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Eclipse Metals Ltd (ASX: EPM) (Eclipse Metals or the Company) is pleased to announce the execution of a binding option and earn-in agreement with Boss Energy Limited (ASX: BOE) (Boss). Through the agreement, Eclipse and its wholly owned subsidiary North Minerals Pty Ltd have granted Boss Energy the option to earn up to an 80% interest the Liverpool Uranium Project, located in the highly prospective Alligator Rivers Uranium Field of West Arnhem Land, Northern Territory (the Project).This strategic alliance seeks to unlock the significant potential of the Project through a structured investment and exploration program.

Highlights

  • Eclipse Metals and Boss Energy enter into a binding option and earn-in agreement to advance exploration at the Liverpool Uranium Project (the Project)
  • Boss Energy is committing $250,000 to exploration during the 12-month option period
  • Following the exercise of the option:
    • Boss Energy has the right to earn up to an 80% interest in the Project by providing up to $8 million in exploration funding – divided into two stages – over a 7-year period; and
    • As part of the staged earn-in, Boss Energy must spend a minimum of $ 1.5 million on exploration before it is able to withdraw from the agreement.
  • Upon earning an initial 49% interest in the Project, Boss Energy will have the option to earn up to an 80% interest in the Project.
  • Boss Energy and Eclipse Metals will form an unincorporated joint venture (JV) to explore and develop the Project
  • Upon successful earn-in, Boss Energy will have the option to purchase an additional 10% interest from Eclipse, bringing its total interest in the Project to 90%, for $50 million.

A summary of the material terms and conditions of the binding option and earn-in agreement is set out in Annexure A.

Commenting on the Company’s strategic alliance with Boss Energy, Eclipse Metals Executive Chairman Carl Popal said:

“Partnering with Boss Energy is a key milestone for Eclipse Metals and the advancement of the Liverpool Uranium Project.

“Boss Energy as a uranium producer will accelerate our exploration efforts, bringing us closer to unlocking the full potential of this highly prospective region.

“This strategic alliance allows Eclipse to enhance shareholder value in this long-held asset while sharpening our focus on critical mineral opportunities. Our key projects in Greenland, with their rich rare earth and industrial mineral potential, and other Australian assets remain central to our mission of contributing to the global critical minerals supply chain.”

ABOUT THE LIVERPOOL URANIUM PROJECT

The Liverpool Uranium Project comprises five exploration licences – EL27584, ELA31065, ELA31770, ELA31771, and ELA31772 – covering 1,229 square kilometers. Notably, the Devil’s Elbow prospect within EL27584 has yielded high-grade surface uranium assays, including results up to 5.8% U₃O₈, as well as significant gold and palladium mineralisation (EPM announcement 20 April 2020).

The Company’s previous exploration programs focused on the area around the Devil’s Elbow, Terrace and Ferricrete uranium prospects, concentrating on high-priority areas defined by historical geochemical and radiometric anomalies within EL27584 and relatively unexplored ground south of the Ranger Fault.

The Devil’s Elbow prospects show strong similarities to the Jabiluka uranium and gold mine, which was discovered in 1971. Jabiluka is located 20km to the north of the Ranger Uranium Mine and about 75km west of the Devil’s Elbow. At Jabiluka, uranium and gold mineralisation occurs in an altered section of the Cahill Formation, near reverse faulting structures that are like those at the Devil’s Elbow prospect.

STRATEGIC SIGNIFICANCE

This strategic alliance combines Eclipse’s deep knowledge of the Project with Boss Energy’s proven expertise in uranium exploration and production. The Alligator Rivers Uranium Field is renowned for its high-grade deposits, positioning both companies to capitalise on the region’s significant potential.

Boss Energy intends to begin exploration activities on the Project during the 12-month option period, which will include mineral prospectivity mapping, target generation and validation of targets.

This strategic alliance underscores Eclipse’s commitment to expanding its diverse portfolio of mineral projects, while aiming to create shareholder value, and contribute to the global supply of critical minerals.

Click here for the full ASX Release

This post appeared first on investingnews.com

Prince Frederik of Luxembourg has died after a lifelong battle with a rare genetic disorder known as POLG mitochondrial disease.

He passed away on March 1 in Paris, his family announced on the website of the POLG Foundation, which Frederik started in 2022.

“It is with a very heavy heart that my wife and I would like to inform you of the passing of our son, The POLG Foundation Founder and Creative Director, Frederik,” his father Prince Robert of Luxembourg wrote.

The foundation describes POLG as a “genetic mitochondrial disorder that robs the body’s cells of energy, in turn causing progressive multiple organ dysfunction and failure.”

It said the disease has no treatment or cure.

“Frederik and the POLG Foundation … are committed to finding therapies and a cure to save other patients from suffering what Frederik and our family have endured,” his father wrote.

