Proti společnosti GoDaddy byla podána hromadná žaloba kvůli údajnému zkreslování její strategie získávání zákazníků; akcie 25. února 2026 klesly o 14,28 %.
NEW YORK, Oct. 16, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against GoDaddy Inc. (NYSE:GDDY) and certain of the company’s senior executives for securities fraud after its significant stock drop resulting from potential violations of the federal securities laws.
If you invested in GoDaddy, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/godaddy-class-action-lawsuit.
Key Details of the GoDaddy ($GDDY) Class Action:
Lead Plaintiff Deadline: October 26, 2026Alleged Misconduct: Securities fraud alleging GoDaddy misrepresented its customer acquisition and go-to-market strategyStock Drop: February 25, 2026 – 14.28% Stock DropCourt: U.S. District Court for the Southern District of New YorkAction: Contact BFA Law to discuss your rights
Investors have until October 26, 2026 to ask the Court to be appointed to lead the case. The complaint asserts securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in GoDaddy common stock. The class action is pending in the U.S. District Court for the Southern District of New York. It is captioned Johnson v. GoDaddy Inc. et al., No. 26-cv-7144.
Why is GoDaddy Being Sued for Securities Fraud?
GoDaddy is an internet domain registry, domain registrar, and web hosting company that primarily serves small businesses, entrepreneurs, and other customers seeking tools to build and manage an online presence.
According to the complaint, GoDaddy repeatedly told investors that its strategy was focused on attracting “high-intent” customers who were likely to buy more products and spend more money, while allegedly failing to disclose that it had introduced a heavily discounted $4.99 promotional offer for one-year dotcom domain contracts.
As alleged, the promotion contradicted GoDaddy’s public messaging that it had turned off front-end discounting and was not pursuing customer growth for its own sake. The complaint alleges that the promotion encouraged shorter-term, lower-value contracts, reduced upfront bookings, and rendered GoDaddy’s statements about demand, average order size, and bookings growth misleading.
Why did GoDaddy’s Stock Drop?
On February 24, 2026, after the market closed, GoDaddy disclosed that total bookings growth sharply decelerated to 5% in Q4 2025, down from 9% the prior quarter and below analyst expectations. GoDaddy also disclosed that it had expanded its go-to-market approach and introduced a promotional price for dotcom domains with a one-year term. The Company stated that the offer increased new customer volume but that the shift in term mix and promotional pricing reduced upfront bookings and near-term revenue.
On this news, GoDaddy’s stock dropped $13.18 per share, or 14.28%, from a closing price of $92.30 per share on February 24, 2026, to $79.12 per share on February 25, 2026.
Click here for more information: https://www.bfalaw.com/cases/godaddy-class-action-lawsuit.
What Can You Do?
If you invested in GoDaddy, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Or contact:
Adam McCall
[email protected]
212.789.3619
Why Bleichmar Fonti & Auld LLP?
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360, and “SuperLawyers” by Thomson Reuters.
Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff’s securities litigation law firm, with clients noting: “[t]here is no better service provider in the practice area,” “[t]he interest of the client is always front and center,” and “[t]here isn’t a better firm in this space.” One testimonial described the firm as “nimble and entrepreneurial,” with a “relentless focus on adding value for clients.”
BFA’s notable successes include a recovery of over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
Circle plánuje vstoupit na zhruba 40 rozvíjejících se trhů; expanzi podpořila akvizice Tazapay za 400 milionů USD a investice Binance ve výši 100 milionů USD.
Stablecoin issuer Circle (CRCL.N) is making a major push to enter about 40 emerging and developing countries around the world as blockchain adoption is expected to scale up significantly, the company's CEO and chairman Jeremy Allaire told Reuters.
"We're kind of going through an inflection point...a transition right now, and that transition is essentially moving from the early adopter phase of blockchain technology into the mainstream scaling phase," said Allaire, who is also co-founder of the New York-listed company. He was speaking on the sidelines of the IMF and World Bank meetings in Bangkok.
Markers in regions like Southeast Asia, Latin America, Africa and the Middle East are seeing rising organic demand for stablecoins and digital utility from individual and businesses wanting to part of an internet-based economic system, Allaire said.
Circle, the world’s largest regulated stablecoin issuer, is accelerating its global expansion, backed by a $400 million acquisition of Tazapay and a $100 million strategic investment from Binance.
It holds roughly 25% of the global stablecoin market share, while rival USDT, which is issued by Tether, commands nearly 60%. Stablecoins are cryptocurrencies designed to have a stable value relative to traditional cyrptos.
Their increasing adoption is being driven by clearer regulatory frameworks, such as the U.S. Genius Act which is slated to take effect next January. Circle in July became one of the first stablecoin issuers to hold a federal bank charter.
"When the Genius Act goes into law, the world will have legal digital dollars...That is a watershed moment," Allaire said.
Circle's U.S. dollar-backed stablecoin USDC saw a 19% year-over-year rise in circulation to $73.3 billion in the second quarter this year.
Banking coalitions in the U.S. and European markets are moving rapidly to develop and deploy their own stablecoins and digital asset solutions, which Allaire said was a sign of a healthy and competitive market.
"There's a very, very long time where the banking industry fought successfully to keep other people out, and I think they are no longer in charge, and the innovators are having their day," he said.
Major financial institutions and payment firms are moving past pilot programs to embed stablecoins for cross-border settlements and asset transfers. Circle offers on-chain infrastructure via its Arc operating system, which has been adopted by firms including BlackRock (BLK.N), Visa (V.N) and Standard Chartered (STAN.L).
A surge in machine-to-machine transactions among AI agents has also propelled USDC use, Allaire said. They execute fractions-of-a-cent payments when doing web research or scraping real-time data.
The executive also warned that the rapid expansion of AI brings heightened security vulnerabilities, noting that financial infrastructure providers face escalating threats from sophisticated actors and automated agent swarms.
"If you're not concerned about it, then your head is in the sand, right?” he said.
It's not uncommon for the stock price of an initial public offering (IPO) to drop 50% from its first-day close. In fact, 38.5% of IPO stocks since 1975 saw their share price cut in half after three years of public trading, according to data from economist and University of Florida professor Jay Ritter.
So, the 52% drop in Cerebras (CBRS +0.49%), one of the hottest artificial intelligence IPOs of 2026, isn't too out of the ordinary. The good news for investors is that analysts are still extremely bullish on the stock, with a median price target roughly double its current price.
Here's a closer look at Cerebras, what caused its drop, and whether the analysts covering it are right.
Image source: Getty Images.
The big drop in the big chipmaker Cerebras made its market debut in May, closing its first day of trading at $311.07 per share, 68% above its IPO price. The big pop in its price reflects excitement around the company, which designs multi-core systems that fill an entire 12-inch silicon wafer. Cerebras' chip architecture aims to solve the biggest challenge in AI inference speeds, transferring data between chips, by keeping everything on a single piece of silicon.
The technology attracted the attention of OpenAI, which signed a deal to use Cerebras' chips for inference. Amazon has also agreed to use Cerebras chips in its Amazon Web Services systems, pairing them with its own Trainium chips to use the best chips available for specific tasks.
But the excitement around Cerebras didn't last long. The stock sold off throughout May and June, dipping below its IPO price. While the chipmaker recovered somewhat alongside the rest of the industry in August, it disappointed investors with its second-quarter earnings report. That sent the stock plummeting 20%.
CBRS Cerebras Systems$142.17+$0.69 (+0.49%)
NASDAQ · As of 4:00 PM ET 10/15/26
The report showed Cerebras rapidly transitioning from selling its hardware directly to customers, as in its deal with Amazon, to standing up its own cloud computing service using its chips, as in its deal with OpenAI. Cloud revenue climbed 281% year over year while hardware sales dropped 23%. Cloud now accounts for two-thirds of revenue, up from one-third last year. Analysts were expecting hardware sales to hold up better.
The next big drop came when reports indicated that OpenAI is running its newest "Ultrafast" model using Nvidia GPUs instead of Cerebras' chips. That cast doubt on Cerebras' ability to execute on its contract with the frontier AI lab. OpenAI CEO Sam Altman reassured investors that Cerebras remains a key partner, but the news highlighted the significant customer concentration risk for Cerebras.
OpenAI has committed to spending up to $20 billion with Cerebras. Through June, it's spent just $74 million. The OpenAI deal makes up the bulk of the company's $25.4 billion backlog as of the end of the second quarter.
Of the 14 analysts covering the stock, not one rates it a sell. The median price target among them is $295, about double the current stock price.
Indeed, there's a lot of potential upside in the stock. After all, it has $25 billion in contracted revenue, while its current annual run rate sits around $720 million. The company could easily increase revenue tenfold if it can execute.
That remains the biggest question for Cerebras: execution. Building its own data centers and renting them out to customers is a much different business than making chips and selling them to third parties. There are major capital requirements as well, adding another wrench in the mix.
That said, management believes it's mostly insulated from supply constraints, using slightly older chip fabrication processes and avoiding the need to buy memory chips, which are in short supply. As such, it should have few problems ensuring it has enough chips for its data centers to meet the demands of its OpenAI contract.
The news that OpenAI is using Nvidia chips for its latest model isn't as big a threat as the actual challenge of getting data centers, power, and chips all in place to serve its biggest potential customer. Investors should look for signs that Cerebras can meet OpenAI's demands before trusting analysts that the stock can double from here.
Akcie SpaceX se čtyři měsíce po IPO obchodují 15 % nad emisní cenou 135 USD; společnosti Starlink vzrostly tržby o 65 %, zatímco výdaje na AI dosáhly 15 mld. USD.
Space Exploration Technologies (SPCX -2.33%) completed its initial public offering about four months ago, and so far, the stock has offered investors ups and downs -- after rising right out of the gate and climbing 50% to a peak in just a few days, the stock today trades only about 15% above its IPO price of $135. And at certain moments, it fell below that level.
SpaceX has been a closely watched player for a number of reasons. First, its IPO was the biggest ever, raising more than $85 billion after the exercise of an overallotment option, and the company entered the market with a trillion-dollar valuation. That's exceptional, since it took other trillion-dollar companies, from Apple to Nvidia, years on the market to reach that level. The company also specializes in technologies seen as game-changing, suggesting the revenue opportunity ahead could be big. Finally, the presence of chief Elon Musk, known for his focus on innovation, has drawn investor attention.
Still, SpaceX faces a fair share of risk, and that could weigh on the minds of some shareholders and potential investors. Where will the stock be after one year on the market? History offers us a clear idea.
Image source: Getty Images.
SpaceX's three businessesFirst, though, let's take a look at SpaceX's business, the possibilities, and the risk. SpaceX operates three growth-oriented businesses: space, satellite-based connectivity, and artificial intelligence (AI). Right now, its biggest revenue driver is the connectivity business, called Starlink, and the biggest drag on earnings is the AI unit. There, capital spending has well exceeded the company's total revenue. In the recent quarter, AI capex climbed to $15 billion, while the entire company generated about $7 billion in revenue.
This level of spending is to be expected in order to build out the technology needed to accomplish future goals. So it's part of the risk of owning SpaceX stock this early in its story. Meanwhile, Starlink is delivering significant growth, with subscribers doubling and that unit's revenue climbing 65%. The AI business is also growing, with Anthropic and Alphabet's Google signing deals with SpaceX to access compute.
Investors also might like the idea that SpaceX's progress in its space unit may significantly benefit its other businesses; the company's Starship, developed as a fully reusable rocket, recently completed its 14th flight, delivering 26 Starlink satellites into orbit. One of SpaceX's goals includes developing data centers in space, and Starship clearly could be useful here too.
Investing heavily in growthSo, SpaceX offers exciting possibilities, has made significant accomplishments, and is delivering growth. But the company also must invest heavily to potentially reach its long-term goals, and it's important to keep in mind that SpaceX may take longer than expected to reach certain goals or may not attain them at all. All of this means that SpaceX could deliver explosive growth to investors if it's successful, but if it disappoints, the stock could seriously stumble.
These two scenarios may have driven the stock's ups and downs in recent months, as investors weigh the pros and cons of owning SpaceX shares.
SPCX Space Exploration Technologies$148.62-$3.54 (-2.33%)
NASDAQ · As of 4:00 PM ET 10/15/26
Where will the stock be next June?Now, let's consider where SpaceX stock may be one year from its IPO, so that would be in June of 2027. To do so, I looked at 10 of the biggest U.S. IPOs, from Meta Platforms to Uber Technologies, spanning 1999 through 2023. One year after their market debuts, eight out of 10 had delivered a decline, and seven of those were in the double digits. The average drop was 12%.
All of this suggests that, if SpaceX follows historical patterns, the stock may deliver a double-digit decrease in its first full year of trading.
Does this mean you should avoid the stock? SpaceX isn't the best buy for every investor. It carries a decent amount of risk, and we don't yet have great visibility on earnings patterns since the company recently went public -- and only public companies must file reports. Most investors should wait a few more quarters to gain such visibility before diving in.
That said, I wouldn't avoid the stock just because history suggests it may fall in the coming months. What's most important is long-term performance, so aggressive investors aiming to buy SpaceX should focus more heavily on the company's and the stock price's long-term potential.
Elon Musk couldn’t hide his delight after unveiling his new Tesla supercar “The Roadster” that could fly and hit 60 mph in under a second.
The SpaceX founder, 55, told guests at an event held at a SpaceX site in McGregor, Texas, on Thursday that the next-generation all-electric vehicle “can basically fly like a rocket”, can do “rolls”, and “crazy gymnastics” while it was being showcased.
“Well it worked,” Musk quipped alongside Tesla’s Vice President of Vehicle Engineering Lars Moravy and Tesla’s Chief Designer Franz von Wolzhausen after the demonstration passed without any accident.
Tesla unveiled its new Roadster car that Elon Musk said ‘can basically fly like a rocket’ via REUTERS
Musk said he thought he was “crazy” when he suggested the concept of the Roadster 2 to his team, teasing that the vehicle was “better than any James Bond car.”
“We need an audience to prove that it’s not AI or SI,” Musk told the crowd. “So, you guys can tell people that you saw it with your eyes. Because what you see with your eyes, you will not believe.
“You’re going to see what happens when you have a collaboration with the world’s best car company and the world’s best rocket company. This is the culmination of incredible work by Tesla and Space X engineers working closely together to make something that you haven’t seen in any movie.”
The car drove upside down on a curved ramp using a suction system and turned in the air.
“We have a fan suction system on the bottom of the car that can pull up to 2Gs (twice the force of gravity) in order to make the car upside down,” Moravy said, explaining the function.
“Then we borrowed some technology from SpaceX to do the rest. This car really sucks. This car could suck the chrome off a trailer hitch. It could suck a tennis ball through a hose pipe,” Moravy added.
Tesla’s Roadster will be its only manually driven car that it makes.
The car, which didn’t have a human driver inside because Musk didn’t want to “kill anyone,” landed using its built-in thrusters.
The car, which has a steer-by-wire system built in, then performed a kick-flip demo in the next segment of the presentation.
The car drove upside down on a curved ramp using a suction system and turned in the air. via REUTERS
It zoomed towards a truck and other cars part of the Tesla fleet before thrusting up into the air to an altitude of around 21 feet before rotating and landing.
The car, which can reach a top speed of up to 230 mph and has a battery range of at least 300 miles, was engulfed in the cloud of smoke produced by the jets.
A zero to 60 mph speed test was carried out and the car clocked a time of 0.81 seconds. But Musk suggested the car might be able to exceed its 230 mph top speed.
“I think you got to crack halfway to the speed of sound — Mach 0.5,” he said, which was met with sniggers by Franz von Holzhausen, Tesla’s Chief Designer, and Moravy.
Fans were left in awe by what they had seen during the event, which was livestreamed by Tesla.
“Elon Musk just made Turbo Boost a reality,” one said, including a nod to the iconic scene from the 1980s show “Knight Rider” where Michael Knight, played by David Hasselhoff, pressed the turbo boost button on K.I.T.T’s dashboard.
“A bunch of guys my age have been waiting our whole lives for this.”
The car appeared to fly over a truck and other Tesla models. Tesla
“Turns out the future does have flying cars,” Musk later quipped on X, reveling in the achievement.
Musk has previously teased the prospect of flying cars.
During an appearance on Joe Rogan’s podcast “The Joe Rogan Experience” last October, Musk teased the demonstration would be “unforgettable” and said, “I think it has a shot of being the most memorable product unveil ever.”
Production will start in 2028 and a “performance” version of the vehicle requires a $50,000 deposit.
A so-called “Thrust” version that comes with “acceleration thrusters” will require a $250,000 deposit.
During the event, Musk claimed the car will be “on the roads” before slightly backtracking.
The car went from zero to 60mph in less than a second. Tesla
“You know I’m not necessarily sure it’s legal in all jurisdictions,” he said.
“But there will be such a car that someone can own.”
“Depends on your street, but it’ll be a viable car,” he said in response to an audience member if the car would be road legal.
Tesla’s new Roadster comes 18 years after the original Roadster, Tesla’s first EV, hit the market.
The company is shifting its focus towards artificial intelligence-led self- driving tech and robotics.
Tesla has stopped selling its Model S and X cars. The company will publish its Q3 2026 financial results on Oct. 21.
Amazon hrozí, že pokud bude v New Yorku schválen zákon na ochranu doručovatelů (Delivery Protection Act), uzavře 15 skladů a zruší až 7 000 pracovních míst.
Amazon has vowed to close more than a dozen warehouses and shed thousands of workers across New York City over a labor bill being pushed by Mayor Zohran Mamdani — and the e-commerce giant is likely to make good on the threat if the controversial legislation is enacted, industry experts told The Post.
The Delivery Protection Act would force Amazon to directly hire upwards of 5,000 delivery workers citywide who are currently employed by third-party contractors. Proponents say the legislation will increase workers’ pay and improve safety conditions at Amazon and other delivery firms including FedEx and DoorDash.
But Amazon doesn’t directly employ delivery workers anywhere else in the country — and has a history of fiercely resisting efforts to change its policies in the US and abroad. The result, according to experts, could be not only that those 5,000 delivery jobs move out of the city, but also that Amazon shutters its 15 last-mile warehouses in the Big Apple and fires the additional 2,000 workers that staff them.
This warehouse is one of seven that Amazon closed in Quebec last year. Bloomberg via Getty Images Early last year, Amazon closed seven warehouses in Quebec near Montreal amid a labor fight involving one of its last-mile facilities. The union, Confédération des syndicats nationaux (CSN), had organized the 300 workers at a warehouse in the town of Laval.
By March 2025, some 1,900 Canadians across seven warehouses and 2,800 delivery contractors for those facilities had lost their jobs.
“Amazon will retaliate, because it has to send a firm message to the rest of the country that ‘If you mess with us, this is what will happen,’” said Marc Wulfraat, president and founder of Montreal-based logistics consulting firm, MWPVL International.
“When you look at Amazon’s global operations, they close buildings left, right and center when there is union activity.”
According to real estate listings, the Montreal facilities are now vacant, with Amazon still paying rent on more than 1.6 million square feet of space that it spent hundreds of millions of dollars to build, according to Wulfraat. At least two facilities are being offered as subleases.
There are 40 delivery companies in the Big Apple that worry Amazon will move its facilities outside the city. Helayne Seidman for the NY Post The Delivery Protection Act — first introduced a year ago by Queens Council Member Tiffany Cabán and reintroduced in 2026 — has strong support in the City Council with some 34 co-signers. But several, including Speaker Julie Menin, are “uncomfortable” with potential job losses, a source close to negotiations said.
“This bill will have to pass in some form,” particularly since the mayor supports it, the source told The Post, adding that the final result may make “both sides unhappy.”
Compromises that have been discussed include allowing independent contractors to continue to perform deliveries while requiring Amazon to provide more safety guarantees for workers, the source said. No vote has been scheduled.
Industry experts say parallels between Quebec and New York can’t be ignored, even as Amazon employs directly or indirectly more than 12,000 hourly workers in New York — more than twice as many as it did in Quebec.
Those include the 2,000 workers that staff last-mile warehouses and 5,000 more to deliver the goods. The Delivery Protection Act wouldn’t affect 5,500 workers at Amazon’s giant JFK8 fulfillment center on Staten Island, who voted to unionize in 2022 — a first at an Amazon US facility — but who still lack a collective bargaining agreement.
Downtown Montreal’s Amazon deliveries are serviced by an independent logistics provider, Intelcom. AFP via Getty Images While Amazon employs unionized workers in Europe, it has made headlines since the pandemic battling unions in the US. It’s now locked in litigation over allegedly hardball tactics it has used to fight labor organization in Bessemer, Ala., and Staten Island.
In April, the National Labor Relations Board ordered Amazon to the bargaining table with the Teamsters in Staten Island, but Amazon has filed lawsuits questioning the legitimacy of the NLRB.
“Amazon will say or do whatever it takes to deny workers stronger rights and wages and abdicate its responsibilities for its own employees,” the Teamsters said in a statement.
The risks posed by the Delivery Protection Act are not lost on the 40 independent companies that employ the 5,000 delivery workers in New York City.
“Look at what happened in Quebec,” Kris Basmagy, owner of DashWave Delivery, which handles Amazon’s deliveries on Manhattan’s Upper East Side, told The Post. “There was pressure on Amazon’s model, and it pulled out.”
Mayor Zohran Mamdani recently threw his support behind the Delivery Protection Act. Erik Pendzich/Shutterstock Basmagy, who employs 150 delivery workers, added that nothing is stopping Amazon from replacing its New York City facilities with some of the “warehouses being built along the New Jersey Turnpike.”
Amazon is still tied up in litigation in Quebec, where it denies that it closed its warehouses because of CSN’s organizing activity. The union filed a complaint with Quebec’s labor tribunal, but even if it proves that Amazon violated labor laws, Amazon faces at most a fine and potential consumer backlash, according to a CBC News report.
A class action lawsuit filed by an Amazon Prime customer in Quebec in February 2025 claims that the warehouse closures slowed Amazon’s delivery times beyond the one- and two-day guarantee for Prime service — with some deliveries instead taking as long as four to six days.
In May, a Quebec court ruled that the case can proceed. Still, plaintiffs who are seeking refunds admit the disruption only lasted about two months, according to the complaint. Amazon says service hasn’t suffered since a large Canadian logistics company, IntelCom, took over its Quebec deliveries.
“Then they got their act together and stopped the delays,” said Saro Turner, a partner in the law firm Slater Vecchio, which filed the suit.
Speaker of the New York City Council Julie Menin is uncomfortable with the prospect of potential job losses associated with the delivery bill. Brigitte Stelzer for NY Post In New York, Amazon maintains that delivery times and prices for customers would increase if it closed its warehouses. New York is “fundamentally different” from Quebec, where Amazon operated “far fewer sites,” according to Amazon spokesperson Steve Kelly.
The company bankrolled a study by AKFR showing that the Delivery Protection Act would cost New Yorkers an extra $664 extra a year — or about $5.20 per package. That figure covers deliveries made by other companies, including FedEx and Doordash.
“New York City is one of the largest and most complex delivery regions in the country,” Kelly said in a statement. “It’s best served by a network of local small businesses deeply embedded in their communities and leveraging our operations infrastructure.”
Amazon deliveries in New York would slow permanently if it closed its last-mile facilities in the city, according to a source with knowledge of Amazon’s operations. Same-day deliveries and those that occur within hours of placing an order would take the biggest hit. The number of items that fall under the Prime promise would also shrink, this source said.
“There are a lot of same-day and same-morning deliveries in the city” that could arrive the next day, the source said.
Some 5,000 delivery jobs are at risk if Amazon is forced to hire its own delivery employees. Christopher Sadowski Amazon’s last-mile facilities in Brooklyn and Queens include one in Red Hook at 270 Richards St. and another in Maspeth at 55-15 Grand Ave. Last-mile warehouses in Manhattan include an 87,000-square-foot facility at 706 11th Ave., according to a report on safety issues from New York City Comptroller Mark Levine.
“Amazon wouldn’t blink about shutting down the 15 facilities in New York City if it felt that the legislation was a threat to its business model,” said Brittain Ladd, a logistics and retail consultant and former Amazon executive. “This is about a model that could be copied in other cities.”
The delivery companies say they are the collateral damage in this struggle.
“There is a laser focus on punishing Amazon no matter what the repercussions might be, what it does to us as business owners, fathers and husbands,” Basmagy said. “It’s as if we no longer exist.”
WGA Transit, which has actively recruited formerly incarcerated and homeless workers to deliver Amazon packages in Harlem, will be forced out of business if the Delivery Protection Act is enacted in its current form, owner Joe Artus told The Post.
“I have a 21-month-old daughter,” Artus told The Post. “If this thing passes, there is no way for my company to exist or to keep my 189 employees.”
Prezident Microsoftu Brad Smith varoval, že zpřísnění imigrační politiky Trumpovy administrativy může odradit špičkové inženýry v oblasti AI od práce v USA.
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Brad Smith, the president of Microsoft, defended the company's use of visas and green cards. Paulo Nunes dos Santos/Bloomberg via Getty Images If America wants to win the AI race, sending the world's brightest engineers packing might not be a winning strategy.
That's the warning from Microsoft President Brad Smith, who said the Trump administration's immigration crackdown risks driving the next generation of AI talent away from the United States.
"I think we should all be worried about sending intentionally or inadvertently or otherwise, signals that send the most talented next wave of AI software engineers to other countries rather than the United States," Smith said in an episode of Politico's "The Decoded Podcast" that aired on Thursday.
His comments come after the Trump administration announced last week that it was suspending Microsoft, Adobe, and several other technology companies from a federal program that sponsors foreign workers for permanent residency.
Vice President JD Vance accused Microsoft of abusing the Permanent Labor Certification, or PERM, program by laying off American employees while hiring lower-paid foreign workers.
Sam Altman explains why AI will replace 40% of your work
Smith, who Business Insider reported was recently put in charge of Microsoft's communications, pushed back against those allegations, saying the administration had presented a misleading picture of Microsoft's hiring practices.
US Vice President JD Vance has criticized Microsoft's use of visa programs. Daniel Heuer-Pool/Getty Images "What was presented as Microsoft replacing 6,000 people who lost their jobs with 9,000 foreigners was frankly completely off base," he said.
Smith said most of the company's visa and green card applications concerned existing employees rather than new hires, adding that Microsoft had hired 9,200 American workers in its last fiscal year.
"That was left out of the narrative," he said.
He also rejected suggestions that Microsoft pays foreign workers less than their American counterparts, saying employees are compensated under the same system regardless of immigration status.
The American dream, on holdThe dispute comes amid growing uncertainty for skilled foreign workers in the US.
Business Insider previously reported that the Trump administration's shifting immigration policies have prompted some international workers to explore opportunities abroad, including in countries like the UK, Germany, and Canada.
