Track market-moving stories before they get noisy

1.9.2026 08:54, BAAPEN

Energetická skupina Photon Energy ukončila hlasování držitelů dluhopisů mimo zasedání, které vyhlásila 30. července 2026 v souvislosti s navrhovanou restrukturalizací svého zeleného dluhopisu 2021/2027 v objemu 78,77 mil. EUR s kuponem 6,50 % (ISIN DE000A3KWKY4). Ukončení nabývá účinnosti 1. září 2026.

Skupina uvádí dva důvody. Po zveřejnění výzvy obdržela od držitelů protinávrhy a žádosti o zařazení dalších bodů k hlasování a po jejich posouzení dospěla k závěru, že navrhovaná usnesení by v současné podobě pravděpodobně nezískala dostatečnou podporu. Dodatečné návrhy držitelů navíc podle společnosti otevírají otázky vyžadující další analýzu.

Druhým důvodem jsou procesní námitky. Jeden z držitelů zpochybnil, zda je hlasování mimo zasedání podle emisních podmínek vůbec odpovídajícím postupem. Emitent proto z opatrnosti od výzvy ustoupil, aby předešel nejistotě nebo pozdějšímu napadení hlasování či přijatých usnesení.

Photon Energy nyní protinávrhy, dodatečné body a vznesené procesní otázky vyhodnotí. Pokud shledá úpravy návrhů nebo postupu jako namístě, provede je ještě před zahájením dalšího rozhodovacího procesu držitelů. O novém jednání či hlasovacím postupu a případném revidovaném programu chce věřitele informovat bez zbytečného odkladu.

Akcie Photon Energy Akcie společnosti Photon Energy (BAAPEN) včera na pražské burze uzavřely na 7,4 Kč.

Zdroj: Photon Energy

Michal Bárta
Fio banka, a.s.
Prohlášení

Revenues of $1.88 billion, approximately 6.3% growth; 5.3% organic growth(1)Net income of $102 million; Adjusted EBITDA(1) of $193 million or 10.3% of revenuesDiluted earnings per share of $2.38; Adjusted diluted earnings per share(1) of $3.01Cash flows provided by operating activities of $146 million; Free cash flow(1) of $131 millionNet bookings of $1.2 billion; quarterly book-to-bill ratio of 0.6; trailing twelve months book-to-bill ratio of 0.8Company increases fiscal year 2027 guidance for revenue, adjusted EBITDA(1), adjusted EBITDA margin %(1) and adjusted diluted EPS(1); reiterates free cash flow(1) guidance RESTON, Va., Aug. 31, 2026 (GLOBE NEWSWIRE) -- Science Applications International Corporation (NASDAQ: SAIC), a premier mission integrator driving our nation's digital transformation across the defense, space, intelligence, and civilian markets, today announced results for the second quarter ended July 31, 2026.

"I am proud of our team’s performance this quarter, delivering solid organic growth and double-digit margins as we continue to execute with discipline," said Jim Reagan, SAIC Chief Executive Officer. "These results reflect our focus on operational excellence and our commitment to the targets we set for the year. We are raising our guidance to reflect our strong year-to-date performance, and we are transforming our enterprise to support our customers’ most critical missions, drive long-term growth and margin expansion, while continuing to invest in strengthening our capabilities."

Second Quarter of Fiscal Year 2027: Summary Operating Results

 Three Months Ended July 31,
2026 Percent
change August 1,
2025 (dollars in millions, except per share amounts)Revenues$1,880  6%
 $1,769 Operating income 152  9%
  139 Operating income as a percentage of revenues 8.1% 20bps  7.9%Adjusted operating income(1) 191  5%
  182 Adjusted operating income as a percentage of revenues 10.2% -10bps  10.3%Net income 102  (20)%  127 EBITDA(1) 193  9%
  177 EBITDA as a percentage of revenues 10.3% 30bps  10.0%Adjusted EBITDA(1) 193  4%
  185 Adjusted EBITDA as a percentage of revenues 10.3% -20bps  10.5%Diluted earnings per share$2.38  (12)% $2.71 Adjusted diluted earnings per share(1)$3.01  (17)% $3.63 Net cash provided by operating activities$146  20%
 $122 Free cash flow(1)$131  (13)% $150  (1)Non-GAAP measure, see Schedule 6 for information about this measure.

Second Quarter Summary Results

Revenues for the quarter increased $111 million or approximately 6% compared to the same period in the prior year primarily due to ramp up in volume on existing and new contracts and from the acquisition of SilverEdge Government Solutions ("SilverEdge") of $20 million, partially offset by contract completions. Adjusting for the impact of acquisitions, revenues grew by approximately 5.3%.

Operating income as a percentage of revenues for the quarter increased compared to the same period in the prior year primarily due to improved profitability across our contract portfolio and costs related to the settlement of federal tax audits in the prior year, partially offset by higher selling, general and administrative expenses, including recovery of costs from the settlement of a patent infringement matter in the prior year.

Adjusted EBITDA(1) as a percentage of revenues for the quarter decreased to 10.3% from 10.5% for the same period in the prior year primarily due to higher selling, general and administrative expenses, including recovery of costs from the settlement of a patent infringement matter in the prior year, partially offset by improved profitability across our contract portfolio.

Diluted earnings per share for the quarter was $2.38 compared to $2.71 in the prior year quarter. Adjusted diluted earnings per share(1) for the quarter was $3.01 compared to $3.63 in the prior year quarter. The weighted-average diluted shares outstanding during the quarter decreased to 42.8 million from 46.8 million during the prior year quarter.

(1)Non-GAAP measure, see Schedule 6 for information about this measure.

Cash Generation and Capital Deployment

Cash flows provided by operating activities for the second quarter increased $24 million compared to the prior year quarter primarily due to lower cash outflows from the usage of the Master Accounts Receivable Purchase Agreement ("MARPA") Facility, lower cash incentive-based compensation payments, and other changes in working capital, partially offset by timing of customer collections.

During the quarter, SAIC deployed $106 million of capital, consisting of $90 million of plan share repurchases and $16 million in cash dividends.

Subsequent to quarter end, on August 14, 2026, SAIC amended the MARPA to increase the aggregate facility limit from $300 million to $400 million.

Quarterly Dividend Declared

Subsequent to quarter end, on August 27, 2026, the Company's Board of Directors declared a cash dividend of $0.37 per share of the Company's common stock payable on October 23, 2026 to stockholders of record on October 9, 2026. SAIC intends to continue paying dividends on a quarterly basis, although the declaration of any future dividends will be determined by the Board of Directors each quarter and will depend on earnings, financial condition, capital requirements and other factors.

Backlog and Contract Awards

Net bookings for the quarter were approximately $1.2 billion which reflects a book-to-bill ratio of 0.6 and a trailing twelve months book-to-bill ratio of 0.8. SAIC’s estimated backlog at the end of the quarter was approximately $22.1 billion. Of the total backlog amount, approximately $3.8 billion was funded.

Notable New and Recompete Awards:

U.S. Space and Intelligence Community: During the quarter, SAIC was awarded a five-year (three-year base, plus two, one-year option periods) recompete contract of approximately $400 million supporting a U.S. Intelligence Agency. Under this contract, SAIC will provide advanced systems engineering, technical integration, and mission support services for ground-based Intelligence Community programs that ultimately deliver decisive national advantage.

U.S. Army: During the quarter, SAIC was awarded a five-year contract (three-year base, plus two, one-year option periods) of approximately $330 million supporting all branches of the Armed Services. Under this contract, SAIC will provide engineering and professional services supporting system-of-systems ("SoS"), systems engineering ("SE"), live/virtual/constructive ("LVC"), and associated M&S and multi-domain operations models, simulations, and analysis. The M&S area provides various types of system-of-systems modeling and simulation support development of and improvements of systems.

U.S. Navy: During the quarter, SAIC was awarded a five-year contract (one-year base, plus four, one-year option periods) of approximately $130 million supporting the U.S Navy. Under this contract, SAIC will provide support with acquisition, development, and operational testing of various airborne electronic warfare systems.

Notable Awards Subsequent to Period End (not included in current quarter bookings):

U.S. Department of Homeland Security: Subsequent to the end of the quarter, SAIC was awarded a five-year (one-year base, plus four, one-year option periods) recompete contract of approximately $740 million with the U.S. Department of Homeland Security, in its Civilian business group. Under this task order, SAIC will provide full-scale operations and maintenance support for Customs and Border Protection systems that are essential to assessing security risk from travelers and cargo entering our country.

U.S. Intelligence Community: Subsequent to the end of the quarter, SAIC was awarded a position on the estimated $14 billion Contract Operations for Missile Evaluation and Testing ("COMET") multiple-award, indefinite-delivery, indefinite-quantity ("IDIQ") contract with the Missile and Space Intelligence Center ("MSIC"). If awarded task orders, SAIC would provide expertise to develop, maintain, and enhance hardware, software, systems, and foundational military intelligence capabilities across five mission task areas. Backlog does not include estimates of revenues to be derived from multiple-award, IDIQ contracts, but rather we record backlog and bookings when task orders are awarded.

Fiscal Year 2027 Guidance

The table below summarizes fiscal year 2027 guidance and represents the Company's views as of August 31, 2026.        

 CURRENTPRIOR Fiscal YearFiscal Year 2027 Guidance2027 GuidanceRevenue$7.2B - $7.3B$7.0B - $7.2BOrganic Growth(1)(2%) - (0%)(4%) - (2%)Adjusted EBITDA(1)$750M - $755M$720M - $730MAdjusted EBITDA Margin %(1)10.3% - 10.5%10.1% - 10.3%Adjusted Diluted EPS(1)$10.65 - $10.75$9.90 - $10.10Free Cash Flow(1)>$600M>$600M (1)Non-GAAP measure, see Schedule 6 for information about this measure.

Webcast Information

SAIC management will discuss operations and financial results in an earnings conference call beginning at 10:00 a.m. Eastern time on August 31, 2026. The conference call will be webcast simultaneously to the public through a link on the Investor Relations section of the SAIC website (https://investors.saic.com/). We will be providing webcast access only – “dial-in” access is no longer available. Additionally, a supplemental presentation will be available to the public through links to the Investor Relations section of the SAIC website. After the call concludes, an on-demand audio replay of the webcast can be accessed on the Investor Relations website.

About SAIC

SAIC® is a premier mission integrator focused on advancing the power of technology and innovation to serve and protect our world. Our robust portfolio of offerings across the defense, space, intelligence, and civilian markets includes secure high-end solutions in mission IT, enterprise IT, engineering services and professional services. We integrate emerging technology, rapidly and securely, into mission critical operations that modernize and enable critical national imperatives.

We are approximately 23,000 strong; driven by mission, united by purpose, and inspired by opportunities. Headquartered in Reston, Virginia, SAIC has annual revenues of approximately $7.3 billion. For more information, visit saic.com. For ongoing news, please visit our newsroom.

Media Contact

Darryn James
Director, Media and Brand Reputation
[email protected] 

Investor Relations Contact

Jon Raviv
Vice President, Investor Relations
[email protected] 

GAAP to Non-GAAP Guidance Reconciliation

The Company does not provide a reconciliation of forward-looking adjusted diluted EPS to GAAP diluted EPS, adjusted EBITDA margin to GAAP net income or free cash flow to GAAP net cash flows from operating activities due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because certain deductions for non-GAAP exclusions used to calculate net income and cash flows from operating activities may vary significantly based on actual events, the Company is not able to forecast GAAP diluted EPS, GAAP net income or GAAP net cash flows from operating activities with reasonable certainty. The variability of the above charges may have an unpredictable and potentially significant impact on our future GAAP financial results.

Forward-Looking Statements

Certain statements in this release contain or are based on “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “guidance,” and similar words or phrases. Forward-looking statements in this release may include, among others, estimates of future revenues, operating income, earnings, earnings per share, charges, total contract value, backlog, outstanding shares and cash flows, as well as statements about future dividends, share repurchases and other capital deployment plans. Such statements are not guarantees of future performance and involve risk, uncertainties and assumptions, and actual results may differ materially from the guidance and other forward-looking statements made in this release as a result of various factors. Risks, uncertainties and assumptions that could cause or contribute to these material differences include those discussed in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Legal Proceedings” sections of our Annual Report on Form 10-K, as updated in any subsequent Quarterly Reports on Form 10-Q and other filings with the SEC, which may be viewed or obtained through the Investor Relations section of our website at www.saic.com or on the SEC’s website at www.sec.gov. Due to such risks, uncertainties and assumptions you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. SAIC expressly disclaims any duty to update any forward-looking statement provided in this release to reflect subsequent events, actual results or changes in SAIC’s expectations. SAIC also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others.

