulated turnaround that offers no income while investors wait..
1. H&R Block H&R Block (NYSE: HRB) is the cleanest fit for the Magic Formula and retirement portfolios. The tax-prep franchise trades at a trailing P/E of 6x and forward P/E of 6x, with a return on equity of 67.9% and an operating margin of 43.2%. That combination of a low multiple and high capital returns is precisely what Greenblatt targets.
Q3 FY26 results were strong: adjusted diluted EPS of $6.02 beat the $5.77 estimate, revenue of $2.40 billion grew 5.31% year over year, and net income rose 17.51%. Management raised FY2026 guidance to adjusted EPS of $5.10 to $5.20 on roughly $3.91 billion to $3.92 billion in revenue. CEO Curtis Campbell called the quarter “an important inflection point” as the assisted channel gained share for a third consecutive year.
Capital return crystallizes the retirement thesis. The quarterly dividend stepped up to $0.42 from $0.375, extending a 60-year streak of consecutive quarterly dividends. The board added an additional $100 million buyback authorization on top of the roughly $700 million remaining under the existing $1.5 billion program. Year-to-date capital returns reached $560.9 million. The dividend held flat through both the 2008 crisis and the 2020 pandemic. With a beta of 0.37 and a 4.7% yield, the volatility profile matches what an income-focused investor needs, though seasonal revenue concentration and AI-native tax competition remain genuine risks.
Bringing the Formula Back to Retirement Greenblatt’s framework surfaces all three names as cheap businesses generating real returns on capital. The retirement filter separates them. Peabody is a commodity play masquerading as a value stock. Molina is a regulated turnaround with no income to collect during the wait. H&R Block pairs a high-margin, cash-generative franchise with the longest dividend history in this group and a management team that is actively shrinking the share count. For a retiree using the Magic Formula as a starting point, H&R Block stock survives the second screen.
Hedera se stala zakládajícím členem Legal Context Protocol, otevřeného standardu pro ověřitelný právní rámec transakcí AI agentů. Mezi dalšími zakladateli jsou Google a IBM.
A Legal Foundation for Agentic CommerceHedera has joined as a founding member of the Legal Context Protocol (LCP), a new open standard designed to give AI agent transactions a verifiable legal framework. The American Arbitration Association (AAA), together with Integra Ledger, launched the LCP on June 24 as a new open standard that makes legal terms, consent, and dispute resolution discoverable and verifiable when AI agents transact on behalf of people and organizations.
Founding contributors include Google, IBM, Circle, Wayfair, Stellar Development Foundation, Ava Labs, UiPath, Cardano, Hedera, Crossmint, Pinata, Aptos Foundation, Baselayer, Trinsic, First Person Cooperative, Sei Labs, and Mysten Labs, the original contributor to Sui.
Payments and identity checks already exist for AI agents, but there has been no shared system for proving the legal terms, jurisdiction, and dispute process. David Fisher, CEO of Integra Ledger, framed the gap plainly: "Payment infrastructure is actively being built for AI agents. The legal layer, what was agreed, under what terms, and how disputes will be resolved, is not. LCP provides the essential legal layer, built as an open standard that can be added to all payment rails and protocols."
Hedera's Role and the Scale of the OpportunityAs AI agents start making decisions and transacting on our behalf, Mance Harmon, co-founder of Hedera, said "we need to know there's a clear answer to what happens if something goes wrong." He added that LCP gives agentic commerce a missing layer of trust that requires no new infrastructure to adopt.
AI agents are already negotiating services, executing procurement, and settling payments autonomously. Gartner projects that by 2028, 90% of B2B purchases will be intermediated by AI agents, channeling more than $15 trillion through automated exchanges.
LCP does not move money itself. It records the terms under which a transaction took place, which law governs it, and what remedies are available if a dispute arises, making that information discoverable and cryptographically verifiable so counterpart agents and human auditors can confirm the legal context of an automated deal.
