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2026-07-18 全球资产日报

• 数据时间：2026-07-18 12:25:48 Asia/Shanghai
• 报告类型：全球资产日报

展开市场热力、期权压力和 Crypto 盘口

美股 / ETF 热力

SOXL-5.95%

较前交易日5D -29.54%Put/Call 1.62

SPCX-5.32%

较前交易日5D -14.67%Put/Call 0.53 · 大单 8

NBIS+3.59%

较前交易日5D -19.09%Put/Call 1.32 · 大单 6

APLD-3.14%

较前交易日5D -17.21%Put/Call 0.40

NVDA-2.34%

较前交易日5D -3.86%Put/Call 0.68 · 大单 17

GOOG-2.28%

较前交易日5D -2.51%Put/Call 0.74 · 大单 2

FTXL-1.97%

较前交易日5D -10.75%Put/Call 0.72

VRT-1.91%

较前交易日5D -9.19%Put/Call 1.20

MSFT-1.77%

较前交易日5D +2.26%Put/Call 0.36 · 大单 1

SOXX-1.64%

较前交易日5D -10.24%Put/Call 1.60

PSI-1.37%

较前交易日5D -10.16%Put/Call 0.15

GFS-1.17%

较前交易日5D -16.66%Put/Call 1.32

USAR-1.12%

较前交易日5D -15.31%Put/Call 0.49

MRVL-0.82%

较前交易日5D -19.99%Put/Call 0.54

CRCL-0.42%

较前交易日5D -8.59%Put/Call 0.64 · 大单 1

COHR-0.11%

较前交易日5D -14.45%Put/Call 0.71

期权压力

QQQ1.59

Put/Call VolOI 1.39IV 26.88% · Max Pain 715.00 · 大单 30

NVDA0.68

Put/Call VolOI 0.83IV 44.43% · Max Pain 200.00 · 大单 17

SPY1.65

Put/Call VolOI 2.84IV 14.61% · Max Pain 749.00 · 大单 15

SPCX0.53

Put/Call VolOI 1.01IV 76.32% · Max Pain 141.00 · 大单 8

NBIS1.32

Put/Call VolOI 1.80IV 156.74% · Max Pain 200.00 · 大单 6

GOOG0.74

Put/Call VolOI 1.02IV 58.63% · Max Pain 360.00 · 大单 2

CRCL0.64

Put/Call VolOI 1.08IV 92.24% · Max Pain 65.00 · 大单 1

MSFT0.36

Put/Call VolOI 0.62IV 40.45% · Max Pain 375.00 · 大单 1

快照对比基准：2026-07-17。本面板只展示已落盘事实，不生成操作判断。

今日要点

突发事件

• 科威特军方称拦截来自伊朗的导弹和无人机，另一则快讯称伊朗向沙特一处美军基地发射弹道导弹，沙特民防随后表示危险解除。7月17日WTI 8月合约和布伦特9月合约分别收于82.49、88.10美元/桶，上涨4.48%和4.59%。事件仍是媒体转述，实时通航、吞吐、运费和战争险没有同口径官方数据。基线为间歇升级下的风险溢价维持；独立航运数据确认持续物理中断后，才升级为能源供给与通胀冲击。
• XLE、XOP过去5日相对SPY分别强6.26、8.87个百分点，二者均在20日高点附近，短期能源风险溢价已有明显定价。当前不追入能源代理；等待油价曲线、霍尔木兹吞吐和公司盈利修订共同确认。

跨资产定价

• 6月CPI环比下降0.4%、同比上涨3.5%，核心环比持平；6月进口价格环比上涨0.3%、同比上涨7.1%。零售销售环比增长0.2%，工业生产增长0.1%，增长与价格信号并未单向强化。7月17日2年、10年和30年期财政部曲线收益率分别为4.18%、4.55%和5.06%，高久期资产仍受贴现率约束。
• 费城半导体指数较6月22日高点回撤超过20%，SOXX、SMH、DRAM和SOXL出现更深回撤；四只半导体ETF不到一个月合计吸金约247亿美元。价格与申购分歧说明承接存在，也说明去拥挤尚未结束。当前价格只用于标记观察位，不直接触发买卖。

公司事件

• NBIS完成7.75亿美元首笔高级担保融资，2030年10月31日到期、定价SOFR加2.50个百分点，并以GPU基础设施和投资级客户现金流作为支持。融资降低近期股权稀释需求，完整契约、客户集中度和集团偿债覆盖仍待披露。
• 欧盟委员会向Google发布两套具有约束力的DMA措施，安卓AI互操作和搜索数据共享从2026年8月至2027年1月分阶段实施。GOOG在7月22日财报窗口前继续按小仓、分层价位补仓，财报重点看Cloud、AI资本开支、利润率与合规成本。
• APLD将在7月27日盘后发布第四财季和全年业绩，175MW已投运容量、客户验收、收入转换和融资跑道是硬验证。CRCL的全国信托银行资质与Open USD、Hyperliquid、Coinbase分销压力并存；USAR的稀土氧化物样品仍待LCM认证、规模、成本和客户承购。

组合执行

• 今日不因价格下跌卖出或减仓，同时也不把加仓设为必须执行的动作。卖出评估只能由与价格独立的证据触发：公司经营或融资逻辑失效、重大治理/会计问题、对手方与协议安全边界变化，或组合流动性约束。
• COHR、MRVL、NBIS、PSI、APLD和GFS仍是股票风险主簇。前一快照后已增加已隐藏，这些成交不构成今日继续买入的义务。价格位只是候选观察区，是否追加还要同时检查公司证据、现有暴露与现金连续性。

投研观点

美股市场观察

市场风格正在从成长、动量和半导体向等权、小盘、价值、能源、金融、医疗与区域银行扩散。RSP、IWM和IWD过去5日相对SPY分别强1.11、0.89和2.03个百分点，IWF与MTUM分别落后2.14和4.57个百分点。该扩散改善了机会面，但没有改变当前股票主线集中于半导体与AI基础设施的事实。

标的	市场、事件与技术事实	持仓与观察/追加条件
COHR	延迟报价276.66、常规收盘277.60；1D与4H仍弱，1H局部修复。支撑274.98、273.36，下一共振区259.78—261.85；压力277.10与281.01。	已隐藏，市值已隐藏、股票主线占比已隐藏、未实现已隐藏。两组支撑仅作观察区；已有权重最高，只在盈利逻辑无恶化且组合预算允许时再评估追加。
MRVL	延迟报价186.76、常规收盘188.68；1D低于全部主要均线，186.67—186.69为近端支撑，下一层179.89与177.51；压力188.41、192.10—192.15。	已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。三个价位用于观察承接；需要数据中心/网络业务证据继续支持才考虑追加。
PSI	延迟报价与常规收盘均为143.22；4H缺失，1D偏弱、1H局部企稳。支撑142.43、141.72、137.62—137.95；压力143.81—144.00。	已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。如需扩大半导体暴露，PSI是无杠杆候选；支撑区到达不等于必须买入。
NBIS	延迟报价177.93、常规收盘177.71；担保融资已确认，1H缺失，4H反弹尚未改变日线弱势。支撑174.66、172.25，下一共振区160.86—161.76；压力181.02—183.00。	已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。支撑区仅作候选；完整信贷条款、客户现金流覆盖和利用率比价格更重要。
APLD	延迟报价25.61、常规收盘25.79；7月27日财报临近，1D/4H均弱。支撑25.15、24.82、24.03，压力25.73、26.80与27.71。	已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。财报前不因跌幅减仓，也不机械加仓；先等客户验收、利用率、收入转换和融资跑道。
GFS	延迟报价57.56、常规收盘57.48；1D/4H偏弱，1H横向。57.36为近端支撑，55.06和53.49是后续层；57.57—57.93为第一修复区。	已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。价位仅作承接观察；8月5日业绩前优先核对利用率、收入与毛利率。
GOOG	延迟报价345.75、常规收盘346.12；三周期均低于主要均线。支撑344.44—343.63、341.03—341.15、336.78；压力347.61—349.25与354.49—355.19。	已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。价位作为财报前观察区；Cloud、AI资本开支、利润率和DMA成本决定是否扩大小仓。
CRCL	延迟报价60.39、常规收盘60.46；1H正测试60.39压力，4H缺失。支撑59.21—59.29与58.65—58.68，压力61.49—61.72。	已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。保留starter；监管条件、USDC份额和分销经济性决定是否追加，不由跌幅决定去留。
USAR	延迟报价15.73、常规收盘15.65；1D/4H仍弱，近端支撑15.73，下一层15.11与14.82；16.13—16.33为连续压力区。	已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。认证、良率、单位成本和诉讼进展决定是否追加；价格下跌本身不是卖出理由。

ETF 分析

ETF	发行方日度事实	期权与技术	判断与可选追加条件
PSI	发行方动态价格、NAV与AUM未加载；费率0.56%。	Put/Call成交0.15、OI比0.11、ATM IV 0.62、Max Pain 145；支撑142.43、141.72。	已隐藏。如需扩大半导体暴露，优先用无杠杆PSI；142.43、141.72、137.62—137.95仅作候选区。
SOXX	7月17日NAV 521.28，日变动-1.68%；发行方市价仍停留在7月16日530.50，AUM约450.64亿美元。	Put/Call成交1.60、OI比0.66、ATM IV 0.67、Max Pain 562.5；支撑514.84与508.80。	NAV与市价日期不同，不计算7月17日溢折价。SOXX是无杠杆备选，514.84与508.80只用于重新评估。
SOXL	发行方数据停留在7月16日：NAV 141.45、-13.51%，市价142.48、-13.93%，估算溢价约0.73%。	Put/Call成交1.62、OI比1.80、ATM IV 1.98、Max Pain 165；支撑132.40与123.25。	每日3倍复位与高IV放大路径损耗。新增暴露不使用SOXL，保留观察。
FTXL	发行方数据停留在7月16日：NAV 229.52、-4.76%，市价229.42、-4.77%，折价约0.04%；费率0.60%。	Put/Call成交0.72、OI比0.31、ATM IV 0.65；支撑222.16与220.90。	发行方口径滞后，220.90附近再重新评估是否列入无杠杆ETF候选。
DRAM	发行方日度NAV、市价与AUM字段缺失；费率0.65%。	Put/Call成交0.91、OI比1.17、ATM IV 1.09、Max Pain 60；支撑52.00与50.00。	存储主题回撤深且申购强，但日度发行方口径不完整；现有持仓优先研究，DRAM排在后续队列。
KMEM	可核验发行方快照停留在7月9日，NAV 21.57、市价21.82、溢价1.17%；费率0.65%。	Yahoo没有可用期权到期日，仅12根日线；支撑16.29、压力18.72。	样本与发行方数据均偏短，维持观察，本轮不扩展新仓。

ETF部分只使用发行方同日口径，没有读取或推断任何底层持仓、权重或swap。发行方日期不同的字段保持分开。

美股机会雷达

板块机会地图

A与Reject本轮空缺：没有板块同时满足A级证据，也没有仅凭现有事实就应停止研究的方向。分级不读取持仓关系。

分级	板块/行业/主题	强度与 Why now	第一反对理由	升级 / 失效条件	下一步 workflow
B	能源 / 油气勘探生产（XLE、XOP）	XLE相对SPY的1日/5日/20日/60日收益为+2.15/+6.26/+5.19/-2.33个百分点，量比0.98；XOP为+3.24/+8.87/+8.95/-2.43个百分点，量比1.00。两者均处20日高点、距60日高点约-5.9%，板块与行业在短中期同向扩散；海湾风险与油价上涨提供独立事件验证。	60日仍未领先且成交没有明显放大；实物流、保险和公司盈利敏感度缺失。	EIA实物数据、期限结构、运输保险与盈利修正继续同向时升级；危险解除且油价和相对强度回吐时失效。	economic-impact-report
C	金融 / 区域银行（XLF、KRE）	XLF相对SPY的5日/20日收益为+2.53/+3.77个百分点；KRE为+3.77/+7.47个百分点，行业强于板块。	缺净息差、存款成本、信贷损失、资本充足率和盈利修正事实，目前只有价格代理。	补齐银行经营与信用事实后再升级；相对强度回吐且经营指标不改善时失效。	sector-scan
C	医疗保健 / 生物科技（XLV、XBI）	XLV相对SPY的20日收益为+6.57个百分点；XBI的20日/60日相对收益为+10.35/+7.53个百分点。	XBI近5日回吐，本轮没有具体FDA节点、临床数据或公司盈利证据。	FDA、临床、产品收入与估值形成证据链后升级；中期相对强度破坏且没有新催化时失效。	catalyst-calendar
C	等权 / 小盘 / 价值扩散（RSP、IWM、IWD）	三类代理在5日与20日窗口同时跑赢SPY，成长与动量同期落后。	没有成分级上涨家数、创新高比例或实际资金流，不能确认全面广度改善。	广度、盈利扩散与资金流继续一致时升级；重新由少数成长股主导时失效。	market-breadth-review
C	AI / 半导体周期（SMH）	SMH的60日相对收益仍为+14.20个百分点，但5日/20日为-7.37/-11.12个百分点，20日成交量比1.90，属于中期强势后的高成交回撤。	本轮没有估值、盈利修正、订单或行业扩散证据，不能把回撤直接写成新机会或经营证伪。	公司KPI、估值和盈利修正重新形成独立正向证据后升级；中期强度与需求证据同时破坏时失效。	industry-review

未持仓标的下钻

本轮没有足够的一手经营暴露证据，把能源、区域银行或生物科技板块映射为新的A/B个股。这里保持空缺，不用NBIS、APLD、CRCL、USAR、GOOG等现有持仓回填。下一轮优先补能源公司盈利敏感度、区域银行经营指标及FDA/临床节点，再决定是否建立单股研究任务。

组合暴露叠加

板块候选	暴露状态	持仓映射	处理边界
能源 / 油气勘探生产	已隐藏	已隐藏	先做板块和公司研究，不触发自动建仓。
金融 / 区域银行	已隐藏	已隐藏	补经营与信用事实，不因价格领先追入。
医疗保健 / 生物科技	已隐藏	已隐藏	补FDA、临床和公司收入证据。
等权 / 小盘 / 价值扩散	已隐藏	已隐藏	作为风格扩散观察，不直接转换为配置指令。
AI / 半导体周期	已隐藏	已隐藏	暴露关系只影响组合风险与新增资金判断，不改变该板块的C级研究分级，也不因下跌触发卖出。

A/B/C/Reject表示研究优先级，不是买卖指令。未持仓方向不构成必须加仓；组合暴露只在分级完成后叠加，不反向改变机会判断。

美股操作建议

• 今日没有仅因下跌而卖出或减仓的建议，也没有必须加仓的建议。半导体与AI股票风险簇市值约已隐藏，占股票主线已隐藏，现有暴露允许等待更强证据再动作。
• 卖出/减仓评估的触发器必须与价格独立：公司经营逻辑被KPI否定、融资与流动性路径断裂、重大治理/会计问题，或组合层面发生真实现金需求。到价、破位或浮亏扩大本身不构成割肉理由。
• 若决定投入新的研究时间，先验证当前没有直接暴露的能源/油气、金融/区域银行和医疗/生物科技；研究完成不等于必须投入新资金，也不要求挤出现有持仓。
• NBIS、APLD、CRCL、USAR和GOOG继续留在持仓研究与事件跟踪，不再占用未持仓机会雷达名额。公司证据、估值和组合现金条件仍决定后续动作。
• GOOG的344.44—343.63、341.03、336.78；APLD的25.15、24.82、24.03；NBIS的174.66、172.25、160.86—161.76；COHR的274.98—273.36与259.78—261.85；PSI的142.43、141.72、137.62—137.95，全部只是下一次重新评估的价格区。
• XLE/XOP进入B级板块研究，XLF/KRE、XLV/XBI、RSP/IWM/IWD及SMH进入C级事实补全；这些分级不触发自动追价、加仓、减仓或换仓。

Crypto 市场观察和动向

Binance USDS-M快照显示BTCUSDT 63,940.20、24小时+0.892%、funding 0.00007610；ETHUSDT 1,842.66、-0.315%、funding 0.00003823；SOLUSDT 75.15、+0.32%、funding -0.00000488。BTC局部修复，ETH与SOL仍在上级别压力下，三者没有形成统一方向。

资产	资金与技术事实	观察/可选追加区
BTC	Farside 7月17日净流入1.323亿美元；近端支撑63,850、63,678，下一层62,892与62,622—62,629；压力64,128、64,381与64,619—64,686。	今日没有仅因下跌平掉futures的依据。若决定新增长期暴露，优先现货；列示价位只作重新评估区。
ETH	Farside 7月17日净流入3,670万美元；支撑1,836.8—1,837.2、1,829.7，下一带1,802—1,810与1,794.7；压力1,848.8—1,855.9。	今日没有仅因下跌平掉futures的依据。若新增长期暴露，优先现货/WETH；支撑区不触发强制买入。
SOL	Farside 7月17日为0；支撑75.14、74.73、73.98，下一层73.32与72.62；压力75.35、75.62与76.23—76.28。	如果决定追加，仅考虑现货或Earn，不增加合约杠杆；支撑区是候选而非指令。
HYPE	Farside 7月17日净流出550万美元；本轮没有同口径价格、funding、OI或账户仓位。	保留观察，本轮不扩展仓位。

Crypto 操作建议

• 已隐藏，估值已隐藏、APY 已隐藏。今日维持；75.14—74.73、73.98与73.32只是可选追加区。
• 直接spot纳入汇总约已隐藏；LD* Earn镜像约已隐藏已排除重复计数，ETHW仍无Binance ticker。如后续决定加仓，优先提高直接现货与无杠杆资产占比。

加密货币板块

交易：BTC / ETH / SOL

项目	私有事实	判断
ETF/ETP flow	Farside 7月17日：BTC +132.3、ETH +36.7、SOL 0、HYPE -5.5，单位百万美元。	BTC与ETH资金流转正，但单日流量不改变分层纪律；SOL和HYPE分别缺新增流入与出现流出。
稳定币与制度化	USDC流通量约731亿美元；Circle全国信托银行资质、Open USD竞争与DTCC代币化路径并存。	行业增长与CRCL收入份额、DeFi协议和链级风险分开跟踪。

风险观察

• 股票风险簇：COHR、MRVL、PSI、NBIS、APLD、GFS合计约已隐藏、占股票主线已隐藏。统一再跌20%的静态影响约已隐藏，相当于总组合已隐藏。该情景用于衡量暴露和新资金预算，不是止损线或自动加仓线。
• 油价情景：风险溢价维持对应间歇升级、无持续封锁；有限供给冲击要求近月油价、运费和保险持续上行；持续中断要求独立吞吐和官方信息确认。三条路径均不赋主观概率，也不改变持仓方向。
• 数据边界：全部持仓标的使用IBKR延迟行情；PSI与CRCL缺4H，NBIS缺1H；KMEM无期权到期日。技术位只在完成K线后更新研究状态，期权链缺Greeks、GEX、IV Rank、实时bid/ask与主动方向。

期权观察

数据概览

公开期权链覆盖19/20个标的，KMEM没有可用到期日。链快照缺主动买卖方向、组合腿、Greeks与实时可执行价格；Max Pain、Volume/OI和估算premium只作结构交叉核验。

标的	结构事实	对持仓决策的含义
SPY / QQQ	SPY成交Put/Call 1.65、OI比2.84、ATM IV 0.15、Max Pain 749；QQQ为1.59、1.39、0.27、715。	宽基保护需求偏高，但现有链不足以定价对冲或触发股票买卖。
NBIS	成交Put/Call 1.32、OI比1.80、ATM IV 1.57、Max Pain 200；7/24的167.5 call成交/OI很高。	融资消息后多空波动仍大；列示价位仅作现货重新评估区。
GOOG	成交Put/Call 0.74、OI比1.02、ATM IV 0.59、Max Pain 360；10/16的350 put成交/OI较高。	财报与监管窗口共振；列示价位不触发强制追加，也不用短期期权替代现货。
MRVL	成交Put/Call 0.54、OI比1.14、ATM IV 0.96、Max Pain 200。	期权没有确认趋势反转，也不足以支持卖出或追加。
SOXX / SOXL	SOXX成交Put/Call 1.60、OI比0.66、ATM IV 0.67；SOXL为1.62、1.80、1.98。	SOXL高IV和每日杠杆路径不进入新增工具；若要增加ETF暴露，再评估PSI或SOXX现货。
PSI	成交Put/Call 0.15、OI比0.11、ATM IV 0.62、Max Pain 145。	低认沽比只作结构事实；价格区只是无杠杆ETF的候选观察位。
CRCL	成交Put/Call 0.64、OI比1.08、ATM IV 0.92、Max Pain 65。	监管资质和竞争压力并存；保留starter，不由期权或跌幅自动决定下一步。
COHR / APLD	COHR成交Put/Call 0.71、OI比1.21、ATM IV 1.01、Max Pain 310；APLD为0.40、0.50、0.98、33.5。	高IV反映事件与回撤，不提供方向或现货买卖触发器。

观点输出

• SPY、QQQ认沽比率上升，NBIS、GOOG和SOXL事件波动较高；公开链缺主动方向与Greeks，现有数据只支持风险观察。
• 期权本轮不承担对冲、杠杆或现金替代功能。若后续决定新增风险，优先现货和无杠杆ETF/crypto。
• SPCX远价put活动与短历史、IPO后流通盘及估值压力交织，保持Reject，不把期权热度升级为新增风险位。

技术分析

所有价位要求对应周期完成K线确认。支撑与压力只用于定位下一次重新评估，不作为止损、卖出或强制加仓指令。

标的	结构	下一观察区	修复确认	决策含义
MRVL	1D/4H偏弱，1H局部修复	186.67、179.89、177.51	188.41、192.10—192.15	结合数据中心/网络业务证据再决定。
GFS	1D/4H偏弱，1H横向	57.36、55.06、53.49	57.57—57.93、58.63	结合利用率、收入与毛利率再决定。
APLD	1D/4H偏弱，1H反弹	25.15、24.82、24.03	25.73、26.80、27.71	财报与客户验收优先于价格。
USAR	1D/4H偏弱，1H贴近支撑	15.73、15.11、14.82	15.77、16.13—16.33	认证、良率和单位成本决定行动。
PSI	1D偏弱，4H缺失	142.43、141.72、137.62—137.95	143.81—144.00、150.32—150.62	如扩大半导体暴露，它是无杠杆候选。
COHR	1D/4H偏弱，1H局部修复	274.98、273.36、259.78—261.85	277.10、281.01、291.00	权重最高，只在证据和预算同时允许时重评。
CRCL	1D偏弱，4H缺失	59.21—59.29、58.65—58.68	60.39、61.49—61.72	监管条件和分销经济性决定行动。
GOOG	三周期偏弱	344.44—343.63、341.03、336.78	347.61—349.25、354.49—355.19	财报KPI决定是否扩大小仓。
NBIS	日线偏弱，4H反弹，1H缺失	174.66、172.25、160.86—161.76	181.02—183.00、187.24	完整融资条款和客户现金流决定行动。
SOXX	下强上弱	514.84、508.80	522.24、525.43	无杠杆ETF备选。
SOXL	下强上弱	132.40、123.25	134.44—135.28、150.33	只观察，不新增杠杆。
FTXL	1D偏弱，4H缺失	222.16、220.90	226.92、229.94	发行方数据更新后再进入队列。
DRAM	下强上弱	52.00、50.00	52.97、55.24	与现有持仓相比仍排在后续研究队列。
KMEM	仅12根日线	16.29	18.72	历史不足，维持观察。
BTCUSDT	日线修复、4H回踩	63,850、63,678、62,892、62,622—62,629	64,128、64,381、64,619—64,686	价格不触发强平或强制追加；如新增则用现货。
ETHUSDT	日线上强、4H回踩	1,836.8—1,837.2、1,829.7、1,802—1,810	1,848.8—1,855.9、1,863.8	价格不触发强平或强制追加；如新增则用现货/WETH。
SOLUSDT	1D/4H受压，1H修复	75.14、74.73、73.98、73.32	75.35、75.62、76.23—76.28	如决定新增，只用现货或Earn。

重要文章与快讯

重要文章

重要性	中文标题	发布日期	来源	相关标的	评级理由
5/5 高	芯片ETF暴跌后吸金247亿美元	2026-07-17	etf.com	DRAM, SMH, SOXL, SOXX	最新资金流与回撤数据直接覆盖多个输入标的，量化了半导体板块的剧烈分歧和杠杆风险。
5/5 高	Alphabet财报牵动AI资本开支链	2026-07-17	Reuters	GOOG, INTC, ^GSPC	来源质量较高，直接覆盖GOOG、INTC、指数盈利和宏观变量，且处于关键财报窗口。
5/5 高	Circle增长与收益模式分化	2026-07-17	Barchart	CRCL, USDC-USD	覆盖CRCL最新财务、USDC采用、利率敏感性和竞争风险，直接相关且信息密度高。
5/5 高	半导体周跌逾9%后盘中修复	2026-07-17	Yahoo Finance	2330.TW, AMAT, AMD, AVGO, INTC, LRCX, MRVL, MU	提供最新收盘表现、周度跌幅和产业链广度，直接对应SOXX，是当日日报判断半导体风险的重要事实源。
5/5 高	美国进口价格年增幅升至7.1%	2026-07-17	U.S. Bureau of Labor Statistics	-	最新官方跨境价格数据，直接补充美国通胀、企业成本和利率环境判断，事实密度高。
5/5 高	Nebius首获七点七五亿美元担保债务	2026-07-17	web-enrichment:company	-	融资规模、成本、期限和担保基础均有明确披露，直接关系NBIS产能扩张、现金流与杠杆风险。
5/5 高	Visa平台加剧USDC渠道竞争	2026-07-16	Stocktwits	BTC-USD, COIN, CRCL, USDC-USD, V	Visa正式推出竞争平台，直接影响CRCL、COIN与USDC的分销格局，事件明确且时效高。
5/5 高	欧盟约束谷歌开放安卓与搜索数据	2026-07-16	Shaping Europe’s digital future	-	欧盟约束性监管措施直接触及谷歌两项关键生态优势，来源权威、时效性强且标的关联明确。
5/5 高	褐皮书显示美国温和扩张	2026-07-15	Federal Reserve Board	-	最新美联储地区经济调查同时覆盖增长、就业、价格、信贷和行业需求，对美国宏观日报具有直接价值。
5/5 高	美国六月通胀降温但能源仍高	2026-07-14	U.S. Bureau of Labor Statistics	-	本周发布的美国官方通胀数据具有高时效性、强跨资产相关性和较高事实密度，是评估利率预期与宏观定价的重要依据。
4/5 中高	霍尔木兹受阻推高埃及再生塑料需求	2026-07-18	AFP	-	为霍尔木兹冲突的实体供应链影响提供及时、多方采访证据，但区域样本较小且缺少直接证券映射。
4/5 中高	微软转推自研模型体系	2026-07-18	Benzinga	GOOG, MSFT	直接涉及MSFT的AI产品路线、成本结构和竞争边界，时效性较强；公司未确认且缺少独立性能数据。
4/5 中高	比特币反弹仍看ETF资金	2026-07-18	Motley Fool	BTC-USD, NVDA	与BTC-USD直接相关，资金流数据适合日报跟踪，但样本只有单日且因果解释有限。
4/5 中高	Meta拟出租过剩算力	2026-07-17	CNN Business	AMZN, GOOG, META, MSFT	潜在交易规模较大，直接关联META资本开支变现及云厂商竞争，但尚无正式协议或可靠定价。
4/5 较高	AI资本开支外溢至电力与冷却	2026-07-17	Motley Fool	AMZN, GOOG, META, MSFT, NVDA, VRT	与VRT及主要云厂商资本开支直接相关，包含订单、利润率、产品路线和估值数据，可用于判断AI基础设施需求兑现程度。
4/5 高	Circle信托银行强化监管资质	2026-07-17	Simply Wall St.	CRCL, USDC-USD	OCC批准是CRCL机构化路径的重要事实，但财务与估值影响尚停留在预测层面。
4/5 中高	台积电支出上调冲击SOXL	2026-07-16	Motley Fool	NVDA, SOXL, TSM, ^IXIC	直接对应SOXL的大幅波动，并用台积电一手财务数字解释触发因素，盘中价格和因果判断仍有局限。
4/5 中高	北达科他园区新增七十五兆瓦	2026-07-16	Insider Monkey	APLD	提供APLD容量交付和合同收入的直接经营事实，虽非当日事件，仍对近期收入兑现有较高价值。
4/5 较高	Vertiv订单能见度延伸至2028年	2026-07-16	Motley Fool	NVDA, VRT	直接覆盖VRT的需求强度、订单能见度、机柜技术趋势和估值，是当日日报判断AI电力与冷却链的重要材料。
4/5 中高	美联储准备金周增438亿美元	2026-07-16	Federal Reserve Board / U.S. Department of the Treasury	-	官方高频流动性数据，与美元资金面和美债直接相关；解读价值较高，但缺少方向性结论且存在多种统计口径。
4/5 中高	Applied Digital财报电话会定档	2026-07-15	GlobeNewswire	APLD	公司原始公告明确了APLD临近财报窗口，事件确定性高；信息量限于日程安排。
4/5 中高	Nebius推出伙伴持有型云扩张模式	2026-07-15	web-enrichment:company	-	新模式直接影响NBIS的扩张速度、资本需求和利润结构，但现阶段缺少可量化项目条款。
4/5 中高	稀土磁材废料实现镝与钕镨分离	2026-07-14	USA Rare Earth	-	重稀土分离和废料循环验证与USAR主营链条直接相关，但尚处样品认证及商业放大前阶段。
3/5 中	奈飞抛售与油价上涨压低风险偏好	2026-07-17	MT Newswires	CL=F, ISRG, NFLX, SPCX, TRV, ^DJI, ^GSPC, ^IXIC	提供及时的跨资产收盘快照，但付费墙导致事实和归因证据不足。

金十快讯

金十数据快讯 · 2026-07-18 12:11:06+08:00 · GLOBAL / Middle East security / energy infrastructure / 海湾地区安全 / cross_asset

科威特拦截来自伊朗的导弹和无人机

科威特军方表示，科威特正在拦截从伊朗发射的导弹和无人机。

金十数据快讯 · 2026-07-18 11:00:48+08:00 · GLOBAL / Middle East security / energy infrastructure / 海湾地区安全 / cross_asset

美国官员称伊朗向沙特美军基地发射导弹

金十援引美国方面消息称，伊朗向沙特一处美军基地发射一枚弹道导弹；沙特民防部门随后表示两地危险已经解除。

金十数据快讯 · 2026-07-18 06:03:06+08:00 · GLOBAL / US rates / USD / equities / 美联储政策定价

CME观察显示7月维持利率不变概率为85.6%

金十援引CME美联储观察：7月维持利率不变概率为85.6%，累计加息25个基点概率为14.4%；9月维持不变概率为41.4%，累计加息25个基点概率为51.2%，累计加息50个基点概率为7.5%。

金十数据快讯 · 2026-07-18 04:56:55+08:00 · XLE / XOP / GLOBAL / WTI / Brent

WTI与布伦特原油7月17日显著上涨

8月WTI期货收于82.49美元/桶，上涨3.54美元或4.48%；9月布伦特期货收于88.10美元/桶，上涨3.87美元或4.59%。

金十数据快讯 · 2026-07-18 04:07:18+08:00 · SOXX / SOXL / FTXL / PSI / DRAM

费城半导体指数较高点回撤超过20%

费城半导体指数较6月22日收盘历史高点回撤超过20%；本周下跌10%，为2025年4月以来最大周跌幅。

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科威特拦截来自伊朗的导弹和无人机

标签

来源：金十数据快讯发布时间：2026-07-18 12:11:06+08:00标签：`GLOBAL`, Middle East security, energy infrastructure, 海湾地区安全, cross_asset, Middle East

快讯正文

科威特军方表示，科威特正在拦截从伊朗发射的导弹和无人机。

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神玑发布多款AI算力产品

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来源：金十数据快讯发布时间：2026-07-18 11:57:29+08:00标签：`GLOBAL`, AI infrastructure, semiconductors, AI算力芯片, equity, China

快讯正文

蔚来芯片子公司神玑展示NX9031系列芯片，并发布具身智能开发平台和分布式智能体平台；金十称公司自2025年6月成立以来完成近30亿元融资。

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美国官员称伊朗向沙特美军基地发射导弹

标签

来源：金十数据快讯发布时间：2026-07-18 11:00:48+08:00标签：`GLOBAL`, Middle East security, energy infrastructure, 海湾地区安全, cross_asset, Middle East

快讯正文

金十援引美国方面消息称，伊朗向沙特一处美军基地发射一枚弹道导弹；沙特民防部门随后表示两地危险已经解除。

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国家能源局提出推进算电多维协同

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来源：金十数据快讯发布时间：2026-07-18 10:15:48+08:00标签：`APLD`, `VRT`, `GLOBAL`, AI infrastructure, power, data centers, AI电力基础设施, equity, China

快讯正文

国家能源局负责人在WAIC分论坛表示，十五五时期推理负荷将超过训练负荷，算电协同需要转向算力负荷与新型电力系统的多维协同。

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SPDR Gold Trust持仓减少2.854吨

标签

来源：金十数据快讯发布时间：2026-07-18 08:16:11+08:00标签：`GLOBAL`, gold, gold ETF, 黄金ETF持仓, commodity, Global

快讯正文

金十数据显示，SPDR Gold Trust持仓较上日减少2.854吨，当前持仓量为999.024吨。

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CME观察显示7月维持利率不变概率为85.6%

标签

来源：金十数据快讯发布时间：2026-07-18 06:03:06+08:00标签：`GLOBAL`, US rates, `USD`, equities, 美联储政策定价, rates, United States

快讯正文

金十援引CME美联储观察：7月维持利率不变概率为85.6%，累计加息25个基点概率为14.4%；9月维持不变概率为41.4%，累计加息25个基点概率为51.2%，累计加息50个基点概率为7.5%。

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WTI与布伦特原油7月17日显著上涨

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来源：金十数据快讯发布时间：2026-07-18 04:56:55+08:00标签：`XLE`, `XOP`, `GLOBAL`, `WTI`, Brent, energy, 原油收盘, commodity, Global

快讯正文

8月WTI期货收于82.49美元/桶，上涨3.54美元或4.48%；9月布伦特期货收于88.10美元/桶，上涨3.87美元或4.59%。

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费城半导体指数较高点回撤超过20%

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来源：金十数据快讯发布时间：2026-07-18 04:07:18+08:00标签：`SOXX`, `SOXL`, `FTXL`, `PSI`, `DRAM`, `KMEM`, `NVDA`, `MRVL`, `GFS`, semiconductors, US equities, 全球半导体市场

快讯正文

费城半导体指数较6月22日收盘历史高点回撤超过20%；本周下跌10%，为2025年4月以来最大周跌幅。

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特朗普称台积电将追加1000亿美元美国投资

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来源：金十数据快讯发布时间：2026-07-18 03:37:01+08:00标签：`SOXX`, `SOXL`, `FTXL`, `PSI`, `DRAM`, `KMEM`, semiconductor manufacturing, US industrial investment, 半导体制造投资, equity, United States

快讯正文

特朗普表示台积电将向亚利桑那州半导体制造设施再投资1000亿美元，使其美国建厂总投资达到2650亿美元。

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美国原油钻井平台增至452座

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来源：金十数据快讯发布时间：2026-07-18 02:42:03+08:00标签：`XLE`, `XOP`, `GLOBAL`, US oil supply, `WTI`, 美国钻井活动, commodity, United States

快讯正文

贝克休斯数据显示，美国原油钻井平台增加7座至452座，连续第12周增长。

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哈玛克称持续高通胀仍是最大担忧

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来源：金十数据快讯发布时间：2026-07-17 22:13:17+08:00标签：`GLOBAL`, US rates, `USD`, equities, 美联储官员讲话, rates, United States

快讯正文

美联储哈玛克表示当前通胀仍然过高，劳动力市场基本处于充分就业附近；企业领导人提到能源、供应链、保险和AI数据中心建设成本压力。

事实参考

以下为事实表、数据对照、账户细项与来源口径，默认折叠；需要核对数据时展开。

美股 / ETF / 公开文章事实

美股 / ETF / 公开行情

标的	IBKR 当前价	较前交易日	盘后/收盘后	上一交易日收盘	今日常规收盘
MSFT	394.01	-1.77%	+0.05%	401.10	393.82
NVDA	202.55	-2.34%	-0.13%	207.40	202.81
MRVL	186.76	-0.82%	-1.02%	188.30	188.68
GFS	57.56	-1.17%	+0.14%	58.24	57.48
APLD	25.61	-3.14%	-0.70%	26.44	25.79
USAR	15.73	-1.12%	+0.53%	15.91	15.65
SOXX	521.81	-1.64%	-0.00%	530.50	521.81
SOXL	134.00	-5.95%	-1.09%	142.48	135.47
FTXL	224.90	-1.97%	-0.81%	229.42	226.74
PSI	143.22	-1.37%	+0.00%	145.21	143.22
DRAM	52.10	-0.46%	-1.18%	52.34	52.72
KMEM	17.57	+0.90%	-0.02%	17.41	17.57
VRT	288.50	-1.91%	-0.37%	294.11	289.56
COHR	276.66	-0.11%	-0.34%	276.96	277.60
CRCL	60.39	-0.42%	-0.12%	60.64	60.46
SPCX	124.14	-5.32%	+0.12%	131.11	123.99
GOOG	345.75	-2.28%	-0.11%	353.81	346.12
NBIS	177.93	+3.59%	+0.12%	171.77	177.71

美股事实与文章索引

标的	IBKR 当前价	较前交易日	盘后/收盘后	文章数	数据缺口
MSFT	394.01	-1.77%	+0.05%	8 篇	-
NVDA	202.55	-2.34%	-0.13%	8 篇	-
MRVL	186.76	-0.82%	-1.02%	8 篇	-
GFS	57.56	-1.17%	+0.14%	8 篇	-
APLD	25.61	-3.14%	-0.70%	8 篇	-
USAR	15.73	-1.12%	+0.53%	8 篇	-
SOXX	521.81	-1.64%	-0.00%	8 篇	-
SOXL	134.00	-5.95%	-1.09%	8 篇	-
FTXL	224.90	-1.97%	-0.81%	8 篇	-
PSI	143.22	-1.37%	+0.00%	8 篇	-
DRAM	52.10	-0.46%	-1.18%	8 篇	-
KMEM	17.57	+0.90%	-0.02%	8 篇	-
VRT	288.50	-1.91%	-0.37%	8 篇	-
COHR	276.66	-0.11%	-0.34%	8 篇	-
CRCL	60.39	-0.42%	-0.12%	8 篇	-
SPCX	124.14	-5.32%	+0.12%	8 篇	-
GOOG	345.75	-2.28%	-0.11%	8 篇	-
NBIS	177.93	+3.59%	+0.12%	8 篇	-

股票文章源

标的	重要性	中文标题	原文标题	发布日期	来源	相关标的	评级理由
KMEM	1/5 低	加拿大皇家军团纪念百年	The Royal Canadian Legion turns 100	2026-07-18	GlobeNewswire	-	虽为最新消息，但属于无市场关联的组织纪念新闻稿，且KMEM标签缺乏正文支持。
KMEM	3/5 中	JERA推进夏威夷液化天然气电站	Japan-based company moves forward with Hawaii LNG plan	2026-07-18	The Honolulu Star-Advertiser	NG=F	项目规模与监管路径具体，具备能源基础设施价值，但仍处早期阶段且与输入主符号不匹配。
KMEM	3/5 中	Numerai回购NMR并扩张基金规模	Numerai Buys Back Another $1.2M in NMR as Hedge Fund Assets Reach $700M	2026-07-18	CryptoProwl	NMR, NMR-USD	对NMR具有直接且及时的代币与基金规模信息，但证据主要来自单一加密媒体。
KMEM	4/5 中高	霍尔木兹受阻推高埃及再生塑料需求	Egypt	2026-07-18	AFP	-	为霍尔木兹冲突的实体供应链影响提供及时、多方采访证据，但区域样本较小且缺少直接证券映射。
KMEM	3/5 中等	Chewy与沃尔玛经营质量对照	Chewy vs. Walmart: Which Consumer Stock Is a Better Buy in 2026?	2026-07-18	Motley Fool	CHWY, WMT	经营指标较完整，适合比较消费股的增长、盈利与现金流质量；与KMEM缺少直接关联，且含来源利益披露和营销内容。
KMEM	3/5 中等	Nike重组再关两家门店	Nike makes changes sneaker fans won	2026-07-18	TheStreet	NKE	提供NKE重组的最新实体证据，门店和人员调整具有直接公司相关性；事件规模、永久性和财务效果仍未披露。
NBIS	3/5 中	Nebius高增长伴随资本压力	Jim Cramer says it	2026-07-18	TheStreet	NBIS	NBIS数据较丰富且时效较高，但核心价格判断依赖媒体人物观点和技术分析。
SPCX	4/5 高	Pelican验证高分辨率地理智能	Is Planet Labs (PL) Quietly Repositioning From Imagery Vendor To Premium Geospatial Intelligence Partner?	2026-07-18	Simply Wall St.	PL, SPCX	当日技术进展直接关联PL并涉及SPCX发射，但商业化与财务贡献尚未验证。
NBIS	3/5 中	Meta洽谈百亿美元算力租赁	Meta and Anthropic Discuss $10B AI Infrastructure Agreement	2026-07-18	CryptoProwl	CRWV, META, NBIS, WULF	潜在合同金额和竞争影响显著，但消息未经公司确认，来源透明度较低。
SPCX	4/5 高	AST卫星通信商业化推迟至2027年	AST SpaceMobile Nears Commercial Launch: Is It Time To Buy The Dip?	2026-07-18	Motley Fool	ASTS, SPCX	商业化延期与收入目标对ASTS重要，并影响SPCX竞争判断，但预测与当前收入差距很大。
GOOG, MSFT	4/5 中高	微软转推自研模型体系	Microsoft Wants Sales Team to Push Its Own AI Models Instead of Rivals OpenAI, Google and Anthropic: Report (UPDATED)	2026-07-18	Benzinga	GOOG, MSFT	直接涉及MSFT的AI产品路线、成本结构和竞争边界，时效性较强；公司未确认且缺少独立性能数据。
NVDA	4/5 中高	VTI估值折价仍输国债收益	VTI Is Cheaper Than It Used to Be. So What	2026-07-18	Trefis	AAPL, DIA, IWM, NVDA, QQQ, SPY, USFD, VITSX	股票与国债相对估值对跨资产日报有直接价值，但关键历史估值口径未交代。
SPCX	2/5 中低	华尔街热捧SpaceX上市叙事	Elon Musk Reacts to Jamie Dimon	2026-07-18	Benzinga	NEUR.PVT, SPCX, TSLA	涉及SPCX资本市场热度，但主要由旧言论、营销活动和远期预测构成，事实增量较低。
GOOG	4/5 中高	Alphabet持仓考验伯克希尔传承	Warren Buffett’s Alphabet bet eases bigger Berkshire fear	2026-07-18	TheStreet	BRK-B, GOOG	直接覆盖BRK.B继任与GOOG基本面，数字和文件依据较充分，但结论含明显作者解读。
SPCX	1/5 低	Anthropic董事席位重塑风投角色	The Investors With a New Way to Win in Silicon Valley	2026-07-18	The Wall Street Journal	SPCX	虽来自高质量媒体，但存档仅有导语且与SPCX关系未被正文支持。
NVDA	3/5 中	疫情溯源解除Sweetgreen压力	Why Sweetgreen Stock Surged Today	2026-07-18	Motley Fool	NVDA, SG	对SG价格异动解释充分且含官方调查线索，但跨资产及主要标的相关度有限。
NVDA	3/5 中	转售限价冲击StubHub利润	Why StubHub Stock Plummeted by 13% This Week	2026-07-18	Motley Fool	NVDA, STUB	法规事实明确并直接影响STUB商业模式，但财务影响仍属分析师情景推演。
NVDA	4/5 中高	比特币反弹仍看ETF资金	Bitcoin Cleared $65,000 This Week. Ignore the Noise, This Is the 1 Factor That Investors Need to Watch.	2026-07-18	Motley Fool	BTC-USD, NVDA	与BTC-USD直接相关，资金流数据适合日报跟踪，但样本只有单日且因果解释有限。
-	2/5 中低	FINRA明确2026空头仓位披露节奏	Short Interest Reporting	2026-07-18	FINRA	-	官方制度信息可信，但仅说明申报与发布时间，不含当日市场数据或具体标的空头仓位。
NVDA	3/5 中	康菲石油入股基尔库克油田	Why ConocoPhillips Stock Flew Higher on Friday	2026-07-17	Motley Fool	BP.L, COP, NVDA, ^GSPC	直接影响COP资源组合并带有能源板块意义，但关键交易经济参数缺失。
NVDA	2/5 中低	Etched寻求二百亿美元估值	AI Chip Startup Etched Is in Talks for $20 Billion Valuation	2026-07-17	The Wall Street Journal	NVDA	估值新闻新鲜且涉及AI芯片，但正文和技术、商业证据均不足。
NVDA	3/5 中	灾损下降推高Travelers利润	Why Travelers Companies Stock Crushed the Market Today	2026-07-17	Motley Fool	NVDA, TRV	财报数字和价格反应清晰，但跨标的相关度有限，盈利改善包含较多非持续因素。
GOOG	1/5 低	《奥德赛》与世界杯争夺观众	Can ‘The Odyssey’ Beat the World Cup?	2026-07-17	Barrons.com	AAPL, GOOG, SKHY, WBD, ^GSPC	主题与输入标的关系间接，且原文几乎完全缺失，无法形成可验证的公司影响判断。
GOOG	4/5 中高	欧盟要求谷歌开放安卓与搜索数据	Google (GOOGL) Faces EU Order To Open Android And Search Data To AI Rivals	2026-07-17	Simply Wall St.	GOOG	监管事实直接关联GOOG的搜索和移动业务，但原始法律文件与公司回应缺失。
NVDA	5/5 高	英伟达美光放大科技盈利	How Nvidia and Micron Are Single-Handedly Reshaping S&P 500 Tech Earnings	2026-07-17	Zacks	GOOGL, MU, NVDA, TSLA	指数盈利拆分详尽，直接揭示NVDA和MU的贡献集中度，对科技与大盘日报均有高价值。
SPCX	5/5 高	SpaceX上市后估值压力显现	SPCX Stock Keeps Falling: Gary Black Says SpaceX Still Looks Ridiculously Overvalued — ‘Don’t Say I Didn’t Warn You’	2026-07-17	Stocktwits	SPCX	直接覆盖SPCX上市后价格、估值与流通结构，时效和标的相关度高，但部分指控缺少独立证据。
DRAM, SOXL, SOXX	5/5 高	芯片ETF暴跌后吸金247亿美元	Investors Pour $25B Into Semiconductor ETFs as DRAM Plunges 40%	2026-07-17	etf.com	DRAM, SMH, SOXL, SOXX	最新资金流与回撤数据直接覆盖多个输入标的，量化了半导体板块的剧烈分歧和杠杆风险。
MRVL, VRT	2/5 中低	AI科技股集中持仓的回撤样本	Yahoo Finance	2026-07-17	Benzinga	CRDO, GLW, HIVE, MRVL, MU, NOK, NVDA, TSM	与MRVL、VRT及多只半导体标的直接相关且发布时间较新，但事实基础是匿名论坛个案，商业推广占比较高。
SPCX	4/5 高	科技股回撤拖累SpaceX与大盘	S&P 500, Nasdaq Slide Sharply As Netflix Guidance Disappoints And Chip Stocks Extend Losses — NFLX, GE, META, AAPL, SPCX In Focus	2026-07-17	Stocktwits	AAPL, GE, NFLX, SPCX	提供最新市场收盘和SPCX潜在政府合同背景，但SpaceX消息尚未形成协议。
GOOG	4/5 中高	半导体回撤拖累美股主要指数	Stock Market Today, July 17: Stocks Slide as Semiconductor Rout Deepens	2026-07-17	Motley Fool	ALL, AMD, GC=F, GOOG, INTC, NVDA, ^DJI, ^GSPC	收盘数据完整且覆盖GOOG、NVDA、AMD、INTC及主要指数，适合跨资产日报读取。
GOOG	4/5 中高	特斯拉与Alphabet财报观察指标	Tesla and Alphabet Earnings: The Metrics That Matter Most	2026-07-17	Zacks	GOOG, GOOGL, TSLA	与TSLA和GOOG财报直接相关，预测数字具体，但来源为卖方共识与媒体解读。
NBIS	2/5 中低	Cramer评半导体抛售与防御股	Jim Cramer Says Semiconductor Stocks Are “Going Down.” Buy These 2 Dividend Stocks Instead	2026-07-17	24/7 Wall St.	ALI=F, CLX, COKE, KO, NBIS, NVDA, PWR	覆盖多只相关股票，但观点驱动明显，且存在财务口径冲突和弱证据引用。
GOOG	5/5 高	Alphabet财报牵动AI资本开支链	Alphabet, Intel results in focus for AI trade as US earnings rev up	2026-07-17	Reuters	GOOG, INTC, ^GSPC	来源质量较高，直接覆盖GOOG、INTC、指数盈利和宏观变量，且处于关键财报窗口。
GOOG, MSFT	4/5 中高	Meta拟出租过剩算力	Meta in talks to rent some of its billions in AI infrastructure to Anthropic	2026-07-17	CNN Business	AMZN, GOOG, META, MSFT	潜在交易规模较大，直接关联META资本开支变现及云厂商竞争，但尚无正式协议或可靠定价。
SPCX	3/5 中	科技财报将检验AI板块承压程度	Dow Jones Futures: Google, Tesla, AMD Loom After AI Stock Sell-Off	2026-07-17	Investor's Business Daily	AMD, GEV, GOOG, INTC, SPCX, TSLA, ^DJI, ^GSPC	与GOOG、SPCX及AI产业链直接相关且时效较高，但正文严重截断，证据密度有限。
SPCX	3/5 中	奈飞抛售与油价上涨压低风险偏好	Update: Equities Fall Amid Netflix Sell-Off; Oil Climbs as Middle East Tensions Rise	2026-07-17	MT Newswires	CL=F, ISRG, NFLX, SPCX, TRV, ^DJI, ^GSPC, ^IXIC	提供及时的跨资产收盘快照，但付费墙导致事实和归因证据不足。
MRVL	3/5 中	芯片股承压，Marvell逆势微涨	Stocks to Watch Recap: Intel, Netflix, SpaceX, Burberry	2026-07-17	The Wall Street Journal	AMD, BRBY.L, INTC, MRVL, MU, NFLX, SPCX, TFC	来源质量较高、发布时间新且直接涉及MRVL，但归档正文极短，事实密度和解释能力有限。
MSFT	2/5 中低	英伟达苹果市值仅差百亿	Nvidia Narrowly Holds Off Apple to Keep World’s Most Valuable Company Title	2026-07-17	Barrons.com	AAPL, MSFT, NVDA	市值数据新鲜但信息维度单一，且与MSFT只有间接关系，归档正文也不完整。
MSFT	4/5 中高	SpaceX竞逐五角大楼算力	SpaceX Reportedly In Talks To Supply Pentagon With AI Computing Power Worth Billions	2026-07-17	Stocktwits	AMZN, CRWV, GOOG, MSFT, ORCL, SPCX	潜在政府合同金额较大且覆盖多家直接相关云厂商，但尚无授标或公司确认。
MRVL	3/5 中	芯片抛售延续，设备股跌幅扩大	Micron, Nvidia, Netflix, SK Hynix, Alphabet, Intuitive Surgical, and More Stocks That Explain Today’s Market	2026-07-17	Barrons.com	AAPL, AMAT, AMD, DELL, GLW, GOOG, INTC, ISRG	行情新鲜且覆盖MRVL所在半导体产业链，但对MRVL只有间接关联，归档内容不完整。
MSFT	4/5 中高	微软增长叙事转向AI负载	Did AI Just Cannibalize Microsoft’s Greatest Narrative?	2026-07-17	Trefis	AAPL, AMZN, CRM, GOOG, MSFT, ORCL, ORCL-PD	直接触及MSFT增长结构、资本开支和估值依赖，数据密度较高，但指标口径需要核验。
MSFT	2/5 中低	CrowdStrike押注AI安全	CrowdStrike Eyes Next Act As AI Security Business Takes Shape	2026-07-17	Investor's Business Daily	CRWD, MSFT	主题具产业相关性，但可见正文只有导语，缺乏财务和产品证据。
MSFT	4/5 中高	半导体熊市拖累美股	US stocks sink this week, semiconductors walloped amid sell-off	2026-07-17	Yahoo Finance Video	AAPL, BTC-USD, CAT, CSCO, CVX, ETH-USD, IBM, MSFT	覆盖指数、行业和加密资产的最新周度表现，对日报市场环境判断有较高价值，但转录数据需复核。
MSFT	3/5 中	阿克曼五大持仓数据拆解	Billionaire Investor Bill Ackman’s Top 5 Bets: Buy, Hold, or Steer Clear?	2026-07-17	24/7 Wall St.	AMZN, BN, MSFT, PS, QSR, UBER	覆盖多个相关标的且财务数字丰富，但13F滞后、模型推广和未经确认的交易主张降低优先级。
NBIS	4/5 中高	Nebius首笔担保债务融资落地	Nebius Raises $775 Million in First Secured Debt Deal	2026-07-17	GuruFocus.com	META, MSFT, NBIS	融资结构和数字具体，直接影响NBIS资本结构，但关键合同与信贷条款仍未完整披露。
NBIS	3/5 中	Nebius融资后的股价分歧	What	2026-07-17	GuruFocus.com	MSFT, NBIS	融资事实重要，但报道重复度高，股价信息只是易失效的盘中快照。
SOXX	3/5 中	Kimi K3触发芯片估值再审视	Moonshot AI’s Latest Model Dings Tech Stocks. We’ve Seen This Story Before.	2026-07-17	Barrons.com	BABA, SOXX, ^IXIC	模型发布时效性强且可能影响SOXX估值叙事，但存档正文过短，无法核实性能、成本及市场影响。
NBIS	4/5 中高	Nebius债务融资缓解稀释担忧	Nebius Jumps 8% as $775M Debt Deal Eases the Dilution Fears That Sank NBIS Stock	2026-07-17	24/7 Wall St.	CRWV, NBIS, NVDA	直接解释NBIS重大融资的资本结构影响，并提供同业对照，但盘中涨幅和部分公司数字需复核。
MRVL	3/5 中	科技抛售扩散至年内新股	Chip Stocks, Tech IPOs, and Wildfire Smoke Are All Clouding the Outlook	2026-07-17	Barrons.com	AVGO, BAC, CBRS, MRVL, MU, NVDA, ^IXIC	及时反映科技风险扩散并与MRVL板块相关，但原文信息残缺，结论缺少量化支撑。
CRCL	5/5 高	Circle增长与收益模式分化	Why Circle Stock Is the Most Divisive Name in Fintech Right Now	2026-07-17	Barchart	CRCL, USDC-USD	覆盖CRCL最新财务、USDC采用、利率敏感性和竞争风险，直接相关且信息密度高。
NBIS	2/5 中低	Nebius董事出售近137万美元股份	Nebius Group Insider Sold Shares Worth $1,370,744, According to a Recent SEC Filing	2026-07-17	MT Newswires	NBIS	内部人出售具有直接相关性，但信息残缺，缺少判断交易意义所需的持股和计划背景。
SOXX	3/5 中	SK海力士反弹背后的技术性力量	SK Hynix Jumps 8% on Bargain-Hunting Rebound as HSBC Reaffirms SKHY as a Top Chip Pick	2026-07-17	24/7 Wall St.	AMD, AVGO, INTC, NVDA, SKHY, SOXX	能解释SKHY与SOXX的走势分化，但期权数字存在自洽性问题，且盘中归因缺少资金流验证。
MRVL	3/5 中	高波动资产的隐性熊市信号	The	2026-07-17	Barrons.com	IBM, MRVL, ORCL, PLTR, SPCX, ^SOX	与MRVL板块风险直接相关且时效性强，但关键指数结论存在内部矛盾，证据可靠性受限。
NBIS	3/5 中	Nebius以资产担保扩张AI算力	Nebius’ $775 Million Debt Deal Changes Everything About Its AI Growth Story	2026-07-17	24/7 Wall St.	GOOG, META, MSFT, NBIS, NVDA	直接关联NBIS融资与资本结构，但与同批报道重复，且关键判断超出已披露条款。
MRVL	4/5 中高	英伟达与Marvell增长论据	2 Stocks to Buy in the Chip Stock Sell-Off	2026-07-17	Motley Fool	MRVL, NVDA	直接覆盖MRVL并提供季度财务与客户需求线索，事实密度较高；媒体立场和商业推广降低了独立性。
MRVL	3/5 中	AMD增长质量与高估值拉锯	AMD Stock Is On Sale, But Is It A Bargain?	2026-07-17	Trefis	AMD, AVGO, INTC, MRVL, NVDA, QCOM	数据丰富并有助于比较人工智能芯片估值，但与MRVL仅为行业关联，历史回测存在时间口径疑点。
MRVL	4/5 中高	Credo现金流跃升与同业压力	Credo	2026-07-17	Zacks	AVGO, CRDO, MRVL	直接比较MRVL及其高速互连竞争者，现金流、现金和债务事实密集，时效性较强。
APLD	4/5 中高	Meta云服务冲击新型算力云估值	Coreweave Down 35% . This Analyst Reiterated His $250 Target Even After ‘Meta Compute’ Was Announced.	2026-07-17	24/7 Wall St.	APLD, CRWV, IREN, META, NBIS, NVDA	直接触及APLD主要租户和板块估值驱动，事实较密集；合同条款来自二手转述，来源含明显营销内容。
SOXX	4/5 中高	芯片板块轮动与高估值压力	AMD Falls 5%, Intel Drops 4%, NVIDIA Slides 3% Before Recovering as Rotation Hits Semiconductor Stocks	2026-07-17	24/7 Wall St.	AMAT, AMD, AVGO, GOOG, INTC, LRCX, MU, NVDA	直接覆盖SOXX核心成分股及最新板块轮动，财务数字较多，但市场归因仍以二手报道和估值叙事为主。
COHR	4/5 较高	Coherent光通信扩产路径	Zacks Industry Outlook Highlights Dave, V2X and Coherent	2026-07-17	Zacks	COHR, DAVE, VVX	直接涉及COHR的产品迭代、产能升级和NVIDIA合作，事实密度较高；公司预测与Zacks评级需要独立验证。
COHR	4/5 较高	IPG斥资三亿欧元扩展医疗激光	IPG Photonics Targets Medical Laser Growth With €300M Lumibird Medical Deal	2026-07-17	MarketBeat	COHR, IPGP, LBIRD.PA	具备明确交易条款和战略结构，对IPGP直接相关，并为COHR所在激光与光子行业提供资产估值和整合参照。
APLD	3/5 中	Applied Digital融资与现金流压力	3 Small-Cap Stocks That Fall Short	2026-07-17	StockStory	APLD, SHC, WD	直接涉及APLD且风险指标具体，但缺少资产负债表、租约和项目融资细节，来源为观点型筛选文章。
CRCL	4/5 高	瑞穗下调Circle至跑输大盘	Circle Stock Is Downgraded As Stablecoin Competition Heats Up	2026-07-17	CryptoProwl	BLK, COIN, CRCL, MFG, V	最新评级和街低目标价直接关联CRCL，但信息来自单一分析师且缺少竞争份额数据。
-	未评级	美国2026年6月零售销售与工业生产	Monthly Retail Trade - Sales Report	2026-07-17	U.S. Census Bureau / Federal Reserve Board	-	-
SOXX	5/5 高	半导体周跌逾9%后盘中修复	Semiconductor stocks trim losses as investors buy the dip	2026-07-17	Yahoo Finance	2330.TW, AMAT, AMD, AVGO, INTC, LRCX, MRVL, MU	提供最新收盘表现、周度跌幅和产业链广度，直接对应SOXX，是当日日报判断半导体风险的重要事实源。
SOXX	2/5 中低	芯片撤退拖累盘前风险资产	Exchange-Traded Funds, Equity Futures Lower Pre-Bell Friday as Investors Retreat From Chipmaker Stocks	2026-07-17	MT Newswires	BETH, BITO, BP, CDNS, COP, EEM, EETH, EXI	时点接近开盘且主题相关，但付费墙令正文近乎不可用，同日完整收盘报道的信息价值更高。
-	5/5 高	美国进口价格年增幅升至7.1%	U.S. Import and Export Price Indexes summary	2026-07-17	U.S. Bureau of Labor Statistics	-	最新官方跨境价格数据，直接补充美国通胀、企业成本和利率环境判断，事实密度高。
SOXX	3/5 中	SOXX短期超额收益跃升	These Funds Are Suddenly Outperforming Themselves	2026-07-17	Trefis	DIA, FXN, IBB, IWM, QQQ, SOXX, SPY, XBI	直接提供SOXX的超额收益、贝塔和估值对比，但属于中期筛选材料，方法披露不充分。
CRCL	5/5 高	Open USD压低Circle盈利预期	Circle Gets Street-Low Target as Stablecoin Competition Heats Up	2026-07-17	Bloomberg	AAPL, BLK, COIN, CRCL, DIS, IBM, UNH, V	彭博报道提供盈利预测差异、竞争机制和近期合同节点，对CRCL日报价值很高。
VRT	4/5 较高	AI资本开支外溢至电力与冷却	These 2 Industrial Stocks Will Benefit From the Trillion-Dollar AI Spending Boom	2026-07-17	Motley Fool	AMZN, GOOG, META, MSFT, NVDA, VRT	与VRT及主要云厂商资本开支直接相关，包含订单、利润率、产品路线和估值数据，可用于判断AI基础设施需求兑现程度。
CRCL	4/5 高	Hyperliquid调整冲击USDC收入	Circle (CRCL) Faces USDC Revenue Headwinds After Hyperliquid Partnership Change	2026-07-17	Simply Wall St.	CRCL, USDC-USD	直接关联CRCL下半年收入，但合同条款和量化测算缺失，证据完整度有限。
CRCL	4/5 高	Circle信托银行强化监管资质	Did Circle’s OCC‑Approved National Trust Bank Just Shift Circle Internet Group	2026-07-17	Simply Wall St.	CRCL, USDC-USD	OCC批准是CRCL机构化路径的重要事实，但财务与估值影响尚停留在预测层面。
NBIS	5/5 高	Nebius首获七点七五亿美元担保债务	Nebius raises $775 million in first secured debt financing to accelerate global buildout	2026-07-17	web-enrichment:company	-	融资规模、成本、期限和担保基础均有明确披露，直接关系NBIS产能扩张、现金流与杠杆风险。
-	3/5 中	等权标普ETF单日回落近百分之零点八	等权标普ETF单日回落近百分之零点八	2026-07-17	Yahoo Finance chart API（已落盘事实）	-	单日一分钟行情能补充市场广度观察，但缺少比较基准与变动归因，阅读优先级居中。
-	4/5 中高	XLE冲高回落仍收涨1.16%	XLE冲高回落仍收涨1.16%	2026-07-17	Yahoo Finance chart API（已落盘事实）	-	07/17完整分钟行情直接对应能源板块基准基金，时效性和数值密度较高，但缺少驱动因素及跨日比较。
-	4/5 中高	美股期权单日成交突破八千万张	U.S. Options Market Volume Summary	2026-07-17	Cboe	-	数据新鲜且覆盖全市场成交、交易所份额及期权结构，对当日衍生品环境有直接参考价值，但缺少历史分位和合约层级明细。
-	3/5 中	FDA年内新药批准增至24项	Novel Drug Approvals for 2026	2026-07-17	FDA	-	FDA官方批准清单事实可靠且覆盖多项医药事件，但缺少公司映射和商业化数据，对具体标的只能作为后续检索入口。
DRAM	3/5 中	Roundhill单日吸金六亿美元	ETF League Tables: Roundhill Pulls In $643M	2026-07-16	etf.com	DRAM	最新品牌资金流可补充DRAM背景，但缺少单只基金拆分，直接证据有限。
CRCL	3/5 中	加密市场结构法案再议伦理条款	Trump To Attend Key Meeting For Clarity Act. Prediction Markets See A 41% Chance Of Passing.	2026-07-16	Investor's Business Daily	COIN, CRCL	监管议题与COIN、CRCL相关且时效较强，但原文严重不完整，证据价值受限。
SOXL	4/5 中高	台积电支出上调冲击SOXL	Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed	2026-07-16	Motley Fool	NVDA, SOXL, TSM, ^IXIC	直接对应SOXL的大幅波动，并用台积电一手财务数字解释触发因素，盘中价格和因果判断仍有局限。
APLD	4/5 中高	北达科他园区新增七十五兆瓦	Applied Digital (APLD) Expands North Dakota AI Campus on Schedule	2026-07-16	Insider Monkey	APLD	提供APLD容量交付和合同收入的直接经营事实，虽非当日事件，仍对近期收入兑现有较高价值。
CRCL	5/5 高	华尔街清算体系测试资产代币化	Wall Street explores tokenization of assets	2026-07-16	Yahoo Finance Video	BLK, BTC-USD, CRCL, MSFT, QQQ, TRX-USD, USDT-USD, V	横跨DTCC基础设施、稳定币、人工智能支付和监管，对CRCL、V、BLK及加密资产均有直接背景价值。
CRCL	5/5 高	Visa平台加剧USDC渠道竞争	CRCL, COIN Stocks Drop After Visa Backs USDC Rival Stablecoin Open USD	2026-07-16	Stocktwits	BTC-USD, COIN, CRCL, USDC-USD, V	Visa正式推出竞争平台，直接影响CRCL、COIN与USDC的分销格局，事件明确且时效高。
VRT	3/5 中等	Cooperman三大持仓分化评估	Billionaire Leon Cooperman’s Top 3 Stocks: Buy, Sell or Hold	2026-07-16	24/7 Wall St.	ET, ET-PI, NG=F, ORCL, RKT, VRT	包含VRT最新经营和估值数据，也揭示机构持仓叙事；跨行业比较口径松散，部分内容依赖分析师目标价及作者判断。
SOXX	4/5 中高	Marvell高估值放大片上调整	Marvell Drops 8% as AI Capex Slowdown Fears Weigh on Chips; Broadcom, AMD, and Intel Slide	2026-07-16	24/7 Wall St.	AMD, AVGO, INTC, MRVL, SOXX	直接覆盖SOXX及关键成分股，财务与估值数据较完整，但板块下跌的资本开支归因缺少一手公司指引。
SOXL	4/5 中高	地缘风险加剧芯片资金撤退	NVDA, MRVL, SNDK, SKHY, And Other Chip Stocks Slide: Analyst Says Investors Are Rotating To Safety Amid Iran War Tensions	2026-07-16	Stocktwits	CL=F, MRVL, NVDA, SKHY, SNDK, SOXL	直接关联SOXL并提供地缘风险向芯片成本传导的跨资产路径，但证据主要是单一分析师判断。
APLD	4/5 中高	Lumentum与APLD增长质量对照	LITE vs. APLD: Which AI Infrastructure Stock Offers Better Growth?	2026-07-16	Zacks	APLD, LITE	直接覆盖APLD的增长、亏损、债务与融资，并提供同一人工智能资本开支周期的对照样本。
COHR	3/5 中等	科技服务三家公司增长画像	3 Stocks to Consider From the Growing Technology Services Market	2026-07-16	Zacks	COHR, DAVE, VVX	COHR产品与产能证据有用，但与同批次另一篇Zacks文章高度重复，且行业分类过宽。
VRT	4/5 较高	Vertiv订单能见度延伸至2028年	Could Vertiv Be the Next Pick-and-Shovel Play for the AI Infrastructure Boom?	2026-07-16	Motley Fool	NVDA, VRT	直接覆盖VRT的需求强度、订单能见度、机柜技术趋势和估值，是当日日报判断AI电力与冷却链的重要材料。
COHR	3/5 中等	Universal Display并购候选画像	Who Is Positioned to Buy Universal Display?	2026-07-16	Trefis	COHR, DD, DOW, GLW, MMM, OLED, UVV	并购画像包含可核查财务和治理数据，并与光电材料产业相关；真实交易证据缺失，情景性高于新闻性。
VRT	2/5 较低	Vertiv与西部数据增长筛选	2 S&P 500 Stocks to Keep an Eye On and 1 We Find Risky	2026-07-16	StockStory	HAL, VRT, WDC, ^GSPC	VRT相关指标可作快速对照，但事实密度有限，缺少数据来源和业务层解释，难以单独支撑判断。
VRT	2/5 较低	RBC下调Vertiv目标价	RBC Capital Adjusts Price Target on Vertiv Holdings to $418 From $435, Maintains Outperform Rating	2026-07-16	MT Newswires	VRT	属于VRT最新卖方评级动作，但付费墙导致证据极少，只能确认目标价与评级，无法解释基本面变化。
COHR	2/5 较低	摩根大通上调Coherent目标价	JPMorgan Adjusts Price Target on Coherent to $435 From $380, Maintains Overweight Rating	2026-07-16	MT Newswires	COHR	目标价调整与COHR直接相关且时效较强，但正文证据不足，无法判断基本面预期的具体变化。
VRT	4/5 较高	数据中心电力链三家公司对照	3 Stocks Riding the AI Data Center Power Buildout in July	2026-07-16	24/7 Wall St.	CAT, ETN, VRT	对VRT及AI数据中心电力链提供可比公司和订单证据，兼具宏观用电背景、经营兑现和风险信息。
VRT	3/5 中等	华尔街评级调整与宏观快照	Here Are Thursday’s Top Wall Street Analyst Research Calls: Alphabet, BlackRock, Etsy, Flex, Lululemon Athletica, Meta Platforms, Okta, Palo Alto Networks, and More	2026-07-16	24/7 Wall St.	AEP, BLK, CNK, CUBE, ETSY, FLEX, GOOG, LULU	包含VRT及多只相关标的的当日评级动作和宏观市场快照，适合建立事件索引；缺少原始研报论据。
COHR	4/5 较高	应用光电的历史回撤压力	Can You Stomach The Plunge In Applied Optoelectronics Stock?	2026-07-16	Trefis	AAOI, AVGO, CIEN, COHR, LITE, MRVL	对AAOI及光通信同行提供系统性的历史波动、恢复期和当前扩产数据，风险信息密度高；模型口径及内部数字矛盾需复核。
GOOG	5/5 高	欧盟约束谷歌开放安卓与搜索数据	Commission provides guidance to Google for AI interoperability on Android and sharing of Google Search data under the Digital Markets Act	2026-07-16	Shaping Europe’s digital future	-	欧盟约束性监管措施直接触及谷歌两项关键生态优势，来源权威、时效性强且标的关联明确。
-	4/5 中高	美联储准备金周增438亿美元	Board of Governors of the Federal Reserve System	2026-07-16	Federal Reserve Board / U.S. Department of the Treasury	-	官方高频流动性数据，与美元资金面和美债直接相关；解读价值较高，但缺少方向性结论且存在多种统计口径。
SOXL	3/5 中	杠杆ETF的每日复位风险	Leveraged ETFs in 2026: How They Work, the Best Funds, and the Risks You Can	2026-07-15	etf.com	NVDL, SOXL, SPXL, TECL, TQQQ, UPRO	对SOXL每日复位和波动损耗的机制解释有价值，但属于通用背景材料，且多项规模与收益数字不一致。
COHR	4/5 高	Coherent估值折价依赖现金流兑现	Coherent (COHR) Stock May Be 11% Undervalued Despite Fresh AI Infrastructure News	2026-07-15	Simply Wall St.	COHR, NVDA	直接涉及COHR估值、现金流和英伟达投资，事实密度较高，但关键结论依赖预测模型。
APLD	4/5 中高	Applied Digital财报电话会定档	Applied Digital Sets Fiscal Fourth Quarter and Full Year 2026 Conference Call for Monday, July 27, 2026, at 5:00 p.m. Eastern Time	2026-07-15	GlobeNewswire	APLD	公司原始公告明确了APLD临近财报窗口，事件确定性高；信息量限于日程安排。
APLD	3/5 中	Applied Digital确定全年业绩发布日	Applied Digital Sets Fiscal Fourth Quarter and Full Year 2026 Conference Call for Monday, July 27, 2026, at 5:00 p.m. Eastern Time	2026-07-15	Applied Digital Corporation	-	明确了APLD即将到来的全年业绩节点，但现阶段仅有日程信息，证据增量有限。
DRAM	3/5 中	费城半导体指数月内回撤16%	The SOX Index Fell 16% in Less Than a Month	2026-07-15	Barrons.com	DRAM, MU, NVDA, SNDK, STX, WDC, ^GSPC, ^SOX	指数回撤数字具有板块参考价值，但正文过短，无法支持更细的归因。
COHR	4/5 高	高贝塔光通信股同步急跌	Applied Optoelectronics Falls 12%, Coherent and Lumentum Slide as AI Optics Trade Cools	2026-07-15	24/7 Wall St.	AAOI, COHR, INTC, LITE, MU, NVDA, QQQ, SOXX	直接覆盖COHR及光通信同业的剧烈波动，并给出业绩和订单背景，但事件归因证据有限。
DRAM	2/5 中低	科技指数上涨掩盖芯片弱势	Tech Stocks Are on the Rise Despite the Chip Dip	2026-07-15	Barrons.com	DRAM, SOX, ^DJI, ^GSPC, ^IXIC	可提示科技指数与芯片板块分化，但正文截短且对DRAM缺少直接数据。
-	5/5 高	褐皮书显示美国温和扩张	National Summary	2026-07-15	Federal Reserve Board	-	最新美联储地区经济调查同时覆盖增长、就业、价格、信贷和行业需求，对美国宏观日报具有直接价值。
-	未评级	美国截至7月10日当周石油状况周报	Weekly Petroleum Status Report, week ending July 10, 2026	2026-07-15	U.S. Energy Information Administration	-	-
APLD	3/5 中	APLD容量兑现与估值分歧	Is Applied Digital (APLD) Undervalued As New AI Capacity Comes Online?	2026-07-15	Simply Wall St.	APLD	直接覆盖APLD容量、租约和估值分歧，但模型假设敏感，发布时间早于本批次多数文章。
APLD	2/5 中低	APLD现金消耗与稀释风险	1 Services Stock with Exciting Potential and 2 We Ignore	2026-07-15	StockStory	APLD, P, WBTN, ^GSPC	直接关联APLD，但内容重复、事实覆盖不完整且商业推广较多，对日报的新增价值有限。
APLD	4/5 中高	新云服务商回撤中的散户分歧	NBIS, IREN, CRWV, APLD: Retail Traders Shrug Off AI Pullback, Buy The Dip In Neocloud Stocks	2026-07-15	Stocktwits	APLD, CRWV, IREN, META, NBIS	直接覆盖APLD及同类新云服务商，含明确回撤幅度和散户调查，但平台投票的样本偏差较大。
-	5/5 高	中国上半年增长4.7%	National Economy Operated within an Appropriate Range with New Growth Drivers Developing Rapidly in the First Half Year	2026-07-15	National Bureau of Statistics of China	-	中国半年度综合经济数据覆盖面广、时效性高，对中国资产和全球需求判断具有直接影响。
NBIS	4/5 中高	Nebius推出伙伴持有型云扩张模式	Nebius introduces business model to scale AI cloud globally through infrastructure partnerships	2026-07-15	web-enrichment:company	-	新模式直接影响NBIS的扩张速度、资本需求和利润结构，但现阶段缺少可量化项目条款。
-	未评级	Vertiv 确认 2026 年第二季度业绩发布日期与电话会时间	Vertiv 确认 2026 年第二季度业绩发布日期与电话会时间	2026-07-15	Vertiv	-	-
-	2/5 中低	EIA周报页面缺少库存核心数据	Weekly Petroleum Status Report - U.S. Energy Information Administration (EIA)	2026-07-15	U.S. EIA	-	官方来源与能源主题相关，但归档正文缺失周报核心数值，当前只能作为待补数据索引。
DRAM, PSI	3/5 中	芯片扩产加重周期下行担忧	How to Profit from the End of the AI Trade	2026-07-14	Barchart	DISK, DRAM, MU, NVDA, PSI, SKHY, SMH, SNDK	覆盖DRAM和PSI的持仓结构与行业风险叙事，但证据以技术图形和作者推演为主。
GFS	4/5 中高	台积电酝酿成熟制程提价	Wedbush Delivers an Urgent Message for TSMC Stock Investors	2026-07-14	GuruFocus.com	GFS, TSEM, TSM, UMC	与GFS直接相关，并可能改变成熟制程行业定价；消息仍属券商预期，确认度有限。
SOXL	4/5 中高	SOXL未来一年面临两重压力	The 2 Pressure Points That Will Determine SOXL’s Next 12 Months	2026-07-14	24/7 Wall St.	AMD, SMH, SOXL	直接解释SOXL的产业需求和杠杆损耗风险，数据较密集，但关键触发条件含较强情景假设。
-	5/5 高	美国六月通胀降温但能源仍高	Consumer Price Index News Release	2026-07-14	U.S. Bureau of Labor Statistics	-	本周发布的美国官方通胀数据具有高时效性、强跨资产相关性和较高事实密度，是评估利率预期与宏观定价的重要依据。
USAR	4/5 中高	USAR打通废磁体稀土分离环节	USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility	2026-07-14	GlobeNewswire	HRE.AX, USAR	USAR直接技术里程碑涉及稀缺的重稀土分离能力，但现阶段仍是公司披露的示范样品，商业验证不足。
USAR	4/5 中高	稀土磁材废料实现镝与钕镨分离	USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility - Tue, 07/14/2026 - 07:00	2026-07-14	USA Rare Earth	-	重稀土分离和废料循环验证与USAR主营链条直接相关，但尚处样品认证及商业放大前阶段。
USAR	3/5 中	USAR上半年涨势的事件账本	Here	2026-07-13	Motley Fool	NVDA, USAR, ^GSPC	直接覆盖USAR并整理多项历史催化，但以回顾为主，新增信息有限且带有订阅推广。
USAR	2/5 中低	HyProMag押注美国废磁体回收	HyProMag is the Magnet Opportunity Hiding in America	2026-07-13	Exec Edge	BMW.DE, CTH.V, CTHCF, LYJ.F, MP, NB, SIE.DE, USAR	可用于观察美国磁体回收竞争格局，但与USAR仅间接相关，关键经济数据来自项目方并带有强烈推介色彩。
DRAM, SOXL	5/5 高	资金逆势涌入半导体ETF	Investors Buy the Semiconductor Dip in $40 Billion Flows Week	2026-07-13	etf.com	CL=F, DRAM, HYG, QQQ, SMH, SOXL, SOXX, VOO	直接覆盖SOXL和DRAM，资金流数字完整，并提供全市场与科技指数对照。
SOXL	4/5 中高	存储股回落放大SOXL跌幅	Why Direxion Daily Semiconductor Bull 3X ETF Dropped	2026-07-13	Motley Fool	NVDA, SKHY, SOXL, ^IXIC	对SOXL异动具有直接解释力，但供给过剩结论依赖远期产能假设。
USAR	2/5 中低	Nova推进阿拉斯加锑试验厂	Nova Minerals Advances U.S. Defense Supply Chain with Antimony Pilot Plant Buildout	2026-07-13	IPO-Edge.com	MP, NVA, NVA-WT, TECK, UAMY, USAR	项目对NVA直接相关，但与USAR仅有主题联系，且短讯缺少产能、经济性和第三方验证。
DRAM	5/5 高	海力士预期落空冲击存储链	Micron, SanDisk, Western Digital Fall 6% as SK Hynix’s Weak Outlook Rattles Memory Stocks	2026-07-13	24/7 Wall St.	005930.KS, DRAM, MU, SKHY, SNDK, STX, WDC	事件、持仓集中度和价格反应均直接指向DRAM，事实密度高且传导路径清晰。
DRAM	3/5 中	DRAM跻身上半年新基金代表	ETFs- Among 728 New Funds from H1 2026, These FIVE Stand Out	2026-07-13	MoneyShow	DRAM, IQMM, LOHA, NASA, SECU, SPCX	直接涉及DRAM的新品定位，但篇幅短、量化数据不足，主要用于背景阅读。
GFS	未评级	GlobalFoundries (GFS) Announces Production Readiness of SLATE Wafer-to-Wafer Bonding Technology	GlobalFoundries (GFS) Announces Production Readiness of SLATE Wafer-to-Wafer Bonding Technology	2026-07-12	Insider Monkey	GFS	发布时间早于日报 5 天摘要窗口。
USAR	未评级	3 Rare-Earth ETFs That Help Investors Balance Exposure and Risk	3 Rare-Earth ETFs That Help Investors Balance Exposure and Risk	2026-07-12	MarketBeat	ALB, ALB-PA, EART, MP, REMX, SETM, USAR	发布时间早于日报 5 天摘要窗口。
GFS	未评级	A GlobalFoundries Insider Sold 78% of His Company Shares. Here's a Closer Look at the Transaction.	A GlobalFoundries Insider Sold 78% of His Company Shares. Here	2026-07-11	Motley Fool	GFS	发布时间早于日报 5 天摘要窗口。
PSI	未评级	AAOI Soared 251%, But PSI Quietly Doubled Your Money Too	AAOI Soared 251%, But PSI Quietly Doubled Your Money Too	2026-07-10	24/7 Wall St.	AAOI, PSI, RDDT	发布时间早于日报 5 天摘要窗口。
GFS	未评级	Micron's $250 Billion Bet Could Reshape the AI Memory Race	Micron	2026-07-10	MarketBeat	GFS, MU, SKHY	发布时间早于日报 5 天摘要窗口。
GFS	未评级	Taiwan Semiconductor Is a No-Brainer Buy Before July 16 Earnings. Here’s Why	Taiwan Semiconductor Is a No-Brainer Buy Before July 16 Earnings. Here’s Why	2026-07-10	24/7 Wall St.	GFS, INTC, NVDA, TSM	发布时间早于日报 5 天摘要窗口。
CRCL	未评级	Circle 表示已获 OCC 最终批准设立国家信托银行	Circle receives final OCC approval to establish national trust bank	2026-07-10	Circle / OCC / SEC	-	-
-	未评级	424(B)(4)	424(B)(4)	2026-07-10	SK hynix / SEC	-	发布时间早于日报 5 天摘要窗口。
-	未评级	文章	-	2026-07-10	TSMC	-	-
-	未评级	国际能源署2026年7月石油市场报告	Oil Market Report - July 2026	2026-07-10	International Energy Agency	-	-
-	未评级	Circle称获准设立国家信托银行	Circle Receives Final OCC Approval to Establish National Trust Bank | Circle	2026-07-10	Circle	-	发布时间早于日报 5 天摘要窗口。
GFS	未评级	SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund	SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund	2026-07-09	24/7 Wall St.	GFS, IBM, NVDA, SAAQ.PVT	发布时间早于日报 5 天摘要窗口。
SOXL	未评级	Direxion Daily Semiconductor Bull 3X ETF Explodes	Direxion Daily Semiconductor Bull 3X ETF Explodes	2026-07-09	Motley Fool	6488.TWO, MU, NVDA, SOXL, ^IXIC	发布时间早于日报 5 天摘要窗口。
GFS	未评级	GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS)	GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS)	2026-07-09	InvestorsHub	6488.TWO, GFS, MU	发布时间早于日报 5 天摘要窗口。
USAR	未评级	MP Materials (MP) Sues USA Rare Earth Over Magnet Technology And Engineer Hiring	MP Materials (MP) Sues USA Rare Earth Over Magnet Technology And Engineer Hiring	2026-07-09	Simply Wall St.	MP, USAR	发布时间早于日报 5 天摘要窗口。
USAR	未评级	Rare Earth Talent Scramble Lures 86-Year-Old From Retirement	Rare Earth Talent Scramble Lures 86-Year-Old From Retirement	2026-07-09	Bloomberg	ARA.NE, ARA.TO, METC, METCB, METCI, METCZ, MP, USAR	发布时间早于日报 5 天摘要窗口。
KMEM	未评级	New Memory ETFs Line Up to Challenge Runaway DRAM	New Memory ETFs Line Up to Challenge Runaway DRAM	2026-07-09	etf.com	000660.KS, 005930.KS, DRAM, HBMX, KMEM	发布时间早于日报 5 天摘要窗口。
-	未评级	DOE’s Office of Electricity Publishes 2026 Draft National Transmission Needs Study to Strengthen America’s Grid	DOE’s Office of Electricity Publishes 2026 Draft National Transmission Needs Study to Strengthen America’s Grid	2026-07-09	U.S. Department of Energy	-	发布时间早于日报 5 天摘要窗口。
-	未评级	加州数字金融资产法最终规则	Digital Financial Assets Law regulations and FAQ	2026-07-09	California Department of Financial Protection and Innovation	-	-
-	未评级	Alphabet 公布 2026 年第二季度财务结果电话会日期	Alphabet : Announces Date of Second Quarter 2026 Financial Results Conference Call	2026-07-08	MarketScreener	-	发布时间早于日报 5 天摘要窗口。
GFS	未评级	TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?	TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?	2026-07-08	Zacks	GFS, ON, TSM, ^GSPC	发布时间早于日报 5 天摘要窗口。
USAR	未评级	CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions	CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions	2026-07-08	Stocktwits	ALOY, CRML, GLND, USAR, UUUU	发布时间早于日报 5 天摘要窗口。
PSI	未评级	Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor	Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor	2026-07-07	24/7 Wall St.	AMD, NVDA, PSI, TSM	发布时间早于日报 5 天摘要窗口。
PSI	未评级	Top-Performing ETF Areas of 1H 2026	Top-Performing ETF Areas of 1H 2026	2026-07-02	Zacks	BWET, EWY, PSI, TCAI, UGA, ^GSPC, ^IXIC, ^RUT	发布时间早于日报 5 天摘要窗口。
-	未评级	2026年5月央行黄金储备统计	Central bank gold statistics: Central banks remain committed to gold	2026-07-02	World Gold Council	-	发布时间早于日报 5 天摘要窗口。
PSI	未评级	Best Performing ETFs of 2026	Best Performing ETFs of 2026	2026-07-01	etf.com	AIS, BWET, DRAM, EWY, MUU, PSI, QQQ, SOXX	发布时间早于日报 5 天摘要窗口。
APLD	未评级	Applied Digital 交付 Polaris Forge 1 第二栋建筑	Applied Digital Delivers Second Building at Polaris Forge 1	2026-07-01	Applied Digital Corporation	-	发布时间早于日报 5 天摘要窗口。
KMEM	未评级	Kurv Launches the KMEM ETF: The Purest Play on Memory Production	Kurv Launches the KMEM ETF: The Purest Play on Memory Production	2026-07-01	Business Wire	000660.KS, 005930.KS, CBOE, KMEM, MU	发布时间早于日报 5 天摘要窗口。
FTXL	未评级	Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally	Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally	2026-07-01	Zacks	AMD, CHPX, FTXL, INTC, MU, SHOC	发布时间早于日报 5 天摘要窗口。
-	未评级	GlobalFoundries 公布 2026 年第二季度业绩电话会安排	GlobalFoundries Announces Conference Call to Review Second Quarter 2026 Financial Results | GlobalFoundries Inc.	2026-07-01	GlobalFoundries	-	发布时间早于日报 5 天摘要窗口。
-	未评级	欧元区通胀与欧洲央行参考汇率	Euro area annual inflation down to 2.8%	2026-07-01	Eurostat / European Central Bank	-	发布时间早于日报 5 天摘要窗口。
USAR	未评级	USA Rare Earth S-4/A litigation disclosure	USA Rare Earth S-4/A litigation disclosure	2026-06-30	web-enrichment:regulator	-	发布时间早于日报 5 天摘要窗口。
FTXL	未评级	The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL	The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL	2026-06-26	Zacks	CHPX, FTXL, KNO, MU, MULL, MUU, NVS, QCOM	发布时间早于日报 5 天摘要窗口。
FTXL	未评级	Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch	Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch	2026-06-25	Zacks	CHPX, FTXL, KNO, MU, MULL, MUU, SHOC	发布时间早于日报 5 天摘要窗口。
PSI	未评级	Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?	Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?	2026-06-18	Zacks	PSI	发布时间早于日报 5 天摘要窗口。
-	未评级	Implementation Note issued June 17, 2026	Implementation Note issued June 17, 2026	2026-06-17	Federal Reserve Board	-	-
-	未评级	Applied Digital 获得最高 5.5 亿美元循环信贷安排	Applied Digital Secures Revolving Credit Facility of Up To $550 Million in Support of Strategic Growth	2026-06-08	Applied Digital	-	发布时间早于日报 5 天摘要窗口。
FTXL	未评级	Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat	Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat	2026-06-05	Zacks	AVGO, FTXL, SMH, SOXQ, SOXX	发布时间早于日报 5 天摘要窗口。
-	未评级	8-K	8-K	2026-06-05	Alphabet / Microsoft	-	发布时间早于日报 5 天摘要窗口。
PSI	未评级	Should You Invest in the Invesco Semiconductors ETF (PSI)?	Should You Invest in the Invesco Semiconductors ETF (PSI)?	2026-06-02	Zacks	IVZ, PSI	发布时间早于日报 5 天摘要窗口。
FTXL	未评级	Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?	Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?	2026-06-02	Zacks	FTXL	发布时间早于日报 5 天摘要窗口。
PSI	未评级	The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names	The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names	2026-05-31	24/7 Wall St.	INTC, LRCX, MU, NVDA, PSI, QQQ, SOXX, ^GSPC	发布时间早于日报 5 天摘要窗口。
FTXL	未评级	After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade	After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade	2026-05-29	24/7 Wall St.	ASML.AS, FTXL, LRCX, MU, NVDA, SMH, SOXX	发布时间早于日报 5 天摘要窗口。
FTXL	未评级	The Most-Compared ETFs Right Now — And What They Reveal	The Most-Compared ETFs Right Now — And What They Reveal	2026-05-28	etf.com	BIL, BOXX, CHPS, DRAM, FTXL, IVV, NLR, PSI	发布时间早于日报 5 天摘要窗口。
-	未评级	Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2027 Financial Results	Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2027 Financial Results	2026-05-27	Marvell	-	发布时间早于日报 5 天摘要窗口。
FTXL	未评级	Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?	Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?	2026-05-19	Zacks	FTXL	发布时间早于日报 5 天摘要窗口。
-	未评级	Bitcoin Core 31.0版本说明	Bitcoin Core 31.0	2026-04-20	Bitcoin Core / Solana Foundation	-	发布时间早于日报 5 天摘要窗口。
-	未评级	文章	-	2026-03-20	Nebius / SEC	-	发布时间早于日报 5 天摘要窗口。
-	未评级	美国加密资产监管解释	SEC Clarifies the Application of Federal Securities Laws to Crypto Assets	2026-03-17	SEC / U.S. Senate Banking Committee	-	发布时间早于日报 5 天摘要窗口。
-	未评级	NVIDIA 与 Coherent 宣布多年期战略合作	NVIDIA, Coherent Partner on Next-Gen Data Center Optics	2026-03-02	Coherent	-	发布时间早于日报 5 天摘要窗口。
MRVL	2/5 中低	Marvell当前暂无待举行投资者活动	IR Calendar	未提供发布时间	Marvell Technology, Inc.	-	仅能确认MRVL当前活动日历为空，没有新增财务或经营证据。
COHR	2/5 中低	Coherent投资者页面停留在三季报入口	Investor Relations | Coherent	未提供发布时间	web-enrichment:company	-	该页面主要承担资料导航功能，缺少当前财务数据和新事件细节。
-	3/5 中	格芯8月5日公布二季度业绩	Events | GlobalFoundries Inc.	未提供发布时间	GlobalFoundries Inc.	-	未来业绩会时间明确且与公司直接相关，但材料仅为活动日历，缺少财务数据和管理层信息。

打开原文

加拿大皇家军团纪念百年

重要性1/5 低

虽为最新消息，但属于无市场关联的组织纪念新闻稿，且KMEM标签缺乏正文支持。

标签

标的：`KMEM`来源：GlobeNewswire发布日期：2026-07-18重要性：1/5 低评级理由：虽为最新消息，但属于无市场关联的组织纪念新闻稿，且KMEM标签缺乏正文支持。评级依据：发布于日报当天, 付费新闻稿, 无直接标的关系, 缺少投资相关事实原文字数：845

中文摘要

核心结论

加拿大皇家军团于07/17在渥太华国家战争纪念碑举行成立100周年纪念活动，并发布纪念邮票与城市公告。内容属于组织自发付费新闻稿，与输入标记KMEM或投资市场没有可验证关联。

重要性评级

评级：1/5（低）

文章时效很新，但属于纪念活动公关材料，没有证券、行业或宏观市场信息，对当日日报的投研价值很低。

关键事实

• 加拿大皇家军团成立于1926年07/17，2026年迎来100周年。
• 百年活动于07/17在渥太华国家战争纪念碑举行，退伍军人、军团成员、政府与公共机构代表出席。
• 组织称其在加拿大、美国和欧洲设有分支，共有约30万名成员。
• 青少年纪念主题艺术比赛始于20世纪60年代，目前每年约有10万人参与。
• 加拿大邮政发布百年纪念邮票，渥太华市长宣布07/17为“加拿大皇家军团百年纪念日”。
• 新闻稿回顾了1936年组织退伍军人赴法国参加维米纪念碑揭幕，以及2000年和2024年的无名士兵安葬活动。

作者观点与证据

稿件由加拿大皇家军团发布，重点展示其历史、社区服务和纪念活动。组织规模及活动内容主要来自发布方自述，缺少独立报道或财务披露。

与相关标的的关系

正文没有出现KMEM，也没有公司、证券或可量化市场变量。输入符号关联疑似新闻聚合匹配噪声。

时效性与限制

文章发布于美东时间 07/17 23:50（UTC+8 07/18 11:50）。这是明确标注的付费新闻稿，来源立场为活动主办方。

后续跟踪

• 无需纳入市场跟踪清单。
• 如需保留，仅核对KMEM标签的聚合映射是否错误。

英文原文

The Royal Canadian Legion turns 100

This is a paid press release. Contact the press release distributor directly with any inquiries.

The Royal Canadian Legion turns 100

The Royal Canadian Legion

Sat, July 18, 2026 at 11:50 AM GMT+8 4 min read

July 17 birthday commemoration and celebration mark a milestone anniversary

Legion 100 Anniversary

Canada Post stamp Legion 100 Anniversary

City of Ottawa proclamation Legion 100 Anniversary

Minister McKnight and Dominion President Berkley Lawrence write remembrance messages 100 Anniversary

Her Excellency Louise Arbour places a poppy Legion 100 Anniversary

Grand President Larry Murray (L) and Dominion President Berkley Lawrence (R) at ceremony Legion 100 Anniversary

Anniversary cake OTTAWA, Ontario, July 17, 2026 (GLOBE NEWSWIRE) -- The Royal Canadian Legion proudly commemorated its 100th anniversary at the National War Memorial in Ottawa today, joined by invited dignitaries, Veterans, Legion members, and the public. Incorporated on July 17, 1926, the country's largest Veteran support and community service organization recalled highlights of its history of Remembrance. From chartering giant steamships so Veterans could attend the unveiling of Vimy Memorial in France in 1936, to the repatriation of an Unknown Soldier to Ottawa, ON in 2000, and to St. Johns, NL in 2024.

"We also remember those who were angered and saw a great need for support and advocacy," said Berkley Lawrence, Legion Dominion President, referring to the era in the wake of the First World War. "It is they who founded to Legion to ensure that Veterans were cared for and remembered. Not only then, but in the future."

Larry Murray, Legion Grand President also spoke of the organization's artistic contests for youth which began in the 1960s. "It is impressive that these contests continue to this day," he shared, noting an estimated 100,000 people take part each year.

Her Excellency the Right Honourable Louise Arbour, Governor General and Commander-in-Chief of Canada spoke at the 100 th anniversary event . "Beyond its commitment to veterans and their families, the Legion is a powerful force in villages, towns and cities across Canada," she expressed.

Her Excellency later placed a wreath at the site, and a Poppy on the Tomb of the Unknown Soldier joined by other invited dignitaries, including Acting Chief of the Defence Staff Vice Admiral Angus Topshee and RCMP Commissioner Mike Duheme. Veteran groups, cadets, and guests also paid homage this way.

Canada's Minister of Veterans Affairs, the Honourable Jill McKnight, spoke about the Legion's legacy, and recalled her own memories of the Legion branch in her community while growing up.

A past winner of the Legion's annual Youth Remembrance Contest, which is held in collaboration with the Legion National Foundation, recited her emotional poem called "A place set for you," about losing a loved one in the line of service. Sara Butt's poem grew from her experience listening to soldiers while volunteering during the National Poppy Campaign.

"Though I lost you to freedom, to honour, to the fight…You live on in my heart, my son, my endless light," her last two lines read.

Story Continues

During the ceremony some of Canada's youth carried in a personalized Canadian Remembrance Torch bearing the Legion's name, and an impressive Hercules aircraft made a special flyover, another highly symbolic gesture in honour of the Legion's anniversary.

An afternoon reception held at Ottawa's City Hall for invited guests included remarks thanking the Legion's many collaborators and supporters, the sharing of some examples of its work over the decades, and an update on its burgeoning growth over the past few years.

A highlight was the unveiling of a vibrant new Canada Post stamp to commemorate the Legion's century of service. Canada Post CEO Doug Ettinger thanked Veterans in attendance for their service, and the Legion for its work over the decades. Later, City of Ottawa Mayor Mark Sutcliffe also acknowledged the Legion's contributions and presented a special framed proclamation naming July 17, 2026 as "Royal Canadian Legion Centenary Day" in Ottawa. The Legion is headquartered in Canada's capital.

Along with Legion Dominion President Berkley Lawrence, Minister McKnight filled out a sticky note with a message as part of the Legion's "Don't Forget to Remember " initiative, which invites people to share thoughts of Remembrance. These sticky notes will eventually be creatively incorporated into artistic renditions of Canadian Veterans to be displayed in public and shared online later this year.

Guests enjoyed delicious Legion 100 anniversary cake to top off the day's special celebrations. Around the country, branches also held local events from dinners to train tours, with more activities planned as the anniversary year continues!

About The Royal Canadian Legion

Incorporated in 1926, the Legion is Canada's largest Veteran support and community service organization. We are a non-profit organization with a national reach across Canada as well as branches in the U.S. and Europe. With 300,000 members, many of whom volunteer an extraordinary amount of time to their branches, our strength is in our numbers.

National Public Relations / Media Inquiries: PublicRelations@Legion.ca / 343-540-7604 - Nujma Bond

Legion.ca

Facebook.com/CanadianLegion

Twitter.com/RoyalCdnLegion

Instagram.com/royalcanadianlegion

youtube.com/user/RCLDominionCommand

Linkedin.com/company/royalcanadianlegion

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/bc8c813d-6837-49e1-b538-bec09f242ccd

https://www.globenewswire.com/NewsRoom/AttachmentNg/7920370f-aeb3-474c-8c62-2d834a1a811a

https://www.globenewswire.com/NewsRoom/AttachmentNg/7aa2afab-8c3d-4e95-acf1-917a02e1d7bd

https://www.globenewswire.com/NewsRoom/AttachmentNg/284f9b11-af07-43d3-ba59-fb0548175544

https://www.globenewswire.com/NewsRoom/AttachmentNg/d1d93683-dc03-4412-bdeb-dd7241079d20

https://www.globenewswire.com/NewsRoom/AttachmentNg/9b1df696-26de-43ed-ad85-4748a3bb46f5

打开原文

JERA推进夏威夷液化天然气电站

重要性3/5 中

项目规模与监管路径具体，具备能源基础设施价值，但仍处早期阶段且与输入主符号不匹配。

标签

标的：`KMEM`来源：The Honolulu Star-Advertiser发布日期：2026-07-18重要性：3/5 中评级理由：项目规模与监管路径具体，具备能源基础设施价值，但仍处早期阶段且与输入主符号不匹配。评级依据：发布于日报当天, 项目金额和容量明确, 涉及监管审批和天然气需求, 与KMEM无直接关系原文字数：257

中文摘要

核心结论

JERA Americas计划向夏威夷公共事业委员会申请设立受监管的批发发电公司GenCo，用于持有拟建电站并向瓦胡岛电网供电。项目拟投资15亿美元建设500兆瓦天然气发电设施，另需约5亿美元海上液化天然气基础设施。

重要性评级

评级：3/5（中）

项目金额、容量和监管路径明确，对夏威夷电力与液化天然气需求具有现实意义；与KMEM没有直接关系，对天然气期货也只是区域性、远期需求线索。

关键事实

• 总部位于东京的JERA计划向夏威夷公共事业委员会提交新项目申请。
• JERA拟成立受监管的批发发电公司GenCo，持有并运营拟建电站，向瓦胡岛电网供电。
• 天然气发电设施计划投资15亿美元，装机容量500兆瓦。
• 配套海上LNG（液化天然气）基础设施预计另需约5亿美元。
• 夏威夷州长Josh Green已于2025年10月与JERA签署无约束力战略合作协议。
• 支持者把LNG视为夏威夷在2045年前实现100%可再生能源目标的过渡燃料；反对者担心项目挤压可再生能源投资并延长化石燃料依赖。

作者观点与证据

文章基于JERA新闻稿和州长表态，清楚列出项目结构与拟投资金额。项目仍处于申报前阶段，合作协议无约束力，尚缺少监管批准、购电协议、融资安排、建设周期及燃料供应合同。

与相关标的的关系

NG=F（纽约商业交易所天然气期货）仅受到潜在液化天然气需求的间接影响，500兆瓦项目不足以单独改变全球市场平衡。正文没有出现KMEM，符号映射缺乏证据。

时效性与限制

文章发布于美东时间 07/17 23:48（UTC+8 07/18 11:48）。项目尚未正式获批，成本和容量均为提案口径。

后续跟踪

• 向夏威夷公共事业委员会正式提交的申请文件。
• 电站购电协议、监管回报机制和融资结构。
• 海上LNG设施的选址、许可与供应合同。
• 夏威夷2045年可再生能源目标下的项目兼容性。

英文原文

Japan-based company moves forward with Hawaii LNG plan

Japan-based company moves forward with Hawaii LNG plan

Chloe Jones, The Honolulu Star-Advertiser

Sat, July 18, 2026 at 11:48 AM GMT+8 1 min read

• NG=F

+1.85%

The Tokyo-based company that has been vying to bring liquefied natural gas (LNG) to Hawaii said it will file an application with the state for a new project that includes creating a power generation company.

JERA Americas officials said today they have notified the state Public Utilities Commission that they plan to seek approval to establish a new regulated wholesale power generation company called "GenCo" and based in Hawaii.

The company would "own and operate the proposed power plant and supply power to Oahu's electric grid" under a regulatory framework approved by the PUC, the company said in a news release.

The move follows JERA's proposal to invest $1.5 billion in a 500-megawatt natural gas-fueled generation facility at Kalaeloa supported by offshore LNG infrastructure, which is expected to cost around $500 million.

Gov. Josh Green signed a non-binding strategic partnering agreement with the company in October and has been a strong proponent of bringing LNG to Oahu.

Green and other supporters of LNG say it will be a key "bridge fuel" as the state transitions to 100% renewable energy by 2045, while detractors claim it distracts from renewable investments and will prolong Hawaii's reliance on fossil fuels.

"Energy has to become more affordable in Hawaii," Green said in the news release. "The status quo isn't good enough anymore, and I believe Hawaii will benefit from competition and new ideas."

打开原文

Numerai回购NMR并扩张基金规模

重要性3/5 中

对NMR具有直接且及时的代币与基金规模信息，但证据主要来自单一加密媒体。

标签

标的：`KMEM`来源：CryptoProwl发布日期：2026-07-18重要性：3/5 中评级理由：对NMR具有直接且及时的代币与基金规模信息，但证据主要来自单一加密媒体。评级依据：发布于日报当天, 与NMR直接相关, 关键经营和代币数字较多, 缺少链上与审计验证原文字数：431

中文摘要

核心结论

Numerai完成第三次NMR回购，本次金额120万美元，不到一年累计回购320万美元；同期对冲基金管理资产增至约7亿美元。回购用于补充竞赛奖励和质押支付所需的储备，并未永久销毁代币。

重要性评级

评级：3/5（中）

消息发布及时，包含回购、资产规模、质押量和交易活动等数字，直接关联NMR；来源为加密媒体单篇报道，关键数据仍需Numerai或链上记录确认。

关键事实

• Numerai通过Coinbase Institutional（Coinbase机构交易平台）在数周内回购价值120万美元的NMR，成交接近买方报价。
• 本次为第三次战略回购，不到一年累计回购金额达到320万美元。
• 超过110万枚NMR已在网络中质押，活跃账户数量过去一年增长超过一倍。
• Numerai对冲基金管理资产约7亿美元，高于2025年底的约5.6亿美元。
• 基金每月在30个全球市场交易超过10亿美元。
• NMR最大供应量固定为1100万枚；最新回购前，Numerai储备持有约310万枚。
• 回购代币用于补充数据科学竞赛奖励和质押支出，没有退出流通。
• 文中称NMR当时报价为10.07美元。

作者观点与证据

文章认为，回购加强了NMR与Numerai基金规模、交易活动及机器学习贡献网络之间的联系。资产管理规模、回购金额和质押量支持这种关联，但没有提供经审计的基金业绩、链上交易哈希或回购后的完整储备余额。

与相关标的的关系

NMR及NMR-USD与回购、质押和奖励机制直接相关。KMEM未出现在正文中，输入标记可能来自新闻聚合误配。

时效性与限制

文章发布于美东时间 07/17 23:38（UTC+8 07/18 11:38）。NMR流动性较薄，10.07美元报价和质押量会快速变化；报道来源并非公司正式公告或审计文件。

后续跟踪

• 回购交易的链上记录与Numerai储备余额。
• 管理资产、基金净流入和经审计业绩。
• 质押NMR数量、活跃账户及竞赛奖励支出。
• 后续回购规模、执行价格与披露方式。

英文原文

Numerai Buys Back Another $1.2M in NMR as Hedge Fund Assets Reach $700M

Numerai Buys Back Another $1.2M in NMR as Hedge Fund Assets Reach $700M

CryptoProwl

Sat, July 18, 2026 at 11:38 AM GMT+8 2 min read

• NMR-USD

-0.20%

Numerai Buys Back Another $1.2M in NMR as Hedge Fund Assets Reach $700M Numerai (CRYPTO: $NMR) has completed a third strategic buyback of Numeraire, purchasing another $1.2 million of NMR as the crowdsourced hedge fund expands its assets, contributor base and onchain incentive system.

The latest transaction lifts Numerai's total NMR repurchases to $3.2 million in less than a year. The company said the buyback was executed through Coinbase Institutional at or near the bid price over several weeks, allowing it to accumulate tokens without placing abrupt pressure on the relatively thin market.

Unlike its previous announcements, Numerai disclosed the purchase only after the full transaction had been completed.'

More From Cryptoprowl:

• Major U.S. Banks Join U.K. Government's Tokenization Taskforce

• Hyperliquid HIP-3 Volume Nears 50% as Onchain Stock Trading Accelerates

• MEXC Reports 7.1 Billion USDT in SpaceX Futures Volume as Q2 Closes the Gap to Wall Street

• SBI Group, DigiFT, and Startale Group Advance Tokenized Capital Markets with JPYSC-Powered Settlement and Onchain Dividend Distribution

• MEXC Adds Five Ondo Tokenized Stocks Spanning Semiconductors to Power Infrastructure

NMR powers the company's global data-science tournament, where contributors build machine-learning models designed to forecast equity markets. Participants stake the token behind their predictions, earning additional NMR when their models perform well and risking part of their stake when results fall short.

Numerai combines those submissions into its Stake-Weighted Meta Model, which helps generate trading signals for the firm's hedge fund. More than 1.1 million NMR is now staked across the network, while the number of active accounts has more than doubled over the past year.

The hedge fund has grown alongside that participation. Numerai now manages about $700 million, up from roughly $560 million at the end of 2025, and trades more than $1 billion each month across 30 global markets.

The buyback is designed to replenish the treasury used for tournament rewards and staking payouts rather than permanently remove tokens from circulation. NMR has a fixed maximum supply of 11 million tokens, with about 3.1 million held in Numerai's treasury before the latest purchase.

Numerai has also introduced new infrastructure aimed at autonomous AI participation, including Skills, Model Context Protocol integrations and Atomic Blockchain Staking.

The latest purchase links NMR more closely to a hedge fund whose assets, trading activity and machine-learning network are all continuing to expand.

Numeraire (CRYPTO: NMR) is currently trading at $10.07 U.S. per digital token.

打开原文

霍尔木兹受阻推高埃及再生塑料需求

重要性4/5 中高

为霍尔木兹冲突的实体供应链影响提供及时、多方采访证据，但区域样本较小且缺少直接证券映射。

标签

标的：`KMEM`来源：AFP发布日期：2026-07-18重要性：4/5 中高评级理由：为霍尔木兹冲突的实体供应链影响提供及时、多方采访证据，但区域样本较小且缺少直接证券映射。评级依据：发布于日报当天, 法新社多方实地采访, 包含运输和价格传导数字, 与KMEM无直接关系原文字数：766

中文摘要

核心结论

美国与伊朗冲突阻碍霍尔木兹海峡运输后，埃及进口塑料原料供应收紧，包装和塑料价格上涨，工厂转向本地再生材料。开罗曼希耶特纳赛尔的回收商订单、价格和现金回款改善，但行业人士认为需求会随航运恢复快速回落。

重要性评级

评级：4/5（中高）

报道提供霍尔木兹运输中断向聚乙烯、包装和埃及回收产业传导的实地证据，时效性强；影响集中于区域塑料供应链，与KMEM没有直接关系。

关键事实

• 曼希耶特纳赛尔有超过11.5万居民，其非正式回收体系处理开罗超过三分之一的垃圾。
• ICIS（独立商品情报服务机构）称，中东是全球主要聚乙烯供应地，约85%的出口经过霍尔木兹海峡。
• 埃及约40%的原生塑料原料依赖进口，主要来自海湾国家、欧洲、中国和韩国。
• 三名行业消息人士称，部分包装和塑料产品价格上涨超过一倍。
• 回收商Rizq Yousif称需求增长至原来的三倍，部分再生塑料价格上涨最多60%，部分工厂开始预付现金锁定货源。
• Uflex Egypt称其再生产品需求增长最多40%，主要来自食品和饮料制造商。
• Sadat City Chemical Fibre Factory称，危机期间业务扩展至巴西等新市场。
• 美国总统特朗普此前释放谈判进展后，价格和需求曾回落；本周冲突再起并恢复对伊朗港口封锁后，订单再次增加。

作者观点与证据

法新社通过回收商、制造商、行业协会和定价机构访谈，描绘海峡受阻带来的替代需求。价格与订单数字来自少量受访者，缺少全国统计、持续时间和企业财务数据，无法判断增长能否转化为长期利润。

与相关标的的关系

文章关联聚乙烯、包装、航运和中东能源化工供应链，可作为霍尔木兹中断的实体经济证据。正文没有KMEM、上市回收企业或可直接映射的证券代码。

时效性与限制

文章发布于美东时间 07/17 23:35（UTC+8 07/18 11:35）。冲突、封锁和谈判状态变化很快，订单与价格可能随航线恢复反转。

后续跟踪

• 霍尔木兹海峡通航、保险费率和中东聚乙烯出口。
• 埃及原生与再生塑料价格差及进口量。
• 食品和饮料包装厂的再生料采购比例。
• 冲突缓和后订单、预付款和出口需求的持续性。

英文原文

Egypt

Egypt's 'Garbage City' recyclers reap gains from Iran war plastic squeeze

Menna FAROUK

Sat, July 18, 2026 at 11:35 AM GMT+8 4 min read

The sprawling eastern Cairo settlement of Manshiyet Nasser is one of the world's most sophisticated informal recycling systems (Khaled DESOUKI) In the labyrinthine alleyways of Cairo's Garbage City, recycling specialist Peter Romany finds himself fielding calls from factories scrambling for plastic to plug supply shortfalls caused by the Iran war.

The 25-year-old is among the hundreds of recyclers and manufacturers across Egypt benefiting from a war-driven surge in demand ever since the United States and Iran choked off the Strait of Hormuz -- a major shipping lane for the raw materials from which plastic is made.

At the heart of the boom is the sprawling eastern Cairo settlement of Manshiyet Nasser, where generations of garbage collectors have built one of the world's most sophisticated informal recycling systems.

"Before the war, we were the ones calling factories, trying to sell our material," Romany told AFP, standing beside towering bales of compressed plastic.

"But after the war broke out, the factories started calling us. They'd ask: How much do you have? Can you deliver today? That never used to happen."

• Built on trash -

Home to more than 115,000 residents, Manshiyet Nasser is a predominantly Coptic Christian neighbourhood nestled beneath the Mokattam hill and facing Cairo's historic Citadel.

The settlement handles more than a third of the capital's waste, according to government figures.

Families live and work under the same roof, often separated from mountains of waste by little more than a staircase or curtain, exposing them to foul odours, plastic fumes and other health risks.

Downstairs, men sort plastics, cardboard, paper, metals and glass into neat piles destined for workshops and factories.

Upstairs, children pore over schoolbooks, mothers prepare lunch and television sets flicker in cramped living rooms, all against the constant background noise of shredders whining and baling presses pounding below.

The smell of rubbish hangs heavy in the air as pickup trucks and handcarts crawl through narrow alleyways, unloading the day's collections while children weave between them chasing footballs.

It's a well-oiled machine, kicked into overdrive by a war more than a thousand kilometres away.

• Cash upfront -

Romany specialises in recycled polyethylene, one of the world's most widely used plastics and a key ingredient in packaging.

According to the pricing agency Independent Commodity Intelligence Services (ICIS), the Middle East is a major global supplier of polyethylene, with around 85 percent of its exports passing through the strait.

Egypt imports around 40 percent of its raw plastic materials, mainly from Gulf countries, Europe, China and South Korea, according to the Chamber of Chemical Industries.

Story Continues

Packaging and plastic prices have more than doubled for some products, three industry sources told AFP, pushing manufacturers towards locally recycled alternatives.

Factories that would normally delay payment started putting down cash upfront "because they were so eager to secure material", said Rizq Yousif, who mainly recycles PET, the plastic widely used in beverage and food packaging.

Yousif told AFP demand had tripled, while prices for some recycled plastics increased by up to 60 percent.

• A temporary boom? -

The disruption has been good for local business all along the value chain.

"We have been in this business for 16 years," said Fayrouz El-Sayed, chief executive of Sadat City Chemical Fibre Factory, which produces polyester fibres from used plastic bottles.

But only since the latest crisis have they managed to crack new markets as far away as Brazil, she said.

Nesma El-Areef, senior marketing and sales manager at Uflex Egypt, which converts plastic waste into new packaging materials, said demand for the company's recycled products rose by up to 40 percent.

"We saw a significant increase in orders, particularly from food and beverage manufacturers, because we offered a more readily available alternative to imported materials," she told AFP.

Despite the gains, industry figures believe the boom could fade once supply routes stabilise.

Yousif said prices and demand began easing shortly after US President Donald Trump announced last month that negotiations with Iran were progressing.

"Just one post dropped the market. After the war, I am not sure this will last," he said.

But this week, Trump said the US was reinstating its blockade of Iranian ports and "taking over" the Strait of Hormuz as fresh fighting between the two countries flared.

Orders have already picked back up, according to both Romany and Yousif.

"We're used to it by now," Yousif said. "Whenever there's trouble there, the customers start calling us."

maf/bha/smw

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Chewy与沃尔玛经营质量对照

重要性3/5 中等

经营指标较完整，适合比较消费股的增长、盈利与现金流质量；与KMEM缺少直接关联，且含来源利益披露和营销内容。

标签

标的：`KMEM`来源：Motley Fool发布日期：2026-07-18重要性：3/5 中等评级理由：经营指标较完整，适合比较消费股的增长、盈利与现金流质量；与KMEM缺少直接关联，且含来源利益披露和营销内容。评级依据：覆盖CHWY与WMT核心财务指标, 提供估值和资产负债表对照, 数据截至2026年初, 与输入线索KMEM关联较弱原文字数：1090

中文摘要

核心结论

文章认为，沃尔玛凭借更高利润率、更低杠杆、全球规模和连续分红记录，经营稳定性优于Chewy；Chewy拥有宠物消费复购和较低估值，但盈利空间、流动性及股权激励占比削弱了现金流质量。

重要性评级

评级：3/5（中等）

两家公司经营数据较完整，但内容属于横向选股评论，与输入线索KMEM没有直接关系，且结尾含明显订阅推广。

关键事实

• Chewy（在线宠物零售商，CHWY）约有2,130万活跃客户，并连接约2万家兽医诊所；2026年4月收购Modern Animal（实体兽医诊所运营商）。
• 截至2026年2月1日的财年，Chewy收入约126亿美元，同比增长6.2%；净利润约2.228亿美元，净利率约1.8%。
• Chewy自由现金流约5.624亿美元，但股票薪酬约占经营现金流43.1%；负债权益比约1.1倍，流动比率约0.9倍。
• 截至2026年1月31日的财年，沃尔玛（综合零售商，WMT）收入约7,132亿美元，同比增长4.7%；净利润约219亿美元，净利率约3.1%。
• 沃尔玛自由现金流约149亿美元，负债权益比约0.7倍，流动比率约0.8倍；其业务覆盖19个国家，每周服务近2.8亿名顾客。
• Chewy预期市盈率为26.6倍、市销率为0.7倍；沃尔玛分别为39.6倍和1.3倍。估值来自Financial Modeling Prep（金融数据供应商），可能与其他平台不同。

作者观点与证据

作者偏向沃尔玛，依据是业务分散度、门店网络、利润率、自由现金流规模和分红历史。对Chewy的正面证据集中于Autoship（自动定期配送）带来的经常性收入及兽医业务扩张；风险证据包括可选宠物消费走弱、竞争、控制股东投票权及较高股票薪酬。文章未给出同店销售、客户留存率或分部增长数据。

与相关标的的关系

CHWY与WMT是直接比较对象；KMEM仅出现在输入标的线索中，原文没有建立业务或指数传导关系。

时效性与限制

发布于美东时间 07/17 23:35（UTC+8 07/18 11:35）。比较基于截至2026年1月底或2月初的财年数据，未覆盖此后的季度变化；Motley Fool披露其持有并推荐两家公司，文末含订阅营销。

后续跟踪

• Chewy活跃客户、Autoship收入占比与兽医诊所扩张进度。
• Chewy股票薪酬占经营现金流的变化。
• 沃尔玛电商、广告业务及Vizio整合贡献。
• 两家公司最新季度利润率和自由现金流。

英文原文

Chewy vs. Walmart: Which Consumer Stock Is a Better Buy in 2026?

Chewy vs. Walmart: Which Consumer Stock Is a Better Buy in 2026?

Pamela Kock, The Motley Fool

Sat, July 18, 2026 at 11:35 AM GMT+8 5 min read

• CHWY

-2.79%

• WMT

-0.62%

Investors are weighing whether Chewy (NYSE:CHWY) or Walmart (NASDAQ:WMT) offers the best balance of growth and stability as the digital and physical shopping worlds continue to converge in 2026.

Chewy dominates the online pet market with its high-touch customer service model and subscription-based revenue. Walmart uses its unparalleled physical footprint and growing e-commerce capabilities to serve millions of shoppers globally. As both companies expand their digital ecosystems, understanding their different scales and profitability profiles is essential for deciding which stock fits your strategy.

The case for Chewy

Chewy operates as a leader among retail stocks focused on pet parents across the U.S. and Canada. The company serves approximately 21.3 million active customers and maintains an extensive network of partners, including roughly 20,000 veterinary practices. Following its acquisition of Modern Animal in April 2026, the company has added physical veterinary clinics to its digital platform.

In the fiscal year ended Feb. 1, 2026, revenue reached nearly $12.6 billion, representing growth of approximately 6.2% year over year. The company reported net income of close to $222.8 million for the period. While earnings declined compared with the prior fiscal year, a net margin of roughly 1.8% indicates the company remains profitable while investing in expansion.

As of its February 2026 balance sheet, the debt-to-equity ratio is approximately 1.1x, which compares total debt to shareholder equity, while the current ratio is about 0.9x. In the fiscal year ended Feb. 1, 2026, the company generated nearly $562.4 million in free cash flow. Note that stock-based compensation represented roughly 43.1% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.

The case for Walmart

Walmart operates a massive omnichannel retail model across 19 countries, serving nearly 280 million customers weekly. The company uses proprietary customer data to bolster its advertising revenue streams following its acquisition of Vizio. This physical and digital reach allows it to maintain a dominant position in the global consumer landscape.

In the fiscal year ended Jan. 31, 2026, revenue reached roughly $713.2 billion, a 4.7% increase compared with the prior fiscal year. Net income for the period was close to $21.9 billion. This performance resulted in a net margin of approximately 3.1%, highlighting its ability to generate significant profit at a massive scale.

Story Continues

According to its January 2026 balance sheet, the debt-to-equity ratio is about 0.7x, meaning total debt is lower than shareholder equity. The current ratio, which measures the ability to meet short-term obligations, is approximately 0.8x. In the fiscal year ended Jan. 31, 2026, the company generated roughly $14.9 billion in free cash flow, providing significant capital for dividends and growth.

Risk profile comparison

Chewy faces intense pressure from both online and physical competitors, including direct-to-consumer suppliers and giants like Amazon . The company relies heavily on third-party cloud infrastructure, making cybersecurity and data privacy critical vulnerabilities. Additionally, BCP Partners maintains significant voting control, and failure to comply with complex pet health and pharmacy regulations could lead to fines.

Walmart must execute high-stakes capital investments in AI and supply chain automation to stay ahead of Amazon and Target . The company deals with persistent legal risks, including class actions and regulatory scrutiny related to its massive scale. Furthermore, results are sensitive to global inflation and shifts in consumer spending that can hurt inventory turnover and increase costs.

Valuation comparison

Walmart carries a higher Forward P/E , comparing its price to future earnings estimates, while Chewy offers a lower P/S ratio measuring price against sales.

Metric

Chewy

Walmart

Sector Benchmark

Forward P/E

26.6x

39.6x

91.6x

P/S ratio

0.7x

1.3x

n/a

Sector benchmark uses the SPDR XLY sector ETF.

Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?

Both of these companies benefit from consumers' spending on everyday necessities, but they take very different approaches. Chewy focuses on pet care, while Walmart is a diversified retail giant. Which stock looks like the better buy today?

Walmart's network of stores is enormous, and it sells everything from home goods to tools and groceries. It offers oil changes. It's even become an e-commerce platform for third-party sellers. Its scale and consumer convenience position it to deliver steady earnings growth. Investors will also appreciate its long track record of consecutive annual dividend increases.

Chewy's business model revolves around consumers' devotion to their pets. Its autoship program generates the majority of its revenue through recurring sales of necessary items such as food, cat litter, flea treatments, and more. It has also branched out into veterinary medications and, over the past couple of years, has opened physical veterinary care locations. Although the company has a loyal following, discretionary pet spending has softened, and it's far from being the only company to offer autoship for pet products.

Both companies have compelling qualities for investors. Of the two, I would choose Walmart for its diversified offerings and consistent dividend history.

Should you buy stock in Chewy right now?

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Pamela Kock has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chewy and Walmart. The Motley Fool has a disclosure policy .

Chewy vs. Walmart: Which Consumer Stock Is a Better Buy in 2026? was originally published by The Motley Fool

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Nike重组再关两家门店

重要性3/5 中等

提供NKE重组的最新实体证据，门店和人员调整具有直接公司相关性；事件规模、永久性和财务效果仍未披露。

标签

标的：`KMEM`来源：TheStreet发布日期：2026-07-18重要性：3/5 中等评级理由：提供NKE重组的最新实体证据，门店和人员调整具有直接公司相关性；事件规模、永久性和财务效果仍未披露。评级依据：直接涉及NKE, 两家门店最新关闭, 约1,400人裁员背景, 缺少完整重组财务数据原文字数：752

中文摘要

核心结论

Nike在2026年4月启动重组后，提前关闭北卡罗来纳州Cary门店，并关闭加州San Jose门店；两处网页只显示暂停营业7天，公司没有说明是否重开，也未公布全国关店总数。

重要性评级

评级：3/5（中等）

门店关闭、技术团队裁员和业务退出共同显示Nike正在压缩实体与运营网络，但报道缺少公司层面的财务影响和完整关店计划。

关键事实

• Cary的Fenton购物中心门店原计划营业至07/31（未给出具体时刻），实际提前数周关闭；该店于2022年6月开业。
• Nike（运动用品公司，NKE）网站对Cary和San Jose两家门店均显示“未来7天关闭”，没有确认之后是否恢复营业。
• Raleigh地区消费者仍可前往Smithfield的Nike Factory Store（耐克工厂店）。
• Nike于2026年4月启动重组，并终止与FitLab合作的Nike Fitness Studios（耐克健身工作室）项目；多数工作室将转入FitLab旗下品牌。
• Nike关闭三个技术办公室，将相关运营集中到俄勒冈总部和Nike India Technology Center（耐克印度技术中心）。
• 技术与全球运营调整涉及约1,400人，略低于全球员工总数的2%。
• 2026年1月，Nike还永久关闭纽约一处5.5万平方英尺门店，并曾表示计划迁至附近地点。

作者观点与证据

报道将两次关店放入4月以来的重组背景，倾向于把它们视为全国零售策略的一部分。证据来自商场运营方、Nike门店网页和多家地方媒体；公司没有披露关店数量、租约因素、门店盈利情况或预计节省金额，因此无法判断重组规模及财务贡献。

与相关标的的关系

NKE是直接相关标的。门店、技术办公室和健身业务收缩可能影响直营渠道覆盖、固定成本和消费者触点，但原文没有量化收入或利润影响。

时效性与限制

发布于美东时间 07/17 23:34（UTC+8 07/18 11:34）。Cary关店由商场方面确认，San Jose最终营业日不详；网页中的7天提示可能是临时状态，永久关闭性质尚未完全确认。

后续跟踪

• Nike对两家门店永久关闭或重开的正式说明。
• 全国门店优化数量及租约退出成本。
• 1,400人裁员带来的费用与年度节省。
• 直营收入、数字渠道和北美库存变化。

英文原文

Nike makes changes sneaker fans won

Nike makes changes sneaker fans won't like

Kirk O’Neil

Sat, July 18, 2026 at 11:34 AM GMT+8 4 min read

• NKE

-1.82%

Nike 's restructuring, which it launched in April 2026, has already led to several store closings, layoffs , and an exit from a business partnership.

And now the popular sneaker company has closed two more locations on opposite sides of the country as part of its national retail strategy, according to the company.

Nike closes two more store locations

Nike abruptly closed its store in the Fenton shopping center at 4 Fenton Main St., Suite 140, in Cary, N.C., weeks earlier than expected, the shopping center told The News & Observer .

"The store, which opened in June 2022, was originally expected to remain open through July 31 but closed earlier than planned as part of Nike's broader national retail strategy," the shopping center said in an email to The News & Observer on July 16.

"Fenton appreciates Nike's partnership and remains committed to providing guests with a strong mix of retail, dining, entertainment, and community experiences," the email said.

Nike has closed its retail stores in Cary, N.C., and San Jose, Calif., as part of its national retail strategy.Shutterstock

Company sends 7-day closure messages

Nike's website listing for the Fenton store location posted a message, "Closed for the next 7 days." It did not say whether the store would reopen after 7 days.

The shopping center has a strong leasing interest in the former Nike space and will share updates as they become available, a spokesperson said.

Consumers in the Raleigh, N.C., area may still shop at a nearby Nike Factory Store at Carolina Premium Outlets in Smithfield, N.C., according to the company's locator on its website.

Nike also closed its store in the upscale Santana Row shopping district of San Jose, Calif., the Silicon Valley Business Journal reported. The sneaker company did not reveal its final day of operation at the San Jose store, but the Santana Row shop's Nike webpage also posted the message, "Closed for the next 7 days."

Similar to its Cary message, Nike did not say whether the San Jose store would reopen after 7 days.

"When a tenant's needs change, it gives us the opportunity to refresh the property and bring in new, exciting concepts that reflect where retail and our guests are headed next," said Collette Navarrette, senior director of marketing for Santana Row's operator Federal Realty told the Business Journal.

Nike has not revealed the number of stores it plans to close in its national retail strategy.

Nike launched restructuring in April 2026

As part of a restructuring launched in April 2026, Nike has adjusted its business model, eliminating certain areas of its business. The company discontinued its Nike Fitness Studios venture, which it launched with gym partner FitLab in 2023, Athletech News reported.

Story Continues

"After careful consideration, the majority of the Nike Studios locations will be transitioning to FitLab's owned portfolio of fitness brands," FitLab co-founder and co-CEO Brian Kirkbride said in a statement to Athletech News .

Kirkbride said Nike Studios would transition to its brands, including yoga brand Y7, small-group strength training brand Racked, Mile High Run Club and XPT, a performance wellness brand founded by Laird Hamilton and Gabby Reece.

Retailer closes tech offices

Nike also closed its tech offices in three locations and consolidated operations into two hubs: its Oregon headquarters and the Nike India Technology Center, according to Inc . The closures were tied to about 1,400 layoffs across Nike's Global Operations team, just under 2 percent of its global workforce.

As part of the retail strategy, Nike's sneaker chain permanently closed a 55,000 square-foot retail location in January which occupied the former 1853 Prescott House Hotel in New York, according to HypeBeast. The company said it planned to move the store to a nearby location, TheStreet's Daniel Kline reported.

Nike opened its first branded retail store Niketown in Portland, Ore., in November 1990. Nike town stores transitioned to Nike stores in the late 1990s and early 2000s.

Latest Nike store closings:

• Fenton shopping center, 4 Fenton Main St., Suite 140, in Cary, N.C., July 2026.

• Santana Row, 333 Santana Row, Suite 1000, San Jose, Calif., July 2026.

Related: Specialty candy company files for Chapter 11 bankruptcy

This story was originally published by TheStreet on Jul 18, 2026, where it first appeared in the Retail section. Add TheStreet as a Preferred Source by clicking here.

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Nebius高增长伴随资本压力

重要性3/5 中

NBIS数据较丰富且时效较高，但核心价格判断依赖媒体人物观点和技术分析。

标签

标的：`NBIS`来源：TheStreet发布日期：2026-07-18重要性：3/5 中评级理由：NBIS数据较丰富且时效较高，但核心价格判断依赖媒体人物观点和技术分析。评级依据：fact_density, timeliness, opinion_heavy原文字数：1105

中文摘要

核心结论

Cramer认为Nebius业务质量较好，但股价仍受高资本开支、内部人出售和技术性下行压力约束；文章对业务基本面与入场时点作了明确区分。

重要性评级

评级：3/5（中）

直接关联NBIS并提供融资、财务和内部人交易数字，但大量结论来自电视评论、作者图表判断及第三方数据库。

关键事实

• NBIS过去一年回报约222%，06/22（未给出具体时刻）触及299美元的52周高点，随后回撤约42%。
• 07/16（未给出具体时刻）单日下跌约13.90%，收于171.77美元。
• 公司完成约7.75亿美元高级担保债务融资，期限至2030年，利率为SOFR（有担保隔夜融资利率）加2.50%。
• 公司称拥有超过400亿美元的投资级客户合同收入，客户包括Microsoft和Meta。
• 2026年第一季度收入3.99亿美元，同比增长684%；调整后EBITDA（息税折旧摊销前利润）为1.295亿美元，上年同期亏损5370万美元。
• 持续经营净利润6.212亿美元，主要受7.806亿美元证券重估收益推动；调整后净亏损扩大约20%至1.003亿美元。
• 资本开支增长355%至24.7亿美元；截至03/31现金及现金等价物为93亿美元。
• 过去90日内部人完成33笔出售，净额约2780万美元。

作者观点与证据

Cramer判断股价跌势尚未结束；作者以均线、趋势线和支撑区间强化这一观点。公司财务与融资数字可核验性较强，122至137美元等价位属于技术分析判断，不代表确定底部。

与相关标的的关系

NBIS直接受融资成本、GPU（图形处理器）资产利用率、客户合同兑现和内部人交易影响。Microsoft与Meta主要作为合同方出现。

时效性与限制

文章发布于美东时间 07/17 23:33（UTC+8 07/18 11:33），引用的Cramer节目发生于07/16（未给出具体时刻）。内部人交易汇总来自第三方数据库，未逐笔对应监管文件。

后续跟踪

• 7.75亿美元融资的提款与利息负担
• 合同收入转化和客户集中度
• 资本开支与自由现金流
• 后续监管文件中的内部人交易

英文原文

Jim Cramer says it

Jim Cramer says it's not the time to buy surging AI stock

Mwangi Enos

Sat, July 18, 2026 at 11:33 AM GMT+8 5 min read

• NBIS

+3.46%

Wall Street rewards patience just as often as conviction. Here, the smartest move isn't buying more but knowing when to wait. I make more money in the market by sitting on my hands than I make by trying to be part of every move.

Jim Cramer spent just a few seconds on July 16 explaining that is what you need to do on Nebius Group ( NBIS ). Despite a steep drop in the stock, Cramer didn't trash the company. In fact, he said the opposite.

"It's a very good company," the Mad Money host told viewers during his lightning round.

But good companies and good entry points are two very different things. And right now, Cramer is drawing a hard line between them.

Nebius has been one of the most explosive AI infrastructure stocks of the past year — a 222% one-year return, according to Yahoo Finance . A $775 million debt facility just closed. Contracts with Microsoft and Meta. That's the kind of resume that makes investors want to jump in immediately.

Cramer's message? You may not want to jump just yet.

Jim Cramer's NBIS warning: ' That time is not now'

Cramer was blunt during the July 16 lightning round segment.

"Nebius is at the nexus of the craziness right now," he said. "It's not a crazy company; it's a very good company."

"This stock is not done going down. There'll be another time to buy it, but that time is not now," he continued.

More Nebius:

• Nebius lands $1 billion AI deal as one major risk looms

• Nebius CEO doubles down on capex spending

• Morgan Stanley resets Nebius stock price forecast

His overall message is one worth sitting with. Cramer isn't calling Nebius broken. He's calling the entry point wrong. And looking at my chart, I can also see a similar case.

NBIS hit a 52-week high of $299 on June 22, according to Yahoo Finance data. Since then, the stock has retraced approximately 42%. On July 16 alone, shares fell about 13.90%, closing at $171.77. That kind of selling pressure, sustained over weeks, rarely resolves overnight.

What's driving the Nebius selloff, and why the $775M facility didn't stop it

Here's where it gets interesting. Nebius delivered a financing milestone that most growth companies would celebrate.

The company closed its first senior secured debt facility for approximately $775 million to expand its artificial intelligence (AI) cloud platform, according to a company statement .

Also Read: Nebius Group NV Latest News and Stories

The facility is backed by deployed graphics processing unit (GPU) infrastructure, is contracted for cash flows from an investment-grade customer, matures in 2030, and is priced at SOFR plus 2.50%.

Story Continues

Nebius also stated it now holds more than $40 billion in contracted revenue from investment-grade customers, including Microsoft and Meta.

Nebius reported Q1 2026 revenue of $399.0 million, up 684% YoY from $50.9 million.Andrey Rudakov/Bloomberg via Getty Images

So why did Nebius' stock fall anyway?

My review of the data points to two compounding pressures. First, the facility itself, while substantial, also highlights the capital intensity of Nebius's growth model. And investors are recalibrating how much that costs.

Second, insider activity has recently been hard to ignore.

Over the past 90 days, Nebius insiders completed 33 transactions — all sales — totaling approximately $27.8 million in net value, according to Insider Screener .

Key executives, including the chief executive officer and chief technology officer, participated in those sales. When leadership sells at this pace, the market tends to notice.

Nebius Q1 2026 earnings showed explosive growth, with one important asterisk

The fundamentals , taken at face value, are genuinely impressive.

According to Nebius's Q1 2026 financial report, key highlights included:

• Revenue of $399.0 million, up 684% year-over-year (YoY) from $50.9 million in Q1 2025

• Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) swung to a positive $129.5 million, compared to a loss of $53.7 million a year earlier

• Cash and cash equivalents of $9.3 billion as of March 31, 2026

But there's an important asterisk on the net income figure. Nebius reported net income from continuing operations of $621.2 million.

Related: Morgan Stanley resets Nebius stock price forecast

That number looks extraordinary until you note it was driven largely by a $780.6 million gain from the revaluation of investments in equity securities. Strip that out and the adjusted net loss actually widened slightly, rising about 20% to $100.3 million, according to the report.

Capital expenditures also ballooned. up 355% to $2.47 billion, as the company aggressively scales infrastructure. That spending is strategic, but it explains why investors are scrutinizing the balance sheet more carefully even as revenue rockets higher.

Where the chart says NBIS may find its floor, and what to watch next

This is where the story is genuinely useful for you if you're watching from the sidelines.

I looked at my chart, and the technicals suggest a potential landing zone that long-term bulls should have marked on their charts.

TradingView NBIS is trending lower toward a key support zone between roughly $122 and $137. That level carries what traders call a triple support confluence:

• Strong horizontal price support established from  multiple prior rejections

• The 200-day moving average reading is at $137

• An ascending trendline has held since February 2026, with three previous rejections at that level

A smaller support zone sits between approximately $165 and $175, which also lines up with the 100-day moving average near $174. That's where Nebius is trading currently. If that level breaks, the path toward the stronger $122–$136 zone opens up.

That lower zone is where a more compelling risk-reward entry could emerge. But only if we get confirmation. Buying into a falling stock without a technical floor and confirmation variables is no different from trying to catch a falling knife.

Nebius CEO Arkady Volozh framed the long-term vision clearly in the company's Q1 shareholder letter:

"We are not simply responding to where the industry stands today; we have the knowledge and experience to build the infrastructure, tools, and capabilities for where it will be tomorrow."

The business case is intact. The entry case, at least for now, is not.

Related: Jim Cramer recommends buying these 5 stocks

This story was originally published by TheStreet on Jul 18, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

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Pelican验证高分辨率地理智能

重要性4/5 高

当日技术进展直接关联PL并涉及SPCX发射，但商业化与财务贡献尚未验证。

标签

标的：`SPCX`来源：Simply Wall St.发布日期：2026-07-18重要性：4/5 高评级理由：当日技术进展直接关联PL并涉及SPCX发射，但商业化与财务贡献尚未验证。评级依据：timeliness, technology_relevance, evidence_caveat原文字数：764

中文摘要

核心结论

Planet Labs（行星实验室，PL）通过SpaceX Transporter-17任务发射Pelican-11技术验证卫星，测试30厘米级高分辨率成像。该任务支持公司从原始影像供应商转向人工智能地理空间解决方案，但卫星尚未商业化，近期收入贡献有限。

重要性评级

评级：4/5（高）

文章在当日发布，直接覆盖PL技术路线并关联SPCX发射服务；收入影响仍以长期预测为主。

关键事实

• Pelican-11是第二代技术验证卫星，通过SpaceX Transporter-17任务发射。
• 任务目标是验证30厘米级成像技术，为未来Pelican星座部署铺路。
• 公司计划扩大人工智能监测能力，并争取政府和国防高价值合同。
• Planet此前上调2027财年收入指引至4.25亿至4.41亿美元。
• 文章模型预测2029年收入7.638亿美元、利润5600万美元。
• 达成预测需要收入年均增长31.5%，利润较当前亏损3.731亿美元改善4.291亿美元。
• 模型给出40美元公允价值；其他估值观点中存在低于当前价格一半的结果。

作者观点与证据

作者把Pelican-11视为高价值解决方案战略的工程验证节点。发射及技术目标属于公司事实，30厘米能力、合同转化、31.5%增长和40美元估值仍待在轨测试与商业订单验证。

与相关标的的关系

PL直接受高分辨率星座、人工智能分析和政府合同进展影响；SPCX提供本次发射服务，单次任务对SpaceX整体收入的重要性有限。

时效性与限制

文章发布于美东时间 07/17 23:16（UTC+8 07/18 11:16）。Simply Wall St估值依赖分析师预测，且未提供在轨图像质量或客户合同数据。

后续跟踪

• Pelican-11在轨测试结果。
• 30厘米级成像的商业部署时间。
• 政府、国防和JSAT类合同规模。
• 卫星资本开支、融资和股权稀释。

英文原文

Is Planet Labs (PL) Quietly Repositioning From Imagery Vendor To Premium Geospatial Intelligence Partner?

Is Planet Labs (PL) Quietly Repositioning From Imagery Vendor To Premium Geospatial Intelligence Partner?

Sasha Jovanovic

Sat, July 18, 2026 at 11:16 AM GMT+8 3 min read

• PL

+1.72%

• SPCX

-5.43%

• Planet Labs PBC recently launched Pelican-11, a Gen 2 tech demonstration satellite on SpaceX's Transporter-17 mission, to validate higher-resolution, 30 cm-class imaging technologies before deploying them across its future Pelican fleet.

• This mission, alongside the company's push to scale AI-powered monitoring capacity and expand high-value government and defense offerings, underscores how Planet is sharpening its focus on premium geospatial solutions rather than raw imagery alone.

• Next, we'll examine how Pelican-11's role as an engineering pathfinder could shape Planet Labs' investment narrative around higher-value solutions and services.

The future of work is here. Discover the 33 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation.

Planet Labs PBC Investment Narrative Recap

To own Planet Labs, you need to believe in its shift from selling raw imagery to delivering premium, AI-enabled geospatial solutions, especially to large government and defense customers. Pelican-11 fits this thesis as a technical milestone, but because it is a non-commercial pathfinder, its near term impact on revenue and cash flow risk from heavy satellite investment is likely limited, even if it is important for validating the next wave of higher value services.

The Pelican-11 launch sits alongside Planet's recent Q1 beat and raised full year guidance, where the company outlined revenue of US$425 million to US$441 million for FY 2027. That update is closely tied to the same catalyst as Pelican-11: scaling higher resolution constellations and AI-powered platforms to support larger contracts, including government, defense and JSAT type deals that could make cash flows more predictable and solution driven.

Yet behind the promise of Pelican-11, investors should also be aware of how rising capital needs and equity dilution could...

Read the full narrative on Planet Labs PBC (it's free!)

Planet Labs PBC's narrative projects $763.8 million revenue and $56.0 million earnings by 2029. This requires 31.5% yearly revenue growth and a $429.1 million earnings increase from -$373.1 million today.

Uncover how Planet Labs PBC's forecasts yield a $40.00 fair value , a 78% upside to its current price.

Exploring Other Perspectives

PL 1-Year Stock Price Chart While Pelican-11 highlights tech progress and potential solution driven growth, the lowest estimate analysts remind you that even with projected US$760.0 million revenue and US$55.8 million earnings by 2029, they still saw a much tougher path to profitability and multiple expansion, so this new launch could shift both the optimistic and pessimistic narratives in ways worth comparing for yourself.

Story Continues

Explore 10 other fair value estimates on Planet Labs PBC - why the stock might be worth less than half the current price!

The Verdict Is Yours

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your Planet Labs PBC research is our analysis highlighting 1 key reward and 4 important warning signs that could impact your investment decision.

• Our free Planet Labs PBC research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Planet Labs PBC's overall financial health at a glance.

No Opportunity In Planet Labs PBC?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include PL .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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Meta洽谈百亿美元算力租赁

重要性3/5 中

潜在合同金额和竞争影响显著，但消息未经公司确认，来源透明度较低。

标签

标的：`NBIS`来源：CryptoProwl发布日期：2026-07-18重要性：3/5 中评级理由：潜在合同金额和竞争影响显著，但消息未经公司确认，来源透明度较低。评级依据：timeliness原文字数：439

中文摘要

核心结论

Meta据称正与Anthropic商谈两年期、最高100亿美元的算力租赁协议，若完成将把Meta为自用AI建设的部分基础设施转化为对外云服务收入。

重要性评级

评级：3/5（中）

潜在金额大，并可能改变META与CRWV、NBIS等AI云服务商的竞争关系；谈判仍处早期，来源也非一线财经媒体或公司公告。

关键事实

• Anthropic于六月提出两年期安排，拟按月向Meta支付基础设施使用费。
• 潜在合同价值最高100亿美元，双方均可提前退出，最终金额和条款可能变化。
• Meta此前主要为自身AI模型建设算力，尚未规模化向外部客户提供云服务。
• Zuckerberg在五月股东会上表示，进入云计算业务已列入考虑，并称几乎每周都有公司询问模型或闲置算力。
• Anthropic另在五月签订SpaceX Colossus 1（SpaceX位于孟菲斯的算力设施）使用协议，并与TeraWulf签署20年数据中心租约。
• 文章称Anthropic最早可能于十月寻求上市。
• 文中META价格为646.01美元。
• 文章发布于美东时间 07/17 22:47（UTC+8 07/18 10:47）。

作者观点与证据

作者认为，协议可为Meta闲置算力创造收入，并使其靠近CoreWeave和Nebius的专业AI云模式。所有关键条款均属谈判信息，文章未披露消息来源或双方确认。

与相关标的的关系

META可能获得新的基础设施收入来源；CRWV和NBIS面对潜在大型新竞争者；WULF通过Anthropic的长期租约体现多供应商算力布局。

时效性与限制

谈判尚无最终协议，100亿美元是上限且存在提前退出条款。上市时间、SpaceX协议和20年租约均需独立核验。

后续跟踪

• Meta与Anthropic是否正式签约
• 合同保底金额、利用率和退出条件
• Meta云服务的资本开支与利润率
• Anthropic的多云采购分配

英文原文

Meta and Anthropic Discuss $10B AI Infrastructure Agreement

Meta and Anthropic Discuss $10B AI Infrastructure Agreement

CryptoProwl

Sat, July 18, 2026 at 10:47 AM GMT+8 2 min read

• META

-2.79%

• NBIS

+3.46%

• CRWV

+0.41%

• WULF

+1.00%

Meta Platforms Inc. (NASDAQ: $META) is in talks to lease as much as $10 billion of computing capacity to Anthropic, opening a possible path into the AI cloud market as demand for chips and data center access continues to tighten.

Anthropic proposed the two-year arrangement in June and would make monthly payments for access to Meta's infrastructure. Both companies could leave the agreement early, while the final value and terms remain subject to change.

The talks remain preliminary, but a completed agreement would mark a new direction for Meta. The company has built vast computing capacity for its own AI models without yet turning that infrastructure into a service for outside customers.

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The talks could open a new commercial lane for Meta's expanding AI infrastructure. After spending heavily on chips, power and data centers for its own models, the company may now have an opportunity to generate revenue from unused capacity while moving closer to specialist providers such as CoreWeave (NASDAQ: $CRWV) and Nebius (NASDAQ: $NBIS).

CEO Mark Zuckerberg said at Meta's shareholder meeting in May that entering cloud computing was "definitely on the table." He added that companies were approaching Meta almost every week about access to its models or spare computing power.

Anthropic, meanwhile, has been securing infrastructure across several providers as Claude adoption and developer demand expand. The company struck a separate agreement in May to use the computing power of SpaceX's Colossus 1 facility in Memphis and recently signed a 20-year data center lease with TeraWulf (NASDAQ: $WULF).

The latest talks arrive as Anthropic prepares for a possible public listing as early as October. Locking in additional capacity would give the AI developer more room to train models, run inference and support new products ahead of a potential market debut.

Meta is still building primarily for its own AI ambitions. A $10 billion Anthropic lease would show how quickly that infrastructure could become a business of its own.

Meta Platforms Inc. (NASDAQ: META) is currently trading at $646.01 U.S. per share.

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AST卫星通信商业化推迟至2027年

重要性4/5 高

商业化延期与收入目标对ASTS重要，并影响SPCX竞争判断，但预测与当前收入差距很大。

标签

标的：`SPCX`来源：Motley Fool发布日期：2026-07-18重要性：4/5 高评级理由：商业化延期与收入目标对ASTS重要，并影响SPCX竞争判断，但预测与当前收入差距很大。评级依据：timeliness, competitive_relevance, execution_risk原文字数：790

中文摘要

核心结论

AST SpaceMobile（AST卫星移动通信，ASTS）把商业服务启动推迟至2027年初，但仍预计2027年收入最高可达10亿美元。其与AT&T、Verizon等运营商合作的渠道模式可带来现成客户，兑现目标仍取决于卫星制造、发射和有限市场服务上线。

重要性评级

评级：4/5（高）

商业化延期和10亿美元收入目标直接影响ASTS，也为SPCX旗下Starlink的竞争环境提供参考；预测跨度较大、执行风险高。

关键事实

• ASTS商业服务计划推迟到2027年初。
• 2026年第一季度收入约1500万美元，主要来自美国政府合同。
• 公司预计商业服务启动后，2027年收入最高可达10亿美元。
• ASTS采用与移动运营商合作的模式，合作方包括AT&T和Verizon。
• 运营商用户未来可在现有套餐中添加ASTS卫星通信服务。
• 公司仍需制造和发射更多卫星，有限市场上线后还需继续扩展全球覆盖。
• 股价处于接近60%的回撤中，公司当前仍亏损。

作者观点与证据

作者认可合作模式的渠道优势，但认为收入跨越需要商业服务实际运行后才能验证。10亿美元是公司目标，尚无用户转化率、资费、覆盖范围和卫星部署数据支持完整测算。

与相关标的的关系

ASTS是直接标的；SpaceX（SPCX）的Starlink采用更偏直接面向消费者的路径，是卫星蜂窝宽带领域的主要参照。延期可能延长Starlink的先发窗口。

时效性与限制

文章发布于美东时间 07/17 22:35（UTC+8 07/18 10:35）。Motley Fool持有并推荐ASTS，来源存在已披露的持仓利益关系。

后续跟踪

• 首批商业市场的确切上线日期。
• 卫星制造、发射数量和覆盖质量。
• 运营商套餐、用户转化和收入分成。
• 政府合同与商业收入构成。

英文原文

AST SpaceMobile Nears Commercial Launch: Is It Time To Buy The Dip?

AST SpaceMobile Nears Commercial Launch: Is It Time To Buy The Dip?

Reuben Gregg Brewer, The Motley Fool

Sat, July 18, 2026 at 10:35 AM GMT+8 3 min read

• ASTS

+5.07%

• SPCX

-5.43%

AST SpaceMobile (NASDAQ: ASTS) has an interesting business model. The company aims to compete with Space Exploration Technologies ' (NASDAQ: SPCX) Starlink service, but it has gone down a very different path. While the planned launch of AST SpaceMobile's commercial service has been pushed back to early 2027, it could get off to a big start. Here's what you need to know.

Going it alone versus partnering up

Starlink is the most profitable business unit within SpaceX, as the company's IPO prospectus revealed . Once again, Elon Musk's vision has resulted in a company he controls getting in early on an investment opportunity. However, other companies are looking to break into the market for satellite-based cellular broadband communications, including AST SpaceMobile. Starlink was so early that it basically had to develop its own, direct-to-consumer technology and services. AST SpaceMobile is partnering with cellphone companies.

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Image source: Getty Images. This is a major point of differentiation. Not only does AST SpaceMobile have deals with companies that can help fund its expansion, but it also has a built-in customer base. Essentially, customers of cellphone providers like AT&T (NYSE: T) and Verizon (NYSE: VZ) can add AST SpaceMobile's service to their existing plans once it's up and running.

A $1 billion opportunity

In the first quarter of 2026, AST SpaceMobile generated revenues of around $15 million. Most of that came from contracts with the U.S. government, which also wants access to the company's satellite network. However, after launching its commercial service, the company believes it can generate up to $1 billion in revenue in 2027.

Strong execution will be vital for this space stock . It still has to build and launch more satellites to get its service up and running. And even after it begins operating its service in limited markets, it still has more to do if it wants to cover the entire globe. Investors aren't as enthusiastic about the company's prospects as they were, noting that the stock is in the middle of a nerely 60% drawdown right now.

Hitting the ground running

As a money-losing start-up, that's actually not shocking. Only the most aggressive investors should consider AST SpaceMobile right now. That said, if the company can go from $15 million in quarterly revenue to an annual run rate of around $1 billion as quickly as it believes it can, Wall Street will likely reward it with a higher price once it starts selling its service to consumers.

Story Continues

Only the proof of that ability, driven by its partnership-based model, won't come until the company actually launches its service. Most investors should probably watch from the sidelines until the service is up and running. More aggressive types, however, may see this dip as an opportunity to jump aboard a business that is likely to hit the ground running when it eventually launches.

Should you buy stock in AST SpaceMobile right now?

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Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AST SpaceMobile. The Motley Fool recommends Verizon Communications. The Motley Fool has a disclosure policy .

AST SpaceMobile Nears Commercial Launch: Is It Time To Buy The Dip? was originally published by The Motley Fool

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微软转推自研模型体系

重要性4/5 中高

直接涉及MSFT的AI产品路线、成本结构和竞争边界，时效性较强；公司未确认且缺少独立性能数据。

标签

标的：`GOOG`, `MSFT`来源：Benzinga发布日期：2026-07-18重要性：4/5 中高评级理由：直接涉及MSFT的AI产品路线、成本结构和竞争边界，时效性较强；公司未确认且缺少独立性能数据。评级依据：timeliness, evidence_strength, source_quality原文字数：964

中文摘要

核心结论

微软据报要求销售团队在2027财年策略中优先推广自研AI（人工智能）模型，并以成本、效率和Office（办公软件套件）安全集成为主要卖点。此举显示微软正在降低对OpenAI和Anthropic模型的产品依赖，同时强化端到端平台控制权。

重要性评级

评级：4/5（中高）

消息直接涉及微软AI产品定位及与OpenAI、谷歌和Anthropic的竞争关系，但微软拒绝置评，关键内容仍属媒体转述。

关键事实

• 执行副总裁Jay Parikh据报要求销售团队突出微软完整端到端系统。
• Copilot（微软智能助手）负责人Jacob Andreou称Claude在速度、准确性及Office安全集成方面较弱；这是公司内部比较口径。
• 微软4月结束OpenAI的独家地位，并据报在Word和Excel中替换部分OpenAI及Anthropic模型以降低成本。
• CEO（首席执行官）Satya Nadella称企业采用第三方模型可能重复支付智能成本，并向外部供应商暴露业务知识。
• Meta的新Model API（模型接口）定价据摩根大通分析师转述，可能比OpenAI和Anthropic低约25%。
• 文中列示微软市值2.94万亿美元，过去12个月股价下跌21.75%。

作者观点与证据

文章把销售策略变化解释为微软争取模型自主权、降低推理成本和控制企业数据边界的动作。主要证据来自彭博报道及管理层既往表态，缺少微软确认、产品级性能测试和客户采用数据。

与相关标的的关系

MSFT直接关系到自研模型商业化、Azure（微软云平台）算力利用率和Copilot利润结构。GOOG面临微软在企业AI模型与云服务上的更强竞争；OpenAI和Anthropic虽非本批次上市标的，却是策略调整的直接对象。

时效性与限制

文章发布于美东时间 07/17 22:31（UTC+8 07/18 10:31）。正文后半包含大量推广内容，与微软策略证据无关；内部比较结论也未获独立基准测试支持。

后续跟踪

• 微软是否正式披露自研模型在Office与Azure中的替换范围
• Copilot客户采用率、单位推理成本和续约情况
• 微软与OpenAI合作及收入分成条款的后续变化

英文原文

Microsoft Wants Sales Team to Push Its Own AI Models Instead of Rivals OpenAI, Google and Anthropic: Report (UPDATED)

Microsoft Wants Sales Team to Push Its Own AI Models Instead of Rivals OpenAI, Google and Anthropic: Report (UPDATED)

Mohd Haider

Sat, July 18, 2026 at 10:31 AM GMT+8 4 min read

• MSFT

-1.82%

• GOOG

-2.17%

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

Microsoft Corp. has reportedly instructed its sales team on Tuesday to position in-house AI models above rival offerings from OpenAI , Alphabet's Google and Anthropic , as part of a fiscal 2027 strategy session.

Executive Vice President Jay Parikh told staff, "Everyone else is selling parts — we're selling the full end-to-end system," according to a Bloomberg report on Wednesday.

Copilot vs. Claude Comparison Raises Eyebrows

According to the report, Copilot chief Jacob Andreou compared Copilot with Anthropic's Claude, saying it was slower, less accurate and did not have strong security integrations across Microsoft's Office apps.

Microsoft declined to comment on this story.

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• A single bad hire can set a startup back years. Here are the 5 hires founders most often misjudge — and why

• Still Learning the Market? These 50 Must-Know Terms Can Help You Catch Up Fast

The strategy session focused on promoting Microsoft's in-house AI models as more efficient and less expensive than competing offerings. The rivals it compared itself with, OpenAI and Anthropic, have long provided the AI models used in many of Microsoft's own products.

The change comes after Microsoft ended OpenAI's exclusivity through a deal in April. It also follows a recent report that Microsoft is replacing OpenAI and Anthropic models in Word and Excel as part of an effort to reduce costs.

Microsoft CEO Satya Nadella recently said companies "pay for intelligence twice" when they rely on third-party AI, warning that using outside models can expose valuable business knowledge to external vendors.

See Also: Avoid the #1 Investing Mistake: How Your 'Safe' Holdings Could Be Costing You Big Time

Meta also signaled plans to undercut rivals, with CEO Mark Zuckerberg suggesting its new Model API could be priced roughly 25% below OpenAI and Anthropic, JPMorgan analyst Doug Anmuth said on Monday.

Trading Metrics

Microsoft has a market capitalization of $2.94 trillion, with a 52-week high of $555.45 and a 52-week low of $349.20.

Over the past 12 months, the large-cap stock has dropped 21.75%.

Photo courtesy: Shutterstock

• Skip the Regrets: The Essential Retirement Tips Experts Wish Everyone Knew Earlier.

• Think you're saving enough for your kids? You might be dangerously off — see why

Building Wealth Across More Than Just the Market

Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That's why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn't tied to the fortunes of just one company or industry.

Story Continues

Arrived

Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100 . This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.

Realberry

Institutional-quality real estate has traditionally been difficult for individual investors to access. Realberry gives accredited investors direct access to private real estate opportunities backed by a team with 35 years of experience, $3.4 billion in assets under management, and $481 million in cumulative distributions paid to investors as of Q4 2025, according to the company. With a portfolio spanning 13 million square feet across seven U.S. states, Realberry focuses on acquiring, developing, and managing real estate with an emphasis on long-term value creation while its principals often invest alongside clients to help align interests.

FarmTogether

Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000 — fully managed, with no landlord headaches.

Immersed

Immersed is building technology for the future of work through spatial computing. Known for its AR/VR productivity platform that enables users to work across multiple virtual screens, the company has grown to more than 1.5 million users worldwide. Immersed is also developing Visor, a lightweight headset designed specifically for professional productivity, positioning the company at the intersection of remote work, extended reality (XR), and next-generation computing.

Fundrise

Private real estate and private credit can add income and stability to a stock-heavy portfolio. Fundrise offers access to diversified private real estate and credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth.

Mode Mobile

Mode Mobile is changing the way people interact with their phones by letting users earn money from the same apps and activities they already use every day. Instead of platforms keeping all the advertising revenue, Mode Mobile shares a portion back with users who engage with content, play games, and scroll on their devices. Named one of Deloitte's fastest-growing software companies in North America, the company has built a large beta user base and is scaling a model that turns everyday smartphone usage into a potential income stream.

EquityMultiple

For accredited investors looking beyond stocks and bonds, EquityMultiple provides access to vetted commercial real estate deals starting at $5,000 , with only ~5% of opportunities passing their due diligence process.

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

打开原文

VTI估值折价仍输国债收益

重要性4/5 中高

股票与国债相对估值对跨资产日报有直接价值，但关键历史估值口径未交代。

标签

标的：`NVDA`来源：Trefis发布日期：2026-07-18重要性：4/5 中高评级理由：股票与国债相对估值对跨资产日报有直接价值，但关键历史估值口径未交代。评级依据：valuation_data, index_concentration, data_quality原文字数：653

中文摘要

核心结论

VTI（先锋全市场交易所交易基金）的估值低于自身五年均值，成分股盈利预期仍强，但3.6%的盈利收益率低于10年期美国国债4.6%的收益率。当前股票风险补偿为负，未来回报更依赖盈利增长兑现。

重要性评级

评级：4/5（中高）

文章直接比较全市场股票估值与无风险收益率，并揭示指数集中度；部分历史估值口径异常，需核验基金官方数据。

关键事实

• VTI成分股合计盈利收益率为3.6%，10年期美国国债收益率为4.6%，差距1个百分点。
• VTI过去三年总回报为72%。
• 文中称VTI追踪市盈率为28.1倍，过去五年均值为41.4倍，当前低约32%。
• 一致预期市盈率约19.6倍，未来一年成分股盈利预计增长约18%。
• VTI持有3598只证券，英伟达和苹果权重分别约6.7%和6.3%。
• 最大型成分股过去12个月每股收益约增长53%。

作者观点与证据

作者认为VTI相对自身历史已有折价，但国债收益率更高，指数投资的吸引力取决于企业盈利是否兑现。比较框架清晰，不过41.4倍五年平均市盈率与常见全市场指数口径差异较大，且文末推广自有投资服务。

与相关标的的关系

VTI是直接分析对象；NVDA和AAPL的高权重使基金盈利与估值明显受少数巨头影响。SPY、QQQ、DIA和IWM仅作为相关指数基金列示，正文没有逐一比较。

时效性与限制

文章发布于美东时间 07/17 21:32（UTC+8 07/18 09:32）。国债收益率和基金估值会随市场变化，文章未说明市盈率数据供应商及计算方法。

后续跟踪

• VTI未来盈利增速与一致预期修正
• VTI盈利收益率与10年期国债利差
• NVDA和AAPL权重及盈利贡献

英文原文

VTI Is Cheaper Than It Used to Be. So What

VTI Is Cheaper Than It Used to Be. So What's the Catch?

Trefis Team

Sat, July 18, 2026 at 9:32 AM GMT+8 3 min read

• VTI

-0.96%

• DIA

-0.74%

• VITSX

-0.94%

• VSMPX

-0.94%

• VSTSX

-0.94%

Photo by ArtsyBee on Pixabay The entire US stock market is trading at a discount to its recent past, but the safest alternative is paying you more to wait.

The aggregate earnings yield of the fund's holdings is 3.6%, while the 10-year US Treasury yields 4.6% today. That simple comparison is the central dilemma for anyone considering the Vanguard Total Stock Market ETF (VTI) . You are looking at an investment that, for now, offers a lower potential return than you can get from the government, risk-free. So, is the price you pay for this basket of stocks justified by what is actually inside it?

After a strong run where the fund has returned +72% in total over the trailing three years, it's a fair question to ask. Let's look at the math.

A Discount From Its Own Past

By one key measure, VTI looks less expensive than it has been. The fund's trailing price-to-earnings ratio is 28.1. Compared to its own history, that's a notable shift. Over the last five years, that same P/E ratio has averaged 41.4. Today's price is about 32% below that 5-year average. A discount is a discount, but it only matters if the earnings power underneath is solid. A lower price for deteriorating businesses is no bargain.

Are The Engines Still Running?

The story inside the fund suggests the earnings are holding up. The consensus forward price-to-earnings ratio for the fund is about 19.6. A forward multiple that much lower than the trailing one of 28.1 signals that the market expects earnings to grow. In fact, consensus estimates put one-year earnings growth for the fund's holdings at about 18%.

While VTI holds 3598 positions, its performance is really driven by a handful of giants. Names like Nvidia (NVDA) at 6.7% of the fund and Apple (AAPL) at 6.3% have an outsized impact. For these largest holdings, trailing twelve-month earnings per share grew about 53% over the past year. That powerful growth is what you are buying into.

The Price Of Forgoing A Sure Thing

This brings us back to the starting point. The fund's 3.6% earnings yield sits about 1.0 percentage points below the 4.6% risk-free Treasury yield. This is what investors call a negative risk premium. It means you are not being compensated with a higher potential yield for taking on the inherent risks of the stock market compared to the certainty of a government bond. It is the single strongest argument for patience.

What An Owner Is Really Deciding

So, is today's price justified? The data presents a clear trade-off. You have the entire US stock market trading at a valuation well below its recent average, powered by companies whose earnings are growing briskly. At the same time, the risk-free alternative offers a higher yield. Buying an index fund like VTI means you own every company in it, accepting this complete package at the going price. The alternative for investors is to be more selective, seeking out individual companies rather than owning the whole basket. For a VTI owner, the key thing to watch is whether corporate earnings live up to expectations and begin to close that gap with the risk-free rate.

Story Continues

You Just Saw Inside One Fund, Now Check The Rest

You have just seen exactly what sits inside one holding, and the same question applies to everything else you own. How much damage any single position could do to your net worth is a question with a precise answer. The Trefis Wealth team computes it for investors professionally, with the same rules-based systematic discipline that runs our High Quality Portfolio. Request a free vulnerability audit of your biggest positions .

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华尔街热捧SpaceX上市叙事

重要性2/5 中低

涉及SPCX资本市场热度，但主要由旧言论、营销活动和远期预测构成，事实增量较低。

标签

标的：`SPCX`来源：Benzinga发布日期：2026-07-18重要性：2/5 中低评级理由：涉及SPCX资本市场热度，但主要由旧言论、营销活动和远期预测构成，事实增量较低。评级依据：timeliness, speculative_forecast原文字数：1077

中文摘要

核心结论

文章借马斯克回应Jamie Dimon（杰米·戴蒙）的赞誉，梳理摩根大通与特斯拉从诉讼和解转向支持SpaceX资本市场活动的关系。高盛、摩根士丹利和美国银行也积极推广SpaceX上市，体现承销端热度；收入预测仍高度依赖Starlink和太空人工智能设想。

重要性评级

评级：2/5（中低）

文章与SPCX和TSLA有关，但主要是人物言论及银行营销活动，新增经营事实较少，且后半部分含大量无关推广内容。

关键事实

• 马斯克在07/15于X平台回复戴蒙“谢谢，杰米”。
• 戴蒙2025年1月曾把马斯克比作爱因斯坦，并提及SpaceX、Tesla和Neuralink。
• 摩根大通2021年就特斯拉认股权证起诉，特斯拉2023年反诉，双方于2024年11月撤诉。
• 摩根大通上月举办SpaceX投资者路演启动活动，戴蒙称马斯克为“当代爱迪生”。
• 高盛在曼哈顿大堂展示SpaceX火箭模型，摩根士丹利展示品牌，美国银行举办数千名客户参与的活动。
• 摩根士丹利预测SpaceX到2040年收入可能达到3.4万亿美元。

作者观点与证据

作者将银行宣传描述为华尔街对SpaceX上市的集体支持。活动事实可以观察市场营销热度，3.4万亿美元收入属于远期推测，依赖Starlink和太空人工智能业务按预期发展。

与相关标的的关系

SPCX直接受上市宣传、承销覆盖和远期估值叙事影响；TSLA与Neuralink只用于说明马斯克的企业组合及其与摩根大通的历史关系。

时效性与限制

文章发布于美东时间 07/17 21:31（UTC+8 07/18 09:31）。主体新闻源于社交媒体旧言论回流，后半部分为第三方投资平台推广，研究价值有限。

后续跟踪

• SpaceX上市后的正式财务披露。
• Starlink收入、利润和用户增长。
• 承销机构研究假设及目标估值。
• 太空数据中心业务的合同和资本开支。

英文原文

Elon Musk Reacts to Jamie Dimon

Elon Musk Reacts to Jamie Dimon's ‘Einstein’ Praise With Two-Word Reply as Viral Post Hails His SpaceX and Tesla Legacy

Elon Musk Reacts to Jamie Dimon's ‘Einstein’ Praise With Two-Word Reply as Viral Post Hails His SpaceX and Tesla Legacy

Shomik Sen Bhattacharjee

Sat, July 18, 2026 at 9:31 AM GMT+8 5 min read

• TSLA

-2.61%

• SPCX

-5.43%

• NEUR.PVT

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

Elon Musk thanked JPMorgan Chase & Co. CEO Jamie Dimon on Wednesday after an X post revived the banker's comparison of the Tesla Inc. chief to legendary physicist and inventor Albert Einstein .

Musk Revisits Dimon's Famous Einstein Comparison

"Thanks, Jamie!" Musk wrote, responding to French entrepreneur Brivael Le Pogam , who cited Dimon's January 2025 CNBC remarks praising Musk's work at SpaceX , Tesla and Neuralink.

Thanks, Jamie! https://t.co/hTVfnqElT5

— Elon Musk (@elonmusk) July 15, 2026

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• A single bad hire can set a startup back years. Here are the 5 hires founders most often misjudge — and why

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Le Pogam argued that Musk, like Einstein, may need years to receive recognition. The post credited Musk with reshaping management and education while advancing space travel, energy and artificial intelligence. Those claims were Le Pogam's opinion.

When the CNBC clip first circulated from the World Economic Forum in Davos, Musk responded, "Nice of him to say."

JPMorgan Feud Becomes Wall Street Alliance

Dimon used that interview to close a yearslong dispute between JPMorgan and Tesla. "Elon and I have hugged it out," he said. "You've got to look at Elon. SpaceX, Tesla, Neuralink. I mean, the guy is our Einstein."

JPMorgan sued Tesla in 2021 over stock warrants linked partly to Musk's 2018 "funding secured" tweet. Tesla countersued in 2023, and both sides dropped their claims in November 2024. Dimon added, "I'd like to be helpful to him and his companies as much as we can."

Trending: Avoid the #1 Investing Mistake: How Your 'Safe' Holdings Could Be Costing You Big Time

That reconciliation has since become a Wall Street partnership. At a JPMorgan event launching SpaceX's investor roadshow last month, Dimon again called Musk "the Edison of our time."

"It's been an extraordinary 24 years watching Elon grow over time, and now making a massive leap into the future," Dimon said. Maye Musk appeared and recalled her son's early fascination with the future, while Musk joined remotely.

Banks Rally Around SpaceX's Public Debut

However, JPMorgan wasn't the only bank marketing SpaceX's IPO. Goldman Sachs Group Inc. displayed SpaceX model rockets in Manhattan lobbies, Morgan Stanley showed SpaceX branding, and Bank of America Corp hosted thousands of clients and lit its headquarters' spire like a rocket.

The enthusiasm extended to research. Morgan Stanley projected SpaceX revenue could reach $3.4 trillion by 2040. Such estimates remain speculative and depend on Starlink and space-based AI developing as expected.

Story Continues

Image via Shutterstock

• Skip the Regrets: The Essential Retirement Tips Experts Wish Everyone Knew Earlier.

• Think you're saving enough for your kids? You might be dangerously off — see why

Building Wealth Across More Than Just the Market

Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That's why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn't tied to the fortunes of just one company or industry.

Arrived

Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100 . This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.

Realberry

Institutional-quality real estate has traditionally been difficult for individual investors to access. Realberry gives accredited investors direct access to private real estate opportunities backed by a team with 35 years of experience, $3.4 billion in assets under management, and $481 million in cumulative distributions paid to investors as of Q4 2025, according to the company. With a portfolio spanning 13 million square feet across seven U.S. states, Realberry focuses on acquiring, developing, and managing real estate with an emphasis on long-term value creation while its principals often invest alongside clients to help align interests.

FarmTogether

Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000 — fully managed, with no landlord headaches.

Immersed

Immersed is building technology for the future of work through spatial computing. Known for its AR/VR productivity platform that enables users to work across multiple virtual screens, the company has grown to more than 1.5 million users worldwide. Immersed is also developing Visor, a lightweight headset designed specifically for professional productivity, positioning the company at the intersection of remote work, extended reality (XR), and next-generation computing.

Fundrise

Private real estate and private credit can add income and stability to a stock-heavy portfolio. Fundrise offers access to diversified private real estate and credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth.

Mode Mobile

Mode Mobile is changing the way people interact with their phones by letting users earn money from the same apps and activities they already use every day. Instead of platforms keeping all the advertising revenue, Mode Mobile shares a portion back with users who engage with content, play games, and scroll on their devices. Named one of Deloitte's fastest-growing software companies in North America, the company has built a large beta user base and is scaling a model that turns everyday smartphone usage into a potential income stream.

EquityMultiple

For accredited investors looking beyond stocks and bonds, EquityMultiple provides access to vetted commercial real estate deals starting at $5,000 , with only ~5% of opportunities passing their due diligence process.

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

打开原文

Alphabet持仓考验伯克希尔传承

重要性4/5 中高

直接覆盖BRK.B继任与GOOG基本面，数字和文件依据较充分，但结论含明显作者解读。

标签

标的：`GOOG`来源：TheStreet发布日期：2026-07-18重要性：4/5 中高评级理由：直接覆盖BRK.B继任与GOOG基本面，数字和文件依据较充分，但结论含明显作者解读。评级依据：fact_density, evidence_strength, moderate_freshness原文字数：1848

中文摘要

核心结论

伯克希尔跨越巴菲特与阿贝尔两届管理时期持续扩大Alphabet持仓，为资本配置流程延续提供了初步证据；投资最初由巴菲特发起，阿贝尔的独立决策能力仍待验证。

重要性评级

评级：4/5（中高）

文章同时关联BRK.B继任风险和GOOG基本面，并引用13F（美国机构持仓申报表）、代理声明及财务数据，事实密度较高。

关键事实

• 巴菲特于01/01（未给出具体时刻）卸任首席执行官，阿贝尔接任；巴菲特继续担任董事长并持有约30%投票权。
• 伯克希尔2026年初持有逾3700亿美元现金及美国国债，2025年经营公司产生460亿美元现金流。
• 截至2025年09/30，伯克希尔持有约1785万股Alphabet A类股，价值约43亿美元。
• 截至2026年03/31，持仓增至近5780万股，价值166亿美元。
• Alphabet 2026年第一季度营收增长22%至1099亿美元；搜索收入增长19%，Google Cloud（谷歌云）收入增长63%至200亿美元。
• 谷歌云营业利润增至66亿美元，利润率达到32.9%。
• Alphabet将2026年资本开支预期提高至1800亿至1900亿美元。
• 文章发布于美东时间 07/17 21:17（UTC+8 07/18 09:17）。

作者观点与证据

作者认为，持仓在阿贝尔接任后继续扩大，说明两人在Alphabet判断上具有连续性。13F不能识别具体决策人，且巴菲特承认由其发起投资，因此该案例只能部分缓解继任疑虑。

与相关标的的关系

对BRK.B，焦点是巨额现金的部署纪律和阿贝尔的资本配置记录；对GOOG，伯克希尔增持构成长期股东认可，但高额AI资本开支、监管和回报率仍是主要风险。

时效性与限制

持仓数据截至2026年第一季度末，晚于该时点的交易不可见；部分财务与监管信息来自二手媒体转述。

后续跟踪

• 伯克希尔后续13F中的Alphabet持仓变化
• 阿贝尔独立主导的大额资本配置
• Alphabet资本开支回报与谷歌云利润率
• 搜索业务监管措施的实际影响

英文原文

Warren Buffett’s Alphabet bet eases bigger Berkshire fear

Warren Buffett’s Alphabet bet eases bigger Berkshire fear

Faizan Farooque

Sat, July 18, 2026 at 9:17 AM GMT+8 9 min read

• BRK-B

-0.45%

• GOOG

-2.17%

Warren Buffett 's decision to start building a stake in Alphabet is being seen as a late-career imprimatur for artificial intelligence.

For stockholders in Berkshire Hathaway ( BRK.A ) ( BRK.B ) , it could have a more crucial message.

Buffett relinquished the CEO title on Jan. 1, passing the baton to Greg Abel after six decades of shaping Berkshire. He remains chairman, the largest shareholder in the corporation, and one of the most watched investors in history.

The situation makes for an odd transition. While Abel officially oversees Berkshire's capital, Buffett still has the reputation, ownership stake, and clout to move markets with a few comments.

The Alphabet ( GOOGL ) (GOOG) bet is an early sign that the handoff may not be as abrupt as investors feared, according to Forbes .

Buffett said he initiated the position but also said Abel authorized the choice. Most crucially, Berkshire continued to add to its Alphabet position after Abel became CEO.

So the investment is more than just a wager on Google's search business or on its position in AI . It's a test of whether Berkshire can hand down Buffett's investment process, not just his job title, to the next generation.

"I didn't make any decisions that Greg Abel didn't approve of, and vice versa," Buffett said.

Berkshire's biggest succession risk is capital allocation

Buffett isn't making daily decisions for Berkshire's businesses.

Insurance by Geico. BNSF runs a railroad. Berkshire Hathaway Energy owns utilities and energy infrastructure. The company's manufacturing, service, and retail sectors have long operated in a decentralized framework.

Abel also brought a lot of operating experience. He was previously chief executive of Berkshire Hathaway Energy and was responsible for its noninsurance businesses. Berkshire's 2026 proxy statement indicates that Abel succeeded Buffett, who remained chairman and held around 30% of Berkshire's voting interest.

The harder task in delegating responsibilities is deciding what Berkshire should do with its money.

Buffett used insurance float and operating cash flow to buy businesses and publicly traded equities and let them compound for decades. His propensity to hold cash when possibilities looked undesirable was as vital as his readiness to make a concentrated bet when one appeared.

Abel inherited that problem on a scale never before seen.

Abel's first annual shareholder letter stated Berkshire started 2026 with over $370 billion of cash and U.S. Treasury assets. The company's operating companies generated $46 billion in cash flow in 2025.

Story Continues

That cash gives Berkshire a cushion, supports its insurance operations, and allows it to act quickly when other buyers need financing.

It also adds pressure. Cash may protect shareholder value when stocks are overvalued, but it is a drag when management cannot consistently identify attractive places to put it.

Related: Warren Buffett pulls no punches on stock market for 2026

Abel has tried to reassure shareholders that Berkshire's framework will stay in place.

In his 2025 shareholder letter, he said the company would continue to invest primarily in businesses it understands, focusing capital in high-conviction possibilities and calculating returns over extraordinarily long periods. He also noted the CEO is ultimately responsible for Berkshire's share portfolio.

That last bit is crucial. Buffett might still give some suggestions, but it's now Abel's job to figure out if those ideas satisfy Berkshire's risk and return standards.

The Alphabet deal indicates the two men may share more investing judgment than the formal leadership shift shows.

This stability might alleviate a big anxiety baked into Berkshire stock: that its capital-allocation edge would exit the company when Buffett left the CEO's office.

Alphabet shows how the Buffett-Abel handoff may work

Berkshire revealed a holding in Alphabet for the first time for the quarter ended Sept. 30, 2025.

The corporation owned about 17.85 million Class A Alphabet shares, worth about $4.3 billion, its Securities and Exchange Commission Form 13F said.

The job became more important with Abel as CEO. Berkshire Hathaway's latest Form 13F for the first quarter of 2026 recorded almost 57.8 million Alphabet shares in its investment accounts. Their worth was at $16.6 billion on March 31.

More Warren Buffett:

• Warren Buffett's $187 billion warning grows louder every day

• Warren Buffett sends 7-word instruction to stock market investors

• Warren Buffett successor triggers massive stock portfolio shakeup

Form 13F does not specify which individual made each stock selection. Berkshire's disclosure also includes holdings handled by a range of subsidiaries and investment managers.

That question was somewhat answered when Buffett disclosed his investment in Alphabet.

The time is a more crucial signal of succession.

Berkshire started the role when Buffett was CEO and extended it after Abel took over. It appears to straddle the eras of leadership rather than belong to one or the other.

Alphabet also meets more closely with Berkshire's traditional requirements than its tech label suggests.

The corporation owns a mature search platform, a vast advertising network, YouTube, Google Cloud, and a rising subscription business. These businesses create recurring income streams and offer Alphabet various options to support its AI expansion.

Alphabet's sales jumped 22% to $109.9 billion in the first quarter of 2026. Google Search and others' revenue rose 19 percent, and revenue from Google Cloud climbed 63 percent to $20 billion.

In the cloud business, operating income tripled to $6.6 billion, while the operating margin for that segment increased to 32.9%, according to Zacks . Alphabet said it expected to recognize just over half of the backlog as revenue within 24 months.

Those figures help explain why Buffett could consider Alphabet an intelligible firm, even with all of its technical sophistication.

The investment case does not depend on forecasting which one AI model will prevail. It's based on the premise that Search, advertising, and cloud computing provide Alphabet with the distribution, customer relationships, and revenue flow that most AI competitors can't readily replicate.

The legal status of Alphabet had also become clearer before Berkshire made its investment. In September 2025, the Justice Department won remedies in its search-monopoly case against Google.

The regulations limited some deals and compelled Google to offer some search data and services to qualifying competitors, but the process gave investors additional insight into its impact on the firm.

Less ambiguity doesn't mean no danger, however. Alphabet's 2025 annual report continues to identify regulatory actions, competition, and the cost of artificial intelligence infrastructure among the factors that could affect its results.

This makes Berkshire's increasing position especially revelatory.

Buffett and Abel weren't buying a risk-free technology firm. They appeared to be deciding that Alphabet's economic advantages outweighed those dangers for Berkshire.

The Alphabet deal indicates that Berkshire Hathaway's Warren Buffett and Greg Abel may share more investing judgment than the formal leadership shift shows.Frazier/Omaha World-Herald via Getty Images

What Berkshire investors should watch after Buffett's endorsement

1. Will Berkshire continue adding to its Alphabet holdings?

The investment was considerable at the end of March, but still minor relative to Berkshire's cash pile and its largest equity investments.

Additional buying would indicate that Alphabet is becoming one of Berkshire's high-conviction investments rather than a temporary opportunity.

2. Who will make the next big decision at Berkshire?

Once Abel became CEO, Buffett told shareholders in November 2025 he would be "going quiet," Newsweek reported. "Sort of," he then added. His message to shareholders praised Abel as a strong manager, tireless worker, and honest communicator.

The Alphabet disclosure confirms that "quiet" doesn't mean uninvolved.

Buffett's engagement can calm shareholders as Abel makes his mark on the company. Yet if investors believe every positive decision is Buffett's and every bad decision is the new guy's, that might hinder the transfer, too. Abel needs investments that are unmistakably his own.

3. How will Berkshire handle the capital intensity of Alphabet?

The demand for AI processing capacity intensified, and the corporation raised its 2026 capital expenditure outlook to between $180 billion and $190 billion. Alphabet said the spending supported growth in Search, Google Cloud, and other artificial intelligence technologies.

That size poses a challenge to Buffett's argument. Alphabet has typically created massive cash flows without the factories, inventory, or physical networks that come with Berkshire's industrial operations. AI is making the company much more capital-intensive.

For Berkshire's investment to attract long-term returns, Alphabet has to earn enough returns from data centers, chips, and energy obligations to support that spending.

4. What is Berkshire's own rate of deployment?

Abel has claimed the company's big cash pile is not a sign that it is stepping back from investment. He has also admitted that the scale of Berkshire makes it harder to compound rapidly.

Alphabet provides one answer to the scale challenge. With its huge market cap , Berkshire can invest billions of dollars in a firm without needing to own the entire company, and its liquidity allows it to increase or decrease its holdings without negotiating an acquisition.

Key takeaways for Berkshire investors

• Buffett said he initiated Berkshire's Alphabet investment with Abel's approval.

• Berkshire opened the position before Buffett retired as CEO and expanded it after Abel took control.

• The timing suggests Berkshire's investment process may be transferring more smoothly than its leadership titles imply.

• Alphabet's Search and cloud businesses provide earnings that distinguish it from speculative AI stocks.

• Alphabet's enormous AI capital spending creates a significant return-on-investment risk.

• Abel still needs to establish an independent capital-allocation record.

Buffett's Alphabet endorsement will naturally appeal to Alphabet shareholders.

He claimed he wished he had seen the potential earlier and argued the company had better odds than most investments sold on Wall Street . The bigger effect is for Berkshire stockholders, though.

The post-Buffett risk for the corporation was never that its railroad would forget how to carry freight or that its insurers would cease selling policies. It was that Berkshire might hold hundreds of billions of dollars without the judgment to use them.

Buffett's continuous presence implies stockholders still can't completely divorce Abel's judgments from his influence. But the post survived the leadership change, was approved by both men, and was enlarged under the new CEO, which is a strong sign of continuity.

Berkshire does not ask Abel to take on Buffett's persona or public face. He needs to use the discipline that let Buffett turn down most possibilities, move quickly on a few, and hold winning enterprises for years.

The Alphabet investment implies the method may outlive its originator. That may be the most crucial message in the whole conversation for shareholders anxious that Buffett's departure will take away Berkshire's most important competitive advantage.

Ultimately, Alphabet eases Berkshire's succession concerns, since the investment crossed both leadership eras. It does not resolve the issue because Buffett still originated the idea.

Related: Warren Buffett's $187 billion warning grows louder every day

This story was originally published by TheStreet on Jul 17, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

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Anthropic董事席位重塑风投角色

重要性1/5 低

虽来自高质量媒体，但存档仅有导语且与SPCX关系未被正文支持。

标签

标的：`SPCX`来源：The Wall Street Journal发布日期：2026-07-18重要性：1/5 低评级理由：虽来自高质量媒体，但存档仅有导语且与SPCX关系未被正文支持。评级依据：source_quality, background_only原文字数：127

中文摘要

核心结论

《华尔街日报》以Spark Capital合伙人Yasmin Razavi进入Anthropic董事会为例，指出新一代风险投资者正通过较晚轮次投资和治理席位参与硅谷人工智能公司。现有存档只保留文章开头，无法判断完整论证及其与SpaceX（SPCX）的关系。

重要性评级

评级：1/5（低）

来源质量较高，但存档严重不完整，正文没有提供SPCX经营、估值或交易层面的直接事实。

关键事实

• Yasmin Razavi是Anthropic董事会唯一的外部投资者。
• 她是Spark Capital普通合伙人。
• Spark Capital在2023年5月领投Anthropic C轮融资。
• 该轮融资发生在Anthropic创立约两年后，按传统风险投资标准进入较晚。
• Dario与Daniela Amodei因人工智能安全担忧离开OpenAI后创立Anthropic。

作者观点与证据

文章开头将Razavi视为改变风险投资行业的新一代投资者代表，但存档没有后续案例、回报数据或治理机制，无法评估这一判断的证据基础。

与相关标的的关系

元数据标记SPCX，现有正文只讨论Anthropic与Spark Capital，没有建立与SpaceX收入、资本结构或估值的直接联系。

时效性与限制

文章发布于美东时间 07/17 21:00（UTC+8 07/18 09:00）。存档以“继续阅读”结束，仅含导语，不能替代全文摘要。

后续跟踪

• 完整文章对新型风投模式的定义。
• 董事席位如何影响融资与治理。
• 是否包含SpaceX相关案例或可比数据。
• Anthropic后续融资及董事会变化。

英文原文

The Investors With a New Way to Win in Silicon Valley

The Investors With a New Way to Win in Silicon Valley

The Investors With a New Way to Win in Silicon Valley · The Wall Street Journal · Paul Ryding for WSJ

Kate Clark

Sat, July 18, 2026 at 9:00 AM GMT+8 9 min read

• SPCX

-5.43%

Yasmin Razavi holds an unusual position: She is the only outside investor on Anthropic’s board of directors. The general partner at Spark Capital invested in Anthropic relatively late by traditional venture capital standards, leading the company’s Series C financing in May 2023, its third round and two years after siblings Dario and Daniela Amodei left OpenAI to found it amid concerns over AI safety. Razavi is part of a new generation of investors transforming venture capital.

Continue Reading

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疫情溯源解除Sweetgreen压力

重要性3/5 中

对SG价格异动解释充分且含官方调查线索，但跨资产及主要持仓相关度有限。

标签

标的：`NVDA`来源：Motley Fool发布日期：2026-07-18重要性：3/5 中评级理由：对SG价格异动解释充分且含官方调查线索，但跨资产及主要持仓相关度有限。评级依据：timeliness原文字数：520

中文摘要

核心结论

美国卫生部门将环孢子虫疫情线索指向Taco Bell的碎冰山生菜供应链，缓解了市场对Sweetgreen涉事的担忧，SG股价周五上涨13.83%。公司自身需求仍弱，一季度同店销售和客流均为两位数下降。

重要性评级

评级：3/5（中）

事件能够解释SG单日大涨，但对本批次主要科技标的关联较低，且供应链调查仍未完全结束。

关键事实

• 疫情担忧此前令Sweetgreen股价累计损失约四分之一。
• 美国疾病控制与预防中心要求五个州的消费者避免食用Taco Bell门店碎冰山生菜。
• FDA（美国食品药品监督管理局）调查据报将疫情追溯至Taco Bell的一家供应商。
• SG周五上涨13.83%。
• Sweetgreen一季度同店销售下降12.8%，客流下降11.2%。
• 公司计划于08/06（未给出具体时刻）公布二季度业绩。

作者观点与证据

作者认为溯源结果暂时降低Sweetgreen的食品安全关联风险，同时强调公司在疫情前已面临消费压力。卫生机构行动和公司经营数据支持这一判断，但尚无最终调查结论或Sweetgreen客流恢复数据。

与相关标的的关系

SG是直接相关标的，影响路径来自食品安全担忧消退及后续客流表现。NVDA只出现在营销推广和元数据中，与事件没有业务关系。

时效性与限制

文章发布于美东时间 07/17 20:36（UTC+8 07/18 08:36）。疫情溯源仍可能更新，单日股价反应不能证明销售已经恢复。

后续跟踪

• FDA最终溯源结论
• Sweetgreen门店客流和同店销售
• 08/06（未给出具体时刻）二季度业绩更新

英文原文

Why Sweetgreen Stock Surged Today

Why Sweetgreen Stock Surged Today

Joe Tenebruso, The Motley Fool

Sat, July 18, 2026 at 8:36 AM GMT+8 2 min read

• SG

+13.83%

• NVDA

-2.21%

Shares of Sweetgreen (NYSE: SG) rallied on Friday after health officials identified the source of a worrisome illness that has spread rapidly across the U.S.

Image source: Getty Images. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »

A welcome relief

Prior to today, Sweetgreen's stock had lost about a quarter of its value due to concerns regarding the cyclospora parasite that has sickened thousands of people.

The intestinal illness can be spread via contaminated fresh produce. Investors worried that people would avoid Sweetgreen's restaurants for fear that its salads could be a source of the parasite.

Those fears were eased on Friday after the Centers for Disease Control and Prevention told people not to eat shredded iceberg lettuce from Taco Bell restaurants in five states.

The warning followed a Food and Drug Administration (FDA) investigation that reportedly traced the outbreak to one of Taco Bell's suppliers.

Not quite all clear yet

Although shareholders were able to breathe a sigh of relief today, it's important to remember that Sweetgreen was already facing challenges before the Cyclospora outbreak.

The fast-casual chain's same-store sales fell 12.8% in the first quarter, driven by an 11.2% decline in customer traffic. Higher energy costs have weighed on consumers' budgets, forcing many people to cut back on restaurant visits.

Investors can expect to receive an update on Sweetgreen's efforts to boost sales amid a difficult macroeconomic backdrop when it reports its second-quarter financial results on Aug. 6.

Should you buy stock in Sweetgreen right now?

Before you buy stock in Sweetgreen, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Sweetgreen wasn't one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $400,964 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,272,955 !

That performance is why people listen. With a track record of beating the S&P 500 by 4x , Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built for the long haul.

See the 10 stocks »

*Stock Advisor returns as of July 17, 2026.

Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool recommends Sweetgreen and Yum! Brands. The Motley Fool has a disclosure policy .

Why Sweetgreen Stock Surged Today was originally published by The Motley Fool

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转售限价冲击StubHub利润

重要性3/5 中

法规事实明确并直接影响STUB商业模式，但财务影响仍属分析师情景推演。

标签

标的：`NVDA`来源：Motley Fool发布日期：2026-07-18重要性：3/5 中评级理由：法规事实明确并直接影响STUB商业模式，但财务影响仍属分析师情景推演。评级依据：regulatory_relevance, scenario_uncertainty, timeliness原文字数：650

中文摘要

核心结论

华盛顿特区通过二级票务转售加价上限法案，令市场担忧StubHub利润模式受到监管压缩，STUB周跌13%。花旗估算显示，若类似限制扩散至更多地区，收入和EBITDA（息税折旧摊销前利润）可能受到明显冲击。

重要性评级

评级：3/5（中）

法规已获通过且影响路径清晰，但财务冲击来自分析师情景估算，实际地域收入敞口尚未披露。

关键事实

• 华盛顿特区议会周二通过RESALE Act（现场娱乐票务反高价转售法案）。
• 法案把二级票务转售加价上限设为10%。
• 法律将于2027年01/01（未给出具体时刻）生效。
• 缅因州、佛蒙特州和加拿大安大略省已有类似限制。
• 纽约州、马萨诸塞州、加利福尼亚州和北卡罗来纳州正在考虑相关措施。
• 花旗分析师Jason Bazinet估算，若平均加价上限为15%，StubHub收入可能下降约30%；若20%票务交易受限，EBITDA可能减少约9500万美元。
• STUB当周下跌13%。

作者观点与证据

作者认为更多地区可能采用转售限价，StubHub需要调整业务模式。法案事实和花旗情景分析构成主要证据，但文章未给出StubHub在各地区的收入结构、佣金政策或缓解措施。

与相关标的的关系

STUB直接承受票务加价上限带来的收入和利润率压力。NVDA仅出现于文章推广材料，与票务监管没有直接关系。

时效性与限制

文章发布于美东时间 07/17 20:23（UTC+8 07/18 08:23）。9500万美元和30%均为情景估算，不能视为公司指引。

后续跟踪

• StubHub披露华盛顿特区及受限地区收入敞口
• 其他州法案进展
• 公司佣金、费用和票源策略调整

英文原文

Why StubHub Stock Plummeted by 13% This Week

Why StubHub Stock Plummeted by 13% This Week

Eric Volkman, The Motley Fool

Sat, July 18, 2026 at 8:23 AM GMT+8 3 min read

• STUB

-3.95%

• NVDA

-2.21%

StubHub Holdings (NYSE: STUB) took a drubbing over the past few days, due to a new law in a major metropolitan market that could ding the ticket company's business. Investors didn't like the sound of that, and many reacted by selling their shares. This resulted in a 13% dive over the week for StubHub's stock, according to data compiled by S&P Global Market Intelligence .

No fan of RESALE

On Tuesday, the Washington, D.C. City Council passed the RESALE Act into law. The measure, whose name stands for "restricting egregious scalping against live entertainment," imposes a 10% cap on secondary-ticket sale markups. That's quite the curb on StubHub's local business, as it relies on hefty markups for profitability.

Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »

The law takes effect on Jan. 1, 2027.

Image source: Getty Images. The following day, an analyst took the time and effort to put a financial figure on this. Citigroup's Jason Bazinet published his take on the RESALE law and how it'll impact StubHub.

He pointed out that D.C. joins a growing list of North American jurisdictions that have imposed legal caps on ticket resales; the three others are Maine and Vermont, and the most populous province in Canada, Ontario. Similar measures have been introduced in the state legislatures of New York, Massachusetts, California, and North Carolina.

In Bazinet's estimation, if those caps average 15% for StubHub, its revenue could take a hit of around 30%. It wouldn't take much to affect the company's profitability, either; according to his calculations, if around 20% of its ticket sales are subject to legally mandated caps, its earnings before interest, taxes, depreciation, and amortization (EBITDA) could slide by about $95 million.

More to come

Ticket resale price caps are an easy win for legislators, since entertainment consumers, already coping with high prices for live events, aren't very fond of markups.

I'd imagine more such limits will be imposed, and not only in those four states currently considering them. This is an important part of StubHub's business, so the company will surely have to find ways of mitigating the financial impact of the changing legal landscape.

Should you buy stock in StubHub right now?

Before you buy stock in StubHub, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and StubHub wasn't one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years.

Story Continues

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $400,964 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,272,955 !

That performance is why people listen. With a track record of beating the S&P 500 by 4x , Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built for the long haul.

See the 10 stocks »

*Stock Advisor returns as of July 17, 2026.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .

Why StubHub Stock Plummeted by 13% This Week was originally published by The Motley Fool

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比特币反弹仍看ETF资金

重要性4/5 中高

与BTC-USD直接相关，资金流数据适合日报跟踪，但样本只有单日且因果解释有限。

标签

标的：`NVDA`来源：Motley Fool发布日期：2026-07-18重要性：4/5 中高评级理由：与BTC-USD直接相关，资金流数据适合日报跟踪，但样本只有单日且因果解释有限。评级依据：timeliness, sample_limit原文字数：759

中文摘要

核心结论

比特币短暂重返6.5万美元后，作者把现货ETF（交易所交易基金）资金流视为主要需求观察指标。07/14（未给出具体时刻）的1.81亿美元净流入显示需求有所恢复，但比特币仍较峰值低48%，最大基金资产规模也显著缩水。

重要性评级

评级：4/5（中高）

文章直接关联BTC-USD，并提供ETF流量和资产规模数据；单日流入样本较短，因果解释偏弱。

关键事实

• 比特币于07/15（未给出具体时刻）下午短暂升破6.5万美元，为约四周来首次。
• 当前价格仍比历史峰值低48%。
• 美国现货比特币ETF获批约30个月。
• 相关ETF在07/14（未给出具体时刻）录得1.81亿美元净流入。
• iShares Bitcoin Trust（贝莱德比特币信托）资产规模约470亿美元，峰值约1000亿美元。
• 作者称五家超大规模云厂商与主要芯片公司合计市值约20万亿美元，认为资金注意力集中在AI主题。

作者观点与证据

作者主张淡化短期价格叙事，持续观察ETF资金流。流量和资产规模能够衡量受监管渠道的需求，但文章将资金流与通胀及AI资金竞争联系起来时没有提供严格因果证据；作者本人持有该比特币信托。

与相关标的的关系

BTC-USD直接受ETF申赎和资金需求变化影响。NVDA只用于描述AI资金主题及推广内容，无法据此确认资金从比特币流向芯片股。

时效性与限制

文章发布于美东时间 07/17 20:20（UTC+8 07/18 08:20）。单日1.81亿美元流入不足以确认趋势，ETF资产规模也同时受比特币价格变化影响。

后续跟踪

• 现货比特币ETF连续净流入天数及规模
• 贝莱德比特币信托资产规模
• 比特币价格与ETF资金流的同步性

英文原文

Bitcoin Cleared $65,000 This Week. Ignore the Noise, This Is the 1 Factor That Investors Need to Watch.

Bitcoin Cleared $65,000 This Week. Ignore the Noise, This Is the 1 Factor That Investors Need to Watch.

Neil Patel, The Motley Fool

Sat, July 18, 2026 at 8:20 AM GMT+8 3 min read

• BTC-USD

+0.76%

• NVDA

-2.21%

On the afternoon of July 15, Bitcoin (CRYPTO: BTC) traded above $65,000. While it didn't remain above that level for long, it may signal the beginning of a long-awaited recovery for the coin, which hadn't been at $65,000 in about four weeks.

Bitcoin is still 48% below its peak, and there is no shortage of commentary from so-called experts trying to figure out what variables are driving the price, ranging from favorable regulatory and industry developments to a relief bounce following a streak of bad news. Investors should simply ignore the near-term noise.

Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »

Here's the one factor that might matter most to Bitcoin holders right now.

Image source: Getty Images.

Focus on the exchange-traded funds

It's been 30 months since the spot Bitcoin exchange-traded funds (ETFs) were approved by the Securities and Exchange Commission. This kicked off what was the most successful ETF launch in Wall Street history, and legitimized the asset.

Investors still closely follow ETF flows. On July 14, these products saw $181 million in net inflows. This was welcome news. The move might have been spurred by slowing inflation, which could support lower interest rates sooner rather than later.

ETF inflows matter because they signal how much fresh demand there is from various sources of capital seeking Bitcoin exposure. These investment vehicles give investors a convenient way to access digital asset price action in a regulatory-friendly manner.

Wait another month, and the ETF capital flows could tell a different story due to ongoing volatility. A notable data point to keep tabs on is the asset base of the iShares Bitcoin Trust , currently at $47 billion. This is down from a peak of around $100 billion. The decline is representative of the current bear market Bitcoin is in.

Capital is chasing another market trend

Investors can be confident that Bitcoin ETFs will see tremendous inflows coinciding with the next bull market. It's just impossible to know when this could happen, although history says it's only a matter of time. Patient investors who remain focused on the long term have always reaped the rewards from the cryptocurrency's ascent.

Bitcoin's path to its next all-time high won't be easy. Global capital is chasing the hot trend, which is the artificial intelligence (AI) trade . The five major hyperscalers ( Amazon , Microsoft , Alphabet , Meta Platforms , and Oracle ) and the top chip sellers ( Nvidia , Broadcom , Micron Technology , and Advanced Micro Devices ) have a combined market capitalization of $20 trillion.

Story Continues

Bitcoin might be an afterthought for most investors these days.

Should you buy stock in Bitcoin right now?

Before you buy stock in Bitcoin, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bitcoin wasn't one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $400,964 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,272,955 !

That performance is why people listen. With a track record of beating the S&P 500 by 4x , Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built for the long haul.

See the 10 stocks »

*Stock Advisor returns as of July 17, 2026.

Neil Patel has positions in iShares Bitcoin Trust. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Amazon, Bitcoin, Broadcom, Meta Platforms, Micron Technology, Microsoft, Nvidia, Oracle, and iShares Bitcoin Trust. The Motley Fool has a disclosure policy .

Bitcoin Cleared $65,000 This Week. Ignore the Noise, This Is the 1 Factor That Investors Need to Watch. was originally published by The Motley Fool

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FINRA明确2026空头仓位披露节奏

重要性2/5 中低

官方制度信息可信，但仅说明申报与发布时间，不含当日市场数据或具体标的空头仓位。

标签

来源：FINRA发布日期：2026-07-18重要性：2/5 中低评级理由：官方制度信息可信，但仅说明申报与发布时间，不含当日市场数据或具体标的空头仓位。评级依据：监管官方来源, 数据口径价值, 缺少标的数据, 主要属于背景材料原文字数：754

中文摘要

核心结论

FINRA（美国金融业监管局）要求会员机构每月两次申报所有客户账户和自营账户中的股票空头仓位，截止时间为指定结算日后第二个工作日美东时间18:00。2026年07/15结算日对应07/17申报截止、07/24公开发布，说明公开空头数据存在固定滞后。

重要性评级

评级：2/5（中低）

监管机构页面具有较高权威性，并提供全年申报日历，但内容属于制度与时间表，不含任何标的的实际空头仓位，对07/18日报主要承担数据口径说明作用。

关键事实

• 申报范围涵盖全部股票证券中的客户账户及会员机构自营账户空头仓位。
• 申报频率为每月两次，依据FINRA指定的结算日执行。
• 通用截止规则为结算日后第二个工作日美东时间18:00。
• 2026年07/15（未给出具体时刻）结算数据须在美东时间 07/17 18:00（UTC+8 07/18 06:00）前申报，并于07/24（未给出具体时刻）发布。
• 下一周期结算日为07/31（未给出具体时刻），申报截止为美东时间 08/04 18:00（UTC+8 08/05 06:00），发布日期为08/11（未给出具体时刻）。
• 页面列出2026年全年24个结算周期，年末12/31结算数据计划于次年01/12发布。
• 相关问答适用于FINRA规则4560，以及规则6420定义的场外股票和全国性证券交易所上市证券。

作者观点与证据

页面属于监管申报说明，没有投资倾向。申报频率、截止时间和发布日期来自FINRA官方日历，证据权威；页面未提供空头股数、流通股占比、借券成本或标的排名。

与相关标的的关系

资料适用于美国上市股票及相关场外股票，但输入未列出具体代码。它可用于判断某只股票最新公开空头数据对应的结算日期及信息滞后，不能替代逐标的空头仓位数据。

时效性与限制

页面标记日期为07/18（未给出具体时刻），于美东时间 07/18 00:46（UTC+8 07/18 12:46）取得。公开发布日期晚于结算日，快速变化的空头仓位可能在发布时已经改变；每月两次的存量申报也不同于逐日卖空成交量。

后续跟踪

• 07/24发布的07/15结算日空头仓位数据。
• 重点标的空头股数及占流通股比例的变化。
• 空头存量与逐日卖空成交量之间的差异。
• 规则4560后续修订或申报频率调整。

英文原文

Short Interest Reporting

Skip to main content

Short Interest Reporting

Overview

Rules

Notices

Guidance

News Releases

Investor Education

FINRA requires firms to report short interest positions in all customer and proprietary accounts in all equity securities twice a month. All short interest positions must be reported by 6 p.m. Eastern Time on the second business day after the reporting settlement date designated by FINRA.

See the schedule of reporting dates below.

2025 Short Interest Reporting Dates

Settlement Date Due Date 1 Publication Date

November 14

(Friday) November 18 – 6:00 p.m.

(Tuesday) November 25

(Tuesday)

November 28

(Friday) December 2 – 6:00 p.m.

(Tuesday) December 9

(Tuesday)

December 15

(Monday) December 17 – 6:00 p.m.

(Wednesday) December 24

(Wednesday)

December 31

(Wednesday) January 5 – 6:00 p.m.

(Monday) January 12

(Monday)

2026 Short Interest Reporting Dates

Settlement Date Due Date 1 Publication Date

January 15

(Thursday) January 20 – 6:00 p.m.

(Tuesday) January 27

(Tuesday)

January 30

(Friday) February 3 – 6:00 p.m.

(Tuesday) February 10

(Tuesday)

February 13

(Friday) February 18 – 6:00 p.m.

(Wednesday) February 25

(Wednesday)

February 27

(Friday) March 3 – 6:00 p.m.

(Tuesday) March 10

(Tuesday)

March 13

(Friday) March 17 – 6:00 p.m.

(Tuesday) March 24

(Tuesday)

March 31

(Tuesday) April 2 – 6:00 p.m.

(Thursday) April 10

(Friday)

April 15

(Wednesday) April 17 – 6:00 p.m.

(Friday) April 24

(Friday)

April 30

(Thursday) May 4 – 6:00 p.m.

(Monday) May 11

(Monday)

May 15

(Friday) May 19 – 6:00 p.m.

(Tuesday) May 27

(Wednesday)

May 29

(Friday) June 2 – 6:00 p.m.

(Tuesday) June 9

(Tuesday)

June 15

(Monday) June 17 – 6:00 p.m.

(Wednesday) June 25

(Thursday)

June 30

(Tuesday) July 2 – 6:00 p.m.

(Thursday) July 10

(Friday)

July 15

(Wednesday) July 17 – 6:00 p.m.

(Friday) July 24

(Friday)

July 31

(Friday) August 4 – 6:00 p.m.

(Tuesday) August 11

(Tuesday)

August 14

(Friday) August 18 – 6:00 p.m.

(Tuesday) August 25

(Tuesday)

August 31

(Monday) September 2 – 6:00 p.m.

(Wednesday) September 10

(Thursday)

September 15

(Tuesday) September 17 – 6:00 p.m.

(Thursday) September 24

(Thursday)

September 30

(Wednesday) October 2 – 6:00 p.m.

(Friday) October 9

(Friday)

October 15

(Thursday) October 19 – 6:00 p.m.

(Monday) October 26

(Monday)

October 30

(Friday) November 3 – 6:00 p.m.

(Tuesday) November 10

(Tuesday)

November 13

(Friday) November 17 – 6:00 p.m.

(Tuesday) November 24

(Tuesday)

November 30

(Monday) December 2 – 6:00 p.m.

(Wednesday) December 9

(Wednesday)

December 15

(Tuesday) December 17 – 6:00 p.m.

(Thursday) December 24

(Thursday)

December 31

(Thursday) January 5 – 6:00 p.m.

(Monday) January 12

(Monday)

1. All referenced times are reflected as Eastern Time.

Questions

• Questions regarding the information that firms need to file can be directed to the appropriate District Office.

• Questions regarding system requirements, file uploads and related submission problems should be directed to FINRA Support Center at (800) 321-6273.

• Business questions regarding the short interest reporting deadlines should be directed to Yvonne Huber at (240) 386-5034, Jocelyn Mello-Gibbon at (240) 386-5091 or Lauren Zito at (240) 386-5432.

• Information Notice 5/10/19

Understanding Short Sale Volume Data on FINRA’s Website

05/10/2019

• Regulatory Notice 17-43

Guidance on Reporting Short Interest Positions Held in Master/Sub-Accounts or Parent/Child Accounts

12/06/2017

• Regulatory Notice 16-32

FINRA Announces New Web-based System for the Collection of Short Interest Positions

08/19/2016

• Regulatory Notice 12-38

SEC Approves Amendments to FINRA's Short-Interest Reporting Rule

08/24/2012

• Regulatory Notice 11-55

FINRA Collection of Short Interest Data for BATS Exchange-Listed Securities

12/08/2011

• Regulatory Notice 08-13

FINRA Consolidates the Collection of Short Interest Data

03/27/2008

• Notice to Members 07-24

New Requirement for the Reporting of Consolidated Short Interest Positions to the Intermarket Surveillance Group (ISG)

05/15/2007

• Notice to Members 06-20

NASD Implements Changes to the Regulation Filing Applications System

04/28/2006

• Notice to Members 06-14

SEC Approves Amendments to the Short Interest Reporting Requirements

04/04/2006

• Notice to Members 03-08

NASD Clarifies the Application of Short Interest Reporting Rule

01/31/2003

• FAQ

Frequently Asked Questions (FAQ) about Short Interest Reporting

The guidance provided in these FAQs pertains to the reporting to FINRA of “short” positions pursuant to FINRA Rule 4560 (Short-Interest Reporting) in OTC Equity securities, as defined in Rule 6420, and securities listed on a national securities exchange.

October 27, 2022

• Technical Documentation

Short Interest Reporting Video Demonstration

FINRA has developed a video demonstration of the new web-based interface through which firms will begin submitting short interest reports to FINRA effective January 17, 2017.

January 17, 2017

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康菲石油入股基尔库克油田

重要性3/5 中

直接影响COP资源组合并带有能源板块意义，但关键交易经济参数缺失。

标签

标的：`NVDA`来源：Motley Fool发布日期：2026-07-17重要性：3/5 中评级理由：直接影响COP资源组合并带有能源板块意义，但关键交易经济参数缺失。评级依据：corporate_action原文字数：557

中文摘要

核心结论

康菲石油同意收购BP伊拉克基尔库克能源公司42%权益，获得当地四个油田的重大资源敞口。消息推动COP周五上涨近2%，但交易文件、收购价格和项目经济性尚未披露。

重要性评级

评级：3/5（中）

交易与COP资源储备直接相关，也具有能源板块意义；当前信息缺少估值、产量和监管条件。

关键事实

• 康菲石油宣布同意收购BP Energy Company of Kirkuk（BP基尔库克能源公司）42%权益。
• 标的涵盖伊拉克北部基尔库克地区四个油田。
• 公司预计在伊拉克总理Ali al-Zaidi访问华盛顿期间签署正式协议。
• CEO Ryan Lance称该项目资源规模大、品质高、寿命长，并符合公司供应成本门槛。
• COP周五上涨约1.66%，同期标普500指数下跌约1.01%。
• 文章未披露交易对价、储量、产量、资本开支或交割时间。

作者观点与证据

作者对交易持积极看法，理由是基尔库克资源规模及康菲石油专注上游开发。公司公告支持权益比例和战略表述，但“几乎肯定有利”的判断缺少交易价格、合同条款和地缘风险分析。

与相关标的的关系

COP直接增加伊拉克上游资源敞口；BP.L是权益出售方。NVDA仅出现在推广材料中，与油田交易无关。

时效性与限制

文章发布于美东时间 07/17 19:56（UTC+8 07/18 07:56）。正式协议仍待签署，资源价值需要结合对价、产量、合同制度和安全环境评估。

后续跟踪

• 正式协议签署与交易对价
• 四个油田的储量、产量和资本开支
• 伊拉克监管审批及合同条款

英文原文

Why ConocoPhillips Stock Flew Higher on Friday

Why ConocoPhillips Stock Flew Higher on Friday

Eric Volkman, The Motley Fool

Sat, July 18, 2026 at 7:56 AM GMT+8 2 min read

• COP

+1.66%

• ^GSPC

-1.01%

• BP.L

+1.35%

• NVDA

-2.21%

A major investment in the heart of a major oil-producing region was the engine driving ConocoPhillips (NYSE: COP) stock higher on Friday. The sprawling upstream oil company's shares rose by almost 2% on the news, effortlessly topping the S&P 500 index's 1% decline.

A potential gusher

Before market open that morning, ConocoPhillips announced that it agreed with BP to acquire a 42% stake in the British energy giant's BP Energy Company of Kirkuk in Iraq. The deal gives the company a large piece of four oil fields located in Kirkuk, a region in northern Iraq.

Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »

Image source: Getty Images. ConocoPhillips said that the agreement formalizing the deal is expected to be signed during Iraq Prime Minister Ali al-Zaidi's current visit to Washington, D.C.

In its press release on the arrangement, the company quoted CEO Ryan Lance as saying that "this unique redevelopment opportunity is well aligned with our disciplined investment framework, providing access to a material, high-quality and long-life resource base, comfortably meeting our cost of supply threshold."

Black gold

ConocoPhillips is a pure-play upstream company, meaning that its focus is entirely on the exploration and extraction of oil. Given that, whenever it has the chance to participate fully or partially in a promising play, it's usually a win.

That goes double for Kirkuk, which is immense even by the standards of the oil-rich Middle East. While it remains to be seen how the ConocoPhillips/BP relationship within BP Energy of Kirkuk will unfold, this buy-in is almost certain to be beneficial to the American company's operations and financials.

Should you buy stock in ConocoPhillips right now?

Before you buy stock in ConocoPhillips, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and ConocoPhillips wasn't one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $400,964 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,272,955 !

Story Continues

That performance is why people listen. With a track record of beating the S&P 500 by 4x , Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built for the long haul.

See the 10 stocks »

*Stock Advisor returns as of July 17, 2026.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends BP and ConocoPhillips. The Motley Fool has a disclosure policy .

Why ConocoPhillips Stock Flew Higher on Friday was originally published by The Motley Fool

打开原文

Etched寻求二百亿美元估值

重要性2/5 中低

估值新闻新鲜且涉及AI芯片，但正文和技术、商业证据均不足。

标签

标的：`NVDA`来源：The Wall Street Journal发布日期：2026-07-17重要性：2/5 中低评级理由：估值新闻新鲜且涉及AI芯片，但正文和技术、商业证据均不足。评级依据：timeliness原文字数：71

中文摘要

核心结论

AI芯片初创公司Etched据报正讨论200亿美元估值，同时另有一轮由红杉资本领投、按100亿美元估值融资。双重估值口径显示资本兴趣强，但归档正文不足以说明融资结构、芯片进展或与英伟达的竞争能力。

重要性评级

评级：2/5（中低）

估值规模对AI芯片生态有参考价值，但可见正文只有导语，交易结构和经营证据严重不足。

关键事实

• Etched是一家由哈佛辍学生创立的AI芯片初创公司。
• 公司据报正在讨论200亿美元估值。
• 另一轮融资由Sequoia Capital（红杉资本）领投，估值为100亿美元。
• 归档文本未说明两项估值对应的融资工具、时间顺序或募集金额。
• NVDA被列为相关标的，但正文没有产品性能、客户或市场份额比较。

作者观点与证据

可见内容只陈述融资谈判，没有展开作者判断。信息来自《华尔街日报》导语，缺少公司确认、投资条款及技术验证资料。

与相关标的的关系

NVDA可能面临专用AI芯片初创企业的长期竞争，但当前材料无法量化影响。Etched并非本批次公开交易标的。

时效性与限制

文章发布于美东时间 07/17 19:42（UTC+8 07/18 07:42）。付费墙导致正文不完整，融资谈判也可能改变或终止。

后续跟踪

• 最终融资金额、估值和投资方
• Etched芯片量产、客户和性能数据
• 两项估值口径之间的关系

英文原文

AI Chip Startup Etched Is in Talks for $20 Billion Valuation

AI Chip Startup Etched Is in Talks for $20 Billion Valuation

AI Chip Startup Etched Is in Talks for $20 Billion Valuation · The Wall Street Journal · Etched

Kate Clark

Sat, July 18, 2026 at 7:42 AM GMT+8 2 min read

• NVDA

-2.21%

The startup, founded by Harvard dropouts, is also raising capital at a $10 billion valuation in a separate round led by Sequoia Capital.

Continue Reading

打开原文

灾损下降推高Travelers利润

重要性3/5 中

财报数字和价格反应清晰，但跨标的相关度有限，盈利改善包含较多非持续因素。

标签

标的：`NVDA`来源：Motley Fool发布日期：2026-07-17重要性：3/5 中评级理由：财报数字和价格反应清晰，但跨标的相关度有限，盈利改善包含较多非持续因素。评级依据：earnings_relevance, fact_density, earnings_quality原文字数：543

中文摘要

核心结论

Travelers二季度利润大幅超过预期，较低巨灾损失、准备金有利发展和投资收益共同推动净利润增长46%，股价当日上涨逾9%。收入和净承保保费近乎停滞，利润跃升含有较强的季度性因素。

重要性评级

评级：3/5（中）

业绩数据完整且能解释TRV价格异动，但与本批次主要科技标的关系较弱，利润驱动未必持续。

关键事实

• 二季度收入同比增长1%至接近122亿美元。
• 净承保保费下降约1%至115亿美元，高于市场预期的113亿美元。
• GAAP（美国通用会计准则）净利润增长46%，超过22亿美元。
• 每股收益为10.26美元，显著高于分析师平均预期5.34美元。
• 公司将利润增长归因于巨灾损失下降、上年准备金有利发展、净投资收益增加和基础承保收益改善。
• TRV股价周五上涨超过9%。

作者观点与证据

作者认可当季盈利表现，但认为收入和保费增长偏弱，巨额盈利超预期难以直接外推。判断基于公司财报和一致预期，文章未拆分各项利润驱动的具体金额。

与相关标的的关系

TRV是直接相关标的，影响来自保险承保周期、灾损和投资收益。NVDA只存在于营销推广及元数据中，与Travelers业绩无直接联系。

时效性与限制

文章发布于美东时间 07/17 19:32（UTC+8 07/18 07:32）。准备金发展和巨灾损失具有波动性，单季每股收益不能代表常态盈利水平。

后续跟踪

• 基础承保利润和综合成本率
• 净承保保费增速
• 巨灾损失及准备金发展

英文原文

Why Travelers Companies Stock Crushed the Market Today

Why Travelers Companies Stock Crushed the Market Today

Eric Volkman, The Motley Fool

Sat, July 18, 2026 at 7:32 AM GMT+8 2 min read

• TRV

• NVDA

Venerable insurer Travelers Companies (NYSE: TRV) was a standout on the stock market Friday, thanks mainly to a blowout second quarter earnings report. It trounced analyst bottom-line estimates, which inspired enough investors to buy the company's shares to send them to a more than 9% gain on the day.

Serious underestimation

For the quarter, Travelers' revenue inched up by 1% year-over-year to almost $12.2 billion, on the back of net written premiums that slumped by roughly the same percentage to $11.5 billion. The latter figure topped the consensus analyst estimate of $11.3 billion.

Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »

Image source: Getty Images. As for profitability, the insurer landed well in the black. Net income under generally accepted accounting principles (GAAP) surged 46% higher to just over $2.2 billion, or $10.26 per share. That absolutely crushed the average pundit estimate of $5.34.

In its earnings release, Travelers said the leap in net profit was due to "lower catastrophe losses, higher net favorable prior year reserve development, higher net investment income, and a higher

underlying underwriting gain."

A smooth and calm quarter

Every so often, insurers have quarters where one or several of the above factors put a real zip in the fundamentals.

While Travelers indisputably did well in the second quarter, I'd caution that the dynamics in its revenue and net written premiums weren't anything to write home about, even if that profitability jump was impressive. I wouldn't count on massive bottom-line beats to be typical going forward.

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Why Travelers Companies Stock Crushed the Market Today was originally published by The Motley Fool

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《奥德赛》与世界杯争夺观众

重要性1/5 低

主题与输入标的关系间接，且原文几乎完全缺失，无法形成可验证的公司影响判断。

标签

标的：`GOOG`来源：Barrons.com发布日期：2026-07-17重要性：1/5 低评级理由：主题与输入标的关系间接，且原文几乎完全缺失，无法形成可验证的公司影响判断。评级依据：background_only原文字数：71

中文摘要

核心结论

文章以克里斯托弗·诺兰电影《奥德赛》和拥有梅西话题度的世界杯作比较，讨论电影长尾吸引力与大型体育直播对观众时间的竞争。

重要性评级

评级：1/5（低）

与GOOG、AAPL、WBD等标的只有潜在媒体分发关系，存档正文仅有导语，缺少票房、收视和平台数据。

关键事实

• 比较对象为诺兰的《奥德赛》和世界杯。
• 导语强调诺兰电影的持续吸引力及梅西对世界杯观众的号召力。
• 文中列示SKHY上涨1.13%、GOOG下跌2.17%、WBD下跌1.54%、AAPL上涨0.14%、标普500下跌1.01%。
• 文章发布于美东时间 07/17 19:17（UTC+8 07/18 07:17）。

作者观点与证据

文章提出观众规模比较问题，但可见内容没有给出作者结论，也没有流媒体、广告、票房或赛事收视证据。

与相关标的的关系

WBD、GOOG和AAPL可能通过影视发行、广告或媒体平台间接受影响；现有正文未说明任何公司的具体商业敞口。

时效性与限制

正文被“继续阅读”截断，相关ticker可能来自页面自动关联，不能据此建立公司层面的影响判断。

后续跟踪

• 《奥德赛》首映票房与后续跌幅
• 世界杯收视和广告数据
• 发行平台及院线排片
• 相关媒体公司的商业权益

英文原文

Can ‘The Odyssey’ Beat the World Cup?

Can ‘The Odyssey’ Beat the World Cup?

Can ‘The Odyssey’ Beat the World Cup? · Barrons.com · Illustration by Elias Stein

Robert Teitelman

Sat, July 18, 2026 at 7:17 AM GMT+8 4 min read

• SKHY

+1.13%

• ^GSPC

-1.01%

• GOOG

-2.17%

• WBD

-1.54%

• AAPL

+0.14%

Christopher Nolan’s movies have strong staying power, but the World Cup has Lionel Messi. Which will get more viewers?

Continue Reading

打开原文

欧盟要求谷歌开放安卓与搜索数据

重要性4/5 中高

监管事实直接关联GOOG的搜索和移动业务，但原始法律文件与公司回应缺失。

标签

标的：`GOOG`来源：Simply Wall St.发布日期：2026-07-17重要性：4/5 中高评级理由：监管事实直接关联GOOG的搜索和移动业务，但原始法律文件与公司回应缺失。评级依据：regulatory_relevance, timeliness原文字数：685

中文摘要

核心结论

欧盟委员会依据DMA（《数字市场法》）要求谷歌向AI竞争者开放关键Android（安卓）功能和匿名化搜索数据，具有法律约束力的互操作与数据访问规则计划于2027年生效。

重要性评级

评级：4/5（中高）

监管措施直接触及GOOG的移动入口和搜索数据优势，生效时间清晰；文章同时混入平台估值和营销内容，且未链接欧盟原始决定。

关键事实

• 欧盟委员会要求谷歌开放关键安卓功能及匿名化搜索数据。
• 互操作和数据访问义务计划于2027年生效。
• 文章还称下一代Gemini（谷歌生成式AI模型）发布延迟，但未给出新日期或公司确认。
• 文中价格为346.77美元，分析师目标价433.51美元，差距约25%。
• Simply Wall St估算股价低于其公允价值12.6%，过去30日下跌4.7%。
• 文章发布于美东时间 07/17 19:09（UTC+8 07/18 07:09）。

作者观点与证据

作者认为，开放安卓功能和搜索数据可能降低谷歌在移动与搜索领域的进入壁垒，Gemini延迟又增加产品执行疑问。监管命令是主要事实；公允价值、目标价和护城河影响属于平台模型或作者判断。

与相关标的的关系

GOOG是直接监管对象。影响路径包括默认入口、搜索数据独占程度、竞争者接入能力、合规成本及Gemini差异化能力。

时效性与限制

文章没有提供欧盟决定编号、完整适用范围或谷歌回应；2027年执行细节仍可能发生变化。

后续跟踪

• 欧盟正式文本与实施时间表
• 安卓默认设置和接口调整
• 匿名化搜索数据的访问条件
• Gemini新版发布时间与企业客户采用情况

英文原文

Google (GOOGL) Faces EU Order To Open Android And Search Data To AI Rivals

Google (GOOGL) Faces EU Order To Open Android And Search Data To AI Rivals

Bailey Pemberton

Sat, July 18, 2026 at 7:09 AM GMT+8 3 min read

• GOOG

-2.17%

• GOOG

-2.17%

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE.

• European Commission orders Alphabet's Google to open key Android features and anonymized search data to rival AI developers under the Digital Markets Act.

• Legally binding interoperability and data access rules are scheduled to take effect in 2027, targeting Google's position in mobile and search.

• Alphabet, trading as NasdaqGS:GOOGL, is also facing delays in rolling out its next Gemini AI model, raising questions about its AI product execution.

Alphabet sits at the center of mobile, search and AI, so forced data and feature sharing in Europe goes straight to the heart of its business model. The new Digital Markets Act obligations are designed to open up access for competing AI tools that want to plug into Android and tap anonymized search data, which have historically been powerful assets for Google. For investors, this is less about short term headlines and more about how core products might need to be reshaped in a heavily regulated setting.

At the same time, delays around the next Gemini AI model focus attention on Alphabet's ability to ship enterprise grade AI products at the pace set by large peers. Together, tighter EU rules and slower Gemini timing raise important questions about how much flexibility Alphabet has to adapt, what it means for its long term moat in search and mobile, and how much investment may be required to stay competitive in AI infrastructure and tools.

Stay updated on the most important news stories for Alphabet by adding it to your watchlist or portfolio . Alternatively, explore our Community to discover new perspectives on Alphabet.

NasdaqGS:GOOGL 1-Year Stock Price Chart Is Alphabet's balance sheet strong enough for future acquisitions? Dive into our detailed financial health analysis.

Quick Assessment

• ✅ Price vs Analyst Target : Alphabet trades at US$346.77 versus an analyst target of US$433.51, roughly 25% below consensus.

• ✅ Simply Wall St Valuation : Shares are trading about 12.6% below the platform's estimated fair value.

• ❌ Recent Momentum : The stock has fallen 4.7% over the last 30 days.

There's only one way to know the right time to buy, sell or hold Alphabet. Head to Simply Wall St's company report for the latest analysis of Alphabet's Fair Value .

Key Considerations

• 📊 The EU move to open Android features and anonymized search data could pressure Alphabet's moat in search and mobile, especially if rivals build compelling AI experiences on top of that access.

• 📊 Watch how quickly Alphabet implements compliant interoperability, any changes to default settings on Android, and whether AI products like Gemini are positioned as differentiated despite broader data access.

• ⚠️ The main risk is that regulatory changes combine with execution issues in AI to reduce Alphabet's pricing power or user stickiness in core products over time.

Story Continues

Dig Deeper

For the full picture including more risks and rewards, check out the complete Alphabet analysis . Alternatively, you can check out the community page for Alphabet to see how other investors believe this latest news will impact the company's narrative.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include GOOGL .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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英伟达美光放大科技盈利

重要性5/5 高

指数盈利拆分详尽，直接揭示NVDA和MU的贡献集中度，对科技与大盘日报均有高价值。

标签

标的：`NVDA`来源：Zacks发布日期：2026-07-17重要性：5/5 高评级理由：指数盈利拆分详尽，直接揭示NVDA和MU的贡献集中度，对科技与大盘日报均有高价值。评级依据：fact_density, sample_limit原文字数：1015

中文摘要

核心结论

标普500二季度盈利增长预期高度受科技板块推动，其中英伟达和美光贡献尤其突出。剔除两家公司后，科技板块盈利增速由48.8%降至25.3%；指数盈利仍增长，但集中度明显降低了表面增速的代表性。

重要性评级

评级：5/5（高）

文章提供指数、行业和公司贡献拆分，可直接用于理解盈利季广度及NVDA、MU对市场盈利预期的影响；预测数据仍会随财报更新。

关键事实

• 标普500二季度盈利预计同比增长25.3%，收入增长11.9%。
• 16个行业中11个预计盈利增长；能源、科技、基础材料和金融增速分别为129.5%、48.8%、45.2%和23.5%。
• 剔除科技板块后，二季度指数盈利增速降至14.1%；剔除能源后仍为20.7%。
• “七巨头”二季度盈利预计增长28.7%、收入增长25.1%；剔除七巨头后，其余标普500公司盈利仍预计增长24.3%。
• 科技板块贡献标普500总盈利的41%，占指数总市值45.6%。
• 美光二季度盈利增长1350.1%，收入增长345.7%；剔除美光和英伟达后，科技板块盈利增速由48.8%降至25.3%。
• 2026全年标普500盈利预计增长22%；剔除科技后为12.7%，仅剔除英伟达和美光后为15.5%。
• 截至07/17（未给出具体时刻），49家已披露公司盈利增长48.7%、收入增长15.1%，每股收益和收入超预期比例分别为91.8%和79.6%。

作者观点与证据

作者认为二季度盈利季开局强劲，且指数以外仍存在较广泛增长。Zacks（投资研究机构）的行业拆分支持这一结论，同时也揭示美光和英伟达对科技及指数增速的放大作用。当前只有约10%的标普500公司披露，样本仍偏早期。

与相关标的的关系

NVDA和MU是科技盈利集中度的直接来源；GOOGL和TSLA当周财报将帮助检验“七巨头”增速。文章对指数层面盈利质量和科技权重风险均有直接参考价值。

时效性与限制

文章发布于美东时间 07/17 19:07（UTC+8 07/18 07:07）。大部分二季度数字仍是一致预期，49家公司样本会在300多家公司集中披露后快速变化。

后续跟踪

• NVDA与其余科技公司的盈利预期修正
• MU高基数贡献对行业增速的持续性
• 标普500盈利超预期比例及行业广度
• GOOGL和TSLA财报对七巨头增速的影响

英文原文

How Nvidia and Micron Are Single-Handedly Reshaping S&P 500 Tech Earnings

How Nvidia and Micron Are Single-Handedly Reshaping S&P 500 Tech Earnings

Sheraz Mian

Sat, July 18, 2026 at 7:07 AM GMT+8 5 min read

• NVDA

-2.21%

• MU

-0.50%

• TSLA

-2.61%

• GOOGL

-2.17%

We are off to a strong start this Q2 earnings season, which accelerates significantly this week as more than 300 companies report results—including 85 S&P 500 members. This week's lineup offers a highly representative cross-section of the market, featuring key players from all sectors alongside two prominent "Magnificent Seven" members: Tesla and Alphabet. By Friday, we will have a much clearer picture of corporate health, with results in from more than a quarter of the entire index.

The picture emerging from early results is one of continued strength and solid momentum. An above-average proportion of companies are beating estimates, while management teams are offering reassuring commentary regarding their outlooks for the current and upcoming periods. Although we are still in the early stages of the Q2 reporting cycle—with results in from roughly 10% of S&P 500 members—the initial data gives us strong confidence that the broader corporate earnings landscape remains highly positive.

The chart below gives you a big-picture view of the overall earnings picture. It highlights current Q2 expectations right alongside actual results from the past four quarters and forecasts for the next three.

Zacks Investment Research

Image Source: Zacks Investment Research

As you can see here, total S&P 500 earnings for 2026 Q2 are expected to increase by +25.3% compared to the same period last year on +11.9% higher revenues.

Of the 16 Zacks sectors, 11 are expected to have positive earnings growth in Q2, with Energy (earnings growth of +129.5%), Tech (+48.8%), Basic Materials (+45.2%) and Finance (+23.5%) as the major growth drivers.

Q2 earnings growth drops to +14.1% from +25.3% once the Tech sector's substantial contribution is excluded.

The +129.5% earnings growth for the Energy sector is meaningful, but aggregate earnings growth would still be +20.7% on an ex-Energy basis.

For the Magnificent Seven—two of whose members report this week—total Q2 earnings are expected to increase +28.7% year-over-year on +25.1% higher revenues. While this marks a deceleration from the group's blistering +48.7% earnings growth (on +25.3% revenue gains) in Q1, their fundamental strength remains a major market driver. Crucially, there is plenty of strength outside of the group: if we exclude the Magnificent Seven entirely, Q2 earnings for the rest of the S&P 500 would still be up a robust +24.3%.

The Tech sector has been a pillar of earnings growth over the last two years, and it is expected to continue playing that role in Q2 and beyond. The chart below shows current earnings and revenue growth expectations for the sector relative to what it actually reported in the preceding two periods and what is expected over the following three quarters.

Story Continues

Zacks Investment Research

Image Source: Zacks Investment Research

The Tech sector is unlike the other 15 Zacks sectors, as it alone brings in 41% of all S&P 500 earnings and accounts for 45.6% of the index's total market capitalization. Semiconductors as a whole and two companies in that industry in particular are playing a material role in the Tech sector's current growth profile.

These two companies are Micron Technology MU and Nvidia NVDA. Micron has already reported Q2 results, with earnings up +1350.1% on +345.7% higher revenues. Excluding the contribution from Micron and Nvidia, Q2 earnings for the rest of the Zacks Tech sector would be up +25.3% (vs. +48.8% otherwise).

The chart below shows the contribution of these two companies to the Tech sector's growth profile.

Zacks Investment Research

Image Source: Zacks Investment Research

The chart below shows the earnings picture on an annual basis.

Zacks Investment Research

Image Source: Zacks Investment Research

As with Q2 expectations, the Tech sector has an outsized impact on the annual earnings picture as well. Total Tech sector earnings are expected to increase +40.1% from the same period last year on +18.3% higher revenues.

Excluding the Tech sector's substantial contribution, total earnings for the year would be up +12.7% (vs. +22% otherwise).

As we saw with Q2 expectations, contributions from Micron and Nvidia are also significant here, as the chart below shows.

Zacks Investment Research

Image Source: Zacks Investment Research

The way to read this chart is that the +22% earnings growth expected in 2026 drops to +12.7% once the Tech sector is excluded and +15.5% once only Nvidia and Micron are excluded from the index.

Q2 Earnings Season Scorecard

Through Friday, July 17th, we have already seen quarterly results from 49 S&P 500 members. Total earnings for these 49 index members that have reported results are up +48.7% from the same period last year on +15.1% revenue gains, with 91.8% of the companies beating EPS estimates and 79.6% of them beating revenue estimates.

The comparison charts below put the Q2 earnings and revenue growth rates for these index members in a historical context.

Zacks Investment Research

Image Source: Zacks Investment Research

The comparison charts below put the Q2 EPS and revenue beats percentages in a historical context.

Zacks Investment Research

Image Source: Zacks Investment Research

As you can see above, the Q2 EPS beats percentage for this group of 49 index members is a new 5-year high, while the revenue beats percentage is very close to the 5-year high.

The unusually strong earnings growth rate of +48.7% and revenue growth of +15.5% are benefiting from Micron's blockbuster quarter results. The comparison charts below show the growth picture on an ex-MU basis.

Zacks Investment Research

Image Source: Zacks Investment Research

For a detailed view of the evolving earnings picture, please check out our weekly Earnings Trends report here >>>> Early Q2 Results Show a Highly Robust Earnings

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Micron Technology, Inc. (MU) : Free Stock Analysis Report

NVIDIA Corporation (NVDA) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

打开原文

SpaceX上市后估值压力显现

重要性5/5 高

直接覆盖SPCX上市后价格、估值与流通结构，时效和标的相关度高，但部分指控缺少独立证据。

标签

标的：`SPCX`来源：Stocktwits发布日期：2026-07-17重要性：5/5 高评级理由：直接覆盖SPCX上市后价格、估值与流通结构，时效和标的相关度高，但部分指控缺少独立证据。评级依据：timeliness, valuation_relevance, fact_density, evidence_caveat原文字数：658

中文摘要

核心结论

Future Fund董事总经理Gary Black认为，SpaceX（SPCX）上市后的下跌验证了其对估值和首次公开募股结构的担忧。SPCX已跌破135美元发行价，按2026财年企业价值与收入比仍约45倍；文章的批评主要来自Black个人观点。

重要性评级

评级：5/5（高）

文章直接提供SPCX上市后价格、估值倍数、流通盘和分析师评级分布，是当日判断估值争议的重要材料。

关键事实

• SPCX周五收于123.60美元，下跌5.43%。
• 收盘价较135美元发行价低约9%，较225.64美元盘中历史高点低约45%。
• 股票自6月上市以来累计下跌超过20%。
• Black称SPCX按2026财年企业价值与收入比约45倍。
• 招股书给出的总潜在市场规模为28.5万亿美元，其中太空数据中心计划尚未得到验证。
• Black称本次发行规模为850亿美元，约为此前第二大首次公开募股的三倍。
• 流通市值不足1000亿美元，却支撑超过2万亿美元的账面市值。
• 多数覆盖机构给出“买入”，Black称仅晨星给出“卖出”；Stocktwits散户情绪为看空，消息量较低。

作者观点与证据

报道围绕Black的强烈偏空观点展开。价格、发行规模和估值倍数可用于复核，关于投行刻意制造供需失衡及“5000亿美元费用池”的说法缺少独立证据，不能当作已确认事实。

与相关标的的关系

SPCX直接受上市流通盘、收入兑现和远期太空数据中心叙事影响。45倍收入倍数使任何增长预测调整都可能放大估值波动。

时效性与限制

文章发布于美东时间 07/17 18:57（UTC+8 07/18 06:57）。来源为Stocktwits对社交媒体观点的整理，核心批评未获得SpaceX或承销商回应。

后续跟踪

• 2026财年收入及企业价值变化。
• 限售股解禁和实际流通盘。
• Starlink利润及太空数据中心合同。
• 覆盖机构评级与估值假设调整。

英文原文

SPCX Stock Keeps Falling: Gary Black Says SpaceX Still Looks Ridiculously Overvalued — ‘Don’t Say I Didn’t Warn You’

SPCX Stock Keeps Falling: Gary Black Says SpaceX Still Looks Ridiculously Overvalued — ‘Don’t Say I Didn’t Warn You’

SPCX Stock Keeps Falling: Gary Black Says SpaceX Still Looks Ridiculously Overvalued — ‘Don’t Say I Didn’t Warn You’ · Stocktwits

Aveek Bhowmik

Sat, July 18, 2026 at 6:57 AM GMT+8 3 min read

• SPCX

-5.43%

• Gary Black adds that investors ignored clear warning signs despite extensive scrutiny of SpaceX's business plans and financials.

• He claims the IPO was structured to create a supply-demand imbalance that inflated SpaceX's market value and benefited bankers.

• Black questions Wall Street's bullish stance, noting that only Morningstar has a 'sell' rating on the stock despite its steep decline.

Future Fund Managing Director Gary Black weighed in on SpaceX's recent decline after shares of the newly public company cooled off in a big way from their post-IPO highs.

SpaceX stock (SPCX) ended Friday's session 5.43% down at $123.60. This was about 9% below its $135 initial public offering (IPO) price and down around 45% from its all-time intraday high of $225.64.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

Gary Black On SpaceX's Post-IPO Drop

In a post on X, Future Fund Managing Director Gary Black said, "Don't say I didn't warn you," stating that SPCX stock's decline validated his long-standing concerns over its valuation and IPO structure. He added that the stock still trades at "FY'2026 EV/Revs of 45x."

Black invoked legendary investor Peter Lynch's long-held skepticism toward IPOs, saying Lynch believed IPO stood for "it's probably overpriced." He stated that SpaceX's "totally unproven plans to build data centres in space" were thoroughly examined before the listing, while its prospectus outlined what he described as a "ridiculous total addressable market" of $28.5 trillion.

Black also noted that the company's losses "were disclosed and discussed," adding that there "may not have been an IPO in world history as closely scrutinised as this one." According to Black, investors who still chose to buy despite the risks "deserved what they got."

Gary Black Criticizes IPO Structure And Wall Street Support

Black said that the decline cannot be viewed in isolation because it "ignores the cynical way" SpaceX, its investment bankers, and advisers structured the IPO "to engineer short-term gain" and create "a $US500 billion fee pool."

Black said the $85 billion IPO — "3x the size of the next largest IPO in history" — created a "highly imbalanced supply/demand situation," with a free float of less than $100 billion supporting more than $2 trillion in paper market value. Despite the stock's decline, he maintained that SpaceX "still looks ridiculously overvalued at 45x 2026 EV/Revs," while noting that most Wall Street analysts covering the stock have 'Buy' ratings and "only one — Morningstar... has a sell rating." Black ended his post, saying, "That says it all."

Story Continues

SPCX Stock: What Stocktwits Retail Sentiment Says

Retail sentiment on Stocktwits for SPCX remained 'bearish,' unchanged in the past 24 hours, while message volume was 'low.'

SPCX stock has fallen over 20% since making its public market debut in June.

Also Read: Michael Burry Is Skeptical Of NVDA, ORCL And NFLX — But Bullish On This Sports Betting Stock

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Aveek Bhowmik has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .

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• S&P 500, Nasdaq Slide Sharply As Netflix Guidance Disappoints And Chip Stocks Extend Losses — NFLX, GE, META, AAPL, SPCX In Focus

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芯片ETF暴跌后吸金247亿美元

重要性5/5 高

最新资金流与回撤数据直接覆盖多个输入标的，量化了半导体板块的剧烈分歧和杠杆风险。

标签

标的：`DRAM`, `SOXL`, `SOXX`来源：etf.com发布日期：2026-07-17重要性：5/5 高评级理由：最新资金流与回撤数据直接覆盖多个输入标的，量化了半导体板块的剧烈分歧和杠杆风险。评级依据：timeliness, evidence_strength, fact_density, portfolio_relevance原文字数：577

中文摘要

核心结论

半导体ETF（交易所交易基金）自06/22高点大幅回撤，却在不到一个月内合计吸收247亿美元，资金流显示投资者仍在承接人工智能硬件板块；流入规模不能证明盈利预期或资本开支回报已经改善。

重要性评级

评级：5/5（高）

数据直接覆盖DRAM、SOXX、SMH和SOXL，兼具最新价格、回撤及资金流，是判断半导体板块仓位拥挤度和市场分歧的高密度材料。

关键事实

• Roundhill Memory ETF（Roundhill存储芯片基金，DRAM）从06/22的80.72美元跌至07/17盘中低点48.64美元，跌幅接近40%。
• 同期SOXX下跌24%、SMH下跌20%，三倍杠杆基金SOXL下跌61%。
• 不到一个月内，DRAM流入88亿美元、SOXX流入85亿美元、SOXL流入51亿美元、SMH流入23亿美元，合计247亿美元。
• DRAM当前资产约234亿美元，接近6月末259亿美元的峰值，新增资金基本抵消了市值损失。
• 回撤前，SOXX年内最高涨118%、SMH涨86%、4月成立的DRAM涨191%，SOXL一度涨616%。
• 文章把获利回吐列为主要解释，同时提到人工智能资本开支持续性及Kimi K3开放模型带来的需求疑问。
• 分析师早期评价称Kimi K3能力有竞争力，但单位任务成本未占优。
• 文章发布于美东时间 07/17 18:49（UTC+8 07/18 06:49）。

作者观点与证据

作者认为资金流反映投资者仍把回撤视为承接窗口，并认为人工智能基础设施的长期叙事尚未发生明显改变。价格与资金流属于可量化证据；关于回撤成因、Kimi K3影响及长期需求的判断仍属分析，原文未给出逐日申赎明细或基金份额变化。

与相关标的的关系

DRAM、SOXX、SMH和SOXL均直接受半导体板块价格与资金流影响。SOXL采用三倍每日杠杆，回撤幅度受每日复位和路径效应放大，不能与无杠杆基金直接比较长期收益。

时效性与限制

数据截至07/17附近，距离归档不足一天。大额流入可能包含短线交易、做市或套利需求，不能单独解释为长期基本面信心。

后续跟踪

• 四只基金的每日净申购、份额和资产规模。
• 超大规模云厂商的资本开支与人工智能收入回报。
• 半导体企业盈利指引和估值变化。
• SOXL每日复位造成的路径损耗。

英文原文

Investors Pour $25B Into Semiconductor ETFs as DRAM Plunges 40%

Investors Pour $25B Into Semiconductor ETFs as DRAM Plunges 40%

Sumit Roy

Sat, July 18, 2026 at 6:49 AM GMT+8 3 min read

• SMH

-2.18%

• SOXL

-4.92%

ETF Investing Tools Semiconductor stocks ripped higher through the second quarter. Then the third quarter started, profit-taking kicked in, familiar worries about the AI trade resurfaced, and the whole group rolled over.

ETF investors have responded by buying with both hands.

The big semiconductor ETFs peaked on June 22. Since that date, the Roundhill Memory ETF (DRAM) has fallen from 80.72 to an intraday low of 48.64 on Friday, a drop of nearly 40%.

The iShares Semiconductor ETF (SOXX) lost 24% over the same stretch and the VanEck Semiconductor ETF (SMH) lost 20%. The leveraged Direxion Daily Semiconductor Bull 3X Shares (SOXL) fell 61%.

All four have taken in enormous amounts of money anyway. DRAM pulled in $8.8 billion, SOXX $8.5 billion, SOXL $5.1 billion and SMH $2.3 billion, a combined $24.7 billion in under a month.

The DRAM figures highlight just how forceful the buying has been. The fund lost close to 40% of its value, yet the amount of money invested in the fund sits at $23.4 billion today, only a touch below the late-June peak of $25.9 billion. Inflows have almost entirely offset the market losses.

High Flyers Retreat

The hardest hit semiconductor stocks have been the ones that ran the furthest. Micron Technology, one of the biggest beneficiaries of high bandwidth memory demand, Marvell Technology, which sells custom AI silicon and optical interconnect products to hyperscalers, and the semicap giant Applied Materials have all given back a large chunk of their gains.

There is a simple explanation for what happened. These stocks went up an extraordinary amount in a short amount of time, and some of the air came out.

At its high, SOXX was up 118% year to date, SMH was up 86%, and DRAM, which only launched in April, was up 191%. The 3x leveraged SOXL was up an incredible 616%.

Even after the pullback, all four remain solidly higher on the year.

Other Explanations

While profit taking is the simplest read, there are more elaborate explanations available for anyone who wants one.

Investors have questioned the sustainability of the AI buildout for a few years now, and even though capital expenditure budgets at the largest technology companies keep rising, the questions about whether it can all last resurface every few months.

More recently, the release of Kimi K3, a Chinese open source model that reportedly rivals US frontier models from Anthropic and OpenAI, has prompted comparisons to the DeepSeek episode in early 2025, when the prospect of cheap Chinese models briefly convinced the market that AI infrastructure spending would come down.

The concerns are real and worth considering. Nobody knows how much longer capex on AI infrastructure can keep climbing, and nobody knows what a credible open source frontier model does to demand for closed frontier models, and by extension to demand for the infrastructure underneath them.

The early read from analysts is that Kimi K3 is competitive on capability but not on cost per task, which complicates the picture.

Still, despite the concerns and the pullback, the broader bull case for AI infrastructure has not changed much, and flows suggest investors are treating the drawdown as a buying opportunity rather than a sign that the top is in.

Permalink | © Copyright 2026 etf.com. All rights reserved

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AI科技股集中持仓的回撤样本

重要性2/5 中低

与MRVL、VRT及多只半导体标的直接相关且发布时间较新，但事实基础是匿名论坛个案，商业推广占比较高。

标签

标的：`MRVL`, `VRT`来源：Benzinga发布日期：2026-07-17重要性：2/5 中低评级理由：与MRVL、VRT及多只半导体标的直接相关且发布时间较新，但事实基础是匿名论坛个案，商业推广占比较高。评级依据：timeliness, anecdotal_evidence原文字数：1351

中文摘要

核心结论

文章以一名新投资者数日内亏损逾9%的案例说明，集中持有人工智能、半导体和数据中心股票，会放大板块同步回撤。案例能反映情绪与仓位集中风险，但无法据此判断个股质量或未来收益。

重要性评级

评级：2/5（中低）

涉及MRVL（Marvell股票代码）、NVDA（英伟达股票代码）等相关标的，但主要证据来自单个Reddit（美国社交论坛）帖子及评论，信息价值低于公司披露和市场数据。

关键事实

• 投资者投入约5,800美元，组合数日内下跌超过9%。
• 持仓包括英伟达、Micron（美光科技）、台积电、Marvell、Credo、Vertiv、康宁、诺基亚和HIVE Digital。
• 多数持仓集中于人工智能、半导体和数据中心基础设施。
• 发帖者承认一次性投入，没有分批配置。
• 评论者对后续风险分歧较大，其中一条评论声称泡沫破裂时部分股票可能下跌多达70%，但未提供估值模型。
• 文章后半部分包含多个投资平台和私募产品推广，与案例证据关系有限。

作者观点与证据

作者倾向把亏损解释为高位进入与行业集中共同造成，并以论坛评论支持该叙事。样本只有一个匿名账户，且夹杂商业推广，不能验证所谓“时机”是否为主要原因。

与相关标的的关系

MRVL、VRT、CRDO、NVDA、MU（美光股票代码）和TSM（台积电美国存托凭证代码）均在案例组合中，但文章没有提供各标的成本、权重、基本面变化或个股贡献拆分。

时效性与限制

文章发布于美东时间 07/17 18:31（UTC+8 07/18 06:31）。组合截图和评论的具体时间、真实性及完整交易记录均未核验。

后续跟踪

• 相关半导体与数据中心股票的板块相关性
• 各持仓对组合回撤的贡献比例
• 企业盈利预期和估值变化
• 人工智能基础设施板块资金流向

英文原文

Yahoo Finance

'Wrong Picks or Just Bad Timing?' A Newbie Investor Wonders Why Their Stock Portfolio Fell 9%. Here Are the Stocks They Bought

'Wrong Picks or Just Bad Timing?' A Newbie Investor Wonders Why Their Stock Portfolio Fell 9%. Here Are the Stocks They Bought

Adrian Volenik

Sat, July 18, 2026 at 6:31 AM GMT+8 6 min read

• NVDA

-2.21%

• MU

-0.50%

• TSM

-2.77%

• MRVL

+0.20%

• CRDO

-2.54%

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

Watching a new investment portfolio drop nearly 10% within days of buying can make anyone question whether they made a mistake. That's exactly what happened to one beginner investor after a basket of technology and AI-related stocks fell sharply , leaving them down more than 9% and wondering whether they had picked the wrong companies or simply entered the market at the wrong time.

The investor shared their portfolio on Reddit , showing about $5,800 invested across Nvidia Corp. (NASDAQ: NVDA ), Micron Technology Inc. (NASDAQ: MU ), Taiwan Semiconductor Manufacturing Co. (NYSE: TSM ), Marvell Technology Inc. (NASDAQ: MRVL ), Credo Technology Group Holding Ltd. (NASDAQ: CRDO ), Vertiv Holdings Co. (NYSE: VRT ), Corning Inc. (NYSE: GLW ), Nokia Oyj (NYSE: NOK ) and HIVE Digital Technologies Ltd. (NASDAQ: HIVE ).

They asked a simple question: "Is it the wrong picks or just bad timing?"

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Great Companies, Terrible Timing?

The most common response from investors in the Reddit thread was surprisingly supportive. Many said the problem wasn't necessarily the companies they bought, but when they bought them.

"Great picks, horrible timing," one commenter wrote. Another agreed, saying, "Great picks. Timing bad."

Several users noted that most of the portfolio was tied to artificial intelligence, semiconductors and data center infrastructure. Those stocks had delivered massive gains before recently pulling back, leaving newer investors feeling like they had bought at exactly the wrong moment.

Others were less optimistic. "You bought stocks that if a bubble would burst , many of them could have up to a 70% downside," one commenter warned. Another argued that the investor was simply "buying the news" after much of the excitement had already been priced in.

Trending: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?

Still, the majority of replies suggested that a 9% decline wasn't unusual, especially for investors concentrated in high-growth technology stocks.

The investor admitted one mistake.

"Yes I feel like I start buying and everything goes down," they wrote. "I didn't split out my buying with intervals."

Story Continues

That comment started a discussion about buying gradually instead of investing everything in one go. Many said putting money into the market a little at a time can make it less painful when stocks suddenly drop after you buy.

"If you believe in your picks, buy more," one person added. "Don't just buy once and walk away."

For new investors, one of the biggest challenges is separating hype from research. Webull makes that easier by giving you access to market data, watchlists and analysis tools alongside stocks, ETFs, crypto and fractional shares. New users who deposit $500 or more can currently receive $20 worth of Nvidia shares and one month of Webull Premium.

See Also: Apple Thinks Spatial Computing Is The Future. This Private Company Is Building The Workplace To Match.

Chasing Trends vs. Owning the Tools

The discussion also highlighted another lesson many investors eventually learn. Sometimes the biggest winners aren't the companies everyone is talking about but the businesses providing the tools behind those trends.

Mode Mobile is one example. The company developed the EarnPhone, which allows users to earn rewards while doing things many already spend hours doing every day on their smartphones, including reading the news, listening to music and playing games. You can currently buy pre-IPO shares for $0.52 each. That approach is similar to owning the company selling the shovels instead of joining the gold rush itself.

In the end, most Reddit users felt the investor hadn't bought bad stocks. They just put too much money into one area of the market and happened to buy at a rough time.

"Down 9% as a newbie is basically a rite of passage," one investor said. "Zoom out, chill, don't judge it on one ugly week."

Building Wealth Across More Than Just the Market

Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That's why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn't tied to the fortunes of just one company or industry.

Arrived

Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100 . This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.

Realberry

Institutional-quality real estate has traditionally been difficult for individual investors to access. Realberry gives accredited investors direct access to private real estate opportunities backed by a team with 35 years of experience, $3.4 billion in assets under management, and $481 million in cumulative distributions paid to investors as of Q4 2025, according to the company. With a portfolio spanning 13 million square feet across seven U.S. states, Realberry focuses on acquiring, developing, and managing real estate with an emphasis on long-term value creation while its principals often invest alongside clients to help align interests.

FarmTogether

Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000 — fully managed, with no landlord headaches.

Immersed

Immersed is building technology for the future of work through spatial computing. Known for its AR/VR productivity platform that enables users to work across multiple virtual screens, the company has grown to more than 1.5 million users worldwide. Immersed is also developing Visor, a lightweight headset designed specifically for professional productivity, positioning the company at the intersection of remote work, extended reality (XR), and next-generation computing.

Fundrise

Private real estate and private credit can add income and stability to a stock-heavy portfolio. Fundrise offers access to diversified private real estate and credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth.

Mode Mobile

Mode Mobile is changing the way people interact with their phones by letting users earn money from the same apps and activities they already use every day. Instead of platforms keeping all the advertising revenue, Mode Mobile shares a portion back with users who engage with content, play games, and scroll on their devices. Named one of Deloitte's fastest-growing software companies in North America, the company has built a large beta user base and is scaling a model that turns everyday smartphone usage into a potential income stream.

EquityMultiple

For accredited investors looking beyond stocks and bonds, EquityMultiple provides access to vetted commercial real estate deals starting at $5,000 , with only ~5% of opportunities passing their due diligence process.

Image: Shutterstock

This article 'Wrong Picks or Just Bad Timing?' A Newbie Investor Wonders Why Their Stock Portfolio Fell 9%. Here Are the Stocks They Bought originally appeared on Benzinga.com

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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科技股回撤拖累SpaceX与大盘

重要性4/5 高

提供最新市场收盘和SPCX潜在政府合同背景，但SpaceX消息尚未形成协议。

标签

标的：`SPCX`来源：Stocktwits发布日期：2026-07-17重要性：4/5 高评级理由：提供最新市场收盘和SPCX潜在政府合同背景，但SpaceX消息尚未形成协议。评级依据：timeliness, market_context, fact_density, evidence_caveat原文字数：843

中文摘要

核心结论

美国主要股指周五普遍下跌，纳斯达克100指数领跌；Netflix指引偏弱、半导体资本开支担忧和大型科技股回撤共同施压。SpaceX（SPCX）被列入焦点股，潜在五角大楼人工智能数据中心合同仍处早期谈判，可能无法达成。

重要性评级

评级：4/5（高）

文章提供当日跨市场收盘、行业驱动和SPCX潜在合同线索，但SpaceX内容只占一小部分且来自匿名消息源转述。

关键事实

• 标普500指数跌1.01%至7457.69点，纳斯达克100指数跌1.49%至28592.66点，道琼斯指数跌0.77%至52146.42点。
• 罗素2000指数跌0.42%；SPY、QQQ和DIA分别跌0.99%、约1.50%和0.74%。
• VanEck半导体ETF（交易所交易基金，SMH）跌2.18%，VGT（Vanguard信息技术ETF）跌约1%。
• Netflix第二季度收入125.6亿美元，略低于预期；每股收益0.80美元，高于预期，但公司下调第三季度指引并收窄全年收入展望，股价跌逾7%。
• 台积电把2026年资本开支指引由520亿至560亿美元上调至600亿至640亿美元。
• 原油因中东局势和美伊紧张上涨4.4%。
• Meta盘中一度跌6%，据报正与Anthropic洽谈两年最高100亿美元的算力租赁。
• 据《华尔街日报》消息，SpaceX正与五角大楼讨论价值数十亿美元的人工智能数据中心容量供应，谈判可能破裂。

作者观点与证据

文章把科技股下跌归因于财报、指引和半导体资本开支重估，收盘数据较为明确。SPCX合同、Meta算力租赁均处早期谈判，不能计入确定收入。

与相关标的的关系

SPCX的潜在五角大楼合同可能扩展太空或数据中心收入叙事；NFLX是当日科技情绪拖累源，GE业绩提供工业板块支撑，AAPL触及4.88万亿美元市值并涉及反垄断和解讨论。

时效性与限制

文章发布于美东时间 07/17 17:53（UTC+8 07/18 05:53），反映周五收盘。Stocktwits散户情绪指标仅代表其平台用户。

后续跟踪

• SpaceX与五角大楼谈判是否形成正式合同。
• 半导体资本开支上调后的订单与利润率。
• Netflix第三季度指引及用户参与度披露。
• 油价与大型科技股对指数波动的贡献。

英文原文

S&P 500, Nasdaq Slide Sharply As Netflix Guidance Disappoints And Chip Stocks Extend Losses — NFLX, GE, META, AAPL, SPCX In Focus

S&P 500, Nasdaq Slide Sharply As Netflix Guidance Disappoints And Chip Stocks Extend Losses — NFLX, GE, META, AAPL, SPCX In Focus

S&P 500, Nasdaq Slide Sharply As Netflix Guidance Disappoints And Chip Stocks Extend Losses — NFLX, GE, META, AAPL, SPCX In Focus · Stocktwits

Anan Ashraf

Sat, July 18, 2026 at 5:53 AM GMT+8 4 min read

• NFLX

-7.26%

• GE

+0.90%

• AAPL

+0.14%

• SPCX

-5.43%

• The S&P 500 fell about 1.01%, the Nasdaq-100 dropped roughly 1.49%, and the Dow Jones Industrial Average edged 0.77% lower.

• Chipmakers remained under pressure following Taiwan Semiconductor's capex hike earlier in the week, while healthcare and select earnings winners offered relative support.

• Netflix's mixed earnings after market close on Thursday continued to weigh on the tech segment.

U.S. stock indexes finished lower on Friday, with the tech-heavy Nasdaq-100 leading declines as investors digested Netflix's mixed second-quarter results and cautious forward outlook. Chipmakers remained under pressure following Taiwan Semiconductor's capex hike earlier in the week, while healthcare and select earnings winners offered relative support.

The S&P 500 fell about 1.01%, the Nasdaq-100 dropped roughly 1.49%, and the Dow Jones Industrial Average edged 0.77% lower. The Russell 2000, which tracks stocks with small market capitalizations, fell 0.42%.

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Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY) fell 0.99% and Invesco QQQ Trust (QQQ) ended Friday around 1.50% lower, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) lost 0.74%.

Meanwhile, the VanEck Semiconductor ETF (SMH) lost 2.18%, while the broader Vanguard Information Technology ETF (VGT) slipped about 1%, as big tech names including Nvidia (NVDA), Alphabet (GOOGL), and Broadcom (AVGO) extended losses. Netflix (NFLX) shares tumbled more than 7% after the bell on Thursday and continued to weigh on sentiment Friday.

Retail sentiment on Stocktwits for SPY fell to 'bearish' zones, while sentiment around QQQ rose to 'extremely bullish' levels, and DIA sentiment stuck to 'neutral' territory.

US Market Drivers

Index

Move

Close

Dow Jones Industrial Average

-0.77%

52,146.42

S&P 500

-1.01%

7,457.69

Nasdaq 100

-1.49%

28,592.66

Netflix reported second-quarter results with revenue of $12.56 billion (slightly below estimates) and EPS of $0.80 (a beat), but lowered Q3 guidance and narrowed its full-year 2026 revenue outlook after market close on Thursday. The company also announced it would reduce the frequency of its viewing-hours/engagement data releases starting in 2027, raising questions about growth momentum and subscriber engagement trends. Shares fell sharply in reaction, dragging the broader tech complex lower on Friday.

Semiconductor stocks came under renewed pressure as investors continued to digest Taiwan Semiconductor Manufacturing (TSM)'s higher 2026 capital expenditure guidance of $60–64 billion, up from $52–56 billion, despite strong underlying demand. Memory and related names, including Micron and Advanced Micro Devices, clocked losses. Nvidia and Broadcom fell in sympathy.

Story Continues

Healthcare provided a partial offset. UnitedHealth Group continued to hold gains from its strong Thursday report. GE Aerospace reported solid second-quarter results before the open on Friday, with aerospace demand remaining robust, adding to positive sentiment in industrials.

Oil prices surged, with crude prices up 4.4%, on Middle East escalation fears and U.S.-Iran tensions.

Trending Stocks To Watch

Netflix (NFLX): Q2 EPS beat but revenue miss, soft Q3 guidance, and reduced engagement reporting sent shares down 7% on Friday, highlighting concerns over subscriber trends and growth.

GE Aerospace (GE): Reported solid Q2 results with robust aerospace demand, providing a bright spot in industrials.

META Platforms (META): The stock fell as much as 6% intraday but pared gains following a report by The New York Times that the company is in early talks to lease computing power from its AI data centers to Anthropic in a potential deal worth up to $10 billion over two years.

SpaceX (SPCX): SpaceX is reportedly in talks with the Pentagon to supply billions of dollars' worth of data-center capacity for running AI models. Talks could collapse with no deal, people familiar with the matter told The Wall Street Journal.

Apple (AAPL): Apple overtook Nvidia as the most valuable company in the world in morning trade on Friday, touching a market capitalization of $4.88 trillion. Separately, Bloomberg reported that the company and the U.S. Justice Department are in early discussions to settle a 2024 lawsuit alleging that the iPhone maker violated antitrust laws.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Anan Ashraf has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .

Related:

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• SPCX Stock Keeps Falling: Gary Black Says SpaceX Still Looks Ridiculously Overvalued — 'Don't Say I Didn't Warn You'

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打开原文

半导体回撤拖累美股主要指数

重要性4/5 中高

收盘数据完整且覆盖GOOG、NVDA、AMD、INTC及主要指数，适合跨资产日报读取。

标签

标的：`GOOG`来源：Motley Fool发布日期：2026-07-17重要性：4/5 中高评级理由：收盘数据完整且覆盖GOOG、NVDA、AMD、INTC及主要指数，适合跨资产日报读取。评级依据：timeliness, fact_density原文字数：551

中文摘要

核心结论

07/17美股延续科技股主导的下跌，半导体板块回撤压过保险公司业绩利好；高估值、AI支出持续性和新竞争模型共同压低风险偏好。

重要性评级

评级：4/5（中高）

文章提供主要指数、黄金、国债收益率和行业表现，可作为当日跨资产收盘记录，但部分事件归因来自媒体叙事。

关键事实

• 纳指下跌1.40%至25520点，标普500下跌1.02%至7457点，道指下跌0.77%至52146点。
• 黄金收于4010.55美元，上涨0.57%；10年期美国国债收益率上升0.02个百分点至4.55%。
• 能源是唯一上涨板块，通信服务和可选消费跌幅居前。
• Travelers（旅行者保险）二季度盈利超预期后上涨9%，Progressive和Allstate同步上涨。
• Nvidia下跌2.21%，AMD和Intel也受半导体抛售拖累。
• 费城半导体指数过去一个月下跌逾13%，年初至今仍上涨近63%。
• 文章称Moonshot AI（月之暗面人工智能）发布可与美国模型竞争的新模型，并提及美伊冲突升级。
• 文章发布于美东时间 07/17 17:33（UTC+8 07/18 05:33）。

作者观点与证据

作者将回撤归因于AI资本开支疑虑、半导体估值扩张、模型竞争和地缘风险。收盘价格与指数数据较具体；各因素对当日跌幅的贡献没有量化验证。

与相关标的的关系

GOOG因Gemini延迟报道承压；NVDA、AMD和INTC直接受到半导体板块去风险影响。主要指数因科技权重较高同步走弱。

时效性与限制

这是07/17收盘快照。文中“纳指本周下跌2.90% today”表述存在编辑歧义，应理解为周度变化，不能当作单日跌幅。

后续跟踪

• 费城半导体指数能否稳定
• 大型科技公司AI资本开支指引
• Gemini延迟及新发布日期
• 油价和美债收益率对估值的压力

英文原文

Stock Market Today, July 17: Stocks Slide as Semiconductor Rout Deepens

Stock Market Today, July 17: Stocks Slide as Semiconductor Rout Deepens

Emma Newbery, The Motley Fool

Sat, July 18, 2026 at 5:33 AM GMT+8 3 min read

• ^GSPC

-1.01%

• ^DJI

-0.77%

• NVDA

-2.21%

• GC=F

+0.67%

• ALL

+3.32%

The Nasdaq Composite (NASDAQINDEX:^IXIC) fell 1.40% to 25,520, the S&P 500 (SNPINDEX:^GSPC) lost 1.02% to 7,457, and the Dow Jones Industrial Average (DJINDICES:^DJI) slipped 0.77% to 52,146, extending a tech-led sell-off as a worsening semiconductor rout outweighed strong insurance sector earnings.

Gold prices rose 0.57% to $4,010.55 as of U.S. market close, and the 10-Year Treasury yield climbed 0.02% to 4.55%. The energy sector was the only gainer today, with communication stocks and consumer cyclicals the worst hit.

Today's biggest moves

The Travelers Companies jumped 9% after reporting a significant second-quarter earnings beat. Insurance peers, including Progressive and Allstate , also gained. Nvidia shares slid as investors rotated out of the artificial-intelligence (AI) bellwether. The semiconductor sell-off weighed on Advanced Micro Devices and Intel , while Alphabet shares fell on reports that its Gemini 3.5 Pro AI model launch would be delayed.

What this means for investors

The Nasdaq finished the week down 2.90% today as a series of reports rattled confidence. Today, news that Moonshot AI, a Chinese AI start-up, had released an advanced AI model to rival those in the U.S. shook U.S. firms, as investors fear it could undercut sales. At the same time, the re-escalation of violence between the U.S. and Iran fueled a risk-off mood.

The Philadelphia Stock Exchange Semiconductor Index, a common gauge for semiconductor stocks, has fallen by more than 13% in the past month as investors question whether tech firms can continue spending so heavily on AI and analysts warn of overextended premiums. Pullbacks like this can be unnerving, but it is also worth viewing this volatility in context: The PHLX Semiconductor Index has risen by almost 63% year-to-date.

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Stock Market Today, July 17: Stocks Slide as Semiconductor Rout Deepens was originally published by The Motley Fool

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特斯拉与Alphabet财报观察指标

重要性4/5 中高

与TSLA和GOOG财报直接相关，预测数字具体，但来源为卖方共识与媒体解读。

标签

标的：`GOOG`来源：Zacks发布日期：2026-07-17重要性：4/5 中高评级理由：与TSLA和GOOG财报直接相关，预测数字具体，但来源为卖方共识与媒体解读。评级依据：timeliness, fact_density, forecast_uncertainty原文字数：697

中文摘要

核心结论

Tesla财报的关键变量是毛利率和超过250亿美元的2026年资本开支，Alphabet则需检验Google Cloud（谷歌云）能否在高基数上继续加速。

重要性评级

评级：4/5（中高）

文章直接提供TSLA和GOOGL的盈利、收入及云业务一致预期，适合财报前建立核对表；数据主要来自Zacks共识模型。

关键事实

• Tesla 2026年股价约下跌15%，此前连续两次每股收益超出Zacks共识两位数百分比。
• Tesla本季度盈利预计同比增长22%，收入预计同比增长12%。
• 公司将2026年资本开支预测从200亿美元上调至超过250亿美元，主要用于FSD（完全自动驾驶）、Robotaxi（无人驾驶出租车）和数据中心。
• Alphabet 2026年股价约上涨10%，此前各季度盈利与收入均超过预期。
• Alphabet本季度盈利预计同比增长23%，收入预计同比增长24%。
• 上一季度谷歌云收入为200亿美元，同比增长62.7%。
• Zacks预计本季度谷歌云收入228亿美元，同比增长67%。
• 文章发布于美东时间 07/17 17:29（UTC+8 07/18 05:29）。

作者观点与证据

作者判断Tesla毛利率改善和Alphabet云收入加速将主导财报后情绪。预测来自Zacks一致预期，尚非公司已实现业绩；文中“积极”措辞带有明显市场评论色彩。

与相关标的的关系

TSLA受汽车利润率、AI基础设施投入及现金回报约束；GOOG/GOOGL受云收入增速、资本开支效率和高增长基数影响。

时效性与限制

文章发布于财报前，所有本季度数字均为预测。正文未给出具体财报日期和现金流预期。

后续跟踪

• Tesla汽车毛利率与自由现金流
• Tesla资本开支执行进度
• 谷歌云收入、利润率和积压订单
• 两家公司下一期指引

英文原文

Tesla and Alphabet Earnings: The Metrics That Matter Most

Tesla and Alphabet Earnings: The Metrics That Matter Most

Derek Lewis

Sat, July 18, 2026 at 5:29 AM GMT+8 3 min read

• TSLA

-2.61%

• GOOG

-2.17%

The 2026 Q2 earnings season is in full swing following the release of the big banks' results, with many other notable companies on deck in the coming days and weeks.

Concerning next week's docket, several Mag 7 members, Tesla TSLA and Alphabet GOOGL, are scheduled to report.

Watch Tesla's CapEx and Margin Performance

Tesla shares haven't had a strong showing in 2026 so far, down roughly 15% and underperforming and facing mixed post-earnings reactions. Its results in 2026 have been largely positive from an expectations standpoint, exceeding the Zacks Consensus EPS estimate by double-digit percentages in back-to-back prints.

Both EPS and sales expectations have trended higher over recent months, a bullish development as the company gears up to release its results. Earnings are forecasted to climb 22% YoY, whereas revenue is forecasted to see a 12% YoY climb.

Zacks Investment Research

Image Source: Zacks Investment Research

Margins have always been a key metric to watch for Tesla, which have largely dictated its price action overall. Its gross margin on a trailing twelve-month basis has recently turned higher after periods of decline, with continued improvement likely to drive significant overall positivity.

Zacks Investment Research

Image Source: Zacks Investment Research

It's also just as critical to rememer that Tesla is entering a massive, heavy-spending cycle, recently raising its 2026 CapEx forecast from $20 billion to over $25 billion. The huge spending levels are primarily aimed at constructing the computational and physical infrastructure needed for its real-world AI initiatives, including data centers to power FSD, the Robotaxi network, and more.

Google Cloud Results Remain Key

Alphabet shares have delivered a return on par with the S&P 500 so far in 2026, up roughly 10% and seeing huge positivity following the latest set of quarterly results. Alphabet has overall continued its stellar earnings track record in 2026, beating both EPS and revenue expectations in each 2026 release so far.

Like TSLA, Alphabet has seen bullish EPS and sales revisions for the quarter to be reported over recent months, but the revisions as of late have been more stable than anything. Though there haven't been upward revisions recently, the stability here is still a positive takeaway. The tech giant is expected to continue its growth trajectory yet again, with earnings and revenue expected to be up 23% and 24%, respectively.

Zacks Investment Research

Image Source: Zacks Investment Research

As has been the case, cloud revenues will again be a key sentiment driver concerning the post-earnings reaction for the Mag 7 member. Google Cloud revenue totaled $20.0 billion in its latest release, reflecting a rock-solid 62.7% YoY growth rate. The growth acceleration is precisely what the market wanted to see, explaining the pop in shares following the latest release.

Story Continues

Further acceleration in the YoY growth rate will likely lead to huge positivity yet again from a share momentum standpoint, though it remains a tough hurdle to clear given the huge growth rates already delivered. Our consensus estimate for Google Cloud revenue stands at $22.8 billion, reflecting a 67% YoY change.

Zacks Investment Research

Image Source: Zacks Investment Research

Bottom Line

With the 2026 Q2 earnings season in full swing, investors will have a flurry of earnings reports to sort through in the coming weeks. The big banks kicked the period off in style, largely posting solid results while also providing solid read-throughs for coming periods.

And coming next week is a duo of Magnificent 7 members, namely Tesla TSLA and Alphabet GOOGL, who both head into their reports with favorable revisions for both earnings and revenue. Google Cloud results will remain key for Alphabet, whereas Tesla's AI-related CapEx and margin picture are key items to watch.

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Alphabet Inc. (GOOGL) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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Cramer评半导体抛售与防御股

重要性2/5 中低

覆盖多只相关股票，但观点驱动明显，且存在财务口径冲突和弱证据引用。

标签

标的：`NBIS`来源：24/7 Wall St.发布日期：2026-07-17重要性：2/5 中低评级理由：覆盖多只相关股票，但观点驱动明显，且存在财务口径冲突和弱证据引用。评级依据：opinion_heavy, secondary_source原文字数：881

中文摘要

核心结论

Cramer认为杠杆资金退出仍在压制半导体和高波动AI股票，并偏好现金流、股息和订单积压较明确的防御型或优质周期公司。

重要性评级

评级：2/5（中低）

涵盖NVDA、NBIS、CLX、KO和PWR多项数据，但文章主体是电视评论和选股叙事，部分数字口径存在疑问。

关键事实

• Cramer在07/17（未给出具体时刻）的节目中称半导体板块尚未出现清晰底部。
• Nvidia 2027财年第一季度收入816.1亿美元，同比增长85.2%；数据中心收入752.5亿美元。
• NBIS过去一个月下跌35.21%、过去一周下跌20.55%，07/16（未给出具体时刻）收于171.77美元。
• 文中称NBIS估值为57.7倍市销率和68倍预期市盈率。
• Clorox季度股息1.24美元，年化4.96美元，对应收益率5.12%；预期市盈率15倍，贝塔值0.53。
• Clorox将2026财年调整后每股收益指引下调至5.45至5.65美元。
• Coca-Cola年内上涨23.1%，第一季度每股收益0.86美元，收入增长12.1%。
• Quanta Services订单积压达到485亿美元，股价一个月回撤12.26%。

作者观点与证据

文章复述Cramer对半导体、NBIS和防御股的判断，并用收益率、估值和订单积压作支撑。Polymarket（预测市场）概率和Reddit（社交论坛）情绪属于弱证据；文中将NBIS的3.99亿美元收入标为二季度且同比增长279.6%，与同批文章的一季度口径冲突。

与相关标的的关系

NVDA和NBIS直接关联AI板块去杠杆；CLX、KO被当作防御型比较对象；PWR的485亿美元积压体现电力与基础设施需求。

时效性与限制

文章发布于美东时间 07/17 17:17（UTC+8 07/18 05:17）。电视观点、预测市场和社交情绪不能替代公司文件，NBIS财务口径需优先核对原始财报。

后续跟踪

• 半导体板块成交与融资压力
• Nvidia后续收入和毛利率
• Clorox下调指引后的经营表现
• Quanta订单转化与利润率

英文原文

Jim Cramer Says Semiconductor Stocks Are “Going Down.” Buy These 2 Dividend Stocks Instead

Jim Cramer Says Semiconductor Stocks Are “Going Down.” Buy These 2 Dividend Stocks Instead

Thomas Richmond

Sat, July 18, 2026 at 5:17 AM GMT+8 3 min read

• KO

-3.96%

• COKE

-0.94%

• ALI=F

+2.59%

• CLX

-2.42%

• NVDA

-2.21%

Quick Read

• Cramer bought CLX for its 5% yield and 0.53 beta defensiveness, while warning NBIS, down 35% in one month, isn't done falling.

• Cramer favored KO over COKE amid aluminum tariff margin pressure, while PWR's record $48.5B backlog could reward patient buyers after a 12% pullback.

• Cramer urged waiting on all semiconductor stocks until margin-driven forced selling clears, saying the bottom isn't visible yet.

• Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

Jim Cramer believes forced selling is creating opportunities, but investors should resist buying too early. During his July 17, 2026, Mad Money Lightning Round, he recommended two defensive dividend stocks while urging patience on semiconductors and highly speculative names. His message was simple: " The speculative hands are being margined out. They're going to get rid of them, and you'll get a better price if you want to buy. "

Tulane Public Relations/Wikimedia Commons

Wait to Buy Semiconductors Until the Margin Sellers Are Gone

On a caller's semiconductor question, Cramer advised being patient: "It's a semiconductor and all semiconductor stocks are going down. May I suggest that you wait a few more days until we get rid of all the margin players, and you're going to find a bottom. I don't see it yet."

NVIDIA ( NASDAQ:NVDA ) fundamentals remain intact. Q1 FY2027 delivered $81.61B in revenue, up 85.2% YoY, with Data Center revenue of $75.25B. But Polymarket assigns only a 60.5% probability that NVDA closes above $200 by end of July and just 37% above $210. Reddit sentiment fell into bearish territory (scores 32 to 46) July 7 through 9 on DeepSeek chip news and server delay reports.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

Cramer Warns Nebius Is "Not Done Going Down"

Cramer's sharpest warning targeted Nebius Group ( NASDAQ:NBIS ): "It is at the nexus of the craziness right now. There are a lot of hedge funds that own it, and I think they're in a lot of trouble. This stock is not done going down. There'll be another time to buy it, but that time is not now."

Shares fell 35.21% over the past month and 20.55% in the past week, closing at $171.77 on July 16. Fundamentals are strong (Q2 revenue of $399M, up 279.6% YoY, an NVIDIA $2B pre-funded warrant investment, and a $12B Meta contract), but shares trade at 57.7x sales and 68x forward earnings .

NBIS Price Target — 24/7 Wall St.

Cramer Says Clorox's 5% Yield Is Finally Worth Buying

Cramer's headline call was on Clorox ( NYSE:CLX ). "I read my first positive note about Clorox in a great deal of time today. That was a price target increase that made me say 5% yield . You know what? We want to buy it. "

Story Continues

Clorox pays $1.24 quarterly, or $4.96 annualized, translating to a 5.12% yield. Shares closed at $98.71 on July 16, down 18.67% over the past year. The stock trades at 15x forward earnings with a 0.53 beta, making it a classic defensive setup Cramer wants against margin-driven volatility.