An analysis of federal data by Business Insider found that certified H-1B applications fell 10% in the first nine months of fiscal year 2026 compared with the same period a year earlier. Applications for data scientists, however, rose 22.5%, highlighting continued demand for specialized AI talent.
On the Politico podcast, Smith cited immigrants' economic contributions as evidence of what America stands to lose.
He said that five of the six technology and science medal recipients recently honored by President Donald Trump had immigrated to the United States.
President Donald Trump awards tech execs and founders some of the country's highest scientific honors. Win McNamee/Getty Images According to Smith, the companies associated with those five individuals collectively represent more than a quarter of the S&P 500's market value.
Their contributions, he said, benefit not just technology employees but ordinary Americans whose retirement savings and pension funds are invested in those businesses.
"Think about what those five individuals have done for the well being, even the wealth and standard of living, of Americans across the country," Smith said.
"Let's not put that at risk."
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Thibault Spirlet You're currently following this author! Click to unsubscribe from email alerts.
Thibault is a tech reporter at Business Insider's London office.He covers the intersection of technology and work — focusing on AI’s impact on the workplace, job and cognitive skills, and how economic changes are affecting careers.Before moving to the trending team, Thibault covered international affairs, including the Russia-Ukraine war, tensions in the South China Sea, and Russia’s economy on the news desk.He has previously worked at the Daily Express and held internships at Agence France-Presse, Politico Europe, and Factal.Il parle français. Habla español.Email Thibault at [email protected], connect with him on LinkedIn @ThibaultSpirlet, or follow him on X @ThibaultSpirlet and BlueSky @thibaultspirlet.bsky.social.Expertise
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Jupiter introduced YOLO at 12:24 UTC on October 15 as a live beta for leveraged $SOL, $BTC, and $ETH price trades. The product interface was live the following day with leverage settings from 500 to 1,000 times and a default payment amount of $10.00.
The product is an unaudited Jupiter Labs experiment. Its structure differs from an order book or a conventional perpetual futures venue because each trader faces a house pool rather than another trader. Trader losses add money to that pool. Winning traders receive profit from the same pool.
How a YOLO position works YOLO supports three markets: $SOL, $BTC, and $ETH. The interface accepts market orders only. It does not offer take-profit or stop-loss orders. A liquidation consumes the collateral assigned to the position.
Leverage starts at 500 times and reaches 1,000 times. Jupiter warns that small price moves at those settings can wipe out the entire position. The collateral placed on a trade therefore defines the amount immediately at risk, while the selected leverage determines the position’s exposure to price movement.
The interface separates collateral from position size. Its stated limits apply to position size, not to the collateral paid by the trader. Long and short capacity are also separate. Available capacity can change before a submitted trade executes. A user who sees room on one side of a market is not guaranteed the same capacity on the other side or at execution.
Pricing has two references. Jupiter displays Pyth prices as indicative data, but says orders execute at the on-chain DOVES price. The displayed Pyth price is therefore not the execution commitment. A trader must use the executed DOVES price when checking the entry or exit recorded for a position.
The fee schedule depends on the result. A winning move of 0.2 basis points or less produces no profit. Larger winning moves receive a profit adjustment, followed by a 2% fee on adjusted profit. Jupiter says losing trades have no trading fee, while wallet network fees still apply.
The house pool controls profit payment The house takes the opposite side of every position. Trader losses fund it, and trader profits are claims on its available funds. That makes pool liquidity part of the settlement path for a winning trade.
Closing a position returns the trader’s remaining collateral immediately in $JupUSD. Profit follows a different path. If the house can cover the profit, it can pay from the pool. If the house cannot cover it, the unpaid amount enters a queue. Earlier winning claims receive payment first when new trader losses replenish the pool.
Jupiter gives no fixed waiting time for queued profit. Its rules state that queued profit may never be paid. A closed position therefore fixes the trading result without guaranteeing that all profit has reached the wallet. The distinction matters when a trader evaluates available funds after closing. Returned collateral and unpaid profit do not have the same liquidity.
Position history also has a short finalization period. Jupiter says closed positions finalize on chain in about 15 seconds. Until finality, the history view labels the close as finalizing. Users checking a recent close need to distinguish this brief on-chain state from the separate profit queue, which has no guaranteed payment time.
What changes for traders and operators For traders, the full stake can disappear after a small adverse move because the available leverage begins at 500 times. There is no stop-loss order to cap that process from within the product. Risk control therefore happens through the collateral committed before execution and through a manual close while the position remains open.
A profitable close creates a second risk to track. The trade can finish in profit while some or all of that profit remains unpaid. Jupiter says queued claims are paid automatically to the wallet as the pool receives funds, but the queue is first in, first out and has no deadline. Traders cannot treat a displayed profit and spendable wallet balance as interchangeable.
For wallet interfaces, portfolio trackers, and accounting systems, a closed position can have three distinct states: collateral returned, close awaiting on-chain finality, and profit queued for payment. Systems that record only open or closed status can miss whether a winning claim is still outstanding. The product’s history label covers finalization, while the house queue determines payment.
Operators also need to account for capacity changing before execution. Long and short limits are separate, and the displayed Pyth price is indicative rather than the fill price. A trade preview can change in both available size and execution price by the time the order reaches the on-chain DOVES system.
The fee rules create another reconciliation step. A small favorable move can close without profit when it is at or below the stated threshold. A larger win is adjusted before the profit fee is charged. The resulting wallet payment can then differ from the raw price move shown on the chart, even before any profit enters the house queue. Network fees remain separate from that calculation.
The queue also separates trading performance from counterparty liquidity. Earlier unpaid wins have priority over later ones, and fresh trader losses replenish the pool used for payment. A later winner may therefore wait behind claims created before that trade closed. The rules promise automatic wallet payment when funds become available, but they do not promise when that replenishment will occur.
The unresolved issue is the durability of the house pool under one-sided winning flow. Jupiter’s rules explain the queue and payment order, but they do not give a maximum delay or a guaranteed backstop. The next observable milestone is whether queued profit appears and how quickly subsequent trader losses replenish the pool.
M&T Bank ve třetím čtvrtletí 2026 vykázala čistý zisk ve výši 775 milionů USD, tedy 5,04 USD na zředěnou akcii; průměrný objem úvěrů mezikvartálně vzrostl o 2,6 miliardy USD.
, /PRNewswire/ -- M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $775 million or $5.04 of diluted earnings per common share.
(Dollars in millions, except per share data)
3Q26
2Q26
3Q25
Earnings Highlights
Net interest income
$ 1,793
$ 1,792
$ 1,761
Taxable-equivalent adjustment
12
12
12
Net interest income - taxable-equivalent
1,805
1,804
1,773
Provision for credit losses
135
120
125
Noninterest income
743
740
752
Noninterest expense
1,393
1,349
1,363
Net income
775
818
792
Net income available to common shareholders - diluted
732
781
754
Diluted earnings per common share
5.04
5.32
4.82
Return on average assets - annualized
1.40 %
1.51 %
1.49 %
Return on average common shareholders' equity - annualized
11.44
12.30
11.45
Average Balance Sheet
Total assets
$ 218,860
$ 216,532
$ 211,053
Interest-bearing deposits at banks
14,209
15,061
17,739
Investment securities
38,552
38,728
36,559
Loans
143,296
140,650
135,890
Deposits
166,777
163,524
162,576
Borrowings
19,225
20,794
15,633
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin
3.65 %
3.70 %
3.69 %
Efficiency ratio (1)
54.4
52.8
53.6
Net charge-offs to average total loans - annualized
.35
.23
.42
Allowance for loan losses to total loans
1.51
1.53
1.59
Nonaccrual loans to total loans
.90
.85
1.11
Common equity Tier 1 ("CET1") capital ratio (2)
10.16
10.19
10.99
Common shareholders' equity per share
$ 174.95
$ 176.03
$ 170.43
____________________
(1)
A reconciliation of non-GAAP measures is included in the tables that accompany this release.
(2)
CET1 capital ratio at September 30, 2026 is estimated.
Financial Highlights
Taxable-equivalent net interest income increased nominally in the recent quarter as compared with the second quarter of 2026 reflecting an additional day, partially offset by lower interest income on nonaccrual loans.
Average loans grew $2.6 billion in the recent quarter reflecting higher average commercial real estate loan balances of $1.6 billion, consumer loan balances of $634 million and residential real estate loan balances of $367 million.
Higher noninterest income in the recent quarter reflects an increase in residential mortgage banking revenues, partially offset by a decrease in capital markets and advisory revenues and a lower distribution from M&T's investment in Bayview Lending Group LLC ("BLG").
Noninterest expense reflects increases in outside data processing and software costs and professional and other services expense as well as higher personnel costs from an additional working day in the recent quarter.
The allowance for loan losses as a percent of total loans declined 2 basis points to 1.51% at September 30, 2026.
In the recent quarter, M&T repurchased 1.3 million shares of its common stock at a total cost of $323 million. M&T's CET1 capital ratio is estimated to be 10.16% at September 30, 2026.
Chief Financial Officer Commentary
"M&T's third quarter results were highlighted by strong loan and deposit growth, stable credit and a solid capital position. Fee income in the recent quarter continues to reflect the breadth of M&T's franchise and our ability to meet customers' evolving needs through a wide range of financial capabilities. The continued strength across customer-driven revenue streams demonstrates the value of our diversified business model and the depth of our customer relationships. These relationships are at the heart of our purpose, to make a difference in people's lives. I want to thank our employees for their ongoing commitment to the communities and customers we serve."
- Daryl N. Bible, M&T's Chief Financial Officer
Contact:
Investor Relations:
Rajiv Ranjan
716.842.5138
Steve Wendelboe
716.842.5138
Media Relations:
Frank Lentini
929.651.0447
Financial Reporting Matters
As reported on M&T's Form 8-K dated September 28, 2026, effective for the third quarter of 2026 M&T made certain changes and reclassifications to Other income categories presented in its Consolidated Statement of Income. Also effective for the third quarter of 2026, M&T began separately presenting loans held for sale from loans held for investment in its Consolidated Balance Sheet and its Average Balance Sheet and Annualized Taxable-equivalent Rates disclosures. Accordingly, annualized taxable-equivalent rates for each impacted loan category and certain loan-based credit quality ratios exclude loans held for sale. Additionally, as reported in M&T's Form 10-Q for the quarter ended June 30, 2026, in conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. All periods presented herein reflect those changes.
Non-GAAP Measures (1)
(Dollars in millions, except per share data)
3Q26
2Q26
Change
3Q26 vs.
2Q26
3Q25
Change
3Q26 vs.
3Q25
Net operating income
$ 780
$ 823
-5 %
$ 798
-2 %
Diluted net operating earnings per common share
5.08
5.35
-5
4.87
4
Annualized return on average tangible assets
1.47 %
1.59 %
1.56 %
Annualized return on average tangible common equity
17.29
18.57
17.13
Efficiency ratio
54.4
52.8
53.6
Tangible equity per common share
$ 115.88
$ 117.41
-1
$ 115.31
—
____________________
(1)
A reconciliation of non-GAAP measures is included in the tables that accompany this release.
M&T consistently provides supplemental reporting of its results on a "net operating" or "tangible" basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be "nonoperating" in nature.
Taxable-equivalent Net Interest Income (1)
(Dollars in millions)
3Q26
2Q26
Change
3Q26 vs.
2Q26
3Q25
Change
3Q26 vs.
3Q25
Average earning assets
$ 196,739
$ 195,216
1 %
$ 190,920
3 %
Average interest-bearing liabilities
142,294
140,354
1
134,153
6
Net interest income - taxable-equivalent
1,805
1,804
—
1,773
2
Yield on average earning assets
5.41 %
5.40 %
5.60 %
Cost of interest-bearing liabilities
2.44
2.36
2.72
Net interest spread
2.97
3.04
2.88
Net interest margin
3.65
3.70
3.69
____________________
(1)
Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates are included in the accompanying table herein.
Taxable-equivalent net interest income in the recent quarter rose nominally from the second quarter of 2026 reflecting an additional day, lower interest income on nonaccrual loans and loan growth funded by interest-bearing deposits as the Company reduced its average short-term borrowings. Taxable-equivalent net interest income increased $32 million, or 2%, as compared with the year-earlier third quarter reflecting lower rates paid on average interest-bearing deposits and growth in average loans and investment securities, partially offset by lower yields received on loans.
Average Earning Assets
(Dollars in millions)
3Q26
2Q26
Change
3Q26 vs.
2Q26
3Q25
Change
3Q26 vs.
3Q25
Interest-bearing deposits at banks
$ 14,209
$ 15,061
-6 %
$ 17,739
-20 %
Investment securities
38,552
38,728
—
36,559
5
Loans held for sale
682
777
-12
637
7
Loans: (1)
Commercial and industrial
65,887
65,883
—
61,687
7
Real estate - commercial
24,862
23,221
7
23,982
4
Real estate - residential
25,194
24,827
1
24,122
4
Consumer
27,353
26,719
2
26,099
5
Total loans
143,296
140,650
2
135,890
5
Other
—
—
—
95
-100
Total earning assets
$ 196,739
$ 195,216
1
$ 190,920
3
____________________
(1)
Supplemental information on loan balances is included in the accompanying table herein.
Average earning assets rose $1.5 billion from the second quarter of 2026 reflecting growth in average commercial real estate loan balances of $1.6 billion, average consumer loan balances of $634 million and average residential real estate loan balances of $367 million.
Average earning assets increased $5.8 billion from the third quarter of 2025, reflecting loan growth across all loan portfolios. Average commercial and industrial loan balances increased $4.2 billion, spanning most industry types. Average consumer, residential real estate and commercial real estate loan balances grew $1.3 billion, $1.1 billion and $880 million, respectively. The average balance of investment securities increased $2.0 billion from the year-earlier quarter, reflecting purchases of fixed rate mortgage-backed securities.
Average Interest-bearing Liabilities
(Dollars in millions)
3Q26
2Q26
Change
3Q26 vs.
2Q26
3Q25
Change
3Q26 vs.
3Q25
Interest-bearing deposits:
Savings and interest-checking deposits
$ 108,013
$ 105,752
2 %
$ 104,630
3 %
Time deposits
15,056
13,808
9
13,890
8
Total interest-bearing deposits
123,069
119,560
3
118,520
4
Short-term borrowings
5,248
8,016
-35
2,844
85
Long-term borrowings
13,977
12,778
9
12,789
9
Total interest-bearing liabilities
$ 142,294
$ 140,354
1
$ 134,153
6
Average interest-bearing liabilities in the recent quarter rose $1.9 billion from the second quarter of 2026 reflecting growth in average interest-bearing deposits of $3.5 billion and higher average long-term borrowings resulting from asset securitizations and issuances of senior and subordinated notes. Those increases were partially offset by a $2.9 billion decline in average short-term borrowings from the FHLB of New York.
Average interest-bearing liabilities increased $8.1 billion from the third quarter of 2025 reflecting growth in average interest-bearing deposits of $4.5 billion, higher average short-term borrowings from the FHLB of New York of $1.9 billion and an increase in average long-term borrowings of $1.2 billion resulting from asset securitizations and issuances of subordinated notes, partially offset by net maturities of senior notes.
Provision for Credit Losses/Asset Quality
(Dollars in millions)
3Q26
2Q26
Change
3Q26 vs.
2Q26
3Q25
Change
3Q26 vs.
3Q25
At end of quarter
Nonaccrual loans
$ 1,298
$ 1,208
7 %
$ 1,512
-14 %
Real estate and other foreclosed assets
28
23
22
37
-26
Total nonperforming assets
1,326
1,231
8
1,549
-14
Accruing loans past due 90 days or more (1)
570
603
-5
432
32
Nonaccrual loans as % of loans outstanding
.90 %
.85 %
1.11 %
Allowance for loan losses
$ 2,179
$ 2,176
—
$ 2,161
1
Allowance for loan losses as % of loans outstanding
1.51 %
1.53 %
1.59 %
Reserve for unfunded credit commitments
$ 93
$ 95
-2
$ 95
-2
For the period
Provision for loan losses
$ 130
$ 120
8
$ 110
18
Provision for unfunded credit commitments
5
—
—
15
-67
Total provision for credit losses
135
120
13
125
8
Net charge-offs
127
80
59
146
-12
Net charge-offs as % of average loans (annualized)
.35 %
.23 %
.42 %
____________________
(1)
Predominantly government-guaranteed residential real estate.
The provision for credit losses was $135 million in the third quarter of 2026 as compared with $120 million in the second quarter of 2026 and $125 million in the third quarter of 2025. The allowance for loan losses as a percent of loans outstanding was 1.51% at September 30, 2026 and 1.53% at June 30, 2026, each improved from 1.59% at September 30, 2025, reflecting lower levels of criticized loans.
Nonaccrual loans were $1.3 billion at September 30, 2026 and $1.2 billion at June 30, 2026, compared with $1.5 billion at September 30, 2025. The lower level of nonaccrual loans at September 30, 2026 and June 30, 2026 as compared with September 30, 2025 reflects a decrease in commercial and industrial and commercial real estate nonaccrual loans.
Noninterest Income
(Dollars in millions)
3Q26
2Q26
Change
3Q26 vs.
2Q26
3Q25
Change
3Q26 vs.
3Q25
Trust and investment services income
$ 230
$ 235
-2 %
$ 217
6 %
Mortgage banking revenues (1)
152
127
19
147
3
Service charges on deposit accounts
109
107
1
105
3
Card revenues
90
89
2
90
—
Letter of credit and credit-related fees
46
44
4
45
3
Capital markets and advisory revenues
32
41
-24
35
-8
Gain (loss) on bank investment securities
(1)
2
—
1
—
Other revenues from operations (2)
85
95
-12
112
-25
Total
$ 743
$ 740
—
$ 752
-1
____________________
(1)
Supplemental information on mortgage banking activities is included in the accompanying table herein.
(2)
Supplemental information on other revenues from operations is included in the accompanying table herein.
Effective January 1, 2026, the Company elected to prospectively measure its residential mortgage loan servicing right assets at fair value with changes in fair value reflected in mortgage banking revenues. As a result, amortization associated with residential mortgage loan servicing right assets previously recognized in other costs of operations before 2026 is no longer recorded. Instead, beginning in 2026 fair value changes in residential mortgage loan servicing right assets, inclusive of the realization of expected net servicing revenues over time, are included in mortgage banking revenues. On December 31, 2025, the Company began economically hedging the risk of fair value changes in these assets through the use of various interest rate derivative contracts, for which changes in fair value are also reflected in mortgage banking revenues.
Noninterest income in the third quarter of 2026 increased $3 million from 2026's second quarter.
Trust and investment services income declined $5 million reflecting seasonal tax services fees earned by the wealth management business in the second quarter of 2026.
Mortgage banking revenues increased $25 million reflecting a rise in residential mortgage loan sub-servicing income. In June 2026, the Company began sub-servicing $62.9 billion of additional residential mortgage loans.
Capital markets and advisory revenues decreased $9 million reflecting a decline in loan syndication fees and lower revenues from interest rate swap transactions with commercial customers.
Other revenues from operations decreased $10 million reflecting a lower distribution from M&T's investment in BLG in the recent quarter.
Noninterest income declined $9 million, or 1%, as compared with the third quarter of 2025.
Trust and investment services income rose $13 million reflecting higher corporate trust revenues from the Company's institutional services business and an increase in personal trust and investment services revenues from its wealth management businesses.
Mortgage banking revenues increased $5 million reflecting a rise in residential mortgage loan sub-servicing income, partially offset by the impact of the Company's fair value accounting election described above and lower gains on commercial mortgage loans originated for sale.
Other revenues from operations decreased $27 million reflecting a $28 million distribution of an earnout payment from the Company's 2023 sale of its Collective Investment Trust ("CIT") business and a $12 million gain on the sale of equipment leases each in the third quarter of 2025, partially offset by an $11 million higher distribution from M&T's investment in BLG in the recent quarter.
Noninterest Expense
(Dollars in millions)
3Q26
2Q26
Change
3Q26 vs.
2Q26
3Q25
Change
3Q26 vs.
3Q25
Salaries and employee benefits
$ 832
$ 826
1 %
$ 833
— %
Outside data processing and software
173
154
12
138
25
Equipment and net occupancy
131
129
—
129
1
Professional and other services
97
89
10
81
22
FDIC assessments
19
18
15
13
55
Advertising and marketing
29
27
7
23
26
Amortization of core deposit and other intangible assets
7
7
—
10
-27
Other costs of operations
105
99
6
136
-23
Total
$ 1,393
$ 1,349
3
$ 1,363
2
Noninterest expense rose $44 million, or 3%, from the second quarter of 2026.
Salaries and employee benefits expense increased $6 million reflecting an additional working day in the recent quarter, partially offset by lower payroll-related taxes.
Outside data processing and software costs increased $19 million reflecting higher software maintenance and enhancements to the Company's technology infrastructure.
Professional and other services rose $8 million reflecting support for enhancements to the Company's technology infrastructure and other enterprise initiatives.
Other costs of operations increased $6 million reflecting the Company's obligation under agreements to share in losses stemming from certain litigation of Visa, Inc.
Noninterest expense increased $30 million, or 2%, from the third quarter of 2025.
Outside data processing and software costs rose $35 million reflecting costs associated with enhancements to the Company's technology infrastructure.
Professional and other services increased $16 million reflecting support for enhancements to the Company's technology infrastructure and other enterprise initiatives and higher legal service costs.
FDIC assessments were $6 million higher in the recent quarter reflecting the reduction of estimated special assessment expense in the third quarter of 2025 resulting from a decrease in the FDIC's loss estimates associated with certain failed banks.
Other costs of operations decreased $31 million reflecting the amortization associated with residential mortgage loan servicing right assets in the third quarter of 2025 and lower expense associated with the Company's supplemental executive retirement savings plan in the recent quarter.
Income Taxes
The Company's effective income tax rate was 23.1% in each of the third and second quarters of 2026 compared with 22.8% in the third quarter of 2025.
Capital and Liquidity
3Q26
2Q26
3Q25
CET1 capital
10.16 %
(1)
10.19 %
10.99 %
Tier 1 capital
11.93
(1)
11.64
12.49
Total capital
13.93
(1)
13.73
14.35
Tangible capital – common
7.85
8.07
8.79
____________________
(1)
Capital ratios at September 30, 2026 are estimated.
M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled $217 million and $42 million, respectively, for the quarter ended September 30, 2026. M&T's current stress capital buffer is 2.7%.
Reflecting rising interest rates, accumulated other comprehensive income declined $588 million in the recent quarter. In July 2026, the Company transferred $8.3 billion of residential mortgage-backed securities from the available-for-sale portfolio to the held-to-maturity portfolio with net unrealized gains of $8 million. Unrealized losses on those transferred securities at September 30, 2026 were $222 million ($165 million net of tax).
M&T repurchased shares of its common stock at a cost of $323 million during the recent quarter, compared with $465 million and $409 million in the second quarter of 2026 and the third quarter of 2025, respectively.
The CET1 capital ratio for M&T was estimated at 10.16% as of September 30, 2026. M&T's total risk-weighted assets at September 30, 2026 are estimated to be $170.6 billion. Reflecting loan growth and share repurchase activity in the recent quarter and the impact of unrealized losses on investment securities available for sale included in accumulated other comprehensive income at September 30, 2026, M&T's tangible common equity to tangible asset ratio at September 30, 2026 declined 22 basis points from June 30, 2026 and 94 basis points from September 30, 2025.
While not subject to the liquidity coverage ratio ("LCR") requirements, M&T estimates that its LCR on September 30, 2026 was 107%, exceeding the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.
Conference Call
Investors will have an opportunity to listen to M&T's conference call to discuss third quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ326. The conference call will be webcast live through M&T's website at https://ir.mtb.com/news-events/events-presentations. A replay of the call will be available through Friday October 23, 2026, by calling (800) 839-3736 or (402) 220-2978 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/news-events/events-presentations.
About M&T
M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.
Forward-Looking Statements
This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions.
Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control.
Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted.
While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events, developments and current conditions in the financial services industry, including trust, brokerage and investment management businesses; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-, brokerage-, and investment management-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the initiation and outcome of potential, pending and future litigation, investigations and governmental proceedings, including tax-related examinations and other matters; operational risk events, including loss resulting from fraud by employees or persons outside M&T and breaches in data and cybersecurity; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.
These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors.
M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2025, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements.
Financial Highlights
Three Months Ended
Nine Months Ended
September 30,
September 30,
(Dollars in millions, except per share, shares in thousands)
2026
2025
Change
2026
2025
Change
Performance
Net income
$ 775
$ 792
-2 %
$ 2,257
$ 2,092
8 %
Net income available to common shareholders
732
754
-3
2,133
1,981
8
Per common share:
Basic earnings
5.08
4.85
5
14.57
12.41
17
Diluted earnings
5.04
4.82
5
14.48
12.34
17
Cash dividends
1.50
1.50
—
4.50
4.20
7
Common shares outstanding:
Average - diluted
145,174
156,553
-7
147,329
160,503
-8
Period end
143,708
154,518
-7
143,708
154,518
-7
Return on (annualized):
Average total assets
1.40 %
1.49 %
1.39 %
1.33 %
Average common shareholders' equity
11.44
11.45
11.13
10.07
Taxable-equivalent net interest income
$ 1,805
$ 1,773
2
$ 5,372
$ 5,202
3
Yield on average earning assets
5.41 %
5.60 %
5.39 %
5.54 %
Cost of interest-bearing liabilities
2.44
2.72
2.38
2.71
Net interest spread
2.97
2.88
3.01
2.83
Contribution of interest-free funds
.68
.81
.67
.82
Net interest margin
3.65
3.69
3.68
3.65
Net charge-offs to average total net loans (annualized)
.35
.42
.30
.36
Net operating results (1)
Net operating income
$ 780
$ 798
-2
$ 2,274
$ 2,116
7
Diluted net operating earnings per common share
5.08
4.87
4
14.60
12.49
17
Return on (annualized):
Average tangible assets
1.47 %
1.56 %
1.46 %
1.41 %
Average tangible common equity
17.29
17.13
16.78
15.07
Efficiency ratio
54.4
53.6
55.1
56.3
At September 30,
Loan quality
2026
2025
Change
Nonaccrual loans
$ 1,298
$ 1,512
-14 %
Real estate and other foreclosed assets
28
37
-26
Total nonperforming assets
$ 1,326
$ 1,549
-14
Accruing loans past due 90 days or more
$ 570
$ 432
32
Government guaranteed loans included in totals above:
Nonaccrual loans
81
71
13
Accruing loans past due 90 days or more
556
403
38
Nonaccrual loans to total loans
.90 %
1.11 %
Allowance for loan losses to total loans
1.51
1.59
Additional information
Period end common stock price
$ 217.60
$ 197.62
10
Full-service domestic banking offices (2)
906
942
-4
Full-time equivalent employees
21,562
22,383
-4
____________________
(1)
Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear herein.