Any organisation with a web server can adopt the LCP, which does not require any other specific infrastructure, intermediaries, or use of blockchain technology. The protocol was published under an open source Apache 2.0 licence, and governance is intended to transfer to a neutral foundation.
AAA and Industry Leaders Launch Legal Protocol for Agentic Commerce (PR Newswire) | AAA Launches Legal Layer for AI Agent Transactions (CoinTelegraph) | AAA Official Press Release (adr.org)
Institutional moves in a volatile market are rarely a coincidence.
On the macro side, things are still looking risk-off. Over $100 billion has flowed out of crypto this week, dragging total market cap down to $1.99 trillion, levels not seen since September 2024.
Clearly, the market is in a weak phase, where technical downside could start lining up with softer on-chain signals.
But is Solana starting to diverge from the broader trend? From a technical view, SOL’s 5.7% weekly pullback shows it’s still tracking the wider market weakness, and a move toward $60 isn’t off the table if pressure continues.
That said, Grayscale’s move has definitely sparked some attention around SOL’s Q3 setup.
Source: X As the post above highlights, Grayscale has cut its Spot Solana [SOL] ETF annual fee to 0.19%, down from 0.35%. More importantly, that now puts it among the lowest-fee Solana ETFs in the market (tied with FT), which is a pretty aggressive positioning shift compared to its earlier standing.
However, when you look at the recent move by Morgan Stanley, Grayscale’s decision doesn’t seem random. On Thursday, the firm filed amended Form S-1 statements with the SEC for its ETF lineup, signaling plans to undercut current market offerings with a 0.14% fee for its Solana ETF (MSOL).
In essence, Grayscale looks like it’s reacting to growing fee competition in the ETF space.
Notably, timing matters here. Solana’s technical setup is still weak, but institutional interest hasn’t really faded. Instead, it appears that positioning is continuing or rotating quietly even as broader market conditions stay soft.
And when you factor in Solana’s on-chain activity, these strategic moves don’t look random.
Institutional flows hint at Solana Q3 setup The market is betting on a strong foundation building for Solana over the next 18 months.
At the developer level, this is driven by tokenomics improvements, tokenized asset trading, and renewed speculation across meme coins and AI plays. On top of that, Solana’s RWA sector is already seeing record activity this year.
The RWA ecosystem has surpassed $3.10 billion in total value, hitting a new all-time high, while the number of holders has crossed 290,000.
Supporting this view, Multicoin co-founder Tushar Jain says Hyperliquid [HYPE] is “complementary” to the firm’s SOL positions, with Solana leading in spot trading, while Hyperliquid leads in derivatives. Jain adds that while the two may compete, Multicoin expects both to outperform the rest of the field.
Source: X Against this backdrop, Grayscale’s latest move extends beyond simple fee competition.
Further supporting Solana ETF momentum, the Kazakhstan Stock Exchange (KASE), one of Central Asia’s largest exchanges, has listed the Volatility Shares Solana ETF (SOLZ), adding another layer of institutional access and global distribution to the ecosystem narrative.
Hence, calling Solana’s Q3 setup a strong institutional cycle for SOL might not be too far-fetched. Instead, with ETF momentum and on-chain signals starting to converge, Solana increasingly looks like it’s entering a phase where institutional flows could start catching up with fundamentals.
KULR prodloužila pozastavení programu ATM emise akcií do 30. září 2026. Firma chce růst financovat hotovostí a případně prodejem Bitcoinu, aby se vyhnula ředění.
HOUSTON, June 26, 2026 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a developer of safe, high-power energy systems that enable physical AI across space, defense, drones, data centers, robotics, and other mission-critical applications, today announced that, as part of its non-dilutive growth strategy, it has extended the pause of its at-the-market (“ATM”) equity offering program with Cantor Fitzgerald and Craig-Hallum through September 30, 2026.
