Market Signal Briefing

Henry Schein, Inc. (HSIC) Piper Sandler 37th Annual Healthcare Conference December 2, 2025 9:00 AM EST

Company Participants

Stanley Bergman - Executive Chairman & CEO
Andrea Albertini - Chief Executive Officer of Global Distribution & Technology
Tom Popeck - Chief Executive Officer of Henry Schein Products Group
Ronald South - Senior VP & CFO

Conference Call Participants

Jason Bednar - Piper Sandler & Co., Research Division

Presentation

Jason Bednar
Piper Sandler & Co., Research Division

Why don't we get started here? So I'm Jason Bednar. I cover med tech here at Piper. Next fireside chat is with Henry Schein. Very happy to have with us today a pretty large group. We've got Schein's Chairman and CEO, Stanley Bergman; CFO, Ron South at the end; as well as CEO of Global Distribution and Technology, Andrea Albertini, and then also CEO of Henry Schein Products Group, Tom Popeck. So thanks a lot for being here all of you. Always it feels spoiled just having the 4 of you here with me.

Question-and-Answer Session

Jason Bednar
Piper Sandler & Co., Research Division

But why don't we get straight into Q&A. Stan, I've got to start with you. You are one of a kind. It's really uncommon to have such consistent leadership of a public company with a commitment to a long-term strategy like we've seen from for your time at Henry Schein. It doesn't seem real that this might be your last investor conference. It's maybe not a fair question. But as you look back on your career or even the last 5 to 10 years, what can you say you're most proud of that you and the organization have accomplished?

Stanley Bergman
Executive Chairman & CEO

First of all, Jason, it's good to be here. The unusual part is that related to the fact that I take

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Jazz Pharmaceuticals plc (JAZZ) Citi Annual Global Healthcare Conference 2025 December 2, 2025 9:45 AM EST

Company Participants

Philip Johnson - Executive VP & CFO
Jack Spinks - Executive Director of Investor Relations

Conference Call Participants

Geoffrey Meacham - Citigroup Inc., Research Division

Presentation

Geoffrey Meacham
Citigroup Inc., Research Division

Citi Annual Global Healthcare Conference. My name is Geoff Meacham. I'm the senior biopharma analyst here. We're pleased to have Jazz Pharmaceuticals with us. We have Philip Johnson, EVP and CFO. So welcome Phil. And then, we have Jack Spinks from Jazz as well. So thank you, guys for joining us.

Phil, you want to kick it off with some kind of opening comments, and we can get right into some questions?

Philip Johnson
Executive VP & CFO

Happy to. Thank you very much for the invite. Pleasure to be here at the conference. In addition to having Jack with me from our IR team, I also want to give a shout out to John Bluth, who just recently joined us last week as our new Head of Investor Relations. So, we're pleased to have John onboard. A number of you may know him from different of his roles in the past, including most recently with BioCryst. So look forward to having a chance for you to get to know him further in his new role at Jazz.

Maybe just to start out, a couple of disclaimers. Please do consult our most recent earnings call for more details on our business as well as our SEC filings, for a number of the risk factors that do affect our business. If we're referring to guidance during the discussion today, that would be referring to the guidance provided on our November 6, 3Q earnings call. And then we'll probably refer to some non-GAAP financials as well. And you can find

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JFrog Ltd. (FROG) UBS Global Technology and AI Conference 2025 December 2, 2025 10:55 AM EST

Company Participants

Ed Grabscheid - Chief Financial Officer
Jeffrey Schreiner - Vice President of Investor Relations

Conference Call Participants

Radi Sultan - UBS Investment Bank, Research Division

Presentation

Radi Sultan
UBS Investment Bank, Research Division

Awesome. I think we'll get started. Thank you, everyone, for being here today at the UBS Global Technology and AI Conference. My name is Radi Sultan. I cover the SMID cap infrastructure software stocks here at UBS. Next up, we have JFrog, Ed, CFO; Jeff runs IR. So first of all, thank you very much for being here today.

Unknown Executive

Yes. Absolutely. Thank you for having us.

Radi Sultan
UBS Investment Bank, Research Division

Awesome. Maybe just to kick it off. You guys have seen one of the strongest accelerations in the software group over the past few quarters, 6-point [ accel ] to 26% in the most recent quarter. So maybe just to level set what's changed? What have been the biggest growth drivers behind that acceleration?

Question-and-Answer Session

Ed Grabscheid
Chief Financial Officer

Yes. So first of all, nothing has really changed in our strategy. We've seen tremendous execution during 2025. What we've seen though, which is different than what we saw in 2024 is usage over minimum commit. So we have very strong and robust cloud growth. 50% year-over-year in the cloud. Much of that, again, is being driven by the fact that we saw usage over the minimum commit.

