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Allworth Financial LP purchased a new stake in shares of State Street Corporation (NYSE:STT – Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 3,426 shares of the asset manager’s stock, valued at approximately $581,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in State Street in the 2nd quarter valued at about $4,139,389,000. Regents of The University of California lifted its position in shares of State Street by 211.2% during the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after buying an additional 5,908,370 shares in the last quarter. Norges Bank bought a new position in shares of State Street during the 4th quarter worth approximately $303,483,000. Bank of New York Mellon Corp purchased a new position in shares of State Street in the 2nd quarter worth approximately $301,393,000. Finally, Pinebridge Investments LLC bought a new position in State Street in the 4th quarter valued at $178,705,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Price Performance STT opened at $187.22 on Monday. The company has a market capitalization of $51.43 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 0.77 and a beta of 1.41. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The firm has a 50-day moving average price of $180.11 and a 200-day moving average price of $153.94. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.18.

State Street (NYSE:STT – Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.34 by $0.31. The company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.04 earnings per share. Equities analysts expect that State Street Corporation will post 13.75 EPS for the current year. State Street Increases Dividend The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio is presently 29.63%.

Insider Buying and Selling In other news, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the sale, the chief executive officer directly owned 240,959 shares in the company, valued at $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the transaction, the executive vice president directly owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 49,576 shares of company stock valued at $8,415,875. Corporate insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets A number of equities analysts recently weighed in on the stock. Wells Fargo & Company boosted their price target on shares of State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. JPMorgan Chase & Co. raised their price objective on shares of State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Weiss Ratings raised shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Citigroup upped their price objective on State Street from $193.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, July 17th. Finally, UBS Group set a $176.00 price objective on State Street in a report on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $185.38.

Check Out Our Latest Analysis on STT

About State Street (Free Report)

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

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Chinese automaker Xpeng (9868.HK) said on Monday its robotics unit had raised more than $900 million ​in its first funding round, setting a new ‌record for a single private financing in China's embodied AI sector.

The funding round, led by IDG Capital and backed by strategic investors ​Tencent (0700.HK) and Alibaba (9988.HK), values the robotics business at more ​than $6.3 billion, Xpeng said in a statement.

The proceeds ⁠will be used to develop robotics hardware and software, train ​and refine physical AI models, collect high-quality data, build end-to-end ​mass-production facilities, and support global expansion, the company said.

Xpeng plans to begin mass production of its humanoid robot, Xpeng IRON, by year-end, with ​initial deployments at its retail stores and industrial campuses. ​Commercial sales and deliveries in China and overseas markets are scheduled to ‌begin ⁠in 2027.

CEO He Xiaopeng announced in June that he would personally lead the robotics business as the electric vehicle maker, seen as one of the leading automaker-backed developers of humanoid ​robots, pushes towards ​mass production.

The ⁠robotics sector has attracted growing interest from automakers, which see parallels with intelligent vehicle development, ​including expertise in sensors, software, batteries and ​supply-chain management.

In ⁠April, Shanghai-based embodied AI startup TARS Robotics raised more than $455 million in a pre-A funding round, a deal that was ⁠then ​billed as the largest single private ​financing in China's embodied AI sector.

Bank of Nova Scotia bought a new stake in Zscaler, Inc. (NASDAQ:ZS – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 253,500 shares of the company’s stock, valued at approximately $35,782,000. Bank of Nova Scotia owned about 0.16% of Zscaler at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of ZS. Vanguard Group Inc. lifted its stake in shares of Zscaler by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 11,423,424 shares of the company’s stock valued at $2,569,357,000 after purchasing an additional 55,521 shares during the period. BlackRock Inc. acquired a new stake in shares of Zscaler during the second quarter worth $1,396,028,000. First Trust Advisors LP increased its holdings in Zscaler by 36.2% in the first quarter. First Trust Advisors LP now owns 3,518,678 shares of the company’s stock valued at $493,635,000 after purchasing an additional 935,781 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Zscaler by 43.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,572,358 shares of the company’s stock valued at $578,576,000 after purchasing an additional 777,414 shares during the last quarter. Finally, State Street Corp lifted its stake in Zscaler by 3.4% in the fourth quarter. State Street Corp now owns 2,337,604 shares of the company’s stock valued at $525,774,000 after buying an additional 77,800 shares during the period. Institutional investors and hedge funds own 46.45% of the company’s stock.

Zscaler Stock Performance Shares of Zscaler stock opened at $181.74 on Monday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.86 and a quick ratio of 1.86. The firm has a market cap of $29.39 billion, a price-to-earnings ratio of -378.62, a price-to-earnings-growth ratio of 106.97 and a beta of 0.94. The stock’s 50-day moving average is $151.10 and its 200-day moving average is $150.19. Zscaler, Inc. has a one year low of $114.63 and a one year high of $336.99.

Zscaler (NASDAQ:ZS – Get Free Report) last posted its quarterly earnings data on Tuesday, May 26th. The company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.07. The company had revenue of $850.48 million for the quarter, compared to the consensus estimate of $835.14 million. Zscaler had a negative net margin of 2.44% and a negative return on equity of 0.37%. The firm’s revenue was up 25.4% compared to the same quarter last year. During the same period last year, the company earned $0.84 earnings per share. Zscaler has set its Q4 2026 guidance at 1.080-1.090 EPS and its FY 2026 guidance at 4.100-4.110 EPS. Equities analysts predict that Zscaler, Inc. will post 0.13 earnings per share for the current fiscal year. Zscaler News Summary Here are the key news stories impacting Zscaler this week:

Positive Sentiment: KeyBanc raised its price target to $210 from a lower prior target, citing what it views as a valuation discount and potential for the cybersecurity company to regain investor confidence. KeyBanc upgrades Zscaler price target Positive Sentiment: Additional bullish analyst actions supported the stock. Mizuho lifted its price target to $210, Stifel Nicolaus raised its target to $200, and Cantor Fitzgerald assigned Zscaler an “Overweight” rating. The actions suggest Wall Street sees upside despite the stock’s sharp decline from its 52-week high. Mizuho raises Zscaler price target Stifel raises Zscaler price target Cantor Fitzgerald rates Zscaler Overweight Positive Sentiment: Rising AI-driven cyber threats reinforce demand for Zscaler’s platform. NTT DATA CEO Abhijit Dubey said frontier AI is making attacks more sophisticated, expanding the attack surface, and accelerating attacks to machine speed—an industry trend that could increase demand for cloud-based zero-trust security. AI and cybersecurity threats Positive Sentiment: Zscaler’s expanded Carahsoft partnership targets U.S. small and midsize businesses with standardized bundles, simpler pricing, and broader partner enablement. The initiative could diversify Zscaler’s customer base and create an additional growth channel beyond large enterprises. Zscaler and Carahsoft SMB partnership Negative Sentiment: AI-lab IPO speculation remains a risk to sentiment. Reports that Anthropic may pursue a massive public offering renewed concerns that investors could redirect capital from enterprise software stocks toward AI companies, contributing to recent pressure on Zscaler. Zscaler and AI IPO concerns Analyst Upgrades and Downgrades A number of equities analysts have issued reports on ZS shares. Wells Fargo & Company raised their target price on Zscaler from $180.00 to $210.00 and gave the stock an “overweight” rating in a report on Monday, August 17th. Stifel Nicolaus increased their price target on shares of Zscaler from $175.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, August 19th. The Goldman Sachs Group reissued a “neutral” rating and set a $179.00 price objective on shares of Zscaler in a research note on Wednesday, May 27th. Citigroup restated a “market outperform” rating on shares of Zscaler in a report on Wednesday, May 27th. Finally, Morgan Stanley lowered their target price on shares of Zscaler from $155.00 to $145.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 27th. Thirty-four equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $215.36.

Read Our Latest Stock Report on ZS

Insider Buying and Selling In other news, CFO Kevin Rubin sold 503 shares of the business’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $147.12, for a total transaction of $74,001.36. Following the transaction, the chief financial officer directly owned 41,398 shares in the company, valued at $6,090,473.76. The trade was a 1.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Adam Geller sold 2,817 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $122.60, for a total transaction of $345,364.20. Following the transaction, the insider owned 42,314 shares in the company, valued at $5,187,696.40. This represents a 6.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 16,269 shares of company stock worth $2,052,589. 17.20% of the stock is owned by corporate insiders.

Zscaler Company Profile (Free Report)

Zscaler is a cloud security company that delivers a cloud-native platform to protect users, applications and data as organizations move away from traditional, network-centric security architectures. The company focuses on a zero trust approach that assumes no implicit trust for users or devices, providing secure access to the internet, SaaS applications and private applications regardless of where users are located. Zscaler positions its services as an alternative to legacy appliances and site-centric VPNs, aiming to simplify security while enabling modern, distributed workforces.

Key offerings are built around the Zscaler Zero Trust Exchange, a multi-tenant cloud platform that enforces security and access policies in-line.

Read More Five stocks we like better than Zscaler VIG, VYM, and VYMI: Which Vanguard Dividend ETF Is Right for You? 3 Closed-End Funds to Maximize Dividend Payments Rocket Lab’s Sell-Off Is Fading—Is It Finally Safe to Buy? $27 Billion in Buybacks: 3 Stocks Betting Their Strong Runs Aren’t Over Want to see what other hedge funds are holding ZS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Zscaler, Inc. (NASDAQ:ZS – Free Report).

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24.8.2026 11:12, BAACSG

Průmyslově-technologická skupina CSG oznámila, že v posledních měsících uzavřela několik kontraktů na dodávky mostních automobilů pro celkem pět zákazníků v Evropě, na Blízkém a Středním východě a v jihovýchodní Asii. Kontrakty zahrnují dodávky desítek mostních vozidel v celkové hodnotě přesahující jednu miliardu korun. Zakázky podle skupiny potvrzují rostoucí globální poptávku po specializovaných ženijních vozidlech.

Předmětem nových kontraktů jsou mostní automobily řady AM-70 a AM-50, které umožňují rychlé překonávání vodních toků, příkopů a dalších přírodních či umělých překážek. Dodávky bude v rámci skupiny zajišťovat společnost Excalibur Army, jež se specializuje na vývoj, výrobu a modernizaci pozemní vojenské techniky.

„Nové kontrakty potvrzují, že o naše ženijní a podpůrná vozidla je na zahraničních trzích dlouhodobě silný zájem. Pro zákazníky je důležitá zejména kombinace vysoké průchodnosti v terénu, rychlosti nasazení a schopnosti vytvářet i delší přemostění podle konkrétní operační situace. Zakázky pro zákazníky v Evropě, na Blízkém a Středním východě i v jihovýchodní Asii zároveň ukazují, že naše řešení dokážou obstát v rozdílných klimatických a provozních podmínkách,“ říká Richard Kuběna, obchodní ředitel divize CSG Defence Systems.

Akcie CSG Akcie Czechoslovak Group (BAACSG) na Free Marketu pražské burzy posilují o 1,32 % na 452,9 Kč, na RM-SYSTÉMu akcie rostou o 0,87 % na 452 Kč.

Zdroj: CSG

Michal Bárta
Fio banka, a.s.
Prohlášení

Stanley Druckenmiller's Duquesne Family Office reported about $5.2 billion in U.S. equity holdings at the end of the second quarter. But its relatively small positions in Intel, Micron, and Broadcom -- all initially purchased in the first quarter -- were gone by the end of the quarter on June 30.

Instead, the legendary investor, with a multi-decade record of beating the market, opened a new position in Advanced Micro Devices (AMD +0.81%). While Druckenmiller is not as heavily invested in artificial intelligence stocks as he was a few years ago, he appears to remain bullish on the impact this technology could have on the economy and continues to make selective bets.

Stanley Druckenmiller. Image source: Getty Images.

Making room for other opportunities Druckenmiller was among the first to spot opportunities in AI. However, with valuations now elevated, he is now more selective about which stocks he buys. In a recent Hard Lessons interview with Morgan Stanley, he said, "We still have dribs and drabs of AI around, but it's not driving the engine anymore to some extent."

He initiated small positions in Intel, Micron, and Broadcom in the first quarter, which together accounted for about 2.5% of reported assets in his Form 13F. Intel and Micron have more than doubled year to date. Micron has benefited from a memory shortage that's pushed revenue sharply higher, while Intel is delivering its strongest revenue growth in more than a decade. After that kind of run, though, Druckenmiller may view those companies' forward growth as more fully priced in.

Broadcom remains positioned for AI data center spending, with second-quarter revenue up 48% year over year. But after a modest 5% year-to-date gain, Druckenmiller may simply see better risk/reward elsewhere.

AMD has also had a big run this year, with the shares up 120% to date, but Druckenmiller may see it as a better buy given the upcoming launch of a major new data center product.

Druckenmiller buys AMD ahead of Helios launch Druckenmiller's new position in AMD accounted for roughly 0.8% of reported assets in the second quarter. A major catalyst is its upcoming Helios rack-scale system, with OpenAI, Meta Platforms, Anthropic, and Microsoft lined up to deploy it in their data centers.

AMD appears positioned for the growth in AI inference workloads. Inference has become bigger than training as models move from learning to being used at scale. AMD has aligned its product roadmap to benefit from that shift.

Last quarter, AMD's data center revenue more than doubled year over year to $6.7 billion, and management has guided for data center sales to double again in 2027 relative to full-year 2026 revenue.

A key advantage for AMD is its chiplet architecture. This modular approach helps reduce manufacturing costs and eliminate waste in the production process. Druckenmiller may be betting that this will drive robust earnings growth that exceeds consensus estimates, which often leads to a rerating of a stock's valuation.

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CEO Lisa Su recently raised AMD's long-term outlook: "We now see the overall market for high performance and AI computing growing approximately 40% annually over the next several years, approaching $2 trillion by 2030, and we expect to grow well above the market," she said.

AMD now expects to "significantly exceed" its previous $20 annual earnings target. Faster growth, a larger market, and higher earnings expectations typically support a higher share price.

Should you follow Druckenmiller into AMD? Druckenmiller seems to see AMD at the front end of a major inference-driven opportunity. AMD still has to prove it can take market share from Nvidia, but early demand signals for Helios suggest it has a real shot.

However, investors shouldn't blindly follow Druckenmiller. Given his tendency to sometimes exit positions after one quarter, as well as the 45-day delay before a new Form 13F is released after each quarter-end, investors should do their own research on AMD before buying shares.

Netflix just hit a major milestone in the UK.

The global streamer has posted £2.06B ($2.81B) revenues for full-year 2025, meaning it generated more cash than the country’s leading commercial broadcaster, ITV, and is well ahead of smaller PSB rivals Channel 4 (£1B) and Paramount-owned 5 (£318M). The BBC‘s is funded by the licence fee and does not account in a comparable way.

