Blockonomi

TLDR:

OpenAI raised $110B in a record private tech funding round, reaching a $730B pre-money valuation with three major backers.

Amazon leads the round with a $50B commitment and expands its AWS agreement with OpenAI by $100B over eight years.

ChatGPT now serves over 900M weekly active users, with January and February set to be its biggest subscriber months ever.

The OpenAI Foundation’s stake in OpenAI Group now exceeds $180B, funding health breakthroughs and AI resilience globally.

OpenAI has secured $110 billion in new funding, setting a record for private tech companies. Amazon, NVIDIA, and SoftBank anchored the round at a $730 billion pre-money valuation.

The deal also includes a strategic partnership with Amazon and expanded infrastructure commitments with NVIDIA. This capital positions OpenAI to scale AI access for consumers, businesses, and governments worldwide.

Strategic Investors Back OpenAI’s Infrastructure Push

Amazon committed $50 billion to the round, making it the largest single contributor. NVIDIA followed with $30 billion, while SoftBank also pledged $30 billion.

Together, these three companies form the core of OpenAI’s new investment base. Additional financial investors are expected to join as the round progresses.

Beyond capital, OpenAI and Amazon announced a multi-year strategic partnership. The agreement is designed to accelerate AI adoption for enterprises, startups, and consumers globally.

OpenAI also expanded its existing AWS agreement by $100 billion over eight years. That contract strengthens OpenAI’s cloud and distribution infrastructure considerably.

NVIDIA’s partnership goes beyond funding. OpenAI secured access to 3GW of dedicated inference capacity and 2GW of training on Vera Rubin systems.

This builds on existing Hopper and Blackwell infrastructure already running across Microsoft, OCI, and CoreWeave. The expanded compute access supports both model training and large-scale deployment.

Sam Altman, OpenAI’s co-founder and CEO, addressed the partnerships in a public statement. He said the company is “pushing the frontier across infrastructure, research, and products to make AI more capable, reliable, and broadly useful.”

He described SoftBank, NVIDIA, and Amazon as partners who “share our ambition to turn real scientific progress into systems that deliver meaningful benefits for people at global scale.”

Altman added that “building AI that works for everyone will require deep collaboration across the stack.”

OpenAI’s Product Growth Drives Funding Demand

ChatGPT now serves more than 900 million weekly active users. The platform has crossed 50 million consumer subscribers, with January and February tracking as the largest months for new subscriber additions.

That growth rate pushed OpenAI to seek additional infrastructure capital. Meeting demand at that scale requires compute, distribution, and balance sheet strength.

OpenAI made that case publicly through its official channels. The company posted on X, stating: “Helping AI reach more people requires deep collaboration across the ecosystem.”

Helping AI reach more people requires deep collaboration across the ecosystem.

Today we’re announcing new investment, with support from @SoftBank, @NVIDIA, and @Amazon, to scale the infrastructure needed to bring AI to everyone.https://t.co/xW0ItgMTLe

— OpenAI (@OpenAI) February 27, 2026

It also announced “new investment, with support from SoftBank, NVIDIA, and Amazon, to scale the infrastructure needed to bring AI to everyone.” Those statements framed the round as an ecosystem-level move rather than a standalone financing event.

Business adoption is also accelerating. More than 9 million paying business users now rely on ChatGPT for work daily.

Enterprises are deploying OpenAI’s Frontier platform across engineering, support, finance, sales, and operations. The platform helps companies build, deploy, and manage AI coworkers at scale.

The new funding also strengthens the OpenAI Foundation’s financial position. The foundation’s stake in OpenAI Group now exceeds $180 billion in value.

That makes it one of the most well-resourced nonprofits globally. The foundation plans to direct resources toward health breakthroughs and AI resilience efforts.

The post OpenAI Raises $110B at $730B Valuation in Record-Breaking Round Led by Amazon, NVIDIA, and SoftBank appeared first on Blockonomi.

TLDR:

JPYSC is issued by Shinsei Trust & Banking under Japan’s trust bank regulatory framework for full compliance.

Startale Group leads technical development while SBI VC Trade serves as the primary stablecoin distribution partner.

The stablecoin targets cross-border payments, treasury operations, and tokenized asset settlement at high volumes.

JPYSC is structured as a Type III Electronic Payment Instrument with an official launch planned for Q2 2026.

JPYSC, Japan’s first trust bank-backed yen stablecoin, has been officially unveiled by Startale Group and SBI Holdings.

Shinsei Trust & Banking will issue the stablecoin under Japan’s regulatory framework. The partnership positions JPYSC as a regulated digital yen built for global use.

SBI VC Trade will serve as the primary distribution partner. Startale Group will lead all technical development for the project. An official launch is targeted for Q2 2026, pending regulatory approvals.

A Regulated Framework Behind Japan’s Digital Yen

JPYSC is structured as a Type III Electronic Payment Instrument under Japan’s trust bank framework. This classification ensures the stablecoin meets institutional compliance standards from the ground up.

The regulatory structure gives financial institutions a clear path to adopt the digital yen. It also allows JPYSC to operate within existing Japanese financial laws without exemptions.

Shinsei Trust & Banking’s role as issuer adds a layer of credibility rarely seen in stablecoin projects. Trust bank backing separates JPYSC from most crypto-native stablecoins in the market today.

This setup directly addresses long-standing concerns about stablecoin legitimacy among traditional banks. The structure mirrors how institutional-grade financial instruments are typically handled in Japan.

Startale Group announced the development through its official channels, stating:

“Startale Group and SBI Holdings introduce JPYSC, the first trust bank–backed JPY stablecoin issued by Shinsei Trust & Banking, with Startale Group building the technical foundation for regulated digital yen infrastructure.”

Startale Group and SBI Holdings introduce JPYSC, the first trust bank–backed JPY stablecoin issued by Shinsei Trust & Banking, with Startale Group building the technical foundation for regulated digital yen infrastructure.

Here's what makes JPYSC a landmark moment pic.twitter.com/HbWGVIO3nR

— Startale (@StartaleGroup) February 27, 2026

The blue logo unveiled alongside the brand name reflects the stablecoin’s principles of trust, stability, and global connectivity. It is designed to serve as a visual symbol of the bridge between traditional banking and blockchain networks.

Enterprise Use Cases and Global Interoperability

JPYSC is built to handle high-volume settlement transactions from day one. It also supports tokenized asset settlement, making it suitable for large-scale financial operations.

Leading financial institutions and corporate giants have already shown strong interest in the project. This early demand points to serious adoption potential in treasury and operational use cases.

Cross-border payments represent another core application for JPYSC. The stablecoin is designed to connect traditional financial systems with onchain ecosystems seamlessly.

This capability makes it practical for global companies managing multi-currency transactions. It also opens doors for trade finance and international settlement corridors.

SBI VC Trade’s role as the primary distribution partner strengthens the stablecoin’s reach across Japan’s digital asset market.

The exchange already operates within Japan’s regulated crypto environment, which supports smooth distribution. Together, Startale Group and SBI Holdings aim to make JPYSC a trusted standard in digital finance.

The project reflects a broader push to bring regulated financial infrastructure fully onchain.

The post Startale Group and SBI Holdings Launch JPYSC to Bridge Traditional Finance and Blockchain with a Digital Yen appeared first on Blockonomi.

TLDR

Fourth-quarter revenue climbed 29.6% year-over-year to $247.1M.

Cortrophin Gel generated $111.4M in Q4, expanding across multiple specialties.

ILUVIEN contributed $19.8M with enhanced coverage and market penetration.

Generics division expanded 28.2% to $100.8M driven by new product rollouts.

Full-year 2026 revenue guidance set between $1.06B and $1.12B with adjusted EBITDA up to $290M.

Shares of ANI Pharmaceuticals (ANIP) demonstrated notable strength following a robust fourth-quarter performance that showcased accelerated revenue and profitability across multiple business lines. Trading closed at $77.15 before advancing to $78.68 in early pre-market activity. The pharmaceutical company achieved record annual sales while solidifying its foothold in rare disease therapeutics.

ANI Pharmaceuticals, Inc., ANIP

Rare Disease Division Powers Quarterly Revenue Acceleration

The rare disease business unit generated $131.3 million during the quarter, representing a year-over-year increase of 50.8%. Cortrophin Gel accounted for the majority of this growth with quarterly net sales of $111.4 million. ILUVIEN contributed an additional $19.8 million, bolstering the segment’s overall commercial momentum.

