Market Signal Briefing

The Bank of Japan held rates steady while revising inflation and growth projections higher.

Cardano’s (ADA) current price may look tempting, especially as it sits deep in oversold territory, but cheap doesn’t always mean opportunity. When momentum is absent and structure remains weak, early buyers often find themselves stuck watching price drift sideways for weeks. For ADA, the real question isn’t how low it has gone; it’s whether it has the strength to escape.

Trapped In the Red Zone: Pressure, Not Opportunity Trend Rider, in a recent update shared on X, explained that ADA’s daily chart has been flashing signals that many traders interpret as a “perfect bottom.” With the price sitting at the lower end of the bands and deep in the red, the temptation to buy looks obvious. However, Rider cautioned that low prices alone are not a guarantee that a move higher is ready to begin.

According to the analysis using the Rider Algo, Cardano is currently pinned inside a dark red zone. While some see this area as a solid floor, Trend Rider views it as a zone of heavy pressure and exhaustion, where price often drifts sideways for extended periods, leaving traders stuck in unproductive consolidation.

ADA is still volatile | Source: Chart from Trend Rider on X Rider emphasized that trying to catch absolute bottoms rarely works out, often resulting in either catching a falling knife or watching capital remain stagnant while other assets show clearer momentum. As a result, Rider’s focus is not on buying at the lowest possible price, but on waiting for confirmation that strength is returning as the key is not support, but escape. 

Trend Rider expects Cardano to demonstrate the ability to climb out of the red zone with conviction. Specifically, the analyst is watching for a decisive breakout and a daily close above the $0.45 level. Until that happens, the bears still control the market structure. For now, Rider’s plan is to enter at a higher price with confirmed momentum than gamble on a “perfect bottom” and hope it holds. Currently, trading is about correct timing, not arriving first. 

Cardano Buyers Defend $0.33–$0.36 From Marcus Corvinus’s analysis, Cardano is currently reacting from a key demand zone between $0.33 and $0.36, an area where buyers have previously stepped in to defend the price. This zone is now under close watch as it could once again play a crucial role in determining the next move.

Corvinus noted that if the demand zone holds and bullish momentum begins to build, ADA could see a more sustained bounce, potentially opening the way toward the next major resistance level around $0.53. As things stand, this area is shaping up to be a decision point for the market. Continued buyer defense could help rebuild structure and gradually shift pressure back to the upside.

ADA trading at $0.36 on the 1D chart | Source: ADAUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com

Bitcoin price traded cautiously on Friday after the Bank of Japan kept its benchmark interest rate at 0.75%. 

Summary

The Bank of Japan kept its benchmark interest rate at 0.75% but future hikes are possible if inflation persists. Bitcoin traded slightly below $90,000, reflecting short-term calm but ongoing caution from yen-driven liquidity pressures. Technical indicators point to weakening momentum, making support near $89,500–$90,000 a key level to watch. Investors are balancing short-term relief against ongoing liquidity concerns linked to Japan’s policy decision.

The BOJ voted 8–1 on Jan. 23 to maintain its interest rate at the level set following its hike in December. This was the highest rate in about 30 years. 

Why the BOJ decision matters for Bitcoin Markets had largely expected the BOJ rate to hold steady, and the decision removed the risk of an immediate policy shock. Instead of moving sharply as it had after earlier rate hikes, Bitcoin’s (BTC) initial response reflected the calm, remaining slightly below $90,000.

The central bank’s statement wasn’t entirely neutral. The BOJ increased its inflation forecasts, allowing for additional rate hikes in the event that price pressures persist.

The shift in Japan’s stance away from extremely loose monetary policies over the last two years has significantly influenced global liquidity, a factor that carries considerable weight for cryptocurrency markets.

Following the BOJ’s interest rate increase in July 2024, Bitcoin fell roughly 26%, from $68,000 to $50,000 in the days that followed. A similar move in January 2025 resulted in a roughly 25% drop over a few weeks, from $74,000 to almost $55,000.

After the December 2025 hike to 0.75%, Bitcoin stayed relatively steady contrary to expectations. It hovered around $90,000, showing that traders had already priced in part of the move. 

The Bank of Japan’s decision to hold rates steady has removed the immediate shock of another hike, explaining why Bitcoin is moving sideways near $89,000-$90,000. Analysts say the cryptocurrency could stay near this range or pull back further unless buyers push it above $92,000–$94,000. 

Any meaningful gains will depend on investors taking on more risk or improvements in global economic conditions.

Bitcoin price technical analysis Bitcoin appears to be on unstable ground. The price has fallen below the 20-day moving average and is testing the 50-day average near $92,000, a level that has repeatedly capped recovery attempts over the past weeks. The overall trend suggests the market is still in a corrective phase.

Bitcoin daily chart. Credit: crypto.news As sellers intervened during the most recent bounce, the rally stalled between $97,000 and $98,000, creating a lower high. This rejection occurred in the upper Bollinger Band, which has often capped upward movements.

Momentum indicators show caution. The relative strength index has dropped to the mid-40s after reaching overbought levels earlier this month, suggesting falling demand as opposed to sideways consolidation.

Following a period of compression, volatility has begun to rise, making downward movements more likely.

Immediate support sits at $89,500–$90,000. That zone has held so far, but a daily close below $89,000 could lead to a deeper pullback toward $87,000–$88,000, near the lower Bollinger Band.

Peter Schiff has a new theory for why Bitcoin (BTC) is struggling to maintain its momentum in early 2026: Wall Street ruined it.

In a recent social media exchange, the odious gold bug has argued that the "institutionalization" of the cryptocurrency has effectively killed its value proposition. 

According to Schiff, the asset's best days occurred when it was a niche, contrarian bet.

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Now that it has been packaged into ETFs and sold to the masses, he claims it has become one of the "worst performing assets."

116% returns vs. "late" entrantsThe commentary was sparked by a back-and-forth on X (formerly Twitter) with one user challenging Schiff’s bearishness by pointing to the scoreboard.

"It’s literally up over 116% since the ETF launch in Jan 2024," Kavaljian noted.

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Schiff, however, dismissed the 116% figure as a "rear-view mirror" metric that masks the reality for the majority of current holders.

"Mostly just the first few months," Schiff retorted. "Most people who now own bought later. But gold and silver have way outperforming 116%."

Bitcoin vs. precious metals Bitcoin is currently trading near $92,000 (up roughly 116% from the ~$42,000 levels of Jan 2024), but it has faced stiff competition from "boomer rocks."

Silver has been on a parabolic run, recently breaking yet another all-time high. 

"Silver is above $98, trading at $98.35.  Amazing that it's less than $2 away from $100. It's up over 35% so far this year, and there's still over a week left in January!" Schiff said. 

Gold has consistently hit new all-time highs, and it is now inching closer to the $5,000 mark.  

"Since its peak in November 202,1 Bitcoin is now down over 50% priced in gold. Let that sink in," the gold bug noted. 

TLDR: Pi App Studio introduces no-code payment integration allowing non-technical creators to add cryptocurrency transactions. First 1,000 qualified survey respondents receive 5 Pi credits exclusively for App Studio app creation and customization. Ad-supported deployment enables non-migrated Pioneers to create apps without spending Pi cryptocurrency holdings. Payment feature currently supports single-session transactions with plans for persistent purchases in future updates. Pi Network has announced major updates to its App Studio platform for 2026, introducing simplified payment integration and new creator incentives. 

The blockchain project revealed plans for a community event offering Pi credits to early participants while expanding access to app development. 

These changes aim to lower technical barriers and increase utility creation across the Pi ecosystem through enhanced features and cost-free deployment options.

Pi App Studio is expanding app creation in 2026 with a new creator event and new features, including an easy, non-technical and interactive way to integrate Pi payments and cost-free route for app deployments.

For the event, Pioneers can complete a short survey, and the first…

— Pi Network (@PiCoreTeam) January 22, 2026

Payment Integration Streamlines App Monetization The App Studio now enables creators to integrate Pi payments without technical expertise or coding knowledge. 

This marks a departure from traditional blockchain app development, which typically requires specialized programming skills. 

The platform wraps complex payment systems into simple, interactive steps that non-technical users can follow. 

Creators can add Test-Pi payment interactions for in-app purchases and feature unlocks during active sessions.

The payment feature currently supports single-session transactions only. Users cannot maintain persistent purchases across different app sessions at this stage. 

According to the announcement, “Although this initial version does not yet support persistent purchases across sessions, meaning purchases won’t be saved if a user leaves and comes back, it establishes the foundation for richer app creation opportunities.” This foundation prepares creators for future Mainnet-enabled payment capabilities.

The update addresses a significant hurdle in blockchain app development, where payment integration normally demands considerable time and technical competence. 

Pi Core Team shared the announcement through their official account, noting the expansion includes “an easy, non-technical, and interactive way to integrate Pi payments and a cost-free route for app deployments.” The tweet emphasized how these updates support the creation of more useful App Studio applications.

