Market Signal Briefing

Tether has carried out one of its largest single-day enforcement actions, freezing a significant amount of USDT on the Tron network.

Summary

Tether froze about $182 million in USDT across five Tron wallets on January 11, 2026.  The action, linked to U.S. law enforcement, highlights issuer control over stablecoin freezes.  Critics say centralized freeze power demonstrates fundamental differences between stablecoins and decentralized assets like Bitcoin.  In an action that appears to be linked to law enforcement, Tether has blocked a significant amount of USDT on the Tron blockchain.

On Jan. 11, Tether froze roughly $182 million in USDT across five Tron (TRX) based wallets in a single day, according to data from on-chain tracker Whale Alert. The holdings in each wallet that were targeted by the freezes ranged from roughly $12 million to $50 million.

Massive freeze executed with law enforcement cooperation The actions appear to have been carried out in coordination with U.S. authorities, including the Department of Justice and the Federal Bureau of Investigation. However, Tether has not publicly detailed the precise reasons for the freezes.

Such moves typically follow investigations into scams, hacks, sanctions evasion, or other illegal uses of crypto.

Tether retains special administrative keys in the USDT smart contracts it issues, which let the company freeze tokens at the issuer level. This capability is part of how fiat-backed stablecoin issuers comply with legal requests and anti-money-laundering rules. 

The latest freezing event is one of the largest seen for USDT in a single day. For context, analytics firm AMLBot reports that Tether has frozen over $3 billion in assets from over 7,000 addresses between 2023 and 2025, a scale far beyond what other stablecoin issuers have done. 

Centralization sparks debate amid market dominance The freeze comes as discussions around the centralized control of stablecoins grow. USDT is widely used across crypto markets, with more than $80 billion circulating on the Tron blockchain.

Unlike decentralized assets such as Bitcoin (BTC), stablecoins like USDT can be halted or blocked by their issuers when legal pressure arises. 

Chainalysis data shows stablecoins accounted for around 84 % of illicit crypto activity by the end of 2025, reflecting how dollar-pegged tokens have become the medium of choice in many on-chain frauds and sanctions-linked movements. 

Critics point out that this “kill switch” model makes stablecoins fundamentally different from decentralized cryptocurrencies and could push some governments or institutions to favor assets that cannot be frozen, such as Bitcoin or gold.

XMR, ZEC, SOL and other alts are rallying as BTC remains rangebound

SINGAPORE--(BUSINESS WIRE)--Ant International, a leading global payment, digitisation, and financial technology provider, is collaborating on the launch of Google’s Universal Commerce Protocol (UCP), a new open standard for agentic commerce that works across the entire shopping journey — from discovery and buying to post-purchase support.

UCP establishes a common language for agents and systems to operate together across consumer surfaces, businesses, and payment providers to enable commerce. So instead of requiring unique connections for every individual agent, UCP enables all agents to interact easily. UCP is built to work across verticals and is compatible with existing industry protocols like Agent2Agent (A2A), Agent Payments Protocol (AP2), and Model Context Protocol (MCP).

“For agentic commerce to scale, it’s critical for the industry to align on a common set of standards. We are proud to have Ant International endorse the Universal Commerce Protocol as the foundation for that future,” said Ashish Gupta, VP/GM, Merchant Shopping, Google.

Powered by UCP, AI surfaces — like the Gemini app or AI Mode in Google Search — are evolving. They will soon enable users to complete purchases natively within the chat interface. When a user expresses shopping intent, the AI intuitively understands their needs and presents a curated selection of products. With a single tap on “Pay with GPay,” users can review their order and finalise payment without ever leaving the conversation. Shopping is now faster, simpler, and more frictionless than ever.

"Ant International is thrilled to deepen our collaboration with Google and support the Agentic Commerce ecosystem. By leveraging our leading payment capabilities, Ant International is creating unique agentic commerce solutions for merchants by delivering merchant friendly, seamless user experience and end-to-end trust, ultimately driving business growth,” says Jiang-Ming Yang, Chief Innovation Officer, Ant International.

Ant International’s agentic commerce solutions aim to provide merchants with three critical capabilities to scale in AI-enabled commerce:

1. Control over algorithmic engagement

In agentic commerce, engagement shifts from human browsing to AI-mediated decision-making. Ant International enables merchants to remain in control, allowing them to define how their brand, offers, loyalty programs, and memberships are represented and executed by AI agents. Brands can now automate engagement while guaranteeing a customer experience that consistently reflects their brand identity and service excellence.

2. A seamless, agent-native experience

Ant International leverages its deep expertise in alternative payment methods (APMs) and its close ties with leading digital wallets to develop APM-based agentic payment solutions. With the support of Antom EasySafePay, users can remain entirely within their AI experience throughout the shopping and checkout journey.

3. Trust across the agentic shopping journey

Trust is foundational to agentic commerce, where users delegate purchasing authority to AI. Ant International ensures that user intent is verifiable, transactions are traceable, and accountability is clear for every participant across the payment lifecycle. EasySafePay leverages Multi-Party Computation (MPC)-based AI risk management and mobile device security systems to identify and block fraudulent transactions, while also providing a money-back guarantee for payment partners in cases of account takeover fraud.

Ant International focuses on providing payment services to merchants, fintechs and banks. Its global payments services, global account, as well as AI and other fintech solutions now cover 200+ markets, connecting 1.8 billion user accounts and 150 million merchants, especially in the emerging markets of Asia Pacific.

To ensure secure, interoperable, and automated transactions among intelligent agents, Ant International is investing actively to co-develop new agentic protocols with industry partners. Other ongoing parentships include the Agent Payments Protocol (AP2) by Google and programs to pilot card-based transaction capabilities for AI agents with global card networks.

About Ant International

With headquarters in Singapore and main operations across Asia, Europe, the Middle East and Latin America, Ant International is a leading global digital payment, digitisation and financial technology provider. Through collaboration across the private and public sectors, our unified techfin platform supports financial institutions and merchants of all sizes to achieve inclusive growth through a comprehensive range of cutting-edge digital payment and financial services solutions. To learn more, please visit https://www.ant-intl.com/

AUSTIN, Texas--(BUSINESS WIRE)--Natera, Inc. (NASDAQ: NTRA), a global leader in cell-free DNA and precision medicine, today released preliminary unaudited results for the fourth quarter and full year ended December 31, 2025. The Company expects the following: Total revenues of approximately $660 million in the fourth quarter of 2025 compared to $476 million in the fourth quarter of 2024, an increase of approximately 39%. Total revenues, excluding revenue true-ups, were greater than $600 million.

By PYMNTS  |  January 11, 2026

 | 

Walmart has launched an agentic commerce partnership with Google.

The collaboration, announced Sunday (Jan. 11), is built around Google’s new Universal Commerce Protocol and pairs Google’s Gemini artificial intelligence (AI) tool with Walmart and Sam Club’s item assortment.

“The transition from traditional web or app search to agent-led commerce represents the next great evolution in retail. We aren’t just watching the shift, we are driving it,” John Furner, Walmart’s in-coming CEO, said in a news release.

“We want to help customers get what they need and want, when and where they want it. Partnering with Google to bring the Walmart experience directly into Gemini is another step toward creating seamless shopping experiences for customers and members that are more intuitive and personal than ever before.”

Under this partnership, Gemini will automatically include Walmart and Sam’s Club in-store and online products when relevant. And because users speak back and forth with Gemini, “there are more opportunities to show relevant products and services throughout the conversation,” the release added.

And when customers link their accounts, Walmart will recommend “complementary items” based on past purchases, combine their order with other items they’ve put in their carts and provide all the benefits of their Walmart+ and Sam’s Club memberships.

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Lastly, customers and members can get products delivered where and when they want in under three hours and as fast as 30 minutes, the companies said.

PYMNTS wrote about Walmart’s artificial intelligence (AI) efforts last week, soon after the company moved to introduce advertising into its AI shopping agent, Sparky, signaling an increasing confidence in conversational commerce. 

“Rather than positioning artificial intelligence solely as a utility, Walmart is treating it as a new interface, one capable of guiding discovery in ways that feel more natural than search bars or category menus,” PYMNTS added.