Demand for Cortrophin Gel remained robust as physicians across neurology, rheumatology, nephrology, and ophthalmology increasingly prescribed the therapy. Utilization for acute gouty arthritis flares grew significantly and now comprises over 15% of total prescriptions. Management plans to expand the rare disease commercial team by mid-2026 to capitalize on emerging market opportunities.

ILUVIEN’s performance benefited from enhanced reimbursement coverage and focused commercial execution. Targeted investments improved patient access pathways and drove higher adoption rates across approved uses. The company anticipates sustained momentum as distribution channels continue developing.

Generics Division Delivers Growth Through Strategic Product Launches

Quarterly generics revenue totaled $100.8 million, marking a 28.2% increase compared to the same period last year. A partnership-based product launch initiated in Q3 contributed substantially to the division’s performance. Several additional generics introduced throughout 2025 further enhanced revenue growth.

Royalty income within the segment declined due to reduced contributions from specific service arrangements. Nevertheless, the generics platform demonstrated operational resilience and consistent execution. The company maintains a disciplined approach to rolling out new generic formulations.

Brand product revenue decreased to $12.3 million as demand for certain offerings returned to normalized levels. This reduction reflected anticipated trends following previous quarters of elevated purchasing activity. Management continues prioritizing stable operations within the brand portfolio.

Financial Performance Reflects Margin Expansion and Profitability Growth

Total revenue for the quarter reached $247.1 million, a 29.6% increase from the prior-year period. GAAP gross margin improved primarily due to the elimination of purchase accounting adjustments that impacted earlier periods. Non-GAAP gross margin experienced slight compression as the product mix shifted toward higher royalty-bearing items.

Operating expenses rose in response to increased headcount and investments in rare disease and ophthalmology commercial infrastructure. Research and development spending declined modestly due to timing considerations related to active development programs. The company maintained strategic investments in initiatives designed to fuel long-term expansion.

Net income for the quarter totaled $27.5 million, representing a significant improvement from the prior year’s loss. Adjusted diluted earnings per share increased to $2.33, driven by revenue growth and operational efficiency gains. Adjusted EBITDA climbed to $65.4 million, a 30.6% year-over-year increase.

2026 Financial Outlook Supports Long-Term Growth Strategy

Management reaffirmed its 2026 revenue guidance, projecting total sales between $1.055 billion and $1.115 billion. Cortrophin Gel is forecast to deliver up to $575 million as commercial teams expand into additional specialty and primary care settings. ILUVIEN revenue is expected to reach as much as $83 million.

The company projects adjusted EBITDA will climb to $290 million, underscoring ongoing margin expansion. Earnings per share guidance points to further profitability improvements as operational leverage increases. ANI concluded 2025 with solid liquidity and generated $185.2 million in operating cash flow for the year.

The organization is focused on establishing itself as a prominent rare disease pharmaceutical company while continuing disciplined execution across its generics and brand segments.

 

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TLDR

Appaloosa Management under David Tepper expanded positions in five major AI-related stocks during the fourth quarter

Micron’s stake was tripled to 1.5 million shares amid reports that memory chips are completely sold out through year-end

Alphabet crossed the $400 billion annual revenue milestone with Google Cloud revenue surging 48% year-over-year

Despite beating Q4 estimates with $59.89B revenue, Meta stock faces pressure from its massive $115–$135B AI infrastructure investment forecast

Microsoft shares have declined more than 25% from peak levels, now trading at notably compressed valuation multiples

Hedge fund manager and billionaire David Tepper submitted his 13F filing for the fourth quarter on February 17, revealing portfolio adjustments at Appaloosa Management. With a concentrated portfolio of only 45 equities, Tepper adjusted five positions within his top 10 holdings during the period.

Appaloosa expanded its Alphabet holdings by 28.7%, purchasing an additional 399,431 shares to bring the position to approximately 8.1% of total assets under management. The tech giant crossed $400 billion in annual revenue for the first time in its history, powered by Google Cloud’s impressive 48% year-over-year expansion to $17.7 billion. Alphabet recently claimed the title of America’s most profitable corporation, surpassing both Apple and Microsoft.

The most dramatic portfolio adjustment involved Micron Technology. Tepper expanded his position threefold, jumping from 500,000 shares to 1.5 million. This move comes as the semiconductor manufacturer reports its memory chip inventory is fully allocated through the remainder of the year, driven by explosive AI data center requirements. Micron delivered Q4 revenue of $13.64 billion alongside earnings per share of $4.78, exceeding analyst projections.

Micron and Meta: Two Very Different Bets

Micron stock has skyrocketed 348% over the past twelve months and continues its ascent with a 35% gain year-to-date. The semiconductor company is committing $200 billion toward manufacturing expansion, including two Idaho fabrication facilities totaling $50 billion and a massive $100 billion New York manufacturing complex.

Tepper increased his Meta holdings by 62% during the fourth quarter, though this investment has underperformed expectations. The social media giant posted Q4 revenue of $59.89 billion with earnings per share of $8.88, topping consensus forecasts. Nevertheless, shares tumbled following Q3 results as investors digested the company’s aggressive capital expenditure plans.

Meta has outlined plans to invest between $115 billion and $135 billion in AI infrastructure throughout 2026. Advertising revenue accounted for $58.1 billion of Q4’s total. Shares remain below their previous peak and have yet to stage a meaningful recovery.

Taiwan Semiconductor Manufacturing Company represents another Q4 addition to Appaloosa’s portfolio. The foundry produces the majority of advanced logic semiconductors powering AI systems, positioning it as a primary beneficiary of infrastructure buildouts by hyperscale technology companies.

Microsoft Trades at Historically Low Valuation

Microsoft received a modest 8% position increase from Tepper during the fourth quarter. The software giant’s shares declined substantially following its most recent quarterly report and currently sit more than 25% below all-time highs. The stock’s price-to-earnings multiple has compressed to levels not observed in an extended period.

Appaloosa’s subsequent 13F disclosure, covering the first quarter of 2026, is expected around mid-May. That report will reveal whether Tepper has added to his Microsoft position during the current market pullback.

Alphabet shares are currently changing hands near $307. Micron is trading around the $415 level. Meta stock sits at approximately $655.

The post David Tepper’s Appaloosa Management Doubles Down on AI: Five Major Tech Stock Purchases Revealed appeared first on Blockonomi.

Key Takeaways

Peter DeSantis, Amazon’s newly named AI leader, is prioritizing affordability over cutting-edge performance in the company’s AI approach.

The tech giant intends to leverage proprietary Trainium and Inferentia processors to develop AI systems at lower costs than competitors.

While Amazon’s Nova model trails in performance benchmarks, the upcoming Nova 2 promises improved results.

AMZN shares have declined approximately 8% since the start of January amid worries over planned $200 billion capital investments.

David Luan, who led Amazon’s AGI Lab, revealed his resignation this week.

Amazon is charting a distinct path in artificial intelligence: winning through affordability rather than pure technical superiority.

Peter DeSantis, recently elevated to lead Amazon’s AI initiatives, is championing an approach centered on economics. His fundamental premise is straightforward — artificial intelligence carries prohibitive costs, and Amazon has the solution.

“AI has a cost problem,” DeSantis explained. “If we ultimately want AI to transform everything, the costs have to be different.”

DeSantis assumed control of AI operations last December following the exit of former chief AI scientist Rohit Prasad. A 28-year company veteran, he played instrumental roles in developing AWS and Amazon’s semiconductor division.

Amazon’s shares have declined about 8% since the new year began. Market participants are growing anxious over the company’s blueprint to allocate $200 billion toward capital expenditures throughout the year — predominantly for AI infrastructure — as Wall Street analysts forecast Amazon will consume approximately $9 billion in cash during Q1 alone.

The stakes for DeSantis couldn’t be higher.

The Semiconductor Gambit

The strategy revolves around Amazon’s proprietary silicon: Trainium processors for model training and Inferentia chips for inference workloads. Amazon asserts these components deliver up to 50% cost savings compared to equivalent alternatives from competitors.

“If we can build our models on our chips, we can build them at a fraction of the cost of a pure-play AI model provider,” DeSantis explained.