Schedule 1:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

 Three Months Ended Six Months Ended July 31,
2026 August 1,
2025 July 31,
2026 August 1,
2025 (in millions, except per share amounts)Revenues$1,880  $1,769 $3,786  $3,646Cost of revenues 1,641   1,554  3,298   3,222Selling, general and administrative expenses 87   75  170   164Other operating (income) expense —   1  (13)  —Operating income 152   139  331   260Interest expense, net 33   31  66   61Other (income) expense, net —   —  1   5Income before income taxes 119   108  264   194Income tax (expense) benefit (17)  19  (47)  1Net income$102  $127 $217  $195        Weighted-average number of shares outstanding:       Basic 42.4   46.7  43.1   47.1Diluted 42.8   46.8  43.4   47.3Earnings per share:       Basic$2.41  $2.72 $5.03  $4.14Diluted$2.38  $2.71 $5.00  $4.12 Schedule 2:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

 July 31,
2026 January 30,
2026 (in millions)ASSETS   Current assets:   Cash and cash equivalents$126 $182Receivables, net 996  853Prepaid expenses 129  122Other current assets 28  22Total current assets 1,279  1,179Goodwill 2,943  2,944Intangible assets, net 697  761Property, plant, and equipment, net 122  110Operating lease right of use assets 210  193Other assets 172  167Total assets$5,423 $5,354LIABILITIES AND EQUITY   Current liabilities:   Accounts payable$597 $500Accrued payroll and employee benefits 334  316Other accrued liabilities 98  147Debt, current portion 33  19Total current liabilities 1,062  982Debt, net of current portion 2,452  2,468Operating lease liabilities 220  198Deferred income taxes 147  104Other long-term liabilities 106  102Equity:   Total stockholders' equity 1,436  1,500Total liabilities and stockholders' equity$5,423 $5,354 Schedule 3:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 Three Months Ended Six Months Ended July 31,
2026 August 1,
2025 July 31,
2026 August 1,
2025 (in millions)Cash flows from operating activities:       Net income$102  $127  $217  $195 Adjustments to reconcile net income to net cash provided by operating activities:       Depreciation and amortization 39   35   79   71 Stock-based compensation expense 15   10   28   25 Deferred income taxes 22   110   43   109 Gain on sales of investments —   —   (12)  — Other (2)  (1)  (4)  — Increase (decrease) resulting from changes in operating assets and liabilities:       Receivables (34)  58   (143)  49 Prepaid expenses and other current assets (29)  (113)  (14)  (107)Accounts payable and other accrued liabilities (25)  (117)  60   (84)Accrued payroll and employee benefits 56   48   18   (3)Operating lease assets and liabilities, net (1)  (2)  (2)  (4)Other assets and other long-term liabilities, net 3   (33)  3   (29)Net cash provided by operating activities 146   122   273   222 Cash flows from investing activities:       Expenditures for property, plant, and equipment (15)  (7)  (24)  (15)Contributions to investments (3)  (1)  (9)  (7)Purchases of marketable securities (5)  —   (9)  (4)Sales of marketable securities 6   1   11   4 Proceeds from sales of investments —   —   15   — Other 2   —   2   — Net cash used in investing activities (15)  (7)  (14)  (22)Cash flows from financing activities:       Stock repurchased and retired or withheld for taxes on equity awards (98)  (110)  (286)  (252)Dividend payments to stockholders (16)  (17)  (33)  (36)Principal payments on borrowings (1)  (546)  (2)  (1,235)Proceeds from borrowings —   557   —   1,307 Issuances of stock 5   6   10   12 Other (4)  (4)  (4)  (4)Net cash used in financing activities (114)  (114)  (315)  (208)Net increase (decrease) in cash, cash equivalents and restricted cash 17   1   (56)  (8)Cash, cash equivalents and restricted cash at beginning of period 117   55   190   64 Cash, cash equivalents and restricted cash at end of period$134  $56  $134  $56  Schedule 4:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
SEGMENT OPERATING RESULTS
(Unaudited)

 Three Months Ended Six Months Ended July 31,
2026 August 1,
2025 July 31,
2026 August 1,
2025 (dollars in millions)Revenues       Defense and Intelligence$1,449  $1,374  $2,915  $2,807 Civilian 431   395   871   839 Total revenues$1,880  $1,769  $3,786  $3,646         Adjusted operating income (loss)       Defense and Intelligence$138  $124  $284  $239 Civilian 56   54   124   106 Corporate (3)  4   4   (5)Total adjusted operating income$191  $182  $412  $340         Adjusted operating margin       Defense and Intelligence 9.5%  9.0%  9.7%  8.5%Civilian 13.0%  13.7%  14.2%  12.6%Total adjusted operating margin 10.2%  10.3%  10.9%  9.3% Second Quarter Defense and Intelligence Results

Revenues for the quarter increased $75 million or 5% compared to the same period in the prior year primarily due to ramp up in volume on existing and new contracts and from the acquisition of SilverEdge of $20 million, partially offset by contract completions.

Adjusted operating income as a percentage of revenues increased compared to the same period in the prior year primarily due to improved profitability across our contract portfolio.

Second Quarter Civilian Results

Revenues for the quarter increased $36 million or 9% compared to the same period in the prior year primarily due to ramp up in volume on existing and new contracts, partially offset by contract completions.

Adjusted operating income as a percentage of revenues decreased compared to the same period in the prior year primarily due to timing and volume mix in our contract portfolio.

Second Quarter Corporate Results

Adjusted operating loss was $3 million for the current quarter compared to an adjusted operating income of $4 million during the same period in the prior year primarily due to higher selling, general and administrative expenses, including recovery of costs from the settlement of a patent infringement matter in the prior year.

Schedule 5:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
BACKLOG
(Unaudited)

The estimated value of our total backlog as of the dates presented was:

 July 31, 2026 January 30, 2026 Defense and
IntelligenceCivilianTotal SAIC Defense and
IntelligenceCivilianTotal SAIC (in millions)Funded backlog$2,883$935$3,818 $2,511$1,061$3,572Negotiated unfunded backlog 15,250 3,068 18,318  15,869 3,181 19,050Total backlog$18,133$4,003$22,136 $18,380$4,242$22,622 Backlog represents the estimated amount of future revenues to be recognized under negotiated contracts and task orders as work is performed and excludes contract awards which have been protested by competitors until the protest is resolved in our favor. SAIC segregates backlog into two categories, funded backlog and negotiated unfunded backlog. Funded backlog for contracts with government agencies primarily represents contracts for which funding is appropriated less revenues previously recognized on these contracts, and does not include the unfunded portion of contracts where funding is incrementally appropriated or authorized by the U.S. government and other customers even though the contract may call for performance over a number of years. Funded backlog for contracts with non-government agencies represents the estimated value of contracts which may cover multiple future years under which SAIC is obligated to perform, less revenues previously recognized on these contracts. Negotiated unfunded backlog represents the estimated future revenues to be earned from negotiated contracts for which funding has not been appropriated or authorized, and unexercised priced contract options. Negotiated unfunded backlog does not include any estimate of future potential task orders expected to be awarded under indefinite delivery, indefinite quantity (IDIQ), U.S. General Services Administration (GSA) schedules or other master agreement contract vehicles, with the exception of certain IDIQ contracts where task orders are not competitively awarded and separately priced but instead are used as a funding mechanism, and where there is a basis for estimating future revenues and funding on future anticipated task orders.

Schedule 6:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)

This schedule describes the consolidated non-GAAP financial measures included in this earnings release. While we believe that these non-GAAP financial measures provide management and investors with useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding our long-term financial performance, they should be considered as supplemental in nature and not as a substitute for financial information prepared in accordance with GAAP. Reconciliations, definitions, and how we believe these measures are useful to management and investors are provided below. Other companies may define similar measures differently.

Non-GAAP Definitions

Organic growth: Organic growth is a performance measure that excludes the impact of acquisitions and divestitures. Organic growth is calculated by taking consolidated revenues and excluding revenues from acquisitions and divestitures during the periods presented, when applicable.

Adjusted operating income: Adjusted operating income is a performance measure that primarily excludes the impact of non-recurring transactions and activities that we do not consider to be indicative of our ongoing operating performance. Adjusted operating income is calculated by taking operating income and excluding amortization of intangible assets, depreciation of property, plant, and equipment, acquisition, integration, restructuring, and impairment costs, and any other material non-recurring costs. Adjusted operating income excludes amortization of intangible assets because we do not have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition's purchase price allocated to intangible assets and the related amortization term are unique to each acquisition.

EBITDA and Adjusted EBITDA: EBITDA is a performance measure that is calculated by taking net income and excluding interest and loss on sale of receivables, provision for income taxes, and depreciation and amortization. Adjusted EBITDA is a performance measure that excludes the impact of non-recurring transactions and activities that we do not consider to be indicative of our ongoing operating performance. Adjusted EBITDA is calculated by taking EBITDA and excluding acquisition, integration, restructuring and impairment costs, and any other material non-recurring costs.

Adjusted Diluted Earnings Per Share: Adjusted diluted earnings per share is a performance measure that excludes the impact of non-recurring transactions and activities that we do not consider to be indicative of our ongoing operating performance. Adjusted diluted earnings per share excludes amortization of intangible assets because we do not have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition's purchase price allocated to intangible assets and the related amortization term are unique to each acquisition.

Free Cash Flow: Free cash flow is calculated by taking cash flows provided by operating activities less expenditures for property, plant, and equipment and less cash flows from our Master Accounts Receivable Purchasing Agreement ("MARPA") Facility for the sale of certain designated eligible U.S. government receivables. Under the MARPA Facility, the Company can sell eligible receivables up to a maximum amount of $300 million. We believe that free cash flow provides management and investors with useful information in assessing trends in our cash flows and in comparing them to other peer companies, many of whom present similar non-GAAP liquidity measures. This measure should not be considered as a measure of residual cash flow available for discretionary purposes.

Acquisition, integration, restructuring and impairment costs: Acquisition and integration costs represent costs incurred related to our acquisitions and subsequent integration with acquired businesses. Restructuring and impairment costs represent costs incurred related to internal reorganizations and initiatives (e.g., Project Orbit), facilities optimization efforts, and impairments of long-lived assets, along with associated depreciation.

Recovery of acquisition, integration, restructuring and impairment costs: Recovery of acquisition, integration, restructuring and impairment costs represents costs recovered through our indirect rates in accordance with Cost Accounting Standards.

Costs related to the settlement of federal tax audits: Costs related to the settlement of federal tax audits represent costs related to the IRS audit settlement for fiscal years 2016 through 2019.

Gain on divestitures, net of transaction costs: The gain on divestitures includes gains recognized related to divestitures, net of transaction costs.

We believe that these performance measures provide management and investors with useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding our long-term financial performance.

Schedule 6 (continued):

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)
Adjusted Operating Income

 Three Months Ended Six Months Ended July 31,
2026 August 1,
2025 July 31,
2026 August 1,
2025 (dollars in millions)Revenues$1,880  $1,769  $3,786  $3,646 Operating income$152  $139  $331  $260 Operating income as a percentage of revenues 8.1%  7.9%  8.7%  7.1%Depreciation of property, plant and equipment 7   6   15   13 Amortization of intangible assets 32   29   64   58 Acquisition, integration, restructuring and impairment costs 2   1   4   4 Recovery of acquisition, integration, restructuring and impairment costs (1)  —   (2)  (2)Costs related to the settlement of federal tax audits —   7   1   7 Gain on divestitures, net of transaction costs (1)  —   (1)  — Adjusted operating income(1)$191  $182  $412  $340 Adjusted operating income as a percentage of revenues 10.2%  10.3%  10.9%  9.3% (1)Non-GAAP measure, see above for definition.

Schedule 6 (continued):

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)

EBITDA and Adjusted EBITDA

 Three Months Ended Six Months Ended July 31,
2026 August 1,
2025 July 31,
2026 August 1,
2025 (dollars in millions)Revenues$1,880  $1,769  $3,786  $3,646 Net income$102  $127  $217  $195 Interest expense, net and loss on sale of receivables 35   34   70   68 Income tax expense (benefit) 17   (19)  47   (1)Depreciation and amortization 39   35   79   71 EBITDA(1) 193   177   413   333 EBITDA as a percentage of revenues 10.3%  10.0%  10.9%  9.1%Acquisition, integration, restructuring and impairment costs 2   1   4   4 Recovery of acquisition, integration, restructuring and impairment costs (1)  —   (2)  (2)Costs related to the settlement of federal tax audits —   7   1   7 Gain on divestitures, net of transaction costs (1)  —   (1)  — Adjusted EBITDA(1)$193  $185  $415  $342 Adjusted EBITDA as a percentage of revenues 10.3%  10.5%  11.0%  9.4% (1)Non-GAAP measure, see above for definition.

Schedule 6 (continued):

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)

Adjusted Diluted Earnings Per Share

 Three Months Ended July 31, 2026 (in millions, except per share amounts) As Reported Amortization of intangible assets Acquisition,
integration,
restructuring and
impairment costs Recovery of
acquisition,
integration,
restructuring and
impairment costs Gain on divestitures,
net of transaction
costs Non-GAAP results(1)Income before income taxes$119  $32  $2 $(1) $(1) $151 Income tax (expense) benefit (17)  (5)  —  —   —   (22)Net income$102  $27  $2 $(1) $(1) $129             Diluted EPS$2.38  $0.63  $0.04 $(0.02) $(0.02) $3.01   Three Months Ended August 1, 2025 (in millions, except per share amounts) As Reported Amortization of intangible assets Acquisition, integration, restructuring and impairment costs Costs related to the settlement of federal tax audits Non-GAAP results(1)Income before income taxes$108 $29 $1 $7 $145Income tax (expense) benefit 19  6  —  —  25Net income$127 $35 $1 $7 $170          Diluted EPS$2.71 $0.75 $0.02 $0.15 $3.63 (1)Non-GAAP measure, see above for definition.