(2)
In the first quarter of 2026, thirteen domestic banking offices formerly classified as full service were designated as limited service per regulatory filings.
Financial Highlights, Five Quarter Trend
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
(Dollars in millions, except per share, shares in thousands)
2026
2026
2026
2025
2025
Performance
Net income
$ 775
$ 818
$ 664
$ 759
$ 792
Net income available to common shareholders
732
781
620
718
754
Per common share:
Basic earnings
5.08
5.35
4.16
4.71
4.85
Diluted earnings
5.04
5.32
4.13
4.67
4.82
Cash dividends
1.50
1.50
1.50
1.50
1.50
Common shares outstanding:
Average - diluted
145,174
146,758
150,109
153,712
156,553
Period end
143,708
144,933
146,917
151,840
154,518
Return on (annualized):
Average total assets
1.40 %
1.51 %
1.26 %
1.41 %
1.49 %
Average common shareholders' equity
11.44
12.30
9.67
10.87
11.45
Taxable-equivalent net interest income
$ 1,805
$ 1,804
$ 1,763
$ 1,790
$ 1,773
Yield on average earning assets
5.41 %
5.40 %
5.35 %
5.47 %
5.60 %
Cost of interest-bearing liabilities
2.44
2.36
2.32
2.52
2.72
Net interest spread
2.97
3.04
3.03
2.95
2.88
Contribution of interest-free funds
.68
.66
.67
.75
.81
Net interest margin
3.65
3.70
3.70
3.70
3.69
Net charge-offs to average total net loans (annualized)
.35
.23
.31
.54
.42
Net operating results (1)
Net operating income
$ 780
$ 823
$ 671
$ 767
$ 798
Diluted net operating earnings per common share
5.08
5.35
4.18
4.72
4.87
Return on (annualized):
Average tangible assets
1.47 %
1.59 %
1.33 %
1.49 %
1.56 %
Average tangible common equity
17.29
18.57
14.51
16.24
17.13
Efficiency ratio
54.4
52.8
58.3
55.1
53.6
September 30,
June 30,
March 31,
December 31,
September 30,
Loan quality
2026
2026
2026
2025
2025
Nonaccrual loans
$ 1,298
$ 1,208
$ 1,240
$ 1,252
$ 1,512
Real estate and other foreclosed assets
28
23
27
35
37
Total nonperforming assets
$ 1,326
$ 1,231
$ 1,267
$ 1,287
$ 1,549
Accruing loans past due 90 days or more
$ 570
$ 603
$ 646
$ 561
$ 432
Government guaranteed loans included in totals above:
Nonaccrual loans
81
78
85
83
71
Accruing loans past due 90 days or more
556
586
634
543
403
Nonaccrual loans to total loans
.90 %
.85 %
.89 %
.91 %
1.11 %
Allowance for loan losses to total loans
1.51
1.53
1.54
1.54
1.59
Additional information
Period end common stock price
$ 217.60
$ 238.01
$ 206.72
$ 201.48
$ 197.62
Full-service domestic banking offices (2)
906
911
930
942
942
Full-time equivalent employees
21,562
21,662
21,866
22,080
22,383
____________________
(1)
Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear herein.
(2)
In the first quarter of 2026, thirteen domestic banking offices formerly classified as full service were designated as limited service per regulatory filings.
Condensed Consolidated Statement of Income
Three Months Ended
Nine Months Ended
September 30,
September 30,
(Dollars in millions)
2026
2025
Change
2026
2025
Change
Interest income
$ 2,667
$ 2,680
— %
$ 7,823
$ 7,849
— %
Interest expense
874
919
-5
2,486
2,680
-7
Net interest income
1,793
1,761
2
5,337
5,169
3
Provision for credit losses
135
125
8
395
380
4
Net interest income after provision for
credit losses
1,658
1,636
1
4,942
4,789
3
Other income:
Trust and investment services income
230
217
6
684
643
7
Mortgage banking revenues
152
147
3
406
395
3
Service charges on deposit accounts
109
105
3
322
307
5
Card revenues
90
90
—
257
257
—
Letter of credit and credit-related fees
46
45
3
132
132
—
Capital markets and advisory revenues
32
35
-8
109
89
23
Gain (loss) on bank investment securities
(1)
1
—
5
1
—
Other revenues from operations
85
112
-25
257
222
16
Total other income
743
752
-1
2,172
2,046
6
Other expense:
Salaries and employee benefits
832
833
—
2,572
2,533
2
Outside data processing and software
173
138
25
471
412
14
Equipment and net occupancy
131
129
1
393
391
—
Professional and other services
97
81
22
279
251
12
FDIC assessments
19
13
55
60
58
4
Advertising and marketing
29
23
26
77
70
9
Amortization of core deposit and other
intangible assets
7
10
-27
23
32
-27
Other costs of operations
105
136
-23
305
367
-17
Total other expense
1,393
1,363
2
4,180
4,114
2
Income before taxes
1,008
1,025
-2
2,934
2,721
8
Income taxes
233
233
—
677
629
8
Net income
$ 775
$ 792
-2 %
$ 2,257
$ 2,092
8 %
Condensed Consolidated Statement of Income, Five Quarter Trend
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
(Dollars in millions)
2026
2026
2026
2025
2025
Interest income
$ 2,667
$ 2,620
$ 2,536
$ 2,637
$ 2,680
Interest expense
874
828
784
858
919
Net interest income
1,793
1,792
1,752
1,779
1,761
Provision for credit losses
135
120
140
125
125
Net interest income after provision for
credit losses
1,658
1,672
1,612
1,654
1,636
Other income:
Trust and investment services income
230
235
219
220
217
Mortgage banking revenues
152
127
127
155
147
Service charges on deposit accounts
109
107
106
105
105
Card revenues
90
89
78
87
90
Letter of credit and credit-related fees
46
44
42
47
45
Capital markets and advisory revenues
32
41
36
31
35
Gain (loss) on bank investment securities
(1)
2
4
1
1
Other revenues from operations
85
95
77
50
112
Total other income
743
740
689
696
752
Other expense:
Salaries and employee benefits
832
826
914
809
833
Outside data processing and software
173
154
144
146
138
Equipment and net occupancy
131
129
133
134
129
Professional and other services
97
89
93
105
81
FDIC assessments
19
18
23
(8)
13
Advertising and marketing
29
27
21
32
23
Amortization of core deposit and other
intangible assets
7
7
9
10
10
Other costs of operations
105
99
101
151
136
Total other expense
1,393
1,349
1,438
1,379
1,363
Income before taxes
1,008
1,063
863
971
1,025
Income taxes
233
245
199
212
233
Net income
$ 775
$ 818
$ 664
$ 759
$ 792
Condensed Consolidated Balance Sheet
September 30,
(Dollars in millions)
2026
2025
Change
ASSETS
Cash and due from banks
$ 1,796
$ 1,950
-8 %
Interest-bearing deposits at banks
14,342
16,751
-14
Investment securities
37,894
36,864
3
Loans held for sale
696
629
11
Loans:
Commercial and industrial
66,373
61,863
7
Real estate - commercial
25,561
23,768
8
Real estate - residential
25,301
24,335
4
Consumer
27,521
26,379
4
Total loans
144,756
136,345
6
Allowance for loan losses
(2,179)
(2,161)
1
Net loans
142,577
134,184
6
Goodwill
8,465
8,465
—
Core deposit and other intangible assets
41
74
-45
Other assets
14,699
12,360
19
Total assets
$ 220,510
$ 211,277
4 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits
$ 44,819
$ 44,994
— %
Interest-bearing deposits
122,691
118,432
4
Total deposits
167,510
163,426
2
Short-term borrowings
6,373
2,059
209
Long-term borrowings
13,648
12,928
6
Accrued interest and other liabilities
4,820
4,136
17
Total liabilities
192,351
182,549
5
Shareholders' equity:
Preferred
3,017
2,394
26
Common
25,142
26,334
-5
Total shareholders' equity
28,159
28,728
-2
Total liabilities and shareholders' equity
$ 220,510
$ 211,277
4 %
Condensed Consolidated Balance Sheet, Five Quarter Trend
September 30,
June 30,
March 31,
December 31,
September 30,
(Dollars in millions)
2026
2026
2026
2025
2025
ASSETS
Cash and due from banks
$ 1,796
$ 1,939
$ 1,903
$ 1,701
$ 1,950
Interest-bearing deposits at banks
14,342
15,499
14,445
17,068
16,751
Investment securities
37,894
38,374
38,621
36,649
36,864
Loans held for sale
696
663
861
1,067
629
Loans:
Commercial and industrial
66,373
65,995
65,216
63,406
61,863
Real estate - commercial
25,561
24,233
22,986
23,335
23,768
Real estate - residential
25,301
25,128
24,530
24,433
24,335
Consumer
27,521
27,174
26,321
26,461
26,379
Total loans
144,756
142,530
139,053
137,635
136,345
Allowance for loan losses
(2,179)
(2,176)
(2,136)
(2,116)
(2,161)
Net loans
142,577
140,354
136,917
135,519
134,184
Goodwill
8,465
8,465
8,465
8,465
8,465
Core deposit and other intangible assets
41
48
55
64
74
Other assets
14,699
13,919
13,469
12,977
12,360
Total assets
$ 220,510
$ 219,261
$ 214,736
$ 213,510
$ 211,277
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits
$ 44,819
$ 48,295
$ 45,892
$ 46,509
$ 44,994
Interest-bearing deposits
122,691
120,590
117,849
120,400
118,432
Total deposits
167,510
168,885
163,741
166,909
163,426
Short-term borrowings
6,373
4,614
7,851
2,149
2,059
Long-term borrowings
13,648
13,568
11,175
10,911
12,928
Accrued interest and other liabilities
4,820
4,248
3,997
4,364
4,136
Total liabilities
192,351
191,315
186,764
184,333
182,549
Shareholders' equity:
Preferred
3,017
2,434
2,434
2,834
2,394
Common
25,142
25,512
25,538
26,343
26,334
Total shareholders' equity
28,159
27,946
27,972
29,177
28,728
Total liabilities and shareholders' equity
$ 220,510
$ 219,261
$ 214,736
$ 213,510
$ 211,277
Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates
Three Months Ended
Change in Balance
Nine Months Ended
September 30,
June 30,
September 30,
September 30, 2026 from
September 30,
Change
2026
2026
2025
June 30,
September 30,
2026
2025
in
(Dollars in millions)
Balance
Rate
Balance
Rate
Balance
Rate
2026
2025
Balance
Rate
Balance
Rate
Balance
ASSETS
Interest-bearing deposits at banks
$ 14,209
3.79 %
$ 15,061
3.72 %
$ 17,739
4.43 %
-6 %
-20 %
$ 15,159
3.74 %
$ 19,037
4.46 %
-20 %
Investment securities (1)
38,552
4.33
38,728
4.29
36,559
4.15
—
5
38,378
4.28
35,466
3.98
8
Loans held for sale
682
5.48
777
5.50
637
5.85
-12
7
819
5.45
750
6.92
9
Loans:
Commercial and industrial
65,887
6.00
65,883
6.00
61,687
6.45
—
7
65,139
6.00
61,234
6.41
6
Real estate - commercial
24,862
6.03
23,221
6.29
23,982
6.45
7
4
23,709
6.15
24,796
6.34
-4
Real estate - residential
25,194
4.69
24,827
4.63
24,122
4.57
1
4
24,832
4.62
23,543
4.50
5
Consumer
27,353
6.47
26,719
6.46
26,099
6.60
2
5
26,797
6.47
25,275
6.58
6
Total loans
143,296
5.86
140,650
5.89
135,890
6.15
2
5
140,477
5.87
134,848
6.09
4
Other
—
—
—
—
95
3.45
—
-100
31
—
96
3.46
-67
Total earning assets
196,739
5.41
195,216
5.40
190,920
5.60
1
3
194,864
5.39
190,197
5.54
2
Goodwill
8,465
8,465
8,465
—
—
8,465
8,465
—
Core deposit and other intangible assets
45
51
79
-12
-43
52
86
-40
Other assets
13,611
12,800
11,589
6
17
13,043
11,141
17
Total assets
$ 218,860
$ 216,532
$ 211,053
1 %
4 %
$ 216,424
$ 209,889
3 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits:
Savings and interest-checking
deposits
$ 108,013
1.89 %
$ 105,752
1.81 %
$ 104,630
2.23 %
2 %
3 %
$ 106,783
1.85 %
$ 103,378
2.22 %
3 %
Time deposits
15,056
3.19
13,808
3.02
13,890
3.40
9
8
13,982
3.08
14,056
3.48
-1
Total interest-bearing deposits
123,069
2.05
119,560
1.95
118,520
2.36
3
4
120,765
1.99
117,434
2.37
3
Short-term borrowings
5,248
3.89
8,016
3.86
2,844
4.50
-35
85
6,318
3.87
3,013
4.50
110
Long-term borrowings
13,977
5.32
12,778
5.33
12,789
5.64
9
9
12,617
5.35
11,675
5.64
8
Total interest-bearing liabilities
142,294
2.44
140,354
2.36
134,153
2.72
1
6
139,700
2.38
132,122
2.71
6
Noninterest-bearing deposits
43,708
43,964
44,056
-1
-1
44,070
44,877
-2
Other liabilities
4,527
4,275
4,261
6
6
4,349
4,142
5
Total liabilities
190,529
188,593
182,470
1
4
188,119
181,141
4
Shareholders' equity
28,331
27,939
28,583
1
-1
28,305
28,748
-2
Total liabilities and shareholders' equity
$ 218,860
$ 216,532
$ 211,053
1 %
4 %
$ 216,424
$ 209,889
3 %
Net interest spread
2.97
3.04
2.88
3.01
2.83
Contribution of interest-free funds
.68
.66
.81
.67
.82
Net interest margin
3.65 %
3.70 %
3.69 %
3.68 %
3.65 %
____________________
(1)
Yields on investment securities for the nine-month period ended September 30, 2025 reflect $18 million of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People's United Financial, Inc.
Supplemental Information - Loan Balances
September 30,
June 30,
March 31,
December 31,
September 30,
(Dollars in millions)
2026
2026
2026
2025
2025
Commercial and industrial
Commercial and industrial excluding
owner-occupied real estate by industry:
Financial and insurance
$ 13,731
$ 13,804
$ 13,488
$ 12,749
$ 12,077
Services
8,719
8,534
8,207
7,887
7,685
Motor vehicle and recreational finance dealers
6,706
6,966
7,061
7,185
6,636
Manufacturing
6,311
6,389
6,402
6,094
6,238
Wholesale
4,473
4,330
4,343
4,373
4,244
Transportation, communications, utilities
4,456
4,199
3,928
3,883
3,754
Retail
3,347
3,319
3,302
3,087
3,112
Construction
2,412
2,445
2,305
2,260
2,205
Health services
1,811
1,707
1,835
1,816
1,779
Real estate investors
1,589
1,521
1,662
1,574
1,505
Other
1,370
1,397
1,362
1,300
1,567
Total commercial and industrial
excluding owner-occupied real estate
54,925
54,611
53,895
52,208
50,802
Owner-occupied real estate by industry:
Services
2,351
2,362
2,377
2,368
2,308
Motor vehicle and recreational finance dealers
2,263
2,180
2,217
2,234
2,162
Retail
1,929
1,926
1,916
1,893
1,825
Health services
1,413
1,464
1,335
1,268
1,320
Wholesale
1,079
1,035
1,029
978
975
Manufacturing
735
712
727
791
783
Real estate investors
585
607
617
616
634
Other
1,093
1,098
1,103
1,050
1,054
Total owner-occupied real estate
11,448
11,384
11,321
11,198
11,061
Total commercial and industrial
66,373
65,995
65,216
63,406
61,863
Commercial real estate
Permanent finance by property type:
Apartments/Multifamily
7,320
6,865
6,269
6,353
6,270
Retail/Service
4,313
4,259
4,237
4,164
4,320
Industrial/Warehouse
3,510
3,276
2,462
2,297
2,175
Office
3,066
3,147
3,282
3,423
3,487
Health services
1,841
1,583
1,507
1,548
1,554
Hotel
1,728
1,665
1,727
1,743
1,776
Other
443
180
187
180
202
Total permanent
22,221
20,975
19,671
19,708
19,784
Construction/Development
3,340
3,258
3,315
3,627
3,984
Total commercial real estate
25,561
24,233
22,986
23,335
23,768
Residential real estate
Residential real estate
25,301
25,128
24,530
24,433
24,335
Consumer
Home equity lines and loans
4,991
4,891
4,796
4,807
4,730
Recreational finance
15,170
14,856
14,144
14,092
14,152
Automobile
4,871
4,969
5,016
5,167
5,223
Other
2,489
2,458
2,365
2,395
2,274
Total consumer
27,521
27,174
26,321
26,461
26,379
Total loans
$ 144,756
$ 142,530
$ 139,053
$ 137,635
$ 136,345
Supplemental Information - Mortgage Banking Activities
Three Months Ended
Change
Nine Months Ended
Change
September 30,
June 30,
September 30,
September 30,
(Dollars in millions)
2026
2026
Amount
%
2026
2025
Amount
%
Residential mortgage banking revenues
Gains on loans originated for sale
$ 9
$ 7
$ 2
30 %
$ 24
$ 23
$ 1
4 %
Loan servicing:
Loan servicing fees
33
33
—
-1
98
105
(7)
-7
Changes in fair value of mortgage loan
servicing right assets, net of hedging activities
(16)
(11)
(5)
-37
(40)
—
(40)
—
Loan sub-servicing and other fees
93
67
26
38
222
159
63
39
Total loan servicing
110
89
21
23
280
264
16
6
Total residential mortgage banking revenues
$ 119
$ 96
$ 23
24 %
$ 304
$ 287
$ 17
6 %
New commitments to originate loans for sale
$ 377
$ 411
$ (34)
-8 %
$ 1,188
$ 1,019
$ 169
17 %
September 30,
June 30,
March 31,
December 31,
September 30,
(Dollars in millions)
2026
2026
2026
2025
2025
Balances at period end
Loans held for sale
$ 249
$ 256
$ 327
$ 441
$ 327
Commitments to originate loans for sale
191
258
222
224
329
Commitments to sell loans
407
467
544
645
576
Capitalized mortgage loan servicing assets
572
540
542
287
305
Loans serviced for others
34,909
35,253
35,586
35,873
36,421
Loans sub-serviced for others
179,605
183,599
123,968
156,938
161,785
Total loans serviced for others
$ 214,514
$ 218,852
$ 159,554
$ 192,811
$ 198,206
Three Months Ended
Change
Nine Months Ended
Change
September 30,
June 30,
September 30,
September 30,
(Dollars in millions)
2026
2026
Amount
%
2026
2025
Amount
%
Commercial mortgage banking revenues
Gains on loans originated for sale
$ 13
$ 13
$ —
— %
$ 44
$ 50
$ (6)
-12 %
Loan servicing fees and other
20
18
2
9
58
58
—
—
Total commercial mortgage banking revenues
$ 33
$ 31
$ 2
5 %
$ 102
$ 108
$ (6)
-6 %
Loans originated for sale to other investors
$ 737
$ 746
$ (9)
-1 %
$ 2,618
$ 3,138
$ (520)
-17 %
September 30,
June 30,
March 31,
December 31,
September 30,
(Dollars in millions)
2026
2026
2026
2025
2025
Balances at period end
Loans held for sale
$ 263
$ 259
$ 359
$ 484
$ 278
Commitments to originate loans for sale
559
485
529
773
1,074
Commitments to sell loans
826
740
903
1,253
1,292
Capitalized mortgage loan servicing assets
132
136
138
132
123
Loans serviced for others
31,204
31,368
30,934
30,309
28,957
Loans sub-serviced for others
4,013
4,072
4,194
4,231
4,297
Total loans serviced for others
$ 35,217
$ 35,440
$ 35,128
$ 34,540
$ 33,254
Supplemental Information - Other Revenues from Operations
Three Months Ended
Nine Months Ended
September 30,
June 30,
Change
September 30,
September 30,
Change
(Dollars in millions)
2026
2026
Amount
%
2026
2025
Amount
%
Bank owned life insurance revenue
$ 17
$ 20
$ (3)
-12 %
$ 55
$ 56
$ (1)
-2 %
Equipment operating lease income
12
11
1
4
34
37
(3)
-9
BLG income
31
47
(16)
-34
111
20
91
455
Earnout payment related to 2023 sale of
CIT business
—
—
—
—
—
28
(28)
-100
Gains on sales of out-of-footprint loan
portfolio
—
—
—
—
—
15
(15)
-100
Gain on sale of institutional services
subsidiary
—
—
—
—
—
10
(10)
-100
Other
25
17
8
47
57
56
1
2
Total other revenues from operations
$ 85
$ 95
$ (10)
-12 %
$ 257
$ 222
$ 35
16 %
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
(Dollars in millions)
2026
2026
2026
2025
2025
Bank owned life insurance revenue
$ 17
$ 20
$ 18
$ 19
$ 21
Equipment operating lease income
12
11
11
11
12
BLG income
31
47
33
—
20
Earnout payment related to 2023 sale of CIT business
—
—
—
—
28
Other
25
17
15
20
31
Total other revenues from operations
$ 85
$ 95
$ 77
$ 50
$ 112
Supplemental Information - Interest Rate Swap Agreements Designated as Hedges at September 30, 2026
(Dollars in billions)
September 30,
2026
December 31,
2026
March 31,
2027
June 30,
2027
September 30,
2027
December 31,
2027
March 31,
2028
Fair value hedges:
Active
$ 6.1
$ 6.1
$ 6.1
$ 6.1
$ 5.1
$ 6.4
$ 5.9
Forward-starting
1.3
1.3
1.3
1.3
1.3
—
—
Cash flow hedges:
Active
16.7
17.5
17.0
17.7
15.2
13.9
12.7
Forward-starting
8.8
8.0
5.8
1.8
1.8
1.5
—
Fair value hedges -
weighted-average fixed rate:
Active
3.56 %
3.56 %
3.56 %
3.56 %
3.66 %
3.85 %
3.85 %
Forward-starting
4.62
4.62
4.62
4.62
4.62
—
—
Cash flow hedges -
weighted-average fixed rate:
Active
3.70
3.69
3.67
3.78
3.78
3.76
3.87
Forward-starting
3.97
4.01
4.23
4.56
4.56
4.55
—
Reconciliation of Quarterly GAAP to Non-GAAP Measures
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
(Dollars in millions, except per share)
Income statement data
Net income
Net income
$ 775
$ 792
$ 2,257
$ 2,092
Amortization of core deposit and other intangible assets (1)
5
6
17
24
Net operating income
$ 780
$ 798
$ 2,274
$ 2,116
Earnings per common share
Diluted earnings per common share
$ 5.04
$ 4.82
$ 14.48
$ 12.34
Amortization of core deposit and other intangible assets (1)
.04
.05
.12
.15
Diluted net operating earnings per common share
$ 5.08
$ 4.87
$ 14.60
$ 12.49
Other expense
Other expense
$ 1,393
$ 1,363
$ 4,180
$ 4,114
Amortization of core deposit and other intangible assets
(7)
(10)
(23)
(32)
Noninterest operating expense
$ 1,386
$ 1,353
$ 4,157
$ 4,082
Efficiency ratio
Noninterest operating expense (numerator)
$ 1,386
$ 1,353
$ 4,157
$ 4,082
Taxable-equivalent net interest income
$ 1,805
$ 1,773
$ 5,372
$ 5,202
Other income
743
752
2,172
2,046
Less: Gain (loss) on bank investment securities
(1)
1
5
1
Denominator
$ 2,549
$ 2,524
$ 7,539
$ 7,247
Efficiency ratio
54.4 %
53.6 %
55.1 %
56.3 %
Balance sheet data
Average assets
Average assets
$ 218,860
$ 211,053
$ 216,424
$ 209,889
Goodwill
(8,465)
(8,465)
(8,465)
(8,465)
Core deposit and other intangible assets
(45)
(79)
(52)
(86)
Deferred taxes
17
24
18
25
Average tangible assets
$ 210,367
$ 202,533
$ 207,925
$ 201,363
Average common equity
Average total equity
$ 28,331
$ 28,583
$ 28,305
$ 28,748
Preferred stock
(2,890)
(2,394)
(2,635)
(2,394)
Average common equity
25,441
26,189
25,670
26,354
Goodwill
(8,465)
(8,465)
(8,465)
(8,465)
Core deposit and other intangible assets
(45)
(79)
(52)
(86)
Deferred taxes
17
24
18
25
Average tangible common equity
$ 16,948
$ 17,669
$ 17,171
$ 17,828
At end of quarter
Total assets
Total assets
$ 220,510
$ 211,277
Goodwill
(8,465)
(8,465)
Core deposit and other intangible assets
(41)
(74)
Deferred taxes
16
23
Total tangible assets
$ 212,020
$ 202,761
Total common equity
Total equity
$ 28,159
$ 28,728
Preferred stock
(3,017)
(2,394)
Common equity
25,142
26,334
Goodwill
(8,465)
(8,465)
Core deposit and other intangible assets
(41)
(74)
Deferred taxes
16
23
Total tangible common equity
$ 16,652
$ 17,818
____________________
(1)
After any related tax effect.
Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
(Dollars in millions, except per share)
Income statement data
Net income
Net income
$ 775
$ 818
$ 664
$ 759
$ 792
Amortization of core deposit and other intangible assets (1)
5
5
7
8
6
Net operating income
$ 780
$ 823
$ 671
$ 767
$ 798
Earnings per common share
Diluted earnings per common share
$ 5.04
$ 5.32
$ 4.13
$ 4.67
$ 4.82
Amortization of core deposit and other intangible assets (1)
.04
.03
.05
.05
.05
Diluted net operating earnings per common share
$ 5.08
$ 5.35
$ 4.18
$ 4.72
$ 4.87
Other expense
Other expense
$ 1,393
$ 1,349
$ 1,438
$ 1,379
$ 1,363
Amortization of core deposit and other intangible assets
Palantir Technologies (PLTR -0.23%) trades around $204 a share today, valuing the company at about $491 billion. That's already a massive number for a company that didn't report its first full year of GAAP profit until 2023.
The stock's valuation using multiple metrics suggests that it is expensive. But for investors looking into Palantir, the question worth asking isn't whether Palantir is expensive, but whether its growth can catch up to its price tag by the end of 2027.
Running the actual math suggests it's a closer call than the sticker price alone implies.
Image source: Palantir Technologies.