This economic edge is already drawing interest from clients. Nimbus Therapeutics, a Boston-headquartered pharmaceutical discovery company, discovered Amazon’s Nova model delivered results matching Anthropic’s Claude in accuracy while costing just one-tenth the price.

Amazon additionally provides Nova Forge, enabling business clients to construct tailored AI systems instead of subscribing to premium solutions like ChatGPT or Gemini.

Amazon’s primary Nova offering has underperformed competitors in independent performance evaluations. The company maintains that Nova 2 delivers superior results, although publicly available third-party benchmark validation remains unavailable.

Amazon also reacted slowly to the generative AI revolution. Following ChatGPT’s debut in late 2022, Amazon rushed to formulate a response, convening urgent strategic sessions.

“Amazon was slower to realize the importance of generative AI,” noted Lloyd Walmsley, senior analyst at Mizuho.

Workforce Challenges and Market Rivals

Amazon confronts significant talent retention obstacles. Compensation packages for software engineers and research scientists fall behind Meta, OpenAI, Apple, and Anthropic, based on Levels.fyi data. The organization also eliminated roughly 30,000 white-collar positions through two separate workforce reductions.

This Tuesday, David Luan, who headed Amazon’s AGI Lab, confirmed his departure. The laboratory will maintain operations under DeSantis’s leadership.

DeSantis indicates he isn’t pursuing headline-grabbing model announcements like OpenAI and Anthropic. He characterized frequent releases as “kind of how you stay in the news” but emphasized they don’t necessarily deliver meaningful customer value.

Amazon reports that Nova model variations now power more than 70% of Alexa interactions. The company’s Rufus shopping assistant chatbot served over 300 million users throughout 2025.

DeSantis recognized investor apprehension regarding expenditures but defended the strategy, referencing similar doubt Amazon encountered during its initial physical retail expansion and subsequent AWS data center investments.

Amazon’s AGI Lab, dedicated to developing AI agents, remains under DeSantis’s oversight following Luan’s announcement.

The post Amazon’s Cost-First AI Strategy: Can In-House Chips Counter OpenAI’s Dominance? appeared first on Blockonomi.

Key Highlights

eBay eliminating approximately 800 positions, accounting for 6% of total staff

Workforce reduction affects multiple departments as part of strategic realignment

Company finalizing $1.2 billion purchase of Depop fashion app from Etsy

Fourth quarter revenue jumped 15% to reach $2.97 billion, surpassing forecasts

First quarter revenue outlook set between $3 billion and $3.05 billion

eBay revealed on Thursday plans to eliminate roughly 800 positions from its workforce, which currently stands at approximately 12,300 employees globally.

eBay just announced it's laying off about 800 employees — roughly 6% of its global workforce — marking the company's third major round of cuts since 2024.

The San Jose-based company said it's "taking steps to reinvest across our business and align our structure with our… pic.twitter.com/WeDDz6W4TS

— Cheddar (@cheddar) February 26, 2026

The online marketplace characterized the workforce reduction as part of an extensive initiative to “reinvest across the business” and better synchronize operations with its strategic direction.

The company has not provided specific dates for when the layoffs will occur, nor has it disclosed whether any restructuring expenses will be recorded.

Affected positions span various departments throughout the organization, with selections determined by operational model requirements, redundancy elimination, and strategic alignment considerations.

According to the company’s latest SEC documentation, close to 60% of eBay’s total workforce operates within the United States.

This workforce announcement follows closely on the heels of eBay‘s agreement to purchase Depop — the pre-owned fashion marketplace currently owned by Etsy — in a transaction valued at roughly $1.2 billion in cash.

CEO Jamie Iannone emphasized that acquiring Depop will strengthen eBay’s position in fashion, which represents one of the platform’s most rapidly expanding segments. Depop’s user demographic skews young, with approximately 90% under age 34.

Quarterly Financial Results

The e-commerce platform disclosed fourth quarter revenue reaching $2.97 billion, representing a 15% increase compared to the previous year and exceeding Wall Street projections.

Gross merchandise volume climbed 10% to total $21.2 billion. Transaction volume in priority categories — encompassing collectibles, automotive parts, and refurbished merchandise — expanded by over 16% year-over-year.

Adjusted per-share earnings reached $1.41, surpassing analyst consensus of $1.35. However, net profit declined to $528 million from $679 million during the comparable quarter last year.

Artificial Intelligence Initiatives and Market Competition

Alongside cost reduction efforts, eBay continues expanding its artificial intelligence capabilities. The platform has implemented AI-powered tools for internal operations and customer-facing features, including a collaboration with OpenAI on an agentic browsing solution.

This represents another chapter in eBay’s ongoing workforce adjustments. The company has systematically reduced headcount over recent years while attempting to maintain competitiveness against major players like Amazon and Walmart, as well as emerging competitors such as TikTok Shop, Temu, and Shein.

Additionally this week, eBay finalized a settlement agreement with a Massachusetts couple who experienced stalking and harassment from former company employees upset about their e-commerce blog coverage. Settlement terms remain confidential.

Looking ahead to Q1 2026, eBay projects adjusted per-share earnings between $1.53 and $1.59 on revenue ranging from $3 billion to $3.05 billion. Wall Street analysts had anticipated $1.57 per share on $2.99 billion in revenue.

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TLDR

CRI shares tumble 11% premarket as profitability erodes and cash generation weakens.

Annual revenue increased, but tariff pressures and product mix hurt margins broadly.

Fourth quarter saw higher sales, yet adjusted earnings declined on rising costs.

Cash flow from operations dropped sharply due to inventory buildup and softer profits.

Fiscal 2026 outlook calls for sales growth but double-digit decline in adjusted EPS.

Shares of Carter’s (CRI) experienced a significant decline during premarket hours as investors reacted to deteriorating margins and elevated cost pressures despite modest revenue improvements in the fiscal 2025 period. The stock retreated to $37.35, representing an 11.15% decrease from the previous session’s closing price of $42.07. While the children’s apparel company posted revenue growth for the year, persistent margin headwinds and diminished cash flow generation drove negative market reaction.

Carter’s, Inc., CRI

Q4 Results Deliver Revenue Expansion Alongside Profitability Challenges

The company’s fourth-quarter performance demonstrated revenue advancement across its operating divisions. Carter’s reported quarterly net sales of $925 million, benefiting from a 14-week reporting period and improved customer traffic at retail locations. However, adjusted profitability metrics deteriorated as the business absorbed tariff-related expenses, unfavorable product category performance, and increased employee compensation costs.

While reported operating income showed modest improvement year-over-year, the adjusted operating income figure registered a substantial decline compared to the same quarter last year. This profitability pressure flowed through to earnings results, with diluted EPS coming in at $1.76 and adjusted diluted EPS reaching $1.90, down from prior-year levels. Management pointed to restructuring expenses and operational adjustments connected to long-term efficiency enhancement initiatives as contributing factors.

Net income improved on a reported basis primarily because last year’s comparative period included significant impairment charges. Nevertheless, adjusted net income decreased as the business faced ongoing cost pressures and made investments in strategic improvement programs. Company executives acknowledged that while the extra fiscal week contributed incremental revenue, it proved insufficient to counterbalance the margin deterioration experienced during the period.

Fiscal 2025 Annual Results Reveal Significant Margin Deterioration

For the complete fiscal 2025 year, Carter’s achieved moderate revenue expansion driven by growth in its U.S. Retail and International business units. Total net sales reached $2.898 billion, marking a 2% year-over-year increase with assistance from the additional 53rd week in the fiscal calendar. The Wholesale segment experienced softness, and comparable-week growth remained constrained.

Operating income contracted substantially as the operating margin compressed to 5.0%, pressured by escalating tariff costs and restructuring-related activities. The adjusted operating margin similarly declined as the company made investments in store infrastructure, employee compensation structures, and product innovation initiatives. Diluted EPS fell to $2.53 while adjusted diluted EPS decreased to $3.47, both reflecting the profitability challenges faced throughout the year.

Cash generation showed pronounced weakness as operating cash flow declined to $122 million versus $298.8 million in the prior fiscal year. Company leadership attributed this substantial decrease to elevated inventory positions and reduced earnings performance. Despite these challenges, Carter’s returned $56 million to shareholders during the period and preserved solid liquidity through debt refinancing activities and establishment of a new revolving credit arrangement.

