Blockonomi

Key Takeaways
Advanced Micro Devices shares surged over 2% Friday, reaching a new 52-week peak around $642.
The semiconductor company recently achieved a $1 trillion market capitalization, joining an exclusive group with Nvidia, Broadcom and Micron.
Tony Zhang from OptionsPlay projects AMD could climb to $750 by November following its escape from a prolonged consolidation pattern.
Wall Street’s consensus price target stands at $604, while the company trades at a P/E multiple exceeding 160.
Company executives have divested more than $105 million in shares during the last three months, though institutional ownership remains at 71%.
AMD stock advanced more than 2% during Friday’s premarket session, contributing to a widespread technology sector rally. Futures for the Nasdaq climbed 0.55% while S&P 500 futures posted a 0.33% gain before the opening bell.
Shares of the semiconductor manufacturer changed hands near $642, establishing a new 52-week high. This represents a significant advance from Thursday’s closing price of $629.26.
The company has experienced impressive momentum in recent weeks. Advanced Micro Devices recently surpassed the $1 trillion valuation threshold, becoming just the fourth American semiconductor firm to achieve this milestone alongside Nvidia, Broadcom and Micron.
For several months, the stock remained confined within a $450 to $550 trading channel. The breakout occurred following industry reports indicating approximately 10% price increases across artificial intelligence processors, graphics processing units and chipset products.
Wall Street Sees Additional Upside Potential
Tony Zhang of OptionsPlay shared his bullish outlook with CNBC this week, suggesting AMD has room for further appreciation. He highlighted robust demand for the company’s central processing unit and graphics processing unit server offerings as the catalyst behind recent pricing power.
Zhang established a potential price objective of $750 by November. Acknowledging the stock’s substantial year-to-date gains, he recommended employing options strategies such as call spreads to limit downside exposure instead of purchasing shares directly.
The consensus analyst price target for Advanced Micro Devices currently stands at $604, trailing the stock’s current trading level. Piper Sandler initiated coverage with a $600 objective on September 10. Raymond James elevated its forecast to $641 in late August, while BMO Capital established a $550 projection during the same period.
Analyst sentiment reflects a “Moderate Buy” rating overall, comprising three Strong Buy recommendations, 33 Buy ratings, ten Hold ratings and a single Sell rating.
Chart Analysis Reveals Overbought Conditions
Advanced Micro Devices is trading substantially above both near-term and long-term moving averages. The stock currently sits approximately 23% above its 20-day moving average and 77% beyond its 200-day moving average.
While this indicates a strong bullish trend structure, the relative strength index currently registers 72.64. Readings above 70 generally indicate overbought conditions, potentially leading to increased price volatility.
Critical resistance exists near the $643 level, while the previous 52-week high of $630.80 has transitioned into a support zone.
From a fundamental perspective, Advanced Micro Devices reported second-quarter revenue of $11.54 billion, representing 50% year-over-year growth, alongside earnings per share of $1.66 that exceeded analyst expectations. The company’s price-to-earnings ratio currently hovers around 161, significantly above broader market multiples.
Much of the bullish narrative centers on artificial intelligence opportunities. CEO Lisa Su has contended that “agentic AI” could trigger a fresh cycle of CPU demand, with investors increasingly positioning AMD as a viable alternative to Nvidia in data center acceleration markets.
However, not all market participants believe the rally is sustainable. Climbing Treasury yields combined with AMD’s elevated valuation metrics have prompted some analysts to caution about potential profit-taking pressure.
Recent insider transaction activity warrants attention. EVP Forrest Norrod divested 17,261 shares on September 15 at an average price of $503.05. EVP Mark Papermaster sold 28,811 shares on August 20 at $471.87 per share.
Collectively, company insiders have sold $105.5 million in stock during the past 90 days. Despite this activity, institutional investors maintain ownership of 71.34% of outstanding shares, with BlackRock controlling the largest position at over 150 million shares.
The post Advanced Micro Devices (AMD) Stock: Analysts Project $750 Price Target After Milestone Breakthrough appeared first on Blockonomi.

Key Takeaways
Shares of Greenland Energy (GLND) surged up to 60% Thursday following amendments to its partnership agreement with 80 Mile plc.
The deadline for completing the initial exploration well at Jameson Land has been extended from December 2026 to December 2028.
The company has assumed complete responsibility and financial obligation for obtaining drilling permits in East Greenland.
Greenland Energy agreed to compensate 80 Mile with a payment of £500,000 within five business days following the agreement’s execution.
Stocks associated with Greenland have experienced significant fluctuations this week after a new security pact between the U.S., Denmark, and Greenland.
Greenland Energy (GLND) shares soared as much as 60% during Thursday’s session, trading near $4.66. The substantial gain followed the company’s disclosure of modifications to its farm-out arrangement concerning the Jameson Land venture in East Greenland.
GLND has experienced extreme volatility throughout the week. The stock skyrocketed approximately 138% on Monday during a session that saw roughly 157 million shares change hands, a dramatic increase from its normal daily volume of around 1.2 million shares.
Monday’s dramatic rally was attributed to a freshly announced security agreement involving the United States, Denmark, and Greenland, which boosted multiple Greenland-related equities as investors anticipated increased American engagement in the territory.
Thursday’s rally stemmed from company-specific developments. The firm executed a Deed of Variation and Novation with 80 Mile plc and March GL Company, an 80 Mile subsidiary.
Key Modifications to the Agreement
The revised arrangement extends two critical drilling milestones. The longstop date for the initial exploration well has been postponed from December 31, 2026, to December 31, 2028.
Similarly, the second well’s completion deadline has been moved from December 31, 2027, to December 31, 2028. Both drilling operations now share an identical extended timeframe.
Through this arrangement, Greenland Energy has also assumed the rights and responsibilities previously held by March GL Company, its own subsidiary. This change centralizes project oversight under the parent entity.
The company committed to paying 80 Mile a £500,000 fee in exchange for accepting the modified terms. This compensation must be transferred within five business days after the deed becomes effective.
Transfer of Permitting Obligations
The updated agreement places exclusive responsibility on Greenland Energy for securing and maintaining all necessary permits for the Jameson Land drilling operations. The financial burden of permitting also falls entirely on the company.
80 Mile retains responsibility for other governmental authorizations stipulated in the original farm-out contract. The company has also committed to providing continued support for permitting activities.
CEO Robert Price stated the timeline extension provides additional runway to advance the project while permitting processes continue. He emphasized that the core farm-out agreement remains valid and all previously completed project work stays in effect.
Operating as an exploration-phase oil and gas enterprise, Greenland Energy’s primary holding is the Jameson Land Basin, an onshore licensed territory covering approximately 2 million acres in East Greenland.
The company remains in preliminary stages of attempting to develop this acreage using contemporary exploration techniques. Neither well has commenced drilling operations under the current or previous schedules.
GLND’s typical trading volume averages approximately 6.1 million shares. The equity presently holds a Sell rating based on technical indicators, with a market capitalization around $109.8 million.
The latest analyst assessment on file indicates a Buy recommendation, accompanied by a $6.00 price objective.
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Key Highlights
On October 1st, Google will deploy an experimental spacecraft equipped with Tensor Processing Units (TPUs) via SpaceX’s Falcon 9 rocket.
Project Suncatcher aims to evaluate whether AI processors can withstand space conditions including radiation exposure, gravitational stress, and extreme temperatures.
Alphabet (GOOG) shares finished Thursday’s session at $339.01, marking a 1% gain, with further upward movement in early Friday trading.
The tech giant intends to deploy two additional satellites in the coming year as part of its vision for orbital computing infrastructure.
Competition is heating up, with SpaceX, Amazon founder Jeff Bezos, and OpenAI CEO Sam Altman all exploring space-based AI capabilities.
Alphabet (GOOG) shares ended Thursday’s trading session at $339.01, representing a 1% increase. The stock continued its upward trajectory in Friday’s pre-market hours, gaining an additional 0.25%.
This positive momentum coincides with Google’s announcement to deploy its inaugural AI-equipped satellite into space. The launch is scheduled for October 1st using SpaceX’s Falcon 9 launch vehicle.
Onboard the spacecraft are Google’s proprietary Tensor Processing Units—specialized processors designed to run the company’s artificial intelligence workloads. This marks the first attempt to operate these chips beyond Earth’s protective atmosphere.
The company has branded this endeavor Project Suncatcher. The designation reflects a broader ambition: harnessing solar energy in the vacuum of space, free from atmospheric interference and the limitations of Earth’s day-night rhythm.
The Case for Orbital Data Centers
Artificial intelligence computation demands enormous energy resources. Data from the International Energy Agency shows that natural gas powered more than 40% of US data center electricity consumption in 2024.
