Track market-moving stories before they get noisy

There's an easy sales pitch for software that can help organizations run their vehicles and equipment more effectively: Show clients how the product can save time or money. Samsara (IOT +2.60%) does just that, helping to bridge the gap between operational data and software.

Artificial intelligence (AI) can make these tools even more productive, but greater productivity alone doesn't make an investment thesis. For investors looking ahead to 2027, the real question is whether Samsara can turn its potential into fundamental growth that exceeds the expectations embedded in its stock. If it can, it's possible that this under-the-radar stock could soar, perhaps even matching the run of Palantir, a stock that skyrocketed more than 700% during the past five years. Let's dig in and see how realistic that scenario is.

Image source: Getty Images.

What Samsara actually does To understand Samsara's business, we must follow a hypothetical example. Imagine a factory. Tens of thousands of moving parts and hundreds of workers are hard at work, focused on the task at hand. There's one problem: A key piece of equipment is at risk of failure. Worse, this type of failure wouldn't just cause downtime; it could also pose a health and safety risk. Samsara's software is designed to catch these issues before they become critical. It keeps operations running smoothly, saves money, and protects key assets.

The company operates on a "land-and-expand" model. It sells its product platform once, then collects recurring revenue from clients. A key aspect of its business model is upselling -- selling additional modules to existing customers to generate more revenue.

IOT Samsara$44.92+$1.14 (+2.60%)

NYSE · As of 4:00 PM ET 10/23/26

Can 2027 be Samsara's breakout year? As for fundamentals, they've taken off recently. Samsara's revenue has increased from about $250 million in 2021 to more than $1.84 billion during the past 12 months. Free cash flow has also increased, swinging from about $150 million in cash burn in 2023 to $255 million in free cash flow during the past 12 months. What's more, the company recently turned the corner on profitability, generating about $91 million in net income during the past year.

Although these metrics are encouraging, Samsara will need to go further in 2027 for its stock to truly take off. The company recently noted that roughly 96% of its customers with more than $100,000 in annual recurring revenue (ARR) now use at least two of its products, and 70% use three or more. If the company can increase those numbers further while expanding its existing customer base, the stock market could take notice.

Is Samsara's valuation its final hurdle? If one factor is holding Samsara back, it could be its valuation. On a price-to-earnings (P/E) ratio basis, its stock trades at about 290. Granted, that is very high. However, Samsara is a young company that has only recently begun producing consistent profits. Therefore, the "E" (earnings) in the equation remains very modest. Consequently, it may be better to examine Samsara's price-to-sales (P/S) ratio instead.

IOT P/S Ratio data by YCharts.

As you can see, Samsara's P/S ratio tells a more nuanced story. While 13.5 is high compared to much of the stock market, it's still reasonable compared to its past readings. In fact, Samsara stock is currently trading for less than its lifetime average P/S ratio of 16.5. Nevertheless, these valuations underscore that Samsara will need to deliver more profit to lower its P/E multiple to levels that will attract more institutional interest.

Is Samsara a buy now? Samsara is a stock worth considering for growth-oriented investors with a bullish outlook on AI's impact on real-world operations. However, the stock still has challenges. Its margins remain thin, and it lacks a long history of consistent profitability. Therefore, the stock isn't for every investor.

Yet improving fundamentals, led by soaring revenue and free cash flow, point to a key tailwind: Organizations are beginning to view AI tools as a recurring operating expense. That bodes well for Samsara. Investors willing to buy and hold the stock could be rewarded in the long run, perhaps as soon as 2027.

Elon Musk just promised millions of people a gift. On Monday, the co-founder and CEO of Tesla (TSLA -0.63%) and Space Exploration Technologies (SPCX +1.89%) wrote in a post at X -- the social media platform formerly known as Twitter -- "Next year, I will give one of my SpaceX shares to every kid in America." He then added, "This will be the first of many."

It sounds good, particularly if you're one of those children about to receive the gift. But what will it cost, and who pays other than Musk?

Musk didn't add any other details. We can, however, make some reasonable assumptions about how this will work.

More than enough already in hand
Musk doesn't need to dilute existing shareholders by issuing new shares of SPCX to make good on his gift. Musk himself effectively controls or personally owns 6.4 billion A shares of the recently public company, in addition to 3.9 billion B shares. There's another 1.3 billion restricted B shares that could soon become his as well, plus 350 million more that he could purchase if he chooses to exercise his options.

For comparison, there are currently just over 72 million children under the age of 18 residing in the United States, according to The Annie E. Casey Foundation. Assuming Musk is using the same standard about who qualifies as a kid, he could give away a mere 1.8% of the 3.9 billion B shares he already owns and still fulfill his promise.

SpaceX and Tesla CEO Elon Musk. Image source: The White House.

His total net cost? At today's price, that's roughly $12 billion worth of SPCX stock, which, of course, is only a fraction of his estimated net worth of right around $1 trillion right now.

And it's almost certainly SpaceX's B shares that Musk intends to give away. Although he personally owns just a little less than half of the company, the A shares' voting power is 10 times that of B shares, effectively giving Musk 85% control of Space Exploration Technologies. He's not apt to give any of that up.

Barely a blip
As for what it means to every other SPCX shareholder, the answer is not a lot... at least not initially. Musk can personally afford to fund the entirety of this gift. No dilution is necessary. 

Longer-term, though, there is a slight conceivable impact. This will put a single share of SpaceX stock in 72 million different investors' hands, with little clarity as to how or even whether selling it will be restricted. Hopefully, most of these recipients will hang onto it indefinitely and use it as a seed for a retirement nest egg. Many of them will likely sell it at their first opportunity, however.

Fortunately, nearly 100 million shares of SPCX trade hands every single day. The market should be able to absorb such a disruption without too much turmoil.

Amazon (AMZN -0.95%) has been a poor stock to own recently. While it rose following its Q2 earnings release, the stock has slowly sold off since then and is now up about 8% for the year, trailing the S&P 500 (^GSPC -0.52%). However, I think this could all turn around once again after Oct. 29, when Amazon reports Q3 earnings.

The reason is fairly clear, and investors have already seen it cause Amazon's price tag to spike once already this year: cloud computing growth.

Image source: The Motley Fool.

Amazon is the industry leader in cloud computing
Amazon may not be the first name you think of when discussing huge tech companies, but it should be high on the list. While most consumers are familiar with Amazon's commerce site and delivery platform, Amazon Web Services (AWS) really steers the business. In fact, AWS -- which supplies cloud computing -- accounted for 60% of Amazon's operating income in Q2, despite making up only 21% of revenue.

How? AWS's operating margins are far superior to those of its commerce business, which is a notoriously razor-thin-margin industry.

While commerce still affects Amazon's investment picture, investors must realize that Amazon doesn't care much about it right now. Amazon is spending about $220 billion this year to expand its computing infrastructure and fuel AWS growth. It seems content with its current dominance in commerce and sees a major opportunity in cloud computing right now, thanks to booming demand for running AI workloads.

AMZN Amazon$248.00-$2.38 (-0.95%)

NASDAQ · As of 4:00 PM ET 10/23/26

These investments have so far paid off, as AWS's growth rate has significantly climbed over the past few quarters. Rewinding to Q4 2025, AWS's growth was 24% year over year. Then it accelerated to 28% in Q1 2026. Amazon surprised investors by reporting impressive 37% growth in Q2, which caused shares to skyrocket earlier this year before eventually selling off.

If Amazon continues to meaningfully accelerate its AWS growth rate, say to the mid-40% range, it could ignite another run-up in stock price, as it would have a positive effect on Amazon's operating margins. This, in turn, will cause earnings per share to rise faster, which the market will love.

If it can do that, Amazon's stock should be primed to rise, because it's actually pretty reasonably valued right now, at least compared to historical levels.

Amazon's stock isn't that expensive
Valuing Amazon's stock is a bit tricky. While the price-to-earnings (P/E) ratio is the gold standard for valuing stocks like Amazon, it's currently not applicable.

Amazon has been a major investor in private company Anthropic, whose valuation has risen substantially over the past year. Accounting rules require Amazon to report these investment gains as profits, even if it hasn't sold them yet. So, Amazon has a lot of profits on paper, but not as many in real life.

To adjust for this, I value Amazon on its operating income, which is one line item above net income. This metric doesn't account for gains on investment, taxes, depreciation, or other factors that could skew the results. It's just how the business itself is doing. From this standpoint, Amazon's price-to-operating-income ratio has declined substantially over the past few years.

AMZN Operating PE Ratio data by YCharts

While it has been slightly cheaper a handful of times this year, it is still pretty reasonably valued. I think now is the perfect time to load up on shares, as its valuation could increase following strong Q3 results likely be highlighted by impressive AWS growth.

I'm bullish on Amazon's future, and AWS will be the division that takes it to the next level as an investment.

Most of the attention on Berkshire Hathaway (BRKA -0.84%) (BRKB -0.87%) owes to its impressive investment portfolio. But Berkshire Hathaway stock is also worth watching on its own, and its shares did something this month that it hasn't accomplished in eight years.

The conglomerate, now led by Greg Abel after the retirement of its longtime leader, Warren Buffett, saw its Class B shares close higher for 10 consecutive trading sessions from Oct. 1 through Oct. 14. Berkshire's stock rose from about $498 to $526.

Berkshire snapped the streak on Oct. 15, but the stock is on another run higher, recently topping $547 and beating the record close of $539.89 set in May 2025.

Obviously, it's a great time to be a Berkshire Hathaway investor. But let's also look at the bigger picture about what happens when Berkshire stock goes on a 10-day winning run. This has happened only six other times since 1998 -- and in four of those six instances, the shares were trading higher 12 months later.

Does that mean investors should buy Berkshire stock today? History offers some encouragement, but there's a much stronger argument for owning Berkshire than its recent winning streak.

Image source: Getty Images.

What does a Berkshire winning streak mean?
Berkshire's earlier streaks of at least 10 consecutive higher closes occurred in 1998, 2003, 2014, twice in 2017, and in January 2018.

The longest came in August 2017, when the shares advanced for 15 consecutive sessions. Berkshire also recorded another extended winning streak in March of that year.

Let's be clear -- although it's a bullish signal that Berkshire posted 12-month gains on four separate occasions after those 10-day runs, that doesn't guarantee that the stock will be higher one year from now. After all, six previous occurrences are a small sample size.

The historical results suggest that an extended winning streak isn't automatically a warning that investors have missed their opportunity. But a 67% success rate doesn't establish that Berkshire has a two-thirds chance of rising during the next year.

Fortunately, investors have something more useful than historical trading patterns to help them make that decision.

$542.19-$4.78 (-0.87%)

NYSE · As of 4:00 PM ET 10/23/26

Berkshire has plenty going for it
One of the biggest questions surrounding Berkshire entering 2026 was how the company would perform after Buffett's retirement as chief executive officer.

So far, Abel has demonstrated that he's willing to put Berkshire's enormous financial resources to work.

Berkshire doubled down on its position in Alphabet, the parent company of Google, while also adding to positions in companies such as Delta Air Lines. The company has also resumed substantial share repurchases, buying back about $4.4 billion of its own stock.

The buybacks are a signal to investors -- Berkshire has always been cautious about buying its own stock and has a stated philosophy of buying only when the stock is trading below its intrinsic value.

Of course, a buyback isn't proof that Berkshire shares are undervalued today, particularly after their recent advance. But it's an encouraging indication of management's willingness to deploy capital when opportunities arise.

And Berkshire still has considerable financial flexibility. Its cash reserves provide ample flexibility for Abel to make acquisitions, invest in more companies, or buy back more of the company's own shares.

Meanwhile, Berkshire's collection of operating businesses, including insurance, railroads, utilities, and manufacturing operations, gives investors exposure to several important parts of the economy without having to purchase individual stocks.

That's a compelling combination for long-term investors.

Is Berkshire Hathaway stock a buy now?
There's another reason I like Berkshire that has little to do with its October winning streak.

Historically, Berkshire has demonstrated an ability to hold up relatively well during difficult markets. In fact, Berkshire outperformed the S&P 500 in 11 of the 13 calendar years when the index posted a negative return.

That doesn't mean Berkshire is immune to market declines. But its diversified businesses, financial resources, and disciplined approach to investing can make it an attractive long-term holding.

And that's where the historical winning-streak data becomes less important.

Berkshire's 10 consecutive gains this month -- or in any year -- don't guarantee positive returns 12 months from now, particularly with the shares trading at a record high. Investors buying today also need to recognize that a strong business isn't automatically an attractive investment at any price.

But I remain bullish on Berkshire's long-term prospects under Abel. The company's financial strength, diverse operations, and renewed willingness to deploy capital provide several avenues to reward shareholders over time.

The October winning streak may have caught Wall Street's attention. For long-term investors, though, Berkshire's underlying business is a much better reason to own the stock.

Nvidia (NVDA -0.59%) and Micron (MU +2.46%) each have been playing key roles in the artificial intelligence (AI) revolution. Nvidia is the maker of the logic chip that powers the "thinking" of AI models, while Micron makes the memory and storage solutions that are also essential in the training and use of AI.

Investors have recognized the importance of these companies and their products and have piled into their shares. Nvidia's gains started earlier than those of Micron, back in 2023, and have accelerated over the past two years. Micron climbed somewhat back then but truly took off this year. Over the past five years, Nvidia has advanced more than 800%, while Micron has soared 1,200%.

The AI revolution is big enough for both of these market titans -- but which is the better buy? Let's find out.

Image source: Getty Images.

