AbbVie has announced a definitive agreement to acquire Capstan Therapeutics, a clinical-stage biotechnology company pioneering targeted in vivo cell engineering, in a deal valued at up to $2.1 billion. The acquisition includes Capstan’s lead asset, CPTX2309—an investigational therapy targeting B cell-mediated autoimmune diseases—as well as the company’s proprietary targeted lipid nanoparticle (tLNP) platform for RNA delivery.
This strategic move signals AbbVie’s growing commitment to reshaping the treatment landscape for autoimmune diseases. While AbbVie has long been a major player in immunology with blockbuster therapies like Humira and Rinvoq, the addition of Capstan’s in vivo CAR-T capabilities positions the company at the frontier of a new therapeutic modality.
CPTX2309 is an mRNA-based therapy that delivers an anti-CD19 chimeric antigen receptor (CAR) directly into CD8-expressing cytotoxic T cells via Capstan’s tLNP system. Unlike traditional ex vivo CAR-T therapies, which require harvesting and engineering a patient’s cells outside the body before reinfusion, CPTX2309 enables this transformation to happen in vivo. This significantly simplifies the treatment process by eliminating the need for lymphodepletion or complex manufacturing steps—making it potentially more scalable and accessible.
Targeting CD19, a well-validated marker expressed on B cells, CPTX2309 aims to deplete the autoreactive B cells responsible for driving autoimmune diseases such as lupus or multiple sclerosis. The goal is to eliminate the pathogenic immune cells and repopulate the system with naïve, healthy B cells—effectively resetting the immune system and halting disease progression.
AbbVie is not only acquiring a promising clinical candidate but also a platform technology with broad applications. Capstan’s proprietary CellSeeker™ tLNP platform can be adapted to deliver a variety of RNA payloads to specific cell types in vivo, opening possibilities far beyond autoimmune conditions. This could have future implications for oncology, infectious diseases, and more.
As part of the agreement, AbbVie will make a cash payment of up to $2.1 billion at closing, subject to customary regulatory and legal conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Act.
This acquisition adds to AbbVie’s expanding immunology pipeline and enhances its positioning in next-generation therapeutic development. By integrating Capstan’s cutting-edge technology, AbbVie aims to develop new approaches that go beyond treating symptoms and instead target the root causes of autoimmune disorders.
The transaction is expected to close later this year. Capstan was advised by Centerview Partners LLC as financial advisor and Cooley LLP as legal counsel. AbbVie did not disclose its legal or advisory team.
This deal reflects a growing industry trend of major pharmaceutical companies investing heavily in advanced RNA delivery platforms and in vivo cell therapies—technologies seen as essential to the next wave of personalized medicine. With this acquisition, AbbVie reaffirms its commitment to driving innovation that transforms the standard of care for patients worldwide.
The United States and China have confirmed the finalization of a new trade framework that aims to ease ongoing tensions over rare earth exports and high-tech restrictions, offering a cautious step forward in the complex trade relationship between the two global superpowers.
According to China’s Ministry of Commerce, the agreement outlines reciprocal actions: China will review and approve export applications for goods subject to control rules, while the United States will begin lifting a range of restrictive measures previously targeting Beijing. While the announcement did not specify which exports or restrictions will be affected, the move signals a broader effort to stabilize bilateral trade ties.
This development follows remarks from U.S. officials confirming that a framework agreement had recently been signed. The new accord builds on groundwork laid earlier this year during high-level talks in Geneva, and more recently in London, where Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng led discussions that helped shape the final structure of the deal.
The London meetings reaffirmed both sides’ interest in implementing the Geneva consensus, which had paused a significant portion of bilateral tariffs for 90 days and introduced initial efforts to de-escalate commercial pressures. That earlier agreement had come after months of strained communications, with both countries accusing one another of delaying policy rollbacks.
Though the agreement has been received as a sign of progress, analysts have highlighted the lack of detailed commitments on critical components such as rare earth elements. These materials, essential to the production of semiconductors, electric vehicles, and defense technology, remain a key point of leverage in ongoing U.S.-China negotiations. Both countries have historically viewed rare earths as strategic assets, and any long-term easing of restrictions is expected to be handled with caution.