Prince Frederik died a day after Rare Disease Day. He was in his early 20s.

This post appeared first on cnn.com

Thousands of supporters greeted Nepal’s former king in capital Kathmandu on Sunday and demanded his abolished monarchy be reinstated and Hinduism brought back as a state religion.

An estimated 10,000 supporters of Gyanendra Shah blocked the main entrance to Kathmandu’s Tribhuvan International Airport as he arrived from a tour of western Nepal.

“Vacate the royal palace for the king. Come back king, save the country. Long live our beloved king. We want monarchy,” the crowds chanted. Passengers were forced to walk to and from the airport.

Hundreds of riot police blocked the protesters from entering the airport and there was no violence.

Massive street protests in 2006 forced Gyanendra to give up his authoritarian rule, and two years later the parliament voted to abolish the monarchy as Gyanendra left the Royal Palace to live the life of a commoner.

But many Nepalis have grown frustrated with the republic, saying it has failed to bring about political stability and blaming it for a struggling economy and widespread corruption. Nepal has had 13 governments since the monarchy was abolished in 2008.

Rally participants said they were hoping for a change in the political system to stop the country from further deteriorating.

“We are here to give the king our full support and to rally behind him all the way to reinstating him in the royal throne,” said Thir Bahadur Bhandari, 72.

Among the thousands was 50-year-old carpenter Kulraj Shrestha, who had taken part in the 2006 protests against the king but has changed his mind and now supports the monarchy.

“The worst thing that is happening to the country is massive corruption and all politicians in power are not doing anything for the country,” Shrestha said. “I was in the protests that took away monarchy hoping it would help the country, but I was mistaken and the nation has further plunged so I have changed my mind.”

Gyanendra has not commented on the calls for the return of monarchy. Despite growing support for the former king, Gyanendra has slim chances of immediately returning to power.

He became the king in 2002, after his brother and family were massacred in the palace. He ruled as the constitutional head of state without executive or political powers until 2005, when he seized absolute power. He disbanded the government and parliament, jailed politicians and journalists and cut off communications, declaring a state of emergency and using the army to rule the country.

This post appeared first on cnn.com

The P-3 propellor plane banks sharply, silhouetted against dozens of shimmering lights in the sea against an Argentine sunset. As the camera pans across the scene, it becomes clear: the glaring lights come from dozens of fishing vessels dotting the ocean below.

The footage, shared by the Argentine military in late February, shows the overwhelming scale of a flotilla near a marine boundary which separates the country’s more restrictive exclusive economic zone from less-regulated international waters.

This area, about 200 nautical miles off the coast of southern Argentina, is notorious for illegal and unregulated fishing — often carried out by Chinese vessels, according to the Argentine Navy.

Most of these ships hunt for squid, which are abundant along the Argentine coast and a vital food source in the marine ecosystem.

The Argentine military is now ramping up efforts to combat these fishing operations in a region experts warn is on the brink of environmental collapse.

The military’s footage shows an advanced P-3C “Orion” surveillance plane — designed for anti-submarine and maritime surveillance — approaching the fishing fleet. The aircraft took part in the Argentine military operation in January alongside a smaller C-12 surveillance plane and two corvette warships, according to the Argentine navy.

This surveillance mission was conducted to address ongoing concerns that the fishing vessels may cross into the country’s more restricted EEZ, according to a spokesperson for Defense Minister Luis Petri.

The mission identified a total of 380 fishing vessels just outside Argentina’s EEZ, many of which sailed from Asia to richer waters, the military says.

Since September, the Argentine Navy has acquired multiple planes designed for maritime surveillance, which Petri said will help “control and monitor” the country’s coastline “in light of the enormous challenge we face with the possible intrusion of fishing vessels into our Exclusive Economic Zone.”

Petri described the existential threat earlier this year, arguing that “the (natural) resources of all Argentines are at stake.”

A ‘floating city’ off Argentina’s coast

The cluster of ships, stretching approximately 150 miles from north to south, raised concerns over illicit fishing. At night, many of these fishing vessels turn on bright lights to lure squid to the surface, where they are harvested using a large net. The lights are so strong that they can be seen from space.

Argentina’s Navy has noted a pattern of foreign fishing vessels turning off their tracking systems to avoid detection when illegally fishing inside the exclusive economic zone — an area where Argentina maintains sovereign rights to its natural resources, according to international law.

Historical ship tracking data corroborates the pattern and reveals these abundant waters off Argentina’s coast as a hotspot for lapsed vessel beacons.

Seven of the identified vessels — all sailing under China’s flag — were operating under US sanctions, according to a Treasury Department database.

These ships are linked to Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., a Chinese fishing company which was sanctioned by the US in 2022 for its involvement in “serious human rights abuses” and illegal fishing, including operations in the protected waters of the Galapagos Islands and the transport of more than 6,600 shark carcasses, according to a US Treasury Department press release.