App creators must use specific prompts mentioning “Pi payment” when customizing their applications with the platform’s AI tools. 

This approach democratizes blockchain app monetization beyond the developer community. The system enables creator monetization incentives and sustainable business models for App Studio applications.

Creator Event Offers Rewards and Expanded Access Pi Network launched a creator event, inviting Pioneers to complete a survey about their favorite App Studio applications. The first 1,000 qualified respondents will receive 5 Pi credits exclusively for App Studio use. 

The announcement explains that “since each AI-generated iteration and deployment onto servers in the App Studio costs Pi, this credit is meant to remove the friction of the costs of experimentation.” Spam responses will not qualify for the reward program.

The event seeks feedback to guide future improvements to App Studio features and development tools. 

Participants can access the survey through a banner displayed at the top of the App Studio interface. This initiative encourages experimentation among both experienced creators and newcomers to the platform.

The platform introduced ad-supported app creation as an alternative to Pi payments. Creators can now deploy app iterations by watching advertisements instead of spending cryptocurrency. 

This option becomes available when a creator’s App Studio balance drops below 0.25 Pi. The feature specifically targets non-migrated Pioneers and users who prefer not to spend their Pi holdings.

The documentation clarifies that “ad revenue generated by this feature does not cover the cost of app generation and deployment in the App Studio, including API costs and server costs.” 

The approach intentionally subsidizes app creation expenses to broaden platform accessibility while preventing spam and exploitation. This subsidy measure remains subject to future modifications based on economic sustainability. 

The combination of survey rewards, simplified payments, and ad-supported deployment creates multiple pathways for participation in the Pi app ecosystem.

The metric highlights weak risk-adjusted performance during periods of volatility, a feature of drawdowns that can persist for months.

The end of another week is here again, which means a new round of Bitcoin and Ether options contracts are expiring while spot markets have tanked this week.

Around 21,700 Bitcoin options contracts will expire on Friday, Jan. 23, with a notional value of roughly $1.8 billion. This event is slightly smaller than last week’s, as derivatives trading remains sluggish.

Crypto markets have lost around $200 billion since the start of the week, amid escalating trade wars, Japanese bond turmoil, and delays in US crypto legislation.

Bitcoin Options Expiry This week’s batch of Bitcoin options contracts has a put/call ratio of 0.75, meaning that there are more expiring calls (longs) than puts (shorts). Max pain is around $92,000, according to Coinglass, which is above current spot prices, so many will be out of the money on expiry.

Open interest (OI), or the value or number of Bitcoin options contracts yet to expire, remains highest at $100,000, which has $2 billion at this strike price on Deribit. There remains around $1.1 billion in OI at $85,000 and $90,000, as bearish bets mount.

Total BTC options OI across all exchanges has been climbing since the beginning of the year and is at $36 billion.

“Expiry positioning is tightly clustered around key strikes, keeping spot sensitive into the cut,” stated Deribit before adding:

“Geopolitics and trade policy uncertainty remain the macro backdrop, supporting hedging demand and keeping volume reactive.”

In addition to today’s batch of Bitcoin options, around 118,000 Ethereum contracts are also expiring, with a notional value of $346 million, max pain at $3,250, and a put/call ratio of 0.86. Total ETH options OI across all exchanges is around $8 billion.

You may also like: Trump Cancels Greenland Tariffs, Bitcoin Volatility Spikes Bitcoin Price Reclaims $90K After Trump Rules Out Using Force Over Greenland Bitcoin Lost $8K in 2 Days but Whales and Sharks Continue to Accumulate This brings the total notional value of crypto options expiries to around $2.1 billion.

Spot Market Outlook Total market capitalization is down 1% on the day, as all gains made so far this year were wiped out in this red week.

Bitcoin fell to an intraday low of $88,560 before recovering to reclaim $89,500 at the time of writing, but it failed to reach $90,000 over the past 24 hours, suggesting the sellers are strengthening.

Ether prices are also bearish, with a fall below $3,000 and no attempts to reclaim the psychological level over the past 12 hours. It currently trades at $2,950.

Altcoins were mostly in the red, shedding a further 2% to 3% on the day as fear and uncertainty persist.

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Both tech companies are funding massive AI buildouts and could see strong long-term returns from these investments. But one stock edges out the other in a head-to-head comparison.

Both Alphabet (GOOG +0.72%) (GOOGL +0.66%) and Meta Platforms (META +5.63%) sit near the center of two big investor debates: how quickly AI (artificial intelligence) spending is rising and which platforms can turn that spending into durable, profitable growth.

But which of these two stocks is a better buy today? This is a timely question, as social media specialist Meta is scheduled to report fourth-quarter results later this month, and online search giant Alphabet is scheduled to report its results in early February. Of course, there's no way to know how either stock will move when they report earnings, but it helps to have a good grasp on the businesses and their valuations headed into their reports.

Image source: Getty Images.

Ultimately, I believe the choice between the two comes down to whether Meta's lower valuation fully compensates investors for some of its disadvantages relative to Alphabet -- namely, its less diversified business.

Alphabet: The more diversified business Alphabet grew revenue 16% year over year in the third quarter of 2025 to $102.3 billion. Of course, the primary driver for Alphabet's overall top line remains its core ad-supported Google services, where search and YouTube ads each delivered double-digit growth in Q3.

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But what's powerful about Alphabet's business is that it boasts an important and fast-growing non-advertising component: Google Cloud. Alphabet's cloud computing revenue rose 34% year over year to about $15.2 billion in the quarter. This outpaced Google services growth of 14% year over year. Of course, Google services revenue for the quarter of $87.1 billion still towered over its Google Cloud business. But Google Cloud is now big enough to be a major part of the investment thesis. Of course, with this growth comes spending. In its third-quarter update, management raised its 2025 capital expenditures outlook to a range of $91 billion to $93 billion.

With such a robust business, Alphabet commands a premium valuation. Shares trade at a price-to-earnings ratio of 32 -- well over Meta's multiple of 27.

Meta: The faster-growing business Meta's latest quarter shows a simpler business model (almost entirely dependent on advertising revenue generated on its social media platforms), but also faster growth. Its third-quarter revenue rose 26% year over year to $51.2 billion. Additionally, the lifeblood of Meta's business -- users -- remained healthy. Meta's total daily active users across all of its apps rose 8% year over year to 3.54 billion.

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Meta also spelled out how it is producing that growth: ad impressions rose 14% year over year, while the average price per ad rose 10%. This was "largely driven by improved ad performance," which attracted greater demand for advertising, said Meta chief financial officer Susan Li during the company's third-quarter earnings call.

Of course, Meta is also spending heavily. Capital expenditures in Q3 were $19.4 billion, and management guided to full-year 2025 capital expenditures between $70 billion and $72 billion.

This is the better AI growth stock to buy right now Which stock is the better buy? I believe the answer boils down to two things: valuation and growth.

As of this writing, Meta trades at about 21 times forward earnings (analysts' consensus forecast for earnings over the next 12 months), while Alphabet trades closer to 29 times forward earnings.

Ultimately, Meta offers a better price for the growth investors are getting today. Yes, Alphabet boasts a more diversified business with a powerful Google Cloud unit, but Meta's overall business is growing much faster than Alphabet's.

Still, Alphabet is a great business and a solid stock, too. Its more diversified business -- plus Google Cloud's 34% growth rate -- can justify investors paying a higher multiple than they pay for a more ad-concentrated model. But the valuation gap between the two is simply too big to be able to recommend Alphabet over Meta.

Of course, there are risks for both companies. Both, for instance, are subject to regular regulatory scrutiny. And both companies are highly dependent on advertising revenue, which is, in turn, heavily reliant on the macroeconomic environment. Further, both tech companies are subject to potential disruption. Overall, though, I think Meta's cheaper valuation does a better job of pricing in the risks it faces.

An improving housing market could drive a turnaround in RH stock.

RH (RH +0.63%), like the rest of the home improvement and home furnishings sector, has struggled in recent years.

The stock formerly known as Restoration Hardware soared during the pandemic, but as mortgage rates and inflation spiked in the post-pandemic era, the business cooled off. Since then, President Trump's tariffs have put pressure on the business, and the company has moved nearly all of its production out of China.

As you can see from the chart below, the stock is still down 69% from its peak in 2021, and the rally in late 2024 faded after Trump's tariff regime came into a play.

Given those challenges, RH might seem like an odd pick for a stock that can 10x, but it has the components to get there if the housing market cooperates, as the stock has shown explosive potential in the past. In fact, even after the post-pandemic pullback, RH is still up more than 600% from its 2012 IPO and it was up more than 2,000% at one point, meaning it's already delivered 10x returns to early investors.

Keep reading to see why RH can get there again.

Image source: RH.

Growth in the face of adversity At a time when growth in the home furnishings sector has been essentially flat due to the sluggish housing market, RH is still delivering solid growth and profits. Revenue increased 9% to $884 million in its third quarter and it reported an adjusted operating margin of 11.6% despite pressure from tariffs and what the company called the worst housing market in nearly 50 years.