Unlike 2024, where we had three of the largest deals in the history of the company, what we're seeing this year is more large deals. So we see increase in our ASPs. We see more velocity of those large deals. We're seeing expansion also in the enterprise. So we robust growth in

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Option Care Health, Inc. (OPCH) Bank of America Leveraged Finance Conference December 2, 2025 10:50 AM EST

Company Participants

Nicole Maggio - Senior VP, Controller & Principal Accounting Officer

Presentation

Unknown Analyst

Our next presentation, and thank you, Nicole, for coming to join this conference. Next presentation, we have the team from Option Care Health, Nicole Maggio, Senior Vice President and Corporate Controller, will be joining. And I figured, Nicole, thought we'd just start out with coming out of '24, there's a tremendous amount of disruption into the business, the hurricanes and so forth and create some conflict certainly in the Southeast and so forth. So maybe we'd start there and you've carried it forward into what very strong numbers recently. Maybe you could walk us through kind of your thinking. And if you want to just do that as kind of part of your slide presentation, it would be great.

Nicole Maggio
Senior VP, Controller & Principal Accounting Officer

Sure. And obviously, 2024 did have quite a bit of disruption between Change Health and the supply chain shortages, but have made some really good progress this year and really excited about where the team landed. I know given this is a Leveraged Finance sponsored and a generalist conference, I will go back a little bit more just to give a very high-level overview of Option Care Health, starting with our disclaimer. Everybody can read that.

Option Care Health is the leading home and alternate site infusion provider in the United States. We operate in over 90 full-service pharmacies and have coverage across 96% of the population. Our mission is to serve health care, and we infuse patients both in the home and one of our over 700 alternate site suites. We've got a full network of therapies across acute and chronic. And what we

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William Austen
Interim President, CEO & Independent Director

Hello, everyone, and thank you for joining us today. I'm Bill Austen, Interim President and CEO of Arrow Electronics, and it's a privilege to speak with you today. Thank you for taking the time to be with us and for your interest in Arrow.

I've served on Arrow's Board since 2020, and I'm honored to lead the company during this transition period. I, along with the full Board, am committed to maintaining continuity, driving execution and delivering results for our customers, partners and shareholders. At Arrow, operational excellence and customer service are at the heart of everything we do. I'm incredibly proud of the strength of our team and the clear direction we are heading.

During this presentation, we'll make forward-looking statements, which are based on predictions and expectations as of today. I encourage you to read the safe harbor language in the accompanying presentation in its entirety.

With that, let's dive in. Let's begin with Slide 3 where I'll outline the 4 key pillars of our investment thesis, the reasons why Arrow is unique, respected and compelling investment opportunity.

First, Arrow holds a leading position in large and expanding markets. Arrow is a leading distributor at the center of global electronics and enterprise IT ecosystems, serving large and growing end markets, including industrial, transportation, aerospace and defense, medical, consumer electronics and data center. We are well aligned with all 6 core markets and believe our strategy is on point for delivering long-term sustainable growth.

These markets remain resilient, with several showing early signs of gradual recovery reflected in improving leading indicators, including book-to-bill ratios

Element Solutions Inc (ESI) UBS Global Technology and AI Conference 2025 December 2, 2025 10:55 AM EST

Company Participants

Benjamin Gliklich - CEO & Director

Conference Call Participants

Joshua Spector - UBS Investment Bank, Research Division

Presentation

Joshua Spector
UBS Investment Bank, Research Division

Thanks, everyone, for joining. My name is Josh Spector, UBS North American chemicals and packaging analyst. Welcome to the tech conference at UBS. Happy to have Element Solution, Ben Gliklich on the stage with us to talk about Element Solutions today.

Before we get started, just as a research analyst, need to disclose the relationship with myself and at UBS and with the company we express a view. Those disclosures available at ubs.com/disclosures or you can reach out to me. For those in the room at the event, there is a QR code you could scan to ask questions, that will pop up to me. Feel free to use that if you want to ask any questions yourself. Otherwise, I'll drive this call.

So thanks, Ben. Appreciate you having you back at this conference.

Benjamin Gliklich
CEO & Director

Thanks for having us.

Question-and-Answer Session

Joshua Spector
UBS Investment Bank, Research Division

I think the first place where I wanted to start was really just talk about some near-term trends in electronics, particularly. And within your guidance for the year, you had some expectations around some end markets around smartphones, automotive, various other demand drivers. Just where are we sitting today versus where your expectations were a month or so ago?

Benjamin Gliklich
CEO & Director

Yes. So there's been real momentum in the fast-growing niches within the electronics market. If you look at AI, data center and so forth, and that's propelled the business very well. The third quarter was a record quarter for the company. As we rolled into the

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Close-up of sign with logo at Silicon Valley headquarters of technology company Synopsys, Mountain View, California, May 3, 2019. (Photo by Smith Collection/Gado/Getty Images)

Getty Images

Synopsys (SNPS) stock ought to be on your radar. Here is why – it is presently trading in the support realm ($416.38 – $460.20), levels from which it has bounced significantly before. Over the past 10 years, Synopsys stock attracted buying interest at this level 5 times and subsequently achieved an average peak return of 28.5%.

SNPS

Trefis

However, a support zone by itself is insufficient; rebounds are more probable when fundamentals, sentiment, and market conditions align. What does that look like for SNPS?

Rebound Likely: AI/EDA tailwinds, Nvidia deal outweigh IP weakness.