In addition to export concerns, tensions had also mounted over U.S. limitations on Chinese access to advanced technologies and student visa policies. The latest agreement is expected to reduce some of those barriers, although specifics have yet to be disclosed.
Observers note that while this step could bring a temporary reprieve to certain industries—particularly tech manufacturing and defense-related supply chains—significant challenges remain. The nature of the agreement, without clearly defined measures, may limit its immediate impact and leaves room for further diplomatic friction.
Financial markets reacted modestly, with shares in key industrial and tech sectors showing slight gains. Stakeholders across both countries are now expected to monitor implementation efforts closely to determine how the agreement translates into policy and trade flows on the ground.
Although the finalized trade framework provides an opening for improved relations, the success of the deal will depend on continued engagement, transparency, and measurable outcomes as the global economic landscape continues to evolve.
Toronto, Ontario–(Newsfile Corp. – June 27, 2025) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) reports that reprocessing Mobile MagnetoTellurics (MobileMT) data from the Company’s Awacha porphyry copper target in Ecuador using the latest 2D inversion technology has revealed six highly conductive anomalies.
In 2021, Aurania contracted Expert Geophysics Surveys Inc. to conduct a MobileMT airborne survey over the Awacha porphyry copper target area. At that time, Electromagnetic (EM) data inversion was performed using a one-dimensional (1D) algorithm. In recent years, EM inversion technology has significantly improved, particularly for areas with rugged terrain. As a result, Aurania recommissioned Expert Geophysics Surveys Inc. to reprocess the existing MobileMT data using the latest 2D inversion technology. The 2.5D code applied is more objective and comprehensive than the previous 1D technology, as it takes into account the actual topography of the area being investigated, yielding robust lateral and vertical resolution, resulting in more accurate mapping of the subsurface conductivity.
The new inversion data has confirmed the presence of six high-conductivity anomalies as shown in Figure 1. These conductive anomalies typically begin 250 metres from the surface and exhibit deep roots as seen in Figure 2. These anomalies are significant since zones of elevated conductivity often correlate with porphyry copper deposits due to the presence of electrically conductive sulphide minerals (pyrite, chalcopyrite and bornite) and porphyry-related alteration (phyllic and argillic zones).
The new MobileMT 2.5D inversion results will be integrated with data and field observations from the Anaconda mapping program that was completed at Awacha in 2024. Aurania has engaged porphyry copper expert, Dr. Steve Garwin, a Senior Technical Advisor (see press release dated April 19, 2022), to review the Anaconda mapping data to identify the most promising porphyry targets at the Awacha area. Dr. Garwin’s report and recommendations are expected in the coming weeks.
Figure 1: MobileMT depth slice at 700 m above sea level showing six anomalies at the Awacha target area (red colour is high conductivity and blue colour is high resistivity).
Qualified Persons: The geological information contained in this news release has been verified and approved by Aurania’s VP Exploration, Mr. Jean-Paul Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
About Aurania Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the tonnage and grade of mineralization which has the potential for economic extraction and processing, the merits and effectiveness of known process and recovery methods, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, the commencement of any drill program and estimates of market conditions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; the inability to recover and process mineralization using known mining methods; the presence of deleterious mineralization or the inability to process mineralization in an environmentally acceptable manner; commodity prices, supply chain disruptions, restrictions on labour and workplace attendance and local and international travel; a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents; an inability to access financing as needed; a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania; a failure to comply with environmental regulations; a weakening of market and industry reliance on precious metals and base metals; and those risks set out in the Company’s public documents filed on SEDAR+. Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Support Services. According to the daily Department of Defense contract announcements, V2X subsidiary Vectrus Systems has been awarded an $118 million cost-plus-fixed-fee undefinitized contract for base support services in support of the Iraq F-16 program. This is another in a long line of recent wins for V2X, demonstrating the V2X value proposition and confirming the significant traction on near-term Foreign Military and International opportunities previously highlighted by management.
