Market Signal Briefing

'Mad Money' host Jim Cramer talks recent high profile stakes in theme park company Six Flags.

Blue Bird Corporation (BLBD) Q4 2025 Earnings Call November 24, 2025 4:30 PM EST

Company Participants

Mark Benfield - Head-Investor Relations
John Wyskiel - President, CEO & Director
Razvan Radulescu - Chief Financial Officer

Conference Call Participants

Michael Shlisky - D.A. Davidson & Co., Research Division
Eric Stine - Craig-Hallum Capital Group LLC, Research Division
Gregory Lewis - BTIG, LLC, Research Division
Sherif El-Sabbahy - BofA Securities, Research Division
Craig Irwin - ROTH Capital Partners, LLC, Research Division
Christopher Pierce - Needham & Company, LLC, Research Division

Presentation

Operator

Good afternoon, and thank you for attending today's Blue Bird Fiscal 2025 Fourth Quarter and Full Year Earnings Call. My name is Jayla, and I'll be your moderator for today. [Operator Instructions] At this time, I'd like to pass the conference over to our host, Mark Benfield. Please proceed.

Mark Benfield
Head-Investor Relations

Thank you, and welcome to Blue Bird's Fiscal 2025 Fourth Quarter Earnings Conference Call. The audio for our call is webcast live on blue-bird.com under the Investor Relations tab. You can access the supporting slides on our website by clicking on the Presentations box on the IR landing page. Our comments today include forward-looking statements that are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters we have noted on the following 2 slides and our filings with the SEC.

Blue Bird disclaims any obligation to update the information in this call. This afternoon, you will hear from Blue Bird's President and CEO, John Wyskiel; and CFO, Razvan Radulescu. Then we'll take some questions. Let's get started. John?

John Wyskiel
President, CEO & Director

Thanks, Mark, and good afternoon, everyone, and thanks for joining us today. It's great to be here, and we're excited to share with you our fiscal 2025 fourth quarter and full year financial results. The Blue Bird

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

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

SoundHound AI looks like an early stage Palantir.

Palantir has been one of the best artificial intelligence (AI) stocks investors could buy since the AI arms race began in 2023. Despite the recent sell-off, the stock is up nearly 2,600% since the start of 2023 -- an absolutely incredible return. Unless you have access to a time machine, there's no going back to capture those gains, and investors must identify other stocks that displayed similar aspects to Palantir to find the next great growth stock.

One that I think could deliver strong growth similar to Palantir is SoundHound AI (SOUN +6.51%). This under-the-radar stock is growing at an incredible pace, and looks like an early stage Palantir. But can it outperform Palantir over the next decade?

Image source: Getty Images.

Both companies produce enterprise AI software products
Palantir and SoundHound AI are both artificial intelligence companies developing enterprise solutions for their clients, but they aren't competitors. Palantir's software focuses on AI-powered data analytics and is there to help its clients make the best decisions possible at all times. It also has generative AI-powered agents that can automate some processes that traditionally required data manipulation by a human.

SoundHound AI's product is in a completely different AI realm. Its AI platform is a voice recognition software that can be used to automate human-to-human interactions. This has a wide variety of applications, but some of the biggest use cases so far are in restaurants and automotive assistants. SoundHound AI is also making a push into healthcare, insurance, and financial services. If SoundHound AI's platform can outperform human counterparts, it could be a source of massive optimization within all of those industries, giving it a huge growth runway.

Today's Change

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SoundHound AI's product has one thing in common with Palantir: It's not tailored for a specific industry. Although each one started out serving a particular industry, they evolved their product to meet the demands of a wide variety of clients, allowing Palantir to grow into the giant it is today. If SoundHound AI can achieve similar adoption to Palantir, it will be a huge investment success story.

But will it outperform Palantir over the next decade?

SoundHound AI is growing faster already
During Q3, SoundHound AI delivered impressive growth of 68%. That exceeds Palantir's growth rate of 63%. However, there's a massive size difference. Palantir's Q3 revenue totaled $1.18 billion, while SoundHound AI's was a comparatively puny $42 million. This makes Palantir's growth all the more impressive, but if SoundHound AI can keep this growth rate up for a long time, it will be a very successful stock pick. SoundHound AI's success hinges on how widely its audio recognition software is adopted. If its products are adopted by any company that has a customer service wing and consumers have a positive interaction with them, SoundHound AI could be an impressive winner over the long term.

What sets Palantir and SoundHound AI apart for now is profitability. Palantir's profitability is quite impressive, as it posted a 33% operating margin during Q3. That far exceeds the deep unprofitability levels of SoundHound AI.

SOUN Operating Margin (Quarterly) data by YCharts

Although SoundHound AI is far more unprofitable than Palantir was before 2023, it can still dig itself out of the hole if it makes profits a priority. Palantir did that starting slightly before 2023, and it turned into a wildly successful stock.

If SoundHound AI is to outperform Palantir over the next decade, it will need to improve its operating margin dramatically. That's something that's easier to do at scale, so as SoundHound AI increases its revenue, look for signs of improving profitability.

The last comparison is valuation. Because SoundHound AI is unprofitable, using the price-to-sales (P/S) ratio is the best metric. SoundHound AI trades at a pricey 31 times sales, but that's far cheaper than what Palantir trades for.

SOUN PS Ratio data by YCharts

At 112 times sales, Palantir is one of the most expensive stocks in the stock market, and will have a difficult time living up to expectations. That's a ton of growth priced into the stock already, and even though it's delivering impressive results, it must sustain them for a long time to justify its current price tag.

As a result, SoundHound AI has the potential to outperform Palantir over the next decade if it can improve its margins. If it can do that, then SoundHound AI has a lower valuation starting point and superior growth rates working toward its advantage. SoundHound AI's real success will boil down to how widely its software is adopted by its target clientele and if consumers accept the transition from humans to AI. This is far from a guarantee, but if SoundHound AI can deliver, it will be a huge winner. If its product flops or the consumer rejects AI integration, then SoundHound AI may not be all it's hyped up to be. I think the real answer likely lies somewhere in the middle, but that could still yield a successful long-term stock pick.

November 24, 2025 8:21 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 24, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, announces a class action lawsuit on behalf of purchasers of securities of Jayud Global Logistics Ltd. (NASDAQ: JYD) between April 21, 2023 and April 30, 2025, both dates inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 20, 2026.

