Market Signal Briefing

Pi Network has been making headlines again, with new partnerships, strong community debates, and rising expectations. However, many are asking one question: Can Pi Coin reach $10 someday?

Price Pressures and the Current DipPi Coin has been trading in a clear dip, mostly because of increased selling pressure and new token unlocks hitting the market. The price has cooled into the $0.18–$0.22 zone.

If Pi can hold this support range, it has a chance to bounce back toward $0.28, but the market is still high-risk and volatile. 

35 Million Pioneers Still Waiting for ClarityPi Core Team recently strengthened its Web3 communication system to better connect with more than 35 million pioneers around the world. But the community remains divided. Some predict long-term adoption will be huge, while others are frustrated by the continuing delays, especially around the 190 million locked resources waiting for mainnet clarity.

GameFi Boost: Pi Ventures Partners With CiDi GamesOne reason Pi’s price jumped recently was a new GameFi announcement.

Pi Ventures invested in CiDi Games, aiming to expand Web3 gaming use cases for Pi holders.
This led to a 7% price push, showing that the community is still quick to react to new ecosystem partnerships.

The partnership also shows that Pi Network wants to push deeper into the Web3 gaming world. But whether this will lead to real long-term adoption is still uncertain.

A few things will influence this:
• If users rush to withdraw Pi from exchanges and bring it back on-chain
• If demand spikes because of real utility inside the Pi ecosystem

If these conditions align, Pi could see a fast price rise. But nothing is guaranteed.

According to Coinpedia’s analysis, Pi Coin is showing early signs of a possible trend reversal, but only if it can break key resistance levels. A strong move above the current range would mean a crucial “Change of Character” in the downtrend, opening the door for a retest of the $0.81 resistance. 

If it continues, Pi could target $1.00 to $1.65 in early 2026. Under highly bullish conditions and strong ecosystem growth, Pi might even reach $2.00 to $3.00 later in 2026.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

Ethereum holds above $3,200 and key CME support zone, with rising volume and RSI breakout signaling possible move toward $3,700.

Ethereum is showing stability as it continues to hold above an important technical level. For over two weeks, ETH has found support within its historical Weekly CME Gap, an area that previously acted as resistance in past cycles.

Meanwhile, this zone has attracted buyers and remains a key point of interest as the market assesses where prices might go next.

Key Support Holds as Price Consolidates
ETH first dipped into the CME Gap area around $2,900 on November 26. Since then, it has remained stable, trading above $3,200 by December 3. The zone also aligns with past consolidation ranges seen in 2024 and early 2025.

Rekt Capital noted that ETH has maintained this support for 2.5 weeks. The price continues to move within a narrowing range, supported at the bottom by the gap and capped by a descending trendline from the recent highs.

$ETH

Ethereum has been successfully finding support at its historical Weekly CME Gap (orange) over the past 2.5 weeks#ETH #Crypto #Ethereum pic.twitter.com/nsdxOhgk7S

— Rekt Capital (@rektcapital) December 3, 2025

Adding to that shift in structure, Merlijn The Trader highlighted that Ethereum’s RSI has broken above its long-term downtrend.

“RSI broke out. Momentum leads, price follows,” he said.

If momentum holds, the next key level on the chart appears around $3,400, in line with past reaction zones.

You may also like:

‘Shark’ Wallets Drive Ethereum to 3-Week High After Fusaka Deployment

Traders Remain Cautious as Crypto Market Sees Gradual Recovery in Sentiment: Bybit Report

Ethereum’s November Trading Frenzy: Spot Volume Hits $375B as ETFs Add $35B Punch

Moreover, Ethereum has also reclaimed its 50-week simple moving average. This came after a bounce from the $2,800 area. Crypto Rover pointed out that ETH is now trading back above this moving average, which many view as a trend guide for medium-term price action.

Short-Term Targets and Market Structure
CryptoWZRD said ETH and ETHBTC both closed their daily candles in bullish territory. ETHBTC is now trading above a lower high trendline that has held for over 100 days. The next resistance level sits near 0.040 BTC. For ETH, $3,700 is the next higher target if momentum continues.

In the short term, CryptoWZRD is monitoring $3,200 as a critical level.

“If it holds above the $3,200 resistance target, I am expecting another long opportunity,” they said.

If rejected, sideways price action could follow. Key resistance is seen at $3,550, while $2,800 remains the main support.

After the launch of Fusaka, Ethereum traded between $3,150 and $3,250 through Wednesday night into Thursday. ETH is priced at $3,190 at press time, showing a 4% gain in the last 24 hours and a 6% gain over the past week (per CoinGecko data).

Trading volume has also increased, up 5% in the past day, with $31.89 billion traded. Santiment reported strong buying from addresses holding between 1,000 and 10,000 ETH.

Tags:

In brief
Malaysia launched a special committee in November to target mining operations stealing power.
Around 14,000 illicit operations have been discovered in the country over the past five years.
Thailand also shut down a large mining operation linked to scam networks this week.
Malaysian authorities are using drones and handheld sensors to crack down on Bitcoin mining operations stealing power from the grid, according to a Bloomberg report on Wednesday.

Last month, Malaysia launched a special committee made up of staff from the Ministry of Finance, Bank Negara Malaysia and TNB to target illicit actors.

The move is the latest in a series by authorities to rein in illegal mining, including a crackdown in May this year that shut down almost 2,400 operations. Among them was the seizure of 45 rigs in the northeast of the country. In February, an explosion at a house in Bandar Puncak Alam city also revealed an illegal operation.

Over the past five years, authorities have discovered 14,000 illicit mining operations in the country, with theft from the national power grid accounting for around $1.1 billion in losses.

Companies have set up rigs across the country in a variety of locales, from a former logging yard in Sarawak to an incomplete shopping mall overlooking the Strait of Malacca, according to Bloomberg.

Bitcoin mining is legal provided power is obtained properly and taxes are paid, but some operators are skirting these requirements.

However, Wolfie Zhao, head of research at TheMinerMag, told Decrypt that power theft in Malaysia is a longstanding issue that isn’t only limited to Bitcoin mining. “That said, mining does make it more lucrative, and these cases have been around for years,” he said.

“You can find local news reports dating back to 2019, if not earlier—including the well-known incident where police crushed thousands of confiscated Bitcoin miners with steamrollers.”

Beyond crackdowns, preventing illicit mining it is proving difficult. “In most cases, operators tamper with meters and come up with clever ways to disguise their usage,” Zhao added.

“Power companies typically only detect it after noticing irregularities between billed amounts and actual consumption over time.”

