Category: Tech

Bit Digital (BTBT) – WhiteFiber Snags a New Contract

Posted on by slightbourne@noblecapitalmarkets.com


Monday, December 22, 2025

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.

New Contract. Late last week, Bit Digital’s key investment, WhiteFiber, announced its Enovum Data Centers Corp. subsidiary has executed a long-term colocation agreement with Nscale Global Holdings, an AI infrastructure and cloud services provider serving enterprise and public sector customers. The contract represents approximately $865 million in contracted revenue over the initial 10-year term.

NC-1. The agreement secures the first 40 megawatt delivery of critical IT load at WhiteFiber’s flagship NC-1 data center campus in Madison, North Carolina. The contract includes contractual annual rate escalators and required non-recurring installation services, but excludes electricity and certain other costs passed through to the customer. Nscale is deploying the capacity to power the AI infrastructure of leading global investment grade technology customers.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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. 

Alphabet Deepens AI Strategy With $4.75 Billion Acquisition of Clean Energy Developer Intersect

Posted on by slightbourne@noblecapitalmarkets.com

Alphabet is making a decisive move to secure the energy backbone of its artificial intelligence ambitions. The Google parent announced it will acquire clean energy developer Intersect in a $4.75 billion cash deal, including assumed debt, underscoring how access to power has become a strategic priority in the global AI race.

The acquisition comes as Big Tech companies pour billions into expanding computing capacity to support generative AI models, cloud services, and data centers — all of which require enormous and reliable amounts of electricity. As U.S. power grids strain to keep pace with surging demand, technology firms are increasingly turning upstream, investing directly in energy generation rather than relying solely on utilities.

Intersect brings scale that few developers can match. The company has roughly $15 billion in assets that are either operating or under construction, with projects expected to deliver about 10.8 gigawatts of power by 2028. That capacity is more than twenty times the electricity generated by the Hoover Dam, highlighting the magnitude of energy now required to sustain AI-driven growth.

Under the agreement, Alphabet will acquire Intersect’s energy and data center projects that are currently under development or construction. These assets are designed to support large-scale computing infrastructure, aligning closely with Google’s expanding network of U.S. data centers. Intersect’s operations will remain separate from Alphabet, preserving operational independence while strategically supporting Google’s long-term power needs.

Notably, Intersect’s existing operating assets in Texas and its operating and in-development projects in California will not be included in the deal. Those assets will continue as an independent business backed by existing investors. Among them is Quantum, a clean energy storage system in Texas built directly alongside a Google data center campus — a model increasingly favored by hyperscalers seeking to pair computing facilities with on-site or adjacent power sources.

The deal builds on Alphabet’s broader push into energy partnerships. Earlier this month, NextEra Energy expanded its collaboration with Google Cloud to develop new energy supplies across the U.S. Together, these moves signal a shift in how tech giants approach infrastructure: energy security is no longer a background consideration, but a core component of competitive advantage.

For Alphabet, the acquisition also reinforces its commitment to clean energy. As AI workloads expand, the environmental footprint of data centers has drawn scrutiny from regulators and investors alike. By investing directly in renewable generation and energy storage, Alphabet aims to mitigate emissions while insulating itself from grid bottlenecks, price volatility, and regulatory risk.

Intersect will also explore emerging energy technologies to diversify supply, according to Alphabet, positioning the company to adapt as AI-driven electricity demand continues to grow. This forward-looking approach reflects a broader industry trend, where control over power generation is becoming just as critical as control over chips, data, and algorithms.

Ultimately, Alphabet’s purchase of Intersect highlights a defining reality of the AI era: the battle for intelligence is also a battle for energy. As demand accelerates, companies that can secure scalable, reliable, and clean power may hold a decisive edge in shaping the future of technology.

Oracle Shares Surge as Cloud Giant Joins Investor Group to Run TikTok’s U.S. Business

Posted on by slightbourne@noblecapitalmarkets.com

Oracle (ORCL) shares jumped roughly 8% Friday after the cloud computing company confirmed it will join a group of investors set to lead TikTok’s U.S. operations, a move that eases national security concerns and removes a major overhang for the popular social media platform. The rally marked a sharp reversal for Oracle stock, which has faced heightened volatility in recent weeks amid broader uncertainty around artificial intelligence infrastructure spending.

