The New Zealand Dollar (NZD) extends losses for the third consecutive day against the US Dollar (USD) on Thursday, with the NZD/USD pair dipping below 0.5800, after being rejected at the 0.5875 area earlier in the week. The Kiwi Dollar is giving away previous gains as higher Oil prices and concerns about the escalation of the Middle East conflict have offset the positive impact of the hawkish Reserve Bank of New Zealand's (RBNZ) monetary policy stance.
The dismal market mood is finally taking a toll on the risk-sensitive Kiwi, as tensions in the Middle East remain high and reports of attacks on vessels sailing through the Red Sea raise concerns that the conflict might extend through the region, boosting fears of disruptions in Oil supply.
Against this background, the barrel of Brent Oil has crossed the $90 line for the first time in the last six weeks. This has prompted investors to shift their focus from inflation to the negative impact on economic growth of another energy shock, which will, ultimately, limit the central bank’s margin to tighten its monetary policy.
Technical Analysis: Key support is at the 0.5750 area
NZD/USD trades just below 0.5800, with bears gathering pace as intraday momentum indicators tread further within negative territory. The 4-hour Relative Strength Index (14) has retreated to 35, approaching oversold levels, while the Moving Average Convergence Divergence (MACD) remains slightly negative, altogether hinting at waning downside momentum but not yet at a clear reversal.
The pair might find some support at previous resistance around 0.5790 (July 10, 13 highs), although the key support area lies at the confluence of the immediate trendline support and the July 13 low, in the area of 0.5750. A confirmation below here would put bears in control, and bring the July 6 and 8 lows, around 0.5675, into focus.
Upside attempts, on the contrary, have been contained below 0.5825 on Thursday, while the key resistance area is in the area between the 61.8% Fibonacci retracement of the June selloff, at 0.5855, and Tuesday's high, at the mentioned 0.5875, which has capped bulls several times during the current month.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
New Zealand Dollar Price Today The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies today. New Zealand Dollar was the strongest against the Japanese Yen.
USDEURGBPJPYCADAUDNZDCHFUSD-0.08%0.02%0.11%-0.13%-0.08%0.26%0.05%EUR0.08%0.11%0.21%-0.05%0.00%0.36%0.13%GBP-0.02%-0.11%0.11%-0.17%-0.11%0.25%0.02%JPY-0.11%-0.21%-0.11%-0.25%-0.20%0.13%-0.08%CAD0.13%0.05%0.17%0.25%0.04%0.39%0.16%AUD0.08%-0.00%0.11%0.20%-0.04%0.36%0.16%NZD-0.26%-0.36%-0.25%-0.13%-0.39%-0.36%-0.24%CHF-0.05%-0.13%-0.02%0.08%-0.16%-0.16%0.24% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the New Zealand Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent NZD (base)/USD (quote).
Akcie Arista Networks v první polovině roku 2026 vzrostly o 29,6 % díky dvěma silným čtvrtletím a rostoucí poptávce po AI. Firma zároveň zvýšila celoroční výhled tržeb na 11,5 miliardy USD.
Shares of Arista Networks (ANET +0.28%) charged sharply higher in the first half of 2026, gaining 29.6%, according to data supplied by S&P Global Market Intelligence. That's more than three times the roughly 10% gains of the S&P 500.
The network specialist released back-to-back strong quarterly reports, and strong adoption of artificial intelligence (AI) sent its stock to new all-time highs.
Image source: The Motley Fool.
Second verse, same as the first Arista Networks delivered its fourth-quarter report in early February, and the results were impressive. The company generated record quarterly revenue of $2.49 billion, which grew 29% year over year and 8% quarter over quarter. This drove adjusted earnings per share (EPS) of $0.82 up 24%. Furthermore, Airsta's strong operating margin -- at 47.5% -- helped the company surpass $1 billion in quarterly net income for the first time.
Management suggested its growth streak would continue, increasing its 2026 revenue outlook to $11.25 billion or 25% growth, fueled by an operating margin of 46%.
When Arista reported its first-quarter results just three months later, its growth accelerated. Record revenue of $2.7 billion climbed 35% year over year and 9% quarter over quarter, while adjusted EPS of $0.87 rose 32%. The company also delivered operating cash flow of $1.69 billion, the highest in its history. Arista said it expects its AI-related sales to more than double to $3.25 billion over the next year.
For the second time in as many quarters, management increased its full-year forecast, now guiding for revenue of $11.5 billion or 28% growth, with its operating margin potentially inching higher at 46% to 47%.
Today's Change
(
0.28
%) $
0.49
Current Price
$
175.07
During the Q1 earnings call, CEO Jayshree Ullal said that, in addition to two existing customers that generate 10% or more of revenue -- Microsoft and Meta Platforms -- Arista expects to add "at least one, maybe two" new 10% plus customers before the year is over. That suggests significant upside to the company's already rapid growth.
Arista has an almost unanimous blessing from Wall Street, as 97% of the analysts who cover the stock rate it a buy or strong buy, and none recommend selling. Furthermore, the average price target of $192 implies additional upside of 10%.
Moreover, Arista is a leader in the field of networking, but don't take my word for it. The company has made frequent appearances in Gartner's vaunted Magic Quadrant for data center switching, enterprise wired and wireless local area networks (LAN), and software-defined wide area networks (SD-WAN).
Given the company's crucial role in the data center industry, its continuing history of innovation, and its accelerating growth, I believe Arista Networks is an unqualified buy.
Danny Vena, CPA has positions in Arista Networks, Meta Platforms, and Microsoft. The Motley Fool has positions in and recommends Arista Networks, Meta Platforms, and Microsoft. The Motley Fool recommends Gartner. The Motley Fool has a disclosure policy.
AkzoNobel a Axalta po jednání s akcionáři upravily pravidla řízení společného podniku po plánované fúzi. V prvních třech letech bude k některým klíčovým rozhodnutím stačit souhlas dvou třetin neexekutivních ředitelů.
AMSTERDAM and PHILADELPHIA, July 23, 2026 (GLOBE NEWSWIRE) -- Akzo Nobel N.V. (“AkzoNobel”) and Axalta Coating Systems Ltd. (“Axalta”) today announced enhancements to the proposed governance arrangements for the combined company following completion of their pending merger of equals.
Since announcing the proposed all-share merger of equals and convening of the AkzoNobel EGM and Axalta SGM, AkzoNobel and Axalta have engaged extensively with shareholders and other stakeholders on the governance of the combined company. That dialogue has led to the following refinements:
Annual re-election of all Directors following the initial three-year period after completion (previously contemplated following a five-year period after completion); andApproval threshold applicable during the initial three-year period after completion of two-thirds of Non-Executive Directors (previously contemplated as 75%) for (i) any proposal to the general meeting regarding the appointment and dismissal of Directors, (ii) the appointment and removal of the CEO, Deputy CEO and CFO, (iii) designation of the Chair and Vice Chair titles and (iv) amendments to the remuneration policy. Rakesh Sachdev, Chair of the Axalta Board of Directors, stated, “We are pleased to announce these governance enhancements following constructive engagement with our shareholders. We believe these changes reinforce our commitment to strong corporate governance and effective Board oversight while further strengthening the governance framework of the combined company. We appreciate the feedback we've received throughout this process and remain confident that this combination will create a premier global coatings company that delivers significant long-term value for all shareholders.”
Ben Noteboom, Chairman of the Supervisory Board of AkzoNobel, said: “We have listened thoughtfully to our shareholders and believe these changes reflect the spirit of partnership and accountability that will define the combined company from day one. We are grateful for the constructive engagement that has shaped these improvements, which further align the governance of the combined company with the interests of all shareholders and other stakeholders.”
These governance enhancements do not require any changes to the proposed Articles of Association of the combined company. As a result, the AkzoNobel EGM and Axalta SGM planned for August 5, 2026 are proceeding as planned, with the existing agenda items unaffected.
This is a public announcement by Akzo Nobel N.V. and Axalta pursuant to section 17 paragraph 1 of the European Market Abuse Regulation (596/2014).
About AkzoNobel
Since 1792, we’ve been supplying the innovative paints and coatings that help to color people’s lives and protect what matters most. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. We’re active in more than 150 countries and use our expertise to sustain and enhance everyday life. Because we believe every surface is an opportunity. It’s what you’d expect from a pioneering and long-established paints company that’s dedicated to providing more sustainable solutions and preserving the best of what we have today – while creating an even better tomorrow. Let’s paint the future together.
About Axalta
Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful and sustainable coatings solutions. From light vehicles, commercial vehicles and refinish applications to electric motors, building facades and other industrial applications, our coatings are designed to prevent corrosion, increase productivity and enhance durability. With more than 150 years of experience in the coatings industry, the global team at Axalta continues to find ways to serve our more than 100,000 customers in over 140 countries better every day with the finest coatings, application systems and technology. For more information visit axalta.com and follow us on LinkedIn.
Not for publication – for more information AkzoNobel Media Relations
This media release contains statements which address such key issues as AkzoNobel’s growth strategy, future financial results, market positions, product development, products in the pipeline and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecast and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures, as well as significant market disruptions. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business, please see our latest annual report.
Important Information Regarding the Proposed Axalta Transaction
General Restrictions
This communication is not for release, publication, or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication, or distribution would be unlawful.
This communication is not a prospectus and the information in this communication is not intended to be complete. This communication is for informational purposes only and is not intended to be and shall not constitute a solicitation of any vote or approval, or an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities, or an invitation or recommendation to subscribe for, acquire or buy securities of AkzoNobel or Axalta or any other financial products or securities, in any place or jurisdiction, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended (the “Securities Act”).
Any decision to purchase, subscribe for, otherwise acquire, sell or otherwise dispose of any securities must be made only on the basis of the information contained in and incorporated by reference into the prospectus with respect to the shares to be allotted by AkzoNobel in the proposed transaction, which was published on June 24, 2026.
The distribution of this communication may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, AkzoNobel and Axalta disclaim any responsibility or liability for the violation of any such restrictions by any person. Neither AkzoNobel, nor Axalta, nor any of their advisors assume any responsibility for any violation by any person of any of these restrictions. Shareholders of AkzoNobel and Axalta, respectively, with any doubt as to their position should consult an appropriate professional advisor without delay.
This communication is addressed to and directed only at, persons who are outside the United Kingdom or, in the United Kingdom, at persons who are: (i) persons having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (ii) persons falling within Article 49(2)(a) to (d) of the Order, or (iii) persons to whom it may otherwise lawfully be communicated pursuant to the Order (all such persons together being referred to as, “Relevant Persons”). This communication is directed only at Relevant Persons. Other persons should not act or rely on this communication or any of its contents. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with such persons. Solicitations resulting from this communication will only be responded to if the person concerned is a Relevant Person.
Additional Information and Where To Find It
In connection with the proposed transaction between AkzoNobel and Axalta, AkzoNobel filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form F-4 on May 27, 2026, as amended on June 18, 2026, which included a proxy statement of Axalta that also constitutes a prospectus with respect to the shares to be offered by AkzoNobel in the proposed transaction. The registration statement was declared effective by the SEC on June 23, 2026. In connection with the proposed transaction, on June 24, 2026, Axalta filed with the SEC a definitive proxy statement and, on or about June 24, 2026, Axalta commenced mailing the definitive proxy statement to its holders of record as of June 11, 2026. Each of AkzoNobel and Axalta will also file other relevant documents in connection with the proposed transaction. This communication is not a substitute for any registration statement, proxy statement/prospectus or other documents AkzoNobel and/or Axalta may file with the SEC or any other competent regulator in connection with the proposed transaction. This communication does not contain all the information that should be considered concerning the proposed transaction and is not intended to form the basis of any investment decision or any other decision in respect of the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS, INVESTORS, STOCKHOLDERS AND SHAREHOLDERS OF AKZONOBEL AND AXALTA ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT/PROSPECTUS, AS APPLICABLE, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, IN CONNECTION WITH THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT AKZONOBEL, AXALTA, THE PROPOSED TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other relevant documents filed by AkzoNobel and Axalta with the SEC are available free of charge at the SEC’s website at www.sec.gov. In addition, investors and shareholders are able to obtain free copies of the proxy statement/prospectus and other documents filed with the SEC from Axalta’s investor relations webpage at https://ir.axalta.com/sec-filings/all-sec-filings or from AkzoNobel’s investor relations webpage at https://www.akzonobel.com/en/investors/all-sec-filings.
The contents of this communication should not be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own professional advisors for any such matter and advice.
Participants in the Solicitation
This communication is not a solicitation of proxies in connection with the proposed transaction. However, under SEC rules, AkzoNobel, Axalta and certain of their respective directors and executive officers and other members of their respective management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, including a description of their direct or indirect interests in the proposed transaction, by security holdings or otherwise, is set forth in the definitive proxy statement/prospectus relating to the proposed transaction, which was filed with the SEC on June 24, 2026. Information about AkzoNobel’s supervisory board members and members of the board of management is set forth in AkzoNobel’s latest annual report, as filed with the AFM, the Dutch trade register and on its website at https://www.akzonobel.com/en/investors/results-center, and as updated from time to time via filings made by AkzoNobel with the AFM. Additional information regarding the interests of persons who may, under the rules of the SEC, be deemed participants in the solicitation of Axalta security holders in connection with the proposed transaction, which may, in some cases, be different than those of Axalta’s shareholders generally, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement/prospectus and other relevant materials when they are filed with the SEC. These documents can be obtained free of charge from the sources indicated above.
Cautionary Statement Concerning Forward-Looking Statements
This communication contains forward-looking statements as that term is defined in Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, regarding, among other things, statements about management’s expectations of AkzoNobel’s and Axalta’s future operating and financial performance, product development, market position, and business strategy. Such forward-looking statements can sometimes be identified by the use of forward-looking terms such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “potential,” “seeks,” “aims,” “projects,” “predicts,” “is optimistic,” “intends,” “plans,” “estimates,” “targets,” “anticipates,” “continues” or other comparable terms or negatives of these terms, but not all forward-looking statements include such identifying words. You are cautioned not to rely on these forward-looking statements. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. We can give no assurance that such plans, estimates or expectations will be achieved and therefore, actual results may differ materially from any plans, estimates or expectations in such forward-looking statements. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include: a condition to the closing of the proposed transaction may not be satisfied; the occurrence of any event that can give rise to termination of the proposed transaction; a regulatory approval that may be required for the proposed transaction is delayed, is not obtained or is obtained subject to conditions that are not anticipated; AkzoNobel and Axalta are unable to achieve the synergies and value creation contemplated by the proposed transaction; AkzoNobel and Axalta are unable to promptly and effectively integrate their businesses; management’s time and attention is diverted on transaction related issues; the possibility that competing offers or acquisition proposals may be made; disruption from the proposed transaction makes it more difficult to maintain business, contractual and operational relationships; the credit ratings of AkzoNobel or Axalta decline following the proposed transaction; legal proceedings are instituted against AkzoNobel or Axalta, including resulting expense or delay; AkzoNobel or Axalta is unable to retain or hire key personnel; the communication or the consummation of the proposed acquisition has a negative effect on the market price of the capital stock of AkzoNobel or Axalta or on AkzoNobel’s or Axalta’s operating results; evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions, in the Netherlands, the United States and elsewhere, and other factors that contribute to uncertainty and volatility, natural and man-made disasters, civil unrest, pandemics (e.g., the coronavirus (COVID-19) pandemic), geopolitical uncertainty, and conditions that may result from legislative, regulatory, trade and policy changes associated with the current or subsequent United States or Netherlands administration; the ability of AkzoNobel or Axalta to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, pandemic, security breach, cyber-attack, power loss, telecommunications failure or other natural or man-made event, including the ability to function remotely during long-term disruptions; the impact of public health crises, such as pandemics and epidemics and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets, including any quarantine, “shelter in place,” “stay at home,” workforce reduction, social distancing, shut down or similar actions and policies; actions by third parties, including government agencies; the risk that disruptions from the proposed transaction will harm AkzoNobel’s or Axalta’s business, including current plans and operations and/or divert management’s attention from AkzoNobel’s or Axalta’s ongoing business operations; certain restrictions during the pendency of the acquisition that may impact AkzoNobel’s or Axalta’s ability to pursue certain business opportunities or strategic transactions; AkzoNobel’s or Axalta’s ability to meet expectations regarding the accounting and tax treatments of the proposed transaction; the risks and uncertainties discussed in AkzoNobel’s latest annual report as filed with the AFM, the Dutch trade register and on its website at https://www.akzonobel.com/en/investors/results-center; and the risks and uncertainties discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections in Axalta’s reports filed with the SEC. These risks, as well as other risks associated with the proposed transaction, are more fully discussed in the proxy statement/prospectus. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. We caution you not to place undue reliance on any of these forward-looking statements as they are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition and liquidity, and the development of new markets or market segments in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this communication. Except as required by law, neither AkzoNobel nor Axalta assumes any obligation to update or revise the information contained herein, which speaks only as of the date hereof.
DigitalOcean zveřejní 4. srpna hospodářské výsledky za 2. čtvrtletí, které mohou potvrdit další růst po 29% tempu růstu tržeb ve 2. čtvrtletí podle červencové aktualizace. Firma zároveň hlásí 800 milionů USD v RPO, tedy desetkrát více než před rokem.
DigitalOcean (DOCN +4.80%) is currently building artificial intelligence (AI) data centers as fast as it can to meet soaring demand for computing capacity from its customers, many of which are small and medium-sized businesses (SMBs). The company's revenue growth is accelerating, which has fueled a staggering 360% increase in its stock over the last 12 months.
DigitalOcean will release its operating results for the second quarter on Aug. 4, and they could determine whether the stock's upward momentum continues. Should investors be buying at the current price?
Image source: Getty Images.
Demand is off the charts for DigitalOcean's AI data centers The cloud computing industry is dominated by trillion-dollar companies like Amazon and Microsoft, but those giants typically chase the customers with the highest spending potential. That leaves SMBs somewhat underserved, but DigitalOcean has filled this gap in the market by offering those smaller companies affordable cloud services with highly personalized support and a simple interface for ease of use.
It is applying that same blueprint to its new platform, which it calls AI-Native Cloud. It features five distinct layers to help DigitalOcean customers develop and deploy AI software. The foundational layer is infrastructure, which includes 20 data centers (and growing) housing thousands of the latest chips from suppliers like Nvidia and Advanced Micro Devices.
Businesses can rent computing capacity from those data centers through AI-Native Cloud, and the platform's other four layers provide the tools to develop usable AI software. Those tools include ready-made large language models (LLMs) from companies like Anthropic, which can serve as the foundation for powerful AI chatbots and AI agents.
On July 7, DigitalOcean announced that it ended Q2 with a whopping $800 million in remaining performance obligations (RPO), which was a tenfold increase from the year-ago period. RPO is usually defined as the value of signed contracts for services that haven't been delivered yet, so this metric can be a good predictor of future revenue. Simply put, it appears several DigitalOcean customers are lining up to rent more data center capacity from the company once it comes online.
Today's Change
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4.80
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6.55
Current Price
$
143.00
The upcoming Aug. 4 report could be another blockbuster DigitalOcean generated $257.9 million in revenue during Q1, which was a 22% increase from the prior-year period. It was the third straight quarter in which that growth rate accelerated, and based on the company's July 7 update, revenue apparently soared at an even faster rate of 29% during Q2.
DigitalOcean also ended Q1 with a record $1.03 billion in annual run-rate revenue (ARR). AI customers accounted for $170 million of that total, up by a staggering 221% year over year. I would expect the company to report a similarly strong AI result on Aug. 4.
Guidance will be another key point of focus for Wall Street. The company previously said it expects to deliver overall revenue growth of 50% during 2027, but in its recent update, management told investors it plans to revise that forecast higher in the Q2 report because the business is carrying so much momentum.
Should investors buy DigitalOcean stock right now? DigitalOcean is firing on all cylinders right now, but there is a hitch for investors considering adding this stock to their portfolio today. It's trading at a price-to-sales (P/S) ratio of 15.4, which is significantly higher than its long-term average of 8.5 since going public in 2021.
However, based on DigitalOcean's 2027 revenue guidance, its forward P/S ratio is just 8.1. This is where the Aug. 4 report could be important. If management meaningfully revises the company's 2027 revenue growth forecast higher, then its forward P/S ratio might actually be much lower than 8.1. If that's the case, the stock might actually be cheap right now for any investors willing to hold it for at least the next 18 months.
DOCN PS Ratio data by YCharts.
DigitalOcean stock may be up by 360% over the last 12 months, but it's down 25% from its recent peak. This dip might be a good buying opportunity heading into the Aug. 4 report, but investors who add it now must be willing to hold the stock over at least the medium term -- but the longer the better -- to maximize their chances of positive returns.
ING’s Francesco Pesole expects the ECB to leave rates unchanged but deliver a hawkish hold, with Middle East tensions and rising European gas prices keeping hawks in control. He argues policymakers aim to preserve market pricing of around 45bp of tightening by year-end, likely via a familiar post-meeting media leak, which should support front-end Euro rates even as ING’s near-term EUR/USD bias remains tilted lower toward 1.1380.
"The ECB is widely expected to leave rates unchanged today, but a surprise hike cannot be fully ruled out."
"Our baseline is a hawkish hold. The re-escalation in the Middle East and European gas prices rising faster than oil prices should keep hawkish voices dominant in the governing council, in our view."
"The aim today could be – once again – to preserve market pricing (45bp by year-end) to limit the risk of inflation expectations de-anchoring."
"Achieving that may well require some indication that a September hike remains in play – more likely through a familiar post-meeting media leak than directly in the press conference."
"A central bank meeting would normally be a prime catalyst for EUR/USD to break out of its tight trading range, but we do not expect that to happen today. Our near-term bias remains tilted to the downside, as we believe FX markets are dangerously complacent about developments in the Gulf. Unless the newsflow becomes more constructive, we look for EUR/USD to slip towards 1.1380 in the coming days."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
ServiceNow, Inc. (NOW) Q2 2026 Earnings Call July 22, 2026 5:00 PM EDT
Company Participants
Darren Yip - Head of Investor Relations
William McDermott - Chairman & CEO
Gina Mastantuono - President & CFO
Amit Zavery - President, Chief Product Officer & COO
Conference Call Participants
Gabriela Borges - Goldman Sachs Group, Inc., Research Division
Michael Turrin - Wells Fargo Securities, LLC, Research Division
Tal Liani - BofA Securities, Research Division
Samik Chatterjee - JPMorgan Chase & Co, Research Division
Tyler Radke - Citigroup Inc., Research Division
Matthew Hedberg - RBC Capital Markets, Research Division
Samad Samana - Jefferies LLC, Research Division
Brad Zelnick - Deutsche Bank AG, Research Division
Keith Bachman - BMO Capital Markets Equity Research
Gregg Moskowitz - Mizuho Securities USA LLC, Research Division
Adam Wood - Morgan Stanley, Research Division
Presentation
Operator
Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the ServiceNow Second Quarter 2026 Earnings Conference Call. [Operator Instructions] We will now turn the conference over to Darren Yip, Senior Vice President, Investor Relations and Market Insights. Darren, please go ahead.