Other Southeast Asian nations have also been making moves against illegal mining. This week, Thailand shut down an $8.6 million Bitcoin mining operation linked to “Chinese scam networks” which consisted of 3,462 rigs across six locations. And in September, two individuals were arrested in Hong Kong for siphoning electricity from care homes for the disabled to power cryptocurrency mining rigs.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Important DisclaimersFXEmpire is owned and operated by Empire Media Network LTD., Company Registration Number 514641786, registered at 7 Jabotinsky Road, Ramat Gan 5252007, Israel. The content provided on this website includes general news and publications, our personal analysis and opinions, and materials provided by third parties. This content is intended for educational and research purposes only. It does not constitute, and should not be interpreted as, a recommendation or advice to take any action, including making any investment or purchasing any product. Before making any financial decision, you should conduct your own due diligence, exercise your own discretion, and consult with competent advisors. The content on this website is not personally directed to you, and we do not take into account your individual financial situation or needs. The information contained on this website is not necessarily provided in real time, nor is it guaranteed to be accurate. Prices displayed may be provided by market makers and not by exchanges. Any trading or other financial decision you make is entirely your own responsibility, and you must not rely solely on any information provided through the website. FXEmpire does not provide any warranty regarding the accuracy, completeness, or reliability of any information contained on the website and shall bear no responsibility for any trading losses you may incur as a result of using such information. The website may include advertisements and other promotional content. FXEmpire may receive compensation from third parties in connection with such content. FXEmpire does not endorse, recommend, or assume responsibility for the use of any third-party services or websites. Empire Media Network LTD., its employees, officers, subsidiaries, and affiliates shall not be liable for any loss or damage resulting from your use of the website or reliance on the information provided herein.Risk DisclaimersThis website contains information about cryptocurrencies, contracts for difference (CFDs), and other financial instruments, as well as about brokers, exchanges, and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and involve a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money. FX Empire encourages you to conduct your own research before making any investment decision and to avoid investing in any financial instrument unless you fully understand how it works and the risks involved.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A leading market expert argues that most investors misunderstand what would need to happen for an XRP supply shock to unfold. The analyst stressed that a true supply shock is driven by measurable XRP absorption, with early signs showing how quickly tokens are removed from circulation relative to how quickly they return. 

How A Real XRP Supply Shock Forms
Crypto analyst Pumpius took to X this Wednesday to outline the conditions he believes must align before XRP can experience an actual supply shock. The expert noted that many in the community often talk about an explosive squeeze that could drive XRP’s price higher, yet few understand the mechanics behind such a shock.

Pumpius argued that a real supply shock is not driven by speculation or hype, but by a measurable reduction in the amount of XRP available on the open market. In his view, such an event only occurs when tokens are absorbed faster than they can be replenished, creating an imbalance between circulating supply and future buyers. 

The analyst explained that the first big trigger for a supply shock would be the launch of Exchange-Traded Funds (ETFs). Once all ETFs go live, their issuers will need to buy real XRP rather than derivatives or IOUs, which could gradually drain the amount of available tokens on crypto exchanges. 

Pumpius added that institutional participation would amplify the supply impact of ETFs, since banks and large asset managers typically custody assets rather than actively trade them. He explained that XRP set aside for settlement purposes, treasury management, or long-term liquidity planning would be removed from day-to-day circulation, further contributing to a potential supply shock.   

Another point Pumpius mentioned in his post was that companies could start holding XRP in their corporate treasuries to support international payments and XRP Ledger (XRPL) based settlement corridors. If this occurs, the analyst suggests that these operational XRP balances would remain in working capital accounts rather than flowing back to exchanges.  

He added that Ripple’s management of its escrow further limits XRP’s supply. Currently, Ripple has little to no incentive to oversupply the market, and unused escrow releases are often returned, keeping the amount of net new XRP entering circulation tightly controlled.

On-Chain Utility And ZK Identity Drive Supply Crunch
In his post on X, Pumpius highlighted two other factors needed for XRP to experience a real supply shock. He stated that growing on-chain utility will further reduce the supply of XRP, ultimately contributing to a supply crunch. These include tokenized funds built on the XRPL, such as RLUSD, liquidity pools, identity layers, and payment rails—all of which rely on XRP as a core asset.

A Zero Knowledge identity infrastructure on the XRP Ledger could also lock away more tokens. Pumpius emphasized that these systems link XRP to identity-verified flows and validation processes, which naturally tighten supply. 

Together, these forces create the ideal conditions for a real XRP supply shock. Pumpius notes that as exchange balances drop and OTC desks hold less inventory, overall liquidity becomes thinner. Buyers are then forced to compete for the shrinking supply of tokens, potentially driving prices higher as demand outweighs supply.

Price continues to show reversal possibilities | Source: XRPUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Sign Up for Our Newsletter!
For updates and exclusive offers enter your email.

I'm Sandra White, a writer at Bitcoinist, and I provide the latest updates on the world of cryptocurrencies. I believe crypto a gateway to a new order and I have made it my life's mission to help educate as much people as possible.
When I'm not at work, I love listening to music, learning new things, and dream of traveling around the world.

The token is trading in a sideways range, holding above recent lows near $896, while a breakout above $920-$928 resistance could push BNB toward $1,000. Dec 4, 2025, 5:00 p.m.

BNB rose to $908 over the last 24-hour period, up 1.44% in the period, as a surge in trading volume suggests that large investors may be accumulating the token during a consolidation phase.

Volume spiked 68% above average, peaking at 86,436 tokens in a single hour, as BNB tested a key resistance cluster between $920 and $928, according to CoinDesk Research's technical analysis data model.

STORY CONTINUES BELOW

The token pulled back slightly to $903 but held above its recent lows near $896, forming a sideways trading range. This pattern often signals buyers preparing for a larger move.

The uptick comes amid a broader crypto market rebound, where major assets like bitcoin and ether posted gains of 0.5% to 3.5% following positive signals from traditional finance, including looser monetary policy expectations as the Federal Reserve is now widely expected to cut interest rates this month.

BNB’s activity coincides with developments on the BNB Chain, including increased on-chain volume and the launch of new tools like predict.fun, a prediction market app tied to the Binance ecosystem.

Despite recent volatility, these projects aim to grow the utility of the chain, which continues to attract speculative and longer-term interest.

Traders are now watching the $920-$928 range closely. A breakout above this zone could push BNB toward $940 or even $1,000, though a drop below $903 might test support near $896.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

More For You

Protocol Research: GoPlus Security

Nov 14, 2025

What to know:

As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.View Full Report

More For You

Meta Plans 30% Cut to Metaverse Budget as Reality Becomes Less Virtual: Bloomberg

59 minutes ago

Horizon Worlds and Quest are facing layoffs as Meta retreats further from its $70 billion bet on virtual reality, people familiar with the matter told Bloomberg.