Renewable sources such as solar and wind accounted for approximately 24%. Nuclear energy provided around 20%, while coal supplied the final 15%.
Deploying solar-powered computing facilities in orbit could eliminate these terrestrial energy limitations. Additionally, it circumvents growing community concerns about ground-based data centers, particularly regarding increased utility costs for local populations.
Google faces competition in this emerging arena. Elon Musk has indicated SpaceX may deploy an Nvidia-equipped orbital computing facility by the end of 2027.
Amazon’s Jeff Bezos and Sam Altman from OpenAI have similarly expressed enthusiasm for AI infrastructure in space. Eric Schmidt, Google’s former CEO, has publicly discussed comparable concepts.
Testing Parameters for the Orbital Mission
The forthcoming deployment seeks to resolve a fundamental challenge: determining whether Google’s processors can survive transit and operate in space conditions. This encompasses radiation bombardment, dramatic temperature fluctuations, and the intense physical forces during launch.
While Google has conducted terrestrial testing for g-force tolerance and radiation resistance, the company acknowledges that certain environmental factors cannot be authentically replicated on Earth.
The satellite incorporates an innovative thermal management system engineered for the space environment. Rather than conventional air or liquid cooling, it employs heat pipes and radiators to regulate chip temperatures.
According to Travis Beals, senior director of product management for Project Suncatcher, who spoke with the New York Times, current operational limits allow the processors to run approximately 15 minutes before requiring shutdown for thermal management. While this represents a significant constraint, such data is essential for future system development.
Google has not disclosed the project’s financial investment. Economic viability hinges on declining launch expenses and whether orbital computing can eventually achieve cost parity with terrestrial facilities.
Should the initial test prove successful, Google’s roadmap includes launching two additional satellites throughout the next year. These would represent incremental progress toward a complete network of AI-capable satellites functioning as a distributed computing platform.
The October 1st mission represents the critical near-term benchmark. This will be the first instance of a leading technology company attempting to operate AI processors in orbit and document real-world performance data.
The post Alphabet (GOOG) Stock Climbs as Google Prepares Space-Based AI Satellite Launch appeared first on Blockonomi.

Key Takeaways
MGM Resorts is exploring an acquisition of Barry Diller’s People Inc, reversing roles less than 24 hours after People withdrew its $12.4 billion MGM takeover proposal.
Diller accumulated approximately 27% of MGM shares starting in 2020, capitalizing on pandemic-driven declines in casino operator valuations.
Shares of People Inc surged up to 11% during Friday’s premarket session following the acquisition reports.
MGM stock plummeted 11% before Friday’s opening bell, erasing earlier gains from the initial takeover speculation.
This transaction interest reflects broader momentum among billionaire investors targeting traditional Las Vegas gaming properties, exemplified by Tilman Fertitta’s $17.6 billion Caesars acquisition.
MGM Resorts stock has experienced dramatic volatility this week. The gaming and hospitality company is now pursuing discussions to acquire Barry Diller’s People Inc, coming just 24 hours after People abandoned its $12.4 billion proposal to purchase MGM.
Shares of MGM plunged 11% in premarket activity heading into Friday’s session. This decline wiped out the stock’s appreciation from earlier in the week when Diller’s takeover intentions initially surfaced.
People Inc shares experienced opposite momentum. The stock surged as much as 11% during Friday’s premarket hours following the role reversal.
The Wall Street Journal initially broke the story that MGM leadership is evaluating a potential offer for People. Reuters subsequently verified the report through sources with knowledge of the discussions.
Both organizations have remained silent publicly. MGM did not return requests for comment, while People representatives declined to provide a statement.
The Strategic Logic Behind MGM’s Interest
Diller initiated his MGM investment campaign in 2020. Gaming companies were facing severe pressure from pandemic-related shutdowns and travel limitations, presenting what Diller perceived as a value opportunity.
His position expanded to roughly 27% ownership of MGM. The current value of this holding approaches the total market value of People itself.
Should MGM complete a People acquisition, the transaction would essentially function as a substantial stock buyback. Additionally, MGM would acquire People’s portfolio of media properties.
People, previously operating as IAC, controls notable publications including People magazine, Food & Wine, Southern Living, and the Daily Beast. In recent years, the organization has concentrated its operations around publishing assets and its MGM investment.
Renewed Confidence in Las Vegas Real Estate
Diller’s initial investment thesis centered on MGM’s tangible assets, such as the Bellagio, being underappreciated in a marketplace fixated on digital properties. This perspective has gained additional adherents.
Tilman Fertitta, proprietor of Golden Nugget, is acquiring Caesars Entertainment in a $17.6 billion transaction. Fertitta also maintains substantial ownership in Wynn Resorts.
These strategic moves indicate that prominent investors maintain bullish views on traditional casino real estate. However, market sentiment remains divided, evidenced by MGM stock’s recent downturn.
MGM’s competitor Bally’s has encountered similar headwinds, linked to its nationwide casino development and expansion initiatives. The entire sector faces intensifying competition from booming online sports wagering and prediction market platforms.
People’s latest quarterly earnings, disclosed last month, demonstrated enhanced profitability within its publishing operations. This performance came despite traffic challenges stemming from artificial intelligence-driven transformations in search algorithms.
Should MGM proceed with the acquisition, a formal offer could materialize within days, based on the Wall Street Journal’s reporting. Currently, both parties remain in preliminary negotiations without finalized terms.
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Quick Summary
Akamai Technologies shares surged 21% following the announcement of an $11.6 billion, seven-year cloud infrastructure partnership with Anthropic.
The Anthropic partnership features expansion potential up to $20 billion and grants stock warrants representing approximately 5% of Akamai’s outstanding shares.
Semiconductor stocks including Advanced Micro Devices, Intel, and Marvell Technology posted gains during premarket hours as the chip sector strengthened.
Energy sector stocks including Chevron declined more than 1% following oil prices sliding beneath the $100 per barrel threshold.
People Inc. shares climbed over 8% following reports suggesting MGM Resorts might pursue an acquisition of the company.
Equity futures trended upward in early Friday trading. Treasury yields retreated from their 19-year peak levels, while crude oil prices slipped under the $100 per barrel mark.
The technology sector paced early session gains ahead of the opening bell. Meanwhile, energy companies ranked among the session’s weakest performers.
Akamai Technologies emerged as the morning’s standout performer. The stock rocketed 21% higher following the company’s disclosure of a substantial cloud services agreement.
Breaking Down the Akamai-Anthropic Partnership
Under the terms of the agreement, Akamai will deliver cloud infrastructure services and software solutions to Anthropic throughout a seven-year period. The contract carries an $11.6 billion valuation.
The partnership contains provisions allowing expansion by an additional $9 billion should Anthropic require enhanced computational capacity. Such an expansion would elevate the total contract value to approximately $20 billion.
Within the deal structure, Akamai issued warrants to Anthropic representing about 5% of its outstanding common stock. Approximately 2% of these warrants are anticipated to vest immediately.
The balance of 3% becomes exercisable contingent upon Anthropic committing an additional $9 billion in cloud service purchases throughout the seven-year contract period. The partnership aims to accommodate escalating computational demands.
Semiconductor Sector Rallies While Energy Retreats
Additional chip and artificial intelligence-focused equities posted advances Friday morning. Advanced Micro Devices climbed approximately 2.5%.
The semiconductor manufacturer has surged over 12% throughout the week. The company surpassed a $1 trillion market capitalization milestone for the first time in its history.
Intel appreciated nearly 2%. Marvell Technology advanced more than 2%, while Nvidia registered a modest gain below 1%.
Energy equities tracked in the opposing direction. Marathon Petroleum, Phillips 66, ConocoPhillips, Exxon Mobil, and Chevron each declined more than 1%.
The sector weakness coincided with Brent crude oil futures dropping 1.6% to $98.55 per barrel. Market participants were additionally monitoring discussions regarding potential reopening of the Strait of Hormuz.
In other market activity, Barry Diller’s People Inc. jumped more than 8%. The advance followed a Wall Street Journal article indicating MGM Resorts is evaluating a potential acquisition proposal for the company.
People had previously withdrawn its acquisition proposal for MGM earlier this week. A transaction in the reverse configuration would flip that dynamic.
Additional Market Movers
Select Water Solutions appreciated roughly 6% after announcing plans to acquire privately-held Pilot Water Solutions. The transaction is valued at $700 million through a combination of cash and equity.
Fathom Holdings and Neighborhood Intelligence both posted gains following an announcement that the companies would examine a revised deal framework. The new structure would supplant their previous merger agreement and incorporate digital assets linked to tZERO Group.
Not all equities advanced Friday. Scholastic shares tumbled 12% after the publisher disclosed quarterly losses exceeding analyst projections.