KULR expects its existing liquidity, together with disciplined balance-sheet management, to support its planned operations and growth initiatives. Rather than issue equity under the ATM at current levels, the Company may, from time to time, sell its Bitcoin holdings to fund the following priorities:
Scale its flagship KULR ONE Space (K1S) architecture providing scalable, standardized battery solutions that meet rigorous human spaceflight safety standards.
Ramp production of its KULR ONE Air products for military and commercial drone applications.
Advance the development of its KULR ONE MAX battery backup solutions for AI data center and telecommunications applications.
"We do not intend to issue equity at these levels when we have more disciplined ways to fund our growth,” commented KULR Founder and CEO Michael Mo. “Keeping the ATM paused protects our shareholders from dilution and keeps our focus where it belongs -- building more batteries and getting them to customers.”
During this period, the Company intends to prioritize execution across its core platforms which was detailed in Mr. Mo's recent letter to shareholders.
About KULR Technology Group, Inc.
KULR Technology Group, Inc. (NYSE American: KULR) is an energy-systems platform company that designs and manufactures safe, high-power battery solutions for physical AI and other mission-critical applications. Its KULR ONE® platform integrates advanced battery architecture, thermal management, safety engineering, battery management systems, and power electronics to serve space and defense, drones and electric aviation, AI data-center backup, robotics, and Energy-as-a-Service markets. Based in Webster, Texas, KULR is scaling domestic production to support the growing energy demands of physical AI and autonomous systems. Learn more at KULR.ai.
Investor Relations:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: [email protected]
Safe Harbor Statement
This release contains certain forward-looking statements based on our current expectations, intentions and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on March 31, 2026, as may be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. All such forward-looking statements that are provided by management in this release are based on information available at this time, and management expects that internal expectations may change over time. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
SpaceX se po pátečním uzavření obchodování přidá do indexů Russell, což může vyvolat nákupy za téměř 3 miliardy USD a zvýšit volatilitu akcie. Titul už po vstupu na burzu prudce kolísá.
SpaceX logo as an employe looks at his phone while making his way to work at the company’s facility on the day of the SpaceX IPO, in Hawthorne, California, U.S. June 12, 2026. REUTERS/Mike... Purchase Licensing Rights, opens new tab Read more
June 26 (Reuters) - Even by SpaceX (SPCX.O), opens new tab standards, Friday is shaping up as an eventful trading session as investment funds tracking Russell indexes prepare to add billions of dollars' worth of Elon Musk's internet and rocket company to their holdings.
After a blockbuster initial public offering this month, SpaceX's stock has been on a wild ride, soaring 67% to its June 16 intraday high of $225.64 before tumbling to Thursday's $153 close.
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The stock remains well above the $135 IPO price as investors assess how to value a company that lost $4.9 billion last year, but that backers expect to dominate the satellite internet, AI and commercial space launch markets that they believe will define the next decade of global infrastructure.
FTSE Russell will add SpaceX to its Russell U.S. indexes after Friday's close of trading as part of its semi-annual index reconstitution. That means passively managed exchange-traded funds that track Russell indexes, such as the iShares Russell 1000 ETF (IWB.P), opens new tab, will have to add SpaceX shares to their portfolios. The event will likely take place in a narrow window toward market close on Friday as fund managers attempt to minimize the "tracking error" between their funds' performance and the index that can result if their buy-in price differs from the closing price.
While SpaceX's $2 trillion market capitalization makes it almost as valuable as Amazon (AMZN.O), opens new tab, only about $100 billion of shares have been listed for trading on the stock market, with the rest owned by Musk, other insiders and employees. Passively managed funds will need to buy almost $3 billion worth of SpaceX shares to match the Russell indexes they track, Jefferies estimated in a report this month. That could mean a squeeze as Friday's closing auction approaches, though options positioning appeared muted.
SpaceX options contracts set to expire on Friday are priced for a share price swing of 3.6% in either direction by the end of the week, Trade Alert data showed.