What to know:

Meta is considering cutting up to 30% of its metaverse division’s budget in 2026, with layoffs expected to follow, Bloomberg reported.The company’s virtual reality unit, including Quest headsets and Horizon Worlds, is likely to face the steepest reductions.Slower-than-expected industry adoption and shifting tech priorities have pushed Meta to scale back its once-flagship investment in the metaverse.Read full story

Key NotesRaids targeted Chinese-operated facilities using stolen electricity to fund cross-border criminal activities.Police traced approximately $156 million in illicit funds converted through cryptocurrency mining operations.Thailand intensifies enforcement with new regulations banning unlicensed exchanges and foreign P2P services.
Thai police raided seven Bitcoin

BTC
$92 251

24h volatility:
0.1%

Market cap:
$1.84 T

Vol. 24h:
$69.85 B

mining farms across Samut Sakhon and Uthai Thani provinces, seizing over 3,600 machines and equipment valued at 270 million baht ($8.4 million), and approximately 30 million baht ($936,826) in equipment.

The operations connected to Chinese organized crime groups running transnational scams from Myanmar. Prime Minister Anutin Charnvirakul visited the sites to oversee the probe, which traced electricity theft losses to the state at 3 billion baht ($93 million) over three years, according to a local media report.

Thai authorities have raided seven bitcoin mines worth an estimated 300 million baht in two provinces, saying they suspected the operations were run by Chinese transnational scam networks.

Listen to the story or get the full story in the 1st comment. pic.twitter.com/Ha3zn1RlYD

— Bangkok Post (@BangkokPostNews) December 4, 2025

Raids Uncover Mining Linked to Scam Networks
Authorities targeted four warehouses and three homes in the raids on December 2. The sites used shipping containers with water-cooling systems and soundproofing to run the rigs nonstop. Investigators linked the setup to the “Chinese Grey” network, which funnels scam proceeds into Bitcoin mining.

Police estimate the criminal group moved over 5 billion baht ($156 million) through digital assets. Earlier in 2025, a similar raid in Chon Buri seized 996 mining devices for power theft. The pattern shows foreign groups exploiting Thailand’s grid for crypto operations.

These Criminal Activities Happen in a Similar Way in Malaysia
Malaysia reported $1.1 billion in electricity losses to illegal Bitcoin mining since 2020, with 13,827 sites uncovered. Tenaga Nasional, the state utility, faced grid strain from meter tampering and overloads. Police now use drones for heat detection and ground teams for raids, according to Bloomberg.

Raids there seized rigs worth thousands and led to arrests, but electrical theft persists. Officials note miners mask noise with bird sounds and hide in abandoned buildings. This activity is shifting to neighboring Thailand amid pressure from the Malaysian police on this illegal activity.

Thailand is Looking at Its Local Activity
Thai regulators amended laws in April 2025 to block foreign crypto P2P services and target mule accounts. Fines reach 300,000 baht ($9,369) and carry a maximum of three years in jail. In May 2025, the Thai SEC banned five unlicensed exchanges—Bybit, OKX, CoinEx, 1000X, and XT.com—from June 28.

The moves aim to cut off funding for scams and protect users. Banks and telecoms now share responsibility for cybercrime prevention. Thailand balances crackdowns with plans for tokenized securities and crypto spending by tourists.

These raids signal stepped-up coordination against cross-border crypto crime. Police continue tracing funds and requesting international coordination, with more sites expected to be placed under surveillance.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Cryptocurrency News, News

José Rafael Peña Gholam is a cryptocurrency journalist and editor with 9 years of experience in the industry. He wrote at top outlets like CriptoNoticias, BeInCrypto, and CoinDesk. Specializing in Bitcoin, blockchain, and Web3, he creates news, analysis, and educational content for global audiences in both Spanish and English.

José Rafael Peña Gholam on LinkedIn

TL;DR

The TAO token broke the $300 resistance, driven by the protocol’s imminent halving event.
The Bittensor (TAO) halving will reduce daily reward emissions by half, mimicking Bitcoin’s scarcity strategy.
The platform is positioned as a leader in decentralized AI, a sector that Wall Street suggests is on the verge of a “supercycle.”

Bittensor (TAO) showed green numbers in the market this Thursday after breaching the $300 threshold. This price movement occurs just days before the network’s first historic halving, a scheduled scarcity event that could allow bulls to target recent highs. Growing confidence in Bittensor’s role as a pioneering platform in decentralized AI and machine learning incentives positions TAO as one of the most-watched assets by traders.

The upward trend for TAO, which placed it above $300, represents a crucial moment. The altcoin surged past $314 before paring some of those gains. This rally is framed by renewed optimism for the Artificial Intelligence sector. Bittensor is already the leading AI-related coin by market capitalization, surpassing projects like NEAR Protocol and Render.

Wall Street giants support this optimism. Analysts from BlackRock and Bank of America are forecasting a new “supercycle” for AI, pointing out that the boom is not a bubble but is driven by real corporate investments and productivity gains. With the AI sector on the verge of an explosion, the imminent Bittensor (TAO) halving becomes a key catalyst.

The TAO Halving: Tokenomics and Scarcity
The Bittensor (TAO) halving, scheduled for approximately 10 days from now, has the central objective of modifying the protocol’s tokenomics. Currently, the network emits approximately 7,200 TAO daily to reward participants in its proof-of-intelligence consensus. However, the halving will reduce these daily emissions by half, dropping to 3,600 TAO.

With a total supply of 21 million tokens (just like Bitcoin), this event ensures the asset’s long-term scarcity as the adoption of Bittensor as a competitive marketplace for artificial intelligence grows.

Typically, these types of supply reductions fuel significant price increases; BTC jumped after its 2024 halving, and TAO bulls are anticipating a potential return to $500 (the all-time high was $795.6 in April 2024).

TLDR:

Canton becomes first blockchain connected to Circle xReserve for cross-chain USDC liquidity access
USDCx maintains one-to-one backing with USDC without requiring third-party bridge infrastructure
Day one adoption included Cantor Fitzgerald, Cumberland DRW, IMC Trading and Digital Asset participants
Privacy-preserving payment architecture supports institutional compliance and confidential workflows

Circle has integrated USDCx on Canton Network through its xReserve protocol, marking Canton as the first blockchain connected to the cross-chain infrastructure. The integration provides USDC-backed stablecoin access to developers and institutions using the Layer 1 blockchain. 

Canton specializes in privacy-focused financial applications and tokenized assets. The move enables atomic settlement capabilities without third-party bridge dependencies.

Canton Becomes First Chain on Circle xReserve
USDCx operates as a dollar stablecoin backed one-to-one by USDC held in the xReserve protocol. Users deposit USDC on Ethereum to trigger USDCx minting on Canton through the decentralized system. 

The protocol works alongside Circle Gateway and Circle’s Cross-Chain Transfer Protocol to maintain interoperability across more than 20 blockchains.

Canton targets financial institutions with its compliance-focused infrastructure. 

The blockchain supports synchronized applications while keeping transaction data confidential between parties. Its architecture enables smart contracts that preserve privacy during execution. 

Financial institutions can operate on the network through independently governed nodes.

The integration addresses specific institutional requirements that traditional blockchains struggle to meet. Tokenized bonds, loans, repos, and wrapped Bitcoin on Canton can now settle instantly against USDCx. 

This structure removes counterparty risk during asset transfers. Capital efficiency improves when settlements happen atomically rather than through sequential processes.