Synopsys is positioned near its 52-week low due to a recent Q3 EPS miss and challenges in its IP business. Nevertheless, the strategic $2 billion investment and partnership with Nvidia, revealed on December 1, 2025, along with the acquisition of Ansys, greatly enhance its AI-driven EDA and silicon-to-systems capabilities, aligning with significant industry tailwinds. Analysts' average targets suggest considerable upside despite some recent downgrades. Projected revenue growth for Q4 2025 and Q1 2026 exceeding 35% and 65% respectively, indicates strong forward momentum, overshadowing transient weaknesses in the IP segment and legal concerns.

How Do SNPS Financials Look Right Now?

Revenue Growth: 8.0% LTM and 9.7% last 3-year average.Cash Generation: Nearly 20.2% free cash flow margin and 17.2% operating margin LTM.Recent Revenue Shocks: The minimum annual revenue growth in the past 3 years for SNPS was -3.1%.Valuation: SNPS stock trades at a PE multiple of 41.1SNPS

Trefis

*LTM: Last Twelve Months | For more information on SNPS fundamentals, read Buy or Sell SNPS Stock.

And What If The Support Breaks?

SNPS isn’t resistant to substantial declines. It dropped 61% during the Dot-Com bubble and nearly 49% throughout the Global Financial Crisis. Even more recent disruptions like Covid and inflation caused it to decrease by about 30-35%. The correction in 2018 was also harsh, with a 23% decline. Strong fundamentals don’t prevent sharp sell-offs when the market becomes unfavorable. Risk persists, even for robust names.

Still uncertain about SNPS stock? Consider the portfolio approach.

A Multi-Asset Portfolio Provides You With Safer, Smarter Growth

Individual stock selections are volatile, but diversified assets can balance each other. A multi-asset portfolio assists you in maintaining your strategy, allowing you to capture upside and mitigate downside risk.

The asset allocation strategy of Trefis’ Boston-based wealth management partner delivered positive returns during the 2008-09 timeframe when the S&P lost over 40%. Our partner’s approach now features the Trefis High Quality Portfolio, which has a history of comfortably outperforming its benchmark, including all three – the S&P 500, S&P mid-cap, and Russell 2000 indices.

AWS CEO Matt Garman unveiled a set of new tools at the cloud giant's annual re:Invent conference, calling them critical to helping companies get value out of AI.

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ABTC shares plunged by more than 50% in early trading as the broader crypto market downturn triggered a sharp repricing of mining and treasury stocks.

Shares of American Bitcoin Corp (ABTC), the Bitcoin-mining and treasury company headed by Eric Trump, plunged on Tuesday as difficult market conditions continued to pressure crypto-linked equities.

ABTC, which debuted on the Nasdaq in early September following a reverse merger with Gryphon Digital Mining, lost more than half its value in early trading. The stock reached an intraday low of $1.75, representing a 51% decline on the day, according to data from Yahoo Finance.

ABTC stock faced a steep decline on Tuesday. Source: Yahoo FinanceThe shares are now down roughly 78% from their post-listing high of $9.31 on Sept. 9, underscoring the broad unwinding across the digital-asset sector and its spillover into related equities.

While no single catalyst appeared to drive Tuesday’s steep sell-off, crypto-linked stocks have faced renewed volatility in recent weeks amid a broad retreat in digital assets and profit-taking across technology shares.

American Bitcoin’s business is closely tied to the price of Bitcoin (BTC), which has experienced one of its sharpest pullbacks in history since mid-October, falling from a peak near $126,000 to a November low of below $80,000.

The repricing of crypto-linked equitiesThe crypto market downturn has triggered a widespread repricing of crypto-exposed equities, particularly among miners and companies that hold large Bitcoin treasuries.

That reassessment has unfolded despite American Bitcoin Corp reporting a swing to profitability in the third quarter, when net income reached $3.47 million and revenue climbed to $64.2 million. 

The company also added 3,000 Bitcoin to its reserves in the third quarter, lifting total holdings to more than 4,000 BTC.

American Bitcoin’s BTC accumulation. Source: BitcoinTreasuries.NETAmerican Bitcoin is far from alone in facing pricing pressure as Bitcoin slides. Shares of Strategy (MSTR), led by Michael Saylor, have plunged more than 50%, pushing the company’s market capitalization below the value of its Bitcoin holdings.

Eric Trump said last month that he is unfazed by the recent volatility, describing it as the “friend” of investors who value the ability to accumulate at more favorable prices.

Magazine: Crypto carnage — Is Bitcoin’s 4-year cycle over? Trade Secrets

Tom Farley, Bullish CEO and former NYSE president, joins CNBC's 'Squawk on the Street' to discuss Bitcoin's volatility, crypto's security and more.

On December 1, 2025, Bitcoin's value plummeted below $84,000, leading to a swift and dramatic market reaction. This unexpected downturn resulted in the liquidation of billions of dollars in leveraged positions, marking one of Bitcoin's largest single-day price distortions.

Solana’s memecoin trading registered $13.9 billion in monthly volume last month, the lowest print since February 2024, when the mania hadn’t yet caught fire.