SO WHAT: If you purchased Jayud securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Jayud class action, go to https://rosenlegal.com/submit-form/?case_id=48196 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 20, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

DETAILS OF THE CASE: According to the lawsuit throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Jayud was the subject of a fraudulent stock promotion scheme involving social media-based misinformation and impersonated financial professionals; (2) insiders and/or affiliates used offshore or nominee accounts to facilitate the coordinated dumping of shares during a price inflation campaign; (3) Jayud's public statements and risk disclosures omitted any mention of the false rumors and artificial trading activity driving the stock price; and (4) as a result of the foregoing, defendants' positive statements about Jayud's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

To join the Jayud class action, go to https://rosenlegal.com/submit-form/?case_id=48196 call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275782

SHANGHAI, Nov. 24, 2025 (GLOBE NEWSWIRE) -- Shanghai Junshi Biosciences Co., Ltd (Junshi Biosciences, HKEX: 1877; SSE: 688180), a leading innovation-driven biopharmaceutical company dedicated to the discovery, development, and commercialization of novel therapies, announced that the JS001sc-002-III-NSCLC study has met its primary endpoints. JS001sc-002-III-NSCLC is a multi-center, open-label, randomized Phase 3 clinical study comparing toripalimab injection (subcutaneous injection) (code: JS001sc) or toripalimab injection (code: JS001) in combination with chemotherapy for the first-line treatment of recurrent or metastatic non-squamous non-small-cell lung cancer ("NSQ-NSCLC") (NCT06505837). Junshi Biosciences plans to submit a new drug application ("NDA") to the regulatory authorities in the near future.

According to data released by GLOBOCAN 2022, in 2022, China saw 1.06 million new lung cancer cases (22.0% of all new cancer cases in China) and 0.73 million lung cancer deaths (28.5% of all cancer-related deaths in China). NSCLC was the predominant subtype, accounting for approximately 85% of all lung cancer cases. Among NSCLC patients, non-squamous NSCLC constituted approximately 65% of cases.

Immunotherapy (I-O), represented by anti-PD-1 monoclonal antibodies, has become a cornerstone treatment for various malignant tumors including lung cancer, breast cancer, liver cancer, esophageal cancer, and nasopharyngeal carcinoma. Now, immunotherapy covers nearly all stages of treatment for cancer patients, encompassing adjuvant/neoadjuvant treatment for early-stage tumors, consolidation treatment after radical chemoradiation for locally advanced tumors, and first-line to last-line treatments for advanced tumors. Currently, most immunotherapy drugs in China are administered intravenously, and this not only requires lengthy infusion times, but also imposes significant inconveniences on patients. There is an urgent clinical need for more convenient administration methods for immunotherapy.

The JS001sc-002-III-NSCLC Study is a multi-center, open-label, randomized Phase 3 clinical study led by the principal investigator Professor Lin WU from Hunan Cancer Hospital. JS001sc-002-III-NSCLC is the first Phase 3 clinical study of a domestic anti-PD-1 monoclonal antibody subcutaneous formulation.

The study aims to compare the exposure, efficacy and safety of JS001sc plus chemotherapy or JS001 plus chemotherapy for the first-line treatment of recurrent or metastatic NSQ-NSCLC. The results have showed that the drug exposure of JS001sc was non-inferior to that of toripalimab injection with comparable efficacy and safety profiles. The study data will be presented at an upcoming international academic conference. Junshi Biosciences plans to communicate with the regulatory authorities and submit JS001sc’s NDA for all approved indications of JS001.

Dr. Jianjun ZOU, General Manager and CEO of Junshi Biosciences, said, “Since its launch as China's first domestically developed PD-1 antibody drug, toripalimab has secured approvals for 12 indications, benefiting a significant number of patients. In clinical practice, we observed that patients undergoing immunotherapy, either as monotherapy or combination maintenance therapy, face challenges such as frequent intravenous catheterization and time-consuming infusions. The recent success of the Phase 3 study for JS001sc, achieved through the efforts of both patients and the research team, marks not only a pivotal breakthrough in transitioning I-O therapy from 'efficacy' to 'convenience', but also exemplifies Junshi Biosciences' patient-centric ambition. By innovating drug delivery methods, we enhance treatment accessibility: simplifying procedures for patients, reducing their healthcare burden, and alleviating pressure on medical resources. We are committed to advancing the registration of JS001sc and providing more patients with a better treatment experience alongside clinical benefits.”

About JS001sc
JS001sc, developed by Junshi Biosciences, is a subcutaneous injection formulation based on the marketed product, toripalimab injection. JS001sc is the first domestic anti-PD-1 monoclonal antibody subcutaneous formulation to enter Phase 3 clinical study, and will potentially offer more convenient administration to patients. As of today, a multi-center, open-label, randomized Phase 3 clinical study comparing JS001sc plus chemotherapy or toripalimab injection plus chemotherapy for the first-line treatment of recurrent or metastatic NSQ-NSCLC (the JS001sc-002-III-NSCLC Study) has met its primary endpoints.

About Junshi Biosciences
Founded in December 2012, Junshi Biosciences (HKEX: 1877; SSE: 688180) is an innovation-driven biopharmaceutical company dedicated to the discovery, development and commercialization of innovative therapeutics. The company has established a diversified R&D pipeline comprising over 50 drug candidates, with five therapeutic focus areas covering cancer, autoimmune, metabolic, neurological, and infectious diseases. Five of the company’s products have received approvals in China and international markets, one of which is toripalimab, China’s first domestically produced and independently developed anti-PD-1 monoclonal antibody. Toripalimab has been approved in over 40 countries and regions including China, the US, and Europe. During the COVID-19 pandemic, Junshi Biosciences actively shouldered the social responsibilities of a Chinese pharmaceutical company through its involvement in developing etesevimab, MINDEWEI®, and other novel therapies for the prevention and treatment of COVID-19.

With a mission of “providing patients with world-class, trustworthy, affordable, and innovative drugs,” Junshi Biosciences is “In China, For Global.” At present, the company boasts approximately 2,500 employees in the United States (Maryland) and China (Shanghai, Suzhou, Beijing, Guangzhou, etc.). For more information, please visit: http://www.junshipharma.com.