Scholastic revealed a 4% year-over-year revenue contraction. Notwithstanding the shortfall, the company maintained its full-year financial guidance without adjustment.
Zscaler shares retreated 4% following the cybersecurity firm’s announcement of a leadership transition in its Chief Revenue Officer position. Ross Tackett will assume the role effective October 1, 2026.
Market participants remained focused on Treasury yields and crude oil pricing as the trading session commenced. Both metrics had moderated from recent elevated levels entering Friday’s action.
The post Semiconductor Stocks Climb: AMD, Intel, and Marvell (MRVL) Rally in Early Trading appeared first on Blockonomi.

TLDR
Dell Technologies shares declined 2% Thursday, closing near $536.59 following significant insider transactions.
Senior executives offloaded approximately $31.7 million in shares throughout September.
CFO David Kennedy and General Counsel Richard Rothberg combined to sell over $15 million on a single day.
The insider sales occurred while Dell shares surged 17% month-to-date.
The company’s AI server order backlog expanded to $95 billion from $51.3 billion year-over-year.
Dell Technologies shares experienced a 2% decline Thursday, touching a session low of $530.45 before recovering to approximately $536.59. The pullback came after multiple SEC filings revealed substantial insider stock transactions this month.
September saw four senior executives divest a total of $31.7 million in company shares. The group included CFO David Kennedy, General Counsel Richard Rothberg, Chief Human Resources Officer Jennifer Saavedra, and Chief Marketing Officer Geraldine Tunnell.
On September 17, Kennedy executed a sale of 23,896 shares generating approximately $13.5 million, with transaction prices ranging from $584.73 to $586.08. On the same date, Rothberg disposed of 4,000 shares valued at $2.3 million.
Earlier in September, Saavedra liquidated 25,251 shares at $520 per share, totaling $13.1 million. Tunnell sold 5,436 shares at $523.52 each, representing $2.8 million in proceeds.
Board members have participated in selling activity as well. Lynn Vojvodich Radakovich divested 2,022 shares on September 22 at an average price of $565.28. Silver Lake Partners IV sold 7,994 shares on September 21 at $569.77 per share.
The majority of these transactions were executed through pre-established Rule 10b5-1 trading plans. Dell declined to provide commentary on the matter.
What the Numbers Show
Combined, the disclosed transactions represent under 1% of Dell’s total outstanding shares, which exceed 315 million. The sales constitute a minimal portion of the company’s overall equity base.
The insider activity occurred during a period of exceptional stock performance. Dell shares have surged 17% since the beginning of September, significantly outpacing the Nasdaq 100’s 3.5% advance and the S&P 500’s 0.4% gain.
Dell’s recent strength stems from its September 2 quarterly earnings announcement. The company reported that AI server revenue doubled from the prior-year period.
The unfulfilled order backlog skyrocketed to $95 billion from $51.3 billion previously. Quarterly revenue surged 57.7% year-over-year to $46.97 billion, while adjusted earnings per share of $7.04 significantly exceeded analyst expectations of $4.91.
AI-related orders for the quarter totaled approximately $60.9 billion. Management subsequently increased full-year guidance based on these results.
Analyst Views and Price Targets
Wall Street sentiment has remained largely constructive. Truist Financial established a $505 price target while maintaining a hold rating.
Morgan Stanley increased its target to $511 with an equal-weight stance. US Capital Advisors projects a $625 price target.
Among analysts covering Dell, one assigns a Strong Buy rating, twenty-six recommend Buy, and nine suggest Hold. The consensus recommendation is Moderate Buy, with an average price target of $567.12.
Some analysts question whether the rally has sustainability. UBS recently revised its 2027 PC market forecast from growth to contraction, signaling potential challenges for Dell’s traditional computing segment.
Increasing bond yields have also prompted investors to reassess valuations in high-growth technology stocks. These factors have sparked debate about whether Dell’s current valuation, near 52-week highs, can sustain further appreciation.
Dell’s 50-day moving average stands at $472.07, while the 200-day moving average is $348.63. The company commands a market capitalization of $341.17 billion, trading at a price-to-earnings multiple of 31.14.
Management announced a quarterly dividend of $0.63 per share, payable October 30 to shareholders of record as of October 20. This translates to an annualized dividend of $2.52 and a yield of 0.5%.
Institutional ownership currently represents 76.37% of Dell’s outstanding shares, with numerous funds expanding their positions during the second quarter.
The post Dell (DELL) Stock Dips 2% Following $32M Executive Stock Sale Wave appeared first on Blockonomi.

TLDR:
US mortgage rates hit 7.45% as bond yields jump, raising fresh concerns about inflation costs.
Brent crude above $105 and record diesel prices add pressure as markets reassess the Fed’s rate path.
The 10Y Treasury yield gained 30 basis points in two days, its sharpest rise since April 9, 2025.
Markets now price 100 basis points of rate hikes by next summer as inflation expectations move higher.
US 30-year mortgage rates have climbed to 7.45% as Treasury yields surge and markets reassess Fed policy.
The Kobeissi Letter reported the mortgage rate jumped 17 basis points. That puts rates 150 basis points above levels seen six months ago.
The current rate is the highest since November 2023, when inflation remained elevated. It also marks a sharp reversal from the lower-rate environment that followed pandemic stimulus.
Why US Mortgage Rates Are Rising
The latest move follows a sharp repricing across the bond market. The 10-year Treasury yield has gained 30 basis points over two days. Yesterday marked its largest daily increase since April 9, 2025.
According to The Kobeissi Letter on X, inflation is driving much of the bond market pressure. Brent crude has moved above $105 per barrel, while diesel prices have reached record levels.
It's official.
As the bond market "meltdown" accelerates, the average interest rate on a 30Y mortgage in the US is up to 7.45%.
That's up +150 basis points in 6 months and the highest since 2023, when inflation was at 6.4%+.
What is happening? Let us explain.
(a thread) pic.twitter.com/xAWnxSbifp
— The Kobeissi Letter (@KobeissiLetter) September 24, 2026
Global diesel consumption also rises by about 2 million barrels per day during peak demand season. Truckers are now paying more than 100% more for fuel than nine months ago.
US consumers expect inflation to reach about 4.6% over the next year. The Kobeissi Letter said that ranks among the three highest readings recorded during the past 12 months.
Higher inflation expectations can pressure bond yields as investors demand more return. Rising Treasury yields can then feed into borrowing costs across the economy.
US Mortgage Rates Reflect Shifting Federal Reserve Expectations
The bond market has also shifted after expectations around Federal Reserve policy changed. Eight days ago, the Fed delivered its first unanimous decision since May 2025.
The central bank raised rates and stated that it would deliver price stability. The Kobeissi Letter described the decision as a stronger signal on its 2% inflation target.
Markets are now pricing 100 basis points of rate hikes by next summer. That expectation has pushed interest rates higher across multiple parts of the financial system.
The Treasury also attempted to intervene, but The Kobeissi Letter said the move produced only a limited market reaction. The bond market is therefore reflecting stronger expectations for future rates.
The report also linked the pressure to US deficit spending and rising debt issuance. Its argument rests on supply and demand in the Treasury market.
More debt issuance can increase the supply of bonds available to investors. If demand fails to absorb that supply, bond prices can fall while yields rise.
For crypto traders and investors, higher rates can tighten financial conditions across risk assets. The mortgage market shows how quickly higher yields can reach households and credit markets.
The report expects inflation above 3% to persist into mid-2027. It also says the dollar has lost 40% of its purchasing power over ten years.
The post US Mortgage Rates Rise as Bond Market Reprices Fed Hikes appeared first on Blockonomi.

TLDR:
Michael Saylor urged regulators to adopt a bill of digital rights over restrictive legislation.
He said banks need clear regulatory rules to custody Bitcoin and extend credit against it.
Saylor estimated banks could create $100 billion in Bitcoin-backed credit within one year.
He said AI agents cannot access banks, insurance, or credit without digital assets to operate.
Michael Saylor called for a bill of digital rights during a fireside chat at the Bitcoin Policy Institute’s Freedom Tech DC summit on September 22, 2026.
The Strategy executive chairman urged the CFTC, SEC, Treasury, and White House to prioritize digital rights over restrictive legislation. His comments followed the Senate’s rejection of the Clarity Act, as Bitcoin’s price recovered past $86,000.
Digital Rights Over Restrictive Legislation
Saylor argued that America needs clear rules protecting digital rights rather than congressional restrictions. “The interesting questions now are whether an individual investor or corporation has the right to self-custody digital assets,” he said. He added that the failed Clarity Act was “mostly a bill of restrictions, not a bill of rights.”
The age of Digital Assets and Digital Intelligence needs a bill of digital rights.