Also last week, Walmart named an AI specialist, Superhuman CEO Shishir Mehrotra, to its board of directors, a move that combines governance with strategic direction at a time when every major retailer is grappling with how AI should guide product recommendations, personalization, supply chain automation and customer engagement.

Prior to joining Superhuman, Mehrotra was chief executive and co-founder of Coda, a productivity and AI platform, and before launching Coda, Mehrotra served as chief product officer and chief technology officer at YouTube.

“The addition is emblematic of a broader tilt: Walmart is not simply adopting artificial intelligence tools; it is embedding AI leadership at the strategic decision-making level,” that report said.

Multi-Month Lows Breached as Warming Trend Emerges The selling pressure started early in the week when sellers took out the previous main bottom at $3.467. On Friday, it accelerated through a multi-month low at $3.252. The catalyst for the end-of-week weakness was a NatGasWeather report calling for warming across most of the U.S. for January 9-15, with temperatures shifting even warmer across most of the country for January 16-23.

Supply Surge Meets Weak Demand On the supply side, U.S. natural gas production is currently near a record high, with active U.S. natural gas rigs recently posting a 2-year high.

Additionally, gas production ended the week at 113.5 bcf/day, up 10.7% year-over-year. On the flip side, gas demand was 87.9 bcf/day, down 28.1% year-over-year. Meanwhile, LNG net flows to U.S. LNG export terminals on Friday were 19.5 bcf/day (+0.1% w/w), according to Bloomberg.

Storage Data Shows Larger-Than-Expected Draw Last Thursday’s weekly Energy Information Administration (EIA) storage report was bullish as natural gas inventories for the week ended January 2 fell by 119 bcf, a larger draw than the market consensus of -109 bcf, and much larger than the 5-year weekly average draw of -92 bcf.

As of January 6, gas storage in Europe was 58% full, compared to the 5-year seasonal average of 72% full for this time of year.

Rig Count Edges Lower from Recent Peak Finally, Baker Hughes reported Friday that the number of active U.S. natural gas drilling rigs in the week ending January 9 fell by -1 to 124 rigs, modestly below the 2.25-year high of 130 set on November 28. In the past year, the number of gas rigs has risen from the 4.5-year low of 94 rigs reported in September 2024.

Portfolio size, cost, and risk profiles could be selling points for investors seeking a growth-focused fund.

Both the Vanguard Growth ETF (VUG +0.59%) and the iShares Russell Top 200 Growth ETF (IWY +0.55%) aim to give investors exposure to large-cap U.S. growth stocks, but they do so by tracking different indexes and using distinct portfolio construction methods.

This analysis examines their cost structures, recent performance, risk profiles, and portfolio characteristics to help investors weigh which fund may appeal more for their needs.

Snapshot (cost & size)MetricVUGIWYIssuerVanguardiSharesExpense ratio0.04%0.20%1-yr return (as of Jan. 11, 2026)20.55%19.37%Dividend yield0.41%0.36%Beta (5Y monthly)1.211.13AUM$352 billion$16 billionBeta measures price volatility relative to the S&P 500. The 1-yr return represents total return over the trailing 12 months.

IWY carries a higher expense ratio than VUG, making VUG the more affordable choice for cost-conscious investors. VUG also offers a slightly higher yield, boasting greater passive income potential

Performance & risk comparisonMetricVUGIWYMax drawdown (5 y)-35.61%-32.68%Growth of $1,000 over 5 years$1,911$2,071What's insideIWY tracks large-cap U.S. growth stocks with a portfolio of 110 holdings. Around 55% of assets are allocated to the technology sector, with 13% toward communication services and 11% to consumer cyclical. Its largest positions are Nvidia, Apple, and Microsoft. The fund has a 16-year track record and no notable structural quirks.

VUG, by contrast, holds 160 stocks and provides exposure that is similarly concentrated in technology (51%), with communication services and consumer cyclical making up 15% and 14%, respectively. Its top holdings match IWY's, but each stock makes up a slightly smaller portion of the portfolio compared to IWY.

For more guidance on ETF investing, check out the full guide at this link.

What this means for investorsIWY and VUG are similar in many ways on the surface, but they offer subtle differences that could make a difference for investors.

IWY is narrower, with fewer holdings and a greater emphasis on the tech industry. While the two funds share the same top three stocks, these holdings make up around 38% of the portfolio for IWY compared to 32% for VUG. This is a subtle difference, but it could have an impact if Nvidia, Microsoft, and Apple see significant price swings either positively or negatively.

The two funds have seen similar performance in recent years, and with comparable max drawdowns, they've also experienced roughly the same levels of volatility.

The other main difference between them, then, is their fee structure. VUG boasts a lower expense ratio of 0.04%, charging $4 per year in fees for every $10,000 invested. IWY's expense ratio is 0.20%, resulting in fees of $20 per year for every $10,000. While it may seem subtle, IWY's five-times higher fee can add up if you have hundreds of thousands of dollars invested.

GlossaryETF: Exchange-traded fund that holds a basket of securities and trades on an exchange like a stock.
Expense ratio: Annual fund operating costs expressed as a percentage of the fund's average assets.
Dividend yield: Annual dividends paid by a fund divided by its current share price, shown as a percentage.
AUM: Assets under management; the total market value of all assets a fund manages.
Index: A rules-based benchmark that tracks the performance of a specific segment of the market.
Portfolio construction: The process and rules a fund uses to select, weight, and manage its holdings.
Sector exposure: The percentage of a fund's assets invested in specific industries, such as technology or healthcare.
Beta: A measure of how volatile an investment is compared with the overall stock market.
Max drawdown: The largest peak-to-trough decline in an investment's value over a specified period.
Total return: Investment performance including price changes plus dividends, assuming dividends are reinvested.
Growth stocks: Companies expected to grow earnings or revenues faster than the overall market, often reinvesting profits.
Large-cap: Companies with relatively large market values, typically tens or hundreds of billions of dollars.

Katie Brockman has positions in Vanguard Index Funds - Vanguard Growth ETF. The Motley Fool has positions in and recommends Apple, Microsoft, Nvidia, and Vanguard Index Funds - Vanguard Growth ETF. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

LOS ANGELES, Jan. 11, 2026 (GLOBE NEWSWIRE) -- Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“Faraday Future”, “FF” or the “Company”), a California-based global shared intelligent electric mobility ecosystem company, today shared a weekly business update from YT Jia, Founder and Global Co-CEO of FF.

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

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

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. 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.

The company is highly popular among investors thanks to its solid position as a supplier of hardware that underpins AI systems.

In the final month of 2025, investors were clearly seeing the value of Ciena (CIEN +2.38%) stock. Shares of the optical networking equipment specialist raced nearly 15% higher over the course of December, which shouldn't be surprising given its excellent fourth quarter of fiscal 2025 results, and the wave of analyst price target raises that followed the earnings release.

Double-digit improvements For the quarter, Ciena booked $1.35 billion in revenue, which was a sturdy 20% higher than its take in the same period of 2024. Net income not in accordance with generally accepted accounting principles (GAAP) surged even higher, rising at a 68% clip to hit nearly $133 million, or $0.91 per share.

Image source: Getty Images.

With that kind of performance, Ciena had almost no trouble beating the consensus analyst estimates. These called for revenue of $1.29 billion, and non-GAAP (adjusted) net profit of $0.77 per share.

Ciena is doing well as a pick-and-shovel play on the persistently high demand for artificial intelligence (AI). As a provider of optical networking equipment that facilitates high-speed data transfer, it's a go-to supplier of infrastructure necessary for AI build-outs and systems.

In its earnings release, the company quoted CEO Gary Smith as saying that its fourth quarter "reinforces our position as the global leader in high-speed connectivity with an expanding role in the AI ecosystem." CEO statements like that usually contain some level of hype, but not in this case.

The good times should continue to roll for Ciena. The company proffered first-quarter and full-year guidance for fiscal 2026. It anticipates earning revenue of $5.7 billion to $6.1 billion, with its adjusted operating margin coming in at 16% to 18%. It did not provide any net income forecasts.

The low end of that guidance range is 19% higher than the fiscal 2025 result. It's also comfortably above the slightly more than $5.5 billion average prognosticator estimate.

