Market Signal Briefing

This week on Tech Corner, George Tsilis examines Taiwan Semiconductor aka TSMC (TSM). He looks at the company's expansion internationally and its clientele including Apple (AAPL) and Nvidia (NVDA).

Tesla's stock price rebound has been pleasant for investors, but here's something that might make them tap the brakes.

It's been a roller coaster 2025 for Tesla (TSLA 1.10%) investors. The year started with the stock plunging from tariff and trade-policy headwinds, and a consumer backlash due to CEO Elon Musk's political activities. That was followed by a rebound on the hope that artificial intelligence (AI), robotaxis, and robotics could be more lucrative for the company than automaking.

To continue the thrill ride, the company posted record third-quarter revenue, but commentary from a former employee could have investors pumping the brakes.

A brief recap
Last week, Tesla reported record third-quarter revenue that topped Wall Street estimates thanks to a rush to buy electric vehicles (EVs) to lock in a key tax credit ahead of its expiration at the end of September. Total revenue was $28.1 billion during the third quarter, which topped analysts' average estimate of $26.37 billion, according to LSEG.

The EV maker didn't do as well on the bottom line or other metrics, however. Adjusted earnings per share at $0.50 were below analysts' estimates calling for $0.55. Another closely watched metric -- the company's gross margin excluding regulatory credits -- checked in at 15.4% compared to an average estimate of 15.6%, according to Visible Alpha.

Tesla's roughly 60% rebound in share price over the past six months and its $1.5 trillion market cap -- more than Ford and General Motors combined many times over -- is based more on the company's potential transformation to an AI, robotaxi service, and robotics business.

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Arguably at the forefront of that hype is its robotaxi service that was launched in limited capacity over the summer. But on that front, investors might want to pump the brakes, according to a former Tesla employee.

Andrej Karpathy, the company's former head of AI who led the company's Autopilot and self-driving programs, said in a podcast that he would "push back" on the idea that progress on autonomous vehicles by Tesla and Alphabet's Waymo means that all the technology's problems are solved. While autonomous driving developers have hit several milestones and progress continues, Karpathy thinks that there are still several steps on the road to full autonomy.

Karpathy isn't the only person pushing back. The number of lawsuits facing Tesla and its claims of full self-driving capability are mounting, as are settlements and losses. Musk has claimed time and time again over the past few years that his company was close to having fully autonomous vehicles, but even its recent robotaxi launch in Austin, Texas, still used a human supervisor in the vehicles. It's top competitor, Waymo, moved beyond that requirement in 2020.

A Tesla Cybertruck. Image source: Tesla

What it all means
Tesla is an intriguing and polarizing company with an equally compelling CEO at the wheel, and it has made many long-term investors very wealthy. But its valuation and market cap are in otherworldly territory, based partly on hype surrounding driverless vehicle technology, which the company is far from mastering or turning into a highly scaled and profitable business.

One only has to look at CEO, Elon Musk's, recent compensation package that was passed with 75% approval from shareholders and could be worth up to $1 trillion. Much of that value is unlocked through milestones that suggest where the company is heading. Musk will of course still have to deliver vehicles and reaching 20 million deliveries is one milestone, but there's also one million robotaxis in commercial operation, one million Optimus robots, and 10 million Full Self-Driving subscriptions, and $400 billion in core profit.

Tesla's best days may be ahead of it, but investors need to understand the higher-risk ride they're going on: Tesla isn't just an automaker, it's becoming a technology company heading toward uncertain territory.

, /PRNewswire/ --

Why: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of MoonLake Immunotherapeutics (NASDAQ: MLTX) between March 10, 2024 and September 29, 2025, both dates inclusive (the "Class Period"), of the important December 15, 2025 lead plaintiff deadline.

So what: If you purchased MoonLake common stock 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 MoonLake class action, go to https://rosenlegal.com/submit-form/?case_id=45681 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. If you wish to serve as lead plaintiff, you must move the Court no later than December 15, 2025. 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. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. 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 complaint, throughout the Class Period, defendants made false and/or misleading statements, as well as failed to disclose material facts, regarding the distinction between the Nanobodies and monoclonal antibodies, including that: (1) SLK and BIMZELX share the same molecular targets (the inflammatory cytokines IL-17A and IL-17F); (2) SLK's distinct Nanobody structure would not confer a superior clinical benefit over the traditional monoclonal structure of BIMZELX; (3) SLK's distinct Nanobody structure supposed tissue penetration would not translate to clinical efficacy; and (4) based on the foregoing, defendants lacked a reasonable basis for their positive statements regarding SLK's purported superiority to monoclonal antibodies. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the MoonLake Immunotherapeutics class action, go to https://rosenlegal.com/submit-form/?case_id=45681 or 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.

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SPDR Gold Shares carries a lower expense ratio and much larger assets under management than iShares Silver Trust iShares Silver Trust has delivered a higher 1-year return, but SPDR Gold Shares has shown less severe drawdowns over five years Both funds offer direct exposure to their respective metals with no added quirks or dividend yield

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.

The analysis is provided exclusively for informational purposes and should not be considered professional investment advice. Before investing, please conduct personal in-depth research and utmost due diligence, as there are many risks associated with the trade, including capital loss.

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.

In November 2025, the launch of Solana-based Exchange-Traded Funds (ETFs) captured the attention of investors globally. This move marks a significant milestone, as the cryptocurrency market increasingly recognizes Solana's potential to reshape digital asset investments.

Grayscale exchange-traded funds tracking Ripple’s XRP and Dogecoin (DOGE) are set to begin trading on Monday, adding to a growing list of U.S.-listed altcoin-focused products available to investors.

Grayscale’s XRP, DOGE ETFs To Start Trading Monday
The NYSE Arca on Friday certified the listing and registration for the Grayscale XRP Trust ETF (GXRP) and the Grayscale Dogecoin Trust ETF (GDOG)

“The NYSE Arca certifies its approval for listing and registration of the Grayscale XRP Trust ETF Shares, a series of Grayscale XRP Trust ETF, under the Exchange Act of 1934,” the exchange stated in one of the filings. Both would be conversions from existing private placements into ETFs. 

The two ETFs are each structured as spot exchange-traded products that hold their respective underlying assets, offering U.S. investors streamlined access to DOGE and XRP for the first time via regulated public markets.

The debut of GXRP comes as the XRP Ledger (XRPL), a blockchain leveraged for instantaneous cross-border settlements, nears its fourteenth anniversary. XRPL has processed more than 4 billion transactions since its inception. Bitwise’s XRP ETF debuted on Wall Street earlier this week. 

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Meanwhile, Dogecoin, which was created in jest, remains the first and largest meme coin on the market. Grayscale’s GDOG will be the second to go live in the United States, after the Rex-Osprey DOGE ETF (DOJE), which hit the market in September.

Besides the latest trust conversions, Grayscale is prepping to go public on the Nasdaq. The digital asset management giant has filed for an IPO to list its Class A shares on the NYSE as several crypto companies seek to tap public markets under the pro-crypto Donald Trump administration.

New Wave Of Crypto ETFs
Grayscale’s launches come amid a wave of crypto ETF listings over the last year, including more recent ETFs tracking altcoins like Litecoin (LTC), Hedera (HBAR), XRP, and Solana (SOL), reflecting growing institutional demand in crypto assets beyond Bitcoin.