Darren Yip
Head of Investor Relations
Good afternoon, and thank you for joining ServiceNow's Second Quarter 2026 Earnings Conference Call. Joining me are Bill McDermott, our Chairman and Chief Executive Officer; Gina Mastantuono, our President and Chief Financial Officer; and Amit Zavery, President, Chief Product Officer and Chief Operating Officer.
During today's call, we will review our second quarter results and discuss our guidance for the third quarter and full year 2026. Before we get started, we want to emphasize that the information discussed on this call, including our guidance, is based on information as of today and contains forward-looking statements that involve risks, uncertainties and assumptions. We undertake no duty or obligation to update such statements as a result
The AUD/USD pair catches fresh bids during the Asian session on Thursday following the release of the upbeat Australian jobs report, which lifted bets for another interest rate hike by the Reserve Bank of Australia (RBA). Furthermore, a modest US Dollar (USD) weakness lifts spot prices to the 0.7020 region in the last hour, back closer to an over one-month high set on Tuesday.
Meanwhile, escalating US-Iran tensions and rising supply disruption concerns lift crude oil prices to a fresh high since June 11, fueling inflationary concerns and bolstering hawkish US Federal Reserve (Fed) expectations. This could help limit deeper losses for the safe-haven Greenback and hold back traders from placing aggressive bullish bets on the risk-sensitive AUD/USD pair.
From a technical perspective, spot prices retain a modest bullish near-term bias above the 38.2% Fibonacci retracement level of the decline from 0.7200 (late May high) and the 100-period Exponential Moving Average (EMA) on the 41-hour chart. Adding to this, the Relative Strength Index (RSI) at 59.45 validates the constructive outlook without signaling overbought conditions.
However, the Moving Average Convergence Divergence (MACD) histogram flattens just below the zero line, hinting that upside momentum is positive but not aggressive. Hence, any subsequent move up is likely to confront initial resistance at the 50.0% level at 0.7033. Furthermore, the 61.8% Fibo. retracement at 0.7072 should act as the next hurdle in the current recovery sequence.
Further up, the 78.6% level at 0.7129 and the cycle high region at 0.7201 mark stronger barriers. On the downside, immediate support is seen at the 38.2% retracement at 0.6993, ahead of the 100-period EMA at 0.6976. A deeper pullback would expose the 23.6% retracement at 0.6944, with the broader bullish structure only threatened on a slide toward the anchor low near 0.6865.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
AUD/USD 4-hour chart
Australian Dollar Price Today The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the New Zealand Dollar.
USDEURGBPJPYCADAUDNZDCHFUSD-0.14%-0.06%-0.03%-0.12%-0.21%0.00%-0.10%EUR0.14%0.09%0.13%0.01%-0.07%0.16%0.04%GBP0.06%-0.09%0.04%-0.08%-0.17%0.04%-0.06%JPY0.03%-0.13%-0.04%-0.10%-0.19%0.02%-0.09%CAD0.12%-0.01%0.08%0.10%-0.10%0.14%0.00%AUD0.21%0.07%0.17%0.19%0.10%0.24%0.14%NZD-0.01%-0.16%-0.04%-0.02%-0.14%-0.24%-0.14%CHF0.10%-0.04%0.06%0.09%-0.01%-0.14%0.14% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).
Las Vegas Sands za čtvrtletí končící 30. června 2026 vykázala čisté výnosy 3,15 mld. USD a čistý zisk 373 mil. USD. Firma zároveň odkoupila vlastní akcie za 787 mil. USD a rozšířila program zpětného odkupu na 6,0 mld. USD.
Net Revenue $3.15 billion Net Income $373 million Diluted Earnings per Share $0.53 per Share Consolidated Adjusted Property EBITDA $1.12 billion LVS Repurchased $787 million of Common Stock during the quarter LVS Board of Directors Increased Stock Repurchase Authorization to $6.0 billion , /PRNewswire/ -- Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended June 30, 2026.
"We continued to execute our strategic objectives during the quarter in both Singapore and Macao while continuing to increase the return of capital to shareholders," said Patrick Dumont, chairman and chief executive officer.
"In Macao, our ongoing investments in enhanced service and hospitality offerings contributed to growth in volumes across all gaming segments as compared to the prior year, although unusually low hold in rolling play negatively impacted our reported financial results for the quarter.
"At Marina Bay Sands in Singapore, we continued to deliver industry-leading financial performance.
"Looking ahead, we remain confident that our people, our products and our focus on delivering outstanding service, hospitality and entertainment experiences to our customers will drive growth for the company and deliver strong returns to our shareholders in the years ahead."
Net revenue was $3.15 billion, compared to $3.18 billion in the prior year quarter. Operating income was $618 million, compared to $783 million in the prior year quarter. Net income in the second quarter of 2026 was $373 million, compared to $519 million in the second quarter of 2025.
Consolidated adjusted property EBITDA was $1.12 billion, compared to $1.33 billion in the prior year quarter.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased 0.8% to $1.78 billion, compared to the second quarter of 2025. Net income for SCL decreased 50.0% to $107 million, compared to $214 million in the second quarter of 2025.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $189 million for the second quarter of 2026, compared to $194 million in the prior year quarter. Our weighted average debt balance was $16.06 billion during the second quarter of 2026, compared to $15.85 billion during the second quarter of 2025. Our weighted average borrowing cost was 4.6% during the second quarter of 2026, compared to 4.8% during the second quarter of 2025.
Our effective income tax rate for the second quarter of 2026 was 19.1%, compared to 14.8% in the prior year quarter. The income tax rate for the second quarter of 2026 was primarily driven by a 17% statutory rate on our Singapore operations.
Stockholder Returns
During the second quarter of 2026, we repurchased $787 million of our common stock (approximately 15 million shares at a weighted average price of $52.37). The remaining amount authorized under our share repurchase program was $29 million as of June 30, 2026. Subsequently, on July 21, 2026, the company's Board of Directors authorized increasing the remaining share repurchase amount to $6.0 billion and extending the expiration date of the authorization to July 21, 2029. Since the resumption of our share repurchase program in the fourth quarter of 2023 through June 30, 2026, we have repurchased 16.3% of our outstanding shares, approximately 124 million shares of our common stock at an average price of $48.49, for a total investment of $6.03 billion. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions.
We paid a quarterly dividend of $0.30 per common share during the quarter. Our next quarterly dividend of $0.30 per common share will be paid on August 12, 2026, to Las Vegas Sands stockholders of record on August 4, 2026.
Balance Sheet Items
Unrestricted cash balances as of June 30, 2026 were $3.38 billion.
In May 2026, the company received $1.26 billion of proceeds from the repayment in full of the seller financing loan related to the sale of the Las Vegas real property and operations.
The company has access to $4.26 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit, and $4.68 billion available under a delayed draw term loan facility that may be used to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project. As of June 30, 2026, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.11 billion.
Capital Expenditures
Capital expenditures during the second quarter totaled $332 million, including construction, development and maintenance activities of $215 million at Marina Bay Sands, $86 million in Macao and $31 million in corporate and other.
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, July 22, 2026, at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.
About Sands (NYSE: LVS)
Sands is the leading global developer and operator of integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian® Macao, The Plaza® Macao and Four Seasons® Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company's ESG leadership has led to inclusion on the Dow Jones Best-in-Class Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies. To learn more, visit www.sands.com.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this press release, the words "anticipates," "believes," "can," "continues," "estimates," "expects," "goals," "intends," "looks forward to," "may," "opportunities," "plans," "positions," "remains," "seeks," "should," "targets," "will," "would" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct. These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements. These factors include, but are not limited to, the risks associated with: our gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is made. Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information.
Las Vegas Sands Corp.
Second Quarter 2026 Results
Non-GAAP Financial Measures
Within the company's second quarter 2026 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income (loss)," "adjusted earnings (loss) per diluted share" and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures. The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this press release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.
The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance. These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.
Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax. Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies, including Las Vegas Sands, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments, share repurchases and income tax payments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.
Exhibit 1
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share data)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Revenues:
Casino
$ 2,341
$ 2,415
$ 5,080
$ 4,542
Rooms
359
345
736
669
Food and beverage
168
147
344
288
Mall
198
187
402
373
Convention, retail and other
88
81
177
165
Net revenues
3,154
3,175
6,739
6,037
Operating expenses:
Resort operations
2,041
1,846
4,208
3,569
Corporate
74
69
157
142
Pre-opening
5
9
9
13
Development
43
69
84
138
Depreciation and amortization
350
371
707
733
Amortization of leasehold interests in land
21
20
42
35
Loss on disposal or impairment of assets
2
8
10
15
2,536
2,392
5,217
4,645
Operating income
618
783
1,522
1,392
Other income (expense):
Interest income
31
42
66
84
Interest expense, net of amounts capitalized
(189)
(194)
(377)
(368)
Other income (expense)
1
(22)
(2)
(23)
Loss on modification or early retirement of debt
—
—
—
(5)
Income before income taxes
461
609
1,209
1,080
Income tax expense
(88)
(90)
(195)
(153)
Net income
373
519
1,014
927
Net income attributable to noncontrolling interests
(27)
(58)
(101)
(114)
Net income attributable to Las Vegas Sands Corp.
$ 346
$ 461
$ 913
$ 813
Earnings per share:
Basic
$ 0.53
$ 0.66
$ 1.38
$ 1.15
Diluted
$ 0.53
$ 0.66
$ 1.38
$ 1.15
Weighted average shares outstanding:
Basic
654
695
661
704
Diluted
656
696
663
704
Exhibit 2
Las Vegas Sands Corp. and Subsidiaries
Net Revenues and Adjusted Property EBITDA
(In millions)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net Revenues
The Venetian Macao
$ 591
$ 663
$ 1,301
$ 1,301
The Londoner Macao
710
642
1,464
1,171
The Parisian Macao
218
194
447
421
The Plaza Macao and Four Seasons Macao
137
194
427
402
Sands Macao
95
71
188
146
Ferry Operations and Other
39
33
77
65
Macao Operations
1,790
1,797
3,904
3,506
Marina Bay Sands
1,380
1,388
2,867
2,551
Intercompany Royalties
83
67
170
128
Intersegment Eliminations(1)
(99)
(77)
(202)
(148)
$ 3,154
$ 3,175
$ 6,739
$ 6,037
Adjusted Property EBITDA
The Venetian Macao
$ 165
$ 236
$ 403
$ 461
The Londoner Macao
192
205
415
358
The Parisian Macao
38
44
84
110
The Plaza Macao and Four Seasons Macao
20
66
134
140
Sands Macao
11
9
20
19
Ferry Operations and Other
4
6
7
13
Macao Operations
430
566
1,063
1,101
Marina Bay Sands
689
768
1,477
1,373
$ 1,119
$ 1,334
$ 2,540
$ 2,474
Adjusted Property EBITDA as a Percentage of Net Revenues
The Venetian Macao
27.9 %
35.6 %
31.0 %
35.4 %
The Londoner Macao
27.0 %
31.9 %
28.3 %
30.6 %
The Parisian Macao
17.4 %
22.7 %
18.8 %
26.1 %
The Plaza Macao and Four Seasons Macao
14.6 %
34.0 %
31.4 %
34.8 %
Sands Macao
11.6 %
12.7 %
10.6 %
13.0 %
Ferry Operations and Other
10.3 %
18.2 %
9.1 %
20.0 %
Macao Operations
24.0 %
31.5 %
27.2 %
31.4 %
Marina Bay Sands
49.9 %
55.3 %
51.5 %
53.8 %
Total
35.5 %
42.0 %
37.7 %
41.0 %
____________________
(1)
Intersegment eliminations include royalties and other intercompany services.
Exhibit 3
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Financial Measure Reconciliation
(In millions)
(Unaudited)
The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA:
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net income
$ 373
$ 519
$ 1,014
$ 927
Add (deduct):
Income tax expense
88
90
195
153
Loss on modification or early retirement of debt
—
—
—
5
Other (income) expense
(1)
22
2
23
Interest expense, net of amounts capitalized
189
194
377
368
Interest income
(31)
(42)
(66)
(84)
Loss on disposal or impairment of assets
2
8
10
15
Amortization of leasehold interests in land
21
20
42
35
Depreciation and amortization
350
371
707
733
Development expense
43
69
84
138
Pre-opening expense
5
9
9
13
Stock-based compensation(1)
6
5
9
6
Corporate expense
74
69
157
142
Consolidated Adjusted Property EBITDA
$ 1,119
$ 1,334
$ 2,540
$ 2,474
____________________
(1)
During the three months ended June 30, 2026 and 2025, the company recorded stock-based compensation expense of $15 million and $17 million, respectively, of which $9 million and $12 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
During the six months ended June 30, 2026 and 2025, the company recorded stock-based compensation expense of $39 million and $26 million, respectively, of which $30 million and $20 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
Exhibit 4
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Financial Measure Reconciliation
(In millions, except per share data)
(Unaudited)
The following is a reconciliation of Net Income Attributable to LVS to Adjusted Net Income:
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net income attributable to LVS
$ 346
$ 461
$ 913
$ 813
Pre-opening expense
5
9
9
13
Development expense
43
69
84
138
Loss on disposal or impairment of assets
2
8
10
15
Other (income) expense
(1)
22
2
23
Loss on modification or early retirement of debt
—
—
—
5
Income tax impact on net income adjustments(1)
(11)
(14)
(20)
(28)
Noncontrolling interest impact on net income adjustments
—
(8)
(2)
(11)
Adjusted net income attributable to LVS
$ 384
$ 547
$ 996
$ 968
The following is a reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share:
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Per diluted share of common stock:
Net income attributable to LVS
$ 0.53
$ 0.66
$ 1.38
$ 1.15
Pre-opening expense
0.01
0.01
0.01
0.02
Development expense
0.07
0.10
0.13
0.20
Loss on disposal or impairment of assets
—
0.01
0.01
0.02
Other (income) expense
—
0.03
—
0.03
Loss on modification or early retirement of debt
—
—
—
0.01
Income tax impact on net income adjustments
(0.02)
(0.01)
(0.03)
(0.03)
Noncontrolling interest impact on net income adjustments
—
(0.01)
—
(0.02)
Adjusted earnings per diluted share
$ 0.59
$ 0.79
$ 1.50
$ 1.38
Weighted average diluted shares outstanding
656
696
663
704
____________________
(1)
The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.
Exhibit 5
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(In millions)
(Unaudited)
The following reflects the impact on Net Revenues for hold-adjusted win percentage:
Three Months Ended
June 30,
2026
2025
Macao Operations
$ 147
$ (11)
Marina Bay Sands(1)
(49)
(102)
$ 98
$ (113)
The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage:
Three Months Ended
June 30,
2026
2025
Macao Operations
$ 87
$ (7)
Marina Bay Sands(1)
(37)
(80)
$ 50
$ (87)
____________________
Note:
These amounts represent the estimated impact of the hold adjustment that would have occurred had the company's Rolling Chip win percentage for the three months ended June 30, 2026 and 2025, equaled 3.3% for the Macao operations and 4.2% and 4.1%, respectively, for Marina Bay Sands. Included are the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.
(1)
Beginning with the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Marina Bay Sands to be based on the theoretical hold percentage measured by technology-enabled gaming tables. Presentation of the prior year period has been revised to be consistent with that methodology.
Exhibit 6
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Casino Statistics:
The Venetian Macao:
Table games win per unit per day(1)
$ 8,819
$ 9,710
$ 9,688
$ 9,271
Slot machine win per unit per day(2)
$ 446
$ 305
$ 464
$ 336
Average number of table games
632
658
635
663
Average number of slot machines
1,396
1,651
1,426
1,667
The Londoner Macao:
Table games win per unit per day(1)
$ 14,008
$ 11,904
$ 14,970
$ 11,194
Slot machine win per unit per day(2)
$ 718
$ 591
$ 673
$ 506
Average number of table games
523
523
510
509
Average number of slot machines
1,380
1,566
1,418
1,562
The Parisian Macao:
Table games win per unit per day(1)
$ 7,819
$ 6,850
$ 8,403
$ 7,552
Slot machine win per unit per day(2)
$ 370
$ 273
$ 369
$ 278
Average number of table games
242
228
241
238
Average number of slot machines
1,291
1,412
1,285
1,352
The Plaza Macao and Four Seasons Macao:
Table games win per unit per day(1)
$ 14,081
$ 19,300
$ 21,781
$ 20,460
Slot machine win per unit per day(2)
$ —
$ 92
$ —
$ 99
Average number of table games
116
105
114
105
Average number of slot machines(3)
—
53
2
51
Sands Macao:
Table games win per unit per day(1)
$ 6,665
$ 5,435
$ 6,191
$ 5,774
Slot machine win per unit per day(2)
$ 276
$ 256
$ 272
$ 246
Average number of table games
121
116
133
114
Average number of slot machines
1,278
761
1,233
779
Marina Bay Sands:
Table games win per unit per day(1)
$ 20,156
$ 21,003
$ 22,491
$ 18,928
Slot machine win per unit per day(2)
$ 1,086
$ 1,052
$ 1,050
$ 992
Average number of table games
564
539
566
541
Average number of slot machines
2,945
2,959
2,964
2,979
____________________
(1)
Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.
(2)
Slot machine win per unit per day is shown before deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.
(3)
Slot machines were relocated to other properties during the three months ended March 31, 2026.
Exhibit 7
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Venetian Macao
June 30,
(Dollars in millions)
2026
2025
Change
Revenues:
Casino
$ 457
$ 524
$ (67)
Rooms
43
50
(7)
Food and beverage
15
15
—
Mall
62
62
—
Convention, retail and other
14
12
2
Net revenues
$ 591
$ 663
$ (72)
Adjusted Property EBITDA
$ 165
$ 236
$ (71)
EBITDA Margin %
27.9 %
35.6 %
(7.7) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$ 1,028
$ 859
$ 169
Rolling Chip win %(1)
0.62 %
3.57 %
(2.95) pts
Non-Rolling Chip drop
$ 2,452
$ 2,348
$ 104
Non-Rolling Chip win %
20.4 %
23.5 %
(3.1) pts
Slot handle
$ 1,399
$ 1,372
$ 27
Slot hold %
4.1 %
3.3 %
0.8 pts
Hotel Statistics
Occupancy %
98.2 %
98.6 %
(0.4) pts
Average daily room rate (ADR)
$ 197
$ 195
$ 2
Revenue per available room (RevPAR)
$ 194
$ 192
$ 2
____________________
(1)
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Londoner Macao
June 30,
(Dollars in millions)
2026
2025
Change
Revenues:
Casino
$ 548
$ 495
$ 53
Rooms
100
95
5
Food and beverage
31
27
4
Mall
23
21
2
Convention, retail and other
8
4
4
Net revenues
$ 710
$ 642
$ 68
Adjusted Property EBITDA
$ 192
$ 205
$ (13)
EBITDA Margin %
27.0 %
31.9 %
(4.9) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$ 3,523
$ 2,090
$ 1,433
Rolling Chip win %(1)
3.67 %
4.09 %
(0.42) pts
Non-Rolling Chip drop
$ 2,584
$ 2,196
$ 388
Non-Rolling Chip win %
20.8 %
21.9 %
(1.1) pts
Slot handle
$ 2,227
$ 2,114
$ 113
Slot hold %
4.0 %
4.0 %
— pts
Hotel Statistics
Occupancy %
96.7 %
93.3 %
3.4 pts
Average daily room rate (ADR)
$ 262
$ 259
$ 3
Revenue per available room (RevPAR)
$ 254
$ 242
$ 12
____________________
(1)
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Parisian Macao
June 30,
(Dollars in millions)
2026
2025
Change
Revenues:
Casino
$ 165
$ 143
$ 22
Rooms
32
34
(2)
Food and beverage
14
11
3
Mall
5
5
—
Convention, retail and other
2
1
1
Net revenues
$ 218
$ 194
$ 24
Adjusted Property EBITDA
$ 38
$ 44
$ (6)
EBITDA Margin %
17.4 %
22.7 %
(5.3) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$ 169
$ —
$ 169
Rolling Chip win %(1)
(2.26) %
— %
— pts
Non-Rolling Chip drop
$ 816
$ 663
$ 153
Non-Rolling Chip win %
21.6 %
21.4 %
0.2 pts
Slot handle
$ 1,302
$ 872
$ 430
Slot hold %
3.3 %
4.0 %
(0.7) pts
Hotel Statistics
Occupancy %
97.4 %
99.2 %
(1.8) pts
Average daily room rate (ADR)
$ 141
$ 147
$ (6)
Revenue per available room (RevPAR)
$ 138
$ 146
$ (8)
____________________
(1)
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Plaza Macao and Four Seasons Macao
June 30,
(Dollars in millions)
2026
2025
Change
Revenues:
Casino
$ 59
$ 122
$ (63)
Rooms
28
28
—
Food and beverage
8
7
1
Mall
41
37
4
Convention, retail and other
1
—
1
Net revenues
$ 137
$ 194
$ (57)
Adjusted Property EBITDA
$ 20
$ 66
$ (46)
EBITDA Margin %
14.6 %
34.0 %
(19.4) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$ 2,824
$ 1,399
$ 1,425
Rolling Chip win %(1)
(1.15) %
2.72 %
(3.87) pts
Non-Rolling Chip drop
$ 839
$ 655
$ 184
Non-Rolling Chip win %
21.6 %
22.3 %
(0.7) pts
Slot handle
$ —
$ 19
$ (19)
Slot hold %
— %
2.3 %
— pts
Hotel Statistics
Occupancy %
95.1 %
92.1 %
3.0 pts
Average daily room rate (ADR)
$ 507
$ 502
$ 5
Revenue per available room (RevPAR)
$ 482
$ 462
$ 20
____________________
(1)
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
Sands Macao
June 30,
(Dollars in millions)
2026
2025
Change
Revenues:
Casino
$ 88
$ 63
$ 25
Rooms
5
4
1
Food and beverage
2
3
(1)
Convention, retail and other
—
1
(1)
Net revenues
$ 95
$ 71
$ 24
Adjusted Property EBITDA
$ 11
$ 9
$ 2
EBITDA Margin %
11.6 %
12.7 %
(1.1) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$ 26
$ 23
$ 3
Rolling Chip win %(1)
11.78 %
5.60 %
6.18 pts
Non-Rolling Chip drop
$ 497
$ 389
$ 108
Non-Rolling Chip win %
14.2 %
14.4 %
(0.2) pts
Slot handle
$ 1,526
$ 589
$ 937
Slot hold %
2.1 %
3.0 %
(0.9) pts
Hotel Statistics
Occupancy %
99.4 %
99.4 %
— pts
Average daily room rate (ADR)
$ 162
$ 176
$ (14)
Revenue per available room (RevPAR)
$ 161
$ 175
$ (14)
____________________
(1)
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
Marina Bay Sands
June 30,
(Dollars in millions)
2026
2025
Change
Revenues:
Casino
$ 1,024
$ 1,068
$ (44)
Rooms
151
134
17
Food and beverage
98
84
14
Mall
67
62
5
Convention, retail and other
40
40
—
Net revenues
$ 1,380
$ 1,388
$ (8)
Adjusted Property EBITDA
$ 689
$ 768
$ (79)
EBITDA Margin %
49.9 %
55.3 %
(5.4) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$ 9,269
$ 8,945
$ 324
Rolling Chip win %(1)
4.74 %
5.26 %
(0.52) pts
Non-Rolling Chip drop
$ 2,597
$ 2,360
$ 237
Non-Rolling Chip win %
22.9 %
23.7 %
(0.8) pts
Slot handle
$ 6,382
$ 6,192
$ 190
Slot hold %
4.6 %
4.6 %
— pts
Hotel Statistics
Occupancy %
95.6 %
95.0 %
0.6 pts
Average daily room rate (ADR)
$ 982
$ 888
$ 94
Revenue per available room (RevPAR)
$ 939
$ 844
$ 95
____________________
(1)
This compares to our theoretical Rolling Chip win percentage of 4.2% and 4.1% for the three months ended June 30, 2026 and 2025, respectively (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
Beginning with the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Marina Bay Sands to be based on the theoretical hold percentage measured by technology-enabled gaming tables.