Day One Activity Shows Institutional Adoption
Multiple firms began using USDCx immediately after launch on Canton. Cantor Fitzgerald, Cumberland DRW, and IMC Trading processed live transactions on the network. 

Digital Asset, which developed Canton’s underlying technology, participated in the initial activity. Trading firms QCP and Hydra X also conducted on-chain operations with the new stablecoin.

The participant list includes infrastructure providers and custody solutions. Dfns and Console Wallet support user access to USDCx on Canton. Security firm CertiK joined the launch participants. 

Applications like Send and Loop enable payment workflows using the stablecoin. Temple provides additional tooling for network users.

Privacy-preserving payment capabilities serve treasury operations and compliance teams. Canton’s architecture allows confidential transaction processing while maintaining auditability. Institutions can conduct private transfers that meet regulatory requirements. 

The system supports workflows requiring data confidentiality between counterparties.

Multi-party workflows benefit from USDCx interoperability across chains. Cross-border transfers route through Canton while maintaining connection to the broader USDC ecosystem. 

Delivery versus payment transactions execute with atomic settlement guarantees. Institutional liquidity can flow between Canton and other networks through the xReserve protocol.

Debate reignites Bitcoin-vs-gold rivalry, with online sentiment favoring CZ.

Changpeng Zhao (CZ) and Peter Schiff went head-to-head on December 4 at the Binance Blockchain Week 2025 in Dubai, delivering one of the most talked-about Bitcoin-versus-gold debates in recent memory.

Their hour-long clash set the stage for a renewed global conversation around digital money, physical assets, and what truly defines value today.

A Tense Exchange Over Value, Scarcity, and Real-World Use
The debate unfolded in front of a lively crowd, and an even more vocal audience on X. Binance’s official account described the back-and-forth as “intense and intellectual,” noting how both speakers pushed hard on their core philosophies.

CZ wasted no time arguing that Bitcoin outperforms gold over longer time frames, stating, “I think gold would do well, but Bitcoin will do better.” He highlighted BTC’s fixed supply and transparency, noting that, unlike gold reserves, which are still partly guesswork, “we know exactly how much there is and where it all is.”

Schiff countered with a barrage of critiques, arguing that BTC “is backed by nothing,” has no industrial purpose, and can’t qualify as money since “nothing is priced in Bitcoin.” He added that most activity is speculative trading rather than commercial payments.

One of the most memorable moments came when CZ pulled out a 1kg gold bar from Kyrgyzstan and asked Schiff to verify it. The BTC critic replied he couldn’t confirm its authenticity without lab testing, a point CZ used to highlight Bitcoin’s ease of verification.

Both sides also clashed on payments. Schiff insisted that crypto cards simply sell Bitcoin for fiat. CZ replied that users care about speed and convenience, not what happens behind the scenes, adding that “people already use crypto for payments, conversions happen in the background.”

You may also like:

From Negative to Bullish: Coinbase Premium Signals Big Money Returning to Bitcoin

Coinbase Institutional Sees December Reversal Despite Bitcoin’s Brutal November

Aggressive Buyers Flood Futures Market at Levels Last Seen in Early 2023

Broader Implications and a Familiar Debate Reignited
Beyond the theatrics, the debate echoed a long-running argument about whether digital money can rival centuries-old stores of value. Schiff stuck firmly to gold’s physical traits, long lifespan, and central bank demand, warning that Bitcoin’s price swings reflect speculative cycles rather than real economic use.

CZ framed Bitcoin as a natural fit for a digital generation, being borderless, programmable, and predictable in supply. While the room offered no official winner, sentiment on X leaned toward CZ, with some arguing that Schiff’s points felt rooted in the past while his opponent presented a future-leaning vision shaped by global adoption.

Tags:

With BTC trading below the 0.75 quantile, the market remains highly sensitive to macro shifts and lacks confirmation of trend recovery.

Key Takeaways Carnival's ROIC reached 13% in Q3 FY25, its strongest level since 2007.Same-ship yields rose 4.6% on close-in demand and higher onboard spending.Lighter capital spending and debt reduction likely support further return gains.
Carnival Corporation & plc (CCL - Free Report) is entering its next stage of operational recovery with a meaningfully stronger return profile, highlighted by return on invested capital (ROIC) reaching 13% in the third quarter of fiscal 2025 — its highest level since 2007. While booking momentum and destination upgrades continue to influence broader performance trends, the renewed efficiency of the company’s asset base is emerging as a central indicator of its medium-term value-creation potential.

Carnival attributed the improvement to stronger commercial execution and disciplined cost management. During the fiscal third quarter, same-ship yields rose 4.6% year over year, supported by healthy close-in demand and elevated onboard spending, while unit costs came in better than expected, driven by ongoing efficiency efforts. Management also highlighted that a majority of system capacity is now generating double-digit returns — already above the cost of capital — though still short of historical highs for several brands. This indicates additional room for ROIC expansion as modernization programs continue to roll through the fleet.

Carnival’s capital allocation strategy is reinforcing this momentum. The company reduced secured debt by nearly $2.5 billion and refinanced more than $11 billion of obligations at favorable rates. In fiscal 2025, CCL expects the net-debt-to-EBITDA ratio to be 3.6x, and anticipates a further decline in early fiscal 2026. With no new ship deliveries scheduled for 2026 and only one per year in the years that follow, the company expects a materially lighter capital-spending profile. This gives Carnival greater flexibility to continue lowering debt and strengthens the path toward eventually reinstating shareholder returns once its balance-sheet targets are met.

At the brand level, the majority of system capacity is now generating double-digit returns, though several brands still have room to close the gap with historical peaks. Initiatives such as AIDA’s multi-year Evolutions modernization program, Carnival Cruise Line’s upcoming marketing and loyalty enhancements, and continued destination-driven upgrades are expected to support further return accretion over the coming years.

With improving commercial execution, declining leverage and a pipeline of operational enhancements, Carnival appears to be building the foundation for a more sustainable, higher-return cycle heading into 2026.

Peer ComparisonsNorwegian Cruise Line Holdings (NCLH - Free Report) is sharpening its return profile through a combination of commercial upgrades, fleet optimization and cost discipline designed to lift ROIC over the next several years. To accelerate returns, NCLH is repositioning the NCL brand toward higher-occupancy short Caribbean itineraries, a shift already driving stronger Load Factors and better profitability per sailing. Investments in Great Stirrup Cay — including a new pier, pool complex and the upcoming Great Tides Water Park — are aimed at raising asset productivity and deepening onboard monetization. Commercial enhancements such as a revamped brand campaign, upgraded website and increasingly personalized pre-cruise offers are contributing to record pre-cruise revenues. These measures sit alongside a $300 million multi-year cost-savings program and the full elimination of secured debt, moves that likely lower NCLH’s cost of capital and provide clearer visibility on ROIC expansion as earnings compound.