Fiscal 2026 Guidance Projects Revenue Growth But Earnings Contraction

Looking ahead to fiscal 2026, Carter’s management provided guidance calling for net sales expansion in the low to mid-single digit percentage range. The company also projected growth in adjusted operating income as productivity enhancement programs deliver benefits. Despite the anticipated operating income improvement, adjusted diluted EPS is forecasted to decline in the low double-digit to mid-teens percentage range.

Management commentary indicated that potential tariff policy changes could ultimately provide tailwinds to business performance, though the timing of any such developments remains unclear. The company intends to maintain focus on enhancing product offerings, improving store productivity, and strengthening demand creation capabilities throughout 2026. Leadership expressed confidence that these initiatives and operational refinements will eventually restore sustainable earnings growth momentum.

 

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Quick Overview

TSLA shares declined to approximately $405–$408 on Friday, continuing a pattern of weekly losses and sitting roughly 5% below levels following January’s earnings announcement

Victor Nechita, who led Tesla’s Cybercab development program, revealed his exit from the company coinciding with the vehicle’s initial production

The electric vehicle manufacturer aims to launch robo-taxi services across nine metropolitan areas by mid-2026, trailing Alphabet’s Waymo which currently operates in 10 locations

TSLA currently commands a valuation exceeding 200 times projected 2026 earnings, approximately ten-fold higher than typical S&P 500 multiples

Analyst consensus rates Tesla as a Hold, with mean price targets around $396.80, suggesting modest downward potential

Friday saw Tesla shares retreat further, extending a challenging period for the automaker. Trading activity placed the stock between $405 and $408, representing a marginal 0.1% decline during morning sessions.

The decline marks the third weekly loss in four weeks for TSLA. Since Tesla’s fourth-quarter earnings beat expectations in late January, shares have retreated approximately 5%.

Adding to investor concerns, Victor Nechita—the program manager overseeing Cybercab vehicle development—disclosed his intention to leave the company via a LinkedIn post.

“Leading the team through the development of Cybercab has been a humbling experience,” Nechita stated, acknowledging the team’s focus on efficiency, safety standards, and cost considerations.

The timing of his departure raises questions, occurring just as production commenced on the first Cybercab unit. Tesla has remained silent regarding succession plans or official statements about Nechita’s exit.

Autonomous Taxi Ambitions Face Scrutiny

The Cybercab represents Tesla’s dedicated autonomous taxi vehicle, engineered without traditional steering mechanisms or pedals. Last June, Tesla initiated robo-taxi operations in Austin, Texas, deploying Model Y vehicles for the service.

Expansion plans call for operations in nine urban markets by mid-2026. This timeline places Tesla slightly behind Alphabet’s Waymo division, which has already established presence across 10 cities.

The autonomous taxi initiative sits at the heart of Tesla’s growth narrative. Management is working to demonstrate that its “physical AI” portfolio—encompassing autonomous vehicles and humanoid robotics—will catalyze the next earnings expansion cycle.

Current valuation metrics show TSLA trading above 200 times forward 2026 earnings estimates. This premium represents roughly ten times the valuation multiple of typical S&P 500 constituents.

While investors have maintained support, recent price action indicates growing caution. Tesla faces mounting pressure to demonstrate smooth Cybercab deployment, particularly following the departure of the program’s chief architect.

Cybertruck Receives Audio Enhancement

In related developments, Tesla announced this week that Active Noise Cancellation functionality will soon activate in the Cybertruck. The necessary hardware was installed from production start but remained dormant until now.

The technology employs microphones and speakers working in concert to identify and suppress ambient road noise. Tesla introduced comparable systems in the Model S and Model X lineup beginning in 2021.

Thursday saw shares drop nearly 3% despite the announcement. The Cybertruck enhancement failed to shift investor sentiment meaningfully.

The company also disclosed that its Hollywood charging station and diner facility, featuring 80 EV charging bays, incorporated recycled stainless steel materials sourced from Cybertruck manufacturing processes.

Current Wall Street consensus assigns a Hold rating to Tesla shares. This assessment reflects 12 Buy recommendations, 11 Hold ratings, and 7 Sell calls issued during the previous three-month period. Analysts project an average price target of $396.80.

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Key Takeaways

Federal court denies Binance’s motion to compel arbitration for pre-2019 users.

Judge rules insufficient notice was given for 2019 terms of service changes.

Digital platforms must provide direct notice for contractual updates, not just website postings.

Binance’s class-action waiver deemed too ambiguous to enforce against users.

Lawsuit proceeds in federal court, examining only the exchange’s pre-2019 operations.

A US federal judge has denied Binance’s motion to compel arbitration in an investor lawsuit, ensuring the case continues in open court. This significant ruling clarifies standards for how cryptocurrency platforms must communicate contractual modifications to users. All claims related to activity before 2019 will now proceed through traditional litigation.

Judge Finds Insufficient Notice of 2019 Terms Update

The court concluded that Binance failed to demonstrate that users who joined before 2019 received adequate notification of updated terms. The judge emphasized that simply posting revised agreements on a website does not constitute proper notice under established contract law principles. This finding prevented the exchange from enforcing its later arbitration requirements on early customers.

The court’s analysis highlighted that Binance’s original 2017 user agreement contained neither arbitration provisions nor class action limitations. The judge found that the company relied solely on a generic clause reserving the right to modify terms, without implementing a system to alert existing account holders of actual changes. The ruling determined that retroactive application of arbitration clauses to past conduct was improper.

Additionally, the court rejected arguments based on Binance’s self-description as a decentralized platform. The judge clarified that characterizing a business model as decentralized does not exempt it from fundamental contract law requirements. Digital service providers must still demonstrate mutual assent and adequate notice when modifying agreements, and pre-2019 claims will therefore remain under federal court jurisdiction.

Ambiguous Class Waiver Language Fails Enforcement Test

The judge examined the class-action waiver included in Binance’s 2019 terms and determined it lacked sufficient clarity for enforcement. The waiver language appeared only within a section header without substantive operative language in the body text. Under established legal principles requiring strict construction of rights waivers, the court ruled against the exchange.

The decision reinforces that federal courts will not uphold vague or incomplete provisions that restrict fundamental legal rights. Online service agreements must contain explicit, unambiguous language regarding class action waivers, with clear mechanisms demonstrating user acceptance. The deficient waiver cannot prevent collective legal action.

This portion of the ruling eliminated another procedural obstacle for the plaintiffs, expanding the scope of claims that can proceed. The decision ensures comprehensive examination of Binance’s early operational practices remains possible. The case will move forward through standard court procedures rather than private dispute resolution.

Case History and Next Steps

The litigation originated when investors from California, Nevada, and Texas filed suit alleging that Binance sold unregistered securities and operated as an unregistered broker-dealer. The plaintiffs claimed financial losses stemming from these alleged regulatory violations. The district court initially dismissed the complaint in 2022.

The Second Circuit Court of Appeals reversed that dismissal in 2024, breathing new life into the case and remanding it for further proceedings. The appellate decision permitted examination of the substantive allegations regarding Binance’s business practices during its early operational period. The matter has returned to the original trial judge for continued litigation.

Binance has noted that plaintiffs voluntarily dismissed claims related to later periods. The company indicated that the remaining allegations address only conduct occurring before 2019 and expressed its intention to vigorously defend against those claims. The court will now proceed with evaluating the merits under federal civil procedure.

 

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TLDR

Shares of Caesars Entertainment (CZR) soared 20.6% Thursday following reports the company is evaluating multiple acquisition proposals, with Tilman Fertitta’s Fertitta Entertainment emerging as a potential buyer.

Sources indicate a management-led buyout proposal is also being weighed; the company has not issued a statement on the matter.

With more than 50 gaming properties throughout North America and an enterprise value approaching $16B, a transaction would rank among the gaming industry’s most significant deals in recent years.

MGM Resorts climbed 5.79% Thursday following the report but declined 0.6% to $37.41 in Friday’s pre-market session.

Fellow casino operators Wynn Resorts and Las Vegas Sands also rallied Thursday, gaining 2.48% and 1.60% respectively.

Shares of Caesars Entertainment (CZR) experienced dramatic volatility Thursday following a Financial Times report indicating the gaming operator is considering multiple takeover proposals.

The equity surged 20.6% by 3:55 p.m. ET, marking one of the most substantial single-session rallies the security has experienced recently.