Netflix’s revenue grew 11.3% from the £1.85B posted in 2024, according to a Companies House filing, with the growth pegged primarily to 7% growth in the average number of paying customers and “higher average monthly revenue” per paying member.

The 2025 figure compares with the £1.9B ITV’s media and entertainment made in its latest full-year results. The division, which houses ITV’s channel suite and streamer ITVX, is being sold to Sky. When production wing ITV Studios is added in, ITV plc posted revenues of £4.12B.

Netflix UK‘s operating profit for the financial year ended December 31, 2025, was £44.9M, up slightly on the £43.2M the year before, with profit after tax coming in at £53.3M, up 11.5%.

The news will surely be a big talking point at the final Edinburgh Television Festival this week in the Scottish capital, where Netflix and the UK’s other major streamers and broadcasters will take to stage to talk to the industry. Netflix UK’s Doc Series boss, Adam Hawkins, is the fest’s advisory chair this year.

Netflix launched in the UK in 2012 as part of its first expansion into Europe, and has since grown into one of the dominating forces in British broadcasting through shows such as Baby Reindeer, The Gentlemen and Adolescence.

With the BBC’s licence fee model in crisis, the idea of forcing streamers to support the UK’s leading public broadcaster in collecting its funding. The Motion Picture Association, which represents Netflix and the U.S. studios, has slammed the idea and even BBC Director General Matt Brittin has admitted the plan would be “difficult” to enforce.

Earlier this year, regulator Ofcom’s Media Nations report revealed Netflix was ahead of the BBC, ITV and YouTube as the service viewers first thought of when deciding what to watch. The number of 16-24s choosing the streamer first was further ahead of rivals.

The filing to Companies House showed that Netflix Services UK Limited, the company Netflix uses to house its earnings in Britain, distributed interim dividends of £30M on July 21, 2025. It also increased the amount loaned from Netflix to nearly £400M, with an extended maturity date of August 1, 2028, and became a subsidiary of Amsterdam-based Netflix International, which merged with Netflix Services Holdings in May last year.

According to the filing, Netflix employed an average of 342 staff in the UK in 2025, up from 263 the year before.

Taiwan prosecutors said on Monday they indicted nine people, including employees of ​Nvidia (NVDA.O) and Super Micro (SMCI.O), accused of illegal ‌export of artificial intelligence servers to China.

Semiconductor powerhouse Taiwan is the world's largest producer of advanced chips used ​in AI applications. Prosecutors this year investigated ​the suspected illegal export of servers equipped with ⁠Nvidia chips subject to U.S. export controls.

Washington ​has imposed curbs since 2022 making it illegal for ​such semiconductors to be exported or sold in China.

In a statement, the prosecutors in the northern port city of ​Keelung said the defendants, whose full names they ​did not state, were "fully aware" that both Nvidia and Super ‌Micro ⁠have "rigorous internal control procedures" regarding exports.

However, the defendants "colluded with one another at various levels for enormous profit, illegally exporting high-end servers, increasing corporate compliance ​costs, and severely ​damaging our ⁠nation's international image", they added.

Neither Nvidia nor Super Micro immediately responded to ​requests for comment.

Taiwan has tightened export controls ​in ⁠recent years to keep advanced technology and know-how from reaching China, which claims the democratically governed ⁠island as ​its own territory despite the ​strong objections of the island's government.

NAND flash contract prices were projected to climb 70% to 75% in the spring quarter, according to research firm TrendForce. For the current quarter, the same firm projects increases of 10% to 15%.

For most of the market, that shift is a footnote. For Sandisk (SNDK -0.28%), the closest thing to a pure NAND flash bet among large U.S. stocks, it is close to the entire investment case.

The memory specialist's earnings exploded because flash pricing went off the charts. Prices are still projected to rise -- just far more slowly. And that distinction, between a boom ending and a boom decelerating, is what I think the growth stock's earnings estimates now ride on.

Image source: Getty Images.

Two-thirds pricingSandisk's fiscal fourth quarter of 2026 (the period ended July 3) showed what the steep part of the price curve does for this business. Revenue reached $8.97 billion, up 51% from the prior quarter and up 372% year over year. Gross margin hit 84.6%, expanding from 26.2% in the year-ago quarter.

The full year tells the same story at scale. Fiscal 2026 revenue rose 175% year over year to $20.25 billion, with datacenter revenue up 437%. A business that reported a GAAP loss in fiscal 2025 earned $70.88 per share, on a non-GAAP (adjusted) basis, in fiscal 2026.

Management was specific about the source. About two-thirds of the quarter's sequential revenue growth came from higher pricing, with the other third from volumes.

The mix underneath echoed the industry data. Datacenter revenue more than doubled from the prior quarter to about $3 billion, as artificial intelligence (AI) buyers kept paying up.

However, consumer revenue went the other way, falling 32% sequentially to $556 million. Buyers who can walk away from record flash prices are starting to.

From 70% to 15%That consumer retreat is exactly why TrendForce expects the curve to flatten. In its July survey, the firm said record-high contract prices have consumer buyers in markets like PCs and smartphones reaching the limit of what they will pay, even as AI demand keeps overall supply tight.

Its projection of 10% to 15% NAND contract price growth this quarter compares with the 70% to 75% it projected for the quarter Sandisk just reported. The slowdown, notably, comes from demand hitting a ceiling rather than from new supply -- capacity relief isn't expected until the second half of 2027.

To be clear, that is a forecast of continued increases. But the rate of change arguably matters more than the direction here, because Sandisk's sequential growth was two-thirds pricing.

Run the math on the company's own guidance and the deceleration is already visible. Sandisk guided for fiscal first-quarter revenue of $10.3 billion to $10.8 billion. At the midpoint, that is 18% sequential growth, down from 51% last quarter.

Can the margins hold?Guidance says yes, for now. Sandisk expects adjusted gross margin of 83% to 85% this quarter, essentially flat with the fourth quarter, and adjusted earnings per share of $44 to $46, up from $39.25.

The harder test comes after that. Shares trade near $1,600 as of this writing, about 32% below the high of $2,354.39 they set in June. That price works out to a forward price-to-earnings ratio of about 7.5. A multiple that low only looks cheap if the earnings projections behind it hold up -- and those projections require the extraordinary margins to persist deep into fiscal 2027 while contract-price growth shrinks toward 10%.

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Sandisk has an answer it didn't have in past memory cycles. The company has signed long-term supply agreements with eight customers covering about half the bits it expects to ship in fiscal 2027, and those contracts are worth $93.9 billion at floor pricing (the minimum prices the contracts guarantee) over their life. Agreements like that could blunt the downside if market pricing eventually rolls over.

But the uncontracted half still floats on the market price, and how fast that price keeps climbing is exactly the forecast that just moved. A quarter ago, the industry's reference projection had NAND prices rising 70%. Now it has them rising 10% to 15%.

That doesn't end the boom, and the contracts make this cycle sturdier than the ones that wrecked memory stocks before. Still, Sandisk's earnings estimates were built on the steep part of the price curve, and I think they will need rebuilding as it flattens -- even if nothing else goes wrong.

Marvell Technology (MRVL -5.57%) disclosed an expanded custom chip agreement with Google on Aug. 19, complete with a warrant tied to as much as $120 billion of future purchases -- and investors in Broadcom (AVGO +1.21%) treated the news as their problem. Broadcom, which designs the in-house TPU chips of Google parent Alphabet (GOOG +1.05%)(GOOGL +1.22%), saw its shares fall about 5% that morning.

The logic of the selling was straightforward. Google, arguably the most important customer in Broadcom's custom artificial intelligence (AI) chip business, is deepening its relationship with Broadcom's most direct rival.

But Broadcom has faced this kind of headline before -- a marquee customer moving to design Broadcom parts out of its products. I think it is worth walking through what happened next before concluding anything from a one-day drop.

Image source: The Motley Fool.

A selective sell-offThe move itself deserves scrutiny. Chip stocks fell unevenly on the morning of Aug. 19. AMD dropped about 4%, Nvidia was roughly flat, and Marvell itself jumped about 8%. The pressure landed hardest on Broadcom, the supplier with the most Google work at stake -- consistent with investors repricing who wins Google's future orders rather than fleeing the sector.

And Google has not left Broadcom. The verified news is an expansion of work with Marvell.

Broadcom itself announced in April a new long-term agreement to develop Google's future TPU generations, alongside a deal to supply components for Google's AI racks through as late as 2031. Google appears to be adding a second silicon partner, not replacing its first.

The Apple precedentThe last time Broadcom faced a design-away scare, the customer was its biggest one. In January 2023, Bloomberg reported that Apple (AAPL -0.63%) planned to drop the Broadcom combination chip that handled Wi-Fi and Bluetooth in its devices by 2025 and use an in-house design instead. Apple accounted for about 20% of Broadcom's net revenue in fiscal 2022 and 2023, according to Broadcom's annual filing -- roughly $7 billion a year at the time.

The displacement happened, eventually. Apple introduced its own N1 wireless chip in the iPhone 17 lineup in September 2025, nearly three years after the report.

But three other things happened along the way. Four months after the report, Apple announced a separate multiyear, multibillion-dollar deal for Broadcom to keep building 5G radio-frequency components, including filters, in the U.S. Losing one chip didn't mean losing the customer -- and last month Broadcom disclosed an agreement extending that chip supply relationship through 2031. Broadcom's revenue then nearly doubled, from $35.8 billion in fiscal 2023 to $63.9 billion in fiscal 2025, as AI demand overwhelmed everything else. And the stock? It closed at a split-adjusted $57.69 the day the Bloomberg report ran. It trades near $362 as of this writing, up more than 500%.

This time the risk sits in the AI businessSo the precedent says these announcements take years to play out. The Google-Marvell agreement fits that pattern. Its vesting schedule stretches to January 2033, and the disclosure describes chip programs built to plug into Google's TPU ecosystem, not a wholesale replacement of it.

Still, the parallel is not perfect, and the difference matters. The Apple risk sat in wireless components, a mature side business, while AI custom chips drove the growth that swamped it. Google sits inside that AI franchise itself. Broadcom's AI semiconductor revenue reached $10.8 billion in its fiscal second quarter (the period ended May 3, 2026), up 143% year over year on total revenue that rose 48% to $22.2 billion, and net income nearly doubled to $9.3 billion. Management guided for $16.0 billion of AI semiconductor revenue in the fiscal third quarter, up more than 200%.

Today's Change

(

1.21

%) $

4.42

Current Price

$

368.45

Broadcom doesn't disclose Google's share, but its top five customers accounted for about 40% of total net revenue in fiscal 2025. A shift in Google's orders could touch the growth line investors are paying for, not a side business.

To me, that concentration is worth taking seriously at Broadcom's valuation. Even after the decline, shares cost about 60 times earnings and sit about 27% below their 52-week high.

History's lesson from the Apple episode is that these transitions are slow and partial -- Broadcom grew straight through the last one. The same patience, I'd argue, applies here in both directions: the Aug. 19 drop doesn't prove the damage, and Broadcom's April agreement doesn't prove there is none. What settles it is Broadcom's AI revenue in the quarters ahead, and that evidence arrives on earnings days, not in a one-day sell-off.

PERTH, Australia, Aug. 23, 2026 (GLOBE NEWSWIRE) -- Alkane Resources Limited (ASX: ALK; TSX: ALK; OTCQX: ALKRY) (‘Alkane’ or ‘the Company’) is pleased to announce the latest exploration results highlighting the discovery of a new high-grade zone of the Cuffley Lode, and drilling results from the Sub-KC domain at depth below the Augusta mine and the Costerfield property in Victoria, Australia

Program Summary

23 new holes have been drilled in an unmined area between the historical Cuffley north and south high-grade grade panels, and 17 additional holes have targeted the Sub KC domain at depth below the depositA new grade pod with areas of very high grade gold and antimony was identified in the Cuffley infill area, in a sparsely drilled zone previously thought to contain low grade due to the influence of a crosscutting faultAdditional high grade infill intercepts have made in the Sub KC system, and the first target testing holes looking for repetitions of the structural setup have been drilledThe Cuffley pod is readily accessible from existing infrastructure and is being incorporated into the mine schedule Assay Highlights

From Cuffley 580.9g/t gold and 24% antimony over 0.61m (ETW 0.54m) in AD270168.9g/t gold and 33.5% antimony over 0.9m (ETW 0.78m) in AD26560.1g/t gold and 15.2% antimony over 1.26m (ETW 1.17m) in AD292124g/t gold and 48.6% antimony over 0.23m (ETW 0.22m) in AD275 From Sub KC28.2g/t gold and 0% antimony over 0.99m (ETW 0.82m) in CSK04473.2g/t gold and 18.8% antimony over 0.19m (ETW 0.18m) in CSK043192g/t gold and 0% antimony over 0.17m (ETW 0.07m) in CSK04316.1g/t gold and 12.7% antimony over 0.37m (ETW 0.34m) in CSK048 Alkane Managing Director & CEO, Nic Earner, said:

“This discovery of unmined high-grade material directly adjacent one of Costerfield’s top-shelf historical orebodies showcases the importance of Alkane’s directive of revisiting and challenging old models and preconceptions surrounding mineralisation to extract value. We will continue seeking this new mineralisation alongside generating new targets within our leases.”

Costerfield Gold-Antimony Field

Alkane Resources Ltd 100%

The Costerfield gold-antimony deposit was discovered in 1861, antimony having been already identified in the district as early as 1853 as prospectors attracted to the McIvor (Heathcote) alluvial gold rush began to explore the surrounding hills for the primary deposits. Several lodes along a 3km corridor were rapidly opened up, the bulk of historical production coming from leases at the northern end of the field; the Costerfield (Main), Bombay and Minerva mines. Production from these mines primarily took place in two phases, between 1861-1883 and 1903-1924, and a short-lived attempt at redeveloping the mine occurred between 1933-1939.

Modern mining has been continuous since 2006, when Australian Gold Development commenced underground operations at Augusta, at the southern end of the field. AGD’s Costerfield operation was purchased by Mandalay Resources in 2010, and extraction of the vertically continuous vein system has progressively moved north. Firstly from the initial Augusta series of lodes, to Cuffley and N Lode in 2014 and the Brunswick in 2018. Costerfield’s current locus of mining is beneath the Costerfield, Minerva and Bombay group of mines, where Mandalay’s high-grade Youle and Shepherd lodes were accessed in 2019.

Figure 1. Regional map of the Costerfield Project in GDA2020 grid showing Alkane tenements and the main corridors of mineralisation identified, highlighting the location of the Cuffley and Sub KC deposits.