Royal Caribbean Cruises Ltd. (RCL - Free Report) is pursuing a more advanced return trajectory, guided by its long-term “Perfecta” framework, which targets high-teens ROIC by 2027. Management highlighted that years of sustained yield growth — now up more than 30% versus 2019 — combined with a disciplined cost approach, are positioning the company to deliver on that objective. To support sustained return accretion, RCL is leaning into a slate of high-ROIC assets, including the Icon-class ships, the upcoming Star of the Seas and Celebrity Xcel and a growing portfolio of exclusive destinations such as Royal Beach Club Paradise Island, Royal Beach Club Santorini and Perfect Day in Mexico. Technology and AI-driven commercial tools are further strengthening yield management and pre-cruise onboard sales. With leverage already below 3x and capital returns active through dividends and buybacks, RCL’s balance-sheet strength enables the company to fund high-return growth while still returning cash to its shareholders.

CCL’s Price Performance, Valuation & EstimatesShares of Carnival have declined 17.5% in the past three months compared with the industry’s fall of 13.8%.

CCL Three-Month Price Performance
Image Source: Zacks Investment Research

From a valuation standpoint, CCL trades at a forward price-to-earnings ratio of 12.01, significantly below the industry’s average of 15.78.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for CCL’s fiscal 2025 and 2026 earnings implies a year-over-year uptick of 52.8% and 10.8%, respectively. The EPS estimates for fiscal 2025 and 2026 have increased in the past 60 days.

Image Source: Zacks Investment Research

CCL stock currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Rivian is recalling 34,824 EDVs due to a seat belt defect that may fail to restrain drivers.The issue stems from drivers repeatedly sitting on buckled belts, damaging the pretensioner cable.RIVN is issuing an OTA update to detect misuse and will inspect and replace pretensioner assemblies.
Rivian Automotive, Inc. (RIVN - Free Report) is recalling 34,824 electric delivery vans in the United States because a defect in the seat belt system could prevent it from properly restraining the driver, posing a higher risk of injury in a crash, per a filing with the National Highway Traffic Safety Administration (NHTSA).

The company said that it has not received any reports of related incidents or injuries. The recall covers select EDV models from 2022 through 2025.

Per Reuters, NHTSA launched an initial investigation in September into 17,198 Rivian delivery vans after complaints that seat belt cables were fraying, breaking, or coming apart, potentially leaving drivers unsecured during a collision or abrupt stop.

Per the company, the problem arises when drivers repeatedly sit on an already-buckled seat belt, which can damage the pretensioner cable, the component responsible for tightening the belt during sudden deceleration or impact.

To address the issue, Rivian has rolled out an over-the-air software update that automatically detects improper seat belt use. The company will also inspect and replace the driver’s seat belt pretensioner assembly in affected vehicles at no cost. RIVN carries a Zacks Rank #2 (Buy) at present.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Recalls by Other AutomakersStellantis N.V. (STLA - Free Report) is recalling 72,509 Ram models in the United States because a software malfunction can cause the instrument cluster display to go dark, per the NHTSA. This comes after Stellantis’ November recall of 112,859 U.S. vehicles due to potential engine failures or engine-compartment fire risks. Stellantis' November recall covered 2023-2025 Jeep Grand Cherokee 4XE and 2024–2025 Jeep Wrangler 4XE plug-in hybrids.

In September, Ford Motor Company (F - Free Report) recalled 1.9 million vehicles worldwide over defective rear-view cameras, part of an ongoing issue that has prompted several previous recalls. The action covered multiple Ford models from the 2015–2019 model years, including the Lincoln MKC, Lincoln Navigator, Mustang, F-Series trucks (F-250 through F-550), Expedition, Edge, Transit, Transit Connect, Econoline, and Ranger. Ford issued a recall to fix the cameras that could show distorted, reversed or blank images, per an NHTSA filing.

Rivian’s Price Performance, Valuation and EstimatesRivian has outperformed the Zacks Automotive-Domestic industry year to date. RIVN shares have gained 31.8% compared to the industry’s growth of 14.2%. 

Image Source: Zacks Investment Research

 
From a valuation perspective, Rivian appears undervalued. Going by its price/sales ratio, the company is trading at a forward sales multiple of 3.25, slightly down from the industry’s 3.36.

Image Source: Zacks Investment Research

EPS Estimates RevisionThe Zacks Consensus Estimate for 2025 and 2026 EPS has narrowed by 13 cents and 6 cents, respectively, in the past 30 days. 

Image Source: Zacks Investment Research

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Meta Platforms‘ (NASDAQ:META) journey into the metaverse began in 2014 with its $2 billion acquisition of Oculus VR, a move that positioned the company as a pioneer in virtual reality hardware. This laid the groundwork for immersive experiences beyond traditional screens. In 2019, Meta launched its social VR platform, Meta Horizon — originally called Facebook Horizon — allowing users to interact, create, and socialize in shared virtual spaces. The platform aimed to blend social networking with VR, fostering communities in a digital frontier.

The big pivot, however, came in 2021, with Meta rebranding from Facebook to Meta Platforms, signaling a full-bore commitment to the metaverse as its future. CEO Mark Zuckerberg pledged $10 billion that year alone for metaverse development, envisioning it as the next evolution of human connection. Through its Reality Labs division, Meta has since poured billions more into VR headsets like Quest, AR glasses, and expansive virtual worlds. 

Yet, the bet hasn’t paid off: Reality Labs has racked up $60 billion in losses since 2020, with little mainstream adoption to show for it. Investors have grown weary of the red ink, prompting questions about sustainability. But all that may now be changing.

Scaling Back the Virtual Dream
According to Bloomberg, Meta is preparing sharp reductions in its metaverse investments, targeting up to 30% cuts in the budget for 2026. These trims, part of the company’s annual planning, would hit core efforts like Meta Horizon Worlds and the Quest VR lineup. Since the metaverse hasn’t ignited the widespread competition or user frenzy Zuckerberg anticipated, it has become a financial black hole for the social media platform, draining resources while AI emerges as Silicon Valley’s dominant obsession. 

Meta’s recent stumbles in AI — such as the lukewarm reception to its Llama 4 model — have only intensified the pressure to redirect funds toward more promising tech.

The cuts are a pragmatic retreat from the all-in strategy that came to define Meta’s identity, but was never popular with investors. Reality Labs, once a symbol of bold innovation, now faces scrutiny for its ballooning costs without proportional returns. Layoffs could follow as early as January if the reductions materialize, echoing earlier workforce reductions in 2022 and 2023. 

For now, no final decisions are locked in, but the shift underscores a broader necessity to prioritize efficiency over expansive experimentation.

AI Ambitions Under Fire, Too
Meta’s metaverse pullback isn’t happening in a vacuum, as it is intertwined with growing investor unease over its AI outlays. When Meta ramped up AI hiring and infrastructure spending in 2023, Wall Street initially pushed back, viewing it as another risky moonshot akin to the metaverse. But as AI swept global headlines with breakthroughs like ChatGPT, sentiment flipped. Investors warmed to the vision, rewarding Meta with stock gains as ad tools and content moderation improved via machine learning.