Schedule 6 (continued):

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)

Adjusted Diluted Earnings Per Share

 Six Months Ended July 31, 2026 (in millions, except per share amounts) As Reported Amortization of intangible assets Acquisition, integration, restructuring and impairment costs Recovery of acquisition, integration, restructuring and impairment costs Costs related to the settlement of federal tax audits Gain on divestitures, net of transaction costs Non-GAAP results(1)Income before income taxes$264  $64  $4 $(2) $1 $(1) $330 Income tax (expense) benefit (47)  (12)  —  —   —  —   (59)Net income$217  $52  $4 $(2) $1 $(1) $271               Diluted EPS$5.00  $1.20  $0.09 $(0.05) $0.02 $(0.02) $6.24   Six Months Ended August 1, 2025 (in millions, except per share amounts) As Reported Amortization of intangible assets Acquisition, integration, restructuring and impairment costs Recovery of acquisition, integration, restructuring and impairment costs Costs related to the settlement of federal tax audits Non-GAAP results(1)Income before income taxes$194 $58 $4 $(2) $7 $261Income tax (expense) benefit 1  —  —  —   —  1Net income$195 $58 $4 $(2) $7 $262            Diluted EPS$4.12 $1.23 $0.08 $(0.04) $0.15 $5.54 (1)Non-GAAP measure, see above for definition.

Schedule 6 (continued):

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)

Free Cash Flow

 Three Months Ended Six Months Ended July 31,
2026 August 1,
2025 July 31,
2026 August 1,
2025 (in millions)Net cash provided by operating activities$146  $122  $273  $222 Expenditures for property, plant, and equipment (15)  (7)  (24)  (15)Cash used from (provided by) MARPA Facility —   35   —   (101)Free cash flow(1)$131  $150  $249  $106   FY27 GuidanceNet cash provided by operating activities>$635MExpenditures for property, plant, and equipmentApproximately $35MFree cash flow(1)>$600M (1)Non-GAAP measure, see above for definition.

Facility backed by seven-year contracted capacity agreement and estimated €1.0–1.7 billion in regional investment for local development and employment  | Source: Cerebras Systems Inc.

MIKKELI, Finland, Sept. 01, 2026 (GLOBE NEWSWIRE) -- Cerebras Systems (NASDAQ: CBRS) today announced a new AI data centre in Mikkeli, Finland, developed in partnership with Compute Nordic Finland. The facility will scale in phases to 165 MW of contracted IT capacity to deliver high-density AI compute with construction on the initial 50 MW phase already under way.

The agreement, formalized through a series of service orders each with seven-year contract terms, gives Cerebras long-term, purpose-built infrastructure to support growing global demand for its AI compute platform, while providing the Mikkeli region a long-term industrial anchor with significant estimated revenue and sustained job opportunities.

“This partnership with Cerebras is not a speculative bet on future demand — it's a contractually committed, phased build-out that reflects exactly how much AI compute the market needs today and where that need is heading,” said Pyry Virrantaus, CEO of Compute Nordic Finland. “We are proud to build that capacity in Mikkeli, alongside a partner network of local and national organizations who are ready to deliver the project and build the workforce it requires.”

More AI Per Megawatt

Cerebras and Compute Nordic designed the Mikkeli facility for efficiency from day one to optimize power and water usage. The facility is designed to use closed-loop cooling systems that recirculate water rather than draw continuously from municipal supply, and the campus is designed to support waste-heat recovery, enabling thermal energy generated by AI compute into a resource for the surrounding community.

“Our architecture is built to get more useful AI output out of every megawatt we deploy,” said Andrew Feldman, CEO and co-founder, Cerebras. “Mikkeli lets us pair that efficiency with a data centre designed for closed-loop cooling and heat reuse from the ground up.”

A Long-Term Industrial Anchor for South Savo

Cerebras' long-term commitment in Mikkeli reflects the company's broader approach to data centre development: building long-term technical capability and high-quality, permanent jobs around advanced AI infrastructure, rather than treating a site as a temporary construction project. As demand for Cerebras' wafer-scale AI compute continues to grow globally, Mikkeli adds a purpose-built, efficiency-first facility to the company's infrastructure footprint, with capacity scaling from 50 MW to 80 MW to a full 165 MW as data centre capacity is delivered.

Independent analysis from Ramboll's Finnish Data Center Market Study and Impact Assessment Report (12 September 2025) estimates that, at full 165 MW scale, the project represents an indicative investment of €1.0–1.7 billion for the region, supporting an estimated 80–250 direct permanent jobs and €0.8–2.5 million per year in property tax revenue.

Unlike the construction-heavy, short-lived employment sometimes associated with large data centre projects, Cerebras and Compute Nordic are emphasizing the permanent, technical roles the Mikkeli campus will create and sustain over the life of the facility — including operations, power and cooling engineering, networking, security, and facilities management — alongside the near-term construction and local supply chain activity already under way.

“The clearest measure of a project like this isn't the number of construction jobs it creates upfront; it's what remains ten or twenty years later,” Virrantaus said. “We looked at permanent employment, workforce pathways, local suppliers, and durable economic activity when building this out in Mikkeli.”

A Broad Partner Network

The Mikkeli project is developed in close cooperation with the City of Mikkeli and key regional stakeholders across South Savo, supported by a broad network of Finnish construction, engineering, energy, recruitment, and professional services partners.

Compute Nordic Finland is leading project development, operator responsibility, the customer interface, and overall programme governance.

About Cerebras Systems

Cerebras Systems (NASDAQ: CBRS) builds the world’s fastest AI infrastructure. The Cerebras team of pioneering computer architects, computer scientists, AI researchers, and engineers of all types came together to make AI blisteringly fast through innovation and invention. We believe that when AI is fast, it will change the world. Leading global corporations, research institutes, and governments choose Cerebras to run their AI workloads. Cerebras solutions are available on premises and in the cloud. Visit cerebras.ai for more.

About Compute Nordic Finland

Compute Nordic Finland develops and operates high-density AI data centre infrastructure in Finland, partnering with local communities, energy providers, and technology talent to deliver long-term industrial investment. Compute Nordic leads project development, operator responsibility, and programme governance for the Mikkeli AI Data Centre.

Cerebras Disclosure Information

Cerebras uses its blog (cerebras.ai/blog), investor relations page (investors.cerebras.ai), its X account (@cerebras), and its LinkedIn page (linkedin.com/company/cerebras-systems/) to disclose material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, in addition to following Cerebras press releases, Securities and Exchange Commission (SEC) filings, public conference calls and public webcasts.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of applicable securities laws. All statements other than statements of historical fact could be deemed to be forward-looking, including, but not limited to, statements about the partnership with Compute Nordic; expectations regarding contracted capacity and ability to deliver AI compute; impact on and direction of the AI infrastructure industry; long-term economic impact in Finland, including impact on employment, investment scale, and tax revenue; expectations regarding operational efficiency and environmental responsibility, including heat-reuse and closed-loop cooling; and any assumptions relating to the foregoing. The words "may," "will," "shall," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "objective," or "continue," or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Cerebras’ control. These risks and uncertainties include, but are not limited to: Cerebras’ ability to sustain and manage its growth, access borrowings and other sources of capital on acceptable terms, and deploy available capital to support growth; its history of net losses and ability to achieve and maintain profitability; its limited operating history at its current scale and ability to accurately forecast revenue and appropriately budget and manage expenses; its dependence on a limited number of significant customers, including OpenAI, Group 42 Holding Ltd, Mohamed bin Zayed University of Artificial Intelligence, and AWS, and the potential impact of any reduction in demand from, material adverse development in its relationships with, or failure to meet its obligations to, such customers, including under its Master Relationship Agreement with OpenAI; the timing, execution and expected benefits of its strategic customer, partner and financing arrangements; its historical reliance on sales of hardware systems and the early-stage, rapidly evolving market for its cloud-based offerings and AI infrastructure; its ability to secure sufficient data center capacity and capital to support its cloud-based offerings; its ability to launch new offerings and add new product capabilities; and its ability to compete effectively in the rapidly evolving and competitive market for AI computing solutions.

Cerebras’ actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors. Accordingly, undue reliance should not be placed on such statements. These forward-looking statements are made as of the date they were first issued and are based on information available to Cerebras together with Cerebras’ expectations, estimates, forecasts, projections, beliefs, and assumptions as of such date. These forward-looking statements should not be relied upon as representing Cerebras’ views as of any date subsequent to the date of this press release. Past performance is not necessarily indicative of future results. Cerebras undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Further information on potential risks that could affect actual results is included in Cerebras’ most recent filings with the SEC, including in Cerebras’ most recent Quarterly Report on Form 10-Q, copies of which may be obtained by visiting Cerebras’ Investor Relations website at investors.cerebras.ai or the SEC’s website at www.sec.gov.

Cerebras Contacts

Kriselle Laran
Media Relations
[email protected]

Sean Dorsey
Investor Relations
[email protected]

Compute Nordic Finland Contact

Pyry Virrantaus
CEO
[email protected]

Cathie Wood Pulls $74 Million From AMD as Data Center Sales Soar Summary

Cathie Wood’s ARK Invest sold about $74 million of AMD shares even as the chipmaker delivered 50% revenue growth and a sharp rise in data-center sales

Advanced Micro Devices AMD is facing renewed investor scrutiny after Cathie Wood's ARK Invest reduced its position despite a sharp improvement in the chipmaker's latest results.

ARK sold 156,286 AMD shares valued at about $74.5 million across several ETFs. The transactions followed another disposal of 37,977 shares worth roughly $18.3 million a day earlier.

The sales come after AMD posted second-quarter revenue of $11.5 billion, up 50% year over year. Data Center revenue more than doubled to $6.7 billion, while non-GAAP earnings per share reached $1.66.

AMD also enters the second half with its data-center business as a major growth driver. The company said revenue from that segment is expected to accelerate, supported by EPYC processors and Instinct accelerators.

ARK's decision therefore contrasts with AMD's improving operating performance. It does not establish why the fund sold the shares, but it shifts attention toward whether AMD's strong AI-related growth can continue to justify its valuation.

The selling could weigh on sentiment, while accelerating data-center revenue remains an important support for the shares.

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

Click for the complete disclosure

Ripple is preparing the XRP Ledger for a future quantum-computing threat, even as trader flags near-term downside risk for XRP (CRYPTO: XRP).

Four-Stage Roadmap For Q-DayRipple Senior Director of Engineering Ayo Akinyele told CoinDesk that the company is preparing the XRP Ledger for potential quantum-computing threats before the technology becomes powerful enough to break current cryptographic protections.

A sufficiently advanced quantum computer could theoretically derive private keys from publicly available information, potentially putting blockchain assets at risk.

Researchers call this scenario "Q-Day."

Ripple’s four-stage roadmap starts with identifying vulnerabilities and testing quantum-resistant cryptography before eventually running existing and new security systems in parallel and migrating the broader network.

Trending

The plan also includes an emergency upgrade path if quantum computing advances faster than expected.

XRP Ledger already allows users to replace account keys without changing the underlying account. Network-wide changes would still require coordination among independent validators.

XRP’s Rejection At $1.55In an X post on Aug. 31, crypto trader Crypto Patel said XRP rejected the $1.55 resistance after briefly sweeping liquidity above the level, followed by aggressive selling that sent prices nearly 20% lower.

Patel said XRP has not yet confirmed a bullish breakout and needs weekly acceptance above its recent high.

If resistance holds, the trader sees $0.90 to $0.70 as the next major downside zone. Longer term, Patel still sees $10 as possible.

Over the past month, XRP has gained 30%, despite falling 8% over the past seven days.

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

As Ethereum [ETH] advanced toward $2500, traders went all-in, adding massive amounts of leverage on both Binance and Bybit.

The combined Open Interest (OI) on these two exchanges grew by $1.12 billion over the seven days ending on the 22nd of August, after traders began to chase Ethereum’s breakout.

Recently, that momentum has dramatically fallen off. As of the 30th of August, the leverage collapsed 90.9% to just $102 million. Binance fell from $843 million to $94 million, while Bybit plunged from $277 million to $8 million.

Source: CryptoQuant However, ETH is still trading near $2500, even though derivatives are being added by much smaller margins. In other words, this means that the rally is now relying less on rapid expansion of derivatives in order to continue supporting the price.

Ultimately, if Ethereum holds $2500 while leverage decreases, then this would likely indicate a rally based on growing demand.

With leveraged trading cooling, Ethereum’s support is increasingly coming from spot ETFs.

The volume of ETH being bought by institutions through spot ETFs has grown with each session since the 15th of August. Since then, U.S.-based Ethereum ETFs have had approximately $1.5 billion in investment over 10 days.

Source: Farside Over this same period BlackRock’s ETHA accounted for 71.9%, or approximately $1.02 billion, of total investment in all U.S.-based Ethereum ETFs. At an ETH price level of $2,400-$2,500, these investments would represent approximately 570,000-630,000 ETH worth of net purchases.

More importantly, ETF inflows matter because they create direct demand for ETH in the spot market without adding leverage through futures. All in all, it is likely that continued ETF inflows will support ETH’s stabilization even if derivative positions continue to be reduced.

Whale selling tests ETH demand That institutional demand now faces a direct supply test, as whale 0x2Ea2 has moved substantial ETH onto major exchanges. Over two days, the wallet deposited 40,881 ETH worth $100.67 million, spreading transfers across Binance, OKX, Bybit, Kraken, and Gate.