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It's easy to be a Ciena bull these days Given such quarterly leaps in fundamentals, not to mention the very bullish guidance, it was hard for analysts not to positively update their takes on Ciena post-earnings. More than a few of them upped their price targets on the hot tech stock in the wake of the quarterly release.

Among the fairly large crowd of raisers was Raymond James' Simon Leopold, who more than doubled his Ciena fair value assessment to $250 per share from his preceding $120. He also maintained his outperform (i.e., buy) recommendation.

According to reports, Leopold waxed optimistic in his update about management's effectiveness in broadening the company's business during these boom times. He wrote that this could be just the beginning of AI-fueled growth for this crucial supplier of the technology's infrastructure.

Given that, it's easy to be bullish on Ciena's future, and my thinking generally aligns with such optimistic views. I should caution, however, that it's hardly an undiscovered stock, and since it's expensive on both a price and valuation basis, investors might be better off looking for a more under-the-radar, AI-related title.

The AI sector continues to grow, and there are plenty of promising ways to invest in it.

Artificial intelligence (AI) investing continues to be a huge theme on Wall Street as we turn the calendar to 2026. Although some investors may be getting tired of it, the reality is that it's here to stay. So if you're looking for investment ideas now, I think these 10 stocks belong on your short list.

Image source: Getty Images.

1. Nvidia Although this list is not in order of best to worst, I'd still rank Nvidia (NVDA 0.05%) as my top artificial intelligence stock to buy for 2026. It sits at the core of the AI infrastructure buildout, and its graphics processing units (GPUs) remain the best and most popular parallel processing option available.

As long as AI hyperscalers continue to spend huge amounts on their data center buildouts, Nvidia will be fine. Its management believes that global data center capital expenditures will rise to $3 trillion to $4 trillion by 2030. If that proves true, Nvidia should not only be a great stock to hold in 2026, but also for the next five years.

2. Broadcom Tech giant Broadcom (AVGO +3.76%) is taking a different approach to AI computing hardware. Instead of designing general-purpose GPUs like Nvidia, it has focused its chip segment on developing application-specific integrated circuits (ASICs) to meet the needs of its clients. These processors are not well suited to handle a wide variety of tasks, but for the particular workloads that they're designed around, they can outperform GPUs at a lower cost.

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That trade-off -- sacrificing flexibility for performance and cost-savings -- is worth it in many cases for hyperscalers that expect their chips to see a specific type of workload for their entire useful lives. Broadcom should experience huge growth in this business unit in 2026 and beyond.

3. AMD AMD (AMD 0.74%) has been in second place to Nvidia in the GPU business for a long time. Its initial AI accelerator offerings whiffed, and were only viewed as valid alternatives to Nvidia's products at cheaper prices. However, AMD's GPUs are gaining momentum, and they could start to see more adoption because Nvidia's GPUs are currently sold out.

AMD is forecasting a compound annual growth rate (CAGR) of more than 60% from its data center division revenues over the next three to five years, and a CAGR of more than 35% companywide. If it can live up to those expectations, it will be a great stock to own in 2026 and beyond.

4. Taiwan Semiconductor None of the companies mentioned above actually manufacture their own chips. They do the design work, but outsource production to foundry operators -- and particularly, to Taiwan Semiconductor (TSM +1.77%), the world's leading third-party chip manufacturer. Without TSMC's cutting-edge foundry capabilities -- the best on the market -- AI technology wouldn't look the same, and TSMC's success will remain tied to the strength of the AI buildout.

Nvidia, AMD, and Broadcom are all bullish on the five-year outlook for this industry, which makes Taiwan Semiconductor a great neutral way to play this unprecedented buildout.

5. Alphabet A year ago, Alphabet (GOOG +1.05%) (GOOGL +0.96%) wasn't expected to be as successful in 2025 as it was, but now that it has flipped the script, it's again a force to be reckoned with. The tech megacap has resources that most generative AI companies can only dream of, and that's starting to show with the performance of its large language model, Gemini.

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Alphabet's core businesses are also doing quite well thanks to the strength of the advertising market, and I'd expect that momentum to continue throughout 2026.

6. Meta Platforms Meta Platforms (META +1.08%) owns social media sites including Facebook and Instagram. It's investing heavily to bring AI capabilities to these platforms and boost ad conversion. However, perhaps the most exciting project that Meta is working on is creating new products like AI-enabled glasses that could bring generative AI away from the computer or smartphone screen.

If Meta can accomplish this task and deliver a new product that achieves mainstream adoption, that will provide it with a revenue stream that investors haven't factored into its stock price yet. Even if it doesn't, Meta's social media platforms are still dominant and are huge cash cows.

7. Amazon Amazon (AMZN +0.50%) stock underperformed the market in 2025, only rising by 5% for the year. However, I believe that 2026 could be a better year for the company as its key business unit is gaining momentum: Amazon Web Services (AWS).

Amazon's cloud computing platform provides companies with the computing power they need to train and run AI models. Its acceleration in growth is a great sign, as it shows that more companies are using it for their AI workflows.

8. SoundHound AI The next three companies are all smaller, riskier investments, but that also gives them potentially greater upsides. SoundHound AI (SOUN +6.62%) blends generative AI with voice recognition technology. This is useful in multiple applications, such as drive-thrus, customer service, or to serve as an interface for digital assistants in vehicles.

SoundHound AI's top line is growing quickly, and its offerings are gaining momentum. If they are adopted widely, the upside for this stock could be massive.

9. Nebius Nebius (NBIS +0.53%) is a data center operator that is focused on the AI market, purchasing large quantities of Nvidia GPUs and renting out their processing power to clients that need it. Management expects monster growth in 2026. As of 2025's third quarter, it had an annualized revenue run rate of $551 million -- that figure is expected to reach $7 billion to $9 billion by the end of 2026. 

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Nebius has incredible upside potential and could deliver even better performance if management's guidance ticks up throughout the year.

10. Applied Digital Applied Digital (APLD +17.97%) is also a data center company, but its model is a bit different from Nebius'. After it builds its data centers, it leases space in them to clients that install their own servers. This makes Applied Digital more of a real estate play, but the 15-year leases that it's signing give investors long-term visibility into its earnings.

Applied Digital has more operating space coming online each month in the data centers that it has constructed, which will steadily grow its revenues. Its stock is a different way to play the AI buildout, but it's a solid option for a less risky pick with huge upside potential.

LONDON--(BUSINESS WIRE)--The latest research from Omdia reveals that total shipments of desktops, notebooks and workstations in Q4 2025 grew 10.1% to 75 million units. This brought full-year 2025 PC shipments to 279.5 million units, a 9.2% increase over 2024 volumes. Notebook (including mobile workstation) shipments reached 58.6 million units in Q4 and 220.4 million units in the full year, achieving 8% growth in 2025. Desktop (including desktop workstation) shipments in Q4 landed at 16.2 million units, bringing the total 2025 volume to 59 million units, a 14.4% increase over the previous year.

“Between Q1 to Q4 2025, mainstream PC memory and storage costs rose by 40% to 70%, resulting in cost increases being passed through to customers,” said Ben Yeh, Principal Analyst at Omdia.

Share Although overall PC market performance in 2025 was healthy, memory and storage supply tightened, and the associated upward price pressure emerged from the middle of the year. In December 2025, PC vendors began signaling their expectations of price increases. Coupled with the inability to secure sufficient supply, this has already dampened forecasted shipment expectations for 2026. “Between Q1 to Q4 2025, mainstream PC memory and storage costs rose by 40% to 70%, resulting in cost increases being passed through to customers,” said Ben Yeh, Principal Analyst at Omdia. “Given tight 2026 supply, the industry is emphasizing high-end SKUs and leaner mid to low-tier configurations to protect margins.”

“In 2026, with device replacement demand not yet fully abated, supply-side pressures will be more pronounced and supply will not fully meet demand,” added Yeh. “Actual shipment performance will hinge on vendors’ memory and storage procurement and negotiating leverage; beyond scale, their track records and credibility with suppliers will be a decisive factor in determining their success in navigating this period of complexity.” A November 2025 Omdia poll of B2B channel partners that asked “How do you expect your PC business to perform in 2026 compared to 2025” revealed that 57% forecast growth in 2026, indicating that a healthy demand environment will provide strong opportunities for vendors that are best able to manage their supply.