Junshi Biosciences Contact Information

IR Team:
Junshi Biosciences
[email protected]
+ 86 021-6105 8800

PR Team:
Junshi Biosciences
Zhi Li
[email protected]
+ 86 021-6105 8800

Zoom Communications Inc. (ZM) Q3 2026 Earnings Call November 24, 2025 5:00 PM EST

Company Participants

Charles Eveslage - Head of Investor Relations
Eric Yuan - Founder, President, CEO & Chairman
Michelle Chang - Chief Financial Officer

Conference Call Participants

Tyler Radke - Citigroup Inc., Research Division
Michael Funk - BofA Securities, Research Division
Rishi Jaluria - RBC Capital Markets, Research Division
Josh Baer - Morgan Stanley, Research Division
Ryan MacWilliams - Wells Fargo Securities, LLC, Research Division
Patrick Walravens - Citizens JMP Securities, LLC, Research Division
Aleksandr Zukin - Wolfe Research, LLC
Timothy Horan - Oppenheimer & Co. Inc., Research Division
Tom Roderick - Stifel, Nicolaus & Company, Incorporated, Research Division
Seth Gilbert - UBS Investment Bank, Research Division
James Fish - Piper Sandler & Co., Research Division
Arti Vula - JPMorgan Chase & Co, Research Division
Jackson Ader - KeyBanc Capital Markets Inc., Research Division
Peter Levine - Evercore ISI Institutional Equities, Research Division
Thomas Blakey - Cantor Fitzgerald & Co., Research Division
William Power - Robert W. Baird & Co. Incorporated, Research Division
Alinda Li - William Blair & Company L.L.C., Research Division
Andrew King - Rosenblatt Securities Inc., Research Division
Peter Weed - Sanford C. Bernstein & Co., LLC., Research Division

Presentation

Operator

Hello, and welcome to Zoom's Q3 FY '26 Earnings Release Webinar. As a reminder, today's webinar is being recorded. It is now my pleasure to introduce Charles Eveslage, Head of Investor Relations. Charles, over to you.

Charles Eveslage
Head of Investor Relations

Thank you, Megan. Hello, everyone, and welcome to Zoom's earnings video webinar for the third quarter of fiscal year 2026. I'm joined today by Zoom's Founder and CEO, Eric Yuan; and Zoom's CFO, Michelle Chang.

Our earnings release was issued today after the market closed and may be downloaded from the Investor Relations page at investors.zoom.com. Also on this page, you'll be able to find a copy of today's prepared remarks

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Famed short seller Jim Chanos has taken aim at MicroStrategy chairman Michael Saylor after noticing the company failed to buy Bitcoin during a major market dip. In a recent post on X, Chanos mocked Saylor for not acting on what many consider an ideal buying opportunity, questioning why the company that consistently touts its Bitcoin-accumulation strategy would sit out during a sharp correction.

Chanos pointed out the apparent contradiction, asking, “Isn’t that when they should be buying more?” His comments quickly drew attention, especially given his history of skepticism toward MicroStrategy’s valuation relative to its Bitcoin holdings. Earlier this year, Chanos revealed that he had shorted MicroStrategy stock while simultaneously holding Bitcoin, arguing that the company’s market value carried an outsized premium above its “modified NAV,” or the net value of its BTC reserves. He went as far as calling parts of Saylor’s financial model “gibberish,” and his thesis ultimately proved accurate as MicroStrategy stock sharply underperformed Bitcoin itself.

The investor, well known for his legendary short against Enron, recently disclosed that he unwound this hedged trade after the premium collapsed. While he hasn’t shared exact returns, the move appears to have been significantly profitable.

Meanwhile, Saylor has repeatedly emphasized MicroStrategy’s commitment to ramping up Bitcoin purchases. Just last week, the company announced it had added another $836 million worth of BTC. But Chanos’s criticism highlights a growing concern: skipping the recent price correction raises questions about whether MicroStrategy’s ability to continue aggressive accumulation is weakening. If the company truly plans to accelerate purchases, observers wonder why it passed on one of the most attractive dips in months.

As Bitcoin markets remain volatile, both critics and supporters are watching MicroStrategy closely. Chanos’s latest remarks add more pressure on Saylor to prove that the firm’s long-term Bitcoin strategy still has the financial firepower to continue.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

The Web3 prediction market protocol, Myriad, has reached a cumulative trading volume of over $100 million in USDC, representing a 10x growth in the last three months. From Niche to Mainstream Trading Web3 prediction market protocol, Myriad, has revealed it has surpassed $100 million in cumulative USDC trading volume since its launch.

TLDR

Table of Contents

TLDRCME Group to Launch XRP Futures ContractsSolana Continues to Attract Institutional InflowsGet 3 Free Stock Ebooks

CME Group will launch spot-quoted futures for XRP and Solana on December 15, pending regulatory review.
The new futures contracts will track real-time spot prices and offer lower margin requirements for capital efficiency.
XRP has seen substantial institutional inflows, with $179.6 million invested in spot ETF products this week.
Solana also attracted $128.2 million in inflows, signaling continued institutional interest despite market fluctuations.
CME Group’s decision to list XRP and Solana futures reflects growing demand for altcoin exposure from institutional investors.

CME Group has announced new spot-quoted futures for XRP and Solana, scheduled to launch on December 15, pending regulatory review. This expansion of CME’s crypto offerings comes in response to growing institutional interest in these assets. The futures contracts will track real-time spot prices, offering lower margin requirements to increase capital efficiency for institutional investors.

XRP has seen strong institutional inflows, especially among spot ETF products. SoSoValue reports that $179.6 million was invested in XRP spot ETFs this week. These inflows highlight a steady rise in investor interest in regulated XRP funds.

The trend is not limited to the U.S. According to CoinShares, XRP experienced inflows of $89.3 million in international markets last week. This signals deeper institutional involvement in XRP as a preferred asset.

CME Group’s decision to introduce XRP futures reflects this growing demand. The futures will provide institutions with greater access to XRP through efficient hedging tools. By offering spot-quoted contracts, CME aims to deliver clearer price exposure for traders.

