Category: Tech

Bitcoin Depot (BTM) – Solid Q3 Execution Amid Rising Regulatory Headwinds

Posted on by slightbourne@noblecapitalmarkets.com


Friday, November 14, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

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

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

Q3 results exceed expectations. Bitcoin Depot reported Q3 revenue of $162.5 million and adj. EBITDA of $16.1 million, both above our estimates of $146.5 million and $11.0 million, respectively. Results reflected strong kiosk expansion, higher transaction volumes, and improved margins.

Expansion momentum builds. Bitcoin Depot continues to advance its growth strategy through expanded retail partnerships and international initiatives. The company has deployed more than 260 kiosks in Australia over the past year and recently commenced operations in Hong Kong, strengthening its global footprint. These achievements, alongside the acquisition of National Bitcoin ATM, have further solidified its position as North America’s largest Bitcoin ATM operator.


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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. 

Anthropic to Invest $50 Billion in U.S. AI Infrastructure, Beginning with Texas and New York Data Centers

Posted on by slightbourne@noblecapitalmarkets.com

Anthropic, one of the fastest-growing artificial intelligence firms in the world, has announced an ambitious $50 billion plan to expand its U.S. infrastructure footprint through a series of advanced data centers starting in Texas and New York. The project, developed in partnership with AI cloud platform Fluidstack, positions the company as a major force in the domestic AI buildout race.

The initiative will fund the creation of custom-designed facilities built specifically to handle Anthropic’s rapidly scaling AI models and enterprise workloads. The company said the first sites will go live in 2026 and are expected to generate 800 permanent jobs and more than 2,000 construction roles across both states.

By building its own network of high-performance data centers, Anthropic aims to ensure greater control over compute availability, energy efficiency, and long-term scalability — key components in the race to dominate AI infrastructure. The decision also aligns with growing policy pressure from Washington to keep cutting-edge AI capacity within U.S. borders, protecting national interests and technological sovereignty.

This investment underscores Anthropic’s aggressive growth trajectory and signals that the company is willing to match, if not challenge, industry leader OpenAI’s spending spree. OpenAI has already committed more than $1.4 trillion in long-term infrastructure investments through partnerships with Nvidia, Oracle, Broadcom, Microsoft, and Google.

Anthropic’s partnership with Fluidstack — known for supplying GPU clusters to major AI players like Meta, Midjourney, and Mistral — reflects a strategic effort to move fast. Fluidstack’s expertise in scaling GPU infrastructure at record speed and efficiency gives Anthropic a distinct operational advantage as competition for compute power intensifies.

The company’s enterprise business has surged dramatically over the past year, serving more than 300,000 organizations. The number of enterprise accounts generating over $100,000 annually has nearly increased sevenfold, with projections showing Anthropic could reach profitability by 2028. By comparison, OpenAI is still expected to report multi-billion-dollar operating losses through that same period.

Beyond Texas and New York, Anthropic’s infrastructure expansion already includes a massive $11 billion data center campus in Indiana, developed with Amazon. The facility is operational, providing Anthropic with one of the largest AI-focused compute environments in the U.S. The company has also expanded its long-term compute partnership with Google, with additional commitments valued in the tens of billions.

Industry observers say Anthropic’s move could reshape the competitive landscape of AI infrastructure, helping to diversify the market beyond the dominance of hyperscale cloud providers. However, the scale of AI-related construction and energy use is prompting questions about sustainability and grid capacity — particularly as multiple firms rush to deploy gigawatt-scale facilities across the country.

With a $50 billion budget and an expanding nationwide footprint, Anthropic is betting big on the idea that the next wave of AI breakthroughs will depend not just on smarter algorithms, but on physical infrastructure capable of powering them at scale.

SoftBank Sells $5.8 Billion Nvidia Stake to Fuel Expanding AI Ambitions

Posted on by slightbourne@noblecapitalmarkets.com

SoftBank Group Corp. has sold its entire stake in Nvidia Corp. for $5.83 billion, marking another major move by founder Masayoshi Son to fund his growing ambitions in artificial intelligence. The sale underscores SoftBank’s shift toward becoming a central player in the AI ecosystem—one that spans data centers, chip design, robotics, and advanced cloud infrastructure.