Nvidia dominates the AI chip market, selling the graphics processing units (GPUs) that power unavoidable tasks such as the training and inference of models. The company isn't alone in the market, but it is the leader thanks to its early entry, the speed of its GPUs, and its commitment to innovation to remain ahead of rivals.

All of this has translated into eye-popping earnings growth over the past few years. Nvidia's revenue and profit have marched higher, climbing in the double and triple digits to record levels. In the latest period, for example, revenue soared 106% to $96 billion, while net income jumped 126% to $59 billion.

Though Nvidia is best known for its GPUs, the company's work doesn't stop here. It has created complete systems, including networking tools and enterprise software, and developed platforms to serve specific industries like healthcare and robotics. The tech giant has also been growing its presence through acquisitions as we can see through its plan to buy open-source AI platform Hugging Face.

As the AI focus transitions from the training of models to widespread use of AI in the real world, Nvidia is well positioned to benefit and continue delivering solid revenue gains.

NVDA Nvidia$210.96-$1.25 (-0.59%)

NASDAQ · As of 4:00 PM ET 10/23/26

The case for Micron
Micron has served the AI market in its early days, for the training of models, but the greater revenue opportunity is happening now and may continue well into the future. As mentioned, the company makes the memory and storage needed for various AI tasks.

And the current and future major revenue opportunity lies in the area of agentic AI. This involves AI taking on a problem and going through various steps to solve it. And for this, memory is needed on an ongoing basis, representing significant and lasting growth for Micron. This is why, with the market moving toward agentic AI, Micron's earnings and stock price have surged.

In the latest quarter, the company reported a revenue increase of more than 370%, and with memory supply tight, Micron has developed strategic customer agreements or multi-year supply contracts. This move secures supply for customers into the future and offers Micron and its shareholders greater visibility into revenue to come. So these agreements are positive for all involved.

Considering we're in the early stages of the use of AI in the real world, Micron's revenue could continue to march higher in the quarters to come.

MU Micron Technology$877.55+$21.06 (+2.46%)

NASDAQ · As of 4:00 PM ET 10/23/26

Which stock is the better buy?
Nvidia and Micron are both important players in the AI revolution. And today, each of these stocks looks reasonably priced.

NVDA PE Ratio (Forward) data by YCharts

But the better buy today is Nvidia. Here's why. Micron should continue to generate growth, but it is more vulnerable to a potential decline in prices once memory supply normalizes over the next couple of years. And this could weigh on growth. The memory market is cyclical, shifting from periods of tight supply to oversupply -- and an eventual time of high supply is likely to slow or halt Micron's momentum.

Nvidia, due to its broad presence across the AI industry and range of products and services, might better navigate potential headwinds -- and feel less pressure on earnings and stock performance. The company's market isn't cyclical, which means greater stability in revenue over time. All of this means Nvidia is the best stock to add to your AI portfolio right now.

Longer-term data reflecting nearly 4 years of follow-up show a further reduction in the risk of death from 14% to 37% for those initially treated with Libtayo, despite an 88% crossover from the placebo arm upon recurrence 

New prospective analyses confirm sustained disease-free survival (DFS) benefit with adjuvant Libtayo, including in patients who are minimal residual disease (MRD) negative at baseline

The late-breaking data were presented during a rapid oral session at the European Society for Medical Oncology (ESMO) 2026 Meeting

TARRYTOWN, N.Y., Oct. 25, 2026 (GLOBE NEWSWIRE) -- Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) today announced longer-term data reflecting nearly four years of follow-up from the Phase 3 C-POST trial evaluating PD-1 inhibitor Libtayo® (cemiplimab) as adjuvant treatment for patients with cutaneous squamous cell carcinoma (CSCC) at a high risk of recurrence after surgery and radiation. The late-breaking results were presented in a rapid oral session at the European Society for Medical Oncology (ESMO) Congress 2026.

“As the Phase 3 C-POST trial data continue to mature, we are seeing an evolving and clinically meaningful overall survival benefit with adjuvant Libtayo in high-risk cutaneous squamous cell carcinoma, as well as sustained disease-free survival benefit regardless of whether minimal residual disease is detectable at baseline,” said Danny Rischin, M.D., M.B.B.S., F.R.A.C.P., Research Lead, Head and Neck Cancer and Cutaneous SCC, Department of Medical Oncology at the Peter MacCallum Cancer Centre in Melbourne, Australia, and lead investigator of the trial. "These data provide compelling evidence of the long-term, durable benefit of adjuvant treatment with Libtayo in high-risk CSCC after surgery and radiation, further supporting Libtayo as a transformative standard of care for these patients."

With a median follow-up of 44 months, efficacy results for Libtayo compared to placebo showed sustained benefits for the primary endpoint of disease-free survival (DFS), and notably, an increasing overall survival (OS) benefit, a secondary endpoint. Specifically, there was a 37% reduction in the risk of death (hazard ratio [HR]: 0.63; 95% confidence interval [CI]: 0.36-1.11) at a median follow up of 44 months, up from 22% at a median follow up of 30 months (HR: 0.78; 95% CI: 0.39-1.56) and 14% at a median follow up of 24 months (HR: 0.86; 95% CI: 0.39-1.90). Notably, patients randomized to placebo were able to cross over to Libtayo after recurrence, and 61 of 69 placebo patients (88%) with recurrence received subsequent Libtayo. The emerging OS benefit, despite the high crossover rate, therefore supports treating high-risk patients with Libtayo after surgery and radiation, rather than waiting for their disease to recur.

Additionally, an exploratory analysis of patients with baseline circulating tumor DNA (ctDNA) data (Libtayo n=93; placebo n=98) was conducted. Compared to placebo, treatment with adjuvant Libtayo improved DFS regardless of baseline minimal residual disease (MRD) status, supporting the broad clinical utility of adjuvant Libtayo in high-risk CSCC. In particular, patients who were MRD negative at baseline – and thus had lower risk of recurrence – still had improved DFS with Libtayo (HR: 0.45; 95% CI: 0.22-0.95); patients who were MRD positive at baseline also had improved DFS with Libtayo (HR: 0.24; 95% CI: 0.07-0.86).

Safety results remained consistent with previously reported data. Treatment emergent adverse events (TEAEs) of any grade occurred in 94% of patients in the Libtayo arm and 91% of patients in the placebo arm. Grade ≥3 TEAEs occurred in 26% of patients (Libtayo) and 17% of patients (placebo). Treatment discontinuations due to TEAEs occurred in 10% of patients (Libtayo) and 3% of patients (placebo). TEAEs leading to death occurred in 2% of patients in each arm.

The longer-term C-POST data at ESMO expand on results shared at the 2025 ASCO Annual Meeting and simultaneously published in the New England Journal of Medicine. Libtayo has since been approved by the U.S. Food and Drug Administration (October 2025) and the European Commission (November 2025) as the first and only immunotherapy for this indication.

About the Phase 3 Trial
C-POST was a randomized, placebo-controlled, double-blind, multicenter, global Phase 3 trial investigating Libtayo versus placebo as adjuvant treatment for patients with features associated with a high-risk of CSCC recurrence and who had completed surgery and post-operative radiation therapy. Trial participants were at high risk of recurrence due to nodal features (extracapsular extension or ≥3 involved lymph nodes) and/or non-nodal features (in-transit metastases, T4 lesion, perineural invasion, or locally recurrent tumor with ≥1 additional poor prognostic features).

The trial enrolled 415 patients who were randomized to receive either Libtayo (n=209) or placebo (n=206) for up to 48 weeks. For the first 12 weeks, Libtayo 350 mg or placebo was administered intravenously every three weeks, followed by Libtayo 700 mg or placebo administered intravenously every six weeks for 36 weeks. After disease recurrence, patients randomized to placebo could cross over to receive Libtayo, and patients randomized to Libtayo could receive Libtayo again, if recurrence was ≥3 months since the last dose of adjuvant Libtayo.

About Regeneron in Cancer
We aspire to turn revolutionary discoveries into medicines that can transform the lives of those impacted by cancer. Our team around the world is driven to solve the needs and challenges of those affected by one of the most serious diseases of our time.

Backed by our legacy of scientific innovation and a deep understanding of biology, genetics and the immune system, we’re pursuing potential therapies across more than 30 types of solid tumors and blood cancers. Our cancer strategy is powered by cutting-edge technologies and therapies that can be flexibly combined to investigate potentially transformative treatments for patients. Oncology assets in clinical development comprise nearly half of Regeneron’s pipeline, and include checkpoint inhibitors, bispecific antibodies and costimulatory bispecific antibodies. Our approved PD-1 inhibitor Libtayo serves as the backbone of many of our investigational combinations.

To complement our extensive in-house capabilities, we collaborate with patients, healthcare providers, governments, biopharma companies and each other to further our shared goals. Together, we are united in the mission to serve as a beacon of transformation in cancer care.

About Libtayo
Libtayo is a fully human monoclonal antibody targeting the immune checkpoint receptor PD-1 on T cells and was invented using Regeneron's proprietary VelocImmune® technology. By binding to PD-1, Libtayo has been shown to block cancer cells from using the PD-1 pathway to suppress T-cell activation. Libtayo has been approved by regulatory authorities in more than 30 countries in one or more indications, including for certain adult patients with advanced basal cell carcinoma (BCC), CSCC that is advanced or at high risk of recurrence, advanced non-small cell lung cancer (NSCLC) and advanced cervical cancer.

In the U.S., the generic name for Libtayo in its approved indications is cemiplimab-rwlc, with rwlc as the suffix designated in accordance with Nonproprietary Naming of Biological Products Guidance for Industry issued by the U.S. FDA. Outside of the U.S., the generic name of Libtayo in its approved indications is cemiplimab.  

The extensive clinical program for Libtayo is focused on difficult-to-treat cancers. Libtayo is currently being investigated in trials as a monotherapy, as well as in combination with either conventional or novel therapeutic approaches for other solid tumors. These potential uses are investigational, and their safety and efficacy have not been evaluated by any regulatory authority.

U.S. FDA-approved Indications
Libtayo is a prescription medicine used to treat:

Adults with a type of skin cancer called cutaneous squamous cell carcinoma (CSCC): that has spread or cannot be cured by surgery or radiation, orto help prevent CSCC from coming back if your CSCC is at high risk of coming back after it has been removed by surgery and radiation. Adults with a type of skin cancer called basal cell carcinoma (BCC) when your BCC cannot be removed by surgery (locally advanced BCC) or when it has spread (metastatic BCC) and have received treatment with a hedgehog pathway inhibitor (HHI), or cannot receive treatment with a HHI.Adults with a type of lung cancer called non-small cell lung cancer (NSCLC). LIBTAYO may be used in combination with chemotherapy that contains a platinum medicine as your first treatment when your lung cancer has not spread outside your chest (locally advanced lung cancer) and you cannot have surgery or chemotherapy with radiation, or your lung cancer has spread to other areas of your body (metastatic lung cancer), and your tumor does not have an abnormal “EGFR,” “ALK,” or “ROS1” gene.LIBTAYO may be used alone as your first treatment when your lung cancer has not spread outside your chest (locally advanced lung cancer) and you cannot have surgery or chemotherapy with radiation, or your lung cancer has spread to other areas of your body (metastatic lung cancer), and your tumor tests positive for high “PD-L1,” and your tumor does not have an abnormal “EGFR,” “ALK,” or “ROS1” gene.
It is not known if Libtayo is safe and effective in children.

IMPORTANT SAFETY INFORMATION FOR U.S. PATIENTS

What is the most important information I should know about LIBTAYO?
LIBTAYO is a medicine that may treat certain cancers by working with your immune system. LIBTAYO can cause your immune system to attack normal organs and tissues in any area of your body and can affect the way they work. These problems can sometimes become severe or life-threatening and can lead to death. You can have more than one of these problems at the same time. These problems may happen anytime during treatment or even after your treatment has ended.

Call or see your healthcare provider right away if you develop any new or worsening signs or symptoms, including:

Lung problems: cough, shortness of breath, or chest painIntestinal problems: diarrhea (loose stools) or more frequent bowel movements than usual, stools that are black, tarry, sticky or have blood or mucus, or severe stomach-area (abdomen) pain or tendernessLiver problems: yellowing of your skin or the whites of your eyes, severe nausea or vomiting, pain on the right side of your stomach-area (abdomen), dark urine (tea colored), or bleeding or bruising more easily than normalHormone gland problems: headache that will not go away or unusual headaches, eye sensitivity to light, eye problems, rapid heartbeat, increased sweating, extreme tiredness, weight gain or weight loss, feeling more hungry or thirsty than usual, urinating more often than usual, hair loss, feeling cold, constipation, your voice gets deeper, dizziness or fainting, or changes in mood or behavior, such as decreased sex drive, irritability, or forgetfulnessKidney problems: decrease in your amount of urine, blood in your urine, swelling of your ankles, or loss of appetiteSkin problems: rash, itching, skin blistering or peeling, painful sores or ulcers in mouth or nose, throat, or genital area, fever or flu-like symptoms, or swollen lymph nodesProblems can also happen in other organs and tissues. These are not all of the signs and symptoms of immune system problems that can happen with LIBTAYO. Call or see your healthcare provider right away for any new or worsening signs or symptoms, which may include: chest pain, irregular heartbeat, shortness of breath or swelling of ankles, confusion, sleepiness, memory problems, changes in mood or behavior, stiff neck, balance problems, tingling or numbness of the arms or legs, double vision, blurry vision, sensitivity to light, eye pain, changes in eyesight, persistent or severe muscle pain or weakness, muscle cramps, low red blood cells, or bruisingInfusion reactions that can sometimes be severe or life-threatening. Signs and symptoms of infusion reactions may include: nausea, vomiting, chills or shaking, itching or rash, flushing, shortness of breath or wheezing, dizziness, feel like passing out, fever, back or neck pain, or facial swellingRejection of a transplanted organ or tissue. Your healthcare provider should tell you what signs and symptoms you should report and monitor you, depending on the type of organ or tissue transplant that you have hadComplications, including graft-versus-host disease (GVHD), in people who have received a bone marrow (stem cell) transplant that uses donor stem cells (allogeneic). These complications can be serious and can lead to death. These complications may happen if you underwent transplantation either before or after being treated with LIBTAYO. Your healthcare provider will monitor you for these complications Getting medical treatment right away may help keep these problems from becoming more serious. Your healthcare provider will check you for these problems during your treatment with LIBTAYO. Your healthcare provider may treat you with corticosteroid or hormone replacement medicines. Your healthcare provider may also need to delay or completely stop treatment with LIBTAYO if you have severe side effects.