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Asian Retail Mall Operations
(Unaudited)
For the Three Months Ended June 30, 2026
TTM
June 30,
2026
(Dollars in millions except per square foot data)
Gross
Revenue(1)
Operating
Profit
Operating
Profit
Margin
Gross
Leasable
Area (sq. ft.)
Occupancy
% at End
of Period
Tenant Sales
Per Sq. Ft.(2)
Shoppes at Venetian
$ 62
$ 55
88.7 %
829,874
89.3 %
$ 2,161
Shoppes at Four Seasons
Luxury Retail
29
27
93.1 %
161,025
100.0 %
5,670
Other Stores
12
11
91.7 %
94,292
78.7 %
2,115
41
38
92.7 %
255,317
92.1 %
4,650
Shoppes at Londoner
23
19
82.6 %
518,122
75.9 %
1,886
Shoppes at Parisian
5
3
60.0 %
253,784
66.4 %
428
Total Cotai Strip in Macao
131
115
87.8 %
1,857,097
82.8 %
2,331
The Shoppes at Marina Bay Sands
67
61
91.0 %
616,028
100.0 %
3,279
Total
$ 198
$ 176
88.9 %
2,473,125
87.1 %
$ 2,608
____________________
Note:
This table excludes the results of our retail outlets at Sands Macao.
(1)
Gross revenue figures are net of intersegment revenue eliminations.
(2)
Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.
Japonsko může spustit první Bitcoin ETF už v roce 2028, přičemž odhady počítají s přílivem až ¥3 biliony do fiskálního roku 2028. Regulátoři mezitím připravují pravidla pro přímé držení kryptoaktiv v trustech a ETF.
Japan could launch its first Bitcoin exchange-traded fund as early as 2028 as regulators prepare rules that would allow investment trusts and ETFs to hold crypto assets directly.
Summary
Japan could approve its first Bitcoin ETF by 2028 as financial rules continue evolving nationwide. Major Japanese asset managers are preparing crypto funds while regulators work toward broader ETF access. Retail investors may drive demand, with projected Bitcoin ETF inflows reaching ¥3 trillion by 2028. A July 23 Nikkei report said the Financial Services Agency plans to revise investment-fund rules after lawmakers approved amendments that bring crypto assets under the Financial Instruments and Exchange Act framework. The change moves Japan toward treating crypto as a financial investment product rather than regulating it mainly as a payment asset.
Meanwhile, the legal change does not mean a Bitcoin ETF can launch immediately. Japan still needs detailed rules and changes to its investment-trust framework before fund managers can offer products that hold crypto as a primary investment target.
The FSA’s materials confirm that crypto regulation is moving from the Payment Services Act into the Financial Instruments and Exchange Act, alongside new disclosure and market conduct requirements.
As crypto.news reported on July 15, Japan has passed legislation that creates a pathway for domestic crypto ETFs, although individual products will still require regulatory approval. An earlier report said Japan Exchange Group was considering listings as early as 2027, while the latest Nikkei report points to 2028 as a possible launch date.
JPX chief executive Hiroki Yamamichi previously said an ETF “can be done anytime once the legal framework is in place and the tax treatment is clarified.”
Financial groups prepare for Bitcoin ETFs Several of Japan’s largest financial firms are studying products that could enter the market once regulators complete the rules. As previously reported, SBI Securities and Rakuten Securities are preparing crypto investment trusts through their own groups. Nomura, Daiwa, SMBC-linked firms and Asset Management One are also examining possible products.
The planned market could extend beyond Bitcoin ETFs. SBI Global Asset Management has considered funds focused on liquid crypto assets such as Bitcoin and Ethereum. Meanwhile, Osaka Exchange has discussed launching Bitcoin futures in 2028 if spot ETFs become legal. These plans show that traditional financial firms are preparing products before regulators complete the final framework.
Institutional interest is also rising. Nomura Holdings’ 2026 survey found that 79% of respondents who were considering crypto investment over the next three years planned to invest. Among them, 60% expected to allocate between 2% and less than 5% of their portfolios. The survey also found that 65% viewed crypto assets as a way to diversify their investments.
Retail investors could become the main source of demand Japan’s Bitcoin ETF market may develop differently from the U.S. market, where institutional investors have become major participants in spot Bitcoin ETFs. Japan has a smaller pool of institutions making large crypto allocations, while households continue to keep a large share of their financial wealth in cash and deposits. Bank of Japan data has placed the cash and deposit share at around half of household financial assets.
That structure could make individual investors a major source of demand. The July 23 Nikkei report estimated that Japanese Bitcoin ETFs could attract as much as ¥3 trillion by fiscal 2028.
The FSA has also reported more than 14 million domestic crypto accounts, while about 70% of account holders earn less than ¥7 million annually. A regulated ETF could allow investors to gain Bitcoin exposure through securities accounts without directly managing crypto wallets.
The same retail focus is visible among financial groups preparing new products. Rakuten plans to make crypto investment trusts available through smartphone services, while other brokerages are studying products that could fit into existing investment platforms used by individual customers.
Pension interest adds another route for crypto exposure Institutional adoption remains limited, but some Japanese pension managers have begun testing small crypto allocations. The National Business Pension Fund in Okayama, which represents about 1,200 small and medium-sized businesses, plans to allocate about 1% of its assets to crypto-related funds during fiscal 2026.
Aiyu Kiguchi, the fund’s executive director of investment management, explained the diversification strategy by saying, “It’s because its price movements have a low correlation with the U.S. dollar.” The fund manages about ¥21.5 billion and plans to gain exposure through funds managed by major overseas hedge funds rather than buying crypto assets directly.
The move also comes as broader investor interest grows. Nomura’s survey found stronger demand for crypto as a diversification tool, while financial firms continue preparing investment trusts and possible ETFs. Japan Exchange Group has also said asset managers are showing interest in crypto-linked products.
Japan’s next steps will depend on how quickly the FSA completes its investment-trust rules and how exchanges set listing requirements. For now, the regulatory changes, asset-manager preparations and growing investor interest have moved the country closer to a domestic Bitcoin ETF market. The latest reported timeline places the first launch as early as 2028, with retail investors potentially providing a large share of demand.
Litecoin chystá přes LitVM zavést smart kontrakty a rozšířit využití mimo platby. LiteForge testnet už zpracoval přes 140 milionů transakcí na 11 milionů adres.
Litecoin [LTC] is preparing to introduce smart contracts through LitVM, an EVM-compatible layer-2 that extends the network without changing its base layer.
Rather than modifying Litecoin’s base layer, LitVM will be executing transactions off-chain before settling them back on Layer-1. As a result, it will be preserving the network’s established security model.
Meanwhile, the LiteForge public testnet has already processed over 140 million transactions across 11 million addresses. The milestone suggests that the developers have been actively exploring the network.
Source: X Still, according to DeFiLlama data, Litecoin’s DeFi ecosystem holds only $700,000 in total value locked. This implies that the application growth is yet to match technical progress.
That gap indicates LitVM’s architecture expands Litecoin’s capabilities. Even though broader ecosystem activity must grow before those technical advantages translate into meaningful network utility.
LiteForge gains traction before mainnet As the LitVM mainnet launch closes in, attention is now shifting to LiteForge’s testnet. Since April 2026, LiteForge has attracted over 4.4 million wallets and processed well over 63 million transactions.
Source: Business Insider Those figures indicate strong participation, although testnets often experience elevated activity from experimentation and incentives. Moreover, DeFi applications, AI agents, and cross-chain tools show developers are testing Litecoin’s expanded functionality.
Can LitVM deliver for Litecoin? As LitVM moves closer to mainnet, attention shifts from early participation to its potential impact on Litecoin’s broader economy. If deployment succeeds, LTC could expand beyond payments by serving as a gas token, collateral asset, liquidity source, settlement layer, and yield-generating asset.
Those additional functions would diversify network demand instead of relying mainly on transaction payments. However, the Q4 2026 launch remains a development target rather than a fixed milestone.
Moreover, smart contracts and cross-chain bridges introduce new security risks that require rigorous audits before large-scale adoption. Even then, technical readiness alone may not sustain growth without active developers, committed liquidity, and consistent user participation.
Investors should therefore monitor mainnet progress, bridge security, and ecosystem capital after launch. Together, those indicators will better reveal whether LitVM creates lasting economic value for Litecoin rather than simply adding new technical features.
Final Summary Litecoin expands beyond payments through LitVM, strengthening its long-term utility. However, LTC faced its biggest test as LitVmoved toward their mainnet.
A sharp reversal in Ethereum staking dynamics has taken shape. The validator exit queue—which ballooned past 2.6 million ETH in September 2025—has fallen to zero, according to data from Arkham and beaconcha.in cited in the original report. For the first time in months, unstaking requires no wait at all. Meanwhile, the entry queue tells a different story: roughly 2.48 million ETH is lined up to join the consensus layer, facing an estimated delay of 43 days.
That asymmetry—zero time to leave, over a month to get in—captures a moment where capital is tilting back toward Ethereum’s core infrastructure. Total staked ETH sits at about 40.9 million, representing 33.55% of the circulating supply, spread across roughly 885,000 active validators. The annualized reward hovers at a modest 2.64%, which makes the renewed staking appetite more notable.
From a Wall of Exits to an Empty Queue The earlier exit congestion was partly driven by regulatory unease and market pressure during the 2025 drawdown. Validators wanting to unwind staking positions faced weeks of waiting, and the queue served as a visible thermometer of stress. Its collapse now implies that forced selling from validators has eased dramatically. New exit requests are clearing almost instantly, removing a supply overhang that had weighed on sentiment.
But the absence of an exit queue also changes the calculus for liquid staking protocols and institutional validators. With no friction on the way out, staked ETH behaves more like a liquid instrument than a locked commitment. That could lower the barrier for more conservative capital to participate, even at a 2.64% APR.
What the Entry Queue Signals A 43-day wait to start earning rewards is not trivial. Yet demand persists, suggesting that participants are looking beyond the headline yield. Some of it may reflect expectations of future network fee growth once on-chain activity picks up; validator rewards are partially derived from priority fees and MEV, not just issuance. In weeks where execution-layer activity runs hot, real APR can punch far above the average.
This trend aligns with Ethereum’s continued dominance in developer engagement. As covered in BlockchainReporter’s latest developer activity rankings, Ethereum still commands the lion’s share of weekly commits and active contributors. Developers staying close to the base layer tend to reinforce staking demand, because running a validator often doubles as a way to stay plugged into network upgrades.
The institutional dimension also matters. While Ethereum staking yields remain compressed, dedicated staking-as-a-service firms and exchange-traded products are maturing. Parallel moves in other ecosystems—such as the institutional staking push behind SUI’s recent 18% price surge, detailed here—illustrate how structured staking products can attract capital even when headlines are quiet. Ethereum, with its deeper liquidity and custody rails, is arguably the main beneficiary of that institutionalization.
Broader Market Context The staking queue shift occurs as the on-chain economy is seeing renewed activity in adjacent sectors. Real-world asset tokenization recently crossed $20 billion in on-chain value, and major TradFi players have begun settling tokenized Treasury transactions directly with banks, a turning point noted in this weekly roundup. When the broader blockchain ecosystem tips toward institutional-grade settlement, the asset that underpins settlement—ETH—tends to attract long-term staking flows rather than short-term speculative trades.
What remains uncertain is whether the entry queue will translate into a sustained increase in the staking participation rate, or if it mainly reflects rotation among existing validators. A total of 33.55% of ETH supply already staked leaves limited headroom before consensus-layer liquidity risks begin to surface. Some analysts have raised concerns about the health of validator set diversification if the entry queue is dominated by a handful of large operators.
Even so, the 43-day entry wait, combined with zero exit friction, gives Ethereum’s staking mechanism a self-regulating quality. If rewards become too dilute, participants can leave without penalty. That market-driven guardrail matters in an environment where the Federal Reserve’s rate path, SEC rulemaking, and global stablecoin legislation can quickly alter the risk-reward calculation for yield-bearing crypto assets.
The Road Ahead For traders and protocol designers, the immediate takeaway is that staking infrastructure no longer looks strained on the exit side. That could reduce selling pressure from redemptions and make ETH more attractive as collateral in DeFi. For validators, the queue data offers a clear signal: the rush for the door is over, and a new cohort is quietly taking its place.
AUTHOR
Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
Tether podle článku pomohl prosadit americký Genius Act tak, aby zmírnil pravidla pro stablecoiny. Zákon obsahuje tříletou lhůtu a mezeru v regulaci přes zahraniční jurisdikce.
It was billed as cryptocurrency’s big moment, President Donald Trump’s first legislative victory in his drive to make the US the “crypto capital of the world.”
Surrounded by lawmakers and industry executives in the East Room of the White House, Trump signed the Genius Act into law a year ago this month, celebrating it as a step toward bringing digital assets into the mainstream of American finance.
By providing the first set of federal rules for a type of crypto known as stablecoins, the legislation aimed to inspire public confidence in a $300 billion marketplace. It promised protections against fraud by forcing companies to open their books. And it gave Congress a chance to follow through on attempts to address one of crypto’s most longstanding concerns — the persistent use of stablecoins among criminals, terrorists and sanctions evaders — by bringing companies under the watch of US regulators, whether they’re based in the US or not.
But in interviews and a court filing, an inside account of the negotiations surrounding the law has emerged: In the months before and after Trump took office, his advisers Howard Lutnick and Bo Hines worked behind the scenes to loosen those safeguards and shape the law in ways that benefited the world’s dominant stablecoin issuer, Tether. Among Trump’s advisers, Lutnick and Hines played the most formative roles in a legislative process that ultimately included measures favorable to Tether, according to people familiar with the discussions. The people, like dozens of others who provided details of negotiations surrounding the Genius Act for this story — crypto industry executives, lobbyists and current and former US government officials — requested anonymity because they weren’t authorized to discuss the talks.
US President Donald Trump signed the Genius Act in the White House on July 18, 2025. He hailed the bill as a “giant step to cement American dominance of global finance and crypto technology.” Photographer: Al Drago/BloombergBefore Lutnick became Trump’s commerce secretary, he was chairman and chief executive officer of the Wall Street investment bank Cantor Fitzgerald, which manages Tether’s assets. From that position, he acted as a crisis manager throughout 2024, countering bad publicity about Tether and seeking to influence lawmakers on legislation the company opposed, according to congressional lobbying records, allegations contained in a federal court filing and one person who was briefed on those efforts.
After Trump took office, Hines was the closer. The then-29-year-old White House aide, a North Carolina entrepreneur and crypto investor who ran unsuccessful congressional campaigns as a Republican in 2022 and 2024, became the administration’s self-described “bully” on the bill. As negotiations neared the finish line, Hines said that a provision Tether wanted was a “red line” for the White House, according to three other people familiar with the matter.
This account of how the legislation took shape shows the previously unreported steps that first Lutnick, then Hines took that benefited Tether, which controls about 60% of the global stablecoin market. And it sheds new light on the ways that the administration’s policymaking has aligned with its appointees’ financial interests. Both Hines and Lutnick have received significant benefits from the company.
Over an 18-month period that began in 2024 and ended shortly after the passage of the Genius Act, Tether executives:
Sold the rights to a multibillion-dollar stake in their company to Lutnick’s financial services firm in April 2024 for $600 million, a price that Tether’s chairman described to a business associate as “bloody cheap.”
Invested $775 million in December 2024 in Rumble Inc., a money-losing technology company that has a partnership agreement with the unprofitable firm that runs Trump’s Truth Social platform and counts several Trump associates as investors.
Hired Hines for an executive position in August 2025, roughly one month after the bill was signed.
Made a loan to a trust benefiting Lutnick’s children as they were purchasing their father’s multibillion-dollar business interests in October 2025.
As part of a federal ethics agreement required of cabinet appointees, Lutnick had pledged to sell his stake in Cantor Fitzgerald and to recuse himself from matters that might present a conflict of interest. A spokesperson for the Commerce Department did not answer detailed questions for this story but said Lutnick complied with the terms of that agreement; divested from his holdings, including Tether; and “was not involved in any matters relating to the Genius Act’s stablecoin provisions.”
Hines didn’t respond to detailed requests for comment. Neither did the White House.
Tether said in a statement that the company “strongly rejects any suggestion that its engagement with policymakers regarding stablecoin legislation was improper” and that it regularly interacts with regulators, legislators and law enforcement officials “lawfully, transparently, and alongside a broad range of market participants.” The company also said the Genius Act provides no “special advantages to Tether,” arguing that the new US regulatory plans will “apply across the industry to any issuer seeking to operate under the framework.”
The bill drew intense lobbying from all corners of finance, including crypto exchanges, credit card companies and community banks. But Tether is by far the industry’s dominant issuer — its biggest competitor is half its size — and it had the most at stake during the 2025 discussions.
Since the law was signed, Tether, which operates from El Salvador, has continued to grow. It launched a new US token to reach American consumers and comply with the rules. Yet its core product remains the world’s most widely used stablecoin — and a go-to currency for terrorists, North Korean hackers and sanctioned entities in both Iran and Russia, according to reports compiled by industry researchers and government officials. Under the Genius Act’s provisions, that coin, known as USDT, may never be subject to regulation by US authorities.
The Genius Act’s final form contained provisions that benefited Tether and differed from federal lawmakers’ previous attempts to regulate stablecoins, which offer users convenience and pseudo-anonymity — meaning their actual identities are hidden even though their alphanumeric wallet addresses remain permanently public on the blockchain.
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In 2023 and 2024, members of Congress proposed bipartisan legislation that aimed to push foreign companies such as Tether to submit to US regulatory scrutiny — including anti-money-laundering rules — if they wanted to sell stablecoins in the US.
The Genius Act relaxed that requirement. A provision that critics call the “reciprocity loophole” would allow Tether’s USDT to be regulated by El Salvador, where the company is building a new headquarters, if the US Treasury secretary determines the Salvadoran regulatory scheme is comparable to the US approach. Rules governing such determinations are still being drafted.
Another change limited stablecoin issuers’ responsibility for ensuring that their tokens aren’t misused by criminals, terrorists or sanctions evaders. That language, known as the “defi loophole,” means that companies like Tether aren’t responsible for tracking their products on secondary markets known as decentralized finance, or “defi,” platforms. Unlike those who buy tokens through banks or exchanges, such users can trade directly on the blockchain without identifying who they are or how they intend to use the funds.
The legislation also created a three-year grace period for selling stablecoins in the US before their issuers have to comply with its terms. As lawmakers negotiated the bill’s final details, some Democrats proposed a tighter time frame, 18 months, but Tether wanted three years, according to people familiar with its position. At that point, Hines stepped in.
In negotiations, he told people that Tether was important to the White House and Republicans should stand firm. Keeping the three-year grace period was a “red line,” Hines said, according to three people familiar with his conversations.
Bo Hines, whom Trump named executive director of the Presidential Council of Advisers for Digital Assets, took a leadership role in pushing the Genius Act through Congress. Photographer: Tierney L. Cross/BloombergSome financial experts warn that these provisions may undermine US attempts to fight money laundering by criminals and sanctioned entities while complicating Trump’s stated goal of making the US the world’s leader in digital currencies.
Timothy Massad, a former assistant secretary at the US Treasury Department during President Barack Obama’s administration, said the failure to close these so-called loopholes might put US crypto companies at a competitive disadvantage by allowing foreign issuers to sidestep costly anti-money-laundering regulations. It could also weaken the dollar, he said.
“If we want the dollar to remain the strong reserve currency of the world, we shouldn’t enable terrorists and sanctioned individuals and criminals to move dollars anonymously,” said Massad, who also served as chairman of the Commodity Futures Trading Commission from 2014 to 2017.
Every form of currency is vulnerable to misuse for illicit transactions. But since it introduced USDT in 2014, Tether has faced regular questions about the scrutiny it brings to its customers. In response, the company had argued that its location overseas meant it could resist what it described as US regulatory overreach. But that position evolved over time, and in December 2023, Tether announced a policy of voluntarily freezing wallets of any people or entities sanctioned by the US Treasury.