The decision to sell Nvidia shares comes as global investors question whether massive AI spending—expected to exceed $1 trillion by companies like Meta Platforms and Alphabet—will produce long-term profits. Despite this uncertainty, Son continues to double down on AI, redirecting proceeds into projects such as Stargate, a mega data center venture being developed in collaboration with OpenAI and Oracle Corp.

SoftBank’s U.S.-listed shares rose more than 7% following the announcement, while Nvidia’s stock slipped over 3% during trading on Tuesday. The move illustrates the shifting balance of investor sentiment as capital flows from established AI leaders toward emerging infrastructure and hardware bets.

According to SoftBank executives, the Nvidia sale was not due to concerns about the chipmaker but rather a strategic move to free up capital. Chief Financial Officer Yoshimitsu Goto emphasized that the proceeds will be used to finance new AI initiatives, though he declined to comment on whether the sector is currently in a bubble.

This is not the first time SoftBank has exited Nvidia. The company sold its previous stake in 2019, only to re-enter the stock in 2020—just before Nvidia’s meteoric rise fueled by the AI boom. By March 2025, SoftBank had quietly accumulated a $3 billion position in Nvidia, which has since surged by more than $2 trillion in market value amid the global AI frenzy.

The timing of the sale proved highly profitable for SoftBank. The company recently reported a ¥2.5 trillion ($16.2 billion) net income for its fiscal second quarter, driven by its holdings in OpenAI, Arm Holdings, and other AI-focused firms. Analysts expect SoftBank to post its strongest annual profit since 2020, with the Nvidia sale adding significant liquidity to support its ongoing expansion.

Son’s AI roadmap is ambitious. In addition to the Stargate data center network, SoftBank is pursuing a $1 trillion AI manufacturing hub in Arizona, potential collaborations with Taiwan Semiconductor Manufacturing Co. (TSMC), and the acquisition of Ampere Computing LLC for $6.5 billion. The company has also agreed to purchase ABB Ltd.’s robotics division for $5.4 billion—moves that signal a vertically integrated AI empire in the making.

SoftBank’s financial strategy has been equally bold. It recently expanded its margin loan backed by Arm shares to $20 billion, secured an $8.5 billion bridge loan for its OpenAI investment, and committed the full $22.5 billion originally pledged to the AI startup.

The Japanese conglomerate’s stock has surged nearly 78% over the past quarter, its best performance in two decades. The company also announced a 4-for-1 stock split effective January 1, 2026, aimed at making its shares more accessible to retail investors.

As Son pushes deeper into the AI frontier, SoftBank’s latest divestment highlights both opportunity and risk. While the Nvidia exit frees billions for new ventures, it also removes exposure to one of the most successful AI chipmakers of the decade. Still, for Masayoshi Son, the message is clear: SoftBank’s future lies not in following AI’s leaders, but in building the infrastructure that powers them.

Rumble to Acquire Northern Data in Major AI Infrastructure Expansion

Posted on by slightbourne@noblecapitalmarkets.com

Rumble Inc. announced plans to acquire Northern Data AG, a European leader in artificial intelligence and high-performance computing infrastructure, marking a transformative moment for the company’s growing cloud division. The agreement represents a bold step in Rumble’s “Freedom-First” vision—an initiative centered on building technology that prioritizes privacy, independence, and resilience over centralized control.

Under the terms of the deal, Rumble will launch a voluntary public exchange offer to Northern Data shareholders, granting them newly issued Rumble shares in return. Once completed, the transaction will give Rumble access to one of Europe’s largest GPU fleets—approximately 22,000 Nvidia units, including the latest H100 and H200 chips—and a globally distributed network of data centers. This infusion of infrastructure will allow Rumble to expand its cloud services dramatically while strengthening its foothold in the global AI ecosystem.

The acquisition also accelerates Rumble’s international growth strategy, extending its reach beyond North America into major European markets such as Germany, Sweden, Norway, Portugal, the Netherlands, and the United Kingdom. Northern Data’s energy-efficient data centers and liquid-cooled GPU technology will provide Rumble with a strong foundation to compete in high-performance computing and AI training at scale.

A major backer of the deal is Tether, which made a $775 million strategic investment in Rumble earlier this year. Tether’s continued involvement underscores the growing alignment between decentralized finance and digital infrastructure, and the company is expected to serve as a key customer following the transaction’s completion. Together, Rumble, Northern Data, and Tether aim to form a vertically integrated AI ecosystem designed to challenge the dominance of established technology giants.