SpaceX is also set to be added to the tech-heavy Nasdaq 100 (.NDX), opens new tab in July, an event that will force large index funds such as the Invesco QQQ ETF, which tracks that index, to buy its shares.
Following its losses in recent sessions, SpaceX is trading at 107 times its 2025 sales, an astronomical valuation. By comparison, AI heavyweight chipmaker Nvidia (NVDA.O), opens new tab recently traded at 21 times sales.
S&P Global blocked SpaceX from joining the S&P 500 index (.SPX), opens new tab after it said this month it would not change its inclusion criteria to accommodate megacap IPOs. To be included in the S&P 500, a company must be profitable in its most recent quarter as well as for the sum of its most recent four quarters, according to one of the rules S&P left unchanged.
The S&P 500 addition in 2020 of another Musk company, Tesla (TSLA.O), opens new tab, resulted in a closing squeeze that sent shares up 6%.
Reporting by Noel Randewich in San Francisco and Saqib Iqbal Ahmed in New York; editing by Colin Barr, Rod Nickel
Our Standards: The Thomson Reuters Trust Principles., opens new tab
San Francisco correspondent covering the stock market with a focus on Big Tech, semiconductors and other Silicon Valley companies
SpaceX po IPO zažívá prudké výkyvy, když akcie po úvodním růstu o více než 60 % následně spadly až o 16 %. Retailoví investoři v prvních pěti obchodních seancích nakoupili čistě za 405 milionů USD.
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Rollercoaster. That's probably the most accurate word to describe SpaceX's opening two weeks as a public company.
The stock surged for several successive days following a record-breaking IPO, briefly overtaking both Amazon and Microsoft in terms of market cap and rising more than 60% on the initial share offering price of $135.
But the good times weren't set to last. Daily drops of 5% and 4% were followed by a 16% slump as jitters crept into the market. Steadier days followed, with single point moves in either direction.
The volatility underscores the whipsaw nature of a story-driven stock.
Lofty sci-fi ambitions, huge coverage in the *ahem* media and a founder with a cult-like following whipped up a frenzy of excitement around the company.
"Most stocks trade based on how their multiple of earnings compares to other comparable stocks," Gil Luria, head of technology research at D.A. Davidson, told me.
"Elon Musk companies don't really do that." Musk's ventures instead trade on expectations, he added.
"Tesla trades more on [autonomous driving service] Robotaxi and [humanoid robot] Optimus than they do on selling cars, and SpaceX trades more on the promise of Mars exploration, or at least data centers in space," said Luria.
Retail investors bought into that forward-looking narrative in droves.
SpaceX "embodies many of the qualities that have historically resonated with retail investors: a transformational technology story, a bold vision of the future, a celebrity founder and unparalleled media attention," Viraj Patel, global macro strategist at Vanda, said.
In the first five trading sessions, retail investors bought a net $405 million of SpaceX shares, comfortably the strongest retail IPO debut in recent history, said research firm Vanda.
"For SpaceX, the 'cult of Elon' pulls in more retail investors and adds extra hype that can add a lot to volatility as we saw with Tesla share prices," Mike Coop, chief investment officer, EMEA at Morningstar Wealth, told me. Morningstar analysts caused a stir in the run-up to SpaceX's IPO, writing that the stock was worth less than half of its $1.75 trillion target.
After a bullish initial few days on the public markets, fundamentals became a bigger driver of the price causing a "hangover," said Kyle Rodda, senior market analyst at Capital.com.
Musk has been, in a somewhat predictable fashion, touting sky-high revenue growth in years to come. He said on June 14 that the company "might be able to reach approximately" $1 trillion revenue in 2030.
That would mark a huge jump from the $18.7 billion in revenue SpaceX made in 2025. The company posted a $4.9 billion net loss in 2025, and it lost $4.28 billion in the first quarter of this year.
Long term SpaceX faces two big challenges on the markets, said Coop.