Worldwide desktop and notebook shipments (market share and annual growth)

Omdia PC Market Pulse: Q4 2025

Vendor

Q4 2025
shipments

Q4 2025
market share

Q4 2024
shipments

Q4 2024
market share

Annual
growth

Lenovo

19,313

25.8%

16,880

24.9%

14.4%

HP

15,387

20.6%

13,724

20.2%

12.1%

Dell

12,468

16.7%

9,898

14.6%

26.0%

Apple

7,023

9.4%

6,893

10.2%

1.9%

Asus

5,307

7.1%

4,972

7.3%

6.7%

Others

15,285

20.4%

15,526

22.9%

-1.5%

Total

74,783

100.0%

67,893

100.0%

10.1%

Note: Unit shipments in thousands. Percentages may not add up to 100% due to rounding.

Source: Omdia PC Horizon Service (sell-in shipments), January 2026

Worldwide desktop and notebook shipments (market share and annual growth)

Omdia PC Market Pulse: 2025

Vendor

2025
shipments

2025
market share

2024
shipments

2024
market share

Annual
growth

Lenovo

70,851

25.4%

61,841

24.2%

14.6%

HP

57,440

20.6%

52,992

20.7%

8.4%

Dell

41,894

15.0%

39,096

15.3%

7.2%

Apple

27,674

9.9%

23,779

9.3%

16.4%

Asus

20,067

7.2%

18,329

7.2%

9.5%

Others

61,526

22.0%

59,910

23.4%

2.7%

Total

279,452

100.0%

255,947

100.0%

9.2%

Note: Unit shipments in thousands. Percentages may not add up to 100% due to rounding.

  Source: Omdia PC Horizon Service (sell-in shipments), January 2026

Lenovo led the PC market both sequentially and for the full year, delivering double-digit growth of 14.4% in Q4 2025 and closing the year with shipments of 71 million units, up 14.6% year on year. HP ranked second, shipping 15.4 million PCs in Q4 2025 and recording growth on both a sequential and annual basis during the quarter. Dell posted its strongest quarterly performance of 2025, achieving a robust 26% year-on-year increase in Q4. Full-year shipments reached 42 million units, representing a 7% increase compared with 2024, while Dell also expanded its market share by two percentage points year on year in the quarter. Apple retained fourth place and stood out as the fastest-growing vendor for the full year. The company recorded 16.4% growth for the full year, with full-year shipments reaching 28 million units. Asus rounded out the top five in both quarterly and full-year rankings, shipping 5.3 million units in Q4 and 20 million units for the year, supported by 7% growth during the holiday quarter.

ABOUT OMDIA

Omdia, part of Informa TechTarget, Inc. (Nasdaq: TTGT), is a technology research and advisory group. Our deep knowledge of tech markets grounded in real conversations with industry leaders and hundreds of thousands of data points, make our market intelligence our clients’ strategic advantage. From R&D to ROI, we identify the greatest opportunities and move the industry forward.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Key Points:

Grayscale registers ETFs in Delaware.Market anticipates changes pending SEC approval.BNB price trends observed alongside institutional interest. Grayscale has registered a new ETF, the “Grayscale HYPE ETF,” as a Statutory Trust in Delaware, joining its already registered BNB ETF as potential future offerings.

These registrations suggest Grayscale’s preparation to expand its cryptocurrency ETF lineup, potentially increasing investor access to digital assets pending further regulatory approvals.

Grayscale’s Delaware ETFs Registration Sparks Interest Grayscale Investments, a leading digital asset manager, has registered the Grayscale HYPE ETF and BNB ETF in Delaware, marking a new chapter in its market strategy. These entities operate as statutory trusts and include a registered agent, CSC Delaware Trust Company, for legal purposes.

Market changes are anticipated, though the full implications will depend on future SEC filings and approval. Currently, without detailed asset composition documents, specific impacts on individual cryptos remain speculative but are likely significant.

Reactions within the crypto community have been muted, with major players yet to comment on the registrations publicly. Any market moves will more likely occur post-SEC announcements or following a formal launch, should approval be granted.

Michael Sonnenshein, CEO, Grayscale Investments – As of now, there is no formal press release or ETF prospectus specifically announcing “Grayscale HYPE ETF” or “Grayscale BNB ETF.” Delaware Secretary of State BNB Price Trends and Potential Institutional Interest Did you know? Registration of new ETFs like Grayscale’s tends to spark interest but often sees real market changes only post-SEC approval or launch, mirroring trends from other major asset managers.

Based on CoinMarketCap data, BNB’s current price stands at $900.80, with a market cap of $124.07 billion. Trading volume has decreased by 8.24% in the past 24 hours, and the price has changed by -0.26% in the same timeframe. Over the last 90 days, BNB experienced a 30.53% drop.

BNB(BNB), daily chart, screenshot on CoinMarketCap at 22:11 UTC on January 11, 2026. Source: CoinMarketCap Insights from Coincu research suggest potential regulatory shifts may increase institutional interest in digital assets like BNB. If further approval is granted, the financial landscape for ETFs might adapt to encompass a wider array of cryptocurrencies.

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

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Bitcoin could rip higher in the short term before slipping into a dangerous late-cycle phase, as on-chain data shows momentum rising on weakening liquidity, raising bear-market risks heading into 2026, according to Willy Woo.

Published: Jan 11, 2026 at 23:29

Ethereum's price has resumed its upward trend after moving back above the moving average lines. This is the third attempt by buyers to break through the $3,400 resistance.

ETH price long-term analysis: bullish Since January 2, the largest altcoin has been range-bound, remaining above the moving average lines but below the $3,400 resistance level. If buyers break through the $3,400 barrier, Ethereum will continue its upward trajectory, potentially reaching the $3,900 level.

Conversely, if ETH fails to surpass the $3,400 barrier, the price will remain range-bound above the moving averages. Today, Ether has reached a high of $3,127.

Technical indicators: Resistance Levels: $4,500 and $5,000

Support levels: $3,000 and $2,500

Ethereum price indicators analysis The price has risen after finding support above the moving average lines. The moving average lines are horizontal, indicating a sideways trend. The formation of Doji candlesticks has kept the price stable above the $3,000 support. The largest altcoin is likely to remain range-bound, as it is trapped between the moving average lines.

What is next for ETH? Ether is trading in a bullish trend zone, holding above the moving average lines. The price is rising but remains stuck between the moving average lines on the 4-hour chart. The altcoin will trend once it breaks either the 21-day SMA support or the 50-day SMA resistance. Currently, the altcoin is approaching the 50-day SMA resistance.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coinidol.com. Readers should do their research before investing in funds.

In 2025, Pump.fun, a Solana-based meme coin launchpad, emerged as a major revenue-generating application within the blockchain’s ecosystem. Solana reported that Pump.fun was one of seven applications on its network that each generated over $100 million in revenue throughout the year. Despite a 10% decline in meme coin trading volume to $482 billion, such activities remained a significant driver on the Solana network.

The year saw five other launchpads alongside Pump.fun recording over $1 billion in transaction volume, contributing to a doubling of launchpad revenues to $762 million. Collectively, these launchpads facilitated the creation of 11.6 million tokens, more than twice the previous year’s figures. However, only a small percentage, approximately 0.89%, advanced beyond the initial bonding curve launches.

Solana’s network metrics revealed a total application revenue of $2.39 billion in 2025, marking a 46% increase year-over-year and setting a new all-time high. Besides Pump.fun, other top revenue-generating applications included Axiom Exchange, Meteora, Raydium, Jupiter, Photon, and Bullx. Applications generating less than $100 million collectively brought in over $500 million during the year.

At the protocol level, Solana’s network revenue rose to $1.4 billion, representing a 48-fold increase over the past two years. Meanwhile, average transaction fees decreased, with median fees dropping to $0.0011. The network processed 33 billion non-vote transactions, averaging 1,054 transactions per second, while daily active wallets increased by 50% year-on-year to average 3.2 million.