At the same time, Polymarket clocked $3.7 billion in volume, its best month since launch, while Kalshi posted $4.25 billion in volume, its second-best performance. Together, the two largest prediction platforms moved nearly $8 billion, equal to 57% of Solana’s memecoin churn.

That ratio sat below 10% as recently as August. By October, it had crossed 45%. Now it’s breached the majority territory.

The question isn’t solely whether liquidity has rotated, but whether prediction markets represent a structural upgrade in where crypto capital hunts edge, or whether they’re just the next trench in an endless cycle of hot money chasing narrative.

Memecoin fadeSolana memecoin volume peaked in January at $169.5 billion, propelled by hyper-liquid coin flips and influencer-driven token launches.

The velocity was absurd: traders cycled through dozens of new tickers daily, riding momentum that evaporated as soon as the next launch dropped.

Since then, the numbers have gradually started decreasing. In July, memecoin activity on Solana moved $34.4 billion.

August pulled back to $29.2 billion. September fell to $19.7 billion. October landed at $16.5 billion. November’s $13.9 billion represents a 60% collapse from July.

The shape of the decline matters. This wasn’t a single capitulation event, no rug pull or exploit that scared participants out of the market overnight. Instead, volume eroded steadily, suggesting that traders actively chose to redeploy capital rather than flee risk entirely.

The memecoin trade didn’t blow up, but rather exhausted itself.

At the same time, prediction markets accelerated. Kalshi and Polymarket combined for $1.8 billion in July, $1.9 billion in August, $4.1 billion in September, and $7.4 billion in October before hitting $8 billion in November.

The trajectory inverted that of Solana memecoins, which leaked liquidity month after month, while prediction markets doubled, then doubled again.

Prediction markets’ volume as a percentage of Solana memecoin volume surged from under 10% in early 2025 to 57% in November.Information as infrastructureVitalik Buterin framed prediction markets as “info finance,” an infrastructure designed to extract signal from crowd behavior rather than pure speculation on reflexive price action.

The distinction feels subtle but carries weight. Memecoins produce no information, as they are driven by hype and often reflect insider positioning.

Prediction markets, at least in theory, aggregate dispersed knowledge into probabilistic forecasts that markets, institutions, and even governments can use.

Buterin argued that artificial intelligence would “turbocharge” prediction markets over the next decade, plugging machine learning models into event contracts and decentralized autonomous organizations that govern market design.

That creates a feedback loop: better models produce tighter spreads, tighter spreads attract more liquidity, and more liquidity refines the signal. Memecoins have no equivalent path to utility. They either maintain momentum or they die.

Thomas Peterffy, founder of Interactive Brokers, went further. He told Finance Magnates that prediction markets would eventually surpass equities in size, estimating a 15-year horizon.

Coming from the chair of a listed brokerage, that’s not hype, but a bet on structural adoption.

If prediction markets scale to the level of equity-market liquidity, the $8 billion they moved in November represents a rounding error compared to what’s coming.

Edge migrationThe mechanics of the rotation explain why it happened so fast. Memecoin trading rewarded timing and social positioning: who knew about the launch, who had the best bot setup, who could front-run the crowd.

Prediction markets reward information asymmetry of a different kind: understanding voter turnout models better than the average participant, reading geopolitical risk faster than cable news, or interpreting Federal Reserve signals before they move bond markets.

Haseeb Qureshi of Dragonfly Capital pointed out that Polymarket called the US presidential election before major networks, assigning President Donald Trump a 97% probability by midnight Eastern while TV anchors hedged on swing states.

That wasn’t luck, but a reflection of aggregated participant knowledge outpacing institutional media. Google’s decision to integrate Polymarket odds into search results legitimized the platform overnight, flipping perception from “sketchy offshore casino” to “clearest source of truth,” as Qureshi noted.

For traders who left Solana memecoins, prediction markets offer a narrative they couldn’t find in dog-themed tokens: the possibility that their bets yield valuable signals.

They’re still gambling, but the gamble pretends to generate knowledge, and that psychological shift matters. A trader who loses money on a memecoin admits they got dumped on.

A trader who loses money on a prediction market can claim they misjudged probabilities but participated in price discovery.

What stays unresolvedLiquidity depth, while growing, doesn’t yet support institutional-scale positioning without slippage. And the markets themselves remain vulnerable to manipulation: a sufficiently motivated actor with enough capital can distort probabilities, especially on low-volume contracts.

Additionally, the market’s subject can influence its results. Brian Armstrong recently said words that were the subject of a prediction market during a Coinbase earnings call. The episode sparked debate over concerns about manipulation.

Memecoins, meanwhile, haven’t disappeared. The $13.9 billion in monthly volume still dwarfs most DeFi protocols and rivals the trading activity of mid-cap centralized exchanges.

The participants who remain likely represent a harder core, traders who prefer pure price action over probabilistic modeling, or who simply don’t care about the intellectual cover that prediction markets provide.

The rotation doesn’t prove that prediction markets will absorb all speculative crypto capital. It demonstrates that when participants decide they want the edge rather than momentum, they’ll move.

Whether that edge proves real or imagined will determine whether prediction markets grow into the equity-scale venue Peterffy envisions, or become the next exhausted trade. For now, the liquidity speaks: the trenches moved, and $8 billion followed.