According to an internal memo sent to employees, TikTok’s U.S. business will be operated through a new joint venture that includes Oracle, private equity firm Silver Lake, and Abu Dhabi-based investment group MGX. The deal is expected to close on January 22 and is designed to comply with U.S. legislation requiring ByteDance, TikTok’s China-based parent company, to divest control of the app’s U.S. operations.

The agreement effectively prevents a potential shutdown or ban of TikTok in the United States, which had loomed after President Joe Biden signed legislation mandating divestiture over national security concerns. President Donald Trump previously extended deadlines for a deal multiple times and approved a potential framework through an executive order earlier this year, setting the stage for the current agreement.

Under the terms outlined in the memo, Oracle will play a critical role in ensuring compliance with U.S. national security requirements. The company will be responsible for auditing and validating that TikTok adheres to agreed-upon safeguards, including how sensitive U.S. user data is handled and stored. Oracle’s cloud infrastructure will house this data, reinforcing the company’s position as a trusted enterprise technology provider.

While China has not formally confirmed the transaction, reports from Chinese state media suggest the deal is expected to move forward. Commentary cited by CNBC indicates the structure aligns with Chinese regulations and does not constitute a sale of TikTok’s core recommendation algorithm, a key sticking point in past negotiations.

Investors responded positively to the announcement, viewing it as both a strategic win and a stabilizing development for Oracle. In a note to clients, Evercore ISI described the move as a “nice win” for the cloud provider, highlighting potential upside as the market reassesses Oracle’s longer-term growth outlook. The firm suggested that the recent pullback in shares may present an attractive entry point for investors with a six- to twelve-month time horizon.

The TikTok news arrives after a turbulent period for Oracle stock. Shares have been pressured by concerns over the sustainability of the artificial intelligence trade and the capital intensity required to build out large-scale AI data centers. Earlier this week, Oracle shares slid following reports that negotiations over a $10 billion data center deal with Blue Owl Capital had stalled, amplifying investor anxiety about funding risks tied to AI infrastructure expansion.

Despite Friday’s rally, Oracle stock remains down more than 20% over the past month, reflecting the market’s reassessment of high-multiple tech names. Year to date, however, shares are still up about 8%, underscoring the company’s ability to rebound when strategic clarity emerges.

Oracle’s involvement in TikTok’s U.S. operations reinforces its growing role at the intersection of cloud computing, data security, and large-scale digital platforms. While questions around AI spending persist, the TikTok partnership offers a timely boost to sentiment and highlights Oracle’s relevance in high-profile, mission-critical technology deals.

Tesla Stock Jumps as Robotaxi Testing Without Safety Driver Signals Autonomous Breakthrough

Posted on by slightbourne@noblecapitalmarkets.com

Tesla shares moved sharply higher Monday after confirmation that the company has begun testing its Robotaxi service without a safety driver, a milestone that investors and analysts see as a major step toward fully autonomous transportation.

The rally followed social media footage showing a Tesla Robotaxi operating in Austin, Texas with no human driver inside the vehicle. The video quickly gained traction after Ashok Elluswamy, who leads Tesla’s AI and autonomous driving efforts, acknowledged the clip with a brief but telling comment: “And so it begins.” Tesla CEO Elon Musk later confirmed the development, stating that testing is underway with no occupants in the car.

Shares of Tesla rose roughly 4% following the confirmation, pushing the stock closer to its prior all-time highs and reinforcing renewed optimism around the company’s long-promised autonomy strategy. The move lends credibility to Musk’s recent claim that Tesla is only weeks away from unsupervised robotaxi operations.

Austin has emerged as the proving ground for Tesla’s Robotaxi ambitions, with limited deployments already underway using safety drivers. The latest test suggests the company is moving closer to removing that final safeguard, a critical hurdle before broader commercial expansion. Musk has previously said Tesla plans to expand Robotaxi testing beyond Austin and the San Francisco Bay Area into markets such as Phoenix and Nevada.