Lately, though, the honeymoon is souring. Capital expenditures could hit $72 billion in 2025, mostly for AI data centers and talent. With tepid results from models like Llama 4, questions are mounting about payoffs. 

This mirrors the metaverse critique: massive upfront bets yielding slim near-term gains. In August, Meta imposed a hiring freeze on its AI division amid restructuring, halting external recruits and internal transfers without top approval. The pause followed a poaching spree that added over 50 experts from rivals like OpenAI and Google, often at nine-figure packages. 

Framed as “organizational planning,” it highlights tensions between long-term “superintelligence” goals and shareholder demands for quicker returns. Analysts warn that such spending could crimp buybacks, drawing direct parallels to Reality Labs’ $60 billion sinkhole.

Key Takeaway
These alleged metaverse cuts are noteworthy, especially coming after Meta pumped the brakes on AI hiring. They point to a potentially more disciplined Meta, willing to prune underperforming ventures to fuel AI’s ascent. Expect job losses in Reality Labs as budgets shrink, potentially easing some investor jitters but testing morale in a division already hit by prior layoffs. 

The market, though, gave the news the thumbs up. Despite simultaneous news of the European Union opening an antitrust investigation into Meta’s WhatsApp AI tools — potentially opening the company to major fines —  shares are up nearly 4% in morning trading. 

For Zuckerberg, it’s a humbling pivot. Four years after betting the company on virtual worlds, reality has him in retreat. Many investors might say it’s about time. Success now hinges on proving AI can deliver for Meta Platforms, where the metaverse fell short, without repeating the same costly missteps, just as questions grow over AI’s ability to generate a return on investment.

BayView Entertainment Brings Groundbreaking Film to Global Streaming Audiences

December 04, 2025 11:20 ET

 | Source:

Human Appeal

MISSION VIEJO, Calif., Dec. 04, 2025 (GLOBE NEWSWIRE) -- Pot of Gold, the award winning powerful independent documentary set in the breathtaking valleys of Azad Kashmir, Pakistan, is now available on Amazon Prime Video in the USA and UK.

Produced by Chief Productions in partnership with global humanitarian charity Human Appeal and distributed by BayView Entertainment, Pot of Gold tells the inspiring true story of a daring honey beekeeping initiative transforming lives and helping to heal the planet in one of the world’s most remote and vulnerable regions. The film is notable as the first foreign-produced documentary ever granted permission to film in this area.

Pot of Gold uses an innovative blend of intimate observational storytelling, interviews, unseen archives, and humorously staged reenactments featuring real Kashmiri farmers. The film highlights the spirit of hope, determination, and collaboration as local families work together to produce and market more than $1 million in honey, showcasing the vital relationship between humans, honeybees, and the environment.

“Making this documentary available on major platforms such as Amazon Prime Video allows us to share this inspiring story with even more audiences worldwide,” said Owais Khan, Deputy CEO of Human Appeal. “Pot of Gold embodies what we stand for at Human Appeal: empowering local communities to protect their environment, build sustainable livelihoods, and shape their own futures. It’s a vivid reminder that meaningful climate solutions often take root in the courage and resilience of everyday people.”

Produced, co-directed, and partially narrated by environmentalist Billy Offland, Pot of Gold reflects years of research into global biodiversity loss and climate change, bringing a local success story to life with both warmth and urgency.

Pot of Gold was recently featured on EarthX, a leading environmental streaming and broadcast platform, and continues to reach new audiences worldwide through its expanded streaming availability on Amazon Prime Video.

To watch Pot of Gold on Amazon, please click here.

About Human Appeal
Here for Every Human. Human Appeal is a non-profit organization working around the world to combat poverty, injustice, and natural disaster. Through immediate relief and self-sustaining development programs, Human Appeal strives to save and transform lives. For more information, visit humanappealUSA.org or contact [email protected].

About BayView Entertainment
BayView Entertainment, Inc. is a leading independent distributor of feature films and special-interest content. With hit narrative films Skinamarink and Robot Monster, plus legendary documentaries On Any Sunday and The Endless Summer, BayView continues to be one of the fastest-growing names in the field. Its programming, incorporating catalogs from Monterey Media, Summer Hill, Mutiny Pictures, VIPCO, and others, is available on major streaming platforms worldwide as well as on DVD and Blu-ray.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/58b7e34f-4887-4ac9-b16c-e85ad44bdb99

Human Appeal’s Pot of Gold Film comes to Amazon Prime Video
Pot of Gold, the award winning powerful independent documentary set in the breathtaking valleys of A...

HomeMarket OutlookCryptocurrency 

SummaryVolatility Shares' XRPI ETF offers indirect XRP exposure via futures, not spot, resulting in higher costs and tracking error.XRPI’s 0.96% expense ratio (until June 2026) and monthly dividends (~2.2% yield) are offset by roll costs and contango risk.Spot XRP ETFs like XRPZ or XRP (Bitwise) provide more efficient, lower-cost exposure compared to XRPI’s derivative structure.I find XRP fundamentally unattractive due to centralization, governance risks, lack of validator incentives, and concentrated token ownership. gopixa/iStock Editorial via Getty Images

XRPI ETF Overview We review the structure of Volatility Shares’ XRPI ETF, explain why, if I were to buy XRP, I would not choose this ETF but would prefer other spot ETFs instead, and finally why I consider XRP

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.

Quick Insights

Recommended For You

About Emily Jarvie
Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The Canberra Times, and... Read more

About the publisher
Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists.

Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth.

We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors.

The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies.

Use of technology
Proactive has always been a forward looking and enthusiastic technology adopter.

Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows.

Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation.

Google Cloud announced Thursday a multi-year partnership with artificial intelligence coding startup Replit, giving the search giant fresh firepower against the coding products of rivals, including Anthropic and Cursor. 

Under the partnership, Replit will expand usage of Google Cloud services, add more of Google's models onto its platform, and support AI coding use cases for enterprise customers.

Google will continue to be Replit's primary cloud provider. 

Replit, founded nearly a decade ago, is a leader in the fast-growing AI vibe-coding space.

In September, the startup closed a $250 million funding round that almost tripled its valuation to $3 billion, and said it grew annualized revenue from $2.8 million to $150 million in less than a year. 

And new data from Ramp, a fintech company that also tracks enterprise spending on its platform, found that Replit had the fastest new customer growth among software vendors. Google, meanwhile, is adding new customers and spending faster than any other company on Ramp's platform.

Put those together, and you get a clearer picture of why both companies see opportunity.

Read more CNBC tech newsNvidia has a cash problem -- too much of itMeta faces Europe antitrust investigation over WhatsApp AI policyNvidia CEO Jensen Huang talks chip restrictions with Trump, blasts state-by-state AI regulationsDesign executive behind 'Liquid Glass' is leaving AppleVibe-coding emerged as a phenomenon earlier this year after AI models became more adept at generating code using only natural language prompts, allowing users with little experience in programming to use AI to create functioning code and potentially full applications. 