My policy prescriptions for prosperity from a fireside chat with @BitcoinConner at @BitcoinPolicy’s Freedom Tech DC summit.https://t.co/UW7I3rlCV3
— Michael Saylor (@saylor) September 24, 2026
The executive pushed regulators to define digital tokens, currencies, commodities, and securities clearly. He said digital rights should include self-custody, bank custody of Bitcoin, and competitive credit markets. Without these protections, he warned, the industry cannot reach its full potential.
Saylor tied digital rights directly to capital formation for small businesses. “There are 10 million businesses in the United States that could raise money in four days for $40 if we had the right regulations,” he said. Modernizing these rules, he argued, could open capital access to millions of companies quickly.
Digital Currency Competition and Yield
Saylor described digital currency as central to the broader digital rights conversation. “This is Freedom Tech. Freedom starts with a bill of rights,” he said.
He added that most lobbying in Washington focuses on limiting rather than expanding what digital currency can do.
He proposed a competitive market where companies like Apple, Google, and Meta could issue their own digital currencies.
“If you were pro-dollar and pro-United States, wouldn’t you want Apple and Google to build stablecoins into the iPhone and Android phones?” he asked. He framed current restrictions as counterproductive for both innovation and the dollar.
Saylor also raised the de minimis exemption for digital currency transactions, which has shrunk over time. Brown noted during the conversation that the threshold “got down to $10.” Such limits, Saylor said, cripple everyday use of digital assets for ordinary purchases and transfers.
Bitcoin Custody and Bank Credit Growth
Bitcoin featured prominently in Saylor’s digital rights argument as what he called “the greatest of the digital commodities.”
He said banks need clear rules allowing them to custody Bitcoin and extend credit against it. Current regulatory treatment, he argued, discourages this practice unfairly.
He pointed to the Basel 1,250 percent risk weighting as a specific barrier limiting banks’ use of Bitcoin. “We are seeing much more progressive guidance from the Treasury,” he said, citing recent signals from federal regulators. This shift, he suggested, could unlock significant bank participation in Bitcoin markets.
Saylor estimated that most of the $1.6 trillion in Bitcoin remains unbanked outside exchange-traded funds like IBIT and FBTC.
“If you create $10 billion of bank credit against Bitcoin, you buy the entire organic supply for a year,” he said. Two or three banks reaching that scale, he added, could reshape the market within months.
AI Agents Need Digital Assets to Function
Saylor connected digital rights to the rise of autonomous AI agents operating in financial markets. “AI agents will not be able to get bank accounts,” he said, noting that insurers and lenders will not serve them either. Digital assets, he argued, offer the only practical path forward for agent-based commerce.
He referenced his own use of AI tools that search dozens of websites on his behalf. “I get an incredible dopamine hit when I ask my AI to tell me what is going on,” he said. Bitcoin and digital currencies, he added, allow value transfer at a speed traditional finance cannot match.
Saylor emphasized that AI capability has now surpassed human output in many professional tasks. “I think we crossed an inflection point earlier this year: AI is now smarter than you,” he said.
Policymakers, he argued, face a narrowing window to shape supportive rules before this transformation fully unfolds.
Saylor’s remarks reflect an ongoing push within the digital rights movement to reshape U.S. financial regulation
The post Michael Saylor Calls for Bill of Digital Rights to Unlock Bitcoin and AI Economy appeared first on Blockonomi.

Key Takeaways
The 10-year Treasury rate surged past 5.2%, marking its highest reading in approximately twenty years.
Rates on 30-year bonds reached levels not witnessed since 2004 amid falling bond prices.
Average mortgage rates for 30-year loans have climbed to 7%, a threshold not crossed since the beginning of 2025.
Financial advisors recommend considering short-duration Treasuries, mortgage-backed instruments, and investment-grade corporate debt for yield-seeking portfolios.
The global bond market is experiencing similar pressure, with rates climbing in Germany, Japan, and other major economies.
Treasury yields have experienced a sharp acceleration this week, climbing to territory unseen for nearly two decades. The benchmark 10-year rate pushed beyond 5.2%, while the 30-year rate achieved its steepest level since 2004.
10-Year Yield Futures,Sep-2026 (10Y=F)
The relationship between bond prices and yields operates inversely. As bond values decline, yields increase because investors receive enhanced returns compared to their purchase price.
Forces Behind the Yield Surge
Multiple dynamics are contributing to this upward trajectory. Market participants are concerned about inflationary pressures, partially stemming from elevated oil prices connected to tensions involving Iran.
Unbelievable.
3 hours later and the 10Y Note Yield is now above 5.20% for the first time in 19 years.
The 10Y Note Yield is now up +50 basis points in 30 days and +30 basis points in 2 days.
Even more remarkable is that the average American has no idea this is happening. Yet.… pic.twitter.com/p5BOJfVIEy
— The Kobeissi Letter (@KobeissiLetter) September 24, 2026
Federal debt issuance has expanded significantly. When more bonds flood the market, prices decline while yields climb correspondingly.
Technology firms constructing artificial intelligence infrastructure are also flooding the market with substantial debt offerings. This additional supply compounds pressure on the bond market.
Recent economic indicators point to continued resilience. Data released this week revealed business activity expanding at its most robust pace in more than five years, potentially supporting arguments for additional Federal Reserve tightening.
The Federal Reserve implemented its first short-term rate increase since 2023 just last week. Market forecasts anticipate at least one additional hike before year-end.
Consequences for Consumers
The implications of escalating Treasury rates extend well beyond fixed-income portfolios. Mortgage rates on 30-year loans have reached 7% for the first time since the start of 2025.
Elevated rates create affordability challenges in the housing market. They simultaneously increase financing expenses for corporations and government entities.
On the positive side, depositors benefit from improved returns on savings products and short-dated bonds. The 1-year Treasury bill currently offers yields approaching 4.5%.
Equity markets haven’t escaped the turbulence. The S&P 500 was hovering near record territory earlier this week before the bond market selloff dampened upward momentum.
The iShares Core U.S. Aggregate Bond fund has declined approximately 5% year-to-date. In contrast, the S&P 500 maintains gains of roughly 13% for the same period.
Strategic Positioning
Market analysts suggest that bonds with shorter maturities may provide superior risk-reward profiles currently. These instruments exhibit less volatility in response to rate fluctuations compared to long-dated Treasuries.
Securities backed by mortgages and other assets are receiving renewed attention from strategists. Exchange-traded funds focused on these categories are delivering yields around 4.5%.
Investment-grade corporate debt represents another segment attracting professional interest. Numerous blue-chip corporations maintain robust balance sheets despite tighter monetary conditions.
Municipal debt instruments are generating heightened interest as well. Their tax-advantaged characteristics become increasingly attractive when paired with elevated yield levels.
Sovereign debt from developing economies is also capturing increased capital flows. One benchmark fund tracking short-maturity obligations from nations including Saudi Arabia and Mexico currently provides 5.6% yields.
International Parallels
This yield expansion isn’t confined to American markets. Germany’s 10-year rate has climbed to approximately 3.60%, representing its loftiest reading since 2008.
Japan’s comparable rate stands at 3.08%. This represents a dramatic reversal from the sub-zero yields the nation experienced as recently as 2020.
Market observers attribute this synchronized movement to escalating sovereign debt burdens and persistent inflation worries spanning numerous developed economies, extending beyond U.S. borders.
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Key Takeaways
Qualcomm extended its worldwide patent licensing arrangement with Apple, set to begin April 1, 2027.
Shares declined approximately 2% following an announcement that provided minimal information about the agreement’s duration.
Market analysts observe that previous licensing extensions included explicit terms, making the current ambiguity notable.
Apple’s proprietary C2 modem featured in the iPhone 18 series diminishes its dependency on Qualcomm components.
Despite concerns, Qualcomm shares remain up 13% year-to-date, supported by emerging AI and robotics ventures.
Shares of Qualcomm experienced a decline after the semiconductor company announced an extension of its patent licensing arrangement with Apple. The stock decreased 1.5% to close at $193.41 on Thursday as markets digested the news.
The agreement encompasses Qualcomm’s international patent licensing framework with Apple. Implementation is scheduled for April 1, 2027.
John Han, serving as executive vice president at Qualcomm, characterized the development as beneficial for the organization. However, the statement conspicuously omitted information regarding the agreement’s duration.
This lack of transparency created uncertainty among shareholders. Bernstein’s equity analyst Stacy Rasgon noted that when Qualcomm renewed its arrangement in 2019, the announcement included an explicit six-year duration along with extension provisions.
The current disclosure provided considerably less information. Rasgon remarked that this vagueness “gives us a little bit of pause.”