Details. The contract provides for base operating support, base life support, and security services. Work will be performed at Martyr BG Ali Flaih Air Base, Iraq, and is expected to be completed by Nov. 30, 2026. This contract involves Foreign Military Sales (FMS) to Iraq. This contract was a sole source acquisition. FMS funds in the amount of $57.8 million are being obligated at the time of award.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
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Mixed Environment. Steelcase continues to face a mixed environment, both on a vertical basis and a geographical basis. The key large corporate customer cohort is doing well, driven by a number of factors such as return to office, but education and government have been hit by funding uncertainties. Germany and France remain sluggish in the key small-to-mid-sized business, but India and China are doing better.
International Actions. Steelcase is taking steps to implement additional cost reduction efforts in Europe, given the weak macroeconomic factors and lower demand in France and Germany. A goal of these actions is to get the International segment back to profitability.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
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News. Bit Digital released a flurry of news over the past two days, including a strategic shift in its business strategy, the potential IPO of its WhiteFiber subsidiary, and a $150 million equity offering. Needless to say, a lot to digest. If completed, the announced shifts would result in a significant change to Bit Digital.
Ethereum Focus. Operationally, Bit Digital will exit the bitcoin mining business and transition to become a pure-play Ethereum staking and treasury company. Given the economics of bitcoin mining versus Ethereum staking, we see the rationale in the move. The Company has commenced a strategic alternatives process for the Bitcoin mining operations.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Increase in the quarterly cash dividend. AZZ announced a 17.6% increase in the quarterly cash dividend to $0.20 per share, or $0.80 on an annualized basis, from $0.17 per share, or $0.68 on an annualized basis. The dividend is payable on July 31 to shareholders of record as of the close of business on July 10. In our view, the dividend increase reflects management’s confidence in the company’s near- and long-term outlook.
First Quarter FY 2026 financial results. AZZ will release its first quarter financial results after the market close on Wednesday, July 9. Management will host an investor conference call and webcast on Thursday, July 10, at 11:00 am ET. We look forward to an update regarding the company’s new aluminum coil coating facility in Washington, Missouri, that is ramping up production, along with a review of market fundamentals and the company’s capital allocation priorities.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Key Points: – XOMA will acquire Turnstone for $0.34 per share plus a CVR. – 25.2% of shareholders have agreed to the deal. – The acquisition expands XOMA’s biotech royalty portfolio.
In a notable development in the biotech investment landscape, XOMA Royalty Corporation has entered into a definitive agreement to acquire Turnstone Biologics Corp. in a cash and contingent value right (CVR) transaction. The acquisition underscores XOMA’s continued push to expand its royalty and milestone-driven portfolio by targeting biotech firms with high-risk, high-reward therapeutic assets.
Under the terms of the deal announced June 27, XOMA Royalty will pay $0.34 per share in cash to Turnstone shareholders, along with a non-transferable CVR tied to future clinical or commercial milestones. The transaction was unanimously approved by Turnstone’s board following a comprehensive strategic review, indicating strong alignment between both companies on the benefits of the proposed merger.
The transaction will be executed through a tender offer, which XOMA is expected to launch by July 11, 2025. To move forward, the offer requires acceptance by holders representing at least a majority of Turnstone’s outstanding shares, along with other standard closing conditions including a minimum cash balance at the time of closing.
Significantly, shareholders representing roughly 25.2% of Turnstone’s stock have already agreed to support the deal and tender their shares, increasing the likelihood of a successful outcome. If the tender offer is completed as planned, remaining shares not tendered—excluding any subject to appraisal rights—will be converted into the same cash and CVR terms. The full acquisition is anticipated to close by August 2025.
The CVR element of the deal provides Turnstone shareholders with potential upside depending on the progress of its pipeline, which historically has focused on Selected Tumor-Infiltrating Lymphocyte (Selected TIL) therapy for the treatment of solid tumors. While the company has faced challenges in recent quarters, its research has positioned it within a promising niche of the immuno-oncology space.