Investigators continued to find evidence that USDT was being used for such activities as the fentanyl trade in Mexico and Russian sanctions evasion. A January 2024 UN report called USDT “a preferred choice” for crypto money launderers in Southeast Asia. That year, President Joe Biden’s National Security Council debated whether to ban Tether from selling its token in the US, according to two people familiar with the talks, who asked not to be named to discuss a sensitive matter.
Ultimately, that proposal was disregarded after law enforcement officials argued that they could track illicit finance through USDT transactions. Over time, federal law enforcement officials have praised Tether for becoming more helpful in freezing tokens used by bad actors.
“The company has built one of the most effective law enforcement cooperation programs in global finance,” Tether’s spokesman said in response to questions. The company said it’s committed to deterring financial crime, and the Genius Act will strengthen such efforts.
Even so, throughout the debates over the Genius Act — and since then — USDT has remained a frequent choice for illicit users.
Throughout 2025, the sanctioned Central Bank of Iran purchased $507 million of Tether’s USDT, according to Elliptic, a blockchain analytics firm widely used by leading digital assets companies and traditional banks. That July, the same month Trump signed the act, Elliptic found that almost $2.5 billion worth of Tether’s USDT was received by wallets linked to Russian companies that, according to the Treasury Department, provide “cross-border settlement platforms for sanctions evasion.”
This year alone, more than $4 billion worth of the token was used in illicit marketplaces favored by Chinese scam networks — which perpetrate crimes including crypto cons known as pig butchering, impersonation frauds and sextortion — according to data by Elliptic.
And in the US, federal prosecutors across the country have filed scores of claims since July 2025 seeking to seize at least $172 million worth of USDT that they said was used unlawfully, according to court records.
Tether has more than twice as many tokens in circulation as its biggest competitor, Circle Internet Group Inc., but has fewer than half as many employees and uses contractors to conduct some of its analysis of suspicious transactions. Tether declined to answer specific questions about the size of its compliance department. But the company said it “works directly and regularly with over 340 law enforcement agencies across 67 jurisdictions to identify, freeze, and help recover assets linked to illicit activity.”
“This is not theoretical compliance but measurable, operational cooperation that no financial institution, including many traditional banks, can match,” said the company spokesman.
Lutnick’s CampaignsWhen Lutnick’s firm, Cantor Fitzgerald, began managing Tether’s reserves in 2021, the investment banker had already known Trump for decades. By that time, Trump was a one-term president, seeking a return to the White House. Tether was a hugely profitable company with an image problem. In 2024, Lutnick campaigned hard for them both.
Despite the importance of assuring buyers that its tokens are backed by safe assets, Tether has never published an independent audit detailing its reserves. In 2021, the company and a related exchange paid $61 million to settle claims brought by federal regulators and New York State (where it is banned from operating) that Tether misled investors about its reserves. Tether acknowledged no wrongdoing in the settlements. As written, the Genius Act will require stablecoin issuers to publish annual audits. Tether announced this year that it had hired an auditor, though it hasn’t disclosed any plans for releasing an audit.
Howard Lutnick, who was chairman and chief executive officer of Cantor Fitzgerald at the time, at the opening day of the World Economic Forum in Davos, Switzerland, in January 2024. Source: BloombergAmid questions about Tether’s reserves, Lutnick came to the company’s public defense. In January 2024, he traveled to the World Economic Forum in Davos, Switzerland, and declared on Bloomberg TV: “They have the money they say they have.”
The following month, Lutnick traveled to El Salvador, where he met with Tether’s chairman, Giancarlo Devasini, and the country’s crypto-friendly President Nayib Bukele, the self-styled “world’s coolest dictator.” Last year, Tether announced plans to relocate its headquarters to the country’s capital, San Salvador.
And in April 2024, Cantor Fitzgerald acquired the right to a 5% stake in Tether through a $600 million convertible bond — a transaction that wasn’t publicly reported until November, after Trump won the presidency. The price was a remarkable discount, based on Tether’s own accounting: In 2024, it reported profit of about $13 billion, which suggests the company was worth at least $130 billion, according to a benchmark of publicly listed financial firms. At that level, Cantor’s $600 million stake was worth more than $6 billion on paper.
Devasini called the price Cantor paid “bloody cheap,” according to Cory Klippsten, a Bitcoin entrepreneur who met with Tether executives and Lutnick in 2024.
Klippsten was involved in a business partnership with Tether that ultimately broke down, and the sides wound up in litigation. In court filings, Klippsten has accused Tether executives of poaching his employees, code and other trade secrets and reneging on a deal; Tether has accused Klippsten of improperly using Tether’s investment as collateral in a separate transaction. As part of the litigation, Klippsten is seeking to depose Lutnick and review documents about Cantor Fitzgerald’s relationship with Tether. An attorney for Lutnick said in court that the commerce secretary had no role in the dispute and that the request is meant to “harass and embarrass” Lutnick.
In a March court filing, Klippsten said he had taken contemporaneous notes detailing his conversations with Devasini. He recounted some of those notes in filings — including the “bloody cheap” remark. The filing describes Cantor’s convertible bond as “implicit compensation for acting as Tether’s advocate in Washington and the media.”
Stalled LegislationMembers of Congress had developed their own concerns. In late 2023, Republican Senator Cynthia Lummis of Wyoming co-signed a letter urging the Justice Department to determine whether Tether was “providing material support and resources” to terrorism organizations, including Hamas, during the deadly attacks that October in Israel. In April 2024, Lummis and Democratic Senator Kirsten Gillibrand of New York introduced a bill that could have required any stablecoin issuer doing business in the US to submit to US anti-money-laundering restrictions and disclosure requirements.
At the time, Lummis made clear that to enter the US market, Tether would have to comply with US rules. “So Tether, if it chooses to remain offshore, if it’s happier with a different regulator, that’s a business choice for them,” she told CoinDesk shortly after announcing the new legislation. “But if they want the US Good Housekeeping seal of approval on their product, and we hope they will, that they’ll come into compliance in the US.”
That July, Lutnick took another opportunity to defend Tether at the 2024 Bitcoin conference in Nashville, where Trump gave the keynote address. “We would never, ever be associated with a company that has anything to do with jihad,” Lutnick said, his voice rising in anger as he reminded the audience that more than 650 Cantor employees, including his brother, had died in the Sept. 11, 2001, terror attack on the World Trade Center. “And it disgusts me.”
Trump speaks at the Bitcoin 2024 conference in Nashville, in July 2024. Photographer: Brett Carlsen/BloombergAfter that speech, Trump — who had pivoted from crypto skeptic to crypto supporter in 2024 as he and his family members prepared to invest in the industry — invited Lutnick to join him on his campaign plane and asked him to be co-chairman of his transition committee. They flew to Minnesota, where Lutnick warmed up the crowd on stage before then-Senator JD Vance of Ohio, another vocal crypto advocate, spoke.
Trump’s surging candidacy buoyed the mood among Tether executives, according to Klippsten. “They have HOPE right now,” his notes say. “They could fly to NYC. Go on CNBC. That’s what Trump is offering them.”
Lutnick traveled in 2024 to Washington, where Cantor Fitzgerald’s lobbyists were engaging with members of Congress on stablecoin bills circulating in the House and Senate. He had a meeting with North Carolina Representative Patrick McHenry, then-chairman of the House Financial Services Committee, to discuss how a new law would affect a foreign company like Tether, according to a person familiar with the talks. McHenry didn’t respond to requests for comment. Lutnick also met with Lummis in September, although a spokesperson for the senator said the discussion focused on a potential Trump transition team and only briefly touched on her concerns about Tether and financial crimes.
The spokesperson said that Lummis “was never urged to back off of her support” for her bill, “nor was she pressured in any manner by Secretary Lutnick or those around him to make changes.”
One of Klippsten’s notes, recounted in a court filing, says that Devasini, Tether’s chairman, told him: “According to Howard, he managed to kill every bill about stablecoins, crypto, etc. There’s still some days before Congress comes to a halt. Howard says don’t expect anything upsetting.”
The bills went nowhere. The next year, both Lummis and Gillibrand voted for the Genius Act, including its provision allowing for “reciprocal” regulation by foreign countries. A spokesman for Gillibrand declined to comment on her vote. A spokesperson for Lummis said it’s not unusual for senators to “vote for something that doesn’t perfectly reflect their preferred way of regulating.” This year, Lummis is leading Senate discussions on a bill that would establish a regulatory framework for the rest of the crypto industry, beyond stablecoins.
After Trump’s November 2024 victory, Cantor helped arrange a new investment for Tether that put the stablecoin issuer more firmly into Trump’s business orbit. Around Christmas, the company invested $775 million in Rumble, the conservative video streaming company that hosts Trump’s Truth Social media platform and provides it with cloud infrastructure and advertising services.
The investment came at an unusual time; Rumble had run up $338 million in losses that year. The company, which bills itself as a “freedom-first” alternative to livestreaming and video content, counted several Trump allies who eventually joined his second administration among its investors: Vice President Vance; former FBI Deputy Director Dan Bongino; and former White House special adviser for AI and crypto David Sacks.
Tether’s investment set off a temporary spike in Rumble’s share price, and it closed on Dec. 26 at $16.27, a 126% gain since the day of the announcement. Rumble, which has rebranded itself as RUM Group Inc., devoted almost 68% of Tether’s investment, $525 million, to share buybacks from “certain members of key management.” Since then, Tether has gradually increased its equity stake in Rumble; it now amounts to roughly $875 million.
“Tether’s investment in Rumble reflects our shared values of decentralization, transparency and fundamental right to free expression,” Tether’s chief executive officer, Paolo Ardoino, said at the time. The company said roughly $250 million of its infusion would go for “growth initiatives,” including a crypto payments platform.
As Trump’s second administration took shape, the White House handed responsibility for shepherding stablecoin legislation to a former college football player whose introduction to cryptocurrency came when he played in the 2014 Bitcoin St. Petersburg Bowl.
‘Hi, Bo!’As a Washington newcomer, Bo Hines didn’t have a resume to match the crypto industry leaders and congressional staffers he met with regularly. But at 6-foot-1 and 205 pounds, he had other attributes welcome in Trump’s White House: a camera-ready jaw line, a staunch belief in the MAGA agenda and a documented refusal to accept the results of the 2020 presidential election. Also, during the fall of 2024, a business he operated with his father donated $1 million in billboard advertising to a political action committee supporting Trump’s campaign.
As the president’s choice to head the new administration’s council on digital assets, Hines worked on a range of issues, from establishing a federal stockpile of digital currencies to recommending new guidelines for regulation of crypto. A top priority was the Genius Act.
By early February 2025, the bill was circulating in Washington. Later that month, as crypto executives and lawmakers gathered at Washington’s Willard Hotel to discuss the bill, a surprise visitor showed up, according to two people who attended: Tether’s Ardoino. He told his fellow attendees that his company was serious about deterring money laundering, the people said.
In March, Ardoino posted photos of himself at the US Capitol and the White House. He told the New York Times that he’d been careful not to speak with Lutnick after Lutnick’s February confirmation as commerce secretary, to avoid any conflicts of interest.
That same month, Tether hired a Washington lobbyist who’d been representing Cantor Fitzgerald on stablecoin-related issues since 2024: Jeff Miller. Miller served in leadership roles for both of Trump’s inauguration committees, and his firm had become one of Washington’s most successful during Trump’s first term. Throughout 2025, Miller Strategies was paid $570,000 — with $480,000 from Cantor and $90,000 from Tether. “It’s very important that our voice is properly heard,” Ardoino told Bloomberg TV.
Hines, meanwhile, settled into his job. He argued that lawmakers had no right to oppose the president’s wishes, said people familiar with the matter, and pressured them to reach speedy agreements. He also began signaling that he considered concerns about the illicit use of digital tokens to be overblown. “You’re a pretty dumb criminal if you want to use digital assets to do something nefarious because that can be traced publicly in many cases,” he said during an April interview with Bitcoin Magazine.
The earliest drafts of the Genius Act troubled Tether’s competitors and Democratic lawmakers because it walked back restrictions that had been written into the 2024 versions of stablecoin legislation.
In May, a group of Democrats — including those seen as moderates on crypto — revolted, temporarily blocking the measure from advancing. In a closed-door meeting with other Democrats, two people familiar with the matter said, Senator Chuck Schumer of New York implored his colleagues to review records the Biden administration’s National Security Council had compiled about Tether’s practices and make certain the Genius Act provided strong enough safeguards to deter money laundering by US adversaries.
That month, Massachusetts Senator Elizabeth Warren urged other Democrats to reject the latest version of the bill, which she said loosened the rules to further benefit Tether.
Senator Elizabeth Warren questioned the Genius Act’s provisions. Source: Senator Elizabeth Warren/YouTubeHines brushed such concerns aside, according to people familiar with the discussions. He often invoked Trump, saying that the president wanted a deal done soon. Republican legislative leaders pressed on with the bill.
A late hurdle was the timing of the bill’s provisions. During private negotiations, Hines insisted that Republicans refuse to drop the three-year grace period — even though Democrats were seeking to cut it in half. In meetings, he said that Tether wanted three years, said three people familiar with the matter.
Ultimately, Hines prevailed. The July bill signing ceremony brought many of the bill’s important supporters together at the White House.
“Where’s Bo Hines?” Trump asked from the dais, scanning until he spotted him in the front row. “Hi, Bo! And Bo was a great football player, right? Bo was a great football player, one of the better players in college football so I know you from that also.” (Hines was a standout receiver for the North Carolina State Wolfpack in 2014; he subsequently transferred to Yale University, where shoulder injuries hampered his football career.)
Hines stood to a round of applause and sat down. To his immediate right, also in the front row, was Tether’s CEO, Ardoino. One month later, Tether announced that it was hiring Hines as an adviser. Soon thereafter, he was promoted to chief executive of Tether’s new US product called USAT. This new token accounts for just a fraction of Tether’s business, with roughly $186 million of them in circulation. Hines told a crypto conference last year that he expects both USAT and USDT to meet Genius Act standards.
Also seated in the signing ceremony’s front row, between Hines and Vice President Vance, was Lutnick. Trump called on him to stand for applause, praising his work on tariff negotiations. “You have done a great job, Howard,” the president said.
Three months later, Lutnick completed the sale of Cantor Fitzgerald to trusts benefiting his children. The day after it closed, a document was filed in New York that showed Tether had loaned one of those trusts an undisclosed sum of money.
Lutnick has declined to reveal what his children paid for his holdings or whether the loan they received from Tether was used to finance the transaction. That year, Tether had been speaking to investors about a $500 billion capital raise. At that valuation, Cantor Fitzgerald’s potential 5% stake in the company would have been worth $25 billion on paper.
(Updates to say in 15th paragraph that Tether's statement came directly from the company.)
Circle podepsala s Kakao Group memorandum o porozumění za účelem prozkoumání blockchainových plateb a digitálních aktiv v Jižní Koreji. Zatím jde jen o průzkum bez zveřejněných produktů či termínů.
Circle, the company behind the USDC stablecoin, signed a memorandum of understanding with Kakao Group on July 23 to jointly explore blockchain-based payment systems and digital asset technologies in South Korea.
The deal pairs one of the world’s largest stablecoin issuers with the tech conglomerate that essentially runs South Korea’s digital life. Kakao operates everything from the country’s dominant messaging app to its own banking platform, making it a gateway to tens of millions of Korean consumers.
Why Kakao matters For anyone unfamiliar with the Korean tech ecosystem, think of Kakao as a hybrid of WhatsApp, Venmo, and a mid-size bank, all rolled into one corporate umbrella. KakaoTalk, its messaging platform, is used by virtually every smartphone owner in the country. KakaoBank is one of the largest digital banks in Asia.
The MOU is focused on exploration rather than a finished product launch. No specific products or timelines have been disclosed.
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Circle’s broader Korea playbook This isn’t Circle’s first move on the Korean peninsula. In May 2025, the company signed a separate MOU with Hana Bank, one of South Korea’s major financial institutions. That partnership expanded to include Hana Card, with the stated goal of driving USDC adoption for cross-border remittances and treasury services.
Circle has been clear that it has no plans to issue a Korean won-denominated stablecoin. The company is betting that USDC, as a dollar-pegged asset, serves a different and complementary role to whatever local stablecoin products emerge.
KakaoBank reached the development stage for a KRW-pegged stablecoin by late November 2025. So even within this new partnership, the two sides may end up operating parallel stablecoin strategies rather than a single unified one.
Kakao’s blockchain evolution Kakao launched its own blockchain, Klaytn, back in 2019. That chain went through a significant transformation in 2024, merging into a new high-performance Layer-1 blockchain called Kaia.
Circle went public in 2025, and the IPO generated notable interest among Korean retail investors.
What this means for investors South Korea’s cross-border remittance market is substantial, and stablecoins have a genuine cost advantage over traditional wire transfers. Tether’s USDT has historically dominated Asian markets, but Circle’s strategy of embedding USDC directly into regulated financial institutions could chip away at that lead in jurisdictions where compliance matters to partners.
The risk side of the ledger isn’t empty. South Korea banned ICOs in 2017, introduced strict exchange registration requirements, and has periodically spooked markets with regulatory signals.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The exploit targeted a bridge operated by derivatives exchange AFX and emptied nearly all of the USDC locked in the contract, according to security firm Blockaid. Arbitrum co-founder Steven Goldfeder said the network's native bridge was not affected.
AFX Trade, a derivatives exchange that settles trades in USDC, was exploited for approximately $24.15 million on July 22 after an attacker targeted a bridge the protocol operates on Arbitrum, according to security firm Blockaid.
Blockaid said it detected the exploit at 21:30 UTC and published the transaction on Arbiscan. "The exploit was specific to a bridge that AFX operates," the firm wrote, adding that it is working with the Arbitrum team "to respond to the incident, to engage with the affected protocol, and to help them contain the stolen funds."
The attacker moved the funds to Ethereum and swapped them for 12,467 ETH at an average price of $1,937, according to onchain analytics account Lookonchain, which linked to the exploiter's address on Arkham.
AFX had not published a statement on its X account as of the time of writing. The Defiant reached out to AFX for comment.
Arbitrum Says Native Bridge UnaffectedSteven Goldfeder, co-founder of Arbitrum developer Offchain Labs, said the exploit did not compromise Arbitrum's own infrastructure.
"We're aware of a report of a bridge hack on Arbitrum and are investigating. We can confirm that the transaction in question originated from a third party protocol, and the Arbitrum native bridge has not been hacked or exploited in any way," Goldfeder wrote. "We will coordinate with the third party team and will report more details when we have them."
Nearly All Bridge Deposits DrainedThe AFX bridge contract on Arbitrum held about $24.2 million in USDC before the attack, according to DefiLlama, meaning the exploit drained nearly all of the funds locked in the contract. Deposits in the bridge had grown from about $19.3 million in mid-June.
AFX, short for Anti-Fragile Exchange, describes itself as a sovereign Layer 1 blockchain built for decentralized derivatives, offering USDC-margined perpetuals with up to 100x leverage on crypto assets, equities, ETFs and commodities, according to its website. User deposits enter the protocol through the Arbitrum-based bridge contract that was targeted in the attack.
The attack follows a string of exploits targeting protocols on Arbitrum in July. On July 15, perpetuals exchange Ostium halted trading after an attacker manipulated its oracle system to drain up to $18 million in USDC from its liquidity vault.
Markets showed little immediate reaction. ETH was trading at about $1,928, roughly flat over 24 hours, while ARB was down 0.3% at $0.0806, according to CoinGecko. ARB set an all-time low of $0.0705 on June 26.
NVIDIA podle zpráv tiše nakupuje dark fiber napříč USA, aby si předem zajistila síťovou kapacitu pro AI infrastrukturu. Firma tím posiluje své napojení na zákazníky jako CoreWeave.
For a retirement portfolio that needs a single, defensible AI infrastructure play, NVIDIA (Nasdaq: NVDA) remains a frontrunner. The stock trades at $212.06, and reports that the company is silently acquiring long-haul dark fiber across the U.S. only sharpen the bull case.
Dark fiber is unlit optical cable already in the ground but not yet carrying traffic. By locking up fiber counts reaching up to 100 pairs nationwide, NVIDIA may be pre-wiring the corridors its neocloud customers, including CoreWeave and peers, need to narrow the infrastructure gap with hyperscalers such as Microsoft (Nasdaq: MSFT) and Amazon (Nasdaq: AMZN), which secured network capacity years ago.
Point One: The Cheapest Way to Own the Optical Buildout NVIDIA trades at a trailing P/E of 31.7, with ROE of 101.5% and a 60.4% operating margin as of FY2026. Its optical suppliers do not come close. Coherent (NYSE: COHR) carries a trailing P/E of 151.06, with ROE of 4.72% and a 13.6% operating margin. Investors are paying a much richer earnings multiple for a fraction of the return profile. The head-to-head is not close.
Point Two: Real Cash Return, Finally NVIDIA recently boosted its quarterly dividend from $0.01 to $0.25 per share and layered on an additional $80 billion buyback authorization. Q1 FY2027 free cash flow hit $48.55 billion, up 85.4% year over year. Compare that with CoreWeave (Nasdaq: CRWV), which posted negative free cash flow of $4.71 billion and $50.8 billion in total liabilities last quarter. Retirees benefit from cash generation, not capital-hungry infrastructure stories still waiting to prove they can self-fund.
Point Three: The Catalyst Is Already Landing NVIDIA’s Q1 FY2027 revenue reached $81.61 billion, up 85.2% year over year, with Data Center Networking alone hitting $14.8 billion, up 199%. Management guided Q2 revenue to $91.0 billion at a 75.0% gross margin. The company also disclosed $119.0 billion in supply commitments and multi-year optics agreements with Coherent (NYSE: COHR), Lumentum (Nasdaq: LITE), and Corning (NYSE: GLW). The dark fiber buildout is the connective tissue behind that spend.
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The Risk, Dismissed China export restrictions get top billing in nearly every NVIDIA bear case. Yet the company shipped no H20 units to China in Q1 FY2027, guided Q2 assuming no China Data Center compute revenue, and still projected $91.0 billion in quarterly revenue. Huang’s broader message is that China remains a competitive threat, not an existential roadblock. As he told Axios, there is “no scenario where China runs U.S. companies off road.”
That confidence fits the infrastructure numbers. As Huang further stated, “The buildout of AI factories, the largest infrastructure expansion in human history, is accelerating at extraordinary speed.” The fiber going into the ground is part of that answer: more private networking capacity, more control over AI traffic, and less dependence on hyperscalers to dictate the terms of the buildout.