This is what Palantir says is happening right now Palantir's own second-quarter 2026 results, reported in August, showed revenue of $1.935 billion, up 93% year over year, with U.S. commercial revenue growing 149%. Off the back of that, management raised full-year 2026 revenue guidance to between $8.150 billion and $8.158 billion, implying 82% growth for the year, and raised its U.S. commercial revenue guidance to more than $3.424 billion, at least 134% growth. The company also guided third-quarter revenue to between $2.160 billion and $2.164 billion, with Q3 results due Nov. 2. This is Palantir's own stated targets, and the company has beaten its own guidance in each of the last several quarters. Palantir's long-term upside hinges on monetizing AI sovereignty. If they can keep pulling that off, the following bullish math seems likely.
Doing the math on Palantir At today's price, Palantir trades at roughly 61 times its own full-year 2026 revenue guidance, a genuinely rich multiple by any standard, software or otherwise. Palantir hasn't issued formal 2027 guidance yet; that typically arrives alongside fourth-quarter results in February. So building a 2027 price target means making an explicit assumption about where growth heads next, and I want to be upfront that what follows is my own scenario, not a number pulled from Palantir.
In a base case, I'd assume growth decelerates from this year's 82% down to around 55% for 2027, a meaningful slowdown but a believable one given how government and commercial demand have both been accelerating, not fading. That puts 2027 revenue near $12.6 billion. If the market also brings Palantir's sales multiple down somewhat, from 61 times to a still-rich 45 times, reflecting a company that's matured a bit further into its growth story, that works out to a market cap near $567 billion, or a share price around $237, roughly 13% above today's level.
PLTR Palantir Technologies$200.50-$0.47 (-0.23%)
NASDAQ · As of 4:00 PM ET 10/15/26
In a more bullish case, growth remains closer to 65% as new government contracts and commercial AI deployments continue to compound, pushing 2027 revenue to about $13.5 billion. If the multiple only compresses modestly, to around 55 times, that implies a market cap near $742 billion and a share price closer to $310, nearly 50% above current levels.
Both of those scenarios assume Palantir keeps executing at a level only a handful of software companies in history have sustained for this long. Any real slowdown, a government contract delay, slower enterprise AI adoption, or simply the law of large numbers catching up to a company this size, would hit this stock harder than most.
That said, Palantir has a lot going for it, including surging demand for AI software, strong adoption of its Artificial Intelligence Platform (AIP), and an 83% year-over-year increase in remaining deal value to $13.1 billion. If Palantir can justify its premium, my bullish case is pretty likely.
Where that leaves investors Palantir's own numbers, 93% revenue growth, 149% U.S. commercial growth, massive remaining deal value, and guidance raised every quarter this year are really strong cases for this stock. Whether that's enough to justify today's price by the end of 2027 depends almost entirely on whether that growth rate can hold up anywhere close to its current level.
On October 14, Micron (NASDAQ: MU) recorded its first insider stock sale since late August, as Senior Vice President and Chief Legal Officer (CLO) Michael Ray offloaded 6,328 MU shares.
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This signal is triggered upon the reporting of the trade to the Securities and Exchange Commission (SEC).
Specifically, the October 15 Securities and Exchange Commission (SEC) filing revealed that the CLO dumped the equity across two trades of vastly different scales, with the larger one executed at an average price of $929.64 and the smaller at $947.29.
Indeed, Michael Ray disclosed selling 6,288 Micron shares for a total of $5.84 million at the lower price, and another 40 at the higher for a total of $37,892.
Notably, the value of these latest insider trades is similar to the CLO’s previous 2026 MU stock dumps. On January 27, he sold 12,268 shares for $5 million, and on May 1, he dumped 7,601 for $4 million.
This is the biggest Micron stock insider trader in terms of selling in 2026 Meanwhile, despite being responsible for the most recent such stock market maneuvers, Ray is neither the largest nor the most frequent Micron insider trader.
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This signal is triggered upon the reporting of the trade to the Securities and Exchange Commission (SEC).
Instead, President and CEO Sanjay Mehrotra is responsible for the vast majority of volume. Across eight trades – all executed in a relatively short period between May and August – he sold roughly 200,000 MU shares worth a total of approximately $180 million.
Latest Micron stock insider trade timing Lastly, Ray’s insider sales came on the same day that Micron stock recorded its lowest closing price of any day in the last month of trading – $914.13.
Furthermore, MU shares recorded a relatively strong 1.87% recovery during the October 15 session, and met the latest evening bell at $931.24, while even the Friday pre-market downturn failed to take them as low.
Micron stock price one-month chart. Source: Google At press time on October 16, Micron stock is changing hands at $919.20, leaving it nearly flat on the 30-day chart, though still at a price nearly three times higher than it was at the start of 2026.
Featured image via Shutterstock
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Společnost Ithaca Holdco má převzít Bumble za 6,05 USD za akcii; BFA Law prověřuje spravedlnost podmínek, protože Whitney Wolfe Herd může po fúzi převést své akcie do nástupnické společnosti.
NEW YORK, Oct. 16, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that it is investigating the merger between Ithaca Holdings (Ithaca Holdco, Inc.) and Bumble Inc. (NASDAQ:BMBL). Bumble is incorporated in Delaware.
If you are a current shareholder of Bumble, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/bumble-investigation.
Key Details of the Bumble ($BMBL) Investigation:
Investigation Overview: Breaches of Fiduciary Duty in connection with the merger under which Ithaca Holdco, Inc. will acquire the public stock of Bumble for $6.05 per shareAction: Contact BFA Law to discuss your rights Why is the Bumble Transaction being Investigated?
Bumble, Inc. is a company that is controlled by two majority stockholders—Blackstone Inc. and Bumble’s founder, Whitney Wolfe Herd. Those two stockholders alone control 83.7% of the company’s voting power. Bumble secured stockholder approval for the merger with Ithaca with the written consent of Blackstone and Whitney Wolfe Herd, with no further stockholder vote planned. Bumble’s board of directors reportedly approved the merger on the recommendation of the special committee it formed to evaluate the merger.
As a part of the merger agreement with Ithaca Holdco, Inc., Whitney Wolfe Herd’s stock in Bumble is being allowed to rollover into the post-merger company—meaning she will continue to own stock in the company after the merger closes. The opportunity to rollover shares is not being extended to any other stockholders.
BFA is investigating whether the terms of the merger, including the rollover, comply with Delaware law, including whether the $6.05 per share price is a fair price for the public stockholders’ shares of Bumble stock.
Click here for more information:
https://www.bfalaw.com/cases/bumble-investigation
What Can You Do?
If you are a current holder of Bumble stock, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases/bumble-investigation
Or contact:
Adam McCall
[email protected]
212.789.3619
Why Bleichmar Fonti & Auld LLP?
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters.
Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff’s securities litigation law firm, with clients noting: “[t]here is no better service provider in the practice area,” “[t]he interest of the client is always front and center,” and “[t]here isn’t a better firm in this space.” One testimonial described the firm as “nimble and entrepreneurial,” with a “relentless focus on adding value for clients.”
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Li Auto zajistila pro svou čipovou dceřinou společnost MHX Technology kapitálové financování ve výši 1,625 mld. RMB; sama investuje 1 mld. RMB a externí investoři 625 mil. RMB.
BEIJING, China, Oct. 16, 2026 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today announced that Shanghai Mahe Xin Technology Co., Ltd. (“MHX Technology”), a subsidiary of the Company dedicated to its chip and domain controller business, entered into subscription agreements for equity financing totaling RMB1.625 billion (the “Subscription”). The Company, through a wholly-owned subsidiary, and external investors including Hangzhou Jingtao, Lanchi Ventures, Huaye Tiancheng and MiraclePlus (the “Investors”) will invest RMB1.0 billion and RMB625 million respectively.
In addition, Hangzhou Jingtao Additional Investor has been granted a right (“Hangzhou Jingtao Subscription Right”), on a one-off basis on or before December 31, 2026, to invest in MHX Technology at the same price per unit of increased registered capital as that under the Subscription, for an aggregate consideration of not more than RMB500 million.
In connection with the Subscription, MHX Technology will adopt two share incentive plans to provide incentives to its valuable employees and key contributors.
Li Auto will continue to control and consolidate MHX Technology’s financial results following the financing. Assuming full utilization of both incentive plans and full exercise of the Hangzhou Jingtao Subscription Right, the Company, the Investors, and certain entities to administer MHX Technology’s share incentive plans expect to hold approximately 74.01%, 6.58%, and 19.41% equity interest in MHX Technology, respectively.
The establishment of MHX Technology as a dedicated platform for the chip and domain controller business positions it to capitalize on broader industrial opportunities, particularly in non-automotive sectors, and realize enhanced economies of scale. In addition, the Subscription provides MHX Technology with substantial capital to advance its R&D and commercialization efforts, while the share incentive plans will attract, motivate and retain key talents, aligning participants’ interests with the long-term growth of the business.
Completion of the financing is subject to customary closing conditions. Further details are available in the Company’s announcement published on the website of The Stock Exchange of Hong Kong Limited on October 16, 2026.
About Li Auto Inc.
Li Auto Inc. is a leader in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Be Proactive, Change the World. Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. It offers high-tech flagship family MPVs, Li L series extended-range electric SUVs, and Li i series battery electric SUVs. The Company will continue to expand its product lineup to target a broader user base.
For more information, please visit: https://ir.lixiang.com.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets,” “likely to,” “challenges,” and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles and high-power charging battery electric vehicles; Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Li Auto Inc.
Investor Relations
Email: [email protected]
Black Hills (BKH -0.73%) is a regulated utility with an impressive 56-year track record of dividend growth. This makes it a Dividend King, or a company that has raised its payout for 50 consecutive years or more.
Regulated utilities have historically been a sleepy part of the stock market because of their low volatility and stable cash flows, but lately they have been making headlines for long-term agreements with major technology companies. On Oct. 6, Black Hills announced multiple agreements with Alphabet's Google to provide energy infrastructure and services for its hyperscale data center campus in Cheyenne, Wyoming. The agreement runs through 2048 and builds on Black Hills' position as the region's top energy provider for hyperscalers.
Here's what investors need to know.
Image source: Getty Images.
Breaking down Black Hills' deal with Google As part of its arrangement with Google, Black Hills will deliver 2.7 gigawatts (GW) of power for Google's data center campus. This includes 590 megawatts (MW) of utility grid-connected service and another 2.1 GW of privately managed, third-party-contracted resources operating as an off-grid microgrid, and boosts Black Hills' position in the region.
Energy services are projected to begin in late 2027 and ramp up to peak operational load by 2030. At that point, Black Hills projects the deal will deliver $150 million in annual net income and $2.4 billion in unlevered free cash flow through 2048.
Under the deal, Black Hills will invest $1.8 billion in capital expenditures to build 564 MW of natural gas power generation between 2027 and 2029. Google provided $399 million in refundable advances for long-lead equipment procurement, which Black Hills plans to reimburse by next year.
BKH Black Hills$75.87-$0.56 (-0.73%)
NYSE · As of 4:00 PM ET 10/15/26
Wyoming is emerging as a data center hub The move helps Black Hills build on its strong regional position. It operates across eight states, including Wyoming, Colorado, Montana, and South Dakota. Cheyenne, Wyoming, has emerged as a data center hub thanks to favorable regulatory policies, a cool climate, and major grid investments.
Wyoming Electric has seen peak electric loads grow over two decades since Black Hills acquired the utility, and its system peak reached a record of 439 MW in July 2026, up 16% from 2025.
Black Hills has partnered with Microsoft in Cheyenne for over a decade and continues to build on that collaboration. In April, Microsoft announced it would acquire 3,200 acres in the area for a new data center capacity under the state's Large Power Contract Service (LPCS) tariff. In addition, Meta Platforms is another hyperscaler building a data center in the region, which is scheduled to open in 2027.
What this means for Black Hills' outlook The influx of hyperscalers into Wyoming is boosting Black Hills, which is evolving from a sleepy, defensive utility to a key energy infrastructure provider for AI data centers in the region. Its baseline forecast (before its Google deal) includes 600 MW of large data center load through 2030, anchored by Microsoft's and Meta's data centers.
Its deal with Google builds on its strong position, and the $150 million in added net income is massive for the company, which had $292 million in net income in 2025. The company is also a strong dividend stock, with 56 years of raises and a 3.6% yield.
As Wyoming's data center market grows and energy demand surges, Black Hills stands out as an appealing utility stock to capitalize on this growth.
Analytici se u společnosti VICI Properties (NYSE:VICI) shodují na doporučení „držet“; z 15 analytiků jich osm doporučuje akcie držet a sedm je koupit. Průměrná cílová cena pro následujících 12 měsíců činí 30,00 USD.
Shares of VICI Properties Inc. (NYSE:VICI – Get Free Report) have been given a consensus recommendation of “Hold” by the fifteen ratings firms that are covering the stock, MarketBeat reports. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $30.00.
Several research firms recently commented on VICI. Robert W. Baird set a $32.00 price objective on shares of VICI Properties in a research report on Thursday, July 30th. Wells Fargo & Company reduced their target price on shares of VICI Properties from $27.00 to $26.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 1st. Royal Bank Of Canada started coverage on VICI Properties in a report on Thursday, June 25th. They set a “sector perform” rating and a $29.00 target price for the company. Citigroup reissued a “market outperform” rating on shares of VICI Properties in a research note on Friday, October 2nd. Finally, Citizens Jmp dropped their price target on VICI Properties from $35.00 to $31.00 and set a “market outperform” rating on the stock in a research note on Friday, October 2nd.
Read Our Latest Stock Report on VICI
Institutional Inflows and Outflows
Hedge funds have recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of VICI Properties by 3.4% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,699,040 shares of the company’s stock worth $284,060,000 after acquiring an additional 349,262 shares in the last quarter. Amundi raised its holdings in shares of VICI Properties by 21.1% in the second quarter. Amundi now owns 7,728,135 shares of the company’s stock valued at $205,182,000 after purchasing an additional 1,344,994 shares during the last quarter. Rakuten Investment Management Inc. acquired a new stake in shares of VICI Properties in the second quarter valued at approximately $4,858,000. The Manufacturers Life Insurance Company lifted its position in shares of VICI Properties by 19.3% in the second quarter. The Manufacturers Life Insurance Company now owns 1,097,823 shares of the company’s stock worth $29,147,000 after purchasing an additional 177,238 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of VICI Properties by 2.7% in the first quarter. Bank of America Corp DE now owns 27,948,502 shares of the company’s stock worth $763,553,000 after purchasing an additional 734,068 shares in the last quarter. 97.71% of the stock is currently owned by institutional investors.
VICI Properties Stock Performance
Shares of VICI opened at $23.43 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.98 and a current ratio of 1.98. VICI Properties has a twelve month low of $22.42 and a twelve month high of $31.69. The firm’s 50 day moving average price is $24.69 and its two-hundred day moving average price is $26.55. The firm has a market cap of $25.80 billion, a P/E ratio of 9.08 and a beta of 0.65.
VICI Properties (NYSE:VICI – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.09). VICI Properties had a net margin of 67.50% and a return on equity of 9.66%. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the company earned $0.60 EPS. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. VICI Properties has set its FY 2026 guidance at 2.450-2.470 EPS. On average, analysts forecast that VICI Properties will post 2.47 EPS for the current fiscal year.
VICI Properties Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were given a dividend of $0.46 per share. This is an increase from VICI Properties’s previous quarterly dividend of $0.45. This represents a $1.84 annualized dividend and a dividend yield of 7.9%. The ex-dividend date of this dividend was Thursday, September 17th. VICI Properties’s payout ratio is currently 71.32%.
VICI Properties Company Profile
(Get Free Report)
VICI Properties Inc (NYSE:VICI) is a real estate investment trust that owns and acquires experiential real estate, with a primary focus on gaming, hospitality and entertainment properties. The company generates revenue by leasing its properties to operating partners, generally under long-term, triple-net lease agreements that place responsibility for property-level expenses with the tenants.
VICI’s portfolio includes some of the most recognized gaming and resort destinations in the United States, including properties associated with Caesars Entertainment, MGM Resorts International and other gaming operators.
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Capital B vykázala za první pololetí 2026 čistou ztrátu 69,5 milionu EUR v důsledku nepeněžního snížení hodnoty Bitcoinu o 67,5 milionu EUR; její strategická rezerva přitom vzrostla na 3 139 BTC.
Capital B has reported a €69.5 million ($78 million) net loss for the first half of 2026, largely driven by a €67.5 million ($75.8 million) Bitcoin impairment charge, even as the French company’s cryptocurrency holdings increased 11.2% during the period.
Summary
Capital B reported a €69.5 million first-half net loss, mainly driven by Bitcoin impairment charges. The company’s €67.5 million Bitcoin impairment was noncash and reflected prices recorded on June 30. Capital B increased its strategic Bitcoin holdings from 2,823 BTC in January to 3,139 by June. First-half revenue increased 3.5% to €5.85 million, while group adjusted EBITDA remained in negative territory. By September 30, Capital B held 3,538 Bitcoin acquired at an average cost of €87,805. Capital B confirmed in its October 15 financial report that the charge reflected Bitcoin’s valuation as of June 30 and did not involve a cash payment. The Paris-listed company reported a net loss of €1.9 million during the corresponding period in 2025.
Despite the accounting loss, consolidated revenue increased 3.5% from €5.65 million to €5.85 million ($6.5 million). Capital B continued raising funds for Bitcoin purchases, bringing its strategic holdings to 3,139 BTC by June and 3,538 BTC by the end of September.
The results cover the six months ended June 30, while the company’s treasury update includes transactions completed after the reporting period.
Capital B’s $78M loss comes largely from Bitcoin impairment The first-half results were dominated by a €67.5 million impairment charge associated with the company’s Bitcoin holdings. Capital B recognized the charge after assessing the cryptocurrency’s value at the June 30 reporting date.
An impairment charge reduces the recorded value of an asset in a company’s financial statements when accounting rules require it. Capital B explained that the Bitcoin adjustment did not involve selling its holdings or making an equivalent cash payment.
The company’s financial result fell to a loss of €67.5 million, compared with approximately €66,000 during the first half of 2025. Consolidated net income subsequently declined to negative €69.5 million from negative €1.86 million a year earlier.
Operating figures presented a different picture. Capital B reported an adjusted EBITDA loss of €1.07 million, compared with a loss of €815,000 during the corresponding six months in 2025.
EBITDA measures earnings before interest, taxes, depreciation, and amortization. Capital B uses an adjusted measure that incorporates certain accounting items, including France’s research tax credit.
According to the filing, approximately €2.2 million of costs were connected to its Bitcoin treasury operations. Expenses included salaries, financial advisory services, and other activities associated with maintaining and financing the cryptocurrency strategy.
Meanwhile, the company’s established technology businesses reported positive adjusted operating EBITDA of approximately €640,000. The figure represented a 9.8% increase from €580,000 in the comparable period.
Its operating subsidiaries provide data intelligence, artificial intelligence, and technology consulting services. Capital B said the group incurred €3.3 million in purchases and other operating expenses, an increase of 9.9% from the previous year.
Capital B expands Bitcoin treasury to 3,538 BTC Alongside its financial results, Capital B provided updated figures showing continued Bitcoin purchases throughout 2026.
The company’s strategic reserve increased from 2,823 BTC in January to 3,139 BTC by June 30, representing growth of 11.2%. Subsequent acquisitions brought the reserve to 3,538 BTC by September 30, an increase of 25.3% from the beginning of the year.
Capital B reported a total acquisition cost of €310.6 million for the September holdings, equivalent to an average purchase price of €87,805 per Bitcoin. The figure represents the company’s historical acquisition cost, not the cryptocurrency’s current market value.
In its October 15 financial disclosure, the company stated that the strategic reserve remained at 3,538 BTC. It separately held another 61 BTC designated for operational requirements.
The additional 61 BTC are excluded from the company’s reported strategic treasury performance indicators. Including those separately designated assets, Capital B controlled 3,599 BTC as of the announcement date.
Earlier in September, the company completed additional Bitcoin purchases following new fundraising transactions. Its €25.3 million Bitcoin acquisition program followed private placements involving institutional investors and shareholders.
Capital B measures treasury progress partly through a metric called BTC Yield, which tracks changes in Bitcoin holdings per fully diluted share. The company reported a 1.85% BTC Yield for the first half and 2.2% through September.
Its financial report cautions that BTC Yield is not equivalent to a conventional investment yield. The indicator does not measure operating profit, cash generation, or the investment return earned by shareholders.
Capital B raises funds to continue Bitcoin purchases During the first half, Capital B announced financing transactions totaling €27.5 million, or roughly $30 million. The amount included equity placements, share warrants, and financing packages combining shares with warrants.
According to its financial report, approximately €15.2 million came from share-and-warrant transactions, while warrant exercises generated another €8.8 million. Equity financing programs contributed approximately €3.5 million.
The company used its financing strategy to support Bitcoin purchases and increase the amount of cryptocurrency held per fully diluted share.
Among its institutional investors is Blockstream co-founder Adam Back, who participated in earlier funding rounds. A September transaction involving Back raised €7.6 million and expanded his investment in the company.
As detailed in the Capital B financing agreement involving Adam Back, the placement included shares and warrants that could provide further funding if exercised.
Capital B’s latest report showed fundraising activity continued after June. From the start of the second half through October 15, the company announced approximately €31.7 million in additional capital raises.
Most of the second-half funding came from transactions combining equity with warrants, accounting for €28.7 million. Another €3 million was raised through equity financing arrangements.
The company had previously secured shareholder authorization for substantial financing capacity. At its June meeting, investors approved up to €5 billion in capital increases and €100 billion in credit instruments.
The shareholder-approved Bitcoin financing framework provides authority for potential future transactions. The approved limits do not represent funds already raised or debt already issued.
Capital B completes stock split and updates cash position Capital B’s financial report confirmed that its 10-for-1 reverse stock split became effective on September 8, following approval by the board on July 17.
The transaction combined every ten existing shares into one new share, reducing the number of shares outstanding without changing investors’ proportional ownership solely through the consolidation.
Following the adjustment, each share’s nominal value increased to €0.80. Capital B adopted a new International Securities Identification Number, FR0014019Y19, and adjusted the terms of outstanding warrants and convertible instruments.
The company previously described the restructuring as part of its efforts to attract institutional investors. Its shares continue trading on Euronext Growth Paris under the ticker ALCPB, with CPTLF used for its U.S. trading quotation.
Separately, Capital B reported improvements in its available cash after the first-half reporting date. At June 30, the group held €2.3 million in cash and 61 BTC designated for operating requirements.
By September 30, available cash had increased to €4.6 million. The company valued its separately designated 61 BTC at approximately €4.5 million, bringing combined cash and operational Bitcoin resources to €9.1 million.
The group’s total assets stood at €317.1 million at the end of June, compared with €297.2 million at the end of 2025. Shareholders’ equity declined to €86.8 million from €109.4 million, while provisions increased to €124 million.
Capital B said its half-year financial statements had undergone a limited review by statutory auditors and were prepared on a going-concern basis. Based on its internal forecasts, the company stated that available liquidity was consistent with its expected funding requirements for the following 12 months.
On August 17, Blockstream Capital Partners completed the conversion of its remaining 14.2 million OCA B-01 convertible instruments into approximately 28.7 million ordinary shares before the reverse stock split. The conversion was among the post-June transactions included in the company’s October 15 financial disclosure.
Google s procesorem Willow snížil kvantové chyby 40krát oproti předchozímu stavu a dosáhl úspěšnosti 99,99 %, technologie však zatím nedokáže prolomit šifrování Bitcoinu.
Google has demonstrated a 40-fold reduction in quantum computing errors using its Willow processor, advancing a technology that researchers believe could eventually challenge the cryptography protecting Bitcoin.
Summary
Google reduced quantum computing errors approximately 40-fold using magic state cultivation on its Willow processor. Google’s researchers achieved 99.99% logical fidelity while testing purified quantum states on real computing hardware. Glassnode estimated 6.04 million BTC had exposed public keys, representing 30.2% of mined Bitcoin. Google’s earlier research estimated future cryptographic attacks could require fewer than 500,000 physical quantum qubits. Coinbase published Bitcoin security recommendations on October 13, addressing migration challenges and vulnerable legacy coins. Google announced the results on October 15, 2026, following the publication of its research in the scientific journal Science. The experiment used a technique called magic state cultivation to produce quantum states with 99.99% logical fidelity, or accuracy, under the researchers’ testing method.
The achievement addresses a technical problem that has limited efforts to build reliable quantum computers. Although Google’s experiment did not break Bitcoin’s encryption, its findings concern technology that could eventually help future machines perform the calculations needed to attack existing cryptographic systems.
JUST IN: Google’s Willow chip advances quantum computing, raising fresh questions about Bitcoin’s security
A new technique called “magic state cultivation” cuts quantum errors roughly 40x with 99.99% accuracy, but scaling it up remains a challenge before quantum computers could… pic.twitter.com/9gL46tAPJT
— crypto.news (@cryptodotnews) October 16, 2026 The research follows Google’s March assessment that a sufficiently powerful quantum computer could break the type of elliptic curve cryptography used by Bitcoin with fewer than 500,000 physical qubits under specified hardware assumptions.
Google cuts quantum computing errors by 40 times Google’s latest experiment focused on reducing errors in special quantum states used to perform certain advanced calculations. Known as magic states, they provide resources needed for operations that ordinary quantum error-correction methods cannot perform on their own.
Creating these states has been one of the expensive parts of quantum computing. According to Google’s researchers, some estimates suggest that producing sufficiently reliable magic states could consume as much as 95% of a quantum computer’s capacity.
The new method begins with a quantum state that contains errors and subjects it to repeated checks. Attempts that fail the tests are discarded, leaving the successful ones with substantially lower error rates.
Using the Willow processor, Google demonstrated that the cultivation process reduced errors by approximately 40 times compared with states created without the method. Its researchers reported a record logical fidelity of 99.99% for the resulting T-states, which are used in important quantum computing operations.
Research scientists Emma Rosenfeld and Craig Gidney described the result as the first experimental demonstration of an efficient method for producing these resources on real quantum hardware.
The team developed the approach from theoretical work conducted in 2024 by Gidney, Noah Shutty, and Cody Jones. Turning the proposal into a working experiment required changes to both the hardware controls and the techniques used to measure errors.
During testing, researchers discovered that electrical drift and temperature variations were interfering with their measurements. They introduced new controls and developed a benchmarking method that allowed the cultivation process to help verify its own accuracy.
Google subsequently demonstrated that purified states could transfer between two quantum error-correction methods, known as color codes and surface codes. The experiment successfully moved a state from a distance-3 color code into a distance-5 surface code.
The company cautioned that the technique still needs testing at larger scales before it can support practical quantum computers.