Fiscal Q3 delivered mixed signals. Adjusted EPS came in at $1.64, beating the $1.55 estimate, though management sharply lowered FY2026 guidance to $5.45-$5.65 in adjusted EPS, citing ERP transition, inventory normalization, and GOJO integration dilution as drivers of organic sales declines. CEO Linda Rendle called results "mixed, with continued momentum in some parts of our portfolio and slower-than-anticipated market share recovery in others."

CLX Price Target — 24/7 Wall St.

Why Cramer Prefers Coca-Cola Over Its Largest Bottler

Asked about the bottlers, Cramer chose the parent: "I would go for Coke. I think that's a better stock." Coca-Cola ( NYSE:KO ) is up 23.1% year to date, delivered Q1 EPS of $0.86 on 12.1% revenue growth, and pays $0.53 quarterly. Coca-Cola Consolidated posted a 70 bps gross margin contraction due to aluminum tariff costs and yields materially less on its $0.25 quarterly payout.

Quanta's $48.5 Billion Backlog Makes This Selloff Worth Watching

Quality cyclicals aren't immune. Quanta Services ( NYSE:PWR ) has come down from $788 to $630, retracing 12.26% in a month even after posting a record $48.5B backlog. Cramer's advising for investors to let leveraged sellers finish selling, then step into names where cash flow, dividends, and backlog do the heavy lifting.

Key Takeaways

Cramer sees Clorox and Coca-Cola as dependable defensive holdings, while semiconductors may become attractive once forced selling subsides. More speculative names such as Nebius could have further to fall. The opportunity, in Cramer's view, will come after leveraged sellers have been cleared out and strong businesses can be purchased at more attractive prices.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

Contact editorial@247wallst.com for any questions or corrections.

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Alphabet财报牵动AI资本开支链

重要性5/5 高

来源质量较高，直接覆盖GOOG、INTC、指数盈利和宏观变量，且处于关键财报窗口。

标签

标的：`GOOG`来源：Reuters发布日期：2026-07-17重要性：5/5 高评级理由：来源质量较高，直接覆盖GOOG、INTC、指数盈利和宏观变量，且处于关键财报窗口。评级依据：timeliness, source_quality, fact_density原文字数：775

中文摘要

核心结论

Alphabet、Intel及Texas Instruments（德州仪器）的财报将检验AI资本开支和芯片盈利预期；半导体指数虽年内大涨，已从六月高点回撤逾20%。

重要性评级

评级：5/5（高）

Reuters（路透社）汇集LSEG盈利预测、指数数据和机构采访，直接覆盖GOOG、INTC及美股AI主线，并连接地缘风险与美联储预期。

关键事实

• 标普500在07/17下跌并录得周线下跌，2026年仍上涨约9%，距六月初纪录高点约2%。
• LSEG IBES预计标普500二季度盈利同比增长26%。
• Alphabet市值约4.2万亿美元，将于周三发布季度业绩。
• 费城半导体指数较六月末纪录高点下跌逾20%，确认进入技术性熊市，2026年仍上涨逾60%。
• Intel年内上涨逾160%，Texas Instruments上涨60%。
• 超过80家标普500公司将在随后一周公布业绩。
• 联邦基金期货反映市场预期美联储未来数月可能加息，以应对高于2%目标的通胀。
• 文章发布于美东时间 07/17 17:17（UTC+8 07/18 05:17）。

作者观点与证据

文章认为Alphabet若削减AI支出指引，影响可能传导至整个AI生态；芯片公司即使交出强劲业绩，也面临高预期压制。该判断由机构采访和近期财报反应支持，但未来资本开支变化仍属情景分析。

与相关标的的关系

GOOG是AI支出与指数权重的直接驱动；INTC及其他芯片股受行业高预期和杠杆产品放大波动影响；标普500的盈利增长预期构成指数估值支撑。

时效性与限制

财报与美联储会议均尚未发生。文章称Alphabet周三发布业绩，但未在正文写出日期，不宜补造具体日历日。

后续跟踪

• Alphabet资本开支、云业务及AI收入指引
• Intel和德州仪器订单与利润率
• 半导体指数相对六月高点的位置
• 油价、通胀数据与联储利率定价

英文原文

Alphabet, Intel results in focus for AI trade as US earnings rev up

Alphabet, Intel results in focus for AI trade as US earnings rev up

By Lewis Krauskopf

Sat, July 18, 2026 at 5:17 AM GMT+8 4 min read

• ^GSPC

-1.01%

• GOOG

-2.17%

• INTC

-2.00%

By Lewis Krauskopf

NEW YORK, July 17 (Reuters) - U.S. corporate earnings season gathers steam in the coming week as Alphabet and Intel are set to offer updates that could sway the market-leading AI trade amid high profit expectations and uncertainty over the Iran war.

The S&P 500 skidded on Friday to post ‌a weekly decline, dragged down by a steep pullback in high-flying semiconductor shares. Still, the benchmark S&P 500 remained up about 9% in 2026, and stood ‌2% below its early June record high.

Increasing expectations for profit strength this year have provided bedrock support for investors' enthusiasm for stocks.

Now they are counting on the second-quarter earnings season, just under way, to show the corporate ​profit engine is still humming along, with S&P 500 earnings projected up a whopping 26% in the period, according to LSEG IBES data.

"Headlines continue to raise anxiety and leave investors scratching their heads wondering why the market continues to reach new heights," said Michael Arone, chief investment strategist at State Street Investment Management. "And the reason it does is because the fundamentals have been resilient, and the earnings continue to be outstanding."

ALPHABET IN FOCUS FOR AI SPENDING VIEW

Alphabet's quarterly report on Wednesday will command Wall Street's attention. The Google parent, the third-largest U.S. company by market value ‌at $4.2 trillion, can jostle indexes as one of the heavyweight "Magnificent Seven" ⁠stocks that have driven U.S. equities higher for much of the bull run that has lasted nearly four years.

The company is also an AI "hyperscaler," spending billions of dollars to build out data centers and AI infrastructure. Such AI capital spending has been at the heart of ⁠this year's market rally, driving huge gains for semiconductors and other companies benefiting from the massive outlays.

If Alphabet announces "any type of pullbacks with respect to the spending that they're forecasting around AI, you could see ripple effects across the entire AI ecosystem," said Kevin Mahn, president and chief investment officer at Hennion & Walsh Asset Management.

Results from semiconductor firms Intel and Texas Instruments take on particular significance due ​to ​the stunning rally this year in chip stocks. The trade faltered in recent weeks, with the Philadelphia ​SE Semiconductor Index ending on Friday down over 20% from its late-June ‌record high, confirming it has been in a bear market.

Still, the index remains up more than 60% in 2026; Intel shares have soared over 160%, while Texas Instruments has gained 60%.

Story Continues

Tepid market reactions to strong reports this period from foreign companies Samsung Electronics and Taiwan Semiconductor indicate the high expectations for the semiconductor industry.

Chip stocks have swung widely as investors questioned whether the torrid trade has run too far. The sector's massive collective weighting in indexes means chip shares can influence the market's direction. Leveraged products tied to the semiconductor space are also "amplifying on both the upside and the downside," said State Street's Arone.

Q2 REPORTS START TO FLOOD IN AS FED NEARS

Elon Musk's Tesla, another Magnificent Seven company, is also set ‌to post results in the coming week. Other high-profile results include American Express, Philip Morris International and ​defense contractor RTX, with more than 80 S&P 500 companies expected to report.

Major U.S. banks kicked off the ​reporting season this week, posting earnings boosted by fees for advising on mergers and ​acquisitions and surging trading revenue.

Wall Street was still bracing for developments in the Middle East to cause day-to-day market swings, following a recent ‌escalation of the nearly five-month-old U.S.-Israeli war with Iran. Many investors expect ​the war to be relatively short-lived, but are ​wary that renewed tensions could boost energy prices up to levels they reached following the start of the war, inflaming inflation fears.

That is especially an issue ahead of the Federal Reserve's meeting at the end of July. Pricing in fed funds futures indicates expectations the U.S. central bank will raise interest rates in the coming ​months to bring down inflation that is above the Fed's ‌2% annual target.

Cooler-than-expected data this week on U.S. consumer and producer prices calmed some fears the Fed could raise rates at this month's meeting.

"The macro data ​has painted a picture of a steady economy with some improvement in inflationary pressure," said Eric Kuby, chief investment officer at North Star Investment Management.

(Reporting ​by Lewis Krauskopf in New York; Editing by Colin Barr, David Gregorio and Matthew Lewis)

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Meta拟出租过剩算力

重要性4/5 中高

潜在交易规模较大，直接关联META资本开支变现及云厂商竞争，但尚无正式协议或可靠定价。

标签

标的：`GOOG`, `MSFT`来源：CNN Business发布日期：2026-07-17重要性：4/5 中高评级理由：潜在交易规模较大，直接关联META资本开支变现及云厂商竞争，但尚无正式协议或可靠定价。评级依据：timeliness, fact_density, evidence_caveat原文字数：526

中文摘要

核心结论

Meta正与Anthropic初步商谈出租AI计算能力，潜在金额据报道最高可达两年100亿美元。若达成，Meta将把高额数据中心投入延伸为云计算收入，并与亚马逊、微软和谷歌形成更直接的算力供应竞争。

重要性评级

评级：4/5（中高）

事件同时关联META资本开支回报和主要云厂商竞争格局，但交易仍处早期阶段，金额尚未确认。

关键事实

• 《纽约时报》援引三名知情人士称，潜在协议两年价值最高100亿美元。
• CNN的消息人士确认双方处于早期接触，但称已报道的具体金额具有推测性。
• Meta与Anthropic均拒绝评论。
• Meta计划今年投入1250亿至1450亿美元资本开支，主要用于AI基础设施，可能约为上年的两倍。
• Meta于4月宣布裁减约8000人，占员工总数10%，部分原因是抵消基础设施成本。
• Mark Zuckerberg曾表示，若内部需求跟不上建设速度，公司可将多余算力溢价出租。
• Anthropic已与谷歌、SpaceX、微软和亚马逊签有数十亿美元级算力协议。

作者观点与证据

文章认为算力出租可为Meta建立新收入来源，并回应市场对AI资本开支回报的质疑。证据包括知情人士说法、公司资本开支指引和Zuckerberg公开表态；合同规模、定价、期限和实际可用容量均未确定。

与相关标的的关系

META可借外部客户提高数据中心利用率。AMZN、MSFT和GOOG可能面对新增云算力竞争，同时也说明Anthropic的多云采购需求仍强。

时效性与限制

文章发布于美东时间 07/17 17:07（UTC+8 07/18 05:07）。谈判可能终止，100亿美元上限不能视为已签收入。

后续跟踪

• Meta与Anthropic是否签署正式协议及最终合同金额
• 出租容量、毛利率和资本回收期
• Meta内部AI需求与数据中心利用率变化

英文原文

Meta in talks to rent some of its billions in AI infrastructure to Anthropic

Meta in talks to rent some of its billions in AI infrastructure to Anthropic

(L-R): Dario Amodei, CEO and co-founder of Anthropic; Mark Zuckerberg, CEO of Meta Platforms. - Markus Schreiber/AP/Dimitrios Kambouris/Getty Images

Clare Duffy, CNN

Sat, July 18, 2026 at 5:07 AM GMT+8 2 min read

• META

-2.79%

• AMZN

-1.06%

• MSFT

-1.82%

• GOOG

-2.17%

Meta is in talks with Anthropic about leasing computing capacity to the AI startup. It's a move that could put the social media giant in competition with Amazon, Microsoft and Google in a new line of business: cloud computing.

The conversation about a potential deal is still early, a source familiar with the matter confirmed to CNN.

The talks were first reported by the New York Times, which pegged the deal's worth at as much as $10 billion over two years, citing three people with knowledge of the discussions. CNN's source said any specific numbers that have been reported are speculative.

Meta and Anthropic declined to comment on the talks.

Becoming a computing provider could mark a major new revenue opportunity for Meta as it's been investing heavily in data center infrastructure to support its AI ambitions.

The social media giant plans to spend between $125 billion and $145 billion in capital expenditures this year, largely to support that infrastructure buildout, Meta said in its most recent earnings report . That could double what it spent the prior year.

Meta said in April that it would lay off 10% of its workforce, about 8,000 people, in part to offset the cost of those investments.

Meta CEO Mark Zuckerberg has mentioned the possibility of leasing out some of that infrastructure if his own company's computing needs didn't keep pace with the buildout.

"Almost every week there are different companies that come to us from outside asking us … if we have compute that they could buy from us at some premium to what we've bought it at," Zuckerberg said at Meta's annual shareholder meeting in May. "We haven't done that yet because we think that we have a use for the compute. But obviously if we get to a point where we feel that we have overbuilt, then that is an option that we have."

There's no shortage of demand for computing power as companies large and small race to adopt AI and major AI labs work to improve their models. Anthropic already has multibillion dollar compute licensing deals with Google , SpaceX , Microsoft and Amazon .

Meanwhile, investors want Meta to show how its investments will benefit its bottom line, especially as it scrambles to keep pace with AI offerings from companies like Anthropic and OpenAI. Meta shares ( META ) are down more than 8% from this time last year.

Meta last month released an upgraded version of its Muse Spark AI model that it said could rival the coding capabilities of models from OpenAI, Anthropic and others. For the first time, Meta said it would offer a paid version of the service, yet another sign it's looking for bigger returns on AI.

For more CNN news and newsletters create an account at CNN.com

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科技财报将检验AI板块承压程度

重要性3/5 中

与GOOG、SPCX及AI产业链直接相关且时效较高，但正文严重截断，证据密度有限。

标签

标的：`SPCX`来源：Investor's Business Daily发布日期：2026-07-17重要性：3/5 中评级理由：与GOOG、SPCX及AI产业链直接相关且时效较高，但正文严重截断，证据密度有限。评级依据：timeliness原文字数：76

中文摘要

核心结论

Alphabet、Tesla、Intel与GE Vernova即将公布业绩，Alphabet的资本开支指引将检验AI（人工智能）产业链在近期抛售后的基本面支撑。

重要性评级

评级：3/5（中）

涉及多家指数权重公司及SPCX，但存档正文只有导语，无法核验财报日期、市场预期和抛售原因。

关键事实

• Alphabet业绩及资本开支指引被列为AI股票的主要观察变量。
• Tesla、Intel和GE Vernova也将公布业绩。
• 文中列示GOOG下跌2.17%、TSLA下跌2.61%、AMD下跌1.03%、SPCX下跌5.43%、道指下跌0.77%。
• 文章发布于美东时间 07/17 17:01（UTC+8 07/18 05:01）。

作者观点与证据

作者把下一轮大型科技公司财报视为AI板块情绪检验，尤其关注Alphabet支出计划。现有证据仅含行情快照和一句导语，缺少盈利预测、估值及公司指引原文。

与相关标的的关系

GOOG和TSLA是直接财报主体；AMD、INTC、GEV及SPCX可能通过AI资本开支预期和板块风险偏好受到影响。

时效性与限制

内容接近当日收盘，但正文被“继续阅读”截断，不能据此确认完整事件路径。

后续跟踪

• Alphabet实际资本开支及后续指引
• Google Cloud（谷歌云）收入与订单增速
• Tesla利润率和资本开支
• 半导体板块在财报后的相对表现

英文原文

Dow Jones Futures: Google, Tesla, AMD Loom After AI Stock Sell-Off

Dow Jones Futures: Google, Tesla, AMD Loom After AI Stock Sell-Off

Dow Jones Futures: Google, Tesla, AMD Loom After AI Stock Sell-Off · Investor's Business Daily

ED CARSON

Sat, July 18, 2026 at 5:01 AM GMT+8 5 min read

• AMD

-1.03%

• GOOG

-2.17%

• ^DJI

-0.77%

• TSLA

-2.61%

• SPCX

-5.43%

Google earnings and capex guidance will be key for battered AI stocks. Tesla, Intel, GE Vernova also will report.

Continue Reading

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奈飞抛售与油价上涨压低风险偏好

重要性3/5 中

提供及时的跨资产收盘快照，但付费墙导致事实和归因证据不足。

标签

标的：`SPCX`来源：MT Newswires发布日期：2026-07-17重要性：3/5 中评级理由：提供及时的跨资产收盘快照，但付费墙导致事实和归因证据不足。评级依据：timeliness原文字数：93

中文摘要

核心结论

美股在Netflix抛售和中东紧张局势升温的背景下走低，原油上涨成为跨资产风险变化的另一条线索。

重要性评级

评级：3/5（中）

收盘行情与指数、油价和NFLX直接相关，但付费墙仅保留极少正文，事件细节与周度数据无法核验。

关键事实

• Netflix下跌7.26%，原油期货上涨4.47%。
• 纳斯达克指数下跌1.40%，标普500指数下跌1.01%，道指下跌0.77%。
• 文章称已更新收盘市场走势及指数周度变化，但存档未展示具体周度数字。
• 文章发布于美东时间 07/17 16:46（UTC+8 07/18 04:46）。

作者观点与证据

标题将股市下跌与Netflix抛售、中东紧张局势并列，并指出油价上涨。可见正文只确认美股收低，缺少Netflix下跌原因、油价驱动及因果证据。

与相关标的的关系

NFLX和原油期货CL=F为直接行情主体；SPCX及主要股指反映风险偏好，但文章没有给出SPCX单独分析。

时效性与限制

数据覆盖当日收盘，付费墙阻断了绝大部分正文，标题中的事件归因只能作为媒体叙事记录。

后续跟踪

• Netflix抛售对应的公司信息
• 原油涨幅能否延续
• 中东局势对能源与通胀预期的影响
• 指数周度跌幅及行业分化

英文原文

Update: Equities Fall Amid Netflix Sell-Off; Oil Climbs as Middle East Tensions Rise

PREMIUM

Update: Equities Fall Amid Netflix Sell-Off; Oil Climbs as Middle East Tensions Rise

MT Newswires

Sat, July 18, 2026 at 4:46 AM GMT+8 3 min read

• CL=F

+4.47%

• NFLX

-7.26%

• ^DJI

-0.77%

• ^GSPC

-1.01%

• ^IXIC

-1.40%

(Updates with market moves at the end of the day and weekly index changes.) US equities declined

PREMIUM

Upgrade to read this MT Newswires article and get so much more.

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芯片股承压，Marvell逆势微涨

重要性3/5 中

来源质量较高、发布时间新且直接涉及MRVL，但归档正文极短，事实密度和解释能力有限。

标签

标的：`MRVL`来源：The Wall Street Journal发布日期：2026-07-17重要性：3/5 中评级理由：来源质量较高、发布时间新且直接涉及MRVL，但归档正文极短，事实密度和解释能力有限。评级依据：timeliness, source_quality原文字数：104

中文摘要

核心结论

人工智能热潮能否持续的疑虑压低Intel（英特尔）、Micron（美光科技）和AMD（超威半导体），MRVL（Marvell股票代码）当日收涨0.2%。Netflix（奈飞）因收入增速降至多年低位而下跌超过7%。

重要性评级

评级：3/5（中）

华尔街日报的盘后回顾提供了MRVL相对同业表现，但原文仅有一段摘要，缺少指数、成交量和公司层面证据。

关键事实

• 英特尔、美光和AMD因市场担忧人工智能繁荣的持续性而下跌。
• Marvell当日收盘上涨0.2%。
• Netflix股价下跌超过7%。
• 文章将Netflix跌幅与该公司多年最弱的收入增长联系起来。
• 原文未给出英特尔、美光和AMD的完整收盘跌幅。

作者观点与证据

文章采用市场复盘口径，把芯片股下跌归入人工智能主题降温。对Marvell只报告相对价格表现，没有说明其逆势上涨的公司特定原因。

与相关标的的关系

MRVL是直接相关标的，当日表现强于英特尔、美光和AMD；这只能说明单日相对韧性，无法确认基本面分化。

时效性与限制

文章发布于美东时间 07/17 16:45（UTC+8 07/18 04:45）。归档内容只有一分钟阅读摘要，因果解释和数据覆盖均较有限。

后续跟踪

• MRVL相对费城半导体指数的表现
• 人工智能芯片盈利预期修订
• 同业成交量与资金流变化
• Netflix后续收入指引

英文原文

Stocks to Watch Recap: Intel, Netflix, SpaceX, Burberry

Stocks to Watch Recap: Intel, Netflix, SpaceX, Burberry

Stocks to Watch Recap: Intel, Netflix, SpaceX, Burberry · The Wall Street Journal · SOPA Images/ZUMA Press

Julia Amann

Sat, July 18, 2026 at 4:45 AM GMT+8 1 min read

• SPCX

-5.43%

• INTC

-2.00%

• BRBY.L

-6.38%

• MRVL

+0.20%

• NFLX

-7.26%

↘️ Intel (INTC), Micron Technology (MU) and Advanced Micro Devices (AMD) slipped amid concerns about the sustainability of the AI boom. Marvell Technology (MRVL) ended the trading session up 0.2%. ↘️Netflix (NFLX): Shares fell more than 7% after the streaming company reported its weakest revenue growth in years.

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英伟达苹果市值仅差百亿

重要性2/5 中低

市值数据新鲜但信息维度单一，且与MSFT只有间接关系，归档正文也不完整。

标签

标的：`MSFT`来源：Barrons.com发布日期：2026-07-17重要性：2/5 中低评级理由：市值数据新鲜但信息维度单一，且与MSFT只有间接关系，归档正文也不完整。评级依据：timeliness, source_quality原文字数：129

中文摘要

核心结论

英伟达与苹果的全球最高市值公司之争已缩小至约100亿美元。苹果盘中一度超过英伟达，但收盘时英伟达仍以4.91万亿美元略高于苹果约4.90万亿美元。

重要性评级

评级：2/5（中低）

数据反映超大盘科技股权重变化，但文章仅提供单日市值比较，对经营基本面解释有限。

关键事实

• 道琼斯市场数据称，苹果周五早盘一度超过英伟达。
• 周五收盘时，英伟达市值约4.91万亿美元。
• 苹果同期市值约4.90万亿美元。
• 两者差距约100亿美元，容易随单日价格波动反转。
• 元数据列示当日NVDA下跌2.21%、AAPL上涨0.14%、MSFT下跌1.82%。

作者观点与证据

文章判断英伟达接近失去全球市值第一的位置，依据只有道琼斯市场数据的盘中及收盘市值。原文未讨论盈利、估值倍数、股份变化或业务催化。

与相关标的的关系

NVDA和AAPL直接受市值排名与指数集中度关注；MSFT仅作为另一家超大市值科技公司列入相关标的，正文没有提供微软专属信息。

时效性与限制

文章发布于美东时间 07/17 16:45（UTC+8 07/18 04:45）。归档正文只有简短导语，市值排名也会随下一交易日价格迅速变化。

后续跟踪

• NVDA与AAPL收盘市值变化
• 两家公司盈利预期和估值倍数
• 超大盘股对主要指数权重的影响

英文原文

Nvidia Narrowly Holds Off Apple to Keep World’s Most Valuable Company Title

Nvidia Narrowly Holds Off Apple to Keep World’s Most Valuable Company Title

Nvidia Narrowly Holds Off Apple to Keep World’s Most Valuable Company Title · Barrons.com · Marlena Sloss/Bloomberg

Adam Clark

Sat, July 18, 2026 at 4:45 AM GMT+8 2 min read

• NVDA

-2.21%

• AAPL

+0.14%

• MSFT

-1.82%

Nvidia is close to losing its place as the world’s largest company by market valuation. The stock movement Friday put the company on the brink of having a market capitalization below that of Apple The iPhone maker surpassed Nvidia in early trading, according to Dow Jones Market Data. At Friday’s close, Nvidia has a market value of $4.91 trillion, while Apple has a market cap of about $4.9 trillion, according to Dow Jones Market Data.

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SpaceX竞逐五角大楼算力

重要性4/5 中高

潜在政府合同金额较大且覆盖多家直接相关云厂商，但尚无授标或公司确认。

标签

标的：`MSFT`来源：Stocktwits发布日期：2026-07-17重要性：4/5 中高评级理由：潜在政府合同金额较大且覆盖多家直接相关云厂商，但尚无授标或公司确认。评级依据：timeliness, evidence_caveat原文字数：635

中文摘要

核心结论

SpaceX据报正与美国国防部商谈数十亿美元AI算力供应协议，并计划以较低价格扩张云计算业务。潜在合同会让其直接进入亚马逊、微软、谷歌、甲骨文和CoreWeave所在的政府云算力市场。

重要性评级

评级：4/5（中高）

消息涉及大额政府AI基础设施采购及多家相关云厂商，但谈判可能破裂，现有商业数据主要来自二手报道。

关键事实

• 《华尔街日报》据知情人士称，潜在协议金额最高数十亿美元，尚未达成。
• 亚马逊、微软、谷歌和甲骨文已经向美国国防部提供计算能力。
• 相关算力拟支持美国国家安全局及军方AI应用。
• SpaceX计划扩大云计算业务，并据报以低价与CoreWeave竞争。
• 公司今年收购xAI并于6月上市，随后将Grok模型和数据中心整合进SpaceXAI业务。
• SpaceX与Anthropic、谷歌和Reflection AI的三项算力合同，据文章估算满负荷年化收入合计约270亿至280亿美元，但均含提前终止条款。
• SPCX周五收于123.99美元，低于135美元的首次公开募股价格，并连续第六日下跌。

作者观点与证据

文章把五角大楼谈判视为SpaceX扩张AI云业务的延续。事实基础主要是《华尔街日报》转述；270亿至280亿美元年化收入属于满负荷口径，灵活终止条款削弱其可见度，零售情绪不能证明合同进展。

与相关标的的关系

SPCX是潜在合同直接受益方。AMZN、MSFT、GOOG和ORCL可能面对新增政府云竞争，CRWV则面临价格压力；正文未量化各厂商现有国防部收入。

时效性与限制

文章发布于美东时间 07/17 16:44（UTC+8 07/18 04:44）。合同尚处谈判阶段，金额和落地概率均未确认。

后续跟踪

• 美国国防部是否公布正式授标
• 合同容量、期限、价格及安全认证要求
• 既有算力合同的实际利用率和收入确认

英文原文

SpaceX Reportedly In Talks To Supply Pentagon With AI Computing Power Worth Billions

SpaceX Reportedly In Talks To Supply Pentagon With AI Computing Power Worth Billions

SpaceX Reportedly In Talks To Supply Pentagon With AI Computing Power Worth Billions · Stocktwits

Anan Ashraf

Sat, July 18, 2026 at 4:44 AM GMT+8 2 min read

• SPCX

-5.43%

• AMZN

-1.06%

• GOOG

-2.17%

• MSFT

-1.82%

• ORCL

+1.77%

• Amazon, Microsoft, Google and Oracle already provide capacity to the Pentagon.

• SpaceX is planning a major expansion of its cloud-computing efforts, including competing directly with providers like CoreWeave by offering its computing capacity at lower prices, the report said.

• SpaceX has already signed cloud-computing deals with Anthropic, Google, and Reflection AI.

Elon Musk's rocket manufacturing and AI company SpaceX (SPCX) is reportedly in talks with the Pentagon to supply billions of dollars' worth of data-center capacity for running AI models.

According to a report from the Wall Street Journal, the two sides are negotiating an arrangement under which SpaceX would provide computing capacity to the department at a cost of up to several billion dollars. Talks could collapse with no deal, people familiar with the matter told the Journal.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

Amazon, Microsoft, Google, and Oracle already provide capacity to the Pentagon. The potential detail would give the United States Department of Defense more cloud-computing resources to support AI applications across the National Security Agency and warfighters.

SpaceX, meanwhile, is planning a major expansion of its cloud-computing efforts, including competing directly with providers like CoreWeave by offering its computing capacity at lower prices, the report said.

SPCX shares closed down 5.5% on Friday, and clocked its sixth consecutive day in the red.

SpaceX AI Efforts

SpaceX acquired Elon Musk's xAI earlier this year and went public in June. The company subsequently integrated Grok AI models and data centers into its business under the segment now called SpaceXAI. The company has rapidly built massive data centers in Memphis and has also touted putting up data centers in space to resolve the ongoing computing shortage.

SpaceX has already signed cloud-computing deals with Anthropic, Google, and Reflection AI in recent months to rent out data-center capacity for running AI models. Combined, the three deals represent roughly $27–28 billion in annualized revenue at full rates. All contracts include flexibility clauses allowing early termination, reflecting the fast-moving AI sector.

How Did SPCX Retail Traders React?

On Stocktwits, retail sentiment around SPCX stock stayed within the 'bearish' territory over the past 24 hours, while message volume was 'low.'

A Stocktwits user opined that the potential deal would push the stock above its IPO price yet again.

Story Continues

Another user expressed optimism about the Starship test flight slated for Monday after it was scrapped on Thursday. Starship is key to Musk's dream of enabling rocket reusability and the company's aspirations to set up data centers in Space. The rocket, however, is still in its testing phase.

SPCX stock closed at $123.99 on Friday, below its IPO price of $135.

Read More: META Stock Slips, Then Bounces After Report Of Potential $10B Anthropic Computing Deal

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Anan Ashraf has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .

Related:

• From $100K Loss Per Car To Cosmos — Lucid's High-Stakes Bet On Cheaper EVs

• SPCX Stock Keeps Falling: Gary Black Says SpaceX Still Looks Ridiculously Overvalued — 'Don't Say I Didn't Warn You'

• CELH Stock Clocks Second Consecutive Week Of Losses Amid UK Ban Concerns, Analyst Price Target Cuts

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芯片抛售延续，设备股跌幅扩大

重要性3/5 中

行情新鲜且覆盖MRVL所在半导体产业链，但对MRVL只有间接关联，归档内容不完整。

标签

标的：`MRVL`来源：Barrons.com发布日期：2026-07-17重要性：3/5 中评级理由：行情新鲜且覆盖MRVL所在半导体产业链，但对MRVL只有间接关联，归档内容不完整。评级依据：timeliness, sector_relevance, source_quality原文字数：104

中文摘要

核心结论

科技板块在07/17继续受芯片和人工智能股票抛售拖累，半导体设备股跌幅尤为明显。AMD上涨1%，英特尔下跌2%，显示板块内部仍有差异。

重要性评级

评级：3/5（中）

报道时间接近收盘并覆盖MRVL相关产业链，但归档内容极短，无法还原标题所列多数公司的表现及驱动因素。

关键事实

• 报道称芯片制造商和其他人工智能股票的抛售在周五继续恶化。
• AMD上涨1%。
• 英特尔下跌2%。
• Applied Materials（应用材料）下跌5.6%。
• 康宁下跌2%。
• 元数据同时显示英伟达下跌2.21%、美光下跌0.50%、Intuitive Surgical（直觉外科）下跌14.15%。

作者观点与证据

作者把当日科技股表现归入人工智能与芯片板块降温，证据以个股涨跌为主。归档正文没有盈利预测、估值或资金流数据，也没有解释AMD为何逆势上涨。

与相关标的的关系

MRVL被列为相关标的，但正文没有单独讨论其业务或价格表现。文章对MRVL的价值主要是提供半导体产业链当日风险背景。

时效性与限制

文章发布于美东时间 07/17 16:29（UTC+8 07/18 04:29）。标题覆盖多家公司，归档正文却只保留少量行情，信息完整度偏低。

后续跟踪

• 半导体设备股与芯片设计股的表现差异
• MRVL相对行业指数的强弱
• 人工智能资本开支预期
• 各公司盈利预测修订

英文原文

Micron, Nvidia, Netflix, SK Hynix, Alphabet, Intuitive Surgical, and More Stocks That Explain Today’s Market

Micron, Nvidia, Netflix, SK Hynix, Alphabet, Intuitive Surgical, and More Stocks That Explain Today’s Market

Micron, Nvidia, Netflix, SK Hynix, Alphabet, Intuitive Surgical, and More Stocks That Explain Today’s Market · Barrons.com · AFP via Getty Images

George Glover

Sat, July 18, 2026 at 4:29 AM GMT+8 2 min read

• NVDA

-2.21%

• MU

-0.50%

• ISRG

-14.15%

• AMD

-1.03%

• INTC

-2.00%

FEATURE Tech was hit again on Friday by the worsening selloff in chip makers and other AI stocks. Advanced Micro Devices advanced 1% and Intel dropped 2%. Applied Materials was down 5.6% and Corning fell 2.

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微软增长叙事转向AI负载

重要性4/5 中高

直接触及MSFT增长结构、资本开支和估值依赖，数据密度较高，但指标口径需要核验。

标签

标的：`MSFT`来源：Trefis发布日期：2026-07-17重要性：4/5 中高评级理由：直接触及MSFT增长结构、资本开支和估值依赖，数据密度较高，但指标口径需要核验。评级依据：fact_density, strategic_relevance, evidence_consistency原文字数：748

中文摘要

核心结论

作者认为微软的估值叙事已从企业上云迁移转向AI工作负载，未来风险将更集中于AI商业化。智能云仍提供庞大现金基础，但需要持续验证传统云迁移增长能否支撑1900亿美元的计划资本开支。

重要性评级

评级：4/5（中高）

文章直接分析MSFT增长结构，并提供多项业务规模数据；部分指标口径前后不一致，且结论带有明显估值叙事成分。

关键事实

• 文中微软股价为401美元。
• 微软AI业务年化收入运行率达到370亿美元，同比增长123%。
• 智能云业务年化规模约1280亿美元，文章一处称增长28%。
• 作者随后把智能云21%的增速列为下一季度观察阈值，未解释与28%口径的差别。
• 微软计划投入约1900亿美元资本开支建设AI基础设施。
• 作者认为管理层近期较少强调传统云迁移，更集中讨论智能体系统和AI工作负载。

作者观点与证据

作者判断传统云迁移业务仍稳健，并为AI建设提供现金流，但微软估值对AI负载增长的依赖已经上升。证据来自业务规模、增长率和管理层叙事变化；没有提供云迁移订单、AI利润率或资本回报数据，且文章附带自有组合推广。

与相关标的的关系

MSFT是直接分析对象。AMZN、GOOG和ORCL与Azure在云及AI基础设施上竞争；AAPL和CRM只出现在关联标的中，正文没有提供直接业务证据。

时效性与限制

文章发布于美东时间 07/17 16:22（UTC+8 07/18 04:22）。分析依赖作者对管理层措辞变化的解读，21%与28%的增长口径需要回到微软财报核验。

后续跟踪

• 智能云与Azure增速的统一口径
• 370亿美元AI年化收入的利润率和构成
• 1900亿美元资本开支的利用率及回报

英文原文

Did AI Just Cannibalize Microsoft’s Greatest Narrative?

Did AI Just Cannibalize Microsoft’s Greatest Narrative?

Trefis Team

Sat, July 18, 2026 at 4:22 AM GMT+8 4 min read

• MSFT

-1.82%

• AMZN

-1.06%

• AAPL

+0.14%

• CRM

-1.11%

• ORCL-PD

+2.80%

Image by Pexels from Pixabay Management has gone quiet on the cloud migration engine that built Azure, but with AI now shouldering all the growth expectations, the health of that silent giant has never mattered more.

With Microsoft (MSFT) stock trading at $401, the story you hear is all about AI. It's a compelling one, backed by a staggering number: an AI business that has rocketed to a $37 billion annual run rate, growing 123% year-over-year. But in the rush to price in the future of intelligent agents, it's easy to miss what management has quietly stopped talking about, the foundational growth story that got them here in the first place.

Beyond what's loud, the real tell for a long-term holder is what's been muted. And for Microsoft, that's the simple, grinding, and enormously profitable work of cloud migrations.

The Engine That Built The Cloud

A few years ago, this was the headline act. Management would lead earnings calls by emphasizing the core Azure growth driver. As the CEO put it on a prior call, "When it comes to cloud migrations, we saw accelerating demand." That was the narrative: a relentless campaign to move the world's computing from private data centers onto Microsoft's servers. It was the engine of the Intelligent Cloud segment, the bedrock on which the entire AI revolution is now being built.

The $37 Billion Story That Took Its Place

Today, you hear far less about that migration engine. The center of gravity has decisively moved. The new story is about "building high-value agentic systems" and a world where "agents proliferate and become the dominant workload." The lead metric is no longer just cloud growth, but that explosive $37 billion AI run rate. The shift is so complete that it's easy to forget the sheer scale of the business that has faded from the script. The Intelligent Cloud segment, home to those migrations, is a $128 billion annual business, and it's still growing at a formidable 28% clip.

The Silence That Should Reassure You

This silence is reassuring, but only if you know what it signifies. Microsoft hasn't gone quiet on cloud migrations because the business is failing. It's gone quiet because the company has successfully found its next, even more explosive, growth story. The old engine is still doing well, providing the massive, stable, and profitable foundation needed to fund a planned $190 billion in capital expenditures for the AI buildout. The hidden turbulence in Microsoft stock is often found by looking at what underpins these big bets, and you can explore that further in a related analysis.

Story Continues

The key thing to watch next quarter is the growth rate of that broader Intelligent Cloud segment. As long as that 21% growth remains robust, the AI story has a powerful, cash-generating platform beneath it. If that number starts to slow, the entire investment case becomes much more concentrated, and the risk profile of the stock changes overnight.

What You Own Now Is Not What You Bought

This is the jolt: Microsoft has quietly become a different bet than the one many investors made. You may think you own a diversified software giant, but its valuation now hinges almost entirely on the success of its AI-as-a-workload narrative. Seeing that required listening for the story that was no longer being told.

The Same Shift Is Hiding in Every Holding

The company in your portfolio is rarely the one you first bought, and Microsoft is a live example of how quietly that change happens. The data that grounds where its weight sits now is the segment breakdown .

And if it is exposure to technology as a whole you want, rather than riding what one company is not saying, a technology ETF like VGT covers that single sector. Going broader than any one sector, to a quality-first mix across the whole market, is where the portfolio below comes in.

Keeping up with that drift across an entire portfolio, though, is more than anyone can do by hand. The Trefis High Quality Portfolio does it by design, tracking forward-looking fundamentals across 30 names with rules-based re-balancing, and has beaten a benchmark that combines the three major indices - the S&P 500, S&P Mid-cap, and Russell 2000.

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CrowdStrike押注AI安全

重要性2/5 中低

主题具产业相关性，但可见正文只有导语，缺乏财务和产品证据。

标签

标的：`MSFT`来源：Investor's Business Daily发布日期：2026-07-17重要性：2/5 中低评级理由：主题具产业相关性，但可见正文只有导语，缺乏财务和产品证据。评级依据：timeliness原文字数：64

中文摘要

核心结论

文章导语认为，AI检测与响应业务可能成为CrowdStrike继终端安全之后的新增长引擎，并对CRWD估值形成支持。归档内容没有披露收入、客户、产品或增速数据，无法检验这一主张。

重要性评级

评级：2/5（中低）

主题与网络安全产业相关，但正文受限于付费墙导语，证据不足，且与MSFT的关系未展开。

关键事实

• CrowdStrike被描述为网络安全公司。
• 文章提出AI检测与响应可能成为下一阶段增长来源。
• 现有终端安全业务被用作比较基准。
• 元数据关联CRWD和MSFT，但导语未说明双方竞争或合作关系。
• 归档正文未提供财务数字、产品名称、客户案例或管理层引述。

作者观点与证据

作者立场偏积极，认为AI安全业务有望推动股价和业务增长。可见文本只有结论性导语，没有足够事实支撑，不能据此判断市场规模、商业化进度或竞争优势。

与相关标的的关系

CRWD是直接相关标的。MSFT拥有企业安全产品线，可能构成竞争背景，但原文可见部分没有给出具体影响路径。

时效性与限制

文章发布于美东时间 07/17 16:15（UTC+8 07/18 04:15）。归档正文不完整，摘要只能覆盖公开导语。

后续跟踪

• AI检测与响应产品收入及客户增速
• CrowdStrike终端安全以外的年度经常性收入
• 与微软安全产品的竞争数据

英文原文

CrowdStrike Eyes Next Act As AI Security Business Takes Shape

CrowdStrike Eyes Next Act As AI Security Business Takes Shape

CrowdStrike Eyes Next Act As AI Security Business Takes Shape · Investor's Business Daily

REINHARDT KRAUSE

Sat, July 18, 2026 at 4:15 AM GMT+8 5 min read

• CRWD

-0.33%

• MSFT

-1.82%

CrowdStrike stock could gain as AI detection and response becomes the cybersecurity firm's next growth engine, beyond endpoint.

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半导体熊市拖累美股

重要性4/5 中高

覆盖指数、行业和加密资产的最新周度表现，对日报市场环境判断有较高价值，但转录数据需复核。

标签

标的：`MSFT`来源：Yahoo Finance Video发布日期：2026-07-17重要性：4/5 中高评级理由：覆盖指数、行业和加密资产的最新周度表现，对日报市场环境判断有较高价值，但转录数据需复核。评级依据：timeliness, fact_density, transcript_quality原文字数：885

中文摘要

核心结论

美股三大指数周线均下跌，半导体板块进入熊市区间，资金同期转向能源、防御板块和部分软件股。指数跌幅仍属温和，但市场内部的行业分化与风险偏好下降已经扩大。

重要性评级

评级：4/5（中高）

视频提供周度跨资产和行业广度数据，适合判断当日市场环境；部分口述数字存在转录歧义，需要用正式行情复核。

关键事实

• 周五纳斯达克综合指数下跌1.4%，道琼斯指数下跌约0.77%，标普500指数下跌约1.01%。
• 周线口述数据显示纳斯达克下跌约3%，标普500下跌约1.5%，道指下跌近1%。
• 半导体指数进入熊市区间；DRAM（动态随机存取存储器）相关基金和GlobalFoundries周跌约16%，SanDisk周跌约30%。
• 科技板块周跌约5.5%，软件板块约上涨0.5%。
• 能源、房地产、必需消费、金融和医疗保健周线录得上涨，多数属于防御性行业。
• 苹果周涨约6%，微软周涨约2%；SpaceX收于123.99美元，低于135美元发行价。
• 比特币约6.4万美元，五日接近平盘；以太坊上涨3.7%，瑞波币上涨2%。

作者观点与证据

主持人认为市场走势开始转弱，依据是半导体熊市、科技板块回撤和防御行业占优；同时强调主要指数损失仍有限。数据来自视频行情面板，但个别软件股涨跌口述可能缺少正负号，不能脱离原始行情使用。

与相关标的的关系

MSFT与AAPL在大盘科技股中相对抗跌；ORCL、CSCO、IBM等软件标的分化明显。BTC-USD与ETH-USD当周未同步半导体大跌，提供跨资产相对表现参考。

时效性与限制

文章发布于美东时间 07/17 16:11（UTC+8 07/18 04:11）。视频转录含口误和缺失符号，板块及个股涨跌应以正式收盘数据复核。

后续跟踪

• 半导体指数能否脱离熊市区间
• 科技与防御板块相对强弱
• 三大指数市场广度和盈利季反馈

英文原文

US stocks sink this week, semiconductors walloped amid sell-off

US stocks sink this week, semiconductors walloped amid sell-off

Yahoo Finance Video and Jared Blikre

Sat, July 18, 2026 at 4:11 AM GMT+8

• CSCO

+2.08%

• ^DJI

-0.77%

• ^IXIC

-1.40%

• SPCX

-5.43%

• ^GSPC

-1.01%

US equities ( ^DJI , ^IXIC , ^GSPC ) closed Friday's session in negative territory — led by the Nasdaq Composite's 1.4% drop — all three of the market indexes seeing weekly losses amid the recent sell-off in semiconductor stocks.

Yahoo Finance Markets and Data Editor Jared Blikre examines the day's market moves, taking a closer look at the losses in semiconductor stocks and the gains seen across the software landscape.

Video Transcript

00:00 Speaker A

Stocks ending the day lower here. Our finance's Jared Blickri is standing by with all the latest. Jared,

00:04 Jared Blickri

Yes, uh kind of a negative day on Wall Street for the week as well. Let's check out what the Dow Jones doing. Dropped 400 points today, 3/4 of 1%. Um and we'll check out the five-day total and you can see almost down about 1%, not a disaster, but the Nasdaq saw a lot more volatility this week, down about 3%, uh down about half of that today. S&P 500 down about 1 and a half percent and uh got to show you what's going on with the semiconductors. The Sox is now in bare market territory, uh quite below. I think it had to close at 11707 or lower and that is uh quite a bit lower than that. So, semiconductors in the US have entered a bear market after memory stocks, I'm kind of using DRAM as a proxy there, fell into a bear market a few weeks ago. Nevertheless, uh software did not do that badly this week and you can see a small gain there, up about half a percent. Now, let's get into some heat maps and see how the large cap sectors are doing and I'll show you there. Only energy in the green today, kind of ominous, you don't want to see most of the sectors in the red on a Friday. But I'll show you what they did for the week. We did see some rotation and there is some green here. Energy, real estate, staples, financials and healthcare in the green. All of those except financials and that's because of the big bank earnings there. But those other four sectors, a bit defensive, so uh the tape is starting to look a little bit negative. And you can see XLK, that's tech, down 5 and a half percent. The only under underperformer from the S&P 500 is consumer discretionary, down about 1 and a half percent. So let's take it to the Nasdaq 100. This is what happened today. Pretty red tape. You're going to see SpaceX down 5%, well below its IPO price of 135, well below its first print of $150. That is $123.99. Ouch. And I'll show you the five-day view on the Nasdaq 2 because uh mega caps were were not a total wipe out. We did see some positive gains and some record highs from Apple up 6%, Microsoft up 2%. But look at all this dark red on the board. A lot of that is semi centered in semiconductors and that goes back to that uh them going into a bare market which we were just talking about a minute ago. If I sort by performance, you're going to see, and this is only one week, uh on the bottom line, we've got DRAM down 16%. That's that memory trade ETF. Global Foundries down 16%, SanDisk down 30%. A lot of damage was done here. If I show you what happened in software, we get a bit more green. In fact, a pretty good picture there besides Oracle down 10% and Cisco 7%, IBM 26%, but uh the green here vastly outnumbers the red if I sort by performance. You can see uh probably three or four to one right there in a ratio. Uh the Dow this week, not too bad. Uh we did see industrials fall off a little bit. Caterpillar down 7%. Cisco I just mentioned uh down 7%, but here's uh Chevron up 6%, healthcare did pretty well, Mark up 3%, and some of those uh some of those defensive trades like telecom, Verizon up 3 and a half percent. I do want to show you, uh here we go. Let's go to crypto because we had some interesting things happened in crypto. You can see over these five days, I should probably do seven there, but this is since Sunday night. Uh we do see Bitcoin trading at around 64,000 and basically break even over these last five days. Um, and then we have Ethereum up 3.7% and Ripple up 2%. Finally, I will leave you on China. It was not a washout for China either. We did see this uh some gains there and these are kind of uncorrelated returns to what we find in the US. So something to think about as we enter earning season with all these ominous signs building. But as I said at the top, uh we're only seeing modest index losses for now.

03:26 Speaker A

All right, thank you, Jared.

打开原文

阿克曼五大持仓数据拆解

重要性3/5 中

覆盖多个相关标的且财务数字丰富，但13F滞后、模型推广和未经确认的交易主张降低优先级。

标签

标的：`MSFT`来源：24/7 Wall St.发布日期：2026-07-17重要性：3/5 中评级理由：覆盖多个相关标的且财务数字丰富，但13F滞后、模型推广和未经确认的交易主张降低优先级。评级依据：portfolio_relevance, fact_density, source_bias, filing_lag原文字数：1267

中文摘要

核心结论

文章将Pershing Square（潘兴广场资本）的五项集中持仓概括为消费修复、AI基础设施与自动驾驶平台组合，并对其中四项给出积极判断。财务数据较密集，但目标价、预测市场概率和自有模型结果带有明显推广性质。

重要性评级

评级：3/5（中）

MSFT、AMZN和UBER等标的相关度较高，但文章混合13F（美国机构持仓申报）、分析师共识、自有模型和营销内容，证据质量不均。

关键事实

• Restaurant Brands International（餐饮品牌国际）旗下Burger King美国同店销售增长5.8%，上年同期下降1.1%；净利润同比增长179.87%，自由现金流增长212.96%。
• Brookfield（布鲁克菲尔德）收费资本同比增长12%至6137.9亿美元，一季度部署530亿美元，并拥有近2000亿美元可配置资本。
• Amazon Web Services（亚马逊云服务）收入375.9亿美元、增长28%，营业利润率37.7%；自研芯片业务年化收入超过200亿美元。
• 微软Azure及其他云服务增长40%，AI业务年化收入运行率超过370亿美元、同比增长123%，商业剩余履约义务达到6270亿美元、增长99%。
• Uber一季度总预订额537.2亿美元、增长25%，行程36亿次、增长20%，Uber One会员超过5000万。
• 文章称Uber提出148亿美元收购Delivery Hero，但未提供交易文件或双方确认。

作者观点与证据

作者对QSR、AMZN、MSFT和UBER持积极立场，对BN短期表现较谨慎。经营数据和公司引述提供一定基础，但目标价、预测市场概率、所谓AI模型回报和“立即行动”推广削弱了客观性。

与相关标的的关系

MSFT和AMZN直接关联云与AI基础设施增长；UBER关联自动驾驶和配送整合；QSR与BN分别提供消费和实物基础设施线索。文章未披露各持仓权重及申报后交易变化。

时效性与限制

文章发布于美东时间 07/17 16:08（UTC+8 07/18 04:08）。13F具有披露滞后，不能确认阿克曼当前仍维持相同仓位；多项估值结论来自作者自有模型。

后续跟踪

• 潘兴广场下一期13F持仓及权重变化
• 微软商业履约义务转化为收入的速度
• Uber收购提议与自动驾驶合作进展
• 各公司下一季度经营指标

英文原文

Billionaire Investor Bill Ackman’s Top 5 Bets: Buy, Hold, or Steer Clear?

Billionaire Investor Bill Ackman’s Top 5 Bets: Buy, Hold, or Steer Clear?

Joel South

Sat, July 18, 2026 at 4:08 AM GMT+8 6 min read

• MSFT

-1.82%

• QSR

-2.77%

• UBER

-2.13%

• BN

-1.51%

• AMZN

-1.06%

Quick Read

• QSR's Burger King US comps flipped to +5.8% with net income up 180%, while UBER's $14.8B Delivery Hero bid supports a 68% base-case upside target.

• Microsoft's commercial backlog surged 99% to $627 billion and AI revenue hit a $37B run rate, making the 20% stock drop a setup.

• Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Microsoft didn't make the cut. Grab the names FREE today .

Bill Ackman runs a concentrated book. Pershing Square's latest 13F filing reveals a five-stock concentrated book that has quietly outperformed the market's noise. But four of the five names are now trading below where they started the year, and one of them just made a $14.8B takeover bid this week. If you're not tracking Ackman's positioning right now, you're leaving asymmetric setups on the table.

Pershing Square Foundation (founded by Bill & Karen Ackman) / Press

1. Restaurant Brands International (QSR): The Turnaround Nobody's Talking About

The surprise leadoff is the Burger King parent. Ackman rebuilt his stake in Restaurant Brands International ( NYSE:QSR ) precisely because the "Reclaim the Flame" turnaround is inflecting in real time. Same-store sales that were negative a year ago are now positive, and the market is only starting to notice.

The Q1 2026 comp-sales dataset is what matters here. Burger King US comparable sales came in at +5.8%, versus -1.1% the prior year. Tim Hortons just posted its 20th consecutive quarter of positive comparable sales. And the International segment delivered system-wide sales expansion of 11.1%. That translated into net income up 179.87% year over year and free cash flow up 212.96%.

This stock is a buy. Shares are up 17.72% over the past year, and analysts have set a $85.50 price target with 64% bullish consensus. The next name on Ackman's list is a compounder that just triggered a corporate reorganization vote this week.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Microsoft didn't make the cut. Grab the names FREE today .

2. Brookfield Corporation (BN): Ackman's AI-Infrastructure Compounder

Brookfield Corporation ( NYSE:BN ) sits at the intersection of every capital theme Ackman writes about: AI factories, data centers, energy transition, and deglobalization. This is the "buy the pick-and-shovel platform" bet, wrapped in a Canadian alt-asset compounder with a partnership with NVIDIA for AI factory buildout and an $80 billion new nuclear plants partnership with the U.S. government.

The deployable-capital engine is doing the heavy lifting. Fee-bearing capital grew 12% year over year to $613.79 billion. Brookfield deployed $53 billion in Q1 alone and repurchased over $1 billion in shares. And it still sits on nearly $200 billion of total deployable capital, per CEO Bruce Flatt, who noted, "With almost $200 billion of total deployable capital available, we remain active."

Story Continues

The read: constructive long-term, though the near-term setup skews cautious. Shares are down 3.15% year to date, and our internal model flags a -5.7% base-case downside to $41.01. But 91% of analysts are bullish with a $54.50 target, and the July 16, 2026 shareholder vote to combine BN with Brookfield Wealth Solutions unlocks approximately $145 billion of permanent capital. The heavyweight is next, and its AI numbers just broke a 15-quarter record.

3. Amazon (AMZN): The Obvious Heavyweight, Still Compounding

Amazon ( NASDAQ:AMZN ) is the largest position in the top five by market cap, and it's the cleanest AI-infrastructure bet in the book. AWS just posted its fastest growth in 15 quarters, and Amazon's silicon franchise is now a legitimate NVIDIA hedge.

The Q1 2026 dataset speaks for itself. AWS revenue hit $37.59 billion, growing 28%, at a 37.7% operating margin. The chips business (Trainium and Graviton) is running at over $20 billion in annualized revenue with triple-digit YoY growth. Total Q1 EPS of $2.78 crushed the $1.73 estimate by 60.69%, the fifth consecutive beat. AWS CEO Andy Jassy put it plainly on Mad Money: "The two largest AI labs in the world in OpenAI and Anthropic have made multi year, multi gigawatt commitments to Trainium... Today, 98% of the top 1000 EC2 customers use Graviton in a very expansive way."

The read: bullish setup. Our model targets $324.44 with 31.23% upside, backed by 94% bullish analyst consensus and zero sell ratings. Prediction markets confirm the capex thesis: 0.985 probability that 2026 capex exceeds $170 billion. But the next heavyweight has an even bigger AI backlog.

4. Microsoft (MSFT): The Generational AI Backlog

Microsoft ( NASDAQ:MSFT ) has been the year's disappointment on price. Shares are down 16.69% year to date and 20.03% over the past year. Ackman kept it in the top five because the backlog is what a generational contract looks like.

The cloud-and-AI dataset is what commands attention. Fiscal Q3 2026 Azure and other cloud services grew 40% (39% constant currency). The AI business surpassed a $37 billion annual run rate, up 123% year over year. And the number that changes the model: Commercial remaining performance obligation reached $627 billion, up 99% YoY. CEO Satya Nadella framed it directly: "Our AI business surpassed an annual revenue run rate of $37 billion, up 123% year-over-year."

Prediction markets assign 89% probability of a Q4 earnings beat and a 47% probability that Microsoft releases a new MAI thinking model by year-end 2026. At a P/E of 29 and ROE of 33.3%, this is quality on sale. The final name is where Ackman's alpha shows up. Another stock to add to the buy list.

5. Uber (UBER): The Robotaxi Payoff

And the punchline. Uber Technologies ( NYSE:UBER ) is the newest Ackman disclosure and the biggest asymmetric bet in the book. This week, Reddit lit up over Uber's $14.8 billion takeover bid for Delivery Hero, described by retail investors as "the food delivery wars might be ending." But the real thesis is autonomous vehicles.

The scale-and-platform dataset is staggering. Q1 2026 Gross Bookings hit $53.72 billion, up 25% YoY. Trips reached 3.6 billion, up 20%, and Uber One membership crossed 50 million, now driving half of Gross Bookings. CEO Dara Khosrowshahi flagged the endgame: a "clear path to becoming the largest facilitator of AV trips in the world."

The read: bullish, and this is where the model goes loud. Shares are down 18.41% over the past year, creating the setup. Our AI model targets $122.60 with 68.02% upside in the base case, and the five-year bull case runs to $307.19 (320.98% total return). Analyst consensus: 88% bullish, 46 buy ratings, one sell. Ackman bought the dip. The market hasn't caught up.

The Bottom Line

Ackman's top five are a coherent bet: quality compounders trading through a rough tape, with three of them (QSR, MSFT, UBER) offering setups the broader market has ignored. QSR's turnaround is inflecting, BN's structural reorganization vote has already passed, AMZN and MSFT are the AI infrastructure duopoly, and UBER is the AV kicker with the most upside on the sheet. Four bullish setups and one drawdown opportunity. Price action says the crowd is late; Ackman is already positioned.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Microsoft didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

打开原文

Nebius首笔担保债务融资落地

重要性4/5 中高

融资结构和数字具体，直接影响NBIS资本结构，但关键合同与信贷条款仍未完整披露。

标签

标的：`NBIS`来源：GuruFocus.com发布日期：2026-07-17重要性：4/5 中高评级理由：融资结构和数字具体，直接影响NBIS资本结构，但关键合同与信贷条款仍未完整披露。评级依据：material_financing, fact_density原文字数：223

中文摘要

核心结论

Nebius完成约7.75亿美元首笔高级担保债务融资，以已部署GPU（图形处理器）和投资级客户合同现金流作担保，为特定算力部署提供超过100%的资本覆盖。

重要性评级

评级：4/5（中高）

融资规模、定价、期限、担保结构及客户合同均明确，直接影响NBIS的资本结构和扩张能力。

关键事实

• 融资规模约7.75亿美元，用于全球全栈AI（人工智能）云平台扩张。
• 债务由已部署GPU基础设施和投资级客户合同现金流担保。
• 到期日为2030年10/31，利率为SOFR（有担保隔夜融资利率）加2.50%。
• 公司称相关客户协议与融资合计覆盖底层GPU部署所需资本开支的100%以上。
• Nebius披露来自Microsoft、Meta等投资级客户的合同收入超过400亿美元。
• 融资获得显著超额认购，由MUFG（三菱日联金融集团）牵头。
• 公司已向Microsoft交付最新计划容量批次，并称后续交付仍按计划推进。
• 文章发布于美东时间 07/17 16:01（UTC+8 07/18 04:01）。

作者观点与证据

公司将该结构描述为可复制的融资模板，文章据此认为Nebius可用运营资产支持后续扩张。融资条款较具体，但400亿美元合同收入的确认节奏、客户集中度和担保细节未披露。

与相关标的的关系

NBIS的股权稀释压力可能下降，但担保债务和利息负担上升；MSFT与META作为投资级客户，为合同现金流质量提供支撑。

时效性与限制

文章为一份一分钟简讯，主要依据公司表述，未提供信贷协议全文或独立评级信息。

后续跟踪

• 信贷协议中的财务约束和抵押范围
• 400亿美元合同收入的期限与集中度
• Microsoft容量交付进度
• 利息支出和自由现金流

英文原文

Nebius Raises $775 Million in First Secured Debt Deal

Nebius Raises $775 Million in First Secured Debt Deal

Renato Neves, CFA

Sat, July 18, 2026 at 4:01 AM GMT+8 1 min read

• NBIS

+3.46%

• MSFT

-1.82%

• META

-2.79%

This article first appeared on GuruFocus .

Nebius Group ( NASDAQ:NBIS ) rose 2.33% intraday after the Amsterdam-based AI cloud company announced its first senior secured debt facility, worth about $775 million, to fund the global buildout of its full-stack AI cloud platform. The facility is backed by deployed GPU infrastructure and contracted cash flows from an investment-grade customer, matures October 31, 2030, and is priced at SOFR plus 2.50%.

The structure lets Nebius turn an operational asset into growth capital, and the company framed it as a repeatable template. With more than $40 billion of contracted revenue already in place from investment-grade customers including Microsoft (MSFT) and Meta (META), Nebius said it expects to raise further capital on similar terms by financing other long-term customer deployments. Together with the customer agreement, the facility covers more than 100% of the capital spending needed to deploy the underlying GPUs.

The financing was significantly oversubscribed, led by MUFG. COO Ophir Nave said the deal reinforces the company's "disciplined, diversified approach" to scaling. Nebius recently delivered its latest planned capacity tranche to Microsoft and said it remains on track for the remaining deliveries.

打开原文

Nebius融资后的股价分歧

重要性3/5 中

融资事实重要，但报道重复度高，股价信息只是易失效的盘中快照。

标签

标的：`NBIS`来源：GuruFocus.com发布日期：2026-07-17重要性：3/5 中评级理由：融资事实重要，但报道重复度高，股价信息只是易失效的盘中快照。评级依据：material_financing, duplicative_reporting原文字数：222

中文摘要

核心结论

Nebius宣布7.75亿美元担保债务融资后，文章记录其周五早盘下跌约3%，显示市场对减少股权融资需求与新增杠杆之间存在分歧。

重要性评级

评级：3/5（中）

融资条款直接关联NBIS，但内容与同批其他报道高度重复，且早盘价格快照可能迅速失效。

关键事实

• NBIS在周五早盘下跌约3%。
• 融资规模为7.75亿美元，由已部署GPU（图形处理器）和合同现金流担保。
• 债务于2030年10/31到期，利率为SOFR（有担保隔夜融资利率）加2.50%。
• 公司称融资收益与相关客户合同现金流预计覆盖计划部署资本的100%以上。
• 公司披露来自Microsoft、Meta等客户的合同收入超过400亿美元。
• 融资获得超额认购，MUFG（三菱日联金融集团）担任结构代理、独家簿记管理人和承销商。
• 文章发布于美东时间 07/17 16:00（UTC+8 07/18 04:00）。

作者观点与证据

文章基本复述融资公告，没有深入解释早盘下跌原因。股价反应与融资同时出现不构成因果证明。

与相关标的的关系

NBIS直接承担新增担保债务和GPU扩张执行风险；MSFT与META是合同收入相关客户。

时效性与限制

文章原标题元数据仅显示“What”，正文标题完整。早盘跌幅与同日其他报道的上涨记录不同，反映取样时点差异。

后续跟踪

• 当日收盘后的最终价格反应
• 债务资金实际部署
• 合同现金流兑现
• 后续同类融资的定价

英文原文

What

What's Going On With Nebius Stock Friday

Nauman Khan

Sat, July 18, 2026 at 4:00 AM GMT+8 1 min read

• NBIS

+3.46%

This article first appeared on GuruFocus .

Nebius ( NASDAQ:NBIS ) shares fell about 3% in Friday morning trading after the artificial intelligence cloud provider secured $775 million in debt financing to expand its GPU infrastructure.

The financing is backed by deployed graphics processing unit (GPU) infrastructure and contracted cash flows and is scheduled to mature on Oct. 31, 2030. Nebius said the facility carries an interest rate of the Secured Overnight Financing Rate (SOFR) plus 2.5%. The company added that proceeds, together with cash generated from the related customer contract, are expected to cover more than 100% of the capital needed for the planned infrastructure deployment.

• Warning! GuruFocus has detected 9 Warning Signs with NBIS.

• Is NBIS fairly valued? Test your thesis with our free DCF calculator.

Nebius said the funding will support additional AI cloud capacity for enterprise and AI-native customers using its full-stack platform. The company also said it expects to secure additional financing on similar terms, citing more than $40 billion in contracted revenue from customers including Microsoft (MSFT) and Meta Platforms (META).

Nebius said the financing transaction was oversubscribed and was led by MUFG as structuring agent, sole bookrunner and underwriter.

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Kimi K3触发芯片估值再审视

重要性3/5 中

模型发布时效性强且可能影响SOXX估值叙事，但存档正文过短，无法核实性能、成本及市场影响。

标签

标的：`SOXX`来源：Barrons.com发布日期：2026-07-17重要性：3/5 中评级理由：模型发布时效性强且可能影响SOXX估值叙事，但存档正文过短，无法核实性能、成本及市场影响。评级依据：timeliness, source_quality, incomplete_source, evidence_limitations原文字数：96

中文摘要

核心结论

阿里巴巴支持的Moonshot AI（月之暗面）发布Kimi K3，Arena AI（模型评测平台）称其在多项编程任务上超过Anthropic和OpenAI的先进模型；存档正文仅有导语，无法验证评测范围、成本表现或科技股下跌的因果关系。

重要性评级

评级：3/5（中）

事件时效性强并关联SOXX、阿里巴巴和纳斯达克，但原文被截断，只有一项第三方评测结论，证据不足以支撑完整市场判断。

关键事实

• Moonshot AI获得阿里巴巴支持，并于周四发布Kimi K3。
• Arena AI称Kimi K3在一系列编程任务上超过Anthropic和OpenAI的先进模型。
• 元数据关联SOXX、BABA和纳斯达克综合指数。
• 页面所示变动为SOXX下跌1.64%、纳斯达克综合指数下跌1.40%、BABA下跌2.14%。
• 文章发布于美东时间 07/17 15:37（UTC+8 07/18 03:37）。
• 存档只保留标题、导语和“继续阅读”，没有完整分析正文。

作者观点与证据

标题暗示Kimi K3发布影响科技股，并把事件与此前低成本中国模型引发的估值冲击相类比。正文可见证据只有Arena AI的编程任务结果，未提供基准名称、样本、推理成本、训练成本或股价因果分析。

与相关标的的关系

Kimi K3若以较低成本实现接近前沿模型的能力，可能影响市场对算力需求和SOXX成分股估值的预期；阿里巴巴与模型开发方存在支持关系。现有摘录无法确认商业化路径或实际算力需求变化。

时效性与限制

文章在归档前约九小时发布，时效性较高，但正文严重不完整，页面价格变动也不能证明由模型发布单独造成。

后续跟踪

• Arena AI评测方法和完整基准结果。
• Kimi K3的单位任务成本、推理效率和使用量。
• 阿里巴巴对Moonshot AI的商业合作与资本投入。
• 云厂商资本开支是否因开放模型调整。

英文原文

Moonshot AI’s Latest Model Dings Tech Stocks. We’ve Seen This Story Before.

Moonshot AI’s Latest Model Dings Tech Stocks. We’ve Seen This Story Before.

Moonshot AI’s Latest Model Dings Tech Stocks. We’ve Seen This Story Before. · Barrons.com · AFP via Getty Images

Nate Wolf

Sat, July 18, 2026 at 3:37 AM GMT+8 3 min read

• SOXX

-1.64%

• ^IXIC

-1.40%

• BABA

-2.14%

Moonshot AI, the Chinese lab backed by Alibaba Group on Thursday released its newest model, dubbed Kimi-K3. The model outperformed its most advanced peers from Anthropic and OpenAI across an array of coding tasks, according to model evaluator Arena AI.

Continue Reading

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Nebius债务融资缓解稀释担忧

重要性4/5 中高

直接解释NBIS重大融资的资本结构影响，并提供同业对照，但盘中涨幅和部分公司数字需复核。

标签

标的：`NBIS`来源：24/7 Wall St.发布日期：2026-07-17重要性：4/5 中高评级理由：直接解释NBIS重大融资的资本结构影响，并提供同业对照，但盘中涨幅和部分公司数字需复核。评级依据：material_financing, fact_density原文字数：805

中文摘要

核心结论

Nebius的7.75亿美元GPU（图形处理器）担保贷款以债务替代新增股权融资，缓解短期稀释担忧；担保杠杆、高估值及资本密集度仍约束长期回报。

重要性评级

评级：4/5（中高）

文章把融资结构、股价反应、资本开支和同业案例放在一起，直接关联NBIS，但带有强烈多空叙事和推广内容。

关键事实

• NBIS周五午后上涨8%至186美元，此前周四下跌14%并收于171.77美元；年初至今上涨117%。
• 公司取得7.75亿美元贷款，由已部署GPU硬件和现有客户合同现金流担保。
• 公司称2026年资本开支指引为225亿美元，合同收入超过400亿美元。
• Microsoft与Meta被列为投资级客户，公司称Microsoft容量部署仍按计划推进。
• Nvidia通过预付认股权证投入20亿美元。
• CoreWeave曾完成85亿美元资产支持延迟提款定期贷款，CRWV过去一年仍下跌44%。
• 文中称NBIS过去12个月市盈率约70倍。
• 文章发布于美东时间 07/17 13:45（UTC+8 07/18 01:45）。

作者观点与证据

作者认为贷款直接回应股权稀释担忧，并把Nvidia投资和合同收入列为正面证据；同时承认担保债务和高估值风险。单日反弹无法证明融资模式已获得长期认可，Reddit（社交论坛）情绪评分也缺乏基本面证明力。

与相关标的的关系

NBIS直接受融资成本、GPU抵押和项目执行影响；CRWV提供同类融资的风险参照；NVDA是资金与硬件生态关联方。

时效性与限制

8%涨幅是午后快照，同批来源显示NBIS全日涨幅约3.46%，取样口径不同。225亿美元资本开支和400亿美元合同额应以公司文件复核。

后续跟踪

• 全日及后续价格对融资的反应
• 担保资产覆盖与财务约束
• 225亿美元资本开支的资金来源
• Microsoft和Meta合同履约

英文原文

Nebius Jumps 8% as $775M Debt Deal Eases the Dilution Fears That Sank NBIS Stock

Nebius Jumps 8% as $775M Debt Deal Eases the Dilution Fears That Sank NBIS Stock

David Moadel

Sat, July 18, 2026 at 1:45 AM GMT+8 4 min read

• NBIS

+3.46%

• CRWV

+0.41%

• NVDA

-2.21%

• MSFT

-1.82%

• QQQ

-1.50%

Quick Read

• NBIS stock surged 8% after Nebius secured a $775M GPU-backed loan that funds its AI buildout without diluting shareholders, directly reversing Thursday's 14% plunge.

• CoreWeave pioneered asset-backed GPU financing with an $8.5B facility, yet CRWV's 44% yearly decline shows debt-load concerns can still weigh on neo-cloud stocks.

• NVIDIA's $2B anchor investment supports the bull case, but Nebius's elevated 70x trailing P/E ratio and new secured leverage keep the bear argument alive.

• Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Nebius Group didn't make the cut. Grab the names FREE today .

Nebius Group ( NASDAQ:NBIS ) shares are up 8% to $186 in Friday afternoon trading, rebounding after Thursday's 14% plunge that closed the stock at $171.77. The catalyst: Nebius's first-ever senior secured debt facility, a deal designed to fund its AI buildout without new share issuance.

Gorodenkoff / Shutterstock.com The move stands out because the broader tape is soft. The Invesco QQQ Trust ( NASDAQ:QQQ ) was tracking lower, underscoring that this is an idiosyncratic, positive catalyst rather than a beta rally. Nebius stock remains up 117% year to date.

Today's price action follows a rough ride on Thursday, July 16, with Nebius sinking as the neocloud trade unraveled. Today's rebound directly addresses the dilution fear at the heart of that selloff.

Debt Deal Eases the Dilution Overhang

According to the company's announcement, Nebius landed a $775 million loan backed by GPU hardware already deployed in its data centers plus cash flows from an existing customer contract. The structure converts revenue-generating infrastructure into fresh growth capital, and Nebius says it can be replicated.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Nebius Group didn't make the cut. Grab the names FREE today .

The importance is straightforward. Nebius had guided to $22.5 billion in 2026 capital expenditures, and how to fund that number was the central investor question. By tapping asset-backed debt instead of equity, Nebius answers the bear thesis from Thursday head-on. The company also cited more than $40 billion in additional contracted revenue from investment-grade customers, including Microsoft ( NASDAQ:MSFT ) and Meta Platforms ( NASDAQ:META ), and confirmed it remains on track with its Microsoft capacity deployment.

Nebius's $2 billion pre-funded warrant investment from NVIDIA ( NASDAQ:NVDA ) remains the anchor validation for its GPU fleet. NVIDIA stock was little changed during Friday's afternoon session.

Story Continues

CoreWeave Wrote the Playbook

CoreWeave ( NASDAQ:CRWV ) is the closest neocloud pure-play, and it used the same approach earlier this year. Per the reporting, CoreWeave closed an $8.5 billion asset-backed delayed-draw term loan to fund its GPU buildout. Asset-backed debt has effectively become the sector's preferred way to finance AI infrastructure without diluting shareholders.

CoreWeave shares tell the other side of the story. CoreWeave stock is up 1% Friday but is down 44% over the past year as debt-load concerns and profitability questions have weighed on the name. Nebius's positive EBITDA profile has become a key differentiator in that comparison.

A Diversified Way to Play the Theme

For investors who want AI infrastructure exposure without single-stock volatility, the Global X Data Center and Digital Infrastructure ETF ( NASDAQ:DTCR ) is worth a look. The ETF doesn't hold Nebius or CoreWeave and skews toward established data-center REITs, plus chipmakers like NVIDIA.

The trade-off is clear. The DTCR ETF sacrifices direct AI-compute leverage for lower volatility, and single-sector concentration risk remains.

Bull and Bear Cases: What to Watch

The bull case is that non-dilutive, asset-backed financing answers the dilution worry, reinforces Nebius's capital-efficiency narrative, and comes on top of the NVIDIA anchor and a large contracted revenue book. Retail sentiment reflects that, with r/stocks activity hitting a very bullish sentiment score of 82 during and after the announcement window.

The bear case is that Nebius still adds secured leverage against its GPU fleet, its trailing P/E ratio of 70x is elevated, and today is a one-day bounce after a brutal month. The neocloud derating could resume.

Given NBIS stock's high-beta profile, position sizing matters here. Investors can watch for whether Friday's gains hold into the close, updates on the Meta Platforms contract ramp, and the Q2 FY2026 report for the next capacity milestones.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Nebius Group didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

打开原文

科技抛售扩散至年内新股

重要性3/5 中

及时反映科技风险扩散并与MRVL板块相关，但原文信息残缺，结论缺少量化支撑。

标签

标的：`MRVL`来源：Barrons.com发布日期：2026-07-17重要性：3/5 中评级理由：及时反映科技风险扩散并与MRVL板块相关，但原文信息残缺，结论缺少量化支撑。评级依据：timeliness, sector_relevance, source_quality, evidence_gap原文字数：95

中文摘要

核心结论

科技股回撤已从半导体扩散到2026年多只大型新上市公司，纳斯达克综合指数当日下跌1.40%。部分华尔街分析师仍将这轮下跌视为人工智能行情的估值重置。

重要性评级

评级：3/5（中）

文章提供MRVL所在科技板块的风险扩散信号，发布时间及时；原文只有导语，缺少分析师姓名、估值数据和新股样本。

关键事实

• 科技股抛售从半导体股票扩散到多只年内大型新股。
• 纳斯达克综合指数下跌1.40%。
• 英伟达下跌2.21%，美光下跌0.50%。
• CBRS下跌4.21%，美国银行下跌0.36%。
• 一部分华尔街分析师把回撤描述为健康重置。
• 文章没有提供支持“健康重置”的盈利或估值数据。

作者观点与证据

作者强调风险从芯片股向科技新股扩散，同时保留了分析师对人工智能长期趋势仍然乐观的观点。证据集中于单日价格表现，无法判断抛售是否已经改变盈利周期。

与相关标的的关系

MRVL是相关标的之一，但正文没有公司特定信息。文章主要用于观察MRVL所处的人工智能和半导体风险偏好环境。

时效性与限制

文章发布于美东时间 07/17 13:27（UTC+8 07/18 01:27）。归档内容只有导语，标题中的科技首次公开募股和山火烟霾均未得到详细展开。

后续跟踪

• 纳斯达克与费城半导体指数的回撤幅度
• 科技新股相对成熟芯片公司的表现
• 人工智能企业盈利预期
• 市场广度与成交量

英文原文

Chip Stocks, Tech IPOs, and Wildfire Smoke Are All Clouding the Outlook

Chip Stocks, Tech IPOs, and Wildfire Smoke Are All Clouding the Outlook

Chip Stocks, Tech IPOs, and Wildfire Smoke Are All Clouding the Outlook · Barrons.com · NYSE

Martin Baccardax

Sat, July 18, 2026 at 1:27 AM GMT+8 3 min read

• ^IXIC

-1.40%

• BAC

-0.36%

• MU

-0.50%

• CBRS

-4.21%

• NVDA

-2.21%

The tech selloff has spread beyond semiconductor stocks to many of this year’s biggest listings, even as some Wall Street analysts argue the pullback is a healthy reset rather than the end of the AI boom.

Continue Reading

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Circle增长与收益模式分化

重要性5/5 高

覆盖CRCL最新财务、USDC采用、利率敏感性和竞争风险，直接相关且信息密度高。

标签

标的：`CRCL`来源：Barchart发布日期：2026-07-17重要性：5/5 高评级理由：覆盖CRCL最新财务、USDC采用、利率敏感性和竞争风险，直接相关且信息密度高。评级依据：timeliness, fact_density, portfolio_relevance, evidence_strength原文字数：922

中文摘要

核心结论

Circle（CRCL）的经营数据同时显示USDC（美元稳定币）采用增长和储备收益承压：链上交易量与流通量快速上升，但收入仍高度依赖利率敏感的储备收益。Open USD（开放美元稳定币）竞争、Coinbase分成续约及较低储备回报率共同压缩盈利预期。

重要性评级

评级：5/5（高）

文章直接覆盖CRCL、USDC规模、季度财务、竞争格局和分析师预期，适合作为Circle当日日报的综合背景。

关键事实

• USDC流通量770亿美元，占全球稳定币交易量超过60%。
• 2026年第一季度稀释每股收益0.21美元，高于共识0.15美元。
• 总收入及储备收益6.94亿美元，同比增长20%，较7.15亿美元共识低约3%。
• USDC链上交易量同比增长263%至21.5万亿美元，流通量同比增长28%。
• 储备收益6.525亿美元，占总收入94%；储备回报率下降66个基点至3.5%。
• 调整后息税折旧摊销前利润1.51亿美元，同比增长24%，利润率53%；持续经营净利润下降15%至5500万美元。
• 瑞穗将评级下调至“跑输大盘”，目标价由85美元降至50美元；其2027年利润预测约低于共识25%。
• Coinbase分成协议将在8月续约，Open USD获得超过140家合作方支持。

作者观点与证据

作者认为CRCL的分歧来自采用率和单位经济性的背离。财务数据支持规模扩张，瑞穗的竞争判断与目标价属于分析师预测；文中“全球交易量超过60%”等市场份额口径未提供原始统计方法。

与相关标的的关系

CRCL直接承受USDC储备收益、分销成本和监管变化；USDC-USD的流通量增长支持业务规模，利率下降及替代稳定币分成模式影响Circle利润留存。

时效性与限制

文章发布于美东时间 07/17 13:18（UTC+8 07/18 01:18）。其分析混合公司披露、分析师预测和媒体整理，需以Circle财报及合作协议原文复核。

后续跟踪

• 8月Coinbase分成协议续约条款。
• USDC流通量、储备回报率和分销成本。
• Open USD实际发行量及合作方采用率。
• Circle全年利润率与费用指引。

英文原文

Why Circle Stock Is the Most Divisive Name in Fintech Right Now

Why Circle Stock Is the Most Divisive Name in Fintech Right Now

Ruchi Gupta

Sat, July 18, 2026 at 1:18 AM GMT+8 4 min read

• CRCL

-0.30%

• USDC-USD

-0.01%

Buy Sell cards by Kelly Sikkema via Unsplash Circle Internet Group (CRCL) is a global financial technology company founded in 2013 and best-known as the issuer of USD Coin (USDC), the world's second-largest stablecoin by market capitalization. Based in New York, Circle operates a full-stack internet financial platform built around three pillars: Arc Blockchain and Developer Infrastructure, Circle Digital Assets and Services, and Circle Applications.

With USDC representing more than 60% of all stablecoin transaction volume globally, $77 billion in circulation, and a landmark U.S. Office of the Comptroller of the Currency (OCC) approval in July 2026, Circle has emerged as the defining regulated stablecoin infrastructure company at the intersection of traditional finance and decentralized payments.

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• This Red-Hot AI Infrastructure Stock Just Made a Game-Changing Move. How to Play NBIS Here.

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Circle Stock Lags

Circle currently has a market cap of approximately $15 billion, with CRCL stock trading near $61 per share, a long way from the all-time high of $262.97. Circle now trades 23% above the 52-week low of $49.90, while the 52-week range of $49.90 to $262.97 reflects extreme volatility driven by crypto market cycles, interest rate sensitivity, and stablecoin regulatory developments.

Compared to the Russell 1000 Index, which has broadly advanced in 2026 on improving large-cap sentiment, CRCL stock has dramatically underperformed its benchmark on a trailing basis. Shares are down roughly 77% from the all-time high as falling reserve return rates, rising competition from Open USD (OUSD), and broader crypto sector headwinds have weighed heavily on a stock that once commanded a premium fintech valuation.

www.barchart.com

Circle Delivers Mixed Results

Circle reported first-quarter 2026 diluted EPS of $0.21, beating the Zacks consensus estimate of $0.15 by 40%. Total revenue and reserve income of $694 million grew 20% year-over-year (YOY) but missed the consensus estimate of $715 million by about 3%. Despite the top-line shortfall, USDC onchain transaction volume surged 263% YOY to $21.5 trillion, while USDC in circulation grew 28% to $77 billion at quarter-end, underscoring the explosive adoption of Circle's stablecoin infrastructure across global payments and decentralized finance (DeFi) ecosystems.

Story Continues

Reserve income remained the core earnings engine at $652.5 million, accounting for 94% of total revenue, up 17% YOY. Meanwhile, other revenues doubled to $41.6 million. Adjusted EBITDA grew 24% YOY to $151 million, maintaining a healthy 53% margin, while revenue less distribution costs (RLDC) reached $287 million, up 24% YOY with a margin of 41%. Net income from continuing operations declined 15% to $55 million, reflecting higher distribution costs and a 66-basis-point decline in the reserve return rate to 3.5%, as lower interest rates compressed Circle's yield on USDC reserves.

Management reaffirmed its full-year 2026 outlook, targeting other revenue of $150 million to $170 million, a RLDC margin of 38% to 40%, and adjusted operating expenses of $570 million to $585 million. Looking further ahead, Circle maintained its multiyear through-cycle USDC circulation compound annual growth rate (CAGR) target of 40%, backed by the Arc network — which raised $222 million in a presale at a $3 billion fully diluted network valuation from investors including a16z, BlackRock (BLK), Ark Invest, and Apollo — and the July 2026 OCC approval granting Circle federal banking charter status for First National Digital Currency Bank. The latter is a landmark regulatory milestone that positions the company to compete directly with traditional financial institutions in digital asset custody and settlement.

Circle Downgraded by Mizuho

Circle shares fell after Mizuho Securities downgraded the stock to "Underperform" from "Neutral," slashing its price target to $50 from $85. That fresh price target implies meaningful downside from current levels.

Analyst Dan Dolev flagged Open USD's pass-through revenue model — which is backed by more than 140 partners including Mastercard (MA), Stripe, and BlackRock — as a structural threat to Circle's core business model. Dolev also warned that Open USD's GENIUS Act compliance and aggressive partner network could fundamentally erode Circle's float-capture economics, with Mizuho's revised 2027 EBITDA estimate coming in approximately 25% below consensus. Adding to the concern, Circle's revenue-sharing agreement with Coinbase (COIN), its largest distributor, is due for renewal in August. Dolev noted that Coinbase's endorsement of Open USD could meaningfully shift the negotiating dynamic against Circle.

Should You Buy CRCL Stock?

The recent downgrade from Mizuho crystallizes the central bear case for Circle. Still, Wall Street remains broadly optimistic. CRCL stock holds a consensus "Moderate Buy" rating across 25 analyst ratings. That breaks down to 11 "Strong Buy" ratings, one "Moderate Buy," 11 "Hold" ratings, and two "Strong Sell" recommendations. The mean price target of $121.95 implies striking potential upside of 98% from current levels. A deeply divided analyst picture reflects both the enormous long-term stablecoin opportunity and the very real near-term existential threat that Open USD represents.

www.barchart.com On the date of publication, Ruchi Gupta did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com

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Nebius董事出售近137万美元股份

重要性2/5 中低

内部人出售具有直接相关性，但信息残缺，缺少判断交易意义所需的持股和计划背景。

标签

标的：`NBIS`来源：MT Newswires发布日期：2026-07-17重要性：2/5 中低评级理由：内部人出售具有直接相关性，但信息残缺，缺少判断交易意义所需的持股和计划背景。评级依据：regulatory_fact, missing_context原文字数：79

中文摘要

核心结论

Nebius董事John Wilson Boynton IV于07/15（未给出具体时刻）出售6958股，标题披露交易总额为1370744美元；存档正文被付费墙截断，无法核验价格、持股变化和交易性质。

重要性评级

评级：2/5（中低）

内部人交易与NBIS治理和供给相关，但单笔出售缺乏计划背景、持股比例及监管文件细节。

关键事实

• 交易主体为Nebius董事John Wilson Boynton IV。
• 出售日期为07/15（未给出具体时刻）。
• 出售数量为6958股。
• 标题披露交易金额为1370744美元。
• 文章发布于美东时间 07/17 12:51（UTC+8 07/18 00:51）。
• 文中列示NBIS上涨3.46%。

作者观点与证据

可见内容只报告监管申报中的出售事实，没有提出明确观点。正文金额在“$1,”处截断，完整总额仅来自标题。

与相关标的的关系

该交易直接关联NBIS，但若不知道董事交易前后持股、是否依据10b5-1（预先制定的证券交易计划）执行，就无法判断其信息含量。

时效性与限制

付费墙遮挡申报表类型、成交均价、剩余持股和计划属性，不能从单笔交易推导管理层集体态度。

后续跟踪

• 对应SEC（美国证券交易委员会）申报原件
• 成交均价和交易后持股
• 是否属于预设交易计划
• 其他董事及高管同期交易

英文原文

Nebius Group Insider Sold Shares Worth $1,370,744, According to a Recent SEC Filing

PREMIUM

Nebius Group Insider Sold Shares Worth $1,370,744, According to a Recent SEC Filing

MT Newswires

Sat, July 18, 2026 at 12:51 AM GMT+8

• NBIS

+3.46%

John Wilson Boynton IV, Director, on July 15, 2026, sold 6,958 shares in Nebius Group (NBIS) for $1,

PREMIUM

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SK海力士反弹背后的技术性力量

重要性3/5 中

能解释SKHY与SOXX的走势分化，但期权数字存在自洽性问题，且盘中归因缺少资金流验证。

标签

标的：`SOXX`来源：24/7 Wall St.发布日期：2026-07-17重要性：3/5 中评级理由：能解释SKHY与SOXX的走势分化，但期权数字存在自洽性问题，且盘中归因缺少资金流验证。评级依据：timeliness, fact_density原文字数：927

中文摘要

核心结论

SK海力士美国存托凭证从52周低点附近反弹8%至164美元，文章将其归因于汇丰维持首选评级、空头回补和期权到期相关买盘；同期SOXX接近平盘，说明反弹主要是个股层面，但原文期权数据存在明显口径矛盾。

重要性评级

评级：3/5（中）

文章有助于区分SKHY个股反弹与SOXX板块走势，并提供韩国政策及期权数据；数据自洽性不足，降低了证据权重。

关键事实

• SKHY在07/17盘中上涨8%至164美元，此前触及52周低点145.57美元。
• 韩国央行意外加息25个基点，为约三年半来首次加息；韩国股市下跌并触发KOSPI（韩国综合股价指数）熔断，SK海力士首尔股票下跌逾7%。
• 韩国监管部门暂缓批准与SK海力士挂钩的新单股杠杆ETF（交易所交易基金），削弱了美国存托凭证的投机需求。
• 汇丰维持SK海力士为芯片行业首选，认为存储芯片周期见顶担忧被夸大。
• 文章称首批月度期权于当日到期，并列出看跌期权未平仓93,823张、看涨期权36,876张。
• 原文同时给出0.71的看跌/看涨比率；按上述未平仓数量计算约为2.54，两组数据口径不一致。
• 09/18到期看涨期权成交40,770张、看跌期权5,707张，但成交量不能直接证明机构方向。
• 文章发布于美东时间 07/17 12:51（UTC+8 07/18 00:51）。

作者观点与证据

作者倾向把反弹解释为汇丰观点、空头回补及期权相关买盘共同作用，并明确区分于新的存储需求信号。价格和政策事件提供一定支持；空头回补、伽马买盘及“机构布局”缺少逐笔资金或持仓变化验证，且期权比率自相矛盾。

与相关标的的关系

SKHY与高带宽内存需求直接相关，AMD和NVDA等加速器厂商构成需求链条。SOXX当日接近平盘，表明该次8%反弹未扩散为行业普涨；对SOXX的直接指数影响取决于其实际成分权重。

时效性与限制

报道为当日盘中稿，收盘结果可能与文中价格不同。期权数据需按成交量、未平仓量和到期日重新核对，文章中的方向归因不宜直接采用。

后续跟踪

• SKHY相对首尔上市股票的存托凭证溢价。
• 韩国杠杆基金审批政策后续变化。
• 存储周期、HBM（高带宽内存）出货和季度业绩。
• 期权到期后的未平仓量与波动率变化。

英文原文

SK Hynix Jumps 8% on Bargain-Hunting Rebound as HSBC Reaffirms SKHY as a Top Chip Pick

SK Hynix Jumps 8% on Bargain-Hunting Rebound as HSBC Reaffirms SKHY as a Top Chip Pick

David Moadel

Sat, July 18, 2026 at 12:51 AM GMT+8 5 min read

• SKHY

+1.13%

• NVDA

-2.21%

• AMD

-1.03%

• AVGO

-0.97%

• SKHY

+1.13%

Quick Read

• SK Hynix surged 8% to $164 from a 52-week low of $146 after HSBC reaffirmed SKHY as its top chip sector pick.

• SKHY's jump was purely stock-specific, with the SOXX semiconductor ETF barely moving, and it was amplified by short-covering and gamma buying during the first U.S. options expiration.

• South Korea's surprise rate hike and a leveraged-ETF approval suspension stripped away speculative demand that had inflated SK Hynix's ADR premium all week.

• Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and SK Hynix didn't make the cut. Grab the names FREE today .

Shares of SK Hynix ( NASDAQ:SKHY ) are up 8% to $164 in Friday's midday session. The rebound follows a brutal two-day rout that sent the Korean memory giant's newly listed American depositary receipts (ADR) to a fresh low.

Thinkstock SK Hynix stock touched a 52-week low of $145.57 earlier in the week before buyers stepped in. The bounce follows a sharp two-day slide, one of the ugliest stretches since the company's blockbuster Nasdaq exchange debut.

The move stands out on its own merits. Peer semiconductor stocks are hovering near unchanged, leaving SK Hynix stock as the standout mover on an otherwise quiet session.

The Rout That Set Up the Bounce

The selloff earlier this week traced to the Bank of Korea's surprise 25-basis-point interest rate hike on Thursday, its first in about three and a half years. The move sparked a broad Korean equity selloff that tripped a circuit breaker on the KOSPI, with SK Hynix's Seoul-listed shares plunging more than 7%.

Sentiment took another hit when South Korean regulators temporarily suspended approvals for new single-stock leveraged ETFs tied to the chipmaker. That decision removed a key source of speculative demand that had helped inflate SK Hynix stock's ADR premium since the U.S. listing, according to reporting from Investing.com and Barron's.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and SK Hynix didn't make the cut. Grab the names FREE today .

HSBC's Top-Pick Call and Options Expiry Fuel the Rebound

Friday's rebound has multiple hands on the wheel. HSBC reaffirmed SK Hynix as its top sector pick on Thursday, arguing that fears the memory-chip cycle is nearing its peak are overstated, an endorsement that landed just as SK Hynix stock was scraping session lows.

The first monthly options contracts on SK Hynix's U.S.-listed shares expired today, and traders cite short-covering and gamma-related buying accelerating the move off the lows. SK Hynix's options chain shows put open interest of 93,823 contracts against call open interest of 36,876 on today's expiration, a heavy short-hedged setup that can amplify upside squeezes once dealers rebalance.

Story Continues

SK Hynix's put/call ratio on today's expiration sits at 0.71. Meanwhile, September 18 call volume of 40,770 against just 5,707 puts hints at institutional positioning for a Q3 2026 recovery.

Peers Barely Move, SK Hynix Bucks the Tape

Advanced Micro Devices ( NASDAQ:AMD ) stock is little changed on the day, Intel ( NASDAQ:INTC ) shares are down 2%, and Broadcom ( NASDAQ:AVGO ) stock is off 1%. The iShares Semiconductor ETF ( NASDAQ:SOXX ), the broad chip proxy, is essentially flat.

That divergence is worth noting. The iShares Semiconductor ETF carries single-sector concentration risk and no leverage, so its lack of movement suggests today's SK Hynix stock jump is idiosyncratic, driven by a stock-specific catalyst mix rather than a fresh AI-memory demand signal rippling through the group.

For fundamental context, Advanced Micro Devices reported quarterly revenue growth of 38% year over year in its most recent quarter, keeping the AI accelerator narrative intact even as AMD stock consolidates at its 50-day moving average of $493. That backdrop matters for SK Hynix because SK Hynix supplies high-bandwidth memory into that same demand pool.

Bull Case, Bear Case, and What to Watch

The bull case for SK Hynix rests on its dominant position in high-bandwidth memory (HBM), the HSBC top-pick endorsement, and the ongoing AI-memory demand cycle powering orders across the accelerator supply chain. Any confirmation that the cycle has more room to run could re-rate SK Hynix stock quickly given how compressed it now trades versus the IPO reference.

The bear case is equally sharp, though. SK Hynix stock has been extremely volatile since its Nasdaq listing, whipped by leveraged-ETF flows and options activity, and today's rebound is technically driven rather than a response to fresh fundamental news at SK Hynix. The Korea macro backdrop, the leveraged-ETF approval suspension, and lingering ADR-premium risk on SK Hynix shares all remain live concerns.

Given that volatility profile, investors leaning into the SK Hynix rebound should size their positions accordingly and treat any follow-through as a trade rather than a thesis shift. Traders can watch for whether SK Hynix shares hold the $160 area into the close and whether follow-up analyst notes echo HSBC's memory-cycle defense. The next fundamental catalyst arrives with the company's quarterly results and updated HBM shipment commentary.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and SK Hynix didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

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高波动资产的隐性熊市信号

重要性3/5 中

与MRVL板块风险直接相关且时效性强，但关键指数结论存在内部矛盾，证据可靠性受限。

标签

标的：`MRVL`来源：Barrons.com发布日期：2026-07-17重要性：3/5 中评级理由：与MRVL板块风险直接相关且时效性强，但关键指数结论存在内部矛盾，证据可靠性受限。评级依据：timeliness, internal_inconsistency原文字数：128

中文摘要

核心结论

文章认为高投机性资产的深度回撤开始显性化，并以SpaceX上市后市值缩水及半导体指数回撤为例。原文对费城半导体指数技术状态的表述自相矛盾，削弱了结论可信度。

重要性评级

评级：3/5（中）

文章触及MRVL所在半导体板块的风险状态，且发布时间新；关键指数描述存在明显疑点，必须结合原始行情复核。

关键事实

• InvesTech Research分析师Claire Cantalupo强调高涨幅资产可能以更快速度回落。
• 文章称SpaceX上市后较峰值蒸发1万亿美元市值。
• 文中称费城半导体指数较一个月前历史高位下跌超过20%。
• 同一句又把该指数称为进入“技术性牛市”，与超过20%的高位回撤不一致。
• 元数据显示IBM下跌2.91%、SpaceX下跌5.43%、Palantir下跌1.53%、Oracle上涨1.77%、Marvell上涨0.20%。

作者观点与证据

文章采用警示性叙事，把高估值资产回撤归为“隐性投机熊市”浮出水面。除价格和市值变化外，没有提供指数计算、估值区间或盈利修订数据。

与相关标的的关系

MRVL属于费城半导体指数相关生态，文章可作为板块风险提示；Marvell当日上涨0.20%，与所述普遍回撤并不同步。

时效性与限制

文章发布于美东时间 07/17 12:39（UTC+8 07/18 00:39）。费城半导体指数状态需要通过权威行情源复核，SpaceX市值变化也缺少基准日期和计算方法。

后续跟踪

• 费城半导体指数相对历史高点的实际回撤
• SpaceX市值及流通结构
• MRVL相对半导体指数的强弱
• 高估值科技股市场广度

英文原文

The

The 'Invisible Speculative Bear Market' Is Coming Out of Hiding

The 'Invisible Speculative Bear Market' Is Coming Out of Hiding · Barrons.com · Marketwatch

Barrons.com

Sat, July 18, 2026 at 12:39 AM GMT+8 1 min read

• IBM

-2.91%

• SPCX

-5.43%

• PLTR

-1.53%

• ORCL

+1.77%

• MRVL

+0.20%

"For those intoxicated by the ride and potential profit opportunity, the lesson that ‘what goes up’ can ‘COME DOWN A LOT FASTER’ is often a painful surprise," InvesTech Research's Claire Cantalupo wrote. The analyst flagged SpaceX's post-IPO plunge, the stock has shaved $1 trillion from its market capitalization at its peak. The PHLX Semiconductor Index has also entered a technical bull market, down more than 20% from all-time highs seen just one month prior.

Continue Reading

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Nebius以资产担保扩张AI算力

重要性3/5 中

直接关联NBIS融资与资本结构，但与同批报道重复，且关键判断超出已披露条款。

标签

标的：`NBIS`来源：24/7 Wall St.发布日期：2026-07-17重要性：3/5 中评级理由：直接关联NBIS融资与资本结构，但与同批报道重复，且关键判断超出已披露条款。评级依据：material_financing, duplicative_reporting, opinion_heavy原文字数：926

中文摘要

核心结论

Nebius通过7.75亿美元资产担保融资扩建AI（人工智能）基础设施，降低对股权和可转换债券的依赖；融资验证了资产可抵押性，却没有消除建设、利用率和偿债风险。

重要性评级

评级：3/5（中）

直接讨论NBIS资本结构并联系META、MSFT、NVDA，但文章对贷款人尽调和融资成本优势的判断缺少协议数据支持。

关键事实

• Nebius取得7.75亿美元首笔担保债务融资，资金用于全球AI基础设施扩张。
• 文章记录公司股价午盘上涨约3%。
• 担保品被描述为数据中心及相关基础设施，文章没有列出完整抵押清单。
• 公司此前使用过可转换债务，本次结构避免立即发行新股。
• Meta、Microsoft和Alphabet被列为每年投入1000亿至2000亿美元AI基础设施的超大规模云公司。
• Nebius与Meta存在大型合同，并与Nvidia保持合作关系。
• 作者列出的风险包括既有可转换债务、建设延误、成本超支、需求不及预期和利用率下降。
• 文章发布于美东时间 07/17 12:10（UTC+8 07/18 00:10）。

作者观点与证据

作者将融资视作专业贷款人对Nebius基础设施价值和需求可见度的认可，并认为资本结构趋于多元。贷款人完成尽调并不等同于项目回报得到保证，文中也未提供利率、契约或加权资本成本计算。

与相关标的的关系

NBIS是直接融资主体；META和NVDA分别提供需求与生态合作线索；MSFT、GOOG用于说明行业资本开支规模和潜在竞争环境。

时效性与限制

文章带有鲜明正面叙事，并重复营销段落。关于Meta合同、抵押资产和融资成本的描述应以公司公告及信贷文件为准。

后续跟踪

• 贷款利率、期限和财务契约
• 抵押资产范围与覆盖率
• 新增算力利用率和回报
• 客户合同收入确认进度

英文原文

Nebius’ $775 Million Debt Deal Changes Everything About Its AI Growth Story

Nebius’ $775 Million Debt Deal Changes Everything About Its AI Growth Story

Rich Duprey

Sat, July 18, 2026 at 12:10 AM GMT+8 4 min read

• NBIS

+3.46%

• META

-2.79%

• NVDA

-2.21%

• MSFT

-1.82%

• GOOG

-2.17%

Quick Read

• Nebius Group secured $775 million in its first asset-backed debt deal to expand AI infrastructure, avoiding shareholder dilution and lifting shares 3%.

• Asset-backed lenders only extend secured financing after rigorous due diligence, making this deal a meaningful vote of confidence in Nebius's infrastructure value.

• Partnerships with Meta and Nvidia give Nebius strong revenue visibility as it builds GPU clusters for enterprise and hyperscale customers worldwide.

• Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Nebius Group didn't make the cut. Grab the names FREE today .

Artificial intelligence infrastructure remains one of the market's biggest investment themes, but it has also become one of its biggest sources of anxiety. Hyperscalers including Meta Platforms ( NASDAQ:META ), Microsoft ( NASDAQ:MSFT ), and Alphabet ( NASDAQ:GOOG ) are committing hundreds of billions of dollars annually to data centers, GPUs, and networking equipment, prompting concerns that debt and capital spending are getting ahead of future demand.

Golden Dayz / Shutterstock.com Yet not every financing announcement deserves the same reaction. Nebius Group ( NASDAQ:NBIS ) demonstrated that point today after unveiling a new funding agreement that appears to strengthen -- not weaken -- its long-term investment case.

The market agreed, as shares are gaining about 3% in midday trading today following the announcement it secured $775 million in its first secured debt financing, with proceeds earmarked for expanding its global AI infrastructure footprint.

Why This Debt Looks Different

Debt has become a dirty word in AI investing, but context matters. Nebius's latest financing differs from the massive borrowing programs undertaken by the largest cloud providers because of both its structure and purpose.

Unlike the convertible notes Nebius previously issued, this financing is secured by tangible assets, likely including data centers and related infrastructure. Asset-backed debt generally carries lower borrowing costs while avoiding the shareholder dilution that often accompanies convertible securities.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Nebius Group didn't make the cut. Grab the names FREE today .

Just as important, lenders don't extend secured financing without rigorous due diligence. The collateral must have measurable value, and the underlying business needs enough visibility to support repayment. In that sense, this financing serves as another vote of confidence in Nebius's expanding infrastructure platform.

Story Continues

Let's not overlook timing either. AI compute remains in short supply, allowing infrastructure providers to monetize new capacity quickly when backed by committed customers.

24/7 Wall St.

While other companies dilute shareholders to stay afloat, Nebius Group just secured a $775M asset-backed war chest to dominate the AI infrastructure race. © 24/7 Wall St.

Fueling A Business Already Growing Rapidly

Nebius isn't borrowing simply to keep the lights on. The financing is designed to accelerate a business already benefiting from powerful industry tailwinds.

The company has landed major contracts with hyperscalers, including Meta, while maintaining a close relationship with Nvidia ( NASDAQ:NVDA ), whose GPUs remain the backbone of AI training and inference workloads. Those partnerships provide more revenue visibility than many early-stage infrastructure companies enjoy.

That visibility matters because Nebius is pursuing an ambitious global expansion strategy centered on building GPU clusters and data centers capable of serving enterprise and hyperscale customers. Every new facility creates additional revenue-generating capacity.

Ironically, this is where Nebius differs from many concerns surrounding hyperscaler debt. Meta, Microsoft, and Alphabet will each spend between $100 billion and $200 billion this year on AI infrastructure from already enormous revenue bases. Nebius, by comparison, is much smaller, making percentage growth far higher while requiring far less absolute capital to expand.

The financing also diversifies Nebius's capital structure. Moving beyond equity raises and convertible debt lowers its weighted average cost of capital while demonstrating that traditional lenders increasingly view its infrastructure as financeable assets rather than speculative projects.

The Risks Haven't Disappeared

Granted, investors shouldn't mistake this announcement for a guarantee of success. Nebius still carries debt from earlier convertible offerings, while constructing AI data centers remains expensive and operationally challenging. Delays, cost overruns, or weaker-than-expected AI demand could reduce utilization rates and pressure returns on those investments. Competition from hyperscalers that eventually monetize excess computing capacity also remains a long-term consideration.

Those risks deserve monitoring, but today's financing actually reduces one of the biggest uncertainties: whether Nebius could continue funding its aggressive expansion without leaning heavily on shareholder dilution.

Key Takeaway

In short, Nebius's $775 million secured financing is more than another capital raise. It represents validation from sophisticated lenders that the company's infrastructure has meaningful collateral value and that its expansion plans are supported by visible demand. Combined with its relationships with Meta and Nvidia, the financing strengthens a growth narrative that was already gaining traction.

For investors looking beyond today's 3% share-price gain, this announcement suggests Nebius is evolving from a promising AI upstart into a company capable of financing growth on increasingly favorable terms. In an industry where access to capital often determines who wins, that's an encouraging milestone.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Nebius Group didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

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英伟达与Marvell增长论据

重要性4/5 中高

直接覆盖MRVL并提供季度财务与客户需求线索，事实密度较高；媒体立场和商业推广降低了独立性。

标签

标的：`MRVL`来源：Motley Fool发布日期：2026-07-17重要性：4/5 中高评级理由：直接覆盖MRVL并提供季度财务与客户需求线索，事实密度较高；媒体立场和商业推广降低了独立性。评级依据：timeliness, source_bias原文字数：822

中文摘要

核心结论

作者在07/13芯片股下跌后继续看好英伟达和Marvell，依据是英伟达的人工智能计算平台优势，以及Marvell在定制芯片和超大规模数据中心中的增长机会。文章提供了财务数字，但立场偏多且包含订阅推广。

重要性评级

评级：4/5（中高）

MRVL是文章两项主要研究对象之一，基本面数字较具体；来源属于观点型投资媒体，估值与需求判断需要公司披露佐证。

关键事实

• 芯片股在07/13（未给出具体时刻）因地缘政治紧张等因素大幅下跌。
• 英伟达预期市盈率为24.1倍，信息技术股票平均值为21.7倍。
• 英伟达推出独立Vera CPU（中央处理器），并承诺通过股息和回购返还至少50%的自由现金流。
• Marvell是ASIC（专用集成电路）供应商，参与亚马逊Trainium定制芯片设计。
• Marvell截至05/02（未给出具体时刻）的2027财年第一季度收入创纪录，达到24亿美元，同比增长28%。
• Marvell调整后每股收益为0.80美元，同比增长29%。
• 作者预计超大规模云客户的定制人工智能芯片需求将支持后续收入加速。

作者观点与证据

作者对两家公司持明确看多立场。Marvell部分以季度收入、每股收益、定制芯片客户动向为支撑；长期需求和“主要赢家”判断仍属于预测。媒体披露其持有并推荐相关公司，文中还有订阅营销内容。

与相关标的的关系

MRVL是直接研究标的，影响路径包括亚马逊Trainium、Alphabet（谷歌母公司）对外销售定制芯片，以及超大规模客户扩大ASIC部署。NVDA（英伟达股票代码）则代表通用加速计算平台。

时效性与限制

文章发布于美东时间 07/17 11:50（UTC+8 07/17 23:50）。财务数字对应已公布季度，长期需求和收入加速预测尚待后续订单及指引验证。

后续跟踪

• Marvell定制芯片项目收入确认
• 亚马逊与Alphabet芯片外售进度
• Marvell后续季度收入指引
• 英伟达自由现金流返还执行情况

英文原文

2 Stocks to Buy in the Chip Stock Sell-Off

2 Stocks to Buy in the Chip Stock Sell-Off

Prosper Junior Bakiny, The Motley Fool

Fri, July 17, 2026 at 11:50 PM GMT+8 4 min read

• NVDA

-2.21%

• MRVL

+0.20%

On July 13, chip stocks dropped sharply for several reasons, including escalating geopolitical tensions. It's not that surprising to see many investors take some profits as they fear what may happen to broader equities if conflicts in the Middle East worsen. However, for those focused on the long term, it's still worth buying shares of top semiconductor stocks and riding out this volatile period. Here are two great picks to consider: Nvidia (NASDAQ: NVDA) and Marvell Technology (NASDAQ: MRVL).

Image source: The Motley Fool. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »

1. Nvidia

Shares of Nvidia are surprisingly cheap right now relative to its growth potential. The company is trading at 24.1x forward earnings, versus an average of 21.7x for information technology stocks. Considering Nvidia is the undisputed leader in the GPU ( Graphics Processing Unit ) market, boasts a wide moat due to high switching costs, and still has a vast opportunity as artificial intelligence (AI) infrastructure spending grows, the stock looks like a bargain at current levels. While the bears fear that the competition will eventually catch up to Nvidia, so far, hardly any one of them has been able to make much headway in disrupting its empire.

Meanwhile, as the company argues, it is no longer just a GPU company. Nvidia offers products across much of the AI infrastructure stack. The company sees a large opportunity in the CPU market, for instance, which is why it launched its stand-alone Vera CPU -- and that's just the tip of the iceberg. On top of that, Nvidia recently significantly increased its dividend per share and committed to consistently returning at least 50% of its free cash flow to shareholders, via dividends and share buybacks. All of that makes the stock highly attractive. Even after the amazing run Nvidia has had over the past few years, it isn't done just yet.

2. Marvell Technology

Marvell is a leading Application-Specific Integrated Circuit (ASIC) maker. These are custom chips developed to handle specific workloads. What they lack in versatility, they make up for in the ability to be highly efficient for the tasks they are designed for -- such as training AI models -- and can be cost-efficient when deployed at scale. Many companies will increasingly rely on ASICs to tap into the large and growing AI opportunity.

Story Continues

Consider, for instance, that Amazon is considering selling its Trainium chips (designed by Marvell) to other data centers, something it wouldn't even explore unless it saw strong demand. Similarly, Alphabet has said it will sell its custom AI chips to select outside customers. All of these developments are bullish signs for Marvell Technology.

Meanwhile, the company continues to post strong financial results. In the first quarter of its fiscal year 2027, ending May 2, Marvell's revenue climbed to a record $2.4 billion, up 28% compared to the year-ago period. The company's adjusted earnings per share were $0.80, 29% higher than the prior-year quarter. Marvell's revenue should accelerate over the next few quarters. And as demand for custom AI chips soars through the end of the decade (and beyond), especially from the hyperscalers, the company should be a major winner.

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Prosper Junior Bakiny has positions in Alphabet, Amazon, and Nvidia. The Motley Fool has positions in and recommends Alphabet, Amazon, Marvell Technology, and Nvidia. The Motley Fool has a disclosure policy .

2 Stocks to Buy in the Chip Stock Sell-Off was originally published by The Motley Fool

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AMD增长质量与高估值拉锯

重要性3/5 中

数据丰富并有助于比较人工智能芯片估值，但与MRVL仅为行业关联，历史回测存在时间口径疑点。

标签

标的：`MRVL`来源：Trefis发布日期：2026-07-17重要性：3/5 中评级理由：数据丰富并有助于比较人工智能芯片估值，但与MRVL仅为行业关联，历史回测存在时间口径疑点。评级依据：timeliness, sector_relevance, methodology_caveat原文字数：1173

中文摘要

核心结论

AMD（超威半导体）具备数据中心增长、现金流和历史回撤修复记录，但约161倍市盈率留下较小的执行容错空间。文章的历史统计有参考价值，不能证明本轮回撤会复制过去路径。

重要性评级

评级：3/5（中）

内容对AMD较详尽，并能补充MRVL所在人工智能芯片板块的估值背景；与MRVL只有同业关联，且部分历史表格疑似含尚未完成的一年期回报。

关键事实

• 管理层把2030年服务器CPU（中央处理器）市场预测提高至超过1,200亿美元。
• AMD股价较高点回撤约14%。
• 自2010年以来，30天内下跌至少20%的事件共27次，其中20次在随后12个月取得正回报。
• 这些事件随后12个月回报中位数为38%，期间最大进一步回撤中位数为27%，达到峰值所需时间中位数为250天。
• AMD过去12个月收入增长35%，经营现金流利润率为26%。
• 利息覆盖倍数为34.2倍，现金与利息费用之比为83.4倍。
• 管理层预计第二季度服务器CPU收入同比增长超过70%。
• 文章称AMD市盈率约161倍，同业基准约24倍。

作者观点与证据

作者认可AMD业务质量与数据中心增长，同时强调估值昂贵。历史回撤统计、收入增长和现金流支持质量判断；未来市场份额、服务器需求以及高估值能否维持仍是预测。

与相关标的的关系

AMD与MRVL、NVDA（英伟达股票代码）、AVGO（博通股票代码）同属人工智能半导体链。AMD的高估值与服务器增长预期可用于比较MRVL的估值容错和数据中心收入兑现情况。

时效性与限制

文章发布于美东时间 07/17 11:06（UTC+8 07/17 23:06）。历史事件表包含2026年日期，其完整12个月回报口径无法在发布日期前全部实现，需核查回测方法及是否使用预测值。

后续跟踪

• 服务器CPU收入同比增速
• 数据中心市场份额
• 内存与零部件成本对个人电脑需求的影响
• 估值与盈利预测变化

英文原文

AMD Stock Is On Sale, But Is It A Bargain?

AMD Stock Is On Sale, But Is It A Bargain?

Trefis Team

Fri, July 17, 2026 at 11:06 PM GMT+8 6 min read

• AMD

-1.03%

• NVDA

-2.21%

• MRVL

+0.20%

• QCOM

+0.65%

• AVGO

-0.97%

Photo by manseok_Kim on Pixabay The chipmaker's shares have pulled back, and while history has rewarded dip-buyers, the price of admission is still steep.

At Advanced Micro Devices (AMD) , the future is all about a concept called Agentic AI. This is the force management believes is so powerful that it has nearly doubled its long-term forecast for the server chip market. On its latest earnings call, the CEO explained that based on new demand signals, the company now expects the server CPU market to grow to "over $120 billion by 2030." That's a significant shift in the landscape. Yet, even with that backdrop, the stock has recently pulled back about 14% from its high. For investors, this creates a classic dilemma: is this a chance to buy into a supercharged growth story at a discount, or is it a trap?

The Track Record For Buying Advanced Micro Devices On Weakness

When a stock like AMD stumbles, the first place to look for clues is its own history. Since 2010, the stock has experienced a sharp dip, defined as a drop of 20% or more within a month, on 27 separate occasions. Of those 27 instances, 20 were followed by a positive return over the next twelve months. The median return a year after one of these drops was a healthy 38%. Of course, buying a falling stock is never painless. History shows that investors who bought these dips typically had to endure a median worst further drawdown of 27% before the recovery took hold. But for those with the stomach for it, the record suggests that patience has been rewarded more often than not.

AMD had 27 events since 1/1/2010, where the dip threshold of -20% within 30 days was triggered

• 58% median peak return within 1 year of dip event

• 250 days is the median time to peak return after a dip event

• -27% median max drawdown within 1 year of dip event

Period

Past Median Return

1M

5.9%

3M

2.9%

6M

5.5%

12M

38%

30 Day Dip

AMD Subsequent Performance

Date

AMD

SPY

1Y

Peak

Return

Max

Drop

Days

to Peak

Median

38%

58%

-27%

250

3052026

-20%

-1%

151%

-4%

117

12172025

-21%

-1%

153%

-4%

195

3062025

-20%

-6%

100%

167%

-21%

237

11152024

-21%

2%

53%

96%

-42%

348

4152024

-21%

-1%

-45%

15%

-51%

86

9132022

-20%

-4%

38%

68%

-27%

272

6302022

-25%

-7%

51%

69%

-27%

347

4112022

-21%

1%

-5%

12%

-43%

52

1272022

-24%

-7%

-29%

29%

-45%

13

3082021

-20%

-0%

39%

119%

-1%

266

3182020

-21%

-27%

100%

149%

0%

299

10242018

-29%

-8%

44%

51%

-27%

264

4022018

-22%

-5%

181%

243%

0%

165

11012017

-21%

3%

87%

203%

-12%

317

5022017

-28%

1%

6%

43%

-8%

85

1202016

-21%

-11%

443%

571%

0%

342

7172015

-23%

2%

208%

208%

-9%

367

5262015

-20%

1%

89%

89%

-27%

364

4222015

-22%

3%

15%

32%

-29%

250

9302014

-20%

0%

-50%

0%

-52%

0

8272013

-23%

-3%

23%

37%

-7%

323

5172012

-22%

-6%

-34%

5%

-70%

12

10032011

-24%

-2%

-28%

82%

-28%

164

6172011

-20%

-5%

-15%

18%

-35%

272

8242010

-20%

-4%

9%

58%

-6%

177

6072010

-21%

-13%

1%

22%

-27%

255

2042010

-25%

-4%

16%

41%

-22%

70

Story Continues

A Dip Is Only A Bargain If The Business Is Solid

A strong recovery record only matters if the underlying business is sound. A cheap stock attached to a broken company is just a value trap. On that front, AMD appears to be on solid ground. The company's revenue grew 35% over the trailing twelve months, and its operating cash flow margin stands at a healthy 26%. On a simple scorecard of growth, cash generation, and balance-sheet strength, the business clears every basic quality check. This isn't a company in distress; it's a high-growth business hitting a patch of market turbulence.

Quality Metrics

Value

Quality Check

Revenue Growth (LTM)

35%

Pass

Revenue Growth (3-Yr Avg)

18.5%

Pass

Operating Cash Flow Margin (LTM)

26%

Pass

Leverage (see below)

-

Pass

=> Interest Coverage Ratio

34.2

=> Cash To Interest Expense Ratio

83.4

Is The Dip Buy Going To Work This Time?

So, is this dip the opportunity it seems to be? The historical pattern is constructive, and the business itself is firing on all cylinders, particularly in its Data Center segment. Management expects server CPU revenue to grow by more than 70% year-over-year in the second quarter. But there's a significant catch: the price you have to pay. Even after the recent drop, AMD trades at a price-to-earnings ratio of about 161. That's a steep premium compared to the roughly 24 for its peer benchmark. You are not buying a cheap stock; you are buying a premium-priced one that has gotten a little less expensive. It's a premium that has some analysts asking if a key rival offers a better deal . The bull case is that AMD's growth, fueled by its EPYC server chips and Instinct GPUs, will justify this valuation. The risk is that any stumble, whether from intensifying competition or from pressures like the "higher memory and component costs" management expects to lower PC demand in the second half, could make that premium feel awfully heavy. For investors who like the sector but not the single-stock price, a broader semiconductor ETF like SOXX offers diversified exposure. For those considering AMD directly, the decision hinges on your conviction in that substantial server growth story. The key thing to watch is whether the company can continue gaining share and executing in the data center. That's the engine that has to pull the whole train.

Where Else Is The Market Handing You A Discount?

The same two questions you just asked about Advanced Micro Devices apply to every pullback: has the stock fallen far enough to matter, and does its kind of dip tend to recover? Plenty of other quality names sell off in any given week, and most never make the headlines. Our Buy The Dip rankings screen the market's recent declines and how past dips of that size have played out, so you can see which discounts have history on their side before you act.

What Would You Do With A Gain Like AMD's 483%?

Buying a dip works best when the position is sized so the next dip cannot hurt you. AMD is up 483% over the past five years, and gains like that are exactly how one holding quietly becomes too large a share of a portfolio. Whether that has happened in your portfolio is exactly what the Trefis Wealth team checks, with the same rules-based systematic discipline that runs our High Quality Portfolio. Request a free vulnerability audit of your biggest positions .

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Credo现金流跃升与同业压力

重要性4/5 中高

直接比较MRVL及其高速互连竞争者，现金流、现金和债务事实密集，时效性较强。

标签

标的：`MRVL`来源：Zacks发布日期：2026-07-17重要性：4/5 中高评级理由：直接比较MRVL及其高速互连竞争者，现金流、现金和债务事实密集，时效性较强。评级依据：timeliness, competitive_relevance原文字数：938

中文摘要

核心结论

Credo在2026财年末实现显著自由现金流增长，为收购和新产品投资提供资金；其估值高于行业，且面对博通和Marvell两家资金实力更强的竞争者。

重要性评级

评级：4/5（中高）

文章直接比较CRDO（Credo股票代码）、MRVL和AVGO（博通股票代码）的现金流、现金与债务，对高速互连竞争格局有较高参考价值。

关键事实

• Credo第四财季经营现金流1.822亿美元，环比增加1,600万美元。
• 资本开支为480万美元，自由现金流达到1.775亿美元，期末现金及等价物14亿美元。
• Dust Photonics收购于2027财年第一季度完成，使用约7.5亿美元。
• 管理层称经营现金流正接近每季度2亿美元，当前没有增发或回购计划。
• Broadcom（博通）最近一季自由现金流103亿美元，占收入约46%；期末现金196亿美元，长期债务627亿美元。
• 博通预计2026财年第三季度人工智能半导体收入160亿美元，同比增长超过200%。
• Marvell截至05/02（未给出具体时刻）持有38.4亿美元现金，2027财年第一季度经营现金流6.388亿美元，长期债务49.6亿美元。
• Credo过去一个月下跌23.5%，预期市销率15.01倍，高于行业8.39倍。

作者观点与证据

作者认为Credo的现金流增强了产品投资和并购能力，同时承认其估值与竞争压力。现金流和资产负债表数字属于较强证据；Zacks排名及增长评价属于该机构观点。

与相关标的的关系

MRVL是Credo在人工智能高速连接领域的直接竞争者，并通过XConn Technologies和Celestial AI收购扩大布局。文章显示Marvell现金规模高于Credo，但负债也明显更高。

时效性与限制

文章发布于美东时间 07/17 10:43（UTC+8 07/17 22:43）。各公司数字来自不同报告期，横向比较需统一财季和会计口径。

后续跟踪

• Credo自由现金流在收购后的持续性
• Marvell与Credo高速互连产品份额
• 博通人工智能收入兑现情况
• 三家公司债务与研发投入变化

英文原文

Credo

Credo's Free Cash Flow Soars: Can the Momentum Continue?

Vaishali Doshi

Fri, July 17, 2026 at 10:43 PM GMT+8 4 min read

• CRDO

-2.54%

Credo Technology Group Holding Ltd CRDO posted a strong finish to fiscal 2026, delivering solid free cash flow in the fiscal fourth quarter, underscoring strengthening profitability amid explosive demand for AI infrastructure.

In the fiscal fourth quarter, cash flow from operations reached $182.2 million, increasing $16 million sequentially. With capital expenditures of just $4.8 million, free cash flow climbed to $177.5 million. The company ended the quarter with $1.4 billion in cash and equivalents, driven primarily by robust free cash flow generation.

Credo Technology Group Holding Ltd. Free Cash Flow (Quarterly)

Credo Technology Group Holding Ltd. Free Cash Flow (Quarterly) Credo Technology Group Holding Ltd. free-cash-flow-quarterly | Credo Technology Group Holding Ltd. Quote

This strong cash position provides Credo with ample financial flexibility to invest in product innovation and pursue accretive M&A. In the recent earnings call, the company noted that it remains "well capitalized" to fuel the next leg of growth, while maintaining a considerable cash buffer.

Credo is deploying its capital strategically. Management noted that the Dust Photonics acquisition, which closed in the first quarter of fiscal 2027, utilized approximately $750 million. Despite this sizable outflow, the company expects to remain in a comfortable liquidity position, supported by operating cash flow approaching $200 million per quarter.

Further, Credo added that it may pursue opportunistic acquisitions, but has no such immediate plans. The company also has no plans to raise additional capital or authorize a share repurchase program currently.

As AI reshapes the data center architectures, it is accelerating demand for high-speed connectivity solutions. Credo lies at the intersection of AI and data center build-outs with its active electrical cables (AECs), optical Digital Signal Processors and PCIe retimers solutions that address the growing need for high-speed, low-power connectivity in the data center space.

Given this, the cash strength is strategically valuable as Credo deepens its role in the hyperscale ecosystem. The company continues to scale its AEC business while accelerating investments in newer growth areas such as ZeroFlap Optics, Active LED Cables (ALCs) and OmniConnect solutions.

How Are Competitors Faring?

Although Credo has tremendous opportunities, these are unfolding in a fiercely competitive landscape. Bigger rivals like Broadcom AVGO and Marvell Technology MRVL, with their relatively stronger financial positions, offer some serious competition to Credo.

Story Continues

Broadcom is one of the giants in the semiconductor space. In the last reported quarter, free cash flow was a massive $10.3 billion (about 46% of revenues) while capex came in at $231 million. As a result, the company had about $19.6 billion of cash and cash equivalents on its balance sheet at the quarter-end.

Broadcom Inc. Free Cash Flow (Quarterly)

Broadcom Inc. Free Cash Flow (Quarterly) Broadcom Inc. free-cash-flow-quarterly | Broadcom Inc. Quote

The company sees massive opportunities in the AI space, as its hyperscaler customers have begun developing their own custom accelerators or XPUs. Broadcom is building custom silicon platforms and enabling massive compute deployments for leading hyperscalers such as Meta, as well as AI companies like Anthropic and OpenAI. AI semiconductor revenues are expected to reach $16 billion in the third quarter of fiscal 2026, up more than 200% year over year.

Strong cash position provides ample flexibility to pursue these opportunities. However, Broadcom's acquisition-driven growth strategy (mainly the VMware acquisition) had led to a hefty debt on its balance sheet. Long-term debt was nearly $62.7 billion at the end of the last reported quarter.

Marvell Technology has been in the spotlight for some time now, especially after NVIDIA's chief publicly called it the next trillion-dollar company earlier this year. The company is now a component of the S&P 500 index. Marvell Technology's strategic pivot to prioritize the data center market is proving to be a successful catalyst amid surging AI infrastructure spending.

Marvell Technology, Inc. Cash from Operations (Quarterly)

Marvell Technology, Inc. Cash from Operations (Quarterly) Marvell Technology, Inc. cash-from-operations-quarterly | Marvell Technology, Inc. Quote

The company is using its cash pile to capture AI-driven opportunities in cloud and data center infrastructure through R&D investment as well as strategic acquisitions like XConn Technologies and Celestial AI. It had $3.84 billion in cash and cash equivalents at the end of the last reported quarter. Cash flow from operations for the first quarter of fiscal 2027 was $638.8 million.

Like AVGO, Marvell Technology also has a highly leveraged balance sheet with a long-term debt of $4.96 billion as of May 2, 2026.

CRDO's Price Performance, Valuation and Estimates

Shares of CRDO have lost 23.5% compared with the Electronics-Semiconductors industry's decline of 17.2% in the past month.

Zacks Investment Research

Image Source: Zacks Investment Research

In terms of the forward 12-month price/sales ratio, CRDO is trading at 15.01, higher than the Electronic-Semiconductors industry's multiple of 8.39.

Zacks Investment Research

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for CRDO's earnings for fiscal 2027 has been revised upward over the past 60 days.

Zacks Investment Research

Image Source: Zacks Investment Research

CRDO currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

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Credo Technology Group Holding Ltd. (CRDO) : Free Stock Analysis Report

Marvell Technology, Inc. (MRVL) : Free Stock Analysis Report

Broadcom Inc. (AVGO) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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Meta云服务冲击新型算力云估值

重要性4/5 中高

直接触及APLD主要租户和板块估值驱动，事实较密集；合同条款来自二手转述，来源含明显营销内容。

标签

标的：`APLD`来源：24/7 Wall St.发布日期：2026-07-17重要性：4/5 中高评级理由：直接触及APLD主要租户和板块估值驱动，事实较密集；合同条款来自二手转述，来源含明显营销内容。评级依据：timeliness原文字数：1070

中文摘要

核心结论

Meta推出商业云服务后，市场担忧大型客户自建算力会压缩CoreWeave等新型算力云公司的需求，带动整个板块重估。分析师认为Meta与CoreWeave的352亿美元合同禁止转售租用算力，可降低直接业务替代风险。

重要性评级

评级：4/5（中高）

文章直接覆盖APLD（Applied Digital股票代码）及其主要租户CoreWeave，列出合同、积压收入、亏损、债务风险和同业跌幅；核心抗辩依赖合同条款转述与分析师目标价。

关键事实

• CoreWeave股价为72.91美元，过去一个月下跌35%，过去一周下跌18.72%。
• 公司与Meta、OpenAI相关的合同收入积压据称达到990亿美元。
• Meta把2026年资本开支指引提高至1,250亿至1,450亿美元。
• CoreWeave 2026年第一季度净亏损7.40亿美元，利息费用翻倍，资本开支明显高于经营现金流。
• Meta与CoreWeave的合同金额为352亿美元，据分析师称条款禁止Meta转售或转租所租图形处理器算力。
• 37名覆盖CoreWeave的分析师中，24名给出“买入”评级；平均目标价141.15美元，Rosenblatt目标价250美元。
• Applied Digital过去一个月下跌42.86%，11名覆盖分析师均给出“买入”或“强力买入”，平均目标价76.70美元。
• Applied Digital的看多逻辑高度依赖CoreWeave作为主要租户。

作者观点与证据

作者认为板块错杀可能存在，但同时列出高资本开支、利息负担、内幕出售和诉讼风险。目标价和评级反映卖方观点，无法替代合同履约、现金流和融资证据。

与相关标的的关系

APLD与CoreWeave存在租赁和客户集中关系；CoreWeave需求、融资能力及合同执行会影响Applied Digital的园区利用率和收入兑现。IREN、Nebius和英伟达也是同一算力基础设施链条的相关公司。

时效性与限制

文章发布于美东时间 07/17 10:33（UTC+8 07/17 22:33）。合同禁止转售的具体文本未附原始文件，且文中多次夹杂营销内容。

后续跟踪

• Meta云服务的实际客户与容量来源
• CoreWeave积压收入转化及利息费用
• APLD租约履行和客户集中度
• 新型算力云公司的融资成本

英文原文

Coreweave Down 35% . This Analyst Reiterated His $250 Target Even After ‘Meta Compute’ Was Announced.

Coreweave Down 35% . This Analyst Reiterated His $250 Target Even After ‘Meta Compute’ Was Announced.

Alex Sirois

Fri, July 17, 2026 at 10:33 PM GMT+8 5 min read

• CRWV

+0.41%

• NVDA

-2.21%

• META

-2.79%

• APLD

-2.46%

• NBIS

+3.46%

Quick Read

• CRWV crashed 38% in one month on fears Meta's new cloud cannibalizes its GPU rental business, but 24 of 37 analysts still rate it Buy.

• McPeake reiterated his $250 target citing META's $35.2B contract bars GPU reselling, shielding CoreWeave from direct cannibalization by Meta Compute.

• META's launch triggered a sector rout that sent APLD down 43% in a month, yet all 11 analysts covering Applied Digital still rate it Buy or Strong Buy.

• Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and CoreWeave, Inc. Class A Common Stock didn't make the cut. Grab the names FREE today .

Shares of CoreWeave ( NASDAQ:CRWV ) currently trade at $72.91, down 35% over the past month and well below the Wall Street consensus price target of $141.15, an implied gap of roughly 94%.

Travis Wolfe / Shutterstock.com CoreWeave rents specialized NVIDIA GPU capacity to AI labs and hyperscalers. Its $99 billion contracted revenue backlog anchored by Meta and OpenAI made it one of the most-watched AI infrastructure names of the year. That backlog now collides with fear that its largest customer might build its own version of what CoreWeave sells.

The gap matters because the core bull thesis—that structural GPU scarcity gives CoreWeave durable pricing power—is exactly what the "Meta Compute" story is designed to undermine.

A Free Fall Sparked by One Word: Cannibalization

CoreWeave shares collapsed 35% in the last month and 19% in the last week alone, triggered by Meta's launch of a commercial cloud service built on its internal GPU fleet. Investors read it as the opening act of hyperscaler in-sourcing.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and CoreWeave, Inc. Class A Common Stock didn't make the cut. Grab the names FREE today .

Other pressures amplified the pain. Meta Platforms ( NASDAQ:META ) raised 2026 capex guidance to $125 to $145 billion, reinforcing the "build, don't rent" narrative. CoreWeave's Q1 2026 print showed $740 million net loss, interest expense doubling, and capex vastly outrunning operating cash flow. CEO Michael Intrator sold tens of millions in stock under a 10b5-1 plan since early June, including $37.7 million on June 30, 2026, and a securities fraud class action remains outstanding. The result is a one-year decline of 49.03%, deeper than any AI cloud peer of comparable size.

Why Rosenblatt Is Still Standing on $250

The consensus upside to $141.15 is roughly 94%, well above the 40% threshold where analysts effectively bet the market has misread the story. Rosenblatt's John McPeake reiterated the street-high $250 price target immediately after the Meta Compute announcement, implying about 243% upside from current levels.

Story Continues

McPeake's defense rests on three structural points. First, a no-sublease firewall: the terms of Meta's $35.2 billion contract reportedly prevent Meta from reselling or subleasing any of the GPU capacity it rents from CoreWeave, meaning Meta's commercial cloud cannot cannibalize CoreWeave's owned capacity. Second, persistent global GPU shortages mean demand continues to outpace the industry's ability to build data centers, protecting CoreWeave's pricing power despite a new entrant. Third, McPeake reads Meta Compute as a utility optimization play to monetize idle internal clusters and pacify shareholder concerns over return on capital, rather than predatory against specialized neoclouds.

The broader ratings breakdown reflects that conviction:

• 4 Strong Buy

• 20 Buy

• 11 Hold

• 1 Sell

• 1 Strong Sell

Cantor Fitzgerald reiterated Buy with a $167 price target in June. Recent revisions skew toward reiterations rather than downgrades, with the bull camp focused on backlog conversion and CoreWeave's ramp toward its 8+ GW long-term power target.

Every Neocloud Got Hit, But Not Equally

The AI cloud group sold off together, so this is a sector event as much as a CoreWeave event.

Nebius Group ( NASDAQ:NBIS ) trades at $171.77 against an average target of $244.21, roughly 42% upside. Shares are down 35.21% in the last month yet still up 105% year to date. Coverage skews Buy with recent revisions largely reiterations.

Applied Digital ( NASDAQ:APLD ) trades at $26.44 versus a $76.70 average target, roughly 190% upside, the largest in the group. Shares fell 42.86% in the last month, and all 11 covering analysts rate it Buy or Strong Buy.

IREN ( NASDAQ:IREN ) trades at $34.83 against an $80.93 target, roughly 132% upside. Shares dropped 41.15% over the past month, and coverage is majority Buy with one Strong Sell outlier.

Applied Digital commands the largest implied upside, with its bull case leaning heavily on CoreWeave as principal tenant. On absolute dollars, CoreWeave still commands the deepest customer roster and the sector's largest dollar-value target gap.

What the Consensus Actually Says

CoreWeave trades at $72.91 with a consensus target of $141.15 drawn from 37 covering analysts, implying about 94% upside. Rosenblatt's $250 street-high implies roughly 243%.

The recent tape is ugly. CRWV is down 18.72% on the week and 49.03% over the past year, against an S&P 500 up roughly 10.05% year to date. CRWV sits at just 1.82% year to date, having erased essentially all its 2026 gains in the last month.

A Real Setup With Real Landmines

Buy CoreWeave here if the no-sublease firewall in Meta's contract holds, GPU scarcity persists into 2027, and management grows into its debt through backlog conversion. That path leads back to $141 and, in Rosenblatt's view, well beyond.

Stay away if interest expense keeps outrunning operating cash flow, insider selling accelerates, or Meta and other hyperscalers stand up in-house capacity faster than CoreWeave can deliver contracted GPUs. Analyst targets are one data point, not a guarantee, and this balance sheet leaves little cushion if execution slips even one quarter.

The dislocation looks real, though position size should respect a stock that can move 15% in a week in either direction.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and CoreWeave, Inc. Class A Common Stock didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

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芯片板块轮动与高估值压力

重要性4/5 中高

直接覆盖SOXX核心成分股及最新板块轮动，财务数字较多，但市场归因仍以二手报道和估值叙事为主。

标签

标的：`SOXX`来源：24/7 Wall St.发布日期：2026-07-17重要性：4/5 中高评级理由：直接覆盖SOXX核心成分股及最新板块轮动，财务数字较多，但市场归因仍以二手报道和估值叙事为主。评级依据：timeliness, portfolio_relevance, fact_density, evidence_limitations原文字数：862

中文摘要

核心结论

07/17早盘AMD、Intel、NVDA及SOXX同步下挫后收窄跌幅，文章将行情归因于拥挤仓位调整、人工智能资本开支回报疑虑和台积电支出上升；个股基本面并未同步恶化，但高估值扩大了价格敏感度。

重要性评级

评级：4/5（中高）

报道直接覆盖SOXX及多只核心成分股，包含板块市值、台积电指引和AMD财务数据；部分因果解释来自媒体和市场叙事，需与一手财报核对。

关键事实

• 07/17早盘AMD下跌5%至477.81美元、Intel下跌4%至93.24美元、NVDA下跌3%至201.60美元、Broadcom下跌2%至366.51美元。
• SOXX早盘下跌3%至515.76美元，相关股票在开盘后一小时收窄部分跌幅。
• 全球半导体公司自06/22以来市值减少3.3万亿美元。
• 台积电给出的2026年第三季度收入指引为446亿至458亿美元，但资本开支高于预期，引发利润率和投入回报担忧。
• Applied Materials（应用材料）和Lam Research（泛林集团）早盘均明显下跌，其中跌幅分别超过4%。
• AMD 2026财年第一季度收入102.5亿美元，同比增长38%；数据中心收入57.8亿美元，同比增长57%。
• AMD第二季度收入指引约112亿美元，文章列示其市盈率约162.77倍。
• 文章发布于美东时间 07/17 10:30（UTC+8 07/17 22:30）。

作者观点与证据

作者把下跌视为板块仓位调整，并认为缺乏AMD个股层面的新催化。台积电支出、全球板块市值损失和AMD估值可支撑风险偏好降温的判断；Kimi K3及Gemini 3.5 Pro延期对芯片需求的影响仍属推测，未见订单数据验证。

与相关标的的关系

SOXX集中持有半导体企业，成分股普跌直接拖累基金。AMD、NVDA、AVGO、INTC及设备股分别暴露于加速器、定制芯片、中央处理器和晶圆厂资本开支，影响路径并不完全相同。

时效性与限制

文章为07/17盘中报道，价格随后已有收窄。全球市值损失与台积电指引引用二手报道，且文末含直接仓位措辞和广告，摘要未采纳相关建议。

后续跟踪

• 超大规模云厂商2026年资本开支指引。
• 台积电资本开支、毛利率和月度收入。
• SOXX资金流与成分股盈利预期变化。
• AMD的MI450、Helios及数据中心订单进展。

英文原文

AMD Falls 5%, Intel Drops 4%, NVIDIA Slides 3% Before Recovering as Rotation Hits Semiconductor Stocks

AMD Falls 5%, Intel Drops 4%, NVIDIA Slides 3% Before Recovering as Rotation Hits Semiconductor Stocks

David Moadel

Fri, July 17, 2026 at 10:30 PM GMT+8 4 min read

• AMD

-1.03%

• INTC

-2.00%

• NVDA

-2.21%

• AVGO

-0.97%

• LRCX

-2.39%

Quick Read

• AMD stock fell 5% and Intel stock dropped 4% Friday before recovering somewhat in a positioning-driven unwind as investors questioned the returns on heavy AI infrastructure spending.

• Global semiconductor stocks shed $3.3 trillion since June, with Taiwan Semiconductor's higher-than-expected capex guidance stoking fears of margin compression across the supply chain.

• AMD's P/E of 163x leaves little cushion if AI capex expectations slip, making the stock's triple-digit year-to-date run a prime target in any risk-off tape.

• Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

Shares of Advanced Micro Devices ( NASDAQ:AMD ) were down 5% Friday morning to $477.81, leading a selloff across semiconductor stocks. Intel ( NASDAQ:INTC ) stock was off 4% to $93.24, while NVIDIA ( NASDAQ:NVDA ) stock was down 3% to $201.60. Broadcom ( NASDAQ:AVGO ) stock slipped 2% to $366.51.

Thinkstock The iShares Semiconductor ETF ( NASDAQ:SOXX ), the sector's most-watched basket, had slid 3% to $515.76 in early trading. The ETF move caps a rough stretch for the AI-hardware complex, with the most-extended names taking the deepest hits so far this session.

These stocks and the SOXX ETF recovered some of their losses within the first hour of trading, but traders still felt the effects of a rotation out of semiconductor stocks. As it turns out, there are a number of forces at work in this risk-off rotation.

Rotation Out of Semis on AI-Cost Worries

Per Yahoo Finance reporting, the move reflects a broad risk-off rotation as investors question the return on heavy AI-infrastructure spending. The move is a sector-wide, positioning-driven unwind hitting the most crowded corners of the AI trade, with no company-specific catalyst behind today's drop in AMD stock.

Two threads are driving the anxiety. Chinese startup Moonshot unveiled Kimi K3, described as the world's largest publicly available AI model that developers can download and run themselves, at the World Artificial Intelligence Conference in Shanghai. Cheaper open-weight models challenge the "more compute" thesis that underpins premium chip valuations.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

Taiwan Semiconductor Manufacturing ( NYSE:TSM ) also guided this week to higher-than-anticipated capital expenditures, partly on higher tool prices. Taiwan Semiconductor's Q3 2026 revenue outlook of $44.6 billion to $45.8 billion is strong, yet the capex guide is feeding worries about margin compression and AI-cost sustainability across the supply chain.

Story Continues

Sector Has Shed $3.3 Trillion Since June

The selloff is broad. Global semiconductor stocks have shed $3.3 trillion in market value since June 22, nearing bear-market territory. Equipment makers Applied Materials ( NASDAQ:AMAT ) and Lam Research ( NASDAQ:LRCX ) shares each fell more than 4% in Friday morning trading.

Memory is getting hit as well. Micron Technology ( NASDAQ:MU ), SanDisk ( NASDAQ:SNDK ), and Western Digital ( NASDAQ:WDC ) shares all declined in the session. Bloomberg reported that Alphabet 's ( NASDAQ:GOOGL ) Gemini 3.5 Pro model is behind schedule, adding another crack to the AI timeline narrative.

Principal Asset Management chief global strategist Seema Shah has framed it this way: Wall Street is still positive on the AI trade but is watching hyperscaler capex and earnings as the foundation of the AI ecosystem. The most-extended semis are falling hardest, with Intel and AMD, both up triple digits YTD, dropping more than NVIDIA today.

Bull and Bear Cases on AMD

AMD's fundamentals remain intact. The company's first-quarter fiscal 2026 revenue hit $10.25 billion, up 38% year over year (YoY), and the Data Center segment grew 57% YoY to $5.78 billion. Furthermore, AMD's Q2 2026 guidance calls for approximately $11.2 billion in revenue, and CEO Lisa Su has flagged accelerating customer engagement around MI450 and Helios.

The bear case is where today's tape is trading. AMD stock carries a P/E ratio of 162.77x, leaving little cushion if AI capex expectations slip. Cheaper open models like Kimi K3 could pressure the "more compute" narrative, and the parabolic YTD run is exactly the kind of position traders unwind first in a risk-off tape.

What Investors Can Watch Now

Investors can watch for whether the SOXX ETF stabilizes into the close and whether upcoming hyperscaler earnings reaffirm 2026 AI capex plans. Given the volatility after such a large run, investors may want to size their AMD positions carefully and treat further weakness as rotation-driven rather than demand-driven.

Taiwan Semiconductor's next monthly revenue update and NVIDIA's Q2 FY2027 report could shape the trajectory of the bull-bear debate. Momentum traders may keep the semis active through the afternoon as positioning resets across the AI-hardware complex.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

Contact editorial@247wallst.com for any questions or corrections.

打开原文

Coherent光通信扩产路径

重要性4/5 较高

直接涉及COHR的产品迭代、产能升级和NVIDIA合作，事实密度较高；公司预测与Zacks评级需要独立验证。

标签

标的：`COHR`来源：Zacks发布日期：2026-07-17重要性：4/5 较高评级理由：直接涉及COHR的产品迭代、产能升级和NVIDIA合作，事实密度较高；公司预测与Zacks评级需要独立验证。评级依据：COHR直接相关, 800G与1.6T需求, CPO潜在市场超过150亿美元, 6英寸磷化铟扩产数据原文字数：1826

中文摘要

核心结论

Zacks把Dave、V2X和Coherent列为科技服务行业增长标的；其中与COHR直接相关的主张是，800G、1.6T光模块和CPO共同推动订单与潜在市场扩张，磷化铟晶圆升级有望提升产量并降低单位成本。

重要性评级

评级：4/5（较高）

文章对COHR给出产品、产能、合作方和市场规模数据，对AI光通信链有直接价值；行业分类宽泛，评级体系和盈利预测带有Zacks选股属性。

关键事实

• Zacks科技服务行业过去一年上涨5.8%，高于其商业服务板块的下跌16.7%，低于标普500综合指数上涨25.4%。
• 行业EV/EBITDA（企业价值与息税折旧摊销前利润之比）为17.73倍，标普500为18.68倍，所属板块为10.18倍；行业五年中位数为13.93倍。
• Coherent（材料、光网络及激光器公司，COHR）的800G和1.6T光模块需求上升，订单积压达到纪录水平。
• Coherent称OCS（光路交换机）市场机会超过40亿美元。
• Coherent与NVIDIA（英伟达）合作后，CPO（共封装光学）潜在市场超过150亿美元；公司预计2026年末开始初步规模收入，2027年末进一步放量。
• Coherent把InP（磷化铟）晶圆由3英寸升级至6英寸，每片可产器件数量超过原来的4倍，成本低于原来一半。
• 公司以包含客户预付款的长期协议支持扩产；Zacks对COHR评级为第3级“持有”，2026财年盈利一致预期过去90天上调1.5%，股价一年上涨198.5%。
• Dave第一季度收入增长47%、调整后EBITDA增长57%；V2X收入增长23%，积压订单138亿美元，2026年94%的收入已有合同或积压订单覆盖。

作者观点与证据

作者看好数字化、AI和安全需求，并用三家公司业绩说明行业机会。COHR部分的订单、产品代际和晶圆扩产形成较完整证据链；150亿美元潜在市场和收入时间表主要来自公司口径，未给出客户采购量、资本开支和良率数据。

与相关标的的关系

COHR是直接相关标的；DAVE和VVX属于文章并列案例，与COHR业务协同有限。NVIDIA通过CPO合作和AI数据中心需求与COHR相连。

时效性与限制

发布于美东时间 07/17 10:08（UTC+8 07/17 22:08）。该文与Zacks另一篇07/16文章内容高度重复，新增信息有限；行业定义包含金融科技、国防服务和光通信，横向可比性较弱。

后续跟踪

• 6英寸磷化铟产线良率、成本和产量。
• 800G、1.6T光模块订单交付。
• CPO在2026至2027年的客户验证与收入。
• OCS市场份额和长期协议中的客户预付款。

英文原文

Zacks Industry Outlook Highlights Dave, V2X and Coherent

Zacks Industry Outlook Highlights Dave, V2X and Coherent

Zacks Equity Research

Fri, July 17, 2026 at 10:08 PM GMT+8 9 min read

• VVX

+0.75%

• COHR

+0.23%

• DAVE

-0.48%

For Immediate Release

Chicago, IL – July 17, 2026 – Today, Zacks Equity Research discusses Dave Inc. DAVE, V2X Inc. VVX and Coherent Corp. COHR.

Industry: Technology Services

Link: https://www.zacks.com/commentary/2954556/3-stocks-to-consider-from-the-growing-technology-services-market

The Technology Services industry is expected to reach the pre-pandemic levels eventually, enabling regular dividend payments. The rising adoption of remote work, swift global digital transition and technological advancements like 5G, blockchain, artificial intelligence (AI) and machine learning (ML) will propel industry expansion. Also, concerns about data security will provide an impetus for the industry to grow.

Dave Inc. , V2X Inc. and Coherent Corp. are poised to gain from the prevailing trends.

About the Industry

The Zacks Technology Services industry encompasses companies involved in producing, developing and designing various software support, data processing, computing hardware and communications equipment. These offerings range from integrated powertrain technologies, advanced analytics, technology solutions and contract research services to semiconductor packaging and interconnect technologies, collaboration software, specialty printers, and data acquisition and analysis systems.

This industry caters to consumer and business markets, and serves diverse end markets and customer segments. Additionally, some industry players offer advanced analytics, clinical research services, data storage technology and solutions, and technology-enabled financial services for consumers and small business owners.

Factors Structuring the Future of Technology Services

Rising Demand Environment: The industry is mature, with the demand for services remaining healthy over time. Revenues and cash flows are expected to eventually reach the pre-pandemic levels, aiding most industry players to pay out stable dividends.

Economic Recovery: According to the Bureau of Economic Analysis, GDP rose at an annual rate of 2.1% in the first quarter of 2026 compared with 0.5% in the fourth quarter of 2025. The growth rate has increased, leading to a velocity with which the economy is moving that is still forward. Economic activities in the non-manufacturing sector are in good shape. The Services PMI measured by the Institute for Supply Management has stayed above the 50% mark for 24 months.

Technological Advancement Takes Center Stage: The global shift toward digitization creates opportunities in various markets, including 5G, blockchain and AI. The United States, a significant player in the IT sector, is positioned for growth on the widespread adoption of smart technologies and increased investments in security. Companies are increasingly adopting generative AI, ML, blockchain and data science to gain a competitive advantage. Per Statista, the GenAI market is anticipated to reach $804.3 billion by 2032, witnessing a 12.6% CAGR from 2026 to 2032.

Story Continues

Zacks Industry Rank Indicates Bright Near-T erm Prospects

The Zacks Technology Services industry, which is housed within the broader Zacks Business Services sector, currently carries a Zacks Industry Rank #97. This rank places it in the top 39% of 247 Zacks industries.

The group's Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates continued outperformance in the near term. Our research shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.

Before we present a few stocks that you may want to consider for your portfolio, let us look at the industry's recent stock market performance and current valuation.

Industry Beats Sector But Lags S&P 500

The Zacks Technology Services industry has outperformed the broader Zacks Business Services sector but underperformed the Zacks S&P 500 composite over the past year.

The industry has moved up 5.8% over this period against the 16.7% decline of the broader sector and compared with the 25.4% rally of the Zacks S&P 500 composite.

Industry's Current Valuation

On the basis of EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation and amortization), which is commonly used for valuing staffing stocks because of their high debt levels, the industry is currently trading at 17.73X compared with the S&P 500's 18.68X and the sector's 10.18X.

Over the past five years, the industry has traded as high as 28.97X and as low as 10.26X, with the median being 13.93X.

3 Technology Services Poised for Growth

Dave: This financial technology company offers digital banking, budgeting tools and credit facilities like ExtraCash. Dave's first-quarter 2026 earnings release reveals positive momentum in its revenues that gained 47% year over year, with adjusted EBITDA rising 57%, resulting in a 44% margin.

DAVE's customer-first strategy bears fruit as the new member count went up 22% year over year in the first quarter of 2026, with customer acquisition costs of $18, flat with the preceding quarter. The company strengthened its relationship with customers as monthly transacting members (MTM) increased 18% year over year, with average revenue per use (ARPU) moving up 24%.

Despite an upsurge in MTM, which could raise credit risks, Dave gracefully managed to mitigate the threat, leveraging its proprietary AI and machine learning-based CashAI v5.5 model. This credit risk management apparatus led to the lowest loss rate on record in first-quarter 2026, lowering the 28-day past-due metric to 1.69%. Dave introduced Dave Flex, a "Pay in 4" credit product, to a small testing group of existing members. The company deduced the following results that include exponential growth in total originations per customer and an anticipated rise in ARPU.

The company remains on track to transition ExtraCash receivables to an off-balance sheet funding structure with Coastal Community Bank, which is expected to unlock $200 million in incremental liquidity, reduce costs of capital and support the repayment of the existing credit facility.

DAVE currently sports a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for 2026 EPS has moved up 14.1% in the past 90 days. Daveshares have surged 114.8% over the past year.

You can see the complete list of today's Zacks #1 Rank stocks here.

V2X: This company offers critical mission solutions and support services to defense clients globally. VVX reported an outstanding performance in the first quarter of 2026 during its earnings release. The top line gained 23% year over year, with adjusted net income accelerating 53%, leading to bottom-line growth of 55%.

V2X's total backlog reached a record $13.8 billion, providing strong visibility into long-term revenues, with 94% of the top line in 2026 already visible in the backlog and under contract. Across all businesses, the company held $4.1 billion in total bookings and awards.

The company's contract execution was impressive, as evidenced by the full operational execution and initial operational capability on the large-scale T-6 aircraft program during the first quarter of 2026. It led management to expect revenues of $175-$180 million from this program. V2X managed to provide a $70-$80-million boost to the mid-point of the top-line guidance on the back of a discrete time-and-materials contract with a national security customer expansion and extension.

V2X is no less on the AI front, launching three internal AI platforms operating on enterprise IT infrastructure. It has resulted in a significant expansion in AI-enabled productivity and operational efficiency in support functions. Partnerships with Google, NVIDIA, Amazon and Tactile assisted the company in building differentiated, AI-backed predictive platforms for aerospace sustainment and client bids.

VVX presently flaunts a Zacks Rank #1. The Zacks Consensus Estimate for its 2026 bottom line increased 4.4% in the past 90 days. V2X shares have gained 59.1% in a year.

Coherent: This prominent player in the materials, networking and lasers domain is riding the AI wave. The rapid expansion of AI data centers and the rising demand for bandwidth and energy efficiency are fueling the expansion in optical networking infrastructure. It has led to a step-function increase in its order book, resulting in a record level of backlog.

The upsurge in Coherent's transceiver demand can be attributed to the rapid adoption of 800-gig and 1.6T transceivers by customers. On the Optical Circuit Switch front, the market opportunity exceeds $4 billion. The company resolved a critical manufacturing bottleneck, enabling output to increase rapidly across two production facilities and convert backlog into top-line growth.

Coherent's partnership with NVIDIA is instrumental to raising Co-Packaged Optics' (CPO) addressable market opportunity over $15 billion. The company anticipates initial scaled-out CPO revenues in late 2026, followed by scaled-out CPO revenues in late 2027.

Supply-chain headwinds are prevalent within the AI market. To address this concern, COHR expanded internal Indium Phosphide (InP) capacity. The shift from 3-inch InP to 6-inch yields more than 4X as many devices at less than half the cost. The company's strategy to sign and finalize long-term agreements with customers, including upfront capital investments from customers, helps fund and mitigate challenges encircling COHR's capacity expansion.

COHR currently flaunts a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for its fiscal 2026 bottom line has increased 1.5% in the past 90 days. Coherent shares have skyrocketed 198.5% in a year.

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance  for information about the performance numbers displayed in this press release.

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Dave Inc. (DAVE) : Free Stock Analysis Report

Coherent Corp. (COHR) : Free Stock Analysis Report

V2X, Inc. (VVX) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

打开原文

IPG斥资三亿欧元扩展医疗激光

重要性4/5 较高

具备明确交易条款和战略结构，对IPGP直接相关，并为COHR所在激光与光子行业提供资产估值和整合参照。

标签

标的：`COHR`来源：MarketBeat发布日期：2026-07-17重要性：4/5 较高评级理由：具备明确交易条款和战略结构，对IPGP直接相关，并为COHR所在激光与光子行业提供资产估值和整合参照。评级依据：3亿欧元基础交易价, 最高5,000万欧元或有对价, 15.9倍调整后EBITDA, 预计2026年第四季度交割原文字数：1212

中文摘要

核心结论

IPG Photonics拟以3亿欧元收购Lumibird Medical，并设置最高5,000万欧元的业绩对价，以眼科业务扩大医疗激光版图。公司预计交易首年增厚毛利率、EBITDA和调整后每股收益，但近期没有成本协同，监管周期限制产品整合速度。

重要性评级

评级：4/5（较高）

这是有明确价格、估值倍数、业务结构和预计交割期的产业交易，对IPGP直接相关，也可作为COHR激光业务的同行整合信号。

关键事实

• IPG Photonics（光纤激光器厂商，IPGP）已签署具有约束力的要约，拟以3亿欧元收购Lumibird Medical（眼科激光诊疗设备业务）。
• 交易另含最高5,000万欧元的或有对价，取决于2026年和2027年财务表现。
• 基础收购价约为Lumibird Medical 2025年调整后EBITDA的15.9倍。
• IPG计划以账面现金支付，预计在2026年第四季度末前完成交易。
• 按2025年备考结果，高端解决方案收入占比将由16%升至约26%，医疗业务销售额约2.04亿美元。
• IPG预计交易首年增厚毛利率、EBITDA和调整后每股收益；由于交易属于业务剥离，短期不预计产生成本协同。
• Lumibird Medical在全球安装超过8万套系统，拥有450多名员工，其中研发人员超过50名，业务覆盖110多个国家。
• 交易将增加约10亿美元潜在市场，使IPG覆盖的医疗市场规模超过20亿美元，横跨泌尿科、皮肤科和眼科。

作者观点与证据

公司管理层把交易定位为从工业激光向高利润医疗与高端解决方案扩张的重要步骤。交易价格、业务规模和首年增厚预期较明确；协同开发、地域扩张及新产品机会仍是前瞻判断。Lumibird第一季度受到地缘事件影响，但未提供2026全年指引。

与相关标的的关系

IPGP是交易直接相关标的；COHR作为激光和光子产业同行，可能受到医疗激光资产估值与行业整合的间接影响。LBIRD.PA对应卖方Lumibird，文章未量化母公司处置后的财务变化。

时效性与限制

发布于美东时间 07/17 10:05（UTC+8 07/17 22:05）。交易仍待交割，或有对价、监管审批及剥离执行可能改变最终经济效果；报道由MarketBeat的自动叙事技术和金融数据生成，应以双方公告和监管文件复核。

后续跟踪

• 交易审批与2026年第四季度交割进度。
• Lumibird Medical 2026至2027年业绩对价条件。
• 首年毛利率和每股收益增厚幅度。
• 医疗产品共同开发及监管批准时间。

英文原文

IPG Photonics Targets Medical Laser Growth With €300M Lumibird Medical Deal

IPG Photonics Targets Medical Laser Growth With €300M Lumibird Medical Deal

IPG Photonics logo

MarketBeat

Fri, July 17, 2026 at 10:05 PM GMT+8 6 min read

• IPGP

+0.94%

Key Points

• Interested in IPG Photonics Corporation? Here are five stocks we like better.

• IPG Photonics has signed a binding offer to acquire Lumibird Medical for €300 million , plus a potential €50 million earn-out , in a move aimed at expanding its medical laser business.

• The deal would strengthen IPG's exposure to higher-margin medical markets, especially ophthalmology , and raise advanced solutions to about 26% of total sales on 2025 pro forma results, up from 16% currently.

• IPG expects the acquisition to be accretive to gross margin, EBITDA and adjusted EPS in the first year, and it plans to fund the purchase with cash on hand while keeping a strong balance sheet.

• Coherent gains from the AI chip boom

IPG Photonics (NASDAQ:IPGP) said it has signed a binding offer with Lumibird SA to acquire Lumibird Medical, a medical laser systems business focused primarily on ophthalmology, in a transaction the company said would expand its exposure to higher-margin medical markets.

On a conference call discussing the proposed acquisition, IPG Chief Executive Officer Mark Gitin said the deal would be "an important milestone in IPG's strategic evolution" and would add Lumibird Medical's ophthalmology business to IPG's existing medical laser presence in urology and dermatology.

→ Why ASML's AI Monopoly Is Still Getting Stronger

• This mid-cap tech stock just jumped 30%...and is still cheap

Gitin said the acquisition would increase IPG's advanced solutions revenue mix and create a broader medical laser platform spanning ophthalmology, urology and dermatology. Based on 2025 pro forma results, advanced solutions would represent about 26% of IPG's total sales, up from 16% currently, with about $204 million in medical sales, he said.

Deal Terms and Financial Impact

IPG Senior Vice President and Chief Financial Officer Tim Mammen said the purchase price is 300 million euros, representing about 15.9 times Lumibird Medical's 2025 adjusted EBITDA. The agreement also includes a contingent earn-out of up to 50 million euros based on financial performance in 2026 and 2027.

→ Cintas Keeps Beating Expectations—And the Story Isn't Over

• New Name, Coherent is a Compelling AI Data Infrastructure Play

Mammen said IPG expects to fund the acquisition with cash on hand and anticipates the deal will close by the end of the fourth quarter of 2026. He said the company expects to maintain a strong balance sheet and financial flexibility after closing.

The company expects the acquisition to be accretive to gross margin, EBITDA and adjusted earnings per share in the first year. Mammen noted that because the transaction is a carve-out, IPG does not expect cost synergies in the near term. Longer-term opportunities may include new product co-development and the use of IPG's technical and operational capabilities in lasers, optics and photonics across the combined portfolio, he said.

Story Continues

→ Blueprint for a Billion: Nebius Group Secures the AI Floor

Mammen also discussed adjustments made to Lumibird's reported IFRS EBITDA to arrive at the adjusted EBITDA measure used in IPG's presentation. He said the adjustments included differences related to capitalized research and development, lease accounting and other IFRS-related items.

Lumibird Medical's Market Position

Gitin described Lumibird Medical as a global leader in diagnostic and treatment solutions primarily for ophthalmology, with more than 80,000 systems installed globally. The business has more than 450 employees, including more than 50 in research and development, and facilities in France, Australia and Slovenia.

Lumibird Medical serves more than 110 countries and operates under brands including Quantel Medical, Ellex and Optotek Medical. Gitin said the company holds strong positions in ophthalmology segments including glaucoma, retinal conditions and secondary cataracts, as well as some diagnostic areas such as ultrasound.

Gitin said the ophthalmology medical laser market is attractive because it is highly regulated, driven by medical necessity and supported by demographic demand trends. He said Lumibird Medical has historically produced "mid-single digit" growth over the past several years and has a strong margin profile.

The acquisition would add about $1 billion in addressable market opportunity, Gitin said. In response to an analyst question, he said the transaction would bring IPG's addressable medical market above $2 billion, including urology, dermatology and ophthalmology.

Strategic Rationale

IPG positioned the proposed acquisition as part of a broader strategy to expand beyond industrial laser applications into advanced solutions markets, including medical, directed energy and micromachining. Gitin said IPG is targeting applications where precision, accuracy, control, efficiency and reliability are required.

Gitin said Lumibird Medical is complementary to IPG's existing medical laser business. IPG is a leader in thulium laser systems for urology and supplies OEM lasers used in dermatology, while Lumibird Medical provides ophthalmology laser treatment and diagnostic systems.

During the question-and-answer portion of the call, analysts asked about potential overlap between urology and ophthalmology sales channels. Gitin said the go-to-market approaches are "quite separate," but that the global nature of both businesses could provide benefits over time. He also said Lumibird Medical's established ophthalmology sales organization is a strong addition to IPG.

Gitin said IPG may eventually be able to incorporate its lasers and photonics capabilities into Lumibird Medical products, but he emphasized that medical regulatory timelines could make those opportunities longer term. He said the combination of IPG's U.S. regulatory experience and Lumibird Medical's European experience could support future technology development.

Growth Opportunities

Gitin said Lumibird Medical's future growth drivers include its product roadmap, geographic expansion and newer market segments such as dry eye. He said the company has built those growth initiatives into its operating model and does not require major incremental investment to operate as a standalone business.

Asked about 2026 performance, Mammen said Lumibird Medical had not provided full-year guidance. He said the business's first quarter was "a little bit impacted by some of the geopolitical events," but IPG is evaluating the acquisition based on its medium- and longer-term growth profile.

Gitin said IPG looks forward to welcoming Lumibird Medical's team and views the transaction as a step toward building "a leading medical laser platform." IPG said it will provide further details closer to closing.

About IPG Photonics (NASDAQ:IPGP)

IPG Photonics Corporation is a global leader in the design and manufacture of high-performance fiber lasers and amplifiers used in industrial, medical, scientific, and telecommunications applications. The company's core products include ytterbium and erbium fiber lasers, diode lasers, and fiber amplifiers that deliver high power and efficiency for precision cutting, welding, marking, and engraving. IPG's systems are engineered to optimize process speed, reliability, and energy consumption, making them a preferred choice for advanced manufacturing environments.

In addition to stand-alone laser sources, IPG offers turnkey laser systems and integrated solutions tailored to sectors such as automotive, electronics, aerospace, additive manufacturing, and life sciences.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

The article " IPG Photonics Targets Medical Laser Growth With €300M Lumibird Medical Deal " was originally published by MarketBeat.

View MarketBeat's top stocks for July 2026 .

打开原文

Applied Digital融资与现金流压力

重要性3/5 中

直接涉及APLD且风险指标具体，但缺少资产负债表、租约和项目融资细节，来源为观点型筛选文章。

标签

标的：`APLD`来源：StockStory发布日期：2026-07-17重要性：3/5 中评级理由：直接涉及APLD且风险指标具体，但缺少资产负债表、租约和项目融资细节，来源为观点型筛选文章。评级依据：timeliness原文字数：701

中文摘要

核心结论

StockStory将Applied Digital列入三只质量不足的小盘股，理由是收入规模有限、自由现金流为负和现金储备偏低。文章给出了估值与财务风险线索，但没有分析已签租约、项目融资和在建容量。

重要性评级

评级：3/5（中）

APLD是直接标的，风险论据清晰且发布时间新；内容属于筛选型评论，对公司合同和资产建设覆盖不足。

关键事实

• Applied Digital市值约75.6亿美元。
• 公司收入规模为3.555亿美元。
• 文章称其自由现金流为负，投资回报时间存在不确定性。
• 现金储备有限，后续融资可能带来不利条款或股东稀释。
• 股价为26.13美元。
• 预期企业价值与息税折旧摊销前利润之比为38.7倍。
• 同篇还讨论Sotera Health和Walker & Dunlop，二者与APLD业务无直接关系。

作者观点与证据

作者对APLD持谨慎立场，主要依据现金消耗、收入基数和估值。文章没有列出现金余额、债务到期结构、租约现金流或融资承诺，风险判断缺少完整资产负债表支撑。

与相关标的的关系

APLD是直接研究对象。负自由现金流和潜在稀释会影响人工智能数据中心扩建能力，但最终影响取决于项目融资、客户预付款和长期租约兑现。

时效性与限制

文章发布于美东时间 07/17 10:01（UTC+8 07/17 22:01）。筛选口径未说明财务数据对应报告期，且正文含平台推广。

后续跟踪

• APLD现金余额与自由现金流
• 债务到期和项目融资条款
• 新股或可转换证券发行
• 已签租约的收入确认

英文原文

3 Small-Cap Stocks That Fall Short

3 Small-Cap Stocks That Fall Short

Adam Hejl

Fri, July 17, 2026 at 10:01 PM GMT+8 3 min read

• WD

-2.17%

• APLD

-2.46%

• SHC

-2.85%

3 Small-Cap Stocks That Fall Short Investors looking for hidden gems should keep an eye on small-cap stocks because they're frequently overlooked by Wall Street. Many opportunities exist in this part of the market, but it is also a high-risk, high-reward environment due to the lack of reliable analyst price targets.

These trade-offs can cause headaches for even the most seasoned professionals, which is why we started StockStory - to help you separate the good companies from the bad. That said, here are three small-cap stocks to avoid and some other investments you should consider instead.

Sotera Health Company (SHC)

Market Cap: $5.21 billion

With a critical role in ensuring the safety of millions of patients worldwide, Sotera Health (NASDAQGS:SHC) provides sterilization services, lab testing, and advisory services to ensure medical devices, pharmaceuticals, and food products are safe for use.

Why Do We Think Twice About SHC?

• Absence of organic revenue growth over the past two years suggests it may have to lean into acquisitions to drive its expansion

• Subscale operations are evident in its revenue base of $1.19 billion, meaning it has fewer distribution channels than its larger rivals

• Capital intensity has ramped up over the last five years as its free cash flow margin decreased by 8.4 percentage points

Sotera Health Company is trading at $18.28 per share, or 18.5x forward P/E. Check out our free in-depth research report to learn more about why SHC doesn't pass our bar .

Applied Digital (APLD)

Market Cap: $7.56 billion

Pivoting from its origins in cryptocurrency mining to become a key player in the AI infrastructure boom, Applied Digital (NASDAQ:APLD) designs and operates specialized data centers that provide high-performance computing infrastructure for artificial intelligence and blockchain applications.

Why Are We Cautious About APLD?

• Modest revenue base of $355.5 million means it has less operating leverage but can also grow faster if it executes the right sales strategy

• Negative free cash flow raises questions about the return timeline for its investments

• Limited cash reserves may force the company to seek unfavorable financing terms that could dilute shareholders

Applied Digital's stock price of $26.13 implies a valuation ratio of 38.7x forward EV-to-EBITDA. Read our free research report to see why you should think twice about including APLD in your portfolio, it's free .

Walker & Dunlop (WD)

Market Cap: $1.76 billion

Originating as a small mortgage banking firm during the Great Depression in 1937, Walker & Dunlop (NYSE:WD) provides commercial real estate financing, property sales, appraisal, and investment management services with a focus on multifamily properties.

Story Continues

Why Should You Dump WD?

• Loans are facing significant end-market challenges during this cycle as net interest income has declined by 37.8% annually over the last five years

• Performance over the past five years shows its incremental sales were much less profitable, as its earnings per share fell by 14.4% annually

• Tangible book value per share tumbled by 7.5% annually over the last five years, showing banking sector trends are working against it during this cycle

At $51.23 per share, Walker & Dunlop trades at 0.9x forward P/B. To fully understand why you should be careful with WD, check out our full research report (it's free) .

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瑞穗下调Circle至跑输大盘

重要性4/5 高

最新评级和街低目标价直接关联CRCL，但信息来自单一分析师且缺少竞争份额数据。

标签

标的：`CRCL`来源：CryptoProwl发布日期：2026-07-17重要性：4/5 高评级理由：最新评级和街低目标价直接关联CRCL，但信息来自单一分析师且缺少竞争份额数据。评级依据：timeliness, source_quality, evidence_strength原文字数：368

中文摘要

核心结论

瑞穗证券将Circle（CRCL）评级由“中性”下调至“跑输大盘”，并给出华尔街最低的50美元目标价。分析师Dan Dolev认为，Open USD（开放美元稳定币）获得支付、金融科技、加密公司和银行支持，将削弱Circle依靠USDC储备收益形成的经济利益。

重要性评级

评级：4/5（高）

评级调整和目标价直接影响CRCL预期，但文章篇幅短，主要转述单一分析师观点。

关键事实

• 目标价50美元，较当时价格隐含约18%的下行幅度。
• CRCL自2025年首次公开募股以来已从高位下跌超过75%。
• 2026年内下跌28%，文中价格为60.08美元。
• 超过100家金融科技、支付、加密和银行机构支持其他稳定币。
• Visa、Coinbase和贝莱德支持Open Standard（开放标准联盟）发行Open USD。
• Visa在07/16推出稳定币发行、转移和管理平台后，CRCL当日下跌8%。
• Circle已获得有限目的银行资质批准，以加强监管定位。

作者观点与证据

文章采用偏空框架，证据集中于瑞穗评级、竞争方合作名单和股价表现。分析师“陷入困境”的表述属于判断，文中没有提供Open USD流通量、收益分成或USDC份额变化。

与相关标的的关系

CRCL是直接受影响标的；Visa（V）、Coinbase（COIN）和贝莱德（BLK）作为Open USD支持方，构成分销和渠道竞争。瑞穗母公司代码MFG仅与研报来源相关。

时效性与限制

文章发布于美东时间 07/17 09:41（UTC+8 07/17 21:41），属于对分析师报告的二手转述，证据范围有限。

后续跟踪

• 瑞穗完整盈利假设与估值参数。
• Open USD发行量和实际合作方接入。
• USDC市场份额及分销费用变化。
• Circle银行资质落地后的业务范围。

英文原文

Circle Stock Is Downgraded As Stablecoin Competition Heats Up

Circle Stock Is Downgraded As Stablecoin Competition Heats Up

CryptoProwl

Fri, July 17, 2026 at 9:41 PM GMT+8 1 min read

• CRCL

-0.30%

• V

-1.80%

• MFG

-4.36%

• COIN

-2.10%

• OUSD

Circle Stock Is Downgraded As Stablecoin Competition Heats Up The stock of Circle Internet Group (NYSE: $CRCL) has been downgraded and received a Street low price target as competition in the stablecoin sector intensifies.

Mizuho Securities (NYSE: $MFG) has cut its rating on CRCL stock to a sell-equivalent "underperform" from a hold -equivalent "neutral" previously.

Analyst Dan Dolev also placed a price target of $50 U.S. on Circle's stock, the lowest level on Wall Street and implying 18% downside from current levels.

More From Cryptoprowl:

• Major U.S. Banks Join U.K. Government's Tokenization Taskforce

• Hyperliquid HIP-3 Volume Nears 50% as Onchain Stock Trading Accelerates

• MEXC Reports 7.1 Billion USDT in SpaceX Futures Volume as Q2 Closes the Gap to Wall Street

• SBI Group, DigiFT, and Startale Group Advance Tokenized Capital Markets with JPYSC-Powered Settlement and Onchain Dividend Distribution

• MEXC Adds Five Ondo Tokenized Stocks Spanning Semiconductors to Power Infrastructure

The downgrade comes with Circle Internet Group's stock having lost more than three quarters (75%) of its value since its 2025 initial public offering (IPO).

While Circle is one of the largest stablecoin issuers in the world, Dolev sees it at risk from increasing competition.

The Mizuho analyst notes that more than 100 financial-technology companies, payment networks, cryptocurrency firms, and banks are backing stablecoins other than Circle's.

Notably, Visa (NYSE: $V), Coinbase Global (NASDAQ: $COIN), and BlackRock (NYSE: $BLK) are backing the venture "Open Standard," which will issue the Open USD (CRYPTO: $OUSD) stablecoin.

CRCL stock fell 8% on July 16 after Visa unveiled a platform that lets financial firms issue, move and manage stablecoins.

To be sure, Circle is taking steps to guard against the encroachment of new competitors, such as gaining approval to become a limited-purpose bank.

But Dolev questions whether Circle's actions will be enough in the long run. "I think they're in trouble," writes the analysts in a note to clients.

CRCL stock has declined 28% this year to trade at $60.08 U.S. per share.

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美国2026年6月零售销售与工业生产

重要性未评级

标签

来源：U.S. Census Bureau / Federal Reserve Board发布日期：2026-07-17重要性：未评级原文字数：7

中文摘要

本地未取得可读正文：页面返回内容不足或正文置信度过低。可使用上方“打开原文”核查。

英文原文

Monthly Retail Trade - Sales Report

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半导体周跌逾9%后盘中修复

重要性5/5 高

提供最新收盘表现、周度跌幅和产业链广度，直接对应SOXX，是当日日报判断半导体风险的重要事实源。

标签

标的：`SOXX`来源：Yahoo Finance发布日期：2026-07-17重要性：5/5 高评级理由：提供最新收盘表现、周度跌幅和产业链广度，直接对应SOXX，是当日日报判断半导体风险的重要事实源。评级依据：timeliness, source_quality, fact_density, portfolio_relevance原文字数：534

中文摘要

核心结论

半导体股07/17在早盘重挫后收窄跌幅，但费城半导体指数全周仍下跌逾9%；市场关注人工智能资本开支回报、台积电成本上升和Kimi K3带来的全球竞争，后续验证点集中在超大规模云厂商支出与盈利。

重要性评级

评级：5/5（高）

Yahoo Finance（雅虎财经）报道覆盖SOXX及主要成分股的收盘表现，并连接3.3万亿美元市值回撤与资本开支争议，时效性和标的相关性均高。

关键事实

• 费城半导体指数在截至07/17的一周下跌逾9%。
• NVDA当日下跌2%；AMD、Broadcom和Intel收跌，但均脱离盘中低点。
• Marvell和Qualcomm收复跌幅并收于平盘之上。
• Micron和SanDisk盘中在涨跌之间反复；Applied Materials和Lam Research分别下跌逾5%和2%。
• SOXX收于521.81美元，下跌1.64%；收盘时刻为美东时间 07/17 16:00（UTC+8 07/18 04:00）。
• 全球半导体公司在07/17开盘前已较06/22减少3.3万亿美元市值。
• 台积电因设备价格上升给出高于预期的资本开支指引。
• Principal Asset Management（信安资产管理）首席全球策略师Seema Shah认为，超大规模云厂商资本开支和盈利仍是人工智能生态的主要验证指标。

作者观点与证据

报道把盘中修复解释为投资者承接，同时将近期波动与资本开支回报疑虑、Kimi K3竞争和Gemini 3.5 Pro延期联系起来。收盘价格和周度指数表现属于直接事实；模型发布与板块回撤的因果关系没有订单、云使用量或企业支出数据支撑。

与相关标的的关系

SOXX直接反映半导体板块回撤和修复。NVDA、AMD、AVGO、INTC、MRVL、MU、SNDK及设备股均为产业链重要观察对象，但各公司的产品、估值与资本开支敏感度不同。

时效性与限制

元数据记录文章发布于美东时间 07/17 09:09（UTC+8 07/17 21:09），正文随后更新并纳入收盘数据。报道适合记录当日行情，行业归因仍需等待企业财报和资本开支数据验证。

后续跟踪

• 超大规模云厂商财报、资本开支和人工智能收入。
• SOXX及费城半导体指数能否企稳。
• 台积电资本开支对毛利率和设备订单的影响。
• Kimi K3的使用量、成本及算力需求。

英文原文

Semiconductor stocks trim losses as investors buy the dip

Semiconductor stocks trim losses as investors buy the dip

The sector faced heavy selling pressure earlier in the session after a Chinese startup released powerful new AI model.

Ines Ferré · Senior Business Reporter

Updated Sat, July 18, 2026 at 4:41 AM GMT+8 2 min read

• SOXX

-1.64%

• SOX=F

-1.61%

• MU

-0.50%

• SNDK

-3.99%

• TSMC34.SA

-3.36%

What happened: Semiconductor stocks trimmed losses on Friday as investors bought the dip. However, for the week, the PHLX Semiconductor Index ( ^SOX ) declined more than 9%.

AI chip heavyweight Nvidia ( NVDA ) dropped 2% on Friday, while AMD ( AMD ), Broadcom ( AVGO ), and Intel ( INTC ) closed lower but off session lows.

Marvell ( MRVL ) and Qualcomm ( QCOM ) also trimmed losses, closing above the flatline.

( SOXX )

Go deeper with AlphaSpace

521.81 -8.69 (-1.64%)

At close: July 17 at 4:00:01 PM EDT

SOXX MU SNDK

Meanwhile, memory and storage highfliers Micron Technology ( MU ) and Sandisk ( SNDK ) flipped between positive and negative territory.

Among semiconductor equipment makers, Applied Materials ( AMAT ) and Lam Research ( LRCX ) declined more than 5% and 2%, respectively.

Going into Friday's trading session, global semiconductor stocks had shed $3.3 trillion in market value since June 22.

What's behind the move: Semiconductor stocks have been volatile in recent weeks over concerns that investors will want to see a return on investment from big spenders on AI infrastructure.

Artificial intelligence costs have been rising. Taiwan Semiconductor Manufacturing Company ( TSM ) this week guided to higher-than-anticipated capital expenditures, in part due to higher tool prices.

Growing global competition in AI is also weighing on sentiment after Chinese startup Moonshot unveiled Kimi K3 , believed to be the world's largest publicly available AI model that developers can download and run themselves.

People visit the Moonshot AI stand, featuring Kimi K3, during the World Artificial Intelligence Conference (WAIC) in Shanghai on July 17, 2026. (CN-STR/AFP via Getty Images) · - via Getty Images The launch highlights the rapid progress of China's open AI ecosystem, coming a month after the US withdrew Anthropic's ( ANTH.PVT ) Fable and Mythos models over security concerns.

Meanwhile, on Thursday, Bloomberg reported that Alphabet ( GOOG , GOOGL ) was behind schedule in delivering Gemini 3.5 Pro, its most powerful AI model.

What else you need to know: Semiconductor companies have been a key beneficiary of the artificial intelligence build-out.

Wall Street is still positive on the AI trade but will be looking toward earnings to drive the sector and overall market higher. Particularly, whether spending on AI will continue and is justified.

"What we definitely need to see continue, though, is hyperscalers' capex," Principal Asset Management chief global strategist Seema Shah told Yahoo Finance earlier this week.

"Their earnings need to be strong," she added. "They are really the foundation for the entire AI ecosystem."

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre .

Click here for in-depth analysis of the latest stock market news and events moving stock prices

Read the latest financial and business news from Yahoo Finance

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芯片撤退拖累盘前风险资产

重要性2/5 中低

时点接近开盘且主题相关，但付费墙令正文近乎不可用，同日完整收盘报道的信息价值更高。

标签

标的：`SOXX`来源：MT Newswires发布日期：2026-07-17重要性：2/5 中低评级理由：时点接近开盘且主题相关，但付费墙令正文近乎不可用，同日完整收盘报道的信息价值更高。评级依据：timeliness, incomplete_source原文字数：94

中文摘要

核心结论

07/17盘前，美国主要股票ETF与股指期货走低，标题将其与投资者撤离芯片股联系起来；存档正文被付费墙截断，除SPY下跌0.7%外无法核验更多价格、行业广度或因果证据。

重要性评级

评级：2/5（中低）

报道时间贴近开盘并关联SOXX，但可见正文极少，且当天已有更完整的收盘报道，补充价值有限。

关键事实

• 文章主题为07/17盘前ETF（交易所交易基金）与股指期货下跌。
• 可见正文称SPDR S&P 500 ETF Trust（标普500基金，SPY）下跌0.7%。
• 标题称投资者撤离芯片制造商股票，但正文未保留支持细节。
• 元数据关联SOXX、QQQ、SPY、主要股指及多个行业基金。
• 文章发布于美东时间 07/17 09:00（UTC+8 07/17 21:00）。
• MT Newswires（MT新闻通讯）正文受付费订阅限制，存档只保留开头片段。

作者观点与证据

标题提供了风险偏好下降和芯片股撤退的解释，可见证据只有SPY盘前跌幅。无法确认SOXX、期货或其他行业基金的具体变化，也无法区分地缘风险、利率因素和板块轮动的贡献。

与相关标的的关系

SOXX与芯片股撤退主题直接相关，但原文没有可见的SOXX价格或成分股数据。SPY、QQQ和其他ETF主要用于反映盘前市场广度。

时效性与限制

盘前数据很快被当日正式交易和收盘结果取代；付费墙导致正文严重不完整，不能承担当日半导体行情的主要证据来源。

后续跟踪

• 同日SOXX、QQQ和SPY的收盘表现。
• 芯片股相对大盘的行业广度。
• 完整报道中的期货、商品和行业ETF数据。

英文原文

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Friday as Investors Retreat From Chipmaker Stocks

PREMIUM

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Friday as Investors Retreat From Chipmaker Stocks

MT Newswires

Fri, July 17, 2026 at 9:00 PM GMT+8 4 min read

• QQQ

-1.50%

• SPY

-0.99%

• ^GSPC

-1.01%

• ^DJI

-0.77%

• ^IXIC

-1.40%

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.7%, and the actively t

PREMIUM

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美国进口价格年增幅升至7.1%

重要性5/5 高

最新官方跨境价格数据，直接补充美国通胀、企业成本和利率环境判断，事实密度高。

标签

来源：U.S. Bureau of Labor Statistics发布日期：2026-07-17重要性：5/5 高评级理由：最新官方跨境价格数据，直接补充美国通胀、企业成本和利率环境判断，事实密度高。评级依据：时效性高, 宏观价格直接相关, 官方统计证据强, 事实密度高原文字数：1963

中文摘要

核心结论

美国6月进口价格环比上涨0.3%、同比上涨7.1%，非燃料进口品继续涨价；出口价格环比下降0.6%，但同比仍上涨10.2%。燃料、天然气、运输服务及资本品价格显示外部成本压力仍广泛存在。

重要性评级

评级：5/5（高）

这是美东时间 07/17 08:30（UTC+8 07/17 20:30）发布的美国劳工统计局官方数据，时效性与证据强度较高，可直接补充通胀、企业进口成本和跨境贸易价格判断。

关键事实

• 6月进口价格环比上涨0.3%，此前5月和4月分别上涨1.7%和2.1%；同比上涨7.1%，为2022年8月以来最大增幅。
• 非燃料进口价格环比上涨0.4%、同比上涨4.2%；非燃料工业用品与材料环比上涨1.2%，资本品上涨0.4%。
• 燃料进口价格环比下降0.4%，但同比上涨44.1%；其中石油价格环比下降0.7%、同比上涨45.4%，天然气价格环比上涨9.2%、同比上涨92.9%。
• 中国来源进口价格环比上涨0.9%，为2008年1月以来最大月度增幅；同比上涨1.3%。
• 6月出口价格环比下降0.6%，为2025年5月以来首次月度下降；同比上涨10.2%。非农产品出口价格环比下降0.7%、同比上涨10.6%。
• 进口航空客运票价环比上涨12.6%，进口航空货运价格同比上涨33.8%；出口航空货运价格环比下降3.6%，同比仍上涨8.8%。

作者观点与证据

公告属于官方统计发布，没有提出资产价格判断。数据表明，6月能源进口价格短期回落缓和了总指数涨幅，但非燃料工业材料、资本品、消费品和运输服务仍在涨价。同比增幅受前期价格基数影响，不能单凭一个月数据判断通胀趋势已经改变。

与相关标的的关系

数据未指定股票代码。其影响路径覆盖美元利率预期、美国进口商利润率、航空运输、能源、工业材料、半导体及资本设备行业；中国来源进口价格的显著月增也可用于观察中美贸易成本变化。

时效性与限制

2025年10月和11月部分数据因拨款中断而缺失，部分历史月度值经过修订。下一期数据计划于美东时间 08/18 08:30（UTC+8 08/18 20:30）发布。

后续跟踪

• 非燃料进口价格能否延续环比上涨。
• 天然气、航空运价和工业材料价格的持续性。
• 中国来源进口价格与美国终端售价的传导幅度。
• 7月进口和出口价格的同比基数变化。

英文原文

U.S. Import and Export Price Indexes summary

Economic News Release

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Transmission of material in this release is embargoed until USDL-26-1194

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U.S. IMPORT AND EXPORT PRICE INDEXES - JUNE 2026

U.S. import prices increased 0.3 percent in June, the U.S. Bureau of Labor Statistics reported today,

following a 1.7-percent advance in May. Higher prices for nonfuel imports more than offset lower prices for

fuel imports in June. Prices for U.S. exports decreased 0.6 percent in June, after rising 1.2 percent the

previous month.

Imports

Prices for U.S. imports rose 0.3 percent in June following increases of 1.7 percent in May and 2.1 percent in

April. U.S. import prices advanced 7.1 percent from June 2025 to June 2026, the largest over-the-year

increase since the index rose 7.7 percent in August 2022. (See table 1.)

Fuel Imports: Fuels and lubricants import prices decreased 0.4 percent in June following an increase of

12.6 percent in May. The June decline for import fuels and lubricants prices was the first monthly drop since

the index fell 1.2 percent in January. In June, lower prices for import petroleum more than offset higher

prices for import natural gas. Prices for import petroleum declined 0.7 percent in June and import natural

gas prices increased 9.2 percent over the same period. Fuels and lubricants import prices increased 44.1

percent from June 2025 to June 2026. The price index for import petroleum increased 45.4 percent over the

past 12 months and prices for import natural gas advanced 92.9 percent over the same period.

All Imports Excluding Fuel: Prices for nonfuel imports increased 0.4 percent in June following an advance

of 0.7 percent in May. In June, higher prices for nonfuel industrial supplies and materials; capital goods; and

consumer goods, excluding automotives, more than offset lower prices for automotive vehicles, parts, and

engines as well as foods, feeds, and beverages. Nonfuel import prices rose 4.2 percent from June 2025 to

June 2026, the largest 12-month increase since the index rose 4.6 percent for the year ended June 2022.

Higher prices for nonfuel industrial supplies and materials; capital goods; and consumer goods, excluding

automotives, more than offset lower prices for foods, feeds, and beverages as well as automotive vehicles,

parts, and engines for the 12 months ended in June.

Foods, Feeds, and Beverages: Foods, feeds, and beverages import prices decreased 0.2 percent in June

following a decline of 0.3 percent in May and an increase of 0.4 percent in April. Lower prices for

vegetables as well as other animal and vegetable preparations and products more than offset higher prices

for fruit, food oils and oilseeds, as well as meat in June.

Nonfuel Industrial Supplies and Materials: Import prices for nonfuel industrial supplies and materials rose

1.2 percent in June, after a 1.0-percent advance in May. Higher prices for chemicals and finished nonmetals

(boxes, belting, glass, etc.) more than offset lower prices for major nonferrous metals-crude in June.

Finished Goods: Prices for the major finished goods import categories were mixed in June. Import capital

goods prices increased 0.4 percent for the month. Higher prices for computers, peripherals, and

semiconductors; industrial and service machinery; and scientific and medical machinery drove the advance.

Import prices for consumer goods, excluding automotives, increased 0.3 percent in June, the fifth

consecutive monthly advance for the index. Higher prices for apparel, footwear, and household goods more

than offset lower prices for coins, gems, jewelry, and collectibles. The price index for import automotive

vehicles, parts, and engines edged down 0.1 percent in June.

Table A. Percent change in Import and Export Price Indexes, selected categories

Month

IMPORTS

EXPORTS

All

imports

Fuel

imports

Nonfuel

imports

All

exports

Agri-

cultural

exports

Non-

agricultural

exports

2025

June

-0.1

0.6

-0.3

0.5

0.8

0.6

July

0.3

2.7

0.2

0.3

-0.2

0.3

August

-0.1

-0.7

-0.2

0.1

-0.1

0.2

September

-0.1

-1.5

0.0

0.0

-0.5

0.1

October

-

-

-

-

0.4

-

November

-

-

-

-

0.8

-

December

0.1

-1.1

0.2

0.6

-0.2

0.7

2026

January

0.5

-1.2

0.7

0.5

0.1

0.5

February

1.0

2.5

0.8

1.9

0.8

2.1

March

0.9

10.2

0.2

( r ) 1.7

0.6

( r ) 1.8

April

( r ) 2.1

( r ) 18.9

0.6

3.5

( r ) 1.8

3.7

May

( r ) 1.7

( r ) 12.6

( r ) 0.7

( r ) 1.2

( r ) 0.9

1.2

June

0.3

-0.4

0.4

-0.6

0.2

-0.7

Jun. 2024 to 2025

-0.6

-14.5

0.7

2.6

1.4

2.8

Jun. 2025 to 2026

7.1

44.1

4.2

10.2

4.6

10.6

Footnotes

(r) Revised

Some Oct and Nov 2025 data values are not available due to the 2025 lapse in appropriations.

Exports

Prices for U.S. exports decreased 0.6 percent in June, the first monthly decline since the index fell 0.7

percent in May 2025. Lower prices for nonagricultural exports more than offset higher prices for

agricultural exports in June. The price index for U.S. exports advanced 10.2 percent from June 2025 to June

2026. (See table 2.)

Agricultural Exports: Agricultural export prices rose 0.2 percent in June following a 0.9-percent advance

in May. The price index for agricultural exports has not recorded a monthly decline since December 2025.

Higher prices for other foods and food preparations as well as nuts more than offset lower prices for

soybeans and corn. The price index for agricultural exports increased 4.6 percent over the past 12 months, as

higher prices for soybeans, meat, and other foods and food preparations drove the over-the-year advance.

All Exports Excluding Agriculture: Nonagricultural export prices decreased 0.7 percent in June, after

rising 1.2 percent in May and increasing 3.7 percent in April. Lower prices for nonagricultural industrial

supplies and materials more than offset higher prices for capital goods; consumer goods, excluding

automotives; and automotive vehicles, parts, and engines in June. Prices for nonagricultural exports

increased 10.6 percent from June 2025 to June 2026. Higher prices for nonagricultural industrial supplies

and materials; capital goods; and consumer goods, excluding automotives, contributed to the 12-month

advance of the index for the year ended in June.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices

fell 2.1 percent in June, after increasing 2.4 percent the previous month. Lower prices for petroleum and

nonferrous metals more than offset higher prices for natural gas in June.

Finished Goods: Prices for the major finished goods export categories were up in June. Capital goods prices

increased 0.6 percent for the month. Higher prices for computers, peripherals, and semiconductors as well as

civilian aircraft, aircraft engines, and parts more than offset lower prices for telecommunications equipment.

In June, prices for export consumer goods, excluding automotives, rose 0.3 percent and prices for export

automotive vehicles, parts, and engines ticked up 0.1 percent.

More information for the major import and export price indexes can be found at

www.bls.gov/web/ximpim/largest.htm.

Measures of Import and Export Prices by Locality

Imports by Locality of Origin: Import prices from China increased 0.9 percent in June, the largest monthly

advance since the index rose 0.9 percent in January 2008. The price index for imports from China rose 1.3

percent over the past 12 months, the largest over-the-year increase since the index advanced 1.7 percent

from November 2021 to November 2022. Prices for imports from Japan decreased 0.6 percent in June

following increases of 0.3 percent in May and 0.5 percent in April. The price index for imports from Japan

advanced 1.2 percent from June 2025 to June 2026. Import prices from Mexico ticked up 0.1 percent in June

and prices for imports from Canada increased 1.2 percent over the same period. In contrast, the price index

for imports from the European Union edged down 0.1 percent in June, the first monthly decline since the

index fell 0.1 percent in June 2025. (See table 7.)

Exports by Locality of Destination: Prices for exports to China decreased 0.2 percent in June, the first

monthly decline since the index fell 0.7 percent in December 2025. Despite the monthly drop, the price

index for exports to China increased 7.4 percent over the past 12 months, the largest over-the-year advance

since the index rose 7.4 percent in August 2022. Prices for exports to Japan rose 0.6 percent in June

following advances of 0.5 percent in May and 1.6 percent in April. The price index for exports to Japan

increased 9.7 percent over the past 12 months. Prices for exports to the European Union decreased 1.4

percent in June and export prices to Mexico edged down 0.1 percent over the same period. In contrast,

prices for exports to Canada advanced 2.0 percent in June. (See table 8.)

Terms of Trade Indexes: Terms of trade indexes are based on country, region, or grouping and measure

the change in the purchasing power of exports relative to imports. The U.S. terms of trade index with China

decreased 1.1 percent in June following a 0.9-percent increase in May. The June decline in U.S. terms of

trade with China was the largest monthly decrease since the index fell 2.5 percent in June 2025. The index

for U.S. terms of trade with Japan increased 1.1 percent in June. The index for U.S. terms of trade with the

European Union decreased 1.3 percent over the same period, after rising 0.3 percent in May. In June, the

U.S. terms of trade index with Canada increased 0.7 percent and the index for U.S. terms of trade with

Mexico decreased 0.1 percent. (See table 9.)

Import and Export Services

Imports: Import air passenger fares advanced 12.6 percent in June, after an 11.3-percent increase in May.

The June advance was the largest monthly increase since the index rose 14.0 percent in September 2025.

Higher European, Asian, and Latin American/Caribbean fares drove the overall advance in import air

passenger fares in June. Import air passenger fares rose 12.5 percent from June 2025 to June 2026. Prices

for import air freight advanced 1.9 percent in June, after rising 19.1 percent in May. Air freight import

prices rose 33.8 percent over the past year, the largest 12-month advance since the index increased 35.2

percent for the year ended November 2021. (See table 10.)

Exports: Export air passenger fares advanced 3.5 percent in June following a 3.3-percent decrease the

previous month. Higher European and Latin American/Caribbean fares more than offset lower Asian fares

in June. The index for export air passenger fares declined 0.2 percent for the 12 months ended June 2026.

Export air freight prices decreased 3.6 percent in June, the largest monthly decline since the index fell 5.0

percent in December 2024. Despite the monthly decrease, export prices for air freight advanced 8.8 percent

from June 2025 to June 2026.

The U.S. Import and Export Price Indexes news release for July 2026 is scheduled to be published on

Tuesday, August 18, 2026, at 8:30 a.m. (ET).

Table 1 U.S. Import Price Indexes, by End Use

Table 2 U.S. Export Price Indexes, by End Use

Table 3 U.S. Import Price Indexes, by NAICS

Table 4 U.S. Export Price Indexes, by NAICS

Table 5 U.S. Import Price Indexes, by Harmonized System

Table 6 U.S. Export Price Indexes, by Harmonized System

Table 7 U.S. Import Price Indexes, by Locality of Origin

Table 8 U.S. Export Price Indexes, by Locality of Destination

Table 9 U.S. Terms of Trade Indexes, by Locality

Table 10 U.S. International Price Indexes for Selected Transportation Services

Technical Note

HTML version of the entire news release

The PDF version of the news release

News release charts

Supplemental Files Table of Contents

Table of Contents

Last Modified Date: July 17, 2026

打开原文

SOXX短期超额收益跃升

重要性3/5 中

直接提供SOXX的超额收益、贝塔和估值对比，但属于中期筛选材料，方法披露不充分。

标签

标的：`SOXX`来源：Trefis发布日期：2026-07-17重要性：3/5 中评级理由：直接提供SOXX的超额收益、贝塔和估值对比，但属于中期筛选材料，方法披露不充分。评级依据：quantitative_context, background_value, methodology_limitations原文字数：743

中文摘要

核心结论

Trefis筛选显示，SOXX过去一年相对市场的超额收益升至46%，较其三年平均水平改善45个百分点，但基金贝塔为1.60、估值较自身历史高28%，近期优势伴随更高回撤敏感度。

重要性评级

评级：3/5（中）

文章提供跨行业ETF（交易所交易基金）的量化横向比较，能补充SOXX中期表现与估值背景；筛选口径、基准和数据日期披露不足。

关键事实

• Trefis在131只美国股票基金中筛出20只“一年超额收益显著高于三年均值”的基金。
• SOXX资产管理规模为476亿美元，过去一年Alpha（相对基准超额收益）为46%，相对自身三年平均改善45个百分点。
• SOXX贝塔为1.60，估值较自身历史水平高28%。
• XBI资产规模111亿美元，一年Alpha为60%，改善71个百分点；其三年年化Alpha为负11.3%。
• XOP一年Alpha为46%，改善57个百分点，贝塔1.00，前十大持仓占29%。
• FXN一年Alpha为41%，改善51个百分点；IBB一年Alpha为34%，改善45个百分点。
• 文章发布于美东时间 07/17 08:11（UTC+8 07/17 20:11）。

作者观点与证据

作者认为一年Alpha快速改善可提示基金策略适应当前环境，同时强调单年表现可能无法持续。表格提供规模、Alpha、贝塔和相对估值，但原文未说明Alpha基准、计算区间起止日、再平衡方式或数据供应商，结果可复现性有限。

与相关标的的关系

SOXX直接入选前五，显示半导体板块此前一年表现突出；1.60的贝塔与高于历史28%的估值意味着其对市场反转更敏感。XBI、IBB及能源基金用于比较资金风格，不能直接解释SOXX当日下跌。

时效性与限制

文章在07/17发布，但指标主要覆盖过去一年和三年，属于中期背景材料。页面后半包含Trefis产品推广，且未提供完整20只基金名单和方法细节。

后续跟踪

• SOXX Alpha、贝塔和估值的计算口径。
• 近期回撤后相对历史估值的变化。
• 半导体盈利增长能否支持此前超额收益。
• SOXX与生物科技、能源基金的相对资金流。

英文原文

These Funds Are Suddenly Outperforming Themselves

These Funds Are Suddenly Outperforming Themselves

Trefis Team

Fri, July 17, 2026 at 8:11 PM GMT+8 3 min read

• XBI

+1.49%

• IWM

-0.52%

• SOXX

-1.64%

• XOP

+2.25%

• QQQ

-1.50%

Photo by ArtsyBee on Pixabay Only a handful of funds are seeing their market edge accelerate this sharply; here are the ones leading the pack.

A fund's three-year record can hide a powerful, recent shift in performance. This analysis pinpoints funds whose current one-year alpha is surging far above its own longer-term average. That matters because it can be an early signal that a fund's strategy is clicking in the current market, long before its multi-year numbers reflect the change.

A New Class Of Leaders Emerges.

Out of 131 US equity funds, just 20 clear this demanding bar today. The State Street SPDR S&P Biotech ETF (XBI) provides the clearest example, with a current performance edge that has rocketed past its own lackluster history. The table below shows the top five funds from this select group, ranked by the scale of their recent alpha improvement.

Ticker

Fund

AUM

1Y Alpha

Alpha Change

Beta

P/E vs Hist

XBI

State Street SPDR S&P Biotech ETF

$11.1B

+60%

+71%

0.95

+11.4%

XOP

State Street SPDR S&P Oil & Gas Exploration & Production ETF

$3.3B

+46%

+57%

1.00

+34%

FXN

First Trust Energy AlphaDEX Fund

$376M

+41%

+51%

0.92

+60%

SOXX

iShares Semiconductor ETF

$47.6B

+46%

+45%

1.60

+28%

IBB

iShares Biotechnology ETF

$9.4B

+34%

+45%

0.80

-1.6%

Of the 20 funds that qualify, the table shows the top five by alpha change versus its own 3-year average.

XBI's Alpha Just Flipped From Negative To Positive

The State Street SPDR S&P Biotech ETF (XBI) spent years trailing the market, posting a 3-year alpha of -11.3% a year. But its recent performance tells a different story , with its alpha over the past year soaring to +60%. That sharp turnaround has pushed its valuation 11% above its own historical norm, a sign that other investors are taking notice. While XBI is diversified across many names, it's worth understanding how concentration works in biotech funds , as some portfolios in this sector are less diversified than they appear.

XOP Delivers A Similar Turnaround With More Risk

The State Street SPDR S&P Oil & Gas Exploration & Production ETF (XOP) shows a similar pattern, with its 1-year alpha of +46% erasing a difficult 3-year average of -11.2% a year. It gets there with a different risk profile, however. XOP moves almost in lockstep with the S&P 500, carrying a beta of 1.00, which means it offers little cushion in a market downturn. Its holdings are also more concentrated, with its ten largest holdings making up 29% of the fund.

The Catch In The Comeback

The risk with a one-year alpha surge is that it can be just that: one good year. For a fund like the iShares Semiconductor ETF (SOXX), whose beta is a high 1.60, a market reversal could quickly unwind its recent gains. This list is a starting point for research, not a shopping list. Before acting, check if a fund's improving alpha is matched by a valuation you can live with and a level of market risk that fits your portfolio.

Story Continues

Want To Run A Different Screen?

This is one screen among many, tuned to a single question. If what you care about is a different angle - momentum in a sector, income without the decay, skill without the leverage - the same underlying data answers those too, and it can score any fund you already hold on the exact measures above.

Our ETF Valuation and Performance Scorecard puts every one of these measures - alpha, beta, Sharpe ratio, valuation versus its own history, cost, and concentration - side by side for every major US equity ETF. Run this exact check on any fund you own; it takes seconds, and the result is often not what the fund's marketing suggests.

You Just Saw Inside One Fund, Now Check The Rest

You have just seen exactly what sits inside one holding, and the same question applies to everything else you own. How much damage any single position could do to your net worth is a question with a precise answer. The Trefis Wealth team computes it for investors professionally, with the same rules-based systematic discipline that runs our High Quality Portfolio. Request a free vulnerability audit of your biggest positions .

打开原文

Open USD压低Circle盈利预期

重要性5/5 高

彭博报道提供盈利预测差异、竞争机制和近期合同节点，对CRCL日报价值很高。

标签

标的：`CRCL`来源：Bloomberg发布日期：2026-07-17重要性：5/5 高评级理由：彭博报道提供盈利预测差异、竞争机制和近期合同节点，对CRCL日报价值很高。评级依据：timeliness, source_quality, fact_density, evidence_strength原文字数：782

中文摘要

核心结论

彭博报道瑞穗将Circle（CRCL）目标价下调至50美元，主要担忧Open USD（开放美元稳定币）通过向合作方分享储备收益，削弱USDC的渠道吸引力和Circle利润。8月Coinbase分销协议重谈可能进一步提高分成压力。

重要性评级

评级：5/5（高）

彭博提供分析师访谈、盈利预测差异和合作方经济模式，直接解释CRCL短期盈利风险。

关键事实

• 瑞穗将评级由“中性”降至“跑输大盘”，目标价50美元，较周四收盘价低约18%。
• 彭博跟踪的分析师平均目标价为123美元。
• CRCL在2025年6月上市后数周一度上涨750%，随后从高位回落超过75%。
• 07/16 Visa发布稳定币发行、转移和管理平台后，CRCL收跌7.7%。
• 超过100家机构支持Open Standard，参与者包括Visa、Stripe、Coinbase和贝莱德。
• Open USD计划把储备收益分享给合作方，并收取较低管理费。
• 瑞穗预计Circle 2027年调整后息税折旧摊销前利润为6.99亿美元，低于9.07亿美元共识约23%。
• Circle与Coinbase的USDC分销协议将在8月重新谈判。

作者观点与证据

报道重点呈现Dan Dolev的偏空判断，盈利下调有明确模型结果，竞争路径也有合作方与分成机制支撑。Open USD能否大规模吸引客户仍待实际流通量和渠道迁移数据验证。

与相关标的的关系

CRCL利润留存和估值直接受影响；Coinbase可能借竞争提高分成比例，Visa与贝莱德参与的新联盟扩大Open USD分销能力。

时效性与限制

文章发布于美东时间 07/17 06:45（UTC+8 07/17 18:45）。评级是单一机构观点，50美元目标价与123美元市场均值差距较大。

后续跟踪

• 8月Coinbase协议的新分成条款。
• Open USD储备收益分享比例和发行规模。
• Circle 2027年盈利预期调整。
• USDC流通量与市场份额。

英文原文

Circle Gets Street-Low Target as Stablecoin Competition Heats Up

Circle Gets Street-Low Target as Stablecoin Competition Heats Up

Monique Mulima

Fri, July 17, 2026 at 6:45 PM GMT+8 3 min read

• CRCL

-0.30%

• V

-1.80%

• COIN

-2.10%

• BLK

-1.37%

• AAPL

+0.14%

(Bloomberg) -- Circle Internet Group Inc. shares have lost more than three-quarters of their value from the highs seen just after their initial public offering last year and as more stablecoins come to market, one analyst is warning it could get worse.

Most Read from Bloomberg

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Mizuho Securities USA LLC analyst Dan Dolev cut his recommendation on Circle to underperform from neutral and gave the stock a Street-low price target of $50 this week, implying about 18% of downside from Thursday's close. It also falls well below the $123 average price target among analysts tracked by Bloomberg.

While Circle has one of the largest stablecoins by market capitalization globally, second only to Tether Holdings SA's USDT, Dolev sees it at risk from increasing competition as more than 100 financial-technology companies, payment networks, cryptocurrency firms and banks like Visa Inc., Stripe LLC, Coinbase Global Inc. and BlackRock Inc. are backing the venture Open Standard, which will issue the Open USD (OUSD) stablecoin.

"They've got the A-list of partners and those partners have a lot of AUM and a lot of clients, so they'll do whatever it takes to proliferate OUSD," Dolev said in an interview. "I think that the rest of the Street hasn't woken up to this risk yet, and that's why their models are just too optimistic."

On Thursday, Circle shares closed down 7.7% after Visa unveiled a platform that lets financial firms issue, move and manage stablecoins.

Circle shares jumped 750% in the weeks after its June 2025 IPO as enthusiasm around the US stablecoin bill, the GENIUS Act, led investors to pile into one of the only public stablecoin firms. Shares have fallen sharply from the peak as more coins pegged to the US dollar have come to the market and with crypto assets under pressure.

To be sure, the company is taking steps to guard against the encroachment of new competitors, such as gaining approval to become a limited-purpose bank. But pricing pressure and growing demands from partners are looming. Alternative stablecoin business models may pose a risk of wooing partners away.

Circle makes its revenue from yield on the reserves backing its USDC stablecoin. But new stablecoins like OUSD are planning to share reserve earnings with partners and charge a small management fee, which could result in higher earnings for partners.

Story Continues

"I think they're in trouble," Dolev said. Dolev sees Circle's adjusted earnings before interest, taxes, depreciation and amortization reaching $699 million in 2027, compared to consensus estimates of $907 million, based on his concern that the firm is stuck in a difficult position.

Circle's USDC distribution deal with Coinbase also has some near-term risk, with re-negotiation coming up in August, Dolev says.

"Because Circle is under pressure now with OUSD, Coinbase might use this as a lever to get an even better deal to maybe get a bigger cut of the economics," Dolev said.

"That bites into the profitability of Circle, and that's why we took down our numbers," he said.

Here are other notable analyst calls and commentary this week:

• UnitedHealth Group lost its last bear when Baird analyst Michael Ha upgraded his recommendation on shares to neutral from underperform.

• Apple Inc. received a rare bearish rating when KeyBanc Capital Markets downgraded shares to underweight, citing concerns over demand for devices and the stock's high valuation.

• Wells Fargo Securities sees about 40% upside for shares of Walt Disney Co. if the company ditches its streaming video business and tightens its focus on intellectual property and experiences.

• International Business Machines Corp. was downgraded to market perform from outperform at Oppenheimer in the wake of its historic selloff following a preliminary second-quarter sales report that fell short of expectations.

Most Read from Bloomberg Businessweek

• How China's 'Temu Range Rover' Became Britain's Top-Selling Car

• Credit Card Holders Are Using 'Friendly Fraud' to Get Back at Retailers

• For Software Engineers, the AI Reckoning Is Already Here

• Job Hunters Are Using AI to Cheat in Interviews, and Failing at the Office

• The Identity Crisis at Elon Musk's Chaotic AI Outfit

©2026 Bloomberg L.P.

打开原文

AI资本开支外溢至电力与冷却

重要性4/5 较高

与VRT及主要云厂商资本开支直接相关，包含订单、利润率、产品路线和估值数据，可用于判断AI基础设施需求兑现程度。

标签

标的：`VRT`来源：Motley Fool发布日期：2026-07-17重要性：4/5 较高评级理由：与VRT及主要云厂商资本开支直接相关，包含订单、利润率、产品路线和估值数据，可用于判断AI基础设施需求兑现程度。评级依据：VRT直接相关, 资本开支预测具跨资产意义, 150亿美元积压订单, 含订单取消与执行风险原文字数：1082

中文摘要

核心结论

文章认为，超大规模云厂商的AI基础设施支出正在向供电、冷却和电厂建设扩散，Vertiv与Argan分别提供数据中心关键设备和发电工程；两家公司订单增长强劲，但估值已计入较高增长与执行要求。

重要性评级

评级：4/5（较高）

文章提供超大规模资本开支、Vertiv业绩与积压订单等直接数据，对VRT日度研究有较高价值；Argan部分也补充了数据中心电力建设链条。

关键事实

• CNBC估计Amazon、Microsoft、Alphabet和Meta Platforms在2026年的合计资本开支可能接近7,000亿美元，较2025年高逾60%。
• Goldman Sachs（高盛）和Morgan Stanley（摩根士丹利）分析师预计，美国超大规模云厂商2026年AI相关资本开支约8,000亿美元，摩根士丹利预计2027年升至1.12万亿美元。
• Vertiv（数据中心供电与冷却设备商，VRT）2026财年第一季度收入26亿美元，同比增长30%；调整后营业利润率升至20.8%，同比扩张4.3个百分点。
• Vertiv预计2026年收入135亿至140亿美元，调整后稀释每股收益6.30至6.40美元。
• Vertiv以150亿美元积压订单进入2026年，同比增长109%；多数订单预计在12至18个月交付，但客户可以取消或调整排期。
• Vertiv正与Nvidia（英伟达）开发800伏直流供电系统，计划于2026年下半年推出，以配合2027年Rubin Ultra（英伟达下一代计算平台）部署。
• Goldman Sachs预计美国数据中心用电需求将由2025年的31吉瓦增至2027年的66吉瓦。
• Argan（电厂工程承包商，AGX）第一季度收入2.91亿美元，同比增长50%；净利润4,610万美元，积压订单约28亿美元，现金及投资约9.736亿美元且无债务。

作者观点与证据

作者看好AI资本开支向工业设备和发电工程传导。Vertiv的收入、利润率、积压订单和产品协作提供较强证据；Argan的天然气项目、约2,000个储能与冷却压力容器合同提供项目层证据。风险包括Vertiv约34.8倍2027年预期市盈率，以及Argan约39倍预期市盈率、固定价格合同成本超支和积压订单小幅下降。

与相关标的的关系

VRT是直接受益标的；NVDA、AMZN、MSFT和GOOG的资本开支构成需求来源。META虽不在相关代码列表中，也被文章列入主要支出主体。Argan补充发电端传导路径。

时效性与限制

发布于美东时间 07/17 06:05（UTC+8 07/17 18:05）。资本开支数字来自媒体和投行预测，尚非全部已签合同；文章未拆分各厂商对Vertiv或Argan的实际采购金额，文末含Motley Fool订阅推广。

后续跟踪

• 超大规模云厂商2026至2027年资本开支指引。
• Vertiv订单取消、交付周期及产能扩张。
• 800伏直流产品发布和Rubin Ultra部署时间。
• Argan新项目授予、固定价格合同利润率及积压订单补充。

英文原文

These 2 Industrial Stocks Will Benefit From the Trillion-Dollar AI Spending Boom

These 2 Industrial Stocks Will Benefit From the Trillion-Dollar AI Spending Boom

Manali Pradhan, CFA, The Motley Fool

Fri, July 17, 2026 at 6:05 PM GMT+8 5 min read

• NVDA

• AMZN

• VRT

• MSFT

• GOOG

The artificial intelligence (AI) spending boom is no longer benefiting just chipmakers or software players. CNBC estimates that Amazon , Microsoft , Alphabet , and Meta Platforms could have nearly $700 billion combined in capital expenditures for 2026, more than 60% above 2025 levels, to expand their AI infrastructure.

Image source: Getty Images. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »

According to Goldman Sachs and Morgan Stanley analysts, AI-related capital spending by U.S. hyperscalers could reach roughly $800 billion in 2026. Morgan Stanley expects it to rise to $1.12 trillion in 2027. A significant portion of that money will be allocated to cooling systems, electrical equipment, and new power plants required for AI facilities.

Vertiv (NYSE: VRT) and Argan (NYSE: AGX) offer two pick-and-shovel plays to invest in this boom. Vertiv supplies power and cooling equipment, while Argan builds power plants.

Vertiv

The company supplies power management, backup power, and air- and liquid-cooling equipment used in data centers.

Demand is already showing up in its results. In the first quarter of fiscal 2026 (ended March 31), revenue rose 30% year over year to $2.6 billion, while adjusted operating margin expanded 4.3 percentage points year over year to 20.8%. Management now expects 2026 revenue of $13.5 billion to $14 billion and adjusted diluted earnings per share of $6.30 to $6.40.

The opportunity is driven not only by the construction of more data centers. AI systems use more high-performance chips in each server rack compared to traditional servers, which increases electricity consumption and heat. This, in turn, raises demand for liquid cooling systems and equipment that can deliver more electricity to each rack.

Vertiv is working with Nvidia on 800-volt direct-current power systems for next-generation AI data centers. Management plans to launch its portfolio in the second half of 2026, aligning with the expected 2027 rollout of Nvidia's Rubin Ultra platform.

Vertiv entered 2026 with a $15 billion backlog, up 109% year over year and exceeding its projected 2026 revenue. Most of these orders are expected to ship within 12 to 18 months, providing visibility into 2027. However, customers can cancel or reschedule orders.

Valuation remains a challenge. The stock trades for nearly 34.8 times analysts' expected 2027 earnings. The premium valuation assumes AI infrastructure demand remains strong, margins stay elevated, and the company expands manufacturing capacity without major supply chain or execution problems.

Story Continues

Investors buying Vertiv today are therefore paying not only for strong growth, but also for exceptional execution during the next several years.

Argan

Argan could benefit from the AI infrastructure boom in multiple ways. Its biggest opportunity comes through two subsidiaries, Gemma Power Systems and Atlantic Projects Company, which build, commission, and maintain natural-gas and renewable-power facilities.

Goldman Sachs expects U.S. data-center power demand to more than double from 31 gigawatts in 2025 to 66 gigawatts in 2027. Argan can serve the rising demand for power generation by building natural gas and renewable energy facilities. Natural gas projects accounted for 79% of the company's backlog at the end of the first quarter of fiscal 2027 (ended April 30). This gives it substantial capacity for power generation that can be tapped when electricity demand rises.

Management's second opportunity comes through its industrial segment, which has a contract to build about 2,000 pressure vessels for thermal energy storage and chilled water-cooling systems at a customer's data centers. The company is also building another North Carolina factory to support that contract and pursue more work.

Lastly, another subsidiary, SMC Infrastructure Solutions, gives Argan a smaller potential opportunity through power distribution, fiber optics, communications, and data network projects. However, management has not disclosed a major AI-specific contract for this business.

In the first quarter, revenue increased 50% to $291 million, while net income more than doubled to $46.1 million. The company exited the first quarter with an order backlog of about $2.8 billion. Total cash, cash equivalents, and investments were about $973.6 million, while the company carried no debt.

The stock already prices in strong execution. It's trading at 39 times forward earnings. However, the order backlog declined from $2.9 billion at the end of January 2026 to $2.8 billion at the end of April.

The company also earns most of its revenue from fixed-price contracts, leaving it exposed to equipment delivery delays, rising labor costs, and other cost overruns. Slower project awards could also make it harder to replace backlog as existing projects are completed.

Argan has several ways to benefit from AI infrastructure spending, but its largest opportunity remains the construction of new power generation capacity. The stock can continue to rise if project awards remain strong and Argan maintains its recent execution pace.

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These 2 Industrial Stocks Will Benefit From the Trillion-Dollar AI Spending Boom was originally published by The Motley Fool

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Hyperliquid调整冲击USDC收入

重要性4/5 高

直接关联CRCL下半年收入，但合同条款和量化测算缺失，证据完整度有限。

标签

标的：`CRCL`来源：Simply Wall St.发布日期：2026-07-17重要性：4/5 高评级理由：直接关联CRCL下半年收入，但合同条款和量化测算缺失，证据完整度有限。评级依据：timeliness, earnings_relevance, evidence_caveat原文字数：673

中文摘要

核心结论

摩根大通认为，Circle与Hyperliquid（链上衍生品平台）调整合作安排后，USDC相关收入的分配方式将改变，并可能压低Circle（CRCL）2026年下半年盈利。文章没有披露新分成比例，因此影响规模仍无法量化。

重要性评级

评级：4/5（高）

事件直接涉及CRCL收入分配和下半年盈利，但关键合同条款及摩根大通测算均未披露。

关键事实

• 摩根大通将修订后的Hyperliquid合作列为近期收入压力来源。
• 新安排改变USDC收入在Circle与分销伙伴之间的分配。
• 影响预计在2026年下半年进入Circle盈利表现。
• 文中CRCL价格为60.64美元，过去一周下跌3.8%，过去30天下跌23.9%。
• CRCL年内下跌27.4%，过去一年下跌74.2%。
• 60.64美元较分析师目标区间中点121.44美元低约50%，目标区间为50至243美元。
• Simply Wall St模型同时称股价高于估算公允价值62.2%。

作者观点与证据

作者认为分成调整会削弱近期收益，并以摩根大通观点及股价表现支持。文章未给出合作协议原文、收入基数或分成变化，分析师目标价和平台公允价值结果也彼此冲突。

与相关标的的关系

CRCL直接承受USDC分销经济性变化；USDC-USD价格锚定本身不是主要变量，流通量、平台使用量和收益分配比例才决定Circle收入影响。

时效性与限制

文章发布于美东时间 07/17 04:08（UTC+8 07/17 16:08）。来源是对摩根大通观点的二次整理，缺少可复核的量化细节。

后续跟踪

• Hyperliquid合作协议的新分成比例。
• 2026年下半年USDC收入变化。
• Circle管理层对合作调整的说明。
• 分销成本和其他收入能否抵消压力。

英文原文

Circle (CRCL) Faces USDC Revenue Headwinds After Hyperliquid Partnership Change

Circle (CRCL) Faces USDC Revenue Headwinds After Hyperliquid Partnership Change

Bailey Pemberton

Fri, July 17, 2026 at 4:08 PM GMT+8 3 min read

• CRCL

-0.30%

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide.

• JPMorgan has flagged a revised partnership between Circle Internet Group (NYSE:CRCL) and crypto exchange Hyperliquid as a source of near term revenue pressure.

• The updated arrangement changes how income from Circle's USDC stablecoin is shared with distribution partners.

• JPMorgan expects the new income split to affect Circle's earnings profile in the second half of 2026.

Circle Internet Group enters this development with its share price at $60.64 and the stock down 3.8% over the past week. The longer backdrop is tougher, with NYSE:CRCL down 23.9% over the past month, 27.4% year to date and 74.2% over the past year. This frames how investors may read any fresh earnings pressure on the USDC business.

For investors, the key question is how much the revised Hyperliquid partnership changes Circle's income mix in the short term and how quickly that could be offset by any wider business drivers. The potential for longer term earnings recovery linked to higher interest rate expectations sits in contrast to the near term headwinds. This makes the timing and visibility of future cash flows an important focus from here.

Stay updated on the most important news stories for Circle Internet Group by adding it to your watchlist or portfolio . Alternatively, explore our Community to discover new perspectives on Circle Internet Group.

NYSE:CRCL Earnings & Revenue Growth as at Jul 2026 📰 Beyond the headline: 1 risk and 1 thing going right for Circle Internet Group that every investor should see.

Quick Assessment

• ❌ Price vs Analyst Target : At $60.64, Circle Internet Group trades about 50% below the US$121.44 analyst target range midpoint, against a wide target spread from $50 to $243.

• ❌ Simply Wall St Valuation : The stock is described as trading 62.2% above estimated fair value, which flags valuation stretch even after recent share price weakness.

• ❌ Recent Momentum : The share price has fallen 23.9% over the past 30 days, showing weak recent momentum as the Hyperliquid news lands.

There's only one way to know the right time to buy, sell or hold Circle Internet Group. Head to Simply Wall St's company report for the latest analysis of Circle Internet Group's Fair Value .

Key Considerations

• 📊 The revised Hyperliquid partnership points to near term pressure on USDC related income, which could weigh on how investors view Circle Internet Group's earnings mix.

• 📊 Watch upcoming earnings updates for the size of any USDC revenue impact, revised income sharing details, and how management positions other growth drivers to balance this shift.

• ⚠️ With one flagged risk around share price volatility, further news driven swings could be amplified if investors reassess a stock already described as overvalued.

Story Continues

Dig Deeper

For the full picture including more risks and rewards, check out the complete Circle Internet Group analysis . Alternatively, you can check out the community page for Circle Internet Group to see how other investors believe this latest news will impact the company's narrative.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include CRCL .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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Circle信托银行强化监管资质

重要性4/5 高

OCC批准是CRCL机构化路径的重要事实，但财务与估值影响尚停留在预测层面。

标签

标的：`CRCL`来源：Simply Wall St.发布日期：2026-07-17重要性：4/5 高评级理由：OCC批准是CRCL机构化路径的重要事实，但财务与估值影响尚停留在预测层面。评级依据：timeliness, regulatory_relevance, evidence_strength原文字数：786

中文摘要

核心结论

Circle获得OCC（美国货币监理署）批准设立Circle National Trust（Circle全国信托银行），可把USDC托管、储备管理和透明度纳入联邦监管框架。该资质有助于争取机构客户，但无法消除稳定币竞争、资本投入和盈利兑现风险。

重要性评级

评级：4/5（高）

监管批准直接影响CRCL与USDC的机构化路径，属于重要战略事实；文章对收入和估值的影响多为长期预测。

关键事实

• Circle在2026年7月获得OCC批准设立受联邦监管的全国信托银行。
• 初期业务是为Circle及关联方提供受托数字资产托管，后续可能服务部分机构客户。
• 信托银行将USDC托管和储备管理置于成熟的联邦银行监管框架内。
• Elliptic Agentic Design Partner Program（Elliptic智能代理设计合作计划）被用于说明Circle加强链上合规工具。
• 文章预测Circle 2029年收入59亿美元、利润9.048亿美元。
• 达成预测需要收入年均增长27.5%，利润较当前亏损1430万美元增加约9.19亿美元。
• 文章模型给出133.71美元公允价值，称较当时价格有121%差距。
• 偏空预测为2028年收入约38亿美元、利润6.062亿美元。

作者观点与证据

作者倾向于把银行资质视为机构信任和合规能力的增强因素。批准本身是监管事实，未来客户扩张、收入增长和133.71美元估值均属于预测，尚无新增合同或托管规模验证。

与相关标的的关系

CRCL的监管溢价、机构客户拓展和合规成本直接受影响；USDC-USD的储备治理与托管可信度可能改善，竞争币和新支付网络仍会影响其经济性。

时效性与限制

文章发布于美东时间 07/17 00:32（UTC+8 07/17 12:32）。Simply Wall St模型依赖分析师假设，且文章未提供OCC批准文件的完整条件。

后续跟踪

• 信托银行正式开业时间和获准业务范围。
• 新增机构托管客户及资产规模。
• 监管资本与合规费用。
• USDC机构支付和结算量。

英文原文

Did Circle’s OCC‑Approved National Trust Bank Just Shift Circle Internet Group

Did Circle’s OCC‑Approved National Trust Bank Just Shift Circle Internet Group's (CRCL) Investment Narrative?

Sasha Jovanovic

Fri, July 17, 2026 at 12:32 PM GMT+8 3 min read

• CRCL

-0.30%

• USDC-USD

-0.01%

• Earlier this month, Circle Internet Group received approval from the U.S. Office of the Comptroller of the Currency to launch Circle National Trust, a federally regulated national trust bank that will initially provide fiduciary digital asset custody for Circle and its affiliates and may later serve select institutional clients.

• This OCC trust bank charter brings USDC's core infrastructure inside a long‑standing federal banking framework, potentially making its custody, reserve management, and transparency more comparable to traditional financial institutions at a time when competition among dollar stablecoins is intensifying.

• We'll now examine how this OCC-approved national trust bank, and the broader competitive backdrop, may reshape Circle's investment narrative.

The future of work is here. Discover the 32 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation.

Circle Internet Group Investment Narrative Recap

To own Circle today, you need to believe USDC can remain a core piece of regulated digital dollar infrastructure even as competition and regulation intensify. In the near term, the key catalyst is how quickly institutional payment and custody flows scale, while the biggest risk is that rival stablecoins and new rules erode USDC's economics. The OCC‑approved Circle National Trust materially supports the custody and reserve side of that thesis, but it does not remove competitive risk.

The Elliptic Agentic Design Partner Program is particularly relevant here because it underscores how Circle is trying to pair tighter federal oversight with more advanced compliance tooling for AI driven financial activity. If Circle can translate this combination of OCC supervision and onchain compliance collaboration into higher trust among banks and payment providers, it could reinforce the catalysts around institutional USDC usage while also highlighting how sensitive the story is to any compliance missteps.

Yet while the OCC charter strengthens Circle's regulatory footing, investors should be aware that growing competition from new stablecoins like Open USD could still...

Read the full narrative on Circle Internet Group (it's free!)

Circle Internet Group's narrative projects $5.9 billion revenue and $904.8 million earnings by 2029. This requires 27.5% yearly revenue growth and about a $919 million earnings increase from -$14.3 million today.

Uncover how Circle Internet Group's forecasts yield a $133.71 fair value , a 121% upside to its current price.

Story Continues

Exploring Other Perspectives

CRCL 1-Year Stock Price Chart The most bearish analysts were assuming about US$3.8 billion of revenue and US$606.2 million of earnings by 2028, yet they still saw tight regulation and rival onchain payment rails as reasons to be cautious, which shows how sharply opinions can differ and why you may want to compare several viewpoints as the OCC bank approval filters into updated forecasts.

Explore 18 other fair value estimates on Circle Internet Group - why the stock might be worth over 3x more than the current price!

Reach Your Own Conclusion

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your Circle Internet Group research is our analysis highlighting 1 key reward and 1 important warning sign that could impact your investment decision.

• Our free Circle Internet Group research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Circle Internet Group's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include CRCL .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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Nebius首获七点七五亿美元担保债务

重要性5/5 高

融资规模、成本、期限和担保基础均有明确披露，直接关系NBIS产能扩张、现金流与杠杆风险。

标签

标的：`NBIS`来源：web-enrichment:company发布日期：2026-07-17重要性：5/5 高评级理由：融资规模、成本、期限和担保基础均有明确披露，直接关系NBIS产能扩张、现金流与杠杆风险。评级依据：timeliness, primary_source, fact_density, financing_materiality原文字数：1010

中文摘要

核心结论

Nebius（人工智能云服务商）以已部署的GPU（图形处理器）基础设施和投资级客户合同现金流为支撑，获得约7.75亿美元高级担保债务。该结构把已投运资产转化为扩建资金，并为超过400亿美元的其他已签约收入提供可复制的资产级融资范例。

重要性评级

评级：5/5（高）

公告披露融资规模、定价、期限、担保基础和资本开支覆盖率，直接影响NBIS的扩建资金来源与资产负债表风险评估。

关键事实

• Nebius于07/17（未给出具体时刻）宣布约7.75亿美元的首笔高级担保债务融资。
• 债务由已部署的GPU基础设施及一项投资级客户协议产生的合同现金流支持。
• 融资于2030年10月31日到期，利率为SOFR（有担保隔夜融资利率）加2.50个百分点。
• 融资与客户合同现金流合计覆盖相关GPU部署资本开支的100%以上。
• 公司称已有来自Microsoft（微软）和Meta（社交平台与人工智能公司）等投资级客户的超过400亿美元额外签约收入。
• 最新一批微软约定产能已经交付，其余批次仍按合同计划推进。
• 交易获得显著超额认购，由MUFG（三菱日联金融集团）牵头，多家国际银行参与银团。

作者观点与证据

公司将该交易描述为低资本占用扩张和维持稳健资产负债表的工具。融资条款、担保资产、客户现金流及银团认购构成明确事实；未来以类似条件融资、持续扩大全球产能及形成长期高利润率仍属公司前瞻判断。

与相关标的的关系

该融资直接关联NBIS。它缓解近期GPU基础设施建设的资金需求，但新增担保债务也提高固定融资义务，并使偿付能力部分依赖特定客户合同现金流和产能按期交付。

时效性与限制

公告发布于07/17（未给出具体时刻），截至美东时间 07/18 00:46（UTC+8 07/18 12:46）已被收录。材料来自公司新闻稿，未披露借款载体完整契约、客户身份、偿债计划或全部限制性条款。

后续跟踪

• 7.75亿美元资金的实际提取与部署进度。
• 微软其余产能批次的交付节点。
• 后续资产级融资的规模、定价和担保范围。
• 超过400亿美元签约收入转化为现金流的节奏。

英文原文

Nebius raises $775 million in first secured debt financing to accelerate global buildout

• Senior secured debt backed by GPU infrastructure and contracted cash flows

• Demonstrates ability to fund growth at attractive terms

• Repeatable financing framework for more than $40 billion of additional customer commitments

Amsterdam, July 17, 2026 — Nebius Group N.V. (Nasdaq: NBIS), the AI cloud company, today announced that it has entered into its first senior secured debt facility for approximately $775 million. Nebius intends to use the proceeds of the transaction to further accelerate the global build-out of its full-stack AI cloud platform.

The vehicle is backed by deployed GPU infrastructure and contracted cash flows from an agreement with an investment-grade customer. The facility matures October 31, 2030, and is priced at SOFR + 2.50%. Together with cash flows under the customer agreement, the facility covers more than 100% of the capital expenditure required to deploy the underlying GPU infrastructure.

As the contract is now in the servicing phase, this financing can be used to invest in capacity that will serve AI-native and enterprise customers on Nebius’s full-stack AI cloud platform.

The transaction enables Nebius to convert an operational infrastructure asset into growth capital, providing a framework for Nebius to secure asset-level financing on other long-term customer deployments. With more than $40 billion of additional contracted revenue from investment-grade customers such as Microsoft and Meta already in place, Nebius expects to raise more capital at similarly attractive terms. Nebius recently delivered the latest planned capacity tranche to Microsoft, and remains on track to deliver the remaining tranches consistent with the terms of the contracted schedule.

This funding strategy is consistent with Nebius’s focus on building a sustainable, profitable business through disciplined financing and a strong balance sheet.

Ophir Nave, Chief Operating Officer of Nebius, said:

“We are executing across all the areas that matter for growth: securing capacity, raising capital, strengthening our product offering, and developing other capital-efficient models to scale even further and faster. This financing is an important step in that strategy, and reinforces our confidence that our disciplined, diversified approach — from owned data centers to asset-light partnerships — together with robust demand for our high-value software stack, will enable us to build a sustainable AI cloud business with strong and durable margins.”

The transaction was significantly oversubscribed. The facility was led by MUFG as Structuring Agent, Sole Bookrunner, and Underwriter. MUFG, together with ABN AMRO Bank N.V., Bank of America, Deutsche Bank and HSBC acted as Mandated Lead Arrangers. Citi, Crédit Agricole CIB, ING, and Morgan Stanley, acted as Senior Lead Arrangers. Goldman Sachs also participated in the syndicate.

About Nebius About Nebius

Nebius, the AI cloud company, is building the full-stack platform for developers and companies to take charge of their AI future — from data and model training to production deployment. Founded on deep in-house technological expertise and operating at scale with a rapidly expanding global footprint, Nebius serves startups and enterprises building AI products, agents, and services worldwide.

Nebius Group also includes Avride (a leading developer of autonomous vehicles and delivery robots) and TripleTen (a leading edtech platform reskilling people for careers in tech) and owns equity stakes in other companies including ClickHouse and Toloka.

Nebius is listed on Nasdaq (Nasdaq: NBIS) and headquartered in Amsterdam.

For more information please visit nebius.com .

Media kit nebius.com/media-kit .

Contacts Contacts

Media relations: media@nebius.com

Investor relations: askIR@nebius.com

Disclaimer Disclaimer

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our planned use of proceeds of the facility described above and our ability to accelerate the global buildout of our AI cloud, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “guide,” “intend,” “likely,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements.

These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. Actual results may differ materially from the results predicted or implied by such statements, and our reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted or implied by such statements include, among others: market, macroeconomic and geopolitical conditions; our ability to build, operate and manage our businesses to the desired scale; competitive pressures; technological developments; our ability to secure and retain clients; our ability to secure additional capital to enable the growth of the business; unpredictable sales cycles; and potential pricing pressures; as well as those risks and uncertainties related to our continuing businesses included under the captions “Risk Factors” and “Operating and Financial Review and Prospects” in our Annual Report on Form 20-F for the year ended December 31, 2025, filed with the SEC on April 30, 2026, which is available on our investor relations website at https://nebius.com/investor-hub and on the SEC website at www.sec.gov .

All information in this press release is as of the date hereof (unless stated otherwise). Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date hereof and, while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

• Nebius raises $775 million in first secured debt financing to accelerate global buildout

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打开原文

等权标普ETF单日回落近百分之零点八

重要性3/5 中

单日一分钟行情能补充市场广度观察，但缺少比较基准与变动归因，阅读优先级居中。

标签

来源：Yahoo Finance chart API（已落盘事实）发布日期：2026-07-17重要性：3/5 中评级理由：单日一分钟行情能补充市场广度观察，但缺少比较基准与变动归因，阅读优先级居中。评级依据：market_freshness, price_evidence原文字数：11

中文摘要

核心结论

RSP（景顺标普500等权重交易所交易基金）在07/17常规交易时段收于213.37美元，较前收盘215.06美元下跌约0.79%。一分钟行情显示盘中触及215.95美元后持续回落，收盘接近日内低点213.05美元，反映当日等权重成分股整体承压。

重要性评级

评级：3/5（中）

数据可作为美股市场广度的直接价格证据，但它是一组单日行情序列，没有新闻、资金流或成分股归因。

关键事实

• 数据对象为RSP，交易场所为NYSE Arca（纽约证券交易所旗下电子交易平台），币种为美元。
• 07/17常规时段覆盖美东时间 07/17 09:30（UTC+8 07/17 21:30）至美东时间 07/17 16:00（UTC+8 07/18 04:00）。
• 常规市场收盘价为213.37美元，前收盘价为215.06美元，单日跌幅约0.79%。
• 日内最高价为215.95美元，最低价为213.05美元，振幅约1.35%。
• 开盘报价约214.36美元，收盘较开盘低约0.46%。
• 常规市场成交量为10,957,609份。
• 52周最高价为216.37美元，最低价为179.94美元；当日高点距离52周高点约0.19%。
• 原始序列包含391个一分钟时间点。

作者观点与证据

该条目来自Yahoo Finance（雅虎财经）图表接口，只有价格、成交量和交易时段元数据，没有作者观点。收盘接近日内低点可由序列验证；市场广度走弱属于RSP等权重结构下的价格观察，无法单凭该序列解释行业、宏观或资金面原因。

与相关标的的关系

RSP对标普500成分股采用等权重配置，可辅助观察大盘股指数之外的成分股表现。该条目没有提供SPY（标普500市值加权交易所交易基金）或其他基准的同期数据，因此无法判断等权指数相对市值加权指数的强弱。

时效性与限制

行情日期为07/17（未给出独立文章发布时间），截至美东时间 07/18 00:46（UTC+8 07/18 12:46）已落盘。接口数据未经交易所成交记录复核，也不含资金流、成分股贡献、公司事件或价格变动归因。

后续跟踪

• RSP与SPY的同期相对表现。
• 上涨与下跌成分股数量及行业贡献。
• 后续成交量和收盘位置变化。
• 是否重新接近或突破216.37美元的52周高点。

英文原文

等权标普ETF单日回落近百分之零点八

{"chart":{"result":[{"meta":{"currency":"USD","symbol":"RSP","exchangeName":"PCX","fullExchangeName":"NYSEArca","instrumentType":"ETF","firstTradeDate":1051795800,"regularMarketTime":1784318400,"hasPrePostMarketData":true,"gmtoffset":-14400,"timezone":"EDT","exchangeTimezoneName":"America/New_York","regularMarketPrice":213.37,"fiftyTwoWeekHigh":216.37,"fiftyTwoWeekLow":179.94,"regularMarketDayHigh":215.949,"regularMarketDayLow":213.051,"regularMarketVolume":10957609,"longName":"Invesco S&P 500 Equal Weight ETF","shortName":"Invesco S&P 500 Equal Weight 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打开原文

XLE冲高回落仍收涨1.16%

重要性4/5 中高

07/17完整分钟行情直接对应能源板块基准基金，时效性和数值密度较高，但缺少驱动因素及跨日比较。

标签

来源：Yahoo Finance chart API（已落盘事实）发布日期：2026-07-17重要性：4/5 中高评级理由：07/17完整分钟行情直接对应能源板块基准基金，时效性和数值密度较高，但缺少驱动因素及跨日比较。评级依据：时效性较高, 直接标的相关性, 一分钟行情证据, 缺少事件归因原文字数：11

中文摘要

核心结论

XLE（能源精选行业SPDR交易所交易基金）07/17收于57.68美元，较前收57.02美元上涨约1.16%；盘中触及58.115美元后回落，收盘低于开盘价57.95美元，显示当日涨幅主要来自隔夜跳空。

重要性评级

评级：4/5（中高）

数据直接对应能源板块基准基金，包含完整常规交易时段的一分钟价格与成交量，可用于判断07/17能源股表现；资料仅覆盖单日行情，无法单独解释驱动因素。

关键事实

• XLE在美东时间 07/17 09:30（UTC+8 07/17 21:30）开盘，首分钟开盘价为57.95美元。
• 常规交易时段收盘价为57.68美元，较前收57.02美元上涨0.66美元，涨幅约1.16%。
• 当日最高价58.115美元，最低价57.28美元，日内振幅约1.46%。
• 收盘价较开盘价低约0.47%，早盘高位未能维持至收盘。
• 常规时段成交量为31,354,891份。
• 52周最高价为63.46美元，最低价为42.05美元；本次收盘分别较两者低约9.11%和高约37.17%。
• 数据粒度为一分钟，共391个时间点，常规交易时段截至美东时间 07/17 16:00（UTC+8 07/18 04:00）。

作者观点与证据

来源为Yahoo Finance（雅虎财经）图表接口，只提供行情事实，没有作者立场或事件解释。价格、成交量和时段信息来自接口元数据及分钟序列；能源价格、成分股表现和新闻并未包含在数据中。

与相关标的的关系

XLE直接反映美国大型能源公司的板块表现，可作为石油、天然气及综合能源股的市场代理。输入未列出相关持仓或其他代码，无法判断其对特定组合的直接影响。

时效性与限制

行情日期为07/17（未给出发布时刻），数据于美东时间 07/18 00:46（UTC+8 07/18 12:46）取得。单日价格序列无法区分油价、宏观数据、公司消息或资金流对涨幅的贡献，也未提供基金份额流入流出和成分股拆解。

后续跟踪

• XLE能否重新站上58.115美元的当日高点。
• 成交量与近期均值的差异。
• 原油价格及XLE主要成分股对板块涨幅的贡献。
• 57.02美元前收附近的后续价格表现。

英文原文

XLE冲高回落仍收涨1.16%

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打开原文

美股期权单日成交突破八千万张

重要性4/5 中高

数据新鲜且覆盖全市场成交、交易所份额及期权结构，对当日衍生品环境有直接参考价值，但缺少历史分位和合约层级明细。

标签

来源：Cboe发布日期：2026-07-17重要性：4/5 中高评级理由：数据新鲜且覆盖全市场成交、交易所份额及期权结构，对当日衍生品环境有直接参考价值，但缺少历史分位和合约层级明细。评级依据：前一交易日数据, 全市场成交统计, 期权结构相关性, 缺少合约层级证据原文字数：859

中文摘要

核心结论

Cboe（芝加哥期权交易所）统计显示，07/17美国期权市场匹配成交量为80,906,521张，其中Cboe旗下交易所占31.40%，居各交易所集团首位。Cboe交易所日内明细显示，认沽/认购比率随交易推进上升，指数期权尾段达到0.98，认沽需求相对更强。

重要性评级

评级：4/5（中高）

数据距日报日期仅一天，覆盖市场总量、交易所份额及认购与认沽结构，可作为衍生品活跃度和风险需求的直接事实输入；资料没有历史分位、合约期限或标的拆分。

关键事实

• 07/17（未给出具体发布时刻）美国期权市场匹配成交量合计80,906,521张。
• Cboe旗下交易所成交25,400,926张，占31.40%；其五日平均份额为30.99%。
• 纳斯达克旗下交易所成交21,555,714张，占26.64%；纽约证券交易所旗下平台成交14,807,815张，占18.30%。
• MIAX（迈阿密国际证券交易所）成交12,658,764张，占15.65%；BOX期权交易所和MEMX（会员交易所）分别占4.79%和3.23%。
• Cboe交易所日内统计截至美东时间 07/17 16:15（UTC+8 07/18 04:15），认购期权8,242,213张、认沽期权7,783,302张，合计16,025,515张，认沽/认购比率为0.94。
• 同一时点，指数期权成交6,650,478张，认沽/认购比率为0.98；股票期权成交9,375,037张，比率为0.92。
• Cboe日内总认沽/认购比率从美东时间 07/17 10:00（UTC+8 07/17 22:00）的0.83升至尾段0.94。

作者观点与证据

页面提供交易所统计，没有提出方向性市场观点。成交量、市场份额和认沽/认购比率属于直接统计事实；将比率上升解读为风险需求增强仍需结合开仓方向、到期结构、行权价和成交权利金，单凭张数不能确认投资者的净看空程度。

与相关标的的关系

数据覆盖全美期权市场及Cboe交易所，不指向单一股票代码。指数期权比率高于股票期权，可为大盘风险偏好提供背景，但无法映射到具体指数、个股或持仓。

时效性与限制

数据日期为07/17（未给出具体发布时刻），与07/18日报高度接近。市场总量80,906,521张覆盖多个交易所集团，日内认购与认沽明细则仅对应Cboe交易所，两个口径不能直接相加比较；Cboe同时声明数据准确性不作保证。

后续跟踪

• 总成交量相对五日及更长期均值的位置。
• 指数期权认沽/认购比率是否持续接近或超过1。
• 零日期权与较长期限合约的成交占比。
• 成交量按主要指数和个股标的的分布。

英文原文

U.S. Options Market Volume Summary

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Post and Station

U.S. Options Market Volume Summary

• Net Option Premium Summary

• Volume Summary

• Today

• 5 Day Avg

• MTD

Matched Volume

Market Today 5 Day

Cboe (C,W,E,Z)

25,400,926 31.40% 30.99%

NASDAQ (Q,T,X,H,I,J)

21,555,714 26.64% 26.58%

NYSE (A,N)

14,807,815 18.30% 17.72%

MIAX (M,P,D,S)

12,658,764 15.65% 16.16%

BOX Options

3,873,775 4.79% 5.30%

Members Exchange (U)

2,609,527 3.23% 3.26%

Total 80,906,521 100% 100%

Data as of 17:00 17/07/2026 .

Volume details prior to 2011 exclude proprietary products and other index option volume.

If using this data in a published report, please cite Cboe Global Markets as the source.

"Net Option Premium" is calculated by multiplying the execution price of each transaction by the contract quantity times the shares deliverable.”

Cboe Exchange Market Statistics for Friday, July 17, 2026

Cboe data is compiled for the convenience of site visitors and is furnished without responsibility

for accuracy and is accepted by the site visitor on the condition that transmission or omissions shall

not be made the basis for any claim, demand or cause for action. The information and data was obtained

from sources believed to be reliable, but accuracy is not guaranteed. Your use of Cboe data is subject to the

Terms and Conditions of Cboe Websites .

(All times are Central)

Total

TIME

CALLS

PUTS

TOTAL

P/C RATIO

09:00 AM

1347225

1111526

2458751

0.83

09:30 AM

2254574

1954546

4209120

0.87

10:00 AM

2967587

2648003

5615590

0.89

10:30 AM

3564185

3219775

6783960

0.90

11:00 AM

4081887

3658461

7740348

0.90

11:30 AM

4651780

4232157

8883937

0.91

12:00 PM

5065622

4581826

9647448

0.90

12:30 PM

5514713

4957208

10471921

0.90

01:00 PM

5975430

5433858

11409288

0.91

01:30 PM

6396240

5931468

12327708

0.93

02:00 PM

7010558

6404106

13414664

0.91

02:30 PM

7512689

7047085

14559774

0.94

03:00 PM

8146197

7678645

15824842

0.94

03:15 PM

8242213

7783302

16025515

0.94

Index Options

TIME

CALLS

PUTS

TOTAL

P/C RATIO

09:00 AM

532149

490517

1022666

0.92

09:30 AM

895747

840044

1735791

0.94

10:00 AM

1209346

1099607

2308953

0.91

10:30 AM

1428037

1354395

2782432

0.95

11:00 AM

1628855

1536208

3165063

0.94

11:30 AM

1838541

1728389

3566930

0.94

12:00 PM

1978471

1860479

3838950

0.94

12:30 PM

2105193

2002104

4107297

0.95

01:00 PM

2266990

2194100

4461090

0.97

01:30 PM

2421772

2396665

4818437

0.99

02:00 PM

2784011

2614806

5398817

0.94

02:30 PM

2997948

2884395

5882343

0.96

03:00 PM

3290846

3222255

6513101

0.98

03:15 PM

3363394

3287084

6650478

0.98

Equity Options

TIME

CALLS

PUTS

TOTAL

P/C RATIO

09:00 AM

815076

621009

1436085

0.76

09:30 AM

1358827

1114502

2473329

0.82

10:00 AM

1758241

1548396

3306637

0.88

10:30 AM

2136148

1865380

4001528

0.87

11:00 AM

2453032

2122253

4575285

0.87

11:30 AM

2813239

2503768

5317007

0.89

12:00 PM

3087151

2721347

5808498

0.88

12:30 PM

3409520

2955104

6364624

0.87

01:00 PM

3708440

3239758

6948198

0.87

01:30 PM

3974468

3534803

7509271

0.89

02:00 PM

4226547

3789300

8015847

0.90

02:30 PM

4514741

4162690

8677431

0.92

03:00 PM

4855351

4456390

9311741

0.92

03:15 PM

4878819

4496218

9375037

0.92

打开原文

FDA年内新药批准增至24项

重要性3/5 中

FDA官方批准清单事实可靠且覆盖多项医药事件，但缺少公司映射和商业化数据，对具体标的只能作为后续检索入口。

标签

来源：FDA发布日期：2026-07-17重要性：3/5 中评级理由：FDA官方批准清单事实可靠且覆盖多项医药事件，但缺少公司映射和商业化数据，对具体标的只能作为后续检索入口。评级依据：监管官方来源, 批准事件事实密集, 医药行业相关, 缺少股票代码与商业数据原文字数：680

中文摘要

核心结论

FDA（美国食品药品监督管理局）页面显示，2026年截至07/07已批准24项此前未在美国获批或上市的新药，适应症横跨肾病、甲状腺眼病、感染、肿瘤、代谢病和罕见病。最新一项为Trutakna（活性成分atacicept-vymj），用于降低具有进展风险的原发性免疫球蛋白A肾病成人患者蛋白尿。

重要性评级

评级：3/5（中）

FDA官方清单具有较强事实价值，并汇总年内多个医药催化节点；输入没有公司、申请人、商业条款或相关股票代码，难以直接映射到具体上市公司。

关键事实

• 清单将“新药”定义为此前从未在美国获批或上市的药物，并指向CDER（药品审评与研究中心）审批记录。
• 第24项Trutakna于07/07（未给出具体时刻）获批，用于降低具有进展风险的原发性免疫球蛋白A肾病成人患者蛋白尿。
• 第23项Lumvoa于06/26（未给出具体时刻）获批，用于治疗甲状腺眼病。
• 第22项Utebzi于06/17（未给出具体时刻）获批，用于治疗替代口服方案有限或缺失的成人复杂性尿路感染，包括肾盂肾炎。
• 05/29（未给出具体时刻）同日列出三项批准：成人全身麻醉药Cypsedo、新冠接触后预防药Xocova，以及复杂性尿路感染药Zaynich。
• 05/01（未给出具体时刻）获批的Veppanu用于经至少一线内分泌治疗后进展的特定晚期或转移性乳腺癌。
• 04/01（未给出具体时刻）获批的Foundayo为orforglipron，用于配合低热量饮食和增加活动，帮助肥胖成人或伴相关合并症的超重成人减重并长期维持。
• 2026年首项批准为01/12（未给出具体时刻）的Zycubo，用于治疗Menkes病。

作者观点与证据

页面属于FDA官方批准清单，没有提出疗效优劣或商业价值判断。药名、活性成分、批准日期和批准时适应症属于监管事实；页面同时说明，所列用途仅供展示，完整适应症、适用人群和剂量方案应以最新处方信息为准。

与相关标的的关系

新药批准可影响相关研发企业、商业化合作方及同适应症竞争者，但输入未提供申办方或股票代码。仅凭药品名称无法可靠确定收入贡献、市场份额或对具体医药股的影响。

时效性与限制

页面标记日期为07/17（未给出具体时刻），于美东时间 07/18 00:46（UTC+8 07/18 12:46）取得；清单最新批准日期为07/07，存在十天信息间隔。资料没有临床数据、标签全文、定价、市场规模、专利期限或销售预测。

后续跟踪

• 各药品的申请人、商业化权益及对应上市公司。
• FDA最终标签、适用人群和安全性要求。
• 重点适应症的市场规模、竞争格局与支付覆盖。
• 清单后续新增批准及现有产品标签更新。

英文原文

Novel Drug Approvals for 2026

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Development & Approval Process | Drugs

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Novel Drug Approvals at FDA

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Novel Drug Approvals for 2026

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Novel Drug Approvals at FDA

In this section

What are "Novel" Drugs?

"Novel" drugs are new drugs never before approved or marketed in the U.S. See Drugs@FDA for information about all of CDER’s approved drugs and biological products.

FDA Novel Drug Therapy Approvals for 2026

No. Drug Name Active Ingredient Approval Date FDA-approved use on approval date*

24. Trutakna atacicept-vymj 7/7/2026 To reduce proteinuria in adults with primary immunoglobulin A nephropathy at risk for disease progression

23. Lumvoa veligrotug-vvze 6/26/2026 To treat thyroid eye disease

22. Utebzi tebipenem pivoxil 6/17/2026 To treat complicated urinary tract infections, including pyelonephritis, caused by several susceptible microorganisms in adults who have limited or no alternative oral treatment options

21. Ambelvist gadoquatrane 6/12/2026 To detect and visualize lesions with abnormal vascularity, in conjunction with MRI

20. Cypsedo cipepofol 5/29/2026 To induce general anesthesia in adults undergoing surgery

19. Xocova ensitrelvir 5/29/2026 To use as post-exposure prophylaxis of coronavirus disease 2019 (COVID-19) following contact with an individual who has COVID-19

18. Zaynich cefepime and zidebactam 5/29/2026 To treat complicated urinary tract infections, including pyelonephritis, caused by designated susceptible microorganisms

17. Decnupaz pivekimab sunirine-pvzy 5/27/2026 To treat adults with blastic plasmacytoid dendritic cell neoplasm

16. Hepcludex bulevirtide-gmod 5/22/2026 To treat chronic hepatitis delta virus infection in adults without cirrhosis or with compensated cirrhosis

15. Baxfendy baxdrostat 5/15/2026 To treat hypertension in combination with other antihypertensive drugs

14. Beqalzi sonrotoclax 5/13/2026 To treat adults with relapsed or refractory mantle cell lymphoma after at least two lines of systemic therapy, including a Bruton’s tyrosine kinase inhibitor

13. Veppanu vepdegestrant 5/1/2026 To treat estrogen receptor-positive, human epidermal growth factor receptor 2-negative, ESR1-mutated advanced or metastatic breast cancer with disease progression following at least one line of endocrine therapy

12. Idvynso doravirine and islatravir 4/20/2026 To treat HIV-1 infection (as a complete regimen) in adults to replace the current antiretroviral regimen in those who are virologically-suppressed on a stable antiretroviral regimen with no history of virologic treatment failure and no known substitutions associated with resistance to doravirine

11. Foundayo orforglipron 4/1/2026 To reduce excess body weight and maintain weight reduction long term in adults with obesity or adults with overweight in the presence of at least one weight-related comorbid condition, in combination with a reduced-calorie diet and increased physical activity

10. Awiqli insulin icodec-abae 3/26/2026 To improve glycemic control in adults with type 2 diabetes mellitus

9. Lifyorli relacorilant 3/25/2026 To treat platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer after one to three prior systemic treatment regimens, at least one of which included bevacizumab

8. Avlayah tividenofusp alfa-eknm 3/24/2026 To treat certain individuals with Hunter syndrome (Mucopolysaccharidosis type II or MPS II)

7. Icotyde icotrokinra 3/17/2026 To treat moderate-to-severe plaque psoriasis in patients 12 years and older who weigh at least 40 kg and who are candidates for systemic therapy or phototherapy

6. Lynavoy linerixibat 3/17/2026 To treat cholestatic pruritus associated with primary biliary cholangitis

5. Yuviwel navepegritide 2/27/2026 To increase linear growth in pediatric patients 2 years and older with achondroplasia with open epiphyses

4. Loargys pegzilarginase-nbln 2/23/2026 To treat hyperarginemia in adults and pediatric patients two years and older with Arginase 1 Deficiency, in conjunction with dietary protein restriction

3. Bysanti milsaperidone 2/20/2026 To treat schizophrenia and to treat manic or mixed episodes associated with bipolar I disorder

2. Adquey difamilast 2/12/2026 To treat mild to moderate atopic dermatitis

1. Zycubo copper histidinate 1/12/2026 To treat Menkes disease

Drug Trials Snapshot

*The listed “FDA-approved use” on this page is for presentation purposes only. To see the FDA-approved conditions of use [e.g., indication(s), population(s), dosing regimen(s)] for each of these products, please see the most recently approved Prescribing Information (or Label) available at Drugs@FDA . You can search by drug name, active ingredient, or application number.

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打开原文

Roundhill单日吸金六亿美元

重要性3/5 中

最新品牌资金流可补充DRAM背景，但缺少单只基金拆分，直接证据有限。

标签

标的：`DRAM`来源：etf.com发布日期：2026-07-16重要性：3/5 中评级理由：最新品牌资金流可补充DRAM背景，但缺少单只基金拆分，直接证据有限。评级依据：统计截至07/15, 与DRAM存在发行平台关联, FactSet表格数据明确, 品牌汇总无法归因至单只基金原文字数：5848

中文摘要

核心结论

07/15的ETF品牌榜显示，Roundhill单日净流入6.4266亿美元，相当于资产管理规模的1.82%，在主要品牌中表现突出。该数据反映品牌整体资金变化，不能直接归因于DRAM。

重要性评级

评级：3/5（中）

数据发布时间较近，且输入标记关联DRAM；表格统计口径停留在品牌和发行人层面，对单只基金的解释力有限。

关键事实

• 表格反映07/15的每日资金流与当日资产规模，数据提供方为FactSet（金融数据服务商）。
• Roundhill品牌资产管理规模为354.0543亿美元，单日净流入6.4266亿美元，流入占比1.82%。
• Roundhill品牌2026年累计净流入251.2991亿美元。
• 发行人维度的Roundhill Investments资产管理规模为327.1628亿美元，单日净流入6.6353亿美元，占比2.03%。
• 发行人维度2026年累计净流入236.8223亿美元。
• 同日Vanguard品牌流入20.8598亿美元，Invesco流出24.7420亿美元，SPDR流出17.0840亿美元。
• 页面行情标签显示DRAM上涨0.73%，但正文没有列出DRAM单只基金的申购赎回额。

作者观点与证据

文章以大型统计表呈现美国ETF市场，没有展开行业判断。标题突出Roundhill流入规模，证据来自FactSet的品牌和发行人汇总；品牌、法律发行人与单只产品属于不同口径。

与相关标的的关系

DRAM由Roundhill发行，品牌资金流可作为发行平台热度的外围证据。由于汇总数据包含Roundhill旗下其他产品，无法据此判断DRAM获得了多少新增资金。

时效性与限制

文章发布于美东时间 07/16 17:00（UTC+8 07/17 05:00），统计截至07/15。长表可能包含后续修订，且正文未提供产品级流量拆分。

后续跟踪

• DRAM单只基金的日度与周度净流量。
• Roundhill品牌流入由哪些产品贡献。
• DRAM资产管理规模、份额数量和二级市场成交量。
• 品牌与发行人统计口径差异。

英文原文

ETF League Tables: Roundhill Pulls In $643M

ETF League Tables: Roundhill Pulls In $643M

ETF.com Staff

Fri, July 17, 2026 at 5:00 AM GMT+8 49 min read

• DRAM

+0.73%

Hero image 760x520 green (Table below reflects daily flows on July 15, 2026 and asset totals as of that date.)

ETF Brand League Table

Welcome to the etf.com league table. On this page, you'll find the U.S. ETF market through different lenses: brand and issuer. What's the difference? The brand is what the ETF says on the tin. For example, "iShares" is the brand of issuer "BlackRock's" ETFs. Because many issuers license their ETF infrastructure to third parties, we present the data in both ways. The identification of the correct brand and legal issuer is done by our key data provider, FactSet.

Brand

AUM ($, mm)

Net Flows ($, mm)

% of AUM

YTD 2026 Net Flows($,M)

iShares

4,578,450.28

-153.07

0.00%

322,319.56

Vanguard

4,524,008.89

2,085.98

0.05%

290,676.36

SPDR

1,915,746.73

-1,708.40

-0.09%

29,482.73

Invesco

969,324.99

-2,474.20

-0.26%

51,422.48

Schwab

586,940.69

-402.99

-0.07%

37,159.30

JPMorgan

333,268.02

482.99

0.14%

41,420.63

Dimensional

301,551.28

234.12

0.08%

28,888.42

First Trust

224,213.66

74.02

0.03%

18,702.41

Fidelity

175,401.93

126.96

0.07%

18,848.11

Tradr

166,671.48

161.19

0.10%

53,083.73

VanEck

160,397.33

239.69

0.15%

12,127.83

Capital Group

151,534.56

112.33

0.07%

34,979.28

Avantis

140,662.49

237.02

0.17%

29,664.45

ProShares

121,241.31

-111.41

-0.09%

3,446.28

WisdomTree

99,599.50

15.37

0.02%

4,085.70

Global X

93,225.76

54.10

0.06%

11,391.76

Direxion

72,496.56

-37.32

-0.05%

-11,344.10

Goldman Sachs

64,670.03

10.19

0.02%

7,697.60

PIMCO

57,785.95

20.66

0.04%

11,565.77

FT Vest

55,951.22

-48.12

-0.09%

5,316.06

Franklin

47,438.92

22.46

0.05%

9,246.54

Janus Henderson

44,634.62

-3.74

-0.01%

5,934.55

Pacer

40,787.89

-22.39

-0.05%

-896.92

Innovator

35,455.99

34.69

0.10%

3,374.22

Roundhill

35,405.43

642.66

1.82%

25,129.91

PGIM

34,546.75

158.27

0.46%

11,334.75

Xtrackers

32,351.21

29.04

0.09%

1,240.19

T. Rowe Price

31,018.43

57.94

0.19%

8,088.23

Neos

30,773.76

52.47

0.17%

12,734.53

FlexShares

26,451.41

4.40

0.02%

1,150.59

VictoryShares

23,841.57

41.73

0.18%

3,224.01

AB Funds

19,939.62

98.79

0.50%

5,118.90

Amplify

19,542.64

43.64

0.22%

1,842.38

abrdn

18,439.40

6.05

0.03%

-1,063.55

BNY Mellon

18,279.65

44.78

0.24%

1,524.27

Nuveen

18,016.45

3.14

0.02%

1,464.72

Alpha Architect

16,602.12

24.21

0.15%

3,729.90

Grayscale

15,875.96

6.56

0.04%

-1,463.72

ARK

15,872.26

-207.86

-1.31%

-1,042.32

John Hancock

15,325.71

1.09

0.01%

5,507.45

Simplify

14,012.55

-8.47

-0.06%

2,241.13

Alerian

13,164.67

-4.03

-0.03%

670.62

Putnam

13,142.92

331.29

2.52%

5,049.22

Columbia

12,908.05

0.00

0.00%

1,270.08

Principal

12,480.37

260.34

2.09%

3,055.90

Eaton Vance

11,864.32

0.00

0.00%

3,470.12

GraniteShares

11,857.35

-58.92

-0.50%

-484.20

Defiance

11,300.30

201.95

1.79%

4,608.73

YieldMax

9,486.54

19.73

0.21%

1,419.24

US Benchmark Series

9,204.16

4.62

0.05%

1,134.33

ALPS

8,928.27

13.38

0.15%

693.58

KraneShares

8,522.11

65.59

0.77%

548.27

SEI

8,150.53

751.98

9.23%

1,779.27

REX Microsectors

8,091.86

0.00

0.00%

386.05

Hartford

8,032.58

1.95

0.02%

1,383.74

BondBloxx

7,947.12

10.22

0.13%

4,903.12

New York Life Investments

7,794.21

29.60

0.38%

1,294.69

Harbor

7,580.33

12.54

0.17%

1,668.49

TCW

7,295.22

5.30

0.07%

1,570.38

American Century

6,456.57

2.31

0.04%

567.25

Aptus

5,862.96

-123.71

-2.11%

528.79

GMO

5,828.46

1.36

0.02%

1,748.75

Allianz

5,828.17

16.45

0.28%

14,735.46

Virtus

5,372.11

-5.91

-0.11%

599.47

Akre

5,188.35

-22.01

-0.42%

-3,109.31

Morgan Stanley

5,085.23

7.40

0.15%

474.24

Fundstrat

4,976.60

0.00

0.00%

314.03

Sprott

4,968.80

0.00

0.00%

1,144.17

Bitwise

4,800.29

3.50

0.07%

371.50

ActivePassive

4,798.03

0.00

0.00%

279.06

Bahl & Gaynor

4,622.88

7.32

0.16%

1,756.99

Main Funds

4,544.29

4.27

0.09%

376.79

Cambria

4,506.31

6.73

0.15%

282.44

US Commodity Funds

4,473.39

-74.84

-1.67%

847.41

Eagle

4,426.74

0.00

0.00%

747.22

Invesco DB

4,356.77

5.14

0.12%

769.92

SP Funds

4,162.50

6.71

0.16%

1,114.14

Neuberger Berman

3,933.92

3.79

0.10%

964.06

iM

3,898.06

0.77

0.02%

1,616.39

Tema

3,690.17

5.09

0.14%

2,728.41

Calamos

3,666.13

26.37

0.72%

2,108.64

First Eagle

3,645.64

24.26

0.67%

2,147.10

Freedom

3,485.43

8.56

0.25%

800.36

Inspire

3,371.03

5.03

0.15%

508.51

Angel Oak

3,222.15

5.34

0.17%

944.69

MFS

3,171.16

16.55

0.52%

1,539.89

Thrivent

3,016.54

1.48

0.05%

160.09

DoubleLine

2,890.92

16.85

0.58%

604.63

Strive

2,866.30

0.00

0.00%

205.17

Bridgeway

2,830.41

0.00

0.00%

141.30

Federated Hermes

2,824.50

5.08

0.18%

1,008.13

Bluemonte

2,803.48

0.62

0.02%

514.48

Brown Advisory

2,742.58

4.97

0.18%

244.11

Motley Fool

2,736.37

2.14

0.08%

-95.93

2,597.23

-23.78

-0.92%

457.50

Davis

2,593.77

0.00

0.00%

297.26

Volatility Shares

2,520.49

-7.54

-0.30%

956.64

ROBO Global

2,486.54

4.16

0.17%

515.76

T-Rex

2,408.62

14.58

0.61%

7,877.28

Horizon

2,219.24

0.64

0.03%

207.49

Leverage Shares

2,208.91

10.84

0.49%

11,805.23

Rockefeller Capital Management

2,062.27

-0.84

-0.04%

123.23

Distillate

2,060.17

0.00

0.00%

-52.10

ERShares

2,054.20

-1.56

-0.08%

552.86

VistaShares

2,021.29

-5.35

-0.26%

983.22

Lazard

2,020.70

0.00

0.00%

998.90

Tortoise

1,913.17

-1.12

-0.06%

139.27

BlackRock

1,913.01

-20.24

-1.06%

-352.07

Touchstone

1,901.70

17.21

0.91%

683.34

Horizons

1,897.50

0.53

0.03%

472.84

AdvisorShares

1,783.70

0.00

0.00%

32.61

Portfolio Building Block

1,779.23

0.00

0.00%

1,664.86

Alger

1,728.22

-14.25

-0.82%

768.02

Vident

1,667.24

0.00

0.00%

0.37

Calvert

1,637.54

0.00

0.00%

227.63

TrueShares

1,518.55

1.90

0.13%

399.08

Meridian

1,457.83

0.03

0.00%

45.30

Return Stacked

1,445.67

9.92

0.69%

240.08

iPath

1,438.06

4.72

0.33%

9.83

HCM

1,411.97

-6.45

-0.46%

-8.41

Sapient

1,402.99

0.00

0.00%

-5.33

Kovitz

1,401.97

0.00

0.00%

14.90

Timothy

1,368.45

6.25

0.46%

131.60

Sterling Capital

1,348.37

40.33

2.99%

790.69

Allspring

1,339.06

0.00

0.00%

88.92

Burney

1,272.76

0.00

0.00%

62.70

CCM

1,257.18

1.04

0.08%

-12.97

Natixis

1,241.97

0.87

0.07%

283.77

ETRACS

1,234.51

0.00

0.00%

321.32

Wahed

1,212.59

0.00

0.00%

152.12

Oakmark

1,198.28

0.00

0.00%

175.55

Congress

1,171.09

0.00

0.00%

-7.41

Cohen & Steers

1,166.60

9.12

0.78%

568.21

Monarch

1,132.61

0.00

0.00%

193.32

Select

1,112.91

0.00

0.00%

134.91

REX

1,094.46

0.00

0.00%

169.06

Oneascent

1,085.03

0.00

0.00%

175.78

Macquarie

1,081.03

1.41

0.13%

296.10

USCF Advisers

1,080.96

-2.94

-0.27%

173.50

Panagram

1,069.69

0.00

0.00%

31.23

Summit Global Investments

1,051.08

0.88

0.08%

97.55

American Beacon

1,044.34

0.00

0.00%

532.39

US Global

1,037.01

-29.31

-2.83%

-41.43

CoRe

1,005.92

0.90

0.09%

110.80

BBH

993.65

-4.76

-0.48%

-47.62

Gotham

977.45

0.00

0.00%

36.88

Northern Trust

976.16

0.00

0.00%

45.47

Brandes

974.88

0.80

0.08%

74.57

Strategas

967.24

3.93

0.41%

443.33

AAM

959.85

1.51

0.16%

116.68

3Edge

889.05

1.32

0.15%

223.59

Teucrium

864.62

21.12

2.44%

580.45

Castellan

841.23

0.00

0.00%

41.02

InfraCap

840.29

0.88

0.11%

148.36

Zacks

839.01

14.46

1.72%

204.20

Range

837.80

-0.01

0.00%

86.00

SMI Funds

837.39

0.00

0.00%

46.90

Scharf

828.43

0.00

0.00%

-53.13

Twin Oak

812.64

0.00

0.00%

37.20

Thornburg

799.13

1.01

0.13%

342.88

Bushido

779.99

0.00

0.00%

32.91

SoFi

777.06

1.17

0.15%

47.75

Russell Investments

774.37

1.90

0.25%

183.45

Longview

770.18

0.00

0.00%

52.29

Strategy Shares

765.96

-0.68

-0.09%

-53.46

Convergence

761.09

4.44

0.58%

393.11

Corgi

756.11

1.74

0.23%

826.13

The Brinsmere Funds

740.75

0.00

0.00%

-19.96

Swan

733.24

-2.82

-0.39%

75.07

Baron

726.96

-27.54

-3.79%

280.40

Opus Capital Management

697.02

0.00

0.00%

-24.23

Tidal ETFs

685.23

-9.54

-1.39%

4.17

Day Hagan

684.66

0.00

0.00%

-56.46

Overlay Shares

684.20

0.00

0.00%

209.57

Barclays

670.09

0.00

0.00%

17.98

Counterpoint

661.48

0.00

0.00%

209.57

Procure

660.24

-8.01

-1.21%

563.31

LSV

644.91

0.12

0.02%

3.07

NPF

639.73

0.00

0.00%

0.70

RPAR

637.56

0.00

0.00%

-2.39

CoinShares

634.79

0.00

0.00%

-44.89

TappAlpha

632.65

4.70

0.74%

388.77

Brookstone

605.79

0.00

0.00%

-32.18

Nicholas

602.66

1.06

0.18%

238.15

Matthews

595.89

0.00

0.00%

93.48

F/m

594.74

0.50

0.08%

370.33

GQG Partners

591.25

2.10

0.35%

213.15

Arlington

587.22

0.00

0.00%

13.85

Parametric

586.46

1.35

0.23%

128.43

Applied Finance

586.42

-5.90

-1.01%

144.98

ClearBridge

585.23

-0.03

-0.01%

8.21

Elm

578.39

0.00

0.00%

39.79

FPA

575.74

0.19

0.03%

238.74

Max

555.25

0.00

0.00%

3.76

Kurv

553.83

0.00

0.00%

345.48

FundX

551.47

0.00

0.00%

47.87

FCF Advisors

547.77

0.00

0.00%

-328.07

Voya

542.39

0.00

0.00%

212.19

Anfield

531.93

0.70

0.13%

122.13

Vert

530.71

3.72

0.70%

33.17

Eventide

529.77

1.52

0.29%

153.24

Kensington

506.79

0.00

0.00%

157.05

Astoria

504.58

1.06

0.21%

103.82

Adaptive

498.84

3.26

0.65%

17.97

PlanRock

496.59

-0.14

-0.03%

79.27

Beyond

477.92

2.91

0.61%

113.71

REX Shares

460.12

0.00

0.00%

304.53

AXS Investments

455.09

0.98

0.21%

65.58

Myriad Capital

448.22

0.00

0.00%

6.27

Equable

444.38

26.35

5.93%

91.41

Toews

436.61

0.00

0.00%

16.76

Tweedy, Browne Co.