The promising ETF launches have come even as crypto markets and investor confidence have sagged. Bitcoin recently fell below $85,000, its lowest level since late April, according to data from CoinGecko. The apex crypto is off over 12% over the last week.

XRP is down over 15% for the same period, while DOGE has dropped about 14.7%.

A lucky Bitcoin miner bagged a big reward of 3.146 BTC— or $266,000 at today’s prices — after solving a block alone with only a tiny fraction of the computational power normally needed to win a block reward, according to blockchain data.

The miner, who is believed to have been using a machine that’s designed for hobbyists, hit the jackpot with a hash rate of around 1.2 terahashes per second (TH/s), which is negligible in an industry dominated by industrial-scale operations.

The individual bagged a 3.146 BTC reward for solving block 924,569, which includes the 3.125 BTC reward plus transaction fees. 

Hashrate is the computational power used to mine Bitcoin. When blocks — containing transaction data — are processed by miners and added to the blockchain, miners are rewarded for their work with newly minted Bitcoins. 

According to CKpool creator Con Kolivas, the “extremely lucky” individual miner on Friday had a 1 in 1.2 million odds per day of earning the reward at the reported hash rate.

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Solo Miners Are Winning More Blocks In 2025
Friday’s development marks the 308th solo block mined using the CKpool software, and the first CK-mined block in roughly three months.

Overall, 2025 has been an exceptional year for single operators. Last month, a solo Bitcoin miner banked a $347,000 reward after independently solving block 920,440 completely on their own.

In early September, another miner operating through the Solo CK pool snagged a total reward of 3.13 BTC — worth approximately $347,872 at the time, while similar wins were recorded in August and back in February.

Most solo miners are motivated by the prospect of a payday, but by contributing to the network’s security, Bitcoin’s advocates believe that such miners also enhance the network’s overall decentralization.

Rebeca Moen
Nov 22, 2025 18:36

LDO price prediction shows potential recovery to $0.76 resistance level as oversold conditions and analyst consensus support near-term bullish reversal from current $0.62 levels.

Lido DAO (LDO) presents a compelling technical setup for a potential bullish reversal as the token trades near oversold territory at $0.62. With multiple analyst forecasts converging on upward price targets and key technical indicators showing potential bounce signals, this LDO price prediction examines the pathway to recovery and critical levels that could define the token's near-term trajectory.

LDO Price Prediction Summary
• LDO short-term target (1 week): $0.68-$0.72 (+10-16%)
• Lido DAO medium-term forecast (1 month): $0.76-$0.84 range (+23-35%)
• Key level to break for bullish continuation: $0.75 (SMA 20 resistance)
• Critical support if bearish: $0.59 (immediate support) and $0.57 (psychological level)

Recent Lido DAO Price Predictions from Analysts
Recent analyst forecasts show a bullish consensus for LDO, with Changelly providing the most optimistic Lido DAO forecast. Their LDO price target of $0.748 for the short term and $0.839 for medium-term represents potential gains of 21% and 35% respectively from current levels.

CoinCodex aligns with this optimistic view, projecting a $0.7608 medium-term target, while CoinLore presents a more conservative stance with targets ranging from $0.6353 to $0.6697. The variance in predictions reflects the current uncertainty, but the overall bias leans bullish across major forecasting platforms.

The analyst consensus supports a recovery scenario, with most LDO price prediction models targeting the $0.76-$0.84 resistance zone. This convergence around similar price levels increases the probability of these targets being tested within the forecasted timeframes.

LDO Technical Analysis: Setting Up for Reversal
The current Lido DAO technical analysis reveals several factors supporting a potential bullish reversal. With an RSI of 33.19, LDO sits in neutral territory but closer to oversold conditions, suggesting selling pressure may be exhausting.

The Bollinger Bands position is particularly telling, with LDO's %B at 0.0140, indicating the price is trading near the lower band at $0.61. This proximity to the lower Bollinger Band often signals potential bounce opportunities, especially when combined with oversold momentum indicators.

MACD analysis shows bearish momentum with a histogram reading of -0.0098, but the relatively shallow negative divergence suggests the downtrend may be losing steam. The Stochastic oscillator readings (%K: 8.24, %D: 6.63) indicate severely oversold conditions, historically associated with reversal opportunities in LDO's price action.

Volume analysis from Binance shows $7.7 million in 24-hour trading, which while modest, provides sufficient liquidity for a technical bounce toward the identified resistance levels.

Lido DAO Price Targets: Bull and Bear Scenarios
Bullish Case for LDO
The primary bullish scenario targets an initial move to $0.68 (SMA 7), followed by a test of $0.75 (SMA 20). Success in breaking above the 20-period moving average would open the path to $0.84, aligning with Changelly's medium-term LDO price prediction.

Key technical requirements for this bullish case include RSI recovery above 40, MACD histogram turning positive, and sustained trading above $0.65. The $0.76 level represents the next major LDO price target, coinciding with the EMA 26 and serving as the gateway to higher resistance levels.

If momentum builds beyond $0.84, the next logical target sits at $0.93 (immediate resistance), with the ultimate bull case reaching toward $1.29 (strong resistance).

Bearish Risk for Lido DAO
The bearish scenario activates if LDO breaks below the critical $0.59 support level. This would likely trigger stop-loss orders and accelerate selling toward $0.57 and potentially the strong support at $0.23.

Risk factors include broader crypto market weakness, continued MACD deterioration, and failure to hold above the lower Bollinger Band. A break below $0.61 (current pivot point) with increased volume would invalidate the bullish LDO price prediction and suggest further downside.

Should You Buy LDO Now? Entry Strategy
Based on the current Lido DAO technical analysis, a staged entry approach appears optimal. Initial positions could be considered at current levels around $0.62, with additional buying on any dip toward $0.59-$0.60.

For risk management, stop-loss orders should be placed below $0.57, representing approximately 8% downside from current levels. This provides reasonable protection while allowing room for normal volatility based on the daily ATR of $0.08.

Position sizing should reflect the medium confidence level in this LDO price prediction. Conservative allocation of 1-2% of portfolio value allows participation in potential upside while limiting downside exposure. The buy or sell LDO decision should incorporate individual risk tolerance and broader portfolio context.

LDO Price Prediction Conclusion
The technical setup suggests LDO has established a near-term floor around $0.61-$0.62, with oversold conditions supporting a recovery scenario. The primary LDO price prediction targets $0.76 within two weeks, representing 23% upside potential.

Confidence in this Lido DAO forecast is medium, supported by analyst consensus and oversold technical conditions. Key indicators to monitor include RSI recovery above 40, MACD histogram turning positive, and sustained trading above $0.65 for confirmation of the bullish scenario.

The prediction timeline spans 1-4 weeks for initial targets, with the $0.84 level potentially achievable within 30 days if technical momentum builds. Failure to hold $0.59 support would invalidate this bullish outlook and require reassessment of the LDO price prediction framework.

Image source: Shutterstock

ldo price analysis
ldo price prediction

TLDR:

Bitcoin’s retreat toward $84K aligns with past retracement levels that marked early bull-market accumulation.
Institutions such as Harvard Endowment and Abu Dhabi funds are buying while retail traders scale back.
The DAT trade unwind and global liquidity contraction played major roles in the recent market drawdown.
Hougan views glitch concerns as minor, framing the sell-off as part of a broader risk-off cycle.