Before you receive LIBTAYO, tell your healthcare provider about all your medical conditions, including if you:

have immune system problems such as Crohn’s disease, ulcerative colitis, or lupushave received an organ or tissue transplant, including corneal transplanthave received or plan to receive a stem cell transplant that uses donor stem cells (allogeneic)have received radiation treatment to your chest areahave a condition that affects your nervous system, such as myasthenia gravis or Guillain-Barré syndromeare pregnant or plan to become pregnant. LIBTAYO can harm your unborn baby Females who are able to become pregnant:

Your healthcare provider will give you a pregnancy test before you start treatmentYou should use an effective method of birth control during your treatment and for at least 4 months after your last dose of LIBTAYO. Talk to your healthcare provider about birth control methods that you can use during this timeTell your healthcare provider right away if you become pregnant or think you may be pregnant during treatment with LIBTAYO are breastfeeding or plan to breastfeed. It is not known if LIBTAYO passes into your breast milk. Do not breastfeed during treatment and for at least 4 months after the last dose of LIBTAYO Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins, and herbal supplements.

The most common side effects of LIBTAYO when used alone to treat CSCC that has spread or cannot be cured by surgery or radiation, BCC or NSCLC include tiredness, muscle or bone pain, rash, diarrhea, and low levels of red blood cells (anemia).

The most common side effects of LIBTAYO when used alone to help prevent CSCC from coming back include rash and itching.

The most common side effects of LIBTAYO when used in combination with platinum-containing chemotherapy to treat NSCLC include hair loss, muscle or bone pain, nausea, tiredness, numbness, pain, tingling, or burning in your hands or feet, and decreased appetite.

These are not all the possible side effects of LIBTAYO. Call your doctor for medical advice about side effects. You may report side effects to FDA at 1-800-FDA-1088. You may also report side effects to Regeneron Pharmaceuticals at 1-877-542-8296.

Please see full Prescribing Information, including Medication Guide.  

About Regeneron's VelocImmune Technology
Regeneron's VelocImmune technology utilizes a proprietary genetically engineered mouse platform endowed with a genetically humanized immune system to produce optimized fully human antibodies. When Regeneron's Co-Founder, President and Chief Scientific Officer George D. Yancopoulos was a graduate student with his mentor Frederick W. Alt in 1985, they were the first to envision making such a genetically humanized mouse, and Regeneron has spent decades inventing and developing VelocImmune and related VelociSuite® technologies. Dr. Yancopoulos and his team have used VelocImmune technology to create a substantial proportion of all original, FDA-approved or authorized fully human monoclonal antibodies. This includes Dupixent® (dupilumab), Libtayo, Praluent® (alirocumab), Kevzara® (sarilumab), Evkeeza® (evinacumab-dgnb), Inmazeb® (atoltivimab, maftivimab and odesivimab-ebgn), Veopoz® (pozelimab-bbfg) and Pasatru™ (garetosmab-grts). In addition, REGEN-COV® (casirivimab and imdevimab) had been authorized by the FDA during the COVID-19 pandemic until 2024. A total of 11 antibody and bispecific products have been approved or authorized worldwide that were invented or derived using VelocImmune technologies.

About Regeneron 
Regeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases, and rare diseases.

Regeneron pushes the boundaries of scientific discovery and accelerates drug development using our proprietary technologies, such as VelociSuite®, which produces optimized fully human antibodies and new classes of bispecific antibodies. We are shaping the next frontier of medicine with data-powered insights from the Regeneron Genetics Center® and pioneering genetic medicine platforms, enabling us to identify innovative targets and complementary approaches to potentially treat or cure diseases.

For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.

Forward-Looking Statements and Use of Digital Media
This press release includes forward-looking statements that involve risks and uncertainties relating to future events and the future performance of Regeneron Pharmaceuticals, Inc. (“Regeneron” or the “Company”), and actual events or results may differ materially from these forward-looking statements. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “estimate,” variations of such words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. These statements concern, and these risks and uncertainties include, among others, the nature, timing, and possible success and therapeutic applications of products marketed or otherwise commercialized by Regeneron and/or its collaborators or licensees (collectively, “Regeneron’s Products”) and product candidates being developed by Regeneron and/or its collaborators or licensees (collectively, “Regeneron’s Product Candidates”) and research and clinical programs now underway or planned, including without limitation Libtayo® (cemiplimab) as adjuvant treatment for patients with cutaneous squamous cell carcinoma at a high risk of recurrence after surgery and radiation; uncertainty of the utilization, market acceptance, and/or commercial success of Regeneron’s Products (such as Libtayo) and Regeneron’s Product Candidates and the impact of studies (whether conducted by Regeneron or others and whether mandated or voluntary), including the studies discussed or referenced in this press release, on any of the foregoing; the likelihood, timing, and scope of possible regulatory approval and commercial launch of Regeneron’s Product Candidates and new indications for Regeneron’s Products; the ability of Regeneron’s collaborators, licensees, suppliers, or other third parties (as applicable) to perform manufacturing, filling, finishing, packaging, labeling, distribution, and other steps related to Regeneron’s Products and Regeneron’s Product Candidates; the ability of Regeneron to manage supply chains for multiple products and product candidates and risks associated with tariffs and other trade restrictions; safety issues resulting from the administration of Regeneron’s Products (such as Libtayo) and Regeneron’s Product Candidates in patients, including serious complications or side effects in connection with the use of Regeneron’s Products and Regeneron’s Product Candidates in clinical trials; determinations by regulatory and administrative governmental authorities which may delay or restrict Regeneron’s ability to continue to develop or commercialize Regeneron’s Products and Regeneron’s Product Candidates; ongoing regulatory obligations and oversight impacting Regeneron’s Products, research and clinical programs, and business, including those relating to patient privacy; the availability and extent of reimbursement or copay assistance for Regeneron’s Products from third-party payors and other third parties, including private payor healthcare and insurance programs, health maintenance organizations, pharmacy benefit management companies, and government programs such as Medicare and Medicaid; coverage and reimbursement determinations by such payors and other third parties and new policies and procedures adopted by such payors and other third parties; changes to drug pricing regulations and requirements and Regeneron’s pricing strategy, including in connection with Regeneron’s April 2026 agreements with the U.S. government; other changes in laws, regulations, and policies affecting the healthcare industry; competing products and product candidates (including biosimilar products) that may be superior to, or more cost effective than, Regeneron’s Products and Regeneron’s Product Candidates; the extent to which the results from the research and development programs conducted by Regeneron and/or its collaborators or licensees may be replicated in other studies and/or lead to advancement of product candidates to clinical trials, therapeutic applications, or regulatory approval; unanticipated expenses; the costs of developing, producing, and selling products; the ability of Regeneron to meet any of its financial projections or guidance and changes to the assumptions underlying those projections or guidance; the potential for any license, collaboration, or supply agreement, including Regeneron’s agreements with Sanofi and Bayer (or their respective affiliated companies, as applicable), to be cancelled or terminated; the impact of public health outbreaks, epidemics, or pandemics on Regeneron's business; and risks associated with litigation and other proceedings and government investigations relating to the Company and/or its operations (including the pending civil proceedings initiated or joined by the U.S. Department of Justice and the U.S. Attorney's Office for the District of Massachusetts), risks associated with intellectual property of other parties and pending or future litigation relating thereto (including without limitation the patent litigation and other related proceedings relating to EYLEA® (aflibercept) Injection), the ultimate outcome of any such proceedings and investigations, and the impact any of the foregoing may have on Regeneron’s business, prospects, operating results, and financial condition. A more complete description of these and other material risks can be found in Regeneron’s filings with the U.S. Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2025 and its Form 10-Q for the quarterly period ended June 30, 2026. Any forward-looking statements are made based on management’s current beliefs and judgment, and the reader is cautioned not to rely on any forward-looking statements made by Regeneron. Regeneron does not undertake any obligation to update (publicly or otherwise) any forward-looking statement, including without limitation any financial projection or guidance, whether as a result of new information, future events, or otherwise.

Regeneron uses its media and investor relations website and social media outlets to publish important information about the Company, including information that may be deemed material to investors. Financial and other information about Regeneron is routinely posted and is accessible on Regeneron's media and investor relations website (https://investor.regeneron.com) and its LinkedIn page (https://www.linkedin.com/company/regeneron-pharmaceuticals).

Pumitamig plus docetaxel demonstrated encouraging responses in squamous and non-squamous non-small cell lung cancer across PD-L1 expression levels with a confirmed objective response rate of 36.7% following progression on or after immunotherapy plus chemotherapyAn early median progression-free survival of 6.9 months was observedSignificant unmet need remains for patients who have progressed on an immunotherapy-containing regimen, with the average progression-free survival below 4 months for standard of care docetaxel Data represent the third global Phase 2 dataset for pumitamig in lung cancer and reinforce its potential to improve outcomes over current standards of care  MAINZ, Germany, and PRINCETON, USA, October 25, 2026 – BioNTech SE (Nasdaq: BNTX, “BioNTech”) and Bristol Myers Squibb Company (NYSE: BMY, “BMS”) today announced first data from the global Phase 2 ROSETTA Lung-107 clinical trial (NCT06841055) evaluating pumitamig, an investigational PD-L1xVEGF-A bispecific immunomodulator (BNT327/BMS986545), in combination with docetaxel in patients with metastatic non-small cell lung cancer (“NSCLC”) whose disease progressed on or after first-line immunotherapy plus chemotherapy.

The data showed encouraging antitumor activity, with responses observed in both squamous and non-squamous NSCLC and across PD-L1 expression levels, together with a manageable safety profile consistent with prior global datasets for pumitamig. The data were presented today in a late-breaking rapid oral presentation (abstract #LBA76) at the European Society for Medical Oncology (“ESMO”) Congress 2026 in Madrid, Spain.

“Despite meaningful advances in first-line treatment, outcomes remain poor for the many patients with non-small cell lung cancer whose disease progresses after immunotherapy plus chemotherapy, a setting where docetaxel has remained the standard of care for years,”1 said Byoung Chul Cho, M.D., Ph.D., Trial Investigator and Professor of Medical Oncology at Yonsei Cancer Center, Yonsei University College of Medicine, Seoul, Republic of Korea. “These first data from ROSETTA Lung-107 show encouraging response rates and progression-free survival across PD-L1 expression levels and histology, suggesting that pumitamig may help re-engage antitumor immunity in patients who have progressed on prior immunotherapy plus chemotherapy. These findings support continued investigation of pumitamig in this population with high unmet need.”

ROSETTA Lung-107 is evaluating pumitamig 1400 mg in combination with docetaxel every three weeks. The July 10, 2026, data cut-off included 50 patients with a median follow-up of 12.2 weeks, and 33 patients remained on treatment. Among 30 efficacy-evaluable patients, pumitamig plus docetaxel showed a confirmed objective response rate (“cORR”) of 36.7% with a disease control rate (“DCR”) of 90.0%. Responses were observed across PD-L1 expression levels (cORR: 42.9% TPS ˂ 1%; 33.3% TPS 1–49%; 40.0% TPS ≥ 50%) and histologies (cORR: 57.1% squamous; 30.4% non-squamous), with DCRs above 80% in all subgroups. Median time to response was 1.4 months. In the overall treated population (n=50), median progression-free survival (“PFS”) was 6.9 months (95% CI: 4.2 – not reached), with a six-month PFS rate of 63.3%. Historically, standard-of-care docetaxel has delivered a median PFS of approximately 3.6 or 3.9 months for non-squamous and squamous metastatic NSCLC patients, respectively, following prior immunotherapy plus chemotherapy.1

“Our ambition is to improve outcomes for patients across the full spectrum of lung cancer, spanning disease subtypes, stages and lines of therapy,” said Prof. Özlem Türeci, M.D., Co-Founder and Chief Medical Officer at BioNTech. “These encouraging results for pumitamig plus docetaxel extend the clinical evidence to patients whose disease has progressed after immunotherapy plus chemotherapy, a setting in which treatment options remain limited. Together with our findings in first-line NSCLC and extensive-stage small cell lung cancer, they support our strategy to develop pumitamig across a broad range of lung cancer settings, including those with particularly high unmet medical need.”

“This is the third global Phase 2 dataset to show consistent activity for pumitamig in lung cancer across PD-L1 expression levels, and it extends our evidence into a second-line setting where current options fall short,” said Cristian Massacesi, Executive Vice President, Chief Medical Officer and Head of Development at Bristol Myers Squibb. “Together with BioNTech, we are advancing one of the broadest development programs in the class as we continue to build the growing body of clinical evidence for pumitamig across multiple types and treatment lines of lung cancer, with four ongoing global Phase 3 trials, and we look forward to defining the path forward for pumitamig in second-line NSCLC.”