For retirement portfolios seeking a single AI infrastructure holding, NVIDIA offers the clearest exposure to the optical buildout as the AI infrastructure cycle compounds.
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Intel a AMD uzavírají s čínskými zákazníky dlouhodobější závazky na dodávky serverových CPU, protože ceny v Číně dál rostou. U některých produktů jsou letos výše o více než 40 %.
Item 1 of 2 An Intel logo appears in this illustration taken August 25, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
[1/2]An Intel logo appears in this illustration taken August 25, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab
SummaryCompaniesIntel, AMD seek longer China server CPU supply commitmentsAI data-centre boom strains supply beyond GPUs into mainstream processorsChina server CPU prices up more than 40% this year for some productsBEIJING, July 23 (Reuters) - U.S. chipmaking giants Intel (INTC.O), opens new tab and Advanced Micro Devices (AMD.O), opens new tab are signing longer-term purchase commitments with Chinese server customers for data-centre processors as prices surge, two people familiar with the talks said.
The move highlights a broader consequence of the AI boom: demand has spread beyond AI accelerators to memory, networking gear and server processors, giving suppliers greater leverage to seek long-term purchase deals.
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AI data centres require not only Nvidia-style graphics processors (GPUs) but also large numbers of central processing units (CPUs) to support servers, storage, networking and inference workloads.
The agreements under discussion typically lock in purchase volumes but not prices, the people said. Most cover about a year of supply, although Intel and AMD have discussed commitments of two years or longer from some customers, one of the people said.
The shift echoes trends in the memory-chip market, opens new tab, where the AI-driven shortage has pushed buyers toward longer-term supply commitments.
The sources declined to be identified because they were not authorised to speak to the media. Intel and AMD did not respond to requests for comment.
The talks mark a shift for server CPUs, which have been easier to obtain than AI accelerators or memory chips.
Tighter CPU supply could raise costs and slow deployment for Chinese cloud providers and internet companies expanding AI services.
Server CPU prices are still climbing in China, with month-on-month increases topping 10% for some products, one of the sources said. Prices of some CPU products have risen more than 40% in China since the start of the year, the source added.
Reuters reported earlier this year that Intel and AMD had notified Chinese customers of lengthy waits for server CPUs, with Intel lead times reaching as long as six months for some products.
The CPU shortage will be among the key topics likely to be addressed on Thursday when Intel reports its quarterly results.
CEO Lip-Bu Tan told analysts in April that demand "continues to run ahead of supply," especially for Xeon server CPUs. He also cited a multi-year deal with Google as one of several long-term contracts Intel signed in the first quarter.
AMD, due to report in early August, already raised its server CPU market forecast to more than $120 billion by 2030, citing strong demand related to agentic AI workloads.
China is one of the world's largest server markets, fuelled by rapid construction of data centre racks, AI computing clusters and national computing infrastructure.
The buildout has intensified competition for Intel and AMD processors, even as Chinese buyers face separate U.S. restrictions on access to the most advanced AI GPUs.
Editing by Miyoung Kim and Kim Coghill
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Eduardo Baptista is a Senior Correspondent for Reuters based in Beijing, covering China’s technology, space, and automotive industries. He has led enterprise and investigative reporting on China’s military-linked companies, artificial intelligence and semiconductor supply chains, as well as macroeconomic and industrial policy. Baptista has reported from China for nearly a decade and holds a BA in History from the University of Cambridge.
Crown Castle Inc. (CCI) Q2 2026 Earnings Call July 22, 2026 5:00 PM EDT
Company Participants
Hamilton West - VP of Corporate Finance and Treasurer
Christian Hillabrant - CEO, President & Director
Sunit Patel - Executive VP & CFO
Conference Call Participants
Michael Rollins - Citigroup Inc., Research Division
Michael Ng - Goldman Sachs Group, Inc., Research Division
Ric Prentiss - Raymond James & Associates, Inc., Research Division
Michael Funk - BofA Securities, Research Division
Cameron McVeigh - Morgan Stanley, Research Division
Jonathan Atkin - RBC Capital Markets, Research Division
Richard Choe - JPMorgan Chase & Co, Research Division
Nicholas Del Deo - MoffettNathanson LLC
Eric Luebchow - Wells Fargo Securities, LLC, Research Division
Aryeh Klein - BMO Capital Markets Equity Research
Madison Rezaei - Bernstein Institutional Services LLC, Research Division
Matthew Niknam - Truist Securities, Inc., Research Division
Brendan Lynch - Barclays Bank PLC, Research Division
Batya Levi - UBS Investment Bank, Research Division
David Barden - New Street Research LLP
Presentation
Operator
Good day, and welcome to the Q2 2026 Crown Castle Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Hamilton West, Vice President of Corporate Finance and Treasurer. Please go ahead.
Hamilton West
VP of Corporate Finance and Treasurer
Thank you, Nick, and good afternoon, everyone. Thank you for joining us today as we discuss our second quarter 2026 results. With me on the call this afternoon are Chris Hillabrant, Crown Castle's President and Chief Executive Officer; and Sunit Patel, Crown Castle's Chief Financial Officer. To aid the discussion, we have posted supplemental materials in the Investors section of our website at crowncastle.com that will be referenced throughout the call.
This conference call will contain forward-looking statements, which are subject to certain risks, uncertainties and assumptions, and actual results may vary materially from those expected. Information about potential factors which could
Aave v4 has officially entered the big leagues, hitting a new milestone with $300 million in deposits across Ethereum and Avalanche as of mid-July 2026. This surge underscores the protocol’s accelerating adoption and market appeal in a competitive DeFi landscape.
The Details For those keeping score at home, the $300 million in deposits is complemented by $100 million in active loans, demonstrating robust user engagement and capital flow. This deposit base has ballooned by 50% over the past month alone—a clear indication that the rollout strategy following Aave v4’s Ethereum launch is paying off.
After initially setting up shop on Ethereum’s mainnet on March 30, 2026, Aave expanded its reach by crossing over to Avalanche on July 15, 2026. The protocol’s move into Avalanche territory marks a deliberate effort to tap into a broader DeFi ecosystem, aligning with Aave’s longstanding multi-chain strategy.
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Background Aave, originally known for pioneering decentralized finance lending, has been on a relentless path of innovation. The v4 upgrade isn’t merely an incremental change; it’s a reimagining of what a lending protocol can be. With features like the Reinvestment Module and hub-and-spoke architecture, this latest version aims to enhance capital efficiency and user experience.
This commitment to innovation is embodied in the activity seen beyond financial metrics. Developer engagement, a key indicator of a protocol’s health, has surged. From May to July 2026, the number of core developers grew from around 10 to 15, mirroring the uptick in GitHub output and pointing to an increasingly vibrant development community.
What This Means for Investors For investors with a keen eye on DeFi, Aave v4’s performance could signify larger shifts underway. The nearly 8% rise in the AAVE token price, from $88 to $96, post-announcement, suggests market participants are buying into the platform’s promise. It signals a vote of confidence in Aave’s capability to not only advance technologically but also sustain momentum in the DeFi space.
Moreover, Aave is doubling down on its multi-chain integration strategy. This move could attract projects focused on tokenized real-world assets, a burgeoning aspect of the DeFi arena that could lead to an influx of liquidity. Given the current trajectory, Aave might soon find itself at the epicenter of transformative developments in decentralized finance.
As Aave continues to harness its robust feature set and attract developer talent, traders should keep a close watch on its developments. The platform’s trajectory could lead to increased transaction volumes and smart contract deployments, translating into impactful market trends and investment opportunities.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
EUR/CHF tento týden prorazil nad 0,9278, protože růst cen ropy znovu zvýšil inflační obavy a posílil sázky na jestřábější ECB. Trh čeká, zda Christine Lagarde tato očekávání potvrdí, nebo utlumí.
EUR/CHF may already be telling investors what to expect from today’s European Central Bank meeting. The cross broke decisively above 0.9278 this week, extending its recent rally as surging oil prices revived inflation concerns across Europe. The move suggests markets have begun positioning for a relatively more hawkish ECB even though policymakers are almost universally expected to leave the deposit rate unchanged at 2.25%. With the decision itself largely priced in, attention will instead turn to whether President Christine Lagarde validates—or pushes back against—the hawkish repricing already underway.
The backdrop confronting the Governing Council has changed dramatically since it last met in June. At that meeting, Brent crude was also trading around $95 a barrel, but the trend pointed firmly lower as markets anticipated a breakthrough in US-Iran negotiations. Optimism was soon rewarded with a 60-day ceasefire announced on June 17, sending Brent to around $70 by early July and reinforcing expectations that energy-driven inflation would continue to ease. That narrative has since been turned on its head. The ceasefire has collapsed, military conflict has resumed, shipping risks around the Strait of Hormuz have intensified, and Brent has climbed back above $95. The crucial difference is that oil is now surging rather than falling, fundamentally changing the inflation outlook facing European policymakers.
Financial markets appear to have recognized that shift before the ECB has had a chance to respond. This week’s move in EUR/CHF suggests investors are increasingly pricing a policy outlook that is more hawkish than it appeared only a few weeks ago. While markets are not yet fully convinced another rate hike will follow, they have become less willing to assume June’s increase marked the end of the tightening cycle. The renewed rise in energy prices has reopened the possibility that inflation could prove more persistent than previously expected.
That leaves Lagarde’s press conference carrying far greater significance than the policy announcement itself. Given the speed at which geopolitical developments are evolving, the ECB is unlikely to provide firm forward guidance. The most likely message is that inflation risks have shifted to the upside, uncertainty surrounding the Middle East and the Strait of Hormuz remains exceptionally high, and policy decisions will continue to depend on incoming data. Preserving flexibility is likely to take precedence over signalling a specific policy path.
The key question is whether Lagarde chooses to resist growing market expectations for another rate hike as early as September. Such a question is certain to surface during the press conference. If she explicitly dismisses those expectations, recent Euro gains could fade as markets pare back hawkish bets. On the other hand, if she simply acknowledges heightened inflation risks without challenging current pricing, investors may interpret that as tacit acceptance that another hike remains a live possibility should the energy shock persist.
Meanwhile, EUR/CHF could emerge as the cleaner expression of today’s outcome than EUR/USD. Any hawkish shift from the ECB is likely to be offset by similar expectations that higher oil prices will also keep the Federal Reserve on a tighter path. By contrast, the Swiss National Bank is still widely expected to leave rates unchanged at 0.00% through the remainder of the year, leaving EUR/CHF more directly exposed to changes in ECB expectations.
Technically for EUR/CHF, Wednesday’s break above 0.9278 resumed the rally from March’s 0.8979 low and keeps the pair on course for 100% projection of 0.8979 to 0.9264 from 0.9094 at 0.9379. Just beyond lies the key structural resistance at 0.9394. A sustained break above that level would strengthen the case for a medium-term bullish reversal, reinforcing the view that investors are pricing a widening policy divergence between Frankfurt and Zurich rather than simply reacting to day-to-day geopolitical headlines.
ActionForex
ActionForex.com was set up back in 2004 with the aim to provide insightful analysis to forex traders, serving the trading community for two decades. We started providing only a daily and a mid-day report, now known as Action Insights. Gradually, we added a lot more in-house contents to the site. Technical Outlook section was expanded to cover more pairs. In addition to that, Top Movers, Heat Map, Pivot Point Charts and Pivot Meters, Action Bias and Volatility Charts, are tools used by traders from all over the world.
Spoluzakladatel a CTO společnosti Datadog Alexis Le-Quoc prodal 43 224 akcií za zhruba 11,5 mil. USD v rámci plánu Rule 10b5-1. Po transakci mu zůstalo 509 974 akcií.
Alexis Le-Quoc, co-founder and Chief Technology Officer of Datadog, Inc. (DDOG -3.47%), sold 43,224 shares of Class A Common Stock on July 20, 2026, for a total value of ~$11.5 million, according to an SEC Form 4 filing.
Transaction summaryMetricValueTransaction value$11.5 millionShares sold (direct)43,224Post-transaction shares (total)509,974Post-transaction shares (directly held)509,805Post-transaction shares (indirectly held)169Post-transaction value$134.23 millionTransaction value based on SEC Form 4 weighted average sale price ($265.23); post-transaction value based on July 20, 2026 market close ($263.20).
Key questionsWhat triggered this specific liquidation of equity?
The transaction was part of a structured divestment process governed by a Rule 10b5-1 trading plan adopted on June 13, 2025. This plan facilitated the automatic exercise of 43,224 options and their immediate sale on the open market, providing the executive with liquidity while maintaining a substantial long-term stake in Datadog.How does the current holding compare to historical equity awards?
While the sale involved ~43,000 shares, Alexis Le-Quoc continues to hold a significant portfolio of company equity. This includes 509,805 shares held directly and approximately 8.4 million derivative securities, including vested and unvested awards, held both directly and through the Alexis Le-Quoc Revocable Trust.How has the stock performed relative to the transaction price?
The disposition occurred at a weighted average price of $265.23, while the one-year total return for the stock stood at 81% as of the July 20, 2026 transaction date. Since the trade, the share price settled at $254.79 as of the July 21, 2026 market close.What is the impact on total ownership concentration?
The transaction resulted in an 8% reduction in direct holdings, leaving the insider with a total beneficial interest of 509,974 shares of Class A Common Stock. This remaining position, excluding derivatives, represents an insider ownership percentage of 0.14% and a market valuation of approximately $130 million based on recent trading levels.Company OverviewMetricValueShare Price (as of market close 2026-07-21)$254.79Market Capitalization$87.1 billionRevenue (TTM)$3.7 billionNet Income (TTM)$135.7 millionCompany SnapshotDatadog provides a comprehensive cloud-based Software-as-a-Service (SaaS) platform that delivers infrastructure monitoring, application performance management, log management, and security surveillance capabilities to enterprise customers globally.The company operates on a subscription-based business model, generating recurring revenue from customers who rely on its integrated monitoring and analytics solutions to maintain real-time visibility across their technology infrastructure.Datadog serves developers, IT operations teams, and business stakeholders across North America and internationally, with particular strength in enterprises requiring end-to-end observability and security monitoring solutions.Datadog has established itself as a leading provider of cloud-based observability and security solutions, with a market capitalization of $87.1 billion. The company's integrated platform approach — combining infrastructure monitoring, application performance tracking, log management, and security surveillance — provides a competitive advantage by delivering comprehensive visibility across complex technology environments.
With 8,100 employees and a strong presence in North America and international markets, Datadog continues to benefit from secular trends in cloud adoption and the increasing complexity of distributed systems requiring sophisticated monitoring solutions.
What this transaction means for investorsThe July 20 sale of over 40,000 Datadog shares by its co-founder and CTO Alexis Le-Quoc seems like a substantial disposition. Yet take into account that he retained over 500,000 directly-held shares post-transaction, and another 6.1 million Class B shares held indirectly via the Alexis Le-Quoc Revocable Trust, which can be converted into Class A, and the sale actually represents a small percentage of his equity stake.
In addition, this was a non-discretionary transaction executed as part of a pre-established Rule 10b5-1 plan. Such plans allow insiders to sell shares at predetermined times to avoid concerns of trading on non-public information. Consequently, Le-Quoc’s disposition does not appear to be a cause for investor concern.
Datadog shares are up thanks to strong business performance. In the first quarter, revenue reached $1 billion, representing outstanding 32% growth from the previous year. The company forecasted 2026 full-year sales to rise to $4.3 billion, a significant increase from 2025’s $3.4 billion.
Insider společnosti Conagra Brands Alexandre Eboli prodal 8 186 akcií za 14,28 USD, ale šlo o rutinní zadržení akcií při vestingu RSU kvůli daním. Po transakci drží 67 109 akcií.
Alexandre Eboli, the chief supply chain and transformation officer at Conagra Brands, Inc. (CAG -0.14%), disposed of 8,186 shares of common stock at $14.28 per share on July 17, 2026, and July 19, 2026, according to an SEC Form 4 filing.
Transaction summaryMetricValueShares sold8,186Transaction value~$116,896Post-transaction shares (directly held)67,109Post-transaction value$984,153.48Transaction value based on SEC Form 4 weighted average sale price ($14.28).
Key questionsWhat was the specific catalyst for this transaction?
The disposal was a non-discretionary event triggered by the vesting of restricted stock units (RSUs) granted in July 2023 and July 2025. These awards reached scheduled vesting milestones on July 17, 2026, and July 19, 2026, and the shares were withheld by the company to fulfill the insider's tax withholding requirements.What is the executive's remaining equity exposure?
Following the withholding, Eboli maintains a direct position of 67,109 shares. The executive also holds 24,015 derivative securities in the form of unvested RSUs, which are scheduled to vest in subsequent tranches through July 2028.How does this transaction align with the company's current financial profile?
As of the July 20, 2026 market close, Conagra Brands common stock was priced at $14.66, giving the company a market capitalization of $7.0 billion. The firm reported trailing twelve-month revenue of $11.3 billion and a net loss of $1.9 billion.Company OverviewMetricValueShare Price (as of market close 2026-07-20)$14.66Market Capitalization$7.0 billionRevenue (TTM)$11.3 billionNet Income (TTM)-$1.9 billionCompany SnapshotConagra Brands manufactures and distributes a diverse portfolio of packaged food products across North America, generating revenue through four primary segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice.The company operates a vertically integrated business model that combines manufacturing, distribution, and retail partnerships to deliver packaged foods to consumers through multiple channels, including supermarkets, foodservice establishments, and direct-to-consumer platforms.Conagra serves a broad customer base spanning retail consumers, foodservice operators, and institutional purchasers across North America, with particular emphasis on the United States market, where the majority of revenue is generated.Conagra Brands is a leading manufacturer of packaged food products with an enterprise value of $7.0 billion and annual revenues of $11.3 billion (TTM). The company leverages its diversified product portfolio and established distribution infrastructure to maintain competitive positioning within the packaged foods sector. Conagra's multi-segment operating structure provides revenue diversification across consumer retail channels and foodservice markets, supporting its strategic positioning in the defensive consumer staples category.
What this transaction means for investorsEboli's remaining awards vest in tranches stretching to July 2028, which tells you that this filing is just one scheduled slice of a multiyear compensation package coming due, with 8,186 shares peeled off for taxes at $14.28. He's one of several Conagra executives whose stock vested and got withheld the same week, a telltale sign of a shared annual grant date, rather than a huddle over the share price. Plus, he keeps 67,109 shares plus more unvested units, which means he has plenty of reason to ensure the firm performs well.
His title is worth pausing on, though. As chief supply chain and transformation officer, Eboli owns the levers Conagra is now pulling. The company just closed fiscal 2026 with fourth-quarter adjusted operating margin down 215 basis points to 11.7%, squeezed by roughly 6.5% inflation, including tariffs, and is pouring freed-up cash into supply chain modernization and manufacturing in-sourcing. CEO John Brase is pushing an initiative he calls "radical simplicity" to cut complexity. In other words, Conagra is spending to rebuild margins while sales decline, but the executive running that effort just had routine shares vest, nothing more.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Zlato XAU/USD klesá z dvoutýdenních maxim 4 166 USD, protože rostoucí napětí na Blízkém východě a vyšší ceny ropy znovu podporují očekávání dřívějšího zvyšování sazeb Fedu.
Gold is snapping its recent recovery, struggling above $4,100 early Thursday, as both fundamental and technical factors warrant caution for buyers.
Gold reverses from two-week highsGold is extending its pullback from two-week highs of $4,166 reached on Wednesday, even as the US Dollar (USD) remains on the backfoot.
Looming Japanese intervention risks keep Greenback traders cautious amid potential downside risk to the USD/JPY pair, which could have a ‘rub-off’ effect on the buck.
Additionally, the earnings reports from the American tech titans, Alphabet and Tesla, showed robust spending plans for Artificial Intelligence (AI) infrastructure, lifting chipmakers and major Asian indices. The cautious optimism is also rendering negative for the safe-haven US Dollar.
However, expectations of sooner (than later) interest rate hikes by the US Federal Reserve (Fed) are back on the table, courtesy of the widening Middle East conflict-led surging Oil prices and increasing inflation fears, which continue to limit the USD downside and reinforce bearish pressure on non-yielding assets such as Gold.
Therefore, the latest leg down is sponsored by that narrative, especially after the US launched a new wave of strikes on Iran and Yemen's Houthis targeted oil tankers in the Red Sea, widening the scope of a conflict that has once again rattled global markets.
Late Wednesday, Iran’s Foreign Minister Abbas Araghchi warned that Tehran would respond in kind to any attack on its infrastructure after US President Donald Trump threatened to bomb a bridge or power plant for every ship targeted in the Strait of Hormuz.
Looking ahead, Gold remains in the eye of the storm amid escalating tensions in the Middle East and ahead of the European Central Bank (ECB) monetary policy decision.
Although the ECB is widely anticipated to hold key rates this Thursday, any signs of a possibility of a September rate hike could ramp up hawkish sentiment around the central bank. This could further contribute to the retracement in Gold.
Meanwhile, Gold’s daily technical setup continues to caution buyers as they keenly await confirmation of the impending Bear Cross while momentum stays neutral.
Gold price technical analysis: Daily chart
In the daily chart, XAU/USD trades at $4,117.19, holding below the 50-day simple moving average (SMA) at $4,242.58 and well under the 100-day and 200-day SMAs clustered around $4,491, which keeps the near-term bias bearish despite the latest rebound. The metal remains above the 21-day SMA at $4,071.54, suggesting some short-term demand, while the Relative Strength Index (14) near 49 points to neutral momentum rather than a decisive recovery.
Additionally, keeping buyers defensive, the 100-day SMA has crossed the 200-day SMA from above, but a confirmation on a daily candlestick closing basis is awaited to confirm a Bear Cross.
On the topside, initial resistance is seen at the 50-day SMA at $4,242.58, followed by the 100-day SMA at $4,491.02 and the 200-day SMA at $4,495.96, where a dense supply zone could cap further gains. On the downside, immediate support emerges at the 21-day SMA at $4,071.54; a daily close below this floor would likely expose the bearish trend to renewed pressure toward lower levels not yet defined by the current moving-average structure.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Gold upside capped as energy and Fed expectations stay in focusAnalysts at ING highlight that gold is "likely to remain sensitive to developments in energy markets and expectations for US monetary policy," keeping the metal vulnerable to shifts in both oil prices and the Fed outlook. They add that silver "could continue to outperform if strength in industrial metals persists alongside safe-haven demand," suggesting the white metal may benefit from both industrial and defensive flows.