The company also received a $19 million subsidy from China’s government as an incentive to develop its deep-water fishing capabilities, according to the statement.

The US Treasury Department press release detailed reports of forced labor, physical abuse, and extreme isolation among crew members. In one case, a Pingtan crew member who tried to leave a vessel after learning of unpaid wages was allegedly denied permission and deprived of food for three days, according to the statement.

It added that China has “actively participated in the formulation of international rules related to fishery subsidies” and has made “contributions to the conservation and sustainable use of fishery resources and the maintenance of a fair and reasonable international maritime order.”

Pingtan Fishing Group stated that it “has endeavored to ensure that its fishing methods are in compliance with international standards and the laws and regulations of the operating waters” in a letter responding to the Treasury Department’s 2022 sanctions.

Satellite imagery obtained from Planet Labs and captured in the area surveilled by the Argentine military offers a glimpse into this fleet.

In one case, a former crewmember on one squid fishing vessel, Ning Tai 52, accused its parent company Zhoushan Ningtai Ocean Fisheries of employing forced labor practices, according to a 2021 Greenpeace report.

In response to the allegation in Greenpeace’s report, Zhoushan Fisheries said they were “perplexed to be receiving this kind of complaint… we assure you that no such thing as forced labor has occurred.”

Illicit fishing has plagued costal Argentina for decades, experts say, with the Argentine Navy saying that Chinese vessels are frequent violators of the exclusive economic zone.

According to the United Nations, illegal, unreported, and unregulated fishing can undermine efforts “to manage fisheries sustainably (and) conserve marine biodiversity.” In some cases, it can lead to the “collapse” of local fisheries, according to the UN.

A wider issue

The problems faced in Argentina are part of a wider pattern of unregulated fishing conducted by Chinese fishing fleets across the globe. Having depleted its own domestic fishing resources, similar Chinese flotillas have been spotted off the coast of Western Africa, in parts of the disputed South China Sea and around South America.

Driving the expansion of China’s global fishing footprint is the ever-growing demand. As China grows richer, its appetite for seafood has also soared. Once a luxury reserved for coastal elites, shrimp, squid, and saltwater fish have become everyday dishes in inland Chinese cities. The country is now the world’s largest seafood consumer and, by one estimate, is expected to drive 40% of the world’s seafood consumption growth by 2030.

Approaching the fleet of fishing vessels at night is akin to watching a sunrise, Schvartzman recounted. Others have described the flotilla as a “floating city” which fills the entire field of view, he recalled, having spent over a decade monitoring overfishing off the coast of Argentina.

“(Only) when you get closer, you find that each light is… a vessel with hundreds of very powerful lights used to fish squid,” Schvartzman says.

By comparison, the Argentine fleet that was authorized to fish inside the EEZ consists of between 70 and 75 ships, according to Darío Sócrate, the executive director of the Argentine Chamber of Squid Jig Owners.

This imbalance harms Argentine fishermen, Sócrate says. He estimates that local fishermen only catch half of what they could have because of the foreign fishing activities.

“You don’t have any place in the world where in a short strip of ocean, you have more than 550 vessels fishing without any regulation,” Schvartzman said. “And the environmental impact is because (of) this.”

“For the species, for the ecosystem, it doesn’t matter if the vessel is one mile farther or closer… the impact is the same.”

This post appeared first on cnn.com

Police in southern India said Saturday that they arrested two men in connection with allegations of gang rape of an Israeli and a local woman.

The Israeli and her homestay operator were stargazing along with three male travelers, an American and two Indians, in Koppal town in southern Karnataka state on Thursday night, police official Ram L. Arasiddi said.

According to an initial investigation, three men on a motorbike approached them while asking for money. Following arguments, the three men pushed the male travelers into a nearby water canal and sexually assaulted the women, Arasiddi said. One of the Indian tourists drowned and his body was recovered on Saturday. The American and another Indian swam to safety.

Koppal is about 350 kilometers (217 miles) from Bengaluru, India’s startup and technology powerhouse.

Arasiddi said police set up a special investigation team that arrested two out of the three suspects on Saturday. They were being investigated on suspicion of attempted murder, gang rape and robbery, he said.

The Associated Press generally doesn’t identify victims of sexual assault.

Sexual assaults on women have become familiar in India, where police recorded 31,516 rape cases in 2022, a 20% increase from 2021, according to the National Crime Records Bureau. The real figure is believed to be far higher due to the stigma surrounding sexual violence and victims’ lack of faith in police.

Rape and sexual violence have been under the spotlight since the brutal 2012 gang rape and killing of a 23-year-old student on a New Delhi bus. The attack galvanized massive protests and inspired lawmakers to order the creation of fast-track courts dedicated to rape cases and stiffen penalties.