Solana Continues to Attract Institutional Inflows
Solana is also witnessing significant institutional interest, with $128.2 million flowing into Solana ETFs this week. Investors are undeterred by market volatility, as funds continue to enter Solana products. This marks a continuation of the trend seen in recent months.

CME Group’s move to list Solana futures follows these inflow trends, opening new avenues for institutional trading. The new contracts will offer Solana investors enhanced capital efficiency. CME’s offering will track real-time spot prices, helping institutions to hedge positions more effectively.

Like XRP, Solana’s futures will reduce margin requirements, providing institutions with the flexibility to allocate capital across multiple crypto products. This launch aligns with CME’s broader strategy to expand its crypto futures offerings. By adding Solana, CME Group enhances its position in the rapidly growing altcoin market.

XRP surged 8.5% in 24 hours as Franklin Templeton launched its spot XRP ETF on November 24, 2025, joining Bitwise, Grayscale, and Canary Capital.The ETF launches come after Ripple's $125 million SEC settlement in May, removing regulatory barriers and enabling institutional access.Franklin Templeton called XRP "foundational" to global settlement infrastructure, while technical features like speed and low cost boost institutional interest.XRP jumped more than 9% to $2.27 after Franklin Templeton and Grayscale launched their spot XRP ETF on Monday. The $1.69 trillion asset manager joined Bitwise, Grayscale, and Canary Capital in offering regulated XRP investment products, calling XRP “foundational” for global settlement infrastructure.

This wave of ETF launches marks a turning point for XRP. After regulatory uncertainty faded with Ripple’s SEC settlement earlier in 2025, institutional interest is surging.

Sponsored

Wave of Institutional ETF Launches Signals Market MaturityFranklin Templeton debuted the Franklin XRP ETF (XRPZ) on NYSE Arca, offering regulated XRP exposure through a grantor trust. The fund tracks the CME CF XRP-Dollar Reference Rate and uses Coinbase Custody as custodian, with BNY Mellon as administrator. According to Franklin Templeton’s announcement, the ETF allows investors to follow XRP’s performance transparently, without buying the cryptocurrency directly.

“XRPZ offers investors a convenient and regulated way to access a digital asset that plays a critical role in the global settlement infrastructure,” stated David Mann, director of ETF products and capital markets at Franklin Templeton.

Grayscale has also launched its XRP Trust ETF (GXRP) with a zero-fee introductory period, highlighting XRP’s strong market position.

Introducing Grayscale XRP Trust ETF (Ticker: $GXRP), now trading with 0% fees¹ from Grayscale, the world's largest crypto-focused asset manager².

Gain exposure to $XRP, the world’s 3rd largest digital asset³, driving innovation in global payments. Available in your brokerage… pic.twitter.com/rAzGrm0M6P

— Grayscale (@Grayscale) November 24, 2025
Bitwise, which launched its XRP ETF a week earlier, reported $100 million in initial inflows. The clustering of ETF launches signals that asset managers were prepared for regulatory clarity, which arrived from the SEC in 2025.

Sponsored

Regulatory Resolution Paves Way for Wall Street EntryRipple’s $125 million settlement with the Securities and Exchange Commission in May 2025 ended years of uncertainty. SEC statements confirm that Ripple resolved all claims without admitting wrongdoing, paid $50 million directly to the agency, and had the rest released from escrow. This resolution gave large financial institutions the assurance needed to pursue spot ETFs.

Franklin Templeton’s participation is notable for its size, lending credibility to XRP’s story as a payment utility. Investors can now access XRP through regulated products managed by well-known custodians and with clear transparency.

Source: BeInCryptoStill, prospectuses caution that risks remain, including XRP’s volatility, limited diversification, and regulatory uncertainty abroad. The ETF holds only XRP and cash, making it unsuitable as a standalone investment.

Sponsored

XRP’s Technical Advantages Drive Institutional InterestXRP runs on the decentralized XRP Ledger (XRPL), designed for rapid payment settlement. XRPL documentation highlights near-instant, low-fee transactions and notes that over 3.3 billion transfers have been processed on the network.

XRPL’s consensus system is said to be energy efficient, settling transactions in three to five seconds. These features attract institutions seeking alternatives to SWIFT and traditional cross-border systems.

Franklin Templeton’s prospectus and Grayscale Research both stress XRP’s usefulness as a currency bridge and for efficient, scalable transfers. With these characteristics, XRP sets itself apart from cryptocurrencies like Bitcoin, which mainly serve as a store of value.

The current rally coincides with rising open interest in XRP futures, pointing to growing involvement from institutional and retail traders and suggesting sustained market activity.

Sponsored

Geopolitical Dimensions and China Exposure SpeculationSome analysts believe XRP could play a role in new cross-border payment corridors, including those in Asia, the Middle East, and Africa. Black Swan Capitalist has argued that China has indirect exposure to XRP through the BRICS New Development Bank and leading Japanese fintech SBI Holdings. However, direct adoption remains limited by Chinese policies.

China already has indirect exposure to XRP through the BRICS New Development Bank, SBI, and the cross-border payment corridors linking Asia, the Middle East, and Africa. The rails don’t stop at the Great Wall, despite what some on Twitter might think.

— Black Swan Capitalist (@VersanAljarrah) November 21, 2025
BRICS business council recommendations from April 2025 urged support for cross-border digital settlements — a theme in line with XRP’s core design, despite no explicit mention of the cryptocurrency. The recommendations highlight a growing need for efficient digital payment systems.

The European Central Bank is also examining cross-border payment infrastructure. Project Nexus was discussed during an April 2025 speech about linking payment systems in Asia and Europe. These trends echo the global relevance of the XRP Ledger’s use cases.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

A new XRP exchange-traded fund (ETF) just launched today, boosting sentiment around the XRP price prediction as institutional demand begins to ramp up.With firms racing to list their products before Thanksgiving, the Grayscale XRP Trust ETF (GXRP) has officially gone live, following Bitwise's debut last week.

Bitcoin price rises above $88,000 as Trump praises U.S.-China relations, aiming for $90,000 after positive market sentiment.

JPMorgan upgraded Cipher and CleanSpark, and cut targets for MARA, RIOT due to the increased risk of shareholder dilution.

Summary

JPMorgan cut targets for MARA and RIOT due to dilution of shares.
Mining firms have up to 33% more shares than accounted for.
Cipher and CleanSpark are in a strong position on disciplined issuance.