Bitcoin’s latest drop toward the mid-$80,000 region is drawing renewed attention from major investors. The move follows weeks of volatility, heavy liquidations, and pressure from global risk-off sentiment. 

Market data shows institutions are stepping in as retail traders scale back exposure. The shift is fueling debate over whether the crypto market is forming a bottom.

Bitcoin Bottom Narrative Strengthens as Institutions Step In
Recent commentary from Bitwise CIO Matt Hougan, shared across social channels including CryptosRus, points to steady buying from long-term institutions at current prices. 

He noted that groups such as Harvard Endowment and funds in Abu Dhabi are accumulating while sentiment among smaller traders remains cautious. 

The repositioning follows the unwind of the DAT trade, a short-term pressure point that accelerated recent selling. The same view was echoed in his CNBC appearance, where he described this phase as a shakeout driven by newer entrants.

Hougan said the October 10 volatility event still influences parts of the market, though he views it as a secondary factor. He addressed claims about a possible Binance software issue, noting that any glitch was a minor element of a broader liquidity pullback.

 The commentary aligns with data showing whales increased holdings by about 15 percent last month as prices retreated. That pattern has matched earlier stages of bull markets, where long-term buyers build positions during stress.

The current trading zone near $83,000 to $84,000 mirrors the retracement level seen during the March correction. Hougan said many investors in the field view that area as an important level, though he acknowledged the chance of a move toward the low-$70,000 range. 

His remarks suggest the broader trend remains intact despite recent losses. He added that strong buyers tend to appear when volatility removes weaker hands from the market.

BITWISE CIO: WE’RE NEAR THE BOTTOM, NOT THE TOP!

Matt Hougan said long-term buyers — Harvard, Abu Dhabi, real institutions — are already nibbling at these levels.

He even addressed the Binance glitch theory: a minor footnote, not the reason crypto sold off.

The real drivers?… https://t.co/t52wAm5vFB pic.twitter.com/3YbLh8qvcq

— CryptosRus (@CryptosR_Us) November 21, 2025

Liquidity Pressures and Market Stress Shape the Pullback
The drop wiped nearly $1 trillion in crypto market value, according to details shared in the CNBC discussion. Hougan pointed to global liquidity contraction and a decline in risk assets, including Nvidia, as key drivers. 

Those conditions pressured Bitcoin and other large-caps throughout the month. He said the DAT unwind contributed meaningfully to the decline as traders exited crowded positions.

The idea of a structural issue was dismissed by Hougan, who described the sell-off as a reaction to broader macro shifts. He noted that institutional buying trends and regulatory clarity continue to improve over the long term. 

That mix, he said, creates a compelling entry window for patient investors. His comments appear designed to separate short-term volatility from longer-term market positioning.

Solana also surfaced in discussion, with Hougan saying the network could benefit from rising interest in tokenized assets. The broader theme of institutional expansion remains central to his analysis. 

Market chatter across crypto platforms reflects that divide between retail caution and institutional strength. The shift sets the stage for a potential stabilization phase if liquidity conditions begin to recover.

Ethereum has extended its downward trend and is now trading inside a critical multi-month demand block. With liquidity being aggressively flushed above and below the price, ETH is approaching a major decision point where either a relief rebound or a deeper capitulation into the lower demand zones may unfold.

Technical Analysis
By Shayan

The Daily Chart
ETH has continued its sharp corrective leg, sliding from the $3.5K–$3.6K supply zone and breaking decisively below both the 100-day and 200-day moving averages. This breakdown has placed the asset directly inside the $2.7K–$2.85K demand region, which previously acted as the launchpad for the July breakout.

The daily market structure remains firmly bearish, with a clear sequence of lower highs and lower lows. The descending channel, combined with the failed retest of the 200-day MA, suggests that sellers are still in full control.

The current zone around $2.7K is where the price last accumulated before the August rally. A clean loss of this area would expose the next major decision level at $2.45K–$2.55K, where long-term bids previously stepped in. On the other hand, any sustained recovery must begin with a reclaim of $3K and a close back above the 100-day MA to signal a meaningful shift in momentum.

The 4-Hour Chart
The 4-hour timeframe highlights the precision of the downtrend. The asset continues respecting the descending trendline originating from the $4.2K breakdown, and each retest of this trendline has generated new waves of selling. ETH has now reached the lower boundary of the descending channel while sitting inside the $2.7K demand block.

Short-term liquidity sweeps have been occurring on both sides of the range, indicating increasing volatility and the potential formation of a local bottom. If buyers defend the current channel low, the first upside target becomes the $3.05K–$3.15K imbalance region, followed by a more significant test of the $3.45K supply area. Without a clear breakout above the trendline, however, any rebound is more likely to remain corrective rather than structural.

Onchain Analysis
By Shayan

The two-week liquidation heatmap reveals that ETH is surrounded by dense liquidation clusters above the current price, particularly between $3.1K and $3.6K. These zones reflect the heavy accumulation of short positions and forced exits during the recent drop.

Historically, when price enters a deep liquidity vacuum below major clusters, markets often overshoot to the downside before staging a volatile rebound as liquidity above price becomes the next target.

Currently, clear liquidity voids sit above $3.2K, matching the major daily fair value gap. These areas tend to act as magnets during rapid corrections. With liquidity compressed below and large unfilled pockets above, ETH is approaching a pivotal zone. A temporary capitulation into the lower demand region cannot be ruled out, but this same motion has historically preceded strong recovery phases once exhausted sellers are cleared.

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Ripple’s XRP continues to show weakness amid broader market sell-offs. Despite several bounce attempts, both the USDT and BTC pairs are struggling below key resistance levels. Buyers have failed to reclaim momentum, and the price action remains confined within bearish structures.

XRP Price Technical Research
By Shayan

The USDT Pair
XRPUSDT broke down decisively from the descending channel structure and is now trading below the $2 key support level, which has now turned into a resistance zone. The recent move has been sharp, with the price falling toward the next major demand area around $1.75.

The RSI is also nearing oversold levels, currently around 30, which may suggest a short-term bounce. However, without reclaiming the $2 level, the structure remains bearish. If selling pressure continues, the next downside target lies near the $1.50 range.

The BTC Pair
Against Bitcoin, XRP is showing relative weakness as well. The price is struggling to hold above the 2,200 SAT mark and has failed to break through the confluence of the 100-day and 200-day moving averages, both acting as dynamic resistance near the 2,400 SAT zone, which is a major barrier to upside continuation itself.

The RSI on this pair is neutral around 46, signaling that the market still lacks momentum in either direction. A breakdown below the 2,000 SAT support level could trigger a further decline toward the 1,700 SAT zone and even deeper toward the critical 1,500 SAT area.

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About the author

Full-time on-chain Data Analyst and Python Programmer. Passionate about Bitcoin and DataVisualization.

Charles Hoskinson was full of praise for the Cardano network’s full recovery after an unexpected attack caused a temporary chain split. The project’s engineers swiftly resolved the situation.

Cardano Recovers After Chain Split
The Cardano (ADA) blockchain suffered a rare chain split, which was caused by a malformed delegation transaction that exploited a software flaw. 

According to an incident report from Cardano ecosystem’s governance organization Intersect, the attack started after the malformed transaction passed validation on newer node versions, but nodes running older software rejected it.