The rape law was amended in 2013, criminalizing stalking and voyeurism and lowering the age at which a person can be tried as an adult from 18 to 16. The government in 2018 approved the death penalty for people convicted of raping children under age 12.

Despite stringent laws, it’s rare for more than a few weeks to pass without another brutal sexual assault being reported.

High-profile cases involving foreign visitors have drawn international attention to the issue. Last year, in a video that was later deleted, a Spanish tourist said his wife was raped in northern India while an Indian-American woman said she was raped at a hotel in New Delhi. In 2022, a British tourist was raped in front of her partner in Goa.

This post appeared first on cnn.com

Warships from Iran, China and Russia kicked off their annual joint exercises in the Gulf of Oman on Monday, showing off their military ties as US President Donald Trump upends longstanding Western alliances.

The “Security Belt-2025” drills, taking place near the Iranian port of Chabahar, is the fifth joint naval exercise Iran, China and Russia have held since 2019, according to Chinese state media.

Analysts have long seen the drills as a demonstration of the growing partnership among the three authoritarian powers as they seek to counterbalance US influence and challenge the Western-led global order.

But this year, the optics are even more pronounced as Trump disrupts the transatlantic alliance – a cornerstone of Western security for decades – by embracing Russia at the expense of Ukraine, and pushes Asian allies to pay more for US protection.

Asked about the drills on Sunday, Trump said he is “not at all” concerned about the show of force by the three US adversaries.

“We’re stronger than all of them. We have more power than all of them,” he told Fox News aboard Air Force One.

Concerns have been mounting in Washington about the emerging strategic partnership among China, Russia, Iran and North Korea, which US lawmakers have described as an “axis of authoritarianism,” “axis of autocrats” and “axis of dictators.”

The fear is that a shared animosity toward the US is increasingly driving these countries to work together – amplifying the threat that any one of them alone poses to Washington or its allies, not just in one region but perhaps in multiple parts of the world at the same time.

At the same time, Trump has openly embraced Russian counterpart Vladimir Putin in a bid to end the war in Ukraine by talking directly to Moscow while leaving Kyiv and European allies on the sidelines.

Russia and North Korea’s military relationship has strengthened considerably over the last year, with the two signing a mutual defense agreement and Pyongyang sending its troops to fight for Moscow in its invasion of Ukraine.

The drills also come amid heightened tension between US and Iran.

Since returning to the White House, Trump has restored what he calls his “maximum pressure” campaign on Iran that includes efforts to drive its oil exports down to zero in an attempt to stop Tehran from obtaining a nuclear weapon – a move denounced by Tehran as “bullying” tactics.

The Gulf of Oman is a crucial gateway connecting the Indian Ocean and the Strait of Hormuz, through which more than one-quarter of the world’s seaborne traded oil passes.

The US maintains its own significant presence in the region via the Fifth Fleet which is based out of nearby Bahrain.

Russia’s Defense Ministry said the joint naval exercises will involve 15 combat ships, support vessels and gunboats, as well as helicopters, according to state news agency TASS.

“The Russian side is represented by the Rezky and Russian Hero Aldar Tsydenzhapov corvettes, and the Pechenega tanker of the Pacific Fleet,” the ministry is quoted as saying.

China, meanwhile, deployed the Type 052D guided-missile destroyer Baotou and supply ship Gaoyouhu from a nearby naval escort task force to take part in the exercise, the Chinese Defense Ministry said in a statement.

The drills, with an aim to “enhance military trust and strengthen practical cooperation,” will include simulated strikes on maritime targets, visit-board-search-seizure operations and search and rescue drills, the ministry added.

Iran has sent a stealth missile corvette and a patrol ship, according to Iranian state media.

This post appeared first on cnn.com

The next step in the stock market will be very interesting. I’ve been discussing a potential Q1 correction since our MarketVision event the first week of January and it’s here. The NASDAQ 100 ($NDX), from its high on February 19th (22222.61) to its low on Friday (19736.81), fell 11.19% before rallying Friday. The NASDAQ 100’s correction has been reached. The small cap Russell 2000 ETF (IWM) hit a high of 244.25 on November 25th. Its low Friday was 201.73. That’s a 17.41% tumble, which is approaching bear market territory.

S&P 500 – Head & Shoulders Pattern?

So what about the benchmark S&P 500? Well, there’s plenty to consider, but I’ll give you my thoughts on what could happen here:

Looking at the above chart, here are several thoughts I have:

  • The July price high should provide at least short-term support and it did on Friday as we saw a rally as soon as the S&P 500 touched this prior high/current support.
  • Volume has accelerated on this most recent selling.
  • We have potentially formed a down-sloping neckline in a topping head & shoulders pattern.
  • Price momentum (PPO) is as weak as it was in early August.
  • RSI has broken 40 support, which is usually a key in remaining in an uptrend.
  • Selling thus far has taken the S&P 500 down 7.83% at Friday’s low, a bit shy of a 10% correction.
  • If we bounce into a potential right shoulder, it’ll be important to see how money rotates; if the current downtrend remains in play, then I doubt we’ll see the S&P 500 clear 5900 on a bounce, especially if leadership on that bounce is poor.
  • A VERY EARLY head & shoulders projection would suggest a possible move on the S&P 500 to 5225 or so.