Source: Arkham Several deposits reached thousands of ETH, including 8,629 ETH sent to Binance within one day. This does not necessarily mean that whale 0x2Ea2 sold this amount of ETH.

However, placing ETH directly on an exchange makes it immediately available to be traded. This is important since continued sales of ETH could potentially absorb some of the spot demand for ETH currently at around $2,500.

Meanwhile, the whale still possesses 10,506 ETH worth roughly $25.52 million, and thus there are additional potential supplies. If that balance follows, ETF demand must absorb heavier selling to maintain price stability.

Final Summary

Merchant count rose 51% to 571,000 as the Affirm Card reached 5.2 million users Summary

Bernstein lifted its target to $110 citing merchant and card growth, while the stock traded in the opposite direction.

Bernstein SocGen raised its price target on Affirm Holdings AFRM to $110 from $100, keeping an Outperform rating and pointing to network effects across merchants, the Affirm Card and newer verticals. The firm initiated coverage in July at $100. Affirm shares were down 6.12% intraday.

The raise follows fiscal fourth quarter results reported August 27. Revenue less transaction costs, Affirm's non-GAAP measure, came in 7% ahead of consensus, and adjusted operating income beat by 12%. Gross merchandise volume ran 5% above consensus on growth in both Pay in X products and interest-bearing loans. Fiscal 2027 guidance for revenue less transaction costs landed 4% above consensus, with adjusted operating income guidance in the teens above.

Merchant count rose 51% to 571,000, an acceleration of eight percentage points, and Affirm now works with 80 of the top 250 US merchants. The Affirm Card has 5.2 million users, with gross merchandise volume up 125% year over year. Bernstein said newer verticals are growing at two to three times the rate of the overall business, helped by independent software vendor partnerships.

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

Click for the complete disclosure

Ripple (XRP) and Stellar (XLM) are showing signs of recovery on Tuesday after rebounding slightly the previous day, following double-digit corrections last week. Moreover, XRP continues to attract Exchange-Traded Fund (ETF) inflows and Stellar’s Real-World Assets (RWAs) ecosystem has surpassed $4 billion. These developments indicate growing institutional interest and could provide fresh fundamental support for a recovery in both altcoins.

XRP institutional demand shows signs of strengthInstitutional demand for XRP has remained strong. SoSoValue data showed spot ETFs recorded a $5.64 million inflow on Monday, marking 10 consecutive days of positive flows since August 18. Moreover, net weekly inflows last week exceeded $110 million, the highest weekly flows since early December 2025. If these inflows continue and intensify, XRP could support gains ahead.

Total XRP spot ETF net inflow daily chart. Source: SoSoValue

Total XRP spot ETF net inflow weekly chart. Source: SoSoValueXLM RWAs hit $4 billionStellar announced on its X account on Monday that Real-World Assets (RWAs) on its network have surpassed $4 billion. This highlights the rapid expansion of Stellar’s RWA ecosystem and supports a bullish long-term outlook for XLM.

XRP technical outlook: Key 200-day EMA holds strongXRP price trades at $1.37 on Tuesday, maintaining a bullish near-term bias as it remains above key Exponential Moving Averages (EMAs). The 200-day EMA at $1.35 underpins the advance together with the 100-day EMA at $1.21 and the 50-day EMA at $1.21, suggesting a constructive underlying trend despite the recent pullback from overbought RSI readings.

The Relative Strength Index (RSI) has eased to 61 from earlier extreme levels. At the same time, the Moving Average Convergence Divergence (MACD) has slipped marginally negative, hinting at waning upside momentum rather than a clear trend reversal as long as price holds over the 200-day EMA.

On the topside, the next significant barrier is the horizontal resistance at $1.90, where fresh supply could emerge if the rally extends. 

On the downside, immediate support sits around the current consolidation area, backed by the 200-day EMA at $1.35, followed by the horizontal floor at $1.30. Deeper setbacks would expose the broader demand zone defined by the 100-day and 50-day EMAs clustered near $1.21, ahead of the more distant structural support at $1.00.

XRP/USDT daily chartXLM technical outlook: Near key resistance zoneXLM price trades at $0.1776 on Tuesday, capped by a dense cluster of EMAs just overhead, which keeps the near-term bias bearish. XLM price is marginally below the 50-day EMA at $0.1778, with the 100-day and 200-day EMAs higher at $0.1797 and $0.1890, respectively, suggesting rallies remain vulnerable while these levels hold as resistance.

The RSI hovers around 50, hinting at a loss of upside momentum, while the MACD has slipped back below the zero line, reinforcing the idea of a fading bullish phase and scope for further consolidation or downside.

On the downside, immediate support is seen at the nearby horizontal level at $0.1774, which forms a tight pivot zone around the current price, before a more distant structural floor emerges at $0.1420.

On the topside, initial resistance is given by the 50-day EMA at $0.1778, followed by the 100-day EMA at $0.1797 and the 200-day EMA at $0.1890; only a sustained break above this moving-average stack would ease bearish pressure and open the way for a more constructive recovery phase.

XLM/USDT daily chart(The technical analysis of this story was written with the help of an AI tool. Know more.)

How big is the tokenization market? Well, it’s big enough that the grand machinery of capital markets is now flooding in. Some of the key stats from 2026 show the shocking scale of growth in tokenized assets. 

Tokenized RWAs reached $37.29 billion on public blockchains as of August 3, excluding stablecoins. Treasury and money-market products accounted for $16.16 billion, roughly 43% of the total. Commodities stood at $4.60 billion, while equities and ETFs reached $2.16 billion. Types of Tokenized Real-World Assets By Category. Source: On-Chain Finance What’s more, US regulators are beginning to draw firmer lines. In January, SEC staff divided tokenized securities into issuer-sponsored products and third-party-created versions. 

An issuer can integrate distributed-ledger technology into its “master securityholder file,” allowing an on-chain transfer to move the security on the official register, while third-party structures can leave legal ownership recorded elsewhere and give the token holder a separate entitlement.

BeInCrypto spoke to Eva Meng, Head of Matrixdock, Myles Harrison, Chief Product Officer at AMINA Bank, Billy Miller, COO of Securitize, and Roshan Robert, CEO of OKX US, about tokenization’s real battleground. 

Ownership Begins with Settlement Eva Meng, Head of Matrixdock, places settlement at the center of the ownership question.

“An on-chain ledger can accurately record token ownership without establishing whether the underlying asset is available for settlement. The real test comes when the claim is exercised: can recorded ownership actually be carried through to settlement?”

Matrixdock’s tokenized gold (XAUm) asset shows how such rights pass from an onchain balance into physical delivery. 

In April 2025, a holder burned 32.148 XAUm and received a one-kilogram LBMA gold bar within T+3 of the redemption request, linking the token burn to a corresponding release from custody.

How a Holder Received a Physical Gold Bar for Burning His Tokenized Gold Coins. Source: Matrixdock The stakes rise as tokenization reaches securities, where ownership determines access to dividends, voting rights and corporate actions. 

Myles Harrison, Chief Product Officer at AMINA Bank, argues institutional investors tend to begin from those legal and economic rights rather than from blockchain selection.

“The token isn’t the asset. It’s a representation of a claim, and that claim only means something if a regulated institution stands behind it and is legally obliged to honor it. When I speak to institutional clients, their questions are never about which chain an asset sits on. They want to know who owes them what, under which law, and what happens if something goes wrong. Those answers live in the record of ownership, not in the token itself.”

Securitize COO Billy Miller draws a similar line between tokens created around securities held elsewhere and issuer-sponsored tokens incorporated into the ownership record itself.

“In an issuer-sponsored model, the issuer authorizes tokenization with the token representing the actual security and ownership, akin to how book-entry is a digital representation of shares held at the transfer agent.”

Securitize put the model into use when its common stock began trading on the NYSE under SECZ on July 2. Eligible US investors are also able to access tokenized SECZ through Securitize. 

The tokens launched on Avalanche and Solana while representing the same common stock trading on the NYSE, giving one security both conventional and on-chain forms of ownership.

Securitize is now officially a public company, listed on the @NYSE under the ticker SECZ.

Our focus is unchanged: building the regulated infrastructure for the next generation of capital markets.

To everyone who helped us get here, thank you.

Tokenize the World. pic.twitter.com/XVhjA5udA9

— Securitize (@Securitize) July 2, 2026 💡 Did you know? Robinhood’s 2025 “SpaceX stock tokens” gave investors derivative exposure rather than direct ownership of SpaceX shares. The controversy exposed a central risk in tokenization: owning a token does not necessarily put the holder on the company’s share register or grant the rights attached to the underlying equity. 

Transfer Agents Transfer agents have long maintained security-holder records, processed changes in ownership, and administered distributions. With tokenized securities, recordkeeping becomes more closely tied to the trade because an on-chain transfer can feed into the official register, making the quality and speed of recordkeeping part of the trading experience itself.

Traditional exchanges are already building around this role. 

In March, the NYSE named Securitize as the first digital transfer agent eligible to mint blockchain-native securities for corporate and ETF issuers on its planned digital trading platform, while the two companies also agreed to work on standards covering digital transfer agents and tokenization agents.

Roshan Robert, CEO of OKX US, sees the transfer agent and blockchain as complementary components.

“Tokenization works best when the asset is tied directly to the official ownership record. A digital transfer agent maintains that record and manages transfers, distributions and corporate actions. Blockchain infrastructure provides the speed, transparency and global reach that make these assets more useful. Strong tokenized markets need both trusted ownership records and high-performance blockchain infrastructure. Together, they can allow tokenized assets to move securely and, ultimately, trade around the clock.”

The institutional footprint around regulated tokenization is growing alongside those market plans. Securitize reported $3.4 billion in assets under management at the end of March 2026 and $1.9 billion of aggregate transaction volume during the first quarter, figures published shortly before its July NYSE listing.

Around-the-Clock Trading Reaches the Old Market Clock The NYSE is developing a regulated digital venue designed for 24/7 tokenized securities trading, instant settlement and stablecoin-based funding, pairing its Pillar matching engine with blockchain-based post-trade systems.

Harrison sees the difficult work arriving beyond the trading venue, where counterparties, compliance teams and settlement systems still operate according to schedules refined over decades.

“At AMINA Bank, we settle 24/7, 365. We’re always online. But try clearing something on a Saturday evening through a traditional institution; it just doesn’t happen. And that’s not a technology problem. The entire financial system – from the processes and the staffing models to the compliance infrastructure – was built around market opening hours and optimized over decades. Unwinding is like turning an oil tanker. It will happen, but anyone telling you it’s 12 months away is underestimating the challenge.”

Meng sees the same tension in gold, an asset whose price can respond to geopolitical events and macroeconomic releases while key elements of the conventional market remain bound to established operating hours.

“The challenge is that only part of the stack is always on. Secondary trading and transfers can continue on-chain, while underlying markets, banking, custody, hedging, and primary-market activity still follow traditional operating hours.”

Tokenized gold can therefore continue forming a price while conventional routes are closed, giving onchain markets an early read on new information.

“The harder test comes when the tokenized price moves away from the underlying market while the mechanisms that normally bring them back into alignment, such as arbitrage, hedging, minting and redemption, are unavailable. Liquidity providers then have to carry more inventory, basis and gap risk until those markets reopen,” Meng said.

Continuous trading becomes economically durable when liquidity providers can manage exposure across those uneven schedules, with enough cash settlement, custody and redemption capacity to support prices through weekends and overnight sessions.

The Registry Outranks the Chain Blockchain selection still affects transaction costs, execution speed and access, although Harrison sees legal and operational design carrying greater importance for institutions deciding whether an asset can enter portfolios.

“The chain matters far less than people assume. I see institutions spending months evaluating which blockchain to use when the real question is whether the legal and operational infrastructure around their asset is in place. Can they settle? Can they comply across jurisdictions? Can their counterparties access it? The industry spent almost two years getting lost in the semantic between tokenized deposit, a CBDC and a stablecoin when technologically they’re identical. The infrastructure around the token is what determines whether institutional clients can use it,” said Harrison from AMINA Bank. 

SECZ provides one illustration. The same issuer-sponsored common stock launched across Avalanche and Solana, leaving the economic rights attached to the share while blockchain choice governs where an eligible investor can hold and transfer the tokenized form.

The SEC’s January guidance gives the registry similar prominence from a regulatory perspective, centring issuer-sponsored tokenization on the master securityholder file and the relationship between an onchain transfer and the legally recognized ownership record.

Where Tokenization Breaks Down Continuous trading becomes more complicated when a token keeps changing hands while its reference market has closed, leaving price discovery concentrated in the tokenized asset until conventional trading resumes.

Harrison points to tokenized equities.

“You can trade the token at any hour, but the underlying security doesn’t reprice outside traditional market hours. You’re buying a wrapper whose reference value is frozen until the market reopens.”

Tokenized Treasuries raise a different issue. They are already the largest real-world asset category tracked by RWA.xyz, with $16.16 billion distributed across 85 products as of August 3, yet AMINA’s clients can already buy conventional T-bills through the bank’s securities dealer license. 

In their case, wrapping the same exposure in a token offers limited extra utility unless it improves access, settlement or use elsewhere onchain.

“The tokenized version solves a distribution problem that doesn’t exist for them.”

Tokenization earns its economic value where a blockchain representation improves access, settlement, portability or use as collateral, while the ownership record preserves a holder’s enforceable rights throughout the process. 