“This exploited a bug in an underlying software library that was not trapped by validation code,” Intersect said. “The execution of this transaction caused a divergence in the blockchain, effectively splitting the network into two distinct chains: one containing the ‘poisoned’ transaction and a ‘healthy’ chain without it.”

Developers and engineers coordinated an emergency response, and operators were urged to upgrade nodes to version 10.5.3, essentially converging the network back to a single chain.

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Earlier that day, Cardano co-founder Charles Hoskinson posted on X that it was a “premeditated attack from a disgruntled [stake pool operator]” who was “actively looking at ways to harm the brand and reputation of [Cardano developer Input/Output Global].”

According to Hoskinson, all Cardano users were impacted, and it will likely take weeks to clean up the mess. The FBI has been contacted to investigate the event as a potential cyberattack. 

“Cardano is a family, and sometimes we fight and sometimes we have bad days and good days. And it’s not lost on me how difficult 2025 has been for us all,” said Cardano founder Charles Hoskinson in a video message. “The network survived. It didn’t stop.”

Attacker Issues Public Apology
Shortly after the incident, an X user going by the name Homer J. admitted they were responsible for submitting the transaction that triggered the temporary split.

“Sorry Cardano folks, it was me who endangered the network with my careless action yesterday evening,” he opined, describing the attempt as a personal challenge to reproduce the “bad transaction,” and revealed he relied on AI-generated instructions while blocking traffic on his server.

“I’ve felt awful as soon as I realized the scale of what I’ve caused. I know there’s nothing I can do to make up for all the pain and stress I’ve caused over the past X hours,” Homer continued. “Difficult to quantify the negligence on my behalf. I am sorry, I truly am. I didn’t have evil intentions.”

Nonetheless, Hoskinson is not buying the apology, claiming the perpetrator is now trying to apologize after learning that the FBI is now involved.

Homer claims he did not sell or short ADA, did not work with anyone else, and did not act for financial gain. “I’m ashamed of my carelessness and take full responsibility for it and whatever consequences will follow,” he posited.

This weekend, after a week-long crypto rout that felt like a marathon with no water stations, the digital asset economy is limping in well under the $3 trillion mark at $2.87 trillion.

// News

Reading time: 2 min

Published: Nov 22, 2025 at 18:22

The selloff pushed Bitcoin's price down over 35% from its October peak and coincided with broad weakness across risk assets, including a slump in major stock indices.

The extended market correction intensified significantly in the days leading up to November 22nd, with Bitcoin (BTC) falling to its lowest point since April, briefly trading near $80,600 and effectively erasing all of its gains for 2025.

The great deleveraging and macro contagion

The total crypto market capitalization lost over $1.2 trillion in a six-week span, signaling a deep, painful deleveraging event.

Analysts pinpointed several macro factors driving the decline. Persistent uncertainty and the perceived hawkishness from the U.S. Federal Reserve regarding a December interest rate cut reduced liquidity and increased the cost of capital, forcing investors out of high-risk, momentum-driven assets like crypto.

Moreover, concerns over the valuation and stability of the Artificial Intelligence (AI) stock sector—which crypto has recently become highly correlated with—triggered a broader "risk-off" sentiment that hit leveraged crypto positions hardest.

Despite the dramatic price action and heavy outflows from public Bitcoin and Ethereum ETFs, on-chain data showed a defiant counter-narrative. Corporate treasury holders and long-term funds (DATCOs) remained steadfast, with some, like Strategy, continuing to publicly announce new BTC purchases, often funded through debt/equity offerings. This illustrates a profound dissonance between short-term macro-driven selling and the continued, long-term accumulation by institutional conviction holders.

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2025 has been a year of ups and downs for the cryptocurrency industry, with the performance of digital asset treasuries (DATs) a perfect example of this trend. While Bitcoin and Ethereum treasury firms like Strategy and BitMine seem to be weathering the recent storm, other companies have succumbed to the bursting bubble of DATs.

For instance, BitMine has disclosed its plans to become “the first large-cap cryptocurrency company to declare annual dividends.” This announcement came as the Ethereum treasury firm released its fiscal year results on Friday, November 21.

BitMine To Pay $0.01 Dividend Per BMNR Share
In a press release on Friday, the largest Ethereum treasury company, BitMine, reported a net income of $328 million—equal to $13.39 in fully diluted earnings per share (BMNR). The firm also shared its plan to become the first large-cap crypto company to pay dividends to its shareholders. 

The Ethereum treasury company intends to pay an annual dividend of $0.01 per BMNR share, as it looks to return some value to shareholders amid the weakening crypto market.  According to the press release, the payable date for the dividend is set at December 29, 2025, with BitMine’s next shareholder meeting to be held in January 2026.

BitMine’s Chairman, Tom Lee, said in the release:

BitMine continues to execute at the highest level. The company is well positioned in 2026 and we look forward to commencing ETH staking with our MAVAN, or Made in America Validator Network, in early calendar 2026.

The crypto treasury company explained its plans to launch the Made in America Validator Network (MAVAN) to stake its Ether holdings. After vetting several native staking providers, BitMine revealed that it has selected three initial pilot partners to test out their staking capabilities using a small portion of its ETH.

The BMNR stock is currently valued at around $26, reflecting an over 25% decline in the past week. Meanwhile, the share price is significantly away from its 2025 high of $135, reached shortly after Bitmine announced its Ethereum acquisition strategy.

The industry-wide struggles of these digital asset treasuries can be attributed to the pullback of the crypto market in the second half of the year, especially in the fourth quarter. While the price of Ethereum continues to show weakness, recently falling to around $2,650, BitMine’s chairman believes that a market recovery is inevitable.

BitMine Continues ETH Buying Spree
BitMine’s faith in the eventual recovery of the Ethereum price can be seen in its relentless acquisition strategy. As Bitcoinist reported, the firm purchased about 21,054 ETH (worth about $66.57 million) on Wednesday, November 19.

As of a Thursday report, the unrealized losses of BitMine’s Ethereum holdings were nearing $4 billion. Notably, the DAT company holds roughly 3.55 million ETH tokens—worth about $10 billion—acquired at an average cost of around $3,120.

The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from iStock, chart from TradingView

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Oracle did what every legacy tech giant dreams of. In September, it announced a $300 billion cloud deal wrapped around OpenAI, the hottest name in software, and watched its stock rip higher.

Two months later, the market gave its verdict. Oracle has shed more than $300 billion in market value, trading below its pre-AI announcement levels, while reports began calling it a “ChatGPT curse.”

Analysts are now treating the mega deal as a case study in what happens when AI promises outrun the cash flows that are supposed to support them.

At the same time, Cursor just raised $2.3 billion at a $29.3 billion valuation. The company crossed $1 billion in annualized revenue this year and more than tripled its valuation since June.

The coding tool vacuumed up venture capital on the promise that engineers would live inside an AI pair programmer that would write most of the code for them.

A private devtool startup and a public software incumbent are suddenly part of the same mental spreadsheet as most L1 tokens, and investors are now asking a slightly rude question.

When AI can hand a three-year-old startup a $29.3 billion price tag, does money still need crypto at all, or does crypto just get pulled into the same trade under a different ticker?

The AI money hoseA nice close look at the insane funding numbers explains this mood.

Global AI startup funding reached around $100 billion in 2024, roughly 80% more than in 2023 and close to a third of all venture capital that year. S&P Global puts generative AI funding at more than $56 billion in 2024, nearly double the prior year.