The company hasn't been sitting still either. It's launched its brand in Europe and is expanding across the continent with galleries, as it calls its lavish stores, in locales like Paris, London, and Milan, greatly increasing the company's addressable market. It's also dabbling in new lines of luxury business like hotels and restaurants, as well as charter plane and yacht rentals.

RH has a lot of ways to grow, and the housing market is starting to show signs of a recovery with mortgage rates easing. It wouldn't be surprising to see revenue growth return to better than 20% and its profit margin improve in a better macro environment.

Management is underrated RH CEO Gary Friedman might be considered eccentric, and his shareholder letters don't lack for hyperbole. However, he's proven his mettle over the history of RH and has also proven the doubters wrong before.

In 2016, RH pivoted to a membership model, charging customers an annual fee, now $200, that would get them a discount on merchandise. The move seemed to backfire at first, and the stock plunged. However, customers adjusted to it, and it proved to be a savvy move, locking customers into the brand and creating an incentive to shop there. As sales improved, the stock soared.

Friedman and his management team have also deployed share buybacks wisely, which is often a challenge for publicly traded companies. In 2017, the company repurchased roughly 50% of its shares outstanding when the stock was trading at a discount, and in 2023, it repurchased roughly a quarter of the shares outstanding with the stock down after the pandemic.

That should help set the company up for a recovery and boost earnings per share over the long term.

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The path to 10x RH currently has a market cap of $4.3 billion, meaning it would have to grow to roughly $43 billion to be a ten-bagger, or less with the help of share buybacks.

Even with a premium price-to-earnings ratio, the company would need to reach roughly $1 billion in net income from less than $4 billion in annual revenue currently to get there.

It will take time to get there, but RH could achieve $1 billion in net income on a base of $8 billion in revenue or less, as its luxury business model is built to generate high margins. Its generally accepted accounting principles (GAAP) profit margin approached 20% at one point, and it could get back there with the help of a healthy housing market.

It won't happen overnight, but keep an eye on RH over the next five to ten years. If the company can double its revenue and expand its profit margin back to the high teens, the path to a 10x return is there.

HONG KONG, Jan. 23, 2026 (GLOBE NEWSWIRE) -- CoinEx has been recognized by International Business Magazine with one of the highest honors in the cryptocurrency exchange sector, receiving the title “Best Global Cryptocurrency Exchange 2025.” The award is based on a comprehensive evaluation of platform stability, trading efficiency, liquidity performance, product reliability, and overall user experience, reflecting strong industry recognition of CoinEx’s long-term, steady development. Following its recognition in 2024, this marks CoinEx’s second consecutive win of the award, further underscoring its consistent performance and sustained commitment to excellence. The accolade comes as CoinEx marks its 8th anniversary, making the recognition particularly meaningful.

Founded in 2017, CoinEx has advanced its global presence through a low-profile, pragmatic operating approach, prioritizing infrastructure, security, and product reliability over short-term visibility. Today, the platform serves more than 10 million users across over 200 countries and regions, supporting 18 language markets and maintaining a stable global user and community base.

As part of the ViaBTC ecosystem, CoinEx is backed by mature blockchain infrastructure and strong technical capabilities. This foundation has enabled the platform to maintain system stability, enhance security architecture, and continue investing in long-term development across multiple market cycles.

According to International Business Magazine, CoinEx stands out for achieving a balance between ease of use and professional functionality. The platform offers a clear and intuitive interface for new users while providing advanced tools and features that meet the needs of experienced traders.

Shashank M, CEO of International Business Magazine, expressed his congratulations, stating:“CoinEx has stayed committed to delivering a user-centric, transparent, and sustainably growing platform for ten million users worldwide. CoinEx’s persistent efforts in strengthening user capabilities through education and professional support reinforce its role as an industry leader. These factors were critical in CoinEx being selected as the winner of this prestigious award.”

CoinEx currently supports 1,000+ digital assets and 1,500+ trading pairs, supported by consistent market liquidity. The platform operates on a high-performance matching engine and integrates layered security mechanisms, offline asset storage, and a dedicated user protection fund. CoinEx is also among the earlier exchanges to introduce Merkle Tree-based Proof of Reserves, publishing regular data to allow users to independently verify asset holdings and strengthen transparency.

Beyond core trading services, CoinEx continues to expand its ecosystem with products including strategic trading tools, staking, lending, P2P trading, payment services, and on-chain products. Its native token, CET, plays a central role within the ecosystem and is supported by a long-term buyback-and-burn mechanism designed to promote sustainable development.

Alongside its business operations, CoinEx extends its technological capabilities into social impact initiatives through CoinEx Charity. The organization has implemented projects across Asia, Africa, and other regions, focusing on digital education, connectivity, and community support. These initiatives are positioned as long-term commitments, reinforcing CoinEx’s role as a responsible participant in the global digital economy.

As CoinEx enters its ninth year, the platform views this award not as a conclusion, but as a milestone along an ongoing journey. Looking ahead, CoinEx will continue to focus on user-first principles, transparent operations, and sustainable growth, steadily enhancing its products and services while maintaining a long-term perspective in an evolving industry.

About CoinEx

Established in 2017, CoinEx is an award-winning cryptocurrency exchange designed with users in mind. Since its launch by the industry-leading mining pool ViaBTC, the platform has been one of the earliest crypto exchanges to release proof-of-reserves to protect 100% of user assets. CoinEx provides over 1400 coins, supported by professional-grade features and services, for its 10+ million users across 200+ countries and regions. CoinEx is also home to its native token, CET, incentivizing user activities while empowering its ecosystem.

To learn more about CoinEx, visit: Website | Twitter | Telegram | LinkedIn | Facebook | Instagram  | YouTube

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Constellation Energy has plummeted 14% in January so far.

Constellation Energy's (CEG 2.38%) stock is off to a rough start in January. As of market close on Jan. 16, the power company had dropped to $307. This is more than $100 below its 52-week high, which the stock reached in October 2025. Should investors purchase Constellation Energy while it's below $310? Let's dive in deeper.

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A volatile ride for investors This stock may have gotten ahead of itself toward the end of last year. The surge in Constellation Energy's price was mainly due to hype surrounding the artificial intelligence (AI) boom and its insatiable appetite for power. Investors got excited, and the price skyrocketed.

Image source: Getty Images.

The volatility of Constellation stock lately is akin to that of a tech company and unlike the steadiness of a traditional utility business. In the past year, the stock has swung wildly, ranging from a low of $161 to over $400. Income investors, who generally invest in utilities for stability, may not have bargained for this wild a ride.

Still, the stock's dividend has steadily increased each year for the past few years. In 2025, the annual dividend reached $1.55 per share. This is a modest yield of about 0.5%. I would anticipate the dividend will continue to increase so long as Constellation can capitalize on expanding power needs in the U.S., Canada, and the U.K., where it operates.

Constellation also just completed the acquisition of Calpine Corporation on Jan. 7. According to the company, this is expected to add about $2 billion of annual free cash flow. Over the long term, this should help the company satisfy income investors who want to see strong cash positions and low debt. Constellation, impressively, currently carries no debt on its balance sheet.

The company has a few other tailwinds in the form of electricity demand from AI and data centers, as well as broader electrification needs. AI leaders like Jensen Huang have given nuclear a nod as a necessary part of the AI revolution. This is great news for Constellation, which operates the largest U.S. nuclear fleet.

Constellation is still slightly expensive The forward price-to-earnings (P/E) ratio is high compared to other utility companies. The stock's forward P/E is 27 as of Jan. 20, whereas NextEra Energy stands at 21 and Vistra at a low 17. Constellation's earnings per share, though, are the highest of the group.

Constellation's stock is expensive relative to its broader energy peers and pays only a modest dividend at the moment. I still think the current price in the low $300s is too high to buy. If the stock continues to drop into the mid-$200s, it would warrant a second look.

Catie Hogan has positions in NextEra Energy. The Motley Fool has positions in and recommends Constellation Energy and NextEra Energy. The Motley Fool has a disclosure policy.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of HENKY either through stock ownership, options, or other derivatives. 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.

While this article may sound like financial advice, please observe that the author is not a CFA or in any way licensed to give financial advice. It may be structured as such, but it is not financial advice. Investors are required and expected to do their own due diligence and research prior to any investment. Short-term trading, options trading/investment and futures trading are potentially extremely risky investment styles. They generally are not appropriate for someone with limited capital, limited investment experience, or a lack of understanding for the necessary risk tolerance involved. I own the European/Scandinavian tickers (not the ADRs) of all European/Scandinavian companies listed in my articles. I own the Canadian tickers of all Canadian stocks I write about. Please note that investing in European/Non-US stocks comes with withholding tax risks specific to the company's domicile as well as your personal situation. Investors should always consult a tax professional as to the overall impact of dividend withholding taxes and ways to mitigate these.