Fundamental news the next two weeks, along with the market’s reaction and rotation, will likely determine our path over the next month or so. Here are the critical economic releases/events to put on your calendar:

  • Consumer Price Index (CPI) – Wednesday, March 12th, 8:30am ET
  • Producer Price Index (PPI) – Thursday, March 13th, 8:30am ET
  • Fed (FOMC) Meeting – Tuesday, March 18th – Wednesday, March 19th (policy statement at 2:00pm ET)

Listen, this recent selloff has been widely expected, if you follow market rotation and sentiment, and keep a healthy dose of perspective handy. Everyone likes to use fundamental arguments and their perception of the market environment to call bear markets……nearly every year. Few pay attention when the warning signs are out there, but everyone becomes an expert after the market begins to tumble.

I absolutely remain long-term bullish and believe that, once the current bearish phase ends, the S&P 500 will rally back to all-time highs. We may have to endure further pain first though. I doubt we’ve seen the ultimate 2025 bottom. We’ll need some very good news on CPI, PPI, and from the Fed meeting. I’d give that a 20-25% chance at this point.

Sentiment

For awhile, the 5-day SMA of the equity only put call ratio suggested that traders had grown way too bullish in the near-term and this is a contrarian indicator, meaning that the stock market usually moves opposite of sentiment, especially if the bullish or bearish sentiment extends too long. Take a look at the CPCE 5-day SMA over the past year:

I use the .55 level as the level at which options traders are growing too bullish and it signals a potential short-term top. On the above 1-year chart, you can see how effective 5-day SMA readings were in marking multiple short-term tops (red-dotted vertical lines). However, over the past 4-5 months, the 5-day SMA reading nearly lived at .55 or below (big red circle). That’s an extended period of bullishness and you can see that the S&P 500 really struggled to print higher highs (black curved line), despite all of the optimism and bullishness among options traders.

The 5-day SMA of the CPCE at .75 also has a tendency to suggest a short-term market bottom as options traders grow overly pessimistic. Look at where we are now. Despite a near bear market in small caps, a correction on the NDX, and a near-correction on the S&P 500, the 5-day SMA of the CPCE remains WELL BELOW .75 and even fell last week! This simply suggests that optimism remains and that could lead to further selling in the weeks ahead.

It’s EB Education Week!

Given the prior warning signs and the recent increased market volatility, we’ve encouraged members over the past couple months to be careful and that cash is absolutely a position to consider. It also is a GREAT time to think about ways to better your trading success. I know many of you have followed me over the years, so I thought it would be an awesome time to discuss much of our research and how we do things at EarningsBeats.com. So for one week only, we are going to show exactly how we put together all of our ChartLists on the StockCharts.com platform.

These are intended to be brief “classes” this week, all starting at 5:30pm ET and lasting 45 minutes or so each. If you can’t attend any (or all) of these events live, no worries at all. We’ll record them and make sure all that register receive a copy of the recording.

To learn more, register, and save yourself a spot, sign up here. It’s time to gear up now, during this market weakness, for a better market and rally ahead. Join us and learn to trade smarter!

Happy trading!

Tom

Here’s a quick recap of the crypto landscape for Friday (March 7) as of 9:00 p.m. UTC.

Bitcoin and Ethereum price update

Bitcoin (BTC) is currently trading at US$86,934.56, reflecting a 2.5 percent decrease over the past 24 hours. The day’s trading range has seen a high of US$90,940.27 and a low of US$86,701.87.

Ethereum (ETH) is priced at US$2,155.47, marking a decrease of 2.3 percent over the same period. The cryptocurrency reached an intraday high of US$2.244.58 and a low of US$2,145.98.

Altcoin price update

  • Solana (SOL) is currently valued at US$144,38, up 0.1 percent over the past 24 hours. SOL experienced a high of US$149 and a low of US$141.65 during Friday’s trading session.
  • XRP is trading at US$2.46, reflecting a 5.5 percent decrease over the past 24 hours. The cryptocurrency recorded an intraday high of US$2.55 and a low of US$2.39.
  • Sui (SUI) is priced at US$2.68, showing a 4.8 percent decrease over the past 24 hours. It achieved a daily high of US$2.84 and a low of US$2.66.
  • Sui (SUI) is priced at US$2.68, showing a 4.8 percent decrease over the past 24 hours. It achieved a daily high of US$2.84 and a low of US$2.66.