While he characterized the announcement as modestly favorable on balance, Rasgon indicated that market participants would be anticipating additional clarity, potentially during Qualcomm’s upcoming quarterly earnings presentation.
Apple’s Transition to In-House Modem Technology
For years, Qualcomm’s modem technology has enabled cellular connectivity in iPhone devices. Apple is actively pursuing independence from this arrangement.
The recently released iPhone 18 Pro, Pro Max, and Duo models all incorporate Apple’s internally developed C2 modem. This represents a departure from the iPhone 17, which continued utilizing Qualcomm components.
Developing modem technology internally generally improves profit margins. It simultaneously decreases reliance on third-party vendors.
Qualcomm shareholders have been aware of this strategic shift for considerable time. Nevertheless, the stock has advanced 13% since the beginning of the year.
Additional Strategic Initiatives Bolstering Share Performance
A substantial portion of these gains stems from Qualcomm’s expansion into emerging sectors. Shares jumped 3.2% earlier this year following disclosure of a strategic collaboration with Amazon.
Qualcomm has additionally launched new semiconductor products designed for on-device artificial intelligence capabilities. The Snapdragon 8 Elite Gen 6 and Extreme Gen 6 chipsets utilize advanced 2-nanometer manufacturing processes targeted at flagship smartphone devices.
The company also revealed Snapdragon Sound Elite Gen 2, focused on AI-powered wearable technology. This creates an additional revenue stream beyond traditional mobile devices.
Qualcomm is pursuing an acquisition of PickNik Robotics. When combined with optical connectivity development alongside Lumentum and Corning, these initiatives signal a comprehensive expansion into robotics and data infrastructure markets.
Analyst sentiment regarding the stock shows mixed opinions. Qualcomm maintains a consensus “Hold” rating with a mean price objective of $204.10.
Recent analyst recommendations have shown significant divergence. Zacks Research lowered its rating to “Strong Sell” on September 15, whereas DZ Bank elevated it to “Buy” with a $265 price target in June.
Qualcomm’s latest quarterly results revealed revenue of $9.95 billion, surpassing analyst projections of $9.69 billion. Earnings per share registered at $2.21, falling short of the $2.23 consensus estimate by two cents.
Revenue decreased 4% compared to the prior year period. The company has issued Q4 2026 EPS guidance ranging from $2.05 to $2.25.
Qualcomm distributed its most recent quarterly dividend of $0.92 per share on September 24. This translates to an annualized dividend of $3.68 and a current yield of 1.9%.
CEO Cristiano Amon divested 10,000 shares for $1.95 million earlier this month through a predetermined trading arrangement. Corporate insiders have collectively sold $3.87 million worth of shares during the previous 90-day period.
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Quick Summary
During its Connect conference, Meta unveiled Horizon Create and Horizon Studio—AI-powered platforms enabling users to generate 2D and 3D mobile games through text-based prompts
Shares of Take-Two Interactive, Unity Software, and Roblox experienced declines on Thursday after the reveal
Unity suffered the steepest decline at approximately 6%, Take-Two retreated 1.6%, and Roblox dipped 0.3%
Industry analysts suggest the market’s response might be excessive given the unproven nature of Horizon’s actual performance
A comparable market reaction occurred in January when Alphabet unveiled Project Genie, triggering similar investor anxiety
Videogame stocks experienced a downturn Thursday after Meta Platforms unveiled cutting-edge artificial intelligence platforms designed to facilitate mobile game development. The disclosure occurred on day two of Meta’s Connect conference.
The social media giant presented two platforms dubbed Horizon Create and Horizon Studio. These tools enable users to verbally describe their gaming concepts and have the AI system transform those descriptions into functional games.
Horizon Create functions on mobile devices, while Horizon Studio targets desktop browser users. Interested parties can join a waiting list for early access when the platforms launch.
Stock Market Response
Take-Two Interactive shares declined 1.6% to settle at $202.98. Unity Software experienced the most significant drop, falling as much as 6% to approximately $41.42. Roblox saw a modest decrease of 0.3% to $48.83.
AppLovin similarly retreated roughly 1% after the announcement. These four companies all operate in segments of game development or distribution that could be affected by Meta’s emerging platforms.
According to Nick McKay, a videogaming analyst at Freedom Capital Markets, market participants fear AI could democratize game development. This democratization might erode competitive advantages currently enjoyed by established gaming corporations.
When contacted by Barron’s, Take-Two opted not to provide comment. Both Unity and Roblox failed to respond to inquiries for commentary.
Gaming Sector Has Faced AI Disruption Fears Before
This isn’t the inaugural instance of a major technology firm’s AI announcement unsettling gaming industry investors. On January 30, identical stocks declined following Alphabet’s introduction of Project Genie, an AI-powered tool capable of generating complete 3D environments.
Take-Two President Karl Slatoff rejected such comparisons during that period. He emphasized that Genie wasn’t a game engine and shouldn’t be equated with legitimate game development platforms.
McKay observed that Meta’s presentations occurred in highly controlled environments. External parties currently lack independent means to evaluate these tools directly.
He suggested that substantial time may pass before platforms like Horizon represent genuine competition to major studios such as Take-Two. Take-Two produces blockbuster franchises, including Grand Theft Auto VI, scheduled for November release following extensive development cycles.
Major studios depend on substantial teams dedicated to narrative development, environmental design, and gameplay systems. McKay argued these sophisticated elements resist simple replacement by basic AI platforms.
Unity, which supplies software infrastructure used by other developers to create games, potentially faces greater exposure than studios like Take-Two. Nevertheless, McKay believes even that vulnerability appears remote currently.
He referenced Unity’s eventual recovery following the Project Genie scare in January. He observed that immediate market reactions frequently prove exaggerated, though long-term implications remain uncertain.
Meta indicated that games developed using Horizon Create and Horizon Studio will be distributed across Facebook, Instagram, and Horizon ecosystems. Game discovery will operate on engagement metrics, ensuring popular games receive enhanced visibility.
The company intends to provide monetization opportunities through in-game transactions and a Creator Fund. All content must first clear Meta’s safety protocols and receive automated age classifications before publication.
Meta announced that early access to these platforms will be distributed incrementally, with broader availability expected in coming months.
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TLDR
TikTok and ByteDance face their first courtroom trial Monday in Montgomery, Alabama, marking a milestone in nationwide litigation over social media’s impact on youth.
Alabama alleges the platform’s recommendation system deliberately exposed teenagers to dangerous content, driving increases in youth self-harm incidents requiring emergency care.
More than 27 states plus the District of Columbia have brought comparable legal actions against the video-sharing platform.
The company maintains it prioritized youth protection in its design and invokes Section 230 legal shields against responsibility for what users post.
Meta’s recent $17.1 billion settlement includes provisions tied to whether TikTok, Snap, and YouTube implement comparable protective measures.
A jury trial targeting TikTok and parent corporation ByteDance commences Monday in Montgomery, Alabama. This represents the inaugural case among numerous social media youth impact lawsuits to advance to courtroom proceedings.
First US trial against TikTok to test claims platform fueled teen mental health crisis https://t.co/1cLnC8JL7g
— Reuters Legal (@ReutersLegal) September 25, 2026
Alabama Attorney General Steve Marshall initiated the legal action last year. The complaint alleges the platform engineered addictive features targeting young people while providing misleading information about protective safeguards.
Legal proceedings are anticipated to span two to three weeks. The trial may provide uncommon insight into TikTok’s internal operations, given the company’s history of resolving similar disputes through settlements prior to trial.
The State’s Core Arguments
Alabama contends that TikTok’s continuous video stream represents the most habit-forming social platform currently operating. State attorneys assert the platform’s recommendation technology guides young people toward progressively extreme material, including content depicting violence and self-injury.
The legal filing connects this behavioral pattern to deteriorating adolescent mental health statewide. Alabama reports dramatic increases in emergency department admissions related to self-harm coinciding with the app’s popularity.
The complaint further alleges TikTok provided false information regarding content moderation for minors. Alabama maintains these misrepresentations enabled favorable safety classifications for teenagers in application marketplaces operated by Google, Apple, and Microsoft.
Additionally, the state challenges TikTok’s public statements about Chinese government access to American user information. Alabama pursues monetary damages and additional court-ordered remedies through this litigation.
Platform’s Legal Strategy and Age Confirmation Challenges
TikTok maintains that youth protection guided platform development from inception. The corporation references Section 230 of the Communications Decency Act, arguing this statute protects digital platforms from legal exposure for user-generated material.
The complaint asserts TikTok depends on self-disclosed age information from users. Alabama further alleges the application permits content viewing without account registration, enabling data collection from individuals whose ages remain unconfirmed.
According to state attorneys, this structural weakness undermines protective features like Kids Mode, eliminating reliable age authentication mechanisms. The complaint also describes algorithmic filter bubbles that progressively expose young users to more extreme material.