"Firstly, the supply of shares will go up as early investors lighten up exposures and monetise gains," he said.
"Secondly, the current price is too high given the massive uncertainty around the company's prospects and its starting point of being heavily loss making and requiring huge capital investment."
Despite that, so far few have been willing to bet against the stock.
Michael Burry of "The Big Short" fame said on June 16 that he has no position in SpaceX, and argued that options used to wager against the stock remain too expensive even as he questioned the company's nearly $3 trillion market value.
And while SpaceX is seeing some interest from short sellers, many are still reluctant to bet against Musk.
Time will tell how far narrative takes SpaceX stock. In any case, expect more twists and turns on the rollercoaster.
Latest updatesAnthropic is racing to increase its AI compute capacity in the Asia-Pacific region, as the company scrambles to keep up with soaring demand for its products.
OpenAI and Broadcom on Wednesday unveiled their debut custom chip, called Jalapeño, marking the ChatGPT maker's first entry into artificial intelligence silicon.
A second worker has died at the construction site of BYD's electric vehicle factory in Szeged, Hungary, CNBC has learned.
Apple on Thursday announced price hikes on MacBooks and iPads, its first formal move to pass higher memory and storage costs on to consumers after CEO Tim Cook said increases had become unavoidable.
ON Semiconductor has agreed to buy Synaptics in a nearly $7 billion all-stock deal to bolster its push into physical artificial intelligence technology.
Stock of the week
Micron stock.
Memory chipmaker Micron had a good week as its third-quarter results topped analysts' estimates.
The U.S. company has been one of the main beneficiaries of the AI boom, with its stock price up more than 800% over the past year, lifting the company's market cap past $1 trillion.
Joaquin Duato vidí u Johnson & Johnson cestu k dvoucifernému růstu díky 28 platformám s tržbami přes 1 miliardu USD a investicím ve výši 55 miliard USD v USA během čtyř let.
Johnson & Johnson (JNJ +1.64%) is one of the most recognized names in the healthcare sector. It is a Dividend King with over 50 consecutive annual dividend increases and operates in both the pharmaceutical and medical device segments of the broader healthcare sector. And the company believes it has both the foundation and the opportunity to grow at double-digit rates. Here's what CEO Joaquin Duato wants you to know.
J&J has a broad foundation to build on J&J has 28 platforms generating $1 billion in revenue each, according to CEO Duato, who recently spoke to Fox News about his company's growth prospects. That's a powerful foundation for the company to support its research and development efforts. Notably, the company isn't reliant on just one segment of the broader healthcare sector, as it is a leader in both the drug and medical device segments.
Image source: Getty Images.
That said, a strong foundation isn't enough to support the CEO's double-digit growth projection. In fact, for a company as large as J&J, double-digit growth is hard to achieve. This is where a unique opportunity arises, with Duato highlighting changes in U.S. tax policies that will allow his company to invest more heavily in the United States. Over the next four years, J&J plans to invest $55 billion in its home market.
This healthcare giant is getting bigger and better Johnson & Johnson is so large that there's no single product or division that can be singled out as the main driver of its growth plans. That said, the first big investment was a "500,000 square foot, state-of-the-art biologics manufacturing facility" in North Carolina. This single facility is expected to further the company's opportunity in cancer, immune-mediated, and neurological diseases. And that's just the starting point for the company's $55 billion investment plan.
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J&J's outlook is basically pretty simple. It is an industry-leading company with an attractive investment opportunity ahead. And now it also has the tax policy to support increased investment in that growth opportunity. According to Duato, the end result will be double-digit growth.
Johnson & Johnson could be more exciting than you think If you are a dividend investor, you may want to take a second look at this Dividend King. J&J may be a reliable dividend stock, but that doesn't mean it will be a boring, slow-growth business. At least, that's what the CEO is trying to tell investors, if you are willing to listen.