The supply of stablecoins on Solana more than doubled, reaching $14.8 billion, with $11.7 trillion in stablecoin transactions over the year. Tokenized equities made their debut on the network with a supply of $1 billion. Decentralized exchanges (DEXs) saw trading volumes hit $1.5 trillion, led by Raydium, Orca, and Meteora, with DEX aggregators like Jupiter capturing a larger share of trading activity.

Institutional interest was evident as Solana ETFs recorded $1.02 billion in net inflows. Staked SOL reached record levels, reflecting heightened demand among institutional investors. The competitive landscape for cryptocurrency products remains dynamic as multiple issuers continue to file and amend product offerings.

Exchange-traded funds (ETFs) provide a means for investors to gain exposure to cryptocurrencies without directly holding the assets. These funds typically track the price of specific digital currencies and are subject to regulatory approval. Regulatory focus often centers on custody arrangements, market integrity, and investor protection.

Bitcoin remains the largest cryptocurrency by market capitalization, serving as a benchmark for many crypto investment products. Solana, known for its smart contract capabilities, supports a wide range of decentralized applications (dApps), including those for financial services and tokenized assets.

The cryptocurrency market is subject to numerous risks, including volatility, liquidity concerns, operational issues, and regulatory uncertainties. Tracking error and management fees are additional considerations for investors in crypto-based funds and products.

Looking ahead, the industry anticipates further developments as regulatory bodies continue to review and approve new financial products, with stakeholders closely monitoring potential changes in market dynamics and investor sentiment.

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Nicolás Maduro’s arrest and detention in the United States has once again placed Tether and its USDT stablecoin under global scrutiny, highlighting the outsized role stablecoins play in Venezuela’s economy. Despite increased attention from U.S. authorities, analysts argue that USDT will likely remain deeply embedded in both Venezuela’s oil trade and everyday financial life due to persistent inflation and institutional weakness.

According to reporting by The Wall Street Journal, USDT has served two critical functions in Venezuela. First, it has enabled the country’s state-run oil industry to continue exporting crude despite heavy U.S. sanctions that restrict access to the global banking system. Second, it has become a practical dollar-pegged alternative for citizens facing the near-total collapse of the Venezuelan bolívar. Over the past decade, the local currency has lost roughly 99.8% of its value against the U.S. dollar, making stablecoins an attractive store of value.

Maduro, currently held in a Brooklyn jail, has pleaded not guilty to narcotrafficking charges in U.S. federal court. His case has intensified efforts to monitor financial flows linked to the Venezuelan state. Since 2020, Petroleos de Venezuela (PdVSA) has reportedly accepted oil payments in USDT, with settlements sent directly to digital wallets or routed through intermediaries who convert proceeds into Tether. Venezuelan economist Asdrúbal Oliveros has estimated that close to 80% of the country’s oil revenue is now collected through stablecoins, underscoring their central role in state cash flow.

Tether has stated that it cooperates with U.S. and international authorities and has frozen wallets associated with sanctioned Venezuelan oil transactions. Still, experts note the dual nature of stablecoins. Adam Zarazinski, CEO of Inca Digital, says USDT remains a daily hedge for Venezuelans, while simultaneously creating pathways for sanctions evasion. Ari Redbord of TRM Labs echoes this concern, emphasizing that stablecoins can function both as a civilian lifeline and a tool for illicit finance.

Beyond oil, USDT is increasingly used for cross-border transfers and everyday purchases, driven by distrust in domestic banks, capital controls, and limited access to physical dollars. Venezuela’s failed oil-backed Petro token further reinforced public preference for widely accepted stablecoins like USDT. As long as economic instability persists, demand for dollar-linked digital currencies in Venezuela is unlikely to fade.

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Bitcoin price action may be nearing a short-term rebound, according to prominent on-chain analyst Willy Woo, as improving investor flows and potential US macroeconomic policy changes align to support crypto adoption. Recent data suggests that Bitcoin investor inflows bottomed on December 24, 2025, and have been gradually strengthening since, creating a cautiously bullish setup for the coming weeks despite lingering macro uncertainty.

At the time of writing, Bitcoin is trading near $90,580, a level notably below the estimated average miner production cost of roughly $101,000 per BTC. Historically, trading below miner cost has not led to widespread panic selling. Instead, miners often reduce sell pressure and slow production, forming a low-activity zone that acts as a temporary price floor. Market analysts note that similar conditions in past cycles preceded recoveries as Bitcoin reclaimed its production cost and sentiment rapidly improved.

Willy Woo emphasizes that real spot inflows, rather than narratives or correlations with traditional equity markets, remain the primary driver of Bitcoin price recovery. His models focus on measuring actual capital allocation into BTC, highlighting that markets can rally elsewhere without Bitcoin if genuine investor demand is absent. The recent uptick in flows therefore strengthens the case for a short-term rebound, even as longer-term liquidity trends remain soft.

Adding to the near-term volatility is a potential macro catalyst: US President Donald Trump’s proposal to cap credit card interest rates at 10% for one year, set to take effect on January 20, 2026. While designed to ease consumer debt burdens, analysts warn the policy could restrict access to traditional credit for lower-rated borrowers. This may inadvertently push affected consumers toward alternative financial systems, including Bitcoin, stablecoins, and decentralized finance platforms such as Aave and Compound.

Some market commentators believe banks and payment giants like Visa and Mastercard could face short-term volatility as they adjust risk exposure, further accelerating interest in crypto-based financial solutions. Despite these tailwinds, Woo remains cautious about the broader 2026 outlook, noting that liquidity has been weakening relative to price momentum since early 2025. This suggests that while a Bitcoin rebound is possible, sustained upside may face structural challenges.

The convergence of miner-cost support, improving on-chain flows, and policy-driven demand has created a critical inflection point for Bitcoin, setting the stage for heightened volatility and a potential short-term price recovery.

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Journalist

Posted: January 12, 2026

Monero [XMR] was up 7.18% in the past 24 hours and also witnessed a 25% increase in Open Interest.

This pointed to strongly bullish short-term sentiment, but traders should remember that the late hours of Sunday/early Monday could bring high volatility to Bitcoin [BTC] and the wider crypto market.

With that in mind, short-term traders should consider reducing exposure. Swing traders can have a bullish bias but can also wait for Monday’s trading to give clues about the next move before looking to enter the market.

Here’s why Monero is set to climb to new all-time highs

Source: XMR/USDT on TradingView

In mid-December, AMBCrypto highlighted the potential for a price dip below $400. Such a dip did not come. According to the CMF, the buying pressure has been neutral on the 1-day chart.

The MACD and the moving averages captured the strong bullish momentum, especially since the start of January.

The $517.6 all-time high remains the target now, and new ATHs look likely for Monero.

Should XMR bulls be worried? The weekend volatility and a Bitcoin downturn could upset some XMR traders over the next 24 hours. The evidence at hand shows that the privacy narrative was going strong.

XMR has demand, and any price dips should halt at the $470 demand zone.

Traders’ call to action- Time to buy XMR

Source: XMR/USDT on TradingView

The 1-hour chart showed that the 23.6% Fibonacci extension level at $480 served as support in recent hours of trading and led to an uptick in price. The technical indicators were also firmly bullish.

Traders should be wary of the $490-$500 local high, which has been a supply zone in the past month.

Another report underlined the $460-$470 as being a key short-term supply zone. On Saturday, the 10th of January, this area was flipped from supply to demand. It further bolstered the short-term bullish view of Monero.

Final Thoughts The Monero price action has been bullish recently, and the privacy token could make new all-time highs soon. Traders should beware of weekend volatility, but the $460-$480 area is a key demand zone that buyers were likely to defend. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories. His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity. Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution. As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.

, /PRNewswire/ --

Why: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of StubHub Holdings, Inc. (NYSE: STUB) pursuant and/or traceable to the Registration Statement issued in connection with StubHub's September 2025 initial public offering (the "IPO"), of the important January 23, 2026 lead plaintiff deadline.