This litigation isn’t TikTok’s initial encounter with such allegations. The company resolved every previous case designated for trial through settlements, including claims brought by five minors and a Kentucky educational district.
The platform confronts thousands of additional pending lawsuits from private parties, school systems, and local governments. Meta Platforms, Snap, and Alphabet’s YouTube appear as co-defendants across numerous parallel cases.
Meta recently finalized a $17.1 billion resolution encompassing 47 states, the District of Columbia, and American territories. While denying wrongdoing, Meta committed to modifying teen access protocols for Instagram and Facebook.
That agreement includes $5 billion contingent upon TikTok, Snap, and YouTube implementing equivalent safety provisions. TikTok has issued no public statements regarding Meta’s settlement terms.
Neither TikTok representatives nor Alabama attorney general’s office personnel responded to pre-trial information requests. Proceedings commence Monday at Montgomery state courthouse.
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TLDR
ARK Invest and Securitize announced the tokenization of the ARK Venture Fund on Sept. 24, 2026.
The tokenized fund will launch on Ethereum, with Securitize handling onchain issuance and investor services.
The fund holds about $1.3 billion in assets, with stakes in OpenAI, Anthropic, Stripe and Databricks.
Investors get an onchain version of their fund interest, not direct tokenized shares of the portfolio companies.
The fund’s NAV has risen from about $20 at its 2022 launch to roughly $60.50 as of Sept. 23, 2026.
ARK Invest, the investment firm founded by Cathie Wood, is bringing its ARK Venture Fund onto the Ethereum blockchain. The firm announced the move with Securitize, a company that builds tools for tokenized assets.
The announcement came on Sept. 24, 2026. Eligible investors who access the fund through Securitize will be able to hold a blockchain-based version of their stake.
The fund had grown to roughly $1.3 billion in assets by late June. Its portfolio includes stakes in OpenAI, Anthropic, Stripe and Databricks, among other technology companies.
What Goes Onchain
Securitize will handle the fund’s onchain issuance and the investor experience. The tokenized version will be available on Ethereum at launch.
Investors are not getting blockchain versions of OpenAI or Anthropic shares. Instead, they receive an onchain representation of their interest in the fund that owns those stakes.
The ARK Venture Fund is not an exchange-traded fund. It is an actively managed closed-end interval fund that invests in both private and public companies.
Its target mix is about 80% private companies and 20% public companies. Investors cannot sell shares whenever they want.
The fund offers quarterly repurchase windows for about 5% of outstanding shares. If too many investors ask to sell at once, requests may be reduced on a prorated basis.
“Tokenizing the ARK Venture Fund puts our conviction in the evolution, if not revolution, of capital markets into practice,” said Wood, who serves as founder, CEO and CIO of ARK Invest.
Wood said the move is part of the firm’s mission to widen access to disruptive innovation. She added that Securitize has built the regulated infrastructure needed to make that possible.
Carlos Domingo, co-founder and CEO of Securitize, said ARK’s investment in his company reflected a shared belief in tokenization. He said the launch shows how asset managers can move established investment products onto modern capital markets infrastructure.
ARK Invest made a strategic investment in Securitize in October 2025. That deal set the stage for the new product.
Securitize manages about $5 billion in assets as of August 2026. It works with firms such as Apollo, BlackRock, BNY, Hamilton Lane, KKR and VanEck, and says it is the only company running regulated digital securities infrastructure in both the U.S. and EU.
The Fund’s Performance Since Launch
The ARK Venture Fund launched on Sept. 23, 2022. Its net asset value started near $20 per share.
By Sept. 23, 2026, the NAV stood at about $60.50. That is roughly three times its starting level, before accounting for share class and distribution differences.
Returns have varied from year to year. The fund gained about 61% in 2023, 7% in 2024 and 56% in 2025.
The fund carries a net expense ratio of about 2.90% and has limited liquidity. Valuations of private holdings can change sharply when those companies raise new money.
In the second quarter of 2026, the fund returned 20.21%. ARK Invest named SpaceX and Anthropic as the biggest contributors to that gain.
So far in 2026, the fund is up around 32% through late September. Eligible investors can find details on the tokenized version at securitize.io/arkvx.
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TLDR
A Cryptoquant analyst says a bitcoin holder cost basis signal has confirmed a bull market.
This is the fifth time the signal has appeared, after 2012, 2015, 2019, and 2023.
The measure leaves out long-term coins that have not moved in seven years.
U.S. spot bitcoin ETFs took in $2.06 billion from Sept. 21 to Sept. 23.
Daily ETF inflows slowed from $999 million to $346.9 million over those three days.
Bitcoin has shown a market signal that one analyst says confirms a new bull market. The signal has now appeared five times in the cryptocurrency’s history.
The analysis came from Darkfost, a contributor at the data firm Cryptoquant. He shared his findings on Sept. 24.
He said the reading confirms a recovery he expected in July. At that time, a separate signal on July 11 suggested the bear market was nearing its end.
Bull Market Confirmed.
After sharing with you that the end of the bear market was approaching with a signal given on July 11th, we now have the confirmation signal that the momentum has indeed shifted.
This is the 5th occurrence, which gives a bit more credibility to the… pic.twitter.com/wuwdUsAW5J
— Darkfost (@Darkfost_Coc) September 24, 2026
“This is the 5th occurrence, which gives a bit more credibility to the dynamic bitcoin is putting in place, though there’s always a margin for error, and I prefer to point that out,” he wrote in a post on X.
How the Bitcoin Signal Works
The measure looks at cost basis. This is an estimate of the average price that holders paid for their coins.
It compares two groups: short-term holders and active long-term holders. The bullish signal happens when the short-term group’s cost basis rises above that of the long-term group.
According to Cryptoquant’s chart, this crossover happened before in 2012, 2015, 2019, and 2023. The latest reading is the fifth in that series.
Which coins are counted matters. Darkfost only includes long-term coins that have moved at least once in the past seven years. He admits that the seven-year cutoff is arbitrary.
Glassnode, another data firm, separates short-term and long-term holders using a holding period of about 155 days. The seven-year filter is an extra step that decides which long-term coins count as active.
More than 3.5 million bitcoin older than 10 years remain untouched, according to the post. Darkfost estimated that this amount grows by about 8,000 to 30,000 bitcoin each month.
That monthly change has turned negative only once since 2019. It happened after an old miner moved about 100,000 bitcoin. Coins from wallets that had been inactive for five to 15 years also moved again in 2026.
ETF Inflows and Cycle Outlook
Darkfost linked part of the shift in bitcoin’s momentum to money entering through exchange-traded funds, or ETFs. A spot bitcoin ETF lets investors buy fund shares through a brokerage account instead of holding coins themselves.
Cryptoquant founder and CEO Ki Young Ju shared a separate outlook on Sept. 22. He said a larger market and more institutional ownership could soften the extreme rallies and crashes seen in past cycles.
He forecast returns of three to five times for bitcoin this cycle. He said a milder bear market would follow.
U.S. spot bitcoin ETFs took in $2.06 billion from Sept. 21 to Sept. 23, according to Farside data. Each day brought net inflows, though the amounts got smaller.
The stretch began with $999 million on Sept. 21, the funds’ largest single-day inflow of 2026. Inflows then fell to $714.7 million on Sept. 22.
On Sept. 23, net inflows came in at $346.9 million. The data shows demand during the period of the signal, but it does not prove that ETF buying caused the crossover.
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TLDR:
Evercrest filed a civil claim against LayerZero and Bryan Pellegrino over April’s $292 million rsETH exploit.
KelpDAO alleges LayerZero failed to disclose risks despite reviewing and approving its bridge configuration.
LayerZero argues KelpDAO’s 1-of-1 verifier setup created the key security weakness behind the exploit.
KelpDAO is migrating rsETH cross-chain transfers to a new security framework following the bridge attack.
Evercrest Technologies, the entity associated with KelpDAO, has sued LayerZero and CEO Bryan Pellegrino in British Columbia. The case centers on April’s rsETH bridge exploit, which drained about 116,500 rsETH, worth $292 million. KelpDAO alleges LayerZero failed to disclose security risks, while Pellegrino has called the claims “meritless.”
KelpDAO Takes $292 Million in rsETH Dispute to Court
The civil claim escalates a dispute that began after the April 18 attack on KelpDAO’s LayerZero-powered bridge. KelpDAO alleges failures within LayerZero’s security infrastructure contributed to the loss.
KelpDAO also alleges LayerZero failed to adequately disclose weaknesses linked to its technology before the attack. The complaint says LayerZero had reviewed and approved KelpDAO’s bridge deployment and configuration in writing.