BlackBerry oznámila v 1. čtvrtletí fiskálního roku 2027 růst tržeb o 26 % na 152,9 milionu USD a zvýšila celoroční výhled. Investory ale táhne hlavně příběh kolem physical AI a QNX.
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52-Week Range$3.12▼
$10.93P/E Ratio128.58
Price Target$7.17
BlackBerry Limited NYSE: BB delivered a Q1 fiscal 2027 earnings beat that impressed investors.
The June 25 report showed revenue surging 26% year-over-year to $152.9 million, well above the $139.8 million consensus.
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Adjusted earnings per share (EPS) of four cents topped the analysts’ estimate of three cents.
However, a double beat alone doesn’t explain BB’s nearly 20% post-earnings surge, or its more than 170% year-to-date rally.
The bigger story is about the company’s ongoing transformation. BlackBerry is now a pure-play software company with a real foothold in what many call AI's next leg: physical AI. The question for investors is whether the recent surge is too early or just the start of a longer rally.
BlackBerry Earnings Beat Shows Software Strategy Is WorkingAt a time when many technology stocks are being judged by a “what have you done for me lately?” standard, BlackBerry's latest earnings report gave the bulls a lot of ammunition. The numbers show that the company is converting its software pivot into durable profitability.
BlackBerry posted its fifth consecutive quarter of positive GAAP net income. Adjusted EBITDA grew 144% year-over-year. Both the QNX and Secure Communications segments achieved Rule of 40 performance, a benchmark that combines growth and margin into a single test of software-business quality. The company also generated $4.6 million in operating cash flow, marking its first positive operating cash flow quarter in nine years, excluding a prior patent sale.
Management raised full-year guidance to revenue of $594 million to $621 million and adjusted EPS between 16 cents and 20 cents.
How QNX Positions BlackBerry for the Physical AI Boom BlackBerry has fully exited handsets and now exclusively sells software. QNX, its real-time operating system, sits inside more than 275 million vehicles on the road today.
That installed base gives BlackBerry a strategic position in physical AI. Physical AI refers to systems where models drive real-world machines: autonomous vehicles, humanoid robots, surgical equipment and industrial automation. These applications need software that responds in microseconds with zero tolerance for failure.
This is where QNX shines. Its deterministic, safety-certified architecture is built for exactly these workloads. Cloud-trained AI must eventually run on certified embedded software when it touches the physical world, and that layer is QNX's value proposition.
The NVIDIA NASDAQ: NVDA partnership, which was announced at Hannover Messe in April, amplifies the opportunity. QNX OS for Safety 8.0 now integrates with NVIDIA's IGX Thor platform and Halos Safety Stack. The combination targets autonomous mobile robots, humanoids, surgical robotics, and industrial automation.
Those are categories NVIDIA CEO Jensen Huang has flagged as multi-trillion-dollar end markets. A separate design win with Chinese EV maker Leapmotor for its D19 SUV signals continued automotive traction even as QNX expands into new verticals.
Can BlackBerry's Valuation Support More Upside? After the post-earnings bump, BB shares trade around $10 with a trailing price-to-earnings (P/E) ratio just shy of 130x.
Current Price$10.29High Forecast$12.00Average Forecast$7.17Low Forecast$4.50BlackBerry Stock Forecast Details
The Blackberry analyst consensus forecasts on MarketBeat have the stock rated a Hold, with a consensus price target of around $7.
However, Canaccord Genuity nearly doubled its price target to $8.20 from $4.40 on June 24, and Stifel Nicolas initiated coverage with a $12 price target. Investors will be watching to see if these are outliers or the start of a trend.
The consensus Hold rating suggests analysts still view BB as a slow-growth business. But if price targets begin to chase the company’s fundamentals, the outlook will change.
For example, if QNX captures even a small slice of the physical AI software stack, the addressable market expands well beyond automotive. The NVIDIA partnership also opens distribution to a developer ecosystem numbering in the millions.