Wall Street bulls were quick to seize on the news. Wedbush analyst Dan Ives reiterated his long-standing optimism on Tesla, describing the development as the beginning of the company’s “autonomous chapter.” In a note to clients, Ives said 2026 could be a defining year for Tesla as autonomous driving and robotics move from concept to scale.

According to Ives, Tesla is on track for an accelerated Robotaxi rollout across the U.S., with volume production of the company’s purpose-built Cybercab expected to begin in the spring. The futuristic two-seat vehicle, unveiled last year without a steering wheel or pedals, has become central to Tesla’s long-term autonomous strategy.

Early feedback on Tesla’s latest Full Self-Driving software has also added fuel to the rally. Automotive reviewers and journalists who have tested the newest version report smoother driving behavior and fewer required interventions compared with prior iterations. While competitors like Alphabet-backed Waymo still lead in publicly reported safety metrics, the gap appears to be narrowing.

The market reaction highlights a broader shift in how investors are valuing Tesla. Rather than focusing solely on vehicle deliveries and margins, attention is increasingly turning to software, AI, and recurring revenue opportunities tied to autonomy. Wedbush maintains an Outperform rating on the stock and a $600 price target, arguing that autonomous driving could unlock a path toward a multi-trillion-dollar valuation.

Still, challenges remain. Regulatory approval, public trust, and demonstrable safety performance will be essential before Tesla can scale Robotaxi services nationwide. But for the first time in years, tangible evidence appears to support Tesla’s autonomy narrative.

For investors, the confirmation of driverless Robotaxi testing marks more than just a technical achievement — it signals that Tesla’s long-awaited autonomous future may finally be arriving.

ISG to Evaluate Snowflake Ecosystem Partners

Posted on by slightbourne@noblecapitalmarkets.com

12/2/2025

STAMFORD, Conn.–(BUSINESS WIRE)– Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm, has launched a research study examining provider capabilities within the fast-growing Snowflake services ecosystem.

The study results will be published in a comprehensive ISG Provider Lens® report, called Snowflake Ecosystem Partners, scheduled to be released in June 2026. The report will cover companies offering Snowflake-focused modernization and AI and ML enablement capabilities, along with ongoing managed data and optimization services.

Enterprise buyers will be able to use information from the report to evaluate their current vendor relationships, potential new engagements and available offerings, while ISG advisors use the information to recommend providers to the firm’s buy-side clients.

Snowflake has emerged as a critical data platform that redefines how enterprises store, process and activate data for analytics and AI. Its cloud-native architecture offers improved scalability, flexibility and cost efficiency, helping enterprises move beyond the constraints of traditional data warehouses. Globally, enterprises are increasingly adopting this platform to unify structured, semi-structured and unstructured data under a single governance and security model. This approach streamlines complex data operations while enabling faster insights and AI-driven innovation.

“Enterprises are prioritizing providers that offer automation maturity, FinOps discipline and robust governance,” said Aman Munglani, senior director and principal analyst at ISG. “Using Snowflake-native tools such as Snowpark, Cortex AI and Native Apps enables them to achieve meaningful, measurable improvements in data management.”

ISG has distributed surveys to more than 100 Snowflake ecosystem partners. Working in collaboration with ISG’s global advisors, the research team will produce two quadrants representing the Snowflake offerings the typical enterprise is buying, based on ISG’s experience working with its clients. The two quadrants are:

  • Modernization and AI/ML Enablement Services, evaluating providers that deliver end-to-end strategy, advisory and implementation support to help enterprises get the most from their Snowflake investments. These providers are assessed on their ability to guide data modernization efforts and facilitate integration of AI and ML into operations.
  • Managed Data and Optimization Services,assessing providers offering management, monitoring and optimization services for Snowflake environments. These providers should specialize in managing Snowflake infrastructure across cloud platforms and offer training and change management initiatives.