Deposit Geology

The Cuffley and Sub KC deposits are found within the Central Corridor of deposits at Costerfield. This corridor approximately traces the apex of the Costerfield Dome, a structural high which consists of Silurian marine siltstones with turbiditic intervals becoming common towards the base of the known sequence. The Cuffley Lode occupies a vertical shear, running along a N-S field-scale anticline (Cuffley Anticline) next to the Augusta Deposit. The lode sits on the gently dipping western edge of its 200m-wide hinge zone, N Lode occupies the corresponding eastern axial zone with a steep east-dipping limb. Mineralisation at Cuffley is of the “classic” Costerfield style, consisting of quartz-carbonate veining grading to massive stibnite, gold being found in both quartz and stibnite. Updip, the Cuffley lode is truncated by the Mamushi/Flat Fault set, which offsets the mineralisation above eastward by approximately 40m, where it is known as the historical Alison deposit. The Alison mineralisation is itself bounded updip by the major west-dipping Adder Fault thrust. The footwall of the Cuffley system is delineated by the similarly west-dipping King Cobra Fault thrust, which breaches and offsets the Cuffley anticline.

Down-dip from Cuffley, westward along the King Cobra Fault plane, mineralisation resumes with the Sub-KC deposit. Sub-KC occupies the steeply dipping east limb of the continuation of the Cuffley Anticline. If the approximately 300m of offset along the fault plane is restored, reconstructing the anticline and stratigraphy, the Sub-KC deposit correlates very well with the downward continuation of N Lode. The axis of the anticline hosts a strong gougey shear termed the Lyre Fault, which merges into the King Cobra Fault forming the hangingwall of the main Sub-KC domain between them. The Lyre Fault exhibits some clear post-mineralisation movement, evidenced by clasts of mineralised vein material in fault gouge recovered in earlier Sub-KC drilling. Most mineralisation associated with Sub KC sits in the immediate footwall of the Lyre Fault and reduces in tenor at distance from the fault plane. Strike control is not fully understood at this stage of drilling due to limited drilling orientations, but appear to be related to north-east trending splays from the Lyre Fault somewhat similar in nature to the East Fault at Cuffley. The most important of these are the Bird and Bustard Faults, represented on the Sub-KC long section below.

The veins of the Sub-KC deposit generally fall into three categories:

Early, laminated bedding parallel quartz veins (Figure 7, CSK043), reactivated and dilated during the mineralisation, the later quartz-stibnite vein generation is often discreet and confined to one side of the vein with the lamination adhering to the other contact. Gold is commonly found in the laminations of the older quartz generation.Single-generation quartz veins in subvertical orientations, linking between the laminated, bedded veins (Figure 7, CSK044). These structures most likely developed under extensional stress contemporaneous with the time of mineralisation.East-dipping veins found on the western limb of the Cuffley Anticline, crosscutting the bedding at a high angle. These veins appear to be exploiting an earlier axial, spaced fabric including jointing and minor faulting developed at the time of anticline formation. The existence of these veins indicate that while the Lyre Fault has some post-mineralisation movement, it is not necessarily a hard boundary to mineralisation in this domain. All veins have demonstrated the capability to host coarse, high-grade gold and varying amounts of massive stibnite. In general, antimony grades are of lesser importance within the Sub-KC deposit relative to other mined deposits at Costerfield, perhaps due to comparatively limited vein volumes which does not appear to influence gold prospectivity. “Rusty” gold after aurostibite is commonly observed, along with occasional veins containing native antimony metal (Figure 8) typically with small amounts of pyrrhotite. This assemblage indicates minor activity of a lower sulphur, relatively reduced ore fluid phase.

Drilling Results - Cuffley

23 growth and infill holes have been completed, totalling 3,255m of diamond drill core. This activity resulted in 18 new intercepts on the mineralised structure, the remaining five fault blanking as the bounds of the new domain was explored. Four drillholes intercepted mineralisation grading over 10g/t gold equivalent over mining width:

580.9g/t gold and 24% antimony over 0.61m (ETW 0.54m) in AD270 Including 0.25m @ 1360g/t gold & 19.7% antimony (Figure 6) 168.9g/t gold and 33.5% antimony over 0.9m (ETW 0.78m) in AD26560.1g/t gold and 15.2% antimony over 1.26m (ETW 1.17m) in AD292124g/t gold and 48.6% antimony over 0.23m (ETW 0.22m) in AD275 An additional four holes graded over 2g/t gold equivalent over mining width.

Drilling Results – Sub KC

Four target-testing holes were drilled for 3705.32m, and ten parent / two wedge growth and infill holes were completed for 8168.28m.

Several ore-grade intercepts were made within the system, including:

28.2g/t gold and 0% antimony over 0.99m (ETW 0.82m) in CSK04473.2g/t gold and 18.8% antimony over 0.19m (ETW 0.18m) in CSK043192g/t gold and 0% antimony over 0.17m (ETW 0.07m) in CSK04316.1g/t gold and 12.7% antimony over 0.37m (ETW 0.34m) in CSK048 The target testing holes explored the footwall of the Lyre Fault along strike north and south of the main Sub-KC block, testing for repetitions in zones modelled to have favourable structural setup. The two holes drilled approximately 400m north of the main block found the Lyre Fault plane to have stepped eastward in position, faulting out much of the inferred favourable east-dipping fold limb. These two holes intercepted moderate grades in the Adder Fault, located just into the wall from the collar point.

Conversely, the holes drilled approximately 300m south of the Sub-KC zone found an intact anticlinal position, without the presence of the expected Lyre Fault, which appears to be located further westward at this point. Both holes encountered veins with anomalous gold however no ore-grade intercepts were made.

Figure 2. Long Section of the Cuffley System with major vein target envelopes displayed, recent drill traces and > 6g/t AuEq new intercepts labelled. New significant intercepts not associated with a named structure are represented as triangular icons. Older significant drill intercepts are displayed as smaller, unlabelled icons. Previous mining on the Cuffley Lode with face assays and depleted areas area are also shown.

Figure 3. Long Section of the Sub-KC System with major vein target envelopes displayed, recent drill traces and > 6g/t AuEq new intercepts labelled. Older significant drill intercepts are displayed as smaller, unlabelled icons. New significant intercepts not associated with a named structure are represented as triangular icons.

Figure 4. Plan Section of the Cuffley and Sub KC deposits with vein best fit traces displayed, recent drill traces and > 6g/t AuEq new intercepts labelled. Older significant drill intercepts are displayed as smaller, unlabelled icons. New significant intercepts not associated with a named structure are represented as triangular icons.

Figure 5. Cross section looking north at mine northing 4900N showing the Cuffley and Sub-KC systems (veins represented schematically), and > 6g/t AuEq new intercepts labelled. Older significant drill intercepts are displayed as smaller, unlabelled icons. New significant intercepts not associated with a named structure are represented as triangular icons.

Figure 6. Core tray photo of the high-grade Cuffley intercept in AD270. Note the very high gold interval of 1360g/t Au, and consistent high-grade antimony. Please refer to Appendix 1 for the relevant assay results relating to Figure 6.

Figure 7. Core tray photographs of the Sub-KC 405 Lode intercepts from drillholes CSK043 (bottom) and CSK044 (top). Intervals with grade above detection levels are labelled. Note the bedding-parallel nature of the major veins, due to reactivation of early laminated quartz structures acting as host structure, and the additional occurrence of high grade visible gold in very narrow veinlets (CSK044, 537m). Please refer to Appendix 1 for the relevant assay results relating to Figure 7.

Figure 8. Vein containing a significant volume of native antimony metal (metallic white) intercepted in CSK045W1 (538.15m). The vein also contained stibnite and pyrrhotite, and pyrite wallrock alteration can be seen in the image. Please refer to Appendix 1 for the relevant assay results relating to Figure 8.

Future Plans

The new grade pod at Cuffley has been integrated into the Costerfield mine plan and is scheduled to be mined. Considerable scope remains for further growth within the Sub KC domain with the structural information gained from the north and south target testing holes, however drilling will likely need to be undertaken from surface, or future development with improved intersection angles with the target areas.

This document has been authorised for release to the market by Nic Earner, Managing Director.

ABOUT ALKANE ‐ www.alkres.com ‐ ASX:ALK | TSX: ALK | OTCQX: ALKRY

Alkane (ASX:ALK; TSX:ALK; OTCQX:ALKRY) is an Australia-based gold and antimony producer with a portfolio of three operating mines across Australia and Sweden. The Company has a strong balance sheet and is positioned for further growth.

Alkane’s wholly owned producing assets are the Tomingley open pit and underground gold mine southwest of Dubbo in Central West New South Wales, the Costerfield gold and antimony underground mining operation northeast of Heathcote in Central Victoria, and the Björkdal underground gold mine northwest of Skellefteå in Sweden (approximately 750 km north of Stockholm). Ongoing near-mine regional exploration continues to grow resources at all three operations.

Alkane also owns the very large gold-copper porphyry Boda-Kaiser Project in Central West New South Wales and has outlined an economic development pathway in a Scoping Study. The Company has ongoing exploration within the surrounding Northern Molong Porphyry Project and is confident of further enhancing eastern Australia’s reputation as a significant gold, copper and antimony production region.

Competent Persons Statement

Certain information in this announcement relating to Exploration Results has been previously released to the ASX (refer to ASX announcement dated 14 July 2026 titled ‘Alkane Extends High Grade Gold Trend at Brunswick South’). Alkane confirms that it is not aware of any new information or data that materially affects the information included in those market announcements and that all material assumptions and technical parameters underpinning the estimates and Exploration Results in those announcements continue to apply and have not materially changed.

The information in this report that relates to the Costerfield Exploration Results is based on, and fairly represents, information compiled and verified by Mr Chris Davis. Mr Davis is a Chartered Professional (Geology) of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)), and a Member of the Australian Institute of Geoscientists (MAIG).

Mr Davis has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves” (JORC Code).

For the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101’), the scientific and technical information contained in this announcement relating to the Costerfield Exploration Results has been prepared under the supervision of, and approved by, Mr Chris Davis, who is a “qualified person” as defined in NI 43-101. Mr Davis is employed by Alkane as Chief Geologist and, as an employee of Alkane, is not considered independent of Alkane within the meaning of NI 43-101.

Mr Davis consents to the inclusion in this report of the matters based on his information in the form and context in which they appear.

Cautionary Note Regarding Forward-Looking Information and Statements

This announcement contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively Forward-Looking Information). Actual results and outcomes may vary materially from the amounts set out in any Forward-Looking Information. As well, Forward-Looking Information may relate to: future outlook and anticipated events; expectations regarding exploration potential; production capabilities and future financial or operating performance, including AISC, investment returns, margins and share price performance; production and cost guidance and the timing thereof; issuing updated resources and reserves estimate and the timing thereof; the potential of Alkane to meet industry targets, public profile and expectations; and future plans, projections, objectives, estimates and forecasts and the timing related thereto.

Forward-Looking Information is generally identified by the use of words like "will", "create", "enhance", "improve", "potential", "expect", "upside", "growth" and similar expressions and phrases or statements that certain actions, events or results "may", "could", or "should", or the negative connotation of such terms, are intended to identify Forward-Looking Information.

Although Alkane believes that the expectations reflected in the Forward-Looking Information are reasonable, undue reliance should not be placed on Forward-Looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-Looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Alkane as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-Looking Information. Forward-Looking Information involves numerous risks and uncertainties. Such factors include, without limitation: risks relating to changes in the gold and antimony price.

Forward-Looking Information is designed to help readers understand Alkane’s views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Alkane assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If Alkane updates any one or more forward-looking statements, no inference should be drawn that the company will make additional updates with respect to those or other Forward-looking Information. All Forward-Looking Information contained in this announcement is expressly qualified in its entirety by this cautionary statement.

Disclaimer

Alkane has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of Alkane, its directors, officers, employees, associates, advisers and agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it.

This announcement is not an offer, invitation, solicitation, or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever.

APPENDIX 1 – Tabulated Drilling Results
Significant intercepts from the Cuffley and Sub KC drilling programs at Costerfield