Crypto news to know

Crypto summit: Sentiment positive, details limited

The highly anticipated White House crypto summit, hosted by President Trump and David Sacks, brought together key industry leaders and policymakers to discuss the future of crypto and blockchain regulations.

The event provided a platform for attendees such as Ripple CEO Brad Garlinghouse, Strategy’s (NASDAQ:MSTR) Michael Saylor, and Chainlink co-founder Sergey Nazarov to share their insights and offer feedback on the industry’s needs.

The summit was expected to primarily focus on strengthening US leadership in the digital asset industry and fostering an environment that promotes innovation while ensuring appropriate regulatory oversight.

Industry watchers were also hoping for clarity on the executive order (EO) issued on Thursday evening establishing a Bitcoin reserve and digital asset stockpile.

Although US Treasury Secretary Scott Bessent said he would discuss the next steps for possibly acquiring more Bitcoin during a CNBC Squawk Box interview on Friday morning, the government’s announcement that it did not intend to purchase more Bitcoin resulted in a subdued market response.

Crypto assets pulled back further after a senior White House official stated that Trump’s mention of ADA, XRP, SOL, Bitcoin, and Ether as examples of cryptocurrencies included in a strategic reserve should not be overinterpreted.

Market experts had mixed reactions. Some experts called the EO a symbolic move, while others hailed it as a turning point in the market’s development.

Dick Lo, CEO of TDX Strategies, said “Initial disappointment as the market had built up high expectations leading up to the announcement. However, the news is (unambiguously) positive: It would have been unrealistic to expect new buying without a plan on how it would be funded. An important distinction has been made between Bitcoin and the rest of crypto, i.e. not a single dollar will be spent buying altcoins.”

The summit wrapped up with positive sentiments toward Trump’s leadership and the joint effort to advance the digital asset industry, though it didn’t introduce many new details. Trump shared his desire to see legislation enacted before the August break and offered congratulations to attendees.

Texas Senate passes Bitcoin strategic reserve bill

The Texas Senate voted to pass Bitcoin strategic reserve bill SB-21 in a 25-5 vote on Thursday after a fierce debate between Texas State Senator Charles Schwertner, who introduced the legislation, and Democratic Senator Roland Gutierrez of San Antonio.

Gutierrez raised concerns about Bitcoin’s volatility and the potential risks associated with allocating state funds to cryptocurrency.

“When the economy is down, Bitcoin is down, and the fluctuations on this stuff is insanity,” he said. “We have so many real concerns in this state, and so many of our citizens that’re asking for real help, and the last thing that we need to do is go benefit some techno bro.”

Schwertner argued that a crypto reserve would allow Texas to diversify its investment approach and “participate competitively in the evolving digital, financial economy.”

“We don’t have stacks of dollar bills and safes like we did in medieval times. What we have is digital currency,” he told the floor.

The proposed legislation would authorize the state comptroller to purchase, hold and manage Bitcoin and other digital assets as a hedge against inflation and economic volatility. Funding would come from legislative appropriations and private donations. A committee would also be established to advise the comptroller on cryptocurrency investments, making Texas the first US state to create a cryptocurrency reserve if the bill is signed into law.

Trump memecoin generates US$350 million in revenue

Analysis by the Financial Times revealed that Trump’s cryptocurrency project has generated at least US$350 million in revenue from the launch of the Official Trump (TRUMP) memecoin, with roughly US$314 million from token sales and US$36 million from fees on the Solana blockchain.

Following the launch of the Trump memecoin, Trump-linked accounts reportedly sold 100 million Trump tokens at a price below US$1.05. The analysis suggests that after withdrawing the initial USDC earnings, Trump wallets reinvested US$291 million in USDC into another liquidity pool, perhaps to support the market.

The report also highlighted that these Trump-linked wallets sent approximately 14.7 million Trump tokens to 10 different exchanges, including major platforms such as Binance, Bybit and Coinbase (NASDAQ:COIN). While the exact extent of the financial gains from these transactions remains unclear, the analysis indicates that these other transactions may have generated additional profits.

The Financial Times also found that the Trump accounts spent US$1 million on their own tokens at US$33.20 on January 19 and January 20 to stabilize the price amid the TRUMP decline following the launch of Melania Trump’s MELANIA memecoin. The report determined that the 831 million TRUMP tokens still held by Trump-affiliated accounts are estimated to have a notional value of US$10.8 billion.

The memecoin’s official website, Gettrumpmemes.com, states that The Trump Organization-affiliated CIC Digital and Delaware-based Fight Fight Fight collectively own 80 percent of the tokens; however, Trump’s profits are not known.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Tech stocks were active this week, impacted by a broader market correction, key announcements and funding rounds.

Google’s (NASDAQ:GOOGL) introduction of AI Mode, a powerful new search tool for complex, multi-part questions, as well as Shield’s estimated US$5.3 billion valuation after securing US$240 million in a new funding round offer a snapshot of the rapid innovation and investor interest driving the tech landscape right now.