That is the "early" argument. Bears counter that the revenue base is still small relative to ambitions. Competition from open-source ROS 2 and established players like Wind River and Green Hills Software is real and well-funded.
The Catch: QNX Momentum May Take Time to ScaleSeveral risks deserve attention before chasing the rally. QNX revenue grew strongly in Q1, but automotive software design cycles are notoriously long. Royalty revenue depends on vehicle production volumes, which remain choppy globally.
Secure Communications growth runs in the mid-single digits. That segment generates steady cash but will not drive the multiple expansion needed to justify the current price.
Stock-based compensation and dilution are also persistent issues. A buyback program is in place, but the share count needs to fall further for per-share metrics to improve meaningfully.
Is BlackBerry Stock a Buy After Its Massive Rally? The Q1 print confirmed that BlackBerry's pivot is working. Physical AI gives the company a real growth narrative for the first time in over a decade. But at current prices, investors are paying for a story that needs several quarters of execution to fully play out.
For long-term holders, the thesis remains intact, and the guidance raise gives them another quarter of cover. For new buyers, waiting for a pullback or a clearer signal that QNX royalties are accelerating may be the more disciplined approach.
BlackBerry Limited (BB) Price Chart for Friday, June, 26, 2026
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Robotics and automation are rapidly becoming essential infrastructure across healthcare, manufacturing, logistics, and many other industries.
"Physical AI" is coming to the United States, and there are four ways that investors can gain exposure to this new robotics revolution. Plus, learn which seven companies are most positioned to benefit as intelligent robots enter the workforce.
EMA doporučila zrušit registraci Amgenu pro lék Tavneos kvůli nedostatečnému přínosu vůči rizikům. Noví pacienti by léčbu neměli zahajovat a stávající mají být převedeni na alternativy.
Item 1 of 2 The logo of Amgen biopharmaceutical company hangs at the Stripe Young Scientist and Technology exhibition at the RDS, in Dublin, Ireland, January 9, 2026. REUTERS/Clodagh Kilcoyne/File Photo
[1/2]The logo of Amgen biopharmaceutical company hangs at the Stripe Young Scientist and Technology exhibition at the RDS, in Dublin, Ireland, January 9, 2026. REUTERS/Clodagh Kilcoyne/File Photo Purchase Licensing Rights, opens new tab
CompaniesJune 26 (Reuters) - The European Medicines Agency on Friday recommended revoking the marketing authorisation for Amgen's (AMGN.O), opens new tab rare autoimmune disease drug, Tavneos, citing a lack of benefits that outweigh its risks.
In April, the U.S. FDA's Center for Drug Evaluation and Research had proposed withdrawing approval of Tavneos, after identifying 76 cases of drug-induced liver injury with evidence suggesting a causal link to the drug.
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The EMA said the clinical study supporting the medicine's EU approval breached good clinical practice principles and the data were found to be incorrect, misleading and no longer reliable for demonstrating Tavneos' effectiveness.
The data collected after the drug was approved, along with additional analyses carried out after the main study, were not enough to prove the medicine's benefits, the EMA said.
Tavneos, approved in 2022 in the EU, treats anti-neutrophil cytoplasmic autoantibody-associated vasculitis, a rare group of autoimmune diseases that cause inflammation in small- to medium-sized blood vessels.
Amgen said in a statement it was "deeply concerned" about the potential impact of the recommendation and that it "continues to believe that Tavneos is an important treatment option for people living with AAV."
The company said CSL Vifor, its partner in Europe, is leading interactions with the EMA regarding the next steps for patients and healthcare providers in Europe.
The EMA's Committee for Medicinal Products for Human Use has recommended that no new patients should start treatment with Tavneos, while existing patients should be switched to suitable alternatives.
Amgen has signed up a research firm to independently review the data on Tavneos, as it seeks to prove the drug's benefits before a hearing with the FDA.
The drugmaker said the deadline for submitting the data to the FDA has been extended to July 29 from June 29.