Geographically focused reports from the study will cover the global Snowflake ecosystem and examine products and services available worldwide. ISG analysts Gowtham Kumar Sampath and Hemangi Patel will serve as authors of the report.

A list of identified providers and vendors and further details on the study are available in this digital brochure. Companies not listed as Snowflake ecosystem partners can contact ISG and ask to be included in the study.

All 2025 ISG Provider Lens® evaluations feature expanded customer experience (CX) data that measures actual enterprise experience with specific provider services and solutions, based on ISG’s continuous CX research.

About ISG Provider Lens® Research

The ISG Provider Lens® Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG’s global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG’s enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.

About ISG

ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world’s top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data, in-depth knowledge of provider ecosystems, and the expertise of its 1,600 professionals worldwide working together to help clients maximize the value of their technology investments.

Source: Information Services Group, Inc.

Mistral Unveils New AI Models as Europe’s Rising Lab Races to Keep Pace with OpenAI and Google

Posted on by slightbourne@noblecapitalmarkets.com

French artificial intelligence startup Mistral has introduced a new suite of advanced AI models, marking its most ambitious step yet as it races to remain competitive with global heavyweights like OpenAI, Google, and DeepSeek. The release comes at a pivotal moment in the AI ecosystem, where rapid innovation cycles and aggressive commercialization strategies are reshaping the landscape.

Mistral’s updated portfolio includes a new large multimodal model, which the company describes as the “world’s best open-weight multimodal and multilingual.” Designed for enterprise-grade performance, this model targets use cases such as AI assistants, scientific workloads, retrieval-augmented generation (RAG) systems, and complex agentic workflows. By pushing for open-weight access, Mistral continues to position itself as a key proponent of transparent and customizable AI—an increasingly important stance among European enterprises wary of closed-source dominance from U.S. labs.

Alongside the flagship model, the company launched Ministral 3, a compact, highly efficient model engineered for robotics, autonomous drones, consumer devices, and on-device intelligence. Its smaller footprint allows it to run on a single GPU, reducing operational costs and making it attractive for companies seeking scalable, low-latency AI without heavy cloud dependency. According to Mistral, smaller models offer major advantages in real-world applications, where speed, cost efficiency, and domain-specific tuning outperform size alone.

The launches build on a year of rapid growth for the Paris-based startup. Founded in 2023, Mistral raised 1.7 billion euros in September, reaching a valuation of 11.7 billion euros. The round was led by global semiconductor leader ASML, which invested 1.3 billion euros, with additional backing from Nvidia, Microsoft, and Andreessen Horowitz. This massive inflow of capital reflects Europe’s mounting urgency to develop AI champions capable of competing with U.S. and Chinese giants.

Mistral’s momentum extends beyond research. On Monday, the company announced a major commercial agreement with HSBC, granting the global bank access to its models for tasks such as financial forecasting, language translation, and automation. The startup has already secured additional enterprise contracts worth hundreds of millions of dollars, signaling growing trust from large organizations seeking alternatives to entrenched U.S. players.

Still, the competitive backdrop is intense. Rivals such as Anthropic and OpenAI are aggressively expanding into Europe, opening new offices and securing colossal funding rounds that dwarf those of European firms. With Anthropic now valued at $183 billion and OpenAI reportedly priced at nearly $500 billion through secondary sales, Mistral faces an uphill battle to match the scale of global rivals.

Nonetheless, the company maintains that the next era of AI will be defined not only by size, but by speed, adaptability, on-device intelligence, and openness. With its new models, Mistral aims to position itself at the forefront of this shift—advancing its vision of a globally distributed AI ecosystem that blends cutting-edge research with practical enterprise deployment.

Amazon Unveils New Trainium3 AI Chip as Big Tech Ramps Up Efforts to Challenge Nvidia’s Dominance

Posted on by slightbourne@noblecapitalmarkets.com

Amazon has introduced its newest AI semiconductor, Trainium3, signaling another major push by tech giants to loosen Nvidia’s grip on the rapidly growing artificial intelligence hardware market. Announced Tuesday during Amazon Web Services’ annual re:Invent conference, the chip represents a significant leap in the company’s strategy to build affordable, high-performance computing infrastructure tailored for AI training and inference.