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, /PRNewswire/ -- Truecaller today announces its preliminary and unaudited financial results for the fourth quarter of 2025. The reason for this is to follow up on the announcement made in mid-December where the company gave an estimate for the ad revenue development during the fourth quarter, and to be transparent about recent developments. The year-end report will be published as planned on Tuesday the 17th of February 2026 and will as usual be followed by a webcast.

Ad revenues are expected to amount to SEK 255.2 million (372) which is a decrease of 22% in constant currencies. Recurring revenues are expected to amount to 193.7 million (149.6) which is an increase of 51%, where Premium revenues are expected to amount to SEK 106.0 million (77.7) which is an increase of 53% in constant currencies compared to the same period in 2024. Revenues from Truecaller for Business are expected to amount to SEK 87.7 million (71.9), an increase of 48% in constant currencies compared to the same period in 2024. Total net sales for the fourth quarter 2025  is expected to amount to SEK 451 million (523) which is a decrease of 1% in constant currencies compared to the same period last year.

EBITDA is expected to amount to SEK 103 million (201) which is a decrease of approximately 34% in constant currencies. The preliminary EBITDA-margin is 22.8% (38.5%) and the EBITDA-margin excluding incentive costs is expected to be 35.4% (44.3%).

Average non-iOS MAU was 454.2 million in the fourth quarter which is an increase of 54.5 million users compared to the same period last year and a growth of 12.5 million users during the fourth quarter.

The preliminary quarterly numbers include items affecting comparability and certain items of a one-off nature. When adjusting for these items, which are described in more detail below, net sales decreased by 8%, EBITDA by 22%, ad revenues by 30% and recurring revenues grew by 46% in constant currencies. The gross margin excluding these items would have been 75.6% and the EBITDA-margin would have been approximately 30%.

SHORT COMMENT FROM THE CEO

"This preliminary update of the fourth quarter is in continuation with the update we gave to the market mid-December. While we continue to focus on our revamped ads strategy, more and more people as well as businesses continue to see significant value in using Truecaller in their daily lives. This is evident from our MAU growth numbers, and our recurring revenue growth numbers. 

The issue that we have with our largest demand partner is at status quo. We have been able to reduce the incidence of the algorithm change to minimal levels, but the issue isn't resolved as yet. We continue to work closely with the partner, constantly gaining insights into the issue and running tests to bring their revenues back to earlier levels and in parallel we are diligently working on executing on the long-term strategy on ads which includes reducing dependency on any specific partners or market, increasing focus on direct sales and reseller partnerships.

Given the challenges within ad monetization, we took multiple cost efficiency initiatives during the fourth quarter / early 2026, to continue to deliver solid profitability even in this period of transition. These initiatives had some impact during the fourth quarter but will gradually become more visible during the rest of 2026. We expect the annualised effect of the initiatives to be approximately SEK 90 million once the cost reductions have taken full effect.

Premium subscriptions continued to develop very well during the fourth quarter. The number of subscribers grew by approximately 39% and the conversion rate increased to 0.75% (0.62%). Growth continued to be strong on iOS, and on Android the subscriber growth during the fourth quarter was at an all-time high level.

Truecaller for Business continues to deliver solid growth in local currencies, with positive contributions from all three areas Verified Business, Business Messaging and risk products. Growth continues in both India and outside of India with the fastest growth being outside of India in regions like Latin America and the Middle East.

We will continue our transition away from a primarily ads-driven revenue model that has characterized the first phase in our monetization journey. We are now well into a second phase, with a more balanced distribution based on both consumer and enterprise products within fraud prevention and safe mobile communication. This is evident in our consistent focus and consistent growth in our recurring revenues.

Our cash flow generation and our cash position continues to be healthy and at year-end we had approximately 1bn SEK in cash and short-term interest bearing investments. This is equivalent to the level held in 25Q3 although larger buybacks during the quarter. The strong position continues to allow for flexibility in terms of capital allocation going forward as well."

Rishit Jhunjhunwala

CEO Truecaller

Preliminary results for October-December 2025 (Q4)

SEKm

Q4 2025

Q4 2024

Y/Y %

Y/Y % in constant currency

Ad revenues

255.2

372

-31 %

-22 %

Premium revenues

106.0

77.7

+36 %

+53 %

Truecaller for business revenues

87.7

71.9

+22 %

+48 %

Other net sales

2.0

1.2

+61 %

Net sales

450.9

522.8

-14 %

-1 %

Other revenues

11.5

5.7

+102 %

Total revenues

462.4

528.5

-13 %

Cost of goods sold

-129.7

-119.7

+8 %

Gross profit

321.2

403.0

-20 %

-8 %

Gross margin

71.2 %

77.1 %

Staff costs excl. incentives

-93.9

-89.9

+4 %

Incentive costs

-56.5

-30.3

+87 %

Other expenses

-79.3

-87.5

-9 %

EBITDA and margin

103 / 22.8%

201 /38.5%

-49 %

-34 %

EBITDA and margin excl. Incentive costs

159.5 /35.4%

231.4/44.3%

Profit after net financial items

93.8

202.6

-54 %

Net profit

60.4

150.4

-60 %

Average MAU, non-iOS, millions

454.2

399.7

+14 %

Average DAU, non-iOS, millions

393.3

341.4

+15 %

Items affecting comparability or items of a one-off nature

The preliminary results include an adjustment regarding commissions to some smaller advertising partners. Revenue from these advertising partners have previously been recorded net of commissions, but it has now become possible to quantify these commissions accurately, such that revenue can be recorded gross, with the commissions being recorded as cost of goods sold. This is in accordance with Truecaller's accounting principles, as stated in the annual report. The adjustment for the full year 2025 increases both ads revenue and costs of goods sold by approximately SEK 28 million. There is no impact on gross profit, EBITDA, or cash flow.

Within Truecaller for Business, revenues of a one-off character of approximately SEK 7 million was recorded in the fourth quarter. This was due to the reversal of deferred credit to a partner in 2024, and does not reflect the revenue development in 2025 or going forward.

As announced in December, the fourth quarter numbers include an additional cost of approximately SEK 30 million for incentive programs. This is due to the performance criteria for the incentive program LTIP 2022 being met for 2025, which increases the total cost of that program vs previous forecasts. Those previous forecasts were based on an assumption that the performance criteria may not be fully met. The total cost increase from the start of the program has to be recorded in 25Q4, negatively impacting EBITDA, but with no impact on cash flow. Going forward, the board of directors intends to focus on incentive structures with no or little impact on the company's income statement.

Financial overview of items affecting comparability

SEKm

Reported
numbers

Gross/Net
accounting ad partners

Revenue of
one-off character
Truecaller for
Business

Adjusted
incentive costs
LTIP 2022

Total effect

Adjusted
numbers Q4
2025

Ad revenues

255.2

-28

0

0

-28

227.2

Truecaller for Business revenue

87.7

0

-7

0

-7

80.7

Net sales

450.9

-28

-7

0

-35

415.9

Cost of goods sold

-129.7

+28

0

0

+28

-101.7

Gross profit

321.2

0

-7

0

-7

314.2

Incentive costs

-56.5

0

0

+30

+30

-26.5

EBITDA

103

0

-7

+30

+23

126

Cash flow impact

0

0

0

0

Gross margin

71.2 %

75.6 %

EBITDA-margin

22.8 %

30.3 %

Preliminary Nature of the Information

The financial information included in this press release is preliminary and unaudited. The final audited financial statements for 2025 are expected to be published on the 17th of February 2026. Differences between the preliminary figures and the final audited results may arise. The financial information included in this press release is preliminary and unaudited. The final audited financial statements for 2025 are expected to be published on the 17th of February 2026. Differences between the preliminary figures and the final audited results may arise.

For more information, please contact:
Andreas Frid, Head of IR & Communication
+46 705 29 08 00
[email protected]

This information is information that Truecaller is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-01-23 06:30 CET.