Drill Hole IDFrom (m)To (m)Interval (m)Estimated
True Width (m)Au (g/t)Sb (%)Gold-equiv.
grade diluted
to 1.8 m (g/t)Interpreted
VeinAD26578.3179.210.900.78168.933.5107.4CuffleyAD26697.5098.701.200.886.72.46.1CuffleyAD27075.7076.310.610.54580.924.0192.0CuffleyIncluding76.0676.310.250.201360.019.7  AD27280.5980.960.370.290.00.00.0CuffleyAD27389.5389.690.160.134.21.20.5CuffleyAD27472.4272.560.140.130.82.40.5CuffleyAD27576.1176.340.230.22124.048.628.8CuffleyAD27680.7880.950.170.140.50.00.0CuffleyAD27780.6581.030.380.3317.80.93.6CuffleyAD27873.8174.460.650.616.90.93.1CuffleyAD28382.5283.020.500.410.10.10.1CuffleyAD28681.7682.080.320.260.00.00.0CuffleyAD290105.50105.620.120.0738.519.13.5CuffleyAD29272.7474.001.261.1760.115.262.9CuffleyAD29395.8196.070.260.180.00.00.0CuffleyCSK043503.40503.660.260.230.10.20.1Sub KC 401CSK044496.86497.420.560.510.11.20.9Sub KC 401CSK048522.80523.170.370.3416.112.78.8Sub KC 401CSK032461.24461.420.180.150.00.00.0Sub KC 402CSK042533.22533.440.220.200.10.00.0Sub KC 402CSK043511.23511.420.190.1873.218.812.0Sub KC 402CSK044504.42505.270.850.841.60.10.9Sub KC 402CSK046525.64525.800.160.150.30.00.0Sub KC 402CSK048531.03531.230.200.1910.626.27.6Sub KC 402CSK042497.87498.000.130.120.00.00.0Sub KC 405CSK043491.10491.210.110.103.20.00.2Sub KC 405CSK044484.73485.030.300.301.90.00.3Sub KC 405CSK048508.43508.560.130.1222.911.33.4Sub KC 405CSK043547.70549.091.391.150.70.30.8Sub KC 410CSK044536.70537.690.990.8228.20.012.9Sub KC 410CSK045549.38549.630.250.208.60.31.0Sub KC 410CSK045W1543.82547.083.262.701.00.72.7Sub KC 410CSK043712.30712.470.170.07192.00.06.9Sub KC 420CSK045670.90671.901.000.400.20.00.1Sub KC 420CSK035942.41942.540.130.100.00.00.0Sub KC 425CSK040667.34668.030.690.400.10.00.0Sub KC 425CSK040W1634.05636.001.951.243.20.02.2Sub KC 425CSK042624.48624.710.230.1252.30.03.6Sub KC 425AD269106.20108.382.180.782.81.02.3Cuffley Assoc.AD269111.51111.810.300.121.811.42.0Cuffley Assoc.AD27777.9278.030.110.095.914.72.1Cuffley Assoc.AD27779.2379.670.440.362.31.91.4Cuffley Assoc.AD27978.9279.130.210.2030.321.78.9Cuffley Assoc.AD27980.6281.060.440.2099.10.111.0Cuffley Assoc.AD27985.6686.460.800.594.40.21.6Cuffley Assoc.AD281119.20119.540.340.2540.63.66.8Cuffley Assoc.AD291170.25170.700.450.1015.95.71.7Cuffley Assoc.AD29279.6579.790.140.1122.10.01.3Cuffley Assoc.AD294165.19165.300.110.087.08.01.1Cuffley Assoc.AD294177.26177.580.320.174.719.94.9Cuffley Assoc.CSK0364.584.760.180.152.038.47.9Adder Ft Assoc.CSK040725.30726.000.700.577.30.02.3Sub KC Assoc.CSK043487.70487.830.130.116.728.64.7Sub KC Assoc.CSK043518.47518.600.130.112.37.31.2Sub KC Assoc.CSK044533.36533.560.200.2089.90.09.9Sub KC Assoc.CSK044573.44574.320.880.857.20.03.4Sub KC Assoc.CSK045W1538.15538.480.330.3225.45.77.1Sub KC Assoc.CSK045W1549.90550.250.350.317.30.01.3Sub KC Assoc.CSK045W1554.05554.630.580.553.50.01.1Sub KC Assoc.CSK048537.98538.200.220.214.32.11.1Sub KC Assoc.  Notes
 1.The AuEq (gold equivalent) grade is calculated using the following formula:
                              AuEq g per t = Au g per t + Sb%   x
 Sb price per 10kg × Sb processing recovery     Au price per g × Au processing recovery   
Prices and recoveries used: Au $/oz = 2,500 (Au US$/gram = 80.39); Sb $/t = 19,000 (Sb US$/10kg = 190); Au Recovery = 91% and; Sb Recovery = 92%. The Au recovery assumption and Sb recovery assumption is based on established processing and sales in respect of Costerfield. It is the Company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold. 2.The estimated true width of composites that are not interpreted to be connected to a major vein (identified as “Other” in the above table) have been calculated using a generic, conservative intercept angle (alpha angle) of 45 degrees. 3.Composites that are not interpreted to be connected to a major vein and are below 1 g/t AuEq when diluted to 1.8m are not considered significant and are not recorded here. 4.Gold-equivalent grades for intervals with estimated true width >1.8m are not diluted.
      Drill hole collar details from the Cuffley and Sub KC drilling at Costerfield covered in this release:

Hole IDNorthingEastingElevationDepthAzimuthDipDate CompletedAD265480615237968140.10314.1-0.32/01/2026AD266480615238968129.00323.1-12.65/01/2026AD269480615239968142.80331.2-19.36/02/2026AD270480115237969121.73308.114.913/01/2026AD272480215237969118.24321.49.116/01/2026AD273480615238968137.16321.7-6.512/02/2026AD274479915237969104.30274.917.917/01/2026AD275480015237968121.79301.8-2.018/01/2026AD27648061523896895.20310.7-9.025/01/2026AD277480015238969156.09305.224.021/01/2026AD278480115237969145.91291.221.023/01/2026AD27948051523897198.02295.034.226/01/2026AD280480615238971151.98314.835.229/01/2026AD281480615239967161.44327.3-28.110/02/2026AD283480615238968164.60316.9-10.01/02/2026AD284480615238968149.50325.3-19.84/02/2026AD285480615238969160.77315.515.325/02/2026AD286480615238970157.77317.723.623/02/2026AD290480615239968186.50334.9-14.115/02/2026AD291480615239968182.90338.0-22.020/02/2026AD292480615237969128.02307.14.823/04/2026AD293480615239969122.30331.76.926/04/2026AD294480615238970179.10327.418.929/04/2026CSK032503515301913899.50274.9-71.527/02/2024CSK033503515301913602.62291.2-67.019/03/2024CSK0344489154631030839.40263.5-72.131/01/2025CSK034W14489154631030940.00263.5-72.18/02/2025CSK0354489154631030995.57287.9-79.013/03/2025CSK036571014939945872.50133.8-33.810/03/2025CSK037571014939944881.35133.0-49.417/05/2025CSK040474415474865732.57290.0-55.69/06/2025CSK040W1474415474865656.40290.0-55.621/06/2025CSK042475815461865667.12302.4-50.122/06/2025CSK043475715461865934.90296.3-46.031/07/2025CSK044474415474865668.01280.3-48.021/09/2025CSK045475615461865760.50285.2-52.629/08/2025CSK045W1475615461865600.00285.2-52.67/09/2025CSK046475715461865659.14297.6-48.126/09/2025CSK048474515474866752.50298.9-44.020/10/2025CSK049474515474865760.22302.2-53.08/11/2025 Notes:

Coordinate System: Costerfield Local Mine Grid Appendix 2 - JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

CriteriaJORC Code explanationCommentarySampling techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.Aspects of the determination of mineralisation that are Material to the Public Report.In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. Sampling of Au and Sb mineralisation is from diamond drill core (HQ2 and NQ2).Due to the discrete mineralisation of the deposit, not all diamond drill core was required to be sampled. Sample intervals were determined and marked on the core by Alkane geologists using the following general rules:

All stibnite-bearing veins are sampled.Intersections of polyphase breccias, stockwork veins, laminated quartz veins or massive quartz veins were routinely sampled.A waste sample is taken either side of the mineralized vein (30–100 cm).Siltstone is sampled where disseminated arsenopyrite is prevalent.Fault gouge zones were sampled at the discretion of the geologist. Diamond core sampling intervals were standardised wherever possible and ranged from 5 cm to 1 m in length. Diamond drill core samples have been cut in half using the orientation line or cut line, with a consistent side of the cut core selected for assay to ensure unbiased sampling. The methodology was validated by the Costerfield QA/QC protocols. No sampling instruments required calibration. Assays were completed by On Site in Bendigo, which is independent of Alkane and holds current ISO/IEC 17025 accreditation. The general methods were as follows:

Gold grades were determined by either fire assay (25 g charge) with an AAS finish, screen fire assay or Chrysos photon assay technology.Antimony concentrations were determined using an aqua regia based acid digest with an AAS finish. Drilling techniques Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). Deepcore Drilling is the drilling contractor utilised for the whole of this project within the reporting period. All diamond drilling was completed from underground and was completed using LM90 drill rigs utilising HQ2 and NQ2 diameters. Core orientation is performed each run, typically using an AXIS Champ Ori kit.Drill sample recovery Method of recording and assessing core and chip sample recoveries and results assessed.Measures taken to maximise sample recovery and ensure representative nature of the samples.Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Diamond drilling was routinely checked for core loss during both drilling and sampling. Core loss blocks were added by drillers and then checked by geologists or field technicians when the core was measured, and depth marks made. If problems were encountered with recovery and core block depths, the drill shift supervisor was advised and depth marking stopped until the issue was rectified.No relationship between grade and sample recovery has been established. Ore zones with poor recovery are redrilled until a representative sample is achieved.

Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.The total length and percentage of the relevant intersections logged. All drill core was geologically logged as full core for the relevant rock quality designation, lithology, structural data, and sample intervals.Data capture was digital into the AcQuire software using validated codes.

All drill core was photographed wet with high resolution photographs stored on the site’s server, which is routinely backed-up.

Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken.If non-core, whether riffled, tube sampled, rotary split, etc., and whether sampled wet or dry.For all sample types, the nature, quality and appropriateness of the sample preparation technique.Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.Whether sample sizes are appropriate to the grain size of the material being sampled. Diamond core sampling intervals were standardised wherever possible and ranged from 5 cm to 1 m in length. Diamond drill core samples have been halved for sampling (whole core sampled if representative halving was not possible) guided by the orientation line or a cut line, with a consistent side of the cut core selected for assay to ensure unbiased sampling. The following sample preparation activities were undertaken by Alkane staff for both diamond drill core and underground channel samples:

Sample information and characteristics were measured, logged, recorded in the acQuire database and assigned a unique sample ID.Sample material was placed into a calico bag previously marked with the unique sample ID.Calico bags were loaded into plastic bags such that the plastic bags weighed less than 10 kg.An assay submission sheet was generated and placed into the plastic bag.Plastic bags containing samples were sealed with a metal or plastic tie and transported to On Site in Bendigo via private courier or Alkane staff. The following sample preparation activities were undertaken by On Site staff:
Samples were received and checked for labelling, missing samples, etc. against the submission sheet.If the sample batch matched the submission sheet, sample metadata were entered into On Site’s LIMS. In the event that discrepancies were noted, Mandalay Resources was contacted by On Site to resolve the discrepancy prior to further work commencing. Records of all discrepancies and corrective actions taken are recorded by the Mandalay Resources database administrator.A job number was assigned, and worksheets and sample bags were prepared.Samples were placed in an oven and dried overnight at 106°C.Samples were weighed and recorded.The entire dried sample was crushed using a Rocklabs Smart BOYD Crusher RSD Combo with a jaw closed side setting of 2 mm.If the dried sample weight was less than 3 kg, the entire sample was retained for pulverisation. If the dried sample weight was greater than 3 kg, the sample was spilt to 3 kg using the rotary splitter that is incorporated in the BOYD crusher.Rejects from splits greater than 3 kg were retained as coarse rejects in labelled calico bags and returned to Mandalay Resources.The 3 kg sample was then pulverised in an Essa LM5 Pulverising Mill to 90% passing 75 µm. For fire assay and base metal samples:
The 3 kg pulverised samples were then subsampled to take a master ~200 g pulp split for assay by a manual scooping procedure across the full width and depth of the mill bowl and loaded sequentially into labelled pulp packets. For photon assay:
The ~3 kg pulverised samples were then subsampled to fill a ~280 g photon assay jar by a manual scooping procedure across the full width and depth of the mill bowl. For all methods:
For every 21 primary samples, a sample was randomly selected by LIMS and a duplicate 200 g split for fire assay or second jar for photon assay was submitted for analysis using the same analytical procedure as the primary sample.The remaining pulp was returned to its sample bag and then returned to Mandalay Resources for retention following the completion of assay. A quarterly check-assay program is in place to monitor the representative nature of sampling and assay methodology.Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. The assaying protocols used at Costerfield have been developed to ensure expected levels of accuracy and precision are met for the style of mineralisation tested and utilised in the MRE. Samples were assayed for gold, antimony, arsenic, and iron using representative partial digest methodologies:

Gold grades were determined either by a 25g charge with lead flux fire assay and an AAS finish, or by Chrysos photon assay technology.Antimony, iron and arsenic concentrations were determined using an aqua regia based acid digest with an AAS finish. The quality control procedures utilised at Costerfield used CRMs prepared by commercial laboratories Geostats and OREAS.CRMs were either prepared using Costerfield material or were otherwise matrix matched to ensure a representative nature.

At least one CRM was submitted with every batch of diamond core samples and typically at a rate of 1 standard per 25 samples. Up to six CRMs covering the expected ranges of gold and antimony mineralisation were in rotation during routine sampling.

An assay result for a CRM was considered acceptable when the returned assay fell within three standard deviations of the CRM certification grade. Outside this range, the CRM assay was considered to have failed and all significant mineralised samples within the batch were re-assayed, where significant grades were defined as mineralised samples that may have a material-impact in future resource estimates. All actions or outcomes were recorded as comments in the QA/QC register.

Alkane submitted uncrushed samples of basalt as blank material sourced from Geostats into assay sample lots, at a rate of 1 in every 30 samples, to test for contamination during sample preparation.

The failure threshold for gold is 0.10 g/t, which was chosen since it represents ten times the detection limit of 0.01 g/t for AAS. The failure threshold for antimony is 0.05%, which was chosen for being five times the detection limit of 0.01% for AAS.

Pulp duplicates were collected routinely at a rate of 1:22 by On Site and submitted with the primary sample for analysis. Precision was in line for the expected a variance in both gold and antimony.

Umpire laboratory checks to three additional commercial assay laboratories are completed each year covering all new assays generated at the property.

Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel.The use of twinned holes.Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.Discuss any adjustment to assay data. Sampling intervals and numbering were validated by geologists prior to cutting, with pre-numbered sampling bags systematically used by the field technicians to ensure the correct sample was submitted under each ID. Internal validation of significant intercepts was completed by the exploration and senior geologists. Photographs, logging, sample weights and assay results were checked to ensure manual errors were eliminated.

Key intercepts at Costerfield were also validated by the Resource Geologist and Competent Person during the interpretation and modelling or the Costerfield resource estimation.

Assay and sampling data was automatically uploaded into the Acquire database system and QA/QC validated at the point of upload. Any issues were entered into a QA/QC register and resolved before data acceptance.

Alkane staff conduct periodic visits to the On Site Laboratory in Bendigo and meet regularly with the Lab managers. In early 2023 a review was conducted by a third party (RSC Consulting Pty Ltd) to ensure the practices are appropriate. Nothing of major concern was found.

Twinned holes are typically only drilled intentionally to get full recovery of an ore zone when the initial hole has core loss. There are inadvertent twinned intercepts within the database, particularly when the collar position is close to the mineralisation. Twinned intercepts provide consistent correlation of structure and mineralisation character however due to the short range grade variability common structurally controlled gold systems, may not have the same mineralisation tenor. No adjustment has been made to the assay data.

Location of data points Accuracy and quality of surveys used to locate drill holes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.Specification of the grid system used.Quality and adequacy of topographic control. Drill hole collar locations have been determined by differential GPS or theodolite surveying methods, either by external surveyors or Alkane surveyors. A digital report is created and entered into the acQuire Database. Data entry accuracy is validated against a LiDAR topographic map and high-resolution satellite imagery.Downhole surveys are conducted using a digital Reflex EZ-TRAC tool, in both single-shot (30 m while drilling) and multi-shot mode (3 m spacing at end of hole) where required.

All downhole survey data is digitally uploaded to the Reflex EZ-TRAC and automatically imported into the acQuire database.

Data spacing and distribution Data spacing for reporting of Exploration Results.Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.Whether sample compositing has been applied. The data spacing at Costerfield is variable. Initial drilling on any particular lode is sporadic but generally approximates 100 × 100 m spacing. This approach is considered appropriate for establishing a geological and grade continuity acceptable for an Inferred Mineral Resource. Following initial drilling and prior to mining, each lode is drilled to a spacing of approximately 40 m × 40 m. This is reduced in areas of structural complexity. This approach is considered appropriate for establishing a geological and grade continuity acceptable for an Indicated Mineral Resource.Where veins or mineralisation zones were sub-sampled, a full-length composite of variable thickness was used in the MRE.

Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. Drill holes at Costerfield are designed to ensure an Alpha angle greater than 30°, indicating that the orientation of the drill holes (and therefore samples) is appropriate for the structure. The drilling orientation compared to that of key mineralised structures is not considered to have introduced any sampling bias as the structures are currently interpreted.

Sample security The measures taken to ensure sample security. All drill core was delivered to the Brunswick site, which is securely gated, with video surveillance, and time stamped swipe card access.Drill core logging and sampling was completed in this secure facility.

Sample bags containing sample material are placed in heavy duty plastic bags in which the sample submission sheet is also included. The plastic bags are sealed with a metal twisting wire or heavy-duty plastic cable ties.

The bags are taken to a storage area that is under constant surveillance.

A private courier collects samples daily and transports them directly to On Site in Bendigo, where they are accepted by laboratory personnel.

Sample pulps from On Site are returned to Alkane for storage. The pulps are stored undercover, wrapped in plastic.

Audits or reviews The results of any audits or reviews of sampling techniques and data. Internal reviews of the exploration process and procedures are completed by senior geologists.Routine monthly lab visits and reviews are conducted by site personnel and make up part of the QA/QC protocols.

RSC Consulting Pty Ltd reviewed the sampling and QA/QC procedures and practices in early 2023. There were no major outcomes related to sampling techniques and data.

Section 2 Reporting of Exploration Results
Criteria listed in the Section 1 also apply to this section.

CriteriaJORC Code explanationCommentaryMineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Alkane manages the Costerfield Operation and holds a 100% interest in licences MIN4644, MIN5567, EL5432, EL5519, EL6842, EL6847, EL8320 and RL007485 which comprise the Property. There are no advanced projects in the immediate vicinity of the Property, and there are no other Augusta-style gold-antimony operations in production within the Costerfield district. Exploration on adjacent tenements (EL5546, EL006504, EL006280, EL5490, EL006001, EL6951, EL7352, EL007348, EL007366, EL007382, EL007498, EL007499 and EL007481.

There are currently no known impediments to obtaining a licence to operate in the area. Alkane and its subsidiaries have been conducting both exploration activities and mining activities on the adjacent mining lease MIN4644 since 2006.

Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. The Costerfield Property has been explored using modern methods since 1966. Previous exploration by Mandalay Resources (2009–2025), prior to its merger with Alkane, represents the most significant period of exploration having discovered Cuffley, Youle and Shephard lodes in that time. Exploration Results prior to this have either been validated by more result drilling or are not considered material to the project.Geology Deposit type, geological setting and style of mineralisation. Narrow vein, gold-antimony and gold-only lodes are the targeted deposit styles at the Costerfield Property. Economic lode material consists of either a ‘typical’ gold-bearing quartz and carbonate with massive stibnite, or gold-only quartz and carbonate veining as seen in the Shepherd system. The mineralised shoots are understood to be structurally controlled, typically by the intersection of the lodes with major cross-cutting, gouge filled fault structures and shears. Notable west to northwest dipping thrust faults typically bound the mineralisation packages at the Costerfield Property but can become significantly mineralised themselves along the fault planes. Shallower and dominantly west dipping thrust faults, typically at very low angles or even parallel to bedding with a laminated quartz component, link between the larger order thrust faults. The link faults can also offset the vertical lode structures up to 50 m in an east–west sense. This structural framework leads to the subvertical, north–south extensional veining seen in the Augusta, Brunswick, True Blue and Shepherd systems, along with the moderately west-dipping fault reactivated deposit at Youle.

Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collarelevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collardip and azimuth of the holedownhole length and interception depthhole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Refer to Appendix 1 for the summary of drill holes related to the Costerfield Property.Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.The assumptions used for any reporting of metal equivalent values should be clearly stated. Reported Exploration Results are intercept length weighted with no truncation of minimum and/or maximum grade applied. Exploration Results have been reported to represent the discrete structural shear or vein as determined by the resource geologist and Competent Persons. There is no cut-off grade for the inclusion of drill intercept if it is on structure.

Aggregates are full-width of target structures/lodes and limited in true width to underground ore development widths of mining of 4.5 m and rely on structures being interpreted as parallel in orientation and representative in nature of the continuous vein.

Gold is the dominant element of value and exploration results are reported as gold equivalent (AuEq) where:

                               AuEq = Au (g/t) + 2.39 x Sb (%)

And the AuEq factor of 2.39 is calculated:

at a gold price of US$2,500/ozan antimony price of US$19,000/twith 2025 predicted metal recoveries of 91% Au and 92% Sb. Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results.If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘downhole length, true width not known’). Exploration Results that have been included in the resource are reported as drill widths and true widths as determined by the drill hole orientation relative to the vein. Those results not yet included in the resource have been reported as drill widths and estimated true widths.Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Appropriate cross sections, plan sections and long sections are included in the body of the report.Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. For veins that are interpreted though multiple drill holes all intercepts are tabulated in Appendix 1 and illustrated in the images within the body of the report. Any intercepts that are not interpreted at this stage, to be part of a wider structure are tabulated in Appendix 1 if the sampled grade is above 2g/t when diluted to 1.8m.Other substantive exploration data Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. Additional exploration data used to assist and validate interpretations at Costerfield include the use of surface geological mapping and a 2D seismic line. Bulk density work using the immersion methodology was completed in 2021 on similar lode and waste material at the Costerfield deposit.

A regression formula is used for the BD of lode material:

Augusta, Cuffley, Brunswick Lodes:

     BD= ((1.3951*Sb%)+(100-(1.3951*Sb%)))/(((1.3951*Sb%)/4.56)+((100-(1.3951*Sb%))/2.74))

where the host rock BD is 2.74 g/cm3

Youle/Shepherd/True Blue:

If (Sb%>1) BD=((1.3951 × Sb%)+(100-(1.3951 × Sb%)))/(((1.3951 × Sb%)/4.56)+((100-(1.3951 × Sb%))/2.69) )If (Sb%<1) BD= (0.05661 × Fe%) + 2.5259where:Empirical formula of stibnite: Sb2S3.Sb%: Antimony assay as a percentage by mass.Molecular weight of antimony (Sb): 121.757.Molecular weight of sulfur: (S): 32.066.1.3951 is a constant calculated by 339.712/243.514 where 339.712 is the molar mass of Sb2S3, and 243.514 is the molar mass of antimony contained in one mole of pure stibnite.BD of pure stibnite: 4.56.BD of unmineralised gangue: 2.69, representing a ratio of 1:3 siltstone to quartz.Fe%: Iron assay as a percentage by mass. The host rock BD of waste rock is 2.76 g/cm3.There are no material occurrences of deleterious elements.

Further work The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. The Exploration Results reported in this document refer to areas of the Costerfield Property already in production as well as potential future production areas. Future exploration will be focused on advancing these areas through to an Indicated Resource, if drilling is successful. In addition, exploration will be conducted on the margin of currently operating areas to increase mine life where possible. CONTACT:  NIC EARNER, MANAGING DIRECTOR & CEO, ALKANE RESOURCES LTD, TEL +61 8 9227 5677
INVESTORS & MEDIA:  NATALIE CHAPMAN, CORPORATE COMMUNICATIONS MANAGER, TEL +61 418 642 556

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/adb351a0-caf6-4777-bc9e-cb50336502b7
https://www.globenewswire.com/NewsRoom/AttachmentNg/1d81658e-65cf-4048-8608-4b95b4fedaaf
https://www.globenewswire.com/NewsRoom/AttachmentNg/085c1cf1-f271-4654-90f4-76ed3d2a06f4
https://www.globenewswire.com/NewsRoom/AttachmentNg/69045f50-831c-4367-bbf8-42141610be38
https://www.globenewswire.com/NewsRoom/AttachmentNg/a59f7d32-1bde-4a89-a114-1a8263eceea0
https://www.globenewswire.com/NewsRoom/AttachmentNg/7fcf21c8-cc10-4992-bcdc-5d26fa4757e3
https://www.globenewswire.com/NewsRoom/AttachmentNg/91fe17a8-2985-440c-9397-ecc378e4ff17
https://www.globenewswire.com/NewsRoom/AttachmentNg/9c94c948-755f-4ea5-83b5-f10a647effe7
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UPS (UPS -0.56%) spent 18 months deliberately shrinking its relationship with its biggest customer, and on July 28 it declared the job finished. In the earnings release, CEO Carol Tomé thanked employees for having "successfully completed our Amazon glide down and related network reconfiguration initiatives as designed."

The scale of what ended is massive. On the earnings call, Tomé said UPS had eliminated about 2 million pieces per day of what she called lower-quality Amazon (AMZN -0.57%) volume, removing roughly $4.5 billion of related expenses along the way.

For Amazon shareholders, the story runs the other way. Two million packages a day stopped moving through UPS trucks. Who's moving them now, and at what cost?

Image source: Amazon.

UPS got what it wantedThe carrier's results say a lot about the volume it gave up. UPS's second-quarter U.S. domestic revenue rose 6% year over year on a 9.3% increase in revenue per piece -- more money on fewer packages. The segment's non-GAAP (adjusted) operating margin expanded to 8%, up a full percentage point from a year earlier. And the company raised its full-year revenue outlook to about $91.2 billion.

And Tomé told analysts that excluding Amazon and the volume UPS intentionally handed to the market, its volume grew in the second quarter.

Put another way, the packages UPS shed were the ones diluting its profitability. Residential e-commerce delivery is expensive relative to what shippers pay, and UPS's margin went up as less of it flowed through the network.

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The biggest parcel carrier is the shipperMost of that volume appears to have gone to Amazon itself. According to logistics data firm ShipMatrix, Amazon's delivery arm handled an estimated 6.7 billion U.S. parcels in 2025. The U.S. Postal Service handled 6.6 billion, UPS came in at 4.4 billion, and FedEx delivered 3.6 billion. That made Amazon the country's largest parcel carrier by volume.

The growth rates were just as lopsided. Amazon's volumes rose nearly 10% in 2025, while UPS and the Postal Service each shrank 8.6%, ShipMatrix found. FedEx was the only one of the three traditional carriers whose volume grew.

To be fair, Amazon hasn't said precisely how much of the departed UPS volume it absorbed itself. The company still hands packages to the Postal Service and other carriers for portions of the last mile, so some of the load simply moved between carriers.

But Amazon's own delivery network is already expanding fast. The company is spending more than $4 billion to triple its rural delivery footprint by the end of this year, growing that network to over 200 delivery stations reaching more than 13,000 ZIP codes -- capacity it says will handle over a billion additional packages a year. The rural build is one slice of the capital expenditures Amazon keeps pouring into its delivery network.

The contrast with the carriers is sharp. FedEx and UPS charged remote-delivery surcharges of about $15.50 and $15.35 per package last year, and Amazon is building density in the kinds of places its rivals charge extra to visit.

A $27.9 billion quarterly shipping billThat capacity isn't free, and Amazon's income statement shows where the cost lands. The company's worldwide shipping costs hit $27.9 billion in the second quarter, up 19% from $23.4 billion a year earlier. Across the first six months of 2026, shipping costs rose 17% to $53.6 billion, so the bill is growing faster as the year goes on.

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Compare that to what the shipping supports. Amazon's online-store sales grew 15% year over year in the second quarter, so the delivery bill is outpacing the revenue it serves.

Why carry the load anyway? Because for Amazon, delivery is part of the product. The company's own filings credit its sales growth partly to its "fast shipping offers," and speed is easier to guarantee on a network Amazon controls than on one it rents.

That, I think, is the right way to read the 2 million daily packages. Volume that was a margin problem for a carrier is, for Amazon, the cost of owning its promise to customers.

The trade-off is right there in the numbers: shipping costs rising 19% against 15% online-store growth. UPS is done with the volume. The cost of carrying it sits on Amazon's own network now, and it likely will for a long time.

U.S.-based cannabis company Curaleaf Holdings (CURLF +4.06%) said on Aug. 18 it has begun a takeover bid of Canadian cannabis retailer Aurora Cannabis (ACB +3.41%), valuing Aurora at around $260 million.

Under the proposal, Aurora shareholders would receive 0.3463 Curaleaf shares and $0.75 in cash per Aurora share, for a total consideration of $4 per Aurora share. The offer is capped at $5 per share if Curaleaf's stock rises above a set level. Aurora closed Friday at $3.94.

Despite Aurora's financial difficulties -- the medical marijuana retailer had an earnings-per-share (EPS) loss of $0.07 in the first quarter of fiscal 2027, and it reported $93.7 million in debt -- the company is attractive to Curaleaf because of its market share in Europe. The move would improve Curaleaf's global footprint and leverage its operational expertise to sell Aurora's high-quality products.

The expected rescheduling of marijuana from Schedule I to Schedule III of the Controlled Substances Act will make it easier for retailers to write off business expenses, including rent, and may prompt other mergers and acquisitions (M&A), as larger companies will pay less in taxes and thus have more money to expand. The U.S. Drug Enforcement Administration (DEA) hearings on reclassifying all cannabis as a Schedule III drug recently concluded, but the outcomes are still pending.

Image source: Getty Images.

Is Green Thumb Industries likely to follow Curaleaf's lead? Green Thumb Industries (GTBIF +2.00%) is one of the most profitable cannabis retailers in the U.S. and has more than 140 retail stores across 14 U.S. markets. Will the company will use the rescheduling opportunity to scoop up other cannabis companies to gain market share?

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The suggestion that Green Thumb Industries will acquire another cannabis operator following the federal move to Schedule III can't be ruled out, given its history of acquisitions. However, any dealmaking will probably be disciplined rather than aggressive.

Green Thumb enters this post-rescheduling environment in a stronger position than most multi-state operators. With the elimination of Section 280E tax penalties, the company stands to retain significantly more operating cash flow. Its recent moves, including filing DEA registration applications for its medical facilities and expanding its share buyback program, signal that management is confident in its balance sheet and long-term strategy.

It hasn't acquired another cannabis company recently, but five years ago, it made several state-level bolt-on acquisitions to secure limited-license market access and scale rapidly.

In late 2021, it acquired LeafLine. This gave Green Thumb entry into Minnesota's limited-license medical market, bringing along a cultivation facility and multiple retail dispensaries. Earlier that year, it gained cultivation capacity and retail access in Rhode Island with its purchase of the Mobley Pain Management and Wellness Center.