Across 50 patients in the safety evaluation, pumitamig plus chemotherapy showed a manageable safety profile, with no new safety signals. Pumitamig treatment-related adverse events (“TRAEs”) of any grade were reported in 52.0% of patients and grade ≥ 3 TRAEs in 18.0%, leading to treatment discontinuation in four (8.0%) patients. Immune- related AEs occurred in 11 (22.0%) patients and grade ≥ 3 immune- related AEs in five (10.0%) patients. VEGF-related events were reported in 13 (26.0%) patients; grade 3 events were rare (two patients, 4.0%), with no grade 4 or 5 events. Bleeding events occurred in eight (16.0%) patients and were limited to grade 1 or 2 severity. There were no pumitamig-related deaths or dose-limiting toxicities (“DLTs”).

BioNTech and BMS are advancing a broad development plan for pumitamig in multiple cancer types, including lung cancer across disease stages, subgroups and lines of therapy. ROSETTA Lung-107 extends the program into the second-line NSCLC setting, and these data will inform the further development of pumitamig in this underserved patient population.

About ROSETTA Lung-107
The global, open-label, single-arm Phase 2 ROSETTA Lung-107 trial (NCT06841055) is evaluating pumitamig (BNT327/BMS986545) in combination with docetaxel in patients with stage IV squamous or non-squamous NSCLC whose disease progressed following first-line immunotherapy plus chemotherapy, with any level of PD-L1 expression. Patients with prior exposure to anti-VEGF monoclonal antibodies or PD-(L)1xVEGF bispecific antibodies were excluded. In Part 1 (safety run-in), patients received pumitamig 1400 mg or 2000 mg plus docetaxel 75 mg/m² every three weeks (Q3W). In Part 2 (dose expansion), patients received pumitamig 1400 mg plus docetaxel 75 mg/m² Q3W, the dose recommended by the internal review committee based on the totality of evidence from Part 1 and the broader pumitamig lung cancer program. The primary endpoints are dose-limiting toxicities (Part 1 only), safety, and objective response rate (“ORR”) per investigator’s assessment (RECIST 1.1). Secondary endpoints include disease control rate (“DCR”), duration of response (“DOR”), depth of response, time to response, progression-free survival (“PFS”), overall survival (“OS”), pharmacokinetics, and antidrug antibody prevalence. The trial enrolled 59 patients at sites in Australia, the Republic of Korea, Spain, Türkiye, the United Kingdom, and the United States.

About Pumitamig
Pumitamig is an investigational bispecific immunomodulator, jointly developed by BioNTech and BMS, designed to cooperatively bind to PD-L1 and VEGF-A. It is aimed at restoring the immune system’s ability to recognize and destroy tumor cells while simultaneously cutting off the blood and oxygen supply that feeds tumor cells (anti-angiogenesis effect), preventing them from growing and proliferating. By anchoring to PD-L1 receptors on tumor cells, we believe pumitamig localizes VEGF-A blockade within the tumor microenvironment, potentially enhancing antitumor activity while minimizing systemic exposure.

More than 4,000 patients have been treated with pumitamig in clinical trials to date. Seven global Phase 3 trials with registrational potential are currently ongoing, evaluating pumitamig plus chemotherapy compared to standard of care treatments, in first-line small cell lung cancer (ROSETTA Lung-01, NCT06712355); first-line non-small cell lung cancer (ROSETTA Lung-02, NCT06712316); unresectable stage III non-small cell lung cancer (ROSETTA Lung-201, NCT07361497); first-line advanced PD-L1 ≥ 50% non-small cell lung cancer (ROSETTA Lung-202, NCT07361510); first-line triple-negative breast cancer (ROSETTA Breast-01, NCT07173751); first-line microsatellite stable colorectal cancer (ROSETTA CRC-203, NCT07221357); and first-line gastric cancer (ROSETTA Gastric-204, NCT07221149). Pumitamig is also being explored in 10+ novel-novel combination trials with ADCs and other novel modalities, with the aim of expanding its role across tumor types and identifying additional pivotal opportunities.

About NSCLC
Non-small cell lung cancer (NSCLC) covers all epithelial lung cancers other than small cell lung cancer and includes squamous cell carcinoma, large cell carcinoma, and adenocarcinoma of the lung. It is the most common type of lung cancer, accounting for approximately 85% of cases, and is the leading cause of cancer-related deaths worldwide.2 Scientific advances have transformed the treatment of NSCLC, improving outcomes for many patients. However, NSCLC remains an aggressive disease with a poor prognosis and a 5-year survival rate of 18 to 22% in advanced stages.3 Patients with low levels of PD-L1 expression typically do not respond well to checkpoint inhibitor-based regimens creating a significant unmet need for new treatment options that provide durable responses to a broad range of patients.

About BioNTech
BioNTech is a global next generation biopharmaceutical company pioneering novel investigative therapies for cancer and other serious diseases. In oncology, BioNTech is committed to transforming how cancer is treated. Its ambition is to develop innovative medicines with pan-tumor or synergistic potential to address cancer from multiple angles and across the full continuum of the disease from early- to late-stage. Its growing late-stage oncology pipeline comprises complementary treatment approaches spanning immunomodulators, antibody-drug conjugates, and mRNA cancer immunotherapies. BioNTech has partnered with multiple global and specialized pharmaceutical collaborators leveraging complementary expertise and resources to accelerate innovation and drive progress, including Bristol Myers Squibb, Duality Biologics, Genentech, a member of the Roche Group, Genmab, MediLink, OncoC4, and Pfizer.

For more information, please visit www.BioNTech.com.

BioNTech Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: BioNTech’s collaboration with Bristol Myers Squibb (BMS); BioNTech and BMS’s ability to successfully co-develop and co-commercialize pumitamig (also known as BNT327 or BMS986545), if approved; the rate and degree of market acceptance of pumitamig, if approved; the initiation, timing, progress, and results of BioNTech’s research and development programs, including BioNTech’s current and future clinical trials, including statements regarding the expected timing of initiation, enrollment, and completion of trials and related preparatory work and the availability of results, and the timing and outcome of applications for regulatory approvals and marketing authorizations, including expectations regarding the potential indications in which pumitamig may be approved, if at all; the targeted timing and number of additional potentially registrational trials, and the registrational potential of any trial BioNTech may initiate; and discussions with regulatory agencies. In some cases, forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “expects,” “intends,” “plans,” “aims,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words.

The forward-looking statements in this press release are based on BioNTech’s current expectations and beliefs of future events and are neither promises nor guarantees. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond BioNTech’s control and which could cause actual results to differ materially and adversely from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as risks associated with clinical data, and including the possibility of unfavorable new preclinical, clinical or safety data and further analyses of existing preclinical, clinical or safety data; the nature of clinical data, which is subject to ongoing peer review, regulatory review and market interpretation; the impact of tariffs and escalations in trade policy; competition related to BioNTech’s product candidates; the timing of and BioNTech’s ability to obtain and maintain regulatory approval for its product candidates; BioNTech’s ability to identify research opportunities and discover and develop investigational medicines; the ability and willingness of BioNTech’s third-party collaborators to continue research and development activities relating to BioNTech’s product candidates and investigational medicines; unforeseen safety issues and potential claims that are alleged to arise from the use of products and product candidates developed or manufactured by BioNTech; BioNTech’s and its collaborators’ ability to commercialize and market its product candidates, if approved; BioNTech’s ability to manage its development and related expenses; regulatory and political developments in the United States and other countries; BioNTech’s ability to effectively scale its production capabilities and manufacture its products and product candidates; and other factors not known to BioNTech at this time.

You should review the risks and uncertainties described under the heading “Risk Factors” in BioNTech’s Report on Form 6-K for the period ended June 30, 2026 and in subsequent filings made by BioNTech with the SEC, which are available on the SEC’s website at www.sec.gov. These forward-looking statements speak only as of the date hereof. Except as required by law, BioNTech disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise.

About Bristol Myers Squibb
At Bristol Myers Squibb, our mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. We are pursuing bold science to define what’s possible for the future of medicine and the patients we serve. For more information, visit us at BMS.com and follow us on LinkedIn, X, YouTube, Facebook and Instagram.

Bristol Myers Squibb Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, the research, development and commercialization of pharmaceutical products. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Such forward-looking statements are based on current expectations and projections about Bristol Myers Squibb’s future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond our control and could cause future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. These risks, assumptions, uncertainties and other factors include, among others, that the expected benefits of, and opportunities related to the collaboration with BioNTech may not be realized by Bristol Myers Squibb or may take longer to realize than anticipated, that future study results may not be consistent with the results to date, that pumitamig (also known as BNT327 or BMS986545) alone or in combination with chemotherapy (such as docetaxel) may not achieve its primary study endpoint or receive regulatory approval for the indications described in this release in the currently anticipated timeline or at all, any marketing approvals, if granted, may have significant limitations on their use, and, if approved, whether pumitamig alone or in combination with chemotherapy will be commercially successful. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb’s business and market, particularly those identified in the cautionary statement and risk factors discussion in Bristol Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2025, as updated by Bristol Myers Squibb’s subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, Bristol Myers Squibb undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.

CONTACTS

BioNTech
Media Relations
Jasmina Alatovic
[email protected]

Investor Relations
Douglas Maffei, PhD
[email protected]

Bristol Myers Squibb
Media Relations
[email protected]  

Investor Relations
[email protected]

1. Ahn MJ et al. J Clin Oncol. 2025;43(3):260–272.
2. Lin Z et al. Medicine (Baltimore). 2025 Jul 25;104(30):e43300.
3. Liu SV et al. Immunotherapy. 2025 Oct;17(14):1005-1013.

Liaquat Ahamed byl jako známý finanční a investiční historik hostem Bloombergu, kde se obsáhle věnoval podobnostem mezi železniční investiční bublinou a současným děním kolem umělé inteligence (viz včerejší Víkendář). V rámci diskuse o celkovém rozvoji finančních trhů zmínil i Rothschildovi, jejichž rozmach podle něj stál zejména na tom, že pomáhali evropským vládám financovat obnovu zemí po napoleonských válkách.

Podle Ahameda Rothschildovi hodně prodělali na investičním boomu při budování plavebních kanálů. Ten byl vedle stavby železnic dalším významným prvkem tehdejší dopravní infrastruktury. Rothschildovi se v té době pokusili dostat část peněz zpět tím, že se budou soudit s několika státy, nicméně zjistili, že to v USA nelze, protože tyto státy mají imunitu. To podle nich bylo známkou banánové republiky a z USA odešli. Nakonec ke své škodě.“

Proč se více nepoučíme z finančních krizí a investičních bublin minulosti? Ahamed na tuto otázku reagoval s tím, že ve skutečnosti se učíme, ale zároveň nás ovlivňuje to, jací jsme. Nyní se například hovoří o tzv. kruhovém financování, kde si velké technologické společnosti navzájem poskytují různé druhy financování a podpory. Podle experta jde ale v principu zase jen o nějakou formu dluhu. Řada krizí přitom jasně ukazuje, že hlavní problém během boomu spočívá v příliš vysokým zadlužení. „Všichni víme, co kruhové financování představuje. Na cestě nahoru je výborné, opak platí cestou dolů.“

Ve spojitosti s boomem železnic a dalšími bublinami a krizemi expert zmínil i finanční korupci a různá schémata. Mezi ně se dají řadit také mimorozvahové závazky a subjekty, během internetové bubliny se přidala přímá korupce a konflikty zájmů. Co se děje nyní, podle Ahameda ještě plně nevíme, to zjistíme až v budoucnu. V roce 1873 se ukázalo, že „budovatelé železnic okrádají své akcionáře“. Vytvářeli například různé stínové společnosti, a ty prodávali těm, které stavěly železnice, za příliš vysoké ceny.

Existují nyní dostatečné nástroje k prevenci podobných machinací? Podle experta přišly důležité reformy v roce 1929, k preventivním opatřením přitom vedle regulace patří i novinářská a investigativní práce. „Všichni tak dnes například víme, co dělá společnost NVIDIA. Ale problém spočívá v tom, že nelze predikovat vše… Nelze předpovídat třeba geopolitický vývoj, který může mít výrazné důsledky na fungování trhů.“

Sahamed hovořil i o tom, že finanční krize přichází mnohem pomaleji, než by se mohlo zdát. Může se tak dlouho mluvit o problémech a tenzích a na trzích se nic neděje. A pak přijde velmi náhlý a prudký posun. Platilo to i o roce 1873, protože už dva roky před ním se hovořilo o tom, že „tohle nemůže pokračovat dál“. Umělá inteligence může procházet běžným cyklem boomu a poté ochlazení. Ten ale nemusí být tak nepříjemný, protože ekonomika je odolná. Něco jiného je ale přímá krize, kterou ale podle experta způsobuje to, že během cyklu přijde vážná chyba v monetární politice. Ta podle experta přišla právě v roce 1873, ale třeba i v roce 1929, kdy „nechali padnout banky“. A podobné to bylo v roce 2008.

Na závěr rozhovoru mluvil Ahamed o tom, že finanční krize jsou dobrou líhní pro konspirační teorie. „Hodně lidí si projde něčím nepříjemným a pak hledají, koho z toho vinit.“ Cílem se mohou stát banky, ale také třeba skupiny lidí. Podle experta to platilo i o „židovských brokerech“ v Německu poté, co se i tam projevily důsledky bubliny. „Slovo antisemitismus vzniklo v roce 1879 v Německu, kde se jeden novinář rozhodl rozdmýchat nenávist proti Židům. Antisemitismus vnímal jako něco přínosného… Všichni víme, k čemu to nakonec vedlo.“

Ahamed ale poukázal zároveň na to, že politické a společenské tenze mohou pramenit i z vládní politiky. Třeba krizi roku 2008 „způsobily banky a stát pak pomohl jim, ale vlastníkům nemovitostí ne.“ Podle něj se přitom ve vládních kruzích diskutovalo o tom, jak pomoci i druhé skupině, ale bylo to považováno za technicky nemožné. Výsledkem ale byla vlna zklamání a odporu, a to na obou stranách politického spektra, a pak to, co lze nazývat populismem.