426.81

0.00

0.00%

170.51

Saba

426.73

0.00

0.00%

24.13

EA Series Trust

413.46

0.00

0.00%

99.83

Palmer Square

411.91

0.00

0.00%

220.73

Westwood

409.34

-0.05

-0.01%

164.15

Wisdom

385.22

-0.51

-0.13%

19.70

ClearShares

376.48

0.00

0.00%

-15.95

Subversive

368.21

0.00

0.00%

0.73

Pacific Funds

357.66

0.00

0.00%

242.82

Segall Bryant & Hamill

355.07

0.00

0.00%

13.87

Aberdeen

348.71

0.00

0.00%

83.73

Themes

343.79

2.23

0.65%

125.87

ROC

332.89

-0.82

-0.25%

-29.63

Canary

332.84

0.00

0.00%

107.89

MarketDesk

329.01

2.84

0.86%

203.37

CastleArk

327.46

0.04

0.01%

-8.06

Hedgeye

326.57

-1.91

-0.59%

196.43

Optimize

316.90

0.00

0.00%

25.37

Northern Funds

313.09

0.00

0.00%

180.15

Transamerica

310.30

0.00

0.00%

266.41

Essential 40

300.68

1.98

0.66%

73.75

Adasina

300.61

0.00

0.00%

6.27

Faith Investor Services

297.23

-1.58

-0.53%

80.82

Frontier

297.18

-0.01

0.00%

6.62

NestYield

297.10

1.88

0.63%

87.16

AGF

292.09

0.00

0.00%

65.76

Mango

288.03

-0.08

-0.03%

1,399.73

Bancreek

287.04

0.00

0.00%

88.64

Fairlead

286.25

0.00

0.00%

1.00

Amplius

278.29

0.00

0.00%

4.93

Nomura

277.46

0.00

0.00%

220.19

Quadratic

275.90

0.12

0.04%

-186.21

State Street

274.08

2.44

0.89%

110.37

Rareview Funds

268.31

-2.00

-0.75%

45.94

JLens

266.57

0.63

0.24%

37.61

EMQQ

264.51

0.05

0.02%

-26.67

THOR

260.52

-12.01

-4.61%

0.72

SRH

259.36

0.00

0.00%

-1.52

Tuttle Capital

254.30

0.51

0.20%

3,052.42

Little Harbor Advisors

253.05

-5.32

-2.10%

-4.30

Weitz

251.73

0.00

0.00%

119.82

21Shares

250.16

0.00

0.00%

34.70

Regan

247.14

0.00

0.00%

62.92

Cabana

246.64

3.38

1.37%

-59.38

Pathfinder

242.91

12.30

5.06%

238.29

Oak Funds

239.66

0.00

0.00%

-30.04

CresAlta

233.41

5.38

2.30%

7.23

Spear

229.79

1.22

0.53%

44.15

Hilton

226.69

2.25

0.99%

-11.14

Hashdex

226.19

0.00

0.00%

128.98

LeaderShares

225.38

0.00

0.00%

-98.99

Pabrai

221.73

0.00

0.00%

103.04

North Square

215.34

0.00

0.00%

157.64

Dana

214.07

0.00

0.00%

21.06

Towle

213.36

0.00

0.00%

87.99

Gadsden

207.77

0.00

0.00%

17.41

Madison

207.76

0.00

0.00%

-18.18

Guggenheim

203.88

2.51

1.23%

21.27

Parnassus Investments

198.14

0.00

0.00%

77.05

Unlimited

197.89

0.00

0.00%

102.29

BeeHive

195.97

0.00

0.00%

1.55

Argent

193.55

0.00

0.00%

15.72

DB

191.73

0.00

0.00%

-30.59

Alexis

185.79

0.00

0.00%

18.05

Obra

185.17

0.00

0.00%

114.24

McElhenny Sheffield

184.73

0.00

0.00%

30.68

OPAL

183.02

1.03

0.56%

47.30

Tremblant

182.65

0.00

0.00%

6.73

Adaptiv

182.62

-7.84

-4.29%

7.49

Leuthold

178.72

0.00

0.00%

33.78

Renaissance

178.24

0.00

0.00%

3.79

Gabelli

177.14

0.68

0.38%

62.16

Ballast

176.58

0.00

0.00%

2.19

Liberty One

171.87

0.00

0.00%

78.98

DFA

168.87

1.28

0.76%

146.19

Polen

168.66

0.00

0.00%

-161.30

Praxis

167.77

0.00

0.00%

18.46

Rayliant

166.11

1.77

1.07%

-39.60

RiverFront

163.70

0.00

0.00%

-20.49

DWS

163.41

0.00

0.00%

33.15

SoundWatch Capital

161.95

0.00

0.00%

-7.32

Shelton Capital

161.49

0.00

0.00%

94.58

Emerald

157.95

0.00

0.00%

16.27

Pictet

155.50

0.00

0.00%

76.32

Raymond James

154.40

0.00

0.00%

84.95

Hull

154.24

0.00

0.00%

12.08

ACV

152.80

0.00

0.00%

2.57

ETC

151.86

0.00

0.00%

-3.30

SWP

147.99

0.00

0.00%

9.25

Hoya

144.76

0.00

0.00%

6.31

The Future Fund

144.08

0.00

0.00%

5.44

WBI Shares

141.55

0.00

0.00%

-13.75

Absolute

140.51

0.00

0.00%

14.38

River1

139.93

0.00

0.00%

18.17

Genter Capital

138.57

0.00

0.00%

456.76

Impact Shares

132.10

-0.01

-0.01%

-12.15

Relative Sentiment

131.66

0.00

0.00%

54.00

Conductor Fund

128.69

0.00

0.00%

2.19

REX-Osprey

128.45

0.00

0.00%

-34.57

Donoghue Forlines

128.26

0.00

0.00%

64.72

Euclidean

127.35

0.00

0.00%

-24.48

Reckoner

125.95

0.00

0.00%

69.94

Texas Capital

122.09

0.00

0.00%

3.89

MC

119.67

0.00

0.00%

0.59

Impax

119.62

0.00

0.00%

-411.83

First Manhattan

116.75

0.00

0.00%

0.69

Altshares

116.23

-0.01

-0.01%

2.61

Sparkline

115.96

0.00

0.00%

23.51

STF

115.59

1.40

1.21%

-5.79

Clough

115.53

0.00

0.00%

16.45

Keating

114.63

0.00

0.00%

5.00

Founder

114.14

0.00

0.00%

97.44

Q3

111.60

0.00

0.00%

43.02

Academy

111.48

0.00

0.00%

25.92

Logan

110.35

0.00

0.00%

0.06

PLUS

108.48

0.00

0.00%

74.50

Miller

108.22

0.00

0.00%

12.88

Avos

107.62

0.00

0.00%

3.93

Indexperts

105.29

0.00

0.00%

-0.15

AOT

104.44

0.00

0.00%

0.51

Mohr Funds

104.35

0.00

0.00%

4.57

SmartETFs

101.68

0.00

0.00%

16.58

Sophus

100.44

0.00

0.00%

106.47

ARS

98.38

-0.99

-1.01%

1.01

Arin

96.39

0.00

0.00%

3.71

Sovereign's

96.10

0.00

0.00%

-8.66

Hennessy

93.86

0.00

0.00%

-8.35

Matrix

92.56

1.03

1.11%

-1.66

IDX

91.62

-0.99

-1.08%

9.59

Ocean Park

91.14

0.26

0.29%

41.58

Pinnacle

89.36

0.00

0.00%

34.05

Diamond Hill

89.33

0.00

0.00%

27.25

Affinity

89.08

0.00

0.00%

20.49

Jensen

88.76

0.00

0.00%

-34.02

Acuitas

87.97

0.00

0.00%

77.72

Smart

87.94

0.26

0.29%

1,093.30

ArrowShares

87.22

0.00

0.00%

6.46

Stone Ridge

82.94

0.00

0.00%

4.77

Fitzgerald

81.13

0.00

0.00%

81.97

WealthTrust

80.88

0.00

0.00%

11.15

BrandywineGLOBAL

80.51

0.00

0.00%

-60.45

Pzena

80.18

0.00

0.00%

41.17

Golden Eagle

78.87

0.00

0.00%

68.13

aberdeen

78.33

0.00

0.00%

-14.36

M.D. Sass

77.32

0.00

0.00%

6.49

SonicShares

73.93

0.00

0.00%

15.96

Carbon Collective

73.17

0.40

0.54%

7.83

BufferLABS

72.20

0.00

0.00%

4.95

Discipline Funds

72.20

0.25

0.35%

10.97

Performance Trust

69.86

0.00

0.00%

34.44

Symmetry Panoramic

69.10

-0.01

-0.01%

8.32

Moonvest

69.03

0.00

0.00%

43.70

Aztlan

69.01

0.00

0.00%

3.51

FM

68.27

0.00

0.00%

0.47

Anydrus

68.01

0.00

0.00%

11.89

Sound Income Strategies

67.46

0.00

0.00%

-4.41

PMV

67.15

-0.01

-0.02%

11.47

Cambiar Funds

66.60

-0.34

-0.51%

0.30

RAM

66.11

0.00

0.00%

6.50

Suncoast

64.03

0.00

0.00%

8.01

Peak

63.37

0.00

0.00%

7.17

WarCap

62.41

0.00

0.00%

13.42

Osprey

60.97

0.00

0.00%

-50.78

Warren

60.63

0.00

0.00%

14.64

Even Herd

59.88

0.00

0.00%

-2.60

North Shore

58.72

0.00

0.00%

-0.87

Man

58.02

0.00

0.00%

4.59

RiverNorth

57.88

0.00

0.00%

6.21

LOGIQ

55.41

0.00

0.00%

0.05

Sarmaya Partners

55.37

0.00

0.00%

35.68

Ritholtz

55.31

0.00

0.00%

7.18

Cullen

54.95

0.01

0.01%

12.55

CRM

54.63

0.28

0.51%

51.48

Breakwave

54.44

-1.26

-2.32%

-44.34

NETL

54.31

0.00

0.00%

5.85

Nelson

53.95

0.29

0.53%

6.52

UVA

52.84

0.00

0.00%

2.20

PL

52.56

0.00

0.00%

9.73

Worth Charting

51.38

0.00

0.00%

50.59

QRAFT

51.22

0.00

0.00%

-0.69

Franklin Templeton

50.09

0.00

0.00%

0.00

UBS

49.34

0.00

0.00%

0.00

Mairs & Power

47.70

0.00

0.00%

11.90

ChinaAMC

47.28

0.00

0.00%

31.22

Tuttle

46.20

0.00

0.00%

6.87

Crossmark

45.96

0.00

0.00%

7.05

Variant Perception

45.59

0.00

0.00%

5.84

TimesSquare

45.33

0.00

0.00%

40.11

Alternative Access

44.98

0.01

0.02%

2.51

India

44.36

0.01

0.01%

-4.47

Bridges

42.96

0.00

0.00%

-4.17

Dakota

42.77

0.00

0.00%

-0.01

Morgan Dempsey

42.24

0.00

0.00%

4.64

Stacked

42.20

0.00

0.00%

-28.21

Formidable

41.47

0.00

0.00%

-1.37

Goose Hollow

41.02

-1.52

-3.70%

-0.70

Cultivar

40.47

0.00

0.00%

2.59

RAFI Indices

39.42

0.00

0.00%

-2.14

Man GLG

38.74

0.00

0.00%

1.63

Chesapeake

38.60

0.00

0.00%

38.21

Peerless

38.51

0.00

0.00%

12.56

Concourse

37.85

0.00

0.00%

1.45

Guru

37.20

0.00

0.00%

-0.98

Tactical Funds

36.49

0.00

0.00%

1.56

Grizzle

35.12

0.00

0.00%

13.02

ZEGA

34.92

0.00

0.00%

-1.75

Bastion

34.73

0.00

0.00%

3.14

ADRhedged

33.98

-0.61

-1.80%

11.32

Advent

32.57

0.00

0.00%

3.76

The Nightview

31.78

0.00

0.00%

1.50

Acquirers Fund

31.30

0.00

0.00%

-3.84

Point Bridge Capital

30.99

0.00

0.00%

-2.77

OTG

28.82

0.00

0.00%

4.28

Core Alternative

27.52

0.00

0.00%

-9.90

MUFG

25.19

0.00

0.00%

0.94

Intelligent Investor

23.70

0.00

0.00%

-0.85

Manzil

23.57

0.00

0.00%

20.03

NovaTide

22.18

0.00

0.00%

8.20

Defender

21.64

0.00

0.00%

21.25

Brendan Wood

21.28

0.00

0.00%

0.00

Draco

21.16

0.00

0.00%

-2.75

Wedbush

20.81

0.00

0.00%

19.63

FMQQ

20.61

0.00

0.00%

-2.83

DGA

20.48

0.00

0.00%

-0.01

Vegashares

20.08

0.00

0.00%

20.31

AMG Funds

20.02

0.00

0.00%

9.52

Altrius

19.83

0.00

0.00%

3.77

GGM

19.48

0.00

0.00%

0.74

StockSnips

19.17

0.00

0.00%

-1.02

Yorkville

17.81

0.00

0.00%

14.29

Atlas

17.71

0.00

0.00%

0.01

Leatherback

17.68

0.00

0.00%

-5.25

Alki

17.55

0.00

0.00%

17.34

iMGP

17.39

0.00

0.00%

7.48

Rainwater

17.28

0.00

0.00%

-1.96

Pareto

16.92

0.00

0.00%

2.38

DAC

15.78

0.00

0.00%

3.11

Humilis

15.34

0.00

0.00%

15.09

Clockwise Capital

15.23

0.00

0.00%

3.85

Archer Funds

14.35

0.00

0.00%

10.12

MKAM

13.10

0.00

0.00%

0.61

Free Market

12.74

0.00

0.00%

-6.35

Build

12.51

0.00

0.00%

1.27

CLS

12.17

0.00

0.00%

9.12

Alpha

11.95

0.00

0.00%

-0.01

Arimathea

11.92

0.00

0.00%

12.02

Billionaires

11.61

0.76

6.52%

11.45

Ionic

11.35

0.00

0.00%

0.97

Truth Social

11.01

0.00

0.00%

8.35

WEBs

10.74

0.00

0.00%

6.89

FINQ

10.66

0.00

0.00%

9.77

MRBL

10.56

0.00

0.00%

3.84

Measured Risk Portfolios

10.32

0.00

0.00%

7.26

SanJac Alpha

10.02

0.00

0.00%

4.78

Hypatia Capital

9.98

0.00

0.00%

1.76

Oasis

9.98

0.00

0.00%

2.95

FolioBeyond

9.96

0.00

0.00%

0.00

Armada ETF Advisors

9.73

0.00

0.00%

-1.70

Amana

9.73

0.00

0.01%

8.40

ETFB

9.67

0.00

0.00%

1.00

Coastal

9.27

0.00

0.00%

2.87

Vontobel

9.00

0.00

-0.01%

-0.01

GSR

8.48

0.00

0.00%

8.44

Fundsmith

7.78

0.00

0.00%

2.79

Armor

7.64

0.00

0.00%

7.29

Prospera Funds

7.59

0.00

0.00%

5.53

Onefund

7.42

0.00

0.00%

-0.75

WHITEWOLF

6.92

0.00

0.00%

0.47

Mason Capital

6.79

0.00

0.00%

0.30

Income STKd

6.52

0.00

0.00%

9.64

Reverb ETF

5.84

0.00

0.00%

0.00

Templeton

5.83

0.00

0.00%

0.00

Honeytree

5.71

0.00

0.00%

-2.70

ATAC

5.70

0.00

0.00%

-0.39

USCF

5.22

0.00

0.00%

-1.51

X-Square

5.14

-1.89

-36.76%

0.68

Fidelity Advisor

4.96

0.00

0.00%

2.50

Ned Davis Research

4.54

0.00

0.00%

2.26

Kingsbarn

4.32

0.00

0.00%

-0.66

AllianceBernstein

4.25

0.00

0.00%

0.00

Wilmington Funds

3.49

0.00

0.00%

4.78

Abacus

3.31

0.00

0.00%

0.20

Arrow Funds

3.20

0.00

0.00%

-0.02

Horizon Kinetics

2.93

0.00

0.00%

2.66

Aura

2.89

0.00

0.00%

2.85

Hotchkis & Wiley

2.77

0.00

0.00%

0.01

CoreValues Alpha

2.46

0.00

0.00%

0.83

Ruk

2.21

0.00

0.00%

2.11

Langar

2.06

0.00

0.00%

-1.37

Milliman

1.99

0.00

0.00%

1.51

COtwo

1.82

0.00

0.00%

0.00

Cyber Hornet

1.53

0.00

0.00%

1.52

Climate Global

1.35

0.00

0.00%

0.90

xETFs

0.87

0.00

0.00%

0.00

Opportunistic

0.76

0.00

0.00%

-4.94

Fortuna

0.73

0.00

0.00%

0.00

TradersAI

0.70

0.00

0.00%

0.00

CORE16

0.62

0.00

-0.03%

-0.44

L&G

0.46

0.00

0.00%

0.48

Guinness Atkinson

0.42

0.00

0.00%

0.00

Skylar

0.39

0.00

0.00%

0.19

Deutsche X-trackers

0.14

0.00

0.00%

0.00

Harrison Street

0.00

0.00

0.00%

0.00

Baillie Gifford Funds

0.00

0.00

0.00%

0.00

CrossingBridge Funds

0.00

0.00

0.00%

-3.71

Stance

0.00

0.00

0.00%

0.00

Story Continues

ETF Issuer League Table

Welcome to the etf.com league table. On this page, you'll find the U.S. ETF market through different lenses: brand and issuer. What's the difference? The brand is what the ETF says on the tin. For example, "iShares" is the brand of issuer "BlackRock's" ETFs. Because many issuers license their ETF infrastructure to third parties, we present the data in both ways. The identification of the correct brand and legal issuer is done by our key data provider, FactSet.

Issuer

AUM ($, mm)

Net Flows ($, mm)

% of AUM

YTD 2026 Net Flows($,M)

BlackRock, Inc.

4,580,363.30

-173.30

0.00%

321,967.49

Vanguard

4,523,873.07

2,085.35

0.05%

290,626.15

State Street

1,757,152.60

-1,409.72

-0.08%

34,853.99

Invesco

973,681.75

-2,469.06

-0.25%

52,192.40

Charles Schwab

584,654.89

-393.93

-0.07%

36,379.91

JPMorgan Chase

333,268.02

482.99

0.14%

41,420.63

Dimensional

301,720.16

235.40

0.08%

29,034.61

First Trust

278,645.73

18.05

0.01%

22,680.06

Fidelity

175,406.89

126.96

0.07%

18,850.61

AXS Investments

167,142.23

162.17

0.10%

53,163.74

VanEck

160,397.33

239.69

0.15%

12,127.83

World Gold Council

158,868.21

-296.24

-0.19%

-5,260.89

The Capital Group Companies

151,534.56

112.33

0.07%

34,979.28

American Century Investments

147,119.06

239.33

0.16%

30,231.70

ProShare Advisors LLC

121,241.31

-111.41

-0.09%

3,446.28

WisdomTree

97,727.93

12.51

0.01%

3,030.91

Mirae Asset Global Investments Co., Ltd.

93,019.00

54.11

0.06%

11,311.86

Rafferty Asset Management

72,496.56

-37.32

-0.05%

-11,344.10

Goldman Sachs

64,986.30

11.16

0.02%

8,010.82

Allianz

63,614.12

37.11

0.06%

26,301.23

Franklin Templeton

48,308.65

22.43

0.05%

9,340.10

Janus Henderson

44,634.62

-3.74

-0.01%

5,934.55

Pacer Advisors

40,787.89

-22.39

-0.05%

-896.92

Alpha Architect

35,885.12

10.91

0.03%

5,879.30

Innovator

35,067.10

33.72

0.10%

3,047.58

Prudential

34,546.75

158.27

0.46%

11,334.75

Roundhill Investments

32,716.28

663.53

2.03%

23,682.23

Deutsche Bank AG

32,706.49

29.04

0.09%

1,242.75

T. Rowe Price Group, Inc.

31,018.43

57.94

0.19%

8,088.23

Neos Investments LLC

30,773.76

52.47

0.17%

12,734.53

Northern Trust

26,868.02

4.40

0.02%

1,375.80

Victory Capital

23,841.57

41.73

0.18%

3,224.01

SS&C

22,242.49

9.35

0.04%

1,328.46

Amplify Investments

19,542.64

43.64

0.22%

1,842.38

Toroso Investments Topco LLC

19,526.44

203.38

1.04%

7,417.87

Morgan Stanley

19,173.55

8.75

0.05%

4,300.42

Tidal Investments LLC

19,060.31

17.53

0.09%

3,333.96

Abrdn Plc

18,919.60

6.05

0.03%

-970.74

BNY Mellon

18,279.65

44.78

0.24%

1,524.27

TIAA Board of Governors

17,995.18

3.14

0.02%

1,459.31

ARK Investment Management LP

15,866.24

-207.86

-1.31%

-1,087.45

Manulife

15,325.71

1.09

0.01%

5,507.45

Simplify

14,012.55

-8.47

-0.06%

2,241.13

Equitable

13,583.37

97.53

0.72%

3,022.29

Power Corporation of Canada

13,104.80

331.29

2.53%

5,036.62

Ameriprise Financial

12,908.05

0.00

0.00%

1,270.08

Principal

12,480.37

260.34

2.09%

3,055.90

GraniteShares

11,758.33

-101.30

-0.86%

-526.58

Exchange Traded Concepts

10,611.57

9.89

0.09%

1,374.56

1251 Capital Group Inc.

9,665.05

5.12

0.05%

1,266.81

Digital Currency Group, Inc.

8,965.28

0.00

0.00%

-2,016.29

CICC

8,798.01

65.71

0.75%

362.06

SEI Investments

8,795.44

752.10

8.55%

1,782.34

BMO

8,647.11

0.00

0.00%

389.81

Bondbloxx Investment Management Corp.

7,947.12

10.22

0.13%

4,903.12

New York Life

7,794.21

29.60

0.38%

1,294.69

The Hartford

7,724.17

1.95

0.03%

1,323.99

ORIX

7,580.33

12.54

0.17%

1,668.49

The TCW Group, Inc.

7,071.31

5.30

0.07%

1,554.55

Defiance ETFs

6,914.59

-14.99

-0.22%

1,243.84

Grayscale Investments LLC

6,730.67

6.56

0.10%

612.05

Virtus Investment Partners

5,953.65

-5.02

-0.08%

614.21

Grantham, Mayo, Van Otterloo & Co. LLC

5,828.46

1.36

0.02%

1,748.75

AllianceBernstein LP

5,656.04

1.25

0.02%

2,100.00

Aptus Capital Advisors

5,559.73

5.59

0.10%

163.46

Marygold

5,545.62

-77.78

-1.40%

1,012.28

Akre Capital Management LLC

5,188.35

-22.01

-0.42%

-3,109.31

Sprott

4,968.80

0.00

0.00%

1,144.17

Envestnet

4,798.03

0.00

0.00%

279.06

Bahl & Gaynor, Inc.

4,622.88

7.32

0.16%

1,756.99

Tuttle Capital Management LLC

4,592.45

-5.78

-0.13%

12,107.13

Main Management

4,544.29

4.27

0.09%

376.79

Eagle Capital Management LLC

4,426.74

0.00

0.00%

747.22

Bitwise Asset Management, Inc.

4,410.48

3.50

0.08%

401.22

Sun Life Financial, Inc.

4,131.02

18.06

0.44%

1,656.57

Eurazeo SA

3,950.56

0.77

0.02%

1,469.46

Neuberger Berman

3,933.92

3.79

0.10%

964.06

Cambria Investment Management LP

3,928.91

6.73

0.17%

309.60

Dawn Global Topco Ltd.

3,690.17

5.09

0.14%

2,728.41

Calamos Family Partners, Inc.

3,666.13

26.37

0.72%

2,108.64

BCP CC Holdings LP

3,622.25

24.26

0.67%

2,142.17

Inspire Impact Group LLC

3,371.03

5.03

0.15%

508.51

Angel Oak Cos. LLC

3,186.85

5.34

0.17%

927.86

Thrivent Financial for Lutherans

3,016.54

1.48

0.05%

160.09

Doubleline ETF Holdings LP

2,890.92

16.85

0.58%

604.63

Federated Hermes, Inc.

2,824.50

5.08

0.18%

1,008.13

Brown Advisory Management LLC

2,742.58

4.97

0.18%

244.11

The Motley Fool

2,736.37

2.14

0.08%

-95.93

Themes ETF

2,604.05

13.35

0.51%

11,979.79

Davis Advisers

2,593.77

0.00

0.00%

297.26

Acp Horizon Holdings LP

2,548.88

1.17

0.05%

684.60

Groupe BPCE

2,440.24

0.87

0.04%

459.32

The Charles Schwab Corp.

2,285.80

-9.05

-0.40%

779.40

Focus Financial Partners, Inc

2,172.15

0.00

0.00%

67.19

Volatility Shares LLC

2,154.08

-7.54

-0.35%

770.26

Barclays

2,108.15

4.72

0.22%

27.81

Distillate Capital

2,060.17

0.00

0.00%

-52.10

Capital Impact Advisors

2,054.20

-1.56

-0.08%

552.86

Lazard, Inc.

2,020.70

0.00

0.00%

998.90

Tortoise

1,913.17

-1.12

-0.06%

139.27

Western & Southern Mutual Holding Co.

1,901.70

17.21

0.91%

683.34

WisdomTree, Inc.

1,871.57

2.86

0.15%

1,054.79

AdvisorShares

1,783.70

0.00

0.00%

32.61

Alger

1,728.22

-14.25

-0.82%

768.02

MM VAM LLC

1,670.08

0.00

0.00%

0.37

Horizon Kinetics

1,542.56

0.00

0.00%

-5.48

First Trust Advisors LP

1,452.54

7.85

0.54%

1,275.44

Timothy Plan

1,368.45

6.25

0.46%

131.60

Allspring Group Holdings LLC

1,339.06

0.00

0.00%

88.92

Howard Capital Management Inc.

1,335.52

-6.45

-0.48%

-8.70

UBS

1,283.86

0.00

0.00%

321.32

Wahed

1,212.59

0.00

0.00%

152.12

Aptus Holdings LLC

1,184.99

-129.30

-10.91%

371.78

Lagan Holding Co. Trust

1,171.09

0.00

0.00%

-7.41

Cohen & Steers, Inc. (New York)

1,166.60

9.12

0.78%

568.21

TrueMark Group

1,144.38

2.94

0.26%

83.03

Kingsview Partners LLC

1,132.61

0.00

0.00%

193.32

Oneascent Holdings LLC

1,085.03

0.00

0.00%

175.78

Wedbush Fund Advisers LLC

1,073.01

0.00

0.00%

-73.64

NZC Capital LLC

1,069.69

0.00

0.00%

31.23

Twin Oak Holdings LP

1,052.30

0.00

0.00%

7.16

Summit Global LLC

1,051.08

0.88

0.08%

97.55

US Global Investors

1,037.01

-29.31

-2.83%

-41.43

Delaware Management Company Inc

1,024.75

1.41

0.14%

571.97

Brown Brothers Harriman

993.65

-4.76

-0.48%

-47.62

Brandes Worldwide Holdings

974.88

0.80

0.08%

74.57

Baird Financial Group Inc.

967.24

3.93

0.41%

443.33

Resolute Investment Managers, Inc.

956.61

0.00

0.00%

522.26

CI Financial

906.54

0.00

0.00%

61.75

3EDGE Asset Management LP

889.05

1.32

0.15%

223.59

Northern Trust Corp.

872.63

0.00

0.00%

0.41

Zacks

839.01

14.46

1.72%

204.20

Scharf Investments LLC

828.43

0.00

0.00%

-53.13

Thornburg Investment Management

799.13

1.01

0.13%

342.88

REX Shares LLC

789.61

0.00

0.00%

151.65

Russell Investments Group Ltd.

774.37

1.90

0.25%

183.45

Corgi Insurance Services, Inc.

771.09

1.74

0.23%

839.68

Rational Advisors Inc.

765.96

-0.68

-0.09%

-53.46

Convergence Investment Partners, LLC

761.09

4.44

0.58%

393.11

Estate Counselors LLC

740.75

0.00

0.00%

-19.96

Swan Global Investments

733.24

-2.82

-0.39%

75.07

Baron Capital Group

726.96

-27.54

-3.79%

280.40

AB Holding

704.46

0.00

0.00%

-3.38

Affiliated Managers Group

690.30

0.00

0.00%

297.19

Liquid Strategies

684.20

0.00

0.00%

209.57

The Burney Co.

682.79

0.00

0.00%

33.22

Teucrium

669.02

5.72

0.86%

436.27

Counterpoint Mutual Funds LLC

661.48

0.00

0.00%

209.57

ProcureAM

660.24

-8.01

-1.21%

563.31

Day Hagan Asset Management

646.44

0.00

0.00%

-52.85

FCF Advisors

642.18

0.00

0.00%

-277.43

Norris, Perne & French LLP

639.73

0.00

0.00%

0.70

Coinshares International Ltd.

634.79

0.00

0.00%

-44.89

Tapp Finance, Inc.

632.65

4.70

0.74%

388.77

Anfield Group

621.01

0.70

0.11%

142.63

AmeriLife

605.79

0.00

0.00%

-32.18

3Fourteen & SMI Advisory Services LLC

595.95

0.00

0.00%

50.25

Matthews International Capital Management

595.89

0.00

0.00%

93.48

Sterling Capital Management LLC

594.89

16.68

2.80%

119.35

GQG Partners Inc

591.25

2.10

0.35%

213.15

Killir Kapital Management LLC

588.71

1.91

0.32%

1,473.47

Arlington Capital Ltd.

587.22

0.00

0.00%

13.85

Applied Finance Group

586.42

-5.90

-1.01%

144.98

Cygnet Capital LLC

578.39

0.00

0.00%

39.79

First Pacific Advisors LP

575.74

0.19

0.03%

238.74

Truemark Group LLC

568.24

0.00

0.00%

365.44

Vert Asset Management LLC

530.71

3.72

0.70%

33.17

Eventide Asset Management, LLC

529.77

1.52

0.29%

153.24

Rex Advisers LLC

528.60

0.00

0.00%

96.29

Hedgeye Risk Management LLC

512.60

-1.91

-0.37%

307.51

Kensington Asset Management LLC

506.79

0.00

0.00%

157.05

Guardian Capital Group Ltd.

500.99

0.00

0.00%

448.54

Adaptive Investments

498.84

3.26

0.65%

17.97

PlanRock Wealth Management LLC

496.59

-0.14

-0.03%

79.27

TFG Parent Holdings LLC

451.64

27.66

6.12%

557.26

Myriad Asset Management Advisors LLC

448.22

0.00

0.00%

6.27

RDJ Associates LLC

444.38

26.35

5.93%

91.41

Toews Corp.

436.61

0.00

0.00%

16.76

Palmer Square Holdings LLC

411.91

0.00

0.00%

220.73

ShariaPortfolio, Inc.

410.84

2.41

0.59%

173.13

Westwood Holdings Group, Inc.

409.34

-0.05

-0.01%

164.15

Spend Life Wisely Co., Inc.

385.22

-0.51

-0.13%

19.70

ClearShares LLC

376.48

0.00

0.00%

-15.95

Rex Financial LLC

371.08

0.00

0.00%

197.07

Corpus Partners LLC

366.40

0.00

0.00%

186.38

Pacific Investments Ltd.

357.66

0.00

0.00%

242.82

Kurv Investment, Inc.

334.50

0.00

0.00%

280.67

Running Oak Capital LLC

332.89

-0.82

-0.25%

-29.63

Canary Capital Group, Inc.

332.84

0.00

0.00%

107.89

CastleArk Management LLC

327.46

0.04

0.01%

-8.06

Macquarie Group Ltd

327.45

0.00

0.00%

-56.92

Aegon

310.30

0.00

0.00%

266.41

Voya Financial, Inc.

309.73

0.00

0.00%

200.43

The Hartford Insurance Group, Inc.

308.41

0.00

0.00%

59.75

Faith Investor Services LLC

297.23

-1.58

-0.53%

80.82

Frontier Asset Management LLC

294.34

-0.01

0.00%

6.62

AGF

292.09

0.00

0.00%

65.76

F/m Investments LLC

291.81

0.00

0.00%

254.11

Cary Street Partners Financial LLC /VA/

286.25

0.00

0.00%

1.00

Optimize Financial Inc.

270.75

0.00

0.00%

10.09

Neil Azous Revocable Trust

268.31

-2.00

-0.75%

45.94

Paralel Technologies LLC

259.36

0.00

0.00%

-1.52

Infrastructure Capital Advisors LLC

258.75

0.00

0.00%

133.62

Little Harbor Advisors

253.05

-5.32

-2.10%

-4.30

Weitz Investment Management, Inc.

251.73

0.00

0.00%

119.82

Regan Capital, LLC

247.14

0.00

0.00%

62.92

Graff Capital

242.91

12.30

5.06%

238.29

Marathon Partners LLC

241.44

0.00

0.00%

-3.35

AMG National Corp.

233.41

5.38

2.30%

7.23

Spear Advisors LLC

229.79

1.22

0.53%

44.15

Sterling Fund Management LLC

227.21

23.66

10.41%

218.43

Redwood

225.38

0.00

0.00%

-98.99

Clipper Holding LP

223.91

0.00

0.00%

15.83

Dhandho Holdings LP

221.73

0.00

0.00%

103.04

Kurv Investment Management LLC

219.33

0.00

0.00%

64.81

Rayliant

213.39

1.77

0.83%

-8.37

Hashdex Ltd.

211.55

0.00

0.00%

123.42

Teucrium Trading LLC

211.29

15.40

7.29%

168.02

Madison Investment Holdings, Inc.

207.76

0.00

0.00%

-18.18

Guggenheim Capital LLC

203.88

2.51

1.23%

21.27

Thor Trading Advisors LLC

200.37

-12.01

-5.99%

-6.80

Mcivy Co. LLC

191.41

0.00

0.00%

458.97

Beyond Investing

186.54

0.00

0.00%

8.62

Alexis Investment Partners LLC

185.79

0.00

0.00%

18.05

Tremblant Capital

182.65

0.00

0.00%

6.73

Client First Investment Management LLC

182.62

-7.84

-4.29%

7.49

Obra Capital, Inc.

180.09

0.00

0.00%

114.24

Grayscale Operating LLC

180.01

0.00

0.00%

-59.48

The Leuthold Group LLC

178.72

0.00

0.00%

33.78

Renaissance Capital

178.24

0.00

0.00%

3.79

GAMCO Investors, Inc.

177.14

0.68

0.38%

62.16

Inverdale Capital Management LLC

176.58

0.00

0.00%

2.19

Belpointe

174.52

0.29

0.17%

28.14

818, Inc.

171.87

0.00

0.00%

78.98

Everence Holdings Inc.

164.04

0.00

0.00%

14.79

Soundwatch Capital LLC

161.95

0.00

0.00%

-7.32

Shelton Capital Management

161.49

0.00

0.00%

94.58

Unlimited Funds, Inc.

157.65

0.00

0.00%

88.61

Amun Holdings Ltd.

156.25

0.00

0.00%

-46.45

Pictet & Partners

155.50

0.00

0.00%

76.32

Astoria Portfolio Advisors LLC

154.90

1.06

0.69%

31.25

Raymond James Financial

154.40

0.00

0.00%

84.95

Hull Investments LLC

154.24

0.00

0.00%

12.08

Ridgeline Research LLC

152.80

0.00

0.00%

2.57

SWP Investment Management LLC

147.99

0.00

0.00%

9.25

Pettee Investors

144.76

0.00

0.00%

6.31

Future Fund Advisors

144.08

0.00

0.00%

5.44

WBI

141.55

0.00

0.00%

-13.75

Absolute Investment Advisers LLC

140.51

0.00

0.00%

14.38

Sound Capital Solutions LLC

139.93

0.00

0.00%

18.17

Peakshares LLC

137.28

0.00

0.00%

20.01

Wellington Management Group LLP

135.82

0.63

0.46%

50.21

Azimut Holding SpA

135.68

0.00

0.00%

135.04

Polen Capital Management LLC

133.54

0.00

0.00%

-6.88

IronHorse Holdings

128.69

0.00

0.00%

2.19

Texas Capital Bancshares, Inc.

122.09

0.00

0.00%

3.89

Impax Asset Management Group

119.62

0.00

0.00%

-411.83

First Manhattan Co.

116.75

0.00

0.00%

0.69

Water Island Capital

116.23

-0.01

-0.01%

2.61

Stf Management LP

115.59

1.40

1.21%

-5.79

Clough Capital Partners LLC

115.53

0.00

0.00%

16.45

Q3 Asset Management Corp.

111.60

0.00

0.00%

43.02

Logan Capital Management Inc.

110.35

0.00

0.00%

0.06

Avos Capital Management, LLC

107.62

0.00

0.00%

3.93

Indexperts LLC

105.29

0.00

0.00%

-0.15

Community Capital Management, Inc.

104.65

-0.02

-0.02%

-6.31

Retireful LLC

104.35

0.00

0.00%

4.57

Guinness Atkinson Asset Management

102.09

0.00

0.00%

16.58

Granite Group Advisors LLC

99.02

42.38

42.80%

42.38

Artemis Corp.

98.38

-0.99

-1.01%

1.01

Man Group Plc (Jersey)

96.77

0.00

0.00%

6.22

Sovereign's Capital Management LLC

96.10

0.00

0.00%

-8.66

Sparkline Capital LP

95.33

0.00

0.00%

19.60

Corgi Strategies LLC

94.83

0.00

0.00%

80.63

Miller Value Partners LLC

94.07

0.00

0.00%

0.30

Hennessy Advisors

93.86

0.00

0.00%

-8.35

IDX Advisors LLC

91.62

-0.99

-1.08%

9.59

Ocean Park Asset Management LLC

91.14

0.26

0.29%

41.58

Arrow Funds

90.42

0.00

0.00%

6.44

Diamond Hill Investment Group

89.33

0.00

0.00%

27.25

Jensen Investment Management, Inc.

88.76

0.00

0.00%

-34.02

Acuitas Investments LLC

87.97

0.00

0.00%

77.72

Stone Ridge Holdings Group LP

82.94

0.00

0.00%

4.77

Argent Capital Management

81.92

0.00

0.00%

13.45

WealthTrust Asset Management LLC

80.88

0.00

0.00%

11.15

Pzena Investment Management LP

80.18

0.00

0.00%

41.17

NSI Holdings, Inc.

79.66

0.00

0.00%

22.60

Brookmont Capital Management LLC

78.92

0.00

0.00%

44.74

Golden Eagle Asset Management Co., Ltd.

78.87

0.00

0.00%

68.13

M. D. Sass LLC

77.32

0.00

0.00%

6.49

Falconx Holdings Ltd.

76.82

0.00

0.00%

56.99

Argent Holdings, Inc.

76.45

0.00

0.00%

0.29

Impact Shares

76.21

0.00

0.00%

1.45

Milliman, Inc.

74.60

0.00

0.00%

14.93

Core Alternative Capital

73.67

0.00

0.00%

5.38

Public Trust Advisors LLC

69.86

0.00

0.00%

34.44

Symmetry Partners, LLC

69.10

-0.01

-0.01%

8.32

Moonvest LLC

69.03

0.00

0.00%

43.70

FMC Group Holdings LP

68.27

0.00

0.00%

0.47

Sammons Enterprises, Inc.

67.78

0.00

0.00%

-9.86

PMV Capital LLC

67.15

-0.01

-0.02%

11.47

Grace Partners of Dupage LP

66.61

0.00

0.00%

62.97

Cambiar Holdings

66.60

-0.34

-0.51%

0.30

Reflection Asset Management, LLC

66.11

0.00

0.00%

6.50

Suncoast Equity Management LLC

64.03

0.00

0.00%

8.01

Warren Capital Management, Inc.

62.41

0.00

0.00%

13.42

Redbird Capital Partners Alternative Holdings LLC

60.97

0.00

0.00%

59.93

Osprey Funds LLC

60.97

0.00

0.00%

-50.78

Thor Analytics LLC

60.15

0.00

0.00%

7.52

Split Rock Private Trading & Wealth Management LLC

58.72

0.00

0.00%

-0.87

Sarmaya Partners LLC

55.37

0.00

0.00%

35.68

Cullen Capital Management LLC

54.95

0.01

0.01%

12.55

ETFMG

54.44

-1.26

-2.32%

-44.34

Worth Charting Group LLC

51.38

0.00

0.00%

50.59

Mairs & Power, Inc.

47.70

0.00

0.00%

11.90

RiverNorth Holdings Co.

46.83

0.00

0.00%

4.13

AG Financial Services Group

45.96

0.00

0.00%

7.05

Alternative Access Funds LLC

44.98

0.01

0.02%

2.51

Dakota Wealth Management LLC

42.77

0.00

0.00%

-0.01

Formidable Asset Management

41.47

0.00

0.00%

-1.37

Goose Hollow Capital Management LLC

41.02

-1.52

-3.70%

-0.70

Bancreek Capital Management LP

40.70

0.00

0.00%

27.76

Cultivar Capital, Inc.

40.47

0.00

0.00%

2.59

Donald L. Hagan LLC

38.22

0.00

0.00%

-3.61

Concourse Capital Advisors LLC

37.85

0.00

0.00%

1.45

Brookfield Asset Management Ltd.

35.30

0.00

0.00%

16.83

Reckoner Capital Management LLC

35.06

0.00

0.00%

7.51

Precidian Investments LLC

33.98

-0.61

-1.80%

11.32

Donoghue Forlines LLC

33.84

0.00

0.00%

14.08

Advent Capital Management LLC

32.57

0.00

0.00%

3.76

Nightview Capital LLC

31.78

0.00

0.00%

1.50

Power Financial Corp.

31.48

0.00

0.00%

11.27

Acquirers Funds

31.30

0.00

0.00%

-3.84

Point Bridge Capital

30.99

0.00

0.00%

-2.77

Redbird Capital Partners LP

29.92

0.00

0.00%

2.51

S.C.M. Edge, LLC

29.10

0.00

0.00%

14.84

Msc Group SA

28.82

0.00

0.00%

4.28

Yorkville America LLC

28.82

0.00

0.00%

22.65

Horizon Kinetics Holding Corp.

28.21

0.00

0.00%

3.86

Carbon Collective Investing LLC

26.49

0.40

1.50%

3.82

Le Mouvement des caisses Desjardins

25.27

0.00

0.00%

4.38

Mitsubishi UFJ Financial Group Inc.

25.19

0.00

0.00%

0.94

Dvx Ventures LLC

24.56

0.00

0.00%

6.15

Sound Capital Holdings LLC

23.85

0.00

0.00%

23.36

Manzil Mortgage Services, Inc.

23.57

0.00

0.00%

20.03

First Eagle Investment Management LLC

21.70

0.00

0.00%

4.22

Nuveen Securities LLC

21.27

0.00

0.00%

5.41

Wedbush Family Partners LLC

20.81

0.00

0.00%

19.63

American Beacon Advisors, Inc.

19.95

0.00

0.00%

20.00

Grant/GrossMendelsohn LLC

19.48

0.00

0.00%

0.74

Vega Financial Group, LLC

17.97

0.00

0.00%

17.86

Atlas Capital Team, Inc.

17.71

0.00

0.00%

0.01

Nicholas Wealth LLC

15.71

0.00

0.00%

18.46

Clockwise Capital LLC

15.23

0.00

0.00%

3.85

Archer Investment Corp.

14.35

0.00

0.00%

10.12

SS&C Technologies Holdings, Inc.

14.15

0.00

0.00%

15.25

Wellesley Asset Management, Inc.

14.15

0.00

0.00%

12.58

Build Asset Management LLC

12.51

0.00

0.00%

1.27

WEBs Investments, Inc.

12.19

0.00

0.00%

5.62

Arimathea Corp.

11.92

0.00

0.00%

12.02

Dana Investment Advisors, Inc.

11.90

0.00

0.00%

10.09

Measured Risk Portfolios, Inc.

10.32

0.00

0.00%

7.26

LionShares LLC

10.02

0.00

0.00%

3.21

Saracen Energy Advisors LP

10.02

0.00

0.00%

4.78

Hypatia Capital Group LLC

9.98

0.00

0.00%

1.76

Saturna Capital Corp.

9.73

0.00

0.01%

8.40

Defiance Group Holdings LLC

9.41

0.00

0.00%

9.46

Vontobel Holding AG

9.00

0.00

-0.01%

-0.01

CYBER HORNET ETFs LLC

8.95

0.00

0.00%

0.76

8.63

0.00

0.00%

0.61

Framework Digital Advisors LLC

8.48

0.00

0.00%

8.44

The Eighth Wonder Foundation

7.78

0.00

0.00%

2.79

Prospera Funds, Inc.

7.59

0.00

0.00%

5.53

Albert D. Mason, Inc.

6.79

0.00

0.00%

0.30

Nomura Holdings

6.30

0.00

0.00%

1.25

ARK Invest LLC

6.02

0.00

0.00%

45.13

Distribution Cognizant LLC

5.84

0.00

0.00%

0.00

Founder ETFs LLC

5.16

0.00

0.00%

4.10

X-Square Capital

5.14

-1.89

-36.76%

0.68

Reverence Capital Partners LLC

5.08

0.00

0.00%

0.00

Epiris Managers LLP

4.54

0.00

0.00%

2.26

Kingsbarn Capital Management LLC

4.32

0.00

0.00%

-0.66

Everence Association, Inc.

3.74

0.00

0.00%

3.66

Abacus Life, Inc.

3.31

0.00

0.00%

0.20

The BAD Investment Company

3.28

0.00

0.00%

2.80

HWCap Holdings LLC

2.77

0.00

0.00%

0.01

AOT Invest LLC

2.32

0.00

0.00%

0.90

Langar Investment Management LLC

2.06

0.00

0.00%

-1.37

Hexis Capital Management Ltd.

1.75

0.00

0.00%

1.78

21Shares AG

1.41

0.00

0.00%

0.32

Fortuna Funds LLC

0.73

0.00

0.00%

0.00

Colliers International Group, Inc.

0.00

0.00

0.00%

0.00

Baillie Gifford & Co.

0.00

0.00

0.00%

0.00

Cohanzick Management

0.00

0.00

0.00%

-3.71

ONEFUND LLC

0.00

0.00

0.00%

0.00

Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.

Permalink | © Copyright 2026 etf.com. All rights reserved

打开原文

加密市场结构法案再议伦理条款

重要性3/5 中

监管议题与COIN、CRCL相关且时效较强，但原文严重不完整，证据价值受限。

标签

标的：`CRCL`来源：Investor's Business Daily发布日期：2026-07-16重要性：3/5 中评级理由：监管议题与COIN、CRCL相关且时效较强，但原文严重不完整，证据价值受限。评级依据：timeliness, regulatory_relevance原文字数：78

中文摘要

核心结论

美国总统特朗普将与参议员讨论Clarity Act（加密资产市场结构法案）的伦理争议，为潜在的下周参议院表决寻找推进路径。预测市场当时给出的通过概率为41%，显示结果仍存在较大不确定性。

重要性评级

评级：3/5（中）

法案与COIN、CRCL的监管环境直接相关，但存档正文只有导语，缺少会议名单、法案条款和概率来源细节。

关键事实

• 特朗普计划参加围绕Clarity Act伦理问题的关键会议。
• 讨论发生在潜在的下周参议院表决之前。
• 标题所引预测市场通过概率为41%。
• 关联标的包括Coinbase（COIN）和Circle（CRCL）。

作者观点与证据

文章暗示总统参与可能提高法案推进机会，但存档没有提供会议结果或立法票数。41%概率属于预测市场定价，不能等同于正式票数统计。

与相关标的的关系

COIN和CRCL的合规成本、业务边界及机构采用预期可能受市场结构立法影响；当前材料不足以判断具体条款对两家公司收入的方向和幅度。

时效性与限制

文章发布于美东时间 07/16 16:09（UTC+8 07/17 04:09）。原文仅保留简短导语并提示继续阅读，信息完整性较低。

后续跟踪

• 会议是否形成伦理条款共识。
• 参议院表决时间和支持票数。
• 法案最终文本对交易平台与稳定币发行方的要求。
• 预测市场概率随立法进展的变化。

英文原文

Trump To Attend Key Meeting For Clarity Act. Prediction Markets See A 41% Chance Of Passing.

Trump To Attend Key Meeting For Clarity Act. Prediction Markets See A 41% Chance Of Passing.

Trump To Attend Key Meeting For Clarity Act. Prediction Markets See A 41% Chance Of Passing. · Investor's Business Daily

HARRISON MILLER

Fri, July 17, 2026 at 4:09 AM GMT+8 5 min read

• CRCL

-0.30%

• COIN

-2.10%

the president will meet to discuss ethics concerns regarding the Clarity Act ahead of a potential Senate vote next week.

Continue Reading

打开原文

台积电支出上调冲击SOXL

重要性4/5 中高

直接对应SOXL的大幅波动，并用台积电一手财务数字解释触发因素，盘中价格和因果判断仍有局限。

标签

标的：`SOXL`来源：Motley Fool发布日期：2026-07-16重要性：4/5 中高评级理由：直接对应SOXL的大幅波动，并用台积电一手财务数字解释触发因素，盘中价格和因果判断仍有局限。评级依据：timeliness, evidence_strength, fact_density原文字数：639

中文摘要

核心结论

台积电第二季度收入和利润强劲，但年度资本开支预期从约540亿美元升至至少600亿美元，自由现金流显著低于利润；半导体股下跌经SOXL三倍每日杠杆放大，使该基金07/16盘中跌14.5%。

重要性评级

评级：4/5（中高）

文章直接解释SOXL单日大跌，并给出台积电财务和资本开支数字；其“人工智能投入难以回收”的解释属于市场担忧，未由台积电订单或客户回报数据证实。

关键事实

• 07/16美东下午约14:30，纳斯达克指数下跌约1.3%，SOXL下跌14.5%；标准化时刻为美东时间 07/16 14:30（UTC+8 07/17 02:30）。
• 台积电第二季度收入394亿美元，同比增长33%。
• 台积电利润219亿美元，同比增长77%，高于分析师预期。
• 标普全球市场财智数据显示，自由现金流为89亿美元，明显低于会计利润。
• 台积电此前预计2026年资本开支约540亿美元，随后上调至至少600亿美元。
• NVDA、MU和INTC当日均出现个位数跌幅。
• SOXL目标为纽约证券交易所半导体指数每日回报的三倍，单日板块下跌会被放大。
• 文章发布于美东时间 07/16 15:21（UTC+8 07/17 03:21）。

作者观点与证据

作者认为资本开支上调及现金流落后于利润引发市场对人工智能基础设施经济回报的担忧，并据此解释SOXL的放大跌幅。财报和基金杠杆机制是直接证据；“人工智能革命可能因成本失速”属于作者的情景化表述，原文没有客户收入、订单取消或产能利用率证据。

与相关标的的关系

SOXL通过每日三倍杠杆放大台积电、NVDA、MU和INTC等半导体股票的日内变化。其多日回报受每日复位和波动路径影响，不能简单按基础指数累计涨跌乘以三计算。

时效性与限制

文章为07/16盘中稿，14.5%跌幅不是收盘结果。文末含Motley Fool订阅推广，且未讨论SOXL当日再平衡、衍生品成本或具体指数权重。

后续跟踪

• 台积电600亿美元以上资本开支的设备与产能分配。
• 自由现金流、毛利率和先进制程利用率。
• SOXL每日复位后的跟踪误差与路径损耗。
• 云厂商人工智能支出的收入回报。

英文原文

Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed

Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed

Rich Smith, The Motley Fool

Fri, July 17, 2026 at 3:21 AM GMT+8 3 min read

• ^IXIC

-1.40%

• TSM

-2.77%

• SOXL

-4.92%

• NVDA

-2.21%

It's Thursday, 2:30 p.m., and do you know where the Nasdaq is?

It's down about 1.3% -- but the Direxion Daily Semiconductor Bull 3X Shares ETF (NYSEMKT: SOXL) is down much, much more, collapsing 14.5% as investors react to some caveats in Taiwan Semiconductor Manufacturing Company 's (NYSE: TSM) otherwise blockbuster Q2 earnings report.

Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »

Image source: Getty Images.

TSMC spooks the market

On the surface, everything seems to be going swimmingly for TSMC . Q2 revenue jumped 33% to $39.4 billion. Profits did even better, blowing past analyst estimates by growing 77% year over year to $21.9 billion.

Free cash flow came in significantly weaker than reported earnings, however, at just $8.9 billion, according to S&P Global Market Intelligence data, as TSMC continued to invest heavily to increase production of semiconductor chips -- and that's where TSMC spooked the market.

Prior to reporting earnings, TSMC had told investors it would need to spend about $54 billion this year on capital investment . Now it thinks it will need to spend $60 billion or more.

3x the risk, 3x the gain

Semiconductor investors worry that all this spending is proof that artificial intelligence is too expensive -- that the cost of building chip factories and manufacturing AI chips won't ever be recouped through selling AI services, and the whole AI revolution could short-circuit as a result. Shares of Nvidia (NASDAQ: NVDA), Micron (NASDAQ: MU), and Intel (NASDAQ: INTC) -- all components of the SOXL ETF -- are falling single-digits today.

Unfortunately for investors, because SOXL intentionally triples its exposure to these stocks, its losses today are multiples of the individual stocks' losses, and SOXL is down double digits.

That's the risk you take, though, when you invest in this heavily leveraged bet on semiconductors: Big risks, big (negative) rewards when the bet goes wrong.

Should you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares right now?

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Story Continues

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Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed was originally published by The Motley Fool

打开原文

北达科他园区新增七十五兆瓦

重要性4/5 中高

提供APLD容量交付和合同收入的直接经营事实，虽非当日事件，仍对近期收入兑现有较高价值。

标签

标的：`APLD`来源：Insider Monkey发布日期：2026-07-16重要性：4/5 中高评级理由：提供APLD容量交付和合同收入的直接经营事实，虽非当日事件，仍对近期收入兑现有较高价值。评级依据：operational_milestone, secondary_source原文字数：384

中文摘要

核心结论

Applied Digital按计划完成Polaris Forge 1园区二号楼一期交付，新增75兆瓦人工智能计算容量，使已投运容量升至175兆瓦。Compass Point将按时交付视为公司工程执行能力的重要验证。

重要性评级

评级：4/5（中高）

APLD是直接标的，新增容量、投运节奏和合同收入均为可跟踪经营事实；文章仍主要转述券商观点，部分数字需与公司原始披露核对。

关键事实

• 公司于07/01（未给出具体时刻）宣布二号楼一期达到Ready for Service（可投入服务）状态。
• 项目位于北达科他州Ellendale的Polaris Forge 1园区。
• 本次新增75兆瓦运营容量，园区已投运容量由100兆瓦增至175兆瓦。
• 六个数据大厅预计在7月、8月和9月分阶段通电。
• Compass Point于07/02（未给出具体时刻）重申“买入”评级和70美元目标价。
• 分阶段通电预计支持8月和11月财季的收入增长。
• 券商称4月、5月和6月三份租约把基础合同收入从约160亿美元提高至接近360亿美元。
• 文章提到股价近期约35美元。

作者观点与证据

作者及Compass Point对交付能力持积极评价。容量增加和施工按期属于较强运营证据；目标价、收入增长节奏和长期合同总额仍需结合公司公告、租约条件及收入确认规则验证。

与相关标的的关系

APLD直接受园区通电、客户设备部署和租约起租时间影响。新增容量能否转化为收入，取决于数据大厅验收和客户上线进度。

时效性与限制

文章发布于美东时间 07/16 14:36（UTC+8 07/17 02:36），核心事件发生在约两周前。正文没有披露客户安装进度、资本开支或阶段验收条件。

后续跟踪

• 六个数据大厅逐月通电进度
• 8月和11月财季收入确认
• 客户验收与租约起租
• 建设资本开支和融资成本

英文原文

Applied Digital (APLD) Expands North Dakota AI Campus on Schedule

Applied Digital (APLD) Expands North Dakota AI Campus on Schedule

Abdul Rahman

Fri, July 17, 2026 at 2:36 AM GMT+8 2 min read

• APLD

-2.46%

Applied Digital Corporation (NASDAQ: APLD ) is one of the best low priced technology stocks to invest in . On July 2, Compass Point reiterated its Buy rating and $70 price target on Applied Digital Corporation (NASDAQ:APLD). The call was the firm's reaction to Applied Digital completing an on-time expansion at its North Dakota data center campus.

Can Applied Digital (APLD) Keep Converting Power Into AI Infrastructure On Schedule? The milestone in focus was Applied Digital's Ready for Service achievement for Phase 1 of Building 2 at its Polaris Forge 1 campus in Ellendale, North Dakota. Applied Digital announced the milestone on July 1. This delivery added 75 megawatts of operational AI computing capacity and lifted the campus's total live capacity to 175 megawatts, up from 100 megawatts previously.

Compass Point highlighted that the buildout stayed on schedule and framed the achievement as proof of Applied Digital's ability to repeatedly convert power capacity into working AI infrastructure on time. To the analysts, this is a key concern for investors given the complexity of large-scale data center construction. The analysts also pointed out that the facility's six data halls are expected to power up in phases through July, August, and September, which should support revenue growth in the upcoming August and November fiscal quarters.

Compass Point also noted that Applied Digital's shares recently traded around $35, which was below closing prices following three recent lease announcements in April, May, and June. The analysts stated that those three leases bumped up Applied Digital's total contracted base-term revenue to nearly $36 billion from approximately $16 billion.

Applied Digital Corporation (NASDAQ:APLD) is a digital infrastructure company. It designs, develops, and operates data center solutions for high-performance computing and artificial intelligence industries in North America.

While we acknowledge the potential of APLD as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock .

Disclosure: None. Follow Insider Monkey on Google News .

daily-newsletter][/daily-newsletter]

打开原文

华尔街清算体系测试资产代币化

重要性5/5 高

横跨DTCC基础设施、稳定币、人工智能支付和监管，对CRCL、V、BLK及加密资产均有直接背景价值。

标签

标的：`CRCL`来源：Yahoo Finance Video发布日期：2026-07-16重要性：5/5 高评级理由：横跨DTCC基础设施、稳定币、人工智能支付和监管，对CRCL、V、BLK及加密资产均有直接背景价值。评级依据：timeliness, fact_density, evidence_caveat原文字数：2615

中文摘要

核心结论

视频称DTCC（美国存管信托与清算公司）已用真实托管证券测试代币化结算，覆盖股票、国债回购、证券借贷和抵押品等环节，并计划推动主流应用。节目同时强调稳定币的可冻结属性及人工智能代理小额支付场景，材料横跨基础设施、制裁和立法，事实与主持人判断需分别阅读。

重要性评级

评级：5/5（高）

内容涉及清算基础设施、Circle、Visa、贝莱德、稳定币管控及Clarity Act，跨资产关联广、数字密度高；视频口述中的重大事实仍需官方文件复核。

关键事实

• 主持人称DTCC每年处理约4.7千万亿美元交易，并首次测试其托管证券的真实数字化所有权与结算。
• 参与者包括摩根大通、高盛、贝莱德、Citadel Securities、芝商所、纳斯达克、纽交所、Vanguard、Circle、State Street和微软等。
• 测试覆盖QQQ（纳斯达克100交易所交易基金）持仓、国债回购、证券借贷、抵押品质押及股票买卖。
• 系统使用Hyperledger Besu（企业级区块链网络）及Canton Network（机构级公共区块链网络）；节目称可能在2026年10月进入主流应用阶段。
• Tether冻结与伊朗央行相关的1.31亿美元资产；节目称此前另有3.44亿美元USDT被冻结，合计4.75亿美元。
• Visa引用的X402（人工智能代理支付协议）约一年完成1.096亿笔交易，金额1500万美元。
• 节目称特朗普与参议员的Clarity Act会议安排在美东时间 07/16 14:30（UTC+8 07/17 02:30）。

作者观点与证据

主持人认为资产代币化已从概念进入清算基础设施，并预期人工智能代理将推动稳定币微支付。DTCC试验、冻结金额和X402数据属于可核验事实主张；“很快达到数万亿美元”等表述是个人预测。

与相关标的的关系

CRCL与USDC可能受益于机构结算和代理支付采用，同时承担合规冻结与集中化风险；Visa（V）、贝莱德（BLK）、QQQ和微软参与基础设施试验。BTC被用作不可由发行方冻结的对照资产，关联主要是制度属性。

时效性与限制

文章发布于美东时间 07/16 12:55（UTC+8 07/17 00:55）。视频没有附完整官方文件链接，主持人口误将DTCC说成“DCCC”的片段需谨慎处理。

后续跟踪

• DTCC公布的试验报告及2026年10月进度。
• 参与机构正式上线的资产和交易范围。
• X402交易金额、活跃代理及稳定币构成。
• Clarity Act会议与参议院文本变化。

英文原文

Wall Street explores tokenization of assets

Wall Street explores tokenization of assets

Yahoo Finance Video

Fri, July 17, 2026 at 12:55 AM GMT+8

• BTC-USD

+0.76%

• USDT-USD

+0.00%

• V

-1.80%

• QQQ

-1.50%

• CRCL

-0.30%

Scott Melker discusses the latest crypto-related headlines.

" The Daily Wolf with Scott Melker " airs every day at 12:00 p.m. Tune in for your daily dose of all things crypto.

Make sure to also check out Yahoo Finance's new crypto hub to find the latest crypto-related news.

Video Transcript

00:00 Scott Melker

The entity that clears 4.7 quadrillion dollar in transactions a year, tested tokenization and blockchain rails yesterday. We've been talking about the future of all finance being on blockchains. It is happening right now in real time. We're going to talk about that and more right now on The Daily Wolf. Let's go.

00:30 Scott Melker

What is up, everybody? Welcome to the Daily Wolf on Yahoo Finance. I am your host, Scott Melker, also known as The Wolf of All Streets, and we've got 15 minutes to talk about everything that is happening in the news today. Now, there are mornings when I wake up and I run through the news and I think, nothing really happened.

00:53 Scott Melker

And then I dig in a bit deeper and realize that even though there are only a few stories, they're massively impactful and deeply worth digging into because sometimes things change overnight and we entirely miss it because we're staring at price or concerned about the bare market that seemingly never ends. Well, first of all, to to that end, Bitcoin has been performing relatively well.

01:25 Scott Melker

It feels like bad news doesn't impact it anymore, and a lot of the fear and uncertainty and doubt in the market, specifically surrounding strategy and Treasury companies have ceased to be the narratives here for a few weeks. So I view that as a general positive. Now, outside of the prices of the assets that we're holding, the plumbing, right now, as I continue to tell you, is being laid below the surface, so that next time there is a massive run to the upside, the pipes

02:00 Scott Melker

are there to support it and nothing, nothing, nothing is bigger than this. DTCC, Wall Street's post-trade powerhouse, tests tokenized markets with industry heavy hitters. Now, tell you what the DTCC is, it is the clearing house for effectively every single transaction that you do. As I mentioned in the intro, 4.7 quadrillion dollars in volume every single year.

02:37 Scott Melker

When we talk about T+2 settlement or T+1 settlement, it's the DCCC that is clearing all of those and then has historically been the reason that it's a relatively slow process. That is not the case anymore. Tokenization stopped being a crypto conference promise yesterday. The institution that actually clears Wall Street used it in real transactions. So

03:13 Scott Melker

we'll tell you exactly what happened here. So, they converted securities held at their depository into tokens and used them in live production transactions. This was their first test that they promised they would be doing in late 2025. They actually said that by the end of 2026, the entire process of DTCC would be tokenized. By the way, in case you missed that at the end of last year, they got a no-action letter from the SEC saying they could do it.

03:45 Scott Melker

The next day announced that they would be doing it with Stellar and Canton Network and others and that this was the future. So this is the first major test. These were not synthetic tokens that were merely tracking the price of stocks. These are actual digital representations of these securities that are held at the DC, so they carry the same rights uh, and ownership rights and entitlements and investor protections as a normal stock. So,

04:23 Scott Melker

as a part of this, JP Morgan tokenized some of their QQQ ETF holdings. We had JP Morgan, Goldman Sachs, BlackRock, Citadel Securities, CME, Nasdaq and New York Stock Exchange, Vanguard, Circle, State Street, Microsoft, and more all participating in this. They didn't just do tokenized stock transactions.

04:50 Scott Melker

They also uh moved around treasury repos, securities lending, collateral pledges and equity purchases and sales. So this wasn't just a little test. They effectively tested in a micro micro version all of the different kind of transactions that could benefit here from tokenization. So once again, this was not just the rapper. These are the real assets. They are tokenized and they sit at the DCCC.

05:25 Scott Melker

So this is the official ownership and settlement layer. This is not just a random digital representation. So, they used their own ledger here, Hyperledger Besu Network and the public Canton Network. So, they did a lot here for a daily test and say that this will be ready for mainstream adoption likely October 2026. That's only a few months away.

06:04 Scott Melker

So, uh, once traditional assets move on to blockchains, the question really becomes, who controls what happens after they get there? And the Iran Central Bank, uh, just effed around and found out exactly, uh, who controls their assets that are tokenized. And we're talking about stable coins.

06:33 Scott Melker

US adds four Iran Central Bank crypto wallets to sanctions. Tether freezes $131 million of contents. The freeze targets TRON-based addresses that held over $165 million, preventing those specific funds from being transferred or redeemed. So, to be clear, these funds are frozen. They're still sitting there. So the Iranian central bankers can look at them and say, that's ours.

07:18 Scott Melker

It's a balance, but they cannot do a single thing with them at all. So, this has added to a story I've been telling you about for a long time. We've had a very smiley and happy Besant telling you about all of the foreign assets that they've frozen of the Iranian Central Bank since the war started. A huge chunk of that was in crypto. So, before it was I think reported as roughly a half a billion dollars in assets had already been frozen.

08:00 Scott Melker

Uh, in this case, it's 131 million in wallets that had received 165 million. This adds to the previous 344 million in USDT that was frozen. So that gives us 475 million just in USDT that has been frozen. So, to be clear, the Central Bank has been on the OFAC sanctions list, I believe, since 2019. There's nothing new here except that they're identifying new wallets on new chains, and now are actively freezing them since the war started.

08:44 Scott Melker

Now, being sanctioned does not mean being frozen. Now they are frozen. As I said, importantly, the United States did not take these assets like we do from criminals and pig butchering scandals and such. We're just freezing them so that they can stare at them longingly as I mentioned to you before. But this really does provide us the opportunity to talk about the massive differentiation between a stable coin and a decentralized protocol or an asset that can't be tampered with or frozen like Bitcoin.

09:37 Scott Melker

It is ironic that the killer use case for blockchain technology outside of Bitcoin, which is fully decentralized hard money, is a faster, cheaper way of using the very thing that Bitcoin was created as a hedge against, which is fiat currency. Right? So, this is a representation of a digital dollar that can not only be frozen by your government, can be frozen by a private company like Tether when they get a call from that government.

10:14 Scott Melker

And every time the Treasury calls, I can promise you, Tether and Circle, they answer and they do exactly what they are told. So, it's a really important distinction, I think for people. when you are using stable coins, you are not transacting privately. Uh, it is not exactly even the same as digital cash. There's full visibility into your transactions, and the government and those private companies, they can freeze them.

10:57 Scott Melker

Now, Iran was using stable coins to escape the traditional banking system, but they discovered that escaping banks is not the same as escaping financial control. And that same programmability that allowed Tether to freeze Iran's money may make stable coins useful for an entirely different customer. And that customer is not humans. It is artificial intelligence. You guys know that thing AI everybody's been talking about. All the cool kids are doing the AIs.

11:41 Scott Melker

That's what I've heard. uh, behind the gym at school. Kids are doing AIs. Here's the story. Visa, architecting payments from the ground up. What the on-chain data tells us. So, uh, to be clear, this is coming from Visa, which is the entity most likely to be directly disrupted by blockchain technology. And what they're saying here is that humans may still need a credit card to buy lunch and do big transactions, but your AI agent can make thousands of payments for you before you even finish the sandwich.

12:51 Scott Melker

Right? They're saying that there's going to be basically two buckets of commerce in the future, macro-commerce, uh, also known as people using credit cards and buying things, and micro-commerce, which they think is more likely to be highly disrupted by AI agents. So, when we talk about the cross-section between crypto and AI, this is the conversation that you should absolutely be paying attention to. And Visa is saying all of the quiet parts out loud.

13:30 Scott Melker

They're saying that most of your small transactions, let's call it sub-$1, are going to be handled by an agent on your behalf. You won't know what they're doing. They'll just be out there doing it. Now, I'm going to be honest, I think they're going to do some of the bigger transactions too, and I think that Visa is just coping here when they say that all of us are going to need to transact still peer-to-peer or using credit cards. But

14:12 Scott Melker

we've already actually seen some evidence of this. So the visa reports that X402, which was originally created by Coinbase, but now has been stewarted by the Linux Foundation, they've already done 109.6 million transactions from AI agents with $15 million in volume in roughly a year since they launched uh at the beginning of the summer of 2025. So, this is already happening in test and it's already done 109.6 million transactions.

14:54 Scott Melker

This is going to be trillions and trillions and trillions of dollars in transactions. It's going to happen very soon. Now think about it. AI can't transact in cash. AI is not going to pay credit card fees or wire fees to transact using the legacy system. What they can do is use effectively free stable coin transactions on blockchain rails to do all of their bidding. That is what is coming.

15:39 Scott Melker

So, the future of crypto is machines making invisible payments to you. Uh, and while that's happening, Washington is still debating whether the humans writing crypto rules should be allowed to profit from the industry. This is arguably the biggest story of the day. We have an update for the Clarity Act. We haven't done that before. Here's a positive meeting on Thursday with Trump to discuss ethics, raises hopes for passage of sweeping crypto legislation. So,

16:42 Scott Melker

listen, I've been saying the entire time that all stories about the Clarity Act and stable coin yield debates and all these things are misdirection because the only debate that truly matters right now is over ethics. Now the White House has signaled to be fair, that it would be willing to sign some sort of ethics clause that was not directly targeted at Trump and his family, but broadly included everybody and a certain kind of transaction or investment.

17:22 Scott Melker

So, we also know that Trump has no problem just doing stuff regardless of what the law likely says. So I don't think he's going to feel blocked by it anyways. So maybe there is a glimmer of hope that in the next 20 days before they go into recess, they have 20 days to get this done, that an ethics clause could be passed. But in this case, he is meeting with senators to discuss what the path to getting this done, whether that path is unlikely, is, and how he can help to actually do it.

18:03 Scott Melker

It's going to include senators like Cynthia Lummis and Bernie Moreno and is reportedly happening at 2:30 p.m. Eastern Standard Time today. So, listen, we've had a lot of Democrat push back on this bill. I think they're going to continue pushing back. I have extreme doubts that anything that comes out of this meeting is going to go far enough to get a bunch of Democrats to go across the aisle and vote for this when it's becoming politically unpalatable with their own party, unfortunately, because we were

18:50 Scott Melker

in an environment where we were not such a partisan issue anymore. But of course Trump's involvement is the issue in the industry has ended that. Uh, but we're going to see what happens in this meeting and listen, maybe the odds will move in our favor that this could get done. But while lawmakers are negotiating who should be allowed to profit from crypto, they've already found one single person in crypto

19:55 Scott Melker

who will not uh receive any of their sympathy. and that of course is one SBF. Sam Bankman Fried. Remember that guy? The hair and the beanbags and the Adderall. Diego and Lummis introduced resolution disapproving of any Sam Bankman-Fried pardon. Dare I say, Sam Bankman will not be freed.

20:53 Scott Melker

I made that up right then. on the spot. No writers, guys. We're just, we're just freestyling here. Yes. They brought this to the Senate floor because he's been trying to get clemency. Can you imagine that the Senate with our taxpayer dollars had to sit down and actually discuss whether Sam Bankman Fried who's going already in jail for 25 years uh should be freed. By the way, even the fact that they did this unanimously actually doesn't prevent the president from pardoning him.

21:32 Scott Melker

But there's one thing that we can get unanimous consent on in government, it's that this guy is going to stay in jail and uh, him and him and Diddy are going to have baby oil parties. They were in the same prison. Didn't make that up. I I did not make that up. That's true. So listen, we could talk about as I said, price endlessly. We could talk about all of the news that might impact it, but the reality is that the infrastructure for everything is being built on blockchain rails when it comes to the financial system.

22:36 Scott Melker

Now, the question will remain, how can we as investors profit from that or will it all happen behind the walls of a walled garden here where the institutions capture all of the upside? I think there's going to be plenty built on blockchains that you and I can invest in and I'm excited to see it happen. That's all we've got for you today. We've got a special Daily Wolf coming for you tomorrow. Peace.

打开原文

Visa平台加剧USDC渠道竞争

重要性5/5 高

Visa正式推出竞争平台，直接影响CRCL、COIN与USDC的分销格局，事件明确且时效高。

标签

标的：`CRCL`来源：Stocktwits发布日期：2026-07-16重要性：5/5 高评级理由：Visa正式推出竞争平台，直接影响CRCL、COIN与USDC的分销格局，事件明确且时效高。评级依据：timeliness, competitive_relevance, fact_density, evidence_strength原文字数：658

中文摘要

核心结论

Visa推出以Open USD（开放美元稳定币）为首批支持资产的企业稳定币平台，使金融机构能够通过单一接口发行、存储、转移和赎回稳定币。消息强化了市场对USDC渠道竞争的担忧，CRCL和COIN同步下跌，但当日加密相关股票也受到比特币走弱影响。

重要性评级

评级：5/5（高）

Visa平台是可识别的竞争产品发布，直接关联CRCL、COIN、USDC和V，时效与标的相关度均高。

关键事实

• Visa Stablecoin Platform（Visa稳定币平台）首批支持Open USD。
• Open USD于06/30推出，获得多家支付、银行和加密机构支持。
• 07/16盘中CRCL跌逾5%，COIN跌约2%，Visa涨逾1.5%。
• 美东时间 07/16 12:15（UTC+8 07/17 00:15），Stocktwits数据显示CRCL和COIN散户情绪仍为看多，Visa由中性升至看多。
• 同一时点比特币约报64400美元，24小时跌1%，盘中一度高于65100美元。
• Clear Street给予Visa“买入”初始评级和403美元目标价，并称其调整后营业利润率超过67%。
• 文中称CRCL年内下跌超过20%，COIN下跌近30%，Visa上涨超过3%。

作者观点与证据

文章把CRCL和COIN下跌部分归因于Visa支持Open USD，产品发布与价格反应在时间上相邻。比特币同步走弱构成另一影响因素，单日价格无法单独证明市场已重估USDC长期份额。

与相关标的的关系

CRCL面临稳定币发行和分销竞争；COIN既是Circle伙伴，也被列为Open USD支持方，利益关系可能变化；Visa通过基础设施平台扩大稳定币支付控制力。

时效性与限制

文章发布于美东时间 07/16 12:51（UTC+8 07/17 00:51）。散户情绪来自Stocktwits用户样本，不能代表全市场资金流。

后续跟踪

• Visa平台客户数和实际结算量。
• Open USD发行量、赎回量及收益分配。
• USDC市场份额与Circle分销成本。
• Coinbase在两种稳定币生态中的角色。

英文原文

CRCL, COIN Stocks Drop After Visa Backs USDC Rival Stablecoin Open USD

CRCL, COIN Stocks Drop After Visa Backs USDC Rival Stablecoin Open USD

Prabhjote Gill

Fri, July 17, 2026 at 12:51 AM GMT+8 3 min read

• V

-1.80%

• CRCL

-0.30%

• COIN

-2.10%

• USDC-USD

-0.01%

• BTC-USD

+0.76%

• The announcement comes less than a month after Open USD launched, increasing competitive pressure on Circle's core stablecoin business.

• Clear Street on Thursday also initiated coverage of Visa with a 'Buy' rating and a $403 price target, citing the company's leadership in digital payments.

• The drop in CRCL and COIN stocks also came alongside pressure on crypto-linked equities, with Bitcoin's price struggling to remain above the $65,000 mark.

Circle Internet (CRCL) shares dropped in midday trade on Thursday after Visa (V) announced its new stablecoin platform built around Open USD, the rival stablecoin that has been pressuring Circle's core USDC (USDC.X) business since its late-June launch.

CRCL's stock slipped over 5% in midday trade, while Visa's stock gained over 1.5%. Shares of Circle's stablecoin partner Coinbase (COIN) also dropped around 2%. On Stocktwits, retail sentiment around Circle's shares and COIN's stock remained in 'bullish' territory over the past day. Sentiment around Visa rose to 'bullish' from the 'neutral' zone.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

Visa stock retail sentiment on July 16 as of 12:15 p.m. ET | Source: Stocktwits The drop in CRCL and COIN stocks also came alongside pressure on crypto-linked equities, with Bitcoin (BTC) struggling to remain above the $65,000 mark. Bitcoin's price was down 1% in the last 24 hours, trading at around $64,400 after hitting an intra-day high of over $65,100.

Retail sentiment around the apex cryptocurrency on Stocktwits fell to 'bearish' from 'neutral' territory over the past day.

Bitcoin retail sentiment on July 16 as of 12:15 p.m. ET | Source: Stocktwits

Visa Bets On Open USD

On Thursday, Visa introduced the Visa Stablecoin Platform (VSP), an enterprise platform designed to help financial institutions, fintech companies, and crypto-native firms access stablecoin payments through Visa-managed infrastructure.

The payments giant said the platform will initially support Open USD, allowing customers to issue, store, transfer, and redeem stablecoins through a single integration.

The announcement adds to the competitive challenges facing Circle. Since Open USD launched on June 30, investors have increasingly viewed it as a credible challenger to USDC because of backing from several major payments, banking, and crypto companies.

Wall Street Turns Positive On Visa

Visa's stock gain also came alongside fresh analyst coverage. Clear Street analyst Owen Lau initiated coverage of Visa with a 'Buy' rating and a $403 price target. The firm called the company "the world's largest open-loop retail payments network" and one of the highest-quality compounders within its scope of coverage.

Story Continues

It added that Visa was a "toll-taker" on the multi-decade shift from cash to digital payments, pointing to adjusted operating margins exceeding 67% as evidence of the business's durability.

Source: Koyfin CRCL's stock has dropped over 20% this year, and COIN's stock has fallen nearly 30%. Meanwhile, Visa shares have risen over 3% year-to-date.

Read also: Tom Lee Compares Ethereum To AMZN Before AWS, NVDA Before AI Boom – Says ETH Could Solve 'Uncanny Valley Of Wealth'

For updates and corrections, email newsroom[at]stocktwits[dot]com

Prabhjote Gill has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .

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• Apple Unseats Nvidia As The World's Most Valuable Company As Market Cap Soars To $4.88 Trillion

打开原文

Cooperman三大持仓分化评估

重要性3/5 中等

包含VRT最新经营和估值数据，也揭示机构持仓叙事；跨行业比较口径松散，部分内容依赖分析师目标价及作者判断。

标签

标的：`VRT`来源：24/7 Wall St.发布日期：2026-07-16重要性：3/5 中等评级理由：包含VRT最新经营和估值数据，也揭示机构持仓叙事；跨行业比较口径松散，部分内容依赖分析师目标价及作者判断。评级依据：VRT直接相关, 含150亿美元积压订单, ET数据中心天然气合同, 赞助和主观排序较多原文字数：879

中文摘要

核心结论

文章比较Leon Cooperman旗下Omega Advisors重点持有的Vertiv、Rocket Companies与Energy Transfer，认为Vertiv增长强但估值紧张，Rocket整合进度较快但仍受利率制约，Energy Transfer凭借现金流、收益分配和AI数据中心天然气合同获得作者最高评价。

重要性评级

评级：3/5（中等）

VRT数据与持仓线索直接相关，但文章将三个商业模式差异很大的标的放在同一选股框架中，且含大量赞助内容。

关键事实

• Vertiv（数据中心基础设施商，VRT）年初至文中时点上涨88.08%，第一季度收入26.5亿美元，同比增长30.1%；调整后每股收益1.17美元，高于预期1.01美元。
• Vertiv将全年调整后每股收益指引上调至6.30至6.40美元，预计有机增长29%至31%，积压订单达150亿美元。
• VRT约按52倍预期收益交易，贝塔值2.03；欧洲、中东和非洲地区收入上季度下降20.3%。
• Rocket Companies（按揭与房地产平台，RKT）第一季度收入29.4亿美元，同比增长167.1%；调整后EBITDA（息税折旧摊销前利润）7.38亿美元，上年同期为1.69亿美元。
• Rocket预计到2026年底实现Mr. Cooper整合的4亿美元协同目标；服务资产覆盖约9.4百万笔贷款、未偿本金2.1万亿美元，但稀释后股数已增至约28.5亿股。
• Energy Transfer（能源中游合伙企业，ET）把全年调整后EBITDA指引提高至182亿至186亿美元；第一季度调整后EBITDA为49.4亿美元，同比增长20%。
• ET与Oracle（甲骨文）签订天然气供应协议，三个数据中心设施的供应量将升至约每日9亿立方英尺；季度分配0.3375美元，年化1.35美元，文中收益率6.65%。
• ET长期债务为683亿美元，并面临Lake Charles LNG（查尔斯湖液化天然气项目）减值及K-1税务申报复杂性。

作者观点与证据

作者最偏向ET，依据是合同化天然气需求、现金流增长和较低估值；对VRT与RKT采用等待观察立场。VRT判断有业绩和积压订单支持，RKT判断依赖并购协同与利率同时改善。分析师目标价和作者的相对吸引力排序属于观点，不能视为经营事实。

与相关标的的关系

VRT是直接相关标的；ET与天然气价格NG=F通过数据中心燃料需求关联，RKT受按揭利率和并购整合影响。ORCL是ET天然气合同的需求方。

时效性与限制

发布于美东时间 07/16 12:30（UTC+8 07/17 00:30）。文中价格和年内涨幅属于发布时点快照；EnergyX段落为赞助推广，与三只公开标的的比较无关。

后续跟踪

• VRT欧洲业务、订单交付和估值变化。
• RKT并购协同、股本稀释和按揭利率敏感度。
• ET对Oracle供气量爬坡、债务及分配覆盖率。
• Omega Advisors后续持仓披露。

英文原文

Billionaire Leon Cooperman’s Top 3 Stocks: Buy, Sell or Hold

Billionaire Leon Cooperman’s Top 3 Stocks: Buy, Sell or Hold

Vandita Jadeja

Fri, July 17, 2026 at 12:30 AM GMT+8 4 min read

• RKT

-2.42%

• VRT

-1.55%

• ET-PI

-0.86%

• NG=F

+1.85%

• ORCL-PD

+2.80%

Quick Read

• VRT trades at 52x forward earnings after an 88% YTD surge, while ET yields 6.65% with Oracle AI gas contracts already locked in.

• Rocket Companies' Q1 revenue exploded 167% after integrating Mr. Cooper and Redfin, but the bull case still needs rates to fall simultaneously.

• This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)

Leon Cooperman's Omega Advisors has three names doing outsized work in the portfolio right now, and each demands a different call.

Andrew Angelov / Shutterstock.com Vertiv Holdings ( NYSE:VRT ) warrants patience at $304.57. Rocket Companies ( NYSE:RKT ) warrants patience at $14.60. Energy Transfer ( NYSE:ET ) looks most compelling at $19.91.

All three ride distinct 2026 tailwinds, from AI power buildouts to hyperscale natural gas demand, yet only one offers a genuinely favorable setup at today's price.

Vertiv: Great Business, Uncomfortable Multiple

Vertiv sells the power and cooling systems inside AI data centers, and the run shows it. Shares are up 88.08% YTD against the S&P 500's 10.69%, and the company joined the index in March 2026.

Q1 revenue jumped 30.1% to $2.65B, adjusted EPS hit $1.17 versus $1.01 expected, and management raised full-year guidance to $6.30 to $6.40 in adjusted EPS on organic growth of 29% to 31%. Backlog sits at a record $15B.

At 80 trailing and 52 forward earnings with a beta of 2.03, execution is priced in. EMEA revenue fell 20.3% last quarter, and the stock has pulled back 4.17% in the past week.

The 26 analysts covering VRT carry an average target of $377.40, implying 23.9% upside, though targets are one data point rather than a promise. The setup favors patience over chasing the current print.

July 16 is the Final Day to Tap Into the Lithium Boom (sponsor)

General Motors, POSCO, and 50,000+ everyday investors have already backed lithium producer EnergyX .

Here's why you should do the same before their July 16 investment deadline: lithium prices are up 75% this year, with demand projected to grow a staggering 5X by 2040.

With tech that can recover up to 3X more lithium than traditional methods, EnergyX is preparing to unlock up to 15M+ tons. Become a private-stage EnergyX investor before the July 16 deadline .

Rocket Companies: Transformation On Deck, Rates Still In Charge

Rocket warrants patience because the story is genuinely bifurcated. The Mr. Cooper and Redfin acquisitions are integrating faster than planned, with the full $400M Mr. Cooper synergy target now expected by end of 2026, a year ahead of schedule.

Story Continues

Q1 revenue exploded 167.1% to $2.94B, and adjusted EBITDA reached $738M versus $169M a year prior. The combined servicing book now spans $2.1T in unpaid principal across 9.4M loans.

Yet shares are down 24.59% YTD versus the S&P 500's 10.69% gain, diluted share count has ballooned to roughly 2.85B, and TTM GAAP EPS is -$0.03.

The consensus target of $18.94 implies 29.7% upside, but the 16 analysts covering RKT split 2 Strong Buy, 6 Buy, 8 Hold, which is closer to mixed than bullish. The thesis needs rates to fall and integration to execute simultaneously. Neither is confirmed.

Energy Transfer: Yield, Growth, And AI Gas Demand

At $19.91, Energy Transfer looks most compelling of the three. The MLP raised full-year adjusted EBITDA guidance to $18.20B to $18.60B, a $750M lift, and locked in gas supply agreements with Oracle ramping to roughly 900 MMcf/d across three data center facilities plus the Nexus Hubbard AI hyperscale campus.

Q1 adjusted EBITDA rose 20% to $4.94B, and distributable cash flow climbed to $2.70B. The quarterly distribution of $0.3375 annualizes to $1.35, a 6.65% yield, and units trade at just 17 trailing and 12 forward earnings.

Units are up 25.14% YTD, more than double the S&P 500's 10.69%, and 21 analysts rate it 5 Strong Buy, 14 Buy, 2 Hold with an average target of $23.64, implying 18.7% additional upside.

Long-term debt of $68.3B and the Lake Charles LNG impairment are real drags, and the K-1 structure adds tax friction. Fee-based cash flows, a distribution growing at 3%-plus annually, and multi-decade hyperscaler contracts still make the risk/reward the cleanest of Cooperman's three names. ET pays a 6.65% yield to wait while the AI natural gas thesis compounds.

Meet America's Newest $1b Unicorn (Sponsor)

A US startup just passed a $1 billion private valuation, joining billion-dollar private companies like OpenAI and ByteDance. Unlike those other unicorns, you can invest in EnergyX right now; but only until July 16.

Over 50,000 people already have, along with global giants like General Motors and POSCO.

Here's why there's so much interest: EnergyX's patented tech can recover up to 3X more lithium than traditional methods. That's a big deal, as demand for lithium is expected to 5X current production levels by 2040. Become an early-stage EnergyX shareholder before the 7/16 investment deadline.

Contact editorial@247wallst.com for any questions or corrections.

打开原文

Marvell高估值放大片上调整

重要性4/5 中高

直接覆盖SOXX及关键成分股，财务与估值数据较完整，但板块下跌的资本开支归因缺少一手公司指引。

标签

标的：`SOXX`来源：24/7 Wall St.发布日期：2026-07-16重要性：4/5 中高评级理由：直接覆盖SOXX及关键成分股，财务与估值数据较完整，但板块下跌的资本开支归因缺少一手公司指引。评级依据：timeliness, fact_density, fundamental_context, source_quality原文字数：1044

中文摘要

核心结论

Marvell在07/16盘中下跌8%至189美元，一个月回撤31%，文章把调整与超大规模云厂商资本开支担忧、定制芯片竞争和高估值联系起来；公司最新收入及指引仍增长，价格下跌尚未对应新的公司级经营恶化证据。

重要性评级

评级：4/5（中高）

报道直接关联SOXX及MRVL、AVGO、AMD和INTC，兼有价格、估值与财务数据，适合拆分板块情绪和公司基本面；资本开支“修正”主要来自二手来源。

关键事实

• MRVL在07/16盘中下跌8%至189美元，近一个月回撤31%，但年内仍上涨125%。
• AVGO下跌3%至381美元、AMD下跌5%至505美元、INTC下跌5%至98美元。
• SOXX下跌4%至532美元。
• MRVL过去12个月市盈率约65.75倍，贝塔为2.2；AVGO年内涨幅约10%。
• Marvell 2027财年第一季度收入24.18亿美元，同比增长28%。
• 公司第二季度收入指引中值为27亿美元，对应同比增长35%。
• 首席执行官Matt Murphy称人工智能相关订单强劲，并上调2027及2028财年展望。
• 文章发布于美东时间 07/16 12:12（UTC+8 07/17 00:12）。

作者观点与证据

作者认为此次下跌主要是人工智能硬件板块去风险及高估值消化，未发现Marvell当日新的公司级催化。财报与指引支持基本面仍增长；有关超大规模云厂商削减资本开支预测的说法来自TradingKey（二手市场资讯平台），原文未列具体公司、调整金额或一手文件。

与相关标的的关系

MRVL和AVGO在定制ASIC（专用集成电路）市场存在竞争，SOXX持有多家受影响企业，板块共振会直接传导至基金。AMD和INTC业务结构更广，不能用MRVL的定制芯片竞争风险概括其全部基本面。

时效性与限制

报道记录07/16盘中状态，价格随后可能变化。分析师共有31个买入和7个强力买入评级、平均目标价245.45美元，但评级来源聚合于Alpha Vantage（金融数据平台），不代表统一估值口径。

后续跟踪

• 超大规模云厂商资本开支的一手指引。
• Marvell人工智能订单、定制芯片份额和企业网络复苏。
• 下一季度收入与上调后年度展望。
• MRVL相对AVGO及SOXX的估值变化。

英文原文

Marvell Drops 8% as AI Capex Slowdown Fears Weigh on Chips; Broadcom, AMD, and Intel Slide

Marvell Drops 8% as AI Capex Slowdown Fears Weigh on Chips; Broadcom, AMD, and Intel Slide

David Moadel

Fri, July 17, 2026 at 12:12 AM GMT+8 5 min read

• MRVL

+0.20%

• AVGO

-0.97%

• AMD

-1.03%

• INTC

-2.00%

• SOXX

-1.64%

Quick Read

• Hyperscaler capex revision fears triggered a two-day chip selloff, cutting 31% from Marvell stock in one month despite its 125% year-to-date run.

• MRVL's 65.75x trailing P/E and beta of 2.2 amplify its selloff, while AVGO's modest 10% YTD gain cushions it from deeper losses.

• Marvell Technology CEO Matt Murphy raised fiscal 2027 and 2028 outlooks, with record Q1 revenue of $2.4 billion and Q2 guidance implying 35% year-over-year growth.

• This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)

Shares of Marvell Technology ( NASDAQ:MRVL ) are down 8% to $189 in Thursday midday trading, extending a sharp semiconductor selloff into a second straight session. Marvell shares have now given back 31% over the past month.

Thinkstock The move is dragging the AI-silicon complex lower with it. Broadcom ( NASDAQ:AVGO ) stock is off 3% to $381, Advanced Micro Devices ( NASDAQ:AMD ) stock is down 5% to $505, and Intel ( NASDAQ:INTC ) stock is off 5% to $98.

Even with the drawdown, Marvell shares remain up 125% year to date (YTD), a reminder of how parabolic the AI-hardware trade has been heading into this de-risking. That backdrop is central to why traders are paring exposure now.

AI Capex Slowdown Fears Weigh on Chips

TradingKey attributes the decline to revised capital-expenditure forecasts from major hyperscale cloud providers, signaling a potential slowdown in AI spending. The same report cites intensifying competition in the custom application-specific integrated circuit (ASIC) market and a slow recovery across enterprise and carrier segments as added pressure on Marvell.

The valuation backdrop is amplifying the move. Marvell stock carries a trailing 12-month P/E ratio of 65.75x, which may be too elevated for some value-focused investors to consider.

Thursday's slide appears sentiment-driven, tied to a broader AI-hardware de-risking that has already hit memory, servers, optics, and now custom-silicon names. The move is running independently of any fresh company-specific catalyst on Marvell.

July 16 is the Final Day to Tap Into the Lithium Boom (sponsor)

General Motors, POSCO, and 50,000+ everyday investors have already backed lithium producer EnergyX .

Here's why you should do the same before their July 16 investment deadline: lithium prices are up 75% this year, with demand projected to grow a staggering 5X by 2040.

With tech that can recover up to 3X more lithium than traditional methods, EnergyX is preparing to unlock up to 15M+ tons. Become a private-stage EnergyX investor before the July 16 deadline .

Story Continues

Peers Slide as the Broader Chip Complex De-Risks

The iShares Semiconductor ETF ( NASDAQ:SOXX ) is down 4% to $532, giving a clean read on the sector move. The ETF holds Marvell, Broadcom, AMD, and Intel among its constituents, and the fund's single-sector concentration means it moves hard when the AI trade wobbles. Volatility across this unleveraged ETF remains elevated.

Broadcom stock, Marvell's direct custom-ASIC rival, is falling less today and has run far less this year. Broadcom shares are up 10% YTD, versus Marvell's massive climb, and that valuation gap is one reason Broadcom's drawdown has been more contained through the week.

AMD and Intel are broader AI-chip and semiconductor reads rather than pure custom-silicon peers. AMD shares, driven by Instinct GPUs and EPYC server CPUs, and Intel shares, tied to Xeon and the Foundry buildout, are both sliding on the same de-risking impulse even though neither has fresh company-specific news.

Bull vs. Bear on Marvell

The bears can point to AI capex risk, ASIC competition from Broadcom, and a stretched multiple on Marvell stock after the parabolic run, all of which make the shares a natural target when momentum reverses. Marvell's beta of 2.2 means the stock magnifies broader chip moves in both directions.

Meanwhile, the bull case rests on fundamentals that remain strong. Marvell reported record Q1 FY2027 revenue of $2.418 billion, up 28% year over year (YoY), and guided Q2 FY2027 revenue to $2.7 billion at the midpoint, implying 35% YoY growth. CEO Matt Murphy cited "exceptional AI-related bookings" and raised the company's fiscal 2027 and 2028 outlooks.

Wall Street hasn't walked away from Marvell. Alpha Vantage shows 31 buy and 7 strong buy ratings on Marvell stock, with an average analyst price target of $245.45, well above Thursday's level.

What to Watch on Marvell and the Chip Group

The near-term question for Marvell stock is whether Thursday's selling is a two-day washout or the start of a deeper unwind of the AI-hardware trade. Traders can watch for whether Broadcom, AMD, and Intel stabilize alongside SOXX into the close, and whether hyperscaler commentary in upcoming earnings reaffirms or trims AI capex plans.

Given the group's high beta and the size of Marvell's YTD move, investors should consider keeping their position sizes modest and their risk tightly managed. The bull-versus-bear debate on Marvell stock is genuinely polarized right now: a buying opportunity into strong fundamentals, or an AI-momentum unwind that has further to run.

Research-oriented investors may want to focus on Broadcom's next quarterly update and the tone of hyperscaler capex guidance as the clearest tells for whether Marvell's fundamentals can pull the stock back toward consensus targets or whether the derating continues into the year's second half.

Meet America's Newest $1b Unicorn (Sponsor)

A US startup just passed a $1 billion private valuation, joining billion-dollar private companies like OpenAI and ByteDance. Unlike those other unicorns, you can invest in EnergyX right now; but only until July 16.

Over 50,000 people already have, along with global giants like General Motors and POSCO.

Here's why there's so much interest: EnergyX's patented tech can recover up to 3X more lithium than traditional methods. That's a big deal, as demand for lithium is expected to 5X current production levels by 2040. Become an early-stage EnergyX shareholder before the 7/16 investment deadline.

Contact editorial@247wallst.com for any questions or corrections.

打开原文

地缘风险加剧芯片资金撤退

重要性4/5 中高

直接关联SOXL并提供地缘风险向芯片成本传导的跨资产路径，但证据主要是单一分析师判断。

标签

标的：`SOXL`来源：Stocktwits发布日期：2026-07-16重要性：4/5 中高评级理由：直接关联SOXL并提供地缘风险向芯片成本传导的跨资产路径，但证据主要是单一分析师判断。评级依据：timeliness, source_quality, evidence_limitations原文字数：783

中文摘要

核心结论

07/16芯片股延续下跌，分析师Ben Reitzes将部分压力归因于美伊冲突、霍尔木兹供应风险和资金转向防御资产；他仍预计超大规模云厂商不会削减人工智能资本开支，但该判断需等待未来两周财报验证。

重要性评级

评级：4/5（中高）

报道直接覆盖SOXL及多只芯片股，并给出油价、通胀、利率和投入成本的跨资产传导路径；事件归因主要来自单一分析师访谈。

关键事实

• NVDA、MRVL、SNDK、SKHY等芯片股07/16早盘下跌2%至8%。
• SOXL在写作时下跌逾10%，SOXX下跌逾3%，纳斯达克综合指数下跌近1%。
• 分析师Ben Reitzes称，美伊停火终止后的冲突促使资金转向安全资产。
• 他提出的传导路径包括霍尔木兹供应受阻、油价上涨、通胀压力、央行加息及半导体投入成本上升。
• 他还提到氦气、LNG（液化天然气）和电力成本可能沿供应链传导。
• Alphabet、Intel、Microsoft、Meta、Apple及Amazon等科技公司将在未来两周公布季度业绩。
• Reitzes预计超大规模云厂商资本开支会上升，理由是这些公司不会放弃人工智能布局。
• 文章发布于美东时间 07/16 11:37（UTC+8 07/16 23:37）。

作者观点与证据

文章采用Reitzes的观点，把芯片下跌部分解释为地缘冲突引发的防御轮动，并弱化估值过高担忧。股价跌幅是可观察事实；油价到芯片成本的完整传导尚未获得企业成本、供应中断或利润率数据支持，资本开支上升也是分析师预测。

与相关标的的关系

SOXL通过每日三倍杠杆放大NVDA、MRVL、SNDK等芯片股的波动。若能源、氦气或融资成本上升，晶圆制造及供应链利润率可能承压；实际影响取决于合同、库存、地域和成本转嫁能力。

时效性与限制

报道发布时冲突和市场价格仍在变化。Stocktwits引用CNBC访谈的单一分析师观点，文章没有量化霍尔木兹供应中断、油价情景或各公司的能源成本敞口。

后续跟踪

• 霍尔木兹航运、原油及液化天然气价格。
• 芯片制造商的能源、氦气与物流成本。
• 科技巨头未来两周的资本开支指引。
• SOXL和SOXX的资金流及收盘表现。

英文原文

NVDA, MRVL, SNDK, SKHY, And Other Chip Stocks Slide: Analyst Says Investors Are Rotating To Safety Amid Iran War Tensions

NVDA, MRVL, SNDK, SKHY, And Other Chip Stocks Slide: Analyst Says Investors Are Rotating To Safety Amid Iran War Tensions

NVDA, MRVL, SNDK, SKHY, And Other Chip Stocks Slide: Analyst Says Investors Are Rotating To Safety Amid Iran War Tensions · Stocktwits

Rounak Jain

Thu, July 16, 2026 at 11:37 PM GMT+8 3 min read

• NVDA

-2.21%

• MRVL

+0.20%

• SOXL

-4.92%

• CL=F

+4.47%

• SNDK

-3.99%

• Reitzes said that higher oil prices stemming from supply disruptions in the Strait of Hormuz could fuel inflation, pressure central banks to raise rates, and increase semiconductor input costs.

• He added that he is looking forward to upcoming capital expenditure plans from Big Tech companies and hyperscalers for clues about where chip stocks could head next.

• Reitzes said that he believes no hyperscaler would want to give up on AI and as a result, he does not foresee capex cuts from companies in this segment.

The rout in chip stocks continued into Thursday, with Nvidia Corp. (NVDA), Marvell Technology Inc. (MRVL), SanDisk Corp. (SNDK), SK Hynix Inc. (SKHY), and other semiconductor stocks declining between 2% and 8% in morning trade.

The Direxion Daily Semiconductor Bull 3X Shares (SOXL) ETF was down more than 10% at the time of writing, while the iShares Semiconductor ETF (SOXX) fell over 3%.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

During an interview with CNBC, Melius's Head of Technology Research, Ben Reitzes, said that some of the decline can be attributed to investors flocking to safety and rotating out of chip stocks amid tensions over the war in Iran.

"I think the war… when something happens like this on a macro level and input costs could potentially spike up, the market may flock to safety. Some of this is really just rotation, I believe it is temporary, hopefully," he said.

Reitzes cautioned that it is too early to gauge how the Iran war could affect input costs across the semiconductor industry. His comments come amid a spate of strikes by the U.S. and Iran following the termination of the ceasefire between the two countries last week.

Reitzes Explains The Link Between Iran War And Input Costs For Chipmakers

Reitzes said that if crude oil prices go up as a result of the supply disruption due to the Strait of Hormuz standoff between the U.S. and Iran, it could put pressure on central banks to raise interest rates to contain inflation, thereby causing input costs to rise.

"There are some concerns about helium, LNG impacting electricity costs which can go through the [supply] chain," he said.

Reitzes downplayed concerns that AI and chip stocks are overvalued, adding that the AI trade remains on track.

"Just a few weeks ago, we were on that path, and I don't think anything's really changed," he said.

Reitzes Looks Forward To Hyperscaler Capex News For Clues Ahead

Reitzes said he is looking forward to upcoming capital expenditure plans from Big Tech companies and hyperscalers for clues about where chip stocks could head next.

Story Continues

Alphabet Inc. (GOOG, GOOGL), Intel Corp. (INTC), Microsoft Corp. (MSFT), Meta Platforms Inc. (META), Apple Inc. (AAPL), Amazon.com Inc. (AMZN), and other tech giants are scheduled to report their latest quarterly results over the next two weeks.

"I think when you see the fundamentals come out for hyperscalers, you'll see capex increases, not decreases," Reitzes said, while adding that he does not believe any hyperscaler would want to give up on AI. As a result, he does not foresee any company in this segment trimming its capex plans.

The tech-heavy Nasdaq Composite index was down nearly 1% at the time of writing.

The Invesco QQQ Trust (QQQ) is up 27% over the past 12 months, while the iShares U.S. Technology ETF (IYW) is up 38%.

Also See: MU Expands AI Memory Beyond Data Centers Into Next-Gen Cars — Locks In QCOM, Hyundai Mobis And Other Auto Suppliers

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Rounak Jain has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .

Related:

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打开原文

Lumentum与APLD增长质量对照

重要性4/5 中高

直接覆盖APLD的增长、亏损、债务与融资，并提供同一人工智能资本开支周期的对照样本。

标签

标的：`APLD`来源：Zacks发布日期：2026-07-16重要性：4/5 中高评级理由：直接覆盖APLD的增长、亏损、债务与融资，并提供同一人工智能资本开支周期的对照样本。评级依据：comparative_analysis, source_bias原文字数：1150

中文摘要

核心结论

文章认为Lumentum在人工智能基础设施周期中的执行、盈利增长和估值优于Applied Digital。APLD拥有大规模容量目标和长期需求机会，但亏损、债务、融资及客户集中风险较高。

重要性评级

评级：4/5（中高）

APLD是直接比较对象，文章提供收入增长、亏损、债务、融资、估值和股价表现等多维数据；结论带有Zacks评级体系和媒体立场。

关键事实

• 研究机构预计全球人工智能基础设施市场2031年达到2,025亿美元，复合年增长率14.9%。
• Lumentum 2026财年第三季度组件收入增长77.3%，系统收入增长121.1%。
• Lumentum预计第四财季收入9.60亿至10.1亿美元。
• APLD 2026财年第三季度归属普通股股东净亏损扩大至1.009亿美元，经营亏损8,570万美元。
• APLD长期债务超过25亿美元，2027财年每股亏损一致预期为1美元，上年为0.70美元。
• APLD已为Delta Forge 1取得Macquarie提供的1亿美元开发融资，并完成21.5亿美元担保票据发行。
• 公司目标是在2031年前形成约3吉瓦人工智能容量。
• 过去六个月Lumentum上涨130.9%，APLD下跌22.3%；两者预期市销率分别为10.21倍和11.79倍。

作者观点与证据

作者偏向Lumentum，依据包括收入增速、盈利预测上修、供应紧张和较低市销率。对APLD的谨慎判断由亏损、债务和未签约容量支持；长期容量目标及需求前景仍依赖融资、许可和客户签约。

与相关标的的关系

APLD直接暴露于数据中心建设、供电和租赁执行；Lumentum则通过光学器件和互连设备参与同一资本开支周期。两者业务层级不同，估值倍数不能脱离利润率与资本强度直接类比。

时效性与限制

文章发布于美东时间 07/16 11:35（UTC+8 07/16 23:35）。市场规模来自第三方预测，Zacks排名和盈利预期可能随新财报调整。

后续跟踪

• APLD项目融资和签约容量
• APLD亏损及债务变化
• Lumentum供应扩张与订单兑现
• 两家公司收入和利润率差异

英文原文

LITE vs. APLD: Which AI Infrastructure Stock Offers Better Growth?

LITE vs. APLD: Which AI Infrastructure Stock Offers Better Growth?

Subhasish Mukherjee

Thu, July 16, 2026 at 11:35 PM GMT+8 6 min read

• LITE

+3.77%

• APLD

-2.46%

Lumentum Holdings LITE and Applied Digital Corporation APLD are emerging beneficiaries of the accelerating AI infrastructure buildout. Lumentum supplies advanced optical networking components that enable high-speed data transmission within AI data centers. At the same time, Applied Digital develops and operates AI-focused data centers and high-performance computing infrastructure. Despite their different business models, both companies are benefiting from the same wave of AI-driven capital spending.

The AI infrastructure investment cycle is gaining momentum as hyperscalers, cloud providers and enterprises continue expanding their AI capabilities. According to Mordor Intelligence, the global AI infrastructure market is projected to reach $202.5 billion by 2031, growing at a 14.9% CAGR. As AI infrastructure spending accelerates, investors are increasingly evaluating companies across different layers of the AI ecosystem. Against this backdrop, comparing these two companies offers insight into which is better positioned to capitalize on this long-term opportunity.

The Case for LITE Stock

Lumentum is emerging as one of the strongest beneficiaries of the accelerating AI infrastructure buildout, supplying the optical engines that enable high-speed connectivity inside and between hyperscale AI data centers. Its portfolio spans electro-absorption modulated lasers (EMLs), continuous-wave lasers, pump lasers, narrow-linewidth laser assemblies, optical circuit switches (OCS) and cloud transceivers — all of which are essential for AI networking, data center interconnect (DCI) and co-packaged optics (CPO). The company increasingly positions itself as a critical supplier of both AI infrastructure components and complete optical systems.

AI demand continues to translate into exceptional execution. In third-quarter fiscal 2026, Components revenues climbed 77.3%, and Systems revenues jumped 121.1%, driven by record cloud transceiver shipments, robust EML demand and expanding AI deployments. Management expects fiscal fourth-quarter revenues of $960 million-$1.01 billion, reflecting confidence in sustained AI infrastructure investments and continued business momentum.

Lumentum's competitive advantage lies in its differentiated "scale-out" and "scale-across" optical portfolio. Hyperscalers are increasingly adopting distributed AI architectures that require high-bandwidth optical interconnects, pump lasers, wavelength-selective switches and narrow-linewidth lasers. The company stated several AI-focused components remain effectively sold out, while 1.6T transceivers, optical circuit switches and CPO products are expected to provide additional multi-year growth opportunities.

However, investors should remain aware of supply constraints, uncertain AI investment timing, manufacturing ramp execution, geopolitical trade restrictions and customer concentration, which could affect near-term performance. Even so, these risks appear manageable given the company's expanding capacity, improving profitability and strengthening product portfolio.

Analyst sentiment toward Lumentum has strengthened, with the Zacks Consensus Estimate for its fiscal first-quarter and full-year fiscal 2027 earnings pegged at $3.53 and $18.07 per share, indicating growth of 220.91% and 121.15%, respectively. These estimates have also moved higher over the past 30 and 60 days.

Story Continues

Zacks Investment Research

Image Source: Zacks Investment Research

The Case for APLD Stock

Applied Digital is positioning itself as an emerging beneficiary of the accelerating AI infrastructure buildout, but the investment case remains clouded by execution and financial risks. The company is pursuing an aggressive, capital-intensive expansion strategy that continues to pressure profitability while increasing financial leverage. Third-quarter fiscal 2026 net loss attributable to common stockholders widened to $100.9 million, while operating loss reached $85.7 million despite strong revenue growth. The balance sheet reflects the scale of its AI infrastructure buildout, with long-term debt exceeding $2.5 billion, making future returns heavily dependent on timely project execution, customer ramp-ups and continued access to financing.

Despite strong AI demand, Applied Digital faces significant execution challenges. Future growth depends on completing Polaris Forge and Delta Forge projects on schedule, securing additional financing, converting its power pipeline into contracted capacity and signing more long-term hyperscaler leases. The company also remains exposed to customer concentration, power availability, permitting delays, equipment disruptions and the timing of hyperscaler leasing decisions — all of which management identifies as key business risks. Moreover, management noted that only a small fraction of its long-term power pipeline has been contracted, while several development sites remain subject to customer negotiations, regulatory approvals and infrastructure development.

Still, Applied Digital is positioned to benefit from the accelerating AI infrastructure investment cycle. The company designs, builds and operates purpose-built AI factories for AI, cloud and high-performance computing workloads while leveraging a vertically integrated strategy spanning power, AI infrastructure and accelerated compute.

APLD recently laid the foundation stone for the 300 MW Delta Forge 1 AI campus, secured a $100 million development facility from Macquarie, strengthened the credit quality of CoreWeave leases, completed a $2.15 billion secured note offering and continued the expansion of Polaris Forge. Management also targets approximately 3 GW of AI capacity by 2031, positioning the company as a potential long-term beneficiary of hyperscalers' accelerating AI infrastructure spending.

The Zacks Consensus Estimate for APLD's fiscal 2027 loss is currently pegged at $1 per share, wider than the 70-cent loss reported a year ago. While the estimate has remained unchanged over the past 30 days, it has worsened by 9 cents over the past 60 days.

Zacks Investment Research

Image Source: Zacks Investment Research

Price Performance & Valuation of LITE & APLD

In the past six months, shares of Lumentum have surged 130.9% against Applied Digital's decline of 22.3%. Growing adoption of Lumentum's AI optical technologies has enhanced revenue visibility and investor sentiment, enabling the stock to outperform despite volatility across the broader AI infrastructure sector.

LITE Vs. TEAM: Six-Month Price Return Performance

Zacks Investment Research

Image Source: Zacks Investment Research

Valuation remains a consideration, with Lumentum and Applied Digital each carrying a Value Score of D and F, respectively. However, Lumentum trades at a lower forward 12-month P/S multiple of 10.21X versus Applied Digital's 11.79X.

LITE's relatively reasonable valuation, combined with its strong AI-driven growth prospects, makes the stock an attractive choice for investors seeking long-term upside with greater stability.

LITE vs. APLD: Forward 12-Month P/S Ratio

Zacks Investment Research

Image Source: Zacks Investment Research

LITE or APLD: Which Stock Has the Edge?

Lumentum appears better positioned than Applied Digital at present, supported by stronger execution, accelerating earnings growth, improving estimate revisions and a relatively more attractive valuation. While both companies stand to benefit from expanding AI infrastructure investments, Lumentum offers a more balanced risk-reward profile, making it the stronger choice for investors seeking long-term AI-driven growth with greater stability.

Currently, LITE has a Zacks Rank #2 (Buy), while APLD carries a Zacks Rank #5 (Strong Sell).

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Lumentum Holdings Inc. (LITE) : Free Stock Analysis Report

Applied Digital Corporation (APLD) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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科技服务三家公司增长画像

重要性3/5 中等

COHR产品与产能证据有用，但与同批次另一篇Zacks文章高度重复，且行业分类过宽。

标签

标的：`COHR`来源：Zacks发布日期：2026-07-16重要性：3/5 中等评级理由：COHR产品与产能证据有用，但与同批次另一篇Zacks文章高度重复，且行业分类过宽。评级依据：COHR直接相关, 含高速光模块与CPO数据, 产能升级指标明确, 与article-1rwv75f高度重复原文字数：1518

中文摘要

核心结论

Zacks以数字化、AI和经济复苏为背景，推荐关注Dave、V2X与Coherent。对COHR最有价值的信息集中在高速光模块、光路交换机、共封装光学和磷化铟扩产；文章与次日发布的行业展望稿内容近乎相同。

重要性评级

评级：3/5（中等）

COHR经营细节较丰富，但稿件已被同来源后续文章大幅复用，当日日报中的边际信息有限。

关键事实

• 美国2026年第一季度GDP年化增长2.1%，高于2025年第四季度的0.5%；服务业PMI（采购经理指数）连续24个月高于50。
• Zacks科技服务行业排名第97位，处于247个行业的前39%。
• 行业过去一年上涨5.8%，同期Zacks商业服务板块下跌16.7%，标普500综合指数上涨25.4%。
• 行业EV/EBITDA为17.73倍，高于10.18倍的板块水平和13.93倍的五年中位数，低于标普500的18.68倍。
• Coherent（光网络、材料与激光器公司，COHR）称800G和1.6T光模块需求上升，积压订单达到纪录水平；OCS（光路交换机）市场机会超过40亿美元。
• 与NVIDIA（英伟达）的合作使CPO（共封装光学）潜在市场超过150亿美元；公司预计2026年末开始初步规模收入，2027年末进一步放量。
• 6英寸InP（磷化铟）晶圆每片产出超过3英寸方案的4倍，成本低于一半。
• Zacks对COHR评级为第3级“持有”；其2026财年盈利一致预期过去90天上调1.5%，股价一年上涨198.5%。

作者观点与证据

文章认为AI、5G和数字化将支持科技服务行业，并用公司业绩与订单作为依据。COHR的产品和产能数据具有事实价值，Zacks行业排名、股票评级与“增长标的”结论属于其内部模型和编辑判断。Dave、V2X与Coherent商业模式差异大，行业汇总的解释力有限。

与相关标的的关系

COHR是直接相关标的；DAVE和VVX为并列案例。COHR与NVIDIA通过高速互连和共封装光学合作建立需求联系。

时效性与限制

发布于美东时间 07/16 10:42（UTC+8 07/16 22:42）。其主要内容在美东时间 07/17 10:08（UTC+8 07/17 22:08）以Zacks行业展望稿再次发布，需避免在日报中重复计权。

后续跟踪

• COHR高速光模块收入与积压订单兑现。
• 6英寸磷化铟产线良率和资本支出。
• CPO客户认证及收入确认。
• Zacks盈利一致预期后续修正。

英文原文

3 Stocks to Consider From the Growing Technology Services Market

3 Stocks to Consider From the Growing Technology Services Market

Arghyadeep Bose

Thu, July 16, 2026 at 10:42 PM GMT+8 8 min read

• DAVE

-0.48%

• VVX

+0.75%

• COHR

+0.23%

The Technology Services industry is expected to reach the pre-pandemic levels eventually, enabling regular dividend payments. The rising adoption of remote work, swift global digital transition and technological advancements like 5G, blockchain, artificial intelligence (AI) and machine learning (ML) will propel industry expansion. Also, concerns about data security will provide an impetus for the industry to grow.

Dave Inc. DAVE , V2X Inc. VVX and Coherent Corp. COHR, are poised to gain from the prevailing trends.

About the Industry

The Zacks Technology Services industry encompasses companies involved in producing, developing and designing various software support, data processing, computing hardware and communications equipment. These offerings range from integrated powertrain technologies, advanced analytics, technology solutions and contract research services to semiconductor packaging and interconnect technologies, collaboration software, specialty printers, and data acquisition and analysis systems. This industry caters to consumer and business markets, and serves diverse end markets and customer segments. Additionally, some industry players offer advanced analytics, clinical research services, data storage technology and solutions, and technology-enabled financial services for consumers and small business owners.

Factors Structuring the Future of Technology Services

Rising Demand Environment: The industry is mature, with the demand for services remaining healthy over time. Revenues and cash flows are expected to eventually reach the pre-pandemic levels, aiding most industry players to pay out stable dividends.

Economic Recovery: According to the Bureau of Economic Analysis, GDP rose at an annual rate of 2.1% in the first quarter of 2026 compared with 0.5% in the fourth quarter of 2025. The growth rate has increased, leading to a velocity with which the economy is moving that is still forward. Economic activities in the non-manufacturing sector are in good shape. The Services PMI measured by the Institute for Supply Management has stayed above the 50% mark for 24 months.

Technological Advancement Takes Center Stage: The global shift toward digitization creates opportunities in various markets, including 5G, blockchain and AI. The United States, a significant player in the IT sector, is positioned for growth on the widespread adoption of smart technologies and increased investments in security. Companies are increasingly adopting generative AI, ML, blockchain and data science to gain a competitive advantage. Per Statista, the GenAI market is anticipated to reach $804.3 billion by 2032, witnessing a 12.6% CAGR from 2026 to 2032.

Story Continues

Zacks Industry Rank Indicates Bright Near-Term Prospects

The Zacks Technology Services industry, which is housed within the broader Zacks Business Services sector, currently carries a Zacks Industry Rank #97. This rank places it in the top 39% of 247 Zacks industries.

The group's Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates continued outperformance in the near term. Our research shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.

Before we present a few stocks that you may want to consider for your portfolio, let us look at the industry's recent stock market performance and current valuation.

Industry Beats Sector But Lags S&P 500

The Zacks Technology Services industry has outperformed the broader Zacks Business Services sector but underperformed the Zacks S&P 500 composite over the past year.

The industry has moved up 5.8% over this period against the 16.7% decline of the broader sector and compared with the 25.4% rally of the Zacks S&P 500 composite.

1-Year Price Performance

Industry's Current Valuation

On the basis of EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation and amortization), which is commonly used for valuing staffing stocks because of their high debt levels, the industry is currently trading at 17.73X compared with the S&P 500's 18.68X and the sector's 10.18X.

Over the past five years, the industry has traded as high as 28.97X and as low as 10.26X, with the median being 13.93X, as the charts below show.

EV-to-EBITDA

3 Technology Services Poised for Growth

Dave: This financial technology company offers digital banking, budgeting tools and credit facilities like ExtraCash. Dave's first-quarter 2026 earnings release reveals positive momentum in its revenues that gained 47% year over year, with adjusted EBITDA rising 57%, resulting in a 44% margin.

DAVE's customer-first strategy bears fruit as the new member count went up 22% year over year in the first quarter of 2026, with customer acquisition costs of $18, flat with the preceding quarter. The company strengthened its relationship with customers as monthly transacting members (MTM) increased 18% year over year, with average revenue per use (ARPU) moving up 24%.

Despite an upsurge in MTM, which could raise credit risks, Dave gracefully managed to mitigate the threat, leveraging its proprietary AI and machine learning-based CashAI v5.5 model. This credit risk management apparatus led to the lowest loss rate on record in first-quarter 2026, lowering the 28-day past-due metric to 1.69%. Dave introduced Dave Flex, a "Pay in 4" credit product, to a small testing group of existing members. The company deduced the following results that include exponential growth in total originations per customer and an anticipated rise in ARPU.

The company remains on track to transition ExtraCash receivables to an off-balance sheet funding structure with Coastal Community Bank, which is expected to unlock $200 million in incremental liquidity, reduce costs of capital and support the repayment of the existing credit facility.

DAVE currently sports a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for 2026 EPS has moved up 14.1% in the past 90 days. Daveshares have surged 114.8% over the past year.

You can see the complete list of today's Zacks #1 Rank stocks here.

V2X: This company offers critical mission solutions and support services to defense clients globally. VVX reported an outstanding performance in the first quarter of 2026 during its earnings release. The top line gained 23% year over year, with adjusted net income accelerating 53%, leading to bottom-line growth of 55%.

V2X's total backlog reached a record $13.8 billion, providing strong visibility into long-term revenues, with 94% of the top line in 2026 already visible in the backlog and under contract. Across all businesses, the company held $4.1 billion in total bookings and awards.

The company's contract execution was impressive, as evidenced by the full operational execution and initial operational capability on the large-scale T-6 aircraft program during the first quarter of 2026. It led management to expect revenues of $175-$180 million from this program. V2X managed to provide a $70-$80-million boost to the mid-point of the top-line guidance on the back of a discrete time-and-materials contract with a national security customer expansion and extension.

V2X is no less on the AI front, launching three internal AI platforms operating on enterprise IT infrastructure. It has resulted in a significant expansion in AI-enabled productivity and operational efficiency in support functions. Partnerships with Google, NVIDIA, Amazon and Tactile assisted the company in building differentiated, AI-backed predictive platforms for aerospace sustainment and client bids.

VVX presently flaunts a Zacks Rank #1. The Zacks Consensus Estimate for its 2026 bottom line increased 4.4% in the past 90 days. V2X shares have gained 59.1% in a year.

Coherent: This prominent player in the materials, networking and lasers domain is riding the AI wave. The rapid expansion of AI data centers and the rising demand for bandwidth and energy efficiency are fueling the expansion in optical networking infrastructure. It has led to a step-function increase in its order book, resulting in a record level of backlog.

The upsurge in Coherent's transceiver demand can be attributed to the rapid adoption of 800-gig and 1.6T transceivers by customers. On the Optical Circuit Switch front, the market opportunity exceeds $4 billion. The company resolved a critical manufacturing bottleneck, enabling output to increase rapidly across two production facilities and convert backlog into top-line growth.

Coherent's partnership with NVIDIA is instrumental to raising Co-Packaged Optics' (CPO) addressable market opportunity over $15 billion. The company anticipates initial scaled-out CPO revenues in late 2026, followed by scaled-out CPO revenues in late 2027.

Supply-chain headwinds are prevalent within the AI market. To address this concern, COHR expanded internal Indium Phosphide (InP) capacity. The shift from 3-inch InP to 6-inch yields more than 4X as many devices at less than half the cost. The company's strategy to sign and finalize long-term agreements with customers, including upfront capital investments from customers, helps fund and mitigate challenges encircling COHR's capacity expansion.

COHR currently flaunts a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for its fiscal 2026 bottom line has increased 1.5% in the past 90 days. Coherent shares have skyrocketed 198.5% in a year.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

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Coherent Corp. (COHR) : Free Stock Analysis Report

V2X, Inc. (VVX) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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Vertiv订单能见度延伸至2028年

重要性4/5 较高

直接覆盖VRT的需求强度、订单能见度、机柜技术趋势和估值，是当日日报判断AI电力与冷却链的重要材料。

标签

标的：`VRT`来源：Motley Fool发布日期：2026-07-16重要性：4/5 较高评级理由：直接覆盖VRT的需求强度、订单能见度、机柜技术趋势和估值，是当日日报判断AI电力与冷却链的重要材料。评级依据：VRT直接相关, 150亿美元积压订单, 交期延伸至12至16个月, 包含机柜功率与市场规模数据原文字数：839

中文摘要

核心结论

AI服务器机柜功率密度上升正在扩大数据中心供电与液冷需求，Vertiv凭借30%的季度收入增长、150亿美元积压订单及持续扩大的市场空间获得较长收入能见度；约73倍历史市盈率要求增长和交付保持高水平。

重要性评级

评级：4/5（较高）

文章与VRT直接相关，集中提供机柜功率、订单交期、利润率和市场空间数据，可用于验证AI基础设施需求，但部分判断来自管理层和作者。

关键事实

• 国际能源署估计，到2027年，一台先进数据中心机柜的峰值功率需求可能相当于65户家庭。
• Vertiv（数据中心供电与热管理设备商，VRT）第一季度净销售额26.5亿美元，同比增长30%；美洲有机销售额增长44%。
• 营业利润率升至20.8%，全年调整后营业利润指引更新为32亿美元。
• 积压订单达到150亿美元；客户提前下单，交付窗口延长至12至16个月，管理层称收入能见度已覆盖至2028年。
• 首席执行官Gio Albertazzi称，产品需按特定芯片平台集成，因此重复下单风险较低；这属于管理层判断，文章未提供客户层订单验证。
• 单机柜功率密度已由140千瓦升至300千瓦，未来可能达到600千瓦。
• Vertiv把TAM（潜在市场总规模）由620亿美元上调至750亿美元。
• VRT约按73倍上一年度收益交易；分析师预计当年每股收益增长57%，2027年增长36%，对应约34倍2027年预期收益。

作者观点与证据

作者把Vertiv视为AI基础设施“卖铲人”，证据来自收入、区域增长、利润率、积压订单和机柜功率提升。估值溢价和未来增长率依赖分析师预测；订单能见度与低重复下单风险主要采用管理层口径，缺少订单取消率和客户集中度数据。

与相关标的的关系

VRT是直接研究对象；NVDA通过下一代GPU（图形处理器）平台提高机柜功率与液冷需求，对Vertiv形成产品适配和需求传导。

时效性与限制

发布于美东时间 07/16 10:03（UTC+8 07/16 22:03）。财务证据主要来自2026年第一季度，市场规模和每股收益增速属于前瞻估计；来源披露作者持有NVDA与VRT，Motley Fool也持有并推荐两家公司。

后续跟踪

• 12至16个月订单交付窗口及取消率。
• 300至600千瓦机柜部署节奏。
• 液冷和高压供电产品收入占比。
• 产能扩张、供应链和美洲以外地区增长。

英文原文

Could Vertiv Be the Next Pick-and-Shovel Play for the AI Infrastructure Boom?

Could Vertiv Be the Next Pick-and-Shovel Play for the AI Infrastructure Boom?

Courtney Carlsen, The Motley Fool

Thu, July 16, 2026 at 10:03 PM GMT+8 4 min read

• NVDA

-2.21%

• VRT

-1.55%

Artificial intelligence (AI) infrastructure is booming, and with it comes a surging demand for power and equipment solutions to support these next-generation data centers. AI server racks are becoming so powerful that, according to the International Energy Agency, a single rack in an advanced data center could have a peak power demand equivalent to 65 households by 2027.

With hyperscalers spending up to $700 billion in capital expenditures on the data center build-out this year, investing in "pick-and-shovel" stocks , or companies that provide the essential equipment or services for these data centers, becomes a compelling opportunity.

Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »

One such company that investors should have on their radars is Vertiv Holdings (NYSE: VRT), which provides power and cooling infrastructure. As AI reshapes the physical demands of computing, Vertiv's role in keeping data centers operational makes it an intriguing stock for investors looking to capitalize on the AI spending boom.

Vertiv is enjoying tailwinds from incredibly strong AI data center investments

Data centers and their powerful server racks consume more energy than ever, making power and thermal management systems essential to safely distributing electricity, removing excess heat, and preventing costly downtime. As AI workloads feature higher rack densities , equipment such as UPS systems, switchgear, and liquid-cooling solutions, which Vertiv specializes in, are becoming critical components.

Vertiv's power and thermal management systems ensure continuous operation with maximum efficiency and uptime at AI data centers. With modern AI training and inference clusters built around advanced GPUs, Vertiv is seeing a drastic pickup in demand for its products.

In the first quarter, Vertiv reported net sales of $2.65 billion, up 30% year over year. This growth was largely driven by its Americas segment, which posted 44% organic growth on the back of AI data center demand. Meanwhile, its operating margin expanded to 20.8%, and the company updated its full-year adjusted operating profit guidance to $3.2 billion.

Image source: The Motley Fool. Vertiv is seeing incredibly robust demand, as evidenced by its $15 billion backlog. This massive backlog provides visibility into Vertiv's future revenue. The company noted that customers are increasingly placing orders in advance and seeking delivery windows of 12 to 16 months, providing it with visibility into earnings through 2028.

Story Continues

Because customers are purchasing fully integrated systems optimized for specific silicon footprints (such as Nvidia 's next-generation platforms), double-ordering is unlikely to be an issue, according to Vertiv CEO Gio Albertazzi.

The future is bright for Vertiv

Rack densities (the amount of electrical power consumed) have increased from 140 kilowatts (kW) to 300 kW and will eventually reach 600 kW, drastically increasing the cooling and power needs per rack. As a result, Vertiv expanded its total addressable market from $62 billion to $75 billion, and is expanding its footprint and developing pre-engineering modular solutions to meet this growing demand.

Vertiv stock isn't cheap, priced at around 73 times last year's earnings, but investors are paying a premium for growth for good reason. Analysts covering the stock project that the company's earnings per share could grow 57% this year and 36% in 2027, implying a forward valuation of 34 times 2027 earnings. For investors looking to capitalize on the booming hyperscaler investments in data centers, Vertiv is a solid pick-and-shovel stock to scoop up today.

Should you buy stock in Vertiv right now?

Before you buy stock in Vertiv, consider this:

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Now, it's worth noting Stock Advisor's total average return is 937% — a market-crushing outperformance compared to 211% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built by individual investors for individual investors.

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Courtney Carlsen has positions in Nvidia and Vertiv. The Motley Fool has positions in and recommends Nvidia and Vertiv. The Motley Fool has a disclosure policy .

Could Vertiv Be the Next Pick-and-Shovel Play for the AI Infrastructure Boom? was originally published by The Motley Fool

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Universal Display并购候选画像

重要性3/5 中等

并购画像包含可核查财务和治理数据，并与光电材料产业相关；真实交易证据缺失，情景性高于新闻性。

标签

标的：`COHR`来源：Trefis发布日期：2026-07-16重要性：3/5 中等评级理由：并购画像包含可核查财务和治理数据，并与光电材料产业相关；真实交易证据缺失，情景性高于新闻性。评级依据：约5,500项专利, 净现金与92%自由流通股, 45亿至53亿美元情景估值, 无实际交易证据原文字数：613

中文摘要

核心结论

Trefis把Universal Display视为潜在收购目标，依据是约5,500项显示技术专利、净现金、分散股权和高利润材料业务，并估算可能交易价值为45亿至53亿美元。文章没有披露实际接洽、董事会意向或明确买方名单，属于并购情景分析。

重要性评级

评级：3/5（中等）

财务与治理指标较具体，也涉及COHR所在光电材料产业链；缺少真实交易证据，不能视为并购催化。

关键事实

• Universal Display（有机发光二极管材料与专利公司，OLED）拥有约5,500项专利。
• 公司EV/EBIT（企业价值与息税前利润之比）约14.7倍，自由现金流收益率5.8%，投入资本回报率10.7%。
• 净债务与EBITDA之比为负1.8倍，反映公司处于净现金状态。
• 公司与Tianma（天马）和LG Display（LG显示）签有新的长期协议，核心产品包括UniversalPHOLED（通用磷光有机发光材料）。
• 自由流通股约92%，采用单一股权类别和一股一票制度；前十大股东合计持有45%。
• 公司近期授权4亿美元股票回购。
• 文章引用公开交易常见的20%至40%控制权溢价，估算收购价值约45亿至53亿美元。
• 作者认为大型特种化学品公司具有产业协同，但正文没有给出已确认的具体竞购方或接触记录。

作者观点与证据

作者倾向于把专利、净现金、自由流通比例和股权结构组合成“易被收购”画像。这些指标支持财务可行性，却不能证明收购意愿；45亿至53亿美元估值由通用控制权溢价推算，未纳入协同价值、监管审查或买方资本成本。

与相关标的的关系

OLED是直接研究对象；COHR、DD、DOW、MMM和GLW可作为光电材料、特种化学品或显示供应链的潜在产业参照，但原文没有确认其中任何公司是买方。UVV与正文没有建立关系。

时效性与限制

发布于美东时间 07/16 09:13（UTC+8 07/16 21:13）。全文未提供实际并购谈判、监管申报或董事会程序，交易价值仅为模型化区间；文末还为Trefis资产脆弱性服务导流。

后续跟踪

• Universal Display董事会及监管文件中的战略交易披露。
• 4亿美元回购执行情况。
• 与天马、LG显示长期协议的收入贡献。
• 潜在买方的正式公告和反垄断审查。

英文原文

Who Is Positioned to Buy Universal Display?

Who Is Positioned to Buy Universal Display?

Trefis Team

Thu, July 16, 2026 at 9:13 PM GMT+8 3 min read

• OLED

+0.61%

• COHR

+0.23%

• MMM

-1.19%

• DOW

+2.12%

• DD

+0.74%

Image from Pixabay With a fortress balance sheet and a trove of essential patents, this overlooked display-tech leader has the clear markings of a takeover target.

When you own the keys to a kingdom, in this case, a portfolio of roughly 5,500 patents for the vibrant screens in millions of devices, you expect the market to notice. Yet the stock has declined significantly. That kind of gap between core asset value and market price raises a critical question for any investor. Universal Display (OLED) has the structural fingerprint of a takeover target, and there is a concrete, named shortlist of who would buy it and why.

What Makes It A Candidate

The company trades at an EV/EBIT multiple of 14.7x with a free-cash-flow yield of 5.8% . More importantly, it's an acquirer's dream financially: its net-debt-to-EBITDA ratio is -1.8x, meaning it has a substantial net cash position that could help fund its own acquisition. This isn't just a financial shell; it's a highly profitable business with a return on invested capital of 10.7%, sitting on critical intellectual property for a market management believes is in the "early stages of a multiyear capacity expansion cycle."

Where A Bid Could Come From

The most logical strategic home for Universal Display would be a specialty chemicals giant. For such a company, this isn't about buying revenue; it's about acquiring a high-margin, IP-rich capability in advanced electronic materials. Universal Display's proprietary UniversalPHOLED materials and deep customer relationships, including new long-term agreements with firms like Tianma and LG Display, would slot directly into a larger materials science portfolio, securing a critical piece of the display technology value chain.

The Control Question

Could a deal actually get done? The path looks remarkably clear. With a free float of 92%, ownership is widely dispersed. There is no dual-class structure to block a bid; the company has a "single-class, one share one vote" system. While the top-10 holders own a combined 45% of shares, this is a significant concentration but not an insurmountable barrier for a strong offer.

The company recently announced a "$400 million share repurchase authorization," but that leaves the ultimate question open: would the board rather return that capital slowly on its own, or all at once for a premium?

What Is Universal Display Worth To A Buyer?

Pinning down a takeover price is more art than science, but control premiums in public deals have typically run 20% to 40% over the undisturbed price. On where Universal Display trades today, that points to a deal value somewhere in the region of $4.5 billion to $5.3 billion. The harder question is whether Universal Display is the only name that looks like this. It is not. We score every mid-cap on how closely it fits the takeover-target profile, name the most likely buyers for each, and flag whether control could block a deal. The full M&A Opportunity screen shows where Universal Display ranks and who else is screening as a target right now.

Story Continues

How Much Of Your Wealth Should Ride On One Deal?

Deal outcomes are binary in a way most stock stories are not, which makes position size the real decision. How much damage any single position could do to your net worth is a question with a precise answer. The Trefis Wealth team computes it for investors professionally, with the same rules-based systematic discipline that runs our High Quality Portfolio. Request a free vulnerability audit of your biggest positions .

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Vertiv与西部数据增长筛选

重要性2/5 较低

VRT相关指标可作快速对照，但事实密度有限，缺少数据来源和业务层解释，难以单独支撑判断。

标签

标的：`VRT`来源：StockStory发布日期：2026-07-16重要性：2/5 较低评级理由：VRT相关指标可作快速对照，但事实密度有限，缺少数据来源和业务层解释，难以单独支撑判断。评级依据：VRT直接相关, 仅提供少量筛选指标, 缺少财报截止期, 营销导流明显原文字数：613

中文摘要

核心结论

StockStory把Vertiv和Western Digital列为两只值得观察的标普500公司，依据分别是有机增长、自由现金流与资本回报改善，以及存储需求和利润率加速；Halliburton因16.8%的低毛利率被列为风险标的。

重要性评级

评级：2/5（较低）

文章与VRT直接相关，但数据高度浓缩，缺少报告期、计算方法和业务驱动细节，主要承担选股导流功能。

关键事实

• Vertiv（数据中心基础设施设备商，VRT）市值约1,170亿美元，股价304.40美元，预期市盈率44.4倍。
• 文章称Vertiv过去两年平均有机收入增长23.7%。
• 文章称Vertiv过去五年自由现金流率扩大22.4个百分点，资本回报率正在上升。
• Western Digital（西部数据，WDC）市值约1,771亿美元，股价505.50美元，预期市盈率34.8倍。
• WDC未来12个月预计收入增长43.7%；过去五年营业利润率和自由现金流率分别扩大17.3和17.1个百分点。
• Halliburton（哈里伯顿，HAL）市值约294.5亿美元，股价35.28美元，预期市盈率14.5倍；文章将16.8%的毛利率视为资产经济性偏弱的信号。

作者观点与证据

作者偏向VRT和WDC，回避HAL。论据来自增长率、利润率和资本回报指标，但没有给出数据来源、报告期调整或周期归一化方法；文末以免费研究报告和选股名单引流，评级具有营销属性。

与相关标的的关系

VRT是直接相关标的，文章提供估值和历史经营效率快照；WDC与AI数据存储需求相关，HAL属于能源服务对照。标普500指数仅作为股票池背景。

时效性与限制

发布于美东时间 07/16 08:41（UTC+8 07/16 20:41）。股价、市值和估值是发布时点数据；正文没有披露基础财务数据的截止日期，也未讨论Vertiv订单、区域表现或客户集中度。

后续跟踪

• VRT有机增长与自由现金流率的原始财报口径。
• VRT预期市盈率与盈利预测变化。
• WDC存储需求、价格周期和利润率。
• HAL毛利率与油田服务活动水平。

英文原文

2 S&P 500 Stocks to Keep an Eye On and 1 We Find Risky

2 S&P 500 Stocks to Keep an Eye On and 1 We Find Risky

Weixin Lin

Thu, July 16, 2026 at 8:41 PM GMT+8 3 min read

• ^GSPC

-1.01%

• HAL

+0.51%

• VRT

-1.55%

• WDC

+2.23%

2 S&P 500 Stocks to Keep an Eye On and 1 We Find Risky The S&P 500 (^GSPC) is home to the biggest and most well-known companies in the market, making it a go-to index for investors seeking stability. But not all large-cap stocks are created equal - some are struggling with slowing growth, declining margins, or increased competition.

Some large-cap stocks are past their peak, and StockStory is here to help you separate the winners from the laggards. Keeping that in mind, here are two S&P 500 stocks positioned to outperform and one best left off your watchlist.

One Stock to Sell:

Halliburton (HAL)

Market Cap: $29.45 billion

Behind nearly every oil and gas well drilled worldwide, Halliburton (NYSE:HAL) provides drilling, completion, and production services that help oil and gas companies extract hydrocarbons from underground reservoirs.

Why Are We Wary of HAL?

• High extraction costs and unfavorable asset economics are reflected in its low gross margin of 16.8%

Halliburton is trading at $35.28 per share, or 14.5x forward P/E. If you're considering HAL for your portfolio, see our FREE research report to learn more .

Two Stocks to Watch:

Western Digital (WDC)

Market Cap: $177.1 billion

Founded in 1970 by a Motorola employee, Western Digital (NASDAQ: WDC) is a leading producer of hard disk drives, SSDs and flash memory.

Why Are We Positive on WDC?

• Projected revenue growth of 43.7% for the next 12 months is above its two-year trend, pointing to accelerating demand

• Efficiency rose over the last five years as its Operating margin increased by 17.3 percentage points

• Free cash flow margin expanded by 17.1 percentage points over the last five years, providing additional flexibility for investments and share buybacks/dividends

At $505.50 per share, Western Digital trades at 34.8x forward P/E. Is now the time to initiate a position? Find out in our full research report, it's free .

Vertiv (VRT)

Market Cap: $117 billion

Formerly part of Emerson Electric, Vertiv (NYSE:VRT) manufactures and services infrastructure technology products for data centers and communication networks.

Why Do We Love VRT?

• Core business can prosper without any help from acquisitions as its organic revenue growth averaged 23.7% over the past two years

• Free cash flow margin expanded by 22.4 percentage points over the last five years, providing additional flexibility for investments and share buybacks/dividends

• Returns on capital are growing as management capitalizes on its market opportunities

Vertiv's stock price of $304.40 implies a valuation ratio of 44.4x forward P/E. Is now a good time to buy? See for yourself in our in-depth research report, it's free .

Story Continues

High-Quality Stocks for All Market Conditions

WHILE YOU'RE HERE: Top 9 Market-Beating Stocks. The best stocks don't just beat the market once. They do it again. And again. Robust revenue growth, rising free cash flow, returns on capital that leave their competition in the dust. The market has already rewarded these businesses.

But our AI platform says the party isn't over. Find out which 9 stocks made the cut this week — FREE. Get Our Top 9 Market-Beating Stocks for Free HERE .

Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today .

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RBC下调Vertiv目标价

重要性2/5 较低

属于VRT最新卖方评级动作，但付费墙导致证据极少，只能确认目标价与评级，无法解释基本面变化。

标签

标的：`VRT`来源：MT Newswires发布日期：2026-07-16重要性：2/5 较低评级理由：属于VRT最新卖方评级动作，但付费墙导致证据极少，只能确认目标价与评级，无法解释基本面变化。评级依据：VRT直接相关, 目标价由435美元降至418美元, 维持跑赢大盘, 正文受付费墙阻断原文字数：80

中文摘要

核心结论

RBC Capital（加拿大皇家银行资本市场）将Vertiv目标价由435美元下调至418美元，同时维持“跑赢大盘”评级；可见正文还显示市场平均评级为“增持”、平均目标价约380.72美元。

重要性评级

评级：2/5（较低）

评级变化与VRT直接相关，但正文受付费墙阻断，没有分析师姓名、下调原因、盈利预测或估值方法。

关键事实

• RBC Capital把Vertiv（数据中心基础设施商，VRT）目标价从435美元降至418美元，降幅约3.9%。
• RBC维持“跑赢大盘”评级。
• MT Newswires可见片段称，VRT市场平均评级为“增持”。
• 可见片段给出的市场平均目标价为380.72美元。
• 文章页面显示VRT当时下跌1.55%，但未提供价格基准和交易时点。

作者观点与证据

唯一可确认的观点是RBC在降低目标价后仍保持正面评级。付费墙遮挡了调整依据，无法确认是否涉及订单、利润率、资本开支周期或估值倍数变化。

与相关标的的关系

VRT是唯一直接相关标的。目标价变动可反映卖方预期边际变化，但缺少盈利预测调整，信息解释力有限。

时效性与限制

发布于美东时间 07/16 08:37（UTC+8 07/16 20:37）。正文仅有标题和截断句，不能据此推断RBC的完整投资逻辑。

后续跟踪

• RBC完整报告中的目标价下调原因。
• 收入、利润率和每股收益预测是否同步调整。
• 其他分析师目标价与评级变化。
• VRT下一次业绩指引。

英文原文

RBC Capital Adjusts Price Target on Vertiv Holdings to $418 From $435, Maintains Outperform Rating

PREMIUM

RBC Capital Adjusts Price Target on Vertiv Holdings to $418 From $435, Maintains Outperform Rating

MT Newswires

Thu, July 16, 2026 at 8:37 PM GMT+8

• VRT

-1.55%

Vertiv Holdings Co (VRT) has an average rating of overweight and mean price target of $380.72, accor

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摩根大通上调Coherent目标价

重要性2/5 较低

目标价调整与COHR直接相关且时效较强，但正文证据不足，无法判断基本面预期的具体变化。

标签

标的：`COHR`来源：MT Newswires发布日期：2026-07-16重要性：2/5 较低评级理由：目标价调整与COHR直接相关且时效较强，但正文证据不足，无法判断基本面预期的具体变化。评级依据：COHR直接相关, 目标价上调14.5%, 维持增持评级, 正文受付费墙阻断原文字数：78

中文摘要

核心结论

JPMorgan（摩根大通）将Coherent目标价由380美元上调至435美元，并维持“增持”评级；可见正文片段还给出市场平均目标价392.59美元。

重要性评级

评级：2/5（较低）

这是COHR的直接卖方预期变化，但付费墙遮挡了上调原因、盈利预测和估值依据，信息只能作为评级事件记录。

关键事实

• JPMorgan把Coherent（光网络、材料与激光器公司，COHR）目标价由380美元提高到435美元。
• 目标价上调55美元，增幅约14.5%。
• JPMorgan维持“增持”评级。
• MT Newswires可见片段称，COHR市场平均评级为“增持”。
• 可见片段给出的市场平均目标价为392.59美元。
• 页面显示COHR当时上涨0.23%，但没有提供价格基准或具体交易时点。

作者观点与证据

可确认的观点只有JPMorgan维持正面评级并提高目标价。付费墙导致正文缺失，无法判断调整是否源于高速光模块、共封装光学、产能扩张、盈利预测或估值倍数。

与相关标的的关系

COHR是唯一直接相关标的。435美元目标价高于可见的市场平均目标价392.59美元，但缺少基准股价和预测期，不能据此计算完整预期回报。

时效性与限制

发布于美东时间 07/16 08:08（UTC+8 07/16 20:08）。正文仅保留标题和截断句，不应扩写未披露的分析师论据。

后续跟踪

• JPMorgan完整报告中的盈利预测变化。
• 435美元目标价采用的估值方法与预测期。
• COHR订单、利润率及产能数据。
• 其他卖方机构的目标价调整。

英文原文

JPMorgan Adjusts Price Target on Coherent to $435 From $380, Maintains Overweight Rating

PREMIUM

JPMorgan Adjusts Price Target on Coherent to $435 From $380, Maintains Overweight Rating

MT Newswires

Thu, July 16, 2026 at 8:08 PM GMT+8

• COHR

+0.23%

Coherent (COHR) has an average rating of overweight and mean price target of $392.59, according to a

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数据中心电力链三家公司对照

重要性4/5 较高

对VRT及AI数据中心电力链提供可比公司和订单证据，兼具宏观用电背景、经营兑现和风险信息。

标签

标的：`VRT`来源：24/7 Wall St.发布日期：2026-07-16重要性：4/5 较高评级理由：对VRT及AI数据中心电力链提供可比公司和订单证据，兼具宏观用电背景、经营兑现和风险信息。评级依据：VRT直接相关, 跨ETN与CAT同业对照, 150亿美元VRT积压订单, 美国数据中心用电预测原文字数：1193

中文摘要

核心结论

文章把Eaton、Vertiv和Caterpillar列为AI数据中心电力建设的三条设备路径：配电与热管理、关键供电与冷却、现场备用发电。三家公司第一季度均超过预期并提高指引，但估值、并购整合和周期风险存在明显差异。

重要性评级

评级：4/5（较高）

文章给出VRT及两家电力设备同行的订单、利润率和估值对照，并引用美国数据中心用电预测，适合判断AI资本开支向工业链的传导。

关键事实

• 美国能源部预计，到2028年数据中心可能占美国用电量的12%；PJM Interconnection（美国东部电网运营机构）市场监测方把数据中心负荷增长视为容量市场趋紧的主要原因。
• Eaton（伊顿，ETN）第一季度收入74.5亿美元，同比增长16.8%；调整后每股收益2.81美元，高于预期2.73美元。
• Eaton美洲电气业务收入增长20%，12个月滚动订单有机增长42%，电气业务总积压订单增长48%；季度内完成约110亿美元收购，其中Boyd Thermal交易额95.5亿美元。
• Vertiv（数据中心基础设施商，VRT）第一季度收入26.5亿美元，同比增长30.1%；美洲有机销售增长44%，调整后营业利润率升至20.8%。
• Vertiv 2025年第四季度订单同比增长252%，积压订单150亿美元，订单出货比约2.9倍；全年调整后每股收益指引为6.30至6.40美元。
• VRT当时约按52倍预期收益交易，年初以来上涨逾71%；欧洲、中东和非洲收入下降20.3%。
• Caterpillar（卡特彼勒，CAT）第一季度收入174.15亿美元，同比增长22.2%；每股收益5.54美元，高于预期4.64美元。
• Caterpillar发电产品线收入28.17亿美元，同比增长41%；资源工业分部利润受关税制造成本影响下降39%。

作者观点与证据

作者认为电力基础设施比计算设备更早体现AI建设的盈利杠杆。三家公司业绩、积压订单和指引提供直接证据，但“最纯粹路径”等排序属于作者判断。Eaton面临Boyd整合和利息费用上升，Vertiv面临高估值及区域分化，Caterpillar面临关税和传统工程机械周期。

与相关标的的关系

VRT是直接相关标的；ETN提供配电与液冷同业对照，CAT体现备用发电需求。三者共同连接数据中心用电增长，但各自非数据中心业务占比不同。

时效性与限制

发布于美东时间 07/16 08:00（UTC+8 07/16 20:00）。价格与估值基于07/15（未给出具体时刻），订单和业绩主要来自第一季度；文中穿插EnergyX赞助推广，不构成三家公司经营证据。

后续跟踪

• VRT订单出货比、欧洲业务和利润率。
• Eaton收购整合、利息费用及电气产能。
• Caterpillar发电业务增速和关税成本。
• 美国电网容量价格及数据中心接电进度。

英文原文

3 Stocks Riding the AI Data Center Power Buildout in July

3 Stocks Riding the AI Data Center Power Buildout in July

Joel South

Thu, July 16, 2026 at 8:00 PM GMT+8 6 min read

• ETN

+0.94%

• CAT

+0.35%

• VRT

-1.55%

Quick Read

• Eaton (ETN) grew its electrical order book 42% organically while Vertiv (VRT) built a $15 billion backlog on 252% order growth, both posting Q1 beats.

• Caterpillar (CAT) beat Q1 EPS by 19% as its Power Generation segment grew 41% for four consecutive quarters, backed by a record backlog.

• Data centers are projected to consume 12% of U.S. electricity by 2028, and that makes power infrastructure the first place AI earnings leverage appears, ahead of compute itself.

• This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)

AI data center construction is a power problem before it is a compute problem, and the equipment that moves, conditions, cools and backs up electricity inside those buildings is where the earnings leverage is showing up first.

24/7 Wall St. Three U.S.-listed industrials have become the cleanest ways to own that buildout: Eaton ( NYSE:ETN ) for switchgear and thermal management, Vertiv ( NYSE:VRT ) for critical power and cooling infrastructure and Caterpillar ( NYSE:CAT ) for on-site backup generation. Each posted a first-quarter beat, each raised guidance, and each is trading with a forward multiple that reflects real order acceleration rather than a story. Here is how they stack up going into the July earnings cycle.

The macro backdrop is unusually supportive. The Department of Energy projects data centers will account for up to 12% of U.S. electrical demand by 2028, and PJM Interconnection's independent market monitor concluded that "data center load growth is the primary reason for recent and expected capacity market conditions" in the country's largest grid region. That is the tailwind these three names are monetizing.

July 16 is the Final Day to Tap Into the Lithium Boom (sponsor)

General Motors, POSCO, and 50,000+ everyday investors have already backed lithium producer EnergyX .

Here's why you should do the same before their July 16 investment deadline: lithium prices are up 75% this year, with demand projected to grow a staggering 5X by 2040.

With tech that can recover up to 3X more lithium than traditional methods, EnergyX is preparing to unlock up to 15M+ tons. Become a private-stage EnergyX investor before the July 16 deadline .

Eaton (ETN): The Compounding Acquirer

Eaton makes the electrical guts of a data center: switchgear, busway, power distribution and now liquid cooling after closing Boyd Thermal. Shares traded around $413.98 on July 15, up 26.48% year to date, with a market cap near $158 billion. Forward earnings sits at 30x and the analyst consensus target at $455.79, with 22 Buy or Strong Buy ratings against four Hold ratings.

Story Continues

Q1 delivered adjusted EPS of $2.81 versus a $2.73 consensus on revenue of $7.45 billion, up 16.8% year over year. The number to anchor on is Electrical Americas: revenue rose 20% while the twelve-month rolling order book grew 42% organically, driven by data center demand. Total Electrical backlog is up 48%. Management closed $11 billion in acquisitions in the quarter, headlined by Boyd Thermal at $9.55 billion, and raised full-year adjusted EPS guidance to $13.05 to $13.50. CEO Paulo Ruiz called out "significant capacity expansion investments to meet demand" in Electrical Americas.

Risk: integration. Net interest expense jumped to $106 million from $33 million year over year, and GAAP EPS fell to $2.22 from $2.45 on acquisition charges. A stumble on Boyd or the planned Q1 2027 Mobility spin-off would compress the multiple quickly.

Vertiv (VRT): The High-Growth Pure Play

Vertiv is the closest thing to a listed data-center-infrastructure pure play. On July 15, shares changed hands around $300.86, up more than 71% year to date and more than 136% over the past year. Forward earnings sits at 52x, with a consensus target of $377.40 and 22 Buy or Strong Buy ratings calls versus three Hold ratings.

The re-rating has fundamentals behind it. Q1 revenue grew 30.1% to $2.65 billion, adjusted EPS of $1.17 beat by 15.68%, and Americas organic sales expanded 44%. Adjusted operating margin expanded 430 basis points to 20.8%. The leading indicator is Q4 2025 orders, which grew 252% year over year, pushing backlog to $15 billion at a book-to-bill near 2.9x. Vertiv joined the S&P 500 in March 2026 after picking up investment-grade ratings in February. Full-year adjusted EPS guidance was raised to $6.30 to $6.40, implying 50% to 52% growth at the midpoint.

Risk: valuation and geography. EMEA revenue declined 20.3%, and at 52x forward earnings with a beta of 2.03, any hiccup in the AI CapEx cycle would land squarely on this multiple. Shares already slipped 3.96% in the past week.

Caterpillar (CAT): The Scale Play With a Backup Power Kicker

Caterpillar is the biggest of the three, at $438 billion in market cap, and its data center exposure runs through large reciprocating engines and turbines used for prime and backup power. Shares traded around $917.58 on July 15, up 53.34% year to date and 126.76% over the past 12 months. Forward earnings comes in at 39x, with an analyst target of $962.49 and a more mixed rating split: 15 Buy or Strong Buy ratings, 11 Hold ratings and two Sell ratings.

Q1 EPS of $5.54 topped the $4.64 consensus by 19.3% on revenue of $17.415 billion, up 22.2%. Power Generation, the product line closest to AI infrastructure, grew 41% to $2.817 billion. Momentum has been building for four straight quarters: +28% in Q2 2025, +31% in Q3, +44% in Q4, and +41% in Q1 2026. CEO Joe Creed pointed to "a record backlog" as the foundation for continued momentum. Capital returns underline the scale: $5.0 billion in buybacks and roughly $0.7 billion in dividends in the quarter, with a yield near 0.64%.

Risk: tariffs and cyclicality. Resource Industries segment profit fell 39% on tariff-driven manufacturing costs, and Caterpillar's construction and mining exposure remains cyclical if dealer inventory builds outrun end-user demand.

Investors get three distinct expressions of the same trade here: Eaton for compounding execution and M&A optionality, Vertiv for the highest earnings growth rate at the highest multiple, and Caterpillar for scale, capital returns, and a Power Generation line that keeps re-accelerating. Second-quarter reports across the group will be the near-term catalyst worth watching.

Meet America's Newest $1b Unicorn (Sponsor)

A US startup just passed a $1 billion private valuation, joining billion-dollar private companies like OpenAI and ByteDance. Unlike those other unicorns, you can invest in EnergyX right now; but only until July 16.

Over 50,000 people already have, along with global giants like General Motors and POSCO.

Here's why there's so much interest: EnergyX's patented tech can recover up to 3X more lithium than traditional methods. That's a big deal, as demand for lithium is expected to 5X current production levels by 2040. Become an early-stage EnergyX shareholder before the 7/16 investment deadline.

Contact editorial@247wallst.com for any questions or corrections.

打开原文

华尔街评级调整与宏观快照

重要性3/5 中等

包含VRT及多只相关标的的当日评级动作和宏观市场快照，适合建立事件索引；缺少原始研报论据。

标签

标的：`VRT`来源：24/7 Wall St.发布日期：2026-07-16重要性：3/5 中等评级理由：包含VRT及多只相关标的的当日评级动作和宏观市场快照，适合建立事件索引；缺少原始研报论据。评级依据：VRT获Baird首次覆盖, 覆盖多只相关标的, 含PPI与利率背景, 券商研究依据缺失原文字数：1199

中文摘要

核心结论

文章汇总07/16华尔街评级变化，并把降温的生产者价格、偏高的美债收益率及霍尔木兹海峡冲突风险并列为市场背景；VRT相关信息是Baird首次覆盖并给予“跑赢大盘”评级和370美元目标价。

重要性评级

评级：3/5（中等）

评级清单覆盖多只相关标的且包含VRT新覆盖，但宏观段落混合事实与作者推测，部分价格缺少精确观测时间。

关键事实

• 文章称美国6月PPI（生产者价格指数）下降0.3%；前一交易日纳斯达克指数收于26,269点，上涨0.62%，标普500指数收于7,527点，上涨0.38%。
• 30年期美债收益率报5.09%，10年期报4.55%，但正文未给出具体报价时刻。
• Brent（布伦特原油）收于85.78美元，上涨1.24%；WTI（西得克萨斯中质原油）收于80.31美元，上涨1.22%。
• 文中明确出现的盘中时刻为美东时间 07/16 08:00（UTC+8 07/16 20:00）：比特币报64,145美元，以太坊报1,883美元。
• JPMorgan把BlackRock（贝莱德，BLK）由“中性”上调至“增持”，目标价从1,165美元升至1,364美元。
• Capital One把Okta（身份安全公司，OKTA）目标价由126美元升至171美元，把Palo Alto Networks（网络安全公司，PANW）目标价由307美元升至421美元，两者均上调至“增持”。
• Truist把Lululemon（露露乐蒙，LULU）由“持有”下调至“卖出”，目标价由115美元降至94美元。
• Baird首次覆盖Vertiv（数据中心基础设施商，VRT），给予“跑赢大盘”评级和370美元目标价。

作者观点与证据

评级变动属于各券商观点，文章没有提供完整研究论据。作者预计能源价格可能推高7月通胀，这一判断基于美伊冲突和油价上涨，尚未得到7月通胀数据验证。市场价格与收益率为新闻快照，不能替代正式收盘数据库。

与相关标的的关系

VRT通过Baird首次覆盖直接相关；GOOG、META、OKTA、PANW、LULU、RKT等均有明确评级动作。其他输入代码没有全部出现在正文评级清单中。

时效性与限制

发布于美东时间 07/16 07:57（UTC+8 07/16 19:57）。文章汇总当日卖方动作，时效较强，但缺少各券商报告原文；油价与冲突影响通胀的表述含作者预测，文中还夹有赞助推广。

后续跟踪

• Baird对VRT的盈利预测和370美元目标价依据。
• 7月能源价格向PPI与CPI的实际传导。
• 10年期和30年期美债收益率变化。
• 被上调或下调公司的后续盈利修正。

英文原文

Here Are Thursday’s Top Wall Street Analyst Research Calls: Alphabet, BlackRock, Etsy, Flex, Lululemon Athletica, Meta Platforms, Okta, Palo Alto Networks, and More

Here Are Thursday’s Top Wall Street Analyst Research Calls: Alphabet, BlackRock, Etsy, Flex, Lululemon Athletica, Meta Platforms, Okta, Palo Alto Networks, and More

Lee Jackson

Thu, July 16, 2026 at 7:57 PM GMT+8 6 min read

• OKTA

+1.09%

• PANW

+1.32%

• LULU

-2.07%

• TFC

-1.41%

• GOOG

-2.17%

Quick Read

• A 0.3% June PPI drop lifted all major indices, but escalating U.S.-Iran hostilities near the Strait of Hormuz threaten to reverse those inflation gains.

• JPMorgan raised BLK to Overweight with a $1,364 target, while Truist cut LULU to Sell and dropped the price target to $94.

• Capital One upgraded both OKTA to Overweight with a $171 target and Palo Alto Networks to Overweight with a $421 target on the same day.

• This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)

Pre-Market Stock Futures:

Futures are trading mixed after a solid mid-week session that saw all of the major indices finish the day higher. Another positive inflation print helped stocks along, as the Producer Price Index (PPI), which tracks wholesale costs, plummeted 0.3% in June, largely due to falling gasoline prices. While that was encouraging, it's a good bet the number moves back higher in July, as energy prices have spiked amid the escalation of attacks between the United States and Iran. It's important to remember the trailing and forward price-to-earnings ratios for the S&P 500; both are well above historical averages. The Nasdaq once again led the way on Wednesday, closing up 0.62% at 26,269, while the S&P 500 finished the session at 7,527, up 0.38%. The small-cap Russell 2000 closed at 2,975, up 0.37%, while the Dow Jones Industrials closed at 52,658, higher by 0.29%.

Treasury Bonds:

After the positive PPI number, bond buyers returned once again to grab rich coupons on U.S. debt, and yields across the curve were lower for all of the maturities. When the closing bell rang, the 30-year-long bond was last seen at 5.09%, while the benchmark 10-year note was quoted at 4.55%.

July 16 is the Final Day to Tap Into the Lithium Boom (sponsor)

General Motors, POSCO, and 50,000+ everyday investors have already backed lithium producer EnergyX .

Here's why you should do the same before their July 16 investment deadline: lithium prices are up 75% this year, with demand projected to grow a staggering 5X by 2040.

With tech that can recover up to 3X more lithium than traditional methods, EnergyX is preparing to unlock up to 15M+ tons. Become a private-stage EnergyX investor before the July 16 deadline .

Pgiam / Getty Images

Oil and Gas:

As expected, despite the positive inflation print, energy prices traded higher again amid the escalation in hostilities, which is once again hindering traffic through the Strait of Hormuz. With Iranian ports near the Strait blockaded and missile strikes increasing, it's a solid bet prices will continue to climb and likely erode the positive inflation numbers we saw this week when the July data is revealed next month. Brent Crude finished the day at $85.78, up 1.24%, while West Texas Intermediate was last seen at $80.31, up 1.22%. Natural gas followed suit, closing up 0.93% at $2.93.

Story Continues

Gold:

The precious metal closed mixed on Wednesday, as the uptick in military activity drew some buyers. When trading ended, Gold was quoted at $4,056, up 0.13%. Silver continued its losing ways, finishing the day lower by 0.98% at $57.84.

Crypto:

Cryptocurrencies traded higher on Wednesday, extending a broad rally sparked by cooler-than-expected U.S. inflation data. During the day, Bitcoin climbed around 0.5% to $64,900, while Ethereum added 2.9% to $1,929. At 8 AM EDT, Bitcoin was trading at $ 64,145, while Ethereum was quoted at $1,883.

24/7 Wall St. reviews dozens of analyst research reports every day to identify fresh investment ideas for investors and traders alike. These daily analyst notes include recommendations on stocks to buy, sell, or avoid, as well as new coverage initiations. Important reminder: No single analyst report should ever be the sole basis for buying or selling a stock.

Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Thursday, July 16, 2026.

Upgrades:

• Blackrock ( NYSE: BLK ) was upgraded to Overweight from Neutral at JPMorgan, which pushed the price target to $1,364 from $1,165.

• Flex ( NASDAQ: FLEX ) was raised to Buy from Hold at Freedom Capital, which bumped the target price for the shares to $150 from $144.

• Okta ( NASDAQ: OKTA ) was raised to Overweight from Equal Weight at Capital One, which boosted the target price to $171 from $126.

• Palo Alto Networks ( NASDAQ: PANW ) was raised to Overweight from Equal Weight at Capital One, which lifted the target price to $421 from $307.

• Rocket Companies ( NYSE: RKT ) was upgraded to Overweight from Equal Weight at Morgan Stanley, which nudged the price target to $19 from $18.

Downgrades:

• American Electric Power Company ( NYSE: AEP ) was downgraded to Neutral from Buy at Goldman Sachs, with a $147 target price.

• Cinemark Holdings ( NYSE: CNK ) was cut to Equal Weight from Overweight at Wells Fargo, which trimmed the target price for the stock to $31 from $36.

• Etsy ( NYSE: ETSY ) was downgraded to Neutral from Buy at BTIG, without a price target.

• Lululemon Athletica ( NASDAQ: LULU ) was downgraded to Sell from Hold at Truist Financial, and dropped the target price for the yoga fashion retailer to $94 from $115.

• Pentair ( NYSE: PNR ) was downgraded to Hold from Buy at Stifel, which slashed the target price for the shares to $65 from $103.

Initiations:

• Alphabet ( NASDAQ: GOOGL ) was assumed with an Outperform rating at Wedbush, with a $445 target price objective.

• Meta Platforms ( NASDAQ: META ) was assumed with a Neutral rating at Wedbush, with a $671 target price for the shares.

• Rambus ( NASDAQ: RMBS ) was initiated with a Buy rating at Benchmark, which has set a $165 target price.

• Space Exploration Technologies ( NASDAQ: SPCX) was started with a Neutral rating at Piper Sandler with a $156 target price.

• Vertiv Holdings ( NYSE: VRT ) was initiated with an Outperform rating at Baird, with a $370 target price.

Meet America's Newest $1b Unicorn (Sponsor)

A US startup just passed a $1 billion private valuation, joining billion-dollar private companies like OpenAI and ByteDance. Unlike those other unicorns, you can invest in EnergyX right now; but only until July 16.

Over 50,000 people already have, along with global giants like General Motors and POSCO.

Here's why there's so much interest: EnergyX's patented tech can recover up to 3X more lithium than traditional methods. That's a big deal, as demand for lithium is expected to 5X current production levels by 2040. Become an early-stage EnergyX shareholder before the 7/16 investment deadline.

Contact editorial@247wallst.com for any questions or corrections.

打开原文

应用光电的历史回撤压力

重要性4/5 较高

对AAOI及光通信同行提供系统性的历史波动、恢复期和当前扩产数据，风险信息密度高；模型口径及内部数字矛盾需复核。

标签

标的：`COHR`来源：Trefis发布日期：2026-07-16重要性：4/5 较高评级理由：对AAOI及光通信同行提供系统性的历史波动、恢复期和当前扩产数据，风险信息密度高；模型口径及内部数字矛盾需复核。评级依据：十个冲击期平均回撤44%, 2022年回撤72%, 2026年收入指引超过11亿美元, 恢复期数据存在内部矛盾原文字数：1226

中文摘要

核心结论

文章以历史市场冲击衡量Applied Optoelectronics的尾部风险：该股在十个可观察冲击期内平均回撤44%，显著高于标普500同期约14%，最深冲击期回撤72%。当前AI光模块需求和11亿美元收入指引改善了业务前景，但扩产执行与高波动仍是主要约束。

重要性评级

评级：4/5（较高）

文章对AAOI提供完整的历史回撤和恢复时间表，也能为COHR、LITE等光通信同行提供风险参照；历史冲击样本与未来表现并无确定对应关系。

关键事实

• Applied Optoelectronics（应用光电，AAOI）在文章发布前一个月下跌27%，此前一年上涨342%。
• 管理层预计2026年收入超过11亿美元，并称800G与1.6T光模块需求将超过公司产能直至2027年年中。
• 在其经历的十个可观察市场冲击中，AAOI平均峰谷回撤44%，同期标普500平均约14%。
• 2022年通胀与美联储紧缩冲击期，AAOI最大回撤72%；2025年美国关税冲击期回撤63%。
• 2020年疫情冲击期回撤54%，约3个月恢复；2014至2016年油价下跌期回撤61%，约11个月恢复。
• 2018年第四季度增长恐慌期回撤44%，表格显示约73个月恢复；正文另称约86个月，文章内部存在口径矛盾。
• 过去五年的更长窗口内，AAOI最大峰谷回撤达83%，落点同样位于2022年下跌期，但起始峰值不同。
• 文章举例称，72%的回撤若作用于占组合10%的仓位，对总组合影响约7个百分点；该段属于风险演算，不构成未来损失预测。

作者观点与证据

作者强调AAOI在系统性冲击中的高贝塔和漫长恢复期，证据来自历史回撤表。当前增长论据包括高速光模块需求、产能紧张和2026年收入指引。历史事件划分、冲击窗口和恢复算法由Trefis定义，文章未披露完整计算方法；文末还为其风险审计服务导流。

与相关标的的关系

AAOI是直接研究对象；COHR、LITE、MRVL、AVGO和CIEN同属光通信、网络芯片或数据中心互连链，可把AAOI的波动和扩产风险作为同业压力测试参照，但各公司规模、产品结构和客户集中度不同。

时效性与限制

发布于美东时间 07/15 20:26（UTC+8 07/16 08:26）。收入和需求展望来自管理层，历史回撤不能直接外推；2018年恢复时间在正文与表格间分别为约86个月和73个月，需要复核原始价格序列。

后续跟踪

• 2026年收入能否超过11亿美元。
• 800G与1.6T扩产良率和交付能力。
• 客户集中度、竞争与资本开支。
• 历史回撤窗口和恢复期计算口径。

英文原文

Can You Stomach The Plunge In Applied Optoelectronics Stock?

Can You Stomach The Plunge In Applied Optoelectronics Stock?

Trefis Team

Thu, July 16, 2026 at 8:26 AM GMT+8 6 min read

• AAOI

+2.16%

• COHR

+0.23%

• LITE

+3.77%

• MRVL

+0.20%

• AVGO

-0.97%

Photo by PawinG on Pixabay Its history of deep, prolonged drops in market shocks is the real risk to weigh against today's AI-fueled growth story.

Applied Optoelectronics (AAOI) stock has seen a sharp -27% drop over the past month, a move that gets attention after a year in which it returned +342%. This is a company at the heart of the AI buildout, making optical transceivers like 800G and 1.6T that are critical for next-generation data centers. The market is weighing strong customer demand and management's forecast for 2026 revenue to exceed $1.1 billion against the serious execution risk of a major manufacturing expansion needed to meet that goal. This backdrop makes the downside question urgent.

But that recent dip is a small change compared to how this stock has behaved in a true market shock. For a shareholder, the focus is not on the next quarter, but on the next crisis and the potential for a significant fall.

A 72% Plunge In The 2022 Inflation Shock

When the broad market falls, Applied Optoelectronics stock tends to fall much further. Across the 10 market shocks it has traded through, it fell an average of 44% from peak to trough, while the S&P 500 fell about 14% over the same periods. Its deepest shock window drawdown was a 72% collapse during the 2022 Inflation Shock & Fed Tightening.

The stock was also hit hard during events like a past trade-related market shock and a downturn in the energy market from 2014-2016, where it fell 63% and 61%, respectively. This amplified downside is the core risk shareholders carry.

The 73-Month Climb After The 2018 Scare

Surviving the fall is one thing; waiting for the recovery is another. While the median time for Applied Optoelectronics to reclaim a prior high after a shock has been about 4 months, patience can be severely tested. After the Q4 2018 Fed Policy Error / Growth Scare, it took about 86 months for the stock to fully recover its pre-shock peak.

A quick rebound in the past is no guarantee for the future, and a multi-year wait to get back to breakeven is a real possibility that any holder must be prepared for.

Every Major Shock Applied Optoelectronics Has Traded Through

Peak-to-trough drawdown in each shock, and how long the stock took to reclaim its pre-shock high. Stock vs. the S&P 500, long-duration bonds, and its sector.

Shock Event

Stock

S&P 500

Bonds

Sector

Recovery

2013 Taper Tantrum

N/A(Pre-IPO)

-0.2%

-17%

-0.8%

-

2014-2016 Oil Price Collapse

-61%

-6.8%

-5.0%

-7.2%

~11 mo

2015-2016 China Devaluation / Global Growth Scare

-43%

-12%

-4.4%

-12%

~13 mo

2016-2017 Trump Reflation Bond Selloff

-9.8%

-3.7%

-15%

-3.8%

~1 mo

Q4 2018 Fed Policy Error / Growth Scare

-44%

-19%

-2.2%

-24%

~73 mo

2020 COVID-19 Crash

-54%

-34%

-0.7%

-31%

~3 mo

2022 Inflation Shock & Fed Tightening

-72%

-24%

-35%

-33%

~18 mo

2023 SVB Regional Banking Crisis

-38%

-6.7%

-4.3%

-5.1%

~3 mo

Summer-Fall 2023 Five Percent Yield Shock

-27%

-9.5%

-17%

-10%

~3 mo

2024 Yen Carry Trade Unwind

-24%

-7.8%

-1.2%

-17%

~2 mo

2025 US Tariff Shock

-63%

-19%

-3.8%

-26%

~4 mo

Story Continues

[1] 2013 Taper Tantrum: Bernanke's taper hint spiked Treasury yields, triggering emerging market capital flight.

[2] 2014-2016 Oil Price Collapse: OPEC refused to cut output, crashing crude from $100 to $26.

[3] 2015-2016 China Devaluation / Global Growth Scare: Yuan devaluation sparked global recession fears, crushing cyclicals and emerging markets.

[4] 2016-2017 Trump Reflation Bond Selloff: Trump's election spurred fiscal stimulus hopes, rotating capital from bonds into cyclicals.

[5] Q4 2018 Fed Policy Error / Growth Scare: Powell's hawkish comments and trade war fears triggered the worst December since 1931.

[6] 2020 COVID-19 Crash: Pandemic lockdowns caused history's fastest bear market before massive stimulus drove recovery.

[7] 2022 Inflation Shock & Fed Tightening: 9.1% CPI forced aggressive rate hikes, crushing both stocks and bonds simultaneously.

[8] 2023 SVB Regional Banking Crisis: SVB's rate-driven bond losses triggered a social-media bank run, seized by FDIC.

[9] Summer-Fall 2023 Five Percent Yield Shock: Strong economic data pushed 10-year yields to 5%, compressing yield-sensitive sector valuations.

[10] 2024 Yen Carry Trade Unwind: BOJ rate hike unwound yen carry trades, briefly crashing tech stocks globally.

[11] 2025 US Tariff Shock: 145% China tariffs crashed equities and the dollar on supply chain disruption fears.

Is Today's Applied Optoelectronics A Different Company?

To be fair, this is not the same company that endured those earlier shocks. Today, it is at the center of the AI infrastructure buildout, with management forecasting that demand for its 800G and 1.6T transceivers will outpace its production capacity through mid-2027. They have guided 2026 revenue to exceed $1.1 billion. A peer like Broadcom faces its own set of challenges, and we looked at the real risk inside Broadcom stock .

But this growth story carries its own risks. The company is undertaking an ambitious capacity expansion, and any execution stumbles could be punished. New competition is also emerging. The business is stronger, but the potential for high volatility remains.

A 72% Drop On A 10% Position

To make this tangible, consider the portfolio impact. That 72% shock- window drawdown on a position sized at 10% of a portfolio would have cut about 7% from your total holdings; at a 20% position weight, that becomes a 14% hit. Using the steeper 83% five-year drawdown discussed below, the same math is closer to an 8% hit at a 10% position and a 17% hit at a 20% position. This is the risk you are carrying. With this level of risk, the critical factor to watch is the execution of the company's manufacturing expansion.

Where Else Could A Drop Like This Be Waiting?

You have just seen, in hard numbers, how far Applied Optoelectronics has fallen when markets break, and how long it took to climb back. The natural next question is how much the rest of what you own could fall, and the options market puts a forward number on exactly that: the expected move it prices in for each stock over the year ahead. Our Expected Move screen ranks which S&P 500 names carry the widest priced-in swings, so you can see whether your other holdings are sitting on more downside than you have accounted for.

AAOI Has Fallen 83% From A Peak Before

The piece above put a number on how far this stock could fall during a specific macro shock, but AAOI's worst peak-to-trough fall over a longer window has been steeper still: the stock has fallen as much as 83% from a peak within the past five years, measured from an earlier, higher peak than the one used for the 72% shock-window figure above, and landing in the same 2022 downturn. A fall like that lands very differently when one position carries too much of your wealth. Knowing what a repeat would do to your net worth is exactly what the Trefis Wealth team computes, with the same rules-based systematic discipline that runs our High Quality Portfolio. Request a free vulnerability audit of your biggest positions .

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欧盟约束谷歌开放安卓与搜索数据

重要性5/5 高

欧盟约束性监管措施直接触及谷歌两项关键生态优势，来源权威、时效性强且标的关联明确。

标签

标的：`GOOG`来源：Shaping Europe’s digital future发布日期：2026-07-16重要性：5/5 高评级理由：欧盟约束性监管措施直接触及谷歌两项关键生态优势，来源权威、时效性强且标的关联明确。评级依据：timeliness, regulatory_materiality, authoritative_source, binding_measure原文字数：298

中文摘要

核心结论

欧盟委员会依据DMA（《数字市场法》）向Google（谷歌）发布两套具有约束力的具体措施，分别要求安卓设备功能向竞争性人工智能服务提供平等接入，并向第三方搜索引擎开放谷歌搜索依靠规模积累的数据。措施直接触及谷歌移动生态和搜索数据优势。

重要性评级

评级：5/5（高）

这是监管机构发布的约束性措施，直接关联GOOG的安卓、Gemini（谷歌人工智能助手）和搜索业务，来源权威且时效性高。

关键事实

• 欧盟委员会于07/16（未给出具体时刻）发布两套具有约束力的具体措施，页面于07/17（未给出具体时刻）更新。
• 第一套措施旨在让竞争性人工智能服务平等使用谷歌安卓设备的相关功能。
• 监管目标明确包括让其他服务能够与Gemini竞争。
• 第二套措施要求向第三方搜索引擎提供只有谷歌搜索能大规模收集的搜索数据。
• 欧盟委员会称措施需要同时维护用户选择、公平竞争和隐私保护。
• 受益对象被描述为较小型人工智能助手、搜索引擎及其他开发者。

作者观点与证据

欧盟委员会认为，接入安卓功能和搜索数据可降低竞争者进入障碍并扩大用户选择。具有约束力的措施本身属于监管事实；对创新、多样性和替代服务增长的效果属于政策预期，原文没有提供执行指标或市场份额测算。

与相关标的的关系

措施直接关联GOOG。安卓功能开放可能降低Gemini在系统层的接入优势，搜索数据共享可能改善第三方搜索产品训练和服务能力；实际影响取决于开放范围、技术接口、数据费用、隐私处理和执行监督。

时效性与限制

截至美东时间 07/18 00:46（UTC+8 07/18 12:46），该页面提供的是措施摘要，未载明完整技术规范、实施期限、费用安排、申诉状态或不合规处罚程序。

后续跟踪

• 两套措施的完整技术规范和生效节点。
• 谷歌的合规方案及可能提出的法律挑战。
• 第三方获取安卓功能和搜索数据的条件与费用。
• 欧盟委员会对隐私保护和执行效果的评估。

英文原文

Commission provides guidance to Google for AI interoperability on Android and sharing of Google Search data under the Digital Markets Act

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Commission provides guidance to Google for AI interoperability on Android and sharing of Google Search data under the Digital Markets Act

• PRESS RELEASE

• Publication 16 July 2026

The European Commission has issued two sets of binding specification measures to Google under the Digital Markets Act.

The aim of the first specification measures is to ensure that competitors' Artificial Intelligence (AI) services can compete with Google's own AI services, such as Gemini, by having equal access to features on Google's Android devices.

The aim of the second specification measures is to rebalance the playing field by giving third-party search engines access to search data that only Google Search can collect at scale.

Read the full press release

Teresa Ribera, Executive Vice-President for Clean, Just and Competitive Transition:

Society is going through a profound digital transformation. We need to keep that process fair and ensure that our citizens have choice. Our decision will help smaller competitors, search engines, or AI assistants, to compete and provide that choice, while protecting the user’s privacy.

Henna Virkkunen, Executive Vice-President for Tech Sovereignty, Security and Democracy:

With today’s measures, we want to support innovation and diversity in the European Union, enabling fair competition in the markets of AI assistant for Android devices and search engines. Thanks to these measures we hope to see emerging alternatives to Google Search and Google’s AI services, such as Gemini, and that users in the EU can enjoy greater choice of services. All developers, large and small, are welcome to explore these new opportunities, which will certainly benefit users too.

Last update

17 July 2026

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美联储准备金周增438亿美元

重要性4/5 中高

官方高频流动性数据，与美元资金面和美债直接相关；解读价值较高，但缺少方向性结论且存在多种统计口径。

标签

来源：Federal Reserve Board / U.S. Department of the Treasury发布日期：2026-07-16重要性：4/5 中高评级理由：官方高频流动性数据，与美元资金面和美债直接相关；解读价值较高，但缺少方向性结论且存在多种统计口径。评级依据：周度数据时效性高, 美元流动性直接相关, 官方统计证据强, 口径解释要求高原文字数：4414

中文摘要

核心结论

截至7月15日当周，美联储准备金余额按日均口径增加438.10亿美元至3.143万亿美元，但仍较一年前减少2561.01亿美元。周三时点数据同时显示财政部一般账户上升、存款机构准备金下降，短期流动性受财政现金和资产负债表内部结构变化共同影响。

重要性评级

评级：4/5（中高）

H.4.1（美联储资产负债表周报）于07/16（未给出具体时刻）发布，属于判断美元流动性和美联储资产结构的官方高频数据；表格口径较多，解释时需区分周平均值与周三时点值。

关键事实

• 截至7月15日当周，准备金余额日均值为3.143万亿美元，环比增加438.10亿美元，同比减少2561.01亿美元。
• 储备银行信贷日均值为6.696万亿美元，环比增加106.24亿美元，同比增加815.83亿美元。
• 证券持有日均值为6.460万亿美元，环比增加90.82亿美元；美国国债持有日均值为4.509万亿美元，环比增加90.91亿美元。
• 周三时点美国国债持有量为4.510万亿美元，较前周增加71.92亿美元；其中国库券增加66.37亿美元至5058.86亿美元。
• 周三时点抵押贷款支持证券为1.948万亿美元，较前周减少0.61亿美元，较一年前减少1900.89亿美元。
• 周三时点财政部一般账户为7959.76亿美元，较前周增加467.32亿美元；存款机构准备金为3.100万亿美元，较前周减少369.23亿美元。
• 周三时点逆回购余额为3540.79亿美元，较前周增加56.04亿美元，但较一年前减少2206.06亿美元。
• 美联储银行累计递延资产为2342.54亿美元，负值表示恢复向美国财政部汇款前仍需弥补的累计收益缺口。

作者观点与证据

该发布物是资产负债表统计，不含方向性观点。周度数据表明，美联储持有的国库券有所增加，抵押贷款支持证券继续缓慢下降；财政部一般账户、逆回购和准备金在不同统计口径下出现较大周度变化。单周变动可能受结算日、财政收支和日均值计算影响，不能直接等同于货币政策立场变化。

与相关标的的关系

数据未指定股票代码。准备金、财政部一般账户和逆回购余额与美元资金面、短期利率及美国国债市场相关；抵押贷款支持证券余额则关联住房融资与机构债市场。报告可作为流动性背景数据，缺少对具体资产价格的直接因果证据。

时效性与限制

发布日为07/16（未给出具体时刻），数据主要截至7月15日。表1采用当周日均值，合并资产负债表采用周三时点值，两者不可直接混用；部分项目为面值、账面价值或估算值。

后续跟踪

• 财政部一般账户后续变动及其对准备金的影响。
• 国库券持有量增加是否持续。
• 抵押贷款支持证券的下降速度。
• 逆回购余额与存款机构准备金的周度关系。

英文原文

Board of Governors of the Federal Reserve System

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Data

Federal Reserve Balance Sheet: Factors Affecting Reserve Balances - H.4.1

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Current Release

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Release Dates

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About

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Announcements

• Technical Q&As

During the week of November 9, the “Build Your Package” feature in the Data Download Program (DDP) will be removed in preparation for the eventual retirement of the DDP . Users can access data and expanded download options through the Federal Reserve Bank of St. Louis's

Federal Reserve Economic Data (FRED) . Learn more about the

DDP and FRED partnership .

###

Current Release

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FRED

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Release Date:

July 16, 2026

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Averages of daily figures

Wednesday

Jul 15, 2026

Week ended

Jul 15, 2026

Change from week ended

Jul 8, 2026

Jul 16, 2025

Reserve Bank credit

6,696,163

+    10,624

+    81,583

6,696,094

Securities held outright 1

6,459,526

+     9,082

+   110,625

6,460,625

U.S. Treasury securities

4,508,790

+     9,091

+   300,712

4,509,941

Bills 2

504,938

+     8,534

+   309,445

505,886

Notes and bonds, nominal 2

3,613,568

+     1,767

+    25,860

3,624,172

Notes and bonds, inflation-indexed 2

281,365

• 1,269

• 32,371

273,755

Inflation compensation 3

108,919

+        58

• 2,222

106,129

Federal agency debt securities 2

2,347

0

0

2,347

Mortgage-backed securities 4

1,948,389

• 9

• 190,087

1,948,337

Unamortized premiums on securities held outright 5

213,685

• 278

• 22,367

213,569

Unamortized discounts on securities held outright 5

-25,811

• 63

• 1,998

-25,834

Repurchase agreements 6

29

+        28

+        26

102

Foreign official

0

0

0

0

Others

29

+        28

+        26

102

Loans

5,653

• 1,007

• 1,794

4,813

Primary credit

5,595

• 1,012

• 374

4,755

Secondary credit

0

0

0

0

Seasonal credit

40

+         6

0

42

Paycheck Protection Program Liquidity Facility

17

• 2

• 1,421

16

Other credit extensions

0

0

0

0

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program) 7

628

0

• 4,378

628

Float

-253

+        21

+       111

-313

Central bank liquidity swaps 8

135

• 35

+        72

135

Other Federal Reserve assets 9

42,572

+     2,877

+     1,287

42,368

Foreign currency denominated assets 10

18,967

+         2

• 532

18,965

Gold stock

11,041

0

0

11,041

Special drawing rights certificate account

15,200

0

0

15,200

Treasury currency outstanding 11

53,270

+        14

+       698

53,270

Total factors supplying reserve funds

6,794,641

+    10,641

+    81,749

6,794,569

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Averages of daily figures

Wednesday

Jul 15, 2026

Week ended

Jul 15, 2026

Change from week ended

Jul 8, 2026

Jul 16, 2025

Currency in circulation 11

2,472,464

• 2,389

+    72,239

2,471,831

Reverse repurchase agreements 12

348,302

• 502

• 218,581

354,079

Foreign official and international accounts

347,069

+     1,015

• 28,178

353,928

Others

1,233

• 1,517

• 190,403

151

Treasury cash holdings

332

• 12

• 103

324

Deposits with F.R. Banks, other than reserve balances

1,011,170

• 28,657

+   482,747

1,047,338

Term deposits held by depository institutions

0

0

0

0

U.S. Treasury, General Account

756,218

• 17,844

+   459,971

795,976

Foreign official

9,741

+       296

+       305

9,483

Other 13

245,211

• 11,110

+    22,472

241,879

Treasury contributions to credit facilities 14

0

0

• 2,029

0

Other liabilities and capital 15

-180,348

• 1,609

+     3,578

-179,452

Total factors, other than reserve balances,

absorbing reserve funds

3,651,920

• 33,169

+   337,850

3,694,121

Reserve balances with Federal Reserve Banks

3,142,721

+    43,810

• 256,101

3,100,448

Note: Components may not sum to totals because of rounding.

1.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2.

Face value of the securities.

3.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of

the securities.

5.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.   For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

Cash value of agreements.

7.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

8.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned

to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the

foreign central bank.

9.

Includes bank premises, accrued interest, and other accounts receivable.

10.

Revalued daily at current foreign currency exchange rates.

11.

Estimated.

12.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities

13.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.   Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

14.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

H.4.1

1A. Memorandum Items

Millions of dollars

Memorandum item

Averages of daily figures

Wednesday

Jul 15, 2026

Week ended

Jul 15, 2026

Change from week ended

Jul 8, 2026

Jul 16, 2025

Securities held in custody for foreign official and international accounts

2,873,536

• 28,679

• 357,158

2,880,500

Marketable U.S. Treasury securities 1

2,590,404

• 28,755

• 296,755

2,597,917

Federal agency debt and mortgage-backed securities 2

207,791

+        50

• 51,866

207,814

Other securities 3

75,340

+        24

• 8,538

74,769

Securities lent to dealers

37,110

• 6,805

• 1,404

36,620

Overnight facility 4

37,110

• 6,805

• 1,404

36,620

U.S. Treasury securities

37,110

• 6,805

• 1,404

36,620

Federal agency debt securities

0

0

0

0

Note: Components may not sum to totals because of rounding.

1.

Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

2.

Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.

3.

Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4.

Face value. Fully collateralized by U.S. Treasury securities.

H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, July 15, 2026

Millions of dollars

Remaining Maturity

Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans 1

2,081

2,732

0

0

0

...

4,813

U.S. Treasury securities 2

Holdings

79,092

387,252

514,583

1,429,248

484,048

1,615,718

4,509,941

Weekly changes

• 9,909

+     7,723

+    16,336

• 2,857

• 6,594

+     2,493

+     7,192

Federal agency debt securities 3

Holdings

0

0

0

2,134

213

0

2,347

Weekly changes

0

0

0

0

0

0

0

Mortgage-backed securities 4

Holdings

0

6

74

5,395

103,845

1,839,018

1,948,337

Weekly changes

0

0

0

0

0

• 60

• 61

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program) 5

487

45

91

0

...

...

624

Repurchase agreements 6

102

0

...

...

...

...

102

Central bank liquidity swaps 7

135

0

0

0

0

0

135

Reverse repurchase agreements 6

354,079

0

...

...

...

...

354,079

Term deposits

0

0

0

...

...

...

0

Note: Components may not sum to totals because of rounding.

...Not applicable.

1.

Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility (PPPLF); and other credit extensions. A component of PPPLF loans presented in the Within 15 days category has reached contractual maturity, and collection is expected based upon the terms of the PPPLF. Loans exclude the loans from the Federal Reserve Bank of Boston (FRBB) to MS Facilities 2020 LLC, which were eliminated when preparing the FRBB's statement of condition, consistent with consolidation under generally accepted accounting principles.

2.

Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.

3.

Face value.

4.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5.

Book value of the loan participations held by the MS Facilities 2020 LLC. A component of loan participations held by MS Facilities 2020 LLC presented in the Within 15 days category has reached contractual maturity, and collectability is assessed in accordance with the MS Facilities 2020 LLC policy.

6.

Cash value of agreements.

7.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign

central bank.

H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name

Wednesday

Jul 15, 2026

Mortgage-backed securities held outright 1

1,948,337

Residential mortgage-backed securities

1,940,803

Commercial mortgage-backed securities

7,534

Commitments to buy mortgage-backed securities 2

26

Commitments to sell mortgage-backed securities 2

0

Cash and cash equivalents 3

0

1.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

2.

Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.

3.

This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Credit Facilities LLC

Millions of dollars

Credit Facilities LLC:

Wednesday Jul 15, 2026

Net portfolio holdings of

Credit Facilities LLC

Outstanding

principal

Outstanding

amount

amount of

Treasury

of loan

facility

contributions

extended to

asset

and

the LLC 1

purchases 2

other assets 3

Total

MS Facilities 2020 LLC (Main Street Lending Program)

0

38

590

628

Note: Components may not sum to totals because of rounding.

1.

Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity.

2.

Outstanding amount of facility asset purchases includes loan participations at face value, net of an allowance for credit losses, updated as of March 31, 2026.

3.

Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Refer to the note on consolidation accompanying table 6.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday

Jul 15, 2026

Change since

Wednesday

Wednesday

Jul 8, 2026

Jul 16, 2025

Assets

Gold certificate account

11,037

0

0

Special drawing rights certificate account

15,200

0

0

Coin

1,370

+         2

• 76

Securities, unamortized premiums and discounts, repurchase agreements, and loans

6,653,276

+     5,783

+    87,188

Securities held outright 1

6,460,625

+     7,131

+   113,329

U.S. Treasury securities

4,509,941

+     7,192

+   303,418

Bills 2

505,886

+     6,637

+   310,393

Notes and bonds, nominal 2

3,624,172

+    12,371

+    30,321

Notes and bonds, inflation-indexed 2

273,755

• 8,879

• 34,242

Inflation compensation 3

106,129

• 2,937

• 3,053

Federal agency debt securities 2

2,347

0

0

Mortgage-backed securities 4

1,948,337

• 61

• 190,089

Unamortized premiums on securities held outright 5

213,569

• 312

• 22,334

Unamortized discounts on securities held outright 5

-25,834

• 130

• 2,017

Repurchase agreements 6

102

+       102

+       102

Loans 7

4,813

• 1,009

• 1,892

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program) 8

628

0

• 3,920

Items in process of collection

(0)

43

• 5

• 26

Bank premises

667

+        12

+       103

Central bank liquidity swaps 9

135

• 35

+        72

Foreign currency denominated assets 10

18,965

+        72

• 466

Other assets 11

41,707

+     1,589

+       879

Total assets

(0)

6,743,028

+     7,419

+    83,755

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday

Jul 15, 2026

Change since

Wednesday

Wednesday

Jul 8, 2026

Jul 16, 2025

Liabilities

Federal Reserve notes, net of F.R. Bank holdings

2,420,252

• 2,756

+    71,743

Reverse repurchase agreements 12

354,079

+     5,604

• 220,606

Deposits

(0)

4,147,792

+     6,109

+   230,836

Term deposits held by depository institutions

0

0

0

Other deposits held by depository institutions

3,100,454

• 36,923

• 274,582

U.S. Treasury, General Account

795,976

+    46,732

+   483,891

Foreign official

9,483

+        36

+        48

Other 13

(0)

241,879

• 3,737

+    21,479

Deferred availability cash items

(0)

356

• 45

• 24

Treasury contributions to credit facilities 14

0

0

• 2,029

Other liabilities and accrued dividends 15

-227,161

• 1,498

+     1,681

Total liabilities

(0)

6,695,319

+     7,415

+    81,603

Capital accounts

Capital paid in

40,924

+         4

+     2,152

Surplus

6,785

0

0

Other capital accounts

0

0

0

Total capital

47,709

+         4

+     2,152

Note: Components may not sum to totals because of rounding.

1.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2.

Face value of the securities.

3.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.   For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility and other credit extensions.

8.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

9.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign

central bank.

10.

Revalued daily at current foreign currency exchange rates.

11.

Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

12.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

13.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.   Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

14.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 15, 2026

Millions of dollars

Assets, liabilities, and capital

Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas

Dallas

San

City

Francisco

Assets

Gold certificates and special drawing rights certificates

26,237

891

8,007

818

1,240

1,901

3,698

1,737

791

452

758

2,291

3,653

Coin

1,370

42

64

170

44

186

107

239

32

60

105

114

208

Securities, unamortized premiums and discounts, repurchase agreements,

and loans 1

6,653,276

166,715

3,379,137

132,310

256,822

548,488

466,220

417,108

110,067

57,184

82,883

326,484

709,860

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program) 2

628

628

0

0

0

0

0

0

0

0

0

0

0

Central bank liquidity swaps 3

135

6

43

4

14

30

5

7

3

1

2

4

16

Foreign currency denominated

assets 4

18,965

791

6,110

625

1,928

4,159

676

1,037

475

112

250

538

2,264

Other assets 5

42,417

1,091

19,278

913

1,662

3,847

4,056

2,549

886

538

882

2,145

4,570

Interdistrict settlement account

0

+    11,682

+    64,357

• 13,628

• 14,175

• 33,306

• 32,284

+     2,640

• 6,441

+     1,632

+     6,122

• 4,527

+    17,927

Total assets

6,743,028

181,846

3,476,996

121,214

247,535

525,305

442,478

425,317

105,813

59,979

91,000

327,049

738,498

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 15, 2026 (continued)

Millions of dollars

Assets, liabilities, and capital

Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas

Dallas

San

City

Francisco

Liabilities

Federal Reserve notes, net

2,420,252

84,271

746,283

64,377

119,462

171,990

347,258

126,989

77,996

40,811

54,269

221,214

365,333

Reverse repurchase agreements 6

354,079

8,849

179,928

7,039

13,673

29,200

24,826

22,192

5,852

3,042

4,411

17,357

37,710

Deposits

4,147,792

91,277

2,668,905

51,742

118,407

353,724

67,582

295,950

20,458

15,984

32,893

86,893

343,976

Depository institutions

3,100,454

91,260

1,792,867

51,740

118,373

352,834

67,569

125,809

20,455

15,928

32,866

86,807

343,945

U.S. Treasury, General Account

795,976

0

795,976

0

0

0

0

0

0

0

0

0

0

Foreign official

9,483

2

9,456

1

4

9

1

2

1

0

1

1

5

Other 7

241,879

16

70,606

0

29

881

12

170,139

3

55

27

84

27

Earnings remittances due to the U.S. Treasury 8

-234,254

-5,403

-135,791

-3,707

-9,807

-40,555

199

-22,921

40

-344

-1,402

103

-14,666

Treasury contributions to credit facilities 9

0

0

0

0

0

0

0

0

0

0

0

0

0

Other liabilities and accrued

dividends

7,450

914

2,299

198

293

876

760

523

269

200

204

304

610

Total liabilities

6,695,319

179,909

3,461,624

119,649

242,027

515,235

440,625

422,733

104,614

59,694

90,375

325,870

732,963

Capital

Capital paid in

40,924

1,653

13,186

1,340

4,818

8,582

1,610

2,213

1,029

245

536

986

4,725

Surplus

6,785

283

2,185

224

690

1,488

242

371

170

40

89

193

810

Other capital

0

0

0

0

0

0

0

0

0

0

0

0

0

Total liabilities and capital

6,743,028

181,846

3,476,996

121,214

247,535

525,305

442,478

425,317

105,813

59,979

91,000

327,049

738,498

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 15, 2026 (continued)

1.

Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities

lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between

the purchase price and the face value of the securities that have not been amortized.   For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities,

amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility; and other credit extensions.

2.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

3.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate

equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

4.

Revalued daily at current foreign currency exchange rates.

5.

Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable.

6.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

7.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.   Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

8.

The Federal Reserve Banks remit residual net earnings to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap. Positive amounts represent the estimated weekly remittances due to U.S. Treasury. Negative amounts represent the cumulative deferred asset position, which is incurred during a period when earnings are not sufficient to provide for the cost of operations, payment of dividends, and maintaining surplus. The deferred asset is the amount of net earnings that the Federal Reserve Banks need to realize before remittances to the U.S. Treasury resume.

9.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

Note on consolidation:

On July 15, 2020, the Federal Reserve Bank of Boston (FRBB) began extending loans to the MS Facilities 2020 LLC, under the authority of section 13(3) of the Federal Reserve Act. The LLC is a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.

The FRBB is the managing member of MS Facilities 2020 LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the LLC have been accounted for and consolidated with the assets and liabilities of the FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the FRBB to the LLC is eliminated as are any balances held at the Federal Reserve Bank of New York (FRBNY) for the LLC consolidated to the FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appear as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 5). Net portfolio holdings of the LLC include assets purchased pursuant to terms of the credit facility and the amount provided by U.S. Treasury as credit protection to the FRBB appear as liabilities on table 6 (and in table 1 and table 5).

H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts

Millions of dollars

Federal Reserve notes and collateral

Wednesday

Jul 15, 2026

Federal Reserve notes outstanding

2,826,765

Less: Notes held by F.R. Banks not subject to collateralization

406,513

Federal Reserve notes to be collateralized

2,420,252

Collateral held against Federal Reserve notes

2,420,252

Gold certificate account

11,037

Special drawing rights certificate account

15,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged 1,2

2,394,015

Other assets pledged

0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities 1,2

6,460,727

Less: Face value of securities under reverse repurchase agreements

404,993

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged

6,055,734

Note: Components may not sum to totals because of rounding.

1.

Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.

2.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

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Last Update: July 16, 2026

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打开原文

杠杆ETF的每日复位风险

重要性3/5 中

对SOXL每日复位和波动损耗的机制解释有价值，但属于通用背景材料，且多项规模与收益数字不一致。

标签

标的：`SOXL`来源：etf.com发布日期：2026-07-15重要性：3/5 中评级理由：对SOXL每日复位和波动损耗的机制解释有价值，但属于通用背景材料，且多项规模与收益数字不一致。评级依据：educational_value, background_value, source_disclosure原文字数：2636

中文摘要

核心结论

杠杆ETF（交易所交易基金）只承诺实现基准的单日倍数回报，每日复位使多日结果高度依赖价格路径；在震荡市场中，波动损耗可让基金即使面对接近平盘的指数也持续失值，SOXL等集中产品还叠加行业与机械再平衡风险。

重要性评级

评级：3/5（中）

文章系统解释SOXL、TQQQ等产品机制和风险，对理解近期杠杆基金波动有直接帮助；多处资产规模和收益数字前后不一致，且文章承认由人工智能辅助生成。

关键事实

• 杠杆ETF主要通过互换和期货实现基础指数单日回报的两倍或三倍，并在每个交易日结束后重置敞口。
• 示例中，指数先涨10%再跌10%，两日后从100降至99、累计跌1%；三倍基金从100升至130后再跌至91，累计跌9%。
• 文章称2026年杠杆ETF资产规模约1,930亿美元，日均成交额约450亿美元；结尾又写1,980亿美元，口径不一致。
• TQQQ资产约370亿至373亿美元，费用率净值0.82%，2026年以来约上涨39%。
• SOXL正文一处称年内上涨320%，比较表又列446%；其资产约220亿美元、费用率0.75%，两组收益数字冲突。
• SPXL资产约69亿美元、费用率0.84%；UPRO同样追踪标普500指数三倍单日回报。
• NVDL提供NVDA两倍单日敞口，文章列示年内上涨68.4%。
• 文中称超过500亿美元杠杆ETF资产集中在半导体产品，收盘再平衡可能在剧烈行情中放大机械买卖。

作者观点与证据

作者认为杠杆ETF适合有明确期限、能够持续监控风险的使用场景，并强调长期持有会受到波动路径、费用和融资成本影响。每日复位数学示例清晰；2026年规模、收益和夏普比率等数据只称来自基金供应商，未逐项列明日期与链接，SOXL收益及行业总资产数字存在内部矛盾。

与相关标的的关系

SOXL与半导体指数直接相关，行业集中度和三倍每日杠杆共同放大波动。TQQQ、TECL、SPXL和UPRO提供不同指数范围的杠杆敞口，NVDL则集中于单一股票NVDA；这些产品不能用相同风险口径比较。

时效性与限制

文章发布于美东时间 07/15 17:42（UTC+8 07/16 05:42），数据称截至2026年7月且多为约数。内容由人工智能辅助生成并经ETF.com编辑审核，文中数字矛盾要求回到基金官网核对。

后续跟踪

• 基金官网披露的资产规模、费用率和年内收益。
• SOXL每日跟踪误差、衍生品成本与再平衡规模。
• 半导体杠杆产品的集中度和资金流。
• 震荡环境下的实际波动损耗。

英文原文

Leveraged ETFs in 2026: How They Work, the Best Funds, and the Risks You Can

Leveraged ETFs in 2026: How They Work, the Best Funds, and the Risks You Can't Ignore

ETF.com Staff

Thu, July 16, 2026 at 5:42 AM GMT+8 13 min read

• SPXL

-3.10%

• TECL

-3.11%

• SOXL

-4.92%

• UPRO

-3.18%

• NVDL

-4.75%

ETF Investing Tools Leveraged ETFs are designed for experienced traders. Used correctly, they are powerful tools for amplifying returns in a trending market. Used incorrectly, they are one of the most efficient wealth-destruction mechanisms available on a public exchange. Understanding exactly what they do and don't do is the difference between a well-timed tactical trade and a slow bleed that compounds against you.

This guide covers how leveraged ETFs actually work, why 2026's market environment has made them so popular, the best funds across each major category, and the specific risks you need to understand before putting a single dollar in.

What Is a Leveraged ETF?

A leveraged ETF uses financial derivatives, primarily swaps and futures contracts, to deliver a multiple of the daily return of an underlying index or asset. A 3x leveraged ETF targeting the Nasdaq-100 aims to return +3% on a day the Nasdaq-100 rises 1%, and -3% on a day it falls 1%. That's the whole concept.

The critical word in that description is daily . Leveraged ETFs reset their leverage exposure each night. The 3x target applies to a single trading session, not to any multi-day or multi-year period. Over longer horizons, the daily compounding of leveraged returns diverges significantly from 3x the index return, sometimes far better, sometimes far worse, depending on the path the market takes.

This daily reset is the source of both the opportunity and the primary risk in these products.

Why Leveraged ETFs Are Exploding in 2026

$193 billion in leveraged ETF assets didn't accumulate by accident. Three forces converged in 2026 to drive the boom:

The AI infrastructure build-out. Semiconductor stocks have gone parabolic as hyperscalers like Microsoft, Google, Amazon, and Meta compete to build AI data centers faster than their rivals. NVIDIA, Broadcom, Micron, and TSMC have posted record earnings. For investors who believe this trend continues, 3x semiconductor leverage turns what might be a 50% sector gain into a transformational return on capital.

Retail investor democratization. Commission-free trading and mobile-first brokerage apps have put leveraged ETFs in front of millions of investors who would never have accessed them through traditional channels. Average daily trading volumes for leveraged products have surged to approximately $45 billion in 2026 — a figure that dwarfs the entire category's AUM just a decade ago.

The momentum feedback loop. Strong near-term returns in leveraged funds attract inflows. Inflows from index rebalancing create additional mechanical demand for the underlying stocks. More AI chip demand drives higher stock prices, which generate better returns for leveraged funds, attracting more inflows. It's a reinforcing cycle — until it isn't.

Story Continues

The Best Leveraged ETFs in 2026

TQQQ — ProShares UltraPro QQQ

TQQQ is the largest leveraged ETF in the world with approximately $37 billion in assets, a number that itself reflects how dramatically the category has grown. The fund delivers 3x the daily return of the Nasdaq-100 Index, which means exposure to the same 100 non-financial companies that power QQQ and QQQM : Apple, Nvidia, Microsoft, Broadcom, Amazon, Meta, and their tech-adjacent peers.

TQQQ is up approximately +39% year-to-date in 2026 , which for a leveraged product reflects the more measured performance of the Nasdaq-100 versus the explosive gains in the semiconductor sector specifically. The fund carries an expense ratio of 0.82% (net after a 0.15% fee waiver from the gross 0.97%), which sounds manageable but compounds meaningfully over time alongside the inherent daily borrowing costs embedded in the swap structure.

TQQQ is best used as a short-term tactical vehicle for investors with a bullish view on large-cap technology. Its scale and options market depth make it the most liquid leveraged ETF available and the default vehicle for institutional-scale short-term positions.

SOXL — Direxion Daily Semiconductor Bull 3X ETF

SOXL has been the defining leveraged ETF story of 2026. The fund triples the daily return of the NYSE Semiconductor Index, which holds the world's leading chip designers, manufacturers, and equipment makers. In the year-to-date period through mid-July 2026, SOXL has returned an extraordinary +320% .

That number warrants context: it reflects the concentrated nature of 3x leverage applied to a sector (semiconductors) that has experienced one of the most powerful earnings cycles in its history. Micron reported $41.46 billion in Q3 FY2026 revenue at 74% gross margins. Nvidia's Vera Rubin platform is already in customer hands. The AI infrastructure capex cycle is driving chip demand that the supply chain is struggling to satisfy. SOXL captures all of that at 3x leverage.

The corollary is equally true: in a period of semiconductor underperformance, SOXL doesn't just fall — it collapses. The fund has historically experienced drawdowns exceeding 90% during sector corrections. Its Sharpe ratio of 4.62 on a one-year rolling basis reflects extraordinary recent performance, not a stable long-term profile. SOXL is appropriate for investors who have a specific, time-boxed view on the AI hardware trade and can tolerate and are prepared to act on extreme volatility in both directions.

SPXL — Direxion Daily S&P 500 Bull 3X ETF

SPXL is the 3x leveraged version of the S&P 500, offering amplified broad-market equity exposure with nearly $6.9 billion in AUM . Where TQQQ concentrates on the Nasdaq-100's tech tilt and SOXL concentrates on semiconductors, SPXL gives investors 3x leverage on the entire S&P 500's market-cap-weighted composition, with financials, healthcare, industrials, consumer, energy, and tech all included.

For investors who want leveraged upside without making a sector-specific bet, SPXL is the purest amplification of broad U.S. equity performance available in the ETF wrapper. Its expense ratio is competitive with other Direxion 3x products. It is also frequently paired with its inverse counterpart ( SPXS ) by sophisticated traders who dynamically hedge between bull and bear positions based on macro signals.

UPRO — ProShares UltraPro S&P 500

UPRO is ProShares' version of 3x S&P 500 exposure — functionally similar to SPXL in objective but with slightly different swap structure and expense ratio details. Like SPXL , UPRO offers the broadest-possible leveraged equity exposure without sector concentration. The competition between SPXL and UPRO means both funds maintain tight tracking of 3x daily S&P 500 returns, and investors often choose between them based on which brokerage platform offers better trading costs or commission structure.

TECL — Direxion Daily Technology Bull 3X Shares

TECL applies 3x leverage to the Technology Select Sector Index — the technology component of the S&P 500. Where TQQQ includes communication services names (Alphabet, Meta) and consumer discretionary (Amazon), TECL focuses purely on software, hardware, semiconductors, and IT services within the S&P 500 tech sector. This makes it a more concentrated tech bet than TQQQ and excludes some of the largest constituents that give TQQQ its broader composition.

In 2026's AI-driven market, TECL 's concentration in pure-play tech names — Apple, Nvidia, Microsoft, Broadcom, AMD — has made it a strong performer. Investors who want leveraged tech exposure but prefer the cleaner sector boundary of the S&P 500 sector classification over the Nasdaq-100's mixed composition often favor TECL .

NVDL — GraniteShares 2x Long NVDA Daily ETF

NVDL represents a newer category: single-stock leveraged ETFs. The fund delivers 2x the daily return of a single company — NVIDIA Corporation — rather than an index.

Single-stock leveraged ETFs are the highest-concentration, highest-volatility instruments in the leveraged ETF universe. NVDL 's fate is entirely tied to Nvidia's stock price movements, with 2x amplification. For investors with a strong conviction view specifically on Nvidia — rather than the semiconductor sector broadly — NVDL offers a surgical expression of that view. The risks are commensurately extreme: a 20% drawdown in Nvidia becomes a ~40% drawdown in NVDL .

The Mechanics Behind the Performance: How Leverage Creates and Destroys Value

Understanding why leveraged ETFs can dramatically outperform or underperform their stated multiple over time requires understanding the math of daily compounding.

Consider a simple example. An index starts at 100 and over two days: rises 10% on day one, then falls 10% on day two. The index ends at 99 — down 1% from start. Now apply 3x leverage: the 3x fund rises 30% on day one (from 100 to 130), then falls 30% on day two (from 130 to 91). The 3x fund is down 9% while the index is down only 1%.

This is volatility decay, also called beta slippage. In trending markets — where the index moves consistently in one direction with limited day-to-day reversal — leveraged ETFs can massively outperform their stated multiple over time. SOXL 's +320% YTD reflects exactly this: the semiconductor sector has trended strongly upward with limited sustained pullbacks, allowing the daily compounding to work in favor of holders.

In sideways, choppy markets — where the index oscillates without directional progress — volatility decay grinds down leveraged ETF holders even if the underlying index ends flat. This is the primary reason these products are not appropriate as long-term, buy-and-hold positions. The longer you hold in a non-trending environment, the more the daily rebalancing cost compounds against you.

Who Should — and Shouldn't — Own Leveraged ETFs

Leveraged ETFs serve a specific, legitimate function in a portfolio — but only for seasoned investors who understand them clearly and use them appropriately.

Suitable uses: Short-to-medium-term tactical positions in strong trending markets; expressing a high-conviction, time-limited directional view on an index or sector; sophisticated hedging strategies using paired bull/bear funds; intraday trading where the daily reset is irrelevant.

Unsuitable uses: Long-term wealth accumulation; retirement accounts where the volatility profile is incompatible with the investment horizon; situations where the investor cannot monitor positions regularly; any context where a 70-90% drawdown would materially damage financial wellbeing.

The SEC and most financial advisors caution retail investors against using leveraged ETFs as long-term holdings. That caution is well-founded — but it does not mean these products have no legitimate role. The key variable is time horizon and the investor's ability to actively manage the position.

The Risk Landscape in 2026

The current boom in leveraged ETF assets has drawn scrutiny from regulators and market structure analysts. The concern isn't just that individual investors can lose money; it's that the scale of daily rebalancing trades from leveraged ETFs can amplify market volatility in both directions.

When markets fall sharply, leveraged bull ETFs must sell their underlying exposures at day's end to maintain target leverage ratios. Inverse ETFs must buy. At $193 billion in total assets, those daily rebalancing flows represent tens of billions of dollars of mechanical buying and selling that can amplify intraday price movements — particularly in already-volatile moments.

Additionally, the AI-fueled concentration risk is significant. More than $50 billion of leveraged ETF assets is now concentrated in semiconductor-focused products. If the AI capex cycle shows signs of slowing — through earnings misses, export restrictions, or customer spending reductions — the unwind from that concentration could be rapid and severe.

Leveraged ETF Comparison: Key Facts at a Glance

TQQQ : 3x Nasdaq-100 | AUM ~$37.3B | Expense Ratio 0.82% | YTD +39% | Best for: leveraged large-cap tech exposure with maximum liquidity

SOXL : 3x NYSE Semiconductor Index | AUM ~$22B | Expense Ratio 0.75% | YTD +446% | Best for: high-conviction AI hardware bull thesis; extreme risk tolerance required

SPXL : 3x S&P 500 | AUM ~$6.9B | Expense Ratio 0.84% | Best for: leveraged broad-market exposure without sector concentration

UPRO : 3x S&P 500 | ProShares version | Best for: similar to SPXL ; compare brokerage trading costs

TECL : 3x S&P 500 Technology Sector | Best for: pure-play S&P 500 tech with 3x leverage, excluding communication services and consumer

NVDL : 2x NVIDIA | YTD +68.4% | Best for: single-stock Nvidia bulls who want defined 2x amplification

Leverage Is a Tool, Not a Strategy

The $198 billion in leveraged ETF assets is a testament to both the power of the AI trade and the appetite retail investors have developed for amplified exposure. SOXL 's +320% YTD return is a real number — but so are the 90%+ drawdowns these products have experienced in prior semiconductor downturns. Both are true simultaneously.

Leveraged ETFs work best in strong, directional markets with limited choppiness — exactly the environment 2026 has delivered for semiconductors and AI-adjacent technology. They work worst in volatile, sideways markets where daily compounding turns neutral index performance into steady losses.

If you have a specific, time-boxed view on the AI hardware cycle continuing through 2026, SOXL and TQQQ are the most direct expressions of that thesis with the largest asset bases and deepest liquidity. If you want broad leveraged equity exposure without sector concentration, SPXL or UPRO provide 3x amplification of the full S&P 500. And if your conviction is specifically on Nvidia as the central AI infrastructure pick, NVDL gives you 2x exposure to that single name.

Use any of them with clear entry and exit criteria, position sizing that reflects their volatility profile, and a realistic assessment of what a 50-80% drawdown would mean for your portfolio. Leverage is a tool — and like any tool, what matters most is whether it's the right one for the job.

Data as of July 2026. AUM and performance figures are approximate. Expense ratios sourced from fund providers. Leveraged ETFs involve substantial risk of loss and are not appropriate for all investors. This article is for informational purposes only and does not constitute investment advice.

This article was generated with the assistance of artificial intelligence and reviewed by ETF.com staff.

Investment Risk Disclosure

The information provided on this website is for informational and educational purposes only and does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Nothing on this site should be construed as a recommendation to buy, sell, or hold any security or financial product.

General Investment Risks

Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. The value of investments may fluctuate, and investors may receive back less than they originally invested. There is no guarantee that any investment strategy will achieve its objectives.

ETF-Specific Risks

Exchange-traded funds (ETFs) are subject to risks similar to those of stocks and other equity securities. ETF shares are bought and sold at market price, which may differ from the fund's net asset value (NAV). Brokerage commissions may apply and will reduce returns. ETFs may be subject to the following additional risks:

Market Risk: The value of an ETF may decline due to broad market fluctuations unrelated to the underlying securities.

Liquidity Risk: Some ETFs may have limited trading volume, which could make it difficult to buy or sell shares at a desired price.

Tracking Error Risk: An ETF may not perfectly replicate the performance of its benchmark index.

Concentration Risk: Sector or thematic ETFs may be concentrated in a particular industry or geography, increasing volatility.

Currency Risk: ETFs that invest in international securities may be affected by exchange rate fluctuations.

Leverage and Inverse Risk: Leveraged and inverse ETFs are designed for short-term trading and may not be suitable for long-term investors. These products use derivatives and may experience significant losses.

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Coherent估值折价依赖现金流兑现

重要性4/5 高

直接涉及COHR估值、现金流和英伟达投资，事实密度较高，但关键结论依赖预测模型。

标签

标的：`COHR`来源：Simply Wall St.发布日期：2026-07-15重要性：4/5 高评级理由：直接涉及COHR估值、现金流和英伟达投资，事实密度较高，但关键结论依赖预测模型。评级依据：timeliness, fact_density, evidence_strength原文字数：1053

中文摘要

核心结论

Simply Wall St认为，Coherent（相干公司，COHR）的折现现金流与定制市销率模型均显示约11.2%的估值折价，但这一结论高度依赖未来自由现金流转正。公司过去三年约上涨7倍，估值余量需要与光通信需求、扩产执行和行业过度投资风险一起判断。

重要性评级

评级：4/5（高）

文章直接覆盖COHR及英伟达投资带来的光通信需求预期，数字密度较高；估值结果主要来自预测模型，确定性低于财报事实。

关键事实

• COHR过去一年回报223.5%，过去三年约上涨7倍。
• 最近十二个月自由现金流约为净流出4.21亿美元。
• 两阶段股权自由现金流模型估算每股内在价值约350美元，对应约11.2%的折价。
• 当前市销率约9.2倍，高于电子行业约3.0倍和同业约5.9倍，但低于文章定制的11.6倍合理市销率。
• 英伟达投资20亿美元，Coherent正在得州扩建磷化铟产能。
• 六项综合估值检查中仅三项显示便宜；社区多头估计低估19%，空头估计高估10%。

作者观点与证据

作者倾向于认定估值略有折价，证据来自分析师现金流预测和定制倍数。当前仍在消耗自由现金流，350美元内在价值及11.6倍合理市销率均属于模型结果，不能视为已兑现经营事实。

与相关标的的关系

COHR直接受800G、1.6T及人工智能数据中心光模块需求影响；英伟达（NVDA）的20亿美元投资提供资本与需求信号，但大型客户调整算力建设计划可能削弱收入转化。

时效性与限制

文章发布于美东时间 07/15 17:10（UTC+8 07/16 05:10）。来源以历史数据和分析师预测为主，可能未纳入最新价格敏感公告。

后续跟踪

• 自由现金流转正的时间与幅度。
• 得州磷化铟产线的投产进度和利用率。
• 大型云客户资本开支及光模块订单。
• 实际市销率与收入增速的匹配程度。

英文原文

Coherent (COHR) Stock May Be 11% Undervalued Despite Fresh AI Infrastructure News

Coherent (COHR) Stock May Be 11% Undervalued Despite Fresh AI Infrastructure News

Bailey Pemberton

Thu, July 16, 2026 at 5:10 AM GMT+8 4 min read

• COHR

+0.23%

• NVDA

-2.21%

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE.

Coherent stock has delivered a very large 3 year return while valuation checks, including an intrinsic value estimate based on a Discounted Cash Flow (DCF) approach and market multiples, both currently point to the shares trading at a discount of about 11.2% to that intrinsic value.

• Over the past 3 years, Coherent has returned roughly 7x, which puts extra focus on whether recent gains are already pricing in much of the long term cash flow potential.

• NVIDIA's US$2,000,000,000 investment and Coherent's Texas indium phosphide expansion can support expectations for future AI related optics demand, while increased competition and changing AI infrastructure plans at large customers may limit how much of that demand translates into sustained cash flows.

• On Simply Wall St's broader checks, Coherent is marked as undervalued on several metrics but only earns a mixed valuation score, with 3 out of 6 checks suggesting it is cheap, which leaves a more balanced picture than the Discounted Cash Flow (DCF) and multiple signals alone.

The issue now is whether Coherent's current price still offers enough margin compared with its intrinsic value estimate after such a strong multi year run.

Coherent delivered 223.5% returns over the last year. See how this stacks up to the rest of the Electronic industry.

Is Coherent a Bargain on Cash Flow?

The Discounted Cash Flow (DCF) model here uses projected free cash flows to estimate what Coherent might be worth today. Coherent currently has latest twelve month free cash flow of about US$421 million outflow, so the model leans heavily on a recovering cash flow profile, with analysts expecting positive free cash flow in future years. Feeding those projections into a 2 Stage Free Cash Flow to Equity framework results in an estimated intrinsic value of about $350 per share.

Set against the current share price, this implies Coherent screens around 11.2% undervalued on this DCF view. Meta Platforms' reported plans to sell excess AI computing capacity help explain why investors are debating future AI infrastructure spend, yet the stock price still sits below what the cash flow projections suggest.

On the DCF numbers alone, Coherent stock currently looks undervalued relative to its estimated intrinsic value.

Our Discounted Cash Flow (DCF) analysis suggests Coherent is undervalued by 11.2%. Track this in your watchlist or portfolio , or discover 44 more high quality undervalued stocks .

Story Continues

COHR Discounted Cash Flow as at Jul 2026 Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Coherent.

Does Coherent Look Undervalued on Sales?

The P/S ratio suits Coherent because revenue is a key yardstick for a business that is still working through free cash flow losses. Coherent currently trades on a P/S of about 9.2x, compared with an Electronic industry average of roughly 3.0x and a peer average around 5.9x, so the stock sits on a clear premium to both groups.

However, Simply Wall St's tailored fair P/S ratio for Coherent is higher again at about 11.6x, which suggests the current 9.2x multiple is below what the company's profile would ordinarily command. That gap indicates the market is not fully matching the valuation implied by this fair ratio, even after the strong multi year share price move.

On the preferred P/S yardstick, Coherent stock currently appears undervalued relative to the fair multiple suggested for its fundamentals.

NYSE:COHR P/S Ratio as at Jul 2026 See what the numbers say about this price — find out in our valuation breakdown.

The Coherent Narrative: What Would Justify Today's Price?

Simply Wall St Narratives pick up where Coherent's valuation puzzle leaves off by spelling out which assumptions about future growth, margins and earnings would need to hold for the stock to be worth meaningfully more or less than today's price. Each one treats Coherent's fair value as a thesis about how the business might progress that can be revisited over time, rather than a one off snapshot.

Community views on Coherent sit far apart, with one camp leaning into AI optics upside and another stressing execution limits and cycle risk.

Bull case: 19% undervalued

"Major investments in internal manufacturing, particularly the world's first 6-inch indium phosphide production line in Texas, are providing scale and cost structure advantages…"

Read the full Bull Case to see why Coherent could be undervalued

Bear case: 10% overvalued

"The rapid build out of AI data centers and high speed cloud networks risks creating a classic over investment cycle…"

Read the full Bear Case to see why Coherent could be overvalued

Do you think there's more to the story for Coherent? Head over to our Community to see what others are saying!

The Bottom Line

For Coherent, both the Discounted Cash Flow (DCF) intrinsic value estimate and the sales multiple view point to the stock trading on the undervalued side, even after a very large 3 year move. The broader checks are mixed though, so the valuation cushion is not unqualified and depends on the company turning projected cash flow improvements into reality. From here, the key question is whether AI related optics demand and execution on major investments can support the cash flow and revenue profile that current intrinsic value and fair multiple estimates are assuming.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include COHR .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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Applied Digital财报电话会定档

重要性4/5 中高

公司原始公告明确了APLD临近财报窗口，事件确定性高；信息量限于日程安排。

标签

标的：`APLD`来源：GlobeNewswire发布日期：2026-07-15重要性：4/5 中高评级理由：公司原始公告明确了APLD临近财报窗口，事件确定性高；信息量限于日程安排。评级依据：primary_source, upcoming_event原文字数：874

中文摘要

核心结论

Applied Digital将于07/27收盘后发布截至05/31的2026财年第四季度及全年业绩，并在随后举行电话会。该公告只确认日程，没有披露业绩数字或指引。

重要性评级

评级：4/5（中高）

这是公司发布的正式事件日程，直接关系APLD近期信息窗口；事实可靠，但内容不包含经营结果。

关键事实

• 财报电话会定于美东时间 07/27 17:00（UTC+8 07/28 05:00）。
• 公司将在07/27（未给出具体时刻）美股收盘后发布财务结果。
• 报告期为截至05/31（未给出具体时刻）的2026财年第四季度及全年。
• 管理层将先作准备发言，随后接受问答。
• 电话会直播录像可回放一年。
• 公司业务包括人工智能、网络和区块链负载的数据中心及托管服务。
• 前瞻性风险包括建设进度、融资、客户集中、供电、设备故障和资本市场条件。

作者观点与证据

公告没有提出投资判断，主要提供公司活动安排和法定前瞻性风险。所有运营和财务结论均需等待正式财报及监管文件。

与相关标的的关系

APLD是唯一直接标的。电话会将为园区建设、租约履约、融资、资本开支和客户上线进度提供新的公司口径。

时效性与限制

公告发布于美东时间 07/15 16:05（UTC+8 07/16 04:05），电话会距日报日期九天。该材料属于付费分发的公司新闻稿，不含独立分析。

后续跟踪

• 第四季度及全年收入和亏损
• 资本开支、现金与债务
• 园区交付和租约起租进度
• 管理层下一财年指引

英文原文

Applied Digital Sets Fiscal Fourth Quarter and Full Year 2026 Conference Call for Monday, July 27, 2026, at 5:00 p.m. Eastern Time

This is a paid press release. Contact the press release distributor directly with any inquiries.

Applied Digital Sets Fiscal Fourth Quarter and Full Year 2026 Conference Call for Monday, July 27, 2026, at 5:00 p.m. Eastern Time

Applied Digital Corporation

Thu, July 16, 2026 at 4:05 AM GMT+8 4 min read

• APLD

-2.46%

Applied Digital Corporation DALLAS, July 15, 2026 (GLOBE NEWSWIRE) -- Applied Digital Corporation (Nasdaq: APLD) ("Applied Digital" or the "Company") , a designer, builder and operator of high-performance, sustainably engineered data centers and colocation services for Artificial Intelligence ("AI"), networking, and blockchain workloads, will host a conference call on Monday, July 27, 2026, at 5:00 p.m. Eastern Time to discuss its operations and financial results for the fiscal fourth quarter and full year ended May 31, 2026. A press release detailing these results will be issued after the market closes on the same day.

Applied Digital management will provide prepared remarks, followed by a question-and-answer period.

Date: Monday, July 27, 2026

Time: 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time)

North America Dial-In: 1-833-461-5787

International Dial-In: +1 (585) 542-9983

Conference ID: 735983255

Please call the conference telephone number approximately 10 minutes before the start time. An operator will register your name and organization. If you have difficulty connecting with the conference call, please get in touch with Applied Digital's investor relations team at 1-949-574-3860.

The conference call will also be broadcast live and available for replay for one year here .

About Applied Digital

Applied Digital (Nasdaq: APLD) named Best Data Center in the Americas 2025 by Datacloud — designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, networking, and blockchain workloads. Headquartered in Dallas, TX, and founded in 2021, the company combines hyperscale expertise, closed-loop cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its award-winning Polaris Forge AI Factory model.

Learn more at applieddigital.com or follow @APLDdigital on X and LinkedIn.

Caution About Forward-Looking Statements

This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives and future financing plans. These statements use words, and variations of words, such as "will," "continue," "build," "future," "increase," "drive," "believe," "look," "ahead," "confident," "deliver," "outlook," "demonstrates," "expect," "project" and "predict." Other examples of forward-looking statements may include, but are not limited to, (i) statements that reflect perspectives and expectations regarding the lease agreements and current and future campus development, (ii) statements about the HPC industry, (iii) statements of Company plans and objectives, including our evolving business model, or estimates or predictions of actions by suppliers and current and potential customers, (iv) statements of future economic performance, and (v) statements of assumptions underlying other statements and statements about the Company or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the Company's expectations and projections. These risks, uncertainties, and other factors include: our ability to complete construction of our data centers; changes to AI and HPC infrastructure needs and their impact on future plans; risks associated with the leasing business, including those associated with counterparties; costs related to the HPC operations and strategy; our ability to timely deliver any services required in connection with completion of installation under our lease agreements; our ability to raise additional capital to fund ongoing and future data center construction and operations; our ability to obtain financing of the lease agreements on acceptable financing terms, or at all; our dependence on principal customers, including our ability to execute and perform our obligations under our leases with key customers, including without limitation, the lease agreements; our ability to timely and successfully build hosting facilities with the appropriate contractual margins and efficiencies; power or other supply disruptions and equipment failures; the inability to comply with regulations, developments and changes in regulations; cash flow and access to capital; availability of project and other financing to continue to grow our business; decline in demand for our products and services; maintenance of third party relationships; and conditions in the debt and equity capital markets. A further list and description of these risks, uncertainties and other factors can be found in the company's most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, including in the sections captioned "Forward-Looking Statements" and "Risk Factors," and in the company's subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, on the Company's website (www.applieddigital.com) under "Investors," or on request from the Company. Information in this release is as of the dates and time periods indicated herein, and the Company does not undertake to update any of the information contained in these materials, except as required by law.

Investor Relations Contacts

Matt Glover and Ralf Esper

Gateway Group, Inc.

(949) 574-3860

APLD@gateway-grp.com

Media Contact

JSA (Jaymie Scotto & Associates)

(856) 264-7827

jsa_applied@jsa.net

打开原文

Applied Digital确定全年业绩发布日

重要性3/5 中

明确了APLD即将到来的全年业绩节点，但现阶段仅有日程信息，证据增量有限。

标签

标的：`APLD`来源：Applied Digital Corporation发布日期：2026-07-15重要性：3/5 中评级理由：明确了APLD即将到来的全年业绩节点，但现阶段仅有日程信息，证据增量有限。评级依据：upcoming_event, primary_source原文字数：867

中文摘要

核心结论

Applied Digital（高性能数据中心运营商）将于美东时间 07/27 17:00（UTC+8 07/28 05:00）召开2026财年第四季度及全年业绩电话会，同日收盘后发布截至2026年5月31日的财务结果。现有材料只确认日程，没有披露收入、利润、建设进度或指引。

重要性评级

评级：3/5（中）

这是APLD近期明确的财务信息节点，可用于安排后续阅读，但当前公告不包含经营结果。

关键事实

• 公告发布于美东时间 07/15 16:05（UTC+8 07/16 04:05）。
• 电话会定于美东时间 07/27 17:00（UTC+8 07/28 05:00）举行。
• 讨论范围为截至2026年5月31日的2026财年第四季度及全年经营和财务结果。
• 财务新闻稿将在07/27美股收盘后发布。
• 管理层将先作准备发言，随后进入问答环节。
• 电话会提供直播，并保留一年回放。

作者观点与证据

公告属于投资者关系日程通知，没有提出业绩判断。公司简介强调人工智能、网络和区块链工作负载的数据中心能力，但这些宣传性描述不能替代待发布的财务与项目数据。

与相关标的的关系

事件直接关联APLD。后续披露预计补充数据中心租赁、建设融资、客户集中度、资本开支和交付进度等关键信息；当前材料无法判断这些指标的变化。

时效性与限制

截至美东时间 07/18 00:46（UTC+8 07/18 12:46），电话会仍是未来事件。公告没有预报值、分析师一致预期或管理层最新指引。

后续跟踪

• 第四季度及全年收入、利润和现金流。
• 数据中心建设、通电与租赁交付进度。
• 资本开支、融资条件和流动性。
• 管理层对下一财年的量化指引。

英文原文

Applied Digital Sets Fiscal Fourth Quarter and Full Year 2026 Conference Call for Monday, July 27, 2026, at 5:00 p.m. Eastern Time

Applied Digital Sets Fiscal Fourth Quarter and Full Year 2026 Conference Call for Monday, July 27, 2026, at 5:00 p.m. Eastern Time

July 15, 2026 4:05pm EDT

Download as PDF

DALLAS, July 15, 2026 (GLOBE NEWSWIRE) -- Applied Digital Corporation (Nasdaq: APLD) ("Applied Digital" or the "Company") , a designer, builder and operator of high-performance, sustainably engineered data centers and colocation services for Artificial Intelligence (“AI”), networking, and blockchain workloads, will host a conference call on Monday, July 27, 2026, at 5:00 p.m. Eastern Time to discuss its operations and financial results for the fiscal fourth quarter and full year ended May 31, 2026. A press release detailing these results will be issued after the market closes on the same day.

Applied Digital management will provide prepared remarks, followed by a question-and-answer period.

Date: Monday, July 27, 2026

Time: 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time)

North America Dial-In: 1-833-461-5787

International Dial-In: +1 (585) 542-9983

Conference ID: 735983255

Please call the conference telephone number approximately 10 minutes before the start time. An operator will register your name and organization. If you have difficulty connecting with the conference call, please get in touch with Applied Digital’s investor relations team at 1-949-574-3860.

The conference call will also be broadcast live and available for replay for one year here .

About Applied Digital

Applied Digital (Nasdaq: APLD) named Best Data Center in the Americas 2025 by Datacloud — designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, networking, and blockchain workloads. Headquartered in Dallas, TX, and founded in 2021, the company combines hyperscale expertise, closed-loop cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its award-winning Polaris Forge AI Factory model.

Learn more at applieddigital.com or follow @APLDdigital on X and LinkedIn.

Caution About Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives and future financing plans. These statements use words, and variations of words, such as “will,” “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “deliver,” “outlook,” “demonstrates,” “expect,” “project” and “predict.” Other examples of forward-looking statements may include, but are not limited to, (i) statements that reflect perspectives and expectations regarding the lease agreements and current and future campus development, (ii) statements about the HPC industry, (iii) statements of Company plans and objectives, including our evolving business model, or estimates or predictions of actions by suppliers and current and potential customers, (iv) statements of future economic performance, and (v) statements of assumptions underlying other statements and statements about the Company or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the Company’s expectations and projections. These risks, uncertainties, and other factors include: our ability to complete construction of our data centers; changes to AI and HPC infrastructure needs and their impact on future plans; risks associated with the leasing business, including those associated with counterparties; costs related to the HPC operations and strategy; our ability to timely deliver any services required in connection with completion of installation under our lease agreements; our ability to raise additional capital to fund ongoing and future data center construction and operations; our ability to obtain financing of the lease agreements on acceptable financing terms, or at all; our dependence on principal customers, including our ability to execute and perform our obligations under our leases with key customers, including without limitation, the lease agreements; our ability to timely and successfully build hosting facilities with the appropriate contractual margins and efficiencies; power or other supply disruptions and equipment failures; the inability to comply with regulations, developments and changes in regulations; cash flow and access to capital; availability of project and other financing to continue to grow our business; decline in demand for our products and services; maintenance of third party relationships; and conditions in the debt and equity capital markets. A further list and description of these risks, uncertainties and other factors can be found in the company’s most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, including in the sections captioned “Forward-Looking Statements” and “Risk Factors,” and in the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, on the Company’s website (www.applieddigital.com) under “Investors,” or on request from the Company. Information in this release is as of the dates and time periods indicated herein, and the Company does not undertake to update any of the information contained in these materials, except as required by law.

Investor Relations Contacts

Matt Glover and Ralf Esper

Gateway Group, Inc.

(949) 574-3860

APLD@gateway-grp.com

Media Contact

JSA (Jaymie Scotto & Associates)

(856) 264-7827

jsa_applied@jsa.net

Source: Applied Digital Corporation

Released July 15, 2026

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费城半导体指数月内回撤16%

重要性3/5 中

指数回撤数字具有板块参考价值，但正文过短，无法支持更细的归因。

标签

标的：`DRAM`来源：Barrons.com发布日期：2026-07-15重要性：3/5 中评级理由：指数回撤数字具有板块参考价值，但正文过短，无法支持更细的归因。评级依据：与半导体及存储标的相关, 道琼斯市场数据支持核心数字, 发布时间较近, 归档正文信息严重不足原文字数：94

中文摘要

核心结论

费城半导体指数在不到一个月内从收盘高点回撤16%，文章发布当日再跌2.3%。此前领涨人工智能行情的芯片股已成为大盘拖累项。

重要性评级

评级：3/5（中）

道琼斯市场数据提供了清晰的指数回撤幅度，但归档正文极短，缺少个股贡献、成交量和基本面解释。

关键事实

• 费城半导体指数在文章发布当日下跌2.3%。
• 该指数较此前收盘高点累计下跌16%，时间跨度不足一个月。
• 数据来源为Dow Jones Market Data（道琼斯市场数据）。
• 页面行情标签显示闪迪下跌3.99%、费城半导体指数下跌1.63%、英伟达下跌2.21%、标普500指数下跌1.01%，西部数据上涨2.23%。
• 正文只指出芯片股拖累市场，没有解释16%回撤的具体起点、成分贡献或事件路径。

作者观点与证据

文章将人工智能热门芯片股描述为当日市场的重要拖累，主要证据是指数跌幅和距离高点的回撤。由于正文仅有一段，无法判断板块下跌由存储、计算芯片、设备股还是估值压缩主导。

与相关标的的关系

DRAM、MU、NVDA、SNDK、STX和WDC均处于半导体或存储链条，行业指数回撤构成共同市场背景。文章没有给出DRAM自身的价格、流量或持仓贡献。

时效性与限制

文章发布于美东时间 07/15 14:50（UTC+8 07/16 02:50），检索于美东时间 07/18 00:45（UTC+8 07/18 12:45）。归档内容明显截短，页面行情标签与正文当日跌幅口径也存在差异。

后续跟踪

• 费城半导体指数相对高点的回撤幅度。
• 存储股与计算芯片股对指数下跌的贡献。
• DRAM相对费城半导体指数的强弱。
• 指数成交量、盈利预期和估值变化。

英文原文

The SOX Index Fell 16% in Less Than a Month

The SOX Index Fell 16% in Less Than a Month

The SOX Index Fell 16% in Less Than a Month · Barrons.com · Marketwatch

Barrons.com

Thu, July 16, 2026 at 2:50 AM GMT+8 1 min read

• SNDK

-3.99%

• ^SOX

-1.63%

• NVDA

-2.21%

• ^GSPC

-1.01%

• WDC

+2.23%

The same chipmakers that have been investors' AI darlings are some of the biggest drags on today's market. The PHLX Semiconductor Index is down 2.3% today, a 16% drop from the index's closing high, according to Dow Jones Market Data.

Continue Reading

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高贝塔光通信股同步急跌

重要性4/5 高

直接覆盖COHR及光通信同业的剧烈波动，并给出业绩和订单背景，但事件归因证据有限。

标签

标的：`COHR`来源：24/7 Wall St.发布日期：2026-07-15重要性：4/5 高评级理由：直接覆盖COHR及光通信同业的剧烈波动，并给出业绩和订单背景，但事件归因证据有限。评级依据：timeliness, sector_relevance, fact_density原文字数：992

中文摘要

核心结论

人工智能光通信板块在缺少公司层面新利空的情况下出现集中回撤：应用光电（AAOI）跌12%，Lumentum（朗美通，LITE）跌7%，Coherent（相干公司，COHR）跌5%。文章将其归因于拥挤交易获利了结和人工智能硬件风险偏好下降，同时认为订单与产能数据尚未显示需求逻辑破裂。

重要性评级

评级：4/5（高）

文章直接解释COHR及同业的同步波动，并提供板块、业绩和估值背景；价格归因主要是作者判断，缺少资金流或订单变化证据。

关键事实

• AAOI跌至约110美元，单日跌12%；LITE跌至757美元，跌7%；COHR跌至296美元，跌5%。
• 纳斯达克100指数跌幅不足1%，iShares半导体ETF（交易所交易基金，SOXX）跌3%至550.69美元。
• AAOI贝塔约3.69，年内累计上涨206%。
• SOXX年内仍上涨81%，显示半导体交易此前涨幅较大。
• Lumentum 2026财年第三季度收入创纪录达到8.084亿美元，同比增长90%，光路交换机积压订单超过4亿美元。
• AAOI指引2026年第二季度收入1.80亿至1.98亿美元，全年收入预计超过10亿美元，2025年为4.5572亿美元。
• Coherent获得英伟达20亿美元投资，并在得州扩大磷化铟产能。

作者观点与证据

作者把下跌解释为板块去风险和前一日扩产行情消退，依据是三家公司同步下跌且无新增公司公告。该归因没有成交结构、机构持仓或资金流数据佐证；长期需求判断主要引用公司指引和积压订单。

与相关标的的关系

COHR、AAOI与LITE直接反映800G、1.6T、共封装光学及光路交换机预期；SOXX、QQQ（纳斯达克100交易所交易基金）、MU和INTC提供风险偏好背景，不能替代各公司基本面证据。

时效性与限制

文章发布于美东时间 07/15 14:18（UTC+8 07/16 02:18）。文中夹有无关赞助内容，且“获利了结”属于解释性叙事。

后续跟踪

• 三家公司后续财报与订单积压变化。
• 超大规模云厂商资本开支指引。
• AAOI新产能爬坡和客户集中度。
• 光通信股相对SOXX的波动差。

英文原文

Applied Optoelectronics Falls 12%, Coherent and Lumentum Slide as AI Optics Trade Cools

Applied Optoelectronics Falls 12%, Coherent and Lumentum Slide as AI Optics Trade Cools

David Moadel

Thu, July 16, 2026 at 2:18 AM GMT+8 5 min read

• AAOI

+2.16%

• COHR

+0.23%

• QQQ

-1.50%

• SOXX

-1.64%

• ^NDX

-1.49%

Quick Read

• AAOI dropped 12% and Lumentum slid 7% on no company-specific news, unwinding the momentum from yesterday's Texas capacity expansion rally.

• QQQ fell less than 1% while SOXX dropped 3%, exposing how AAOI's beta of 3.69 and 206% year-to-date run amplify every AI hardware risk-off wave.

• Lumentum posted record Q3 revenue of $808 million, up 90% year over year, with an optical circuit switch backlog exceeding $400 million supporting the long-term thesis.

• This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)

Shares of Applied Optoelectronics ( NASDAQ:AAOI ) are sliding Wednesday afternoon, down 12% to $110 and change, as investors pull back from the highest-beta corners of the AI optics trade. The move reverses yesterday's bounce tied to the company's Texas capacity expansion.

sakkmesterke / iStock via Getty Images Applied Optoelectronics' peers are moving in sympathy. Lumentum ( NASDAQ:LITE ) stock is down 7% to $757, while Coherent ( NYSE:COHR ) shares are down 5% to $296. The trio has led AI-photonics gains for months, and today's action looks like targeted de-risking rather than a broad selloff.

For context, the NASDAQ 100 is down slightly today, but it's merely a fraction of the drawdown in these three optics/photonics names. That gap points to profit-taking after parabolic runs across a crowded trade.

AI Hardware Risk-Off, Not a Company-Specific Catalyst

There's no fresh company-specific news driving Applied Optoelectronics, Lumentum, or Coherent shares lower today. Instead, all three are being swept into the same AI-hardware risk-off hitting chip names like Micron Technologies ( NASDAQ:MU ) and Intel ( NASDAQ:INTC ).

These are optical-transceiver and photonics companies, so Micron's China memory competition headline is a sentiment read-through rather than a fundamental hit. The pressure reflects broad AI-hardware de-risking, amplified by the fact that AAOI carries a beta around 3.69 and is up 206% year to date.

July 16 is the Final Day to Tap Into the Lithium Boom (sponsor)

General Motors, POSCO, and 50,000+ everyday investors have already backed lithium producer EnergyX .

Here's why you should do the same before their July 16 investment deadline: lithium prices are up 75% this year, with demand projected to grow a staggering 5X by 2040.

With tech that can recover up to 3X more lithium than traditional methods, EnergyX is preparing to unlock up to 15M+ tons. Become a private-stage EnergyX investor before the July 16 deadline .

Story Continues

Wednesday's move also reflects yesterday's sharp bounce fading. Applied Optoelectronics stock rallied on the Pearland, Texas groundbreaking for 800G and 1.6T transceiver capacity, and momentum traders appear to be stepping back after that pop.

Sector Proxies Confirm the Rotation

The iShares Semiconductor ETF ( NASDAQ:SOXX ) is down 3% to $550.69 Wednesday, and it's a useful proxy for the broader chip complex. It's worth noting that optics is only a small slice of the fund.

The SOXX ETF also carries concentration risk in the top chip names and isn't leveraged, so it will move less than these ultra-high-beta optics stocks in either direction. The ETF is still up 81% year to date, underscoring how stretched the AI-hardware trade has become heading into this pullback.

Lumentum stock has been the strongest of the three on fundamentals, with record Q3 FY2026 revenue of $808.4 million, up 90% year over year, and an optical circuit switch backlog exceeding $400 million. Coherent has structural support from NVIDIA 's ( NASDAQ:NVDA ) $2 billion investment and its indium phosphide scale-up in Texas.

The AAOI Bull and Bear Cases

The bull case for Applied Optoelectronics rests on accelerating hyperscaler demand for 800G and 1.6T optics, plus new U.S. capacity. Management guided Q2 2026 revenue to $180 million to $198 million, and full-year 2026 revenue is projected to exceed $1 billion versus $455.72 million in 2025.

The bear case is straightforward: extreme volatility, a rich valuation after a huge run, hyperscale customer concentration, and 800G ramp execution risk. AAOI stock has shown how quickly momentum can flip in this name.

What to Watch Now

Investors can watch for whether Applied Optoelectronics stock holds $110, and whether Lumentum and Coherent shares stabilize as sector selling exhausts itself. The next fundamental catalysts are the upcoming earnings prints and hyperscaler capex commentary from the mega-cap cloud names.

Given betas this high and year-to-date moves this large, investors may want to size their positions in Applied Optoelectronics, Lumentum, and Coherent shares carefully. Sharp two-way moves are part of the trade here, and days like today are a reminder that concentrated exposure amplifies both the upside and the drawdowns.

The core AI optics thesis around 800G, 1.6T, co-packaged optics, and optical circuit switches remains intact based on company guidance and backlog disclosures. Wednesday's action looks more like a positioning reset in a crowded trade than a break in the underlying demand picture, but momentum traders may keep Applied Optoelectronics, Lumentum, and Coherent active into Thursday's session.

Meet America's Newest $1b Unicorn (Sponsor)

A US startup just passed a $1 billion private valuation, joining billion-dollar private companies like OpenAI and ByteDance. Unlike those other unicorns, you can invest in EnergyX right now; but only until July 16.

Over 50,000 people already have, along with global giants like General Motors and POSCO.

Here's why there's so much interest: EnergyX's patented tech can recover up to 3X more lithium than traditional methods. That's a big deal, as demand for lithium is expected to 5X current production levels by 2040. Become an early-stage EnergyX shareholder before the 7/16 investment deadline.

Contact editorial@247wallst.com for any questions or corrections.

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科技指数上涨掩盖芯片弱势

重要性2/5 中低

可提示科技指数与芯片板块分化，但正文截短且对DRAM缺少直接数据。

标签

标的：`DRAM`来源：Barrons.com发布日期：2026-07-15重要性：2/5 中低评级理由：可提示科技指数与芯片板块分化，但正文截短且对DRAM缺少直接数据。评级依据：发布时间较近, 与DRAM仅有板块层面关联, 盘中指数数字有限, 正文缺失导致证据不足原文字数：108

中文摘要

核心结论

主要科技指数上涨，但硬件和芯片股表现疲弱，指数表面的科技强势掩盖了内部明显分化。大型科技公司上涨足以推动纳斯达克领先，而半导体板块没有同步受益。

重要性评级

评级：2/5（中低）

文章提供盘中指数快照和板块分化线索，但正文被截短，缺少公司、行业指数和成交数据支撑。

关键事实

• 文章称纳斯达克指数盘中上涨0.5%。
• 标普500指数上涨0.3%。
• 道琼斯工业平均指数上涨0.3%，约151点。
• 硬件和芯片股在同一交易时段表现疲弱。
• 部分大型科技公司上涨，推动纳斯达克指数领先其他主要指数。
• 页面行情标签显示标普500指数、纳斯达克指数和道琼斯指数随后分别为-1.01%、-1.40%和-0.77%，与正文快照可能对应不同采样时点。

作者观点与证据

文章强调指数涨跌不能完整代表科技板块内部情况，依据是大型科技股与硬件、芯片股方向分化。归档内容没有列出上涨的大型科技公司，也没有提供半导体指数跌幅，证据链不完整。

与相关标的的关系

DRAM和费城半导体指数处于文中所称的芯片弱势板块，但正文没有提供DRAM自身数据。对DRAM的意义仅限于说明其可能与大型科技权重股出现相对表现分化。

时效性与限制

文章发布于美东时间 07/15 14:14（UTC+8 07/16 02:14），检索于美东时间 07/18 00:45（UTC+8 07/18 12:45）。正文属于盘中快照，且截取不完整，不能替代收盘数据。

后续跟踪

• 大型科技股与半导体指数的相对表现。
• DRAM相对纳斯达克指数的日内和周度强弱。
• 盘中快照与收盘涨跌的差异。
• 半导体板块内部的领跌成分。

英文原文

Tech Stocks Are on the Rise Despite the Chip Dip

Tech Stocks Are on the Rise Despite the Chip Dip

Tech Stocks Are on the Rise Despite the Chip Dip · Barrons.com · Marketwatch

Barrons.com

Thu, July 16, 2026 at 2:14 AM GMT+8 2 min read

• ^GSPC

-1.01%

• ^IXIC

-1.40%

• ^DJI

-0.77%

Hardware names, including chip stocks, are having a tough trading session, but some of the biggest tech companies are climbing higher. The Nasdaq was up 0.5%, while the S&P 500 rose 0.3%, and the Dow increased 0.3% or 151 points. The Nasdaq leading gains would suggest that tech is outperforming, but under the surface things are a bit more complicated.

Continue Reading

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褐皮书显示美国温和扩张

重要性5/5 高

最新美联储地区经济调查同时覆盖增长、就业、价格、信贷和行业需求，对美国宏观日报具有直接价值。

标签

来源：Federal Reserve Board发布日期：2026-07-15重要性：5/5 高评级理由：最新美联储地区经济调查同时覆盖增长、就业、价格、信贷和行业需求，对美国宏观日报具有直接价值。评级依据：时效性高, 美国宏观直接相关, 官方来源质量高, 行业覆盖广, 调查证据存在边界原文字数：1533

中文摘要

核心结论

美联储褐皮书显示，5月下旬至6月期间，十二个辖区中十一个实现轻微至温和增长，就业较上一期改善，价格仍以温和速度上涨。高燃料成本、关税和中东冲突推升投入成本，消费者价格敏感度上升，企业利润率受到挤压。

重要性评级

评级：5/5（高）

报告于美东时间 07/15 14:00（UTC+8 07/16 02:00）发布，是观察美国经济活动、就业和企业定价的最新官方地区调查，对利率与跨资产日报具有较高阅读优先级。

关键事实

• 十二个辖区中十一个报告经济活动轻微至温和增长，一个辖区没有变化；增长速度与上一报告期接近。
• 消费支出小幅增加，但燃料价格上涨压制其他品类销售；多个辖区出现削减可选消费或转向低价产品的现象。
• 多数辖区制造业产出温和增长，数据中心、机械和国防订单较强；数据中心建设也带动部分建筑活动。
• 五个辖区录得温和、适中或较强的就业增长，上一期仅一个辖区达到这一水平；技术人员和熟练工仍然短缺。
• 九个辖区报告价格温和上涨，两个辖区涨幅较强，一个辖区涨幅轻微；所有辖区的价格增速均与上一期相同或放缓。
• 能源、运输和原材料推高非人工投入成本，部分企业将成本归因于中东冲突或关税；部分辖区的售价涨幅低于投入成本，利润率承压。
• 商业与消费贷款规模均温和增长，商业贷款质量稳定，消费贷款质量略有下降。

作者观点与证据

报告汇总各地区联储从企业和社区联系人处获得的信息，呈现温和扩张、就业改善与成本压力并存的局面。关于关税、中东冲突、人工智能应用和未来燃料价格的内容主要来自联系人陈述，属于调查性证据，并非美联储官员的政策观点或完整统计样本。

与相关标的的关系

报告未列出相关股票代码。数据中心、机械、国防、能源、运输、银行和可选消费行业与报告内容直接相关；消费者降级消费、消费贷款质量走弱和企业利润率受压，为相关行业盈利判断提供地区层面的事实线索。

时效性与限制

报告信息采集截止07/06（未给出具体时刻），晚于该日期的经济变化未被覆盖。调查依赖联系人反馈，不代表各辖区的完整量化统计。

后续跟踪

• 燃料成本回落是否带动投入价格降温。
• 消费者降级消费与消费信贷质量变化。
• 数据中心、国防和机械订单的持续程度。
• 企业售价与投入成本之间的差距。

英文原文

National Summary

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• Home

• Monetary Policy

• Beige Book

• July 2026

Beige Book - July 2026

PDF

About This Publication National Summary Federal Reserve Bank of Boston Federal Reserve Bank of New York Federal Reserve Bank of Philadelphia Federal Reserve Bank of Cleveland Federal Reserve Bank of Richmond Federal Reserve Bank of Atlanta Federal Reserve Bank of Chicago Federal Reserve Bank of St. Louis Federal Reserve Bank of Minneapolis Federal Reserve Bank of Kansas City Federal Reserve Bank of Dallas Federal Reserve Bank of San Francisco

National Summary

Overall Economic Activity

Economic activity increased at a slight to moderate pace in eleven of twelve Federal Reserve Districts in late May and June, while one District reported no change. The pace of growth was quite close to that of last period, when activity expanded in ten Districts, was flat in one, and down in one. Consumer spending edged up as higher prices, particularly for fuel, dampened sales in other categories. Several Districts noted declines in spending on discretionary items or trading down to more affordable varieties. Tourism was up, with some Districts receiving a boost from World Cup visitors. Auto dealers reported little change in sales, but spending on repairs grew as consumers held onto vehicles for longer. Agricultural conditions deteriorated due to lower commodity prices, higher input costs, and tighter credit. In the energy sector, oil and gas drilling increased. Manufacturing production grew modestly to moderately in most Districts, led by stronger orders from the data center, machinery, and defense sectors. Manufacturers in several Districts said supply chain issues were more common. Construction and real estate activity increased slightly overall, with several Districts noting growth in data center building. Financial conditions were stable on net, and commercial and consumer loan volumes were both up modestly. Commercial loan quality was stable, but consumer loan quality ticked down. Transportation activity increased modestly amidst ongoing supply chain changes related to higher tariffs and the conflict in the Middle East. Overall, activity in other service industries also was up modestly, with Districts highlighting growth in health care and professional services. Social service providers were adjusting to funding declines while demand for basic supports—housing, food, health care—remained high. Contacts generally expected the economy to continue to expand in the coming months, but several Districts noted elevated uncertainty in the outlook for fuel costs.

Labor Markets

Employment rose on balance, with five Districts showing modest, moderate, or solid gains in employment, and with seven Districts experiencing little to no change. In the previous report, only one District had modest, moderate, or solid employment gains. Employment rose in a variety of industries, including manufacturing, construction, and retail. Skilled workers were difficult to find in a range of fields, notably technicians and tradespeople. Though there were reports of lower employment in a couple of Districts, the declines were small. Wage growth was modest to moderate in most Districts, though two saw only slight wage increases. Some wage increases were attributed to increased competition for skilled workers. A few Districts noted that firms had increased their usage of AI, either in the hiring and screening of potential employees or to boost worker productivity.

Prices

Prices increased moderately overall, with nine Districts reporting moderate growth, two robust growth, and one slight growth; compared with the last reporting period, price growth was the same or slower in all Districts. Non-labor input costs increased for a variety of industries—including services, construction, and manufacturing—and reflected in part higher costs for energy, transportation, and raw materials. Some contacts tied these cost increases to the conflict in the Middle East; others mentioned tariffs. Consumer prices continued to rise, and a few Districts said contacts saw greater price sensitivity among their customers. A couple of Districts reported that selling prices grew less than input costs over the period, crimping margins. Expectations for price growth over the coming months varied across Districts, with contacts in some expecting inflation to continue at its current pace, while contacts in others expected inflation to slow, in part due to falling fuel prices.

Highlights by Federal Reserve District

Boston

Economic activity expanded slightly. Employment was flat, with some isolated layoffs, and wages rose at a slight pace. Cost pressures remained elevated, but output prices increased only slightly. Consumer spending rose modestly overall, buoyed by the World Cup, but discretionary spending softened among low- and moderate-income households. The outlook improved on balance.

New York

Economic activity increased modestly, as service sector activity picked up after a long period of weakness. Employment increased modestly, with larger firms starting to hire for growth. Input prices rose strongly under pressure from tariffs and energy costs, though selling price increases remained moderate. Businesses became more optimistic.

Philadelphia

Economic activity rose slightly in the current period, up from a slight decrease in the last period. Nonmanufacturing activity picked up, while manufacturing activity again rose modestly. Employment again declined somewhat. Wage inflation held steady at a modest pace, and prices continued to grow moderately. Manufacturers have more widespread expectations for future growth than nonmanufacturers.

Cleveland

Fourth District business activity increased modestly, with faster growth anticipated in the coming months. Manufacturing demand rose moderately, while retailers continued to face soft demand due to higher fuel prices. Higher fuel costs filtered through to both selling prices and wage pressures. Selling prices rose at a robust pace.

Richmond

The regional economy expanded moderately this cycle as consumer spending continued to grow despite some shifts in consumer behavior, even among higher income consumers. Business activity was generally reported as modestly growing, and employment grew modestly as well. Manufacturing output also increased modestly while producer prices were little changed despite rising input costs. Overall price growth remained moderate.

Atlanta

Economic activity grew modestly. Employment levels remained largely flat. Wages rose moderately, and prices increased at a moderate pace. Consumer spending expanded modestly. Residential and commercial real estate were little changed. Transportation and manufacturing rose modestly. Energy activity was stable, but agricultural conditions worsened. Lending increased at a modest pace.

Chicago

Economic activity in the Seventh District increased modestly over the reporting period. Manufacturing demand rose moderately; employment rose modestly; consumer spending, business spending, and construction and real estate activity increased slightly; and nonbusiness contacts saw a small increase in economic activity. Prices rose moderately, wages were up modestly, and financial conditions tightened slightly. Farm income expectations for 2026 edged down.

St. Louis

Economic activity has slightly increased. Employment was unchanged, and wage growth was moderate. Prices rose at a robust pace, and increases were widespread. The outlook remains unchanged, with contacts noting that persistent uncertainty and elevated fuel costs continue to weigh on overall conditions.

Minneapolis

The District economy expanded slightly. Employment grew modestly, and contacts reported that labor availability increased. Wage growth was modest to moderate. Prices increased moderately, but input price pressure remained elevated. Retail contacts reported greater discretion among consumers. Services, construction, commercial real estate, and manufacturing activity increased. Agricultural conditions deteriorated.

Kansas City

Economic activity expanded slightly within the Tenth District, which was supported by increased manufacturing activity. Inflationary pressures continued to compress profit margins, prompting firms to make pricing and investment adjustments. Contacts expect slight growth over the next six months.

Dallas

Economic activity in the Eleventh District rose moderately. Growth picked up in the banking, energy, and service sectors but moderated in manufacturing. Retail sales improved, and the real estate sector was mixed. Employment strengthened, and wage pressures rose. Outlooks were stable to positive, though inflation, the level of demand, and geopolitical and domestic policy uncertainty remained sources of concern.

San Francisco

Economic activity was stable but somewhat muted. Employers held head counts steady and invested further in AI. Prices increased moderately, while wages rose slightly. Retail sales and demand for services edged down. Manufacturing activity rose modestly, while agriculture activity was unchanged but weak. Conditions were steady in real estate and financial services.

Note: This report was prepared at the Federal Reserve Bank of Chicago based on information collected on or before July 6, 2026. This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials.

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Last Update:

July 15, 2026

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美国截至7月10日当周石油状况周报

重要性未评级

标签

来源：U.S. Energy Information Administration发布日期：2026-07-15重要性：未评级

中文摘要

本地未取得可读正文：页面返回内容不足或正文置信度过低。可使用上方“打开原文”核查。

英文原文

Weekly Petroleum Status Report, week ending July 10, 2026

本地取得的是 PDF 或二进制响应，未在页面内展开原文；请使用上方“打开原文”核查。

打开原文

APLD容量兑现与估值分歧

重要性3/5 中

直接覆盖APLD容量、租约和估值分歧，但模型假设敏感，发布时间早于本批次多数文章。

标签

标的：`APLD`来源：Simply Wall St.发布日期：2026-07-15重要性：3/5 中评级理由：直接覆盖APLD容量、租约和估值分歧，但模型假设敏感，发布时间早于本批次多数文章。评级依据：valuation_relevance, assumption_sensitivity原文字数：773

中文摘要

核心结论

Applied Digital新增75兆瓦运营容量并拥有长期租约，为收入增长提供基础；不同估值方法得出的结论差异很大，乐观现金流模型给出73.36美元公允价值，市销率比较则显示估值偏高。

重要性评级

评级：3/5（中）

文章直接覆盖APLD的容量、租约和估值假设，但73.36美元结果依赖进取的增长、利润率及终值倍数预测。

关键事实

• Polaris Forge 1园区二号楼一期达到Ready for Service（可投入服务），新增75兆瓦人工智能容量。
• APLD过去30天股价下跌约33%，一年股东总回报约186%。
• 文章使用的最近收盘价为28.47美元。
• 主流估值叙事给出每股73.36美元公允价值，隐含低估61.2%。
• 该模型采用9.52%的折现率。
• 公司与CoreWeave签署15年租约，基础合同收入合计70亿美元。
• APLD市销率为25.5倍，高于文中24.3倍的公允比率、美国信息技术行业1.9倍和同业6倍。
• 主要风险包括高负债及对少数大型超大规模计算和加密客户的依赖。

作者观点与证据

文章呈现乐观现金流估值与谨慎市销率比较之间的分歧。容量和租约属于经营事实，73.36美元估值高度依赖未来收入扩张、利润率改善和估值倍数。

与相关标的的关系

APLD是唯一直接标的。容量上线影响收入起点，CoreWeave租约提供可见度；债务、客户集中和项目执行决定合同能否转化为自由现金流。

时效性与限制

文章发布于美东时间 07/15 09:10（UTC+8 07/15 21:10）。作者说明分析可能未纳入最新价格敏感公告或定性信息，估值数据应与最新公司披露对照。

后续跟踪

• 75兆瓦容量的客户上线和收入确认
• CoreWeave租约履约
• 利润率及自由现金流改善
• 债务和融资成本

英文原文

Is Applied Digital (APLD) Undervalued As New AI Capacity Comes Online?

Is Applied Digital (APLD) Undervalued As New AI Capacity Comes Online?

Simply Wall St

Wed, July 15, 2026 at 9:10 PM GMT+8 3 min read

• APLD

-2.46%

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide.

Applied Digital (APLD) is back in focus after announcing that Phase 1 of Building 2 at its fully leased Polaris Forge 1 campus is Ready for Service, adding 75 MW of operational AI capacity.

See our latest analysis for Applied Digital.

Applied Digital's latest capacity milestone comes after a sharp 30-day share price decline of around 33%. However, the year-to-date share price return is slightly positive and the 1-year total shareholder return of about 186% points to strong momentum over a longer horizon.

If you want to see what else is moving in AI infrastructure, this is a useful moment to scan a curated list of 52 AI infrastructure stocks

After Applied Digital's sharp pullback, the stock now sits far below the average analyst price target and well above where more cautious investors think fair value could lie. How does that spread compare with the fundamentals?

Most Popular Narrative: 61.2% Undervalued

The most followed narrative on Applied Digital pegs fair value at about $73.36 per share, well above the last close of $28.47, and uses a 9.52% discount rate to get there.

The company has recently secured long-term (15-year) leasing agreements with CoreWeave, a major AI hyperscaler, for its purpose-built AI/HPC data center campus, Polaris Forge 1, representing a total of $7 billion in contracted revenue and a multi-year, recurring, and predictable revenue stream that directly supports future revenue growth and cash flow stability.

Read the complete narrative.

Want to see how this contracted revenue feeds into the $73 range, projected growth and future margins? The key inputs behind this valuation are surprisingly aggressive, especially around revenue expansion, margin improvement and the earnings multiple used to justify that fair value.

Result: Fair Value of $73.36 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, Applied Digital's heavy use of debt and dependence on a small group of large hyperscaler and crypto customers could quickly test this optimistic narrative if conditions shift.

Find out about the key risks to this Applied Digital narrative.

Another View: Applied Digital Looks Expensive on Sales

The bullish narrative around Applied Digital and its $73.36 fair value sits awkwardly beside a simple P/S check. The stock trades on a P/S of 25.5x, versus a fair ratio of 24.3x, the US IT industry at 1.9x and peers at 6x, which points to a rich starting point and limited room for error.

Story Continues

For a closer look at how these sales multiples stack up and where the market could shift toward that fair ratio over time, have a read of the See what the numbers say about this price — find out in our valuation breakdown.

NasdaqGS:APLD P/S Ratio as at Jul 2026

Next Steps

Seeing mixed signals around Applied Digital's valuation and fundamentals? Use this as a prompt to review the data yourself and move quickly to form your own view, starting with its 1 key reward and 4 important warning signs .

Looking for more investment ideas beyond Applied Digital?

If Applied Digital has caught your attention, consider using this momentum to explore other opportunities that could suit your risk, income, and growth goals.

• Target potential upside by scanning a curated set of screener containing 20 high quality undiscovered gems that many investors may not be watching yet.

• Strengthen your portfolio's foundation by reviewing companies in the solid balance sheet and fundamentals stocks screener (48 results) that pair financial resilience with clear fundamentals.

• Explore potential income streams by examining the 8 dividend fortresses that focus on higher-yielding stocks with consistent payouts.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include APLD .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

打开原文

APLD现金消耗与稀释风险

重要性2/5 中低

直接关联APLD，但内容重复、事实覆盖不完整且商业推广较多，对日报的新增价值有限。

标签

标的：`APLD`来源：StockStory发布日期：2026-07-15重要性：2/5 中低评级理由：直接关联APLD，但内容重复、事实覆盖不完整且商业推广较多，对日报的新增价值有限。评级依据：duplicative_content, source_bias原文字数：716

中文摘要

核心结论

StockStory对Applied Digital持负面看法，理由集中在收入基数较小、持续消耗现金和潜在融资稀释。文章没有纳入公司近期容量交付、长期租约和项目融资，结论适合作为风险清单补充。

重要性评级

评级：2/5（中低）

APLD是直接标的，但内容与同批另一篇StockStory文章高度重复，缺少新增公司事实，且含大量平台推广。

关键事实

• 商业服务行业过去六个月回报5.6%，落后标普500指数2.6个百分点。
• Applied Digital市值约81.4亿美元。
• 公司收入规模为3.555亿美元。
• 作者称公司历史上持续消耗现金，长期商业模式仍待验证。
• 现金储备下降可能引发融资并稀释股东。
• 股价为28.79美元。
• 预期企业价值与息税折旧摊销前利润之比为38.5倍。
• 文中同时推荐Everpure并批评WEBTOON，二者与APLD经营没有直接关系。

作者观点与证据

作者明确回避APLD，证据主要是收入规模、现金流历史和估值倍数。正文没有列出现金余额、债务、合同收入、项目进度或融资结构，无法完整衡量资金缺口。

与相关标的的关系

APLD是直接讨论对象。现金消耗和潜在稀释会影响数据中心扩建，但公司合同覆盖、项目融资和容量投运情况也会改变风险程度，本文未作评估。

时效性与限制

文章发布于美东时间 07/15 05:33（UTC+8 07/15 17:33）。内容与article-13ev6r6的APLD段落近似重复，边际信息量较低。

后续跟踪

• 经营和自由现金流
• 现金余额及融资计划
• 在建容量和客户起租
• 股本变化与稀释幅度

英文原文

1 Services Stock with Exciting Potential and 2 We Ignore

1 Services Stock with Exciting Potential and 2 We Ignore

Petr Huřťák

Wed, July 15, 2026 at 5:33 PM GMT+8 4 min read

• APLD

-2.46%

• ^GSPC

-1.01%

• P

+1.48%

• WBTN

-2.98%

1 Services Stock with Exciting Potential and 2 We Ignore Business services providers thrive by solving complex operational challenges for their clients, allowing them to focus on their secret sauce. But cutbacks in corporate spending and the threat of new AI products have kept sentiment in check, and over the past six months, the industry's 5.6% return has trailed the S&P 500 by 2.6 percentage points.

Despite the lackluster result, a few diamonds in the rough can produce earnings growth no matter what, and we started StockStory to help you find them. With that said, here is one resilient services stock at the top of our wish list and two best left ignored.

Two Business Services Stocks to Sell:

Applied Digital (APLD)

Market Cap: $8.14 billion

Pivoting from its origins in cryptocurrency mining to become a key player in the AI infrastructure boom, Applied Digital (NASDAQ:APLD) designs and operates specialized data centers that provide high-performance computing infrastructure for artificial intelligence and blockchain applications.

Why Is APLD Not Exciting?

• Modest revenue base of $355.5 million means it has less operating leverage but can also grow faster if it executes the right sales strategy

• Cash-burning history makes us doubt the long-term viability of its business model

• Depletion of cash reserves could lead to a fundraising event that triggers shareholder dilution

Applied Digital is trading at $28.79 per share, or 38.5x forward EV-to-EBITDA. Read our free research report to see why you should think twice about including APLD in your portfolio, it's free .

WEBTOON (WBTN)

Market Cap: $1.54 billion

Pioneering a vertical-scrolling format optimized for mobile devices, WEBTOON Entertainment (NASDAQ:WBTN) operates a global platform where creators publish serialized web-comics and web-novels that users can read in bite-sized episodes.

Why Are We Wary of WBTN?

• Sluggish trends in its monthly active users suggest customers aren't adopting its solutions as quickly as the company hoped

• Performance over the past two years shows its incremental sales were much less profitable, as its earnings per share fell by 73.5% annually

• Low free cash flow margin of -0.6% for the last four years gives it little breathing room, constraining its ability to self-fund growth or return capital to shareholders

WEBTOON's stock price of $11.20 implies a valuation ratio of 102.2x forward P/E. Check out our free in-depth research report to learn more about why WBTN doesn't pass our bar .

One Business Services Stock to Buy:

Everpure (P)

Market Cap: $25.61 billion

Founded in 2009 as a pioneer in enterprise all-flash storage technology, Everpure (NYSE:P) provides all-flash data storage hardware and software that helps organizations manage their data more efficiently across on-premises and cloud environments.

Story Continues

Why Are We Bullish on P?

• ARR trends over the past two years show it's maintaining a steady flow of long-term contracts that contribute positively to its revenue predictability

• Earnings growth has trumped its peers over the last five years as its EPS has compounded at 61.1% annually

• P is a free cash flow machine with the flexibility to invest in growth initiatives or return capital to shareholders

At $77.00 per share, Everpure trades at 29.8x forward P/E. Is now the right time to buy? See for yourself in our in-depth research report, it's free .

High-Quality Stocks for All Market Conditions

ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren't just high-quality businesses. Something is happening with them right now. Elite fundamentals meet near-term momentum — both boxes checked at the same time.

Find out which stocks our AI platform is flagging this week. See this week's Strong Momentum stocks — FREE. Get Our Strong Momentum Stocks for Free HERE .

Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today .

打开原文

新云服务商回撤中的散户分歧

重要性4/5 中高

直接覆盖APLD及同类新云服务商，含明确回撤幅度和散户调查，但平台投票的样本偏差较大。

标签

标的：`APLD`来源：Stocktwits发布日期：2026-07-15重要性：4/5 中高评级理由：直接覆盖APLD及同类新云服务商，含明确回撤幅度和散户调查，但平台投票的样本偏差较大。评级依据：timeliness, fact_density, evidence_limitations原文字数：656

中文摘要

核心结论

NBIS、CRWV、APLD和IREN近一个月下跌25%至38%，高资本开支、债务和Meta潜在竞争共同压低估值；Stocktwits调查显示，散户仍把回撤视为机会，但该情绪未消除商业模式的融资与需求风险。

重要性评级

评级：4/5（中高）

APLD与输入标的直接相关，文章提供板块回撤幅度及1,400人情绪调查，适合判断新云基础设施板块的资金分歧；证据主要来自平台用户调查，代表性有限。

关键事实

• NBIS、CRWV、APLD和IREN近一个月累计下跌25%至38%。
• 四只股票2026年以来仍上涨2%至131%，说明近期回撤发生在此前大幅上涨之后。
• Meta Platforms（Meta平台公司）计划向企业出租闲置人工智能算力，引发独立GPU（图形处理器）基础设施供应商竞争加剧的担忧。
• 市场同时关注数据中心扩张所需的高支出、债务水平及第三方人工智能云需求放缓风险。
• Stocktwits对1,400名用户的调查中，65%表示在回撤时增持，15%维持现有仓位，14%等待更低价格，6%回避该板块。
• 文章发布于美东时间 07/15 01:14（UTC+8 07/15 13:14）。

作者观点与证据

文章强调散户信心与市场谨慎之间的分歧，证据包括板块跌幅和平台投票。有关2027年、2028年人工智能及高性能计算资本开支分别达到1.2万亿和1.4万亿美元的说法来自用户转述摩根士丹利数据，原文未提供报告链接或口径，不能视为已独立核验预测。

与相关标的的关系

APLD、CRWV、IREN和NBIS均依赖建设专用数据中心并出租算力，需求、融资成本和竞争变化会直接影响产能利用率与估值。Meta属于潜在竞争变量，文章未证明其出租计划已经造成订单流失。

时效性与限制

调查发布后约三天被归档，仍可反映短期情绪；Stocktwits用户属于自选样本，文章没有机构资金流、订单、债务到期结构或最新财报数据。

后续跟踪

• 第二季度业绩中的签约订单、利用率和资本开支。
• 债务融资成本、到期结构及新增融资。
• Meta对外出租算力的规模、价格和客户进展。
• 新云服务商股票的机构持仓与资金流变化。

英文原文

NBIS, IREN, CRWV, APLD: Retail Traders Shrug Off AI Pullback, Buy The Dip In Neocloud Stocks

NBIS, IREN, CRWV, APLD: Retail Traders Shrug Off AI Pullback, Buy The Dip In Neocloud Stocks

Shivani Kumaresan

Wed, July 15, 2026 at 1:14 PM GMT+8 3 min read

• NBIS

+3.46%

• IREN

-3.47%

• META

-2.79%

• CRWV

+0.41%

• APLD

-2.46%

• Neocloud stocks have declined as investors worry about rising competition.

• Concerns over high costs, debt levels and heavy spending on data center expansion have added pressure.

• A Stocktwits Poll showed 65% of retail traders saying they were buying the dip despite broader market caution.

Retail investors are holding their ground on neocloud stocks as artificial intelligence infrastructure providers face pressure, with traders viewing the selloff as a buying opportunity even as institutional investors pull back on valuation concerns and shifting market dynamics.

"Neocloud" companies, including Nebius Group (NBIS), CoreWeave (CRWV), Applied Digital (APLD) and IREN (IREN) have lost between 25% and 38% in the past one month.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

Why Neocloud Stocks Are Falling

The cloud infrastructure providers have fallen sharply as investors reacted to rising competition concerns and valuation pressures. Also, Meta Platforms' (META) plans to rent excess AI computing capacity to enterprises fueled fears that major cloud operators could challenge independent GPU infrastructure providers.

Since companies like Nebius, CoreWeave, Applied Digital, and IREN rely on building specialized data centers and renting out AI computing power, investors became concerned when a major tech company like Meta showed interest in entering the same market. The possibility of a powerful competitor with deep financial resources challenging these smaller operators triggered a sharp sell-off.

Ahead of second-quarter (Q2) earnings, investors are paying closer attention to the high costs and debt levels involved in building independent data centers. Companies like CoreWeave face large spending commitments to expand capacity. Any slowdown in demand for third-party AI cloud services could make these financial risks more concerning.

Retail Traders See Pullback As Buying Opportunity

A recent Stocktwits Poll drawing 1,400 votes found that sentiment among retail traders remains strongly positive toward "Neocloud" companies. The poll showed that 65% of respondents said they were buying shares during the pullback, highlighting a sharp contrast between retail confidence and broader market caution.

The survey asked traders whether they were buying the decline, holding current positions, waiting for a better entry point, or avoiding the sector. About 15% said they would maintain their existing holdings, while 14% preferred to wait for stocks to dip further before investing. Only 6% said they were avoiding the stocks entirely.

Story Continues

A user said , "Buying the dip. Sometimes Wall Street throws a clearance sale on companies before the story is over. I think the neocloud sector has been repriced, not broken. Time will tell, but I'm adding, not running."

Another user said , "$ 1.2 Trillion in AI/HPC Capex estimated for 2027, then $ 1.4 Trillion in AI/HPC Capex in 2028. Per Morgan Stanley. The Neoclouds are about to launch. It's really not even a question."

So far this year, CRWV,  IREN, APLD and NBIS stocks have gained between 2% and 131%.

Also See: Why Did LCID, ORCL, HTZ Stocks Plunge To 52-Week Lows Today?

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Shivani Kumaresan has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .

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打开原文

中国上半年增长4.7%

重要性5/5 高

中国半年度综合经济数据覆盖面广、时效性高，对中国资产和全球需求判断具有直接影响。

标签

来源：National Bureau of Statistics of China发布日期：2026-07-15重要性：5/5 高评级理由：中国半年度综合经济数据覆盖面广、时效性高，对中国资产和全球需求判断具有直接影响。评级依据：时效性高, 中国宏观直接相关, 官方数据覆盖全面, 跨资产关联强, 部分口径已调整原文字数：3850

中文摘要

核心结论

中国2026年上半年国内生产总值同比增长4.7%，二季度增速放缓至4.3%。高技术制造、装备制造和外贸增长较快，消费与固定资产投资偏弱，房地产开发投资下降18.0%，供给扩张与内需不足并存。

重要性评级

评级：5/5（高）

国家统计局于美东时间 07/14 22:00（UTC+8 07/15 10:00）发布上半年经济数据，覆盖增长、工业、消费、投资、外贸、价格、就业和收入，是中国宏观及跨资产日报的关键官方输入。

关键事实

• 上半年国内生产总值为69.57万亿元，按不变价格同比增长4.7%；一季度和二季度分别增长5.0%和4.3%，二季度环比增长0.9%。
• 规模以上工业增加值同比增长5.4%，装备制造业增长9.3%，高技术制造业增长13.3%；3D打印设备、锂离子电池和工业机器人产量分别增长48.5%、39.3%和28.0%。
• 服务业增加值增长5.2%，其中租赁和商务服务、信息传输软件和信息技术服务分别增长11.9%和10.7%。
• 社会消费品零售总额增长1.3%；商品和服务零售总额增长2.7%，其中服务零售增长5.3%、商品零售增长1.1%。
• 固定资产投资下降5.7%，扣除房地产开发投资后下降2.7%；房地产开发投资下降18.0%，新建商品房销售额下降13.6%。
• 货物进出口总额增长16.9%，出口增长13.4%，进口增长22.1%；机电产品出口增长20.1%，占进出口总额的63.5%。
• 上半年居民消费价格指数增长1.0%，工业生产者出厂价格增长1.5%；6月两者同比分别上涨1.0%和4.1%。
• 城镇调查失业率上半年平均为5.2%，6月降至5.0%；居民人均可支配收入实际增长4.2%。

作者观点与证据

国家统计局将经济表现概括为运行在合理区间、新动能较快发展，同时明确指出外部环境不稳定、国内供强需弱和复苏基础仍需巩固。官方数据支持产业升级和出口扩张较强的判断，也显示消费、固定资产投资、房地产和民间投资承压。政策性表述代表发布机构立场，不等同于独立预测。

与相关标的的关系

数据未指定股票代码。高技术制造、工业机器人、锂电池、软件信息服务和机电出口获得较直接的需求线索；房地产、建材、传统消费与地方投资相关行业面对较弱数据。人民币、中国利率、大宗商品及中国权益资产也会受到增长、价格和内需结构变化影响。

时效性与限制

国内生产总值及其分项采用不变价格计算，其他指标除特别说明外多为现价名义增速。固定资产投资历史基数经过修订，新的网上零售统计扩展了服务平台覆盖范围，与旧口径不可直接比较；英文版本与中文原文不一致时以中文版本为准。

后续跟踪

• 下半年消费与民间投资能否改善。
• 房地产投资、销售面积和销售额的下降速度。
• 高技术制造与机电出口增长的持续性。
• 工业生产者价格上涨对企业利润和终端消费价格的传导。

英文原文

National Economy Operated within an Appropriate Range with New Growth Drivers Developing Rapidly in the First Half Year

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Home > Latest Releases

National Economy Operated within an Appropriate Range with New Growth Drivers Developing Rapidly in the First Half Year

2026-07-15 10:00

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National Bureau of Statistics of China

15 July, 2026

In the first half year, under the strong leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at its core, all regions and departments fully implemented the decisions and arrangements made by the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully and faithfully applied the new development philosophy on all fronts, moved faster to foster a new pattern of development, made efforts to promote high-quality development and effectively carried out more proactive and vigorous macro policies. As a result, the national economy operated within an appropriate range against pressure. Production and supply grew fast, employment was generally stable, prices increased mildly, foreign trade showed good momentum of growth, new growth drivers witnessed rapid development, and people’s wellbeing was ensured in a strong and effective way. The national economy continued to demonstrate strong resilience.

According to preliminary estimates, the gross domestic product (GDP) in the first half of 2026 reached 69,570.4 billion yuan, up by 4.7 percent year on year at constant prices. By industry, the value added of the primary industry was 3,152.2 billion yuan, up by 3.7 percent year on year; that of the secondary industry was 25,047.3 billion yuan, up by 3.9 percent and that of the tertiary industry was 41,370.9 billion yuan, up by 5.2 percent. By quarter, the GDP for the first quarter increased by 5.0 percent year on year and for the second quarter 4.3 percent. The GDP for the second quarter increased by 0.9 percent quarter on quarter.

1. Summer Grain Witnessed Good Harvest with Increased Output and Animal Husbandry Grew Steadily.

In the first half year, the value added of agriculture (crop farming) registered a year-on-year increase of 3.6 percent. The overall output of summer grain was 150.75 million tons, 1.00 million tons more than that of the previous year, an increase of 0.7 percent. In the first half year, the output of pork, beef, mutton and poultry was 50.50 million tons, up by 4.3 percent year on year. Of this total, the output of pork and poultry grew by 3.3 percent and 9.4 percent respectively and that of beef and mutton dropped by 1.0 percent and 3.9 percent respectively. The output of milk was up by 2.4 percent and that of eggs went down by 2.2 percent. At the end of the second quarter, the number of pigs registered in stock was 424.91 million, up by 0.1 percent year on year; and 372.46 million pigs were slaughtered, up by 1.7 percent in the first half year.

2. Industrial Production Enjoyed Rapid Growth and Equipment Manufacturing and High-Tech Manufacturing Showed Sound Upward Momentum.

In the first half year, the total value added of industrial enterprises above the designated size grew by 5.4 percent year on year. In terms of sectors, the value added of mining increased by 3.6 percent year on year, that of manufacturing grew by 5.6 percent, and that of production and supply of electricity, heat power, gas and water went up by 5.5 percent. The value added of equipment manufacturing increased by 9.3 percent year on year and that of high-tech manufacturing increased by 13.3 percent, 3.9 percentage points and 7.9 percentage points faster than that of the industrial enterprises above the designated size respectively. An analysis by types of ownership showed that the value added of state holding enterprises was up by 4.3 percent year on year; that of share-holding enterprises was up by 5.9 percent; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 3.2 percent; and that of private enterprises was up by 4.6 percent. In terms of products, the production of 3D printing devices, lithium-ion batteries and industrial robots grew by 48.5 percent, 39.3 percent and 28.0 percent year on year respectively. In June, the value added of industrial enterprises above the designated size went up by 5.3 percent year on year, 0.8 percentage points faster than that of last month, or up by 0.76 percent month on month. In June, the Manufacturing Purchasing Managers’ Index stood at 50.3 percent, 0.3 percentage points higher than that of last month. The Production and Operation Expectation Index was 54.3 percent, 0.4 percentage points higher than that of the previous month. In the first five months, the total profits made by industrial enterprises above the designated size were 3,144.0 billion yuan, up by 18.8 percent year on year.

3. Service Sector Grew Steadily and Modern Services Showed Good Momentum of Development.

In the first half year, the value added of the service sector grew by 5.2 percent year on year. Specifically, that of leasing and business services, information transmission, software and information technology services, finance, and accommodation and catering grew by 11.9 percent, 10.7 percent, 6.7 percent and 5.0 percent respectively. In June, the Index of Services Production increased by 4.7 percent year on year, 0.3 percentage points faster than that of the previous month. Specifically, that of leasing and business services, information transmission, software and information technology services, and finance grew by 9.7 percent, 9.6 percent and 5.8 percent respectively. In the first five months, the business revenue of service enterprises above the designated size grew by 6.6 percent year on year. In June, the Business Activity Index for Services stood at 50.4 percent, 0.1 percentage points higher than that of the previous month and the Business Activity Expectation Index for Services was 56.0 percent, 0.6 percentage points higher. Specifically, the Business Activity Index for telecommunication, broadcast, television and satellite transmission services, internet software and information technology services, monetary and finance services, and insurance stayed within the high expansion range of 55.0 percent and above.

4. Consumption Market Continued to Expand and Service Retails Grew Fast.

In the first half year, the total retail sales of goods and services increased by 2.7 percent year on year, among which, the retail sales of services increased by 5.3 percent and that of goods increased by 1.1 percent. In terms of retail sales of services, that of communication information services, tourism consultation and rental services, and cultural, sports and leisure services grew fast. In the first half year, the total retail sales of consumer goods reached 24,872.2 billion yuan, up by 1.3 percent year on year. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 21,550.6 billion yuan, up by 1.2 percent year on year, and that in rural areas stood at 3,321.6 billion yuan, up by 2.5 percent. Grouped by consumption patterns, the retail sales of goods were 22,046.7 billion yuan, up by 1.1 percent year on year; the income of catering was 2,825.5 billion yuan, up by 2.8 percent. Sales of basic living goods and certain upgraded goods enjoyed fast growth. The retail sales of grain, oil and food, of clothes, shoes, hats and textiles and of communication equipment by enterprises above the designated size went up by 7.4 percent, 6.7 percent and 14.4 percent year on year respectively. In June, the total retail sales of consumer goods reached 4, 269.1 billion yuan, up by 1.0 percent year on year and that of last month was down by 0.6 percent; or up by 0.38 percent month on month. In the first half year, the online retail sales of goods and services reached 10,071.5 billion yuan, up by 5.2 percent year on year. Specifically, the online retail sales of goods reached 6,429.6 billion yuan, up by 4.8 percent; the online retail sales of services reached 3,641.9 billion yuan, up by 6.0 percent.