LayerZero and Pellegrino dispute that account of responsibility. Pellegrino called the lawsuit “meritless” and said he plans to defend the case in Vancouver.
The court has not determined responsibility for the exploit, and the allegations remain subject to legal proceedings. The case now moves the months-long dispute from public statements into a Canadian courtroom.
LayerZero and KelpDAO Disagree Over Bridge Security
The April attack began after an attacker socially engineered a LayerZero developer and obtained session credentials. The attacker then entered LayerZero’s RPC cloud environment and compromised internal nodes. LayerZero reported these findings in its final investigation.
The compromised nodes supplied false blockchain information to LayerZero’s Decentralized Verifier Network. A denial-of-service attack also disrupted an external RPC provider used by the verification system.
KelpDAO’s rsETH bridge used a 1-of-1 DVN configuration, meaning one verifier could approve cross-chain messages. The compromised verifier approved a message claiming rsETH had been burned on another chain.
No corresponding burn had occurred, but the Ethereum-side contract released 116,500 rsETH to the attacker. Chainalysis described the incident as an attack against off-chain infrastructure rather than the bridge’s smart contract code.
LayerZero argues the single-verifier design created the critical failure point and says it had recommended stronger configurations. KelpDAO contests that position and points to LayerZero’s alleged approval of its setup.
KelpDAO Moves rsETH Away From LayerZero Infrastructure
KelpDAO has since started moving rsETH cross-chain transfers to a different security framework. The protocol previously identified Chainlink CCIP as the replacement for its LayerZero-based bridge.
Recovery efforts have also continued separately from the Canadian lawsuit. Authorities and ecosystem participants froze portions of the assets linked to the attacker after the April breach.
LayerZero’s investigation attributed the operation to TraderTraitor, a threat group associated with North Korea’s Lazarus Group. In addition, the independent researchers cited by LayerZero reached the same attribution.
The British Columbia case will now address competing claims over responsibility for the bridge’s design and compromised infrastructure. However, any allocation of legal liability remains for the court to determine.
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TLDR
Block has joined the x402 Foundation and added Bitcoin Lightning support to the x402 payment protocol.
x402 is an open standard that lets AI agents pay for API access, data and digital services on their own.
Block said Lightning suits the low-cost, high-volume payments that AI agent commerce will need.
Google, Microsoft, Amazon Web Services, Coinbase and the Solana Foundation also back the x402 Foundation.
The move builds on Block’s work with the Universal Commerce Protocol for small businesses.
Block has joined the x402 Foundation and added Bitcoin Lightning support to the x402 payment protocol. The company, which is led by co-founder Jack Dorsey, announced the move on Thursday.
The step is part of Block’s wider push into payments for AI agents. These are software programs that can carry out tasks and make purchases for people, such as booking services or buying data.
With the addition, AI agents using x402 can send payments over the Lightning Network. Lightning is a system built on top of Bitcoin that is designed for faster and cheaper transactions.
What x402 Does
x402 is an open payment standard. It lets AI agents and web services pay for things on their own, without a person approving each purchase.
The standard covers payments for API access, data and digital services. An API is a tool that lets one piece of software request information or services from another.
The x402 Foundation launched in April. It operates under the Linux Foundation, a nonprofit group that supports open source technology projects.
Block now joins a list of large technology backers. These include Google, Microsoft and Amazon Web Services, which runs Amazon’s cloud computing business.
Crypto companies also support the foundation. Coinbase and the Solana Foundation are among the members.
Why Block Chose Lightning
Block said Lightning is suited to the kind of payments that agentic commerce will depend on. The company pointed to the network’s ability to handle low-cost, high-volume transactions.
AI agents may need to make many small payments in a short time. For example, an agent might pay a small fee each time it pulls data from a web service.
Card payments often carry fees that make very small purchases costly to process. Lightning payments, by contrast, usually settle within seconds and often cost less than a cent.
Steve Lee leads Spiral, Block’s Bitcoin development initiative. He shared the company’s view on the new integration in the announcement.
“Bringing Lightning to x402 is a concrete step toward making Bitcoin everyday money for people and the agents acting on their behalf, and we’re excited to help the industry build on it,” Lee said.
Block has worked on Bitcoin projects for several years. Spiral, which funds and builds open source Bitcoin tools, is one of the ways the company supports that work.
The x402 move builds on Block’s role in another project. The company already takes part in the Universal Commerce Protocol.
That protocol is an effort to enable AI-driven commerce for small businesses, according to Block’s announcement.
The announcement did not include figures on how many developers or businesses are expected to use the new Lightning support.
Block’s announcement on Thursday marks its formal entry into the x402 Foundation. The company said it is excited to help the wider industry build on the new Lightning support.
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TLDR
Brazil’s central bank will require covered institutions to report crypto transfers of $10,000 or more to or from self-custody wallets starting October 1, 2026.
The rule, Resolution BCB No. 588, is a reporting requirement, not a ban, transfer cap, or mandatory freeze.
Reports go to Brazil’s Financial Activities Control Council (Coaf) by the next business day.
Unlike the separate 24-hour hold rule starting January 2027, the new rule does not add up multiple smaller same-day transfers.
A companion rule, Resolution 589, limits dealings with unauthorized crypto firms from November 6, 2026.
Brazil’s central bank will require covered institutions to report crypto transfers of $10,000 or more that move to or from self-custody wallets. The rule takes effect on October 1, 2026.
The Central Bank of Brazil published Resolution BCB No. 588 on September 23. It amends Circular No. 3,978, the country’s anti-money laundering and counter-terrorist financing framework.
What the New Reporting Rule Requires
The rule adds a new item to Article 49 of the circular. It covers virtual asset transfers equal to or above the equivalent of $10,000 when a self-custody wallet is involved.
Covered institutions must report these transfers to the Financial Activities Control Council, known as Coaf. The rule applies to transfers sent to a self-custody wallet and to transfers received from one.
The resolution does not ban self-custody or cap how much a user can move. It also does not require a qualifying transfer to be blocked. B3 reported that the $10,000 figure is a reporting threshold, not a transaction limit.
The central bank said self-custody can “reduce the availability of information for monitoring and risk assessment purposes.” It noted that assets held by an authorized institution keep customer records inside a supervised entity.
Under existing rules, Article 49 reports must be sent by the next business day. Institutions cannot tell customers or third parties that a report has been made.
Individuals who hold self-custody wallets do not have to file anything themselves. The duty falls on institutions that handle a qualifying transfer.
The measure does not create a new crypto tax, fee, or levy. Brazil’s crypto taxes are handled under separate rules.
How It Differs From the 24-Hour Hold
Resolution 588 is separate from Resolution BCB No. 584, an anti-fraud rule published in August. That rule allows providers to hold certain outbound transfers to foreign providers or self-custody wallets for up to 24 hours starting January 1, 2027.
Resolution 584 can apply when a single transfer passes the threshold or when a customer’s transfers reach it in total over one day. Providers can release a transfer early after finishing a risk review.
Resolution 588 has no same-day aggregation language. Its text refers only to a single transfer of $10,000 or more. A Brazilian regulatory analysis found the same difference between the two rules.
This does not remove other monitoring duties. Institutions must still review transactions that may point to money laundering and report suspicious cases through a separate process.
Brazil has been adding crypto rules in stages since 2025. These include licensing, capital, governance, and security requirements for service providers, plus limits on crypto in the regulated cross-border eFX system.
The central bank also issued Resolution BCB No. 589 on September 23. It covers supervisory data from crypto service providers, including customer balances, custody positions, proof of reserves, and staked assets.
Those data rules take effect on January 1, 2027. Starting November 6, 2026, authorized financial and payment institutions will face limits on dealing with crypto counterparties that are not authorized in Brazil, subject to exceptions.
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Key Points
xAI’s Colossus 2 data center in Memphis operates 110,000 Nvidia GB200 chips alongside 440,000 GB300 chips currently.
An additional 220,000 GB300 chips are scheduled to launch next week, according to Musk’s post on X.
The facility expects to receive another 220,000 GB300 chips in November.
A final batch of 220,000 chips may arrive by late December, pending schedule alignment, Musk indicated.
If all deployments proceed as planned, the facility’s chip inventory will approximately double before 2027.
Elon Musk provided fresh insights this week regarding the rapid expansion plans for his xAI business plans and its Colossus 2 computing facility. The data center operates in the Memphis, Tennessee region, positioned close to Southaven, Mississippi.
Elon Musk says $SPCX will have ~1 million GPUs online next week as another 220K GB300s come online at Colossus 2.
From there another 220K are planned for November and potentially 220K more by late December taking xAI to ~1.44 million GPUs by year end. pic.twitter.com/J70u0j8Z5r
— Shay Boloor (@StockSavvyShay) September 25, 2026
The Tesla CEO disclosed the information through a post on X platform in the early hours of Friday. His announcement indicated the facility could potentially increase its Nvidia chip deployment by more than double before the conclusion of 2026.