Echoing the cautious tone, OCBC notes that "near term, price action may remain two-way," but stresses that "a more sustained recovery likely requires oil prices to back off, some easing in real yields and Fed tightening expectations." Until those conditions materialise, OCBC warns that "upside may remain capped" for gold.
Injective dokončil migraci tokenu INJ z ERC-20 na nativní verzi na Injective EVM. Coinbase nově podporuje pouze nativní INJ a ukončuje vklady i výběry ERC-20.
Injective, a notable player in the crypto space, has just wrapped up a significant technical transition: the migration of its INJ token from Ethereum’s ERC-20 standard to a native version on its own blockchain, the Injective EVM. This shift, completed by July 22, 2026, marks a major step for the platform’s ecosystem, with Coinbase leading the charge in supporting this new format over its predecessor.
The transition, which started on July 20, allowed Coinbase users to experience a seamless 1:1 conversion of their holdings. Post-migration, you can now trade directly on the native Injective network, effectively making the ERC-20 version a relic of the past. Coinbase’s decision to end its support for ERC-20 INJ deposits and withdrawals emphasizes this new chapter for the token.
What’s the big deal with the migration? This isn’t just a switch for tech’s sake. The move to the native Injective EVM chain means better access to decentralized finance (DeFi) applications and increased liquidity for users. If you’ve ever been frustrated with cross-chain compatibility and transaction times, this development might just make your day.
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Injective has been laying the groundwork for this since its native EVM launched back in November 2025. The migration aligns with a series of strategic moves, including a partnership with Robinhood, which could make Injective’s offerings accessible to a broader audience. These were highlighted at the Injective Summit in Washington, D.C., last month.
Why investors should be paying attention Let’s talk money. For investors, the implications are clear: streamlined technology often paves the way for an increase in user engagement and transaction volume. This could positively affect INJ’s market performance, injecting a jolt of enthusiasm into its price trajectory.
The combined support from platforms like Coinbase and Robinhood offers a nod of credibility and could attract more institutional interest. So, expect the usual suspects in the market—like improved liquidity and heightened trading activity—to play their part in shaping INJ’s future.
Optimists in the market view this as a chance for Injective to increase its footprint. With enhanced technical capabilities and more robust user engagement, the blockchain aims to stand out in an increasingly crowded DeFi space.
Anticipating the next moves While it’s too early to build castles in the sky about INJ’s potential valuation jumps, aligning strategic improvements with increased adoption often spells good news. As traders transition from the old ERC-20 standard, any uptick in liquidity could have investors hitting the buy button.
Naturally, there are risks. Technological transitions come with their own set of challenges and uncertainties. Yet, the early signs from the migration suggest that Injective is on a solid path toward cementing its position as a DeFi leader.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Nvidia zveřejnila, že nepřímo drží 9,3 % v Nebius Group, hlavně prostřednictvím předfinancovaného warrantu z investice za 2 miliardy USD. Akcie Nebius v úterý vzrostly téměř o 19 % a uzavřely na 217,09 USD.
Nvidia (NVDA +2.39%) disclosed this week that it beneficially owns 9.3% of Nebius Group (NBIS +0.61%), an artificial intelligence (AI) cloud infrastructure provider that has become one of the market's hottest stocks. The disclosure came in a Schedule 13G (which Nvidia filed under the rule for passive investors) covering about 22.3 million shares.
Investors treated it as a vote of confidence. Nebius shares jumped nearly 19% on Tuesday, to close at $217.09. The stock is up more than 300% over the past year.
But the market may be reacting to the headline number rather than the fine print. What Nvidia actually owns, and why, tells a more useful story for investors.
Image source: Nvidia.
Mostly a prepaid warrant, locked up until September The 9.3% figure comes with two big qualifiers.
First, the composition. Only about 1.2 million of the shares are common stock Nvidia holds outright. The rest (roughly 21 million shares) comes from a pre-funded warrant Nvidia bought outright with its previously announced $2 billion investment in Nebius, at an exercise price of $0.0001 a share. Nebius already counts those shares as outstanding for earnings-per-share purposes. Nvidia simply can't exercise the warrant or sell the shares before Sept. 11.
Second, the intent. A Schedule 13G is a passive filing. It signals that Nvidia isn't seeking control or pushing for changes. This is a financial and strategic position, not the opening move of a takeover.
Put another way, Nvidia didn't suddenly buy a tenth of Nebius on the open market this week. The filing largely formalizes a stake investors have known about since the $2 billion investment was announced. The market's 19% response says more about sentiment toward anything Nvidia touches than about new information.
Today's Change
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Why Nvidia wants equity in its own customer Nebius is what the industry calls a neocloud. It buys enormous quantities of graphics processing units (GPUs), overwhelmingly Nvidia's, and turns them into rentable AI computing capacity for customers who can't build their own. Nvidia taking equity in a company like that deepens a loop that already exists: Nebius gets capital and credibility, and Nvidia strengthens a fast-growing buyer of its chips while collecting a slice of the upside.
The stake also says something about demand. Nvidia doesn't need to prop up customers if AI computing capacity is going unsold. Putting $2 billion behind a company whose business is renting out Nvidia hardware is a bet that demand for that capacity keeps outrunning supply.
And Nebius has momentum to point to. Its revenue over the trailing 12 months totals about $878 million, and the demand evidence keeps stacking up. In March, Meta Platforms signed a long-term agreement to spend up to $27 billion on Nebius' AI infrastructure.
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The stock has moved just as violently. Shares traded below $50 within the past year, peaked at $299.86, and even after Tuesday's jump still sit about 28% below that high. Swings like that are the price of admission in this corner of the AI market, and investors should expect more of them.
The problem is the price. After Tuesday's jump, Nebius commands a market capitalization of about $55 billion, which is more than 60 times its trailing sales. A multiple like that prices in years of hypergrowth and flawless execution in one of the most capital-hungry businesses in technology.
After all, building AI infrastructure requires staggering amounts of money for data centers, power, and chips, and Nebius will likely need to keep raising capital to fund its expansion. Every dollar of that spending has to earn a return in a market where the largest cloud providers are building the same capacity.
Additionally, a passive minority stake doesn't guarantee Nebius preferential access to chips. It doesn't change the company's economics or its capital needs, and it doesn't make the valuation cheaper. Nvidia's endorsement is a point in the bull case, not a substitute for one.
The stake itself, though, is a meaningful signal. The most important company in AI wants this neocloud to succeed, and it has put real money behind that preference. For Nebius shareholders, that's comforting.
But at more than 60 times sales, the growth stock already prices in an awful lot of success, and Tuesday's pop made that math harder, not easier. I'd watch this one from the sidelines and let the next few quarters show if the growth can keep pace with the expectations.
Tesla uvedla, že její robotaxi ujela více než 380 000 neřízených mil ve šesti městech ve dvou státech bez jediné významné bezpečnostní události. Firma zároveň hlásí už několik měsíců dvojciferný týdenní růst provozu.
Tesla said Wednesday that its robotaxi fleet has logged more than 380,000 unsupervised miles across six cities in two states without what the company described as a "notable" safety incident.
Ashok Elluswamy, Tesla’s vice president of AI software, highlighted the fleet’s safety record during the electric vehicle maker’s second-quarter earnings call, telling investors it had recorded "zero notable incidents."
Any reported incidents involved "other actors impacting us when we were stationary," Elluswamy said.
"I'd like to emphasize how safe the operation has been so far," Elluswamy said. "Zero notable incidents over 380,000 miles."
MUSK SAYS TESLA, SPACEX TO BUILD ADVANCED CHIP MANUFACTURING FACILITY
A Tesla robotaxi travels along South Congress Avenue in Austin, Texas, June 22, 2025. Tesla said that its robotaxi fleet has logged more than 380,000 unsupervised miles across six cities in two states without what the company described as a "notable" (Reuters/Joel Angel Juarez / Reuters)
Elluswamy said the results support Tesla’s camera-based approach to autonomous driving.
"Historically, the so-called experts have always claimed that you need lidars, radars, HD maps and the entire kitchen sink to drive safely," he said. "Here, we show that such is not true. You can have safe, comfortable and affordable autonomy with just cameras."
Tesla said mileage traveled by its unsupervised robotaxi fleet has grown at a double-digit weekly rate for months.
"We have grown at such a high compounding rate on a week-over-week basis over the last several months," Elluswamy said. "Not only that, we expect to continue growing at such a large rate through the rest of this year."
ELON MUSK REVEALS PRICE OF TESLA'S CYBERCAB
A Tesla robotaxi operates on South Congress Avenue in Austin, Texas, on June 22, 2025. (Reuters/Joel Angel Juarez / Reuters)
The remarks came one day after Tesla expanded its robotaxi service to Orlando and Tampa, according to Reuters.
Tesla launched the service in Austin in June 2025, initially placing safety monitors inside the vehicles.
It later began offering fully unsupervised rides in Austin and expanded the service to Dallas, Houston and Miami, Reuters reported.
Stocks In This Article: SELF-DRIVING CAR COMPANIES WAYMO, TESLA TO TESTIFY AT KEY SENATE COMMITTEE ON REGULATING GROWING INDUSTRY
Passengers exit a Waymo self-driving car, Dec. 26, 2025, in San Francisco. Unlike Waymo, which uses lidar sensors, Tesla relies mainly on cameras and AI software. (John J. Kim/Chicago Tribune/Tribune News Service via Getty Images / Getty Images)
Unlike Waymo, which uses "light detection and ranging" or "lidar" sensors, Tesla relies mainly on cameras and AI software, according to the outlet.
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"We expect that the time to launch to a new city will continue to trend towards zero, towards an end where we operate in entire states as a whole, instead of going city by city," Elluswamy added.
Tesla could not immediately be reached by FOX Business for comment.
Tesla, Inc. (TSLA) Q2 2026 Earnings Call July 22, 2026 5:30 PM EDT
Company Participants
Travis Axelrod - Head of Investor Relations
Elon Musk - Co-Founder, Technoking of Tesla, CEO & Director
Vaibhav Taneja - Chief Financial Officer
Ashok Elluswamy - Executive Officer
Karn Budhiraj
Lars Moravy - Vice President of Vehicle Engineering
Brandon Ehrhart
Conference Call Participants
Andrew Percoco - Morgan Stanley, Research Division
Alexander Perry - BofA Securities, Research Division
Colin Langan - Wells Fargo Securities, LLC, Research Division
Walter Piecyk - LightShed Partners, LLC
William Stein - Truist Securities, Inc., Research Division
Dan Levy - Barclays Bank PLC, Research Division
Presentation
Travis Axelrod
Head of Investor Relations
Good afternoon, everyone, and welcome to Tesla's Second Quarter 2026 Q&A Webcast. My name is Travis Axelrod, Head of Investor Relations, and I'm joined today by Elon Musk, Vaibhav Taneja and a number of other executives.
Our Q2 results were announced at about 3:00 p.m. Central Time in the update deck we published at the same link as this webcast.
During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC.
During the question-and-answer portion of today's call, please limit yourself to one question and one follow-up. [Operator Instructions]
Before we jump into Q&A, Elon has some opening remarks. Elon?
Elon Musk
Co-Founder, Technoking of Tesla, CEO & Director
Thank you. So, yes, it's been a great quarter. We achieved record Q2 deliveries. Model Y, I believe it is now, I think it's the best-selling car of any kind in the world and is setting records across the board. So its popularity is increasing tremendously. And we're seeing in locations that have FSD approved, we're seeing a very high take
Alphabet i Tesla zvýšily kapitálové výdaje kvůli AI, ale obě firmy vykázaly záporný volný peněžní tok za poslední čtvrtletí: Tesla 1,1 miliardy USD a Alphabet 5,9 miliardy USD. Akcie po výsledcích v after-marketu klesly, u Tesly o 4 % a u Alphabetu o více než 3 %.
When Alphabet and Tesla kicked off tech earnings season on Wednesday, one theme became immediately clear: AI spending is under a microscope.
Both companies reported negative free cash flow for the latest quarter and told investors to prepare for higher capital expenditures. They both also reported better-than-expected revenue, but that wasn't enough to prevent an after-market selloff, with Tesla shares sliding 4% and Alphabet down more than 3%.
It's a potentially ominous sign for the tech industry, particularly the other megacaps, which are mostly set to report quarterly results next week. Meta and Microsoft are scheduled to report next Wednesday, followed a day later by Amazon and Apple.
Much of the AI boom to date has been fueled by historic levels of infrastructure spending among a small crop of companies, including hefty investments into model developers OpenAI and Anthropic. But the recent emergence of cheaper open-source models, largely out of China, along with signs that corporate America is getting more frugal when it comes to spending on AI services, has raised concerns about the future returns on investment.
Heading into Wednesday's reports, Alphabet's stock was already on pace for its third straight monthly decline after surging in April, while Tesla shares were down 11% in July and 17% for the year. The tech-heavy Nasdaq has dropped about 5% since reaching a record in early June.
While Alphabet and Tesla are both spending at unprecedented levels, their numbers vary dramatically.
Google's parent company forecast capex for this year of $195 billion to $205 billion and warned of higher numbers in 2027. Prior guidance was for spending of $180 billion to $190 billion. At the top end of the new range, Alphabet could be the biggest spender in tech this year, as Amazon's latest guidance was for more than $200 billion, though that number may increase when the company reports results next week.
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Google and its hyperscaler peers are building out data centers packed with advanced chips so they can provide the computing power necessary to build and run the leading AI models and the services they power.
Mizuho analysts wrote in a note that Google's capex increase was "broadly anticipated," and that the overall story is positive, largely due to the surge in cloud revenue, which jumped 82% from a year earlier, blowing past estimates. Cloud margins expanded and usage of Google's Gemini model accelerated.
"As such we are surprised the stock is trading off after hours and would expect it to recover in trading tomorrow," wrote the analysts, who recommend buying the stock.
'As fast as we can spend'Tesla reiterated expectations for more than $25 billion in capex this year, which would represent about 200% year-over-year growth. In the second quarter, capex soared 142% to $5.79 billion. The company boosted spending on self-driving technology, AI and robotics initiatives that CEO Elon Musk has been touting for years.
Tesla is now retooling its factories to make the two-seater driverless Cybercab, and to manufacture Optimus humanoid robots, which are still being developed, while also preparing to start construction of a sprawling AI chip-manufacturing plant in Texas.
"We should be spending on capex as fast as we can spend, as fast as we can without it being too wasteful," Musk said on the earnings call. He added, "It's ok to be a little less capital efficient if we get things done sooner."
For both companies, the aggressive growth plans are resulting in a major hit to their cash holdings.
Free cash flow at Tesla turned negative in the quarter, with a deficit of $1.1 billion after the company generated $146 million in free cash flow a year ago and $1.44 billion in the first quarter of 2026.
"This is a massive capex year but we are confident that all the things that we are investing in will yield incredible returns," Musk said. He compared Tesla's spending and building in "many different arenas simultaneously," to that of Henry Ford with the Model T.
"I think probably this is the fastest industrial scale-up since World War II in America," Musk said.
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The numbers at Alphabet were even more stark, with free cash flow sinking to negative $5.9 billion after the company, which is lauded for its fat margins from online ads, generated almost $25 billion in free cash flow a year ago.
"We expect the free cash flow will remain under pressure, driven by our investments in technical infrastructure, which enables us to capitalize on the AI opportunity and continue to drive attractive returns," CFO Anat Ashkenazi said on the earnings call.
Most of the company's $44.9 billion in capex in the second quarter went to infrastructure to support the AI buildout, Ashkenazi said.
In addition to building its own data centers, Google executives said they also plan to rely on capacity from third-party cloud providers to meet feverish computing demand, building on a recent compute deal with Musk's SpaceX, which now owns xAI and its Memphis data centers.
The results on Wednesday did nothing to squash the enthusiasm of bullish analysts and investors.
Keith Fitz-Gerald, principal at investment consulting firm Fitz-Gerald Group, said that at Tesla, "profitability is being sacrificed for infrastructure" just as it was previously at companies including Amazon and Netflix.
"I expect it to pay off in spades over the next 12-24, even 36 months," Fitz-Gerald wrote in a note after the report.
And Rebecca Wettemann, CEO of tech research firm Valoir, said in an email that Google's core business remains strong and that its AI investments are generating returns.
"Google's momentum should calm some market fears about AI overspending," she wrote. "Strong performance across its businesses show search isn't dead, advertising still matters, and cloud investment is still a good bet."
International Business Machines Corporation (IBM) Q2 2026 Earnings Call July 22, 2026 5:00 PM EDT
Company Participants
Olympia McNerney - Global Head of Investor Relations
Arvind Krishna - CEO, President & Chairman
James Kavanaugh - CFO and Senior VP of Finance & Operations
Conference Call Participants
Amit Daryanani - Evercore ISI Institutional Equities, Research Division
Brent Thill - Jefferies LLC, Research Division
Benjamin Reitzes - Melius Research LLC
Fatima Boolani - Citigroup Inc., Research Division
Erik Woodring - Morgan Stanley, Research Division
Matthew Swanson - RBC Capital Markets, Research Division
Presentation
Operator
Welcome, and thank you for standing by. [Operator Instructions] Today's conference is being recorded. If you have any objections, you may disconnect at this time.
Now I will turn the meeting over to Olympia McNerney, IBM's Global Head of Investor Relations. Olympia, you may begin.
Olympia McNerney
Global Head of Investor Relations
Thank you. I'd like to welcome you to IBM's Second Quarter 2026 Earnings Presentation. I'm Olympia McNerney, and I'm here today with Arvind Krishna, IBM's Chairman, President and Chief Executive Officer; and Jim Kavanaugh, IBM's Senior Vice President and Chief Financial Officer.
We'll post today's prepared remarks and a replay of today's webcast on the IBM Investor website within a couple of hours. The earnings presentation is already available. To provide additional information to our investors, our presentation includes certain non-GAAP measures. For example, all of our references to revenue and signings growth are at constant currency. We provided reconciliation charts for these and other non-GAAP financial measures at the end of the presentation, which is posted to our investor website.
Finally, some comments made in this presentation may be considered forward-looking under the Private Securities Litigation Reform Act of 1995. These statements involve factors that could cause our actual results to differ materially. Additional information about these factors is included in the company's
Arbitrum zvažuje Fast Feed, placený datový stream pro Arbitrum One, který by měl být nezávislý na pořadí. Návrh chce poslat 97 % předplatného do pokladny Arbitrum DAO a 3 % Arbitrum Developer Guild.
Arbitrum governance is considering a Fast Feed proposal that would create a paid, authenticated data streaming product for Arbitrum One and route most subscription revenue back to the DAO treasury.
The Constitutional AIP proposes giving subscribers access to sequencer ordering details after finalization. The revenue split is one of the most interesting parts of the proposal: 97% would go to the Arbitrum DAO Treasury, while 3% would go to the Arbitrum Developer Guild.
That makes the proposal more than a technical data product. It is also a protocol revenue experiment.
At a time when major Layer 2 networks are trying to prove they can generate sustainable economic value, Arbitrum’s Fast Feed proposal gives the DAO a direct way to monetize infrastructure demand.
TL;DR Arbitrum’s Fast Feed proposal would create a paid authenticated data stream for Arbitrum One. The proposed revenue split sends 97% to the Arbitrum DAO Treasury and 3% to the Arbitrum Developer Guild. The feed is ordering-neutral and does not allow transaction reordering or frontrunning. What Fast Feed Is Designed To Do Fast Feed is aimed at users who need faster and more authenticated access to Arbitrum One data.
In practice, that kind of product is likely most relevant to sophisticated market participants, infrastructure providers, and teams that care deeply about timing, ordering, and execution visibility.
But the proposal is careful about the limits.
The feed is described as ordering-neutral. It does not allow subscribers to reorder transactions, manipulate sequencing, or gain direct frontrunning rights. That matters because any product connected to transaction ordering can quickly raise concerns about MEV advantages.
Arbitrum’s proposal instead frames Fast Feed as a paid data access product.
That distinction is important for governance. A network can monetize infrastructure without giving users unfair control over transaction flow. The proposal’s design will be judged partly on whether delegates believe that line is protected.
Layer 2 Networks Need Revenue Models Layer 2 networks are no longer early experiments.
Arbitrum, Base, Optimism, zkSync, Starknet, Polygon, and others are now competing for developers, liquidity, users, and institutional integrations. That competition requires funding. It also raises a bigger question: where does long-term protocol revenue come from?
Sequencer fees are one answer. Ecosystem grants are another. Partnerships, data products, and infrastructure services may become additional sources.
Fast Feed fits into that broader search for revenue.
If there is real demand for authenticated low-latency data, charging for access could create value for the DAO without increasing costs for ordinary users. The proposed 97% treasury allocation makes that explicit.
For tokenholders and delegates, treasury revenue matters because it can support future ecosystem funding, reduce reliance on token sales, and make governance more sustainable.
That is the theory.
The practical question is whether enough users will pay for the product.
Why The 97% Treasury Split Matters The proposed revenue split is unusually direct.
Sending 97% of subscription revenue to the DAO Treasury makes the product easy to evaluate as a public-goods revenue source. The remaining 3% allocation to the Arbitrum Developer Guild gives the developer group an incentive while keeping the vast majority of value inside the DAO.
That could appeal to delegates who want Arbitrum to build more self-sustaining revenue streams.
DAOs often spend heavily on grants, incentives, operations, and ecosystem growth. Revenue can be harder to identify. A product like Fast Feed gives governance a more tangible model: create useful infrastructure, charge users who need premium access, and return the proceeds to the treasury.
If successful, that model could be repeated.
Other data products, analytics services, or infrastructure feeds may eventually become part of how Layer 2 ecosystems fund themselves.
The MEV Question Will Not Disappear Even with ordering-neutral design, the MEV question will remain part of the debate.
Any faster data product can make some market participants more informed than others. That does not automatically make it harmful, but it does mean governance needs to be clear about access, fairness, pricing, and technical limits.
If Fast Feed gives users better visibility without control, delegates may view it as acceptable monetization. If critics believe it creates unfair market structure, the proposal could face pushback.
That is why the details matter.
Arbitrum’s governance process gives delegates a place to test those assumptions before implementation.
A Test Of DAO-Owned Infrastructure Fast Feed is a small but interesting example of where Layer 2 governance may be heading.
The next phase of L2 competition will not only be about transaction fees or total value locked. It will also be about whether networks can turn infrastructure into durable revenue without compromising neutrality.