The Stanford AI Index tracks private investment in generative AI at $33.9 billion for 2024, more than eight times 2022. EY estimates that in just the first half of 2025, generative AI startups raised another $49.2 billion.

Crypto remembers what that looks like. In 2021, the hot trades were token issuance, DeFi yield, and metaverse equity. In 2024 and 2025, the center of gravity moved. The big checks went into training runs, data centers, and a small circle of foundation model labs. Barron’s counts roughly a third of global VC going into AI names like xAI, Databricks, Anthropic, and OpenAI.

On the public side, companies are raising giant debt piles to chase GPU capacity. Oracle is reportedly lining up around $38 billion of bonds to fund its cloud buildout. Nvidia’s data center revenue has reshaped entire equity indices. If you want exposure to “future cash flows from compute,” the highest beta now lives in AI infra and foundation models.

That does not mean liquidity vanished from crypto. It means marginal dollars are priced against a new benchmark. If a mid-size AI startup commands a $30 billion valuation and OpenAI can talk about trillion-dollar capex plans without being laughed out of the room, the bar for a $10 billion token with thin real-world usage gets higher.

AI tokens and the ASI experimentCrypto did the logical thing: it tried to package AI inside tokens. The flagship effort was the Artificial Superintelligence Alliance, a plan to merge SingularityNET, Fetch.ai, and Ocean Protocol into a single ASI token and brand the whole stack as decentralized AI. Fetch.ai’s merger blog set out a simple sales pitch in 2024. One treasury, one token, three projects that claimed to cover agents, data, and models.

This worked for a while. Billions of dollars worth of AGIX, FET, and OCEAN liquidity were pointed at the same narrative. Exchanges lined up spot and perpetual pairs for ASI. Retail holders got migration bridges and one token that mapped cleanly to “AI” on a watchlist. It looked like crypto had found a way to compress a messy sector into something that could live in a single line of a derivatives blotter.

Then Ocean walked.

In October, the Ocean Protocol Foundation announced its withdrawal from the alliance, asking to depeg OCEAN from ASI and relist it as a separate asset.

Ocean framed the exit as a matter of “voluntary association.” Fetch.ai has since launched legal action, with court filings tracing conversions of more than 660 million OCEAN to FET and alleging broken promises around the merger.

This little governance drama tells you something about the AI token trade. It’s chasing the same story as the private AI boom, just with more volatility and basically no revenue. When ASI traded well, everyone wanted in. When valuations cooled and community politics reemerged, the “alliance” reverted to being three cap tables with different agendas.

From a liquidity point of view, AI tokens feel less like a separate asset class and more like a way for existing money in crypto to shadow what is happening in private AI. Cursor’s latest round or Anthropic’s new funding from Amazon do not move ASI on a strict basis, but they set the emotional tone. Crypto traders watch equity deals and price their AI baskets accordingly.

From Bitcoin mines to AI model farmsThe clearest merger between AI and crypto sits in power contracts. Bitcoin miners spent a decade building data centers in cheap-energy regions, and AI hyperscalers are now paying up for the same megawatt base.

Bitfarms is the most explicit case. The company has announced plans to wind down Bitcoin mining entirely by 2027 and redeploy its infrastructure into AI and high-performance computing.

Its 18-megawatt facility in Washington state will be the first site converted, with racks designed for Nvidia GB300-class servers and liquid cooling capable of handling around 190 kilowatts per rack.

Bitfarms’ press release describes a fully funded $128 million agreement with a large US data center partner. Management claims that one AI facility could out-earn the company’s entire historical Bitcoin mining profits.

Bitfarms is not alone. Iris Energy rebranded as IREN and is shifting its hydro-powered sites into AI data centers, with Bernstein research pointing to billions in expected revenue from Microsoft-backed GPU deployments.

Hut 8 talks openly about being a power first platform that can point 1,530 megawatts of planned capacity to whatever workload pays best, with AI and HPC at the top of the list.

Core Scientific went far enough down this route that AI cloud provider CoreWeave agreed a $9 billion all-stock deal to buy it, aiming to lock up more than a gigawatt of data center power for Nvidia-heavy clusters, before shareholders pushed back.

The pattern is the same in each of these cases. Bitcoin mining gave these firms cheap power, grid connections, and sometimes hard-fought permits.

Then AI came along and offered a higher dollar per megawatt. For shareholders that have watched multiple halvings compress mining margins, routing energy into GPU stacks clearly looks like swapping a maturing carry trade for growth.

This is where the “AI is eating crypto liquidity” headline gets literal for Bitcoin. Every megawatt that moves from SHA-256 to GB300 or H200 is a unit of energy that no longer secures the network. Hash rate has continued to grow as new miners enter and older hardware is retired, but over time, a higher share of cheap power will be priced by AI’s willingness to pay.

When AI attacks the railsThere is one more junction between AI capital and crypto: security.

In November, Anthropic published a report on what it called the first large-scale espionage campaign orchestrated by an AI agent. A China-linked group jailbroke the company’s Claude Code product and used it to automate reconnaissance, exploit development, credential harvesting, and lateral movement across roughly 30 victim organizations.

Some of the attacks succeeded. Some failed because the model hallucinated fake credentials and stole documents that were already public. But the most alarming part was that most of the attack chain was driven by natural-language prompts rather than a room full of operators.

Crypto exchanges and custodians sit right in the middle of that blast radius. They already rely on AI inside trading surveillance, customer support, and fraud monitoring.

As more operations move into automated agents, the same tools that route orders or watch for money laundering will become targets. A dense concentration of keys and hot wallets makes them attractive to any group that can point a Claude-sized agent at a network map.

The regulatory response to that sort of event will not care whether the affected venue trades Nvidia equity, Bitcoin, or both. If a major AI-driven breach hits a big exchange, the policy conversation will treat AI and crypto as a single risk surface that sits on top of critical financial infrastructure.

The honest answer is that AI is doing something more interesting. It’s setting the price of risk for anything that touches compute.

Venture money that might once have chased L1s is now funding foundation models and AI infra. Public equity investors are weighing 30% drawdowns in Oracle against the chance that a $300 billion OpenAI cloud deal really does pay off.

Private markets are happy to value a devtool like Cursor on par with a mid-cap token network. Bitcoin miners are rebranding as data center operators and signing long-term contracts with hyperscalers. Token projects are trying to bolt “AI” onto their ticker because that is where the excitement sits.

Looking at this market from the depths of the crypto industry makes it look like a food chain where AI simply devours everything.

But alas, it’s always more nuanced and complicated than it looks. Over the past two years, AI has become the reference trade for future computing, and that trade drags Bitcoin infrastructure, AI tokens, and even exchange security into the same story.

So, liquidity is not leaving outright. It’s moving around, pricing everything else against the one sector that convinced markets to fund trillion-dollar capex plans on a promise and a demo.

Mentioned in this article

Constellation Brands' recent sell-off makes enough superficial short-term sense, but dismisses this company's longer-term potential.

It can be tough to get excited about buying a stock while it's down. It just feels wrong. There's obviously a reason other investors don't want it, even if that reason isn't obvious. And yet, veteran long-term investors know the best time to step into quality names is after a pullback. That quality will eventually be reflected in the stock's price.

Income investors looking for a bargain-priced dividend payer right now might want to add Constellation Brands (STZ +2.46%) to their watch list, if not their portfolio. It's now down more than 50% from its early 2024 peak. The sell-off has likely run its full course, however, and is finally ready to reverse.