According to the FT report, Tilman Fertitta and his Fertitta Entertainment organization have emerged as a prospective acquirer. Fertitta entered the casino sector in 2005 through Landry’s acquisition of Golden Nugget properties in Las Vegas and Laughlin.

His gaming portfolio subsequently expanded with Golden Nugget locations in Atlantic City, Biloxi, and Lake Charles, including the 2011 acquisition of what was previously known as Trump Marina.

Sources also indicate a management-led acquisition proposal is under evaluation. Caesars has not provided any official statement regarding the speculation.

CZR maintains operations at more than 50 gaming facilities throughout North America, with prominent brands including Caesars Palace, Harrah’s, and El Dorado in its portfolio.

The organization also operates a sports wagering platform that delivered stronger performance metrics in the fourth quarter.

Considering CZR’s outstanding debt obligations, analysts estimate its enterprise value at approximately $16 billion. A completed transaction at that scale would represent one of the gaming sector’s largest deals in recent memory.

Gaming Sector Rallies on Merger Speculation

The acquisition speculation extended beyond CZR, providing a boost across casino equities.

MGM Resorts (MGM) finished Thursday’s session up 5.79% at $37.62. Wynn Resorts (WYNN) advanced 2.48%, while Las Vegas Sands (LVS) posted a 1.60% gain.

However, early Friday trading showed some retrenchment. MGM declined approximately 0.6% to $37.41 in pre-market activity.

Absent official confirmation from Caesars, market participants remain cautious. The company’s substantial debt burden presents additional complications for any prospective transaction.

MGM Advances Responsible Gaming Commitment

Separate from the acquisition speculation, MGM and its BetMGM joint venture disclosed Thursday a commitment exceeding $1 million toward responsible gaming programs aligned with Problem Gambling Awareness Month.

MGM chief compliance officer Stephen Martino said, “As sports betting continues to grow so must our understanding of its impact.”

BetMGM’s chief compliance officer Rhea Loney described the campaign as “an important reminder” of “our year-round responsibility.”

Friday morning delivers key economic data that could influence casino stocks. The Labor Department publishes January producer price figures at 8:30 a.m. ET, a wholesale inflation metric investors monitor for insights into monetary policy trajectory.

The February employment report, scheduled for March 6, represents another data point that can shift rate expectations and impact hospitality and leisure stocks like MGM.

Thursday’s session concluded with CZR up 20.6%, MGM up 5.79%, WYNN up 2.48%, and LVS up 1.60%.

The post Caesars Entertainment Stock Rockets 20% Amid Acquisition Speculation appeared first on Blockonomi.

Key Takeaways

ASML’s High-NA EUV lithography systems have achieved high-volume production readiness

Each unit carries a ~$400 million price tag — double that of conventional EUV systems

The technology has successfully processed 500,000 wafers with approximately 80% uptime

Major semiconductor manufacturers including TSMC and Intel stand to gain from streamlined production workflows

Complete manufacturing integration timeline remains 2–3 years out

ASML Holding’s ($ASML) latest High-NA EUV lithography systems have reached a critical production milestone, according to the company’s CTO Marco Pieters in remarks shared with Reuters before a technical summit in San Jose this Thursday.

These advanced systems represent a significant leap forward from ASML’s conventional EUV lithography equipment — currently the sole commercially available extreme ultraviolet technology worldwide. The Dutch company maintains complete market dominance in this sector.

Conventional EUV systems are reaching their physical limitations for producing cutting-edge AI processors. This reality makes the High-NA breakthrough particularly significant for the semiconductor industry.

Each High-NA system commands approximately $400 million per unit. This represents a 100% premium over existing-generation equipment.

The substantial investment appears justified by performance metrics. The machines have successfully processed half a million silicon wafers while delivering the nanometer-precision patterning essential for contemporary semiconductor designs.

Reliability metrics have improved substantially. ASML reports current uptime hovering around 80%, with ambitious plans to reach 90% before 2025 concludes.

According to Pieters, the imaging performance data being unveiled at Thursday’s industry conference provides sufficient evidence for manufacturers to consolidate multiple production stages using legacy equipment into one streamlined High-NA operation — representing a substantial process optimization.

Implications for TSMC and Intel

Major semiconductor producers like Taiwan Semiconductor Manufacturing (TSM) and Intel (INTC) are positioned to capitalize on this technological advancement. The new systems eliminate numerous expensive and complicated manufacturing stages, potentially reducing overall production expenses.

“They have all the knowledge to qualify these tools,” Pieters said, referring to major chipmakers’ readiness to begin the qualification process.

However, qualification doesn’t happen overnight. Pieters projects a two-to-three-year window before manufacturers can seamlessly incorporate these machines into active production environments.

The half-million wafers already run through these systems have enabled ASML to resolve initial technical challenges, strengthening confidence among both the company and its customer base in the platform’s reliability.

The Strategic Importance of This Development

Existing EUV technology is bumping against performance limitations when tackling sophisticated AI chip architectures. As demand for artificial intelligence computing capabilities continues its upward trajectory, semiconductor manufacturers require viable solutions.

The High-NA platform is engineered to address this challenge, facilitating the large-scale production of more capable and energy-efficient processors.

ASML has invested years developing this capability. The technical data being unveiled at the San Jose conference represents the company’s first public confirmation that these systems have achieved mass-production readiness.

Pieters emphasized that production-readiness differs from immediate deployment. Manufacturers face an additional two-to-three-year period of validation and integration work before these machines can begin volume production runs.

When Pieters spoke with Reuters, ASML’s uptime metrics registered around 80%, with the company targeting 90% by year-end.

The semiconductor industry now watches closely as this next generation of lithography technology moves from development to deployment, potentially reshaping advanced chip manufacturing for years to come.

The post ASML’s $400M High-NA EUV Machines Hit Production Milestone for Next-Gen Chipmaking appeared first on Blockonomi.

Galvenie secinājumi

Trīs gadu stratēģiskā alianse starp Rocket un Compass pievienos vairāk nekā 500 000 sludinājumu Redfin platformai

Ekskluzīvi un pirms tirgus Compass sludinājumi tagad būs redzami Redfin.com un mobilajā lietotnē

Compass klienti iegūst piekļuvi vai nu 1% hipotēkas likmes samazinājumam uz 12 mēnešiem, vai $6,000 kredītam no Rocket Mortgage

RKT akciju cena pieauga par 8.3% pēc darba laika; COMP akcijas cena palielinājās par 3.5% pēc paziņojuma

Paziņojums sakrita ar Q4 peļņas ziņojumiem, kur Rocket pārsniedza gaidīto, kamēr Compass nedaudz atpalika

TLDR

NVDA shares declined almost 5% following a record-breaking Q4 earnings announcement

Investor Michael Burry drew parallels between Nvidia’s strategy and Cisco’s dot-com era mistakes

Purchase obligations at Nvidia soared to $95.2 billion from $16.1 billion year-over-year

Combined supply commitments reached $117 billion, approaching Nvidia’s total yearly operating cash flow

Analyst sentiment stays optimistic with Strong Buy ratings and a $273.38 average target price

Shares of Nvidia (NVDA) tumbled close to 5% on Thursday following what should have been a celebration-worthy quarterly earnings announcement. When a company delivers stellar numbers yet sees its stock crater, it naturally sparks intense scrutiny.

A significant factor behind the stock decline was a pointed critique from Michael Burry, the legendary investor who accurately predicted the 2008 financial crisis. Writing on his Substack, Burry described Nvidia’s supply chain commitments as “troubling” and suggested that any softening in demand could prove “catastrophic” for both profitability and financial health.

The figure driving Burry’s alarm is startling. Purchase obligations at Nvidia—binding supply agreements the company cannot walk away from—skyrocketed to $95.2 billion. Just twelve months ago, that number stood at only $16.1 billion.

In simpler terms: Nvidia has locked itself into purchasing nearly $100 billion in semiconductor materials and components without certainty that customer demand will justify it.

Burry calculates Nvidia’s total supply commitments at $117 billion. That amount comes remarkably close to equaling the chipmaker’s full-year operating cash flow.

“Not business as usual,” Burry observed.

The Cisco Comparison

Burry doesn’t mince words when drawing historical lessons. He directly likens Nvidia’s current circumstances to Cisco’s predicament during the 2000-2001 dot-com collapse.