Space Exploration Technologies (SPCX +1.89%) reported strong third-quarter results on Oct. 20. The company's artificial intelligence (AI) segment -- dubbed Super Intelligence (SI) -- was particularly impressive. SpaceX's total revenue grew 161% year over year to $14.6 billion, while SI revenue soared 830% year over year to $7.6 billion.

Even with a $608 million contribution from an acquisition that closed in August and boosted its SI unit, this business’s growth during the period was impressive. The fact that SpaceX is experiencing such strong demand for AI is arguably a bullish sign for the broader AI industry. And for investors still looking for stocks to capitalize on the AI market, here are two that look particularly attractive following SpaceX's third-quarter update: Nvidia (NVDA -0.59%) and CoreWeave (CRWV -2.46%).

Image source: The Motley Fool.

1. NvidiaDuring the third quarter, SpaceX's capex in its SI business was $16.4 billion, up 245.5% year over year. At least some of that money is likely landing right in Nvidia's pockets, as SpaceX continues to expand its capacity to meet the high demand for AI compute. This isn't just speculation either.

SpaceX's management pointed out, among other things, that even older Nvidia systems, like the H100 GPU (graphics processing unit), are renting out at a premium compared to when they were new -- the H100 launched in 2022.

That says a lot about Nvidia, and it strongly suggests that newer systems, like the company's Vera Rubin architecture, are experiencing even higher demand. Further, SpaceX's CEO, Elon Musk, predicted a shortage of superintelligence compute that would last for some time.

NVDA Nvidia$210.96-$1.25 (-0.59%)

NASDAQ · As of 4:00 PM ET 10/23/26

If true, this would certainly benefit Nvidia, potentially granting the company even more pricing power. The bottom line is that while some people still expect the AI bubble to burst and take Nvidia down with it, there is significant evidence that AI infrastructure spending could continue to grow unabated for the foreseeable future. SpaceX gave us more data confirming that.

Meanwhile, Nvidia remains the undisputed leader in GPUs and has significantly expanded its portfolio. The company is well-positioned to tap into the massive demand for AI compute in the medium term and could deliver outstanding returns. In short, it's still not too late to invest in Nvidia, even after its amazing performance over the past five years.

2. CoreWeaveCoreWeave also rents out AI compute capacity through a network of data centers. Some investors are skeptical of the company's prospects right now, but it isn't because sales growth hasn't been impressive. In the second quarter, CoreWeave's revenue increased by 112.5% year over year to $2.6 billion.

CoreWeave ended the period with a revenue backlog of $104 billion, up 245.5% year over year. And that didn’t include the more than $25 billion in revenue backlog it recorded in the first few weeks of the third quarter.

However, CoreWeave is incurring significant debt to fund its AI ambitions, which is a meaningful risk investors will need to keep in mind, in addition to the company's customer concentration.

CRWV CoreWeave$54.24-$1.37 (-2.46%)

NASDAQ · As of 4:00 PM ET 10/23/26

With that said, SpaceX's recent results and management commentary suggest that the kinds of services CoreWeave offers will remain in high demand for a while, which makes its debt-related problems much less concerning.

Consider, for instance, that Musk said that SpaceX could rent out AI compute capacity several times over if the company accepted every request. In other words, current demand significantly exceeds capacity. Also, SpaceX's CFO, Bret Johnsen, noted that "At current pricing, new compute deployments are generating a payback of less than a year."

These are incredibly bullish signs for CoreWeave. And they arguably justify the company spending fortunes to increase its compute capacity. The stock is a bit riskier due to the issues mentioned above. However, it could deliver outstanding returns over the next five years.

Plenty of stocks pay dividends, but not all of those qualify as true dividend stocks. Tobacco giant Altria (MO -2.31%) does.

Altria is a poster child for dividend stocks, routinely boasting one of the highest yields in the S&P 500 (^GSPC -0.52%). This year, though, the stock has displayed more of the characteristics of a growth stock than a typical income stock. Through the market close on Oct. 12, Altria was up by 28% compared to the S&P 500's 13%.

After that impressive run-up so far in 2026, is the stock still a good buy?

Image source: The Motley Fool.

A premier dividend stock
Despite its unusual price gains, the appeal of Altria's stock is undoubtedly based on its dividend. The company is well aware that those quarterly payouts are why some investors flock to the stock, so it prioritizes maintaining and increasing them.

At the current share price, Altria's yield is 5.8%, which is more than 5.5 times what you'd get from an S&P 500 ETF today, but still less than its average over the past five years.

MO Dividend Yield data by YCharts.

High yield aside, Altria's dividend has been the definition of consistency. The company is a Dividend King (a company with at least 50 consecutive years of dividend increases). Its streak now stands at 57 straight years. Of the thousands of stocks trading on the U.S. market, only 25 have longer dividend-hiking streaks.

MO Altria Group$74.31-$1.76 (-2.31%)

NYSE · As of 4:00 PM ET 10/23/26

Using pricing power to keep the train rolling
Altria has been the country's leading tobacco company for quite some time, leaning on its iconic brands like Marlboro, Copenhagen, Black & Mild, and others.

The nature of its business has been a double-edged sword over the past decade or so. On one hand, people are smoking cigarettes much less. A recently published report shows the smoking rate among U.S. adults at 9.9%, the lowest percentage ever recorded. This inevitably affects the country's largest cigarette producer.

On the other hand, the tobacco industry comes with lots of pricing power because many smokers are brand loyal and buy their preferred brand regardless of price. So, while Altria's cigarette sales volumes have been falling, it has offset some of those declines by steadily raising prices.

Investors don't expect huge revenue growth from Altria, so flat or occasional declines aren't deal-breakers. As long as its business is healthy enough to keep the dividends coming, many investors are perfectly content.

MO Revenue (Quarterly YoY Growth) data by YCharts.

Altria is generally more concerned with its earnings per share (EPS), because earnings are what fund its dividends and its stock buybacks. In the second quarter, its adjusted EPS grew 2.8% year over year, down from 7.3% growth in the first quarter. For a company of its size and maturity, though, that's solid.

Is Altria a buy?
Some people point to the declining smoking rates as the central hindrance to Altria's long-term success. That's a real problem for the company, no doubt, but I don't think it's as imminent a threat to its business as some may believe. It's true that "just keep raising prices" isn't a great long-term business model, but it does buy Altria time to become a true player in the smokeless nicotine space.

Altria's on! nicotine pouches have been getting good distribution, but they still don't compare to the popularity and success of Philip Morris International's Zyn nicotine pouches. Regardless, any progress is better than none, and after Altria's previous swings and misses in the space, investors should be glad for now.

If you're looking for a solid dividend stock, Altria is a great option. As mentioned, the company isn't oblivious to the fact that most shareholders only stick around for the dividend. If it lets the appeal of that dividend fade, it loses investors, which would present a bigger problem for management.

There are plenty of things Altria would do operationally before putting its dividend on the chopping block. That doesn't make the stock a foolproof investment, but if you're looking for a good income source, Altria provides that. I don't see that changing anytime in the foreseeable future.

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SummaryI reiterate my Strong Buy on Vicor after a record Q3, despite a 38% drawdown since my last article driven by sector-wide AI hardware selling.Q3 revenue rose 78.5% YoY to $197.1M, with product revenue up 47%, royalties up 207%, and gross margin reaching 68.3%.Vicor is supply-constrained rather than demand-constrained, with Fab 1 nearly full and two new fab sites targeting about 5x capacity from Q2 2027.Management expects to fund the expansion entirely from cash, in contrast with peers financing AI buildouts through debt or large equity raises.My FY27 scenarios range from -36% to +103%, with a base case of +44%. Thomas Barwick/DigitalVision via Getty Images

Investment Thesis Despite the volatility in the share price and negative returns over the last few months, I reiterate my Strong Buy rating on Vicor (VICR) based on fundamental improvements across many

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of VICR either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF, FRA:3XS0) hosted US Interior Secretary Doug Burgum and Congressman Juan Ciscomani at its producing Johnson Camp Mine in Arizona, along with State legislators, county leaders and mayors. 

The visit, held October 20, highlighted the Phoenix-based company’s copper production and the growth opportunity at its flagship Gunnison Copper Project, Gunnison said in a statement.   

Johnson Camp produces finished copper cathode with capacity of up to 25 million pounds annually, using Nuton technology from Rio Tinto. Gunnison said it supplies copper for Amazon Web Services data centers. 

“Our team is already producing finished copper in Arizona,” said Craig Hallworth, Gunnison's CEO. “We have the opportunity to build on that foundation through the nationally significant Gunnison Copper Project and make a much larger contribution to America’s copper supply.” 

The event included the dedication of Gunnison Copper Patriots Plaza, a name chosen by employees to honor US military service. Burgum, Ciscomani and Hallworth took part in the ribbon-cutting. 

Gunnison’s March 2026 preliminary economic assessment outlined an open pit, heap leach and SX/EW operation with a net present value of about US$2 billion at an 8% discount rate and an internal rate of return of 23%.  

The company also announced a planned one-time equity award with a target value of US$2,500 for each eligible permanent employee, to be granted as restricted share units vesting after 12 months. It also plans a voluntary Employee Share Purchase Plan offering a 15% discount to market value through payroll deductions, with the discount benefit capped at US$2,500 per employee annually. 

Gunnison expects its Level II American depositary receipts to begin trading on the NYSE American on or about October 26 under the ticker “GUNN,” with each ADR representing 30 common shares. The listing is not tied to an equity financing and will not result in new common shares being issued, the company said. 

Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has pushed production to a record high of more than 6,500 barrels of oil equivalent per day (boe/d), following successful drilling at its Icaco field in Colombia.

The milestone comes as two new wells, IC-8 and IC-7, contribute a combined 1,452 barrels of oil per day (bopd) gross, equivalent to 726 bopd net to Arrow, at restricted production rates.

IC-8, which began producing on 12 October, is delivering approximately 1,204 bopd gross from the Carbonera C7 formation, while IC-7 is producing 248 bopd gross from the Ubaque formation. Both wells are located on the Tapir Block, where Arrow holds a 50% beneficial interest.

Chief executive Marshall Abbott said the multi-zone quality of the Icaco discovery and its production rates had "surpassed initial expectations".

Arrow also reported progress at its IC-HZ9 well, the first horizontal well targeting the Carbonera reservoir on the Tapir Block. Drilling was completed on 20 October, with the company identifying what appears to be 950 feet of horizontal oil pay.

The company estimated its cash balance at more than US$28 million as of 1 October and said it continues to pursue an extension of the Tapir Block through discussions with Colombian regulators.

Arrow has built 16 well cellars at Icaco and plans to continue drilling across the Carbonera C7, Gacheta and Ubaque formations.

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, /PRNewswire/ -- Why: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Hyliion Holdings Corp. (NYSE American: HYLN) between May 12, 2026 and June 23, 2026, both dates inclusive (the "Class Period"), of the important October 27, 2026 lead plaintiff deadline.

So what: If you purchased Hyliion securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

What to do next: To join the Hyliion class action, go to https://rosenlegal.com/cases/hyliion-holdings-corp/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 27, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Details of the case: According to the lawsuit, defendants made false and/or misleading statements and/or omitted material facts concerning the credibility of its announced commercial pipeline, notably, the basis for management's confidence in its VFG Holdings ("VFG") partnership and the extent of Hyliion's evaluation of VFG's operational capabilities, financial resources, and ability to perform before announcing the "new data center partnership" as a significant commercial opportunity. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Hyliion class action, go to https://rosenlegal.com/cases/hyliion-holdings-corp/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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Rosen Law Firm Encourages Yiren Digital Ltd. Investors to Inquire About Securities Class Action Investigation - YRDPR Newswire

NEW YORK, Oct. 24, 2026

, /PRNewswire/ --

Why: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Yiren Digital Ltd. (NYSE: YRD) resulting from allegations that Yiren may have issued materially misleading business information to the investing public.

So What: If you purchased Yiren securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

What to do next: To join the prospective class action, go to https://rosenlegal.com/cases/yiren-digital-ltd/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

What is this about: On October 12, 2026, Yiren issued a press release entitled "Yiren Digital Provides Update on Its CEO and Operations." The press release stated that Yiren had "became aware of a police notice published on October 12, 2026, stating that Mr. Ning Tang, the Company's Executive Chairman and Chief Executive Officer, had been subject to criminal compulsory measures in connection with an investigation involving certain affiliates of the Company's controlling shareholder."

On this news, Yiren's American Depositary Shares fell 44% on October 12, 2026.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
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The Rosen Law Firm, P.A.
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New York, NY 10016
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Constellation Energy (CEG -0.69%) and Vistra (VST -0.48%) are both benefiting from artificial intelligence (AI) power demand. Both have large power supply contracts with technology companies building AI data centers. One big difference between the two is scale, which may give Constellation Energy the edge for more conservative types.

GE Vernova (GEV -1.50%) sells the turbines utilities use to generate power, with a huge $176 billion backlog. It is the most growth-oriented choice here, which will likely give it the edge for some investors. Here's where these three AI power plays sit from an investor's standpoint.