The market is already large enough for this distinction to become commercially important, especially as tokenized securities begin entering regulated public-market venues.

Solana validators just voted to put SOL on a diet. The network’s governance body approved SGP-0002, a proposal that doubles the annual disinflation rate from 15% to 30%, meaning the amount of new SOL entering circulation will shrink twice as fast as originally planned. The move pulls forward Solana’s target for hitting its 1.5% terminal inflation floor from roughly 2032 to 2029, three years ahead of schedule.

The vote closed on August 28 with 176.29 million SOL in favor and 66.19 million opposed, landing at 67% approval. That barely cleared the two-thirds supermajority required, and the outcome reportedly hinged on the Kraken validator switching its position before the deadline.

What the numbers actually mean The approved proposal, which implements SIMD-0550, will prevent an estimated 18.9 million SOL from being minted over the next six years.

Solana’s inflation rate as of June 2026 sat at approximately 3.82%, with staking participation hovering around 68%. Under the old schedule, the network would have gradually tapered issuance over the next six-plus years. Under the new plan, that taper happens roughly twice as fast.

For SOL holders who don’t stake, this is straightforwardly good news. Less new supply means less dilution. For stakers and validators, the picture is more nuanced. Staking yields, which currently range from 4% to 6%, are projected to decline more rapidly as inflation rewards shrink. Analysts estimate yields will converge toward the 1.5% floor years earlier than previously forecast.

Record activity provides a cushion July 2026 produced 4.2 billion non-vote transactions, a record for the network. On August 4 alone, nearly 170 million transactions were processed in a single day.

Notably, a separate proposal aimed at restructuring fees to increase on-chain token burns failed to win supermajority support. That initiative would have boosted daily burns from around 650 SOL to somewhere between 7,500 and 9,000 SOL. With that proposal dead for now, Solana’s existing fee structure stays in place while the issuance changes take effect.

The governance drama The 67% approval figure might sound comfortable, but it was anything but. Two-thirds is the minimum threshold, meaning the vote passed by the thinnest possible margin for a supermajority system. The Kraken validator’s late pivot proved decisive, a detail that underscores how concentrated influence can be in proof-of-stake governance.

With 176.29 million SOL voting yes and 66.19 million voting no, roughly a third of participating stake actively opposed faster disinflation.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

CME Group and CF Benchmarks went live on August 31 with two new multi-asset cryptocurrency benchmarks, with the headline product being one that deliberately sidesteps the two biggest names in the market.

What the index tracks Its ten constituents are BNB ($BNB), XRP, Solana ($SOL), Hyperliquid's $HYPE, Chainlink's $LINK, Stellar, Sui, Uniswap, Avalanche and Aave ($AAVE). A companion CME CF Crypto Market Index holds those same ten assets plus Bitcoin and Ether, functioning as a broad-market gauge.

Both indices use free-float market capitalisation weighting, with the constituent lineup reviewed every June and December.

Benchmarks, not tradable products, for now

The door to tradable products is not closed. That precedent suggests the new benchmarks could serve as the foundation for listed products further down the line.

Sources:
Crypto Briefing: CME launches two new cryptocurrency tracking indices with CF Benchmarks
Crypto Economy: CME Emerging Crypto Index Launches Without Bitcoin Or Ethereum
CME Group: CME Group to Launch Nasdaq CME Crypto Index Futures (press release)

An Australian judge said he may order Tesla (TSLA.O) to give an independent expert access to its internal engineering platforms as ​part of a class action against the Elon Musk-led carmaker, a move ‌designed to bypass a drawn-out discovery process that has dogged the case.

The lawsuit, filed in February 2025, alleges Tesla's Model 3 and Model Y vehicles suffer from "phantom braking" and that ​the advertised self-driving capability and battery range were overstated.

Federal Court judge ​Tom Thawley suggested appointing an independent expert after lawyers for the ⁠applicants, representing some 10,000 Tesla owners, complained the documents Tesla had turned ​over failed to capture crucial technical information they needed to run the case.

Bringing ​in an independent expert who was endorsed by both sides "would eliminate the discovery issue because they would have, if they needed access to something, the power to get access", Thawley ​told the court on Tuesday.

He added that he would not necessarily keep ​the court-appointed expert away from certain material "just because one of the parties doesn't like that ‌idea".

The ⁠matter is yet to go to trial as the parties clash over the discovery process.

Tesla says it has handed over thousands of documents in good faith but that its engineers use live, continuously edited software platforms that do ​not keep point-in-time records ​or simulate ⁠paper documents.

Thawley said a single court-appointed expert in each relevant field with access to the systems themselves would be cheaper ​and faster than fighting over documents, and told the ​parties he ⁠would consider ordering it over their objections.

Lawyers for both sides said they would seek instructions on the suggestion of an independent expert, but Fiona Roughley, representing the ⁠applicants, ​said the idea made sense.

Imtiaz Ahmed, who represents ​Tesla, said his side would think about the suggestion, noting its systems were highly confidential.

The matter ​returns to court on November 12.

A few weeks ago, I wrote an article comparing the stocks of Chevron (CVX +2.12%) and ExxonMobil, saying I'd rather buy Chevron now. Given the events of the last week, I'm doubling down on that.

Last week, President Donald Trump announced a deal with Venezuela to give the U.S. control of more than 65 billion barrels of that country's proven oil reserves, which is about as much as the total proven reserves of the U.S. Venezuelan Interim President Delcy Rodriguez confirmed the 25-year agreement and said it would involve developing 17 oil fields and drawing more than $100 billion of investment.

Why is that good news for Chevron? The company appears to be intricately involved in the plan. News outlets are reporting that Chevron is now negotiating a major deal to expand operations in Venezuela.

Chevron has a big head start in Venezuela Chevron is the only American oil major that retained operations in Venezuela after the Bolivarian Revolution of 1999, which further nationalized the oil industry and forced many foreign oil companies out of the country. Today, Chevron's operations account for about one-fourth of Venezuelan oil production.

The opportunity for the company is massive. Venezuela has the largest proven crude oil reserves of any nation, about 303 billion barrels. That's even larger than Saudi Arabia's reserves. Basically, it sits on one-fifth of the world's oil.

And the company is on a bit of a roll. It reported net income of $12 billion for the second quarter, nearly 400% higher than the year-ago quarter. It beat Wall Street's earnings estimates by $0.50 a share, at $606.

Chevron is also a major refiner (as is ExxonMobil). Its refining profit soared from $737 million in the second quarter last year to $4.9 billion in the second quarter this year. Oil prices have been highly volatile this year, with increases driven by the Iran war boosting oil companies' revenues.

Image source: Getty Images.

While oil prices are expected to settle once the conflict ends, a global shortage of refining capacity will remain. That's a big positive for Chevron, which has the capacity to refine the heavy, sour crude that Venezuela produces. Chevron CEO Mike Wirth said in January that the company can process an additional 100,000 barrels per day of Venezuelan crude at its Pascagoula, Mississippi, refinery.

Premium Feature

Moneyball Superscore

68/100

Today's Change

(

2.12

%) $

4.28

Current Price

$

206.14

Shares of Chevron are up 35% year to date. And the average price target among analysts for CVX shares is $218.29, about 6.4% higher than the current price. Of the 25 analysts who follow the company, 20 rate it either a "strong buy" or a "buy."

Image Credits:Kirby Lee / Getty Images

In its lawsuit against OpenAI, Apple filed what it calls “shocking evidence” to bolster its allegations that former employees stole trade secrets for OpenAI’s benefit. These new details emerged after the legal counsel for former Apple employee Chang Liu — who now works at OpenAI — handed over Liu’s old Apple work laptop for investigation earlier this month.

Apple now alleges that Liu used a confidential Apple circuit schematic in his work at OpenAI, as well as a tool that shares a name with an internal Apple engineering application. The company claims that OpenAI was “well-aware” of Liu’s access to Apple data, and that Liu enlisted OpenAI colleague Yu-Ting Peng to help destroy evidence in June when he learned that Apple was investigating him.

“The MacBook represents the very limited information Defendants provided so far (and only after weeks of delay), and shows Apple is not conducting ‘fishing expeditions’ but that its trade secrets are being used and evidence is being destroyed,” the filing reads.

While this new evidence is redacted from public view, past filings from Apple have included text messages from Liu — which he punctuated with “crying laughing” emojis — showing he was aware that he still had access to Apple files.

OpenAI has previously defended Liu by saying that he only accessed Apple files after he stopped working there in order to help former colleagues who asked for his assistance. “Apple now tries to shift the blame to ‘residual access,’ but they also don’t disclose that this is a common issue with Apple which is caused by them failing to properly manage system access when people leave,” OpenAI wrote in a blog post earlier this month.

But Apple claims that Liu had continued access because he “exploited a rare, previously unknown authentication bug.”

TechCrunch has requested comment from OpenAI on Apple’s newest allegations.

Apple is seeking a preliminary injunction — a court order that would block OpenAI from working on hardware based on Apple’s technology while the case is ongoing — as well as expedited discovery, a fast-tracked process for gathering evidence, since the company alleges that more former employees may also be implicated.

According to Apple’s initial filing, more than 400 former Apple employees now work at OpenAI.

Topics

When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.

Amanda Silberling is a senior writer at TechCrunch covering the intersection of technology and culture. She has also written for publications like Polygon, MTV, the Kenyon Review, NPR, and Business Insider. She is the co-host of Wow If True, a podcast about internet culture, with science fiction author Isabel J. Kim. Prior to joining TechCrunch, she worked as a grassroots organizer, museum educator, and film festival coordinator. She holds a B.A. in English from the University of Pennsylvania and served as a Princeton in Asia Fellow in Laos.

You can contact or verify outreach from Amanda by emailing [email protected] or via encrypted message at @amanda.100 on Signal.

In the latest close session, Carnival (CCL - Free Report) was down 3.51% at $23.89. This change lagged the S&P 500's 0.33% loss on the day. Meanwhile, the Dow experienced a drop of 0.7%, and the technology-dominated Nasdaq saw a decrease of 0.12%.

The stock of cruise operator has fallen by 10.97% in the past month, lagging the Consumer Discretionary sector's gain of 2.03% and the S&P 500's gain of 3.87%.

The investment community will be paying close attention to the earnings performance of Carnival in its upcoming release. In that report, analysts expect Carnival to post earnings of $1.36 per share. This would mark a year-over-year decline of 4.9%. Alongside, our most recent consensus estimate is anticipating revenue of $8.36 billion, indicating a 2.59% upward movement from the same quarter last year.

For the full year, the Zacks Consensus Estimates project earnings of $2.23 per share and a revenue of $27.63 billion, demonstrating changes of -0.89% and +3.79%, respectively, from the preceding year.

Investors should also pay attention to any latest changes in analyst estimates for Carnival. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.02% higher. Right now, Carnival possesses a Zacks Rank of #3 (Hold).

Valuation is also important, so investors should note that Carnival has a Forward P/E ratio of 11.1 right now. This expresses a discount compared to the average Forward P/E of 16.99 of its industry.

We can additionally observe that CCL currently boasts a PEG ratio of 1.03. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Leisure and Recreation Services industry had an average PEG ratio of 1.22 as trading concluded yesterday.

The Leisure and Recreation Services industry is part of the Consumer Discretionary sector. With its current Zacks Industry Rank of 176, this industry ranks in the bottom 29% of all industries, numbering over 250.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow CCL in the coming trading sessions, be sure to utilize Zacks.com.

Beacon Pointe Advisors LLC bought a new position in Intuit Inc. (NASDAQ:INTU – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 6,280 shares of the software maker’s stock, valued at approximately $1,643,000.

A number of other large investors have also made changes to their positions in INTU. Betterment LLC boosted its stake in shares of Intuit by 2.1% during the 3rd quarter. Betterment LLC now owns 779 shares of the software maker’s stock worth $532,000 after purchasing an additional 16 shares during the last quarter. One Capital Management LLC lifted its position in Intuit by 2.7% during the third quarter. One Capital Management LLC now owns 681 shares of the software maker’s stock valued at $465,000 after buying an additional 18 shares in the last quarter. Quadcap Wealth Management LLC raised its stake in shares of Intuit by 1.0% during the third quarter. Quadcap Wealth Management LLC now owns 1,801 shares of the software maker’s stock valued at $1,230,000 after purchasing an additional 18 shares during the period. Washington Trust Bank raised its stake in shares of Intuit by 3.0% during the fourth quarter. Washington Trust Bank now owns 790 shares of the software maker’s stock valued at $523,000 after purchasing an additional 23 shares during the period. Finally, Barr E S & Co. increased its stake in shares of Intuit by 1.5% in the fourth quarter. Barr E S & Co. now owns 1,608 shares of the software maker’s stock worth $1,065,000 after buying an additional 24 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Stock Up 0.4% Shares of INTU traded up $1.45 on Monday, hitting $359.51. The company’s stock had a trading volume of 1,842,109 shares, compared to its average volume of 4,382,581. The firm has a market capitalization of $98.34 billion, a price-to-earnings ratio of 21.79, a P/E/G ratio of 0.92 and a beta of 0.97. The firm’s fifty day moving average price is $307.36 and its 200-day moving average price is $356.13. The company has a quick ratio of 1.45, a current ratio of 1.51 and a debt-to-equity ratio of 0.34. Intuit Inc. has a fifty-two week low of $252.84 and a fifty-two week high of $705.08.