According to AWS, servers outfitted with Trainium3 deliver four times the speed and energy efficiency of the previous generation. For enterprises racing to scale large language models and multimodal systems, this improvement translates to faster development cycles and noticeably lower operational costs—an increasingly critical advantage as AI workloads explode.

“Trainium already represents a multibillion-dollar business today and continues to grow really rapidly,” said AWS CEO Matt Garman, underscoring Amazon’s deepening investment in custom silicon. Once primarily dependent on Nvidia for its cloud AI capacity, AWS now sees homegrown hardware as essential both for performance control and long-term cost stability.

Amazon is far from alone. The industry has entered a new era in which Nvidia’s largest customers—Google, Microsoft, Meta, and Amazon itself—are designing their own AI chips to reduce reliance on the GPU leader. In early November, Google debuted its Ironwood TPU v7, and reports suggest the company is negotiating a multibillion-dollar deal to supply TPUs to Meta. Meanwhile, Microsoft continues to develop its in-house silicon despite encountering delays.

AWS executives view this diversification as healthy for the broader ecosystem. “Diversity of chips in the AI market is a good thing,” said Dave Brown, AWS vice president of compute and machine learning, in an interview with Yahoo Finance. Brown emphasized that the rising demand for AI infrastructure is creating room for multiple architectures to coexist, each optimized for different workloads.

Cost remains one of Amazon’s sharpest competitive angles. Brown noted that developers using Trainium-based instances typically see 30% to 40% savings compared to Nvidia GPU clusters. At a time when AI model training can reach hundreds of millions—or even billions—of dollars, these savings could shift market dynamics.

Amazon is also expanding its AI infrastructure at massive scale. The company recently completed Project Rainier, a colossal data center initiative built specifically for AI workloads. OpenAI competitor Anthropic is expected to use one million of Amazon’s custom chips across Rainier and other AWS data centers by the end of 2025. Anthropic has reportedly played a hands-on role in guiding the chip’s design.

Still, Nvidia remains unmatched in both raw performance and software ecosystem maturity. CEO Jensen Huang has argued that developers would choose Nvidia chips “even if alternatives were free,” citing CUDA and the extensive tools built around Nvidia hardware. Amazon itself remains one of Nvidia’s biggest customers, accounting for 7.5% of Nvidia’s revenue, and OpenAI recently signed a $38 billion agreement to access Nvidia GPUs through AWS.

Yet Amazon is preparing for a future where its chips coexist seamlessly with Nvidia’s. The company revealed that its upcoming Trainium4 processors will support NVLink Fusion, Nvidia’s advanced networking technology that links chips across server racks. That compatibility signals a hybrid future—one where Amazon tightens control over its hardware roadmap while still acknowledging Nvidia as the industry’s gold standard.

Bit Digital (BTBT) – 3Q25 Review and Updated Models

Posted on by slightbourne@noblecapitalmarkets.com


Monday, December 01, 2025

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.

Review. In the third quarter, Bit Digital continued its transformation into an ETH focused treasury firm. Management continued its orderly wind-down of the bitcoin mining business, while the WhiteFiber holding has significant upside potential, in our view. Management has successfully guided the Company through past periods of volatility, and we believe they will be successful once again.

ETH. ETH prices remain volatile, currently trading just above $3,000, down from the $4,800 level at the end of the summer. However, as the backbone of decentralized finance (DeFi), NFTs (non-fungible tokens), and numerous blockchain-based platforms, industry experts expect the demand for ETH to grow over time, positively impacting the long-term price.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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. 

Codere Online (CDRO) – Looking Past The Noise

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, November 25, 2025

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q3 Results. The company reported Q3 revenue of €51.6 million, essentially flat with the prior year period and below our estimate of €56.0 million. Adj. EBITDA of €2.9 million was modestly better than our estimate of €2.6 million. Notably, when excluding the impact of the Mexican Peso devaluation in Q3, revenue was up roughly 3% over the prior year period.