Mentioned in this article

3 mins mins

Key Insights:

GLNK gives investors direct LINK exposure via a familiar ETF wrapper on NYSE Arca.
Chainlink’s expanding role in DeFi and tokenization drives demand for regulated access.
Grayscale waives GLNK fees for 3 months or up to $1B in managed assets.

Grayscale’s Chainlink ETF Debuts on NYSE With 0% Fees
Grayscale Investments has launched its Chainlink ETF, trading under the ticker GLNK, on the NYSE Arca. This is the first exchange-traded product in the U.S. linked to Chainlink (LINK), offering exposure to the token through traditional brokerage platforms.

GLNK provides spot exposure to LINK, the token powering Chainlink’s decentralized oracle network. The fund is structured as an exchange-traded product, not a traditional 1940 Act ETF. Coinbase will serve as the custodian for the underlying LINK held in the fund. Grayscale has set a 0% management fee for the first three months or until the fund reaches $1 billion in assets.

GLNK Offers Direct LINK Exposure in ETF Format
The ETF holds LINK directly and is designed to reflect the token’s market value through a subscription and redemption model. This structure allows GLNK to track net asset value more closely than its earlier over-the-counter version.

Inkoo Kang, Senior Vice President of ETFs at Grayscale, said, “With GLNK, investors can gain exposure to this foundational infrastructure in the familiar ETP wrapper.” The product is aimed at both institutional and retail participants who want access to LINK through a regulated vehicle.

Chainlink’s Role in Blockchain Use Cases
Chainlink provides decentralized data feeds for smart contracts across blockchain networks. It is used in areas such as decentralized finance (DeFi), insurance, gaming, and asset tokenization. The network also connects legacy systems to public and private chains, supporting cross-chain communication.

Grayscale noted that Chainlink’s expanding role in blockchain infrastructure was a key reason for launching the fund. The company said Chainlink’s services are expected to support the next phase of growth in tokenized markets.

Fund Structure and Investor Considerations
GLNK was first launched as a private placement in 2021 and later began trading on OTC Markets. The move to NYSE Arca brings it into a broader investment market with increased visibility.

Grayscale confirmed that the product is not registered under the Investment Company Act of 1940. The firm stated, “An investment in GLNK is not suitable for all investors,” and warned of possible full capital loss. GLNK gives exposure to LINK, but it is not a direct token purchase.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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While Bitcoin's December descent triggered an 80% collapse in Strategy Inc.'s (previously known as Microstrategy) leveraged ETFs, erasing $1.5 billion in retail savings from MSTX and MSTU. Yet MSTR stock surged 6.05% on Tuesday, highlighting a stark divergence fueled by the unforgiving math of leverage and compounding decay.

BTC is on track for its biggest daily gain in months.

The enhanced volatility in the cryptocurrency markets has returned in full force at the start of December, but in the right direction now.

After yesterday’s crash to under $84,000, the market leader went on a tear and surged past $91,000 minutes ago. The analysts from the Kobeissi Letter said the asset is on its way to paint its biggest daily increase since May this year.

They doubled down on their belief that these price swings are mechanical and have nothing to do with the industry’s fundamentals, which remain solid.

BREAKING: Bitcoin is on track for its biggest daily gain since May 2025, nearing $91,000, as levered short liquidations surge.

In the last 60 minutes alone, ~$140 million of shorts have been liquidated compared to just ~$3 million of longs.

Recent swings in crypto are ENTIRELY… https://t.co/cIDnDkvV6B pic.twitter.com/ElxAw4BUiw

— The Kobeissi Letter (@KobeissiLetter) December 2, 2025

Given the fact that the entire market plunged hard this time yesterday, the 24-hour charts are quite impressive now. Aside from BTC’s 7% surge, ETH has posted a 9% pump that has pushed it to $3,000. XRP has added over 7% of value, while SOL has skyrocketed by 12%. ADA is the top performer from the larger-cap alts, having surged by 15% to $0.43.

Naturally, these fluctuations have harmed over-leveraged traders. The total value of wrecked positions has risen to nearly $380 million, according to CoinGlass. This time, though, shorts are responsible for the lion’s share with more than $300 million.

Bitcoin shorts equal over half of the entire amount, followed by $91 million from ETH shorts. The single-largest liquidated position took place on Bybit and was worth $13 million.

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Liquidation Data on CoinGlass
Analysts remain bullish on BTC as long as it stays above key support zones, including $83,000, which was tested yesterday. Moreover, bitcoin’s rally could resume if the asset overcomes the next critical resistance at $91,800, which is just inches above.

Tags:

The token outpaced broader crypto markets as volume spiked 34% above weekly averages. Dec 2, 2025, 4:58 p.m.

DOT$2.2620 rallied 13% to $2.26 over the last 24 hours as volume surged.

The token opened at $1.99 and carved a steady uptrend throughout the 24-hour period, establishing clear technical dominance over broader cryptocurrency markets, according to CoinDesk Research's technical analysis model.

STORY CONTINUES BELOW

Volume patterns confirmed genuine institutional interest rather than retail speculation, the model said. DOT's 24-hour trading activity exceeded weekly averages by 34%.