Intuit (NASDAQ:INTU – Get Free Report) last issued its earnings results on Tuesday, August 25th. The software maker reported $4.03 earnings per share for the quarter, topping analysts’ consensus estimates of $3.58 by $0.45. Intuit had a net margin of 21.29% and a return on equity of 25.97%. The business had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.27 billion. During the same period in the previous year, the company earned $2.75 earnings per share. The firm’s revenue for the quarter was up 13.7% on a year-over-year basis. Intuit has set its Q1 2027 guidance at 2.440-2.480 EPS and its FY 2027 guidance at 22.880-23.120 EPS. On average, equities research analysts expect that Intuit Inc. will post 23.07 EPS for the current year. Intuit Increases Dividend The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Thursday, October 8th will be paid a dividend of $1.38 per share. The ex-dividend date is Thursday, October 8th. This is a positive change from Intuit’s previous quarterly dividend of $1.20. This represents a $5.52 dividend on an annualized basis and a yield of 1.5%. Intuit’s dividend payout ratio is currently 33.45%.

Key Stories Impacting Intuit Here are the key news stories impacting Intuit this week:

Positive Sentiment: Intuit announced a partnership with Perplexity to integrate QuickBooks and Mailchimp into Perplexity Computer, an agentic AI assistant. The collaboration could help users move from discovering information to receiving personalized insights and taking actions within Intuit’s software ecosystem. Intuit and Perplexity Team on AI Integrations Positive Sentiment: Recent AI-powered product enhancements for mid-market financial management support Intuit’s strategy of using automation and data-driven insights to expand the value of its QuickBooks platform. Intuit unveils AI-powered innovations for mid-market financial management Positive Sentiment: A comparison with PayPal argues that Intuit’s broad financial-software ecosystem, recurring customer relationships and AI investments provide a strong foundation for future growth. Intuit or PayPal: Which Fintech Is Built for Future Growth? Neutral Sentiment: Analyst commentary notes that INTU has significantly underperformed the Nasdaq over the past year, but expectations for its future remain cautiously positive. Other coverage highlights Intuit’s profitability and market leadership while comparing it with higher-risk AI software companies. Is Intuit Stock Underperforming the Nasdaq? Negative Sentiment: Several law firms publicized a securities class action and a September 8 lead-plaintiff deadline involving investors who purchased Intuit shares between February 25, 2025, and June 1, 2026. The notices cite a reassessment of TurboTax’s growth outlook and add legal and reputational uncertainty, although the allegations have not been proven. Intuit Inc. Securities Fraud Lawsuit Deadline Negative Sentiment: An Intuit executive sold 906 shares worth approximately $314,000, representing 36% of the executive’s direct holdings before the transaction. While the sale may be routine, its timing can weigh on sentiment amid the stock’s recent decline. An Intuit Executive Sells Over a Third of Their Direct Holdings Insider Transactions at Intuit In other news, CAO Lauren D. Hotz sold 907 shares of Intuit stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $346.54, for a total transaction of $314,311.78. Following the sale, the chief accounting officer directly owned 1,628 shares of the company’s stock, valued at approximately $564,167.12. This trade represents a 35.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Richard L. Dalzell sold 284 shares of Intuit stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $262.32, for a total value of $74,498.88. Following the completion of the transaction, the director directly owned 11,758 shares in the company, valued at approximately $3,084,358.56. This represents a 2.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 2,146 shares of company stock worth $662,666 over the last quarter. Corporate insiders own 2.49% of the company’s stock.

Wall Street Analysts Forecast Growth INTU has been the subject of several recent research reports. Mizuho lowered their target price on shares of Intuit from $500.00 to $430.00 and set an “outperform” rating for the company in a research note on Monday, August 17th. BNP Paribas Exane dropped their target price on shares of Intuit from $463.00 to $315.00 and set a “neutral” rating on the stock in a research report on Thursday, May 21st. JPMorgan Chase & Co. lowered Intuit from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $605.00 to $331.00 in a report on Wednesday, August 26th. Weiss Ratings downgraded Intuit from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, June 11th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Intuit from $530.00 to $425.00 and set a “buy” rating for the company in a research report on Wednesday, August 19th. Seventeen analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $434.68.

Check Out Our Latest Report on INTU

Intuit Company Profile (Free Report)

Intuit Inc (NASDAQ: INTU) is a financial software company headquartered in Mountain View, California, that develops and sells cloud-based financial management and compliance products for individuals, small businesses, self-employed workers and accounting professionals. Founded in 1983 by Scott Cook and Tom Proulx, the company has grown from desktop tax and accounting software into a diversified provider of online financial tools. As of my latest update, Sasan Goodarzi serves as Chief Executive Officer.

Intuit’s product portfolio includes QuickBooks, its flagship accounting and business-management platform that offers bookkeeping, payroll, payments and invoicing capabilities, and TurboTax, a tax-preparation and filing service aimed at individual taxpayers. In addition to these core offerings, Intuit has expanded through acquisitions to provide complementary services such as Credit Karma (consumer credit and financial-product marketplace) and Mailchimp (marketing and commerce tools), and it offers professional-grade tax solutions for accountants and tax preparers.

The company serves a mix of consumers, small and mid-sized businesses and accounting professionals across multiple markets, with a particularly large presence in the United States and an expanding international footprint.

Featured Stories Five stocks we like better than Intuit Securing AI: 5 Most-Upgraded Stocks From the Q2 Reporting Season Insiders Are Betting Big on These 3 Healthcare Stocks 3 Stocks for Investors Who Still Believe Cash Is King Dollar General and Dollar Tree Are Recovering, But Not for the Same Reason

Receive News & Ratings for Intuit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Intuit and related companies with MarketBeat.com's FREE daily email newsletter.

An Important Step Forward for Access to LEQEMBI® for Eligible Patients in Canada  | Source: Biogen Inc.

TOKYO and CAMBRIDGE, Mass., Aug. 31, 2026 (GLOBE NEWSWIRE) -- Eisai Co., Ltd. and Biogen Inc. (Nasdaq: BIIB), announced today that Canada’s Drug Agency (CDA-AMC) has issued a final recommendation supporting public reimbursement of LEQEMBI® (lecanemab) for eligible patients in Canada living with mild cognitive impairment (MCI) or mild dementia due to Alzheimer’s disease (early AD).

The final recommendation follows a reconsideration by CDA-AMC and is an important step toward access to LEQEMBI. Next steps include negotiations through the pan-Canadian Pharmaceutical Alliance (pCPA), followed by individual reimbursement decisions by public drug plans in Canada’s provinces and territories.

More than 770,000 people in Canada were estimated to be living with dementia in 2025, and the number of people living with dementia in Canada is projected to increase to 1.7 million by 2050.¹

Eisai serves as the lead for lecanemab’s development and regulatory submissions globally, with Eisai and Biogen co-commercializing and co-promoting the product and Eisai having final decision-making authority.

MEDIA CONTACTS   Eisai Co., Ltd.
Public Relations Department
TEL: +81 (0)3-3817-5120
Biogen Inc.
Madeleine Shin
+1-781-464-3260
[email protected]
  Eisai Europe, Ltd.
EMEA Communications Department
+44 (0) 7760 619251
[email protected]   Eisai Inc. (U.S.)
Libby Holman
+1-201-753-1945
[email protected]   INVESTOR CONTACTS   Eisai Co., Ltd.
Investor Relations Department
TEL: +81 (0) 3-3817-5122Biogen Inc.
Tim Power
+ 1-781-464-2442
[email protected]   Notes to Editors

About lecanemab (generic name, brand name: LEQEMBI®)
Lecanemab is the result of a strategic research alliance between Eisai and BioArctic. It is a humanized immunoglobulin gamma (IgG1) monoclonal antibody directed against aggregated soluble (protofibril) and insoluble forms of amyloid-beta (Aβ).Lecanemab has been approved in 53 countries and regions including Japan, the U.S., China, Europe, South Korea, Taiwan, and Saudi Arabia, and is under regulatory review in 6 countries. Following the initial phase with treatment every two weeks for 18 months, intravenous (IV) maintenance dosing with treatment every four weeks is approved in 8 countries including the U.S., China, the UK, and others, and applications have been filed in 12 countries and regions. The U.S. FDA approved Eisai’s Biologics License Application (BLA) for subcutaneous maintenance dosing with LEQEMBI IQLIK in August 2025. For subcutaneous initiation treatment (500 mg), approval was obtained in the United States in July 2026, and applications are under review in four countries, including Japan and China. In China, the application has been granted Priority Review designation. Since December 2025, lecanemab (IV) has been included in the “Commercial Insurance Innovative Drug List,” recently introduced by the National Healthcare Security Administration (NHSA) of China.

Since July 2020 the Phase 3 clinical study (AHEAD 3-45) for individuals with preclinical AD, meaning they are clinically normal and have intermediate or elevated levels of amyloid in their brains, is ongoing. AHEAD 3-45 is conducted as a public-private partnership between the Alzheimer's Clinical Trial Consortium that provides the infrastructure for academic clinical trials in AD and related dementias in the U.S, funded by the National Institute on Aging, part of the National Institutes of Health, Eisai and Biogen. Since January 2022, the Tau NexGen clinical study for Dominantly Inherited AD (DIAD), that is conducted by Dominantly Inherited Alzheimer Network Trials Unit (DIAN-TU), led by Washington University School of Medicine in St. Louis, is ongoing and includes lecanemab as the backbone anti-amyloid therapy.

About Protofibrils 
Protofibrils are thought to be the most toxic Aβ species that contribute to brain damage in AD and play a major role in the cognitive decline of this progressive and devastating disease. Protofibrils can cause neuronal and synaptic damage in the brain, which can subsequently adversely affect cognitive function through multiple mechanisms.2 The mechanism by which this occurs has been reported not only by increasing the formation of insoluble Aβ plaques, but also by directly damaging signaling between neurons and other cells. It is believed that reducing protofibrils may reduce neuronal damage and cognitive impairment, potentially preventing the progression of AD.3
About the Collaboration between Eisai and Biogen for AD
Eisai and Biogen have been collaborating on the joint development and commercialization of AD treatments since 2014. Eisai serves as the lead of lecanemab development and regulatory submissions globally with both companies co-commercializing and co-promoting the product and Eisai having final decision-making authority.
About the Collaboration between Eisai and BioArctic for AD
Since 2005, Eisai and BioArctic have had a long-term collaboration regarding the development and commercialization of AD treatments. Eisai obtained the global rights to study, develop, manufacture and market lecanemab for the treatment of AD pursuant to an agreement with BioArctic in December 2007. The development and commercialization agreement on the antibody lecanemab back-up was signed in May 2015.
About Eisai Co., Ltd.
Eisai's Corporate Concept is "to give first thought to patients and people in the daily living domain, and to increase the benefits that health care provides." Under this Concept (also known as human health care (hhc) Concept), we aim to effectively achieve social good in the form of relieving anxiety over health and reducing health disparities. With a global network of R&D facilities, manufacturing sites and marketing subsidiaries, we strive to create and deliver innovative products to target diseases with high unmet medical needs, with a particular focus in our strategic areas of Neurology and Oncology.In addition, we demonstrate our commitment to the elimination of neglected tropical diseases (NTDs), which is a target (3.3) of the United Nations Sustainable Development Goals (SDGs), by working on various activities together with global partners.

For more information about Eisai, please visit www.eisai.com (for global headquarters: Eisai Co., Ltd.), and connect with us on X, LinkedIn and Facebook. The website and social media channels are intended for audiences outside of the UK and Europe. For audiences based in the UK and Europe, please visit www.eisai.eu and Eisai EMEA LinkedIn.

About Biogen 
Founded in 1978, Biogen is a leading biotechnology company that pioneers innovative science to deliver new medicines to transform patient’s lives and to create value for shareholders and our communities. We apply deep understanding of human biology and leverage different modalities to advance first-in-class treatments or therapies that deliver superior outcomes. Our approach is to take bold risks, balanced with return on investment to deliver long-term growth.The company routinely posts information that may be important to investors on its website at www.biogen.com. Follow Biogen on social media – Facebook, LinkedIn, X, YouTube.

Biogen Safe Harbor
This news release contains forward-looking statements, including about the potential benefits, safety and efficacy of LEQEMBI (lecanemab); access to LEQEMBI for eligible patients in Canada; potential regulatory discussions, submissions and approvals and the timing thereof; the treatment of Alzheimer's disease; the anticipated benefits and potential of Biogen's collaboration arrangements with Eisai; the potential of Biogen's commercial business and pipeline programs, including lecanemab; and risks and uncertainties associated with drug development and commercialization. These forward-looking statements may be accompanied by such words as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “hope,” “intend,” “may,” “objective,” “plan,” “possible,” “potential,” “predict,” “project,” “prospect,” “should,” “target,” “will,” “would,” and other words and terms of similar meaning. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. Results in early-stage clinical trials may not be indicative of full results or results from later stage or larger scale clinical trials and do not ensure regulatory approval. You should not place undue reliance on these statements. Given their forward-looking nature, these statements involve substantial risks and uncertainties that may be based on inaccurate assumptions and could cause actual results to differ materially from those reflected in such statements.