About Truecaller:

Truecaller (TRUE B) is the leading global platform for verifying contacts and blocking unwanted communication. We enable safe and relevant conversations between people and make it efficient for businesses to connect with consumers. Fraud and unwanted communication are endemic to digital economies. especially in emerging markets. We are on a mission to build trust in communication. Truecaller is an essential part of everyday communication for more than 450 million active users. Truecaller is listed on Nasdaq Stockholm since 8 October 2021. For more information please visit corporate.truecaller.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/truecaller-ab/r/truecaller-announces-preliminary-numbers-for-the-fourth-quarter-2025,c4296602

The following files are available for download:

SOURCE Truecaller AB

Sanofi's amlitelimab confirms its potential in atopic dermatitis

In the SHORE phase 3 study, amlitelimab in combination with topical therapies met all primary and key secondary endpoints at Week 24 with efficacy progressively increasing throughout the treatment period with some patients improving as early as Week 2In the COAST 2 phase 3 study, amlitelimab demonstrated statistically significant efficacy on vIGA-AD 0/1, the primary endpoint as assessed for the US and US reference countries, and confirmed COAST 1 potential for Q12W dosing from the start; amlitelimab did not achieve statistical significance for the co-primary endpoints as assessed for the EU and EU reference countriesBased on the totality of data, Sanofi will move forward with global regulatory submissions for amlitelimabA preliminary analysis of the ATLANTIS phase 2 study showed continued and progressive improvements with no evidence of plateau through Week 52, demonstrating the potential of OX40-ligand as an important new mechanism in AD Paris, January 23, 2026. Following the positive COAST 1 (clinical study identifier: NCT06130566) results in September 2025, two additional global phase 3 studies – SHORE (clinical study identifier: NCT06224348) and COAST 2 (clinical study identifier: NCT06181435) – of amlitelimab, a fully human non-T cell depleting monoclonal antibody that selectively targets OX40-ligand (OX40L), today delivered a robust body of evidence that supports amlitelimab’s potential in the treatment of patients 12 years and older with moderate-to-severe atopic dermatitis (AD). In these two phase 3 studies amlitelimab was well-tolerated and the safety profile was consistent with previously reported data.

"Importantly, these results validate amlitelimab’s novel mechanism of action to block OX40-ligand without T-cell depletion and its promise to normalize the immune system over time," said Houman Ashrafian, Executive Vice President, Head of Research & Development at Sanofi. "The totality of data seen to date reinforce our confidence in amlitelimab’s potential to deliver both Q12W dosing from the start and progressive efficacy through Week 52. We look forward to sharing additional results, including longer-term data, as we move toward global regulatory submissions.”

For both SHORE and COAST 2 phase 3 studies, key endpoints were measured at Week 24 in patients aged 12 years and older with moderate-to-severe AD who received amlitelimab either every four weeks (Q4W) or every 12 weeks (Q12W). For US and US reference countries, the single primary endpoint was the proportion of patients with a validated investigator global assessment scale for AD (vIGA-AD) of 0 (clear) or 1 (almost clear) and a reduction from baseline score of ≥2 points, analyzed using non-responder imputation (US estimand). For the EU, EU reference countries and Japan, the co-primary endpoints comprised the proportion of patients with vIGA-AD 0/1 and a reduction from baseline score of ≥2 points along with the proportion of patients reaching a 75% or greater improvement in the eczema area and severity index total score (EASI-75), both analyzed using treatment policy (EU estimand).

SHORE study
In the SHORE study, amlitelimab, dosed either Q4W or Q12W in conjunction with medium-potency background topical corticosteroids (TCS) with or without topical calcineurin inhibitors (TCI), met all primary and key secondary endpoints compared to placebo plus TCS with or without TCI at Week 24, across both US and EU estimands.

SHORE primary endpointsKey endpoints
Proportion of patientsNon-responder imputation*+
(US estimand)Treatment policy**+
(EU estimand) Q4WQ12WPlaceboQ4WQ12WPlacebovIGA-AD 0/128.7%
p-value (p)
p≤0.0132.3%
p ≤0.0116.8%29.9%
p≤0.0132.9%
p≤0.0116.8%EASI-7548.1%
p≤0.0146.8%
p≤0.02532.3%50.9%
p≤0.00148.1%
p≤0.02534.2% * Non-responder imputation (NRI): patients with rescue or prohibited medication use before Week 24 or with missing efficacy assessments at Week 24 are classified as non-responders.
** Treatment policy: all data are included regardless of rescue medication use prior to Week 24. Patients with prohibited medication use before Week 24 or with missing efficacy assessments at Week 24 are classified as non-responders.
+ Statistical analyses followed a pre‑specified hierarchical testing procedure to control for multiplicity. For the pre-specified endpoints across the two doses, the statistical significance level was adjusted (alpha‑split) to two-sided p<0.025.

COAST 2 study
In the COAST 2 study, amlitelimab monotherapy dosed either Q4W or Q12W met the primary endpoint of the proportion of patients achieving vIGA-AD 0/1 and a reduction from baseline score of ≥2 points compared to placebo at Week 24, as assessed for the US and US reference countries. The key secondary endpoint of the proportion of patients who achieved vIGA-AD 0/1 with barely perceptible erythema (BPE), as assessed for the US and US reference countries, did not achieve statistical significance. For the EU and EU reference countries, amlitelimab dosed either Q4W or Q12W did not achieve statistical significance for the co-primary endpoints of proportion of patients achieving vIGA-AD 0/1 and EASI-75 compared to placebo. Therefore, in accordance with hierarchical statistical testing procedures, p-values presented below for additional secondary endpoints reflect nominal significance without adjustment for multiplicity.

COAST 2 primary endpointsKey endpoints
Proportion of patientsNon-responder imputation*+
(US estimand)Treatment policy**+
(EU estimand) Q4WQ12WPlaceboQ4WQ12WPlacebovIGA-AD 0/125.3%
p≤0.02525.7%
p≤0.02514.8%28.8%
p=0.03127.7%
p=0.06818.8%EASI-7541.8%
p≤0.001***40.5%
p≤0.01***24.2%49.7%
p≤0.001***45.9%
p≤0.01***30.2% * Non-responder imputation (NRI): patients with rescue or prohibited medication use before Week 24 or with missing efficacy assessments at Week 24 are classified as non-responders.
** Treatment policy: all data are included regardless of rescue medication use prior to Week 24. Patients with prohibited medication use before Week 24 or with missing efficacy assessments at Week 24 are classified as non-responders.
+ Statistical analyses followed a pre‑specified hierarchical testing procedure to control for multiplicity. For the pre-specified endpoints across the two doses, the statistical significance level was adjusted (alpha‑split) to two-sided p < 0.025. Nominal p-values <0.05 are also reported.
*** P-values are nominal without multiplicity adjustment.

The most common treatment-emergent adverse events (TEAEs) in SHORE (≥5% in any dose arm; pooled amlitelimab vs. placebo) were nasopharyngitis (9.5% vs 12.5%), upper respiratory tract infection (7.9% vs 4.4%), dermatitis atopic (2.7% vs 5.6%). Overall, rates of TEAEs, serious adverse events, and TEAEs resulting in treatment discontinuation were similar in the pooled amlitelimab arms and placebo arm.

The most common TEAEs in COAST 2 (≥5% in any dose arm; pooled amlitelimab vs. placebo) were nasopharyngitis (5.9% vs 7.4%), upper respiratory tract infection (4.8% vs 4.0%), dermatitis atopic (5.3% vs 2.7%). Overall, rates of TEAEs, serious adverse events, and TEAEs resulting in treatment discontinuation were similar in the pooled amlitelimab and placebo arms.

Preliminary analysis from ATLANTIS phase 2 open-label study
In addition, a preliminary analysis of the ongoing, open-label ATLANTIS phase 2 study (clinical study identifier: NCT05769777) indicated that amlitelimab dosed Q4W progressively improved skin clearance and disease severity beyond Week 24 to Week 52 in 591 patients aged 12 years and older with moderate-to-severe AD. In this preliminary analysis, amlitelimab was well-tolerated through Week 52.

ATLANTIS preliminary analysisKey endpointsProportion of patients Week 24Week 52vIGA-AD 0/1 
35.4%50.3%EASI-7562.9%76.5% Patients with missing data are classified as non-responders. Concomitant use of TCS with or without TCI is allowed as needed2. Short-term (<4 weeks) oral corticosteroids rescue therapy is permitted.

The most common TEAEs in this preliminary analysis of ATLANTIS (≥5%) were nasopharyngitis (19.1%), headache (10.3%), influenza (9.1%), dermatitis atopic (8.6%), upper respiratory tract infection (7.2%) and accidental overdose (5.1%, due to dose scheduling). Serious TEAEs and TEAEs resulting in treatment discontinuation at Week 52 were low, 4.7% and 2.9% respectively. In addition, an event of Kaposi’s sarcoma, determined to be cutaneous, was reported in a patient with known risk factors. The patient stopped amlitelimab and is in the recovery phase.

Results for COAST 1, COAST 2, SHORE, and this preliminary analysis of ATLANTIS will be presented at forthcoming medical congresses.

Two additional phase 3 studies, AQUA (clinical study identifier: NCT06241118) and ESTUARY (clinical study identifier: NCT06407934) are anticipated to report results in H2 2026. Global regulatory submissions are planned for H2 2026, unchanged.

Amlitelimab is currently in clinical development, and its safety and efficacy have not been evaluated by any regulatory authority.

About the SHORE study
SHORE was a randomized, double-blind, placebo-controlled, parallel-group, 3-arm, multinational, multicenter phase 3 study to evaluate the efficacy and safety of amlitelimab in combination TCS with or without TCI in 596 participants aged 12 years and older with moderate-to-severe AD. Key objectives include measuring the efficacy and safety of amlitelimab compared to placebo at Week 24 when used in combination with TCS/TCI. In the study, amlitelimab was administered at a dose of 250 mg (125 mg for those with body weight <40 kg) on either a Q4W or Q12W schedule following a loading dose of 500 mg (250 mg for those with body weight <40 kg). Patients were given medium-potency TCS/TCI, applied up to twice daily to treat active lesions, and were instructed to reduce the dose to three times weekly or discontinue use based on lesion control or clearance. The study included sites across the North America, EU, Argentina, Chile, Brazil, Turkey, Canada, China, and Japan.