Cisco committed to enormous supply purchases on the assumption that 50% yearly growth would persist forever. When the market cooled, Cisco found itself drowning in unsellable inventory. The company’s stock price ultimately plummeted more than 80%.

Burry contends Nvidia may be headed down a comparable road. He also suggests these extended, non-cancellable commitments aren’t entirely voluntary. According to Burry, TSMC is demanding longer-term agreements and advance payments as it scales production capabilities.

CFO Colette Kress acknowledged that inventory levels climbed 8% from the previous quarter and confirmed that Nvidia has secured supply capacity extending far beyond typical planning horizons. To Burry, these admissions validate his concerns.

Wall Street Sees It Differently

The majority of Wall Street analysts reject this pessimistic outlook. Leading firms including Bank of America, Morgan Stanley, and RBC elevated their NVDA price projections following the Q4 report while maintaining Buy recommendations.

The prevailing analyst perspective frames Nvidia’s supply obligations as strategic foresight rather than dangerous overreach. The consensus interpretation is that the company is locking down resources ahead of explosive AI infrastructure buildout.

This represents the fundamental disagreement at play. Burry contends the market is mistaking a temporary supply surge for sustainable long-term consumption—identical to the miscalculation that defined the dot-com bubble. Analysts counter that AI-driven demand has genuine staying power.

The bullish case remains numerically compelling. Nvidia delivered record quarterly performance, and analysts maintain a Strong Buy consensus rating derived from 37 Buy recommendations, one Hold, and one Sell rating issued within the last three months.

The consensus price target stands at $273.38, suggesting approximately 48% appreciation potential from present trading levels.

Whether that gain materializes depends entirely on one critical question: will AI demand prove as enduring as the supply commitments Nvidia has now locked in to satisfy it?

Nvidia’s aggregate purchase obligations currently total $95.2 billion, representing nearly a sixfold increase from $16.1 billion recorded one year prior.

The post Michael Burry Sounds Alarm on Nvidia (NVDA) After 5% Stock Plunge appeared first on Blockonomi.

TLDR

Anthropic faces Pentagon pressure to eliminate safety restrictions on Claude AI for unrestricted military applications, including autonomous weaponry and surveillance operations.

CEO Dario Amodei declined the request, citing risks to democratic principles.

Military officials established a Friday 5pm ultimatum for compliance or exclusion from defense agreements.

Defense officials warned of potential Defense Production Act enforcement and classification as a security threat to the supply chain.

Latest contract revisions delivered Wednesday evening were deemed inadequate by Anthropic.

Dario Amodei, leading Anthropic as CEO, has maintained his position against removing protective measures from the Claude AI system, even as this stance threatens a significant federal partnership. Military officials have imposed a Friday cutoff time, insisting the company must consent to “any lawful use” of its AI platform.

it’s official – Anthropic just refused the Pentagon’s demands, dario’s statement is doesn’t fuck around:

– “these threats do not change our position: we cannot in good conscience accede to their request.” – dario

– he described the pentagons efforts to force him to enable… https://t.co/4FKAe59xvG pic.twitter.com/ahMUZaLldh

— Ejaaz (@cryptopunk7213) February 26, 2026

The core disagreement revolves around two particular applications: deploying Claude for large-scale domestic monitoring operations and enabling completely autonomous weapon systems. According to Anthropic, neither application was ever included in their existing Pentagon arrangements and shouldn’t be introduced at this stage.

Amodei engaged in discussions with Defense Secretary Pete Hegseth during the current week. Those talks concluded without resolution, prompting the Pentagon to submit updated contractual terms on Wednesday evening.

The company dismissed these revisions. An Anthropic representative stated they represented “virtually no progress” and contained legal terminology that would permit protective measures to “be disregarded at will.”

Military leadership has been direct with its warnings. Officials indicated they would exclude Anthropic from military partnerships and classify the organization as a “supply chain risk” — a categorization usually applied to vendors from adversarial countries.

A high-ranking Pentagon source also informed Reuters that Secretary Hegseth might utilize the Defense Production Act. This legislation enables the government to compel corporate participation in national security initiatives, regardless of company agreement. Legal scholars have raised doubts about whether such application of the statute would be constitutional.

What Anthropic Says About AI Weapons and Surveillance

In a published statement, Amodei argued that current AI technology remains “simply not reliable enough to power fully autonomous weapons.” He emphasized that using them without human intervention endangers military personnel and non-combatants alike.

Regarding monitoring capabilities, he cautioned that artificial intelligence can “assemble scattered, individually innocuous data into a comprehensive picture of any person’s life — automatically and at massive scale.”

Anthropic expressed support for AI applications in legitimate foreign intelligence operations, while opposing domestic surveillance programs.

Defense officials countered these concerns, with Undersecretary Emil Michael asserting that the applications worrying Anthropic are already prohibited under existing legislation and military regulations. Michael directly challenged Amodei on X, claiming he “wants nothing more than to try to personally control the US Military.”

The Business Risk for Anthropic

The monetary implications are substantial. Over the previous twelve months, the Pentagon has established $200 million framework agreements with prominent AI companies including Anthropic, OpenAI, and Google.

Should the company receive a supply chain risk designation, military contractors such as Lockheed Martin would be prohibited from utilizing Anthropic’s technology on Department of Defense initiatives. The defense contractor ecosystem encompasses approximately 60,000 companies.

Amodei indicated that Anthropic proposed collaborating with military officials on research and development efforts to enhance AI dependability for defense applications, but this proposal was declined.

As of Thursday evening, both parties remained deadlocked with the 5:01 p.m. Friday time limit unchanged.

The post Anthropic Stands Firm Against Pentagon’s AI Weapons Demands appeared first on Blockonomi.

TLDR

Stock retreats following expanded Q4 loss amid AI pivot

AI infrastructure contracts worth $12.8B balance weak crypto earnings

Bitcoin operations decline while datacenter leasing accelerates

Early trading selloff trails earnings disappointment despite AI momentum

Company aims for 500 MW yearly AI infrastructure additions

Shares of TeraWulf Inc. (WULF) declined following the release of disappointing fourth-quarter mining performance, even as the firm advances its high-performance computing infrastructure. The equity finished regular trading at $17.88, slipping 0.22%, before tumbling an additional 3.69% to $17.22 in early pre-market activity. Although cryptocurrency-related income weakened, the organization secured extended-term AI and HPC leasing commitments covering 522 critical IT megawatts.

TeraWulf Inc., WULF

Cryptocurrency Earnings Decline Amid Earnings Disappointment

TeraWulf disclosed a fourth-quarter deficit of $1.66 per share, significantly larger than the year-earlier loss of $0.21. Wall Street forecasts anticipated a narrower shortfall, and top-line figures similarly underperformed projections. Consequently, the stock retreated despite encouraging infrastructure announcements.

Quarterly sales came in at $35.8 million, representing a decline from the prior quarter’s $50.6 million. Cryptocurrency-derived income totaled $26.1 million, influenced by reduced Bitcoin output and weaker market conditions. Meanwhile, HPC lease income climbed to $9.7 million compared to $7.2 million in the preceding three-month period.

Full-year sales grew to $168.5 million versus $140.1 million in 2024. Nevertheless, non-GAAP adjusted EBITDA posted a negative $23.1 million result. The firm maintained cash and restricted cash holdings of $3.72 billion at fiscal year-end, providing capital for continued infrastructure investments.

AI Datacenter Agreements Provide $12.8 Billion Revenue Pipeline

Throughout 2025, TeraWulf finalized extended-term HPC lease arrangements encompassing 522 critical IT megawatts. These commitments translate to over $12.8 billion in prospective income. The organization enhanced multi-year cash flow predictability despite cryptocurrency market fluctuations.

The Lake Mariner facility in New York serves as the cornerstone of the firm’s HPC growth initiative. This location obtained 60 megawatts through Core42 and 380 megawatts via Fluidstack, supported by Google credit backing. Lake Mariner currently maintains more than 500 megawatts of near-term committed capacity.

TeraWulf collaborated with Fluidstack to establish the 168-megawatt Abernathy facility in Texas. This partnership functions under a 25-year lease framework featuring yearly price adjustments. Development work progresses, with management expecting completion during the latter half of 2026.