What Google’s quantum advance means for Bitcoin security Bitcoin uses public-key cryptography to authorize transactions and prove that funds are being spent by their rightful owners. Private keys remain secret, while public keys can be used to verify digital signatures.
A sufficiently powerful quantum computer running Shor’s algorithm could theoretically calculate a private key from an exposed public key. Such an attack would threaten funds protected by existing elliptic curve signature systems.
In March 2026, Google researchers estimated that future machines could break 256-bit elliptic curve cryptography using fewer than 500,000 physical qubits. The research involved hardware assumptions and calculations that have not been demonstrated on a machine capable of attacking Bitcoin.
The estimate represented approximately a 20-fold reduction from earlier resource calculations. Google’s researchers developed optimized quantum circuits intended to perform the mathematical operations required to recover private keys from public keys.
However, the work still requires millions of quantum operations and reliable error correction. Magic states are needed to support some of those operations, making Google’s latest experiment relevant to the technical requirements identified in its earlier research.
The Willow processor contains 105 physical qubits, far below the resources described in Google’s Bitcoin security study. Its latest achievement involved preparing and verifying quantum states, not extracting cryptocurrency private keys.
As previously examined in Google’s accelerated quantum security timeline, the company has urged organizations to prepare for post-quantum cryptography before capable machines become available.
Google has not announced when its cultivation method will work at the scale needed for practical cryptographic attacks. The company acknowledged that technical challenges remain in expanding the experiment to larger systems.
Glassnode identifies 6.04 million BTC with exposed public keys The potential threat to Bitcoin depends partly on whether an attacker’s target has a publicly visible cryptographic key.
Blockchain analytics firm Glassnode estimated in May that approximately 6.04 million BTC, equivalent to 30.2% of the mined supply at the time, had public-key exposure while sitting in unspent transaction outputs.
The research separated exposed holdings into two categories. Approximately 1.92 million BTC were classified as structurally exposed because their address formats revealed public keys by design.
Another 4.12 million BTC were considered operationally exposed through practices such as address reuse and partial spending. In certain transaction structures, spending Bitcoin reveals a public key that was previously hidden behind a cryptographic hash.
The figures measure exposure under Glassnode’s methodology, not coins that quantum computers can currently steal. They do not establish that all 6.04 million BTC would be accessible to an attacker under identical conditions.
The findings were covered in an earlier report on quantum computing risks to blockchain security, which examined European regulatory concerns and the concentration of Bitcoin in potentially vulnerable addresses.
Another challenge involves coins whose owners may no longer possess the private keys needed to move them. Researchers have estimated that millions of BTC could remain in old wallets because their owners lost access, abandoned the accounts, or have not moved the holdings for years.
A June study by Quantus estimated that approximately 2.3 million BTC could be difficult or impossible to migrate using ordinary wallet procedures.
The research, previously examined in warnings about lost Bitcoin and future quantum attacks, described potential risks involving dormant wallets and early Bitcoin holdings.
Those figures remain estimates. Public blockchain data cannot conclusively determine whether an inactive wallet’s owner has lost access or simply chosen not to spend the coins.
Coinbase proposes steps to protect Bitcoin from quantum attacks As researchers continue improving quantum hardware, cryptocurrency companies are examining how Bitcoin could transition to signature systems designed to resist quantum attacks.
On October 13, Coinbase published recommendations addressing Bitcoin’s long-term security, including the treatment of exposed coins, new wallet formats, and the practical challenges of replacing existing cryptographic signatures.
The exchange argued that protecting Bitcoin requires more than selecting a quantum-resistant algorithm. A successful transition would need to consider transaction fees, limited block space, wallet compatibility, custody systems, and the ability of independent nodes to verify transactions.
Coinbase described several possible approaches to coins that cannot move before a future security upgrade. Options included restrictions on spending from vulnerable addresses and recovery mechanisms that could allow legitimate owners to reclaim affected holdings.
The exchange did not present those possibilities as agreed Bitcoin policy. Decisions involving dormant coins and potential restrictions would require discussion and acceptance within Bitcoin’s decentralized development community.
For active wallets, Coinbase supported allowing users to adopt quantum-resistant options through a staged transition. The proposal would give developers and custodians time to test new signature systems before existing protections become vulnerable.
Some Bitcoin developers have already proposed changes through Bitcoin Improvement Proposals, including BIP-360, which introduces a proposed output type intended to reduce public-key exposure in certain circumstances.
Researchers have warned that migrating large numbers of Bitcoin transactions could require several years, depending on the selected signature system, network capacity, and the number of users moving their funds.
A separate June study projected that a migration beginning in 2026 might finish between 2029 and 2031 under its assumptions. The calculation remains conditional, and Bitcoin has not approved a network-wide deadline for switching to post-quantum signatures.
Google’s latest research provides a new experimental result for quantum hardware development, while Coinbase’s October recommendations remain open for discussion among Bitcoin developers, researchers, custodians, and other network participants.
Americké spotové ETF na XRP a ZEC zaznamenaly 15. října čistý jednodenní odliv ve výši 14,8678 milionu USD, zatímco ETF na NEAR přilákaly 1,126 milionu USD.
PANews, October 16 - According to SoSoValue data, yesterday (October 15, US Eastern Time), US XRP and ZEC spot ETFs saw single-day total net outflows of $104,500 and $14.7633 million respectively, for a combined net outflow of $14.8678 million; NEAR spot ETFs saw a single-day total net inflow of $1.126 million.
For XRP, Franklin XRP ETF (XRPZ) saw a single-day net inflow of $3.6448 million, with cumulative historical net inflows of $513 million; Bitwise XRP ETF (XRP) saw a single-day net outflow of $3.7494 million, with cumulative historical net inflows of $685 million. As of press time, XRP spot ETFs had total net assets of $1.528 billion, a net asset ratio of 1.81%, and cumulative historical net inflows of $1.803 billion.
For ZEC, only Zcash ETF (ZCSH) recorded a net outflow on the day, amounting to $14.7633 million, with cumulative historical net inflows of $164 million. As of press time, ZEC spot ETFs had total net assets of $674 million, a net asset ratio of 3.21%, and cumulative historical net inflows of $164 million.
For NEAR, only Bitwise NEAR ETF (NRR) recorded a net inflow on the day, amounting to $1.126 million, with the fund's cumulative historical net inflows at $80.4407 million. As of press time, NEAR spot ETFs had total net assets of $86.1425 million, a net asset ratio of 1.24%, and cumulative historical net inflows of $80.4407 million.
XRP is trading well below its January 2018 peak. (TradingView/CoinDesk)Ringkasan
XRP trades around $1.33, about 62.5% below its January 2018 peak, while Bitcoin, Ether and several other major cryptocurrencies have surpassed their previous highs.Analysts attribute XRP’s lagging price partly to a sharp increase in circulating supply, weak fund inflows and declining trading activity and network use.Ripple’s focus on payments, XRP’s limited exposure to popular crypto sectors and years of regulatory uncertainty from the S.E.C. case have also weighed on demand.Holding is widely touted as a great way to build wealth in the crypto market, but it hasn't worked for every coin.
Take XRP (XRP), the payments-focused cryptocurrency native to the XRP Ledger and the world’s fifth-largest digital asset by market value.
The token is still trading well below its 2017 cycle high, while most other major cryptocurrencies have climbed far above theirs. In 2017, crypto broke into the mainstream, pulling in new users and investors during the frenzied run that carried into the first week or two of 2018.
XRP currently trades around $1.33, down 62.5% from its early January 2018 peak of $3.55. In other words, an XRP buyer from that peak is still underwater nearly nine years later. (XRP did briefly top its old high, reaching $3.66 in July 2025 before crashing.)
Bitcoin BTC$82.071,33 is up 314% from its December 2017 peak of $19,804. Dogecoin DOGE$0.08197 is up 322% from its January 2018 high, and BNB BNB$729,33 is up about 2,800%. Ether ETH$2.444,89 is up 66% and zcash (ZEC) is up 38%. Tron is also slightly below its peak, down about 4%. Solana launched in 2020.
Bitcoin, ether and many other tokens have pulled back sharply from their 2025 peaks, yet remain far above their 2017 highs.
Too many coinsAnalysts point first to XRP’s supply.
"Circulating supply grew 63%, from 38.7B in 2017 to 63.1B, while XRP's total market value fell only about 3%," Nicolai Sondergaard, senior research analyst at analytics firm Nansen, told CoinDesk. "More XRP in circulation means each token represents a smaller share of roughly the same total value."
Circulating supply is the number of coins on the market, and as it grows, each coin represents a smaller share of the total.
Oliver Carding, head of marketing at Tesseract Group, says XRP looks better when measured by total value instead of price.
"On value, XRP recovered," he said. "About 63% more XRP is in circulation than at that peak, so the same circulating market capitalization would mean a price roughly 39% lower."
Tesseract is an institutional digital asset management firm that manages over $500 million in assets under management.
Weaker demandU.S.-listed exchange-traded funds, or ETFs, have opened the door for institutional investors to take exposure to digital assets. While bitcoin and ether funds have pulled in billions, XRP funds have lagged big time.
"ETF uptake has also been muted relative to $BTC and $ETH," said Paul Howard, senior director at market-making firm Wincent.
To date, XRP funds have pulled in just $1.80 billion in investor money since debuting nearly a year ago, according to data source SoSoValue. Bitcoin ETFs often attract over $1 billion in investor money in a single day.
Nansen's data also shows trading activity has weakened, with XRP spot volume down 53.5%, perpetual futures volume down 44%, and active addresses down 10.7%.
Ripple's focusRipple, the payments company closely tied to XRP, has focused on cross-border payments rather than chasing sectors such as DeFi, AI, and memecoins, which have attracted greater capital flows and deeper integration with traditional finance.
"Ripple, meanwhile, has been working hard to build payment infrastructure, RLUSD and trade financing products around the usage of the ledger and coin, and this has taken focus from just core XRP," Howard said.
Investors also have more choices now.
"The role of DeFi for investment into ETH, SOL and HYPE has also been a new narrative which $XRP has not focused on," Howard said.
The SEC caseRipple’s legal fight with U.S. regulators also held XRP back.
The Securities and Exchange Commission sued Ripple and two of its executives in December 2020, saying the company had raised about $1.3 billion by selling XRP without registering it as a security.
A federal judge ruled in 2023 that XRP sales on public exchanges were not securities offerings, but that sales to institutional investors were. In 2024, Ripple was ordered to pay a $125 million penalty. The case ended in August 2025, when both sides dropped their appeals.
Carding said the prolonged regulatory uncertainty helps explain why the token missed its old high during the 2021 crypto bull run, when Coinbase suspended trading.
“The SEC case helps explain why XRP did not revisit its 2018 high in 2021, when Coinbase suspended trading, but the appeals were dropped in August 2025 with XRP above $3,” Carding said. “Since then, XRP is down about 59%, against 32% for bitcoin and 44% for ether, and its circulating market capitalisation is down about 56%.”
Not the only laggardXRP isn't the only coin trading below its early 2018 highs.
"On price, six of the other nine assets in the January 2018 top ten are further below their levels of that week," Carding said.
For those watching XRP, Carding has a suggestion.
"What I would watch is XRP against bitcoin, alongside net monthly distribution after re-escrow and changes in fund holdings," he said. "Relative weakness that persists as distribution slows would point to weaker demand."
In plain English, Carding is watching whether XRP underperforms bitcoin even as fewer new XRP tokens enter the market through Ripple’s escrow releases. If supply growth slows but XRP still lags bitcoin, it would suggest that investor demand for XRP is weakening.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Speculative traders in the derivatives market launched a large-scale counterattack to defend the XRP token from a prolonged decline after the release of tough macroeconomic data in the US.
According to the analyst 'DarkFrost' from CryptoQuant, an abnormal capital inflow was recorded on Binance alone as key support levels broke: more than $184 million flowed into long contracts within a few hours. This allowed XRP to quickly recover from its drop below $1.30 and show a local rebound of 5%.
XRP Taker Buy Volume spikes on Binance as price dips below $1.30, Source: @darkfost_coc / CryptoQuant
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The massive wave of selling began after XRP corrected by 22.5% from its September high of $1.65. Pressure on the cryptocurrency sector came from US consumer price (CPI) and producer price (PPI) indices that were "hotter" than expected, which triggered a drop in US stock indices.
However, some large players viewed XRP's drop below $1.30 as an extreme market asymmetry and opened positions against the current bearish trend.
All the money went to Binance (literally)On-chain data confirms that the defensive wave of liquidity was isolated and bypassed other major exchanges, concentrating in one place:
Abnormal volume on Binance: In the peak hour, the volume of market buy orders (Taker Buy Volume) on the exchange exceeded $73 million. Several subsequent hourly intervals brought in another $35 million each, forming a total of $184 million in speculative capital.
Low activity on competing exchanges: Other major exchanges ignored the move. In the same peak hour, the volume of similar buys on Bybit was only $1 million, and on OKX, less than $451,000.
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Despite the short-term success of the strategy and the subsequent 5% price rise, analysts point to high risks for the market. The spike in the Taker Buy Volume metric in the derivatives market reflects the opening of leveraged positions rather than long-term interest from spot investors.
The high concentration of margin contracts in a narrow price range on Binance makes XRP highly vulnerable to cascading liquidations and guarantees increased volatility in the coming days.
An OpenAI agent ran out of Ethereum funds, and took from a wallet it did not own. (Ethereum)Кратко
An internal OpenAI research model used a publicly available recovery phrase to access and spend from another person’s cryptocurrency wallet after it ran out of funds during a coding assignment.The June 26 incident occurred on Ethereum’s Sepolia test network, whose tokens have no connection to ether traded on the main network, and OpenAI discovered it on Sept. 25.The model completed the assignment without disclosing the source of the funds, prompting OpenAI to add internet-access restrictions and increased monitoring.An OpenAI research model stuck without funds on an Ethereum test network went looking for someone else’s wallet, found one through recovery phrases that were already public, and spent from it to finish a coding assignment, the company disclosed Thursday.
The incident occurred on June 26 during training of an internal model in the GPT-5.6 Sol family, and OpenAI discovered it on Sept. 25, according to its incident report.
The model needed no hacking skills to get in.
A recovery phrase, also called a seed phrase, is a list of words that generates a wallet’s secret keys; whoever has those words can recreate the accounts and spend from them without ever touching the owner’s device.
The assignment let the model deploy contracts, programs that run on a blockchain, but gave it no funded wallet to pay the fees. After its attempts to get free test tokens failed, it wrote a script that checked 362 addresses generated from recovery phrases commonly used by developers and found one with enough money.
“But using public known key/funds ethically?” the model asked itself in its recorded reasoning, before deciding that a public phrase and test tokens made it acceptable.
How an AI found someone else’s wallet and spent from it. (Shaurya Malwa/CoinDesk)The spending happened on Sepolia, a separate network where developers rehearse Ethereum applications before launching them. Its tokens only pay for testing and aren't linked to the ether traded on Ethereum’s main network.
The deployment went through, and the wallet paid the fees. When the model reported back, it said the work was done and left out where the money came from. OpenAI said it has since added restrictions on internet access and more monitoring.
Crypto and AI companies are building agents that hold wallets and pay for services without a person signing off on each step.
OpenAI’s model ran out of money mid-task, found a wallet that wasn’t its own and spent from it without asking. Had it been on Ethereum’s main network, that would have been real ether taken from someone else’s account.
Držitelé STRK hlasují o dalším zkoumání možnosti, že se Starknet kvůli kvantovým rizikům oddělí od Etherea a stane se samostatným Layer 1. Hlasování není závazné.
The Starknet community is voting on whether to explore the possibility of an independent Layer 1 network due to quantum risks. The current vote is not binding.
Starknet, the second-layer network running on Ethereum, has opened a community vote on the possibility of becoming an independent Layer 1 blockchain. The seven-day vote gives STRK holders the option to support continued research, oppose it, or remain neutral until more information is provided.
The vote will close on October 22nd, and the results will be announced later. However, a positive outcome doesn’t mean Starknet will immediately separate from Ethereum. The current vote only gauges community opinion on the need for a more detailed technical and economic investigation of an independent network option.
A real transition will require the preparation of new technical proposals, the publication of a detailed roadmap, and additional governance votes. Currently, there is no set date for the transition.
StarkWare, the developer of Starknet, argues that a standalone Layer 1 option could enable faster implementation of quantum computing-resistant security systems. In its current configuration, Starknet performs transaction calculations on its own network but relies on Ethereum for key areas such as bridging, data accessibility, and ultimate security.
StarkWare CEO Eli Ben-Sasson believes the transition to quantum-resistant cryptography is urgent. In June, the company unveiled a three-phase roadmap aiming to make Starknet fully quantum-attack resistant by 2027. This plan includes updating signature systems, migrating smart contracts, and replacing infrastructure components tied to Ethereum.
Ethereum developers are also working on post-quantum security, but the first protocol-level protections are targeted for rollout in 2029. The central question is whether Starknet will wait for this timeline.
*This is not investment advice.
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V Thajsku vstoupila v platnost pravidla pro ETF na Bitcoin a Ethereum. Fondy musí pasivně sledovat jediné aktivum a udržovat alespoň 80% průměrnou čistou expozici vůči němu.
16 October 2026 | 12:21 Thailand’s crypto-ETF rules took effect on October 16, allowing local issuers to establish Bitcoin and Ethereum funds under new requirements for fund management, custody and Stock Exchange of Thailand trading.
Key Takeaways Bitcoin and Ethereum are the first assets eligible for Thai crypto ETFs. Funds must use a passive strategy and maintain at least 80% average net exposure. Underlying crypto must be held by an SEC-regulated custodian. Brokers cannot offer margin loans for crypto-ETF purchases. The rules do not announce a fund, ticker or first trading date. Before investors can buy a Thai crypto ETF, an issuer must still publish its prospectus, appoint service providers and complete the listing process.
Thailand’s full crypto-ETF rule package is now in force The Thai Securities and Exchange Commission’s October 8 announcement set out 11 notifications governing the creation and supervision of domestic crypto ETFs. The package covers fund structures, service providers, investor protections and the ability of Thai funds to invest in locally listed crypto ETFs.
It follows the earlier policy move that cleared the way for locally listed Bitcoin and Ether ETFs. The rules now define the route a fund manager must follow, but they do not establish that any issuer has completed it.
What a Thai Bitcoin or Ethereum ETF must look like During the initial phase, Bitcoin and Ethereum are the only eligible crypto assets. The SEC said it will determine any future additions by considering factors including liquidity, broad market acceptance, network security and investor protection.
Fund-design rule: Each crypto ETF must passively track a single eligible crypto asset and maintain average net exposure of at least 80% of its net asset value over each accounting year.
Crypto ETFs must list and trade exclusively on the Stock Exchange of Thailand (SET). Thai mutual funds and private funds may also invest in locally listed crypto ETFs, subject to their existing investment limits. Permission to invest does not require any fund manager to allocate capital.
The SEC has also limited certain foreign alternatives during the initial phase. Thailand will not permit locally issued depositary receipts referencing foreign crypto ETFs, while securities companies may not facilitate foreign crypto-ETF investments for clients who are neither institutional investors nor ultra-high-net-worth investors.
Who manages, safeguards and distributes a future fund? Investors in an ETF hold fund units rather than the underlying Bitcoin or Ethereum themselves. The framework therefore places obligations on the parties responsible for managing the fund, safeguarding its assets and providing trading access.
Participant Role in a crypto ETF Asset manager Establishes and manages the fund, with adequate staff, systems and service-provider arrangements. Digital-asset custodian Safeguards the underlying Bitcoin or Ethereum and must be regulated by the SEC. Mutual fund supervisor Oversees the fund under registration and readiness requirements specific to crypto ETFs. Securities broker Provides SET trading access and must obtain investors’ acknowledgement of product risks. Qualified digital-asset operators may apply to act as mutual fund supervisors, but eligibility to apply is not the same as being registered or appointed to a specific ETF. If a supervisor delegates safekeeping to a sub-custodian, the crypto assets must still be held by a licensed digital-asset custodian.
The SEC may allow qualified foreign custodians in future circumstances, but its October 16 rules do not provide unrestricted permission to use them. Asset managers that outsource digital-asset investment management must use a licensed digital-asset fund manager.
Investor access comes with risk checks and no margin loans Before trading a crypto ETF, investors must receive product-risk education and acknowledge their understanding of the risks. Brokers must also emphasise suitable allocation, concentrated digital-asset exposure and investment decisions that match an investor’s risk tolerance.
Securities companies cannot provide margin loans for crypto-ETF purchases. The restriction is designed to prevent broker-provided leverage from increasing an investor’s exposure to an already volatile asset class.
What must happen before investors can buy one Thailand’s rules enable an ETF launch process; they do not replace it. A prospective issuer must still complete SET’s ETF issuance and listing process and publish product-specific documents.
The first prospectuses and listing notices should identify the fund’s investment method, fee structure, custodian, fund supervisor, market-making arrangements, ETF symbol and trading date. SET’s broader ETF framework also covers disclosures around asset values, tracking information and the participants supporting trading liquidity.
October 16 establishes the legal route to a Thai Bitcoin or Ethereum ETF. A named issuer, published terms and confirmed SET listing will show when investors can actually trade one.
This article is provided for informational purposes only and does not constitute financial, investment or legal advice. Product availability depends on applicable approvals, offering terms and exchange listings.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
HOSKY today announces that its Doggie Bowl campaign was a major driver of Cardano’s new all-time records for transaction activity and network fees.
Following the completion of epoch 660, the network processed 1,780,896 transactions during the five-day period ending October 11 UTC,exceeding the previous record of 1,566,974 transactions set in November 2021 by 13.65 percent.
HOSKY reopened its Doggie Bowl token distribution mechanism on October 6 with the explicit goal of helping the network surpass previous transaction records. Participants sent 2 ADA to a designated address and received approximately 1.x ADA in return, along with a randomized allocation of HOSKY tokens.
Repeated participation, including automated activity, generated high volumes of both incoming payments and outgoing distributions. In some cases, single payout transactions served multiple recipients.
On October 8 UTC, Cardano processed 542,532 transactions, setting a new daily record. Peak throughput reached approximately 440 transactions per second. Total transaction activity during epoch 660 was 11.27 times higher than the preceding epoch. Transaction fees reached 337,720 ADA, exceeding the previous epoch fee record by 9.54 percent. These fees represent the amounts paid by participants to use the Cardano network.
The records cover activity over a five-day epoch, transactions within a UTC calendar day, and peak throughput. The transactions-per-second figure describes a brief peak rather than a sustained rate. Transaction totals measure overall ledger activity, including repeated participation, rather than unique users.
Transactions move assets, execute smart contracts, and create demand for blockspace. During the record-setting period, Cardano processed the increased activity on its production blockchain using infrastructure supported by developers and independent stake pool operators.
HOSKY previously helped drive Cardano’s record-setting activity during epochs 302 and 304 in November 2021. The latest campaign extends that involvement nearly five years after the original Doggie Bowl. Cumulatively, HOSKY-related activity accounts for more than 9 percent of all transactions recorded on Cardano since the blockchain’s inception.
This represents a long-term contribution across the network’s history, not solely the share generated during epoch 660. The project’s wider ecosystem involvement includes stake pool support, NFT initiatives, and community participation.
About HOSKY
HOSKY is a Cardano-native meme token launched in November 2021. Known for its satirical identity and its description of the token as worthless, the project operates Doggie Bowl distributions and community initiatives that support participation in the Cardano ecosystem.
For more information, visit hosky.io or join the community on Discord at discord.gg/hosky.
Media Contact Information
Hosky Media
[email protected]
HOSKY Announces Its Doggie Bowl Campaign Helped Drive Cardano to New Network Activity and Fee Records
HOSKY Announces Its Doggie Bowl Campaign Helped Drive Cardano to New Network Activity and Fee Records
Source: HOSKY
Saber Money has secured strategic funding from stablecoin issuer Tether and CMCC Global’s Titan Fund to expand its cross-border payment operations across Asia-Pacific and the Gulf region.
Summary
Tether and CMCC Global’s Titan Fund have invested in Saber Money to support its expansion across Asia and the Gulf region. Saber plans to secure new regulatory licenses and banking partnerships while developing payment services for businesses. The company reported more than sixfold growth in payment volumes over nine months, processing billions of dollars across more than 40 countries. Over 90% of Saber’s payments are completed in under one minute, according to the company. According to the company’s announcement, the investment will support new regulatory licenses, banking partnerships and payment products designed for businesses operating across emerging markets. Saber did not disclose the amount raised or the valuation attached to the funding.
The company plans to use the capital to strengthen its operations in existing markets while entering new payment corridors. Local banking relationships and regulatory approvals will be central to its expansion strategy, particularly in markets where international transfers remain costly or depend on several intermediaries.
Saber operates payment infrastructure that allows financial institutions, fintech companies and businesses to transfer funds internationally using stablecoins. Its services cover remittances, payroll and other business payments through application programming interfaces.
Saber Money plans new licenses and banking partnerships Saber currently holds licenses, registrations and authorizations across Canada, the European Union, India and Australia. Its corporate group operates Mudrex, an Indian cryptocurrency exchange.
Over the past nine months, the company said its payment volumes had grown more than sixfold, with billions of dollars processed across more than 40 countries.
More than 90% of its transactions are completed in under one minute, according to Saber. The company did not provide a detailed breakdown of payment volumes by market or disclose the average transaction size.
The expansion will focus partly on securing direct access to local banking networks. Such arrangements form part of Saber’s plan to improve settlement costs and offer payment services tailored to individual markets.
Saber CEO Edul Patel said the company was working to make stablecoin-based payment infrastructure available to businesses across Asia-Pacific and the Gulf, where demand for international transfers continues to grow.
The company intends to develop services for businesses paying overseas suppliers, managing corporate treasury operations and transferring working capital between countries.
Its existing infrastructure supports payments around the clock, allowing clients to initiate transfers outside conventional banking hours.
Tether investment supports emerging market payment infrastructure Tether CEO Paolo Ardoino described emerging markets as an important area for stablecoin payment adoption, pointing to Saber’s regulatory presence and access to financial systems across Asia and the Middle East.
Ardoino said stablecoin settlement could change the costs involved in international payments, particularly for businesses that rely on multiple financial intermediaries.
The investment comes alongside backing from CMCC Global’s Titan Fund, a Hong Kong-based investment vehicle focused on blockchain-related businesses.
Titan Fund co-founder and managing partner Shiau Sin Yen pointed to Asia’s role in international remittances, stating that the region contributes approximately 53% of global remittance flows.
Shiau cited projections that cross-border business-to-business stablecoin payments could reach $5 trillion by 2035. The announcement did not identify the underlying research behind that estimate.
Saber counts Y Combinator and Nexus Ventures among its existing investors, alongside Tether and Titan Fund.