In addition to its infrastructure assets, Northern Data brings expertise in managing complex compute operations and optimizing power efficiency—critical advantages as demand for GPU-based AI processing surges worldwide. The company’s Maysville, Georgia facility alone is expected to deliver up to 180 megawatts of capacity once complete, contributing significantly to Rumble’s total data center output.

Beyond scaling capacity, Rumble expects the acquisition to fuel innovation across its video, creator, and advertising businesses. Access to advanced AI hardware will accelerate the company’s efforts to integrate machine learning into content delivery, recommendation systems, and advertising solutions. The move also supports Rumble’s broader ambition to develop complementary services such as AI chatbots, cloud productivity tools, and financial applications under the Rumble Wallet brand.

The exchange offer is expected to close in the second quarter of 2026, pending regulatory approvals. Northern Data shareholders will own roughly 30% of the combined company after the transaction, reflecting the strategic significance of the merger. Once finalized, Northern Data plans to delist its shares, with no separate offer required since it is not traded on a regulated market.

For Rumble, the acquisition represents far more than an infrastructure upgrade—it signals an intent to redefine how technology infrastructure is built and governed. By merging AI computing power, distributed data networks, and financial independence, the company aims to create a sustainable foundation for a new era of digital freedom.

Information Services Group (III) – AI Powered Momentum

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, November 04, 2025

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.com

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.

3Q25. Operating performance in 3Q25 exceeded expectations. Revenue came in at $62.4 million, up 1.8% y-o-y and up 8.8% excluding divested operations. Adjusted EBITDA grew 19% to $8.4 million and adjusted EBITDA margin expanded nearly 200 basis points to 13.5%, again ex divested ops. ISG reported GAAP net income of 3.1 million, or EPS of $0.03/sh, compared to $1.1 million, or EPS of $0.02/sh, last year. Adjusted EPS was $0.09 versus $0.05 last year.

AI and Recurring Revenue. Management noted revenue derived from AI-related activities accounted for some $20 million of overall revenue in the quarter. Recurring revenue was $28 million, up 9% year-over-year, representing 45% of overall revenue. We expect both AI-related revenue and overall recurring revenue to increase going forward. 


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Netflix Plans 10-for-1 Stock Split, Aiming to Broaden Employee Ownership and Investor Access

Posted on by slightbourne@noblecapitalmarkets.com

Netflix is moving ahead with a 10-for-1 stock split, a decision aimed at making its shares more affordable for employees and smaller investors. The split, which will take effect on November 17, will reduce the price of each share to roughly one-tenth of its current value while increasing the total number of shares outstanding.

Shares of Netflix closed at $1,089 on Thursday. If the stock split were applied today, each share would trade around $110. The company said the move is designed to bring the price into a range that is more accessible for employees who participate in its stock option program—a strategy often used to encourage greater employee ownership and long-term alignment with company performance.

The announcement sparked a brief rally, with shares climbing as much as 3% before moderating after reports surfaced that Netflix may be exploring a potential bid for Warner Bros. Discovery. The stock still ended the session higher, reflecting renewed investor enthusiasm around the company’s confidence in its financial strength and long-term growth trajectory.

Although a stock split doesn’t alter a company’s overall market value, it can have important psychological and practical effects. By lowering the per-share price, a company makes its stock more approachable for retail investors and employees who might otherwise be deterred by a four-figure share price. Increased liquidity and trading volume often follow, which can narrow bid-ask spreads and potentially boost short-term demand.

Historically, stock splits have sometimes been associated with outperformance in the months after they are announced. Analysts attribute this to improved accessibility, stronger market sentiment, and a perception of management confidence. For Netflix, which has gained over 100,000% since its 2002 IPO, the move underscores how far the company has come—from a DVD-by-mail service to one of the world’s dominant entertainment platforms.

This marks Netflix’s third stock split since going public. The company last executed a 7-for-1 split in 2015, when shares traded above $700, and a 2-for-1 split in 2004. Both prior splits were followed by periods of sustained growth as Netflix expanded internationally and transitioned into original content production.

For employees, the latest split could make stock-based compensation more meaningful by lowering the strike price of future options. For retail investors, particularly those who invest through fractional-free brokerage platforms, the lower per-share price could make Netflix stock more psychologically appealing.