About the COAST 2 study
COAST 2 was a randomized, double-blind, placebo-controlled, parallel-group, 3-arm, global, multicenter phase 3 study to evaluate the efficacy and safety of amlitelimab monotherapy in 547 adults and adolescents aged 12 years and older with moderate-to-severe AD. Key objectives included measuring the efficacy and safety of amlitelimab compared to placebo at Week 24. In the study, amlitelimab was administered at a dose of 250 mg (125 mg for those with body weight <40 kg) on either a Q4W or Q12W schedule following a loading dose of 500 mg (250 mg for those with body weight <40 kg). The study included sites across the US, EU, United Kingdom, Argentina, Chile, Mexico, South Africa, Turkey, China, and Japan.

About the ATLANTIS study
ATLANTIS is a phase 2 global, single-arm, open-label, long-term safety study of amlitelimab for the treatment of patients 12 years or older with moderate to severe atopic dermatitis (AD) with a duration of up to 268 weeks. In the study, patients received weight-based amlitelimab Q4W (250 mg [125 mg for those with body weight <40 kg] following a loading dose of 500 mg [250 mg for those with body weight <40 kg]). The primary outcome measures of the ATLANTIS study are the percentage of participants who experienced TEAEs and TESAEs from baseline. Efficacy outcome measures included the proportion of patients with a vIGA-AD 0/1 and the proportion of participants achieving EASI-75. The study has enrolled 963 patients to date and includes sites across North America, Latin America, EU, United Kingdom, Turkey, South Africa, India, Australia, South Korea, Taiwan, China, and Japan.

About amlitelimab
Amlitelimab (SAR445229, KY1005) is a fully human, non-T cell depleting monoclonal antibody that blocks the OX40L, a key immune regulator. With its novel mechanism of action, amlitelimab selectively blocks OX40L signaling during the inflammatory prequel, the initiating phase of an overactive immune system, to potentially normalize T-cell-mediated inflammation without T-cell depletion.

About Sanofi
Sanofi is an R&D driven, AI-powered biopharma company committed to improving people’s lives and delivering compelling growth. We apply our deep understanding of the immune system to invent medicines and vaccines that treat and protect millions of people around the world, with an innovative pipeline that could benefit millions more. Our team is guided by one purpose: we chase the miracles of science to improve people’s lives; this inspires us to drive progress and deliver positive impact for our people and the communities we serve, by addressing the most urgent healthcare, environmental, and societal challenges of our time.
Sanofi is listed on EURONEXT: SAN and NASDAQ: SNY

Media Relations
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Investor Relations
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Sanofi forward-looking statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions, and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans” and similar expressions. Although Sanofi’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Sanofi, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, the uncertainties inherent in research and development, future clinical data and analysis, including post marketing, decisions by regulatory authorities, such as the FDA or the EMA, regarding whether and when to approve any drug, device or biological application that may be filed for any such product candidates as well as their decisions regarding labelling and other matters that could affect the availability or commercial potential of such product candidates, the fact that product candidates if approved may not be commercially successful, the future approval and commercial success of therapeutic alternatives, Sanofi’s ability to benefit from external growth opportunities, to complete related transactions and/or obtain regulatory clearances, risks associated with intellectual property and any related pending or future litigation and the ultimate outcome of such litigation, trends in exchange rates and prevailing interest rates, volatile economic and market conditions, cost containment initiatives and subsequent changes thereto, and the impact that global crises may have on us, our customers, suppliers, vendors, and other business partners, and the financial condition of any one of them, as well as on our employees and on the global economy as a whole. The risks and uncertainties also include the uncertainties discussed or identified in the public filings with the SEC and the AMF made by Sanofi, including those listed under “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in Sanofi’s annual report on Form 20-F for the year ended December 31, 2024. Other than as required by applicable law, Sanofi does not undertake any obligation to update or revise any forward-looking information or statements.

All trademarks mentioned in this press release are the property of the Sanofi group.

Press_Release

Analyst’s Disclosure: I/we have a beneficial long position in the shares of GOOS either through stock ownership, options, or other derivatives. 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.

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Apple's lack of growth will allow others to catch up.

Apple (AAPL +0.24%) is the world's third-largest company, valued at $3.6 trillion. However, I think the next five years could see some other companies take over its high spot on the list, especially if it doesn't start growing at a faster rate. The four stocks I believe can pass Apple over the next five years are Microsoft (MSFT +1.53%), Amazon (AMZN +1.25%), Taiwan Semiconductor (TSM +0.32%), and Broadcom (AVGO 1.10%).

These stocks fall into two primary categories: big tech and chip makers. All four can pass Apple over the next four years, and I think they make for a far better investment than Apple.

Image source: Getty Images.

What's wrong with Apple? First, we need to tackle why Apple won't be a good investment in 2026 and beyond. It really boils down to one thing: When's the last time Apple launched something new or innovative that actually caught on? It has been a long time, and Apple is surviving on past performance rather than new business. This could open it up to losing market share to more innovative competitors. Apple's revenue is growing, but at a slower-than-market pace (10% year over year).

AAPL Revenue (Quarterly YoY Growth) data by YCharts.

Thanks to its aggressive stock buyback program, Apple delivers about 10% diluted earnings per share (EPS) growth each quarter, so that's the bar these companies will have to go up against to see if they can outperform Apple.

Microsoft and Amazon are within striking distance Microsoft has a $3.4 trillion market cap, and Amazon has a $2.5 trillion one. So, it won't take much for each company to rise past Apple, especially as it's growing slowly.

Microsoft has capitalized on the massive generative AI spending spree thanks to its cloud computing service, Azure. Azure has become a strong option to build AI applications on, as it offers several different generative AI models to choose from, including OpenAI's ChatGPT. Microsoft has a 27% ownership stake in OpenAI, so it will also benefit when it eventually goes public. Microsoft has consistently delivered mid- to high-double-digit EPS growth over the past few years, and this will easily be enough to propel Microsoft past Apple over the next five years.

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Amazon has a bit more work to do, but it's also growing at an incredibly fast pace. Revenue growth is the wrong way to assess Amazon's stock, as retail sales account for the majority of revenue, yet have poor margins. What investors should be focused on is how quickly its operating income is growing.

AMZN Operating Income (Quarterly YoY Growth) data by YCharts.

Although it slowed down in the third quarter, it should stay elevated as higher-margin divisions within Amazon are growing rapidly. This will allow Amazon's earnings to grow at a rapid pace and surpass Apple within five years.

AI spending is driving Broadcom and Taiwan Semiconductor higher Broadcom and Taiwan Semiconductor have a long road ahead of them. They are each less than half the size of Apple, so they essentially need to triple over the next five years to surpass Apple. That's a tall task, but given how much is expected to be spent on artificial intelligence (AI) computing, these two can do it.

Taiwan Semiconductor believes it will grow its revenue at a 25% compounded annual growth rate (CAGR) through 2029. If we extend that growth rate a few years, which is possible if AI demand proves to be insatiable, that indicates its revenue could triple over the next five years. It won't be easy, but if it does, TSMC can be a larger company than Apple five years later.

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Broadcom is in an even better space, as its custom AI accelerator chips are rapidly rising in popularity. For Q1, they expect 100% year-over-year growth for its custom AI chips, and that strength isn't expected to slow down anytime soon. Longer term, companies like Nvidia (NVDA +0.74%) have given projections that global data center capital expenditures (capex) will reach $3 trillion to $4 trillion by 2030, up from $600 billion in 2025. At the low end, that's a 38% CAGR.

We've already established that TSMC's 25% CAGR would be enough to surpass Apple, so if Broadcom can grow at the same rate as data center capex, it will easily surpass Apple over the next five years.

Keithen Drury has positions in Amazon, Broadcom, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has positions in and recommends Amazon, Apple, Microsoft, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool recommends Broadcom and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

The sector looks overvalued, and retail investors have pumped prices higher.

2025 will go down as the year quantum computing stocks went mainstream.

The sector was virtually unheard of through much of 2024, but a milestone achievement by Google with its Willow quantum chip in December of that year set off a gold rush into the futuristic technology.

While Alphabet (GOOG +0.72%) (GOOGL +0.65%) didn't move much on the news, pure-play quantum computing stocks like IonQ (IONQ +2.07%), D-Wave Quantum (QBTS +5.34%), Rigetti Computing (RGTI +5.45%), and Quantum Computing Inc. (QUBT +3.09%) all soared in the aftermath of Google's update. The chart below shows the impact of that event and how the stocks have done since then.