Turnstone has partnered with Leerink Partners as financial advisor and Cooley LLP for legal counsel during the transaction process. On the acquiring side, XOMA is represented by legal firm Gibson, Dunn & Crutcher LLP.
This acquisition adds another layer to XOMA’s unique business model, which focuses on purchasing future economic rights—royalties and milestone payments—from pre-commercial and commercial biotech programs. These rights are typically tied to therapies developed and licensed out by smaller biotech companies to larger pharmaceutical firms. In return, the selling firms receive non-dilutive capital they can reinvest into pipeline development or general operations.
By bringing Turnstone into its fold, XOMA potentially gains exposure to novel cancer therapies while giving Turnstone a viable financial exit at a time when biotech funding remains tight. The CVR component allows existing shareholders to benefit from any future success tied to Turnstone’s core scientific work, creating a hybrid payout structure aligned with both short-term liquidity and long-term optionality.
The transaction reflects a growing trend in biotech M&A, where royalty aggregators like XOMA leverage strategic acquisitions to build long-term value while offering capital relief to development-stage firms.
As of now, both companies remain focused on a smooth closing process, with investors watching closely to see how Turnstone’s science and XOMA’s model will align in the quarters ahead.
CoreWeave, the rapidly rising AI cloud infrastructure provider, is once again making headlines — this time for reigniting acquisition talks with bitcoin mining giant Core Scientific. According to a report by The Wall Street Journal, the companies are in advanced discussions that could lead to a deal in the coming weeks, pending negotiations.
The move marks a notable turn in a high-stakes courtship that began last year, when CoreWeave made an unsolicited offer to acquire Core Scientific for $1.02 billion. That bid, valued at $5.75 per share, was promptly rejected by Core Scientific for undervaluing the company. Fast-forward a year, and Core Scientific’s market value has climbed to nearly $4 billion, with shares rising roughly 8% following the renewed acquisition chatter.
CoreWeave’s interest in the company is strategic. As AI workloads continue to demand massive computational power and access to stable energy supplies, former crypto mining operations like Core Scientific have become increasingly attractive targets. With expansive infrastructure already in place, these facilities offer AI players a fast track to scaling data centers without starting from scratch.
CoreWeave and Core Scientific already have history. Following the failed acquisition attempt in 2024, the companies entered a multi-decade partnership involving 12-year infrastructure contracts. Among them was a landmark deal in which Core Scientific committed to providing CoreWeave with 200 megawatts of power capacity to support its high-performance computing operations. That agreement alone signaled a convergence between the worlds of cryptocurrency and artificial intelligence — both of which depend on energy-intensive server farms.
The potential acquisition now appears to be a natural next step in that partnership. By bringing Core Scientific under its umbrella, CoreWeave would not only secure long-term access to critical power infrastructure but also strengthen its foothold in the competitive AI cloud race — a space dominated by the likes of Amazon, Google, and Microsoft.
While the exact financial terms of the revived offer have not been disclosed, market analysts suggest any deal would likely exceed the previous $1 billion bid, given Core Scientific’s increased valuation and rising relevance in the post-crypto AI landscape.
Still, a finalized agreement is not guaranteed. Regulatory scrutiny, shifting market conditions, or resistance from shareholders could delay or derail the talks. Neither Core Scientific nor CoreWeave has publicly commented on the latest developments.
The acquisition would mark another significant move in a broader trend: tech and AI companies consolidating energy assets and computing infrastructure once built for cryptocurrency mining. As AI continues to evolve and expand, the race to control the digital and physical backbones of computation is heating up — and CoreWeave is positioning itself at the center.
Key Points: – Mortgage rates fell to 6.77%, the lowest since May, as Treasury yields dipped. – High rates and home prices continue to constrain homebuyer activity. – Forecasters expect only modest rate relief through the end of the year.