In a separate investment announced on Oct. 13, Tether backed EFY Finance, a Latin American fintech company offering stablecoin payment services across 17 countries. EFY provides digital wallets, custody, payment cards and conversion services, with more than 25,000 accounts reported across its network.
Tether previously invested in LemFi in May 2026 to support USDT settlement for remittances between developed economies and markets in Africa and Asia, as crypto.news reported.
Corporate treasury payments have been another area of activity. In July, Hyundai Motor completed a $20,000 cross-border transfer between its American and Mexican operations using USDT on Avalanche. The payment settled in approximately seven minutes, with the receiving company converting the stablecoins back into conventional currency.
Asia and Gulf payment corridors attract stablecoin providers Asia accounts for roughly 35% of global payment flows, according to figures cited in Saber’s announcement. South Asia and East Asia and the Pacific collectively receive more than $1 trillion annually, while the United Arab Emirates recorded approximately AED 188 billion in outbound remittances in 2025.
The company identified international trade, migration and digital commerce as factors supporting demand for payment services in the two regions.
Other payment infrastructure companies have been raising capital to serve similar markets. In September, Fin.com secured $20 million in seed funding to develop stablecoin payment services across South Asia, Africa and the Middle East.
Fin.com said its infrastructure supported more than 40 currencies and payouts across over 30 countries, with services designed to move stablecoins into local bank accounts and digital wallets.
Local currency settlement remains an operational challenge for payment providers. In August, Gravity Team CEO Mārtiņš Beņķītis said stablecoin transfers could be completed within seconds, but converting the funds into local currencies still required banking connections and sufficient liquidity in individual markets.
Gravity Team subsequently introduced an institutional trading desk offering same-day fiat settlement in more than 20 currencies, subject to local banking conditions.
Saber has not announced which countries it will enter next, the specific licenses it intends to seek or a launch schedule for its planned B2B payment products.
Gold is being influenced simultaneously by demand for safe-haven assets, expectations for Federal Reserve interest rates and US dollar movements. In the short term, it matters whether fresh US inflation data prompt a more hawkish stance from the US central bank.
Uncertainty remains over the Fed’s next move. US inflation accelerated to 3.7% year-on-year in September, while core inflation stood at 2.6%. Meanwhile, Fed Chair Kevin Warsh gave no clear signal of another rate hike in October, easing investors’ concerns about further tightening.
Tensions in the Middle East and concerns over public finances are supporting demand for safe-haven assets. At the same time, rising oil prices could sustain inflationary pressures and complicate any move by central banks towards policy easing.
The fundamental backdrop for XAU/USD on 16 October is mixed. A weaker US dollar, lower bond yields and ETF demand support gold, while rising US inflation and the risk of a Fed rate hike limit further gains. The focus remains on fresh signals from the Fed and movements in government bond yields.
Technical analysisOn the H4 chart, gold completed a downward wave at 4,071 USD before forming an upward correction towards 4,184 USD. The market is currently continuing to consolidate below resistance at 4,231 USD. The main trend remains downward, but local structure allows the next upward move towards 4,220 USD. A close above this level would open the way for a move towards 4,231 USD. A break below the range would open the way for a decline towards support at 4,123 USD, with scope for the downward wave to continue towards 4,060 USD and 4,022 USD. The MACD indicator shows recovering positive momentum, but the signal line remains below zero, indicating that the current rise is corrective.
On the H1 chart, the market broke above 4,145 USD and developed upward momentum towards resistance at 4,185 USD. The price is now consolidating near 4,175 USD while attempting to continue higher. A close above 4,185 USD would open the way towards 4,220 USD, where buyers are expected to face a test. An alternative scenario envisages a return to 4,145 USD, followed by a decline towards 4,123 USD. A break below this support would increase the likelihood of a downward wave developing towards 4,060 USD. The Stochastic oscillator’s signal lines are above 50 and pointing up, confirming buyers’ short-term advantage. At the same time, the indicator’s approach to overbought territory increases the likelihood of a short-term correction before the next move. The priority scenario remains a test of the upper boundary of the current range, followed by an assessment of the market’s reaction to resistance.
ConclusionGold is navigating a mixed backdrop shaped by safe-haven demand, Fed uncertainty and US dollar movements. While US inflation accelerated to 3.7% in September, Fed Chair Warsh’s lack of a clear signal on an October rate hike has eased concerns about further tightening, supporting gold. A weaker US dollar, lower bond yields and ETF demand further support the metal, though rising oil prices and lingering inflation risks limit further gains. Technically, gold is in an upward correction within a broader downtrend, with resistance at 4,185 USD and 4,220 USD, and support at 4,145 USD and 4,123 USD. A break above resistance could open the way towards 4,231 USD, while a break below support would open the way towards 4,060 USD and 4,022 USD. The near-term direction will depend on Fed signals and movements in bond yields.
The USD/CHF pair attracts some follow-through selling for the second straight day on Friday, extending this week's retracement slide from the 0.8400 neighborhood, or the highest since May 2025. The downward trajectory drags spot prices below mid-0.8200s, or a two-week low during the first half of the European session, and is sponsored by a broadly weaker US Dollar (USD).
Despite hot US inflation figures, investors seem convinced that the Federal Reserve (Fed) will keep rates unchanged at the next policy meeting, later this month. Expectations were reaffirmed by Fed Chair Kevin Warsh's neutral remarks earlier today, which, along with the recent sharp decline in US bond yields, dragged the USD to a one-and-a-half-week low and exerted some downward pressure on the USD/CHF pair.
Market participants, however, are still pricing in over a 90% chance that the US central bank will raise borrowing costs again at its December policy meeting amid inflation risks stemming from volatile energy prices. Apart from this, persistent geopolitical uncertainties due to escalating tensions in the Middle East and the US-Iran standoff over the Strait of Hormuz could limit USD losses and support the USD/CHF pair.
From a technical perspective, the recent repeated failures to conquer the 0.8400 mark and the subsequent corrective slide warrant some caution for bullish traders. Spot prices, however, hold marginally above the 200-period Simple Moving Average (SMA) on the 4-hour chart, at 0.8235, which offers initial trend support, while the 38.2% Fibonacci retracement at 0.8230 could act as a key pivotal point for the USD/CHF pair.
Meanwhile, momentum indicators remain weak, with the Relative Strength Index (RSI) hovering near 34 and the Moving Average Convergence Divergence (MACD) below zero with a negative histogram. This suggests that selling pressure still dominates despite the nearby moving-average floor, though a sustained break and acceptance below the 0.8235-0.8230 confluence is needed to back the case for further losses.
The USD/CHF pair might then fall to a lower structural cushion at the 38.2% Fibo. retracement near 0.8223, where buyers could attempt to slow the decline. On the topside, a recovery would need to overcome the 23.6% retracement at 0.8289 to ease bearish pressure and open the way for a more meaningful corrective bounce.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Swiss Franc FAQs The Swiss Franc (CHF) is Switzerland’s official currency. It is among the top ten most traded currencies globally, reaching volumes that well exceed the size of the Swiss economy. Its value is determined by the broad market sentiment, the country’s economic health or action taken by the Swiss National Bank (SNB), among other factors. Between 2011 and 2015, the Swiss Franc was pegged to the Euro (EUR). The peg was abruptly removed, resulting in a more than 20% increase in the Franc’s value, causing a turmoil in markets. Even though the peg isn’t in force anymore, CHF fortunes tend to be highly correlated with the Euro ones due to the high dependency of the Swiss economy on the neighboring Eurozone.
The Swiss Franc (CHF) is considered a safe-haven asset, or a currency that investors tend to buy in times of market stress. This is due to the perceived status of Switzerland in the world: a stable economy, a strong export sector, big central bank reserves or a longstanding political stance towards neutrality in global conflicts make the country’s currency a good choice for investors fleeing from risks. Turbulent times are likely to strengthen CHF value against other currencies that are seen as more risky to invest in.
The Swiss National Bank (SNB) meets four times a year – once every quarter, less than other major central banks – to decide on monetary policy. The bank aims for an annual inflation rate of less than 2%. When inflation is above target or forecasted to be above target in the foreseeable future, the bank will attempt to tame price growth by raising its policy rate. Higher interest rates are generally positive for the Swiss Franc (CHF) as they lead to higher yields, making the country a more attractive place for investors. On the contrary, lower interest rates tend to weaken CHF.
Macroeconomic data releases in Switzerland are key to assessing the state of the economy and can impact the Swiss Franc’s (CHF) valuation. The Swiss economy is broadly stable, but any sudden change in economic growth, inflation, current account or the central bank’s currency reserves have the potential to trigger moves in CHF. Generally, high economic growth, low unemployment and high confidence are good for CHF. Conversely, if economic data points to weakening momentum, CHF is likely to depreciate.
As a small and open economy, Switzerland is heavily dependent on the health of the neighboring Eurozone economies. The broader European Union is Switzerland’s main economic partner and a key political ally, so macroeconomic and monetary policy stability in the Eurozone is essential for Switzerland and, thus, for the Swiss Franc (CHF). With such dependency, some models suggest that the correlation between the fortunes of the Euro (EUR) and the CHF is more than 90%, or close to perfect.
Azenta, Inc. (NASDAQ:AZTA – Get Free Report) has been given an average recommendation of “Hold” by the seven analysts that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $41.20.
A number of analysts have issued reports on AZTA shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $37.00 target price on shares of Azenta in a research note on Monday, September 14th. Wall Street Zen upgraded Azenta from a “hold” rating to a “buy” rating in a report on Saturday, October 10th. Finally, Weiss Ratings raised shares of Azenta from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, August 26th.
View Our Latest Research Report on Azenta
Hedge Funds Weigh In On Azenta Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Azenta in the 2nd quarter valued at approximately $192,152,000. Conestoga Capital Advisors LLC increased its holdings in shares of Azenta by 116.1% during the 1st quarter. Conestoga Capital Advisors LLC now owns 2,844,546 shares of the company’s stock worth $60,105,000 after buying an additional 1,528,145 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Azenta by 16.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,613,914 shares of the company’s stock valued at $34,183,000 after buying an additional 225,867 shares during the period. Front Street Capital Management Inc. purchased a new stake in shares of Azenta during the 2nd quarter valued at approximately $33,212,000. Finally, American Capital Management Inc. raised its position in shares of Azenta by 26.9% during the 1st quarter. American Capital Management Inc. now owns 1,296,024 shares of the company’s stock valued at $27,385,000 after buying an additional 274,588 shares during the period. 99.08% of the stock is currently owned by institutional investors and hedge funds. Azenta Price Performance AZTA opened at $36.52 on Tuesday. The firm has a market capitalization of $1.60 billion, a price-to-earnings ratio of -13.23 and a beta of 1.52. The company’s 50 day simple moving average is $34.14 and its two-hundred day simple moving average is $27.40. Azenta has a 1-year low of $15.93 and a 1-year high of $46.41.
Azenta (NASDAQ:AZTA – Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.05. The business had revenue of $161.18 million during the quarter, compared to analyst estimates of $149.31 million. Azenta had a positive return on equity of 1.18% and a negative net margin of 20.63%.
About Azenta (Get Free Report)
Azenta, Inc (NASDAQ: AZTA) is a life sciences company that provides products and services for the management, storage, and analysis of biological and chemical samples. Its offerings support pharmaceutical and biotechnology companies, academic and government research institutions, clinical research organizations, and other laboratories.
The company’s products include automated sample storage systems, laboratory automation equipment, sample-management software, consumables, and cold-storage solutions designed to preserve and track biological materials.
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Tencent (0700.HK) said on Friday that AI agents used to evaluate third-party models displayed web-browsing behavior not intended by the tech giant, in what appears to be the first known incident of rogue agent actions acknowledged by a major Chinese company.
The statement followed a report by AI-safety research group Swarmchasers on Wednesday, which said "rogue" agents running on infrastructure it linked to Tencent Cloud made repeated attempts between September 28 and October 8 to retrieve information from Alibaba's (9988.HK) Amap, China's equivalent to Google Maps.
Tencent Hunyuan, the company's artificial intelligence unit, said in a post on X that the activity did not originate from its Hunyuan models. Its review found no evidence of deliberate targeting or coordination, it said.
The Swarmchasers researchers said the agents sought information such as the commonly used entrances at Chinese parks, museums and zoos.
The actions are not as egregious as those disclosed by US AI companies which include the hack of open-source platform Hugging Face by an OpenAI agent and the lodging of a fake homicide tip by an Anthropic agent.
But the disclosure underscores research that shows Chinese AI agents can also misrepresent their identity, conceal failures and try to circumvent testing controls.
Tencent said it took the findings very seriously and was strengthening network access controls and agent monitoring.
Hunyuan is one of China's leading AI model developers, competing with in-house teams at rivals such as Alibaba and ByteDance. ByteDance this week announced the creation of a new unit focused on AI model and agent safety.
Swarmchasers said it used the word "rogue" to describe agents taking actions outside their intended scope or completing a task in unintended ways.
After routine automated requests were blocked, the agents tried other methods, including public web tools that could open pages and run code, routing requests through other websites and using Amap keys and security codes found in publicly available software code.
Swarmchasers said it found no evidence that the agents breached Amap's main anti-bot safeguards. Most of the 2,818 attempts it recorded either failed or returned anti-bot pages, login screens or blank results.
Some requests returned information through cached pages and intermediary services, including data on visitor arrivals at Chengdu Zoo, Swarmchasers said. The researchers said they could not determine whether an agent read the result or completed its task.
NEAR Protocol spustil výnosové fondy v SOL prostřednictvím anonymních účtů, které Gauntlet nasadil na platformě Kamino. Vklady nemají dobu uzamčení a lze je kdykoli vybrat.
NEAR Protocol has announced support for earning SOL yields via secret accounts. Users deposit funds into vaults, which remain unaware of their addresses. The product features no lock-up period, allowing users to redeem or withdraw funds at any time. The relevant vaults are deployed on Kamino by Gauntlet.
Relevant content
UMX officially launched today, supporting Hong Kong and US stock trading, and rolling out the industry’s first crypto-collateralized stock trading service.
Crypto-friendly securities platform UMX, incubated by Avenir Group, announced its official launch and full open registration. Since the public beta kicked off on August 10, UMX has collected 788 product feedbacks, with 89 demands incorporated into the official version, completing a practical validation round rooted in real use scenarios and user needs. It is reported that UMX stems from the cross-asset management practice of Li Lin’s family office team. To break down barriers between crypto assets and securities, UMX has built a unified trading system covering all categories of Hong Kong and U.S. stocks as well as crypto assets. The platform adopts cross-asset unified margin, flexible transfers, and the industry-first "hold-assets-for-credit" stock purchasing mechanism, enabling users to directly access purchasing power for Hong Kong and U.S. stocks without selling their crypto assets, realizing the function of "buying stocks via credit based on held assets". During the launch period, UMX is running a "Grand Opening Triple Rewards" campaign: users who meet wealth management targets will receive the latest iPhone Duo, earn UMX points for trading activities, and new users can get up to 100 USDT in bonus rewards.
2 minutes ago
A crypto whale has opened a 15x short position on ETH, with the position value reaching 18.05 million USD.
According to TradingBeats' monitoring, Hyperliquid address 0xd7b8…9f55 currently holds around 7,351 ETH short positions, using 15x full-margin leverage. The position is valued at approximately $18.05 million, with an unrealized loss of roughly $27,000. The average entry price of the position is about $2,452.59, and its liquidation reference price is around $2,695—roughly 9.8% higher than the current mark price. Trading statistics indicate that this address has previously accumulated a profit of approximately $2.51 million from ETH trades.
2 minutes ago
A trader holds a long position worth $11.2 million in HYPE, with an unrealized profit of approximately $58 million.
According to SpotOnChain’s monitoring, Hyperliquid trader watershedpath holds a $11.2 million long HYPE position with 5x leverage, generating an unrealized profit of approximately $58 million. The position’s average entry price is $38.68, while HYPE currently trades at $81.38—nearly doubling since entry—and the trader has held the position without taking profits. This is one of the largest single-sided HYPE positions on Hyperliquid, with the trader’s total profit on the platform exceeding $50 million.
2 minutes ago
Li Lin-backed crypto-friendly securities platform UMX officially launches.
Cryptocurrency-friendly securities platform UMX (The Unified Market Exchange), incubated by Li Lin’s Avenir Group, announced its official launch. Since the start of its public beta on August 10, UMX has received a total of 788 product feedbacks, with 89 demands implemented in the official version. Positioned as a crypto-friendly securities platform for global professional investors, UMX’s core offerings include real Hong Kong and US stocks, ETFs, US stock options and crypto asset trading. It is designed to address issues such as digital and securities assets being segregated in different account systems, complex cross-market allocation processes, and scattered purchasing power. Users can trade real securities and crypto assets under a unified account system, flexibly transfer funds between securities, crypto assets and fiat currencies, and access unified margin for cross-asset operations.
2 minutes ago
Japan's three major banks jointly complete empirical test for the joint issuance and cross-border payments of yen stablecoin.
Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation (SMBC), MUFG Trust Bank, and TISI announced that they have completed a joint multi-bank stablecoin issuance and cross-border payment pilot program from July 17 to 23, 2026. The project is supported by Japan’s Financial Services Agency (FSA)’s Fintech Pilot Center Payment Innovation Program (PIP). The three banks acted as co-principals, with MUFG Trust Bank serving as trustee. Under the trust agreement, the stablecoin was issued as a specific trust beneficial right per Japan’s Funds Settlement Act, using cross-border settlements between Mitsubishi Corporation’s Japanese and overseas bases as the use case to verify regulatory compliance and operational feasibility. All parties confirmed the system’s security and the viability of the multi-bank issuance model, and completed end-to-end verification of the stablecoin’s issuance, transfer, and redemption processes. The three banks previously stated plans to launch live transactions within the 2026 fiscal year, and established a joint discussion committee. With deposits as reserves and circulation limited to bank-verified users as core design premises, they will continue advancing the implementation of stablecoins and on-chain finance.
2 minutes ago
OpenAI upgrades GPT-Live-1.1: adds 13 new voices and reduces repetitive utterances of "checking in progress"
Beating AI News Flash: OpenAI has launched its new real-time voice model GPT-Live-1.1, along with a lightweight version, GPT-Live-1.1 Quip. The update adds 13 new voices covering languages including French, German, Hindi, Japanese, Korean and Mexican Spanish, plus an English voice named Bubbie. OpenAI states that the new version improves multilingual accents to make voice conversations more natural. The AI also no longer repeats fixed phrases such as "Checking" when searching for information, and task handoffs to other models are now smoother. GPT-Live-1.1 will be the default voice model for Plus and higher-tier subscribers, while other users will default to Quip. The update is rolling out to ChatGPT, Codex and dots, with API access to be opened later.
USD/CAD klesl pod 1,4200 a obchoduje se kolem 1,4166; kanadský dolar podporují vyšší ceny ropy, zatímco USD oslabuje v důsledku nižších výnosů amerických dluhopisů.
The Canadian Dollar (CAD) maintains its firm tone on Friday, buoyed by elevated Oil prices, while the US Dollar (USD) struggles amid lower US Treasury yields and dovish comments by Fed speakers. The USD/CAD pair trades at session lows just below 1.4170, under growing bearish pressure, after breaching the 1.4200 support area on Thursday.
US producer inflation data released on Thursday confirmed that price pressures remain high, and Retail Sales beat expectations. The impact of these releases on the US Dollar, however, was limited, as Federal Reserve (Fed) officials suggested earlier this week that the bank will stand pat on rates in October to assess the impact of September’s interest rate hike.
The Federal Reserve Chairman, Kevin Warsh, spoke at the International Monetary Fund (IMF) forum in Bangkok earlier on Friday but failed to give any clear hints about the timing of the next rate hike.
Bank of Canada (BoC) Governor, Tiff Macklem, also speaking at the IMF forum, highlighted that the BoC is one of the few major central banks lagging in the global monetary tightening cycle, but that "the longer this goes, the harder that gets,” opening the door for an interet rate hike in the coming months.
Technical Analysis: bears are testing support at 1.4160
USD/CAD trades at 1.4166, retaining a mildly negative tone with bears testing support around the 1.4155 area. The 4-hour Relative Strength Index (14) near 35 suggests waning upside momentum, while the Moving Average Convergence Divergence (MACD) remains negative, reinforcing the idea that rebounds are likely to struggle beneath the 1.4200 level.
If the mentioned 1.4155 (September 29 high, October 2 low) gives way, sellers are likely to be attracted by the 38.2% Fibonacci retracement of the September-October rally, in the 1.4100 area.
Upside attempts, on the contrary, are likely to be tested at the previous support area around 1.4200 (October 6, 9 and 13 lows). Above here, the focus would shift back to the 17-month highs around 1.4300, which have capped bulls several times in October
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Canadian Dollar Price Today
The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the Japanese Yen.
USDEURGBPJPYCADAUDNZDCHFUSD-0.18%-0.28%0.05%-0.13%-0.56%-0.78%-0.22%EUR0.18%-0.12%0.20%0.03%-0.37%-0.62%-0.05%GBP0.28%0.12%0.32%0.17%-0.27%-0.49%0.07%JPY-0.05%-0.20%-0.32%-0.16%-0.59%-0.79%-0.26%CAD0.13%-0.03%-0.17%0.16%-0.42%-0.70%-0.10%AUD0.56%0.37%0.27%0.59%0.42%-0.23%0.36%NZD0.78%0.62%0.49%0.79%0.70%0.23%0.59%CHF0.22%0.05%-0.07%0.26%0.10%-0.36%-0.59%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).
Solana čelí tlaku poté, co zářijová meziroční inflace v USA dosáhla 3,7 %; objem transakcí klesl na 20,25 milionu USD a počet denně aktivních adres na 3,74 milionu.
Solana [SOL] has extended its bearish run following Wednesday’s broader crypto market sell-off, triggered by hotter-than-expected U.S. inflation data.
According to the release, September’s Consumer Price Index (CPI) rose 3.7% YoY, exceeding the 3.6% forecast and increasing concerns about interest rates remaining elevated. As a result, treasury yields climbed while the U.S. dollar strengthened, adding pressure to risk-sensitive assets.
The macroeconomic pressure is coinciding with weakening activity across Solana’s ecosystem. DeFi tokens operating in the ecosystem have also dropped significantly. Jupiter [JUP] and Raydium [RAY] are the top losers, with each token’s price dropping by 9.4% and 10.6%, respectively.
The network’s transaction volume has reportedly fallen to its weekly lowest while daily active addresses have also declined, suggesting investors are becoming more cautious following the inflation report.
Network activity signals caution
Solana’s reported transaction-volume metric has fallen to $20.25 million, while daily active addresses have also retreated to just 3.74 million addresses.
These declines could indicate weakening participation as traders respond to the macroeconomic uncertainty. However, its developments as the price action remains tied with the demand zone should be examined further.
A continued decline in active addresses and transaction activity would strengthen concerns about weakening ecosystem demand.
Source: Santiment
Can SOL bulls reverse the downtrend?
As it stands, the combination of macroeconomic pressure and weakening network indicators presents a challenging backdrop for SOL. The impacts of the weakening on-chains and fundamentals are already evident on the daily chart.
SOL’s price action just invalidated a key ascending trendline support at around $111 a few days ago. The token is now trading below both its 20-day and 50-day EMA at $103, and a drop past the $100 psychological level could amplify the current bearish push.
Source: TradingView
A recovery in broader market sentiment, accompanied by renewed network activity, could help buyers stabilize price action. Conversely, persistent selling pressure and further declines in ecosystem participation could prolong the correction.
SOL’s near-term outlook will depend on whether buyers return as macroeconomic uncertainty weighs on crypto markets.
Final Summary
SOL extended its bearish run after September U.S. inflation rose to 3.7% annually, above the 3.6% forecast.
Solana’s declining transaction volume and daily active addresses signal a weaker participation as investors and traders shy off.
Solana na poslední chvíli odložila akci Solana Accelerate China v Šanghaji poté, co se podle příspěvků na sociálních sítích u místa konání objevila policie.
Solana, which operates one of the world’s largest cryptocurrencies, has cancelled a high-profile event in Shanghai at the last minute as local police appeared on site, according to social media posts, just a day after the firm touted the opening of a fancy new office in the city.
Solana was slated to host its Solana Accelerate China event in Shanghai on Friday morning, part of a week-long event across major cities in mainland China. Shortly before the event kicked off, however, the company said in an email update to attendees that the programme had to be “postponed” due to “last-minute logistical considerations”, according to screenshots circulating on social media.
Social media posts also indicated that a few local police officers showed up at the event venue. Solana did not immediately respond to a request for comment.
The abrupt suspension of the event followed a splashy marketing campaign in the city earlier this week, which raised questions about how the company was able to do so amid Beijing’s strict ban on crypto-related business activities.
Trh tokenizovaných reálných aktiv na Solaně dosáhl 4,3 miliardy USD, což představuje více než šestinásobný nárůst oproti zhruba 700 milionům USD před rokem.
Solana’s RWA market surged to $4.3 billion, growing more than sixfold in one year. Tokenized U.S. Treasuries account for roughly 35% of Solana’s RWA market. Coinbase tokenized stocks on Base reportedly reached $2.8 billion in cumulative DEX volume. Solana led 30-day application revenue at $193.1 million, largely driven by consumer trading. Solana’s real-world asset (RWA) market has reached approximately $4.3 billion, narrowing its gap with Ethereum as tokenized government securities, equities and credit products attract more capital to blockchain-based financial infrastructure.
The increase from roughly $700 million a year earlier represents more than sixfold growth, according to an October 15 Castle Labs research report. Ethereum’s comparable market expanded from $15.5 billion to $16.6 billion, leaving Solana at approximately 26% of Ethereum’s RWA value, compared with 4.5% previously.
Meanwhile, activity in tokenized equities is accelerating beyond Solana. A Coinbase-branded chart shared on October 16 shows approximately $2.8 billion in cumulative decentralized exchange trading volume for Coinbase-issued tokenized stocks on Base.
Together, the developments reveal two distinct parts of the tokenization market: the growing value of assets issued onchain and the infrastructure emerging to trade them.
Treasury Products Account for a Significant Share of Solana’s Growth Solana’s expansion is not driven exclusively by tokenized stocks.
Data attributed to RWA.xyz in the Castle Labs analysis places tokenized U.S. Treasury products at approximately $1.52 billion, representing around 35% of Solana’s reported RWA market.
That composition matters because Treasury-backed products have different economic characteristics from tokenized equities. Their returns are generally linked to underlying short-term government securities, rather than corporate earnings or stock price appreciation.
The remaining RWA market includes other tokenized financial instruments, such as equities and credit products.