The broader market index, the CoinDesk 20 index, rose 9% in the same time period. DOT's outperformance suggests asset-specific drivers dominated price action.

Recent price action shows sustained bullish momentum, according to the model. DOT extended gains from $2.141 to $2.245 in the latest hour, posting a 4.9% advance beyond initial breakout levels.

The rally carved higher lows at $2.186 and $2.193 before accelerating through the $2.220 resistance on exceptional volume, exceeding 200K, in a concentrated three-minute window.

Technical Analysis:

Primary support holds at $2.05 with former $2.15 resistance now acting as support; next target at $2.30 psychological levelBreakout volume of 6.43M exceeded 24-hour SMA by 195%, confirming institutional backing for the advanceAscending trend with higher highs and lows; successful breakout from $2.00-$2.15 consolidation rangeImmediate target at $2.30; stop below $2.05 support maintains favorable 3:1 reward-to-risk profileDisclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Crypto pundit Rob Cunningham has outlined a scenario where Ripple could achieve a $7 trillion valuation based on the XRP price. The crypto firm is notably the largest XRP holder, which is why a significant surge in the altcoin’s price could increase the company’s valuation. 

Ripple Could Hit A $7 Trillion Valuation With An XRP Price Of $250
In an X post, Cunningham predicted that Ripple could hit a $7 trillion valuation if the XRP price were to rally to $250.  Specifically, the pundit outlined a scenario where the company’s XRP position could account for $4.25 trillion of its valuation. He claimed that Ripple owned 17 billion XRP, which would amount to $4.25 trillion at $250 per XRP, the projected price. 

Cunningham noted that this trillion-dollar valuation for Ripple, based on an XRP price surge to $250, would make the company 6.6x times more valuable than Visa and 8.6x times more valuable than Mastercard. $4.25 trillion also represents 3.6% of the world’s GDP, which stands at $117 trillion. 

Based on an XRP price of $250, the pundit noted that the total XRP market value would be $15 trillion. Ripple’s 17 billion XRP holdings represent 28% of the circulating supply. Meanwhile, Cunningham listed other factors that could drive the firm to a $7 trillion valuation, including the passage of the CLARITY Act. 

Other Factors That Would Contribute To A $7 Trillion Valuation
In addition to the XRP price surge to $250 and the CLARITY Act, Cunningham listed the Treasury’s approval of Ripple’s business as another factor. The pundit explained that the Treasury approval would mean that XRP and XRP Ledger (XRPL) would get global regulatory clarity as a core infrastructure layer for the new monetary system. 

He also outlined a scenario where RLUSD and XRP become the default U.S. dollar rails globally, which would also contribute to Ripple’s projected $7 trillion valuation. The pundit noted that RLUSD already has a $1 billion market cap with $95 billion in payment volume and is growing. Cunningham also indicated that the XRP price could easily rally to $250, as this scenario positions XRP for a global settlement role rather than just another crypto asset. 

The pundit also gave a “conservative” equity value of $1.3 trillion to $2.7 trillion for the payment firm. He noted that markets could apply a 60% to 80% discount to the $4.25 valuation, given an XRP price surge to $250 due to the high concentration in a single asset. 

Cunningham also alluded to the political risk, as if Ripple’s payment system becomes the default settlement rail, governments may want a say in their operations. He also outlined possible capital controls, windfall taxes, or forced restructurings as other factors that could reduce Ripple’s projected $7 trillion valuation.

XRP trading at $1.99 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Freepik, chart from Tradingview.com

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts.
Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

In a crypto market gripped by bearish sentiment, where major networks like Ethereum and Bitcoin report stagnant or declining activity, XDC Network is bucking the trend with explosive growth.

Zora crypto price returns to a key accumulation zone within its higher timeframe range, raising the possibility of a 2x rally if support holds and momentum rotates back toward the range high.

Summary

Price revisits higher-timeframe range support, signalling early accumulation.
Value area low aligns with support, strengthening the bullish rotation setup.
Successful defense could trigger a move toward the range high, roughly a 2x rally.

Zora (ZORA) crypto price is showing early signs of entering a structured accumulation phase as it returns to a higher-timeframe support zone. After a full-range rotation from support to resistance and back again, the asset now sits at a critical level that has historically triggered powerful bullish reactions. 

This development follows a recent 30 percent breakout after Zora secured a spot listing on Robinhood, though the listing has not altered the broader accumulation structure. If this support holds, the technical setup suggests that a substantial upward move toward the range high, measured at nearly 200 percent above current price levels, may be possible.

Zora crypto price key technical points

Zora returns to the range low of a higher timeframe trading range.
The price shows signs of accumulation, similar to previous-cycle behavior.
A successful defense of support could generate a rotation worth up to 200 percent.

ZORAUSDT (1D) Chart, Source: TradingView
From a broader structural perspective, Zora’s price action continues to respect a clearly defined higher timeframe trading range. The lower boundary of this range has acted as a foundational support level, while the upper boundary has repeatedly served as a strong resistance zone. Historically, interactions with these levels have produced sharp rotations in both directions.