5. Investment in Fixed Assets Declined and Increase of Investment in Intellectual Property Products Accelerated.

In the first half year, the investment in fixed assets (excluding rural households) reached 22,637.0 billion yuan, down by 5.7 percent year on year; the investment in fixed assets was down by 2.7 percent with the investment in real estate development deducted. Specifically, the investment in intellectual property products increased by 9.4 percent year on year, 1.5 percentage points faster than that of the first quarter. In terms of sectors, the investment in infrastructure declined by 2.4 percent year on year; that in manufacturing down by 1.2 percent; and that in real estate development declined by 18.0 percent. The floor space of newly-built commercial buildings sold was 401.40 million square meters, down by 11.6 percent year on year; the total sales of newly-built commercial buildings were 3,794.5 billion yuan, down by 13.6 percent. By industry, the investment in the primary industry went up by 0.9 percent year on year, that in the secondary industry down by 1.1 percent, and that in the tertiary industry down by 8.4 percent. The private investment went down by 8.5 percent year on year, or down by 4.9 percent with the investment in real estate development deducted. The investment in high-tech industries grew by 4.6 percent year on year, of which the investment in aerospace vehicle and equipment manufacturing, computer and office device manufacturing, and information services grew by 23.3 percent, 8.1 percent and 15.5 percent year on year respectively. In June, the investment in fixed assets (excluding rural households) declined by 0.37 percent month on month.

6. Imports and Exports of Goods Grew Fast and Trade Structure Continued to Optimize.

In the first half year, the total value of imports and exports of goods was 25,468.6 billion yuan, an increase of 16.9 percent year on year. Specifically, the total value of exports was 14,731.4 billion yuan, up by 13.4 percent; the total value of imports was 10,737.2 billion yuan, up by 22.1 percent. The imports and exports with the Belt and Road partner countries grew by 14.8 percent. The imports and exports by private enterprises increased by 17.0 percent, accounting for 57.0 percent of the total value of imports and exports. The exports of mechanical and electrical products grew by 20.1 percent, accounting for 63.5 percent of the total value of imports and exports. In June, the total value of imports and exports was 4,782.3 billion yuan, up by 24.2 percent year on year, 7.3 percentage points faster than that of the previous month. Specifically, the total value of exports was 2,820.7 billion yuan, up by 20.8 percent; the total value of imports was 1,961.6 billion yuan, up by 29.4 percent.

7. Consumer Price Rose Mildly and Producer Prices for Industrial Products Climbed Year on Year.

In the first half year, the consumer price index (CPI) increased by 1.0 percent year on year. Grouped by commodity categories, prices for food, tobacco, alcohol and dining out went down by 0.2 percent year on year; clothing up by 1.6 percent; housing down by 0.2 percent; articles and services for daily use up by 1.9 percent; transportation and communication up by 1.8 percent; education, culture and recreation up by 1.2 percent; medical services and health care up by 2.0 percent; and other articles and services up by 11.6 percent. In terms of prices for food, tobacco, alcohol and dining out, the price for pork went down by 13.4 percent, grain down by 0.3 percent, fresh fruits up by 1.5 percent, and fresh vegetables up by 4.1 percent. In June, the CPI went up by 1.0 percent year on year, or down by 0.3 percent month on month. In the first half year, the core CPI excluding the prices of food and energy went up by 1.2 percent year on year. Specifically, the core CPI in June went up by 1.0 percent year on year.

In the first half year, the producer prices for industrial products went up by 1.5 percent year on year. Specifically, the prices in June went up by 4.1 percent year on year, 0.2 percentage points faster compared with that of the previous month, or down by 0.3 percent month on month. In the first half year, the purchasing prices for industrial producers went up by 2.4 percent year on year. Specifically, the prices increased by 6.4 percent year on year in June, or down by 0.2 percent month on month

8. Employment was Generally Stable and Urban Surveyed Unemployment Rate Went Down.

In the first half year, the urban surveyed unemployment rate averaged 5.2 percent. In June, the urban surveyed unemployment rate was 5.0 percent, 0.1 percentage points lower than that of the previous month. The surveyed unemployment rate of population with local household registration was 5.0 percent and that of population with non-local household registration was 4.9 percent, of which, the rate of population with non-local agricultural household registration stood at 4.8 percent. The urban surveyed unemployment rate in 31 major cities was 5.0 percent, 0.1 percentage points lower than that of the previous month. The employees of enterprises worked 48.2 hours per week on average. By the end of the second quarter, the number of rural migrant workers totaled 192.27 million, up by 0.5 percent year on year.

9. Household Income Witnessed Stable Increase and Income Growth of Rural Households Outpaced That of Urban Households.

In the first half year, the nationwide per capita disposable income of households was 22,981 yuan, a nominal growth of 5.2 percent year on year; the real growth was 4.2 percent after deducting price factors. In terms of permanent residence, the per capita disposable income of urban households was 30,126 yuan, a nominal growth of 4.4 percent year on year and a real growth of 3.4 percent; the per capita disposable income of rural households was 12,699 yuan, a nominal growth of 6.4 percent year on year and a real growth of 5.5 percent. In terms of income source, the nationwide per capita salary income, net business income, net property income and net income from transfers grew by 5.3 percent, 6.5 percent, 1.1 percent and 5.8 percent in nominal terms respectively. In the first half year, the urban-rural per capita disposable income ratio (with rural residents = 1) was 2.37, narrowed by 0.05 year on year.

Generally speaking, in the first half year, the national economy operated within an appropriate range. New quality productive forces were fostered and strengthened, and high-quality development advanced with new and positive momentum. However, we should also be aware that the external environment is becoming increasingly unstable and uncertain, the imbalance between strong supply and weak demand remains acute at home, and the foundation for economic recovery and improvement still needs to be consolidated. At the next stage, we must follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, continue to pursue progress while ensuring stability, improve both the quality and performance of growth, step up counter- and cross-cyclical adjustments, further boost domestic demand and improve supply, optimize the allocation of new resources while making the best use of existing ones, build a robust domestic market, foster new growth drivers at a faster pace, provide greater support to keep employment, enterprise operations, markets, and expectations stable, so as to promote higher-quality economic growth while achieving an appropriate increase in economic output.

Notes:

1. The growth rate of GDP and its sub-items are calculated at constant prices. The growth rates of value added of industrial enterprises above the designated size and its sub-items are calculated at comparable prices. Both are real growth rates. The growth rates of other indicators are nominal growth by using current prices unless otherwise specified.

2. According to the auto-revision function of the seasonal adjustment model, revisions are made to quarter-on-quarter growth of GDP and to month-on-month changes of the value added of industrial enterprises above the designated size, investment in fixed assets (excluding rural households), and total retail sales of consumer goods. The revised figures, quarter-on-quarter GDP growth for the second quarter of 2026 and month-on-month changes of other indicators for June 2026 are as follows:

The quarter-on-quarter growth of GDP in 2025 and in the first and second quarter of 2026 are 1.1 percent, 1.2 percent, 1.1 percent, 1.1 percent, 1.3 percent and 0.9 percent respectively.

Month-on-Month Growth Rate of Other Indicators

Value Added of Industrial Enterprises

above the Designated Size

(%)

Investment in Fixed Assets

(Excluding Rural Households)

(%)

Total Retail Sales of Consumer Goods

(%)

June, 2025

0.50

-1.41

-0.50

July

0.38

-0.33

0.04

August

0.39

-1.10

0.26

September

0.62

-0.47

0.04

October

0.17

-1.27

0.15

November

0.46

-0.69

-0.10

December

0.48

-1.54

-0.02

January, 2026

0.26

0.98

0.26

February

0.71

0.33

0.32

March

0.28

-0.84

0.09

April

0.05

-3.04

-0.29

May

0.40

-1.25

-0.17

June

0.76

-0.37

0.38

3. Industrial enterprises above the designated size are industrial enterprises with annual revenue from principal business over 20 million yuan.

As industrial enterprises above the designated size change every year, to ensure the data comparability between years, the coverage of the data of the same period last year used for estimating year-on-year growth rates like that of products output, are as consistent as possible with the current period and different from the coverage of the data published last year. The main reasons are as follows: First, the statistical units change. Every year, some enterprises are included in the survey as they meet the threshold, while some enterprises are removed from the survey because of downsizing. Besides, enterprises that have newly gone into operation, been bankrupted, canceled their registrations or had their business licenses revoked also cause impact. Second, duplicated outputs across regions of enterprise groups have been removed based on the ad hoc surveys since duplication is found in the products output of some enterprise groups.

4. The Index of Services Production is the change of production in the reporting period compared to the base period with the price factors deducted.

5. Total retail sales of goods and services refer to the total value of goods and services provided directly by enterprises (businesses, self-employed units) to other units and individuals for non-production and non-operating purposes in the form of transactions. It consists of retail sales of goods and retail sales of services. The retail sales of goods directly adopt the corresponding figure from the total retail sales of consumer goods, reflecting the development and changes in the goods consumption market. The retail sales of services refer to the total value of services directly provided by enterprises (businesses, self-employed units) to other units and individuals for non-production and non-operating purposes in the form of transactions, reflecting the development and changes in the services consumption market.

The scope of the total retail sales of consumer goods include all legal entities, establishments and self-employed units involved in retail trades or providing catering services. Specifically, businesses above the designated size include wholesale enterprises (businesses, self-employed units), retail enterprises (businesses, self-employed units) and lodging and catering enterprises (businesses, self-employed units) with annual revenue from principal business over 20 million yuan, 5 million yuan and 2 million yuan respectively.

As the wholesale, retail, and lodging and catering enterprises (businesses, self-employed units) above the designated size change every year, to ensure the data comparability between years, the coverage of the data of the same period last year used for estimating year-on-year growth rates like that of the retail sales of consumer goods by businesses above the designated size is consistent with the current period and different from the coverage of data published last year. The main reasons are: some enterprises (businesses, self-employed units) are included in the survey as they meet the threshold, while some enterprises (businesses, self-employed units) are removed from the survey because of downsizing every year. Besides, enterprises (businesses, self-employed units) that have newly gone into operation, been bankrupted, canceled their registrations or had their business licenses revoked also cause impact.

6. To reflect the development of the online consumption market in a more comprehensive way, the statistical indicators for online consumption have been improved with the coverage of the online service platforms expanded to strengthen the measurement of the online services retail sales in line with the evolving momentum of online consumption. Accordingly, the original indicator “online retail sales” has been adjusted to “online retail sales of goods and services”, with the definition unchanged and the statistical coverage expanded. The indicator “online retail sales of physical goods” has been adjusted to “online retail sales of goods,” with the definition and statistical coverage unchanged. In addition, “online retail sales of services” has been introduced as a new indicator. The online retail sales of goods and services are not comparable with the online retail sales.

As the coverage of key platforms included in the statistics of online retail sales of goods and services changes every year, to ensure the comparability of data between years, the data coverage for the same period last year used for estimating the year-on-year growth rates of online retail sales of goods and services is consistent with that of the current period and differs from the data coverage released last year. The main reasons are as follows: new platforms are included in the survey every year , while platforms that no longer meet the requirements of the statistical programs are removed from the survey.

7. Investment in fixed assets (excluding rural households) refers to the workload and related costs for the construction and acquisition of fixed assets completed within a certain period of time, expressed in monetary terms.

According to the current statistical programs, investment in infrastructure includes investment in fixed assets in the following industries: production and supply of electricity and heat, production and supply of gas, production and supply of water, railway transportation, road transportation, water transportation, air transportation, pipeline transport, multi-modal transportation and forwarding agency, loading, unloading and delivery, postal services, telecommunications, radio, TV and satellite transmission services, internet and related services, water conservancy management, ecological conservation and environmental governance, and management of public facilities. The growth rate of investment in infrastructure is calculated on a comparable basis.

Investment in intellectual property products refers to the investment completed in the reporting period for the production and acquisition of intellectual property products. It mainly includes investment in computer software and databases, research and development, mineral exploration and evaluation, and entertainment, literary and artistic originals.

According to the reform of the statistical program and methodology of investment and the requirements of statistical law enforcement, the data of investment in fixed assets of the same period last year have been revised. The growth rates of investment in fixed assets are calculated on a comparable basis.

8. Data of imports and exports are from the General Administration of Customs.

9. Due to the rounding-off reasons, the subentries may not add up to the aggregate totals.

In case of any differences between English translation and the original Chinese text, the Chinese edition shall prevail.

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Nebius推出伙伴持有型云扩张模式

重要性4/5 中高

新模式直接影响NBIS的扩张速度、资本需求和利润结构，但现阶段缺少可量化项目条款。

标签

标的：`NBIS`来源：web-enrichment:company发布日期：2026-07-15重要性：4/5 中高评级理由：新模式直接影响NBIS的扩张速度、资本需求和利润结构，但现阶段缺少可量化项目条款。评级依据：timeliness, primary_source, limited_quantification原文字数：1072

中文摘要

核心结论

Nebius（人工智能云服务商）推出基础设施伙伴模式：伙伴出资并持有硬件和数据中心，Nebius提供系统架构、软件、供应链支持、运维标准与客户销售渠道。该模式意在以较少新增资本扩大人工智能云产能，并通过分成、许可费、佣金或承诺产能协议获得收入。

重要性评级

评级：4/5（中高）

公告直接改变NBIS扩张的资本配置和交付模式，且公司已签署初步安排；具体伙伴、经济条款和收入规模尚未公开。

关键事实

• 公司于07/15（未给出具体时刻）发布新的全球基础设施合作模式。
• 合作伙伴负责融资、持有基础设施与硬件并运营数据中心。
• Nebius提供系统架构、供应链渠道、硬件设计、云软件和服务，并通过全球销售体系销售新增算力。
• 合作站点将进入Nebius统一产能池，与自有数据中心及托管设施共同服务客户。
• Nebius负责云软件和服务水平，合作方负责设施与硬件运营。
• 潜在经济安排包括收入分成、许可费、佣金及承诺产能协议。
• 公司称已达成首批安排，但未公布合作方、规模、上线时间或财务条款。

作者观点与证据

公司认为伙伴模式可产生高利润率收入，并降低新增资本需求。职责划分和可选合同结构属于已披露方案，首批安排证明模式已进入执行阶段；需求持续超过供给、伙伴上线即可快速获得回报以及利润率改善，仍主要是管理层陈述。

与相关标的的关系

该模式直接关联NBIS的产能增长、资本开支强度和服务质量。潜在收益取决于伙伴融资能力、站点建设进度、Nebius获取客户的能力以及合作站点能否达到统一服务标准。

时效性与限制

公告发布于07/15（未给出具体时刻），截至美东时间 07/18 00:46（UTC+8 07/18 12:46）已被收录。原文没有提供首批项目名称、装机规模、收入贡献、利润率或最低承诺。

后续跟踪

• 首批合作伙伴及数据中心所在地。
• 合作产能、上线时间和客户承诺。
• 收入分成、许可费与承诺产能的合同组合。
• 合作站点的服务水平和资本开支节省幅度。

英文原文

Nebius introduces business model to scale AI cloud globally through infrastructure partnerships

• Pairs Nebius’s systems architecture, software stack and customers with partner capacity

• Gives data center developers, infrastructure investors, regional operators and national AI projects worldwide route to tap fast-growing AI cloud market

• Generates high-margin revenue stream with minimal incremental capital requirements

Amsterdam, July 15, 2026 — Nebius (Nasdaq: NBIS), the AI cloud company, today announced a new business model that lets infrastructure partners deploy Nebius’s full-stack AI cloud platform in their own AI data centers. The model brings additional capacity to Nebius customers, and expands the availability of value-added AI compute globally at a time when demand continues to outstrip supply.

Under the model, partners finance and own the infrastructure and hardware, and operate the data centers. Nebius supplies its systems architecture and supply-chain access; deploys and maintains its hardware design and software and services stack on the partner infrastructure; and takes the resulting capacity to market through its global sales organization.

Partners get fully-owned AI infrastructure assets, designed to Nebius standards, and a fast route to serve the AI cloud market. Nebius’s architecture and platform transform a partner’s raw capacity into a production-ready AI cloud, which Nebius then connects to customers. Because Nebius brings the demand, partners can begin generating a return as soon as the capacity goes live.

For Nebius, this asset-light approach expands the capacity it can offer its customers, such as AI natives and enterprises, with minimal incremental capital requirements. Partners’ data centers will join the Nebius capacity pool, adding incremental capacity to that coming online from Nebius’s owned data centers and colocations.

Arkady Volozh, founder and CEO of Nebius , said:

“Our new asset-light model gives infrastructure partners a flexible way to benefit from the explosive growth of AI. Our software allows partners to reach a much wider customer base with much better margins than conventional wholesale bare-metal contracts. We’re inviting data center investors, regional partners and others with capacity or capital to contribute to join us in serving this demand — combining their assets and local strengths with Nebius’s technology, platform, operational expertise and customer demand.”

Nebius anticipates pursuing a variety of economic arrangements under this partnership model, including revenue-sharing agreements, licensing fees and commissions, as well as committed capacity arrangements that would provide Nebius with access to additional compute to be sold to customers. The company has already entered into initial arrangements under this asset-light model.

As part of the partnership agreements, Nebius will equip partner teams to run the site and will remain responsible for the cloud software and service levels, while the partner manages the facility and hardware. Customers receive the same standard of service whether they run on Nebius’s own infrastructure or a partner’s.

Prospective partners can learn more at nebius.com/infrastructure-partners or contact infrastructure-partners@nebius.com .

About Nebius About Nebius

Nebius, the AI cloud company, is building the full-stack platform for developers and companies to take charge of their AI future — from data and model training to production deployment. Founded on deep in-house technological expertise and operating at scale with a rapidly expanding global footprint, Nebius serves startups and enterprises building AI products, agents and services worldwide.

Nebius is listed on Nasdaq (Nasdaq: NBIS) and headquartered in Amsterdam.

For more information please visit www.nebius.com .

Media kit nebius.com/media-kit .

Contacts Contacts

Media relations: media@nebius.com

Investor relations: askIR@nebius.com

Disclaimer Disclaimer

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our ability to enter into acceptable arrangements with partners, our ability to ensure the same standards of service across both partner and Nebius-owned facilities, our ability to sell this capacity through our global go-to-market organization, our forecast revenue from this service in 2026, our future financial and business performance, strategy, expected growth, planned investments and capital expenditures, capacity expansion plans, anticipated future financing transactions and expected financial results, are forward-looking statements. The words “anticipate, ” “believe, ” “continue, ” “estimate, ” “expect, ” “guide, ” “intend, ” “likely, ” “may, ” “will” and similar expressions and their negatives are intended to identify forward-looking statements.

These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. Actual results may differ materially from the results predicted or implied by such statements, and our reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted or implied by such statements include, among others, our ability to successfully identify appropriate partners; the ability of our identified partners to fully finance their infrastructure and to operate data centers that meet our requirements; market, macroeconomic and geopolitical conditions; competitive pressures; technological developments; our ability to secure and retain customers; our ability to secure additional capital to enable the growth of the business; unpredictable sales cycles; and potential pricing pressures; as well as those risks and uncertainties related to our continuing businesses included under the captions “Risk Factors” and “Operating and Financial Review and Prospects” in our Annual Report on Form 20-F for the year ended December 31, 2025, filed with the SEC on April 30, 2026, which is available on our investor relations website at https://nebius.com/investor-hub and on the SEC website at www.sec.gov .

All information in this press release is as of the date hereof (unless stated otherwise). Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date hereof and, while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

• Nebius introduces business model to scale AI cloud globally through infrastructure partnerships

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Vertiv 确认 2026 年第二季度业绩发布日期与电话会时间

重要性未评级

标签

来源：Vertiv发布日期：2026-07-15重要性：未评级

中文摘要

本地未取得可读全文：HTTP 403。可使用上方“打开原文”核查。

英文原文

Vertiv 确认 2026 年第二季度业绩发布日期与电话会时间

本地未取得可读全文：HTTP 403。可使用上方“打开原文”核查。

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EIA周报页面缺少库存核心数据

重要性2/5 中低

官方来源与能源主题相关，但归档正文缺失周报核心数值，当前只能作为待补数据索引。

标签

来源：U.S. EIA发布日期：2026-07-15重要性：2/5 中低评级理由：官方来源与能源主题相关，但归档正文缺失周报核心数值，当前只能作为待补数据索引。评级依据：官方能源数据源, 报告日期较新, 关键数值缺失, 无法形成标的归因原文字数：575

中文摘要

核心结论

EIA（美国能源信息署）07/15发布截至07/10当周的石油状况报告，覆盖美国石油平衡、生产、库存、进出口、炼厂活动和价格等数据。当前归档正文只有报告目录与下载入口，没有库存增减、产量、炼厂开工率或进出口数值，无法据此判断当周供需变化。

重要性评级

评级：2/5（中低）

EIA周报是能源市场的重要官方数据源，报告日期也较新；但本次提取未包含决定性数据表和摘要数字，事实密度不足，需取得表格或完整报告后才能进入当日能源判断。

关键事实

• 报告覆盖截至07/10（未给出具体时刻）的一周，于07/15（未给出具体发布时刻）发布。
• 下一期计划于07/22（未给出具体时刻）发布。
• 页面提供美国石油平衡表，以及按PADD（美国石油行政防务区）划分的投入和生产数据。
• 库存资料覆盖原油、汽油、燃料乙醇、馏分油、航空煤油、残余燃料油和丙烷等品类。
• 其他表格涉及原油及成品油进出口、分来源国初步原油进口、现货价格和零售汽柴油价格。
• 页面列出美东时间 07/15 10:30（UTC+8 07/15 22:30）及美东时间 07/15 13:00（UTC+8 07/16 01:00）两个发布后时段，但归档文本未说明各自对应的具体材料。
• 当前正文没有提供任何库存变化、日产量、炼厂投入或净进口数字。

作者观点与证据

EIA页面提供官方统计入口，没有给出作者观点。报告范围、数据周和发布日期可以直接确认；供需松紧、油价影响及库存方向均缺少归档数值支持。

与相关标的的关系

EIA周度石油数据通常与原油、炼油、油服企业及能源板块基金相关，也可为XLE（能源精选行业SPDR基金）提供基本面背景。由于关键表格未被提取，本材料无法建立对具体标的的影响路径。

时效性与限制

资料在美东时间 07/18 00:46（UTC+8 07/18 12:46）取得，数据周截至07/10，较日报日期滞后一周以上。页面目录不能代替完整周报，必须取得摘要或表格后再比较前值、预期与历史区间。

后续跟踪

• 美国商业原油、汽油和馏分油库存的周度变化。
• 原油产量、净进口及炼厂开工率。
• 库欣地区库存与主要成品油需求指标。
• 07/22下一期报告及前值修订。

英文原文

Weekly Petroleum Status Report - U.S. Energy Information Administration (EIA)

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Weekly Petroleum Status Report

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Release Date: July 15, 2026

Next Release Date: July 22, 2026

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11

Spot Prices of Crude Oil, Motor Gasoline,

and Heating Oil

CSV

XLS

PDF

12

Spot Prices of Ultra-Low Sulfur Diesel

Fuel, Kerosene-Type Jet Fuel, and Propane

CSV

XLS

PDF

13

NYMEX Futures Prices of Crude Oil, Motor

Gasoline, and No. 2 Heating Oil (Discontinued)

CSV

XLS

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14

U.S. Retail Motor Gasoline and

On-Highway Diesel Fuel Prices

CSV

XLS

PDF

Figures

1

Stocks of Crude Oil by PAD District

PDF

2

Stocks of Total Motor Gasoline by PAD District

PDF

3

Stocks of Distillate Fuel Oil by PAD District

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4

Stocks of Kerosene-Type Jet Fuel by PAD District

PDF

5

Stocks of Residual Fuel Oil by PAD District

PDF

6

Stocks of Propane/Propylene by PAD District

PDF

7

Daily Crude Oil and Petroleum Product Spot Prices

PDF

8

Daily Trans-Atlantic Spot Product Price Differentials: New York Harbor less Rotterdam (ARA) (Discontinued)

PDF

9

Daily Futures Price Differentials: First Delivery Month Less Second Delivery Month

PDF

10

U.S. Average Retail Regular Motor Gasoline and On-Highway Diesel Fuel Prices

PDF

Appendices

A

Petroleum Supply Summary

PDF

B

Explanatory Notes ( Stock Ranges )

PDF

C

Northeast Reserves

PDF

D

Statistical Methodology of Estimating Petroleum Exports Using Data from U.S. Customs

and Border Protection

PDF

E

Errata as of December 22, 2023

XLS

PDF

Heating Oil and Propane Update Weekly (October-March)

Sources and Glossary

Weekly Petroleum Status Report Sources

PDF

EIA Glossary

Top

• Release Schedule

• Sign up for email updates

• Automated retrieval policy

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打开原文

芯片扩产加重周期下行担忧

重要性3/5 中

覆盖DRAM和PSI的持仓结构与行业风险叙事，但证据以技术图形和作者推演为主。

标签

标的：`DRAM`, `PSI`来源：Barchart发布日期：2026-07-14重要性：3/5 中评级理由：覆盖DRAM和PSI的持仓结构与行业风险叙事，但证据以技术图形和作者推演为主。评级依据：与DRAM和PSI直接相关, 基金结构信息有参考价值, 技术图表信息不完整, 基本面供需数据不足原文字数：1045

中文摘要

核心结论

作者认为，人工智能与半导体行情正在进入减速阶段，风险来自高估值、集中度和新增产能可能压低芯片价格与利润率。技术图形显示SOXX短期趋势转弱，但文章没有提供足以确认行业周期反转的基本面数据。

重要性评级

评级：3/5（中）

文章覆盖DRAM、PSI及多只半导体基金，适合作为看空叙事和基金持仓结构的背景材料；主要依据是作者图表解读与周期类比。

关键事实

• 作者认为大型芯片公司通过增发筹资并建设新工厂，可能在未来形成供给压力。
• 文中指出SOXX（iShares半导体交易所交易基金）的20日均线已经转向下行，50日均线接近转向，PPO（百分比价格振荡指标）位于零轴附近。
• 作者标注SOXX过去三年曾出现两次约30%至35%的跌幅，并讨论再次下跌约三分之一的情景。
• SMH按市值加权，英伟达占比较高；SOXX前四大持仓约占资产三分之一。
• PSI（Invesco半导体交易所交易基金）限制为30只股票，集中度低于部分同类基金。
• DRAM主要配置三星、美光和SK海力士；DISK对闪迪、铠侠和SK海力士的配置更集中。
• 文中提及SOXS为三倍反向半导体基金，同时明确其杠杆和每日重置可能迅速放大风险。

作者观点与证据

作者持明确偏空立场，以均线、PPO、历史回撤和基金集中度支持判断。原文中的图表未以可读数值形式归档，新增工厂、供给规模、投产日期和需求缺口也缺少量化证据，因此“人工智能交易结束”仍是观点性标题。

与相关标的的关系

DRAM直接承受三星、美光和SK海力士的存储周期波动；PSI、SOXX和SMH提供不同权重结构下的半导体行业参照。英伟达对SMH的影响较大，闪迪对DISK的影响更集中。

时效性与限制

文章发布于美东时间 07/14 15:53（UTC+8 07/15 03:53），检索于美东时间 07/18 00:45（UTC+8 07/18 12:45）。技术指标会随价格迅速变化，归档文本缺少原图刻度和完整计算参数。

后续跟踪

• 芯片公司增发所得资金、工厂投产日期与新增产能。
• DRAM、HBM和NAND（闪存）价格及库存周期。
• SOXX的20日、50日均线和PPO变化。
• DRAM、PSI、SOXX与SMH的持仓集中度和相对表现。

英文原文

How to Profit from the End of the AI Trade

How to Profit from the End of the AI Trade

Rob Isbitts

Wed, July 15, 2026 at 3:53 AM GMT+8 5 min read

When a massive stock market boom starts to slow down, it rarely crashes overnight.

What I am seeing now is not a crash, but the signs that a slow down is starting to take hold. Given the outsized weightings of artificial intelligence and semiconductor stocks in the benchmark indexes, the broader market is only as good as the AI trade.

More News from Barchart

• Oracle Stock Crashes to a 52-Week Low. Here's Why It Might Be Time to Buy.

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How good, exactly, that AI trade is now is up for debate.

Why Are AI Stocks Falling?

To make money from a market slowdown, you first need to understand why booms end. It is rarely because the technology fails. Instead, it is usually because the market gets completely flooded with too much supply, of chips in this case.

When the top chip companies start raising tens of billions of dollars by selling massive amounts of new stock to the public, it's a sign. When company insiders use their ultra-high stock prices to gather cash and build massive new factories, they openly tell us a supply glut is coming.

Once those factories open, chip prices will drop, and the massive profit margins that Wall Street fell in love with will shrink. That's how the bear case could play out.

Who's Buying the Dips Here?

This is often when big Wall Street players quietly start selling their shares to lock in profits, while regular investors keep buying the daily dips. If you think the massive AI tech boom is finally running out of steam, you don't just have to sit there and watch your portfolio take a hit. You can actively prepare for the slowdown that is very much underway. The only question is whether it is a "pause that refreshes" or the start of a plunge that besets semiconductors.

This chart shows the past three years for the iShares Semiconductor ETF (SOXX), the biggest semiconductor ETF. I've marked with arrows the last pair of 30%-35% declines.

I've also marked on the right a rough price range where SOXX would have to go for us to again be talking about a one-third decline. With the percentage price oscillator (PPO) indicator at bottom perched just on top of the zero line, the 20-day moving average having rolled over, and the 50-day moving average about to follow it, I would not bet against a much steeper dive here. Albeit with the obligatory giant bounces along the way.

Story Continues

www.barchart.com Like I said, you don't have to just sit there and take it. There are inverse ETFs on SOXX, like the Direxion Daily Semiconductor Bear 3X Shares ETF (SOXS), which I've shown in this table below, alongside four semiconductor industry ETFs. Now, SOXS is a 3x inverse ETF, so you have to be very careful.

www.barchart.com But the list of ways to "short" semis has burst wide open this year. Not only can we try to profit from the stock prices declining across the board in that industry, we can do so at the stock-specific level.

Are All Semiconductor ETFs the Same?

There's overlap across several of the top semiconductor ETFs given the concentration in the chip industry. Here's a quick survey of some of these funds' top holdings. I show this not only so you can understand what's in them, but also as a "hit list" for considering being stock-specific, as a bull or bear, as this trade plays out.

SOXX is very crowded at the top, with about one-third of its assets in the four names I circled here. Still, there's some spread to another 10-15 names that each have some individual impact.

www.barchart.com This is the VanEck Semiconductor ETF (SMH), the original ETF in this market segment. It is purely capitalization-weighted, so Nvidia (NVDA) stands tall at the top. There's a lot of overlap between SMH and SOXX, as you can see.

www.barchart.com The same can be said about the Invesco Semiconductors ETF (PSI), except that its creator limited the ETF to 30 stocks. It is far from equal-weighted, but it is fairly diverse.

www.barchart.com We can get more granular via ETFs like the Roundhill Memory ETF (DRAM) and the Tema Memory ETF (DISK). DISK leans heavily on just Sandisk (SNDK), Kioxia, and SK Hynix (SKHY).

DRAM holds a much smaller allocation to SNDK, with focus on Samsung, Micron (MU), and SKHY.

To me, analyzing these holdings helps me figure out where it makes sense to short via inverse single stock ETFs. But for those looking for a quick and dirty solution with some leverage, SOXS is the most liquid choice.

www.barchart.com And that's a chart with some massive upside potential. Albeit with big risk attached. Not only due to the possibility that chip stocks do not fall further out of favor, but because inverse ETFs like this one, especially with three times leverage, can work against you quickly. Watch out if you consider this route.

The Bottom Line on the Semiconductor Trade

This is not a "go big or go home" type of trade. It is based in large part on the natural cyclicality of markets. And the simple belief that markets of today get hyper-overvalued. That sets them up for subsequent big drops.

Rob Isbitts is a semi-retired CIO, former fiduciary investment advisor, and Barchart columnist. Check out his other work at ETFYourself.com (featuring the Fresh Charts weekly trading post), and ROAR.PiTrade.com, helping investors to better-manage their own portfolios.

On the date of publication, Rob Isbitts did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com

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台积电酝酿成熟制程提价

重要性4/5 中高

与GFS直接相关，并可能改变成熟制程行业定价；消息仍属券商预期，确认度有限。

标签

标的：`GFS`来源：GuruFocus.com发布日期：2026-07-14重要性：4/5 中高评级理由：与GFS直接相关，并可能改变成熟制程行业定价；消息仍属券商预期，确认度有限。评级依据：analyst_source, pending_confirmation原文字数：226

中文摘要

核心结论

Wedbush称台积电可能从2027年初上调成熟制程代工价格，这将是三年多来的首次调整。若行业价格同步改善，GlobalFoundries、联电和Tower Semiconductor也可能受益。

重要性评级

评级：4/5（中高）

消息与GFS（GlobalFoundries股票代码）直接相关，也覆盖成熟制程代工行业；目前仍是券商报告转述，台积电尚未公布最终定价。

关键事实

• 台积电可能从2027年初开始提高成熟制程制造价格。
• 若落实，这将是公司三年多来首次调整成熟制程价格。
• 最终定价决定预计在2026年稍晚作出。
• Wedbush认为提价可能反映成熟制程需求改善和行业价格趋稳。
• 潜在受益者包括UMC（联电股票代码）、GFS和TSEM（Tower Semiconductor股票代码）。
• 台积电同时继续受益于人工智能和先进制程需求。

作者观点与证据

文章主要转述Wedbush判断。价格调整的时间与幅度尚未由台积电确认，行业受益结论取决于同行跟价、产能利用率和客户需求。

与相关标的的关系

GFS是输入直接标的，主要影响路径是成熟制程价格环境改善。联电和Tower Semiconductor同样暴露于成熟节点，台积电则兼具先进制程和成熟制程业务。

时效性与限制

文章发布于美东时间 07/14 14:40（UTC+8 07/15 02:40），距日报日期约三天。信息来自分析师报告转述，未给出提价幅度、涉及节点、地区或客户范围。

后续跟踪

• 台积电最终定价决定
• 成熟制程产能利用率
• GFS、联电和Tower的报价变化
• 客户库存与订单周期

英文原文

Wedbush Delivers an Urgent Message for TSMC Stock Investors

Wedbush Delivers an Urgent Message for TSMC Stock Investors

Nauman Khan

Wed, July 15, 2026 at 2:40 AM GMT+8 1 min read

• TSM

-2.77%

• GFS

-1.30%

• UMC

-4.67%

• TSM

-2.77%

• TSEM

-1.61%

This article first appeared on GuruFocus .

Taiwan Semiconductor Manufacturing ( NYSE:TSM ) is in focus after a Wedbush report indicated the chipmaker may raise prices for mature-node manufacturing processes beginning in early 2027.

The reported increase would mark the company's first adjustment to mature-node pricing in more than three years, with final pricing decisions expected later this year.

• Warning! GuruFocus has detected 6 Warning Signs with ORCL.

• Is TSM fairly valued? Test your thesis with our free DCF calculator.

Wedbush said the development could signal improving conditions across the mature-node foundry market. The firm noted that any pricing increase by Taiwan Semiconductor may support stronger industry pricing trends and reflect healthier demand dynamics for legacy chip production.

Wedbush added that other foundry companies, including United Microelectronics ( NYSE:UMC ), GlobalFoundries ( NASDAQ:GFS ) and Tower Semiconductor (TSEM), could also benefit if industry pricing strengthens.

The update comes as Taiwan Semiconductor continues to benefit from robust demand tied to artificial intelligence and advanced semiconductor manufacturing. Investors are also closely watching the company ahead of upcoming earnings results for further insight into pricing trends and market conditions.

打开原文

SOXL未来一年面临两重压力

重要性4/5 中高

直接解释SOXL的产业需求和杠杆损耗风险，数据较密集，但关键触发条件含较强情景假设。

标签

标的：`SOXL`来源：24/7 Wall St.发布日期：2026-07-14重要性：4/5 中高评级理由：直接解释SOXL的产业需求和杠杆损耗风险，数据较密集，但关键触发条件含较强情景假设。评级依据：发布时间距日报约4天, 与SOXL及AMD直接相关, 基金结构和期权数据较具体, 部分预测缺少独立验证原文字数：945

中文摘要

核心结论

文章认为，SOXL未来12个月的表现取决于超大规模云厂商能否维持人工智能资本开支，以及半导体行情的实际波动率是否长期处于高位。三倍日内杠杆和每日重置会放大回撤，并在震荡市场中产生复利损耗。

重要性评级

评级：4/5（中高）

文章直接涉及SOXL，给出了基金结构、期权仓位和产业需求的观察指标；部分预测属于作者情景分析，需与公司指引和市场数据交叉核验。

关键事实

• 截至文章发布前，SOXL年内一度上涨约293%，随后一个月回撤约30%，07/07单日下跌16%。
• 基金净资产约169亿美元；AMD、博通、美光、英伟达和英特尔的权重分别约为4.56%、4.51%、4.33%、3.89%和3.57%。
• 衍生品约占净资产39.6%，现金及短期工具约占30.3%，基金追求ICE半导体指数单日表现的三倍。
• 文章称2026年第一季度全球半导体收入约2990亿美元，同比增长约79%；台湾晶圆代工收入预计全年增长约31%。
• 全期权链认沽/认购比为2.05，11月20日到期合约为22.68，12月到期合约为15.22，显示秋季保护性仓位较重。
• 作者将SOXL滚动20日实际波动率60%以上视为复利损耗可能压过方向收益的高风险区间。

作者观点与证据

作者把人工智能基础设施支出的持续性列为外部变量，把每日重置造成的波动损耗列为基金自身变量。证据包括基金持仓、衍生品比例、半导体收入、期权认沽/认购比及历史存储周期；“两家云厂商削减2027年支出便会迅速重估”等表述属于情景判断，并非已发生事实。

与相关标的的关系

SOXL直接承受半导体指数日内波动的三倍放大。AMD是其主要成分股之一；SMH（VanEck半导体交易所交易基金）持有相近芯片公司，但没有每日三倍重置结构，因此风险来源不同。

时效性与限制

文章发布于美东时间 07/14 14:08（UTC+8 07/15 02:08），检索于美东时间 07/18 00:45（UTC+8 07/18 12:45）。期权比率、波动率和基金资产会快速变化，且文中夹有理财顾问推广内容。

后续跟踪

• 微软、Meta、亚马逊和Alphabet公布的2027年人工智能资本开支指引。
• 9月美联储利率点阵图及耐用品订单中的半导体出货数据。
• SOXL滚动20日实际波动率和远月认沽/认购比。
• AMD、英伟达和博通的隐含波动率。

英文原文

The 2 Pressure Points That Will Determine SOXL’s Next 12 Months

The 2 Pressure Points That Will Determine SOXL’s Next 12 Months

Michael Williams

Wed, July 15, 2026 at 2:08 AM GMT+8 5 min read

• SOXL

-4.92%

• SMH

-2.18%

• AMD

-1.03%

Quick Read

• SOXL surged 293% year to date but has shed roughly 30% in the last month, including a brutal 16% single-day drop on July 7.

• Investors avoiding SOXL's daily reset penalty can access the same chip names through the unleveraged SMH ETF instead, which includes AMD among its holdings.

• A November put/call ratio of 22.68 signals options desks are hedging hard into fall, where 60%-plus realized volatility typically overwhelms SOXL's directional gains.

• Many financial professionals are salespeople paid on what they push, not whether you end up wealthier. A fiduciary is the opposite. The SEC legally requires them to put your interests first. Advisor.com's free matching tool pairs you with vetted fiduciaries from major national firms, all in under three minutes. See who you match with today.

The Direxion Daily Semiconductor Bull 3X Shares ( NYSEARCA:SOXL ) just handed investors a brutal reminder of how leverage cuts both ways. After ripping nearly 293% higher year to date, SOXL has given back roughly 30% in the last month alone, including a 16% single-day drop on July 7. For anyone still holding SOXL after this run, the next 12 months will hinge on two very specific pressure points that every SOXL holder needs to watch.

Thongden Studio / Shutterstock.com

The Fund and Its Current Position

SOXL delivers three times the daily performance of the ICE Semiconductors Index, using swaps and futures to amplify a basket that runs from foundries and fabless designers to equipment makers. The current fund holds $16.9 billion in net assets, with AMD (4.56%), Broadcom (4.51%), Micron (4.33%), NVIDIA (3.89%), and Intel (3.57%) anchoring the top of the book. Derivatives account for roughly 39.6% of net assets, with cash and short-term instruments backing the swaps at about 30.3%. That structure is why SOXL resets every single day, and why holding it for a year is a fundamentally different bet than holding the underlying chip stocks.

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The Macro Factor: AI Capex Durability and Fed Policy

The single biggest external variable for SOXL over the next 12 months is whether the AI infrastructure buildout keeps pulling semiconductor demand forward. Worldwide semiconductor revenue hit roughly $299 billion in Q1 2026, up about 79% year over year, and Taiwan's foundry revenue alone is expected to grow roughly 31% in 2026. That backdrop has powered SOXL's run. Vanguard's 2026 outlook flags the risk directly, noting that AI scalers' earnings track records will come under renewed scrutiny as they embark on unprecedented AI capital investment, with the Fed's neutral rate estimated near 3.5%, limiting room for aggressive cuts.

Story Continues

What to watch: the hyperscaler capex guidance updates from Microsoft, Meta, Amazon, and Alphabet during Q2 2026 earnings calls in late July and early August, and the September Fed dot plot. If any two of the four hyperscalers trim 2027 AI capex guidance, expect NVIDIA and Broadcom, the two names driving SOXL's largest swap exposures, to reprice quickly. The CME FedWatch tool and the BEA's monthly durable goods orders (semiconductor shipments line) are the highest-frequency reads. In the 2018 to 2019 memory downturn, the SOX index fell roughly 35% peak to trough as capex guidance rolled over. SOXL would translate that into something closer to a wipeout.

The Fund-Specific Factor: Volatility Decay in a Choppy Tape

Leverage decay is the mechanic most SOXL holders underestimate. The fund resets daily, so a 5% down day followed by a 5% up day leaves the underlying flat but SOXL down. With the VIX at just over 17 and up sharply in the last three sessions, and the put/call ratio at 2.05 across the full options chain, the market is bracing for exactly the two-sided chop that eats leveraged funds alive. Individual expirations tell an even louder story: the November 20 expiry shows a put/call ratio of 22.68, with December at 15.22. Options desks are hedging into the fall.

Watch AMD and NVIDIA implied volatility on the CBOE, and track SOXL's rolling 20-day realized volatility. Anything sustained above 60% annualized is where compounding drag typically overwhelms directional gains. For investors who want semiconductor exposure without the decay tax, the unleveraged VanEck Semiconductor ETF ( NYSEARCA:SMH ) captures the same names without the daily reset penalty.

The Close

The single macro signal is hyperscaler AI capex guidance on the late-July earnings calls. If the top four trim 2027 spending, SOXL's swap book reprices violently. The single fund-specific signal is realized volatility: if the SOX index chops sideways at 40%-plus vol for a quarter, SOXL will bleed even in a flat market, regardless of what chip fundamentals do.

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They pair you with a fiduciary (required by law to put YOUR interest first) with questions related to taxes, estate planning, retirement, insurance analysis, and more. See you who you match with today, and get the answers you need.

Contact editorial@247wallst.com for any questions or corrections.

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美国六月通胀降温但能源仍高

重要性5/5 高

本周发布的美国官方通胀数据具有高时效性、强跨资产相关性和较高事实密度，是评估利率预期与宏观定价的重要依据。

标签

来源：U.S. Bureau of Labor Statistics发布日期：2026-07-14重要性：5/5 高评级理由：本周发布的美国官方通胀数据具有高时效性、强跨资产相关性和较高事实密度，是评估利率预期与宏观定价的重要依据。评级依据：timeliness, macro_relevance, evidence_strength, source_quality, fact_density原文字数：20978

中文摘要

核心结论

美国6月总体通胀明显降温：CPI-U（城市消费者价格指数）环比下降0.4%，核心指数环比持平；能源价格单月回落是主要原因。同比数据仍显示压力分化，总体指数上涨3.5%，能源上涨15.7%，核心指数上涨2.6%。

重要性评级

评级：5/5（高）

美国劳工统计局的官方通胀数据发布于本周，对利率预期、美元、美债及权益估值具有广泛影响。数据覆盖总指数、核心通胀及主要分项，来源权威且事实密度高。

关键事实

• 美国劳工统计局于美东时间 07/14 08:30（UTC+8 07/14 20:30）发布2026年6月消费者价格指数。
• CPI-U经季节调整后环比下降0.4%，5月为上涨0.5%；这是2020年4月下降0.8%以来最大的单月降幅。
• 总体指数同比上涨3.5%，低于5月的4.2%；剔除食品和能源的核心指数环比持平、同比上涨2.6%，5月同比涨幅为2.9%。
• 能源指数环比下降5.7%，其中汽油下降9.7%、燃油下降9.2%、电力下降1.0%；能源同比仍上涨15.7%，汽油同比上涨26.7%。
• 住房成本环比上涨0.1%，为2021年1月以来最小单月增幅；住房同比上涨3.3%。
• 食品环比上涨0.2%、同比上涨3.0%；鸡蛋单月上涨4.3%，外出就餐同比上涨3.4%。
• 汽车保险环比下降2.0%，通信下降1.5%，服装下降0.6%；机票价格同比上涨26.5%。
• 7月消费者价格指数定于美东时间 08/12 08:30（UTC+8 08/12 20:30）发布。

作者观点与证据

这是一份官方统计公报，没有提出市场方向或资产价格判断。数据支持“6月通胀动能降温”的描述，其中总体指数下降主要由能源价格回落推动，核心指数持平及住房环比仅上涨0.1%提供了更广泛的降温证据；能源同比上涨15.7%、机票同比上涨26.5%则表明部分价格压力仍高。

与相关标的的关系

输入未指定股票代码或公司。该数据属于跨资产宏观事实：总体与核心通胀变化会影响市场对美国政策利率路径的评估，并通过利率和折现率传导至美元、美债、黄金、加密资产及美股估值；公报本身没有量化这些资产的价格反应。

时效性与限制

数据发布于美东时间 07/14 08:30（UTC+8 07/14 20:30），截至07/18仍是最新完整月度通胀读数。CPI来自约75个城市地区、约6,000个住房单元和22,000家零售机构的抽样，存在抽样误差；季调序列最多可回溯修订5年，C-CPI-U（城市消费者链式价格指数）近10至12个月数据也可能修订。

后续跟踪

• 7月能源价格回落能否延续，以及汽油同比涨幅是否收窄。
• 核心指数、住房租金与业主等价租金的月度变化。
• 机票、食品和其他高波动分项对总体指数的贡献。
• 8月12日发布的7月消费者价格指数及历史季调修订。

英文原文

Consumer Price Index News Release

Economic News Release

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Consumer Price Index News Release

Transmission of material in this release is embargoed until

8:30 a.m. (ET) Tuesday, July 14, 2026 USDL-26-1191

Technical information: (202) 691-7000 cpi_info@bls.gov www.bls.gov/cpi

Media contact: (202) 691-5902 * PressOffice@bls.gov

CONSUMER PRICE INDEX - JUNE 2026

The Consumer Price Index for All Urban Consumers (CPI-U) decreased 0.4 percent on a seasonally adjusted basis in June

after rising 0.5 percent in May, the U.S. Bureau of Labor Statistics reported today. This decline in the all items

index was the largest 1-month decrease since April 2020 when it fell 0.8 percent. Over the last 12 months, the all

items index increased 3.5 percent before seasonal adjustment.

The index for energy fell 5.7 percent in June after rising 3.9 percent in May, 3.8 percent in April, and 10.9 percent

in March. The energy index was the largest contributor to the monthly all items decrease, more than offsetting

increases in other indexes including those for shelter and food. The index for food increased 0.2 percent over the

month, as did the index for food at home and the index for food away from home.

The index for all items less food and energy was unchanged in June. Indexes that decreased over the month include

motor vehicle insurance, communication, apparel, medical care, and used cars and trucks. Conversely, the indexes for

recreation, household furnishings and operations, and personal care were among the major indexes that increased in

June.

The all items index rose 3.5 percent for the 12 months ending June after rising 4.2 percent for the 12 months ending

May. The all items less food and energy index rose 2.6 percent over the year, following a 2.9-percent increase over

the 12 months ending May. The energy index increased 15.7 percent for the 12 months ending June. The food index

increased 3.0 percent over the last year.

Table A. Percent changes in CPI for All Urban Consumers (CPI-U): U.S. city average

Seasonally adjusted changes from preceding month

Un-

adjusted

12-mos.

ended

Jun. 2026

Dec.

2025

Jan.

2026

Feb.

2026

Mar.

2026

Apr.

2026

May

2026

Jun.

2026

All items

0.3

0.2

0.3

0.9

0.6

0.5

-0.4

3.5

Food

0.7

0.2

0.4

0.0

0.5

0.2

0.2

3.0

Food at home

0.6

0.2

0.4

-0.2

0.7

0.1

0.2

2.7

Food away from home ( 1 )

0.7

0.1

0.3

0.2

0.2

0.3

0.2

3.4

Energy

0.3

-1.5

0.6

10.9

3.8

3.9

-5.7

15.7

Energy commodities

-0.3

-3.3

1.1

21.3

5.6

6.7

-9.5

27.1

Gasoline (all types)

-0.3

-3.2

0.8

21.2

5.4

7.0

-9.7

26.7

Fuel oil

-0.8

-5.7

11.1

30.7

5.8

3.8

-9.2

42.9

Energy services

1.0

0.2

0.2

0.4

1.6

0.4

-0.7

3.9

Electricity

0.2

-0.1

-0.7

0.8

2.1

0.6

-1.0

4.0

Utility (piped) gas service

3.7

1.0

3.1

-0.9

-0.1

-0.5

0.5

3.0

All items less food and energy

0.2

0.3

0.2

0.2

0.4

0.2

0.0

2.6

Commodities less food and energy commodities

0.0

0.0

0.1

0.1

0.0

-0.1

-0.1

0.8

New vehicles

0.0

0.1

0.0

0.1

-0.2

-0.3

0.0

0.5

Used cars and trucks

-0.9

-1.8

-0.4

-0.4

0.0

0.1

-0.2

-1.8

Apparel

0.3

0.3

1.3

1.0

0.6

0.3

-0.6

3.9

Medical care commodities ( 1 )

0.3

-0.1

0.0

-1.0

-0.4

-0.7

-0.2

-2.1

Services less energy services

0.3

0.4

0.3

0.2

0.5

0.3

0.0

3.2

Shelter

0.4

0.2

0.2

0.3

0.6

0.3

0.1

3.3

Transportation services

0.4

1.4

0.2

0.6

0.3

-0.6

-0.3

3.4

Medical care services

0.4

0.3

0.6

0.0

0.0

0.5

-0.1

2.9

Footnotes

(1) Not seasonally adjusted.

Food

The food index rose 0.2 percent in June, as it did in May. The index for food at home also increased 0.2 percent over

the month. Four of the six major grocery store food group indexes increased in June. The meats, poultry, fish, and

eggs index increased 0.6 percent over the month as the eggs index rose 4.3 percent. The index for other food at home

increased 0.5 percent in June, and the index for dairy and related products rose 1.2 percent. The cereals and bakery

products index increased 0.3 percent over the month.

In contrast, the index for nonalcoholic beverages fell 1.5 percent in June as the index for coffee declined 2.0 percent.

The fruits and vegetables index decreased 0.2 percent over the month.

The food away from home index rose 0.2 percent in June. The index for full service meals rose 0.4 percent, and the

index for limited service meals rose 0.1 percent over the month.

The index for food at home rose 2.7 percent over the 12 months ending in June. The fruits and vegetables index rose 5.3

percent over the last 12 months. The index for other food at home increased 2.4 percent, and the index for meats,

poultry, fish, and eggs rose 2.6 percent over the year. The nonalcoholic beverages index increased 2.9 percent over the

12 months ending in June, and the cereals and bakery products index rose 2.4 percent over the same period. The index

for dairy and related products rose 0.4 percent over the year.

The food away from home index rose 3.4 percent over the last year. The index for full service meals rose 3.7 percent,

and the index for limited service meals rose 3.1 percent over the 12 months ending in June.

Energy

The index for energy decreased 5.7 percent in June, the largest 1-month decline since April 2020. The gasoline index

decreased 9.7 percent over the month. (Before seasonal adjustment, gasoline prices also decreased 9.7 percent in June.)

The index for electricity fell 1.0 percent in June. Conversely, the index for natural gas increased 0.5 percent over

the same period.

The index for energy increased 15.7 percent over the past 12 months due in large part to the index for gasoline rising

26.7 percent over the same period. The electricity index increased 4.0 percent over the 12 months ending in June, and

the natural gas index rose 3.0 percent.

All items less food and energy

The index for all items less food and energy was unchanged in June after rising 0.2 percent in May. The shelter index

increased 0.1 percent over the month, the smallest 1-month change reported for that index since January 2021. The

index for owners' equivalent rent rose 0.2 percent in June, and the index for rent increased 0.1 percent. The lodging

away from home index fell 2.3 percent over the month.

The motor vehicle insurance index declined 2.0 percent in June after falling 1.7 percent in May. The index for

communication fell 1.5 percent over the month, and the index for apparel declined 0.6 percent. The used cars and

trucks index fell 0.2 percent in June.

The medical care index decreased 0.1 percent in June after rising 0.3 percent in May. The index for physicians'

services decreased 0.2 percent over the month, and the index for prescription drugs declined 0.1 percent. Conversely,

the hospital services index increased 0.1 percent in June.

The index for recreation increased 0.5 percent over the month after rising 0.3 percent in May. The household furnishings

and operations index rose 0.2 percent in June as did the personal care index. The index for new vehicles was unchanged

in June after declining 0.3 percent in May.

The index for all items less food and energy rose 2.6 percent over the past 12 months. The shelter index increased 3.3

percent over the last year. Other indexes with notable increases over the last year include airline fares (+26.5

percent), medical care (+2.0 percent), recreation (+2.8 percent), and household furnishings and operations (+2.5

percent).

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 3.5 percent over the last 12 months to an index

level of 333.952 (1982-84=100). For the month, the index decreased 0.3 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 3.5 percent over the last 12

months to an index level of 327.075 (1982-84=100). For the month, the index decreased 0.5 percent prior to seasonal

adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 3.4 percent over the last 12 months. For

the month, the index decreased 0.3 percent on a not seasonally adjusted basis. Please note that the indexes for the

past 10 to 12 months are subject to revision.

_______________

The Consumer Price Index news release for July 2026 is scheduled to be published on Wednesday, August 12, 2026, at

8:30 a.m. (ET).

Technical Note

Brief Explanation of the CPI

The Consumer Price Index (CPI) measures the change in prices paid by consumers for goods and services. The CPI reflects

spending patterns for each of two population groups: all urban consumers and urban wage earners and clerical workers.

The all urban consumer group represents over 90 percent of the total U.S. population. It is based on the expenditures

of almost all residents of urban or metropolitan areas, including professionals, the self-employed, the poor, the

unemployed, and retired people, as well as urban wage earners and clerical workers. Not included in the CPI are the

spending patterns of people living in rural nonmetropolitan areas, farming families, people in the Armed Forces, and

those in institutions, such as prisons and mental hospitals. Consumer inflation for all urban consumers is measured by

two indexes, namely, the Consumer Price Index for All Urban Consumers (CPI-U) and the Chained Consumer Price Index for

All Urban Consumers (C-CPI-U).

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) is based on the expenditures of households

included in the CPI-U definition that meet two requirements: more than one-half of the household's income must come

from clerical or wage occupations, and at least one of the household's earners must have been employed for at least 37

weeks during the previous 12 months. The CPI-W population represents approximately 30 percent of the total U.S.

population and is a subset of the CPI-U population.

The CPIs are based on prices of food, clothing, shelter, fuels, transportation, doctors' and dentists' services, drugs,

and other goods and services that people buy for day-to-day living. Prices are collected each month in 75 urban areas

across the country from about 6,000 housing units and approximately 22,000 retail establishments (department stores,

supermarkets, hospitals, and other types of stores and service establishments). All taxes directly associated with the

purchase and use of items are included in the index. Prices of fuels and a few other items are obtained every month in

all 75 locations. Prices of most other commodities and services are collected every month in the three largest

geographic areas and every other month in other areas. Prices of most goods and services are obtained by personal

visit, telephone call, web, or app collection by the Bureau's trained representatives.

In calculating the index, price changes for the various items in each location are aggregated using weights, which

represent their importance in the spending of the appropriate population group. Local data are then combined to obtain

a U.S. city average. For the CPI-U and CPI-W, separate indexes are also published by size of city, by region of the

country, for cross-classifications of regions and population-size classes, and for 23 selected local areas. Area

indexes do not measure differences in the level of prices among cities; they only measure the average change in prices

for each area since the base period. For the C-CPI-U, data are issued only at the national level. The CPI-U and CPI-W

are considered final when released, but the C-CPI-U is issued in preliminary form and subject to three subsequent

quarterly revisions.

The index measures price change from a designed reference date. For most of the CPI-U and the CPI-W, the reference base

is 1982-84 equals 100. The reference base for the C-CPI-U is December 1999 equals 100. An increase of 7 percent from

the reference base, for example, is shown as 107.000. Alternatively, that relationship can also be expressed as the

price of a base period market basket of goods and services rising from $100 to $107.

Sampling Error in the CPI

The CPI is a statistical estimate that is subject to sampling error because it is based upon a sample of retail prices

and not the complete universe of all prices. BLS calculates and publishes estimates of the 1-month, 2-month, 6-month,

and 12-month percent change standard errors annually for the CPI-U. These standard error estimates can be used to

construct confidence intervals for hypothesis testing. For example, the estimated standard error of the 1-month percent

change is 0.04 percent for the U.S. all items CPI. This means that if we repeatedly sample from the universe of all

retail prices using the same methodology, and estimate a percentage change for each sample, then 95 percent of these

estimates will be within 0.08 percent of the 1-month percentage change based on all retail prices. For example, for a

1-month change of 0.2 percent in the all items CPI-U, we are 95 percent confident that the actual percent change based

on all retail prices would fall between 0.12 and 0.28 percent. For the latest data, including information on how to use

the estimates of standard error, see www.bls.gov/cpi/tables/variance-estimates/home.htm.

Calculating Index Changes

Movements of the indexes from 1 month to another are usually expressed as percent changes rather than changes in index

points, because index point changes are affected by the level of the index in relation to its base period, while

percent changes are not. The following table shows an example of using index values to calculate percent changes:

Item A Item B Item C

Year I 112.500 225.000 110.000

Year II 121.500 243.000 128.000

Change in index points 9.000 18.000 18.000

Percent change 9.0/112.500 x 100 = 8.0 18.0/225.000 x 100 = 8.0 18.0/110.000 x 100 = 16.4

Use of Seasonally Adjusted and Unadjusted Data

The Consumer Price Index (CPI) program produces both unadjusted and seasonally adjusted data. Seasonally adjusted data

are computed using seasonal factors derived by the X-13ARIMA-SEATS seasonal adjustment method. These factors are

updated each February, and the new factors are used to revise the previous 5 years of seasonally adjusted data. The

factors are available at www.bls.gov/web/cpi/cpi-seasonal-factors.xlsx. For more information on data revision

scheduling, please see the Seasonal Adjustment questions and answers page at

www.bls.gov/cpi/seasonal-adjustment/questions-and-answers.htm and the Timeline of Seasonal Adjustment Methodological

Changes at www.bls.gov/cpi/seasonal-adjustment/timeline-seasonal-adjustment-methodology-changes.htm.

How to Use Seasonally Adjusted and Unadjusted Data

For analyzing short-term price trends in the economy, seasonally adjusted changes are usually preferred since they

eliminate the effect of changes that normally occur at the same time and in about the same magnitude every year-such as

price movements resulting from weather events, production cycles, model changeovers, holidays, and sales. This allows

data users to focus on changes that are not typical for the time of year.

The unadjusted data are of primary interest to consumers concerned about the prices they actually pay. Unadjusted data

are also used extensively for escalation purposes. Many collective bargaining contract agreements and pension plans,

for example, tie compensation changes to the Consumer Price Index before adjustment for seasonal variation. BLS advises

against the use of seasonally adjusted data in escalation agreements because seasonally adjusted series are revised

annually for five years.

Intervention Analysis

The Bureau of Labor Statistics uses intervention analysis seasonal adjustment (IASA) for some CPI series. Sometimes

extreme values or sharp movements can distort the underlying seasonal pattern of price change. Intervention analysis

seasonal adjustment is a process by which the distortions caused by such unusual events are estimated and removed from

the data prior to calculation of seasonal factors. The resulting seasonal factors, which more accurately represent the

seasonal pattern, are then applied to the unadjusted data.

For example, this procedure was used for the motor fuel series to offset the effects of the 2009 return to normal

pricing after the worldwide economic downturn in 2008. Retaining this outlier data during seasonal factor calculation

would distort the computation of the seasonal portion of the time series data for motor fuel, so it was estimated and

removed from the data prior to seasonal adjustment. Following that, seasonal factors were calculated based on this

"prior adjusted" data. These seasonal factors represent a clearer picture of the seasonal pattern in the data. The last

step is for motor fuel seasonal factors to be applied to the unadjusted data.

For the seasonal factors introduced for January 2026, BLS adjusted 57 series using intervention analysis seasonal

adjustment, including selected food and beverage items, motor fuels and vehicles.

Revision of Seasonally Adjusted Indexes

Seasonally adjusted data, including the U.S. city average all items index levels, are subject to revision for up to 5

years after their original release. Every year, economists in the CPI calculate new seasonal factors for seasonally

adjusted series and apply them to the last 5 years of data. Seasonally adjusted indexes beyond the last 5 years of

data are considered to be final and not subject to revision. For January 2026, revised seasonal factors and seasonally

adjusted indexes for 2021 to 2025 were calculated and published. For series which are directly adjusted using the

Census X-13ARIMA-SEATS seasonal adjustment software, the seasonal factors for 2025 will be applied to data for 2026 to

produce the seasonally adjusted 2026 indexes. Series which are indirectly seasonally adjusted by summing seasonally

adjusted component series have seasonal factors which are derived and are therefore not available in advance.

Determining Seasonal Status

Each year the seasonal status of every series is reevaluated based upon certain statistical criteria. Using these

criteria, BLS economists determine whether a series should change its status from "not seasonally adjusted" to

"seasonally adjusted", or vice versa. If any of the 81 components of the U.S. city average all items index change

their seasonal adjustment status from seasonally adjusted to not seasonally adjusted, not seasonally adjusted data

will be used in the aggregation of the dependent series for the last 5 years, but the seasonally adjusted indexes

before that period will not be changed. For 2026, 36 of the 81 components of the U.S. city average all items index are

not seasonally adjusted.

Contact Information

For additional information about the CPI visit www.bls.gov/cpi or contact the CPI Information and Analysis Section at

202-691-7000 or cpi_info@bls.gov.

For additional information on seasonal adjustment in the CPI visit www.bls.gov/cpi/seasonal-adjustment/home.htm

If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay

services.

Table 1. Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, by expenditure category, June 2026

[1982-84=100, unless otherwise noted]

Expenditure category

Relative

importance

May

2026

Unadjusted indexes

Unadjusted percent change

Seasonally adjusted percent change

Jun.

2025

May

2026

Jun.

2026

Jun.

2025-

Jun.

2026

May

2026-

Jun.

2026

Mar.

2026-

Apr.

2026

Apr.

2026-

May

2026

May

2026-

Jun.

2026

All items

100.000

322.561

335.123

333.952

3.5

-0.3

0.6

0.5

-0.4

Food

13.447

339.498

349.032

349.731

3.0

0.2

0.5

0.2

0.2

Food at home

8.188

313.028

321.047

321.631

2.7

0.2

0.7

0.1

0.2

Cereals and bakery products

1.016

360.040

367.300

368.800

2.4

0.4

0.1

0.4

0.3

Meats, poultry, fish, and eggs

1.943

342.058

349.340

350.974

2.6

0.5

1.3

-0.2

0.6

Dairy and related products ( 1 )

0.731

270.626

268.523

271.683

0.4

1.2

0.8

-0.6

1.2

Fruits and vegetables

1.288

351.414

372.644

370.090

5.3

-0.7

1.8

0.2

-0.2

Nonalcoholic beverages and beverage materials

0.993

229.103

239.443

235.793

2.9

-1.5

1.1

0.6

-1.5

Other food at home

2.217

277.737

282.209

284.373

2.4

0.8

-0.4

0.0

0.5

Food away from home ( 1 )

5.260

382.750

394.728

395.633

3.4

0.2

0.2

0.3

0.2

Energy

7.791

284.307

346.042

328.950

15.7

-4.9

3.8

3.9

-5.7

Energy commodities

4.551

289.326

406.301

367.630

27.1

-9.5

5.6

6.7

-9.5

Fuel oil

0.116

339.767

534.873

485.387

42.9

-9.3

5.8

3.8

-9.2

Motor fuel

4.377

283.750

399.294

360.912

27.2

-9.6

5.7

6.8

-9.6

Gasoline (all types)

4.250

282.914

396.961

358.518

26.7

-9.7

5.4

7.0

-9.7

Energy services

3.240

291.093

297.898

302.347

3.9

1.5

1.6

0.4

-0.7

Electricity

2.505

299.728

307.226

311.818

4.0

1.5

2.1

0.6

-1.0

Utility (piped) gas service

0.735

259.734

263.682

267.609

3.0

1.5

-0.1

-0.5

0.5

All items less food and energy

78.762

328.364

336.846

336.882

2.6

0.0

0.4

0.2

0.0

Commodities less food and energy commodities

18.737

166.655

167.785

168.019

0.8

0.1

0.0

-0.1

-0.1

Apparel

2.457

130.844

137.510

135.917

3.9

-1.2

0.6

0.3

-0.6

New vehicles

3.734

178.443

179.155

179.338

0.5

0.1

-0.2

-0.3

0.0

Used cars and trucks

2.629

186.671

180.554

183.360

-1.8

1.6

0.0

0.1

-0.2

Medical care commodities ( 1 )

1.409

417.575

409.628

408.974

-2.1

-0.2

-0.4

-0.7

-0.2

Alcoholic beverages ( 1 )

0.820

294.883

300.726

300.824

2.0

0.0

0.3

0.1

0.0

Tobacco and smoking products ( 1 )( 2 )

0.447

103.335

110.801

110.045

6.5

-0.7

0.5

1.0

-0.7

Services less energy services

60.025

431.800

445.580

445.448

3.2

0.0

0.5

0.3

0.0

Shelter

35.149

415.455

428.677

429.062

3.3

0.1

0.6

0.3

0.1

Rent of primary residence

7.680

434.594

446.380

446.945

2.8

0.1

0.5

0.4

0.1

Owners' equivalent rent of residences ( 3 )

25.700

427.470

440.357

441.365

3.3

0.2

0.5

0.3

0.2

Medical care services

6.821

633.659

652.587

652.152

2.9

-0.1

0.0

0.5

-0.1

Physicians' services ( 1 )

1.658

428.398

439.715

438.626

2.4

-0.2

0.6

0.0

-0.2

Hospital services ( 1 )( 4 )

2.145

435.037

456.655

457.320

5.1

0.1

-0.3

0.7

0.1

Transportation services

6.377

447.222

465.945

462.494

3.4

-0.7

0.3

-0.6

-0.3

Motor vehicle maintenance and repair ( 1 )

1.034

427.256

452.383

457.313

7.0

1.1

-0.2

0.8

1.1

Motor vehicle insurance

2.617

895.281

877.278

858.481

-4.1

-2.1

0.1

-1.7

-2.0

Airline fares

1.107

255.852

329.824

323.758

26.5

-1.8

2.8

2.7

0.2

Footnotes

(1) Not seasonally adjusted.

(2) Indexes on a December 2024=100 base.

(3) Indexes on a December 1982=100 base.

(4) Indexes on a December 1996=100 base.

Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, by detailed expenditure category, June 2026

[1982-84=100, unless otherwise noted]

Expenditure category

Relative

importance

May

2026

Unadjusted percent change

Seasonally adjusted percent change

Jun.

2025-

Jun.

2026

May

2026-

Jun.

2026

Mar.

2026-

Apr.

2026

Apr.

2026-

May

2026

May

2026-

Jun.

2026

All items

100.000

3.5

-0.3

0.6

0.5

-0.4

Food

13.447

3.0

0.2

0.5

0.2

0.2

Food at home

8.188

2.7

0.2

0.7

0.1

0.2

Cereals and bakery products

1.016

2.4

0.4

0.1

0.4

0.3

Cereals and cereal products

0.306

2.4

1.0

0.7

-0.6

0.7

Flour and prepared flour mixes

0.037

-1.3

-0.1

-1.3

2.6

-1.1

Breakfast cereal ( 1 )

0.131

2.3

0.8

0.0

-0.5

0.8

Rice, pasta, cornmeal

0.137

3.2

1.5

1.3

-1.2

1.6

Rice ( 1 )( 2 )( 3 )

-

4.1

0.6

-0.4

-1.1

0.6

Bakery products ( 1 )

0.709

2.5

0.1

-0.3

0.9

0.1

Bread ( 1 )( 2 )

0.171

3.9

0.5

0.9

-0.7

0.5

White bread ( 1 )( 3 )

-

3.9

0.9

1.1

-0.9

0.9

Bread other than white ( 1 )( 3 )

-

4.3

0.0

0.8

-0.4

0.0

Fresh biscuits, rolls, muffins ( 1 )( 2 )

0.117

1.4

-1.2

-2.8

4.7

-1.2

Cakes, cupcakes, and cookies ( 1 )

0.207

3.5

-0.6

0.6

-0.4

-0.6

Cookies ( 1 )( 3 )

-

5.1

-1.0

0.5

0.4

-1.0

Fresh cakes and cupcakes ( 1 )( 3 )

-

1.1

-0.9

0.0

-1.0

-0.9

Other bakery products

0.215

1.8

1.2

-0.7

1.0

1.2

Fresh sweetrolls, coffeecakes, doughnuts ( 1 )( 3 )

-

2.2

2.0

0.7

-2.8

2.0

Crackers, bread, and cracker products ( 3 )

-

3.1

3.3

-2.3

0.8

3.2

Frozen and refrigerated bakery products, pies, tarts, turnovers ( 3 )

-

-1.2

0.7

-0.4

2.0

-0.1

Meats, poultry, fish, and eggs

1.943

2.6

0.5

1.3

-0.2

0.6

Meats, poultry, and fish

1.831

5.7

0.5

1.2

-0.4

0.4

Meats

1.158

7.4

1.0

1.8

-1.1

0.9

Beef and veal

0.629

11.8

1.4

2.7

-1.6

1.2

Uncooked ground beef

0.234

12.4

1.8

2.7

-1.3

1.3

Uncooked beef roasts ( 2 )

0.086

13.8

1.3

5.8

-3.6

1.7

Uncooked beef steaks ( 2 )

0.236

11.4

1.0

1.5

-1.9

0.5

Uncooked other beef and veal ( 1 )( 2 )

0.073

10.0

1.8

2.7

-0.2

1.8

Pork

0.337

2.4

0.1

0.6

0.3

-0.3

Bacon, breakfast sausage, and related products ( 2 )

0.131

-0.9

-1.0

0.3

0.0

-1.4

Bacon and related products ( 3 )

-

-1.5

-1.5

0.2

0.1

-1.8

Breakfast sausage and related products ( 2 )( 3 )

-

1.1

0.4

0.2

0.8

0.0

Ham

0.067

5.6

0.8

0.3

2.0

0.0

Ham, excluding canned ( 3 )

-

5.5

0.9

0.1

1.8

0.6

Pork chops ( 1 )

0.045

5.6

1.8

2.5

1.2

1.8

Other pork including roasts, steaks, and ribs ( 1 )( 2 )

0.094

2.6

0.2

1.2

-0.2

0.2

Other meats

0.192

2.9

1.4

1.2

-1.8

1.9

Frankfurters ( 3 )

-

7.2

7.7

5.8

-3.0

6.7

Lunchmeats ( 1 )( 2 )( 3 )

-

1.8

0.3

1.4

-1.5

0.3

Poultry

0.357

-0.1

-0.6

-0.9

0.6

-1.0

Chicken ( 2 )

0.280

-2.3

-0.5

-1.1

-0.1

-0.8

Fresh whole chicken ( 3 )

-

-2.3

0.2

-1.5

-0.3

-0.6

Fresh and frozen chicken parts ( 3 )

-

-2.2

-0.8

-0.9

0.3

-1.1

Other uncooked poultry including turkey ( 2 )

0.077

8.6

-0.7

0.1

2.4

-0.3

Fish and seafood ( 1 )

0.316

6.3

0.1

1.5

1.2

0.1

Fresh fish and seafood ( 1 )( 2 )

0.169

6.2

-0.5

0.8

1.8

-0.5

Processed fish and seafood ( 2 )

0.147

6.7

0.8

1.4

-0.8

1.1

Shelf stable fish and seafood ( 1 )( 3 )

-

6.6

1.4

2.5

0.2

1.4

Frozen fish and seafood ( 3 )

-

8.8

0.6

2.3

-1.6

0.2

Eggs

0.113

-27.9

-0.8

1.5

4.0

4.3

Dairy and related products ( 1 )

0.731

0.4

1.2

0.8

-0.6

1.2

Milk ( 1 )( 2 )

0.191

6.6

2.0

1.6

2.2

2.0

Fresh whole milk ( 1 )( 3 )

-

9.0

3.3

2.9

2.5

3.3

Fresh milk other than whole ( 1 )( 2 )( 3 )

-

5.5

1.4

1.2

2.2

1.4

Cheese and related products ( 1 )

0.242

-3.6

2.8

1.2

-2.9

2.8

Ice cream and related products

0.109

-1.3

-1.1

-1.1

0.0

-2.1

Other dairy and related products ( 2 )

0.189

0.5

-0.3

0.2

-0.3

0.1

Fruits and vegetables

1.288

5.3

-0.7

1.8

0.2

-0.2

Fresh fruits and vegetables

1.024

5.7

-1.1

2.3

0.3

-0.5

Fresh fruits

0.528

2.0

-0.9

0.8

0.1

0.4

Apples

0.076

7.1

2.8

1.2

2.4

1.8

Bananas ( 1 )

0.057

1.0

1.3

0.2

-1.8

1.3

Citrus fruits ( 2 )

0.079

6.3

1.6

1.9

-0.2

3.4

Oranges, including tangerines ( 3 )

-

0.8

2.9

0.6

-0.4

1.7

Other fresh fruits ( 2 )

0.316

-0.2

-2.9

0.5

0.8

0.7

Fresh vegetables

0.496

9.9

-1.2

3.9

0.5

-1.4

Potatoes

0.066

1.4

3.4

1.9

2.5

2.2

Lettuce

0.047

32.1

5.4

-4.8

16.4

6.5

Tomatoes

0.073

19.5

-7.7

15.1

-6.1

-10.0

Other fresh vegetables

0.309

6.4

-1.6

2.9

-0.3

-1.6

Processed fruits and vegetables ( 2 )

0.264

3.2

0.7

0.2

-0.2

0.6

Canned fruits and vegetables ( 2 )

0.100

5.0

0.6

0.0

0.0

0.3

Canned fruits ( 1 )( 2 )( 3 )

-

7.9

1.3

-0.1

0.5

1.3

Canned vegetables ( 2 )( 3 )

-

3.5

0.3

0.2

0.4

-0.2

Frozen fruits and vegetables ( 2 )

0.084

2.4

1.5

0.0

-0.9

1.5

Frozen vegetables ( 3 )

-

1.9

1.8

0.0

-2.1

2.1

Other processed fruits and vegetables including dried ( 2 )

0.080

2.0

0.1

0.9

-0.7

0.5

Dried beans, peas, and lentils ( 1 )( 2 )( 3 )

-

0.6

0.7

1.1

0.1

0.7

Nonalcoholic beverages and beverage materials

0.993

2.9

-1.5

1.1

0.6

-1.5

Juices and nonalcoholic drinks ( 2 )

0.670

0.9

-1.3

1.0

0.3

-1.2

Carbonated drinks

0.326

1.9

-0.7

0.8

0.4

-0.7

Frozen noncarbonated juices and drinks ( 1 )( 2 )

0.004

5.5

0.1

1.2

0.0

0.1

Nonfrozen noncarbonated juices and drinks ( 2 )

0.340

0.0

-1.9

0.9

0.3

-1.7

Beverage materials including coffee and tea ( 2 )

0.323

7.6

-2.0

1.3

1.1

-2.0

Coffee

0.227

12.9

-1.8

2.0

0.6

-2.0

Roasted coffee ( 3 )

-

12.2

-2.0

2.4

0.7

-2.1

Instant coffee ( 1 )( 3 )

-

15.9

-1.8

0.7

0.4

-1.8

Other beverage materials including tea ( 1 )( 2 )

0.096

-0.3

-2.3

0.4

2.1

-2.3

Other food at home

2.217

2.4

0.8

-0.4

0.0

0.5

Sugar and sweets

0.325

6.9

1.0

-1.1

1.4

0.6

Sugar and sugar substitutes

0.032

-1.1

-0.6

1.6

-0.1

-0.7

Candy and chewing gum ( 2 )

0.239

9.6

1.7

-1.7

2.1

0.9

Other sweets ( 1 )( 2 )

0.055

1.1

-0.8

-1.0

0.4

-0.8

Fats and oils

0.215

-2.0

1.5

-0.7

-2.4

1.5

Butter and margarine ( 2 )

0.062

-6.9

-0.2

1.2

-2.2

-0.2

Butter ( 3 )

-

-8.7

-1.5

2.8

-2.1

-1.4

Margarine ( 3 )

-

-4.1

2.6

-3.2

-2.3

1.8

Salad dressing ( 1 )( 2 )

0.048

-0.2

3.4

-2.8

-4.9

3.4

Other fats and oils including peanut butter ( 2 )

0.105

-0.8

1.6

-1.2

-1.0

1.4

Peanut butter ( 1 )( 2 )( 3 )

-

-0.8

1.9

-1.2

-2.2

1.9

Other foods

1.677

2.1

0.6

-0.3

0.1

0.3

Soups

0.088

1.8

0.5

0.5

1.0

-0.1

Frozen and freeze dried prepared foods

0.290

-0.2

1.8

-0.1

-1.0

1.6

Snacks

0.363

1.3

0.2

0.4

-0.3

0.1

Spices, seasonings, condiments, sauces

0.317

2.8

0.4

0.8

0.0

0.5

Salt and other seasonings and spices ( 2 )( 3 )

-

4.7

2.1

1.8

-0.6

2.0

Olives, pickles, relishes ( 2 )( 3 )

-

0.3

-0.5

-1.4

0.2

-1.6

Sauces and gravies ( 2 )( 3 )

-

1.7

-0.9

0.1

0.7

-0.8

Other condiments ( 3 )

-

4.7

-2.8

1.8

5.5

-3.0

Baby food and formula ( 1 )( 2 )

0.051

-0.1

1.8

-1.2

1.6

1.8

Other miscellaneous foods ( 1 )( 2 )

0.568

4.3

0.3

-0.9

0.3

0.3

Prepared salads ( 3 )( 4 )

-

1.1

-0.2

3.2

0.4

-0.8

Food away from home ( 1 )

5.260

3.4

0.2

0.2

0.3

0.2

Full service meals and snacks ( 1 )( 2 )

2.329

3.7

0.4

0.1

0.3

0.4

Limited service meals and snacks ( 1 )( 2 )

2.634

3.1

0.1

0.4

0.3

0.1

Food at employee sites and schools ( 1 )( 2 )

0.063

1.9

0.9

0.2

0.0

0.9

Food at elementary and secondary schools ( 1 )( 3 )( 5 )

-

-

-

-

-

-

Food from vending machines and mobile vendors ( 1 )( 2 )

0.052

2.3

-0.1

0.1

0.4

-0.1

Other food away from home ( 2 )

0.182

4.4

0.3

-0.1

0.1

-0.1

Energy

7.791

15.7

-4.9

3.8

3.9

-5.7

Energy commodities

4.551

27.1

-9.5

5.6

6.7

-9.5

Fuel oil and other fuels

0.173

23.4

-7.1

4.3

3.3

-6.6

Fuel oil

0.116

42.9

-9.3

5.8

3.8

-9.2

Propane, kerosene, and firewood ( 6 )

0.057

-1.6

-2.8

1.7

2.5

-1.5

Motor fuel

4.377

27.2

-9.6

5.7

6.8

-9.6

Gasoline (all types)

4.250

26.7

-9.7

5.4

7.0

-9.7

Gasoline, unleaded regular ( 3 )

-

27.3

-10.1

5.6

7.4

-10.1

Gasoline, unleaded midgrade ( 3 )( 7 )

-

25.1

-8.4

5.1

6.2

-8.4

Gasoline, unleaded premium ( 3 )

-

23.8

-7.4

4.5

5.5

-7.3

Other motor fuels ( 1 )( 2 )

0.128

44.5

-7.2

17.0

0.8

-7.2

Energy services

3.240

3.9

1.5

1.6

0.4

-0.7

Electricity

2.505

4.0

1.5

2.1

0.6

-1.0

Utility (piped) gas service

0.735

3.0

1.5

-0.1

-0.5

0.5

All items less food and energy

78.762

2.6

0.0

0.4

0.2

0.0

Commodities less food and energy commodities

18.737

0.8

0.1

0.0

-0.1

-0.1

Household furnishings and supplies ( 8 )

3.316

1.3

0.0

-0.5

-0.2

-0.1

Window and floor coverings and other linens ( 2 )

0.232

-1.9

0.1

-1.7

-0.7

-0.2

Floor coverings ( 1 )( 2 )

0.067

0.4

-0.3

-2.2

-1.3

-0.3

Window coverings ( 1 )( 2 )

0.044

5.7

2.6

0.9

-1.6

2.6

Other linens ( 2 )

0.121

-6.0

-0.5

-2.5

-0.9

-0.7

Furniture and bedding ( 1 )

0.848

1.4

0.5

-0.3

-0.7

0.5

Bedroom furniture ( 1 )

0.292

0.3

-0.5

0.8

-1.1

-0.5

Living room, kitchen, and dining room furniture ( 1 )( 2 )

0.424

2.6

1.5

-0.4

-0.5

1.5

Other furniture ( 2 )

0.128

0.1

-0.4

-1.5

-1.3

-0.8

Appliances ( 2 )

0.197

-2.7

-0.7

-0.4

0.5

-1.5

Major appliances ( 2 )

0.065

-4.3

-0.4

0.1

2.1

-0.8

Laundry equipment ( 1 )( 3 )

-

-0.2

1.3

1.5

5.6

1.3

Other appliances ( 2 )

0.129

-1.7

-0.8

-0.2

-0.3

-1.7

Other household equipment and furnishings ( 2 )

0.543

0.4

-0.3

0.3

-0.7

-0.4

Clocks, lamps, and decorator items ( 1 )

0.311

-5.2

-1.2

0.0

-2.1

-1.2

Indoor plants and flowers ( 9 )

0.116

5.5

0.8

-0.6

0.2

0.5

Dishes and flatware ( 1 )( 2 )

0.045

13.8

0.5

1.6

-1.9

0.5

Nonelectric cookware and tableware ( 2 )

0.070

12.1

1.7

1.1

0.8

0.7

Tools, hardware, outdoor equipment and supplies ( 1 )( 2 )

0.671

2.9

-0.6

-0.8

-0.6

-0.6

Tools, hardware and supplies ( 2 )

0.208

4.9

0.7

-1.1

0.2

1.2

Outdoor equipment and supplies ( 1 )( 2 )

0.287

1.5

-1.6

-0.7

-1.0

-1.6

Housekeeping supplies ( 1 )

0.825

2.4

0.3

-0.1

0.5

0.3

Household cleaning products ( 1 )( 2 )

0.298

2.9

1.1

-0.7

1.1

1.1

Household paper products ( 1 )( 2 )

0.171

-0.5

-1.1

1.2

-0.3

-1.1

Miscellaneous household products ( 1 )( 2 )

0.356

3.4

0.4

-0.2

0.4

0.4

Apparel

2.457

3.9

-1.2

0.6

0.3

-0.6

Men's and boys' apparel

0.609

1.9

-1.0

0.4

0.4

-0.1

Men's apparel

0.489

2.2

-1.1

0.1

0.4

0.1

Men's suits, sport coats, and outerwear

0.099

-2.7

-0.5

-2.0

1.2

0.3

Men's underwear, nightwear, swimwear, and accessories

0.134

5.8

0.3

1.1

-0.5

1.2

Men's shirts and sweaters ( 2 )

0.132

2.1

-2.8

3.7

-1.1

-1.0

Men's pants and shorts

0.121

2.0

-1.3

-2.0

1.3

0.3

Boys' apparel

0.120

0.8

-0.9

0.4

-0.6

-0.2

Women's and girls' apparel

0.976

3.8

-1.1

0.1

-0.5

0.0

Women's apparel

0.827

3.5

-1.0

0.0

-0.6

0.0

Women's outerwear

0.067

0.1

-2.1

2.2

-2.9

-2.1

Women's dresses

0.111

0.3

-1.1

-3.3

-3.2

0.0

Women's suits and separates ( 2 )

0.389

5.0

-1.4

-0.2

0.1

0.9

Women's underwear, nightwear, swimwear, and accessories ( 2 )

0.244

4.0

0.0

0.4

0.8

0.5

Girls' apparel

0.149

5.8

-1.8

0.8

0.2

-0.2

Footwear

0.592

4.1

-0.5

1.4

0.6

-0.3

Men's footwear

0.191

3.4

0.1

1.6

-0.2

0.1

Boys' and girls' footwear ( 1 )

0.125

4.7

0.7

0.4

-0.1

0.7

Women's footwear

0.276

4.3

-1.5

1.4

1.3

-1.0

Infants' and toddlers' apparel

0.099

2.0

-1.8

-1.3

1.0

-1.4

Jewelry and watches ( 6 )

0.181

12.4

-3.7

3.1

2.9

-5.2

Watches ( 1 )( 6 )

0.035

5.9

-1.0

0.1

-1.2

-1.0

Jewelry ( 6 )

0.146

14.1

-4.4

3.7

3.7

-6.0

Transportation commodities less motor fuel ( 8 )

6.772

-0.3

0.7

-0.1

-0.1

-0.1

New vehicles

3.734

0.5

0.1

-0.2

-0.3

0.0

New cars ( 3 )

-

1.1

0.0

-0.2

-0.1

-0.2

New trucks ( 3 )( 10 )

-

0.4

0.1

-0.2

-0.3

0.0

Used cars and trucks

2.629

-1.8

1.6

0.0

0.1

-0.2

Motor vehicle parts and equipment ( 1 )

0.336

1.7

0.2

-0.2

-0.7

0.2

Tires ( 1 )

0.282

1.5

0.1

-0.2

-0.8

0.1

Vehicle accessories other than tires ( 1 )( 2 )

0.054

3.1

1.0

-0.1

-0.3

1.0

Vehicle parts and equipment other than tires ( 1 )( 3 )

-

4.4

1.2

0.0

-0.3

1.2

Motor oil, coolant, and fluids ( 1 )( 3 )

-

-1.0

1.3

-

-

1.3

Medical care commodities ( 1 )

1.409

-2.1

-0.2

-0.4

-0.7

-0.2

Medicinal drugs ( 1 )( 8 )

1.277

-2.3

0.0

-0.3

-0.8

0.0

Prescription drugs ( 1 )

0.917

-2.5

-0.1

0.0

-0.9

-0.1

Nonprescription drugs ( 8 )

0.361

-1.7

0.1

-1.6

-0.8

0.1

Medical equipment and supplies ( 1 )( 8 )

0.132

0.0

-1.4

-0.9

0.0

-1.4

Recreation commodities ( 8 )

1.890

2.9

1.0

0.1

-0.1

0.9

Video and audio products ( 8 )

0.255

1.9

1.1

0.3

-0.6

0.7

Televisions ( 11 )

0.103

-2.2

1.3

1.2

-1.5

0.1

Other video equipment ( 11 )

0.018

6.8

6.1

-2.4

0.6

7.7

Audio equipment ( 1 )

0.045

0.4

0.0

0.2

-0.7

0.0

Recorded music and music subscriptions ( 1 )( 2 )

0.084

7.8

0.5

-0.1

0.4

0.5

Pets and pet products ( 1 )

0.597

1.5

0.1

-0.2

-0.7

0.1

Pet food and treats ( 1 )( 2 )( 3 )

-

1.3

0.2

-0.2

-0.4

0.2

Purchase of pets, pet supplies, accessories ( 1 )( 2 )( 3 )

-

0.9

0.0

-0.3

-1.3

0.0

Sporting goods ( 1 )

0.521

4.5

1.6

0.1

0.7

1.6

Sports vehicles including bicycles ( 1 )

0.277

6.2

2.5

0.5

0.9

2.5

Sports equipment ( 1 )

0.232

2.8

0.4

-0.4

0.6

0.4

Photographic equipment and supplies ( 1 )

0.026

3.5

-2.7

-1.5

-0.2

-2.7

Photographic equipment ( 1 )( 2 )( 3 )

-

2.9

-2.8

-1.4

-0.4

-2.8

Recreational reading materials ( 1 )

0.110

-0.2

0.0

-1.9

1.6

0.0

Newspapers and magazines ( 1 )( 2 )

0.054

7.6

2.2

-0.7

2.5

2.2

Recreational books ( 1 )( 2 )

0.056

-7.5

-2.2

-2.9

0.7

-2.2

Other recreational goods ( 2 )

0.381

4.4

2.2

0.9

-0.2

1.9

Toys

0.295

3.5

2.9

0.8

0.0

2.5

Toys, games, hobbies and playground equipment ( 2 )( 3 )

-

3.6

4.0

0.9

0.3

3.3

Sewing machines, fabric and supplies ( 1 )( 2 )

0.028

16.8

-1.6

3.4

-1.9

-1.6

Music instruments and accessories ( 1 )( 2 )

0.042

4.5

0.1

0.2

-0.2

0.1

Education and communication commodities ( 8 )

0.776

-6.8

-0.7

0.5

0.0

-0.8

Educational books and supplies ( 1 )

0.037

0.5

1.0

-

-

1.0

College textbooks ( 1 )( 3 )( 12 )

-

-0.7

1.2

-3.0

1.7

1.2

Information technology commodities ( 8 )

0.740

-7.2

-0.8

0.6

-0.1

-0.9

Computers, peripherals, and smart home assistants ( 1 )( 4 )

0.299

-0.8

-0.7

0.9

0.2

-0.7

Computer software and accessories ( 1 )( 2 )

0.030

17.4

2.3

5.0

0.0

2.3

Telephone hardware, calculators, and other consumer information items ( 11 )

0.410

-12.7

-1.0

0.2

-0.2

-1.3

Smartphones ( 1 )( 3 )( 13 )

-

-11.9

-0.8

1.0

-0.1

-0.8

Alcoholic beverages ( 1 )

0.820

2.0

0.0

0.3

0.1

0.0

Alcoholic beverages at home

0.386

0.7

-0.2

0.1

0.1

-0.2

Beer, ale, and other malt beverages at home ( 1 )

0.133

3.1

0.0

0.3

0.3

0.0

Distilled spirits at home ( 1 )

0.087

0.2

0.0

-0.1

-0.5

0.0

Whiskey at home ( 1 )( 3 )

-

1.2

0.2

-0.4

0.0

0.2

Distilled spirits, excluding whiskey, at home ( 1 )( 3 )

-

-0.1

-0.1

-0.1

-0.9

-0.1

Wine at home

0.166

-1.0

-0.6

-0.3

0.1

-0.5

Alcoholic beverages away from home ( 1 )

0.434

3.4

0.3

0.5

0.1

0.3

Beer, ale, and other malt beverages away from home ( 1 )( 2 )( 3 )

-

3.1

0.2

0.5

-0.1

0.2

Wine away from home ( 1 )( 2 )( 3 )

-

1.5

0.5

0.4

0.5

0.5

Distilled spirits away from home ( 1 )( 2 )( 3 )

-

2.9

0.6

0.9

0.1

0.6

Other goods ( 8 )

1.297

3.9

-0.3

0.5

0.1

-0.2

Tobacco and smoking products ( 1 )( 11 )

0.447

6.5

-0.7

0.5

1.0

-0.7

Cigarettes ( 1 )( 2 )

0.327

7.8

-0.5

0.3

1.2

-0.5

Tobacco products other than cigarettes ( 1 )( 2 )

0.115

2.3

-1.2

0.9

0.4

-1.2

Personal care products

0.667

2.7

0.2

0.7

-0.1

0.2

Hair, dental, shaving, and miscellaneous personal care products ( 1 )( 2 )

0.318

3.4

0.3

-0.1

-0.1

0.3

Cosmetics, perfume, bath, nail preparations and implements ( 1 )

0.339

2.2

0.1

1.3

-0.4

0.1

Miscellaneous personal goods ( 2 )

0.183

1.4

-1.1

0.1

-1.0

-0.6

Stationery, stationery supplies, gift wrap ( 3 )

-

2.1

-1.5

1.9

-0.1

-0.7

Services less energy services

60.025

3.2

0.0

0.5

0.3

0.0

Shelter

35.149

3.3

0.1

0.6

0.3

0.1

Rent of shelter ( 14 )

34.862

3.2

0.1

0.6

0.3

0.1

Rent of primary residence

7.680

2.8

0.1

0.5

0.4

0.1

Lodging away from home ( 2 )

1.483

4.9

-2.5

2.4

0.4

-2.3

Lodging while at school ( 14 )

0.214

3.0

0.0

0.3

0.2

0.1

Other lodging away from home including hotels and motels

1.269

4.8

-3.0

2.8

0.5

-2.8

Owners' equivalent rent of residences ( 14 )

25.700

3.3

0.2

0.5

0.3

0.2

Owners' equivalent rent of primary residence ( 14 )

24.743

3.2

0.2

0.5

0.3

0.2

Tenants' and household insurance ( 1 )( 2 )

0.287

5.9

0.2

0.1

0.5

0.2

Water and sewer and trash collection services ( 2 )

1.133

4.6

0.3

0.3

0.2

0.3

Water and sewerage maintenance ( 1 )

0.777

5.1

0.4

0.2

0.2

0.4

Garbage and trash collection ( 1 )( 10 )

0.356

3.6

0.1

0.3

0.2

0.1

Household operations ( 1 )( 2 )

-

-

-

-

-

-

Domestic services ( 1 )( 2 )

-

-

-

-

-

-

Gardening and lawncare services ( 1 )( 2 )

0.373

-

4.3

-

-2.6

4.3

Moving, storage, freight expense ( 2 )

0.077

-3.5

1.6

-1.5

-0.7

-0.2

Repair of household items ( 1 )( 2 )

-

-

-

-

-

-

Medical care services

6.821

2.9

-0.1

0.0

0.5

-0.1

Professional services ( 1 )

3.400

3.8

-0.1

0.2

0.5

-0.1

Physicians' services ( 1 )

1.658

2.4

-0.2

0.6

0.0

-0.2

Dental services ( 1 )

0.913

7.0

0.0

-0.3

1.9

0.0

Eyeglasses and eye care ( 1 )( 6 )

0.315

1.7

0.0

0.5

0.0

0.0

Services by other medical professionals ( 1 )( 6 )

0.512

4.1

-

-

-

-

Hospital and related services ( 1 )( 11 )

2.595

5.5

0.1

-0.3

0.6

0.1

Hospital services ( 1 )( 15 )

2.145

5.1

0.1

-0.3

0.7

0.1

Inpatient hospital services ( 1 )( 3 )( 15 )

-

-

-

-

-

-

Outpatient hospital services ( 1 )( 3 )( 6 )

-

6.1

0.2

0.7

0.6

0.2

Nursing homes and adult day services ( 1 )( 15 )

0.221

4.5

0.0

-0.1

0.5

0.0

Home health care ( 1 )( 5 )

0.229

10.7

0.0

-0.2

0.4

0.0

Health insurance ( 1 )( 5 )

0.827

-7.4

-0.5

-0.4

-0.1

-0.5

Transportation services

6.377

3.4

-0.7

0.3

-0.6

-0.3

Leased cars and trucks ( 1 )( 12 )

0.383

-1.9

-0.2

0.1

0.0

-0.2

Car and truck rental ( 2 )

0.141

-4.1

11.5

-3.7

-4.2

5.1

Motor vehicle maintenance and repair ( 1 )

1.034

7.0

1.1

-0.2

0.8

1.1

Motor vehicle body work ( 1 )

-

-

-

-

-

-

Motor vehicle maintenance and servicing ( 1 )

0.514

8.0

0.6

0.5

0.5

0.6

Motor vehicle repair ( 1 )( 2 )

0.394

6.0

1.9

-0.8

1.0

1.9

Motor vehicle insurance

2.617

-4.1

-2.1

0.1

-1.7

-2.0

Motor vehicle fees ( 1 )( 2 )

0.510

3.6

-0.4

-0.2

0.2

-0.4

State motor vehicle registration and license fees ( 1 )( 2 )

0.295

4.2

0.0

0.0

0.0

0.0

Parking and other fees ( 1 )( 2 )

0.195

2.8

-0.9

-0.4

0.7

-0.9

Parking fees and tolls ( 2 )( 3 )

-

3.8

-0.2

0.0

1.0

-0.2

Public transportation

1.693

16.9

-0.9

1.6

0.3

0.9

Airline fares

1.107

26.5

-1.8

2.8

2.7

0.2

Other intercity transportation

0.232

-3.4

-0.4

-0.2

-0.7

-1.6

Ship fare ( 1 )( 2 )( 3 )

-

-3.9

-1.7

0.2

-1.8

-1.7

Intracity transportation ( 1 )

0.348

6.7

1.6

0.2

-2.3

1.6

Intracity mass transit ( 1 )( 3 )( 8 )

-

-

-

0.1

-

-

Recreation services ( 8 )

3.141

2.7

0.1

0.1

0.5

0.3

Video and audio services ( 8 )

0.772

2.8

0.3

1.0

-0.1

0.5

Cable, satellite, and live streaming television service ( 10 )

0.591

2.2

0.4

1.0

0.4

0.7

Purchase, subscription, and rental of video ( 1 )( 2 )

0.181

6.1

-0.3

1.0

-1.7

-0.3

Video discs and other media ( 1 )( 2 )( 3 )

-

2.8

-6.6

0.4

-3.8

-6.6

Subscription and rental of video and video games ( 1 )( 2 )( 3 )

-

14.1

-0.5

2.1

-1.3

-0.5

Pet services including veterinary ( 2 )

0.540

5.1

0.2

-0.1

0.5

0.6

Pet services ( 2 )( 3 )

-

6.3

0.2

-0.2

1.4

0.5

Veterinarian services ( 1 )( 2 )( 3 )

-

5.1

0.2

0.2

-0.1

0.2

Photographers and photo processing ( 1 )( 2 )

0.037

1.9

-3.1

-

1.0

-3.1

Other recreation services ( 2 )

1.791

2.0

0.0

-0.3

0.7

0.2

Club membership for shopping clubs, fraternal, or other organizations, or participant sports fees ( 2 )

0.740

-1.4

-0.4

-0.2

0.5

0.0

Admissions ( 1 )

0.690

5.6

0.4

-0.3

1.1

0.4

Admission to movies, theaters, and concerts ( 1 )( 2 )( 3 )

-

3.6

-1.0

0.4

-0.4

-1.0

Admission to sporting events ( 1 )( 2 )( 3 )

-

6.2

3.3

-3.4

2.8

3.3

Fees for lessons or instructions ( 1 )( 6 )

0.155

2.7

-0.3

-0.2

0.3

-0.3

Education and communication services ( 8 )

4.925

1.0

-0.8

-0.1

0.9

-0.8

Tuition, other school fees, and childcare

2.487

2.5

0.1

0.2

0.0

0.1

College tuition and fees

1.307

1.8

0.1

0.2

0.0

0.1

Elementary and high school tuition and fees ( 11 )

0.396

3.0

0.5

0.2

0.0

-0.2

Day care and preschool ( 9 )

0.680

3.5

0.1

0.4

0.1

0.4

Technical and vocational school tuition and fixed fees ( 2 )

0.045

1.8

0.0

-0.1

0.0

-0.1

Postage and delivery services ( 2 )

0.066

14.6

-0.1

3.5

5.2

0.4

Postage

0.061

14.5

0.0

3.4

5.4

0.5

Delivery services ( 2 )

0.005

14.8

-0.9

4.3

2.6

-0.3

Telephone services ( 1 )( 2 )

1.451

-3.7

-3.0

0.0

2.0

-3.0

Wireless telephone services ( 1 )( 2 )

1.328

-4.3

-3.3

0.0

2.2

-3.3

Residential telephone services ( 1 )( 8 )

0.123

1.5

0.6

0.9

-0.6

0.6

Internet services and electronic information providers ( 1 )( 2 )

0.909

3.4

0.2

-1.4

1.2

0.2

Other personal services ( 1 )( 8 )

1.595

5.1

0.5

1.2

1.4

0.5

Personal care services ( 1 )

0.656

4.4

1.3

-0.7

0.5

1.3

Haircuts and other personal care services ( 1 )( 2 )

0.656

4.4

1.3

-0.7

0.5

1.3

Miscellaneous personal services ( 1 )

0.938

5.7

-0.1

2.6

2.1

-0.1

Legal services ( 1 )( 6 )

-

-

-

-

-

-

Funeral expenses ( 1 )( 6 )

0.164

3.2

-0.1

1.4

-1.1

-0.1

Laundry and dry cleaning services ( 1 )( 2 )

0.129

5.3

0.5

1.0

0.1

0.5

Apparel services other than laundry and dry cleaning ( 1 )( 2 )

0.029

7.2

0.6

-1.7

0.9

0.6

Financial services ( 1 )( 6 )

0.243

6.0

-0.8

8.5

8.3

-0.8

Checking account and other bank services ( 1 )( 2 )( 3 )

-

1.0

-0.1

0.0

0.4

-0.1

Tax return preparation and other accounting fees ( 1 )( 2 )( 3 )

-

8.3

-1.4

11.9

11.8

-1.4

Footnotes

(1) Not seasonally adjusted.

(2) Indexes on a December 1997=100 base.

(3) Special index based on a substantially smaller sample.

(4) Indexes on a December 2007=100 base.

(5) Indexes on a December 2005=100 base.

(6) Indexes on a December 1986=100 base.

(7) Indexes on a December 1993=100 base.

(8) Indexes on a December 2009=100 base.

(9) Indexes on a December 1990=100 base.

(10) Indexes on a December 1983=100 base.

(11) Indexes on a December 2024=100 base.

(12) Indexes on a December 2001=100 base.

(13) Indexes on a December 2019=100 base.

(14) Indexes on a December 1982=100 base.

(15) Indexes on a December 1996=100 base.

Table 3. Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, special aggregate indexes, June 2026

[1982-84=100, unless otherwise noted]

Special aggregate indexes

Relative

importance

May

2026

Unadjusted indexes

Unadjusted percent change

Seasonally adjusted percent change

Jun.

2025

May

2026

Jun.

2026

Jun.

2025-

Jun.

2026

May

2026-

Jun.

2026

Mar.

2026-

Apr.

2026

Apr.

2026-

May

2026

May

2026-

Jun.

2026

All items less food

86.553

319.929

332.934

331.486

3.6

-0.4

0.7

0.5

-0.5

All items less shelter

64.851

289.751

302.164

300.389

3.7

-0.6

0.7

0.6

-0.7

All items less food and shelter

51.404

277.596

290.576

288.270

3.8

-0.8

0.7

0.7

-1.0

All items less food, shelter, and energy

43.613

280.094

285.993

285.840

2.1

-0.1

0.2

0.1

-0.1

All items less food, shelter, energy, and used cars and trucks

40.984

285.290

292.278

291.821

2.3

-0.2

0.2

0.1

-0.1

All items less medical care

91.770

310.079

322.663

321.458

3.7

-0.4

0.7

0.5

-0.4

All items less energy

92.209

329.109

337.718

337.847

2.7

0.0

0.4

0.2

0.0

Commodities

36.735

225.355

237.075

234.622

4.1

-1.0

0.8

0.8

-1.1

Commodities less food, energy, and used cars and trucks

16.109

164.445

166.605

166.453

1.2

-0.1

0.0

-0.1

-0.1

Commodities less food

23.288

178.120

189.914

186.595

4.8

-1.7

1.0

1.1

-1.9

Commodities less food and beverages

22.468

174.216

186.061

182.688

4.9

-1.8

1.0

1.1

-1.9

Services

63.264

418.608

431.785

431.993

3.2

0.0

0.6

0.3

0.0

Services less rent of shelter ( 1 )

28.402

432.672

446.291

446.283

3.1

0.0

0.4

0.5

-0.2

Services less medical care services

56.444

402.092

414.831

415.089

3.2

0.1

0.6

0.4

0.0

Durables

10.457

123.810

123.025

123.592

-0.2

0.5

-0.1

-0.1

0.0

Nondurables

26.279

280.087

301.704

296.787

6.0

-1.6

1.4

1.2

-1.5

Nondurables less food

12.831

230.973

261.819

252.530

9.3

-3.5

2.7

2.2

-3.2

Nondurables less food and beverages

12.011

227.071

259.367

249.531

9.9

-3.8

2.9

2.4

-3.4

Nondurables less food, beverages, and apparel

9.554

291.835

340.946

325.707

11.6

-4.5

3.4

2.9

-4.2

Nondurables less food and apparel

10.374

290.558

335.609

321.803

10.8

-4.1

3.2

2.7

-3.9

Housing

43.896

347.593

358.388

359.189

3.3

0.2

0.7

0.2

0.0

Education and communication ( 2 )

5.701

146.592

147.628

146.505

-0.1

-0.8

0.0

0.8

-0.8

Education ( 2 )

2.524

308.250

315.413

315.867

2.5

0.1

0.2

0.0

0.1

Communication ( 2 )

3.177

73.167

72.689

71.613

-2.1

-1.5

-0.2

1.3

-1.5

Information and information processing ( 2 )

3.110

68.764

68.127

67.098

-2.4

-1.5

-0.3

1.2

-1.5

Information technology, hardware and services ( 3 )

1.659

101.029

99.888

99.663

-1.4

-0.2

-0.5

0.6

-0.3

Recreation ( 2 )

5.031

140.961

144.319

144.945

2.8

0.4

0.1

0.3

0.5

Video and audio ( 2 )

1.027

119.992

122.602

123.181

2.7

0.5

0.8

-0.2

0.5

Pets, pet products and services ( 2 )

1.137

228.744

235.585

236.007

3.2

0.2

-0.1

-0.1

0.4

Photography ( 2 )

0.063

84.410

89.105

86.488

2.5

-2.9

-0.5

0.5

-2.9

Food and beverages

14.267

336.555

345.846

346.505

3.0

0.2

0.5

0.2

0.2

Domestically produced farm food

6.822

323.064

330.034

331.439

2.6

0.4

0.6

0.0

0.4

Other services

9.660

425.829

436.685

435.418

2.3

-0.3

0.2

0.8

-0.2

Apparel less footwear

1.865

122.850

129.346

127.576

3.8

-1.4

0.4

0.2

-0.6

Fuels and utilities

4.546

337.495

350.027

353.080

4.6

0.9

1.4

0.4

-0.7

Household energy

3.413

284.631

294.715

297.827

4.6

1.1

1.8

0.5

-1.0

Medical care

8.230

580.978

593.239

592.750

2.0

-0.1

-0.1

0.3

-0.1

Transportation

17.527

273.391

298.409

291.226

6.5

-2.4

1.3

1.3

-2.5

Private transportation

15.834

273.742

296.443

288.841

5.5

-2.6

1.3

1.4

-2.8

New and used motor vehicles ( 2 )

6.960

126.483

124.791

125.880

-0.5

0.9

-0.2

-0.2

0.0

Utilities and public transportation

8.108

269.761

283.048

282.891

4.9

-0.1

1.0

1.1

-0.7

Household furnishings and operations

4.202

152.394

155.175

156.168

2.5

0.6

0.7

-0.6

0.2

Other goods and services

2.891

580.544

606.400

607.199

4.6

0.1

0.7

1.0

0.1

Personal care

2.444

291.684

303.119

303.969

4.2

0.3

0.7

1.0

0.2

Footnotes

(1) Indexes on a December 1982=100 base.

(2) Indexes on a December 1997=100 base.

(3) Indexes on a December 2024=100 base.

Table 4. Consumer Price Index for All Urban Consumers (CPI-U): Selected areas, all items index, June 2026

[1982-84=100, unless otherwise noted]

Area

Pricing

Schedule ( 1 )

Percent change to Jun. 2026 from:

Percent change to May 2026 from:

Jun.

2025

Apr.

2026

May

2026

May

2025

Mar.

2026

Apr.

2026

U.S. city average

M

3.5

0.3

-0.3

4.2

1.5

0.6

Region and area size ( 2 )

Northeast

M

4.3

0.6

-0.2

5.0

1.8

0.8

Northeast - Size Class A

M

4.1

0.4

-0.2

4.9

1.8

0.7

Northeast - Size Class B/C ( 3 )

M

4.6

0.7

-0.2

5.2

1.8

0.9

New England ( 4 )

M

4.2

0.6

-0.2

4.6

2.0

0.8

Middle Atlantic ( 4 )

M

4.4

0.5

-0.2

5.2

1.7

0.8

Midwest

M

3.8

0.7

-0.5

5.0

2.0

1.1

Midwest - Size Class A

M

3.3

0.7

-0.4

4.3

2.1

1.1

Midwest - Size Class B/C ( 3 )

M

4.2

0.7

-0.5

5.5

1.9

1.1

East North Central ( 4 )

M

3.6

0.6

-0.5

4.9

1.9

1.1

West North Central ( 4 )

M

4.4

0.9

-0.3

5.3

2.1

1.1

South

M

3.2

0.0

-0.4

3.9

1.3

0.5

South - Size Class A

M

2.7

-0.2

-0.5

3.5

1.0

0.2

South - Size Class B/C ( 3 )

M

3.5

0.2

-0.4

4.2

1.4

0.6

South Atlantic ( 4 )

M

3.5

0.4

-0.2

4.0

1.4

0.6

East South Central ( 4 )

M

3.8

0.2

-0.3

4.8

1.4

0.5

West South Central ( 4 )

M

2.3

-0.7

-0.9

3.3

0.9

0.2

West

M

3.2

0.1

-0.2

3.5

1.2

0.4

West - Size Class A

M

3.5

0.2

-0.3

3.9

1.2

0.5

West - Size Class B/C ( 3 )

M

2.9

0.1

-0.2

3.1

1.2

0.3

Mountain ( 4 )

M

3.0

0.0

-0.5

3.5

1.3

0.5

Pacific ( 4 )

M

3.3

0.2

-0.2

3.5

1.2

0.3

Size classes

Size Class A ( 5 )

M

3.3

0.2

-0.4

4.1

1.4

0.5

Size Class B/C ( 3 )

M

3.7

0.4

-0.3

4.4

1.6

0.7

Selected local areas

Chicago-Naperville-Elgin, IL-IN-WI

M

2.5

0.2

-0.9

3.7

2.0

1.1

Los Angeles-Long Beach-Anaheim, CA

M

3.3

-0.2

-0.3

3.6

0.9

0.0

New York-Newark-Jersey City, NY-NJ-PA

M

4.1

0.2

-0.2

5.1

1.5

0.4

Atlanta-Sandy Springs-Roswell, GA

2

2.8

0.5

-

-

-

-

Baltimore-Columbia-Towson, MD ( 6 )

2

2.7

-0.6

-

-

-

-

Detroit-Warren-Dearborn, MI

2

4.0

0.7

-

-

-

-

Houston-The Woodlands-Sugar Land, TX

2

0.8

-1.6

-

-

-

-

Miami-Fort Lauderdale-West Palm Beach, FL

2

3.4

0.1

-

-

-

-

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

2

5.4

1.3

-

-

-

-

Phoenix-Mesa-Scottsdale, AZ ( 7 )

2

2.8

0.0

-

-

-

-

San Francisco-Oakland-Hayward, CA

2

3.8

0.2

-

-

-

-

Seattle-Tacoma-Bellevue, WA

2

4.5

1.0

-

-

-

-

St. Louis, MO-IL

2

2.9

0.5

-

-

-

-

Urban Alaska

2

3.3

-0.8

-

-

-

-

Boston-Cambridge-Newton, MA-NH

1

-

-

-

3.2

2.4

-

Dallas-Fort Worth-Arlington, TX

1

-

-

-

2.6

-0.3

-

Denver-Aurora-Lakewood, CO

1

-

-

-

5.0

1.8

-

Minneapolis-St.Paul-Bloomington, MN-WI

1

-

-

-

4.7

2.3

-

Riverside-San Bernardino-Ontario, CA ( 4 )

1

-

-

-

3.4

1.0

-

San Diego-Carlsbad, CA

1

-

-

-

3.8

1.1

-

Tampa-St. Petersburg-Clearwater, FL ( 8 )

1

-

-

-

3.2

1.5

-

Urban Hawaii

1

-

-

-

5.1

2.2

-

Washington-Arlington-Alexandria, DC-VA-MD-WV ( 6 )

1

-

-

-

4.1

1.3

-

Footnotes

(1) Foods, fuels, and several other items are priced every month in all areas. Most other goods and services are priced as indicated: M - Every month. 1 - January, March, May, July, September, and November. 2 - February, April, June, August, October, and December.

(2) Regions defined as the four Census regions.

(3) Indexes on a December 1996=100 base.

(4) Indexes on a December 2017=100 base.

(5) Indexes on a December 1986=100 base.

(6) 1998 - 2017 indexes based on substantially smaller sample.

(7) Indexes on a December 2001=100 base.

(8) Indexes on a 1987=100 base.

NOTE: Local area indexes are byproducts of the national CPI program. Each local index has a smaller sample size than the national index and is, therefore, subject to substantially more sampling and other measurement error. As a result, local area indexes show greater volatility than the national index, although their long-term trends are similar. Therefore, the Bureau of Labor Statistics strongly urges users to consider adopting the national average CPI for use in their escalator clauses.

Table 5. Chained Consumer Price Index for All Urban Consumers (C-CPI-U) and the Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, all items index, June 2026

[Percent changes]

Month Year

Unadjusted 1-month percent change

Unadjusted 12-month percent change

C-CPI-U ( 1 )

CPI-U

C-CPI-U ( 1 )

CPI-U

December 2013

1.3

1.5

December 2014

0.5

0.8

December 2015

0.4

0.7

December 2016

1.8

2.1

December 2017

1.7

2.1

December 2018

1.5

1.9

December 2019

1.8

2.3

December 2020

1.5

1.4

December 2021

6.5

7.0

December 2022

6.4

6.5

December 2023

2.9

3.4

January 2024

0.5

0.5

2.6

3.1

February 2024

0.6

0.6

2.8

3.2

March 2024

0.6

0.6

3.1

3.5

April 2024

0.4

0.4

3.0

3.4

May 2024

0.1

0.2

2.9

3.3

June 2024

0.0

0.0

2.6

3.0

July 2024

0.0

0.1

2.5

2.9

August 2024

0.0

0.1

2.2

2.5

September 2024

0.1

0.2

2.1

2.4

October 2024

0.1

0.1

2.3

2.6

November 2024

-0.1

-0.1

2.5

2.7

December 2024

0.0

0.0

2.6

2.9

January 2025

0.7

0.7

2.7

3.0

February 2025

0.4

0.4

2.6

2.8

March 2025

0.2

0.2

2.1

2.4

April 2025

0.3

0.3

2.1

2.3

May 2025

0.2

0.2

2.1

2.4

June 2025

0.3

0.3

2.4

2.7

July 2025

0.1

0.2

2.5

2.7

August 2025

0.3

0.3

2.8

2.9

September 2025

0.3

0.3

2.9

3.0

November 2025

-

-

2.6

2.7

December 2025

-0.1

0.0

2.5

2.7

January 2026

0.4

0.4

2.2

2.4

February 2026

0.5

0.5

2.2

2.4

March 2026

1.1

1.0

3.1

3.3

April 2026

0.8

0.9

3.6

3.8

May 2026

0.6

0.6

4.0

4.2

June 2026

-0.3

-0.3

3.4

3.5

Footnotes

(1) The C-CPI-U is designed to be a closer approximation to a cost-of-living index in that it, in its final form, accounts for any substitution that consumers make across item categories in response to changes in relative prices. Since the expenditure data required for the calculation of the C-CPI-U are available only with a time lag, the C-CPI-U is issued first in preliminary form using the latest available expenditure data at that time and is subject to four revisions.

Indexes are issued as initial estimates. Indexes are revised each quarter with the publication of January, April, July, and October data as updated expenditure estimates become available. The C-CPI-U indexes are updated quarterly until they become final. January-March indexes are final in January of the following year; April-June indexes are final in April of the following year; July-September indexes are final in July of the following year; October-December indexes are final in October of the following year.

Table 6. Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, by expenditure category, June 2026, 1-month analysis table

[1982-84=100, unless otherwise noted]

Expenditure category

Relative

importance

May

2026

One Month

Seasonally adjusted percent change

May 2026-

Jun. 2026

Seasonally adjusted effect on All Items

May 2026-

Jun. 2026 ( 1 )

Standard error, median price change ( 2 )

Largest (L) or Smallest (S) seasonally adjusted change since: ( 3 )

Date

Percent change

All items

100.000

-0.4

-

0.04

S-Apr. 2020

-0.8

Food

13.447

0.2

0.028

0.08

-

-

Food at home

8.188

0.2

0.016

0.13

L-Apr. 2026

0.7

Cereals and bakery products

1.016

0.3

0.003

0.33

S-Apr. 2026

0.1

Cereals and cereal products

0.306

0.7

0.002

0.68

L-Apr. 2026

0.7

Flour and prepared flour mixes

0.037

-1.1

0.000

0.71

S-Apr. 2026

-1.3

Breakfast cereal ( 4 )

0.131

0.8

0.001

1.07

L-Jan. 2026

2.1

Rice, pasta, cornmeal

0.137

1.6

0.002

0.87

L-May 2022

2.3

Rice ( 4 )( 5 )( 6 )

-

0.6

-

1.36

L-Mar. 2026

1.1

Bakery products ( 4 )

0.709

0.1

0.001

0.40

S-Apr. 2026

-0.3

Bread ( 4 )( 5 )

0.171

0.5

0.001

0.62

L-Apr. 2026

0.9

White bread ( 4 )( 6 )

-

0.9

-

0.70

L-Apr. 2026

1.1

Bread other than white ( 4 )( 6 )

-

0.0

-

1.06

L-Apr. 2026

0.8

Fresh biscuits, rolls, muffins ( 4 )( 5 )

0.117

-1.2

-0.001

1.06

S-Apr. 2026

-2.8

Cakes, cupcakes, and cookies ( 4 )

0.207

-0.6

-0.001

0.65

S-Mar. 2026

-0.9

Cookies ( 4 )( 6 )

-

-1.0

-

1.03

S-Feb. 2026

-1.6

Fresh cakes and cupcakes ( 4 )( 6 )

-

-0.9

-

1.00

L-Apr. 2026

0.0

Other bakery products

0.215

1.2

0.003

0.70

L-Jan. 2026

1.4

Fresh sweetrolls, coffeecakes, doughnuts ( 4 )( 6 )

-

2.0

-

1.26

L-Feb. 2026

3.6

Crackers, bread, and cracker products ( 6 )

-

3.2

-

1.14

L-Aug. 2013

3.5

Frozen and refrigerated bakery products, pies, tarts, turnovers ( 6 )

-

-0.1

-

1.10

S-Apr. 2026

-0.4

Meats, poultry, fish, and eggs

1.943

0.6

0.012

0.26

L-Apr. 2026

1.3

Meats, poultry, and fish

1.831

0.4

0.007

0.24

L-Apr. 2026

1.2

Meats

1.158

0.9

0.010

0.31

L-Apr. 2026

1.8

Beef and veal

0.629

1.2

0.008

0.41

L-Apr. 2026

2.7

Uncooked ground beef

0.234

1.3

0.003

0.62

L-Apr. 2026

2.7

Uncooked beef roasts ( 5 )

0.086

1.7

0.001

0.92

L-Apr. 2026

5.8

Uncooked beef steaks ( 5 )

0.236

0.5

0.001

0.86

L-Apr. 2026

1.5

Uncooked other beef and veal ( 4 )( 5 )

0.073

1.8

0.001

0.81

L-Apr. 2026

2.7

Pork

0.337

-0.3

-0.001

0.65

S-Mar. 2026

-0.6

Bacon, breakfast sausage, and related products ( 5 )

0.131

-1.4

-0.002

0.98

S-Mar. 2026

-1.7

Bacon and related products ( 6 )

-

-1.8

-

1.51

S-Mar. 2026

-2.7

Breakfast sausage and related products ( 5 )( 6 )

-

0.0

-

1.22

S-Mar. 2026

-0.6

Ham

0.067

0.0

0.000

1.06

S-Mar. 2026

-1.5

Ham, excluding canned ( 6 )

-

0.6

-

1.35

S-Apr. 2026

0.1

Pork chops ( 4 )

0.045

1.8

0.001

1.49

L-Apr. 2026

2.5

Other pork including roasts, steaks, and ribs ( 4 )( 5 )

0.094

0.2

0.000

1.23

L-Apr. 2026

1.2

Other meats

0.192

1.9

0.004

0.77

L-Jan. 2026

2.3

Frankfurters ( 6 )

-

6.7

-

1.13

L-Jun. 2025

7.2

Lunchmeats ( 4 )( 5 )( 6 )

-

0.3

-

0.80

L-Apr. 2026

1.4

Poultry

0.357

-1.0

-0.003

0.47

S-Apr. 2024

-1.4

Chicken ( 5 )

0.280

-0.8

-0.002

0.53

S-Apr. 2026

-1.1

Fresh whole chicken ( 6 )

-

-0.6

-

0.90

S-Apr. 2026

-1.5

Fresh and frozen chicken parts ( 6 )

-

-1.1

-

0.58

S-Apr. 2024

-1.8

Other uncooked poultry including turkey ( 5 )

0.077

-0.3

0.000

1.21

S-Mar. 2026

-0.7

Fish and seafood ( 4 )

0.316

0.1

0.000

0.49

S-Mar. 2026

-0.5

Fresh fish and seafood ( 4 )( 5 )

0.169

-0.5

-0.001

0.73

S-Feb. 2026

-0.6

Processed fish and seafood ( 5 )

0.147

1.1

0.002

0.86

L-Apr. 2026

1.4

Shelf stable fish and seafood ( 4 )( 6 )

-

1.4

-

1.22

L-Apr. 2026

2.5

Frozen fish and seafood ( 6 )

-

0.2

-

1.07

L-Apr. 2026

2.3

Eggs

0.113

4.3

0.005

0.85

L-Feb. 2025

9.2

Dairy and related products ( 4 )

0.731

1.2

0.009

0.37

L-Jul. 2022

1.7

Milk ( 4 )( 5 )

0.191

2.0

0.004

0.46

S-Apr. 2026

1.6

Fresh whole milk ( 4 )( 6 )

-

3.3

-

0.55

L-May 2022

3.4

Fresh milk other than whole ( 4 )( 5 )( 6 )

-

1.4

-

0.71

S-Apr. 2026

1.2

Cheese and related products ( 4 )

0.242

2.8

0.007

0.67

L-Aug. 2007

3.5

Ice cream and related products

0.109

-2.1

-0.002

1.02

S-Jun. 2009

-2.9

Other dairy and related products ( 5 )

0.189

0.1

0.000

0.76

L-Apr. 2026

0.2

Fruits and vegetables

1.288

-0.2

-0.003

0.35

S-Apr. 2025

-0.2

Fresh fruits and vegetables

1.024

-0.5

-0.005

0.41

S-Jan. 2026

-0.6

Fresh fruits

0.528

0.4

0.002

0.63

L-Apr. 2026

0.8

Apples

0.076

1.8

0.001

1.07

S-Apr. 2026

1.2

Bananas ( 4 )

0.057

1.3

0.001

0.69

L-Aug. 2025

2.1

Citrus fruits ( 5 )

0.079

3.4

0.003

0.92

L-Feb. 2022

4.2

Oranges, including tangerines ( 6 )

-

1.7

-

1.23

L-Mar. 2026

2.5

Other fresh fruits ( 5 )

0.316

0.7

0.002

1.09

S-Apr. 2026

0.5

Fresh vegetables

0.496

-1.4

-0.007

0.59

S-Jan. 2025

-1.5

Potatoes

0.066

2.2

0.001

1.08

S-Apr. 2026

1.9

Lettuce

0.047

6.5

0.003

1.42

S-Apr. 2026

-4.8

Tomatoes

0.073

-10.0

-0.008

1.19

S-Jan. 2015

-11.1

Other fresh vegetables

0.309

-1.6

-0.005

0.88

S-Jan. 2025

-2.4

Processed fruits and vegetables ( 5 )

0.264

0.6

0.002

0.41

L-Jan. 2026

2.4

Canned fruits and vegetables ( 5 )

0.100

0.3

0.000

0.55

L-Feb. 2026

0.6

Canned fruits ( 4 )( 5 )( 6 )

-

1.3

-

0.79

L-Feb. 2026

1.3

Canned vegetables ( 5 )( 6 )

-

-0.2

-

0.86

S-Mar. 2026

-0.3

Frozen fruits and vegetables ( 5 )

0.084

1.5

0.001

0.98

L-Jan. 2026

1.6

Frozen vegetables ( 6 )

-

2.1

-

1.33

L-Feb. 2023

3.7

Other processed fruits and vegetables including dried ( 5 )

0.080

0.5

0.000

0.57

L-Apr. 2026

0.9

Dried beans, peas, and lentils ( 4 )( 5 )( 6 )

-

0.7

-

0.79

L-Apr. 2026

1.1

Nonalcoholic beverages and beverage materials

0.993

-1.5

-0.015

0.40

S-Jul. 2003

-1.6

Juices and nonalcoholic drinks ( 5 )

0.670

-1.2

-0.008

0.47

S-May 2013

-1.2

Carbonated drinks

0.326

-0.7

-0.002

0.70

S-Mar. 2026

-1.0

Frozen noncarbonated juices and drinks ( 4 )( 5 )

0.004

0.1

0.000

0.79

L-Apr. 2026

1.2

Nonfrozen noncarbonated juices and drinks ( 5 )

0.340

-1.7

-0.006

0.56

S-EVER

-

Beverage materials including coffee and tea ( 5 )

0.323

-2.0

-0.007

0.72

S-EVER

-

Coffee

0.227

-2.0

-0.005

1.12

S-Aug. 2024

-2.1

Roasted coffee ( 6 )

-

-2.1

-

1.02

S-Aug. 2024

-2.1

Instant coffee ( 4 )( 6 )

-

-1.8

-

1.34

S-Dec. 2024

-2.0

Other beverage materials including tea ( 4 )( 5 )

0.096

-2.3

-0.002

0.98

S-Mar. 2026

-2.9

Other food at home

2.217

0.5

0.010

0.28

L-Feb. 2026

0.8

Sugar and sweets

0.325

0.6

0.002

0.50

S-Apr. 2026

-1.1

Sugar and sugar substitutes

0.032

-0.7

0.000

0.64

S-Mar. 2026

-1.9

Candy and chewing gum ( 5 )

0.239

0.9

0.002

0.68

S-Apr. 2026

-1.7

Other sweets ( 4 )( 5 )

0.055

-0.8

0.000

0.76

S-Apr. 2026

-1.0

Fats and oils

0.215

1.5

0.003

0.54

L-Dec. 2025

1.5

Butter and margarine ( 5 )

0.062

-0.2

0.000

0.56

L-Apr. 2026

1.2

Butter ( 6 )

-

-1.4

-

1.18

L-Apr. 2026

2.8

Margarine ( 6 )

-

1.8

-

1.24

L-Jan. 2025

3.0

Salad dressing ( 4 )( 5 )

0.048

3.4

0.002

1.05

L-Oct. 2022

3.6

Other fats and oils including peanut butter ( 5 )

0.105

1.4

0.002

0.81

L-May 2025

1.9

Peanut butter ( 4 )( 5 )( 6 )

-

1.9

-

1.04

L-Mar. 2026

2.2

Other foods

1.677

0.3

0.005

0.35

L-Feb. 2026

0.7

Soups

0.088

-0.1

0.000

0.99

S-Feb. 2026

-2.4

Frozen and freeze dried prepared foods

0.290

1.6

0.005

0.74

L-Jun. 2022

2.8

Snacks

0.363

0.1

0.000

0.91

L-Apr. 2026

0.4

Spices, seasonings, condiments, sauces

0.317

0.5

0.002

0.59

L-Apr. 2026

0.8

Salt and other seasonings and spices ( 5 )( 6 )

-

2.0

-

0.97

L-May 2025

2.3

Olives, pickles, relishes ( 5 )( 6 )

-

-1.6

-

1.72

S-May 2025

-1.8

Sauces and gravies ( 5 )( 6 )

-

-0.8

-

0.90

S-Feb. 2026

-1.1

Other condiments ( 6 )

-

-3.0

-

1.21

S-Mar. 2026

-7.8

Baby food and formula ( 4 )( 5 )

0.051

1.8

0.001

0.59

L-Sep. 2023

2.3

Other miscellaneous foods ( 4 )( 5 )

0.568

0.3

0.002

0.60

-

-

Prepared salads ( 6 )( 7 )

-

-0.8

-

0.59

S-Mar. 2026

-1.9

Food away from home ( 4 )

5.260

0.2

0.012

0.07

S-Apr. 2026

0.2

Full service meals and snacks ( 4 )( 5 )

2.329

0.4

0.009

0.14

L-Dec. 2025

0.8

Limited service meals and snacks ( 4 )( 5 )

2.634

0.1

0.002

0.08

S-Aug. 2025

0.1

Food at employee sites and schools ( 4 )( 5 )

0.063

0.9

0.001

0.32

L-Jun. 2025

2.7

Food at elementary and secondary schools ( 4 )( 6 )( 8 )

-

-

-

-

-

-

Food from vending machines and mobile vendors ( 4 )( 5 )

0.052

-0.1

0.000

0.21

S-Oct. 2024

-0.4

Other food away from home ( 5 )

0.182

-0.1

0.000

0.17

S-Apr. 2026

-0.1

Energy

7.791

-5.7

-0.437

0.14

S-Apr. 2020

-9.5

Energy commodities

4.551

-9.5

-0.414

0.16

S-Aug. 2022

-10.2

Fuel oil and other fuels

0.173

-6.6

-0.012

0.48

S-Dec. 2022

-11.5

Fuel oil

0.116

-9.2

-0.011

0.49

S-Feb. 2023

-9.2

Propane, kerosene, and firewood ( 9 )

0.057

-1.5

-0.001

0.76

S-Jan. 2026

-1.5

Motor fuel

4.377

-9.6

-0.403

0.16

S-Aug. 2022

-10.6

Gasoline (all types)

4.250

-9.7

-0.394

0.17

S-Aug. 2022

-10.7

Gasoline, unleaded regular ( 6 )

-

-10.1

-

0.35

S-Aug. 2022

-10.9

Gasoline, unleaded midgrade ( 6 )( 10 )

-

-8.4

-

0.29

S-Aug. 2022

-10.0

Gasoline, unleaded premium ( 6 )

-

-7.3

-

0.28

S-Aug. 2022

-9.0

Other motor fuels ( 4 )( 5 )

0.128

-7.2

-0.009

0.26

S-Dec. 2022

-8.5

Energy services

3.240

-0.7

-0.023

0.25

S-Apr. 2024

-0.7

Electricity

2.505

-1.0

-0.026

0.35

S-Jan. 2019

-1.0

Utility (piped) gas service

0.735

0.5

0.004

0.53

L-Feb. 2026

3.1

All items less food and energy

78.762

0.0

-0.013

0.05

S-Jan. 2021

0.0

Commodities less food and energy commodities

18.737

-0.1

-0.016

0.07

-

-

Household furnishings and supplies ( 11 )

3.316

-0.1

-0.004

0.20

L-Feb. 2026

0.2

Window and floor coverings and other linens ( 5 )

0.232

-0.2

0.000

0.81

L-Feb. 2026

3.5

Floor coverings ( 4 )( 5 )

0.067

-0.3

0.000

0.92

L-Mar. 2026

0.3

Window coverings ( 4 )( 5 )

0.044

2.6

0.001

1.61

L-Dec. 2025

3.6

Other linens ( 5 )

0.121

-0.7

-0.001

1.20

L-Feb. 2026

5.6

Furniture and bedding ( 4 )

0.848

0.5

0.004

0.38

L-Jan. 2026

0.7

Bedroom furniture ( 4 )

0.292

-0.5

-0.001

0.64

L-Apr. 2026

0.8

Living room, kitchen, and dining room furniture ( 4 )( 5 )

0.424

1.5

0.006

0.55

L-Apr. 2025

2.4

Other furniture ( 5 )

0.128

-0.8

-0.001

0.93

L-Mar. 2026

0.6

Appliances ( 5 )

0.197

-1.5

-0.003

0.68

S-Mar. 2026

-1.6

Major appliances ( 5 )

0.065

-0.8

-0.001

0.84

S-Mar. 2026

-2.4

Laundry equipment ( 4 )( 6 )

-

1.3

-

0.96

S-Mar. 2026

-2.3

Other appliances ( 5 )

0.129

-1.7

-0.002

0.87

S-Mar. 2026

-1.9

Other household equipment and furnishings ( 5 )

0.543

-0.4

-0.002

0.65

L-Apr. 2026

0.3

Clocks, lamps, and decorator items ( 4 )

0.311

-1.2

-0.004

0.74

L-Apr. 2026

0.0

Indoor plants and flowers ( 12 )

0.116

0.5

0.001

0.79

L-Feb. 2026

0.9

Dishes and flatware ( 4 )( 5 )

0.045

0.5

0.000

2.52

L-Apr. 2026

1.6

Nonelectric cookware and tableware ( 5 )

0.070

0.7

0.001

0.87

S-Mar. 2026

-0.5

Tools, hardware, outdoor equipment and supplies ( 4 )( 5 )

0.671

-0.6

-0.004

0.43

-

-

Tools, hardware and supplies ( 5 )

0.208

1.2

0.002

0.47

L-Mar. 2026

1.4

Outdoor equipment and supplies ( 4 )( 5 )

0.287

-1.6

-0.005

0.66

S-Jul. 2023

-1.7

Housekeeping supplies ( 4 )

0.825

0.3

0.003

0.25

S-Apr. 2026

-0.1

Household cleaning products ( 4 )( 5 )

0.298

1.1

0.003

0.48

-

-

Household paper products ( 4 )( 5 )

0.171

-1.1

-0.002

0.41

S-Dec. 2025

-1.6

Miscellaneous household products ( 4 )( 5 )

0.356

0.4

0.001

0.42

-

-

Apparel

2.457

-0.6

-0.014

0.37

S-Jan. 2025

-0.9

Men's and boys' apparel

0.609

-0.1

0.000

0.58

S-Jul. 2025

-0.8

Men's apparel

0.489

0.1

0.000

0.66

S-Apr. 2026

0.1

Men's suits, sport coats, and outerwear

0.099

0.3

0.000

1.76

S-Apr. 2026

-2.0

Men's underwear, nightwear, swimwear, and accessories

0.134

1.2

0.002

0.68

L-Dec. 2025

2.4

Men's shirts and sweaters ( 5 )

0.132

-1.0

-0.001

1.24

L-Apr. 2026

3.7

Men's pants and shorts

0.121

0.3

0.000

1.16

S-Apr. 2026

-2.0

Boys' apparel

0.120

-0.2

0.000

0.91

L-Apr. 2026

0.4

Women's and girls' apparel

0.976

0.0

0.000

0.69

L-Apr. 2026

0.1

Women's apparel

0.827

0.0

0.000

0.71

L-Apr. 2026

0.0

Women's outerwear

0.067

-2.1

-0.001

1.83

L-Apr. 2026

2.2

Women's dresses

0.111

0.0

0.000

1.98

L-Mar. 2026

1.0

Women's suits and separates ( 5 )

0.389

0.9

0.004

1.02

L-Mar. 2026

2.3

Women's underwear, nightwear, swimwear, and accessories ( 5 )

0.244

0.5

0.001

0.93

S-Apr. 2026

0.4

Girls' apparel

0.149

-0.2

0.000

1.83

S-Jan. 2026

-0.2

Footwear

0.592

-0.3

-0.002

0.46

S-Feb. 2026

-0.5

Men's footwear

0.191

0.1

0.000

0.61

L-Apr. 2026

1.6

Boys' and girls' footwear ( 4 )

0.125

0.7

0.001

0.80

L-Feb. 2026

2.8

Women's footwear

0.276

-1.0

-0.003

0.76

S-Feb. 2026

-1.1

Infants' and toddlers' apparel

0.099

-1.4

-0.001

0.91

S-Feb. 2026

-1.5

Jewelry and watches ( 9 )

0.181

-5.2

-0.010

1.07

S-EVER

-

Watches ( 4 )( 9 )

0.035

-1.0

0.000

1.28

L-Apr. 2026

0.1

Jewelry ( 9 )

0.146

-6.0

-0.009

1.33

S-EVER

-

Transportation commodities less motor fuel ( 11 )

6.772

-0.1

-0.005

0.02

-

-

New vehicles

3.734

0.0

-0.001

0.02

L-Mar. 2026

0.1

New cars ( 6 )

-

-0.2

-

0.06

S-Apr. 2026

-0.2

New trucks ( 6 )( 13 )

-

0.0

-

0.03

L-Mar. 2026

0.0

Used cars and trucks

2.629

-0.2

-0.006

0.03

S-Mar. 2026

-0.4

Motor vehicle parts and equipment ( 4 )

0.336

0.2

0.001

0.36

L-Mar. 2026

0.7

Tires ( 4 )

0.282

0.1

0.000

0.40

L-Mar. 2026

0.9

Vehicle accessories other than tires ( 4 )( 5 )

0.054

1.0

0.001

0.53

L-Feb. 2026

3.1

Vehicle parts and equipment other than tires ( 4 )( 6 )

-

1.2

-

0.65

L-Feb. 2026

3.4

Motor oil, coolant, and fluids ( 4 )( 6 )

-

1.3

-

0.76

L-Dec. 2025

1.6

Medical care commodities ( 4 )

1.409

-0.2

-0.002

0.25

L-Feb. 2026

0.0

Medicinal drugs ( 4 )( 11 )

1.277

0.0

0.000

0.27

L-Dec. 2025

0.5

Prescription drugs ( 4 )

0.917

-0.1

-0.001

0.29

L-Apr. 2026

0.0

Nonprescription drugs ( 11 )

0.361

0.1

0.000

0.54

L-Jan. 2026

0.3

Medical equipment and supplies ( 4 )( 11 )

0.132

-1.4

-0.002

0.58

S-Jan. 2024

-1.4

Recreation commodities ( 11 )

1.890

0.9

0.017

0.25

L-Jan. 2022

1.0

Video and audio products ( 11 )

0.255

0.7

0.002

0.53

L-Jan. 2026

2.2

Televisions ( 14 )

0.103

0.1

0.000

0.92

L-Apr. 2026

1.2

Other video equipment ( 14 )

0.018

7.7

0.001

0.81

L-EVER

-

Audio equipment ( 4 )

0.045

0.0

0.000

1.64

L-Apr. 2026

0.2

Recorded music and music subscriptions ( 4 )( 5 )

0.084

0.5

0.000

0.33

L-Feb. 2026

1.2

Pets and pet products ( 4 )

0.597

0.1

0.001

0.34

L-Mar. 2026

0.9

Pet food and treats ( 4 )( 5 )( 6 )

-

0.2

-

0.27

L-Mar. 2026

0.4

Purchase of pets, pet supplies, accessories ( 4 )( 5 )( 6 )

-

0.0

-

0.77

L-Mar. 2026

1.7

Sporting goods ( 4 )

0.521

1.6

0.008

0.53

L-Jan. 2024

2.0

Sports vehicles including bicycles ( 4 )

0.277

2.5

0.007

0.93

L-Jan. 2024

2.8

Sports equipment ( 4 )

0.232

0.4

0.001

0.59

S-Apr. 2026

-0.4

Photographic equipment and supplies ( 4 )

0.026

-2.7

-0.001

0.93

S-Jun. 2018

-5.6

Photographic equipment ( 4 )( 5 )( 6 )

-

-2.8

-

0.80

S-Dec. 2024

-2.8

Recreational reading materials ( 4 )

0.110

0.0

0.000

1.23

S-Apr. 2026

-1.9

Newspapers and magazines ( 4 )( 5 )

0.054

2.2

0.001

1.30

S-Apr. 2026

-0.7

Recreational books ( 4 )( 5 )

0.056

-2.2

-0.001

1.85

S-Apr. 2026

-2.9

Other recreational goods ( 5 )

0.381

1.9

0.007

0.50

L-Apr. 2021

2.2

Toys

0.295

2.5

0.007

0.59

L-Apr. 2021

2.5

Toys, games, hobbies and playground equipment ( 5 )( 6 )

-

3.3

-

0.72

L-EVER

-

Sewing machines, fabric and supplies ( 4 )( 5 )

0.028

-1.6

0.000

1.69

L-Apr. 2026

3.4

Music instruments and accessories ( 4 )( 5 )

0.042

0.1

0.000

0.59

L-Apr. 2026

0.2

Education and communication commodities ( 11 )

0.776

-0.8

-0.007

0.47

S-Feb. 2026

-3.0

Educational books and supplies ( 4 )

0.037

1.0

0.000

0.73

L-Mar. 2025

1.8

College textbooks ( 4 )( 6 )( 15 )

-

1.2

-

0.82

S-Apr. 2026

-3.0

Information technology commodities ( 11 )

0.740

-0.9

-0.007

0.49

S-Feb. 2026

-3.1

Computers, peripherals, and smart home assistants ( 4 )( 7 )

0.299

-0.7

-0.002

0.64

S-Dec. 2025

-1.3

Computer software and accessories ( 4 )( 5 )

0.030

2.3

0.001

1.27

L-Apr. 2026

5.0

Telephone hardware, calculators, and other consumer information items ( 14 )

0.410

-1.3

-0.005

0.75

S-Feb. 2026

-5.7

Smartphones ( 4 )( 6 )( 16 )

-

-0.8

-

0.77

S-Mar. 2026

-1.0

Alcoholic beverages ( 4 )

0.820

0.0

0.000

0.15

S-Dec. 2025

-0.1

Alcoholic beverages at home

0.386

-0.2

-0.001

0.21

S-Feb. 2026

-0.2

Beer, ale, and other malt beverages at home ( 4 )

0.133

0.0

0.000

0.22

S-Dec. 2025

-0.4

Distilled spirits at home ( 4 )

0.087

0.0

0.000

0.33

L-Feb. 2026

0.1

Whiskey at home ( 4 )( 6 )

-

0.2

-

0.42

L-Sep. 2025

0.6

Distilled spirits, excluding whiskey, at home ( 4 )( 6 )

-

-0.1

-

0.38

L-Apr. 2026

-0.1

Wine at home

0.166

-0.5

-0.001

0.33

S-Jan. 2026

-1.0

Alcoholic beverages away from home ( 4 )

0.434

0.3

0.001

0.18

L-Apr. 2026

0.5

Beer, ale, and other malt beverages away from home ( 4 )( 5 )( 6 )

-

0.2

-

0.24

L-Apr. 2026

0.5

Wine away from home ( 4 )( 5 )( 6 )

-

0.5

-

0.17

-

-

Distilled spirits away from home ( 4 )( 5 )( 6 )

-

0.6

-

0.32

L-Apr. 2026

0.9

Other goods ( 11 )

1.297

-0.2

-0.003

0.22

S-Dec. 2023

-0.2

Tobacco and smoking products ( 4 )( 14 )

0.447

-0.7

-0.003

0.31

S-Jul. 2014

-0.8

Cigarettes ( 4 )( 5 )

0.327

-0.5

-0.002

0.26

S-Jul. 2014

-0.8

Tobacco products other than cigarettes ( 4 )( 5 )

0.115

-1.2

-0.001

0.80

S-Feb. 2026

-2.2

Personal care products

0.667

0.2

0.001

0.31

L-Apr. 2026

0.7

Hair, dental, shaving, and miscellaneous personal care products ( 4 )( 5 )

0.318

0.3

0.001

0.43

L-Mar. 2026

0.4

Cosmetics, perfume, bath, nail preparations and implements ( 4 )

0.339

0.1

0.000

0.48

L-Apr. 2026

1.3

Miscellaneous personal goods ( 5 )

0.183

-0.6

-0.001

0.71

L-Apr. 2026

0.1

Stationery, stationery supplies, gift wrap ( 6 )

-

-0.7

-

0.89

S-May 2024

-0.7

Services less energy services

60.025

0.0

0.019

0.06

S-Jan. 2021

0.0

Shelter

35.149

0.1

0.041

0.08

S-Jan. 2021

0.1

Rent of shelter ( 17 )

34.862

0.1

0.047

0.08

S-Jan. 2021

0.1

Rent of primary residence

7.680

0.1

0.012

0.05

S-Feb. 2026

0.1

Lodging away from home ( 5 )

1.483

-2.3

-0.033

1.60

S-Mar. 2025

-3.3

Lodging while at school ( 17 )

0.214

0.1

0.000

0.06

S-Sep. 2025

0.0

Other lodging away from home including hotels and motels

1.269

-2.8

-0.033

1.96

S-Mar. 2025

-4.0

Owners' equivalent rent of residences ( 17 )

25.700

0.2

0.062

0.05

S-Feb. 2026

0.2

Owners' equivalent rent of primary residence ( 17 )

24.743

0.2

0.060

0.05

S-Feb. 2026

0.2

Tenants' and household insurance ( 4 )( 5 )

0.287

0.2

0.001

0.43

S-Apr. 2026

0.1

Water and sewer and trash collection services ( 5 )

1.133

0.3

0.004

0.09

L-Apr. 2026

0.3

Water and sewerage maintenance ( 4 )

0.777

0.4

0.003

0.11

L-Mar. 2026

0.6

Garbage and trash collection ( 4 )( 13 )

0.356

0.1

0.000

0.12

S-Sep. 2025

-0.5

Household operations ( 4 )( 5 )

-

-

-

-

-

-

Domestic services ( 4 )( 5 )

-

-

-

-

-

-

Gardening and lawncare services ( 4 )( 5 )

0.373

4.3

0.016

0.29

L-Sep. 2023

5.0

Moving, storage, freight expense ( 5 )

0.077

-0.2

0.000

0.55

L-Mar. 2026

1.9

Repair of household items ( 4 )( 5 )

-

-

-

-

-

-

Medical care services

6.821

-0.1

-0.009

0.12

S-Aug. 2025

-0.1

Professional services ( 4 )

3.400

-0.1

-0.004

0.13

S-Sep. 2025

-0.1

Physicians' services ( 4 )

1.658

-0.2

-0.004

0.18

S-May 2025

-0.3

Dental services ( 4 )

0.913

0.0

0.000

0.29

S-Apr. 2026

-0.3

Eyeglasses and eye care ( 4 )( 9 )

0.315

0.0

0.000

0.35

-

-

Services by other medical professionals ( 4 )( 9 )

0.512

-

0.000

0.09

-

-

Hospital and related services ( 4 )( 14 )

2.595

0.1

0.003

0.25

S-Apr. 2026

-0.3

Hospital services ( 4 )( 18 )

2.145

0.1

0.003

0.28

S-Apr. 2026

-0.3

Inpatient hospital services ( 4 )( 6 )( 18 )

-

-

-

-

-

-

Outpatient hospital services ( 4 )( 6 )( 9 )

-

0.2

-

0.29

S-Sep. 2025

0.0

Nursing homes and adult day services ( 4 )( 18 )

0.221

0.0

0.000

0.12

S-Apr. 2026

-0.1

Home health care ( 4 )( 8 )

0.229

0.0

0.000

0.45

S-Apr. 2026

-0.2

Health insurance ( 4 )( 8 )

0.827

-0.5

-0.004

0.14

S-Mar. 2026

-1.4

Transportation services

6.377

-0.3

-0.022

0.16

L-Apr. 2026

0.3

Leased cars and trucks ( 4 )( 15 )

0.383

-0.2

-0.001

0.13

S-Mar. 2026

-0.2

Car and truck rental ( 5 )

0.141

5.1

0.007

1.38

L-Mar. 2022

5.3

Motor vehicle maintenance and repair ( 4 )

1.034

1.1

0.011

0.17

L-Mar. 2026

1.3

Motor vehicle body work ( 4 )

-

-

-

-

-

-

Motor vehicle maintenance and servicing ( 4 )

0.514

0.6

0.003

0.17

L-Mar. 2026

1.4

Motor vehicle repair ( 4 )( 5 )

0.394

1.9

0.008

0.30

L-Aug. 2025

5.0

Motor vehicle insurance

2.617

-2.0

-0.053

0.24

S-Oct. 2020

-2.2

Motor vehicle fees ( 4 )( 5 )

0.510

-0.4

-0.002

0.31

S-Feb. 2026

-0.8

State motor vehicle registration and license fees ( 4 )( 5 )

0.295

0.0

0.000

0.15

-

-

Parking and other fees ( 4 )( 5 )

0.195

-0.9

-0.002

0.74

S-Feb. 2026

-1.9

Parking fees and tolls ( 5 )( 6 )

-

-0.2

-

0.49

S-May 2025

-0.2

Public transportation

1.693

0.9

0.015

0.47

L-Apr. 2026

1.6

Airline fares

1.107

0.2

0.002

0.69

S-May 2025

-2.2

Other intercity transportation

0.232

-1.6

-0.004

1.09

S-Jan. 2026

-4.0

Ship fare ( 4 )( 5 )( 6 )

-

-1.7

-

1.27

L-Apr. 2026

0.2

Intracity transportation ( 4 )

0.348

1.6

0.006

0.47

L-Jan. 2026

2.3

Intracity mass transit ( 4 )( 6 )( 11 )

-

-

-

-

-

-

Recreation services ( 11 )

3.141

0.3

0.008

0.20

S-Apr. 2026

0.1

Video and audio services ( 11 )

0.772

0.5

0.004

0.30

L-Apr. 2026

1.0

Cable, satellite, and live streaming television service ( 13 )

0.591

0.7

0.004

0.17

L-Apr. 2026

1.0

Purchase, subscription, and rental of video ( 4 )( 5 )

0.181

-0.3

-0.001

1.18

L-Apr. 2026

1.0

Video discs and other media ( 4 )( 5 )( 6 )

-

-6.6

-

2.25

S-Nov. 2017

-7.6

Subscription and rental of video and video games ( 4 )( 5 )( 6 )

-

-0.5

-

0.83

L-Apr. 2026

2.1

Pet services including veterinary ( 5 )

0.540

0.6

0.003

0.26

L-Dec. 2025

0.9

Pet services ( 5 )( 6 )

-

0.5

-

0.33

S-Apr. 2026

-0.2

Veterinarian services ( 4 )( 5 )( 6 )

-

0.2

-

0.47

L-Apr. 2026

0.2

Photographers and photo processing ( 4 )( 5 )

0.037

-3.1

-0.001

0.55

S-EVER

-

Other recreation services ( 5 )

1.791

0.2

0.003

0.33

S-Apr. 2026

-0.3

Club membership for shopping clubs, fraternal, or other organizations, or participant sports fees ( 5 )

0.740

0.0

0.000

0.17

S-Apr. 2026

-0.2

Admissions ( 4 )

0.690

0.4

0.003

0.73

S-Apr. 2026

-0.3

Admission to movies, theaters, and concerts ( 4 )( 5 )( 6 )

-

-1.0

-

0.58

S-Sep. 2024

-1.3

Admission to sporting events ( 4 )( 5 )( 6 )

-

3.3

-

4.14

L-Feb. 2026

6.5

Fees for lessons or instructions ( 4 )( 9 )

0.155

-0.3

0.000

0.26

S-Apr. 2025

-1.2

Education and communication services ( 11 )

4.925

-0.8

-0.039

0.08

S-Dec. 2025

-0.8

Tuition, other school fees, and childcare

2.487

0.1

0.003

0.07

L-Apr. 2026

0.2

College tuition and fees

1.307

0.1

0.001

0.09

L-Apr. 2026

0.2

Elementary and high school tuition and fees ( 14 )

0.396

-0.2

-0.001

0.08

S-Jul. 2020

-0.4

Day care and preschool ( 12 )

0.680

0.4

0.003

0.13

L-Apr. 2026

0.4

Technical and vocational school tuition and fixed fees ( 5 )

0.045

-0.1

0.000

0.12

S-Apr. 2026

-0.1

Postage and delivery services ( 5 )

0.066

0.4

0.000

0.02

S-Feb. 2026

-1.0

Postage

0.061

0.5

0.000

0.00

S-Feb. 2026

-1.1

Delivery services ( 5 )

0.005

-0.3

0.000

0.31

S-Dec. 2023

-1.3

Telephone services ( 4 )( 5 )

1.451

-3.0

-0.043

0.05

S-Mar. 2017

-5.0

Wireless telephone services ( 4 )( 5 )

1.328

-3.3

-0.044

0.01

S-Dec. 2025

-3.3

Residential telephone services ( 4 )( 11 )

0.123

0.6

0.001

0.20

L-Apr. 2026

0.9

Internet services and electronic information providers ( 4 )( 5 )

0.909

0.2

0.002

0.20

S-Apr. 2026

-1.4

Other personal services ( 4 )( 11 )

1.595

0.5

0.008

0.16

S-Mar. 2026

-0.8

Personal care services ( 4 )

0.656

1.3

0.009

0.20

L-Nov. 2022

1.4

Haircuts and other personal care services ( 4 )( 5 )

0.656

1.3

0.009

0.20

L-Nov. 2022

1.4

Miscellaneous personal services ( 4 )

0.938

-0.1

-0.001

0.20

S-Mar. 2026

-1.2

Legal services ( 4 )( 9 )

-

-

-

-

-

-

Funeral expenses ( 4 )( 9 )

0.164

-0.1

0.000

0.25

L-Apr. 2026

1.4

Laundry and dry cleaning services ( 4 )( 5 )

0.129

0.5

0.001

0.22

L-Apr. 2026

1.0

Apparel services other than laundry and dry cleaning ( 4 )( 5 )

0.029

0.6

0.000

0.75

S-Apr. 2026

-1.7

Financial services ( 4 )( 9 )

0.243

-0.8

-0.002

0.73

S-Feb. 2026

-1.3

Checking account and other bank services ( 4 )( 5 )( 6 )

-

-0.1

-

0.00

S-Aug. 2023

-0.8

Tax return preparation and other accounting fees ( 4 )( 5 )( 6 )

-

-1.4

-

2.09

S-Feb. 2026

-2.3

Special aggregate indexes

All items less food

86.553

-0.5

-0.450

0.05

S-Apr. 2020

-1.1

All items less shelter

64.851

-0.7

-0.464

0.05

S-Apr. 2020

-1.2

All items less food and shelter

51.404

-1.0

-0.492

0.06

S-Apr. 2020

-1.8

All items less food, shelter, and energy

43.613

-0.1

-0.054

0.06

S-May 2024

-0.1

All items less food, shelter, energy, and used cars and trucks

40.984

-0.1

-0.048

0.06

S-Sep. 2020

-0.1

All items less medical care

91.770

-0.4

-0.412

0.04

S-Apr. 2020

-0.9

All items less energy

92.209

0.0

0.015

0.04

S-Jan. 2021

0.0

Commodities

36.735

-1.1

-0.403

0.05

S-Apr. 2020

-1.6

Commodities less food, energy, and used cars and trucks

16.109

-0.1

-0.010

0.09

-

-

Commodities less food

23.288

-1.9

-0.430

0.07

S-Apr. 2020

-3.3

Commodities less food and beverages

22.468

-1.9

-0.431

0.07

S-Apr. 2020

-3.5

Services

63.264

0.0

-0.004

0.06

S-Jan. 2021

0.0

Services less rent of shelter ( 17 )

28.402

-0.2

-0.050

0.08

S-Jan. 2021

-0.2

Services less medical care services

56.444

0.0

-0.003

0.06

S-Jan. 2021

-0.1

Durables

10.457

0.0

-0.002

0.07

L-Mar. 2026

0.1

Nondurables

26.279

-1.5

-0.401

0.07

S-Apr. 2020

-2.0

Nondurables less food

12.831

-3.2

-0.410

0.12

S-Aug. 2022

-3.7

Nondurables less food and beverages

12.011

-3.4

-0.409

0.13

S-Aug. 2022

-3.9

Nondurables less food, beverages, and apparel

9.554

-4.2

-0.397

0.11

S-Aug. 2022

-4.8

Nondurables less food and apparel

10.374

-3.9

-0.399

0.10

S-Aug. 2022

-4.4

Housing

43.896

0.0

0.021

0.07

S-Jan. 2021

0.0

Education and communication ( 5 )

5.701

-0.8

-0.045

0.09

S-Dec. 2025

-0.9

Education ( 5 )

2.524

0.1

0.003

0.07

L-Apr. 2026

0.2

Communication ( 5 )

3.177

-1.5

-0.048

0.14

S-Dec. 2025

-1.9

Information and information processing ( 5 )

3.110

-1.5

-0.048

0.14

S-Dec. 2025

-1.9

Information technology, hardware and services ( 14 )

1.659

-0.3

-0.005

0.27

S-Apr. 2026

-0.5

Recreation ( 5 )

5.031

0.5

0.026

0.16

L-Jan. 2026

0.5

Video and audio ( 5 )

1.027

0.5

0.005

0.25

L-Apr. 2026

0.8

Pets, pet products and services ( 5 )

1.137

0.4

0.004

0.28

L-Mar. 2026

0.7

Photography ( 5 )

0.063

-2.9

-0.002

0.46

S-EVER

-

Food and beverages

14.267

0.2

0.028

0.08

-

-

Domestically produced farm food ( 4 )

6.822

0.4

0.029

0.14

L-Apr. 2026

0.6

Other services

9.660

-0.2

-0.022

0.09

S-Mar. 2026

-0.2

Apparel less footwear

1.865

-0.6

-0.012

0.46

S-Jan. 2025

-1.0

Fuels and utilities

4.546

-0.7

-0.031

0.19

S-May 2023

-0.9

Household energy

3.413

-1.0

-0.035

0.24

S-May 2023

-1.3

Medical care

8.230

-0.1

-0.011

0.12

S-Apr. 2026

-0.1

Transportation

17.527

-2.5

-0.430

0.07

S-Aug. 2022

-2.5

Private transportation

15.834

-2.8

-0.445

0.07

S-Apr. 2020

-5.7

New and used motor vehicles ( 5 )

6.960

0.0

0.000

0.04

L-Sep. 2025

0.0

Utilities and public transportation

8.108

-0.7

-0.056

0.13

S-May 2023

-0.7

Household furnishings and operations

4.202

0.2

0.010

0.18

L-Apr. 2026

0.7

Other goods and services

2.891

0.1

0.002

0.16

S-Mar. 2026

-0.4

Personal care

2.444

0.2

0.005

0.17

S-Mar. 2026

-0.5

Footnotes

(1) The 'effect' of an item category is a measure of that item's contribution to the All items price change. For example, if the Food index had an effect of 0.40, and the All items index rose 1.2 percent, then the increase in food prices contributed 0.40 / 1.2, or 33.3 percent, to that All items increase. Said another way, had food prices been unchanged for that month the change in the All items index would have been 1.2 percent minus 0.40, or 0.8 percent. Effects can be negative as well. For example, if the effect of food was a negative 0.1, and the All items index rose 0.5 percent, the All items index actually would have been 0.1 percent higher (or 0.6 percent) had food prices been unchanged. Since food prices fell while prices overall were rising, the contribution of food to the All items price change was negative (in this case, -0.1 / 0.5, or minus 20 percent).

(2) A statistic's margin of error is often expressed as its point estimate plus or minus two standard errors. For example, if a CPI category rose 0.6 percent, and its standard error was 0.15 percent, the margin of error on this item's 1-month percent change would be 0.6 percent, plus or minus 0.3 percent.

(3) If the current seasonally adjusted 1-month percent change is greater than the previous published 1-month percent change, then this column identifies the closest prior month with a 1-month percent change as (L)arge as or (L)arger than the current 1-month change. If the current 1-month percent change is smaller than the previous published 1-month percent change, the most recent month with a change as (S)mall or (S)maller than the current month change is identified. If the current and previous published 1-month percent changes are equal, a dash will appear. Standard numerical comparisons are used. For example, 0.8% is greater than 0.6%, -0.4% is less than -0.2%, and -0.2% is less than 0.0%. Note that a (L)arger change can be a smaller decline, for example, a -0.2% change is larger than a -0.4% change, but still represents a decline in the price index. Likewise, (S)maller changes can be increases, for example, a 0.6% change is smaller than 0.8%, but still represents an increase in the price index. In this context, a -0.2% change is considered to be smaller than a 0.0% change.

(4) Not seasonally adjusted.

(5) Indexes on a December 1997=100 base.

(6) Special indexes based on a substantially smaller sample. These series do not contribute to the all items index aggregation and therefore do not have a relative importance or effect.

(7) Indexes on a December 2007=100 base.

(8) Indexes on a December 2005=100 base.

(9) Indexes on a December 1986=100 base.

(10) Indexes on a December 1993=100 base.

(11) Indexes on a December 2009=100 base.

(12) Indexes on a December 1990=100 base.

(13) Indexes on a December 1983=100 base.

(14) Indexes on a December 2024=100 base.

(15) Indexes on a December 2001=100 base.

(16) Indexes on a December 2019=100 base.

(17) Indexes on a December 1982=100 base.

(18) Indexes on a December 1996=100 base.

Table 7. Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, by expenditure category, June 2026, 12-month analysis table

[1982-84=100, unless otherwise noted]

Expenditure category

Relative

importance

May

2026

Twelve Month

Unadjusted percent change

Jun. 2025-

Jun. 2026

Unadjusted effect on All Items

Jun. 2025-

Jun. 2026 ( 1 )

Standard error, median price change ( 2 )

Largest (L) or Smallest (S) unadjusted change since: ( 3 )

Date

Percent change

All items

100.000

3.5

-

0.09

S-Mar. 2026

3.3

Food

13.447

3.0

0.410

0.17

S-Mar. 2026

2.7

Food at home

8.188

2.7

0.225

0.20

-

-

Cereals and bakery products

1.016

2.4

0.026

0.51

L-Apr. 2026

2.6

Cereals and cereal products

0.306

2.4

0.008

0.74

L-Apr. 2026

2.5

Flour and prepared flour mixes

0.037

-1.3

0.000

0.96

L-Feb. 2026

0.8

Breakfast cereal

0.131

2.3

0.003

1.51

L-Apr. 2026

3.7

Rice, pasta, cornmeal

0.137

3.2

0.005

0.78

L-Sep. 2023

3.4

Rice ( 4 )( 5 )

-

4.1

-

1.60

L-Apr. 2026

4.9

Bakery products

0.709

2.5

0.018

0.63

S-Dec. 2025

2.3

Bread ( 4 )

0.171

3.9

0.006

0.80

L-Mar. 2026

4.6

White bread ( 5 )

-

3.9

-

1.02

L-Oct. 2023

7.1

Bread other than white ( 5 )

-

4.3

-

1.13

L-Apr. 2026

4.7

Fresh biscuits, rolls, muffins ( 4 )

0.117

1.4

0.002

1.93

S-Apr. 2026

-0.6

Cakes, cupcakes, and cookies

0.207

3.5

0.007

1.06

S-Dec. 2025

3.3

Cookies ( 5 )

-

5.1

-

1.07

L-Feb. 2026

5.9

Fresh cakes and cupcakes ( 5 )

-

1.1

-

1.37

S-Mar. 2025

0.7

Other bakery products

0.215

1.8

0.003

0.91

L-Feb. 2026

2.0

Fresh sweetrolls, coffeecakes, doughnuts ( 5 )

-

2.2

-

1.99

L-Apr. 2026

5.5

Crackers, bread, and cracker products ( 5 )

-

3.1

-

1.29

L-Feb. 2026

4.6

Frozen and refrigerated bakery products, pies, tarts, turnovers ( 5 )

-

-1.2

-

1.48

S-Mar. 2026

-2.8

Meats, poultry, fish, and eggs

1.943

2.6

0.047

0.44

L-Dec. 2025

3.9

Meats, poultry, and fish

1.831

5.7

0.092

0.39

S-Mar. 2026

5.6

Meats

1.158

7.4

0.073

0.52

S-Mar. 2026

6.8

Beef and veal

0.629

11.8

0.060

0.71

S-Jul. 2025

11.3

Uncooked ground beef

0.234

12.4

0.027

1.00

L-Apr. 2026

14.5

Uncooked beef roasts ( 4 )

0.086

13.8

0.009

1.74

S-Mar. 2026

11.7

Uncooked beef steaks ( 4 )

0.236

11.4

0.018

1.31

S-May 2025

6.3

Uncooked other beef and veal ( 4 )

0.073

10.0

0.006

1.22

L-Apr. 2026

10.5

Pork

0.337

2.4

0.008

0.95

S-Apr. 2026

2.3

Bacon, breakfast sausage, and related products ( 4 )

0.131

-0.9

0.000

1.43

S-Oct. 2024

-1.4

Bacon and related products ( 5 )

-

-1.5

-

1.56

S-Oct. 2024

-3.5

Breakfast sausage and related products ( 4 )( 5 )

-

1.1

-

1.89

S-Mar. 2026

0.0

Ham

0.067

5.6

0.004

2.17

L-Jul. 2023

5.7

Ham, excluding canned ( 5 )

-

5.5

-

2.15

L-Jul. 2023

6.1

Pork chops

0.045

5.6

0.003

2.11

L-Jul. 2024

7.3

Other pork including roasts, steaks, and ribs ( 4 )

0.094

2.6

0.002

1.99

L-Apr. 2026

2.9

Other meats

0.192

2.9

0.005

1.02

L-Apr. 2026

3.4

Frankfurters ( 5 )

-

7.2

-

3.98

S-Mar. 2026

-0.2

Lunchmeats ( 4 )( 5 )

-

1.8

-

1.23

L-Jan. 2026

5.4

Poultry

0.357

-0.1

0.001

0.81

S-Sep. 2023

-0.4

Chicken ( 4 )

0.280

-2.3

-0.006

0.81

S-Jul. 2023

-2.5

Fresh whole chicken ( 5 )

-

-2.3

-

1.29

S-Sep. 2017

-2.6

Fresh and frozen chicken parts ( 5 )

-

-2.2

-

0.91

S-Sep. 2023

-3.3

Other uncooked poultry including turkey ( 4 )

0.077

8.6

0.006

2.01

S-Apr. 2026

5.9

Fish and seafood

0.316

6.3

0.018

0.85

S-Apr. 2026

6.2

Fresh fish and seafood ( 4 )

0.169

6.2

0.010

1.14

S-Apr. 2026

5.5

Processed fish and seafood ( 4 )

0.147

6.7

0.008

1.23

L-Apr. 2026

7.5

Shelf stable fish and seafood ( 5 )

-

6.6

-

1.74

L-Feb. 2023

7.6

Frozen fish and seafood ( 5 )

-

8.8

-

1.85

L-Apr. 2026

12.0

Eggs

0.113

-27.9

-0.045

2.33

L-Dec. 2025

-20.9

Dairy and related products

0.731

0.4

0.003

0.47

L-Sep. 2025

0.7

Milk ( 4 )

0.191

6.6

0.012

0.76

L-Feb. 2023

8.1

Fresh whole milk ( 5 )

-

9.0

-

1.16

L-Jan. 2023

9.6

Fresh milk other than whole ( 4 )( 5 )

-

5.5

-

1.09

L-Mar. 2023

6.5

Cheese and related products

0.242

-3.6

-0.009

0.90

L-Apr. 2026

-3.1

Ice cream and related products

0.109

-1.3

-0.001

1.20

S-Nov. 2025

-1.7

Other dairy and related products ( 4 )

0.189

0.5

0.001

0.85

L-Aug. 2025

0.6

Fruits and vegetables

1.288

5.3

0.067

0.54

S-Mar. 2026

4.0

Fresh fruits and vegetables

1.024

5.7

0.058

0.67

S-Mar. 2026

4.2

Fresh fruits

0.528

2.0

0.011

0.88

S-Mar. 2026

1.2

Apples

0.076

7.1

0.005

1.76

L-Aug. 2025

9.6

Bananas

0.057

1.0

0.001

1.08

L-Apr. 2026

4.0

Citrus fruits ( 4 )

0.079

6.3

0.005

1.47

L-Apr. 2026

6.5

Oranges, including tangerines ( 5 )

-

0.8

-

2.27

S-Mar. 2026

0.4

Other fresh fruits ( 4 )

0.316

-0.2

-0.001

1.46

S-Mar. 2026

-0.8

Fresh vegetables

0.496

9.9

0.048

0.89

S-Mar. 2026

7.5

Potatoes

0.066

1.4

0.000

1.45

L-Sep. 2025

3.7

Lettuce

0.047

32.1

0.016

2.43

L-Dec. 2003

38.1

Tomatoes

0.073

19.5

0.013

1.83

S-Feb. 2026

5.8

Other fresh vegetables

0.309

6.4

0.019

1.10

S-Mar. 2026

5.8

Processed fruits and vegetables ( 4 )

0.264

3.2

0.009

0.60

L-Apr. 2026

4.1

Canned fruits and vegetables ( 4 )

0.100

5.0

0.005

0.79

S-Dec. 2025

1.6

Canned fruits ( 4 )( 5 )

-

7.9

-

1.70

L-Apr. 2026

9.0

Canned vegetables ( 4 )( 5 )

-

3.5

-

1.10

S-Dec. 2025

0.5

Frozen fruits and vegetables ( 4 )

0.084

2.4

0.002

1.35

L-Jan. 2024

3.8

Frozen vegetables ( 5 )

-

1.9

-

1.94

L-Jan. 2024

5.0

Other processed fruits and vegetables including dried ( 4 )

0.080

2.0

0.001

1.34

L-Apr. 2026

3.2

Dried beans, peas, and lentils ( 4 )( 5 )

-

0.6

-

2.41

L-Apr. 2026

1.1

Nonalcoholic beverages and beverage materials

0.993

2.9

0.028

0.51

S-Mar. 2025

2.4

Juices and nonalcoholic drinks ( 4 )

0.670

0.9

0.006

0.64

S-Jul. 2021

0.9

Carbonated drinks

0.326

1.9

0.006

1.04

S-Nov. 2025

0.7

Frozen noncarbonated juices and drinks ( 4 )

0.004

5.5

0.000

1.92

S-Apr. 2026

2.0

Nonfrozen noncarbonated juices and drinks ( 4 )

0.340

0.0

0.000

0.85

S-Aug. 2025

-0.1

Beverage materials including coffee and tea ( 4 )

0.323

7.6

0.022

1.02

S-May 2025

7.3

Coffee

0.227

12.9

0.021

1.69

S-May 2025

11.5

Roasted coffee ( 5 )

-

12.2

-

1.60

S-May 2025

11.8

Instant coffee ( 5 )

-

15.9

-

3.44

S-Jul. 2025

14.3

Other beverage materials including tea ( 4 )

0.096

-0.3

0.000

1.47

S-Apr. 2026

-0.5

Other food at home

2.217

2.4

0.055

0.41

L-Apr. 2026

2.5

Sugar and sweets

0.325

6.9

0.023

0.86

S-Apr. 2026

6.3

Sugar and sugar substitutes

0.032

-1.1

0.000

0.93

S-Feb. 2019

-1.2

Candy and chewing gum ( 4 )

0.239

9.6

0.022

1.25

L-Mar. 2026

10.6

Other sweets ( 4 )

0.055

1.1

0.000

1.13

S-Jan. 2026

0.9

Fats and oils

0.215

-2.0

-0.005

0.89

L-Apr. 2026

-0.2

Butter and margarine ( 4 )

0.062

-6.9

-0.004

1.47

L-Apr. 2026

-5.4

Butter ( 5 )

-

-8.7

-

1.55

S-Aug. 2012

-11.9

Margarine ( 5 )

-

-4.1

-

4.80

L-Mar. 2026

-0.6

Salad dressing ( 4 )

0.048

-0.2

0.001

1.55

L-Apr. 2026

2.0

Other fats and oils including peanut butter ( 4 )

0.105

-0.8

-0.001

1.39

L-Apr. 2026

1.0

Peanut butter ( 4 )( 5 )

-

-0.8

-

1.31

S-Jan. 2026

-1.3

Other foods

1.677

2.1

0.037

0.47

L-Apr. 2026

2.2

Soups

0.088

1.8

0.001

1.70

S-Feb. 2026

1.7

Frozen and freeze dried prepared foods

0.290

-0.2

-0.001

0.98

L-Apr. 2026

-0.1

Snacks

0.363

1.3

0.005

1.07

L-Apr. 2026

1.4

Spices, seasonings, condiments, sauces

0.317

2.8

0.008

0.87

S-Mar. 2026

2.7

Salt and other seasonings and spices ( 4 )( 5 )

-

4.7

-

1.33

L-Apr. 2026

7.1

Olives, pickles, relishes ( 4 )( 5 )

-

0.3

-

1.42

S-Feb. 2026

-0.8

Sauces and gravies ( 4 )( 5 )

-

1.7

-

1.20

S-Mar. 2026

1.1

Other condiments ( 5 )

-

4.7

-

2.64

S-Apr. 2026

1.3

Baby food and formula ( 4 )

0.051

-0.1

0.000

1.23

L-Dec. 2025

0.8

Other miscellaneous foods ( 4 )

0.568

4.3

0.024

1.02

L-Mar. 2026

5.2

Prepared salads ( 5 )( 6 )

-

1.1

-

1.06

L-Apr. 2026

1.1

Food away from home

5.260

3.4

0.185

0.18

S-Jan. 2025

3.4

Full service meals and snacks ( 4 )

2.329

3.7

0.089

0.31

S-Feb. 2025

3.7

Limited service meals and snacks ( 4 )

2.634

3.1

0.084

0.24

S-Nov. 2025

3.0

Food at employee sites and schools ( 4 )

0.063

1.9

0.001

1.49

S-Jul. 2022

-13.9

Food at elementary and secondary schools ( 5 )( 7 )

-

-

-

-

-

-

Food from vending machines and mobile vendors ( 4 )

0.052

2.3

0.001

1.37

S-Apr. 2026

2.0

Other food away from home ( 4 )

0.182

4.4

0.010

0.44

S-Jul. 2025

4.4

Energy

7.791

15.7

1.051

0.38

S-Mar. 2026

12.5

Energy commodities

4.551

27.1

0.924

0.26

S-Mar. 2026

19.4

Fuel oil and other fuels

0.173

23.4

0.032

0.98

S-Mar. 2026

22.9

Fuel oil

0.116

42.9

0.033

1.14

S-Feb. 2026

6.2

Propane, kerosene, and firewood ( 8 )

0.057

-1.6

-0.001

1.26

S-Mar. 2026

-4.1

Motor fuel

4.377

27.2

0.892

0.26

S-Mar. 2026

19.2

Gasoline (all types)

4.250

26.7

0.855

0.31

S-Mar. 2026

18.9

Gasoline, unleaded regular ( 5 )

-

27.3

-

0.78

S-Mar. 2026

19.4

Gasoline, unleaded midgrade ( 5 )( 9 )

-

25.1

-

0.73

S-Mar. 2026

17.4

Gasoline, unleaded premium ( 5 )

-

23.8

-

0.72

S-Mar. 2026

16.5

Other motor fuels ( 4 )

0.128

44.5

0.038

0.57

S-Mar. 2026

31.0

Energy services

3.240

3.9

0.127

0.73

S-Feb. 2025

3.3

Electricity

2.505

4.0

0.103

0.89

S-Apr. 2025

3.6

Utility (piped) gas service

0.735

3.0

0.024

1.04

-

-

All items less food and energy

78.762

2.6

2.070

0.11

S-Mar. 2026

2.6

Commodities less food and energy commodities

18.737

0.8

0.158

0.16

S-Jun. 2025

0.7

Household furnishings and supplies ( 10 )

3.316

1.3

0.046

0.45

S-May 2025

0.6

Window and floor coverings and other linens ( 4 )

0.232

-1.9

-0.005

1.78

S-Oct. 2024

-3.0

Floor coverings ( 4 )

0.067

0.4

0.000

4.22

S-Aug. 2025

0.1

Window coverings ( 4 )

0.044

5.7

0.003

3.46

L-Apr. 2026

8.2

Other linens ( 4 )

0.121

-6.0

-0.008

2.58

S-Sep. 2024

-7.3

Furniture and bedding

0.848

1.4

0.011

1.12

-

-

Bedroom furniture

0.292

0.3

0.000

1.88

S-Apr. 2026

-0.2

Living room, kitchen, and dining room furniture ( 4 )

0.424

2.6

0.011

1.59

L-Mar. 2026

4.0

Other furniture ( 4 )

0.128

0.1

0.000

2.31

S-Aug. 2025

-0.2

Appliances ( 4 )

0.197

-2.7

-0.007

1.52

S-Feb. 2025

-3.1

Major appliances ( 4 )

0.065

-4.3

-0.003

1.99

S-Mar. 2025

-5.9

Laundry equipment ( 5 )

-

-0.2

-

2.46

S-Apr. 2026

-2.8

Other appliances ( 4 )

0.129

-1.7

-0.003

2.08

S-Dec. 2025

-3.5

Other household equipment and furnishings ( 4 )

0.543

0.4

0.002

1.53

S-Jan. 2025

0.3

Clocks, lamps, and decorator items

0.311

-5.2

-0.017

1.90

S-Feb. 2020

-5.4

Indoor plants and flowers ( 11 )

0.116

5.5

0.006

2.34

L-Apr. 2026

6.0

Dishes and flatware ( 4 )

0.045

13.8

0.005

4.86

L-Apr. 2026

15.4

Nonelectric cookware and tableware ( 4 )

0.070

12.1

0.007

2.37

S-Dec. 2025

10.4

Tools, hardware, outdoor equipment and supplies ( 4 )

0.671

2.9

0.025

0.99

S-Jul. 2025

2.6

Tools, hardware and supplies ( 4 )

0.208

4.9

0.011

1.55

-

-

Outdoor equipment and supplies ( 4 )

0.287

1.5

0.008

1.49

S-Jul. 2025

1.4

Housekeeping supplies

0.825

2.4

0.019

0.55

S-Apr. 2026

2.2

Household cleaning products ( 4 )

0.298

2.9

0.009

0.79

L-Jan. 2024

3.0

Household paper products ( 4 )

0.171

-0.5

-0.001

1.02

S-Sep. 2024

-1.1

Miscellaneous household products ( 4 )

0.356

3.4

0.012

0.93

S-Apr. 2026

2.9

Apparel

2.457

3.9

0.093

0.82

S-Mar. 2026

3.4

Men's and boys' apparel

0.609

1.9

0.010

1.60

S-Apr. 2026

1.7

Men's apparel

0.489

2.2

0.009

1.76

S-Apr. 2026

1.5

Men's suits, sport coats, and outerwear

0.099

-2.7

-0.002

7.95

L-Dec. 2025

-1.8

Men's underwear, nightwear, swimwear, and accessories

0.134

5.8

0.008

1.49

L-Sep. 2023

6.2

Men's shirts and sweaters ( 4 )

0.132

2.1

0.002

2.83

S-Mar. 2026

1.8

Men's pants and shorts

0.121

2.0

0.002

2.19

S-Apr. 2026

0.2

Boys' apparel

0.120

0.8

0.001

2.15

L-Apr. 2026

2.2

Women's and girls' apparel

0.976

3.8

0.037

1.36

S-Feb. 2026

2.9

Women's apparel

0.827

3.5

0.027

1.35

S-Feb. 2026

3.2

Women's outerwear

0.067

0.1

0.000

4.53

S-Jul. 2025

0.0

Women's dresses

0.111

0.3

-0.001

3.68

S-Dec. 2025

-0.9

Women's suits and separates ( 4 )

0.389

5.0

0.020

2.01

L-Nov. 2022

5.9

Women's underwear, nightwear, swimwear, and accessories ( 4 )

0.244

4.0

0.008

1.70

S-Apr. 2026

3.9

Girls' apparel

0.149

5.8

0.009

3.09

L-Jan. 2025

8.0

Footwear

0.592

4.1

0.024

1.08

S-Mar. 2026

2.4

Men's footwear

0.191

3.4

0.007

1.43

S-Mar. 2026

1.4

Boys' and girls' footwear

0.125

4.7

0.006

1.97

L-Aug. 2022

6.8

Women's footwear

0.276

4.3

0.012

1.68

S-Mar. 2026

3.2

Infants' and toddlers' apparel

0.099

2.0

0.002

2.25

S-Apr. 2026

1.5

Jewelry and watches ( 8 )

0.181

12.4

0.020

3.17

S-Mar. 2026

9.4

Watches ( 8 )

0.035

5.9

0.002

2.99

S-Dec. 2025

3.9

Jewelry ( 8 )

0.146

14.1

0.018

3.90

S-Mar. 2026

9.9

Transportation commodities less motor fuel ( 10 )

6.772

-0.3

-0.019

0.07

L-Dec. 2025

0.9

New vehicles

3.734

0.5

0.018

0.05

L-Mar. 2026

0.5

New cars ( 5 )

-

1.1

-

0.14

L-Oct. 2025

1.2

New trucks ( 5 )( 12 )

-

0.4

-

0.06

L-Feb. 2026

0.4

Used cars and trucks

2.629

-1.8

-0.043

0.10

L-Dec. 2025

1.6

Motor vehicle parts and equipment

0.336

1.7

0.006

0.75

S-May 2025

1.7

Tires

0.282

1.5

0.004

0.80

S-May 2025

1.5

Vehicle accessories other than tires ( 4 )

0.054

3.1

0.002

1.45

L-Mar. 2026

4.6

Vehicle parts and equipment other than tires ( 5 )

-

4.4

-

1.47

L-Apr. 2026

4.4

Motor oil, coolant, and fluids ( 5 )

-

-1.0

-

1.93

L-Dec. 2025

0.6

Medical care commodities

1.409

-2.1

-0.031

0.93

S-Aug. 2021

-2.5

Medicinal drugs ( 10 )

1.277

-2.3

-0.031

1.00

S-Aug. 2021

-2.4

Prescription drugs

0.917

-2.5

-0.024

1.26

S-Aug. 2021

-2.7

Nonprescription drugs ( 10 )

0.361

-1.7

-0.006

1.04

L-Apr. 2026

-1.7

Medical equipment and supplies ( 10 )

0.132

0.0

0.000

1.17

S-Jun. 2025

-0.7

Recreation commodities ( 10 )

1.890

2.9

0.056

0.59

L-Apr. 2026

3.0

Video and audio products ( 10 )

0.255

1.9

0.005

1.22

S-Dec. 2025

1.2

Televisions ( 13 )

0.103

-2.2

-0.002

1.73

L-Apr. 2026

-1.2

Other video equipment ( 13 )

0.018

6.8

0.001

3.17

L-EVER

-

Audio equipment

0.045

0.4

0.000

3.47

S-Mar. 2025

-1.9

Recorded music and music subscriptions ( 4 )

0.084

7.8

0.006

2.22

L-Feb. 2026

9.1

Pets and pet products

0.597

1.5

0.009

0.78

-

-

Pet food and treats ( 4 )( 5 )

-

1.3

-

0.66

S-Dec. 2025

1.2

Purchase of pets, pet supplies, accessories ( 4 )( 5 )

-

0.9

-

2.08

L-Apr. 2026

1.9

Sporting goods

0.521

4.5

0.023

1.31

L-Mar. 2026

4.5

Sports vehicles including bicycles

0.277

6.2

0.016

2.06

L-Apr. 2022

8.0

Sports equipment

0.232

2.8

0.007

1.20

S-Jan. 2026

1.9

Photographic equipment and supplies

0.026

3.5

0.001

2.75

S-Jul. 2025

3.1

Photographic equipment ( 4 )( 5 )

-

2.9

-

2.53

S-Jul. 2025

2.8

Recreational reading materials

0.110

-0.2

0.000

2.40

L-Feb. 2026

1.9

Newspapers and magazines ( 4 )

0.054

7.6

0.004

3.27

L-May 2025

9.2

Recreational books ( 4 )

0.056

-7.5

-0.004

3.10

S-EVER

-

Other recreational goods ( 4 )

0.381

4.4

0.017

1.39

L-Sep. 2022

4.7

Toys

0.295

3.5

0.011

1.59

L-Sep. 2022

4.2

Toys, games, hobbies and playground equipment ( 4 )( 5 )

-

3.6

-

2.01

L-Nov. 2022

5.1

Sewing machines, fabric and supplies ( 4 )

0.028

16.8

0.003

4.49

L-EVER

-

Music instruments and accessories ( 4 )

0.042

4.5

0.002

1.63

S-Dec. 2025

4.2

Education and communication commodities ( 10 )

0.776

-6.8

-0.053

1.44

S-Feb. 2025

-6.9

Educational books and supplies

0.037

0.5

0.000

3.13

L-Dec. 2025

0.8

College textbooks ( 5 )( 14 )

-

-0.7

-

3.53

L-Jan. 2026

0.6

Information technology commodities ( 10 )

0.740

-7.2

-0.053

1.54

S-Mar. 2025

-7.4

Computers, peripherals, and smart home assistants ( 6 )

0.299

-0.8

0.000

1.88

S-Aug. 2025

-2.0

Computer software and accessories ( 4 )

0.030

17.4

0.005

3.10

L-EVER

-

Telephone hardware, calculators, and other consumer information items ( 13 )

0.410

-12.7

-0.058

2.17

S-Apr. 2026

-12.8

Smartphones ( 5 )( 15 )

-

-11.9

-

1.74

S-Apr. 2026

-12.4

Alcoholic beverages

0.820

2.0

0.017

0.32

S-Apr. 2026

1.9

Alcoholic beverages at home

0.386

0.7

0.003

0.49

S-Apr. 2026

0.4

Beer, ale, and other malt beverages at home

0.133

3.1

0.004

0.61

L-Sep. 2024

3.5

Distilled spirits at home

0.087

0.2

0.000

0.85

L-Mar. 2026

0.8

Whiskey at home ( 5 )

-

1.2

-

1.75

L-Mar. 2026

1.7

Distilled spirits, excluding whiskey, at home ( 5 )

-

-0.1

-

1.23

L-Apr. 2026

-0.1

Wine at home

0.166

-1.0

-0.002

0.68

S-Mar. 2026

-1.3

Alcoholic beverages away from home

0.434

3.4

0.014

0.52

S-Mar. 2026

3.2

Beer, ale, and other malt beverages away from home ( 4 )( 5 )

-

3.1

-

0.70

-

-

Wine away from home ( 4 )( 5 )

-

1.5

-

0.73

S-Jan. 2025

1.3

Distilled spirits away from home ( 4 )( 5 )

-

2.9

-

1.15

S-Apr. 2026

2.8

Other goods ( 10 )

1.297

3.9

0.051

0.46

S-Dec. 2025

3.6

Tobacco and smoking products ( 13 )

0.447

6.5

0.030

0.72

S-Aug. 2025

6.3

Cigarettes ( 4 )

0.327

7.8

0.027

0.73

S-Aug. 2025

7.7

Tobacco products other than cigarettes ( 4 )

0.115

2.3

0.003

1.08

S-Dec. 2025

1.2

Personal care products

0.667

2.7

0.018

0.67

L-Apr. 2026

2.7

Hair, dental, shaving, and miscellaneous personal care products ( 4 )

0.318

3.4

0.010

0.76

L-Apr. 2024

4.1

Cosmetics, perfume, bath, nail preparations and implements

0.339

2.2

0.007

1.18

S-Mar. 2026

2.0

Miscellaneous personal goods ( 4 )

0.183

1.4

0.003

1.67

S-Nov. 2025

0.7

Stationery, stationery supplies, gift wrap ( 5 )

-

2.1

-

1.39

S-Mar. 2026

0.8

Services less energy services

60.025

3.2

1.912

0.14

S-Mar. 2026

3.0

Shelter

35.149

3.3

1.159

0.19

S-Apr. 2026

3.3

Rent of shelter ( 16 )

34.862

3.2

1.137

0.19

S-Mar. 2026

3.0

Rent of primary residence

7.680

2.8

0.216

0.15

S-Apr. 2026

2.8

Lodging away from home ( 4 )

1.483

4.9

0.074

2.40

S-Apr. 2026

4.6

Lodging while at school ( 16 )

0.214

3.0

0.007

0.32

S-Jun. 2023

2.9

Other lodging away from home including hotels and motels

1.269

4.8

0.067

2.88

S-Apr. 2026

4.3

Owners' equivalent rent of residences ( 16 )

25.700

3.3

0.846

0.17

-

-

Owners' equivalent rent of primary residence ( 16 )

24.743

3.2

0.808

0.17

S-Mar. 2026

3.1

Tenants' and household insurance ( 4 )

0.287

5.9

0.022

1.16

S-Aug. 2025

5.7

Water and sewer and trash collection services ( 4 )

1.133

4.6

0.051

0.31

S-Feb. 2026

4.4

Water and sewerage maintenance

0.777

5.1

0.039

0.31

-

-

Garbage and trash collection ( 12 )

0.356

3.6

0.013

0.71

S-Aug. 2024

3.1

Household operations ( 4 )

-

-

-

-

-

-

Domestic services ( 4 )

-

-

-

-

-

-

Gardening and lawncare services ( 4 )

0.373

-

0.043

1.38

-

-

Moving, storage, freight expense ( 4 )

0.077

-3.5

-0.012

2.57

L-Apr. 2026

-2.3

Repair of household items ( 4 )

-

-

-

-

-

-

Medical care services

6.821

2.9

0.199

0.53

S-Jan. 2025

2.7

Professional services

3.400

3.8

0.131

0.77

S-Feb. 2026

3.7

Physicians' services

1.658

2.4

0.041

1.50

S-Mar. 2026

2.4

Dental services

0.913

7.0

0.064

1.21

S-Apr. 2026

6.7

Eyeglasses and eye care ( 8 )

0.315

1.7

0.006

0.85

S-Mar. 2026

1.6

Services by other medical professionals ( 8 )

0.512

4.1

0.021

0.62

S-Jun. 2025

2.7

Hospital and related services ( 13 )

2.595

5.5

0.132

0.72

S-Apr. 2026

5.5

Hospital services ( 17 )

2.145

5.1

0.105

0.74

S-Jun. 2025

4.2

Inpatient hospital services ( 5 )( 17 )

-

-

-

-

-

-

Outpatient hospital services ( 5 )( 8 )

-

6.1

-

1.24

S-Jan. 2026

6.1

Nursing homes and adult day services ( 17 )

0.221

4.5

0.009

0.54

S-Dec. 2025

4.3

Home health care ( 7 )

0.229

10.7

0.018

2.31

L-Feb. 2026

15.0

Health insurance ( 7 )

0.827

-7.4

-0.064

0.57

S-May 2024

-7.7

Transportation services

6.377

3.4

0.217

0.53

S-Feb. 2026

2.2

Leased cars and trucks ( 14 )

0.383

-1.9

-0.007

1.37

L-Jul. 2025

0.2

Car and truck rental ( 4 )

0.141

-4.1

-0.003

2.93

L-Apr. 2026

-0.1

Motor vehicle maintenance and repair

1.034

7.0

0.072

1.67

L-Sep. 2025

7.7

Motor vehicle body work

-

-

-

-

-

-

Motor vehicle maintenance and servicing

0.514

8.0

0.040

0.70

L-Aug. 2023

8.9

Motor vehicle repair ( 4 )

0.394

6.0

0.024

3.58

L-Dec. 2025

6.2

Motor vehicle insurance

2.617

-4.1

-0.114

0.94

S-Dec. 2020

-4.8

Motor vehicle fees ( 4 )

0.510

3.6

0.019

0.67

L-Mar. 2026

3.6

State motor vehicle registration and license fees ( 4 )

0.295

4.2

0.012

0.67

-

-

Parking and other fees ( 4 )

0.195

2.8

0.005

1.22

L-Feb. 2025

3.9

Parking fees and tolls ( 4 )( 5 )

-

3.8

-

1.05

S-Apr. 2026

2.9

Public transportation

1.693

16.9

0.252

0.98

L-Feb. 2023

18.0

Airline fares

1.107

26.5

0.237

1.31

S-Apr. 2026

20.7

Other intercity transportation

0.232

-3.4

-0.008

2.33

S-Nov. 2024

-3.5

Ship fare ( 4 )( 5 )

-

-3.9

-

3.78

L-Apr. 2026

-2.9

Intracity transportation

0.348

6.7

0.022

1.26

L-Aug. 2021

10.9

Intracity mass transit ( 5 )( 10 )

-

-

-

-

-

-

Recreation services ( 10 )

3.141

2.7

0.091

0.48

L-Jan. 2026

3.1

Video and audio services ( 10 )

0.772

2.8

0.023

0.72

L-Apr. 2026

3.0

Cable, satellite, and live streaming television service ( 12 )

0.591

2.2

0.013

0.54

L-Jan. 2026

2.7

Purchase, subscription, and rental of video ( 4 )

0.181

6.1

0.009

2.80

-

-

Video discs and other media ( 4 )( 5 )

-

2.8

-

5.43

S-Sep. 2025

1.6

Subscription and rental of video and video games ( 4 )( 5 )

-

14.1

-

2.95

S-Mar. 2026

13.3

Pet services including veterinary ( 4 )

0.540

5.1

0.027

0.77

-

-

Pet services ( 4 )( 5 )

-

6.3

-

1.42

S-Jan. 2026

5.7

Veterinarian services ( 4 )( 5 )

-

5.1

-

1.13

L-Apr. 2026

5.5

Photographers and photo processing ( 4 )

0.037

1.9

0.001

1.32

S-Feb. 2026

0.6

Other recreation services ( 4 )

1.791

2.0

0.039

0.68

-

-

Club membership for shopping clubs, fraternal, or other organizations, or participant sports fees ( 4 )

0.740

-1.4

-0.012

0.59

S-Apr. 2026

-1.5

Admissions

0.690

5.6

0.040

1.32

L-Dec. 2025

5.7

Admission to movies, theaters, and concerts ( 4 )( 5 )

-

3.6

-

1.47

S-Aug. 2025

3.4

Admission to sporting events ( 4 )( 5 )

-

6.2

-

10.68

L-Apr. 2025

9.3

Fees for lessons or instructions ( 8 )

0.155

2.7

0.004

1.19

S-May 2025

2.7

Education and communication services ( 10 )

4.925

1.0

0.050

0.27

S-Mar. 2026

1.0

Tuition, other school fees, and childcare

2.487

2.5

0.063

0.36

S-May 2022

2.5

College tuition and fees

1.307

1.8

0.023

0.61

S-Dec. 2025

1.5

Elementary and high school tuition and fees ( 13 )

0.396

3.0

0.012

0.54

S-May 2022

2.9

Day care and preschool ( 11 )

0.680

3.5

0.025

0.65

-

-

Technical and vocational school tuition and fixed fees ( 4 )

0.045

1.8

0.001

0.42

-

-

Postage and delivery services ( 4 )

0.066

14.6

0.008

0.32

S-Apr. 2026

9.6

Postage

0.061

14.5

0.008

0.34

-

-

Delivery services ( 4 )

0.005

14.8

0.001

0.62

S-Apr. 2026

13.6

Telephone services ( 4 )

1.451

-3.7

-0.052

0.18

S-Feb. 2018

-6.3

Wireless telephone services ( 4 )

1.328

-4.3

-0.054

0.17

S-Feb. 2026

-4.3

Residential telephone services ( 10 )

0.123

1.5

0.002

0.74

S-Mar. 2026

1.0

Internet services and electronic information providers ( 4 )

0.909

3.4

0.031

0.82

S-Apr. 2026

2.3

Other personal services ( 10 )

1.595

5.1

0.082

0.49

S-Apr. 2026

4.2

Personal care services

0.656

4.4

0.029

0.55

L-Mar. 2026

4.5

Haircuts and other personal care services ( 4 )

0.656

4.4

0.029

0.55

L-Mar. 2026

4.5

Miscellaneous personal services

0.938

5.7

0.053

0.79

S-Apr. 2026

4.7

Legal services ( 8 )

-

-

-

-

-

-

Funeral expenses ( 8 )

0.164

3.2

0.005

0.89

S-Mar. 2026

2.8

Laundry and dry cleaning services ( 4 )

0.129

5.3

0.007

1.72

S-Dec. 2025

4.6

Apparel services other than laundry and dry cleaning ( 4 )

0.029

7.2

0.002

2.43

S-Jan. 2026

5.4

Financial services ( 8 )

0.243

6.0

0.014

1.41

S-Apr. 2026

-2.7

Checking account and other bank services ( 4 )( 5 )

-

1.0

-

1.88

S-Apr. 2026

0.7

Tax return preparation and other accounting fees ( 4 )( 5 )

-

8.3

-

3.16

S-Apr. 2026

-4.1

Special aggregate indexes

All items less food

86.553

3.6

3.121

0.10

S-Mar. 2026

3.3

All items less shelter

64.851

3.7

2.372

0.11

S-Mar. 2026

3.4

All items less food and shelter

51.404

3.8

1.962

0.14

S-Mar. 2026

3.6

All items less food, shelter, and energy

43.613

2.1

0.911

0.16

S-Feb. 2026

2.1

All items less food, shelter, energy, and used cars and trucks

40.984

2.3

0.953

0.17

S-Dec. 2025

2.3

All items less medical care

91.770

3.7

3.363

0.09

S-Mar. 2026

3.3

All items less energy

92.209

2.7

2.480

0.09

S-Mar. 2026

2.6

Commodities

36.735

4.1

1.492

0.11

S-Mar. 2026

3.4

Commodities less food, energy, and used cars and trucks

16.109

1.2

0.201

0.18

S-Nov. 2025

1.1

Commodities less food

23.288

4.8

1.082

0.14

S-Mar. 2026

3.9

Commodities less food and beverages

22.468

4.9

1.066

0.14

S-Mar. 2026

4.0

Services

63.264

3.2

2.039

0.14

S-Mar. 2026

3.1

Services less rent of shelter ( 16 )

28.402

3.1

0.902

0.22

S-Oct. 2023

3.0

Services less medical care services

56.444

3.2

1.840

0.14

S-Mar. 2026

3.1

Durables

10.457

-0.2

-0.019

0.18

S-Apr. 2025

-0.4

Nondurables

26.279

6.0

1.512

0.13

S-Mar. 2026

4.9

Nondurables less food

12.831

9.3

1.101

0.22

S-Mar. 2026

7.4

Nondurables less food and beverages

12.011

9.9

1.085

0.24

S-Mar. 2026

7.9

Nondurables less food, beverages, and apparel

9.554

11.6

0.992

0.19

S-Mar. 2026

9.2

Nondurables less food and apparel

10.374

10.8

1.009

0.17

S-Mar. 2026

8.6

Housing

43.896

3.3

1.477

0.17

S-Feb. 2026

3.3

Education and communication ( 4 )

5.701

-0.1

-0.003

0.30

S-Dec. 2023

-0.1

Education ( 4 )

2.524

2.5

0.063

0.34

S-Apr. 2024

2.5

Communication ( 4 )

3.177

-2.1

-0.066

0.42

S-Mar. 2026

-2.2

Information and information processing ( 4 )

3.110

-2.4

-0.075

0.43

S-Apr. 2025

-2.5

Information technology, hardware and services ( 13 )

1.659

-1.4

-0.022

0.78

S-Apr. 2026

-1.5

Recreation ( 4 )

5.031

2.8

0.146

0.36

L-Dec. 2025

3.0

Video and audio ( 4 )

1.027

2.7

0.028

0.59

L-Apr. 2026

2.9

Pets, pet products and services ( 4 )

1.137

3.2

0.037

0.64

-

-

Photography ( 4 )

0.063

2.5

0.002

1.23

S-Nov. 2025

0.7

Food and beverages

14.267

3.0

0.427

0.16

-

-

Domestically produced farm food

6.822

2.6

0.178

0.22

L-Mar. 2025

2.6

Other services

9.660

2.3

0.223

0.22

S-Apr. 2026

1.9

Apparel less footwear

1.865

3.8

0.069

0.94

S-Mar. 2026

3.7

Fuels and utilities

4.546

4.6

0.210

0.53

S-Mar. 2025

4.1

Household energy

3.413

4.6

0.159

0.69

S-Mar. 2025

3.8

Medical care

8.230

2.0

0.168

0.48

S-Feb. 2024

1.4

Transportation

17.527

6.5

1.090

0.22

S-Mar. 2026

5.0

Private transportation

15.834

5.5

0.839

0.21

S-Mar. 2026

4.4

New and used motor vehicles ( 4 )

6.960

-0.5

-0.036

0.14

L-Dec. 2025

0.5

Utilities and public transportation

8.108

4.9

0.391

0.37

S-Mar. 2026

4.1

Household furnishings and operations

4.202

2.5

0.107

0.41

S-Apr. 2025

2.3

Other goods and services

2.891

4.6

0.133

0.35

S-Apr. 2026

4.4

Personal care

2.444

4.2

0.103

0.41

S-Apr. 2026

3.8

Footnotes

(1) The 'effect' of an item category is a measure of that item's contribution to the All items price change. For example, if the Food index had an effect of 0.40, and the All items index rose 1.2 percent, then the increase in food prices contributed 0.40 / 1.2, or 33.3 percent, to that All items increase. Said another way, had food prices been unchanged for that year the change in the All items index would have been 1.2 percent minus 0.40, or 0.8 percent. Effects can be negative as well. For example, if the effect of food was a negative 0.1, and the All items index rose 0.5 percent, the All items index actually would have been 0.1 percent higher (or 0.6 percent) had food prices been unchanged. Since food prices fell while prices overall were rising, the contribution of food to the All items price change was negative (in this case, -0.1 / 0.5, or minus 20 percent).

(2) A statistic's margin of error is often expressed as its point estimate plus or minus two standard errors. For example, if a CPI category rose 2.6 percent, and its standard error was 0.25 percent, the margin of error on this item's 12-month percent change would be 2.6 percent, plus or minus 0.5 percent.

(3) If the current 12-month percent change is greater than the previous published 12-month percent change, then this column identifies the closest prior month with a 12-month percent change as (L)arge as or (L)arger than the current 12-month change. If the current 12-month percent change is smaller than the previous published 12-month percent change, the most recent month with a change as (S)mall or (S)maller than the current month change is identified. If the current and previous published 12-month percent changes are equal, a dash will appear. Standard numerical comparison is used. For example, 2.0% is greater than 0.6%, -4.4% is less than -2.0%, and -2.0% is less than 0.0%. Note that a (L)arger change can be a smaller decline, for example, a -0.2% change is larger than a -0.4% change, but still represents a decline in the price index. Likewise, (S)maller changes can be increases, for example, a 0.6% change is smaller than 0.8%, but still represents an increase in the price index. In this context, a -0.2% change is considered to be smaller than a 0.0% change.

(4) Indexes on a December 1997=100 base.

(5) Special indexes based on a substantially smaller sample. These series do not contribute to the all items index aggregation and therefore do not have a relative importance or effect.

(6) Indexes on a December 2007=100 base.

(7) Indexes on a December 2005=100 base.

(8) Indexes on a December 1986=100 base.

(9) Indexes on a December 1993=100 base.

(10) Indexes on a December 2009=100 base.

(11) Indexes on a December 1990=100 base.

(12) Indexes on a December 1983=100 base.

(13) Indexes on a December 2024=100 base.

(14) Indexes on a December 2001=100 base.

(15) Indexes on a December 2019=100 base.

(16) Indexes on a December 1982=100 base.

(17) Indexes on a December 1996=100 base.

Last Modified Date: July 14, 2026

打开原文

USAR打通废磁体稀土分离环节

重要性4/5 中高

USAR直接技术里程碑涉及稀缺的重稀土分离能力，但现阶段仍是公司披露的示范样品，商业验证不足。

标签

标的：`USAR`来源：GlobeNewswire发布日期：2026-07-14重要性：4/5 中高评级理由：USAR直接技术里程碑涉及稀缺的重稀土分离能力，但现阶段仍是公司披露的示范样品，商业验证不足。评级依据：timeliness, strategic_relevance, source_quality, evidence_limitations原文字数：1787

中文摘要

核心结论

USA Rare Earth（美国稀土公司，USAR）已在科罗拉多州Wheat Ridge示范设施用磁体加工废屑制成商业级氧化镝和氧化钕镨样品，验证了重稀土回收分离流程；样品仍需客户资格认证，商业规模、良率与经济性尚未披露。

重要性评级

评级：4/5（中高）

事件直接对应USAR的技术与一体化供应链进展，重稀土分离具有较高战略价值；信息来自公司付费新闻稿，缺少第三方检测数据和商业化指标。

关键事实

• USAR于美东时间 07/14 07:00（UTC+8 07/14 19:00）宣布制成商业级氧化镝和氧化钕镨样品。
• 原料为钕铁硼磁体加工产生的细废屑，来自公司俄克拉何马州Stillwater磁体工厂。
• 公司预计该类废屑未来最多可满足磁性稀土氧化物原料需求的30%。
• 样品计划送往英国子公司Less Common Metals（稀土金属及合金生产商，LCM）进行资格认证，并转化为金属和带材。
• Wheat Ridge设施全天24小时运行，用实时数据支持规划中的综合分离工厂设计。
• 后续试验计划处理Round Top项目及Serra Verde旗下Pela Ema矿的原料，并在未来数周尝试生产更多稀土及关键矿物氧化物。
• 镝用于提高钕铁硼永磁体的高温矫顽力，公司称目前几乎全部氧化镝产自中国。

作者观点与证据

新闻稿把此次产样定义为USAR形成采矿、分离、金属与合金、永磁体制造闭环的重要节点。已确认的事实限于公司宣布完成样品生产；“商业级”、30%原料占比和未来扩产均为公司口径，原文没有纯度、回收率、单位成本、批次规模或第三方检测结果。

与相关标的的关系

该成果直接影响USAR的技术可行性叙事，并可能提高Stillwater废料循环利用和LCM上游原料协同程度。HRE.AX仅作为元数据关联标的出现，正文未说明其参与本项目。

时效性与限制

事件距归档约四天。Serra Verde交易仍待完成，Round Top、商业分离厂及后续产能均涉及融资、建设、客户认证和执行风险；新闻稿列出的多数效益属于前瞻性陈述。

后续跟踪

• LCM对氧化物样品的认证结果与客户规格。
• 纯度、回收率、单吨成本和连续运行数据。
• 综合分离工厂的设计、融资和投产时间。
• Serra Verde交易交割及Round Top原料试验结果。

英文原文

USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility

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USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility

USA Rare Earth, Inc.

Tue, July 14, 2026 at 7:00 PM GMT+8 9 min read

• USAR

-1.63%

• HRE.AX

0.00%

• USARW

USA Rare Earth, Inc. Positions USA Rare Earth as one of few companies outside of Asia with the capability to separate heavy rare earths

Represents important step toward an integrated value chain that secures global supply for advanced manufacturing and critical industries

Broadens Company's feedstock options to include recycled material, complementing planned oxide production from Round Top and Serra Verde concentrates

Samples to be sent to LCM for qualification; produced oxides to serve as feedstock to rare earth metal production, which supplies the Company's magnet manufacturing facilities in the United States

WHEAT RIDGE, Colo., July 14, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) ("USAR", "USA Rare Earth", or the "Company"), a rare earth, critical minerals and advanced materials company, today announced that its hydrometallurgical facility in Wheat Ridge, Colorado, has produced commercial-grade dysprosium (Dy) oxide and neodymium-praseodymium (NdPr) oxide samples from recycled rare earth magnet scrap, known in the industry as "swarf."

USA Rare Earth's successful separation of commercial-grade Dy oxide and NdPr oxide at Wheat Ridge is a pivotal milestone, establishing the Company as one of the few Western producers capable of executing this technically demanding process outside Asia. By bridging world-class upstream resources with advanced separation and processing, metallization, and magnet manufacturing, the Company's mission is to build the leading global rare earth and critical mineral value chain where each link reinforces the next. This achievement marks a critical step toward delivering a global, integrated solution to de-risk supply chains for defense, semiconductors, and physical AI infrastructure.

The Dy and NdPr oxides were produced using swarf, the fine scrap generated when neodymium-iron-boron (NdFeB) magnets are machined and finished, which in this case were sourced from the Company's Stillwater, OK magnet manufacturing facility. Turning that scrap back into high-purity light and heavy rare earth oxide broadens the Company's feedstock options and strengthens the circularity of its value chain, with swarf projected to support up to 30% of future magnetic rare earth oxide feedstock needs. This validation of the magnet swarf recycling flowsheet also lays the foundation to potentially incorporate end-of-life magnets as an additional commercial feedstock option.

The oxides produced at Wheat Ridge are expected to be sent to Less Common Metals ("LCM"), USA Rare Earth's subsidiary in the United Kingdom, for qualification and for conversion into rare earth metals and strip cast. The output from LCM, which is one of the few commercial scale metal, alloy and strip cast producers outside of Asia, is expected to serve as feedstock for the Company's magnet manufacturing facilities in the United States.

Story Continues

Dysprosium is one of the most technically challenging rare earth elements to separate at commercial purity, and today virtually all Dy oxide is produced in China. While NdPr provides the magnetic foundation of NdFeB permanent magnets, dysprosium is added in smaller quantities to allow magnets to retain performance and coercivity at high operating temperatures, a requirement of the aerospace, defense, electric vehicle, robotics and industrial motor applications that NdFeB magnets enable. Producers with the proven ability to separate heavy rare earths at commercial specification outside Asia remain scarce, and Dy availability is widely recognized as a primary constraint on the Western permanent magnet industry.

Today's production milestone places USA Rare Earth in that small group and establishes swarf from magnet manufacturing as a feedstock stream back into the Company's value chain, closing the loop between the Company's downstream magnet manufacturing and its upstream separation. Additional campaigns underway at Wheat Ridge are expected to process material from the Company's Round Top project and from Serra Verde's Pela Ema mine. These campaigns are expected to produce additional varieties of rare earth and critical mineral oxides in the coming weeks, further advancing USA Rare Earth toward proven capability across every stage of the rare earth value chain: mining, separation and processing, metal and alloy making, and permanent magnet manufacturing.

About the Wheat Ridge Facility

The Wheat Ridge demonstration facility runs 24 hours a day and is fully instrumented for real-time process monitoring across every unit operation. The facility is built to digitally and physically simulate the Company's future commercial-scale operation, and the data it generates flows directly into the engineering design of a planned consolidated separation facility, which will process both magnet swarf and mixed rare earth carbonate (MREC). This allows the team to validate its proprietary flowsheets and refine the commercial design using live operating data and physical testing rather than theory alone.

About USA Rare Earth, Inc.

USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States and the United Kingdom, with plans for expansion in France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world's leading producers of rare earth metals and alloys, its magnet manufacturing capacity in Stillwater, Oklahoma, the planned acquisition of the Pela Ema mine in Brazil (subject to closing the Serra Verde Group transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and other key industrial sectors. For more information, visit www.usare.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the objectives, scope and anticipated benefits of the Wheat Ridge demonstration program; the Company's ability to validate and optimize its processing and separation flowsheets and to produce separated oxides at commercial quality; the Company's plans for a consolidated commercial separation facility for magnet swarf and mixed rare earth carbonate; and the Company's global value chain strategy. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as "anticipate," "believe," "can," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "project," "should," "target," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from the Company's expectations, including without limitation: the Company's ability to execute its business plan, including development of the Round Top deposit and its processing and manufacturing facilities; the timing and advancement of expected business milestones; the significant long-term and inherently risky investments the Company is making in mining and manufacturing facilities; the Company's ability to obtain additional or replacement financing as needed; risks that the proposed transactions with Serra Verde Group, Carester SAS and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; the Company may not realize the anticipated benefits of its proposed and prior acquisitions, including expected synergies, financial performance, estimated EBITDA and, in the case of Serra Verde Group, integration of operations, on the anticipated timeline or at all; the ability of the Company's Stillwater facility or other future magnet manufacturing facilities to commence commercial operations on the timing and with the production capacity anticipated or at all; the Company's limited operating history; risks that the Company may experience delays, unforeseen expenses, increased capital costs, and other complications in operating its business; potential dilution to existing stockholders and adverse effect on the Company's stock price if the Company issues additional common stock or equity-linked securities; the volatility of the Company's stock price; the Company's ability to satisfy project milestones and other conditions to disbursement under the Company's financing arrangement with the Department of Commerce ("DOC") on the anticipated timeline or at all; the Company's dependence on continued governmental support for the DOC financing transactions, which remains subject to changes in laws, regulations, administrations and appropriations; extensive affirmative and negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations in the DOC financing agreements that restrict the Company's operational and financial flexibility; the risk that defaults under the DOC funding agreements could trigger cross-defaults across the Company's financing arrangements; the impact of the DOC's equity interest in the Company on the Company's ability to pursue strategic transactions and on the Company's relationships with customers, suppliers, partners and other counterparties; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow the Company to develop and commercially operate the Company's Stillwater facility and other facilities; the Company's ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of the Company's products, including without limitation as a result of dumping, predatory pricing and other tactics by the Company's competitors or state actors or the overall competitive environment; the Company's ability to achieve positive cash flow or profitability or the ability to access cash flow within the Company's corporate structure due to restrictions contained in the Company's financing agreements; the Company's ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of the Company's neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People's Republic of China, the United States or other countries in which the Company operates or sells products or otherwise; war, terrorism, natural disasters or public health emergencies; the Company's ability to retain or recruit key personnel; environmental, health and safety regulations; and the Company's ability to comply with requirements for federal, state and local government incentives and financing.

Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and subsequent filings. Any forward-looking statements speak only as of the date of this press release (or such other date as is specified in such statements), and the Company undertakes no obligation to update any forward-looking statements as a result of new information or future developments except as required by law.

Investor Contact

JB Lowe

Vice President, Investor Relations

USA Rare Earth, Inc.

ir@usare.com

Media Contact

Collected Strategies

USAR-CS@collectedstrategies.com

打开原文

稀土磁材废料实现镝与钕镨分离

重要性4/5 中高

重稀土分离和废料循环验证与USAR主营链条直接相关，但尚处样品认证及商业放大前阶段。

标签

标的：`USAR`来源：USA Rare Earth发布日期：2026-07-14重要性：4/5 中高评级理由：重稀土分离和废料循环验证与USAR主营链条直接相关，但尚处样品认证及商业放大前阶段。评级依据：timeliness, technical_milestone, primary_source, qualification_pending原文字数：1800

中文摘要

核心结论

USA Rare Earth（美国稀土材料公司）在科罗拉多州Wheat Ridge示范设施利用磁体加工废料，制得商业级Dy（镝）氧化物和NdPr（钕镨）氧化物样品。成果验证了轻、重稀土回收分离流程，但样品仍须接受下游资格认证，商业规模产量、纯度指标和成本尚未披露。

重要性评级

评级：4/5（中高）

该里程碑直接关系USAR构建西方稀土分离与永磁体一体化链条的可行性，并涉及供应紧张的重稀土镝；证据目前主要来自公司示范设施和新闻稿。

关键事实

• 公司于07/14（未给出具体时刻）宣布制得商业级镝氧化物和钕镨氧化物样品。
• 原料为NdFeB（钕铁硼）磁体加工产生的细碎废料，来自公司位于俄克拉何马州Stillwater的磁体工厂。
• 公司预计该类废料未来最多可满足磁性稀土氧化物原料需求的30%。
• 样品计划送往英国子公司LCM（Less Common Metals，稀土金属及合金生产商）进行认证，并转化为稀土金属和铸带。
• LCM的产出计划供应美国磁体制造设施，形成废料、氧化物、金属及合金、磁体的循环链条。
• Wheat Ridge示范设施全天24小时运行，并为计划中的综合分离设施提供实时工艺数据。
• 后续试验将处理Round Top项目和Serra Verde的Pela Ema矿山原料，预计未来数周生产更多稀土及关键矿物氧化物。

作者观点与证据

公司将此次试产定位为亚洲以外重稀土分离能力的重要证明。实际样品生产和废料来源构成工艺证据；“商业级”的详细纯度、批量稳定性及经济性没有量化，未来原料占比、资格认证和完整产业链落地仍属预期。

与相关标的的关系

该成果直接关联USAR的工艺能力、Stillwater磁体业务和英国LCM下游转化。若后续认证与放大顺利，可拓宽原料来源并减少废料；当前尚不足以证明商业设施的产量、成本或盈利能力。

时效性与限制

公告发布于07/14（未给出具体时刻），截至美东时间 07/18 00:46（UTC+8 07/18 12:46）已被收录。材料未提供第三方检测报告、具体纯度、收率、单位成本、样品数量或连续运行周期。

后续跟踪

• LCM对两类氧化物样品的认证结果。
• 纯度、收率、批次稳定性和单位加工成本。
• 废料原料占比能否接近最高30%的规划。
• Round Top和Pela Ema原料试验结果及商业设施设计。

英文原文

USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility - Tue, 07/14/2026 - 07:00

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USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility

Jul 14, 2026

PDF Version

Positions USA Rare Earth as one of few companies outside of Asia with the capability to separate heavy rare earths

Represents important step toward an integrated value chain that secures global supply for advanced manufacturing and critical industries

Broadens Company’s feedstock options to include recycled material, complementing planned oxide production from Round Top and Serra Verde concentrates

Samples to be sent to LCM for qualification; produced oxides to serve as feedstock to rare earth metal production, which supplies the Company’s magnet manufacturing facilities in the United States

WHEAT RIDGE, Colo., July 14, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) ("USAR", "USA Rare Earth", or the "Company"), a rare earth, critical minerals and advanced materials company, today announced that its hydrometallurgical facility in Wheat Ridge, Colorado, has produced commercial-grade dysprosium (Dy) oxide and neodymium-praseodymium (NdPr) oxide samples from recycled rare earth magnet scrap, known in the industry as "swarf."

USA Rare Earth’s successful separation of commercial-grade Dy oxide and NdPr oxide at Wheat Ridge is a pivotal milestone, establishing the Company as one of the few Western producers capable of executing this technically demanding process outside Asia. By bridging world-class upstream resources with advanced separation and processing, metallization, and magnet manufacturing, the Company’s mission is to build the leading global rare earth and critical mineral value chain where each link reinforces the next. This achievement marks a critical step toward delivering a global, integrated solution to de-risk supply chains for defense, semiconductors, and physical AI infrastructure.

The Dy and NdPr oxides were produced using swarf, the fine scrap generated when neodymium-iron-boron (NdFeB) magnets are machined and finished, which in this case were sourced from the Company’s Stillwater, OK magnet manufacturing facility. Turning that scrap back into high-purity light and heavy rare earth oxide broadens the Company’s feedstock options and strengthens the circularity of its value chain, with swarf projected to support up to 30% of future magnetic rare earth oxide feedstock needs. This validation of the magnet swarf recycling flowsheet also lays the foundation to potentially incorporate end-of-life magnets as an additional commercial feedstock option.

The oxides produced at Wheat Ridge are expected to be sent to Less Common Metals (“LCM”), USA Rare Earth’s subsidiary in the United Kingdom, for qualification and for conversion into rare earth metals and strip cast. The output from LCM, which is one of the few commercial scale metal, alloy and strip cast producers outside of Asia, is expected to serve as feedstock for the Company’s magnet manufacturing facilities in the United States.

Dysprosium is one of the most technically challenging rare earth elements to separate at commercial purity, and today virtually all Dy oxide is produced in China. While NdPr provides the magnetic foundation of NdFeB permanent magnets, dysprosium is added in smaller quantities to allow magnets to retain performance and coercivity at high operating temperatures, a requirement of the aerospace, defense, electric vehicle, robotics and industrial motor applications that NdFeB magnets enable. Producers with the proven ability to separate heavy rare earths at commercial specification outside Asia remain scarce, and Dy availability is widely recognized as a primary constraint on the Western permanent magnet industry.

Today’s production milestone places USA Rare Earth in that small group and establishes swarf from magnet manufacturing as a feedstock stream back into the Company’s value chain, closing the loop between the Company’s downstream magnet manufacturing and its upstream separation. Additional campaigns underway at Wheat Ridge are expected to process material from the Company’s Round Top project and from Serra Verde’s Pela Ema mine. These campaigns are expected to produce additional varieties of rare earth and critical mineral oxides in the coming weeks, further advancing USA Rare Earth toward proven capability across every stage of the rare earth value chain: mining, separation and processing, metal and alloy making, and permanent magnet manufacturing.

About the Wheat Ridge Facility

The Wheat Ridge demonstration facility runs 24 hours a day and is fully instrumented for real-time process monitoring across every unit operation. The facility is built to digitally and physically simulate the Company’s future commercial-scale operation, and the data it generates flows directly into the engineering design of a planned consolidated separation facility, which will process both magnet swarf and mixed rare earth carbonate (MREC). This allows the team to validate its proprietary flowsheets and refine the commercial design using live operating data and physical testing rather than theory alone.

About USA Rare Earth, Inc.

USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States and the United Kingdom, with plans for expansion in France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world’s leading producers of rare earth metals and alloys, its magnet manufacturing capacity in Stillwater, Oklahoma, the planned acquisition of the Pela Ema mine in Brazil (subject to closing the Serra Verde Group transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and other key industrial sectors. For more information, visit www.usare.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the objectives, scope and anticipated benefits of the Wheat Ridge demonstration program; the Company’s ability to validate and optimize its processing and separation flowsheets and to produce separated oxides at commercial quality; the Company’s plans for a consolidated commercial separation facility for magnet swarf and mixed rare earth carbonate; and the Company’s global value chain strategy. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate,” “believe,” “can,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from the Company’s expectations, including without limitation: the Company’s ability to execute its business plan, including development of the Round Top deposit and its processing and manufacturing facilities; the timing and advancement of expected business milestones; the significant long-term and inherently risky investments the Company is making in mining and manufacturing facilities; the Company’s ability to obtain additional or replacement financing as needed; risks that the proposed transactions with Serra Verde Group, Carester SAS and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; the Company may not realize the anticipated benefits of its proposed and prior acquisitions, including expected synergies, financial performance, estimated EBITDA and, in the case of Serra Verde Group, integration of operations, on the anticipated timeline or at all; the ability of the Company’s Stillwater facility or other future magnet manufacturing facilities to commence commercial operations on the timing and with the production capacity anticipated or at all; the Company’s limited operating history; risks that the Company may experience delays, unforeseen expenses, increased capital costs, and other complications in operating its business; potential dilution to existing stockholders and adverse effect on the Company’s stock price if the Company issues additional common stock or equity-linked securities; the volatility of the Company’s stock price; the Company’s ability to satisfy project milestones and other conditions to disbursement under the Company’s financing arrangement with the Department of Commerce (“DOC”) on the anticipated timeline or at all; the Company’s dependence on continued governmental support for the DOC financing transactions, which remains subject to changes in laws, regulations, administrations and appropriations; extensive affirmative and negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations in the DOC financing agreements that restrict the Company’s operational and financial flexibility; the risk that defaults under the DOC funding agreements could trigger cross-defaults across the Company’s financing arrangements; the impact of the DOC’s equity interest in the Company on the Company’s ability to pursue strategic transactions and on the Company’s relationships with customers, suppliers, partners and other counterparties; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow the Company to develop and commercially operate the Company’s Stillwater facility and other facilities; the Company’s ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of the Company’s products, including without limitation as a result of dumping, predatory pricing and other tactics by the Company’s competitors or state actors or the overall competitive environment; the Company’s ability to achieve positive cash flow or profitability or the ability to access cash flow within the Company’s corporate structure due to restrictions contained in the Company’s financing agreements; the Company’s ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of the Company’s neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other countries in which the Company operates or sells products or otherwise; war, terrorism, natural disasters or public health emergencies; the Company’s ability to retain or recruit key personnel; environmental, health and safety regulations; and the Company’s ability to comply with requirements for federal, state and local government incentives and financing.

Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and subsequent filings. Any forward-looking statements speak only as of the date of this press release (or such other date as is specified in such statements), and the Company undertakes no obligation to update any forward-looking statements as a result of new information or future developments except as required by law.

Investor Contact

JB Lowe

Vice President, Investor Relations

USA Rare Earth, Inc.

ir@usare.com

Media Contact

Collected Strategies

USAR-CS@collectedstrategies.com

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打开原文

USAR上半年涨势的事件账本

重要性3/5 中

直接覆盖USAR并整理多项历史催化，但以回顾为主，新增信息有限且带有订阅推广。

标签

标的：`USAR`来源：Motley Fool发布日期：2026-07-13重要性：3/5 中评级理由：直接覆盖USAR并整理多项历史催化，但以回顾为主，新增信息有限且带有订阅推广。评级依据：background_value, fact_density, source_quality, freshness原文字数：850

中文摘要

核心结论

USAR在2026年上半年上涨81.3%，主要伴随法国项目、联邦及私人融资、英国钇生产进展和Serra Verde收购等事件；6月30日后股价又下跌逾20%，显示市场定价仍高度依赖尚待兑现的项目计划。

重要性评级

评级：3/5（中）

文章为USAR提供上半年行情与催化回顾，数字较具体，但多数事件已被市场吸收，且作者引用公司预测时缺少独立验证。

关键事实

• USAR在2025年上涨3.7%，同期标普500指数上涨16.4%。
• 标普全球市场财智数据显示，USAR在2026年上半年上涨81.3%，其中1月涨幅超过88%。
• 公司宣布与法国政府合作建设金属及合金工厂，管理层预计2026年末开始运营。
• 公司选择Fluor（福陆工程公司）协助Round Top项目的最终可行性研究。
• 公司披露与美国商务部的非约束性意向书及与能源部的合作，涉及约16亿美元联邦资金；Inflection Point另提供15亿美元私人资金。
• Roth Capital于01/26（未给出具体时刻）将目标价从25美元上调至35美元；Benchmark于次日将目标价从15美元上调至45美元。
• 公司4月宣布英国子公司产出商业级钇，并拟以约28亿美元收购Serra Verde Group。
• 管理层预计Serra Verde到2027年末实现5.5亿至6.5亿美元年化EBITDA（息税折旧摊销前利润）；USAR自6月30日至文章写作时已下跌逾20%。

作者观点与证据

作者将上涨归因于分析师看多、融资进展与商业运营里程碑，同时承认USAR仍属高波动投机型公司。股价表现来自标普全球市场财智，项目时间和Serra Verde盈利预测主要来自管理层；文章后半包含Motley Fool（傻瓜投资网）的订阅推广，降低了独立研究价值。

与相关标的的关系

文章直接解释USAR估值变化。NVDA与标普500仅用于推广或业绩比较，未构成稀土业务证据。

时效性与限制

文章发布于美东时间 07/13 17:53（UTC+8 07/14 05:53），适合作为半年复盘背景。联邦资金包含非约束性安排，Serra Verde交易、法国工厂和Round Top项目尚有交割、融资及建设风险。

后续跟踪

• 联邦及私人融资的约束性条款与实际拨款。
• Serra Verde交易交割及盈利目标兑现情况。
• 法国工厂和Round Top可行性研究进度。
• 商业产能、客户订单及现金消耗。

英文原文

Here

Here's Why USA Rare Earth Stock Rocketed 81% Higher in the First Half of 2026

Scott Levine, The Motley Fool

Tue, July 14, 2026 at 5:53 AM GMT+8 4 min read

• USAR

-1.63%

• ^GSPC

-1.01%

• NVDA

-2.21%

Underperforming the S&P 500 , shares of USA Rare Earth (NASDAQ: USAR) inched 3.7% higher in 2025, while the index rose 16.4%. The first half of 2026, however, featured a very different story. According to data provided by S&P Global Market Intelligence , shares of USA Rare Earth soared 81.3% through the first six months of 2026.

With analysts consistently providing bullish outlooks on the stock and the rare-earth company reporting progress toward commencing commercial operations, investors found sufficient cause to click the buy button over the past several months.

Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »

Image source: Getty Images.

Digging into the sources of this mining stock's rise

It didn't take long after the ball dropped before investors started bidding USA Rare Earth stock higher. Shares rose more than 88% in January after the company announced a partnership with the French government to develop a metal and alloy production facility in France that management expects to commence operations in late 2026.

Reporting progress toward the start of domestic operations, USA Rare Earth announced in late January that it had selected Fluor to assist with its Definitive Feasibility Study for the company's cornerstone Round Top Rare Earth Project in Texas. Plus, the company announced that it had signed a non-binding Letter of Intent with the U.S. Department of Commerce and entered into a collaboration with the U.S. Department of Energy, totaling about $1.6 billion in federal funding. In addition, the company announced $1.5 billion in private funding provided by Inflection Point.

Analysts also espoused a more bullish outlook on USA Rare Earth stock in the early part of the new year. On Jan. 26, Roth Capital hiked its price target to $35 from $25, and the following day, Benchmark boosted its price target to 45 from $15.

Despite a strong start to the year, shares dipped in February and March. But the decline didn't persist. In April, USA Rare Earth stock headed higher after the company reported that its subsidiary had poured commercial-grade yttrium (a rare-earth metal) at its facility in the United Kingdom. The company lauded the achievement, characterizing it as a milestone that sets it apart as one of the few companies to do so outside China.

Another catalyst for the stock's rise in April was the company's announcement that it had entered into a definitive agreement to acquire Serra Verde Group, a large-scale producer of all four magnetic rare-earths, including the valuable heavy rare-earth dysprosium, terbium, and yttrium, for about $2.8 billion. According to USA Rare Earth management, the acquisition will de-risk the company as Serra Verde is expected to achieve annualized run rate earnings before interest, taxes, depreciation, and amortization of $550-$650 million by the end of 2027.

Story Continues

How are things looking in the second half of the year?

Despite the strong performance in the first half of 2026, the second half of the year hasn't provided much for investors to celebrate, with shares sinking more than 20% as of this writing since June 30. For a speculative stock such as USA Rare Earth, the volatility is to be expected. Thus, those with lower risk tolerances who are interested in growth stocks that provide rare-earth exposure will be more interested in a rare-earth ETF .

Should you buy stock in USA Rare Earth right now?

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Here's Why USA Rare Earth Stock Rocketed 81% Higher in the First Half of 2026 was originally published by The Motley Fool

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HyProMag押注美国废磁体回收

重要性2/5 中低

可用于观察美国磁体回收竞争格局，但与USAR仅间接相关，关键经济数据来自项目方并带有强烈推介色彩。

标签

标的：`USAR`来源：Exec Edge发布日期：2026-07-13重要性：2/5 中低评级理由：可用于观察美国磁体回收竞争格局，但与USAR仅间接相关，关键经济数据来自项目方并带有强烈推介色彩。评级依据：industry_background, source_bias, evidence_limitations原文字数：878

中文摘要

核心结论

HyProMag USA计划以废旧设备中的钕铁硼磁体为原料，在美国建设回收与制造网络，试图绕开新矿开发周期；项目价值主要建立在公司预测的产量、估值和潜在上市计划上，商业落地仍取决于融资、原料合同与客户认证。

重要性评级

评级：2/5（中低）

文章提供美国磁体回收供应链的可比项目信息，对USAR属行业背景；内容明显偏向CoTec Holdings（科泰控股）的投资宣传，关键估值未经独立验证。

关键事实

• HyProMag USA是HyProMag与CoTec Holdings的合资企业，计划建设10个美国枢纽，首批地点包括得州、南卡罗来纳州和内华达州。
• 公司技术源自伯明翰大学，历经15年和超过1亿美元研发投入。
• 公司称磁体到磁体的短流程回收较传统方法节能88%、减排85%。
• 规划中的达拉斯设施预计年产约750吨再生烧结磁体，并配套全国收集中心。
• 美国进出口银行已就“在美国制造更多”计划出具最高9,200万美元融资意向书。
• 文章称得州项目正争取原料并签署包括宝马、Siemens（西门子）在内的客户合同，但未披露合同规模和约束力。
• 公司测算前三座工厂税后NPV（净现值）至少20亿美元；文章按CoTec约50%经济权益推算其对应价值约10亿美元，而CoTec市值约1.15亿美元。
• HyProMag正在研究潜在IPO（首次公开募股）。

作者观点与证据

作者认为下游回收、制造技术和客户关系可能比矿产资源更具差异化，并突出潜在上市带来的估值重估。节能、减排、产量和净现值均为公司或项目方数据；文章没有提供可行性研究、资本成本、产品价格假设、客户认证结果或实际收入。

与相关标的的关系

CoTec及其场外交易代码CTHCF与项目直接相关。USAR、MP和NB属于美国稀土及磁体供应链可比标的，正文未显示它们参与HyProMag项目，因此对USAR仅有竞争与行业映射价值。

时效性与限制

文章发布于美东时间 07/13 17:43（UTC+8 07/14 05:43）。Exec Edge（高管资讯平台）的措辞带有明显推介倾向，融资仍停留在意向阶段，潜在上市没有确定时间表。

后续跟踪

• 达拉斯工厂的最终融资、建设与投产安排。
• 原料供应及客户合同的约束力和规模。
• 产品认证、良率、单位成本和实际产量。
• 潜在上市结构及CoTec最终经济权益。

英文原文

HyProMag is the Magnet Opportunity Hiding in America

HyProMag is the Magnet Opportunity Hiding in America's Scrap Heap

Exec Edge

Tue, July 14, 2026 at 5:43 AM GMT+8 4 min read

• CTHCF

-4.20%

• LYJ.F

-0.61%

• MP

-0.48%

• USAR

-1.63%

• NB

-2.52%

-HyProMag USA, a JV with CoTec Holdings Corp. (OTC: CTHCF), is building a U.S. rare-earth magnet supply chain through recycling instead of mining

-Rare-earth magnets likely a scarce strategic asset in a market dominated by China

-Real upside is creating a scalable national magnet manufacturing platform with 10 planned hubs starting in Texas, South Carolina and Nevada

-Texas plant already securing feedstock and signing customer contracts including BMW, Siemens and others

-Positioned to benefit from growing demand in AI, robotics, EVs, aerospace and defense

-HyProMag sees over $2 billion in after-tax net present value (NPV) for first three plants

-CoTec Holdings, with a market cap around $115 million, could see significant appreciation via key catalyst: a potential IPO of HyProMag USA

By Jarrett Banks

For years, the West's answer to China's dominance in rare earths has been straightforward: find more mines. HyProMag USA, a joint venture with CoTec Holdings Corp. (OTC: CTHCF), is making a different bet.

Instead of spending billions extracting fresh ore, the company wants to mine yesterday's technology–hard drives, electric motors, medical equipment and industrial scrap–for the permanent magnets that power everything from electric vehicles and robots to missile systems and data centers.

It's an idea whose timing may finally be right. Permanent magnets have quietly become one of the most strategically important components in the global economy. They account for only a tiny fraction of the cost of an electric vehicle or industrial robot, yet without them, production stops.

China still dominates nearly every stage of the supply chain, from refining rare earths to manufacturing finished magnets, leaving Western manufacturers increasingly exposed to geopolitical risk. That has transformed magnet production from an industrial niche into a national-security priority.

Enter HyProMag, which believes recycling can become part of the solution. Using patented hydrogen-processing technology developed at the University of Birmingham, the company says it can recover high-value neodymium-iron-boron magnet material from end-of-life products while using significantly less energy than conventional production.

More importantly, it isn't trying to prove the science anymore – it spent the time and money to get the process camera ready. The company's technology was developed over 15 years with more than $100 million in R&D investment, delivering magnet-to-magnet short-loop recycling that uses 88% less energy and reduces carbon emissions by 85% compared to conventional methods.

Story Continues

Now, the technology is ready to roll out. The company's planned Dallas facility is designed to become the hub of a national recycling network, supported by collection centers located around the country.

HyProMag Reactor Management projects annual production of roughly 750 metric tons of recycled sintered magnets, along with additional alloy products. If achieved, that would make it one of the few meaningful domestic sources of rare-earth magnets outside the traditional mining model.

Investors should pay attention to the milestones that actually create value: financing, feedstock agreements, customer qualification and long-term supply contracts.

Encouragingly, those pieces are beginning to come together. The U.S. Export-Import Bank has issued a letter of interest for up to $92 million in financing under its Make More in America initiative, underscoring the strategic importance Washington places on rebuilding domestic supply chains. Government support alone won't guarantee success, but it can lower financing costs and provide credibility with commercial customers.

The broader backdrop is just as compelling as the project itself. Demand for permanent magnets is poised to expand well beyond electric vehicles. Industrial automation, humanoid robotics, AI data-center cooling systems, aerospace applications and defense modernization all require high-performance magnets. Even modest growth across these sectors could tighten a market that is already structurally dependent on Chinese production.

That creates an unusual investment proposition. Most rare-earth companies are effectively commodity stories, exposed to volatile prices, permitting delays and mining risk. HyProMag USA is attempting to position itself further downstream, where intellectual property, manufacturing know-how and customer relationships may ultimately prove more valuable than simply owning mineral reserves.

HyProMag nvestors often spend years searching for companies positioned ahead of structural shifts rather than reacting to them after the fact. The re-shoring of critical mineral supply chains appears to be one of those shifts. HyProMag USA isn't simply trying to recycle magnets. It's attempting to build an entirely new domestic supply chain around them.

There's a catalyst ahead that could reward investors in JV parent CoTec Holdings. HyproMag is exploring a potential IPO, which would effectively look like a spin off and create a new publicly-traded stock. Based on forecast prices, the first three plants alone have an after-tax net-present value (NPV) of at least $2 billion, according to the company. Assuming CoTec owns roughly 50% of the economics, there's a billion dollars in value for investors in CoTec, whose market cap is only around $115 million.

Investors may eventually view the company's greatest competitive advantage not as its recycling technology, but as its ability to supply one of the world's most strategically scarce industrial products from inside the U.S. Investors who notice the opportunity early may find CoTec shares downright magnetic.

Contact:

Exec Edge

Editor@Executives-Edge.com

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资金逆势涌入半导体ETF

重要性5/5 高

直接覆盖SOXL和DRAM，资金流数字完整，并提供全市场与科技指数对照。

标签

标的：`DRAM`, `SOXL`来源：etf.com发布日期：2026-07-13重要性：5/5 高评级理由：直接覆盖SOXL和DRAM，资金流数字完整，并提供全市场与科技指数对照。评级依据：与SOXL和DRAM直接相关, 单只基金流量数据明确, 来源为ETF专业媒体, 数据存在约一周滞后原文字数：619

中文摘要

核心结论

截至07/10的一周，美国上市ETF（交易所交易基金）净流入近400亿美元，半导体产品在板块回调中吸收大量资金。SOXX、SMH、SOXL和DRAM合计流入约118亿美元，显示资金将回撤视为增加半导体敞口的窗口。

重要性评级

评级：5/5（高）

文章提供可量化的全市场资金流和单只基金数据，直接覆盖SOXL与DRAM，可用于判断价格回撤期间的资金行为。

关键事实

• 截至07/10的一周，美国上市ETF净流入399.684亿美元，2026年累计流入超过1.1万亿美元。
• 美国固定收益ETF流入123.845亿美元，国际股票ETF流入105.187亿美元，美国股票ETF流入102.527亿美元。
• SOXX（iShares半导体交易所交易基金）流入52.677亿美元，相当于其资产管理规模的11.06%。
• SMH流入24.946亿美元，SOXL流入23.940亿美元，DRAM流入16.643亿美元。
• SOXL当周流入相当于资产管理规模的9.45%；DRAM对应比例为7.11%。
• QQQ赎回79.847亿美元，SPY赎回52.964亿美元，高收益债基金HYG赎回7.724亿美元。
• 同期标普500指数上涨约1%，债券收益率因油价上涨和通胀担忧升至5月以来高位。

作者观点与证据

文章依据基金申购赎回数据判断，部分投资者在第三季度初的半导体回调中增加敞口。资金流事实清晰，但“逢低配置”的动机是编辑判断，申购也可能来自做市、资产配置或短期交易需求。

与相关标的的关系

SOXL和DRAM均进入当周流入榜前列；SOXX与SMH提供同一行业的非杠杆资金流参照。QQQ的大额赎回说明半导体主题流入与广泛科技指数资金流出现分化。

时效性与限制

文章发布于美东时间 07/13 17:00（UTC+8 07/14 05:00），数据截至07/10。来源提醒临时市场数据可能被交易所修订；单周流量不能单独证明持仓期限或后续价格方向。

后续跟踪

• SOXX、SMH、SOXL和DRAM后续一至四周的净流量。
• 半导体主题基金流入与QQQ赎回的分化是否延续。
• SOXL资金流占资产管理规模的比例及基金规模变化。
• 油价、债券收益率与成长股资金流之间的联动。

英文原文

Investors Buy the Semiconductor Dip in $40 Billion Flows Week

Investors Buy the Semiconductor Dip in $40 Billion Flows Week

Sumit Roy

Tue, July 14, 2026 at 5:00 AM GMT+8 4 min read

• ^GSPC

-1.01%

• CL=F

+4.47%

• VOO

-1.01%

• SMH

-2.18%

ETF Investing Tools Investors added almost $40 billion to U.S.-listed ETFs during the week ending Friday, July 10, pushing year-to-date inflows above $1.1 trillion.

Markets edged higher over the week, with the S&P 500 up around 1% but still sitting marginally below its June all-time high. Bond yields climbed to their highest level since May as a rise in oil prices reignited inflation concerns.

By category, U.S. fixed income ETFs led inflows at $12.4 billion, followed by international equity ETFs at $10.5 billion and U.S. equity at $10.3 billion. Inverse ETFs shed $306 million and commodity ETFs lost $168 million.

Among individual funds, the iShares Semiconductor ETF (SOXX) led with $5.3 billion in inflows, followed by the Vanguard S&P 500 ETF (VOO) at $4.4 billion.

SOXX's rival, the VanEck Semiconductor ETF (SMH) , took the No. 3 spot with $2.5 billion, while the Direxion Daily Semiconductor Bull 3X Shares (SOXL) was next with $2.4 billion and the Roundhill Memory ETF (DRAM) , a more specialized fund holding semiconductor names, picked up $1.7 billion.

After a massive run in Q2, semiconductor ETFs are pulling back to start Q3, but based on these inflows, some investors are treating the dip as a buying opportunity.

On the outflows side of the ledger, the Invesco QQQ Trust (QQQ) led with $8 billion in redemptions, and the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) shed $772 million.

For a full list of the top inflows and outflows from last week, see the tables below.

Top 10 Creations (All ETFs)

Ticker

Name

Net Flows ($, mm)

AUM ($, mm)

AUM % Change<

SOXX

iShares Semiconductor ETF

5,267.71

47,633.94

11.06

VOO

Vanguard S&P 500 ETF

4,396.15

985,576.97

0.45

SMH

VanEck Semiconductor ETF

2,494.63

73,195.16

3.41

SOXL

Direxion Daily Semiconductor Bull 3x Shares

2,394.00

25,319.98

9.45

IWM

iShares Russell 2000 ETF

2,125.43

83,752.91

2.54

DRAM

Roundhill Memory ETF

1,664.32

23,418.72

7.11

SPYM

SPDR Portfolio S&P 500 ETF

1,596.13

157,027.98

1.02

SGOV

iShares 0-3 Month Treasury Bond ETF

1,366.17

97,660.71

1.40

EFV

iShares MSCI EAFE Value ETF

1,308.43

25,924.80

5.05

LQD

iShares iBoxx $ Investment Grade Corporate Bond ETF

1,078.83

35,600.96

3.03

Top 10 Redemptions (All ETFs)

Ticker

Name

Net Flows ($, mm)

AUM ($, mm)

AUM % Change

QQQ

Invesco QQQ Trust Series I

-7,984.66

479,563.55

-1.66

SPY

SPDR S&P 500 ETF Trust

-5,296.45

776,864.47

-0.68

IVV

iShares Core S&P 500 ETF

-2,182.74

890,540.65

-0.25

HYG

iShares iBoxx $ High Yield Corporate Bond ETF

-772.44

16,745.10

-4.61

IQMM

ProShares GENIUS Money Market ETF

-680.23

19,840.02

-3.43

VUG

Vanguard Growth ETF

-495.51

222,066.06

-0.22

VLUE

iShares MSCI USA Value Factor ETF

-435.05

9,765.36

-4.46

SCZ

iShares MSCI EAFE Small-Cap ETF

-432.26

13,694.99

-3.16

FXI

iShares China Large-Cap ETF

-369.84

4,397.95

-8.41

KRE

SPDR S&P Regional Banking ETF

-328.77

4,752.97

-6.92

Story Continues

ETF Weekly Flows By Asset Class

Net Flows ($, mm)

AUM ($, mm)

% of AUM

Alternatives

855.62

142,485.84

0.60%

Asset Allocation

146.70

42,297.16

0.35%

Commodities E T Fs

-167.50

312,385.10

-0.05%

Currency

460.40

95,399.74

0.48%

International Equity

10,518.68

2,827,399.07

0.37%

International Fixed Income

3,528.34

438,387.78

0.80%

Inverse

-306.24

12,900.49

-2.37%

Leveraged

2,295.16

193,139.13

1.19%

Us Equity

10,252.73

9,561,005.42

0.11%

Us Fixed Income

12,384.51

2,142,632.26

0.58%

Total:

39,968.40

15,768,031.98

0.25%

Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.

Permalink | © Copyright 2026 etf.com. All rights reserved

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存储股回落放大SOXL跌幅

重要性4/5 中高

对SOXL异动具有直接解释力，但供给过剩结论依赖远期产能假设。

标签

标的：`SOXL`来源：Motley Fool发布日期：2026-07-13重要性：4/5 中高评级理由：对SOXL异动具有直接解释力，但供给过剩结论依赖远期产能假设。评级依据：与SOXL直接相关, 包含成分股跌幅和权重, 事件发生距日报约5天, 长期供给判断证据有限原文字数：641

中文摘要

核心结论

SOXL在半导体成分股普跌时出现约11.6%的盘中跌幅，三倍日内杠杆放大了美光、英特尔和迈威尔的回撤。文章将波动源头指向市场对SK海力士扩产及未来存储供应过剩的担忧。

重要性评级

评级：4/5（中高）

文章直接解释SOXL单日异动，并给出成分股权重和存储供给数据；对2030年产能影响的判断仍属长期推演。

关键事实

• 美东时间 07/13 12:00（UTC+8 07/14 00:00）附近，纳斯达克指数下跌约1%，SOXL盘中下跌约11.6%。
• 同期美光下跌4%、英特尔下跌5%、迈威尔下跌6%，三家公司合计约占SOXL持仓的16%。
• 文章称SK海力士通过纳斯达克股票出售筹资265亿美元，其股票在此前一个交易日上涨14%。
• SK海力士计划到2030年将DRAM（动态随机存取存储器）产量翻倍。
• 文中给出的市场份额为：SK海力士占DRAM市场约29%，占HBM（高带宽存储器）市场超过50%。
• 作者担忧新增产能可能压低DRAM价格，并削弱规模较小生产商的盈利能力。

作者观点与证据

作者以SK海力士筹资、扩产规划和市场份额解释存储股回落，再通过SOXL的三倍杠杆结构说明跌幅放大。扩产导致供过于求的结论尚未由订单、利用率、库存或价格数据确认，文末还包含付费选股服务推广。

与相关标的的关系

SOXL直接受成分股回撤和日内杠杆影响；美光是SK海力士在DRAM和HBM领域的直接竞争者。英伟达虽为相关标的，但文章没有提供其对当日SOXL跌幅的独立贡献。

时效性与限制

文章发布于美东时间 07/13 12:45（UTC+8 07/14 00:45），检索于美东时间 07/18 00:45（UTC+8 07/18 12:45）。盘中跌幅可能与收盘数据不同，且筹资金额与扩产叙述需要公司文件进一步核验。

后续跟踪

• SK海力士扩产时间表、资本开支和产能爬坡速度。
• DRAM与HBM现货价格、合同价格及库存。
• 美光、英特尔和迈威尔对SOXL日内变动的贡献。
• SOXL盘中跌幅与收盘跌幅的差异。

英文原文

Why Direxion Daily Semiconductor Bull 3X ETF Dropped

Why Direxion Daily Semiconductor Bull 3X ETF Dropped

Rich Smith, The Motley Fool

Tue, July 14, 2026 at 12:45 AM GMT+8 3 min read

• SKHY

+1.13%

• ^IXIC

-1.40%

• NVDA

-2.21%

• SOXL

-4.92%

It's 12 noon on Monday -- do you know where the Nasdaq is?

It's down 1% at the moment -- but the Direxion Daily Semiconductor Bull 3X Shares ETF (NYSEMKT: SOXL) is down much, much more, tumbling 11.6% as investors worry over how long the bull run in computer memory stocks can last.

Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »

Image source: Getty Images.

SK Hynix excites the market -- then scares it

Memory giant SK Hynix (NASDAQ: SKHY) just raised $26.5 billion from a Nasdaq stock sale. On the day the listing went live, SK's CEO boasted his company will enjoy windfall profits from servicing "the worst-ever supply shortage" of computer memory in 2027 and will continue enjoying high profits through 2030. This news drove SK stock up 14% Friday.

Now SK's dropping, and dragging other computer memory makers with it. Why?

Well, it seems SK is building new factories that will double its DRAM production by 2030. SK is already the second-largest provider of DRAM (with a 29% market share) and the largest producer of high-bandwidth memory (HBM, with a market share of 50%+). If it doubles production, this could short-circuit DRAM prices and hurt profits at smaller producers such as Micron (NASDAQ: MU).

3x the risk, 3x the gain

What does this have to do with the Direxion Daily Semiconductor Bull 3X Shares ETF? Well, like all ETFs, SOXL is made up of individual stocks that go up and down -- and at 3x leverage, when these stocks go down a little (or a lot), the Direxion SOXL ETF goes down even more.

Today's semiconductor losers include Micron, down 4%; Intel (NASDAQ: INTC), down 5%; and Marvell (NASDAQ: MRVL), down 6%. Combined, these three stocks make up 16% of SOXL's holdings.

When these stocks go down -- whatever the news -- it makes sense the SOXL ETF would go down even more .

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Story Continues

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Why Direxion Daily Semiconductor Bull 3X ETF Dropped was originally published by The Motley Fool

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Nova推进阿拉斯加锑试验厂

重要性2/5 中低

项目对NVA直接相关，但与USAR仅有主题联系，且短讯缺少产能、经济性和第三方验证。

标签

标的：`USAR`来源：IPO-Edge.com发布日期：2026-07-13重要性：2/5 中低评级理由：项目对NVA直接相关，但与USAR仅有主题联系，且短讯缺少产能、经济性和第三方验证。评级依据：timeliness, evidence_limitations原文字数：191

中文摘要

核心结论

Nova Minerals（诺瓦矿业，NVA）已完成阿拉斯加全额融资锑试验加工厂的工程设计，计划在本季度开工并面向美国军用级规格；原文没有披露融资金额、设计产能、投产日期或产品认证结果。

重要性评级

评级：2/5（中低）

该项目反映美国关键矿物本土化进展，对USAR只有供应链主题关联；报道仅复述公司声明，事实密度和验证材料有限。

关键事实

• NVA称其阿拉斯加锑试验加工厂已完成工程与设计。
• 公司将项目描述为“全额融资”，但未披露资金规模和资金来源。
• 工厂按美国国防部门军用级质量规格设计。
• 公司预计在2026年第三季度启动建设。
• 首席执行官Christopher Gerteisen表示，下一步包括矿石开采和加工厂施工，目标是实现近期锑生产。
• 文章发布于美东时间 07/13 11:39（UTC+8 07/13 23:39）。

作者观点与证据

报道将设计完成视为美国国防供应链本土化的推进节点，证据仅有公司声明和首席执行官引语。没有工程报告、政府合同、第三方认证、资源品位或项目经济性数据。

与相关标的的关系

NVA和NVA-WT与项目直接相关；UAMY属于美国锑产业可比标的。USAR、MP和TECK仅处于更广义关键矿物供应链，正文未显示业务合作或直接财务影响。

时效性与限制

消息距归档约五天，下一项可验证节点是本季度是否实际开工。原文只有一分钟篇幅，无法评估项目规模和商业可行性。

后续跟踪

• 工厂开工、建设进度和实际投产日期。
• 设计产能、原料来源及锑回收率。
• 军用级认证与潜在政府采购合同。
• 融资金额、资本支出和运营成本。

英文原文

Nova Minerals Advances U.S. Defense Supply Chain with Antimony Pilot Plant Buildout

Nova Minerals Advances U.S. Defense Supply Chain with Antimony Pilot Plant Buildout

IPO Edge

Mon, July 13, 2026 at 11:39 PM GMT+8 1 min read

• NVA.AX

-10.26%

• UAMY

+2.44%

• NVA

-6.84%

• NVA-WT

+8.89%

• MP

-0.48%

By Karen Roman

Nova Minerals Corp. (NYSE: NVA) said it completed the engineering and design for a fully-funded antimony pilot processing plant in Alaska, the first step in fast-tracking domestic production that will enable future expansion and scalable processing for regional and global projects.

The plant is engineered to meet U.S. Department of War military-grade quality specifications, with construction expected to start this quarter, the company stated.

READ MORE

Defense AI Heats Up: BigBear.ai Lands First European Validation for AI-Powered Airport Screening

"We continue to make rapid progress on the antimony project and remain ahead of schedule, with another major milestone now completed," said Mr. Christopher Gerteisen, Nova Minerals CEO. "Ore extraction and construction of the process plant are next steps as we continue progressing toward near-term antimony production."

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海力士预期落空冲击存储链

重要性5/5 高

事件、持仓集中度和价格反应均直接指向DRAM，事实密度高且传导路径清晰。

标签

标的：`DRAM`来源：24/7 Wall St.发布日期：2026-07-13重要性：5/5 高评级理由：事件、持仓集中度和价格反应均直接指向DRAM，事实密度高且传导路径清晰。评级依据：与DRAM及前三大持仓直接相关, 包含明确事件和价格反应, 持仓集中度数据关键, 券商预估仍待公司业绩确认原文字数：1081

中文摘要

核心结论

韩国券商下调SK海力士第二季度利润预期并指出HBM4出货偏慢，引发存储板块急跌。DRAM基金因三星、SK海力士和美光合计占比73%，跌幅超过多数美国成分股，暴露出地区与个股集中风险。

重要性评级

评级：5/5（高）

文章直接覆盖DRAM及主要持仓，包含事件触发、成分集中度、公司财务和价格反应，是该批次中对存储主题最具针对性的材料之一。

关键事实

• 韩国券商KIS给出的SK海力士2026年第二季度利润预估低于市场共识8%，理由包括HBM4出货慢于预期和对HBM合同依赖较高。
• SK海力士在亚洲市场下跌15%，文章称为其最大单日跌幅；韩国综合股价指数下跌9%，并触发20分钟暂停交易。
• 美光、闪迪和西部数据开盘后不久均下跌约6%；希捷下跌4%至869美元。
• 截至前一交易日收盘，美光、闪迪、西部数据和希捷年内分别上涨243%、707%、238%和231%。
• DRAM下跌9%至57.52美元；三星、SK海力士和美光三大持仓合计占基金净资产73%。
• 文章称美光2026财年第三季度收入415亿美元，同比增长346%，非通用会计准则每股收益25.11美元，毛利率85%；第四季度收入指引为500亿美元，上下浮动10亿美元。
• 闪迪2026财年第三季度收入59亿美元，同比增长251%，非通用会计准则每股收益23.41美元；第四季度收入指引为77.5亿至82.5亿美元。

作者观点与证据

作者将抛售归因于SK海力士盈利预期落空、HBM4出货担忧和前期巨大涨幅后的获利回吐。价格和持仓集中度支持板块冲击判断，但KIS预估并非公司正式业绩；Polymarket（预测市场）概率和Reddit（社交论坛）情绪只能作为交易情绪补充。

与相关标的的关系

DRAM的前三大持仓集中于三星、SK海力士和美光，因此韩国市场冲击会直接传导至基金。MU面临HBM定价和出货预期的同业映射；SNDK、WDC与STX则通过人工智能存储需求和行业风险偏好受到影响。

时效性与限制

文章发布于美东时间 07/13 09:35（UTC+8 07/13 21:35），检索于美东时间 07/18 00:45（UTC+8 07/18 12:45）。文中包含推广内容，且部分财务数字和极端市场波动应与公司公告及交易所数据核验。

后续跟踪

• SK海力士正式业绩、HBM4出货量与管理层指引。
• DRAM前三大持仓权重及韩国市场恢复情况。
• 美光与闪迪下一季度收入、毛利率和出货指引。
• HBM、DRAM和NAND价格及客户合同变化。

英文原文

Micron, SanDisk, Western Digital Fall 6% as SK Hynix’s Weak Outlook Rattles Memory Stocks

Micron, SanDisk, Western Digital Fall 6% as SK Hynix’s Weak Outlook Rattles Memory Stocks

David Moadel

Mon, July 13, 2026 at 9:35 PM GMT+8 5 min read

• MU

-0.50%

• SKHY

+1.13%

• SNDK

-3.99%

• WDC

+2.23%

• 005930.KS

-8.77%

Quick Read

• After SK Hynix plunged 15% on an 8%-below-consensus profit estimate, Micron, SanDisk, and Western Digital each dropped 6% Monday despite year-to-date gains exceeding 200%.

• The Roundhill Memory ETF (DRAM) fell 9%, with Samsung, SK Hynix, and Micron serving as its top three holdings and representing 73% of net assets, amplifying Korean losses.

• This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)

Memory and storage stocks are selling off sharply Monday morning as a weak second-quarter profit estimate for South Korea's SK Hynix rattled the AI memory trade. Micron Technology ( NASDAQ:MU ) stock, SanDisk ( NASDAQ:SNDK ) shares, and Western Digital ( NASDAQ:WDC ) stock were each down 6% a few minutes after the day's session started.

Thinkstock The moves come after historic runs. Micron stock was up 243% year to date (YTD) through Friday's close, SanDisk shares had climbed 707%, and Western Digital stock was higher by 238%. Today's 5% pullback trims only a small slice of those gains.

Renewed U.S.-Iran headlines and the ongoing debate about the payoff on AI capital spending sit in the background of these stock declines. However, specific events surrounding SK Hynix are hitting memory/storage stocks particularly hard.

Weak SK Hynix Estimate Triggers a Memory Reset

The trigger came from Seoul. South Korean brokerage KIS published a Q2 2026 profit estimate for SK Hynix 8% below consensus, citing slower-than-expected HBM4 (high-bandwidth memory) shipments and heavy reliance on HBM contracts. That call cut into the core bull thesis for the entire memory complex.

SK Hynix stock fell 15% in Asia, its largest single-day drop ever, a stunning reversal from its strong U.S. NASDAQ debut on Friday. Samsung slid alongside it and the KOSPI dropped 9%, triggering a 20-minute trading halt. U.S.-listed SK Hynix shares were set to open sharply lower after Friday's debut.

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Story Continues

U.S. memory names sold in sympathy. SK Hynix is Micron's most direct competitor in DRAM and high-bandwidth memory, so any signal that HBM4 shipments are slipping raises questions about pricing power across the group. The reaction reads as profit-taking plus a scare that the memory super-cycle's momentum may be cooling.

Peers and the Memory ETF Feel the Ripple

Seagate Technology ( NASDAQ:STX ) stock is down 4% to $869 this morning after a YTD run of 231% through Friday's close of $910.34. The hard-disk maker trades on similar AI storage tailwinds as Western Digital, and both are moving in tandem with the DRAM and NAND names. Seagate stock also carries a beta of 2.07, so its swings have tended to run larger than the broader tape in both directions.

The Roundhill Memory ETF ( NYSEARCA:DRAM ) is taking a bigger hit than the U.S. constituents, with the ETF down 9% to $57.52. That reflects concentration: the top three holdings, Samsung Electronics, SK Hynix, and Micron, account for 73% of net assets, and the Korean names are leading the losses. The ETF is a narrow, non-leveraged thematic fund, and today's move highlights its single-region concentration risk.

Sell-side conviction hasn't evaporated, though. Citi recently reaffirmed a Buy on Western Digital with an $800 target, well above Friday's close. That constructive analyst view is being overshadowed by sector-wide selling this morning.

What to Watch Now

The bull case for Micron rests on durable AI-driven memory demand. Micron's recent Q3 FY2026 results showed revenue of $41.5 billion, up 346% year over year (YoY), with non-GAAP EPS of $25.11 and gross margin expanding to 85%. CEO Sanjay Mehrotra guided Q4 FY2026 revenue to $50 billion, plus or minus $1 billion, citing multi-year Strategic Customer Agreements and HBM4 already in high-volume shipments. The bear case is memory cyclicality, the HBM4 shipment and pricing concern flagged for SK Hynix, and rich valuations after a massive run. Investors should consider keeping their position sizes modest given the volatility.

SanDisk's own Q3 FY2026 report was similarly outsized. Revenue jumped 251% YoY to $5.9 billion, non-GAAP EPS came in at $23.41, and management guided Q4 revenue between $7.75 billion and $8.25 billion. The company also cleared $650 million in debt to reach a zero-debt balance sheet, giving it flexibility to weather any near-term memory pricing wobble.

Prediction market participants are leaning cautious near term. Polymarket odds place the highest conviction on Micron trading in the $930 to $960 range this week, with a 0.865 probability that shares finish today lower. Upside conviction above $1,020 drops sharply.

Still, Reddit sentiment tells a more bullish story. Aggregate sentiment on Micron scored 66 (bullish) as of Monday morning, and SanDisk sentiment on WallStreetBets held between 58 and 75 through the initial selloff, indicating retail dip-buyers stayed engaged. Traders can watch for whether the $920 level holds on Micron stock and whether the DRAM ETF stabilizes once U.S.-listed SK Hynix shares find a level after their delayed open, and could look for any updated commentary from Korean analysts later this week.

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Contact editorial@247wallst.com for any questions or corrections.

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DRAM跻身上半年新基金代表

重要性3/5 中

直接涉及DRAM的新品定位，但篇幅短、量化数据不足，主要用于背景阅读。

标签

标的：`DRAM`来源：MoneyShow发布日期：2026-07-13重要性：3/5 中评级理由：直接涉及DRAM的新品定位，但篇幅短、量化数据不足，主要用于背景阅读。评级依据：与DRAM直接相关, 来源引用CFRA研究人员, 新基金数量提供行业背景, 缺少具体业绩和规模数据原文字数：372

中文摘要

核心结论

CFRA从2026年上半年美国新上市的728只ETF中选出五只代表性产品，DRAM因差异化的HBM行业敞口和较强回报被列为突出新品。文章认为，这批基金能否持续扩张将检验投资者对细分主题ETF的长期需求。

重要性评级

评级：3/5（中）

文章直接评价DRAM的产品定位和新品竞争力，但没有给出资产规模、回报率、资金流或持仓明细，定量证据较少。

关键事实

• 2026年上半年，美国共有728只新ETF（交易所交易基金）上市。
• CFRA（独立投资研究机构）筛选出五只快速吸收资产或在成长类别中具有创新性的产品。
• CFRA将Roundhill Memory ETF（Roundhill存储主题基金，代码DRAM）列为上半年突出新品，理由是其HBM（高带宽存储器）敞口和回报表现。
• 另外四只产品为NASA、IQMM、LOHA和SECU。
• NASA受SpaceX相关兴趣推动，IQMM通过其他ProShares基金配置获得早期资产增长。
• LOHA和SECU尚未达到10亿美元资产规模，但分别切入新的投资者关注领域。
• 作者把这些新品视为基金公司追踪投资者情绪和监管变化后快速推出细分产品的例证。

作者观点与证据

文章引用CFRA基金数据负责人Aniket Ullal的筛选结果，立场偏向产品创新与市场接受度。DRAM的“突出”评价缺少具体回报、资产规模和比较基准，无法独立验证其相对优势。

与相关标的的关系

DRAM是文章重点评价的存储主题新品，其主要意义在于提供HBM产业链的基金化敞口。其他入选基金与DRAM的底层资产不同，只能用于比较新品吸金和主题产品扩张能力。

时效性与限制

文章发布于美东时间 07/13 01:01（UTC+8 07/13 13:01），检索于美东时间 07/18 00:45（UTC+8 07/18 12:45）。正文为简短推荐式材料，缺少完整筛选方法和量化排名。

后续跟踪

• DRAM资产管理规模、份额数量与净流量。
• DRAM相对半导体和存储指数的回报。
• HBM主题需求能否转化为持续申购。
• 2026年上半年新基金的存续、规模和费率变化。

英文原文

ETFs- Among 728 New Funds from H1 2026, These FIVE Stand Out

ETFs- Among 728 New Funds from H1 2026, These FIVE Stand Out

MoneyShow

Mon, July 13, 2026 at 1:01 PM GMT+8 1 min read

• SPCX

There were 728 new ETFs listed in the US in the first half of 2026, and CFRA has identified five of them as notable launches. We screened the new launches and identified those that have rapidly gathered assets or innovated in growing ETF categories, notes Aniket Ullal , VP, ETF Data & Analytics at CFRA Research .

These products are representative of the rapid and continuing creativity and experimentation in the US ETF ecosystem. The Roundhill Memory ETF ( DRAM ) has been the standout launch of H1 2026 due to its differentiated exposure to the HBM industry and strong return performance.

DRAM chart Source: CFRA

To get more articles and podcasts from MoneyShow, subscribe to our Top Pros' Top Picks newsletter here .)

Other launches with success in gathering assets include the Tema Space Innovators ETF ( NASA ), driven by interest in Space Exploration Technologies Corp. ( SPCX ), and the ProShares GENIUS Money Market ETF ( IQMM ), which jumpstarted its asset growth via allocations from other ProShares ETFs.

Our list also includes the Roundhill HALO ETF ( LOHA ) and iShares Securitized Income Active ETF ( SECU ). Both have yet to cross $1 billion in assets, but are innovating in categories of growing investor interest.

CFRA identified these recent launches as notable because they are differentiated and reflect high investor interest in their respective categories. The launch of these products indicates that ETF managers are innovating by closely monitoring investor sentiment (e.g., SPCX, memory chips) and regulatory changes (e.g., crypto regulation) and then quickly bringing products to market.

See also: ETHA: An Ethereum ETF to Buy as Market Acceptance Grows

Going forward, market participants should monitor how each of these products and segments grows, and whether investor demand is sustained. The success of these products will be a litmus test of sustained investor appetite for specialized thematic exposure in the ETF wrapper.

More From MoneyShow.com:

• YYY: A Better Way to Earn High Yields from CEFs

• Markets: Small Caps Led in H1, But AI Remains a Secular Growth Story

打开原文

GlobalFoundries (GFS) Announces Production Readiness of SLATE Wafer-to-Wafer Bonding Technology

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`GFS`来源：Insider Monkey发布日期：2026-07-12重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：318

中文摘要

该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。

英文原文

GlobalFoundries (GFS) Announces Production Readiness of SLATE Wafer-to-Wafer Bonding Technology

GlobalFoundries (GFS) Announces Production Readiness of SLATE Wafer-to-Wafer Bonding Technology

Maham Fatima

Mon, July 13, 2026 at 12:32 AM GMT+8 2 min read

• GFS

-1.30%

GlobalFoundries Inc. (NASDAQ: GFS ) is one of the best up and coming stocks to invest in right now . On June 23, GlobalFoundries announced the production readiness of its SLATE wafer-to-wafer bonding technology on its 9SW radio-frequency silicon-on-insulator platform. Manufactured at the company's 300mm facility in Singapore, this 3D integration solution is expected to ramp to volume production by the second half of 2027.

The SLATE technology allows designers to stack and integrate large-size field-effect transistors in vertical architectures, reducing die size by up to 45%. This capability helps decrease the total design area for radio-frequency components, such as antenna tuners and amplifiers, in space-constrained 5G mobile devices.

Here is Why Ambiq (AMBQ) is One of the Best Performing Semiconductor Stocks to Invest In Close-up of Silicon Die are being Extracted from Semiconductor Wafer and Attached to Substrate by Pick and Place Machine. Computer Chip Manufacturing at Fab. Semiconductor Packaging Process.

By combining the 9SW platform with advanced 3D packaging, GlobalFoundries Inc. (NASDAQ:GFS) aims to support the development of more compact and power-efficient cellular front-ends. An integrated process design kit is currently available to help designers begin prototyping for next-generation mobile and wireless applications.

GlobalFoundries Inc. (NASDAQ:GFS) is a leading multinational semiconductor manufacturer operating as a pure-play foundry, producing chips designed by other companies.

While we acknowledge the risk and potential of GFS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GFS and that has 10,000% upside potential, check out our report about the cheapest AI stock .

Disclosure: None. Follow Insider Monkey on Google News .

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3 Rare-Earth ETFs That Help Investors Balance Exposure and Risk

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标的：`USAR`来源：MarketBeat发布日期：2026-07-12重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1117

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3 Rare-Earth ETFs That Help Investors Balance Exposure and Risk

3 Rare-Earth ETFs That Help Investors Balance Exposure and Risk

Aerial view of an open-pit mine with terraced rock walls, mining equipment, and an adjacent processing plant.

Chris Markoch, MarketBeat

Sun, July 12, 2026 at 11:45 PM GMT+8 5 min read

• MP

-0.48%

• USAR

-1.63%

• ALB-PA

+2.53%

• SETM

-0.87%

• REMX

-0.76%

Key Points

• Interested in VanEck Rare Earth and Strategic Metals ETF? Here are five stocks we like better.

• China's rare-earth dominance stems from decades of investment in refining and processing infrastructure rather than superior mineral deposits.

• The Trump administration is funding U.S. companies like MP Materials, USA Rare Earth, Vulcan Elements, and ReElement Technologies to rebuild domestic refining capacity.

• Investors seeking diversified exposure to this long-term theme can consider ETFs such as REMX, EART, and SETM, which hold dozens of related companies.

It's not hard to see why investing in rare-earth metals is a long-term investment theme. Rare-earth metals are 17 metallic elements with unusual magnetic, optical, and conductive properties that make them indispensable to modern technology, including:

• Defense and national security

→ The SK Hynix IPO and 2027's AI Memory Squeeze

• Artificial intelligence, semiconductors, and data centers

• Electrification and clean energy

→ 3 Space Stocks That Could Outshine SpaceX After Its IPO

The rare-earth story is frequently positioned as one of scarcity, but that isn't the case. Many countries have abundant rare-earth deposits, including the United States, Australia, Canada, Brazil, and India.

China's dominance in rare-earths stems from decades of developing its midstream processing industry, rather than just controlling the largest deposits. Beginning in the 1980s, China invested heavily in refining, separation technology, chemical engineering capacity, and magnet manufacturing—areas that other countries avoided because of cost, environmental complexity, and long development timelines.

→ Meta Platforms Stock Rises as Muse Spark 1.1 AI Model Debuts

Rare-earth refining is chemically intensive and produces radioactive byproducts, and China's willingness to subsidize the industry and manage the environmental burden allowed it to scale rapidly while competitors fell behind. This is where today's investment opportunities exist.

Why Rare-Earth Refining Is the Real Investment Opportunity

The bottleneck in rare-earth is in the refining process. This was a conscious choice that was made by China (to invest in refining) and many other countries, including the United States, which chose not to invest in refining.

The Trump administration is accelerating domestic rare‑earth development through targeted industrial policy, including federal funding, strategic partnerships, and streamlined permitting for critical‑mineral projects. Rather than broad deregulation, the focus has been on removing specific bottlenecks that historically made U.S. refining uneconomic—such as long environmental review timelines and limited federal support for midstream processing.

Story Continues

These policy shifts are designed to help companies begin refining rare-earth elements inside the United States for the first time in decades. As a result, several U.S. companies are now receiving federal support to build refining, separation, and magnet‑manufacturing capacity—marking the first major rebuild of the domestic rare‑earth supply chain in more than 30 years.

• MP Materials (NYSE: MP): The Pentagon became the company's largest shareholder after buying $400 million in preferred stock in July 2025. The investment supports the company's expansion of rare-earth processing and the construction of a second magnet manufacturing plant.

• USA Rare Earth (NASDAQ: USAR): The Trump administration announced a partnership in early 2026 that gives the company access to $1.6 billion in funding. The deal also issued 16.1 million shares to the Department of War, which could increase the government's stake to between 12% and 25%, depending on warrant exercise.

• Vulcan Elements & ReElement Technologies: The Department of War issued these rare-earth startups a $620 million loan and $50 million in federal incentives. The investment is to help the companies scale their magnet and ore processing capacity.

This is where some investors may believe the opportunity carries too much risk. After all, there are no guarantees in this sector, and the real payoff is likely years away. However, for patient investors with a long-term outlook, that's an ideal argument for investing in an exchange-traded fund (ETF) that includes dozens of holdings in the sector. This provides exposure to the entire supply chain without overreliance on one or two companies.

REMX: A Diversified ETF for Rare-Earth Investing

The VanEck Rare Earth and Strategic Metals ETF (NYSEARCA: REMX) tracks an index of global companies that mine, refine, or recycle rare-earth and strategic metals.

The fund is an ideal option for investors looking for a direct proxy for the current export-control backdrop,

REMX is a weighted average market cap fund with 38 holdings. Albemarle (NYSE: ALB) holds the most weight in the fund at around 7.2%. The fund has $2.4 billion of assets under management (AUM) with a net expense ratio of 0.58%.

REMX is up over 91% in the last 12 months. But a sharp sell-off that started in May has pushed the stock price into the middle of its 52-week range, which may create a solid entry point for investors.

EART ETF Targets the Companies Powering Future Technologies

The Global X Rare Earth & Critical Materials ETF (NASDAQ: EART) is a more targeted play on the rare-earth theme.

The fund targets companies that produce rare-earth components and other raw or composite materials that are essential to expanding the development of critical technologies such as electric vehicles (EVs), energy storage, robotics, and radar systems.

The fund has over 50 holdings that are weighted according to their Free Float Market Capitalization. The fund currently has around $40 million of AUM with a net expense ratio of 0.59%.

EART is up over 60% in the last 12 months. Like the REMX, the fund has been in a downtrend since mid-May, giving investors a similar opportunistic setup.

SETM ETF Provides Diversified Critical Materials Exposure

In contrast to the EART, which takes a narrower focus on the rare-earth sector, the Sprott Critical Materials ETF (NASDAQ: SETM) takes a broader view and includes a focus on several critical metals that are essential to the modern industrial economy.

For example, in percentage terms, uranium companies have the most exposure in the fund.

With its focus on a wider range of metals, the fund has at any given time between 125 and 170 holdings, which provides significant diversification. The fund has close to $560 million of AUM and a net expense ratio of 0.65%.

SETM is up 74% in the last 12 months. But like the broader sector, the fund is down over 14% in the last three months.

The article " 3 Rare-Earth ETFs That Help Investors Balance Exposure and Risk " was originally published by MarketBeat.

View MarketBeat's top stocks for July 2026 .

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A GlobalFoundries Insider Sold 78% of His Company Shares. Here's a Closer Look at the Transaction.

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标的：`GFS`来源：Motley Fool发布日期：2026-07-11重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：829

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A GlobalFoundries Insider Sold 78% of His Company Shares. Here

A GlobalFoundries Insider Sold 78% of His Company Shares. Here's a Closer Look at the Transaction.

Robert Izquierdo, The Motley Fool

July 11, 2026 4 min read

• GFS

-1.30%

Michael James Hogan, Chief Strategy Officer of Globalfoundries Inc. (NASDAQ:GFS), reported the disposition of 2,800 ordinary shares on July 8, 2026 and July 9, 2026, according to a recent SEC Form 4 filing .

Transaction summary

Metric

Value

Transaction value

$187,124

Shares sold

2,700

Shares gifted

100

Post-transaction shares (directly held)

795

Post-transaction value

$55,419.45

Transaction value based on SEC Form 4 weighted average sale price ($66.83); post-transaction value based on July 09, 2026 market close ($69.71).

Key questions

• How has the insider's direct equity position changed following this activity?

Michael James Hogan reduced the direct holding of ordinary shares by 78%, retaining a post-transaction balance of 795 shares which represent the residual direct interest in the firm's equity.

• In what market context did this disposition occur?

The activity occurred following a period in which Globalfoundries shares delivered a 70% one-year return as of the July 9, 2026 market close, with the insider selling shares at $66.83 per share.

• What was the nature of these transactions?

The dispositions were performed under a Rule 10b5-1 plan. This indicates that the sale of 2,700 shares and the gift of 100 shares were pre-arranged, with the execution parameters established prior to the transaction dates to provide for systematic liquidity.

Company Overview

Metric

Value

Share Price (as of market close 2026-07-09)

$69.71

Market Capitalization

$38.2 billion

Revenue (TTM)

$6.8 billion

Net Income (TTM)

$778.0 million

Company Snapshot

• GlobalFoundries Inc. operates as a global semiconductor foundry specializing in the design and manufacturing of integrated circuits, including microprocessors, mobile application processors, baseband and network processors, radio frequency modems, microcontrollers, power management units, and microelectromechanical systems for a broad range of consumer and industrial electronic applications.

• The company generates revenue through a foundry business model, providing semiconductor manufacturing services to fabless design companies and original equipment manufacturers that require advanced chip production capabilities without maintaining their own fabrication facilities.

• GlobalFoundries serves a diverse customer base spanning telecommunications, automotive, industrial, consumer electronics, and computing sectors, with particular strength in serving mid-range and specialized semiconductor applications across global markets.

GlobalFoundries Inc. operates as one of the world's leading independent semiconductor foundries with a global manufacturing footprint and approximately 13,000 employees. The company has demonstrated strong financial performance with TTM revenue of $6.8 billion and net income of $778.0 million, reflecting robust demand for specialized semiconductor manufacturing services.

Story Continues

GlobalFoundries' competitive positioning is anchored by its advanced manufacturing capabilities, diversified customer base, and strategic focus on high-value semiconductor segments that support critical infrastructure and emerging technologies.

What this transaction means for investors

The sale of GlobalFoundries stock by Chief Strategy Officer Michael Hogan came at a time when shares experienced a substantial fall from the 52-week high of $92.55 reached on May 26. The price drop was due to investors cashing in after a strong run up in the second quarter, and a broader sell-off across the semiconductor sector.