While large-cap firms like Netflix don’t face the same challenges as smaller companies, the move highlights a trend that could influence tech valuations more broadly. When industry leaders adjust pricing structures to make shares more attainable, it can encourage greater participation across the market—something smaller tech firms may also consider as they seek to attract investors and retain talent.

Netflix’s split will officially take effect mid-November, after which the stock will trade on a split-adjusted basis. For investors, the change offers no direct increase in value, but it may represent a renewed vote of confidence in the company’s long-term story—and a reminder that accessibility, perception, and participation all play key roles in market momentum.

Meta’s Massive Bond Sale Could Fuel a Ripple Effect for Small-Cap Tech Stocks

Posted on by slightbourne@noblecapitalmarkets.com

Meta Platforms’ latest move to raise at least $25 billion in investment-grade bonds is more than just another mega-cap financing headline — it’s a signal that the next wave of growth in artificial intelligence and data infrastructure could trickle down to smaller tech players.

The offering — one of the largest U.S. corporate bond sales of 2025 — comes on the heels of Meta’s plan to ramp up spending on AI-driven products and infrastructure. With borrowing costs dropping as the Federal Reserve continues to cut rates, major tech firms are taking advantage of lower yields to finance a new round of capital expansion.

For small-cap technology companies, this could open the door to opportunity. The enormous amount of capital being deployed by hyperscalers like Meta, Microsoft, and Alphabet is creating a massive demand chain that extends far beyond Silicon Valley’s biggest names. Startups and smaller public firms involved in semiconductors, networking, data management, cooling systems, and cloud security are all potential beneficiaries as AI infrastructure scales up.

Meta’s $25 billion raise isn’t just about internal growth — it underscores a larger credit market trend that smaller firms can ride. With liquidity returning to corporate debt markets and investor appetite for yield still strong, smaller companies may find more favorable conditions to raise their own capital or secure partnerships with the giants driving AI expansion.

The implications are especially important for small-cap investors who have been cautious during a year of volatility. As large companies expand their data centers and AI capacity, many subcontractors and niche solution providers that feed into those ecosystems could see accelerated revenue growth. This includes firms building energy-efficient chips, AI integration tools, and hardware required to sustain hyperscale computing.

However, it’s not all upside. The aggressive pace of AI investment also raises the bar for innovation and speed. Smaller companies that fail to keep up with the capital intensity or technological demands of the space could struggle to compete. In addition, the market’s current enthusiasm for AI spending could make it harder for smaller firms to attract attention unless they’re directly tied to the sector’s most critical supply chains.

Still, Meta’s massive bond sale highlights how the AI arms race is influencing not just the tech giants but the broader investment landscape. For investors looking at small-cap stocks, the key is to identify which companies are poised to plug into the infrastructure boom — and which could be left behind as the giants keep scaling up.

As AI investment accelerates into 2026, this wave of corporate spending could prove to be a lifeline for small-cap tech companies, offering them both funding momentum and the potential for strategic partnerships with industry leaders.

Nvidia Becomes World’s First $5 Trillion Company, Fueling Broader AI Sector Momentum

Posted on by slightbourne@noblecapitalmarkets.com

Nvidia has officially become the first company in history to surpass a $5 trillion market capitalization, cementing its dominance in the artificial intelligence (AI) revolution and signaling a powerful shift in the global technology landscape. The company’s rise — powered by record demand for AI hardware and deep partnerships across industries — is sending ripple effects through the broader tech market, particularly among smaller players looking to capture their share of AI-driven growth.

The milestone, achieved after a 3.4% surge in Nvidia’s stock on Wednesday, underscores investor conviction in AI as a defining megatrend of the decade. Nvidia’s flagship GTC event amplified that momentum, featuring new collaborations across supercomputing, robotics, self-driving technology, pharmaceuticals, and 6G telecom infrastructure. These partnerships — spanning names like Uber, Palantir, Eli Lilly, and Oracle — showcase how deeply Nvidia’s technology is embedded in nearly every major industry.

But beyond the headline number, Nvidia’s success story holds significant implications for small-cap investors. As Nvidia scales its AI infrastructure globally, it creates massive downstream demand for smaller companies involved in the supply chain — from semiconductor component suppliers and circuit board manufacturers to cooling system specialists, data center builders, and power management innovators. Many of these firms trade in the small-cap space, where growth potential often accelerates once industry giants expand their spending.