In 2019, the company made three moves. One that has paid off is its $60 million acquisition of Fiorello Pharmaceuticals, because that gave the company a vertically integrated medical cannabis license in New York. Green Thumb also spent $290 million to buy Integral Associates, gaining retail stores and cultivation and processing assets in Nevada and California. It also bought up the rights to the Beboe brand in 2019.

The company is well-equipped for more deals Rather than pursuing megamergers, Green Thumb is more likely to acquire smaller, single-state operators or distressed assets in high-conviction, limited-license states (such as Florida, New York, or Ohio) where expanding its cultivation or retail footprint yields immediate scale.

Its management has favored organic growth, cash-flow preservation, and share buybacks over expensive dilution. In the second quarter, it had stock buybacks of $48.3 million, roughly 7.9 million shares.

While rescheduling lowers the cost of capital across the sector, Green Thumb will likely maintain a strict return on invested capital threshold for any prospective deal.

Many smaller operators remain burdened by debt accumulated during the high-interest, 280E era. Green Thumb can use its relative financial strength to pick up valuable real estate, processing infrastructure, or state licenses at steep discounts.

Green Thumb reported second-quarter revenue of $306.7 million, up 4.6% year over year, and its EPS was $0.02, compared to an EPS loss of $0.06 in the same quarter a year ago. It had $283.6 million in cash at the end of the quarter, enough to finance a medium-sized merger.

Smaller deals are more likely than a big acquisition The upshot is that Green Thumb certainly is willing and has the wherewithal to go on an M&A spree, but don't count on it. The company is more likely to make smaller deals that make sense right away, taking advantage of distressed companies to gain valuable assets and locations.

Microsoft (NASDAQ:MSFT | MSFT Price Prediction) went ex-dividend on August 20, 2026 at $0.91 a share, cutting a check to holders of record for $6,757,245,950, payable September 10, 2026. That single distribution was the largest of the 26 companies going ex-dividend that day, and it dwarfed the runner-up: Applied Materials (NASDAQ:AMAT) at $420,798,270. Marriott (NASDAQ:MAR), SBA Communications (NASDAQ:SBAC), and LKQ (NASDAQ:LKQ) also went ex-dividend the same day, but none came close to Microsoft’s scale.

In the fiscal year ended June 30, 2026, Microsoft’s capital expenditures ran to $115.948 billion, up from $64,551,000,000 a year earlier. Dividends paid for the full year were $26.445 billion. That is roughly four and a half dollars of capex for every dollar returned to shareholders. Operating cash flow of $182.935 billion financed it, but free cash flow still declined 6.46% year over year.

September Is the Date Circled on Every Income Investor’s Calendar Microsoft has now paid $0.91 per share for four consecutive quarters, with ex-dates of November 20, 2025, February 19, 2026, May 21, 2026, and August 20, 2026. The board has historically telegraphed its annual raise in mid-September: last year’s step-up from $0.83 to $0.91 was declared September 15, 2025. That leaves the September announcement as the live question. Redmond is not signaling stress. On the fiscal fourth-quarter call, CFO Amy Hood said Microsoft returned “over $43 billion” to shareholders during the fiscal year through dividends and repurchases, and forecast that the company will “remain free cash flow positive in FY27”. But she also flagged that fiscal 2027 capex “will grow year over year, given demand signals across our portfolio”, with the operating-lease shift bringing the reported figure closer to approximately $175 billion. All of that spend has to be powered, cooled, and networked by somebody, and we pulled together seven suppliers doing exactly that in a free AI infrastructure report.

How Microsoft’s Capital Split Compares Amazon reported $131.819 billion of capex for 2025 and paid no dividend at all. Alphabet reported $91.447 billion of capex for 2025 and paid $10.049 billion in dividends. Meta reported $69.691 billion of capex and $5.324 billion in dividends. Microsoft is spending more than any of them and still writing the largest check to holders.

Shares Lag While Capex Surges Shares closed at $481.15 on August 20, 2026, down 3.91% over one year and up 0.12% year to date, though a 21.2% one-month bounce has partly restored sentiment. Backing the spend: Azure crossed $100 billion in annual revenue, Copilot passed 30 million paid seats, and commercial RPO hit $678 billion, up 84%. CEO Satya Nadella framed the trade directly: “We are advancing the frontier on the cost-to-outcome curve, ensuring every customer can turn tokens into business results.” Whether that curve bends fast enough to protect the September dividend cadence is the number investors will be watching.

Contact [email protected] for any questions or corrections.

When it comes to cloud stocks, Oracle (ORCL +3.10%) and Amazon (AMZN -0.57%) are among the industry's leaders.

Oracle's surging backlog initially lifted its stock, but the scope of its relationship with OpenAI cast doubt on the security of much of that future expected business. In contrast, Amazon pioneered and continues to lead the cloud industry, though it faces increasing competition from companies building AI-specific cloud environments.

Fortunately, AI is likely here to stay, and Grand View Research forecasts a compound annual growth rate of 40.8% for the generative AI market through 2033. Also, both companies appear well-positioned to benefit from that growth over time.

However, one of these cloud stocks will likely benefit significantly more than the other over the next five years.

Image source: The Motley Fool.

Oracle's current situation Oracle came to the cloud infrastructure race at a relatively late date. Investors previously knew it best for its relational database technology. As that industry changed, Oracle shifted its focus to the cloud to reinvigorate growth, standing out by offering database-native AI supported by ultra-fast GPU networking. That has helped it offer high-performance compute and cloud networking at a lower cost than competitors such as Amazon Web Services (AWS).

This strategy culminated in a $300 billion partnership with OpenAI that it inked last fall. That deal dramatically increased its backlog, and the backlog has continued growing. After rising $85 billion in the most recent quarter, it now stands at $638 billion.

Nonetheless, OpenAI's multibillion-dollar losses and rising competition in the AI space have led industry analysts to question whether OpenAI will be able to fulfill its end of the deal. Additionally, Oracle has had to borrow heavily to add to its infrastructure so that it can monetize its backlog. That took its total debt level to $129.5 billion, up from $92.6 billion one year ago as it funded $55.7 billion in capital expenditures. Also, its free cash flow for its fiscal 2026 (which ended May 31) was negative $23.7 billion, a far greater outflow than its negative $394 million in free cash flow during its fiscal 2025.

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Concerns about those figures may partially explain why the stock has fallen by 56% from its peak. That drop has brought its P/E ratio down to 25, which may entice some investors to buy. However, the stock is unlikely to recover until the company can reassure investors that its massive investments will pay off in the end.

The state of Amazon As a more diverse enterprise, Amazon has some advantages, even as it faces some of the same issues that have investors concerned about Oracle. It benefits from a recession-resistant e-commerce business that supports some fast-growing enterprises like advertising and third-party seller services.

It also holds advantages as the company that pioneered cloud computing and drove its advancement. Thus, it offers a more complete set of tools and, unlike most of its competitors, has developed custom silicon specifically tailored to its cloud and AI infrastructure. Its $496 billion backlog, which is up from $364 billion in the prior quarter, shows that demand for its infrastructure remains high.

Still, much of Amazon's cloud infrastructure may be less well suited for AI workloads. Moreover, it has had financial struggles of its own with its build-out. Its long-term debt is now at $128.9 billion, up from $65.6 billion just six months ago. Additionally, it is planning to lay out $220 billion in capex in 2026 alone. As a result, a company known for a strong cash position has reported negative $7.6 billion in free cash flow over the trailing 12 months.

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Admittedly, investors have been kind to Amazon -- its stock recently hit another new all-time high. Furthermore, its P/E ratio of 21 looks increasingly appealing considering that its earnings multiple routinely exceeded 50 (and often 100) just a few years ago. Nonetheless, given the company's rising debt load, the stock may not be immune to pain if the AI story does not pan out as planned.

When contemplating how these companies are likely to perform over the next five years, it appears investors would probably be better off choosing Amazon.

Assuming the AI industry continues to grow as predicted and the companies derive worthwhile returns from their massive capex investments, both stocks should beat the market. Also, Oracle appears to have an edge with companies needing AI-ready infrastructure.

However, as the market leader in the cloud and e-commerce, Amazon has built a huge client base, making it less dependent on any single large client.

Moreover, if the AI story does not develop as well as expected, the diversity of Amazon's enterprise likely means it would recover faster. Since Amazon investors can buy into that diversity and safety at a slightly lower price-to-earnings ratio, it is likely to keep investors' money safer over the next five years without sacrificing the potential for returns.

American States Water (AWR -0.76%) rather quietly raised its dividend by 8.2% last month. This pay bump extended its dividend growth streak to an impressive 72 straight years. That kept its name at the top of the Dividend Kings list as it remains one of fewer than 60 companies with 50 or more years of annual dividend increases. The sleepy water utility has now paid 361 consecutive quarterly dividends.

Here's why more investors should be talking about this boring utility stock.

Image source: Getty Images.

Small, but mighty American States Water doesn't have the name recognition of other Dividend Kings, like Coca-Cola or Johnson & Johnson, because it's not an iconic consumer brand. Instead, it's easily confused with another water utility, American Water Works, which is the largest regulated water and wastewater utility in the country with over 14 million customers across 14 states.

American States Water, on the other hand, has 1 million customers in 10 states. It operates two utilities, Golden State Water Company and Bear Valley Electric Services, which provide regulated water and electricity services to customers in California. It also owns American States Utility Services, which operates and maintains water distribution, wastewater collection, and treatment facilities at 12 military bases under long-term contracts. Those boring businesses generate very stable cash flow.

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The utility grows by investing capital to support rising water and power demand among its customers, enabling it to file for rate increases that regulators approve. It's regulated utilities plan to invest $185 million to $220 million this year to support continued demand growth. Additionally, American States Water will acquire new water systems. For example, it agreed to buy a new water system in California for almost $5.3 million earlier this year. These investments help drive steady earnings growth.

American States Water has grown its dividend at an 8.7% compound annual rate over the last decade. That has helped drive a 10.4% annualized total return. With a current yield of roughly 2.5%, a target of more than 7% compound annual dividend growth, and a 72-year dividend growth track record, American States Water is a stock that more investors should be talking about.

Matt DiLallo has positions in Coca-Cola and Johnson & Johnson. The Motley Fool recommends Johnson & Johnson. The Motley Fool has a disclosure policy.

China’s Alibaba on Sunday launched a HK$80-billion ($10.2 billion) share placement to fund artificial intelligence-related development.

A deal by the Chinese e-commerce and cloud computing giant would mark the largest-ever primary follow-on offering by a Hong Kong-listed company.

It would rank as the world’s third-largest primary follow-on share sale this year after offerings from Alphabet and Intel.

Alibaba has said it intends to use 100% of the net proceeds from the placement to invest in its “full stack” AI capabilities. SOPA Images/LightRocket via Getty Images The company said it intends to use 100% of the net proceeds from the placement to invest in its “full stack” AI capabilities, a category that includes chips, infrastructure and the development and deployment of AI models.

A term sheet reviewed by Reuters showed Alibaba planned to sell 710 million ordinary shares at HK$112.70 a share. That represented a 3.6% discount to its most recent closing price.

In its announcement for the $10.2 billion share placement, Alibaba did not disclose additional details on its investment plans by category of its planned AI-related investment.

It did not comment beyond its regulatory disclosure.

Last week, Alibaba reported its results for the April-to-June quarter, saying it had already spent nearly half of its three-year capex investment plan. It said its expected payback on AI-related investments was on track to fall to 2.5 years from three years, driven by surging demand.

Alibaba’s net profit for the quarter fell 75% from a year earlier as it ramped up its AI-related capital expenditures.

“In order to be able to capture that future growth, we first need to make these ​capex investments to build out the necessary compute capacity,” CEO Eddie Wu said on an earnings call.

Alibaba’s HK$80-billion share placement would mark the largest-ever primary follow-on offering by a Hong Kong-listed company. Bloomberg via Getty Images The company’s share offering has been met with strong demand from investors, including sovereign wealth funds, two people familiar with the deal told Reuters. They could not be named because the information was not public.

Alibaba increased the size of the offering after the deal was oversubscribed, the people familiar with the matter said.

Morgan Stanley, HSBC, UBS and CICC are serving as joint bookrunners of the Alibaba offering, said one of the sources and a third person with knowledge of the matter. The banks did not immediately respond to a Reuters request for comment.

The share placement was not registered under US securities laws as an offshore transaction, meaning American investors were not eligible to participate, Alibaba said.

Since 2022, the global AI boom has fueled staggering capital outlays on infrastructure and data centers, including in the U.S. and China.

The four major U.S. hyperscalers – Microsoft, Amazon, Alphabet and Meta – together are expected to spend roughly $725 billion in capital expenditures in 2026, much of it tied to AI data centers, chips and cloud infrastructure.

Walmart (WMT +0.10%) reported revenue up 5.9% to $187.9 billion for its fiscal second quarter (the period ended July 31) on Thursday, Aug. 20, and raised its full-year outlook. The stock fell 9.2% anyway, closing at $103.84, down from $114.30. It was Walmart's worst single session since May 2022.

The problem wasn't the quarter's totals. It was the growth rate underneath them. U.S. comparable sales rose 2.6%, and the deceleration is now hard to miss -- a year ago, this quarter's comp growth was 4.6%, and the fiscal first quarter's was 4.1%.

Thursday's drop was the fourth-largest of the past 15 years. And that rarity is useful, because the three bigger ones each come with a date and a documented aftermath.

Image source: Getty Images.

Behind the 9% dropSet against the comp slowdown, most of the quarter looked strong. Global e-commerce sales grew 23% year over year, advertising grew 38%, and membership fee income rose 17%.

Profits looked strong too: Non-GAAP (adjusted) earnings per share came in at $0.81. Operating income rose 28.8% (17.4% adjusted and in constant currency). Both figures were lifted by tariff refunds, partly offset by the price cuts the company is funding with them.

Management raised its outlook on the strength of all this. The company now expects fiscal-year sales growth of 4% to 5% in constant currency, up from 3.5% to 4.5%, and adjusted earnings per share of $2.80 to $2.87.

But the comp line came with more than a slowdown. Pharmacy deflation tied to new drug-price regulation shaved about 125 basis points off U.S. comps. And the company expects just over $2 billion of incremental fuel costs this year.

Notably, transactions grew 1.5%, while the average ticket rose just 1.1%. Customers kept coming, and spent carefully once they arrived.

"But consumers are still spending, and real wage growth is keeping pace, and so they've been very resilient in this environment," chief financial officer John David Rainey told CNBC on Thursday.

Three drops, three modest recoveriesIn the past 15 years, Walmart has had exactly three larger single-day declines.

On Oct. 14, 2015, the stock fell 10% after management warned profits would decline the following year. One year later, shares were up about 14%.