Bitcoin miners are increasingly diversifying their operations from hashrate to high-performance computing. This targeting of AI compute demand did not go unnoticed on Wall Street. In a report published on Monday, November 24, JPMorgan noted this pivot to AI, but also highlighted risks for several firms in the industry.

The investment bank also announced that it was upgrading its ratings for Cipher Mining and CleanSpark from “Neutral” to “Overweight”. The investment giant also raised the price target for Cipher from $12 to $18, while maintaining CleanSpark at $14.

The change in outlook was mainly due to Bitcoin (BTC) miners pivoting to AI use cases. Notably, Cipher Mining plans to expand its infrastructure to 1.7 GW by 2026, largely to support high-performance computing for AI services. In addition, CleanSpark recently expanded its Texas datacenter with 200 MW, largely dedicated to AI.

Bitcoin miners face risks, despite AI demand
Still, JPMorgan highlighted risks faced by some miners, especially regarding shareholder dilution. Notably, increased capital needs push these firms to raise funds through at-the-market offerings, which dilutes investors.

The markets are also currently underreporting dilution, the report argues.

“On average, our diluted share count figures that underpin our price targets are 20%-33% higher than the share count reflected in Bloomberg,” the report wrote, adding that this could mean that these firms are overvalued.

Due to concerns over shareholder dilution, JPMorgan has cut its estimates for Marathon Digital (MARA) from $20 to $13, and Riot Platforms, from $19 to $17.

In a surprising turn of events, the SPSC memecoin saw its value skyrocket by 130% in just a few days following an endorsement from World Liberty, a cryptocurrency initiative associated with former President Donald Trump's family. This significant boost in the memecoin's value highlights the potentially enormous influence of celebrity and high-profile endorsements on the volatile cryptocurrency market.

XRP’s market momentum accelerated this week as the cryptocurrency hit a key bullish target identified by a prominent trader, reinforcing growing confidence across the community.

The surge comes amid a wave of institutional inflows, multiple ETF launches, expanding utility, and renewed optimism from analysts who believe XRP is entering a powerful new phase of market participation.

XRP's price trends to the downside on the daily chart. Source: XRPUSD on Tradingview
Technical Breakout: Bull Flag Target Achieved
A precise technical call from trader @kriptocumm caught the attention of XRP traders after the asset reached the exact bull flag target he outlined earlier in the week.

KripTocuM’s analysis, shared on November 22, identified a textbook flag pattern with support at $1.8810 and a breakout requirement above $1.92. Using the pole height of roughly $1.37 added to the breakout point, he calculated a target of $2.1076.

On November 24, XRP rallied past $2, coming within striking distance of the projected level, before stabilizing near $2.055. Trading volume jumped to $3.85 billion, reflecting heightened market participation and validating the breakout structure.

Indicators remained tilted bullish, with RSI at 62 and a positive MACD crossover suggesting further upside potential.

XRP ETF Momentum Pushes Institutional Demand Higher
XRP’s move arrives during one of its strongest weeks of institutional interest to date. Franklin Templeton’s newly approved spot XRP ETF (XRPZ) debuted on the NYSE with projected first-day volumes of up to $30 million.

The fund’s aggressive fee-waiver strategy, 0% on the first $5 billion until May 2026, has already drawn investor attention.

Grayscale also launched its XRP Trust ETF (GXRP) with a temporary 0% fee, expanding access for traditional market participants seeking regulated exposure.

Both products entered the market as XRP recorded $179.6 million in weekly inflows, sharply contrasting heavy outflows from Bitcoin and Ethereum ETFs. Analysts say this rotation signals a shift toward altcoins with clearer catalysts and strengthening fundamentals.

Analysts See Expanding Utility and Long-Term Upside
Growing utility narratives continue to enhance XRP’s appeal. CryptoSensei recently reiterated explosive price projections, conditional on supply constraints, while pointing to rising institutional adoption, expanding treasury use, and new stablecoin-related integrations as key pillars for long-term growth.

Meanwhile, Ripple’s new Asian banking partnership and ongoing XRPL scalability upgrades are adding further confidence to XRP’s fundamental outlook.

With momentum building on both technical and institutional fronts, traders now look toward the next major resistance levels as the market gauges whether XRP can sustain its powerful new trend.

Cover image from ChatGPT, XRPUSD on Tradingview

Cover image via www.freepik.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.

There is not much to hope for from a cryptocurrency when you see how troublesome the whole situation is: Bitcoin is slowing down after multibillion carnage among institutional and retail investors, Ethereum's crash is only gaining momentum and it seems like Shiba Inu is bottoming out.

Bitcoin running out of fuelIt appears that the $1.4 billion liquidation wave of Bitcoin has finally run out. The market printed the first real indication of seller fatigue following a straight-line decline that drove Bitcoin from the $110,000 area into the mid-$80,000s: a sharp recovery off oversold conditions combined with a noticeable slowdown in sell volume. 

It usually takes a structural catalyst or a final capitulation flush to reset sentiment when the market gets this stretched. This instance was the latter. The damage is evident on the chart: Bitcoin easily cut through its 20-, 50- and 100-day moving averages. Every attempt at an intraday rally was thwarted by aggressive selling as momentum turned sharply bearish. 

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BTC/USDT Chart by TradingViewAdditionally, buyers are intervening for the first time since the decline started, as seen by the long wicks near the bottom. The behavior of Bitcoin in this stabilization zone will determine what happens next. The worst of the chaos is probably over if Bitcoin can stay above the $83,000-$85,000 range. From this point on  the price usually moves in the direction of retesting the broken moving averages, which are currently in the $96,000-$105,000 range. 

First the 20-day and then the 50-day. This does not imply an instantaneous V-shaped reversal, but when sellers lose control, a grind higher is the normal course. A secondary retest of the lows poses the greatest risk. It becomes a classic bottom structure if the volume is lower and the floor is not broken. 

BTC returns to the mid-$70,000s if it breaks. However, it appears that the market has finally released its selling pressure as of right now, and the $1.4 billion purge may have been the capitulation event required to reset the trend. 