For example, Nvidia’s partnership with the U.S. Department of Energy to build seven new supercomputers — including one powered by 10,000 Blackwell GPUs — will require a vast ecosystem of supporting technologies. Companies producing advanced materials, thermal management solutions, or even power delivery systems are poised to benefit as AI hardware capacity scales. This trickle-down effect is giving smaller, often under-the-radar players new relevance as key enablers of the AI revolution.

Recent comments from President Trump ahead of his meeting with Nvidia CEO Jensen Huang added further fuel to the rally, hinting at possible approval for new chip exports to China. While Nvidia itself stands to gain directly from a reopened Chinese market, many smaller semiconductor and logistics firms could see indirect benefits through increased trade volume and component demand.

At the same time, Nvidia’s rise to a $5 trillion valuation also highlights the widening gap between mega-cap leaders and emerging competitors. This dynamic often drives investors to seek opportunities among smaller, more agile firms that can innovate faster or serve niche markets overlooked by giants. Small-cap semiconductor developers, specialized software providers, and manufacturing partners could all capture new contracts as AI adoption accelerates across industries.

For small-cap investors, Nvidia’s historic milestone isn’t just a headline — it’s a signal. The company’s continued dominance validates AI’s long-term growth story, but it also points to a new wave of opportunity in the ecosystem surrounding it. Companies supplying energy-efficient chips, precision cooling systems, or automation technologies could become the next big winners as global demand for AI infrastructure scales beyond what even Nvidia can deliver alone.

As AI reshapes industries from finance to manufacturing, the small-cap space may once again become the breeding ground for the next generation of tech leaders — powered, in part, by the unprecedented rise of Nvidia.

Apple Hits $4 Trillion Milestone as iPhone 17 Sales Power Market Momentum

Posted on by slightbourne@noblecapitalmarkets.com

Apple has once again proven its staying power in the global tech landscape, briefly touching a $4 trillion market capitalization before pulling back slightly. The milestone underscores renewed investor optimism as strong early sales of the new iPhone 17 lineup signal that Apple’s growth engine remains alive and well.

According to data from Counterpoint Research, the iPhone 17 series outperformed its predecessor, the iPhone 16, during its first 10 days of release in both the U.S. and China—two of Apple’s most important markets. Year over year, iPhone sales surged 14%, with the base iPhone 17 and high-end iPhone 17 Pro drawing the most attention from consumers. The newly introduced iPhone Air also saw solid momentum, slightly outselling the discontinued iPhone Plus.

Apple’s stock climbed on the back of these strong figures, propelling its valuation into the $4 trillion club alongside fellow tech giants Nvidia and Microsoft. While Apple has flirted with this threshold before, the combination of resilient hardware demand and ongoing investor confidence helped push it back into record territory.

Still, not all analysts are convinced the sales surge will hold steady. Recent tracking from Jefferies suggests iPhone demand may be cooling slightly week over week, with delivery lead times shortening across major markets. In the U.S. and Europe, the once-long waits for iPhone 17 Pro and Pro Max models have largely disappeared, hinting that initial supply bottlenecks have eased.

Even so, Apple’s iPhone remains its crown jewel. The device generated $201.2 billion in revenue in 2024, more than half of the company’s total $391 billion. Its Services segment—covering everything from Apple TV+ to iCloud—added another $96.2 billion, showcasing the company’s ability to diversify beyond hardware.

Unlike Nvidia and Microsoft, whose valuations have surged on the strength of artificial intelligence development, Apple has taken a more measured approach. The company has yet to unveil its long-awaited AI-powered version of Siri, even as competitors like Google and Samsung continue to push forward with AI-enhanced products such as Gemini and Galaxy AI.

Despite that, Apple’s ecosystem remains unmatched. With over one billion active iPhones worldwide, along with a growing base of Apple Watch, AirPods, and service subscribers, the company benefits from an unparalleled level of customer loyalty. Each product launch not only drives revenue but reinforces a network of users deeply embedded in Apple’s ecosystem.

For investors, the story is clear: Apple may not be leading the AI revolution—yet—but its scale, cash flow, and brand strength continue to make it one of the most dependable growth stories in global markets. The $4 trillion mark is less about a temporary milestone and more about a company that continues to define what long-term market dominance looks like.