Arbitrum’s proposal attempts to do that by monetizing authenticated data access while routing almost all revenue back to the DAO.
If delegates approve the plan and users pay for the service, Fast Feed could become a useful case study in DAO-owned infrastructure monetization.
If demand is weak or governance concerns grow, it may remain a narrow experiment.
Either way, the proposal shows Arbitrum is thinking beyond simple blockspace fees. It is exploring how a major Layer 2 can sell specialized infrastructure access while keeping the economic benefit inside the ecosystem.
That is exactly the kind of model large DAOs will need to understand as crypto networks mature.
This article is based on the Arbitrum governance forum proposal for Fast Feed monetization.
This article was written by the News Desk and edited by Samuel Rae.
Arbitrum bridge nebyl hacknut; skutečný útok zasáhl Ostium, které při manipulaci s orákulem přišlo zhruba o 24 milionů USDC. ARB po incidentu klesl asi o 4 %.
A brief panic rippled through the Arbitrum ecosystem on July 15 when on-chain watchers flagged a suspicious $24 million USDC withdrawal that looked, at first glance, like a bridge exploit. It wasn’t. Arbitrum’s native bridge remains intact, and the real victim was Ostium, a decentralized exchange focused on real-world asset trading that got drained through a compromised oracle key.
The distinction matters enormously. A bridge hack would signal systemic risk across the entire Layer 2 network. An oracle manipulation attack on a single protocol, while painful, is a contained problem. But the roughly $24 million that walked out the door still represents a significant blow, both to Ostium and to confidence in oracle-dependent DeFi protocols.
How the attack worked The attacker gained access to a compromised oracle signer private key, specifically one tied to a PriceUpKeep role within Ostium’s system. The falsified reports contained future-dated price entries. The system treated these bogus reports as legitimate, which allowed the attacker to generate phantom profits on positions. Those fake gains were then withdrawn as very real USDC from Ostium’s liquidity vault, known as the OLP.
The damage was substantial. Estimates place the total loss between $18 million and $24 million USDC, with some on-chain analysis pinpointing the figure at approximately $23.75 million across multiple transactions. Given that the OLP vault held roughly $63 million in total value, the attacker managed to siphon off about 28% of the entire pool.
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On-chain security firm Blockaid detected the suspicious activity and alerted the community. Ostium responded by halting all trading operations and freezing affected positions while launching a full investigation.
Why the bridge confusion happened The initial alarm bells rang because the stolen funds were transferred from Arbitrum to Ethereum, which naturally drew attention to bridge infrastructure. But the transfers used authorized routes, primarily through MetaMask, and were validated by the network’s validators as legitimate transactions. The bridge did exactly what it was designed to do: process valid withdrawal requests. The problem was upstream, in how those funds were illegitimately obtained in the first place.
That said, the ARB token still took a hit, declining approximately 4% in the aftermath.
Ostium’s track record and what’s at stake Ostium isn’t a fly-by-night protocol. The platform had previously raised $27.8 million in funding and processed over $50 billion in cumulative trading volume. That pedigree makes the exploit more surprising, not less.
What makes this particular incident notable is that it wasn’t a flash loan attack or a price manipulation scheme using on-chain liquidity pools. It was a key compromise. Someone either stole, phished, or otherwise obtained access to a private key that had elevated privileges within the oracle system.
What this means for investors For Arbitrum holders, the good news is straightforward: the network’s core infrastructure wasn’t breached. The 4% ARB decline looks more like a knee-jerk reaction than a fundamental repricing of risk.
For Ostium liquidity providers, the situation is considerably grimmer. Losing 28% of a vault’s value in a single incident is the kind of event that permanently reshapes a protocol’s risk profile.
Investors should be scrutinizing how protocols manage oracle infrastructure with the same intensity they apply to smart contract audits. Look at how many signer keys exist, what privileges they carry, whether multi-signature requirements are enforced, and what happens if one key is compromised.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Arkham uvedl, že trader „watershedpath“ drží největší on-chain long na HYPE za více než 80 milionů USD. Za poslední dva týdny je v nerealizované ztrátě asi 18 milionů USD.
A significant leveraged position in HYPE, the native token of Hyperliquid, has drawn attention after the blockchain analytics firm Arkham Intelligence identified a trader as the current holder of the largest on-chain HYPE long. Despite facing an unrealized loss of approximately $18 million, the trader has maintained the position, reflecting both the high-risk approach common in leveraged cryptocurrency trading and the expanding profile of altcoin derivatives markets.
Arkham highlights largest HYPE long positionArkham Intelligence, a company specializing in blockchain data analysis, reported that the on-chain trader known as “watershedpath” holds the biggest HYPE long position, valued at over $80 million. The account has endured an estimated $18 million paper loss over the past two weeks, as HYPE experienced a retreat from its recent price highs.
Despite these losses, Arkham stated that “watershedpath” has kept the position open, relying on a margin balance reportedly around $16 million to support the leveraged trade. This level of margin provides collateral, helping to prevent immediate liquidation as long as HYPE’s price does not drop to the estimated liquidation threshold.
Trader “watershedpath” holds the largest HYPE long on-chain right now, with a position worth over $80M, according to Arkham Intelligence. Liquidation may occur if the HYPE price declines by approximately $6 from current levels.
Arkham noted that reaching the liquidation threshold could lead to forced closure of the position, impacting both the trader and potentially the broader HYPE market.
Mini dictionary: Hyperliquid is a decentralized perpetual trading platform that allows users to trade crypto derivatives with leverage through an on-chain order book system, offering increased transparency compared to centralized exchanges.
TraderPosition ValueMargin RemainingUnrealized LossLiquidation Gapwatershedpath$80 million$16 million$18 million~$6 price dropImpact of large leveraged trades on HYPE marketLarge leveraged trades like this one are closely watched by market participants due to their potential to drive market volatility, especially if liquidation levels are approached. In leveraged positions, even small market moves can result in automatic liquidations, producing sharp increases in buying or selling activity and contributing to volatility across perpetual futures platforms.
The size of this HYPE position goes beyond a single trader, as forced liquidation might influence overall market liquidity and sentiment. If the position is triggered, it could also affect other leveraged holders, potentially setting off additional unwinding of positions. As long as the trader’s margin remains sufficient, the position can be sustained despite current losses.
Hyperliquid’s growth in decentralized derivativesHyperliquid has recently established itself among the fastest-growing decentralized exchanges for perpetual derivatives, utilizing an on-chain order book for trading. The platform emphasizes transparency, with large positions visible and trackable in real time by third-party analytics providers such as Arkham Intelligence.
This transparency offers traders insight into major market participants, making risk management a crucial consideration in such an environment.
Monitoring risk and liquidation levelsThe outcome of the largest HYPE leveraged position will depend largely on movement in HYPE’s price in the coming days. A recovery could allow the trader to reduce losses, while extended declines could trigger a liquidation if the margin buffer is depleted. This scenario underscores the need for close monitoring of leverage, margin requirements, and broader market factors when trading digital assets.
Investors remain attentive to significant leveraged positions as indicators of both conviction and risk in the rapidly evolving market for altcoin perpetual futures.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
First American Financial (FAF) za 2. čtvrtletí vykázala zisk 2,08 USD na akcii a tržby 2,12 miliardy USD, obojí nad odhady. Zisk i tržby překonala už počtvrté za poslední čtyři čtvrtletí.
First American Financial (FAF - Free Report) came out with quarterly earnings of $2.08 per share, beating the Zacks Consensus Estimate of $1.8 per share. This compares to earnings of $1.53 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +15.56%. A quarter ago, it was expected that this financial services company would post earnings of $1.06 per share when it actually produced earnings of $1.33, delivering a surprise of +25.47%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
First American Financial, which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $2.12 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.43%. This compares to year-ago revenues of $1.84 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
First American Financial shares have added about 16.6% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for First American Financial?While First American Financial has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for First American Financial was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.75 on $2.01 billion in revenues for the coming quarter and $6.74 on $7.88 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Property and Casualty is currently in the bottom 36% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
United Fire Group (UFCS - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 3.
This property and casualty insurance company is expected to post quarterly earnings of $0.72 per share in its upcoming report, which represents a year-over-year change of -20%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
United Fire Group's revenues are expected to be $378.9 million, up 13% from the year-ago quarter.
Medpace (MEDP - Free Report) came out with quarterly earnings of $4.25 per share, beating the Zacks Consensus Estimate of $4.08 per share. This compares to earnings of $3.1 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +4.17%. A quarter ago, it was expected that this provider of outsourced clinical development services would post earnings of $3.74 per share when it actually produced earnings of $4.28, delivering a surprise of +14.44%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Medpace, which belongs to the Zacks Medical Services industry, posted revenues of $707.33 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.12%. This compares to year-ago revenues of $603.31 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Medpace shares have lost about 5.3% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Medpace?While Medpace has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Medpace was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.22 on $694.23 million in revenues for the coming quarter and $17.04 on $2.79 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical Services is currently in the top 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Avantor, Inc. (AVTR - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.
This company is expected to post quarterly earnings of $0.19 per share in its upcoming report, which represents a year-over-year change of -20.8%. The consensus EPS estimate for the quarter has been revised 0.1% higher over the last 30 days to the current level.
Avantor, Inc.'s revenues are expected to be $1.62 billion, down 3.5% from the year-ago quarter.
RLI Corp. (RLI - Free Report) came out with quarterly earnings of $0.83 per share, beating the Zacks Consensus Estimate of $0.71 per share. This compares to earnings of $0.84 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +16.90%. A quarter ago, it was expected that this specialty insurance company would post earnings of $0.85 per share when it actually produced earnings of $0.83, delivering a surprise of -2.35%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
RLI Corp., which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $463.14 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.61%. This compares to year-ago revenues of $441.32 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
RLI Corp. shares have lost about 5.9% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for RLI Corp.?While RLI Corp. has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for RLI Corp. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.54 on $458.53 million in revenues for the coming quarter and $2.75 on $1.83 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Property and Casualty is currently in the bottom 36% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
HCI Group (HCI - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.
This property and casualty insurance holding company is expected to post quarterly earnings of $5.08 per share in its upcoming report, which represents a year-over-year change of -1.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
HCI Group's revenues are expected to be $240.67 million, up 8.5% from the year-ago quarter.
Cadence Design Systems (CDNS) v poslední seanci klesla o 2,21 % na 337,02 USD, tedy více než S&P 500, který oslabil o 0,14 %. Akcie za poslední měsíc ztratily 9,08 %.
In the latest close session, Cadence Design Systems (CDNS - Free Report) was down 2.21% at $337.02. This change lagged the S&P 500's daily loss of 0.14%. Meanwhile, the Dow lost 0.01%, and the Nasdaq, a tech-heavy index, lost 0.57%.
Coming into today, shares of the maker of hardware and software products for validating chip designs had lost 9.08% in the past month. In that same time, the Computer and Technology sector lost 4.82%, while the S&P 500 gained 0.25%.
Investors will be eagerly watching for the performance of Cadence Design Systems in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on July 27, 2026. The company is forecasted to report an EPS of $2.05, showcasing a 24.24% upward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $1.58 billion, indicating a 23.58% growth compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $7.94 per share and a revenue of $6.2 billion, signifying shifts of +11.2% and +17.11%, respectively, from the last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Cadence Design Systems. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. As of now, Cadence Design Systems holds a Zacks Rank of #3 (Hold).
Digging into valuation, Cadence Design Systems currently has a Forward P/E ratio of 43.42. This indicates a premium in contrast to its industry's Forward P/E of 15.81.
We can also see that CDNS currently has a PEG ratio of 3.2. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Computer - Software industry had an average PEG ratio of 1.28 as trading concluded yesterday.
The Computer - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 93, finds itself in the top 38% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
QuantumScape oznámila novou víceletou spolupráci s Hondou na vývoji solid-state baterií pro automobily i další využití. Zároveň potvrdila celoroční odhad upravené ztráty EBITDA ve výši 250 až 275 milionů USD.
MarketBeat Week in Review – 06/29 - 07/03QuantumScape NYSE: QS said it made progress in the second quarter of 2026 on automotive commercialization, new end-market expansion and pilot production of its solid-state lithium-metal battery cells, while reiterating its full-year adjusted EBITDA loss guidance.
On the company’s earnings call, Chief Executive Officer Siva Sivaram highlighted a newly announced multi-year partnership with Honda aimed at advancing QuantumScape’s solid-state lithium-metal battery technology for automotive and other applications in Honda’s product portfolio. Sivaram said the agreement followed “one of the most rigorous assessments of our technology to date” and gives QuantumScape another pathway into high-value markets.
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Burger King’s Turnaround Is Putting Restaurant Brands Back in FocusThe company also updated its ongoing collaboration and licensing arrangement with Volkswagen’s PowerCo. Sivaram said the revised scope includes milestones and payments tied to automotive cell development, larger-format cells and QuantumScape’s future technology roadmap. He added that the relationship remains strong and that the overall goal is unchanged: industrializing QuantumScape’s technology and transferring it to PowerCo for automotive commercialization.
Automotive Partnerships Remain Central to Commercialization Sivaram said QuantumScape is working with four of the top 10 global automotive original equipment manufacturers, including Volkswagen and Honda. The company also shipped cells to an additional automotive OEM customer during the quarter and continues to strengthen relationships with automakers in North America, Europe and Japan.
Slice of the Pie: Why Yum’s Deal Lifts QSRAsked about the updated PowerCo agreement, Sivaram said QuantumScape has updated the Volkswagen PowerCo agreements annually as the relationship has progressed. “There is not anything philosophically different about the objectives of the joint program,” he said, adding that the milestones are now aligned with items such as larger-format cells and future technology work.
Chief Financial Officer Kevin Hettrich said the revised PowerCo scope reduced the total possible payments under the agreement from approximately $131 million to approximately $75 million, but also lowered expected project expenses. He said QuantumScape expects a “net neutral financial impact in terms of cash” compared with the 2025 scope of work. Hettrich also said the separate $130 million royalty prepayment from PowerCo is unchanged and is tied to technical milestones and alignment on form factor.
When asked whether Volkswagen PowerCo’s previously discussed 2029 start-of-production timeline remained the target, Sivaram said QuantumScape had not announced any change from its original plans.
Company Creates Three Business Verticals QuantumScape said it is organizing around three business verticals to address automotive and non-automotive markets:
QSEV, focused on electric vehicles and automotive OEMs, including Volkswagen and Honda. QSDC, focused on AI data centers and working with original design manufacturers and data center architects. QSAS, focused on advanced solutions, including aerospace and defense applications. Sivaram said the company sees interest in its technology beyond electric vehicles, including AI data centers, aerospace, defense, consumer electronics and medical devices. He said the core QuantumScape technology platform can serve these markets, though each may require a different go-to-market strategy.
For data centers, Sivaram said the market is moving quickly and that QuantumScape is working with data center architects and ODMs on designs based on QSE-5 technology. He said the transition to 800-volt DC designs and megawatt racks creates “natural deadlines,” with deployments expected toward the end of 2028, meaning QuantumScape needs to develop and deliver integrated products ahead of that timeframe.
In advanced solutions, Sivaram said QSAS has shipped QSE-5 cells to a major American defense prime and is engaged with global customers across aerospace and defense. He said the advanced solutions business will also explore opportunities such as medical devices and consumer electronics.
Eagle Line Ramps Cell Output QuantumScape said its Eagle Line, a highly automated pilot cell production line in San Jose, California, remains a key part of its commercialization strategy. Sivaram said the line is intended to increase sample volumes for customers, accelerate process development and serve as a proving ground for scaling production.
The company said core tools on the Eagle Line are showing uptime greater than 90%, while key productivity metrics are meeting targets. QuantumScape is ramping sample volumes and shipping cells to customers. Sivaram said the company aims to further double cell output in the second half of 2026 and expects customer sample shipments to accelerate across all three verticals.
In response to a question about shipments to the defense market, Sivaram said improved Eagle Line productivity enabled the company to ship QSE-5 cells to a U.S. defense prime. He said the higher volumes also help QuantumScape learn more quickly and support eventual technology transfer to higher-volume lines.
Safety and Larger-Format Cells Highlighted Sivaram said customers have consistently identified safety as a valuable aspect of QuantumScape’s technology, in addition to energy density and power capability. He contrasted the company’s ceramic separator with next-generation approaches involving silicon or lithium-metal anodes with liquid electrolytes, which he said can pose serious safety hazards.
QuantumScape said increased Eagle Line output is enabling larger-scale safety testing, including nail penetration, external short circuit and thermal stability testing up to 300 degrees Celsius. Sivaram said the results continue to show QSE-5 as “a significantly safer cell design” compared with conventional and next-generation lithium-ion cells.
The company also said it has demonstrated that its Cobra process can produce larger-area separators for higher-capacity cell designs. Sivaram said larger-format cells can improve packing efficiency and potentially increase cell-level energy density.
Financial Results and Outlook For the second quarter, QuantumScape reported GAAP operating expenses of $106.1 million and a GAAP net loss of $98.2 million. Adjusted EBITDA loss was $64.2 million, which Hettrich said was in line with expectations.
The company reiterated its full-year 2026 adjusted EBITDA loss guidance of $250 million to $275 million. QuantumScape lowered its full-year capital expenditure guidance to a range of $27 million to $37 million, citing capital discipline and cost savings on specific projects. Second-quarter capital expenditures were $4.6 million, primarily related to technology roadmap investment and associated facility spending.
Hettrich said customer billings in the second quarter were $10.8 million, bringing total customer billings through the first half of 2026 to $21.8 million. That exceeded full-year 2025 customer billings of $19.5 million, meeting the company’s public goal for 2026. He noted that customer billings represent invoices issued to customers and partners regardless of accounting treatment and are not a substitute for revenue under U.S. GAAP.
QuantumScape ended the quarter with $859 million in liquidity. Hettrich said the company will remain prudent with its balance sheet as it invests in commercialization, new markets and technology development.
About QuantumScape (NYSE:QS)QuantumScape Corporation is a development-stage company specializing in the research and commercialization of next-generation solid-state lithium-metal batteries for electric vehicles. The company's core technology replaces the traditional liquid electrolyte with a solid ceramic separator, aiming to deliver higher energy density, faster charging times and enhanced safety compared to conventional lithium-ion cells. QuantumScape's product roadmap focuses on enabling electric vehicle manufacturers to extend driving range and reduce charging downtime, addressing key barriers to widespread EV adoption.
Founded in 2010 and headquartered in San Jose, California, QuantumScape has attracted significant strategic investment and formed partnerships with leading automotive OEMs.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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In the latest trading session, AeroVironment (AVAV - Free Report) closed at $150.35, marking a +1.01% move from the previous day. This change outpaced the S&P 500's 0.14% loss on the day. Meanwhile, the Dow lost 0.01%, and the Nasdaq, a tech-heavy index, lost 0.57%.
The stock of maker of unmanned aircrafts has fallen by 0.16% in the past month, leading the Aerospace sector's loss of 5.8% and undershooting the S&P 500's gain of 0.25%.
Market participants will be closely following the financial results of AeroVironment in its upcoming release. The company's upcoming EPS is projected at $0.34, signifying a 6.25% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $474.57 million, up 4.38% from the prior-year quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $3.26 per share and revenue of $2.17 billion, indicating changes of -1.51% and +9.78%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for AeroVironment. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 19.7% lower. Right now, AeroVironment possesses a Zacks Rank of #3 (Hold).
Digging into valuation, AeroVironment currently has a Forward P/E ratio of 45.66. Its industry sports an average Forward P/E of 37.24, so one might conclude that AeroVironment is trading at a premium comparatively.
It's also important to note that AVAV currently trades at a PEG ratio of 5.06. 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. Aerospace - Defense Equipment stocks are, on average, holding a PEG ratio of 2.3 based on yesterday's closing prices.
The Aerospace - Defense Equipment industry is part of the Aerospace sector. With its current Zacks Industry Rank of 86, this industry ranks in the top 35% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our 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.
To follow AVAV in the coming trading sessions, be sure to utilize Zacks.com.
Graco Inc. (GGG - Free Report) came out with quarterly earnings of $0.91 per share, beating the Zacks Consensus Estimate of $0.81 per share. This compares to earnings of $0.75 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +12.35%. A quarter ago, it was expected that this company would post earnings of $0.75 per share when it actually produced earnings of $0.66, delivering a surprise of -12%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Graco, which belongs to the Zacks Manufacturing - General Industrial industry, posted revenues of $590.55 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 2.98%. This compares to year-ago revenues of $571.81 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Graco shares have lost about 10.8% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Graco?While Graco has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Graco was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.81 on $584.75 million in revenues for the coming quarter and $3.10 on $2.35 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Manufacturing - General Industrial is currently in the top 26% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Dover Corporation (DOV - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 23.
This company is expected to post quarterly earnings of $2.72 per share in its upcoming report, which represents a year-over-year change of +11.5%. The consensus EPS estimate for the quarter has been revised 0.3% higher over the last 30 days to the current level.
Dover Corporation's revenues are expected to be $2.21 billion, up 7.9% from the year-ago quarter.
For the quarter ended June 2026, Packaging Corp. (PKG - Free Report) reported revenue of $2.49 billion, up 14.7% over the same period last year. EPS came in at $2.35, compared to $2.48 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $2.4 billion, representing a surprise of +3.57%. The company delivered an EPS surprise of +1.73%, with the consensus EPS estimate being $2.31.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Packaging Corp. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Segment Sales- Packaging: $2.31 billion compared to the $2.21 billion average estimate based on three analysts. The reported number represents a change of +15.2% year over year.Segment Sales- Corporate and Other: $21.3 million versus $21.64 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +8.7% change.Segment Sales- Paper: $157.3 million versus the three-analyst average estimate of $160.04 million. The reported number represents a year-over-year change of +7.9%.Segment operating income (loss) excluding special items- Packaging: $327.8 million compared to the $317.11 million average estimate based on two analysts.Segment operating income (loss) excluding special items- Corporate and Other: $-47.2 million versus the two-analyst average estimate of $-39.57 million.Segment operating income (loss) excluding special items- Paper: $34.3 million compared to the $32.53 million average estimate based on two analysts.View all Key Company Metrics for Packaging Corp. here>>>
Shares of Packaging Corp. have returned -2% over the past month versus the Zacks S&P 500 composite's +0.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Fulton Financial vykázala za 2. čtvrtletí zisk 0,6 USD na akcii a tržby 367,87 milionu USD, obojí nad odhady. Zisk byl meziročně vyšší než 0,55 USD na akcii.