Reporting by Christy Santhosh in Bengaluru; Editing by Shreya Biswas
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Taiwan Semiconductor klesá kvůli slabšímu trhu, ne kvůli vlastní zprávě; Counterpoint Research uvedl, že globální trh Foundry 2.0 těží z trvalé poptávky po umělé inteligenci a že Taiwan Semiconductor má zůstat jedním z největších vítězů, protože AI investice pokračují do roku 2026.
The decline appears to reflect broad market weakness rather than company-specific news. Softer index futures prompted investors to reduce exposure to high-growth technology stocks, leading to profit-taking across semiconductor names following their strong gains in recent months.
AI Spending Keeps Taiwan Semiconductor Ahead While Intel Foundry Gains TractionSeparately, Counterpoint Research said on Friday the global Foundry 2.0 market is benefiting from sustained artificial intelligence demand, with Taiwan Semiconductor expected to remain one of the biggest winners as AI investments continue through 2026.
The research firm said Taiwan Semiconductor’s first-quarter revenue surged 41% year over year and forecast full-year 2026 revenue growth of about 36%, driven by strong demand for AI GPUs, AI ASICs and advanced packaging.
Senior Analyst William Li said the current AI cycle represents a “broader structural transformation” for the semiconductor industry rather than a typical cyclical recovery, citing unprecedented capacity reallocations, pricing changes, and persistent CoWoS packaging constraints.
“Growing TPU and ASIC demand could further tighten leading-edge capacity, creating opportunities for Intel Foundry and Samsung Foundry, with Apple M-series chip on Intel Foundry as a potential catalyst,” the research firm said.
Technical AnalysisDespite Friday’s pullback, TSM remains in a long-term uptrend. The stock continues to trade above its 50-day simple moving average of $411.50, its 100-day SMA of $381.83, and its 200-day SMA of $339.26. The 20-day SMA also remains above the 50-day SMA, while the 50-day SMA stays above the 200-day SMA, signaling a bullish long-term trend.
In the near term, however, momentum has cooled. TSM is trading about 1.5% below its 20-day SMA of $433.61 after retreating from its June peak and 52-week high. That suggests the stock is consolidating rather than extending its rally.
The relative strength index (RSI) stands at 52.43, indicating neutral momentum. A reading near 50 typically signals a balanced market where buyers and sellers remain evenly matched.
Key resistance sits near $450. A move above that level could revive bullish momentum. On the downside, support is around $405.50, just below the 50-day moving average. A break below that level could weaken the intermediate-term trend.
Earnings And Analyst OutlookTSM is expected to report second-quarter results on July 16.
Wall Street expects earnings of $3.77 per share, up from $2.47 a year earlier, on revenue of $39.76 billion, compared with $30.07 billion in the prior-year quarter.
The stock trades at about 37.5 times earnings, reflecting its premium valuation.
Analysts remain broadly bullish. The consensus rating is Buy, with an average price forecast of $489.17. Recent analyst actions include:
Bank of America Securities reiterated Buy and raised its price forecast to $590 on June 24. Susquehanna maintained a Positive rating and lifted its price forecast to $575 on June 22. Barclays reiterated Overweight with a $470 price forecast on April 22. Taiwan Semiconductor Benzinga Edge RankingsAccording to Benzinga Edge, TSM scores highly for Momentum (91.98), Growth (92.65), and Quality (97.54), while its Value score remains weak at 22.28 because of its premium valuation.
The combination suggests investors continue to reward the company’s strong earnings profile and AI-driven growth prospects, although valuation remains a key consideration.
ETF ExposureTSM is a major holding in several exchange-traded funds, including:
Large inflows or outflows in these funds can create additional buying or selling pressure for TSM shares.
Taiwan Semiconductor Price ActionTSM Stock Price Activity: Taiwan Semiconductor shares were down 1.61% at $428.00 during premarket trading on Friday, according to Benzinga Pro data.
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