So what: If you purchased StubHub common stock 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 StubHub class action, go to https://rosenlegal.com/submit-form/?case_id=48412 or call Phillip Kim, Esq. at 866-767-3653 or email [email protected] for more information. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 23, 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 litigate 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, at that time, 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 hundreds of millions 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,  the Registration Statement was materially false and misleading and omitted to state that: (1) StubHub was experiencing changes in the timing of payments to vendors; (2) those changes had a significant adverse impact on free cash flow, including trailing twelve months ("TTM") free cash flow; (3) as a result, StubHub's free cash flow reports were materially misleading, and that; (4) as a result of the foregoing, defendants' positive statements about StubHub's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the StubHub class action, go to https://rosenlegal.com/submit-form/?case_id=48412 or call Phillip Kim, Esq. at 866-767-3653 or email [email protected] for more information.

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, 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.

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CHICAGO--(BUSINESS WIRE)--Tempus AI, Inc. (NASDAQ: TEM), a technology company leading the adoption of AI to advance precision medicine, today announced a record Total Contract Value (TCV) of >$1.1 billion as of December 31, 2025. During 2025, Tempus signed data agreements with over 70 customers, spanning both large and mid-sized pharma, including AstraZeneca, GlaxoSmithKline, Bristol Myers Squibb, Pfizer, Novartis, Merck, Abbvie, Daiichi Sankyo, Eli Lilly, Boehringer Ingelheim, and biotechs.

Nvidia stock has made fortunes for patient investors.

Nvidia's (NVDA 0.10%) business has gone through an incredible transformation over the last decade. While the company got its start designing graphics processing units (GPUs) to support high-end video games, its strengths in processing hardware gave it the foundation to be the frontrunner in artificial intelligence (AI) computing and deliver huge wins for long-term shareholders.

Image source: Getty Images.

Nvidia stock has been an incredible winner As of this writing, Nvidia has a market capitalization of $4.6 trillion and stands as the world's most valuable company. Over the last decade, Nvidia has delivered a total return of roughly 25,500%. If you had invested $100 in Nvidia a decade ago and held on to your stock, your holdings would now be worth approximately $25,570. Meanwhile, the stock has posted a total return of roughly 1,300% over the last five years -- good enough to turn a $100 investment into roughly $1,400.

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In addition to its core strengths in the AI data center market, Nvidia has been making some big moves to diversify its tech portfolio and plant the seeds for potentially explosive new growth shoots. The company has been putting its big cash pile to use with acquisitions, and purchasing businesses and tech licenses that can strengthen its core AI processing business as well as facilitate growth in categories such as robotics and autonomous vehicles.

Nvidia looks poised to remain the leader in GPU technologies, and its strengths in AI hardware could help it score wins in other promising markets. This should help grow an Nvidia investment significantly over the next decade as well.

Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.

Positive Phase 3 HERIZON-GEA-01 results for Ziihera® (zanidatamab-hrii) in first-line HER2-positive (HER2+) gastroesophageal adenocarcinoma (GEA) presented at ASCO GI Up to $440.0 million in milestone payments eligible to be earned related to regulatory approvals of Ziihera in GEA in the United States, Europe, Japan, and ChinaCompany well-positioned to execute new strategy compounding long-term value by integrating royalty growth, strategic acquisitions, and continued internal R&D innovation$125.0 million share repurchase plan announced in November 2025 available to reduce share countCash, cash equivalents, and marketable securities of approximately $270.6 million (unaudited) as of December 31, 2025, combined with anticipated regulatory milestone payments related to potential approvals of Ziihera in GEA, expected to provide cash runway beyond 2028Company to present at the J.P. Morgan Annual Healthcare Conference on Wednesday, January 14, 2026 at 3:00 pm Pacific Time (PT) VANCOUVER, British Columbia, Jan. 11, 2026 (GLOBE NEWSWIRE) -- Zymeworks Inc. (Nasdaq: ZYME), a biotechnology company managing a portfolio of licensed healthcare assets, while developing a diverse pipeline of novel, multifunctional biotherapeutics, today outlined its strategic priorities and key milestones for 2026. Following a year of significant clinical, operational and financial progress, Zymeworks is focused on executing a long-term strategy designed to maximize value creation for patients, partners, and shareholders.

“2025 was a pivotal and transformative year for Zymeworks,” said Kenneth Galbraith, Chair and Chief Executive Officer of Zymeworks. “We strengthened our leadership capabilities with the addition of seasoned biotech executives and a refreshed Board, delivered strong execution across our preclinical, clinical and partnered programs, and demonstrated the value of our integrated business model. We enter 2026 with a solid financial foundation, visibility of substantial future cash flows from partnered programs and a clear strategy to compound long-term value through integrating royalty growth, disciplined internal R&D innovation, and strategic acquisitions.”

Key 2025 Accomplishments:

Zymeworks’ progress in 2025 included significant clinical advancement, strengthened leadership, and increased financial flexibility.

Partnered Programs:

Positive results from the Phase 3 HERIZON-GEA-01 trial evaluating Ziihera® (zanidatamab-hrii) in combination with chemotherapy, with or without the PD-1 inhibitor Tevimbra® (tislelizumab), as a first-line treatment for HER2+ locally advanced or metastatic GEA. Ziihera plus chemotherapy showed a clinically meaningful and statistically significant improvement in progression-free survival (PFS) versus trastuzumab and chemotherapy, and a clinically meaningful effect with a strong trend toward statistical significance for overall survival (OS) at the first OS interim analysis;Regulatory approvals of zanidatamab in China by the National Medical Products Administration (NMPA) and European Commission approval, in previously treated unresectable or metastatic HER2+ biliary tract cancer;Our partner, J&J Innovative Medicine (J&J), reported Phase 1 trial results at ASCO 2025 for pasritamig (JNJ-78278343), a first-in-class, T-cell engaging bispecific antibody targeting human kallikrein 2 (KLK2) expressed on the surface of prostate cancer cells. In September, J&J announced initiation of several Phase 3 trials evaluating pasritamig in both monotherapy and combination regimens; and,$69.6 million in milestone payments earned from BMS, GSK, J&J, Daiichi Sankyo, and BeOne Medicines from zanidatamab and legacy platform collaboration agreements. Wholly-owned Pipeline:

Initiation of first-in-human global studies for ZW251, a novel glypican-3 (GPC3)-targeted antibody-drug conjugate (ADC) incorporating Zymeworks’ proprietary topoisomerase 1 inhibitor payload, ZD06519, for the treatment of hepatocellular carcinoma (NCT07164313);Presentation of preliminary Phase 1 results for ZW191, an ADC targeting folate receptor-alpha, demonstrating responses across dose levels and supporting a wide therapeutic index of Zymeworks’ novel ADC platform, with 64% overall response rate in gynecological cancers at doses ≥6.4mg/kg. Dose optimization of ZW191 in ovarian cancer initiated in 4Q-2025;Presented preclinical data for ZW1528, a novel IL-4Rα x IL-33 bispecific molecule designed to address respiratory inflammation, and the first program from our ADVANCE research strategy; and,Through a series of scientific publications and presentations, outlined additional preclinical data supporting the potential therapeutic benefit of clinical programs and investigational new drug (IND) candidates in our solid tumor ADC portfolio (ZW191, ZW251, and ZW327) and our Trispecific T-cell Engager (TriTCE) Co-stim platform (ZW209). Corporate:

Strengthened our board of directors through the addition of three new members: Oleg Nodelman, Robert E. Landry, and Greg Ciongoli;Strengthened our leadership team through the addition of Dr. Sabeen Mekan as Senior Vice President, Clinical Development, Dr. Adam Schayowitz as Acting Chief Development Officer and Mr. Scott Platshon as Acting Chief Investment Officer;Successfully completed $60.0 million in share repurchases under the Company’s initial Share Repurchase Program announced in August 2024; and,Evolved our strategy to focus on building a diversified portfolio of revenue-generating healthcare assets and wholly-owned product candidates. The new strategy will combine internal innovation, licensing, and strategic acquisitions to drive sustainable value creation for shareholders. 2026 Milestones & Priorities Expected to Drive Long-Term Value Creation

Zymeworks’ evolving strategy is designed to compound long-term value by integrating royalty growth, strategic acquisitions, and internal R&D innovation, all supported by a strengthened financial foundation and thoughtful capital allocation. The Company expects meaningful, predictable and durable cash flows from its partnered programs, including Ziihera and pasritamig, as these therapeutics continue through late-stage development and commercialization. These projected revenues provide greater flexibility in capital allocation, enabling Zymeworks to balance reinvestment into its royalty and asset portfolio, to target investment in innovative internal R&D, and to continue returning excess capital to shareholders. The Company intends to pursue partnership and acquisition opportunities based on strategic fit and long-term value creation with time and optionality rather than near-term cash needs.