Image source: Getty Images.

Supplying AI with power The big story for Constellation and Vistra is the growth in electricity demand. Between 2005 and 2025, electricity demand grew 10%. Between 2025 and 2045, demand is expected to grow 60%. That's a step change driven by new technologies like artificial intelligence. The International Energy Agency expects AI power demand to grow four times faster than all other power demand over the next decade.

Constellation and Vistra are independent power producers, selling electricity outside of the regulatory framework. That means they sell power at market rates, which will let them benefit if demand drives prices higher. And they are both selling power directly to the technology companies building the AI backbone. Moreover, their stocks have similar valuations, with both sporting price-to-earnings ratios of around 24x.

CEG Constellation Energy$253.45-$1.76 (-0.69%)

NASDAQ · As of 4:00 PM ET 10/23/26

The big differences between the two come down to scale, generation, and dividend growth. More conservative investors will probably be better served going with Constellation, which is nearly twice as large, is the largest nuclear power plant operator in the United States, and offers a faster-growing dividend. Their yields are similar, at around 0.6%, just like their valuations, but Constellation Energy's more rapid dividend growth will be very attractive to income-oriented investors, as it can turn that miserly yield into a much larger income stream over time.

That said, if you prefer more growth-oriented investments, Vistra could be the better option. The problem is that it is expensive to build scale in the utility sector, noting that Vistra's debt-to-equity ratio is a lofty 3.6x compared to Constellation's 0.8x. (For reference, GE Vernova's ratio is an even lower 0.25x.) Utility businesses often operate with material leverage, but if you are risk-averse, Constellation will probably still be the better choice.

VST Vistra$140.16-$0.67 (-0.48%)

NYSE · As of 4:00 PM ET 10/23/26

Supplying the power suppliers GE Vernova is another option for growth-oriented investors that may be more appealing. Formerly part of the old General Electric, GE Vernova makes power turbines, including both wind and natural-gas turbines. It essentially sells these vital parts to companies such as Constellation and Vistra, among others. Demand has been strong, with GE Vernova's backlog totaling $176 billion at the end of the second quarter of 2026.

$815.00-$12.42 (-1.50%)

NYSE · As of 4:00 PM ET 10/23/26

That suggests years of growth ahead for GE Vernova, and it doesn't require a bet on a single power producer. GE Vernova can sell to any company. The stock's valuation, meanwhile, is roughly similar to that of Constellation and Vistra, with a P/E ratio of around 24x. GE Vernova has a fairly short history as a stand-alone business, but it is a well-respected and established company within the power industry. If growth is what you are after, it probably beats out Vistra.

Vistra is the odd man out More conservative investors will probably be best served by Constellation Energy because of its scale, reliable nuclear power portfolio, and faster-growing dividend. Growth investors will likely be more appreciative of GE Vernova's massive backlog and its ability to sell to any power company looking to meet AI demand growth. That leaves Vistra somewhere in the middle, with a relatively high debt-to-equity ratio hinting that its risk/reward profile may not be as attractive as the other two options here.

AMD (AMD +1.74%) struggled in the early stages of the AI arms race. Its technology was lacking and behind its competition.

While I won't claim that AMD has caught up on the technological front, its products are far more competitive and serve as viable alternatives to other AI computing units, such as those from Nvidia.

However, I'm still not planning on buying AMD stock anytime soon. Why? It's just too expensive. The reality is that a ton of growth has already been priced into the stock, and it's just too expensive to consider investing in right now.

Image source: The Motley Fool.

AMD is expensive by practically any valuation measure The most common way to value a stock is to use the price-to-earnings (P/E) ratio. This utilizes earnings over the past 12 months to value the stock, and for a big tech company like AMD involved in the AI arms race, you'd probably expect it to be valued between 25 and 35 times earnings. But that's far from the case.

AMD PE Ratio data by YCharts

At 130 times earnings, AMD is a very expensive stock. However, one may argue that its profit margins are improving rapidly compared with a few quarters ago. I'll buy this argument, but if I value it based on forward earnings, which should include more optimized quarters, it's still very expensive.

AMD PE Ratio (Forward) data by YCharts

Consider that 67 times forward earnings is a very pricey tag, and it's far higher than AMD has previously been valued.

As a final argument, AMD bulls may point to how strong a year AMD expects in 2027. I don't disagree that it will be a great year for AMD as a company, but the reality is that all of 2027's growth is already priced into AMD's stock.

AMD PE Ratio (Forward 1y) data by YCharts

At 32 times next year's earnings, AMD basically has a year and a half of growth priced into its stock right now. So, if AMD hits all analyst expectations and its stock stays flat until next year's results are finalized, AMD will trade at a reasonable 32 times trailing earnings.

AMD Advanced Micro Devices$516.79+$8.86 (+1.74%)

NASDAQ · As of 4:00 PM ET 10/23/26

That's just too much growth to pay up for right now, especially considering that its primary competitor, Nvidia, trades at 27 times trailing earnings. I think AMD's stock is overextending and way out in front of its skis, and either two things will happen over the next year.

First, it could experience a sizable sell-off. Second, it could underperform as it grows into its valuation. Neither of those two options is attractive, so I'm staying away from AMD stock.

In case you hadn't heard, Rocket Lab (RKLB +2.69%) had some horrible news to tell investors last week (except it's not really so horrible). Once again, the company has decided to postpone the inaugural launch of its new Neutron reusable rocket.

What's more, Rocket Lab is being pretty vague about exactly when it hopes to launch.

Image source: Rocket Lab.

Rocket Lab's terrible, horrible, no good, very bad day
Rocket Lab broke the bad news about Neutron in an after-hours webcast on Oct. 14. The company had been hoping to get its first Neutron rocket off the ground before the end of 2026. But a problem arose during the manufacturing of the carbon composite "domes" assembled to form the tops and bottoms of its first-stage propellant tanks.

In essence, Rocket Lab discovered air pockets forming between the carbon composite layers that are laid down to form the domes. The air pockets weaken the structural integrity of the domes. They wouldn't necessarily cause the domes to fail and the rocket to explode in flight, but Rocket Lab didn't want to take chances and decided to delay the first flight until it could come up with a new manufacturing process to prevent air bubbles from forming.

You might think investors would approve of this approach, designed to make sure Rocket Lab's first Neutron flight did not end in disaster. But in fact, investors sold off Rocket Lab stock on the news, and the shares closed last week down 25%.

Now, the good news is that Rocket Lab thinks it's figured out a fix. "We've solved the problem," announced CEO Sir Peter Beck. The bad news, though -- or more precisely, the worse news -- is that the new delay into 2027 might be even longer than it sounds.

Management said it's now targeting a Neutron launch in 2027, but didn't specify when. Worse, Beck acknowledged that the 2027 target itself is "an ambitious timeline," which appears to imply that 2027 is itself a deadline that Rocket Lab may fail to meet.

RKLB Rocket Lab$52.60+$1.38 (+2.69%)

NASDAQ · As of 4:00 PM ET 10/23/26

What it means for Rocket Lab investors
So precisely how worried should Rocket Lab investors be about all of this?

Honestly, I think "worried" might be the wrong reaction here. If you own Rocket Lab stock, it's probably too much to hope you'd be happy about the news of yet another launch delay. But I suspect the correct attitude is more one of impatience to see that first flight, rather than worry about what a delay might mean for Rocket Lab stock.

Even if everything had gone right with Neutron's development, Rocket Lab was only anticipating one launch this year, followed by three next year, and five the year after that.

Simply put, the plan was always to roll out this rocket slowly, step by step, and increase its launch cadence over time. Given that it would take years for Neutron to move the needle on Rocket Lab's revenues anyway, the fact that management is taking a few extra months -- or even as long as a year -- to ensure everything goes smoothly won't affect Rocket Lab's revenues or profits much in the near term.

And longer term? As Beck explained, Rocket Lab is "building the program's long-term infrastructure at the same time as we build our first rocket, so that we can scale quickly" once all the kinks are worked out. "We won't rush to the pad with unnecessary risk," he said.

Frustrating as the delay may be, this sounds like the right approach to me. Plus, as I've explained before, it won't change the fact that Rocket Lab will almost certainly earn its first profit next year, with or without a Neutron launch.

"Long" story short, both near-term and long-term, I think Rocket Lab's going to do just fine.

New York, New York--(Newsfile Corp. - October 24, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of The Ensign Group, Inc. (NASDAQ: ENSG) between February 10, 2022 and June 18, 2026, both dates inclusive (the "Class Period"), of the important December 7, 2026 lead plaintiff deadline in the securities class action first filed by the Firm.

SO WHAT: If you purchased Ensign securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Ensign class action, go to https://rosenlegal.com/cases/the-ensign-group-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 7, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) Ensign's business model depends on the systematic and widespread neglect of elderly people who live in its facilities, including those with needs for high levels of care; (2) Ensign's abuse and neglect includes not giving residents enough food, medical attention, or even basic toiletries as well as failing to respond to residents in clear distress, which has resulted in resident deaths; (3) Ensign uses self-reporting measures as a way to cover up that it systematically neglects patients; (4) Ensign defrauds Medicaid and Medicare by taking federal funds to help patients who need high levels of care, and then neglecting those same patients; (5) Ensign falsifies the number of hours that Certified Nursing Assistants spend with residents; (6) Ensign engages in an illegal scheme to rent the licenses of Administrators who are not generally present at, nor actually managing, its facilities; (7) Ensign materially understated the reputational and litigation exposure that comes with a dangerous, abhorrent, and illegal business model; and (8) as a result, defendants' statements about Ensign's business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Ensign class action, go to https://rosenlegal.com/cases/the-ensign-group-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/320521

Source: The Rosen Law Firm PA

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Exelixis (EXEL -1.19%) has crushed the broader market this year, with its shares climbing 49%. However, the drugmaker recently hit a roadblock. The U.S. Food and Drug Administration (FDA) decided to extend the review period for Exelixis' zanzalintinib, an investigational medicine for colorectal cancer. The health regulatory agency requested more data before it can decide whether to approve the drug. A decision is now expected by March 3, 2027, pushed back from the original deadline of Dec. 3, 2026. That's not great news for Exelixis, but despite this setback, the company's prospects look attractive. Here are three reasons why.

Image source: The Motley Fool.

1. Winning the Cabometyx patent battle Exelixis' most important driver of revenue and earnings growth is Cabometyx, a medicine approved for various cancers, including liver and kidney cancers. Cabometyx is a tyrosine kinase inhibitor -- tyrosine kinase is a protein that plays a role in cell growth and division, a mechanism that is sometimes hijacked by cancer cells to promote rapid growth. Cabometyx has been one of the top-prescribed medicines of its kind in renal cell carcinoma (RCC, the most common form of kidney cancer) for years.

It has also continued to grind out new indications, including as a combination therapy. Exelixis' financial results have been strong thanks to this drug. In the second quarter, the company's revenue increased by 10.6% year over year to $628.7 million. Exelixis' earnings per share grew by about 26% year over year to $0.82.

Exelixis has done its best to delay the entry of cheaper Cabometyx generics in the U.S., and so far, it has been successful. Thanks to a patent lawsuit it won, it should not face generic competition in the U.S. at least until January 2030, perhaps even later if the company wins another patent case that starts in November. That should give Exelixis enough time to develop newer medicines to replace its crown jewel.

EXEL Exelixis$64.53-$0.78 (-1.19%)

NASDAQ · As of 4:00 PM ET 10/23/26

2. Zanzalintinib could be a pipeline-in-a-drug The most promising drug Exelixis is developing is zanzalintinib, and that's despite the recent regulatory setback. Consider the medicine's potential in colorectal cancer. It is the second leading cause of cancer death worldwide, which implies that there is a large opportunity in the market, particularly for the indication Exelixis is targeting: once it has metastasized. Further, Exelixis won't stop at this indication.

The biotech company will seek to follow the same blueprint it used for Cabometyx. Exelixis is testing zanzalintinib across several other forms of cancer. The list includes RCC, some kinds of lung cancer, and more. Of course, zanzalintinib won't earn every indication it targets. Cabometyx didn't either. But even a handful or so could make the medicine a massive commercial success and help usher in the next phase of growth for Exelixis.

Some analysts have estimated that zanzalintinib could generate $4.5 billion in U.S. sales by 2033 across various indications. Note that last year, the company made $2.3 billion in revenue, mostly from Cabometyx. Provided the sales estimates for zanzalintinib are accurate, this drug could eventually more than offset the loss of Cabometyx.

3. Exelixis' deep pipeline Even if zanzalintinib alone isn't enough to replace Cabometyx once the latter starts facing generic competition, Exelixis has a plan. The company boasts several other pipeline candidates that could eventually contribute. Although these are mostly still in early stage studies, they could make significant progress over the next five years. Most early stage candidates never make it to the market, but there is a decent chance that at least a couple of Exelixis' brand-new therapies will.

And even if none does, the company has research collaborations in place that could supply additional, oncology-focused drug candidates to its pipeline. Exelixis' ability to carve out a niche in the ruthlessly competitive oncology market, which is typically dominated by pharmaceutical giants, is fairly impressive. And over the medium term, the company could, once again, launch one or two brand-new cancer drugs that will help it sustain strong financial results and deliver competitive stock market returns.

SAN DIEGO, Oct. 24, 2026 (GLOBE NEWSWIRE) -- Shareholder rights law firm Robbins LLP reminds investors that a class action was filed on behalf of persons and entities who purchased or otherwise acquired AST SpaceMobile, Inc. (NASDAQ: ASTS) securities between March 4, 2025 and July 15, 2026, inclusive (the "Class Period"). AST, together with its subsidiaries, designs and develops the constellation of BlueBird (“BB”) satellites in the U.S. The Company provides a cellular broadband network in space for direct access by smartphones for commercial use and other applications, as well as for government use.