What (and where) is Constellation Brands?
You may be more familiar with Constellation than you think. This is the parent company to Modelo and Corona beer, Kim Crawford and Ruffino wine, and Mi Campo and Casa Noble tequila just to name a few. The organization did $10.2 billion worth of business last fiscal year, up slightly from the prior year's top line.

Much has changed in the meantime, however. Namely, now fully removed from the misery of the COVID-19 pandemic and well into an environment of inflation-riddled economic malaise -- not to mention interest in a healthier lifestyle -- consumers are drinking less liquor, wine, and beer. Indeed, a recent Gallup poll indicates a record low of 54% of Americans now regularly drink alcoholic beverages, down from figures consistently above 60% since the late 1990s.

End result? Constellation's revenue is down 7% through the first half of the current fiscal year, dragging profits down by a similar degree. That's the core reason for the stock's sell-off, of course -- investors are panicking over the kind of results they're not accustomed to seeing from the company.

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As the old adage goes though, nothing lasts forever. The sellers also arguably overshot their target. The combination of these two factors makes Constellation Brands a very compelling pick right now, particularly while you can plug into its forward-looking dividend yield of 3.1%.

The bullish bigger picture is only seen when you take a step back
The market's current disinterest in Constellation Brands right now is understandable. Sales are down, and expected to remain disappointing through the latter half of the current year. Next year isn't looking a whole lot better, either.

True long-term investors, however, aren't necessarily interested in these relatively short time frames. They're looking at the much bigger longer-term picture, weighing the strength of a company's products, and judging the underlying company's ability to market them (and adapt as needed). Would-be shareholders are also thinking about the durability of a particular industry, or in this case, an industry's capacity to recover.

When framed in these terms, Constellation actually still looks pretty promising. Take, for example, the company's plans to make itself more relevant in the new cost-minded paradigm. Rather than continuing to devote time and resources addressing cash-strapped middle-income consumers, earlier this year Constellation decided to divest its value-priced wine brands so it could focus on higher-margin premium labels.

Image source: Getty Images.

And that's just wine. As CEO Bill Newlands commented of the sale, "This transaction reflects our multi-year strategy to reconfigure our business, resulting in a portfolio of higher-end wine and craft spirits brands that are aligned to evolving consumer preferences and help bolster our competitive position."

The strategy is the right one to embrace here, too, even if it results in near-term tepidness. While overall sales of alcohol are slipping here and abroad, at least in Constellation's core North American market, sales of premium and so-called super-premium beer, spirits, and wine are still slogging out measurable growth. Consumers may be drinking less, but they're drinking better when they do.

That's why the company itself expects per-share earnings growth in the mid single digits to low double digits next fiscal year to be followed by growth in the low single digits to mid single digits the year after that, once a handful of growth and cost-cutting initiatives are fully implemented.

Then there's the more philosophical reason to take a shot on Constellation Brands' stock while it's down. This is faith that all consumers' discretionary habits are cyclical. Demand for alcohol will eventually begin growing again, perhaps driven by strong economic growth that's sure to materialize sooner or later. It's not clear when it will happen. You just want to be positioned in quality companies whenever it does. Constellation offers this quality.

More than enough reason to dive in now
None of this is to suggest the stock is guaranteed to be on the cusp of an immediate, thrilling recovery. It could move even lower, or take years to really make meaningful forward progress. That's the time frame interested investors should be focused on here anyway -- not the recent revenue weakness that's at least partially rooted in the company's self-initiated overhaul.

Whatever the case, most of any near-term or long-term downside is arguably already wrung out, while any lingering risk is made easier to digest by its solid dividend yield of 3.1% that's only expected to cost the company on the order of 30% of its profits. That leaves plenty of wiggle room to continue paying it while also leaving the company with the cash it needs to invest in its own growth.

This might help: Although he's said little about it, Warren Buffett's Berkshire Hathaway established a position in this company late last year, and has added quite a bit to the holding in the meantime. It's not a huge stake (for Berkshire anyway) --only 13.4 million shares worth a little less than $2 billion. When the world's most famous stock picker buys anything, though, it's not a bad idea to at least consider following that lead and doing the same for yourself.

Build-A-Bear is the improbable tale of a beloved brick-and-mortar brand with staying power.

In this age of e-commerce, a brick-and-mortar retail chain making customized stuffed animals might sound like a business model that's barely hanging by a thread. But that couldn't be further from reality for Build-A-Bear Workshop (BBW +3.43%).

Build-A-Bear is flourishing, the business is growing, and long-term investors have enjoyed plush returns. Over the past five years, Build-A-Bear stock has outperformed the likes of Alphabet, Apple, Meta Platforms, Palantir, and Tesla by a wide margin, delivering a total return of 1,250%.

Data by YCharts.

Thinking of starting a position in Build-A-Bear? Here are three things you should know.

1. The first half of 2025 was the best in company history
Build-A-Bear just notched its most profitable second quarter and first half in company history. Revenue for the first half of fiscal 2025, which ended Aug. 2, hit an all-time high of $252.6 million, an 11.5% year-over-year increase. First-half pre-tax income jumped 31.5% to nearly $35 million, and diluted earnings per share (EPS) catapulted 44.5% to $2.11 -- both company records.

Build-A-Bear's first-half momentum prompted management to raise its full-year guidance for revenue, pre-tax income, and new store growth. This wasn't an outlier, either. Build-A-Bear has posted four consecutive years of record results, and management is expecting fiscal 2025 to be another record-setting year, assuming no dramatic shifts in tariff policy or the economy.

Image source: Getty Images.

2. Build-A-Bear is diversifying its business model
Expanding beyond its traditional retail model of corporately managed, mall-based stores has given Build-A-Bear multiple levers to accelerate revenue and earnings growth. For example, partner-operated stores like those at Great Wolf Lodge, Kalahari Resorts, and Girl Scouts Shops now comprise 25% of Build-A-Bear's total store count. These stores shift much of the capital expenditures burden to the operators and enable Build-A-Bear to generate higher-margin revenue through wholesale merchandise sales.

Commercial revenue -- primarily generated by wholesale distribution to partner-operated stores -- has increased at a 63% compound annual growth rate over the past five years. International franchise stores have become another growth lever, with revenue soaring 177% in that same period.

Build-A-Bear has been amping up its social media presence to drive digital sales. The brand now has more than 800,000 Instagram followers and 2.8 million Facebook followers. Online sales were down 12% last year, but they jumped 15% in Q2 2025.

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3. Build-A-Bear is cozying up to shareholders
Build-A-Bear's shift to a more capital-light retail model has increased free cash flow by 44% over the past four years, and the company seems to delight in returning cash to shareholders. In the first half of 2025, it repurchased $7.3 million worth of its common stock and paid $5.8 million in quarterly cash dividends. Build-A-Bear repurchased $31 million worth of its stock last year.

Build-A-Bear's small float -- 12.2 million shares based on the latest available data -- has made it a popular target for short sellers and meme stock enthusiasts. But don't let that distract you. This is a high-quality company with strong brand equity, improving margins, and consistent growth -- and it's trading at a modest forward price-to-earnings (P/E) ratio of 11.5. While the exponential gains from its penny stock days may be hard to replicate, I still think there's a decent bull case for Build-A-Bear Workshop.