IONQ data by YCharts

Through 2025, those stocks continued to attract attention and mostly soared after a pullback at the beginning of the year as some investors speculated that quantum computing could be the next big technology to go mainstream after artificial intelligence.

Quantum computing stocks are one of several speculative emerging technology sectors that have soared in the wake of the AI boom, even though they are only making nominal revenue. Those include electric vertical takeoff and landing (eVTOL) stocks like Archer Aviation and Joby Aviation, and small modular reactor nuclear energy stocks like Oklo and NuScale Power.

The speculative bets and sky-high valuations fueled by AI enthusiasm for the emerging technologies have the feel of a bubble, and offer one reason to avoid quantum computing stocks. However, there's a better and simpler reason, which is that most investors buying quantum computing stocks have little to no understanding of the highly complex technology.

Image source: Getty Images.

What is quantum computing? Quantum computing is based on the principles of quantum mechanics and uses quantum bits, or qubits, which can be formed in several ways, including by manipulating atoms or using extremely low temperatures.

Quantum computers are capable of solving problems much faster than classical computers, and the technology has the potential to lead to new discoveries in areas like pharmaceuticals and engineering. However, it's unclear how long it will take quantum computers to build the scale to be truly disruptive, if that happens.

Retail investors love quantum computing stocks It's easy to see why quantum computing stocks would appeal to retail or novice investors, and, in fact, they have at times behaved like meme stocks.

First, as you can see from the chart above, these stocks have already delivered eye-popping gains to anyone who owned them before Google's Willow announcement. That makes it easier to believe they will do so again.

Second, there are big promises and expectations around the technology over the longer term. For example, McKinsey said that by 2035, quantum computing could add $1.3 trillion in value to a group of industries (automotive, chemicals, financial services, and life sciences) poised to benefit from the technology.

Third, it's an appealing story, and it fits in the mold of AI, a disruptive technology that investors are currently watching unfold.

Quantum computing stocks have gotten popular enough with retail investors that two of them, D-Wave Quantum and Rigetti Computing, are now among Robinhood's top 100 most popular stocks, or the hundred most owned among its investor base, which skews toward millennials and Gen Z.

Retail interest isn't a bad thing on its own, but there's not much else propping up the valuations of these stocks, as their revenue is still minimal, and big tech companies like Google and Microsoft seem to have made more meaningful developments in quantum.

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Why retail interest looks like a red flag Stocks can go up whether or not you understand the business model or technology, but typically, the share price reflects a reasonable understanding of the business. Biotech stocks, for example, can be difficult for an untrained investor to understand, but the sector doesn't typically draw herds of newbie investors looking for the next blockbuster growth stock, meaning the price of biotech stocks is more likely to reflect the best understanding of scientists and trained investors who can evaluate the potential of these companies.

Scott Aaronson, a professor of computer science who is considered by some to be an expert on quantum computing and blogs frequently on the subject, has mostly dismissed the batch of quantum computing stocks above, saying the stock gains from IonQ and its peers are driven more by successful marketing than technological advances. Aaronson also claims that privately held Quantinuum, a direct competitor to IonQ, is well ahead of IonQ in its hardware development.

Aaronson's opinion may not be reflected in the stock of IonQ, but it's much more valuable than that of the meme stock investors who have piled into the stock.

Quantum stocks could remain fashionable among the growth stock investors that populate platforms like Robinhood, but speculation and FOMO, especially for a stock that's already been significantly inflated, is a poor reason to invest.

I'm much more comfortable waiting on the sidelines as the quantum computing fervor runs its course. The technology may eventually be disruptive, but based on recent results from these stocks, we're still years from anything close to that happening.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of OWL either through stock ownership, options, or other derivatives. 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.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of META, GOOGL either through stock ownership, options, or other derivatives. 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.

Jessie A Ellis Jan 23, 2026 05:06

LINK Price Prediction Summary • Short-term target (1 week) : $14.50-$15.00 • Medium-term forecast (1 month) : $15.50-$16.50 range • Bullish breakout level : $14.52 • Critical support...

LINK Price Prediction Summary • Short-term target (1 week): $14.50-$15.00 • Medium-term forecast (1 month): $15.50-$16.50 range
• Bullish breakout level: $14.52 • Critical support: $13.20

What Crypto Analysts Are Saying About Chainlink Recent analyst coverage provides a cautiously optimistic outlook for Chainlink's price trajectory. Jessie A Ellis outlined a LINK price prediction on January 16, 2026, stating: "Short-term target (1 week): $14.50-$15.00; Medium-term forecast (1 month): $15.50-$16.50 range; Bullish breakout level: $14.52; Critical support: $13.20."

Similarly, Zach Anderson echoed this sentiment on January 17, 2026, with his Chainlink forecast targeting the same price ranges: "Short-term target (1 week): $14.50-$15.00; Medium-term forecast (1 month): $15.50-$16.50 range; Bullish breakout level: $14.52; Critical support: $13.23."

Both analysts identify the $14.52 level as crucial for confirming bullish momentum, suggesting this represents a key technical threshold for LINK's near-term performance.

LINK Technical Analysis Breakdown Currently trading at $12.37, Chainlink finds itself in a technically interesting position. The RSI reading of 40.69 places LINK in neutral territory, suggesting the token is neither overbought nor oversold, providing room for movement in either direction.

The MACD analysis reveals bearish momentum with a histogram reading of 0.0000, indicating weakening upward pressure in the short term. However, this could also signal a potential reversal point as selling pressure may be exhausting itself.

Bollinger Bands analysis shows LINK positioned at 0.1257, placing it near the lower band support level. This positioning often indicates oversold conditions and potential bounce opportunities for skilled traders.

Key resistance levels are clearly defined, with immediate resistance at $12.56 and stronger resistance at $12.75. The critical support structure sits at $12.15 for immediate support and $11.93 for stronger downside protection.

Chainlink Price Targets: Bull vs Bear Case Bullish Scenario The optimistic LINK price prediction scenario envisions a move toward $14.50-$15.00 within the coming week. This represents approximately 17-21% upside from current levels. Technical confirmation would require a decisive break above the $12.75 resistance level, followed by sustained trading above $13.27 (the 20-day SMA).

For the medium-term Chainlink forecast, the $15.50-$16.50 range becomes achievable if LINK can reclaim and hold above the critical $14.52 breakout level. This would require significant buying pressure and potentially favorable market-wide sentiment.

Bearish Scenario The downside risk centers around the $12.15 immediate support level. A break below this threshold could trigger further selling toward the $11.93 strong support zone. More concerning would be a breakdown below $11.93, which could expose LINK to deeper corrections toward psychological support levels.

The bearish case is supported by the current positioning below all major moving averages (SMA 20, 50, and 200), indicating that longer-term trends remain challenged.

Should You Buy LINK? Entry Strategy Based on the technical setup, potential entry points emerge around current levels ($12.37) with a stop-loss positioned below $11.93 to manage downside risk. More conservative traders might wait for a break above $12.75 to confirm upward momentum before establishing positions.

The risk-reward profile appears favorable for those targeting the $14.50-$15.00 zone, offering approximately 2:1 reward-to-risk ratios when properly positioned with appropriate stop-loss levels.

Position sizing should account for the 14-period ATR of $0.57, which indicates moderate volatility that could work in favor of both entries and exits.

Conclusion The LINK price prediction landscape suggests cautious optimism for the coming weeks. While current technical indicators show mixed signals, the analyst consensus around $14.50-$15.00 targets appears well-founded based on key resistance and support levels.

The Chainlink forecast depends heavily on broader market conditions and LINK's ability to break above immediate resistance. Traders should monitor the $12.75 and $14.52 levels closely as confirmation signals for the bullish scenario.

Disclaimer: Cryptocurrency price predictions are speculative and involve significant risk. This analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research and consider your risk tolerance before making investment decisions.

Image source: Shutterstock

link price analysis link price prediction

The measure aims to establish a framework for handling unclaimed digital assets under Kansas' unclaimed property law.

A Kansas lawmaker has introduced Senate Bill 352 (SB352), which would create a Bitcoin and digital assets reserve funded by staking rewards, airdrops, and interest from unclaimed digital assets held by the state.

The bill, introduced on January 21, 2026, by Senator Craig Bowser, would modernize Kansas’ unclaimed property law to include digital assets and establish a “Bitcoin and Digital Assets Reserve Fund” managed by the state treasurer.

Under the proposal, digital assets would be treated as unclaimed property after three years of no owner activity or communication, at which point custodians such as exchanges or banks would be required to transfer the assets in their native form to the state or a licensed qualified custodian.

The state would be permitted to stake eligible assets while holding them, generating staking rewards, airdrops, and interest, while the original owner retains the right to reclaim the underlying asset at any time.

If the assets remain unclaimed for another three years, all associated staking rewards, airdrops, and interest generated while the state held the asset would automatically flow into the Bitcoin and Digital Assets Reserve Fund, with 10% of non-Bitcoin deposits credited to the general fund and all spending subject to legislative approval.