When Zora previously held this range support, the market rallied strongly to the range high. When the price was later rejected at that range high, it began a sustained bearish rotation that has now pushed the asset back toward the very support area that initiated the prior upside move.

This recurring behavior is a common characteristic of early accumulation phases. The consistent oscillation between support and resistance indicates that supply and demand remain relatively balanced within the range, with neither buyers nor sellers exerting complete dominance. The current return to range support suggests that Zora may be preparing for another potential rotation, particularly if buyers begin to step in and defend this level with increased conviction.

At present, Zora is trading near the bottom of this range, where a reversal could establish a new swing low. Such a development would create the structural foundation needed for a rotation toward the range high. This upside target represents a move of approximately 200 percent from current prices, effectively positioning Zora for a possible 2x rally if the broader market environment remains favorable.

A key factor supporting this potential is the alignment of the value area low with the current support zone. The value area low represents a region where trading activity historically clusters, and it often indicates levels where accumulation can occur. This confluence between structural support and volume-related metrics adds further validity to the notion that Zora may be forming a base for a larger move.

Another component to watch is the value area high, which is close to the point of control. During prior attempts to reclaim this level, Zora produced strong wicks but failed to secure decisive closes above it.

What to expect in the coming price action
If Zora successfully defends the current range low, a rotation toward the range high resistance becomes likely, carrying the potential for a 200 percent rally. Failure to hold this support would invalidate the accumulation setup and reopen downside risk.

Ethereum's upcoming Fusaka upgrade is emerging as a pivotal development that could reshape how value flows from Layer-2 networks back to ETH.

About Jamie Ashcroft
Jamie Ashcroft, the News Editor for Proactive UK, has developed an impressive career in financial journalism, focusing on the small-cap sector for over fourteen years. Before joining the Proactive team, he was a stockbroker during the global financial crisis, a role that complemented his educational background - a first-class degree in Business and Economics and qualifications in software design and development.
As one of the early external hires at Proactive in 2009, Jamie contributed... Read more

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The Zacks Diversified Communication Services industry appears mired in shrinking profit margins due to high capital expenditures for 5G infrastructure upgrades, unpredictable raw material prices, supply-chain disruptions amid geopolitical tensions, latent tariff-war threats, intense market volatility and high customer inventory levels. However, the industry is likely to benefit in the long run from an accelerated 5G rollout and increased fiber densification.

Amid such uncertain market conditions, Telefónica, S.A. (TEF - Free Report) , Rogers Communications Inc. (RCI - Free Report) and Lumen Technologies, Inc. (LUMN - Free Report) should benefit from higher demand for scalable infrastructure for seamless connectivity amid the wide proliferation of IoT and transition to cloud network.

Industry Description
The Zacks Diversified Communication Services industry comprises firms that provide a wide array of communication services, including wireless, wireline and Internet, to business enterprises and consumers. These companies offer mobile and wireline telephone services, high-speed Internet, direct-to-home satellite television and other value-added services. In addition to providing integrated information and communications technology services to businesses and governments, some of these companies operate as local exchange carriers or full-service providers of data center colocation and related managed services in state-of-the-art data center facilities. Some industry participants also provide IP networks, private lines, network management and hosting services, along with sales, installation and maintenance of major branded IT and telephony equipment.

What's Shaping the Future of the Diversified Communication Services Industry?
Soaring Raw Material Prices: Although the supply chain woes have declined progressively, the industry continues to face a dearth of chips, which are the building blocks for various equipment used by telecom carriers. Moreover, high raw material prices due to inflation and economic sanctions against the Putin regime have affected the operation schedules of several firms. High tariffs for imported goods by the Trump administration and reciprocal tariffs by countries across the globe have further increased production costs. Extended lead times for basic components are also likely to hurt the delivery schedule and escalate production costs. The demand-supply imbalance has crippled operations and largely affected profitability due to inflated equipment prices.

Short-Term Margins Compromised: Video and other bandwidth-intensive applications have witnessed exponential growth owing to the wide proliferation of smartphones and increased deployment of 5G technology. This has forced the industry participants to invest considerably in LTE, broadband and fiber to provide additional capacity and ramp up the Internet and wireless networks. These companies are rapidly transforming themselves from legacy copper-based telecommunications firms to technology powerhouses with capabilities to meet the growing demand for flexible data, video, voice and IP solutions. Although these investments are likely to be beneficial in the long run, short-term profitability has largely been compromised.

Demand Erosion: Efforts to offset substantial capital expenditure for upgrading network infrastructure by raising fees have reduced demand, as customers tend to switch to lower-priced alternatives. Moreover, local-line access for traditional telephony services continues to decline among large customers due to higher wireless substitution and migration to IP-based services. This is reflected in the persistent erosion of overall network access services year over year, hurting revenues of local and long-distance operations. In addition, a shift toward wireless services and the aggressive rollout of VoIP and long-distance services by Tier-1 competitors have resulted in access line erosion. These adverse impacts have become more pronounced with the prolonged Russia-Ukraine war and Middle East tensions.