Amidst this backdrop, it's not comforting for investors to see Hogan adding his dispositions to the fray, especially since it depleted nearly 80% of his holdings. Still, the transactions were pre-arranged as part of his Rule 10b5-1 plan, indicating they were non-discretionary in nature. Consequently, it seems Hogan's sales happened to coincide with Wall Street's rotation away from semiconductor stocks.

GlobalFoundries had a solid first quarter with sales of $1.6 billion, up 3% year over year, and excellent margin expansion as its gross margin rose to 27.6% compared to 22.4% in the previous year.

Should you buy stock in GlobalFoundries right now?

Before you buy stock in GlobalFoundries, consider this:

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Robert Izquierdo has positions in GlobalFoundries. The Motley Fool has positions in and recommends GlobalFoundries. The Motley Fool has a disclosure policy .

A GlobalFoundries Insider Sold 78% of His Company Shares. Here's a Closer Look at the Transaction. was originally published by The Motley Fool

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AAOI Soared 251%, But PSI Quietly Doubled Your Money Too

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标的：`PSI`来源：24/7 Wall St.发布日期：2026-07-10重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1000

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AAOI Soared 251%, But PSI Quietly Doubled Your Money Too

AAOI Soared 251%, But PSI Quietly Doubled Your Money Too

Michael Williams

July 11, 2026 5 min read

• AAOI

+2.16%

• RDDT

-2.20%

• PSI

-1.37%

Quick Read

• AAOI surged 250% year-to-date, but PSI, a semiconductor ETF riding the same AI wave, delivered 102%, nearly doubling a $10,000 stake.

• AAOI dropped 25% in a single month while Reddit sentiment crashed from bullish to bearish in 72 hours, the part nobody screenshots.

• Many financial professionals are salespeople paid on what they push, not whether you end up wealthier. A fiduciary is the opposite. The SEC legally requires them to put your interests first. Advisor.com's free matching tool pairs you with vetted fiduciaries from major national firms, all in under three minutes. See who you match with today.

You saw the chart. Applied Optoelectronics ( NASDAQ:AAOI ) went vertical this year, and your feed will not shut up about it. The screenshots, the rocket emojis, the "full port" posts. And you didn't buy a single share.

Quality Stock Arts / Shutterstock.com The optical transceiver maker is up 250.57% year to date, riding the AI datacenter buildout that needs faster and faster fiber to move data between GPUs. That is the kind of return that ruins your week when you missed it.

Here is the twist: you didn't miss it. Not really.

The Number That Kills the FOMO

Over the same window, from December 31, 2025 through July 9, 2026, the Invesco Semiconductors ETF ( NYSEARCA:PSI ) returned 102.24%. A $10,000 stake at the start of the year sat at roughly $20,220 on July 9.

That is a serious return. A chip basket that more than doubled in a little over six months while you slept, worked, and refreshed your brokerage app in peace.

PSI is a basket of U.S.-listed semiconductor names, an index-tracking fund from Invesco that spreads exposure across the sector for an expense ratio of roughly 0.56%. You paid a rounding error to own the theme.

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Same Wave, Different Surfboard

The force that lifted Applied Optoelectronics is the broader AI capex wave: hyperscalers pouring money into datacenters, GPUs needing high-speed interconnects, and optical transceivers stepping up from 400G to 800G and 1.6 Tb products. AAOI's Q1 2026 datacenter revenue more than doubled year over year to $81.4 million, and CEO Thompson Lin said the company "completed our first volume shipment of our 800G products to one of our large hyperscale customers in Q1."

Story Continues

That same demand is why global semiconductor revenue hit $298.5 billion in Q1 2026, up 79.2% year over year, and why U.S. chip sales jumped 83.1% versus the prior year. The rising tide is real, and it lifted the whole sector, not just one Texas transceiver shop.

PSI's job is to own that tide as a basket. You don't have to know which company wins the 800G qualification race or which fab lands the next hyperscale contract. You just need exposure to the fact that hyperscalers are spending, and chips get bought either way. If you want a broader read on which names are riding this cycle, our team's 7 Stocks Powering the AI Boom report walks through the ecosystem in depth.

The Part Nobody Screenshots

Yes, AAOI holders made more. A lot more. 250.57% beats 102.24%, and it is not close.

Now the other side. AAOI has a beta of 3.687, a 52-week range of $18.50 to $233.67, and a habit of missing earnings estimates even when revenue is exploding. Q3 2025 saw 82.1% revenue growth alongside a wide EPS miss. Q1 2026 revenue grew 51.4% and the stock still missed the consensus loss estimate.

And in the past month alone, AAOI is down 24.97%. Reddit's r/wallstreetbets flipped from "ALL IN ON AAOI" posts on July 4 to a "Bottleneck bros are moving to Robotics" thread with 102 upvotes by July 7. Sentiment scores fell from 94 to 22 inside 72 hours. That is single-stock life. You get the top and the trapdoor in the same package.

PSI spreads that exposure across a basket of chip names. Any one blowup gets diluted. You give up the euphoric top of the trade. You also skip the part where a Reddit post empties the room.

Process Over Prediction

Chasing hot tickers is stock-picking with extra regret attached. You have to be right about the company, right about the timing, and lucky about the exit. Owning the theme through a diversified fund gets you most of the move with a fraction of the white-knuckle moments.

You didn't need to pick AAOI to profit from AI optics. You needed to be exposed to semiconductors while the AI capex cycle was running, and PSI was one straightforward way to do that. The stock-pickers who nailed AAOI deserve the win. The investor who owned the basket got most of the move without ever needing to be a hero.

Next time a ticker takes over your timeline, the useful question to ask is "what is the underlying driver, and do I already own it in some form?" Answer that clearly and the FOMO gets a lot quieter.

Are You Ready To Retire, Or Years Behind?

Most Americans have no idea where they actually stand. Most guess, or hope Social Security and a 401(k) will work out. Advisor.com's new matching tool gives you a real answer, free.

They pair you with a fiduciary (required by law to put YOUR interest first) with questions related to taxes, estate planning, retirement, insurance analysis, and more. See you who you match with today, and get the answers you need.

Contact editorial@247wallst.com for any questions or corrections.

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Micron's $250 Billion Bet Could Reshape the AI Memory Race

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标的：`GFS`来源：MarketBeat发布日期：2026-07-10重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1115

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Micron

Micron's $250 Billion Bet Could Reshape the AI Memory Race

Jeffrey Neal Johnson, MarketBeat

July 10, 2026 6 min read

• MU

-0.50%

• SKHY

+1.13%

• financials

• options

• MU

NASDAQ

Key Points

• Interested in Micron Technology, Inc.? Here are five stocks we like better.

• Micron Technology accelerated its $250 billion domestic fabrication buildout, including a 10-year silicon supply deal with GlobalWafers to secure U.S.-based chip manufacturing.

• Micron is reportedly ramping HBM4 yields faster than expected, challenging SK Hynix's 57% market share ahead of its rival's $28 billion Nasdaq listing.

• Micron posted 345.8% year-over-year revenue growth and strong margins, while options traders reportedly targeted call strikes of $1,100 and $1,150 for August 2026.

Micron Technology (NASDAQ: MU) just accelerated a $250 billion domestic fabrication commitment, pouring concrete a full quarter ahead of schedule at its new Clay, New York mega-fab.

This capital deployment moves beyond standard capacity expansion. It represents the creation of a closed-loop U.S. manufacturing ecosystem that actively derisks the memory supercycle and insulates domestic production from volatility in the Taiwan Strait.

→ The SK Hynix IPO and 2027's AI Memory Squeeze

When capital expenditures reach a quarter-trillion dollars, the market takes notice. Understanding how this localized supply chain dominance impacts Micron's forward valuation and competitive positioning is critical for investors navigating the semiconductor sector.

Securing the Raw Silicon Foundation in Texas

Building a semiconductor fabrication plant requires years of planning, billions in capital, and a highly synchronized supply chain. Micron is tackling supply chain vulnerabilities head-on by allocating $3 billion to domestic sourcing initiatives.

→ Meta Platforms Stock Rises as Muse Spark 1.1 AI Model Debuts

The most pivotal piece of this allocation is a $500 million strategic financing agreement with GlobalWafers to secure raw silicon capacity at a new Texas facility. Raw silicon wafers are the foundational canvas of chipmaking. By locking in a 10-year domestic supply agreement, Micron ensures its New York and Idaho fabs will have the critical materials needed to operate without relying on trans-Pacific shipping routes. This localized infrastructure solidifies long-term dominance in the supply chain.

As enterprise companies and governments continue to demand secure AI infrastructure, a fully U.S.-based memory pipeline increasingly commands a definitive geopolitical safety premium.

→ This Dividend ETF Choice Could Shape Your Income Strategy Through 2026

Out-Executing SK Hynix on the HBM4 Battlefield

To understand current valuation dynamics, investors need to examine the architecture of a modern AI data center. Graphics processing units starve without High-Bandwidth Memory (HBM) feeding them information at lightning speed.

Story Continues

South Korean competitor SK Hynix currently dominates the HBM space with a 57% global market share. On July 10, SK Hynix expects to launch a formidable $28 billion Nasdaq listing to fund its own capacity expansion. While the capital raise is substantial, SK Hynix operates with a structural vulnerability. The company relies heavily on packaging and testing facilities located in regions exposed to friction in the South China Sea. If geopolitical tensions rise, their supply chain grinds to a halt.

Micron is moving aggressively to capture market share from SK Hynix and other competitors by out-executing its rivals on the manufacturing floor. Recent management commentary indicates Micron is achieving faster-than-expected defect reduction and yield ramps in its upcoming HBM4 architecture.

In semiconductor manufacturing, yield dictates everything. Yield measures the percentage of usable, defect-free chips that come off a silicon wafer. Higher yields equal fatter net margins and faster time-to-market. Micron's ability to scale domestic HBM4 yields directly threatens SK Hynix's market share, offering cloud service providers a more reliable, technologically superior product free from international shipping chokepoints.

Separating the Halo Effect From Pure-Play Alpha

When capital flows into a localized sector, neighboring businesses often catch a draft. Critically, GlobalWafers does not supply Micron alone—the same raw silicon feeds much of the domestic foundry base, including GlobalFoundries (NASDAQ: GFS), which has maintained a multi-year strategic partnership with GlobalWafers since 2021.

That shared pipeline is why GlobalFoundries experienced an immediate intraday price expansion as markets reacted to Micron's capital deployment. As Micron's capital derisks the broader domestic silicon ecosystem, foundries drawing from that same raw material pipeline stand to benefit from increased stability.

However, investors evaluating the sector should separate a sympathetic halo effect from pure-play AI infrastructure growth. A closer look at the fundamentals reveals a stark contrast in revenue quality between the two companies. GlobalFoundries operates as a pure-play contract manufacturer but relies heavily on legacy consumer electronics.

Smart mobile devices currently account for 34% of GlobalFoundries' revenue mix. While Micron posted a 345.8% year-over-year revenue growth driven by sold-out AI memory capacity, GlobalFoundries managed a modest 3.1% increase.

Forward projections point to EBITDA margin compression for GlobalFoundries, burdened by cyclical drag from the handset market. Trading at a steep forward price-to-earnings (P/E) ratio of 50.3 compared to a trailing P/E of 50.0, GlobalFoundries lacks the unhedged data center exposure that drives structural valuation breakouts.

Smart Money Front-Runs the Forward Multiple

Institutional money always leaves footprints, and the derivatives market suggests a significant bullish sentiment shift for Micron. Recent options data reveals aggressive out-of-the-money call sweeps targeting the $1,100 and $1,150 strikes expiring in August 2026. This highly targeted derivatives positioning suggests smart money is front-running a valuation re-rating ahead of the SK Hynix liquidity event.

The fundamentals support this institutional accumulation. Micron's trailing P/E ratio currently sits at 22, but its forward P/E compresses dramatically to 14. Those forward multiples signal anticipated earnings growth, heavily supported by recent quarterly performance. Micron just reported earnings per share of $25.11, beating consensus estimates by $3.72. Operating with net margins of 55.91% and a virtually nonexistent debt-to-equity ratio of 0.05, Micron's balance sheet is uniquely positioned to absorb the $250 billion expansion without destructive shareholder dilution.

Building Your Portfolio Around the Reshoring Trade

Semiconductors are no longer just technology products; they are critical sovereign assets. By aggressively reshoring its manufacturing footprint, Micron has recognized the vulnerability of its globalized memory supply chain and deployed a quarter-trillion-dollar solution.

As SK Hynix attempts to absorb $28 billion in capital to defend its incumbent status, the market is actively recalculating risk. Micron's accelerating HBM4 yields and domestic moat render offshore memory operators structurally vulnerable.

Investors looking to capitalize on this U.S. infrastructure buildout might consider adding Micron to their watchlists. As the AI memory supercycle continues to tighten global capacity and supply, companies that command physical supply chain security are uniquely positioned to dictate market pricing and capture dominant market share.

The article " Micron's $250 Billion Bet Could Reshape the AI Memory Race " was originally published by MarketBeat.

View MarketBeat's top stocks for July 2026 .

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Taiwan Semiconductor Is a No-Brainer Buy Before July 16 Earnings. Here’s Why

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标的：`GFS`来源：24/7 Wall St.发布日期：2026-07-10重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：682

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Taiwan Semiconductor Is a No-Brainer Buy Before July 16 Earnings. Here’s Why

Taiwan Semiconductor Is a No-Brainer Buy Before July 16 Earnings. Here’s Why

Joel South

July 10, 2026 3 min read

• 2330.TW

-7.29%

• GFS

-1.30%

• NVDA

-2.21%

• TSM

-2.77%

• INTC

-2.00%

Quick Read

• Prediction markets give TSM a 94.5% chance of beating Q2 consensus, with 17 Wall Street buy ratings, zero sells, and a base-case price target implying 16% upside.

• TSM already runs 2nm high-volume production while Intel Foundry posts operating losses and GlobalFoundries cannot compete above 12nm for AI accelerators.

• TSM's Q4 free cash flow surged 43% year-over-year, funding a $54 billion 2026 capex plan while Q1 gross margins expanded 390 basis points sequentially.

• Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Taiwan Semiconductor Manufacturing didn't make the cut. Grab the names FREE today .

Taiwan Semiconductor Manufacturing ( NYSE:TSM ) presents one of the cleanest large-cap setups heading into next Thursday's earnings report, and the setup gives retirement-focused investors a rare combination of visible earnings momentum, guided margin expansion and a valuation the growth rate already outruns.

24/7 Wall St

The Setup Into July 16

Monthly filings have already de-risked the earnings report. May 2026 consolidated revenue hit NT$416.98 billion, up 30.1% year-over-year, with Jan-May cumulative revenue of NT$1.96 trillion, up 30.0%. Management guided Q2 2026 revenue to $39.0 to $40.2 billion (32% YoY at midpoint) with gross margin at 65.5% to 67.5%. Polymarket traders assign a 94.5% probability that TSM beats consensus, and an 84% probability of Q2 revenue above $39 billion.

Valuation the Growth Rate Outruns

TSM trades at a 37x P/E against a forward EPS of $14.49, while the business runs 30%+ revenue growth and a Q1 gross margin of 66.2%. CEO C.C. Wei has guided full-year 2026 growth "above 30%" in USD, and the AI accelerator CAGR through 2029 is tracking in the higher 50s. The 247 base case sits at $514.04, or 15.81% upside, with the bull case at $536.23. Wall Street backs it up: 17 buy ratings against 2 holds and zero sells.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Taiwan Semiconductor Manufacturing didn't make the cut. Grab the names FREE today .

The Cash Machine Funds Itself

TSM Analyst Ratings — 24/7 Wall St. Q4 2025 free cash flow of NT$368.6 billion, +42.73% YoY, comfortably funds the aggressive $52 to $56 billion 2026 capex plan while margins keep expanding. Q4 gross margin of 62.3% blew past the 59% to 61% guide, and Q1 delivered a 390 bps sequential jump. TSM lifted the quarterly dividend to NT$6.00 for Q3 2025, with management reiterating a "sustainable and steadily increasing cash dividend per share" policy. For retirement investors reviewing income durability, our dividend ladder research pairs naturally with TSM's cash generation profile.

Story Continues

Head to Head: TSM Owns the Leading Edge

TSM Price Scenario — 24/7 Wall St. The obvious foundry alternative is Intel ( NASDAQ:INTC ) . TSM entered 2-nanometer high-volume manufacturing in Q4 2025 with good yield, running 74% of Q1 2026 wafer revenue on 7nm and below (36% from N5, 25% from N3). Intel Foundry lacks an external leading-edge customer base at anything close to that scale, and the segment continues to post operating losses.

GlobalFoundries ( NASDAQ:GFS ) tops out above 12nm, ceding the entire AI accelerator opportunity by design. HPC drove 61% of Q1 2026 revenue, up 20% sequentially. Wei's own words on the moat: "It takes 2 to 3 years to build a new fab. And it takes another 1 to 2 years to ramp it up."

TSM has already gained nearly 37% year to date, and the setup into Thursday says the run continues. The setup argues for accumulation ahead of the July 16 open.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Taiwan Semiconductor Manufacturing didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

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424(B)(4)

Table of Contents

Filed Pursuant to Rule 424(b)(4)

Registration No. 333-296987

PROSPECTUS

17,790,000 Common Shares

Represented by

American Depositary Shares

SK hynix Inc.

(a corporation organized under the laws of the Republic of Korea)

This is a public offering of American Depositary Shares, or “ADSs,” representing common shares of SK hynix Inc., organized under the laws of

the Republic of Korea, or “Korea.” We are offering 177,900,000 ADSs. Each ADS represents one-tenth of a share of our common stock, par value

W 5,000 per share, or “common share.”

The initial public offering price of the ADSs is US$149.00 per ADS. Our common shares are listed on the KRX KOSPI Market of the Korea Exchange (the

“KRX KOSPI Market”) under the identification code “000660.” On July 9, 2026, the last reported sales price of our common shares on the KRX KOSPI Market, our principal trading market, was W 2,186,000 per common share (equivalent to approximately US$1,421.28 per common share based on the exchange rate of W 1,538.05 per US$1.00, the noon buying rate in effect on July 2, 2026 as quoted by the Federal Reserve Bank of New York in the

United States). Prior to this offering, there has been no public market for our ADSs. We have been approved to list the ADSs on the Nasdaq Global Select Market (the “Nasdaq”) under the symbol “SKHY.”

Baillie Gifford Overseas Limited, acting on behalf of a number of its and its affiliates’ clients, investment funds managed by Coatue Management,

L.L.C., and Situational Awareness Partners LP (in alphabetical order) (collectively, the “Cornerstone Investors”) have, severally and not jointly, indicated an interest in purchasing up to an aggregate of US$7 billion of

the ADSs offered in this offering at the initial public offering price and on the same terms and conditions as the other purchasers in this offering. Because these indications of interest are not binding agreements or commitments to purchase,

any of the Cornerstone Investors may determine to purchase more, fewer, or no ADSs in this offering, or the underwriters may determine to sell more, fewer, or no ADSs to any of the Cornerstone Investors. The underwriters will receive the same

underwriting discount on any ADSs purchased by the Cornerstone Investors as they will from the other ADSs sold to the public in this offering.

Neither the U.S. Securities and Exchange Commission, or the “Commission” or the “SEC,” nor any state securities commission

has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Investing in the ADSs involves significant risks. See “ Risk Factors ” beginning on page 18 of this

prospectus before making an investment decision regarding the ADSs.

Per ADS

Total

Public offering price

US$

149.0000

US$

26,507,100,000

Underwriting discount and commissions (1)

US$

1.4477

US$

257,545,830

Proceeds, before expenses, to us

US$

147.5523

US$

26,249,554,170

(1)

See “Underwriting” for a description of the compensation payable to the underwriters.

The underwriters expect to deliver the ADSs against payment in New York on or about July 14, 2026, which will be the third business day following

the pricing of the ADSs. Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), trades in the secondary market generally are required to settle in one business day, unless the parties to any such

trade expressly agree otherwise. Accordingly, any purchasers who wish to trade the ADSs prior to the delivery of the ADSs hereunder (i) will be required to specify alternate settlement arrangements at the time of any such trade to prevent a failed

settlement and (ii) should consult their own advisors with respect to conducting such trade.

(in alphabetical order)

Global Coordinators

BofA Securities

Citigroup

Goldman Sachs

J.P. Morgan

Cantor

Mizuho

Needham & Company

RBC Capital Markets

Rosenblatt

Stifel

Wedbush Securities

William Blair

Wolfe | Nomura Alliance

The date of this prospectus is July 9, 2026

Table of Contents

Table of Contents

Table of Contents

Table of Contents

TABLE OF CONTENTS

Page

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

1

GLOSSARY OF TERMS

4

SUMMARY

7

THE OFFERING

11

SUMMARY FINANCIAL AND OTHER INFORMATION

14

RISK FACTORS

18

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

50

USE OF PROCEEDS

52

DIVIDENDS AND DIVIDEND POLICY

53

MARKET PRICE INFORMATION

55

EXCHANGE RATES

56

CAPITALIZATION

57

DILUTION

58

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

60

INDUSTRY OVERVIEW

87

BUSINESS

94

MANAGEMENT

115

PRINCIPAL SHAREHOLDERS

128

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

129

DESCRIPTION OF ARTICLES OF INCORPORATION AND CAPITAL STOCK

131

DESCRIPTION OF AMERICAN DEPOSITARY SHARES

138

SHARES AND AMERICAN DEPOSITARY SHARES ELIGIBLE FOR FUTURE SALE

151

KOREAN FOREIGN EXCHANGE CONTROLS AND SECURITIES REGULATIONS

153

THE KOREAN SECURITIES MARKET

161

CERTAIN TAX CONSIDERATIONS

167

UNDERWRITING

176

EXPENSES OF THE OFFERING

191

LEGAL MATTERS

192

EXPERTS

192

ENFORCEABILITY OF CIVIL LIABILITIES

192

WHERE YOU CAN FIND MORE INFORMATION

193

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

F-1

None of us, the underwriters nor any of our or their respective agents have authorized anyone to give any information or make any representation about

this offering that is different from, or in addition to that contained in the prospectus, the related registration statement, any free writing prospectus prepared by or on our behalf or which we may refer to you. None of us, the underwriters nor any

of our or their respective agents will have or take responsibility and can provide no assurance as to the reliability of any other information that others may give you. You should assume that the information appearing in this prospectus is accurate

only as of the date on the front cover of this prospectus, regardless of the time of delivery of this prospectus or any sale of the ADSs. Our business, financial condition, results of operations and prospects may have changed since the date on the

front cover of this prospectus.

i

Table of Contents

Through and including August 3, 2026 (the 25th day after the date of this prospectus), all

dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer’s obligation to deliver a prospectus when acting as an underwriter and

with respect to an unsold allotment or subscription.

Notice to Investors Outside the United States . None of us, the underwriters nor any

of our or their respective agents are offering or seeking offers to purchase the ADSs in any jurisdiction where such offers or sales are not permitted. None of us, the underwriters nor any of our or their respective agents have done anything that

would permit this offering or possession or distribution of this prospectus or any free writing prospectus in connection with this offering in any jurisdiction, other than the United States, where action for that purpose is required. Persons outside

the United States who come into possession of this prospectus or any such free writing prospectus must inform themselves about, and observe any restrictions relating to, this offering of the ADSs, and the distribution of this prospectus and any such

free writing prospectus outside the United States.

Notice to Investors in Korea . The ADSs will not be offered, sold, or delivered in Korea

or to, or for the account or benefit of any investors in Korea, at the time of their issuance. However, pursuant to the laws of Korea, we have filed with the Financial Services Commission of Korea (the “FSC”) a separate securities

registration statement in the Korean language for the benefit of Korean investors who may purchase common shares that are converted from ADSs in the secondary market after the completion of the offering described in this prospectus (“post-IPO Korean investors”). Certain information in such filing is applicable only to the post-IPO Korean investors and therefore is not included in this

prospectus. The information contained in such filing does not and will not form a part of this prospectus. Accordingly, you must not rely on any information in such filing.

ii

Table of Contents

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

Certain Definitions

Unless the context otherwise requires,

references in this prospectus to “SK hynix,” the “Company,” “we,” “our,” “us” or similar terms are to SK hynix Inc., together with our consolidated subsidiaries; references to the

“Issuer” are to SK hynix Inc., the company whose ADSs are being offered by this prospectus, and not to any of our subsidiaries.

References to “ADSs” are to American Depositary Shares, each representing one-tenth of a common share, except where the context

requires otherwise.

See “Glossary of Terms” for certain defined terms used in this prospectus.

In addition, references to the “Government” are references to the government of Korea. References to the “United States” or the

“U.S.” are to the United States of America.

In this prospectus, references to “Won” or “ W ” are to the currency of Korea and references to “U.S. dollars” or “US$” are to the currency of the United States of

America, references to “Euro” are to the currency of the European Union, references to “Chinese Yuan” are to the currency of the People’s Republic of China, and references to “Japanese Yen” are to the

currency of Japan. This prospectus contains a translation of certain Won amounts into U.S. dollars at specified rates solely for the convenience of the reader. These translations should not be construed as representations that the Won amounts

actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rates indicated. Unless otherwise specified, all conversions of U.S. dollars into Won have been made at the exchange rate of W 1,523.5 per US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United States. For a

discussion of historical information regarding the rate of exchange between Won and the U.S. dollar, see “Exchange Rates.” No representation is made that the Won or U.S. dollar amounts referred to in this prospectus could have been or

could be converted into U.S. dollars or Won, as the case may be, at any particular rate or at all.

Accounting terms have the definitions set forth

under International Financial Reporting Standards (“IFRS”) Accounting Standards, as issued by the International Accounting Standards Board (“IASB”).

All financial information, descriptions and other information regarding us are, unless indicated otherwise, given on a consolidated basis.

Financial Statements Presentation

This prospectus includes

our consolidated audited financial statements as of and for the years ended December 31, 2025, 2024 and 2023, together with the notes thereto (the “Audited Financial Statements”), and unaudited condensed consolidated interim

financial statements as of March 31, 2026 and for the three months ended March 31, 2026 and 2025, together with the notes thereto (the “Interim Financial Statements”).

Our Audited Financial Statements were prepared in accordance with the IFRS Accounting Standards as issued by the IASB. Our Interim Financial Statements

were prepared in accordance with IAS 34 Interim Financial Reporting.

Cautionary Note Regarding Non-IFRS Financial

Measures

We present certain non-IFRS financial measures in this prospectus, which are not recognized

under IFRS Accounting Standards. A non-IFRS financial measure is generally defined as one that purports to measure financial performance but excludes or includes amounts that would not be so adjusted in the

most comparable IFRS measure.

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Table of Contents

Non-IFRS financial measures do not have standardized meanings

and may not be directly comparable to similarly-titled measures adopted by other companies. The non-IFRS financial measures presented in this prospectus are used by our management for decision-making purposes and to assess our financial and operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. The

non-IFRS measures presented in this prospectus have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations presented in

accordance with IFRS Accounting Standards. Additionally, our calculations of non-IFRS financial measures may be different from the calculations used by other companies, including our competitors, and

therefore, our measures may not be comparable to those of other companies.

Specifically, we present Adjusted EBITDA. For a reconciliation of these non-IFRS measures to the most directly comparable IFRS financial measures, see “Summary Financial and Other Information—Non-IFRS Financial Information.”

Our management believes that disclosure of Adjusted EBITDA can provide useful supplemental information to investors and financial analysts in their review of our core results of operations and financial condition. Adjusted EBITDA is provided to

enhance investors’ overall understanding of our current financial performance and prospects for the future. Specifically, we believe that Adjusted EBITDA provides useful information to both management and investors by excluding certain

expenses, gains and losses, as the case may be, that may not be indicative of our core results of operations and business outlook.

Non-IFRS financial measures may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools. They should not be considered in isolation or as a substitute for

analysis of our results of operations as reported under IFRS Accounting Standards. Non-IFRS financial measures, including the non-IFRS financial measures presented in

this prospectus, are not measurements of our performance or liquidity under IFRS Accounting Standards and should not be considered as an alternative to operating income or net profit or any other performance measures derived in accordance with IFRS

Accounting Standards, or as an alternative to cash flow from operating, investing or financing activities.

Rounding

Certain figures (including percentage amounts) included in this prospectus have been rounded for ease of presentation. Percentage figures and totals

included in this prospectus have, in some cases, been calculated on the basis of such figures prior to rounding. For this reason, certain percentage and total amounts in this prospectus may vary from those obtained by performing the same

calculations using the figures in our Audited Financial Statements and Interim Financial Statements and figures shown as total in certain tables may not be an exact arithmetic aggregate of the other figures in the table.

Market and Industry Data

Market data and other statistical

information used in this prospectus is based on data collected by and available from Gartner, Inc. (“Gartner”) and International Data Corporation (“IDC”), among other sources. The Gartner content described herein (the

“Gartner Content”) represents research opinions or viewpoints published as part of a syndicated subscription service by Gartner, and is not a representation of fact. The Gartner Content speaks as of its original publication date (and not

as of the date of this prospectus), and the opinions expressed in the Gartner Content are subject to change without notice.

Certain data is

also based on our estimates, which are derived from our review of internal surveys as well as independent sources. Although we believe these sources are reliable, we have not independently verified the information and cannot guarantee its accuracy

or completeness.

2

Table of Contents

Similarly, internal company surveys, industry forecasts and market research, which we believe to be

reliable based upon management’s knowledge of the industry, have not been verified by any independent sources. Forecasts are particularly likely to be inaccurate, especially over long periods of time. In addition, we do not know what

assumptions were used in preparing the industry forecasts cited. See “Cautionary Note Regarding Forward-Looking Statements.”

Industry

publications, governmental publications and other market sources, including those referred to above, generally state that the information they include has been obtained from sources believed to be reliable, but that the accuracy and completeness of

such information is not guaranteed. We have no reason to believe any of this information or these reports are inaccurate in any material respect and believe and act as if they are reliable. Neither we, the underwriters nor our or their respective

agents have independently verified them and they are subject to change based on various factors, including those discussed in the section entitled “Risk Factors.” Estimates of market and industry data are based on statistical models, key

assumptions and limited data sampling, and actual market and industry data may differ significantly from estimated industry data. In addition, the data that we compile internally, and our estimates have not been verified by an independent source.

Information derived from management’s knowledge and our experience is presented on a reasonable, good faith basis. Except as disclosed in this prospectus, none of the publications, reports or other published industry sources referred to in

this prospectus were commissioned by us or prepared at our request. Except as disclosed in this prospectus, we have not sought or obtained the consent of any of these sources to include such market data in this prospectus.

Trademarks and Trade Names

We own or have rights to

trademarks, service marks and trade names that we use in connection with the operation of our business, including our corporate name, logos and website names. Other trademarks, service marks and trade names appearing in this prospectus are the

property of their respective owners. Solely for convenience, some of the trademarks, service marks and trade names referred to in this prospectus are listed without the &reg; and TM symbols, but we will assert, to the fullest extent under applicable law, our rights to our trademarks, service marks and trade names.

3

Table of Contents

GLOSSARY OF TERMS

Artificial Intelligence (“AI”)

Mechanical systems and related technologies designed to perform functions similar to human intelligence.

AI Accelerators

Providers of high-performance semiconductors designed to efficiently process large-scale AI computing workloads.

Application-Specific Integrated Circuit (“ASIC”)

An integrated circuit designed for a specific purpose, as distinguished from general-purpose integrated circuits.

Bit

The smallest unit of information stored in memory, denoted by the lowercase letter “b,” represented by a single digit in binary notation (0 or 1).

Byte

The basic unit for representing information, denoted by the uppercase letter “B,” formed by grouping 8 bits together.

Central Processing Unit (“CPU”)

The primary processing component of a computer, responsible for processing data, performing calculations and executing logical instructions.

Complementary Metal Oxide Semiconductor (“CMOS”) Image Sensor (“CIS”)

A sensor that converts the color and intensity of light into electrical signals and transmits them to a processing device. CIS is used in digital devices, including smartphones and tablets.

Compute Express Link (“CXL”) Memory Module (“CMM”)

A memory module that supports high-speed data transfer and memory sharing between computing system components such as CPUs and GPUs, and provides system memory expansion capabilities.

Custom HBM

An HBM product that integrates certain functions of GPUs and ASICs into the HBM base die, configured to reflect customer requirements.

Double Data Rate (“DDR”)

A type of DRAM memory interface that transfers data on both the rising and falling edges of the clock signal.

Dynamic Random Access Memory (“DRAM”)

Random access memory (“RAM”) is computer memory that can be read and changed, and is used to store data temporarily. DRAM is a type of RAM that must be refreshed regularly, as stored data dissipates over time.

Embedded Multi-Media Card (“eMMC”)

A memory semiconductor for storage, integrated into mobile devices for data processing.

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Table of Contents

Enterprise Solid State Drive (“eSSD”)

An enterprise-grade solid state drive used in servers and data centers.

Extreme Ultraviolet (“EUV”) lithography

A semiconductor manufacturing technique that uses extreme ultraviolet light to create intricate patterns on silicon wafers.

Graphics DDR (“GDDR”)

A type of DDR memory specifically designed for GPUs, providing higher bandwidth and optimized performance for rendering and graphics-intensive applications.

Graphics Processing Unit (“GPU”)

A processor optimized for parallel computation, originally developed for graphics, and now widely used for high-performance computing tasks.

Hard Disk Drive (“HDD”)

A data storage device that stores data on rotating platters coated with magnetic material.

Hi

Number of vertically stacked DRAM dies within a single memory package.

High Bandwidth Flash (“HBF”)

Similar to HBM, which stacks DRAM dies, HBF is a product made by vertically stacking multiple NAND flash dies.

High-Bandwidth Memory (“HBM”)

A high-performance memory product that vertically interconnects multiple DRAM chips and increases data processing speed relative to traditional DRAM products.

Internet-of-Things (“IoT”)

A network of physical objects embedded with sensors, software, and technology to exchange data with other devices and systems over the Internet.

Key-Value (“KV”) Cache

A mechanism that stores and reuses previously computed key and value vectors, preserving context from earlier inputs to reduce redundant calculations and improve processing efficiency.

Large Language Model (“LLM”)

AI systems trained on large amounts of text data to understand and generate text based on the context provided.

Low-Power Double Data Rate (“LPDDR”) DRAM

A mobile DRAM designed for low-power operation. The standard includes the prefix “LP,” which stands for “low power.”

Mass Reflow-Molded Underfill (“MR-MUF”)

A process in which a liquid protective material is injected between the spaces of stacked chips before hardening to protect the circuits. MR-MUF offers more efficient heat dissipation compared to the

method of laying film material between each chip.

Multi-Chip Package (“MCP”)

A semiconductor package that combines two or more semiconductor dies within a single package.

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Multiplexed Rank Dual In-line Memory Module (“MRDIMM”)

A DRAM module with enhanced data transfer speed achieved by simultaneously operating two ranks — the basic operating units of the module.

Nanometer (“nm”)

A unit used to measure semiconductor circuit width, equal to one billionth of a meter.

Not-AND (“NAND”) Flash Memory

A non-volatile memory that does not require power to retain data. NAND flash memory is classified based on how many data bits can be stored in one cell, the smallest unit of storage, and is categorized as

single-level cell, multi-level cell, triple-level cell, quad-level cell or penta-level cell.

Processing-in-Memory

(“PIM”)

A memory technology that integrates computational capabilities into memory, addressing data movement bottlenecks in AI and big data processing.

Registered Dual In-Line Memory Module (“RDIMM”)

A DRAM module for servers and workstations that includes a register or buffer chip to relay address and command signals between the memory controller and DRAM chips in a memory module.

Server DRAM

High-performance, high-capacity and reliable memory modules specifically designed for enterprise data centers, servers and high-performance computing systems.

Small Outline Compression Attached Memory Module (“SOCAMM”)

A low-power DRAM-based memory module designed for AI servers, featuring a smaller form factor and greater power efficiency compared to conventional server memory modules.

Solid State Drive (“SSD”)

A storage device that uses memory semiconductors to store data.

Through-Silicon Via (“TSV”) Packaging Technology

A packaging technology that connects vertically stacked chips by forming microscopic holes through the silicon and linking the layers with vertical electrodes.

Universal Flash Storage (“UFS”)

A type of flash memory that can simultaneously read and write data. Due to its low power consumption, high performance and reliability, UFS is widely used in mobile devices.

Wafer Input

A process in which semiconductor wafers are undergoing the various stages of fabrication but have not yet completed all manufacturing steps required to become finished products.

6

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SUMMARY

This summary highlights selected information contained elsewhere in this prospectus. This summary may not contain all the information that may be

important to you in making your investment decision regarding the ADSs. Before you decide to invest in the ADSs, we urge you to read this entire prospectus carefully, including our Audited Financial Statements and Interim Financial Statements,

together with the notes thereto, included elsewhere in this prospectus and the information set forth under “Risk Factors,” “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of

Operations.”

Overview

We are one of the

world’s largest memory semiconductor companies and engage in the design, manufacture and sale of advanced memory semiconductors. In the DRAM market that includes HBM, we were ranked second globally based on revenue with a market share of 29.1%

in the first quarter of 2026, according to market research conducted by IDC. In the HBM market, we were ranked first globally based on revenue with a market share of 56.4% in the first quarter of 2026, according to IDC. In addition, we were the

second largest supplier of NAND flash memory based on revenue, with a worldwide market share of 18.5% in the first quarter of 2026, according to IDC. Our memory products can be used in virtually all electronic devices, including graphics cards,

personal computers (“PCs”), data center servers, mobile devices such as smartphones and tablets, and other consumer electronics products. We also conduct our foundry business through SK hynix system ic Inc. (“SK hynix system

ic”) and SK keyfoundry Inc. (“SK keyfoundry”), our wholly-owned subsidiaries.

We sell a wide variety of DRAM and NAND flash

memory products with various configuration options, architectures and performance characteristics tailored to meet application- and customer-specific needs. We believe that we are one of the world’s leading companies in developing DRAMs with

advanced specifications, particularly those requiring higher density, faster data-processing speed and lower power consumption. We are continually developing higher-density DRAM modules, SSDs and other

advanced DRAM and NAND flash memory products that are optimized for our customers’ specific applications. In recent years, we have substantially increased our sales of HBMs. HBMs are advanced memory semiconductors designed to deliver fast

data transfers while using less power, making them especially useful in high-performance applications such as GPUs, AI and high-performance computing.

We have focused our sales and marketing activities in recent years on expanding our base of long-term strategic customers. We believe that our expertise

and know-how in producing advanced memory semiconductors, strong long-term relationships with our key customers and state-of-the-art global production facilities in key strategic locations provide us with sustainable competitive advantages that will continue to differentiate us from our competitors and enable us to

take advantage of attractive growth opportunities. We believe that we are a global leader in the HBM market with advanced production know-how and development of specific configurations that meet our

customers’ demands. Our customers seek HBM suppliers with whom they can better align their own product development efforts and their strict quality standards often require HBM manufacturers to comply with rigorous testing and approval

processes. We believe that our strengths in HBM, server DRAM and eSSD enable us to mitigate the risks associated with the cyclicality of the memory semiconductor market.

We own and operate wafer fabrication facilities (“fabs”) in Icheon and Cheongju, Korea and Wuxi and Dalian, China. We also own and operate

assembly and testing facilities for back-end processing of

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our products in Icheon and Cheongju, Korea and Chongqing, China. As part of our efforts to reduce unit manufacturing costs, improve manufacturing yields and enhance our profitability, we

periodically phase out the operations of our older fabs or upgrade them to implement more advanced processing technologies. In addition to regular maintenance and enhancement of existing fabs, in October 2025, we opened the cleanroom of a new

extension fab called “M15X” in Cheongju, which we plan to utilize to further increase our production capacity of next-generation DRAMs such as HBM. We began wafer input at the M15X in the first quarter of 2026 and expect to gradually

ramp up our production volume. As part of our efforts to ensure our long-term competitiveness, we have also announced initiatives to construct an integrated industrial complex in Yongin, Korea for our next generation of fabs and research and

development facilities. We began construction of our first fab at the Yongin complex in February 2025 with the phase 1 cleanroom of the first fab expected to open in the first quarter of 2027. We are currently constructing an advanced packaging

plant called “P&T7” in Cheongju and expect to complete construction by the end of 2027. In December 2024, we also announced plans to build an advanced packaging plant in Indiana, United States, and expect to commence operations in

the second half of 2028.

In order to maintain our technological leadership, as well as to access new markets for our products, we engage in

strategic initiatives, including making investments and acquisitions, from time to time. In October 2020, we agreed to acquire the NAND flash memory and storage business of Intel Corporation (“Intel”) (the “Intel NAND Business

Acquisition”), including the NAND flash memory manufacturing facility in Dalian, China, NAND flash memory and SSD-related intellectual property and research and development personnel. As consideration for the Intel NAND Business Acquisition,

we paid US$6.6 billion in December 2021 and US$2.2 billion in March 2025. We created a subsidiary in the United States to operate the acquired business under the brand name “Solidigm.” We also selectively acquire

minority equity positions in other industry players to further strengthen our business relationships and acquire complementary businesses that we believe can further strengthen our leading position in the industry. See “Business —

Investments and Acquisitions.”

Our revenue was

W 52,576 billion (US$34,510 million) in the first quarter of 2026 and

W 17,639 billion in the first quarter of 2025, and

W 97,147 billion in 2025 (US$63,765 million),

W 66,193 billion in 2024 and

W 32,766 billion in 2023. We recorded profit for the period of

W 40,346 billion (US$26,482 million) in the first quarter of 2026 and W 8,108 billion in the first quarter of 2025, and profit for the year of

W 42,948 billion (US$28,190 million) in 2025 and

W 19,797 billion in 2024 and loss for the year of

W 9,138 billion in 2023. We had total assets of

W 222,829 billion (US$146,261 million) and total equity of

W 164,380 billion (US$107,896 million) as of March 31, 2026, and total assets of W 176,108 billion (US$115,594 million) and total equity of W 120,667 billion

(US$79,204 million) as of December 31, 2025.

Our Competitive Strengths

•

Critical role in the AI era with unrivaled expertise in the HBM segment

•

Comprehensive DRAM portfolio beyond HBM that is optimized for AI infrastructure buildout

•

Expertise in eSSD memory solutions that are ideally suited for evolution of AI server architecture

•

Global leadership in DRAM and NAND flash memory to capitalize on favorable market upcycle

•

Visionary research and development and best-in-class production execution

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•

Strong customer and partner relationships driving collaborative innovation

•

Solid financial profile that enables capacity for continued strategic investments

Our Strategy

•

Solidifying technological leadership and memory innovation

•

Strengthening customer and partner relationships and developing customized HBM products

•

Pursuing production capacity expansion in Korea to address growing demand

•

Investing in U.S.-based advanced packaging facility to support AI memory demand

•

Expanding our role beyond that of a memory semiconductor producer in the AI era

•

Focusing on financial management to provide sustainable shareholder returns

Summary Risk Factors

•

The memory semiconductor industry is subject to cyclical fluctuations, including recurring periods of oversupply, which may

result in volatility in our operating results, which in turn may adversely affect our financial position and cash flows.

•

The memory semiconductor industry is highly competitive and our failure to successfully compete would adversely affect our

business.

•

Our future long-term growth depends to a significant extent on our ability to increase production capacity.

•

Our revenue and profitability may decline if we are unable to obtain adequate supplies of raw materials, purified water,

electricity and equipment in a timely manner and at reasonable prices.

•

The complexity of memory semiconductor production makes us highly susceptible to potential manufacturing issues.

•

Our long-term profitability depends on our ability to respond to rapid technological changes in the manufacturing process

in a timely and cost-effective manner.

•

Requirements of the customers in the information and technology industry and the consumer electronics industry are

continually and rapidly evolving, and our success depends on our ability to anticipate and respond to these changes and trends.

•

If demand for our products exceeds our available supply, the necessity of allocating our finite supply among customers may

adversely impact customer relationships, and we may accordingly face heightened political, legal and regulatory scrutiny.

•

A slowdown in demand for our products from AI infrastructure investment could adversely affect our results of operations.

•

We sell a substantial portion of our products to a select group of key customers in the United States and China, and any

significant decrease in their order levels will negatively affect our business.

•

Impositions of anti-dumping duties, safeguard duties, countervailing duties, quotas or tariffs may have an adverse impact

on our export sales.

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•

Fluctuations in exchange rates may have a material adverse effect on our financial condition and results of operations.

•

Our investments and acquisitions may not be successful, which may adversely affect our competitive position and impair our

ability to achieve our business objectives.

•

We may be unable to adequately protect our intellectual property rights or successfully defend against third-party

infringement claims, which could impair our operations and competitiveness and harm our business and future prospects.

•

Products that do not meet customer specifications, contain or are perceived to contain defects or are otherwise

incompatible with their intended uses could impose significant costs on us.

•

Breaches of our security systems or products, systems failures, interruptions, delays in service, catastrophic events and

resulting interruptions in the availability of our systems or those of our customers, suppliers or business partners could expose us to losses.

•

We may be adversely impacted by uncertainties and outcomes associated with the use and evolution of AI.

•

Sanctions against us and other memory semiconductor producers for allegedly anti-competitive practices may have a direct or

indirect material adverse impact on our operations.

•

Work stoppages and other labor-related issues may adversely affect our operations.

•

If economic conditions in Korea deteriorate, our current business and future growth could be materially and adversely

affected.

•

Escalations in tensions with North Korea could have an adverse effect on us and the market value of our common shares and

the ADSs.

•

If you surrender your ADSs in order to withdraw the underlying common shares, you may not be allowed to deposit the common

shares again to obtain ADSs.

•

We may amend the deposit agreement without your consent and for any reason and, if you disagree with our amendments, your

choices will be limited to selling the ADSs or surrendering the ADSs for cancelation and withdrawing the underlying common shares.

•

Fluctuations in the exchange rate between the Won and the U.S. dollar may have a material adverse effect on the value of

the ADSs or the common shares in U.S. dollar terms.

•

As a foreign private issuer, we are not subject to certain corporate governance rules applicable to U.S. listed companies.

Our Contact Information

Our principal

executive offices are located at 2091, Gyeongchung-daero, Bubal-eup, Icheon-si, Gyeonggi-do 17336, Korea. Our telephone number is

+82 (31) 5185-4114, and our website is www.skhynix.com. Information on or connected to our website is not part of this prospectus.

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THE OFFERING

Issuer

SK hynix Inc.

The offering

We are offering 17,790,000 common shares represented by ADSs. On June 24, 2026, our board of directors resolved that the maximum number of new common shares to be issued in connection with this offering is 17,790,000 shares, representing

approximately 2.50% of our total issued common shares of 712,702,365 shares as of the date of such resolution. The maximum offering size was determined taking into account the requirement under the Monopoly Regulation and Fair Trade Act that SK

square Co., Ltd. (“SK square”), our largest shareholder, maintain ownership of at least 20% of our issued common shares. See “Korean Foreign Exchange Controls and Securities Regulations — Holding Company Regulations”

and “Principal Shareholders.”

Underwriters

BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities LLC, Cantor Fitzgerald & Co., Mizuho Securities USA LLC, Needham & Company, LLC, Nomura Securities International, Inc., RBC Capital

Markets, LLC, Rosenblatt Securities Inc., Stifel, Nicolaus & Company, Incorporated, Wedbush Securities Inc., William Blair & Company, L.L.C. and WR Securities, LLC.

Shares outstanding after the offering

Immediately after the offering, we will have an aggregate of 728,865,500 common shares, including common shares represented by ADSs, outstanding.

ADSs

Each ADS represents one-tenth of a common share. The depositary will hold the common shares underlying the ADSs through its custodian. You will have rights as provided in the deposit agreement among us, Citibank, N.A., and the registered

holders, indirect holders and beneficial owners from time to time of ADSs issued thereunder (the “deposit agreement”).

If we declare dividends on our common shares, the depositary will pay you the cash dividends and other distributions it receives on our common shares after deducting its fees and expenses in accordance with the terms

set forth in the deposit agreement.

You may surrender your ADSs to the depositary for cancelation in exchange for the underlying common shares. The depositary will charge you fees for any cancelation.

We may amend or terminate the deposit agreement without your consent. If you continue to hold your ADSs after an

11

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amendment to the deposit agreement, you agree to be bound by the deposit agreement as amended.

To better understand the terms of the ADSs, you should carefully read the “Description of American Depositary Shares” section of this prospectus. You should also read the deposit agreement, which is filed as

an exhibit to the registration statement that includes this prospectus.

Depositary

Citibank, N.A.

Use of proceeds

We estimate that the net proceeds that we will receive in the offering will be approximately US$26.2 billion from our issuance and sale of 17,790,000 common shares represented by ADSs in the offering after deducting the underwriting

discount and commissions and estimated offering expenses payable by us, and based on the initial public offering price of US$149.00 per ADS. We intend to use the net proceeds we receive from this offering for general corporate purposes,

including capital expenditures. See “Use of Proceeds.”

Indications of interest

The Cornerstone Investors have, severally and not jointly, indicated an interest in purchasing up to an aggregate of US$7 billion of the ADSs offered in this offering at the initial public offering price and on the same terms and conditions

as the other purchasers in this offering. Because these indications of interest are not binding agreements or commitments to purchase, any of the Cornerstone Investors may determine to purchase more, fewer, or no ADSs in this offering, or the

underwriters may determine to sell more, fewer, or no ADSs to any of the Cornerstone Investors. The underwriters will receive the same underwriting discount on any ADSs purchased by the Cornerstone Investors as they will from the other ADSs sold to

the public in this offering.

Listing

We have been approved to list the ADSs on the Nasdaq under the symbol “SKHY.” Our common shares are listed on the “KRX KOSPI Market under the identification code “000660.”

Voting rights of ADSs

Holders of ADSs may instruct the depositary to vote the number of deposited common shares their ADSs represent. See “Description of American Depositary Shares — Voting of the Underlying Shares of Common Stock.”

Each common share will have one vote. Common shares may be voted as each holder thereof deems appropriate. See “Description of Articles of Incorporation and Capital Stock — Voting Rights.”

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Table of Contents

Dividends

Dividends on the common shares are subject to approval at a general meeting of our shareholders (in the case of annual dividends) or a resolution of the board of directors (the “Board”) (in the case of quarterly

dividends).

Taxation

For a discussion of certain material U.S. federal and Korean tax considerations relating to an investment in the ADSs, see “Certain Tax Considerations.”

Lock-up agreement

We and certain of our affiliates may agree with the underwriters, subject to certain exceptions, not to sell, transfer or otherwise dispose of any ADSs, common shares or similar securities for a period of 90 days after the date of this

prospectus. See “Shares Eligible for Future Sale” and “Underwriting” for more information.

Risk factors

See “Risk Factors” beginning on page 18 and the other information included in this prospectus for a discussion of factors you should consider before deciding to invest in the ADSs.

Payment and settlement

The underwriters expect to deliver the ADSs against payment therefor through the facilities of the Depository Trust Company (“DTC”) on July 14, 2026, which will be the third business day following the pricing of the ADSs. Under

Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, any purchasers who wish to trade the ADSs prior to

the delivery of the ADSs hereunder (i) will be required to specify alternate settlement arrangements at the time of any such trade to prevent a failed settlement and (ii) should consult their own advisors with respect to conducting such trade.

Unless otherwise indicated, the number of common shares that will be issued and outstanding immediately after this offering:

•

is based upon 711,075,500 common shares outstanding as of the date of this prospectus; and

•

excludes 1,626,865 common shares held by us as treasury shares, including 138,685 common shares deliverable upon the

exercise of stock options (as described in “Management — Compensation — Stock Options”), outstanding as of the date of this prospectus.

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Table of Contents

SUMMARY FINANCIAL AND OTHER INFORMATION

The following tables set forth, for the periods and as of the dates indicated, our summary financial and operating data. The financial information

presented in this prospectus has been derived from our Audited Financial Statements and Interim Financial Statements, together with the notes thereto, prepared in accordance with IFRS Accounting Standards as issued by the IASB or IAS 34 Interim

Financial Reporting , as applicable, and included elsewhere in this prospectus. IFRS Accounting Standards as issued by the IASB differ in certain significant respects from accounting principles generally accepted in the United States. The Interim

Financial Statements have been prepared on a basis consistent with our Annual Financial Statements included in this prospectus and reflect, in the opinion of management, all adjustments of a normal, recurring nature that are necessary for a fair

statement of the financial information contained in those financial statements. Historical results of operations for the periods presented below are not necessarily indicative of the results to be expected for any future period and our results for

any interim period are not necessarily indicative of the results that may be expected for any full fiscal year.

The summary historical financial

data should be read in conjunction with “ Presentation of Financial and Other Information ,” “ Management’s Discussion and Analysis of Financial Condition and Results of Operations ” and our Audited Financial

Statements and Interim Financial Statements, included elsewhere in this prospectus.

Consolidated Statements of Comprehensive Income (Loss) Data

For the Three Months Ended

March 31,

For the Year Ended December 31,

2026 (1)

2026

2025

2025 (1)

2025

2024

2023

(In billions of Won and millions of US$)

Revenue

US$

34,510

W

52,576

W

17,639

US$

63,765

W

97,147

W

66,193

W

32,766

Cost of sales

7,153

10,897

7,537

25,242

38,456

34,365

33,299

Gross profit (loss)

27,358

41,679

10,102

38,524

58,691

31,828

(533

)

Selling and administrative expenses

1,062

1,618

1,190

3,294

5,019

3,924

3,446

Research and development expenses

1,609

2,451

1,472

4,244

6,466

4,436

3,751

Finance income

11,196

17,056

2,687

10,747

16,373

4,855

2,262

Finance expenses

1,985

3,023

765

8,208

12,505

5,708

6,093

Share of profit (loss) of equity-accounted investees

(18

)

(27

)

(41

)

(371

)

(565

)

(38

)

15

Other income

10

15

79

219

333

1,477

624

Other expenses

10

15

102

248

378

167

735

Profit (loss) before income tax

33,880

51,617

9,299

33,125

50,466

23,885

(11,658

)

Income tax expense (benefit)

7,398

11,271

1,191

4,934

7,518

4,088

(2,520

)

Profit (loss) for the period

US$

26,482

W

40,346

W

8,108

US$

28,190

W

42,948

W

19,797

W

(9,138

)

(1)

For convenience, Won amounts are expressed in U.S. dollars at the rate of W 1,523.5 to US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United States.

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Consolidated Statements of Financial Position Data

As of March 31,

As of December 31,

2026 (1)

2026

2025 (1)

2025

2024

2023

(In billions of Won and millions of US$)

Assets

Current assets:

Cash and cash equivalents

US$

13,894

W

21,167

US$

9,796

W

14,924

W

11,205

W

7,587

Short-term financial instruments

11,959

18,220

9,636

14,680

2,382

473

Short-term investment assets

9,808

14,943

3,504

5,339

569

861

Trade receivables, net

22,191

33,808

11,946

18,199

13,019

6,600

Inventories, net

10,485

15,974

9,379

14,289

13,314

13,481

Other current assets

1,572

2,394

1,331

2,027

1,790

1,466

Total current assets

69,909

106,506

45,591

69,458

42,279

30,468

Non-current assets:

Investments in associates and joint ventures

890

1,356

867

1,321

1,941

1,367

Long-term investment assets

13,559

20,658

9,548

14,547

4,041

4,106

Loans and other receivables, net

278

424

276

420

444

475

Property, plant and equipment, net

53,858

82,052

50,871

77,503

60,157

52,705

Right-of-use assets,

net

1,545

2,354

1,534

2,336

2,487

2,695

Intangible assets, net

2,659

4,051

2,658

4,049

4,019

3,835

Deferred tax assets

1,202

1,832

2,403

3,660

2,812

2,989

Other non-current assets

2,360

3,596

1,846

2,812

1,675

1,690

Total non-current assets

76,352

116,323

70,003

106,650

77,576

69,862

Total assets

146,261

222,829

115,594

176,108

119,855

100,330

Liabilities

Current liabilities:

Trade payables

1,836

2,798

1,870

2,848

2,277

1,846

Other payables

5,187

7,903

4,223

6,434

6,967

3,293

Other non-trade payables

4,027

6,135

4,124

6,283

3,984

1,689

Borrowings

3,867

5,891

5,357

8,162

5,252

9,857

Other financial liabilities

1,049

1,598

3,225

4,914

1,742

1,479

Current tax liabilities

9,570

14,580

4,610

7,024

3,084

44

Lease liabilities

345

526

359

547

588

631

Other current liabilities

834

1,270

766

1,167

1,071

2,169

Total current liabilities

26,715

40,701

24,535

37,379

24,965

21,008

Non-current liabilities:

Long-term other payables

250

381

246

375

477

3,144

Other non-trade payables

14

21

13

20

52

97

Borrowings

8,813

13,427

9,246

14,086

17,431

19,611

Deferred tax liabilities

187

285

163

248

218

114

Lease liabilities

1,305

1,988

1,288

1,963

2,180

2,398

Other non-current liabilities

1,081

1,646

899

1,370

616

455

Total non-current liabilities

11,650

17,748

11,856

18,062

20,974

25,819

Total liabilities

38,365

58,449

36,390

55,441

45,940

46,826

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As of March 31,

As of December 31,

2026 (1)

2026

2025 (1)

2025

2024

2023

(In billions of Won and millions of US$)

Equity

Equity attributable to owners of the parent company:

Capital stock

US$

2,401

W

3,658

US$

2,401

W

3,658

W

3,658

W

3,658

Capital surplus

5,586

8,510

5,877

8,954

4,487

4,373

Other equity

(242

)

(368

)

(885

)

(1,349

)

(2,192

)

(2,269

)

Accumulated other comprehensive income

2,458

3,745

1,757

2,677

2,532

1,014

Retained earnings

97,635

148,746

69,955

106,577

65,418

46,729

107,838

164,291

79,105

120,516

73,903

53,504

Non-controlling interests

58

89

99

151

12

(1

)

Total equity

107,896

164,380

79,204

120,667

73,916

53,504

Total liabilities and equity

US$

146,261

W

222,829

US$

115,594

W

176,108

W

119,855

W

100,330

(1)

For convenience, Won amounts are expressed in U.S. dollars at the rate of W 1,523.5 to US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United States.

Consolidated Statements of Cash Flows Data

For the Three Months Ended March 31,

For the Year Ended December 31,

2026 (1)

2026

2025

2025 (1)

2025

2024

2023

(In billions of Won and millions of US$)

Capital expenditures (2)

US$

5,026

W

7,657

W

6,284

US$

18,063

W

27,519

W

15,946

W

8,325

Net cash provided by operating activities

17,283

26,330

9,024

35,033

53,373

29,796

4,278

Net cash used in investing activities

(11,575

)

(17,635

)

(8,218

)

(31,542

)

(48,054

)

(18,005

)

(7,335

)

Net cash provided by (used in) financing activities

(1,937

)

(2,951

)

509

(948

)

(1,445

)

(8,704

)

5,697

Net increase in cash and cash equivalents

4,098

6,243

1,353

2,441

3,719

3,618

2,610

(1)

For convenience, Won amounts are expressed in U.S. dollars at the rate of W 1,523.5 to US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United States.

(2)

Capital expenditures represent cash outflows for acquisition of property, plant and equipment and are included in net cash

used in investing activities.

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Table of Contents

Non-IFRS Financial Information

A reconciliation of our profit (loss) for the period to Adjusted EBITDA is as follows:

For the Three Months Ended March 31,

For the Year Ended December 31,

2026 (1)

2026

2025

2025 (1)

2025

2024

2023

(In billions of Won and millions of US$)

Profit (loss) for the period

US$

26,482

W

40,346

W

8,108

US$

28,190

W

42,948

W

19,797

W

(9,138

)

ADD: Income tax expense (benefit)

7,398

11,271

1,191

4,934

7,518

4,088

(2,520

)

SUBTRACT: Finance income

11,196

17,056

2,687

10,747

16,373

4,855

2,262

ADD: Finance expenses

1,985

3,023

765

8,208

12,505

5,708

6,093

SUBTRACT: Share of profit (loss) of equity-accounted investees

(18

)

(27

)

(41

)

(371

)

(565

)

(38

)

15

SUBTRACT: Other income (2)

10

15

79

219

333

1,477

624

ADD: Other expenses (3)

10

15

102

248

378

167

735

ADD: Depreciation and amortization (4)

2,446

3,726

3,334

9,117

13,890

12,545

13,619

Adjusted EBITDA (5)

US$

27,132

W

41,336

W

10,774

US$

40,102

W

61,096

W

36,012

W

5,889

(1)

For convenience, Won amounts are expressed in U.S. dollars at the rate of W 1,523.5 to US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United States.

(2)

For a breakdown of our other income for the first quarter of 2026 and the first quarter of 2025, see

“Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — First Quarter of 2026 Compared to First Quarter of 2025 — Other Income.” For a breakdown of our

other income for 2025 and 2024, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations – 2025 Compared to 2024 — Other Income.” For a breakdown of our

other income for 2024 and 2023, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations – 2024 Compared to 2023 — Other Income.”

(3)

For a breakdown of our other expenses for the first quarter of 2026 and the first quarter of 2025, see

“Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — First Quarter of 2026 Compared to First Quarter of 2025 — Other Expenses.” For a breakdown of our

other expenses for 2025 and 2024, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — 2025 Compared to 2024 — Other Expenses.” For a breakdown of

our other expenses for 2024 and 2023, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — 2024 Compared to 2023 — Other Expenses.”

(4)

“Depreciation and amortization” consist of (i) depreciation of property, plant and equipment,

(ii) depreciation of investment property, (iii) depreciation of right-of-use assets and (iv) amortization.

(5)

“Adjusted EBITDA” is not a measure defined under IFRS Accounting Standards and should not be construed as an

alternative to operating profit (loss), cash flows from operating activities or profit for the period; however, Adjusted EBITDA is a widely used financial indicator of a company’s ability to incur and service debt. Adjusted EBITDA should not

be considered in isolation or construed as an alternative to cash flows, profit for the period or any other measure of performance or as an indicator of our operating performance, liquidity, profitability or cash flows generated by operating,

investing or financing activities. Adjusted EBITDA is presented in this prospectus because we believe that Adjusted EBITDA enhance investors’ overall understanding of our current financial performance and prospects for the future. Our Adjusted

EBITDA presented in this prospectus may not be comparable to similarly titled measures presented by other companies. Investors should not compare our Adjusted EBITDA to the Adjusted EBITDA presented by other companies because not all companies use

the same definition of Adjusted EBITDA.

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RISK FACTORS

An investment in the ADSs involves significant risks. Before you decide to invest in the ADSs, you should carefully consider all of the information

set forth in this prospectus, including the risks described below. In the event that any of these risks occurs, our business, financial condition, results of operations, cash flows and prospects may be materially adversely affected and, as a result,

the value of the ADSs may decline and you may lose all or part of your investment. Additional risks and uncertainties not currently known to us, or that we currently believe to be immaterial, may have a material adverse effect on us in the future.

When determining whether to invest, you should also refer to the other information contained in this prospectus, including the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations”

and our Audited Financial Statements and Interim Financial Statements, together with the notes thereto. You should also carefully review the cautionary statements referred to under “Cautionary Note Regarding Forward-Looking Statements.”

Our actual results could differ materially and adversely from those anticipated in this prospectus.

Risks Relating to Our Business and Industry

The memory semiconductor industry is subject to cyclical fluctuations, including recurring periods of oversupply, which may result in volatility in

our operating results, which in turn may adversely affect our financial position and cash flows.

Our DRAM products accounted for 77.3% of

our total sales in the first quarter of 2026 and 77.1% in 2025 and our NAND flash memory products accounted for 22.0% of our total sales in the first quarter of 2026 and 21.3% in 2025. Accordingly, our business is affected by market conditions in

the highly cyclical memory semiconductor industry. The industry’s cyclical demand cycles are due, in large part, to fluctuations in demand for the end products that use memory semiconductors. The largest end product industries that use memory

semiconductors are the information and technology industry and the consumer electronics industry, which are sensitive to general macroeconomic conditions impacting the global economy. Uncertainties in the global economy have increased in recent

years, with global financial and capital markets experiencing substantial volatility. A prolonged period of high interest rates may negatively impact the demand for our products. Such uncertainties have been caused by, and continue to be exacerbated

by, among other things, deterioration in economic and trade relations between major economies (particularly between the United States and China), the outbreak of the Russia-Ukraine war in February 2022 and the military conflicts between Iran and

other countries, including the United States and Israel, that have destabilized the global energy sector, the slowdown of economic growth in China and other major emerging market economies, adverse economic and political conditions in Europe and

Latin America, continuing geopolitical and social instability in North Korea and various parts of the Middle East and impositions of tariffs and other trade protective measures around the world. Any future deterioration in global economic conditions

may result in a decline in demand for our memory semiconductors.

The long lead times for new facilities to become operational have in some cases

resulted in significant increases in the industry’s production capacity coinciding with weakening demand, resulting in global oversupply of products and declining prices. Demand growth expectations in the end markets that use memory

semiconductors have typically been accompanied by increased capital investment by manufacturers. In addition, semiconductor manufacturers worldwide have migrated to finer line-width processes and advanced stacking technologies, which have increased

the number of bits produced per wafer. These capital investments and the adoption of new technologies may result in increases in the supply of memory semiconductors that are not matched by commensurate growth in demand in the end markets for such

products. From time to time, the memory semiconductor industry has experienced significant and sometimes prolonged periods of oversupply and weak prices.

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As a result of such fluctuations in global demand and increases in the manufacturing capacity

available to produce memory semiconductors, our results of operations may be volatile from period to period. Following a period of strong global demand for memory semiconductors in 2021 and the first half of 2022, the global prices of memory

products meaningfully decreased starting in the third quarter of 2022, reflecting weakening demand and a general oversupply in the market, which in turn negatively impacted our results of operations. As a result, in 2023, we recorded loss for the

year of W 9,138 billion. However, in recent years, global demand for DRAMs, particularly for HBMs designed to meet the greater

data-processing speed requirements of graphics applications that incorporate deep learning and AI technologies, and NAND flash memory products rebounded strongly, and we recorded profit for the period of W 40,346 billion in the first quarter of 2026 and W 8,108 billion in the first quarter of

2025, and profit for the year of W 42,948 billion in 2025 and

W 19,797 billion in 2024.

Actual or

anticipated deterioration in market conditions may result in a decline in demand for our products that may have a negative impact on the prices at which they can be sold. In such a case, we will likely face pressure to reduce prices and may need to

rationalize our production capacity and reduce fixed costs. In general, our ability to significantly reduce expenditures for production facilities and research and development during an industry downturn is limited because of the need to maintain

our competitive position. If we are unable to reduce our expenses sufficiently to offset reductions in prices and sales volume, our margins will deteriorate and our business, financial condition and results of operations may be materially and

adversely affected.

The memory semiconductor industry is highly competitive and our failure to successfully compete would adversely affect

our business.

We operate in an intensely competitive market, which has been characterized by the erosion of selling prices, frequent product

enhancements from changes in technology and relatively short product life cycles. During the past decade, the memory semiconductor industry has experienced consolidation as well as the formation of strategic alliances. Our major competitors in the

DRAM market include Samsung Electronics Co., Ltd. (“Samsung Electronics”), Micron Technology, Inc. (“Micron Technology”) and ChangXin Memory Technologies (“CXMT”). Our major competitors in the NAND flash memory

market include Samsung Electronics, KIOXIA Holdings Corporation (“Kioxia” and formerly Toshiba Memory Corporation), Micron Technology and Sandisk Corporation (“Sandisk”).

The competitiveness of our principal product lines are based on the following factors:

•

pricing;

•

manufacturing costs, yields and product availability;

•

product performance, quality and reliability;

•

successful and timely development of new products and manufacturing processes;

•

ability to tailor products to specific designs required by customers;

•

ability to deliver products in large volumes on a timely basis;

•

ability to meet changes in customer demand;

•

marketing and distribution capability;

•

customer service, including technical support; and

•

brand recognition and financial strength.

Entry into the memory semiconductor industry requires substantial capital expenditures and significant technological and manufacturing expertise.

Although we believe that our production capabilities, experience and technological expertise provide “time to market” and economies of scale

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advantages, we face increasing competition from emerging companies that may significantly expand the scale of their operations, as well as from potential repositioning and expansion by storage

solution companies and customers that may develop memory solutions in-house. In addition, in recent years, various industrialized countries have taken measures to promote the development and expansion of

high-technology industries, which may intensify the competitive landscape of the semiconductor industry. For example, in August 2022, the U.S. Government enacted the CHIPS Act, which provides federal aid to promote emerging industries in the United

States, including measures to strengthen the United States’ domestic semiconductor manufacturing capabilities. Such efforts may incentivize U.S. semiconductor companies to invest in the expansion of their production capabilities. As part of

its efforts to promote a robust semiconductor supply chain, the U.S. Government has also initiated the Chip 4 Alliance, a new U.S.-Asian semiconductor partnership among the United States, Korea, Japan and Taiwan. In recent years, such an alliance

has led China to take measures to more actively develop its semiconductor manufacturing capabilities, which may further intensify competition in the global semiconductor industry.

Some of our existing and new competitors may have greater financial, marketing, technical or other resources than us. Greater resources may allow such

competitors to respond to changes in market demand more quickly and produce, market and distribute advanced products, as well as withstand downturns in the memory semiconductor markets in which we compete. There is no assurance that we will be able

to continue to compete successfully, and our failure to do so could have a material adverse effect on our business, financial condition and results of operations.

Our future long-term growth depends to a significant extent on our ability to increase production capacity.

Our future long-term growth will be dependent on our ability to continue to expand our production capacity and total output beyond current

levels. As part of our efforts to reduce unit manufacturing costs, improve manufacturing yields and enhance our profitability, we periodically phase out the operations of our older fabs or upgrade them to new fabs that implement more advanced

processing technologies. In addition to regular maintenance and enhancement of existing fabs, in October 2025, we opened the cleanroom of a new extension fab called “M15X” in Cheongju, which we plan to utilize to further increase our

production capacity of next-generation DRAMs such as HBM. We began wafer input at the M15X in the first quarter of 2026 and expect to gradually ramp up our production volume. As part of our efforts to ensure our long-term competitiveness, we have

also announced initiatives to construct an integrated industrial complex in Yongin, Korea for our next generation of fabs and research and development facilities. We began construction of our first fab at the Yongin complex in February 2025 with the

phase 1 cleanroom of the first fab expected to open in the first quarter of 2027. We are currently constructing an advanced packaging plant called “P&T7” in Cheongju and expect to complete construction by the end of 2027. In December

2024, we also announced plans to build an advanced packaging plant in Indiana, United States, and expect to commence operations in the second half of 2028. See “Business — Our Strategy — 3. Pursuing Production Capacity

Expansion in Korea to Address Growing Demand” for a discussion of our production capacity expansion strategy.

Our ability to expand and

successfully operate additional production facilities and increase output is subject to significant risks and uncertainties, including:

•

our ability to secure adequate purchase orders from customers to maintain optimal production capacity;

•

our ability to raise sufficient funds to build and operate new production facilities, including securing adequate working

capital for labor costs and the purchase of raw materials and other supplies;

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•

delays and cost overruns associated with the build-out of additional facilities due

to factors, many of which may be beyond our control, such as delays in government approvals, problems with equipment vendors or raw material suppliers and equipment malfunctions and breakdowns; and

•

diversion of significant management attention and other resources.

Our cash outflows for acquisitions of property, plant and equipment amounted to

W 7,657 billion in the first quarter of 2026 and

W 6,284 billion in the first quarter of 2025, and

W 27,519 billion in 2025,

W 15,946 billion in 2024 and

W 8,325 billion in 2023. In 2026, we plan to increase our capital expenditures considerably compared to 2025. We periodically adjust our

capital expenditure plans based on market demand for our products, the production outlook of the global memory semiconductor industry and general global economic conditions. We may delay or not implement some of our announced capital expenditure

plans based on our assessment of such market conditions. If we are unable to expand our production capacity and ramp up our operations within our anticipated timeframe and budgeted costs, we may not be able to meet customer demand and pursue

additional economies of scale and growth, which could have a material adverse effect on our business, financial condition and results of operations.

Our revenue and profitability may decline if we are unable to obtain adequate supplies of raw materials, purified water, electricity and equipment

in a timely manner and at reasonable prices.

We require timely and adequate supplies of raw materials, purified water, electricity and

equipment in order to manufacture our products. We source most of our raw materials, including wafers, from suppliers in Korea, Japan and the United States. We are not dependent on any one supplier for a substantial portion of our raw

material requirements for fabrication and packaging, and we believe that we generally have access to alternative sources of supply for our principal raw materials. However, from time to time, we and other semiconductor manufacturers have experienced

shortages and increases in lead times for the delivery of raw materials, which in turn have resulted in interruptions in production and delivery of products from time to time. In particular, the manufacture of advanced memory products such as HBM is

more complex and resource-intensive than traditional DRAM products and requires greater wafer input and specialized materials and components used in advanced packaging processes. As demand for HBM products increases, we may experience supply

constraints, extended lead times or price increases with respect to such materials or components. In addition, the suppliers of certain advanced packaging materials and components may be more limited than those for traditional memory products, which

could increase supply chain risks. To minimize the risk of significant interruptions to supplies of our principal raw materials, we have entered into multi-year supply agreements with our key material suppliers and plan to enter into similar

agreements with other major suppliers, as well as diversify the geographic location of key international suppliers and increase sourcing from suppliers in Korea.

Like other memory semiconductor manufacturers, we also depend on a limited number of manufacturers in the Netherlands, the United States and Japan for

our key equipment. We generally seek to obtain testing equipment with similar functionality from various vendors. However, our purchases of high-end equipment have historically been limited to several

manufacturers. In periods of high market demand, the lead times from order to delivery of such equipment can be over one year. We seek to manage this process through the early reservation of appropriate delivery slots and constant

communication with our equipment suppliers. However, unavailability of equipment, delays in delivery of key equipment or failure of equipment to meet our specifications could delay implementation of our expansion plans and impair our ability to

deliver products to our customers in a timely manner.

It is possible that any of our key supplier relationships could be interrupted or terminated

due to events beyond our control, including international supply disruptions caused by geopolitical issues,

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natural disasters or severe health pandemics such as COVID-19. For example, in October 2022, the Bureau of Industry and Security of the U.S. Department of

Commerce (the “BIS”) announced export controls to restrict China’s ability to obtain advanced computing chips, develop and maintain supercomputers, and manufacture advanced semiconductors. As part of such measures, the BIS added

certain semiconductor manufacturing equipment and related items to the Commerce Control List as well as new license requirements for items destined to semiconductor fabrication facilities in China that fabricate certain advanced semiconductors. In

October 2022, we received permission from the BIS that enables us to supply our China-based manufacturing facilities with the equipment and items needed for one year without meeting additional licensing requirements. In October 2023, we were

designated as a Validated End-User (“VEU”) by the BIS, thereby obtaining a general authorization for supplying our China-based manufacturing facilities with necessary equipment and items, subject

to certain restrictions, without having to seek multiple individual licenses. On August 29, 2025, the BIS announced that our designation as a VEU would be revoked effective December 31, 2025. In lieu of the VEU framework, the BIS

implemented an annual approval mechanism under which we are required to submit yearly plans detailing our anticipated needs for U.S.-origin equipment. In December 2025, the BIS granted us an annual license for 2026, allowing approved U.S.-origin

equipment to be shipped to our facilities in China and removing the burden of obtaining case-by-case export licenses during such year. Failure to obtain the

required licenses in a timely manner may materially impact our manufacturing operations in China, which in turn may have a material adverse effect on our business, financial condition and results of operations.

There can be no assurance that we will be able to secure sufficient supplies of the relevant raw materials that meet our quality standards from

alternative suppliers in a timely manner and at reasonable prices to satisfy our long-term needs. Furthermore, in the event that trade restrictions are imposed in the future by foreign governments in countries where our key suppliers are located,

our failure to mitigate the impact of such restrictions could materially and adversely affect our operations. If we are unable to obtain adequate amounts of key raw materials, purified water, electricity and equipment that meet our quality standards

in a timely manner and at a reasonable cost, the production of our products could be disrupted, which would negatively impact our business, financial condition and results of operations.

The complexity of memory semiconductor production makes us highly susceptible to potential manufacturing issues.

Manufacturing memory semiconductors is a highly complex and precise process, requiring production in a tightly controlled, clean environment. Even very

small impurities in raw materials, flaws in the wafer fabrication process, defects in the masks used to print circuits on a wafer or other factors can cause a substantial percentage of wafers to be rejected or numerous chips on each wafer to be

nonfunctional. We may experience problems in achieving an acceptable yield rate in the manufacture of chips and memory module products, and the likelihood of facing such difficulties is higher in connection with the transition to new manufacturing

methods. From time to time, we have experienced minor disruptions in our manufacturing process as a result of temporary power outages. We may also experience manufacturing problems in our assembly and test operations as a result of the introduction

of new packaging materials. In addition, as technological advances in semiconductors become more rapid, manufacturing activities become more complex and prone to problems. Disruption of operations may also occur due to fire, flood or other natural

disasters or calamities, the effects of climate change (such as sea level rise, drought, flooding, wildfires, increased average temperatures and increased storm severity), human error, or acts of terrorism or war. Any interruption of wafer

fabrication at any of our facilities resulting in the failure to achieve acceptable manufacturing yields or inability to meet our customers’ requirements would adversely affect our business, financial condition and results of operations.

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Our long-term profitability depends on our ability to respond to rapid technological changes in

the manufacturing process in a timely and cost-effective manner.

The average selling prices of memory semiconductors have declined in

general and are expected to continually decline with time irrespective of industry-wide cyclical fluctuations and seasonality, as a result of, among other factors, technological advancements and cost reductions in the memory semiconductor

manufacturing process. We may be able to take advantage of temporary higher selling prices typically associated with the launch of new products or the emergence of external factors that increase demand, but such prices will likely decline over time,

and in certain cases, very rapidly. If the average per-bit selling price for DRAM and NAND flash memory products that we produce decreases faster than the pace at which we are able to reduce our per-bit manufacturing costs, our gross margins would decrease. Accordingly, our ability to respond to rapid technological changes in the manufacturing process and achieve higher manufacturing yields in a timely and

cost-effective manner is critical to our long-term profitability.

Due to the competitive nature of the memory semiconductor market, manufacturers

are continually seeking to optimize their production methods. For example, we continue to invest in enhancing TSV interconnection technology that links upper and lower chips with an electrode that vertically passes through the base logic chip and

DRAM chips, which is critical in the development of our next-generation of HBMs. In addition, we continue to invest in enhancing our NAND stacking technology, which enables NAND flash memory cells to be stacked vertically in multiple layers,

and have been transitioning the mass production of our NAND flash memory products from utilizing 176 layer technology to 238 and 321 layer technologies. If we do not anticipate enhancements in manufacturing technology and fail to adopt new

process technologies in a timely and cost-effective manner, we may not be able to produce products that meet our customers’ demands at competitive prices. Although new technologies typically yield more chips per wafer once ramp-up has been successfully completed, yields are typically low during the initial stage of transition where new technologies are applied to existing manufacturing processes. There is no guarantee that we will not

experience material delays in connection with future migrations to new technologies. If we are unable to respond to rapid technological changes in the manufacturing process in a timely and cost-effective manner, we may lose market share, which in

turn could have a material adverse effect on our business, financial condition and results of operations.

Requirements of the customers in

the information and technology industry and the consumer electronics industry are continually and rapidly evolving, and our success depends on our ability to anticipate and respond to these changes and trends.

Memory semiconductors are becoming increasingly diversified in terms of specifications, with customers demanding solutions that are optimized for their

particular needs to manufacture specific electronic devices, including PCs, servers, graphics cards, mobile devices such as smartphones and tablets, and other consumer electronics products. In addition, technologies that impact demand for memory

semiconductors are continually and rapidly evolving. For example, in March 2026, Google unveiled TurboQuant, advanced and theoretically grounded quantization algorithms that potentially enable massive compression for LLMs and vector search engines,

which may allow high-performance GPUs to process significantly more data with the same amount of physical memory.

We are continually developing higher-density DRAM modules, SSDs and other advanced DRAM and NAND flash memory products that respond to the latest

changes and trends, and are optimized for use in specific applications. In particular, we have substantially increased our sales of DRAMs in HBM configurations in recent years. HBMs are advanced memory semiconductors designed to deliver fast data

transfers while using less power, making them especially useful in high-performance applications such as GPUs, AI and high-performance computing. Our continued success will depend on our ability to respond quickly to evolving customer requirements

and industry standards in our target markets and to offer our customers a variety of products with reliable quality and advanced features.

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If our products do not keep pace with evolving industry standards, we could be required to invest

significant resources to redesign our products to ensure compatibility with relevant standards. If we are slow to anticipate changing trends and respond to such changes in a timely manner, we could miss opportunities to capture potential customers,

and we could lose our existing customers. In order for us to respond effectively to these and other market trends, we need to dedicate significant resources to product design, research and development and marketing. There can be no assurance that we

will have sufficient financial resources to fund all of the required research to develop technical innovations and meet changing industry standards. If we are unable to invest sufficient resources to satisfy the diversifying memory needs of our

customers, or if we do so in an inefficient or untimely manner, we may lose market share, which in turn could have a material adverse effect on our business, financial condition and results of operations.

If demand for our products exceeds our available supply, the necessity of allocating our finite supply among customers may

adversely impact customer relationships, and we may accordingly face heightened political , legal and regulatory scrutiny.

Demand for memory semiconductors is driven by diverse and rapidly evolving end markets, including AI and data center infrastructure, consumer

electronics, automotive, telecommunications, medical devices and industrial applications. Periods in which aggregate demand for our products materially exceeds our available manufacturing capacity may require us to make allocation decisions among

customers, product lines and end markets. In recent quarters, demand for our products has exceeded our available supply. Customers whose supply requirements are not sufficiently met may seek alternative sources, redesign products to use competing

technologies or reduce their reliance on our products, which could adversely impact our customer relationships, competitive position and market share. See “— Our future long-term growth depends to a significant extent on our ability to

increase production capacity.”

In addition, when supply constraints result in significant price increases or sustained shortages affecting

broad segments of the economy, our customers, industry coalitions, trade associations and other stakeholders may seek to draw the attention of legislators, regulators and other government officials to perceived imbalances in the supply of memory

semiconductors. Such advocacy has occurred and may continue or intensify. Political, legal and regulatory scrutiny of our industry’s supply-and-demand dynamics, pricing practices or capacity-investment decisions could lead to government

inquiries, civil litigations, increased regulatory oversight, new or modified conditions on government incentives or subsidies, or legislative or executive actions that could affect how we manufacture, price, allocate or distribute our products. For

example, on June 25, 2026, indirect purchasers of conventional DRAM filed a putative antitrust class action suit in the U.S. District Court for the Northern District of California alleging violations of various federal and state antitrust and

related business practice laws. See “Business — Litigation and Regulatory Proceedings.” The technology industry is subject to intense media, political and regulatory scrutiny, which exposes companies to investigations, legal and

regulatory actions, and penalties and sanctions. Any of the foregoing risks, individually or in the aggregate, could have a material adverse effect on our business, financial condition and results of operations.

A slowdown in demand for our products from AI infrastructure investment could adversely affect our results of operations.

Recent growth in our revenue and profitability has been driven in significant part by strong demand for our memory products, including HBM and server

DRAM products, from the expansion of AI infrastructure, such as AI accelerators and data centers. Demand for AI infrastructure has been driven in large part by significant capital expenditures by hyperscale cloud service providers and other large

technology companies. If such customers reduce, delay or reprioritize their capital expenditures, including as a result of macroeconomic conditions, changes in business priorities, concerns regarding returns on investment or a sudden correction

following a period of elevated spending, demand for AI infrastructure and related components could slow down materially, which in turn would decrease the demand for our products.

In addition, customers may place orders in anticipation of future demand or supply constraints, which may result in periods of excess channel or

customer inventory, inventory corrections, order

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cancellations, order delays or reduced purchasing activity. To the extent that current industry demand reflects inventory accumulation, actual end-market demand for our products may be lower than

current order trends suggest.

Furthermore, technological developments may reduce the demand for, or alter the specifications required of, our

products. For example, emerging technologies, architectures or efficiency improvements, including technologies intended to reduce memory usage, bandwidth requirements or computing resource consumption in AI workloads, may decrease demand for

high-performance memory products such as HBM and server DRAM products. If the adoption, utilization or commercialization of AI technologies does not continue to develop as expected, or if technological changes reduce the volume of memory required

for AI infrastructure, capital expenditures on the buildout and expansion of AI infrastructure may slow or decline. Any such slowdown or decline could adversely affect the demand for our products and materially adversely affect our business,

financial condition and results of operations.

We sell a substantial portion of our products to a select group of key customers in the United

States and China, and any significant decrease in their order levels will negatively affect our business.

A substantial portion of our sales

is attributable to a limited number of customers located in the United States and China. Our two largest customers represented 14.8% and 12.4%, respectively, of our total revenue in the first quarter of 2026 and our largest customer represented

23.9% of our total revenue in 2025. See note 4 of the notes to the Interim Financial Statements and note 4 of the notes to the Audited Financial Statements, respectively. We cannot provide any assurance that our key customers will continue to place

orders with us in the future at the same levels as in prior periods, or at all. The supply arrangements for our products are designed to take into consideration our ongoing partnerships with key customers. Specific quantities and pricing are

typically determined through mutual agreement at the time of purchase, taking into account market conditions and demand. Key customers may reduce quantities purchased, delay or cancel purchase orders or elect to terminate their business relationship

with us at any time for a number of reasons, including industry consolidation through mergers and acquisitions. Because much of our costs and operating expenses are relatively fixed, termination of business relationships with key customers or

significant reductions in sales to any key customers would have a material adverse effect on our business, financial condition and results of operations.

In recent years, we have relied on sales to customers in the United States and China, and prolonged tensions in economic and trade relations between the

two countries may have a material adverse effect on demand for our products from key customers in such countries. Revenue of sales subsidiaries located in the United States accounted for 64.7% of our revenue in the first quarter of 2026 and 68.8% in

2025, while revenue of sales subsidiaries located in China accounted for 24.3% of our revenue in the first quarter of 2026 and 19.7% in 2025. Ongoing tensions between the United States and China and tariffs and other trade restrictions imposed by

them on each other, including restrictions and penalties imposed by their respective governmental agencies such as the BIS, may lead to a decrease in the volume of products manufactured by our key customers located in such countries, which in turn

could decrease demand for our memory semiconductors used as components in their products. In addition, we may be prohibited from selling products to certain of our key customers as a result of the ongoing trade tensions. For example, in August 2020,

the BIS published a final rule that further tightened restrictions under the Export Administration Regulations on Huawei Technologies Co., Ltd. (“Huawei”) and its affiliates designated on the Entity List administered by the BIS. Under

the final rule, any item produced based on the relevant categories of U.S.-origin technology or software in any meaningful way may no longer be provided to Huawei for use by it or for use in any Huawei product without obtaining a license. Sales of

any such items without obtaining the proper

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license would result in a violation of U.S. law. Starting in September 2020, we have suspended sale of our products to Huawei and its affiliates designated on the Entity List administered by

the BIS. In May 2025, the BIS also issued guidance alerting the semiconductor industry that the use of semiconductors manufactured by Chinese companies risks violating U.S. export controls and may subject companies to BIS enforcement action.

In addition, in August 2022, the U.S. Government enacted the CHIPS Act, which provides federal aid to promote emerging industries in the United States,

including measures to strengthen its domestic semiconductor manufacturing capabilities. Such efforts may incentivize U.S. semiconductor companies to invest in the expansion of their production capabilities, which in turn may reduce our sales in the

United States. In February 2023, the U.S. Government announced the requirements for the federal subsidies to be granted under the CHIPS Act, including (i) a ban on certain new, high-tech investments in China or other “countries of

concern” for at least a decade, (ii) provision of affordable child care for the workers, (iii) limitation of stock buybacks, (iv) sharing of certain excess profits with the U.S. Government and (v) the submission of certain

information regarding management and technology. Both U.S. and non-U.S. semiconductor companies that choose to invest in the United States and meet such terms are eligible for the federal subsidies. In

September 2023, the U.S. Government released the final rules on the guardrails applicable to such federal subsidy program. The final rules prohibit recipients of the federal subsidy from materially expanding their semiconductor manufacturing

capacities in foreign countries of concern for 10 years and restrict them from certain joint research or technology licensing efforts with foreign entities of concern. In December 2024, we announced plans to build an advanced packaging plant in

Indiana, United States, and expect to commence operations in the second half of 2028. Under the CHIPS Act, upon meeting certain project milestones, we may receive federal subsidies of up to US$458 million and loans of up to US$570 million

from the U.S. Department of Commerce in connection with the Indiana complex. In March 2025, U.S. President Donald J. Trump (the “U.S. President”) signed an executive order establishing the United States Investment Accelerator, an office

within the U.S. Department of Commerce that is responsible for administering and overseeing the implementation of the programs under the CHIPS Act. Although we believe that our investment to construct an advanced packaging plant in Indiana,

United States currently meets the requirements of the CHIPS Act, there can be no assurance that the CHIPS Act will not be further amended or terminated, or that our Indiana investment will continue to satisfy such requirements.

As part of its efforts to promote a robust semiconductor supply chain, the U.S. Government also initiated the Chip 4 Alliance, a new U.S.-Asian

semiconductor partnership among the United States, Korea, Japan and Taiwan. Such an alliance has led China to take measures to more actively develop its semiconductor manufacturing capabilities, which in turn has reduced the percentage of our sales

in China in recent years. See “ — The memory semiconductor industry is highly competitive and our failure to successfully compete would adversely affect our business.”

In response to the above measures adopted by the United States, the Cyberspace Administration of China announced in May 2023 that Micron Technology had

failed a security review and banned China’s critical information infrastructure operators from purchasing products from Micron Technology. We are unable to predict the duration of tensions in economic and trade relations between the two

countries, and prolonged trade restrictions could have a material adverse effect on our business, financial condition and results of operations.

Impositions of anti-dumping duties, safeguard duties, countervailing duties, quotas or tariffs may have an

adverse impact on our export sales.

We sell substantially all of our products outside Korea. We continue to carefully monitor developments

with respect to trade remedy policies, including anti-dumping duties, safeguard duties,

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countervailing duties, quotas or tariffs, in all major markets in which we sell our products and seek to mitigate the related risks by adjusting supply and export arrangements as necessary and

entering into trade agreements and, where necessary, vigorously defend our rights. However, there can be no assurance that the trade agreements between Korea and its major trading partners will not be amended or that anti-dumping duties, safeguard

duties, countervailing duties, quotas or tariffs will not be imposed on our sales of products outside Korea in the future. The occurrence of any such events, including those described below, may have a material adverse impact on our business,

financial condition and results of operations.

In April 2025, under the International Emergency Economic Powers Act of 1977 (the

“IEEPA”), the U.S. President imposed a universal “reciprocal” tariff which applies to all imports from all of the trading partners (including those with free trade agreements with the United States), with a base rate of 10%,

subject to certain exceptions including semiconductors. In addition, the U.S. President imposed higher rates on imports from certain enumerated countries on a

country-by-country basis (including Korea at 15%), subject to certain exceptions including semiconductors, which implementation became effective on August 7,

2025. In February 2026, the United States Supreme Court ruled that the U.S. President has no peacetime authority to impose such tariffs under the IEEPA and that the power to impose such tariffs must come from a clear congressional grant to the U.S.

President. In response, on the same day the decision was published, the U.S. President issued a Proclamation “Imposing a Temporary Import Surcharge to Address Fundamental International Payments Problems,” imposing a 10% temporary import

surcharge on imports from all U.S. trading partners under section 122 of the Trade Act of 1974, which rate was subsequently increased to 15%. Such “Section 122” tariff, which remains subject to certain exceptions including

semiconductors, took effect on February 24, 2026, and remains in effect for 150 days. No assurance can be provided that such tariffs will not be extended or that similar tariffs will not be imposed on different grounds.

In addition to the tariff discussed above, in August 2025 and January 2026, the U.S. government threatened to impose a tariff of 100% on all imports of

semiconductors, subject to certain exceptions for businesses that make a commitment to build semiconductor facilities and invest in the United States. The imposition of any such tariffs may have a material adverse effect on our sales of

semiconductor products in the United States as well as on our downstream customers that produce finished products using our products in countries subject to such tariffs and export those products to the United States. The increases in costs and

prices due to the imposition of any such tariffs may reduce consumer demand for such products in the United States, which may in turn adversely affect the demand for our products.

Historically, tariffs have led to increased trade and political tensions. In response to the recent tariffs imposed by the U.S. government, various

countries have implemented, or have announced plans to implement, retaliatory tariffs on goods produced in the United States. Political tensions as a result of trade policies could reduce trade volume, investment, technological exchange and other

economic activities between major international economies, resulting in a material adverse effect on global economic conditions and the stability of global financial markets. If further tariffs are imposed on a broader range of our or our

customers’ exports, or if further retaliatory trade measures are taken by impacted foreign countries in response to additional tariffs, we or our customers may be required to adjust their prices or incur additional expenses, which may have a

material adverse impact on our business, financial condition and results of operations.

Fluctuations in exchange rates may have a material

adverse effect on our financial condition and results of operations.

There has been considerable volatility in exchange rates in recent

years, including exchange rates between the Won and the U.S. dollar. To the extent that we incur costs in one currency and make

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sales in another, our profit margins may be affected by changes in the exchange rates between the two currencies. In particular, our investments in manufacturing facilities in China have

increased the proportion of our expenses that are incurred in Chinese Yuan, while our sales in China are denominated in U.S. dollars. Accordingly, an unhedged increase in the value of the Chinese Yuan would increase our construction and

manufacturing costs and adversely impact our profitability. Changes in exchange rates can also affect the Won value of sales proceeds and operating and non-operating costs that are denominated in foreign

currencies. We are unable to increase the prices of our products to adjust fully for the negative effects of exchange rate movements because prices in the memory semiconductor industry are dictated by worldwide supply and demand. In addition,

exchange rate fluctuations can affect the Won value of our equity investments and monetary assets and liabilities denominated in foreign currencies. See “Exchange Rates.”

Appreciation of the Won may materially and adversely affect our results of operations because, among other things, it reduces the Won value of our

export sales, which are primarily denominated in U.S. dollars, and causes our export products to be less competitive by raising their prices in U.S. dollar terms. On the other hand, depreciation of the Won would create foreign exchange translation

losses and increase the amount, in Won terms, of interest and principal of our foreign currency-denominated debt, as well as increase in Won terms the cost of raw materials and equipment that we purchase from overseas sources. Under our current

operating and capital structure, appreciation of the Won generally has a net negative impact on our operating income. Although the impact of exchange rate fluctuations has in the past been partially mitigated by hedging strategies, we cannot

provide any assurance that we will be able to effectively manage such risks, and our results of operations have historically been affected by exchange rate fluctuations. Volatility in currency exchange rates may lead to losses, which could have a

material adverse effect on our financial condition and results of operations.

We may not be able to realize the anticipated benefits of our

acquisitions, which could harm our business, financial condition and results of operations.

Our success will depend, in part, on our ability

to expand our product offerings, and grow our business in response to changing technologies, consumer demands and competitive pressures. In some circumstances, we may determine to do so through the acquisition of complementary businesses and

technologies rather than through internal development. For example, in October 2020, we agreed to acquire the NAND flash memory and storage business of Intel, including the NAND flash memory manufacturing facility in Dalian, China, NAND flash memory

and SSD-related intellectual property and research and development personnel. As consideration for the Intel NAND Business Acquisition, we paid US$6.6 billion in December 2021 and US$2.2 billion in March 2025. We created a subsidiary in

the United States to operate the acquired business under the brand name “Solidigm.” The Chinese State Administration for Market Regulation granted a conditional business combination approval for such acquisition with certain

conditions, including the obligation to maintain a reasonable pricing policy and production level and support the entry of third-party competitors in the Chinese eSSD market for five years from December 2021. Given our current outlook for sustained

strong demand for NAND flash memory products throughout 2026, we expect the obligation to maintain a reasonable pricing policy will limit our ability to significantly increase the price of our NAND flash memory products sold in China in 2026. We may

apply for a waiver of such conditions after expiration of the five-year period, and the Chinese State Administration for Market Regulation would then determine whether to approve the waiver based on the competitive landscape of the Chinese eSSD

market at that time, among others. See “Business — Investments and Acquisitions.” In addition, as part of our efforts to expand our foundry business and 8-inch foundry capacity, we

acquired SK keyfoundry (formerly, the foundry division of Magnachip Semiconductor) in August 2022 for W 576 billion.

The identification of suitable acquisition candidates can be difficult, time-consuming and costly, and we may not be able to successfully complete our

identified acquisitions. In addition, there is no

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guarantee that we will be able to realize the anticipated benefits of our acquisitions. We have limited experience acquiring other businesses, and our ability to acquire and integrate other

companies and assets, particularly large or complex companies, products or technologies, in a successful manner remains subject to uncertainty.

The

risks we face in connection with acquisitions also include:

•

diversion of management time and focus from operating our business to addressing acquisition and integration challenges;

•

challenges associated with the integration of product development and sales and marketing functions of the acquired

business;

•

challenges associated with the retention of key employees from the acquired business;

•

cultural and operational challenges associated with integrating employees from the acquired business into us;

•

challenges associated with the integration of the acquired business’s accounting, management information, human

resources and other administrative systems;

•

the need to implement or improve controls, procedures and policies at a business that prior to the acquisition may have

lacked effective controls, procedures and policies;

•

liability for activities of the acquired business before the acquisition, including intellectual property infringement

claims;

•

unanticipated impairment of goodwill; and

•

litigation or other claims in connection with the acquired company, including claims from terminated employees, customers,

former shareholders or other third parties.

Our failure to address these risks or other problems encountered in connection with

our past or future acquisitions could result in our failure to realize the anticipated benefits of these acquisitions, cause us to incur unanticipated liabilities, or could otherwise harm our business generally. Future acquisitions could also result

in dilutive issuances of our equity securities or the incurrence of debt, contingent liabilities, amortization expenses or incremental operating expenses.

Our investments and acquisitions may not be successful, which may adversely affect our competitive position and impair our ability to achieve our

business objectives.

We continually seek out opportunities to further our strategic objectives, including by making investments and

acquisitions, to further solidify our market position as a leading semiconductor company in the world. Such strategic initiatives have increased in response to the growing diversity and complexity of memory semiconductors and applications, demand

for technological enhancements and increasing costs associated with keeping pace with industry developments. We believe that such strategic initiatives will not only assist in maintaining and growing our presence in existing markets but also provide

us with a cost-effective means of accessing new markets, products and technologies.

From time to time, we have acquired minority equity stakes in

other industry players to further strengthen our business relationships and may do so again in the future. For example, in June 2018, we participated as a member of a consortium led by Bain Capital (the “Bain Consortium”) in its purchase

of a stake in Kioxia from Toshiba Corporation. As a member of the Bain Consortium, we invested W 2,637 billion for an indirect

limited partnership interest in BCPE Pangea Intermediate Holdings Cayman, L.P. (“SPC 1”), which in turn holds an equity interest in Kioxia. In addition, we invested

W 1,279 billion to acquire a convertible bond issued by a second special purpose company, BCPE Pangea Cayman2 Limited (“SPC 2”),

which is convertible into an approximately 15.0% equity interest in SPC 2. SPC 2 in turn holds an equity interest in Kioxia. As of March 31, 2026, the book value of our investment in SPC 1 was W 6,616 billion, and

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the book value of our investment in the convertible bond issued by SPC 2 was

W 13,609 billion, which are accounted for as financial assets measured at fair value through profit or loss. In June 2026, SPC 1

completed the sale of all of its remaining equity interest in Kioxia.

Strategic initiatives involve a number of risks, including potential

disagreements with consortium partners and diversion of management attention. Our consortium partners may have economic or business interests that are inconsistent with ours, take actions contrary to agreed policies or objectives, undergo a change

of control, experience financial and other difficulties or be unable or unwilling to fulfill their obligations. Our failure to address such risks or other problems encountered in connection with our past or future investments could cause us to fail

to realize the anticipated benefits of such investments, cause us to incur unanticipated liabilities, or could otherwise harm our business relationships and reputation. In addition, our investments may become subject to unanticipated impairment

losses (or losses for financial assets measured at fair value through profit or loss) if the value of the invested assets declines. Any such developments could have a material adverse effect on our business, financial condition and results of

operations.

We may not be able to successfully execute our diversification strategy.

As part of our overall strategy, we have been striving to diversify our business to areas other than DRAM and NAND flash memory semiconductors in recent

years, and some of our diversification efforts may not succeed. As part of our efforts to expand our foundry business and 8-inch foundry capacity, we acquired SK keyfoundry in August 2022 for W 576 billion. In addition, from time to time, we have expanded our product portfolio into

non-memory semiconductors, including CISs that are used to perform the role of electronic film in digital photographing devices such as smartphones, tablets, PC laptops and surveillance cameras. In March 2025,

we decided to integrate our CIS business unit into our AI memory operations as part of our strategy to strengthen our competitiveness.

The

success of our diversification strategy will depend, in part, on our ability to realize the growth opportunities and anticipated synergies among our diversified businesses, which in turn will be subject to numerous factors, including the recruitment

of qualified personnel and establishment of new business relationships, as well as expansion of existing relationships with various customers and suppliers, procurement of necessary technology and know-how and

access to investment capital at a reasonable cost. Our failure to successfully execute our diversification strategy may adversely affect our business, financial condition and results of operations.

We may be unable to adequately protect our intellectual property rights or successfully defend against third-party infringement claims, which

could impair our operations and competitiveness and harm our business and future prospects.

We develop and acquire significant intellectual

property and own the related intellectual property rights around the world that support our products, research and development, and other activities and assets. As of March 31, 2026, on a standalone basis, we owned 4,823 patents, 130 trademarks,

18 copyrights and seven design rights in Korea and 16,680 patents, 263 trademarks, one copyright and four design rights outside Korea. Because of the fast pace of innovation and product development, our products are often obsolete before

the patents related to them expire, and in some cases our products may be obsolete before the patents are granted. While our intellectual property rights are important to our success, our business as a whole is not significantly dependent on any

single patent, copyright or other intellectual property right. Our ability to compete successfully also depends on our ability to operate without infringing the proprietary rights of others. The memory semiconductor industry is characterized by

frequent disputes and litigation regarding patent and other intellectual property rights. As is typical in the industry, we have from time to time received communications from third parties asserting their patents against our products and alleging

our infringement of their intellectual property rights. We expect to

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receive similar communications in the future. For example, on February 17, 2026, as supplemented on February 25, 2026 and March 16, 2026, MonolithIC 3D Inc. of Allen, Texas

(“MonolithIC”) filed a complaint with the United States International Trade Commission (“ITC”) naming us and Kioxia as respondents, alleging among others that certain of our DRAM and NAND flash memory products infringe seven

patents owned by MonolithIC. The complaint requested that the ITC institute an investigation pursuant to Section 337 of the Tariff Act of 1930 and issue a limited exclusion order and cease and desist orders. On March 26, 2026, the ITC

announced its decision to institute an investigation. Subsequently, the ITC set August 30, 2027 as the target date for the completion of the investigation. In addition, on May 11, 2026, as supplemented on May 28, 2026 and June 1, 2026,

MonolithIC filed a second complaint with the ITC naming us and Kioxia as respondents, alleging among others that certain of our DRAM and NAND flash memory products infringe an additional five patents owned by MonolithIC and seeking relief similar to

those sought in the above-described initial complaint. On June 10, 2026, the ITC announced its decision to institute an investigation. The target date for the completion of the second investigation has not been set by the ITC. The

investigations are ongoing, and we are currently unable to predict their outcomes.

In the event that any third party is adjudicated to have a valid

intellectual property claim against us, we may be required to:

•

refrain from selling the affected products in certain markets;

•

make royalty payments or pay significant monetary damages, which may exceed our reserves for such matters;

•

seek to develop non-infringing technologies, which may be costly or time-consuming

or may not be feasible; and

•

seek to acquire licenses to the infringed technology, which may not be available on commercially reasonable terms, if at

all.

Any of the foregoing, as well as our inability to adequately protect our intellectual property rights, could have a material

adverse effect on our business, financial condition and results of operations.

We rely on technology provided by third parties, and

our business may suffer if we are unable to renew our licensing arrangements with them.

We have entered into technology license and

cross-license agreements with third parties that give those parties the right to use patents and other technologies developed by us, as well as provide us with the right to use patents and other technologies developed by them. We anticipate that we

will continue to enter into various licensing and cross-licensing arrangements in the future, which may increase our payments of licensing fees and royalties. If we are unable to enter into or renew technology licensing arrangements on acceptable

terms, we may lose the legal right to use certain of the technologies we employ in manufacturing our products, which may prevent us from manufacturing and selling key products. In addition, we could be disadvantaged if our competitors obtain

licenses for important technologies on more favorable terms than us. In the future, we may also need to obtain additional licenses for new or existing technologies. Our failure to secure or renew license agreements on acceptable terms may materially

and adversely affect our business, financial condition and results of operations.

Products that do not meet customer specifications, contain

or are perceived to contain defects or are otherwise incompatible with their intended uses could impose significant costs on us.

The design

and production processes for our products, including DRAMs and HBMs, are highly complex. We may produce products that do not meet customer specifications, contain or are perceived to contain defects or are otherwise incompatible with their intended

uses. Under our general terms and conditions of sale and in accordance with industry practice, we provide a multi-year warranty that is

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usually limited to repair or replacement of defective items or return of, or a credit with respect to, amounts paid for such items. From time to time, we may provide more extensive warranty

coverage to certain customers. We may incur substantial costs in remedying defects in our products, which could include material inventory write-downs. Moreover, if actual or perceived problems with nonconforming, defective or incompatible products

occur after we have shipped our products, we may not only have liability for providing replacements or otherwise compensating customers but also suffer damage to our relationship with important customers or to our reputation, which could have a

material adverse effect on our business, financial condition and results of operations.

Breaches of our security systems or

products, systems failures, interruptions, delays in service, catastrophic events and resulting interruptions in the availability of our systems or those of our customers, suppliers or business partners could expose us to losses.

We maintain a system of controls over the physical security of our facilities. We also manage and store various proprietary information and confidential

data relating to our operations. In addition, we process, store and transmit data relating to our customers, suppliers and employees, including sensitive personal information. Unauthorized persons, employees, former employees, nation states or other

parties may gain access to our facilities or technology infrastructure and systems through fraudulent means and may steal trade secrets or other proprietary information, compromise confidential information, create system disruptions or have other

impacts. This risk is exacerbated as competitors for talent, particularly engineering talent, attempt to hire our employees. Through cyberattacks on technology infrastructure and systems, unauthorized parties may obtain access to our computer

systems, networks and data, including cloud-based platforms. Our technology infrastructure and systems and those of our suppliers, vendors, service providers, cloud solution providers and partners have in the past experienced, and may in the future

experience, such attacks, which could materially impact our operations.

Cyberattacks can include ransomware, denial-of-service attacks, zero-day

attacks, supply chain attacks, “phishing” and other forms of social engineering, exploitation of open source software vulnerabilities, and other malicious software programs or other attacks, as well as intentional or unintentional acts

by employees or other insiders with access privileges. The emergence and maturation of AI capabilities may also lead to new or more sophisticated methods of attack. Globally, cyberattacks are increasing in number and the attackers are increasingly

organized and well-financed, or supported by state actors, and are developing increasingly sophisticated systems to not only attack, but also to evade detection. In addition, geopolitical tensions or conflicts may create a heightened risk of

cyberattacks.

Breaches of our physical security, including break-ins, sabotage or vandalism, attacks on our technology infrastructure and systems,

security breaches or incidents, or attacks on our customers, suppliers, or business partners who maintain or otherwise process confidential or sensitive information regarding us and our customers and suppliers, could result in damage to, or loss,

disruption, or unavailability of data or systems, or inappropriate disclosure, destruction or loss of confidential or sensitive information. In addition, our systems and those of our third-party vendors may experience service interruptions, data

loss or compromise and outages, for other reasons, including human error, pandemics, fires, other natural disasters, power losses, disruptions in telecommunications services, fraud, military or political conflicts, terrorist attacks and other

geopolitical unrest, computer viruses, ransomware, and other malicious software, changes in social, political, or regulatory conditions or in laws and policies, or other changes or events. Any such event, or the perception it has occurred, may

result in significant losses and damage our reputation with customers and suppliers and may expose us to claims, demands and litigation.

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Products and the systems and applications that incorporate or otherwise utilize our products are also

targets for cyberattacks. While some of our products contain encryption, security algorithms or features designed to help protect third-party content, user-generated data stored on our products, or the functionality of our products as intended,

systems and applications that utilize these products could be compromised, breached or circumvented by motivated attackers. In addition, our products contain sophisticated hardware, firmware and software (some of which is provided by third parties)

that may contain weaknesses or defects in design or manufacture, including “bugs” and other problems that could interfere with the intended operation of our products or be potentially exploited by such attackers. If systems or

applications that utilize our products experience a cyberattack, our products are attacked, or our suppliers, third-party service providers, cloud solution providers or sub-processors are attacked, this could harm our business by requiring us to

employ additional resources to remediate the errors or defects, and could expose us to litigation, claims and harm to our reputation.

We cannot be

certain that any applicable insurance coverage we maintain will be adequate or otherwise protect us with respect to claims, expenses, fines, penalties, business loss, data loss, litigation, regulatory actions or other impacts arising from security

breaches or incidents, or that such coverage will continue to be available on acceptable terms or at all. Any of the foregoing security risks could have a material adverse effect on our business, financial condition and results of operations.

New and evolving laws and regulations relating to cybersecurity, data privacy, digital products and AI impose requirements for information

confidentiality, integrity, availability, personal and proprietary data collection, storage, use, sharing, deletion and AI systems to be appropriately transparent, fair, secure, responsibly deployed and accountable. Along with these laws and

regulations, standards and market expectations could cause us to incur additional direct costs for compliance, as well as increased indirect costs resulting from our customers’, suppliers’ or partners’ reluctance to share

information or solutions due to actual or perceived inadequate controls. Compliance with, or our failure, or the failure of our third-party sales channel partners or agents, to comply with, laws, regulations or industry standards could have a

material adverse effect on our business, financial condition and results of operations.

We may be adversely impacted by uncertainties and

outcomes associated with the use and evolution of AI.

We are increasingly incorporating AI capabilities into the development of technologies

and our business operations. AI technology is complex and rapidly evolving, and may expose us to significant competitive, legal, regulatory and other risks. The implementation of AI can be costly and there is no guarantee that our use of AI will

enhance our technologies, benefit our business operations, or produce products and services that are preferred by our customers. AI will continue to increase or change the competitive environment in our markets. Our competitors may be more

successful in their AI strategy or they may have access to greater AI resources or technology and develop superior products and services.

AI

algorithms or training methodologies may be flawed, and datasets may contain irrelevant, insufficient or biased information, which can cause errors in outputs. The use of AI in the development of our products and services could also cause loss of

intellectual property, as well as subject us to risks related to intellectual property infringement or misappropriation, data privacy and cybersecurity. AI is also the subject of an evolving set of legal requirements and regulations, and we may be

subject to new and conflicting laws and regulations. Any of these matters may give rise to legal liability, damage our reputation and may have a material adverse impact on our business, financial condition and results of operations.

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Sanctions against us and other memory semiconductor producers for allegedly anti-competitive

practices may have a direct or indirect material adverse impact on our operations.

From time to time, we may become subject to

investigations by government authorities as well as legal proceedings related to alleged involvement in anti-competitive practices. In the past, we and other DRAM manufacturers were investigated by the Antitrust Division of the U.S. Department of

Justice, and class action lawsuits have been filed against us and other DRAM manufacturers in various federal district courts and state courts alleging violations of U.S. antitrust laws, unfair competition laws and other related laws. Generally,

such class action cases are filed on behalf of classes of individuals and entities who purchased DRAM directly or indirectly from the various DRAM suppliers. The “indirect purchaser” plaintiffs include purchasers of consumer products,

such as computers, in which DRAM is a component, and other purchasers that did not purchase DRAM directly from a manufacturer. Any sanctions imposed against us, or adverse outcomes from legal proceedings, for allegedly anti-competitive practices

could result in liability to us, damage to our reputation, loss of experienced personnel or other consequences, any of which may have a material adverse effect on our business, financial condition and results of operations.

Severe health epidemics (such as the global COVID-19 pandemic and any possible occurrences of other types

of widespread infectious diseases) could materially and adversely affect our business, results of operations or financial condition.

If

severe health epidemics were to occur in the future in any area where any of our assets, suppliers or customers are located, our business, results of operations or financial condition could be adversely affected. For example, COVID-19, an infectious disease caused by severe acute respiratory syndrome coronavirus 2, was declared a “pandemic” by the World Health Organization in March 2020. The global outbreak of COVID-19 led to global economic and financial disruptions and adversely affected our business operations. Risks associated with COVID-19 or other types of widespread

infectious diseases include:

•

disruption in the normal operations of our business resulting from contraction of infectious diseases by our employees,

which may necessitate our employees to be quarantined and/or our manufacturing facilities or offices to be temporarily shut down;

•

fluctuations of the Won against major foreign currencies (see “— Fluctuations in exchange rates may result in

foreign exchange losses”);

•

an increase in unemployment among, and/or decrease in disposable income of, consumers who purchase the products

manufactured by our customers and a decline in overall consumer confidence and spending levels, which in turn may decrease demand for our products;

•

disruption in the normal operations of the businesses of our customers, which in turn may decrease demand for our products;

•

disruption in the supply of raw materials, components and equipment from our suppliers and vendors;

•

disruption in the delivery of our products to our customers;

•

unstable global and Korean financial markets, which may adversely affect our ability to meet our funding needs on a timely

and cost-effective basis; and

•

decreases in the fair value of our investments in companies that may be adversely affected by the pandemic.

In the event that a future recurrence of COVID-19 or an occurrence of other types of

widespread infectious diseases cannot be effectively and timely contained, our business, financial condition and results of operations may be materially and adversely affected.

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We may be unable to operate our business successfully if we are unable to retain and recruit

qualified personnel.

Our success depends to a significant extent on the continued services of our senior management and research and

development, engineering and other specialized personnel, and on our ability to continue to attract, retain and motivate such key employees. Generally, our employees are not bound by employment or

non-competition agreements and competition within the memory semiconductor industry for highly qualified employees is intense. There can be no assurance that we will not experience difficulty in recruiting and

retaining qualified employees. Our business could suffer if we lose the services of any of our key personnel and cannot adequately replace them in a timely manner.

Work stoppages and other labor-related issues may adversely affect our operations.

As of March 31, 2026, we had collective bargaining agreements with three labor unions, the two largest of which represented a total of 15,684

employees. Our latest collective bargaining agreements with such labor unions came into effect in April 2024 for a two-year term. We also engage in wage negotiations each year, which are retroactively

applied for that year. In addition, we operate a profit-sharing incentive program linked to our operating results, which utilizes 10% of our operating profit as determined under the Korean International Financial Reporting Standards

(“K-IFRS”).

We have not experienced a strike or other material work stoppage in recent years. However, there can be no assurance that

our relationship with our employees will not deteriorate in the future and any labor unrest, work stoppages or strikes could prevent our production facilities from continuing normal operations, which in turn may have a material adverse effect on our

business, financial condition and results of operations.

We are subject to strict environmental, health and safety regulations, and we may

become subject to penalties or restrictions that could cause our operations to be interrupted or result in significant compliance expenses.

We have manufacturing facilities in Korea and China. Our operations involve the use of chemicals and generate chemical waste, wastewater and other

industrial waste at various stages in the manufacturing process, and we are subject to a variety of environmental, health and safety laws and regulations of local or national governments relating to the use, storage, discharge and disposal of such

chemical by-products and waste substances. We are also subject to restrictions on using certain raw materials in our manufacturing process in fabs located in certain locations. We have installed various types

of anti-pollution equipment, consistent with industry standards, for the treatment of chemical waste and equipment for the recycling of treated water and other industrial waste at our various facilities. Our ESG Management Committee, chaired by our

Chief Executive Officer, serves as the core executive-level decision-making body for our environmental, social and governance (“ESG”) management policies. Key matters discussed by such committee are reported upward to the Sustainable

Management Committee under the Board, which provides company-wide oversight and final endorsement of ESG strategy, targets and performance. For a description of our Sustainable Management Committee, see “Management — Committees of the

Board — Sustainable Management Committee.”

Furthermore, heightened global awareness and international and national commitments to

reduce greenhouse gas emissions and counteract climate change (including increased activism by non-governmental and political organizations campaigning against fossil fuel extractions) may lead to increased costs for us, our customers and

our suppliers. Investor preferences and sentiments are also influenced by ESG considerations including climate change and the transition to a lower carbon economy. Changes in such preferences and sentiment, including increased scrutiny from market

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participants, environmental organizations or the press, as well as compliance with such new and more stringent environmental obligations relating to greenhouse gas emissions may require

additional capital expenditures or modifications in operating practices, as well as additional reporting obligations.

We cannot provide assurance

that environmental, health and safety claims will not be brought against us or that local or national governments will not take steps toward adopting more stringent standards. Sourcing of raw materials could also present reputational risks if our

direct or indirect suppliers are found to be in violation of environmental, health and safety regulations, or of ethical or human rights regulations or standards. Any failure on our part to comply with any present or future environmental, health and

safety regulations could result in the assessment of damages or clean-up costs or the imposition of fines or other penalties against us, a suspension of production, cessation of operations or relocation of

manufacturing facilities to different locations. In addition, new environmental, health and safety regulations could require us to acquire costly equipment or to incur other significant compliance expenses that may materially and negatively affect

our business, financial condition and results of operations.

We are subject to safety regulations, and our operations could expose us to

substantial liabilities.

The Serious Accident Punishment Act of Korea (the “SAPA”) imposes criminal liability on individuals and

entities responsible for “serious accidents.” Under the SAPA, the term “serious accident” encompasses not only accidents at industrial sites, such as factories or construction sites, but also “public” disasters

caused by defects in the design, manufacture, installation and management of products, product ingredients or public facilities or transportation. The SAPA imposes criminal liability against (i) business owners or executives (as defined by the law)

who fail to ensure the safety of their business operations and (ii) businesses or institutions that fail their supervisory duties. In case of willful misconduct or gross negligence, the SAPA also imposes punitive damages of up to five times the

actual damages. Our operational activities involve inherent risks that may result in accidents involving serious injury or loss of life, environmental damage or property damage. Even though we plan to prioritize on-site safety management by engaging

in communications with different stakeholders and investing more in safe environments, there is no guarantee that there will not be accidents due to our inherent operating risks. Although we have analyzed the potential impacts of the SAPA on us and

aligned our policies, internal regulations and manuals in preparation for the implementation of the SAPA, there is no guarantee that the SAPA would not adversely affect our business, financial condition and results of operations.

Under the SAPA, businesses may avoid punishment if it is found that they duly performed their duties to ensure the safety and health of the participants

in their business operations. However, we cannot assure you that, despite all precautionary and preventative measures undertaken by us, these measures will prove to be fully effective at all times or that an incident that could cause harm to our

reputation and operation will not happen in the future, including due to factors beyond our control.

Related party transactions that we

engage in are subject to scrutiny by the Korea Fair Trade Commission and the Korean tax authorities.

Our business relationships and

transactions with our subsidiaries, affiliates and other related parties are subject to ongoing scrutiny by the Korea Fair Trade Commission as to, among other things, whether such relationships and transactions constitute undue financial support

among companies of the same business group. We engage in various transactions with our subsidiaries and affiliates on an arm’s-length basis. See “Certain Relationships and Related Party

Transactions.” We are also subject to fair trade regulations limiting guarantees of debt and cross-shareholdings among member companies of the SK Group. In addition, our material business transactions

with our subsidiaries,

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affiliates and other related parties, including member companies of the SK Group, are subject to approval by the Board pursuant to the Korean Commercial Code (the “KCC”) and the

Monopoly Regulation and Fair Trade Act and are subject to public disclosure requirements under the Monopoly Regulation and Fair Trade Act. Any future determinations by the Korea Fair Trade Commission that we have engaged in transactions that violate

applicable fair trade laws and regulations may result in fines or other punitive measures and may have a material adverse effect on our reputation and our business.

In addition, under Korean tax law, there is an inherent risk that our transactions with our subsidiaries, affiliates or any other person or company that

is related to us may be challenged by the Korean tax authorities if such transactions are viewed as having been made on terms that were not on an arm’s-length basis. If the Korean tax authorities

determine that any of our transactions with related parties was not on an arm’s-length basis, we would not be permitted to deduct the amount equivalent to such undue financial support as expenses, which

may have adverse tax consequences for us.

We may pursue spin-offs or initial public offerings of, or selling portions of our interests in,

our subsidiaries, which could dilute our ownership interest and reduce the benefits we receive from those subsidiaries.

We may, from time to

time, explore the possibility of spinning off or conducting an initial public offering of, or selling portions of our interests in, one or more of our subsidiaries. If a subsidiary were to conduct a public offering or issue additional equity

securities to third parties after a spin-off, or if we were to dispose of a portion of our ownership interest in such subsidiary, our ownership interest in that subsidiary could be diluted. As a result, our share of that subsidiary’s future

earnings and cash flows may decrease, and we may have reduced control over its operations and strategic decisions. In addition, investors may attribute a portion of the value of such subsidiary directly to its publicly traded securities rather than

to our common shares and the ADSs, which could adversely affect the market price of such securities.

In March 2026, the Government announced its

intention to introduce regulations during the first half of 2026 that would, in principle, prohibit or restrict new listings of subsidiaries of listed Korean companies, subject to certain exceptions that have not yet been identified. If such

regulations are adopted, our ability to pursue listings of our subsidiaries and raise proceeds may become significantly limited.

Risks Relating to Korea

If economic conditions in Korea deteriorate, our current business and future growth could be materially and adversely affected.

We are incorporated in Korea and a significant portion of our assets are located in Korea. As a result, we are subject to political,

economic, legal and regulatory risks specific to Korea, and our performance and successful execution of our operational strategies are dependent on the overall Korean economy. The economic indicators in Korea in recent years have shown mixed signs

of growth and uncertainty, and future growth of the Korean economy is subject to many factors beyond our control, including developments in the global economy.

Following a period of deterioration due to the debilitating effects of the COVID-19 pandemic on the Korean

economy as well as on the economies of Korea’s major trading partners in 2020, the overall Korean economy showed signs of recovery in 2021. However, adverse conditions and volatility in the worldwide financial markets, fluctuations in oil and

commodity prices, supply chain disruptions and the increasing weakness of the global economy, as well as significant fluctuations in policy interest rates globally (including Korea), have contributed to the uncertainty of global economic prospects

in recent years and have adversely affected, and may continue to adversely affect, the Korean economy. The value of the Won relative to major foreign currencies, in particular the U.S. dollar, has fluctuated

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significantly and, as a result of uncertain global and Korean economic, social and political conditions, there has been significant volatility in the stock prices of Korean companies recently.

Future declines in the Korea Composite Stock Price Index (the “KOSPI”), and large amounts of sales of Korean securities by foreign investors and subsequent repatriation of the proceeds of such sales may adversely affect the value of the

Won, the foreign currency reserves held by financial institutions in Korea, and the ability of Korean companies to raise capital. Any future deterioration of the Korean or global economy could adversely affect our business, financial condition and

results of operations and the market price of our common shares and the ADSs.

Other developments that could have an adverse impact on Korea’s

economy include:

•

declines in consumer confidence and a slowdown in consumer spending, including as a result of higher levels of market

interest rates;

•

the imposition of significant tariffs on the Republic’s exports by any of the Republic’s major export markets,

including the United States, as well as any countermeasures or policy responses adopted by the Government;

•

shortages of imported raw materials, natural resources, rare earth minerals or component parts due to disruptions to the

global supply chain;

•

rising inflationary pressures leading to increases in costs of goods and services and a decrease in purchasing power;

•

hostilities or political or social tensions involving countries in the Middle East (including those resulting from the

military conflicts between Iran and other countries, including the United States and Israel) and Northern Africa and any material disruption in the global supply of oil or sudden increase in the price of oil;

•

hostilities or political or social tensions involving Russia (including the Russia-Ukraine war and the ensuing actions

against Russia) and any resulting adverse effects on the global supply of oil and other natural resources or the global financial markets;

•

adverse conditions or developments in the economies of countries and regions that are important export markets for Korea,

such as China, the United States, Europe and Japan, or in emerging market economies in Asia or elsewhere, including as a result of the deterioration of economic and trade relations among such countries or impositions of significant tariffs by any

such country and increased uncertainties in the global financial markets and industry;

•

adverse changes or volatility in foreign currency reserve levels, interest rates, inflation rates, commodity prices

(including oil prices), exchange rates (including fluctuations of the U.S. dollar, Euro or Japanese Yen exchange rates or revaluation of the Chinese Yuan) or stock markets;

•

political uncertainty or increasing strife among or within political parties in Korea following the declaration of martial

law by former President Yoon Suk-yeol in December 2024 that led to his impeachment and subsequent removal in April 2025 and the election of Mr. Lee Jae-myung as

President in June 2025;

•

interest rate fluctuations as well as perceived or actual changes in policy rates, or other monetary and fiscal policies

set forth, by the U.S. Federal Reserve, Korea and other central banks;

•

the occurrence of severe health epidemics in Korea or other parts of the world;

•

a deterioration in economic or diplomatic relations between Korea and its trading partners or allies, including

deterioration resulting from territorial or trade disputes or disagreements in foreign policy;

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•

the economic impact of any pending or future free trade agreements or of any changes to existing free trade agreements;

•

increased sovereign default risks in select countries and the resulting adverse effects on the global financial markets;

•

a deterioration in the financial condition or performance of small- and

medium-sized enterprises and other companies in Korea;

•

investigations of large Korean business groups and their senior management for possible misconduct;

•

a continuing rise in the level of household debt and increasing delinquencies and credit defaults by retail and small- and medium-sized enterprise borrowers in Korea;

•

social and labor unrest;

•

substantial changes in the market prices of Korean real estate;

•

a substantial decrease in tax revenues and a substantial increase in the Government’s expenditures for fiscal

stimulus measures, unemployment compensation and other economic and social programs, which, together, would likely lead to a national budget deficit as well as an increase in the Government’s debt;

•

financial problems or lack of progress in the restructuring of Korean business groups, other large troubled companies,

their suppliers or the financial sector;

•

loss of investor confidence arising from corporate accounting irregularities or corporate governance issues concerning

certain Korean companies;

•

increases in social expenditures to support an aging population in Korea or decreases in economic productivity due to the

declining population size in Korea;

•

a continued decrease in the population and birthrates in Korea;

•

geopolitical uncertainty and the risk of further attacks by terrorist groups around the world;

•

natural or man-made disasters that have a significant adverse economic or other

impact on Korea or its major trading partners; and

•

an increase in the level of tensions or an outbreak of hostilities between North Korea and Korea or the United States.

Escalations in tensions with North Korea could have an adverse effect on us and the market value of our common shares and

the ADSs.

Relations between Korea and North Korea have been tense throughout Korea’s modern history. The level of tension between

Korea and North Korea has fluctuated and may increase abruptly as a result of current and future events. In particular, there have been heightened security concerns in recent years stemming from North Korea’s nuclear weapon, ballistic missile

and satellite programs as well as its hostile military actions against Korea.

North Korea renounced its obligations under the Nuclear Non-Proliferation Treaty in January 2003 and has conducted six rounds of nuclear tests since October 2006, including claimed detonations of hydrogen bombs and warheads that can be mounted on ballistic missiles. Over

the years, North Korea has continued to conduct a series of missile tests, including missiles launched from submarines and intercontinental ballistic missiles that it claims can reach the United States mainland. North Korea has increased the

frequency of such activities since the beginning of 2022, firing numerous ballistic missiles, including intercontinental ballistic missiles, and in November 2023, successfully launched its

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first spy satellite. In response, the Government has repeatedly condemned North Korea’s provocations and flagrant violations of relevant United Nations Security Council resolutions. Over

the years, the United Nations Security Council has passed a series of resolutions condemning North Korea’s actions and significantly expanding the scope of sanctions applicable to North Korea as did the United States and the European Union.

North Korea’s economy also faces severe challenges, which may further aggravate social and political pressures within North Korea. Although

bilateral summit meetings between Korea and North Korea were held in April, May and September 2018 and between North Korea and the United States in June 2018, February 2019 and June 2019, there can be no assurance that the level of tensions

affecting the Korean peninsula will not escalate in the future. Any increase in tensions, which may occur, for example, if North Korea experiences a leadership crisis, high-level contacts between Korea and North Korea or between the United States

and North Korea break down or military hostilities occur, could have a material adverse effect on the Korean economy and on our business, financial condition and results of operations and the market value of our common shares and the ADSs.

There are special risks involved with investing in securities of Korean companies.

As we are a Korean company and operate in a business and cultural environment that is different from that of other countries, there are risks associated

with investing in our securities that are not typical for investments in securities of companies in other jurisdictions.

Under the Foreign Exchange

Transactions Act of Korea and the decree, rules and regulations promulgated thereunder, if the Government deems that certain emergency circumstances, including sudden fluctuations in interest rates or exchange rates, extreme difficulty in

stabilizing the balance of payments or substantial disturbance in the Korean financial and capital markets, are likely to occur, it may impose any necessary restriction such as requiring Korean or foreign investors to obtain prior approval from the

Minister of Finance and Economy for the acquisition of Korean securities or for the repatriation of interest, dividends or sales proceeds arising from Korean securities or other types of capital transactions. Moreover, if the Government deems it

necessary on account of war, armed conflict, natural disaster or grave and sudden changes in domestic or foreign economic circumstances or similar events or circumstances, the Minister of Finance and Economy may temporarily suspend performance under

any or all foreign exchange transactions, in whole or in part, to which the Foreign Exchange Transaction Laws apply (including suspension of payment and receipt of foreign exchange) or impose an obligation to deposit or sell any means of payment to

the Bank of Korea, the Foreign Exchange Equalization Fund of Korea, or certain other governmental agencies or financial institutions. In making an investment decision, investors must rely upon their own examination of us, the terms of the offering

and the financial and other information contained in this prospectus.

Risks Relating to the ADSs and the Offering

The trading prices for our common shares and the ADSs may fluctuate significantly after the offering.

Volatility in the market price of our common shares and the ADSs may prevent investors from selling their securities at or above the price that they paid

for them. The market price and market liquidity of our common shares and the ADSs may be adversely affected by a number of factors, including, but not limited to, the extent of investor interest in us, the attractiveness of our common shares and the

ADSs in comparison to other equity securities (for instance, shares issued by a company with a longer operating history in our industry), our financial performance and general market conditions. Certain additional factors that could negatively

affect, or result in fluctuations in, the price of our common shares and the ADSs include:

•

actual or anticipated variations in our results of operations;

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•

potential differences between our actual financial and results of operations and those expected by investors;

•

investors’ perceptions of our prospects and the prospects of our sector;

•

new laws or regulations or new interpretations of laws and regulations, including tax guidelines, applicable to the

semiconductor sector, our common shares and/or the ADSs;

•

general economic trends and risks in the United States, Asian or global economies or financial markets, including those

resulting from war, incidents of terrorism or responses to such events;

•

changes in our operations or earnings estimates or publication of research reports about us or the semiconductor industry;

•

market conditions affecting the Korean, Asian or global economy or in Korea or Asia specifically;

•

significant volatility in the market price and trading volume of securities of companies in the semiconductor sector, which

are not necessarily related to the operating performance of these companies;

•

additions to or departures from our management team;

•

completing (or failing to complete) additional acquisitions or investments;

•

speculation in the press or investment community;

•

changes in the credit ratings or outlook assigned to Asian countries, particularly Korea, and entities in the semiconductor

sector;

•

political conditions or events in Korea, the United States and other countries; and

•

enactment of legislation or other regulatory developments that adversely affect us or our industry.

The Cornerstone Investors have, severally and not jointly, indicated an interest in purchasing up to an aggregate of US$7 billion of the ADSs

offered in this offering at the initial public offering price and on the same terms and conditions as the other purchasers in this offering. Because these indications of interest are not binding agreements or commitments to purchase, any of the

Cornerstone Investors may determine to purchase more, fewer, or no ADSs in this offering, or the underwriters may determine to sell more, fewer, or no ADSs to any of the Cornerstone Investors. If any of the Cornerstone Investors are allocated a

portion or all of, or more than, the ADSs in which they have indicated an interest in purchasing in this offering, their election to purchase any such ADSs could reduce the available public float for our ADSs.

If securities or industry analysts do not publish research reports about our business, or publish negative reports about our business, the prices

or trading volumes of our common shares and the ADSs could decline.

The trading market for our common shares and the ADSs will depend in

part on the research and reports that securities or industry analysts publish about us, our business, our market or our competitors. If no securities or industry analysts covers us, the trading price for our common shares and the ADSs may be

negatively impacted. If one or more of the analysts who covers us downgrades us or releases negative publicity about our common shares and ADSs, our share price would likely decline. If one or more of these analysts ceases to cover us or fails to

regularly publish reports on us, interest in our common shares and the ADSs may decrease, which may cause our share price or trading volume to decline.

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As a foreign private issuer, we will have different disclosure and other requirements than U.S.

domestic registrants.

As a foreign private issuer, we are subject to different disclosure and other requirements than domestic U.S.

registrants. For example, as a foreign private issuer, in the United States, we are not subject to the same disclosure requirements as a domestic U.S. registrant under the Exchange Act, including the requirements to prepare and issue quarterly

reports on Form 10-Q or to file current reports on Form 8-K upon the occurrence of specified significant events, the proxy rules applicable to domestic U.S. registrants

under Section 14 of the Exchange Act or the short-swing profit rules applicable to domestic U.S. registrants under Section 16 of the Exchange Act. In addition, we intend to rely on exemptions from certain U.S. rules which will permit us to

follow Korean legal requirements rather than certain of the requirements that are applicable to U.S. domestic registrants.

Furthermore, foreign

private issuers are required to file their annual report on Form 20-F within four months after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers are required to file their

annual report on Form 10-K within 75 days after the end of each fiscal year. Foreign private issuers are also exempt from Regulation Fair Disclosure under the U.S. Securities Act of 1933, as amended (the

“Securities Act”), aimed at preventing issuers from making selective disclosures of material information. As a result of the above, even though we are required to file reports on Form 6-K

disclosing the information which we have made or are required to make public pursuant to Korean law, or are required to distribute to shareholders generally, and that is material to us, you may not receive information of the same type or amount that

is required to be disclosed to shareholders of a U.S. company.

We cannot predict if investors will find our common shares or the ADSs less

attractive because we will rely on these exemptions. If some investors find our common shares and the ADSs less attractive as a result, there may be a less active trading market for our common shares and the ADSs and our share price may be more

volatile.

An active trading market for our ADSs may not develop or be sustained.

Prior to the completion of this offering, there has been no public market for our ADSs. Although we have been approved to list our ADSs on the Nasdaq

under the symbol “SKHY,” an active trading market for our ADSs may never develop or be sustained following this offering. If an active trading market does not develop or is not sustained, you may have difficulty selling your ADSs at an

attractive price, or at all. An inactive market may also impair our ability to raise capital by selling our ADSs and our ability to acquire other companies, products or technologies by using our ADSs as consideration.

If you purchase our ADSs in this offering, you will experience substantial and immediate dilution.

If you purchase ADSs in this offering, you will experience immediate dilution of US$131.06 per ADS in the net tangible book value of your ADSs after

giving effect to the offering at the initial public offering price of US$149.00 per ADS (based on 708,297,021 common shares outstanding as of March 31, 2026), because the price that you pay will be substantially greater than the net tangible

book value per ADS that you acquire. For a further description of the dilution that you will experience immediately after this offering, see “Dilution.”

ADS holders may be unable to exercise voting rights with respect to the common shares underlying the ADSs at our shareholders’ meetings.

As a holder of ADSs, under Korean law you are not treated as one of our shareholders and will not have the ability to exercise shareholder

rights. Instead, the depositary is treated as our shareholder

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under Korean law, and your rights as an ADS holder are governed by the deposit agreement. As a holder of ADSs, you will not have direct shareholder rights and may exercise voting rights with

respect to the shares represented by the ADSs only in accordance with the deposit agreement relating to the ADSs. There are no provisions under Korean law or under our articles of incorporation that limit the exercise by ADS holders of their voting

rights through the depositary with respect to the underlying common shares. However, there are practical limitations on the ability of ADS holders to exercise their voting rights due to the additional procedural steps involved in communicating with

these holders. ADS holders may be unable to exercise voting rights with respect to the common shares underlying the ADSs as a result of these practical limitations. Except as described in this prospectus, holders of our ADSs will not be able to

exercise voting rights attaching to the common shares.

Substantial sales of our common shares or the ADSs after the offering could

cause the price of our common shares or the ADSs to decrease.

The market price of our common shares and the ADSs may decline as a result of

sales of a large number of common shares and the ADSs in the market after this offering or the perception that these sales may occur. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity

securities in the future at a time and at a price that we deem appropriate.

Our shareholders or entities controlled by them or their permitted

transferees will be able to sell their shares in the public market from time to time without registering them, subject to certain limitations on the timing, amount and method of those sales imposed by regulations promulgated by the SEC, as well as

any other regulation (including anti-trust rules) that may apply. If any of shareholders, the affiliated entities controlled by them or their respective permitted transferees were to sell a large number of their shares, the market price of our

common shares and the ADSs may decline significantly. In addition, the perception in the public markets that sales by them might occur may also adversely affect the market price of our common shares and the ADSs.

You may not receive distributions on the common shares represented by the ADSs or any value for them if it is illegal or impractical to make them

available to holders of ADSs.

The depositary has agreed to pay to you the cash dividends or other distributions it or the custodian receives

on the ADSs after deducting its fees and expenses. You will receive these distributions in proportion to the number of common shares your ADSs represent. However, in accordance with the limitations set forth in the deposit agreement, it may be

unlawful or not feasible to make a distribution available to holders of ADSs. We have no obligation to take any other action to permit the distribution of the ADSs, common shares, rights or anything else to holders of the ADSs. This means that you

may not receive the distributions we make on the ADSs or any value from them if it is unlawful or not feasible to make them available to you. These restrictions may have an adverse effect on the value of your ADSs.

Holders of ADSs may be subject to limitations on transfer of their ADSs.

ADSs are transferable on the books of the depositary. However, the depositary may close its transfer books at any time or from time to time when it deems

expedient in connection with the performance of its duties and in emergencies, and on weekends and public holidays. The depositary may close its books from time to time for a number of reasons, including in connection with corporate events such as a

rights offering, during which time the depositary needs to maintain an exact number of ADS holders on its books for a specified period. In addition, the depositary may refuse to deliver, transfer, or register transfers of ADSs generally when our

books or the books of the depositary are closed, or at any time if we or the depositary deems it advisable to do so because of any requirement of law or of any government or governmental body, or under any provision of the deposit agreement, or for

any other reason.

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If you surrender your ADSs in order to withdraw the underlying common shares, you may not be

allowed to deposit the common shares again to obtain ADSs.

Under the deposit agreement, holders of our common shares may deposit those

shares with the depositary’s custodian in Korea and obtain ADSs, and holders of ADSs may surrender ADSs to the depositary and receive our common shares. However, under the terms of the deposit agreement, the depositary is required to obtain

our prior consent to any such deposit if, after giving effect to such deposit, the total number of our common shares represented by ADSs exceeds the limits imposed by applicable laws and regulations or our articles of incorporation, or otherwise

exceeds a specified maximum that we may establish from time to time, subject to adjustment under certain circumstances. In addition, the depositary or the custodian may not accept deposits of our common shares for issuance of ADSs under

certain circumstances, including if it has been determined by us that we should block the deposit to prevent a violation of applicable Korean laws and regulations or our articles of incorporation, or if any securities registration statement or

other filing that we may be required to make with any governmental authority in Korea in connection with such deposit is not made by us. It is possible that we may not give such consent or make such securities registration statement or other filing.

Accordingly, if you surrender ADSs and withdraw the underlying common shares, you may not be allowed to deposit the common shares again to

obtain ADSs. See “Korean Foreign Exchange Controls and Securities Regulations — Government Review of Issuances of ADSs.”

You may not be able to exercise preemptive rights for additional common shares and may suffer dilution of your equity interest in us.

The KCC and our articles of incorporation require us, with some exceptions, to offer shareholders the right to subscribe for new shares in proportion to

their existing ownership percentage whenever new shares are issued. Such subscription rights will not apply to this offering. If we offer a right to subscribe for additional new common shares or any other rights of similar nature, the depositary,

after consultation with us, may make the rights available to you or use reasonable efforts to dispose of the rights on your behalf and make the net proceeds available to you. The depositary, however, is not required to make available to you any

rights to purchase any additional common shares unless it deems that doing so is lawful and feasible and:

•

a registration statement filed by us under the Securities Act is in effect with respect to those shares; or

•

the offering and sale of those shares is exempt from, or is not subject to, the registration requirements of the Securities

Act.

The offering of ADSs and the underlying common shares in connection with this offering are being registered pursuant to the

Registration Statement on Form F-1 of which this prospectus forms a part and the issuance of the ADSs by the depositary is being concurrently registered on Form F-6. Following completion of this offering, we are under no obligation to file any

registration statement with respect to any ADSs. If a registration statement is required for you to exercise preemptive rights but is not filed by us, you may not be able to exercise your preemptive rights for additional common shares. As a result,

you may suffer dilution of your equity interest in us.

We may amend the deposit agreement without your consent and for any reason

and, if you disagree with our amendments, your choices will be limited to selling the ADSs or surrendering the ADSs for cancelation and withdrawing the underlying common shares.

We may agree with the depositary to amend the deposit agreement without your consent and for any reason. If an amendment increases fees to be charged to

ADS holders or prejudices a substantial existing

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right of ADS holders, it will not become effective until 30 days after the depositary notifies ADS holders of the amendment. At the time an amendment becomes effective, you are considered, by

continuing to hold your ADSs, to have agreed to the amendment and to be bound by the amended deposit agreement. If you do not agree with an amendment to the deposit agreement, your choices will be limited to selling the ADSs or surrendering the ADSs

for cancelation and withdrawing the underlying common shares. No assurance can be given that a sale of ADSs could be made at a price satisfactory to you in such circumstances.

Holders of ADSs will not be able to exercise dissenter’s rights unless they have surrendered the ADSs for cancelation, and withdrawn the

underlying common shares and become our direct shareholders.

In some limited circumstances, including the transfer of the whole or any

significant part of our business and our merger or consolidation with another company, dissenting shareholders have the right to require us to purchase their shares under Korean law. A holder of ADSs will not be able to exercise dissenter’s

rights unless such holder has surrendered the ADSs for cancelation, and withdrawn the underlying common shares and become our direct shareholder. See “Description of Articles of Incorporation and Capital Stock — Rights of Dissenting

Shareholders.”

Fluctuations in the exchange rate between the Won and the U.S. dollar may have a material adverse effect on the

value of the ADSs or the common shares in U.S. dollar terms.

Cash dividends, if any, in respect of the common shares represented by the ADSs

will be paid to the depositary in Won and then converted by the depositary into U.S. dollars, subject to certain conditions. Accordingly, fluctuations in the exchange rate between the Won and the U.S. dollar will affect, among other things, the

amounts a holder will receive from the depositary in respect of dividends, the U.S. dollar value of the proceeds that a holder would receive upon sale in Korea of the common shares obtained upon surrender of the ADSs and the secondary market price

of the ADSs.

Our common shares are traded on the KRX KOSPI Market and our ADSs will trade on the Nasdaq, which may result in price variations

and adversely affect the liquidity and value of the ADSs.

Our common shares are traded on the KRX KOSPI Market and our ADSs will trade on

the Nasdaq. Trading in our ADSs or common shares on these markets takes place in different currencies (U.S. dollars on the Nasdaq and Korean Won on the KRX KOSPI Market), at different times (resulting from different time zones, different

trading days and different public holidays in the United States and Korea) and among a different investor base. The trading prices of our common shares and our ADSs on these two markets may differ due to these and other factors. Any

decrease in the price of our common shares on the KRX KOSPI Market could cause a decrease in the trading price of our ADSs on the Nasdaq. Investors could seek to sell or buy our common shares or ADSs to take advantage of any price differences

between the markets through a practice referred to as arbitrage. Any arbitrage activity could create unexpected volatility in both our common share prices on the KRX KOSPI Market and the ADSs on the Nasdaq. In addition, holders of ADSs cannot

immediately surrender their ADSs and withdraw the underlying common shares for trading on the KRX KOSPI Market without effecting necessary procedures with the depositary. This could result in time delays and additional cost for holders of ADSs.

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We will be required to assess our internal control over financial reporting on an annual basis

and any future adverse findings from such assessment could result in a loss of investor confidence in our financial reports, and significant expenses to remediate any internal control deficiencies and could ultimately have an adverse effect on the

market price of the ADSs.

Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, beginning with the second annual report we file

with the SEC, our management will be required to report on the effectiveness of our internal control over financial reporting. The rules governing the standards that must be met for management to assess our internal control over financial

reporting are complex and require significant documentation, testing and possible remediation. We are currently in the process of reviewing, documenting and testing our internal control over financial reporting, and can provide no assurance that

from time to time we will not identify concerns that could require remediation. We may encounter problems or delays in completing the implementation of any changes necessary to make a favorable assessment of our internal control over financial

reporting. In connection with the attestation process by our independent registered public accounting firm, we may encounter problems or delays in completing the implementation of any requested improvements and receiving a favorable attestation. In

addition, if we fail to maintain the adequacy of our internal control over financial reporting we will not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404

which may have an adverse effect on us.

The requirements of being a public company may strain our resources, divert management’s

attention and affect our ability to attract and retain qualified board members.

Following the completion of the offering, we will be

required to comply with various regulatory and reporting requirements, including those required by the SEC, in addition to our existing reporting requirements by the Korea Exchange. Complying with these reporting and regulatory requirements will be

time consuming, resulting in increased costs to us or other adverse consequences. As a public company, we will be subject to the reporting requirements of the Exchange Act, and the requirements of the Sarbanes-Oxley Act, as well as to the Financial

Investment Services and Capital Markets Act (the “FSCMA”) and Korea Exchange public disclosure rules. These requirements may place a strain on our systems and resources. The Exchange Act applicable to us requires that we file annual and

current reports with respect to our business and financial condition. Likewise, the FSCMA and Korea Exchange public disclosure rules require that we make annual, semi-annual and quarterly filings and that we comply with disclosure obligations

including current reports. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal controls over financial reporting. To maintain and improve the effectiveness of our disclosure controls and

procedures, we will need to commit significant resources, hire additional staff and provide additional management oversight. We will be implementing additional procedures and processes for the purpose of addressing the standards and requirements

applicable to public companies. These activities may divert management’s attention from other business concerns, which could have a material adverse effect on our business, results of operations and financial condition.

As a foreign private issuer, we are not subject to certain corporate governance rules applicable to U.S. listed companies.

We rely on a provision in the Nasdaq corporate governance listing standards that allows us to follow Korean law with regard to certain aspects of

corporate governance. This allows us to follow certain corporate governance practices that differ in significant respects from the corporate governance requirements applicable to U.S. companies listed on the Nasdaq. For example, we are exempt from

Nasdaq regulations that require a listed U.S. company, among other things, to:

•

have a majority of the board of directors consist of independent directors;

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•

require non-management directors to meet on a regular basis without management

present;

•

have an independent compensation committee;

•

have an independent nominating committee; and

•

seek shareholder approval for the implementation of certain equity compensation plans and issuances of common shares.

As a foreign private issuer, we are permitted to follow home country practice in lieu of the above requirements. See

“Management — Foreign Private Issuer Status.” While our Audit Committee is required to comply with the provisions of Rule 10A-3 of the Exchange Act, which is applicable to U.S. companies

listed on the Nasdaq, because we are a foreign private issuer, our Audit Committee is not subject to additional Nasdaq corporate governance requirements applicable to listed U.S. companies, including the requirements to have a minimum of three

members and to affirmatively determine that all members are “independent,” using more stringent criteria than those applicable to us as a foreign private issuer.

We will have broad discretion in the use of the net proceeds to us from this offering.

The Board and management will retain broad discretion in the application, and timing of application, of the net proceeds to us from the offering. See

“Use of Proceeds.” You may not agree with how we use such net proceeds. There can be no assurance regarding the results and the effectiveness of our use of such net proceeds.

In making your investment decision, you should not rely on information in public media that is published by third parties. You should rely only on

statements made in this prospectus in determining whether to purchase our shares.

You should carefully evaluate all of the information in

this prospectus. We have in the past received, and may continue to receive, a high degree of media coverage, including coverage that is not directly attributable to statements made by our officers or employees, that incorrectly reports on statements

made by our officers or employees, or that is misleading as a result of omitting information provided by us, our officers, or employees. You should rely only on the information contained in this prospectus (or in a related free writing prospectus)

in determining whether to purchase our common shares or ADSs.

We may be subject to securities class actions, which may harm our

business and operating results.

Companies that have experienced volatility in the market price of their stock have been subject to

securities class action litigation. We may be the target of this type of litigation in the future. Securities litigation against us could result in substantial costs and damages and divert management’s attention from other business concerns,

which could seriously harm our business, results of operations, financial condition or cash flows.

We may also be called on to defend ourselves

against lawsuits relating to our business operations. Some of these claims may seek significant damage amounts due to the nature of our business. Due to the inherent uncertainties of litigation, we cannot accurately predict the ultimate outcome of

any such proceedings. A future unfavorable outcome in a legal proceeding could have an adverse impact on our business, financial condition, and results of operations. In addition, current and future litigation, regardless of its merits, could result

in substantial legal fees, settlement or judgment costs, and a diversion of management’s attention and resources that are needed to successfully run our business.

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It may be difficult to enforce civil liabilities against us or our directors or officers.

We are a corporation organized under the laws of Korea. A majority of our directors and officers and certain other persons named in this

prospectus reside in Korea, and a significant portion of the assets of the directors and officers and certain other persons named in this prospectus and a substantial majority of our assets are located in Korea. As a result, it may not be possible

for investors to effect service of process within the United States upon us or such persons or to enforce against any of them in the United States court judgments obtained in U.S. courts, including judgments predicated upon the civil liability

provisions of the securities laws of the United States or any State or territory within the United States. There is doubt as to the enforceability in Korea, either in original actions or in actions for enforcement of judgments of U.S. courts, of

civil liabilities predicated on the securities laws of the United States or any State or territory within the United States. See “Enforceability of Civil Liabilities.”

ADS holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable

outcomes to the plaintiff(s) in any such action.

The deposit agreement provides that, to the fullest extent permitted by law, holders and

beneficial owners of ADSs, including those holders and owners who acquire ADSs in secondary transactions, irrevocably waive the right to a jury trial in any suit, action or proceeding against us or the depositary directly or indirectly arising out

of, based on or relating in any way to, our shares or other deposited securities, the ADSs or the ADRs, the deposit agreement or any transaction contemplated therein, or the breach thereof (whether based on contract, tort, common law or any other

theory), including any suit, action, claim or proceeding under the U.S. federal securities laws. As the jury trial waiver relates to claims arising out of or relating to the ADSs or the deposit agreement, we believe that the waiver would likely

continue to apply to ADS holders or beneficial owners who withdraw the common shares from the ADS facility with respect to claims arising before the cancellation of the ADSs and the withdrawal of the common shares, and the waiver would likely not

apply to ADS holders or beneficial owners who subsequently withdraw the common shares represented by ADSs from the ADS facility with respect to claims arising after the withdrawal. However, to our knowledge, there has been no case law on the

applicability of the jury trial waiver to ADS holders or beneficial owners who withdraw the common shares represented by the ADSs from the ADS facility.

If we or the depositary opposed a demand for jury trial relying on the above-mentioned jury trial waiver, it is up to the court to determine whether

such waiver was enforceable considering the facts and circumstances of that case in accordance with the applicable state and federal law. If this jury trial waiver provision is prohibited by applicable law, an action could nevertheless proceed under

the terms of the deposit agreement with a jury trial. To our knowledge, the enforceability of a jury trial waiver under the federal securities laws has not been finally adjudicated by a federal court or by the United States Supreme Court.

Nonetheless, we believe that a jury trial waiver provision is generally enforceable under the laws of the State of New York, which govern the deposit agreement. In determining whether to enforce a contractual

pre-dispute jury trial waiver provision, courts will generally consider whether a party knowingly, intelligently and voluntarily waived the right to a jury trial. We believe that this is the case with respect

to the deposit agreement and the ADSs. It is advisable that you consult legal counsel regarding the jury waiver provision before acquiring the ADSs and becoming subject to the terms of the deposit agreement.

If you or any other holders or beneficial owners of ADSs bring a claim against us or the depositary in connection with matters arising under the deposit

agreement or the ADSs, including claims under federal securities laws, you or such other holder or beneficial owner may not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits

against us and/or the depositary as well as increasing the costs associated with bringing a claim. If a lawsuit is

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brought against us and/or the depositary under the deposit agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different

civil procedures and may result in different outcomes than a trial by jury would have had, including results that could be less favorable to the plaintiff(s) in any such action, depending on, among other things, the nature of the claims, the judge

or justice hearing such claims, and the venue of the hearing.

No condition, stipulation or provision of the deposit agreement or ADSs serves as a

waiver by any holder or beneficial owner of ADSs or by us or the depositary of compliance with any substantive provision of the U.S. federal securities laws and the rules and regulations promulgated thereunder.

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This prospectus contains forward-looking statements within the meaning of U.S. federal securities laws. You can identify these statements because they

are not limited to historical fact or they use words such as “outlook,” “may,” “will,” “should,” “could,” “would,” “believe,” “anticipate,”

“plan,” “expect,” “estimate,” “forecast,” “confident,” “opportunities,” “goal,” “prospect,” “positioned,” “intend,”

“committed,” “continue,” “future,” “guidance,” “years ahead,” “looking ahead,” “going forward,” “focused on,” “will likely result,”

“can,” “project,” “accelerate,” “schedule,” “on track,” “seek,” “ensure,” “potential,” “pipeline,” “objective,” “focused

on,” “predict,” “look to,” “likely to,” “scheduled to,” or “subject to” and similar expressions that concern our strategy, plans, intentions, initiatives, or beliefs about future

occurrences or results.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the

date on which they are made. There is no assurance that the expected events, trends or results will actually occur and we and the underwriters undertake no obligation to update publicly or revise any forward-looking statements and estimates whether

as a result of new information, future events or otherwise.

Forward-looking statements include, but are not limited to, statements regarding our

current belief or expectations as of the date of this prospectus and estimates on future events and trends that affect or may affect our business, financial condition, results of operations, liquidity, prospects and the trading price of our common

shares or the ADSs, including our growth plan and pipeline of new projects. Although such forward-looking statements are based on assumptions and information currently available to us, which we believe to be reasonable, none of the forward-looking

statements, whether expressed or implied, are indicative of or guarantee future results. Given such limitations, you should not make any investment decision on the basis of the forward-looking statements contained in this prospectus.

All forward-looking statements are subject to risks, uncertainties and other factors (including, without limitation, those described under “Risk

Factors”) that may cause our actual results to differ materially from those which we expected. Key factors that could cause actual results to differ materially from the expectations expressed in or implied by such forward-looking statements,

include, but are not limited to:

•

general economic, business and political conditions;

•

trends in the global semiconductor industry;

•

market conditions and business outlook for our products;

•

fluctuations in prices of raw materials;

•

adverse trends in regulatory, legislative and judicial developments;

•

changes in interest rates and currency exchange rates;

•

factors affecting future profitability;

•

seasonality;

•

our leverage and our ability to meet our debt obligations;

•

conditions in the Korean and the global financial markets;

•

occurrences of widespread infectious diseases such as COVID-19; and

•

additional matters identified in “Risk Factors.”

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We caution you that the foregoing list of significant factors may not contain all of the material

factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this prospectus may not in fact occur. Many of these risks are beyond our ability to

control or predict. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained throughout this prospectus.

We caution you that the important factors referenced above may not contain all of the factors that are important to you. We cannot assure you that we

will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. We undertake no obligation, and specifically disclaim

any duty, to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as may be required by law. As a result of these risks and uncertainties, we caution you not to place undue reliance on any

forward-looking statements included in this prospectus or that may be made elsewhere from time to time by, or on behalf of, us.

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USE OF PROCEEDS

We estimate that the net proceeds from our issuance and sale of 17,790,000 common shares represented by ADSs in the offering will be approximately

US$26.2 billion, after deducting the underwriting discount and commissions and estimated offering expenses payable by us, and based on the initial public offering price of US$149.00 per ADS.

We intend to use the net proceeds we receive from this offering for (i) capital expenditures of W 45.5 trillion related to the construction of our production facilities in Korea as indicated below and (ii) our acquisition of EUV scanners, which we expect will cost approximately W 11.9 trillion and receive delivery by December 2027. We expect to fund the amounts required to complete the construction and acquisitions in excess

of the net proceeds from this offering using cash flows from our operating activities, borrowings under current and future credit facilities and debt securities and other funding resources.

Project

Targeted

Completion

Date of Planned

Investments

Total

Expected

Cost of

Project (1)

Previously

Invested

Amount (2)

Additional Planned Investment Amount (1)

Total

2026

2027

2028

2029

2030

(In trillions of Won)

Fab 1 at the Yongin complex, Korea (3)

End of 2030

W

31.0

W

4.4

W

26.6

W

7.4

W

10.1

W

6.6

W

2.5

W

0.0

P&T7 (advanced packing plant) in Cheongju,

Korea (4)

End of 2030

19.0

0.1

18.9

0.5

2.1

2.7

5.8

7.8

Total

W

50.0

W

4.5

W

45.5

W

7.9

W

12.2

W

9.3

W

8.3

W

7.8

(1)

Estimates only and are subject to change depending on prevailing market conditions, changes in construction process

specifications, exchange rates and other factors.

(2)

As of May 31, 2026.

(3)

Not including installation of equipment.

(4)

Including installation of equipment.

We periodically adjust our capital expenditure plans based on market demand for our products, the production outlook of the global memory semiconductor

industry and general global economic conditions. We may adjust our use of proceeds based on our assessment of such market conditions.

Pending our

use of the net proceeds from this offering as described above, we may invest the net proceeds that we receive in this offering in interest-earning instruments.

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DIVIDENDS AND DIVIDEND POLICY

We declare dividends annually at the annual general meeting of shareholders, which is generally held within three months after the end of the fiscal

year. For the purpose of determining the shareholders who are entitled to annual dividends, we may set a record date with at least two weeks’ prior public notice by a resolution of the Board. We may distribute annual dividends in cash, in

shares or in other forms. However, a dividend of shares must be distributed at par value. Dividends in shares may not exceed one-half of the annual dividend. Our obligation to pay dividend expires if no claim

to dividend is made for five years from the payment date.

Under the KCC, we may pay an annual dividend only out of the excess of our net assets, on

a non-consolidated basis, over the sum of (1) our stated capital, (2) the total amount of our capital surplus reserve and earned surplus reserve accumulated up to the end of the relevant dividend

period, (3) the earned surplus reserve to be set aside for the annual dividends and (4) the increase in our net asset value resulting from the evaluation of our assets and liabilities that has not been offset against unrealized losses. We

may not pay an annual dividend unless we have set aside as earned surplus reserve an amount equal to at least 10.0% of the cash portion of the annual dividend or until we have accumulated an earned surplus reserve of not less than one-half of our stated capital. We may not use our legal reserve to pay cash dividends but may transfer amounts from our legal reserve to capital stock or use our legal reserve to reduce an accumulated deficit.

In addition, the FSCMA and our articles of incorporation (pursuant to an amendment approved at the annual general meeting of our shareholders on March

30, 2022) provide that, in addition to annual dividends, we may pay quarterly dividends. Unlike annual dividends, the decision to pay quarterly dividends can be made by a resolution of the Board and is not subject to shareholder approval. For the

purpose of determining the shareholders who are entitled to quarterly dividends, we may set a record date with at least two weeks’ prior public notice by a resolution of the Board. The Board’s resolution to declare quarterly dividends

needs to take place within 45 days of March 31, June 30 or September 30 of the relevant fiscal year. Any quarterly dividends must be paid in cash. No assurance can be given as to the amount of future dividends on our common shares or

that any such dividends will be declared. See “Description of Articles of Incorporation and Capital Stock —Dividends.”

Under the FSCMA, the total amount of quarterly dividends payable in a fiscal year may not be more than the net assets on the non-consolidated balance sheet of the immediately preceding fiscal year, after deducting (1) our capital in the immediately preceding fiscal year, (2) the aggregate amount of our capital surplus reserves

and earned surplus reserves accumulated up to the immediately preceding fiscal year, (3) the amount of earnings for dividend payments confirmed at the general shareholders’ meeting with respect to the immediately preceding fiscal year and

(4) the amount of earned surplus reserve that should be set aside for the current fiscal year following the quarterly dividend payment. In addition, no quarterly dividends can be paid if there is a concern over our net assets on a non-consolidated basis at the end of the current fiscal year falling short of the aggregate sum of (1) our stated capital, (2) the total amount of our capital surplus reserve and earned surplus reserve

accumulated up to the end of the current fiscal year, (3) the earned surplus reserve to be set aside for the annual dividends with respect to the current fiscal year and (4) the increase in our net asset value resulting from the evaluation

of our assets and liabilities that has not been offset against unrealized losses.

Our obligation to pay annual or quarterly dividends expires if no

claims to such dividends are made for a period of five years from the payment date.

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The following table sets forth the quarterly and annual dividend per share and the aggregate total

amount of dividends paid, as well as the number of outstanding shares entitled to dividends, with respect to the quarter ended March 31, 2026 and the years ended December 31, 2023, 2024 and 2025. The annual dividend was paid in the immediately

following year, and the quarterly dividends were paid in the same year.

Dividend Type

Dividend

per Share

(In Won)

Total Amount

of Dividends

(In billions

of Won)

Number of

Shares Entitled

to Dividend

Quarterly dividend (for the period ended March 31, 2023)

W

300

W

206

688,059,197

Quarterly dividend (for the period ended June 30, 2023)

300

206

688,090,311

Quarterly dividend (for the period ended September 30, 2023)

300

206

688,116,189

Annual dividend (for the year ended December 31, 2023)

300

206

688,138,649

Quarterly dividend (for the period ended March 31, 2024)

300

207

688,614,914

Quarterly dividend (for the period ended June 30, 2024)

300

207

688,617,645

Quarterly dividend (for the period ended September 30, 2024)

300

207

689,038,731

Annual dividend (for the year ended December 31, 2024)

1,304

900

690,344,530

Quarterly dividend (for the period ended March 31, 2025)

375

259

690,412,123

Quarterly dividend (for the period ended June 30, 2025)

375

259

690,455,268

Quarterly dividend (for the period ended September 30, 2025)

375

263

701,684,263

Annual dividend (for the year ended December 31, 2025)

1,875

1,328

708,113,147

Quarterly dividend (for the period ended March 31, 2026)

375

267

711,073,295

We distribute dividends to our shareholders in proportion to the number of shares owned by each shareholder.

In November 2024, the Board approved our shareholder return policy for the fiscal years 2025 through 2027. Such policy contemplated that we would pay an

aggregate dividend amount of W 1,500 per share with respect to each fiscal year in four equal quarterly installments of W 375 per quarter. We may contemplate providing additional shareholder return if we expect to generate a material amount of excess cash flow.

If we pay any dividends on our common shares, we will pay those dividends which are payable in respect of the common shares underlying our ADSs to the

depositary, as the registered holder of such common shares, and the depositary then will pay such amounts to our ADS holders in proportion to the common shares underlying the ADSs held by such ADS holders, subject to the terms of the deposit

agreement, including the fees and expenses payable thereunder. Cash dividends on our common shares, if any, will be paid in U.S. dollars. See “Description of American Depositary Shares.”

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MARKET PRICE INFORMATION

Our common shares are listed on the KRX KOSPI Market under the identification code “000660.” Our common shares are also listed on the

Luxembourg Stock Exchange under the symbol “HYNSE” in the form of global depositary receipts evidencing global depositary shares, with each global depositary share representing one common share.

The table below sets forth, for the periods indicated, the high and low closing prices and the average daily volume of trading activity on the KRX KOSPI

Market for our common shares.

KRX KOSPI Market

Closing Price Per

Common Stock

Average Daily

Trading Volume

High

Low

(in Won)

(in thousands of

shares)

2021

148,500

91,500

4,131

2022

133,000

75,000

3,311

2023

141,500

75,600

3,432

First Quarter

94,900

75,600

2,903

Second Quarter

119,500

83,800

4,127

Third Quarter

128,000

110,300

3,258

Fourth Quarter

141,500

115,400

3,453

2024

241,000

131,000

4,363

First Quarter

183,000

131,000

3,943

Second Quarter

237,500

170,600

3,757

Third Quarter

241,000

152,800

5,810

Fourth Quarter

201,000

158,800

3,909

2025

651,000

164,800

3,765

First Quarter

225,500

171,200

3,967

Second Quarter

293,000

164,800

3,675

Third Quarter

361,000

245,000

3,338

Fourth Quarter

651,000

360,000

4,130

2026 (through July 8)

2,919,000

677,000

5,028

First Quarter

1,099,000

677,000

4,680

Second Quarter

2,919,000

830,000

5,245

Third Quarter (through July 8)

2,560,000

2,076,000

6,252

July (through July 8)

2,560,000

2,076,000

6,252

Source: KRX

KOSPI Market

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EXCHANGE RATES

The tables below set forth, for the periods and dates indicated, information concerning the noon buying rate for Won, expressed in Won per one U.S.

dollar. The “noon buying rate” is the rate in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York. We do not intend to imply that the Won or U.S. dollar

amounts referred to in this prospectus could have been or could be converted into U.S. dollars or Won, as the case may be, at any particular rate, or at all. On July 2, 2026, the noon buying rate was W 1,538.1 to US$1.00.

Won per U.S. dollar (noon buying rate)

Low

High

Average (1)

Period-End

2021

1,081.6

1,198.7

1,144.9

1,188.6

2022

1,187.0

1,440.5

1,291.8

1,260.2

2023

1,220.3

1,362.9

1,306.8

1,291.0

2024

1,300.5

1,477.9

1,363.4

1,477.9

2025

1,353.5

1,481.5

1,421.4

1,444.6

2026 (through July 2)

1,427.1

1,556.0

1,484.3

1,538.1

January

1,433.8

1,478.3

1,455.5

1,444.5

February

1,427.1

1,463.1

1,447.3

1,439.8

March

1,439.8

1,523.5

1,490.5

1,523.5

April

1,461.7

1,511.3

1,483.8

1,477.9

May

1,447.0

1,517.3

1,488.4

1,504.0

June

1,508.1

1,556.0

1,529.5

1,548.8

July (through July 2)

1,538.1

1,550.6

1,544.3

1,538.1

Source: Federal

Reserve Bank of New York

(1)

The average rate for each period is calculated as the average of the noon buying rates on each business day during the

relevant period (or portion thereof).

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CAPITALIZATION

The table below sets forth the current portion of our long-term debt and our capitalization as of March 31, 2026, as follows:

•

on a historical basis; and

•

as adjusted, to reflect the estimated net proceeds from the issuance and sale of the ADSs by us in the offering at the

public offering price of US$149.00 per ADS, and after deducting the underwriting discount and commissions and estimated offering expenses payable by us. Our total capitalization may be different in the event that we do not allocate the net proceeds

of this offering as described under “Use of Proceeds.”

You should read this table in conjunction with

“Presentation of Financial and Other Information” “Use of Proceeds,” “Summary Financial and Other Information,” “Management’s Discussion and Analysis of Financial Condition and Results of

Operations” and our Audited Financial Statements and Interim Financial Statements, together with the notes thereto, in each case included elsewhere in this prospectus. The current portion of our long-term debt and our capitalization following

the closing of the offering (including the use of proceeds therefrom) will be adjusted based on the actual offering price and other terms of this offering determined at pricing.

As of March 31, 2026

Actual

As Adjusted (1)

(In billions of Won)

Current portion of long-term debt:

Current portion of long-term borrowings

W

1,716

W

1,716

Current portion of debentures (2)

1,652

1,652

Total current portion of long-term debt

3,369

3,369

Long-term debt:

Borrowings

13,427

13,427

Total long-term debt

13,427

13,427

Equity:

Equity attributable to owners of the parent company

Capital stock

3,658

3,747

Capital surplus

8,510

48,383

Other equity

(368

)

(368

)

Accumulated other comprehensive income

3,745

3,745

Retained earnings

148,746

148,746

Total equity attributable to owners of the parent company

164,291

204,253

Non-controlling interest

89

89

Total equity

164,380

204,342

Total capitalization

W

177,807

W

217,769

(1)

As adjusted to reflect the estimated net proceeds from the issuance and sale of 17,790,000 common shares represented by

ADSs by us in the offering at the public offering price of US$149.00 per ADS, and after deducting the underwriting discount and commissions and estimated offering expenses payable by us, which amount is converted into Won at the exchange rate of W 1,523.5 per US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United States.

(2)

Includes the carrying value of our exchangeable bonds due 2030. On April 28, 2026, we exercised our option to redeem the

entire balance of such exchangeable bonds remaining outstanding as of the end of May 18, 2026, and we completed such redemption on May 28, 2026. See Notes 14 and 32(2) of the notes to the Interim Financial Statements for further information.

Except as set forth herein, there has been no other material change to our capitalization since March 31, 2026.

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DILUTION

As of March 31, 2026, our outstanding capital stock (not including treasury shares) consisted of 708,297,021 common shares. If you invest in

our ADSs in the offering, your ownership interest will be diluted to the extent of the difference between the offering price per ADS and the net book value per ADS upon the completion of the offering. Dilution results from the fact that the per-ADS offering price of ADS in the offering could be substantially in excess of the actual book value per ADS. As of March 31, 2026, we had a net tangible book value of W 158,497 billion or US$146.88 per common share or US$14.69 per ADS, based on the exchange rate of

W 1,523.5 per US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United States.

Net tangible book value per common share represents the amount of our total tangible assets of W 216,946 billion (total assets less intangible

assets and deferred tax assets) less total liabilities of W 58,449 billion, divided by the total number of our common shares outstanding as of

March 31, 2026.

Dilution of Shareholders’ Interest After the Offering

After giving effect to the sale of the ADSs offered by us in the offering at the offering price of US$149.00 per ADS and, after deducting the

underwriting discount and commissions and estimated offering expenses payable by us, our net tangible book value estimated as of March 31, 2026 would have been US$130,265 million, based on the exchange rate of W 1,523.5 per US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the

United States, representing US$179.41 per common share and US$17.94 per ADS. This represents an immediate increase in net tangible book value of US$32.53 per common share and US$3.25 per ADS to existing shareholders, and an immediate

dilution in tangible book value of US$1,310.59 per common share and US$131.06 per ADS to purchasers of ADSs in the offering. Dilution for this purpose represents the difference between the price per common share paid by these purchasers and net

tangible book value per common share immediately after the completion of the offering.

The following table shows the dilution to investors

purchasing our ADSs in the offering:

US$ per

Common

Share

US$ per ADS

Offering price per common share/ADS

1,490.00

149.00

Net tangible book value per common share/ADS as of March 31, 2026

146.88

14.69

Increase in net tangible book value per common share/ADS after the offering attributable to

existing shareholders

32.53

3.25

Net tangible book value per common share/ADS after the offering

179.41

17.94

Dilution per common share/ADS to investors (1)

1,310.59

131.06

(1)

Dilution for this purpose represents the difference between the price per common share/ADS paid by the investors in the

offering and the shareholders’ equity value per common share/ADS immediately after the completion of the offering.

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The following table presents, as of March 31, 2026, the number of common shares purchased or to

be purchased from us, the total consideration paid to us or to be paid to us (which includes net proceeds received from the issuance of our common shares) and the average price paid or to be paid to us per common share, in each case by our

directors, other members of our senior management and their respective affiliates during the last five years and by investors participating in this offering at the initial public offering price of US$149.00 per ADS, after deducting underwriting

discount and commissions and estimated offering expenses payable by us:

Common shares purchased

Total consideration

Average price

per common

share (1)

Number

Percent

Amount (1)

(in millions)

Percent

Directors, senior management and affiliates

262,804

1.5

%

US$

42

0.2

%

US$

158.23

New investors

17,790,000

98.5

26,507

99.8

1,490.00

Total

18,052,804

100.0

%

US$

26,549

100.0

%

US$

1,470.61

(1)

Converted into U.S. dollars at the exchange rate of W 1,523.5 per US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United States.

The discussion and tables above also assume no exercise of any outstanding stock options. As of March 31, 2026, there were 149,423 shares of our common

stock deliverable upon exercise of outstanding stock options. See “Management — Compensation — Stock Options.” To the extent that any of these options are exercised, there will be further dilution to new investors.

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS

This section contains forward-looking statements that involve risks and uncertainties. Our actual results and the

timing of events may differ significantly from those expressed or implied in these forward-looking statements for several reasons, including those described under “Cautionary Note Regarding Forward-Looking Statements” and “Risk

Factors.”

The following analysis and discussion of our financial condition and results of operations should be read in conjunction

with our Audited Financial Statements and Interim Financial Statements included elsewhere in this prospectus, as well as the information set forth under “Presentation of Financial and Other Information” and “Summary Financial and

Other Information.”

Overview

We are one of

the world’s largest memory semiconductor companies and engage in the design, manufacture and sale of advanced memory semiconductors. In the DRAM market that includes HBM, we were ranked second globally based on revenue with a market share of

29.1% in the first quarter of 2026, according to market research conducted by IDC. In the HBM market, we were ranked first globally based on revenue with a market share of 56.4% in the first quarter of 2026, according to IDC. In addition, we were

the second largest supplier of NAND flash memory based on revenue, with a worldwide market share of 18.5% in the first quarter of 2026, according to IDC. Our memory products can be used in virtually all electronic devices, including graphics cards,

PCs, data center servers, mobile devices such as smartphones and tablets, and other consumer electronics products. We also conduct our foundry business through SK hynix system ic and SK keyfoundry, our wholly-owned subsidiaries.

We sell a wide variety of DRAM and NAND flash memory products with various configuration options, architectures and performance characteristics tailored

to meet application- and customer-specific needs. We believe that we are one of the world’s leading companies in developing DRAMs with advanced specifications, particularly those requiring higher density, faster data-processing speed and lower

power consumption. We are continually developing higher-density DRAM modules, SSDs and other advanced DRAM and NAND flash memory products that are optimized for our customers’ specific applications. In recent years, we have substantially

increased our sales of HBMs. HBMs are advanced memory semiconductors designed to deliver fast data transfers while using less power, making them especially useful in high-performance applications such as GPUs, AI and high-performance computing.

Factors Affecting Our Results of Operations and Financial Condition

Our results of operations and financial condition, including our operating profit and corresponding changes in our operating profit as a percentage of

total revenue (or operating profit margin), have been and will continue to be materially affected by a number of factors and developments, some of which are outside of our control, including:

•

cyclical nature, volatility and seasonality of the semiconductor industry;

•

fluctuation in exchange rates of major foreign currencies;

•

the level of, and returns on, our capital expenditures and production capacity expansion;

•

changes in our product mix reflecting rapidly evolving customer preferences and advancements in technology;

•

the level of, and returns on, our investment in our research and development activities; and

•

our ability to pursue additional operational cost savings.

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Cyclical Nature, Volatility and Seasonality of the Semiconductor Industry

Our business is affected by market conditions in the highly cyclical memory semiconductor industry. The industry’s cyclical demand cycles are due,

in large part, to fluctuations in demand for the end products that use memory semiconductors. The largest end product industries that use memory semiconductors are the information and technology industry and the consumer electronics industry, which

are sensitive to general macroeconomic conditions impacting the global economy. Uncertainties in the global economy have increased in recent years, with global financial and capital markets experiencing substantial volatility. Such uncertainties

have been caused by, and continue to be exacerbated by, among other things, deterioration in economic and trade relations between major economies (particularly between the United States and China), the outbreak of the Russia-Ukraine war in February

2022 and the military conflicts between Iran and other countries, including the United States and Israel, that have destabilized the global energy sector, the slowdown of economic growth in China and other major emerging market economies, adverse

economic and political conditions in Europe and Latin America, continuing geopolitical and social instability in North Korea and various parts of the Middle East and impositions of tariffs and other trade protective measures around the world. Actual

or anticipated improvement or deterioration in economic conditions in any of our major markets may affect customer confidence and spending, resulting in a corresponding fluctuation in consumption of end products that may impact the level of demand

for our products and prices at which they can be sold.

The following table presents changes in our bit sales volumes and average selling prices (in

U.S. dollars) of our DRAMs for each quarter, compared to the immediately preceding quarter, for the periods indicated.

1Q 2023

2Q 2023

3Q 2023

4Q 2023

1Q 2024

2Q 2024

3Q 2024

4Q 2024

1Q 2025

2Q 2025

3Q 2025

4Q 2025

1Q 2026

DRAM Bit

Sales

Volume

Around 20% Decrease

Mid-30% Increase

Around 20% Increase

Low-single% Increase

Mid-teen% Decrease

Low-20% Increase

Slight Decrease

Mid-single% Increase

High-single% Decrease

Mid-20% Increase

High-single% Increase

Low-single% Increase

Flat

DRAM Average

Selling Price

High-teen% Decrease

High-single% Increase

Around 10% Increase

High-teen% Increase

Over 20% Increase

Mid-teen% Increase

Mid-teen% Increase

Around 10% Increase

Flat

Low-single% Increase

Mid-single% Increase

Mid-20% Increase

Mid-60% Increase

The following table presents changes in our bit sales volumes and average selling prices (in U.S. dollars) of our NAND

flash memory products for each quarter, compared to the immediately preceding quarter, for the periods indicated.

1Q 2023

2Q 2023

3Q 2023

4Q 2023

1Q 2024

2Q 2024

3Q 2024

4Q 2024

1Q 2025

2Q 2025

3Q 2025

4Q 2025

1Q 2026

NAND Flash Bit

Sales Volume

Mid-teen% Decrease

Around 50% Increase

Mid-single% Increase

Low-single% Decrease

Flat

Low-single% Decrease

Mid-teen% Decrease

Mid-single% Decrease

High-teen% Decrease

Over 70% Increase

Mid-single% Decrease

Around 10% Increase

Around 10% Decrease

NAND Flash

Average

Selling

Price

Around 10% Decrease

Around 10% Decrease

Slight Decrease

Over 40% Increase

Over 30% Increase

Mid-high-teen% Increase

Mid-teen% Increase

Mid-single% Decrease

Around 20% Decrease

High-single% Decrease

Low-teen% Increase

Low 30% Increase

Mid 70% Increase

The long lead times for new facilities to become operational have in some cases resulted in significant increases in the

industry’s production capacity coinciding with weakening demand, resulting in global oversupply of products and declining prices. Demand growth expectations in the end markets that use memory semiconductors have typically been accompanied by

increased capital investment by manufacturers. In addition, semiconductor manufacturers worldwide have migrated to finer line-width processes and advanced stacking technologies, which have increased the number of bits produced per wafer. These

capital investments and the adoption of new technologies may result in increases in the supply of memory semiconductors that are not matched by commensurate growth in demand in the end markets for such products. From time to time, the memory

semiconductor industry has experienced significant and sometimes prolonged periods of oversupply and weak prices. As a result of such fluctuations in global demand and in the manufacturing capacity available to produce memory semiconductors, our

results of operations may be volatile from period to period.

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Our business is also subject to seasonal variations in demand. Historically, demand for our products

has been lowest in the first quarter and gradually increases in each subsequent quarter, reaching its highest level in the fourth quarter.

Fluctuation in Exchange Rates of Major Foreign Currencies

Our consolidated financial statements are prepared based on the local currency-denominated financial results, assets and liabilities and cash flows of us

and our subsidiaries around the world, which are then translated into Won. There has been considerable volatility in exchange rates in recent years, including exchange rates between the Won and the U.S. dollar. To the extent that we incur costs in

one currency and make sales in another, our profit margins may be affected by changes in the exchange rates between the two currencies. In particular, our investments in manufacturing facilities in China have increased the proportion of our expenses

that are incurred in Chinese Yuan, while our sales in China are denominated in U.S. dollars. Accordingly, an unhedged increase in the value of the Chinese Yuan would increase our construction and manufacturing costs and adversely impact our

profitability. Changes in exchange rates can also affect the Won value of sales proceeds and operating and non-operating costs that are denominated in foreign currencies. We are unable to increase the prices

of our products to adjust fully for the negative effects of exchange rate movements because prices in the memory semiconductor industry are dictated by worldwide supply and demand. In addition, exchange rate fluctuations can affect the Won value of

our equity investments and monetary assets and liabilities denominated in foreign currencies. See “Exchange Rates” and “Risk Factors — Fluctuations in exchange rates may have a material adverse effect on our financial

condition and results of operations.”

Appreciation of the Won may materially and adversely affect our results of operations because, among

other things, it reduces the Won value of our export sales, which are primarily denominated in U.S. dollars, and causes our export products to be less competitive by raising their prices in U.S. dollar terms. On the other hand, depreciation of the

Won would create foreign exchange translation losses and increase the amount, in Won terms, of interest and principal of our foreign currency-denominated debt, as well as increase in Won terms the cost of raw materials and equipment that we purchase

from overseas sources. Under our current operating and capital structure, appreciation of the Won generally has a net negative impact on our operating income. Although the impact of exchange rate fluctuations has in the past been partially mitigated

by hedging strategies, our results of operations have historically been affected by exchange rate fluctuations. See “ — Market Risks — Foreign Exchange Risk” for a sensitivity analysis on our foreign currency exposure from

foreign exchange rate change against the Won.

Level of Our Capital Expenditures and Production Capacity Expansion

We make substantial capital expenditures annually to support our business goals and objectives, and we plan to continue to invest in enhancing and

expanding our production facilities and upgrading our equipment and manufacturing processes. We operate in an especially capital-intensive industry that requires continual investments in capacity expansion, equipment upgrades and migration to

advanced technologies and manufacturing processes. Our cash outflows for acquisitions of property, plant and equipment amounted to W 7,657

billion in the first quarter of 2026 and W 6,284 billion in the first quarter of 2025, and W 27,519 billion in 2025, W 15,946 billion in 2024 and W 8,325 billion in 2023. In 2026, we plan to increase our capital expenditures considerably compared to 2025. In addition to regular maintenance

and enhancement of existing fabs, in October 2025, we opened the cleanroom of a new extension fab called “M15X” in Cheongju, which we plan to utilize to further increase our production capacity of next-generation DRAMs such as HBM. We

began wafer input at the M15X in the first quarter of 2026 and expect to gradually ramp up our production volume. As part of our efforts to ensure our long-term competitiveness, we have also announced initiatives to construct an integrated

industrial complex in Yongin, Korea for our next generation of fabs and research and development

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facilities. We began construction of our first fab at the Yongin complex in February 2025 with the phase 1 cleanroom of the first fab expected to open in the first quarter of 2027. We are

currently constructing an advanced packaging plant called “P&T7” in Cheongju and expect to complete construction by the end of 2027. In December 2024, we also announced plans to build an advanced packaging plant in Indiana, United

States, and expect to commence operations in the second half of 2028.

We plan to continue to invest in enhancing and expanding our production

facilities and upgrading our equipment and manufacturing processes in order to increase our production capacity, achieve additional economies of scale and enable production of new products. We expect that increases in production capacity will enable

us to lower our per-unit manufacturing costs. In addition, we expect that our continued efforts to enhance the efficiency and technical capacities of each successive fab we build will also have a significant

effect on our financial condition and results of operations. We periodically adjust our capital expenditure plans based on market demand for our products, the production outlook of the global memory semiconductor industry and general global economic

conditions. We may delay or not implement some of our announced capital expenditure plans based on our assessment of such market conditions. Production capacity expansion would increase depreciation and amortization expenses and financing costs

related to capital expenditures. The level of our capital expenditures, as well as the returns we are able to achieve on our capital expenditure investments, will affect our financial condition and results of operations.

Changes in Our Product Mix

Our

operating results are significantly impacted by our ability to anticipate and respond to emerging customer preferences and demands. To improve our operating results, we must continually improve our existing products and develop new products. We sell

a wide variety of DRAM and NAND flash memory products with various configuration options, architectures and performance characteristics tailored to meet application- and customer-specific needs. We believe that we are one of the world’s

leading companies in developing DRAMs with advanced specifications, particularly those requiring higher density, faster data-processing speed and lower power consumption. We are continually developing higher-density DRAM modules, SSDs and other

advanced DRAM and NAND flash memory products that are optimized for our customers’ specific applications. In recent years, we have substantially increased our sales of HBMs. HBMs are advanced memory semiconductors designed to deliver fast

data transfers while using less power, making them especially useful in high-performance applications such as GPUs, AI and high-performance computing. We seek to strengthen our relationships with leading manufacturers of GPUs, AI accelerators and

high-performance computing to more effectively meet their needs for HBMs. We believe that our strengths in HBM, server DRAM and eSSD enable us to mitigate the risks associated with the cyclicality of the memory semiconductor market.

As part of our efforts to further strengthen our product portfolio, we acquired the NAND flash memory and storage business of Intel. See “Business

— Investments and Acquisitions.” We have also been striving to diversify our business to areas other than DRAM and NAND flash memory semiconductors in recent years. We have expanded our product portfolio into non-memory semiconductors, such as by engaging in the foundry business through SK hynix system ic and SK keyfoundry, our wholly-owned subsidiaries. From time to time, we adjust our manufacturing facilities in order

to execute changes in our product mix. Changes in our product mix will affect our financial condition and results of operations.

Investment

Levels in Research and Development Activities

We compete in highly competitive global markets characterized by rapidly changing

technologies, evolving industry standards and continual improvements in manufacturing processes and product

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performance features, which results in short product lifecycles, frequent introduction of new products and price erosion of existing products. We believe that continued and timely development of

new technologies and products and enhancements to existing products and manufacturing processes are critical to maintaining and improving our competitive position. Accordingly, we have made, and expect to continue to make, significant investments in

research and development activities. We incurred expenditures on research and development of W 2,550 billion in the first quarter of 2026 and W 1,515 billion in the first quarter of 2025, and

W 6,733 billion in 2025,

W 4,854 billion in 2024 and

W 4,101 billion in 2023. Of such amounts, we capitalized development costs of W 99 billion in the first quarter of 2026 and W 43 billion in the first quarter of 2025,

and W 267 billion in 2025,

W 418 billion in 2024 and

W 351 billion in 2023 as intangible assets. The amounts that we spend on our research and development activities, as well as the returns we

are able to achieve on such investments through the successful development and deployment of next-generation technologies and products, will affect our financial condition and results of operations.

Our Ability to Pursue Additional Operational Cost Savings

The average selling prices of our DRAM and NAND flash memory products have generally been impacted by global market supply and demand dynamics. The

market for our products is highly competitive, and we face intense global competition. Our competitors have in the past used aggressive pricing and marketing strategies in order to maintain or gain market share. Accordingly, the success of our

business depends, in part, on our ability to continually reduce our manufacturing costs and operating expenses. We continually engage in various cost-saving and other expense reduction initiatives intended to reduce costs and increase productivity,

including initiatives aimed at refining our manufacturing processes to increase production yields and reduce production cycle time. Our results of operations and profitability will continue to be affected by our ability to improve our productivity

and enhance the cost efficiency of our operations.

Critical Accounting Policies

The preparation of our financial statements requires us to make difficult, complex and subjective judgments in making the appropriate estimates and

assumptions that affect the amounts reported in our financial statements. By their nature, these judgments are subject to an inherent degree of uncertainty. These judgments are based on our historical experience, terms of existing contracts, our

observation of trends in the relevant industry, information provided by our customers and information available from other outside sources, as appropriate. While we believe that our estimates and judgments are reasonable under the circumstances in

which they were made, there can be no assurance that our judgments will prove to be correct or that actual results reported in future periods will not differ from our expectations reflected in our accounting treatment of certain items. See Note 3 of

the notes to the Audited Financial Statements for our critical accounting estimates and assumptions.

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Results of Operations – First Quarter of 2026 Compared to First Quarter of 2025

The following table presents selected income statement data and changes therein for the first quarter of 2026 and the first quarter of 2025.

Changes

For the Three Months Ended

March 31,

First Quarter of 2026 versus

First Quarter of 2025

2026

2025

Amount

%

(In billions of Won, except for percentages)

Revenue

W

52,576

W

17,639

W

34,937

198.1

%

Cost of sales

10,897

7,537

3,360

44.6

Gross profit

41,679

10,102

31,577

312.6

Selling and administrative expenses

1,618

1,190

428

36.0

Research and development expenses

2,451

1,472

980

66.6

Finance income

17,056

2,687

14,369

534.7

Finance expenses

3,023

765

2,259

295.4

Share of loss of equity-accounted investees

(27

)

(41

)

14

(34.9

)

Other income

15

79

(64

)

(81.0

)

Other expenses

15

102

(87

)

(85.7

)

Profit before income tax

51,617

9,299

42,318

455.1

Income tax expense

11,271

1,191

10,080

846.3

Profit for the period

W

40,346

W

8,108

W

32,238

397.6

%

Revenue

The following table presents a breakdown of our revenue by principal product category and changes therein for the first quarter of 2026 and the first

quarter of 2025.

Changes

For the Three Months Ended

March 31,

First Quarter of 2026 versus

First Quarter of 2025

2026

2025

Amount

%

(In billions of Won, except for percentages)

DRAM

W

40,659

W

14,037

W

26,622

189.7

%

NAND flash

11,574

3,229

8,345

258.5

Other products (1)

343

373

(30

)

(8.0

)

Total revenue

W

52,576

W

17,639

W

34,937

198.1

%

(1)

Includes revenue from sales of foundry products, lease income and revenue from certain domestic subsidiaries.

Our revenue increased by 198.1%, or

W 34,937 billion, to W 52,576 billion in

the first quarter of 2026 from W 17,639 billion in the first quarter of 2025, primarily due to increases in revenue from DRAM and NAND flash

sales. Specifically:

•

Revenue from DRAM sales increased by 189.7%, or

W 26,622 billion, to W 40,659 billion in

the first quarter of 2026 from W 14,037 billion in the first quarter of 2025, primarily due to (i) an increase in the average selling price of

such products and (ii) an increase in their sales volume. The average selling price of DRAMs on a U.S. dollar basis increased significantly in the first quarter of 2026 compared to the first quarter of 2025 reflecting an acceleration in global

demand for DRAMs, particularly for advanced server DRAMs that are used to support the data processing and storage requirements of AI accelerators and data centers. See “— Cyclical Nature, Volatility and Seasonality of the Semiconductor

Industry.” Our overall DRAM bit sales volume increased in the first quarter of 2026 compared to the first quarter of 2025 reflecting increases in demand for DRAMs and HBMs. See “— Cyclical Nature, Volatility and Seasonality of the

Semiconductor Industry.”

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•

Revenue from NAND flash sales increased by 258.5%, or W 8,345 billion, to W 11,574 billion in the first quarter of 2026 from W 3,229 billion in the first quarter of 2025, primarily due to (i) an increase in the average selling price of such products and (ii) an increase in

their sales volume. The average selling price of NAND flash memory products on a U.S. dollar basis increased significantly in the first quarter of 2026 compared to the first quarter of 2025 reflecting a strong increase in global demand across all

our major NAND flash memory product categories, particularly high-density, high-performance eSSDs. See “— Cyclical Nature, Volatility and Seasonality of the Semiconductor Industry.” Our overall NAND flash bit sales volume increased

in the first quarter of 2026 compared to the first quarter of 2025 reflecting such increases in demand. See “— Cyclical Nature, Volatility and Seasonality of the Semiconductor Industry.”

•

Revenue from our other products decreased by 8.0%, or W 30 billion, to W 343 billion in the first quarter of 2026 from W 373 billion in the first quarter of 2025, primarily reflecting a decrease in revenue from sales of CISs.

Cost of Sales and Gross Profit

Our

cost of sales increased by 44.6%, or W 3,360 billion, to

W 10,897 billion in the first quarter of 2026 from

W 7,537 billion in the first quarter of 2025, primarily due to increases in (i) salaries, employee benefits and others,

(ii) expenses related to raw materials, supplies and consumables and (iii) depreciation and amortization expenses. Salaries, employee benefits and others increased primarily due to a significant increase in accrued bonuses under our

profit-sharing incentive program, reflecting an improvement in our operating results in the first quarter of 2026 compared to the first quarter of 2025. See “Business — Employees” for a discussion of our profit-sharing incentive

program. Our expenses related to raw materials, supplies and consumables increased to W 3,048 billion in the first quarter of 2026 from W 2,525 billion in the first quarter of 2025 primarily due to increases in our sales volumes of DRAM and NAND flash memory products. Our

depreciation and amortization expenses increased primarily due to an increase in our investments in property, plant and equipment that increased depreciation of certain assets in the first quarter of 2026.

Our gross profit increased by 312.6%, or

W 31,577 billion, to

W 41,679 billion in the first quarter of 2026 from

W 10,102 billion in the first quarter of 2025. Our gross profit margin increased to 79.3% in the first quarter of 2026 from 57.3% in the

first quarter of 2025, primarily due to an increase in revenue reflecting a strong increase in demand for memory semiconductor products and their average selling prices, which outpaced an increase in cost of sales as described above.

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Selling and Administrative Expenses

The following table presents a breakdown of our selling and administrative expenses and changes therein for the first quarter of 2026 and the first

quarter of 2025.

Changes

For the Three Months Ended

March 31,

First Quarter of 2026 versus

First Quarter of 2025

2026

2025

Amount

%

(In billions of Won, except for percentages)

Selling and administrative expenses:

Salaries

W

844

W

438

W

407

92.9

%

Defined benefit plan

13

13

(0

)

(2.2

)

Employee benefits

91

65

26

39.5

Commission

177

193

(16

)

(8.2

)

Depreciation

71

76

(5

)

(6.3

)

Amortization

118

135

(17

)

(12.4

)

Freight and custody charges

17

13

4

28.2

Taxes and dues

43

29

14

48.9

Advertising

26

15

11

74.8

Supplies

39

22

17

75.3

Sales promotion expenses

114

101

13

13.3

Quality control cost

(43

)

(4

)

(39

)

1,076.0

Training

28

27

2

6.6

Others

78

67

11

17.2

Total

W

1,618

W

1,190

W

428

36.0

%

Our selling and administrative expenses increased by 36.0%, or W 428 billion, to W 1,618 billion in the first quarter of 2026 from W 1,190 billion in the first quarter of 2025, primarily due to increases in salaries and employee benefits. Specifically:

•

Salaries increased by 92.9%, or

W 407 billion, to W 844 billion

in the first quarter of 2026 from W 438 billion in the first quarter of 2025, primarily due to a significant increase in accrued bonuses

under our profit-sharing incentive program, reflecting an improvement in our operating results in the first quarter of 2026 compared to the first quarter of 2025. See “Business — Employees” for a discussion of our profit-sharing

incentive program.

•

Employee benefits increased by 39.5%, or

W 26 billion, to W 91 billion

in the first quarter of 2026 from W 65 billion in the first quarter of 2025, primarily due to increases in our contribution to the employee

welfare fund and health insurance-related payments.

Our selling and administrative expenses as a percentage of total revenue

decreased to 3.1% in the first quarter of 2026 from 6.7% in the first quarter of 2025.

Research and Development Expenses

The following table presents a breakdown of our research and development expenses and changes therein for the first quarter of 2026 and the first quarter

of 2025.

Changes

For the Three Months Ended

March 31,

First Quarter of 2026 versus

First Quarter of 2025

2026

2025

Amount

%

(In billions of Won, except for percentages)

Research and development expenses:

Expenditure on research and development

W

2,550

W

1,515

W

1,035

68.3

%

Development cost capitalized

(99

)

(43

)

(56

)

128.4

Total

W

2,451

W

1,472

W

980

66.6

%

Our expenditure on research and development, after adjusting for capitalized development cost, increased by 66.6%, or W 980 billion, to W 2,451 billion in

the first quarter of 2026 from W 1,472 billion in

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the first quarter of 2025, primarily reflecting an increase in labor expenses of our research and development personnel and an increase in our AI-related

research and development activities.

Our research and development expenses as a percentage of total revenue decreased to 4.7% in the first quarter

of 2026 from 8.3% in the first quarter of 2025.

Finance Income and Expenses

The following table presents a breakdown of our finance income and expenses and changes therein for the first quarter of 2026 and the first quarter of

2025.

Changes

For the Three Months Ended

March 31,

First Quarter of 2026 versus

First Quarter of 2025

2026

2025

Amount

%

(In billions of Won, except for percentages)

Interest income

W

189

W

106

W

83

78.1

%

Dividend income

3,952

4

3,948

96,116.8

Foreign exchange differences

2,931

629

2,302

366.3

Gain on valuation of financial instruments

9,942

1,900

8,042

423.3

Others

43

48

(6

)

(11.5

)

Total finance income

17,056

2,687

14,369

534.7

Interest expenses

167

258

(91

)

(35.2

)

Foreign exchange differences

1,358

507

851

167.8

Loss on derivatives

1,499

—

1,499

N.A.

(1)

Others

—

0

(0

)

(100.0

)

Total finance expenses

W

3,023

W

765

W

2,259

295.4

%

(1)

N.A. means not applicable.

Our gain on valuation of financial instruments increased by 423.3%, or

W 8,042 billion, to

W 9,942 billion in the first quarter of 2026 from

W 1,900 billion in the first quarter of 2025, which related primarily to our stake in Kioxia. The market value of Kioxia increased

significantly in the first quarter of 2026, reflecting an increase in global demand for memory semiconductor products.

Our dividend income

increased significantly by W 3,948 billion to

W 3,952 billion in the first quarter of 2026 from

W 4 billion in the first quarter of 2025, which related primarily to dividend payments from Kioxia.

Our net gain on foreign exchange differences increased by

W 1,452 billion, to

W 1,573 billion in the first quarter of 2026 from

W 122 billion in the first quarter of 2025, as the Won appreciated against the U.S. dollar during the first quarter of 2025 but depreciated

during the first quarter of 2026. In terms of the noon buying rate, the Won appreciated against the U.S. dollar to W 1,474.4 to US$1.00 as of

March 31, 2025 from W 1,477.9 to US$1.00 as of December 31, 2024, but depreciated to W 1,523.5 to US$1.00 as of

March 31, 2026 from W 1,444.6 to US$1.00 as of December 31, 2025. The noon buying rate, which was W 1,477.9 to US$1.00 as of December 31, 2024, appreciated during the first quarter of 2025 to an average of W 1,452.0 to US$1.00. However, during the first quarter of 2026, the noon buying rate, which was W 1,444.6 to US$1.00 as of December 31, 2025, depreciated to an average of W 1,465.6

to US$1.00.

We recognized net loss on derivatives of

W 1,499 billion in the first quarter of 2026 compared to no such loss in the first quarter of 2025. Such change was primarily driven by

settlement losses on exchange rights related to our then outstanding exchangeable bonds which were classified as financial liabilities at fair value through profit or loss, required to be recorded under IFRS Accounting Standards as issued by the

IASB, reflecting an increase in our share price relative to the share price as of December 31, 2025. Such net loss on derivatives does not impact our cash flows. On April 28, 2026, we exercised our option to

68

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redeem the entire balance of such exchangeable bonds remaining outstanding as of the end of May 18, 2026, and we completed such redemption on May 28, 2026. See Notes 14 and 32(2) of the

Notes to the Interim Financial Statements for further information.

Share of Loss of Equity-accounted Investees

In the first quarter of 2026, we recorded share of loss of equity-accounted investees of W 27 billion primarily due to our share of loss of W 30 billion from SK hynix

system ic (Wuxi) Co., Ltd., which was partially offset by our share of gain of W 3 billion from HITECH Semiconductor (Wuxi) Co., Ltd.

(“HITECH Semiconductor”).

In the first quarter of 2025, we recorded share of loss of equity-accounted investees of W 41 billion primarily due to our share of losses of

W 27 billion from SK hynix system ic (Wuxi) Co., Ltd. and

W 13 billion from SK South East Asia Investment Pte. Ltd.

Other Income

The following table

presents a breakdown of our other income and changes therein for the first quarter of 2026 and the first quarter of 2025.

Changes

For the Three Months Ended

March 31,

First Quarter of 2026 versus

First Quarter of 2025

2026

2025

Amount

%

(In billions of Won, except for percentages)

Gain on disposal of property, plant and equipment

W

10

W

45

W

(35

)

(77.5

)

Others

5

34

(29

)

(85.5

)

Total other income

W

15

W

79

W

(64

)

(81.0

)%

Our other income decreased by 81.0%, or

W 64 billion, to W 15 billion

in the first quarter of 2026 from W 79 billion in the first quarter of 2025, primarily due to a decrease in gain on disposal of property,

plant and equipment by 77.5%, or W 35 billion, to

W 10 billion in the first quarter of 2026 from

W 45 billion in the first quarter of 2025. Such decrease related primarily to a decrease in disposal of idle equipment.

Other Expenses

The following table

presents a breakdown of our other expenses and changes therein for the first quarter of 2026 and the first quarter of 2025.

Changes

For the Three Months Ended

March 31,

First Quarter of 2026 versus

First Quarter of 2025

2026

2025

Amount

%

(In billions of Won, except for percentages)

Donation

W

3

W

4

W

(1

)

(29.4

)%

Loss on impairment of property, plant and equipment

0

0

(0

)

(82.9

)

Loss on disposal of property, plant and equipment

7

2

5

285.1

Loss on disposal of intangible assets

1

1

0

88.2

Depreciation expenses on assets not in use

3

12

(8

)

(71.5

)

Others

0

84

(83

)

(99.8

)

Total other expenses

W

15

W

102

W

(87

)

(85.7

)%

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Our other expenses decreased by 85.7%, or W 87 billion, to W 15 billion in the first quarter of 2026 from W 102 billion in the first quarter of 2025, primarily due to a decrease in other expenses. In the first quarter of 2025, we recognized other

expenses of W 84 billion, which primarily related to costs incurred in connection with the settlement of consideration payable for the

second closing of the Intel NAND Business Acquisition in March 2025.

Income Tax Expense

Our income tax expense increased by 846.3%, or

W 10,080 billion, to

W 11,271 billion in the first quarter of 2026 from

W 1,191 billion in the first quarter of 2025, primarily due to an increase in our profit before income tax by 455.1%, or W 42,318 billion, to W 51,617 billion

in the first quarter of 2026 from W 9,299 billion in the first quarter of 2025. Our effective tax rate increased to 21.8% in the first

quarter of 2026 from 12.8% in the first quarter of 2025. In the first quarter of 2025, we recorded lower effective tax rate primarily due to tax credits related to our capital expenditures.

Profit for the Period

Primarily due

to the factors described above, our profit for the year increased by 397.6%, or W 32,238 billion, to

W 40,346 billion in the first quarter of 2026 from

W 8,108 billion in the first quarter of 2025. Our net profit margin increased to 76.7% in the first quarter of 2026 from 46.0% in the first

quarter of 2025.

Results of Operations – 2025 Compared to 2024

The following table presents selected income statement data and changes therein for 2025 and 2024.

Changes

For the Year Ended December 31,

2025 versus 2024

2025

2024

Amount

%

(In billions of Won, except for percentages)

Revenue

W

97,147

W

66,193

W

30,954

46.8

%

Cost of sales

38,456

34,365

4,091

11.9

Gross profit

58,691

31,828

26,863

84.4

Selling and administrative expenses

5,019

3,924

1,094

27.9

Research and development expenses

6,466

4,436

2,029

45.7

Finance income

16,373

4,855

11,518

237.2

Finance expenses

12,505

5,708

6,797

119.1

Share of loss of equity-accounted investees

(565

)

(38

)

(526

)

1,376.1

Other income

333

1,477

(1,143

)

(77.4

)

Other expenses

378

167

211

125.8

Profit before income tax

50,466

23,886

26,580

111.3

Income tax expense

7,518

4,088

3,429

83.9

Profit for the year

W

42,948

W

19,797

W

23,151

116.9

%

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Revenue

The following table presents a breakdown of our revenue by principal product category and changes therein for 2025 and 2024.

Changes

For the Year Ended December 31,

2025 versus 2024

2025

2024

Amount

%

(In billions of Won, except for percentages)

DRAM

W

74,904

W

44,732

W

30,172

67.5

%

NAND flash

20,690

19,274

1,416

7.3

Other products (1)

1,552

2,187

(635

)

(29.0

)

Total revenue

W

97,147

W

66,193

W

30,954

46.8

%

(1)

Includes revenue from sales of CISs and foundry products, lease income and consolidated revenue from certain domestic

subsidiaries.

Our revenue increased by 46.8%, or

W 30,954 billion, to W 97,147 billion in

2025 from W 66,193 billion in 2024, primarily due to increases in revenue from DRAM and NAND flash sales. Specifically:

•

Revenue from DRAM sales increased by 67.5%, or

W 30,172 billion, to W 74,904 billion in

2025 from W 44,732 billion in 2024, primarily due to (i) an increase in the average selling price of such products, (ii) an increase in their

sales volume and (iii) depreciation of the average value of the Won against the U.S. dollar in 2025 compared to 2024 that contributed to an increase in our revenue from such products in Won terms. The average selling price of DRAMs on a U.S. dollar

basis increased significantly in 2025 compared to 2024 reflecting a general increase in global demand for DRAMs, particularly for premium products such as HBMs designed to meet faster data-processing speed requirements of graphics applications that

incorporate deep learning and AI technologies as well as advanced server DRAMs that are used to support the data processing and storage requirements of AI accelerators and data centers. See “— Cyclical Nature, Volatility and Seasonality

of the Semiconductor Industry.” Our overall DRAM bit sales volume increased significantly in 2025 compared to 2024 in response to such increase in demand for DRAMs. See “— Cyclical Nature, Volatility and Seasonality of the

Semiconductor Industry.” The noon buying rate depreciated to an average of W 1,421.4 to US$1.00 in 2025 compared to an average of W 1,363.4 to US$1.00 in 2024. The noon buying rate was

W 1,291.0 to US$1.00 as of December 31, 2023.

•

Revenue from NAND flash sales increased by 7.3%, or

W 1,416 billion, to W 20,690 billion in

2025 from to W 19,274 billion in 2024, primarily due to (i) an increase in their sales volume and (ii) depreciation of the average value of the

Won against the U.S. dollar in 2025 compared to 2024 as discussed above, the impact of which was partially offset by a decrease in the average selling price of such products. Our overall NAND flash bit sales volume increased significantly in 2025

compared to 2024 reflecting an increase in global demand for high-density, high-performance eSSDs in the second half of 2025. See “— Cyclical Nature, Volatility and Seasonality of the Semiconductor Industry.” On the other hand, the

average selling price of NAND flash memory products on a U.S. dollar basis decreased significantly in 2025 compared to 2024. See “— Cyclical Nature, Volatility and Seasonality of the Semiconductor Industry.” Despite a recovery in

demand centered on eSSDs in the second half of 2025, the annual blended selling price of NAND flash memory products declined due to sluggish market conditions in the first half of 2025 and a reduction in the overall proportion of high-value NAND

flash memory solutions within NAND flash sales in 2025 compared to 2024.

•

Revenue from our other products decreased by 29.0%, or W 635 billion, to W 1,552 billion in 2025 from W 2,187 billion in 2024, primarily reflecting a decrease in revenue from sales of CISs.

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Table of Contents

Cost of Sales and Gross Profit

Our cost of sales increased by 11.9%, or

W 4,091 billion, to W 38,456 billion

in 2025 from W 34,365 billion in 2024, primarily due to increases in (i) salaries, employee benefits and others, (ii) expenses related to raw

materials, supplies and consumables and (iii) depreciation and amortization expenses. Salaries, employee benefits and others increased primarily due to a significant increase in accrued bonuses under our profit-sharing incentive program, reflecting

an improvement in our operating results in 2025 compared to 2024. See “Business — Employees” for a discussion of our profit-sharing incentive program. Our expenses related to raw materials, supplies and consumables increased to W 12,097 billion in 2025 from W 10,575 billion

in 2024 primarily due to increases in our sales volumes of DRAM and NAND flash memory products. Our depreciation and amortization expenses increased primarily due to commencement of depreciation of completed plants following an increase in our

investments in property, plant and equipment in recent years.

Our gross profit increased by 84.4%, or W 26,863 billion, to W 58,691 billion in 2025 from W 31,828 billion in 2024. Our gross profit margin increased to 60.4% in 2025 from 48.1% in 2024, primarily due to an increase in revenue reflecting a

strong increase in demand for memory semiconductor products and the average selling price of DRAMs, which outpaced an increase in cost of sales as described above.

Selling and Administrative Expenses

The following table presents a breakdown of our selling and administrative expenses and changes therein for 2025 and 2024.

Changes

For the Year Ended December 31,

2025 versus 2024

2025

2024

Amount

%

(In billions of Won, except for percentages)

Selling and administrative expenses:

Salaries

W

1,859

W

1,258

W

602

47.8

%

Defined benefit plan

47

41

6

14.0

Employee benefits

279

235

45

19.0

Commission

787

774

13

1.7

Depreciation

295

303

(7

)

(2.4

)

Amortization

484

257

227

88.2

Freight and custody charges

63

54

8

15.5

Taxes and dues

138

101

37

36.2

Advertising

148

123

25

19.8

Supplies

125

112

12

11.0

Sales promotion expenses

299

216

82

38.0

Quality control cost

(4

)

48

(53

)

N.A.

(1)

Training

96

74

22

30.3

Others

404

327

76

23.3

Total

W

5,019

W

3,924

W

1,094

27.9

%

(1)

N.A. means not applicable.

Our selling and administrative expenses increased by 27.9%, or

W 1,094 billion, to W 5,019 billion

in 2025 from W 3,924 billion in 2024, primarily due to increases in salaries, amortization and sales promotion expenses. Specifically:

•

Salaries increased by 47.8%, or

W 602 billion, to W 1,859 billion in

2025 from W 1,258 billion in 2024, primarily due to a significant increase in accrued bonuses under our profit-sharing incentive program,

reflecting an improvement in our operating results in 2025 compared to 2024.

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Table of Contents

•

Amortization increased by 88.2%, or

W 227 billion, to W 484 billion in

2025 from W 257 billion in 2024, primarily due to commencement of amortization of development costs related to our 321 layers technology.

•

Sales promotion expenses increased by 38.0%, or

W 82 billion, to W 299 billion in

2025 from W 216 billion in 2024, primarily due to an increase in the distribution of promotional samples.

Our selling and administrative expenses as a percentage of total revenue decreased to 5.2% in 2025 from 5.9% in 2024.

Research and Development Expenses

The

following table presents a breakdown of our research and development expenses and changes therein for 2025 and 2024.

Changes

For the Year Ended December 31,

2025 versus 2024

2025

2024

Amount

%

(In billions of Won, except for percentages)

Research and development expenses:

Expenditure on research and development

W

6,733

W

4,854

W

1,878

38.7

%

Development cost capitalized

(267

)

(418

)

151

(36.1

)

Total

W

6,466

W

4,436

W

2,029

45.7

%

Our expenditure on research and development, after adjusting for capitalized development cost, increased by 45.7%, or W 2,029 billion, to W 6,466 billion in

2025 from W 4,436 billion in 2024, primarily reflecting an increase in labor expenses of our research and development personnel and an increase

in our AI-related research and development activities.

Our research and development expenses as a percentage of total revenue remained unchanged at

6.7% in 2025 and 2024.

Finance Income and Expenses

The following table presents a breakdown of our finance income and expenses and changes therein for 2025 and 2024.

Changes

For the Year Ended December 31,

2025 versus 2024

2025

2024

Amount

%

(In billions of Won, except for percentages)

Interest income

W

494

W

345

W

150

43.4

%

Dividend income

941

29

911

3,109.3

Foreign exchange differences

2,738

4,221

(1,483

)

(35.1

)

Gain on valuation of financial instruments

12,012

89

11,923

13,358.4

Gain on disposal of financial instruments

188

162

26

16.0

Gain on derivatives

0

9

(8

)

(95.5

)

Total finance income

16,373

4,855

11,518

237.2

Interest expenses

924

1,345

(422

)

(31.3

)

Foreign exchange differences

3,186

3,952

(766

)

(19.4

)

Loss on valuation of financial instruments

28

294

(266

)

(90.5

)

Loss on derivatives

8,366

103

8,263

8,004.3

Others

1

14

(13

)

(93.0

)

Total finance expenses

W

12,505

W

5,708

W

6,797

119.1

%

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Table of Contents

Our gain on valuation of financial instruments increased significantly by W 11,923 billion, to W 12,012 billion in

2025 from W 89 billion in 2024, which related primarily to our stake in Kioxia. Following Kioxia’s initial public offering in December

2024, the market value of Kioxia increased significantly during 2025.

Our net loss on derivatives increased significantly by W 8,271 billion to W 8,366 billion in

2025 from W 95 billion in 2024. Such increase was primarily driven by valuation and settlement losses on exchange rights related to our then

outstanding exchangeable bonds which were classified as financial liabilities at fair value through profit or loss, required to be recorded under IFRS Accounting Standards as issued by the IASB, reflecting an increase in our share price relative to

the share price as of December 31, 2024. Such net loss on derivatives does not impact our cash flows. On April 28, 2026, we exercised our option to redeem the entire balance of such exchangeable bonds remaining outstanding as of the end of

May 18, 2026, and we completed such redemption on May 28, 2026. See Notes 16 and 35(5) of the Notes to the Annual Financial Statements for further information.

Dividend income increased significantly by W 911

billion to W 941 billion in 2025 from

W 29 billion in 2024, primarily due to dividend income from our stake in Kioxia.

Interest expenses decreased by 31.3%, or W 422

billion, to W 924 billion in 2025 from

W 1,345 billion in 2024, primarily reflecting a decrease in our borrowings as well as a general decrease in interest rates in 2025 compared

to 2024.

Interest income increased by 43.4%, or

W 150 billion, to W 494 billion in 2025

from W 345 billion in 2024, primarily reflecting an increase in our interest-earning financial assets, which impact was partially offset by

a general decrease in interest rates in 2025 compared to 2024.

We recognized net loss on foreign exchange differences of W 448 billion in 2025 compared to net gain on foreign exchange differences of

W 269 billion in 2024, as the Won depreciated against the U.S. dollar at year-end in 2024 but appreciated at year-end in 2025. In terms of the

noon buying rate, the Won appreciated against the U.S. dollar to W 1,444.6 to US$1.00 as of December 31, 2025 from W 1,477.9 to US$1.00 as of December 31, 2024. However, the Won depreciated against the U.S. dollar to W 1,477.9 to US$1.00 as of December 31, 2024 from W 1,291.0 to US$1.00 as of

December 31, 2023. The noon buying rate depreciated to an average of W 1,421.4 to US$1.00 in 2025 compared to an average of W 1,363.4 to US$1.00 in 2024. The noon buying rate was

W 1,291.0 to US$1.00 as of December 31, 2023.

Share of Loss of Equity-accounted Investees

In 2025, we recorded share of loss of equity-accounted investees of

W 565 billion primarily due to

(i) W 471 billion in loss reflecting the difference between the book value and the recoverable amount of our investment in SK hynix

system ic (Wuxi) Co., Ltd. and (ii) our share of losses of W 133 billion from SK hynix system ic (Wuxi) Co., Ltd.

In 2024, we recorded share of loss of equity-accounted investees of

W 38 billion primarily due to (i) our share of losses of

W 35 billion from SK hynix system ic (Wuxi) Co., Ltd. and

W 13 billion from SiFive, Inc. and (ii)

W 25 billion in loss reflecting the difference between the book value and the recoverable amount of our investment in SiFive Inc., the aggregate

impact of which was partially offset by our share of gain of W 18 billion from HITECH Semiconductor (Wuxi) Co., Ltd. (“HITECH

Semiconductor”).

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Table of Contents

Other Income

The following table presents a breakdown of our other income and changes therein for 2025 and 2024.

Changes

For the Year Ended December 31,

2025 versus 2024

2025

2024

Amount

%

(In billions of Won, except for percentages)

Reversal on impairment of intangible assets

W

0

W

0

W

(0

)

(41.2

)

Gain on disposal of property, plant and equipment

98

70

28

39.4

Gain on disposal of non-current assets held for sale

29

1,317

(1,287

)

(97.8

)

Gain on disposal of subsidiaries

0

36

(36

)

(99.2

)

Others

206

54

152

281.1

Total other income

W

333

W

1,477

W

(1,143

)

(77.4

)%

Our other income decreased by 77.4%, or

W 1,143 billion, to W 333 billion in

2025 from W 1,477 billion in 2024, primarily due to a decrease in gain on disposal of non-current assets held for sale by 97.8%, or W 1,287 billion, to W 29 billion in 2025 from W 1,317 billion in 2024. In 2025, we recognized such gain primarily from our disposal of interest in Sky High Memory Limited. In 2024, we recognized

such gain primarily from our disposal of SK hynix system ic (Wuxi) Co., Ltd.

Other Expenses

The following table presents a breakdown of our other expenses and changes therein for 2025 and 2024.

Changes

For the Year Ended December 31,

2025 versus 2024

2025

2024

Amount

%

(In billions of Won, except for percentages)

Donation

W

85

W

83

W

2

2.3

%

Loss on impairment of property, plant and equipment

45

—

45

N.A.

(1)

Loss on disposal of property, plant and equipment

44

18

26

147.7

Loss on impairment of intangible assets

38

0

38

13,448.8

Loss on disposal of intangible assets

39

9

29

312.8

Depreciation expenses on assets not in use

40

37

4

10.1

Others

87

20

67

327.4

Total other expenses

W

378

W

167

W

211

125.8

%

(1)

N.A. means not applicable.

Our other expenses increased by 125.8%, or

W 211 billion, to W 378 billion in

2025 from W 167 billion in 2024, primarily due to an increase in other expenses, recognition of loss on impairment of property, plant and

equipment in 2025 compared to no such loss in 2024 and an increase in loss on impairment of intangible assets. Specifically:

•

Our other expenses increased by 327.4%, or

W 67 billion, to W 87 billion in 2025

from W 20 billion in 2024, primarily due to costs incurred in connection with the settlement of consideration payable for the second closing

of the Intel NAND Business Acquisition in March 2025.

•

In 2025, we recognized loss on impairment of property, plant and equipment of W 45 billion related to the demolition of a building.

•

In 2025, we recognized loss on impairment of intangible assets of W 38 billion related to our decision to integrate our CIS business unit into our AI memory operations.

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Table of Contents

Income Tax Expense

Our income tax expense increased by 83.9%, or

W 3,429 billion, to W 7,518 billion

in 2025 from W 4,088 billion in 2024, primarily due to an increase in our profit before income tax by 111.3%, or W 26,580 billion, to W 50,466 billion in 2025

from W 23,885 billion in 2024. Our effective tax rate decreased to 14.9% in 2025 from 17.1% in 2024, primarily due to an increase in tax credits

related to our capital expenditures. See Note 29 of the notes to the Audited Financial Statements.

Profit for the Year

Primarily due to the factors described above, our profit for the year increased by 116.9%, or W 23,151 billion, to W 42,948 billion in 2025 from W 19,797 billion in 2024. Our net profit margin increased to 44.2% in 2025 from 29.9% in 2024.

Results of Operations – 2024 Compared to 2023

The

following table presents selected income statement data and changes therein for 2024 and 2023.

Changes

For the Year Ended December 31,

2024 versus 2023

2024

2023

Amount

%

(In billions of Won, except for percentages)

Revenue

W

66,193

W

32,766

W

33,427

102.0

%

Cost of sales

34,365

33,299

1,066

3.2

Gross profit (loss)

31,828

(533

)

32,362

N.A.

(1)

Selling and administrative expenses

3,924

3,446

478

13.9

Research and development expenses

4,436

3,751

686

18.3

Finance income

4,855

2,262

2,593

114.7

Finance expenses

5,708

6,093

(385

)

(6.3

)

Share of profit (loss) of equity-accounted investees

(38

)

15

(53

)

N.A.

(1)

Other income

1,477

624

853

136.7

Other expenses

167

735

(568

)

(77.2

)

Profit (loss) before income tax

23,885

(11,658

)

35,543

N.A.

(1)

Income tax expense (benefit)

4,088

(2,520

)

6,609

N.A.

(1)

Profit (loss) for the year

W

19,797

W

(9,138

)

W

28,934

N.A.

(1)

(1)

N.A. means not applicable.

Revenue

The following table presents a

breakdown of our revenue by principal product category and changes therein for 2024 and 2023.

Changes

For the Year Ended December 31,

2024 versus 2023

2024

2023

Amount

%

(In billions of Won, except for percentages)

DRAM

W

44,732

W

20,769

W

23,963

115.4

%

NAND flash

19,274

9,653

9,621

99.7

Other products (1)

2,187

2,344

(157

)

(6.7

)

Total revenue

W

66,193

W

32,766

W

33,427

102.0

%

(1)

Includes revenue from sales of CISs and foundry products, lease income and consolidated revenue from certain domestic

subsidiaries.

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Table of Contents

Our revenue increased by 102.0%, or W 33,427 billion, to W 66,193 billion in 2024 from W 32,766 billion in 2023, primarily due to increases in revenue from DRAM and NAND flash sales. Specifically:

•

Revenue from DRAM sales significantly increased by 115.4%, or W 23,963 billion, to W 44,732 billion in 2024 from W 20,769 billion in 2023, primarily due to (i) an increase in the average selling price of such products, (ii) an increase in their

sales volume and (iii) depreciation of the average value of the Won against the U.S. dollar in 2024 compared to 2023 that contributed to an increase in our revenue from such products in Won terms. The average selling price of DRAMs on a U.S.

dollar basis increased significantly in 2024 compared to 2023 reflecting a general increase in global demand for DRAMs, particularly for premium products such as HBMs designed to meet faster data-processing speed requirements of graphics

applications that incorporate deep learning and AI technologies. See “— Cyclical Nature, Volatility and Seasonality of the Semiconductor Industry.” Our overall DRAM bit sales volume increased significantly in 2024 compared to 2023

in response to such increase in demand for DRAMs. See “— Cyclical Nature, Volatility and Seasonality of the Semiconductor Industry.” The noon buying rate depreciated to an average of W 1,363.4 to US$1.00 in 2024 compared to an average of W 1,306.8 to US$1.00 in 2023. The

noon buying rate was W 1,260.2 to US$1.00 as of December 31, 2022.

•

Revenue from NAND flash sales increased by 99.7%, or

W 9,621 billion, to

W 19,274 billion in 2024 from

W 9,653 billion in 2023, primarily due to (i) an increase in the average selling price of such products and (ii) depreciation of

the average value of the Won against the U.S. dollar in 2024 compared to 2023 as discussed above. The average selling price of NAND flash memory products on a U.S. dollar basis increased significantly in 2024 compared to 2023 reflecting an increase

in global demand for high-density, high-performance eSSDs and an improved supply-demand balance in the overall NAND flash memory market. See “— Cyclical Nature, Volatility and Seasonality of the Semiconductor Industry.” The

increase in our overall NAND flash bit sales volume in 2024 compared to 2023 was marginal. See “— Cyclical Nature, Volatility and Seasonality of the Semiconductor Industry.”

•

Revenue from our other products decreased by 6.7%, or W 157 billion, to W 2,187 billion in 2024 from W 2,344 billion in 2023, primarily reflecting a decrease in revenue from sales of CISs.

Cost of Sales and Gross Profit (Loss)

Our cost of sales increased by 3.2%, or

W 1,066 billion, to

W 34,365 billion in 2024 from

W 33,299 billion in 2023, primarily due to increases in (i) salaries, employee benefits and others and (ii) expenses related to

raw materials, supplies and consumables, the aggregate impact of which was partially offset by a decrease in depreciation and amortization expenses. Salaries, employee benefits and others increased primarily due to an increase in our accrued

payments under employee profit-sharing arrangements. Our expenses related to raw materials, supplies and consumables increased to

W 10,575 billion in 2024 from

W 9,547 billion in 2023 primarily due to increases in our sales volumes of DRAM and NAND flash memory products. Our depreciation and

amortization expenses decreased, primarily reflecting completion of depreciation and amortization of certain assets in 2023.

We recorded gross

profit of W 31,828 billion in 2024 compared to gross loss of

W 533 billion in 2023. We recorded gross profit margin of 48.1% in 2024 compared to gross loss margin of 1.6% in 2023, primarily due to an

increase in revenue reflecting a strong increase in demand for memory semiconductor products and their average selling prices, which outpaced an increase in cost of sales as described above.

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Selling and Administrative Expenses

The following table presents a breakdown of our selling and administrative expenses and changes therein for 2024 and 2023.

Changes

For the Year Ended December 31,

2024 versus 2023

2024

2023

Amount

%

(In billions of Won, except for percentages)

Selling and administrative expenses:

Salaries

W

1,258

W

829

W

429

51.7

%

Defined benefit plan

41

36

6

16.6

Employee benefits

235

221

14

6.3

Commission

774

769

4

0.6

Depreciation

303

304

(2

)

(0.5

)

Amortization

257

283

(26

)

(9.1

)

Freight and custody charges

54

54

1

1.5

Taxes and dues

101

86

15

17.9

Advertising

123

84

40

47.7

Supplies

112

121

(8

)

(6.9

)

Sales promotion expenses

216

118

99

83.7

Quality control cost

48

147

(98

)

(66.9

)

Training

74

79

(5

)

(6.6

)

Others

327

317

10

3.2

Total

W

3,924

W

3,446

W

478

13.9

%

Our selling and administrative expenses increased by 13.9%, or W 478 billion, to W 3,924 billion in 2024 from W 3,446 billion in 2023, primarily due to increases in salaries and sales promotion expenses, which were partially offset by a decrease in quality

control cost. Specifically:

•

Salaries increased by 51.7%, or

W 429 billion, to

W 1,258 billion in 2024 from

W 829 billion in 2023, primarily due to an increase in our accrued payments under employee profit-sharing arrangements.

•

Sales promotion expenses increased by 83.7%, or

W 99 billion, to W 216 billion

in 2024 from W 118 billion in 2023, primarily due to an increase in the distribution of promotional samples.

•

Quality control cost decreased by 66.9%, or

W 98 billion, to W 48 billion

in 2024 from W 147 billion in 2023, primarily reflecting the base effect of warranty provisions recognized in 2023 for anticipated costs

related to quality issues of certain products, including cash compensation and product replacements.

Our selling and

administrative expenses as a percentage of total revenue decreased to 5.9% in 2024 from 10.5% in 2023.

Research and Development Expenses

The following table presents a breakdown of our research and development expenses and changes therein for 2024 and 2023.

Changes

For the Year Ended December 31,

2024 versus 2023

2024

2023

Amount

%

(In billions of Won, except for percentages)

Research and development expenses:

Expenditure on research and development

W

4,854

W

4,101

W

753

18.4

%

Development cost capitalized

(418

)

(351

)

(67

)

19.2

Total

W

4,436

W

3,751

W

686

18.3

%

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Our expenditure on research and development, after adjusting for capitalized development cost,

increased by 18.3%, or W 686 billion, to

W 4,436 billion in 2024 from

W 3,751 billion in 2023, primarily reflecting an increase in labor expenses of our research and development personnel and an increase in our

AI-related research and development activities.

Our research and development expenses as a percentage of total revenue decreased to 6.7% in 2024

from 11.4% in 2023.

Finance Income and Expenses

The following table presents a breakdown of our finance income and expenses and changes therein for 2024 and 2023.

Changes

For the Year Ended December 31,

2024 versus 2023

2024

2023

Amount

%

(In billions of Won, except for percentages)

Interest income

W

345

W

216

W

128

59.3

%

Dividend income

29

13

16

118.9

Foreign exchange differences

4,221

1,904

2,317

121.7

Gain on valuation of financial instruments

89

30

59

193.5

Gain on disposal of financial instruments

162

84

78

92.4

Gain on derivatives

9

14

(5

)

(37.1

)

Total finance income

4,855

2,262

2,593

114.7

Interest expenses

1,345

1,468

(123

)

(8.4

)

Foreign exchange differences

3,952

2,222

1,730

77.8

Loss on valuation of financial instruments

294

1,488

(1,195

)

(80.3

)

Loss on derivatives

103

914

(811

)

(88.7

)

Others

14

0

14

N.M.

(1)

Total finance expenses

W

5,708

W

6,093

W

(385

)

(6.3

)%

(1)

N.M. means not meaningful.

Our loss on valuation of financial instruments decreased by 80.3%, or

W 1,195 billion, to W 294 billion in 2024

from W 1,488 billion in 2023. Such fluctuation in valuation of financial instruments related primarily to our stake in Kioxia.

Our net loss on derivatives, which primarily related to our then outstanding exchangeable bonds, decreased by 89.5%, or W 806 billion, to W 95 billion in 2024 from W 900 billion in 2023. Such decrease was primarily attributable to the relatively smaller increase in our share price during 2024 as compared to the

increase in 2023.

We recognized net gain on foreign exchange differences of

W 269 billion in 2024 compared to net loss on foreign exchange differences of W 319 billion in 2023, as the Won depreciated against the U.S. dollar at year-end in 2023 and further depreciated (to a much greater extent) at year-end in 2024. In terms of the noon buying rate, the Won depreciated against the U.S. dollar to W 1,477.9 to

US$1.00 as of December 31, 2024 from W 1,291.0 to US$1.00 as of December 31, 2023. The Won depreciated against the U.S. dollar to W 1,291.0 to US$1.00 as of December 31, 2023 from

W 1,260.2 to US$1.00 as of December 31, 2022. The noon buying rate depreciated to an average of W 1,363.4 to US$1.00 in 2024 compared to an average of W 1,306.8 to US$1.00 in 2023. The

noon buying rate was W 1,260.2 to US$1.00 as of December 31, 2022.

Interest income increased by 59.3%, or

W 128 billion, to W 345 billion

in 2024 from W 216 billion in 2023, primarily reflecting an increase in our interest-earning financial assets, which impact was partially

offset by a general decrease in interest rates in 2024 compared to 2023.

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Interest expenses decreased by 8.4%, or W 123 billion, to W 1,345 billion in 2024 from W 1,468 billion in 2023, primarily reflecting a decrease in our borrowings as well as a general decrease in interest rates in 2024 compared to

2023.

Share of Profit (Loss) of Equity-accounted Investees

In 2024, we recorded share of loss of equity-accounted investees of

W 38 billion primarily due to (i) our share of losses of

W 35 billion from SK hynix system ic (Wuxi) Co., Ltd. and

W 13 billion from SiFive, Inc. and (ii)

W 25 billion in loss reflecting the difference between the book value and the recoverable amount of our investment in SiFive Inc., the

aggregate impact of which was partially offset by our share of gain of W 18 billion from HITECH Semiconductor.

In 2023, we recorded share of profit of equity-accounted investees of

W 15 billion primarily due to our share of gains of

W 17 billion from HITECH Semiconductor and

W 12 billion from SK China Company Limited, the aggregate impact of which was partially offset by our share of loss of W 11 billion from SiFive, Inc.

Other

Income

The following table presents a breakdown of our other income and changes therein for 2024 and 2023.

Changes

For the Year Ended December 31,

2024 versus 2023

2024

2023

Amount

%

(In billions of Won, except for percentages)

Reversal on impairment of intangible assets

W

0

W

324

W

(324

)

(100.0

)%

Gain on disposal of property, plant and equipment

70

250

(180

)

(71.9

)

Gain on disposal of non-current assets held for sale

1,317

—

1,317

N.A.

(1)

Gain on disposal of subsidiaries

36

—

36

N.A.

(1)

Others

54

50

4

7.1

Total other income

W

1,477

W

624

W

853

136.7

%

(1)

N.A. means not applicable.

Our other income increased by 136.7%, or

W 853 billion, to

W 1,477 billion in 2024 from

W 624 billion in 2023, primarily due to gain on disposal of non-current assets held for sale in 2024

compared to no such gain in 2023, which was partially offset by decreases in reversal on impairment of intangible assets and gain on disposal of property, plant and equipment. Specifically:

•

We recognized gain on disposal of non-current assets held for sale of W 1,317 billion in 2024 compared to no such gain in 2023. In 2024, we recognized such gain primarily from our disposal of SK hynix system ic

(Wuxi) Co., Ltd.

•

Our reversal on impairment of intangible assets decreased by 100.0%, or W 324 billion, to W 0.034 billion in 2024 from W 324 billion in 2023. In 2023, such reversal on impairment related primarily to the recovery of the intangible assets of the Solidigm business.

•

Our gain on disposal of property, plant and equipment decreased by 71.9%, or W 180 billion, to W 70 billion in 2024 from W 250 billion in 2023. In 2024, such gain on disposal of property, plant and equipment related primarily to sales of idle equipment. In 2023, such

gain on disposal of property, plant and equipment related primarily to sales of real estate.

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Other Expenses

The following table presents a breakdown of our other expenses and changes therein for 2024 and 2023.

Changes

For the Year Ended December 31,

2024 versus 2023

2024

2023

Amount

%

(In billions of Won, except for percentages)

Donation

W

83

W

65

W

18

27.2

%

Loss on impairment of property, plant and equipment

—

166

(166

)

(100.0

)

Loss on disposal of property, plant and equipment

18

74

(57

)

(76.2

)

Loss on impairment of intangible assets

0

167

(167

)

(99.8

)

Loss on disposal of intangible assets

9

16

(6

)

(40.2

)

Depreciation expenses on assets not in use

37

55

(18

)

(32.6

)

Others

20

193

(172

)

(89.4

)

Total other expenses

W

167

W

735

W

(568

)

(77.2

)%

Our other expenses decreased by 77.2%, or

W 568 billion, to W 167 billion

in 2024 from W 735 billion in 2023, primarily due to a decrease in loss on impairment of intangible assets and no recognition of loss on

impairment of property, plant and equipment in 2024 compared to recognition of such loss in 2023. Specifically:

•

Our loss on impairment of intangible assets decreased by 99.8%, or W 167 billion, to W 0.3 billion in 2024 from W 167 billion in 2023. In 2023, such loss on impairment related primarily to capitalized development costs.

•

We recognized no loss on impairment of property, plant and equipment in 2024 compared to W 166 billion in 2023. In 2023, such loss on impairment related to idle equipment of the Solidigm business.

Income Tax Expense (Benefit)

We

recorded income tax expense of W 4,088 billion in 2024 compared to income tax benefit of W 2,520 billion in 2023, primarily due to our recognition of profit before income tax of

W 23,885 billion in 2024 compared to loss before income tax of

W 11,658 billion in 2023. Our effective tax rate in 2024, which was 17.1%, was lower than the statutory tax rate primarily due to tax

credits related to our capital expenditures. Our effective tax rate in 2023, which was 21.6%, was lower than the statutory tax rate, reflecting unrecognized deferred tax assets related to tax loss carryfowards. See Note 29 of the notes to the

Audited Financial Statements.

Profit (Loss) for the Year

Primarily due to the factors described above, we recorded profit for the year of

W 19,797 billion in 2024 compared to loss for the year of

W 9,138 billion in 2023. We recorded net profit margin of 29.9% in 2024 compared to net loss margin of 27.9% in 2023.

Liquidity and Capital Resources

Capital Resources and

Requirements

We have traditionally met our working capital and other capital requirements principally from cash provided by operating

activities, while raising the remainder of our requirements primarily through long-term and short-term borrowings. We expect that these sources will continue to be our principal sources of cash in the future. From time to time, we may also generate

cash through sale of our holdings in short-term investment assets.

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Our principal cash requirements or uses have historically been:

•

capital expenditures for property, plant and equipment;

•

cash required for our operations, including purchases of raw materials, supplies and consumables, research and development

expenses, payroll costs and commissions;

•

investments and acquisitions, including those in connection with pursuing strategic relationships;

•

interest and principal payments on our short-term and long-term borrowings;

•

payments of cash dividends to our shareholders; and

•

acquisition of treasury shares.

We make substantial capital expenditures annually to support our business goals and objectives, and we plan to continue to invest in enhancing and

expanding our production facilities and upgrading our equipment and manufacturing processes. We operate in an especially capital-intensive industry that requires continual investments in capacity expansion, equipment upgrades and migration to

advanced technologies and manufacturing processes. Our cash outflows for acquisitions of property, plant and equipment amounted to W 7,657

billion in the first quarter of 2026 and W 6,284 billion in the first quarter of 2025, and W 27,519 billion in 2025, W 15,946 billion in 2024 and W 8,325 billion in 2023. In 2026, we plan to increase our capital expenditures considerably compared to 2025. We periodically adjust our capital

expenditure plans on an ongoing basis subject to market demand for our products, the production outlook of the global memory semiconductor industry as well as general global economic conditions. We may delay or not implement some of our announced

capital expenditure plans based on our assessment of such market conditions.

Payments of contractual obligations and commitments will also require

considerable capital resources. In the ordinary course of our business, we routinely enter into commercial commitments for various aspects of our operations, including long-term purchase agreements for raw materials as well as provision of

guarantees for indebtedness of our related parties and others. For our contingent liabilities, see Note 29 of the notes to the Interim Financial Statements.

The following sets forth the contractual maturities of financial liabilities as of December 31, 2025.

Payments Due by Period

Less

than

1 year

1 to 2

years

2 to 5

years

More than

5 years

Total

(In billions of Won)

Borrowings (1)

W

7,979

W

4,846

W

8,676

W

3,272

W

24,773

Lease liabilities

577

426

1,069

944

3,016

Trade payables

2,848

—

—

—

2,848

Other payables

6,437

135

158

166

6,896

Other non-trade payables

1,225

10

10

0

1,245

Other financial liabilities

146

1

0

—

146

Total

W

19,211

W

5,418

W

9,913

W

4,383

W

38,925

(1)

Including payments of interest under terms and conditions of borrowing contracts as of December 31, 2025.

From time to time, we may make significant investments and acquisitions, including those in connection with pursuing strategic

relationships. For example, as described in “Business — Investments and Acquisitions,” we participated as a member of the Bain Consortium in its purchase of a stake in Kioxia from Toshiba Corporation in June 2018. As of

March 31, 2026, the book value of our investment in SPC 1 was W 6,616 billion, and the book value of our investment in the convertible bond

issued by SPC 2 was W 13,609 billion, which are accounted for as financial assets measured at fair value through profit or loss. In

June 2026, SPC 1 completed the sale of all of its remaining equity interest in Kioxia.

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In October 2020, we agreed to acquire the NAND flash memory and storage business of Intel, including

the NAND flash memory manufacturing facility in Dalian, China, NAND flash memory and SSD-related intellectual property and research and development personnel. As consideration for the Intel NAND Business Acquisition, we paid US$6.6 billion in

December 2021 and US$2.2 billion in March 2025. We created a subsidiary in the United States to operate the acquired business under the brand name “Solidigm.” See “Business — Investments and Acquisitions.”

Cash Flow

The following table

sets forth our cash flows for the periods indicated.

For the Three Months Ended

March 31,

For the Year Ended December 31,

2026

2025

2025

2024

2023

(In billions of Won)

Net cash provided by operating activities

W

26,330

W

9,024

W

53,373

W

29,796

W

4,278

Net cash used in investing activities

(17,635

)

(8,218

)

(48,054

)

(18,005

)

(7,335

)

Net cash provided by (used in) financing activities

(2,951

)

509

(1,445

)

(8,704

)

5,697

Effects of exchange rate changes on cash and cash equivalents

499

39

(155

)

530

(30

)

Net increase in cash and cash equivalents

6,243

1,353

3,719

3,618

2,610

Cash and cash equivalents at the beginning of the period

14,924

11,205

11,205

7,587

4,977

Cash and cash equivalents at the end of the period

21,167

12,558

14,924

11,205

7,587

Cash Flows from Operating Activities

Our net cash provided by operating activities significantly increased to

W 26,330 billion in the first quarter of 2026 from

W 9,024 billion in the first quarter of 2025, primarily reflecting a significant increase in gross cash flow from our sales activities as

discussed in “— Results of Operations — First Quarter of 2026 Compared to First Quarter of 2025 — Revenue.”

Our net

cash provided by operating activities significantly increased to W 53,373 billion in 2025 from W 29,796 billion in 2024, primarily reflecting a significant increase in gross cash flow from our sales activities as discussed in “— Results of Operations — 2025 Compared to

2024 — Revenue.”

Our net cash provided by operating activities significantly increased to W 29,796 billion in 2024 from W 4,278 billion in 2023, primarily reflecting a

significant increase in gross cash flow from our sales activities as discussed in “— Results of Operations — 2024 Compared to 2023 — Revenue.”

Cash Flows from Investing Activities

Our net cash used in investing activities increased to

W 17,635 billion in the first quarter of 2026 from

W 8,218 billion in the first quarter of 2025. This increase was primarily attributable to a net increase in short-term investment assets to W 9,505 billion in the first quarter of 2026 from

W 80 billion in the first quarter of 2025. In addition, our cash used in increase in other financial assets increased to W 3,500 billion in the first quarter of 2026 from

W 1 billion in the first quarter of 2025. Such increases were offset in part by a decrease in our cash outflow from business combination. We did

not record such cash outflow in the first quarter of 2026 compared to W 3,063 billion in the first quarter of 2025, which was primarily related

to the settlement of consideration payable for the second closing of the Intel NAND Business Acquisition in March 2025.

Our net cash used in

investing activities increased to W 48,054 billion in 2025 from

W 18,005 billion in 2024. This increase was primarily attributable to an increase in cash outflow related to acquisitions

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of property, plant and equipment to W 27,519 billion in 2025 from W 15,946 billion in 2024, primarily reflecting expanded capital expenditures to increase our production capacity. In addition, we recorded an increase

in net cash used in acquisition of short-term financial instruments to W 12,291 billion in 2025 from W 1,872 billion in 2024, primarily reflecting higher cash holdings. We also recorded net increase in short-term investment assets of W 4,553 billion in 2025 compared to net decrease in short-term investment assets of W 457

billion in 2024.

Our net cash used in investing activities increased to

W 18,005 billion in 2024 from

W 7,335 billion in 2023. This increase was primarily attributable to an increase in cash outflow related to acquisitions of property, plant

and equipment to W 15,946 billion in 2024 from

W 8,325 billion in 2023, primarily reflecting expanded capital expenditures to increase our production capacity. In addition, we recorded an

increase in net cash used in acquisition of short-term financial instruments to W 1,872 billion in 2024 from W 60 billion in 2023, primarily reflecting higher cash holdings. Such impact was partially offset by a decrease in cash proceeds from disposal of

property, plant and equipment to W 47 billion in 2024 from

W 1,540 billion in 2023.

Cash

Flows from Financing Activities

We recorded net cash used in financing activities of W 2,951 billion in the first quarter of 2026 compared to net cash provided by financing activities of

W 509 billion in the first quarter of 2025. Such change was primarily attributable to net repayments of borrowings, after adjusting for proceeds

from borrowings, of W 2,754 billion in the first quarter of 2026 compared to net proceeds from borrowings, after adjusting for repayment of

borrowings, of W 645 billion in the first quarter of 2025.

Our net cash used in financing activities decreased to

W 1,445 billion in 2025 from W 8,704

billion in 2024. Such change was primarily attributable to net proceeds from borrowings, after adjusting for repayment of borrowings, of W 768

billion in 2025 compared to net repayment of borrowings, after adjusting for repayment of borrowings, of W 7,376 billion in 2024. Such impact was

partially offset by an increase in dividends paid to W 1,681 billion in 2025 from W 826 billion in 2024.

We recorded net cash used in financing activities of W 8,704 billion in 2024 compared to net cash provided by financing activities of W 5,697 billion in 2023. Such change was primarily attributable to net repayment of borrowings, after adjusting for repayment of borrowings, of W 7,376 billion in 2024 compared to net proceeds from borrowings, after adjusting for repayment of borrowings, of

W 6,969 billion in 2023.

Liquidity

We had a working capital

surplus (defined as current assets net of current liabilities) of W 65,806 billion as of March 31, 2026, W 32,079 billion as of December 31, 2025,

W 17,313 billion as of December 31, 2024 and

W 9,460 billion as of December 31, 2023. We manage our liquidity risk to maintain adequate net working capital by constantly managing

projected cash flows. We also aim to mitigate liquidity risk by contracting with financial institutions with respect to bank overdrafts, cash pooling and banking facility agreements for efficient management of funds. We believe that cash from our

operations, current and future financing arrangements (including short-term and long-term borrowing facilities and issuances of debentures) and cash and cash equivalents are likely to be sufficient to satisfy our operating cash requirements, capital

expenditure needs and debt service requirements for the next 12 months and beyond such period.

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We strive to maintain a sound capital structure, and we monitor capital on the basis of our liabilities-to-equity ratio and net borrowing ratio. The following table sets forth our liabilities-to-equity ratio and net borrowing ratio as of the dates indicated:

As of

March 31,

2026

As of December 31,

2025

2024

2023

(In billions of Won, except for percentages)

Total liabilities

W

58,449

W

55,441

W

45,940

W

46,826

Total equity

164,380

120,667

73,916

53,504

Cash and cash equivalents, short-term financial instruments and short-term investment assets

54,330

34,942

14,156

8,921

Total borrowings

19,318

22,248

22,684

29,469

Liabilities-to-equity ratio (1)

35.56

%

45.95

%

62.15

%

87.52

%

Net borrowing ratio (2)

—

—

11.54

%

38.40

%

(1)

Ratio of total liabilities divided by total equity.

(2)

Ratio of (i) total borrowings minus cash and cash equivalents, short-term financial instruments and short-term

investment assets divided by (ii) total equity. Net borrowing ratios as of March 31, 2026 and December 31, 2025 are not disclosed because the ratios are negative as of such dates.

We believe that we have various options to meet our financing needs, including short-term and long-term borrowing facilities and issuances of

debentures. However, our ability to continue to obtain debt financing at a reasonable cost will depend on several factors, some of which may be outside our control, including general economic conditions, the liquidity of the Korean and international

capital markets and commercial banking markets and the Government’s policies regarding Won and foreign currency borrowings. These policies can affect our ability to borrow and gain access to domestic and foreign capital markets and commercial

banking markets or restrict the use of proceeds of any financing, and can require us to incur indebtedness from other sources that entail higher interest rates or shorter maturities.

Market Risks

Market risk is the risk of loss related to

adverse changes in market prices, including (i) foreign exchange risk, (ii) interest rate risk and (iii) price risk associated with our investments in equity and debt securities. Our overall risk management program focuses on the

unpredictability of financial markets and seeks to minimize potential adverse effects on our financial performance. Risk management is carried out by our corporate finance division in accordance with policies approved by the Board. Our corporate

finance division identifies, evaluates and hedges financial risks in close cooperation with our operating units. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign

exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments and investment of excess liquidity.

Foreign Exchange Risk

We operate

internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the U.S. dollar, Chinese Yuan, Euro and Japanese Yen. Our foreign exchange risk primarily arises from future commercial

transactions, recognized assets and liabilities in foreign currencies and net investments in foreign operations. From time to time, we also use derivative instruments to partially hedge our foreign exchange risk. In the past, we have selectively

entered into fixed-to-fixed cross-currency swaps and floating-to-fixed cross-currency

interest rate swaps to partially hedge foreign exchange risk relating to bonds and borrowings.

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As of March 31, 2026, the effect on our profit before income tax as a result of strengthening or

weakening of the foreign currencies by 10% is as follows:

If strengthened by 10%

If weakened by 10%

(In billions of Won)

U.S. dollar

W

2,954

W

(2,954

)

Japanese Yen

409

(409

)

Chinese Yuan

(23

)

23

Euro

(52

)

52

Interest Rate Risk

Interest rate risk is defined as the risk that the interest expenses arising from borrowings will fluctuate because of changes in future market interest

rates. We are exposed to interest rate risk on our existing floating rate borrowings and on additional debt financings that we may periodically undertake for various reasons, including capital expenditures and refinancing of our existing borrowings.

A rise in interest rates will increase the cost of our existing variable rate borrowings.

As of March 31, 2026, if interest rates on borrowings

were 100 basis points higher/lower with all other variables held constant, profit before income tax for the one-year period would have been

W 11 billion lower/higher, mainly as a result of higher/lower interest expense on floating rate borrowings (except for floating rate

borrowings amounting to W 163 billion under

floating-to-fixed cross-currency interest rate swap agreements and

W 317 billion under an interest rate swap agreement) and interest income on floating rate financial assets.

Security Price Risk

Our investment

portfolio consists of direct and indirect investments in listed and non-listed equity securities as well as debt securities. Such securities are exposed to security price risk. As of March 31, 2026, the book

value of our short-term investment assets was W 14,943 billion. As of such date, the book value of our long-term investment assets was W 20,658 billion, which included assets related to our participation as a member of the Bain Consortium in its purchase of a stake in Kioxia from

Toshiba Corporation in June 2018. As of March 31, 2026, the book value of our investment in SPC 1 was W 6,616 billion, and the book value

of our investment in the convertible bond issued by SPC 2 was W 13,609 billion, which are accounted for as financial assets measured at fair

value through profit or loss. In June 2026, SPC 1 completed the sale of all of its remaining equity interest in Kioxia.

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INDUSTRY OVERVIEW

The proliferation of AI, from advanced LLMs and generative and agentic AI applications to autonomous systems and intelligent edge devices, is

driving a significant transformation across many industries. This AI-driven transformation is having a profound influence on the semiconductor market, where demand for specialized processing and memory

solutions is creating an inflection point for the semiconductor market’s growth. Consequently, the semiconductor market is expanding into an even larger, more foundational, and integral component of the global economy.

At the very core of this expansion of the semiconductor market lies the memory semiconductor market as a key segment of the industry. This crucial

segment is currently in the early stages of a period of increased demand, as it directly addresses the immense data processing and storage requirements of AI. This structural shift in demand is not only influencing the growth trajectory of the

memory semiconductor market but also reinforcing its importance within the technology ecosystem.

A. Key Segments

The memory semiconductor market is primarily composed of two principal product categories, DRAM and NAND flash memory, with HBM and eSSD emerging as key

high-value sub-segments.

DRAM

•

Traditional DRAM: DRAM is a type of volatile memory that stores data for the short term, providing the rapid

data access required for processors to execute tasks. It is widely used in computing devices, with primary applications in servers, mobile devices and personal computers.

•

HBM: HBM is a specialized, high-performance category of DRAM designed to address the immense data

processing needs of AI accelerators. It involves vertically stacking multiple DRAM dies and connecting them through TSV packaging technology to achieve significantly higher memory bandwidth than traditional DRAM. Due to its complexity and critical

role in AI performance, HBM commanded a significant price premium of more than five times that of traditional DRAM on a per-gigabyte basis in 2025, according to Gartner.

NAND Flash Memory

•

NAND : NAND is a type of non-volatile memory that retains data even when

power is turned off, used for long-term data storage. Its primary applications include consumer-grade SSDs for personal computers and tablets, and embedded storage for mobile devices and other consumer electronics products, where cost-effectiveness

and density are key considerations.

•

eSSD : eSSD is a NAND flash-based solid-state storage device designed for enterprise and data center environments

that require reliable, high-capacity data storage and processing capabilities. It is characterized by advanced error correction, power loss protection and robust controllers to ensure data integrity and consistent performance under continuous, heavy

workloads.

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B.

Market Size and Growth: An AI-Driven Semiconductor Upcycle

The following graph provides information regarding the size of the global semiconductor market by product category for the

periods indicated.

Global Semiconductor Market Size

(In billions of U.S. dollars)

Source: Gartner, Forecast: Semiconductors and Electronics, Worldwide (4Q22 update for 2020A and 2021A figures, 4Q23 update for

2022A figures, 2023-2029, 4Q25 update for 2023A figures and 2024-2030, 1Q26 update for 2024A–2027E figures), R. Rajput et al., March 26, 2026.

Note:

“A” means actual and “E” means estimate forecast.

The semiconductor market is experiencing significant growth momentum,

driven by the proliferation of AI. According to Gartner, total semiconductor revenues are forecast to reach US$1.32 trillion in 2026 and are projected to grow at a compounded annual growth rate (“CAGR”) of 38.9% from 2025 to 2027,

reaching US$1.56 trillion in 2027.

The memory semiconductor segment is central to this growth. According to Gartner, the overall memory

semiconductor market is projected to increase from US$216 billion in 2025 to US$633 billion in 2026, representing year-over-year growth of 192.7%, and to grow at a CAGR of 86.0% from 2025 to reach approximately US$748 billion in 2027.

This expansion is expected to be driven primarily by the rapid growth of the HBM segment, an important component supporting AI computing and storage demand, along with strong increases in the average selling prices of DRAM and NAND products.

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The following graph provides information regarding the size of the global memory semiconductor market

by product category for the periods indicated.

Global Memory Semiconductor Market Size

(In billions of U.S. dollars)

Source: Gartner, Forecast: DRAM Market Statistics, Supply and Demand, Worldwide (2020-2027, 4Q23 update for 2020A and 2021A

figures, 2022-2029, 4Q25 update for 2022A figures and 2023-2030, 1Q26 update for 2023A–2027E figures), S. Pant, March 26, 2026, Gartner, Forecast: NAND Flash Market Statistics, Supply and Demand, Worldwide (2023-2030, 1Q26 update for

2020A-2027E figures), J. Unsworth, April 9, 2026, and Gartner, Forecast: Semiconductors and Electronics, Worldwide (4Q22 update for 2020A and 2021A figures, 4Q23 update for 2022A figures, 2023-2029, 4Q25 update for 2023A figures and

2024-2030, 1Q26 update for 2024A-2027E figures), R. Rajput et al., March 26, 2026.

(1)

HBM figures are available from 2022 onwards.

(2)

Includes emerging memory (phase-change memory, conductive bridge RAM, magnetoresistive RAM, etc.) and other memory (static

RAM, pseudostatic RAM, Not-OR (“NOR”) flash memory, etc.).

(3)

Includes HBM, server DRAM and eSSD (enterprise server and storage SSDs).

Note: “A” means actual and “E” means estimate forecast.

According to Gartner, overall DRAM revenues are forecast to grow at a CAGR of 67.3% from US$143 billion in 2025 to US$401 billion in 2027, while HBM

revenues are forecast to increase from US$33 billion in 2025 to US$86 billion in 2027, representing a CAGR of 60.5%.

According to

Gartner, NAND revenues are forecast to grow at a CAGR of 123.7% from US$68 billion in 2025 to US$341 billion in 2027.

Driven by AI-related demand, the memory industry is experiencing a significant shift from consumer to enterprise applications. An increasing number of AI servers are designed and deployed using a tiered memory architecture in

which HBM is positioned adjacent to GPUs and comprises the highest bandwidth memory, server DRAM is positioned adjacent to CPUs and comprises the working memory layer supporting task orchestration and eSSD is positioned at the bottom of the stack

and provides persistent, high capacity storage. This tiered architecture reinforces the structural interdependence of these three memory categories. As AI server configurations scale in complexity, the demand for each tier grows in tandem. HBM,

server DRAM and eSSD have therefore benefited from the expansion of AI server deployments and the increase in required memory and storage content

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per server node. According to Gartner, the enterprise segment’s contribution to the overall memory semiconductor market increased from 26.5% in 2020 to 43.1% in 2025 and is projected to

reach 51.9% in 2027. This growing demand from enterprise customers, supported by long-term AI and cloud infrastructure investments, is expected to provide a more resilient demand base and mitigate the historical cyclicality of the memory

semiconductor market.

C.

Key Trends and Growth Drivers

1.

Traditional DRAM: A Structural Supply Constraint

•

In recent periods, major memory semiconductor producers have allocated their limited cleanroom space and capital

expenditure to the production of HBM, given its robust demand and the significantly higher complexity and wafer intensity of its manufacturing process compared to traditional DRAM. In addition, expanding data processing and storage demand from AI

accelerators and data centers is driving increasing demand not only for HBM but also for traditional DRAM products such as server DDR5 and RDIMM. In particular, as agentic AI and AI inference proliferate, CPU-orchestrated workloads, including

scheduling, data preprocessing and memory management, are expanding, which has accelerated the demand for high-capacity server DRAM. This significant increase in demand for HBM and server DRAM has significantly constrained the supply of PC, mobile

and consumer DRAM for the traditional DRAM market as semiconductor producers seek to allocate their manufacturing capacity.

•

As a result, the traditional DRAM market has been experiencing a significant price recovery since the third quarter of

2025, driven by (i) structural undersupply arising from the industry-wide reallocation of production capacity to HBM, (ii) increase in demand for server DRAMs and (iii) growing demand from PC and smartphone manufacturers driven by

rising on-device AI adoption. According to Gartner, traditional DRAM’s average selling price increased by 45.2% year-over-year in the fourth quarter of 2025 and is forecast to increase 136.4% and 198.1% year-over-year in the first quarter of

2026 and the second quarter of 2026, respectively, with the favorable pricing environment being expected to continue throughout 2026.

2.

HBM: The Epicenter of AI Growth

•

The rapid growth in the size and complexity of AI models has created what is often referred to as a “memory

wall,” where the performance of AI accelerators is limited not by their processing power, but by the speed at which data can be fed to them. HBM directly addresses such bottleneck by providing a wide data interface and bandwidth that are

significantly higher than traditional DRAM, making it an important component for high-performance AI systems. Demand for HBM is therefore closely tied to the robust growth of the AI market.

•

Relative to traditional memory products, HBM has demonstrated strong pricing resilience, reflecting its important role in

AI infrastructure. Supported by sustained demand from AI accelerators and a highly complex and capacity-limited supply chain, HBM has maintained double-digit year-over-year average selling price growth throughout 2024 and 2025, according to Gartner,

and this robust pricing trend is expected to continue over the next several quarters.

3.

NAND: Foundation for Pervasive Data Storage and AI Infrastructure

•

NAND flash memory is essential for long-term data storage across various digital ecosystems. With SSD’s multiple

advantages over HDD, adoption rates of SSD are

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increasing for personal computing and mobile devices. As SSD utilizes flash memory technology, it enables faster boot times, quicker application loading and improved system responsiveness

compared to HDD. In addition, SSD operates without moving mechanical parts, which makes it more durable and reliable as it is less prone to damage from impact, especially for portable devices. SSD also allows for longer battery life in mobile

devices as it consumes less power than HDD.

•

The AI infrastructure build-out, driven by the rapid expansion of AI inference

workloads, is fueling the need for scalable, low-latency memory storage solutions across AI data centers, and driving an increase in demand for high-capacity, high-performance eSSD. The increased demand for eSSD in AI servers has been driven by

existing requirements for data staging, model checkpointing and high-speed access to large datasets and the expanding compute workloads required by agentic AI. We believe this demand will continue to grow as eSSD emerges as a critical throughput

storage layer for AI operations.

•

Favorable strong demand, primarily driven by robust and long-term demand for eSSDs from AI data centers, reflects NAND

flash memory’s important role across various digital ecosystems in the AI era. This demand has contributed to strong price recovery beginning in the fourth quarter of 2025. According to Gartner, NAND flash memory’s average selling price

is expected to increase year-over-year by 111.1% and 243.8% in the first quarter of 2026 and the second quarter of 2026, respectively, and more than 250% in each of the third and fourth quarters of 2026.

D.

Competitive Landscape

The memory semiconductor market is highly consolidated, with distinct competitive dynamics in each key segment.

DRAM

The following graph provides

market share information of the global DRAM market for the periods indicated.

Global DRAM Market Shares by Revenue (1)

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Source: IDC, Worldwide Memory Market Shares (4Q25 update for 2021A-2025A figures), S. Kim, March 9, 2026, and

IDC, Worldwide DRAM Demand and Supply (1Q26-4Q27 and 2026-2030 update for 1Q26A figures), S. Kim, May 27, 2026.

(1)

Includes HBM.

Note:

“A” means actual.

The following graph provides market share information of the global HBM market for the periods indicated.

Global HBM Market Shares by Revenue

Source: IDC, Worldwide DRAM Demand and Supply (4Q25-4Q26 and 2026-2030 update for 2024A figures and 1Q26-4Q27 and 2026-2030

update for 2025A and 1Q26A figures), S. Kim, May 27, 2026.

Note: “A” means actual.

The overall DRAM market is largely concentrated among three players, collectively accounting for more than 90% of market share by revenue in the first

quarter of 2026, according to IDC. Leveraging our strengths in high-value products such as HBM, SK hynix ranked as the second largest DRAM supplier globally in the first quarter of 2026 with a 29.1% market share by revenue, according to IDC. Other

major players include Samsung Electronics and Micron Technology, according to IDC.

As the first company to mass-produce multiple generations of HBM

products, including HBM3 and HBM3E, SK hynix is a leading player in the HBM market, with a 56.4% market share by revenue in the first quarter of 2026, according to IDC.

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NAND Flash Memory

The following graph provides market share information of the global NAND flash memory market for the periods indicated.

Global NAND Flash Memory Market Shares by Revenue (1)

Source: IDC, Worldwide Memory Market Shares (4Q25 update for 2021A-2025A figures), S. Kim, March 9, 2026, and IDC,

Worldwide NAND Flash Demand and Supply (1Q26 4Q27 and 2026-2030 update for 1Q26A figures), S. Kim, June 2, 2026.

(1)

SK hynix figures include Solidigm. Sandisk figures prior to 2025 are those of Western Digital.

Note: “A” means actual.

The NAND flash memory market

includes a slightly larger number of players with five companies accounting for more than 90% of market share by revenue in the first quarter of 2026, according to IDC. As the second-largest supplier in the overall NAND flash memory market, with an

18.5% market share by revenue in the first quarter of 2026, according to IDC, our key strength lies in eSSD, an important sub-segment in the AI era.

High Barriers to Entry

The memory

semiconductor industry is highlighted by significant barriers to entry, which helps to solidify established players’ competitive positioning against new market entrants:

◾

Technological Complexity : The production of memory semiconductor products requires highly integrated and

multifaceted capabilities across stable supply chain management, design, fabrication and packaging processes. While continual development in advanced node technologies and sophisticated packaging solutions achieve stable manufacturing yields as well

as scalability for mass production, they also require significant technical expertise and resources that only few players in the market possess.

◾

Intense Capital Requirements : The industry is capital-intensive, particularly with respect to the construction and

equipping of a new, advanced semiconductor fabrication plant. A high level of sustained capital expenditure is feasible only for a small number of large, well-capitalized global players with the ability to generate returns on that investment.

According to Gartner, the total global semiconductor capital spending in 2026 is projected to be US$237 billion, of which the top 20 spenders account for US$208 billion, representing 87.6% of total expenditures.

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BUSINESS

Overview

We are one of the world’s largest memory

semiconductor companies and engage in the design, manufacture and sale of advanced memory semiconductors. In the DRAM market that includes HBM, we were ranked second globally based on revenue with a market share of 29.1% in the first quarter of

2026, according to market research conducted by IDC. In the HBM market, we were ranked first globally based on revenue with a market share of 56.4% in the first quarter of 2026, according to IDC. In addition, we were the second largest supplier of

NAND flash memory based on revenue, with a worldwide market share of 18.5% in the first quarter of 2026, according to IDC. Our memory products can be used in virtually all electronic devices, including graphics cards, PCs, data center servers,

mobile devices such as smartphones and tablets, and other consumer electronics products. We also conduct our foundry business through SK hynix system ic and SK keyfoundry, our wholly-owned subsidiaries.

We sell a wide variety of DRAM and NAND flash memory products with various configuration options, architectures and performance characteristics tailored

to meet application- and customer-specific needs. We believe that we are one of the world’s leading companies in developing DRAMs with advanced specifications, particularly those requiring higher

density, faster data-processing speed and lower power consumption. We are continually developing higher-density DRAM modules, SSDs and other advanced DRAM and NAND flash memory products that are optimized for our customers’ specific

applications. In recent years, we have substantially increased our sales of HBMs. HBMs are advanced memory semiconductors designed to deliver fast data transfers while using less power, making them especially useful in high-performance

applications such as GPUs, AI and high-performance computing.

We have focused our sales and marketing activities in recent years on expanding our

base of long-term strategic customers. We believe that our expertise and know-how in producing advanced memory semiconductors, strong long-term relationships with our key customers and state-of-the-art global production facilities in key strategic locations provide us with sustainable competitive advantages that will

continue to differentiate us from our competitors and enable us to take advantage of attractive growth opportunities. We believe that we are a global leader in the HBM market with advanced production know-how

and development of specific configurations that meet our customers’ demands. Our customers seek HBM suppliers with whom they can better align their own product development efforts and their strict quality standards often require HBM

manufacturers to comply with rigorous testing and approval processes. We believe that our strengths in HBM, server DRAM and eSSD enable us to mitigate the risks associated with the cyclicality of the memory semiconductor market.

We own and operate wafer fabs in Icheon and Cheongju, Korea and Wuxi and Dalian, China. We also own and operate assembly and testing facilities for back-end processing of our products in Icheon and Cheongju, Korea and Chongqing, China. As part of our efforts to reduce unit manufacturing costs, improve manufacturing yields and enhance our profitability, we

periodically phase out the operations of our older fabs or upgrade them to implement more advanced processing technologies. In addition to regular maintenance and enhancement of existing fabs, in October 2025, we opened the cleanroom of a new

extension fab called “M15X” in Cheongju, which we plan to utilize to further increase our production capacity of next-generation DRAMs such as HBM. We began wafer input at the M15X in the first quarter of 2026 and expect to gradually

ramp up our production volume. As part of our efforts to ensure our long-term competitiveness, we have also announced initiatives to construct an integrated industrial complex in Yongin, Korea for our next generation of fabs and research and

development facilities. We began construction of our first fab at the Yongin complex in February 2025 with the

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phase 1 cleanroom of the first fab expected to open in the first quarter of 2027. We are currently constructing an advanced packaging plant called “P&T7” in Cheongju and

expect to complete construction by the end of 2027. In December 2024, we also announced plans to build an advanced packaging plant in Indiana, United States, and expect to commence operations in the second half of 2028.

In order to maintain our technological leadership, as well as to access new markets for our products, we engage in strategic initiatives, including

making investments and acquisitions, from time to time. In October 2020, we agreed to acquire the NAND flash memory and storage business of Intel, including the NAND flash memory manufacturing facility in Dalian, China, NAND flash memory and

SSD-related intellectual property and research and development personnel. As consideration for the Intel NAND Business Acquisition, we paid US$6.6 billion in December 2021 and US$2.2 billion in March 2025. We created a subsidiary in the

United States to operate the acquired business under the brand name “Solidigm.” We also selectively acquire minority equity positions in other industry players to further strengthen our business relationships and acquire complementary

businesses that we believe can further strengthen our leading position in the industry. See “Business — Investments and Acquisitions.”

Our revenue was W 52,576 billion in the first

quarter of 2026 and W 17,639 billion in the first quarter of 2025, and

W 97,147 billion in 2025,

W 66,193 billion in 2024 and

W 32,766 billion in 2023. We recorded profit for the period of

W 40,346 billion in the first quarter of 2026 and

W 8,108 billion in the first quarter of 2025, and profit for the year of

W 42,948 billion in 2025 and

W 19,797 billion in 2024 and loss for the year of

W 9,138 billion in 2023. We had total assets of

W 222,829 billion and total equity of

W 164,380 billion as of March 31, 2026, and total assets of

W 176,108 billion and total equity of

W 120,667 billion as of December 31, 2025.

Our

Competitive Strengths

We are a leading player in the global memory semiconductor industry serving as a supplier of advanced DRAM and NAND flash

memory solutions optimized for a broad range of applications and customers. Our competitive strengths are underpinned by technological leadership in high-value products, including HBMs, server DRAMs and eSSDs, supporting AI infrastructure through

the development of foundational memory solutions, complemented by a strong presence in traditional DRAM and NAND flash memory semiconductor markets. Our competitive strengths also include our research and development activities, operational

capabilities, close collaboration with customers and a solid financial profile that enable sustained strategic investments to further strength our competitiveness.

1.

Critical Role in the AI Era with Unrivaled Expertise in the HBM Segment

•

We play a critical role in the AI era, particularly through our leadership in the HBM segment. HBMs are critical because

they act as the high-speed data backbone for AI processors, mitigating the “memory wall” that occurs when powerful GPUs outpace the speed of traditional memory. According to IDC, we held a 56.4% market share of the HBM segment by revenue

in the first quarter of 2026.

•

We are a technological innovator in the HBM segment. We were the first to develop HBMs using TSV packaging technology, and

we commercialized HBM3E in 2024 and developed the next-generation HBM4 in 2025, further strengthening our technological capabilities in the HBM segment.

•

Beyond technological innovation, our competitive edge in the HBM segment lies with our robust mass production capabilities

and demonstrated track record, which are key factors prioritized by our customers. We invest in efficient state-of-the-art

fabrication facilities and

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advanced packaging lines, which enable us to support our production volumes while meeting our customers’ stringent product quality requirements. Our extensive experience in handling diverse

customer needs and satisfying complex qualification processes further supports our position as a trusted HBM supplier.

2.

Comprehensive DRAM Portfolio Beyond HBM that is Optimized for AI Infrastructure Buildout

•

Beyond HBM, we provide DRAM products such as advanced server DRAMs that are used to support the data processing of AI

accelerators and data centers.

•

Our product portfolio includes advanced DDR5/LPDDR5-based modules such as RDIMM and SOCAMM2 that are specifically designed

for high capacity and bandwidth needs of AI accelerators and data centers. As AI server architectures evolve, the role of CPUs within these systems is expanding. Expanded CPU utilization requires higher server DRAM demand per node, as larger and

faster DRAM capacity is needed to support the throughput and working memory of CPU-orchestrated AI workloads. Our DRAMs with higher capacity and bandwidth are used to provide the data processing required by CPUs in AI servers, and complement our

HBMs by offering a balanced solution for memory capacity, bandwidth and cost-effectiveness across a wide range of AI computing environments.

3.

Expertise in eSSD Memory Solutions that are Ideally Suited for Evolution of AI Server Architecture

•

With the evolution of AI server architecture, notably KV cache offloading from system memory to SSD, eSSDs are playing an

increasingly active and important role in large scale build-out of AI inference infrastructure, where eSSD is no longer a storage peripheral but an active participant in the memory subsystem. We believe that

demand for eSSD will further increase to address the workloads related to generative and agentic AI and foundation model inferencing, making the eSSD segment an attractive opportunity for future growth.

•

Leveraging our advanced NAND scaling capabilities, including the next-generation vertical cell architectures that support

higher density and performance at a lower cost per bit, as well as our expertise in controller integration and firmware optimization, we provide reliable and scalable eSSD solutions for cloud and hyperscale data centers, which form the backbone

of AI inference infrastructure. Following our October 2020 agreement to acquire Intel’s NAND flash memory and storage business, we have further strengthened our capabilities in the high-end eSSD market.

4.

Global Leadership in DRAM and NAND Flash Memory to Capitalize on Favorable Market Upcycle

•

We maintain a significant market presence in the global DRAM and NAND flash memory semiconductor markets. Our core memory

product lines form a substantial and stable revenue base, and our products are used across a range of computing and storage applications in various markets.

•

According to IDC, we ranked as the second-largest player in the global DRAM market in the first quarter of 2026 with a

29.1% market share by revenue. This market leading position is supported by our HBM offerings for AI accelerators as well as our comprehensive portfolio of traditional DRAM products, including DDR5, LPDDR5T/5X and GDDR7, that serve a diverse range

of markets including mobile, PC, server and graphics. We believe that our production expertise is critical to our success. For example, we obtained the industry’s first 1c DRAM

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production technology, the sixth generation of the 10nm-class production process that delivers improvements in operating speed, power efficiency and cost competitiveness of our DRAMs.

•

According to IDC, we ranked as the second-largest player in the global NAND flash memory semiconductor market in the first

quarter of 2026, with an 18.5% market share by revenue. Our strong market position is supported by our ongoing technological innovations, including our transition from utilizing 176 layer technology to 238 and 321 layer technologies for

higher-density NAND flash memory products with more competitive cost structures.

5.

Visionary Research and Development and

Best-in-Class Production Execution

•

Our leading position in the global memory semiconductor market and technology, HBM in particular, reflects our long-term

investment in research and development. Recognizing the potential of HBM to overcome the performance barriers of memory semiconductors, we began the development of core technologies used in HBM production such as TSV packaging technology and MR-MUF, which enable high density die stacking by overcoming key challenges including thermal management and warpage while supporting high-volume, high-yield manufacturing.

•

Our expenditure on research and development activities, after adjusting for capitalized development cost, was W 2,451 billion in the first quarter of 2026 and

W 1,472 billion in the first quarter of 2025, and

W 6,466 billion in 2025,

W 4,436 billion in 2024 and

W 3,751 billion in 2023. In recent years, we have focused our research and development activities on the development of our next-generation

memory products such as HBM4/4E and AI-optimized products. Our commitment has led to multiple technology milestones, including the industry’s first HBM and next-generation HBM4 developments, the

world’s fastest advanced LPDDR5T mobile DRAM, and the industry’s leading 321 layers technology. We also integrate our technology roadmap with leading semiconductor and cloud service providers to anticipate market needs in the AI era.

•

An important factor in our production operations is our highly efficient and capable workforce, particularly our

engineering and research and development teams. Our significant investment in research and development is matched by our commitment to attracting and retaining engineering talent. These highly skilled professionals are responsible for the ongoing

development of memory technology, from fundamental research to process development and product design. We maintain active research and development personnel in strategic locations such as Korea and the United States, to foster collaboration, align

roadmaps with ecosystem partners, and ensure that we sustain our technological advancements and operational best practices in the rapidly evolving semiconductor industry.

•

We maintain a proven track record of operational excellence across yield, cycle time, cost management and production ramp-up. We believe that our fab operations in Korea (Icheon and Cheongju) and China (Dalian and Wuxi) are among the most advanced in the industry, and we have continually demonstrated our ability to transition

across process nodes with minimal disruption and strong gross margin recovery during upcycles.

6.

Strong Customer and Partner Relationships Driving Collaborative Innovation

•

Our business focuses on the development and supply of competitive memory solutions. This focus on memory products positions

us as a dedicated, non-competing technology partner to our customers. Our focused business model has enabled us to build an extensive global customer base, consisting of the world’s leading technology

companies, and relationships with partners across the semiconductor supply chain.

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•

We actively engage with our customers and partners from the earliest stages of product conceptualization and design,

ensuring our memory solutions are designed to meet the evolving requirements in the AI era. These collaborations position us as a long-term key supplier in the memory value chain as deep customization and integration lead to substantial switching

costs, which serve as a strong barrier to entry.

7.

Solid Financial Profile that Enables Capacity for Continued Strategic Investments

•

Supported by an efficient cost structure and disciplined capital expenditure management, we have maintained financial

discipline and investment-grade credit metrics in recent years. With a strong semiconductor recovery cycle underway, we have benefited from operating leverage as average selling prices improve and our product mix shifts toward higher value-added

products such as HBM and eSSD, resulting in revenue of W 97 trillion, revenue growth of 46.8% year-over-year and Adjusted EBITDA margin

(calculated by dividing Adjusted EBITDA by revenue) and net margin (calculated by dividing profit by revenue) of 62.9% and 44.2% in 2025, respectively. In the first quarter of 2026, we recorded revenue of W 53 trillion, revenue growth of 198.1% compared to the first quarter of 2025 and Adjusted EBITDA margin and net margin of 78.6% and 76.7%, respectively.

•

Our balance sheet resilience is supported by prudent leverage, diversified funding sources and a strong liquidity position.

As of March 31, 2026, we held W 54 trillion in cash and cash equivalents including short-term financial instruments and short-term investment

assets. In addition, our liabilities-to-equity ratio (ratio of total liabilities divided by total equity) decreased from 87.5% as of December 31, 2023 to 35.6% as of March 31, 2026.

•

As the semiconductor industry is highly capital-intensive, our robust financial fundamentals provide sufficient capacity

and flexibility to continually re-invest in cutting-edge technology and manufacturing infrastructure, thereby sustaining our technological leadership and competitive edge in the long term.

Our Strategy

We are committed to

expanding our position in high-value memory solutions, scaling our global manufacturing capacity and developing new technologies that are aligned with increasing demand related to AI and next-generation computing. In the past, memory semiconductor

companies provided commodity components. However, in the AI era, memory semiconductors are playing a critical role in optimizing the performance of AI and next-generation computing, and our vision is to cooperate closely with our customers and

partners to better understand and address their needs, proactively participate in designing the landscape of the AI ecosystem, and become a “Full Stack AI Memory Creator.” Our vision is supported by robust financial management,

disciplined capital investments and continuous innovation across the memory value chain, positioning us to play a leading role in the global AI infrastructure buildout while fostering sustainable shareholder returns.

1.

Solidifying Technological Leadership and Memory Innovation

•

We aim to solidify our strong market position and technological capabilities across multiple memory product segments. This

involves advancing our technology roadmap in alignment with the evolving needs of AI and high-performance computing, where memory architectures are facing increasing pressure to deliver higher bandwidth, better power efficiency and more modular

integration.

•

We strive to strengthen our technological leadership in the HBM segment to further solidify our market leading

position. HBM is a highly complex product that requires implementation of advanced production processes such as TSV packaging technology and compliance with rigorous testing and approval processes required by our

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customers. Leveraging our proven track record of development and mass production of successful products such as HBM3E, we have established a differentiated technological edge. We aim to

further enhance our ability to satisfy our customers’ testing and approval processes and seamlessly translate them to efficient mass production. We also strive to enhance our advanced packaging technologies to widen our technological gap

in the HBM segment and develop our next-generation of HBM products, while further strengthening our production and cost competitiveness.

•

Leveraging our technological leadership, we are expanding our DRAM offerings beyond traditional DRAMs to include AI-optimized DRAM solutions under the “AI-D” architecture framework, comprising (i) AI-D O (Optimization) for low-energy use while delivering high performance such as MRDIMM and SoCAMM2, (ii) AI-D B (Breakthrough) for high density and flexible memory allocation such as CMM and LPDDR6

PIM and (iii) AI-D E (Expansion) for specialized DRAMs for specific use beyond data centers, such as robotics, mobility and industrial automation. We believe our specialized solutions are better suited to

meet emerging demands in AI inference, edge computing and memory disaggregation, supporting more power-efficient and flexible system designs at a time when memory performance is becoming an increasingly important differentiator in AI workloads.

•

As AI workloads continue to grow in scale and complexity, the role of NAND flash memory is evolving. To address this, we

are enhancing our NAND portfolio with a focus on performance, density and system-level integration. As part of this effort, we are accelerating our transition to 321-layers technology and development of

next-generation eSSDs with industry-leading capacity of 245TB that are tailored to the needs of large scale data centers. Additionally, we are advancing a roadmap of AI-optimized NAND solutions under the “AI-N” architecture framework, comprising (i) AI-N P (Performance) for high-speed, low-latency response, (ii) AI-N B (Bandwidth) leveraging HBF technology for advanced parallelism and stacking and (iii) AI-N D (Density) enabling high-capacity storage in a compact form

factor. These solutions are designed to support a wide range of AI use cases, from data pre-processing and model training to retrieval-augmented generation and multi-modal inference.