SB352 builds on earlier Kansas crypto efforts, including tax incentives for blockchain startups. A related bill, SB34, was introduced in January 2025 to allow the Kansas Public Employees Retirement System to invest in Bitcoin ETFs under specific limitations.

The Kansas proposal aligns with similar legislative initiatives in Wyoming and Texas, as well as federal efforts like the BITCOIN Act.

The Justice Department will drop its case against Nathaniel Chastain, a former OpenSea manager who successfully appealed a wire fraud and money laundering conviction.

US prosecutors will not retry their insider trading case against a former manager at nonfungible token platform OpenSea after a federal appeals court overturned the convictions in July.

On Wednesday, prosecutors told a Manhattan federal court that they entered into a deferred prosecution agreement with Nathaniel Chastain and will dismiss their case after the agreement ends in a month.

In a letter, Manhattan US Attorney Jay Clayton said the decision was made based on Chastain already serving parts of his initial sentence, including three months behind bars, and that he agreed not to contest the forfeiture of 15.98 Ether (ETH) worth $47,330 that he allegedly made from insider trades.

“The interest of the United States will be best served by deferring prosecution of this matter and not retrying the case,” Clayton wrote.

An excerpt of Jay Clayton’s letter detailing the deferred prosecution agreement with Nathaniel Chastain. Source: PACER
A jury convicted Chastain of wire fraud and money laundering in 2023, with prosecutors accusing him of using his knowledge to buy NFTs that would be featured on OpenSea’s website and later selling them after their prices jumped from being featured.

Jury given flawed instructions, says appeals courtChastain was sentenced to three months in prison and a $50,000 fine, but a federal appeals court overturned the conviction in July, ruling that the jury was improperly instructed and that NFT homepage data without commercial value isn’t property under federal wire fraud laws.

The case marked the first digital asset insider trading case in US history and crypto backers have cited the overturned conviction to push for clearer legislation to define how digital assets fit within existing laws.

Chastain will not be supervised by US Pretrial Services and can apply to seek the return of the $50,000 fine and $200 special assessment that he paid following his initial conviction in May 2023.

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy

Journalist

Posted: January 23, 2026

Ethereum’s fundamentals have been strong, despite the extended price consolidation observed since late 2025. In fact, according to Altcoin Vector, the altcoin section of the analytics firm Swissblock, the chain recently reached a record of 2.88 million transactions. 

This could be perceived as massive network usage and broader activity, but Altcoin Vector cautioned that 80% of the activity was “systematic noise” and not high quality. The firm cited recent scaling efforts as the “unintended” impact of cheaper, lower-quality transactions. 

Source: Altcoin Vector/Swissblock

Ethereum staking and tokenized markets explode However, other network fundamentals have seen solid growth too. Ethereum staking, for example, crossed 30% for the first time, indicative of a strong appetite for yield and securing the network. 

On the tokenization boom, inclusive of stablecoins, BlackRock recently noted that Ethereum controls over 65% of the overall tokenized real-world asset (RWA) market.

Source: BlackRock

According to the world’s largest asset manager, if the traction continues, it could be beneficial to chains like Ethereum. 

Away from the on-chain fundamentals, there has also been consistent institutional demand for ETH over the past few quarters. Ethereum treasuries, for example, bought 1.2 million ETH in Q4 2025 – A whopping 26% increase on a quarter-to-quarter (QoQ) basis, according to Bitwise. 

Source: Bitwise

Despite solid network traction, Ethereum’s [ETH] price was barely holding above $3k at press time. It was down 40% from the record level of $4.9k hit in 2025. 

For Bitwise CIO Matt Hougan, however, the “divergence” between price and fundamentals might mean a market bottom is close. 

“That’s the kind of divergence you get at the bottom of bear markets, when sentiment is down, but fundamentals are up. The last time we had such high-contrast data was Q1 2023—after which crypto prices soared for the next two years.”

Will ETH price follow fundamentals? According to Altcoin Vector, for ETH to maintain its mid-term bullish prospect, the $3,050-level must be reclaimed and defended as support. If so, the upside targets would be $3,250 and $3,650. 

Source: X/Altcoin Vector

Otherwise, stalling below $3k could embolden bears to drag the altcoin to $2.600, analysts at Altcoin Vector warned. 

“Bearish perspective: Consolidating a new downward market structure below this pivot could pave the way for a move toward lows under $2,600.”

Final Thoughts Ethereum’s transactions hit a record high of 2.8 million, but most of them were ‘systematic noise.’  Despite strong network traction on the staking and tokenization fronts, ETH’s recovery could be confirmed only if $3,050 is reclaimed as support.

In brief Bitcoin’s net realized losses total 69,000 BTC, a shift not seen since late 2023. The 2023 bull run contrasts declining realized profits, mirroring a similar setup before Bitcoin’s 2022 downturn. The outlook for 2026 is increasingly dependent on policy, not on on-chain data, Decrypt was told. Bitcoin holders are crossing a psychological threshold not seen in over two years, transitioning from booking profits to losses.

The net realized profit/loss, which captures the aggregate gain or loss investors lock in when they move coins on-chain, has slipped into negative territory, suggesting widespread loss-taking is underway.

“This is the first time holders realized net losses in a 30-day period since October 2023,” analysts at CryptoQuant stated in a Thursday report.

“Bitcoin tourists are cutting losses,” Ki Young Ju, founder of CryptoQuant, tweeted Thursday, suggesting that short-term holders are selling their holdings by booking losses.

It signals a potential inflection point from the bull market that began in late 2023, providing a critical on-chain health check for investors gauging market strength.

Cumulative net realized losses over the period total approximately 69,000 BTC. With Bitcoin down nearly 1% to $89,700, per CoinGecko, these losses amount to $6.18 billion. 

Regardless, the divergence is stark when compared to earlier market highs.

The March 2024 price peak saw 1.2 million BTC in realized profit, but by October 2025, even as Bitcoin climbed to a new all-time high of $124,774, that figure had fallen to 331,000 BTC. 

“Net realized losses are also tracking similar levels and patterns to March 2022, by which point the bear market was already underway,” the CryptoQuant report said, adding that “declining net realized profits indicate a loss of strength in the price of Bitcoin.”

The decline is not necessarily a signal of an impending downturn, Sean Dawson, head of research at on-chain options platform Derive, told Decrypt.

“I don't think these two are correlated,” Dawson said, adding that the decline in net realized profit and loss was a sign of lowered volatility due to “more sophisticated players entering the digital asset space.”

Instead, Dawson emphasized macroeconomic factors as the primary driver for Bitcoin’s price, noting the asset’s increasing sensitivity to policy shifts.

The top crypto’s plunge below $90,000 has been driven, in part, by ripple effects of Japan’s bond market crisis and the subsequent $1 billion liquidation run-up after Trump reversed course on Greenland and associated tariff plans.

“I'd place a heavier emphasis on Fed rate forecasts, the impending U.S. debt crisis, and its foreign policy,” Dawson said.

He pointed to the upcoming leadership change at the Federal Reserve as a pivotal but optimistic variable, especially for Bitcoin, adding that the markets will likely “see very favourable conditions as the Trump administration wants the economy to run hot.”

Whether the negative profit cycle catalyzes a sustained downturn or a temporary reset now hinges on which lens proves more accurate.

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Dogecoin started a recovery wave above the $0.120 zone against the US Dollar. DOGE is now facing hurdles near $0.1280 and might struggle to continue higher.

DOGE price started a recovery wave from $0.1150 and climbed above $0.120. The price is trading below the $0.130 level and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $0.1240 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could continue to move up if it stays above $0.120. Dogecoin Price Faces Resistance Dogecoin price started a recovery wave from the $0.1150 zone, like Bitcoin and Ethereum. DOGE climbed above the $0.1180 and $0.120 resistance levels.

There was a decent upward move above the 23.6% Fib retracement level of the downward move from the $0.1512 swing high to the $0.1154 low. Besides, there was a break above a key bearish trend line with resistance at $0.1240 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading below the $0.130 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.1260 level. The first major resistance for the bulls could be near the $0.1285 level.

Source: DOGEUSD on TradingView.com The next major resistance is near the $0.1330 level and the 50% Fib retracement level of the downward move from the $0.1512 swing high to the $0.1154 low. A close above the $0.1330 resistance might send the price toward the $0.1420 resistance. Any more gains might send the price toward the $0.150 level. The next major stop for the bulls might be $0.1550.

Another Decline In DOGE? If DOGE’s price fails to climb above the $0.1280 level, it could continue to move down. Initial support on the downside is near the $0.1230 level. The next major support is near the $0.120 level.

The main support sits at $0.1150. If there is a downside break below the $0.1150 support, the price could decline further. In the stated case, the price might slide toward the $0.1080 level or even $0.1050 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1200 and $0.1150.

Major Resistance Levels – $0.1280 and $0.1330.