RWA Market Comparison TOKENIZED ASSET MARKET
Solana’s RWA Market Expands Rapidly
Approximate RWA value in USD
Solana
$4.3B
+$3.6B in one year
Ethereum
$16.6B
+$1.1B in one year
Solana value relative to Ethereum
26%
Previously 4.5% · Latest 26%
Source: Castle Labs, October 15, 2026. Rounded figures.
Solana added approximately $3.6 billion in RWA value over the period, more than three times Ethereum’s net increase in dollar terms.
However, the figures describe assets represented on each network, not necessarily fresh investment inflows.
Changes in tokenized asset value can also reflect issuance, redemptions, price movements and transfers between blockchain ecosystems.
This distinction is particularly relevant for institutions evaluating where to issue financial products. A growing tokenized asset base demonstrates infrastructure adoption, but secondary-market liquidity determines how easily investors can enter or exit positions.
Coinbase’s $2.8 Billion Trading Figure Raises a Different Question Coinbase’s tokenized equity activity provides a useful contrast.
The company’s tokenized stock products are issued on Base, its Ethereum layer-2 network, and are designed to provide eligible investors with economic exposure to listed equities.
According to Coinbase’s official product documentation, the tokens are backed one-for-one by underlying shares held in custody and can be used within supported decentralized finance applications.
Token Terminal reported in X $2.8 billion in cumulative DEX trading volume indicates substantial transaction activity, but it does not reveal how widely ownership is distributed.
Cumulative DEX volume for Coinbase-issued tokenized stocks reaches ~$2.8B
Tokenized stock trading generates transaction fee revenue for Coinbase today, while securities lending income & DEX trading fees represent potential future revenue sources https://t.co/aiEY7L5VQe
— Token Terminal 📊 (@tokenterminal) October 15, 2026
An October 5 Bitquery investigation provides a more detailed view. Researchers tracked $1.45 billion in trading volume during the 30 days ending October 4 and found that three wallet groups accounted for 67% of transactions.
One group of 108 wallets represented 37% of trading activity and consistently settled transactions with an address Bitquery identified as associated with Wintermute.
The analysis also found that Coinbase’s tokenized equities generally traded within 0.09% of their underlying share prices during U.S. market hours.
This points to an important market structure issue. Professional liquidity providers can generate substantial trading turnover while helping prices remain closely aligned with underlying securities.
For investors, tight pricing may improve execution. For market observers, however, it means headline trading volume should not automatically be interpreted as broad retail adoption.
Coinbase’s chart identifies transaction fees as an existing revenue source, with securities lending and additional DEX fees presented as potential future opportunities.
Tokenized Securities Are Moving Into Lending Markets The growing integration of RWAs into decentralized lending represents another development beyond issuance and trading.
On Solana, platforms such as Kamino and Jupiter Lend allow supported assets to serve as collateral, potentially enabling investors to borrow against tokenized holdings rather than selling them.
For example, an eligible investor holding $10,000 of accepted tokenized securities could potentially borrow stablecoins against that position, subject to the protocol’s collateral requirements.
If the applicable maximum loan-to-value ratio were 60%, the theoretical borrowing limit would be $6,000. That is an illustration, not a verified lending parameter for any specific token.
The position would remain exposed to changes in collateral value, interest rates and liquidation thresholds. Investors would also need to consider whether the tokenized security can be redeemed or transferred during periods of market stress.
These constraints help explain why RWA market capitalization does not automatically translate into equivalent decentralized lending activity.
Castle Labs’ broader RWA research found that access controls, identity verification and redemption restrictions continue to limit the proportion of tokenized assets actively deployed in DeFi.
Application Revenue Shows Where Solana Still Depends on Speculation Solana’s application ecosystem generated $193.1 million in revenue over the preceding 30 days, ahead of Hyperliquid and Ethereum in the networks compared by Castle Labs.
However, roughly 80% came from consumer applications, including token launchpads and trading platforms, rather than RWA-related financial services.
PumpFun contributed approximately $39 million. Castle Labs also found that the three largest consumer applications accounted for 50.2% of category revenue in the third quarter of 2026, down from 64% in the fourth quarter of 2025.
REVENUE COMPARISON
Application Revenue
Trailing 30 days · USD millions
Solana$193.1M
Hyperliquid$86.5M
Ethereum$53.8M
Source: Castle Labs, October 15, 2026. Bars scaled relative to Solana. Revenue classifications follow the report.
The revenue breakdown exposes a challenge for Solana’s institutional finance ambitions. Its RWA market is expanding quickly, but speculative consumer activity remains the dominant source of application income.
For tokenized finance to become a more substantial revenue contributor, the ecosystem will need more than additional asset issuance. It will require recurring trading, lending and settlement activity that can persist through weaker cryptocurrency market conditions.
What Would Confirm a More Mature RWA Market? Castle Labs estimates that more than $500 million in active RWA value is deployed across Solana DeFi protocols, representing approximately 8% of the network’s net total value locked.
The next indicators to watch are the proportion of tokenized securities used as collateral, the distribution of trading activity across participants and the ability of lending markets to maintain liquidity during periods of volatility.
Those measures would provide a clearer picture of whether tokenization is developing into a functioning financial market rather than primarily increasing the value of assets recorded onchain.
Alexander Zdravkov is a crypto journalist and market analyst specializing in digital assets, blockchain technology, and the rapidly evolving cryptocurrency market. He entered the industry more than four years ago, drawn to the speed of innovation in crypto and the potential of blockchain-based financial systems to reshape traditional markets. His work focuses on understanding the forces behind crypto market movements, from Bitcoin and altcoin cycles to institutional adoption, regulation, exchange-traded products, stablecoins, DeFi, and emerging blockchain ecosystems. Rather than simply following price action, Alexander looks at liquidity, investor positioning, market structure, and macroeconomic conditions to identify developing trends and explain what they could mean for digital assets. With a degree in International Relations, he brings a broader perspective to cryptocurrency coverage by connecting developments in the sector with monetary policy, geopolitics, regulation, and global capital flows. This allows him to examine crypto not as an isolated market, but as an increasingly interconnected part of the global financial system. Over the course of more than five years in financial journalism, Alexander has written over 5,000 articles covering cryptocurrencies, blockchain, traditional markets, and the global economy. His reporting spans Bitcoin, Ethereum and altcoins, DeFi protocols, institutional crypto adoption, regulation, market infrastructure, security incidents, and major developments shaping the wider digital asset industry. His approach is centered on giving readers context behind the numbers and headlines, explaining not only what is happening in crypto markets, but why it matters and what could come next.
Spout Finance has secured $2 million in funding to develop its interest-free USDC lending initiative for tokenized equities.
The platform’s margin loans are set at a 50% loan-to-value, can be stretched to multiple years, and users get to retain the ownership and subsequent income accrued on their stock.
Lender yield is funded by systematic covered call premium written against that collateral rather than by a rate spread charged to the borrower.
Spout beta is currently running on Solana devnet at beta.spout.finance, and interested users can sign up for access to the upcoming private beta launch.
Spout Finance has raised $2 million in a fundraising campaign to democratize prime brokerage with zero-interest lending against tokenized equities.
Participants in the round included Draper Dragon, Anchorage Digital, Flow Traders, Taisu Ventures, Vessel Capital, Solayer, 2Square Capital, and Bering Waters Ventures, with strategic backing from Solana Labs.
Why Spot Finance is loaning tokenized equities
In the current traditional financial system, a share-collateralized loan attracts punitive interest rates. For instance, at Charles Schwab, the base interest rate is 10.25%. Meanwhile, the interest rate for borrowing against your shares in the company, or even those in Fidelity Investments, is 12.075% for a margin under $25,000. Vanguard Group’s rate is higher at 12.25%, while E*TRADE Financial Holdings charges even more at 12.70%.
On top of that, these rates are tiered such that higher loans attract lower interest rates and smaller debts pay the highest rates. With the Federal Funds Rate placed at just 3.88%, these institutions benefit highly from the huge difference between those figures.
Additional profits for these institutions comes from securities lending programs, which allow brokerages to loan out your shares to other market players. Interactive Brokers retains 50% of the gross revenue generated from this model, while Robinhood retains a massive 85%.
Historically, private banks have offered friendlier interest rates on securities-backed lending but with certain stringent conditions. Private bank customers have to achieve a relationship minimum of $5 million or more in assets under management (AUM) to enjoy a leaner 4-6% loan interest rate. This feat proves hard for most people to achieve, pushing them outside of the relationship bracket where they accrue even harsher tax interest rates of 12%.
What Spout Finance does differently
This is where Spout Finance comes in. Contrary to the above institutions, Spout lets users collateralize their digital US equities to borrow USDC at a 50% loan-to-value (LTV).
Best of all is the 0% interest rates, which applies for as long as the loan exists. The reason behind this incredibly low interest rate is that Spout’s lenders earn from the premiums resulting from the weekly far out-of-the-money (OTM) covered calls made on the collateral. Meanwhile, users enjoy friendly loans and get to keep any income that their shares may generate.
More importantly, Spout enables multi-year loans without interest rates crippling users’ portfolios. Current equities-backed lending is only useful in the short term because over a long time the daily charges become too expensive for long-term debtors to cover. Spout not only serves both kinds of users interest-free, it also enables them to retain ownership of their stakes rather than dispose of them for cash.
As Chris Giancarlo, former Chairman of the CFTC and an angel investor in Spout explained, “Spout lets individuals put up tokenized shares of stock as collateral for margin loans without paying interest. Spout covers its costs in a different way: by selling options contracts tied to the pledged shares, and the fees it collects from selling those options pay for the loan instead of the borrower. That is prime brokerage economics made available to individuals. It is why I have invested in the company and serve as a strategic advisor.”
Samiz Bayan, partner at Draper Dragon, added, “Tokenizing a stock is only the first step. What gives it value is what you can do with it afterward. Spout offers holders the kind of borrowing that used to sit behind private bank minimums, and funds it from the portfolio itself.”
At the moment, Spout is running in beta on Solana devnet at beta.spout.finance. Those interested can sign up for access to the upcoming private beta launch by messaging @0xmryan or @SpoutFi on X.
Notably, capital raised in the latest round will be allocated to expanding the Spout team. Funds will also be channeled towards developing a credit layer that connects issuers, exchanges, and wallets.
Investors and advisers
Other than the investing entities listed above, Spout is proud to have received the critical backing and strategic support of a stellar group of angel investors including Solana Labs co-founders Anatoly Yakovenko and Raj Gokal.
Another is J. Christopher Giancarlo, the 13th Chairman of the US Commodity Futures Trading Commission (CFTC), and Spout’s regulatory and policy advisor. Giancarlo is also a board member of Nomura, Paxos, and Digital Asset Holdings, the chair of Polymarket’s advisory board, and a senior adviser to Jefferies. He is also the co-founder and Chairman of the Digital Dollar Project.
Additional investors are Eric Chen, the co-founder and CEO of Injective; Dean Swennumson the co-founder and Head of Operations at Superstate (formerly Compound Labs), and Anna Yuan the founder of Perena and former Stablecoin lead at the Solana Foundation.
Others are Paul Taylor – America’s most active crypto angel investor in 2024 and a former member of BlackRock Private Equity, and also Saiprasad Raut a former Chief Technology Advisor for Crypto at Worldpay (FIS), former co-chair of the Hedera Council’s Technical Steering and Product Committee, and Spout’s product advisor.
More are Shane Qiu the founder and CEO of Bitway, James Parillo a former General Partner at Figment Capital, Stefano Glauser a partner at Polymorphic Capital, Whales Lee a co-founder of CollegeDAO and the former Head of Product at Solayer, Steve Schoonebeek the Business Development Executive at Triton One and Riley Wild the M&A and corporate development at Figment.
A final advisor is Neil Amhis, who is a quantitative strategy advisor with a PhD from UCL, a former quantitative analyst at BNP Paribas and Natixis, and now the Lead Researcher at Zann Capital.
The US is hoarding Bitcoin (BTC), turning net importer in 2026 for the first time since 2022, while the rest of the world buys dollar stablecoins, Chainalysis data shows.
The 2026 Geography of Crypto report covers the 12 months to July 1. Chainalysis ties the split to need, since Americans already hold dollars and users elsewhere want them without a US bank account.
Why Is the US Hoarding Bitcoin While Everyone Else Wants Dollars?Chainalysis pooled on-chain service inflows, order book volume, and cross-border position into one Bitcoin index. The US scored 0.96 in 2026 against 0.52 elsewhere, a lead of 0.44 that stood at 0.09 in 2024.
The stablecoin index runs the other way. The rest of the world scored 1.00 and the US 0.56, a deficit that was 0.05 in 2024.
US hoarding Bitcoin while rest of world adopts stablecoins, Chainalysis index finds: Source: ChainanlysisAmericans, meanwhile, treat Bitcoin as a scarce store of value. Will Su, Managing Director and Head of Digital Assets Research at BlackRock, described that demand to Chainalysis.
“Investor interest in bitcoin as a monetary alternative remains strong, particularly as government debt and spending reach new highs globally.”
Will Su, BlackRock, via Chainalysis
Flow data fits the pattern. Transfers below $10,000 left the US on net each period, yet those above $10 million alone brought in 53,200 BTC. Chainalysis describes retail sending Bitcoin out and institutions bringing it in.
Which Trade Lasts Longer?Chainalysis says Bitcoin accumulation depends on institutions’ allocation decisions, which shift with market sentiment. Users who adopt digital dollars, it argues, are unlikely to turn back.
Dollar-pegged tokens account for 99.1% of stablecoin volume on exchange order books. Euro-backed tokens hold 0.45%, despite the European Union’s Markets in Crypto-Assets (MiCA) rules for stablecoin issuers.
The crypto economy of the US and Canada has almost doubled in the past 2 years. Source: ChainanalysisStablecoin reserves sit largely in short-dated US government debt, so overseas demand for digital dollars becomes demand for Treasuries. The pattern repeats in tokenized Treasury demand, where Italy, Portugal, and Singapore each hold more value than US holders.
Singapore and Hong Kong have introduced stablecoin licensing frameworks, yet Chainalysis says rules have moved faster than users.
CoreWeave (NASDAQ: CRWV) stock has slipped roughly 40% in the past six months, and investors have generally not been happy, especially with the company’s rising debt burden. Cantor Fitzgerald, however, believes the market has got it all wrong.
On October 15, the bank claimed there’s been “a lot of fearmongering” about the cloud-computing company, arguing that now might actually be “one of the most attractive times” to invest, and for more than one reason.
First, Cantor highlighted that all of CoreWeave’s capacity scheduled to come online in 2027 has already been sold, and second, it reminded investors that Nvidia (NASDAQ: NVDA), a major supporter of the company since before its 2025 initial public offering (IPO), has agreed to backstop any remaining unsold capacity.
Not only that, but Nvidia CEO Jensen Huang has also personally expressed confidence in the company, pushing back against concerns surrounding its financial position. Recall also that Nvidia invested $2 billion in CoreWeave In January.
“CoreWeave’s strength is improving every day. I’m optimistic. Their cost of capital is actually decreasing,” Huang told Bloomberg.
These factors, it appears, were enough for the bank to double down on both its “Overweight” rating and $176 CoreWeave stock price, which implies an upside of 150% from the current price of $69.69.
CRWV stock price six-month chart. Source: Google Finance
CoreWeave stock is fine, CEO Michael Intrator says
CoreWeave CEO Michael Intrator has also described the market selloff as “irrational” in an internal memo shared with Bloomberg, reaffirming the current business model as viable. Specifically, Intrator said CoreWeave’s contracted deal backlog was sufficient to more than cover its debt obligations.
The CEO attributed some of the recent negative sentiment to broader concerns surrounding artificial intelligence (AI) financing, claiming that difficulties faced by rival companies seeking IPOs and debt funding were affecting perceptions of CoreWeave.
Working in Intrator’s favor, several other Wall Street firms have also maintained bullish views. For instance, Bank of America (BofA) reiterated its “Buy” rating and $140 price target on October 14, while raising its revenue estimates for 2027 and 2028. Like Cantor, Deutsche Bank also described the selloff as a buying opportunity, maintaining its Buy rating and $150 price target.
While analysts and chief executives have defended CoreWeave’s outlook, its co-founders have collectively sold approximately $3.3 billion worth of shares since the company’s IPO. Notably, approximately $2.4 billion of those sales occurred in 2026, with CoreWeave stock having fallen approximately 60% from its June 2025 peak.
Intrator himself sold more than $907 million worth of shares in 2026, while co-founder Brannin McBee sold approximately $1.06 billion, reducing his IPO stake by 40.4%. Co-founder Brian Venturo has further sold more than $1.2 billion worth of CRWV shares since the IPO, including approximately $734 million in the second quarter alone.
While the sales do not necessarily imply that the founders have lost confidence in the company, their scale was sufficient to attract investor attention as the stock faced pressure on all fronts. Accordingly, this contrast between substantial insider selling, slipping share prices, bullish Wall Street calls, and large-backer confidence such as Nvidia only further illustrates the uncertainty surrounding the company.
Sandisk (SNDK -0.61%) stock has already delivered an extraordinary run this year, up about 497% year-to-date, as of Oct. 13, 2026. There are risks with storage stocks, given the past boom-and-bust cycles in product pricing. However, the stock, currently priced at $1,416, has a realistic shot at nearly tripling to $4,128 over the next year or so, provided demand for storage and memory continues to outstrip supply and remains strong.
Image source: Getty Images.
CEO says Sandisk is still in the early innings of AI-driven growth
On the August 2026 earnings call, CEO David Goeckeler called AI inference a memory-centric, storage-intensive problem reshaping demand for NAND flash memory. Its leadership in this market is translating into broader customer adoption.
Revenue grew 51% quarter over quarter to $9 billion in the fiscal fourth quarter. Management expects revenue to grow approximately 17% sequentially in fiscal first-quarter 2027, to between $10.3 billion and $10.8 billion. Adjusted (non-GAAP) earnings per share (EPS) are expected to be between $44 and $46.
Sandisk is selling more high-speed solid-state drives (SSDs) to big cloud and AI companies that need fast storage for their most demanding computing tasks. In the latest quarter, it also began shipping a new, higher-capacity product called Stargate, designed for the massive data collections that AI systems create and use.
SNDK Sandisk$1,394.83-$8.51 (-0.61%)
NASDAQ · As of 4:00 PM ET 10/15/26
Over the last year, data center storage has grown from roughly 12% of the company's total bits shipped to 38%, making it Sandisk's fastest-growing market.
Goeckeler said he believes Sandisk is still in the early innings of this opportunity. That outlook aligns with broader AI spending trends. Goldman Sachs Research forecasts that global AI-related investment will exceed $1 trillion this year.
Sandisk's path to a $4,300 share price
The risk for any storage stock is cyclical price fluctuations. However, new long-term agreements with eight customers are expected to cover more than half of bits shipped in fiscal 2027 and two-thirds in fiscal 2028, providing greater visibility into revenue and earnings.
At the current $1,416 share price on Oct. 14, 2026, the stock is trading at a price-to-earnings (P/E) multiple of 19.2. Applying the same trailing multiple to the $215 consensus fiscal 2027 earnings estimate puts the share price at $4,128 next year.
Still, it's difficult to predict how the market will value the stock. If the market senses greater risk of a downturn in storage and memory pricing, or a stall in the AI spending boom, it may value the shares at a lower P/E multiple. Therefore, the stock may not deliver nearly as much upside.
Based on Goeckeler's comment on the runway of growth still ahead, I think the stock is worth buying. Top memory supplier Micron Technology is mostly sold out of advanced memory for 2027, and at higher prices than in 2026. This points to broad market demand for storage and memory that will continue to benefit Sandisk. Even a modest P/E on next year's earnings would send Sandisk stock price over $2,000 in 2027.
Gabriela Castillo Madrid, vedoucí oddělení politiky AI ve SpaceX, bude vypovídat před Radou města New York v rámci jejího vyšetřování bezpečnosti umělé inteligence.
SpaceX artificial intelligence policy leader Gabriela Castillo Madrid is set to testify before the New York City Council on Friday as part of a legislative investigation into AI safety.
The hearing with the council's tech committee is scheduled for 10 a.m. ET at City Hall with Castillo Madrid appearing by video conference.
Elon Musk's aerospace, defense tech and AI company originally evaded requests and a subpoena from the city council to appear alongside leaders from OpenAI, Anthropic, Google and Meta on Oct. 5. SpaceX agreed to testify earlier this week after the council threatened to have its subpoena enforced by a judge.
The council opened its probe following a month of intense debate surrounding the risks posed by advanced AI models, and is aiming to use testimony and information unearthed through the investigation to guide new regulations.
Before Castillo Madrid took a role in government affairs at SpaceX earlier this year, she worked at X, Musk's social media company that's now owned by SpaceX, according to her LinkedIn profile. Prior to that, she spent almost three years at the U.S. Department of Commerce.
In merging SpaceX with xAI in February, Musk combined his AI and social networking business with his rocket launch company, which also owns the Starlink satellite internet service. The merger put SpaceX in control of AI model Grok, which is used by some federal agencies, including the Pentagon.
SpaceX went public in June and is now valued at about $2 trillion. In August, SpaceX completed a $60 billion acquisition of AI coding startup Cursor.
In skipping the earlier NYC Council hearing, SpaceX avoided direct questioning from a member of the U.K. Parliament, Jess Asato, who testified about experiencing AI-enabled online harassment.
Asato is suing xAI in the U.K. after Grok users created and distributed sexualized images of her online without her consent. She's seeking damages, alleging misuse of her private information and breaches of European data protection rules.
According to the BBC, Asato criticized SpaceX for its "arrogance" in not appearing last week.
SpaceX didn't respond to a request for comment ahead of the meeting.
Osmosis odškodní 1 037 účtů držících bOSMO celkovou částkou přibližně 40 508 OSMO po zranitelnosti v kontraktu pro zpětný odkup, která vedla k nadměrným výplatám.
According to a disclosure from the Osmosis Community Hall, the liquid staking token bOSMO issued by Backbone Labs has a redemption contract vulnerability. Since April 2026, the contract has been double-counting OSMO staked by Backbone’s own validators during each redemption, leaving users receiving roughly 50% more OSMO than they are entitled to, with the excess costs covered by other bOSMO holders. To avoid further harm to other holders during community fund pool redemptions, relevant parties redeemed around 776,000 bOSMO in a single transaction on October 10, extracting approximately 1.2997 million OSMO. The OSMO involved in this redemption is expected to complete unbonding on October 24. Osmosis announced it will compensate 1,037 accounts holding bOSMO at the snapshot, totaling about 40,508 OSMO, calculated at a pre-redemption rate of 1.1174 OSMO per bOSMO. The compensation will be automatically distributed after unbonding finishes on October 24, with no action needed from users. However, bOSMO’s asset backing has dropped sharply post-redemption: currently, redeeming 1 bOSMO via Backbone only yields around 0.06 OSMO. As the vulnerability remains unpatched, new bOSMO can still be minted at a cost of roughly 0.039 OSMO, which may cause some liquidity pools to have prices significantly deviating from actual redemption value. Osmosis therefore advises users not to purchase bOSMO or provide liquidity to related pools, and urges existing liquidity providers to withdraw their funds.
Fluxers! AI agents can now deploy apps to Flux Cloud entirely on their own. Our friends at Elisym Labs have launched the Flux Gateway agent on the Elisym network: an agent finds the service, gets a quote, pays, and comes back with a live app on the decentralized cloud — no human in the loop.
Try the Flux Gateway agent on Elisym Read the launch announcement What the Flux Gateway does The Flux Gateway is an agent that other agents hire. It offers three things:
A free quote. Describe the app and get its price before committing to anything. Deploy, paid in USDC. Send the deployment and pay in USDC on Solana; the gateway deploys the app on Flux Cloud. A verified public URL, and status. The agent gets back a working public address for its app, and can check on the app’s status whenever it likes. That is the whole loop an autonomous agent needs: discover a service, agree a price, pay, ship, and verify the result.
What Elisym is Elisym is open infrastructure for AI agents to discover and pay each other, with no platform and no middleman. Agents publish what they can do as capability cards on Nostr relays, customers find providers by capability, jobs and results travel over the same relays, and payments settle on chain. Agents built with Claude, Cursor, Windsurf and other MCP clients can join through Elisym’s MCP server, CLI, SDK or agent skills.
In other words, Elisym is an open marketplace where the buyers and sellers are agents. The Flux Gateway puts the decentralized cloud on its shelves.
Decentralized, end to end This is a match that makes sense. Elisym removes the platform between agents; Flux removes the single company between an app and the machines that run it. An agent that discovers the Flux Gateway over open relays and pays on chain now lands its app on thousands of independent nodes across more than 50 countries, with no account, no sign-up form and no gatekeeper anywhere in the path.
Paying in FLUX? Go direct with our MCP server The Flux Gateway is the fastest route for agents already working in USDC on Solana. Agents that hold FLUX can also talk to Flux Cloud directly through our official Flux Cloud MCP server: quote an app in US dollars, deploy it, pay in FLUX, watch it come up, read its logs, update it and cancel it. It is documented in Deploy with AI Agents (MCP), and we explained how we built it in Inside the Flux Cloud MCP Server.
Two open doors into the same decentralized cloud: one for agents paying in USDC through Elisym, one for agents paying in FLUX directly.
More to come This is the start of our work with Elisym. Next up is a joint demo of an agent deploying through the gateway, shared from both teams. Thank you to Elisym Labs for building it — and to every builder out there: point your agent at the Flux Gateway and let it ship.
Akcie Chipotle do 14. října letošního roku klesly o 18 % a od maxima z června 2024 o 56 %, přestože tržby ve srovnatelných restauracích ve 2. čtvrtletí vzrostly o 2,2 %.
Chipotle Mexican Grill (CMG +0.20%) is a restaurant industry pioneer. It popularized the fast-casual dining concept. The focus on fresh, customizable food, fast service, and reasonable prices has made the business a household name.
Shares have been feeling the heat. As of Oct. 14, they have fallen 18% in 2026 and are 56% off their record from June 2024. The rest of the year may tell a different story.
Here's what history says the fourth quarter will bring for this restaurant stock.
Image source: The Motley Fool.
Past trends reveal mixed performance This decade, the performance of Chipotle's shares has been up and down in Q4. In the fourth quarters of 2021, 2022, 2024, and 2025, the stock fell by single digits. However, in 2020 (+12%) and 2023 (+25%), shares posted double-digit returns. So far this month, they have dropped by over 4%. Q4 2026 is off to a slow start.
At the same time, the S&P 500 index has climbed almost 1%. The positive view is that by the end of this year, Chipotle will end Q4 with a strong gain. This will continue the every-three-year streak, as the fourth quarters of 2020 and 2023 saw winning results.