Anthropic announced on Tuesday that its product Claude Code hit $1 billion in run-rate revenue. The coding startup Cursor, in November, closed a funding round that valued it at $29.3 billion, while also announcing it reached $1 billion in annualized revenue. 

Replit, which bills itself as an easy-to-use product for non-developers, could help drive Google Cloud adoption among enterprises, and expand the reach of its AI efforts beyond traditional engineers. 

Google is riding on the momentum of its new top-scoring model, Gemini 3. Shares of Alphabet have risen more than 12% since its debut. 

watch now

Key Takeaways APPS' AGP supply volumes rose 30% YoY in fiscal Q2, powering segment growth and higher impressions.APPS is enhancing AGP with data, AI and machine learning to boost targeting and ad spend returns.APPS sees no material AGP competition recently, though broader rivals include Unity Software and AppLovin.
Digital Turbine’s (APPS - Free Report) App Growth Platform (AGP) business runs a programmatic marketplace where demand-side platforms (DSPs) bid in real time for publisher ad inventory. APPS charges these DSPs for the solution and shares revenues with publishers as its business model.

Digital Turbine’s AGP business is experiencing strong growth. In the second quarter of fiscal 2026, APPS’ AGP supply volumes experienced a surge in impressions by 30% year over year. This explosive growth in AGP came from growth in its distribution of SDK footprint, non-gaming inventory and robust performance in the APAC region.

Traditionally, APPS’ AGP offerings execute brand and performance campaigns directly for advertisers on cost per mile or cost per install models based on control of ad slots. Digital Turbine is now improving its AGP platform by implementing AI and machine learning, which will help it improve ad targeting and return on ad spend through data-driven decisions.

APPS’ AGP segment grew 20% year over year, delivering $44.7 million in revenues. To future-proof its prospects, Digital Turbine is integrating data, machine learning and AI in AGP offerings. Through its Ignite Graph, which is a first-party data engine and DTiQ, an AI/machine learning prediction platform, APPS is improving ad targeting, return on ad spend and user experience.

How Competitors Fare Against APPSIn its AGP business, Digital Turbine is not seeing any competition as such. The company, on its earnings call, stated that while a lot of the names in the industry may be competition on one part of its business, they are customers on the DSP side. APPS has not experienced anything material happening in the competitive landscape on the AGP side over the past six months.

However, in the broader sense, APPS faces competition from AppLovin (APP - Free Report) and Unity Software (U - Free Report) , which operate in the mobile ad-network and app monetization space. While Unity Software is primarily known for its game engine, it also provides solutions for ad mediation infrastructure, ad monetization and ad-tech services, including ad networks, analytics, live-ops, and ad monetization tools for games/apps built with Unity Software.

Another player in the ad monetization space, apart from Unity Software, is Applovin. Applovin specializes in in-app advertising demand, broad reach, especially via mobile games, and good mediation infrastructure. This particular market in which Digital Turbine operates becomes even more fragmented and competitive due to regional players and the availability of OEM-led alternatives.

APPS Price Performance, Valuation and EstimatesShares of Digital Turbine have gained 245.8% in the past year against the Zacks Internet – Software industry’s growth of 1.1%.

Image Source: Zacks Investment Research

From a valuation standpoint, Digital Turbine trades at a forward price-to-book ratio of 3.72X, lower than the industry’s average of 5.82X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Digital Turbine’s fiscal 2026 earnings implies a year-over-year decline of 5.7%. The estimate for fiscal 2026 has been revised downward in the past 30 days.

Image Source: Zacks Investment Research

Digital Turbine currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Sionna Therapeutics, Inc. (SION) Citi Annual Global Healthcare Conference 2025 December 4, 2025 9:45 AM EST

Company Participants

Michael Cloonan - President, CEO & Director
Charlotte McKee - Chief Medical Officer
Elena Ridloff - Chief Financial Officer

Conference Call Participants

Geoffrey Meacham - Citigroup Inc., Research Division

Presentation

Geoffrey Meacham
Citigroup Inc., Research Division

Welcome to the third day of the Citi Global Healthcare Conference. So my name is Geoff Meacham, the senior biopharma analyst here, and we have Sionna with us on stage. So we have Mike, CEO; Elena, CFO.

Michael Cloonan
President, CEO & Director

And Charlotte McKee.

Geoffrey Meacham
Citigroup Inc., Research Division

Yes. So welcome. I mean maybe just to kick it off, Mike, just give us like the 2-minute type of elevator pitch. I mean I know the category, you guys do, too, but I think for those on the webcast, maybe for a bit of a background.

Michael Cloonan
President, CEO & Director

Yes, happy to, Geoff. And first, thanks for having us. Great to see you, and thanks for Citi for inviting us today.

So Sionna, we are focused on cystic fibrosis, and we are attacking cystic fibrosis in a different way. We're going after a differentiated target called NBD1. It's not a new target that's been well studied, but it has long been considered this undruggable target. So we have this very differentiated approach. And our vision really is to transform the standard of care in CF with NBD1 being the anchor to that strategy.

As I'm sure we'll get into -- we have recently entered our Phase IIa proof-of-concept study with one of our NBD1 stabilizers, SION-719, that we're going to add that on top of TRIKAFTA, the standard of care in a proof-of-concept study to show that NBD1 is mechanistically different from the components of TRIKAFTA

Recommended For You

Genesco Inc. (GCO) Q3 2026 Earnings Call December 4, 2025 8:30 AM EST

Company Participants

Jason Ware
Mimi Vaughn - Chairman, President & CEO
Cassandra Harris - Senior VP of Finance, CFO & Principal Accounting Officer

Conference Call Participants

Mitchel Kummetz - Seaport Research Partners
Joseph Civello - Truist Securities, Inc., Research Division
Mantero Moreno-Cheek - Jefferies LLC, Research Division

Presentation

Operator

Good day, everyone, and welcome to the Genesco Third Quarter Fiscal 2026 Conference Call. Just a reminder, today's call is being recorded.

I'll now turn the call over to Jason Ware, Vice President of FP&A and Investor Relations. Please go ahead, sir.

Jason Ware

Good morning, everyone, and thank you for joining us to discuss our third quarter fiscal 2026 results. Participants on the call expect to make forward-looking statements reflecting our expectations as of today, but actual results could be different. Genesco refers you to this morning's earnings release and the company's SEC filings, including its most recent 10-K and 10-Q filings for some of the factors that could cause differences from the expectations reflected in the forward-looking statements made today.

Participants also expect to refer to certain adjusted financial measures during the call. All non-GAAP financial measures are reconciled to their GAAP counterparts in the attachments to this morning's press release and in schedules available on the company's website in the Quarterly Results section. We have also posted a presentation summarizing our results here as well.