Mortgage rates have inched lower for a fourth straight week, offering a glimmer of relief for homebuyers, but not enough to spark a major rebound in the housing market. The average 30-year fixed mortgage rate dropped to 6.77% this week, its lowest level since May, down slightly from 6.81% last week, according to data from Freddie Mac. The average rate for a 15-year mortgage also dipped to 5.89% from 5.96%.
This modest decline comes as geopolitical tensions ease and Treasury yields soften. A recent ceasefire between Iran and Israel helped calm global markets, while dovish comments from Federal Reserve officials increased expectations that rate cuts could come as early as July. These factors contributed to a dip in the 10-year Treasury yield, which mortgage rates tend to closely follow.
Though the Federal Reserve has not moved to lower interest rates yet, speculation around future cuts is already influencing mortgage rate behavior. Fed Chair Jerome Powell reiterated during recent congressional testimony that while rate cuts are not imminent, the central bank remains open to adjusting policy if inflation continues to cool or if economic conditions shift.
Despite the recent rate movement, mortgage rates are still hovering near the upper end of a narrow range. Since mid-April, rates have fluctuated within a tight 15-basis-point band, limiting their ability to meaningfully impact housing affordability.
High borrowing costs, coupled with persistently high home prices, have continued to dampen housing activity. While pending home sales rose by 1.8% in May from the previous month, and 1.1% year-over-year, the overall housing market remains subdued. New home sales, in contrast, fell sharply last month, plunging 14% — the steepest monthly drop in three years, highlighting buyer hesitation in the current rate environment.
Mortgage applications for new purchases were essentially flat last week, according to the Mortgage Bankers Association, while refinancing activity saw a modest 3% increase. The latter suggests that some homeowners are finding incentive in even small rate drops to restructure their existing loans, though the overall refinancing market remains a fraction of what it was during the ultra-low rate environment of the pandemic.
Looking ahead, economists expect only gradual improvement. The Mortgage Bankers Association projects rates to close out the year around 6.7%, while Fannie Mae anticipates a slightly more optimistic 6.5%. Either way, most forecasts suggest a slow decline rather than a swift return to significantly lower levels.
For prospective buyers, this means affordability may improve modestly, but major relief remains unlikely in the short term. With inflation, Federal Reserve policy, and global uncertainty still in play, the mortgage market is expected to remain cautious.
NEW YORK, June 26, 2025 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), today announced the pricing of an underwritten public offering of 75,000,000 ordinary shares at a public offering price of $2.00 per share. The aggregate gross proceeds to the Company from the offering, before deducting the underwriting discount and other offering expenses payable by the Company, will be $150.0 million. The Company intends to use the net proceeds from this offering to purchase Ethereum. In addition, the Company has granted the underwriters a 30-day option to purchase an additional 11,250,000 ordinary shares. The offering is expected to close on or about June 27, 2025, subject to satisfaction of customary closing conditions.
B. Riley Securities is acting as the sole bookrunning manager in the offering and Clear Street, Craig-Hallum and Northland Capital Markets are acting as co-managers for the offering.
The securities described above are being offered by the Company pursuant to a shelf registration statement on Form S-3, as amended, including a base prospectus, that was originally filed with the Securities and Exchange Commission (the “SEC”), by the Company on April 30, 2025 and was declared effective on June 20, 2025. A preliminary prospectus supplement relating to the offering has been filed with the SEC, and a final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available for free on the SEC’s website located at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained, when available, from: B. Riley Securities, 1300 17th Street North, Suite 1300, Arlington, VA 22209, Attention: Prospectus Department, by telephone at (703) 312-9580 or by email at prospectuses@brileysecurities.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Bit Digital
Bit Digital is a publicly traded digital asset platform focused on Ethereum-native treasury and staking strategies. The Company began accumulating and staking ETH in 2022 and now operates one of the largest institutional Ethereum staking infrastructures globally. Bit Digital’s platform includes advanced validator operations, institutional-grade custody, active protocol governance, and yield optimization. Through strategic partnerships across the Ethereum ecosystem, Bit Digital aims to deliver exposure to secure, scalable, and compliant access to onchain yield. For additional information, please contact ir@bit-digital.com.
Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact, included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “intends,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report) and any subsequently filed quarterly reports on Form 10-Q and any Current Reports on Form 8-K. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
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1Q26. Steelcase reported solid results for the first quarter of fiscal 2026. Revenue grew 7% y-o-y to $779 million, towards the upper end of guidance. We had forecast $760 million and the consensus was $762 million. Gross margin of 33.9% was up 170 bp y-o-y and above management’s 33% guide. Steelcase reported net income of $13.6 million, or EPS of $0.11, and adjusted EPS of $0.20, compared to $10.9 million, $0.09, and $0.16, respectively, last year. We were at adjusted EPS of $0.14, while consensus was $0.13.
Quarterly Drivers. The Americas business was up 9%, both on a reported and organic basis, driven by a higher beginning backlog compared to the prior year and included strong growth from large corporate, government, and healthcare customers. International was up 1% on a reported basis but down 1% on an organic basis, driven by declines in Germany and France, mostly offset by growth in India, the UK, and China.
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Key Points: – Nvidia identifies robotics as its next major growth driver, second only to artificial intelligence, with self-driving cars and humanoid robots as early focus areas. – Robotics and automotive revenue is currently small—just 1% of total sales—but growing rapidly, with 72% annual growth reported last quarter. – Nvidia is evolving into a full AI infrastructure provider, offering chips, software, and cloud services to power future autonomous systems and robotics at scale.
Nvidia, the global leader in AI computing and graphics processing, is turning its attention to robotics as its next major growth engine—second only to artificial intelligence itself. During its annual shareholders meeting, CEO Jensen Huang outlined how robotics could transform from a niche revenue stream into a multitrillion-dollar opportunity for the company.
While Nvidia is best known today for the chips that power generative AI tools like ChatGPT, its ambitions are quickly expanding beyond data centers. Robotics, according to Huang, is poised to become one of the largest markets for Nvidia’s technology—integrating AI with physical systems across industries from transportation to manufacturing.
Currently, Nvidia’s automotive and robotics business makes up a small fraction of the company’s total revenue. In the most recent quarterly report, that segment generated $567 million, accounting for about 1% of total revenue. However, it showed strong momentum, up 72% year-over-year. Huang emphasized that this is only the beginning of what he sees as a long-term play.
One of the most immediate commercial applications of robotics, according to Nvidia, is autonomous vehicles. The company’s Drive platform—already adopted by major carmakers like Mercedes-Benz—includes powerful onboard chips and AI models capable of handling the complex task of self-driving navigation. But Nvidia’s robotics vision extends far beyond the road.
At the meeting, Huang also spotlighted the company’s newly released Cosmos AI models for humanoid robots. These models represent a leap toward enabling general-purpose robots that can interact with and adapt to dynamic environments. From warehouse automation to robotic factories and healthcare assistants, Nvidia sees its chips playing a central role in bringing these systems to life.
To support these ambitions, Nvidia continues to evolve its identity from a chip manufacturer to a full-fledged AI infrastructure provider. In addition to its industry-dominating GPUs, the company now offers networking hardware, enterprise software, and its own cloud services—all designed to create a seamless pipeline from model training to deployment in the real world.
Huang’s comments reflect Nvidia’s long-term strategy to build an end-to-end ecosystem for intelligent computing. With demand for AI capabilities showing no sign of slowing and emerging use cases like robotics gaining traction, the company appears well-positioned to lead in both digital and physical AI applications.
The financial markets appear to agree. Nvidia’s stock surged to a record high following the shareholder meeting, pushing its market capitalization to $3.75 trillion—surpassing Microsoft to become the most valuable public company in the world.
Although robotics currently represents a small sliver of Nvidia’s earnings, the strategic importance of this segment is growing. As more industries invest in automation and intelligent systems, Nvidia is betting that the same technology powering chatbots and data centers will eventually control fleets of robots, smart factories, and autonomous machines across the globe.
With the groundwork now in place, Nvidia is not just building chips—it’s building the future of intelligent automation.