The complaint alleges that AST misled investors regarding its competitive position in the satellite D2C market.

Investors who suffered significant losses during the Class Period may be eligible to participate in the lawsuit and should contact Robbins LLP for information prior to the November 13, 2026, lead plaintiff deadline.

Listen to our podcast.

Why Was AST Sued?

Plaintiff alleges that defendants touted AST’s purportedly unique competitive advantages and leadership position in the satellite direct-to-cellular (“D2C”) market. Defendants’ assurances regarding AST’s purportedly durable competitive position in the satellite D2C market came into question in September 2025, when EchoStar Corporation (“EchoStar”) announced that it had entered into a definitive agreement with SpaceX to sell its AWS-4 and H-block spectrum licenses (the “EchoStar Transaction”). In connection with the EchoStar Transaction, SpaceX and EchoStar agreed to enter into a long-term commercial agreement, enabling EchoStar’s Boost Mobile subscribers—through its cloud-native 5G core—to access SpaceX’s next generation D2C service provided by its telecommunications subsidiary Starlink Services, LLC.

Following the EchoStar Transaction, however, defendants continued to assure investors and the market that AST remained in a competitive class of its own, with the Company poised to realize significant revenues and profits in the near-term. Likewise, defendants continuously represented that AST’s capital and liquidity position was sufficient to meet its strategic and business goals at all relevant times, notwithstanding the heightened competitive pressures it faced following the EchoStar Transaction.

According to the complaint, during the Class Period, defendants failed to disclose that:

(i) AST’s increasing capital requirements were likely to increase the Company’s debt load and share dilution with greater frequency and at greater scale than defendants had signaled to investors; 
(ii) accordingly, defendants had overstated the sufficiency of AST’s capital and liquidity position to achieve its strategic and business goals; 
(iii) defendants likewise overstated the durability of AST’s competitive position in the satellite D2C market; 
(iv) even following the EchoStar Transaction, defendants continued overstating AST’s competitive position in the satellite D2C market; 
(v) AST was experiencing slow user adoption in the U.S. and Japan; 
(vi) the foregoing was likely to have a significant negative impact on the Company’s business and financial prospects; and 
(vii) as a result, defendants’ public statements were materially false and misleading at all relevant times.

Why Did AST's Stock Drop?

Between September 8, 2025 and July 15, 2026, a series of stock downgrades and company disclosures caused AST's stock to fall significantly.

Specifically, on October 21, 2025, AST announced "its intent to offer . . . $850.0 million aggregate principal amount of convertible senior notes due 2036 (the ‘Notes’) in a private offering”, and that it “intends to grant the initial purchasers of the Notes . . . an option to purchase . . . up to an additional $150.0 million aggregate principal amount of Notes.” AST was to use the proceeds from this offering “for general corporate purposes, including without limitation funding the deployment of AST SpaceMobile’s worldwide constellation of satellites in anticipation of adding incremental strategic markets for its SpaceMobile Service.” Later the same day, AST increased the offering to $1.0 billion. On this news, AST’s Class A common stock price fell $7.26 per share, or 9.24%, to close at $71.35 per share on October 22, 2025.

On February 11, 2026, AST announced its "intent to offer . . . $1.0 billion aggregate principal amount of convertible senior notes due 2036 (the ‘Notes’) in a private offering”, and that it “intends to grant the initial purchasers of the Notes . . . an option to purchase . . . up to an additional $150.0 million aggregate principal amount of Notes.” The next day, AST announced the pricing of the foregoing offering at “an initial conversion price of approximately $116.30 per share of AST SpaceMobile’s Class A common stock, which represents a premium of approximately 20% to the last reported sale price of AST SpaceMobile’s Class A common stock on February 11, 2026.” Following these disclosures, AST’s Class A common stock price fell $14.70 per share, or 15.17%, to close at $82.22 per share on February 12, 2026.

Finally, on July 15, 2026, AST announced "its intent to offer” another “$1.0 billion aggregate principal amount of convertible senior notes due 2034 (the ‘Notes’) in a private offering”, and that it “intends to grant the initial purchasers of the Notes . . . an option to purchase . . . up to an additional $150 million aggregate principal amount of Notes.” Later the same day, AST announced the pricing of the foregoing offering. Specifically, “$1.0 billion 1.625% convertible senior notes due 2034 . . . [at] an initial conversion price of approximately $79.57 per share of AST SpaceMobile’s Class A common stock, which represents a premium of approximately 20.0% over the last reported sale price of AST SpaceMobile’s Class A common stock on July 15, 2026”, as well as “[c]apped call transactions . . . [at] an initial cap price of $149.20 per share of AST SpaceMobile’s Class A common stock, which represents a premium of 125.0% over the last reported sale price of AST SpaceMobile’s Class A common stock on July 15, 2026.” Following these disclosures, AST’s Class A common stock price fell $11.30 per share, or 17.04%, to close at $55.01 per share on July 16, 2026.

Who May Be Eligible to Participate in the AST Class Action?

The lawsuit seeks to represent investors who purchased or otherwise acquired AST SpaceMobile, Inc. securities between March 4, 2025 and July 15, 2026. Investors who suffered losses during that period may have legal rights under the federal securities laws.

What Is a Lead Plaintiff?

The lead plaintiff is a court-appointed investor who represents the interests of all class members throughout the litigation. Stockholders who wish to lead the class action should contact Robbins LLP before the November 13, 2026, lead plaintiff deadline.

Serving as lead plaintiff is not required to share in any potential recovery. Investors who do not seek appointment may remain absent class members if the case proceeds and later resolves successfully.

Does It Cost Anything to Participate?

No. Robbins LLP represents investors on a contingency fee basis.

Why Robbins LLP?

A recognized leader in shareholder rights litigation, Robbins LLP represents investors in securities fraud and shareholder derivative litigation. We have helped restore more than $2 billion in value to shareholders and secured some of the largest recoveries in shareholder derivative litigation history.

"Companies have an obligation to provide investors with complete and accurate information so that markets can function fairly and efficiently," said Brian J. Robbins, Founding Partner of Robbins LLP.

To be notified if a class action against AST SpaceMobile, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Contact Robbins LLP

Investors seeking additional information about the AST SpaceMobile, Inc. securities class action may contact Robbins LLP by submitting an inquiry, emailing attorney Aaron Dumas, Jr., or calling (800) 350-6003.

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The comments were his first since the disruption in the country's satellite service. Earlier, Ukraine said drones using Starshield, the Pentagon-funded service, were back to normal speeds.

In this episode of Motley Fool Hidden Gems Investing, Motley Fool contributors Travis Hoium, Lou Whiteman, and Jon Quast discuss:

Netflix's slowing growth.Streaming advertising opportunities.SpaceX's AI transformation.Musk's trillion-dollar ambitions.AI infrastructure risks.Tesla-SpaceX merger.To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. When you're ready to invest, check out this top 10 list of stocks to buy.

A full transcript is below.

This podcast was recorded on Oct. 21, 2026.

Travis Hoium: Can SpaceX hit $1 trillion in revenue next year? Motley Fool Hidden Gems Investing starts now. Welcome to Motley Fool Hidden Gems Investing. I'm Travis Hoium I'm joined today by Lou Whiteman and Jon Quast. Guys, we are going to get to SpaceX. Don't worry, but I do want to start with Netflix. This is a stock that's been in the Motley Fool Universe for quite a while. A lot of investors probably have a huge winner here, but their recent quarter, not exactly what investors were looking for. Stock's only down about 3% as we're recording early in the day on Wednesday. But Lou, this seems like one of those quarters with double-digit revenue growth. Their margins, I think, are even a little bit better than they had guided for. But the market's ho hum. Is this the mature phase that Netflix is now in?

Lou Whiteman: I think that's it exactly. Look, revenue is growing, but it's slower. Not much good news on engagement. G, people aren't really more excited to come to the Netflix platform. Slowing ad sales, which I think is a really pretty interesting surprise. Look, Netflix is what they are. I was having this conversation with someone with an investor yesterday about how just it's been a long time since I got excited about anything they found on Netflix. It's a mature company. It's doing fine. It's like how people are bored with Apple's incrementalism. We are in this age of incrementalism where things that were once wow just aren't as wow. I think a yawn to this quarter, it was a yawn. Maybe the market's right this time.

Travis Hoium: Jon, decelerating growth, which is always something that investors don't want to hear. They also got rid of their content chief. It seems like they are acknowledging. There's a lot of questions on the conference call about that engagement I don't know exactly what metric you want to use. They wanted to turn it to, you know what? We can raise prices if we want, encouragement must be pretty good. But they are acknowledging that maybe the content isn't as compelling as it needs to be.

Jon Quast: Absolutely. Lou already touched on that. I think that that hits the nail on the head. I don't think that you raise prices when you are struggling with content. I don't think that that is the right move, and I think that's why they're not doing it right now. Nobody punishes a stock usually for the quarter it just reported. Usually, it is the coming quarters that investors are concerned about. That seems to be the case here. You've already touched on a couple of things. I just want to double down on the advertising component. This is supposed to be Netflix's golden goose and probably still is.

But there are already fears bubbling under the surface. Generally speaking, when it comes to digital advertising. Is this something that is going to be disrupted and Netflix then saying, we're actually coming in with our guidance a little bit lighter for the year than we wanted to. But if I can just put some calm to those fears. If digital advertising is going to persist anywhere in the market as agentic AI takes over, I would say a content business is one place where it's going to persist because that is a place where humans are still interacting with the platform. That's good for Netflix long term. I'd say, the other thing is, Netflix isn't saying this is a demand issue. This is a product launch timing issue. I would see that this revenue that it was expecting this year, maybe not anymore, it's going to come in just a little bit later than expected. This is the glass half full outlook.

Travis Hoium: Jon, we're now at the point where shares are trading for under 20 times earnings both on a trailing and a forward basis. We talked about the still double digit revenue growth. Is this a stock that's starting to look compelling?

Jon Quast: I really tried to poke some holes in that idea because as Lou noted, the revenue growth is decelerating and so 16% in 2025, expecting 13% here for 2026, for the full year, the decelerating revenue growth isn't something that you want to see as an investor, but 13%, that's still pretty decent considering the size of the business. You look at the operating margin; it’s expected to be up on a year-over-year basis, maybe a little bit down from an all-time high, but still higher on a year-over-year basis. As you said, that valuation is becoming more attractive. Maybe fears are overblown in digital advertising. I did try to poke some holes in that idea that maybe this is turning into a good value stock, and I'm having a hard time doing it. Perhaps it is a good value stock here.

Lou Whiteman: It's getting there. I mean, is it a tech company? I don't think it's really a tech company. It's a media company. Is it a growth story from here? I don't know if it's really. What are they? If they are an entertainment company, maybe 20 times earnings is about right. I think there's a there. I don't think they disappear. I think they continue on. But I do think that we need the shareholder base to flip here. The investors that were in Netflix as a tech growth story are going to have to surrender and get out, and people who would be interested in a mature media company or a streaming company are going to come in. That's going to take time. I don't think as an investor, it's a bad move to look at it now, but I also don't think you have to be in any hurry. I think, what it's going to be for a while.

Travis Hoium: This is one of those stocks that it's not quite no-brainer territory to me. I've never actually owned shares of Netflix, but it's one that I'm interested in because I think this is one of the companies that is going to survive. But you're right, Lou, you look at the other companies, and they seem to have just a clearer story. YouTube is clearly the user-generated content company. I think we'll see what the numbers look like in this next quarter, but they're probably growing faster than Netflix. Disney is the family. You got the theme parks, all of that stuff. Netflix is in a less prominent position than has been for a very, very long time. When we come back, we're going to get to Elon Musk's recent comments on his conference call. More on that in a moment.

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Travis Hoium: Before we get too far into the show, Motley Fool CEO Tom Gardner says the artificial general intelligence, or AGI, will reset the global economy, putting hundreds of trillions of dollars up for grabs. To take advantage, he has put $2.5 million behind what he identifies as the 40 biggest AGI winners. To learn more, visit AGI ready.fool.com. That's AGIready.fool.com.

After the market closed yesterday, SpaceX, Elon Musk’s now, I think, largest holding out of the public companies that he runs. Reported earnings, and the conference call was incredible. We'll get to that in just a moment. But, Jon, the numbers were also incredibly impressive. Revenue was up 161%, positive EBITA. I mean, there seemed to be a lot to like from the headline numbers.

Jon Quast: A lot of that growth coming from, of course, the superintelligence part of the business, and those numbers do need to be taken with a little bit of a grain of salt because there was the acquisition of Cursor; Cursor, of course, estimates have it at a $4 billion annualized run rate before acquisition. Now, is that what is generating quarterly revenue? Absolutely not. But $7.5 billion for the superintelligence component of the business certainly Cursor was a contributor there. It's not all organic. That said there is a lot of organic growth here and as you point out, yes, it's so interesting that the actual launch business, what you think of with SpaceX is actually the smallest part of the business by far at this point. Connectivity, that’s the Starlink component of the business, is actually much larger than the launch space business at $5.2 billion for the quarter versus 1.8 billion for space, but then superintelligence is coming in at over 7.5 billion. This is what this company is now.

Travis Hoium: Lou, I thought SpaceX was going to be a space company when they came public, and it turns out they're really more of a neo clot.

Lou Whiteman: Am I risking treason if I just call it AI and not super intelligence here? I know they renamed.

Travis Hoium: They were really leaning into that.