This evolution also formalizes Zymeworks’ integrated operating model, which pairs a robust internal R&D engine with a growing portfolio of revenue-generating licensed products. The Company’s proven ability to evaluate, prioritize, and advance its own pipeline, independently and through valuable partnerships, provides a framework for assessing potential acquisitions that may include cash-generating products, undervalued programs, or assets with attractive financial structures. By combining internal innovation with strategic asset aggregation, Zymeworks aims to scale a model that has historically driven its success, and seeks to maximize sustainable value creation and reinforce its differentiation from other healthcare royalty and asset aggregators.

“Our internal R&D engine has demonstrated the depth and breadth of novel programs and technologies it can develop, including Ziihera and pasritamig. As we evolve our strategy, we remain committed to disciplined, data-driven portfolio management and investment decisions designed to prioritize high internal rate of return opportunities,” said Galbraith. “Our global development capabilities enable us to rapidly generate high-quality clinical data, while our integrated model ensures helps us identify, partner, or acquire the right assets to build a durable and diversified portfolio. We believe this is the foundation for long-term sustainable value creation at Zymeworks.”

The transition to an integrated partnership strategy requires a change in scope and priorities for our R&D activities within the ADVANCE R&D strategy as follows:

In our current ADC portfolio, we intend to continue to conduct our ongoing Phase 1 clinical studies for ZW191 and ZW251 during 2026;We intend to advance our other ongoing ADC research efforts, including future clinical development of ZW220, ZW327, and ZW418 (a biparatopic PTK7-targeting ADC incorporating a novel pan-RAS inhibitor payload) into clinical studies only with partnerships and collaborations and/or external funding becoming available; and,Beyond 2026, we intend to focus our future ADVANCE research efforts solely on multispecific antibody and engineered-cytokine platforms, funded partially with early-stage partnerships and collaborations. We expect ZW1528 to be the first of our ADVANCE R&D programs to enter clinical studies in 2026. We intend to continue actively sharing peer-reviewed publications and data across preclinical and clinical programs.
The Company anticipates the following clinical development milestones from its R&D pipeline:

The global Phase 1 clinical trial investigating ZW191 in solid tumors is ongoing with dose optimization of ZW191 in ovarian cancer. Additional data from the Phase 1 trial is anticipated to be presented at a major medical meeting in 2026;The global Phase 1 clinical trial investigating ZW251 in solid tumors is actively recruiting. The Company presented a Trial-in-Progress poster for ZW251, at ASCO Gastrointestinal Cancers Symposium (ASCO GI) on January 9, 2026;INDs for multispecific programs, ZW209 and ZW1528, remain on track for submission in 2026, as we continue evaluating partnership opportunities before the commencement of clinical studies; and,Development of wholly-owned preclinical candidates from our multispecific antibody portfolio to provide for one planned IND filing per annum commencing in 2028. Ziihera® (zanidatamab-hrii)

Late-breaking HERIZON-GEA-01 clinical data presented at ASCO GI by partner Jazz Pharmaceuticals on January 8, 2026. The study found: Both investigational arms, Ziihera plus tislelizumab and chemotherapy and Ziihera plus chemotherapy, led to a statistically significant and clinically meaningful prolongation of progression-free survival (PFS) with approximately 35% reduction in the risk of disease progression or death versus trastuzumab plus chemotherapy. This resulted in a median PFS of more than one year, representing a greater than four month improvement compared to the control arm.Ziihera plus tislelizumab and chemotherapy demonstrated a statistically significant and clinically meaningful overall survival (OS) benefit with a median OS of more than two years (26.4 months), the longest reported in a Phase 3 trial in GEA, representing a greater than seven-month improvement in median OS and a 28% reduction in the risk of death versus trastuzumab plus chemotherapy.At this first interim analysis, Ziihera plus chemotherapy showed a median OS of more than two years, with a strong trend toward statistical significance, favoring Ziihera plus chemotherapy versus trastuzumab plus chemotherapy. An additional planned OS interim analysis for Ziihera plus chemotherapy is currently expected in mid-2026.The OS and PFS benefits were generally consistent across major prespecified subgroups including geographic region and PD-L1 status for both investigational arms. Based on the topline results from HERIZON-GEA-01, Jazz plans to submit a supplemental Biologics License Application in 1H-2026 for zanidatamab in the U.S. as first-line treatment for HER2+ locally advanced or metastatic GEA; and,Zymeworks has the potential to receive substantial near-term milestone payments related to future anticipated regulatory approvals in GEA totaling $440.0 million, as follows: U.S. - $250.0 million; EU - $100.0 million; Japan - $75.0 million; China - $15.0 million.
Authorized Share Repurchase Program

In November 2025, the Board of Directors authorized a new share repurchase program providing the ability to repurchase up to $125.0 million in common stock. The program underscores our confidence in Zymeworks’ long-term growth prospects and helps enhance shareholder value by reducing share count, while maintaining cash resources for operations and growth investments and preserving financial flexibility for strategic opportunities.

To date, the Company has utilized approximately $19.0 million of this approved repurchase program to acquire 727,271 shares of the Company’s common stock at an average price of $26.07 (exclusive of commission expense and estimated excise tax).

Operational and Cash Runway Guidance

Our adjusted gross operating expense (non-GAAP) guidance for combined adjusted research and development (R&D) expense (non-GAAP) and adjusted general and administrative (G&A) expense (non-GAAP) (excluding stock compensation expense) outlines a disciplined framework of approximately $300.0 million in aggregate adjusted gross operating expenditures (non-GAAP) over a three-year period ending December 31, 2028. We expect a greater proportion of adjusted gross operating expense (non-GAAP) to be incurred in 2026 and decline in 2027 and 2028, reflecting a deliberate and measured investment across R&D and G&A aligned with clearly defined strategic priorities. This outlook reflects current expectations, underscores our continued focus on cost discipline and capital allocation rigor, and does not include any potential acquisition-related expenditures.

As of December 31, 2025, the Company had cash resources of approximately $270.6 million (unaudited), consisting of cash, cash equivalents, and marketable securities.

Based on current operating plans and our existing cash resources, and assuming full execution of the $125.0 million share repurchase plan and receipt of anticipated regulatory milestone payments of $440.0 million associated with potential regulatory approvals of Ziihera in GEA in the United States, Europe, Japan, and China, we believe we are positioned to fund planned operations beyond 2028. This anticipated cash runway does not take into account any contribution from additional future milestone payments or royalties related to Ziihera, other current licensed product candidates or contributions from future partnerships and collaborations.

J.P. Morgan Healthcare Conference Presentation and Webcast

Management will participate in the J.P. Morgan Annual Healthcare Conference taking place in San Francisco, California, from January 12-15, 2026, and present on January 14, 2026, at 3:00 pm PT. The presentation and webcast will be available on Zymeworks’ website.

Non-GAAP Information

In addition to reporting financial information in accordance with U.S. generally accepted accounting principles (GAAP) in this press release, we have elected to present selected non-GAAP, or adjusted, financial measures on a forward-looking basis. A reconciliation of anticipated adjusted gross operating expense, adjusted research and development expense, and adjusted general and administrative expense to the most directly comparable GAAP measures is not available without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, and we are also unable to predict the probable significance of such adjusted measures. Accordingly, in reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, we have not provided a reconciliation for the adjusted gross operating expense, adjusted research and development expense, and adjusted general and administrative expense guidance provided in this press release. Zymeworks believes that estimated adjusted gross operating expense, adjusted research and development expense, and adjusted general and administrative expense, which are non-GAAP financial measures, may be helpful to investors because they provides consistency and comparability with financial performance across periods. These non-GAAP financial measures are not defined by GAAP and should not be considered as alternatives to operating expenses, research and development expenses, and general and administrative expenses or any other indicators of Zymeworks’ performance required to be reported under GAAP. In addition, other companies, including companies in Zymeworks’ industry, may calculate similarly titled non-GAAP or adjusted measures differently or may use other measures to evaluate their performance, all of which could the reduce the usefulness of adjusted gross operating expense, adjusted research and development expense, and adjusted general and administrative expense as financial measures. As defined by Zymeworks, adjusted gross operating expense represents the aggregate of adjusted research and development expense and adjusted general and administrative expense, each of which excludes stock-based compensation expense for equity- and liability-classified equity instruments.