On Feb. 20, 2018, shares dropped 10.2% on a holiday quarter in which e-commerce growth slowed sharply and margins compressed. A year later, the stock had gained about 6% from its post-drop close, which still left it below where it had traded before the drop.

And on May 17, 2022, shares collapsed 11.4% after surging costs cut deep into quarterly profits. That is the drop Thursday's is being measured against. Twelve months later, shares stood about 14% above where the drop left them, which put them just back above where they'd traded the day before it.

The pattern is consistent, and consistently modest. Buyers of each drop were up 6% to 14% a year later. But measured from the day before each drop, the stock had only just clawed back to even in 2015 and 2022, and it was still lower a year after 2018.

However, one nearer episode cuts against even that modest pattern. This past May 21, Walmart fell 7.3% after its fiscal first-quarter report. Three months on, shares still sit around 14% below that day's close of about $121 -- and they were below that mark even before Thursday's drop.

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What's different this timeThere's another difference between Thursday and the three earlier drops, and it may matter more than the pattern. The three big drops of 2015, 2018, and 2022 all arrived with bad profit news attached -- a warning in 2015, a margin squeeze in 2018, a cost surge in 2022. Thursday's arrived with a raised full-year outlook but also third-quarter guidance that calls for slower growth still, with sales up 3% to 3.75%. Investors weren't reacting to a profit shock -- they were marking down expected revenue growth.

And the price still assumes quite a lot. At $103.84, the stock trades at about 37 times expected earnings, using the middle of its freshly raised guidance. Even after Thursday, shares sit about 9% above their 52-week low and 23% below their high. This is a premium-priced stock that became slightly less premium.

The record's lesson, then, is narrower than it first appears. Walmart's worst days haven't been disasters. Buyers of each drop were ahead within a year, and the business kept compounding underneath. But the gains that followed were ordinary, and this year's smaller May drop still hasn't been recovered. I'd argue the record mostly cautions against panic. It probably says little about bargains. At about 37 times the earnings management just guided to, with comps decelerating, the price still treats the slowdown as temporary.

Just a few years ago, most people may not have even known what a natural gas power turbine was, or what they're used for. Today, investors keeping tabs on the artificial intelligence (AI) revolution are almost certainly familiar with them, and the AI industry's lack of them.

See, gas turbines generate onsite electricity that AI data centers need, but utility companies aren't in a position to deliver. Anywhere from the size of a delivery truck to a train car, these massive machines can put out watts to power a small city, or -- obviously -- an AI data center. They just need a supply of natural gas, which is now proving easier to get than an institutional-scale hookup to a power grid.

And the AI industry is most definitely embracing the solution. Although the majority of them aren't yet operational, BloombergNEF reports that there are nearly 100 data centers with, or building, on-site natural gas turbine power infrastructure. Although they come with a higher upfront cost, owners/operators like their long-term cost-effectiveness and the self-sufficiency they enable. To this end, PwC expect the AI industry's consumption of natural gas to more than quintuple by 2035, with power turbines accounting for much of this growth.

Image source: Getty Images.

There's just one not-so-small problem with the idea. That is, with demand greatly exceeding supply, prices of natural gas power turbines are soaring. As energy industry consulting and research firm Wood Mackenzie noted earlier this year, by the end of next year, the per-kilowatt cost of gas-powered turbines could be 195% higher than where it was in 2019.

What's frustrating for AI data center owners, however, is a boon for the few companies capable of making such heavy equipment. To this end, here's a closer look at the publicly traded companies already cashing in on the craze and likely to continue doing so for at least several more years.

Stocks being driven higher by insatiable demand for natural gas power turbines It's not necessarily a complete list. It is, however, a look at the names leading the business, as well as at the pure-play natural gas turbine companies most accessible to investors.

GE Vernova If there's one single-best way to capitalize on the swell of demand for gas turbines, it's GE Vernova (GEV -0.95%). Although GE Vernova makes everything from wind turbines to power grid solutions to hydropower equipment, natural gas power turbines for AI data centers are its leading profit center right now and for the foreseeable future. Last quarter's organic revenue growth of 12% was led by 14% growth in the power division, which includes gas turbines.

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That's not huge, but it's also not the whole story. This unit's total orders jumped 134% year over year in Q2, beefing up its backlog by $13 billion, to $176 billion. For perspective, that's more than four years' worth of revenue at the company's current level of annualized sales, and the backlog is sure to continue growing in the meantime.

Siemens Energy While North America's natural gas turbine needs are largely met by GE Vernova, Germany's heavy equipment maker Siemens Energy (SMERY +0.68%) (SMEGF -1.46%) is its counterpart in Europe. Last quarter's revenue was up 18.5% year over year largely thanks to AI data center demand.

Yet, this still only scratches the surface of the opportunity. While it delivered 6 gigawatts' worth of gas-powered turbines during the three-month stretch, it received 15 gigawatts' worth of new orders, growing its backlog to 69 gigawatts' worth of gas-power equipment.

Mitsubishi Heavy Industries Finally, add Japan's Mitsubishi Heavy Industries (MHVYF -2.44%) to the list of major, investment-worthy names in the natural gas power turbine industry.

Like Siemens and GE Vernova, it's doing well enough right now, reporting revenue growth of 13.3% in its most recently completed quarter, with comparable growth in the cards for the remainder of the year. Also, like Siemens and GE Vernova, it's still adding capacity to meet demand it can't yet meet.

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Don't sweat Mitsubishi's or Siemens' OTC listings either, by the way. These aren't micro caps or penny stocks that are frequently listed as OTC stocks. These are major companies with conventional exchange listings in their home countries. They've simply chosen to not pursue a conventional U.S. exchange listing due to the unjustified hassle or cost of doing so.

Honorable mentions These aren't the only names in the gas turbine business that are experiencing strong, AI-driven growth at this time, nor are they necessarily the biggest. They're just the biggest direct beneficiaries of soaring turbine prices. Two other outfits are also worth a look, even if natural gas power turbines aren't a major profit center for either right now.

Caterpillar You likely know Caterpillar (CAT +1.53%) best as a maker of bulldozers and other heavy construction equipment, but you may also be aware that its conventional, diesel-powered generators are also now in use as a source of primary or secondary power for a few AI data centers. Perhaps most notably, Microsoft's planned Monarch Compute Campus in West Virginia will initially depend on Caterpillar's G3500-series of natural gas generators for electricity. This is mostly just a stop-gap though. This facility will ultimately be powered by two gigawatts' worth of Caterpillar-made -- through its wholly owned subsidiary Solar Turbines -- natural gas turbines, underscoring that the company is capable of competing outside of the construction arena.

To this end, a large share of last year's 24% year-over-year sales growth was driven by data center demand.

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Woodward Finally, add Woodward (WWD +0.31%) to your list of stocks in the natural gas power turbine business that are benefiting from the rising price of this machinery. It could have earned a spot on the primary list alongside GE Vernova, Siemens, or Mitsubishi Heavy Industries, but the company's reporting doesn't offer as much transparency as most investors would like. All we know for sure is that Woodward serves the on-site power production market.

Nevertheless, investors willing to keep it on their watch list for a while or dig deeper into the company's inner workings might eventually access some more specific information. In the meantime, GE Vernova arguably remains your best bet, on the notion that its rising price won't actually crimp the artificial intelligence industry's growing demand for natural-gas power turbines anytime soon.

ExxonMobil (XOM -0.63%) recently warned Kazakhstan that the Central Asian nation's largest oil field, Tengiz, will hit its production peak next year. Worse yet, output from the field will begin to decline. Exxon estimates it will fall nearly 40% by 2035 to around 500,000 barrels per day (bpd). That also has implications for Chevron, as it helped develop the field through its 50% interest in the Tengizchevroil (TCO) partnership.

However, while Tengiz is about to plateau and decline, that's not a crisis for ExxonMobil. Here's why.

Image source: The Motley Fool.

There's more in the tank in Kazakhstan Even though output at Tengiz is about to peak and start declining, Exxon has another opportunity in Kazakhstan: Kashagan. The giant offshore field in the Caspian Sea is operated by a partnership that includes Exxon, Shell, TotalEnergies, and others. Exxon sees the potential for an $80 billion joint investment to develop the western part of the field. This expansion could produce up to 600,000 bpd.

However, the field is part of a long-running dispute between Kazakhstan and the operating consortium. Kazakhstan levied a $5 billion environmental fine that the field's operator hasn't paid. Additionally, the government says the partners owe it $150 billion for lost revenue due to development delays, a claim currently before international arbitration. Exxon and its partners won't invest the capital needed to boost production in this field until they resolve the dispute with the government.

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Exxon has plenty more growth elsewhere Kashagan is far from Exxon's only potential growth driver. The oil giant is currently investing $100 billion through 2030 on major capital projects. These investments will grow its oil and gas production from 4.7 million bpd last year to 5.5 million bpd by 2035. Major growth drivers include Guyana, LNG, and the Permian Basin.

The company expects to double its production in the Permian Basin alone by 2030 to about 2.5 million bpd. It recently signed new 20-year, fee-based integrated midstream agreements with Targa Resources (TRGP -1.04%) to support its growth in the Permian in the coming years. Targa will build three new natural gas processing plants to support Exxon's development in the region and is evaluating five additional plants. It's also building a new 70-mile gas pipeline to support Exxon's growth. Targa plans to start operations on this new infrastructure by the first half of 2028.

Meanwhile, Exxon recently awarded $1.1 billion in pre-investment contracts for equipment for the Rovuma LNG project in Mozambique. The company is on track to make a Final Investment Decision on the potential $30 billion project by the end of this year. Exxon could also approve an LNG project in Papua New Guinea by the end of this year. These projects will help drive growth beyond 2030.

Exxon's growth engine isn't running low on fuel While production at one of Exxon's major oil fields is about to peak and start declining, that's not a crisis for the oil giant. It has another potential major project in Kazakhstan in the pipeline. On top of that, it has visible growth in the Permian, two more LNG projects in the works, and many other opportunities worldwide. While there are risks associated with both Kashagan and Rovuma (the latter has been delayed by regional violence since 2021), Exxon's diversified growth pipeline helps mitigate these risks. Exxon's multiple long-term growth drivers make it one of the top oil stocks to buy.

Ross Tennenbaum, the chief financial officer of Dropbox, Inc. (DBX +1.38%), reported a disposition of 20,326 shares of Class A Common Stock on August 17, according to an SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$699,621Shares sold20,326Post-transaction shares (directly held)759,279Post-transaction value$25.34 millionTransaction value based on SEC Form 4 weighted average sale price ($34.42); post-transaction value based on the August 17 market close ($33.38).

Key questionsDoes this transaction reflect the CFO's current outlook on the company?
The disposition was a non-discretionary event executed for tax purposes and does not indicate a shift in the insider's assessment of the company's valuation.What is the extent of the insider's remaining direct equity exposure?
Ross Tennenbaum continues to hold 759,000 shares directly, which were valued at $25.7 million based on the $33.87 share price at the August 18 market close.What are the terms of the remaining equity awards?
The reporting owner holds restricted stock units that are scheduled to continue vesting through November 15, 2029, contingent upon continued service as a provider to the company.Company OverviewMetricValueShare Price (as of market close 2026-08-18)$33.87Market Capitalization$8.6 billionRevenue (TTM)$2.5 billionNet Income (TTM)$442.8 millionCompany SnapshotDropbox provides a comprehensive suite of file management and collaboration solutions, including the Dropbox core platform, Dropbox Sign, Dropbox Dash, DocSend, and Reclaim.ai, generating revenue primarily through subscription-based services across consumer and enterprise segments.The company operates a software-as-a-service (SaaS) business model, monetizing its platform through tiered subscription plans for individual users, teams, and enterprises, supplemented by advanced features and integrations that drive incremental revenue.Dropbox serves a diverse customer base spanning individual consumers, small and medium-sized businesses, and large enterprises across the United States and international markets, with particular strength in knowledge worker segments requiring file synchronization and secure document collaboration.Dropbox, Inc. is a leading cloud content management platform with a market capitalization of $8.6 billion and TTM revenue of $2.5 billion, demonstrating strong profitability with TTM net income of $442.8 million. The company maintains a global presence with 2,113 employees and operates dual business segments across the United States and International markets. Dropbox's competitive positioning is anchored by its integrated ecosystem of complementary products--including signing, fax, and AI-powered document management capabilities--which enhance customer retention and drive cross-selling opportunities within its enterprise customer base.

What this transaction means for investorsInvestors shouldn't spend too much time looking at this filing; instead, it's more important to follow what Tennanbaum's been saying as CFO. Tennenbaum raised Dropbox's full-year outlook on Dropbox's latest earnings call, lifting full-year operating margin guidance by 50 basis points to a range of 40% to 40.5%, and unlevered free cash flow guidance by $15 million. Revenue guidance moved up $13.5 million at the midpoint. So almost all of the improvement came out of the expense line rather than demand, and he named the sources, R&D efficiencies as the Dash team folds into Dropbox, plus a rebalancing of the go-to-market organization toward priority markets and segments. "We won't scale investment because an opportunity is exciting," Tennenbaum told analysts.

That's a defensible way to run a turnaround, though reshuffling sales coverage is an interesting companion to proving three quarters of paying-user growth will hold, especially with ARPU projected to slip modestly each quarter through year-end. Third-quarter revenue guidance of $627 million to $630 million implies roughly flat year-over-year growth once FormSwift launches, leaving the user streak carrying the full-year number.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Dropbox. The Motley Fool has a disclosure policy.

Applied Digital (APLD -5.03%) and TeraWulf (WULF -4.92%) are two of the top AI stocks riding the data center wave. Both neocloud companies develop and operate facilities that serve hyperscalers, but their stock returns have been a little different this year.

TeraWulf is up by 36%, while Applied Digital has gained just 11%. Is that gap just a fluke, or is it a sign of things to come? Here's what investors should consider.

Image source: Getty Images

Applied Digital has the advantage with gigawatts Gigawatts are the name of the game when it comes to analyzing neocloud and colocation providers that offer IT capacity to hyperscalers. The more gigawatts a company has, the more revenue it can make.

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Applied Digital has secured 1.4 gigawatts of contracted critical IT load, which comes to roughly $36 billion in total contracted lease revenue. Most of these contracts have 15-year terms, including two deals for 300 megawatts at the company's Delta Forge 1 and Polaris Forge 3 sites.

TeraWulf only has 839 megawatts of leased capacity. Most of that came from a 20-year deal with Anthropic for $19 billion that covers 401 megawatts.

Neither of these companies is able to deliver all of this capacity yet. TeraWulf told investors that revenue from the Anthropic deal will start to materialize in the second half of 2027, while revenue generation across all 401 megawatts is expected by early 2028.