•

To further grow our role as a visionary leader and critical co-developer of the AI

ecosystem, we are establishing global research centers in the United States, China and Japan. They will further provide valuable insights into evolving computing system architecture and strengthen collaboration with global technology companies. This

initiative significantly enhances our ability to not only anticipate future requirements of memory semiconductors but also to actively shape the next generation of AI-optimized memory solutions.

2.

Strengthening Customer and Partner Relationships and Developing Customized HBM Products

•

We are proactively preparing for future demands by strengthening our customer relationships, better understanding their

needs and developing custom HBM solutions. In June 2026, we announced a technology partnership with NVIDIA Corporation (“NVIDIA”) to advance next-generation memory aligned with NVIDIA’s AI infrastructure roadmap, which also

includes the supply of memory semiconductors. The two companies expect to collaborate on memory technology for NVIDIA’s platforms such as Vera Rubin AI supercomputers, Vera CPUs, RTX Spark-owered PCs and Jetson Thor robotic computing

platforms. We expect to integrate NVIDIA’s software stack, including CUDA-X, PhysicsNeMo and Omniverse, to accelerate semiconductor design, simulate manufacturing processes and develop digital twins for autonomous fab operations. To further

solidify our HBM leadership, we are strengthening customer relationships through dedicated personnel that cover specific key customers and work closely with them to better understand their specific needs. We plan to provide

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comprehensive support during various development phases of the customers’ end products and proactively offer them solutions through differentiated technological capabilities while

maintaining cost competitiveness. Concurrently, we are strategically pursuing customer diversification beyond traditional AI accelerator providers, including leading cloud service providers to broaden our market presence.

•

We are investing in the development of HBM4E and future generations of DRAMs, focusing on critical technologies such as

custom base die integration and advanced stacking techniques. These innovations enable customized HBM solutions that are designed to improve performance for our customers’ specific architecture and workload requirements. These efforts, pursued

in close collaboration with key AI ecosystem partners, are strategically aimed at addressing evolving AI market demands that are shifting from general-purpose performance to inference efficiency and cost optimization, thereby ensuring that our HBM

solutions continue to support advancements in performance of AI accelerators.

3.

Pursuing Production Capacity Expansion in Korea to Address Growing Demand

•

To meet the rising demand for advanced memory driven by AI training, inference and

cloud-scale workloads, we are executing capacity expansion plans over the next decade. Subject to market demand for our products, the production outlook of the global memory semiconductor industry and general

global economic conditions, we are targeting to double our wafer production capacity within the next five years and continue to expand our capacity beyond such period. We currently expect to invest approximately W 600 trillion for the Yongin complex (which includes the acquisition of land, construction of four fabs, purchase and installation of equipment and

ancillary expenses), with target completion of the first cleanroom of the fourth fab by 2033. Other than W 31 trillion approved for

the construction of the first fab (not including purchase and installation of equipment), the remainder of such investment plan remains subject to further internal determination and approval by our board of directors.

•

On June 29, 2026, we also announced preliminary plans to invest (i) approximately W 100 trillion for the Cheongju complex, which includes

W 80 trillion for the construction of a new NAND flash memory fab (including installation of equipment and ancillary expenses) on land we

currently own with a target opening date of the cleanroom in the first half of 2029, as well as W 20 trillion for the enhancements of advanced

packaging facilities, including construction of the P&T7 advanced packing plant with a target opening date of the cleanroom by the end of 2027 and installation of equipment following such construction and (ii) approximately W 400 trillion for our next-generation complex to be located in the Southwestern region of Korea, with the target opening date subject to further

consideration. The estimated long-term investment amount relating to the Southwestern region includes the acquisition of land, construction of a multi-fab cluster, purchase and installation of equipment and ancillary expenses. Our investment plans

announced on June 29, 2026 remain subject to further internal determination, discussion with the Government and approval by our board of directors. We may delay or not implement some of our capital expenditure plans based on our ongoing assessment

of market conditions. We believe that our efforts to better understand the needs of our customers will enable us to optimally adjust our capital expenditure plans on a timely basis and more effectively respond to changes in market conditions.

•

Our current capacity expansion projects in Korea include:

•

Yongin Semiconductor Cluster: We are currently constructing a multi-fab

cluster in Yongin, Korea. The first fab will consist of six cleanrooms, and we are currently planning to sequentially construct three additional fabs, subject to evolving market conditions of the memory semiconductor industry. We began construction

of our first fab at the Yongin complex in February 2025 with the phase 1 cleanroom of the first fab expected to open in the first quarter of 2027.

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•

Cheongju M15 X : M15X is a next-generation extension fab in

Cheongju, Korea that is dedicated primarily to the production of HBM and high-performance DRAM products. It incorporates EUV lithography and advanced cleanroom automation, serving as a blueprint for future fabs. This site anchors our near-term

ability to meet rapidly increasing HBM demand. We began wafer input in the first quarter of 2026 and expect to gradually ramp up our production volume.

•

Cheongju P&T7 Fab: We are currently constructing an advanced packaging plant in Cheongju, Korea primarily for

packaging AI memory products. We expect to complete construction by the end of 2027.

•

We maintain a disciplined capital allocation policy, targeting a capex-to-sales ratio in the mid-30% range based on a rolling three-year average. This approach is intended to preserve financial flexibility while supporting our

long-term technology leadership.

4.

Investing in U.S.-Based Advanced Packaging Facility to Support AI Memory Demand

•

As part of our strategy to establish a local manufacturing presence in our largest market, we are investing approximately W 5,900 billion to construct our first U.S. production facility in West Lafayette, Indiana. The facility will focus on the advanced packaging of

HBMs for use in AI accelerators, and we are targeting completion of the first cleanroom in the second half of 2028.

•

The Indiana site will also house research and development and reliability evaluation centers, enabling closer collaboration

with North American customers including large cloud service providers, AI chipmakers and system original equipment manufacturers (“OEMs”).

•

This investment enhances geographic diversification of our production facilities and enables us to benefit from federal

subsidies and loans from the U.S. Department of Commerce under the CHIPS Act. We believe that it also enhances joint activities with our key customers in the United States for customized memory solutions, including reduction of product development

lead time and acceleration of commercialization.

5.

Expanding Our Role Beyond that of a Memory Semiconductor Producer in the AI Era

•

To capitalize on the growing opportunities in the AI era, we established a dedicated entity in the United States for making

strategic investments in AI innovators. Established in March 2026, the entity will proactively identify investment opportunities in companies with cutting-edge AI capabilities, with the goal of accelerating

discovery of innovative AI solutions.

•

We plan to commit US$10 billion to the new entity with the funds to be deployed by 2030 on a capital-call basis as

suitable investment opportunities are identified. Our initial focus will be on securing AI architecture and software technologies, with plans to gradually expand investments across the AI ecosystem.

6.

Focusing on Financial Management to Provide Sustainable Shareholder Returns

•

We will continue to focus on strengthening our balance sheet and optimizing cash flows to ensure financial resilience

across market cycles. We plan to pursue prudent working capital management and implement disciplined investment strategies that are strategically aligned with our long-term objectives to balance growth with profitability.

•

We are committed to our shareholder return policy, under which we evaluate dividends and share repurchase programs in light

of our financial performance, market conditions and long-term strategic investment needs. We seek to maintain an appropriate balance between investing in innovations and production capacity expansions for future growth in alignment with our

strategic objectives against returning value to our shareholders.

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•

As part of our efforts to enhance shareholder returns, we retired 15.3 million treasury shares in February 2026, which

represent all of our treasury shares other than those reserved for employee compensation and conversion of outstanding exchangeable bonds. We also increased our dividend payments for 2025 to W 3,000 per share compared to W 2,204 per share for 2024. On April 22, 2026, we declared

a dividend of W 375 per share for the first quarter of 2026 in line with that for the first quarter of 2025. We will continue to monitor our

earnings and cash flow trends while exploring measures such as dividend payments and share buybacks to further enhance shareholder returns, including in the remainder of 2026.

History

In 1983, our predecessor, Hyundai Electronics

Industries Co., Ltd. (“Hyundai Electronics Industries”), entered the memory semiconductor industry with the construction of its first fab in Icheon, Korea. In December 1996, Hyundai Electronics Industries became a public company through

an initial public offering and listing of its common shares on the KRX KOSPI Market. In May 1999, Hyundai Electronics Industries acquired the memory semiconductor business of the LG Group, and such business was subsequently merged into Hyundai

Electronics Industries.

In response to a substantial decline in global DRAM prices as a result of worldwide oversupply, Hyundai Electronics

Industries underwent a corporate restructuring starting in 2001, including divestment of non-core businesses and a restructuring of its debt through debt cancellations, extensions of maturities and reductions

of interest rates as well as a debt-to-equity swap with its creditors. In March 2001, Hyundai Electronics Industries changed its name to Hynix Semiconductor Inc.

(“Hynix Semiconductor”), and the Korea Fair Trade Commission approved its disaffiliation from the former Hyundai Group in August 2001. In February 2012, the former creditors of Hynix Semiconductor sold their remaining interest in us to

SK Telecom Co., Ltd. (“SK Telecom”). Hynix Semiconductor changed its name to SK hynix Inc. in March 2012. As of March 31, 2026, SK square, which was demerged from SK Telecom in 2021, held a 20.5% interest in us.

Products and Applications

We sell a wide variety of DRAM and

NAND flash memory products with various configuration options, architectures and performance characteristics tailored to meet application- and customer-specific needs. We also conduct our foundry business through SK hynix system ic and SK

keyfoundry, our wholly-owned subsidiaries. We acquired SK keyfoundry in August 2022.

The following table sets forth our revenue by

principal product category and the related percentage data for the periods indicated.

Three Months Ended March 31,

Year Ended December 31,

2026

2025

2025

2024

2023

Revenue

%

Revenue

%

Revenue

%

Revenue

%

Revenue

%

(In billions of Won, except for percentages)

DRAM

W

40,659

77.3

%

W

14,037

79.6

%

W

74,904

77.1

%

W

44,732

67.6

%

W

20,769

63.4

%

NAND Flash

11,574

22.0

3,229

18.3

20,690

21.3

19,274

29.1

9,653

29.5

Other Products

343

0.7

373

2.1

1,552

1.6

2,187

3.3

2,344

7.2

Total

W

52,576

100.0

%

W

17,639

100.0

%

W

97,147

100.0

%

W

66,193

100.0

%

W

32,766

100.0

%

DRAMs

DRAMs are a type of random access memory semiconductor and are the highest density and lowest cost per bit memory component generally available for

high-speed digital data storage and retrieval. Sales of DRAMs accounted for 77.3% of our total revenue in the first quarter of 2026 and

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79.6% in the first quarter of 2025, and 77.1% in 2025, 67.6% in 2024 and 63.4% in 2023. We offer a wide range of traditional DRAMs as well as advanced DRAMs for applications with higher

performance requirements. Our advanced DRAMs are primarily used in servers, graphics, mobile, PC and other consumer electronics applications.

Server Memory. Data centers that provide cloud computing services utilize our high-density DRAM memory modules that are

specifically designed for servers. Demand for such products is driven by the growing popularity of analytics applications based on AI and machine learning technologies that require sophisticated big data cloud computing, as well as the build-out of 5G mobile infrastructure utilizing edge computing paradigms that bring computation and data storage closer to the location where they are needed to improve response time and save bandwidth. Our

representative server memory module products are offered in densities ranging from 16 gigabyte (“GB”) to 256 GB in DDR4 and DDR5 configurations.

Graphics Memory. In recent years, the increasing popularity of AI has substantially increased demand for

high-end GPUs that utilize advanced graphic memory products using HBMs. HBMs are advanced memory semiconductors designed to deliver fast data transfers while using less power, making them especially

useful in high-performance applications such as GPUs, AI and high-performance computing. Unlike traditional DRAM, HBM connects multiple vertically stacked memory chips through TSV packaging technology. Typically, HBMs are placed very close to the

processors, allowing a wide data pathway and shorter communication distance. Our representative advanced HBM configuration graphics memory products include HBM3E (generation 3 extension) 8Hi and HBM3E 12Hi.

The increasing popularity of high-resolution online games and 4K and 8K video content streaming and production of online media content and cinematic 3D

motion graphics have also contributed to a steady increase in demand for traditional graphics memory products that are primarily used in GPUs and other graphics cards. Our representative traditional graphics memory products are offered in densities

ranging from 8 gigabit (“Gb”) to 16 Gb in GDDR6 or GDDR7 configurations.

Mobile Memory. Our mobile memory

products are designed to have low-power and high-bandwidth features that are optimized for use in mobile devices such as smartphones and tablets. Although growth in the global sales volume of smartphones has

decreased in the past decade, we believe that increases in memory density per device will continue to contribute to growth in demand for mobile memory products. Our representative mobile memory products are offered in densities ranging from 4 GB to

12 GB in an LPDDR4X configuration, 8 GB to 18 GB in an LPDDR5 configuration and 16GB in LPDDR5T and LPDDR5X configurations that provide faster data-processing speed while consuming less power. We expect the demand for high-density and

high performance mobile memory products to increase in the future, driven by an increase in demand for mobile phones with on-device AI capabilities that we believe will play an increasingly important role as a hub for personal AI applications.

PC Memory. We offer traditional DRAMs that are primarily used in the PC industry. Our representative memory module products are

offered in densities ranging from 4 GB to 32 GB in a DDR4 configuration to 8 GB to 32 GB in a DDR5 configuration that offer higher performance, lower power consumption and better resiliency compared to DDR4. In the past, the introduction of

new or updated Windows operating systems has resulted in the upgrade of PCs, which in turn has increased the demand for traditional DRAMs. We expect the demand for high-density and high performance PC memory products to increase in the future,

driven by an increase in usage of AI applications in work and home PCs.

Consumer Memory. We also offer traditional DRAMs for

use in various consumer electronics devices. We design our consumer memory products to meet the specific requirements of our customers and offer a full lineup of standardized to highly advanced products in various specifications.

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We believe that increasing demand across robotics, mobility and industrial automation will contribute to the continued growth in demand for consumer memory products.

NAND Flash Memory

NAND flash memory

is a non-volatile memory device, which retains memory content even when power is turned off. Sales of NAND flash memory products accounted for 22.0% of our total revenue in the first quarter of 2026 and 18.3%

in the first quarter of 2025, and 21.3% in 2025, 29.1% in 2024 and 29.5% in 2023. In the past, we sold NAND flash memory products principally for use in portable devices with storage needs, such as USB drives and digital still cameras. In more

recent years, the increasing popularity of more advanced smartphones and tablets with multimedia functions as well as increases in consumption of high-resolution content have contributed to growth in demand for NAND flash memory products. In

addition, NAND flash memory-based SSDs, which provide faster and more reliable data access and consume less power compared to hard disk drives, have replaced hard disk drives as the main storage device for laptops and servers. Enterprise use of SSDs

is expected to increase further as cloud computing services offered by data centers and IoT applications with higher storage requirements and real-time data-processing needs continue to evolve.

We manufacture our NAND flash memory products primarily in triple-level cell and quad-level cell formats. In order to more effectively respond to

evolving market trends, we continue to invest in enhancements to our NAND stacking technology, which enables NAND flash memory cells to be stacked vertically in multiple layers, and have been transitioning the mass production of our NAND flash

memory products from utilizing 176 layer technology to 238 and 321 layer technologies. We offer a wide range of NAND flash memory products in various application formats, including eSSD, consumer SSD, UFS, eMMC and MCP. In the SSD market, our

representative SSD products for enterprise customers are offered in densities ranging from 480 GB to 122 TB, and our representative SSD products for retail customers are offered in densities ranging from 128 GB to 2 TB.

In October 2020, we agreed to acquire the NAND flash memory and storage business of Intel, including the NAND flash memory manufacturing facility in

Dalian, China, NAND flash memory and SSD-related intellectual property and research and development personnel. As consideration for the Intel NAND Business Acquisition, we paid US$6.6 billion in December 2021 and US$2.2 billion in March

2025. With the Intel NAND Business Acquisition, we believe that we have enhanced the competitiveness of our storage solution (including eSSDs) capabilities in the rapidly growing NAND flash memory market. We created a subsidiary in the United States

to operate the acquired business under the brand name “Solidigm.” Solidigm utilizes its industry-leading NAND SSD and quad-level cell NAND flash memory technology and manufacturing capability to offer a portfolio of advanced NAND flash

memory solutions, particularly high-end eSSDs.

Other Products and Services

We operate our foundry business through SK hynix system ic and SK keyfoundry, our wholly-owned subsidiaries. Our foundry business primarily produces non-memory semiconductors hat have been designed by our customers. As part of our efforts to expand our foundry business and 8-inch foundry capacity, we acquired SK keyfoundry

in August 2022 for W 576 billion.

In

March 2025, we decided to integrate our CIS business unit into our AI memory operations as part of our strategy to strengthen our competitiveness.

Customers, Sales and Marketing

We have a global customer

base consisting of leading manufacturers and OEMs of consumer electronics products, AI accelerators, communications equipment, PCs, servers and workstations. Our

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two largest customers represented 14.8% and 12.4%, respectively, of our total revenue in the first quarter of 2026 and our largest customer represented 23.9% of our total revenue in 2025. See

note 4 of the notes to the Interim Financial Statements and note 4 of the notes to the Audited Financial Statements, respectively. In addition to establishing a strong long-term customer base, we actively seek to expand our customer base by

targeting emerging markets.

The following table sets forth our revenue by region based on the location of sales entities and the related percentage

data for the periods indicated.

Three Months Ended March 31,

Year Ended December 31,

2026

2025

2025

2024

2023

Revenue

%

Revenue

%

Revenue

%

Revenue

%

Revenue

%

(In billions of Won, except for percentages)

United States

W

33,999

64.7

%

W

12,795

72.5

%

W

66,885

68.8

%

W

41,961

63.4

%

W

15,390

47.0

%

China

12,797

24.3

2,694

15.3

19,136

19.7

15,534

23.5

10,110

30.9

Asia (1)

4,473

8.5

1,258

7.1

7,216

7.4

5,381

8.1

4,297

13.1

Europe

1,128

2.1

449

2.5

1,977

2.0

1,413

2.1

935

2.9

Korea

179

0.3

443

2.5

1,932

2.0

1,904

2.9

2,034

6.2

Total

W

52,576

100.0

%

W

17,639

100.0

%

W

97,147

100.0

%

W

66,193

100.0

%

W

32,766

100.0

%

(1)

Other than China and Korea.

Sales outside of Korea are primarily conducted through our overseas sales subsidiaries, including those located in the United States, Europe, China,

Japan, India, Taiwan, Singapore and Hong Kong. Our sales subsidiaries typically sell directly to our customers. We also rely on semiconductor product distributors depending on the characteristics of the customer base and geographic location. Such

distributors typically carry a wide variety of different products, including our products and those of our competitors, in inventory for onward sale to their customers. Our sales subsidiaries have significantly reduced their dependence on

distributors, relying more on their internal sales and marketing teams to sell directly to our end customers.

In line with the increase in

segmentation within the DRAM market and the growth of applications that require tailored memory solutions, we have focused our sales and marketing activities on expanding our long-term customer base who look to us as their preferred supplier of

advanced memory products. We believe having a diversified portfolio of long-term customers makes us less susceptible to variations in demand in different market segments, especially in the traditional DRAM market. Our customers look for reliability,

scale and timely delivery, and we believe that our close relationships with our strategic customers enable us to anticipate market trends and evolving customer product needs more effectively. The supply arrangements for our products are designed to

take into consideration our ongoing partnerships with key customers. Specific quantities and pricing are typically determined through mutual agreement at the time of purchase, taking into account market conditions and demand.

We manage our accounts receivable and credit exposure to customers by establishing credit limits for each customer in accordance with our internal

credit guidelines. We maintain three general categories of customer accounts:

•

Strategic accounts for global OEMs: Our chief financial officer conducts a comprehensive review of all strategic account

customers at least once each year. Our chief financial officer has discretion to adjust credit limits for all strategic account customers, including downgrades.

•

Core accounts for leading OEMs: Core accounts are monitored, and credit limits adjusted, by the respective core account

managers at our headquarters who report directly to our chief financial officer at least once each year.

•

Local accounts for smaller-scale OEMs and distributors: Local accounts are required to pay in cash and customers are

typically unable to obtain credit in excess of the value of the collateral provided, typically a letter of credit.

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We consider each customer’s current and potential contribution to our overall sales, industry

leadership and product technology as well as other quantitative and qualitative criteria to determine individual credit limits. We also take certain measures, such as factoring arrangements and procurement of insurance for trade receivables, to

protect us from excessive exposure to credit risks. We have not experienced any material problems relating to customer payments in recent years.

Product

Warranty

Despite our quality control efforts, we may ship products that do not fully comply with customer specifications, contain defects or are

otherwise incompatible with their intended uses. Under our general terms and conditions of sale and in accordance with industry practice, we provide a multi-year warranty that is usually limited to repair or replacement of defective items or return

of, or a credit with respect to, amounts paid for such items. From time to time, we may provide more extensive warranty coverage to certain customers.

Investments and Acquisitions

We continually seek out

opportunities to further our strategic objectives, including by making investments and acquisitions, to further solidify our market position as a leading semiconductor company in the world. Such strategic initiatives have increased in response to

the growing diversity and complexity of memory semiconductors and applications, demand for technological enhancements and increasing costs associated with keeping pace with industry developments. We believe that such strategic initiatives will not

only assist in maintaining and growing our presence in existing markets but also provide us with a cost-effective means of accessing new markets, products and technologies.

From time to time, we have acquired minority equity stakes in other industry players to further strengthen our business relationships and may do

so again in the future. For example, in June 2018, we participated as a member of the Bain Consortium in its purchase of a stake in Kioxia from Toshiba Corporation. As a member of the Bain Consortium, we invested W 2,637 billion for an indirect limited partnership interest in SPC 1, which in turn holds an equity interest in Kioxia. In addition, we invested W 1,279 billion to acquire a convertible bond issued by a second special purpose company, SPC 2, which is convertible into an approximately 15.0%

equity interest in SPC 2. SPC 2 in turn holds an equity interest in Kioxia. As of March 31, 2026, the book value of our investment in SPC 1 was

W 6,616 billion, and the book value of our investment in the convertible bond issued by SPC 2 was W 13,609 billion, which are accounted for as financial assets measured at fair value through profit or loss. In June 2026, SPC 1 completed the sale of all of its remaining equity interest

in Kioxia.

We may also pursue acquisitions of complementary businesses and technologies rather than internally develop similar businesses or

technologies.

Intel NAND Business Acquisition

In October 2020, we agreed to acquire the NAND flash memory and storage business of Intel, including the NAND flash memory manufacturing facility in

Dalian, China, NAND flash memory and SSD-related intellectual property and research and development personnel. As consideration for the Intel NAND Business Acquisition, we paid US$6.6 billion in December 2021 and US$2.2 billion in March

2025. The Chinese State Administration for Market Regulation granted a conditional business combination approval for such acquisition with certain conditions, including the obligation to maintain a reasonable pricing policy and production level and

support the entry of third-party competitors in the Chinese eSSD market for five years from December 2021. Given our current outlook for sustained strong demand for NAND flash memory products throughout 2026, we expect the obligation to maintain a

reasonable pricing policy will limit our ability to significantly increase the price of our NAND

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flash memory products sold in China in 2026. We may apply for a waiver of such conditions after expiration of the five-year period, and the Chinese State Administration for Market Regulation

would then determine whether to approve the waiver based on the competitive landscape of the Chinese eSSD market at that time, among others.

We

believe that the Intel NAND Business Acquisition has enhanced the competitiveness of our storage solution (including eSSDs) capabilities in the rapidly growing NAND flash memory market. We created a subsidiary in the United States to operate the

acquired business under the brand name “Solidigm.” Solidigm utilizes its industry-leading NAND SSD and quad-level cell NAND flash memory technology and manufacturing capability to offer a portfolio of advanced NAND flash memory

solutions, particularly high-end eSSDs.

SK keyfoundry Acquisition

As part of our efforts to expand our foundry business and 8-inch foundry capacity, we acquired SK keyfoundry in August 2022 for W 576 billion.

Competition

We operate in an intensely competitive market, which has been characterized by the erosion of selling prices, frequent product enhancements from changes

in technology and relatively short product life cycles. During the past decade, the memory semiconductor industry has experienced consolidation as well as the formation of strategic alliances. Our major competitors in the DRAM market include Samsung

Electronics, Micron Technology and CXMT. Our major competitors in the NAND flash memory market include Samsung Electronics, Kioxia, Micron Technology and Sandisk.

The competitiveness of our principal product lines are based on the following factors:

•

pricing;

•

manufacturing costs, yields and product availability;

•

product performance, quality and reliability;

•

successful and timely development of new products and manufacturing processes;

•

ability to tailor products to specific designs required by customers;

•

ability to deliver products in large volumes on a timely basis;

•

ability to meet changes in customer demand;

•

marketing and distribution capability;

•

customer service, including technical support; and

•

brand recognition and financial strength.

Entry into the memory semiconductor industry requires substantial capital expenditures and significant technological and manufacturing expertise.

Although we believe that our production capabilities, experience and technological expertise provide “time to market” and economies of scale advantages, we face increasing competition from emerging companies that may significantly expand

the scale of their operations, as well as from potential repositioning and expansion by storage solution companies and customers that may develop memory solutions in-house. In addition, in recent years,

various industrialized countries have taken measures to promote the development and expansion of high-technology industries, which may intensify the competitive landscape of the semiconductor industry. For example, in August 2022, the U.S.

Government enacted the CHIPS Act, which provides

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federal aid to promote emerging industries in the United States, including measures to strengthen the United States’ domestic semiconductor manufacturing capabilities. Such efforts may

incentivize U.S. semiconductor companies to invest in the expansion of their production capabilities. As part of its efforts to promote a robust semiconductor supply chain, the U.S. Government has also initiated the Chip 4 Alliance, a new U.S.-Asian

semiconductor partnership among the United States, Korea, Japan and Taiwan. In recent years, such an alliance has led China to take measures to more actively develop its semiconductor manufacturing capabilities, which may further intensify

competition in the global semiconductor industry.

Equipment and Suppliers

Like other memory semiconductor manufacturers, we also depend on a limited number of manufacturers in the Netherlands, the United States and Japan for

our key equipment. The principal pieces of equipment we use to manufacture our semiconductors include steppers, scanners, tracks, etchers, furnaces, wet stations, implanters, chemical vapor deposition equipment, metrology inspection equipment and

chemical mechanical planarization equipment. We also seek to maintain equipment with the ability to test a variety of different memory semiconductors. In addition to specialized testing equipment, we maintain a variety of other types of equipment

which are also used in the testing process, such as automated handlers and probers (with special handlers for wafer probing), reformers and PC workstations for use in software development.

We generally seek to obtain testing equipment with similar functionality from various vendors. However, our purchases of

high-end equipment have historically been limited to several manufacturers. In periods of high market demand, the lead times from order to delivery of such equipment can be over one year. We seek to manage

this process through the early reservation of appropriate delivery slots and constant communication with our equipment suppliers.

Raw Materials and Supplies

The raw materials used in our semiconductor fabrication process include polished silicon wafers, chemicals, metals such as titanium and

aluminum, gases and subsidiary materials. Wafers are the most significant raw material in terms of cost, representing approximately 10% of our cost of sales in recent years. The other principal raw materials used in the assembly of our products

include substrates, gold wire, wafer backside lamination tape and printed circuit boards. We source most of our raw materials, including wafers, from suppliers in Korea, Japan and the United States. In addition, our manufacturing processes

also require a significant amount of electricity and purified water. In order to obtain reliable electricity and water supplies, we maintain back-up power and water storage facilities.

We are not dependent on any one supplier for a substantial portion of our raw material requirements for fabrication and packaging, and we believe that

we generally have access to alternative sources of supply for our principal raw materials. However, from time to time, we and other semiconductor manufacturers have experienced shortages and increases in lead times for the delivery of raw materials,

which in turn have resulted in interruptions in production and delivery of products from time to time. To minimize the risk of significant interruptions to supplies of our principal raw materials, we have entered into multi-year supply agreements

with our key material suppliers and plan to enter into similar agreements with other major suppliers, as well as diversify the geographic location of key international suppliers and increase sourcing from suppliers in Korea.

Our purchasing strategy prioritizes the capability of a supplier to meet our development and production requirements. Our principal raw material

suppliers are selected primarily based on the technical requirements established by our engineers, quality control staff and purchase staff. Our purchases are generally planned at the end of the year based on the

non-binding forecasts provided by

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our customers. To improve material quality, we have also undertaken regular information exchange and joint research and product development with strategic suppliers of raw materials.

Manufacturing

Manufacturing Processes

The manufacturing process for DRAMs involves etching a hole into the substrate. The front-end production of a

semiconductor begins with the mask-making process, in which each layer of the pattern of the circuit is duplicated on a photographic negative, known as a mask, by an electron beam generator. Next, raw silicon wafers are oxidized and modified to form

transistors, and semiconductor materials are applied to the wafer in multiple layers through a series of patterning, etching, deposition and implantation processes. Each of these processes is conducted in a highly controlled, clean environment. Dust

particles, equipment errors, minute impurities in materials or defects in photo masks cause wafers to be discarded or chips to be non-functional.

The back-end production process involves inspection of individual semiconductors, called “chips” or

“dies.” Chips that fail this test are either scrapped or repaired by laser trimming. A wafer is then cut into individual dies. Good chips are connected to a conductive lead frame through wire bonding and the bonded semiconductors are

then encapsulated using a plastic mold compound or a ceramic casing. These packaged semiconductors are fully tested for functionality and reliability using specialized testing equipment. DRAMs in HBM configurations are manufactured by stacking

multiple memory chips vertically and connected using TSV packaging technology.

The manufacturing process for NAND flash memory products is

substantially similar to that of DRAMs, but does not include the capacitor manufacturing step. Consequently, NAND flash memory production, as compared to that for DRAMs, results in increased efficiency in utilizing fab space, reduced yield risk and

reduced turn-around time.

Due to the competitive nature of the memory semiconductor market, manufacturers are continually seeking the most optimal

production methods. The five most important determinants of competitive advantage in production are:

Yield . Yield means the

percentage of “good dies” per wafer. Manufacturing processes and quality control need to be optimized to generate maximum yield.

Line W idth/ L ayer . Line width is the minimum feature size or distance

between two features (lines) on a chip. Transitioning to finer line-widths is important in order to increase the number of dies per wafer and eventually reduce cost per bit. Leading manufacturers are currently manufacturing using 1a, 1b and 1c nm

class technology for DRAMs and 176/238/321 layers technology for NAND flash memory products. Different manufacturers define line width differently and there may be slight variations in feature size for any given line-width process technology.

Wafer Size. The number of chips produced depends on the technology used and the size of the wafer. Typically, semiconductor

manufacturers, including us, manufacture using wafers with a diameter of 12 inches.

Density . Density is measured by the number

of memory cells per chip. For a given wafer size, assuming the same process technology, doubling the density doubles the area used on the wafer and the price received upon selling the chip. The assembly and final testing costs remain the same.

Cycle Time. Semiconductor manufacturing is composed of several hundred wafer processing steps. As more advanced technology such as finer

line width is adopted, additional manufacturing process steps are required, which results in lengthened cycle time. Controlling the level of cycle time is becoming more critical in order to maintain competitiveness.

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Manufacturing Facilities

We own and operate fabs located in Icheon and Cheongju, Korea and Wuxi and Dalian, China. The Icheon facility is located approximately 80 kilometers from

Seoul. The Cheongju facility is located approximately 140 km from Seoul. The Wuxi facility is located approximately 140 kilometers from Shanghai. The Dalian facility, which was purchased from Intel in December 2021, is located in the

third-most populous city of Northeast China on the southern tip of the Liaodong peninsula.

The following table sets forth information regarding our

fabs as of March 31, 2026:

Fab

Product Category

Commencement of Operations

Icheon, Korea

M10

DRAM

Second quarter of 2005

M14

DRAM

Third quarter of 2015

M16

DRAM

First quarter of 2021

Cheongju, Korea

M11

NAND flash

Second quarter of 2008

M12

NAND flash

Second quarter of 2012

M15

NAND flash

Fourth quarter of 2018

Wuxi, China

C2

DRAM

Third quarter of 2006

C2F

DRAM

Second quarter of 2019

Dalian, China

Dalian

NAND

Purchased from Intel in December 2021 (1)

(1)

For a discussion of the Intel NAND Business Acquisition, see “Business — Investments and Acquisitions —

Intel NAND Business Acquisition.”

Our fabs operate at full utilization, 365 days a year, 24 hours a day on a three-shift,

eight hours per shift basis, providing capacity to support expected growth while maintaining operational flexibility. Maintenance at each facility is performed concurrently with production. Our fabs are staffed with engineers, technicians and other

employees whose duty is to monitor design and production processes to ensure high quality. These employees include line inspectors who work with members of the production staff to conduct examination, testing and fine-tuning of products during the

production process. Quality control personnel are involved from initial design to production. We may periodically adjust our production capacity based on market demand for our products, the production outlook of the global memory semiconductor

industry as well as general global economic conditions.

We also own and operate assembly and testing facilities for

back-end processing of our products in Icheon and Cheongju, Korea and Chongqing, China. We also utilize a factory operated by HITECH Semiconductor in Wuxi, China, a joint venture company established by us and

Wuxi Taiji Industry Co., Ltd. (“Wuxi Taiji Industry”). As of March 31, 2026, we held a 45.0% interest in HITECH Semiconductor.

As part of our efforts to reduce unit manufacturing costs, improve manufacturing yields and enhance our profitability, we periodically phase out the

operations of our older fabs or upgrade them to new fabs that implement more advanced processing technologies. In addition to regular maintenance and enhancement of existing fabs, in October 2025, we opened the cleanroom of a new extension fab

called “M15X” in Cheongju, which we plan to utilize to further increase our production capacity of next-generation DRAMs. We began wafer input at the M15X in the first quarter of 2026 and expect to gradually ramp up our production

volume. As part of our efforts to ensure our long-term competitiveness, we have also announced initiatives to construct an integrated industrial complex in Yongin, Korea for our next generation of fabs and research and development facilities. We

began construction of our first fab at the Yongin complex in February 2025 with the phase 1 cleanroom of the first fab expected to open in the first quarter of 2027. We plan to finance the construction of the Yongin complex primarily through cash

generated from our operating activities. We are currently constructing

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an advanced packaging plant called “P&T7” in Cheongju and expect to complete construction by the end of 2027. In December 2024, we also announced plans to build an advanced

packaging plant in Indiana, United States, and expect to commence operations in the second half of 2028. Under the CHIPS Act, upon meeting certain project milestones, we may receive federal subsidies of up to US$458 million and loans of up to

US$570 million from the U.S. Department of Commerce in connection with the Indiana complex. We plan to finance the remaining costs related to construction of the Indiana complex primarily through cash generated from our operating activities.

Our cash outflows for acquisitions of property, plant and equipment amounted to W 7,657 billion in the first quarter of 2026 and W 6,284 billion in the first quarter of

2025, and W 27,519 billion in 2025,

W 15,946 billion in 2024 and

W 8,325 billion in 2023. In 2026, we plan to increase our capital expenditures considerably compared to 2025. We periodically adjust

our capital expenditure plans based on market demand for our products, the production outlook of the global memory semiconductor industry and general global economic conditions. We may delay or not implement some of our announced capital expenditure

plans based on our assessment of such market conditions.

The following table summarizes our planned major capital expenditures projects as of

March 31, 2026:

Project

Expected

Cleanroom

Open Date (1)

Total Expected

Cost of Project

(In billions of Won)

Phase 1 of fab 1 at the Yongin complex, Korea

First quarter of 2027

W

9,412

(2)

Phases 2 to 6 of fab 1 at the Yongin complex, Korea

End of 2030

21,608

(2)

P&T7 (advanced packing plant) in Cheongju, Korea

End of 2027

19,000

(3)

Advanced packaging plant in Indiana, United States

Second half of 2028

5,900

(3)

(1)

Not including installation of equipment.

(2)

Fab construction costs only and not including equipment and ancillary costs.

(3)

Including equipment and ancillary costs.

Research and Development

We compete in an industry

characterized by rapid technological changes. Our research and development activities focus on maintaining technological leadership in advanced memory solutions through continual investment in next-generation semiconductor technologies and product

development aligned with the growth of AI and other high-performance computing markets. Accordingly, we have made, and expect to continue to make, significant investments in our research and development activities. Our main research and development

facilities are located in Icheon, Korea and we engage in various research and development activities, including in the areas of advanced process development, circuit and layout design, enhancement of manufacturing processes, process integration,

photo mask design and development, physical and electrical analysis and simulation and modeling. We incurred expenditures on research and development of

W 2,550 billion in the first quarter of 2026 and

W 1,515 billion in the first quarter of 2025, and

W 6,733 billion in 2025,

W 4,854 billion in 2024 and

W 4,101 billion in 2023. Of such amounts, we capitalized development costs of W 99 billion in the first quarter of 2026 and W 43 billion in the first quarter of 2025,

and W 267 billion in 2025,

W 418 billion in 2024 and

W 351 billion in 2023 as intangible assets.

We have entered into a number of licensing and cross-licensing agreements with other manufacturers pursuant to which we obtain access to advanced

technologies for incorporation into our own manufacturing processes. See “— Patents and Licensed Technologies.”

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Patents and Licensed Technologies

Both our ability to develop our own technologies as well as our access, through licenses or other arrangements, to technologies of other leading

international companies are important to our ability to design and manufacture competitive products. Our success depends in part on our ability to obtain patents, licenses and other intellectual property rights relating to our products. As of

March 31, 2026, on a standalone basis, we owned 4,823 patents, 130 trademarks, 18 copyrights and seven design rights in Korea and 16,680 patents, 263 trademarks, one copyright and four design rights outside Korea. Our patents are related

primarily to semiconductors and semiconductor manufacturing processes.

We also license a number of patented technologies and processes from third

parties under cross-licensing, technical assistance and other agreements. These agreements generally grant us a non-exclusive license to manufacture products in return for payment of royalties or a

cross-license to manufacture and sell certain products both in Korea and overseas during a fixed but usually renewable term. We consider our technical assistance and licensing agreements to be important to our business and believe that we will be

able to negotiate additional licenses as needed and renew existing agreements on commercially reasonable terms that will not adversely affect our ability to use the related technology.

Environmental Matters

Our manufacturing operations use and

generate a variety of chemicals and gases, and we are subject to certain regulations relating to the use, storage, discharge and disposal of such chemicals and gases and other emissions and waste. We are vigorous in our efforts to engage in

environmentally responsible management of, and to protect the environment from damage resulting from, our operations. We believe that our levels of pollution control are higher than those mandated by Korean and Chinese government standards. We

employ licensed environmental specialists for various environmental areas, including air quality, water quality and toxic materials. We also operate a comprehensive environmental management system to eliminate or minimize the possible negative

effects of our manufacturing processes on the environment and employees. We educate and train our employees in environmental issues and the proper handling of hazardous substances and requires adherence to corporate guidelines on environmental

protection measures.

Our ESG Management Committee, chaired by our Chief Executive Officer, serves as the core executive-level decision-making body

for our ESG management policies. Key matters discussed by such committee are reported upward to the Sustainable Management Committee under the Board, which provides company-wide oversight and final endorsement of ESG strategy, targets and

performance.

We undergo periodic internal reviews as well as inspection by external inspectors in accordance with ISO 14001 standards to monitor

the operation and maintenance of our environmental management system. In order to continue certification, we are required to meet annual requirements in environmental policy, compliance, planning, management, structure and responsibility, training,

communication, document control, operational control, emergency preparedness and response, record keeping and management review.

We also undergo

periodic internal reviews as well as inspection by external inspectors in accordance with ISO 45001 standards to monitor the operation and maintenance of our occupational health and safety management systems.

Insurance

We maintain property insurance policies with

reputable insurance companies covering our equipment, manufacturing facilities, research and development facilities and inventory. These

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insurance policies cover losses due to fire, earthquake, flood and other natural disasters. We also maintain liability and casualty insurance policies that cover various incidents, including

work-related injuries to employees, product liability, environmental pollution liability and director and officer liability. We consider our insurance coverage to be consistent with market practice in the Korean semiconductor industry.

Employees

As of March 31, 2026, we, on a stand-alone

basis, had 35,929 full-time employees, and, on a consolidated basis, had 47,639 full-time employees, including 35,321 in Korea, 11,333 in China and 591 in the United States. As of March 31, 2026, we, on a stand-alone basis, had 94

temporary employees and consultants. Our success depends to a significant extent upon our ability to attract, retain and motivate qualified employees. Such employees, particularly engineers, production managers and technicians in the memory

semiconductor industry, are in high demand, and we devote significant resources to identifying, hiring, training, successfully integrating and retaining these employees. We seek to leverage the SK Group’s brand-recognition to attract top-tier talent from both Korea and outside Korea and strive to maintain an entrepreneurial, productive and innovation-focused culture.

We grant annual increases in basic wages and pays periodic bonuses. We also provide benefits such as medical insurance, employment insurance and

workers’ compensation to our employees as well as providing fringe benefits including housing loans, periodic health checkups and the provision of childcare and recreational facilities. In addition, as of March 31, 2026, we had

collective bargaining agreements with three labor unions, the two largest of which represented a total of 15,684 employees. Our latest collective bargaining agreements with such labor unions came into effect in April 2024 for a two-year term. We also engage in wage negotiations each year, which are retroactively applied for that year. In addition, we operate a profit-sharing incentive program linked to our operating results, which utilizes

10% of our operating profit as determined under K-IFRS. We have not experienced a strike or other material work stoppage in recent years. We generally consider our relations with our employees to be good.

Our full-time employees in Korea, including executive officers as well as non-executive employees, are subject

to a pension insurance system pursuant to the National Pension Act of Korea, under which we make monthly contributions to the pension accounts of the employees, and upon retirement, such employees are paid from their pension accounts. In

accordance with the National Pension Act of Korea, we contribute an amount equal to 4.75% of an employee’s standard monthly wages, and each employee contributes 4.75% of his or her standard monthly wages into his or her personal pension

account, as of the date of this prospectus. Such rates, however, are scheduled to gradually increase to 6.5% by 2033. We also operate defined benefit and defined contribution retirement pension plans for our employees. For further information

regarding our obligations under our retirement pension plans, see Note 17 of the notes to the Interim Financial Statements.

Litigation and Regulatory

Proceedings

We are subject to a number of claims and are a party to a number of legal and regulatory proceedings, including those that are

incidental to the normal course of our business.

ITC Investigation in the United States

On February 17, 2026, as supplemented on February 25, 2026 and March 16, 2026, MonolithIC filed a complaint with the ITC naming us and Kioxia as

respondents, alleging among others that certain of our DRAM and NAND flash memory products infringe seven patents owned by MonolithIC. The complaint requested that the ITC institute an investigation pursuant to Section 337 of the Tariff Act of

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1930 and issue a limited exclusion order and cease and desist orders. On March 26, 2026, the ITC announced its decision to institute an investigation. Subsequently, the ITC set August 30, 2027 as

the target date for the completion of the investigation. In addition, on May 11, 2026, as supplemented on May 28, 2026 and June 1, 2026, MonolithIC filed a second complaint with the ITC naming us and Kioxia as respondents, alleging among others

that certain of our DRAM and NAND flash memory products infringe an additional five patents owned by MonolithIC and seeking relief similar to those sought in the above-described initial complaint. On June 10,

2026, the ITC announced its decision to institute an investigation. The target date for the completion of the second investigation has not been set by the ITC. The investigations are ongoing, and we are currently unable to predict their outcomes.

Litigation Related to the Construction of our Indiana Facility

In June 2025, three residents of West Lafayette, Indiana filed lawsuits in the Tippecanoe County Circuit Court seeking to void a re-zoning ordinance

adopted by the West Lafayette City Council. The ordinance re-zoned certain areas from residential to industrial use to facilitate the construction of our advanced packaging plant in Indiana, United States. See “— Manufacturing —

Manufacturing Facilities” for a discussion of our plan to build such plant. The plaintiffs allege, among other things, that the re-zoning ordinance lacks a rational basis, was procedurally deficient and violated open door laws. We and the

other defendants have moved for summary judgment, contending that the plaintiffs lack standing, among others. In May 2026, the court denied the defendants’ motion for summary judgment on the standing issue without prejudice, leaving the matter

to be addressed at trial. The plaintiffs have also moved for summary judgment on certain issues and have sought a preliminary injunction to halt construction of the facility. Additional hearings on the outstanding motions are scheduled through the

fall of 2026, and a bench trial on the merits has been scheduled for December 2026. The litigation is ongoing, and we are currently unable to predict its outcome.

Antitrust Litigation in the United States

On June 25, 2026, a putative antitrust class action suit was filed in the U.S. District Court for the Northern District of California. The case was

brought by indirect purchasers of conventional DRAM products against SK hynix Inc., SK hynix America Inc. and two other memory semiconductor manufacturers alleging that the defendants conspired to restrict the supply of and inflate prices for

conventional DRAM beginning in approximately October 2022, through coordinated production cuts, capacity shifts toward HBM production, product-line exits and other allegedly coordinated conduct. Plaintiffs seek injunctive relief and monetary damages

under various federal and state antitrust and related business practice laws. While we intend to defend this suit vigorously, the case is in its initial stages, and as such, we are unable to reasonably evaluate the outcome of the action or estimate

the potential loss or range of loss, if any.

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MANAGEMENT

Board of Directors

The Board has ultimate responsibility for

the management of our business affairs. We are required to have six or more directors but the number of directors may not exceed ten directors, and independent directors must constitute a majority of the total number of directors in accordance with

our articles of incorporation. All directors are required to be elected by an affirmative vote of a majority of shares present at the general meeting of shareholders, provided that such affirmative votes may not be less than one-fourth of the total issued shares. In the election or removal of any Audit Committee member, shareholders who own voting shares in excess of 3% of the total voting shares may not exercise their voting rights

with respect to such excess shares under the KCC. The term of office of a director will expire upon the close of the third ordinary general meeting of shareholders to be convened after his or her inauguration.

Independent directors are non-standing directors elected from among those persons who do not have a special

relationship with us that would interfere with the exercise of their independent judgment. The Independent Director Candidate Nomination Committee recommends the candidates for independent directors to the general meeting of shareholders. Our

articles of incorporation require that candidates for independent directors have professional knowledge or experience in management, economy, law or relevant technologies and satisfy the eligibility requirements under the KCC and other relevant laws

and regulations. Pursuant to the KCC, as amended on July 22, 2025, with effect from July 23, 2026, a listed company is required to appoint independent directors (i.e., independent directors who perform their duties independently from

executive directors and other inside directors) in a number equal to at least one-third of the total number of directors. In addition, independent directors must satisfy qualification requirements that are

more stringent than those applicable to independent directors and will be disqualified from office if they no longer meet such requirements. A listed company must appoint independent directors through an independent director nominating committee

composed of a majority of independent directors. Pursuant to the Addenda to the amended KCC, independent directors appointed under the KCC prior to the amendment will be deemed independent directors under the amended KCC; provided, however, that a

listed company must comply with the qualification requirements applicable to independent directors under the amended KCC within one year from the effective date of the amendment. We intend to comply with the foregoing requirements prior to the

effective date of the amended provisions.

Executive directors are our directors who also serve as our executive officers, and they also comprise

the senior management, or the key personnel who manage us.

The representative director is a director elected by an affirmative vote of a majority

of the directors present at a meeting of the Board where a majority of directors in office are present and is empowered to make decisions regarding our day-to-day

business as our chief executive officer. Nohjung Kwak serves as our representative director.

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Directors and Senior Management

Directors

The table below sets forth

information regarding our directors as of the date of this prospectus. The business address of each of our directors and senior management is at our registered office at 2091, Gyeongchung-daero, Bubal-eup, Icheon-si, Gyeonggi-do 17336, Korea.

Name

Position

Age

First Elected

End of

Current Term

Nohjung Kwak

Executive director, Chief Executive Officer and President

61

March 2022

March 2028

Seon Yong Cha

Executive director, President and Head of Research and Development

59

March 2026

March 2029

Yong Ho Jang

Non-executive director

62

March 2024

March 2027

Jung Kyu Kim

Non-executive director

50

March 2026

March 2029

Deog Kyoon Jeong

Independent director

68

March 2023

March 2029

Zeong Won Kim

Independent director

58

March 2023

March 2029

Donghoon Yang

Independent director

68

March 2024

March 2027

Hyun Chul Sohn

Independent director

65

March 2024

March 2027

Seung Beom Koh

Chairperson of the Board; Independent director

64

March 2026

March 2029

Gahng Gook Choi

Independent director

57

March 2026

March 2029

Brief descriptions of the experience of each member of the Board are set forth below:

Mr. Nohjung Kwak was appointed to the Board on March 30, 2022. He currently serves as our President and Chief Executive Officer. Mr. Kwak has

an undergraduate degree in 1989, a master’s degree in 1991 and a Ph.D. in 1994 from Korea University. He also serves as the Chairman of the Semiconductor Committee at the SUPEX Council at the SK Group. He previously served as the President of

our Manufacturing and Technology Division and the Head of Technology and Development of our Cheongju fab.

Mr. Seon Yong Cha was appointed to

the Board on March 25, 2026. He currently serves as our President and Head of Research and Development. Mr. Cha has an undergraduate degree in 1991, a master’s degree in 1995 and a Ph.D. in 2000 in Electrical Engineering from Korea

Advanced Institute of Science & Technology. He previously served as the Head of our DRAM Development Team.

Mr. Yong Ho Jang was appointed

to the Board on March 27, 2024. He currently serves as our Non-executive Director. Mr. Jang has an undergraduate degree in 1989 from Seoul National University. He is currently the President and Chief Executive Officer of SK Inc. He previously

served as the President and Chief Executive Officer of SK siltron Co., Ltd.

Mr. Jung Kyu Kim was appointed to the Board on March 25, 2026. He

currently serves as our Non-executive Director. Mr. Kim has an undergraduate degree in 2002 from Korea University and a Master of Business Administration degree in 2017 from the University of Pennsylvania. He is currently the Chief Executive

Officer of SK square. He previously served as Head of the Secretariat at SK Inc., Head of the Strategy Support Team at the SUPEX Council at the SK Group and Team Leader of the U.S. branch of SK Planet.

Mr. Deog Kyoon Jeong was appointed to the Board on March 29, 2023. He currently serves as our independent director. Mr. Jeong has an

undergraduate degree in 1981 and a master’s degree in 1984 from Seoul National University, and a Ph.D. in 1989 from the University of California, Berkeley. He is currently an Emeritus Professor of Electrical and Computer Engineering at Seoul

National University. He previously served as a Professor of Electrical and Computer Engineering at Seoul National University and the Chair of the Inter-University Semiconductor Research Center at Seoul National University.

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Ms. Zeong Won Kim was appointed to the Board on March 29, 2023. She currently serves as our

independent director. Ms. Kim has an undergraduate degree in 1991 from Ewha Womans University and a Master of Business Administration degree in 2003 from the University of Chicago. She previously served as Managing Director at Citibank,

and the Deputy Head of the Financial Planning Group at Citibank Korea.

Mr. Donghoon Yang was appointed to the Board on March 27, 2024. He

currently serves as our independent director. Mr. Yang has an undergraduate degree in 1982 and a Ph.D. in 1996 from Sungkyunkwan University, a master’s degree from the University of Iowa in 1990 and a Ph.D. in 1999 from Syracuse

University. He is currently a Professor Emeritus of Accounting at Dongguk University. He previously served as a Distinguished Professor at the Korean Accounting Association and Samil PricewaterhouseCoopers.

Mr. Hyun Chul Sohn was appointed to the Board on March 27, 2024. He currently serves as our independent director. Mr. Sohn has an

undergraduate degree in 1984 and a master’s degree in 1986 from Seoul National University, and a Ph.D. in 1993 from the University of California, Berkeley. He is currently a Professor of Materials Science and Engineering at Yonsei University.

He previously served as a semiconductor researcher at SK hynix.

Mr. Seung Beom Koh was appointed to the Board on March 25, 2026. He currently

serves as our independent director. Mr. Koh has an undergraduate degree in 1985 and a master’s degree in 1988 from Seoul National University, and a Ph.D. in 1995 from American University. He is currently a Senior Advisor at Bae, Kim & Lee

LLC. He previously served as Chairman of the FSC.

Mr. Gahng Gook Choi was appointed to the Board on March 25, 2026. He currently serves as our

independent director. Mr. Choi has a Bachelor of Laws degree in 1996 from Seoul National University, a Master of Laws degree in 1998 from Yale University and a Master of Laws in Taxation degree in 2001 from New York University. He is currently a

Senior Advisor at Gaon Law Group. He previously served as a Managing Director at Ernst & Young and a Partner at PricewaterhouseCoopers.

Senior Management (Other than Directors)

The table below sets forth information regarding our senior management, other than our directors, as of the date of this prospectus. The business address

of each of our directors and senior management is at our registered office at 2091, Gyeongchung-daero, Bubal-eup, Icheon-si,

Gyeonggi-do 17336, Korea.

Name

Position

Age

Responsibility and Division

Tae Won Chey

Chairman

65

Visionary Stewardship

Ju Seon Kim

President

59

Head of AI Infra

Hyunjong Song

President

60

Head of Corporate Center

Sung Jin Yeum

President

53

Head of Communication

Hyun Ahn

President

58

Head of Development

Sangrak Lee

Vice President

58

Head of Global Sales

Jong Hwan Kim

Vice President

53

Head of DRAM Development

Woo Pyo Jeong

Vice President

58

Head of NAND Development

Chun Sung Kim

Vice President

52

Head of Solution Development

Byoungki Lee

Vice President

54

Head of Global Production

Jaesoon Kwon

Vice President

56

Head of Manufacturing and Technology

Woojin Choi

Vice President

54

Head of Package and Test

Choonhwan Kim

Vice President

59

Head of Global Infra

Donggyu Kim

Vice President

53

Head of Corporate Strategy and Planning

Woo Hyun Kim

Vice President

59

Head of Finance and Chief Financial Officer

Youjong Kang

Vice President

55

Head of Procurement

Jin Soo Kang

Vice President

58

Head of Growth Strategy

Bogun Jin

Vice President

51

Head of Corporate Culture

Jung San Choi

Vice President

59

Head of Global Quality and Reliability Assurance

Seungyong Doh

Vice President

53

Head of Digital Transformation

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Name

Position

Age

Responsibility and Division

Sunggon Jin

Vice President

57

Head of Infra Tech. Center

Dong Hui Son

Vice President

55

Principal Accounting Officer

Hyung Mo Yang

Vice President

51

Head of Financial Management

Seonghwan Park

Vice President

57

Head of Investor Relations

Brief descriptions of the experience of each senior management are set forth below:

Mr. Tae Won Chey currently serves as our Chairman, providing guidance with respect to our long-term vision. He also serves as the Chairman of the SK

Group, Representative Director and Chairman of SK Inc., and Chairman of SK Telecom and the Korea Chamber of Commerce and Industry.

Mr. Ju Seon Kim

currently serves as our President and Head of AI Infra, overseeing global market and marketing strategies. Mr. Kim previously served as our Head of Global Sales and Marketing.

Mr. Hyunjong Song currently serves as our President and Head of Corporate Center. Mr. Song previously served as Chief Strategy Officer at SK Telecom

Co., Ltd.

Mr. Sung Jin Yeum currently serves as our President and Head of Communication, leading corporate communication and corporate relations.

He previously served as Head of the Business Support Office at the Korea Chamber of Commerce and Industry.

Mr. Hyun Ahn currently serves as our

President and Head of Development, overseeing the overall development of memory and storage products. Mr. Ahn previously served as our Head of Solution Development.

Mr. Sangrak Lee currently serves as our Vice President and Head of Global Sales, managing global sales and customer relationships. Mr. Lee previously

served as our Head of the Americas Region.

Mr. Jong Hwan Kim currently serves as our Vice President and Head of DRAM Development, managing DRAM

product and technology development. Mr. Kim previously served as our Head of Research and Development Technology Development.

Mr. Woo Pyo Jeong

currently serves as our Vice President and Head of NAND Development, overseeing NAND product and technology development. Mr. Jeong previously served as our Head of NAND Design and previously held NAND design positions at Intel Corporation.

Mr. Chun Sung Kim currently serves as our Vice President and Head of Solution Development, managing solution product and technology development. Mr. Kim

previously served as our Head of eSSD Product Development.

Mr. Byoungki Lee currently serves as our Vice President and Head of Global Production,

overseeing global production operations including the Yongin Cluster. Mr. Lee previously served as our Head of Manufacturing and Technology and was responsible for the Cheongju fab and the M15X project.

Mr. Jaesoon Kwon currently serves as our Vice President and Head of Manufacturing and Technology, leading process technology and manufacturing

innovation. Mr. Kwon previously served as our Head of Manufacturing and Technology and was responsible for Wuxi production technology.

Mr. Woojin

Choi currently serves as our Vice President and Head of Package and Test. Mr. Choi previously served as an officer of Package and Test.

Mr.

Choonhwan Kim currently serves as our Vice President and Head of Global Infra, managing infrastructure and manufacturing facilities of the Indiana fab project. He previously served as our Head of the Icheon fab and the Cheongju fab, respectively,

and was responsible for the research and development process.

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Mr. Donggyu Kim currently serves as our Vice President and Head of Corporate Strategy and Planning,

managing our mid-to-long-term growth strategies and business portfolios. He previously served as our Head of Corporate Strategy and was responsible for business analysis.

Mr. Woo Hyun Kim currently serves as our Vice President and Head of Finance and Chief Financial Officer, overseeing the finance function including

treasury, accounting and investor relations. He previously served as Head of Corporate Center at SK Broadband Co., Ltd. and Head of Strategy and Planning Group at SK Telecom Co., Ltd.

Mr. Youjong Kang currently serves as our Vice President and Head of Procurement, managing global procurement and supply chain strategies. He previously

served as our Head of Fab Raw Material Procurement and was responsible for the Japan region in AI Infra Global Sales and Marketing.

Mr. Jin Soo

Kang currently serves as our Vice President and Head of Growth Strategy, overseeing new business models and product planning. He previously served as Chief Operating Officer of Solidigm.

Mr. Bogun Jin currently serves as our Vice President and Head of Corporate Culture, leading talent and organization strategies. He previously served as

our Head of Human Relations.

Mr. Jung San Choi currently serves as our Vice President and Head of Global Quality and Reliability Assurance. He

previously served as our Head of Mobile Quality Assurance.

Mr. Seungyong Doh currently serves as our Vice President and Head of Digital

Transformation. He previously served as our Head of the Digital Transformation Project Management Office.

Mr. Sunggon Jin currently serves as our

Vice President and Head of Infra Tech. Center. He previously served as our Head of Thin Film Technology.

Mr. Dong Hui Son currently serves as our

Vice President and Principal Accounting Officer. Mr. Son previously served as our Head of Finance and Business Administration.

Mr. Hyung Mo

Yang currently serves as our Vice President and Head of Financial Management. Mr. Yang previously served as our Head of Accounting Management.

Mr.

Seonghwan Park currently serves as our Vice President and Head of Investor Relations. Mr. Park has consistently held Investor Relations positions.

Committees of the Board

We currently have five committees

that serve under the Board:

•

Audit Committee;

•

Independent Director Candidate Nomination Committee;

•

Sustainability Committee; and

•

Human Resources and Compensation Committee.

The Board may establish other committees if it deems them necessary. The Board appoints each member of these committees, except for members of the Audit

Committee.

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Audit Committee

Under Korean law and our articles of incorporation, we are required to have an Audit Committee consisting of three or more directors, at least two-thirds of whom must be independent directors. Members of the Audit Committee are elected by our shareholders at the general meeting of shareholders. The term of office of each member of the Audit Committee shall

be coterminous with such member’s term of office as a director.

Our Audit Committee is responsible for reviewing our business affairs and

accounts and monitoring the various matters carried out by the Board. The Audit Committee also has the right to request the Board to convene an extraordinary general meeting of shareholders by presenting a written statement to the Board that sets

forth the agenda of the meeting and grounds for convening the meeting. We are required to appoint independent auditors selected by our Audit Committee and to report such appointments to our shareholders at the general meeting of shareholders or to

notify the shareholders as of the latest record date of such appointment in writing or by electronic mail or by disclosure on our website.

Currently, our Audit Committee consists of four directors: Seung Beom Koh, Gahng Gook Choi, Zeong Won Kim and Donghoon Yang. The chairperson of the

committee is Donghoon Yang. The Board has determined that Donghoon Yang is an “audit committee financial expert” as defined under the applicable rules of the SEC.

Meetings of the Audit Committee consist of regular meetings, which are held on a quarterly basis, and special meetings, which may be convened from time

to time as necessary. Resolutions of the Audit Committee require the attendance of a majority of its members and the affirmative vote of a majority of the members present. Any member who has a special interest in a matter to be resolved shall not be

entitled to exercise voting rights with respect to such matter.

Independent Director Candidate Nomination Committee

Our Independent Director Candidate Nomination Committee is responsible for reviewing and recommending candidates for independent directors for election

at the general meeting of shareholders. Members of the Independent Director Candidate Nomination Committee are appointed and removed by the Board. The Committee shall consist of two or more directors, at least

one-half of whom must be independent directors. The term of office of each member of the Committee shall be coterminous with such member’s term of office as a director.

Currently, our Independent Director Candidate Nomination Committee consists of three members: Seung Beom Koh, Donghoon Yang and Deog Kyoon Jeong. The

chairperson of the committee is Deog Kyoon Jeong.

Meetings of the Independent Director Candidate Nomination Committee consist of regular

meetings and special meetings. Regular meetings shall be held on, or within seven days prior to, the date of the Board’s resolution to convene the annual general meeting of shareholders. Special meetings may be convened from time to time as

necessary. Resolutions of the Independent Director Candidate Nomination Committee require the attendance of a majority of the total number of members and the affirmative vote of a majority of the total number of members.

Sustainable Management Committee

Our

Sustainable Management Committee is responsible for: (i) reviewing our compliance management systems and activities, including matters relating to antitrust, anti-corruption, safety, health and environment (“SHE”), and

subcontracting; and (ii) reviewing matters relating to sustainable management, including (a) sustainable management and social value creation strategies and performance, (b) major corporate social responsibility activities, and

(c) our ESG status and related response measures.

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Members of the Sustainable Management Committee are appointed and removed by the Board. The

chairperson of the Committee is elected by the Board or by the Committee. The Committee shall consist of two or more directors, at least one-half of whom must be independent directors. The term of office of

each member of the Committee shall be coterminous with such member’s term of office as a director. Currently, the Sustainability Committee consists of five members: Seon Yong Cha, Jung Kyu Kim, Zeong Won Kim, Gahng Gook Choi and Hyun Chul

Sohn. The chairperson of the committee is Zeong Won Kim.

Meetings of the Sustainable Management Committee are generally held on a quarterly basis,

but may be convened from time to time as necessary. Resolutions of the Sustainable Management Committee require the attendance of a majority of the total number of members and the affirmative vote of a majority of the total number of members.

Human Resources and Compensation Committee

Our Human Resources and Compensation Committee is responsible for reviewing and resolving matters related to compensation of our management. Members of

the Human Resources and Compensation Committee are appointed and removed by the Board. The chairperson of the Committee is elected by the Board or by the Committee. The Committee shall consist of two or more directors, at least one-half of whom must be independent directors. The term of office of each member of the Committee shall be coterminous with such member’s term of office as a director. Currently, the Human Resources and

Compensation Committee consists of four members: Yong Ho Jang, Hyun Chul Sohn, Deog Kyoon Jeong and Zeong Won Kim. The chairperson of the committee is Deog Kyoon Jeong.

Regular meetings of the Human Resources and Compensation Committee are held prior to the annual general meeting of shareholders convened following the

end of each fiscal year. Special meetings may be convened from time to time as necessary. Resolutions of the Human Resources and Compensation Committee require the attendance of a majority of its members and the affirmative vote of a majority of the

members present.

Compensation

The aggregate

compensation, consisting of salaries, defined benefit plan benefits and share-based payments, to our directors, including directors who also held executive officer positions with us, was approximately W 7 billion in 2025, W 4 billion in 2024 and W 7 billion in 2023.

The

compensation of our directors who received total annual compensation exceeding W 500 million in 2025 was as follows:

Name

Position

Composition of Total Compensation

Total

Compensation

Salary

Bonus

Gain from

Stock

Options

Exercised

Other

Earned

Income

Severance

(in millions of Won)

Nohjung Kwak

Chief Executive Officer and President

W

1,540

W

2,695

—

W

4

—

W

4,239

(1)

Hyun Ahn

President

W

750

W

1,214

—

W

88

—

W

2,052

(1)

(1)

Does not include stock options. See “— Stock Options” below.

(2)

Does not include stock options. See “— Stock Options” below.

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The maximum amount of the aggregate remuneration for our directors is determined by shareholder

resolution. The aggregate of the remuneration paid and in-kind benefits granted to our executive officers (excluding all executive directors, who also serve as our executive officers) during the year ended

December 31, 2025 totaled approximately W 183 billion.

The compensation of the five individuals who received the highest compensation among those who received total annual compensation exceeding W 500 million in 2025 was as follows:

Name

Position

Composition of Total Compensation

Total

Compensation

Salary

Bonus

Gain from

Stock

Options

Exercised

Other

Earned

Income

Severance

(in millions of Won)

Jung-Ho Park

Management Advisor

W

1,840

W

7,770

—

—

—

W

9,610

Tae Won Chey

Chairman

3,500

1,250

—

—

—

4,750

Nohjung Kwak

Chief Executive Officer and President

1,540

2,695

—

4

—

4,239

(1)

Ju Seon Kim

President

825

2,005

—

—

—

2,830

(2)

Dong-Sub Kim

Management Advisor

660

1,400

648

22

—

2,730

(3)

(1)

Does not include stock options. See “— Stock Options” below.

(2)

Does not include stock options. See “— Stock Options” below.

(3)

Does not include stock options. See “— Stock Options” below.

We operate two short-term performance-based bonus plans. The “Target Incentive” plan rewards employees for their individual performance

against established key performance indicators, with final payouts also reflecting the company’s overall performance. The “Value Incentive” plan is linked to our broader financial results, such as operating profit, and is designed

to reflect overall corporate performance and value creation.

As of the date of this prospectus, there were no outstanding transactions other than

in the ordinary course of business undertaken by us in which our directors or executive officers were interested parties. As of the date of this prospectus, there were no loans granted by us to any of our directors and executive officers.

Equity-based Compensation

Stock Options

We believe that the use of stock options is an important element of our strategy to maintain a highly motivated management team and to align the

interests of senior management with those of our shareholders. Under Korean law, subject to certain exceptions, we may by special resolution of the shareholders grant stock options to our officers and employees who have contributed or are expected

to contribute to our management and technical innovation, up to an aggregate of 15% of the total number of our then-issued shares. Stock options to officers and employees other than directors may also be granted pursuant to a resolution of the Board

in an amount not exceeding the upper limit provided in the applicable laws, which is within 10% of our total number of then-issued shares. In such case, we are required to obtain the approval for the granting of stock options by the first general

meeting of the shareholders that is convened after such granting of stock options.

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The following table summarizes the exercisable stock options granted to our current and former

directors and executive officers as of the date of this prospectus:

Recipient

Position

Grant date (1)

Exercise period

Exercise price

(per share)

Number of

shares deliverable

From

To

Nohjung Kwak

Chief Executive Officer

March 20, 2020

March 21, 2023

March 20, 2027

86,548

5,199

Hyun Ahn

Head of Development

March 20, 2020

March 21, 2023

March 20, 2027

86,548

5,199

March 30, 2022

March 31, 2024

March 30, 2027

124,220

7,683

Dong-Sub Kim

Former Head of Communication and External Affairs

March 20, 2020

March 21, 2023

March 20, 2027

86,548

7,799

March 30, 2022

March 31, 2024

March 30, 2027

124,220

9,507

Seong-Han Kim

Vice President, Corporate Culture

March 30, 2022

March 31, 2024

March 30, 2027

124,220

4,610

Young-Sik Kim

Former Head of Production

March 30, 2022

March 31, 2024

March 30, 2027

124,220

5,185

Woo Hyun Kim

Head of Finance and Chief Financial Officer

March 30, 2022

March 31, 2024

March 30, 2027

124,220

4,610

Youn-Wook Kim

Former Vice President, Communication and External Affairs

March 30, 2022

March 31, 2024

March 30, 2027

124,220

5,278

Jong Hwan Kim

Head of DRAM Development

March 30, 2022

March 31, 2024

March 30, 2027

124,220

3,977

Ju Seon Kim

Head of AI Infra

March 30, 2022

March 31, 2024

March 30, 2027

124,220

4,610

Choonhwan Kim

Head of Global Infra

March 30, 2022

March 31, 2024

March 30, 2027

124,220

4,148

Jong-won Noh

Former Head of America Business Task Force

March 20, 2020

March 21, 2023

March 20, 2027

86,548

5,199

March 30, 2022

March 31, 2024

March 30, 2027

124,220

11,525

Kyoung Park

Vice President, AI Infra

March 30, 2022

March 31, 2024

March 30, 2027

124,220

4,148

Jung-Sik Park

Former Head of Quality and Reliability Assurance

March 20, 2020

March 21, 2023

March 20, 2027

86,548

3,466

Hyunjong Song

Head of Corporate Center

March 30, 2022

March 31, 2024

March 30, 2027

124,220

6,199

Sang-Kyu Shin

Vice President, Corporate Culture

March 30, 2022

March 31, 2024

March 30, 2027

124,220

5,185

Kang-Wook Lee

Vice President, Package and Test

March 30, 2022

March 31, 2024

March 30, 2027

124,220

2,535

Byoungki Lee

Head of Global Production

March 30, 2022

March 31, 2024

March 30, 2027

124,220

3,073

Sangrak Lee

Head of Global Sales

March 30, 2022

March 31, 2024

March 30, 2027

124,220

4,610

Sang-Hwa Lee

Former Vice President, Manufacturing and Technology

March 30, 2022

March 31, 2024

March 30, 2027

124,220

2,300

Joo-Hwan Cho

Vice President, DRAM Development

March 30, 2022

March 31, 2024

March 30, 2027

124,220

3,073

Il-Sup Jin

Former Vice President, Research and Development

March 30, 2022

March 31, 2024

March 30, 2027

124,220

1,500

Seon Yong Cha

Executive Director, President and Head of Research and Development

March 20, 2020

March 21, 2023

March 20, 2027

86,548

5,199

March 30, 2022

March 31, 2024

March 30, 2027

124,220

7,683

Joon Choi

Vice President, AI Infra

March 30, 2022

March 31, 2024

March 30, 2027

124,220

5,185

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Stock Grant Program

Pursuant to applicable resolutions of the Board, we have been granting portions of our employees’ performance-based remuneration and independent

directors’ remuneration in the form of shares using our treasury shares. In 2026, 2025 and 2023, we also operated the “Shareholder Participation Program,” under which we granted treasury shares equal to a portion of a participating

employee’s bonus.

In 2026 to date, we have granted a total of 410,807 treasury shares to 12,064 executive officers and employees, and 265

treasury shares to six independent directors, in multiple rounds.

In 2025, we granted a total of 1,436,442 treasury shares to 49,566 executive

officers and employees, and 1,568 treasury shares to five independent directors, in multiple rounds.

In 2024, we granted a total of 477,069

treasury shares to 31,752 executive officers and employees, and 1,927 treasury shares to six independent directors, in multiple rounds.

In 2023, we

granted a total of 484,197 treasury shares to 5,605 executive officers and employees, and 3,412 treasury shares to seven independent directors, in multiple rounds.

Stock Appreciation Rights (“SARs”) Program

Since 2023, we have been granting SARs to certain of our executive officers and employees. Each SAR corresponds to a virtual number of shares, with

the cash difference between the grant price and the market price payable one year from the grant date. The rights are subject to a service-based vesting condition requiring the participant to be in active employment at the time of payout. SARs are

scheduled to be settled in two separate installments. In 2026 to date, we have not granted any SARs to our executive officers and employees. In 2025, we granted a total of 9,779 SARs to 252 executive officers and employees. In 2024, we

granted a total of 11,785 SARs to 257 executive officers and employees. In 2023, we granted a total of 22,633 SARs to 252 executive officers and employees.

Performance Shared Unit (“PSU”) Program

Since 2023, pursuant to applicable resolutions of our Human Resources and Compensation Committee, we have been granting PSUs to certain of our executive

officers and employees. Each year, we grant a number of PSUs corresponding to a fixed percentage of the grantee’s annual salary, with grantees able to elect either an annual or quarterly grant calculation cycle. After a three-year vesting

period, the PSUs settle in cash or our common shares based on the achievement of performance targets tied to our absolute share price appreciation, as adjusted for our relative share price performance against the KOSPI 200 Index. In the case of

exceptional performance, grantees may receive additional shares of up to 100% of the number of shares initially subject to the PSU award. If the grantee’s employment with us is terminated within two years of January 1 of the year the PSUs

were granted, the PSUs are forfeited. In each of 2026 to date and 2025, we did not grant any PSUs to our executive officers and employees. In 2024, we granted a total of 129,162 PSUs to 259 executive officers and employees. In 2023, we

granted a total of 218,166 PSUs to 234 executive officers and employees.

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Share Ownership

The following table sets forth the share ownership by our directors and senior management as of the date of this prospectus:

Name

Position

Number of

Shares Owned

Percentage

of Total

Shares

Outstanding

Special

Voting

Rights

Stock

Options

Directors:

Nohjung Kwak

Executive Director, Chief Executive Officer and President

14,312

*

None

5,199

Seon Yong Cha

Executive Director, President and Head of Research and Development

6,834

*

None

12,882

Yong Ho Jang

Non-executive Director

—

*

None

—

Jung Kyu Kim

Non-executive Director

—

*

None

—

Deog Kyoon Jeong

Independent Director

1,028

*

None

—

Zeong Won Kim

Independent Director

1,028

*

None

—

Donghoon Yang

Independent Director

612

*

None

—

Hyun Chul Sohn

Independent Director

612

*

None

—

Seung Beom Koh

Independent Director

65

*

None

—

Gahng Gook Choi

Independent Director

40

*

None

—

Senior Management:

Tae Won Chey

Chairman

—

*

None

—

Ju Seon Kim

Head of AI Infra

2,881

*

None

4,610

Hyunjong Song

Head of Corporate Center

2,315

*

None

6,199

Sung Jin Yeum

Head of Communication

—

*

None

—

Hyun Ahn

Head of Development

8,319

*

None

12,882

Sangrak Lee

Head of Global Sales

2,101

*

None

4,610

Jong Hwan Kim

Head of DRAM Development

1,868

*

None

3,977

Woo Pyo Jeong

Head of NAND Development

512

*

None

—

Chun Sung Kim

Head of Solution Development

1,695

*

None

—

Byoungki Lee

Head of Global Production

3,773

*

None

3,073

Jaesoon Kwon

Head of Manufacturing and Technology

1,273

*

None

—

Woojin Choi

Head of Package and Test

2,215

*

None

—

Choonhwan Kim

Head of Global Infra

3,148

*

None

4,148

Donggyu Kim

Head of Corporate Strategy and Planning

1,315

*

None

—

Woo Hyun Kim

Head of Finance and Chief Financial Officer

3,042

*

None

4,610

Youjong Kang

Head of Procurement

1,163

*

None

—

Jin Soo Kang

Head of Growth Strategy

1,263

*

None

—

Bogun Jin

Head of Corporate Culture

1,254

*

None

—

Jung San Choi

Head of Global Quality and Reliability Assurance

180

*

None

—

Seungyong Doh

Head of Digital Transformation

1,505

*

None

—

Sunggon Jin

Head of Infra Tech. Center

679

*

None

—

Dong Hui Son

Principal Accounting Officer

232

*

None

—

Hyung Mo Yang

Head of Financial Management

1,583

*

None

—

Seonghwan Park

Head of Investor Relations

711

*

None

—

Total

67,558

*

62,190

*

Less than 1%.

See “— Compensation” for information regarding the exercisable stock options granted to our directors and executive officers.

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Code of Ethics

We have a code of ethics that applies to our Chief Executive Officer, Chief Financial Officer, senior accounting officers and employees. We also have an

internal control and disclosure policy designed to promote full, fair, accurate, timely and understandable disclosure in all of our reports and publicly filed documents. A copy of our code of ethics is available on our website at www.skhynix.com. If

we amend the provisions of our code of ethics that apply to our Chief Executive Officer, Chief Financial Officer and persons performing similar functions, or if we grant any waiver of such provisions, we will disclose such amendment or waiver on our

website. We intend to disclose any amendments to or waivers of our code of ethics on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of the Nasdaq.

Foreign Private Issuer Status

The Nasdaq listing rules

include certain accommodations in the corporate governance requirements that allow foreign private issuers, such as us, to follow “home country” corporate governance practices in lieu of the otherwise applicable corporate governance

standards of the Nasdaq. The application of such exceptions requires that we disclose each Nasdaq corporate governance standard that we do not follow and describe the Korean corporate governance practices we do follow in lieu of the relevant Nasdaq

corporate governance standard. The following is a summary of the significant differences between the Nasdaq’s corporate governance standards and those that we follow under Korean law.

Nasdaq Corporate Governance Standards

Our Corporate Governance Practice

Director Independence

Nasdaq Stock Market Listing Rules 5605(b)(1) and (2) require that a majority of the board of directors must be comprised of

independent directors and that independent directors must have regularly scheduled meetings at which only independent directors are present.

Of the ten members of the Board, six are independent directors. Several business days prior to the meeting of the board of directors, our independent directors meet separately from the full Board.

Executive Session

Nasdaq Stock Market Listing Rule 5605(b)(2) requires that independent directors must have regularly scheduled meetings at which

only independent directors are present.

We operate an independent directors’ committee comprised solely of independent directors, and such committee generally holds meetings once every month. In addition, our Audit Committee, which is comprised solely of four

independent directors, generally holds meetings once every month.

Compensation Committee and Independent Director Nomination Committee

Nasdaq Stock Market Listing Rule 5605(d) requires that compensation of executive officers must be determined by, or recommended

to, the board of directors for determination, either by a majority of the independent directors, or a compensation committee comprised solely of independent directors. The compensation committee must have a charter that addresses the

responsibilities of the committee and reassess the adequacy of the charter on an annual basis. Nasdaq Stock Market Listing Rule 5605(e) requires that director nominees be selected, or recommended for selection, either by a majority of the

independent directors or a nomination committee comprised solely of independent directors.

We maintain a Human Resources and Compensation Committee comprised of one non-independent director and three independent directors, and an Independent Director Candidate Nomination Committee comprised solely of three independent

directors.

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Nasdaq Corporate Governance Standards

Our Corporate Governance Practice

Audit Committee

Nasdaq Stock Market Listing Rule 5605(c) requires that listed companies must have an audit committee that is comprised of at least

three directors and satisfies the independence and other requirements of Rule 10A-3 under the Exchange Act. All members must be independent. The audit committee must have a charter that addresses the

responsibilities of the committee and reassess the adequacy of the charter on an annual basis.

We currently maintain an audit committee comprised solely of four independent directors who meet the applicable independence criteria set forth under Rule 10A-3 of the Exchange Act.

Shareholder Approval of Equity Compensation Plan

Nasdaq Stock Market Listing Rule 5635(c) requires shareholder approval prior to the issuance of securities when a stock option or

purchase plan is to be established or materially amended or other equity compensation arrangement made or materially amended, pursuant to which stock may be acquired by officers, directors, employees, or consultants, subject to certain

exceptions.

We currently have four equity compensation plans or programs: a stock option program, a stock grant program, a SARs program and a PSU program. See “Management — Equity-based Compensation.” We manage such

compensation plans and programs in compliance with applicable laws, provided that, under certain circumstances, the grant of equity compensation or matters relating to the foregoing equity compensation programs are not subject to shareholders’

approval under Korean law.

Shareholder Approval of Equity Offerings

Nasdaq Stock Market Listing Rule 5635(d) requires shareholder approval prior to issuing or selling securities (or securities

convertible into or exercisable for common stock) that equal 20% or more of the issuer’s outstanding common stock or voting power prior to such issuance or sale.

Pursuant to the KCC and the FSCMA, our shareholders are generally entitled to preemptive rights with respect to the issuance of new shares. Exceptions include public offerings as prescribed in the FSCMA and allotments to third

parties in cases necessary for the achievement of a business purpose, such as the introduction of new technology and the improvement of our financial condition.

Charters

Nasdaq Stock Market Listing Rules 5605(c)(1), (d)(1) and (e)(2) require that each of the audit committee, compensation committee

and the independent director nomination committee must have a formal written charter.

Each of our Audit Committee, Human Resources and Compensation Committee and the Independent Director Candidate Nomination Committee has adopted a formal written charter, and such charters are available on our website at

www.skhynix.com.

Code of Business Conduct and Ethics

Each company shall adopt a code of conduct applicable to all directors, officers and employees, which shall be publicly available.

Any waivers of the code for directors or executive officers must be approved by the board or a board committee.

We have a code of ethics that applies to our Chief Executive Officer, Chief Financial Officer, senior accounting officers and employees, and such code is also available on our website at www.skhynix.com .

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PRINCIPAL SHAREHOLDERS

The following table sets forth certain information relating to our shareholder composition as of the date of this prospectus (except as set forth

below).

Shareholder

Number of Common Shares

Ownership Percentage

SK square (1)

146,100,000

20.50

%

National Pension Service (2)

57,439,774

8.06

Capital Research and Management Company (3)

25,149,374

3.53

BlackRock Inc. (4)

36,407,157

5.11

Others (5)

445,979,195

62.58

Treasury shares (6)

1,626,865

0.23

Total issued common shares

712,702,365

100.00

%

(1)

SK square is a member company of the SK Group, as determined by the Korea Fair Trade Commission. Founded in the early

1950s as a textile manufacturer, the SK Group has evolved into a major business group with interests in various industries including energy, chemical, telecommunications, information and technology, construction, engineering, trading and leisure.

Each year, the Korea Fair Trade Commission identifies major business groups in Korea that are subject to regulation by such commission. See “Risk Factors — Related party transactions that we engage in are subject to scrutiny by the Korea

Fair Trade Commission and the Korean tax authorities.” The Korea Fair Trade Commission has determined the SK Group to be a major business group and Mr. Tae Won Chey as the person controlling the SK Group.

As of March 31, 2026, Mr. Chey held 17.90% of SK Inc., the holding company of the SK Group, which is listed on the KRX KOSPI Market. Mr. Chey serves as a

representative director and chairman of SK Inc. As of March 31, 2026, SK Inc. held 32.14% of SK square, which is also listed on the KRX KOSPI Market, and SK square held 20.50% of us. The Chief Executive Officer of SK square, Mr. Jung Kyu Kim, serves

as our non-executive director. Pursuant to the Monopoly Regulation and Fair Trade Act, SK square is required to maintain ownership of at least 20% of our issued shares. See “Korean Foreign Exchange Controls and Securities Regulations —

Holding Company Regulations.” The Korea Fair Trade Commission has determined us to be a member company of the SK Group, as it has deemed that the above affiliates of the SK Group exercise controlling influence over us.

(2)

Information as of December 31, 2025.

(3)

Information as of May 29, 2026.

(4)

Information as of February 10, 2026.

(5)

Information as of June 29, 2026.

(6)

Information as of June 29, 2026.

Except as described above, no other person or entity known by us to be acting in concert, directly or indirectly, jointly or severally, owned 5% or more

of our issued common shares or exercised control or could exercise control over us as of the date of this prospectus.

As of July 8, 2026,

697,346,459 common shares representing 98.1% of our outstanding capital stock (not including treasury shares) were publicly traded on the KRX KOSPI Market. As of such date, 13,729,041 common shares representing 1.9% of our outstanding capital stock

(not including treasury shares) were also listed on the Luxembourg Stock Exchange under the symbol “HYNSE” in the form of global depositary receipts evidencing global depositary shares, with each global depositary share representing one

common share.

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CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

From time to time, we have issued guarantees in favor of affiliated and related companies, and we have also engaged in various transactions with our

related parties. We believe that we have conducted our transactions with related parties as we would in comparable arm’s-length transactions with a

non-related party, on a basis substantially as favorable to us as would be obtainable in such transactions. In addition, some of our directors, corporate auditors and executive officers concurrently serve in

senior positions at certain of our affiliates with which we have ordinary course business agreements and engage in ordinary course business transactions. See “Management.”

Under the KCC, in the event we enter into a transaction with any of our directors, major shareholders or certain related parties of such directors or

major shareholders, (i) material terms about the transaction shall be disclosed to the Board and (ii) the transaction must be approved by the Board (by the affirmative vote of two-thirds or more of

the directors).

In addition, in the event that we enter into any of the following transactions with our specially-related parties such as our

affiliates where the transaction value (in case of the fourth item below, the aggregate amount incurred over a fiscal quarter) exceeds

(i) W 10 billion or (ii) 5% of the greater of our total equity or paid-in capital or, if

less than W 500 million, W 500 million,

we are required to (i) obtain approval from the Board and (ii) disclose such transaction pursuant to the Monopoly Regulation and Fair Trade Act.

•

providing funds for or dealing with provisional payments or loan payments;

•

providing or dealing with securities such as stocks or corporate bonds;

•

providing or dealing with assets such as real estate or intangible assets; and

•

providing services or products for or dealing with certain affiliates which satisfy the requirements under the Enforcement

Decree of the Monopoly Regulation and Fair Trade Act, as a counterpart or on behalf of such affiliate.

A summary of our material

transactions with our related parties from January 1, 2023 and up to the date of this prospectus is set forth below.

Transactions with SK ecoplant Co.,

Ltd.

Our transactions with SK ecoplant Co., Ltd. (“SK ecoplant” and formerly SK Engineering & Construction Co., Ltd.)

consist primarily of SK ecoplant’s construction of facilities and our acquisition of such assets. SK ecoplant is a subsidiary of SK Inc. and a leading construction company in Korea. Our acquisition of assets from SK ecoplant amounted to W 986 billion in the first quarter of 2026 and

W 292 billion in the first quarter of 2025, and

W 4,708 billion in 2025,

W 1,068 billion in 2024 and

W 465 billion in 2023.

Transactions with ESSENCORE

Limited

Our transactions with ESSENCORE Limited (“ESSENCORE”) consist primarily of sales of our NAND flash memory products.

ESSENCORE is a subsidiary of SK Inc. Operating revenues and others received from ESSENCORE amounted to W 1,550 billion in the first quarter of

2026 and W 347 billion in the first quarter of 2025, and

W 2,726 billion in 2025,

W 644 billion in 2024 and

W 754 billion in 2023.

Transactions with HITECH

Semiconductor

Our transactions with HITECH Semiconductor consist primarily of provision by HITECH Semiconductor of back-end processing services for our products. HITECH Semiconductor is a provider

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of integrated circuit packaging and testing services for semiconductors and was established in November 2009 as a joint venture between us and Wuxi Taiji Industry. As of March 31, 2026, we

held a 45.0% interest in HITECH Semiconductor. Operating expenses and others paid to HITECH Semiconductor amounted to W 217 billion in the first

quarter of 2026 and W 178 billion in the first quarter of 2025, and

W 789 billion in 2025, W 697 billion

in 2024 and W 712 billion in 2023.

Transactions

with Clean Industrial REIT Co., Ltd.

Our transactions with Clean Industrial REIT Co., Ltd., a subsidiary of SK REIT Co., Ltd., consist primarily

of our sale of our wastewater management facility located in Icheon, Korea, to Clean Industrial REIT Co., Ltd. in September 2023 for

W 1,120 billion and the following leaseback of the facility. SK REIT Co., Ltd. principally engages in the real estate investment trusts

business.

Transactions with PRISM Energy International Pte. Ltd.

Our transactions with PRISM Energy International Pte. Ltd., a subsidiary of SK E&S Co., Ltd., consist primarily of sales by PRISM Energy

International Pte. Ltd. of liquified natural gas. Operating expenses and others paid to PRISM Energy International Pte. Ltd. amounted to W 173

billion in the first quarter of 2026 and W 818 billion in 2025.

There are no outstanding loans made by us to or for the benefit of any of our related parties, except that we have provided a payment guarantee for RMB

701 million to Wuxi Xinfa Group Co., Ltd. for the benefit of Hystars Semiconductor (Wuxi) Co., Ltd., our joint venture. For further information relating to our transactions with related parties, see Note 31 of the notes to the Audited Financial

Statements and Note 28 of the notes to the Interim Financial Statements.

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DESCRIPTION OF ARTICLES OF INCORPORATION AND CAPITAL STOCK

This section provides information relating to our capital stock, including brief summaries of material provisions of our articles of incorporation, the

FSCMA, the KCC and related laws of Korea, all as currently in effect. The following summaries are subject to, and are qualified in their entirety by reference to, our articles of incorporation and the applicable provisions of the FSCMA and the KCC.

We have filed a copy of our articles of incorporation as an exhibit to our Form F-1.

General

The name of our company is SK hynix Inc. We are registered under the laws of Korea under the commercial registry number of 134411-0001387. As specified

in Article 2 of our articles of incorporation, our corporate purpose is to engage in the manufacture and sale of semiconductor devices and related businesses. To achieve this purpose, we are engaged in the following business activities:

•

manufacture and sale of semiconductor devices;

•

manufacture, assembly and sale of machinery, apparatus and equipment utilizing the characteristics of electronic motion

through semiconductor devices and other similar products, and the manufacture, assembly and sale of parts and materials used therein;

•

development and leasing of software for computer utilization;

•

manufacture, sale, leasing and provision of related services for electronic and electrical equipment, telecommunications

machinery and apparatus, and components thereof;

•

manufacture of machinery parts and molds;

•

technical research and provision of services on a contract basis;

•

leasing of electronic and electrical machinery and apparatus;

•

manufacture, sale, leasing and provision of services for equipment related to special communications (including satellite

communications) and broadcasting;

•

information services;

•

publishing;

•

trading;

•

sale and leasing of real estate;

•

power generation;

•

construction;

•

manufacture of electron tubes;

•

warehousing;

•

operation of parking facilities;

•

satellite communications business;

•

leasing of telecommunications line facilities;

•

electronic commerce and internet-related business;

•

any business incidental or related to the foregoing items, and investments therein; and

•

lifelong education and operation of lifelong education facilities.

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Currently, our authorized capital stock consists of 9,000,000,000 shares. Each share has a par value

of W 5,000. We are authorized to issue registered common shares and registered class shares (together, the “shares”). The class

shares may consist of non-voting dividend-preference shares, convertible shares, redeemable shares or shares combining all or any portion of the foregoing features. We may issue each of non-voting dividend-preference shares, convertible shares and redeemable shares in a number up to 25% of the total number of our issued Shares. As of July 8, 2026, 712,702,365 common shares were issued, and no

class shares were issued.

Board of Directors

Meetings

of the Board may be convened by the chairperson of the Board elected by the Board, or by another director as otherwise determined by the Board. When convening a meeting, notice must be given to each director in writing or orally no later than the

day before the meeting date; provided, however, that if all directors consent, a meeting may be held at any time without such notice.

Resolutions

of the Board must be adopted in the presence of a majority of the directors then in office and by the affirmative vote of a majority of the directors present. Notwithstanding the foregoing, matters relating to the prohibition on usurpation of

corporate opportunities and self-dealing, as prescribed under the KCC, require the affirmative vote of at least two-thirds of the directors then in office. Any director who has a special interest in a

resolution cannot exercise voting rights with respect to such resolution.

Directors are elected at general meetings of shareholders. The election

of directors requires the affirmative vote of a majority of the voting rights of the shareholders present, with a quorum of at least one-fourth of the total number of issued shares. At the annual general

meeting of shareholders held in March 2026, our articles of incorporation were amended to remove the provision excluding cumulative voting for the election of directors. As a result, cumulative voting under the KCC now applies to director elections.

Specifically, when two or more directors are to be appointed at a general meeting of shareholders, shareholders holding at least 1% of the total issued shares (excluding non-voting shares) may request the use of cumulative voting.

The term of office of each director expires at the close of the third annual general meeting of shareholders convened after such director’s

appointment.

Dividends

We distribute dividends to our

shareholders in proportion to the number of shares owned by each shareholder. Our common shares represented by the ADSs have the same dividend rights as other outstanding common shares. For a detailed discussion of our dividend policy, see

“Dividends and Dividend Policy.”

Distribution of Free Shares

In addition to paying dividends in shares out of our retained or current earnings, we may also distribute to our shareholders an amount transferred from

our capital surplus or earned surplus reserve to our stated capital in the form of free shares. We must distribute such free shares to all of our shareholders in proportion to their existing shareholdings.

Issuance of Additional Shares

We may issue new shares in the

following manners: (i) by granting existing shareholders the opportunity to subscribe for new shares in proportion to the number of shares they hold; (ii) within a

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limit not exceeding 30% of the total number of our issued shares, by granting specific persons (including existing shareholders) the opportunity to subscribe for new shares, when necessary to

achieve our managerial purposes, such as the introduction of new technology or improvement of our financial structure; and (iii) within a limit not exceeding 30% of the total number of our issued shares, by granting an unspecified number of

persons (including existing shareholders) the opportunity to subscribe for new shares and allocating such new shares to the subscribers accordingly.

Issuances pursuant to item (ii) above include, without limitation: (1) issuances of new shares in connection with the issuance of depositary

receipts pursuant to the FSCMA; (2) issuances of new shares to domestic or foreign financial institutions, affiliated entities, strategic investors or foreign investors for financing, technology introduction or other managerial needs;

(3) issuances of new shares in consideration for contributions in kind; and (4) issuances of new shares to persons prescribed by the Presidential Decree of the FSCMA where necessary for our managerial purposes.

In the case of issuances pursuant to item (iii) above, the Board must, by resolution, allocate the new shares by one of the following methods:

(1) allocating new shares to an unspecified number of subscribers without classifying the types of persons afforded the opportunity to subscribe; (2) allocating new shares to members of our employee stock ownership association in

accordance with applicable laws and regulations, and granting an opportunity to subscribe for the remaining unsubscribed shares to an unspecified number of persons; (3) granting shareholders a preemptive right to subscribe for new shares and,

if any shares remain unsubscribed, granting an opportunity to an unspecified number of persons to be allocated such shares; or (4) granting an opportunity to subscribe for new shares to a specified category of persons based on reasonable

standards prescribed by applicable laws and regulations, such as demand forecasts prepared by an investment dealer or investment broker acting as underwriter or placement agent.

The type and number of shares to be issued, the issue price, and other terms and conditions of issuance must be determined by a resolution of the Board.

In the case of allocations under items (ii) or (iii) above, we must, no later than two weeks prior to the payment date, notify or publicly announce to shareholders the class and number of the new shares, the issue price and payment date, and

the method of subscription for the new shares; provided that such notice or public announcement may be substituted by filing a material event report with the FSC and the Korea Exchange.

The subscription rights described in this section will not apply to this offering.

Stock Options

We may, pursuant to a special resolution of

the general meeting of shareholders, which must be adopted by the affirmative vote of at least two-thirds of the voting rights of the shareholders present and must also represent at least one-third of the affirmative vote of the total number of voting shares then issued, grant stock options to our officers or employees who have contributed or may contribute to our incorporation, management, overseas

business or technological innovation, within a limit not exceeding 15% of the total number of our issued shares; provided that within a limit not exceeding 10% of the total number of our issued shares, the Board may resolve to grant stock options,

in which case such grant must be approved at the first general meeting of shareholders convened after the grant.

The number of officers and

employees to whom stock options may be granted cannot exceed 30% of the officers and employees in service, and the number of shares underlying stock options granted to any single officer or employee cannot exceed 1% of the total number of our issued

shares.

Stock options may be exercised during the period beginning on a date no earlier than the second anniversary of the resolution approving

their grant and ending no later than the fifth anniversary of the

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exercise commencement date specified in such resolution. The exercise price of stock options must be at least: (i) where newly issued shares are delivered upon exercise, the greater of the

fair market value of the relevant shares as of the grant date or W 5,000 (par value); and (ii) in all other cases, the fair market value as

of the grant date. Shares to be delivered upon exercise of stock options must be either common shares or class shares, as determined at the time of the resolution approving the grant of the stock options.

We may cancel the grant of stock options by a resolution of the Board if: (i) after the grant, the relevant officer or employee voluntarily resigns

or retires; (ii) the relevant officer or employee, through intent or negligence, causes material damage to us; or (iii) any other cancelation event specified in the applicable stock option grant agreement occurs.

General Meeting of Shareholders

We convene annual general

meetings of shareholders within three months after the end of each fiscal year, and extraordinary general meetings of shareholders from time to time as necessary pursuant to resolutions of the Board. General meetings of shareholders are convened in

Icheon, where our principal executive offices are located, or within Seoul.

When convening a general meeting of shareholders, we notify each

shareholder in writing or by electronic document of the date, time, place and agenda of the meeting at least two weeks prior to the meeting date; provided that, in lieu of such written or electronic notice to shareholders who own not more than 1% of

the total number of issued voting shares, we may give notice by public announcement published at least twice in the Korea Economic Daily and Maeil Business Newspaper, or by public notice through the electronic disclosure system operated by the

Financial Supervisory Service (the “FSS”) or the Korea Exchange.

According to the KCC, when we convene a general meeting of

shareholders for the election of directors or auditors, we must include in the notice or public announcement the candidate’s name, resume, nominator, the candidate’s relationship with the largest shareholder, the details of any

transactions between the candidate and us during the most recent three years, whether the candidate has been subject to a delinquency disposition under the National Tax Collection Act of Korea or the Local Tax Collection Act of Korea during the last

five years as of the date of the general meeting of shareholders, whether the company where the candidate served as an executive officer has been subject to rehabilitation or bankruptcy proceedings under the Debtor Rehabilitation and Bankruptcy Act

of Korea as of the date of the general meeting of shareholders, and whether the candidate has any grounds for disqualification as an independent director or auditor, including statutory or regulatory employment restrictions, and we may elect only

from among candidates who have been so notified or publicly announced.

Voting Rights

Holders of our common shares are entitled to one vote for each common share, except that voting rights of common shares held by us (including treasury

shares and shares held by bank trust funds controlled by us), or by a corporate shareholder in which we own more than 10.0% equity interest, either directly or indirectly, may not be exercised.

Resolutions of a general meeting of shareholders must be adopted by the affirmative vote of a majority of the voting rights of the shareholders present,

and such affirmative votes must also represent at least one-fourth of the total number of voting shares then issued. However, under the KCC and our articles of incorporation, the following matters, among

others, require approval by the special resolution (which must be adopted by the affirmative vote of at least two-thirds of the voting rights of

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the shareholders present and must also represent at least one-third of the affirmative vote of the total number of voting shares then issued) of the

general meeting of shareholders:

•

amending our articles of incorporation;

•

removing a director;

•

granting stock options;

•

transferring the whole or any significant part of our business;

•

effecting our acquisition of all of the business of any other company or a part of the business of any other company having

a material effect on our business;

•

reducing our capital;

•

effecting any dissolution, merger or consolidation of us; or

•

issuing any new shares at a price lower than their par value.

A shareholder may exercise voting rights by proxy, and the proxy must submit a document evidencing its authority before the opening of the general

meeting of shareholders.

A shareholder holding two or more votes may exercise such voting rights separately without aggregating them, provided that

the shareholder notifies us in writing of its intention and the reasons therefore at least three days prior to the meeting date. We may refuse a request for split voting; provided, however, that we may not refuse such request where the shareholder

holds shares in trust or otherwise holds shares for the account of another person.

Holders of ADRs may exercise their voting rights through the

depositary, an agent of which is the record holder of the underlying common shares. Subject to the provisions of the deposit agreement, ADR holders are entitled to instruct the depositary how to vote our common shares underlying their ADSs.

Rights of Dissenting Shareholders

Under the FSCMA, in some

limited circumstances, including the transfer of all or a significant part of our business and our merger or consolidation with another company (with certain exceptions), dissenting shareholders (including holders

of non-voting shares) have the right to require us to purchase their shares. In order for a dissenting shareholder to be entitled to such right, the shares must have been acquired before the relevant

resolution of the Board was disclosed to the public or the legal action resulting in the acquisition of the shares must have been taken no later than the date immediately following the date on which the resolution was disclosed. To exercise this

right, dissenting shareholders must (i) submit to us a written notice of their intention to dissent prior to the general meeting of shareholders and (ii) request, in writing, that we purchase their shares within 20 days after the relevant

resolution is passed at the meeting, which request must specify the class and number of such shares. We are obliged to purchase the shares of such dissenting shareholders within one month after the expiration of

the 20-day period. Holders of ADSs will not be able to exercise dissenter’s rights unless they have withdrawn the underlying common shares and become our direct shareholders.

The purchase price for the shares is required to be determined through negotiation between the dissenting shareholders and us. If we cannot agree on a

price through negotiation, the purchase price will be the average of (1) the weighted average of the daily share prices on the KRX KOSPI Market for the two-month period before the date of the adoption of

the relevant board resolution, (2) the weighted average of the daily share price on the KRX KOSPI Market for the one month period before the date of the adoption of the relevant resolution and (3) the weighted average of the daily share

price on the

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KRX KOSPI Market for the one week period before the date of the adoption of the relevant resolution. However, a court may determine the purchase price if we or dissenting shareholders do not

accept the purchase price. If either we or the dissenting shareholders object to the purchase price determined in the manner described above, either party may petition the court to determine the purchase price.

Registry of Shareholders and Record Dates

Our transfer

agent, KEB Hana Bank, maintains the register of our shareholders at its office at Euljiro 35, Jung-gu, Seoul, Korea. The transfer agent records and registers transfers of shares onto the register of

shareholders.

The record date for annual dividends is determined by the Board with at least two weeks’ prior public notice. For the purpose

of determining shareholders entitled to any other rights pertaining to the shares, we may, with at least two weeks’ prior public notice, set a record date and/or close the registry of shareholders for not more than three months. The trading of

shares and the electronic transfer of our shares may continue while the registry of shareholders is closed.

Annual Report

At least one week before the annual general meeting of shareholders, we must make our business report and audited consolidated Korean IFRS financial

statements available for inspection at our principal office and at all of our branch offices. In addition, copies of business reports, the audited consolidated Korean IFRS financial statements and any resolutions adopted at the general meeting of

shareholders will be available to our shareholders.

We must file with the FSC and the Korea Exchange (1) an annual report within 90 days

after the end of our fiscal year, (2) a mid-year report within 45 days after the end of the first six months of our fiscal year and (3) quarterly reports within 45 days after the

end of the third month and the ninth month of our fiscal year. Copies of these reports are or will be available for public inspection at the FSC and the Korea Exchange.

Transfer of Shares

Under the KCC and the Act on Electronic

Registration of Stocks, Bonds, etc., the transfer of shares is effected by registration on the electronic registration ledger. However, to assert shareholders’ rights against us, the transferee must have his or her name and address registered

on our registry of shareholders, maintained by our transfer agent. A non-Korean shareholder may file a specimen signature in place of a seal, unless he is a citizen of a country with a sealing system similar

to that of Korea. In addition, a non-resident shareholder must appoint an agent authorized to receive notices on his or her behalf in Korea and file a mailing address in Korea. The above requirements do not

apply to the holders of ADSs. The Electronic Registration Act also provides that, with respect to the transfer of electronically registered shares, the effect of transfer will occur upon the completion of the electronic registration of such

transfer, and therefore, no entry of change will be required.

Under current Korean regulations, the Korea Securities Depository, foreign exchange

banks (including domestic branches of foreign banks), financial investment companies with a dealing, brokerage or collective investment license and internationally recognized custodians may act as agents and provide related services for foreign

shareholders. Certain foreign exchange controls and securities regulations apply to the transfer of shares by non-residents or non-Korean citizens.

See “Korean Foreign Exchange Controls and Securities Regulations.”

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Acquisition of Shares by Us

We may acquire our own shares with the approval of the general meeting of shareholders, either through market purchases on a stock exchange or by

acquiring shares on uniform terms pro rata to the number of shares held by each shareholder (which does not apply to redeemable shares). However, the aggregate acquisition price must not exceed the amount obtained by subtracting the following from

the net assets shown on the balance sheet for the immediately preceding fiscal year: (i) the amount of stated capital; (ii) the aggregate amount of capital reserve and earned surplus reserve accumulated through that fiscal year;

(iii) the amount of earned surplus reserve to be appropriated for that fiscal year; and (iv) unrealized gains.

We may resell or transfer

any shares acquired by us to a third party pursuant to an approval by the Board. Corporate entities in which we own a 50.0% or more equity interest may not acquire our common shares, except in the following cases: (i) in connection with a share-for-share exchange, a share transfer, a merger involving us, or the acquisition of all of another company’s business; or (ii) when necessary to achieve the

purpose of exercising our rights.

Liquidation Rights

In

the event of our liquidation, assets remaining after payment of all debts, liquidation expenses and taxes will be distributed among shareholders in proportion to their shareholdings. Holders

of non-voting dividend-preference shares have no preference in liquidation.

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DESCRIPTION OF AMERICAN DEPOSITARY SHARES

Citibank, N.A. has agreed to act as the depositary for the ADSs. Citibank, N.A.’s depositary offices are located at 388 Greenwich Street, New

York, New York 10013. ADSs represent ownership interests in securities that are on deposit with the depositary. ADSs may be represented by certificates that are commonly known as “American Depositary Receipts” or

“ADRs.” The depositary typically appoints a custodian to safekeep the securities on deposit. In this case, the custodian is Korea Securities Depository, located at BIFC, 40, Munhyeongeumyung-ro, Nam-gu, Busan 48400, Korea.

We have appointed Citibank, N.A. as depositary pursuant to a deposit agreement. A copy of the deposit agreement is on file with the SEC under cover of a

Registration Statement on Form F-6. You may obtain a copy of the deposit agreement from the SEC’s website (www.sec.gov). Please refer to Registration Number 333-297185 when retrieving such copy.

We are providing you with a summary description of the material terms of the ADSs and of your material rights as an owner of ADSs. Please remember that

summaries by their nature lack the precision of the information summarized and that the rights and obligations of an owner of ADSs will be determined by reference to the terms of the deposit agreement and not by this summary. We urge you to review

the deposit agreement in its entirety. The portions of this summary description that are italicized describe matters that may be relevant to the ownership of ADSs but that may not be contained in the deposit agreement.

Each ADS represents the right to receive, and to exercise the beneficial ownership interests in, one-tenth of a common share that is on deposit with the

depositary and/or custodian. An ADS also represents the right to receive, and to exercise the beneficial interests in, any other property received by the depositary or the custodian on behalf of the owner of the ADS but that has not been distributed

to the owners of ADSs because of legal restrictions or practical considerations. We and the depositary may agree to change the ADS-to-common share ratio by amending the deposit agreement. This amendment may

give rise to, or change, the depositary fees payable by ADS owners. The custodian, the depositary and their respective nominees will hold all deposited property for the benefit of the holders and beneficial owners of ADSs. The deposited property

does not constitute the proprietary assets of the depositary, the custodian or their nominees. Beneficial ownership in the deposited property will, under the terms of the deposit agreement, be vested in the beneficial owners of the ADSs. The

depositary, the custodian and their respective nominees will be the record holders of the deposited property represented by the ADSs for the benefit of the holders and beneficial owners of the corresponding ADSs. A beneficial owner of ADSs

may or may not be the holder of ADSs. Beneficial owners of ADSs will be able to receive, and to exercise beneficial ownership interests in, the deposited property only through the registered holders of the ADSs, the registered holders of the ADSs

(on behalf of the applicable ADS owners) only through the depositary, and the depositary (on behalf of the owners of the corresponding ADSs) directly, or indirectly, through the custodian or their respective nominees, in each case upon the terms of

the deposit agreement.

If you become an owner of ADSs, you will become a party to the deposit agreement and therefore will be

bound to its terms and to the terms of any ADR that represents your ADSs. The deposit agreement and the ADR specify our rights and obligations as well as your rights and obligations as an owner of ADSs and those of the depositary. As an ADS holder,

you appoint the depositary to act on your behalf in certain circumstances. The deposit agreement and the ADRs are governed by New York law. However, our obligations to the holders of common shares will continue to be governed by the laws of Korea,

which may be different from the laws of the United States.

In addition, applicable laws and regulations may require you to satisfy reporting

requirements and obtain regulatory approvals in certain circumstances. You are solely responsible for complying with such reporting requirements and obtaining such approvals. Neither the depositary, the custodian, us or

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any of their or our respective agents or affiliates shall be required to take any actions whatsoever on your behalf to satisfy such reporting requirements or obtain such regulatory approvals

under applicable laws and regulations.

As an owner of ADSs, we will not treat you as one of our shareholders and you will not have direct

shareholder rights. The depositary will hold on your behalf the shareholder rights attached to the common shares underlying your ADSs. As an owner of ADSs you will be able to exercise the shareholders rights for the common shares represented by your

ADSs through the depositary only to the extent contemplated in the deposit agreement. To exercise any shareholder rights not contemplated in the deposit agreement you will, as an ADS owner, need to arrange for the cancelation of your ADSs and become

a direct shareholder.

The manner in which you own the ADSs (e.g., in a brokerage account vs. as registered holder, or as holder of certificated

vs. uncertificated ADSs) may affect your rights and obligations, and the manner in which, and the extent to which, the depositary’s services are made available to you. As an owner of ADSs, you may hold your ADSs either by means of an ADR

registered in your name, through a brokerage or safekeeping account, or through an account established by the depositary in your name reflecting the registration of uncertificated ADSs directly on the books of the depositary (commonly referred to as

the “direct registration system” or “DRS”). The direct registration system reflects the uncertificated (book-entry) registration of ownership of ADSs by the depositary. Under the direct registration system, ownership of ADSs

is evidenced by periodic statements issued by the depositary to the holders of the ADSs. The direct registration system includes automated transfers between the depositary and DTC, the central book-entry clearing and settlement system for equity

securities in the United States. If you decide to hold your ADSs through your brokerage or safekeeping account, you must rely on the procedures of your broker or bank to assert your rights as an ADS owner. Banks and brokers typically hold securities

such as the ADSs through clearing and settlement systems such as DTC. The procedures of such clearing and settlement systems may limit your ability to exercise your rights as an owner of ADSs. Please consult with your broker or bank if you have any

questions concerning these limitations and procedures. All ADSs held through DTC will be registered in the name of a nominee of DTC. This summary description assumes you have opted to own the ADSs directly by means of an ADS registered in your name

and, as such, we will refer to you as the “holder.” When we refer to “you,” we assume the reader owns ADSs and will own ADSs at the relevant time.

The registration of the common shares in the name of the depositary or the custodian shall, to the maximum extent permitted by applicable law, vest in

the depositary or the custodian the record ownership in the applicable common shares, with the beneficial ownership rights and interests in such common shares being at all times vested with the beneficial owners of the ADSs representing the common

shares. The depositary or the custodian shall at all times be entitled to exercise the beneficial ownership rights in all deposited property, in each case only on behalf of the holders and beneficial owners of the ADSs representing the deposited

property.

Dividends and Distributions

As a holder of

ADSs, you generally have the right to receive the distributions we make on the securities deposited with the custodian. Your receipt of these distributions may be limited, however, by practical considerations and legal limitations. Holders of ADSs

will receive such distributions under the terms of the deposit agreement in proportion to the number of ADSs held as of the specified record date, after deduction of the applicable fees, taxes and expenses.

Distributions of Cash

Whenever we make a cash distribution

for the securities on deposit with the custodian, we will deposit the funds with the custodian. Upon receipt of confirmation of the deposit of the requisite funds,

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the depositary will arrange for the funds received in a currency other than U.S. dollars to be converted into U.S. dollars and for the distribution of the U.S. dollars to the holders, subject to

the laws and regulations of Korea.

The conversion into U.S. dollars will take place only if practicable and if the U.S. dollars are transferable to

the United States. The depositary will apply the same method for distributing the proceeds of the sale of any property (such as undistributed rights) held by the custodian in respect of securities on deposit.

The distribution of cash will be made net of the fees, expenses, taxes and governmental charges payable by holders under the terms of the deposit

agreement. The depositary will hold any cash amounts it is unable to distribute in a non-interest bearing account for the benefit of the applicable holders and beneficial owners of ADSs until the distribution

can be effected or the funds that the depositary holds must be escheated as unclaimed property in accordance with the laws of the relevant states of the United States.

Distributions of Shares

Whenever we make a free distribution

of common shares for the securities on deposit with the custodian, we will deposit the applicable number of common shares with the custodian. Upon receipt of confirmation of such deposit, the depositary will either distribute to holders new

ADSs representing the common shares deposited or modify the ADS-to-common share ratio, in which case each ADS you hold will represent rights and interests in the additional common shares so deposited.

Only whole new ADSs will be distributed. Fractional entitlements will be sold and the proceeds of such sale will be distributed as in the case of a cash distribution.

The distribution of new ADSs or the modification of the ADS-to-common share ratio upon a distribution of common

shares will be made net of the fees, expenses, taxes and governmental charges payable by holders under the terms of the deposit agreement. In order to pay such taxes or governmental charges, the depositary may sell all or a portion of the new common

shares so distributed.

No such distribution of new ADSs will be made if it would violate a law ( e.g. , the U.S. securities laws) or if it is

not operationally practicable. If the depositary does not distribute new ADSs as described above, it may sell the common shares received upon the terms described in the deposit agreement and will distribute the proceeds of the sale as in the case of

a distribution of cash.

Distributions of Rights

Whenever we intend to distribute rights to subscribe for additional common shares, we will give prior notice to the depositary and we will assist the

depositary in determining whether it is lawful and reasonably practicable to distribute rights to subscribe for additional ADSs to holders.

The

depositary will establish procedures to distribute rights to subscribe for additional ADSs to holders and to enable such holders to exercise such rights if it is lawful and reasonably practicable to make the rights available to holders of ADSs, and

if we provide to the depositary all of the documentation contemplated in the deposit agreement (such as opinions to address the lawfulness of the transaction). You may have to pay fees, expenses, taxes and other governmental charges to subscribe for

the new ADSs upon the exercise of your rights. The depositary is not obligated to establish procedures to facilitate the distribution and exercise by holders of rights to subscribe for new common shares other than in the form of ADSs.

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The depositary will not distribute the rights to you if:

•

We do not timely request that the rights be distributed to you or we request that the rights not be distributed to you;

•

We fail to deliver reasonably satisfactory documents to the depositary; or

•

It is not lawful or reasonably practicable to distribute the rights.

The depositary will sell the rights that are not exercised or not distributed if such sale is lawful and reasonably practicable. The proceeds of such

sale will be distributed to holders as in the case of a cash distribution. If the depositary is unable to sell the rights, it will allow the rights to lapse.

Elective Distributions

Whenever we intend to distribute a

dividend payable at the election of shareholders either in cash or in additional shares, we will give prior notice thereof to the depositary and will indicate whether we wish the elective distribution to be made available to you. In such case, we

will assist the depositary in determining whether such distribution is lawful and reasonably practicable.

The depositary will make the election

available to you only if it is reasonably practicable and if we have provided all of the documentation contemplated in the deposit agreement. In such case, the depositary will establish procedures to enable you to elect to receive either cash or

additional ADSs, in each case as described in the deposit agreement.

If the election is not made available to you, you will receive either cash or

additional ADSs, depending on what a shareholder in Korea would receive upon failing to make an election, as more fully described in the deposit agreement.

Other Distributions

Whenever we intend to distribute

property other than cash, common shares or rights to subscribe for additional common shares, we will notify the depositary in advance and will indicate whether we wish such distribution to be made to you. If so, we will assist the depositary in

determining whether such distribution to holders is lawful and reasonably practicable.

If it is reasonably practicable to distribute such property

to you and if we provide to the depositary all of the documentation contemplated in the deposit agreement, the depositary will distribute the property to the holders in a manner it deems practicable.

The distribution will be made net of fees, expenses, taxes and governmental charges payable by holders under the terms of the deposit agreement. In

order to pay such taxes and governmental charges, the depositary may sell all or a portion of the property received.

The depositary will not

distribute the property to you and will sell the property if:

•

we do not request that the property be distributed to you or if we request that the property not be distributed to you; or

•

we do not deliver reasonably satisfactory documents to the depositary; or

•

the depositary determines that all or a portion of the distribution to you is not reasonably practicable.

The proceeds of such a sale will be distributed to holders as in the case of a cash distribution.

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Redemption

Whenever we decide to redeem any of the securities on deposit with the custodian, we will notify the depositary in advance. If it is practicable and if

we provide to the depositary all of the documentation contemplated in the deposit agreement, the depositary will provide notice of the redemption to the holders.

The custodian will be instructed to surrender the common shares being redeemed against payment of the applicable redemption price. The depositary will

convert into U.S. dollars upon the terms of the deposit agreement the redemption funds received in a currency other than U.S. dollars and will establish procedures to enable holders to receive the net proceeds from the redemption upon surrender of

their ADSs to the depositary. You may have to pay fees, expenses, taxes and other governmental charges upon the redemption of your ADSs. If less than all ADSs are being redeemed, the ADSs to be retired will be selected by lot or on a pro rata

basis, as the depositary may determine upon consultation with us.

Changes Affecting Common Shares

The common shares held on deposit for your ADSs may change from time to time. For example, there may be a change in nominal or par value, split-up, cancelation, consolidation or any other reclassification of such common shares or a recapitalization, reorganization, merger, consolidation or sale of our assets.

If any such change were to occur, your ADSs would, to the extent permitted by law and the deposit agreement, represent the right to receive the property

received or exchanged in respect of the common shares held on deposit. The depositary may in such circumstances deliver new ADSs to you, amend the deposit agreement, the ADRs and the applicable Registration Statement(s) on Form F-6, call for the exchange of your existing ADSs for new ADSs and take any other actions that the depositary, in consultation with us, considers appropriate to reflect as to the ADSs the change affecting the common

shares. If the depositary may not lawfully distribute such property to you, the depositary may sell such property and distribute the net proceeds to you as in the case of a cash distribution.

Issuance of ADSs upon Deposit of Common Shares

Upon

completion of this offering, the common shares being offered pursuant to this prospectus will be deposited by us with the custodian. Upon receipt of confirmation of such deposit, the depositary will issue ADSs to the underwriters named in this

prospectus. After the completion of this offering, the common shares that are being offered for sale pursuant to this prospectus will be deposited by us with the custodian. Upon receipt of confirmation of such deposit, the depositary will issue ADSs

to the underwriters named in the prospectus.

After the closing of this offering, the depositary may create ADSs on your behalf if you or your

broker deposit common shares with the custodian. The depositary will deliver these ADSs to the person you indicate only after you pay any applicable issuance fees and any charges and taxes payable for the transfer of the common shares to the

custodian. Your ability to deposit common shares and receive ADSs may be limited by legal considerations in the United States and Korea applicable at the time of deposit. In addition, under the terms of the deposit agreement, the depositary is

required to obtain our prior consent to any such deposit if, after giving effect to such deposit, the total number of our common shares represented by ADSs exceeds the limits imposed by applicable laws and regulations or our articles of

incorporation, or otherwise exceeds a specified maximum that we may establish from time to time, subject to adjustment under certain circumstances. See “Risk Factors — If you surrender your ADSs in order to withdraw the underlying common

shares, you may not be allowed to deposit the common shares again to obtain ADSs.”

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The issuance of ADSs may be delayed until the depositary or the custodian receives confirmation that

all required approvals have been given and that the common shares have been duly transferred to the custodian. The depositary will only issue ADSs in whole numbers.

When you make a deposit of common shares, you will be responsible for transferring good and valid title to the depositary. As such, you will be deemed

to represent and warrant that:

•

the common shares are duly authorized, validly issued, fully paid, non-assessable

and legally obtained;

•

all preemptive (and similar) rights, if any, with respect to such common shares have been validly waived or exercised;

•

you are duly authorized to deposit the common shares;

•

the common shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage,

pledge or adverse claim, and are not, and the ADSs issuable upon such deposit will not be, “restricted securities” (as defined in the deposit agreement);

•

you have obtained all necessary approvals from any applicable governmental agency in Korea, made all applicable filings

with any such governmental agency, and otherwise complied with all applicable laws of Korea and the rules and regulations of any such governmental agency to make such deposit; and

•

the common shares presented for deposit have not been stripped of, or limited from, any rights or entitlements.

If any of the representations or warranties are incorrect in any way, we and the depositary may, at your cost and expense, take

any and all actions necessary to correct the consequences of the misrepresentations.

Transfer, Combination and Split Up of ADRs

As an ADR holder, you will be entitled to transfer, combine or split up your ADRs and the ADSs evidenced thereby. For transfers of ADRs, you will have to

surrender the ADRs to be transferred to the depositary and also must:

•

ensure that the surrendered ADR is properly endorsed or otherwise in proper form for transfer;

•

provide such proof of identity and genuineness of signatures as the depositary deems appropriate;

•

provide any transfer stamps required by the State of New York or the United States; and

•

pay all applicable fees, charges, expenses, taxes and other government charges payable by ADR holders pursuant to the terms

of the deposit agreement, upon the transfer of ADRs.

To have your ADRs either combined or split up, you must surrender the ADRs

in question to the depositary with your request to have them combined or split up, and you must pay all applicable fees, charges and expenses payable by ADR holders, pursuant to the terms of the deposit agreement, upon a combination or split up of

ADRs.

Withdrawal of Common Shares Upon cancelation of ADSs

As a holder, you will be entitled to present your ADSs to the depositary for cancelation and then receive the corresponding number of underlying common

shares at the custodian’s offices. Your ability

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to withdraw the common shares held in respect of the ADSs may be limited by legal considerations in the United States and Korea applicable at the time of withdrawal. In order to withdraw the

common shares represented by your ADSs, you will be required to pay to the depositary the fees for cancelation of ADSs and any charges and taxes payable upon the transfer of the common shares. You assume the risk for delivery of all funds and

securities upon withdrawal. Once canceled, the ADSs will not have any rights under the deposit agreement.

If you hold ADSs registered in your name,

the depositary may ask you to provide proof of identity and genuineness of any signature and such other documents as the depositary may deem appropriate before it will cancel your ADSs. The withdrawal of the common shares represented by your ADSs

may be delayed until the depositary receives satisfactory evidence of compliance with all applicable laws and regulations. Please keep in mind that the depositary will only accept ADSs for cancelation that represent a whole number of securities on

deposit.

You will have the right to withdraw the securities represented by your ADSs at any time except as a result of:

•

temporary delays that may arise because (i) the transfer books for the common shares or ADSs are closed, or

(ii) common shares are immobilized on account of a shareholders’ meeting or a payment of dividends;

•

obligations to pay fees, taxes and similar charges; or

•

restrictions imposed because of laws or regulations applicable to ADSs or the withdrawal of securities on deposit.

The deposit agreement may not be modified to impair your right to withdraw the securities represented by your ADSs except to

comply with mandatory provisions of law.

Voting Rights

As a holder, you generally have the right under the deposit agreement to instruct the depositary to exercise the voting rights for the common shares

represented by your ADSs. The voting rights of holders of common shares are described in “Description of Articles of Incorporation and Capital Stock — Voting Rights.”

At our request, the depositary will distribute to you any notice of shareholders’ meeting received from us together with information explaining

how to instruct the depositary to exercise the voting rights of the securities represented by ADSs. In lieu of distributing such materials, the depositary may, with our written consent, distribute to holders of ADSs instructions on how to retrieve

such materials upon request.

If the depositary timely receives voting instructions from a holder of ADSs, it will endeavor to vote the securities

(in person or by proxy) represented by the holder’s ADSs in accordance with such voting instructions.

Securities for which no voting

instructions have been received will not be voted (except as otherwise contemplated in the deposit agreement). Please note that the ability of the depositary to carry out voting instructions may be limited by practical and legal limitations

and the terms of the securities on deposit. We cannot assure you that you will receive voting materials in time to enable you to return voting instructions to the depositary in a timely manner.

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Fees and Charges

As an ADS holder, you will be required to pay the following fees (some of which may be cumulative) under the terms of the deposit agreement:

Service

Fees

Issuance of ADSs (e.g., an issuance upon a deposit of common shares, upon a change in the ADS(s)-to-common share ratio, ADS conversions, or for any other reason), excluding ADS issuances as a result of distributions of common shares

Up to US$5.00 per 100 ADSs (or fraction thereof) issued

Cancelation of ADSs (e.g., a cancelation of ADSs for delivery of deposited property, upon a change in the ADS(s)-to-common share ratio, ADS conversions,

upon termination of the deposit agreement, or for any other reason)

Up to US$5.00 per 100 ADSs (or fraction thereof) canceled

Distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other entitlements)

Up to US$5.00 per 100 ADSs (or fraction thereof) held

Distribution of ADSs pursuant to (i) share dividends or other free share distributions, or (ii) an exercise of rights to purchase additional ADSs

Up to US$5.00 per 100 ADSs (or fraction thereof) held

Distribution of financial instruments, including, without limitation, securities other than ADSs or rights to purchase additional ADSs (e.g., spin-off shares and contingent value rights)

Up to US$5.00 per 100 ADSs (or fraction thereof) held

ADS Services

Up to US$5.00 per 100 ADSs (or fraction thereof) held on the applicable record date(s) established by the depositary

Registration of ADS transfers (e.g., upon a registration of the transfer of registered ownership of ADSs, upon a transfer of ADSs into DTC and vice versa, or for any other reason)

Up to US$5.00 per 100 ADSs (or fraction thereof) transferred

Conversion of ADSs of one series for ADSs of another series (e.g., upon conversion of Partial Entitlement ADSs for Full Entitlement ADSs, or upon conversion of Restricted ADSs (each as defined in the deposit agreement) into freely

transferable ADSs, and vice versa or conversion of ADSs for unsponsored American Depositary Shares (e.g., upon termination of the deposit agreement)).

Up to US$5.00 per 100 ADSs (or fraction thereof) converted

As an ADS holder, you will also be responsible to pay certain charges (some of which may be cumulative) such as:

•

taxes (including applicable interest and penalties) and other governmental charges;

•

the registration fees as may from time to time be in effect for the registration of common shares on the share register and

applicable to transfers of common shares to or from the name of the custodian, the depositary or any nominees upon the making of deposits and withdrawals, respectively;

•

certain cable, telex and facsimile transmission and delivery expenses;

•

the fees, expenses, spreads, taxes and other charges of the depositary and/or service providers (which may be a division,

branch or affiliate of the depositary) in the conversion of foreign currency;

•

the reasonable and customary out-of-pocket

expenses incurred by the depositary in connection with compliance with exchange control regulations and other regulatory requirements applicable to common shares, ADSs and ADRs;

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•

the fees, charges, costs and expenses incurred by the depositary, the custodian or any nominee in connection with the ADR

program; and

•

the amounts payable to the depositary by any party to the deposit agreement pursuant to any ancillary agreement to the

deposit agreement in respect of the ADR program, the ADSs and the ADRs.

ADS fees and charges for (i) the issuance of ADSs

and (ii) the cancelation of ADSs are charged to the person for whom the ADSs are issued (in the case of ADS issuances) and to the person for whom ADSs are canceled (in the case of ADS cancellations). In the case of ADSs issued by the depositary

into DTC, the ADS issuance and cancelation fees and charges may be deducted from distributions made through DTC, and may be charged to the DTC participant(s) receiving the ADSs being issued or the DTC participant(s) holding the ADSs being canceled,

as the case may be, on behalf of the beneficial owner(s) and will be charged by the DTC participant(s) to the account of the applicable beneficial owner(s) in accordance with the procedures and practices of the DTC participants as in effect at the

time. ADS fees and charges in respect of distributions and the ADS service fee are charged to the holders as of the applicable ADS record date. In the case of distributions of cash, the amount of the applicable ADS fees and charges is deducted from

the funds being distributed. In the case of (i) distributions other than cash and (ii) the ADS service fee, holders as of the ADS record date will be invoiced for the amount of the ADS fees and charges and such ADS fees and charges may be

deducted from distributions made to holders of ADSs. For ADSs held through DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be deducted from distributions made through DTC, and may be charged to the DTC

participants in accordance with the procedures and practices prescribed by DTC and the DTC participants in turn charge the amount of such ADS fees and charges to the beneficial owners for whom they hold ADSs. In the case of (i) registration of

ADS transfers, the ADS transfer fee will be payable by the ADS holder whose ADSs are being transferred or by the person to whom the ADSs are transferred, and (ii) conversion of ADSs of one series for ADSs of another series (which may entail the

cancelation, issuance and transfer of ADSs and the conversion of ADSs from one series to another series), the applicable ADS issuance, cancelation, transfer and conversion fees will be payable by the holder whose ADSs are converted or by the person

to whom the converted ADSs are delivered.

In the event of refusal to pay the depositary fees, the depositary may, under the terms of the deposit

agreement, refuse the requested service until payment is received or may set off the amount of the depositary fees from any distribution to be made to the ADS holder. Certain of the depositary fees and charges (such as the ADS services fee) may

become payable shortly after the closing of the ADS offering. Note that the fees and charges you may be required to pay may vary over time and may be changed by us and by the depositary. You will receive prior notice of such changes. The depositary

may reimburse us for certain expenses incurred by us in respect of the ADR program, by making available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as we and the depositary agree from

time to time. Any failure by us to timely pay any fees, charges and reimbursements of the depositary for which we are responsible pursuant to the deposit agreement, or any ancillary agreement between us and the depositary, may suspend the obligation

of the depositary to provide the services contemplated in the deposit agreement at our expense (including services being made available to you), and the depositary shall have no obligation to provide any such services made available at our expense

(including services being made available to you) unless and until we have made payment in full.

Amendments and Termination

We may agree with the depositary to modify the deposit agreement at any time without your consent. We undertake to give holders 30 days’ prior

notice of any modifications that would materially

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prejudice any of their substantial rights under the deposit agreement. We will not consider to be materially prejudicial to your substantial rights any modifications or supplements that are

reasonably necessary for the ADSs to be registered under the Securities Act or to be eligible for book-entry settlement, in each case without imposing or increasing the fees and charges you are required to pay. In addition, we may not be able to

provide you with prior notice of any modifications or supplements that are required to accommodate compliance with applicable provisions of law.

You will be bound by the modifications to the deposit agreement if you continue to hold your ADSs after the modifications to the deposit agreement

become effective. The deposit agreement cannot be amended to prevent you from withdrawing the common shares represented by your ADSs (except as permitted by law).

We have the right to direct the depositary to terminate the deposit agreement. Similarly, the depositary may in certain circumstances on its own

initiative terminate the deposit agreement. In either case, the depositary must give notice to the holders at least 30 days before termination. Until termination, your rights under the deposit agreement will be unaffected.

After termination, the depositary will continue to collect distributions received (but will not distribute any such property until you request

the cancelation of your ADSs) and may sell the securities held on deposit. After the sale, the depositary will hold the proceeds from such sale and any other funds then held for the holders of ADSs in a

non-interest bearing account. At that point, the depositary will have no further obligations to holders other than to account for the funds then held for the holders of ADSs still outstanding (after deduction

of applicable fees, taxes and expenses).

In connection with any termination of the deposit agreement, the depositary may make available to owners

of ADSs a means to withdraw the common shares represented by ADSs and to direct the depositary of such common shares into an unsponsored American depositary share program established by the depositary. The ability to receive unsponsored American

depositary shares upon termination of the deposit agreement would be subject to limitations of the laws of Korea, satisfaction of certain U.S. regulatory requirements applicable to the creation of unsponsored American depositary shares and the

payment of applicable depositary fees.

Books of Depositary

The depositary will maintain ADS holder records at its depositary office. You may inspect such records at such office during regular business hours but

solely for the purpose of communicating with other holders in the interest of business matters relating to the ADSs and the deposit agreement.

The

depositary will maintain in New York facilities to record and process the issuance, cancelation, combination, split-up and transfer of ADSs. These facilities may be closed from time to time, to the extent not

prohibited by law.

Limitations on Obligations and Liabilities

The deposit agreement limits our obligations and the depositary’s obligations to you. Please note the following:

•

We and the depositary are obligated only to take the actions specifically stated in the deposit agreement without

negligence or bad faith.

•

We and the depositary disclaim any liability for any failure to carry out voting instructions, for any manner in which a

vote is cast or for the effect of any vote, provided any such action or omission is in good faith and in accordance with the terms of the deposit agreement.

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•

We and the depositary disclaim any liability for any failure to determine the lawfulness or practicality of any action, for

the investment risks associated with investing in common shares, for any tax consequences that result from the ownership of ADSs, common shares or deposited property, for the credit-worthiness of any third party or for allowing any rights to lapse

under the terms of the deposit agreement. The depositary disclaims any liability for the content of any document forwarded to you on our behalf or for the accuracy of any translation of such a document, for the validity or worth of the common

shares, for any financial transaction entered into by any person in respect of the ADSs or any deposited property, for any transaction involving the ADSs or deposited property, for the timeliness of any of our notices or for our failure to give

notice.

•

We and the depositary disclaim any liability for any action or failure to act by any holder of ADSs relating to such

holder’s obligation under any laws of Korea or regulation relating to foreign investment in Korea in respect to a withdrawal or sale of shares, including without limitation, any failure to comply with a requirement to register such investment

prior to such withdrawal or any failure to report foreign exchange transactions.

•

We and the depositary will not be obligated to perform any act that is inconsistent with the terms of the deposit

agreement.

•

We and the depositary disclaim any liability if we or the depositary are prevented or forbidden from or subject to any

civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing required by the terms of the deposit agreement, by reason of any provision, present or future of any law or regulation, or by reason of present

or future provision of any provision of our articles of incorporation, or any provision of or governing the securities on deposit, or by reason of any act of God or war or other circumstances beyond our control.

•

We and the depositary disclaim any liability by reason of any exercise of, or failure to exercise, any discretion provided

for in the deposit agreement or in our articles of incorporation or in any provisions of or governing the securities on deposit.

•

We and the depositary further disclaim any liability for any action or inaction in reliance on the advice or information

received from legal counsel, accountants, any person presenting common shares for deposit, any holder of ADSs or authorized representatives thereof, or any other person believed by either of us in good faith to be competent to give such advice or

information.

•

We and the depositary also disclaim liability for the inability by a holder to benefit from any distribution, offering,

right or other benefit that is made available to holders of common shares but is not, under the terms of the deposit agreement, made available to you.

•

We and the depositary may rely without any liability upon any written notice, request or other document believed to be

genuine and to have been signed or presented by the proper parties.

•

We and the depositary also disclaim liability for any consequential or punitive damages for any breach of the terms of the

deposit agreement.

•

No disclaimer of any Securities Act liability is intended by any provision of the deposit agreement.

•

Nothing in the deposit agreement gives rise to a partnership or joint venture, or establishes a fiduciary relationship,

among us, the depositary and you as ADS holder.

•

Nothing in the deposit agreement precludes Citibank, N.A. (or its affiliates) from engaging in transactions in which

parties adverse to us or the ADS owners have interests, and nothing in the deposit agreement obligates Citibank, N.A. to disclose those transactions, or any information obtained in the course of those transactions, to us or to the ADS owners, or to

account for any payment received as part of those transactions.

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As the above limitations relate to our obligations and the depositary’s obligations to you

under the deposit agreement, we believe that, as a matter of construction of the deposit agreement, such limitations would likely continue to apply to ADS holders who withdraw the common shares from the ADS facility with respect to obligations or

liabilities incurred under the deposit agreement before the cancelation of the ADSs and the withdrawal of the common shares, and such limitations would most likely not apply to ADS holders who withdraw the common shares from the ADS facility with

respect to obligations or liabilities incurred after the cancelation of the ADSs and the withdrawal of the common shares and not under the deposit agreement.

In any event, you will not be deemed, by agreeing to the terms of the deposit agreement, to have waived our or the depositary’s compliance with

U.S. federal securities laws and the rules and regulations promulgated thereunder. In fact, you cannot waive our or the depositary’s compliance with U.S. federal securities laws and the rules and regulations promulgated thereunder.

Taxes

You will be responsible for the taxes and other

governmental charges payable on the ADSs and the securities represented by the ADSs. We, the depositary and the custodian may deduct from any distribution the taxes and governmental charges payable by holders and may sell any and all property on

deposit to pay the taxes and governmental charges payable by holders. You will be liable for any deficiency if the sale proceeds do not cover the taxes that are due.

The depositary may refuse to issue ADSs, to deliver, transfer, split and combine ADRs or to release securities on deposit until all taxes and charges

are paid by the applicable holder. The depositary and the custodian may take reasonable administrative actions to obtain tax refunds and reduced tax withholding for any distributions on your behalf. However, you may be required to provide to the

depositary and to the custodian proof of taxpayer status and residence and such other information as the depositary and the custodian may require to fulfill legal obligations. You are required to indemnify us, the depositary and the custodian for

any claims with respect to taxes based on any tax benefit obtained for you.

Foreign Currency Conversion

The depositary will arrange for the conversion of all foreign currency received into U.S. dollars if such conversion is practical, and it will distribute

the U.S. dollars in accordance with the terms of the deposit agreement. You may have to pay fees and expenses incurred in converting foreign currency, such as fees and expenses incurred in complying with currency exchange controls and other

governmental requirements.

If the conversion of foreign currency is not practical or lawful, or if any required approvals are denied or not

obtainable at a reasonable cost or within a reasonable period, the depositary may take the following actions in its discretion:

•

Convert the foreign currency to the extent practical and lawful and distribute the U.S. dollars to the holders for whom the

conversion and distribution is lawful and practical.

•

Distribute the foreign currency to holders for whom the distribution is lawful and practical.

•

Hold the foreign currency (without liability for interest) for the applicable holders.

Governing Law/Waiver of Jury Trial

The deposit agreement,

the ADRs and the ADSs will be interpreted in accordance with the laws of the State of New York. The rights of holders of common shares (including common shares represented by ADSs) are governed by the laws of Korea.

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AS A PARTY TO THE DEPOSIT AGREEMENT, YOU IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY

APPLICABLE LAW, YOUR RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF THE DEPOSIT AGREEMENT, THE ADSs OR THE ADRs AGAINST US AND/OR THE DEPOSITARY.

The deposit agreement provides that, to the extent permitted by law, ADS holders waive the right to a jury trial of any claim they may have

against us or the depositary arising out of or relating to our common shares, the ADSs or the deposit agreement, including any claim under U.S. federal securities laws. If we or the depositary opposed a jury trial demand based on the waiver, the

court would determine whether the waiver was enforceable in the facts and circumstances of that case in accordance with applicable case law. However, you will not be deemed by agreeing to the terms of the deposit agreement to have waived our or the

depositary’s compliance with U.S. federal securities laws and the rules and regulations promulgated thereunder.

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SHARES AND AMERICAN DEPOSITARY SHARES ELIGIBLE FOR FUTURE SALE

Upon completion of this offering, we will have 728,865,500 outstanding common shares (including 17,790,000 common shares represented by 177,900,000 ADSs

issued in this offering) and 1,626,865 treasury shares. All ADSs sold in this offering will be freely transferable by persons other than our “affiliates” as that term is defined in Rule 144 under the Securities Act as currently in

effect, or “Rule 144,” without restriction or further registration under the Securities Act. All outstanding shares prior to this offering are “restricted securities” as that term is defined in Rule 144 because they were

issued in a transaction or series of transactions not involving a public offering in the United States. Restricted securities, in the form of ADSs or otherwise, may be sold only if they are the subject of an effective registration statement under

the Securities Act or if they are sold pursuant to an exemption from the registration requirement of the Securities Act such as those provided for in Rule 144 or 701 promulgated under the Securities Act, which rules are summarized below. Restricted

shares of our common stock may also be sold outside of the United States to non-U.S. persons in accordance with Rule 904 of Regulation S under the Securities Act, or “Regulation S.” Previously

outstanding shares of our common stock are eligible for trading on the KRX KOSPI Market. This prospectus may not be used in connection with any resale of our ADSs acquired in this offering by our affiliates.

Sales of substantial amounts of our shares or ADSs in the public market could adversely affect their prevailing market prices. Prior to this offering,

there has been no public market for shares of our ADSs, and while we have been approved to list our ADSs on Nasdaq, we cannot assure you that a regular trading market will develop.

Rule 144

In general, under Rule 144, a person who has

beneficially owned our common shares that are restricted shares for at least six months would be entitled to sell such securities, provided that (1) such person is not deemed to have been one of our affiliates at the time of, or at any time

during the 90 days preceding, a sale and (2) we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale. Persons who have beneficially owned our common shares that are restricted shares for at

least six months but who are our affiliates at the time of, or any time during the 90 days preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three month period only a number of

securities that does not exceed the greater of either of the following:

•

1% of the number of our common shares then outstanding; or

•

the average weekly trading volume of our common shares represented by ADSs on the Nasdaq during the four calendar weeks

preceding the filing of a notice on Form 144 with respect to the sale;

provided, in each case, that we are subject to the Exchange Act periodic

reporting requirements for at least 90 days before the sale. Such sales both by affiliates and by non-affiliates must also comply with the manner of sale, current public information and notice provisions of

Rule 144 to the extent applicable.

Regulation S

Regulation S provides generally that sales made in offshore transactions are not subject to the registration or prospectus-delivery requirements of the

Securities Act. In general, this means that our common shares may be sold in some other manner outside the United States without requiring registration in the United States. Previously outstanding shares of our common stock are eligible for trading

on the KRX KOSPI Market.

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Lock-up Agreements

We and certain of our affiliates may agree with the underwriters, subject to certain exceptions, not to sell, transfer or otherwise dispose of any ADSs,

common shares or similar securities for a period of 90 days after the date of this prospectus. See “Underwriting” for more information.

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KOREAN FOREIGN EXCHANGE CONTROLS AND SECURITIES REGULATIONS

General

The Foreign Exchange Transactions Act of Korea and

the Presidential Decree and regulations under that Act and Decree, collectively referred to as the “Foreign Exchange Transaction Laws,” regulate investments in Korean securities

by non-residents and issuances of securities outside Korea by Korean companies. Non-residents may invest in Korean securities pursuant to the Foreign

Exchange Transaction Laws. The FSC has also adopted, pursuant to its authority under the FSCMA, regulations that restrict investments by foreigners in Korean securities and regulate issuances of securities outside Korea by Korean companies.

Subject to certain limitations, the Ministry of Finance and Economy has the authority to take the following actions under the Foreign Exchange

Transaction Laws:

•

if the Government deems it necessary on account of war, armed conflict, natural disaster or grave and sudden and

significant changes in domestic or foreign economic circumstances or similar events or circumstances, the Ministry of Finance and Economy may (i) temporarily suspend payment, receipt or performance under any or all foreign exchange

transactions, in whole or in part, to which the Foreign Exchange Transaction Laws apply (including suspension of payment and receipt of foreign exchange), (ii) impose an obligation to deposit, safe-keep or sell precious metal or any means of payment

to the Bank of Korea, a foreign exchange equalization fund or certain other governmental agencies or financial companies, or (iii) require resident creditors to collect and recover debts owed by

non-resident debtors and to send such amounts to the creditors’ accounts in Korea; and

•

if the Government concludes that the international balance of payments and international financial markets are experiencing

or are likely to experience significant disruption or that the movement of capital between Korea and other countries is likely to adversely affect its currency policies, exchange rate policies or other macroeconomic policies, the Ministry of Finance

and Economy may take action to require any person who intends to effect a capital transaction to obtain permission or to require any person who effects a capital transaction to deposit a portion of the means of payment acquired in such transaction

with the Bank of Korea, a foreign exchange equalization fund or certain other governmental agencies or financial companies.

Such

authority of the Ministry of Finance and Economy would not, however, be applicable to foreign investments made pursuant to the Foreign Investment Promotion Act of Korea.

Holding Company Regulations

Under the Monopoly Regulation and Fair Trade Act, a company that qualifies as a holding company is required, among other restrictions, to satisfy minimum

equity ownership requirements with respect to its subsidiaries. The applicable minimum ownership thresholds differ before and after the effective date of the amendments to the Monopoly Regulation and Fair Trade Act that took effect on December 30,

2021. Under the current rules, a holding company is generally required to hold at least 30% of the issued voting shares of a listed subsidiary and at least 50% of the issued voting shares of an unlisted subsidiary. However, pursuant to the

transitional provisions, if a holding company was newly established or converted into a holding company prior to December 30, 2021, the prior minimum ownership thresholds (20% for listed subsidiaries and 40% for unlisted subsidiaries) continue to

apply to the subsidiaries held by such holding company prior to December 30, 2021. SK square, our largest shareholder, converted into a holding company prior to December 30, 2021 and, accordingly, is subject to the 20% minimum ownership threshold

with respect to a listed subsidiary (including us) that it held prior to December 30, 2021, and is required to maintain ownership of at least 20% of our issued shares.

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Pricing of Newly Issued Shares

Article 5-18 ( Determination of the Issue Price for Paid-in Capital Increases ) of the Regulation on the Issuance and Disclosure, Etc. of Securities

of Korea generally applies where a listed company conducts a paid-in capital increase through a third-party allotment. If the offering price is determined at a discount from the trading price, the discount rate is to be determined against a base

price, which is generally the volume-weighted arithmetic average of the share price (i.e., a price calculated by dividing the total value of such shares traded on the Korea Exchange during the relevant period by the total volume of such shares

traded during such period) during the period from the third trading day to the fifth trading day prior to the subscription date, which will be the closing date for this offering. The discount rate is generally required to be set within 10% for a

third-party allotment under the above regulation. Based on the position of the FSS, our issuance of new shares to the depositary for purposes of the offering is viewed as a third-party allotment, and therefore, the initial public offering price is

subject to the above restrictions on the discount rate, which could constrain the pricing flexibility of the offering.

Government Review of Issuances of ADSs

Under the FSCMA, its Presidential Decree and the FSC regulations promulgated thereunder, where an issuer makes solicitation of an offer to

subscribe for the securities to be newly issued by it to 50 or more investors (aggregated with the number of the investors who have received the solicitation of an offer to purchase or subscribe for the securities of the same class within six months

prior to the commencement date of the solicitation of an offer to subscribe for the securities to be newly issued, but excluding certain professional investors and the issuer-related persons specified in the Presidential Decree of the FSCMA), such

solicitation would constitute an “offering,” and the issuer would be required to file a securities registration statement with the FSC. In addition, even if the number of the investors who received the solicitation as calculated above is

fewer than 50, such solicitation would nevertheless be deemed an “offering” and the issuer would be required to file a securities registration statement with the FSC if:

•

in the case where the securities in question are issued in Korea, there has been a prior offering or sale of the securities

of the same class; or

•

in the case where the securities in question are issued outside Korea, such securities may be transferred to Korean

residents within one year from the issuance date thereof.

In order for us to issue the common shares to the depositary for

issuing the ADSs, we are required to file a securities registration statement with the FSC and such securities registration statement must become effective in accordance with the FSCMA, its Presidential Decree and the FSC regulations promulgated

thereunder, because such issuance of our common shares would be deemed an “offering” in Korea even if there is no solicitation of an offer to subscribe for such common shares or ADSs in Korea or to the residents of Korea, as discussed

above. Accordingly, we have filed a Korean-language securities registration statement with the FSC separately from this prospectus. However, the ADSs will not be offered, sold, or delivered in Korea or to, or for the account of or benefit of any

investors in Korea, at the time of their issuance.

Under the Foreign Exchange Transaction Laws, in order for the depositary to issue ADSs based on

the Common Shares newly issued and deposited by us in connection with this offering in excess of US$50 million, we are required to file a securities issuance report with the Ministry of Finance and Economy via our designated foreign exchange

bank with respect to the issuance of the ADSs prior to such issuance; provided that such US$50 million threshold amount would be reduced by the aggregate principal amount of any foreign currency loans borrowed from non-residents, and any foreign currency denominated securities issued outside Korea or to non-residents in Korea on a private placement

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basis, each during the one-year period immediately preceding the filing date of such report. The Ministry of Finance and Economy may at

its discretion direct us to take necessary measures to avoid exchange rate fluctuation in connection with its acceptance of the securities issuance report for the issuance of the ADSs. We are required to submit the report on the results of the

issuance of the ADSs without delay after the net subscription money for the ADSs is paid to us.

Under the Foreign Exchange Transaction Laws, if the

securities are to be listed in a manner that involves the movement of securities between the Korea Exchange and an overseas stock exchange, a securities issuance report is required to be filed with the Ministry of Finance and Economy only once at

the time of the initial listing, and the person who has filed the securities issuance report as described above is required to submit a post-transaction report to the Ministry of Finance and Economy by the end of the month immediately following the

month in which either any movement of securities between the Korea Exchange and the applicable overseas stock exchange or any change in the number of the total issued securities occurs.

Under the Presidential Decree of FSCMA and the FSC regulations promulgated thereunder, the depositary is required to obtain our prior consent for any

proposed deposit of our issued common shares if the number of shares to be deposited in such proposed deposit exceeds the number of common shares initially deposited by us for the issuance of ADSs (including deposits in connection with the initial

and all subsequent issuances of ADSs by us or with our consent and stock dividends or other distributions related to the ADSs).

In addition to such

restrictions under Korean laws and regulations, there are also restrictions on the deposits of our common shares for issuance of ADSs. Therefore, a holder of ADRs who surrenders ADRs and withdraws shares may not be permitted subsequently to

deposit those shares and obtain ADRs.

Reporting Requirements for Holders of Substantial Interests

Under the FSCMA, any person whose direct or beneficial ownership of the shares with voting rights, equity-related

debt securities, including convertible bonds, bonds with warrants, exchangeable bonds, certificates representing the rights to subscribe for common shares, derivatives-linked securities and depositary receipts

representing the aforementioned securities, which we refer to collectively as “equity securities,” of a listed company in Korea, together with the equity securities directly or beneficially owned and held by certain related persons or by

any person acting in concert with the person, accounts for 5% or more of the total outstanding equity securities (including treasury shares) of such listed company is required to report the status and purpose (in terms of whether the purpose of the

shareholding is to participate in the management of the issuer) of the holdings, the major terms and conditions of the agreements relating to the equity securities and other matters prescribed by the Presidential Decree under the FSCMA to the FSC

and the Korea Exchange within five business days after reaching the 5% ownership interest.

As mentioned above, the 5% threshold relates to not only

ownership, but also holdings of equity securities. The concept of “holding” includes (i) any equity securities that are owned for the shareholder’s own account, regardless of the title (i.e., a nominee or other person holding

legal title on behalf of the underlying shareholder), (ii) claims for delivery of equity securities that are held in accordance with provisions of law or contract (i.e., legal or contractual rights to acquire equity securities), (iii) voting rights

(including rights to instruct the exercise of voting rights) of equity securities held in accordance with provisions of law or contract, including money trusts or collateral contracts (e.g., security agreements where the entity that has the

collateral holds the voting right), (iv) the power to decide on acquisitions or dispositions of equity securities held in accordance with provisions of laws or contracts, including money trusts or collateral contracts, (v) the right to

unilaterally complete the

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purchase and sale contract of the equity securities and become the purchaser to the contract (i.e., a legal right to acquire the equity securities if the contract conditions are within the

potential shareholder’s control), (vi) contractual rights such as call options pursuant to derivatives in which the underlying assets are equity securities and (vii) stock options in which the holder of such options becomes the owner of

the underlying equity shares when the options are exercised.

In addition, (A) any change in the number of the owned equity securities that is

1% or more of the total outstanding equity securities subsequent to the report or (B) any change in (i) the purpose of the shareholding or ownership of the equity securities, (ii) the major terms and conditions of the agreements

relating to the equity securities owned (such as trust agreements and collateral agreements) to the extent the number of relevant equity securities is 1% or more of the total outstanding equity securities or (iii) the type of the ownership

(direct ownership or holdings) to the extent the number of relevant equity securities is equal to or exceeds 1% of the total outstanding equity securities, subsequent to the report, must be reported to the FSC and the Korea Exchange, provided that

clause (B)(ii) is not applicable to holders who have invested for a simple investment purpose only (exercising only the rights guaranteed by applicable law regardless of the number of shares they hold) and clause (B)(iii) is only applicable to

shareholders whose investment purpose is to participate in the management of the company. Changes set forth in clauses (A) and (B) above must be reported within five business days from the date of such change (or by the tenth day of

the month following the month in which the change described in (A) above occurs, in the case of a person (other than certain professional investors prescribed by the Presidential Decree under the FSCMA) with a simple investment purpose or by

the tenth day from the date of such change in the case of a person (other than certain professional investors prescribed by the Presidential Decree under the FSCMA) whose intent is neither a simple investment nor management participation).

Notwithstanding the foregoing, certain professional investors prescribed by the Presidential Decree of the FSCMA may report the 5% ownership status and

the changes described in (A) above to the FSC and the Korea Exchange by the tenth day of the month immediately following the end of the quarter in which such 5% ownership interest is reached or the change occurs.

When filing a report to the FSC and the Korea Exchange in accordance with the reporting requirements described above, a copy of such report must also be

sent to the issuer.

Violation of these reporting requirements may subject a person to sanctions, such as prohibition on the exercise of voting

rights with respect to the equity securities for which the reporting requirement was violated, or fines and/or imprisonment. Furthermore, the FSC may order the disposal of the equity securities for which the reporting requirement was violated or may

impose a monetary penalty.

A person reporting to the FSC and the Korea Exchange that its purpose of holding the equity securities of the relevant

listed company in Korea is to participate in the management of such company is prohibited from acquiring additional equity securities of such company and exercising its voting rights, in each case during the period commencing from the date on which

the event triggering the reporting requirement occurs and ending on the fifth day from the date on which the report is made.

In addition to the

reporting requirements described above, any person whose direct or beneficial ownership of our common shares (including in the form of ADSs) accounts for 10.0% or more of the total issued shares with voting rights (a “major

shareholder”), other than certain exempted persons as listed under the Presidential Decree of the FSCMA, must report the status of his or her shareholding (including our shares (whether with voting rights or not) as well as any securities

convertible into or exchangeable for, or any warrants, rights or options to purchase or subscribe for, such shares, which we refer to collectively as “specific securities”) to the Securities and Futures Commission, a specialized

decision-making body within the FSC focusing on capital markets oversight, and the Korea Exchange

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within five business days after such person becomes a major shareholder. In addition, any change in the ownership interest subsequent to the report must be reported to the Securities and Futures

Commission and the Korea Exchange by the fifth business day of any changes in such person’s ownership level in our specific securities. Violations of these reporting requirements may subject such person to criminal sanctions, such as fines or

imprisonment.

If a director, executive officer or a major shareholder (other than certain exempted persons as listed under the Presidential Decree

of the FSCMA) intends to buy, sell or otherwise trade our specific securities, certain reporting obligations may arise. Such person must report, among others, the purpose of the trade, the expected trading price, trading volume and trading period

(which shall be not more than 30 days), which we refer to collectively as “trading plan,” to the Securities and Futures Commission and the Korea Exchange prior to the expected trading date, if the expected trading volume or amount of our

specific securities when aggregated with such person’s total trading volume or amount of our specific securities over the past six months (i) represents at least 1% of the total number of our issued specific securities or (ii) is at

least W 5 billion. Flexibility of up to 30% of the expected trading amount (equal to the expected trading price multiplied by the expected

trading volume as set out in the trading plan) is permitted to accommodate the market situation at the time of the transaction.

The Presidential

Decree of the FSCMA also exempts certain types of trades from the aforementioned reporting obligations. Such trades include acquisition of certain securities by inheritance or stock dividend and acquisition through exercise of the exchange rights

under exchangeable bonds.

Restrictions Applicable to ADSs

No Korean governmental approval is necessary for the sale and purchase of ADSs in the secondary market outside Korea or for the withdrawal of shares

underlying ADSs and the delivery of shares in Korea in connection with the withdrawal. The acquisition of the shares by a foreigner must be reported by the foreigner or his or her standing proxy (as described in “— Restrictions

Applicable to Shares” below) in Korea immediately to the Governor (the “Governor”) of the FSS.

Persons who have acquired shares

as a result of the withdrawal of shares underlying the ADSs may exercise their voting rights and preemptive rights for new shares, participate in free distributions and receive dividends on shares without any further governmental approval.

In addition, we are required to file a securities registration statement with the FSC and such securities registration statement has to become effective

pursuant to the FSCMA in order for us to issue shares represented by ADSs.

Restrictions Applicable to Shares

As a result of amendments to the Foreign Exchange Transaction Laws and the FSC regulations adopted in connection with the stock market opening from

January 1992, which we refer to collectively as the “Investment Rules,” foreigners may invest, with limited exceptions and subject to certain procedural requirements, in shares of all Korean companies listed on the KRX KOSPI Market

or the KRX KOSDAQ Market unless prohibited by specific laws. Foreign investors may trade shares listed on the KRX KOSPI Market or the KRX KOSDAQ Market only through the KRX KOSPI Market or the KRX KOSDAQ Market, except in limited circumstances,

including, among others, the following:

•

odd-lot trading of shares;

•

acquisition of shares by exercise of warrants, conversion rights or exchange rights under bonds with warrants, convertible

bonds or exchangeable bonds, or withdrawal rights under depositary receipts issued outside of Korea by a listed company in Korea;

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•

acquisition of shares as a result of inheritance, donation, bequest or exercise of shareholders’ rights, including

preemptive rights or rights to participate in free distributions and receive dividends;

•

over-the-counter transactions between

foreigners of shares of a public service corporation for which the upper limit on aggregate ownership by foreigners as explained below, has been reached or exceeded;

•

shares acquired by way of foreign direct investment and/or the disposal of such shares by the investor;

•

disposal of shares pursuant to the exercise of appraisal rights of dissenting shareholders;

•

acquisition or disposal of shares in connection with a tender offer;

•

acquisition of shares by a foreign depositary in connection with the issuance of depositary receipts;

•

acquisition and disposal of shares through an overseas stock exchange market if such shares are simultaneously listed on

the KRX KOSPI Market or the KRX KOSDAQ Market and such overseas stock exchange; and

•

arm’s-length transactions between foreigners, if all of such foreigners

belong to the investment group managed by the same person.

Odd-lot trading of shares

outside the KRX KOSPI Market or the KRX KOSDAQ Market must involve an investment dealer licensed in Korea as the other party. Foreign investors are prohibited from engaging in margin transactions by borrowing shares from investment brokers or

investment dealers with respect to shares that are subject to a foreign ownership limit.

Prior to an amendment to the Presidential Decree of FSCMA

to abolish the foreign investors’ registration requirement which came into effect on December 14, 2023, the Investment Rules required a foreign investor who wished to invest in or dispose of shares on the KRX KOSPI Market or the KRX

KOSDAQ Market (including shares being issued or sold for initial listing on the KRX KOSPI Market or the KRX KOSDAQ Market) to register its identity with the FSS prior to making any such investment or disposal unless it has previously registered.

However, pursuant to the above-described amendment to the Presidential Decree of the FSCMA, foreign investors are now able to open investment accounts at securities firms without having to go through a prior registration process with the FSS.

Foreign corporate entities can use their legal entity identifiers, and foreign individuals can use their passport numbers, to open investment accounts. Foreign investors that already have obtained investment registration certificates can continue to

use their investor registration number so that potential inconvenience caused by changing the system may be minimized.

Under the previous laws and

regulations, foreign investors could only trade listed securities on the Korea Exchange, and over-the-counter transactions were permitted only for certain exceptional

circumstances. Over-the-counter transactions of foreign investors involving listed securities had been limited in practice because a prior review and approval had to be

obtained from financial supervisory authorities for such transactions with the exception of certain specific types of transactions that can be reported on an ex-post basis (e.g., foreign direct investment,

exercise of appraisal rights of dissenting shareholders, exercise of stock options, inheritance/gift, exercise of the rights associated with convertible bonds, bonds with warrants and repurchase agreements).

However, following the above-described amendment to the Presidential Decree of FSCMA and the abolition of the registration system for foreign investors

that came into effect on December 14, 2023, such regulatory changes have significantly expanded the scope of over-the-counter transactions eligible for ex-post reporting to cover those transactions that do not require a close review and are

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highly demanded by market participants. Specifically, ex-post reporting is permitted for the following types of over-the-counter transactions: (i) acquisition and disposition of shares resulting from spin-offs and mergers of a foreign entity, (ii) acquisition and disposition of securities resulting from

dividends in kind paid by a foreign entity, (iii) over-the-counter transfer of securities between foreigners where there is no change in the beneficial owner and

(iv) acquisition and disposition of shares resulting from in-kind delivery following the liquidation of a foreign fund.

A foreign investor may appoint a standing proxy among the Korea Securities Depository, foreign exchange banks (including domestic branches of foreign

banks), investment dealers, investment brokers and collective investment companies (collectively, “financial investment firms”), including domestic branches of foreign financial investment firms, and internationally recognized custodians

which will act as a standing proxy to exercise shareholders’ rights or perform any matters related to the foregoing activities if the foreign investor does not perform these activities itself. Generally, a foreign investor may not permit any

person, other than its standing proxy, to exercise rights relating to its shares or perform any tasks related thereto on its behalf. However, a foreign investor may be exempted from complying with these standing proxy rules with the approval of the

Governor of the FSS in cases deemed inevitable by reason of conflict between the laws of Korea and those of the home country of the foreign investor.

Shares of a listed company in Korea owned by a foreign investor must be electronically registered by an eligible custodian. Only foreign exchange banks

(including domestic branches of foreign banks), financial investment firms (including domestic branches of foreign financial investment firms), the Korea Securities Depository and internationally recognized custodians are eligible to act as a

custodian of shares for a foreign investor. The custodian of a foreign investor must deposit such foreign investor’s shares with the Korea Securities Depository. However, a foreign investor may be exempted from complying with this deposit

requirement when such shares are electronically registered pursuant to applicable laws.

Under the Investment Rules, with certain exceptions,

foreign investors may own shares of a Korean company without being subject to any foreign investment ceiling. As one such exception, no person may hold for its own account shares issued by a designated public service corporation in excess of certain

ceilings, regardless of the legal ownership of such shares. However, as of the date of this prospectus, we are not such a designated public service corporation.

Furthermore, in the case of investments amounting to

W 100 million or more, (i) an investment by a foreign investor in 10% or more of the outstanding shares with voting rights of a Korean

company or (ii) an acquisition of the right by a foreign investor holding shares of a Korean company to dispatch or appoint directors or officers of such company constitutes a foreign direct investment for purposes of the Foreign Investment

Promotion Act of Korea. Generally, under the Foreign Investment Promotion Act of Korea, a foreign direct investment must be reported to a foreign exchange bank or Korea Trade-Investment Promotion Agency

designated by the Ministry of Trade, Industry and Energy prior to such investment (within 60 days after the date of such investment, if the investment is made by acquiring outstanding shares of a Korean company listed on the Korea Exchange).

The acquisition of shares of a Korean company by a foreign investor may also be subject to certain foreign or other shareholding restrictions in the event that the restrictions are prescribed in a specific law that regulates the business of the

Korean company. Changes in ownership of shares of a Korean company by a foreign direct investor, as well as changes in certain aspects of the foreign direct investment (including change in the foreign direct investor’s name, address or

business), are subject to reporting requirements.

Under the Foreign Exchange Transaction Laws, a foreign investor who wishes to trade shares

without obtaining separate governmental approvals or submitting separate reports to the Government

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must designate a foreign exchange bank and open a foreign currency account and a Won account with the bank exclusively for stock investments. No approval is required for remittance of foreign

currency funds into Korea or for deposit of foreign currency funds in the foreign currency account. Foreign currency funds may be transferred from the foreign currency account to a Won account opened with an investment dealer or an investment broker

at the time the foreign investor is required to place a deposit for, or settle the purchase price of, a stock purchase transaction to an investment dealer or investment broker’s Won account. Funds in the foreign currency account may be

remitted abroad without any governmental approval.

Dividends on shares of Korean companies are paid in Won. No governmental approval is required

for foreign investors to receive dividends on, or the Won proceeds of the sale of, any shares to be paid, received and retained in Korea. Dividends paid on, and the Won proceeds of the sale of, any shares held by a

non-resident of Korea may be deposited either in a Won account with the investor’s investment dealer or investment broker or its Won account with the foreign exchange bank. Funds in the investor’s

Won account may be transferred to its foreign currency account or withdrawn for local living expenses, provided that any withdrawal of local living expenses in excess of a certain amount must be reported to the Governor of the FSS by the foreign

exchange bank at which the Won account is maintained. Funds in the Won account in Korea may also be used for future investment in shares or for payment of the subscription price of new shares acquired through the exercise of preemptive rights.

Investment dealers and investment brokers are allowed to open foreign currency accounts with foreign exchange banks exclusively for accommodating

foreign investors’ stock investments in Korea. Through these accounts, investment dealers and investment brokers may enter into foreign exchange transactions on a limited basis, such as conversion of foreign currency funds and Won funds,

either as a counterparty to or on behalf of foreign investors, without the investors having to open their own accounts with foreign exchange banks.

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THE KOREAN SECURITIES MARKET

The Korea Exchange

On January 27, 2005, the Korea

Exchange was established pursuant to the Korea Securities and Futures Exchange Act by consolidating the Korea Stock Exchange, the Korea Futures Exchange, the KOSDAQ Stock Market, Inc., or the KOSDAQ, and the KOSDAQ Committee of the Korea Securities

Dealers Association, which had formerly managed the KOSDAQ. On July 1, 2013, the Korea Exchange launched the Korea New Exchange (KONEX, a new securities exchange market that focuses on small- and medium-sized enterprises). There are four different markets operated by the Korea Exchange: the KRX KOSPI Market, the KRX KOSDAQ Market, the KONEX Market and the KRX Derivatives Market. The Korea Exchange has three

trading floors located in Seoul, one for the KRX KOSPI Market, one for the KRX KOSDAQ Market and one for the KONEX Market, and one trading floor in Busan for the KRX Derivatives Market. The Korea Exchange is a stock corporation (“ jusik

hoesa ” in Korean), the shares of which are held by (i) investment brokers and investment dealers that were formerly members of the Korea Futures Exchange or the Korea Stock Exchange and (ii) the stockholders of the KOSDAQ.

Currently, the Korea Exchange is the only stock exchange in Korea and is operated by membership, having as its members most of the Korean investment brokers and investment dealers and some Korean branches of foreign investment brokers and investment

dealers.

According to data published by the Korea Exchange, as of July 8, 2026, the aggregate market value of equity securities listed on the KRX

KOSPI Market was approximately W 5,931 trillion, and the average daily trading volume of equity securities in 2026 (through July 8) was

approximately 788 million shares with an average daily transaction value of W 36,589 billion.

The Korea Exchange has the power in some circumstances to suspend trading in the shares of a specific company or to

de-list a security pursuant to the Regulation on Listing on the Korea Exchange. The Korea Exchange also restricts share price movements. All listed companies are required to file accounting reports annually, semi-annually and quarterly and to release immediately certain information that may affect trading in a security.

The Korea Exchange publishes the KOSPI every ten seconds, which is an index of all equity securities listed on the KRX KOSPI Market. On January 1,

1983, the method of computing KOSPI was changed from the Dow Jones method to the aggregate value method. In the new method, the market capitalizations of all listed companies are aggregated, subject to certain adjustments, and this aggregate is

expressed as a percentage of the aggregate market capitalization of all listed companies as of the base date, January 4, 1980.

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Movements in KOSPI are set out in the following table:

Opening

High

Low

Closing

1984

115.25

142.46

115.25

142.46

1985

139.53

163.37

131.40

163.37

1986

161.40

279.67

153.85

272.61

1987

264.82

525.11

264.82

525.11

1988

532.04

922.56

527.89

907.20

1989

919.61

1,007.77

844.75

909.72

1990

908.59

928.82

566.27

696.11

1991

679.75

763.10

586.51

610.92

1992

624.23

691.48

459.07

678.44

1993

697.41

874.10

605.93

866.18

1994

879.32

1,138.75

855.37

1,027.37

1995

1,013.57

1,016.77

847.09

882.94

1996

888.85

986.84

651.22

651.22

1997

653.79

792.29

350.68

376.31

1998

385.49

579.86

280.00

562.46

1999

587.57

1,028.07

498.42

1,028.07

2000

1,059.04

1,059.04

500.60

504.62

2001

520.95

704.50

468.76

693.70

2002

724.95

937.61

584.04

627.55

2003

635.17

822.16

515.24

810.71

2004

821.26

936.06

719.59

895.92

2005

893.71

1,379.37

870.84

1,379.37

2006

1,389.27

1,464.70

1,203.86

1,434.46

2007

1,435.26

2,064.85

1,355.79

1,897.13

2008

1,853.45

1,888.88

938.75

1,124.47

2009

1,157.40

1,723.17

992.69

1,682.77

2010

1,696.14

2,052.97

1,548.78

2,051.00

2011

2,070.08

2,228.96

1,652.71

1,825.74

2012

1,826.37

2,049.28

1,769.31

1,997.05

2013

2,031.10

2,059.58

1,780.63

2,011.34

2014

1,967.19

2,082.61

1,886.85

1,915.59

2015

1,926.44

2,173.41

1,829.81

1,961.31

2016

1,918.76

2,068.72

1,835.28

2,026.46

2017

2,026.16

2,557.97

2,026.16

2,467.49

2018

2,479.65

2,598.19

1,996.05

2,041.04

2019

2,010.00

2,248.63

1,909.71

2,197.67

2020

2,175.17

2,873.47

1,457.64

2,873.47

2021

2,944.45

3,305.21

2,839.01

2,977.65

2022

2,988.77

2,989.24

2,155.49

2,236.40

2023

2,225.67

2,667.07

2,218.68

2,655.28

2024

2,669.81

2,891.35

2,360.58

2,399.49

2025

2,398.94

4,221.87

2,293.70

4,214.17

2026 (through July 8)

4,309.63

9,114.55

4,309.63

7,246.79

Source: The

Korea Exchange

Shares are quoted “ex-dividend” on the trading day immediately preceding the

last trading day of the relevant company’s accounting period. Since the calendar year is the accounting period for the majority of listed companies, this may account for the drop in KOSPI between the closing price of the second trading day

preceding the last trading day of one calendar year and the opening price of the trading day immediately preceding the last trading day of such calendar year.

The Ministry of Justice of Korea has recently issued an official ruling to the effect that (i) a record date for determining shareholders entitled

to exercise of their voting rights at the general meeting of shareholders for declaration of dividends and (ii) a record date for determining the shareholders entitled to payment of dividends so declared may be separately set. Based on the

foregoing official ruling, the Government has recommended the listed companies to set the record date for determining

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the shareholders entitled to payment of dividends after the date of the general meeting of shareholders by resolution of their board of directors so that the investors may invest in the shares of

the listed companies after checking whether the dividend is declared and the amount of dividend so declared. As a result of the recommendation of the Government, many listed companies amended their articles of incorporation which previously provided

the shareholders shown at the register of shareholders as of the end of the fiscal year are entitled to both (i) exercise of their voting rights at the general meeting of shareholders for declaration of dividends and (ii) payment of

dividends so declared. The above change from past practice is also expected to affect the “ex-dividend” practice in the Korean securities markets including the KRX KOSPI Market.

With certain exceptions, principally to take account of a share being quoted “ex-dividend” and “ex-rights,” permitted upward and downward movements in share prices of any category of shares on any trading day are limited under the rules of the Korea Exchange to 30% of the previous trading

day’s closing price of the shares, rounded down as set out below:

Previous trading day’s closing price (Won)

Rounded down to (Won)

Less than 2,000

1

2,000 to less than 5,000

5

5,000 to less than 20,000

10

20,000 to less than 50,000

50

50,000 to less than 200,000

100

200,000 to less than 500,000

500

500,000 or more

1,000

As a consequence, if a particular closing price is the same as the price set by the fluctuation limit, the closing price

may not reflect the price at which persons would have been prepared, or would be prepared to continue, if so permitted, to buy and sell shares. Orders are executed on an auction system with priority rules to deal with competing bids and offers.

Due to deregulation of restrictions on brokerage commission rates, the brokerage commission rate on equity securities transactions may be determined by

the parties, subject to commission schedules being filed with the Korea Exchange by the investment brokers and the investment dealers. In addition, a securities transaction tax (including agricultural and fishery special surtax thereon) of 0.20% of

the sales price will generally be imposed on the transfer of shares or certain securities representing rights to subscribe for shares on the Korea Exchange. See “Certain Tax Considerations — Material Korean Tax Considerations.”

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The number of companies listed on the KRX KOSPI Market, the corresponding total market capitalization

at the end of the periods indicated and the average daily trading volume for those periods are set forth in the following table:

Market capitalization on the

last day of each period

Average daily trading volume, value

Year

Number of listed

companies

(Billions of Won)

Thousands of shares

(Millions of Won)

1984

336

5,149

14,847

10,642

1985

342

6,570

18,925

12,315

1986

355

11,994

31,755

32,870

1987

389

26,172

20,353

70,185

1988

502

64,544

10,367

198,364

1989

626

95,477

11,757

280,967

1990

669

79,020

10,866

183,692

1991

686

73,118

14,022

214,263

1992

688

84,712

24,028

308,246

1993

693

112,665

35,130

574,048

1994

699

151,217

36,862

776,257

1995

721

141,151

26,130

487,762

1996

760

117,370

26,571

486,834

1997

776

70,989

41,525

555,759

1998

748

137,799

97,716

660,429

1999

725

349,504

278,551

3,481,620

2000

704

188,042

306,163

2,602,211

2001

689

255,850

473,241

1,997,420

2002

683

258,681

857,245

3,041,598

2003

684

355,363

542,010

2,216,636

2004

683

412,588

372,895

2,232,108

2005

702

655,075

467,629

3,157,662

2006

731

704,588

279,096

3,435,180

2007

745

951,900

363,732

5,539,588

2008

763

592,635

355,205

5,189,643

2009

770

887,935

485,657

5,795,426

2010

777

1,141,885

380,859

5,619,768

2011

791

1,041,999

353,759

6,863,146

2012

784

1,154,294

486,480

4,823,643

2013

777

1,185,974

328,325

3,993,422

2014

773

1,119,253

278,082

3,983,580

2015

770

1,242,832

455,256

5,351,734

2016

779

1,308,440

376,772

4,523,044

2017

774

1,605,821

340,457

5,325,760

2018

788

1,343,972

397,972

6,548,622

2019

799

1,475,909

470,723

4,989,807

2020

795

1,980,543

895,256

12,200,417

2021

824

2,203,367

844,811

13,400,335

2022

826

1,767,235

595,197

9,008,398

2023

839

2,126,373

538,210

9,602,689

2024

848

1,963,329

486,868

10,741,556

2025

847

3,477,840

445,035

12,400,178

2026 (through July 8)

835

5,931,056

787,629

36,588,770

Source: The

Korea Exchange

The Korean securities markets are principally regulated by the FSC under the regulations set forth in the FSCMA. In

August 2007, the National Assembly of Korea enacted the FSCMA. The FSCMA, which came into effect on February 4, 2009, comprehensively regulates the Korean capital markets, the financial investment businesses (including collective

investment businesses and trust businesses) and financial investment products (such as securities and derivatives). The FSCMA imposes, among others, restrictions on insider trading and price manipulation, requires specified information to be made

available by listed companies to investors and establishes rules regarding margin trading, proxy

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solicitation, takeover bids, acquisition of treasury shares and reporting requirements for shareholders holding substantial interests. The FSCMA regulates the operation and monitoring of the

securities and derivatives markets.

Protection of Customer’s Interest in Case of Insolvency of Investment Brokers or Investment Dealers

Under Korean law, the relationship between a customer and an investment broker or an investment dealer in connection with a securities sell or buy order

is deemed to be a consignment and the securities acquired by a consignment agent (i.e., the investment broker or the investment dealer) through such sell or buy order are regarded as belonging to the customer insofar as the customer and the

consignment agent’s creditors are concerned. Therefore, in the event of a bankruptcy or reorganization procedure involving an investment broker or an investment dealer, the customer of the investment broker or the investment dealer is entitled

to claim the securities acquired by the investment broker or the investment dealer for the customer’s account.

Under the FSCMA, the Korea

Exchange is obliged to indemnify any loss or damage incurred by a counterparty as a result of a breach by members of the KRX KOSPI Market or the KRX KOSDAQ Market. If an investment broker or an investment dealer that is a member of the KRX KOSPI

Market or the KRX KOSDAQ Market breaches its obligation in connection with a buy order, the Korea Exchange is obliged to pay the purchase price on behalf of the breaching member. Therefore, the customer can acquire the securities subject to the buy

order that it has placed with the breaching member.

When a customer places a buy order with a non-member

company and the non-member company places a buy order with a member company, the customer has the legal right to the securities received by the non-member company from

the member company because the purchased securities are regarded as belonging to the customer insofar as the customer and the non-member company’s creditors are concerned.

As cash deposited with an investment broker or an investment dealer is regarded as belonging to the investment broker or investment dealer, which is

liable to return the same at the request of its customer, the customer cannot take back deposited cash from the investment broker or the investment dealer if a bankruptcy or rehabilitation procedure is instituted in respect of the investment broker

or the investment dealer and, therefore, can suffer a loss or damage as a result. However, the Depositor Protection Act provides that the Korea Deposit Insurance Corporation will, upon the request of an investor, pay the investor up to W 100 million of cash deposited with an investment broker or an investment dealer in case of the investment broker or the investment

dealer’s bankruptcy, liquidation, cancelation of investment broker or investment dealer license or other insolvency events. Investment brokers and investment dealers pay premiums to the Korea Deposit Insurance Corporation for this insurance.

Pursuant to the FSCMA, investment brokers or investment dealers are required to deposit cash received from its customers at the Korea Securities Finance Corporation, a special entity established pursuant to the FSCMA.

Set-off or attachment of any such cash deposits by investment brokers or investment dealers is prohibited.

Clearance and

Settlement

The settlement of trades on the Korea Exchange is required to be handled by a settlement agency of the Korea Exchange. The Korea

Securities Depository is the institution commissioned by the Korea Exchange to handle all such settlement of trades.

The settlement of trades on

the Korea Exchange takes place through a clearance and settlement procedure. The Korea Exchange has adopted the multilateral netting system and carries out the

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clearance of the trades by netting the sales and purchases of each Korea Securities Depository participant. The Korea Exchange is required to provide the daily net settlement results of the

trades to the Korea Securities Depository by 6 p.m. on the business day immediately prior to the settlement date. The Korea Securities Depository then handles settlement of the securities and the funds based on the information received from the

Korea Exchange. The securities are settled through book-entry changes in the accounts of Korea Securities Depository participants and the funds are settled by transfer to accounts at a bank designated by the

Korea Securities Depository. Settlement of trades is generally required to take place on the third trading day following the day of the sale and purchase contract (with the day of the sale and purchase contract being the first trading day).

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CERTAIN TAX CONSIDERATIONS

U.S. Federal Income Tax Considerations

The following is a

summary of material U.S. federal income tax considerations that are likely to be relevant to the purchase, ownership and disposition of our common shares or ADSs by a U.S. Holder (as defined below).

This summary is based on provisions of the Internal Revenue Code of 1986, as amended (the “Code”), and regulations, rulings and judicial

interpretations thereof, in force as of the date hereof, and the United States – Republic of Korea Income Tax Convention dated January 1, 1980 (the “Treaty”). Those authorities may be changed at any time, perhaps

retroactively, so as to result in U.S. federal income tax consequences different from those summarized below.

This summary is not a comprehensive

discussion of all of the tax considerations that may be relevant to a particular investor’s decision to purchase, hold or dispose of common shares or ADSs. In particular, this summary is directed only to U.S. Holders that hold common shares or

ADSs as capital assets and does not address particular tax consequences that may be applicable to U.S. Holders who may be subject to special tax rules, such as banks, brokers or dealers in securities or currencies, traders in securities electing to

mark to market, financial institutions, life insurance companies, tax-exempt entities, regulated investment companies, entities or arrangements that are treated as partnerships for U.S. federal income tax

purposes (or partners therein), holders that own or are treated as owning 10% or more of our stock by vote or value, persons holding common shares or ADSs as part of a hedging or conversion transaction or a straddle, or persons whose functional

currency is not the U.S. dollar. Moreover, this summary does not address state, local or foreign taxes, the U.S. federal estate and gift taxes, or the Medicare contribution tax applicable to net investment income of certain non-corporate U.S. Holders, or alternative minimum tax consequences of acquiring, holding or disposing of common shares or ADSs.

For purposes of this summary, a “U.S. Holder” is a beneficial owner of common shares or ADSs that is a citizen or resident of the United

States or a U.S. domestic corporation or that otherwise is subject to U.S. federal income taxation on a net income basis in respect of such common shares or ADSs.

You should consult your own tax advisors about the consequences of the acquisition, ownership, and disposition of the common shares or ADSs,

including the relevance to your particular situation of the considerations discussed below and any consequences arising under foreign, state, local or other tax laws.

ADSs

In general, if you are a U.S.

Holder of ADSs, you will be treated, for U.S. federal income tax purposes, as the beneficial owner of the underlying common shares that are represented by those ADSs. References to “shares” below in this subsection apply to both common

shares and ADSs, unless the context indicates otherwise.

Taxation of Dividends

Subject to the discussion below under “— Passive Foreign Investment Company Status,” the gross amount of any distribution of cash or

property with respect to our shares (including any amount withheld in respect of Korean taxes) that is paid out of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes) will generally be includible in

your taxable income as ordinary dividend income and will not be eligible for the dividends-received deduction allowed to corporations under the Code.

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We do not expect to maintain calculations of our earnings and profits in accordance with U.S. federal

income tax principles. You therefore should expect that distributions generally will be treated as dividends for U.S. federal income tax purposes.

Dividends paid in a currency other than U.S. dollars generally will be includible in your income in a U.S. dollar amount calculated by reference to the

exchange rate in effect on the day you receive the dividends, in the case of common shares, or the date the depositary receives the dividends, in the case of shares represented by ADSs. Any gain or loss on a subsequent sale, conversion or other

disposition of such non-U.S. currency generally will be treated as ordinary income or loss and generally will be income or loss from sources within the United States.

The U.S. dollar amount of dividends received by an individual with respect to the shares will be subject to taxation at a preferential rate if the

dividends are “qualified dividends.” Subject to certain exceptions for short-term positions, dividends paid on the shares will be treated as qualified dividends if:

•

the shares are readily tradable on an established securities market in the United States or we are eligible for the

benefits of a comprehensive tax treaty with the United States that the U.S. Treasury determines is satisfactory for purposes of this provision and that includes an exchange of information program; and

•

we were not, in the year prior to the year in which the dividend was paid, and are not, in the year in which the dividend

is paid, a passive foreign investment company (a “PFIC”).

The ADSs will be listed on the Nasdaq, and will qualify as

readily tradable on an established securities market in the United States so long as they are so listed. In addition, the U.S. Treasury has determined that the Treaty meets the requirements for reduced rates of taxation, and we believe we are

eligible for the benefits of the Treaty. As discussed in more detail below under “— Passive Foreign Investment Company Status,” based on our financial statements and our current expectations regarding the value and nature of our

assets, the sources and nature of our income, and relevant market and shareholder data, we do not expect to become a PFIC for our current taxable year or in the foreseeable future. Holders should consult their own tax advisors regarding the

availability of the reduced dividend tax rate in light of their own particular circumstances.

Subject to generally applicable limitations and

conditions, Korean withholding tax imposed on dividends paid at the appropriate rate applicable to you may be eligible for a credit against your U.S. federal income tax liability. These generally applicable limitations and conditions include

requirements adopted by the U.S. Internal Revenue Service (“IRS”) in regulations promulgated in December 2021, and any Korean tax will need to satisfy these requirements in order to be eligible to be a creditable tax for a U.S. Holder.

In the case of a U.S. Holder that consistently elects to apply a modified version of these rules under temporary guidance, and complies with specific requirements set forth in such guidance, the Korean tax on dividends will be treated as meeting the

requirements and therefore as a creditable tax. In the case of all other U.S. Holders, the application of these requirements to the Korean tax on dividends is uncertain and we have not determined whether these requirements are met. If the Korean tax

is not a creditable tax for you or you do not elect to claim a foreign tax credit for any foreign income taxes paid or accrued in the same taxable year, you may be able to deduct the Korean tax in computing your taxable income for U.S. federal

income tax purposes. Dividends will constitute income from sources without the United States and, if such withholding tax is a creditable tax for a U.S. Holder that elects to claim foreign tax credits, generally will constitute “passive

category income” for foreign tax credit purposes.

The availability and calculation of foreign tax credits and deductions for foreign taxes

depend on a U.S. Holder’s particular circumstances and involve the application of complex rules to those

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circumstances. The temporary guidance discussed above also indicates that the Treasury and the IRS are considering proposing amendments to the December 2021 regulations and that the temporary

guidance can be relied upon until additional guidance is issued that withdraws or modifies the temporary guidance. U.S. Holders should consult their own tax advisors regarding the application of these rules to their particular circumstances.

Any Korean securities transaction tax or agricultural and fishery special surtax that you pay will not be creditable for foreign tax credit purposes.

Taxation of Dispositions of Shares

Subject to the discussion below under “— Passive Foreign Investment Company Status ,” upon a sale, exchange or other taxable

disposition of the shares, you will realize gain or loss for U.S. federal income tax purposes in an amount equal to the difference between the amount realized on the disposition and your adjusted tax basis in the shares, as determined in U.S.

dollars as discussed below. Such gain or loss will be capital gain or loss, and will generally be long-term capital gain or loss if the shares have been held for more than one year. Long-term capital gain realized by a U.S. Holder that is an

individual generally is subject to taxation at a preferential rate. The deductibility of capital losses is subject to limitations.

If you sell or

otherwise dispose of our shares in exchange for currency other than U.S. dollars, the amount realized generally will be the U.S. dollar value of the currency received at the spot rate in effect on the date of sale or other disposition (or, if the

shares are traded on an established securities market at such time, in the case of cash basis and electing accrual basis U.S. holders, the settlement date). An accrual basis U.S. Holder that does not elect to determine the amount realized using the

spot exchange rate on the settlement date will recognize foreign currency gain or loss equal to the difference between the U.S. dollar value of the amount received based on the spot exchange rates in effect on the date of the sale or other

disposition and the settlement date. You will generally have a tax basis in the currency received equal to the U.S. dollar value of the currency received at the spot rate in effect on the settlement date. Any currency gain or loss realized on the

settlement date or the subsequent sale, conversion or other disposition of the non-U.S. currency received for a different U.S. dollar amount generally will be U.S.-source ordinary income or loss, and will not

be eligible for the reduced tax rate applicable to long-term capital gains. If you are an accrual basis U.S. Holder that makes the election described in the first sentence of this paragraph, it must be applied consistently from year to year and

cannot be revoked without the consent of the IRS. U.S. Holders should consult their own tax advisors regarding the treatment of any foreign currency gain or loss realized with respect to any currency received in a sale or other disposition of the

shares.

Gain, if any, realized by a U.S. Holder on the sale or other disposition of the common shares or ADSs generally will be treated as U.S.

source income for U.S. foreign tax credit purposes. A U.S. Holder that is eligible for, and properly elects, the benefits of the Treaty, will generally not be subject to Korean withholding tax on capital gains. If you are not eligible for benefits

under the Treaty and are therefore subject to Korean withholding tax on capital gains, you generally will not be entitled to credit any Korean tax imposed on the sale or other disposition of the shares against your U.S. federal income tax liability,

except in the case of a U.S. Holder that consistently elects to apply a modified version of the U.S. foreign tax credit rules that is permitted under temporary guidance and complies with the specific requirements set forth in such guidance.

Consequently, even if the withholding tax qualifies as a creditable tax, a U.S. Holder may not be able to credit the tax against its U.S. federal income tax liability unless such credit can be applied (subject to generally applicable conditions and

limitations) against tax due on other income treated as derived from foreign sources. If the Korean tax is not a creditable tax, the tax would reduce the amount realized on the sale or other disposition of the shares even if the U.S. Holder has

elected to claim a foreign tax credit for other taxes in the same year.

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The availability and calculation of foreign tax credits and deductions for foreign taxes depend on a

U.S. Holder’s particular circumstances and involve the application of complex rules to those circumstances. The temporary guidance discussed above also indicates that the Treasury and the IRS are considering proposing amendments to the

December 2021 regulations and that the temporary guidance can be relied upon until additional guidance is issued that withdraws or modifies the temporary guidance. U.S. Holders should consult their own tax advisors regarding the application of these

rules to their particular circumstances.

Deposits and withdrawals of our common shares by U.S. Holders in exchange for our ADSs will not result in

the realization of gain or loss for U.S. federal income tax purposes.

Passive Foreign Investment Company Status

Special U.S. tax rules apply to investors in companies that are considered to be PFICs. We will be classified as a PFIC in a particular taxable year if,

after applying certain look-through rules, either

•

75 percent or more of our gross income for the taxable year is passive income; or

•

the average percentage of the value of our assets that produce or are held for the production of passive income is at least

50 percent.

For this purpose, passive income generally includes dividends, interest, gains from certain commodities

transactions, rents, royalties and the excess of gains over losses from the disposition of assets that produce passive income. Cash is generally considered a passive asset for these purposes. Goodwill is an active asset under the PFIC rules to the

extent attributable to activities that produce active income.

Based on our financial statements and our expectations about the nature and amount of

our income, assets and activities, and the market value of our equity, we do not expect to be a PFIC in our current taxable year. However, the determination whether we are a PFIC must be made annually after the close of each taxable year and based

on the facts and circumstances at that time, and therefore is subject to change. Because we will hold a substantial amount of cash following this offering, we may be or become a PFIC for any taxable year if the value of our goodwill and other

intangible assets that we believe should be treated as active assets are determined by reference to our market capitalization and our market capitalization fluctuates or declines considerably after this offering. Accordingly, there can be no

assurance that we will not be a PFIC for any year in which a U.S. Holder holds our shares.

If we are a PFIC for any taxable year and any entity in

which we own or are deemed to own equity interests is also a PFIC (a “Lower-tier PFIC”), a U.S. Holder will be deemed to own a proportionate amount (by value) of the shares of each Lower-tier PFIC and will be subject to U.S. federal

income tax according to the rules described in the next paragraph on (i) certain distributions by the Lower-tier PFIC and (ii) dispositions of shares of the Lower-tier PFIC, in each case as if the U.S. Holder held such shares directly,

even though the U.S. Holder will not receive any proceeds of those distributions or dispositions.

If we are classified as a PFIC, and a U.S. Holder

does not make a mark-to-market election as described below, the U.S. Holder will be subject to a special tax at ordinary income tax rates on “excess

distributions” (generally, any distributions that a U.S. Holder receives in a taxable year that are greater than 125 percent of the average annual distributions that such holder has received in the preceding three taxable years, or the

U.S. Holder’s holding period, if shorter), and gain that the U.S. Holder recognizes on the sale of the holder’s shares. Under these rules (a) the excess distribution or gain will be allocated ratably over the U.S. Holder’s

holding period, (b) the amount allocated to the current taxable year and any taxable year prior to the first taxable year in which we are a PFIC will be

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taxed as ordinary income, and (c) the amount allocated to each of the other taxable years will be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for

that year, and an interest charge for the deemed deferral benefit will be imposed with respect to the resulting tax attributable to each such other taxable year. If we are a PFIC for any taxable year during which a U.S. Holder owns our shares, we

will generally continue to be treated as a PFIC with respect to the U.S. Holder for all succeeding years during which the holder owns the shares, even if we cease to meet the threshold requirements for PFIC status, unless the holder makes a timely

“deemed sale” election, in which case any gain on the deemed sale will be taxed under the PFIC rules described above.

U.S. Holders may

be able to mitigate some of the unfavorable rules described in the preceding paragraph by electing to mark the shares they own to market, provided the shares are considered “marketable.” The shares will be marketable if they are

regularly traded on certain qualifying U.S. stock exchanges, including the Nasdaq, or on a foreign stock exchange that meets certain requirements. If a U.S. Holder makes this

mark-to-market election, the holder will be required in any year in which we are a PFIC to include as ordinary income the excess of the fair market value of the

holder’s shares at the end of the holder’s taxable year over the holder’s basis in those shares. If at the end of a U.S. Holder’s taxable year, the holder’s basis in the shares exceeds their fair market value, the U.S.

Holder will be entitled to deduct the excess as an ordinary loss, but only to the extent of the holder’s net mark-to-market gains from previous years. A U.S.

Holder’s adjusted tax basis in the shares will be adjusted to reflect any income or loss recognized under these rules. In addition, any gain a U.S. Holder recognizes upon the sale of the holder’s shares will be taxed as ordinary income

in the year of sale and any loss will be treated as an ordinary loss to the extent of the holder’s net mark-to-market gains from previous years. Once made, the

election cannot be revoked without the consent of the IRS unless the shares cease to be marketable. A mark-to-market election cannot be made with respect to any

Lower-tier PFIC unless the shares of such Lower-tier PFIC are themselves “marketable.” As a result, if a U.S. Holder makes a mark-to-market election with

respect to the shares they own, the holder could nevertheless be subject to the PFIC rules described in the preceding paragraph with respect to the holder’s indirect interest in any Lower-tier PFIC. Prospective investors should consult their

own tax adviser regarding the availability and advisability of making a mark-to-market election in their particular circumstances if we are a PFIC for any taxable year.

If we are a PFIC (or treated as a PFIC with respect to a U.S. Holder) for any taxable year in which we pay a dividend or the preceding taxable

year, the favorable tax rate described above with respect to dividends paid to certain non-corporate U.S. Holders will not apply.

A U.S. Holder that owns an equity interest in a PFIC generally must annually file IRS Form 8621, and may be required to file other IRS forms. A failure

to file one or more of these forms as required may toll the running of the statute of limitations in respect of each of the holder’s taxable years for which such form is required to be filed. As a result, the taxable years with respect to

which a U.S. Holder fails to file the form may remain open to assessment by the IRS indefinitely, until the form is filed.

Prospective investors

should consult their own tax advisor regarding the potential application of the PFIC rules to an investment in our shares.

Foreign Financial

Asset Reporting.

Individual U.S. Holders that own “specified foreign financial assets” with an aggregate value in excess of

US$50,000 on the last day of the taxable year or US$75,000 at any time during the taxable year are generally required to file an information statement along with their tax returns, currently on IRS Form 8938, with respect to such assets.

“Specified foreign financial assets” include any financial accounts held at a non-U.S. financial institution, as well as securities issued by a non-U.S.

issuer that

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are not held in accounts maintained by financial institutions. Higher reporting thresholds apply to certain individuals living abroad and to certain married individuals. Regulations extend this

reporting requirement to certain entities that are treated as formed or availed of to hold direct or indirect interests in specified foreign financial assets based on objective criteria. U.S. Holders who fail to report the required information could

be subject to substantial penalties. In addition, the statute of limitations for assessment of tax would be suspended, in whole or part. Prospective investors are encouraged to consult with their own tax advisors regarding the possible application

of these rules, including the application of the rules to their particular circumstances.

Backup Withholding and Information Reporting

Dividends paid to, and proceeds from a sale or other disposition by, a holder that is a “United States person” (as defined in

the Code) in respect of the shares generally may be subject to the information reporting requirements of the Code and may be subject to backup withholding unless the holder provides an accurate taxpayer identification number and makes any other

required certification or otherwise establishes an exemption. Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a holder will be allowed as a refund or credit against the holder’s U.S. federal

income tax liability, provided the required information is furnished to the IRS in a timely manner.

A holder that is not a “United States

person” may be required to comply with certification and identification procedures in order to establish its exemption from information reporting and backup withholding.

Material Korean Tax Considerations

The following is a

summary of the principal Korean tax consequences to owners of the common shares or ADSs, as the case may be, who are non-resident individuals or non-Korean corporations

without a permanent establishment in Korea to which the relevant income is attributable or with which the relevant income is effectively connected (“Non-resident Holders”). The statements regarding

Korean tax laws set forth below are based on the laws in force and as interpreted by the Korean taxation authorities as of the date hereof. This summary is not exhaustive of all possible tax considerations which may apply to a particular investor

and potential investors are advised to satisfy themselves as to the overall tax consequences of the acquisition, ownership and disposition of the common shares or ADSs, including specifically the tax consequences under Korean law, the laws of the

jurisdiction of which they are resident, and any tax treaty between Korea and their country of residence, by consulting their own tax advisors.

Tax on Dividends

Dividends on the

common shares or ADSs paid (whether in cash or in shares) to a Non-resident Holder will be subject to Korean withholding taxes at the rate of 22.0% (including local income tax) or such lower rate as is

applicable under a treaty between Korea and such Non-resident Holder’s country of tax residence. Free distributions of shares representing a capitalization of certain capital surplus reserves may be

subject to Korean withholding taxes.

The tax is withheld by the payer of the dividend. While it is the payer that is required to withhold the tax,

Korean law generally entitles the person who was subject to the withholding of Korean tax to recover from the Government any part of the Korean tax withheld upon providing evidence that it was entitled to have tax withheld at a lower rate if certain

conditions are met.

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Tax on Capital Gains

As a general rule, capital gains earned by a Non-resident Holder upon transfer of the common shares or ADSs are

subject to Korean withholding tax at the lower of (1) 11.0% (including local income tax) of the gross proceeds realized or (2) 22.0% (including local income tax) of the net realized gains (subject to the production of satisfactory evidence of the

acquisition costs and certain direct transaction costs), unless exempt from Korean income taxation under the effective Korean tax treaty with the Non-resident Holder’s country of tax residence.

However, a Non-resident Holder will not be subject to Korean income taxation on capital gains realized upon the

sale of the common shares through the KRX KOSPI Market if the Non-resident Holder (1) has no permanent establishment in Korea and (2) did not or has not owned (together with any shares owned by any

entity with certain special relationship with such Non-resident Holder) 25.0% or more of the total issued shares of us at any time during the calendar year in which the sale occurs and during the five calendar

years prior to the calendar year in which the sale occurs.

It should be noted that capital gains earned by a

Non-resident Holder (regardless of whether such Non-resident Holder has a permanent establishment in Korea) from a transfer of ADSs outside Korea will generally be

exempt from Korean income taxation, provided that the ADSs are deemed to have been issued overseas. If and when an owner of the underlying common shares transfers the ADSs following the conversion of the underlying shares for ADSs, such person will

not be exempt from Korean income taxation.

Inheritance Tax and Gift Tax

Korean inheritance tax is imposed upon (1) all assets (wherever located) of the deceased if at the time of his death he was a tax resident of Korea

and (2) all property located in Korea which passes on death (irrespective of the domicile of the deceased). Gift tax is imposed in similar circumstances to the above. The taxes are imposed if the value of the relevant property is above a

certain limit and vary depending on the value of the property and the identity of the parties involved.

Under Korean inheritance and gift tax laws,

securities issued by a Korean corporation are deemed to be located in Korea irrespective of where they are physically located or by whom they are owned.

Securities Transaction Tax

Securities

transaction tax is imposed on the transfer of shares issued by a Korean corporation or the right to subscribe for such shares generally at the rate of 0.35% of the sales price. In the case of the transfer of shares listed on the KRX KOSPI Market

(such as our common shares), the securities transaction tax is imposed generally at the rate of (1) 0.20% of the sales price of such shares (including agricultural and fishery special surtax thereon) if traded on the KRX KOSPI Market or

(2) subject to certain exceptions, 0.35% of the sales price of such shares if traded outside the KRX KOSPI Market.

Securities transaction tax

or the agricultural and fishery special surtax is not applicable if the shares or rights to subscribe for shares are listed on a designated foreign stock exchange (e.g., the New York Stock Exchange or the Nasdaq Stock Market).

Securities transaction tax, if applicable, must be paid by the transferor of the shares or rights, in principle. When the transfer is effected through a

securities settlement company, such settlement company is generally required to withhold and pay (to the tax authority) the tax, and when such transfer is made through a financial investment company with a brokerage license only, such company is

required to withhold and pay the tax. Where the transfer is effected by a Non-resident Holder without

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a permanent establishment in Korea, other than through a securities settlement company or a financial investment company with a brokerage license, the transferee is required to withhold the

securities transaction tax. Failure to do so will result in the imposition of penalties equal to the sum of (1) between 10.0% to 60.0% of the tax amount due, depending on the nature of the improper reporting, and (2) 8.03% per annum on the

tax amount due for the default period.

Tax Treaties

Currently, Korea has income tax treaties with a number of countries, inter alia, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany,

Italy, Japan, Luxembourg, Ireland, the Netherlands, New Zealand, Norway, Singapore, Sweden, Switzerland, the United Kingdom and the United States under which the rate of withholding tax on dividend and interest is reduced, generally to between 5.0%

and 16.5% (including local income tax), and the tax on capital gains derived by a Non-resident Holder from the transfer of securities issued by a Korean company is often eliminated.

Each Non-resident Holder of common shares should inquire for itself whether it is entitled to the benefits of a

tax treaty with Korea. It is the responsibility of the party claiming the benefits of a tax treaty in respect of interest, dividend, capital gains or “other income” to submit to us (or our agent), the purchaser or the financial

investment company with a brokerage license, as the case may be, prior to or at the time of payment, such evidence of tax residence of the party claiming the treaty benefit as the Korean tax authorities may require in support of its claim for treaty

protection. In the absence of sufficient proof, we (or our agent), the purchaser or the financial investment company with a brokerage license, as the case may be, must withhold tax at the normal rates.

Furthermore, in order for a Non-resident Holder to obtain the benefits of tax exemption on certain Korean source

income (e.g., capital gains) under an applicable tax treaty, Korean tax law requires such Non-resident Holder (or its agent) to submit to the payer of such Korean source income an application for a tax

exemption along with the documents evidencing the beneficial owner of such Korean source income, including a certificate of tax residency of such Non-resident Holder issued by a competent authority of the Non-resident Holder’s country of tax residence, subject to certain exceptions. If a Non-resident Holder is seeking such tax exemption for an amount that is W 1 billion or more (including where the aggregate amount exempted within one year from the last day of the month in which the payment was made is

W 1 billion or more), Non-resident Holder will additionally be required to submit (i) the names

and addresses of all of the members of the board of directors, (ii) the identities and shareholding percentages of all of the shareholders (provided that if there are more than 100 shareholders, the

Non-resident Holder may instead provide a statement showing the total number of shareholders and the aggregate investment amount from each country) and (iii) financial statements (including the documents

attached to the financial statements), tax returns, or audit reports for the three most recent years submitted to the tax authorities of the Non-resident Holder’s country of residence (or, if the entity

has been in existence for less than three years, such documents since incorporation). These documents must generally be submitted along with a Korean translation, unless the Korean tax authority approves the submission of the original documents in

English. The payer of such Korean source income, in turn, is required to submit such application to the relevant district tax office by the ninth day of the month following the date of the first payment of such income. However, this treaty-based

filing requirement does not apply where the capital gains from the transfer of the common shares or ADSs are exempt from Korean taxation under Korean tax law, as described under “— Tax on Capital Gains” above.

For a Non-resident Holder to obtain the benefits of treaty-reduced tax rates on certain Korean source income

(e.g., dividend) under an applicable tax treaty, Korean tax law requires such Non-resident Holder (or its agents) to submit to the payer of such Korean source income an application for entitlement to reduced

tax rates along with the documents proving the beneficial owner of such

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Korean source income including a certificate of tax residency of such Non-resident Holder issued by a competent authority of the Non-resident Holder’s country of tax residence prior to receipt of such Korean source income. The payer of such Korean source income, in turn, is required to submit such application to the relevant district

tax office by the end of February of the year following the year in which the relevant income payment date falls. However, an owner of ADSs who is a Non-resident Holder is not required to submit such

application, if the Korean source income on the ADSs is paid through an account opened at the Korea Securities Depository to a foreign depository.

Subject to certain exceptions, where the Korean source income is paid to an overseas investment vehicle (which is not the beneficial owner of such

income) (“OIV”), a beneficial owner claiming the benefit of an applicable tax treaty with respect to the Korean source income must submit an application for a tax exemption or application for entitlement to reduced tax rates to such OIV,

which must submit an OIV report and a schedule of beneficial owners together with the applications collected from each beneficial owner to the withholding agent prior to the payment date of such Korean source income. Effective from January 1,

2022, an OIV is deemed to be a beneficial owner of the Korean source income if (i) under the applicable tax treaty, the OIV bears tax liabilities in the country in which it is established or the OIV is deemed to be the beneficial owner of the

Korean source income, and (ii) the Korean source income is eligible for the treaty benefits under the tax treaty. The benefits under a tax treaty between Korea and the country of such OIV’s residence will apply with respect to the

relevant income paid to such OIV, subject to certain application requirements as prescribed by the Corporate Income Tax Law or Individual Income Tax Law.

At present, Korea has not entered into any tax treaty relating to inheritance or gift tax.

THE ABOVE SUMMARY IS NOT INTENDED TO BE A COMPLETE ANALYSIS OF ALL TAX CONSEQUENCES RELATING TO THE OWNERSHIP OR DISPOSITION OF THE ADSs. HOLDERS ARE

ENCOURAGED TO CONSULT THEIR TAX ADVISORS CONCERNING THE TAX CONSEQUENCES ARISING IN EACH PARTICULAR CASE.

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UNDERWRITING

In alphabetical order, each of BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs (Asia) L.L.C. and J.P. Morgan Securities LLC

(collectively, the “Global Coordinators”) is acting as the global coordinator of the offering and as representative of the underwriters. Subject to the terms and conditions set forth in an underwriting agreement among us and the

underwriters, we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally and not jointly, to purchase from us, the number of common shares represented by ADSs set forth opposite its name below.

Underwriter

Number

of ADSs

BofA Securities, Inc.

43,363,125

Citigroup Global Markets Inc.

43,363,125

Goldman Sachs (Asia) L.L.C.

43,363,125

J.P. Morgan Securities LLC

43,363,125

Cantor Fitzgerald & Co.

494,167

Mizuho Securities USA LLC

494,167

Needham & Company, LLC

494,167

Nomura Securities International, Inc.

469,458

RBC Capital Markets, LLC

494,167

Rosenblatt Securities Inc.

494,167

Stifel, Nicolaus & Company, Incorporated

494,167

Wedbush Securities Inc.

494,166

William Blair & Company, L.L.C.

494,166

WR Securities, LLC

24,708

Total

177,900,000

“Wolfe | Nomura Alliance” is the marketing name used by Wolfe Research Securities and Nomura Securities

International, Inc. in connection with certain equity capital markets activities conducted jointly by the firms. Both Nomura Securities International, Inc. and WR Securities, LLC are serving as underwriters in the offering described herein. In

addition, WR Securities, LLC and certain of its affiliates may provide sales support services, investor feedback, investor education, and/or other independent equity research services in connection with this offering.

Subject to the terms and conditions set forth in the underwriting agreement, the underwriters have agreed, severally and not jointly, to purchase all of

the common shares represented by ADSs sold under the underwriting agreement if any of these common shares represented by ADSs are purchased. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the

non-defaulting underwriters may be increased or the underwriting agreement may be terminated.

We have agreed to indemnify the underwriters against

certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities.

The underwriters are offering the common shares represented by ADSs, subject to prior sale, when, as and if issued to and accepted by them, subject to

approval of legal matters by their counsel, including the validity of the common shares and ADSs, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officer’s certificates and legal

opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

Sales of

any common shares represented by ADSs made outside of the United States may be made by affiliates of the underwriters.

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The underwriters expect to deliver the ADSs against payment in New York on or about July 14,

2026, which will be the third business day following the pricing of the ADSs. Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade

expressly agree otherwise. Accordingly, any purchasers who wish to trade the ADSs prior to the delivery of the ADSs hereunder (i) will be required to specify alternate settlement arrangements at the time of any such trade to prevent a failed

settlement and (ii) should consult their own advisors with respect to conducting such trade.

Commissions

Each representative has advised us that the underwriters propose initially to offer the common shares represented by ADSs to the public at the public

offering price set forth on the cover page of this prospectus. After the initial offering, the public offering price, fee or any other term of the offering may be changed.

The following table shows the public offering price, underwriting discount and commissions, and proceeds, before expenses, to us. The underwriting

discount and commissions will consist of a 20% management fee and an 80% underwriting commission.

Per ADS

Total

Public offering price

US$149.0000

US$26,507,100,000

Underwriting discount and commissions

US$1.4477

US$257,545,830

Proceeds, before expenses, to us

US$147.5523

US$26,249,554,170

The expenses of the offering, not including the underwriting commissions, are estimated at US$19,469,456 and are payable

by us. We have agreed to reimburse the underwriters for expenses relating to clearance of this offering with the Financial Industry Regulatory Authority in an amount not to exceed US$225,000. The underwriters have agreed to reimburse us for certain

expenses relating to the offering, including printing expenses, in an amount not to exceed US$700,000.

No Over-Allotment Option

We will not grant the underwriters any over-allotment option to purchase additional       ADSs from us due to restrictions

under Korean law.

No Sales of Similar Securities

During

a period of 90 days from the date of this prospectus (the “restricted period”), we will not, without the prior written consent of the Global Coordinators, offer, sell, contract to sell, pledge, or otherwise dispose of, (or enter into any

transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by us or any of our affiliates or any person in

privity with us or any affiliate of our affiliates) directly or indirectly, including the filing (or participation in the filing) of a registration statement with the SEC in respect of, or establish or increase a put equivalent position or liquidate

or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, any common shares, ADSs or any securities convertible into, or exercisable, or exchangeable for, common shares or ADSs (collectively, the “lock-up securities”), or publicly announce an intention to effect any such transaction.

The

restrictions described above shall not apply to (A) the ADSs offered and sold hereunder, (B) common shares (including in the form of ADSs) issued, sold, transferred or otherwise disposed of

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pursuant to any employee stock option plan, stock ownership plan, dividend reinvestment plan or equity-based compensation plan, or (C) common shares issued upon the conversion of securities or

the exercise of warrants outstanding as of the date of this prospectus.

In addition, certain of our affiliates (the “lock-up parties”) may agree that, subject to certain exceptions, during the restricted period, they will not directly or indirectly, without the prior written consent of the Global Coordinators,

(i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of, lend or otherwise transfer or dispose of any lock-up securities, owned now or acquired later by such lock-up party or for which such lock-up party later acquires the power of

disposition, (ii) request or demand that we file or make a confidential submission of a registration statement related to any lock-up securities, (iii) enter into any swap or any other agreement that

transfers, in whole or in part, the economic consequence of ownership of lock-up securities, whether any such swap or transaction is to be settled by delivery of common shares or ADSs or other securities, in

cash or otherwise, or (iv) publicly disclose the intention to do any of the actions described in clauses (i), (ii) and/or (iii) above.

Nasdaq

Listing

We have been approved to list the ADSs on the Nasdaq under the symbol “SKHY.” In order to meet the requirements for listing

on that exchange, the underwriters have undertaken to sell a minimum number of ADSs to a minimum number of beneficial owners as required by that exchange.

Before this offering, there has been no public market for the ADSs. The initial public offering price was determined through negotiations between us and

each representative by reference to the last reported trading price of our common shares on the KRX KOSPI Market prior to the pricing date, subject to certain restrictions under Korean law in the event the initial public offering price is determined

at a discount from the trading price of our common shares on the KRX KOSPI Market (see “Korean Foreign Exchange Controls and Securities Regulations — Pricing of Newly Issued Shares”). On July 9, 2026, the last reported trading

price of our common shares on the KRX KOSPI Market was W 2,186,000 per common share (equivalent to approximately US$1,421.28 per common share

based on the exchange rate of W 1,538.05 per US$1.00, the noon buying rate in effect on July 2, 2026 as quoted by the Federal Reserve Bank

of New York in the United States). In addition to prevailing market conditions and the closing price of the common shares on the last KRX KOSPI Market trading date prior to the pricing date, among the factors that were considered in determining the

initial public offering price included:

•

the valuation multiples of publicly traded companies that each representative believes to be comparable to us;

•

our financial information;

•

the history of, and the prospects for, our company and the industry in which we compete;

•

an assessment of our management, its past and present operations, and the prospects for, and timing of, our future

revenues;

•

the present state of our development;

•

the general condition of the securities markets at the time of this offering;

•

the information set forth in this prospectus and otherwise available to each representative;

•

the recent market prices of, and demand for, publicly traded common stock of generally comparable companies;

•

certain restrictions under Korean law; and

•

other factors deemed relevant by the underwriters and us.

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In addition, the initial offering price is subject to requirements under Article 5-18

(Determination of the Issue Price for Paid-in Capital Increases) of the Regulation on the Issuance and Disclosure, Etc. of Securities of Korea, which applies where a listed company conducts a paid-in capital increase through a third-party allotment.

If the offering price is determined at a discount from the trading price, the discount rate is to be determined against a base price, which is generally the volume-weighted arithmetic average of the share price (i.e., a price calculated by dividing

the total value of such shares traded on the Korea Exchange during the relevant period by the total volume of such shares traded during such period) during the period from the third trading day to the fifth trading day prior to the subscription

date, which will be the closing date for this offering. The discount rate is generally required to be set within 10% for a third-party allotment under the above regulation. Based on the position of the FSS, our issuance of new shares to the

depositary for purposes of the offering is viewed as a third-party allotment, and therefore, the initial public offering price is subject to the above restrictions on the discount rate, which could constrain the pricing flexibility of the offering.

An active trading market for the ADSs may not develop. It is also possible that after the offering the ADSs will not trade in the public market at

or above the initial public offering price.

Price Stabilization, Short Positions and Penalty Bids

Until the distribution of the common shares represented by ADSs is completed, SEC rules may limit underwriters and selling group members from bidding for

and purchasing the common shares represented by ADSs. However, each representative may engage in transactions that stabilize the price of our common shares represented by ADSs, such as bids or purchases to peg, fix or maintain that price.

In connection with the offering, the underwriters may purchase and sell our common shares represented by ADSs in the open market. These transactions may

include short sales, purchases on the open market to cover positions created by short sales and stabilizing transactions. Short sales involve the sale by the underwriters of a greater number of common shares represented by ADSs than they are

required to purchase in the offering. Because we will not grant the underwriters any over-allotment option to purchase additional ADSs from us, the underwriters must close out any short position by purchasing common shares represented by ADSs in the

open market. Stabilizing transactions consist of various bids for or purchases of common shares represented by ADSs by the underwriters in the open market prior to the completion of the offering.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting

commissions received by it because each representative has repurchased common shares represented by ADSs sold by or for the account of such underwriter in stabilizing or short covering transactions.

Similar to other purchase transactions, the underwriters’ purchases to cover the syndicate short sales may have the effect of raising or

maintaining the market price of the common shares represented by ADSs or preventing or retarding a decline in the market price of the common shares represented by ADSs. As a result, the price of common shares represented by ADSs may be higher than

the price that might otherwise exist in the open market. The underwriters may conduct these transactions on the Nasdaq, in the over-the-counter market or otherwise.

Neither we nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions

described above may have on the price of our common shares or ADSs. In addition, neither we nor any of the underwriters make any representation that each representative will engage in these transactions or that these transactions, once commenced,

will not be discontinued without notice.

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Electronic Distribution

In connection with the offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail. In addition, a prospectus in electronic format may be made available on the web sites maintained by one or more underwriters, or selling group members, if any, participating in the offering. The underwriters

may agree to allocate a number of common shares or ADSs to underwriters and selling group members for sale to their online brokerage account holders. Internet distributions will be allocated by each representative to underwriters and selling group

members that may make Internet distributions on the same basis as other allocations.

Other Relationships

The underwriters and their affiliates are full service financial institutions engaged in various activities, which may include sales and trading,

commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services.

Some of the underwriters and their affiliates have engaged in, and may in the future engage in, a variety of these services in the ordinary course of business with us or our affiliates. They have received, or may in the future receive, customary

fees and commissions for these transactions. For example, Citibank, N.A. has agreed to act as the depositary for the ADSs and will receive customary fees for services provided as the depositary. In addition, from time to time, certain of the

underwriters and their affiliates may effect transactions for their own account or the account of customers, and hold on behalf of themselves or their customers, long or short positions in our debt or equity securities or loans, and may do so in the

future.

In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of

investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities

may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial

instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

Indications of Interest

Baillie Gifford Overseas Limited, acting on behalf of a number of its and its affiliates’ clients, investment funds managed by Coatue

Management, L.L.C., and Situational Awareness Partners LP (in alphabetical order), collectively comprising the Cornerstone Investors, have, severally and not jointly, indicated an interest in purchasing up to an aggregate of US$7 billion of the ADSs

offered in this offering at the initial public offering price and on the same terms and conditions as the other purchasers in this offering. Because these indications of interest are not binding agreements or commitments to purchase, any of the

Cornerstone Investors may determine to purchase more, fewer, or no ADSs in this offering, or the underwriters may determine to sell more, fewer, or no ADSs to any of the Cornerstone Investors. The underwriters will receive the same underwriting

discount on any ADSs purchased by the Cornerstone Investors as they will from the other ADSs sold to the public in this offering.

Selling Restrictions

No action may be taken in any jurisdiction other than the United States that would permit a public offering of the ADSs or the possession, circulation or

distribution of this prospectus in any jurisdiction where action for that purpose is required. Accordingly, the ADSs may not be offered or sold, directly or indirectly, and neither the prospectus nor any other offering material or advertisements in

connection with the ADSs may be distributed or published in or from any country or jurisdiction except under circumstances that will result in compliance with any applicable laws, rules and regulations of any such country or jurisdiction.

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Australia

No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and

Investments Commission, or ASIC, in relation to the offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001, or the Corporations Act, and does not purport

to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

Any

offer in Australia of the ADSs may only be made to persons, or the Exempt Investors, who are “sophisticated investors” (within the meaning of section 708(8) of the Corporations Act), “professional investor” (within the

meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the ADSs without disclosure to investors under Chapter 6D of the

Corporations Act.

The ADSs applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months

after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or

where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring ADSs must observe such Australian on-sale restrictions.

This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any

particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives

and circumstances, and, if necessary, seek expert advice on those matters.

Bahamas

The ADSs may not be offered or sold in The Bahamas via a public offer. ADSs may not be offered or sold or otherwise disposed of in any way to any

person(s) deemed “resident” for exchange control purposes by the Central Bank of The Bahamas.

Bermuda

The ADSs may be offered or sold in Bermuda only in compliance with the provisions of the Investment Business Act of 2003 of Bermuda which regulates the

sale of securities in Bermuda. Additionally, non-Bermudian persons (including companies) may not carry on or engage in any trade or business in Bermuda unless such persons are permitted to do so under

applicable Bermuda legislation.

Brazil

The offer and sale of the ADSs have not been and will not be registered with the Brazilian Securities Commission ( Comiss&atilde;o de Valores

Mobili&aacute;rios , or “CVM”) and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM Resolution No 160, dated July 13, 2022, as amended, or unauthorized distribution

under Brazilian laws and regulations. The ADSs will be authorized for trading on organized non-Brazilian securities markets and may only be offered to Brazilian professional investors (as defined by the

applicable CVM regulation), who may only acquire the ADSs through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. The trading of these

ADSs on regulated securities markets in Brazil is prohibited.

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British Virgin Islands

The ADSs are not being, and may not be offered to the public or to any person in the British Virgin Islands for purchase or subscription by or on behalf

of the issuer. The ADSs may be offered to companies incorporated under the BVI Business Companies Act, 2004 (British Virgin Islands) (“BVI Companies”), but only where the offer will be made to, and received by, the relevant BVI

Company entirely outside of the British Virgin Islands.

Canada

The securities may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National

Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103

Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this

prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser’s

province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser’s province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts, or NI 33-105, the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

Cayman Islands

This prospectus

is not intended to constitute a public offer of the ADSs or common shares, whether by way of sale or subscription, in the Cayman Islands. No offer or invitation may be made to the public in the Cayman Islands to subscribe for or purchase the common

shares or any ADS. Each underwriter has represented and agreed that it has not offered or sold, and will not offer or sell, directly or indirectly, any ADSs or common shares in the Cayman Islands.

Chile

These ADSs are privately

offered in Chile pursuant to the provisions of Law 18,045, the security market law of, and Norma De Car&aacute;cter General No. 336 (“Rule 336”), dated June 27, 2012, issued by the Superintendencia De Valores Y

Seguros De Chile (“SVS”), the securities regulator of Chile, to resident qualified investors that are listed in Rule 336 and further defined in Rule 216 of June 12, 2008 issued by the SVS.

Pursuant to Rule 336 the following information is provided in Chile to prospective resident investors in the offered securities:

1. The initiation of the offer in Chile is July 6, 2026.

2. The offer is subject to NCG 336 of June 27, 2012 issued by the Superintendencia De Valores Y Seguros De Chile (superintendency of securities and

insurance of Chile)

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3. The offer refers to securities that are not registered in the Registro De Valores (securities

registry) or the Registro De Valores Extranjeros (foreign securities registry) of the SVS and therefore:

a. The securities are not subject to the

oversight of the SVS; and

b. The issuer thereof is not subject to reporting obligation with respect to itself or the offered securities.

4. The securities may not be publicly offered in Chile unless and until they are registered in the securities registry of the SVS.

Dubai International Finance Center

This document relates to an Exempt Offer, as defined in the Offered Securities Rules module of the DFSA Rulebook, or the OSR, in accordance with the

Offered Securities Rules of the Dubai Financial Services Authority. This document is intended for distribution only to persons, as defined in the OSR, of a type specified in those rules. It must not be delivered to, or relied on by, any other

person. The Dubai Financial Services Authority has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The Dubai Financial Services Authority has not approved this document nor taken steps to verify the

information set out in it, and has no responsibility for it. The ADSs to which this document relates may be illiquid and/or subject to restrictions on their resale.

Prospective purchasers of the ADSs offered should conduct their own due diligence on the ADSs. If you do not understand the contents of this document

you should consult an authorized financial adviser.

European Economic Area and the United Kingdom

In relation to the EU Prospectus Regulation (EU) 2017/1129 repealing Directive (2003/71/EC) (as amended, the “Prospectus Regulation”), as

implemented by the member states of the European Economic Area (each, a “Relevant State”), an offer to the public of any ADSs which are the subject of the offering contemplated by this prospectus may not be made in that Relevant State

unless the prospectus has been approved by the competent authority in such Relevant State or, where appropriate, approved by the competent authority of another Relevant State and notified to the competent authority in that Relevant State, all in

accordance with the Prospectus Regulation, except that an offer to the public in that Relevant State of any ADSs may be made at any time under the following exemptions under the Prospectus Regulation, as implemented in that Relevant State:

•

to “qualified investors” within the meaning of Article 2(e) of the Prospectus Regulation;

•

by the underwriters to fewer than 150 natural or legal persons (other than “qualified investors” as defined in

the Prospectus Regulation) subject to obtaining the prior consent of the underwriters for any such offer; or

•

in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

provided that no such offer of ADSs shall result in a requirement for the publication by us or the underwriters of a prospectus pursuant to Article 3 of the

Prospectus Regulation, to supplement a prospectus pursuant to Article 23 of the Prospectus Regulation or to file an Annex IX document with the competent authority of that Relevant State and make such document available to the public pursuant to

Article 1(4) of the Prospectus Regulation.

Any person making or intending to make any offer of ADSs within the EEA should only do so in

circumstances in which no obligation arises for us or any of the underwriters to produce a prospectus for such offer or to file an Annex IX document with the relevant competent authority and make such document available to the public. Neither we nor

the underwriters have authorized, nor do they authorize, the making of any offer of ADSs through any financial intermediary, other than offers made by the underwriters which constitute the final offering of ADSs contemplated in this prospectus.

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For the purposes of this provision, and your representation below, the expression an “offer of

ADSs to the public” in relation to any ADSs in any Relevant State means a communication to persons in any form and by any means, presenting sufficient information on the terms of the offer and any ADSs to be offered, so as to enable an

investor to decide to purchase or subscribe for any ADSs, as the same may be varied in that Relevant State by any measure implementing the Prospectus Regulation in that Relevant State. This definition also applies to the placing of securities

through financial intermediaries.

Each person in a Relevant State who receives any communication in respect of, or who acquires any ADSs under, the

offer of ADSs contemplated by this prospectus will be deemed to have represented, warranted and agreed to and with us and each underwriter that:

•

it is a “qualified investor” within the meaning of Article 2(e) of the Prospectus Regulation or the law in

that Relevant State implementing such provision (unless otherwise expressly disclosed to us and/or the relevant underwriter in writing); and

•

in the case of any ADSs acquired by it as a financial intermediary, as that term is used in Article 5(1) of the

Prospectus Regulation, (i) the ADSs acquired by it in the offering have not been acquired on behalf of, nor have they been acquired with a view to their offer or resale to, persons in any Relevant State other than “qualified

investors” (within the meaning of the law in that Relevant State implementing Article 2(e) of the Prospectus Regulation or the law in that Relevant State implementing such provision), or in circumstances in which the prior consent of the

underwriters has been given to the offer or resale; or (ii) where ADSs have been acquired by it on behalf of persons in any Relevant State other than qualified investors, the offer of those ADSs to it is not treated under the Prospectus

Regulation as having been made to such persons.

No ADSs have been offered in the United Kingdom, except that an offer to the

public of any ADSs may be made in the United Kingdom at any time:

•

to any qualified investor as defined under paragraph 15 of Schedule 1 of the POATR;

•

to fewer than 150 persons (other than qualified investors as defined in Paragraph 15 of Schedule 1 of the POATR), subject

to obtaining the prior consent of underwriters for any such offer; or

•

in any other circumstances falling within Part I of Schedule 1 of the POATR.

For the purposes of this provision, the expression an “offer to the public” in relation to the ADSs in the United Kingdom means the

communication in any form and by any means of sufficient information on the terms of the offer and any ADS to be offered so as to enable an investor to decide to buy or subscribe for any ADSs and the expression “POATR” means the Public

Offers and Admissions to Trading Regulations 2024.

In addition, in the United Kingdom, this document is being distributed only to, and is directed

only at, and any offer subsequently made may only be directed at persons (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial

Promotion) Order 2005, as amended (the “Order”), (ii) who are high-net-worth entities falling within Article 49(2)(a) to (d) of the Order, and

(iii) any other persons to whom it may otherwise lawfully be communicated pursuant to the Order (all such persons together being referred to as “relevant persons”). This document must not be acted on or relied on in the United

Kingdom by persons who are not relevant persons. In the United Kingdom, any investment or investment activity to which this document relates is only available to, and will be engaged in with, relevant persons. Any person in the United Kingdom who is

not a relevant person should not act or rely on this prospectus or any of its contents.

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Hong Kong

The ADSs may not be offered or sold by means of any document other than (i) in circumstances which do not constitute an offer to the public within

the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32, Laws of Hong Kong), or (ii) to “professional investors” within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong

Kong) and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a “prospectus” within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32, Laws of

Hong Kong), and no advertisement, invitation or document relating to the ADSs may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of

which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to ADSs which are or are intended to be disposed of only to persons outside Hong Kong or only to

“professional investors” within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.

Indonesia

This prospectus does not,

and is not intended to, constitute a public offering in Indonesia under Law Number 8 of 1995 regarding Capital Market. This prospectus may not be distributed in the Republic of Indonesia and the ADSs may not be offered or sold in the Republic of

Indonesia or to Indonesian citizens wherever they are domiciled, or to Indonesia residents, in a manner which constitutes a public offering under the laws of the Republic of Indonesia.

Israel

In the State of Israel, the

ADSs offered hereby may not be offered to any person or entity other than the following:

•

a fund for joint investments in trust (i.e., mutual fund), as such term is defined in the Law for Joint Investments in

Trust, 5754-1994, or a management company of such a fund;

•

a provident fund as defined in Section 47(a)(2) of the Income Tax Ordinance of the State of Israel, or a management

company of such a fund;

•

an insurer, as defined in the Law for Oversight of Insurance Transactions, 5741-1981, a banking entity or satellite entity,

as such terms are defined in the Banking Law (Licensing), 5741-1981, other than a joint services company, acting for their own account or for the account of investors of the type listed in Section 15A(b) of the Securities Law 1968;

•

a company that is licensed as a portfolio manager, as such term is defined in Section 8(b) of the Law for the

Regulation of Investment Advisors and Portfolio Managers, 5755-1995, acting on its own account or for the account of investors of the type listed in Section 15A(b) of the Securities Law 1968;

•

a company that is licensed as an investment advisor, as such term is defined in Section 7(c) of the Law for the

Regulation of Investment Advisors and Portfolio Managers, 5755-1995, acting on its own account;

•

a company that is a member of the Tel Aviv Stock Exchange, acting on its own account or for the account of investors of the

type listed in Section 15A(b) of the Securities Law 1968;

•

an underwriter fulfilling the conditions of Section 56(c) of the Securities Law, 5728-1968;

•

a venture capital fund (defined as an entity primarily involved in investments in companies which, at the time of

investment, (i) are primarily engaged in research and development or manufacture of new technological products or processes and (ii) involve above-average risk);

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•

an entity primarily engaged in capital markets activities in which all of the equity owners meet one or more of the above

criteria; and

•

an entity, other than an entity formed for the purpose of purchasing the ADSs in this offering, in which the shareholders

equity (including pursuant to foreign accounting rules, international accounting regulations and U.S. generally accepted accounting rules, as defined in the Securities Law Regulations (Preparation of Annual Financial Statements), 1993) is in excess

of NIS 250 million.

Any offeree of the ADSs offered hereby in the State of Israel shall be required to submit written

confirmation that it falls within the scope of one of the above criteria. This prospectus will not be distributed or directed to investors in the State of Israel who do not fall within one of the above criteria.

Japan

No registration pursuant to

Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended), or the FIEL, has been made or will be made with respect to the solicitation of the application for the acquisition of the ADSs.

Accordingly, the ADSs have not been, directly or indirectly, offered or sold and will not be, directly or indirectly, offered or sold in Japan or

to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan) or to others for

re-offering or re-sale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan except pursuant to an exemption from the registration

requirements, and otherwise in compliance with, the FIEL and the other applicable laws and regulations of Japan.

Korea

The ADSs are not being offered or sold and may not be offered or sold to persons located in or who are resident of Korea in this offering, and the

registration statement of which this prospectus forms a part may not be circulated or distributed, directly or indirectly, in Korea. Persons located in or who are resident of Korea will not be permitted to acquire, directly or indirectly, the ADSs

in this offering.

Kuwait

Unless

all necessary approvals from the Kuwait Ministry of Commerce and Industry required by Law No. 31/1990 “Regulating the Negotiation of Securities and Establishment of Investment Funds,” its Executive Regulations and the various

Ministerial Orders issued pursuant thereto or in connection therewith, have been given in relation to the marketing and sale of the ADSs, these may not be marketed, offered for sale, nor sold in the State of Kuwait. Neither this prospectus

(including any related document), nor any of the information contained therein is intended to lead to the conclusion of any contract of whatsoever nature within Kuwait.

Malaysia

No prospectus or other

offering material or document in connection with the offer and sale of the ADSs has been or will be registered with the Securities Commission of Malaysia (“Commission”) for the Commission’s approval pursuant to the Capital Markets

and Services Act 2007. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the ADSs may not be circulated or distributed, nor may the ADSs be offered or

sold, or be made the subject of an invitation for subscription or purchase, whether directly or

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indirectly, to persons in Malaysia other than (i) a closed end fund approved by the Commission; (ii) a holder of a Capital Markets Services License; (iii) a person who acquires the

ADSs, as principal, if the offer is on terms that the ADSs may only be acquired at a consideration of not less than RM250,000 (or its equivalent in foreign currencies) for each transaction; (iv) an individual whose total net personal assets or

total net joint assets with his or her spouse exceeds RM3 million (or its equivalent in foreign currencies), excluding the value of the primary residence of the individual; (v) an individual who has a gross annual income exceeding

RM300,000 (or its equivalent in foreign currencies) per annum in the preceding twelve months; (vi) an individual who, jointly with his or her spouse, has a gross annual income of RM400,000 (or its equivalent in foreign currencies), per

annum in the preceding twelve months; (vii) a corporation with total net assets exceeding RM10 million (or its equivalent in a foreign currencies) based on the last audited accounts; (viii) a partnership with total net assets

exceeding RM10 million (or its equivalent in foreign currencies); (ix) a bank licensee or insurance licensee as defined in the Labuan Financial Services and Securities Act 2010; (x) an Islamic bank licensee or takaful licensee as

defined in the Labuan Financial Services and Securities Act 2010; and (xi) any other person as may be specified by the Commission; provided that, in the each of the preceding categories (i) to (xi), the distribution of the ADSs is made by

a holder of a Capital Markets Services License who carries on the business of dealing in securities. The distribution in Malaysia of this prospectus is subject to Malaysian laws. This prospectus does not constitute and may not be used for the

purpose of public offering or an issue, offer for subscription or purchase, invitation to subscribe for or purchase any securities requiring the registration of a prospectus with the Commission under the Capital Markets and Services Act 2007.

Mexico

The ADSs have not been and

will not be registered with the Mexican National Securities Registry (Registro Nacional de Valores, or the RNV) maintained by the Mexican National Banking and Securities Commission (Comisi&oacute;n Nacional Bancaria y de Valores, or the CNBV), and

therefore, may not be offered or sold publicly in Mexico or otherwise be subject to intermediation activities in Mexico; however, the ADSs may only be offered and sold in Mexico on a private placement basis to investors that qualify as institutional

or qualified investors pursuant to the private placement exemption set forth in Article 8 of the Mexican Securities Market Law (Ley del Mercado de Valores) and regulations thereunder. The information contained in this prospectus is solely our

responsibility and has not been reviewed or authorized by the CNBV and may not be publicly distributed in Mexico. In making an investment decision, all investors, including any Mexican investor, who may acquire the ADSs from time to time, must rely

on their own examination of the Company and the terms of this offering, including the merits and risks involved.

Monaco

The ADSs may not be offered or sold, directly or indirectly, to the public in Monaco other than by a Monaco Bank or a duly authorized Monegasque

intermediary acting as a professional institutional investor which has such knowledge and experience in financial and business matters as to be capable of evaluating the risks and merits of an investment in us. Consequently, this prospectus and its

contents may only be communicated to (i) banks, and (ii) portfolio management companies duly licensed by the “Commission de Contr&ocirc;le des Activit&eacute;s Financi&egrave;res” by virtue of Law n&deg; 1.338, of

September 7, 2007, and authorized under Law n&deg; 1.144 of July 26, 1991. Such regulated intermediaries may in turn communicate this prospectus to potential investors under their own liability.

New Zealand

This document has not

been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the “FMA Act”). The ADSs may only be

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offered or sold in New Zealand (or allotted with a view to being offered for sale in New Zealand) to a person who:

•

is an investment business within the meaning of clause 37 of Schedule 1 of the FMC Act;

•

meets the investment activity criteria specified in clause 38 of Schedule 1 of the FMC Act;

•

is large within the meaning of clause 39 of Schedule 1 of the FMC Act;

•

is a government agency within the meaning of clause 40 of Schedule 1 of the FMC Act; or

•

is an eligible investor within the meaning of clause 41 of Schedule 1 of the FMC Act.

People’s Republic of China

This

prospectus may not be circulated or distributed in the PRC and the ADSs may not be offered or sold, and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident of

the PRC except pursuant to applicable laws and regulations of the PRC. This paragraph does not apply to Taiwan and the special administrative regions of Hong Kong and Macau.

Qatar

In the State of Qatar, the

offer contained herein is made on an exclusive basis to the specifically intended recipient thereof, upon that person’s request and initiative, for personal use only and shall in no way be construed as a general offer for the sale of

securities to the public or an attempt to do business as a bank, an investment company or otherwise in the State of Qatar. This prospectus and the underlying securities have not been approved or licensed by the Qatar Central Bank or the Qatar

Financial Center Regulatory Authority or any other regulator in the State of Qatar. The information contained in this prospectus shall only be shared with any third parties in Qatar on a need to know basis for the purpose of evaluating the contained

offer. Any distribution of this prospectus by the recipient to third parties in Qatar beyond the terms hereof is not permitted and shall be at the liability of such recipient.

Saudi Arabia

This prospectus may not

be distributed in the Kingdom except to such persons as are permitted under the Offers of Securities Regulations issued by the Capital Market Authority. The Capital Market Authority does not make any representation as to the accuracy or completeness

of this prospectus, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this prospectus. Prospective purchasers of the securities offered hereby should conduct their own due diligence

on the accuracy of the information relating to the securities. If you do not understand the contents of this prospectus you should consult an authorized financial adviser.

Singapore

This prospectus has not

been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the ADSs may not be

circulated or distributed, nor may the ADSs be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under

Section 274 of the Securities and Futures Act, Chapter 289 of Singapore, or the SFA, (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified

in Section 275, of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

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Where the ADSs are subscribed or purchased under Section 275 of the SFA by a relevant person

which is:

•

a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which

is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

•

a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of

the trust is an individual who is an accredited investor, securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred

within six months after that corporation or that trust has acquired the ADSs pursuant to an offer made under Section 275 of the SFA, except:

•

to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising

from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;

•

where no consideration is or will be given for the transfer;

•

where the transfer is by operation of law;

•

as specified in Section 276(7) of the SFA; or

•

as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures)

Regulations 2005 of Singapore.

South Africa

Due to restrictions under the securities laws of South Africa, no “offer to the public” (as such term is defined in the South African

Companies Act, No. 71 of 2008 (as amended or re-enacted) (the “South African Companies Act”) is being made in connection with the issue of the ADSs in South Africa. Accordingly, this document

does not, nor is it intended to, constitute a “registered prospectus” (as that term is defined in the South African Companies Act) prepared and registered under the South African Companies Act and has not been approved by, and/or filed

with, the South African Companies and Intellectual Property Commission or any other regulatory authority in South Africa. The ADSs are not offered, and the offer shall not be transferred, sold, renounced or delivered, in South Africa or to a person

with an address in South Africa, unless one or other of the following exemptions stipulated in section 96 (1) applies:

Section 96

(1) (a) the offer, transfer, sale, renunciation or delivery is to:

(i) persons whose ordinary business, or part of whose ordinary

business, is to deal in securities, as principal or agent;

(ii) the South African Public Investment Corporation;

(iii) persons or entities regulated by the Reserve Bank of South Africa;

(iv) authorized financial service providers under South African law;

(v) financial institutions recognized as such under South African law;

(vi) a wholly-owned subsidiary of any person or entity contemplated in (c), (d) or (e), acting as agent in the capacity of an authorized portfolio

manager for a pension fund, or as manager for a collective investment scheme (in each case duly registered as such under South African law);

(vii)

any combination of the person in (i) to (vi); or

Section 96 (1) (b) the total contemplated acquisition cost of the securities,

for any single addressee acting as principal is equal to or greater than ZAR1,000,000 or such higher amount as may

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be promulgated by notice in the Government Gazette of South Africa pursuant to section 96(2)(a) of the South African Companies Act.

Information made available in this prospectus should not be considered as “advice” as defined in the South African Financial Advisory and

Intermediary Services Act, 2002.

Switzerland

The ADSs may not be offered or sold to any investors in Switzerland other than on a non-public basis. This

prospectus does not constitute a prospectus within the meaning of Article 652a and Art. 1156 of the Swiss Code of Obligations (Schweizerisches Obligationenrecht). Neither this offering nor the ADSs have been or will be approved by any Swiss

regulatory authority.

Taiwan

The

ADSs have not been and will not be registered or filed with, or approved by, the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be offered or sold in Taiwan through a public offering or in

circumstances which constitute an offer within the meaning of the Securities and Exchange Act of Taiwan or relevant laws and regulations that require a registration, filing or approval of the Financial Supervisory Commission of Taiwan. No person or

entity in Taiwan has been authorized to offer or sell the ADSs in Taiwan through a public offering or in such an offering that require registration, filing or approval of the Financial Supervisory Commission of Taiwan except pursuant to the

applicable laws and regulations of Taiwan and the competent authority’s ruling thereunder.

Thailand

This prospectus does not, and is not intended to, constitute a public offering in Thailand. The ADSs may not be offered or sold to persons in Thailand,

unless such offering is made under the exemptions from approval and filing requirements under applicable laws, or under circumstances which do not constitute an offer for sale of the shares to the public for the purposes of the Securities and

Exchange Act of 1992 of Thailand, nor require approval from the Office of the Securities and Exchange Commission of Thailand.

United Arab

Emirates

The ADSs have not been offered or sold, and will not be offered or sold, directly or indirectly, in the United Arab Emirates,

except: (1) in compliance with all applicable laws and regulations of the United Arab Emirates; and (2) through persons or corporate entities authorized and licensed to provide investment advice and/or engage in brokerage activity and/or

trade in respect of foreign securities in the United Arab Emirates. The information contained in this prospectus does not constitute a public offer of securities in the United Arab Emirates in accordance with the Commercial Companies Law (Federal

Law No. 8 of 1984 (as amended)) or otherwise and is not intended to be a public offer and is addressed only to persons who are sophisticated investors.

Vietnam

This offering of ADSs has not

been and will not be registered with the State Securities Commission of Vietnam under the Law on Securities of Vietnam and its guiding decrees and circulars. The ADSs will not be offered or sold in Vietnam through a public offering and will not be

offered or sold to Vietnamese persons other than those who are licensed to invest in offshore securities under the Law on Investment of Vietnam.

190

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EXPENSES OF THE OFFERING

We estimate that our expenses in connection with this offering, other than underwriting discount and commissions, will be as follows:

Amount (US$)

Expenses:

SEC registration fee

4,169,606

Nasdaq listing fee

325,000

FINRA filing fee

224,850

Legal fees and expenses

4,500,000

Accounting fees and expenses

4,750,000

Miscellaneous costs

5,500,000

Total

19,469,456

All amounts in the table are estimates except the SEC registration fee, the Nasdaq listing fee and the FINRA filing fee.

The underwriters have agreed to bear certain expenses in connection with this offering, including printing expenses.

191

Table of Contents

LEGAL MATTERS

Certain matters of U.S. federal and New York State law will be passed upon for us by Cleary Gottlieb Steen & Hamilton LLP, and for the

underwriters by Paul Hastings LLP. Certain matters of Korean law will be passed upon for us by Shin & Kim LLC and for the underwriters by Kim & Chang.

EXPERTS

The

Audited Financial Statements have been included herein and in the registration statement in reliance upon the report of KPMG Samjong Accounting Corp., independent registered public accounting firm, appearing elsewhere herein, and upon the authority

of said firm as experts in accounting and auditing.

The registered business address of KPMG Samjong Accounting Corp. is 27th Floor, Gangnam Finance

Center, 152 Teheran-ro, Gangnam-gu, Seoul, 06236, Korea.

ENFORCEABILITY OF CIVIL LIABILITIES

We are a corporation organized under the laws of Korea. A majority of our directors and officers and

certain other persons named in this prospectus reside in Korea, and a significant portion of the assets of the directors and officers and certain other persons named in this prospectus and a substantial majority of our assets are located in Korea.

As a result, it may not be possible for investors to effect service of process within the United States upon us or such persons or to enforce against any of them in the United States court judgments obtained in U.S. courts, including judgments

predicated upon the civil liability provisions of the securities laws of the United States or any State or territory within the United States. There is doubt as to the enforceability in Korea, either in original actions or in actions for enforcement

of judgments of U.S. courts, of civil liabilities predicated on the securities laws of the United States or any State or territory within the United States.

192

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WHERE YOU CAN FIND MORE INFORMATION

We have filed with the SEC a registration statement on Form F-1 (including amendments and exhibits to the

registration statement) under the Securities Act. This prospectus, which is part of the registration statement, does not contain all of the information set forth in the registration statement and the exhibits and schedules to the registration

statement. For further information, we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement. If a document has been filed as an exhibit to the registration statement, we refer you to the

copy of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit. Each statement regarding a contract, agreement or other document is qualified

in its entirety by reference to the actual document.

Upon completion of this offering, we will be subject to the informational requirements of the

Exchange Act that are applicable to foreign private issuers. Accordingly, we will be required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. The SEC maintains an internet website at http://www.sec.gov, from which you can electronically access the registration statement and its materials.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy

statements, and our executive officers, directors and principal shareholders are exempt from the short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to

file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. However, we are required to file with the SEC within four months after the end of each

fiscal year (which is currently four months from December 31, the end of our fiscal year), or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements,

which will be examined and reported on with an opinion expressed by an independent public accounting firm.

As a foreign private issuer, we are also

exempt from the requirements of Regulation FD (Fair Disclosure) which, generally, are meant to ensure that select groups of investors are not privy to specific information about an issuer before other investors. We are, however, still subject to the

anti-fraud and anti-manipulation rules of the SEC, such as Rule 10b-5 of the Exchange Act. Since many of the disclosure obligations required of us as a foreign private issuer are different than those required

by U.S. domestic reporting companies, our shareholders, potential shareholders and the investing public in general should not expect to receive information about us in the same amount and at the same time as information is received from, or provided

by, U.S. domestic reporting companies.

We also maintain an investor website at www.skhynix.com. Our website and the information contained

therein or connected thereto will not be deemed to be incorporated into the prospectus or the registration statement of which this prospectus forms a part, and you should not rely on any such information in making your decision whether to purchase

the ADSs.

We will send the depositary a copy of all notices of shareholders’ meetings and other reports, communications and information

that are made generally available to shareholders. The depositary has agreed to mail to all shareholders a notice containing the information (or a summary of the information) contained in any notice of a meeting of our shareholders received by the

depositary and will make available to all shareholders such notices and all such other reports and communications received by the depositary.

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Table of Contents

You may request a copy of our SEC filings, at no cost, by contacting us at the number or address

specified below.

SK hynix Inc. Investor Relations

SK U-Tower, 9, Seongnam-daero 343 beon-gil,

Bundang-gu,

Seongnam-si,

Gyeonggi-do 13558, Korea

+82 (31) 5185-4114

ir@skhynix.com

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Table of Contents

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Pages

Audited Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm

F-2

Consolidated Statements of Financial Position

F-4

Consolidated Statements of Comprehensive Income (Loss)

F-6

Consolidated Statements of Changes in Equity

F-7

Consolidated Statements of Cash Flows

F-10

Notes to the Consolidated Financial Statements

F-11

Condensed Consolidated Interim Financial Statements

Condensed Consolidated Interim Statements of Financial Position

F-89

Condensed Consolidated Interim Statements of Comprehensive Income

F-91

Condensed Consolidated Interim Statements of Changes in Equity

F-92

Condensed Consolidated Interim Statements of Cash Flows

F-94

Notes to the Condensed Consolidated Interim Financial Statements

F-95

F-1

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

SK hynix Inc.:

Opinion on the Consolidated Financial Statements

We have audited the

accompanying consolidated statements of financial position of SK hynix Inc. and subsidiaries (the “Group”) as of December 31, 2025 and 2024, the related consolidated statements of comprehensive income (loss), changes in equity, and

cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the “consolidated financial statements”). In our opinion, the

consolidated financial statements present fairly, in all material respects, the financial position of the Group as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with International Financial Reporting Standards (IFRS) Accounting Standards, as issued by the International Accounting Standards Board.

Basis for Opinion

These consolidated financial statements are the

responsibility of the Group’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board

(PCAOB) and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about

whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether

due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included

evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a

matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the

consolidated financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken

as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Timing of commencement of depreciation for machinery

As discussed in Note 2

(11) and Note 12 to the consolidated financial statements, as of December 31, 2025, the Group’s machinery (presented in property, plant and equipment) amounted to

W 39,560,170 million. During the year ended December 31, 2025, the Group commenced depreciation of machinery amounting to W 17,618,705 million. The Group begins depreciating machinery when the asset is ready for its intended use.

F-2

Table of Contents

We identified the timing of commencement of depreciation for machinery as a critical audit matter. Evaluating the

commencement of depreciation required subjective auditor judgment, as the nature of supporting documentation varies depending on the type of machinery. This included determining, for each type of machinery, the nature and extent of audit evidence

obtained on when machinery is ready for its intended use.

The following are the primary procedures we performed to address this critical audit matter. We applied

auditor judgment to determine the nature and extent of procedures to be performed for each type of machinery.

•

We evaluated the design and tested the operating effectiveness of certain internal controls related to the process of

machinery (including Construction In Progress, or CIP) management, including the controls over determination of when machinery is ready for its intended use.

•

We evaluated the timing of when the machinery was ready for its intended use, for a sample of machinery which were ready

for its intended use during the year, by inspecting supporting evidence, including internal inspection reports and installation completion documents.

•

For a sample of CIP projects that exceeded their expected completion dates as of year-end, we inspected relevant supporting

documentation to assess the appropriateness of whether the assets were ready for intended use as of the year-end.

•

We evaluated the sufficiency of audit evidence obtained by assessing the results of the procedures performed, including the

appropriateness of the nature and extent of such evidence.

/s/ KPMG Samjong Accounting Corp.

KPMG Samjong Accounting Corp.

We have served as the Group’s auditor since

2022.

Seoul, Korea

May 7, 2026

F-3

Table of Contents

SK hynix Inc. and Subsidiaries

Consolidated Statements of Financial Position

December 31, 2025 and 2024

(In millions of Korean won)

Notes

2025

2024

Assets

Current assets

Cash and cash equivalents

5,6

W

14,923,766

W

11,205,117

Short-term financial instruments

5,6,7

14,679,719

2,382,010

Short-term investment assets

5,6

5,338,768

569,236

Trade receivables, net

5,6,8,31

18,199,078

13,019,006

Loans and other receivables, net

5,6,8,31

386,343

293,061

Other financial assets

5,6,7,21

195,259

45,309

Inventories, net

9

14,289,390

13,313,937

Current tax assets

67,715

57,467

Other current assets

10

1,378,035

1,393,744

69,458,073

42,278,887

Non-current assets

Investments in associates and joint ventures

11

1,320,927

1,940,663

Long-term investment assets

5,6

14,547,099

4,041,276

Loans and other receivables, net

5,6,8,31

420,036

444,286

Other financial assets

5,6,7,21

1,114,462

346,749

Property, plant and equipment, net

12,32

77,502,704

60,157,474

Right-of-use assets,

net

13,31

2,336,457

2,486,871

Intangible assets, net

14

4,049,402

4,018,847

Investment property, net

188

200

Deferred tax assets

20,29

3,660,493

2,811,559

Employee benefit assets

19

1,552,888

1,154,255

Other non-current assets

10

144,930

174,142

106,649,586

77,576,322

Total assets

W

176,107,659

W

119,855,209

See accompanying notes to the consolidated financial statements.

F-4

Table of Contents

SK hynix Inc. and Subsidiaries

Consolidated Statements of Financial Position, Continued

December 31,

2025 and 2024

(In millions of Korean won)

Notes

2025

2024

Liabilities

Current liabilities

Trade payables

5,6,31

W

2,848,455

W

2,277,347

Other payables

5,6,31,32

6,434,144

6,967,013

Other non-trade payables

5,6,15,31

6,283,111

3,983,543

Borrowings

5,6,16,31,32

8,161,757

5,252,238

Other financial liabilities

5,6,21,31

4,913,879

1,741,587

Provisions

18

228,937

270,235

Current tax liabilities

7,023,813

3,083,950

Lease liabilities

5,6,13,31

547,296

588,355

Other current liabilities

17

937,607

801,176

37,378,999

24,965,444

Non-current liabilities

Long-term other payables

5,6

375,141

477,027

Other non-trade payables

5,6,15,31

19,970

51,897

Borrowings

5,6,16,32

14,086,148

17,431,495

Other financial liabilities

5,6,21

2,487

5,909

Defined benefit liabilities, net

19

66,144

68,090

Deferred tax liabilities

20

248,395

217,852

Lease liabilities

5,6,13,31

1,962,647

2,180,021

Other non-current liabilities

17

1,300,977

541,770

18,061,909

20,974,061

Total liabilities

55,440,908

45,939,505

Equity

Equity attributable to owners of the Parent Company

Capital stock

22

3,657,652

3,657,652

Capital surplus

22

8,953,714

4,487,123

Other equity

22,34

(1,348,598

)

(2,191,549

)

Accumulated other comprehensive income

22

2,676,862

2,532,107

Retained earnings

23

106,576,548

65,418,061

Total equity attributable to owners of the Parent Company

120,516,178

73,903,394

Non-controlling interests

150,573

12,310

Total equity

120,666,751

73,915,704

Total liabilities and equity

W

176,107,659

W

119,855,209

See accompanying notes to the consolidated financial statements.

F-5

Table of Contents

SK hynix Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)

Years ended December 31, 2025, 2024 and 2023

(In millions of Korean won, except per share information)

Notes

2025

2024

2023

Revenue

4,24,31

W

97,146,675

W

66,192,960

W

32,765,719

Cost of sales

26,31

38,455,885

34,364,814

33,299,167

Gross profit (loss)

58,690,790

31,828,146

(533,448

)

Selling and administrative expenses

25,26

5,018,834

3,924,486

3,446,158

Research and development expenses

25,26

6,465,637

4,436,341

3,750,707

Finance income

5,27

16,373,480

4,855,082

2,261,801

Finance expenses

5,27

12,504,998

5,707,997

6,093,167

Share of profit (loss) of equity-accounted investees

11

(564,553

)

(38,245

)

15,061

Other income

28

333,277

1,476,579

623,867

Other expenses

28

377,973

167,388

735,065

Profit (loss) before income tax

50,465,552

23,885,350

(11,657,816

)

Income tax expense (benefits)

29

7,517,650

4,088,448

(2,520,269

)

Profit (loss) for the year

W

42,947,902

W

19,796,902

W

(9,137,547

)

Other comprehensive income (loss)

Item that will never be reclassified to profit or loss:

Remeasurements of defined benefit liability, net of tax

19

(79,633

)

(273,610

)

(17,944

)

Items that are or may be reclassified to profit or loss:

Foreign operations – foreign currency translation differences, net of tax

173,701

1,374,587

132,561

Gain (loss) on valuation of derivatives, net of tax

21

2,118

637

(22,414

)

Equity-accounted investees – share of other comprehensive income (loss), net of tax

11

(26,740

)

145,906

7,848

Other comprehensive income for the year, net of tax

69,446

1,247,520

100,051

Total comprehensive income (loss) for the year

W

43,017,348

W

21,044,422

W

(9,037,496

)

Profit (loss) attributable to:

Owners of the Parent Company

W

42,919,287

W

19,788,681

W

(9,112,428

)

Non-controlling interests

28,615

8,221

(25,119

)

Total comprehensive income (loss) attributable to:

Owners of the Parent Company

W

42,984,408

W

21,033,123

W

(9,014,999

)

Non-controlling interests

32,940

11,299

(22,497

)

Earnings (loss) per share

30

Basic earnings (loss) per share (in won)

W

62,044

W

28,732

W

(13,244

)

Diluted earnings (loss) per share (in won)

W

60,378

W

28,419

W

(13,244

)

See accompanying notes to the consolidated financial statements

F-6

Table of Contents

SK hynix Inc. and Subsidiaries

Consolidated Statements of Changes in Equity

Years ended December 31, 2025, 2024 and 2023

(In millions of Korean won)

Attributable to owners of the Parent Company

Notes

Capital

stock

Capital

surplus

Other

equity

Accumulated

other

comprehensive

income (loss)

Retained

earnings

Total

Non-

controlling

interests

Total equity

Balance at January 1, 2023

W

3,657,652

W

4,336,170

W

(2,311,409

)

W

898,682

W

56,685,260

W

63,266,355

W

24,187

W

63,290,542

Comprehensive income (loss):

Loss for the year

—

—

—

—

(9,112,428

)

(9,112,428

)

(25,119

)

(9,137,547

)

Other comprehensive income (loss)

Remeasurements of defined benefit liability, net of tax

19

—

—

—

—

(17,944

)

(17,944

)

—

(17,944

)

Other comprehensive income of associate, net of tax

11

—

—

—

7,848

—

7,848

—

7,848

Gain (Loss) on valuation of derivatives, net of tax

21

—

—

—

(22,414

)

—

(22,414

)

—

(22,414

)

Foreign currency translation differences for foreign operations, net of tax

—

—

—

129,939

—

129,939

2,622

132,561

Total comprehensive income (loss) for the year

—

—

—

115,373

(9,130,372

)

(9,014,999

)

(22,497

)

(9,037,496

)

Transactions with owners of the Parent Company:

Dividends paid

23

—

—

—

—

(825,575

)

(825,575

)

—

(825,575

)

Disposal of treasury shares

22

—

13,566

27,798

—

—

41,364

—

41,364

Share-based payment transactions

34

—

25,291

14,317

—

—

39,608

4,530

44,138

Issue of shares of subsidiaries and changes in ownership in the subsidiaries

—

(2,468

)

—

—

—

(2,468

)

(6,753

)

(9,221

)

Total transactions with owners of the Parent Company

—

36,389

42,115

—

(825,575

)

(747,071

)

(2,223

)

(749,294

)

Balance at December 31, 2023

W

3,657,652

W

4,372,559

W

(2,269,294

)

W

1,014,055

W

46,729,313

W

53,504,285

W

(533

)

W

53,503,752

See accompanying notes to the consolidated

financial statements.

F-7

Table of Contents

SK hynix Inc. and Subsidiaries

Consolidated Statements of Changes in Equity

Years ended December 31,

2025, 2024 and 2023, Continued

(In millions of Korean won)

Attributable to owners of the Parent Company

Notes

Capital

stock

Capital

surplus

Other

equity

Accumulated

other

comprehensive

income (loss)

Retained

earnings

Total

Non-

controlling

interests

Total equity

Balance at January 1, 2024

W

3,657,652

W

4,372,559

W

(2,269,294

)

W

1,014,055

W

46,729,313

W

53,504,285

W

(533

)

W

53,503,752

Comprehensive income (loss):

Profit for the year

—

—

—

—

19,788,681

19,788,681

8,221

19,796,902

Other comprehensive income (loss)

Remeasurements of defined benefit liabilities, net of tax

19

—

—

—

—

(273,610

)

(273,610

)

—

(273,610

)

Other comprehensive income of associate, net of tax

11

—

—

—

145,906

—

145,906

—

145,906

Gain on valuation of derivatives, net of tax

21

—

—

—

637

—

637

—

637

Foreign currency translation differences for foreign operations, net of tax

—

—

—

1,371,509

—

1,371,509

3,078

1,374,587

Total comprehensive income for the year

—

—

—

1,518,052

19,515,071

21,033,123

11,299

21,044,422

Transactions with owners of the Parent Company:

Dividends paid

23

—

—

—

—

(826,323

)

(826,323

)

—

(826,323

)

Disposal of treasury shares

22

—

75,995

51,313

—

—

127,308

—

127,308

Share-based payment transactions

34

—

38,569

26,432

—

—

65,001

(4,488

)

60,513

Issue of shares of subsidiaries and changes in ownership in the subsidiaries

—

—

—

—

—

—

6,032

6,032

Total transactions with owners of the Parent Company

—

114,564

77,745

—

(826,323

)

(634,014

)

1,544

(632,470

)

Balance at December 31, 2024

W

3,657,652

W

4,487,123

W

(2,191,549

)

W

2,532,107

W

65,418,061

W

73,903,394

W

12,310

W

73,915,704

See accompanying notes to the consolidated

financial statements.

F-8

Table of Contents

SK hynix Inc. and Subsidiaries

Consolidated Statements of Changes in Equity

Years ended December 31,

2025, 2024 and 2023, Continued

(In millions of Korean won)

Attributable to owners of the Parent Company

Notes

Capital

stock

Capital

surplus

Other

equity

Accumulated

other

comprehensive

income (loss)

Retained

earnings

Total

Non-

controlling

interests

Total equity

Balance at January 1, 2025

W

3,657,652

W

4,487,123

W

(2,191,549

)

W

2,532,107

W

65,418,061

W

73,903,394

W

12,310

W

73,915,704

Comprehensive income (loss):

Profit for the year

—

—

—

—

42,919,286

42,919,286

28,616

42,947,902

Other comprehensive income (loss)

Remeasurements of defined benefit liabilities, net of tax

19

—

—

—

—

(79,633

)

(79,633

)

—

(79,633

)

Other comprehensive loss of associate, net of tax

11

—

—

—

(26,740

)

—

(26,740

)

—

(26,740

)

Gain on valuation of derivatives, net of tax

21

—

—

—

2,118

—

2,118

—

2,118

Foreign currency translation differences for foreign operations, net of tax

—

—

—

169,377

—

169,377

4,324

173,701

Total comprehensive income for the year

—

—

—

144,755

42,839,653

42,984,408

32,940

43,017,348

Transactions with owners of the Parent Company:

Changes in ownership in subsidiaries

—

73,008

—

—

—

73,008

—

73,008

Dividends paid

23

—

—

—

—

(1,681,166

)

(1,681,166

)

—

(1,681,166

)

Disposal of treasury shares

22

—

4,313,106

714,992

—

—

5,028,098

—

5,028,098

Changes in consolidation scope

—

—

—

—

—

—

446

446

Share-based payment transactions

20,34

—

80,477

127,959

—

—

208,436

104,877

313,313

Total transactions with owners of the Parent Company

—

4,466,591

842,951

—

(1,681,166

)

3,628,376

105,323

3,733,699

Balance at December 31, 2025

W

3,657,652

W

8,953,714

W

(1,348,598

)

W

2,676,862

W

106,576,548

W

120,516,178

W

150,573

W

120,666,751

See accompanying notes to the consolidated financial statements.

F-9

Table of Contents

SK hynix Inc. and Subsidiaries

Consolidated Statements of Cash Flows

Years ended

December 31, 2025, 2024 and 2023

(In millions of Korean won)

Note

2025

2024

2023

Cash flows from operating activities

Cash generated from operating activities

33

W

58,904,432

W

31,250,846

W

6,688,866

Interest received

337,982

322,960

198,872

Interest paid

(938,849

)

(1,276,564

)

(1,261,540

)

Dividends received

960,716

50,731

35,935

Income tax paid

(5,891,155

)

(552,088

)

(1,383,942

)

Net cash provided by operating activities

53,373,126

29,795,885

4,278,191

Cash flows from investing activities

Decrease in short-term financial instruments

6,513,772

1,499,026

1,409,187

Increase in short-term financial instruments

(18,804,330

)

(3,370,863

)

(1,469,396

)

Decrease (increase) in short-term investment assets, net

(4,552,604

)

457,163

199,912

Collection of loans and other receivables

32,880

38,222

47,564

Increase in loans and other receivables

(178,331

)

(47,704

)

(251,498

)

Proceeds from disposal of long-term investment assets

1,233,030

2,373

18,279

Acquisitions of long-term investment assets

(33,956

)

(19,460

)

(30,537

)

Decrease in other financial assets

115,091

57

577

Increase in other financial assets

(1,105,649

)

(109,646

)

(5,358

)

Proceeds from disposal of property, plant and equipment

144,828

47,126

1,539,825

Acquisitions of property, plant and equipment

(27,518,924

)

(15,945,534

)

(8,325,138

)

Proceeds from disposal of intangible assets

2,142

19,703

484

Acquisitions of intangible assets

(1,060,419

)

(717,106

)

(454,710

)

Proceeds from disposal of investments in associates

16,875

22,510

8,847

Acquisitions of investments in associates

(9,000

)

(25,859

)

(22,765

)

Proceeds from disposal of assets held for sale

85,216

145,355

—

Cash outflow from business combination

32

(3,079,783

)

—

—

Receipt of government grants

144,911

—

—

Net cash used in investing activities

(48,054,251

)

(18,004,637

)

(7,334,727

)

Cash flows from financing activities

Proceeds from borrowings

33

8,183,735

8,717,964

20,657,967

Repayment of borrowings

33

(7,416,131

)

(16,093,621

)

(13,689,433

)

Payment of lease liabilities

33

(596,465

)

(601,821

)

(461,466

)

Dividends paid

(1,681,166

)

(826,323

)

(825,575

)

Exercise stock-options

—

—

53

Issue of shares by subsidiaries and changes in ownership in subsidiaries

—

6,032

(9,220

)

Proceeds from disposal of treasury shares

65,035

93,829

24,519

Net cash provided by (used in) financing activities

(1,444,992

)

(8,703,940

)

5,696,845

Effects of exchange rate changes on cash and cash equivalents

(155,234

)

530,480

(29,987

)

Net increase in cash and cash equivalents

3,718,649

3,617,788

2,610,322

Cash and cash equivalents at the beginning of the year

11,205,117

7,587,329

4,977,007

Cash and cash equivalents at the end of the year

W

14,923,766

W

11,205,117

W

7,587,329

See accompanying notes to the consolidated financial statements.

F-10

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31, 2025, 2024 and 2023

1. General Information

(1)

General information about SK hynix Inc. (the “Parent Company”) and its subsidiaries (collectively the

“Group”) is as follows:

The Parent Company manufactures, distributes, and sells semiconductor products. The Parent Company was

established on October 15, 1949 and its shares have been listed on the Korea Exchange since 1996. The Parent Company’s headquarter is located at 2091 Gyeongchung-daero, Bubal-eup, Icheon-si, Gyeonggi-do, South Korea, and the Group has

manufacturing facilities in Icheon-si and Cheongju-si, South Korea, and Wuxi, Chongqing and Dalian, China.

As of

December 31, 2025 and 2024, the shareholders of the Parent Company are as follows:

Shareholder

Number of shares

Percentage

of ownership

(%)

2025

2024

2025

2024

SK Square Co., Ltd.

146,100,000

146,100,000

20.07

20.07

Other investors

555,591,520

542,938,731

76.32

74.58

Treasury shares 1

26,310,845

38,963,634

3.61

5.35

728,002,365

728,002,365

100.00

100.00

1

Treasury shares include 8,932,547 shares deposited with the Korea Securities Depository due to the issuance of

exchangeable bonds. Excluding these, the number of treasury shares is 17,378,298 (equivalent to 2.39% of ownership interest) as of December 31, 2025.

The Parent Company’s common shares and depositary receipts (DRs) are listed on the Stock Market of Korea Exchange and the Luxembourg Stock Exchange, respectively.

F-11

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

1. General Information,

Continued

(2)

Details of the Group’s consolidated subsidiaries as of December 31, 2025 and 2024 are as follows:

Ownership

(%)

Company

Controlling company

Location

Business

2025

2024

SK hyeng Inc.

SK hynix Inc.

Korea

Construction and service

100

100

SK hystec Inc.

SK hynix Inc.

Korea

Business support and service

100

100

Happymore Inc.

SK hynix Inc.

Korea

Semiconductor apparel manufacturing, baking and services

100

100

SK hynix system ic Inc.

SK hynix Inc.

Korea

Semiconductor research and development and business support

100

100

HappyNarae Co., Ltd.

SK hynix Inc.

Korea

Industrial material supply

100

100

SK Keyfoundry Inc.

SK hynix Inc.

Korea

Semiconductor sales, manufacturing and others

100

100

SK hynix America Inc.

SK hynix Inc.

U.S.A

Semiconductor sales

100

100

SK hynix Deutschland GmbH

SK hynix Inc.

Germany

Semiconductor sales

100

100

SK hynix Asia Pte. Ltd.

SK hynix Inc.

Singapore

Semiconductor sales

100

100

SK hynix Semiconductor Hong Kong Ltd.

SK hynix Inc.

Hong Kong

Semiconductor sales

100

100

SK hynix U.K. Ltd.

SK hynix Inc.

U.K.

Semiconductor sales

100

100

SK hynix Semiconductor Taiwan Inc.

SK hynix Inc.

Taiwan

Semiconductor sales

100

100

SK hynix Japan Inc.

SK hynix Inc.

Japan

Semiconductor sales

100

100

SK hynix (Wuxi) Semiconductor Sales Ltd.

SK hynix Inc.

China

Semiconductor sales

100

100

SK hynix Semiconductor (China) Ltd.

SK hynix Inc.

China

Semiconductor manufacturing

100

100

SK hynix memory solutions Taiwan Ltd.

SK hynix Inc.

Taiwan

Semiconductor research and development

100

100

SK APTECH Ltd.

SK hynix Inc.

Hong Kong

Overseas investment

100

100

SK hynix Ventures Hong Kong Ltd.

SK hynix Inc.

Hong Kong

Overseas investment

100

100

Gauss Labs Inc. 1

SK hynix Inc.

U.S.A

Information and Communications Industry

97.38

98.17

SK hynix NAND Product Solutions Corp. 1

SK hynix Inc.

U.S.A

Semiconductor sales, research and development and others

97.48

98.49

SK hynix Semiconductor (Dalian) Co., Ltd.

SK hynix Inc.

China

Semiconductor manufacturing

100

100

SK hynix memory solutions Poland sp. z o.o.

SK hynix Inc.

Poland

Semiconductor research and development

100

100

SK Keyfoundry America Inc.

SK Keyfoundry Inc.

U.S.A

Semiconductor sales

100

100

SK Keyfoundry Shanghai Co., Ltd.

SK Keyfoundry Inc.

China

Semiconductor sales

100

100

SK Powertech 2

SK Keyfoundry Inc.

Korea

Semiconductor manufacturing

99.42

—

SkyHigh Memory Limited 3

SK hynix system ic Inc.

Hong Kong

Semiconductor manufacturing and sales

—

60.00

SUZHOU HAPPYNARAE Co., Ltd.

HappyNarae Co., Ltd.

China

Overseas industrial material supply

100

100

HappyNarae America LLC

HappyNarae Co., Ltd.

U.S.A

Overseas industrial material supply

100

100

F-12

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

1. General Information,

Continued

(2)

Details of the Group’s consolidated subsidiaries as of December 31, 2025 and 2024 are as follows, Continued:

Ownership

(%)

Company

Controlling company

Location

Business

2025

2024

HappyNarae Hungary Kft 4

HappyNarae Co., Ltd.

Hungary

Overseas industrial material supply

100

100

SK hynix Semiconductor (Chongqing) Ltd.

SK APTECH Ltd.

China

Semiconductor manufacturing

100

100

SK hynix (Wuxi) Education Service Development Co., Ltd.

SK hynix (Wuxi) Education Technology Co., Ltd.

China

Overseas education

100

100

SK hynix (Wuxi) Industry Development Ltd.

SK hynix (Wuxi) Investment Ltd.

China

Foreign hospital construction

100

100

SK hynix Happiness (Wuxi) Hospital Management Ltd.

SK hynix (Wuxi) Investment Ltd.

China

Foreign hospital operation

70

70

SK hynix cleaning (Wuxi) Ltd.

SK hynix (Wuxi) Investment Ltd.

China

Building maintenance and others

100

100

SK hynix (Wuxi) Education Technology Co., Ltd.

SK hynix (Wuxi) Investment Ltd.

China

Overseas education

100

100

SK hynix Semiconductor West Lafayette LLC

SK hynix America Inc.

U.S.A

Semiconductor manufacturing

100

100

SK hynix memory solutions America Inc. 5

SK hynix America Inc.

U.S.A

Semiconductor research and development

100

98.49

SK hynix Semiconductor India Private Ltd.

SK hynix Asia Pte. Ltd.

India

Semiconductor sales

100

100

SK hynix NAND Product Solutions Taiwan Co.,

Ltd. 1

SK hynix NAND Product Solutions Corp.

Taiwan

Semiconductor research and development and sales

97.48

98.49

SK hynix NAND Product Solutions Canada Ltd. 1

SK hynix NAND Product Solutions Corp.

Canada

Semiconductor research and development

97.48

98.49

SK hynix NAND Product Solutions Mexico,

S. DE R.L. DE

C.V. 1

SK hynix NAND Product Solutions Corp.

Mexico

Semiconductor research and development

97.48

98.49

SK hynix NAND Product Solutions UK Limited 1

SK hynix NAND Product Solutions Corp.

U.K.

Semiconductor sales

97.48

98.49

SK hynix NAND Product Solutions Israel Ltd. 1

SK hynix NAND Product Solutions Corp.

Israel

Semiconductor sales

97.48

98.49

SK hynix NAND Product Solutions Japan G.K. 6

SK hynix NAND Product Solutions Corp.

Japan

Semiconductor sales

—

98.49

SK hynix NAND Product Solutions International

LLC 1

SK hynix NAND Product Solutions Corp.

U.S.A

Semiconductor sales

97.48

98.49

SK hynix NAND Product Solutions Asia Pacific

LLC 1

SK hynix NAND Product Solutions Corp.

U.S.A

Semiconductor sales

97.48

98.49

SK hynix NAND Product Solutions Singapore Pte.

Ltd. 1

SK hynix NAND Product Solutions Corp.

Singapore

Semiconductor sales

97.48

98.49

SK hynix NAND Product Solutions Malaysia Sdn.

Bhd. 1

SK hynix NAND Product Solutions Corp.

Malaysia

Semiconductor sales

97.48

98.49

SK HYNIX NAND PRODUCT SOLUTIONS POLAND sp.

z o.o. 1

SK hynix NAND Product Solutions Corp.

Poland

Semiconductor research and development

97.48

98.49

SK hynix NAND Product Solutions (Beijing) Co.,

Ltd. 1

SK hynix NAND Product Solutions Corp.

China

Semiconductor sales

97.48

98.49

SK Hynix NAND Product Solutions (Shanghai) Co.,

Ltd. 1

SK hynix NAND Product Solutions Corp.

China

Semiconductor research and development

97.48

98.49

Intel NDTM US LLC. 7

SK hynix NAND Product Solutions Corp.

U.S.A

Semiconductor research and development

97.48

—

SK hynix (Wuxi) Investment Ltd.

SK hynix Semiconductor (China) Ltd.

China

Overseas investment

100

100

SK hynix semiconductor storage technology (Dalian) Co.,

Ltd. 7,8

SK hynix Semiconductor (Dalian) Co., Ltd.

China

Semiconductor manufacturing support

100

—

SkyHigh Memory China Limited 3

SkyHigh Memory Limited

China

Semiconductor sales

—

60

F-13

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

1. General Information,

Continued

(2)

Details of the Group’s consolidated subsidiaries as of December 31, 2025 and 2024 are as follows, Continued:

Ownership

(%)

Company

Controlling company

Location

Business

2025

2024

SkyHigh Memory Limited Japan 3

SkyHigh Memory Limited

Japan

Semiconductor sales

—

60

CHONGQING HAPPYNARAE Co., Ltd.

SUZHOU HAPPYNARAE Co., Ltd.

China

Overseas industrial material supply

100

100

MMT (Money Market Trust)

—

Korea

Money Market Trust

100

100

1

The Group’s ownership interest decreased due to exercise of stock options by the employees of SK hynix NAND Product

solutions Corp. and its subsidiaries during the year ended December 31, 2025.

2

SK Powertech was included as a consolidated subsidiary through acquisition during the year ended December 31, 2025.

3

SkyHigh Memory Limited and its subsidiaries, SkyHigh Memory China Limited and SkyHigh Memory Limited Japan, were excluded

from the Group’s consolidated subsidiaries upon disposal the year ended December 31, 2025.

4

Liquidation is in progress as of December 31, 2025.

5

SK hynix NAND Product Solutions Corp. transferred its shares to SK hynix America Inc. during the year ended December 31,

2025.

6

Liquidation was completed during the year ended December 31, 2025.

7

Intel holds the legal ownership of these entities as of December 31, 2024. However, the Group consolidated these

entities since the initial closing of the acquisition when management determined that it obtained control over these entities as it has the power to direct the relevant activities of these entities and is exposed to, or has rights to, variable

returns. The Group acquired legal ownership through the 2nd Closing of Intel NAND business acquisition during the year ended December 31, 2025.

8

The entity changed its name from Intel Semiconductor Storage Technology (Dalian) Ltd. to SK hynix semiconductor storage

technology (Dalian) Co., Ltd. during the year ended December 31, 2025.

F-14

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

1. General

Information, Continued

(3)

Changes in the Group’s consolidated subsidiaries for the year ended December 31, 2025 are as follows:

Type

Company

Reason

Addition

SK Powertech

Acquisition

Derecognition

SK hynix NAND Product Solutions Japan G.K.

Liquidation

Derecognition

SkyHigh Memory Limited

Divestment

Derecognition

SkyHigh Memory China Limited

Divestment

Derecognition

SkyHigh Memory Limited Japan

Divestment

(4) The Group’s subsidiaries do not have material non-controlling interests as of

December 31, 2025 and December 31, 2024.

2. Material Accounting Policies

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) Accounting Standards, as

issued by the International Accounting Standards Board (“IASB”).

These consolidated financial statements were authorized for issue by management in

connection with the filing with the U.S. Securities Exchange Commission on May 7, 2026.

(1) Basis of measurement

The consolidated financial statements have been prepared on the historical cost basis, except for the following material items in the consolidated statements of

financial position:

•

derivative financial instruments are measured at fair value

•

financial instruments at fair value through profit or loss are measured at fair value

•

financial instruments at fair value through other comprehensive income are measured at fair value

•

assets or liabilities for defined benefit plans are recognized at the net of the total present value of defined benefit

obligations less the fair value of plan assets (Employee benefit assets)

•

liabilities for cash-settled share-based compensations are measured at fair value

(2) Functional and presentation currency

Financial statements of entities within

the Group are presented in functional currency and the currency of the primary economic environment in which each entity operates. Consolidated financial statements of the Group are presented in Korean won, which is the Parent Company’s

functional and presentation currency.

The material accounting policies applied in preparation of these consolidated financial statements are set out below. These

accounting policies have been consistently applied to all the years presented, unless otherwise stated.

F-15

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

2.

Material Accounting Policies, Continued

(3) Operating Segments

The

Group’s CODM is the board of directors, who do not receive and therefore do not review discrete financial information for any component of the Group. Accordingly, no operating segment information is included in these consolidated financial

statements. Entity wide disclosures of geographic, product and customer information are provided in notes 4 and 24.

(4) Consolidation

(a) Non-controlling interests

Non-controlling interests are measured at their

proportionate share of the acquiree’s identifiable net assets at the date of acquisition, and the Group shall also attribute total comprehensive income to the owners of the parent and to the non-controlling interests even if this results in

the non-controlling interests having a deficit balance.

(b) Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated

financial statements. The Group’s share of unrealized gain incurred from transactions with equity-accounted investees are eliminated and unrealized loss are eliminated using the same basis if there are no evidence of asset impairments.

(c) Business combinations under common control

The assets and liabilities acquired

in the combination of entities or business under common control are recognized at the carrying amounts recognized previously in the consolidated financial statements of the ultimate parent. The difference between consideration transferred and

carrying amounts of net assets acquired is added to or deducted from capital surplus.

(5) Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits with maturities of three months or less from the acquisition date that are subject to an insignificant

risk of changes in their fair value and are used by the Group in the management of its short-term commitments.

(6) Inventories

The cost of inventories is based on the weighted average method (except for goods in-transit that is based on the specific identification method), and includes

expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing inventories to their existing location and condition. In the case of manufactured inventories and work-in-process, cost includes

an appropriate share of production overheads based on the actual capacity of production facilities. However, the normal capacity is used for the allocation of fixed production overheads if the actual level of production is lower than the normal

capacity.

Inventories are measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of

business less the estimated costs of completion and

F-16

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

2.