OpenAI’s Record $500 Billion Valuation: What Small Cap Investors Should Watch

Posted on by slightbourne@noblecapitalmarkets.com

OpenAI has become the world’s most valuable startup, eclipsing SpaceX after a secondary share sale valued the ChatGPT developer at $500 billion. The deal allowed current and former employees to sell $6.6 billion worth of stock to a group of major investors—a milestone that signals not just enthusiasm for artificial intelligence, but also fast-rising competition in global tech.

Why This Matters for Small Cap Investors

While OpenAI itself is not a small cap, surging valuations and investor demand for AI companies can create ripple effects across the market. The AI boom is leading to massive investment in data centers, cloud infrastructure, and semiconductor supply chains. Small cap companies—especially those in tech, chip manufacturing, data management, or specialized software—may find new opportunities and challenges, as larger firms race to build out AI capabilities.

OpenAI’s multibillion-dollar partnerships with Oracle and SK Hynix, among others, illustrate how the AI sector’s expansion could push demand down the supply chain. Small caps that supply hardware, data services, or niche AI solutions could see increased interest and valuations. Investors might want to look for companies linked to these large infrastructure projects or those with potential for strategic collaborations.

What the Secondary Sale Reveals

The secondary share sale let employees cash out stock without a public offering, a sign of strong investor appetite in the sector. OpenAI capped the sale at $10 billion, but only $6.6 billion changed hands—possibly reflecting employee belief in the company’s long-term prospects despite generous offers from competitors like Meta. For small cap investors, this speaks to the broader narrative: in a high-growth sector, early stakeholders may choose patience over liquidity, betting on future gains.

Strategic Shifts: Implications for Rivals and Partners

OpenAI’s rumoured shift toward a public benefit corporation and its ongoing governance debates with board members and investors suggest a business model evolution typical of high-growth, high-stakes tech startups. Smaller players often emulate these changes, or become attractive acquisition targets as legacy giants update their strategies. As the AI sector matures, small cap investors can benefit by tracking governance shifts—these often precede market-wide impacts.

Trends and Sectors to Monitor

  • AI infrastructure and hardware
  • Data management and analytics
  • Specialized software companies
  • Semiconductor manufacturers
  • Small tech firms entering strategic partnerships

The unprecedented capital flow into generative AI signals that more companies—big and small—will compete for a share of this rapidly expanding market. Tracking small caps that play a critical supporting role in AI’s supply chain could provide early exposure to growth as the sector matures.

Bottom Line

OpenAI’s $500 billion valuation is more than headline news: it’s a signal that the AI sector is entering a new phase, with opportunities extending beyond the headline giants. For small cap investors, paying attention to the companies beneath the surface—those building, supplying, and adapting to the needs of AI leaders—could be the key to capturing upside in this evolving landscape.

Swedish Self-Driving Truck Startup Einride Secures $100 Million in Funding

Posted on by slightbourne@noblecapitalmarkets.com

Swedish autonomous trucking company Einride has raised approximately $100 million in its latest funding round, attracting investment from firms including EQT Ventures and quantum computing company IonQ. The company did not disclose its current valuation.

Einride said the funding will be used to scale deployment of its electric self-driving trucks, advance its autonomous technology, and expand its customer base across Europe and the United States. The move comes as interest in autonomous freight solutions continues to grow, driven by the potential to reduce transportation costs, improve efficiency, and lower emissions.

Founded in 2016, Einride is part of a new wave of companies developing self-driving freight technology aimed at revolutionizing long-haul logistics. Unlike autonomous passenger vehicles, self-driving trucks typically operate on fixed routes between defined points, often along highways, which reduces complexity and regulatory challenges. By avoiding intersections, pedestrians, and dense urban traffic, companies like Einride can focus on perfecting the technology for predictable, high-volume freight operations.

Einride’s trucks are fully electric and remotely monitored, combining autonomous driving with digital fleet management systems. The company emphasizes sustainability, noting that its electric trucks produce zero tailpipe emissions, making them an attractive solution for companies seeking to decarbonize their supply chains.

The autonomous trucking market has seen significant investment in recent years. According to industry analysts, autonomous freight could dramatically reduce operating costs while increasing safety on long-haul routes. However, the sector still faces regulatory hurdles, particularly regarding safety standards, driverless operation on public highways, and liability in the event of accidents.

Einride has already built a notable track record with several high-profile clients. In 2021, it raised $110 million from investors such as Maersk’s venture capital arm and Singapore state investor Temasek, the same year it expanded into the U.S. market. Its client roster includes GE Appliances, Swedish vegan milk maker Oatly, and tire manufacturer Bridgestone, all of which rely on Einride’s technology for efficient and sustainable freight transport.