Applied Digital also has the bigger pipeline Not only does Applied Digital have more contracted power, but it also has the bigger pipeline. Secured deals make it easier for neocloud and colocation providers to secure financing to build out their infrastructure, while pipelines increase the number of gigawatts, which can result in more lucrative contracts in the future. Further price improvements seem likely as demand for compute capacity continues to expand rapidly.

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Applied Digital has an active pipeline of roughly 3 gigawatts, while TeraWulf's is about 2.1 gigawatts. These figures do not include power or land for which they are still in the early stages of discussion and due diligence, so the size of the gap between them could change quickly. Earlier in the year, TeraWulf announced the acquisition of a Kentucky site that exceeded 1 gigawatt. Another deal like that for Terawulf that could completely close the gap, while a similar deal for Applied Digital would meaningfully expand it.

All of those secured gigawatts can only be transformed into revenue-producing assets if the neoclouds can secure lease deals for their services. That part isn't a problem since demand for compute is so high, but both companies have to ensure they are getting good terms for their capacity.

TeraWulf is aiming to boost its contracted capacity by 250 megawatts to 500 megawatts each year. That would give it between 1 gigawatt and 2 gigawatts of additional contracted power by 2030, which would put its total between 2 gigawatts and 3 gigawatts. Applied Digital has outlined a path to 3 gigawatts of contracted power by 2031, assuming it can lease at least 500 megawatts per year.

The companies have similar market caps Applied Digital has a larger gigawatt pipeline and more capacity under contract, so one might be surprised that their market caps are very similar. Applied Digital's is $7.8 billion, compared to Terawulf's $7.7 billion.

Applied Digital's valuation lead should be larger, especially since its revenue and net income are also higher than Terawulf's. It also has a higher revenue growth rate than Terawulf as more contract revenue gets recognized.

Both companies are at the center of the AI boom and have long-term deals fueling their growth and access to competitive financing. However, Applied Digital has more going for it right now. More contracted power, a deeper gigawatt pipeline, higher revenue, and lower losses highlight the bullish thesis when comparing these two growth stocks.

TeraWulf could have been the better pick if their valuations were miles apart, but the fact that Applied Digital's market cap is barely more than TeraWulf's makes Applied Digital the better pick.

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Earnings WatchNvidia is due to report earnings on Wednesday, and ‘a very broad universe of companies’ is tied to the themes that the chip giant represents

Nvidia was once nearly synonymous with the artificial-intelligence build-out. Now, there are a handful of other AI companies capturing investor attention as they rake in hefty profits.

But earnings results from the chip maker NVDA, which remains at the heart of the AI boom and has a market value of around $5 trillion, are still a closely watched macro event every three months. Even amid concerns about about circular dealmaking within the AI industry and the sustainability of high data-center spending, analysts expect the company’s profits to make up an ever-greater share of the S&P 500 index’s SPX overall earnings this year.

About the Author

Bill Peters is a Los Angeles–based MarketWatch reporter.

Britney Nguyen is a tech reporter covering Nvidia, chips and AI. You can find her on X at @britneycath.

Rocket Lab Today

$72.57 -0.38 (-0.52%)

As of 08/21/2026 04:00 PM Eastern

$37.57▼

$151.00$110.65

This summer, Rocket Lab NASDAQ: RKLB has been a difficult stock to own. After peaking at $151 in May, the shares were swept up in the brutal rotation that followed the SpaceX NASDAQ: SPCX IPO, giving back more than half their value as investors fled the space sector.

But that wave of selling now appears to be losing its force. With Q2 earnings behind the company, a fresh batch of contract wins rolling in, and the post-IPO panic easing, the question worth asking is whether the coast is finally clearing.

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Earnings Are in the RearviewThe Aug. 10 earnings report removed one major source of uncertainty. Rocket Lab delivered record quarterly revenue and a record backlog that has now surpassed $2.3 billion, alongside more than $1 billion in new contracts signed over the quarter. The market's initial reaction was lukewarm, with shares dipping on softer Q3 margin guidance tied to heavy Neutron spending. But with the print now digested, investors can shift their focus from the quarter that was to the catalysts ahead.

The Contract Wins Keep ComingIf there is one thing that has not slowed during the share-price slump, it is Rocket Lab's ability to win business. Just in the past week, the company was onboarded to the U.S. Space Force's NITE-STAR program, a training and wargames architecture effort carrying a ceiling of up to $981 million across its participants. It also captured a geostationary satellite bus role from Viasat for a protected military communications system and secured a separate award tied to the Space Force's Space Data Network. Those follow the $397 million Flatellite contract and the record $266 million missile-defense launch deal announced earlier in August.

The pattern is unmistakable. Rocket Lab is steadily transforming itself into a genuine national security contractor, with a defense backlog that keeps compounding regardless of what the stock price is doing on any given day.

Why the Stock Hasn't Rallied on the NewsHere is the tension every prospective buyer has to weigh. Despite the relentless flow of contract announcements over the past several months, the stock has repeatedly sold off or gone sideways on the news. That disconnect comes down to two things: valuation and Neutron. Even after its steep decline, Rocket Lab trades at more than 70 times trailing sales, an extraordinary multiple for a company that remains unprofitable, with a trailing net loss near $198 million. The market is essentially demanding proof before it pays up again.

Rocket Lab Corporation (RKLB) Price Chart for Sunday, August, 23, 2026

And of course, that proof is Neutron. The rocket that opens the door to a much bigger addressable market, and the vehicle meant to launch programs like the Flatellite constellation, has slipped to a fourth-quarter debut after a Stage 1 tank issue. Until Neutron actually flies, a portion of the bull case remains theoretical, and the stock is likely to stay volatile.

So, Is It Safe to Buy?"Safe" is probably the wrong word for a stock with a beta of 2.6 that can swing double digits in a week. But for investors focused on the long term rather than the next month, the setup is arguably more attractive than it has been since spring. The selling pressure from the SpaceX rotation is clearly fading, the fundamental business is posting the best operational numbers in its history, and the defense pipeline is deepening by the week.

For the technically minded, there is also a well-defined level to risk against. The $60 area has been tested multiple times across several years and firmed up as support once again in late July, when the stock bounced sharply off it. That is the line the bulls will want to see defended going forward.

The analyst community remains firmly in the bull camp, too, despite the stock's almost 50% haircut from recent 52-week highs. The consensus rating across 22 analysts is Moderate Buy, with an average price target of $110.65, implying about 50% upside from current levels. Notably, of the 22 analysts that cover the stock, only 1 analyst has assigned RKLB a Sell rating.

For those who believe in Rocket Lab's vertically integrated vision, the current zone, with the stock down sharply from its highs but the business stronger than ever, offers a more reasonable entry than chasing it at $150 ever did. The real re-rating likely waits until Neutron leaves the pad.

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EP Wealth Advisors LLC acquired a new stake in shares of Howmet Aerospace Inc. (NYSE:HWM – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 7,024 shares of the company’s stock, valued at approximately $1,888,000.

A number of other large investors also recently bought and sold shares of HWM. Brighton Jones LLC raised its position in shares of Howmet Aerospace by 5.4% in the 4th quarter. Brighton Jones LLC now owns 2,548 shares of the company’s stock worth $279,000 after acquiring an additional 130 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Howmet Aerospace during the 1st quarter worth $399,000. Sivia Capital Partners LLC bought a new stake in Howmet Aerospace during the second quarter valued at about $216,000. Brown Advisory Inc. boosted its position in Howmet Aerospace by 31.0% during the second quarter. Brown Advisory Inc. now owns 4,180 shares of the company’s stock valued at $778,000 after purchasing an additional 990 shares in the last quarter. Finally, Cary Street Partners Financial LLC bought a new stake in Howmet Aerospace during the second quarter valued at about $145,000. Institutional investors own 90.46% of the company’s stock.

Analysts Set New Price Targets A number of brokerages have commented on HWM. Jefferies Financial Group reiterated a “buy” rating and issued a $370.00 target price on shares of Howmet Aerospace in a report on Sunday, August 9th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $320.00 price target on shares of Howmet Aerospace in a report on Friday, May 8th. Zacks Research raised shares of Howmet Aerospace from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 12th. BTIG Research boosted their price objective on shares of Howmet Aerospace from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Finally, Royal Bank Of Canada increased their target price on shares of Howmet Aerospace from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $315.67.

Get Our Latest Stock Analysis on Howmet Aerospace Howmet Aerospace Trading Down 0.8% Shares of NYSE:HWM opened at $271.58 on Friday. The business’s 50-day moving average is $278.62 and its 200 day moving average is $258.62. Howmet Aerospace Inc. has a 1 year low of $170.24 and a 1 year high of $310.00. The firm has a market capitalization of $108.66 billion, a P/E ratio of 58.53, a P/E/G ratio of 1.94 and a beta of 1.20. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.82 and a quick ratio of 0.87.

Howmet Aerospace (NYSE:HWM – Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.09. The company had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Howmet Aerospace had a return on equity of 33.91% and a net margin of 20.52%.The firm’s revenue was up 24.1% compared to the same quarter last year. During the same period last year, the business posted $0.91 earnings per share. Howmet Aerospace has set its Q3 2026 guidance at 1.340-1.360 EPS and its FY 2026 guidance at 5.230-5.310 EPS. On average, research analysts predict that Howmet Aerospace Inc. will post 5.33 earnings per share for the current fiscal year.

Howmet Aerospace Increases Dividend The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Friday, August 7th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Friday, August 7th. This is an increase from Howmet Aerospace’s previous quarterly dividend of $0.12. Howmet Aerospace’s payout ratio is 12.07%.

(Free Report)

Howmet Aerospace Inc is an industrial technology company that designs, manufactures and repairs engineered metal products for the aerospace, transportation and industrial markets. Its product portfolio includes precision castings and forgings, engineered fasteners, seamless rolled rings, and complex components for turbine engines, airframes and industrial gas turbines. The company also provides aftermarket services such as component repair, overhaul and parts distribution to support the operating fleet of commercial and military customers.

Howmet serves a global customer base of original equipment manufacturers (OEMs) and aftermarket operators, with manufacturing, service and distribution facilities across North America, Europe and Asia.

Read More Five stocks we like better than Howmet Aerospace 2 Biotech Stocks Shaping Up for Major Breakouts 3 Stocks Came Roaring Back—Now They’re Flashing Warning Signs 3 Beaten-Down Stocks That Haven’t Gotten the Message About the S&P 500’s Record Run Darden Restaurants Just Hit a 52-Week High–Is the Olive Garden Comeback Story Legit?

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Danske Bank A S acquired a new stake in shares of Jacobs Solutions Inc. (NYSE:J – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,400 shares of the company’s stock, valued at approximately $932,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. grew its position in Jacobs Solutions by 737.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 159,189 shares of the company’s stock valued at $21,086,000 after acquiring an additional 140,179 shares during the last quarter. Kepler Cheuvreux Suisse SA acquired a new position in Jacobs Solutions during the fourth quarter worth about $2,161,000. Crossmark Global Holdings Inc. lifted its holdings in shares of Jacobs Solutions by 360.3% in the fourth quarter. Crossmark Global Holdings Inc. now owns 24,819 shares of the company’s stock worth $3,288,000 after acquiring an additional 19,427 shares during the last quarter. Catalyst Funds Management Pty Ltd bought a new position in shares of Jacobs Solutions in the fourth quarter worth about $3,312,000. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Jacobs Solutions by 24.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 852,803 shares of the company’s stock valued at $112,962,000 after purchasing an additional 169,059 shares in the last quarter. 85.65% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades Several equities research analysts recently issued reports on J shares. Truist Financial decreased their price target on shares of Jacobs Solutions from $150.00 to $149.00 and set a “hold” rating on the stock in a report on Thursday, July 2nd. Royal Bank Of Canada increased their price objective on shares of Jacobs Solutions from $171.00 to $174.00 and gave the company an “outperform” rating in a research note on Wednesday, August 5th. Wall Street Zen upgraded shares of Jacobs Solutions from a “hold” rating to a “buy” rating in a research report on Saturday. Citigroup boosted their target price on shares of Jacobs Solutions from $180.00 to $181.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Finally, Wells Fargo & Company lowered their price target on shares of Jacobs Solutions from $137.00 to $131.00 and set an “equal weight” rating for the company in a report on Thursday, May 7th. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $153.70.

Check Out Our Latest Analysis on Jacobs Solutions Jacobs Solutions Price Performance Jacobs Solutions stock opened at $149.77 on Friday. The stock has a 50-day moving average price of $133.18 and a two-hundred day moving average price of $129.91. Jacobs Solutions Inc. has a 12 month low of $105.68 and a 12 month high of $168.44. The company has a market capitalization of $17.68 billion, a PE ratio of 53.11, a P/E/G ratio of 1.45 and a beta of 0.68. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 1.10.

Jacobs Solutions (NYSE:J – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $1.84 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.01. Jacobs Solutions had a return on equity of 23.96% and a net margin of 2.40%.The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same period in the previous year, the business posted $1.62 earnings per share. The business’s quarterly revenue was up 8.3% compared to the same quarter last year. Jacobs Solutions has set its FY 2026 guidance at 7.200-7.300 EPS. Analysts expect that Jacobs Solutions Inc. will post 7.26 EPS for the current year.

Jacobs Solutions Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, August 21st will be given a dividend of $0.36 per share. The ex-dividend date is Friday, August 21st. This represents a $1.44 annualized dividend and a yield of 1.0%. Jacobs Solutions’s dividend payout ratio (DPR) is currently 51.06%.

Insiders Place Their Bets In other Jacobs Solutions news, President Patrick Hill sold 17,201 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $144.10, for a total transaction of $2,478,664.10. Following the sale, the president directly owned 67,356 shares of the company’s stock, valued at $9,705,999.60. The trade was a 20.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.48% of the stock is owned by insiders.

(Free Report)

Jacobs Solutions Inc, commonly known as Jacobs, is a global professional services firm that provides technical, engineering, scientific and project delivery expertise across a broad range of industries. Founded in 1947 by Joseph J. Jacobs in Pasadena, California, the company evolved from a regional engineering consultancy into a diversified provider of design, program and construction management, operations and maintenance, and scientific services for complex infrastructure and industrial programs.

Featured Articles Five stocks we like better than Jacobs Solutions 2 Biotech Stocks Shaping Up for Major Breakouts 3 Stocks Came Roaring Back—Now They’re Flashing Warning Signs 3 Beaten-Down Stocks That Haven’t Gotten the Message About the S&P 500’s Record Run Darden Restaurants Just Hit a 52-Week High–Is the Olive Garden Comeback Story Legit? Want to see what other hedge funds are holding J? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Jacobs Solutions Inc. (NYSE:J – Free Report).

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