About Zymeworks Inc.
Zymeworks is a global biotechnology company managing a portfolio of licensed healthcare assets and developing a diverse pipeline of novel, multifunctional biotherapeutics to improve the standard of care for difficult-to-treat diseases, including cancer, inflammation, and autoimmune disease. The Company’s asset and royalty aggregation strategy focuses on optimizing positive future cash flows from an emerging portfolio of licensed products such as Ziihera® (zanidatamab-hrii) and other licensed products and product candidates, such as pasritamig. In addition, Zymeworks is also building a portfolio of healthcare assets that can generate strong cash flows, while supporting the early-stage development of innovative medicines. Zymeworks engineered and developed Ziihera, a HER2-targeted bispecific antibody using the Company’s proprietary Azymetric™ technology and has entered into separate agreements with BeOne Medicines Ltd. (formerly BeiGene, Ltd.) and Jazz Pharmaceuticals Ireland Limited granting each exclusive rights to develop and commercialize zanidatamab in different territories. Zymeworks is rapidly advancing a robust pipeline of product candidates, leveraging its expertise in both antibody drug conjugates and multispecific antibody therapeutics targeting novel pathways in areas of significant unmet medical need. The Company’s complementary therapeutic platforms and fully integrated drug development engine provide the flexibility and compatibility to precisely engineer and develop highly differentiated antibody-based therapeutics. These capabilities have been further leveraged through strategic partnerships with global biopharmaceutical companies. For information about Zymeworks, visit www.zymeworks.com and follow @ZymeworksInc on X.

Cautionary Note Regarding Forward-Looking Statements

This press release includes “forward-looking statements” or information within the meaning of the applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release include, but are not limited to, statements that relate to Zymeworks’ expectations regarding implementation of its strategic priorities and the anticipated benefits thereof, including shareholder returns and the anticipated manner of such returns; implementation of its long-term strategy to maximize value creation; preliminary and unaudited estimates of its cash, cash equivalents, and marketable securities; anticipated sufficiency of existing cash resources, assuming full execution of the share repurchase plan and receipt of anticipated regulatory milestone payments associated with potential regulatory approvals of Ziihera in GEA in the United States, Europe, Japan, and China, to fund Zymeworks’ planned operations beyond 2028; expectations regarding cash flows from partnered programs, including Ziihera and pasritamig; Zymeworks’ ability to balance reinvestments into its royalty and asset portfolio and internal R&D and return to stockholders; implementation of its evolving asset aggregation strategy, including existing and potential future royalty streams and existing and potential new partnerships; the anticipated benefits of its collaboration agreements, including Zymeworks’ ability to receive any future milestone payments and royalties thereunder; statements relating to potential milestone payments upon regulatory approvals of Ziihera in GEA and the timing thereof; statements that relate to the expected contributions of personnel to Zymeworks’ strategic goals; statements that relate to Zymeworks’ ability to execute the share repurchase plan, in whole or in part; expected timing and amount of repurchases; Zymeworks’ ability to pursue its business objectives following repurchases under the share repurchase plan; anticipated capital allocation strategy; industry opportunities for acquisition of new revenue streams or collaborations; the timing of and results of interactions with regulators; Zymeworks’ clinical development of its product candidates and enrollment in its clinical trials; the timing and status of ongoing and future studies and the related data; anticipated preclinical and clinical data presentations; expectations regarding future regulatory filings and approvals and the timing thereof; expected financial performance and future financial position, including anticipated adjusted gross operating expense (non-GAAP), adjusted research and development expense (non-GAAP) and adjusted general and administrative expense (non-GAAP) for the three-year period ending December 31, 2028, excluding any potential acquisition-related expenditures; the commercial potential of technology platforms and product candidates; Zymeworks’ ability to satisfy potential regulatory and commercial milestones with existing and future partners; the timing and status of ongoing and future studies and the release of data; anticipated continued receipt of revenue from existing and future partners; Zymeworks’ early-stage pipeline; Zymeworks’ ability to execute new collaborations and partnerships and other information that is not historical information. When used herein, words such as “plan”, “believe”, “expect”, “may”, “continue”, “anticipate”, “potential”, “will”, “on track”, “progress”, and similar expressions are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. All forward-looking statements are based upon Zymeworks’ current expectations and various assumptions. Zymeworks believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Zymeworks may not realize its expectations, and its beliefs may not prove correct. Actual results could differ materially from those described or implied by such forward-looking statements as a result of various factors, including, without limitation: any of Zymeworks’ or its partners’ product candidates may fail in development, may not receive required regulatory approvals, or may be delayed to a point where they are not commercially viable; Zymeworks may not be able to successfully execute the share repurchase plan; the anticipated benefits of the share repurchase plan may not be realized; Zymeworks may not achieve milestones or receive additional payments under its collaborations; regulatory agencies may impose additional requirements or delay the initiation of clinical trials; the impact of new or changing laws and regulations; market conditions, including the impact of tariffs; potential negative impacts of FDA regulatory delays and uncertainty around recent policy developments, changes in the leadership of federal agencies such as the FDA, staff layoffs, budget cuts to agency programs and research, and changes in drug pricing controls; the impact of pandemics and other health crises on Zymeworks’ business, research and clinical development plans and timelines and results of operations, including impact on its clinical trial sites, collaborators, and contractors who act for or on Zymeworks’ behalf; zanidatamab may not be successfully commercialized; Zymeworks’ business strategy related to anticipated and potential future milestones and royalty streams and existing and potential new partnerships may not be successfully implemented; Zymeworks’ evolution of its business strategy may not deliver meaningful shareholder returns; Zymeworks may be unsuccessful in actively managing and/or aggregating revenue-generating assets alongside its active R&D operations; ongoing and future clinical trials may not demonstrate safety and efficacy of any of Zymeworks’ or its collaborators’ product candidates; data providing early validation of our antibody drug conjugate platform and next generation pipeline programs may not be replicated in future studies; Zymeworks’ assumptions and estimates regarding its financial condition, future financial performance and estimated cash runway may be incorrect; inability to maintain or enter into new partnerships or strategic collaborations; and the factors described under “Risk Factors” in Zymeworks’ quarterly and annual reports filed with the Securities and Exchange Commission (copies of which may be obtained at www.sec.gov and www.sedarplus.ca).

Furthermore, we are in the process of finalizing our financial results for the fourth quarter and fiscal year 2025, and therefore our finalized and audited results and final analysis of those results are not yet available. The preliminary expectations regarding year-end cash, cash equivalents, and marketable securities are the responsibility of management, are subject to management’s review and actual results could differ from management’s expectations. The actual results are also subject to audit by our independent registered public accounting firm and no assurance is given by our independent registered public accounting firm on such preliminary expectations. You should not draw any conclusions as to any other financial results as of and for the year ended December 31, 2025, based on the foregoing estimates.

Although Zymeworks believes that such forward-looking statements are reasonable, there can be no assurance they will prove to be correct. Investors should not place undue reliance on forward-looking statements. The above assumptions, risks and uncertainties are not exhaustive. Forward-looking statements are made as of the date hereof and, except as may be required by law, Zymeworks undertakes no obligation to update, republish, or revise any forward-looking statements to reflect new information, future events or circumstances, or to reflect the occurrences of unanticipated events.

Investor inquiries:
Shrinal Inamdar
Senior Director, Investor Relations
(604) 678-1388
[email protected] 

Media inquiries:
Diana Papove
Senior Director, Corporate Communications
(604) 678-1388
[email protected]