Expansion Strategy Plans 250–500 MW Yearly Rollout

TeraWulf manages a geographically diversified platform across New York and Texas, with additional growth initiatives underway. The firm anticipates acquiring properties in Kentucky and Maryland. These incorporations would elevate aggregate gross capacity to roughly 2.9 gigawatts.

Leadership designed the development schedule to facilitate yearly deployment of 250 to 500 critical IT megawatts. This portfolio stretches through decade-end and corresponds with expanding AI infrastructure requirements. The organization secured $6.5 billion in extended-term capital to finance committed capacity.

At Lake Mariner, staged development advances across numerous structures. Active capacity presently reaches 39 critical IT megawatts, with supplementary activations planned through 2026. Following complete construction, the site could accommodate up to 750 megawatts of gross HPC leasing capacity, establishing TeraWulf as a substantial AI infrastructure provider.

 

The post TeraWulf (WULF) Stock Falls on Q4 Mining Shortfall Despite Massive $12.8B HPC Contract Pipeline appeared first on Blockonomi.

TLDR

Strategy Inc. (MSTR) has become the world’s most-shorted equity among companies valued over $25 billion, with approximately 14% of its $41.6B market capitalization held in short positions.

A significant portion of these shorts stems from basis trading strategies — investors purchase Bitcoin ETFs such as IBIT while shorting MSTR to exploit premium differentials.

The firm’s Bitcoin treasury contains 717,722 BTC valued at roughly $47 billion, though unrealized losses total approximately $7 billion.

Shares jumped nearly 8% on February 25 as Bitcoin rallied 6.5% approaching the $68,000 level.

The company marked its 100th Bitcoin acquisition, adding 592 BTC for approximately $39.8 million at an average price of $67,286 per token.

Strategy Inc. (MSTR) has claimed a distinctive position in global equity markets: the most heavily shorted large-cap stock worldwide.

Data compiled by Goldman Sachs and FactSet reveals that roughly 14% of the company’s $41.6 billion market capitalization currently sits in short positions. This figure places Strategy at the top of the list, surpassing every other large-cap equity globally by this metric.

However, the underlying dynamics driving this short interest are far more nuanced than simple bearish sentiment.

A substantial portion of these short positions doesn’t represent direct negative bets on Strategy’s prospects. Rather, many traders are executing what’s known as a basis trade — acquiring Bitcoin exposure via spot ETFs while simultaneously establishing short positions in MSTR to capitalize on the spread between the company’s stock valuation and its underlying Bitcoin asset value.

Jane Street has emerged as a notable player in this space. Recent disclosures show the trading firm holding over 7 million shares in BlackRock’s iShares Bitcoin Trust (IBIT) alongside a substantial MSTR position — a textbook example of this paired trading approach.

Brian Brookshire, who specializes in Bitcoin treasury companies, stated clearly: “I suspect a lot of this short interest is still MSTR/BTC basis trade.”

$7 Billion Underwater on Paper

Strategy maintains a treasury of 717,722 BTC, amassed since 2020 through various financing mechanisms including convertible debt instruments, equity issuances, and proceeds from its original software operations. The aggregate cost basis stands at $54.56 billion, representing an average acquisition price of $76,020 per Bitcoin.

With Bitcoin hovering around $67,577 during current trading, the company faces approximately $7 billion in unrealized losses on a mark-to-market valuation. While these losses remain unrealized — the Bitcoin hasn’t been liquidated — market participants price securities based on current valuations, and depressed BTC prices diminish asset coverage relative to Strategy’s debt obligations.

This leverage structure amplifies MSTR’s volatility relative to Bitcoin itself. The double-edged nature of financial leverage becomes apparent during both upswings and downturns.

On February 25, Bitcoin surged 6.5% toward the $68,000 threshold. Strategy’s shares responded with a nearly 8% climb, demonstrating the tight correlation between the two assets — and illustrating how rapidly short sellers can experience pressure during Bitcoin rallies.

Milestone 100th Bitcoin Acquisition

Earlier in the same week, Strategy disclosed completion of its 100th Bitcoin acquisition since launching its accumulation program in 2020.

The transaction involved purchasing 592 BTC for roughly $39.8 million, at an average cost of $67,286 per token. Funding came from selling 297,940 Class A shares through the company’s at-the-market equity offering program.

Coinbase (COIN) also appeared prominently in Goldman’s short interest analysis, securing fourth position with short positions representing 11% of its market capitalization.

Nathan McCauley, co-founder and CEO of Anchorage Digital, revealed on February 25 that the digital banking institution maintains holdings of Strategy’s perpetual preferred stock, STRC, as part of its balance sheet.

MSTR shares have declined approximately 12% on a year-to-date basis, with the current market capitalization standing at roughly $45.31 billion.

The post Strategy (MSTR) Dominates Global Short Interest Rankings Among Large-Cap Stocks appeared first on Blockonomi.

Key Takeaways

Circle Internet (CRCL) shares touched $90 intraday before stabilizing near $87, extending Wednesday’s ~30% post-earnings rally

Fourth quarter 2025 earnings per share reached $0.43, surpassing analyst expectations of $0.35; revenue totaled $770 million, reflecting 77% annual growth

Bernstein maintained its Outperform designation with a $190 price objective, describing the performance as a “clear divergence from crypto”

Mizuho lifted its price forecast to $90 from $77 while maintaining a Neutral stance, citing interest-rate reductions as a possible challenge

William Blair and Clear Street both published favorable assessments; Clear Street increased its target to $92 from $85

Circle Internet Group shares momentarily crossed the $90 threshold on Thursday before stabilizing around $87.

The move extended momentum from Wednesday’s approximately 30% jump triggered by robust fourth-quarter financial results.

Fourth Quarter Performance

Circle delivered Q4 2025 earnings per share of $0.43, exceeding the Street’s $0.35 estimate by roughly 23%. The company generated $770 million in revenue, marking a 77% increase compared to the same period last year.

The strong quarterly performance prompted responses from multiple Wall Street research teams, each offering distinct perspectives on the stock’s trajectory.

Bernstein reaffirmed its Outperform stance while maintaining a $190 price objective. The firm characterized the quarter as representing a “clear divergence from crypto,” highlighting enhanced transaction revenue and expanding blockchain rewards stemming from Circle’s super validator position on the Canton network.

A notable metric highlighted by Bernstein: USDC stored directly on Circle’s platform increased to 17% of total circulation in Q4, climbing from 14% in the previous quarter.

Company guidance indicates expectations for USDC circulation to grow at a 40% compound annual rate, with supplementary revenue streams potentially reaching $170 million in 2026, compared to $110 million in 2025.

Mixed Outlook from Analysts

Mizuho’s Dan Dolev and Alexander Jenkins increased their price objective to $90 from $77 while retaining a Neutral rating.

They highlighted prediction markets such as Polymarket as a “visible, scaled USDC use case,” driving substantial transaction activity that bolsters both revenue streams and reserve holdings. Company management identified Polymarket as a significant factor in recent USDC expansion.

Mizuho also mentioned “agentic AI” — autonomous software systems utilizing internet-native currency — as a potential long-term catalyst for USDC adoption, though present transaction volumes remain minimal.

The firm cautioned, however, that prospective interest-rate decreases pose a risk. Reserve income continues to represent the majority of Circle’s revenue stream, meaning any rate decline would negatively impact that segment.

Additional Wall Street Perspectives

William Blair maintained its Outperform rating and suggested long-term investors should contemplate establishing positions.

The firm views USDC as poised to become the leading commerce-oriented stablecoin, supported by complete fiat backing, regulatory adherence, and network effects. William Blair referenced an approximately $20 trillion cross-border B2B payments market as the long-term addressable opportunity, while acknowledging limited visibility regarding full market penetration.

Street consensus forecasts 62% revenue expansion for Circle in the current fiscal year.

Clear Street elevated its price target to $92 from $85 while retaining a Hold rating, pointing to strengthened fundamentals following the “strong” quarterly report.

Circle presently trades around $81.88 with a market capitalization of $14.45 billion, though shares remain down approximately 51% over the trailing six-month period.

According to InvestingPro data, the company maintains more cash than debt on its balance sheet.

Bernstein identified Circle’s Arc product, the Circle Payments Network, and emerging agentic payment capabilities as key areas for product development heading into 2026.

The post Four Wall Street Firms Boost Circle Internet (CRCL) Targets Following Strong Q4 Earnings appeared first on Blockonomi.