Josh Cable has positions in Alphabet and Palantir Technologies. The Motley Fool has positions in and recommends Alphabet, Apple, Meta Platforms, Palantir Technologies, and Tesla. The Motley Fool recommends Build-A-Bear Workshop. The Motley Fool has a disclosure policy.

Revenue growth has been inconsistent at BigBear.ai.

BigBear.ai (BBAI 2.00%) is one of the most popular stocks among retail investors because of its low market price.

*Stock prices used were the afternoon prices of Nov. 19, 2025. The video was published on Nov. 21, 2025.

Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.

RADNOR, Pa., Nov. 22, 2025 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed against James Hardie Industries plc (“James Hardie”) (NYSE: JHX) on behalf of those who purchased or otherwise acquired James Hardie common stock between May 20, 2025, and August 18, 2025, inclusive (the “Class Period”). The lead plaintiff deadline is December 23, 2025.

CONTACT KESSLER TOPAZ MELTZER & CHECK, LLP:
If you suffered James Hardie losses, you may CLICK HERE or copy and paste the following link into your browser: https://www.ktmc.com/new-cases/james-hardie-industries-plc?utm_source=Globe&mktm=PR

You can also contact attorney Jonathan Naji, Esq. by calling (484) 270-1453 or by email at [email protected].

DEFENDANTS’ ALLEGED MISCONDUCT:
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) despite knowing by April and early May 2025 that its North America Fiber Cement distributors were destocking inventory, James Hardie falsely claimed demand remained strong and that stock levels were “normal”; (2) as a result, Defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Please CLICK HERE to view our video or copy and paste this link into your browser: https://youtube.com/shorts/Pw7hElBC1jE?feature=share

THE LEAD PLAINTIFF PROCESS:
James Hardie investors may, no later than December 23, 2025, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.  The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check, LLP encourages James Hardie investors who have suffered significant losses to contact the firm directly to acquire more information.

CLICK HERE TO SIGN UP FOR THE CASE OR GO TO: https://www.ktmc.com/new-cases/james-hardie-industries-plc?utm_source=Globe&mktm=PR

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
[email protected]

May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.

MSM Industrial Direct is a bellwether stock for the state of industry and manufacturing.

Philip Peller, director at MSC Industrial Direct Co. Inc. (MSM +5.50%), reported the acquisition of 6,666 Class A shares in a transaction dated Nov. 13, 2025, according to a SEC Form 4 filing.

Transaction summaryMetricValueShares traded6,666Transaction value$600,873Post-transaction shares9,537Post-transaction value (direct ownership)$855,087Transaction value based on SEC Form 4 reported price ($90.14); post-transaction value based on Nov. 13, 2025 market close ($89.50).

Key questionsWhat is the significance of the 6,666-share acquisition relative to prior trading?
This transaction is materially larger than any previous activity by Philip Peller, representing a 232% increase versus his pre-trade direct holdings and substantially exceeding the recent median trade size of 1,450 shares for his dispositions.How did the transaction price compare to the market range on the execution date?
The reported purchase price of $90.14 per share was near the session high, above the market open of $89.30 and the close of $89.66 on Nov. 13, 2025.What does the transaction imply about the direction of insider activity?
This filing marks a shift to net buying for the recent period, with Peller increasing his direct stake by 3,766 shares year-over-year, reversing a prior trend of net dispositions.How does the post-transaction ownership position compare to overall insider participation?
Following this acquisition, Peller's direct ownership still stands at a small fraction of outstanding shares, indicating a modest proportional stake relative to the company’s total float.Company overviewMetricValueRevenue (TTM)$3.8billionNet income (TTM)$199.3 millionDividend yield3.8%1-year price change4.9%* 1-year price change calculated using Nov. 13th, 2025 as the reference date.

Company snapshotMSM offers approximately 1.9 million SKUs across metalworking, maintenance, repair, and operations (MRO) products, safety and janitorial supplies, tools, and industrial equipment.The company generates revenue through product distribution, e-commerce, inventory management solutions, and a national branch and fulfillment network.It serves a diverse customer base including individual machine shops, Fortune 1000 manufacturers, government agencies, and businesses of all sizes in the U.S. Canada, Mexico, and the U.K.MSC Industrial Direct Co. Inc. is a leading distributor of metalworking and maintenance, repair, and operations products, operating a comprehensive network of branch offices and fulfillment centers. The company leverages a broad product offering and robust e-commerce capabilities to serve a wide range of industrial customers. Its scale, extensive inventory, and integrated solutions position it as a key supplier to both large enterprises and smaller manufacturers across North America and the U.K.

Foolish takeMSC Industrial Direct (MSM) is a large player in the industrial supply sector. Investors watch its performance closely as it can be an indicator of the broader health of North American industrial and manufacturing sectors due to its inside role in the supply chain.

Mr. Peller was MSM's lead director from December 2007 to October 2024. His long tenure at the company puts him in a good position to understand the business and its prospects.

This transaction represented more than tripling his direct ownership position. Notably, it didn't come after a downturn in the stock. MSM shares were recently up by about 18% year to date.

Investors can take this transaction as one small factor when assessing the health of U.S. industrial companies. On the surface it is reassuring to those looking for manufacturing growth to continue, or even accelerate.

GlossaryForm 4: A required SEC filing disclosing insider transactions in a company’s securities.
Insider activity: Buying or selling of a company’s shares by its executives, directors, or significant shareholders.
Direct ownership: Shares held personally by an individual, not through trusts or indirect accounts.
Disposition: The act of selling or otherwise transferring ownership of securities.
Outstanding shares: Total shares of a company’s stock currently held by all shareholders.
Float: The number of shares available for public trading, excluding restricted or insider-held shares.
SKU: Stock Keeping Unit; a unique identifier for each distinct product offered for sale.
Fulfillment center: A warehouse facility used to process, pack, and ship customer orders.
TTM: The 12-month period ending with the most recent quarterly report.

Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Our experts’ takes on what really drove the mid-week sell-off.
Was it all much ado about nothing?

On Wednesday after market close, I sat in a room with Eric Fry, Luke Lango, and Louis Navellier. Normally, when we are all together, the room is filled with talking (sometimes everyone is talking at the same time).

But on Wednesday, we were all looking at our phones and waiting for one thing.

Nvidia Inc.’s (NVDA) earnings report.

What is normally a routine event had suddenly become the most important data point of the year.

The market has been increasingly wobbly this week as sentiment has started to question whether the AI trade is over-extended.

Everyone in the room thought Nvidia’s earnings would at least be good, and maybe great. But we all wanted to hear the news.

As we were chatting, I checked my computer at 4:30 and there it was –  Nvidia’s earnings and guidance had exceeded Wall Street expectations. It felt like the market could let out a sigh, and the bull market could recommence.

The feeling of relief reminded me of the final days of 1999, when people stocked pantries with canned goods, unplugged their electronics, withdrew piles of cash, and braced for the Y2K apocalypse that never came.

For those too young to remember, the Y2K bug was a potential computer problem caused by a programming shortcut in which two digits were used to represent the year (e.g., “99” for 1999) to conserve memory.

As the year 2000 approached, some people predicted that computers would incorrectly interpret “00” as 1900 instead of 2000, potentially leading to failures in critical systems such as banking, utilities, and transportation. 