Lou Whiteman: Yes. But look, this is and it has been. It's a Neo Cloud with a space side hustle. That is what they are. AI is delivering AI, AI is delivering the revenue growth. Star link is generating the profits, so there is a reason for space, but even then, that's a communications company. That's a communications company, by the way, that Elon projects is going to have more revenue in the years to come than T-Mobile does now, which is, I guess, all the optimist robots will have cell phones. Is that the idea?

Jon Quast: Well, that's not too far off Lou, because agentic AI Internet traffic is predicted to surge, and this isn't just something SpaceX is saying. Cloudflare is saying it, too, and Cloudflare is trying to optimize what it does so that it can handle all this increased traffic from agents roaming around the Internet. But no, I don't know sure structures.

Lou Whiteman: Traffic is not the same as revenue per user, though. I doubt that all of these AI bots will have a $50 T-Mobile plan. There's still a weird extrapolation going on. Look, the most interesting part of this, to me, it was in the AI realm. There are two very different bets being made by big companies, and one of them is going to be wrong, it's all coming down to contract length. Elon has said, we think the price of compute is only going to accelerate. They are going for short term contracts with their Nocloud. Amazon is across the way trying to lock it in as high as they can for as long as they can because they don't share that belief.

People like Meta are out there saying, Look, this partially makes sense because we're going to have excess capacity to sell. Other people are saying that. Someone's wrong here. Someone's wrong here. Either SpaceX should be locking it in while they can, or Amazon is going to look foolish, idiotic for not realizing pricing power is only going to come. I don't know who's right here. I think listening to Meta and others say, we're going to have excess capacity makes me biased, but I don't know if anyone knows, but it's really interesting to me that that is a huge just distinction between what some of these companies are doing, and it's going to work out better for one of them than the other.

Travis Hoium: Lou, listen at the conference call, I went through the details. It was interesting that they started with the space stuff and all the cool things they were doing, and then you look at the numbers and go. That's actually, like you said, a side business for them. But Elon Musk explicitly talked about adding 20 gigawatts, which would be about $500 billion in capex, 500 $1 trillion in capex. Also said they may hit 500 billion, $1 trillion in revenue run by the end of next year, by the end of 2027. That's great growth if it happens. That is phenomenal growth if it happens. But I wanted to go through some context. If you have not been following Elon Musk and his companies for more than a decade, let's put some context to some of these claims that were made on this conference call. In 2019, he said that 1 million robotaxis would be on the road by the end of 2020. That obviously didn't happen.

He said that Tesla could produce 20 million vehicles annually by 2030. They never passed 2 million vehicles, said that they would increase revenue 50% annually for the foreseeable future in 2022. They did that in 2022, have not done it since then. In fact, revenue at Tesla was negative in 2025. You could go all the way back to Solar City. That was when I really started covering the company. I remember the presentation where they talked about the solar roof and all the promises about the solar roof that never happened. They're not even making the solar roof anymore. Lou, when you look at these comments on these conference calls, I know that he's always made extravagant comments, and directionally, Tesla, SpaceX, all these companies go in the direction that he says, but it seems like we're at a point now where the scale of the investment and the value of these companies is just orders of magnitude higher than we've ever seen. It seems like a bigger risk for investors today if this doesn't play out the way that he sees.

Lou Whiteman: Also you're at a higher valuation going in. Even if it all works out, arguably, what's the upside for investors from here?

Travis Hoium: Remember when Tesla came out, it was worth a couple of billion dollars.

Lou Whiteman: Trillion. Here's the defense of it, though, I think, or the bull side of it is, is that we, none of us. None of us know what the AI market's going to look like, whether it's physical AI, exactly what will come from AI. There is a ton of potential there. There's a lot of there there. There is well within reason to say that this technology is enough of a step up that it'll create orders of magnitude to use your phrasing of Elon's favorite words of new economic value. I I don't want to be too dismissive of it, but a lot has to go right from here, period.

Travis Hoium: Jon, what do you think when you hear those huge projections?

Jon Quast: Well, I do want to clarify one thing. Yes, 20 gigawatts was specifically mentioned by Elon Musk, but he really doesn't have a lot of hope that they're actually going to turn that much on. They're actually aiming to turn on 10 gigawatts, half of that. Where does the 20 gigawatt number come from? Essentially saying, Listen, we are struggling so much to get supply that we're trying to lock up 20 gigawatts of supply so that we can hopefully get enough to turn on 10. I think that that is actually pretty important for our listeners here, we do invest in a lot of hidden companies, a lot of picks-and-shovels play, and we have talked a little bit about maybe companies are over ordering right now trying to secure supply and they don't really have intentions to turn it all on.

Now, that's confirming that direction and specifically mentioning things such as cooling, and there are many players in the cooling space. If I'm investing in some of those companies right now, Vertiv comes to mind, I would be very cautious and very at least incorporating this into my view of the company as I assess risks, is there any potential backlog here that is just a company over ordering should try to turn on far less than what they're ordering for right now. That is one thing to keep in mind. Now, I will say if they turn on 10 gigawatts, that is more than three X what they have turned on right now. Clearly bullish on the demand side, but is that too much too fast?

Travis Hoium: For context, ten gigawatts in total, including all the energy, would be about $500 billion worth of total investment. You've got all the other hyperscalers who are turning on, I think about up to 10 gigawatts each next year as well. A lot of supply coming into the market, we're going to see whether there is enough demand, and at what price? I think that's the other thing. Sure, there's demand for all of this compute, but is it at $50 a megawatt? Is it at $10 a megawatt? That's going to determine how profitable these companies are. When we come back, we're going to talk about more SpaceX news, potentially merging with Tesla. You're listening to Motley Fool Hidden Gems Investing.

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Travis Hoium: Welcome back to the show. When SpaceX came public, I think a lot of people thought that they would eventually merge with Tesla. We may be moving in that direction. Lou, we've got both companies having special committees to look at potentially merging. I'm old enough to remember when the SolarCity deal happened, and it was just wave some numbers around, get some bankers to sign off on it. Is that where we're heading here? This is a done deal. It's just a matter of dotting the I's and crossing the Ts.

Lou Whiteman: I don't know if it's a done deal yet, although I am let me just put it forward. Texla should be the name. Because it combines both. It talks about where they're based. I think he'll just probably call it X, but I like Texla. But look, there is definitely Elon said that both companies have formed committees, so they are definitely I think the worst-kept secret in the world that they're at least thinking about. I mean, I'll give you a reason why I think it makes sense, and I'll also give you a reason why I don't know if I believe it's a done deal. I think the biggest reason to do it is that I think, very few investors in Tesla that are investors just because they want to be auto industry investors. I don't think there's a lot of investors in SpaceX that are just like, Well, I'm really interested in rocketry or Neoclouds. I think that the vast majority of investors in both companies are drawn to Elon Musk's ability to create long term value. That's it, if that matters more than the particulars of a business, and I think Tesla's history as a stock has proven that out, why should there be two competing tickers that basically track Elon's brain? All right?

I think it does make sense to just big picture. Elon is one person. Just let him do what he wants to do under one roof and generate economic value. The reason why not, and I don't in normal times, I don't know if this is in normal times, but Tesla China is just sitting there. In normal times, there's no way a defense contractor, mind you, SpaceX is a major defense contractor, as the headlines with Ukraine have suggested in recent days. There's no way you can justify that. I don't think China likes the idea either. China hasn't even improved StarLink. The idea that a major U.S. defense contractor would have a substantial part of their manufacturing base and operations in a country that is not a firm US ally, just that's crazy pills talk until now. I think there's ways to get around that, and maybe we look the other way. Maybe they just don't want to be in the auto business anymore. I can actually see a world where the combined company just spins off its automaker. There are ways around it, but that seems to be the real elephant in the room as they're talking about this, more so than shareholder concerns. What do you think, Jon?

Jon Quost: Well, usually you combine a company because you believe that one plus one equals three. There are cost synergies, maybe you're taking out a competitor and going after rather than competing over a customer base, now you're working together. I don't really see that here for these two companies where it makes a whole lot of sense for shareholders why we would combine the businesses here. It does seem to be more of a story situation or maybe even a little bit more of a control thing. I mean, if they were to combine, then Elon Musk would own very, very strong, perhaps more than half of the combined entity. That seems to have a little bit more to do here, give him more creative control and to lose point. If you're investing in either of these companies, maybe you do want Elon Musk to have more controls of the combined entity. That could make a lot of sense. But from an actual business perspective, how this makes either company better. I don't quite see that, but I would be surprised if it didn't happen.

Lou Whiteman: You're not a big believer in rocket cars?

Jon Quast: That's the synergy, right there.

Travis Hoium: Rocky.

Jon Quast: Well, see, but they already have that. I guess that's my point. They already were able to borrow that technology from SpaceX as separate companies. I don't see where the benefit comes in.

Travis Hoium: Well see. It seems like it is foretold at this point, just like the Solar City deal that I don't think operationally that worked out the way it planned, but it worked out for shareholders.

As always, people on the program may have interest in the stocks they talk about and The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. All personal finance content follows The Motley Fool's editorial standards and is not approved by advertisers. Advertisements are sponsored content and provided for informational purposes only. To see our full advertising and disclosure, please check out our show notes. For Lou Whiteman, Jon Quast, and Dan Boyd behind the glass, and Travis Hoium, thanks for listening. We'll see you here tomorrow.

Billions in AI spending promise to transform home care with smarter scheduling and faster assessments, but a widow recovering from a fall could still face an unexpected bill if she assumes the app's recommendation works the same way Medicare does.

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Big Tech’s appetite for artificial intelligence (AI) can now be measured. Fortune reported that Microsoft (NASDAQ:MSFT | MSFT Price Prediction), Alphabet (NASDAQ:GOOGL), Meta Platforms (NASDAQ:META) and Amazon (NASDAQ:AMZN) are expected to spend more than $700 billion on capital expenditures this year to build AI infrastructure. That amount covers data centers and chips for every industry, with healthcare as one slice. Healthcare is one test of whether all that spending pays off.

Here is where that experiment reaches a living room. Imagine a widow in her late 70s on Original Medicare, recovering at home after a fall. She sees an ad for an AI-enabled home-care service promising faster scheduling, remote monitoring and a quick assessment. She answers its questions, it recommends in-home help, and she assumes Medicare will cover the bill. She could be signing up for a private bill for every visit.

Families looking at app-based care for a parent recovering at home run into the same gap: the software’s answer and Medicare’s answer can differ, and only Medicare’s answer determines who pays.

AI Speeds the Workflow While Medicare Keeps the Eligibility Test
Medicare’s home health rules start with two tests. She must need skilled care, such as intermittent nursing visits or physical therapy, and she must be homebound. Her condition must make leaving home medically unwise, or she must need help getting out, such as a walker, special transportation or another person. She must also normally be unable to leave home, with outings taking considerable effort. Medical appointments and short, infrequent nonmedical outings, including religious services, don’t automatically disqualify her.

A doctor or other qualified provider, such as a nurse practitioner, must confirm her eligibility, order her care and oversee the care plan. The required encounter can happen through eligible telehealth, including a visit with a clinician the app connects her with. An automated recommendation can help inform that assessment. It can’t replace the clinician’s judgment or qualify her for coverage on its own.

Only a Medicare-Certified Agency Can Bill for the Care
The same Medicare.gov page requires a Medicare-certified home health agency to deliver the services. An app, an algorithm or a wearable monitor can’t take that agency’s place. AI does have real uses here. It can draft documentation, fill scheduling gaps and flag changes in vital signs between nurse visits. Payment, though, follows the benefit rules. Without a Medicare-certified agency providing the home health care, those visits don’t qualify under that benefit.

There’s a check here. Once her provider determines she needs home health, the provider should give her a list of agencies serving her area and disclose any financial interest in the agencies on that list.

Medicare Home Health Covers a Narrower List Than “Home Care”
Marketing blurs this line. Here is what the benefit excludes, according to Medicare.gov: 24-hour-a-day care at home, home meal delivery, housekeeping services such as shopping and cleaning that fall outside her care plan, and personal help with bathing, dressing or using the bathroom when that is the only care she needs. Under Original Medicare, covered home health visits cost her nothing.

Home health aide visits qualify only while she also gets skilled nursing, physical therapy, speech-language pathology or occupational therapy. When the skilled care ends, aide coverage ends too, even if the app keeps sending aides. A subscription can mix covered visits with private-pay extras. She needs to know which is which from the start, even while Medicare is covering her skilled care.

Ask What the AI Company Actually Provides
Before she signs anything, three questions separate the Medicare benefit from the add-ons:

Is the company itself the Medicare-certified agency, a technology vendor working for a certified agency, or a separate subscription service?
Which services will the agency bill to Medicare, and which come with a private-pay price?
Which clinician will confirm her need and order the care, and when will that visit happen?

Medicare.gov says the agency should give her an Advance Beneficiary Notice before providing services or supplies Medicare doesn’t cover. That form warns her that a bill is coming. If an app-based service starts care with no notice and no clinician’s order on file, she should pause, call the agency and ask in writing which charges are hers. (Surprise charges like these are only part of the Medicare cost picture, we laid out the surcharges and coverage gaps retirees miss in a free Medicare guide here.)

Line Up the Medicare Checklist Before the App Takes Over
Big Tech’s spending may well make home care faster to book and easier to monitor. Medicare’s requirements stay the same: a skilled need, homebound status, a provider who sees her and orders the care, and a certified agency to deliver it. Her next step is to get those four pieces confirmed with her provider first. After that, the app can handle the scheduling and monitoring.

Contact [email protected] for any questions or corrections.