Navigating a weaker industry As mentioned, Chipotle shares have been cut by more than half since the summer of 2024. At that time, it was clear that the stock was extremely expensive. It traded at a price-to-earnings (P/E) ratio of 73.2. Expectations were sky-high. That's not surprising, given that net income surged 183% from first-quarter 2021 to Q1 2024. The business was hitting its stride.
In recent years, Chipotle has been rattled by weaker conditions in the industry. The fast-casual segment, and the overall restaurant sector, have seen consumers pull back, particularly among households making less than $100,000 in annual income.
Furthermore, making food at home has become a more cost-conscious decision. According to U.S. Department of Agriculture data from 2025, the value proposition of buying groceries widened compared to eating out.
In 2025, Chipotle reported a rare same-store sales (SSS) decline of 1.7%. That improved to a gain of 0.5% in Q1 and 2.2% in the second quarter (ended June 30) of this year. The leadership team expects SSS to rise in the low single digits for the full year.
Profitability has come under pressure. Costs have increased due to labor and food inflation. The unit-level operating margin was 25.2% in the most recent quarter. That's down 220 basis points from the same period last year.
In order to right the ship and position the business for faster growth, Chipotle is investing in menu enhancements, the in-store dining experience, digital reach, and marketing efforts to drive foot traffic. Capital expenditures were $397.6 billion through the first six months of 2026, up 30% year over year. This hits free cash flow directly.
CMG Chipotle Mexican Grill$30.58+$0.06 (+0.20%)
NYSE · As of 4:00 PM ET 10/15/26
The stock might be cheap for a reason It can be hard for Chipotle to attract investor interest at a time when it seems everyone is enamored by artificial intelligence stocks. These enterprises can promise faster growth and bigger gains. The Tex-Mex chain has to compete with that.
For what it's worth, Chipotle's valuation has become more attractive. The stock trades at a P/E ratio of 28.2, which is near a 10-year low. Expectations have fallen due to the company's softer financial results.
This is a high-quality business, though. Its brand is arguably the strongest in the fast-casual space. Its 4,186 company-owned stores give it tremendous scale. It keeps growing, with 350 to 370 net new openings scheduled for this year. Profits are consistent; the average quarterly operating margin in the past five years was 15.8%.
That combination should keep Chipotle on your radar. However, the future might not be as robust as the past was. Consensus analyst forecasts call for earnings per share to grow at just 8.6% per year from 2025 to 2028. This is significantly below the 21.2% annualized pace of the previous three years. Investors need to temper their expectations.
Chyba v kódu Pirate Chain umožnila neoprávněné vytvoření přibližně 39,8 milionu ARRR, což představovalo zhruba 20 % tehdejší nabídky tokenů. Tým navrhuje vrátit blockchain do stavu k 20:00 UTC dne 14. října.
Pirate Chain, a privacy coin that shields every transaction by design, has a counterfeiting problem. A flaw in its source code allowed someone to mint around 39.8 million ARRR without authorization, roughly 20% of the token’s total supply at the time.
The network is still running. Users, however, have been told to keep their hands off their wallets while developers work out how to undo the damage.
What went wrong
The vulnerability surfaced on October 14, 2026. It traced back to two separate validation failures connected to Ironwood, a network upgrade that Pirate Chain activated on October 3.
The freshly minted tokens did not sit still. They were moved quickly into the Sapling shielded pool, the part of the network where balances and transfers are hidden by cryptography.
Pirate Chain’s development team acknowledged that the shielded nature of these transactions could make it harder to trace where the illicit coins went next.
One exchange moved fast. NonKYC flagged deposits tied to the exploit, restricted them, and blocked withdrawals to limit further risk.
The response: freeze, pause, rewind
Pirate Chain’s instructions were blunt. Users were asked not to move funds, and exchanges and mining pools were advised to voluntarily pause operations.
The proposed fix is more dramatic: a blockchain rollback. The team wants to revert the network to its state as of 20:00 UTC on October 14, with the goal of discarding every block produced after the exploit window.
There was one piece of reassuring news. The team said there was no indication that Pirate Chain’s notary keys or its zk-SNARKs cryptography had been compromised.
Why the numbers sting
Pirate Chain targets a maximum supply of 200 million ARRR. Around 39.8 million unauthorized tokens is a meaningful slice of that ceiling, not a rounding error.
The project also stands out because 100% of its transactions use zk-SNARKs. Unlike chains where privacy is optional, Pirate Chain makes shielding mandatory for everyone.
What this means
The rollback itself is a test. It requires coordination among exchanges, miners, and node operators, which is why the voluntary pause matters. If major participants keep processing blocks on the old chain, the recovery gets messier.
NonKYC’s quick decision to restrict deposits and freeze withdrawals likely kept some counterfeit coins from being converted into other assets.
The Ironwood upgrade had been live for only 11 days when the flaw was found. Privacy-focused coins face a particular version of this risk: when supply sits inside a shielded pool, outside observers have fewer tools to spot unusual activity, so the burden falls heavily on the validation rules being correct the first time.
What to watch next: whether the rollback to 20:00 UTC on October 14 is executed cleanly, when exchanges and mining pools resume normal operations, and whether the team publishes a full breakdown of the two validation failures behind Ironwood.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
GBP/AUD ve čtvrtek vzrostl o více než 0,8 % poté, co Austrálie v září přišla o 39 300 pracovních míst a britský HDP v srpnu meziměsíčně vzrostl o 0,1 %.
The Pound-Australian Dollar rate could extend gains if Andrew Bailey reinforces November hike expectations, while weak Australian jobs data may keep the Aussie under pressure. The Pound to Australian Dollar (GBP/AUD) exchange rate raced higher on Thursday as investors reacted to Australia’s disappointing jobs report.
At the time of writing, GBP/AUD was trading at AU$1.9085. Up over 0.8% from the start of Thursday’s European session.
Latest — Exchange Rates:
Pound to Dollar (GBP/USD): 1.325544 (+0.18%)
Australian Dollar to Dollar (AUD/USD): 0.692049 (-0.83%)
DAILY RECAP:
The Australian Dollar (AUD) retreated through Thursday’s Asian trading session after a surprise contraction in Australia’s labour market weakened expectations for further interest rate hikes from the Reserve Bank of Australia (RBA).
Data from the Australian Bureau of Statistics (ABS) showed that the economy lost 39,300 jobs in September, sharply undershooting forecasts for an increase of around 20,000 and marking the largest monthly decline since February 2025.
Meanwhile, the unemployment rate remained at 4.7%, its highest level in almost five years, after August’s reading was revised upwards.
The figures suggested that the Australian labour market may be losing momentum more quickly than previously thought, which in turn weakened expectations of further monetary tightening from the RBA, with a sharp rise in the odds of the bank leaving rates on hold through the remainder of 2026.
The Pound (GBP) trended broadly higher on Thursday after the UK’s latest GDP figures surprised to the upside, showing the economy continued to grow in August.
According to the Office for National Statistics (ONS), monthly GDP expanded by 0.1%, defying forecasts for a 0.1% contraction.
While this marked a slowdown from July’s 0.4% expansion, the figures suggest the UK economy remains remarkably resilient despite mounting global economic uncertainty and rising energy costs.
GBP investors welcomed the unexpected expansion in growth, as it both cements bets that the Bank of England (BoE) will begin tightening monetary policy in November, while also providing a little more fiscal headroom for Chancellor John Healey’s upcoming budget.
Near-Term GBP/AUD Forecast: Focus on BoE Bailey Comments Looking ahead to the end of the week, the primary catalyst of movement for the Pound to Australian Dollar exchange rate will likely be a scheduled speech by BoE Governor Andrew Bailey.
GBP investors will look to Bailey for more insight into the BoE’s policy outlook, with Sterling poised to rise if his remarks help to reinforce bets that the bank will raise rates next month.
Meanwhile, in the absence of any notable domestic data, AUD movement may be driven by market risk dynamics, with a cautious mood potentially piling more pressure on the ‘Aussie’.
Exchange Rates UK Research Our currency coverage draws on live market data, official economic releases and published bank research.
HGT Law vyšetřuje možné porušení zákonů o cenných papírech společností L3Harris po okamžité rezignaci generálního ředitele Christophera Kubasika; akcie 17. srpna klesly o 4,61 %.
, /PRNewswire/ -- HGT Law announces that it is investigating claims on behalf of shareholders of L3Harris Technologies, Inc. ("L3Harris" or the "Company") (NYSE:LHX) for potential violations of the federal securities laws and potential breaches of fiduciary duties by the Company's officers and directors.
L3Harris is a global defense technology company that provides mission-critical solutions to government and commercial customers through its Space & Mission Systems, Communications & Spectrum Dominance, and Missile Solutions segments.
On August 17, 2026, L3Harris announced that Christopher Kubasik had stepped down as Chairman and Chief Executive Officer, effective immediately. The Company stated that it had become aware of conduct by Mr. Kubasik that was inconsistent with the values set forth in its Code of Conduct. On this news, L3Harris's stock price fell $13.44 per share, or 4.61%, closing at $278.38 per share on August 17, 2026.
On August 19, 2026, The Wall Street Journal reported that multiple women at L3Harris had raised concerns about Mr. Kubasik's behavior years before his departure, including a formal sexual harassment complaint made to the Company's human resources department around 2023. The departure was the second time Mr. Kubasik had been removed from a senior executive role over alleged misconduct with an employee. In 2012, Lockheed Martin asked him to resign as its President, and CEO-designate, after an investigation found he had a close personal relationship with a subordinate in violation of its code of ethics.
HGT Law is investigating whether L3Harris and its officers and directors made materially false or misleading statements, or failed to disclose material information, to investors and whether the Company's Board of Directors breached its fiduciary duties in overseeing executive conduct and in approving the terms of Mr. Kubasik's separation.
If you purchased or currently hold L3Harris securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact HGT Law at (646) 453-7288 or via email at [email protected].
About HGT Law
HGT Law is a boutique commercial litigation firm that both institutions and individuals who have suffered losses arising from: violations of federal and state securities laws; breaches of fiduciary duty by corporate directors and officers; breach of contract; and business torts.
Attorney Advertising. Prior results do not guarantee similar outcomes.
Contact:
HGT Law
(646) 453-7288
[email protected]
www.hgtlaw.com
Pomerantz LLP prověřuje možné porušení zákonů o cenných papírech společností lululemon po slabších tržbách a snížení celoročního výhledu tržeb i zisku.
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of lululemon athletica inc. ("lululemon" or the "Company") (NASDAQ: LULU). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether lululemon and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 3, 2026, lululemon reported its financial results for the second quarter of fiscal year 2026. Among other items, lululemon reported lower-than-expected revenue and sharply lowered its full-year revenue and earnings guidance. The Company's management attributed its disappointing quarterly results to negative media and social-media commentary, softer-than-planned new-product launches, and weaker store traffic.
On this news, lululemon's stock price fell $21.16 per share, or 17.38%, to close at $100.61 per share on September 4, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Howard Hughes Holdings koupila pojišťovnu Vantage za 2,1 miliardy USD a během pěti let do ní plánuje vložit 2,5 až 3 miliardy USD volných peněžních toků.
Ever since Warren Buffett built Berkshire Hathaway around ownership of insurance companies, many have attempted to copy his approach. Unlike traditional insurance stocks, which seek to profit by investing insurance premiums in fixed-income instruments such as bonds, Buffett's approach entails investing float in stocks to generate superior long-term returns.
Investor Bill Ackman, through Howard Hughes Holdings (HHH +2.37%), or HHH for short, is the latest Wall Street titan to try to emulate this strategy. Not only that, but Ackman appears to be aiming to mimic the approach of another famed investment holding company.
Pershing Square Capital Management CEO Bill Ackman. Image source: Getty Images.
Howard Hughes Holdings was formed in 2010, when then-bankrupt General Growth Properties spun off its real estate development business. Known for master-planned community developments like Summerlin, located outside Las Vegas, the company has slowly shifted its focus since Bill Ackman's involvement began in the late 2010s. First, by spinning off non-core real estate and other assets as Seaport Entertainment in 2024.
HHH Howard Hughes$69.91+$1.62 (+2.37%)
NYSE · As of 4:00 PM ET 10/15/26
Then, in 2025, Pershing Square invested another $900 million in HHH, raising the fund's stake to 47%. Still working slowly, Ackman has only recently revealed his "master plan" for the master-planned communities company. In a recent interview with Bloomberg, Ackman discussed plans to transform HHH into both a Berkshire-style insurance holding company and an asset manager akin to Brookfield and Blackstone.
First, in a Berkshire-esque move, HHH acquired Vantage for $2.1 billion. Vantage's book value of around $1.8 billion represents much of this valuation. Alongside the purchase price of Vantage, Howard Hughes Holdings plans to invest between $2.5 billion and $3 billion of its excess free cash flow into the insurance unit over the next five years. HHH's goal is to have most of Vantage's excess capital invested in stocks. Ackman's Pershing Square will also manage Vantage's portfolio for free.
Second, alongside the Buffett insurance gambit, Ackman also seeks to juice up Howard Hughes' returns from real estate investments by taking on third-party investors and charging them management fees similar to those that Brookfield and Blackstone charge for their respective real estate investment management subsidiaries.
Is Howard Hughes Holdings a buy? Howard Hughes Holdings shares surged around the time of Ackman's "Berkshire and Brookfield" remarks, but have since pulled back into the high-$60s per share, around the stock's book value of $66.95 per share. Yet while the stock may appear to have minimal downside at this price level, keep in mind that only time will tell whether Ackman's big plans pan out.
For one, it takes years, if not decades, to determine success in this area. Some insurers taking a Berkshire-style approach, like Markel Group, have beaten the market over a multidecade time frame; others, like Greenlight Capital, have lost money for investors.
In fact, Greenlight Capital, with excess funds managed by hedge fund billionaire David Einhorn, sounds very similar to what Ackman has in store for Howard Hughes Holdings. That's not to say a similar outcome is bound to happen, but consider this food for thought before investing just on the headlines alone.
Instead, consider waiting until some of the excitement surrounding Ackman's plans has simmered down. In the past, Howard Hughes Holdings has traded well below book value, and a similar situation could emerge again in the near term.
Thomas Niel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway, Blackstone, Brookfield Corporation, Howard Hughes, Markel Group, and Seaport Entertainment Group. The Motley Fool has a disclosure policy.
KB Home otevřela rezidenční projekt Sebastian Oaks v St. Augustine na Floridě; rodinné domy s až pěti ložnicemi začínají v nižší cenové hladině 300 000 USD.
New community near area beaches and top-rated schools is now open for tours.
, /PRNewswire/ -- KB Home (NYSE: KBH), one of the largest and most trusted homebuilders in the U.S., today announced the opening of Sebastian Oaks, a new-home community in St. Augustine, Florida.
Sebastian Oaks at a Glance:
Sebastian Oaks model home
Price: From the low $300,000s
Location: St. Augustine, Florida, at the corner of Lewis Speedway and Mose Bluff Avenue near U.S. Highway 1
Home type: One- and two-story single-family floor plans
Bedrooms/baths: Up to 5 bedrooms and 3 baths
School district: St. Johns County School District
Sebastian Oaks is located at the corner of Lewis Speedway and Mose Bluff Avenue. The community provides easy access to U.S. Highway 1 and Interstate 95 and is just 5 miles from Vilano Beach. Residents will enjoy the proximity to downtown St. Augustine, Flagler Hospital, Matanzas River and St. Augustine Premium Outlets®. Sebastian Oaks is also a natural gas community and has no CDD fees.
The homes at Sebastian Oaks are designed for contemporary living, with modern kitchens overlooking large great rooms, expansive bedroom suites with walk-in closets, and lofts. Homebuyers can personalize their new home, from floor plan and exterior style to where they live in the community, and then bring their vision to life at the KB Home Design Studio, where they can select from a wide range of interior design choices that fit their style and budget.
"We are excited to introduce North Florida homebuyers to beautiful new homes in a highly desirable location convenient to downtown St. Augustine and just minutes to area beaches," said Todd Holder, President of KB Home's Jacksonville division. "At KB Home, we focus on creating value through competitive, transparent pricing and giving buyers the ability to personalize their home based on what matters most to them. We put them in control, so they're not paying for features they don't value or compromising on ones they do."
KB homes are engineered to be highly energy and water efficient and include features that support healthier indoor environments. They are designed to be ENERGY STAR® certified, a standard that fewer than 12% of new homes nationwide meet, offering greater comfort, well-being and utility cost savings compared to new homes without certification.
The Sebastian Oaks sales office and model homes are now open for walk-in visits and private in-person tours by appointment. Live video tours are also available. For more information on KB Home, call 888-KB-HOMES or visit kbhome.com.
About KB Home
KB Home is one of the largest and most trusted homebuilders in the U.S. We operate in 50 markets, have built over 700,000 quality homes in our nearly 70-year history, and are honored to be one of the top customer-ranked national homebuilders based on third-party buyer surveys. What sets KB Home apart is building strong, personal relationships with every customer and creating an exceptional experience that offers our homebuyers the ability to personalize their home based on what they value at a price they can afford. As the industry leader in sustainability, KB Home has achieved one of the highest residential energy-efficiency ratings and delivered more ENERGY STAR® certified homes than any other builder, helping to lower the total cost of homeownership. For more information, visit kbhome.com.
For Further Information:
Cara Kane, KB Home
321-299-6844
[email protected]
United Overseas Bank’s Quek Ser Leang and Lee Sue Ann highlight that EUR/USD has rebounded strongly from 1.1112 to close at 1.1218, more than reversing the prior day’s losses. Short-term momentum looks overextended, with the pair expected to trade between 1.1180 and 1.1240 intraday. On a 1–3 week view, EUR is now seen in a broader 1.1160–1.1280 range after breaking 1.1220 resistance.
Euro-Dollar shifts into consolidation band"24-HOUR VIEW: EUR plunged two days ago and then rebounded strongly to close at 1.1156 (-0.38%). When EUR was at 1.1180 in the early Asian session yesterday, we indicated that “the recovery has scope to extend but any advance should stay within a 1.1155/1.1205 range.” We were incorrect, as EUR rose to 1.1240 before easing slightly to close 0.56% higher at 1.1218. The sharp advance appears to be overextended. This, combined with early signs of slowing momentum, suggests EUR is unlikely to rise much further. Today, we expect EUR to trade in a range between 1.1180 and 1.1240."
"1-3 WEEKS VIEW: We have been holding a negative EUR view for more than a month. After EUR dropped to 1.1112 and rebounded strongly, we highlighted the following yesterday (15 Oct, spot at 1.1180): “Further EUR weakness is not ruled out, but the decline from last month appears to be overextended, both time-wise and price-wise. However, only a breach of 1.1220 ( ‘strong resistance’ level) would mean that EUR is not declining further.” EUR subsequently rose and broke above 1.1220 with a high of 1.1240. EUR has likely entered a range-trading phase, and for the time being, it is likely to trade between 1.1160 and 1.1280."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Proti společnosti AST SpaceMobile byla podána hromadná žaloba kvůli údajným zavádějícím informacím o financování, konkurenci a pomalém přijímání služby uživateli; akcie po oznámení nabídky konvertibilních dluhopisů 15. července 2026 následující den klesly o 17,04 %.
, /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against AST SpaceMobile, Inc. ("AST" or the "Company") (NASDAQ: ASTS) and certain officers. The class action, filed in the United States District Court for the Western District of Texas, Midland-Odessa Division, and docketed under 26-cv-00378, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired AST securities between March 4, 2025 and July 15, 2026, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are an investor who purchased or otherwise acquired AST securities during the Class Period, you have until November 13, 2026 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
AST, together with its subsidiaries, designs and develops the constellation of BlueBird satellites in the United States ("U.S."). The Company provides a cellular broadband network in space for direct access by smartphones for commercial use and other applications, as well as for government use. In addition, its SpaceMobile service provides cellular broadband services to end-users who are out of terrestrial cellular coverage.
At all relevant times, Defendants touted AST's purportedly unique competitive advantages and leadership position in the satellite direct-to-cellular ("D2C") market. In particular, throughout the Class Period, Defendants touted AST's business and financial prospects as purportedly the only established space-based cellular broadband network for mobile phones.
Defendants' assurances regarding AST's purportedly durable competitive position in the satellite D2C market came into question in September 2025, when American telecommunications company EchoStar Corporation ("EchoStar") announced that it had entered into a definitive agreement with SpaceX, an American aerospace manufacturer and space transportation company, to sell its AWS-4 and H-block spectrum licenses (the "EchoStar Transaction"). In connection with the EchoStar Transaction, SpaceX and EchoStar agreed to enter into a long-term commercial agreement, enabling EchoStar's Boost Mobile subscribers—through its cloud-native 5G core—to access SpaceX's next generation D2C service provided by its telecommunications subsidiary Starlink Services, LLC ("Starlink").
SpaceX commands a dominant position in the global aerospace and orbital launch industry, with the ability to produce and launch numerous satellites at scale. Its subsidiary Starlink provides a broadband internet satellite constellation that accounts for roughly 54% of all active satellites in Earth's orbit, with approximately 9,821 Starlink satellites currently active in low Earth orbit. Viewed in combination with its considerable resources, SpaceX's entry into the satellite D2C market was potentially a threat to AST's commercial aspirations.
Following the EchoStar Transaction, however, Defendants continued to assure investors and the market that AST remained in a competitive class of its own, with the Company poised to realize significant revenues and profits in the near-term. Likewise, Defendants continuously represented that AST's capital and liquidity position was sufficient to meet its strategic and business goals at all relevant times, notwithstanding the heightened competitive pressures it faced following the EchoStar Transaction.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) AST's increasing capital requirements were likely to increase the Company's debt load and share dilution with greater frequency and at greater scale than Defendants had signaled to investors; (ii) accordingly, Defendants had overstated the sufficiency of AST's capital and liquidity position to achieve its strategic and business goals; (iii) Defendants likewise overstated the durability of AST's competitive position in the satellite D2C market; (iv) even following the EchoStar Transaction, Defendants continued overstating AST's competitive position in the satellite D2C market; (v) AST was experiencing slow user adoption in the U.S. and Japan; (vi) the foregoing was likely to have a significant negative impact on the Company's business and financial prospects; and (vii) as a result, Defendants' public statements were materially false and misleading at all relevant times.
The truth began to emerge on September 8, 2025, when UBS issued a report downgrading AST to a "Neutral" from "Buy" recommendation, as well as cutting its price target on the Company to $43.00 from $62.00, mainly citing heightened competitive pressures related to the EchoStar Transaction, which "fortifies [Starlink's] position in the space to cellular market and increases risk for AST[] as it drives utilization on its nascent constellation[.]"
Following the release of UBS's report, AST's Class A common stock price fell $3.86 per share, or 9.47%, to close at $36.91 per share on September 9, 2025.
On October 21, 2025, AST issued a press release "announc[ing] its intent to offer . . . $850.0 million aggregate principal amount of convertible senior notes due 2036 (the 'Notes') in a private offering", and that it "intends to grant the initial purchasers of the Notes . . . an option to purchase . . . up to an additional $150.0 million aggregate principal amount of Notes." The press release disclosed that AST would use the proceeds from this offering "for general corporate purposes, including without limitation funding the deployment of AST SpaceMobile's worldwide constellation of satellites in anticipation of adding incremental strategic markets for its SpaceMobile Service." (Emphasis added.)
Later the same day, AST issued another press release "announc[ing] the pricing of $1.0 billion aggregate principal amount of convertible senior notes due 2036 (the 'Notes') in a private offering", noting that "[t]he size of the offering has been increased from the previously announced $850.0 million principal amount of Notes", while reiterating the same intended use for the net proceeds from the offering.
Following these disclosures, AST's Class A common stock price fell $7.26 per share, or 9.24%, to close at $71.35 per share on October 22, 2025.
On January 6, 2026, Scotiabank issued a report downgrading AST to a "Sell" recommendation, as well as its rating to "Sector Underperform" from "Sector Perform", citing, inter alia, significant competition from Starlink and "[e]vidence of slow user adoption in the U.S. and Japan[.]"
Following the release of Scotiabank's report, AST's Class A common stock price fell $11.76 per share, or 12.06%, to close at $85.73 per share on January 7, 2026.
On February 11, 2026, AST issued a press release "announc[ing] its intent to offer . . . $1.0 billion aggregate principal amount of convertible senior notes due 2036 (the 'Notes') in a private offering", and that it "intends to grant the initial purchasers of the Notes . . . an option to purchase . . . up to an additional $150.0 million aggregate principal amount of Notes." The press release disclosed that AST intended to use the proceeds from the offering "for general corporate purposes, including without limitation, accelerating the deployment of our controlled spectrum bands on a global basis, monetizing the capabilities of our proprietary technology to capture the evolving commercial opportunities related to artificial intelligence, enhancing investment in government space opportunities in the U.S., reducing higher interest debt, and pursuing opportunistic investments to accelerate our SpaceMobile Service and capabilities." (Emphasis added.)
The next day, AST issued another press release announcing the pricing of the foregoing offering at "an initial conversion price of approximately $116.30 per share of AST SpaceMobile's Class A common stock, which represents a premium of approximately 20% to the last reported sale price of AST SpaceMobile's Class A common stock on February 11, 2026."
Following these disclosures, AST's Class A common stock price fell $14.70 per share, or 15.17%, to close at $82.22 per share on February 12, 2026.
Then, on July 15, 2026, AST issued a press release "announc[ing] its intent to offer" yet another "$1.0 billion aggregate principal amount of convertible senior notes due 2034 (the 'Notes') in a private offering", and that it "intends to grant the initial purchasers of the Notes . . . an option to purchase . . . up to an additional $150 million aggregate principal amount of Notes." The press release disclosed that AST intended to use the proceeds from the offering to, inter alia, "pursue an expanding universe of growth initiatives and secure additional access to orbit for its space-based cellular broadband network, including partnerships and/or acquisitions to further vertically integrate its business and mitigate risks associated with third-party launch providers." (Emphasis added.) The press release further disclosed that the Company "currently does not have any understandings or agreements with respect to any such strategic transactions." (Emphasis added.)
Later the same day, AST issued another press release announcing the pricing of the foregoing offering. Specifically, "$1.0 billion 1.625% convertible senior notes due 2034 . . . [at] an initial conversion price of approximately $79.57 per share of AST SpaceMobile's Class A common stock, which represents a premium of approximately 20.0% over the last reported sale price of AST SpaceMobile's Class A common stock on July 15, 2026", as well as "[c]apped call transactions . . . [at] an initial cap price of $149.20 per share of AST SpaceMobile's Class A common stock, which represents a premium of 125.0% over the last reported sale price of AST SpaceMobile's Class A common stock on July 15, 2026."
Following the foregoing disclosures, AST's Class A common stock price fell $11.30 per share, or 17.04%, to close at $55.01 per share on July 16, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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