According to a report from a Senate Special Committee on the Year 2000 Technology Problem, the federal government spent approximately $8 billion to prepare for the potential disaster.

Then, at midnight on December 31, nothing happened. Quite literally … nothing.

Everything worked just fine. No planes fell out of the sky. The banks still had all your accounts available. The electricity stayed on.

The world blinked, realized everything still worked – and exhaled.

I was ready to make a comparison today in a piece about investor psychology.

Not so fast.

When are outstanding earnings not enough?
Both NVDA and the broader market seemed to feel the relief from the earnings announcement and started the day hot.

But the market turned mid-morning. The S&P finished the day down 1.5% with Nvidia down more than 3%.

Why the violent reaction?

It feels unwarranted – not only relative to Nvidia’s blowout earnings, but also to the outstanding earnings season that we have just completed.

According to FactSet, the blended net profit margin for the S&P 500 for Q3 2025 is 13.1%, which is above the previous quarter’s net profit margin, above the year-ago net profit margin, and above the 5-year average.

It’s the highest net profit margin in 15 years.

In any other year, a 13.1% net profit margin would have sent markets roaring higher. Instead, it barely bought the market two hours of relief. That disconnect is the story – and why investors felt blindsided

So, what’s going on? Let’s get the expert takes.

In a message to his Growth Investor readers, Louis blamed a constant barrage of attacks from short sellers criticizing circular financing. He flatly rejects their criticism.

The tech industry has always done this [type of financing]. So this is nothing new. And this is how companies maintain monopolies by making alliances and eliminating competition and all that good stuff.

Bloomberg reported on Thursday that NVIDIA’s receivables have risen 89% and are outpacing their sales growth of 62%. So, the fact that receivables are outpacing sales is insinuating that the people buying the Nvidia chips may not be able to afford them.

This is a bogus argument; it’s a receivable. Nvidia is not going to sell chips to people if they don’t get paid. And it’s the most bizarre argument.

So I think this is most unfortunate, but markets react. They don’t think.

Louis believes AI is entering a new growth phase where it won’t just improve productivity – it becomes the engine of productivity.

That’s the foundation of what he calls the Economic Singularity – a period when AI-driven output, innovation and infrastructure begin compounding together and reshaping our entire economy.

The biggest winners of the Economic Singularity won’t just be the obvious AI giants. They’ll be the companies building the essential systems, software and infrastructure behind the entire AI Revolution.

Click here to learn more.

Where there is smoke…?
Luke, our technology investing expert, agrees broadly with Louis’ take. He believes several factors are converging, causing the violent reaction.

Over the last few months, Big Tech has increasingly tapped debt markets to fund its AI expansion. That shift from cash-financing to partially debt-financing introduces risk — because you can default on debt, but you cannot default on cash.

Meanwhile, we’ve seen a series of funky-but-not-necessarily-bad financing dynamics crop up: circular financing loops between OpenAI, Nvidia, AMD, and Anthropic… Sam Altman floating the idea of U.S. government loan guarantees… Michael Burry ranting about GPU depreciation schedules… and now Nvidia’s earnings showing a >50% jump in accounts receivable.

None of this is inherently problematic. But all of it happening at once? It creates smoke — and the market reflexively searches for fire.

Luke reminded his Innovation Investor readers that most of the AI boom is still financed with cash. As for Nvidia, Luke believes the real headline is that the leading chip maker has just posted its first revenue growth acceleration since late 2023, with faster growth projected for the next quarter.

Luke is tracking a new facet of the AI wealth cycle that’s minting millionaires faster than any tech boom in history.

That’s why he recently traveled to Silicon Valley to unveil the “Hyperscale Revolution,” all about the digital-first companies using AI to scale without factories, inventory, or limits.

And he highlights one small, overlooked stock that could become the next Amazon… in a completely unexpected sector.

Watch his latest briefing and see how to position yourself.

If you’re looking for alternatives
For a contrary view, global macro investing expert Eric Fry was ready with a hard dose of market reality.

Nvidia’s numbers weren’t just good, they were fantastic! Revenue, profits, guidance… all exceeded what Wall Street had modeled.

What does it mean when perfect is no longer good enough?

In his Smart Money column, Eric argues that NVDA’s earnings didn’t silence the bearish narrative… they validated it. A market that can’t celebrate excellence is a market priced for perfection. And perfection is impossible to sustain — even for Nvidia.

In Eric’s view, investors aren’t wrong to believe in AI. They’re wrong to believe it can justify endlessly rising stock prices without interruption. Nvidia’s quarter didn’t end the doubt. It amplified it.

Here is Eric’s take for where investors should be looking instead.

While everyone obsesses over Nvidia and its AI chips, they’re missing the one component that makes everything work. Without it, even the most powerful AI chip is just expensive silicon.

At Fry’s Investment Report, I’ve been following a particular under-the-radar company that makes this vital component in AI data centers, allowing servers to communicate and learn from each other.

While Nvidia is up over 30% year-to-date, this company more than doubled that gain with a year-to-date climb of nearly 70%. And it’s currently up 110% since I recommended it to the paid members of Fry’s Investment Report.

You can click here to learn how to access Eric’s “Sell This, Buy That” recommendations.

During times of market turmoil, it’s essential to maintain a long-term perspective. Stocks have provided outstanding gains over the last century.

Market volatility isn’t a sign the bull market is over. It’s the price of admission.

Enjoy your weekend,

Luis Hernandez

Editor in Chief, InvestorPlace

In order to accelerate the construction of new power plants needed to provide energy for its data centers, Meta is looking to get into the business of trading electricity.

Bloomberg reports that both Meta and Microsoft are asking for federal approval to trade power (Apple has already received this approval). According to Meta, this will allow it to make long-term commitments to buy electricity from new plants, while mitigating the risk by having the ability to resell some of that power on wholesale power markets.

Meta’s head of global Urvi Parekh told Bloomberg that power plant developers “want to know that the consumers of power are willing to put skin in the game.”

“Without Meta taking a more active voice in the need to expand the amount of power that’s on the system, it’s not happening as quickly as we would like,” Parekh said.

As an example of the unprecedented energy needs underlying tech companies’ ambitious AI data center plans, Bloomberg notes that at least three new gas-powered plants will need to be built to power Meta’s Louisiana data center campus.

, /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) is currently investigating potential violations of the federal securities laws on behalf of investors of Varonis Systems, Inc. (NASDAQ: VRNS) ("Varonis").

On October 28, 2025, Varonis reported its financial results for the third quarter of 2025 and revealed revenue which missed consensus estimates, including a 63.9% decline in term license subscription revenues, year over year. Varonis also disclosed it was "reducing our full-year ARR guidance to account for the underperformance of [its] on-prem subscription business." Addressing the poor results, Varonis stated that the company's on-premises subscription business is a "drag on total company ARR growth," citing a number of factors which contributed to "lower renewal rate of on-prem subscription[s]," including "sales process issues."

On this news, Varonis' stock price fell $30.66 per share, or 48.67%, to close at $32.34 per share on October 29, 2025.

If you are a Varonis investor and would like to learn more about our investigation, please CLICK HERE to fill out our online form or contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or E-mail at [email protected]. You can also click on the following link or paste it in your browser: https://www.ktmc.com/varonis-systems-inc-investigation?utm_source=PR_Newswire&mktm=PR

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453
[email protected]

May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.

SOURCE Kessler Topaz Meltzer & Check, LLP