Customized Services to Mitigate Risks: To improve profitability, the companies are increasingly focusing on providing support services to various small and mid-sized businesses (SMBs) with an integrated portfolio of voice, data and technology services. The firms are tailoring their services to suit individual business needs and are facilitating SMBs to better adapt themselves to necessary technology advancements. At the same time, the industry is battling hard-to-mitigate operating risks stemming from volatility in demand, an unpredictable business environment and challenging geopolitical scenarios by offering free services to low-income families and seamless wireless connectivity to the masses.

Zacks Industry Rank Indicates Bearish Prospects
The Zacks Diversified Communication Services industry is housed within the broader Zacks Utilities sector. It carries a Zacks Industry Rank #163, which places it in the bottom 33% of more than 250 Zacks industries.

The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates bleak near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Before we present a few diversified communication stocks that are well-positioned to outperform the market based on a relatively modest earnings outlook, let’s take a look at the industry’s recent stock market performance and valuation picture.

Industry Lags S&P 500, Sector
The Zacks Diversified Communication Services industry has lagged the S&P 500 composite and the broader Zacks Utilities sector over the past year due to macroeconomic headwinds.

The industry has jumped 5.8% over this period compared with the S&P 500’s and the sector’s growth of 16.1% and 16.8%, respectively.

One-Year Price Performance

Industry's Current Valuation
On the basis of the trailing 12-month enterprise value-to-EBITDA (EV/EBITDA), which is the most appropriate multiple for valuing telecom stocks, the industry is currently trading at 13.37X compared with the S&P 500’s 18.65X. It is also trading below the sector’s trailing 12-month EV/EBITDA of 15.91X.

Over the past five years, the industry has traded as high as 18.38X, as low as 8.93X and at the median of 12.15X, as the chart below shows.

Trailing 12-Month enterprise value-to EBITDA (EV/EBITDA) Ratio

3 Diversified Communication Services Stocks to Bet on
Telefonica: Based in Madrid, Spain, Telefonica provides mobile and fixed communication services in Europe and Latin America. The company has launched 5G+ (5G SA) in Spain, Brazil, Germany and the U.K. In March 2025, Telefonica’s accelerated 5G rollout achieved a significant milestone, with coverage expansion across all four key markets - Spain (94%), Germany (98%), Brazil (66%) and the U.K. (80%). The 5G SA core is now fully deployed across all major markets, and the 5G SA network is live in 500 U.K. locations, making it the country’s largest with more than 70% population coverage. Telefonica’s network upgrades have been designed to improve capacity, speed, coverage and security. The Zacks Consensus Estimate for current-year and next-year earnings has been revised upward by 42.4% and 64.5%, respectively, to 47 cents and 51 cents per share since December 2024. It has a VGM Score of B. Telefonica carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Price and Consensus: TEF

Rogers: Toronto, Canada-based Rogers provides cable television, high-speed Internet access and video retailing through its wholly-owned subsidiary, Rogers Cable and Telecom. The company also offers wireless voice, data, and messaging services through its wholly-owned subsidiary, Rogers Wireless. Rogers’ new satellite-to-mobile service marks a major leap in expanding its national connectivity footprint, delivering coverage up to three times wider than its competitors. This breakthrough initiative extends reliable mobile access to remote and underserved regions across Canada, addressing a long-standing market gap. The stock has gained 8.7% in the past year. Rogers carries a Zacks Rank #3 (Hold).

Price and Consensus: RCI

Lumen: Based in Monroe, LA, Lumen is an international facilities-based technology and communications company that operates one of the most interconnected networks globally. The company’s terrestrial and subsea fiber optic long-haul network throughout North America, Europe, Latin America and the Asia Pacific region connects to metropolitan fiber networks that it operates. Lumen remains focused on “cloudifying” telecom and driving the adoption of its network-as-a-service or NaaS solutions like Lumen Ethernet On-Demand and Lumen IP-VPN On-Demand. Lumen’s strong network capabilities, integrated hosting and network solutions are likely to promote growth in the cloud business. Its managed and cloud services are key differentiators from other players in the market. The Zacks Consensus Estimate for current-year earnings has been revised upward by 39.4% since December 2024. This Zacks Rank #2 stock has gained 18.6% in the past year. It has a VGM Score of A.

Price and Consensus: LUMN

Caterpillar' record Q3 revenues and rising backlog contrast with ongoing earnings pressure and steep valuation, keeping investors on alert.

LOS ANGELES, Dec. 02, 2025 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against StubHub Holdings, Inc. (“StubHub” or “the Company”) (NYSE: STUB) for violations of the federal securities laws.

Investors who purchased the Company's securities pursuant and/or traceable to its initial public offering (“IPO”) conducted on September 17, 2025, are encouraged to contact the firm before January 23, 2026.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. StubHub’s free cash flow suffered due to changed in the timing of vendor payments. These changes caused the Company’s free cash flow reports to be materially misleading. Based on these facts, the Company’s public statements were false and materially misleading throughout the IPO period. When the market learned the truth about StubHub, investors suffered damages.

Join the case to recover your losses.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]

SOURCE:

 The Schall Law Firm

LBRT faces significant financial and execution risks from margin declines, capital outlays and reliance on volatile power contracts amid macroeconomic pressures.