Ethereum in troublesome positionThe one pattern that is beginning to emerge surrounding other significant assets is absent from Ethereum, and this is a problem. Following their capitulation flushes, Bitcoin and Shiba Inu both showed early indications of a rounding bottom, including strong selling, a rebound candle and a curved stabilization, as opposed to a straight rebound. This type of structure occurs when sellers run out of ammunition, and the price starts to bend rather than decline vertically.

However, that curve is absent from Ethereum. Its chart continues to show a steep, nearly linear downslope. Not even leveling. Not a curve. There is no proof that buyers are consciously consuming the supply. That is the initial red flag.

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Without hesitation, ETH broke below all of the major moving averages, including the 20-, 50-, 100- and even 200-day, but it has not produced the kind of rebound candle you would anticipate from a true bottoming attempt. ETH did not react with a proper snap-back, in contrast to BTC and SHIB, even though the RSI hit oversold. The bounce is shallow, feeble and far from creating structure.

The price difference from the declining moving averages is the main cause for concern. Instead of curling back toward them, ETH is sliding beneath them. According to trend logic, trapped longs panic-sell into weakness, which frequently results in a second, sharper drop than the first.

Shiba Inu stabilizesAfter weeks of sharp declines, Shiba Inu is now showing the first indications of structural stabilization. Although there is not yet a complete reversal structure, the most recent price action is creating a rounding pattern close to the lows, which is sufficient to indicate that the downtrend may be waning.

This shift was accelerated by the oversold RSI. During the most recent decline, SHIB recorded one of its lowest RSI readings of the year; in the past, these readings have led to brief recoveries. The lack of follow-through sales immediately following oversold levels suggests that sellers are beginning to lose motivation. SHIB would have continued to bleed below the $0.0000075 zone if the trend had remained strong; instead, we are witnessing a slight upward curve.

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Investors should anticipate a gradual stabilization rather than an instantaneous V-shaped reversal from this point on. Because they depend on sentiment gradually changing from fear to indifference to cautious accumulation, rounding bottoms take time. Only when the price begins to build higher lows on brief time frames — which seems to be happening right now — does that shift become apparent.

The $0.0000075-$0.0000080 support band should be held. The rounding structure gains credibility and indicates a stop to the downtrend if buyers defend this range. SHIB must recover short-term moving averages before the downward trend reverses.

A close above the 20-day creates room for $0.0000092 to $0.0000100. The real resistance is still the long-term declining trendline between $0.0000105 and $0.0000110. SHIB can only transition from stabilization to recovery with a breakout there.

Key points

Solana’s activity growth has not offset falling leverage demand and weak network fees, keeping SOL short-term bullish prospects limited.

A short squeeze to $160 needs firmer derivatives support and stronger investor conviction amid persistent macroeconomic uncertainty.

Solana’s native token SOL (SOL) failed to reclaim $140 on Monday despite recovering part of its recent losses. A negative funding rate in SOL perpetual futures and declining onchain activity across the Solana network continued to weigh on investor sentiment.

SOL remains down 30% over the past 30 days, underperforming the broader altcoin market. Traders are now assessing the likelihood of a sustainable bullish trend.

SOL/USD vs. altcoin market capitalization. Source: TradingView / CointelegraphMuch of the prevailing concern among cryptocurrency investors stems from declining confidence in the United States economy, following signs of labor-market weakness and an increasing reliance on artificial intelligence investments. 

The CEO of Deutsche Bank’s DWS asset manager told Reuters that there is “no playbook” for valuing the AI sector, adding that more evidence is required beyond efficiency gains to support elevated valuations.

After a record 43-day US government funding shutdown, several consumer companies reduced sales expectations following weaker-than-anticipated earnings, including Target, Home Depot and McDonald’s. 

With the release of the US October Consumer Price Index (CPI) and unemployment data canceled, traders had even less visibility regarding the Federal Reserve’s monetary policy decision scheduled for Dec. 10.

Derivatives stress and fading activity continue pressuring SOL’s priceSOL’s weakness reflects a broader decline in risk appetite, but additional factors likely contributed to its underperformance relative to major altcoins. The successful launch of XRP (XRP) exchange-traded funds (ETFs) in the US increased competition for institutional flows, and launches tied to other cryptocurrencies, including Litecoin (LTC) and Chainlink (LINK), are expected to follow.

SOL perpetual futures annualized funding rate. Source: laevitas.chDemand for bearish leverage on SOL perpetual futures has been persistent since Friday, as the funding rate turned negative, meaning traders are paying to maintain positions that benefit from further price declines. Under neutral conditions, this indicator typically ranges between 6% and 12% to account for opportunity costs. 

Aggregate SOL futures open interest has fallen 27% over the past 30 days, indicating reduced demand for leverage.

SOL 2-month futures annualized basis rate. Source: laevitas.chThe premium on SOL monthly futures relative to spot prices has dropped to 0%, a level consistent with highly bearish market conditions. In a neutral environment, this metric generally ranges from 5% to 10%, while negative readings signal a sharp absence of demand for bullish exposure. 

Bearish sentiment is likely to persist until conditions in SOL derivatives markets show a meaningful improvement.

Solana network TVL (left) vs. weekly chain revenue (right), USD. Source: DefiLlamaThe total value locked (TVL) on the Solana network declined to $10.5 billion on Monday, a 20% drop compared with one month earlier. Blockchain revenue, measured by weekly fees, has fallen to its lowest level since May, which helps explain why SOL has lagged behind the broader altcoin market. For comparison, Ethereum’s weekly fees are down only 5% over the same 30-day period.

Blockchains ranked by 30-day active addresses. Source: NansenSolana remains the clear leader in active addresses and transaction count, maintaining a wide margin over the second-place BNB Chain. More importantly, Nansen data shows a 13% increase in activity on Solana, while its main competitor, Ethereum, recorded a 15% decline. These figures may help reinforce confidence among SOL investors, but they are not, on their own, a catalyst for a sustained bull run.