Fulton Financial (FULT - Free Report) came out with quarterly earnings of $0.6 per share, beating the Zacks Consensus Estimate of $0.53 per share. This compares to earnings of $0.55 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +13.21%. A quarter ago, it was expected that this financial holding company would post earnings of $0.5 per share when it actually produced earnings of $0.55, delivering a surprise of +10%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Fulton Financial, which belongs to the Zacks Banks - Northeast industry, posted revenues of $367.87 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.75%. This compares to year-ago revenues of $328.46 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Fulton Financial shares have added about 27.4% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Fulton Financial?While Fulton Financial has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Fulton Financial was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.56 on $372.25 million in revenues for the coming quarter and $2.18 on $1.44 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Northeast is currently in the top 36% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Chain Bridge Bancorp, Inc. (CBNA - Free Report) , is yet to report results for the quarter ended June 2026.
This company is expected to post quarterly earnings of $1.32 per share in its upcoming report, which represents a year-over-year change of +88.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Chain Bridge Bancorp, Inc.'s revenues are expected to be $19.53 million, up 54.7% from the year-ago quarter.
Cathay General (CATY) ve 2. čtvrtletí vydělal 1,37 USD na akcii a tržby dosáhly 222,3 milionu USD, obojí nad odhady. Zisk meziročně vzrostl z 1,10 USD na akcii.
Cathay General (CATY - Free Report) came out with quarterly earnings of $1.37 per share, beating the Zacks Consensus Estimate of $1.33 per share. This compares to earnings of $1.1 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +3.01%. A quarter ago, it was expected that this holding company for Cathay Bank would post earnings of $1.19 per share when it actually produced earnings of $1.29, delivering a surprise of +8.4%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Cathay, which belongs to the Zacks Banks - West industry, posted revenues of $222.3 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.89%. This compares to year-ago revenues of $196.61 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Cathay shares have added about 28.3% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Cathay?While Cathay has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Cathay was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.34 on $223.68 million in revenues for the coming quarter and $5.42 on $882.63 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - West is currently in the top 19% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Sierra Bancorp (BSRR - Free Report) , has yet to report results for the quarter ended June 2026.
This parent company of Bank of the Sierra is expected to post quarterly earnings of $0.89 per share in its upcoming report, which represents a year-over-year change of +14.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Sierra Bancorp's revenues are expected to be $39.3 million, up 0.2% from the year-ago quarter.
Cathay General Bancorp (CATY) Q2 2026 Earnings Call July 22, 2026 6:00 PM EDT
Company Participants
Georgia Lo - Assistant Secretary & Investor Relations
Chang Liu - CEO, President & Director
Albert Wang - Executive VP, CFO & Treasurer
Conference Call Participants
David Chiaverini - Jefferies LLC, Research Division
Matthew Clark - Piper Sandler & Co., Research Division
Gary Tenner - D.A. Davidson & Co., Research Division
Kelly Motta - Keefe, Bruyette, & Woods, Inc., Research Division
Presentation
Operator
Good afternoon, ladies and gentlemen, and welcome to Cathay General Bancorp's Second Quarter 2026 earnings conference call. My name is Asha, and I'll be your coordinator for today. [Operator Instructions] Today's call is being recorded and will be available for replay at www.cathaygeneralbancorp.com.
Now I would like to turn the call over to Georgia Lo, Investor Relations of Cathay General Bancorp. Please go ahead.
Georgia Lo
Assistant Secretary & Investor Relations
Thank you, Asha, and good afternoon. Here to discuss the financial results today are Mr. Chang Liu, our President and Chief Executive Officer; and Mr. Al Wang, our Executive Vice President and Chief Financial Officer.
Before we begin, we wish to remind you that the speakers on this call may make forward-looking statements within the meaning of applicable provisions of the Private Securities Litigation Reform Act of 1995 concerning future results and events, and that these statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are further described in the company's annual report on Form 10-K for the year ended December 31, 2025, at Item 1A in particular, and in other reports and filings with the Securities and Exchange Commission from time to time. As such, we caution you not to place undue reliance on such forward-looking statements.
Polymesh v8 je na mainnetu a přináší permissionless onboarding, přímé držení aktiv na účtech a EVM smart kontrakty. Confidential Assets zatím běží jen na testnetu.
Polymesh v8 is live on Mainnet: permissionless onboarding, frictionless transfers, account-level asset holding, EVM smart contracts, and Confidential Assets on Testnet.
Polymesh v8 is now live on Mainnet. It's the largest upgrade to the network since launch, and it touches most of the core systems: onboarding, settlement, asset holding, smart contracts, and hardware wallet support. Much of it is aimed at removing long-standing friction for users and developers while keeping the identity and compliance model that Polymesh is built around.
Simpler onboardingUntil now, joining Polymesh meant going through a CDD Provider. You completed identity verification and received a CDD claim before you could do much of anything. In practice this often meant sitting through two onboarding flows: one for the chain, and another for the application or asset you actually wanted to use.
v8 removes the CDD claim requirement. Any account can now register an identity (DID) for itself directly on-chain, with no intermediary involved. CDD Providers have been renamed to DID Registrars, and they still work the way you'd expect: they can onboard identities on behalf of users who want a managed experience, and businesses that need verified-identity workflows can continue to layer those on with claims.
For new users and developers this is a much shorter path onto the network. For institutions, nothing is lost. Registrar-based onboarding is still there for anyone who wants it.
Automatic receiver affirmationIn previous versions, settlement instructions waited on the receiver's affirmation by default. This prevents unwanted transfers, but it adds a step before assets can settle, and it tends to surprise anyone coming from other blockchain ecosystems where transfers simply land in your account.
In v8, receiver affirmation is automatic by default. When assets are sent to you, they settle without you having to approve them first. Workflows that need explicit receiver approval can opt back in on a per-identity basis, which some institutional flows will want to do.
If you build applications on Polymesh, this deserves a close look. Any code that assumes incoming transfers require the receiver's approval should be reviewed.
Assets held directly on accountsPolymesh has always organized holdings through identity-owned portfolios. In v8, accounts (signing key public addresses) can also hold assets directly, both fungible tokens and NFTs, with no portfolio involved. A new transfer method moves funds between any combination of accounts and portfolios without creating a settlement instruction.
Portfolios remain fully supported and are still the right model for institutional setups that need shared control through secondary keys. Developers can now choose whichever ownership model fits their application.
v8 also adds allowances: an account can authorize another account or a smart contract to move a set amount of its assets within limits it defines. Anyone who has worked with ERC-20 tokens will recognize the approve-and-spend pattern. It makes delegated and contract-driven workflows possible without handing over signing authority.
EVM smart contractsv8 brings EVM compatibility to Polymesh through a new dual-VM contract engine. Solidity contracts can run either as native PolkaVM bytecode or as standard EVM bytecode in a full EVM environment. A new Ethereum JSON-RPC proxy lets MetaMask, ethers.js, and other standard Ethereum tooling talk to Polymesh contracts directly.
Solidity developers can now build and deploy on Polymesh with the tools they already know. This release lays the groundwork; direct access from contracts to Polymesh's native identity, compliance, and settlement features is a major focus of ongoing development, and we'll share more as that work progresses.
Confidential Assets on Testnetv8 introduces Confidential Assets, currently on Testnet. They use zero-knowledge proofs to keep the sender, receiver, asset, and amount of a transfer private, while retaining the auditor and mediator controls that regulated markets require.
Confidential Assets are available on Testnet today for experimentation and feedback. They are disabled on Mainnet while development, testing, and auditing continue. We'll publish more on this in the coming weeks.
Better hardware wallet supportv8 adds a metadata-hash-based signing scheme that lets generic signers, including the generic Polkadot Ledger app, decode and display full Polymesh transaction details. Your Ledger can now show you exactly what you're signing, and because verification runs against the runtime's own metadata, it keeps working as the network evolves. The dedicated Polymesh Ledger app is being updated to support the same scheme. Existing accounts and derivation paths continue to work.
Under the hoodv8 also retires several custom components in favor of standard, widely audited Polkadot SDK implementations, including the balances and staking systems. Most users won't notice a difference day to day, but Polymesh now benefits directly from upstream improvements and security review across the broader Polkadot ecosystem, and works better with standard tooling.
What to do nextIf you're a user, the easiest way to see the difference is to onboard fresh. Creating an identity and holding an asset is now a much shorter process.
If you're a developer or run infrastructure against the chain, be aware that v8 is a major release with real breaking changes. Call indices, event shapes, and storage layouts have moved. We've published a full migration changelog covering every pallet; start there before you upgrade.
Thank you to everyone who tested, filed issues, and ran nodes on Testnet throughout the v8 cycle. We're looking forward to seeing what you build.
Read the full v7.4 → v8.0 changelog on the developer portal
Pinnacle Financial vykázala za čtvrtletí končící v červnu 2026 výnosy 1,23 mld. USD a EPS 2,50 USD, obojí nad odhady. Výnosy meziročně vzrostly o 144 %.
Pinnacle Financial (PNFP - Free Report) reported $1.23 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 144%. EPS of $2.50 for the same period compares to $2.00 a year ago.
The reported revenue represents a surprise of +0.45% over the Zacks Consensus Estimate of $1.23 billion. With the consensus EPS estimate being $2.46, the EPS surprise was +1.63%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Pinnacle Financial performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Interest Margin: 3.4% versus the four-analyst average estimate of 3.5%.Average balances - Total interest-earning assets: $112.67 billion compared to the $111.82 billion average estimate based on three analysts.Nonaccrual loans: $415 million versus $468.37 million estimated by three analysts on average.Annualized net loan charge-offs to avg. loans: 0.2% versus 0.2% estimated by three analysts on average.Total nonperforming assets: $444 million versus the three-analyst average estimate of $500.84 million.Net Interest Income: $956 million versus $965.58 million estimated by four analysts on average.Total noninterest income: $247 million compared to the $263.11 million average estimate based on four analysts.Non-Interest Revenue- Income from equity method investment: $24 million compared to the $24.03 million average estimate based on two analysts.Non-Interest Revenue- Capital markets income: $18 million versus the two-analyst average estimate of $14.97 million.Non-Interest Revenue- Income from bank-owned life insurance: $19 million versus $19.9 million estimated by two analysts on average.Non-Interest Revenue- Other non-interest income: $28 million compared to the $26.82 million average estimate based on two analysts.Non-Interest Revenue- Wealth management revenue: $85 million versus $86.1 million estimated by two analysts on average.View all Key Company Metrics for Pinnacle Financial here>>>
Shares of Pinnacle Financial have returned +0.8% over the past month versus the Zacks S&P 500 composite's +0.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Raymond James Financial vykázala za čtvrtletí zisk 3,14 USD na akcii a tržby 3,93 miliardy USD, obojí nad odhady. Zisk vzrostl z 2,18 USD na akcii před rokem.
Raymond James Financial, Inc. (RJF - Free Report) came out with quarterly earnings of $3.14 per share, beating the Zacks Consensus Estimate of $2.91 per share. This compares to earnings of $2.18 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +7.90%. A quarter ago, it was expected that this company would post earnings of $2.76 per share when it actually produced earnings of $2.83, delivering a surprise of +2.54%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Raymond James Financial, which belongs to the Zacks Financial - Investment Bank industry, posted revenues of $3.93 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.69%. This compares to year-ago revenues of $3.4 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Raymond James Financial shares have added about 4.6% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Raymond James Financial?While Raymond James Financial has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Raymond James Financial was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.33 on $4.15 billion in revenues for the coming quarter and $11.84 on $15.58 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Bank is currently in the top 12% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
BGC Group (BGC - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 30.
This brokerage company is expected to post quarterly earnings of $0.34 per share in its upcoming report, which represents a year-over-year change of +9.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
BGC Group's revenues are expected to be $814.9 million, up 3.9% from the year-ago quarter.
Goosehead Insurance (GSHD - Free Report) came out with quarterly earnings of $0.64 per share, beating the Zacks Consensus Estimate of $0.52 per share. This compares to earnings of $0.49 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +23.08%. A quarter ago, it was expected that this insurance company would post earnings of $0.2 per share when it actually produced earnings of $0.3, delivering a surprise of +50%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Goosehead, which belongs to the Zacks Insurance - Multi line industry, posted revenues of $113.39 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 9.70%. This compares to year-ago revenues of $94.03 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Goosehead shares have lost about 27% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Goosehead?While Goosehead has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Goosehead was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.59 on $106.96 million in revenues for the coming quarter and $2.18 on $418.27 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Multi line is currently in the bottom 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Oscar Health, Inc. (OSCR - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.
This company is expected to post quarterly earnings of $0.45 per share in its upcoming report, which represents a year-over-year change of +150.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Oscar Health, Inc.'s revenues are expected to be $4.89 billion, up 70.9% from the year-ago quarter.
Equity Lifestyle Properties (ELS - Free Report) came out with quarterly funds from operations (FFO) of $0.74 per share, beating the Zacks Consensus Estimate of $0.72 per share. This compares to FFO of $0.69 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +2.78%. A quarter ago, it was expected that this resort community operator would post FFO of $0.84 per share when it actually produced FFO of $0.84, delivering no surprise.
Over the last four quarters, the company has surpassed consensus FFO estimates two times.
Equity Lifestyle Properties, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $397.82 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.02%. This compares to year-ago revenues of $376.87 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Equity Lifestyle Properties shares have added about 7.1% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Equity Lifestyle Properties?While Equity Lifestyle Properties has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Equity Lifestyle Properties was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $0.79 on $398.99 million in revenues for the coming quarter and $3.18 on $1.57 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, LXP Industrial (LXP - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.
This real estate investment trust is expected to post quarterly earnings of $0.83 per share in its upcoming report, which represents a year-over-year change of +3.8%. The consensus EPS estimate for the quarter has been revised 0.8% higher over the last 30 days to the current level.
LXP Industrial's revenues are expected to be $88.12 million, up 0.5% from the year-ago quarter.
Knight-Swift Transportation Holdings oznámila za 2. čtvrtletí zisk 0,63 USD na akcii, nad odhadem 0,49 USD. Tržby dosáhly 2,1 miliardy USD a také překonaly očekávání.
Knight-Swift Transportation Holdings (KNX - Free Report) came out with quarterly earnings of $0.63 per share, beating the Zacks Consensus Estimate of $0.49 per share. This compares to earnings of $0.35 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +28.57%. A quarter ago, it was expected that this trucking company would post earnings of $0.09 per share when it actually produced earnings of $0.09, delivering no surprise.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Knight-Swift, which belongs to the Zacks Transportation - Truck industry, posted revenues of $2.1 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.26%. This compares to year-ago revenues of $1.86 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Knight-Swift shares have added about 46.7% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Knight-Swift?While Knight-Swift has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Knight-Swift was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.68 on $2.1 billion in revenues for the coming quarter and $2.04 on $8.02 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Truck is currently in the top 3% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
ArcBest (ARCB - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.
This freight transportation and logistics company is expected to post quarterly earnings of $2.18 per share in its upcoming report, which represents a year-over-year change of +60.3%. The consensus EPS estimate for the quarter has been revised 9% higher over the last 30 days to the current level.
ArcBest's revenues are expected to be $1.19 billion, up 16.8% from the year-ago quarter.
Equity Residential (EQR - Free Report) came out with quarterly funds from operations (FFO) of $1.02 per share, beating the Zacks Consensus Estimate of $1.01 per share. This compares to FFO of $0.99 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +0.99%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.95 per share when it actually produced FFO of $0.99, delivering a surprise of +4.21%.
Over the last four quarters, the company has surpassed consensus FFO estimates two times.
Equity Residential, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $785.05 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.08%. This compares to year-ago revenues of $768.83 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Equity Residential shares have added about 8.3% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Equity Residential?While Equity Residential has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Equity Residential was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.04 on $793.72 million in revenues for the coming quarter and $4.07 on $3.16 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Mid-America Apartment Communities (MAA - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.
This real estate investment trust is expected to post quarterly earnings of $2.08 per share in its upcoming report, which represents a year-over-year change of -3.3%. The consensus EPS estimate for the quarter has been revised 0.3% higher over the last 30 days to the current level.
Mid-America Apartment Communities' revenues are expected to be $557.28 million, up 1.3% from the year-ago quarter.
DEXE spadl zhruba o 85 % z červencového maxima 48,89 USD poté, co dvě peněženky spojené s projektem poslaly na Binance tokeny v hodnotě 6 milionů USD nebo více. Objem obchodů při výprodeji vyskočil téměř o 300 %.
DEXE fell roughly 85% from its July 13 all-time high of $48.89, trading near $4-5. Two wallets tied to the DeXe project deposited a combined $6 million or more in DEXE to Binance shortly before the collapse. Trading volume jumped nearly 300% during the sell-off, pointing to concentrated selling rather than a market-wide event. No hack or exploit has surfaced, but traders are calling the move a rug pull. DEXE, the governance token of the DeXe Protocol, lost most of its value in a matter of hours on July 22 after two wallets connected to the project sent a combined $6 million or more in tokens to Binance. The token had rocketed from $1.80 in February to nearly $48 in early July, then reversed just as fast, dropping to around $4 and wiping out roughly 85% of its value from the peak. The speed of the collapse, paired with the size of the deposits, has traders across crypto forums asking whether this was an orderly correction or an inside job.
A ChangeNOW Listing Sparked an 18x Squeeze in Four Days DeXe Protocol builds no-code infrastructure for launching decentralized autonomous organizations, letting communities manage treasuries and voting on-chain without writing custom code. The token itself had traded quietly for years before a July 9 listing on the instant-swap platform ChangeNOW gave it fresh exposure. Within a day, DEXE broke out of a bullish pennant pattern, a setup traders watch for continuation after a sharp initial move. That breakout ran straight into a wall of short positions built up during the prior grind, and the forced buying from traders covering those shorts added fuel to a rally that was already accelerating. By July 13, DEXE had printed a record $48.89, an 18-fold gain in about five months.
On-chain activity backed up the price action rather than contradicting it. Network growth hit one of its largest single-day spikes of the year, with more than 160 new wallets created, while whale transactions above $100,000 climbed to their fourth-highest daily count in 2026. Fresh wallets don’t show up like that on their own. Someone was buying, and buying hard.
Two Wallets Sent $6 Million to Binance Hours Before the Drop On-chain data shows the deposits originated from two Gnosis Safe multisig wallets, a structure typically used by project teams and treasuries rather than individual holders. One safe moved 371,309 DEXE, worth close to $3.9 million, into an intermediate wallet roughly 14 hours before the crash, which then forwarded $3.68 million of that to a Binance hot wallet. A second safe sent 253,690 DEXE, worth about $2.66 million, through the same pattern, landing $2.51 million on Binance shortly after. Combined, the two transfers put roughly $6.2 million of DEXE onto the exchange within hours of the collapse. Team wallets don’t move that fast for no reason.
The price action lines up with that reading. DEXE bled out in stages rather than falling in one clean drop: first a slide of roughly 10%, then a pullback near 30%, then a steeper plunge of around 58%, before a final capitulation leg pushed it into the $4 handle. Trading volume surged close to 290% versus recent averages during the worst of the move, confirming that this was a concentrated liquidation event and not gradual profit-taking.
Date Price Level Event July 9 ~$8 ChangeNOW listing sparks initial buying July 10 Breakout Pennant breakout triggers short squeeze July 13 $48.89 All-time high printed July 22 (morning) ~$36 to $4.50 Team-linked wallets deposit $6M+ to Binance, price collapses July 22 (current) ~$4.80 Attempting to stabilize, still down over 85% from peak RSI Near 30 and a Flattening MACD Point to a Slowing Selloff Looking at the 30-minute chart, DEXE opened the session near $36 and pushed briefly to almost $50 before the selling took over completely, dropping the price to around $4.80. The relative strength index, a gauge that measures whether a token has been bought or sold too aggressively over the recent period, sank to around 30, which is deep in oversold territory. A reading this low usually signals that sellers have pushed the move further than fundamentals justify in the short term, though in a post-blow-off collapse like this one, oversold readings can persist for a while rather than triggering an immediate bounce.
The MACD indicator, which tracks the gap between two moving averages to flag momentum shifts, has curled back toward positive territory after bottoming out around minus six, suggesting the pace of the decline is slowing even though the broader trend remains firmly bearish. For now, price is holding just under $5. That’s the line I’m watching. Lose it on a daily close and there’s very little chart structure left to slow the next leg down. Hold it, and this starts looking like a bounce setup rather than a falling knife.
Santiment Flagged DEXE’s Selloff Risk a Day Before It Hit The pattern is familiar to anyone who’s traded through a few of these cycles. A listing catalyst turns into a squeeze, the squeeze turns into a chart everyone suddenly has an opinion on, and the people who bought at $8 start looking for buyers at $40. Here, those buyers were retail traders who caught the July euphoria. The wallets selling into them belonged to the project itself.
🔗 Live Chart https://t.co/ku4h5fqY04
👍 Uniswap and Curve have just broken their 2026-high in exchange outflows, with about 8.4M $UNI and 9.8M $CRV leaving exchanges in just 24 hours. This reduces near-term sell pressure just as Uniswap’s fee and burn narrative, Robinhood Chain… pic.twitter.com/ZGMPu2CYpn
— Santiment Intelligence (@SantimentData) July 21, 2026
Santiment flagged this exact risk a day before the crash, warning that DEXE and INJ carried elevated selloff risk after large token volumes moved onto exchanges. The warning noted that DEXE still carries a legitimate governance-token utility story, but that large exchange inflows leave any rally fragile until that supply gets absorbed by the market. INJ, by contrast, has additional support from regulated-access developments including Binance.US spot trading and CFTC-regulated futures, something DEXE lacks.
Whether the Binance Wallets Are Done Selling Is the Open Question For DEXE holders, the immediate question is whether the wallets that deposited to Binance have finished selling or whether more supply is still sitting on the exchange waiting to hit the market. Call it what you want. A rug pull, technically, means the team drains liquidity and disappears, and nobody’s disappeared here. What actually happened looks more like insiders cashing out into a blow-off top than an exit scam. Either label lands the same way for anyone who bought near $48.
The DeXe team has not issued a public statement addressing the wallet deposits or the crash as of this writing. Traders holding the token or considering an entry should treat the “rug pull” label circulating on social media as an accusation rather than a confirmed fact, while also recognizing that a governance token with an unclear maximum supply and a codebase that has seen little recent development carries real structural risk independent of this single event.