With that, here’s a look at other key events that made tech headlines this week.

1. CoreWeave plans IPO, faces Microsoft contract concerns

CoreWeave filed for a New York initial public offering (IPO) on Monday, seeking to raise US$4 billion and an expected valuation of more than US$35 billion.

On Wednesday, the Financial Times reported that Microsoft (NASDAQ:MSFT) pulled out of some of its agreements with CoreWeave. Anonymous sources didn’t give details as to why the startup’s biggest customer cancelled some contracts but alluded to Microsoft’s reduced confidence in CoreWeave after the company allegedly missed deadlines and ran into other delivery issues.

CoreWeave generates over 60 percent of its revenue from Microsoft, to which it supplies computing power from its data centers for running large-scale AI models, including OpenAI’s ChatGPT.

This multi-billion-dollar partnership represents a concentration risk. In its filing, CoreWeave stated that its business, operating results, financial condition and/or prospects could be negatively impacted by changes in its overall strategic relationship with Microsoft, including changes in demand and contractual agreements. Contracts between the two companies reportedly have Microsoft set to spend more than US$10 billion on CoreWeave services by 2030.

CoreWeave’s IPO filing revealed a US$1.9 billion revenue for 2024, alongside substantial debt and net losses. The company has raised US$14.5 billion through debt and equity financing, including US$11 billion in asset-backed loans. This aggressive expansion has led to escalating net losses, which reached US$863 million in 2024, up from US$594 million in 2023 and US$31 million in 2022.

The company’s reliance on chip supplier Nvidia (NASDAQ:NVDA) also poses supply chain risks, particularly concerning potential delays with Nvidia’s Blackwell GPUs.

After publication, CoreWeave delivered a statement to Data Center Dynamics, clarifying “there have been no contract cancellations or walking away from commitments. Any claim to the contrary is false and misleading.”

In a strategic move to further solidify its position in the AI space, on Tuesday, CoreWeave announced that it would acquire AI development startup Weights and Biases. The press release did not say how much the deal was worth, but unnamed sources for The Information said the deal could be valued at around US$1.7 billion.

2. TSMC fluctuates amid investment and political concerns

An interplay of factors, including geopolitical tensions and economic uncertainty, contributed to fluctuating TSMC’s (NYSE:TSM) share prices this week, both in the US and Taiwanese markets.

US shares were down at the start of the week due to concerns of economic upheaval and a potential trade war with China. Its Taiwanese shares fell after the company announced a US$100 billion investment in US chip production, including three new manufacturing plants, two packaging facilities and a research and development center.

Trump’s intention to end the US$52 billion CHIPS Act, which he expressed during his Tuesday evening Congressional Address, added to investor concerns. The CHIPS Act, an initiative from the Biden administration, has pledged funding to TSMC as well as fellow benefactors Intel (NASDAQ:INTC), Samsung (KS:5930) and Micron (NASDAQ:MU) to fund sizeable infrastructure projects. Intel received the largest portion, a US$7.9 billion grant to support commercial factories and another US$3 billion to produce military chips. TSMC is set to receive US$11.6 billion in direct funding and loans.

TSMC’s CEO, C.C. Wei, held a press conference on Thursday to address concerns from Taiwanese critics of the planned US investment who worry that moving advanced manufacturing will lessen US incentive to defend Taiwan from a Chinese invasion. The country’s Chinese Nationalist Party, the KMT, said the investment was a threat to national security.

Wei defended the move, stating it was a response to increased customer demand for AI chips. In a separate statement, Taiwan’s Economics Minister said that TSMC’s most advanced processes would stay in Taiwan until at least 2026.

He did not confirm whether Trump had guaranteed the continuation of CHIPS Act subsidies in light of the new investment pledge but said that the company could proceed without them, emphasizing the desire for fairness.

3. NVIDIA chips to power OpenAI and Oracle’s Stargate data center expansion

A source for Bloomberg said that OpenAI and Oracle (NYSE:ORCL) are preparing to add 64,000 of NVIDIA’s GB200 semiconductors to a new data center being built in Abilene, Texas, the first of the US$100 billion Stargate project announced by the Trump administration in January.

According to the report, the chips will be added to the center in phases, with an initial 16,000 chips set to be completed by this summer and the entire project complete by 2026.

4. Tech stocks share mixed earnings results

This week also saw a mix of earnings reports from major tech companies:

        5. Shift to practical AI continues with agents, specialized applications

        Key developments this week signaled a continuing shift toward AI agent expansion across both commercial and government sectors.

        On Tuesday, Reuters reported on a new division from Amazon (NASDAQ:AMZN) Web Services (AWS) dedicated to AI agents, indicating a strategic focus on automated task solutions for cloud computing clients. The plans were officially announced by Amazon Vice President of AI and Data Swami Sivasubramanian via a LinkedIn post on Wednesday.