Solid fundamentals. Notably, while the company benefited from an 11% increase in monthly active customers, it was largely offset by a 10% decrease in monthly average spend, primarily attributed to the Mexican Peso devaluation. Moreover, the company recorded 85,000 first-time deposit customers in Q3, a 26% y-o-y. Importantly, the company’s cost per acquisition was €167, which is its lowest since Q1 2023.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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. 

Robinhood CEO’s AI Startup Harmonic Hits $1.45 Billion Valuation as It Pushes “Mathematical Superintelligence”

Posted on by slightbourne@noblecapitalmarkets.com

Harmonic, an emerging force in artificial intelligence research, has reached a valuation of $1.45 billion after closing a new $120 million Series C fundraise. Co-founded by Robinhood CEO Vlad Tenev, the company is pursuing one of the most difficult challenges in AI: eliminating hallucinations and improving models’ ability to reason with absolute accuracy.

The latest funding round was led by Ribbit Capital, with continued backing from Sequoia and Kleiner Perkins. Emerson Collective, the investment firm founded by Laurene Powell Jobs, also joined as a new investor. The deal marks Harmonic’s third major raise in just 14 months, bringing its total funding to $295 million—a remarkable trajectory for a company that has not yet commercialized its technology.

A Focus on AI That Doesn’t Guess

While most generative AI models excel at producing fluent text, images, and code, they also suffer from a core flaw: they can produce incorrect or fabricated answers. Harmonic’s approach seeks to eliminate this issue entirely by building what it calls Mathematical Superintelligence (MSI)—an AI system grounded in formal logic and verifiable reasoning.

At the core of Harmonic’s research is its flagship model, Aristotle, which is trained on synthetic mathematical proofs. These computer-generated examples allow the model to strengthen its problem-solving skills and operate with precision rather than probabilistic guessing.

Aristotle’s performance has already drawn significant attention. In July, the model performed at the International Mathematical Olympiad, placing alongside teams from Google and OpenAI. This achievement helped validate Harmonic’s focus on advanced reasoning and contributed to heightened investor interest.

Formal Reasoning as the Foundation

Unlike most AI models that express reasoning in natural language, Harmonic’s system produces its reasoning as Lean4 code, a formal language that can be checked step-by-step for correctness. This approach aims to make the model’s output not only accurate but fully verifiable.

This design offers a major advantage in fields where errors can lead to significant financial, safety, or operational consequences. Harmonic sees strong long-term potential in industries such as aerospace, finance, automotive systems, and cybersecurity, where decision-making must be reliable and traceable.

Preparing for Commercial Uses

For now, Harmonic’s technology remains primarily research-focused, and the company is still pre-revenue. However, it has opened its Aristotle model to the public through a free API, allowing developers, researchers, and mathematicians to experiment with its reasoning capabilities. Early users have leveraged the tool to verify proofs, test algorithms, and explore new mathematical discoveries.

A significant portion of the new funding will support the large-scale computing resources required to train high-precision reasoning models. As Harmonic scales, it expects to explore commercial applications, particularly in areas where traditional AI systems lack the reliability necessary for mission-critical environments.

A New Frontier for Trustworthy AI

With hallucinations remaining one of the largest barriers to widespread AI deployment, Harmonic is positioning itself at the forefront of a new generation of models: systems built not just to generate answers, but to justify them through rigorous, machine-verifiable logic.

Its latest valuation underscores a growing belief among investors that the next wave of AI innovation will be defined by accuracy, transparency, and trust—not just raw model size.

As Harmonic continues its research, the industry will be watching closely to see how Mathematical Superintelligence evolves and whether it can redefine what reliable AI looks like in practice.