SOL has gained 14% since hitting a low of $121.50 on Friday; however, this rebound does not guarantee lasting upward momentum, particularly as derivatives markets remain fragile and network fees continue to show weakness. A short squeeze toward $160 cannot be ruled out, but it would require a significantly stronger show of confidence from SOL traders.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

In brief
Victims of a Bitcoin wrench attack in Canada were waterboarded, sexually assaulted, and beaten as assailants sought access to their crypto holdings.
One member of the four-man crew was sentenced to seven years in prison earlier this month.
Documented wrench attacks have more than doubled this year amid Bitcoin's rise.
A sentencing decision in the Provincial Court of British Columbia this month revealed the graphic details of a 2024 attack in which the victims were bound, waterboarded, and sexually assaulted—all in an effort to steal the family’s Bitcoin holdings.

The “wrench attack,” or physical attack in which an assailant attempts to gain access to a victim’s cryptocurrency, took place on April 27-28, 2024. 

During the home invasion, four men unlawfully entered the victims' home, first gaining access when two of the men dressed as Canadian Post workers sought a signature for a fake package.

After entering the home, the men then closed the door behind them, and were later joined by two others. Once inside, the victims—a husband, wife, and daughter—were restrained with zip ties. 

They were then threatened and beaten as the assailants sought to gain access to the father’s cryptocurrency. As they attempted to access his funds, they forced the daughter to remove her clothes, exposing her genitalia as they recorded multiple videos. She was instructed to say explicit phrases, and was physically assaulted by one of the crew. 

The men also waterboarded the husband and wife, and threatened to cut off the husband’s genitals if he did not provide them with the access to his funds.

The man had reportedly boasted about his success with crypto investments within the Chinese community of British Columbia leading the crew to initially seek 200 Bitcoin—currently valued at around $17.8 million—during their attack. Later, they lowered their demand to 100 BTC, but ultimately made away with much less, nearly draining the crypto accounts of the victims and making off with around $1.6 million in total.

After being tied up and wrapped in a blanket, eventually the daughter heard a door close and partially freed herself before fleeing the residence and calling 911. 

In May of this year, one of the four crew members, Tsz Wing Boaz Chan, pleaded guilty to breaking and entering, unlawfully confining the victims, and sexual assault. This month, Chan was sentenced to seven years in jail for his role in the crime.

Wrench attacks are on the rise this year, nearly doubling last year’s mark according to a recorded count by Jameson Lopp, the co-founder and chief security officer at self-custody crypto wallet platform, Casa. 

Lopp’s database, which extends back to 2014, now counts 60 documented incidents in 2025 alone. 

This weekend, a man posing as a delivery driver robbed a San Francisco home owner of $11 million worth of crypto. And on Sunday, a Chinese victim had $10,000 stolen after an alleged kidnapping and robbery in Thailand.

Earlier this year, the high-profile kidnapping and wrench attack of Ledger co-founder David Balland and his wife left the crypto entrepreneur with a severed finger.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

A screen displays the logo of Spotify on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 4, 2023. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights, opens new tab

Nov 24 (Reuters) - Spotify

(SPOT.N), opens new tab will raise its U.S. subscription prices in the first quarter of next year, the Financial Times reported on Monday, citing three people familiar with the matter.

The Swedish streaming giant said in August it would raise prices to 11.99 euros ($13.82) per month from 10.99 euros in markets including South Asia, the Middle East, Africa, Europe, Latin America and the Asia-Pacific region.

Sign up here.

But next year's hike would be the first price increase in the United States since June 2024.

Spotify did not immediately respond to a Reuters request for comment.

The company has leaned on price increases in recent years to drive earnings growth, confident that its ubiquity ensures users stick around. It raised the cost of its premium individual plan in more than 150 markets in the September quarter.

Spotify forecast fourth-quarter profit above Wall Street expectations earlier this month, betting on robust user growth and a boost from price hikes in the crucial holiday season.

($1 = 0.8677 euros)

Reporting by Juby Babu in Mexico City; Editing by Alan Barona

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

November 24, 2025 18:28 ET

 | Source:

Invest Green Acquisition Corp

New York, NY, Nov. 24, 2025 (GLOBE NEWSWIRE) -- Invest Green Acquisition Corporation (the “Company”) announced the pricing of its initial public offering of 15,000,000 units at a price of $10.00 per unit on November 24, 2025. The units are expected to be listed for trading on the Nasdaq Global Market under the ticker symbol “IGACU” beginning November 25, 2025. Each unit consists of one Class A ordinary share and one right to receive one tenth of a Class A ordinary share upon the consummation of an initial business combination. Once the securities comprising the units begin separate trading, the Company expects that its Class A ordinary shares and rights will be listed on the Nasdaq Global Market under the symbols “IGAC” and “IGACR,” respectively. The offering is expected to close on November 26, 2025, subject to customary closing conditions.

The Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an initial business combination opportunity in any industry or sector but expects to focus its efforts on businesses in the broad renewable energy, sustainable finance and nuclear energy sectors, targeting industries that are crucial components of the global clean energy transition and offer viable pathways towards a clean energy future while ensuring sustainable, reliable, and affordable energy supply, where the Company believes its management team’s operational and investment expertise will provide it with a competitive advantage.

Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, is acting as lead book-running manager. The Company has granted the underwriters a 45-day option to purchase up to 2,250,000 additional units at the initial public offering price to cover over-allotments, if any.

The public offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Cohen & Company Capital Markets, 3 Columbus Circle, 24th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at: [email protected].

A registration statement relating to the securities became effective on November 24, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds from the offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the Company will ultimately complete a business combination transaction. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the U.S. Securities and Exchange Commission (the “SEC”). Copies of these documents are available on the SEC’s website, at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contact

Andrew McLean
Invest Green Acquisition Corporation
Email: [email protected]

CNBC's Jim Cramer explained why he thinks Alphabet's new iteration of its artificial intelligence platform, Gemini, could seriously challenge the dominance of OpenAI's ChatGPT.

"We have to recognize that Gemini's the biggest threat to ChatGPT we've seen so far. There's simply no two ways about it — Gemini's existential for OpenAI," he said. "The company, the emperor, better have…something to strike back, because otherwise the narrative will be that OpenAI has no clothes."

Alphabet announced its new Gemini model last week. Cramer praised the new version and said some on Wall Street are excited about it — noting that Salesforce's Marc Benioff said he prefers the new Gemini to ChatGPT.

Usually, Cramer said Alphabet's announcement wouldn't cause a huge upset — but the stakes in this business are huge, mentioning the huge amounts of money involved. Alphabet has an edge over other ChatGPT challengers because it's been able to integrate Gemini with its Google platform, Cramer continued.