Material Accounting Policies, Continued

(6) Inventories, Continued

selling expenses. The amount of any write-down of inventories to net realizable value and all losses of inventories shall be recognized as an expense in the period the write-down or loss occurs.

The amount of any reversal of any write-down of inventories, arising from an increase in net realizable value, shall be recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs.

(7) Trade Receivables

Trade receivables are initially recognized at the transaction

price if they do not contain a significant financing component. If a significant financing component exists, the receivables are initially recognized at fair value. The trade receivables are subsequently measured by subtracting the loss allowance

from the amortized cost applied with the effective interest method.

(8) Non-derivative financial assets

(a) Initial recognition and measurement

Trade and other receivables, and debt

investment are initially recognized when they are originated. Other financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instruments.

(b) Classification and subsequent measurements

In assessing whether the contractual

cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of

contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers:

•

contingent events that would change the amount or timing of cash flows;

•

terms that may adjust the contractual coupon rate, including variable-rate features;

•

prepayment and extension features; and

•

terms that limit the Group’s claim to cash flows from specified assets.

(9) Derivative financial instruments

(a) Hedge accounting

The Group enters into a fixed-to-fixed cross currency swap contract and a floating-to-fixed cross currency interest rate swap contract to hedge interest rate risk and

currency risk.

On initial designation of the hedge, the Group formally documents the relationship between the hedging instrument(s) and hedged item(s), including

the risk management objectives and strategy in undertaking the hedge transaction. In addition, the document includes hedging instruments; hedged items; initial commencement date of those hedge relationship; fair value of hedged items based on

hedged risk during the subsequent period; and the method of valuation on hedging instruments offsetting changes in cash flow.

F-17

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

2.

Material Accounting Policies, Continued

(9) Derivative financial instruments, Continued

(b) Embedded Derivative

Embedded

derivative is accounted separately and separated from the host contract if the host contract is not a financial asset and meets certain requirements.

(10)

Impairment of financial assets

(a) Recognition of impairment on financial assets

The Group recognizes loss allowances for expected credit losses (ECLs) on:

•

financial assets measured at amortized costs; and

•

IFRS 15 contract assets.

The Group measures impairment losses at an amount equal to lifetime ECLs except for the below assets, which are measured at 12-month ECLs.

•

credit risk of debt instruments is low at the end of reporting date

•

credit risk has not increased significantly since the initial recognition of debt investment (lifetime ECL: ECL that

resulted from all possible default events over the expected life of a financial instrument)

The Group adopted an accounting policy to recognize

loss allowances at an amount equal to lifetime expected credit losses for trade receivables and contract assets.

(b) Credit-impaired financial instrument

A debt instrument carried at amortized cost and fair value through other comprehensive income (FVOCI) is assessed at the end of each reporting period to determine

whether there is objective evidence that it is impaired. A financial asset is credit- impaired when one or more events that have a detrimental impact on the estimated future cash flows of that asset have occurred.

(c) Presentation of credit loss allowance on financial position

Loss allowances for

financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.

(11) Property, plant and equipment

The Group begins depreciation when an asset is available for its intended use. For production machinery, this assessment considers asset specific facts and

circumstances, including completion of installation and setup, successful testing, and readiness to operate on a standalone or integrated basis.

Property, plant

and equipment, except for land, are depreciated on a straight-line basis over estimated useful lives that appropriately reflect the pattern in which the asset’s future economic benefits are expected to be consumed.

F-18

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

2.

Material Accounting Policies, Continued

(11) Property, plant and equipment, Continued

The estimated useful lives of the Group’s property, plant and equipment are as follows:

Estimated

Useful

lives (years)

Buildings

10 - 50

Structures

10 - 20

Machinery

5 - 15

Vehicles

5 - 10

Other

5 - 10

(12) Intangible assets

Amortization of intangible

assets is calculated on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use. The residual value of intangible assets is zero. However, certain intangible assets are determined as

having indefinite useful lives and not amortized as there is no foreseeable limit to the period over which the assets are expected to be available for use.

Estimated

Useful

lives (years)

Industrial rights

5 - 10

Development costs

2

Other intangible assets

4 - 20

As of December 31, 2025, the Group has entered into a number of patent license agreements related to the design and production of

its products. Royalties under this contract are paid in the form of either of lump-sum royalty or running royalty, and the payment amount of the lump-sum royalty is recognized as intangible assets and amortized in a straight-line manner according to

the patent license period.

(13) Government grants

(a) Grants related to assets

Government grants for which the primary condition is that the Group purchases, constructs or otherwise acquires non-current assets are deducted from the cost of the

asset. The grant is recognized in profit or loss over the useful lives of depreciable assets as deduction to depreciation expense.

(b) Grants related to income

Government grants which are intended to compensate the Group for expenses incurred are recognized in profit or loss as deduction of the related expenses.

(14) Impairment of non-financial assets

The carrying amounts of the Group’s

non-financial assets, other than assets arising from employee benefits, inventories, and deferred tax assets, are reviewed at the end of the reporting period to

F-19

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

2.

Material Accounting Policies, Continued

(14) Impairment of non-financial assets, Continued

determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill and intangible assets that have indefinite

useful lives or that are not yet available for use, irrespective of whether there is any indication of impairment, are tested for impairment annually by comparing their recoverable amount to their carrying amount.

The Group estimates the recoverable amount of an individual asset; however, if it is impossible to measure the individual recoverable amount of an asset, the Group

estimates the recoverable amount of cash-generating unit (“CGU”). The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. The value in use is estimated by applying a pre-tax

discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU for which estimated future cash flows have not been adjusted, to the estimated future cash flows expected to be generated by

the asset or CGU.

(15) Leases

(a) As a lessee

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date. The Group generally uses its incremental

borrowing rate as the discount rate.

The Group has elected not to recognize right-of-use assets and lease liabilities for some leases of low-value assets and

short-term leases. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

At inception or

on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices. However, for certain agreements, the Group

has elected practical expedient not to separate non-lease components and account for the lease and non-lease components as a single lease component.

The Group

separately presents right-of-use assets that do not meet the definition of investment property in the statement of financial position.

(16) Non-derivative

financial liabilities

The Group classifies non-derivative financial liabilities into financial liabilities at fair value through profit or loss or other financial

liabilities in accordance with the substance of the contractual arrangement and the definitions of financial liabilities. The Group recognizes financial liabilities in the consolidated statement of financial position when the Group becomes a party

to the contractual provisions of the financial liability.

F-20

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

2.

Material Accounting Policies, Continued

(17) Employee benefits

(a)

Retirement benefits: defined benefit plans

As of the end of reporting period, defined benefits liabilities relating to defined benefit plans are recognized as

present value of defined benefit obligations, net of fair value of plan assets.

The calculation is performed annually by an independent actuary using the projected

unit credit method. When the fair value of plan assets exceeds the present value of the defined benefit obligation, the Group recognizes an asset, to the extent of the present value of any economic benefits available in the form of refunds from the

plan or reduction in the future contributions to the plan.

(18) Foreign currencies

(a) Foreign operations

If the presentation currency of the Group is different from a

foreign operation’s functional currency, the financial statements of the foreign operation are translated into the presentation currency using the following methods:

The assets and liabilities of foreign operations, whose functional currency is not the currency of a hyperinflationary economy, are translated to presentation currency

at exchange rates at the end of reporting period. The income and expenses of foreign operations are translated to functional currency at average exchange rates. Foreign currency differences are recognized in other comprehensive income.

(19) Revenue from contracts with customers

Revenue is recognized when the customer

obtains control of that asset, which is typically upon delivery or shipment depending on the terms of the contract.

When the good is defective, the customer is

granted the right to return the defective goods in exchange for a functioning product or cash.

Revenue is measured at the amount of consideration for the sale of

goods, reflecting the expected amount of return estimated through historical information. The Group’s right to recover products from customers and refund liability is recognized.

Refund liability is initially measured at the former carrying amount of the product less any expected costs to recover those products. Refund liability is included in

contract liabilities (See note 17) and right to recover products from customers is included in contract assets (See note 10). The Group reviews its estimate of expected returns at the end of each reporting period and updates the amounts of the asset

and liabilities accordingly.

(20) Income taxes

Income tax expense comprises

current and deferred tax. Current and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.

F-21

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

2.

Material Accounting Policies, Continued

(20) Income taxes, Continued

(a) Deferred tax

The Group

recognizes a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries, associates and joint ventures except to the extent that the Group is able to control the timing of the reversal of the temporary

difference and it is probable that the temporary difference will not reverse in the foreseeable future. The Group recognizes deferred tax assets for all deductible temporary differences including unused tax loss and tax credit to the extent that it

is probable that the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.

(21) New and amended standards or interpretations adopted by the Group

The Group

has applied the following new and revised IFRS Accounting Standards that are effective from January 1, 2025.

(a) Amendments

to IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’ and IFRS 1 ‘First-time Adoption of International Financial Reporting Standards’ – ‘Lack

of Exchangeability’

When an entity estimates a spot exchange rate because exchangeability between two currencies is lacking, the entity shall

disclose related information. The amendments do not have a significant impact on the financial statements.

(22) New and amended standards or interpretations not

yet adopted by the Group

The following new accounting standards and interpretations have been published that are not mandatory for December 31, 2025 reporting

periods and have not been early adopted by the Group.

(a) Amendments to IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial Instruments:

Disclosures’

Disclosure requirements have been amended to respond to recent questions arising in practice, and to include new requirements. The amendments

should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. Management does not expect the amendments to have a significant impact on the consolidated financial statements.

•

Clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some

financial liabilities settled through an electronic cash transfer system.

•

Clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and

interest (SPPI) criterion.

•

Add new disclosures of impact on the entity and the extent to which the entity is exposed for each type of financial

instruments if the timing or amount of contractual cash flow changes due to amendment of contract term.

•

Update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

F-22

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

2.

Material Accounting Policies, Continued

(22) New and amended standards or interpretations not yet adopted by the Group, Continued

(b) Amendments to IFRS 9 ‘Financial Instruments’ and IFRS 7

‘Financial Instruments: Disclosures’—Contracts Referencing Nature-dependent Electricity

Contracts referencing nature-dependent electricity are

defined contracts that expose an entity to variability in the underlying amount of electricity because the source of electricity generation depends on uncontrollable natural conditions (for example, the weather). The amendments clarify that

‘contracts to buy or sell such electricity’ are assessed for eligibility under the own-use exemption.

In addition, the amendments modify hedge

accounting requirements by allowing an entity to designate as the hedged item a variable nominal amount of forecast electricity transactions that reflect the nature-dependent variability of electricity and introduce additional disclosure

requirements.

The amendments should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. Management does

not expect the amendments to have a significant impact on the consolidated financial statements.

(c) Annual Improvements to IFRS - Volume 11

IFRS Annual Improvements Volume 11 should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. Management does not

expect the amendments to have a significant impact on the consolidated financial statements.

•

IFRS 1 First-time Adoption of IFRS: Application of hedge accounting when IFRS is first adopted

•

IFRS 7 Financial Instruments: Disclosures: Gain or loss on disposals, Practical application guidance

•

IFRS 9 Financial Instruments: Accounting for a lease termination and determining the transaction price

•

IFRS 10 Consolidated Financial Statements: Determination of a ‘de facto agent’

•

IAS 7 Statement of Cash Flows: Cost Method

(d) New Standard: IFRS 18 Presentation and Disclosure in Financial Statements

IFRS

18 Presentation and Disclosure in Financial Statements replaces IAS 1 Presentation of Financial Statements and includes new requirements aimed at enhancing comparability of financial performance between similar entities and providing more relevant

information to users. While the amendments do not affect the recognition or measurement of items in the financial statements, they are expected to have an extensive impact on presentation and disclosure, including the income statement and the

disclosure of management-defined performance measures.

The standard should be applied for annual periods beginning on or after January 1, 2027, and earlier

application is permitted. In accordance with the retrospective application requirements, comparative information for all comparative periods presented shall be restated under IFRS 18.

F-23

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

2.

Material Accounting Policies, Continued

(22) New and amended standards or interpretations not yet adopted by the Group, Continued

(d) New Standard: IFRS 18 Presentation and Disclosure in Financial Statements, Continued

Management is in the process of evaluating the impact of applying the new standard on the Group’s consolidated

financial statements. Based on a preliminary assessment, the following potential effects have been identified.

Adoption of the standard is not expected to have an

impact on the Group’s net profit or loss; however, it will require revenues and expenses in the income statements to be classified into new categories, which is expected to have an impact on the calculation and presentation of operating profit

(loss). Based on a preliminary assessment conducted by the Group, the following items have been identified as potentially affecting operating profit (loss).

•

“Operating profit” will be a subtotal required to be presented in the income statement.

•

Exchange differences currently presented in ‘Finance Income and Expenses’ may need to be presented separately

in the new categories, and certain foreign exchange gains and losses may be presented in operating profit.

•

The standard specifies detailed requirements for the categorization of gains and losses on derivative instruments. Such

gains and losses should be presented in the same category as the income and expenses affected by the risks the derivative instruments are used to manage. Currently, the Group presents these gains and losses within finance income and costs.

Consequently, there may be changes to the classification of these items in the income statement.

Applying the concept of ‘a useful

structured summary’ and the enhanced principles of aggregation and disaggregation may result in changes to the line items presented in the primary financial statements. In addition, goodwill must be presented separately on the

statement of financial position; therefore, the Group will present goodwill and other intangible assets as separate line items.

The requirements for disclosing

material information remain unchanged; therefore, the Group does not expect significant changes to the information currently disclosed in the Notes. However, as a result of the principles of aggregation and disaggregation, the way information is

grouped may change. In addition, significant new disclosures will be required for the following matters.

•

Management-defined performance measure

•

A breakdown of line items classified by function within the operating category of the income statement into their nature

(required only for specified nature expenses)

•

Reconciliation of differences for each line item in the income statement between the amounts previously presented under IAS

1 and the restated amounts by applying IFRS 18 for the comparative period immediately preceding the period in which this standard is first applied.

There is a change in the presentation of interest received and interest paid in the statement of cash flows. Interest paid will be presented as cash flows from

financing activities, and interest received as cash flows from investing activities, resulting in a change from the current presentation of cash flows from operating activities.

F-24

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

2.

Material Accounting Policies, Continued

(22) New and amended standards or interpretations not yet adopted by the Group, Continued

(e) IFRS 19 Subsidiaries without Public Accountability: Disclosures

Issued in May 2024, IFRS 19 allows for certain eligible subsidiaries of parent entities that report under IFRS Accounting Standards to apply reduced disclosure

requirements. This standard does not have a significant impact on the financial statements.

3. Critical Accounting Estimates and Assumptions

The preparation of financial statements requires the Group to make estimates and assumptions concerning the future. Management also needs to exercise judgement in

applying the Group’s accounting policies. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the

circumstances. As the resulting accounting estimates will, by definition, seldom equal the related actual results, it can contain a significant risk of causing a material adjustment.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial

year are discussed below. Additional information of significant judgement and assumptions of certain items are included in relevant notes.

(1) Fair value of

financial instruments

In principle, the fair value of financial instruments that are not traded in an active market is determined using valuation techniques. The

Group makes judgments on the selection and assumptions of various evaluation techniques based on relevant market conditions as of the end of the reporting period (see note 6).

(2) Net defined benefit liabilities

The present value of the net defined benefit

liability is affected by various factors determined by the actuarial method, especially changes in the discount rate (see note 19).

(3) Inventories

Estimating the net realizable value of inventories is based on the most reliable evidence available as of the measurement date for the amount expected to be realized

from inventories. In addition, if the Group confirms the circumstances in which an event exists at the end of the reporting period, it shall estimate the change in price or cost directly related to the event.

(4) Development cost

The recoverable amounts of development cost have been

determined based on value-in-use.

F-25

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

4. Operating Segment and Entity-wide Information

The Group has a single reportable segment that is engaged in the manufacture and sale of semiconductor products. The Chief Operating Decision Maker of the Group reviews

the operational results of the semiconductor business with the reporting information which is prepared in the same manner with that used by management during the establishment of the Group’s business strategy.

(1) The Group’s non-current assets (excluding financial assets, loans and other receivables, investment in associates and joint

ventures and deferred tax assets etc.) information by region based on the location of the Parent Company and its subsidiaries as of December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

December 31,

2025

December 31,

2024

Korea

W

74,293,530

W

54,926,692

China

10,533,204

12,415,083

Asia(other than China)

15,424

19,044

U.S.A.

738,739

627,323

Europe

5,672

3,647

W

85,586,569

W

67,991,789

(2) For the year ended December 31, 2025, revenue of W 23,260,076 million (2024: W 10,902,817 million), or 23.9% (2024: 16.5%) of the

Group’s revenue, is derived from an external customer A. For the year ended December 31, 2023, no revenue derived from a single customer reached over 10% of the Group’s revenue.

(3) Entity-wide revenue information by region is disclosed in note 24 (3).

5. Carrying Amounts of Financial Instruments by Categories

(1) Carrying amounts of financial assets by categories as of December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

December 31, 2025

Financial

assets at fair

value through

profit or loss

Financial

assets at fair

value through

other

comprehensive

income or loss

Financial

assets at

amortized cost

Others

Total

Cash and cash equivalents

W

—

W

—

W

14,923,766

W

—

W

14,923,766

Short-term financial instruments

222,500

—

14,457,219

—

14,679,719

Short-term investment assets

5,338,768

—

—

—

5,338,768

Trade receivables 1

—

1,256,429

16,942,649

—

18,199,078

Loans and other receivables

—

—

806,379

—

806,379

Other financial assets

62

—

1,113,792

195,867

1,309,721

Long-term investment assets

14,547,099

—

—

—

14,547,099

W

20,108,429

W

1,256,429

W

48,243,805

W

195,867

W

69,804,530

F-26

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

5.

Carrying Amounts of Financial Instruments by Categories, Continued

(1) Carrying amounts of financial assets by categories as of

December 31, 2025 and 2024 are as follows, Continued:

(In millions of Korean won)

December 31, 2024

Financial

assets at fair

value through

profit or loss

Financial

assets at fair

value through

other

comprehensive

income or loss

Financial

assets at

amortized cost

Others

Total

Cash and cash equivalents

W

—

W

—

W

11,205,117

W

—

W

11,205,117

Short-term financial instruments

222,500

—

2,159,510

—

2,382,010

Short-term investment assets

569,236

—

—

—

569,236

Trade receivables 1

—

672,860

12,346,146

—

13,019,006

Loans and other receivables

—

—

737,347

—

737,347

Other financial assets

8,692

—

122,940

260,426

392,058

Long-term investment assets

4,041,276

—

—

—

4,041,276

W

4,841,704

W

672,860

W

26,571,060

W

260,426

W

32,346,050

1

The Group transferred certain portion of trade receivables, which are from specific customers, and derecognized the trade

receivables from the consolidated financial statements when all the risks and rewards are substantially transferred. Accordingly, the Group recognized gain or loss on disposal of trade receivables.

(2) Carrying amounts of financial liabilities by categories as of December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

December 31, 2025

Financial

liabilities at fair

value through

profit or loss

Financial

liabilities at

amortized cost

Others

Total

Trade payables

W

—

W

2,848,455

W

—

W

2,848,455

Other payables

—

6,809,285

—

6,809,285

Other non-trade payables 1

—

1,541,016

—

1,541,016

Borrowings 2

—

22,247,905

—

22,247,905

Lease liabilities

—

2,509,943

—

2,509,943

Other financial liabilities

4,911,955

1,585

2,826

4,916,366

W

4,911,955

W

35,958,189

W

2,826

W

40,872,970

1

Among other non-trade payables, employee benefits liabilities that correspond to the Group’s obligations under the

employee benefit plan were excluded because they were not subject to disclosure of financial instruments.

F-27

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

5.

Carrying Amounts of Financial Instruments by Categories, Continued

(2) Carrying amounts of financial liabilities by categories

as of December 31, 2025 and 2024 are as follows, Continued:

2

The Group participated in supplier financing arrangements under letters of credit, where financial institutions pay the

Group’s obligations to suppliers within a certain limit, and the Group subsequently repays the financial institutions. There were no short-term borrowings under the supplier financing arrangements as of December 31, 2025.

(In millions of Korean won)

December 31, 2024

Financial

liabilities at fair

value through

profit or loss

Financial

liabilities at

amortized cost

Others

Total

Trade payables

W

—

W

2,277,347

W

—

W

2,277,347

Other payables 1

—

7,444,040

—

7,444,040

Other non-trade payables 2

—

1,387,034

—

1,387,034

Borrowings 3

—

22,683,733

—

22,683,733

Lease liabilities

—

2,768,376

—

2,768,376

Other financial liabilities

1,738,962

2,100

6,434

1,747,496

W

1,738,962

W

36,562,630

W

6,434

W

38,308,026

1

The Group participated in supplier financing arrangements through corporate purchase card agreements with certain

financial institutions to pay income taxes, electricity bills and others. Under these arrangements, the Group pays the card issuer the settlement amount on the credit extension period end date. There were no unpaid amounts in trade payables under

the supplier financing arrangements as of December 31, 2024.

2

Among other non-trade payables, employee benefits liabilities that correspond to the Group’s obligations under the

employee benefit plan were excluded because they were not subject to disclosure of financial instruments.

3

The Group participated in supplier financing arrangements under letters of credit, where financial institutions pay the

Group’s obligations to suppliers within a certain limit, and the Group subsequently repays the financial institutions. There were no short-term borrowings under the supplier financing arrangements as of December 31, 2024.

(3) Details of gain and loss on financial assets and liabilities by category for the years ended

December 31, 2025, 2024 and 2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Financial assets at amortized cost

Interest income

W

493,112

W

343,674

W

215,234

Foreign exchange differences

(607,440

)

2,962,818

267,611

Loss on disposal

(5

)

(3,680

)

(15,663

)

Reversal of (Loss on) impairment

(428

)

1,433

(8,518

)

(114,761

)

3,304,245

458,664

Financial assets at fair value through profit or loss

Dividend income

940,739

29,313

13,392

Interest income

1,215

1,140

1,195

Gain on disposal

187,469

150,287

84,217

Gain (Loss) on valuation

11,984,285

(195,773

)

(1,457,915

)

Gain on transaction

329

—

—

Foreign exchange differences

(115,479

)

205,716

(245,564

)

12,998,558

190,683

(1,604,675

)

F-28

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

5.

Carrying Amounts of Financial Instruments by Categories, Continued

(3) Details of gain and loss on financial assets and

liabilities by category for the years ended December 31, 2025, 2024 and 2023 are as follows, Continued:

(In millions of Korean won)

2025

2024

2023

Financial liabilities at amortized cost

Interest expenses

(923,703

)

(1,345,239

)

(1,468,273

)

Foreign exchange differences

220,266

(2,691,682

)

(392,040

)

Loss on transaction

(555

)

(1,913

)

—

(703,992

)

(4,038,834

)

(1,860,313

)

Financial liabilities at fair value through profit or loss

Loss on valuation

(4,163,304

)

(79,495

)

(855,216

)

Loss on transaction

(4,202,673

)

(20,344

)

(58,985

)

Foreign exchange differences

28,080

(212,444

)

14,771

(8,337,897

)

(312,283

)

(899,430

)

Others

Gain (Loss) on transaction

—

(3,391

)

13,819

W

3,841,908

W

(859,580

)

W

(3,891,935

)

6. Financial Risk Management

(1) Financial

risk management

The Group’s activities are exposed to a variety of financial risks: market risk (including foreign exchange risk, interest rate risk and price

risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance.

Risk management is carried out by the Parent Company’s corporate finance division in accordance with policies approved by the board of directors. The Parent

Company’s corporate finance division identifies, evaluates, and hedges financial risks in close cooperation with the Group’s operating units. The board of directors provides written principles for overall risk management, as well as

written policies covering specific areas, such as foreign exchange risk, interest rate risk, and credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.

(a) Market risk

(i) Foreign exchange risk

The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the US dollar, Euro,

Chinese yuan and Japanese yen. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities in foreign currencies, and net investments in foreign operations.

F-29

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

6.

Financial Risk Management, Continued

(1) Financial risk management, Continued

(a) Market risk, Continued

(i) Foreign exchange risk, Continued

Monetary foreign currency assets and liabilities as of December 31, 2025 are as follows:

(In millions of Korean won and millions of foreign currencies)

Assets

Liabilities

Foreign

currencies

Korean won

equivalent

Foreign

currencies

Korean won

equivalent

USD

23,074

W

33,108,951

15,528

W

22,280,863

JPY

904

8,295

116,044

1,064,852

CNY

1,748

357,939

2,734

559,886

EUR

25

42,240

149

251,626

Also, as described in note 21, the Group entered into a fixed-to-fixed cross currency swap and a floating-to-fixed cross currency

interest rate swap to hedge foreign currency rate risk relating to bonds and borrowings denominated in foreign currencies

When the exchange rate of the functional

currency for each foreign currency fluctuates by 10% as of December 31, 2025, the impact of the change in the exchange rate on profit before income tax expenses is as follows:

(In millions of Korean won)

If

increased

by 10%

If

decreased

by 10%

USD

W

1,210,371

W

(1,210,371

)

JPY

(105,656

)

105,656

CNY

(20,195

)

20,195

EUR

(20,939

)

20,939

(ii) Interest rate risk

Interest rate risk of the

Group is defined as the risk that the interest expenses arising from borrowings will fluctuate due to changes in future market interest rate. The interest rate risk mainly arises through floating rate borrowings and is partially offset by interests

received from floating rate financial assets.

The Group is managing cash flow interest rate risk using floating-to-fixed cross currency interest rate swaps. These

interest rate swaps have an economic effect of converting floating interest borrowings into fixed interest borrowings. Generally, the Group borrows at a floating interest rate and then swaps at a fixed rate. Under the swap agreement, the Group will

settle the difference between fixed interest costs and the floating interest costs calculated according to the principal agreed upon for each counterparty and specific period (mainly quarterly).

The Group is partially exposed to the risk of changing net interest costs due to changes in interest rates as of December 31, 2025. The Group has signed a currency

interest rate swap contract on floating interest rate borrowings in foreign currency amount to W 199,451 million and an interest rate swap

contract on floating interest rate borrowings in local currency of W 348,800 million. Therefore, the

F-30

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

6.

Financial Risk Management, Continued

(1) Financial risk management, Continued

(a) Market risk, Continued

(ii) Interest rate risk, Continued

changes in interest costs subject to fluctuation of interest rates do not have an impact on the profit before income tax for the year ended December 31, 2025.

As of December 31, 2025, if interest rates on borrowings and financial assets had been 100 basis points higher/lower with all other variables held constant, profit

before income tax would have been W 41,875 million (2024:

W 49,875 million) lower/higher over the next year, mainly as a result of higher/lower net interest costs on floating-rate borrowings and interest

income on floating-rate financial assets.

(iii) Price risk

The Group invests

in equity and debt securities resulted from its business needs and the purpose of liquidity management. The Group’s equity and debt securities are exposed to price risk as of December 31, 2025.

(b) Credit risk

Credit risk is the risk of financial loss to the Group if a

customer or counterparty to a financial instrument fails to meet its contractual obligations and arises mainly from operating and investing activities. In order to manage credit risk, the Group periodically evaluates the creditworthiness of each

customer or counterparty through the analysis of its financial information, historical transaction records and other factors, based on which the Group establishes credit limits for each customer or counterparty.

(i) Trade and other receivables

For each new customer, the Group individually

analyzes its creditworthiness before standard payment and delivery terms and conditions are offered. In addition, the Group is continuously managing trade and other receivables by reevaluating the customer’s creditworthiness and securing

collaterals in order to limit its credit risk exposure.

The Group reviews at the end of each reporting period whether trade and other receivables are impaired and

enters into credit insurance contracts to manage credit risk exposure from oversea customers. The extent of the Group’s exposure to credit risk as of December 31, 2025 is equal to the carrying amount of trade and other receivables.

(ii) Other financial assets

Credit risk also arises from other financial assets

such as cash and cash equivalents, short-term financial instruments, short-term investment assets, and short-term and long-term loans mainly due to the bankruptcy of each counterparty to those financial assets. The maximum exposure to credit risk as

of December 31, 2025 is the carrying amount of those financial assets. The Group deposits cash and cash equivalents, short-term financial instruments, and others in several financial institutions, and

F-31

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

6.

Financial Risk Management, Continued

(1) Financial risk management, Continued

(b) Credit risk, Continued

(ii) Other financial assets, Continued

transacts only with banks and financial institutions with high credit ratings. Accordingly, management does not expect any significant loss from non-performance by the counterparties.

(c) Liquidity risk

Liquidity risk is defined as the risk that the Group is unable

to meet its short-term payment obligations on time due to deterioration of its business performance or inability to access financing. The Group forecasts its cash flow and liquidity status and sets action plans on a regular basis to manage liquidity

risk proactively.

The Group invests surplus cash in interest-bearing current accounts, time deposits, and demand deposits choosing instruments with appropriate

maturities or sufficient liquidity to provide sufficient headroom as determined by the above-mentioned forecasts.

The contractual maturity of financial liabilities

held by the Group as of December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

December 31, 2025

Less than

1 year

1 - 2 years

2 - 5

years

More than

5 years

Total

Borrowings 1

W

7,978,826

4,845,560

8,676,290

3,272,460

W

24,773,136

Lease liabilities

576,548

426,197

1,068,681

944,492

3,015,918

Trade payables

2,848,455

—

—

—

2,848,455

Other payables

6,436,829

134,985

157,957

166,236

6,896,007

Other non-trade payables

1,224,871

10,378

9,698

162

1,245,109

Other financial liabilities

145,648

724

113

—

146,485

W

19,211,177

5,417,844

9,912,739

4,383,350

W

38,925,110

1

The cash flow includes payment of interest under terms and conditions of borrowing.

(In millions of Korean won)

December 31, 2024

Less than

1 year

1 - 2 years

2 - 5 years

More than

5 years

Total

Borrowings 1

W

3,844,805

6,732,584

11,218,578

4,246,482

W

26,042,449

Lease liabilities

602,620

461,676

1,063,224

1,128,611

3,256,131

Trade payables

2,277,347

—

—

—

2,277,347

Other payables

6,983,374

186,336

179,794

217,925

7,567,429

Other non-trade payables

1,086,615

12,440

41,166

165

1,140,386

Other financial liabilities

151,855

2,515

1,604

—

155,974

W

14,946,616

7,395,551

12,504,366

5,593,183

W

40,439,716

1

The cash flow includes payment of interest under terms and conditions of borrowing.

F-32

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

6.

Financial Risk Management, Continued

(1) Financial risk management, Continued

(c) Liquidity risk, Continued

The table above analyzes the Group’s financial liabilities into relevant maturity groups based on the remaining

period at the statement of financial position date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

(2) Capital management

The Group’s objectives when managing capital are to

safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends to shareholders, procure and repay borrowings, issue new shares, or

sell assets.

The debt-to-equity ratio and net borrowing ratio as of December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

December 31,

2025

December 31,

2024

Total liabilities (A)

W

55,440,908

W

45,939,505

Total equity (B)

120,666,751

73,915,704

Cash and cash equivalents, and others 1 (C)

34,942,253

14,156,363

Total borrowings (D)

22,247,905

22,683,733

Debt-to-equity ratio (A/B)

45.95

%

62.15

%

Net borrowing ratio 2 (D-C)/B

-

11.54

%

1

Total amount of cash and cash equivalents, short-term financial instruments and short-term investment assets.

2

Net borrowing ratio is not disclosed because the ratio is negative as of December 31, 2025.

Under major borrowing contracts, the Group is obliged to comply with a certain level of debt ratio and Loan-To-Value ratio. The Group has complied with all of these

conditions as of December 31, 2025.

(3) Fair value

Fair values are

categorized into different levels in a fair value hierarchy based on the inputs used in valuation techniques as follows:

•

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that an entity can access at the

measurement date.

•

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either

directly (i.e. as prices) or indirectly (i.e. derived from prices)

•

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)

F-33

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

6.

Financial Risk Management, Continued

(3) Fair value, Continued

(a)

The following table presents the Group’s carrying amounts and fair values of financial instruments by categories,

including their levels in the fair value hierarchy, as of December 31, 2025 and 2024:

(In millions of Korean won)

December 31, 2025

Carrying

amounts

Level 1

Level 2

Level 3

Total

Financial assets measured at fair value

Short-term financial instruments

W

222,500

W

—

W

—

W

222,500

W

222,500

Short-term investment assets

5,338,768

—

5,338,768

—

5,338,768

Trade receivables 1

1,256,429

—

1,256,429

—

1,256,429

Long-term investment assets

14,547,099

—

—

14,547,099

14,547,099

Other financial assets

195,929

—

195,929

—

195,929

21,560,725

—

6,791,126

14,769,599

21,560,725

Financial assets not measured at fair value

Cash and cash equivalents 2

14,923,766

—

—

—

—

Short-term financial instruments 2

14,457,219

—

—

—

—

Trade receivables 2

16,942,649

—

—

—

—

Loans and other receivables 2

806,379

—

—

—

—

Other financial assets 2

1,113,792

—

—

—

—

48,243,805

—

—

—

—

Total financial asset

W

69,804,530

W

—

W

6,791,126

W

14,769,599

W

21,560,725

Financial liabilities measured at fair value

Other financial liabilities

W

4,914,781

W

—

W

4,914,781

W

—

W

4,914,781

Financial liabilities not measured at fair value

Trade payables 2

2,848,455

—

—

—

—

Other payables 2

6,809,285

—

—

—

—

Other non-trade payables 2

1,541,016

—

—

—

—

Borrowings

22,247,905

—

22,449,184

—

22,449,184

Lease liabilities 2

2,509,943

—

—

—

—

Other financial liabilities 2

1,585

—

—

—

—

35,958,189

—

22,449,184

—

22,449,184

Total financial liabilities

W

40,872,970

W

—

W

27,363,965

W

—

W

27,363,965

1

The Group transferred some of the trade receivables and substantially transferred the risks and rewards to the customer.

Accordingly, the Group derecognized trade receivables from the consolidated financial statement on the date of assets transfer and recognized gain or loss on disposal of trade receivables.

2

The Group did not present fair values of financial assets and liabilities of which carrying amounts are considered to be a

reasonable approximation of fair values.

F-34

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

6.

Financial Risk Management, Continued

(3) Fair value, Continued

(a)

The following table presents the Group’s carrying amounts and fair values of financial instruments by categories,

including their levels in the fair value hierarchy, as of December 31, 2025 and 2024, Continued:

(In millions of Korean won)

December 31, 2024

Carrying

amounts

Level 1

Level 2

Level 3

Total

Financial assets measured at fair value

Short-term financial instruments

W

222,500

W

—

W

—

W

222,500

W

222,500

Short-term investment assets

569,236

—

569,236

—

569,236

Trade receivables 1

672,860

—

672,860

—

672,860

Long-term investment assets

4,041,276

—

—

4,041,276

4,041,276

Other financial assets

269,118

—

269,118

—

269,118

5,774,990

—

1,511,214

4,263,776

5,774,990

Financial assets not measured at fair value

Cash and cash equivalents 2

11,205,117

—

—

—

—

Short-term financial instruments 2

2,159,510

—

—

—

—

Trade receivables 2

12,346,146

—

—

—

—

Loans and other receivables 2

737,347

—

—

—

—

Other financial assets 2

122,940

—

—

—

—

26,571,060

—

—

—

—

Total financial asset

W

32,346,050

W

—

W

1,511,214

W

4,263,776

W

5,774,990

Financial liabilities measured at fair value

Other financial liabilities

W

1,745,396

W

—

W

1,745,396

W

—

W

1,745,396

Financial liabilities not measured at fair value

Trade payables 2

2,277,347

—

—

—

—

Other payables 2

7,444,040

—

—

—

—

Other non-trade payables 2

1,387,034

—

—

—

—

Borrowings

22,683,733

—

22,604,615

—

22,604,615

Lease liabilities 2

2,768,376

—

—

—

—

Other financial liabilities 2

2,100

—

—

—

—

36,562,630

—

22,604,615

—

22,604,615

Total financial liabilities

W

38,308,026

W

—

W

24,350,011

W

—

W

24,350,011

1

The Group transferred some of the trade receivables and substantially transferred the risks and rewards to the customer.

Accordingly, the Group derecognized trade receivables from the consolidated financial statement on the date of assets transfer and recognized gain or loss on disposal of trade receivables.

2

The Group did not present fair values of financial assets and liabilities of which carrying amounts are considered to be a

reasonable approximation of fair values.

F-35

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

6.

Financial Risk Management, Continued

(3) Fair value, Continued

(b) Valuation Techniques

The

valuation techniques of recurring and non-recurring fair value measurements and quoted prices classified as level 2 or level 3 are as follows:

(In millions of Korean won)

Fair value

Level

Valuation Techniques

Financial assets at fair value through profit or loss:

Short-term investment assets

W

5,338,768

2

Present value technique

Short-term financial instruments

222,500

3

Present value technique

Long-term investment assets

14,547,099

3

Present value technique and others

Financial assets at fair value through other comprehensive income:

Trade receivables

W

1,256,429

2

Present value technique

Others:

Other financial assets

W

195,929

2

Present value technique

Financial liabilities at fair value through profit or loss:

Embedded derivative liabilities

W

4,911,955

2

Binominal model and others

Others:

Other financial liabilities

W

2,826

2

Present value technique

Long-term investments assets measured at level 3 in the fair value hierarchy include investments in special purpose companies of BCPE

Pangea Intermediate Holdings Cayman, L.P. (“SPC1”) amounting to W 7,405,240 million and BCPE Pangea Cayman2 Limited

(“SPC2”) amounting to W 6,746,627 million in connection with the acquisition of KIOXIA Holdings Corporation

(“KIOXIA”)(formerly, Toshiba Memory Corporation). The fair value of the long-term investments is measured based on the equity value of the underlying asset, KIOXIA.

The fair value of equity investment in SPC1 is measured using an option pricing model allocating the estimated fair value of KIOXIA equity between investors based on

distribution priority pursuant to the underlying investment arrangement together with consideration of expected SPC1 liquidation.

The fair value of debt investment

in SPC2 convertible bonds is measured based on the estimated KIOXIA’s equity value and SPC2’s equity ownership in KIOXIA (14.30%).

F-36

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

6.

Financial Risk Management, Continued

(3) Fair value, Continued

(b)

Valuation Techniques, Continued

The valuation techniques and key inputs used in valuation of the equity investment in SPC1 and investment in SPC2

convertible bonds are as follows:

(In millions of Korean won)

Fair value

Valuation Techniques

Inputs of

level 3 financial asset

Input

Range

Equity investment in SPC1

W

7,405,240

Option-pricing method

Expected expiration(years)

0.21

Liquidity discount

8.95

%

Volatility

48.48

%

Risk free rate

0.60

%

SPC2 convertible bonds

W

6,746,627

Adjusted net asset method

Liquidity discount

8.95

%

Among the level 3 inputs, a decrease in liquidity discount, which is a key assumption, will result in a higher fair value of the equity

investment in SPC1, while any change in volatility and risk-free rate may have either positive or negative impact on the fair value of the investment in SPC1. In addition, when the liquidity discount decreases it will result in higher fair value of

the investment in SPC2 convertible bonds.

Any positive or negative changes in these significant unobservable inputs will have a direct impact on the fair value of

investments in SPC1 and SPC2, respectively. As these inputs are significant and unobservable, the equity investment in SPC1 and the SPC2 convertible bonds are classified within Level 3 of the fair value hierarchy. Accordingly, changes in key

valuation inputs may have a significant impact on the fair values of these investments.

The sensitivity analysis results of the effect of changes in the input

variables of each long-term investment classified as Level 3 on fair value are as follows:

(In millions of Korean won)

Positive

fluctuation

Negative

fluctuation

Equity investment in SPC1 1

W

79,428

W

(79,428

)

SPC2 convertible bonds 1

74,114

(74,114

)

1

Fair value fluctuations were calculated by increasing or decreasing the liquidity discount, which is major unobservable

input, by 1.0% points.

(c)

There was no transfer between fair value hierarchy levels during the year ended December 31, 2025 and changes in

financial assets classified as level 3 fair value measurements during the year ended December 31, 2025 are as follows:

(In millions of Korean won)

Beginning

Balance

Acquisition

Disposals

Gain on

Valuation

Foreign

Exchange

Difference

Ending

Balance

Financial assets:

Short-term financial instruments

W

222,500

—

—

—

—

W

222,500

Long-term investment assets

W

4,041,276

28,143

(1,206,875

)

11,938,050

(253,495

)

W

14,547,099

F-37

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

7. Restricted Financial Instruments

Details of restricted financial instruments as of December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

December

31, 2025

December 31,

2024

Short-term financial instruments:

Restricted for supporting small businesses

W 222,500

W

222,500

Pledged for consumption tax

5,506

5,619

Others

324

256

228,330

228,375

Other financial assets:

Escrow account

—

110,391

Bank overdrafts guarantee deposit

13

11

Others

2,822

1,807

2,835

112,209

W 231,165

W

340,584

8. Trade Receivables and Loans and Other Receivables

(1) Details of loans and other receivables as of December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

December

31, 2025

December 31,

2024

Current:

Other receivables

W

89,511

W

215,385

Accrued income

156,266

27,519

Short-term loans

117,592

13,462

Short-term guarantee and other deposits

22,974

36,695

386,343

293,061

Non-current:

Long-term other receivables

74,024

95,122

Long-term loans

189,262

193,487

Guarantee deposits

156,488

155,409

Others

262

268

420,036

444,286

W

806,379

W

737,347

F-38

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

8. Trade

Receivables and Loans and Other Receivables, Continued

(2)

Trade receivables and loans and other receivables, net of provision for impairment, as of December 31, 2025 and 2024

are as follows:

(In millions of Korean won)

December 31, 2025

Gross

amount

Provision for

impairment

Carrying

amount

Trade receivables

W

18,201,785

W

(2,707

)

W

18,199,078

Current loans and other receivables

386,419

(76

)

386,343

Non-current loans and other receivables

420,972

(936

)

420,036

W

19,009,176

W

(3,719

)

W

19,005,457

(In millions of Korean won)

December 31, 2024

Gross

amount

Provision for

impairment

Carrying

amount

Trade receivables

W

13,020,351

W

(1,345

)

W

13,019,006

Current loans and other receivables

293,155

(94

)

293,061

Non-current loans and other receivables

445,227

(941

)

444,286

W

13,758,733

W

(2,380

)

W

13,756,353

(3) Details of provision for impairment

Changes in

the provision for impairment of trade receivables for the years ended December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

2025

2024

Beginning balance

W 1,345

W

9,717

Bad debt expense

3,782

46

Reversal

(345

)

(1,327

)

Write-off

(2,076

)

(7,070

)

Foreign exchange difference

1

(21

)

Ending balance

W 2,707

W

1,345

Changes in the provision for impairment of current loans and other receivables for the years ended December 31, 2025 and 2024 are

as follows:

(In millions of Korean won)

2025

2024

Beginning balance

W

94

W

39

Bad debt expense

821

94

Reversal

(94

)

—

Write-off

(745

)

(39

)

Ending balance

W

76

W

94

F-39

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

8. Trade

Receivables and Loans and Other Receivables, Continued

(3) Details of provision for impairment, Continued

Changes in the provision for impairment of non-current loans and other receivables for the years ended

December 31, 2025 and 2024 are as follows

(In millions of Korean won)

2025

2024

Beginning balance

W

941

W

913

Bad debt expense

10

8

Reversal

7

(101

)

Foreign exchange difference

(22

)

121

Ending balance

W

936

W

941

(4)

The aging analysis of trade receivables and loans and other receivables as of December 31, 2025 and 2024 are as

follows:

(In millions of Korean won)

December 31, 2025

Not impaired

Overdue

Not past

due

Less than

3 months

Over 3

months

and less than

6 months

Over

6 months

Impaired

Total

Trade receivables

W

18,199,078

—

—

—

2,707

W

18,201,785

Current loans and other receivables

386,343

—

—

—

76

386,419

Non-current loans and other receivables

420,036

—

—

—

936

420,972

W

19,005,457

—

—

—

3,719

W

19,009,176

(In millions of Korean won)

December 31, 2024

Not impaired

Overdue

Not past

due

Less than

3 months

Over 3

months

and less than

6 months

Over

6 months

Impaired

Total

Trade receivables

W

13,019,006

—

—

—

1,345

W

13,020,351

Current loans and other receivables

293,061

—

—

—

94

293,155

Non-current loans and other receivables

444,286

—

—

—

941

445,227

W

13,756,353

—

—

—

2,380

W

13,758,733

F-40

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

9. Inventories

(1) Details

of inventories as of December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

December 31, 2025

Acquisition

cost

Inventory valuation

allowance

Carrying

amount

Merchandise

W

5,564

W

(261

)

W

5,303

Finished goods

2,616,635

(209,670

)

2,406,965

Work-in-process

9,290,708

(83,271

)

9,207,437

Raw materials

1,507,058

(17,745

)

1,489,313

Supplies

1,086,570

(183,958

)

902,612

Goods in transit

277,760

—

277,760

W

14,784,295

W

(494,905

)

W

14,289,390

(In millions of Korean won)

December 31, 2024

Acquisition

cost

Inventory valuation

allowance

Carrying

amount

Merchandise

W

33,492

W

(26,717

)

W

6,775

Finished goods

3,138,975

(624,692

)

2,514,283

Work-in-process

8,952,952

(330,187

)

8,622,765

Raw materials

1,521,521

(60,495

)

1,461,026

Supplies

700,846

(114,547

)

586,299

Goods in transit

122,789

—

122,789

W

14,470,575

W

(1,156,638

)

W

13,313,937

(2)

The amount of the inventories recognized as cost of sales for the years ended December 31, 2025, 2024 and 2023 are

as follows:

(In millions of Korean won)

2025

2024

2023

Inventories recognized as cost of sales

W

39,117,310

W

35,634,490

W

32,206,255

(3)

The changes in inventory valuation allowance during the years ended December 31, 2025 and 2024 are as follows:

(In millions of won)

2025

2024

Beginning balance

W

1,156,637

W

2,426,602

Charged to cost of sales

112,906

98,592

Utilization upon sales

(774,638

)

(1,368,557

)

Ending balance

W

494,905

W

1,156,637

There were no significant reversals of inventory write-downs recognized during 2025 and 2024.

F-41

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

10. Other Current and Non-current Assets

Details of other current and non-current assets as of December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

December 31,

2025

December 31,

2024

Current:

Advance payments

W

73,312

W

62,928

Prepaid expenses

291,529

247,166

Value added tax refundable

876,429

937,926

Contract assets

125,240

123,894

Others

11,525

21,830

1,378,035

1,393,744

Non-current:

Long-term advance payments

79,810

113,564

Long-term prepaid expenses

33,778

25,997

Others

31,342

34,581

144,930

174,142

W

1,522,965

W

1,567,886

11. Investments in Associates and Joint Ventures

(1) General information of investments in associates and joint ventures is as follows:

Type

Investee

Location

Business

Associates

SK China Company Limited 1

China

Consulting and investment

SK South East Asia Investment Pte. Ltd.

Singapore

Consulting and investment

SiFive, Inc. 2

U.S.A

Design and manufacture of semiconductor

Wuxi xinfa IC industry park., Ltd.

China

Developing science-technological park

Others

Joint ventures

HITECH Semiconductor (Wuxi) Co., Ltd. 3

China

Manufacture of semiconductor parts

SK hynix system ic (Wuxi) Co., Ltd. 4, 5

China

Foundry factory construction

Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor 3 , 7

Korea

Investment

Specialized Investment-type Private Equity Investment Trust For

Win-win System Semiconductor 3 , 6

Korea

Investment

Others

1

Management of the Group is able to exercise significant influence over the entity by participating the Board of Directors.

Accordingly, the investment has been classified as an associate.

2

The Group is able to exercise significant influence through its right to appoint a director to the Board of Directors of

investee. Accordingly, the investment has been classified as an associate.

3

It has been classified to a joint venture as it is stated in the agreement that unanimous vote is required for relevant

activities.

4

Net asset share amount and carrying amount of SK hynix system ic (Wuxi) Co., Ltd. were prepared based on the consolidated

financial statements including Hystars Semiconductor (Wuxi) Co., Ltd.

5

The Group disposed 49.9% of its shares of SK hynix system ic (Wuxi) Co., Ltd. and lost control over SK hynix system ic

(Wuxi) Co., Ltd. based on the agreement that major decisions of SK hynix system ic (Wuxi) Co., Ltd. require the approval of more than two-thirds of the shareholders during the year ended December 31,

2024. The fair value of remaining shares has been recognized as an investment in a joint venture. The Group’s ownership decreased due to a capital increase by issuing new shares to a third party during the year ended December 31, 2025. Due to

accumulated losses, an impairment loss of W 470,869 million was recognized during the year ended December 31, 2025 for the difference

between the recoverable amount and the carrying amount.

6

The principal amount of

W 2,700 million was collected during the year ended December 31, 2025.

7

The principal amount of

W 1,909 million was collected during the year ended December 31, 2025.

F-42

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

11. Investments in

Associates and Joint Ventures, Continued

(2) Details of investments in associates and joint ventures as of December 31,

2025 and 2024 are as follows:

(In millions of Korean won)

December 31, 2025

December 31, 2024

Investee

Ownership

(%)

Net asset

value

Carrying

amount

Ownership

(%)

Carrying

amount

Associates:

SK China Company Limited

11.87

W

410,963

W

463,560

11.87

W

456,471

SK South East Asia Investment Pte. Ltd.

20.00

370,671

370,671

20.00

401,843

SiFive, Inc.

6.84

9,651

9,175

6.81

18,311

Wuxi xinfa IC industry park., Ltd.

30.00

46,990

46,990

30.00

44,895

Others

152,863

160,957

131,978

Joint ventures:

HITECH Semiconductor (Wuxi) Co., Ltd.

45.00

150,937

152,015

45.00

157,255

SK hynix system ic (Wuxi) Co., Ltd.

49.79

(13,564

)

78,548

50.10

688,702

Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor

33.33

9,039

9,039

33.33

11,237

Specialized Investment-type Private Equity Investment Trust For

Win-win System Semiconductor

37.50

19,574

19,574

37.50

22,459

Others

10,398

10,398

7,512

W

1,167,522

W

1,320,927

W

1,940,663

(3) Changes in investments in associates and joint ventures for the years ended December 31, 2025

and 2024 are as follows:

(In millions of Korean won)

2025

Beginning

balance

Acquis-

ition

Share of

profit

(loss)

Other

equity

movement

Dividend

Recovery

of

principal

Impairment

loss

Ending

balance

SK China Company Limited

W

456,471

W

—

W 4,005

W 3,084

W —

W —

W —

W

463,560

SK South East Asia Investment Pte. Ltd.

401,843

—

(10,281

)

(20,891

)

—

—

—

370,671

SiFive, Inc.

18,311

—

(9,854

)

718

—

—

—

9,175

Wuxi xinfa IC industry park., Ltd.

44,895

—

1,155

940

—

—

—

46,990

HITECH Semiconductor (Wuxi) Co., Ltd.

157,255

—

17,673

(4,441

)

(18,472

)

—

—

152,015

SK hynix system ic (Wuxi) Co., Ltd. 1

688,702

—

(133,296

)

(5,989

)

—

—

(470,869

)

78,548

Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor

11,237

—

469

(167

)

(591

)

(1,909

)

—

9,039

Specialized Investment-type Private Equity Investment Trust For Win-win System Semiconductor

22,459

—

(185

)

—

—

(2,700

)

—

19,574

Others

139,490

9,000

36,769

6

(1,505

)

(12,266

)

(139

)

171,355

W

1,940,663

W

9,000

W (93,545)

W (26,740)

W (20,568)

W (16,875)

W (471,008)

W

1,320,927

1

During the year ended December 31, 2025, an impairment loss of W 470,869 million was recognized as actual operating performance during the year materially underperformed the business plan used in prior impairment assessments, resulting in accumulated

losses and a recoverable amount below the carrying amount.

F-43

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

11. Investments in

Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the years ended

December 31, 2025 and 2024 are as follows, Continued:

(In millions of Korean won)

2024

Beginning

balance

Acquisi-

tion

Share of

profit

(loss)

Other

equity

move-

ment

Dividend

Recovery

of

principal

Impair-

ment loss

Transfer

Ending

balance

SK China Company Limited

W

408,230

W

—

W

4,609

W

43,632

W

—

W

—

W

—

W

—

W

456,471

SK South East Asia Investment Pte. Ltd.

351,923

—

4,093

45,827

—

—

—

—

401,843

SiFive, Inc. 1

53,277

—

(12,694

)

2,466

—

—

(24,738

)

—

18,311

Wuxi xinfa IC industry park., Ltd.

42,458

—

(2,215

)

4,652

—

—

—

—

44,895

HITECH Semiconductor (Wuxi) Co., Ltd.

137,655

—

17,603

19,172

(17,175

)

—

—

—

157,255

SK hynix system ic (Wuxi) Co., Ltd. 2

—

483,721

(35,348

)

(5,646

)

—

—

—

245,975

688,702

Hystars Semiconductor (Wuxi) Co., Ltd. 2

220,373

—

832

24,770

—

—

—

(245,975

)

—

Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor

19,283

—

3,520

(66

)

(3,107

)

(8,393

)

—

—

11,237

Specialized Investment-type Private Equity Investment Trust For

Win-win System Semiconductor

29,779

—

37

143

—

(7,500

)

—

—

22,459

Others

104,370

25,859

6,056

10,956

(1,135

)

(6,616

)

—

—

139,490

W

1,367,348

W

509,580

W

(13,507

)

W

145,906

W

(21,417

)

W

(22,509

)

W

(24,738

)

W

—

W

1,940,663

1

Due to SiFive, Inc.’s continued accumulation of losses, the Group recognized

W 24,738 million, the difference between the book value and recoverable amount, as a loss related to investments in associates.

2

As Hystars Semiconductor (Wuxi) Co., Ltd. was incorporated as a subsidiary of SK hynix system ic (Wuxi) Co., Ltd. during

the year ended December 31, 2024, the book value of Hystars Semiconductor (Wuxi) Co., Ltd. was transferred with the book value of SK hynix system ic (Wuxi) Co., Ltd.

F-44

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

11. Investments in

Associates and Joint Ventures, Continued

(4) Major associates and joint ventures’ summarized financial information as of

December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

December 31, 2025

Current

assets

Non-current

assets

Current

liabilities

Non-current

liabilities

SK China Company Limited

W

1,787,188

W

2,120,977

W

151,370

W

293,452

SK South East Asia Investment Pte. Ltd.

1,021,847

983,307

58,110

36,458

HITECH Semiconductor (Wuxi) Co., Ltd.

298,955

277,560

182,138

58,962

SK hynix system ic (Wuxi) Co., Ltd.

210,511

1,233,265

962,673

520,468

(In millions of Korean won)

December 31, 2024

Current

assets

Non-current

assets

Current

liabilities

Non-current

liabilities

SK China Company Limited

W

1,621,534

W

2,168,615

W

111,297

W

299,593

SK South East Asia Investment Pte. Ltd.

1,197,435

2,268,114

613,999

14,918

HITECH Semiconductor (Wuxi) Co., Ltd.

272,861

306,426

69,219

163,986

SK hynix system ic (Wuxi) Co., Ltd. 1

456,634

1,361,701

1,011,649

585,647

1

Hystars Semiconductor (Wuxi) Co., Ltd. was incorporated as a subsidiary of SK hynix system ic (Wuxi) Co., Ltd., during the

year ended December 31, 2024.

(5) Major associates and joint ventures summarized financial information for

the years ended December 31, 2025, 2024 and 2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Revenue

Net profit

(loss)

Revenue

Net profit

(loss)

Revenue

Net profit

(loss)

SK China Company Limited

W

68,074

W

42,472

W

15,111

W

38,846

W

34,798

W

102,711

SK South East Asia Investment Pte. Ltd.

97,960

10,656

133,764

20,467

266,728

(43,317

)

Magnus Private Investment Co., Ltd. 1

—

—

—

—

—

(2,721

)

HITECH Semiconductor (Wuxi) Co., Ltd.

779,854

39,469

688,331

37,292

—

35,718

SK hynix system ic (Wuxi) Co., Ltd. 2

348,182

(265,822

)

45,996

(57,481

)

702,074

—

Hystars Semiconductor (Wuxi) Co., Ltd. 2

—

—

55,620

1,660

—

1,659

1

Liquidation was completed during the year ended December 31, 2023.

2

Hystars Semiconductor (Wuxi) Co., Ltd. was incorporated as a subsidiary of SK hynix system ic (Wuxi) Co., Ltd., during the

year ended December 31, 2024.

F-45

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

12. Property, Plant and Equipment

(1) Changes in property, plant and equipment for the years ended December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

2025

Land

Buildings

Structures

Machinery

Vehicles

Others

Construction-

in-progress

Total

Beginning balance Changes during 2025

W

1,205,857

10,474,146

3,207,904

33,674,111

25,914

462,318

11,107,224

W

60,157,474

Acquisitions

16,317

627,479

327,158

11,867,710

379

318,128

17,015,647

30,172,818

Impairment

—

(45,120

)

—

—

—

(37

)

—

(45,157

)

Disposals

(1,171

)

(12,729

)

(7,469

)

(29,847

)

(455

)

(8,709

)

(31,036

)

(91,416

)

Depreciation

—

(471,753

)

(247,033

)

(11,718,575

)

(2,657

)

(223,498

)

—

(12,663,516

)

Transfers

466,389

(281,589

)

315,928

5,750,995

57

85,083

(6,329,203

)

7,660

Foreign exchange differences and others

(1,465

)

(42,343

)

9,202

(21,790

)

(3

)

1,239

(18,895

)

(74,055

)

Reclassified as assets held for sale

—

—

(2

)

(1,091

)

—

(1,270

)

—

(2,363

)

Business combination

—

—

1,777

38,657

—

817

8

41,259

Ending balance

W

1,685,927

10,248,091

3,607,465

39,560,170

23,235

634,071

21,743,745

W

77,502,704

Acquisition cost

W

1,685,927

13,544,821

5,322,428

139,232,683

46,864

3,034,803

21,769,815

W

184,637,341

Accumulated depreciation

—

(3,209,393

)

(1,694,511

)

(99,343,367

)

(23,629

)

(2,399,992

)

—

(106,670,892

)

Accumulated impairment

—

(68,346

)

(15,339

)

(299,800

)

—

(16

)

(26,070

)

(409,571

)

Government grants

—

(18,991

)

(5,113

)

(29,346

)

—

(724

)

—

(54,174

)

W

1,685,927

10,248,091

3,607,465

39,560,170

23,235

634,071

21,743,745

W

77,502,704

(In millions of Korean won)

2024

Land

Buildings

Structures

Machinery

Vehicles

Others

Construction-

in-progress

Total

Beginning balance

W

1,207,988

10,341,242

3,080,243

31,471,525

31,044

554,024

6,018,787

W

52,704,853

Changes during 2024

Acquisitions

66

156,877

292,362

9,990,891

526

152,395

7,362,704

17,955,821

Impairment

—

—

—

21

—

(12

)

—

9

Disposals

—

(24

)

(1,858

)

(21,042

)

(2,557

)

(1,729

)

(4,840

)

(32,050

)

Depreciation

—

(505,552

)

(227,972

)

(10,553,687

)

(3,144

)

(245,280

)

—

(11,535,635

)

Transfers

(9,735

)

121,201

49,237

2,327,386

—

3,786

(2,490,804

)

(1,071

)

Foreign exchange differences and others

7,538

360,402

98,560

841,568

45

12,722

221,541

1,542,376

Reclassified as assets held for sale

—

—

(82,668

)

(382,551

)

—

(13,588

)

(164

)

(478,971

)

Ending balance

W

1,205,857

10,474,146

3,207,904

33,674,111

25,914

462,318

11,107,224

W

60,157,474

Acquisition cost

W

1,205,857

13,771,703

4,615,743

123,124,358

47,115

2,664,488

11,175,488

W

156,604,752

Accumulated depreciation

—

(3,256,494

)

(1,389,621

)

(89,123,068

)

(21,200

)

(2,201,560

)

—

(95,991,943

)

Accumulated impairment

—

(23,226

)

(15,339

)

(261,984

)

—

(13

)

(68,264

)

(368,826

)

Government grants

—

(17,837

)

(2,879

)

(65,195

)

(1

)

(597

)

—

(86,509

)

W

1,205,857

10,474,146

3,207,904

33,674,111

25,914

462,318

11,107,224

W

60,157,474

F-46

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

12. Property, Plant and

Equipment, Continued

(2) Details of depreciation expense allocation for the years ended December 31, 2025,

2024 and 2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Cost of sales

W

11,839,495

W

10,696,150

W

11,810,720

Selling and administrative expenses

242,739

249,368

250,180

Research and development expenses and others

581,282

590,117

669,550

W

12,663,516

W

11,535,635

W

12,730,450

(3) Certain property, plant and equipment are pledged as collaterals for borrowings of the Group as of

December 31, 2025 (See note 32).

(4) The Group capitalized borrowing costs amounting to W 249,760 million (2024: W 202,995 million

and 2023: W 136,622 million) on qualifying assets during the year ended December 31, 2025. Borrowing costs were calculated using a

capitalization rate of 3.91% (2024: 6.32% and 2023: 4.34%) for the year ended December 31, 2025.

(5) The Group provides certain

property, plant, and equipment as operating leases. Rental income from the property, plant and equipment during the year ended December 31, 2025 are

W 29,144 million (2024:

W 23,811 million and 2023: W 28,403

million).

13. Leases

(1) Leases as lessee

(a) Changes in right-of-use assets for the years ended December 31, 2025 and 2024

are as follows:

(In millions of Korean won)

2025

Properties

Structures

Machinery

Vehicles

Others

Total

Beginning balance

W

412,296

1,513,255

540,219

19,821

1,280

W

2,486,871

Increase

61,141

111,711

75,928

13,576

27,742

290,098

Termination

(3,005

)

—

—

(2,410

)

—

(5,415

)

Depreciation

(75,121

)

(152,098

)

(185,859

)

(13,726

)

(8,979

)

(435,783

)

Foreign exchange difference

(2,448

)

4,324

—

36

1

1,913

Reclassified as assets held for sale

(1,227

)

—

—

—

—

(1,227

)

Ending balance

W

391,636

1,477,192

430,288

17,297

20,044

W

2,336,457

Acquisition cost

W

648,293

2,169,989

673,504

36,689

27,775

W

3,556,250

Accumulated depreciation

(223,209

)

(692,797

)

(243,216

)

(19,392

)

(7,731

)

(1,186,345

)

Government grants

(33,448

)

—

—

—

—

(33,448

)

W

391,636

1,477,192

430,288

17,297

20,044

W

2,336,457

F-47

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

13. Leases, Continued

(1) Leases as lessee, Continued

(a) Changes in right-of-use assets for the years ended December 31, 2025 and 2024 are as follows, Continued:

(In millions of Korean won)

2024

Properties

Structures

Machinery

Vehicles

Others

Total

Beginning balance

W

419,162

1,523,997

709,973

23,551

18,161

W

2,694,844

Increase

43,827

204,843

51,627

13,534

(195

)

313,636

Termination

(6,142

)

—

—

(4,171

)

—

(10,313

)

Depreciation

(74,900

)

(152,250

)

(193,853

)

(13,170

)

(15,516

)

(449,689

)

Foreign exchange difference

33,045

41,827

1,073

317

403

76,665

Reclassified as assets held for sale

(2,696

)

(105,162

)

(28,601

)

(240

)

(1,573

)

(138,272

)

Ending balance

W

412,296

1,513,255

540,219

19,821

1,280

W

2,486,871

Acquisition cost

W

606,918

2,048,948

802,452

34,245

22,647

W

3,515,210

Accumulated depreciation

(160,786

)

(535,693

)

(262,233

)

(14,424

)

(21,367

)

(994,503

)

Government grants

(33,836

)

—

—

—

—

(33,836

)

W

412,296

1,513,255

540,219

19,821

1,280

W

2,486,871

(b) Changes in lease liabilities for the years ended December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

2025

2024

Beginning balance

W

2,768,376

W

3,029,874

Acquisition

290,133

266,528

Termination

(5,361

)

(13,971

)

Interest expenses

97,843

105,238

Payments

(648,765

)

(635,953

)

Foreign exchange difference

8,954

161,165

Reclassified as liabilities held for sale

(1,237

)

(144,505

)

Ending balance

W

2,509,943

W

2,768,376

(c) The details of the minimum lease payment to be paid in the future for each period in connection

with lease liabilities, present value and current/non-current classification of lease liabilities as of December 31, 2025 are as follows:

(In millions of Korean won)

2025

Less than one year

W

576,548

One to five years

1,494,878

More than five years

944,492

Total lease liabilities undiscounted as of December 31, 2025

3,015,918

Present value of lease liabilities recognized as of December 31, 2025

2,509,943

Current lease liabilities

547,296

Non-current lease liabilities

1,962,647

F-48

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

13. Leases, Continued

(1) Leases as lessee, Continued

(d) The amounts recognized in profit or loss in relation to right-of-use assets and lease liabilities for the years ended December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

2025

2024

Depreciation of right-to-use

assets

W

435,783

W

449,689

Interest expenses of lease liabilities

97,843

105,238

Expenses relating to short-term leases or to leases of low-value

assets

7,906

7,997

The total cash outflow from leases is

W 656,671 million (2024:

W 643,950 million).

14. Intangible Assets

(1) Changes in intangible assets for the years ended December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

2025

Goodwill

Industrial

property

rights

Development

costs

Others

Total

Beginning balance

W

848,828

90,464

713,642

2,365,913

W

4,018,847

Changes during 2025

Internal development

—

—

266,890

—

266,890

External acquisition

—

2,012

—

689,777

691,789

Business combination

—

3

—

1,409

1,412

Disposals

(32,596

)

(856

)

—

(6,316

)

(39,768

)

Amortization

—

(17,442

)

(348,757

)

(464,620

)

(830,819

)

Impairment

—

—

—

(38,053

)

(38,053

)

Transfers

—

21,966

—

(29,718

)

(7,752

)

Reclassified as assets held for sale

—

—

—

(287

)

(287

)

Others

(8,709

)

(6

)

—

(4,142

)

(12,857

)

Ending balance

W

807,523

96,141

631,775

2,513,963

W

4,049,402

Acquisition cost

W

1,830,625

242,212

5,213,157

5,773,909

W

13,059,903

Accumulated amortization and impairment

(1,023,102

)

(146,071

)

(4,581,382

)

(3,259,946

)

(9,010,501

)

W

807,523

96,141

631,775

2,513,963

W

4,049,402

F-49

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

14. Intangible Assets,

Continued

(1) Changes in intangible assets for the years ended December 31, 2025 and 2024 are as follows, Continued:

(In millions of Korean won)

2024

Goodwill

Industrial

property

rights

Development

costs

Others

Total

Beginning balance

W

803,348

92,096

410,667

2,528,456

W

3,834,567

Changes during 2024

Internal development

—

—

417,724

—

417,724

External acquisition

—

1,581

—

327,530

329,111

Disposals

—

(9,092

)

—

(8,592

)

(17,684

)

Amortization

—

(17,421

)

(114,749

)

(464,030

)

(596,200

)

Impairment

—

—

—

(216

)

(216

)

Transfers

—

23,271

—

(32,483

)

(9,212

)

Reclassified as assets held for sale

—

—

—

(29,094

)

(29,094

)

Others

45,480

29

—

44,342

89,851

Ending balance

W

848,828

90,464

713,642

2,365,913

W

4,018,847

Acquisition cost

W

1,896,957

227,202

4,946,266

5,319,455

W

12,389,880

Accumulated amortization and impairment

(1,048,129

)

(136,738

)

(4,232,624

)

(2,953,542

)

(8,371,033

)

W

848,828

90,464

713,642

2,365,913

W

4,018,847

(2) Details of amortization expense allocation for the years ended December 31, 2025, 2024 and

2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Cost of sales

W

321,740

W

311,226

W

234,001

Selling and administrative expenses

483,516

256,853

282,685

Research and development expenses and other

25,563

28,121

35,855

W

830,819

W

596,200

W

552,541

(3) Goodwill impairment tests

The Group

allocates goodwill to identified CGUs, and the details of goodwill for each CGU as of December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

2025

2024

SK hynix CGU (*)

W

807,523

W

848,328

(*)

The SK hynix CGU is comprised of non-current assets of the Group excluding those

of Solidigm.

The Group performs goodwill impairment tests annually. For the purpose of impairment tests, goodwill is allocated to the relevant

CGU. The recoverable amount of the SK hynix CGU as of December 31, 2025 and 2024 was determined considering the fair value less costs to sell, which was determined based on the amount using the current stock price as of December 31, 2025

and 2024. No impairment loss of goodwill was recognized since the recoverable amount is higher than the carrying value of the CGU as of December 31, 2025 and 2024.

F-50

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

14. Intangible Assets,

Continued

(4) Among costs associated with development activities, W 266,890 million (2024: W 417,724 million

and 2023: W 350,550 million) that met capitalization criteria, were capitalized as development cost for the year ended December 31, 2025. In

addition, costs associated with research activities and other development expenditures that did not meet the criteria in the amount of

W 6,465,637 million (2024:

W 4,436,341 million and 2023:

W 3,750,706 million) were recognized as expenses for the year ended December 31, 2025.

The Group assesses whether there’s any indication for impairment of development costs at the end of the reporting period, and no impairment loss was recognized for

development projects during the years ended December 31, 2025 and 2024 as there are no development projects of which the recoverable value is less than the book value.

15. Other Payables

Details of other payables as of December 31, 2025

and 2024 are as follows:

(In millions of Korean won)

December 31,

2025

December 31,

2024

Current:

Accrued expenses

W

6,277,237

W

3,977,166

Deposits payable

5,874

6,377

6,283,111

3,983,543

Non-current:

Long-term accrued expenses

8,400

40,584

Deposits payable

11,570

11,313

19,970

51,897

W

6,303,081

W

4,035,440

16. Borrowings

(1) Details of borrowings as

of December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

December 31,

2025

December 31,

2024

Current:

Short-term borrowings

W

2,395,797

W

1,283,488

Current portion of long-term borrowings

1,470,301

1,143,258

Current portion of debentures 1

4,295,659

2,825,492

8,161,757

5,252,238

Non-current:

Long-term borrowings

2,879,750

5,022,069

Debentures

11,206,398

12,409,426

14,086,148

17,431,495

W

22,247,905

W

22,683,733

1

The carrying amount includes exchangeable bond issued by the Group during the year ended December 31, 2023. The

maturity date of the exchangeable bond is in 2030, but the Group has classified the exchangeable bond as current borrowings

F-51

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

16. Borrowings, Continued

(1) Details of borrowings as of December 31, 2025 and 2024 are as follows, Continued:

due to the possibility of exercising conversion rights by the bondholders. During the year ended December 31, 2025, exchangeable bonds equivalent to USD 926,400,000 were

exchanged for 11,206,742 shares upon exercise of exchange rights by the bondholders. On a cumulative basis, exchangeable bonds equivalent to USD 961,600,000 have been exchanged for 11,627,828 shares. The conditions of issuance are as follows:

Type of bond Issue amount

Foreign exchangeable bond

USD 1,700,000,000

Outstanding balance of bonds issued 1

USD 738,400,000

Interest rate

Coupon Rate

1.75%

Yield Rate

1.75%

Maturity Date

April 11, 2030

Redemption measures

1) Redemption upon maturity: redemption of the remaining amounts for which conversion rights or early redemption has not been exercised upon maturity date

2) Early redemption: Redemption by the Call Option of the Issuer or redemption by the Put Option of Bondholders

Details of conversion

right

Conversion Rate

100.00% of the principal amount

Conversion price

W 108,811 per share

Subject of Conversion

Ordinary shares of the SK hynix Inc. (currently held as treasury shares)

Conversion period

May 22, 2023 - April 1, 2030

Adjustment to Conversion Price

Adjustment of the Conversion Price in certain circumstances, including but not limited to:

Bonus issue, subdivision, consolidation, reclassification, rights issues of options or warrants

over shares, share dividends, capital distribution, modification of rights of conversion, issues at less than Current Market Price, etc.

Put Option of Bondholders

The fourth anniversary from the transaction date (April 11, 2027)

In the case of a change of control of the Parent company

In the case of the Shares of the Parent company ceases to be listed or admitted to trading or are suspended for trading for a period equal to or exceeding 20 consecutive Trading Days

Call Option of the Issuer

On or after April 25, 2028, in the case of the closing price of the Shares for any 20 trading days in a period of 30 consecutive trading days is at least 130% of the prevailing Conversion Price

In the case of the aggregate principal amount of the Bonds outstanding is less than 10% of the aggregate principal amount originally issued (Clean Up Call)

In the case of the Issuer becomes obliged to pay any additional amounts, as a result of changes relating to tax laws in Korea.

1

The number of exchangeable shares was 20,126,911 upon initial issuance, but due to the exercise of conversion rights and

adjustments in the conversion price, the number of exchangeable shares has been changed to 8,932,547 as of December 31, 2025.

F-52

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

16. Borrowings, Continued

(2) Details of borrowings as of December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

Financial institutions

Maturity date

Interest rate

per annum in

2025 (%)

2025

2024

Short-term borrowings:

Commercial Paper

Shinhan Bank

2026.09

3.7~4.0

W

300,000

W

300,000

General borrowings

Nonghyup Bank and others

2026.01~2026.12

1.4~6.3

2,095,797

983,488

2,395,797

1,283,488

Long-term borrowings:

Funds for equipment

MUFG and others

2026.01~2030.12

1.0~7.7

3,473,363

5,076,594

General borrowings

The Export-Import Bank of Korea and others

2026.12~2027.12

2.9~4.5

883,200

1,104,402

4,356,563

6,180,996

Less: Current portion

(1,470,301

)

(1,143,258

)

Less: Discounts on borrowings

(6,512

)

(15,669

)

W

2,879,750

W

5,022,069

F-53

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

16. Borrowings, Continued

(3) Details of debentures as of December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

Maturity

date

Interest rate per

annum in 2025 (%)

December 31,

2025

December 31,

2024

Unsecured notes in local currency:

Unsecured corporate bonds 219-2nd

2025.08.27

2.67

W

—

W

90,000

Unsecured corporate bonds 220-3rd

2026.05.09

2.17

120,000

120,000

Unsecured corporate bonds 220-4th

2029.05.09

2.54

250,000

250,000

Unsecured corporate bonds 221-2nd

2025.02.14

1.72

—

360,000

Unsecured corporate bonds 221-3rd

2027.02.14

1.93

130,000

130,000

Unsecured corporate bonds 221-4th

2030.02.14

2.21

230,000

230,000

Unsecured corporate bonds 222-1st

2030.11.10

2.33

70,000

70,000

Unsecured corporate bonds 222-2nd

2035.11.10

2.73

100,000

100,000

Unsecured corporate bonds 223-2nd

2026.04.13

1.89

360,000

360,000

Unsecured corporate bonds 223-3rd

2028.04.13

2.11

80,000

80,000

Unsecured corporate bonds 223-4th

2031.04.13

2.48

190,000

190,000

Unsecured corporate bonds 224-1st

2026.02.13

3.83

430,000

430,000

Unsecured corporate bonds 224-2nd

2028.02.14

4.27

780,000

780,000

Unsecured corporate bonds 224-3rd

2030.02.14

4.52

100,000

100,000

Unsecured corporate bonds 224-4th

2033.02.14

4.90

80,000

80,000

Unsecured corporate bonds 225-1st

2027.04.08

3.63

350,000

350,000

Unsecured corporate bonds 225-2nd

2029.04.08

3.72

300,000

300,000

Unsecured corporate bonds 225-3rd

2031.04.08

3.84

100,000

100,000

Unsecured corporate bonds 226-1st

2028.01.20

2.98

440,000

—

Unsecured corporate bonds 226-2nd

2030.01.20

3.03

190,000

—

Unsecured corporate bonds 226-3rd

2032.01.20

3.09

70,000

—

4,370,000

4,120,000

Unsecured notes in foreign currency:

Unsecured global bonds 10-2nd

2026.01.19

1.50

1,434,900

1,470,000

Unsecured global bonds 10-3rd

2031.01.19

2.38

1,434,900

1,470,000

Unsecured global bonds 11-1st

2026.01.17

6.25

1,076,175

1,102,500

Unsecured global bonds 11-2nd

2028.01.17

6.38

1,434,900

1,470,000

Unsecured global bonds 11-3rd

2033.01.17

6.50

1,076,175

1,102,500

Unsecured global bonds 12th

2025.11.17

5.89

—

441,000

Unsecured global bonds 14-1st

2027.01.16

5.50

717,450

735,000

Unsecured global bonds 14-2nd

2029.01.16

5.50

1,434,900

1,470,000

Unsecured global bonds 15-1st

2028.09.11

4.25

860,940

—

Unsecured global bonds 15-2nd

2030.09.11

4.38

860,940

—

10,331,280

9,261,000

Foreign exchangeable bond:

Unsecured global bonds 13th

2030.04.11

1.75

1,059,530

2,447,256

1,059,530

2,447,256

15,760,810

15,828,256

Less: Discounts on debentures

(258,753

)

(593,338

)

Less: Current portion

(4,295,659

)

(2,825,492

)

W

11,206,398

W

12,409,426

F-54

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

17. Other Current and Non-current Liabilities

Details of other current and non-current liabilities as of December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

December 31,

2025

December 31,

2024

Current

Advance receipts

W

59,298

W

40,161

Unearned income

6,499

3,730

Withholdings

318,105

157,970

Contract liabilities 1

474,185

543,477

Others

79,520

55,838

937,607

801,176

Non-current

Other long-term employee benefits

1,300,847

302,141

Others

130

239,629

1,300,977

541,770

W

2,238,584

W

1,342,946

1

Contract liabilities include advance receipts from customers and return liabilities, and the advance receipts from

customers at the beginning of 2024 were recognized as revenue during the year ended December 31, 2024.

18. Provisions

(1) Changes in provisions for the years ended December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

2025

Beginning

Balance

Increase

Utilization

Reversal

Ending

Balance

Warranty

W

263,001

W

—

W

(6,206

)

W

(34,044

)

W

222,751

Emission allowances

5,407

—

—

(1,048

)

4,359

Restoration

1,827

—

—

—

1,827

W

270,235

W

—

W

(6,206

)

W

(35,092

)

W

228,937

(In millions of Korean won)

2024

Beginning

Balance

Increase

Utilization

Reversal

Ending

Balance

Purchase commitments

W

29,656

W

—

W

—

W

(29,656

)

W

—

Warranty

256,402

18,155

(11,556

)

—

263,001

Emission allowances

234

7,414

(2,241

)

—

5,407

Restoration

1,827

—

—

—

1,827

W

288,119

W

25,569

W

(13,797

)

W

(29,656

)

W

270,235

(2) Provisions for warranty

The Group estimates the

expected warranty costs based on historical results and records provisions for warranty. Regarding the durability issue of certain products sold in the prior years, the Group separately estimated and recorded warranty provisions for the amount

expected to be paid for product replacement and other customer supporting activities.

F-55

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

18. Provisions, Continued

(3) Provision for emission allowances

The Group recognizes estimated future payment for the number of emission certificates required to settle the Group’s obligation exceeding the actual number of

certificates on hand as emission allowances according to the Act on Allocation and Trading of Greenhouse Gas Emission Permits.

(a) Details of the allocated amount

of emission permits are as follows:

(In ten thousand tons CO2-eq)

The third compliance period

(2021 - 2025)

2021

2022

2023

2024

2025

Total

Allocated emission permits

548

524

504

577

554

2,707

(b) Changes in the emission permits rights for the year ended December 31, 2025 are as follows:

(In ten thousand tons CO2-eq)

2024

Beginning balance

19

Allocated

577

Submission

(524

)

Carryforwards

(58

)

Disposal

(14

)

Ending balance

—

(c) The estimated net volume of emission made by the Group is 6.23 million tons as of December 31, 2025.

19. Defined Benefit Liabilities (Assets)

Under the defined benefit plan, the

Group pays employee benefits to retired employees in the form of a lump sum based on their salaries and years of service at the time of their retirement. Accordingly, the Group is exposed to a variety of actuarial assumption risks such as risk

associated with expected years of service, interest risk, and market (investment) risk.

(1) Details of defined benefit liabilities(assets) as of December 31,

2025 and 2024 are as follows:

(In millions of Korean won)

December 31,

2025

December 31,

2024

Present value of defined benefit obligations

W

3,447,188

W

3,125,802

Fair value of plan assets

(4,933,932

)

(4,211,967

)

Net defined benefit liabilities(assets)

W

(1,486,744

)

W

(1,086,165

)

Defined benefit liabilities

W

66,144

W

68,090

Employee benefit assets 1

W

1,552,888

W

1,154,255

1

The Parent Company and certain subsidiaries’ fair value of plan assets in excess of the present value of defined

benefit obligations, presented as employee benefit assets, amounted to W 1,552,888 million and W 1,154,255 million as of December 31, 2025 and 2024, respectively.

F-56

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

19. Defined Benefit

Liabilities (Assets), Continued

(2) Principal actuarial assumptions as of December 31, 2025 and 2024 are as follows:

December 31,

2025 (%)

December 31,

2024 (%)

Discount rate for defined benefit obligations

4.08 ~ 5.64

3.46 ~ 5.07

Expected rate of salary increase

3.00 ~ 6.04

3.50 ~ 6.84

(3)

Weighted average durations of defined benefit obligations as of December 31, 2025 and 2024 are 10.96 years and 11.57

years, respectively.

(4)

Changes in defined benefit obligations for the years ended December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

2025

2024

Beginning balance

W

3,125,802

W

2,511,541

Current service cost

293,157

244,640

Past service cost

(5,404

)

2,965

Interest expense

153,278

144,914

Transfer from associates

(7,355

)

3,069

Remeasurements:

73,063

343,386

Demographic assumption

4,910

33,869

Financial assumption

(119,948

)

238,461

Adjustment based on experience

188,101

71,056

Benefits paid

(185,615

)

(125,654

)

Others

262

941

Ending balance

W

3,447,188

W

3,125,802

(5)

Changes in plan assets for the years ended December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

2025

2024

Beginning balance

W

4,211,967

W

3,851,623

Contributions

736,528

269,436

Interest income

208,769

223,602

Transfer from associates

(4,983

)

2,672

Benefits paid

(183,803

)

(108,727

)

Remeasurements

(33,700

)

(26,751

)

Others

(846

)

112

Ending balance

W

4,933,932

W

4,211,967

F-57

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

19. Defined Benefit

Liabilities (Assets), Continued

(6)

The amounts recognized in profit or loss for the years ended December 31, 2025, 2024 and 2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Current service cost

W

293,157

W

244,640

W

229,788

Past service cost

(5,404

)

2,965

4,323

Net interest income

(55,491

)

(78,688

)

(82,141

)

W

232,262

W

168,917

W

151,970

(7)

The amounts in which defined benefit plan related expenses are included for the years ended December 31, 2025, 2024

and 2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Cost of sales

W

129,160

W

83,640

W

76,187

Selling and administrative expenses

47,250

41,440

35,537

Research and development expenses and other

55,852

43,837

40,246

W

232,262

W

168,917

W

151,970

(8)

Details of plan assets as of December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

2025

2024

Deposits

W

4,825,314

W

4,210,840

Others

108,618

1,127

W

4,933,932

W

4,211,967

Actual return on plan assets for the years ended December 31, 2025, 2024 and 2023 amounted to W 175,069 million, W 196,851 million and W 190,641 million, respectively.

(9)

As of December 31, 2025, the Group funded defined benefit obligations through insurance plans with Mirae Asset Life

Insurance Co., Ltd. and other insurance companies. The Group’s reasonable estimation of contribution to the plan assets for the year ending December 31, 2026 is

W 848,730 million under the assumption that the Group maintains the defined benefit plan.

F-58

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

19. Defined Benefit

Liabilities (Assets), Continued

(10)

The sensitivity analysis of the defined benefit obligations as of December 31, 2025 to changes in the principal

assumptions is as follows:

(In millions of Korean won)

Effects on defined

benefit obligation

Increase

of rate

Decrease

of rate

Discount rate (if changed by 1% point)

W

(331,254

)

W

388,314

Expected salary increase rate (if changed by 1% point)

394,054

(341,465

)

The sensitivity analysis above was calculated under the assumption that other assumptions were constant. The sensitivity of defined

benefit liabilities to changes in major actuarial assumptions was calculated using the same predictive unit approach used to calculate defined benefit liabilities recognized in the statement of financial position.

(11)

In addition to defined benefit plans, the Group also operates defined contribution plans. Contributions to defined

contribution plans amounting to W 19,637 million (2024:

W 13,350 million and 2023: W 9,903)

were recognized as cost for the year ended December 31, 2025.

20. Deferred Income Tax

(1)

Changes in deferred income tax assets and liabilities for the years ended December 31, 2025 and 2024 without taking

into consideration the offsetting of balances within the same tax authority, are as follows:

(In millions of Korean won)

2025

Beginning

Profit

or loss

Equity

Foreign

exchange

differences

Ending

Inventories, net

W

332,496

(60,848

)

—

(99

)

W

271,549

Property, plant and equipment, net

219,328

250,083

—

11,162

480,573

Defined benefits liabilities, net

(309,437

)

(99,030

)

28,071

953

(379,443

)

Short-term and long-term investment assets and others

4,620

(2,900,523

)

—

—

(2,895,903

)

Employee benefits

121,216

276,813

—

(2,693

)

395,336

Provisions

(25,112)

(35,279

)

—

4,314

(56,077

)

Other assets and other liabilities

61,364

15,512

—

142

77,018

Accrued expenses

258,083

(69,847

)

—

—

188,236

Other financial liabilities

335,912

978,914

(809

)

(32

)

1,313,985

Others

90,378

(5,452

)

—

(56,601

)

28,325

Deferred tax assets for temporary differences, net

1,088,848

(1,649,657

)

27,262

(42,854

)

(576,401

)

Tax loss carryforwards recognized

42,781

(906

)

—

(113

)

41,762

Tax credit carryforwards recognized and others

1,462,078

2,353,881

—

9

3,815,968

Equity-settled share-based payments

—

18,069

112,700

—

130,769

Deferred tax assets recognized, net

W

2,593,707

721,387

139,962

(42,958

)

W

3,412,098

F-59

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

20. Deferred Income Tax,

Continued

(1)

Changes in deferred income tax assets and liabilities for the years ended December 31, 2025 and 2024 without taking

into consideration the offsetting of balances within the same tax authority, are as follows, Continued:

(In millions of Korean won)

2024

Beginning

Profit

or loss

Equity

Foreign

exchange

differences

Ending

Inventories, net

W

598,419

(266,611

)

—

688

W

332,496

Property, plant and equipment, net

104,570

53,737

—

61,021

219,328

Defined benefits liabilities, net

(358,931

)

(46,932

)

96,418

8

(309,437

)

Short-term and long-term investment assets and others

92,238

(87,618

)

—

—

4,620

Employee benefits

90,834

30,382

—

—

121,216

Provisions

5,173

(28,523

)

—

(1,762

)

(25,112

)

Other assets and other liabilities

26,162

35,902

—

(700

)

61,364

Accrued expenses

115,618

142,465

—

—

258,083

Other financial liabilities

258,670

77,024

(779

)

997

335,912

Others

36,325

26,995

—

27,058

90,378

Deferred tax assets for temporary differences, net

969,078

(63,179

)

95,639

87,310

1,088,848

Tax loss carryforwards recognized

1,270,086

(1,228,632

)

—

1,327

42,781

Tax credit carryforwards recognized and others

635,912

825,481

—

685

1,462,078

Deferred tax assets recognized, net

W

2,875,076

(466,330

)

95,639

89,322

W

2,593,707

(2)

As of December 31, 2025 and 2024, the temporary differences and others, for which no deferred tax assets

(liabilities) were recognized are as follows:

(In millions of Korean won)

December 31, 2025

December 31, 2024

Investments in subsidiaries, associates, and joint ventures and others:

Deductible temporary differences

W

10,861,746

W

11,642,857

Taxable temporary differences

(4,276,726

)

(2,427,114

)

Other deductible temporary differences

3,633,879

3,800,846

10,218,899

13,016,589

Tax losses and others 1

W

3,488,375

W

4,712,492

1

As of December 31, 2025 and 2024, the amount and maturity of tax loss carryforwards and tax credit carryforwards that

are not recognized as deferred tax assets are as follows:

(In millions of Korean won)

December 31, 2025

December 31, 2024

Amount

Maturity

Amount

Maturity

Tax losses

W

847,567

2026~2030

W

678,443

2025~2030

8,093

2031~2036

9,095

2031~2036

417,707

2037~2045

432,927

2037~2043

2,100,709

—

3,479,716

—

Tax credits

6,121

2026~2030

4,688

2025~2030

8,716

2031~2039

3,003

2031~2034

51,012

2042~2044

65,350

2042~2044

48,450

—

39,270

—

F-60

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

20. Deferred Income Tax,

Continued

(3)

Details of period when the deferred income tax assets (liabilities) are expected to be recovered (settled) as of

December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

December 31,

2025

December 31,

2024

Deferred income tax assets to be recovered after more than 12 months

W

6,165,228

W

2,973,435

Deferred income tax assets to be recovered within 12 months

2,594,722

2,096,919

Deferred income tax assets recognized

8,759,950

5,070,354

Deferred income tax liabilities to be settled after more than 12 months

(5,307,021

)

(2,472,027

)

Deferred income tax liabilities to be settled within 12 months

(40,831

)

(4,620

)

Deferred income tax liabilities recognized

W

(5,347,852

)

W

(2,476,647

)

Net income deferred tax assets recognized

W

3,412,098

W

2,593,707

21. Derivative Financial Instruments

(1)

Currency and interest rate swap

(a)

Details of derivative financial instruments applying cash flow hedge accounting as of December 31, 2025 are as

follows:

(In millions of Korean won and thousands of foreign currencies)

Hedged items

Hedging instruments

Borrowing

date

Financial instrument

Hedged risk

Type of contract

Financial

institution

Contract

period

2019.10.02

Foreign currency denominated borrowing for equipment with floating rate

(Par value: USD 125,000)

Foreign currency risk and interest rate risk

Floating-to-fixed

cross currency interest rate swap

Korea Development Bank

2019.10.02 ~

2026.10.02

2025.10.02

Foreign currency denominated borrowing for equipment with floating rate (Par value: USD 14,000)

Foreign currency risk and interest rate risk

Floating-to-fixed cross currency interest rate swap

Shinhan Bank

2025.10.02 ~

2029.10.02

2023.01.17

Foreign currency denominated bond with fixed rate

(Par value: USD 750,000)

Foreign currency risk

Fixed-to-fixed

cross currency swap

Kookmin Bank and others

2023.01.17 ~

2026.01.17

2023.04.04

Borrowing for equipment with floating rate

(Par value: KRW 100,000)

Interest rate risk

Interest rate swap

Woori Bank

2023.04.04 ~

2028.04.04

2024.03.07

Borrowing for equipment with floating rate

(Par value: KRW 248,800)

Interest rate risk

Interest rate swap

Shinhan Bank

2024.03.07 ~

2027.10.18

F-61

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

21. Derivative Financial

Instruments, Continued

(b)

The fair value of derivative financial assets and derivative financial liabilities held by the Group are presented in

other financial assets and other financial liabilities in the consolidated financial statements of financial position as of December 31, 2025, and the details are as follows:

(In millions of Korean won and thousands of foreign currencies)

Type of contract

Hedged items

Cash flow

hedge

Fair value

Fixed-to-fixed cross

currency swap

Foreign currency denominated bond with fixed rate

(Par value: USD 750,000)

W

162,969

W

162,969

Floating-to-fixed cross

currency interest rate swap

Foreign currency denominated borrowing for equipment with floating rate

(Par value: USD

139,000)

32,898

32,898

Derivative financial assets

W

195,867

Interest rate swap

Borrowing for equipment with floating rate

(Par value: KRW 348,800)

W

2,826

W

2,826

Derivative financial liabilities

W

2,826

As of December 31, 2025, changes of fair value of the derivative are recognized in other comprehensive income or loss as all of

designated hedging instruments are all effective against risks. And reclassified from other comprehensive income to profit and loss is amounting to

W 11,254 million (2024:

W 249,435 million and 2023:

W 123,197 million) for the year ended December 31, 2025.

(2) Embedded Derivatives

The details of the embedded derivatives held by the Group

presented in other financial liabilities in the consolidated financial statements of financial position as of December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

Derivative financial liabilities

December 31,

2025

December 31,

2024

Fair value

Embedded Derivatives 1

W

4,911,677

W

1,738,962

W

4,911,677

1

Embedded derivatives are conversion right, call option, and put options granted on exchangeable bonds issued by the Group

on April 11, 2023 (see note 16).

(3) Option Contract

The Group had a call option to purchase shares of Skyhigh Memory Ltd., held by Cypress at book value through a contract with Cypress, a

non-controlling shareholder as of December 31, 2024. Due to the exercise of the call option, there are no call options as of December 31, 2025.

(In millions of Korean won)

Derivative financial assets

December 31,

2025

December 31,

2024

Fair value

Call options

W

—

W

8,692

W

—

F-62

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

21. Derivative Financial

Instruments, Continued

(4) Currency Forward Contracts

The

Group enters into currency forward contracts to minimize accounting profits and losses arising from the remeasurement of monetary assets and liabilities denominated in foreign currencies other than USD, but hedge accounting is not applied. The

details of the derivatives related to currency forward contracts held by the Group presented in other financial assets and other financial liabilities in the consolidated financial statements of financial position as of December 31, 2025 and 2024

are as follows:

(In millions of Korean won)

December 31, 2025

December 31, 2024

Assets

Liabilities

Assets

Liabilities

Current derivatives:

Currency forwards

W

62

W

277

W

—

W

—

22. Capital Stock, Capital Surplus, Other Equity and Accumulated Other Comprehensive Income

(1)

The Parent Company has 9,000,000,000 authorized shares and the face value per share is W 5,000 as of December 31, 2025. The number of shares issued, common stock, capital surplus and other equity as of December 31, 2025 and

2024, are as follows:

(In millions of Korean won and shares)

December 31,

2025

December 31,

2024

Issued shares 1

728,002,365

728,002,365

Capital stock:

Common stock

W

3,657,652

W

3,657,652

Capital surplus:

Additional paid-in capital

W

3,625,797

W

3,625,797

Others 2

5,327,917

861,326

W

8,953,714

W

4,487,123

Other equity:

Acquisition cost of treasury shares 2

W

(1,499,954

)

W

(2,221,277

)

Share options

64,018

48,760

Others

87,338

(19,032

)

W

(1,348,598

)

W

(2,191,549

)

Accumulated other comprehensive income:

Equity-accounted investees – share of other comprehensive income

W

252,064

W

278,804

Foreign operations – foreign currency

translation differences

2,416,253

2,246,876

Gain on valuation of derivatives

8,545

6,427

W

2,676,862

W

2,532,107

Number of treasury shares:

Number of treasury shares 2

26,310,845

38,963,634

1

The number of issued shares decreased due to share retirement from the past.

2

The Group disposed 12,652,789 treasury shares during 2025, and recognized gains on disposal of treasury shares of W 4,313,106 million.

F-63

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

22. Capital Stock, Capital

Surplus, Other Equity and Accumulated Other Comprehensive Income, Continued

(2)

The number of outstanding shares, which deducted treasury shares held by the Parent Company from listed issued shares, as

of December 31, 2025 and 2024, are as follows:

(In shares)

December 31, 2025

Listed

Shares

Treasury

Shares

Outstanding

Shares

The number of issued shares

728,002,365

26,310,845

701,691,520

(In shares)

December 31, 2024

Listed

Shares

Treasury

Shares

Outstanding

Shares

The number of issued shares

728,002,365

38,963,634

689,038,731

23. Retained Earnings and Dividends

(1)

Retained earnings as of December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

December 31,

2025

December 31,

2024

Legal reserve 1

W

845,040

W

693,015

Discretionary reserve 2

235,507

235,507

Unappropriated retained earnings 3

105,496,001

64,489,539

W

106,576,548

W

65,418,061

1

The Commercial Code of the Republic of Korea requires the Parent Company to appropriate for each financial period, as a

legal reserve, an amount equal to a minimum of 10% of cash dividends paid until such reserve equals 50% of its issued capital stock. The reserve is not available for cash dividends payment but may be transferred to capital stock or used to reduce

accumulated deficit.

2

Discretionary reserve is the reserve for technology development.

3

Dividends amounting to

W 900,209 million, which were approved at shareholders’ meeting held on March 27, 2025,

W 258,905 million, which were approved at board of directors’ meeting held on April 23, 2025, W 258,921 million, which were approved at board of directors’ meeting held on July 23, 2025, and W 263,132 million, which were approved at board of directors’ meeting held on October 29, 2025 were distributed as of December 31,

2025.

(2)

Dividends

(a)

Details of dividends for the years ended December 31, 2025, 2024 and 2023 are as follows:

(In millions of Korean won and in thousands of shares)

2025

2024

2023

Type of dividends

Cash Dividends

Cash Dividends

Cash Dividends

Outstanding ordinary shares

708,077

690,345

688,139

Par value (in won)

W

5,000

W

5,000

W

5,000

Dividend rate

60.00

%

44.08

%

24.00

%

Total dividends

W

2,108,601

W

1,520,090

W

825,721

F-64

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

23. Retained Earnings and

Dividends, Continued

(2)

Dividends, Continued

(b)

Dividend payout ratio for the years ended December 31, 2025, 2024 and 2023 is as follows:

(In millions of Korean won)

2025

2024

2023

Dividends

W

2,108,601

W

1,520,090

W

825,721

Profit attributable to owners of the Parent Company

42,919,287

19,788,681

(9,112,428

)

Dividend payout ratio 1

4.91

%

7.68

%

—

1

As the dividend payout ratio was calculated as negative (-) due to loss attributable to owners of the Parent Company for

the year ended December 31, 2023, it is not stated.

(c)

Dividend yield ratio for the years ended December 31, 2025, 2024 and 2023 is as follows:

(In Korean won)

2025

2024

2023

Dividends per share

W

3,000

W

2,204

W

1,200

Closing stock price

651,000

173,900

141,500

Dividend yield ratio

0.46

%

1.27

%

0.85

%

24. Revenue

(1)

Details of the Group’s revenue for the years ended December 31, 2025, 2024 and 2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Sale of goods and other products

W

97,024,278

W

66,100,890

W

32,680,033

Providing services

122,397

92,070

85,686

W

97,146,675

W

66,192,960

W

32,765,719

(2)

Details of the Group’s revenue by product and service types for the years ended December 31, 2025, 2024 and

2023 are as follows:

(In millions of Korean won)

2025

2024

2023

DRAM

W

74,904,134

W

44,731,664

W

20,768,662

NAND Flash

20,690,084

19,274,112

9,653,061

Others

1,552,457

2,187,184

2,343,996

W

97,146,675

W

66,192,960

W

32,765,719

F-65

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

24. Revenue, Continued

(3)

The Group’s revenue information by region based on the location of selling entities for the years ended

December 31, 2025, 2024 and 2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Korea

W

1,932,342

W

1,904,112

W

2,033,857

U.S.A.

66,885,115

41,961,072

15,390,229

China

19,136,237

15,533,563

10,110,084

Asia (other than China)

7,215,598

5,381,439

4,296,937

Europe

1,977,383

1,412,774

934,612

W

97,146,675

W

66,192,960

W

32,765,719

(4)

Details of the Group’s revenue by the timing of revenue recognition during the years ended December 31, 2025,

2024 and 2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Performance obligations satisfied at a point in time

W

97,024,278

W

66,100,890

W

32,680,033

Performance obligations satisfied over time

122,397

92,070

85,686

W

97,146,675

W

66,192,960

W

32,765,719

25. Selling and Administrative Expenses and Research and Development Expenses

(1)

Selling and administrative expenses for the years ended December 31, 2025, 2024 and 2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Selling and administrative expenses:

Salaries

W

1,859,324

W

1,257,824

W

829,260

Defined benefit plan

47,250

41,440

35,537

Employee benefits

279,156

234,562

220,675

Commission

786,867

773,853

769,489

Depreciation

295,423

302,775

304,389

Amortization

483,516

256,853

282,685

Freight and custody charges

62,890

54,473

53,680

Taxes and dues

137,546

100,974

85,672

Advertising

147,962

123,462

83,575

Supplies

124,620

112,233

120,607

Sales promotion expenses

298,690

216,473

117,811

Quality control costs

(4,265

)

48,465

146,604

Training

96,104

73,775

78,984

Others

403,751

327,324

317,190

W

5,018,834

W

3,924,486

W

3,446,158

F-66

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

25. Selling and

Administrative Expenses and Research and Development Expenses, Continued

(2)

Research and development expenses for the years ended December 31, 2025, 2024 and 2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Research and development expenses:

Expenditure on research and development

W

6,732,527

W

4,854,065

W

4,101,257

Development cost capitalized

(266,890

)

(417,724

)

(350,550

)

W

6,465,637

W

4,436,341

W

3,750,707

26. Expenses by Nature

Nature of expenses

for the years ended December 31, 2025, 2024 and 2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Changes in finished goods,

work-in-process, and others

W

(475,883

)

W

19,983

W

1,769,061

Raw materials, supplies and consumables

12,097,207

10,574,809

9,547,151

Salaries, employee benefits and others

12,176,694

8,215,773

5,406,915

Depreciation and amortization

13,889,639

12,544,767

13,619,161

Commission

4,068,126

3,536,261

3,133,975

Utilities

3,053,958

2,817,646

2,563,624

Repair

2,937,517

2,366,654

1,763,270

Outsourcing

2,192,002

1,865,024

1,496,271

Others

397,872

1,240,758

1,534,757

Transfer: capitalized development cost and others

(396,776

)

(456,034

)

(338,153

)

Total 1

W

49,940,356

W

42,725,641

W

40,496,032

1

Total expenses consist of cost of sales, selling and administrative expenses and research and development expenses.

F-67

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

27. Finance Income and Expenses

Finance income and expenses for the years ended December 31, 2025, 2024, and 2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Finance Income:

Interest income

W

494,327

W

344,814

W

216,429

Dividend income

940,739

29,313

13,392

Foreign exchange differences 1

2,738,019

4,220,985

1,903,535

Gain on valuation of financial instruments

12,012,137

89,254

30,406

Gain on disposal of financial instruments

187,868

162,023

84,220

Gain on derivatives

390

8,693

13,819

16,373,480

4,855,082

2,261,801

2025

2024

2023

Finance Expenses:

Interest expense

W

923,703

W

1,345,239

W

1,468,273

Foreign exchange differences 2

3,186,451

3,952,159

2,222,368

Loss on valuation of financial instruments

27,913

293,719

1,488,321

Loss on derivatives

8,365,976

103,229

914,201

Others

955

13,651

4

12,504,998

5,707,997

6,093,167

Net finance income (expenses)

W

3,868,482

W

(852,915

)

W

(3,831,366

)

1

The foreign exchange differences gain from long-term investment assets amounting to W 0 million (2024: W 94,839 million and

2023: W 1,069 million) are included for the year ended December 31, 2025.

2

The foreign exchange differences loss from long-term investment assets amounting to W 247,087 million (2024: W 0 million and 2023: W 224,756 million) are included for the year ended December 31, 2025.

28. Other Income and Expenses

(1)

Other income for the years ended December 31, 2025, 2024 and 2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Reversal on impairment of intangible assets

W

20

W

34

W

323,772

Gain on disposal of property, plant and equipment

97,688

70,082

249,647

Gain on disposal of non-current assets held for sale

29,456

1,316,592

—

Gain on disposal of subsidiaries

295

35,861

—

Others

205,818

54,010

50,448

W

333,277

W

1,476,579

W

623,867

F-68

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

28. Other Income and

Expenses, Continued

(2)

Other expenses for the years ended December 31, 2025, 2024 and 2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Donation

W

84,884

W

82,954

W

65,234

Loss on impairment of property, plant and equipment

45,157

—

165,704

Loss on disposal of property, plant and equipment

43,813

17,686

74,222

Loss on impairment of intangible assets

38,072

281

167,079

Loss on disposal of intangible assets

38,663

9,366

15,663

Depreciation expenses on assets not in use

40,491

36,769

54,515

Others

86,893

20,332

192,648

W

377,973

W

167,388

W

735,065

29. Income Tax Expense (Benefit)

(1)

Income tax expense (benefit) for the years ended December 31, 2025, 2024 and 2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Current tax:

Current tax on profits for the year

W

8,262,910

W

3,736,506

W

321,949

Adjustments for income tax expense attributable to prior year, but recognized in current year

(23,873

)

(115,414

)

(253,962

)

Pillar 2 tax

—

1,026

—

8,239,037

3,622,118

67,987

Deferred tax:

Changes in net deferred tax assets, tax loss carryforwards and others

(721,387

)

466,330

(2,588,256

)

Income tax expense (benefit)

W

7,517,650

W

4,088,448

W

(2,520,269

)

(2)

The relationship between income tax expense (benefit) and accounting profit for the years ended December 31, 2025,

2024 and 2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Profit (loss) before income tax

W

50,465,552

W

23,885,350

W

(11,657,816

)

Tax calculated at domestic tax rates applicable to profits in the respective countries

13,738,957

6,009,019

(2,731,494

)

Tax effects of:

Tax-exempt income

(977,567

)

(103,356

)

(55,316

)

Non-deductible expenses

516,293

212,291

91,091

Change in unrecognized deferred tax assets

(259,556

)

63,865

976,261

Tax credits

(5,262,773

)

(1,868,839

)

(585,050

)

Adjustments for income tax expense attributable to prior year, but recognized in current year

(23,873

)

(115,414

)

(253,962

)

Others

(213,831

)

(109,118

)

38,201

Income tax expense (benefit)

W

7,517,650

W

4,088,448

W

(2,520,269

)

F-69

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

29. Income Tax Expense

(Benefit), Continued

(3)

Income taxes recognized in other comprehensive income (loss) for the years ended December 31, 2025, 2024 and 2023

are as follows:

(In millions of Korean won)

2025

2024

2023

Remeasurements of defined benefit liabilities

W

28,071

W

96,418

W

5,200

Loss(gain) on valuation of derivatives

(809

)

(779

)

7,991

Gain on disposal of treasury shares

(1,547,092

)

(27,259

)

(4,866

)

Equity-settled share-based payment

112,700

—

—

W

(1,407,130

)

W

68,380

W

8,325

(4)

Impact of introduction of the International Tax Reform—Pillar Two Model Rules

Under the International Tax Reform(Pillar Two Model Rules) legislation, the Group is liable to pay a top-up tax for the

difference between their GloBE effective tax rate per jurisdiction of the Parent Company and its subsidiaries, and the 15% minimum rate from 2024.

Based on the

relevant detailed regulations, all companies within the consolidated entity have a GloBE effective tax rate of higher than 15% in the relevant country, and there is no Pillar 2 income tax expense is recognized for the year ended December 31,

2025 (2024: W 1,026 million).

30. Earnings (loss)

per Share

Basic earnings (loss) per share is calculated by dividing the profit (loss) attributable to ordinary shareholders of the Parent Company by the

weighted average number of outstanding ordinary shares for the years ended December 31, 2025, 2024 and 2023.

(1)

Basic earnings (loss) per share for the years ended December 31, 2025, 2024 and 2023 are as follows:

(In millions of won, except for shares

and per share information)

2025

2024

2023

Profit (loss) attributable to ordinary shareholders of the Parent Company

W

42,919,287

W

19,788,681

W

(9,112,428

)

Weighted average number of outstanding ordinary

shares 1

691,755,200

688,730,603

688,051,238

Basic earnings (loss) per share (in Korean won)

W

62,044

W

28,732

W

(13,244

)

1

Weighted average number of outstanding ordinary shares is calculated as follows:

(In shares)

2025

2024

2023

Issued ordinary shares

728,002,365

728,002,365

728,002,365

Acquisition of treasury shares

(36,247,165

)

(39,271,762

)

(39,951,127

)

Weighted average number of outstanding ordinary shares

691,755,200

688,730,603

688,051,238

F-70

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

30. Earnings (loss) per

Share, Continued

(2)

Diluted earnings (loss) per share for the years ended December 31, 2025, 2024 and 2023 are as follows:

(In millions of Korean won, except for

shares and per share information)

2025

2024

2023

Profit (loss) attributable to ordinary shareholders of the Parent Company

W

42,919,287

W

19,788,681

W

(9,112,428

)

Adjustment:

Changes in profit (loss) attributable to ordinary shareholders of the Parent Company due to the exercise of

Restricted Stock Units (RSUs) related to subsidiaries

(21,231

)

(29,846

)

—

Interest expense(After-tax)

83,069

82,364

—

Loss (Gain) on foreign currency translation(After-tax)

(36,415

)

331,349

—

Diluted profit (loss) attributable to ordinary shareholders of the Parent Company

42,944,710

20,172,548

(9,112,428

)

Weighted average number of diluted outstanding ordinary

shares 1

711,266,733

709,834,641

688,051,238

Diluted earnings (loss) per share (in Korean won)

W

60,378

W

28,419

W

(13,244

)

1

Weighted average number of diluted outstanding ordinary shares is calculated as follows:

(In shares)

2025

2024

2023

Weighted average number of outstanding ordinary shares

691,755,200

688,730,603

688,051,238

Share options

912,230

957,919

—

Exchangeable bond

18,599,303

20,146,119

—

Weighted average number of diluted outstanding ordinary shares 1

711,266,733

709,834,641

688,051,238

1

There was a potential dilutive effect of 20,126,911 shares due to the issuance of exchangeable bonds, but it was not

considered when calculating diluted earnings (loss) per share due to the antidilution during the year ended December 31, 2023.

F-71

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

31. Transactions with Related Parties and Others

(1)

Details of related parties as of December 31, 2025 are as follows:

Type

Name of related parties

Associates

Stratio, Inc., SK China Company Limited, Gemini Partners Pte. Ltd., TCL Fund,

SK South East Asia Investment Pte. Ltd.,

Hushan Xinju (Chengdu) Venture Investment

Center (Smartsource),

Prume Social Farm, Co., Ltd., Wuxi xinfa IC industry park., Ltd.,

Mirae Asset Committee Semiconductor No.1 Startup Venture Private Equity Investment Co., Ltd.,

L&S (No.10) Early Stage III Investment Association,

SiFive Inc., YD-SK-KDB Social Value,

Ningbo Zhongxin Venture Capital Partnership (Limited Partnership),

Jiangsu KVTS Semiconductor science and

Technology Co., Ltd., SAPEON Inc.,

SK Japan Inc., SK Americas, Inc.

Joint ventures

HITECH Semiconductor (Wuxi) Co., Ltd., SK hynix system ic (Wuxi) Co., Ltd., and its subsidiaries,

Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor,

Specialized Investment-type Private Equity Investment Trust For Win-win System

Semiconductor,

Semiconductor Ecosystem Fund

Other related parties

SK Square Co., Ltd., which has significant influence over the Group, and its subsidiaries,

SK Holdings Co., Ltd., which has control over SK Square Co., Ltd., and its subsidiaries

(2)

Significant transactions with related parties for the years ended December 31, 2025, 2024 and 2023 are as follows:

(In millions of

Korean won)

For the year ended December 31, 2025

Company

Sales and

others

Purchase

and others

Asset

acquisition

Associates

SK China Company Limited

W

13

W

11,041

W

—

Prume Social Farm, Co., Ltd.

—

70

—

SK Japan Inc. (formerly, SK telecom Japan Inc.)

11

3,251

—

Joint ventures

HITECH Semiconductor (Wuxi) Co., Ltd.

14,053

789,250

225,459

SK hynix system ic (Wuxi) Co., Ltd.

8,672

—

—

SK hynix system ic Wuxi solutions Inc.

19,013

271

—

Wuxi xinfa IC industry park., Ltd

—

101

—

Other related parties

SK Telecom Co., Ltd.

62,791

56,253

12,177

SK Holdings Co., Ltd.1

23,589

369,430

337,143

ESSENCORE Limited

2,726,387

—

—

SK Ecoplant Co., Ltd.

57,967

215

4,707,561

SK Energy Co., Ltd.

47,921

132,546

—

SK Networks Co., Ltd.

4,287

5,155

249

SK enpulse Co., Ltd.

807

28,977

—

Chungcheong energy service Co., Ltd.

164

45,877

71

SK Specialty Co., Ltd.

1,017

26,810

—

SK Siltron Co., Ltd.

39,232

502,707

—

SK Airplus Inc. (formerly, SK Materials Airplus Inc.)

5,283

110,780

75,832

Techdream Co., Ltd.

—

148,938

—

SK Tri Chem Co., Ltd.

889

147,021

—

SK Shieldus Co., Ltd.

893

116,142

32,067

SK Innovation Co., Ltd.

6,796

86,171

—

SK Square Co., Ltd.

75

—

—

SK REIT Co., Ltd.

—

6,025

284

Clean Industrial REIT Co., Ltd.

—

27,318

1,903

FSK L&S Co., Ltd.

70

40,293

2,898

PRISM Energy International Pte. Ltd.

—

818,419

—

Others

142,907

313,515

97,867

W

3,162,837

W

3,786,576

W

5,493,511

1

Royalty expense for the use of the SK brand for the year ended December 31, 2025 is included .

F-72

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

31. Transactions with

Related Parties and Others, Continued

(2)

Significant transactions with related parties for the years ended December 31, 2025, 2024 and 2023 are as follows,

Continued:

(In millions of Korean won)

Company

For the year ended December 31, 2024

Sales

and others

Purchase

and others

Asset

acquisition

Associates

SK China Company Limited

W

3

W

11,964

W

—

Prume Social Farm, Co., Ltd.

—

101

—

SK Japan Inc. (formerly, SK telecom Japan Inc.)

—

3,496

—

Joint ventures

HITECH Semiconductor (Wuxi) Co., Ltd.

11,307

697,217

26,445

SK hynix system ic (Wuxi) Co., Ltd. 1

2,271

—

—

SK hynix system ic Wuxi solutions

Inc. 2

4,505

—

—

Hystars Semiconductor (Wuxi) Co.,

Ltd. 3

—

11,725

40,415

Other related parties

SK Telecom Co., Ltd.

111,225

51,816

5,474

SK Holdings Co., Ltd. 4

19,611

281,501

100,051

ESSENCORE Limited

643,886

—

—

SK Ecoplant Co., Ltd.

29,913

5

1,067,550

SK Energy Co., Ltd.

45,687

100,100

—

SK Networks Co., Ltd.

7,045

4,756

1,477

SK enpulse Co., Ltd. (formerly, SKC Solmics Co., Ltd.)

405

62,439

1,496

Chungcheong energy service Co., Ltd.

43

46,805

61

SK Specialty Co., Ltd. (formerly, SK Materials Co., Ltd.)

5,173

109,967

—

SK Siltron Co., Ltd.

37,248

440,230

—

SK Airplus Inc. (formerly, SK Materials Airplus Inc.)

811

104,504

145,563

Techdream Co., Ltd.

—

113,651

—

SK Tri Chem Co., Ltd.

1,079

151,943

—

SK Shieldus Co., Ltd.

833

106,561

19,998

SK Innovation Co., Ltd.

10,650

57,720

78

SK Square Co., Ltd.

50

—

—

SK REIT Co., Ltd.

—

6,833

11,165

Clean Industrial REIT Co., Ltd.

—

29,300

8,985

FSK L&S Co., Ltd.

73

48,337

4,198

SK E&S Co., Ltd.

111

27,263

1,455

SK LNG Trading Pte., Ltd.

—

591,128

37,826

Others

182,052

277,656

257,649

W

1,113,981

W

3,337,018

W

1,729,886

1

Including transactions only after classification as a joint venture.

2

Subsidiary of SK hynix system ic (Wuxi) Co., Ltd., which was incorporated as a joint venture during the year ended

December 31, 2024.

3

Hystars Semiconductor (Wuxi) Co., Ltd. was incorporated as a subsidiary of SK hynix system ic (Wuxi) Co., Ltd., during the

year ended December 31, 2024.

4

Royalty expense for the use of the SK brand for the year ended December 31, 2024 is included .

F-73

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

31. Transactions with

Related Parties and Others, Continued

(2)

Significant transactions with related parties for the years ended December 31, 2025, 2024 and 2023 are as follows,

Continued:

(In millions of Korean won)

Company

For the year ended December 31, 2023

Sales

and others

Purchase

and others

Asset

acquisition

Associates

SK China Company Limited

W

38

W

13,505

W

—

Prume Social Farm, Co., Ltd.

—

112

—

SK telecom Japan Inc.

—

84

2,496

Joint ventures

HITECH Semiconductor (Wuxi) Co., Ltd.

6,109

711,627

82,994

Hystars Semiconductor (Wuxi) Co., Ltd.

46

15,639

38,637

Other related parties

SK Telecom Co., Ltd.

110,932

51,803

6,281

SK Holdings Co., Ltd. 1

19,679

282,827

39,704

ESSENCORE Limited

754,144

—

—

SK Ecoplant Co., Ltd.

33,791

176

464,685

SK Energy Co., Ltd.

63,220

140,614

18,700

SK Networks Co., Ltd.

7,030

5,282

974

SK enpulse Co., Ltd. (formerly, SKC Solmics Co., Ltd.)

1,021

131,140

97

Chungcheong energy service Co., Ltd.

17

54,931

5

SK Specialty Co., Ltd. (formerly, SK Materials Co., Ltd.)

5,081

134,057

—

SK Siltron Co., Ltd.

36,555

416,726

—

SK Airplus Inc. (formerly, SK Materials Airplus Inc.)

458

64,089

88,105

Techdream Co., Ltd.

—

122,486

—

SK Tri Chem Co., Ltd.

893

142,710

—

SK Shieldus Co., Ltd.

3,701

99,021

13,699

SK Innovation Co., Ltd.

18,202

72,414

35

SK Square Co., Ltd.

106

—

—

SK REIT Co., Ltd.

—

7,183

—

Clean Industrial REIT Co., Ltd 2

1,120,315

7,938

495,320

FSK L&S Co., Ltd.

63

44,174

2,199

SK E&S Co., Ltd.

198

15,849

1,951

SK LNG Trading Pte., Ltd.

—

214,582

14,143

Others

258,573

225,155

165,650

W

2,440,172

W

2,974,124

W

1,435,675

1

Royalty expense for the use of the SK brand for the year ended December 31, 2023 is included.

2

Sales and others to Clean Industrial REIT Co., Ltd for the year ended December 31, 2023 include proceeds from asset

disposal that amount to W 1,120,315 million.

The above related party transactions include transactions executed based on agreements executed in the course of the Group’s business activities such as purchase

or construction of property, plant and equipment, procurements of steam, gas and raw materials, and system developments and maintenance services.

F-74

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

31. Transactions with

Related Parties and Others, Continued

(3)

The balances from significant transactions as of December 31, 2025 and 2024 are as follows:

(In millions of Korean won)

Company

December 31, 2025

Trade

receivables

and others

Other

payables

and others

Associates

SK China Company Limited

W

5

W

9,372

Prume Social Farm, Co., Ltd.

—

8

SK Japan Inc. (formerly, SK telecom Japan Inc.)

620

3,242

TCL Fund

7,809

—

Joint ventures

HITECH Semiconductor (Wuxi) Co., Ltd.

664

374,408

SK hynix system ic (Wuxi) Co., Ltd.

261,110

—

SK hynix system ic Wuxi solutions Inc.

1,814

156

Hystars Semiconductor (Wuxi) Co., Ltd.

—

46,410

Other related parties

SK Telecom Co., Ltd.

845

23,483

SK Holdings Co., Ltd.

2,322

328,169

ESSENCORE Limited

1,012,569

—

SK Ecoplant Co., Ltd.

11,819

2,792,416

SK Energy Co., Ltd.

2,781

25,495

SK Networks Co., Ltd.

90

2,659

SK enpulse Co., Ltd.

—

705

Chungcheong energy service Co., Ltd.

7

6,330

SK Siltron Co., Ltd.

107,300

44,478

SK Airplus Inc. (formerly, SK Materials Airplus Inc.)

326

698,786

Techdream Co., Ltd.

—

4,918

SK Tri Chem Co., Ltd.

117

12,267

SK Shieldus Co., Ltd.

79

18,026

SK Innovation Co., Ltd.

917

4,142

SK Square Co., Ltd.

198

—

SK REIT Co., Ltd.

17,330

140,571

Clean Industrial REIT Co., Ltd

—

524,661

FSK L&S Co., Ltd.

4

5,382

PRISM Energy International Pte. Ltd.

—

215,472

Others

31,688

173,308

W

1,460,414

W

5,454,864

F-75

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

31. Transactions with

Related Parties and Others, Continued

(3)

The balances from significant transactions as of December 31, 2025 and 2024 are as follows, Continued:

(In millions of Korean won)

Company

December 31, 2024

Trade

receivables

and others

Other

payables

and others

Associates

SK China Company Limited

W

—

W

13,101

Prume Social Farm, Co., Ltd.

—

5

SK Japan Inc. (formerly, SK telecom Japan Inc.)

640

2,670

Joint ventures

HITECH Semiconductor (Wuxi) Co., Ltd.

457

401,028

SK hynix system ic (Wuxi) Co., Ltd.

129,832

—

SK hynix system ic Wuxi solutions Inc. 1

14,448

—

Hystars Semiconductor (Wuxi) Co., Ltd. 2, 3

—

195,422

Other related parties

SK Telecom Co., Ltd.

14,851

17,334

SK Holdings Co., Ltd.

2,270

171,624

ESSENCORE Limited

113,691

—

SK Ecoplant Co., Ltd.

5,917

719,843

SK Energy Co., Ltd.

3,836

26,851

SK Networks Co., Ltd.

204

5,744

SK enpulse Co., Ltd. (formerly, SKC Solmics Co., Ltd.)

46

14,861

Chungcheong energy service Co., Ltd.

7

6,997

SK Specialty Co., Ltd. (formerly, SK Materials Co., Ltd.)

619

10,165

SK Siltron Co., Ltd.

142,071

49,192

SK Airplus Inc. (formerly, SK Materials Airplus Inc.)

134

648,325

Techdream Co., Ltd.

—

2,629

SK Tri Chem Co., Ltd.

174

13,143

SK Shieldus Co., Ltd.

74

15,426

SK Innovation Co., Ltd.

1,382

3,468

SK Square Co., Ltd.

166

—

SK REIT Co., Ltd.

17,330

157,728

Clean Industrial REIT Co., Ltd

—

570,704

FSK L&S Co., Ltd.

11

5,416

SK LNG Trading Pte., Ltd.

—

87,931

Others

34,390

137,565

W

482,550

W

3,277,172

1

Subsidiary of SK hynix system ic (Wuxi) Co., Ltd., which was incorporated as a joint venture during the year ended

December 31, 2024.

2

Hystars Semiconductor (Wuxi) Co., Ltd. was incorporated as a subsidiary of SK hynix system ic (Wuxi) Co., Ltd., during the

year ended December 31, 2024.

3

Other payables and others include

W 163,897 million of borrowings.

F-76

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

31. Transactions with

Related Parties and Others, Continued

(4) Key management compensation

The Group considers registered directors who have authority and responsibility for planning, directing and controlling the activities of the Group as key management. The

compensation paid to key management for employee services for the years ended December 31, 2025 and 2024 is as follows:

(In millions of Korean won)

Details

2025

2024

2023

Salaries

W

8,458

W

7,410

W

6,469

Defined benefit plan related expenses

815

907

468

Share-based payments

9,436

2,733

10,847

W

18,709

W

11,050

W

17,784

(5)

The significant transactions between the Group and the companies that are in the same conglomerate group according to

‘ Fair Trade Law’ for the years ended December 31, 2025, 2024 and 2023 are as follows. These entities are not related parties according to IAS 24 Related Party Disclosures .

(In millions of Korean won)

2025

Name of entity

Sales

and others

Purchase

and others

Asset

acquisition

SK Chemicals Co., Ltd.

W

8,523

W

—

W

—

SK Bioscience Co., Ltd.

1,726

136

—

UNA Digital Inc.

—

4,886

—

SMCore. Inc

630

1,777

4,331

Korea Nexlene Company

5,381

—

—

Others

2,006

—

—

W

18,266

W

6,799

W

4,331

(In millions of Korean won)

2024

Name of entity

Sales

and others

Purchase

and others

Asset

acquisition

SK Chemicals Co., Ltd.

W

7,891

W

—

W

—

SK Bioscience Co., Ltd.

1,972

5

—

UNA Digital Inc.(formerly, ANTS Co., Ltd.)

6

13,556

—

SMCore. Inc

111

1,151

2,912

Korea Nexlene Company

5,007

—

—

Others

1,975

—

—

W

16,962

W

14,712

W

2,912

F-77

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

31. Transactions with

Related Parties and Others, Continued

(5)

The significant transactions between the Group and the companies that are in the same conglomerate group according to

‘ Fair Trade Law’ for the years ended December 31, 2025, 2024 and 2023 are as follows. These entities are not related parties according to IAS 24 Related Party Disclosures ., Continued

(In millions of Korean won)

2023

Name of entity

Sales

and others

Purchase

and others

Asset

acquisition

SK Chemicals Co., Ltd.

W

7,726

W

822

W

—

SK Bioscience Co., Ltd.

2,341

248

—

UNA Digital Inc.(formerly, ANTS Co., Ltd.)

6

10,989

—

SM Core Co., Ltd.

12

2,635

3,985

Korea Nexlene Company

4,665

—

—

Others

1,914

—

—

W

16,664

W

14,694

W

3,985

(6)

The balances of significant transactions between the Group and the companies that are in the same conglomerate group

designated by ‘ Fair Trade Law’ as of December 31, 2025 and 2024 are as follows. These entities are not related parties according to IAS 24 Related Party Disclosures .

(In millions of Korean won)

December 31, 2025

Name of entity

Trade receivables

and others

Other payables

and others

SK Chemicals Co., Ltd.

W

707

W

—

SK Bioscience Co., Ltd.

245

—

SMCore. Inc

18

5,637

Korea Nexlene Company

122

—

Others

178

—

W

1,270

W

5,637

(In millions of Korean won)

December 31, 2024

Name of entity

Trade receivables

and others

Other payables

and others

SK Chemicals Co., Ltd.

W

717

W

—

SK Bioscience Co., Ltd.

195

—

UNA Digital Inc.(formerly, ANTS Co., Ltd.)

—

187

SMCore. Inc

3

2,710

Korea Nexlene Company

277

—

Others

443

3

W

1,635

W

2,900

F-78

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

31. Transactions with

Related Parties and Others, Continued

(7)

The right-of-use assets and lease

liabilities recognized regarding the lease agreements with HITECH Semiconductor (Wuxi) Co., Ltd. and Hystars Semiconductor (Wuxi) Co., Ltd., a joint venture for the year ended December 31, 2025 increased by W 8,947 million (2024: W 68,623 million

increased) and increased by W 8,947 million(2024:

W 68,996 million increased), respectively, and lease payments to HITECH Semiconductor (Wuxi) Co., Ltd., and Hystars Semiconductor(Wuxi) Co.,

Ltd., a joint venture for the year ended December 31, 2025 amount to W 66,235 million (2024: W 84,155 million). The right-of-use assets and lease liabilities recognized regarding the lease agreements with

other related parties including SK Airplus Inc. (formerly, SK Materials Airplus Inc.) for the year ended December 31, 2025, increased by

W 110,681 million(2024:

W 174,063 million increased) and increased by

W 110,681 million (2024:

W 174,063 million increased), respectively, and lease payments to the other related parties including SK Airplus Inc. (formerly, SK

Materials Airplus Inc.) for the year ended December 31, 2025 amount to W 174,716 million (2024: W 166,381 million).

(8)

The Group provides a payment guarantee amounting to RMB 701 million to Wuxi Xinfa Group Co., Ltd. on behalf of

Hystars Semiconductor (Wuxi) Co., Ltd., a joint venture.

(9)

The establishment of the subsidiary is explained in Note 1, and the acquisitions and additional investments of associates

are explained in Note 11.

(10)

Financial transactions with related parties for the years ended December 31, 2025, 2024 and 2023 are as

follows :

(In millions of Korean won)

Company

For the year ended December 31, 2025

Dividend

received

Dividend

paid

Joint ventures

Hystars Semiconductor (Wuxi) Co., Ltd.

W

18,472

W

—

Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor,

591

—

Other related parties

SK Square Co., Ltd.

—

354,877

W

19,063

W

354,877

(In millions of Korean won)

Company

For the year ended December 31, 2024

Proceeds from

borrowings

Dividend

received

Dividend

paid

Associates

Mirae Asset Committee Semiconductor No.1 Startup Venture Private Equity Investment

Co., Ltd.

W

—

W

94

W

—

Joint ventures

Hystars Semiconductor (Wuxi) Co., Ltd.

120,084

—

—

HITECH Semiconductor (Wuxi) Co.,

Ltd. 1

—

17,064

—

Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor

—

3,107

—

Other related parties

SK Square Co., Ltd.

—

—

175,320

W

120,084

W

20,265

W

175,320

1

Hystars Semiconductor (Wuxi) Co., Ltd. was incorporated as a subsidiary of SK hynix system ic (Wuxi) Co., Ltd., during the

year ended December 31, 2024.

F-79

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

31. Transactions with

Related Parties and Others, Continued

(10)

Financial transactions with related parties for the years ended December 31, 2025, 2024 and 2023 are as follows,

Continued:

(In millions of Korean won)

Company

For the year ended December 31, 2023

Dividend

received

Dividend

paid

Joint venture

HITECH Semiconductor (Wuxi) Co., Ltd.

W

15,863

W

—

Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor,

153

—

Associate

Magnus Private Investment Co., Ltd.

262

—

Other related parties

SK Square Co., Ltd.

—

175,320

W

16,278

W

175,320

32. Commitments and Contingencies

(1)

Significant pending litigations and claims of the Group as of December 31, 2025 are as follows:

(a)

The antitrust investigation in China

The State Administration for Market Regulation of China initiated to investigate the violation of the antitrust law regarding major DRAM companies’ sales in China

in May 2018. The pending case currently is under investigation. As of December 31, 2025, the Group cannot predict the outcome of this investigation.

(b)

Other patent infringement claims and litigation

In addition to the above litigations, as of December 31, 2025, the Group is involved in various legal claims and litigation. In connection with those legal claims and

litigation for which no provision was recognized, management does not believe the Group has a present obligation, nor is it expected any of these claims or litigation will have a significant impact on the Group’s financial position or

operating results in the event an outflow of resources is ultimately necessary.

(2)

Back-end process service contract with HITECH Semiconductor (Wuxi) Co., Ltd.

(HITECH)

The Group has entered into an agreement with HITECH to be provided with back-end process service

by HITECH. The conditions of the service provided include package, package test, modules and others. According to the agreement, the Group has paid a certain level of guaranteed margin to HITECH as the Group has priority to use HITECH’s

equipment.

F-80

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

32. Commitments and

Contingencies, Continued

(3)

Assets provided as collateral

Details of assets provided as collateral as of December 31, 2025 are as follows:

(In millions of Korean won and millions of foreign currencies)

Book value

Pledged amount

Category

Amount

Currency

Amount

in USD

Amount

in KRW

Remark

Land and buildings

W

26,261

KRW

—

14,854

Borrowings

for

equipment

and others

Machinery

1,036,725

USD

600

860,940

KRW

—

1,480,000

USD

600

860,940

W

1,062,986

KRW

—

1,494,854

(In millions of Korean won and millions of foreign currencies)

Book value

Collateral liabilities amount

Category

Amount

Currency

Amount

in USD

Amount

in KRW

Remark

Land and buildings

W

26,261

KRW

—

1,393

Borrowings

for

equipment

and others

Machinery

1,036,725

USD

125

179,363

KRW

—

1,000,000

USD

125

179,363

W

1,062,986

KRW

—

1,001,393

(4)

Financing agreements

Details of credit lines with financial institutions as of December 31, 2025 are as follows:

(In millions of Korean won and millions of foreign currencies)

Financial

Institution

Commitment

Currency

Amount

The Parent Company

Hana Bank and others

Import finance and others including usance

USD

330

Comprehensive limit contract for import and export including usance

USD

1,690

Overdrafts with banks

KRW

20,000

Accounts receivable factoring contracts which have no right to recourse

KRW

30,000

SK hynix Semiconductor (China) Ltd.

Agricultural Bank of China and others

Import finance and others including usance

RMB

USD

950

490

SK hynix America Inc. and other sales entities

Citibank and others

Accounts receivable factoring contracts which have no right to recourse

USD

837

Domestic subsidiaries

Hana Bank and others

Import finance and others

KRW

29,500

Import finance and others including usance

USD

15

F-81

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

32. Commitments and

Contingencies, Continued

(5)

The Group’s commitments in relation to future capital expenditures on property, plant and equipment that

have not been recognized as of December 31, 2025 are W 6,667,863 million (as of December 31, 2024: W 8,837,748 million).

(6)

Investment in KIOXIA Holdings Corporation (“KIOXIA”)

In regard to the Group’s interests in KIOXIA through the investments in BCPE Pangea Intermediate Holdings Cayman, L.P. and BCPE Pangea Cayman2 Limited, the equity

interests in KIOXIA that the Group may hold, directly or indirectly, are limited to a certain percentage for a specified period following the acquisition. In addition, during the same restricted period, the Group is also prohibited from appointing

directors to KIOXIA and as a result, is unable to exercise significant influence over KIOXIA’s operations and management.

(7) Acquisition of the Intel NAND

business

The Group entered into a master purchase agreement with Intel Corporation (“Intel”) to acquire the entire NAND business of Intel excluding the

Optane division of Non-Volatile Memory Solutions Group during the year ended December 31, 2020. The business was transferred in two separate processes through overseas subsidiaries, with a total

transaction amount of USD 8,844 million. The Group paid KRW 7,843,437 million (USD 6,609 million) at the first deal closing, and the remaining KRW 3,079,783 million (USD 2,235 million) was paid in March 2025.

In the process of obtaining a conditional business combination approval for the Intel NAND business acquisition from the Chinese competition authority (Chinese State

Administration for Market Regulation) in connection with the first closing of the Intel NAND business completed during the year ended December 31, 2021, the Group was imposed with certain conditions, mainly including the obligation to maintain

a reasonable pricing policy, increase production and to support the entry of third-party competitors into the Chinese eSSD market. These obligations apply for a five-year period from December 2021. After the end of this period, the Group may apply

for a waiver of the conditions, and the Chinese State Administration for Market Regulation will determine whether to approve the waiver based on the competitive landscape of the Chinese eSSD market at that time.

(8)

The Group entered into supplier finance arrangements. In accordance with the arrangements, when the finance providers pay

the payables related to the Group’s trade and other payables to the suppliers, the Group pays the finance providers on the payment due date. In order for the finance providers to pay the payable, the Group had to have received the goods or

services and approved the invoices.

If suppliers choose early collection of payment, the finance providers pay the amount before the payment due

date. The Group settles the trade and other payables with the finance providers on the payment due date. All trade and other payables subject to the supplier finance arrangements are included in trade and other payables in the Group’s

consolidated statement of financial position. As of December 31, 2025, the amount paid to suppliers under the supplier finance arrangements is KRW 1,743,555 million. Meanwhile, the Group’s trade and other payables arising from supplier

finance arrangements are operating payables from ordinary purchase transactions; accordingly, changes in these balances are primarily driven by operating cash flows, and non-cash movements are not significant.

F-82

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

33. Cash Flows

(1)

Reconciliations between profit for the years and cash generated from operations for the years ended December 31,

2025, 2024 and 2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Profit (Loss) for the year Adjustment

W

42,947,902

W

19,796,902

W

(9,137,547

)

Income tax expense (benefit)

7,517,650

4,088,448

(2,520,269

)

Interest expense

923,703

1,345,239

1,468,273

Interest income

(494,327

)

(344,814

)

(216,429

)

Depreciation

13,099,311

11,985,337

12,730,450

Amortization

830,819

596,200

552,541

Defined benefit plan

231,904

170,659

152,374

Loss on foreign currency translation

946,742

2,244,407

906,120

Gain on foreign currency translation

(437,292

)

(1,892,306

)

(573,884

)

Gain on disposal of financial instruments

(187,868

)

(162,023

)

(84,220

)

Loss on disposal of property, plant and equipment

43,813

17,686

74,222

Gain on disposal of property, plant and equipment

(97,688

)

(70,082

)

(249,647

)

Share of loss

93,545

13,507

(15,061

)

Loss on impairment of intangible assets

38,072

281

167,079

Gain on valuation of financial instruments

(12,011,484

)

(89,254

)

(30,406

)

Loss on valuation of financial instruments

27,260

293,719

1,488,321

Loss on derivatives

8,365,586

94,538

900,383

Dividend income

(940,739

)

(29,313

)

(13,392

)

Loss on impairment of investments in associates

471,006

24,738

—

Share-based payments

414,114

104,110

28,793

Gain on disposal of non-current assets held for sale

(29,456

)

(1,316,592

)

—

Others, net

32,836

(20,722

)

267,377

Changes in operating assets and liabilities

Increase in trade receivables

(5,584,225

)

(5,098,005

)

(1,406,188

)

Decrease (increase) in inventories

(1,059,484

)

166,722

2,288,020

Decrease (increase) in other assets

31,776

(370,258

)

113,317

Decrease in loans and other receivables

188,989

13,717

(20,307

)

Increase in trade payables

863,996

274,980

(168,095

)

Increase (decrease) in other payables

116,326

(1,378,294

)

251,297

Increase in other non-trade payables

2,336,757

2,228,576

(1,454,172

)

Increase (decrease) in provisions

(40,021

)

5,397

8,622

Increase (decrease) in other liabilities

1,009,154

(1,160,573

)

1,436,514

Payment of defined benefit liabilities

(7,717

)

(12,645

)

(5,048

)

Contributions to plan assets

(736,528

)

(269,436

)

(250,173

)

Cash generated from operations

W

58,904,432

W

31,250,846

W

6,688,866

F-83

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

33. Cash Flows, Continued

(2)

Details of significant transactions without inflows and outflows of cash for the years ended December 31, 2025, 2024

and 2023 are as follows:

(In millions of Korean won)

2025

2024

2023

Increase in other payables related to property, plant and equipment

W

2,456,765

W

1,807,294

W

—

Excluded from subsidiaries and transferred to investments in joint ventures

—

483,721

—

Decrease in derivative liabilities and exchangeable bonds due to the exercise of exchange rights

2,077,966

65,732

—

Decrease in borrowings related to sale and leaseback contract

—

—

(342,070

)

(3)

Changes in liabilities arising from financing activities during the years ended December 31, 2025 and 2024 are as

follows:

(In millions of Korean won)

2025

Borrowings

Lease

liabilities

Total

Beginning balance

W

22,683,733

W

2,768,376

W

25,452,109

Cash flows from financing activities

• Proceeds from borrowings

8,183,735

—

8,183,735

• Repayment of borrowings

(7,416,131

)

—

(7,416,131

)

• Payment of lease liabilities

—

(596,465

)

(596,465

)

Increase of lease liabilities

—

290,133

290,133

Foreign currency differences and others

(1,310,749

)

3,592

(1,307,157

)

Present value discount (interest expense)

107,317

97,843

205,160

Interest paid

—

(52,300

)

(52,300

)

Reclassified as liabilities held for sale

—

(1,236

)

(1,236

)

Ending balance

W

22,247,905

W

2,509,943

W

24,757,848

(In millions of Korean won)

2024

Borrowings

Lease

liabilities

Total

Beginning balance

W

29,468,632

W

3,029,874

W

32,498,506

Cash flows from financing activities

• Proceeds from borrowings

8,717,964

—

8,717,964

• Repayment of borrowings

(16,093,620

)

—

(16,093,620

)

• Payment of lease liabilities

—

(601,821

)

(601,821

)

Increase of lease liabilities

—

266,528

266,528

Foreign currency differences and others

1,703,320

147,194

1,850,514

Present value discount (interest expense)

108,592

105,238

213,830

Interest paid

—

(34,132

)

(34,132

)

Reclassified as liabilities held for sale

(1,221,155

)

(144,505

)

(1,365,660

)

Ending balance

W

22,683,733

W

2,768,376

W

25,452,109

F-84

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

33. Cash Flows, Continued

(4)

The Group presented the inflow and outflow of cash from short-term investment assets, etc. which are frequently traded

and have a large total amount and mature in a short period of time, as net increases and decreases.

34. Share-based Payment

(1)

Details of the granted share-based payment

(a)

The Parent Company accounts for share-based payment, with options granted to employees to choose either cash-settled or

equity-settled share-based payment, in accordance with the substance of transactions and the details of the share options as of December 31, 2025 are as follows:

(In shares)

Total numbers of

share option granted

Forfeited or

Canceled

Exercised

Outstanding at

December 31, 2025

10 th 1

54,020

10,764

10,504

32,752

12 th

1

6,469

—

3,469

3,000

13 th

1

75,163

29,851

23,657

21,655

14 th

1

195,460

59,167

19,622

116,671

331,112

99,782

57,252

174,078

Grant date

Service Period for Vesting

Exercisable Period

Exercise price

(in Korean won)

10 th 1

March 20, 2020

March 20, 2020 - March 20, 2023

March 21, 2023 - March 20, 2027

W

84,730

12 th

1

March 30, 2021

March 30, 2021 - March 30, 2023

March 31, 2023 - March 30, 2026

136,060

13 th

1

March 30, 2021

March 30, 2021 - March 30, 2023

March 31, 2023 - March 30, 2026

136,060

14 th 1

March 30, 2022

March 30, 2022 - March 30, 2024

March 31, 2024 - March 30, 2027

121,610

1

During the year ended December 31, 2025, the share options were exercised with cash settlement.

(b)

Details of equity-settled share-based payment granted by the Group are as follows:

1-1 st

1-2 nd

2 nd

3 rd

Grant date

2022-03-17

2022-04-27

2023-06-28

2024-04-30

Types of shares

to be

issued

Registered common shares

Registered common shares

Registered common shares

Registered common shares

Grant method

Reissue of treasury shares

Reissue of treasury shares

Reissue of treasury shares

Reissue of treasury shares

Number of shares

Initial grant size TSR Adjustment ratio / Stock price on exercise date 1,3

Initial grant size TSR Adjustment ratio / Stock price on exercise date 1,3

Initial grant size * (Adjustment ratio + increase rate of stock price – increase rate of

KOSPI200) 2,3

Initial grant size * (Adjustment ratio + increase rate of stock price – increase rate of

KOSPI200) 2

Base stock price

W 124,000

W 108,500

W 79,975

W 135,975

Exercisable period

March 17, 2025

~ March 17, 2029 4

April 27, 2025

~ April 27, 2029

January 1, 2026 lump sum payment

January 1, 2027 lump sum payment

Service period for vesting

2 years’ service from the grant date

2 years’ service from the grant date

3 years’ service from January 1, 2023 5

3 years’ service from January 1, 2024 5

F-85

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

34. Share-based Payment,

Continued

(1)

Details of the granted share-based payment, Continued

(b)

Details of equity-settled share-based payment granted by the Group are as follows, Continued:

1

TSR (Total shareholder return) is calculated as “(Stock price on exercise notification date—Base stock price +

company’s total dividends per share from grant date to exercise notification date)/base stock price”, and the adjustment ratio considers the Group’s TSR compared to the TSR of its industry peers.

2

The adjustment ratio considers increase rate of stock price, and the maximum adjusted shares is 2 times of initial grant

shares. If the increase rate of stock price rises by 100% or higher and exceeds the increase rate of KOSPI200 by 50% points, additional shares equal to the initial grant will be paid.

3

Some of the 1-1 and 1-2 share-based

payments were canceled and a replacement amount was granted in the 2nd share-based payment.

4

A portion of the stock options was exercised and settled during the year ended December 31, 2025.

5

When employed for more than 2 years but less than 3 years, the granted amount is adjusted in proportion to the period of

service.

(c)

In addition to above share options granted by the Parent Company, restricted stock units (RSUs) for the Parent

Company’s subsidiary, SK hynix NAND product Solutions Corp., are also granted to the subsidiary and its employees.

(In shares)

Grant cycle

Total numbers of

share option granted

Forfeited or

Canceled

Exercised

Quarterly

173,451,396

50,576,962

42,623,861

(2)

Details of liabilities recognized for stock appreciation rights as of December 31, 2025 are as follows:

(In millions of Korean won)

December 31,

2025

Stock appreciation rights liabilities 1

W

71,423

1

As of December 31, 2025, the intrinsic value of the vested salary for the above stock appreciation right

liabilities is W 93,007 million.

(3)

Measurement of fair value

(a)

The compensation cost is calculated by applying a binomial option-pricing model in estimating the fair value of the

option as of December 31, 2025. The inputs used are as follows:

10 th

12 th

13 th

14 th

Share price (Closing stock price on valuation date, in Korean won)

W

530,000

W

530,000

W

530,000

W

530,000

Expected volatility

46.40

%

46.40

%

46.40

%

46.40

%

Estimated fair value of share option (in Korean won)

W

445,270

W

393,940

W

393,940

W

408,492

Dividend yield ratio

0.42

%

0.42

%

0.42

%

0.42

%

Risk free ratio

2.70

%

2.47

%

2.47

%

2.71

%

F-86

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

34. Share-based Payment,

Continued

(3)

Measurement of fair value, Continued

(b)

The compensation cost regarding the equity-settled share-based payment granted by the Group is calculated by applying a

binomial option-pricing model in estimating the fair value of the option. The inputs used to measure the fair value of the share-based payment as of the grant date are as follows.

1-1 st

1-2 nd

2 nd

3 rd

Expected volatility

33.92

%

34.22

%

34.81

%

36.85

%

Per-share fair value of the option(in Korean won)

W

52,729

W

42,064

W

155,443

W

224,203

Dividend yield ratio 1

—

—

1.50

%

1.10

%

Risk-free interest rate (Government bonds yield)

2.65

%

3.19

%

3.60

%

3.53

%

1

Payout ratio was not taken into consideration as it was assumed that the stock price decline due to dividends would be

compensated as the dividend amount until the exercise period is added in the calculation of 1-1st and 1-2nd TSR.

(4)

The compensation expense for the year ended December 31, 2025 is W 215,713 million (2024: W 118,867 million and

2023: W 75,395 million).

35. Subsequent Event

(1)

On January 28, 2026, SK hynix NAND Product Solutions Corp., a subsidiary, resolved at the board of directors’

meeting to transfer its business to a newly formed entity, Solidigm Inc. as part of a restructuring of its business structure. On March 1, 2026, SK hynix NAND Product Solutions Corp. transferred to Solidigm Inc. its business relating to the

sale and research and development of Nand Flash Memory and SSD, including all related assets, contracts, rights and personnel, as well as the assets and liabilities contracted between the transferee and the transferor under their agreement.

Accordingly, SK hynix NAND Product Solutions Corp. acquired from Solidigm Inc. shares issued by Solidigm inc. equivalent in value to the transfer consideration.

(2)

On January 28, 2026, the Parent Company resolved at the board of directors’ meeting to cancel its treasury shares,

and canceled all 15,300,000 treasury shares previously acquired on February 9, 2026. As a result of this cancelation, the total number of issued ordinary shares decreased from 728,002,365 shares before the cancelation to 712,702,365 shares upon

completion of the cancelation, while the amount in capital stock remains the same.

(3)

Subsequent to December 31, 2025 and through the date of authorization for issuance of the accompanying financial

statements, the Group disposed of 8,150,835 shares of treasury shares in connection with the exercise of exchange rights on exchangeable bonds, share-based compensation settlement related to long-term incentive plans, and the grant of treasury

shares to employees for enterprise value-linked compensation, resulting in a gain on disposal of treasury shares of W5,293,476 million, which was recognized in equity.

(4)

The board of the Directors of the Group resolved to merge SK hynix Semiconductor (Dalian) Co., Ltd. with its subsidiary,

SK hynix semiconductor storage technology (Dalian) Co., Ltd. on April 22, 2026. Following this resolution, the two companies entered into a merger agreement, and the effective date of the merger is July 1, 2026.

F-87

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended December 31,

2025, 2024 and 2023

35. Subsequent Event,

Continued

(5)

On April 28, 2026, the Group decided to acquire, prior to maturity, the entire outstanding balance of its foreign

exchangeable bonds through the exercise of an early redemption option. The details of the transaction are as follows:

Bonds to be acquired

Foreign exchangeable bond

(Issue date: April 11, 2023)

Issue amount

USD 1,700,000,000

Amount to be acquired

USD 100,800,000

Event for early redemption

Exercise of the issuer’s early redemption option (Call Option)

• In the case of the aggregate principal amount of the Bonds outstanding is less than 10% of the aggregate principal amount originally issued (Clean Up Call)

Number of shares exchangeable

1,219,445 shares

Expected payment date

May 28, 2026

F-88

Table of Contents

SK hynix Inc. and Subsidiaries

Condensed Consolidated Interim Statements of Financial Position

March 31, 2026 and December 31, 2025 (Unaudited)

(In millions of Korean won)

Notes

March 31,

2026

December 31,

2025

Assets

Current assets

Cash and cash equivalents

5,6

W

21,166,904

W

14,923,766

Short-term financial instruments

5,6

18,220,075

14,679,719

Short-term investment assets

5,6

14,942,782

5,338,768

Trade receivables, net

5,6,7,28

33,807,843

18,199,078

Loans and other receivables, net

5,6,7,28

476,602

386,343

Other financial assets

5,6,18

31,771

195,259

Inventories, net

8

15,974,133

14,289,390

Current tax assets

20,643

67,715

Other current assets

9

1,865,363

1,378,035

106,506,116

69,458,073

Non-current assets

Investments in associates and joint ventures

10

1,356,327

1,320,927

Long-term investment assets

5,6

20,657,583

14,547,099

Loans and other receivables, net

5,6,7,28

424,097

420,036

Other financial assets

5,6,18

2,014,761

1,114,462

Property, plant and equipment, net

11,29

82,051,924

77,502,704

Right-of-use assets,

net

12,28

2,353,676

2,336,457

Intangible assets, net

13

4,050,617

4,049,402

Investment property, net

185

188

Deferred tax assets

1,832,432

3,660,493

Employee benefit assets

17

1,441,600

1,552,888

Other non-current assets

9

139,426

144,930

116,322,628

106,649,586

Total assets

W

222,828,744

W

176,107,659

See accompanying notes to the condensed consolidated interim financial statements.

F-89

Table of Contents

SK hynix Inc. and Subsidiaries

Condensed Consolidated Interim Statements of Financial Position, Continued

March 31, 2026 and December 31, 2025 (Unaudited)

(In millions of Korean won)

Notes

March 31,

2026

December 31,

2025

Liabilities

Current liabilities

Trade payables

5,6,28

W

2,797,840

W

2,848,455

Other payables

5,6,20,28

7,902,601

6,434,144

Other non-trade payables

5,6,28

6,134,993

6,283,111

Borrowings

5,6,14,29

5,890,940

8,161,757

Other financial liabilities

5,6,18

1,597,938

4,913,879

Provisions

16

180,107

228,937

Current tax liabilities

14,579,682

7,023,813

Lease liabilities

5,6,12,28

526,303

547,296

Other current liabilities

15

1,090,126

937,607

40,700,530

37,378,999

Non-current liabilities

Long-term other payables

5,6

381,019

375,141

Other non-trade payables

5,6

20,910

19,970

Borrowings

5,6,14,29

13,426,725

14,086,148

Other financial liabilities

5,6,18

977

2,487

Defined benefit liabilities, net

17

69,192

66,144

Deferred tax liabilities

285,024

248,395

Lease liabilities

5,6,12,28

1,988,448

1,962,647

Other non-current liabilities

15

1,576,120

1,300,977

17,748,415

18,061,909

Total liabilities

58,448,945

55,440,908

Equity

Equity attributable to owners of the Parent Company

Capital stock

19

3,657,652

3,657,652

Capital surplus

19

8,510,283

8,953,714

Other equity

19,31

(368,427

)

(1,348,598

)

Accumulated other comprehensive income

19

3,745,189

2,676,862

Retained earnings

20

148,746,385

106,576,548

Total equity attributable to owners of the Parent Company

164,291,082

120,516,178

Non-controlling interests

88,717

150,573

Total equity

164,379,799

120,666,751

Total liabilities and equity

W

222,828,744

W

176,107,659

See accompanying notes to the condensed consolidated interim financial statements.

F-90

Table of Contents

SK hynix Inc. and Subsidiaries

Condensed Consolidated Interim Statements of Comprehensive Income

Three-month periods ended March 31, 2026 and 2025 (Unaudited)

(In millions of Korean won, except per share information)

Notes

2026

2025

Revenue

4,21,28

W

52,576,287

W

17,639,141

Cost of sales

23,28

10,896,873

7,537,150

Gross profit

41,679,414

10,101,991

Selling and administrative expenses

22,23,28

1,617,671

1,189,730

Research and development expenses

22,23,28

2,451,460

1,471,757

Finance income

24

17,056,350

2,687,359

Finance expenses

24

3,023,483

764,604

Share of loss of equity-accounted investees

10

(26,778

)

(41,109

)

Other income

25,28

15,023

78,943

Other expenses

25,28

14,537

101,864

Profit before income tax

51,616,858

9,299,229

Income tax expense

26

11,270,949

1,191,034

Profit for the period

W

40,345,909

W

8,108,195

Other comprehensive income (loss)

Item that will never be reclassified to profit or loss:

Remeasurements of defined benefit liability, net of tax

17

(44,025

)

(3,060

)

Items that are or may be reclassified to profit or loss:

Foreign operations – foreign currency translation differences, net of tax

1,009,383

35,791

Loss on valuation of derivatives, net of tax

18

(7,940

)

(11,276

)

Equity-accounted investees – share of other comprehensive income (loss), net of tax

10

66,868

(13,724

)

Other comprehensive income for the period, net of tax

1,024,286

7,731

Total comprehensive income for the period

W

41,370,195

W

8,115,926

Profit attributable to:

Owners of the Parent Company

W

40,330,176

W

8,107,081

Non-controlling interests

15,733

1,114

Total comprehensive income attributable to:

Owners of the Parent Company

W

41,354,478

W

8,114,054

Non-controlling interests

15,717

1,872

Earnings per share

27

Basic earnings per share (in Korean won)

W

57,175

W

11,756

Diluted earnings per share (in Korean won)

W

56,670

W

11,411

See accompanying notes to the condensed consolidated interim financial statements.

F-91

Table of Contents

SK hynix Inc. and Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity

Three-month periods ended March 31, 2026 and 2025 (Unaudited)

(In millions of Korean won)

Attributable to owners of the Parent Company

Notes

Capital

stock

Capital

surplus

Other

equity

Accumulated

other

comprehensive

income

Retained

earnings

Total

Non-

controlling

interests

Total equity

Balance at January 1, 2025

W

3,657,652

W

4,487,123

W

(2,191,549

)

W

2,532,107

W

65,418,061

W

73,903,394

W

12,310

W

73,915,704

Comprehensive income :

Profit for the period

—

—

—

—

8,107,081

8,107,081

1,114

8,108,195

Other comprehensive income

Remeasurements of defined benefit liability, net of tax

17

—

—

—

—

(3,060

)

(3,060

)

—

(3,060

)

Other comprehensive income of associate, net of tax

10

—

—

—

(13,724

)

—

(13,724

)

—

(13,724

)

Loss on valuation of derivatives, net of tax

18

—

—

—

(11,276

)

—

(11,276

)

—

(11,276

)

Foreign currency translation differences for foreign operations, net of tax

—

—

—

35,033

—

35,033

758

35,791

Total comprehensive income for the period

—

—

—

10,033

8,104,021

8,114,054

1,872

8,115,926

Transactions with owners of the Parent Company:

Changes in ownership to the subsidiaries

—

73,265

—

—

—

73,265

—

73,265

Dividends paid

—

—

—

—

(900,209

)

(900,209

)

—

(900,209

)

Disposal of treasury shares

19

—

144,616

74,442

—

—

219,058

—

219,058

Share-based payment transactions

31

—

10,031

4,418

—

—

14,449

560

15,009

Total transactions with owners of the Parent Company

—

227,912

78,860

—

(900,209

)

(593,437

)

560

(592,877

)

Balance at March 31, 2025

W

3,657,652

W

4,715,035

W

(2,112,689

)

W

2,542,140

W

72,621,873

W

81,424,011

W

14,742

W

81,438,753

See accompanying notes to the condensed consolidated interim financial statements.

F-92

Table of Contents

SK hynix Inc. and Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity, Continued

Three-month periods ended March 31, 2026 and 2025 (Unaudited)

(In millions of Korean won)

Attributable to owners of the Parent Company

Notes

Capital

stock

Capital

surplus

Other

equity

Accumulated

other

comprehensive

income

Retained

earnings

Total

Non-

controlling

interests

Total equity

Balance at January 1, 2026

W

3,657,652

W

8,953,714

W

(1,348,598

)

W

2,676,862

W

106,576,548

W

120,516,178

W

150,573

W

120,666,751

Comprehensive income (loss):

Profit for the period

—

—

—

—

40,330,176

40,330,176

15,733

40,345,909

Other comprehensive income (loss)

Remeasurements of defined benefit liability, net of tax

17

—

—

—

—

(44,025

)

(44,025

)

—

(44,025

)

Other comprehensive loss of associate, net of tax

10

—

—

—

66,868

—

66,868

—

66,868

Loss on valuation of derivatives, net of tax

18

—

—

—

(7,940

)

—

(7,940

)

—

(7,940

)

Foreign currency translation differences for foreign operations, net of tax

—

—

—

1,009,399

—

1,009,399

(16

)

1,009,383

Total comprehensive income for the period

—

—

—

1,068,327

40,286,151

41,354,478

15,717

41,370,195

Transactions with owners of the Parent Company:

Changes in ownership in subsidiary

—

(338,118

)

—

—

—

(338,118

)

(87,671

)

(425,789

)

Dividends paid

20

—

—

—

—

(1,327,712

)

(1,327,712

)

—

(1,327,712

)

Transfer of capital surplus to retained earnings

19

—

(4,083,635

)

—

—

4,083,635

—

—

—

Disposal of treasury shares

19

—

3,984,135

132,497

—

—

4,116,632

—

4,116,632

Cancelation of treasury shares

19

—

—

872,237

—

(872,237

)

—

—

—

Share-based payment transactions

31

—

(5,813

)

(24,563

)

—

—

(30,376

)

10,098

(20,278

)

Total transactions with owners of the Parent Company

—

(443,431

)

980,171

—

1,883,686

2,420,426

(77,573

)

2,342,853

Balance at March 31, 2026

W

3,657,652

W

8,510,283

W

(368,427

)

W

3,745,189

W

148,746,385

W

164,291,082

W

88,717

W

164,379,799

See accompanying notes to the condensed consolidated interim financial statements.

F-93

Table of Contents

SK hynix Inc. and Subsidiaries

Condensed Consolidated Interim Statements of Cash Flows

Three-month periods ended March 31, 2026 and 2025 (Unaudited)

(In millions of Korean won)

Notes

2026

2025

Cash flows from operating activities

Cash generated from operating activities

30

W

25,880,207

W

10,653,945

Interest received

140,490

106,269

Interest paid

(355,197

)

(319,264

)

Dividends received

3,952,793

4,107

Income tax paid

(3,288,174

)

(1,421,386

)

Net cash provided by operating activities

26,330,119

9,023,671

Cash flows from investing activities

Decrease in short-term financial instruments

5,708,347

2,485,281

Increase in short-term financial instruments

(6,610,597

)

(1,152,741

)

Increase in short-term investment assets, net

(9,504,554

)

(80,607

)

Decrease in other financial assets

1,308

498

Increase in other financial assets

(3,500,000

)

(1,172

)

Collection of loans and other receivables

4,950

13,063

Increase in loans and other receivables

(6,508

)

(12,787

)

Proceeds from disposal of long-term investment assets

4,123,908

6,241

Acquisitions of long-term investment assets

(14,120

)

(6,033

)

Proceeds from disposal of property, plant and equipment

14,693

46,010

Acquisitions of property, plant and equipment

(7,657,403

)

(6,284,222

)

Acquisitions of intangible assets

(207,963

)

(170,465

)

Proceeds from disposal of investments in associates

3,518

3,581

Acquisitions of investments in associates

—

(2,100

)

Cash outflow from business combination

—

(3,063,035

)

Receipt of government grants

9,522

—

Net cash used in investing activities

(17,634,899

)

(8,218,488

)

Cash flows from financing activities

Proceeds from borrowings

1,006,250

2,111,363

Repayments of borrowings

(3,760,030

)

(1,466,432

)

Repayments of lease liabilities

(147,792

)

(151,657

)

Proceeds from disposal of treasury shares

7,775

15,620

Changes in ownership in subsidiary

(57,682

)

—

Net cash provided by (used in) financing activities

(2,951,479

)

508,894

Effects of exchange rate changes on cash and cash equivalents

499,397

38,875

Net increase in cash and cash equivalents

6,243,138

1,352,952

Cash and cash equivalents at the beginning of the period

14,923,766

11,205,117

Cash and cash equivalents at the end of the period

W

21,166,904

W

12,558,069

See accompanying notes to the condensed consolidated interim financial statements.

F-94

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

1. General Information

(1)

General information about SK hynix Inc. (the “Parent Company”) and its subsidiaries (collectively the

“Group”) is as follows:

The Parent Company manufactures, distributes and sells semiconductor products. The Parent Company was

established on October 15, 1949 and its shares have been listed on the Korea Exchange since 1996. The Parent Company’s headquarter is located at 2091 Gyeongchung-daero, Bubal-eup, Icheon-si, Gyeonggi-do, South Korea, and the Group has manufacturing facilities in Icheon-si and

Cheongju-si, South Korea, and Wuxi, Chongqing and Dalian, China.

As of March 31, 2026 and December 31, 2025, the

shareholders of the Parent Company are as follows:

Shareholder

Number of shares

Percentage

of ownership (%)

March 31,

2026

December 31,

2025

March 31,

2026

December 31,

2025

SK Square Co., Ltd.

146,100,000

146,100,000

20.50

20.07

Other investors

562,197,021

555,591,520

78.88

76.32

Treasury shares 1

4,405,344

26,310,845

0.62

3.61

712,702,365

728,002,365

100.00

100.00

1

Treasury shares include 2,753,353 shares deposited with the Korea Securities Depository due to the issuance of

exchangeable bonds. Excluding these, the number of treasury shares is 1,651,991 (equivalent to 0.23% of ownership interest) as of March 31, 2026.

The Parent Company’s common shares and depositary receipts (DRs) are listed on the Stock Market of Korea Exchange and the Luxembourg Stock Exchange, respectively.

F-95

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

1. General Information, Continued

(2)

Details of the Group’s consolidated subsidiaries as of March 31, 2026 and December 31, 2025 are as

follows:

Ownership (%)

Company

Controlling company

Location

Business

2026

2025

SK hyeng Inc.

SK hynix Inc.

Korea

Construction and service

100

100

SK hystec Inc.

SK hynix Inc.

Korea

Business support and service

100

100

Happymore Inc.

SK hynix Inc.

Korea

Semiconductor apparel manufacturing, baking and services

100

100

SK hynix system ic Inc.

SK hynix Inc.

Korea

Semiconductor research and development and business support

100

100

HappyNarae Co., Ltd.

SK hynix Inc.

Korea

Industrial material supply

100

100

SK Keyfoundry Inc.

SK hynix Inc.

Korea

Semiconductor sales, manufacturing and others

100

100

SK hynix America Inc.

SK hynix Inc.

U.S.A

Semiconductor sales

100

100

SK hynix Deutschland GmbH

SK hynix Inc.

Germany

Semiconductor sales

100

100

SK hynix Asia Pte. Ltd.

SK hynix Inc.

Singapore

Semiconductor sales

100

100

SK hynix Semiconductor Hong Kong Ltd.

SK hynix Inc.

Hong Kong

Semiconductor sales

100

100

SK hynix U.K. Ltd.

SK hynix Inc.

U.K.

Semiconductor sales

100

100

SK hynix Semiconductor Taiwan Inc.

SK hynix Inc.

Taiwan

Semiconductor sales

100

100

SK hynix Japan Inc.

SK hynix Inc.

Japan

Semiconductor sales

100

100

SK hynix (Wuxi) Semiconductor Sales Ltd.

SK hynix Inc.

China

Semiconductor sales

100

100

SK hynix Semiconductor (China) Ltd.

SK hynix Inc.

China

Semiconductor manufacturing

100

100

SK hynix memory solutions Taiwan Ltd.

SK hynix Inc.

Taiwan

Semiconductor research and development

100

100

SK APTECH Ltd.

SK hynix Inc.

Hong Kong

Overseas investment

100

100

SK hynix Ventures Hong Kong Ltd.

SK hynix Inc.

Hong Kong

Overseas investment

100

100

Gauss Labs Inc.

SK hynix Inc.

U.S.A

Information and Communications Industry

97.38

97.38

SK hynix NAND Product Solutions Corp. 2,4

SK hynix Inc.

U.S.A

Semiconductor sales, research and development and others

100

97.48

SK hynix Semiconductor (Dalian) Co., Ltd.

SK hynix Inc.

China

Semiconductor manufacturing

100

100

SK hynix memory solutions Poland sp. z o.o.

SK hynix Inc.

Poland

Semiconductor research and development

100

100

SK Keyfoundry America Inc.

SK Keyfoundry Inc.

U.S.A

Semiconductor sales

100

100

SK Keyfoundry Shanghai Co., Ltd.

SK Keyfoundry Inc.

China

Semiconductor sales

100

100

SK Powertech

SK Keyfoundry Inc.

Korea

Semiconductor manufacturing

99.42

99.42

SUZHOU HAPPYNARAE Co., Ltd.

HappyNarae Co., Ltd.

China

Overseas industrial material supply

100

100

HappyNarae America LLC 1

HappyNarae Co., Ltd.

U.S.A

Overseas industrial material supply

100.00

100.00

HappyNarae Hungary Kft 1

HappyNarae Co., Ltd.

Hungary

Overseas industrial material supply

100.00

100.00

SK hynix Semiconductor (Chongqing) Ltd.

SK APTECH Ltd.

China

Semiconductor manufacturing

100.00

100.00

SK hynix (Wuxi) Education Service Development Co., Ltd.

SK hynix (Wuxi) Education Technology Co., Ltd.

China

Overseas education

100.00

100.00

F-96

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

1. General Information, Continued

(2)

Details of the Group’s consolidated subsidiaries as of March 31, 2026 and December 31, 2025 are as

follows, Continued:

Ownership (%)

Company

Controlling company

Location

Business

2026

2025

SK hynix (Wuxi) Industry Development Ltd.

SK hynix (Wuxi) Investment Ltd.

China

Foreign hospital construction

100.00

100.00

SK hynix Happiness (Wuxi) Hospital Management Ltd.

SK hynix (Wuxi) Investment Ltd.

China

Foreign hospital operation

70.00

70.00

SK hynix cleaning (Wuxi) Ltd.

SK hynix (Wuxi) Investment Ltd.

China

Building maintenance and others

100.00

100.00

SK hynix (Wuxi) Education Technology Co., Ltd.

SK hynix (Wuxi) Investment Ltd.

China

Overseas education

100.00

100.00

SK hynix Semiconductor West Lafayette LLC

SK hynix America Inc.

U.S.A

Semiconductor manufacturing

100.00

100.00

SK hynix memory solutions America Inc.

SK hynix America Inc.

U.S.A

Semiconductor research and development

100.00

100.00

SK hynix Semiconductor India Private Ltd.

SK hynix Asia Pte. Ltd.

India

Semiconductor sales

100.00

100.00

Solidigm Inc. 3,4

SK hynix NAND Product Solutions Corp.

U.S.A

Semiconductor sales, research and development and others

100.00

—

SK hynix NAND Product Solutions Taiwan Co.,

Ltd. 2

SK hynix NAND Product Solutions Corp. and Solidigm

Inc. 5

Taiwan

Semiconductor research and development and sales

100.00

97.48

SK hynix NAND Product Solutions Canada Ltd. 2

SK hynix NAND Product Solutions Corp. and Solidigm

Inc. 5

Canada

Semiconductor research and development

100.00

97.48

SK hynix NAND Product Solutions Mexico, S. DE R.L. DE

C.V. 2

SK hynix NAND Product Solutions Corp. and Solidigm

Inc. 5

Mexico

Semiconductor research and development

100.00

97.48

SK hynix NAND Product Solutions UK Limited 2

SK hynix NAND Product Solutions Corp. and Solidigm

Inc. 5

U.K.

Semiconductor sales

100.00

97.48

SK hynix NAND Product Solutions Israel Ltd. 2

SK hynix NAND Product Solutions Corp. and Solidigm

Inc. 5

Israel

Semiconductor sales

100.00

97.48

SK hynix NAND Product Solutions International

LLC 2

SK hynix NAND Product Solutions Corp. and Solidigm

Inc. 5

U.S.A

Semiconductor sales

100.00

97.48

SK hynix NAND Product Solutions Asia Pacific

LLC 2

SK hynix NAND Product Solutions Corp. and Solidigm

Inc. 5

U.S.A

Semiconductor sales

100.00

97.48

SK hynix NAND Product Solutions Singapore Pte.

Ltd. 2

SK hynix NAND Product Solutions Corp. and Solidigm

Inc. 5

Singapore

Semiconductor sales

100.00

97.48

SK hynix NAND Product Solutions Malaysia Sdn.

Bhd. 2

SK hynix NAND Product Solutions Corp. and Solidigm

Inc. 5

Malaysia

Semiconductor sales

100.00

97.48

SK HYNIX NAND PRODUCT SOLUTIONS POLAND sp. z

o.o. 2

SK hynix NAND Product Solutions Corp. and Solidigm

Inc. 5

Poland

Semiconductor research and development

100.00

97.48

SK hynix NAND Product Solutions (Beijing) Co.,

Ltd. 2

SK hynix NAND Product Solutions Corp. and Solidigm

Inc. 5

China

Semiconductor sales

100.00

97.48

SK Hynix NAND Product Solutions (Shanghai) Co.,

Ltd. 2

SK hynix NAND Product Solutions Corp. and Solidigm

Inc. 5

China

Semiconductor research and development

100.00

97.48

F-97

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

1. General Information, Continued

(2)

Details of the Group’s consolidated subsidiaries as of March 31, 2026 and December 31, 2025 are as

follows, Continued:

Ownership (%)

Company

Controlling company

Location

Business

2026

2025

Intel NDTM US LLC. 2

SK hynix NAND Product Solutions Corp. and Solidigm

Inc. 5

U.S.A

Semiconductor research and development

100.00

97.48

SK hynix (Wuxi) Investment Ltd.

SK hynix Semiconductor (China) Ltd.

China

Overseas investment

100.00

100.00

SK hynix semiconductor storage technology (Dalian) Co., Ltd.

SK hynix Semiconductor (Dalian) Co., Ltd.

China

Semiconductor manufacturing support

100.00

100.00

CHONGQING HAPPYNARAE Co., Ltd.

SUZHOU HAPPYNARAE Co., Ltd.

China

Overseas industrial material supply

100.00

100.00

MMT (Money Market Trust)

—

Korea

Money Market Trust

100.00

100.00

1

Liquidation is in progress as of March 31, 2026.

2

The ownership interest increased due to the acquisition of non-controlling

interests during the three-month period ended March 31, 2026.

3

The entity was newly established as a subsidiary of SK Hynix NAND Product Solutions Corp. during the three-month period

ended March 31, 2026.

4

As part of the business reorganization of SK hynix NAND Product Solutions Corp., the NAND flash memory and SSD sales and

research and development, including related assets, contracts, rights, employees, and the associated assets and liabilities previously held by SK hynix NAND Product Solutions Corp., were transferred to Solidigm Inc. during the three-month period

ended March 31, 2026.

5

Certain subsidiaries have been transferred to Solidigm Inc. as of March 31, 2026, and the transfer of the remaining

related subsidiaries to Solidigm Inc. is expected to be completed by December 31, 2026.

F-98

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

1. General Information, Continued

(3)

Changes in the Group’s consolidated subsidiaries for the period ended March 31, 2026 are as follows:

Type

Company

Reason

Addition

Solidigm Inc.

Establishment

(4) The Group’s subsidiaries do not have material

non-controlling interests as of March 31, 2026 and December 31, 2025.

2. Material Accounting Policies

These accompanying condensed consolidated interim financial statements were authorized for issue by management in connection with the filing with the U.S. Securities

Exchange Commission on May 22, 2026.

2.1 Basis of Preparation

The

Group’s condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting .

2.1.1 New and

amended standards or interpretations adopted by the Group

The Group has applied the following new and amended IFRS Accounting Standards or interpretations that are

effective from January 1, 2026.

(a) Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures

Disclosure requirements have been amended to include the followings in response to recent questions arising in practice. The amendments did not have a significant impact

on the consolidated interim financial statements.

•

Clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some

financial liabilities settled through an electronic cash transfer system.

•

Clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and

interest (SPPI) criterion.

•

Add new disclosures of impact on the entity and the extent to which the entity is exposed for each type of financial

instruments if the timing or amount of contractual cash flow changes due to amendment of contract term.

•

Update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

F-99

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

2. Material Accounting Policies, Continued

2.1.1 New and amended standards or interpretations adopted by the Group, Continued

(b) Annual Improvements to IFRS - Volume 11

The amendments did not have a significant impact on the consolidated interim financial statements.

•

IFRS 1 First-time Adoption of International Financial Reporting Standards: Hedge accounting by a first-time adopter

•

IFRS 7 Financial Instruments: Disclosures: Gain or loss on derecognition and implementation guidance

•

IFRS 9 Financial Instruments: Derecognition of lease liabilities and definition of transaction price

IFRS 10 Consolidated Financial Statements: Determination of a ‘de facto agent’

•

IAS 7 Statement of Cash Flows: Cost Method

(c) Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Contracts Referencing Nature-dependent Electricity

Contracts referencing nature-dependent electricity are defined contracts that expose an entity to variability in the underlying amount of electricity because the source

of electricity generation depends on uncontrollable natural conditions (for example, the weather). The amendments clarify that ‘contracts to buy or sell such electricity’ are assessed for eligibility under the own-use exemption.

In addition, the amendments modify hedge accounting requirements by allowing an entity to designate as the

hedged item a variable nominal amount of forecast electricity transactions that reflect the nature-dependent variability of electricity and introduce additional disclosure requirements. The amendments did not have a significant impact on the

consolidated interim financial statements.

2.1.2 New and amended standards or interpretations not yet adopted by the Group

The following new accounting standards and interpretations have been published that are not mandatory for March 31, 2026 reporting periods and have not been early

adopted by the Group.

(a) New Standard: IFRS 18 Presentation and Disclosure in Financial Statements

IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 Presentation of Financial Statements and includes new requirements aimed at enhancing

comparability of financial performance between similar entities and providing more relevant information to users. While the amendments do not affect the recognition or measurement of items in the financial statements, they are expected to have an

extensive impact on presentation and disclosure, including the income statement and the disclosure of management-defined performance measures.

The standard should

be applied for annual periods beginning on or after January 1, 2027, and earlier application is permitted. In accordance with the retrospective application requirements, comparative information for all comparative periods presented shall be

restated under IFRS 18.

Management is in the process of evaluating the impact of applying the new standard on the Group’s consolidated financial statements.

F-100

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

2. Material Accounting Policies, Continued

2.1.2 New and amended standards or interpretations not yet adopted by the Group, Continued

(b) IFRS 19 Subsidiaries without Public Accountability: Disclosures

Issued in May 2024, IFRS 19 allows for certain eligible subsidiaries of parent entities that report under IFRS Accounting Standards to apply reduced disclosure

requirements. This standard does not have a significant impact on the financial statements.

2.2 Accounting Policies

Material accounting policies and measurement method used in the preparation of the consolidated interim financial statements are consistent with those of the

consolidated financial statements as of and for the year ended December 31, 2025, except for the changes due to the application of amendments and enactments of new standards described in Note 2.1.1 and as described below.

2.2.1 Income tax expense

Income tax expense for the interim period is recognized

based on management’s best estimate of the weighted average annual income tax rate expected for the full financial year. The estimated average annual effective income tax rate is applied to the pre-tax

income for the interim period.

The Group is subject to the Global Minimum Tax (Pillar Two). The Group has not recognized additional income tax expenses in relation

to Pillar Two during the three-month period ended March 31, 2026 and applied the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

3. Critical Accounting Estimates and Assumptions

The Group makes estimates

and assumptions concerning the future. The estimates and assumptions are continuously assessed, considering historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

These resulting accounting estimates may differ from the actual results.

Critical accounting estimates and assumptions made in the preparation of these

consolidated interim financial statements are consistent with those applied in the preparation of the consolidated financial statements as of and for the year ended December 31, 2025, except for the estimates used to determine the income tax

expense.

4. Operating Segment and Entity-wide Information

The Group has

a single reportable segment that is engaged in the manufacture and sale of semiconductor products. The Chief Operating Decision Maker of the Group reviews the operational results of the semiconductor business with the reporting information which is

prepared in the same manner with that used by management during the establishment of the Group’s business strategy.

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SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

4. Operating Segment and Entity-wide

Information, Continued

(1) The Group’s non-current assets

(excluding financial assets, loans and other receivables, investment in associates and joint ventures and deferred tax assets etc.) information by region based on the location of the Parent Company and its subsidiaries as of March 31, 2026 and

December 31, 2025 are as follows:

(In millions of Korean won)

March 31,

2026

December 31,

2025

Korea

W

78,295,807

W

74,293,530

China

10,903,323

10,533,204

Asia (other than China)

15,049

15,424

U.S.A.

817,705

738,739

Europe

5,544

5,672

W

90,037,428

W

85,586,569

(2) For the three-month period ended March 31, 2026, revenues of W 7,780,590 million and

W 6,536,458 million, or 14.80% and 12.43% of the Group’s revenue, were derived from external Customers A and B, respectively. For the

three-month period ended March 31, 2025, revenue of W 4,786,233 million, or 27.13% of the Group’s revenue, is derived from an

external Customer A.

(3) Entity-wide revenue information by region is disclosed in note 21 (3).

5. Carrying Amounts of Financial Instruments by Categories

(1) Carrying amounts of financial assets by categories as of March 31, 2026 and December 31, 2025 are as follows:

(In millions of Korean won)

March 31, 2026

Financial

assets at fair

value through

profit or loss

Financial

assets at fair

value through

other

comprehensive

income or loss

Financial

assets at

amortized cost

Others

Total

Cash and cash equivalents

W

—

W

—

W

21,166,904

W

—

W

21,166,904

Short-term financial instruments

222,500

—

17,997,575

—

18,220,075

Short-term investment assets

14,942,782

—

—

—

14,942,782

Trade receivables 1

—

1,363,090

32,444,753

—

33,807,843

Loans and other receivables

—

—

900,699

—

900,699

Other financial assets

194

—

2,012,721

33,617

2,046,532

Long-term investment assets

20,657,583

—

—

—

20,657,583

W

35,823,059

W

1,363,090

W

74,522,652

W

33,617

W

111,742,418

1

The Group transferred certain portion of trade receivables, which are from specific customers, and derecognized the trade

receivables from the consolidated financial statements when all the risks and rewards are substantially transferred. Accordingly, the Group recognized gain or loss on disposal of trade receivables.

F-102

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SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

5. Carrying Amounts of Financial Instruments by

Categories, Continued

(1) Carrying amounts of financial assets by categories as of March 31, 2026 and December 31,

2025 are as follows, Continued:

(In millions of Korean won)

December 31, 2025

Financial

assets at fair

value through

profit or loss

Financial

assets at fair

value through

other

comprehensive

income or loss

Financial

assets at

amortized cost

Others

Total

Cash and cash equivalents

W

—

W

—

W

14,923,766

W

—

W

14,923,766

Short-term financial instruments

222,500

—

14,457,219

—

14,679,719

Short-term investment assets

5,338,768

—

—

—

5,338,768

Trade receivables 1

—

1,256,429

16,942,649

—

18,199,078

Loans and other receivables

—

—

806,379

—

806,379

Other financial assets

62

—

1,113,792

195,867

1,309,721

Long-term investment assets

14,547,099

—

—

—

14,547,099

W

20,108,429

W

1,256,429

W

48,243,805

W

195,867

W

69,804,530

1

The Group transferred certain portion of trade receivables, which are from specific customers, and derecognized the trade

receivables from the consolidated financial statements when all the risks and rewards are substantially transferred. Accordingly, the Group recognized gain or loss on disposal of trade receivables.

(2) Carrying amounts of financial liabilities by categories as of March 31, 2026 and December 31, 2025 are as follows:

(In millions of Korean won)

March 31, 2026

Financial

liabilities at fair

value through

profit or loss

Financial

liabilities at

amortized cost

Others

Total

Trade payables

W

—

W

2,797,840

W

—

W

2,797,840

Other payables

—

8,283,620

—

8,283,620

Other non-trade

payables 1

—

1,964,954

—

1,964,954

Borrowings 2

—

19,317,665

—

19,317,665

Lease liabilities

—

2,514,751

—

2,514,751

Other financial liabilities

1,596,942

1,557

416

1,598,915

W

1,596,942

W

34,880,387

W

416

W

36,477,745

1

Among other non-trade payables, employee benefits liabilities that correspond to

the Group’s obligations under the employee benefit plan were excluded because they were not subject to disclosure of financial instruments.

2

The Group participated in supplier-financing arrangements under letters of credit, where financial institutions pay the

Group’s obligations to suppliers within a certain limit, and the Group subsequently repays the financial institutions. There were no short-term borrowings under the supplier financing arrangements as of March 31, 2026.

F-103

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SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

5. Carrying Amounts of Financial Instruments by

Categories, Continued

(2) Carrying amounts of financial liabilities by categories as of March 31, 2026 and

December 31, 2025 are as follows, Continued:

(In millions of Korean won)

December 31, 2025

Financial

liabilities at fair

value through

profit or loss

Financial

liabilities at

amortized cost

Others

Total

Trade payables

W

—

W

2,848,455

W

—

W

2,848,455

Other payables

—

6,809,285

—

6,809,285

Other non-trade

payables 1

—

1,541,016

—

1,541,016

Borrowings 2

—

22,247,905

—

22,247,905

Lease liabilities

—

2,509,943

—

2,509,943

Other financial liabilities

4,911,955

1,585

2,826

4,916,366

W

4,911,955

W

35,958,189

W

2,826

W

40,872,970

1

Among other non-trade payables, employee benefits liabilities that correspond to

the Group’s obligations under the employee benefit plan were excluded because they were not subject to disclosure of financial instruments.

2

The Group participated in supplier-financing arrangements under letters of credit, where financial institutions pay the

Group’s obligations to suppliers within a certain limit, and the Group subsequently repays the financial institutions. There were no short-term borrowings under the supplier financing arrangements as of December 31, 2025.

6. Financial Risk Management

(1) Financial risk

management

The Group’s activities are exposed to a variety of financial risks, including market risk (foreign exchange risk, interest rate risk and price

risk), credit risk and liquidity risk. The consolidated interim financial statements do not include all the financial risk management policies and disclosures required for the consolidated annual financial statements; accordingly, reference should

be made to see the consolidated annual financial statements for a comprehensive discussion of the Group’s financial risk management policies and disclosures. There have been no significant changes in Group’s risk management organization

or risk management policies subsequent to December 31, 2025.

(a) Market risk

(i) Foreign exchange risk

The Group operates internationally and is exposed to

foreign exchange risk arising from various currency exposures, primarily with respect to the US dollar, Euro, Chinese Yuan and Japanese Yen. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities in

foreign currencies, and net investments in foreign operations.

F-104

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

6. Financial Risk Management, Continued

(1) Financial risk management, Continued

(a) Market risk, Continued

(i) Foreign exchange risk, Continued

Monetary foreign currency assets and liabilities as of March 31, 2026 are as follows:

(In millions of Korean won and millions of foreign currencies)

Assets

Liabilities

Foreign

currencies

Korean won

equivalent

Foreign

currencies

Korean won

equivalent

USD

34,202

W

51,761,447

14,793

W

22,387,699

JPY

561,976

5,320,393

129,782

1,228,687

CNY

1,866

408,174

2,924

639,523

EUR

15

25,947

313

542,168

Also, as described in note 18, the Group entered into a

fixed-to-fixed cross currency swap and a floating-to-fixed cross currency interest rate

swap to hedge foreign currency rate risk relating to bonds and borrowings denominated in foreign currencies.

When the exchange rate of the functional currency for

each foreign currency fluctuates by 10% as of March 31, 2026, the impact of the change in the exchange rate on profit before income tax expenses is as follows:

(In millions of Korean won)

If

increased

by 10%

If

decreased

by 10%

USD

W

2,953,682

W

(2,953,682

)

JPY

409,171

(409,171

)

CNY

(23,135

)

23,135

EUR

(51,622

)

51,622

(ii) Interest rate risk

Interest rate risk of the

Group is defined as the risk that the interest expenses arising from borrowings will fluctuate due to changes in future market interest rate. The interest rate risk mainly arises through floating rate borrowings and is partially offset by interests

received from floating rate financial assets.

The Group is managing cash flow interest rate risk using floating-to-fixed cross currency interest rate swaps. These interest rate swaps have an economic effect of converting floating interest borrowings into fixed interest borrowings. Generally, the Group borrows

at a floating interest rate and then swaps at a fixed rate. Under the swap agreement, the Group will settle the difference between fixed interest costs and the floating interest costs calculated according to the principal agreed upon for each

counterparty and specific period (mainly quarterly).

The Group is partially exposed to the risk of changing net interest costs due to changes in interest rates as

of March 31, 2026. The Group has signed a currency interest rate swap contract on floating interest rate borrowings in foreign currency amount to

W 163,069 million and an interest rate swap contract on floating interest rate borrowings in local currency of W 317,400 million. Therefore, the

F-105

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

6. Financial Risk Management, Continued

(1) Financial risk management, Continued

(a) Market risk, Continued

(ii) Interest rate risk, Continued

changes in interest costs subject to fluctuation of interest rates do not have an impact on the profit before income tax for the three-month period ended March 31, 2026.

As of March 31, 2026, if interest rates on borrowings and financial assets had been 100 basis points higher/lower with all other variables held constant, profit

before income tax would have been W 10,792 million (2025: W 13,750 million) lower/higher over the next year, mainly as a result of higher/lower net interest costs on floating-rate borrowings and interest income on floating-rate financial

assets.

(iii) Price risk

The Group invests in equity and debt securities

resulted from its business needs and the purpose of liquidity management. The Group’s equity and debt securities are exposed to price risk as of March 31, 2026.

(b) Credit risk

Credit risk is the risk of financial loss to the Group if a

customer or counterparty to a financial instrument fails to meet its contractual obligations and arises mainly from operating and investing activities. In order to manage credit risk, the Group periodically evaluates the creditworthiness of each

customer or counterparty through the analysis of its financial information, historical transaction records and other factors, based on which the Group establishes credit limits for each customer or counterparty.

(i) Trade and other receivables

For each new customer, the Group individually

analyzes its creditworthiness before standard payment and delivery terms and conditions are offered. In addition, the Group is continuously managing trade and other receivables by reevaluating the customer’s creditworthiness and securing

collaterals in order to limit its credit risk exposure.

The Group reviews at the end of each reporting period whether trade and other receivables are impaired and

enters into credit insurance contracts to manage credit risk exposure from oversea customers. The extent of the Group’s exposure to credit risk as of March 31, 2026 is equal to the carrying amount of trade and other receivables.

(ii) Other financial assets

Credit risk also arises from other financial assets

such as cash and cash equivalents, short-term financial instruments, short-term investment assets, and short-term and long-term loans mainly due to the bankruptcy of each counterparty to those financial assets. The maximum exposure to credit risk as

of March 31, 2026 is the carrying amount of those financial assets. The Group deposits cash and cash

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Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

6. Financial Risk Management, Continued

(1) Financial risk management, Continued

(b) Credit risk, Continued

(ii) Other financial assets, Continued

equivalents, short-term financial instruments and others in several financial institutions, and transacts only with banks and financial institutions with high credit ratings. Accordingly,

management does not expect any significant loss from non-performance by the counterparties.

(c) Liquidity risk

Liquidity risk is defined as the risk that the Group is unable to meet its short-term payment obligations on time due to deterioration of its business performance or

inability to access financing. The Group forecasts its cash flow and liquidity status and sets action plans on a regular basis to manage liquidity risk proactively.

The Group invests surplus cash in interest-bearing current accounts, time deposits, and demand deposits choosing instruments with appropriate maturities or sufficient

liquidity to provide sufficient headroom as determined by the above-mentioned forecasts.

(2) Capital management

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders

and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital

structure, the Group may adjust the amount of dividends to shareholders, procure and repay borrowings, issue new shares, and sell assets.

The debt-to-equity ratio and net borrowing ratio as of March 31, 2026 and December 31, 2025 are as follows:

(In millions of Korean won)

March 31,

2026

December 31,

2025

Total liabilities (A)

W

58,448,945

W

55,440,908

Total equity (B)

164,379,799

120,666,751

Cash and cash equivalents, and others 1 (C)

54,329,761

34,942,253

Total borrowings (D)

19,317,665

22,247,905

Debt-to-equity ratio

(A/B)

35.56

%

45.95

%

Net borrowing ratio 2

(D-C)/B

—

—

1

Total amount of cash and cash equivalents, short-term financial instruments and short-term investment assets.

2

Net borrowing ratio is not disclosed because the ratio is negative.

Under major borrowing contracts, the Group is obliged to comply with a certain level of debt ratio and

Loan-To-Value ratio. The Group has complied with all of these conditions as of March 31, 2026.

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SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

6. Financial Risk Management, Continued

(3) Fair value

Fair values are

categorized into different levels in a fair value hierarchy based on the inputs used in valuation techniques as follows:

•

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that an entity can access at

the measurement date.

•

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability,

either directly (i.e. as prices) or indirectly (i.e. derived from prices)

•

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)

(a)

The following table presents the Group’s carrying amounts and fair values of financial instruments by categories,

including their levels in the fair value hierarchy, as of March 31, 2026 and December 31, 2025:

(In millions of Korean won)

March 31, 2026

Carrying

amounts

Level 1

Level 2

Level 3

Total

Financial assets measured at fair value

Short-term financial instruments

W

222,500

W

—

W

—

W

222,500

W

222,500

Short-term investment assets

14,942,782

—

14,942,782

—

14,942,782

Trade receivables 1

1,363,090

—

1,363,090

—

1,363,090

Long-term investment assets

20,657,583

—

—

20,657,583

20,657,583

Other financial assets

33,811

—

33,811

—

33,811

37,219,766

—

16,339,683

20,880,083

37,219,766

Financial assets not measured at fair value

Cash and cash equivalents 2

21,166,904

—

—

—

—

Short-term financial instruments 2

17,997,575

—

—

—

—

Trade receivables 2

32,444,753

—

—

—

—

Loans and other receivables 2

900,699

—

—

—

—

Other financial assets 2

2,012,721

—

—

—

—

74,522,652

—

—

—

—

Total financial asset

W

111,742,418

W

—

W

16,339,683

W

20,880,083

W

37,219,766

Financial liabilities measured at fair value

Other financial liabilities

W

1,597,358

W

—

W

1,597,358

W

—

W

1,597,358

Financial liabilities not measured at fair value

Trade payables 2

2,797,840

—

—

—

—

Other payables 2

8,283,620

—

—

—

—

Other non-trade

payables 2

1,964,954

—

—

—

—

Borrowings

19,317,665

—

19,350,642

—

19,350,642

Lease liabilities 2

2,514,751

—

—

—

—

Other financial liabilities 2

1,557

—

—

—

—

34,880,387

—

19,350,642

—

19,350,642

Total financial liabilities

W

36,477,745

W

—

W

20,948,000

W

—

W

20,948,000

F-108

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

6. Financial Risk Management, Continued

(3) Fair value, Continued

(a)

The following table presents the Group’s carrying amounts and fair values of financial instruments by categories,

including their levels in the fair value hierarchy, as of March 31, 2026 and December 31, 2025, Continued:

1

The Group transferred some of the trade receivables and substantially transferred the risks and rewards to the customer.

Accordingly, the Group derecognized trade receivables from the consolidated financial statement on the date of assets transfer and recognized gain or loss on disposal of trade receivables.

2

The Group did not present fair values of financial assets and liabilities of which carrying amounts are considered to be a

reasonable approximation of fair values.

(In millions of Korean won)

December 31, 2025

Carrying

amounts

Level 1

Level 2

Level 3

Total

Financial assets measured at fair value

Short-term financial instruments

W

222,500

W

—

W

—

W

222,500

W

222,500

Short-term investment assets

5,338,768

—

5,338,768

—

5,338,768

Trade receivables 1

1,256,429

—

1,256,429

—

1,256,429

Long-term investment assets

14,547,099

—

—

14,547,099

14,547,099

Other financial assets

195,929

—

195,929

—

195,929

21,560,725

—

6,791,126

14,769,599

21,560,725

Financial assets not measured at fair value

Cash and cash equivalents 2

14,923,766

—

—

—

—

Short-term financial instruments 2

14,457,219

—

—

—

—

Trade receivables 2

16,942,649

—

—

—

—

Loans and other receivables 2

806,379

—

—

—

—

Other financial assets 2

1,113,792

—

—

—

—

48,243,805

—

—

—

—

Total financial asset

W

69,804,530

W

—

W

6,791,126

W

14,769,599

W

21,560,725

Financial liabilities measured at fair value

Other financial liabilities

W

4,914,781

W

—

W

4,914,781

W

—

W

4,914,781

Financial liabilities not measured at fair value

Trade payables 2

W

2,848,455

W

—

W

—

W

—

W

—

Other payables 2

6,809,285

—

—

—

—

Other non-trade

payables 2

1,541,016

—

—

—

—

Borrowings

22,247,905

—

22,449,184

—

22,449,184

Lease liabilities 2

2,509,943

—

—

—

—

Other financial liabilities 2

1,585

—

—

—

—

35,958,189

—

22,449,184

—

22,449,184

Total financial liabilities

W

40,872,970

W

—

W

27,363,965

W

—

W

27,363,965

1

The Group transferred some of the trade receivables and substantially transferred the risks and rewards to the customer.

Accordingly, the Group derecognized trade receivables from the consolidated financial statement on the date of assets transfer and recognized gain or loss on disposal of trade receivables.

2

The Group did not present fair values of financial assets and liabilities of which carrying amounts are considered to be a

reasonable approximation of fair values.

F-109

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

6. Financial Risk Management, Continued

(3) Fair value, Continued

(b) Valuation Techniques

The

valuation techniques used to measure financial instruments with fair value level 2 and level 3 are the same as those applied by the Group in its consolidated financial statements as of and for the year ended December 31, 2025.

(c)

There was no transfer between fair value hierarchy levels for the three-month period ended March 31, 2026 and

changes in financial assets classified as level 3 fair value measurements during the three-month period ended March 31, 2026 are as follows:

(In millions of Korean won)

Beginning

Balance

Acquisition

Disposals

Gain on

Valuation

Foreign

Exchange

Difference

Ending

Balance

Financial assets:

Short-term financial instruments

W

222,500

—

—

—

—

W

222,500

Long-term investment assets

W

14,547,099

W

14,120

W

(4,120,220

)

W

9,881,310

W

335,274

W

20,657,583

7. Trade Receivables and Loans and Other Receivables

(1) Details of loans and other receivables as of March 31, 2026 and December 31, 2025 are as follows:

(In millions of Korean won)

March 31,

2026

December 31,

2025

Current

Other receivables

W

120,932

W

89,511

Accrued income

205,060

156,266

Short-term loans

124,682

117,592

Short-term guarantee and other deposits

25,928

22,974

476,602

386,343

Non-current

Long-term other receivables

79,937

74,024

Long-term loans

186,388

189,262

Guarantee deposits

157,496

156,488

Others

276

262

424,097

420,036

W

900,699

W

806,379

F-110

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

7. Trade Receivables and Loans and Other

Receivables, Continued

(2)

Trade receivables and loans and other receivables, net of provision for impairment, as of March 31, 2026 and

December 31, 2025 are as follows:

(In millions of Korean won)

March 31, 2026

Gross

amount

Provision for

impairment

Carrying

amount

Trade receivables

W

33,810,734

W

(2,891

)

W

33,807,843

Current loans and other receivables

476,678

(76

)

476,602

Non-current loans and other receivables

425,083

(986

)

424,097

W

34,712,495

W

(3,953

)

W

34,708,542

(In millions of Korean won)

December 31, 2025

Gross

amount

Provision for

impairment

Carrying

amount

Trade receivables

W

18,201,785

W

(2,707

)

W

18,199,078

Current loans and other receivables

386,419

(76

)

386,343

Non-current loans and other receivables

420,972

(936

)

420,036

W

19,009,176

W

(3,719

)

W

19,005,457

8. Inventories

Details of inventories as of March 31, 2026 and December 31, 2025 are as follows:

(In millions of Korean won)

March 31, 2026

Acquisition

cost

Inventory

valuation

allowance

Carrying

amount

Merchandise

W

4,547

W

(292

)

W

4,255

Finished goods

3,233,195

(163,107

)

3,070,088

Work-in-process

9,666,848

(38,925

)

9,627,923

Raw materials

1,962,505

(15,524

)

1,946,981

Supplies

1,293,783

(193,866

)

1,099,917

Goods in transit

224,969

—

224,969

W

16,385,847

W

(411,714

)

W

15,974,133

(In millions of Korean won)

December 31, 2025

Acquisition

cost

Inventory

valuation

allowance

Carrying

amount

Merchandise

W

5,564

W

(261

)

W

5,303

Finished goods

2,616,635

(209,670

)

2,406,965

Work-in-process

9,290,708

(83,271

)

9,207,437

Raw materials

1,507,058

(17,745

)

1,489,313

Supplies

1,086,570

(183,958

)

902,612

Goods in transit

277,760

—

277,760

W

14,784,295

W

(494,905

)

W

14,289,390

F-111

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

9. Other Current and Non-current Assets

Details of other current and non-current assets as of March 31, 2026 and December 31, 2025 are as follows:

(In millions of Korean won)

March 31,

2026

December 31,

2025

Current

Advance payments

W

71,503

W

73,312

Prepaid expenses

367,544

291,529

Value added tax refundable

947,397

876,429

Contract assets

77,038

125,240

Others

401,881

11,525

1,865,363

1,378,035

Non-current

Long-term advance payments

71,623

79,810

Long-term prepaid expenses

32,731

33,778

Others

35,072

31,342

139,426

144,930

W

2,004,789

W

1,522,965

10. Investments in Associates and Joint Ventures

(1) General information of investments in associates and joint ventures is as follows:

Type

Investee

Location

Business

Associates

SK China Company Limited 1

China

Consulting and investment

SK South East Asia Investment Pte. Ltd.

Singapore

Consulting and investment

SiFive, Inc. 2

U.S.A

Design and manufacture of semiconductor

Wuxi xinfa IC industry park., Ltd.

China

Developing science-technological park

Others

Joint ventures

HITECH Semiconductor (Wuxi) Co., Ltd. 3

China

Manufacture of semiconductor parts

SK hynix system ic (Wuxi) Co., Ltd. 4, 5

China

Foundry factory construction

Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor 3

Korea

Investment

Specialized Investment-type Private Equity Investment Trust For

Win-win System Semiconductor 3

Korea

Investment

Others

1

Management of the Group is able to exercise significant influence over the entity by participating the Board of Directors.

Accordingly, the investment has been classified as an associate.

2

The Group is able to exercise significant influence through its right to appoint a director to the Board of Directors of

investee. Accordingly, the investment has been classified as an associate.

3

It has been classified to a joint venture as it is stated in the agreement that unanimous vote is required for relevant

activities.

4

Net asset share amount and carrying amount of SK hynix system ic (Wuxi) Co., Ltd. were prepared based on the consolidated

financial statements including Hystars Semiconductor (Wuxi) Co., Ltd.

5

As major decisions require the approval of more than two-thirds of the

shareholders, the entity has been classified as an investment in a joint venture.

F-112

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

10. Investments in Associates and Joint

Ventures, Continued

(2) Details of investments in associates and joint ventures as of March 31, 2026

and December 31, 2025 are as follows:

(In millions of Korean won)

March 31, 2026

December 31, 2025

Investee

Ownership

(%)

Net asset

value

Carrying

amount

Ownership

(%)

Carrying

amount

Associates:

SK China Company Limited

11.87

W

435,304

W

487,901

11.87

W

463,560

SK South East Asia Investment Pte. Ltd.

20.00

388,951

388,951

20.00

370,671

SiFive, Inc.

6.84

10,179

9,703

6.84

9,175

Wuxi xinfa IC industry park., Ltd.

30.00

50,368

50,368

30.00

46,990

Others

155,433

163,571

160,957

Joint ventures:

HITECH Semiconductor (Wuxi) Co., Ltd.

45.00

166,669

163,062

45.00

152,015

SK hynix system ic (Wuxi) Co., Ltd.

49.79

(45,618

)

55,662

49.79

78,548

Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor

33.33

6,936

6,936

33.33

9,039

Specialized Investment-type Private Equity Investment Trust For

Win-win System Semiconductor

37.50

19,522

19,522

37.50

19,574

Others

10,650

10,651

10,398

W

1,198,394

W

1,356,327

W

1,320,927

(3) Changes in investments in associates and joint ventures for the three-month periods ended

March 31, 2026 and 2025 are as follows:

(In millions of Korean won)

2026

Beginning

balance

Acquisition

Share of

profit

(loss)

Other

equity

movement

Dividend

Recovery

of principal

Ending

balance

SK China Company Limited

W

463,560

W

—

W

1,780

W

22,561

W

—

W

—

W

487,901

SK South East Asia Investment Pte. Ltd.

370,671

—

(1,858

)

20,138

—

—

388,951

SiFive, Inc.

9,175

—

—

528

—

—

9,703

Wuxi xinfa IC industry park., Ltd.

46,990

—

165

3,212

—

—

50,367

HITECH Semiconductor (Wuxi) Co., Ltd.

152,015

—

2,551

8,496

—

—

163,062

SK hynix system ic (Wuxi) Co., Ltd.

78,548

—

(30,121

)

7,233

—

—

55,660

Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor

9,039

—

(49

)

(53

)

(430

)

(1,570

)

6,937

Specialized Investment-type Private Equity Investment Trust For

Win-win System Semiconductor

19,574

—

(52

)

—

—

—

19,522

Others

171,355

—

806

4,753

(741

)

(1,949

)

174,224

W

1,320,927

W

—

W

(26,778

)

W

66,868

W

(1,171

)

W

(3,519

)

W

1,356,327

F-113

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

10. Investments in Associates and Joint

Ventures, Continued

(3) Changes in investments in associates and joint ventures for the three-month periods ended

March 31, 2026 and 2025 are as follows, Continued:

(In millions of Korean won)

2025

Beginning

balance

Acquisition

Share of

profit

(loss)

Other

equity

movement

Dividend

Recovery

of principal

Ending

balance

SK China Company Limited

W

456,471

W

—

W

188

W

(15,470

)

W

—

W

—

W

441,189

SK South East Asia Investment Pte. Ltd.

401,843

—

(12,500

)

1,263

—

—

390,606

SiFive, Inc.

18,311

—

(2,340

)

(221

)

—

—

15,750

Wuxi xinfa IC industry park., Ltd.

44,895

—

1,201

167

—

—

46,263

HITECH Semiconductor (Wuxi) Co., Ltd.

157,255

—

754

(309

)

—

—

157,700

SK hynix system ic (Wuxi) Co., Ltd.

688,702

—

(27,139

)

(124

)

—

—

661,439

Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor

11,237

—

(971

)

921

—

—

11,187

Specialized Investment-type Private Equity Investment Trust For

Win-win System Semiconductor

22,459

—

(26

)

—

—

—

22,433

Others

139,490

2,100

(277

)

49

—

(3,581

)

137,781

W

1,940,663

W

2,100

W

(41,110

)

W

(13,724

)

W

—

W

(3,581

)

W

1,884,348

(4) Major associates and joint ventures’ summarized financial information as of March 31,

2026 and December 31, 2025 are as follows:

(In millions of Korean won)

March 31, 2026

Current

assets

Non-current

assets

Current

liabilities

Non-current

liabilities

SK China Company Limited

W

2,271,763

W

1,687,604

W

90,026

W

340,484

SK South East Asia Investment Pte. Ltd.

1,077,750

1,037,101

61,289

38,453

HITECH Semiconductor (Wuxi) Co., Ltd.

286,026

278,058

188,722

7,706

SK hynix system ic (Wuxi) Co., Ltd.

490,597

1,272,474

1,314,267

541,211

(In millions of Korean won)

December 31, 2025

Current

assets

Non-current

assets

Current

liabilities

Non-current

liabilities

SK China Company Limited

W

1,787,188

W

2,120,977

W

151,370

W

293,452

SK South East Asia Investment Pte. Ltd.

1,021,847

983,307

58,110

36,458

HITECH Semiconductor (Wuxi) Co., Ltd.

298,955

277,560

182,138

58,962

SK hynix system ic (Wuxi) Co., Ltd.

210,511

1,233,265

962,673

520,468

F-114

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

10. Investments in Associates and Joint

Ventures, Continued

(5) Major associates and joint ventures’ summarized financial information for

the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of Korean won)

2026

2025

Revenue

Net profit

(loss)

Revenue

Net profit

(loss)

SK China Company Limited

W

18,531

W

9,795

W

16,094

W

1,586

SK South East Asia Investment Pte. Ltd.

100,917

10,978

355,697

(62,500

)

HITECH Semiconductor (Wuxi) Co., Ltd.

216,147

16,081

174,973

8,880

SK hynix system ic (Wuxi) Co., Ltd.

74,238

(60,497

)

80,374

(61,995

)

11. Property, Plant and Equipment

(1)

Changes in property, plant and equipment for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of Korean won)

2026

2025

Beginning balance

W

77,502,704

W

60,157,474

Acquisition

7,347,767

5,883,723

Disposal and retirement

(8,357

)

(6,829

)

Depreciation

(3,415,412

)

(3,014,780

)

Transfers

6,433

2,780

Foreign exchange difference, etc.

618,789

(7,068

)

Ending balance

W

82,051,924

W

63,015,300

(2) Certain machineries are pledged as collaterals for borrowings of the Group as of March 31,

2026 (see note 29).

12. Leases

(1) Changes in right-of-use assets for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of Korean won)

2026

2025

Beginning balance

W

2,336,457

W

2,486,871

Acquisition

86,497

23,891

Termination

(1,672

)

(1,806

)

Depreciation

(103,087

)

(109,286

)

Foreign exchange difference

35,481

771

Ending balance

W

2,353,676

W

2,400,441

F-115

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

12. Leases, Continued

(2) Changes in lease liabilities for the three-month periods ended March 31, 2026

and 2025 are as follows:

(In millions of Korean won)

2026

2025

Beginning balance

W

2,509,943

W

2,768,376

Acquisition

86,409

23,891

Termination

(1,614

)

(1,660

)

Interest expenses

24,365

24,424

Payments

(162,606

)

(163,637

)

Foreign exchange difference

58,254

(1,299

)

Ending balance

W

2,514,751

W

2,650,095

13. Intangible Assets

Changes in intangible

assets for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of Korean won)

2026

2025

Beginning balance

W

4,049,402

W

4,018,847

Acquisition

184,745

170,465

Disposal and retirement

(990

)

(526

)

Amortization

(210,566

)

(221,434

)

Transfers

(6,378

)

(2,867

)

Others 1

34,404

(1,785

)

Ending balance

W

4,050,617

W

3,962,700

1

Others include increase/decrease due to foreign exchange difference.

14. Borrowings

Details of borrowings as of March 31, 2026 and

December 31, 2025 are as follows:

(In millions of Korean won)

March 31,

2026

December 31,

2025

Current

Short-term borrowings

W

2,522,307

W

2,395,797

Current portion of long-term borrowings

1,716,223

1,470,301

Current portion of debentures 1

1,652,410

4,295,659

5,890,940

8,161,757

Non-current

Long-term borrowings

2,675,856

2,879,750

Debentures

10,750,869

11,206,398

13,426,725

14,086,148

W

19,317,665

W

22,247,905

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Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

14. Borrowings, Continued

Details of borrowings as of March 31, 2026 and December 31, 2025 are as follows, Continued:

1

The carrying amount includes exchangeable bond issued by the Parent Company during the year ended December 31, 2023.

The maturity date of the exchangeable bond is in 2030, but the Group has classified the exchangeable bond as current borrowings due to the possibility of exercising conversion rights by the bondholders. During the three-month period ended

March 31, 2026, exchangeable bonds equivalent to USD 510,800,000 were exchanged for 6,179,194 shares upon exercise of exchange rights by the bondholders. On a cumulative basis, exchangeable bonds equivalent to USD 1,472,400,000 have been

exchanged for 17,807,022 shares. The conditions of issuance are as follows:

Type of bond

Issue amount

Foreign exchangeable bond

USD 1,700,000,000

Outstanding balance of bonds issued 1

USD 227,600,000

Interest rate

Coupon Rate

1.75%

Yield Rate

1.75%

Maturity Date

April 11, 2030

Redemption measures

1) Redemption upon maturity: redemption of the remaining amounts for which conversion rights or early redemption has not been exercised upon maturity date

2) Early redemption: Redemption by the Call Option of the Issuer or redemption by the Put Option of Bondholders

Details of conversion

right

Conversion Rate

100.00% of the principal amount

Conversion price

W 108,811 per share

Subject of Conversion

Ordinary shares of the SK hynix Inc. (currently held as treasury shares)

Conversion period

May 22, 2023 - April 1, 2030

Adjustment to Conversion Price

Adjustment of the Conversion Price in certain circumstances, including but not limited to:

Bonus issue, subdivision, consolidation, reclassification, rights issues of options or warrants

over shares, share dividends, capital distribution, modification of rights of conversion, issues at less than Current Market Price, etc.

Put Option of Bondholders

The fourth anniversary from the transaction date (April 11, 2027)

In the case of a change of control of the Parent Company

In the case of the Shares of the Parent company ceases to be listed or admitted to trading or are suspended for trading for a period equal to or exceeding 20 consecutive Trading Days

Call Option of the Issuer

On or after April 25, 2028, in the case of the closing price of the Shares for any 20 trading days in a period of 30 consecutive trading days is at least 130% of the prevailing Conversion Price

In the case of the aggregate principal amount of the Bonds outstanding is less than 10% of the aggregate principal amount originally issued (Clean Up Call)

In the case of the Issuer becomes obliged to pay any additional amounts, as a result of changes relating to tax laws in Korea.

1

The number of exchangeable shares was 20,126,911 upon initial issuance, but due to the exercise of conversion rights and

adjustments in the conversion price, the number of exchangeable shares has been changed to 2,753,353 as of March 31, 2026.

F-117

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

15. Other Current and Non-current Liabilities

Details of other current and non-current liabilities as of March 31, 2026 and December 31, 2025 are as follows:

(In millions of Korean won)

March 31,

2026

December 31,

2025

Current

Advance receipts

W

121,245

W

59,298

Unearned income

4,350

6,499

Withholdings

386,075

318,105

Contract liabilities

483,957

474,185

Others

94,499

79,520

1,090,126

937,607

Non-current

Other long-term employee benefits

1,575,988

1,300,847

Others

132

130

1,576,120

1,300,977

W

2,666,246

W

2,238,584

16. Provisions

(1) Changes in provisions for

the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of Korean won)

2026

Beginning

Balance

Utilization

Reversal

Ending

Balance

Warranty

W

222,751

W

(594

)

W

(44,015

)

W

178,142

Emission allowances

4,359

—

(4,221

)

138

Restoration costs

1,827

—

—

1,827

W

228,937

W

(594

)

W

(48,236

)

W

180,107

(In millions of Korean won)

2025

Beginning

Balance

Utilization

Reversal

Ending

Balance

Warranty

W

263,001

W

(688

)

W

(27,537

)

W

234,776

Emission allowances

5,407

—

(2,146

)

3,261

Restoration costs

1,827

—

—

1,827

W

270,235

W

(688

)

W

(29,683

)

W

239,864

(2) Provisions for warranty

The Group estimates the

expected warranty costs based on historical results and records provisions for warranty. Regarding the durability issue of certain products sold in the prior years, the Group separately estimated and recorded warranty provisions for the amount

expected to be paid for product replacement and other customer supporting activities.

F-118

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

16. Provisions, Continued

(3) Provision for emission allowances

The Group recognizes estimated future payment for the number of emission certificates required to settle the Group’s obligation exceeding the actual number of

certificates on hand as emission allowances according to the Act on Allocation and Trading of Greenhouse Gas Emission Permits.

(a) Details of the allocated amount

of emission permits and the estimated amount of emission as of March 31, 2026 are as follows:

(In ten thousand tons CO2-eq)

March 31, 2026

Allocated emission permits

664

(b) Changes in the emission permits rights for the three-month period ended March 31, 2026 are as follows:

(In ten thousand tons CO2-eq)

2025

Beginning balance

58

Allocated

547

Submission

(41

)

Carryforwards

(8

)

Disposal

(2

)

Ending balance

554

17. Defined Benefit Liabilities (Assets)

(1)

Details of defined benefit liabilities (assets) as of March 31, 2026 and December 31, 2025 are as follows:

(In millions of Korean won)

March 31,

2026

December 31,

2025

Present value of defined benefit obligations

W

3,382,411

W

3,447,188

Fair value of plan assets

(4,754,819

)

(4,933,932

)

Net defined benefit liabilities (assets)

W

(1,372,408

)

W

(1,486,744

)

Defined benefit liabilities

W

69,192

W

66,144

Employee benefit assets 1

W

1,441,600

W

1,552,888

1

The Parent Company and certain subsidiaries’ fair value of plan assets in excess of the present value of defined

benefit obligations, presented as employee benefit assets, amounted to W 1,441,600 million and W 1,552,888 million as of March 31, 2026 and December 31, 2025, respectively.

F-119

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

17. Defined Benefit Liabilities (Assets),

Continued

(2)

Changes in present value of defined benefit obligations for the three-month periods ended March 31, 2026 and 2025

are as follows:

(In millions of Korean won)

2026

2025

Beginning balance

W

3,447,188

W

3,125,802

Current service cost

75,573

72,829

Interest expense

44,958

38,319

Transfer from associates

3,944

1,862

Benefits paid

(189,433

)

(114,439

)

Others

181

1,172

Ending balance

W

3,382,411

W

3,125,545

(3)

Changes in fair value of plan assets for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of Korean won)

2026

2025

Beginning balance

W

4,933,932

W

4,211,967

Contributions

839

—

Interest income

65,796

52,252

Transfer from associates

3,421

2,405

Benefits paid

(205,446

)

(137,965

)

Remeasurements

(44,025

)

(1,969

)

Others

302

(781

)

Ending balance

W

4,754,819

W

4,125,909

(4)

The amounts recognized in profit or loss for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of Korean won)

2026

2025

Current service cost

W

75,573

W

72,829

Net interest income

(20,838

)

(13,933

)

W

54,735

W

58,896

(5)

Contributions to defined contribution plans amounting to W 7,624 million (2025: W 3,250 million) were recognized as

cost for the three-month period ended March 31, 2026.

F-120

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

18. Derivative Financial Instruments

(1)

Currency and interest rate swap

(a)

Details of derivative financial instruments applying cash flow hedge accounting as of March 31, 2026 are as follows:

(In millions of Korean won and thousands of foreign currencies)

Hedged items

Hedging instruments

Borrowing

date

Financial instrument

Hedged risk

Type of

contract

Financial

institution

Contract

period

2019.10.02

Foreign currency denominated borrowing for equipment with floating rate (Par value: USD 93,750)

Foreign currency risk and interest rate risk

Floating-to-fixed cross

currency interest rate swap

Korea Development Bank

2019.10.02 ~

2026.10.02

2025.10.02

Foreign currency denominated borrowing for equipment with floating rate (Par value: USD 14,000)

Foreign currency risk and interest rate risk

Floating-to-fixed cross

currency interest rate swap

Shinhan Bank

2025.10.02 ~

2029.10.02

2023.04.04

Borrowing for equipment with floating rate (Par value: KRW 100,000)

Interest rate risk

Interest rate swap

Woori Bank

2023.04.04 ~

2028.04.04

2024.03.07

Borrowing for equipment with floating rate (Par value: KRW 217,400)

Interest rate risk

Interest rate swap

Shinhan Bank

2024.03.07 ~

2027.10.18

(b)

The fair value of derivative financial assets and derivative financial liabilities held by the Group are presented in

other financial assets and other financial liabilities in the consolidated financial statements of financial position as of March 31, 2026 and the details are as follows:

(In millions of Korean won and thousands of foreign currencies)

Type of contract

Hedged items

Cash flow

hedge

Fair value

Floating-to-fixed cross

currency interest rate swap

Foreign currency denominated borrowing for equipment with floating rate (Par value: USD

107,750)

W

33,357

W

33,357

Interest rate swap

Borrowing for equipment with floating rate (Par value: KRW 100,000)

147

147

Interest rate swap

Borrowing for equipment with floating rate (Par value: KRW 217,400)

113

113

Derivative financial assets

W

33,617

Interest rate swap

Borrowing for equipment with floating rate

(Par value: KRW 217,400)

W

416

W

416

Derivative financial liabilities

W

416

As of March 31, 2026, changes of fair value of the derivative are recognized in other comprehensive income or loss as all of

designated hedging instruments are all effective against risks.

F-121

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

18. Derivative Financial Instruments, Continued

(2) Embedded Derivatives

The details of the embedded derivatives held by the Group presented in other financial liabilities in the consolidated financial statements of financial position as of

March 31, 2026 and December 31, 2025 are as follows:

(In millions of Korean won)

Derivative financial liabilities

March 31,

2026

December 31,

2025

Embedded Derivatives 1

W

1,596,771

W

4,911,677

1

Embedded derivatives are conversion right, call option, and put options granted on exchangeable bonds issued by the Group

on April 11, 2023 (See note 14).

(3) Currency Forward Contracts

The Group enters into currency forward contracts to minimize accounting profits and losses arising from the remeasurement of monetary assets and liabilities denominated

in foreign currencies other than USD, but hedge accounting is not applied. The details of the derivatives related to currency forward contracts held by the Group presented in other financial assets and other financial liabilities in the consolidated

financial statements of financial position as of March 31, 2026 and December 31, 2025 are as follows:

(In millions of Korean won)

March 31, 2026

December 31, 2025

Assets

Liabilities

Assets

Liabilities

Current derivatives:

Currency forwards

W

194

W

171

W

62

W

277

F-122

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

19. Capital Stock, Capital Surplus, Other Equity and Accumulated Other Comprehensive Income

(1)

The Parent Company has 9,000,000,000 authorized shares and the face value per share is W 5,000 as of March 31, 2026. The number of shares issued, common stock, capital surplus and other equity as of March 31, 2026 and

December 31, 2025, are as follows:

(In millions of Korean won and shares)

March 31,

2026

December 31,

2025

Issued shares 1

712,702,365

728,002,365

Capital stock:

Common stock

W

3,657,652

W

3,657,652

Capital surplus:

Additional paid-in capital 2

W

21,406

W

3,625,797

Others 2,3

8,488,877

5,327,917

W

8,510,283

W

8,953,714

Other equity:

Acquisition cost of treasury shares 3,4

W

(251,144

)

W

(1,499,954

)

Share options

39,456

64,018

Others

(156,739

)

87,338

W

(368,427

)

W

(1,348,598

)

Accumulated other comprehensive income:

Equity-accounted investees – share of other

comprehensive income

W

318,932

W

252,064

Foreign operations – foreign currency

translation differences

3,425,652

2,416,253

Gain on valuation of derivatives

605

8,545

W

3,745,189

W

2,676,862

Number of treasury shares:

Number of treasury shares 3,4

4,405,344

26,310,845

1

The number of issued shares decreased due to share retirement during the three-month period ended March 31, 2026 and

in prior periods.

2

During the three-month period ended March 31, 2026, the Parent Company resolved at the annual general meeting of

shareholders held on March 25, 2026, to increase distributable retained earnings by transferring capital surplus to retained earnings. As a result, share premium of

W 3,604,391 million and capital reduction surplus of

W 479,244 million were transferred to retained earnings.

3

The Group disposed 6,605,501 treasury shares during the three-month period ended March 31, 2026, and recognized gains

on disposal of treasury shares of W 3,984,135 million.

4

The Group canceled 15,300,000 treasury shares during the three-month period ended March 31, 2026.

(2)

The number of outstanding shares, which deducted treasury shares held by the Parent Company from listed issued shares, as

of March 31, 2026 and December 31, 2025, are as follows:

(In shares)

March 31, 2026

Listed

Shares

Treasury

Shares

Outstanding

Shares

The number of issued shares

712,702,365

4,405,344

708,297,021

(In shares)

December 31, 2025

Listed

Shares

Treasury

Shares

Outstanding

Shares

The number of issued shares

728,002,365

26,310,845

701,691,520

F-123

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

20. Retained Earnings

Retained

earnings as of March 31, 2026 and December 31, 2025 are as follows:

(In millions of Korean won)

March 31,

2026

December 31,

2025

Legal reserve 1

W

1,055,907

W

845,040

Discretionary reserve 2

235,507

235,507

Unappropriated retained earnings 3,4

147,454,971

105,496,001

W

148,746,385

W

106,576,548

1

The Commercial Code of the Republic of Korea requires the Parent Company to appropriate for each financial period, as a

legal reserve, an amount equal to a minimum of 10% of cash dividends paid until such reserve equals 50% of its issued capital stock. The reserve is not available for cash dividends payment but may be transferred to capital stock or used to reduce

accumulated deficit.

2

Discretionary reserve is the reserve for technology development.

3

For the three-month period ended March 31, 2026, the Group resolved at the annual general meeting of shareholders

held on March 25, 2026, to increase distributable retained earnings by transferring capital surplus to retained earnings. As a result, share premium of

W 3,604,391 million and capital reduction surplus of

W 479,244 million were transferred to retained earnings.

4

Dividends amounting to

W 1,327,712 million were approved at shareholders’ meeting held on March 25, 2026, and dividends payables are recorded as other payables as

of March 31, 2026.

21. Revenue

(1)

Details of the Group’s revenue for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of Korean won)

2026

2025

Sale of goods and other products

W

52,545,397

W

17,608,044

Providing services

30,890

31,097

W

52,576,287

W

17,639,141

(2)

Details of the Group’s revenue by product and service types for the three-month periods ended March 31, 2026

and 2025 are as follows:

(In millions of Korean won)

2026

2025

DRAM

W

40,658,636

W

14,036,870

NAND Flash

11,574,235

3,228,835

Other

343,416

373,436

W

52,576,287

W

17,639,141

F-124

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

21. Revenue, Continued

(3)

Details of the Group’s revenue information by region based on the location of selling entities for the three-month

periods ended March 31, 2026 and 2025 are as follows:

(In millions of Korean won)

2026

2025

Korea

W

178,767

W

442,620

U.S.A.

33,999,158

12,794,533

China

12,796,578

2,694,352

Asia (other than China)

4,473,287

1,258,292

Europe

1,128,497

449,344

W

52,576,287

W

17,639,141

(4)

Details of the Group’s revenue by the timing of revenue recognition during the three-month periods ended

March 31, 2026 and 2025 are as follows:

(In millions of Korean won)

2026

2025

Performance obligations satisfied at a point in time

W

52,545,397

W

17,608,044

Performance obligations satisfied over time

30,890

31,097

W

52,576,287

W

17,639,141

22. Selling and Administrative Expenses and Research and Development Expenses

(1)

Selling and administrative expenses for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of Korean won)

2026

2025

Selling and administrative expenses:

Salaries

W

844,451

W

437,819

Defined benefit plan

12,571

12,851

Employee benefits

91,285

65,449

Commission

177,124

192,976

Depreciation

70,764

75,503

Amortization

118,251

135,054

Freight and custody charges

17,099

13,340

Taxes and dues

43,089

28,932

Advertising

26,079

14,923

Supplies

39,383

22,468

Sales promotion expenses

113,945

100,577

Quality control cost

(43,101

)

(3,665

)

Training

28,426

26,667

Others

78,305

66,836

W

1,617,671

W

1,189,730

F-125

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

22. Selling and Administrative Expenses and

Research and Development Expenses, Continued

(2)

Research and development expenses for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of Korean won)

2026

2025

Research and development expenses:

Expenditure on research and development

W

2,550,475

W

1,515,106

Development cost capitalized

(99,015

)

(43,349

)

W

2,451,460

W

1,471,757

23. Expenses by Nature

Nature of expenses

for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of Korean won)

2026

2025

Changes in finished goods,

work-in-process and others

W

(1,082,560

)

W

(1,169,659

)

Raw materials, supplies and consumables

3,048,463

2,524,598

Salaries, employee benefit and others

5,517,273

2,732,918

Depreciation and amortization

3,725,765

3,333,928

Commission

1,214,072

1,016,503

Utilities

796,765

783,882

Repair

775,625

673,142

Outsourcing

659,180

408,631

Others

459,188

(36,862

)

Transfer: capitalized development cost and others

(147,767

)

(68,444

)

Total 1

W

14,966,004

W

10,198,637

1

Total expenses consist of cost of sales, selling and administrative expenses and research and development expenses.

F-126

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

24. Finance Income and Expenses

Finance income and expenses for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of Korean won)

2026

2025

Finance Income:

Interest income

W

188,779

W

105,996

Dividend income

3,951,622

4,107

Foreign exchange differences 1

2,931,119

628,626

Gain on valuation of financial instruments

9,941,549

1,899,719

Others

43,281

48,911

17,056,350

2,687,359

Finance Expenses:

Interest expense

166,943

257,510

Foreign exchange differences 1

1,357,748

507,068

Loss on derivatives

1,498,792

—

Others

—

26

3,023,483

764,604

Net finance income (expenses)

W

14,032,867

W

1,922,755

1

The foreign exchange differences gain from long-term investment assets amounting to W 425,901 million (2025: The foreign exchange differences gain

W 169,533 million) are included for the three-month period ended March 31, 2026.

25. Other Income and Expenses

(1)

Other income for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of Korean won)

2026

2025

Gain on disposal of property, plant and equipment

W

10,085

W

44,908

Others

4,938

34,035

W

15,023

W

78,943

(2)

Other expenses for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of Korean won)

2026

2025

Donation

W

3,082

W

4,368

Loss on impairment of property, plant and equipment

6

35

Loss on disposal of property, plant and equipment

7,013

1,821

Loss on disposal of intangible assets

990

526

Depreciation of idle property, plant and equipment

3,301

11,575

Others

145

83,539

W

14,537

W

101,864

F-127

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

26. Income Tax Expense

Income tax expense is recognized based on management’s best estimate of the average annual effective income tax rate expected for the full financial year

multiplied by the pre-tax income of the interim reporting period. Income tax expense includes current tax expense adjustments related to prior period.

27. Earnings per Share

Basic earnings per share is calculated by dividing

the profit attributable to ordinary shareholders of the Parent Company by the weighted average number of outstanding ordinary shares during the three-month period.

(1)

Basic earnings per share for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of Korean won, except for shares and per

share information)

2026

2025

Profit attributable to ordinary shareholders of the Parent Company

W

40,330,176

W

8,107,081

Weighted average number of outstanding ordinary

shares 1

705,383,456

689,640,407

Basic earnings per share (in Korean won)

W

57,175

W

11,756

1

Weighted average number of outstanding ordinary shares is calculated as follows:

(In shares)

2026

2025

Issued ordinary shares

719,332,365

728,002,365

Acquisition of treasury shares

(13,948,909

)

(38,361,958

)

Weighted average number of outstanding ordinary shares

705,383,456

689,640,407

(2)

Diluted earnings per share for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of Korean won, except for shares and per

share information)

2026

2025

Profit attributable to ordinary shareholders of the Parent Company

W

40,330,176

W

8,107,081

Adjustment :

Changes in profit attributable to ordinary shareholders of the Parent Company due to the exercise of

Restricted Stock Units (RSUs) by subsidiaries’ employees

(79,703

)

(4,909

)

Interest expense (After-tax)

4,795

23,113

Loss (Gain) on foreign currency translation (After-tax)

70,859

(13,646

)

Diluted profit attributable to ordinary shareholders of the Parent Company

40,326,127

8,111,639

Weighted average number of diluted outstanding common

shares 1

711,592,641

710,834,107

Diluted earnings per share (in Korean won)

W

56,670

W

11,411

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Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

27. Earnings per Share, Continued

(2)

Diluted earnings per share for the three-month periods ended March 31, 2026 and 2025 are as follows, Continued:

1

Weighted average number of diluted outstanding ordinary shares is calculated as follows:

(In shares)

2026

2025

Weighted average number of outstanding ordinary shares

705,383,456

689,640,407

Share options

707,266

1,054,411

Exchangeable bond

5,501,919

20,139,289

Weighted average number of diluted outstanding ordinary shares

711,592,641

710,834,107

28. Transactions with Related Parties and Others

(1)

Details of related parties as of March 31, 2026 are as follows:

Type

Name of related parties

Associates

Stratio, Inc., SK China Company Limited, Gemini Partners Pte. Ltd., TCL Fund,

SK South East Asia Investment Pte. Ltd.,

Hushan Xinju (Chengdu) Venture Investment

Center (Smartsource),

Prume Social Farm, Co., Ltd., Wuxi xinfa IC industry park., Ltd.,

Mirae Asset Committee Semiconductor No.1 Startup Venture Private Equity Investment Co., Ltd.,

L&S (No.10) Early Stage III Investment Association,

SiFive, Inc., YD-SK-KDB Social Value,

Ningbo Zhongxin Venture Capital Partnership (Limited Partnership),

Jiangsu KVTS

Semiconductor science and Technology Co., Ltd.,

SAPEON Inc., SK Japan Inc., SK Americas, Inc.

Joint ventures

HITECH Semiconductor (Wuxi) Co., Ltd.,

SK hynix system ic (Wuxi) Co.,

Ltd., and its subsidiaries,

Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor,

Specialized Investment-type Private Equity Investment Trust For Win-win System Semiconductor,

Semiconductor Ecosystem Fund

Other related parties

SK Square Co., Ltd., which has significant influence over the Group, and its subsidiaries,

SK Holdings Co., Ltd., which has control over SK Square Co., Ltd., and its subsidiaries

F-129

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Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

28. Transactions with Related Parties and

Others, Continued

(2)

Significant transactions with related parties for the three-month periods ended March 31, 2026 and 2025 are as

follows:

(In millions of Korean won)

2026

Company

Sales and

others

Purchase

and others

Asset

acquisition

Associates

SK China Company Limited

W

9

W

2,838

W

—

SK Japan Inc.

—

445

—

Wuxi xinfa IC industry park., Ltd.

—

32

—

Joint ventures

HITECH Semiconductor (Wuxi) Co., Ltd.

478

216,662

5,438

SK hynix system ic (Wuxi) Co., Ltd.

3,442

—

—

SK hynix system ic Wuxi solutions Inc.

4,071

3,645

—

Other related parties

SK Telecom Co., Ltd.

1,968

15,777

2,481

SK Holdings Co., Ltd. 1

5,326

129,115

2,390

ESSENCORE Limited

1,550,318

—

—

SK Ecoplant Co., Ltd.

19,176

—

986,370

SK Energy Co., Ltd.

9,561

36,850

—

SK Networks Co., Ltd.

298

1,536

—

Chungcheong energy service Co., Ltd.

25

18,169

—

SK Siltron Co., Ltd.

10,076

122,086

—

SK Airplus Inc.

1,841

1,863

—

Techdream Co., Ltd.

—

32,547

—

SK Tri Chem Co., Ltd.

204

42,908

—

SK Aircore Co., Ltd.

139

33,756

—

SK Shieldus Co., Ltd.

200

37,276

565

SK Innovation Co., Ltd.

1,296

22,557

40

SK Square Co., Ltd.

12

—

—

SK REIT Co., Ltd.

—

1,243

—

Clean Industrial REIT Co., Ltd.

—

6,255

—

FSK L&S Co., Ltd.

16

12,674

1,336

PRISM Energy International Pte. Ltd.

—

172,799

—

Others

26,274

84,676

1,860

W

1,634,730

W

995,709

W

1,000,480

1

Royalty expense for the use of the SK brand for the three-month period ended March 31, 2026 is included.

F-130

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Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

28. Transactions with Related Parties and

Others, Continued

(2)

Significant transactions with related parties for the three-month periods ended March 31, 2026 and 2025 are as

follows, Continued:

(In millions of Korean won)

Company

2025

Sales

and others

Purchase

and others

Asset

acquisition

Associates

SK China Company Limited

W

6

W

3,232

W

—

Prume Social Farm, Co., Ltd.

—

18

—

SK Japan Inc.

—

922

—

Joint ventures

HITECH Semiconductor (Wuxi) Co., Ltd.

4,878

178,096

6,967

SK hynix system ic (Wuxi) Co., Ltd.

2,576

—

—

Other related parties

SystemIC Solution

5,019

—

—

Hystars Semiconductor (Wuxi) Co., Ltd.

—

20,560

—

SK Telecom Co., Ltd.

1,569

13,185

—

SK Holdings Co., Ltd. 1

5,049

70,999

779

ESSENCORE Limited

346,692

—

—

SK Ecoplant Co., Ltd.

11,414

—

291,863

SK Energy Co., Ltd.

4,503

57,935

—

SK Networks Co., Ltd.

1,520

1,272

32

SK enpulse Co., Ltd

792

13,678

—

Chungcheong energy service Co., Ltd.

3

19,215

—

SK Specialty Co., Ltd.

1,017

26,810

—

SK Siltron Co., Ltd.

10,820

122,608

—

SK Airplus Inc.

88

25,771

—

Techdream Co., Ltd.

—

30,632

—

SK Tri Chem Co., Ltd.

265

34,598

—

SK Shieldus Co., Ltd.

199

30,230

812

SK Innovation Co., Ltd.

1,491

24,322

—

SK Square Co., Ltd.

26

—

—

SK REIT Co., Ltd.

—

1,399

—

Clean Industrial REIT Co., Ltd.

—

6,815

—

FSK L&S Co., Ltd.

24

10,511

960

SK LNG Trading Pte., Ltd.

—

246,882

—

Others

29,903

57,504

989

W

427,854

W

997,194

W

302,402

1

Royalty expense for the use of the SK brand for the three-month period ended March 31, 2025 is included.

F-131

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Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

28. Transactions with Related Parties and

Others, Continued

(3)

The balances from significant transactions as of March 31, 2026 and December 31, 2025 are as follows:

(In millions of Korean won)

Company

March 31, 2026

Trade receivables

and others

Other payables

and others

Associates

SK China Company Limited

W

—

W

2,946

SK Japan Inc.

639

2,000

Wuxi xinfa IC industry park., Ltd

—

11

TCL Fund

8,341

—

Joint ventures

HITECH Semiconductor (Wuxi) Co., Ltd.

391

392,470

SK hynix system ic (Wuxi) Co., Ltd.

275,816

653

SystemIC Solution

1,336

54

Hystars Semiconductor (Wuxi) Co., Ltd.

—

49,569

Other related parties

SK Telecom Co., Ltd.

937

16,782

SK Holdings Co., Ltd.

2,750

255,292

ESSENCORE Limited

558,582

—

SK Ecoplant Co., Ltd.

12,739

1,786,225

SK Energy Co., Ltd.

7,716

20,483

SK Networks Co., Ltd.

164

1,534

Chungcheong energy service Co., Ltd.

26

5,099

SK Siltron Co., Ltd.

99,599

71,339

SK Airplus Inc.

1,137

140,031

Techdream Co., Ltd.

—

4,494

SK Tri Chem Co., Ltd.

199

10,470

SK Aircore Co., Ltd.

63

369,285

SK Shieldus Co., Ltd.

75

14,462

SK Innovation Co., Ltd.

819

3,680

SK REIT Co., Ltd.

17,330

136,035

Clean Industrial REIT Co., Ltd.

—

511,912

FSK L&S Co., Ltd.

8

3,778

PRISM Energy International Pte. Ltd.

—

111,404

Others

38,144

160,589

W

1,026,811

W

4,070,597

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Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

28. Transactions with Related Parties and

Others, Continued

(3)

The balances from significant transactions as of March 31, 2026 and December 31, 2025 are as follows,

Continued:

(In millions of Korean won)

Company

December 31, 2025

Trade

receivables

and others

Other

payables

and others

Associates

SK China Company Limited

W

5

W

9,372

Prume Social Farm, Co., Ltd.

—

8

SK Japan Inc.

620

3,242

TCL Fund

7,809

—

Joint ventures

HITECH Semiconductor (Wuxi) Co., Ltd.

664

374,408

SK hynix system ic (Wuxi) Co., Ltd.

261,110

—

SK hynix system ic Wuxi solutions Inc.

1,814

156

Hystars Semiconductor (Wuxi) Co., Ltd.

—

46,410

Other related parties

SK Telecom Co., Ltd.

845

23,483

SK Holdings Co., Ltd.

2,322

328,169

ESSENCORE Limited

1,012,569

—

SK Ecoplant Co., Ltd.

11,819

2,792,416

SK Energy Co., Ltd.

2,781

25,495

SK Networks Co., Ltd.

90

2,659

SK enpulse Co., Ltd.

—

705

Chungcheong energy service Co., Ltd.

7

6,330

SK Siltron Co., Ltd.

107,300

44,478

SK Airplus Inc.

326

698,786

Techdream Co., Ltd.

—

4,918

SK Tri Chem Co., Ltd.

117

12,267

SK Shieldus Co., Ltd.

79

18,026

SK Innovation Co., Ltd.

917

4,142

SK Square Co., Ltd.

198

—

SK REIT Co., Ltd.

17,330

140,571

Clean Industrial REIT Co., Ltd

—

524,661

FSK L&S Co., Ltd.

4

5,382

PRISM Energy International Pte. Ltd.

—

215,472

Others

31,688

173,308

W

1,460,414

W

5,454,864

(4) Key management compensation

The Group considers

registered directors of the Parent Company who have authority and responsibility for planning, directing and controlling the activities of the Group as key management. The compensation paid to key management for employee services for the three-month

periods ended March 31, 2026 and 2025 are as follows:

(In millions of Korean won)

Details

2026

2025

Salaries

W

4,991

W

3,741

Defined benefit plan related expenses

257

204

Share-based payments

29

244

W

5,277

W

4,189

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Table of Contents

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Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

28. Transactions with Related Parties and

Others, Continued

(5)

The significant transactions between the Group and the companies that are in the same conglomerate group according to

‘ Fair Trade Law’ for the three-month periods ended March 31, 2026 and 2025 are as follows. These entities are not related parties according to IAS 24 Related Party Disclosures .

(In millions of Korean won)

2026

Name of entity

Sales

and others

Purchase

and others

Asset

acquisition

SK Chemicals Co., Ltd.

W

2,547

W

—

W

—

SK Bioscience Co., Ltd.

617

—

—

SMCore.Inc

30

568

2,817

Korea Nexlene Company

954

—

—

Others

338

15

—

W

4,486

W

583

W

2,817

(In millions of Korean won)

2025

Name of entity

Sales

and others

Purchase

and others

SK Chemicals Co., Ltd.

W

2,162

W

—

SK Bioscience Co., Ltd.

297

—

SMCore.Inc

173

382

Korea Nexlene Company

1,435

—

Others

333

W

—

W

4,400

W

382

(6)

The balances of significant transactions between the Group and the companies that are in the same conglomerate group

designated by ‘ Fair Trade Law’ as of March 31, 2026 and December 31, 2025 are as follows. These entities are not related parties according to IAS 24 Related Party Disclosures .

(In millions of Korean won)

March 31, 2026

Name of entity

Trade receivables

and others

Other payables

and others

SK Chemicals Co., Ltd.

W

1,021

W

—

SK Bioscience Co., Ltd.

276

—

SMCore.Inc

28

5,674

Korea Nexlene Company

436

—

Others

260

—

W

2,021

W

5,674

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Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

28. Transactions with Related Parties and

Others, Continued

(6)

The balances of significant transactions between the Group and the companies that are in the same conglomerate group

designated by ‘ Fair Trade Law’ as of March 31, 2026 and December 31, 2025 are as follows. These entities are not related parties according to IAS 24 Related Party Disclosures ., Continued

(In millions of Korean won)

December 31, 2025

Name of entity

Trade receivables

and others

Other payables

and others

SK Chemicals Co., Ltd.

W

707

W

—

SK Bioscience Co., Ltd.

245

—

SMCore.Inc

18

5,637

Korea Nexlene Company

122

—

Others

178

—

W

1,270

W

5,637

(7) The right-of-use

assets and lease liabilities recognized regarding the lease agreements with HITECH Semiconductor (Wuxi) Co., Ltd. and Hystars Semiconductor (Wuxi) Co., Ltd., a joint venture for the three-month period ended March 31, 2026 amount to W 5,438 million (2025:

W 6,967 million) and

W 5,438 million (2025: W 6,967

million), respectively, and lease payments to HITECH Semiconductor (Wuxi) Co., Ltd. and Hystars Semiconductor (Wuxi) Co., Ltd., a joint venture for the three-month period ended March 31, 2026 amount to W 14,107 million (2025: W 18,400 million). The right-of-use assets and lease liabilities recognized regarding the lease agreements with other related parties including SK Broadband Co., Ltd. for the three-month period ended March 31, 2026 increased

by W 1,013 million (2025:

W 32 million increased) and increased by

W 1,013 million (2025:

W 32 million increased), respectively, and lease payments to the other related parties including SK Aircore Co., Ltd. for the three-month

period ended March 31, 2026 amount to W 45,552 million (2025:

W 41,525 million).

(8) As

of March 31, 2026, the Group provides a payment guarantee amounting to KRW 153,396 million (RMB 701 million) to Wuxi Xinfa Group Co., Ltd. on behalf of Hystars Semiconductor (Wuxi) Co., Ltd., a joint venture.

(9) The establishment of the subsidiary is explained in Note 1, and the acquisitions and additional investments of associates are

explained in Note 10.

(10) Financial transactions with related parties for the three-month periods ended March 31, 2026 and 2025

are as follows :

(In millions of Korean won)

2026

Company

Dividend

Paid

Other related parties

SK Square Co., Ltd.

W

273,938

(In millions of Korean won)

2025

Company

Dividend

Paid

Other related parties

SK Square Co., Ltd.

W

190,514

F-135

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

29. Commitments and Contingencies

(1)

As of March 31, 2026, the Group is involved in various legal claims and litigation. In connection with those legal

claims and litigation for which no provision was recognized, management does not believe the Group has a present obligation, nor is it expected any of these claims or litigation will have a significant impact on the Group’s financial position

or operating results in the event an outflow of resources is ultimately necessary.

(2)

Back-end process service contract with HITECH Semiconductor (Wuxi) Co., Ltd.

(“HITECH”)

The Group has entered into an agreement with HITECH to be provided with back-end

process service by HITECH. The conditions of the service provided include package, package test, modules and others. According to the agreement, the Group has paid a certain level of guaranteed margin to HITECH as the Group has priority to use

HITECH’s equipment.

(3)

Assets provided as collateral

Details of assets provided as collateral as of March 31, 2026 are as follows:

(In millions of Korean won and millions of foreign currencies)

Book value

Pledged amount

Category

Amount

Currency

Amount

in USD

Amount

in KRW

Remark

Land and buildings

W

25,902

KRW

—

14,854

Borrowings for

equipment

and others

Machinery

USD

600

908,040

920,751

KRW

—

1,480,000

USD

600

908,040

W

946,653

KRW

—

1,494,854

(In millions of Korean won and millions of foreign currencies)

Book value

Collateral liabilities amount

Category

Amount

Currency

Amount

in USD

Amount

in KRW

Remark

Land and buildings

W

25,902

KRW

—

1,175

Borrowings for

equipment

and others

Machinery

USD

94

141,881

920,751

KRW

—

1,000,000

USD

94

141,881

W

946,653

KRW

—

1,001,175

F-136

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

29. Commitments and Contingencies, Continued

(4)

Financing agreements

Details of credit lines with financial institutions as of March 31, 2026 are as follows:

(In millions of Korean won and millions of foreign currencies)

Financial

Institution

Commitment

Currency

Amount

The Parent Company

Hana Bank and others

Import finance and others including usance

USD

330

Comprehensive limit contract for import and export including usance

USD

1,690

Overdrafts with banks

KRW

20,000

Accounts receivable factoring contracts which have no right to recourse

KRW

30,000

Supplier finance arrangement

KRW

2,360,000

SK hynix Semiconductor (China) Ltd.

Agricultural Bank of China

and others

Import finance and others including usance

RMB

950

USD

490

SK hynix America Inc.

and other sales subsidiaries

Citibank and others

Accounts receivable factoring contracts which have no right to recourse

USD

837

Domestic subsidiaries

Hana Bank and others

Supplier finance arrangement

KRW

42,720

Import finance and others including usance

USD

15

(5)

The Group’s commitments in relation to future capital expenditures on property, plant and equipment that

have not been recognized as of March 31, 2026 are W 30,921,877 million (as of December 31, 2025 W 6,667,863 million).

(6)

Investment in KIOXIA Holdings Corporation (“KIOXIA”)

In regard to the Group’s interests in KIOXIA through the investments in BCPE Pangea Intermediate Holdings Cayman, L.P. and BCPE Pangea Cayman2 Limited, the equity

interests in KIOXIA that the Group may hold, directly or indirectly, are limited to a certain percentage for a specified period following the acquisition. In addition, during the same restricted period, the Group is also prohibited from appointing

directors to KIOXIA and as a result, is unable to exercise significant influence over KIOXIA’s operations and management.

(7)

Acquisition of the Intel NAND business

In the process of obtaining a conditional business combination approval for the Intel NAND business acquisition from the Chinese competition authority (Chinese State

Administration for Market Regulation) in connection with the first closing of the Intel NAND business completed during the year ended December 31, 2021, the Group was imposed with certain conditions, mainly including the obligation to maintain

a reasonable pricing policy, increase production and to support the entry of third-party competitors into the Chinese eSSD market. These obligations apply for a five-year period from December 2021. After the end of this period, the Group may apply

for a waiver of the conditions, and the Chinese State Administration for Market Regulation will determine whether to approve the waiver based on the competitive landscape of the Chinese eSSD market at that time.

F-137

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Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

29. Commitments and Contingencies, Continued

(8)

The Group entered into supplier finance arrangements. In accordance with the arrangements, when the finance providers pay

the payables related to the Group’s trade and other payables to the suppliers, the Group pays the finance providers on the payment due date. In order for the finance providers pay the receivable, the Group had to have received the goods or

services and approved the invoices.

If suppliers choose early collection of payment, the finance providers pay the amount before the payment due

date. The Group settles the trade and other payables with the finance providers on the payment due date. All trade and other payables subject to the supplier finance arrangements are included in trade and other payables in the Group’s

consolidated statement of financial position. As of March 31, 2026, the amount paid to suppliers under the supplier finance arrangements is KRW 887,956 million. Meanwhile, the Group’s trade and other payables arising from supplier

finance arrangements are operating payables from ordinary purchase transactions; accordingly, changes in these balances are primarily driven by operating cash flows, and non-cash movements are not significant.

30. Consolidated Interim Statements of Cash Flows

(1)

Reconciliations between profit and cash generated from operations for the three-month periods ended March 31, 2026

and 2025 are as follows:

(In millions of Korean won)

2026

2025

Profit for the period

W

40,345,909

W

8,108,195

Adjustment

Income tax expense

11,270,949

1,191,034

Interest expense

166,943

257,510

Interest income

(188,779

)

(105,996

)

Depreciation

3,518,501

3,124,069

Amortization

210,566

221,434

Defined benefit plan

54,735

58,896

Loss on foreign currency translation

829,259

112,969

Gain on foreign currency translation

(1,708,435

)

(365,083

)

Gain on disposal of financial instruments

(42,910

)

(40,417

)

Gain on disposal of property, plant and equipment

(10,085

)

(44,908

)

Share of loss

26,778

41,110

Gain on valuation of financial instruments

(9,941,549

)

(1,899,719

)

Loss (gain) on derivatives

1,498,421

(8,494

)

Dividend income

(3,951,622

)

(4,107

)

Share-based payments

21,001

200,238

Others

45,218

(2,956

)

Changes in operating assets and liabilities

Decrease (increase) in trade receivables

(13,177,522

)

2,426,173

Decrease in loans and other receivables

337,528

190,977

Increase in inventories

(1,435,500

)

(1,235,634

)

Decrease (increase) in other assets

(330,937

)

76,733

Decrease in trade payables

(1,628,282

)

(370,455

)

Increase (decrease) in other payables

20,779

(67,393

)

Decrease in other non-trade payables

(804,406

)

(1,096,433

)

Decrease in provisions

(45,884

)

(27,878

)

Increase (decrease) in other liabilities

798,759

(88,429

)

Payment of defined benefit liabilities

1,611

2,509

Contributions to plan assets

(839

)

—

Cash generated from operating activities

W

25,880,207

W

10,653,945

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Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

30. Consolidated Interim Statements of Cash

Flows, Continued

(2)

Details of significant transactions without inflows and outflows of cash for the three-month periods ended March 31,

2026 and 2025 are as follows:

(In millions of Korean won)

2026

2025

Increase in other payables related to dividends

W

1,327,712

W

900,209

Decrease in derivative liabilities and exchangeable bonds due to the exercise of exchange rights

4,004,607

—

(3)

The Group presented the inflow and outflow of cash from short-term investment assets, etc. which are frequently traded

and have a large total amount and mature in a short period of time, as net increases and decreases.

31. Share-based Payment

(1)

Details of the granted share-based payment

(a)

The Parent Company accounts for share-based payment, with options granted to employees to choose either cash-settled or

equity-settled share-based payment, in accordance with the substance of transactions and the details of the share options as of March 31, 2026 are as follows:

(In shares)

Total numbers of

share option granted

Forfeited or

Cancelled

Exercised

Outstanding at

March 31, 2026

10 th

54,020

10,764

10,504

32,752

12 th 1

6,469

—

6,469

—

13 th 2

75,163

29,851

45,312

—

14 th

195,460

59,167

19,622

116,671

331,112

99,782

81,907

149,423

Grant date

Service Period for Vesting

Exercisable Period

Exercise price

(in Korean won)

10 th

March 20, 2020

March 20, 2020 - March 20, 2023

March 21, 2023 - March 20, 2027

W

84,730

12 th 1

March 30, 2021

March 30, 2021 - March 30, 2023

March 31, 2023 - March 30, 2026

136,060

13 th

2

March 30, 2021

March 30, 2021 - March 30, 2023

March 31, 2023 - March 30, 2026

136,060

14 th

March 30, 2022

March 30, 2022 - March 30, 2024

March 31, 2024 - March 30, 2027

121,610

1

During the three-month period ended March 31, 2026, the share options were exercised as equity-settled share-based

payment.

2

During the three-month period ended March 31, 2026, the share options were exercised as equity-settled and

cash-settled share-based payment.

F-139

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

31. Share-based Payment, Continued

(1)

Details of the granted share-based payment, Continued

(b)

Details of equity-settled share-based payment granted by the Parent Company are as follows:

1-1 st

1-2 nd

2 nd

3 rd

Grant date

2022-03-17

2022-04-27

2023-06-28

2024-04-30

Types of shares to be issued

Registered common shares

Registered common shares

Registered common shares

Registered common shares

Grant method

Reissue of treasury shares

Reissue of treasury shares

Reissue of treasury shares

Reissue of treasury shares

Number of shares

Initial grant size TSR Adjustment ratio / Stock price on exercise date 1,3

Initial grant size TSR Adjustment ratio / Stock price on exercise date 1,3

Initial grant size * (Adjustment ratio + increase rate of stock price – increase rate of KOSPI200) 2,3

Initial grant size * (Adjustment ratio + increase rate of stock price – increase rate of KOSPI200) 2

Base stock price (in Korean won)

W 124,000

W 108,500

W 79,975

W 135,975

Exercisable period

March 17, 2025

~ March 17, 2029 4

April 27, 2025

~ April 27, 2029

January 1, 2026

lump sum payment 5

January 1, 2027 lump sum payment

Service period for vesting

2 years’ service from

the grant date

2 years’ service from

the grant date

3 years’ service from January 1, 2023 6

3 years’ service from January 1, 2024 6

1

TSR (Total shareholder return) is calculated as “(Stock price on exercise notification date—Base stock price +

company’s total dividends per share from grant date to exercise notification date)/base stock price”, and the adjustment ratio considers the Group’s TSR compared to the TSR of its industry peers.

2

The adjustment ratio considers increase rate of stock price, and the maximum adjusted shares is 2 times of initial grant

shares. If the increase rate of stock price rises by 100% or higher and exceeds the increase rate of KOSPI200 by 50% points, additional shares equal to the initial grant will be paid.

3

Some of the 1-1st and 1-2nd share-based

payments were cancelled and a replacement amount was granted in the 2nd share-based payment.

4

A portion of the stock options was exercised and settled during the year ended December 31, 2025.

5

As of March 31, 2026, a portion of the shares remains unpaid.

6

When employed for more than 2 years but less than 3 years, the granted amount is adjusted in proportion to the period of

service.

(c)

In addition to above share options granted by the Parent Company, restricted stock units (RSUs) for the Parent

Company’s subsidiary, SK hynix NAND product Solutions Corp., were also granted to the subsidiary and its employees. However, during the three-month period ended March 31, 2026, the business and assets/liabilities of SK hynix NAND Product

Solutions Corp. were transferred to Solidigm Inc. The current status of the Restricted Stock Units (RSUs) of Solidigm Inc. is as follows:

(In shares)

Grant cycle

Total numbers of

share option granted

Forfeited or

Cancelled

Exercised

Quarterly

173,275,440

56,163,149

46,994,195

F-140

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

31. Share-based Payment, Continued

(2)

Details of liabilities recognized for stock appreciation rights as of March 31, 2026 are as follows:

(In millions of Korean won)

March 31,

2026

Stock appreciation rights liabilities

W

71,423

(3)

Measurement of fair value

(a)

The compensation cost is calculated by applying a binomial option-pricing model in estimating the fair value of the

option as of March 31, 2026. The inputs used are as follows:

10 th

12 th

13 th

14 th

Share price (Closing stock price on valuation date, in Korean won)

W

530,000

W

530,000

W

530,000

W

530,000

Expected volatility

46.40

%

46.40

%

46.40

%

46.40

%

Estimated fair value of share option

(in Korean won)

W

445,270

W

393,940

W

393,940

W

408,492

Dividend yield ratio

0.42

%

0.42

%

0.42

%

0.42

%

Risk free ratio

2.70

%

2.47

%

2.47

%

2.71

%

(b)

The compensation cost regarding the equity-settled share-based payment granted by the Parent Company is calculated by

applying a binomial option-pricing model in estimating the fair value of the option. The inputs used to measure the fair value of the share-based payment as of the grant date are as follows.

1-1 st

1-2 nd

2 nd

3 rd

Expected volatility

33.92

%

34.22

%

34.81

%

36.85

%

Per-share fair value of the option (in Korean won)

W

52,729

W

42,064

W

155,443

W

224,203

Dividend yield ratio 1

—

—

1.50

%

1.10

%

Risk-free interest rate (Government bonds yield)

2.65

%

3.19

%

3.60

%

3.53

%

1

Payout ratio was not taken into consideration as it was assumed that the stock price decline due to dividends would be

compensated as the dividend amount until the exercise period is added in the calculation of 1-1st and 1-2nd TSR.

(4)

The compensation expense for the three-month period ended March 31, 2026 is

W 20,274 million (2025: W 17,982

million).

32. Subsequent Event

(1)

On April 22, 2026, the Board of Directors of the Parent Company resolved to merge SK hynix Semiconductor (Dalian)

Co., Ltd. with its subsidiary, SK hynix semiconductor storage technology (Dalian) Co., Ltd. Following this resolution, the two companies entered into a merger agreement, and the effective date of the merger is expected to be July 1, 2026.

F-141

Table of Contents

SK hynix Inc. and Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025 and December 31, 2025 (Unaudited)

32. Subsequent Event, Continued

(2)

On April 28, 2026, the Parent Company decided to early redeem the entire outstanding balance of its foreign

exchangeable bonds by delivering treasury shares to the bondholders. The details of the transaction are as follows:

Bonds to be redeemed

Foreign exchangeable bond

(Issue date: April 11,

2023)

Issue amount

USD 1,700,000,000

Amount to be redeemed

USD 100,800,000

Event for early redemption

Exercise of the issuer’s early redemption option (Call Option)

• In the event that the aggregate principal amount of the Bonds outstanding is less than 10% of the aggregate principal amount originally issued (Clean Up

Call)

Number of shares exchangeable

1,219,445 shares

Expected redemption date

May 28, 2026

F-142

Table of Contents

Table of Contents

17,790,000 Common Shares

Represented by American Depositary Shares

PROSPECTUS

July 9, 2026

BofA Securities

Citigroup

Goldman Sachs

J.P. Morgan

Cantor

Mizuho

Needham & Company

RBC Capital Markets

Rosenblatt

Stifel

Wedbush Securities

William Blair

Wolfe | Nomura Alliance

Through and including August 3, 2026 (the 25th day after the date of this prospectus), all dealers effecting

transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer’s obligation to deliver a prospectus when acting as an underwriter and with respect to an

unsold allotment or subscription.

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国际能源署2026年7月石油市场报告

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Circle称获准设立国家信托银行

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Circle Receives Final OCC Approval to Establish National Trust Bank | Circle

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Circle Receives Final OCC Approval to Establish National Trust Bank

July 10, 2026

Circle Receives Final OCC Approval to Establish National Trust Bank

Company

Milestone enables institutional custody services

NEW YORK — July 10, 2026 — Circle Internet Group, Inc. (NYSE: CRCL), one of the world’s leading internet financial platform companies, today announced that it has received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A., a national trust bank. The bank will operate under the name Circle National Trust.

OCC approval of a national trust bank charter represents a major U.S. regulatory milestone and strengthens the infrastructure of USDC 1 – the world’s largest regulated stablecoin – through federally-regulated custody, with reserve management planned as a future capability. It places Circle National Trust under direct federal oversight by the OCC, the primary regulator for national banks and national trust banks.

As a federally regulated national trust bank, Circle National Trust aligns digital asset infrastructure with the longstanding role of national trust banks in safeguarding client assets under strict fiduciary standards. This brings USDC infrastructure into a proven federal banking framework designed to ensure safety, soundness, and transparency.

Upon opening, Circle National Trust will offer fiduciary digital asset custody services for Circle and its affiliates. As per its business plan, which was approved by the OCC, "depending on demand, FNDCB may eventually offer its digital asset custody service to a limited number of institutional customers directly, focusing on banks and other financial institutions, such as regulated derivatives organizations." The charter is also designed to enable future capabilities, including management of the USDC Reserve, which would bring those operations under federal regulatory oversight and further enhance the safety, transparency, and trust of USDC.

“OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system,” said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle. “Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle’s infrastructure and unlocks a new phase of adoption, where leading financial institutions can build on public blockchains with clarity and confidence.”

As an OCC-chartered national trust bank, Circle National Trust advances USDC’s role as trusted, federally regulated digital dollar infrastructure for payments, settlement, and capital markets activity, supporting the role of the U.S. dollar in an increasingly digital global economy.

Circle submitted its application to the OCC on June 30, 2025 and received a conditional approval in December, 2025, building on its long-standing commitment to regulatory engagement. In 2015, Circle became the first company to receive a BitLicense from the New York Department of Financial Services and remains engaged with the leading U.S. state digital asset regulator. In 2024, Circle became the first global stablecoin issuer to comply with the European Union’s Markets in Crypto-Assets framework. Circle also holds licenses in the UK, Singapore, and Bermuda, and has met Canadian Value-Referenced Crypto Asset requirements. In 2025, Circle secured a license from Abu Dhabi Global Market’s Financial Services Regulatory Authority.

ABOUT CIRCLE

Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through digital assets, payment applications, and programmable blockchain infrastructure. Circle’s platform includes the world’s largest regulated stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation. Learn more at circle.com .

1 USDC is issued by regulated affiliates of Circle. A list of Circle’s regulatory authorizations can be found here .

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SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund

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SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund

SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund

Thomas Richmond

July 10, 2026 3 min read

• IBM

-2.91%

• SAAQ.PVT

• NVDA

-2.21%

• GFS

-1.30%

Quick Read

• IBM secured $1 billion and GlobalFoundries $375 million in CHIPS Act quantum foundry investments, part of $2 billion in Commerce Department incentives announced in May.

• Hidary argues America needs a sovereign wealth fund modeled on Norway's $2 trillion vehicle to strategically deploy federal capital into deep-tech sectors.

• Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and IBM didn't make the cut. Grab the names FREE today .

Artificial intelligence may be the biggest technology race in the world, but SandboxAQ CEO Jack Hidary believes the United States is still investing with the wrong playbook.

janews / Shutterstock.com Speaking on CNBC on Thursday, July 9, Hidary argued that America should treat strategic technologies the way countries like Norway manage national wealth by making long-term investments in industries that strengthen economic competitiveness. The timing of his comments was notable, coming alongside a $500 million federal award for SandboxAQ's large quantitative models (LQMs) and growing government support for quantum computing and advanced manufacturing.

Why Hidary Wants a U.S. Sovereign Wealth Fund

Hidary framed recent federal equity stakes and grants as part of a broader capital strategy, not one-off subsidies. "Many countries out there have a sovereign wealth fund. Norway has a very successful one now at $2 trillion . It's time that America really has a sovereign wealth fund to really push forward the core technologies that advance our economy," he said on CNBC.

He tied that thesis directly to domestic capacity. "This investment in SandboxAQ and in other companies... [is] really part of a larger picture of a sovereign wealth strategy that builds value for the American taxpayer , builds resiliency so that we can build semiconductors in America , so that we can build the advanced pharmaceuticals in America as well ," Hidary added.

Oslo's Government Pension Fund Global in Norway, valued at $2 trillion, functions as a long-duration equity investor funded by resource revenues. Hidary's version would deploy federal capital into deep-tech companies whose outputs, from battery chemistries to pharmaceutical candidates, feed strategic industries.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and IBM didn't make the cut. Grab the names FREE today .

The $500 Million CHIPS Award and What LQMs Do

SandboxAQ announced it had won a $500 million award from the Department of Commerce's CHIPS program for its large quantitative models. LQMs sit alongside large language models in the current AI stack but are engineered to reason about numerical and physical systems rather than text. Hidary said the models can produce novel battery chemistries without relying on foreign raw-material sources, an explicit response to supply-chain concentration in critical minerals.

Story Continues

His framing of the addressable opportunity was blunt. "If you want to make a new drug for cancer, for Alzheimer's, if you want to make a new material for batteries... we just won the award from the CHIPS program of the Department of Commerce. 500 million award for our LQMs," he said. Because 85% of the U.S. economy is quantitatively based, the target market for quantitative reasoning tools stretches across pharma, energy, materials, and financial services.

SandboxAQ's models are now available on the Google Cloud Marketplace to enterprise customers. Placing LQMs inside an existing procurement channel shortens sales cycles for regulated buyers that already run workloads on Google Cloud.

Quantum Computing May Be the Next Federal Investment Wave

Hidary's sovereign-wealth argument fits alongside the Commerce Department's broader quantum push. On May 21, 2026, the department announced $2.013 billion in federal incentives under the CHIPS and Science Act through letters of intent with 9 companies, including two quantum foundries and seven quantum computing companies.

IBM ( NYSE:IBM ) was slated to receive $1 billion in planned funding to establish a new quantum foundry subsidiary for quantum-grade superconducting wafers, and GlobalFoundries ( NASDAQ:GFS ) was set for $375 million in planned funding to establish a secure, domestic quantum foundry.

Hidary flagged that program as an underappreciated catalyst. "The Department of Commerce recently announced letters of intent in a number of quantum hardware companies. I think that could be a very big positive for that sector," he said.

For readers interested in how AI power demand and infrastructure could create new opportunities, our team's Free Report: 7 Stocks Powering the AI Boom (That Aren't Chipmakers) is worth reading.

What to Watch Next

Hidary's proposal reaches well beyond SandboxAQ. His broader argument is that America should treat strategic technologies as long-term national investments rather than as isolated corporate subsidies.

The next clues will come from Washington. Additional CHIPS awards, enterprise adoption of SandboxAQ's models through Google Cloud Marketplace, and any movement toward a U.S. sovereign investment vehicle would all signal whether policymakers are embracing the capital-allocation strategy Hidary envisions.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and IBM didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

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Direxion Daily Semiconductor Bull 3X ETF Explodes

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Direxion Daily Semiconductor Bull 3X ETF Explodes

Direxion Daily Semiconductor Bull 3X ETF Explodes

Rich Smith, The Motley Fool

July 10, 2026 3 min read

• ^IXIC

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• MU

-0.50%

• NVDA

-2.21%

• SOXL

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• 6488.TWO

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It's Thursday, 2 p.m., and do you know where the Nasdaq is?

It's up a respectable 1.2% -- but the Direxion Daily Semiconductor Bull 3X Shares ETF (NYSEMKT: SOXL) is up much, much more, surging past 14.1% on some billion-dollar-plus news items in semiconductors today.

Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »

Image source: Getty Images.

Micron boosts the market

The first news comes from Micron (NASDAQ: MU) stock, which is surging nearly 8% after announcing it's investing up to $3 billion "to strengthen the U.S. semiconductor supply chain ecosystem," including by loaning GlobalWafers Co., Ltd. $500 million to help build its 300mm raw silicon wafer manufacturing facility in Sherman, Tex., and its signing a 10-year deal to buy the wafers GlobalWafers churns out.

In related news, Reuters is reporting that Meta Platforms (NASDAQ: META) has signed a multi-year supply agreement to source NAND flash memory for its data centers from Sandisk (NASDAQ: SNDK), and is also buying DRAM from Samsung, and fiber optic cables from Sumitomo Electric, and Iris artificial intelligence chips from Taiwan Semiconductor Manufacturing (NYSE: TSM) -- with Broadcom (NASDAQ: AVGO) doing the chip design work.

It's all part of a Meta plan to spend $145 billion building out AI infrastructure this year alone.

3x the risk, 3x the gain

Think all the above might be enough to get semiconductor investors excited? Today it is, for sure. And several of the companies making headlines today -- Micron, Broadcom, and Taiwan Semiconductor Manufacturing -- are components of the Direxion Daily Semiconductor Bull 3X Shares ETF, too.

Their share price gains directly translate into upwards momentum for the ETF, and once 3x'ed... well, that's how you take a 1.2% Nasdaq gain, and parlay it into a 14.1% skyrocket for this heavily leveraged bet on semiconductor stocks.

Should you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares right now?

Before you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares wasn't one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years.

Story Continues

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $407,651 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,252,823 !

That performance is why people listen. With a track record of beating the S&P 500 by 4x , Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built for the long haul.

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*Stock Advisor returns as of July 9, 2026.

Rich Smith has positions in Meta Platforms. The Motley Fool has positions in and recommends Broadcom, Meta Platforms, Micron Technology, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy .

Direxion Daily Semiconductor Bull 3X ETF Explodes was originally published by The Motley Fool

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GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS)

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GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS)

GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS)

Fiona Craig

July 9, 2026 2 min read

• MU

-0.50%

• GFS

-1.30%

• 6488.TWO

-9.49%

Semiconductor ©PickPik

Micron Investment Boosts Confidence in U.S. Chip Manufacturing

GlobalFoundries Inc. (NASDAQ:GFS) shares climbed 6% after Micron Technology Inc. (NASDAQ:MU) unveiled plans to invest up to $3 billion to strengthen the U.S. semiconductor supply chain.

As part of the initiative, Micron will provide $500 million in strategic financing to GlobalWafers Co., Ltd. to support construction of its 300mm silicon wafer manufacturing facility in Sherman, Texas. The companies also intend to enter into a 10-year supply agreement that will secure long-term access to wafer production capacity for Micron.

Existing Partnership Supports Positive Sentiment

Although GlobalFoundries was not directly referenced in Micron's announcement, investors responded positively because GlobalWafers has an established long-term strategic partnership and multi-year supply agreement with GlobalFoundries.

That relationship positions GlobalFoundries to benefit from continued investment in domestic semiconductor manufacturing as the U.S. expands its chip production capabilities.

Micron's broader investment strategy is designed to strengthen the availability of critical manufacturing materials while supporting rising demand for advanced memory and storage products driven by artificial intelligence and other data-intensive technologies.

"Securing a reliable supply of critical input materials is essential to supporting Micron's long-term growth and technology roadmap," said Ben Tessone, senior vice president and chief procurement officer at Micron Technology.

Long-Term Collaboration Continues to Expand

GlobalWafers said the latest agreement builds on an already well-established relationship between the two companies.

"Micron has long been an important partner of GlobalWafers, and we are honored to further deepen our strategic collaboration and jointly support the stable supply of critical materials for the semiconductor industry," said Doris Hsu, Chairperson and CEO of GlobalWafers.

GlobalWafers is currently the only supplier participating in the CHIPS for America Program capable of producing advanced 300mm raw silicon wafers within the United States.

The proposed agreement remains subject to definitive documentation, customary regulatory approvals and standard closing conditions. The companies also plan to explore joint development of next-generation wafer technologies and future semiconductor manufacturing processes.

Global Foundries stock price

Micron Technology stock price

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MP Materials (MP) Sues USA Rare Earth Over Magnet Technology And Engineer Hiring

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MP Materials (MP) Sues USA Rare Earth Over Magnet Technology And Engineer Hiring

MP Materials (MP) Sues USA Rare Earth Over Magnet Technology And Engineer Hiring

Bailey Pemberton

July 9, 2026 4 min read

• MP

-0.48%

• USAR

-1.63%

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE.

• MP Materials (NYSE:MP) has filed a lawsuit against USA Rare Earth, accusing the company of stealing proprietary magnet technology.

• The complaint also alleges illegal recruitment of key MP Materials engineers, intensifying competition for scarce technical talent.

• The dispute unfolds as China expands export controls affecting U.S. rare earth companies, including MP Materials.

For investors watching MP Materials, the legal action comes at a time when the stock trades around $53.0 and has delivered a 76.5% return over the past year. Over a 3-year period the stock is up 107.8%, while over 5 years it is up 51.3%. This performance highlights how closely the company is tied to interest in rare earth supply chains.

Looking ahead, the lawsuit and China's export controls put extra attention on MP Materials' technology, intellectual property, and ability to retain specialized engineers. Readers may want to track any court findings, potential settlements, and policy developments, as these could influence how the company positions itself in the rare earth magnet segment and broader U.S. supply chain efforts.

Stay updated on the most important news stories for MP Materials by adding it to your watchlist or portfolio . Alternatively, explore our Community to discover new perspectives on MP Materials.

NYSE:MP Earnings & Revenue Growth as at Jul 2026 We've flagged 1 risk for MP Materials. See which could impact your investment.

The lawsuit puts MP Materials' core magnet technology and talent retention at the center of its investment story. By accusing USA Rare Earth of stealing process know how that took years and substantial capital to develop, MP Materials is signaling how important proprietary intellectual property is to its move from mining into higher margin magnet manufacturing. The case also shines a light on fierce competition for engineers as U.S. rare earth projects backed by government funding expand. For investors, this legal action sits alongside China's export controls as another factor that could influence MP Materials' partnerships, contract terms, and long term bargaining power with customers that want secure domestic supply.

How This Fits Into The MP Materials Narrative

• If MP Materials succeeds in protecting its magnet technology, that would support the narrative that it can build a defensible position in value added manufacturing backed by long duration offtake deals.

• The dispute highlights technology and execution risk for its magnet expansion, which could challenge assumptions that downstream projects ramp smoothly and at planned economics.

• The lawsuit and talent squeeze introduce legal and human capital factors that are not fully addressed in the focus on contracts with the Department of Defense and Apple.

Story Continues

Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for MP Materials to help decide what it's worth to you.

The Risks and Rewards Investors Should Consider

• ⚠️ Legal costs, management distraction, and potential disclosure of sensitive information during litigation could weigh on MP Materials' execution of new magnet projects.

• ⚠️ China's export controls, combined with insider selling and a high reported P/E, underline that expectations around MP Materials carry valuation and policy risk.

• 🎁 A successful defense of proprietary technology could strengthen MP Materials' position when negotiating long term supply agreements with customers such as automakers and electronics producers.

• 🎁 Government backed rare earth initiatives and public private partnerships may create a supportive backdrop for companies that can prove ownership and control of their technology.

What To Watch Going Forward

Investors in MP Materials may want to follow key milestones in the Texas court case, including any injunctions, settlements, or findings about trade secrets, as these could shape how unique the company's magnet capabilities really are. It is also worth watching whether rivals such as USA Rare Earth, Lynas, and major diversified miners adjust their hiring or partnership activity in response to the dispute. Finally, tracking how China's export controls are implemented, and whether U.S. government agencies adjust funding or contract terms for MP Materials, will help clarify how the company's competitive position in the rare earth supply chain evolves.

To ensure you're always in the loop on how the latest news impacts the investment narrative for MP Materials, head to the community page for MP Materials to never miss an update on the top community narratives.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Rare Earth Talent Scramble Lures 86-Year-Old From Retirement

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标的：`USAR`来源：Bloomberg发布日期：2026-07-09重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1322

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Rare Earth Talent Scramble Lures 86-Year-Old From Retirement

Rare Earth Talent Scramble Lures 86-Year-Old From Retirement

Jacob Lorinc

July 9, 2026 6 min read

• USAR

-1.63%

• METCZ

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(Bloomberg) -- Jack Lifton first retired from the mining industry more than a quarter century ago. These days, at 86, he's busier than ever.

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The engineer-turned-consultant is one of the few Americans with experience processing rare earth elements, a business the US once led before it was outsourced to China. Over the past year, amid escalating trade tensions between Washington and Beijing, the Trump administration has poured billions of dollars into rebuilding domestic supply chains. That's made Lifton a coveted repository of knowledge for mining firms racing to build plants capable of refining the niche metals essential for consumer electronics, electric vehicles and military-grade weapons.

Rare earth plants are complicated and expensive to build, especially in the US where permitting timelines are far longer than mining-friendly countries in Asia and South America. But perhaps the biggest challenge is finding talent to run the facilities. Even if Western companies secure enough raw materials to reduce reliance on China — which dominates every stage of the supply chain, from mining to magnets — chemical engineers and metallurgists experienced in rare earths have nearly gone extinct in America.

"When companies ask me where to find them, I say, 'Start with the cemeteries, then check assisted care,'" said Lifton, whose clients include Energy Fuels Inc., one of the US's most ambitious rare earth firms. "Anyone in the US with experience is either dead or, like me, very old."

The work is extraordinarily specialized. Lifton, who lives in Michigan, advises miners on complex metallurgy: how to isolate soft, silvery rare earths used in high-performance magnets, and where to source the technology needed to prepare them at commercial scale. Unlike commodities such as gold or copper, rare earths require an intricate refining process the US has scarcely performed in decades. Separating the 17 elements can involve dozens of extraction stages and expertise taught at only a handful of universities or acquired through years in industry. Much of that know-how has migrated to China, now the world's primary employer of specialists.

Some US companies are partnering with universities to recruit students in engineering, metallurgy and chemistry. Others are poaching employees from rivals. At one company in France, a key team of engineers are in their 80s and, like Lifton, have been lured from retirement to help troubleshoot mineral processing plants.

Story Continues

The race for talent spilled into court in May, when MP Materials Corp., owner of the US's only operating rare earth mine, sued USA Rare Earth Inc., accusing the rival of orchestrating a hiring raid by recruiting a senior engineer and seven other employees along with proprietary information related to rare earth processing and magnet manufacturing. Ramaco Resources Inc., another aspiring US producer, separately sued a former employee now working at USA Rare Earth, alleging he shared Ramaco's proprietary research with USA Rare Earth.

This kind of competition has made companies especially protective of their engineers. "We know some of our guys have been approached about jobs," said Ross Bhappu, the chief executive officer of Energy Fuels, which relies on workers with a background in uranium processing to help expand its rare earth facility in Utah. "It's a scary proposition. There are just not a lot of people who study rare earth chemistry."

The US produces about one-fifteenth as many mining graduates as China, a figure that has declined sharply over the past decade to roughly 285 last year. Today, the country has only about a dozen accredited mining schools, less than half as many as in the early 1980s. And more than half of America's mining workforce — about 221,000 people — is expected to retire by 2029.

The federal government is trying to rebuild the pipeline. The Department of Energy is funding workforce-development programs through Ames National Laboratory's Critical Materials Innovation Hub. Universities including Virginia Tech and the University of Wyoming also have initiatives to train mining engineers, metallurgists and rare earth specialists.

At the University of Wyoming's School of Energy Resources, just over two dozen students at the university currently specialize in rare earths, according to executive director Scott Quillinan. While interest in the sector is growing, most engineering graduates still gravitate toward oil and gas or industrial chemicals, where pay and career prospects are stronger, he said. Entry-level petroleum engineers earned an average of $104,051 in 2025, according to the National Association of Colleges & Employers, compared with $79,823 for mining engineers.

"Copper and gold are profitable, whereas industries for rare earths are not ready to make the amount of money that would bring in these other specialists," Quillinan said. "So there's an economic hurdle we have to overcome."

Even finding instructors is challenging. "The teachers aren't there to teach these skills, so we're teaching the teachers," he added. "It's been difficult."

One of the few recent graduates to venture into mining is Neil Hogan, a 24-year-old chemical engineer who graduated from Pennsylvania State University this year. Hogan was the only person in his class to enter the rare earth industry, recently joining Aclara Resources Inc. to help the Brazilian company develop a processing plant in Louisiana, which will produce refined forms of terbium and dysprosium.

For Hogan, the appeal wasn't financial; he wanted to help rebuild a Western rare earth supply chain, and contribute to an industry still taking shape. "I hardly knew how to pronounce half of the minerals when I started," he said. "But I always wanted to work somewhere that was more like a startup."

Closing the gap with China will likely take years. Over decades, Beijing built infrastructure the US allowed to disappear: universities training specialists in rare earths, research institutes developing new processing techniques, and engineers moving between separation plants and magnet factories, building expertise across the entire supply chain.

Ramon Barua, Aclara's chief executive officer, said the shortage of experienced workers has forced the company to rely heavily on recent graduates with no prior experience in rare earths.

"Does this guarantee that it will work on day one? Not necessarily," he said. "But we have to work with the best tools we have at this point."

Other firms are recruiting from the opposite end of the career ladder. French consulting and technology company Carester SAS leans on veteran specialists, some of them octogenarians, to design separation facilities and advise clients. Earlier this year, USA Rare Earth acquired a 12.5% stake in the company, gaining access not just to its technology but to some of the industry's scarcest expertise.

Few people understand what's been lost better than Lifton. He started his career in the 1960s as a chemical engineer in Michigan, separating europium for America's first generation of color televisions. By the time he retired in 1999, much of the country's rare earth industry had disappeared entirely.