The company is also actively developing its digital freight platform, which allows clients to monitor and optimize their logistics operations in real time. By integrating autonomous trucks with advanced fleet management software, Einride aims to provide a fully connected, end-to-end solution for companies looking to modernize their supply chains.

With this latest funding, Einride plans to accelerate the rollout of its fleet and expand research and development efforts, particularly in autonomous navigation, safety systems, and battery efficiency. As the demand for greener and more efficient logistics grows, Einride positions itself at the forefront of a transformative shift in freight transportation.

EA’s $55 Billion Buyout Marks the Largest Gaming Deal in History

Posted on by slightbourne@noblecapitalmarkets.com

Electronic Arts Inc. (NASDAQ: EA), one of the world’s most recognized video game publishers, is set to go private in a record-breaking $55 billion transaction led by Saudi Arabia’s Public Investment Fund (PIF), Silver Lake Management, and Affinity Partners. The deal, valued at $210 per share in cash, marks the largest leveraged buyout in history and underscores the growing influence of Middle Eastern sovereign wealth funds in global entertainment and technology.

Months before the transaction was finalized, Jared Kushner, founder of Affinity Partners and son-in-law to former President Donald Trump, played a behind-the-scenes role connecting Electronic Arts to PIF. Affinity, which manages about $5.4 billion in assets backed by Saudi, Emirati, and Qatari investors, will hold a minority stake in the deal, while PIF will secure a controlling interest. JPMorgan Chase is backing the agreement with a $20 billion loan facility.

For EA, the move into private ownership comes at a time of intensifying competition in the gaming industry. As rivals consolidate and diversify into esports, mobile, and immersive digital experiences, EA gains access to deep-pocketed partners willing to finance ambitious growth. The backing from PIF aligns with Saudi Arabia’s Vision 2030 strategy, which seeks to diversify the kingdom’s economy and establish the country as a hub for video games and esports.

The deal, however, is not without hurdles. The Committee on Foreign Investment in the United States (CFIUS) must review the takeover to assess potential national security implications of foreign ownership. While the Biden administration previously subjected Middle Eastern investment to heightened scrutiny, the Trump administration has signaled a more accommodating approach, developing a fast-track review process for allied nations. Approval outcomes could include unconditional clearance, approval with restrictions, or an outright block — though expectations are that the deal will move forward.

Industry observers note that the buyout has far-reaching implications beyond gaming. It highlights how sovereign wealth funds are increasingly shaping global dealmaking, moving from passive equity stakes into direct ownership of high-profile consumer brands. PIF’s growing presence across sports, media, and entertainment reflects a broader strategy to integrate cultural and lifestyle industries into its investment portfolio, thereby extending its soft power internationally.

For Affinity Partners, the EA deal marks its highest-profile transaction to date. Having received its initial $2 billion backing from PIF in 2021, Affinity has mostly targeted smaller growth-stage companies in health tech and consumer industries. Participation in the EA transaction elevates its visibility and underscores the firm’s ability to leverage political and business networks in securing marquee opportunities.

If approved, the buyout could reshape the landscape of video gaming. EA, known for its flagship sports franchises like FIFA (now EA Sports FC), Madden NFL, and NHL, would have the financial support to expand further into live-service platforms, esports, and emerging technologies such as cloud-based gaming. With sovereign capital driving this pivot, the transaction represents not only a milestone in gaming M&A, but also a signal of how global capital flows are redrawing the boundaries between technology, politics, and entertainment.

SelectQuote (SLQT) – Reaches Milestone in Helping Medicare-Eligible Seniors

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, September 24, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

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

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

Milestone in Findhelp partnership. SelectQuote  announced that it has referred more than 200,000 low-income seniors to Findhelp, with nearly 50,000 of those individuals accessing free or reduced-cost services. The milestone demonstrates SelectQuote’s role in addressing the needs of Medicare-eligible consumers.

Partnership connects consumers to critical support. Findhelp is a closed-loop referral management software platform that connects individuals with community resources such as food, housing, transportation, and financial aid. SelectQuote has partnered with Findhelp for several years, directing seniors to assistance programs. The initiative does not generate revenue, but it extends SelectQuote’s Medicare distribution model by providing tangible value to consumers.


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