Based on Musk’s statement, the Colossus 2 facility presently operates with 110,000 Nvidia GB200 chips. Additionally, the center deploys 440,000 GB300 chips, representing Nvidia’s more recent hardware generation.
Phased Chip Deployment Through Year-End
The xAI chief executive announced that an initial wave of 220,000 GB300 chips will become operational within the next week. This deployment represents the opening phase of the broader expansion strategy.
Following the initial rollout, an additional 220,000 GB300 chips are slated for integration in November. Musk noted that a third installment of 220,000 chips might arrive before the year concludes, specifically in late December, although he cautioned this final batch remains contingent on scheduling.
Should the complete deployment schedule materialize as outlined, the Colossus 2 facility would conclude the year operating significantly more chips than its present configuration. Musk has not yet provided a consolidated total for the projected year-end chip count.
The SpaceX founder’s artificial intelligence venture previously announced its objective to outfit the Memphis location with 1 million graphics processing units. This recent announcement represents the most comprehensive roadmap Musk has shared toward achieving that ambitious target.
The announcement did not address whether the facility possesses adequate power infrastructure and available capacity to accommodate the incoming chips immediately. Installations of this magnitude demand substantial electrical supply and sophisticated cooling systems.
Colossus Facility Operations and Applications
Musk has characterized the Colossus infrastructure as the planet’s most powerful AI supercomputer. The inaugural installation, Colossus 1, launched in 2024 with the primary mission of training xAI’s Grok chatbot technology.
The facility’s purpose has expanded considerably beyond its original Grok training mandate. xAI has begun offering computing resources from the Memphis location to external organizations on a rental basis.
In recent months, xAI initiated rental agreements with Anthropic and Google, owned by Alphabet. This development means the Memphis supercomputer now powers artificial intelligence initiatives beyond xAI’s internal development efforts.
The aggressive expansion reflects ongoing strong demand for Nvidia’s AI-focused chips throughout the technology sector. Organizations developing large language models require extraordinary computing capabilities for training and operational deployment.
Both Nvidia’s GB200 and GB300 chips belong to the company’s Blackwell chip family. These processors are engineered specifically for demanding AI training workloads and advanced processing operations.
The velocity of Musk’s expansion strategy demonstrates how rapidly AI infrastructure initiatives are scaling throughout this year. Colossus 2 has evolved from its initial deployment to housing hundreds of thousands of processing units within a compressed timeframe.
Musk’s social media announcement did not detail the financial investment associated with acquiring and deploying the additional chips. The post also omitted mention of any new energy supply contracts supporting the expansion.
As of Friday’s update, the latest information from Musk confirms the initial deployment of 220,000 GB300 chips will activate next week, followed by the November installation and the potential December addition thereafter.
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TLDR
SEC Commissioner Hester Peirce urged regulators to use zero-knowledge proofs so firms can run KYC checks while collecting less personal data.
Digital credentials could confirm age, citizenship, investor status or sanctions screening without exposing the records behind them.
Her remarks are personal policy views, and current KYC and AML rules remain unchanged.
The SEC’s Innovation Exemption lets tokenized stocks trade through permissioned automated market makers until 2031.
SIFMA warned the exemption could confuse investors and split prices and liquidity across parallel markets.
SEC Commissioner Hester Peirce has called on U.S. regulators to use zero-knowledge proofs and digital credentials in KYC and AML compliance. She made the case in a September 23 speech at SIFMA’s 2026 Digital Assets Conference in New York.
Peirce gave the remarks during her second-to-last week as a commissioner. She said the views were her own and did not necessarily represent the SEC or her fellow commissioners.
Peirce said financial firms collect large amounts of identity and transaction data to meet customer identification and anti-money-laundering rules. She described the records as “ever bigger data haystacks” and warned that repeated collection can turn financial systems into a “panopticon.”
How Zero-Knowledge Proofs Would Work for KYC
Peirce proposed wider use of attribute-based credentials. These could confirm facts such as age, citizenship, accredited-investor status or sanctions screening without handing each firm the underlying records.
A zero-knowledge proof could then show that a person meets a requirement without revealing a name, address or income. Peirce said regulators should move toward this kind of verification where technology can support it.
She also questioned whether every institution needs to collect the same data. She suggested making it easier for firms to rely on trusted third parties for identity checks.
Her remarks do not change current rules. Broker-dealers must still keep written Customer Identification Programs, verify identities, keep records and screen customers against government lists.
SEC staff had already looked at this technology. On July 17, the SEC Crypto Task Force met with Aztec Laboratorium Limited to discuss crypto assets and its ZKPassport system.
According to Aztec’s materials, ZKPassport checks government ID documents on a user’s device and creates a proof of a specific fact. Aztec acknowledged that existing rules do not clearly allow a cryptographic proof to replace stored records.
A 2025 President’s Working Group report also discussed zero-knowledge proofs. It called on regulators to study how digital identity tools could fit within current AML rules.
Tokenized Stock Exemption Sets Five-Year Test
Peirce also addressed the SEC’s Innovation Exemption, issued September 17. The order lets qualifying tokenized stocks trade through permissioned automated market makers from September 17, 2026 through September 17, 2031.
Eligible tokens must carry the same rights as the traditional shares. Synthetic products that only track a stock’s price are not covered.
The framework sets limits. Tier 1 stocks are capped at 75 symbols and 0.25% of the underlying stock’s prior-month average daily volume, while Tier 2 is capped at 250 symbols and 2.5%.
Peirce said she would prefer tokenized exposure to U.S. stocks to develop at home rather than on overseas platforms. Chairman Paul Atkins called the exemption a “bridge toward durable rulemaking.”
SIFMA President and CEO Kenneth Bentsen Jr. raised concerns about the plan. He said multiple tokenized versions of listed stocks trading in parallel markets could cause investor confusion and split prices and liquidity.
Peirce acknowledged SIFMA’s response and said the exemption is only one stage of the SEC’s work. The agency has kept File No. 4-927 open for public comments on the exemption’s length, trading limits, market effects and whether parts should become permanent.
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TLDR
Fermi Inc. stock dropped 5.60% after closing at $4.55 per share.
CBRE signed a deal to operate Fermi’s first Texas data center.
Project Matador has received over $1.5 billion in development investment.
Fermi plans a 17 GW private energy and computing ecosystem.
Recent deals strengthen Fermi’s AI infrastructure expansion strategy.
Fermi Inc. (FRMI) stock declined 5.60% to $4.55 as the company expanded its infrastructure plans.The company secured CBRE as its operations partner for the first data center under Project Matador.The agreement strengthens Fermi’s $1.5 billion development plan in Texas with long-term operational support.
Fermi Inc. Common Stock, FRMI
Fermi Inc. Expands Project Matador Operations With CBRE Agreement
Fermi Services LLC signed a management agreement with CBRE for its first data center.
CBRE will provide operations and maintenance services when building one becomes ready.
The agreement covers five years and allows additional five-year renewal periods.
The partnership prepares operational teams before the facility begins service.
CBRE will establish maintenance programs and operating procedures during the transition phase.
The company will also support cooling, fire protection, and building systems.
Fermi will use the same operational framework across future campus buildings.
The approach allows consistent standards as Project Matador increases its capacity.
The agreement supports reliable infrastructure management for large-scale computing operations.
Fermi Inc. Builds Texas Power and Computing Campus
Fermi continues developing Project Matador near Amarillo, Texas, as a major energy campus.
The project combines private power systems with large-scale computing infrastructure.
Fermi designed the site to address growing demand for reliable electricity resources.
The company has invested more than $1.5 billion into the development process.
Moreover, the campus targets expansion toward approximately 17 gigawatts of capacity.
Fermi plans capital deployment based on future customer agreements.
The project includes natural gas generation, nuclear power development, solar resources, and battery storage.
Fermi plans to operate a private grid behind the meter. The system aims to provide stable power for advanced computing facilities.
Fermi Inc. Advances Infrastructure Milestones After Recent Deals
The CBRE agreement follows several recent developments at Project Matador.
Fermi recently received the first Siemens Energy turbines for the campus.
The delivery marked progress in developing the site’s power generation capabilities.
Earlier, Fermi signed a binding lease agreement with TensorWave as its first customer.
The company also formed an alliance with Hillcore Energy Capital Corporation.
The partnership targets approximately 2.6 gigawatts of additional power capacity.
Fermi previously selected Primoris Services Corporation and TSK as engineering partners.
Together, these agreements support construction and operational readiness for the campus.
The developments position Project Matador as a significant infrastructure project in Texas

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