With me on the call today is: Mimi Vaughn, Board Chair, President and Chief Executive Officer; and Sandra Harris, Senior Vice President, Finance and Chief Financial Officer.

Now I'd like to turn the call over to Mimi.

Mimi Vaughn
Chairman, President & CEO

Thanks, Jason. Good morning, everyone, and thank you for joining us on our third quarter earnings call. We delivered solid performance versus last

Recommended For You

, /PRNewswire/ -- MicroCloud Hologram Inc. (NASDAQ: HOLO), ("HOLO" or the "Company"), a technology service provider, developed a quantum-driven 3D intelligent model, which is a 3D modeling and image processing system that deeply integrates quantum computing and artificial intelligence technologies. This model utilizes quantum deep learning technology to precisely analyze massive data, efficiently extracts core features, and automatically generates high-precision 3D models and images that meet user needs without excessive manual intervention.

The model adopts a quantum-optimized distributed architecture, assembled collaboratively from multiple functional subsystems. Each subsystem has clear functional positioning and responsibility division, providing users with high-quality 3D model and image generation services through collaborative operation. The core advantage of this architecture design lies in its ability to flexibly achieve expansion and upgrading of subsystems, leveraging the parallel processing capabilities of quantum computing to enhance the overall system's stability and scalability, thereby meeting the diverse needs of enterprises of different scales and personalized users.

The core subsystems of the model include six major modules, all of which incorporate quantum technology to achieve performance upgrades: The quantum-enhanced data acquisition subsystem is responsible for collecting, organizing, and storing raw data from various data sources, while completing data cleaning through quantum data preprocessing technology. This subsystem supports multiple types and formats such as 3D modeling data and image data, using quantum computing to convert data into a unified format for storage and management, significantly improving the accuracy and stability of subsequent model training and image generation, while also taking into account data security and privacy protection under quantum encryption. 

The quantum-accelerated model training subsystem, as the core of the model, employs quantum deep learning algorithms to conduct in-depth analysis of the collected data, precisely extracting data features and adaptively optimizing model parameters to achieve high-precision recognition and prediction of sample data, while combining the advantages of quantum computing to balance the relationships between data volume, model structure, and training duration, completing model verification and performance evaluation. The quantum intelligent autonomous generation subsystem integrates complex quantum computer vision algorithms, 3D modeling technology, and quantum data stream processing technology, utilizing the trained mature model to quickly generate standard-compliant 3D models and images based on user needs and input parameters, while balancing efficient processing capabilities with a high-quality user interaction experience.

In addition, the quantum secure data management subsystem is responsible for coordinating the management of collected data, model parameters, generation results, and other information, covering functions such as quantum encrypted storage, backup, recovery, version control, and access control, possessing high availability, high scalability, and quantum-level security protection capabilities. The quantum-empowered data visualization subsystem presents the generated 3D models and images in an intuitive form through a graphical interface, leveraging quantum computing to enhance visualization rendering efficiency, helping users more conveniently understand and operate the model. The quantum-fortified system security subsystem adopts technical means such as quantum encrypted communication, quantum access control, and secure log quantum desensitization recording, providing all-round assurance for data security, privacy protection, and stable system operation, building a solid security defense line for the model.

Communication between subsystems is achieved through quantum encrypted interfaces, efficiently sharing data and resources. Each subsystem is deployed in an independent container, enabling independent deployment and upgrading, relying on a quantum distributed architecture to enhance the system's concurrent processing capabilities and overall performance, while reducing the impact range of a single subsystem failure on the overall model.

Compared to traditional 3D autonomous generation systems, the model proposed by HOLO this time relies on quantum technology and has three core advantages: leveraging the fusion of quantum intelligent algorithms and distributed computing technology to efficiently process massive data; completing data training and analysis through quantum deep learning algorithms, which can precisely extract features to generate high-quality 3D models and images, meeting users' diversified needs, achieving parameterized autonomous generation, reducing manual intervention and time costs, and improving work efficiency; relying on a quantum-optimized distributed architecture to achieve rapid, flexible, and stable system expansion, paired with multiple layers of quantum security technology, which can ensure the security and privacy protection of user data.

About MicroCloud Hologram Inc.

MicroCloud Hologram Inc. (NASDAQ: HOLO) is committed to the research and development and application of holographic technology. Its holographic technology services include holographic light detection and ranging (LiDAR) solutions based on holographic technology, holographic LiDAR point cloud algorithm architecture design, technical holographic imaging solutions, holographic LiDAR sensor chip design, and holographic vehicle intelligent vision technology, providing services to customers offering holographic advanced driving assistance systems (ADAS). MicroCloud Hologram Inc. provides holographic technology services to global customers. MicroCloud Hologram Inc. also provides holographic digital twin technology services and owns proprietary holographic digital twin technology resource libraries. Its holographic digital twin technology resource library utilizes a combination of holographic digital twin software, digital content, space data-driven data science, holographic digital cloud algorithms, and holographic 3D capture technology to capture shapes and objects in 3D holographic form. MicroCloud Hologram Inc. focuses on developments such as quantum computing and quantum holography, with cash reserves exceeding 3 billion RMB, and plans to invest more than 400 million in USD from the cash reserves to engage in blockchain development, quantum computing technology development, quantum holography technology development, and derivatives and technology development in frontier technology fields such as artificial intelligence AR. MicroCloud Hologram Inc.'s goal is to become a global leading quantum holography and quantum computing technology company.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate," or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic; financial condition and results of operations; the expected growth of the holographic industry and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission ("SEC"), including the Company's most recently filed Annual Report on Form 10-K and current report on Form 6-K and its subsequent filings. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

SOURCE MicroCloud Hologram Inc.

EME faces margin and timing headwinds, yet data center demand and acquisitions continue to reinforce its long-term positioning.

Ripple's XRP is approaching a significant resistance level at $2.28, a situation that traders are monitoring closely. Breaking past this point could propel its price toward $2.75, which traders see as the next target.

A new layer-2 platform leverages zero-knowledge tech to offer zero-fee trading and improved on-chain efficiency for retail users.

Key Takeaways

Lighter, a decentralized exchange on Ethereum layer-2, has debuted spot trading with ETH as the first depositable asset.
This marks an expansion beyond Lighter's prior focus on perpetual futures, now allowing direct asset transfers on mainnet.

Lighter, a decentralized exchange protocol on Ethereum layer-2, today launched spot trading with ETH as the first depositable asset. The platform expanded its offerings beyond perpetual futures to include direct asset transfers between accounts on the mainnet.

The exchange positions its spot trading as an alternative to platforms like Hyperliquid, emphasizing zero-fee trading for retail users on its Ethereum-based zk-rollup exchange.

Lighter uses custom zero-knowledge circuits for verifiable order matching and liquidations, focusing on low-cost and low-latency trading. The platform previously concentrated on perpetual futures before adding spot trading capabilities.

Disclaimer