These forward-looking statements are based on management's current beliefs and assumptions and on information currently available to management. Given their nature, we cannot assure that any outcome expressed in these forward-looking statements will be realized in whole or in part. We caution that these statements are subject to risks and uncertainties, many of which are outside of our control and could cause future events or results to be materially different from those stated or implied in this document, including, among others, uncertainty of long-term success in developing, licensing, or acquiring other product candidates or additional indications for existing products; expectations, plans and prospects relating to product approvals, approvals of additional indications for our existing products, sales, pricing, growth, reimbursement and launch of our marketed and pipeline products; our ability to effectively implement our corporate strategy; the successful execution of our strategic and growth initiatives, including acquisitions; the risk that positive results in a clinical trial may not be replicated in subsequent or confirmatory trials or success in early stage clinical trials may not be predictive of results in later stage or large scale clinical trials or trials in other potential indications; risks associated with clinical trials, including our ability to adequately manage clinical activities, unexpected concerns that may arise from additional data or analysis obtained during clinical trials, regulatory authorities may require additional information or further studies, or may fail to approve or may delay approval of our drug candidates; the occurrence of adverse safety events, restrictions on use with our products, or product liability claims; and any other risks and uncertainties that are described in other reports we have filed with the U.S. Securities and Exchange Commission.

These statements speak only as of the date of this press release and are based on information and estimates available to us at this time. Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. Investors are cautioned not to put undue reliance on forward-looking statements. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in our subsequent reports on Form 10-Q and Form 10-K, in each case including in the sections thereof captioned “Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in our subsequent reports on Form 8-K. Except as required by law, we do not undertake any obligation to publicly update any forward-looking statements whether as a result of any new information, future events, changed circumstances or otherwise.

Digital Media Disclosure
From time to time, we have used, or expect in the future to use, our investor relations website (investors.biogen.com), the Biogen LinkedIn account (linkedin.com/company/biogen-) and the Biogen X account (https://x.com/biogen) as a means of disclosing information to the public in a broad, non-exclusionary manner, including for purposes of the SEC's Regulation Fair Disclosure (Reg FD). Accordingly, investors should monitor our investor relations website and these social media channels in addition to our press releases, SEC filings, public conference calls and websites, as the information posted on them could be material to investors.

References

Alzheimer Society of Canada. "Dementia numbers in Canada". Available at: https://alzheimer.ca/en/about-dementia/what-dementia/dementia-numbers-canada. Last accessed: August 20, 2026.Amin L, Harris DA. Aβ receptors specifically recognize molecular features displayed by fibril ends and neurotoxic oligomers. Nat Commun. 2021;12:3451. doi:10.1038/s41467-021-23507-zOno K, Tsuji M. Protofibrils of Amyloid-β are Important Targets of a Disease-Modifying Approach for Alzheimer's Disease. Int J Mol Sci. 2020;21(3):952. doi: 10.3390/ijms21030952. PMID: 32023927; PMCID: PMC7037706.

WAIKOLOA, Hawaii, Aug. 31, 2026 (GLOBE NEWSWIRE) -- California Water Service Group (Group) subsidiary Hawaii Water Service (Hawaii Water) has filed an application with the Hawaii Public Utilities Commission (HPUC) to recover costs for investments in the Kukio water and sewer systems and to serve its customers.

If approved as filed, the application would provide approximately $2.73 million in annual revenue to deliver safe, reliable water and wastewater service to Hawaii Water’s North Kona customers. The requested revenue would address system improvements and operating costs incurred since Hawaii Water’s last rate adjustment application was filed in 2019, as well as expected costs through 2027, including almost $1.66 million for the water system and nearly $1.07 million for the sewer system.

Specifically, the revenue sought by Hawaii Water is expected to help fund the recovery of about $5.53 million in water system improvements and $2.76 million in sewer system projects that have been completed since the last application was filed, some of which include:

Reverse-osmosis treatment plant controller upgrade and membrane replacements essential to continuing to meet water quality standards.New pressure-reducing valve station to help regulate water pressure.Upgrade of the Supervisory Control and Data Acquisition (SCADA) radio networks that support 24/7 remote-monitoring of the water and wastewater systems.A significant number of aging pump, motor, and valve replacements to help keep the systems functioning properly.Sewer pump station pump replacements, control upgrades, and discharge piping replacements to maintain system reliability.Replacement of a gravity sewer main to prevent leaks and operational concerns. An additional $7.92 million in water system projects and $14.93 million in sewer system projects are planned for completion by 2027 and included in the request, such as:

Rehabilitation and upgrade of a critical well and pumping facilities to expand water supply reliability.Replacement of aging valves to improve water system reliability and control.Installation, repair, and replacement of emergency backup power generators to help maintain water pressure during power interruptions and improve fire protection.Significant improvements to upgrade the Kukio Wastewater Treatment Plant to a moving-bed bioreactor process and install a necessary effluent disposal facility. “We are focused on providing safe, reliable, high-quality water and wastewater services to our Kona-area customers while operating in an efficient and environmentally responsible manner,” said Martin A. Kropelnicki, Group Chairman and CEO. “These investments support that commitment and help us continue to deliver quality, service, and value to our customers and community long-term.”

The HPUC will review and analyze Hawaii Water’s application, operations, investments, finances, and service prior to issuing a decision and setting Hawaii Water’s new rates. Hawaii Water delayed filing for rate adjustments, as its last application in 2019 did not result in an effective decision until 2023 due to pandemic-related delays. Any rate changes from this application could become effective in mid-2027.

About California Water Service Group

California Water Service Group (NYSE: CWT) is the largest regulated water utility in the western United States. It provides high-quality, reliable water and/or wastewater services to more than 2.2 million people in California, Hawaii, New Mexico, Washington, and Texas through its regulated subsidiaries, California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, and its utility holding company, TWSC, Inc. (Texas Water Service). This year, the company commemorates a century of service.

Group’s purpose is to enhance the quality of life for customers, communities, employees, and stockholders. To do so, it invests responsibly in water and wastewater infrastructure, sustainability initiatives, and community well-being. The company’s nearly 1,300 employees live by a set of strong core values and share a commitment to protecting the planet, caring for people, and operating with the utmost integrity. The company has been named one of “America’s Most Responsible Companies” and the “World’s Most Trustworthy Companies” by Newsweek, a USA Top Workplace, and a Great Place to Work®.  More information is available at www.calwatergroup.com.

This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (PSLRA). The forward-looking statements are intended to qualify under provisions of the federal securities laws for "safe harbor" treatment established by the PSLRA. Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions and projections, and our management's beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements in this news release include, but are not limited to, statements describing Hawaii Water's request to increase water and sewer rates and, if approved, the potential timing for such rates to become effective and plans for related cash receipts. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results or outcomes may vary materially from what is contained in a forward-looking statement. Factors that may cause actual results or outcomes to be different than those expected or anticipated include, but are not limited to those described under the section entitled "Risk Factors" and elsewhere in our most recent Annual Report on Form 10-K, our subsequent Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission filings. In light of these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. We are not under any obligation, and we expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

MEDIA CONTACT: Yvonne Kingman, (310) 257-1434

Jabil (JBL - Free Report) closed the most recent trading day at $305.26, moving +1.26% from the previous trading session. This change outpaced the S&P 500's 0.33% loss on the day. Meanwhile, the Dow lost 0.7%, and the Nasdaq, a tech-heavy index, lost 0.12%.

The electronics manufacturer's stock has dropped by 4.32% in the past month, falling short of the Computer and Technology sector's gain of 7.52% and the S&P 500's gain of 3.87%.

The upcoming earnings release of Jabil will be of great interest to investors. The company is expected to report EPS of $4.05, up 23.1% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $9.61 billion, indicating a 16.51% upward movement from the same quarter last year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $12.74 per share and a revenue of $34.97 billion, signifying shifts of +30.67% and +17.33%, respectively, from the last year.

Investors might also notice recent changes to analyst estimates for Jabil. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. As of now, Jabil holds a Zacks Rank of #3 (Hold).

With respect to valuation, Jabil is currently being traded at a Forward P/E ratio of 23.66. For comparison, its industry has an average Forward P/E of 25.02, which means Jabil is trading at a discount to the group.

One should further note that JBL currently holds a PEG ratio of 0.83. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As of the close of trade yesterday, the Electronics - Manufacturing Services industry held an average PEG ratio of 0.72.

The Electronics - Manufacturing Services industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 7, positioning it in the top 3% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

In the latest trading session, Chewy (CHWY - Free Report) closed at $23.80, marking a +2.32% move from the previous day. The stock's change was more than the S&P 500's daily loss of 0.33%. On the other hand, the Dow registered a loss of 0.7%, and the technology-centric Nasdaq decreased by 0.12%.

Coming into today, shares of the online pet store had gained 2.92% in the past month. In that same time, the Retail-Wholesale sector gained 2.78%, while the S&P 500 gained 3.87%.

The upcoming earnings release of Chewy will be of great interest to investors. The company's earnings report is expected on September 9, 2026. The company is expected to report EPS of $0.36, up 9.09% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $3.32 billion, indicating a 6.83% increase compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $1.53 per share and revenue of $13.49 billion, which would represent changes of +20.47% and +7.06%, respectively, from the prior year.

It is also important to note the recent changes to analyst estimates for Chewy. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 0.31% lower within the past month. Chewy is currently sporting a Zacks Rank of #4 (Sell).

Valuation is also important, so investors should note that Chewy has a Forward P/E ratio of 15.25 right now. This signifies a discount in comparison to the average Forward P/E of 17.22 for its industry.

It's also important to note that CHWY currently trades at a PEG ratio of 0.62. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As the market closed yesterday, the Internet - Commerce industry was having an average PEG ratio of 1.24.

The Internet - Commerce industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 101, which puts it in the top 42% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Hims & Hers Health, Inc. (NYSE: HIMS), the leading global health and wellness platform, today announced it is now serving customers in Australia, marking the company's first-ever presence in the Asia-Pacific market. The entry follows Hims & Hers' acquisition of Eucalyptus earlier this year and begins with the rebrand of Pilot, Eucalyptus' men's health platform, marking the first Eucalyptus brand to transition to the Hims brand.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260831983529/en/

Australia represents a meaningful growth opportunity for Hims & Hers' international business. The country's telehealth sector is projected to grow to USD $2.56 billion by 2034. We expect the Australian market to play an important role in helping us reach $1B in international annual revenue within the next three years. That opportunity is underscored by unmet demand: nearly 30% of Pilot's patients live in regional and rural Australia, where getting care for some of the most important health issues men face has too often meant a long drive, a long wait, or going without. Pairing Pilot's local trust and clinical expertise with Hims & Hers' proven digital platform is designed to convert that need into durable growth.

Effective today, Pilot becomes Hims. Customers will keep the treatment plans and provider relationships they rely on, now backed by the world's largest consumer health platform.

"Eucalyptus started in Australia, and it feels right that our journey with Hims starts here too," said Tim Doyle, founder and former CEO of Eucalyptus, now Senior Vice President of International at Hims & Hers. "Pilot proved that Australian men want a different model of healthcare: one that’s proactive, personal, and built around their lives. Responding to that demand is the next step of our journey. We’re taking everything we learned in Pilot’s first years and using it to help even more men get the care they need, in Australia and beyond."

"As a practising GP, I've seen how often men wait too long to act on something that was manageable if caught early," said Matt Vickers, FRACGP, MBBS, BMedSci, AICGG, Chief Medical Officer of Hims Australia. "This launch doesn't trade clinical rigor for convenience — every treatment plan is grounded in the same evidence-based standards I'd want for my own patients, just delivered in a way that fits into a man's life instead of asking him to work around it. That's how we actually move the needle on men's health outcomes here, not just access to it."

To best serve Australian customers, Hims is investing in localized leadership and specialized medical expertise. Tim Doyle will oversee the Australian market alongside Gus Wood, General Manager of Australia. Dr. Matt Vickers, FRACGP, MBBS, BMedSci, AICGG, will serve as Chief Medical Officer of Hims Australia, ensuring care is grounded in local clinical standards.

About Hims & Hers Health, Inc.

Hims & Hers is the leading global health and wellness platform on a mission to help the world feel great through the power of better health. We believe how you feel in your body and mind transforms how you show up in life. That’s why we’re building a future where nothing stands in the way of harnessing this power. Hims & Hers normalizes health & wellness challenges—and innovates on their solutions—to make feeling happy and healthy easy to achieve. No two people are the same, so the Company provides access to personalized care designed for results. For more information, please visit hims.com.

Cautionary Statement Regarding Forward-Looking Statements

This communication includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “anticipates,” “expects,” “intends,” “plans,” “decides,” “may,” “will,” “likely,” “potential,” “future,” “over time,” “coming,” “hope,” or “should,” or, in each case, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, statements regarding Hims & Hers' expansion into Australia, our long-term financial targets, revenue expectations with respect to the Australian market, the transition from Pilot to Hims, including available offerings, and assumptions relating to the foregoing. These statements are based on management's current expectations, but actual results may differ materially due to various factors.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, the forward-looking statements contained in this communication are based on our current expectations, assumptions and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, uncertainties relating to our ability to successfully integrate Eucalyptus and rebrand Eucalyptus’ brands; uncertainties relating to the transition from Pilot to Hims, including our ability to retain Pilot's existing patients and provider relationships through the transition; our ability to achieve anticipated revenue, growth, and other benefits from our expansion into Australia and other international markets; competitive dynamics in the Australian men's health market; our ability to achieve our long-term financial targets; risks associated with international operations; changes in the application, interpretation and enforcement of healthcare, consumer protection, privacy or other laws and regulations applicable to our business; and other factors described in the Risk Factors and other sections of our most recently filed Quarterly Report on Form 10-Q, our most recently filed Annual Report on Form 10-K, and other current and periodic reports we file from time to time with the Securities and Exchange Commission.

Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. The forward-looking statements contained in this communication are made only as of the date of this communication. We undertake no obligation (and expressly disclaim any obligation) to update or revise any forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from those made in or suggested by the forward-looking statements contained in this communication.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260831983529/en/

Nvidia announced a program to collect revenue on the same chip twice, once at sale and again through ongoing cloud profits, then paused it weeks later after internal warnings about antitrust exposure. The retreat raises a question the market has…

NVIDIA’s (NASDAQ:NVDA | NVDA Price Prediction) $96.22 billion quarter and 105.85% revenue growth would normally end the conversation. Instead, management disclosed a plan to earn a second time on every chip sold to smaller cloud providers. Days later, parts of the initiative had been paused less than two months after its announcement, with some employees warning internally about potential antitrust scrutiny.

NVIDIA still runs the most profitable franchise in semiconductors, but the speed of the retreat is the story worth examining.

How the Same Chip Was Supposed to Pay Twice The mechanism is unusual. NVIDIA would guarantee or rent unused capacity from a smaller cloud provider, which gave lenders the certainty needed to finance the hardware purchase.

CFO Colette Kress described it directly on the call: “NVIDIA provides a take or pay commitment on a portion of the facility’s capacity, a minimum revenue guarantee that gives lenders the confidence to underwrite the project, and in exchange, we share in a portion of the Neocloud’s revenue earned above that floor.”

Above the guaranteed floor, NVIDIA would collect 50% of cloud revenue. Management summarized the economics without euphemism: “In this model, we get paid twice, once on the hardware sale and again through the share of rental revenue.”

A capital-starved cloud provider gets financeable, NVIDIA books the sale, and then rides the utilization curve on hardware it already sold. The structure effectively converts a one-time transaction into a recurring revenue stream tied to compute usage, without requiring NVIDIA to operate the infrastructure itself.

Why the Math Was Too Good to Ignore NVIDIA does not need this program to justify its $5.25 trillion market cap. Data Center revenue was $89.023 billion last quarter, up 117%.

But the second revenue stream would layer recurring economics onto a transactional business. Management said it could “drive billions in revenue over the medium to long term.”

It also unlocks a customer tier that hyperscalers cannot serve. Jensen Huang argued the non-hyperscaler market is “half of the picture” and largely invisible to investors.

NVIDIA’s $108.5 billion in guarantee obligations and a partnership with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to mobilize over $500 billion in third-party capital show the scale of ambition. Kress said balance-sheet-supported labs would account for “roughly a quarter of our business next year.”

Where the Antitrust Problem Starts The problem is control. If NVIDIA decides which providers get guaranteed capacity, it also decides which providers can borrow, build, and compete.

Management preempted the criticism: “We recognize the scale of this support, and we know some will call this circular financing. We see it differently.”

Seeing it differently is not the same as regulators seeing it differently. Internal warnings about antitrust exposure preceded any external agency review, which is telling.

Huang leaned on fungibility as the risk answer: “The NVIDIA Compute platform is fungible and durable and can be redeployed to support other customers.”

That defends NVIDIA’s downside but does not defend against the argument that the company is picking winners in the downstream compute market it already dominates on the supply side. Regulators tend to focus on gatekeeping power rather than on whether the gatekeeper can find alternative buyers, and that distinction is where the program becomes vulnerable.

What the Pause Actually Signals Pausing a program within weeks of announcing it is the kind of decision a legal team forces on a strategy team. The initiative is not dead. It could be redesigned, narrowed, or folded into the broader third-party capital platform.

Shares closed at $217.55, up 14.49% over the past month. Analysts have an average target of $305.79, with 48 buy ratings and 2 holds.

The market is not pricing regulatory risk here, which is itself a position worth questioning at 26x forward earnings. Riding an AI rally is fine as long as you have thought through the exit, and we made the case for both halves in a free bubble survivor’s handbook.

NVIDIA found a genuinely clever way to unlock demand that would not otherwise exist, but the design pushed control one step further than a dominant supplier can comfortably go. Watch whether the revenue-share language returns in narrower form, or whether the $500 billion third-party capital vehicle quietly absorbs what the direct guarantees were meant to do.

Contact [email protected] for any questions or corrections.

BlackRock is facing a new lawsuit alleging it stiffed a former worker out of $12.4 million – and the case could force the asset manager to reveal its secretive pay package structure, The Post has learned.

Neal Dignum, a former director in BlackRock’s Long Term Private Capital fund, is accusing BlackRock of failing to pay a single cent of the carried interest it promised him as part of his pay package, according to documents filed in New York State Supreme Court Monday.

During his time at the company, from November 2021 to February 2023, BlackRock deliberately never put pen to paper to create a promised compensation agreement with Dignum, his lawyers alleged.

BlackRock is facing a new lawsuit alleging it stiffed a former worker out of $12 million. AP “Mr. Dignum has for years now been deprived of the compensation BlackRock promised to pay him,” Lauren Zimmerman, partner at Benesch Friedlander Coplan & Aronoff LLP, told The Post in a statement.

“BlackRock decided it did not want to keep its end of the bargain it struck, even after aggressively courting my client for months. We look forward to fully and openly vindicating his rights in Court.”

BlackRock did not immediately respond to The Post’s request for comment.

The complaint in the case contains an offer letter and a term sheet from BlackRock that broke down the details of the carried interest the firm promised to pay him, “as a means of inducing him to accept the Firm’s offer,” according to a memorandum.

Carried interest is a share of an investment fund’s profits that is typically paid to hedge fund managers as a performance incentive. 

It often makes up the bulk of their salary, accounting for at least 84% of managing partners’ total compensation on average, according to a 2021 survey by Heidrick & Struggles. Among partners at larger firms, that share can jump to well over 90%.

The complaint is currently sealed because Dignum fears BlackRock will file a retaliatory counterclaim against him, citing the firm’s “signature aggression,” since he signed a stringent NDA as part of his employment agreement, court filings alleged.

BlackRock, which is based in New York City, is the world’s largest asset manager with over $15.3 trillion in assets under management. AP BlackRock’s employee NDA is “extremely broad in scope,” his lawyers argued in the filing.

Dignum wants the details of his lawsuit to be made public, so he is requesting BlackRock be ordered to come to court if it wants anything permanently sealed or redacted, the memorandum said.

To keep the complaint permanently sealed from the public, BlackRock would need to argue that it contains “trade secrets, confidential business information, or proprietary information,” the filing said – and if it fails to do so, its compensation structure could be revealed in court.

BlackRock has been in possession of a draft of Dignum’s complaint for nearly three months and has yet to respond in any way, the filings alleged.

The sealed complaint also contains information about “the approximate growth of the LTPC fund during Mr. Dignum’s tenure,” the filing said. The fund began winding down in 2024, so the details should not be held from the public, it argued.

BlackRock, which is based in New York City, is the world’s largest asset manager with over $15.3 trillion in assets under management.

Additional reporting by Peter Senzamici

The latest earnings season has been a solid one for artificial intelligence (AI) semiconductor companies, as healthy demand for data center infrastructure has driven impressive growth among chipmakers and chip designers.

This explains why the latest quarterly reports of Nvidia (NVDA +1.49%) and Advanced Micro Devices (AMD +1.10%) exceeded expectations. However, the market's attention will now turn to Micron Technology (MU +2.77%), which will release its fiscal 2026 fourth-quarter results on Sept. 30. While there is still some time to go before Micron releases its quarterly report, I think that this semiconductor stock could be the biggest mover among AI companies in September.

Let's look at the reasons why.

Image source: Micron Technology.

Nvidia and AMD's results clearly indicate that the AI trade is alive The past couple of months have been turbulent for Micron stock investors. It has dropped 11% since releasing its fiscal Q3 results on June 24. However, recent results from AMD, Nvidia, and other semiconductor companies clearly indicate that AI infrastructure demand remains robust.

Premium Feature

Moneyball Superscore

91/100

Today's Change

(

2.77

%) $

25.87

Current Price

$

958.73

Nvidia reported a 106% year-over-year increase in revenue for the second quarter of fiscal 2027. What's more, the semiconductor bellwether notes that its revenue growth could land at a healthy 70% in fiscal 2028, well above the consensus estimate of 44%. However, Nvidia's growth could be stronger than that, as the company notes its forecast accounts for supply chain constraints.

AMD, on the other hand, posted a year-over-year jump of 50% in Q2 revenue. It projects a 41% increase in revenue for the current quarter. Importantly, AMD management believes that its long-term revenue could "grow substantially above our prior target of greater than 35%, and we expect to significantly exceed our $20 annual EPS target within our strategic timeframe."

AMD management also added that demand for high-performance computing could grow at an annual rate of 40% over the long term, presenting a $2 trillion revenue opportunity for chipmakers in 2030.

These sunny forecasts from AMD and Nvidia bode well for Micron. After all, Micron sells a critical component that helps the AI chips designed by Nvidia and AMD to perform tasks seamlessly. The dynamic random access memory (DRAM) chips that Micron manufactures help transport massive amounts of data rapidly to AI accelerators while maintaining low power consumption.

So, Nvidia and AMD's chips don't have to sit idle and wait for data, thanks to Micron's chips. Not surprisingly, these chip designers are packing large amounts of high-bandwidth memory (HBM) into their chips. Nvidia's NVL72 rack-scale server system carries more than 20 terabytes (TB) of HBM. AMD, on the other hand, is offering 31 TB of HBM on its Helios rack-scale system.

Strong shipments of these AI server racks should ensure that the demand for Micron's memory remains solid, especially because manufacturing HBM requires nearly 4x more wafer capacity over traditional memory chips. Also, Nvidia noted on the latest earnings call that the capital expenditures of the top five U.S. hyperscalers could increase from $800 billion this year to $1.3 trillion in 2027.

As such, the stage seems set for a strong rally in Micron stock in September, ahead of its earnings report. A big reason that's likely to be the case is its extremely attractive valuation.

Micron's valuation suggests that the stock is poised for a breakout in September Micron is priced like a value stock even though it has been clocking exponential growth. Analysts are expecting its revenue to jump by a whopping 348% year over year in fiscal Q4 to $50.8 billion. Earnings per share, meanwhile, could increase by more than 10x year over year to $31.28.

However, Micron's price-to-earnings ratio is just 21, suggesting the market isn't pricing in its tremendous growth potential. The forward earnings multiple of 6 is even cheaper. For a company that's expected to clock triple-digit earnings-per-share growth over the long run, Micron's valuation clearly suggests that it could make a parabolic move.

Moreover, Micron is expected to clock significantly faster growth than Nvidia and AMD, and it is way cheaper than both.

Data by YCharts

All this makes Micron a top AI stock to buy right now, as September could bring about a turnaround in its fortunes.

 | Source: Stryker Corporation

Portage, Mich., USA, Aug. 31, 2026 (GLOBE NEWSWIRE) --

Stryker has signed a definitive agreement to acquire ZuriMED, developer of the FiberLocker System, a commercialized technology that provides a novel approach for rotator cuff augmentation designed for increased biomechanical strength.The acquisition strengthens Stryker’s shoulder portfolio, enhancing its ability to support specialists across the continuum of care.The FiberLocker System is a soft tissue augmentation technology designed to reduce the occurrence of a key clinical failure mode in rotator cuff repair, one of the fastest-growing segments in sports medicine.
Stryker (NYSE:SYK), a global leader in medical technologies, announced it has signed a definitive agreement to acquire ZuriMED, a privately held company and developer of the FiberLocker® System. This commercialized technology provides a novel approach for rotator cuff augmentation with increased biomechanical strength to address a key clinical failure mode in rotator cuff repair.

Rotator cuff augmentation is one of the fastest-growing areas in sports medicine and represents a significant opportunity within shoulder care.1 The acquisition will enhance Stryker’s ability to support shoulder specialists across both sports medicine and arthroplasty, strengthening its portfolio in rotator cuff augmentation.

“ZuriMED has developed a differentiated technology that addresses an important clinical need within shoulder care,” said Andy Pierce, Group President, MedSurg and Neurotechnology, Stryker. “We are excited about the opportunity to add the FiberLocker System to Stryker’s portfolio. This acquisition reflects our continued commitment to advancing innovation and improving patient outcomes.”

This transaction is subject to customary closing conditions. Stryker and ZuriMED will continue to operate as separate entities and proceed with business as usual until the transaction closes.

About Stryker        
Stryker is a global leader in medical technologies and, together with our customers, we are driven to make healthcare better. We offer innovative products and services in MedSurg, Neurotechnology and Orthopaedics that help improve patient and healthcare outcomes. Alongside our customers around the world, we impact more than 150 million patients annually. More information is available at www.stryker.com.

Contacts
For investor inquiries:
Nick Mead
Vice President, Investor Relations
[email protected]

For media inquiries:
Kim Montagnino
Vice President, Chief Communications Officer
[email protected]

References

Mordor Intelligence. Rotator Cuff Treatment Market Size and Share Analysis – Growth, Trends, and Forecasts (2026–2031). Mordor Intelligence report.