Slower OpenAI user growth would be a problem for both the company and its business partners, Cramer said. He pointed out that OpenAI has committed to spending about $1 trillion and it needs to keep growing rapidly in order to raise that money.

Cramer stressed that he wouldn't completely write off OpenAI, saying it's possible the company has a "revolutionary version of its own product" in the works. He also said the Gemini news isn't necessarily terrible for Oracle, one of OpenAI's major partners, because the data center builder has the ability to attract other customers and "doesn't just live or die depending on OpenAI."

"Still, if your business is hanging on ChatGPT, it just became more precarious," Cramer said.

Alphabet and OpenAI did not immediately respond to request for comment.

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By

PYMNTS
 | 
November 24, 2025

 | 

Google Search was supposed to lose ground in the artificial intelligence (AI) era, but Alphabet’s third-quarter 2025 earnings tell a different story. Alphabet said Search-and-other advertising revenue rose about 15% to more than $56 billion in Q3, defying expectations that generative AI systems would erode its core business.

Instead of being replaced by large language model (LLM) chat interfaces and AI browsers, Search stayed robust by embedding its Gemini model in the results page, improving ad performance via AI models, and holding onto the commercial intent that chatbots still struggle to replicate.

Google Embedded AI, Preserving Search Behavior
The prevailing assumption in 2024 was that LLM-powered interfaces such as ChatGPT and Claude would pull queries away from Google. Users were already leaning on them for summarization, drafting, research, and general exploration. Many believed that the search bar would recede in favor of the chat box.

Yet Google, despite stumbling initially with Bard, turned that possibility on its head by integrating Gemini directly into its familiar search environment rather than diverting users to a separate chatbot. As the BBC noted, “Google’s supremacy in search is defined by the habits of billions of users,” habits that did not break once AI summaries appeared on the results page.

The Forbes analysis reinforced that the “AI browser wars” never really materialized because Google had already embedded AI into Chrome and Search before competitors could gain traction. It argued that challengers underestimated how deeply Google’s distribution and default positioning shaped consumer habits.

Bloomberg added a critical dimension: AI didn’t only strengthen Google’s product; it strengthened its legal position. According to Bloomberg, regulators found that AI-enhanced search experiences made it harder to prove that Google was abusing dominance, because consumers could point to AI features as evidence of innovation, not stagnation. Bloomberg reported that these AI upgrades “blurred the line between traditional search and AI-assisted discovery” in ways that reinforced Google’s argument that it was competing vigorously.

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Why Advertisers Stayed and Commerce Intent Remained in Search
The second pillar of Google’s resilience is that advertisers did not follow users into AI chat interfaces because those interfaces are yet to produce high-value commercial intent at scale. that Consumers used AI tools for drafting, summarizing and exploration, not fully for shopping, booking or finding local services.

The push to bring commerce into conversational AI interfaces did not produce the results many expected. ChatGPT’s instant-checkout feature delivered a less effective purchasing flow because its responses did not follow the structured steps consumers rely on in standard e-commerce funnels and did not support higher-value shopping decisions.

These tools also launched without functioning ad models, leaving advertisers without targeting, attribution or conversion metrics. The limitations kept the highest-value transactional queries inside Google’s search environment and kept advertiser budgets tied to platforms that continued to deliver measurable commercial outcomes.

Google took advantage of this by applying Gemini to optimize ad matching, bidding and creative rotation. Retail advertisers saw more efficient conversions. Travel advertisers saw stronger performance in dynamic placements. Alphabet said these model-driven tools were responsible for several points of incremental ad growth inside the broader business.

Business Insider noted that efforts by OpenAI, Anthropic and Perplexity to introduce ads struggled because long-form answers were not structured like funnels. Advertisers kept their budgets in Google’s environment where conversions remain predictable, measurable and tied to explicit user intent.

The Forbes reporting supported this, pointing out that because Google fused AI into the browser and search, “default gravity” kept users and therefore advertisers  anchored to Google’s ecosystem.

Google also extended its advantage by upgrading vertical search flows. Generative product comparisons pushed users deeper into shopping funnels. AI itinerary builders kept them in Google’s travel ecosystem. Structured troubleshooting kept them from bouncing to third-party forums.

What Could Still Change
Despite the momentum, several threats could shift this trajectory. LLMs and their ways to generate ad revenues are still early, and new models could narrow the gap between brainstorming, discovery and transactional behavior. Consumer habits can adjust quickly if chat interfaces become more action-oriented or if operating systems nudge users toward AI-first assistants.

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See More In: advertising, AI, AI browsers, AI search, Alphabet, artificial intelligence, Earnings, Gemini, Google, News, performance, PYMNTS News

Apollo Global Management, Inc. ( APO ) Discusses Retirement Services Business Update, Growth Strategy and Financial Performance November 24, 2025 1:00 PM EST Company Participants Noah Gunn - MD of Finance & Global Head of Investor Relations in New York Marc Rowan - Co-Founder, CEO & Chairman of the Board Grant Kvalheim - Chief Executive Officer Martin Kelly - CFO & Partner Louis-Jacques Tanguy - Executive VP & CFO Conference Call Participants William Katz - TD Cowen, Research Division Christoph Kotowski - Oppenheimer & Co. Inc., Research Division Patrick Davitt - Autonomous Research US LP Glenn Schorr - Evercore ISI Institutional Equities, Research Division Brennan Hawken - BMO Capital Markets Equity Research Alexander Blostein - Goldman Sachs Group, Inc., Research Division Steven Chubak - Wolfe Research, LLC Wilma Jackson Burdis - Raymond James & Associates, Inc., Research Division Michael Brown Benjamin Budish - Barclays Bank PLC, Research Division Presentation Noah Gunn MD of Finance & Global Head of Investor Relations in New York Good afternoon, everyone, and welcome. I appreciate everyone who is able to join us in the room.

NEW YORK, Nov. 24, 2025 (GLOBE NEWSWIRE) -- Mesoblast Limited (Nasdaq:MESO; ASX:MSB), global leader in allogeneic cellular medicines for inflammatory diseases, today provided a trading update, together with a comprehensive operational overview, as part of the Chief Executive's Annual General Meeting (AGM) address.