        “This new capability – powered by Claude 3.7 Sonnet, Anthropic’s most intelligent model to date – allows developers to have more collaborative, interactive conversations with Q Developer that works with them, asks them feedback and makes iterative changes as they go along,” Sivasubramanian wrote.

        Later, during a public interview at Morgan Stanley’s Technology, Media and Telecom Conference in San Francisco on Wednesday, Meta’s (NASDAQ:META) chief product officer Chris Cox said the company’s upcoming Llama 4 model will have reasoning capabilities powerful enough to create AI agents capable of using a web browser and other tools.

        He described how more advanced AI agents can be built on a foundation of embeddings, enabling them to complete specific business-related tasks like filing receipts. These comments follow a previous CNBC report of Meta’s plans to debut a stand-alone AI app sometime during the second quarter and echo similar statements made to CNBC’s Julia Boorston by Clara Shih, Meta’s head of business AI.

        “We’re quickly coming to a place where every business, from the very large to the very small, they’re going to have a business agent representing it and acting on its behalf, in its voice — the way that businesses today have websites and email addresses,” Shih said, explaining that Meta is working to develop business AIs for smaller businesses who may not be able to hire large AI teams.

        Adding to this trend, OpenAI is reportedly planning to introduce tiered subscriptions for specialized AI agents, with prices ranging from US$2,000 to US$20,000 per month to reflect varying levels of capabilities.

        Also, the US Department of Defense has begun integrating AI agents through collaborations with Scale AI, Microsoft, and Anduril for military operations, including simulation and decision support.

        These moves signal rapid growth in the adoption of AI agents, marking a shift toward practical AI implementation and coincide with broader market shifts showing increased investment in AI applications, as noted in recent financial reporting from Bloomberg’s Kate Clark. This reflects a wider movement beyond foundational AI models, focused on delivering specialized, user-focused AI tools and services, whether through autonomous agents or dedicated applications.

        Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

        This post appeared first on investingnews.com

        North Korea unveiled for the first time a nuclear-powered submarine under construction, a weapons system that can pose a major security threat to South Korea and the US.

        State media on Saturday released photos showing what it called “a nuclear-powered strategic guided missile submarine,” as it reported leader Kim Jong Un’s visits to major shipyards where warships are built.

        The Korean Central News Agency, or KCNA, didn’t provide details on the submarine, but said Kim was briefed on its construction.

        The naval vessel appears to be a 6,000-ton-class or 7,000-ton-class one which can carry about 10 missiles, said Moon Keun-sik, a South Korean submarine expert who teaches at Seoul’s Hanyang University. He said the use of the term “the strategic guided missiles” meant it would carry nuclear-capable weapons.

        “It would be absolutely threatening to us and the US,” Moon said.

        A nuclear-powered submarine was among a long wishlist of sophisticated weaponry that Kim vowed to introduce during a major political conference in 2021 to cope with what he called escalating US-led military threats. Other weapons were solid-fueled intercontinental ballistic missiles, hypersonic weapons, spy satellites and multi-warhead missiles. North Korea has since performed a run of testing activities to acquire them.

        North Korea obtaining a greater ability to fire missiles from underwater is a worrying development because it’s difficult for its rivals to detect such launches in advance.

        Questions about how North Korea, a heavily sanctioned and impoverished country, could get resources and technology to build nuclear-powered submarines have surfaced.

        Moon, the submarine expert, said North Korea may have received Russian technological assistance to build a nuclear reactor to be used in the submarine in return for supplying conventional weapons and troops to support Russia’s war efforts against Ukraine.

        He also said North Korea could launch the submarine in one or two years to test its capability before its actual deployment.

        North Korea has an estimated 70-90 diesel-powered submarines in one of the world’s largest fleets. However, they are mostly aging ones capable of launching only torpedoes and mines, not missiles.

        In 2023, North Korea said it had launched what it called its first “tactical nuclear attack submarine,” but foreign experts doubted the North’s announcement and speculated it was likely a diesel-powered submarine disclosed in 2019. Moon said there has been no confirmation that it has been deployed.

        North Korea has conducted a slew of underwater-launched ballistic missile tests since 2016, but all launches were made from the same 2,000-ton-class submarine which has a single launch tube.

        Many experts call it a test platform, rather than an operational submarine in active service.

        In recent days, North Korea has been dialing up its fiery rhetoric against the US and South Korea ahead of their upcoming annual military drills set to start Monday.

        During his visits to the shipyards, Kim said North Korea aims to modernize water-surface and underwater warships simultaneously.

        He stressed the need to make “the incomparably overwhelming warships fulfill their mission” to contain “the inveterate gunboat diplomacy of the hostile forces,” KCNA reported Saturday.

        This post appeared first on cnn.com