Key Takeaways

The company recorded a Q4 loss of $1.66 per share, significantly worse than the projected $0.16 loss.

Quarterly revenue reached $35.8 million, falling short of the $44.1 million analyst forecast.

Bitcoin’s dramatic decline from approximately $125,000 to around $60,000 severely impacted mining operations.

Annual revenue for 2025 increased to $168.5 million compared to $140.1 million the previous year.

The company has locked in $12.8 billion worth of AI and HPC agreements while targeting 2.8 GW capacity expansion.

TeraWulf (WULF) delivered disappointing fourth-quarter 2025 results as cryptocurrency market volatility severely impacted its Bitcoin mining operations.

$WULF (TeraWulf) #earnings are out: pic.twitter.com/89X0KT3LKS

— The Earnings Correspondent (@earnings_guy) February 26, 2026

The mining company disclosed a quarterly loss of $1.66 per share for Q4. This represents a substantial deterioration compared to the $0.21 per share loss recorded in the corresponding period last year. Wall Street analysts had projected a more modest $0.16 per share loss.

Quarterly revenue registered at $35.8 million, marking a decline from the $50.6 million achieved in Q3 2025. Market analysts had anticipated revenue of $44.1 million.

Breaking down the Q4 revenue, digital asset operations contributed $26.1 million while high-performance computing (HPC) services generated $9.7 million.

The financial results reflect a straightforward reality: the cryptocurrency downturn throughout late 2025 severely pressured mining companies.

Bitcoin experienced a steep descent from approximately $125,000 in early October to roughly $60,000 by February 2026, based on TradingView data. Currently, BTC trades at $67,982 — notably beneath the estimated mining cost of $87,310 per coin calculated by MacroMicro.

Strategic Shift Toward AI Infrastructure

TeraWulf has been proactively repositioning its business model. The firm is making aggressive moves into artificial intelligence infrastructure and HPC leasing operations.

The company has locked down 522 MW through long-term IT lease agreements, representing roughly $12.8 billion in contracted revenue alongside more than $6.5 billion in secured long-term financing.

“We enter 2026 with 522 critical IT MW of contracted HPC capacity and a gross 2.9-GW multi-regional platform designed for long-term expansion,” CEO Paul Prager said.

Looking at the complete 2025 fiscal year, revenue climbed to $168.5 million from $140.1 million in 2024 — demonstrating positive momentum despite the challenging fourth quarter.

CTO Nazar Khan added: “We are advancing build schedules and optimizing design to support next-generation AI workloads at scale.”

Aggressive Growth Strategy

TeraWulf has outlined plans to incorporate a Kentucky facility (MISO) and a Maryland location (PJM) into its infrastructure portfolio during 2026.

These two strategic acquisitions are projected to deliver an additional 1.5 GW of capacity, effectively more than doubling the company’s existing operational footprint. Combined owned platform capacity would approach approximately 2.8 GW distributed across five distinct locations.

According to company statements, these facilities can accommodate 250–500 MW of critical IT capacity on an annual basis, expanding in tandem with artificial intelligence sector growth.

Investor sentiment remains cautious, however. WULF shares declined as market participants evaluate the implementation challenges associated with such an ambitious business transformation.

The stock has dropped 0.22% during current trading, although its year-to-date trajectory maintains a healthy gain of approximately 55.96%.

Development continues at TeraWulf’s Lake Mariner and Abernathy locations, with the company currently valued at a market capitalization of $7.35 billion.

The post TeraWulf Reports Q4 Loss as Bitcoin Mining Revenue Plummets appeared first on Blockonomi.

TLDR

MGM Resorts akcijas pieauga par 5.79%, sasniedzot $37.62 26. februārī trešajā secīgajā tirdzniecības sesijā ar uz augšu vērstu kustību

Apjoms sasniedza 7.3 miljonus akciju, ievērojami pārsniedzot 50 dienu kustīgo vidējo rādītāju 4.6 miljoni

Akcija noslēdzās par 6.32% zem tās 52 nedēļu maksimuma $40.16

Kompānija kopā ar BetMGM paziņoja par $1M solījumu atbildīgas spēlēšanas programmām, no kuriem $450K ir piešķirts sporta likmju pētījumiem

Gada 2025. ieņēmumi kopumā sasniedza $17.5bn, kas pārstāv 2% pieaugumu, kamēr neto ienākumi ievērojami samazinājās līdz $206M no $747M

TLDR

BofA increased Caterpillar’s price target from $735 to $825, maintaining its Buy recommendation following impressive 2025 financial results.

The industrial giant delivered $67.6 billion in annual revenue with 4% growth, while its Power & Energy division jumped 23% to $9.4 billion.

CNBC’s Jim Cramer expressed support for CAT’s turbine business but suggested Cummins (CMI) offers better value at current levels.

February saw short positions increase by approximately 61%, while company insiders offloaded more than $98 million in shares during the last quarter.

Trading at roughly 40 times earnings after a 124% annual surge, CAT faces a consensus analyst price target of $712.52 with a “Moderate Buy” average recommendation.

Caterpillar (CAT) has experienced an impressive rally. Shares have climbed 124% during the past year and gained 28% since the beginning of 2025, starting Friday’s session at $752.81.

Following the release of Caterpillar’s full-year 2025 financial results, Bank of America wasted no time adjusting its outlook. The investment bank elevated its price objective on CAT from $735 to $825 while reaffirming its Buy recommendation.

BofA’s analysis was clear-cut. Caterpillar is experiencing turbine demand from multiple sectors extending far beyond data center applications, which the firm believes undermines concerns about potential turbine oversupply in the market.

The financial performance supported this thesis. Caterpillar generated $67.6 billion in total revenue throughout 2025, representing a 4% year-over-year improvement. The Power & Energy division emerged as the star performer, expanding 23% to achieve $9.4 billion in sales.

Fourth-quarter performance was equally impressive. The company delivered earnings per share of $5.16 for the period, surpassing the analyst consensus of $4.67. Revenue reached $19.13 billion, significantly exceeding projections of $17.81 billion. This represented a 17.9% increase compared to the corresponding quarter one year prior.

Jim Cramer recently shared his thoughts on CAT, stating plainly, “We like their stuff.” He highlighted turbines and power equipment as the foundation of the optimistic investment thesis.

However, Cramer also expressed some reservation. When a club member inquired in January about entering a position, he noted the stock had already experienced a substantial appreciation and said he’d prefer to see a pullback before adding exposure. He indicated he currently finds Cummins (CMI) more attractive than CAT at present valuations.

Cramer also offered criticism regarding retail investor participation, suggesting that Caterpillar’s leadership team should be working harder to engage individual investors — and questioning why an iconic American corporation trades at $749.

Analyst Ratings Split

The overall analyst community remains divided. CAT currently has sixteen Buy ratings, seven Hold ratings, and one Sell rating. The average price target stands at $712.52, which actually falls below the stock’s current trading level.

Wells Fargo pushed its target to $870 alongside an Overweight rating. Daiwa elevated its projection to $790. Jefferies established a $750 target with a Buy recommendation. Oppenheimer moved to $729 with an Outperform rating. Morgan Stanley, however, only increased its target to $425 while maintaining an Underweight stance.

Wall Street Zen downgraded CAT from Buy to Hold on February 21st.

Insider Selling and Short Interest

Not all market participants are bullish. Executive Denise C. Johnson divested 39,138 shares on February 2nd at an average price of $681.08, totaling more than $26.6 million. This transaction represented a 47% reduction in her stake.

Insider Bob De Lange executed his own sale on February 6th, offloading 22,656 shares at $720.11 for approximately $16.3 million. Throughout the past 90 days, company insiders have collectively sold $98.2 million worth of shares.

Short interest also surged roughly 61% during February, indicating that some market participants are positioning for a decline.

Institutional investors control 70.98% of CAT’s outstanding shares. Erste Asset Management expanded its stake by 32.7% in Q3, purchasing 33,634 shares. Norges Bank established a new position valued at more than $2.1 billion in Q2.

CAT’s 52-week trading range extends from $267.30 to $789.81. The stock currently trades at a P/E ratio of 40 with a market capitalization of $350.27 billion. The upcoming quarterly dividend is $1.51 per share, translating to an annualized distribution of $6.04 and a yield of 0.8%.

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