Adobe’s $1.9B Acquisition of Semrush Signals a Major Power Shift in Brand Visibility for the Agentic AI Era

Posted on by slightbourne@noblecapitalmarkets.com

Adobe’s latest acquisition marks one of the most significant moves yet in the evolution of how brands manage visibility, discoverability, and customer engagement in an AI-driven world. On November 19, 2025, Adobe announced a definitive agreement to acquire Semrush Holdings, Inc. in an all-cash deal valued at approximately $1.9 billion, or $12.00 per share. The acquisition unites Adobe’s expansive customer experience and content orchestration tools with Semrush’s deep capabilities in search engine optimization (SEO) and the rapidly emerging field of generative engine optimization (GEO).

Adobe has been at the forefront of enabling enterprises to reimagine their customer experience workflows through agentic AI—AI that can plan, initiate, and optimize tasks autonomously. Tools such as Adobe Experience Manager (AEM), Adobe Analytics, and the newly introduced Adobe Brand Concierge reflect the company’s commitment to helping brands create, manage, and deliver content at scale. These products support a content supply chain that aligns with the needs of enterprises navigating new customer interfaces powered by large language models (LLMs).

Semrush’s inclusion strengthens Adobe’s position dramatically. As brands increasingly confront the challenge of remaining visible across traditional search engines and emerging AI-driven discovery channels, Semrush provides a powerful layer of intelligence and optimization. The company is widely known for its decade-long leadership in SEO analytics and has recently become a leading force in GEO—an emerging discipline focused on helping brands remain discoverable within AI-powered platforms, from LLMs to generative search engines.

The acquisition comes at a time when consumer behavior is rapidly shifting. With more customers receiving answers, recommendations, and purchase guidance from platforms like ChatGPT and Google Gemini, brand visibility is no longer confined to search engine rankings or owned channels. It now includes how a brand appears within LLM outputs, conversational AI systems, and algorithm-driven summaries. Organizations that fail to adapt to these dynamics risk losing relevance across key digital touchpoints.

Semrush brings enterprise-grade capabilities and impressive momentum to Adobe’s ecosystem. Its generative marketing tools are already being used by major brands, and the company recently reported 33% year-over-year Annual Recurring Revenue growth in its enterprise segment. This traction reflects a growing need among marketers who now rely on SEO and GEO teams to drive visibility strategies in generative environments.

Together, Adobe and Semrush will offer marketers a unified solution that spans the entire spectrum of brand exposure—owned websites, search engines, LLM responses, and the broader web. By integrating Semrush’s data intelligence into Adobe’s customer experience tools, the combined platform is designed to give organizations a holistic, real-time understanding of how their brand appears and performs across both traditional and AI-driven discovery channels.

This acquisition positions Adobe to become a central player in helping enterprises navigate the next phase of AI-enabled marketing. As AI continues reshaping how consumers gather information, evaluate options, and make buying decisions, Adobe’s expanded ecosystem aims to ensure that brands remain both discoverable and competitive in an increasingly complex digital landscape.

Google Launches Gemini 3, Accelerating Its AI-First Strategy in Search and Enterprise

Posted on by slightbourne@noblecapitalmarkets.com

Google’s launch of Gemini 3 marks a major milestone in the rapidly evolving artificial intelligence landscape. As competition intensifies among leading AI developers, Google is positioning this new model as a turning point—one that strengthens its hold on the search market while expanding deeper into enterprise applications. Unlike previous releases, Gemini 3 became part of Google’s profit-driven ecosystem immediately, reflecting the company’s shift toward deploying AI technologies that generate revenue from day one.

The model arrives less than a year after its predecessor, showing Google’s determination to accelerate innovation cycles. While AI benchmarks and leaderboard rankings still matter, the broader market has become more focused on practical use cases that drive growth. Investors have increasingly evaluated companies not on technical capabilities alone, but on how effectively those capabilities translate into profitable products. In this respect, Gemini 3 enters the market at a critical time. Alphabet’s stock performance throughout the year has been influenced heavily by its success in monetizing AI tools within its cloud business, and the new model is expected to strengthen that trend.

One of the biggest shifts comes from Google embedding Gemini 3 directly into its search engine at launch. Historically, new AI models took weeks or months to integrate into search, but the company is taking a more aggressive approach. Paying users of Google’s premium AI plan now gain access to enhanced capabilities in AI Mode, a feature designed to handle complex queries with computer-generated responses instead of traditional website listings. This move reflects Google’s ongoing effort to redefine search as an AI-first experience, even as it raises concerns among content publishers who depend on organic traffic.

Gemini 3 also brings a series of upgrades in reasoning, coding, and task execution, allowing Google to introduce new functions stretching across its consumer and enterprise user base. One of the most notable additions is Gemini Agent, a feature built to handle multi-step tasks. It can manage workflow-related actions such as organizing emails or coordinating travel, pushing Google closer to its long-term vision of a universal AI assistant. The redesigned Gemini app supports this direction as well, offering interactive and visually rich responses that resemble entire web pages rather than simple text answers.

On the enterprise side, Google unveiled Antigravity, a development platform that enables AI agents to plan and carry out software tasks autonomously. This tool aims to shift how companies build software by reducing manual intervention and speeding up development cycles. As organizations explore ways to streamline operations with AI, products like Antigravity could play a significant role in reshaping development teams and workflows.

Gemini 3’s release highlights a broader trend in the AI industry: the transition from experimental technology to integrated, revenue-producing systems. With competitors like Anthropic, Meta, and OpenAI also pushing rapid updates, the pressure to deliver commercially useful products has never been higher. By launching its new model directly into core products and expanding its suite of AI-powered features, Google is making a clear statement that the next stage of AI growth depends on adoption at scale. Gemini 3 represents not just a model upgrade, but a restructuring of how Google delivers value in a market where speed, utility, and profitability increasingly define leadership.

Release – Codere Online Appoints Marcus Arildsson as Chief Financial Officer

Posted on by slightbourne@noblecapitalmarkets.com

11/17/2025

    Luxembourg, Grand Duchy of Luxembourg, November 17, 2025 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, today announced that Marcus Arildsson has been appointed Chief Financial Officer, effective today. Mr. Arildsson will succeed Oscar Iglesias, who, as part of the previously announced transition, will assist with an orderly handover and is expected to join the Company’s Board of Directors, subject to the approval of shareholders at an Extraordinary General Meeting scheduled for December 1st.

    Mr. Arildsson is a senior finance executive with over 25 years of international experience across investment banking, equity markets and corporate finance.

    He began his career at Lehman Brothers and Merrill Lynch in London, executing over €9 billion in cross-border M&A, IPO, and equity-linked transactions. He later spent 12 years at Arcano Partners in Madrid, advising corporates and financial sponsors on more than €5 billion in M&A, debt and equity transactions.

    He has since held CFO and executive committee roles at Millenium Hospitality Real Estate, a listed REIT with a €700 million portfolio, Sonae Sierra and Ladorian, a retail media technology company.

    Mr. Arildsson holds an MBA from Northwestern University’s Kellogg School of Management and a BBA from James Madison University. He is fluent in English, Spanish and Swedish.

    “I’m thrilled to join Codere Online, a company that has demonstrated outstanding execution and discipline since becoming public. Its success reflects a strong team and clear vision and I look forward to contributing to the next chapter of that journey” said Mr. Arildsson.

    “Marcus is a seasoned financial executive whose leadership and experience will be invaluable as we continue executing our plan” said Aviv Sher, Chief Executive Officer. “We also thank Oscar for his many contributions and for ensuring a seamless transition; we look forward to his continued involvement at the Board level.”

    “On behalf of the Board, I am pleased to welcome Marcus to Codere Online,” said Gonzaga Higuero, Chairman of the Board. “His extensive experience in corporate finance and investment banking, combined with his international background, make him an exceptional addition to our leadership team.”

    About Codere Online
    Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina. Codere Online’s online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

    About Codere Group
    Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).

    Contacts:

    Investors and Media
    Guillermo Lancha
    Director, Investor Relations and Communications
    Guillermo.Lancha@codere.com
    (+34) 628 928 152

    Forward-Looking Statements

    Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans.

    These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

    As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, and (xii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

    Source: Codere Online Luxembourg, S.A.