"We're looking at years and years of development problems for these companies," said Lifton. "They all say, 'Oh, don't worry, we'll be in production next quarter.' But that's not happening without the talent."

--With assistance from Nectar Gan.

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New Memory ETFs Line Up to Challenge Runaway DRAM

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New Memory ETFs Line Up to Challenge Runaway DRAM

New Memory ETFs Line Up to Challenge Runaway DRAM

Sumit Roy

July 9, 2026 6 min read

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The Roundhill Memory ETF (DRAM) is one of the most successful fund launches of all time. Since coming to market on April 2, it has pulled in more than $21 billion of net inflows while its share price has nearly tripled, pushing assets close to $26 billion.

All of that happened in roughly three months, which makes DRAM the fastest-growing ETF on record.

The timing could not have been better. DRAM launched just as memory stocks were going vertical, driven by one of the sharpest supply/demand imbalances the industry has ever seen.

Before DRAM, it wasn't easy for U.S. investors to play the memory theme. Two of the biggest names in the space, SK Hynix and Samsung, do not trade on U.S. exchanges (the former is set to list ADRs on the Nasdaq this Friday), so investors who wanted the exposure were buying South Korea funds like the iShares MSCI South Korea ETF (EWY) , which included the memory giants along with a host of unrelated stocks.

DRAM gave them a pure-play alternative aimed squarely at memory.

But given the enormous inflows DRAM has seen, it was only a matter of time before other issuers tried to peel off a piece for themselves. Three have shown up so far, but interestingly, none is competing on price.

DRAM charges 0.65%, and the newcomers run from a matching 0.65% up to 0.95%. Instead, each is trying to stake out a different slice of the memory theme.

What These Funds Own

It helps to understand the memory industry before comparing the funds. Memory chips come in two broad flavors. DRAM (the type of memory, not the ETF) is the fast, volatile working memory that loses its contents the moment the power goes off, and high-bandwidth memory, or HBM, is a premium version of it, built by stacking DRAM chips vertically and wiring them together so data can move at very high speeds.

HBM is the component that sits right next to the GPUs in an AI server, and it is the biggest bottleneck in the current build-out.

NAND flash is the other category, the non-volatile storage that holds data whether the power is on or not, and the stuff inside solid-state drives.

The big three, SK Hynix, Samsung and Micron, dominate DRAM and HBM. They make NAND too, and Samsung is in fact the biggest NAND producer, but their profits come mostly from the DRAM and HBM side right now.

Kioxia and SanDisk are the pure NAND plays, with no DRAM or HBM businesses of their own.

DRAM, the ETF, focuses on, well, DRAM. SK Hynix, Samsung and Micron—the three companies that dominate HBM—each make up roughly a quarter of the portfolio, about three-quarters of the fund between them, with SanDisk, Seagate, Western Digital, Kioxia and a handful of others filling out the rest.

Story Continues

HBMX Reaches Beyond the Chipmakers

The first challenger to DRAM was the Tuttle Capital Concentrated Memory Stack ETF (HBMX) , which launched June 2 and charges 0.95%. Tuttle casts a wider net, targeting the whole "memory semiconductor ecosystem," which means not just the chipmakers but the companies that supply the equipment, materials and services used to build memory.

Micron sits around 9% and SanDisk around 5%, but the fund also holds Applied Materials near 8%, ASML at 6% and Lam Research at 6%. Those equipment makers do supply the memory manufacturers, but they also sell to logic customers like TSMC, so their fortunes track overall semiconductor capex rather than memory specifically.

That makes HBMX less of a pure memory bet and more of a memory-plus-semicap play.

KMEM Tilts Hard Toward SK Hynix

The Kurv Memory Select ETF (KMEM) went the other way. It launched July 1, matches DRAM's 0.65% fee, and doubles down on the big three. SK Hynix alone is about 42% of the portfolio, with Micron near 20% and Samsung around 19%.

So like DRAM, roughly three-quarters of the fund sits in the HBM trio, only with a much heavier tilt toward SK Hynix, which holds the largest share of the HBM market and, in Kurv's telling, trades cheaper than its peers.

It is almost an attempt to out-DRAM DRAM. If you are more bullish on SK Hynix in particular, this is one way to express it.

DISK Bets on Flash Instead

The Tema Memory ETF (DISK) , which launched June 30 at 0.75%, is the one doing something genuinely interesting. It stays inside the memory theme but deliberately leans away from HBM.

Its top holdings are Kioxia at about 17% and SanDisk at 16%, with Samsung around 9%, SK Hynix near 8% and Micron further down the list at 5%.

Kioxia and SanDisk are storage and NAND-flash names rather than HBM producers, so DISK is effectively betting on the parts of the memory market that the HBM-heavy funds underweight.

Of the three, it is the most differentiated from DRAM while still being unmistakably a memory fund.

Tema's Case

DISK's tilt is a deliberate call on where memory demand is heading, and Tema's chief investment officer, Yuri Khodjamirian, laid out the case for overweighting NAND in an interview with ETF.com.

On the demand side, memory is eating up a growing share of what hyperscalers spend, by the firm's estimate somewhere around 30% of the bill of materials this year and potentially closer to half within a year or two.

DRAM is the expensive part of that bill, and as agentic AI widens context windows, with agents spinning up other agents and each one needing to hold its own instructions in working memory, keeping all of it in DRAM and HBM starts to get prohibitively expensive.

Tema's bet is that data centers increasingly offload some of that context onto cheaper flash, which plays straight to the NAND names.

Meanwhile, on the supply side, because DRAM and HBM carry much fatter margins right now, the manufacturers that make both are steering fab capacity toward them and away from NAND, which tightens the flash market and pushes prices up.

Of course, there is a risk to this bet. DRAM and HBM are where the fattest margins and the clearest AI demand sit today, so leaning away from them means tilting toward a more commodity-like and more cyclical corner of memory.

NAND has historically been more volatile on pricing and quicker to see its margins compress when the cycle turns, and the context-offload thesis is a forecast rather than a fact.

If HBM demand keeps surging and the shift toward flash arrives slowly, DISK's NAND overweight could cause it to lag the HBM-heavy funds.

Early Traction

The flows for the three DRAM ETF competitors have so far been modest, but it's early days. Each of the three has taken in somewhere around $30 million since launch.

For HBMX, which has had roughly a month to gather assets, that isn't much to write home about. For DISK and KMEM, both barely a week old, it is a solid start.

The more important question for investors is whether they are worth owning. I won't make an investment call here, but to me, DISK appears the most differentiated versus DRAM.

The ETF gives you memory without the massive overweight in the HBM names, which is smart product positioning on the part of Tema, but also potentially compelling for investors who are bullish on NAND.

HBMX is the one I would question. Reaching into equipment makers and the broader ecosystem waters down the very thing that made DRAM a phenomenon—a clean and concentrated bet on memory.

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DOE’s Office of Electricity Publishes 2026 Draft National Transmission Needs Study to Strengthen America’s Grid

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DOE’s Office of Electricity Publishes 2026 Draft National Transmission Needs Study to Strengthen America’s Grid

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DOE’s Office of Electricity Publishes 2026 Draft National Transmission Needs Study to Strengthen America’s Grid

DOE report shows pressing need for more electric transmission infrastructure to power a reliable and secure grid.

Office of Electricity

July 9, 2026

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WASHINGTON– The U.S. Department of Energy’s (DOE) Office of Electricity (OE) today released a draft of the 2026 National Transmission Needs Study (Needs Study) for a 60-day public comment period. The Needs Study report shows that there is a pressing need for additional electric transmission infrastructure due to load growth from data centers, expanding domestic manufacturing, large industrial loads, and a growing economy.

Required by the Federal Power Act (FPA), the Needs Study (formally known as the National Electric Transmission Congestion Study) identifies high impact needs and provides information about current and anticipated future capacity constraints and congestion on the nation’s electric transmission grid. Its findings consistently support better transmission planning and investment decisions, help identify opportunities to lower system costs, and contribute to a more affordable, reliable and secure electric grid for American consumers. DOE seeks public comment to help inform how the agency will address these needs with investments and planning.

“Electricity demand is accelerating faster than anything we’ve seen in decades, driven in part by data centers, manufacturing growth, and new forms of industry that are emerging almost by the month,” said Assistant Secretary of the Office of Electricity Catherine Jereza. “The Needs Study makes it clear that we must work together with local communities, industry, states, Tribes, and regional reliability entities to meet this moment with clear direction for transmission planning.”

Key findings of the draft report include the following:

• There is a pressing need for additional electric transmission infrastructure due to load growth from data centers, expanding domestic manufacturing, large industrial loads, and the electrification of industries . Transmission is needed to maintain reliability to account for new generation interconnection, new load interconnection and congestion relief. The majority of transmission congestion is concentrated in 5% of the hours particularly during times with significant day-ahead to real-time market price variance, high net load, cold weather, and high intermittent generation. Regions like New York Independent System Operator (NYISO), NorthernGrid South, and Midcontinent Independent System Operator (MISO) show the highest potential for new, within region transmission to relieve high congestion costs.

• Interregional transmission is increasingly recognized for its multifold benefits to consumers . Specifically, interregional transmission contributes to an increase in reliability, grid resiliency, and meeting demand growth in at risk areas. Using historical locational marginal prices, cross-interconnection links—for example, between Western Interconnection (West Connect) and Eastern Interconnection (Southwest Power Pool)—as well as interregional links particularly between NorthernGrid and WestConnect, and between ISO New England (ISO-NE) and NYISO—show some of the highest potential for transmission congestion value.

• Many Regional Transmission Operators and Independent System Operators are approving their largest transmission portfolios, in anticipation of the driving need for increased transmission . Regions like MISO, Southwest Power Pool (SPP), PJM Interconnection (PJM), and Electric Reliability Council of Texas (ERCOT) have recently approved some of their largest transmission portfolios. In 2024, MISO approved the largest transmission portfolio ever undertaken in the U.S.

The Needs Study identifies key national needs that can inform investments and planning decisions. DOE is inviting feedback on this draft report from local communities, Tribal Nations, states, and regional reliability entities, as well as the general public, by opening a public comment period and hosting in-person roundtables in the summer of 2026 across the country. DOE will review comments received and incorporate them into the final study as appropriate. Direct public feedback is critical to bridging the gap between DOE’s analytical research and the dynamic, localized energy demands currently shaping the nation’s grid.

Comments on this draft study are due September 7, 2026 . An informational webinar has been posted and is available for viewing now on the Office of Electricity’s website at https://www.energy.gov/oe/national-transmission-needs-study .

Learn more about the Office of Electricity .

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加州数字金融资产法最终规则

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Alphabet 公布 2026 年第二季度财务结果电话会日期

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Alphabet : Announces Date of Second Quarter 2026 Financial Results Conference Call

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MOUNTAIN VIEW, Calif. (July 8, 2026) - Alphabet Inc. (NASDAQ: GOOG, GOOGL) will hold its quarterly conference call to discuss second quarter 2026 financial results on Wednesday, July 22, at 1:30pm Pacific Time (4:30pm Eastern Time).

The live webcast of the earnings conference call can be accessed here . A replay of the webcast will be available through the same link following the conference call. Please visit the Investor Relations website at abc.xyz/investor on July 22, 2026 to view the earnings release before the conference call.

About Alphabet Inc. Alphabet is a collection of companies, the largest of which is Google. Larry Page and Sergey Brin founded Google in September 1998 and the company is headquartered in Mountain View, Calif. Billions of people use its wide range of popular products and platforms each day, like Search, Ads, Chrome, Cloud, YouTube and Android.

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Chart Alphabet Inc.

Duration Auto. 2 months 3 months 6 months 9 months 1 year 2 years 5 years 10 years Max.

Period Day Week

GOOGL: Dynamic Chart

##

Company Profile

Alphabet Inc. is a holding company organized around 6 areas of activities:

• operation of a web-based search engine (Google). Additionally, the group runs a video hosting and broadcasting site (YouTube) as well as a free on-line messaging service (Gmail);

• development and production of home automation solutions (Nest Labs): Wi-Fi networks synchronized with the control programs for thermostats, smoke detectors and security systems;

• research and development into biotechnology (Calico): dedicated to treating aging and degenerative diseases;

• research into artificial intelligence (Google X);

• investment services: management of an investment fund devoted to young businesses that operate in the new technology sector (Google Ventures) and an investment fund intended for already developed companies (Google Capital);

• operation of a fiber optic internet access network infrastructure (Google Fiber).

Net sales are distributed geographically as follows: the United States (47.6%), Americas (6%), Europe-Middle East-Africa (29.6%) and Asia-Pacific (16.8%).

Employees

194,668

Sector

Internet Services

Calendar

Earnings release - Q2 2026

More about the company

###

Income Statement and Estimates

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Analysis / Opinion

Google Loses EU Antitrust Fight; Softbank Moves on Computing Power | Stock Movers

July 02, 2026 at 11:30 am EDT

Paradigm shift and a new era for Alphabet's shareholders

June 07, 2026 at 03:06 am EDT

More analyses

###

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Trader

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This super rating is the result of a weighted average of the rankings based on the following ratings: Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.

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Global

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This composite rating is the result of an average of rankings based on the following ratings: Returns (Composite), Profitability (Composite) and Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully read the associated descriptions.

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Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

64

Last Close Price

346.77 USD

Average target price

433.51 USD

Spread / Average Target

+25.01%

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TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?

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标的：`GFS`来源：Zacks发布日期：2026-07-08重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：990

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TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?

TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?

Moumi Mondal

July 8, 2026 5 min read

• TSM

-2.77%

• ^GSPC

-1.01%

• TSM

-2.77%

• GFS

-1.30%

• ON

-0.85%

The global semiconductor foundry market is attracting growing investor interest, driven by advancements in artificial intelligence (AI), machine learning, 5G and the Internet of Things (IoT). Foundries continue to heavily invest in research and development to offer advanced process nodes, helping meet demand for these high-tech applications. According to Fortune Business Insights, the market is projected to witness a CAGR of 3.4% through 2026-2034, expanding from $175.1 billion in 2025. Taiwan Semiconductor Manufacturing Company TSM, or TSMC, dominates this space with more than 70% market share.

Over the past year, the stock has surged 90.4%, outperforming the Zacks Computer and Technology sector's 37.2% gain and the S&P 500 composite's 24.9% return. TSMC also outpaced peers GlobalFoundries GFS and ON Semiconductor ON, or onsemi, both of which gained 58.9% over the same period.

TSM Stock's 12-month Performance

Zacks Investment Research

Image Source: Zacks Investment Research

Based on its last closing price, TSM stock is trading above its 50-day and 200-day simple moving averages (SMAs), signaling sustained bullish momentum.

TSM Technical Indicator

Zacks Investment Research

Image Source: Zacks Investment Research

Tailwinds Supporting TSMC

TSMC reported May 2026 consolidated net revenues of NT$416.98 billion (New Taiwan Dollars), up 1.5% from April 2026 and 30.1% from May 2025. For the first five months of 2026, consolidated revenues totaled NT$1.96 trillion, marking a 30% increase compared with the same period last year.

Robust AI-related demand underpins the company's growth outlook. Management stated that the shift from generative AI and the query mode to agentic AI and command and action mode is driving higher token consumption and increasing the need for computation, supporting demand for leading-edge silicon. TSMC continues to see a strong signal and positive outlook from its customers as well as cloud service providers, maintaining a high level of conviction in the multiyear AI megatrend.

Performance-wise, first-quarter 2026 revenues increased 6.4% sequentially to $35.9 billion, slightly ahead of the company's guidance. Gross margin expanded by 390 basis points (bps) sequentially to 66.2%, driven by cost improvement efforts, a higher overall capacity utilization rate and a more favorable foreign exchange rate. Operating margin improved 410 bps sequentially to 58.1% due to operating leverage.

TSMC's 2-nanometer (N2) and A16 technologies continue to lead the industry in addressing the demand for energy-efficient computing, with almost all the innovators working with TSMC. N2 is ramping up successfully in multiple phases at both the company's Hsinchu and Kaohsiung sites, led by strong demand from both smartphone and High-Performance Computing ("HPC") AI applications.

Story Continues

At the same time, the company is stepping up its capital expenditure to expand its global 3-nanometer capacity. The expansion spans Taiwan, Arizona and Japan, alongside 5-nanometer tool conversions and capacity optimization across N7, N5 and N3 nodes. TSMC's A14 technology development is also on track, for which it is seeing a high level of customer interest and engagement from both smartphone and HPC applications.

TSMC's Near-Term Financial Outlook

TSMC remains confident that full-year 2026 revenues will grow by more than 30% in U.S. dollar terms, reflecting the strength of its differentiated technology and broad customer base.

For the second quarter, the company expects revenues between $39 billion and $40.2 billion, representing 10% sequential growth and 32% year-over-year growth at the midpoint. Based on an exchange rate assumption of $1 to 31.7 New Taiwan Dollars, the second-quarter gross margin is projected at 65.5%-67.5% and operating margin at 56.5%-58.5%. Management noted that the initial ramp-up of its 2-nanometer technology will dilute gross margin by 2%-3% for the year.

TSMC also expects capital expenditures to trend toward the high end of its previously announced $52-$56 billion range as it expands capacity to support customer demand. Despite the elevated spending, management reiterated its focus on delivering profitable growth for shareholders.

TSM Stock's Estimate Trend

At present, the Zacks Consensus Estimate expects TSMC's earnings per share (EPS) to grow 44.1% to $15.35 in 2026, followed by another 27% increase to $19.50 in 2027. Analyst estimates for both years have moved higher over the past three months. The company's revenues are expected to grow 32.3% in 2026 and another 26.6% in 2027.

Zacks Investment Research

Image Source: Zacks Investment Research

How Valuation Metrics Look for TSMC

Based on the forward 12-month Price/Earnings (P/E), TSM trades at 25.84X, slightly above its median of 24.33X and the 24.98X sector average. In contrast, GFS trades at a P/E of 38.63X, while ON sits with 24.35X.

TSM's One-Year P/E

Zacks Investment Research

Image Source: Zacks Investment Research

Conclusion

TSMC benefits from strong demand for its leading-edge process technologies. The performance of its key profitability metrics is supported by cost improvement efforts and a high-capacity utilization rate. The higher level of capital spending reflects management's confidence in delivering profitable growth to shareholders and also capturing long-term growth opportunities. At the same time, TSMC remains well-positioned to continue capitalizing on the strong industry tailwinds.

The stock has significantly outperformed the sector and other peers over the past 12 months. From a valuation standpoint, TSM is trading close to both its historical median and sector average. Backed by positive earnings estimate revisions, the stock appears to be an attractive investment opportunity.

TSM carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

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Taiwan Semiconductor Manufacturing Company Ltd. (TSM) : Free Stock Analysis Report

ON Semiconductor Corporation (ON) : Free Stock Analysis Report

GlobalFoundries Inc. (GFS) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions

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标的：`USAR`来源：Stocktwits发布日期：2026-07-08重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：980

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CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions

CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions

CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions · Stocktwits

Shivani Kumaresan

July 8, 2026 4 min read

• USAR

-1.63%

• CRML

-4.62%

• ALOY

-9.24%

• EFR.TO

-1.59%

• GLND

-0.43%

• Trump renewed his call for the U.S. to take control of Greenland, saying the Arctic island is vital to national security.

• The island's Tanbreez project is among the world's largest undeveloped rare earth deposits.

• Critical Metals gained attention for its 92.5% stake in Greenland's Tanbreez project.

Shares of Critical Metals Corp. (CRML), REalloys (ALOY), Energy Fuels (UUUU), USA Rare Earth (USAR) and Greenland Energy Company (GLND), companies tied to critical minerals and Arctic energy, advanced after President Donald Trump renewed calls for the United States to take control of Greenland during the NATO summit in Ankara.

The remarks renewed investor focus on Greenland's importance as Washington seeks to secure supplies of rare earths and other critical minerals used in defense, AI infrastructure, electric vehicles and advanced manufacturing.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

Critical Metals, REalloys, Energy Fuels, USA Rare Earth and Greenland Energy stocks gained between 0.4% and 2%, overnight, ahead of Wednesday.

Why Trump Is Talking About Greenland Again

Trump renewed his push for the U.S. to take control of Greenland, arguing the Arctic island is essential to American national security because of its location and vast natural resources.

Speaking during a bilateral meeting with Turkish President Recep Tayyip Erdoğan, Trump said Greenland should be under U.S. control rather than Denmark's, reviving a proposal he first introduced in 2019.

He also said Greenland is surrounded by Chinese and Russian vessels, reinforcing his view that Washington should control the territory.

U.S. Rare Earth Supply Chain: Why Greenland Matters

Investors turned their focus on the diplomatic dispute's implications for companies involved in rare earth mining, mineral processing and Arctic energy exploration.

Greenland is home to huge deposits of rare earth minerals, along with oil and natural gas resources. These materials are increasingly important for manufacturing electric vehicles, renewable energy systems, advanced electronics and military equipment.

Among Greenland's best-known mining assets is the Tanbreez project, regarded as one of the world's largest undeveloped rare earth deposits. The renewed political attention also comes as the Pentagon works to reduce reliance on Chinese mineral supply chains before upcoming procurement deadlines.

China is the world's leading supplier of rare earth minerals, producing about 70% of global output and handling around 90% of the world's rare earth processing and refining.

Story Continues

Tanbreez Project: Why Critical Metals Is At Center Of The Greenland Trade

Critical Metals stock attracted attention because the company holds a 92.5% stake in the Tanbreez rare earth project in southern Greenland.

The company is working to build an alternative supply chain outside China by shipping minerals directly to processing facilities in North America and Europe. In June, Critical Metals began a 10,000-meter drilling program at the site to support mine planning. It also bought the Ocean Endeavour, an ice-capable vessel that can house up to 300 workers, as it prepares to advance the project toward commercial production.

On Stocktwits, retail sentiment around the stock turned to 'neutral' from 'bearish' territory the previous day.

ALOY's Importance In Processing Crtical Metals

REalloys stock also remained in focus as it plays an important role in processing rare earth minerals into materials used in defense and other advanced industries.

The company has secured a long-term agreement to purchase 15% of the first-phase output from Critical Metals' Tanbreez rare earth project in southern Greenland. On Tuesday, the U.S. Army selected REalloys to build and operate the first commercial critical minerals processing and metallization facility on a U.S. military base in Euclid, Ohio.

Meanwhile, Energy Fuels continues expanding its domestic rare earth processing capabilities, and USA Rare Earth is building an integrated U.S. magnet manufacturing supply chain.

Greenland Energy's Arctic Oil Ambitions

Greenland Energy focuses on exploring oil and gas resources in Greenland. The company holds exclusive exploration rights to about 2 million acres in the Jameson Land Basin in eastern Greenland, an area that independent studies estimate could contain up to 13 billion barrels of recoverable oil.

After going public through a SPAC merger in March, GLND partnered with Halliburton Co. (HAL) to support drilling operations planned for later this year.

What Are Retail Traders Saying

On Stocktwits, retail traders discussed upside potential for rare earth stocks after Trump's speech.

A user said , "$CRML $CRMX I'm biting at these lows… renewed Greenland talks should keep coming… due for an inevitable move higher."

Another user said , "The Greenlandic government would have to be out of its mind not to quickly grant $GLND Greenland Energy the oil exploration permit in Greenland. Trump would exploit it as proof of the need to seize Greenland without discussion."

So far this year, ALOY, CRML and USAR stocks have gained between 26% and 50%, while GLND and UUUU are down 79% and 11%, respectively.

Also See: Why Did CRNX, D, BCRX Stocks Surge To 52-Week Highs Today?

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Shivani Kumaresan has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .

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Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor

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标的：`PSI`来源：24/7 Wall St.发布日期：2026-07-07重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：918

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Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor

Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor

Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor · 24/7 Wall St.

Michael Williams

July 8, 2026 5 min read

• 2330.TW

-7.29%

• NVDA

-2.21%

• AMD

-1.03%

• TSM

-2.77%

• PSI

-1.37%

Quick Read

• PSI has doubled in 2026 by owning chip designers like AMD and MaxLinear rather than their manufacturer, Taiwan Semiconductor.

• TSMC's ADR status bars it from PSI's US-focused index despite a $2.34 trillion market cap and a 49% gain in 2026.

• Nvidia holds just a 3.91% weight in PSI, spreading AI-driven gains across memory, analog, and equipment names rather than one mega-cap.

• It sounds nuts, but SoFi is giving new active invest users up to $1,000 in stock for a limited time, and all it takes is a $50 deposit to get started. See for yourself (Sponsor)

The Invesco Semiconductors ETF ( NYSEARCA:PSI ) has roughly doubled this year, gaining 102.37% from December 31, 2025 through July 6, 2026. The surprise: the fund carries the word "semiconductors" in its name yet holds zero shares of Taiwan Semiconductor Manufacturing ( NYSE:TSM ), the world's largest dedicated independent (pure-play) semiconductor foundry and the company that actually fabricates chips for Nvidia, AMD, and Apple.

PSI owns the chip designers, but it does not own their manufacturer.

What PSI Is

PSI is an Invesco-issued ETF listed on NYSE Arca that tracks a US-focused semiconductor index. As of the fund's April 30, 2026 NPORT filing, net assets stood at roughly $1.995 billion across 33 positions. Expense ratio and formal benchmark language are not disclosed in the most recent prospectus data available.

What is clear is the shape of the portfolio: 30 equity positions plus three short-term cash vehicles, spanning chip design, wafer fabrication equipment, memory, analog, and packaging.

Why It's Up

The fund's run tracks the AI infrastructure buildout, and its top holdings are the direct beneficiaries. The largest position is MaxLinear at 7.98% of net assets, followed by Advanced Micro Devices at 6.26%, Texas Instruments at 4.97%, Broadcom at 4.84%, and Micron Technology at 4.67%.

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The semiconductor capital equipment names round out the top tier: KLA at 4.39%, Lam Research at 3.99%, and Applied Materials at 3.94%. Nvidia sits at 3.91%, a relatively modest weight given its dominance in AI accelerators. That flat-ish weighting has been an asset in 2026, spreading gains across memory, analog, and equipment names rather than concentrating them in a single mega-cap.

Over the past year, PSI is up 158.54%. Over the past month it added 10.04%. The trailing week has been rougher, with the fund down 10.34% as the sector cooled from recent highs.

Story Continues

The TSMC Absence

Taiwan Semiconductor is not in the portfolio. The April 30, 2026 NPORT-P filing lists all 33 positions, and TSM appears in none of them. The likely reason is index construction: PSI's underlying index screens toward US-domiciled operating companies, and Taiwan-based TSMC trades in the US only as an ADR, placing it outside that universe. Israel-domiciled Tower Semiconductor and Camtek show up in the fund, so the screen is not purely US-listed, but foreign ADRs of Taiwan-based issuers appear to be excluded.

The gap matters because TSMC is the counterparty behind the fund's biggest holdings. CEO C.C. Wei has guided to over 30% full-year 2026 revenue growth, and quarterly revenue grew 35.1% year over year in the most recent report. TSM itself is up 49.42% year to date and 94.49% over the past year, with a market cap of $2.34 trillion.

What The Exclusion Means

Broader semiconductor funds that include foreign issuers do hold TSMC, often as a top-three weight. PSI's US tilt has produced a stronger 2026 return than TSM's own ADR, largely because MaxLinear, AMD, and the wafer-equipment complex have run harder than the foundry stock. It also means PSI carries more concentrated exposure to US design cyclicals and equipment makers, and less exposure to the manufacturing bottleneck that ultimately gates the whole industry. If leading-edge foundry pricing power reasserts itself, PSI will feel it only indirectly through its equipment suppliers.

Retirement-focused investors weighing PSI should look past the year-to-date headline. The fund has doubled in six months and given back double digits in a single week. Past performance does not guarantee future results, and this is not investment advice.

The Takeaway

PSI is a concentrated bet on the US semiconductor ecosystem: designers, equipment, memory, and analog. It has delivered outsized 2026 returns by owning the customers of TSMC rather than TSMC itself. Whether that trade continues depends on whether US-listed chip names can keep outrunning the foundry that supplies them.

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Top-Performing ETF Areas of 1H 2026

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标的：`PSI`来源：Zacks发布日期：2026-07-02重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：891

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英文原文

Top-Performing ETF Areas of 1H 2026

Top-Performing ETF Areas of 1H 2026

Sanghamitra Saha

July 2, 2026 4 min read

• ^GSPC

-1.01%

• ^IXIC

-1.40%

• UGA

+2.90%

• BWET

-0.72%

• PSI

-1.37%

U.S. stocks just capped a strong first half of 2026 and a robust second quarter as semiconductor shares powered the market rally. The strength in semiconductors provided a major boost to the broader market and reinforced investor confidence in the ongoing AI-driven growth story.

Major Indexes Deliver Strong First-Half Returns

The Dow Jones advanced 8.9% during the first six months of the year, marking its best first-half performance since 2021, when it gained 12.7%. The S&P 500 rose 9.6%, while the Nasdaq outperformed with a gain of more than 12%.

Small-cap stocks also enjoyed a standout period. The Russell 2000 jumped nearly 22%, recording its strongest first-half performance since 1991, as quoted on CNBC.

Volatile Start Gives Way to a Strong Recovery

The first half of the year was marked by significant volatility. Markets reached record highs despite sharp fluctuations in energy prices caused by the Iran conflict and ongoing concerns about whether AI-related spending could remain sustainable.

Inside the Iran War

Following large-scale U.S.-Israel strikes on Iranian military infrastructure in February 2026, the United States and Iran engaged in months of warfare. The conflict severely disrupted global oil routes when Iran moved to block the Strait of Hormuz.

However, by mid-2026, the two nations signaled a ceasefire, bringing active hostilities to a halt and moving toward an extended period of Pakistan-mediated negotiations.

AI Bubble Concerns Doing Rounds

The AI trade has been a winning market theme, but the gains have been relatively narrow, increasing portfolio concentration risk and leaving investors more exposed to drawdowns and volatility in the technology sector.

As per a CNBC article, in June, approximately $2.3 trillion was wiped off the combined market value of the Mag 7 as investors grew increasingly concerned about the sustainability of massive AI infrastructure spending and whether the expected returns would justify the significant capital outlays.

Upbeat Earnings: Key Positive of 1H 2026

Solid corporate earnings remained the key market driver. Total S&P 500 earnings are expected to increase by 23.7% in the June quarter of 2026 from the same period last year, with revenues expected to rise 11.4% year over year.

Note that investor sentiment improved considerably during the second quarter as worries surrounding the AI trade subsided and geopolitical tensions appeared to be moving toward resolution.

The S&P 500 and Nasdaq gained 14.9% and 21.4%, respectively, in Q2, delivering their strongest quarterly performances since the second quarter of 2020. The Dow climbed 12.9%, its best quarter since the final three months of 2022, as quoted on the same CNBC article.

Story Continues

Fed Stays Put, Hints at Hawkish Path Ahead

The Federal Reserve left interest rates unchanged in June for the fourth straight policy meeting, keeping the benchmark federal funds rate in the 3.50%-3.75% range. This meeting was also the first under the new Fed Chair Kevin Warsh.

While the Fed kept rates on hold, its latest projections suggest that policymakers are leaning toward keeping borrowing costs higher for longer. Several officials signaled rate hikes later this year, as quoted on Yahoo Finance.

Alphabet Joins Dow Jones

Alphabet GOOGL officially entered the Dow Jones Industrial Average, earning one of Wall Street's most recognizable blue-chip distinctions in June-end.The addition marks a major milestone for the Dow Jones index, shifting its focus away from traditional telecommunications toward artificial intelligence and other key tech areas (read: Alphabet Joins Dow Jones: ETF Likely to Benefit).

Winning ETF Areas in Focus

Against this backdrop, below we highlight a few winning ETF areas of this year.

Shipping

Breakwave Tanker Shipping ETF BWET – Up 670.2% YTD

The Middle East conflict and the closure of the Strait of Hormuz have disrupted key shipping routes, driving a sharp surge in freight rates. This has strengthened the investment case for BWET.

Semiconductor

Invesco Semiconductors ETF PSI – Up 121.2%

The rise of AI, cloud computing, big data, data centers, the Internet of Things, 5G expansion, smartphone upgrades, and new gadgets has been fueling demand for chips and other semiconductor products.

South Korea

iShares MSCI South Korea ETF EWY – Up 90.8%

South Korean stocks have seen an unprecedented rally in 2026. Driven by the global artificial intelligence boom and heavy international demand for memory chips, the tech-heavy EWY has rallied.

Utilities

Tortoise AI Infrastructure ETF TCAI – Up 77.7%

In 2026, the AI infrastructure market has grown far beyond foundational chipmakers to encompass memory, networking, power management, and physical data center construction.

Gasoline

United States Gasoline Fund LP UGA – Up 68.8%

The fund's price surged in 2026 due to supply shocks linked to Middle East hostilities, particularly the U.S.-Iran conflict in late winter, which sent wholesale gasoline futures sharply higher. This was further augmented by the start of the summer driving season.

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2026年5月央行黄金储备统计

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来源：World Gold Council发布日期：2026-07-02重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1795

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Central bank gold statistics: Central banks remain committed to gold

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Central bank gold statistics: Central banks remain committed to gold

2 July, 2026

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Marissa Salim

Senior Research Lead, APAC

World Gold Council

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Central bank gold statistics: Central banks remain committed to gold

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Central banks were back in buying mode in May – and with a little more spring in their step. Based on the latest reported data, official gold reserves increased by a net 41t during the month, with purchases once again concentrated among a familiar cast of buyers ( Chart 1 ).

Chart 1: Central banks stay on course in May buying a net 41t of gold

Monthly reported central bank activity, tonnes*

*Data to 30 June 2026, where available.

Source: IMF, respective central banks, World Gold Council

Much of the activity was driven by Poland (18t) and China (10t), with Uzbekistan and Kazakhstan also continuing their monthly net gold buying activity. Singapore also rejoined the list of buyers, reporting a net purchase of 4t, its first monthly net purchase since September 2025. Meanwhile, net sellers for the month were Turkey (3t) and Russia (6t) with y-t-d sales of 81t and 34t respectively.

Year-to-date, Poland has accumulated 64t of gold, followed by Uzbekistan and China at 33t and 25t respectively. Kazakhstan, a close fourth, has accumulated 20t y-t-d.

Despite the recent developments, central bankers remained positive on the role of gold in their reserves. As published in our ninth Central Bank Gold Reserves Survey 2026 , 89% of central bankers expect global gold reserves to increase in the next 12 months. Meanwhile, a record high 45% of central bankers expect their own institution’s gold reserves to increase over the next 12 months ( Chart 2 ).

Chart 2: A record high number of central bankers expect their gold reserves to increase

How do you expect your institution's gold reserves to change over the next 12 months?

2026 base: All central banks (74); advanced economy (17); EMDE (57). “Don’t knowʺ was removed as an option in 2023.

Source: IMF, respective central banks, World Gold Council

The most significant reported activity in May and y-t-d:

• The National Bank of Poland continued its net buying trajectory, having accumulated 18t in the month. Y-t-d, Poland leads its peers, with May being its fourth consecutive month of double-digit net buying (64t) and its highest monthly accumulation since February. Poland now holds 614t of gold in its reserves, inching closer to its 700t target

• In its 20th consecutive month of net buying, the People’s Bank of China added 10t to its gold reserves – the highest monthly addition since December 2024. Y-t-d, China has added 25t to its gold reserves and is among the top three accumulators so far this year. China’s official gold reserves now stand at 9% of total reserves or around 2,331t

• The Central Bank of Uzbekistan accumulated 9t in May, with y-t-d gold purchases standing at 33t, second only to Poland. Uzbekistan’s gold reserves now stands at 87% of its total reserves.

• The National Bank of Kazakhstan bought 7t in the month; y-t-d it has bought a net 20t. Kazakhstan’s official gold reserves stand at 361t or 78% of its total reserves

• The Monetary Authority of Singapore purchased 4t of gold this month, its first monthly net purchase since September 2025. This brings Singapore’s total gold holdings to 197t. Separately, the MAS is looking to establish central bank gold vaulting services October 2026, in line with the country’s plans to establish a gold hub in the city state. 1

• The Czech National Bank and the Central Bank of Jordan also bought gold this month at 2t and 1t, respectively, bringing the former’s consistent run of net gold purchases to 39 months

• The Central Bank of Russia continued its streak of net selling this month, offloading 6t of gold. Y-t-d, Russia has sold 34t of gold, lowering its total gold holdings to 2,292t.

• The Central Bank of the Republic of Turkey sold 3t of gold this month, offloading 81t of gold so far on a y-t-d basis.

Chart 3: Year-to-date central bank gold activity

Central bank net purchases and sales, tonnes*

*Data to 30 June 2026, where available. Note: The Bulgarian National Bank's transfer of 2t to the European Central Bank as part of its adoption of the euro is excluded from the chart.

Source: IMF, respective central banks, World Gold Council

The Bank of Korea readies allocation to gold ETF

The Bank of Korea has reportedly 2 completed preparations to invest in overseas gold-backed ETFs as part of its strategy of foreign currency asset diversification, although due to its confidentiality policy there has been no indication as to whether the allocation has been made. According to the report, gold-backed ETFs were the instrument of choice due to their high liquidity and lower storage costs. The bank currently holds 104t of gold in its reserves – about 3% of its total reserves – a figure that is relatively low compared to its emerging market peers. Gaining exposure to gold via ETFs is fairly uncommon amongst central banks: only 4% of survey respondents indicated that they purchase gold via gold-backed ETFs ( Chart 4 ).

Chart 4: OTC market remains dominant way central banks accumulate gold

How do you purchase gold? (Please select all that apply)

2026 base: All central banks (68); Advanced economy (16); EMDE (52).

Source: YouGov, World Gold Council

Gold gains traction within Latin American central banks

Over the course of 2026, our analysis has picked up new gold buying activity within Latin American central banks. Chile has accumulated around 8t of gold y-t-d, followed by Guatemala (2t), and Bolivia and Uruguay at 1t each. While this region has seen some geopolitical heat recently, it is too early to tell if this trend will gain traction or broaden out to match other Latin American peers ( Chart 5 ).

Chart 5: Latin American central banks have shown greater interest in gold

Gold net buying/selling activity in Latin America since January 2022

*Data to 31 May 2026 where available.

Source: IMF, respective central banks, World Gold Council

Footnotes

1 Singapore to establish OTC gold clearing system, introduce central bank gold-vaulting services | Reuters

2 Bank of Korea, which has stopped buying gold for 13 years, completes account opening for gold ETF investment, Herald Economy

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Best Performing ETFs of 2026

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标的：`PSI`来源：etf.com发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1243

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Best Performing ETFs of 2026

Best Performing ETFs of 2026

Sumit Roy

July 2, 2026 6 min read

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With one half of 2026 in the books, the year is shaping up to be another good one for stocks.

Through the first six months, the Vanguard S&P 500 ETF (VOO) gained 10.2%, while the Invesco QQQ Trust (QQQ) doubled that with a 20.2% return.

As usual, though, plenty of ETFs did far better than that, and that's what we'll look at here.

A pair of funds ran up more than 900% on the year, and it took a gain north of 535% just to crack the overall top 10. The top of the board is dominated by leveraged products, with only a single nonleveraged fund making the cut.

But even if you strip the leveraged funds out, the bar is still high. A fund needed a roughly a 100% gain to land in the nonleveraged top 10.

Below we'll take a look at both sides, the nonleveraged winners and the leveraged ones.

A Tanker Fund Leads the Way

On the nonleveraged side, the Breakwave Tanker Shipping ETF (BWET) sits on top with a 684% gain. I've written about this fund a few times this year. BWET holds crude oil tanker freight futures, contracts tied to the rate for hauling oil by sea, with most of the portfolio tracking very large crude carriers traveling from the Persian Gulf to Asia.

When the Strait of Hormuz effectively closed earlier this year and tankers were pushed onto longer routes, freight rates went vertical and BWET went with them.

Oil prices themselves have since come back down as the strait reopened, but tanker futures have held up far better, because the crossing is still fragile, the backlog of stranded ships is only slowly clearing, and war risk premiums remain elevated.

It's worth remembering that BWET is a trading vehicle rather than a buy-and-hold investment, as freight rates have historically been mean reverting.

Then It's Semiconductors, All the Way Down

Outside of BWET, every other fund in the nonleveraged top 10 traces back to the AI infrastructure and semiconductor boom. That includes the Invesco Semiconductors ETF (PSI) , up 138%, and the VistaShares Artificial Intelligence Supercycle ETF (AIS) , up 124%.

I've written about AIS before. What makes it stand out is that it's an AI fund beating most of the straight semiconductor ETFs while holding a broader basket than chips alone (though it still leans heavily on semiconductor names).

The well-known iShares Semiconductor ETF (SOXX) also made the list at 113%, as did the iShares MSCI South Korea ETF (EWY) at 106%. EWY's gain came courtesy of its outsized weightings in SK Hynix and Samsung, two of the biggest winners from the super spike in memory prices.

Investors leaned on EWY as a memory proxy for a good stretch this year, until the Roundhill Memory ETF (DRAM) launched and stole its thunder. Incidentally, DRAM returned 166% from its April 2 launch through June 30, but it's not included on our list since it wasn't trading at the start of the year.

Story Continues

Outside the Top 10

The pattern continues past the top 10: Semiconductor ETFs keep turning up well down the list, alongside broader AI funds that are themselves stuffed with chip names, plus the occasional Korea or Taiwan fund that's essentially a de facto semiconductor play.

You have to go all the way to number 17 to hit something a little different: the ProShares Nanotechnology ETF (TINY) .

TINY tracks the Solactive Nanotechnology Index, but—surprise—its top holdings include a number of semiconductor equipment stocks, names like Applied Materials, Lam Research, and ASML.

A few other names further down are worth calling out. The Nomura Focused Emerging Markets Equity ETF (EMEQ) gained 77%, roughly three times the return of the broader iShares Core MSCI Emerging Markets ETF (IEMG) .

But once again, the performance is being powered by semiconductors. EMEQ holds about a third of its portfolio in TSMC, SK Hynix, and Samsung.

Other ETFs worth mentioning: the KraneShares SSE STAR Market 50 Index ETF (KSTR) , up 72%; the iShares MSCI Taiwan ETF (EWT) , up 71%; the State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) , up 71%; the Global X Hydrogen ETF (HYDR) , up 67%; and the United States Gasoline Fund (UGA) , up 66%.

The Full List

Just as the nonleveraged list of best performing ETFs is dominated by AI stocks, so too is the all-encompassing list.

The overall top 10 is almost entirely 2x long bets on single AI stocks. The Direxion Daily MU Bull 2X Shares (MUU) leads at 959%, followed by the Direxion Daily INTC Bull 2X Shares (LINT) at 842% and the GraniteShares 2x Long DELL Daily ETF (DLLL) at 772%, and on down the line.

Impressively, BWET managed to break into this list too with its 684%, the lone nonleveraged fund keeping pace with a field of geared single-stock products.

The only other fund in the top 10 that isn't a single-stock bet is the Direxion Daily Semiconductor Bull 3X Shares (SOXL) , up 537%. It tracks an index rather than one stock, but its triple leverage, grandfathered in from an earlier regulatory era, let it hang with the 2x single-stock crowd.

For the full list of the top-performing ETFs of the first half of 2026, see the tables below.

Best Performing ETFs of 2026 (excluding leverage/single stock ETFs)

Name

Ticker

YTD Return

Breakwave Tanker Shipping ETF

BWET

683.84%

Invesco Semiconductors ETF

PSI

138.09%

VistaShares Artificial Intelligence Supercycle ETF

AIS

124.37%

First Trust Nasdaq Semiconductor ETF

FTXL

120.38%

Xtrackers Semiconductor Select Equity ETF

CHPS

118.74%

iShares Semiconductor ETF

SOXX

113.00%

iShares MSCI South Korea ETF

EWY

105.80%

YieldMax Target 12 Semiconductor Option Income ETF

SOXY

101.84%

Invesco PHLX Semiconductor ETF

SOXQ

101.45%

Franklin FTSE South Korea ETF

FLKR

101.26%

YieldMax Semiconductor Portfolio Option Income ETF

CHPY

95.36%

Global X AI Semiconductor & Quantum ETF

CHPX

94.58%

State Street SPDR S&P Semiconductor ETF

XSD

94.11%

Tortoise AI Infrastructure ETF

TCAI

88.98%

Matthews Korea Active ETF

MKOR

87.31%

VanEck Semiconductor ETF

SMH

82.30%

ProShares Nanotechnology ETF

TINY

80.27%

Invesco Exchange-Traded Fund Trust Invesco Dorsey Wright Technology Momentum ETF

PTF

78.53%

State Street Galaxy Transformative Tech Accelerators ETF

TEKX

78.51%

Strive US Semiconductor ETF

SHOC

78.25%

Best Performing ETFs of 2026 (all U.S.-listed ETFs)

Name

Ticker

YTD Return (NAV)

Direxion Daily MU Bull 2X ETF

MUU

959.13%

GraniteShares 2x Long MU Daily ETF

MULL

927.48%

Direxion Daily Intc Bull 2X ETF

LINT

842.84%

GraniteShares 2x Long INTC Daily ETF

INTW

840.82%

GraniteShares 2x Long DELL Daily ETF

DLLL

771.63%

GraniteShares 2x Long MRVL Daily ETF

MVLL

701.19%

Breakwave Tanker Shipping ETF

BWET

683.84%

Leverage Shares 2X Long ARM Daily ETF

ARMG

593.29%

Direxion Daily Semiconductor Bull 3X ETF

SOXL

536.58%

Tradr 2X Long BE Daily ETF

BEX

535.25%

GraniteShares 2x Long NBIS Daily ETF

NBIL

531.70%

Tradr 2X Long NBIS Daily ETF

NEBX

524.46%

Leverage Shares 2X Long BE Daily ETF

BEG

518.96%

Leverage Shares 2X Long NBIS Daily ETF

NBIG

516.86%

Direxion Daily AMD Bull 2X ETF

AMUU

435.95%

Graniteshares 2x Long AMD Daily ETF

AMDL

432.43%

Leverage Shares 2X Long AMD Daily ETF

AMDG

429.37%

Tradr 2X Long LRCX Daily ETF

LRCU

396.41%

Tradr 2X Long ALAB Daily ETF

LABX

382.11%

Leverage Shares 2X Long KLAC Daily ETF

KLAG

368.94%

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Applied Digital 交付 Polaris Forge 1 第二栋建筑

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标的：`APLD`来源：Applied Digital Corporation发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1207

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Applied Digital Delivers Second Building at Polaris Forge 1

Applied Digital Delivers Second Building at Polaris Forge 1

July 01, 2026 1:00pm EDT

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On-time delivery of Building 2 Phase 1 reinforces Applied Digital’s repeatable model for turning power into operational AI capacity

DALLAS, July 01, 2026 (GLOBE NEWSWIRE) -- Applied Digital (NASDAQ: APLD), a designer, builder, and operator of high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads, today announced it has achieved Ready for Service for Phase 1 of Building 2 at Polaris Forge 1, delivering 75 MW of operational AI capacity to its customer on schedule and bringing total live capacity at the campus to 175 MW.

The delivery marks the next major milestone in the continued buildout of Polaris Forge 1, Applied Digital’s fully leased AI Factory Campus designed to support high-density artificial intelligence and high-performance computing workloads. At full build out, Polaris Forge 1 is contracted to deliver 400 MW of critical IT load under long-term lease agreements.

“Delivering this phase on time underscores the strength of our execution model,” said Wes Cummins, Chairman and Chief Executive Officer of Applied Digital. “Polaris Forge 1 continues to demonstrate the depth of our team and the discipline it takes to bring critical AI infrastructure capacity online for our customers. Achieving this milestone required intense coordination across the field, construction, engineering, operations, procurement, development, and corporate teams, and I’m proud of the entire Applied Digital organization for delivering as planned. With 175 MW now live at the campus, Polaris Forge 1 demonstrates the repeatable model we are scaling across our AI Factory footprint.”

This latest achievement follows Applied Digital’s on-time completion of the first 100 MW building at Polaris Forge 1 and further demonstrates the Company’s ability to bring critical IT capacity online in alignment with customer deployment timelines. With 175 MW now live, Polaris Forge 1 continues to demonstrate Applied Digital’s ability to execute across multiple phases of a large-scale AI infrastructure deployment.

Applied Digital’s execution approach is built around what the Company refers to as its AI Factory franchise model: a repeatable framework that replicates a core team of design, construction, and operations professionals across each campus, supported by centralized expertise and dedicated site-level execution teams.

“Polaris Forge 1 continues to validate the repeatable model we are building across our AI Factory platform,” Cummins continued. “We are not just securing power; we are turning it into live, operational AI capacity. That is the hard part, and it is where Applied Digital continues to differentiate itself.”

As demand for large-scale AI infrastructure continues to grow, customers are placing increasing importance on execution certainty and speed to market. Applied Digital’s on-time delivery of another major phase at Polaris Forge 1 reinforces the Company’s ability to bring complex infrastructure online in alignment with customer timelines.

Polaris Forge 1 is located in Ellendale, North Dakota, where Applied Digital has operated since 2021 and built long-standing relationships with local leaders, partners, and community stakeholders. As the campus continues to expand, the Company remains focused on responsible development, local partnership, and creating long-term value in the communities where it builds.

About Applied Digital

Applied Digital (Nasdaq: APLD), named Best Data Center in the Americas 2025 by Datacloud — designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads. Headquartered in Dallas, TX, and founded in 2021, the company combines hyperscale expertise, closed-loop cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its AI Factory franchise model.

Learn more at applieddigital.com or follow @APLDdigital on X and LinkedIn.

Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives, and future financing plans. These statements use words, and variations of words, such as “will,” “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “proven,” “deliver,” “outlook,” “expect,” “project” and “predict.” Other examples of forward-looking statements may include, but are not limited to, (i) statements that reflect perspectives and expectations regarding lease agreements and any current or prospective data center campus development; (ii) statements about the high-performance computing (HPC) industry; (iii) statements of company plans and objectives, including the company’s evolving business model, or estimates or predictions of actions by suppliers; (iv) statements of future economic performance; (v) statements of assumptions underlying other statements and statements about the company or its business; and (vi) the company’s plans to obtain future project financing. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the company’s expectations and projections. These risks, uncertainties, and other factors include, among others: whether or not our customers exercise the renewal options under their leases with us (if not, we will not recognize further revenue from such customer under its respective lease); our ability to complete construction of our data center campuses as planned; the lead time of customer acquisition and leasing decisions and related internal approval processes; changes to artificial intelligence and HPC infrastructure needs and their impact on future plans; costs related to the HPC operations and strategy; our ability to timely deliver any services required in connection with completion of installation under lease agreements; our ability to raise additional capital to fund the ongoing datacenter construction and operations; our ability to obtain financing of datacenter leases and more broadly for our development and general corporate activities; our dependence on principal customers, including our ability to execute and perform our obligations under our leases with key customers; our ability to timely and successfully build new hosting facilities with the appropriate contractual margins and efficiencies; power or other supply disruptions and equipment failures; the inability to comply with regulations, developments and changes in regulations; cash flow and access to capital; availability of financing to continue to grow our business; decline in demand for our products and services; maintenance of third party relationships; and conditions in the debt and equity capital markets. A further list and description of these risks, uncertainties, and other factors can be found in the company’s most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, including in the sections captioned “Forward-Looking Statements” and “Risk Factors,” and in the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov , on the company’s website ( www.applieddigital.com ) under “Investors,” or on request from the company. Information in this press release is as of the dates and time periods indicated herein, and the company does not undertake to update any of the information contained in these materials, except as required by law.

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(856) 264-7827

jsa_applied@jsa.net

Investor Relations Contacts

Matt Glover or Ralf Esper

Gateway Group, Inc.

(949) 574-3860

APLD@gateway-grp.com

Source: Applied Digital Corporation

Released July 1, 2026

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Kurv Launches the KMEM ETF: The Purest Play on Memory Production

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标的：`KMEM`来源：Business Wire发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：729

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Kurv Launches the KMEM ETF: The Purest Play on Memory Production

This is a paid press release. Contact the press release distributor directly with any inquiries.

Kurv Launches the KMEM ETF: The Purest Play on Memory Production

KMEM: Top 3 Holdings with Look-Through

Business Wire

July 1, 2026 3 min read

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New fund provides a more focused and selective approach to gaining exposure to the supply/demand imbalance inherent in the ongoing AI build-out.

SAN FRANCISCO, July 01, 2026 --( BUSINESS WIRE )--Kurv Investment Management, an asset manager bringing an institutional approach to active ETFs, today announced the launch of the Kurv Memory Select ETF (CBOE BZX: KMEM ).

KMEM is designed to offer investors targeted exposure to the companies dominating memory chip production, including the current "Big Three" memory manufacturers - SK hynix, Samsung, and Micron Technology - as well as additional companies playing a major role in this space.

"AI infrastructure is only as powerful as the memory behind it and as demand for faster processing and larger models accelerates, memory chips are becoming the backbone of the AI economy," said Howard Chan, Founder and Chief Executive Officer of Kurv Investment Management. "At the same time, that demand is outpacing the supply, creating a supply/demand imbalance that could present an interesting opportunity for investors looking at the AI and AI-adjacent components of their equity portfolios."

"Names that are merely ancillary to this theme could in fact become hindrances to performance as the current leaders consolidate their positions and upstarts work to obtain market share," added Chan. "That makes it essential to have a pure play strategy when looking at memory. This is exactly what we've designed with KMEM and why we are so excited to be bringing this fund to market at this pivotal time."

"Despite the recent run up in price, we believe the bottleneck in the sector will continue for at least the next 3-4 years," said Chan. "KMEM tends to focus on names like SK hynix, where valuation is still cheaper compared to its competitors."

KMEM is actively managed and seeks to provide highly targeted exposure to domestic and international companies that design, manufacture and distribute a range of different memory chips, including Dynamic Random Access Memory (DRAM), Static Random Access Memory (SRAM), Random Access Memory (RAM), Flash Memory and other emerging memory types.

"The ongoing AI build-out stalls if the production of memory chips, and further innovation in memory, doesn't keep pace," continued Chan. "Forget the 'picks and shovels' of the AI trade, these are the mines themselves from which all of the advancements inherent in AI are waiting to be extracted."

For more information about KMEM, visit https://www.kurvinvest.com/etf/kmem#Exposure

Story Continues

About Kurv Investment Management

Kurv Investment Management is a tax-aware, option-based investment manager founded by a team of highly experienced professionals from industry-leading firms. Kurv Investment Management removes costly and complicated barriers to entry and streamlines management and reporting to serve its mission to provide access to high-caliber portfolio tools and investment options previously reserved for only the largest institutional investors.

Important Information:

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. To obtain a prospectus containing this and other information, please call 1-833-955-KURV (5878) or visit KurvInvest.com . Read the prospectus carefully before investing.

Investing in the Fund entails risk, including the loss of principal. The Fund is not a complete investment program and investors should review the risks associated with the Fund before investing. The Fund is an actively managed portfolio, and the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. The Fund is new with a limited operating history.

Fund Objective: The fund seeks to maximize total return.

Fund Risks: The Fund seeks to primarily invest under normal circumstances in companies, domestic or foreign, that design, manufacture, and distribute memory chips (memory chip activities) ("Memory Companies"). Memory chips are semiconductor devices designed for the temporary or permanent storage and retrieval of data in computer systems.

The Kurv Memory Select ETF is distributed by Foreside Fund Services LLC, Member FINRA/SIPC. Foreside Fund Services LLC is not affiliated with Kurv Investment Management.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260701217846/en/

Contacts

Media Contact:

Chris Sullivan

Craft & Capital

chris@craftandcapital.com

Client Solutions Contact:

clientsolutions@kurvinvest.com

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Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally

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标的：`FTXL`来源：Zacks发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1034

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Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally

Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally

Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally · Zacks

Aparajita Dutta

July 1, 2026 5 min read

• MU

-0.50%

• AMD

-1.03%

• INTC

-2.00%

• FTXL

-1.23%

• SHOC

-1.76%

Micron Technology MU delivered a historic rally in the second quarter of 2026, with its shares surging over 240% and adding approximately $920 billion to its market capitalization. As the broader semiconductor industry is experiencing an absolute renaissance, ignited by the global artificial intelligence (AI) boom, other chip giants, particularly Advanced Micro Devices AMD and Intel INTC, also contributed significantly to the industry's rally.

Micron's extraordinary performance was complemented by Intel's 216% jump, which added $480 billion to its market cap, while AMD's shares climbed 186% to add $615 billion in market value. Together, this rally contributed to a combined $2 trillion increase in market value for these three chipmakers alone (as cited in CNBC).

While such gains might tempt investors to add individual names like Micron or AMD to their portfolios, those concerned about chasing stocks at all-time highs may find a more balanced approach through semiconductor exchange-traded funds (ETFs) that hold these chip giants in their top positions, allowing them to benefit from the broader industry rally.

But before adding one or all of these ETFs to their portfolio, prudent investors may want to investigate the factors that drove this unprecedented growth, particularly Micron's, and understand why semiconductor ETFs offer a compelling strategy to capture the industry's potential.

Catalysts Behind Micron's Historic Q2 Surge

Micron's exceptional performance was driven by skyrocketing memory prices fueled by insatiable chip demand coming from accelerating AI infrastructure build-out worldwide. This helped this chipmaker top a $1 trillion market value for the first time in late May 2026, as its shares popped 19% in a single trading session.

MU's memory rally is further highlighted by its latest reported quarterly results, where its revenues more than quadrupled year over year. This upside in its top line was primarily driven by robust AI-led memory demand, with its data center revenues exceeding $25 billion, reflecting an annualized run rate of more than $100 billion.

Its gross margins jumped dramatically from 39% to an eye-popping 84.9%, thanks to higher pricing. Consequently, the memory chipmaker delivered record adjusted earnings growth of over 1,200% on a year-over-year basis.

No doubt, such strong quarterly results caused MU's stock price to jump 15% in after-hours trading following the earnings announcement.

Investor confidence in MU's long-term viability was further cemented by its latest partnership with AI leader Anthropic to supply next-generation infrastructure. With memory chip supply expected to remain tight past 2027, this deal locks in years of predictable, high-margin revenues for Micron and adds impetus to its share price appreciation.

Story Continues

A Booming Semiconductor Market & the Case for ETFs

The AI boom has transformed the semiconductor landscape, with investors widening their focus beyond chip giants like NVIDIA NVDA to include the entire ecosystem of "AI enablers". As a result, companies that design the processors, interconnects, and interfaces needed to support and leverage high-speed memory technologies such as High Bandwidth Memory ("HBM") are also experiencing strong share price appreciation, boosting the entire semiconductor industry.

For instance, Marvell Technology MRVL, which specializes in custom silicon and complex network data infrastructure, climbed approximately 201% in the second quarter.

The semiconductor industry is projected to maintain a massive multi-year growth trajectory, supported by constrained supply lines and unrelenting hyperscaler data center spending.

Timing entries into individual chip stocks can be challenging for investors, while also exposing them to the risks associated with concentrated single-stock investments. Specialized semiconductor ETFs can offer diversified exposure to the entire semiconductor value chain, enabling investors to capture upside from multiple segments, including memory makers like Micron, CPU manufacturers such as Intel and AMD, and networking specialists like Marvell.

ETFs to Buy

Considering the aforementioned discussion, one may consider adding the following semiconductor ETFs to their portfolios:

Strive U.S. Semiconductor ETF SHOC

This fund, with net assets worth $269 million, offers exposure to U.S.-listed semiconductor stocks. NVDA holds the first position in this fund, with 17.26% weightage, while MU holds the second spot with 13.81% weightage. AMD holds the sixth position in this fund, with 5% weightage, while INTC holds the ninth spot with 4.53% weightage. MRVL holds the 10th position with 4.13% weightage.

SHOC has rallied 77.7% year to date. The fund charges 40 basis points (bps) as fees.

Global X AI Semiconductor & Quantum ETF CHPX

This fund, with net assets worth $256.2 million, offers exposure to 38 companies that are positioned to benefit from the growth and advancement of the artificial intelligence (AI) semiconductor and quantum computing ecosystems. MU holds the first position in this fund, with 13.65% weightage, while AMD holds the sixth spot with 4.97% weightage. MRVL holds the seventh position in this fund, with 4.88% weightage, while INTC holds the ninth spot with 4.66% weightage.

CHPX has surged 95% year to date. The fund charges 50 bps as fees.

First Trust NASDAQ Semiconductor ETF FTXL

This fund, with net assets worth $2.75 billion, offers exposure to 34 U.S. semiconductor companies. INTC holds the first position in this fund, with 13.02% weightage, while MU holds the second spot with 12.52% weightage. MRVL holds the third position in this fund, with 7.67% weightage, while AMD holds the fourth spot with 6.08% weightage.

FTXL has jumped 120% year to date. The fund charges 60 bps as fees.

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Intel Corporation (INTC) : Free Stock Analysis Report

Advanced Micro Devices, Inc. (AMD) : Free Stock Analysis Report

Micron Technology, Inc. (MU) : Free Stock Analysis Report

NVIDIA Corporation (NVDA) : Free Stock Analysis Report

Marvell Technology, Inc. (MRVL) : Free Stock Analysis Report

First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports

Strive U.S. Semiconductor ETF (SHOC): ETF Research Reports

Global X AI Semiconductor & Quantum ETF (CHPX): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

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GlobalFoundries 公布 2026 年第二季度业绩电话会安排

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来源：GlobalFoundries发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：255

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GlobalFoundries Announces Conference Call to Review Second Quarter 2026 Financial Results | GlobalFoundries Inc.

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##

GlobalFoundries Announces Conference Call to Review Second Quarter 2026 Financial Results

July 1, 2026

PDF Version

MALTA, N.Y., July 01, 2026 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ: GFS) today announced that it will host a conference call on Wednesday, August 5, 2026, at 8:30 a.m. ET following the release of the company’s second quarter 2026 financial results.

Conference Call and Webcast Information

The company will host a conference call with the financial community on Wednesday, August 5, 2026, at 8:30 a.m. ET. Interested parties may join the scheduled conference call by registering here .

The company’s financial results and a webcast of the conference call will be available on GlobalFoundries’ Investor Relations website at https://investors.gf.com .

About GF

GlobalFoundries (GF) is a leading manufacturer of essential semiconductors, enabling AI at scale from the cloud to the physical world. Through deep partnerships with customers, GF delivers differentiated, power-efficient and high-performance solutions for automotive, aerospace and defense, data center, smart mobile devices, internet of things and other high-growth markets. With global manufacturing operations across the U.S., Europe and Asia, GF is a trusted and holistic technology partner for customers around the world. GF’s talented, global team remains focused every day on security, longevity and sustainability. For more information, visit www.gf.com .

© 2026 GlobalFoundries Inc. GF®, GlobalFoundries®, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. or its subsidiaries. All other trademarks are the property of their respective owners.

For further information, please contact:

ir@gf.com

Search GF investor relations site

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欧元区通胀与欧洲央行参考汇率

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来源：Eurostat / European Central Bank发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1216

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Euro area annual inflation down to 2.8%

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Euro indicators

1 July 2026

Next release: 31 July 2026

Flash estimate - June 2026

#

Euro area annual inflation down to 2.8%

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Overview

Euro area annual inflation is expected to be 2.8% in June 2026, down from 3.2% in May according to a flash estimate from Eurostat, the statistical office of the European Union .

Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in June (8.7%, compared with 10.8% in May), followed by services (3.2%, compared with 3.5% in May), food, alcohol & tobacco (1.6%, compared with 1.9% in May) and non-energy industrial goods (0.9%, stable compared with May) .

Tables

Euro area annual inflation and its components (%)

Weights * (‰)

Annual rate

Monthly rate

2026

Jun 25

Jan 26

Feb 26

Mar 26

Apr 26

May 26

Jun 26

Jun 26

All-items HICP

1000.0

2.0

1.7

1.9

2.6

3.0

3.2

2.8e

-0.1e

All-items excluding:

energy

909.7r

2.5

2.3

2.4

2.3

2.2

2.4

2.2e

0.1e

energy, unprocessed food

858.3r

2.4

2.2

2.3

2.2

2.1

2.3

2.2e

0.2e

energy, food, alcohol & tobacco

720.4r

2.3

2.2

2.4

2.3

2.2

2.6

2.4e

0.2e

Food, alcohol & tobacco

189.3r

3.0

2.6

2.5

2.4

2.4

1.9

1.6e

-0.2e

processed food, alcohol & tobacco

137.9r

2.8

2.0

1.8

1.7

1.6

1.1

1.0e

0.0e

unprocessed food

51.4r

3.7

4.2

4.6

4.2

4.6

4.0

3.2e

-0.9e

Energy

90.3r

-2.6

-4.0

-3.1

5.1

10.8

10.8

8.7e

-1.7e

Non-energy industrial goods

252.2r

0.5

0.4

0.7

0.5

0.8

0.9

0.9e

-0.2e

Services

468.2r

3.3

3.2

3.3r

3.2r

3.0

3.5

3.2e

0.4e

e estimated

r revised

*See country notes under ‘Methods and definitions’.

Source dataset: prc_hicp_minr and prc_hicp_iw

Inflation rates (%) measured by the HICP

Annual rate

Monthly rate

Jun 25

Jan 26

Feb 26

Mar 26

Apr 26

May 26

Jun 26

Jun 26

Belgium

2.9

1.4

1.4

2.2

4.2

4.0

3.0e

-0.4e

Bulgaria

3.1

2.3

2.1

2.8

6.0

6.3

5.3e

-0.4e

Germany*

2.0

2.1

2.0

2.8

2.9

2.7

2.4e

-0.2e

Estonia

5.2

3.8

3.2

3.5

3.2

3.6

2.0e

-0.4e

Ireland

1.6

2.5

2.5

3.6

3.6

3.5

3.2e

0.3e

Greece

3.6

2.9

3.1

3.4

4.6

4.9

3.9e

0.4e

Spain

2.3

2.4

2.5

3.4

3.5

3.6

3.6e

0.6e

France

0.9

0.4

1.1

2.0

2.5

2.8

2.0e

-0.3e

Croatia

4.3

3.6

3.9

4.6

5.4

4.9

4.2e

0.1e

Italy

1.7

1.0

1.5

1.6

2.8

3.2

3.1e

0.1e

Cyprus

0.5

1.2

0.9

1.5

3.0

3.5

4.0e

0.8e

Latvia

3.9

2.9

2.4

3.4

2.9

3.5

3.3e

0.0e

Lithuania

3.2

2.8

3.3

4.4

4.9

5.1

5.5e

0.6e

Luxembourg

2.4

1.6

1.8

3.8

5.2

4.5

3.8e

-0.4e

Malta

2.5

2.3

2.3

2.3

2.5

2.1

1.9e

1.0e

Netherlands*

2.7

2.2

2.3

2.6

2.5

3.4

:

:

Austria

3.2

2.1

2.3

3.2

3.4

3.7

3.1e

-0.3e

Portugal

2.1

1.9

2.1

2.7

3.3

3.1

3.1e

0.1e

Slovenia

2.5

2.4

2.8

2.4

3.4

3.8

3.7

0.5

Slovakia

4.6

4.3

4.0

3.7

4.1

4.0

3.5e

-0.2e

Finland

1.9

1.0

1.8

2.5

2.4

2.8

2.7e

-0.3e

e estimated

*See country notes under ‘Methods and definitions’.

Source dataset: prc_hicp_minr

Notes for users

Revisions and timetable

The euro area inflation flash estimate is issued at the end of each reference month.

The complete set of harmonised indices of consumer prices (HICP) for the euro area, EU and Member States is released around the middle of the month following the reference month.

The next release with full data for June 2026 is scheduled for 17 July 2026 .

Methods and definitions

Annual inflation is the price change of consumer goods and services between the current month and the same month of the previous year. Monthly inflation is the price change between the current month and the previous month.

Country notes

Germany updated their item weights for 2026 in June 2026. As a consequence, the weights of the euro area have also been updated. Moreover, the value for services changed in February 2026 to 3.3 coming from 3.4, and in March 2026 to 3.2 coming from 3.3 in the last mid-month release.

Netherlands did not provide their data by the time of the publication. Their data have been estimated only for the purpose of the calculation of the European aggregates.

Geographical information

Up to December 31, 2025, the euro area included Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland (EA20) . From 1 January 2026, the euro area also includes Bulgaria (EA21) .

The aggregate data series published in this Euro indicator release refer to the evolving composition of the euro area. Thus, Euro indicator data for months up to December 2025 represent EA20 series, while Euro indicator data for January 2026 onwards represent EA21 series. Changes in the composition of the euro area are incorporated using a chain index formula.

For more information

• Website section on inflation

• Database section on inflation

• Statistics Explained article on inflation in the euro area

• Metadata on inflation

• Euro indicators dashboard

• Release calendar for Euro indicators

• European Statistics Code of Practice

Get in touch

Media requests

Eurostat Media Support

E-mail: eurostat-mediasupport@ec.europa.eu

Further information on data

E-mail: estat-hicp@ec.europa.eu

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USA Rare Earth S-4/A litigation disclosure

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标的：`USAR`来源：web-enrichment:regulator发布日期：2026-06-30重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：183766

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USA Rare Earth S-4/A litigation disclosure

Filed pursuant to Rule 424(b)(3)

Registration No. 333-295838

Texas Mineral Resources Corp.

TRANSACTION PROPOSED-YOUR VOTE IS VERY IMPORTANT

Dear Stockholders of Texas Mineral Resources Corp.:

On March 4, 2026, Texas Mineral Resources Corp., a Delaware corporation (“ TMRC ”) entered into a definitive Agreement and Plan of Merger (the “ Merger Agreement ”) by and among USA Rare Earth, Inc. (“ USAR ”), TMRC, Hamer Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of USAR (“ First Merger Sub ”) and Hamer Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of USAR (“ Second Merger Sub ” and together with First Merger Sub, the “ Merger Subs ”). The Merger Agreement provides for the successive mergers of TMRC with each of the Merger Subs, as a result of which TMRC’s business will be held by a wholly owned subsidiary of USAR, and each of the then outstanding shares of common stock, par value $0.01 per share, of TMRC (“ TMRC Shares ”) will generally be exchanged for a portion of a share of common stock, par value $0.0001 per share, of USAR (a “ USAR Share ”), as described below.

The Merger Agreement contemplates the following transactions:

•          the merger of First Merger Sub with and into TMRC, with TMRC surviving the merger as a wholly owned subsidiary of USAR (the “ First Merger ”) at the effective time of the First Merger (the “ Effective Time ”);

•          subject to the terms and conditions set forth in the Merger Agreement, at the Effective Time, each TMRC Share issued and outstanding immediately prior to the Effective Time (excluding any TMRC Shares as to which dissenters’ rights have been properly exercised and TMRC Shares owned by USAR, TMRC or any of their respective direct or indirect wholly owned subsidiaries) will automatically be converted into the right to receive that portion of a validly issued, fully paid and nonassessable USAR Share equal to the quotient obtained by dividing (a) 3,823,328 by (b) the aggregate number of TMRC Shares outstanding on a fully diluted basis at the Effective Time, with holders of TMRC Shares who are otherwise entitled to a fractional USAR Share receiving cash in lieu of that fractional share, without interest; and

•          promptly following the Effective Time, the merger of Second Merger Sub with and into the surviving corporation in the First Merger, with Second Merger Sub surviving the second merger as a wholly owned subsidiary of USAR (the “ Second Merger ” and together with the First Merger, the “ Mergers ” and collectively with the other transactions contemplated by the Merger Agreement, the “ Transactions ”).

USAR’s common stock is listed on the Nasdaq Stock Market LLC (“ Nasdaq ”) under the symbol “USAR.” On June 18, 2026, the closing price of USAR’s common stock was $24.64 per share.

The parties expect to consummate the Mergers no later than the third calendar quarter of 2026, subject to the satisfaction or waiver of the conditions precedent to such closing.

The Mergers cannot be completed without approval of the proposal to adopt the Merger Agreement by the affirmative vote of holders of a majority of the outstanding TMRC Shares entitled to vote thereon. Because of this, TMRC is holding a special meeting of its stockholders on Tuesday, July 28, 2026 at 10:00 a.m. Eastern Time to vote on the proposal necessary to complete the Mergers. Information about the meeting, the Mergers, the Merger Agreement, and the other business to be considered by stockholders at the special meeting is contained in this proxy statement/prospectus. The TMRC Board has fixed the close of business on June 2, 2026 as the record date (the “ Record Date ”) for the determination of TMRC stockholders entitled to notice of, and to vote at, the special meeting. Any stockholder entitled to attend and vote at the special meeting is entitled to appoint a proxy to attend and vote on such stockholder’s behalf. Such proxy need not be a holder of TMRC Shares.

The attached proxy statement/prospectus, which serves as the proxy statement for the special meeting, and the prospectus for the USAR Shares to be issued in the merger, includes detailed information about the special meeting and the Mergers, and a copy of the Merger Agreement. We urge you to read the accompanying proxy statement/prospectus (including the annexes hereto) and documents incorporated by reference carefully. You should also carefully consider the risks that are described in the “ Risk Factors ” section beginning on page 28.

Table of Contents

The TMRC Board has determined that the Merger Agreement and the Transactions are fair to and in the best interests of the TMRC and the TMRC stockholders, approved and declared advisable the Merger Agreement and the Transactions and directed that the Merger Agreement be submitted to the TMRC stockholders for consideration at a meeting of those stockholders, and recommends that TMRC stockholders vote “FOR” the proposal to approve and adopt the Merger Agreement and the Transactions and “FOR” the proposal to adjourn the special meeting, if necessary or appropriate.

Your vote is very important regardless of the number of TMRC Shares that you own.

Whether or not you plan to attend the special meeting, please submit your proxy as soon as possible by following the instructions on the accompanying proxy card to make sure that your shares are represented at the meeting. If your shares are held in the name of a broker, bank or other nominee, please follow the instructions on the voting instruction form furnished by the broker, bank or other nominee. You must provide voting instructions by filling out the voting instruction form in order for your shares to be voted.

The special meeting will be held in a virtual meeting format only. You will not be able to attend the special meeting physically in person.

Thank you for your continued support.

Sincerely,

/s/ Daniel E. Gorski

Daniel E. Gorski

Chief Executive Officer

Neither the SEC nor any state securities regulator has approved or disapproved the proposed mergers, including the issuance of USAR Shares to be issued in connection with the Mergers, or the other transactions described in this proxy statement/prospectus, or determined if the accompanying proxy statement/prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The accompanying proxy statement/prospectus is dated June 29, 2026, and is first being mailed to TMRC stockholders on or about June 29, 2026.

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TEXAS MINERAL RESOURCES CORP.

527 21 st Street, #44

Galveston, TX 77550

NOTICE OF SPECIAL MEETING OF STOCKHOLDERS

To be held on Tuesday, July 28 , 2026

To the Stockholders of Texas Mineral Resources Corp.:

We are pleased to invite you to attend the special meeting of stockholders of Texas Mineral Resources Corp., a Delaware corporation (“ TMRC ”), which will be held at 10:00 a.m., Eastern Time, on Tuesday, July 28, 2026 virtually via live webcast at www.virtualshareholdermeeting.com/TMRX2026SM , for the following purposes:

•          to vote on a proposal (the “ Merger Proposal ”) to adopt the Agreement and Plan of Merger dated March   4, 2026 (as it may be amended from time to time, the “ Merger Agreement ”) by and among USA Rare Earth, Inc. (“ USAR ”), TMRC, Hamer Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of USAR (“ First Merger Sub ”) and Hamer Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of USAR (“ Second Merger Sub ” and together with First Merger Sub, the “ Merger Subs ”); and

•          to approve the adjournment of the special meeting, if necessary or appropriate, to solicit additional proxies if there are not sufficient votes to adopt the Merger Agreement (the “ Adjournment Proposal ”).

The Merger Agreement is further described in the sections titled “The Merger” and “The Merger Agreement”, in the accompanying proxy statement/prospectus, and a copy of the Merger Agreement is attached as Annex A to the proxy statement/prospectus of which this notice is a part.

TMRC will transact no other business at the special meeting except such business as may properly be brought before the special meeting or any adjournment or postponement thereof by or at the direction of the TMRC Board of Directors (the “ TMRC Board ”). Please refer to the proxy statement/prospectus of which this notice is a part for further information with respect to the business to be transacted at the special meeting.

The special meeting will be held in a virtual meeting format only. You will not be able to attend the special meeting physically in person.

TMRC fixed the close of business on June 2, 2026 as the record date (the “ Record Date ”) for the special meeting. Only TMRC stockholders of record at the Record Date are entitled to receive notice of, and to vote at, the special meeting or any adjournment or postponement thereof. TMRC has made a complete list of TMRC stockholders entitled to vote at the special meeting available for inspection at the office of its transfer agent, Securities Transfer Corporation, at 2901 N. Dallas Parkway, Suite 380, Plano, Texas, 75093 during regular business hours for a period of no less than 10 days before the special meeting. If you would like to inspect the list of TMRC stockholders of record, please call Securities Transfer Corporation at (469) 633 -0101 to schedule an appointment or request access. A certified list of eligible TMRC stockholders will be available for inspection during the special meeting on the website for that meeting, www.virtualshareholdermeeting.com/TMRX2026SM .

Completion of the Mergers is conditioned on adoption of the Merger Agreement by the TMRC stockholders, which requires the affirmative vote of holders of a majority of the outstanding shares of common stock, par value $0.01 per share, of TMRC (“ TMRC Shares ”) entitled to vote thereon.

The TMRC Board has determined that the Merger Agreement and the Transactions are fair to and in the best interests of TMRC and the TMRC stockholders, approved and declared advisable the Merger Agreement and the Transactions and directed that the Merger Agreement be submitted to the TMRC stockholders for consideration at a meeting of such stockholders and recommends that TMRC stockholders vote “FOR” the Merger Proposal and “FOR” the Adjournment Proposal.

Your vote is very important regardless of the number of TMRC Shares that you own. If you plan to attend the special meeting virtually, please follow the instructions as outlined in the proxy statement / prospectus. Whether or not you expect to attend the special meeting virtually, we urge you to submit your vote in advance of the meeting. If your shares are held in the name of a broker, bank or other nominee, please vote by following the instructions on the voting instruction form furnished by the broker, bank or other nominee. If you hold

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your shares in your own name, submit a proxy to vote your shares as promptly as possible by (i) visiting the internet site listed on the accompanying proxy card, (ii) calling the toll -free number listed on the proxy card or (iii) submitting your proxy card by mail by using the self -addressed , stamped envelope provided. Submitting a proxy will not prevent you from voting virtually at the meeting, but it will help to secure a quorum and avoid added solicitation costs if you decide not to or become unable to attend the meeting. Any eligible holder of TMRC Shares may vote virtually at the special meeting, thereby revoking any previous proxy. In addition, a proxy may also be revoked in writing before the special meeting in the manner described in the proxy statement/prospectus of which this notice is a part.

The proxy statement/prospectus of which this notice is a part provides a detailed description of the Mergers and the Merger Agreement and the other matters to be considered at the special meeting. We urge you to carefully read the proxy statement/prospectus (including the annexes hereto) and any documents incorporated by reference herein in their entirety. In particular, we urge you to carefully read the section entitled “ Risk Factors ” beginning on page 28.

This proxy statement / prospectus relates only to the special meeting in connection with the Mergers. We will separately be holding an annual meeting of stockholders, which is unrelated to the proposed merger.

If you have any questions concerning the Mergers or this proxy statement/prospectus, would like additional copies or need help voting your TMRC Shares, please contact TMRC’s proxy solicitor at the address below.

D.F. King & Co., Inc.

28 Liberty Street, FL 53

New York, NY 10005

Toll -Free : (866) 796 -7184

Banks and brokers may call collect: 212 -561-5183

Email: TMRC@dfking.com

By Order of the TMRC Board of Directors,

/s/ Daniel E. Gorski

Daniel E. Gorski

Chief Executive Officer

June 29, 2026

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ABOUT THIS PROXY STATEMENT / PROSPECTUS

This document, which forms part of a registration statement on Form S -4  filed with the U.S. Securities and Exchange Commission (the “ SEC ”) by USAR, constitutes a prospectus of USAR under Section 5 of the Securities Act of 1933, as amended (the “ Securities Act ”), with respect to the USAR Shares to be issued to TMRC’s stockholders if the Mergers described herein are consummated. This document also constitutes a notice of meeting and a proxy statement under Section 14(a) of the U.S. Securities Exchange Act of 1934, as amended (the “ Exchange Act ”), with respect to the special meeting of TMRC’s stockholders at which TMRC’s stockholders will be asked to consider and vote upon a proposal to approve the Mergers, among other matters.

You should rely only on the information contained or incorporated by reference into this proxy statement/prospectus. No one has been authorized to provide you with information that is different from that contained in or incorporated by reference into this proxy statement/prospectus. This proxy statement/prospectus is dated as of the date set forth on the cover hereof. You should not assume that the information contained in this proxy statement/prospectus is accurate as of any date other than that date. You should not assume that the information incorporated by reference into this proxy statement/prospectus is accurate as of any date other than the date of such incorporated document. Neither the mailing of this proxy statement/prospectus to TMRC’s stockholders nor the issuance by USAR of USAR Shares in connection with the Mergers will create any implication to the contrary.

This proxy statement/prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities or the solicitation of a proxy or consent in any jurisdiction to or from any person to whom it is unlawful to make any such offer or solicitation in such jurisdiction.

ADDITIONAL INFORMATION

This proxy statement/prospectus incorporates important business and financial information about USAR from documents that are not included in or delivered with this proxy statement/prospectus. This information is available to you without charge upon your written or oral request. You can obtain documents related to USAR that are incorporated by reference in this proxy statement/prospectus, other than certain exhibits to the documents, without charge, by requesting them from USAR in writing or by telephone as follows:

USA Rare Earth, Inc.

100 W. Airport Road

Stillwater, OK 74075

(813) 867 -6155

In addition, if you would like additional copies of this proxy statement/prospectus or if you have questions about the Mergers or the proposals to be presented at the special meeting, please contact the proxy solicitor listed below. You will not be charged for any of these documents that you request.

If you have questions about the proposals or if you need additional copies of the proxy statement/prospectus or the enclosed proxy card, you should contact the proxy solicitation agent at:

D.F. King & Co., Inc.

28 Liberty Street, FL 53

New York, NY 10005

Toll -Free : (866) 796 -7184

Banks and brokers may call collect: 212 -561-5183

Email: TMRC@dfking.com

In order for you to receive timely delivery of the documents in advance of the special meeting to be held on July 28 , 2026, you must request the information or documents by July 21 , 2026.

For a more detailed description of the information incorporated by reference in this proxy statement / prospectus and how you may obtain it, see the section captioned “ Where You Can Find More Information ” beginning on page 145 of this proxy statement / prospectus.

You may also obtain any of the documents incorporated by reference into this proxy statement/prospectus without charge through the SEC’s website at www.sec.gov.

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TABLE OF CONTENTS

Page

QUESTIONS AND ANSWERS ABOUT THE MERGERS AND THE SPECIAL MEETING

vi

SUMMARY

1

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

24

RISK FACTORS

28

THE TMRC SPECIAL MEETING

52

THE MERGER PROPOSAL

57

THE MERGER AGREEMENT

83

CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS OF THE MERGERS

103

BUSINESS OF TMRC

108

TMRC’S MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

122

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS OF USAR

128

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS OF TMRC

130

COMPARATIVE PER SHARE MARKET PRICE AND DIVIDEND INFORMATION

131

DESCRIPTION OF CAPITAL STOCK OF USAR

132

COMPARISON OF RIGHTS OF USAR STOCKHOLDERS AND TMRC STOCKHOLDERS

137

OTHER PROPOSED ACTION

143

STOCKHOLDER PROPOSALS AND SUBMISSIONS

143

LEGAL MATTERS

144

EXPERTS

144

WHERE YOU CAN FIND MORE INFORMATION

145

INDEX TO FINANCIAL STATEMENTS

F-1

ANNEX A — AGREEMENT AND PLAN OF MERGER

A-1

ANNEX B — OPINION OF ROTH CAPITAL PARTNERS, LLC

B-1

ANNEX C — SECTION 262 OF THE GENERAL CORPORATION LAW OF THE STATE OF DELAWARE

C-1

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GLOSSARY OF TERMS

“ Adjournment Proposal ” means the proposal to approve the adjournment of the special meeting, if necessary or appropriate, to solicit additional proxies if there are not sufficient votes to adopt the Merger Agreement, as further described in this proxy statement/prospectus.

“ Alteration ” means any physical or chemical change in a rock or mineral subsequent to its formation.

“ AMP ” means USAR’s Accelerated Mining Plan for the development of the Round Top Project.

“ Code ” means the U.S. Internal Revenue Code of 1986, as amended.

“ Company ” means Texas Mineral Resources Corp.

“ Concession ” means a grant of a tract of land made by a government or other controlling authority in return for stipulated services or a promise that the land will be used for a specific purpose.

“ Core ” means the long cylindrical piece of a rock, about an inch in diameter, brought to the surface by diamond drilling.

“ D&O insurance ” means directors’ and officers’ liability insurance, as further described in this proxy statement/prospectus.

“ DGCL ” means the General Corporation Law of the State of Delaware, as amended.

“ Diamond drilling ” means a drilling method in which the cutting is done by abrasion using diamonds embedded in a matrix rather than by percussion. The drill cuts a core of rock, which is recovered in long cylindrical sections.

“ Drift ” means a horizontal underground opening that follows along the length of a vein or rock formation as opposed to a cross -cut which crosses the rock formation.

“ Effective Time ” means the effective time of the First Merger.

“ Exchange Act ” means the U.S. Securities Exchange Act of 1934, as amended.

“ Exploration ” means work involved in searching for ore, usually by drilling or driving a drift.

“ Exploration expenditures ” means costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects that may contain mineral deposit reserves.

“ First Merger ” means the merger of First Merger Sub with and into TMRC, with TMRC surviving as a wholly owned subsidiary of USAR.

“ First Merger Sub ” means Hamer Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of USAR.

“ Geophysics ” means exploration techniques employing such indirect methods as gravity and electro -magnetism .

“ GLO ” means Texas General Land Office.

“ Grade ” means the average assay of a ton of ore, reflecting metal content.

“ HREE ” means heavy rare earth element(s).

“ Intrusive ” means a body of igneous rock formed by the consolidation of magma intruded into other rocks, in contrast to lavas, which are extruded upon the surface.

“ IRS ” means the U.S. Internal Revenue Service.

“ Lode ” means a mineral deposit in solid rock.

“ Loeb ” means Loeb & Loeb LLP, outside counsel to TMRC in connection with the Transactions.

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“ LOI ” means the letter of intent delivered by White & Case on behalf of USAR to TMRC and Loeb on February 3, 2026, as further described in this proxy statement/prospectus.

“ Merger Agreement ” means the Agreement and Plan of Merger, dated March 4, 2026, by and among USAR, TMRC, First Merger Sub and Second Merger Sub, as it may be amended from time to time.

“ Merger Consideration ” means the 3,823,328 USAR Shares issuable to TMRC stockholders at the closing of the First Merger in exchange for their TMRC Shares pursuant to the Merger Agreement, based on the exchange ratio set forth therein.

“ Merger Proposal ” means the proposal to adopt the Merger Agreement, as further described in this proxy statement/prospectus.

“ Merger Subs ” means First Merger Sub and Second Merger Sub, collectively.

“ Mergers ” means the First Merger and the Second Merger, collectively.

“ Mine development ” means the work carried out for the purpose of opening up a mineral deposit and making the actual ore extraction possible.

“ Mineral ” means a naturally occurring homogeneous substance having definite physical properties and chemical composition, and if formed under favorable conditions, a definite crystal forms.

“ Mineral Reserve ” means that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination. Reserves are customarily stated in terms of “Ore” when dealing with metalliferous minerals.

“ Mineralization ” means the presence of minerals in a specific area or geological formation.

“ Operating Agreement ” means the RTMD amended and restated limited liability company agreement, dated June 26, 2023, by and between USAR OpCo and TMRC, as it may be amended from time to time.

“ Ore ” means the naturally occurring material from which a mineral or minerals of economic value can be extracted profitably or to satisfy social or political objectives. The term is generally but not always used to refer to metalliferous material, and is often modified by the names of the valuable constituent; e.g., iron ore.

“ Ore body ” means a continuous, well -defined mass of material of sufficient ore content to make extraction economically feasible.

“ Ore Shoot ” means a zone or area within a vein that contains ore of economic grade.

“ PEA ” means preliminary economic assessment.

“ Probable (Indicated) Reserves ” means reserves for which quantity and grade and/or quality are computed from information similar to that used for proven (measured) reserves, but the sites for inspection, sampling, and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than that for proven (measured) reserves, is high enough to assume continuity between points of observation.

“ Prospect ” means a mining property, the value of which has not been determined by exploration.

“ Proven (Measured) Reserves ” means reserves for which (i) (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes and (b) grade and/or quality are computed from the results of detailed sampling and (ii) the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that size, shape, depth and mineral content of reserves are well -established .

“ Record Date ” means the close of business on the date fixed by the TMRC Board for the determination of TMRC stockholders entitled to notice of, and to vote at, the special meeting.

“ REE ” means rare earth element(s).

“ REO ” means rare earth oxide(s).

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“ Requisite TMRC Vote ” means the affirmative vote of the holders of a majority of all outstanding TMRC Shares entitled to vote thereon, which is required to adopt the Merger Agreement.

“ Roth ” means Roth Capital Partners, LLC, the financial advisor retained by the TMRC Board in connection with the Transactions.

“ Roth Fairness Opinion ” means the written fairness opinion of Roth, dated March 3, 2026, delivered to the TMRC Board as to the fairness, from a financial point of view, of the Merger Consideration to be received by the stockholders of TMRC pursuant to the Merger Agreement.

“ Round Top Project ” means the Round Top Project that is owned by RTMD and includes the following that were assigned by the Company to RTMD in May 2021:

•          two leases with the GLO, executed in September 2011 and November 2011, that each expire in 2030, to explore and develop a 950 acre rare earths project located in Hudspeth County, Texas;

•          the 54,990 acre surface lease, known as the West Lease, that provides unrestricted surface access for the potential development and mining of the Round Top Project;

•          an option to purchase from the GLO the surface rights covering approximately 5,670 acres of which 950 acres are authorized for mining and the remaining 4,720 acres are contemplated for future use as mine processing land (e.g., for use to assist in mine development, as leach fields, and/or as plant site); and

•          a ground water lease securing the right to develop the ground -water within an 8,828 -acre lease area located approximately 4 miles from Round Top mountain, containing five existing water wells.

“ RTMD ” means Round Top Mountain Development, LLC, a Delaware limited liability company, which is the entity that owns the Round Top Project.

“ SEC ” means the U.S. Securities and Exchange Commission.

“ Second Merger ” means the merger of Second Merger Sub with and into the surviving corporation in the First Merger, with Second Merger Sub surviving as a wholly owned subsidiary of USAR.

“ Second Merger Sub ” means Hamer Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of USAR.

“ Securities Act ” means the Securities Act of 1933, as amended.

“ Series A Preferred Stock Certificate of Designation ” means the Certificate of Designations of Preferences, Rights and Limitations of 12% Series A Cumulative Convertible Preferred Stock of USAR, as amended.

“ TMRC ” means Texas Mineral Resources Corp., a Delaware corporation.

“ TMRC Board ” means the board of directors of TMRC.

“ TMRC Bylaws ” means the Bylaws of TMRC, dated August 29, 2012, as amended.

“ TMRC Charter ” means TMRC’s Certificate of Incorporation, dated August 29, 2012, as amended.

“ TMRC Shares ” means shares of common stock, par value $0.01 per share, of TMRC.

“ Tonne ” means a metric ton which is equivalent to 2,200 pounds.

“ Transactions ” means the Mergers and the other transactions contemplated by the Merger Agreement, collectively.

“ Trend ” means a general term for the direction or bearing of the outcrop of a geological feature of any dimension, such as a layer, vein, ore body, or fold.

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“ Unpatented mining claim ” means a parcel of property located on federal lands pursuant to the General Mining Law and the requirements of the state in which the unpatented claim is located, the paramount title of which remains with the federal government. The holder of a valid, unpatented lode -mining claim is granted certain rights including the right to explore and mine such claim.

“ USAR ” means USA Rare Earth, Inc., a Delaware corporation.

“ USAR Board ” means the board of directors of USAR.

“ USAR Bylaws ” means the bylaws of USAR, as amended.

“ USAR Charter ” means USAR’s certificate of incorporation, as amended.

“ USAR OpCo ” means USA Rare Earth, LLC, a Delaware limited liability company and a wholly owned subsidiary of USAR.

“ USAR Preferred Investor Warrants ” means the preferred investor warrants described in the section of this proxy statement/prospectus entitled “ Description of Capital Stock of USAR — Preferred Investor Warrants .”

“ USAR Series A Preferred Stock ” means the 12% Series A Cumulative Convertible Preferred Stock, par value $0.0001 per share, of USAR.

“ USAR Share ” means a share of common stock, par value $0.0001 per share, of USAR.

“ Valuation Date ” means March 3, 2026, the date to which projected future cash flows were discounted in connection with the discounted cash flow analysis performed by Roth.

“ Voting Agreement ” means each voting and support agreement entered into by TMRC and USAR with each member of the TMRC Board and each of TMRC’s executive officers in connection with the execution of the Merger Agreement.

“ WACC ” means weighted average cost of capital.

“ White & Case ” means White & Case LLP, outside counsel to USAR in connection with the Transactions.

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QUESTIONS AND ANSWERS ABOUT THE MERGERS AND THE SPECIAL MEETING

The following questions and answers briefly address some commonly asked questions about the Mergers and the special meeting of TMRC stockholders (the “special meeting”). They may not include all of the information that is important to TMRC stockholders. TMRC stockholders should carefully read this entire proxy statement / prospectus (including the annexes hereto) and the other documents referred to or incorporated by reference in this proxy statement / prospectus. See “Where You Can Find More Information” beginning on page 145 of this proxy statement / prospectus.

Q: What are the Mergers?

On March 4, 2026, Texas Mineral Resources Corp., a Delaware corporation (“ TMRC ”) entered into a definitive Agreement and Plan of Merger (the “ Merger Agreement ”) by and among USA Rare Earth, Inc. (“ USAR ”), TMRC, Hamer Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of USAR (“ First Merger Sub ”) and Hamer Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of USAR (“ Second Merger Sub ” and together with First Merger Sub, the “ Merger Subs ”). The Merger Agreement provides for the successive mergers of TMRC with each of the Merger Subs, as a result of which TMRC’s business will be held by a wholly owned subsidiary of USAR, and each of the then outstanding shares of common stock, par value $0.01 per share, of TMRC (“ TMRC Shares ”) will generally be exchanged for a portion of a share of common stock, par value $0.0001 per share, of USAR (a “ USAR Share ”), as described below.

The Merger Agreement contemplates the following transactions:

•          the merger of First Merger Sub with and into TMRC, with TMRC surviving the merger as a wholly owned subsidiary of USAR (the “ First Merger ”) at the effective time of the First Merger (the “ Effective Time ”);

•          subject to the terms and conditions set forth in the Merger Agreement, at the Effective Time, each TMRC Share issued and outstanding immediately prior to the Effective Time (excluding any TMRC Shares as to which dissenters’ rights have been properly exercised and TMRC Shares owned by USAR, TMRC or any of their respective direct or indirect wholly owned subsidiaries) will automatically be converted into the right to receive that portion of a validly issued, fully paid and nonassessable USAR Share equal to the quotient obtained by dividing (a) 3,823,328 by (b) the aggregate number of TMRC Shares outstanding on a fully diluted basis at the Effective Time, with holders of TMRC Shares who are otherwise entitled to a fractional USAR Share receiving cash in lieu of that fractional share; and

•          promptly following the Effective Time, the merger of Second Merger Sub with and into the surviving corporation in the First Merger, with Second Merger Sub surviving the second merger as a wholly owned subsidiary of USAR (the “ Second Merger ” and together with the First Merger, the “ Mergers ”).

A copy of the Merger Agreement is attached as Annex A to this proxy statement/prospectus. The Merger Agreement contains the terms and conditions of the proposed acquisition of TMRC by USAR, which is subject to satisfaction (or, to the extent permitted by law and in accordance with the Merger Agreement, waiver) of the conditions to the Mergers set forth in the Merger Agreement and described in this proxy statement/prospectus.

As a result of the Mergers, TMRC will become a direct, wholly owned subsidiary of USAR and will no longer be a publicly held company. Following the Mergers, the TMRC Shares will no longer trade on the OTC and will be deregistered under the Exchange Act, after which TMRC will no longer be required under SEC rules and regulations to file periodic reports with the SEC.

Q: Why am I receiving these materials?

TMRC is sending these materials to TMRC stockholders to help them decide how to vote their TMRC Shares with respect to the Mergers and other matters to be considered at the special meeting.

TMRC is holding a special meeting of its stockholders to vote on the proposal to adopt the Merger Agreement and other related proposals. Information about the special meeting, the Mergers and the other business to be considered by TMRC stockholders at the special meeting is contained in this proxy statement/prospectus. The Mergers cannot be completed unless TMRC stockholders adopt the Merger Agreement with the affirmative vote of the holders of a majority of the outstanding TMRC Shares entitled to vote thereon.

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This proxy statement/prospectus constitutes both a prospectus of USAR and a proxy statement of TMRC. It is a prospectus because USAR will issue USAR Shares in exchange for outstanding TMRC Shares in the Mergers. It is a proxy statement because the board of directors of TMRC (the “ TMRC Board ”) is soliciting proxies from its stockholders.

Q: What will TMRC stockholders receive in the Mergers?

Subject to the terms and conditions set forth in the Merger Agreement, at the Effective Time, each TMRC Share issued and outstanding immediately prior to the Effective Time (excluding any TMRC Shares as to which dissenters’ rights have been properly exercised and TMRC Shares owned by USAR, TMRC or any of their respective direct or indirect wholly owned subsidiaries) will automatically be converted into the right to receive that portion of a validly issued, fully paid and nonassessable USAR Share equal to the quotient obtained by dividing (a) 3,823,328 by (b) the aggregate number of TMRC Shares outstanding on a fully diluted basis at the Effective Time. Holders of TMRC Shares who are otherwise entitled to a fractional USAR Share will receive cash in lieu of such fractional share, without interest.

Q: What equity stake will TMRC stockholders hold in USAR immediately following the Mergers?

Upon the completion of the Mergers, USAR will issue 3,823,328 USAR Shares as the Merger Consideration, which will result in former TMRC stockholders holding approximately 1.5% of the outstanding fully diluted USAR Shares following closing of the Mergers, based on the number of outstanding USAR Shares (including outstanding stock -based awards of USAR, conversion of outstanding shares of USAR Series A Preferred Stock and exercise of outstanding USAR Preferred Investor Warrants) as of June 9, 2026.

Q: When do TMRC and USAR expect to complete the Mergers?

USAR and TMRC are working to complete the Mergers as soon as practicable and continue to anticipate obtaining all requisite stockholder and regulatory approvals by the third quarter of 2026. Neither USAR nor TMRC can predict the actual date on which the transaction will be completed because it is subject to conditions beyond each company’s control. See “ The Merger Agreement — Conditions to Completion of the Mergers ”.

Q: Is USAR’s obligation to complete the Mergers subject to USAR receiving financing?

No.      USAR’s obligations under the Merger Agreement are not subject to any condition regarding its ability to finance, or obtain financing for, the Mergers.

Q: May I seek statutory appraisal rights or dissenter rights with respect to my TMRC Shares?

If the Merger is completed, TMRC stockholders who do not vote “FOR” the Merger Proposal are entitled to appraisal rights under Section 262 of the DGCL, provided that they comply with the conditions established therein. For additional information, see the provisions of Section 262 of the DGCL, attached hereto as Annex C, and the section of this proxy statement/prospectus titled “ The Merger Proposal — Appraisal and Dissenters’ Rights .”

Q: What happens if the Mergers are not completed?

If the Merger Agreement is not adopted by TMRC stockholders or if the Mergers are not completed for any other reason, TMRC stockholders will not receive any consideration for their TMRC Shares. Instead, TMRC will remain an independent company, TMRC Shares will continue to be traded on OTC and to be registered under the Exchange Act and TMRC will continue to file periodic reports with the SEC. The Merger Agreement provides that a termination fee equal to $3,250,000 will be payable by TMRC to USAR under certain specified circumstances, including a termination by USAR in the event of an adverse recommendation change by the TMRC Board. See “ The Merger Agreement — Termination of the Merger Agreement ”.

Q: Who can vote at the special meeting?

TMRC stockholders of record at the close of business on June 2, 2026 (which we refer to as the “ Record Date ”) will be entitled to vote at the special meeting. Each TMRC Share will be entitled to one vote on all matters properly brought before the special meeting. As of the Record Date, there were 88,339,693 TMRC Shares outstanding and entitled to vote at the special meeting. There are no other voting securities of TMRC outstanding.

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Q: What am I being asked to vote on, and why is this approval necessary?

TMRC stockholders are being asked to vote on the following proposals:

1.        a proposal to adopt the Merger Agreement, a copy of which is attached as Annex A to this proxy statement/prospectus, which is further described in the sections titled “The Mergers” and “The Merger Agreement” (the “ Merger Proposal ”); and

2.        a proposal to approve the adjournment of the special meeting, if necessary or appropriate, to solicit additional proxies if there are not sufficient votes to adopt the Merger Agreement (the “ Adjournment Proposal ”).

Q: What vote is required to approve each proposal at the special meeting?

The Merger Proposal:      The affirmative vote of holders of a majority of the outstanding TMRC Shares entitled to vote thereon is required to approve the Merger Proposal (the “ TMRC Stockholder Approval ”).

The Adjournment Proposal:      The affirmative vote of the holders of a majority of the TMRC Shares present in person or represented by proxy at the special meeting and entitled to vote thereon is required to approve the Adjournment Proposal. If TMRC stockholders approve the Adjournment Proposal, subject to the terms of the Merger Agreement, TMRC could adjourn the special meeting and use the additional time to solicit additional proxies, including soliciting proxies from TMRC stockholders who have previously voted. TMRC does not intend to call a vote on the Adjournment Proposal if the Merger Proposal is approved at the special meeting. The completion of the Mergers is not conditioned on the approval of the Adjournment Proposal.

Q: What constitutes a quorum?

The presence at the special meeting, in person or by proxy, of the holders of a majority of the outstanding TMRC Shares entitled to vote at the special meeting will constitute a quorum for the transaction of business at the special meeting. Virtual attendance at the special meeting will constitute presence in person for the purpose of determining the presence of a quorum for the transaction of business at the special meeting. Abstentions will count as votes present and entitled to vote for the purpose of determining the presence of a quorum for the transaction of business at the special meeting. Brokers, banks or other nominees that hold shares for beneficial owners do not have discretionary authority to vote the shares as to any matter at the meeting without receiving voting instructions from the beneficial owners. Such shares will be considered to be broker non -votes and will not be counted as present for quorum purposes.

A quorum is necessary to transact business at the special meeting. TMRC’s Bylaws provide that if a quorum fails to attend any meeting, the chairperson of the meeting and the stockholders entitled to vote thereat, present in person or by proxy, shall each have the power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until the requisite amount of voting stock shall be present. If the adjournment is for more than 30 days or if after the adjournment, a new record date is fixed for the adjourned meeting, TMRC will provide a notice of the adjourned meeting to each stockholder of record entitled to vote at the meeting.

Q: How does the TMRC Board recommend that I vote?

The TMRC Board recommends that TMRC stockholders vote “ FOR ” the Merger Proposal and “ FOR ” the Adjournment Proposal.

Q: What do I need to do now?

After carefully reading and considering the information contained in this proxy statement/prospectus (including the annexes hereto) and the information incorporated by reference herein, please vote your shares as soon as possible so that your shares will be represented at the special meeting. Please follow the instructions set forth on the accompanying proxy card or on the voting instruction form provided by the record holder if your shares are held in the name of your broker, bank or other nominee.

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Please do not submit your TMRC stock certificates or other evidence of ownership at this time. If the First Merger is completed, you will receive instructions for surrendering your TMRC stock certificates in exchange for USAR Shares from the exchange agent.

Please carefully consider the information contained in this proxy statement / prospectus (including the annexes hereto) and the information incorporated by reference herein. Whether or not you plan to attend the special meeting, TMRC encourages you to submit your proxy to vote via the internet, by telephone or by mail so that your shares will be voted in accordance with your wishes even if you later decide not to attend the special meeting.

Q: How can I attend the special meeting?

TMRC stockholders as of the close of business on the Record Date may attend and vote virtually at the special meeting by logging in at www.virtualshareholdermeeting.com/TMRX2026SM . To log in, TMRC stockholders (or their authorized representatives) will need the 16 -digit control number provided on their proxy card or voting instruction form.

Q: How do I vote?

If you were the record holder of your shares as of the Record Date, you may submit your proxy to vote by mail, by telephone or via the internet.

Voting via the Internet

•          Internet — To submit your proxy via the internet, go to www.proxyvote.com . Have your proxy card in hand when you access the website and follow the instructions to vote your shares. You must log in using the 16 -digit control number located in the black rectangle next to an arrow on your Proxy Ballot Card or Voting Instruction Form. Access the proxy voting link to cast your vote. If you vote via the internet, you must do so no later than 11:59 p.m. Eastern Time on July 27, 2026.

Voting by phone

•          Telephone — To submit your proxy by telephone, call 1 -800-690-6903 . Have your proxy card in hand when you call and then follow the instructions to vote your shares. If you vote by telephone, you must do so no later than 11:59 p.m. Eastern Time on July 27, 2026.

Voting by Mail

As an alternative to submitting your proxy via the internet, you may submit your proxy by mail.

•          Mail — To submit your proxy by mail, simply mark your proxy card, date and sign it and return it in the postage -paid envelope. If you vote by mail, your proxy card must be received no later than 6:00 p.m. Eastern Time on July 27, 2026.

If your shares are held in “street name” through a broker, bank or other nominee, that institution will send you separate instructions describing the procedure for voting your shares. Please follow the voting instructions provided by your broker, bank or other nominee.

The special meeting will begin promptly on Tuesday, July 28, 2026 at 10:00 a.m. Eastern Time. TMRC encourages its stockholders to access the meeting 15 minutes prior to the start time leaving ample time for check -in . Please follow the instructions as outlined in this proxy statement/prospectus.

If you decide to attend the special meeting virtually and vote at the meeting, your vote will revoke any proxy previously submitted. Even if you plan to attend the special meeting, TMRC recommends that you vote your shares in advance as described above so that your vote will be counted even if you later decide not to or become unable to attend the special meeting.

Q: When and where is the special meeting of stockholders? What must I bring to attend the special meeting?

The special meeting of TMRC stockholders will be held virtually via live webcast at www.virtualshareholdermeeting.com/TMRX2026SM , on Tuesday, July 28, 2026 at 10:00 a.m. Eastern Time. Online access will begin at 9:45 a.m. Eastern Time, and TMRC encourages its stockholders to access the meeting 15 minutes

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prior to the start time. Even if you plan to attend the special meeting, TMRC recommends that you vote your shares in advance as described above so that your vote will be counted if you later decide not to or become unable to attend the special meeting.

Q: What is the difference between holding shares as a stockholder of record and as a beneficial owner?

If your TMRC Shares are registered directly in your name with the transfer agent of TMRC, Securities Transfer Corporation, you are considered the stockholder of record with respect to those shares. As the stockholder of record, you have the right to vote or to grant a proxy for your vote directly to TMRC or to a third party to vote at the special meeting. If your shares are held by a broker, bank or other nominee, you are considered the beneficial owner of shares held in “street name”, and your broker, bank or other nominee is considered the stockholder of record with respect to those shares. Your broker, bank or other nominee will send you, as the beneficial owner, voting instruction forms for you to use in directing the broker, bank or other nominee in how to vote your shares. You should follow the instructions provided by them to vote your shares.

Q: If my shares are held in “street name” by a broker, bank or other nominee, will my broker, bank or other nominee vote my shares for me?

If your shares are held in “street name” in a stock brokerage account or by a broker, bank or other nominee, you must provide the record holder of your shares with instructions on how to vote your shares. Please follow the voting instructions provided by your broker, bank or other nominee. Please note that you may not vote shares held in street name by returning a proxy card or voting instruction form directly to TMRC. Your broker, bank or other nominee is obligated to provide you with a voting instruction form for you to use.

Applicable stock exchange rules permit brokers to vote their customers’ stock held in street name on routine matters when the brokers have not received voting instructions from their customers. Those rules do not, however, allow brokers to vote their customers’ stock held in street name on non -routine matters unless they have received voting instructions from their customers. In such cases, the uninstructed shares for which the broker is unable to vote are called broker non -votes . The Merger Proposal and the Adjournment Proposal are non -routine matters on which brokers are not allowed to vote unless they have received voting instructions from their customers. You must provide voting instructions to your broker for your shares to be voted.

If you are a TMRC “street name” stockholder and you do not instruct your broker, bank or other nominee on how to vote your shares:

•          your broker, bank or other nominee may not vote your shares on the Merger Proposal, which broker non -votes will have the same effect as votes cast “AGAINST” this proposal; and

•          your broker, bank or other nominee may not vote your shares on the Adjournment Proposal, which broker non -votes will have no effect on the vote for this proposal (assuming a quorum is present).

Q: What if I fail to vote or abstain?

For purposes of the special meeting, an abstention occurs when a stockholder attends the special meeting virtually and does not vote or returns a proxy with an “abstain” instruction.

Merger Proposal:      An abstention or failure to vote will have the same effect as a vote cast “AGAINST” the Merger Proposal.

Adjournment Proposal:      An abstention will have the same effect as a vote cast “AGAINST” the Adjournment Proposal. If a TMRC stockholder is not present virtually at the special meeting and does not respond by proxy, it will have no effect on the vote for the Adjournment Proposal (assuming a quorum is present).

Q: What will happen if I return my proxy card or voting instruction form without indicating how to vote?

If you sign and return your proxy card or voting instruction form without indicating how to vote on any particular proposal, the TMRC Shares represented by your proxy will be voted as recommended by the TMRC Board with respect to that proposal.

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Q: May I change or revoke my vote after I have delivered my proxy card or voting instruction form?

Yes.      If you are a record holder, you may change or revoke your vote before your proxy is voted at the special meeting as described herein. You may do this in one of four ways:

1.        submitting a proxy at a later time by internet or telephone until 11:59 p.m. Eastern Time on July 27, 2026;

2.        signing and returning a new proxy card with a later date;

3.        voting virtually at the special meeting; or

4.        delivering, before 6:00 p.m. Eastern Time on July 27, 2026, to TMRC’s Corporate Secretary at TMRC’s executive offices at 527 21 st Street, #44, Galveston, TX 77550, written revocation of your most recent proxy.

If you are a street name stockholder and you vote by proxy, you may later revoke your proxy by informing the holder of record in accordance with that entity’s procedures.

Q: What are the material U.S. federal income tax considerations of the Mergers?

Subject to the limitations and qualifications described in “ Certain Material U.S. Federal Income Tax Considerations of the Mergers ,” the Mergers, taken together, more likely than not qualify as a “reorganization” within the meaning of Section 368(a) of the U.S. Internal Revenue Code of 1986, as amended (the “ Code ”). However, there are significant factual and legal uncertainties as to whether the Mergers will qualify as a “reorganization” within the meaning of Section 368(a) of the Code. For example, under Section 368(a) of the Code, the acquiring corporation must continue, either directly or indirectly through certain controlled corporations, either a significant line of the acquired corporation’s historic business or use a significant portion of the acquired corporation’s historic business assets in a business. Although we expect that requirement to be satisfied in the case of the Mergers, there is an absence of direct guidance on whether and under which circumstances the acquired corporation is treated as having conducted a historic business for purposes of satisfying that requirement in a case in which the acquired corporation, rather than conducting such a historic business directly, holds an interest in a partnership that is engaged in such a business, as is the case with respect to TMRC’s ownership of its interest in Round Top Mountain Development, LLC (“ Round Top ”), an entity classified as a partnership for U.S. federal income tax purposes. Provided the Mergers so qualify, a U.S. Holder (as defined in “ Certain Material U.S. Federal Income Tax Considerations ”) of TMRC Shares that exchanges its TMRC Shares for USAR Shares in the Mergers generally would not recognize any gain or loss for U.S. federal income tax purposes upon the exchange of TMRC Shares for USAR Shares. If the Mergers do not qualify as a “reorganization” within the meaning of Section 368(a) of the Code, the TMRC stockholders generally are expected to recognize taxable gain or loss with respect to such exchange. USAR and TMRC have not sought, and will not seek, any ruling from the IRS regarding any matters related to the transactions, and as a result, there can be no assurance that the IRS would not assert that the Mergers do not qualify as a “reorganization” within the meaning of Section 368(a) of the Code, or that a court would not sustain such a position.

For a more complete discussion of certain material U.S. federal income tax considerations of the Mergers, see “ Certain Material U.S. Federal Income Tax Considerations of the Mergers .”

Q: What happens if I sell my TMRC Shares after the Record Date but before the special meeting?

The Record Date (the close of business on June 2, 2026) is earlier than the date of the special meeting and earlier than the date that the First Merger is expected to be completed. If you sell or otherwise transfer your TMRC Shares after the Record Date but before the date of the special meeting, you will retain your right to vote at the special meeting. However, you will not have the right to receive any Merger Consideration in respect of such transferred shares to be received by TMRC stockholders in the Mergers. In order to receive your pro rata portion of the Merger Consideration, you must hold your shares through completion of the First Merger.

Q: Are there any risks that I should consider in deciding whether to vote in favor of the Merger Proposal?

Yes. You should read and carefully consider the risk factors set forth in the section entitled “ Risk Factors ” beginning on page 28. You also should read and carefully consider the risk factors of USAR contained in the documents included as annexes to this proxy statement/prospectus and incorporated by reference herein.

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Q: What should I do if I receive more than one set of voting materials?

If you hold TMRC Shares in “street name” and also directly as a record holder or otherwise or if you hold TMRC Shares in more than one brokerage account, you may receive more than one set of voting materials relating to the special meeting. Please complete, sign, date and return each proxy card (or cast your vote by telephone or internet as provided on your proxy card) or otherwise follow the voting instructions provided in this proxy statement/prospectus in order to ensure that all of your TMRC Shares are voted. If you hold your shares in “street name” through a broker, bank or other nominee, you should follow the procedures provided by your broker, bank or other nominee to vote your shares.

Q: Who will tabulate and certify the vote?

Representatives of Broadridge Investor Communication Solutions will tabulate the votes cast at the special meeting, and representatives of Broadridge Investor Communication Solutions will act as the Inspector of Election.

Q: Where can I find the voting results of the special meeting?

The preliminary voting results will be announced at the special meeting. In addition, within four business days following certification of the final voting results, TMRC intends to file the final voting results with the SEC on a Current Report on Form 8 -K .

Q: Whom should I contact if I have any questions about the proxy materials or voting?

If you have any questions about the proxy materials, or if you need assistance submitting your proxy or voting your shares or need additional copies of this proxy statement/prospectus or the enclosed proxy card, you should contact the proxy solicitation agent for TMRC, at:

D.F. King & Co., Inc.

28 Liberty Street, FL 53

New York, NY 10005

Toll -Free : (866) 796 -7184

Banks and brokers may call collect: 212 -561-5183

Email: TMRC@dfking.com

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SUMMARY

This summary highlights selected information from this document and may not contain all of the information that is important to you. You should carefully read this entire document and all other documents to which this document refers to fully understand the Mergers and the related transactions. See “Where You Can Find More Information”.

Information About the Companies

USAR

USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States, the United Kingdom, France and Brazil. Through its ownership of Less Common Metals Ltd., one of the world’s leading producers of rare earth metals and alloys, its magnet manufacturing capacity in Stillwater, Oklahoma, the Pela Ema mine in Brazil (subject to closing the Serra Verde Transaction (as defined below)) and the Round Top deposit in Texas, USAR operates across the entire value chain from mining to metal -making , alloy production and neodymium magnet manufacturing. USAR is establishing a secure, Western -aligned supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and industrial sectors.

On April 19, 2026, USAR entered into a definitive agreement to acquire 100% of Serra Verde Group (“ Serra Verde ”) in exchange for $300 million in cash and 126,849,307 newly issued USAR Shares (the “ Serra Verde Transaction ”). Serra Verde is the owner of the Pela Ema rare earth mine and processing plant in Goiás, Brazil. The Pela Ema mine is the only producer outside Asia capable of supplying all four magnetic rare earth elements at scale — neodymium, praseodymium, dysprosium and terbium — together with other vital rare earth elements such as yttrium. USAR expects the Serra Verde Transaction to close in the third calendar quarter of 2026. The Serra Verde Transaction is independent of the Transactions between USAR and TMRC, and neither the Closing of the Transactions nor the closing of the Serra Verde Transaction is conditioned upon the other. You can find more information on Serra Verde and the Serra Verde Transaction, by reading the filings that USAR has made with the SEC, as described under “ Where You Can Find More Information .”

USAR is organized in the state of Delaware, its principal office is located at 100 W Airport Road, Stillwater, Oklahoma 74075, and its telephone number is (813) 867 -6155 .

TMRC

Texas Mineral Resources Corp., a Delaware corporation (OTC: TMRC) is engaged in the business of owning, acquiring, exploring and developing mineral properties.

TMRC’s principal office is located at 527 21 st Street, #44, Galveston, Texas 77550, and its telephone number is (361) 790 -5831 .

You can find more information about TMRC in the sections of this proxy statement/prospectus entitled “ Business of TMRC ” and “ TMRC’s Management’s Discussion and Analysis of Financial Condition and Results of Operations ,” and in TMRC’s Annual Report on Form 10 -K for the fiscal year ended August 31, 2025 and its subsequently filed Quarterly Reports on Form 10 -Q , each of which has been filed with the SEC.

The Mergers

The Merger Agreement contemplates the following transactions:

•          the merger of First Merger Sub with and into TMRC, with TMRC surviving the merger as a wholly owned subsidiary of USAR at the Effective Time;

•          subject to the terms and conditions set forth in the Merger Agreement, at the Effective Time, each TMRC Share issued and outstanding immediately prior to the Effective Time (excluding any TMRC Shares as to which dissenters’ rights have been properly exercised and TMRC Shares owned by USAR, TMRC or any of their respective direct or indirect wholly owned subsidiaries) will automatically be converted into the right to receive that portion of a validly issued, fully paid and nonassessable USAR Share equal to the

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quotient obtained by dividing (a) 3,823,328 by (b) the aggregate number of TMRC Shares outstanding on a fully diluted basis at the Effective Time, with holders of TMRC Shares who are otherwise entitled to a fractional USAR Share receiving cash in lieu of that fractional share, without interest; and

•          promptly following the Effective Time, the merger of Second Merger Sub with and into the surviving corporation in the First Merger, with Second Merger Sub surviving the second merger as a wholly owned subsidiary of USAR.

A copy of the Merger Agreement is attached as Annex A to this proxy statement/prospectus. The Merger Agreement contains the terms and conditions of the proposed acquisition of TMRC by USAR. The Merger Agreement is subject to satisfaction (or, to the extent permitted by law and in accordance with the Merger Agreement, waiver) of the conditions to the Mergers set forth in the Merger Agreement and described in this proxy statement/prospectus.

As a result of the Mergers, TMRC will become a direct, wholly owned subsidiary of USAR and will no longer be a publicly held company. Following the Mergers, the TMRC Shares will no longer trade on the OTC and will be deregistered under the Exchange Act, after which TMRC will no longer be required under SEC rules and regulations to file periodic reports with the SEC.

Consideration to be paid in the Mergers

Subject to the terms and conditions set forth in the Merger Agreement, at the Effective Time, each TMRC Share issued and outstanding immediately prior to the Effective Time (excluding any TMRC Shares as to which dissenters’ rights have been properly exercised and TMRC Shares owned by USAR, TMRC or any of their respective direct or indirect wholly owned subsidiaries) will automatically be converted into the right to receive that portion of a validly issued, fully paid and nonassessable USAR Share equal to the quotient obtained by dividing (a) 3,823,328 by (b) the aggregate number of TMRC Shares outstanding on a fully diluted basis at the Effective Time. Holders of TMRC Shares who are otherwise entitled to a fractional USAR Share will receive cash in lieu of such fractional share, without interest.

USAR’s Reasons for the Mergers

USAR believes that the Mergers will advance its strategic objective of building a globally integrated, non -China critical minerals and technology platform. In particular, USAR’s board of directors (the “ USAR Board ”) considered the following factors, among others, in approving the Merger Agreement:

•          The Round Top Project is an important part of USAR’s fully integrated rare earth and permanent magnet value chain across the United States, United Kingdom, France and Brazil, encompassing mining to metal -making , alloy production and neodymium magnet manufacturing, as part of USAR’s strategy of establishing a secure, Western -aligned supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and industrial sectors. The Mergers will enable USAR to acquire TMRC’s approximately 18.7% minority interest in RTMD, thereby establishing USAR as the sole operator and 100% economic beneficiary of the Round Top Project.

•          In addition, by eliminating the outstanding minority interest, the Mergers simplify governance, unify strategic decision -making , and align capital planning and execution under a single operator which the USAR Board views as essential to support the efficient transition from development to commercial production under USAR’s Accelerated Mining Plan (the “ AMP ”).

•          The Mergers will also secure for USAR the rights under existing long -term leases covering approximately 950 acres at the Round Top Project, together with prospecting rights on an additional 9,345 acres.

The USAR Board did not consider it practicable to and did not attempt to quantify or otherwise assign relative weights to the specific factors it considered in reaching its determination. The USAR Board viewed its position as being based on all the information and factors presented to and considered by it. In addition, individual directors may have given different weights to different information and factors.

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TMRC’s Reasons for the Mergers

The TMRC Board, at a meeting held on March 3, 2026, (a) determined that it is fair to and in the best interests of TMRC and its stockholders, and declared it advisable, to enter into the Merger Agreement, (b) approved the Merger Agreement and the execution, delivery and performance of the Merger Agreement by TMRC and the consummation by TMRC of the transactions contemplated thereby (the “ Transactions ”), including the Mergers, (c) resolved, on the terms and subject to the conditions set forth in the Merger Agreement, to submit the Merger Agreement to TMRC’s stockholders for consideration at a meeting of TMRC’s stockholders and (d) resolved, on the terms and subject to the conditions set forth in the Merger Agreement, to recommend that the holders of TMRC Shares adopt the Merger Agreement.

In reaching its determinations and recommendations, the TMRC Board consulted with company management and financial and legal advisors and considered a range of factors and scenarios, including the non -exhaustive list of factors, described below, which are not presented in any relative order of importance and each of which the TMRC Board viewed as being supportive of its determination.

•          The Mergers enable TMRC stockholders to avoid the dilution that would likely result from TMRC’s inability to fund its portion of anticipated RTMD capital calls for 2026 of as much as $50 million, which could reduce TMRC’s economic interest in RTMD to as little as 3%.

•          TMRC stockholders will receive fully registered USAR Shares in the Mergers. USAR has a much larger market capitalization and greater trading liquidity than that of TMRC. TMRC stockholders, therefore, will benefit from an enhanced ability to achieve liquidity based on USAR’s daily trading volumes in the twelve months preceding the announcement of the Transactions.

•          The Merger Agreement provides for a fixed number of USAR Shares to be issued in exchange for TMRC Shares. The Merger Consideration will not fluctuate as a result of possible changes in the market prices of TMRC Shares and USAR Shares following the announcement of the Transactions, providing protection against potential downside movement in the trading price of TMRC Shares in light of the volatility of securities trading markets and commodities prices.

•          The Mergers enable TMRC stockholders to fully participate in the value and opportunities that are expected to result from the Mergers, including equity participation in a combined business with three worldwide asset portfolios: the Round Top project, the metal -making subsidiary and the magnet manufacturing facilities, which offer significantly expanded future growth potential as compared to TMRC’s minority interest in RTMD on a standalone basis.

•          The combined company resulting from the Mergers will be better positioned to invest in RTMD as a result of its market capitalization and strong balance sheet, which may be further strengthened by a potential U.S. government investment in USAR and a collaboration with the U.S. Department of Energy. The announced letter of intent covered a total investment of $1.6 billion. Consequently, TMRC stockholders will have a greater ability to reap the benefits of their investment in the Round Top project than they would have had through a potentially diluted investment in RTMD.

•          The TMRC Board also considered the following risks inherent in maintaining the assets within the current, or a somewhat larger, standalone exploration and production company, and determined that the Transactions eliminated, or significantly reduced, key risks including:

•          concentration risk associated with having virtually 100% of TMRC assets tied up in RTMD;

•          the risks related to the ongoing trend of investors seeking to allocate capital to listed companies and the largest and most financially stable and critical mineral producers, which has contributed to reduced valuations for small and micro -cap companies that trade on the OTC; and

•          financial and operating risks associated with growing pressure to diversify away from solely critical minerals.

•          The TMRC Board’s detailed consideration of the opportunities and risks of various potential strategic alternatives to the Mergers available to TMRC, including (i) other potentially available strategic transactions such as an acquisition of TMRC by another industry participant large enough to execute an

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acquisition of TMRC or the acquisition of TMRC’s minority interest in RTMD (taking into account that USA Rare Earth, LLC (“ USAR OpCo ”) holds a right of first refusal pursuant to the RTMD amended and restated limited liability company agreement dated June   26, 2023 (the “ Operating Agreement ”)), and (ii) continuing as a stand -alone publicly traded company, and the TMRC Board’s determination that none of the possible alternatives to the Mergers was reasonably likely to present superior opportunities for TMRC to create greater value for TMRC stockholders, taking into account execution risks as well as business, financial, industry and competitive factors. In reaching such an assessment, the TMRC Board considered that no strategic alternatives emerged from its prior solicitation process in 2025, pursuant to which Roth Capital Partners, LLC reached out to three potential counterparties, which included a wide range of industry participants with market capitalizations lower than and in excess of that of USAR, on behalf of TMRC to gauge their interest in a potential transaction, all of which declined to enter into serious discussions with respect to a transaction.

•          USAR’s larger, diversified asset portfolio provides a unique opportunity for TMRC stockholders to gain equity participation in a more diversified asset base and would de -risk the TMRC stockholders’ existing concentrated exposure in RTMD.

•          USAR’s strong balance sheet has a greater ability to fund major projects at RTMD while maximizing cash returns and invest across the critical mineral value chain, optimize capital allocation across its diversified asset portfolio, explore other critical mineral opportunities, and invest in technological innovation to enhance future opportunities than TMRC has on a standalone basis.

•          USAR’s strong management team and the USAR Board will position the combined company for sustained growth and drive long -term shareholder value.

•          The complementary nature, quality and scale of assets of USAR and TMRC, including TMRC’s assets in RTMD, are complementary to those of USAR and would allow the combined company to engage in capital -efficient development. These synergies are expected to benefit TMRC stockholders by: (i) enhancing the combined company’s position globally, (ii) optimizing the combined company’s development plans to deliver greater economic efficiencies, and (iii) supporting further growth opportunities globally.

•          The combined company will have a more diversified asset portfolio and improved ability to withstand commodity supply and demand and price volatility.

•          USAR and TMRC share similar philosophies in regard to the significance of developing an end -to -end mine -to -magnet strategy.

•          The TMRC Board reviewed and considered the terms of the Merger Agreement, taken as a whole, including:

•          the representations, warranties and covenants of the parties;

•          the restrictions imposed on TMRC’s business and operations during the pendency of the Mergers are reasonable and customary for transactions like the Mergers and not unduly burdensome;

•          the lack of any financing condition or any condition based upon receiving USAR stockholder approval, which increases the likelihood that the Mergers will be completed in a timely manner;

•          that the limitations contained in the Merger Agreement on TMRC’s ability to solicit alternative proposals from third parties or respond to unsolicited acquisition proposals would not prevent or preclude any third party from making a competing proposal, subject to the terms and conditions provided in the Merger Agreement;

•          that notwithstanding the limitations contained in the Merger Agreement on TMRC’s ability to solicit alternative proposals from third parties and terminate the Merger Agreement, the Merger Agreement allows TMRC in certain circumstances before (but not after) the adoption of the Merger Agreement by the requisite holders of TMRC Shares, to engage in discussions with third parties regarding any unsolicited acquisition proposal for TMRC that constitutes or would reasonably be expected to result in a superior proposal;

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•          the ability of the TMRC Board under certain circumstances to change, withdraw or modify the recommendation that TMRC’s stockholders vote in favor of the adoption of the Merger Agreement if the TMRC Board has determined in good faith, after consultation with its legal advisors, that failing to make a change in its recommendation would be reasonably likely to be inconsistent with the TMRC Board’s fiduciary duties;

•          the provisions of the Merger Agreement that restrict TMRC’s ability to solicit possibly superior transactions and that require payment by TMRC of a $3,250,000 termination fee under the Merger Agreement in specified circumstances are reasonable in light of the circumstances and the overall terms of the Merger Agreement, consistent with fees in comparable transactions, and would not significantly discourage alternative acquisition proposals that constitute superior proposals from credible third parties willing and able to make such proposals; and

•          that there are limited circumstances in which USAR may terminate the Merger Agreement.

•          On March 3, 2026, Roth presented the TMRC Board with its financial analysis of the Mergers followed by its oral opinion, confirmed by delivery of a written opinion dated March 3, 2026, to the effect that, based upon and subject to the factors and assumptions set forth therein, the Merger Consideration to be received by the holders of TMRC Shares pursuant to the Merger Agreement was fair from a financial point of view. For a more detailed description of the opinion of Roth, see the section entitled “ Opinion of TMRC’s Financial Advisor ” on page 6.

•          The likelihood that the Mergers would be consummated based on, among other things, the likelihood and anticipated timing of consummating the Mergers in light of the limited scope of the conditions to closing, including the lack of a requirement for the USAR stockholders to approve the merger and lack of required regulatory approval closing conditions.

•          TMRC’s stockholders’ ability to exercise their statutory appraisal rights under Section 262 of the DGCL and receive payment of the “fair value” of their respective TMRC Shares in lieu of their pro rata portion of the Merger Consideration, subject to and in accordance with the DGCL, unless and until any such stockholder withdraws or loses such holder’s right to appraisal and payment under the DGCL.

•          The Mergers are intended, for U.S. federal income tax purposes, to qualify as a “reorganization” within the meaning of Section 368(a) of the Code.

In the course of its deliberations, the TMRC Board also considered a variety of risks and other potentially negative factors, including the following:

•          The TMRC Board considered that because the Merger Consideration is based on a fixed number of shares, TMRC stockholders will bear the risk of a decrease in the trading price of USAR Shares during the pendency of the Mergers and the Merger Agreement does not provide TMRC with a collar or a value -based termination right.

•          The risks and contingencies relating to the announcement and pendency of the Mergers, including the potential for diversion of management and employee attention and the potential effect of the combination on the businesses of both companies and the restrictions on the conduct of TMRC’s business during the period between the execution of the Merger Agreement and the completion of the Mergers.

•          The TMRC Board considered that TMRC would be required to pay to USAR a termination fee of $3,250,000 in the event the Merger Agreement were to be terminated by USAR in certain circumstances, including in connection with a change in the TMRC Board’s recommendation to its stockholders with respect to adoption of the Merger Agreement and the possibility that such termination fee could deter a potential acquirer from proposing an alternative transaction that would provide greater value to TMRC stockholders.

•          The TMRC Board considered that the Merger Agreement required TMRC to terminate all discussions with potential alternative transaction counterparties while noting that TMRC would only have the right to respond to alternative proposals that the TMRC Board determines in good faith constitute or would reasonably be expected to result in a superior proposal and in accordance with the applicable terms of the Merger Agreement.

•          The TMRC Board considered that, based on the implied value of the Merger Consideration as of March 4, 202 6, TMRC stockholders would own less than 2% of USAR after the Mergers.

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•          The TMRC Board considered risks of the type and nature described under the sections entitled “ Cautionary Note Regarding Forward -Looking Statements ” and “ Risk Factors ” in addition to the following risks:

•          the risk that the Mergers will not be completed, or may not be completed on the anticipated timeline, due to the failure to satisfy one or more of the conditions to closing or for other reasons outside of TMRC’s control, and that if the Mergers are not completed, TMRC stockholders would not receive the Merger Consideration and TMRC would remain subject to the risks and uncertainties of operating as a standalone company;

•          the fact that TMRC has incurred and will continue to incur significant transaction costs and expenses in connection with the proposed Transactions, regardless of whether the Mergers are consummated;

•          the potential for litigation by stockholders in connection with the Mergers, which, even where lacking in merit, could nonetheless result in distraction and expense;

•          the provisions of the Merger Agreement that impose certain restrictions on the operations of TMRC until implementation of the Mergers, which could delay or prevent TMRC from undertaking business opportunities that may arise and could have a negative impact on TMRC’s ability to maintain its existing business and employee relationships; and

•          the public announcement of the Mergers could adversely affect TMRC’s relationships with its employees, business partners, and other stakeholders, and could result in the diversion of management attention and resources away from day -to -day operations during the pendency of the Mergers.

In addition, the TMRC Board was aware of and considered that TMRC directors and executive officers may have interests in the Mergers that may be different from, or in addition to, their interests as stockholders of TMRC generally.

The foregoing discussion of factors considered by the TMRC Board is not intended to be exhaustive, but it includes material factors considered by the TMRC Board. In light of the variety of factors considered in connection with its evaluation of the Mergers, the TMRC Board did not find it practicable to, and did not, quantify or otherwise assign relative weights to the specific factors considered in reaching its determinations and recommendations. Moreover, each member of the TMRC Board applied his or her own personal business judgment to the process and may have given different weight to different factors. The TMRC Board did not undertake to make any specific determination as to whether any factor, or any particular aspect of any factor, supported or did not support its ultimate determination. The TMRC Board based its recommendation on the entirety of the information presented. The TMRC Board believed that, overall, the potential benefits of the Mergers to TMRC stockholders outweighed the potential risks and uncertainties of the Mergers.

Recommendation of the TMRC Board

The TMRC Board recommends that you vote “FOR” the Merger Proposal and “FOR” the Adjournment Proposal. For the factors considered by the TMRC Board in reaching this decision and additional information on the recommendation of the TMRC Board, see the section entitled “ The Merger — TMRC’s Board’s Recommendation and Its Reasons for the Mergers. ”

Opinion of TMRC’s Financial Advisor

Pursuant to an engagement letter dated February 8, 2026, the TMRC Board retained Roth Capital Partners, LLC (“ Roth ”) to render its opinion to the TMRC Board as to whether the Merger Consideration to be received by the stockholders of TMRC in connection with the Transactions pursuant to the Merger Agreement, was fair from a financial point of view.

On March 3, 2026, Roth rendered its opinion to the TMRC Board, which opinion was initially rendered orally and subsequently confirmed in writing, that, as of the date of such opinion, and based upon the assumptions made, procedures followed, matters considered, and qualifications and limitations of the review set forth in Roth’s written opinion, dated March 3, 2026 (the “ Roth Fairness Opinion ”), the Merger Consideration to be received by the stockholders of TMRC pursuant to the Merger Agreement, was fair from a financial point of view.

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In the Roth Fairness Opinion, Roth noted that the Merger Agreement provided that each TMRC Share issued and outstanding prior to the Effective Time (other than any TMRC Shares as to which dissenters’ rights have been properly exercised and TMRC Shares owned by USAR, TMRC or any of their respective direct or indirect wholly owned subsidiaries) will be converted into the right to receive a pro rata portion of the 3,823,328 USAR Shares issuable to the TMRC stockholders as the Merger Consideration, based on the exchange ratio set forth in the Merger Agreement.

The full text of the Roth Fairness Opinion, which sets forth the procedures followed, assumptions made, matters considered, and qualifications and limitations of the review undertaken by Roth in rendering such opinion, is attached to this proxy statement/prospectus as Annex B and is incorporated by reference in its entirety to this proxy statement/prospectus. The Roth Fairness Opinion was prepared for the information and use of the TMRC Board (in its capacity as such) in connection with its consideration of the Transaction. The Roth Fairness Opinion was not intended to be used for any other purpose without Roth’s prior written approval in each instance, except as expressly provided for in the Roth Fairness Opinion. Roth has consented to the use of the Roth Fairness Opinion in this proxy statement/prospectus.

The Roth Fairness Opinion did not address TMRC’s underlying business decision to enter into the Merger Agreement or complete the Transaction, or the relative merits of the Transaction, as compared to any alternative transactions that were or may be available to TMRC, and does not constitute a recommendation to the TMRC Board or to any stockholder of TMRC as to how such stockholder should vote with respect to the Transaction or any other matter. The following summary of the Roth Fairness Opinion is qualified in its entirety by reference to the full text of such opinion.

For purposes of the Roth Fairness Opinion and in connection with Roth’s review, Roth, among other things:

•          reviewed a draft of the Merger Agreement;

•          reviewed certain publicly available information relating to USAR, including: (i) reported prices and trading activity for the USAR Shares; (ii) USAR’s Annual Report on Form 10 -K for the fiscal year ended December   31, 2024, and its subsequently filed Quarterly Reports on Form 10 -Q ; and (iii) equity research analyst estimates and target price ranges relating to USAR’s business, earnings, cash flow, assets, liabilities and prospects;

•          performed a discounted cash flow analysis of USAR based on publicly available equity research analyst forecasts and certain other assumptions, as directed by TMRC’s management;

•          conducted discussions with members of the senior management of TMRC concerning the business, operations, financial condition and prospects of TMRC and its proportionate interest in the assets, liabilities, and operations of RTMD;

•          reviewed certain publicly available information relating to TMRC, including: (i) reported prices and trading activity for the TMRC Shares; (ii) TMRC’s Annual Report on Form 10 -K for the fiscal year ended August   31, 2025, and its subsequently filed Quarterly Reports on Form 10 -Q ; and (iii) the 2019 Preliminary Economic Assessment of the Round Top Project, Sierra Blanca, Texas, commissioned by the Round Top Project (the “ Preliminary Economic Assessment ”);

•          reviewed financial projections and forecasts prepared by the management of TMRC relating to the future performance of TMRC and the Round Top Project, including TMRC’s expected future ownership stake therein, and performed a discounted cash flow analysis based on such projections and forecasts;

•          reviewed and analyzed certain publicly available financial and other information of selected publicly traded companies that Roth deemed relevant and compared such information to that of USAR and TMRC;

•          participated in discussions with representatives of the TMRC Board and its legal advisors regarding TMRC’s business, the Round Top Project, and certain other matters that Roth deemed relevant for purposes of rendering its opinion; and

•          performed such other analyses, including detailed financial analyses, and considered such other factors as Roth deemed appropriate for the purpose of reviewing the proposed Transaction and rendering its opinion.

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In rendering its opinion, Roth assumed and relied upon, without independent verification, the accuracy and completeness of the information that was publicly available or supplied or otherwise made available to Roth by or through the TMRC Board. Roth further relied upon the assurances of the management of TMRC that such information does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements contained therein not misleading in any material respect.

With respect to financial projections of TMRC, Roth was advised by the management of TMRC, and has assumed that such projections have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of TMRC for the future financial performance of TMRC. Roth does not express any view as to the assumptions on which such projections are based or the assumed probabilities associated with future events contemplated thereby.

In rendering its opinion, Roth was not provided with, and did not rely upon, any non -public financial projections or internal forecasts of USAR, including its interest in the Round Top Project, and Roth’s analyses of USAR and its interest in the Round Top Project were based solely upon publicly available information, including publicly filed reports and publicly available equity research analyst estimates.

Roth assumed that the final executed Merger Agreement would not differ in any material respect from the draft Merger Agreement reviewed by Roth and that the Transaction would be consummated in accordance with the terms set forth in the Merger Agreement without any waiver, amendment or delay of any terms or conditions. Roth also assumed that, in connection with the receipt of all necessary governmental, regulatory or other approvals and consents required for the proposed Transaction, no delays, limitations, conditions or restrictions will be imposed that would have a material adverse effect on TMRC or the contemplated benefits expected to be derived from the proposed Transaction.

Roth is not a legal, tax, accounting or regulatory advisor, and expressed no opinion as to legal, tax, accounting or regulatory matters. Roth relied upon, without independent verification, the assessment of TMRC and its legal, tax, accounting and regulatory advisors with respect to legal, tax, accounting and regulatory matters. Accordingly, the Roth Fairness Opinion does not address any legal, tax, accounting or regulatory matters, as to which Roth understood that TMRC had obtained such advice as it deemed necessary from qualified professionals.

Roth did not perform any independent valuations or appraisals of any of the assets or liabilities (fixed, contingent or other) of TMRC or USAR, and has not been furnished or provided with any such appraisals or valuations. Roth did not undertake any independent analysis of any pending or threatened litigation, regulatory action, possible unasserted claims or other contingent liabilities, to which TMRC, USAR, or any of their respective affiliates is a party or may be subject, did not make any assumptions concerning, and therefore did not consider, the possible assertion of claims, outcomes or damages arising out of any such matters.

Roth assumed and relied upon, without independent verification, the accuracy and completeness of the information that was publicly available or supplied or otherwise made available to it by or through the TMRC Board with respect to the Round Top Project, including the information set forth in the Preliminary Economic Assessment. Roth did not conduct any independent technical or geological audit of the Round Top Project, and expressed no view on the technical feasibility thereof.

The Roth Fairness Opinion was necessarily based on the economic, monetary, market, financial and other conditions as they existed and could have been evaluated as of the date of the Roth Fairness Opinion. Events occurring after the date of the Roth Fairness Opinion could materially affect the assumptions used in preparing the Roth Fairness Opinion. Roth does not have any obligation or responsibility to update, reaffirm or revise the Roth Fairness Opinion or otherwise comment upon any circumstances, developments or events occurring after the date of the Roth Fairness Opinion.

Roth is a nationally recognized investment banking firm that provides financial advisory services and is continually engaged in the valuation of businesses and their securities in connection with mergers and acquisitions, negotiated underwritings, private placements, secondary distributions of listed and unlisted securities, and valuations for corporate, estate and other purposes. Roth was selected by TMRC based on Roth’s experience, expertise, reputation and familiarity with TMRC. The TMRC Board did not impose any limitations on Roth with respect to the investigations made or procedures followed in rendering its opinion. The Roth Fairness Opinion was approved by an authorized internal fairness committee at Roth in accordance with its customary practice.

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The Roth Fairness Opinion was limited to and addressed only the fairness of the consideration to be received by the stockholders of TMRC pursuant to the Merger Agreement to the extent expressly set forth in the Roth Fairness Opinion. Roth was not asked to, nor did Roth offer any opinion on, and the Roth Fairness Opinion did not address, any other aspect or implication of the Merger Agreement or any agreement, arrangement or understanding entered into in connection with the Merger Agreement or otherwise, including, without limitation, the basic business decision to proceed with or effect the Transaction, the independent fair value of TMRC, or the fairness of the amount or nature of any compensation to any officers, directors or employees of any party to the Merger Agreement, or any class of such persons, relative to the consideration in the Merger Agreement. Further, Roth expressed no opinion on the relative merits of the Merger Agreement as compared to any alternative business strategies that might exist for TMRC, the underlying business decision of the Company to proceed with the Merger Agreement, or the effects of any other transaction in which TMRC might engage. In addition, the Roth Fairness Opinion did not address the solvency or viability of TMRC or USAR before or after the consummation of the Transaction.

In connection with its engagement by the TMRC Board, Roth agreed to receive a fee of $350,000 upon the delivery of the Roth Fairness Opinion, which is payable in cash. This fee was determined by Roth and proposed to the TMRC Board. In addition, Roth is entitled to receive an advisory fee for its services as financial advisor to TMRC in connection with the Transaction in an amount equal to 0.75% of the aggregate consideration paid to or received by the stockholders of TMRC in connection with the Transaction, contingent upon the completion of the Transaction. Such advisory fee will be paid in cash at the time of, and as a condition to, the closing of the Transaction. The advisory fee is independent of any consideration for issuance of the Roth Fairness Opinion. TMRC has agreed to indemnify Roth against certain liabilities. Roth will also be reimbursed for certain expenses in connection with its services up to a limit of $35,000 for all expenses, which limit may be modified with the consent of TMRC.

Roth is a full -service securities firm engaged in securities trading and brokerage activities, as well as providing investment banking and other financial services. In the ordinary course of business, Roth and its affiliates may acquire, hold or sell, for Roth’s or its affiliates’ own accounts and for the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of TMRC and the other parties to the Transaction, and, accordingly, may at any time hold a long or a short position in such securities. Except as described above or as set forth below, Roth has not had a material relationship with, nor has it otherwise received any fees from TMRC, USAR or any other party to the Transaction during the two years preceding the date hereof. During the two years preceding the date hereof, Roth has had certain investment banking relationships with USAR. In April 2025, Roth was engaged by USAR to act as a co -placement agent in connection with a private placement of its securities, which offering generated gross proceeds to USAR of approximately $75 million, and for which Roth received aggregate compensation of approximately $450,000 in connection with such engagement.

Summary of Material Financial Analyses

The following is a summary of material financial analyses prepared, or reviewed, by Roth and discussed with the TMRC Board in connection with the rendering of the Roth Fairness Opinion:

•          discounted cash flow analysis with respect to USAR performed by Roth;

•          selected publicly traded comparable companies analysis with respect to USAR and the Round Top Project, performed by Roth; and

•          net asset valuation analysis with respect to the Round Top Project and TMRC’s ownership interest therein, performed by Roth.

The order in which the analyses are listed above and described below does not represent the relative importance or weight given to the analyses by Roth. Some of the summaries of financial analyses include information presented in tabular format. In order to fully understand such analyses, the tables must be read together with the text of the related summary. The tables alone do not constitute a complete description of Roth’s analyses. Considering the data described below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the analyses.

Except as otherwise noted, the following quantitative information, to the extent that it is based on market data, is based on market data as it existed on or before March 3, 2026, and is not necessarily indicative of current market conditions.

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Discounted Cash Flow Analysis

The discounted cash flow analysis is a “forward looking” methodology and is based on projected future cash flows to be generated by USAR which are then discounted back to March 3, 2026 (the “ Valuation Date ”). This methodology has three primary components: (i) the present value of projected standalone unlevered, after -tax free cash flows for a determined period, (ii) the present value of the terminal value of cash flows (representing firm value beyond the time horizon on the projection), and (iii) the weighted average cost of capital (“ WACC ”) used to discount such future cash flows and terminal value back to the present.

For purposes of the discounted cash flow analysis, Roth utilized publicly filed reports and publicly available equity research analyst forecasts and certain other assumptions, as directed by TMRC’s management, to calculate USAR’s projected standalone unlevered, after -tax free cash flows for the calendar years ending December 31, 2025 through December 31, 2030.

In performing its discounted cash flow analysis, Roth calculated ranges of the estimated present values of the unlevered, after -tax free cash flows of USAR forecasted to generate for 2025 to 2030 by applying discount rates, as of the Valuation Date, ranging from 13.8% to 17.8%, reflecting Roth’s estimates of USAR’s WACC, as further described below.

The WACC was calculated using a cost of equity of 16.1% and a cost of debt of 7.2%. Roth further calculated terminal values by applying EBITDA exit multiples ranging from 11.7x to 15.7x to USAR’s terminal year 2030 EBITDA of $966 million.

The WACC was calculated by adding (i) the estimated market value of equity as a percentage of the total market value of USAR’s capital multiplied by USAR’s estimated cost of equity, and (ii) the estimated market value of debt as a percentage of the total market value of USAR’s capital multiplied by USAR’s estimated after -tax market cost of debt. The estimated market value of USAR’s debt and equity were calculated using the average debt to equity ratios of the comparable publicly traded companies. The estimated cost of equity was calculated using the capital asset pricing model, which took into account the betas of comparable publicly traded companies, the risk -free rate, a historical equity market risk premium and a historical small capitalization risk premium, which risk premiums were sourced from the 2024 Kroll Cost of Capital Module. The estimated cost of debt was based on publicly available data as of the Valuation Date.

Selected Public Companies Analysis

Roth analyzed publicly available financial and stock market data for (i) eight selected publicly traded companies operating in the lithium and industrial mineral and hard rock rare mining industry with market capitalizations ranging from $62 million to $13.5 billion as of the Valuation Date for USAR (collectively, the “ USAR selected companies ”), and (ii) five selected publicly traded companies that have majority ownership in hard rock rare mineral mining projects with market capitalizations ranging from $80 million to $13.5 billion as of the Valuation Date for the Round Top Project (collectively, the “ Round Top Project selected companies ”).

Selected Public Companies Analysis for USAR

Roth selected the following publicly traded companies as the USAR selected companies that it considered generally relevant for the analysis for USAR:

•          Lynas Rare Earths Limited

•          MP Materials Corp.

•          Liontown Limited

•          Critical Metals Corp.

•          Dateline Resources Limited

•          Arafura Rare Earths Limited

•          Australian Strategic Materials Ltd

•          Resolution Minerals Ltd

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Roth reviewed various financial metrics of the USAR selected companies, including enterprise values, which were calculated as fully diluted equity values based on the closing stock prices on the Valuation Date, plus, if applicable for each company, total debt (excluding leases), preferred equity, and non -controlling interests minus cash and cash equivalents.

These enterprise values were analyzed as multiples of estimated revenue and EBITDA for calendar year 2027. The financial data for the USAR selected companies was sourced from publicly available data obtained from public filings with the SEC and other data sources, and subject to the following:

•          Based on Roth’s judgment and experience, the analysis excludes the highest and lowest 25% of revenue multiples for the eight USAR selected companies. After excluding these data points, the overall low to high calendar year 2027 estimated revenue multiples observed for the USAR selected companies were 5.1x to 9.8x (with an overall median of 7.0x). Roth applied the above selected ranges for projected calendar year 2027 to corresponding data of USAR.

•          Based on Roth’s judgment and experience, the analysis uses the median EBITDA multiple from the eight USAR selected companies as the midpoint, developing a range by subtracting and adding 2x to establish the low and high ends. After applying these data points, the overall low to high calendar year 2027 estimated EBITDA multiples observed for the USAR selected companies were 11.7x to 15.7x (with an overall median of 13.7x). Roth applied the above selected ranges for projected calendar year 2027 to corresponding data of USAR.

This analysis resulted in the reference ranges of implied value per USAR Share set forth below:

Multiples

Implied Value Per Share

Low

High

Low

High

EV/CY 2027P Revenue (1)

5.1x

9.8x

$

14.95

$

20.89

EV/CY 2027P EBITDA

11.7x

15.7x

$

30.15

$

43.61

____________

(1)        “EV” refers to enterprise value and “CY” refers to calendar year.

Selected Public Companies Analysis for the Round Top Project and Net Asset Value for TMRC

Roth selected the following publicly traded companies as the Round Top Project selected companies that it considered generally relevant for the analysis for the Round Top Project:

•          Lynas Rare Earths Limited — Mt Weld

•          MP Materials Corp. — Mountain Pass

•          Arafura Rare Earths Limited — Nolans

•          Rare Element Resources — Bear Lodge

•          VHM Limited — Goschen

•          Defense Metals Corp. — Wicheeda

Roth reviewed various financial metrics of the Round Top Project selected companies, including enterprise values, which were calculated as fully diluted equity values based on the closing stock prices on the Valuation Date, plus, if applicable for each company, total debt (excluding leases), preferred equity, and non -controlling interests minus cash and cash equivalents. Roth also reviewed each Round Top Project selected company’s ownership percentage in mining projects, including Total Rare Earth Element (TREE) and Net Asset Value (NAV) of each project as of the Valuation Date.

The enterprise values were analyzed as multiples of TREE and the NAVs were analyzed as multiples of price as of the Valuation Date. The financial and mining project data for the Round Top Project selected companies was sourced from publicly available data obtained from public filings with the SEC, each project’s technical and feasibility reports, and other data sources, and subject to the following:

•          Based on Roth’s judgment and experience, the analysis excludes the highest and lowest 25% of TREE multiples for the five Round Top Project selected companies. After excluding these data points, the overall low to high estimated TREE multiples observed for the Round Top Project selected companies were

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$170 million to $2.5 billion (with an overall median of $698 million). That range was further adjusted for TMRC’s expected ownership and divided by the number of TMRC Shares outstanding, which resulted in share price range of $0.19 to $2.69 per TMRC Share.

The NAV analysis is a “forward looking” methodology and is based on projected future cash flows to be generated by the Round Top Project over a 22 -year projection period, which are then discounted back to the Valuation Date. This methodology has three primary components: (i) the present value of projected standalone unlevered, free cash flows for the determined period, (ii) the projection of TMRC’s equity interest in the project over this period, as a result of expected cash calls and estimated dilution thereof, and (iii) the WACC used to discount such future cash flows back to the present.

For purposes of the NAV analysis, Roth utilized TMRC’s management assumptions and projected cash flows for the Round Top Project based on publicly available information, as well as certain other assumptions as directed by TMRC’s management. In performing its NAV analysis, Roth calculated ranges of the estimated present values of the unlevered, free cash flows of the Round Top Project for its 22 -year projection period by applying discount rates, as of the Valuation Date, ranging from 10% to 20%, reflecting Roth’s estimates of the Round Top Project’s WACC. The WACC was calculated using a cost of equity of 15.9% and a cost of debt of 7.1%. Roth further calculated the implied value attributable to TMRC, based on forecasted ownership percentage of 4.12%, accounting for expected cash calls and resulting dilution. The value was further adjusted by estimated price to NAV multiples observed for the Round Top Project selected companies, as specified below:

•          Based on Roth’s judgment and experience, the analysis excludes the highest and lowest 25% of price to NAV multiples for the five Round Top Project selected companies. After excluding these data points, the overall low to high estimated price to NAV multiples observed for the Round Top Project selected companies were 0.08x to 0.88x (with an overall median of 0.61x). Roth subtracted the above selected ranges to derive a range for TMRC’s Adjusted NAV Per Share using TMRC’s management projected 2028 ownership interest in the Round Top Project of 4.12%.

This analysis resulted in the reference ranges of implied value per TMRC Share set forth below:

Multiples (1)

Implied Value Per Share

Low

High

Low

High

EV/Total Rare Earth Element (2)

$

170

$

2,453

$

0.19

$

2.69

TMRC Adjusted NAV

0.08x

0.88x

$

0.07

$

1.39

____________

(1)        Dollar amounts are in millions of United States dollars.

(2)        “EV” refers to enterprise value.

Miscellaneous

This summary is not a complete description of the Roth Fairness Opinion or the underlying analyses and factors considered in connection with such opinion. The preparation of a fairness opinion is a complex process involving the application of subjective business and financial judgment in determining the most appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances and, therefore, is not readily susceptible to a partial analysis or summary description. Roth believes that its analyses described above must be considered as a whole and that considering any portion of such analyses or factors considered without considering all such analyses and factors could create a misleading or incomplete view of the processes underlying Roth’s analyses and its opinion. In arriving at its fairness determination, Roth considered the results of all of its analyses and did not attribute any particular weight to any factor or analysis considered by it. Rather, it made its fairness determination on the basis of its experience and professional judgment after considering the results of all of its analyses. In performing its analyses, Roth made numerous assumptions with respect to industry performance and general business and economic conditions, such as industry growth, inflation, interest rates and many other matters, many of which are beyond the control of TMRC, USAR and their respective advisors. Any estimates used in Roth’s analyses, and the results derived from such analyses, are not necessarily indicative of actual values or future results, which may be significantly more or less favorable than suggested by such analyses. No company selected for the analyses described above is identical to TMRC and/or USAR.

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In conducting its analyses and arriving at its opinion, Roth utilized a variety of valuation methods. The analyses were prepared solely for the purpose of enabling Roth to provide its opinion to the TMRC Board as to the fairness, from a financial point of view, of the Merger Consideration to be received by the stockholders of TMRC pursuant to the Merger Agreement as of the date of the Roth Fairness Opinion, and do not purport to be appraisals or necessarily reflect the prices at which these companies or securities may actually be sold, which are inherently subject to uncertainty.

The terms of the Transaction were determined through arm’s -length negotiations between TMRC and USAR and were approved by the TMRC Board and the USAR Board. The decision to enter into the Merger Agreement by TMRC was solely that of the TMRC Board. Roth did not make any recommendations as to any specific consideration to TMRC or the TMRC Board, or that any specific amount or type of consideration constituted the only appropriate consideration for the Transaction. In addition, Roth was not authorized to, and did not, solicit any expressions of interest from any other parties with respect to any transaction involving TMRC or USAR, or review other alternative business combinations or transactions that TMRC could pursue. As described above, the Roth Fairness Opinion and the presentation of such opinion to the TMRC Board by Roth were among a number of factors taken into consideration by the TMRC Board in making its determination to approve the Merger Agreement, the Transaction and the other transactions contemplated thereby, including the factors described elsewhere in this proxy statement/prospectus.

The TMRC Special Meeting

Date, Time, Place and Purpose of the Special Meeting

The special meeting will be held virtually via live webcast at www.virtualshareholdermeeting.com/TMRX2026SM , on Tuesday, July 28, 2026 at 10:00 a.m. Eastern Time. The purpose of the special meeting is to consider and vote on the Merger Proposal and other related proposals. Adoption and approval of the Merger Proposal by TMRC stockholders is a condition to the obligation of TMRC and USAR to complete the Mergers.

Record Date and Outstanding TMRC Shares

Only stockholders of record of issued and outstanding TMRC Shares as of the close of business on June 2, 2026 (the “ Record Date ”) are entitled to notice of, and to vote at, the special meeting or any subsequent reconvening of the special meeting following any adjournments and postponements of the special meeting.

As of the close of business on the Record Date, there were 88,339,693 TMRC Shares issued and outstanding and entitled to vote at the special meeting. You may cast one vote for each TMRC Share that you held as of the close of business on the Record Date.

TMRC has made a complete list of TMRC stockholders entitled to vote at the special meeting available for inspection at the office of its transfer agent, Securities Transfer Corporation, at 2901 N. Dallas Parkway, Suite 380, Plano, Texas, 75093 during regular business hours for a period of no less than 10 days before the special meeting. If you would like to inspect the list of TMRC stockholders of record, please call Securities Transfer Corporation at (469) 633 -0101 to schedule an appointment or request access. A certified list of eligible TMRC stockholders will be available for inspection during the special meeting on the website for that meeting www.virtualshareholdermeeting.com/TMRX2026S M .

Quorum; Abstentions and Broker Non-Votes

A quorum of TMRC stockholders is necessary for TMRC to hold a valid meeting. The presence at the special meeting, in person or by proxy, of the holders of a majority of the outstanding TMRC Shares entitled to vote at the special meeting constitutes a quorum.

If you submit a properly executed proxy card, even if you do not vote for the proposal or vote to “abstain” in respect of the proposal, your TMRC Shares will be counted for purposes of determining whether a quorum is present for the transaction of business at the special meeting. Broker non -votes will not be considered present and entitled to vote at the special meeting for the purpose of determining the presence of a quorum.

Executed but unvoted proxies will be voted in accordance with the recommendation of the TMRC Board.

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Required Vote to Adopt and Approve the Merger Proposal

Adoption and approval of the Merger Proposal requires the affirmative vote of holders of a majority of the outstanding TMRC Shares entitled to vote thereon, and approval of the Adjournment Proposal requires the affirmative vote of holders of a majority of the TMRC Shares present in person or represented by proxy at the special meeting and entitled to vote thereon. Abstentions will have the same effect as votes “AGAINST” each proposal. Broker non -votes and failures to vote will have the same effect as votes “AGAINST” the Merger Proposal but will not have any effect on the outcome of the Adjournment Proposal.

The Merger Proposal and the Adjournment Proposal are described in the section entitled “ TMRC Proposals. ”

Voting by TMRC Directors and Executive Officers

As of the Record Date, TMRC directors and executive officers, and their affiliates, as a group, owned and were entitled to vote 17,083,004 TMRC Shares, or approximately 19.3% of the total outstanding TMRC Shares as of the Record Date.

TMRC currently expects that all of its directors and executive officers will vote their shares “FOR” the Merger Proposal and Adjournment Proposal, as they have agreed to do pursuant to the Voting Agreement.

Adjournment

If a quorum is not present or if there are not sufficient votes for the approval of the Merger Proposal, the special meeting may be adjourned if the Adjournment Proposal is approved. At any subsequent reconvening of the special meeting, all proxies will be voted in the same manner as they would have been voted at the original convening of the special meeting, except for any proxies that have been validly revoked or withdrawn prior to the subsequent meeting.

Material U.S. Federal Income Tax Considerations of the Mergers

For a discussion of certain material U.S. federal income tax considerations of the Mergers, see “ Certain Material U.S. Federal Income Tax Considerations of the Mergers ”. All holders of TMRC Shares should consult with a tax advisor to determine the particular U.S. federal, state or local or non -U .S. income or other tax consequences of the Mergers to them.

Interests of USAR’s Directors and Executive Officers in the Mergers

Except for their interests as stockholders of USAR, USAR’s directors and executive officers do not have any interests in the Mergers that are different from, or in addition to, those of other USAR stockholders generally.

Interests of TMRC’s Directors and Officers in the Mergers

In considering the recommendation of the TMRC Board to vote in favor of the Merger Proposal, TMRC stockholders should be aware that, aside from their interests as stockholders, TMRC’s directors and officers have interests in the Mergers that are different from, or in addition to, those of other TMRC stockholders generally. TMRC’s directors were aware of and considered these interests, among other matters, in evaluating the Mergers and in recommending to stockholders that they approve and adopt the Merger Agreement and the Mergers. TMRC stockholders should take these interests into account in deciding whether to approve the Merger Proposal. These interests include, among other things:

•          As a condition to closing of the Mergers, TMRC will cause completion of a transfer of certain assets to Mr. Daniel Gorski, the Chief Executive Officer of TMRC, to pay off certain indebtedness between Mr. Gorski and a subsidiary of TMRC prior to the Effective Time.

•          The Merger Agreement provides that for a period of six years from and after the Effective Time, USAR shall cause the surviving company to (or if the surviving company is not able, USAR shall) indemnify and hold harmless each present and former director or officer of TMRC or any of its subsidiaries and each other person who, at the request or for the benefit of TMRC or its subsidiaries, is or was previously serving as a director, officer, manager, employee or fiduciary of any other person or any benefit plan of TMRC or any benefit plan of any TMRC subsidiary (in each case, when acting in such capacity) (determined

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as of the Effective Time) from and against any costs or expenses (including reasonable attorneys’ fees), judgments, fines, losses, claims, damages, penalties, amounts paid in settlement (including all interest, assessments and other charges) or liabilities incurred in connection with any claim, action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative, arising out of matters existing or occurring at or prior to the Effective Time, whether asserted or claimed prior to, at or after the Effective Time as provided in the certificate of incorporation or bylaws or other governing documents of TMRC or the applicable subsidiary of TMRC in effect on the date of the Merger Agreement or any indemnification agreement between such indemnified party and TMRC or applicable subsidiary of TMRC to the fullest extent permitted under applicable law. For six years after the Effective Time, USAR shall cause the surviving company to maintain in effect provisions in the surviving company’s certificate of formation and limited liability company agreement or similar organizational documents (or in such documents of any successor to the business of the surviving company) and the organizational documents of any TMRC subsidiary regarding exculpation, indemnification of directors, officers, employees, fiduciaries and agents and advancement of fees, costs and expenses that are no less advantageous to the intended beneficiaries than the corresponding provisions in existence on the date of the Merger Agreement. From and after the Effective Time, USAR, the surviving companies of the Mergers, and each of their subsidiaries including RT, shall honor and comply with their respective obligations under any indemnification agreement with any indemnified person in effect as of date of the Merger Agreement and indemnification obligations under the RTMD amended and restated limited liability company agreement, dated June   26, 2023 (the “ RT LLC Agreement ”), and not amend, repeal or otherwise modify any such agreement or the RT LLC Agreement in any manner that would adversely affect any right of any indemnified party thereunder.

•          Prior to the Effective Time, TMRC may, as of the Effective Time, obtain and fully pay for “tail” insurance policies for the extension of the directors’ and officers’ liability coverage of TMRC’s existing directors’ and officers’ insurance policies with a claims period of at least six years from and after the Effective Time with respect to any claim related to any period of time at or prior to the Effective Time from an insurance carrier with the same or better credit rating as the Company’s current insurance carrier with respect to directors’ and officers’ liability insurance. If TMRC, for any reason, fails to obtain such “tail” insurance policies as of the Effective Time, USAR shall use its best efforts to purchase such insurance for that six -year period.

•          Under Voting and Support Agreements with TMRC and USAR, each of TMRC’s directors and executive officers has agreed to vote all of his TMRC Shares in favor of the Merger Proposal. As of the close of business on the record date for this special meeting, the TMRC stockholders who are parties to the Voting and Support Agreements collectively owned (with sole or shared voting power) approximately 19.3% of the TMRC Shares outstanding and entitled to vote at the special meeting.

These interests may have influenced TMRC’s directors in approving the Merger Agreement and the Mergers and making their recommendation to TMRC stockholders to vote in favor of the approval and adoption of the Merger Agreement and the Mergers.

Appraisal Rights and Dissenters ’ Rights

TMRC

General

If the Mergers are completed, TMRC stockholders of record and beneficial owners who do not vote in favor of the Merger Proposal, who continuously hold such shares as of immediately before and through the effective date of the Mergers and who properly demand appraisal of their shares may be entitled to appraisal rights in connection with the Mergers under Section 262 of the DGCL.

The following discussion is not a complete statement of the law pertaining to appraisal rights under the DGCL and is qualified in its entirety by the full text of Section 262 of the DGCL, which is attached to this proxy statement/prospectus as Annex   C . The following summary does not constitute any legal or other advice nor does it constitute a recommendation that TMRC stockholders of record or beneficial owners exercise their appraisal rights under Section 262 of the DGCL. All references in Section 262 of the DGCL to a “stockholder” and all references

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in this discussion of appraisal rights to a “TMRC stockholder” are to the record holders of TMRC Shares unless otherwise noted herein. All such references to a “beneficial owner” mean a person or entity who is the beneficial owner of TMRC Shares held either in voting trust or by a broker, bank or other nominee on behalf of such person or entity unless otherwise expressly noted herein. If you hold your TMRC Shares through a broker, bank or other nominee and you wish to exercise appraisal rights, you should consult with your broker, bank or the other nominee.

Any TMRC stockholder or beneficial owner contemplating the exercise of such appraisal rights should review carefully the provisions of Section 262 of the DGCL, particularly the procedural steps required to properly demand and perfect such rights. Failure to strictly follow the procedures required by Section 262 of the DGCL for demanding and perfecting appraisal rights may result in the loss of such rights.

Under Section 262 of the DGCL, where a merger agreement is to be submitted for adoption at a meeting of stockholders, such as the special meeting, the corporation, in this case TMRC, must notify not less than 20 days before the meeting each of its stockholders who was such on the record date for notice of such meeting with respect to shares for which appraisal rights are available that appraisal rights are available and include in the notice a copy of Section 262 of the DGCL.  This proxy statement / prospectus constitutes TMRC ’ s notice to its stockholders that appraisal rights are available in connection with the Mergers, and the full text of Section   262 of the DGCL is attached to this proxy statement / prospectus as Annex   C . In connection with the Mergers, any stockholder of record or beneficial owner of TMRC Shares who wishes to exercise appraisal rights, or who wishes to preserve their right to do so, should review the following discussion and Annex   C carefully because failure to timely and properly comply with the procedures specified will result in the loss of such appraisal rights. A TMRC stockholder or beneficial owner who loses his, her or its appraisal rights will be entitled to receive the Merger Consideration described in the Merger Agreement and elsewhere in this proxy statement / prospectus (without interest). Moreover, the process of dissenting and exercising appraisal rights requires compliance with technical prerequisites, and because of the complexity of the procedures for exercising the right to seek appraisal of TMRC Shares, TMRC believes that if a TMRC stockholder or beneficial owner considers exercising such rights, they should seek the advice of legal counsel.

How to Exercise and Perfect Your Appraisal Rights

TMRC stockholders or beneficial owners wishing to exercise the right to seek an appraisal of their TMRC Shares must do all of the following:

•          deliver to TMRC a written demand for appraisal before the vote on the Merger Proposal at the Special Meeting, which written demand must reasonably inform TMRC of the identity of the TMRC stockholder or beneficial owner and that the TMRC stockholder or beneficial owner intends to demand appraisal of their shares. This written demand for appraisal must be in addition to and separate from any proxy or vote abstaining from or voting against the Merger Proposal. Voting “AGAINST” or failing to vote “FOR” the Merger Proposal by itself does not constitute a demand for appraisal within the meaning of Section 262 of the DGCL;

•          not vote in favor of, or abstain from voting on, the Merger Proposal (if a TMRC stockholder) or, if a beneficial owner, not instruct their broker, bank or other nominee to vote their share(s) in favor of the Merger Proposal or instruct their nominee record holder to abstain from voting on the Merger Proposal;

•          continuously hold or beneficially own, as applicable, the TMRC Shares from the date of making the demand through the Effective Time (a TMRC stockholder or beneficial owner will lose appraisal rights if the TMRC stockholder or beneficial owner of transfers the shares before the Effective Time); and

•          file a petition in the Court of Chancery requesting a determination of the fair value of the shares within 120 days after the Effective Time. While Section 262 of the DGCL provides that the surviving corporation of the First Merger (the “ First Merger Surviving Corporation ”) may file such petition, the First Merger Surviving Corporation is under no obligation to and has no intention of doing so.

Written Demand

The demand for appraisal made by a TMRC stockholder or beneficial owner must be executed by or on behalf of the TMRC stockholder or beneficial owner, as applicable.

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In addition, in the case of a demand for appraisal made by a beneficial owner, the demand must also reasonably identify the holder of record of the shares for which the demand is made, be accompanied by documentary evidence of the beneficial owner’s ownership of the TMRC Shares (such as a brokerage or securities account statement containing such information or a letter from the broker or other record holder of such shares confirming such information) and a statement that such documentary evidence is a true and correct copy of what it purports to be, and provide an address at which such beneficial owner consents to receive notices given by the First Merger Surviving Corporation under Section 262 of the DGCL and to be set forth on the verified list required by subsection (f) of Section 262 of the DGCL. A holder of record, such as a bank, broker or other nominee, who holds TMRC Shares as a nominee or intermediary for others, may exercise his, her or its right of appraisal with respect to the shares held for one or more beneficial owners while not exercising this right for other beneficial owners. In that case, the written demand should state the number of shares as to which appraisal is sought. Where no number of shares is expressly mentioned, the demand will be presumed to cover all shares held in the name of the holder of record.

All written demands for appraisal should be addressed to TMRC at 527 21 st Street, #44, Galveston, Texas 77550; Attention: Chief Executive Officer.

Withdrawal of Appraisal

At any time within 60 days after the Effective Time, any TMRC stockholder or beneficial owner who has delivered a written demand to TMRC and who has not commenced an appraisal proceeding or joined that proceeding as a named party may withdraw his, her or its demand for appraisal and accept the Merger Consideration to be paid to TMRC Stockholders in connection with the Mergers by delivering to the First Merger Surviving Corporation a written withdrawal of the demand for appraisal and an acceptance of such Merger Consideration. Any such attempt to withdraw the demand made more than 60 days after the Effective Time will require written approval of the First Merger Surviving Corporation. No appraisal proceeding in the Court of Chancery will be dismissed as to any TMRC stockholder or beneficial owner without the approval of the Court of Chancery, and such approval may be conditioned upon such terms as the Court of Chancery deems just; provided, however, that any TMRC stockholder or beneficial owner who has not commenced an appraisal proceeding or joined that proceeding as a named party may withdraw his, her or its demand for appraisal and accept the Merger Consideration provided for in the Merger Agreement within 60 days after the effective date of the Mergers. If the First Merger Surviving Corporation does not approve a request to withdraw a demand for appraisal and to accept the Merger Consideration provided for in the Merger Agreement when that approval is required, or if the Court of Chancery does not approve the dismissal of an appraisal proceeding, the TMRC stockholder or beneficial owner will be entitled to receive only the appraised value determined in any such appraisal proceeding.

Notice by the First Merger Surviving Corporation

Within 10 days after the Effective Time, the First Merger Surviving Corporation will notify each TMRC stockholder and beneficial owner who has complied with Section 262 of the DGCL, and who has not voted in favor of the Merger Proposal, of the date on which the First Merger became effective.

Filing a Petition for Appraisal

Within 120 days after the Effective Time, the First Merger Surviving Corporation or any TMRC stockholder or beneficial owner who has complied with Section 262 of the DGCL and is entitled to appraisal rights under Section 262 of the DGCL may commence an appraisal proceeding by filing a petition in the Court of Chancery, with a copy served upon the First Merger Surviving Corporation in the case of a petition filed by a TMRC stockholder or beneficial owner, demanding a determination of the fair value of the shares held by all TMRC stockholders or beneficial owners entitled to appraisal rights who did not vote their shares in favor of the Merger Proposal and properly demanded appraisal of such shares. The First Merger Surviving Corporation is under no obligation to and has no present intention to file a petition and TMRC stockholders and beneficial owners should not assume that the First Merger Surviving Corporation will file a petition or initiate any negotiations with respect to the fair value of the TMRC Shares. Accordingly, any TMRC stockholder or beneficial owners who desire to have their shares appraised should initiate all necessary action to perfect their appraisal rights in respect of their TMRC Shares within the time and in the manner prescribed in Section 262 of the DGCL. The failure of a TMRC stockholder or beneficial owner to file such a petition in the period and manner specified in Section 262 of the DGCL could nullify the TMRC stockholder’s or beneficial owner’s previous written demand for appraisal.

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If a petition for an appraisal is timely filed by a TMRC stockholder or beneficial owner and a copy thereof is served upon the First Merger Surviving Corporation, the First Merger Surviving Corporation will then be obligated within 20 days after such service to file in the office of the Register in Chancery in which the petition was filed a duly verified list, which is referred to as the “verified list,” containing the names and addresses of all TMRC stockholders or beneficial owners who have demanded appraisal for their shares and with whom agreements as to the value of their shares have not been reached by the First Merger Surviving Corporation. Upon the filing of any such petition, the Register in Chancery, if so ordered by the Court of Chancery, will give notice of the time and place fixed for the hearing of such petition by registered or certified mail to the First Merger Surviving Corporation and the TMRC stockholders or beneficial owners shown on the verified list at the addresses stated therein. Such notice will also be published at least one week before the day of the hearing in a newspaper of general circulation published in the City of Wilmington, Delaware, or in another publication deemed advisable by the Court of Chancery. The First Merger Surviving Corporation will pay the costs of such notices.

After notice has been given to the TMRC stockholders and beneficial owners as required by the Court of Chancery, the Court of Chancery is empowered to conduct a hearing on the petition to determine those TMRC stockholders or beneficial owners who have complied with Section 262 of the DGCL and who have become entitled to appraisal rights thereunder. At the hearing on such petition, the Court of Chancery may require the TMRC stockholders or beneficial owners who have demanded an appraisal for their shares and who hold TMRC Shares represented by certificates to submit their stock certificates to the Register in Chancery for notation thereon of the pendency of the appraisal proceeding; if any TMRC stockholder or beneficial owner fails to comply with such direction, the Court of Chancery may dismiss the proceedings as to such TMRC stockholder or beneficial owner.

Determination of Fair Value

After the Court of Chancery determines the TMRC stockholders and beneficial owners that are entitled to an appraisal, the appraisal proceeding will be conducted in accordance with the rules of the Court of Chancery, including any rules specifically governing appraisal proceedings. Through such proceeding, the Court of Chancery will determine the “fair value” of the TMRC Shares, exclusive of any element of value arising from the accomplishment or expectation of the Mergers, together with interest, if any, to be paid upon the amount determined to be the fair value (subject, in the case of interest payments, to any voluntary cash payments made by the First Merger Surviving Corporation pursuant to subsection (h) of Section 262 of the DGCL that have the effect of limiting the sum on which interest accrues as described below). In determining fair value, the Court of Chancery will take into account all relevant factors. Unless the Court of Chancery in its discretion determines otherwise for good cause shown, interest from the effective time through the date of payment of the judgment will be compounded quarterly and will accrue at 5% over the Federal Reserve discount rate (including any surcharge) as established from time to time during the period between the Effective Time and the date of payment of the judgment. At any time before the Court of Chancery’s entry of judgment in the proceedings, however, the Surviving Corporation may pay to each TMRC stockholder and beneficial owner entitled to appraisal an amount in cash, in which case interest will accrue thereafter only upon the sum of (i) the difference, if any, between the amount so paid by the Surviving Corporation and the fair value of the shares as determined by the Court of Chancery and (ii) interest theretofore accrued, unless paid at that time.

In determining fair value, the Court of Chancery will take into account all relevant factors. In Weinberger v. UOP, Inc. , the Supreme Court of Delaware discussed the factors that could be considered in determining fair value in an appraisal proceeding, stating that “proof of value by any techniques or methods that are generally considered acceptable in the financial community and otherwise admissible in court” should be considered, and that “[f]air price obviously requires consideration of all relevant factors involving the value of a company.” The Supreme Court of Delaware has stated that, in making this determination of fair value, the court must consider market value, asset value, dividends, earnings prospects, the nature of the enterprise and any other facts that could be ascertained as of the date of the merger that throw any light on future prospects of the merged corporation. Section 262 of the DGCL provides that fair value is to be “exclusive of any element of value arising from the accomplishment or expectation of the merger.” In Cede & Co. v. Technicolor, Inc. , the Delaware Supreme Court stated that such exclusion is a “narrow exclusion [that] does not encompass known elements of value,” but that rather applies only to the speculative elements of value arising from such accomplishment or expectation. In Weinberger , the Supreme Court of Delaware also stated that “elements of future value, including the nature of the enterprise, which are known or susceptible of proof as of the date of the merger and not the product of speculation, may be considered.”

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Upon application by the First Merger Surviving Corporation or by any TMRC stockholder or beneficial owner entitled to participate in the appraisal proceeding, the Court of Chancery may, in its discretion, proceed to trial upon the appraisal before the final determination of TMRC stockholders and beneficial owners entitled to an appraisal. Any TMRC stockholder or beneficial owner whose name appears on the verified list and who has submitted such stockholder’s certificates of stock to the Register in Chancery, if required, may participate fully in all proceedings until it is finally determined that such TMRC stockholder or beneficial owner is not entitled to appraisal rights. The Court of Chancery will direct the payment of the fair value of the TMRC Shares, together with interest, if any, by the First Merger Surviving Corporation to TMRC stockholders or beneficial owners entitled thereto.

The costs of the appraisal proceedings (which do not include attorneys’ fees or the fees and expenses of experts) may be determined by the Court of Chancery and taxed upon the parties as the Court of Chancery deems equitable under the circumstances. Upon application of a TMRC stockholder or beneficial owner whose name appears on the verified list, the Court of Chancery may also order all or a portion of the expenses incurred by a TMRC stockholder or beneficial owner in connection with an appraisal proceeding, including, without limitation, reasonable attorneys’ fees and the fees and expenses of experts, to be charged pro rata against the value of all the shares entitled to an appraisal. In the absence of such an order, each party bears its own expenses.

Any TMRC stockholder or beneficial owner who had demanded appraisal rights will not, after the Effective Time, be entitled to vote shares subject to that demand for any purpose, or to receive payments of dividends or any other distribution with respect to those shares, other than with respect to payment as of a record date prior to the Effective Time. If any stockholder who demands appraisal of TMRC Shares under Section 262 fails to perfect, effectively withdraws or otherwise loses such holder’s right to appraisal with respect to such shares, such shares will be deemed to have been converted at the Effective Time into the right to receive the consideration provided pursuant to the Merger Agreement, without interest, upon the terms and conditions set forth therein.

If no petition for appraisal is filed within 120 days after the Effective Time, or if a TMRC stockholder or beneficial owner votes for approval of the Merger Proposal or effectively withdraws his, her or its demand for appraisal, then the right of that TMRC stockholder or beneficial owner to appraisal will cease and that TMRC stockholder or beneficial owner will be entitled to receive the Merger Consideration for his, her or its TMRC Shares provided for in the Merger Agreement. A holder who has not commenced an appraisal proceeding or joined that proceeding as a named party may withdraw his, her or its demand for appraisal by delivering to the First Merger Surviving Corporation a written withdrawal of his, her or its demand for appraisal and acceptance of the Mergers, except that any such attempt to withdraw made more than 60 days after the effective date of the Mergers will require the written approval of the First Merger Surviving Corporation. No appraisal proceeding in the Delaware Court of Chancery will be dismissed as to any stockholder without the approval of the Delaware Court of Chancery, and such approval may be conditioned upon such terms as the Delaware Court of Chancery deems just; provided, however, any TMRC stockholder or beneficial owner who has not commenced an appraisal proceeding or joined that proceeding as a named party will have the right to withdraw their demand for appraisal and to accept the terms offered upon the Mergers within 60 days after the effective date of the Mergers.

TMRC stockholders and beneficial owners considering seeking appraisal should be aware that the fair value of their respective shares as determined under Section 262 of the DGCL could be more than, the same as or less than the Merger Consideration they would receive pursuant to the Merger Agreement if they did not seek appraisal of their respective shares. TMRC stockholders and beneficial owners who perfect their appraisal rights and who do not subsequently effectively withdraw or otherwise lose their appraisal rights will not be entitled to any consideration under the Merger Agreement.

Accounting Treatment

USAR prepares its financial statements in accordance with U.S. GAAP. The Mergers will be accounted for by using the business combination accounting rules, which requires the application of a screen test to evaluate if substantially all the fair value of the acquired assets is concentrated in a single identifiable asset or group of similar identifiable assets to determine whether a transaction is accounted for as an asset acquisition or business combination. In addition, the rules require the identification of the acquirer; the determination of the acquisition date; the determination of the fair value of consideration; and the recognition and measurement, at relative fair value, of the identifiable assets acquired, liabilities assumed and any noncontrolling interest in the consolidated subsidiaries of the acquiree. After consideration of all applicable factors pursuant to the business combination accounting rules, the Mergers will be treated as an asset acquisition under U.S. GAAP with USAR as the acquirer. The interest of TRMC

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in RTMD that USAR is acquiring in the Mergers represents substantially all of the fair value of the assets acquired by USAR. USAR currently owns a controlling interest in RTMD and has consolidated this entity within its historical consolidated financial statements. As the acquisition of the acquiree’s interest in RTMD represents a change in the parent’s ownership interest, the acquisition of that interest will be accounted for as a change of ownership interest within the scope of U.S. GAAP Accounting Standard Codification Topic 810.

Conditions to Completion of the Mergers

The completion of the Mergers is subject to the satisfaction or waiver (where permitted) of certain conditions, including (i) the adoption of the Merger Agreement by the affirmative vote of the holders of a majority of all outstanding TMRC Shares entitled to vote thereon (the “ Requisite TMRC Vote ”); (ii) the authorization for listing the USAR Shares to be issued as Merger Consideration on the Nasdaq Global Market if required under its rules and regulations; (iii) the absence of any law or order that makes illegal, enjoins or otherwise prohibits the consummation of the proposed Mergers; and (iv) the effectiveness of this registration statement on Form S -4 in connection with the issuance of the USAR Shares as Merger Consideration in the First Merger, which will include a prospectus relating to the USAR Shares to be issued as Merger Consideration and a proxy statement relating to TMRC’s stockholder meeting to approve the proposed Mergers and the absence of any stop order or proceedings to that effect by the SEC. The obligation of each of USAR and TMRC to consummate the proposed Mergers is also conditioned on, among other things, the truth and correctness of the representations and warranties made by the other party as of the Closing Date (subject to certain “materiality” and “material adverse effect” qualifiers), the performance by the other party, in all material respects, of such other party’s covenants and agreements under the Merger Agreement, and the absence of the occurrence of a material adverse effect with respect to the other party from the date of the Merger Agreement through the Effective Time.

Regulatory Requirements

Based on a review of information available relating to the businesses of USAR and TMRC, USAR and TMRC believe that the completion of the Mergers will not require any regulatory filings or approvals.

Termination of the Merger Agreement

The Merger Agreement provides for certain termination rights for each of USAR and TMRC, including, among others, (i) if the closing has not occurred by the date that is nine months from the date of the execution of the Merger Agreement, (ii) if the Requisite TMRC Vote has not been obtained at a stockholder meeting, (iii) if there is a final and non -appealable law or order preventing the consummation of the Mergers or (iv) the other party is in breach of the Merger Agreement in a manner that would result in a failure of an applicable closing condition (subject to the applicable cure period set forth in the Merger Agreement). Further, USAR may terminate the Merger Agreement if the TMRC Board makes an adverse recommendation change or if TMRC approves or enters into an alternative acquisition agreement. The Merger Agreement further provides that a termination fee equal to $3,250,000 will be payable by TMRC to USAR under certain specified circumstances, including a termination by USAR in the event of an adverse recommendation change by the TMRC Board.

Risk Factors Summary

As used in this section, references to “Texas Mineral”, “the Company,” “we,” “our,” “us” or “TMRC” mean Texas Mineral Resources Corp. and its predecessors, as the context requires. TMRC stockholders should carefully consider the following risks before deciding whether to vote for approval of the Merger Proposal. In addition, TMRC stockholders should read and consider the risks associated with the business of USAR because these risks will relate to the combined company. Certain of these risks with respect to the business of USAR can be found in USAR’s annual report on Form 10 -K for the fiscal year ended December 31, 2025, which report is incorporated by reference into this proxy statement/prospectus.

•          Because the market price of USAR Shares will fluctuate, TMRC stockholders cannot be sure of the price of the consideration they will receive in the Mergers.

•          The market price of USAR Shares after the Mergers may be affected by factors different from those currently affecting the shares of TMRC Shares or USAR Shares.

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•          The fairness opinion rendered to the TMRC Board by Roth Capital Partners, LLC prior to the signing of the Merger Agreement does not reflect changes in events or circumstances occurring after the date of the opinion.

•          TMRC and USAR will be subject to business uncertainties and contractual restrictions while the Mergers are pending.

•          USAR may fail to realize all of the anticipated benefits of the Mergers and its other acquisitions, particularly if the integration of USAR’s and TMRC’s businesses is more difficult than expected.

•          Some of the directors and executive officers of TMRC may have interests and arrangements that may have influenced their decisions to support and recommend that you vote for the Merger Proposal.

•          USAR and TMRC are expected to incur significant costs related to the Mergers and integration.

•          If the Mergers do not qualify as a “reorganization” within the meaning of Section 368(a) of the Code, the TMRC stockholders may be required to pay substantial U.S. federal income taxes.

•          There could be limitations on the utilization of the historic U.S. net operating loss carryforwards of TMRC.

•          The Merger Agreement limits TMRC’s ability to pursue alternatives to the Mergers.

•          If the Mergers are not consummated by December   4, 2026, either USAR or TMRC may choose not to proceed with the Mergers.

•          The USAR Shares to be received by TMRC stockholders as a result of the Mergers will have different rights from the TMRC Shares.

•          Stockholders of TMRC will have a reduced ownership and voting interest after the Mergers and will exercise less influence over management.

•          Failure to complete the Mergers could negatively impact the future business and financial results of TMRC and USAR.

•          The issuance of USAR Shares in the Mergers and other future issuances will dilute the voting power of USAR shareholders and could dilute their percentage interest in any future earnings of USAR.

•          USAR may be unable to satisfy the milestones and other conditions required to access funding under the Parent Loan Agreement.

•          In addition to the Mergers and the other transactions described in this proxy statement / prospectus, USAR may pursue and consummate additional acquisitions or other strategic transactions at any time, which may be announced before, concurrently with or after the special meeting and which could be material to USAR and the combined company.

•          The unaudited forecasted financial information included in this proxy statement / prospectus is for illustrative purposes only and the actual financial condition and results of operations of USAR after the Mergers may differ materially.

•          The market price of USAR Shares may continue to fluctuate after the Mergers.

•          Shareholder litigation could prevent or delay the completion of the Mergers or otherwise negatively impact the business and operations of USAR and TMRC.

•          TMRC could experience a failure to fund cash calls.

•          Certain RTMD matters that require unanimous management committee approval will not be applicable if TMRC’s membership interest falls below 15% in RTMD.

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•          TMRC has relied on an exclusion from the definition of “investment company” in order to avoid being subject to the Investment Company Act of 1940. To the extent the nature of its business changes in the future or its reliance on the exclusion is misplaced, TMRC may become subject to the requirements of the 1940 Act, which would limit its business operations and require it to spend significant resources in order to comply with the 1940 Act.

•          TMRC’s financial statements have been prepared assuming that it will continue as a going concern.

•          TMRC has a history of losses and will require additional financing to fund operations. Failure to obtain additional financing could have a material adverse effect on TMRC’s financial condition and results of operation and could cast uncertainty on its ability to continue as a going concern in future periods.

•          TMRC has a limited operating history on which to base an evaluation of its business and properties.

•          The Round Top Project is in the exploration stage. There is no assurance that RTMD can establish the existence of any mineral reserve from the Round Top Project in commercially exploitable quantities. Until then, TMRC cannot earn any revenues from the Round Top Project, and its business could fail.

•          There is no history of producing metals from the Round Top Project.

•          If RTMD establishes the existence of a mineral reserve in the Round Top Project in a commercially exploitable quantity, of which there can be no assurance, TMRC will require additional capital in order to maintain its current membership interest in RTMD and fund its proportionate costs to develop the property into a producing mine. If TMRC cannot raise this additional capital, its membership interest in RTMD will be diluted, its membership interest will lose value, and TMRC could fail.

•          TMRC’s exploration activities may not be commercially successful.

•          Increased costs could affect TMRC’s financial condition.

•          Macroeconomic conditions, domestic and global political turbulence could have a materially adverse impact on TMRC’s business, financial condition, or results of operations.

•          There is no assurance that TMRC will enter into any agreement with respect to the potential Alhambra project owned by Santa Fe or that such project will proceed.

•          There is no assurance that the Steeple Rock non -binding letter of intent will result in a definitive agreement or result in materialization of a possible mining venture.

•          Licensing and permitting of mining operations in the State of New Mexico is difficult and could have a material effect on the length of time and cost of securing the required permits.

•          A shortage of equipment and supplies could adversely affect TMRC’s ability to operate its business.

•          Mining and mineral exploration is inherently dangerous and subject to conditions or events beyond TMRC’s control, which could have a material adverse effect on its business and plans.

•          The figures for mineralization are estimates based on interpretation and assumptions and may yield less mineral production under actual conditions than is currently estimated.

•          The Round Top operations may contain significant uninsured risks which could negatively impact future profitability.

•          Mineral operations are subject to market forces outside of TMRC’s control which could negatively impact it .

•          TMRC may be adversely affected by fluctuations in demand for, and prices of, rare earth minerals and products.

•          Permitting, licensing and approval processes are required for the operations at the Round Top Project and obtaining and maintaining required permits and licenses is subject to conditions which may be unable to be achieved.

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•          Round Top is subject to significant governmental regulations, which affect its operations and costs of conducting its business.

•          Regulations and pending legislation governing issues involving climate change could result in increased operating costs, which could have a material adverse effect on Round Top as well as any other business in which TMRC engages.

•          Round Top’s exploration and development activities are subject to environmental risks, which could expose Round Top to significant liability and delay, suspension or termination of TMRC’s operations.

•          Round Top could be subject to environmental lawsuits.

•          Land reclamation requirements for the Round Top Project may be burdensome and expensive.

•          Mining presents potential health risks; payment of any liabilities that arise from these health risks may adversely impact Round Top.

•          There may be challenges to the title of the Round Top Project or any other mineral properties that TMRC may acquire.

•          Increased competition could adversely affect TMRC’s ability to attract necessary capital funding or acquire suitable producing properties or prospects for mineral exploration in the future.

•          Round Top competes with larger, better capitalized competitors in the mining industry.

•          TMRC has risks related to cybersecurity.

•          Current economic conditions and capital markets are subject to fluctuations which could adversely affect TMRC’s ability to access the capital markets, and thus adversely affect its business and liquidity.

•          TMRC’s resources may not be sufficient to manage its existing business as well as any growth; failure to properly manage its existing business will be detrimental .

•          TMRC may experience difficulty attracting and retaining qualified management to meet its current business needs and / or any growth needs, and the failure to manage any growth effectively could have a material adverse effect on its business and financial condition.

•          TMRC’s operations are dependent upon key personnel, the loss of which would be detrimental to its business.

•          TMRC has a history of losses and fluctuating operating results that raises doubt about its ability to continue as a going concern.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This proxy statement/prospectus, and the documents that are incorporated by reference in this proxy statement/prospectus, contain forward -looking statements about USAR, USAR’s industry and the Mergers that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this proxy statement/prospectus, and the documents that are incorporated by reference in this proxy statement/prospectus, are forward -looking statements, including statements regarding our future results of operations or financial condition, business strategies, and expectations for our business and industry. Forward -looking statements are not guarantees of performance. Although we believe these forward -looking statements are reasonable when made, we cannot assure you that we will achieve or realize these plans or expectations. In some cases, you can identify forward -looking statements because they contain words such as “will,” “may,” “could,” “should,” “likely,” “ongoing,” “anticipate,” “estimate,” “expect,” “project,” “predict,” “intend,” “plan,” “believe,” “aim,” “build,” “continue,” “potential,” “vision,” or the negative of these words or other similar terms or expressions. These forward -looking statements include, but are not limited to, statements concerning the following:

•          the Mergers, the expected timing and completion of the Mergers and the expected benefits of the Mergers including anticipated financial results and synergies;

•          USAR’s investment plans, including the development of the Round Top deposit, development and expansion of processing and separation facilities, development and expansion of metal -making and strip -casting facilities, and development and expansion of the magnet manufacturing facility, including the timing, cost, production capacities, and estimated outputs of each facility;

•          USAR’s plans for and prospects of its other acquisitions, investments and other business development activities;

•          USAR’s plans for capital raising activities, including from the U.S. government; and

•          USAR’s ability to successfully capitalize on growth opportunities and prospects.

These forward -looking statements are based on information available as of the date of this proxy statement/prospectus and the USAR management team’s current expectations, forecasts and assumptions, and involve a number of judgments, known and unknown risks and uncertainties and other factors, many of which are outside USAR’s control. Accordingly, forward -looking statements should not be relied upon as representing the USAR management team’s views as of any subsequent date. Neither USAR nor TMRC undertakes any obligation to update, add or to otherwise correct any forward -looking statements contained herein to reflect events or circumstances after the date they were made, whether as a result of new information, future events, inaccuracies that become apparent after the date hereof or otherwise, except as may be required under applicable securities laws.

You should not place undue reliance on these forward -looking statements. Should one or more of a number of known and unknown risks and uncertainties materialize, or should any of USAR’s assumptions prove incorrect, USAR’s actual results or performance may be materially different from those expressed or implied by these forward -looking statements. Some factors that could cause actual results to materially differ include, but are not limited to the risks below:

•          The Mergers, or USAR’s proposed transactions with Carester SAS (“ Carester ”) and Serra Verde Rare Earths Ltd. (“ Serra Verde ”), may not be consummated on their anticipated timelines or at all, and failure to complete the transactions could adversely affect USAR’s business, financial condition, and results of operations.

•          USAR may not realize the anticipated benefits of its proposed and prior acquisitions and transactions, including transactions with TMRC, Carester and Serra Verde, including expected synergies, financial performance, estimated earnings before interest, taxes, depreciation and amortization and, in the case of Serra Verde, integration of operations, on the anticipated timeline or at all.

•          USAR’s magnet manufacturing facility in Stillwater, Oklahoma (“ Stillwater Facility ”) has recently been commissioned; however, USAR has not commenced commercial production or selling sintered neodymium -iron -boron (“ NdFeB ”) permanent magnets (also referred to as neo magnets), and USAR has no history in commercial operations and the lack of commercial operations limits the accuracy of any forward -looking forecasts, prospects or business outlook or plans.

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•          The Round Top Project is at the exploration stage and USAR has not commenced construction or commission of the mine nor related facilities, and the development of the Round Top Project into a producing mine is subject to a variety of risks, any number of which may cause the development of the Round Top Project into a producing mine to not occur, be delayed, or not result in the commercial extraction of minerals.

•          USAR may experience time delays, unforeseen expenses, increased capital costs, and other complications while developing its projects, which could delay the start of revenue -generating activities and increase development costs.

•          Until USAR’s Round Top Project is capable of satisfying USAR’s feedstock needs, if ever, USAR’s business is subject to the availability of rare earth oxide and metal feedstock, in quantities and prices that allow it to develop and commercially operate its Stillwater Facility or other future facilities.

•          The production of neo magnets is a capital -intensive business that requires the commitment of substantial resources; if USAR does not have sufficient capital or other resources necessary to provide for such production, it could negatively impact its business.

•          USAR will need to produce its products to exacting specifications in order to provide future customers with a consistently high -quality product. An inability to meet individual customer specifications would negatively impact USAR’s business.

•          USAR may be adversely affected by fluctuations in demand for, and prices of, neo magnets, magnet materials, and necessary feedstock.

•          Since USAR’s inception, it has generated negative operating cash flows and it may experience negative cash flow from operations in the future.

•          USAR may not be able to generate positive cashflow from its expected future business operations, and it may not achieve profitability.

•          USAR may not be able to convert current commercial discussions and/or memorandums of understanding with customers for the sale of its neo magnets and other products into definitive contracts, which may have a negative effect on its business.

•          The success of USAR’s business will depend, in part, on the growth of existing and emerging uses for neo magnets.

•          An increase in the global supply of neo magnets or dumping, predatory pricing and other tactics by USAR’s competitors or state actors may adversely affect its profitability.

•          USAR operates in a highly competitive industry in a high demand and growth environment and additional manufacturing, refining and mining competitors could result in a reduction in revenue.

•          Geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China (“ China ”), the United States (“ U.S .”) or other countries in which USAR operates or sells product or otherwise, may adversely affect its business.

•          The amount of capital required for completion and build -out of USAR’s projects may increase materially from its current estimates, and any inability to access the capital or financial markets may limit its ability to fund its ongoing operations, execute its business plan or pursue investments that it may rely on for future growth.

•          Increasing costs, including rising electricity and other utility costs, or limited access to raw materials may adversely affect USAR’s profitability.

•          Diminished access to water may adversely affect USAR’s operations.

•          USAR is subject to certain agreements with government entities that have provided it with certain incentives and favorable financing and contain conditions and obligations, including local investment, job creation, and repayment terms, that, if not complied with, could negatively impact its business or require it to repay that financing or lose access to those incentives.

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•          USAR is dependent upon information technology systems, which are subject to cyber threats, disruption, damage and failure. Any unauthorized access to, disclosure, or theft of personal information it gathers, stores, or uses could harm its reputation and subject it to claims or litigation. Further, a failure of its information technology and data security infrastructure could adversely affect its business and operations.

•          USAR depends on key personnel for the success of its business. If it fails to retain its key personnel or if it fails to attract additional qualified personnel, it may not be able to achieve its desired level of growth and its business could suffer.

•          Work stoppages or similar difficulties, breakdown in labor relations, or a shortage of skilled technicians and engineers could significantly disrupt USAR’s operations and reduce its revenues.

•          USAR’s success depends on developing and maintaining relationships with local communities and stake -holders .

•          USAR is or may be subject to risks associated with acquisitions, strategic transactions and expansions.

•          USAR may fail to realize all of the anticipated benefits of the Less Common Metals Ltd. acquisition, including the anticipated acceleration of its mine -to -magnet strategy, on the anticipated timeline, or at all.

•          If USAR infringes, or is accused of infringing, the intellectual property rights of third parties, it may increase costs or prevent USAR from being able to commercialize new products.

•          USAR may not be able to adequately protect its intellectual property rights. If it fails to adequately enforce or defend its intellectual property rights, USAR’s business may be harmed.

•          USAR’s operations at its projects are subject, or may become subject, to environmental, health and safety regulations, which could impose additional costs and compliance requirements or could limit or prevent its ability to continue its current operations or to undertake new operations, and it may face claims and liability for breaches, or alleged breaches, of such regulations and other applicable laws.

•          USAR will be required to obtain and maintain governmental permits and approvals to develop and operate its projects, a process which is often costly and time -consuming . Failure to obtain or retain any necessary permits or approvals for its planned operations may negatively impact USAR’s business.

•          Tariffs by the U.S., counter -tariffs by other countries and future changes in tariff policies could adversely affect USAR’s results of operations.

•          USAR is exposed to possible litigation risks, including permit disputes (including in respect of access and/or validity of tenure), environmental claims, occupational health and safety claims and employee claims.

•          USAR is subject to the risks of war, terrorism, natural disasters or public health emergencies.

•          If USAR takes federal monies, it could become subject to federal regulations. This could delay timing and increase costs.

•          The timing and amount of funding under the Parent Loan Agreement (as defined below) with the United States Department of Commerce (the “DOC”) is subject to the satisfaction of project milestones and other conditions to disbursement that USAR may not meet on the anticipated timeline or at all, continued governmental support for the transactions contemplated by the Parent Loan Agreement remains subject to changes in laws, regulations, administrations and appropriations, the Parent Loan Agreement contains extensive affirmative and negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations that restrict USAR’s operational and financial flexibility, defaults under the Parent Loan Agreement could trigger cross -defaults across USAR’s financing arrangements, and the DOC’s equity interest in USAR as a result of the Parent Loan Agreement could limit USAR’s ability to pursue strategic transactions and may affect its relationships with customers, suppliers, partners and other counterparties.

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•          The issuance of additional USAR Shares or equity -linked securities, as a result of currently contemplated transactions or potential future transactions, could result in significant dilution to USAR’s existing stockholders and adversely affect the market price of USAR Shares.

•          The diversion of management time from ongoing business operations and opportunities as a result of the Mergers could negatively impact our business.

•          There is substantial doubt regarding TMRC’s ability to continue as a going concern for the twelve months following the issuance of its Condensed Consolidated Financial Statements for the quarter ended November   30, 2025.

•          The risks described in (i) Part I, Item 1A “ Risk Factors ” of USAR’s Annual Report on Form 10 -K for the year ended December   31, 2025, (ii) the section of this proxy statement/prospectus entitled “ Risk Factors — Risks Related to TMRC ,” and (iii) the other risks described in, or incorporated by reference into, this proxy statement/prospectus. See the section of this proxy statement/prospectus entitled “ Where You Can Find More Information .”

These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward -looking statements speak only as of their date, and neither USAR nor TMRC undertakes any obligation to update any forward -looking statements to reflect events or circumstances occurring after their date or to reflect the occurrence of unanticipated events.

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RISK FACTORS

In addition to the other information included in this proxy statement/prospectus, including the matters addressed under “Cautionary Statement Regarding Forward -Looking Statements,” TMRC stockholders should carefully consider the following risks before deciding whether to vote for approval of the Merger Proposal. In addition, TMRC stockholders should read and consider the risks associated with the business of USAR because these risks will relate to the combined company. Certain of these risks with respect to the business of USAR can be found in USAR’s annual report on Form 10 -K for the fiscal year ended December 31, 2025, which report is incorporated by reference into this proxy statement/prospectus. You should also consider the other information in this proxy statement/prospectus and the other documents incorporated by reference into this proxy statement/prospectus. See “ Where You Can Find More Information ”.

Risks Related to the Mergers

Because the market price of USAR Shares will fluctuate, TMRC stockholders cannot be sure of the price of the Merger Consideration they will receive.

In the Mergers, each TMRC Share that is issued and outstanding immediately prior to the effective time of the First Merger shall automatically be cancelled and cease to exist in exchange for the right to receive a fraction of a newly issued share of USAR Stock, equal to the total number of TMRC Shares outstanding on the Closing Date on a fully -diluted basis divided by the 3,823,328 USAR Shares being issued as Merger Consideration. This exchange ratio is fixed and will not be adjusted for changes in the market price of either USAR Shares or TMRC Shares. Changes in the price of USAR Shares between now and the time of the Mergers will affect the value that TMRC stockholders will receive in the Mergers. Neither USAR nor TMRC is permitted to terminate the Merger Agreement as a result of any increase or decrease in the market price of USAR Shares or TMRC Shares.

Stock price changes may result from a variety of factors, including general market and economic conditions, changes in USAR’s businesses, operations and prospects, including as a result of USAR’s pending transactions with Carester (the “ Carester Transaction ”) and Serra Verde, and regulatory considerations, many of which are beyond TMRC’s and USAR’s control. Therefore, at the time of the special meeting, TMRC stockholders will not know the market value of the consideration that TMRC stockholders will receive at the effective time. You should obtain current market quotations for USAR Shares and for TMRC Shares.

The market price of USAR Shares after the Mergers may be affected by factors different from those currently affecting the TMRC Shares or USAR Shares.

In the Mergers, TMRC stockholders will become USAR stockholders. USAR’s business differs from that of TMRC. Accordingly, the results of operations of USAR and the market price of USAR Shares after the completion of the Mergers may be affected by factors different from those currently affecting the independent results of operations of each of USAR and TMRC.

For a discussion of the business of USAR and of certain factors to consider in connection with its business, see the documents incorporated by reference in this proxy statement/prospectus and referred to under “ Where You Can Find More Information ”. For a discussion of the business of TMRC and of certain factors to consider in connection with its business, see the sections in this proxy statement/prospectus titled “ The Business of TMRC ,” “ TMRC’s Management’s Discussion and Analysis of Financial Condition and Results of Operations ” as well as the financial statements of TMRC included in this proxy statement/prospectus.

The fairness opinion rendered to the TMRC Board by Roth Capital Partners, LLC prior to the signing of the Merger Agreement does not reflect changes in events or circumstances occurring after the date of the opinion.

The opinion of Roth Capital Partners, LLC, financial advisor to TMRC, was delivered on and dated March 3, 2026. This opinion does not reflect changes that may occur or may have occurred after the date on which it was delivered, including changes to the operations and prospects of TMRC or USAR, changes in general market and economic conditions or other changes. Any of these changes may alter the relative value of TMRC or USAR or the prices of TMRC Shares or USAR Shares by the time the Mergers are completed. The opinion does not speak as of the date the Mergers will be completed or as of any date other than the date of the opinion. For a description of the opinion of TMRC’s financial advisor, please see “ The Merger — Opinion of TMRC’s Financial Advisor ”.

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TMRC and USAR will be subject to business uncertainties and contractual restrictions while the Mergers are pending.

Uncertainty about the effect of the Mergers on employees and customers may have an adverse effect on TMRC and, consequently, on USAR. These uncertainties may impair TMRC’s ability to attract, retain and motivate key personnel until the Mergers are consummated, and could cause customers and others that deal with TMRC to seek to change existing business relationships with TMRC. Retention of certain employees may be challenging during the pendency of the Mergers, as certain employees may experience uncertainty about their future roles with USAR. If key employees depart because of issues relating to the uncertainty or difficulty of integration or a desire not to remain with USAR, USAR’s business following the merger could be harmed. In addition, the Merger Agreement restricts TMRC and USAR from taking certain actions without the other’s consent until the Mergers occur, and generally requires both USAR and TMRC to continue their operations in the ordinary course, until completion of the Mergers. These restrictions may prevent USAR and TMRC from pursuing attractive business opportunities that may arise prior to the completion of the Mergers. These restrictions could be in place for an extended period of time if the consummation of the Mergers is delayed and could adversely affect USAR’s or TMRC’s financial condition and results of operations. Please see the section entitled “ The Merger Agreement — Conduct of Business Prior to the Consummation of the Mergers ” for a description of the restrictive covenants to which USAR and TMRC are subject.

USAR may fail to realize all of the anticipated benefits of the Mergers, particularly if the integration of USAR’s and TMRC’s businesses is more difficult than expected.

The success of the Mergers will depend, in part, on our ability to successfully combine the businesses of USAR and TMRC. USAR may fail to realize some or all of the anticipated benefits of the transaction if the integration process takes longer or is more costly than expected. Furthermore, any number of unanticipated adverse occurrences for either the business of TMRC or USAR may cause USAR to fail to realize some or all of the expected benefits. The integration process could result in the loss of key employees, the disruption of each company’s ongoing businesses or inconsistencies in standards, controls, procedures and policies that adversely affect USAR’s ability to maintain relationships with commercial counterparties and employees or to achieve the anticipated benefits of the Mergers. Each of these issues might adversely affect USAR, TMRC or both during the transition period, resulting in adverse effects on USAR following the Mergers.

As a result, revenues may be lower than expected or costs may be higher than expected and the overall benefits of the Mergers may not be as great as anticipated.

Some of the directors and executive officers of TMRC may have interests and arrangements that may have influenced their decisions to support and recommend that you vote for the Merger Proposal.

The interests of some of the directors and executive officers of TMRC may be different from those of TMRC stockholders, and certain directors and executive officers of TMRC may be participants in arrangements that are different from, or are in addition to, those of TMRC stockholders. These interests are described in more detail in the section of this proxy statement/prospectus entitled “ The Mergers — Interests of TMRC’s Executive Officers and Directors in the Mergers ”.

USAR and TMRC are expected to incur significant costs related to the Mergers and integration.

USAR and TMRC have incurred and expect to incur significant, non -recurring costs in connection with negotiating the Merger Agreement and closing the Mergers. In addition, USAR will incur integration costs following the completion of the Mergers as USAR integrates the TMRC business, including facilities and systems consolidation costs and employment -related costs.

Although USAR and TMRC each expect the elimination of duplicative costs, as well as the realization of other efficiencies related to the integration of the business, which should allow USAR and TMRC to offset integration -related costs over time, there can be no assurances that the expected benefits and efficiencies related to the integration of the businesses will be realized to offset these transaction and integration costs in the near term or at all. USAR and TMRC may also incur additional costs to maintain employee morale and to retain key employees. USAR and TMRC will also incur significant legal, financial advisory, accounting, banking and consulting fees, fees relating to regulatory filings and notices, SEC filing fees, printing and mailing fees and other costs associated with the merger. Some of these costs are payable regardless of whether the merger is completed.

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If the Mergers do not qualify as a “reorganization” within the meaning of Section 368(a) of the Code, the TMRC stockholders may be required to pay substantial U.S. federal income taxes.

Subject to the limitations and qualifications described in “ Certain Material U.S. Federal Income Tax Considerations of the Mergers ,” the Mergers, taken together, more likely than not qualify as a “reorganization” within the meaning of Section 368(a) of the Code. However, there are significant factual and legal uncertainties as to whether the Mergers will qualify as a “reorganization” within the meaning of Section 368(a) of the Code. For example, under Section 368(a) of the Code, the acquiring corporation must continue, either directly or indirectly through certain controlled corporations, either a significant line of the acquired corporation’s historic business or use a significant portion of the acquired corporation’s historic business assets in a business. Although we expect that requirement to be satisfied in the case of the Mergers, there is an absence of direct guidance on whether and under which circumstances the acquired corporation is treated as having conducted a historic business for purposes of satisfying that requirement in a case in which the acquired corporation, rather than conducting such a historic business directly, holds an interest in a partnership that is engaged in such a business, as is the case with respect to TMRC’s ownership of its interest in Round Top, an entity classified as a partnership for U.S. federal income tax purposes. Neither USAR nor TMRC intends to request a ruling from the IRS with respect to the tax treatment of the Mergers, and no assurance can be given that the IRS will not challenge the treatment of the Mergers as a “reorganization” within the meaning of Section 368(a) of the Code (or the tax consequences described herein) or that a court would not sustain such a challenge. If the Mergers do not qualify as a “reorganization” within the meaning of Section 368(a) of the Code, then a U.S. Holder (as defined in “ Certain Material U.S. Federal Income Tax Considerations ”) of TMRC Shares that exchanges its TMRC Shares for USAR Shares in the Mergers generally are expected to recognize taxable gain in connection with such exchange in an amount equal to the amount realized by such TMRC stockholder in excess of its adjusted tax basis, if any, and any such gain could be substantial. For a more complete discussion of certain material U.S. federal income tax considerations of the Mergers, see “ Certain Material U.S. Federal Income Tax Considerations of the Mergers ”.

There could be limitations on the utilization of the historic U.S. net operating loss carryforwards of TMRC.

USAR’s ability to utilize TMRC’s historic U.S. net operating loss carryforwards to reduce future taxable income following the consummation of the Mergers may be subject to various limitations under the Code. In general, Section 382 of the Code imposes such a limitation upon the occurrence of ownership changes resulting from issuances of a company’s stock or the sale or exchange of such company’s stock by certain shareholders if, as a result, there is an aggregate change of more than 50% in the beneficial ownership of such company’s stock by such shareholders during any three -year period. The limitation (a “ Section 382 limitation ”) with respect to the loss carryforwards of a company that has undergone such an ownership change generally is equal to (i) the fair market value of such company’s equity multiplied by (ii) a percentage approximately equivalent to the yield on long -term tax -exempt bonds during the month in which the ownership change occurs. In addition, the Section 382 limitation is increased if there are recognized built -in gains during the five -year post -change period, but only to the extent of any net unrealized built -in gain existing on the date of the ownership change. The Mergers could result in an ownership change under Section 382 of the Code with respect to TMRC. As a result, USAR could be subject to the Section 382 limitation with respect to TMRC’s loss carryforwards that exist on the date of the Mergers.

The Merger Agreement limits TMRC’s ability to pursue alternatives to the Mergers.

The Merger Agreement contains provisions that limit TMRC’s ability to solicit, initiate, encourage or take any actions to facilitate competing third -party proposals to acquire all or substantially all of TMRC, subject to certain exceptions relating to the exercise of fiduciary duties by the TMRC Board. These provisions, which include a $3,250,000 termination fee payable under certain circumstances, might discourage a potential competing acquiror that might have an interest in acquiring all or substantially all of TMRC from considering or proposing that acquisition even if it were prepared to pay consideration with a higher per share market price than that proposed in the Mergers, or might result in a potential competing acquiror proposing to pay a lower per share price to acquire TMRC than it might otherwise have proposed to pay.

If the Mergers are not consummated by December 4, 2026, either USAR or TMRC may choose not to proceed with the Mergers.

Either USAR or TMRC may terminate the Merger Agreement if the Mergers have not been completed by December 4, 2026, unless the failure of the Mergers to be completed has resulted from the failure of the party seeking to terminate the Merger Agreement to perform its obligations.

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The USAR Shares to be received by TMRC stockholders as a result of the Mergers will have different rights from the TMRC Shares.

Upon completion of the Mergers, TMRC stockholders will no longer be stockholders of TMRC but will instead become stockholders of USAR, and their rights as USAR stockholders will be governed by the terms of USAR’s certificate of incorporation and bylaws. The terms of USAR’s certificate of incorporation and bylaws are in some respects materially different than the terms of TMRC’s certificate of incorporation and bylaws, which currently govern the rights of TMRC stockholders. See the section of this proxy statement/prospectus entitled “ Comparison of Rights of Stockholders of USAR and Stockholders of TMRC ” for a discussion of the different rights associated with USAR Shares.

Stockholders of TMRC will have a reduced ownership and voting interest after the Mergers and will exercise less influence over management.

As a result of the Mergers, the percentage ownership of every TMRC stockholder in the combined company will be smaller than the TMRC stockholder’s percentage ownership of TMRC prior to the Mergers. USAR estimates that upon completion of the Mergers, former TMRC stockholders will own approximately 1.5% of the outstanding USAR Shares, and current USAR shareholders will own approximately 98.5% of the outstanding USAR Shares (including outstanding stock -based awards of USAR, conversion of outstanding shares of USAR Series A Preferred Stock and exercise of outstanding USAR Preferred Investor Warrants as of June 9, 2026, and in each case, without giving effect to the securities that will be issued in the Serra Verde Transaction).

Failure to complete the Mergers could negatively impact the future business and financial results of TMRC and USAR.

If the Mergers are not completed for any reason, including the failure to receive the requisite TMRC vote, the ongoing businesses of TMRC and USAR may be adversely affected and TMRC and USAR will be subject to several risks, including the following:

•          USAR and TMRC may experience negative reactions from the financial markets, including negative impacts on the market price of TMRC Shares or USAR Shares, to the extent that the current market prices reflect a market assumption that the Mergers will be completed;

•          USAR would not realize the benefits of the Mergers, which could have a material adverse effect on the results of operations, financial position and cash flows of USAR or the trading price of USAR Shares;

•          the manner in which industry contacts, business partners and other parties perceive USAR and TMRC may be negatively impacted, which in turn could affect TMRC’s operations or their ability to compete for new business or obtain renewals in the marketplace more broadly;

•          TMRC may be required, under certain circumstances, to pay USAR a termination fee of $3,250,000 under the Merger Agreement;

•          USAR and TMRC will be required to pay certain costs relating to the Mergers, whether or not the Mergers are completed, such as legal, accounting, financial advisor and printing fees;

•          under the Merger Agreement, USAR and TMRC are subject to certain restrictions on the conduct of their respective businesses prior to completion of the Mergers, which may adversely affect their ability to execute certain of their respective business strategies;

•          matters relating to the Mergers may require substantial commitments of time and resources by USAR’s management and TMRC’s management, which could otherwise have been devoted to other opportunities that may have been beneficial to each of USAR and TMRC as an independent company; and

•          USAR and TMRC also could be subject to litigation related to any failure to complete the Mergers or to enforcement proceedings commenced against USAR and TMRC to perform their respective obligations under the Merger Agreement.

If the Mergers are not completed, USAR and TMRC cannot assure you that the risks described above will not materialize and will not materially affect the business and financial results of USAR and TMRC.

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The issuance of USAR Shares in the Mergers and other future issuances will dilute the voting power of USAR shareholders and could dilute their percentage interest in any future earnings of USAR.

In connection with the Mergers, USAR will issue 3,823,328 USAR Shares to TMRC shareholders as consideration. In addition, USAR’s current and future shareholders will also be impacted by other transactions that are currently pending or that have been consummated since the date of the Merger Agreement, or that may be entered into in the future, including (1) USAR’s agreement to issue 126,849,307 USAR Shares as merger consideration in connection with the Serra Verde Transaction, (2) the issuance of 16,132,790 USAR Shares and a warrant to purchase 17,600,584 USAR Shares (at an exercise price of $17.17 per USAR Share) to the U.S. Department of Commerce on June 3, 2026 in connection with the Parent Loan Agreement (as defined below), (3) USAR’s commitment to issue approximately $13.5 million of USAR Shares (or pay cash) to Carester in connection with the Carester Transaction, and (4) the issuance of an aggregate of 10,100,000 USAR Shares as earnout shares upon the achievement of the applicable market -price conditions (5,050,000 USAR Shares issued on April 15, 2026 and 5,050,000 USAR Shares issued on May 15, 2026).

In the future, USAR may issue additional USAR Shares in connection with another acquisition, to increase its capital resources or for other reasons. Additional common stock offerings may dilute the holdings of USAR’s existing stockholders or reduce the market price of USAR Shares, or both. USAR may also issue shares of USAR preferred stock, which may be viewed as having adverse effects upon the holders of common stock.

As a result, the issuance of USAR Shares in the Mergers and other future issuances will reduce the relative voting power of existing USAR stockholders and TMRC shareholders who become USAR shareholders as a result of the Mergers and could dilute their percentage interest in any future earnings, dividends or other distributions of USAR. The actual extent of any such dilution will depend on a number of factors, including the future operating results of USAR and the combined company and the timing and amount of any future issuances of USAR Shares or other equity securities by USAR.

USAR may be unable to satisfy the milestones and other conditions required to access funding under the Parent Loan Agreement.

USAR’s business plans and capital requirements depend, in part, on its ability to obtain U.S. government financing on acceptable terms and on the anticipated timeline. The negotiation, execution and effectiveness of any such financing are subject to a number of conditions precedent and final government approvals outside USAR’s control, and changes in U.S. governmental policy or budgetary priorities, changes in administration, congressional action or shifts in the strategic priorities of the relevant U.S. government counterparties could result in material changes to the proposed terms or in the abandonment of the proposed financing altogether. For example, on June 3, 2026, USAR entered into (i) a direct funding agreement among USAR, certain subsidiaries of USAR, as guarantors, and the DOC, providing for direct funding awards with a maximum award amount of $277.0 million, and (ii) a loan guarantee agreement among USAR, certain subsidiaries of USAR, as guarantors, and the DOC, pursuant to which the DOC has agreed to guarantee USAR’s repayment of advances in an aggregate principal amount of up to $1.3 billion made by the Federal Financing Bank pursuant to a note purchase agreement among USAR, the Federal Financing Bank and the Secretary of Commerce (collectively, the “Parent Loan Agreement”). In connection with the Parent Loan Agreement, USAR issued to the DOC 16,132,790 USAR Shares and a warrant to purchase 17,600,584 USAR Shares at an exercise price of $17.17 per USAR Share (collectively, the “DOC Securities”). USAR’s ability to draw down funds under the Parent Loan Agreement is subject to the achievement of construction, operational, financial and other milestones over an extended period of time, compliance with affirmative and negative covenants and the absence of defaults. The failure to satisfy any such milestones or conditions could delay or prevent USAR from accessing all or a portion of the funding on the anticipated terms or at all, could result in a clawback of amounts previously disbursed, could give rise to an event of default under the Parent Loan Agreement and could require USAR to seek replacement financing on less favorable terms. In addition, the DOC will retain 100% of the DOC Securities whether or not USAR receives any or all of the funding contemplated by the Parent Loan Agreement and even if any such funding is received and subsequently clawed back, which would materially increase the effective dilution to other stockholders. The DOC’s equity interest in USAR and its broader role as a counterparty and regulator may limit USAR’s ability to pursue strategic transactions and may affect USAR’s relationships with customers, suppliers, partners and other counterparties. If USAR is unable to access the contemplated financing in a timely manner or in the amounts currently anticipated, it may need to delay, scale back or restructure its development plans, seek alternative financing on less favorable terms or forego certain business opportunities, any of which could adversely affect USAR’s business, financial condition, results of operations and growth prospects.

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In addition to the Mergers and the other transactions described in this proxy statement / prospectus, USAR may pursue and consummate additional acquisitions or other strategic transactions at any time, which may be announced before, concurrently with or after the special meeting and which could be material to USAR and the combined company.

As part of its ongoing business strategy, USAR regularly evaluates potential acquisition opportunities and other strategic transactions in the ordinary course of business, and from time to time engages in discussions and negotiations with potential acquisition targets, partners and others and may enter into letters of intent, term sheets or other preliminary agreements with respect to potential acquisitions or other strategic transactions. In addition to the Mergers, USAR has entered into the Parent Loan Agreement with the DOC and has entered into definitive agreements in respect of the Carester Transaction and the Serra Verde Transaction. USAR may, at any time before, concurrently with or following the special meeting and the closing of the Mergers, enter into additional letters of intent or definitive agreements with respect to additional acquisitions or strategic transactions, subject to the restrictions in the Merger Agreement on USAR’s pre -closing conduct described under “ The Merger Agreement — Conduct of Business Prior to the Consummation of the Mergers ”. There can be no assurance that any such transaction will be consummated on the terms contemplated, or at all. Any such additional transaction may be material to USAR and the combined company and could result in additional dilution to USAR stockholders, the incurrence of additional indebtedness, the assumption of unknown or contingent liabilities, integration challenges, diversion of management’s attention and additional transaction costs. The pendency, announcement or consummation of any such additional transaction, or the failure to consummate any such transaction, could have a material adverse effect on USAR’s and the combined company’s business, financial condition, results of operations and prospects, and on the trading price of USAR Shares.

The Mergers are not conditioned on the Carester Transaction, the Serra Verde Transaction, or any other acquisitions or strategic transactions that USAR is pursuing, or may in the future pursue. USAR may fail to consummate the Carester Transaction and/or the Serra Verde Transaction, which could have an adverse effect on the price of the USAR Shares, reducing the value of the consideration the TMRC Shareholders will receive in the Transactions. Further, TMRC shareholders voting on the Merger Proposal will not have the opportunity to evaluate, and are not being asked to approve, the specific terms of any such additional transactions, which may not be known at the time of the special meeting.

The unaudited forecasted financial information included in this proxy statement / prospectus is for illustrative purposes only and the actual financial condition and results of operations of USAR after the Mergers may differ materially.

The unaudited forecasted financial information included in this proxy statement/prospectus is presented for illustrative purposes only and is not necessarily indicative of what USAR’s actual financial condition or results of operations would have been had the Mergers been completed on the dates indicated, nor is it indicative of the future financial condition or results of operations of the combined company.

The financial projections included in this proxy statement/prospectus were not prepared with a view toward compliance with published guidelines of the Securities and Exchange Commission or the guidelines established by the American Institute of Certified Public Accountants. The financial projections included in this proxy statement/prospectus have been prepared by, and are the responsibility of, TMRC’s management. BDO USA, P.C., Ham, Langston & Brezina, L.L.P., and PricewaterhouseCoopers Auditores Independentes Ltda have not audited, reviewed, examined, compiled, or applied agreed -upon procedures with respect to the financial projections included in this proxy statement/prospectus. Accordingly, BDO USA, P.C., Ham, Langston & Brezina, L.L.P., and PricewaterhouseCoopers Auditores Independentes Ltda do not express an opinion or any other form of assurance with respect thereto. The reports of BDO USA, P.C., Ham, Langston & Brezina, L.L.P., and PricewaterhouseCoopers Auditores Independentes Ltda, incorporated by reference or included in this proxy statement/prospectus relate to previously issued financial statements and do not extend to the forecasted financial information, and should not be read to do so.

Further, no other independent accountants have compiled, examined or performed any procedures with respect to the forecasted financial information contained herein, nor have they expressed any opinion or any other form of assurance on such information or the achievability thereof, and, accordingly, such independent accountants assume no responsibility for, and disclaim any association with, the forecasted financial information. The reports of such independent accountants included or incorporated by reference herein, as applicable, relate exclusively to the historical financial information of the entities named in those reports and do not cover any other information in this proxy statement/prospectus and should not be read to do so. The forecasted financial information included in this proxy

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statement/prospectus speaks only as of the date on which such information was prepared, and neither USAR or TMRC undertakes any obligation, other than as required by applicable law, to update the forecasted financial information included herein to reflect events or circumstances after the date the forecasted financial information was prepared or to reflect the occurrence of anticipated or unanticipated events or circumstances.

The market price of USAR Shares may continue to fluctuate after the Mergers.

The market price of USAR Shares may fluctuate significantly following completion of the Mergers and USAR Shareholders could lose some or all of the value of their investment in such shares. In addition, the stock market has experienced significant price and volume fluctuations in recent times which, if they continue to occur, could have a material adverse effect on the market for, or liquidity of, USAR Shares, regardless of USAR’s actual operating performance.

Shareholder litigation could prevent or delay the completion of the Mergers or otherwise negatively impact the business and operations of USAR and TMRC.

Securities class action lawsuits and derivative lawsuits are often brought against public companies that have entered into acquisition, merger or other business combination agreements like the Merger Agreement. Even if such a lawsuit is without merit, defending against these claims can result in substantial costs and divert management time and resources. An adverse judgment could result in monetary damages, which could have a negative impact on USAR’s and TMRC’s respective liquidity and financial condition.

Although TMRC and USAR are not aware of any pending or threatened lawsuits relating to the Transactions as of the date of this proxy statement/prospectus, lawsuits arising out of the Transactions could be filed in the future.

One of the conditions to the closing of the Mergers is that no order, injunction or decree issued by any court or government entity of competent jurisdiction or other legal restraint preventing the consummation of the Mergers or any of the other transactions contemplated by the Merger Agreement be in effect. Consequently, if a plaintiff is successful in obtaining an injunction prohibiting completion of the Mergers or any of the other transactions contemplated by the Merger Agreement, then such injunction may delay or prevent the Mergers from being completed within the expected timeframe or at all, which may adversely affect USAR’s and TMRC’s respective business, financial position and results of operations. Even if such injunction is eventually lifted and the Mergers are later completed, the resulting delays and costs incurred may continue to affect the combined company following the completion of the Mergers.

Additionally, there can be no assurance that any of the defendants will be successful in the outcome any potential lawsuits. The defense or settlement of any lawsuit or claim that remains unresolved at the time the Mergers are completed may adversely affect the combined company’s business, financial condition, results of operations and cash flows.

Risks Related to TMRC

Risks Associated with TMRC’s Investment in RTMD

Failure to fund cash calls.

USAR OpCo, as manager, will issue monthly cash calls pursuant to adopted Budgets. Both parties, as members, will have 10 days after receipt of such a billing to meet the cash call. Failure to meet a cash call results in dilution. The governing provisions of the Operating Agreement with respect to cash calls and dilution are as follows:

Cash Calls .

On the basis of the adopted program and budget then in effect, the manager will submit to each member monthly cash calls at least 10 days before the last day of each month, and within 10 days of receipt, (a) USAR OpCo will pay to RTMD, as an additional capital contribution, its proportionate share of the estimated cash requirements based on its interest and (b) TMRC will either (i) pay to RTMD, as an additional capital contribution, its proportionate share of the estimated cash requirements based on its interest, or (ii) deliver to RTMD a written notice indicating what amount, if any, of the applicable estimated cash requirements that TMRC will contribute, being the Notice of Non -Contribution . Failure by TMRC to deliver payment of its proportionate share of the estimated cash requirements, as an additional

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capital contribution, or to deliver a Notice of Non -Contribution within the 10 day period shall automatically be considered a “Deemed Non -Contribution ” and shall have the same effect as if TMRC provided a timely Notice of Non -Contribution with respect to non -contribution of its entire proportionate share of the applicable cash call.

Remedies for Failure to Meet Cash Calls

Non -Contribution .     Capital contributions only will be made to fund programs and budgets. If TMRC does not contribute all or any portion of any additional capital contribution that it is required to contribute pursuant to a Notice of Non -Contribution or a Deemed Non -Contribution , then USAR OpCo shall fund the entire shortfall, being the Shortfall Amount, within 5 business days after the Notice of Non -Contribution or Deemed Non -Contribution .

Dilution.     Upon the contribution of the Shortfall Amount by USAR OpCo, the interests of the members will be recalculated based on the adjustment provision set forth below in the sub -heading “— Adjustment of Interests”.

Maximum Dilution.     The dilution of TMRC shall not fall below a 3% interest in RTMD, being the Minimum Percentage Interest. Upon the contribution by USAR OpCo of a Shortfall Amount which otherwise would result in a dilution of TMRC below the Minimum Percentage Interest, USAR OpCo will receive a priority distribution of available cash, in addition to a distribution of available cash to which USAR OpCo otherwise is entitled to receive as a result of its proportionate additional capital contribution pursuant to the applicable cash call request, up to the Shortfall Amount that would have resulted in TMRC’s interest being further diluted but for the Minimum Percentage Interest, being the Priority Distribution. The Priority Distribution will continue until USAR OpCo has been reimbursed for its contribution of the Shortfall Amount that would have resulted in TMRC having an interest below the Minimum Percentage Interest, after which time the members shall receive distributions of available cash pro rata in proportion to their respective interests.

Adjustment of Interests .

If USAR OpCo contributes the Shortfall Amount, then the then current interest of TMRC will be reduced (subject to the Minimum Percentage Interest), effective as of each cash call under an additional capital contribution for the applicable program and budget, by a fraction, expressed as a percentage:

•          the numerator of which equals the Shortfall Amount actually funded by USAR OpCo; and

•          the denominator of which equals the market capitalization of TMRC.

As such, the failure by TMRC to fund cash calls will result in dilution to its membership interest in RTMD, which could be significant over time and could ultimately reduce TMRC to a 3% membership interest and possibly a Priority Distribution owed to USAR OpCo, as described above. Dilution to TMRC’s membership interest in RTMD will adversely affect the value of TMRC and likely the value of the TMRC Shares. A decrease in TMRC’s market capitalization will negatively impact the dilution calculation. TMRC currently does not have the necessary capital to fund future cash calls and there can be no assurance that it will be able to raise additional capital to fund cash calls. Moreover, the raising of capital by issuing TMRC Shares will result in dilution to TMRC’s then existing common stockholders.

Certain RTMD matters that require unanimous management committee approval will not be applicable if TMRC’s membership interest falls below 15% in Round Top .

Meetings of the RTMD management committee will be held every three months unless otherwise agreed. For matters before the management committee that require a vote, voting is by simple majority except for certain “major decisions” that require a unanimous vote. So long as TMRC maintains a 15% or greater ownership interest, the nine decisions identified in the bullet points below require unanimous approval. If TMRC’s ownership interest falls below 15%, the number of unanimous decisions is reduced to five (being the first five bullet points below). If TMRC is acquired by a REE mining company or sells its ownership interest to a REE mining company, in each case who elects a majority of the TMRC Board, this unanimous approval requirement can be suspended by USAR OpCo, at its option. The major decisions requiring unanimous approval, as set forth above, are:

•          approval of an amendment to any Budget that causes the Budget to increase by 15% or more, except for emergencies;

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•          other than purchase money security interests or other security interests in Round Top equipment to finance the acquisition or lease of RTMD equipment used in operations, the consummation of a project financing or the incurrence by RTMD of any indebtedness for borrowed money that requires the guarantee by any member of any obligations of RTMD;

•          substitution of a member under certain circumstances and dissolution of RTMD;

•          the issuance of an ownership interest or other equity interest in RTMD, or the admission of any person as a new member of RTMD, other than in connection with the exercise of a right of first offer by a member;

•          the redemption of all or any portion of an ownership interest, except for limited circumstances provided for in the Operating Agreement;

•          a decision to grant authorization for RTMD to file a petition for relief under any chapter of the United States Bankruptcy Code, to consent to such relief in any involuntary petition filed against RTMD by any third party, or to admit in writing any insolvency of RTMD or inability to pay its debts as they become due, or to consent to any receivership of RTMD;

•          the acquisition or disposition of significant mineral rights, other real property or water rights outside of the area of interest as set forth in the Operating Agreement or outside of the ordinary course of business;

•          the merger of RTMD into or with any other entity; and

•          the sale of all or substantially all of RTMD’s assets.

Any future dilution of TMRC’s membership interest in RTMD below 15% will adversely impact its input with respect to certain RTMD corporate actions, which could adversely affect it.

TMRC has relied on an exclusion from the definition of “investment company” in order to avoid being subject to the Investment Company Act of 1940. To the extent the nature of TMRC’s business changes in the future or its reliance on the exclusion is misplaced, TMRC may become subject to the requirements of the 1940 Act, which would limit its business operations and require it to spend significant resources in order to comply with the 1940 Act.

The 1940 Act defines an “investment company,” among other things, as an issuer that is engaged in the business of investing, reinvesting, owning, holding or trading in securities and owns investment securities having a value exceeding 40 percent of the issuer’s unconsolidated assets, excluding cash items and securities issued by the federal government. However, the 1940 Act excludes from this definition any company substantially all of whose business consists of owning or holding oil, gas or other mineral royalties or leases or fractional interests therein, or certificates of interest or participation relating to such mineral royalties or leases. TMRC believes that it satisfies this mineral company exception to the definition of “investment company.” If TMRC’s reliance on the mineral company exclusion from the definition of investment company is misplaced, it may have been in violation of the 1940 Act, the consequences of which can be significant. For example, investment companies that fail to register under the 1940 Act are prohibited from conducting business in interstate commerce, which includes selling securities or entering into other contracts in interstate commerce. Section 47(b) of the 1940 Act provides that a contract made, or whose performance involves, a violation of the 1940 Act is unenforceable by either party unless a court finds that enforcement would produce a more equitable result than non -enforcement . Similarly, a court may not deny rescission to any party seeking to rescind a contract that violates the 1940 Act, unless the court finds that denial of rescission would produce a more equitable result than granting rescission. Accordingly, for example, any investor who purchases TMRC’s securities during any period in which it was required to register as investment company may seek to rescind their subscriptions.

If in the future the nature of TMRC’s business changes, or a regulatory agency would disagree with its analysis regarding the exclusion from the 1940 Act, such that the mineral company exception to the threshold definition of investment company is not available to it, TMRC will be required to register as an investment company with the SEC. The ramifications of becoming an investment company, both in terms of the restrictions it would have on TMRC and the cost of compliance, would be significant. For example, in addition to expenses related to initially registering as an investment company, the 1940 Act also imposes various restrictions with regard to TMRC’s ability to enter into affiliated transactions, the diversification of its assets and its ability to borrow money. If TMRC became subject to

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the 1940 Act at some point in the future, its ability to continue pursuing its business plan would be severely limited as it would be significantly more difficult for it to raise additional capital in a manner that would comply with the requirements of the 1940 Act. To the extent TMRC is unable to raise additional capital, it may be forced to discontinue its operations or sell or otherwise dispose of its mineral assets.

Risks Related to TMRC’s Business, Including Being an Owner of a Minority Membership Interest in a Mineral Project Being Operated by RTMD

TMRC’s financial statements have been prepared assuming that it will continue as a going concern.

TMRC’s financial statements have been prepared assuming that it will continue as a going concern. TMRC has an accumulated deficit from inception through August 31, 2025, of approximately $45,110,000, has yet to achieve profitable operations, and projects further losses in the development of its business. At August 31, 2025, TMRC had a working capital surplus of approximately $506,000; however its ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to meet its obligations and pay its liabilities arising from normal business operations when they come due.

TMRC does not have sufficient capital to fund any cash calls expected during the fiscal year ending August 31, 2026 or thereafter. Moreover, TMRC only has sufficient cash to fund expected general and administrative expenses and related costs through August 31, 2026. TMRC has not been informed by RTMD of the estimated budget for the 12 months ending August 31, 2026. During the fiscal year ended August 31, 2025, TMRC did not fund its $631,042 portion of the $3,304,829 total cash call by RTMD, and elected to incur dilution to its RTMD membership interest which as of August 31, 2025 was approximately 18.8%. Subsequent thereto, TMRC received cash calls for September, October and November 2025 which resulted in the dilution of its Round Top membership to approximately 18.7% as of December 31, 2025. The failure of TMRC to make required cash calls to RTMD during the remainder of its 2026 fiscal year will result in further dilution to its membership interest. TMRC currently expects to incur continued dilution to its membership interest in Round Top rather than to fund its cash call obligations during the fiscal year ending August 31, 2026. TMRC has sufficient cash to fund general and administrative expenses and related costs through August 31, 2026. There can be no assurance that TMRC will be able to raise the necessary capital to fund its cash calls (if it determines not to continue to incur dilution) and expected general and administrative expenses and related costs subsequent to August 31, 2026. TMRC has no firm commitments for equity or debt financing and any financing that may be obtained will be on a best efforts basis. Based on these factors, there is substantial doubt as to TMRC’s ability to continue as a going concern for a period of twelve months from the issuance date of its financial statements. The failure to obtain sufficient financing may cause TMRC to curtail, cease or discontinue operations.

TMRC has a history of losses and will require additional financing to fund operations. Failure to obtain additional financing could have a material adverse effect on its financial condition and results of operation and could cast uncertainty on its ability to continue as a going concern in future periods.

During the fiscal year ended August 31, 2025, TMRC had no revenues. For the fiscal year ended August 31, 2025, its net loss was approximately $1,933,000 and its accumulated deficit at August 31, 2025 was approximately $45,110,000. At August 31, 2025, its cash position was approximately $590,000 and its working capital surplus was approximately $506,000. RTMD has not commenced commercial production on any of its mineral properties, and there can be no assurance that the Round Top Project will ever commence commercial production.

During the fiscal year ending August 31, 2026, it is likely that USAR will be required to fund TMRC’s portion of the current RTMD Budget to optimize the leaching and developing of the CIX/CIC processing of the Round Top Project, based on TMRC’s current cash position (which will result in dilution to TMRC’s membership interest in RTMD). Initial process design work has been carried out at USAR’s facility in Wheat Ridge, Colorado. It is estimated that the Round Top Project will require additional time and further expenditure to complete a bankable feasibility study, if at all.

TMRC will likely continue to elect to incur dilution to its RTMD membership interest in lieu of providing cash payments to fund its portion of the RTMD Budget, as it does not have sufficient capital to fund any cash calls during the fiscal year ending August 31, 2026 or thereafter. TMRC lacks sufficient capital to fund general and administrative expenses subsequent to August 31, 2026, as its current capital resources only cover expected general and administrative expenditures through August 31, 2026. There can be no assurance that TMRC will be able to raise additional capital to

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fund its operations subsequent to August 31, 2026 (or earlier if necessary). TMRC’s failure to fund its portion of the RTMD Budget during this current fiscal year and/or thereafter will result in the continued dilution of its membership interest in RTMD (approximately 18.7% as of December 31, 2025), which dilution during this current fiscal year and/or thereafter could be significant, and the failure to fund general and administrative expenses subsequent to August 31, 2026 would likely cause TMRC to curtail or cease its operations. The most likely source of future financing presently available to TMRC is through the sale of its securities, of which there is no assurance that it will be able to raise additional capital on reasonable terms, if at all. Any sale of TMRC Shares to raise capital will result in dilution of equity ownership to existing stockholders. This means that if TMRC sells TMRC Shares, more shares will be outstanding and each existing stockholder will own a smaller percentage of the shares then outstanding. Additionally, the actual or perceived sale of additional TMRC Shares could have the effect of decreasing TMRC’s stock price, which would further exacerbate dilution to existing shareholders (as well as negatively impacting the dilution calculation of TMRC’s membership interest in RTMD). Alternatively, TMRC may rely on debt financing and assume debt obligations that require it to make substantial interest and principal payments. Also, TMRC may issue or grant warrants or options in the future pursuant to which additional TMRC Shares may be issued. Exercise of such warrants or options will result in dilution of equity ownership to TMRC’s existing stockholders. TMRC has no firm commitments with respect to obtaining equity or debt financing and, accordingly, it will be reliant upon a best efforts financing strategy. The failure to obtain sufficient financing in this current fiscal year (or subsequent thereto) will result in the continued dilution of TMRC’s membership interest in RTMD (which could be significant) and will likely cause it to curtail or discontinue operations if it is unable to fund general and administrative expenses after August 2026.

TMRC has a limited operating history on which to base an evaluation of its business and properties.

Any investment in TMRC should be considered a high -risk investment because investors will be placing funds at risk in an early stage, under -capitalized business with unforeseen costs, expenses, competition, a history of operating losses and other problems to which start -up ventures are often subject. Investors should not invest in TMRC unless they can afford to lose their entire investment. Your investment must be considered in light of the risks, expenses, and difficulties encountered in establishing a new business in a highly competitive and mature industry. TMRC’s operating history has been restricted to the sampling of the Round Top Project and this does not provide a meaningful basis for an evaluation of the Round Top Project. Other than through conventional and typical exploration methods and procedures, TMRC has no additional way to evaluate the likelihood of whether the Round Top Project contains commercial quantities of mineral reserves or, if it does, that it will be operated successfully. TMRC anticipates that it will continue to incur operating costs in the form of cash calls in connection with its approximately 18.7% (as of December 31, 2025) membership interest in RTMD without realizing any revenues during the foreseeable future. If TMRC continues to satisfy its RTMD cash call obligations through dilution to its then current membership interest, then it will incur continued dilution to its membership interest, which could be significant. Substantially all of TMRC’s business consists of owning such minority membership interest in RTMD as of the date of this proxy statement/prospectus.

The Round Top Project is in the exploration stage. There is no assurance that RTMD can establish the existence of any mineral reserve from the Round Top Project in commercially exploitable quantities. Until then, TMRC cannot earn any revenues from the Round Top Project, and our business could fail.

TMRC has not established that the Round Top Project contains any commercial exploitable quantities of mineral reserve, nor can there be any assurance that TMRC will be able to do so. The probability of the Round Top Project ever having a commercial exploitable mineral reserve is uncertain. Even if TMRC does eventually discover commercial exploitable quantities of mineral reserve on the Round Top Project, there can be no assurance that it can be developed into a producing mine and extract those minerals. Both mineral exploration and development involve a high degree of risk and few properties, which are explored, are ultimately developed into producing mines.

The commercial viability of an established mineral deposit will depend on a number of factors including, by way of example, the size, grade and other attributes of the mineral deposit, the proximity of the deposit to infrastructure such as a smelter, roads and a point for shipping, government regulation and market prices. Most of these factors will be beyond TMRC’s control, and any of them could increase costs and make extraction of any identified mineral deposit unprofitable.

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Even if commercial viability of a mineral deposit is established, it may take several years in the initial phases of drilling until production is possible, during which time the economic feasibility of production may change. Substantial expenditures are required to establish proven and probable reserves through drilling and bulk sampling, to determine the optimal metallurgical process to extract the metals from the ore and, in the case of new properties, to construct mining and processing facilities. Because of these uncertainties, no assurance can be given that TMRC’s exploration programs will result in the establishment or expansion of a mineral deposit or reserves.

The Round Top Project is a high risk project and investors should not make an investment in TMRC unless you have the ability to lose your entire investment.

There is no history of producing metals from the Round Top Project.

There is no history of producing metals from the Round Top Project. The Round Top Project is an exploration stage property in the early stage of exploration and evaluation. Advancing properties from exploration into the development stage requires significant capital and time, and successful commercial production from the Round Top Project, if any, will be subject to completing feasibility studies, permitting and construction of the mine, processing plants, roads, and other related works and infrastructure. As a result, TMRC is subject to all of the risks associated with developing and establishing new mining operations and business enterprises including:

•          completion of feasibility studies to verify reserves and commercial viability, including the ability to find sufficient REE reserves to support a commercial mining operation;

•          the timing and cost, which can be considerable, of further exploration, preparing feasibility studies, permitting and construction of infrastructure, mining and processing facilities;

•          the availability and costs of drill equipment, exploration personnel, skilled labor and mining and processing equipment, if required;

•          the availability and cost of appropriate smelting and/or refining arrangements, if required, and securing a commercially viable sales outlet for products;

•          compliance with environmental and other governmental approval and permit requirements;

•          the availability of funds to finance exploration, development and construction activities, as warranted;

•          potential opposition from non -governmental organizations, environmental groups, local groups or local inhabitants which may delay or prevent development activities;

•          dilution to TMRC’s membership interest in RTMD, which could be significant;

•          potential increases in exploration, construction and operating costs due to changes in the cost of fuel, power, materials and supplies; and

•          potential shortages of mineral processing, construction and other facilities related supplies.

The costs, timing and complexities of exploration, development and construction activities may be increased by the location of the Round Top Project (or other properties that may subsequently be acquired) and demand by other mineral exploration and mining companies. It is common in exploration programs to experience unexpected problems and delays during drill programs and, if warranted, development, construction and mine start -up activities. Accordingly, RTMD’s activities may not result in profitable mining operations and RTMD may not succeed in establishing mining operations or profitably producing metals with respect to the Round Top Project. This is a high risk project and investors should not make an investment in TMRC unless you have the ability to lose your entire investment.

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If RTMD establishes the existence of a mineral reserve in the Round Top Project in a commercially exploitable quantity, of which there can be no assurance, TMRC will require additional capital in order to maintain its current membership interest in RTMD and fund its proportionate costs to develop the property into a producing mine. If TMRC cannot raise this additional capital, its membership interest in RTMD will be diluted, its membership interest will lose value, and TMRC could fail.

RTMD will be required to expend significant funds to determine if there exist mineral reserves in commercially exploitable quantities in the Round Top Project, and then RTMD will be required to expend substantial additional sums of money to establish the extent of the reserve, develop processes to extract it and develop extraction and processing facilities and infrastructure. Each of USAR OpCo and TMRC, as the members of RTMD, will likely need to fund such expenditure. TMRC’s failure to raise capital to fund its portion of future cash calls will result in its membership interest in RTMD being further diluted. RTMD does not have adequate capital to fund expenditures at the project level, therefore requiring the members to fund cash calls based upon TMRC’s current ownership interests in RTMD and it can elect to satisfy its cash call obligations through incurring dilution to its RTMD membership interest. There is no assurance that any RTMD project level financing can ever be obtained, which will depend initially upon obtaining a preliminary feasibility study which has not been obtained to date and of which there can be no assurance that such a preliminary feasibility study will be obtained. As such, there is no assurance that, either at the member level or project level, the necessary financing can be obtained to develop necessary facilities and infrastructure to accomplish TMRC’s goals. Although RTMD may derive substantial benefits from the discovery of a mineral deposit, there can be no assurance that such a deposit will be large enough to justify commercial operations, nor can there be any assurance that RTMD will be able to raise the funds at the RTMD level required for development on a timely basis. If RTMD cannot raise the necessary capital at the RTMD level or complete the necessary facilities and infrastructure, cash calls from the members will continue and if TMRC can’t fund its portion, its membership interest in TMRC will continue to be diluted (which dilution could be significant) and/or TMRC’s business may fail and your investment in TMRC Shares will be lost. TMRC’s membership interest was approximately 18.7% as of December 31, 2025, and it should be expected that TMRC’s membership interest in RTMD will be further diluted during this current fiscal year.

TMRC’s exploration activities may not be commercially successful.

TMRC’s long -term success depends on its ability to identify mineral deposits in the Round Top Project or other properties it may acquire, if any, that it can then develop into commercially viable mining operations. TMRC’s belief that the Round Top Project contains commercially exploitable minerals has been based solely on preliminary tests that RTMD has conducted and data provided by third parties (including USAR). There can be no assurance that the tests and data upon which TMRC has relied is correct or accurate and, accordingly, there is no assurance that the Round Top Project contains commercially exploitable minerals. Moreover, mineral exploration is highly speculative in nature, involves many risks and is frequently non -productive . Unusual or unexpected geologic formations and the inability to obtain suitable or adequate machinery, equipment or labor are risks involved in the conduct of exploration programs. The success of mineral exploration and development is determined in part by the following factors:

•          the identification of potential mineralization based on analysis;

•          the availability of exploration permits;

•          the quality of TMRC’s management and TMRC’s geological and technical expertise; and

•          the capital available for exploration.

Substantial expenditures and time are required to establish existing proven and probable reserves through drilling and analysis, to develop metallurgical processes to extract metal, and to develop the mining and processing facilities and infrastructure at any site chosen for mining. Whether a mineral deposit will be commercially viable depends on a number of factors, which include, without limitation, the particular attributes of the deposit, such as size, grade and proximity to infrastructure; metal prices, which fluctuate widely; and government regulations, including, without limitation, regulations relating to prices, taxes, royalties, land tenure, land use, allowable production, importing and exporting of minerals and environmental protection. Any one or a combination of these factors may result in TMRC not receiving a return on our investment in RTMD or any other mineral project TMRC may pursue. The decision to abandon a project will have an adverse effect on the market value of TMRC’s securities and its ability, if any, to raise future financing. Accordingly, there can be no assurance that TMRC’s exploration activities will be commercially successful.

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Increased costs could affect TMRC’s financial condition.

TMRC anticipates that costs at the Round Top Project if and as it may be developed, if warranted, will frequently be subject to variation from one year to the next due to a number of factors, such as changing ore grade, metallurgy and revisions to mine plans, if any, in response to the physical shape and location of the ore body. In addition, costs are affected by the price of commodities such as fuel, rubber, and electricity. Such commodities are at times subject to volatile price movements, including increases that could make production at certain operations less profitable. A material increase in costs at any significant location could have a significant effect on operations at the Round Top Project as well as RTMD member funding requirements.

Macroeconomic conditions, and domestic and global political turbulence could have a materially adverse impact on TMRC’s business, financial condition, or results of operations.

Macroeconomic conditions, such as high inflation, changes to monetary policy, high interest rates, volatile currency exchange rates, decreasing consumer confidence and spending, tariffs and other economic measures implemented or to be adopted by The Trump Administration and global or local recessions could negatively impact TMRC’s business, financial condition, or results of operations. Recent macroeconomic conditions have been and likely will continue to be adversely impacted by political instability and military hostilities in multiple geographies (including the ongoing conflict between Ukraine and Russia and the conflict in the Middle East). The results of these macroeconomic conditions, and the actions taken by governments and consumers in response, have, and may continue to, result in higher inflation and higher interest rates in the U.S. and globally, which may, in turn, lead to an increase in costs and cause changes in fiscal and monetary policy, including additional increased interest rates.

There is no assurance that TMRC will enter into any agreement with respect to the potential Alhambra project owned by Santa Fe or that this project will proceed.

While TMRC has entered into a mineral exploration and option agreement with Santa Fe, there is no assurance TMRC will enter into a formal joint venture agreement or otherwise pursue this project. Even if TMRC enters into a formal joint venture agreement with Santa Fe, there is no assurance that this project will be economically feasible, that exploration will be successful or that this project will be a commercial success. TMRC is currently pursuing financing sources for this project and there can be no assurance that TMRC will be able to arrange and procure necessary financing to commercially exploit a silver property currently held by Santa Fe within the Black Hawk Mining District in Grant County, New Mexico. The status of TMRC’s electromagnetic surveying and testing with respect to this project is preliminary in nature and there can be no assurance that this project will proceed or that results will be positive. There can be no assurance that TMRC will have the financial resources to continue to fund exploration activities in future periods, thus jeopardizing the continuation of the option. There is no assurance that this project will ever materialize.

There is no assurance that the Steeple Rock non-binding letter of intent will result in a definitive agreement or result in materialization of a possible mining venture.

There can be no assurance that entry into the Steeple Rock non -binding letter of intent will result in a definitive agreement or, if a definitive agreement is reached, the potential project will proceed on the preliminary and general terms as currently contemplated. Legal, regulatory, business and financial diligence, along with the procurement of necessary capital to proceed with this potential project in an amount to be determined (of which there can be no assurance the necessary capital can be procured to proceed with this potential project), will need to be satisfactorily completed by the parties, as well as other customary conditions and approvals. As such, there can be no assurance that this possible mining venture will ever materialize.

Licensing and permitting of mining operations in the State of New Mexico is difficult and could have a material effect on the length of time and cost of securing the required permits.

Regulatory agencies governing permitting include the New Mexico Mining and Minerals Division of the State of New Mexico, New Mexico Environmental Department, New Mexico Office of the State Engineer, the US Forest Service, the US Fish and Wildlife Service, the EPA, Mine Safety and Health Administration and Grant County, New Mexico. The Permitting process is also vulnerable to the influence of various non -governmental organizations hostile to mining. Accordingly, there is no assurance that TMRC will be able to obtain the necessary permits with respect to the Alhambra project, either at the state or federal level.

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A shortage of equipment and supplies could adversely affect our ability to operate our business.

RTMD is and will be dependent on various supplies and equipment to carry out mining exploration and, if warranted, development operations. The shortage and/or costs of such supplies, equipment and parts could have a material adverse effect on the ability to carry out RTMD’s operations and therefore limit or increase the cost of production.

Mining and mineral exploration is inherently dangerous and subject to conditions or events beyond TMRC’s control, which could have a material adverse effect on its business and plans.

Mining and mineral exploration involves various types of risks and hazards, including:

•          environmental hazards;

•          power outages;

•          metallurgical and other processing problems;

•          unusual or unexpected geological formations;

•          personal injury, flooding, fire, explosions, cave -ins , landslides and rock -bursts ;

•          inability to obtain suitable or adequate machinery, equipment, or labor;

•          metals losses;

•          fluctuations in exploration, development and production costs;

•          labor disputes;

•          unanticipated variations in grade;

•          mechanical equipment failure; and

•          periodic interruptions due to inclement or hazardous weather conditions.

These risks could result in damage to, or destruction of, the Round Top Project, production facilities or other properties, personal injury, environmental damage, delays in mining, increased production costs, monetary losses and possible legal liability. RTMD may not be able to obtain insurance to cover these risks at economically feasible premiums. Insurance against certain environmental risks, including potential liability for pollution or other hazards as a result of the disposal of waste products occurring from production, may be prohibitively expensive. RTMD may suffer a material adverse effect on its business if not covered by insurance policies.

The figures for mineralization are estimates based on interpretation and assumptions and may yield less mineral production under actual conditions than is currently estimated.

Unless otherwise indicated, mineralization figures presented in this proxy statement/prospectus and in TMRC’s and USAR’s filings with securities regulatory authorities, press releases and other public statements that may be made from time to time are based upon estimates made by independent geologists and internal geologists. When making determinations about whether to advance to development any project that TMRC has or may have interest in, TMRC will be reliant upon such estimated calculations as to the mineral reserves and grades of mineralization on its properties. Until ore is actually mined and processed, mineral reserves and grades of mineralization must be considered as estimates only. All resource and grade estimates are based one validated analytical methods. However, any procedure for analyzing small amounts of metals in a chemically complex matrix may be subject to error and other uncertainties.

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Estimates made to date rely on geophysical data, and geophysics is an indirect method of exploration and must be verified by drilling and underground investigation. Additionally, estimates can be imprecise and depend upon geological interpretation and statistical inferences drawn from drilling and sampling analysis, which may prove to be unreliable. TMRC cannot assure you that:

•          these interpretations and inferences will be accurate;

•          mineralization estimates will be accurate; or

•          this mineralization can be mined or processed profitably.

Investors should not rely upon any such figures in making an investment decision to acquire TMRC Shares.

The Round Top Project operations may contain significant uninsured risks which could negatively impact future profitability.

Any exploration of the Round Top Project will be subject to certain risks, including unexpected or unusual operating conditions including rock bursts, cave -ins , flooding, fire and earthquakes. It is not always possible to insure against these risks. Should events such as these arise, they could reduce or eliminate TMRC’s investment in RTMD as well as result in increased costs and a decline in the value of TMRC’s investment in RTMD.

Mineral operations are subject to market forces outside of TMRC’s control which could negatively impact it .

The marketability of minerals is affected by numerous factors beyond TMRC’s control including market fluctuations, government regulations and trade policies relating to prices, taxes, tariffs, royalties, allowable production, imports, exports and supply and demand. One or more of these risk elements could have an impact on the costs of the Round Top Project operations and, if significant enough, could impact TMRC’s investment in RTMD.

TMRC may be adversely affected by fluctuations in demand for, and prices of, rare earth minerals and products.

TMRC’s goal is for RTMD to derive revenues, if any (and of which there can be no assurance), from the sale of rare earth and related minerals by RTMD. Changes in demand for, and the market price of, these minerals could significantly affect TMRC. The value and price of TMRC Shares and its financial results may be significantly adversely affected by declines in the prices of rare earth minerals and products. Rare earth minerals and product prices may fluctuate and are affected by numerous factors beyond TMRC’s control such as interest rates, exchange rates, tariffs and other economic measures, inflation or deflation, fluctuation in the relative value of the U.S. dollar against foreign currencies on the world market, global and regional supply and demand for rare earth minerals and products, and the political and economic conditions of countries (including specifically China and the U.S.’s relationship and trade policies with China at any given time) that produce rare earth minerals and products.

A prolonged or significant economic contraction in the United States or worldwide could put further downward pressure on market prices of rare earth minerals and products. Protracted periods of low prices for rare earth minerals and products could significantly reduce any future revenues and the availability of required development funds in the future. This could cause substantial reductions to, or a suspension of, REO production operations, impair asset values and if reserves are established on our prospects, reduce TMRC’s proven and probable rare earth ore reserves.

In contrast, extended periods of high commodity prices may create economic dislocations that may be destabilizing to rare earth minerals supply and demand and ultimately to the broader markets. Periods of high rare earth mineral market prices generally are beneficial to TMRC. However, strong rare earth mineral prices also create economic pressure to identify or create alternate technologies that ultimately could depress future long -term demand for rare earth minerals and products, and at the same time may incentivize development of otherwise marginal mining properties.

Permitting, licensing and approval processes are required for the operations at the Round Top Project and obtaining and maintaining required permits and licenses is subject to conditions which may be unable to be achieved.

Both mineral exploration and extraction at the Round Top Project requires permits from various federal, state, provincial and local governmental authorities and are governed by laws and regulations, including those with respect to prospecting, mine development, mineral production, transport, export, taxation, labor standards, occupational health,

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waste disposal, toxic substances, land use, environmental protection, mine safety and other matters. Permits known to be required are (i) an operating plan for the conduct of exploration and development approved by the GLO, (ii) an operating plan for production approved by the GLO, (iii) various reporting to and approval by the Texas Railroad Commission regarding drilling and plugging of drill holes, and (v) reporting to and compliance with regulations of the Texas Commission of Environmental Quality. If RTMD recovers uranium at the Round Top Project, it will be required to obtain a source material license from the United States Nuclear Regulatory Commission. RTMD may also be subject to the reporting requirements and regulations of the Texas Department of Health. Such licenses and permits are subject to changes in regulations and changes in various operating circumstances. Companies that engage in exploration activities often experience increased costs and delays in production and other schedules as a result of the need to comply with applicable laws, regulations and permits. Issuance of permits for the Round Top Project activities is subject to the discretion of government authorities, and RTMD may be unable to obtain or maintain such permits. Permits required for future exploration or development may not be obtainable on reasonable terms or on a timely basis. There can be no assurance that RTMD will be able to obtain or maintain any of the permits required for the continued exploration or development of the Round Top Project (or any other of TMRC’s mineral properties that it may subsequently acquire) or for the construction and operation of a mine on its properties that it may subsequently acquire at economically viable costs. If RTMD cannot accomplish these objectives, the business of RTMD could face difficulty and/or fail, adversely affecting TMRC as a member.

RTMD is subject to significant governmental regulations, which affect its operations and costs of conducting its business.

RTMD’s current and future operations are and will be governed by laws and regulations, including:

•          laws and regulations governing mineral concession acquisition, prospecting, development, mining and production;

•          laws and regulations related to economic measures and tariffs, exports, taxes and fees;

•          labor standards and regulations related to occupational health and mine safety;

•          environmental standards and regulations related to waste disposal, toxic substances, land use and environmental protection; and

•          other matters.

Corporations engaged in exploration activities often experience increased costs and delays in production and other schedules as a result of the need to comply with applicable laws, regulations and permits. Failure to comply with applicable laws, regulations and permits may result in enforcement actions, including the forfeiture of claims, orders issued by regulatory or judicial authorities requiring operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment or costly remedial actions. RTMD may be required to compensate those suffering loss or damage by reason of its mineral exploration activities and may have civil or criminal fines or penalties imposed for violations of such laws, regulations and permits.

Existing and possible future laws, regulations and permits governing operations and activities of exploration companies, or more stringent implementation, could have a material adverse impact on RTMD’s business and cause increases in capital expenditures or require abandonment or delays in exploration.

Regulations and pending legislation governing issues involving climate change could result in increased operating costs, which could have a material adverse effect on RTMD as well as any other business in which TMRC engages.

A number of governments or governmental bodies have introduced or are contemplating regulatory changes in response to various climate change interest groups and the potential impact of climate change. However, legislation and increased regulation regarding climate change could impose significant costs on RTMD, TMRC’s venture partners and its suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations. Any adopted future climate change regulations could also negatively impact the ability to compete with companies situated in areas not subject to such limitations. Given the emotion, political significance and uncertainty around the impact of climate change and how it should be dealt with, TMRC cannot predict how legislation and regulation will affect its financial condition, operating performance and ability to compete. Furthermore, even without such regulation, increased awareness and any adverse publicity in the

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global marketplace about potential impacts on climate change by TMRC or other companies in its industry could harm TMRC’s reputation. The potential physical impacts of climate change on TMRC’s operations are highly uncertain, and would be particular to the geographic circumstances in areas in which TMRC operates. These may include changes in rainfall and storm patterns and intensities, water shortages, changing sea levels and changing temperatures. These impacts may adversely impact the cost, production and financial performance of the Round Top Project operations or any other mineral projects TMRC may pursue.

Exploration and development activities are subject to environmental risks, which could expose RTMD to significant liability and delay, suspension or termination of our operations.

The exploration, possible future development and production phases of RTMD’s business will be subject to federal, state and local environmental regulation. These regulations mandate, among other things, the maintenance of air and water quality standards and land reclamation. They also set out limitations on the generation, transportation, storage and disposal of solid and hazardous waste. Environmental legislation has generally evolved in a manner which will require stricter standards and enforcement, increased fines and penalties for non -compliance , more stringent environmental assessments, and a heightened degree of responsibility for companies and their officers, directors and employees, although it is unclear how the Trump Administration will enforce or if the Trump Administration will alter current environmental regulations. Future changes in environmental regulations, if any, may adversely affect operations. If RTMD fails to comply with any of the applicable environmental laws, regulations or permit requirements, it could face regulatory or judicial sanctions. Penalties imposed by either the courts or administrative bodies could delay or stop operations or require a considerable capital expenditure. Although RTMD intends to comply with all environmental laws and permitting obligations in conducting its business, there is a possibility that those opposed to exploration and mining will attempt to interfere with its operations, whether by legal process, regulatory process or otherwise.

Environmental hazards unknown to RTMD, which have been caused by previous or existing owners or operators of the properties, may exist on the properties comprising the Round Top Project. It is possible that these properties could be located on or near the site of a Federal Superfund cleanup project; as such, it is possible that environmental cleanup or other environmental restoration procedures could remain to be completed or mandated by law, causing unpredictable and unexpected liabilities to arise.

The Comprehensive Environmental, Response, Compensation, and Liability Act (“ CERCLA ”), and comparable state statutes, impose strict, joint and several liability on current and former owners and operators of sites and on persons who disposed of or arranged for the disposal of hazardous substances found at such sites. It is not uncommon for the government to file claims requiring cleanup actions, demands for reimbursement for government -incurred cleanup costs, or natural resource damages, or for neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by hazardous substances released into the environment. The Federal Resource Conservation and Recovery Act (“ RCRA ”), and comparable state statutes, govern the disposal of solid waste and hazardous waste and authorize the imposition of substantial fines and penalties for noncompliance, as well as requirements for corrective actions. CERCLA, RCRA and comparable state statutes can impose liability for clean -up of sites and disposal of substances found on exploration, mining and processing sites long after activities on such sites have been completed.

The Clean Air Act, as amended, restricts the emission of air pollutants from many sources, including mining and processing activities. Mining operations may produce air emissions, including fugitive dust and other air pollutants from stationary equipment, storage facilities and the use of mobile sources such as trucks and heavy construction equipment, which are subject to review, monitoring and/or control requirements under the Clean Air Act and state air quality laws. New facilities may be required to obtain permits before work can begin, and existing facilities may be required to incur capital costs in order to remain in compliance. In addition, permitting rules may impose limitations on production levels or result in additional capital expenditures in order to comply with the rules.

The National Environmental Policy Act (“ NEPA ”) requires federal agencies to integrate environmental considerations into their decision -making processes by evaluating the environmental impacts of their proposed actions, including issuance of permits to mining facilities, and assessing alternatives to those actions. If a proposed action could significantly affect the environment, the agency must prepare a detailed statement known as an Environmental Impact Statement (“ EIS ”). The U.S. Environmental Protection Agency (“ EPA ”), other federal agencies, and any interested

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third parties will review and comment on the scoping of the EIS and the adequacy of and findings set forth in the draft and final EIS. This process can cause delays in issuance of required permits or result in changes to a project to mitigate its potential environmental impacts, which can in turn impact the economic feasibility of a proposed project.

The Clean Water Act (“ CWA ”), and comparable state statutes, impose restrictions and control on the discharge of pollutants into waters of the United States. The discharge of pollutants into regulated waters is prohibited, except in accordance with the terms of a permit issued by the EPA or an analogous state agency. The CWA regulates storm water at mining facilities and requires a storm water discharge permit for certain activities. Such a permit requires the regulated facility to monitor and sample storm water run -off from its operations. The CWA and regulations implemented thereunder also prohibit discharges of dredged and fill material in wetlands and other waters of the United States unless authorized by an appropriately issued permit. The CWA and comparable state statutes provide for civil, criminal and administrative penalties for unauthorized discharges of pollutants and impose liability on parties responsible for those discharges for the costs of cleaning up any environmental damage caused by the release and for natural resource damages resulting from the release.

The Safe Drinking Water Act (“ SDWA ”) and the Underground Injection Control (“ UIC ”) program promulgated thereunder, regulate the drilling and operation of subsurface injection wells. EPA directly administers the UIC program in some states and in others the responsibility for the program has been delegated to the state. The program requires that a permit be obtained before drilling a disposal or injection well. Violation of these regulations and/or contamination of groundwater by mining related activities may result in fines, penalties, and remediation costs, among other sanctions and liabilities under the SWDA and state laws. In addition, third party claims may be filed by landowners and other parties claiming damages for alternative water supplies, property damages, and bodily injury.

RTMD could be subject to environmental lawsuits.

Neighboring landowners and other third parties could file claims based on environmental statutes and common law for personal injury and property damage allegedly caused by the release of hazardous substances or other waste material into the environment on or around the Round Top Project. There can be no assurance that any defense of such claims will be successful. A successful claim against RTMD could have an adverse effect on not only RTMD, but TMRC and its business prospects, financial condition and results of operation.

Land reclamation requirements for the Round Top Project may be burdensome and expensive.

Although variability exists by location and the governing authority, land reclamation requirements are generally imposed on mineral exploration companies (as well as companies with mining operations) in order to minimize long term effects of land disturbance.

Reclamation may include requirements to:

•          control dispersion of potentially deleterious effluents;

•          treat ground and surface water to drinking water standards; and

•          reasonably re -establish pre -disturbance land forms and vegetation.

In order to carry out reclamation obligations imposed on RTMD in connection with potential development activities, RTMD must allocate financial resources that might otherwise be spent on further exploration and development programs. RTMD plans to set up a provision for its reclamation obligations on its properties, as appropriate, but this provision may not be adequate. If RTMD is required to carry out unanticipated reclamation work, its financial position could be adversely affected. In accordance with GLO lease/prospecting permits, all the areas impacted by the surface operations shall be reclaimed upon completion of the activity, including (a) removal of all trash, debris, plastic and contaminated soil by off -site disposal, and (b) upon completion of surface grading, the soil surface shall be left in a roughened condition to negate wind and enhance water infiltration.

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Mining presents potential health risks; payment of any liabilities that arise from these health risks may adversely impact RTMD.

Complying with health and safety standards will require additional expenditure on testing and the installation of safety equipment. Moreover, inhalation of certain minerals can result in specific potential health risks. Symptoms of these associated diseases may take years to manifest. Failure to comply with health and safety standards could result in statutory penalties and civil liability. RTMD does not currently maintain any insurance coverage against these health risks. The payment of any liabilities that arise from any such occurrences could have a material, adverse impact on RTMD.

There may be challenges to the title of the Round Top Project or any other mineral properties that TMRC may acquire.

TMRC expect that any additional properties to be acquired by RTMD or by TMRC (with respect to any other opportunities) will be by unpatented claims or by lease from those owning the property. The lease of the Round Top Project property was issued by the State of Texas. The validity of title to many types of natural resource property depends upon numerous circumstances and factual matters (many of which are not discoverable of record or by other readily available means) and is subject to many uncertainties of existing law and its application. TMRC cannot assure you that the validity of RTMD’s titles to its properties or TMRC’s title to properties it may purchase in the future will be upheld or that third parties will not otherwise invalidate those rights. In the event the validity of RTMD’s or TMRC’s titles with respect to any future properties are not upheld, such an event would have a material adverse effect on RTMD and RTMD.

Increased competition could adversely affect TMRC’s ability to attract necessary capital funding or acquire suitable producing properties or prospects for mineral exploration in the future.

The mining industry is intensely competitive. Significant competition exists for the acquisition of properties producing or capable of producing, REE or other metals. TMRC likely is at a competitive disadvantage in acquiring additional mining properties because it must compete with other individuals and companies, most of which have greater financial resources, operational experience and technical capabilities than TMRC. TMRC may also encounter increasing competition from other mining companies in its efforts to hire experienced mining professionals. Competition for exploration resources at all levels is currently very intense, particularly affecting the availability of manpower, drill rigs, mining equipment and production equipment. Increased competition could adversely affect TMRC’s ability to attract necessary capital funding or acquire suitable producing properties or prospects for mineral exploration in the future.

RTMD competes with larger, better capitalized competitors in the mining industry.

The mining industry is competitive in all of its phases, including financing, technical resources, personnel and property acquisition. RTMD will require significant capital, technical resources, personnel and operational experience to effectively compete in the mining industry. Because of the high costs associated with exploration, the expertise required to analyze a project’s potential and the capital required to develop a mine, larger companies with significant resources may have a competitive advantage over RTMD. RTMD faces strong competition from other mining companies, some with greater financial resources, operational experience and technical capabilities. As a result of this competition, neither RTMD nor TMRC may be able to acquire financing, personnel, technical resources or attractive mining properties on acceptable terms, if at all.

TMRC could be adversely impacted as a result of future cybersecurity threats.

TMRC has not established specific processes for assessing, identifying and managing material risks from cybersecurity threats. While TMRC has not experienced, to our knowledge, any material cybersecurity threats to date, there is no assurance that we will not be adversely impacted as a result of any future cybersecurity threat.

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Current economic conditions and capital markets are subject to fluctuations which could adversely affect TMRC’s ability to access the capital markets, and thus adversely affect its business and liquidity.

The current economic conditions are in a state of flux that could have a negative impact on TMRC’s ability to access the capital markets, and thus have a negative impact on its business and liquidity. TMRC currently faces the macroeconomic headwinds of inflation and high interest rates. Furthermore, it is unclear how global hostilities will impact TMRC’s business. TMRC’s ability to access the capital markets has been and continues to be severely restricted at a time when it needs to access such markets, which could have a negative impact on its business plans. Even if TMRC is able to raise capital, it may not be at a price or on terms that are favorable. TMRC cannot predict the occurrence of future financial disruptions or how long the current market conditions may continue. It should be expected that TMRC will have difficulty to raise funds, if it is even able to raise funds at all, and any such capital raises will be dilutive to current stockholders (which dilution could be significant).

Our resources may not be sufficient to manage our existing business as well as any growth; failure to properly manage our existing business will be detrimental .

We believe that we have sufficient capital to fund general and administrative expenses and related costs through August 2026, but not thereafter. Accordingly, we may fail to adequately manage our current business. Furthermore, any growth in our operations, of which there can be no assurance as the result of our lack of sufficient capital, will place a significant strain on our administrative, financial and operational resources, and increase demands on our management and on our operational and administrative systems, controls and other resources. We cannot assure you that our existing personnel, systems, procedures or controls will be adequate to support our current operations or operations in the future or that we will be able to successfully implement appropriate measures consistent with any growth. We may have to implement new operational and financial systems, procedures and controls to expand, train and manage our employee base, and maintain close coordination among our staff. We cannot guarantee that we will be able to do so, or that if we are able to do so, we will be able to effectively integrate them into our existing staff and systems. Moreover, there can be no assurance that cybersecurity threats, breaches, or disruptions will not adversely affect us.

If we are unable to manage our current business effectively, our financial condition could be materially adversely affected. There is no assurance that our current business will continue and it may well be curtailed due to lack of capital.

TMRC may experience difficulty attracting and retaining qualified management to meet its current business needs and / or any growth needs, and the failure to manage any growth effectively could have a material adverse effect on its business and financial condition.

Competition for qualified management is intense, and TMRC may be unable to attract and retain key personnel, or to attract and retain personnel on acceptable terms. Management personnel are currently limited and they may be unable to manage TMRC’s expansion successfully and the failure to do so could have a material adverse effect on TMRC’s business, results of operations and financial condition. TMRC has not entered into non -competition agreements. As TMRC’s business is substantially dependent upon its directors, executive officers and consultants, the lack of non -competition agreements poses a significant risk in the event such persons were to resign or be terminated from such positions. Under such circumstances, such persons may provide confidential information and key contacts to TMRC’s competitors and TMRC may have difficulties in preventing the disclosure of such information. Such disclosure would have a material adverse effect on TMRC’s business and operations.

TMRC’s operations are dependent upon key personnel, the loss of which would be detrimental to its business.

The nature of TMRC’s business, including its ability to continue its exploration and development activities, depends, in large part, on the efforts of key personnel such as Daniel Gorski, TMRC’s Chief Executive Officer. The loss of Mr. Gorski could have a material adverse effect on TMRC’s business. TMRC does not maintain “key man” life insurance policies on any of its officers or employees.

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Risks Associated with TMRC Shares

TMRC has a history of losses and fluctuating operating results that raises doubt about its ability to continue as a going concern.

From inception through August 31, 2025, TMRC has incurred aggregate losses of approximately $45,110,000. There is no assurance that TMRC will operate profitably or will generate positive cash flow in the future. In addition, TMRC’s operating results in the future may be subject to significant fluctuations due to many factors not within its control, such as general economic conditions, tariffs and other economic measures that the Trump Administration has implemented or may adopt, hostilities in the Middle East and Ukraine, market price of minerals and exploration and development costs. If TMRC cannot raise sufficient financing to continue its operations subsequent to August 31, 2026, then it may be forced to scale down, curtail or cease operations. Until such time as TMRC generates revenues (not in the foreseeable future), it expects an increase in development costs and operating costs. Consequently, TMRC expects to incur operating losses and negative cash flow until its properties enter commercial production (if such event occurs). TMRC currently lacks capital necessary to fund general and administrative expenses and related costs subsequent to August 2026.

TMRC’s stock price is highly volatile .

The market price of TMRC Shares has fluctuated and may continue to fluctuate. These fluctuations may be exaggerated since the trading volume of TMRC Shares is limited, sporadic, and volatile. These fluctuations may or may not be based upon any business or operating results. The TMRC Shares may experience similar or even more dramatic price and volume fluctuations in the future. TMRC Shares have traded between $0.21 and $1.80 per share between September 1, 2024 and August 31, 2025. The TMRC Shares have limited trading volume. There is no assurance that the price of TMRC Shares will not continue to decline. Based on current market prices and current trading volume, raising any capital will likely be dilutive and difficult, and may not be possible at all. A decline in stock price reduces TMRC’s market capitalization which negatively impacts the dilution calculation with respect to its membership interest in RTMD.

The market for TMRC Shares is limited, sporadic and volatile. Any failure to develop or maintain an active trading market could negatively affect the value of such shares and make it difficult or impossible for you to sell your shares.

The TMRC Shares are currently traded on the OTCQB. Although the TMRC Shares are traded on the OTCQB, a regular trading market for TMRC’s securities may not be sustained in the future. Prices for, and coverage of, securities quoted solely on the OTCQB may be difficult to obtain. In addition, stocks quoted solely on the OTCQB tend to have a limited number of market makers and a larger spread between the bid and ask prices than those listed on an exchange. All of these factors may cause holders of TMRC Shares to be unable to resell their securities at any price. It should be expected that this limited trading also could decrease or eliminate TMRC’s ability to raise additional funds through issuances of its securities.

Failure to develop or maintain an active trading market would negatively affect the value of the TMRC Shares, make it difficult for you to sell your shares or recover any part of your investment in TMRC, and impact its ability to raise capital through the sale of its securities. Even if an active market for TMRC Shares does develop, the market price of the TMRC Shares may be highly volatile. In addition to the uncertainties relating to TMRC’s future operating performance and any profitability of its operations, factors such as variations in its interim financial results, or various, as yet unpredictable factors, many of which are beyond its control, may have a negative effect on the market price of the TMRC Shares. Accordingly, there can be no assurance as to the liquidity of any active markets that may develop for the TMRC Shares, the ability of holders of TMRC Shares to sell such TMRC Shares, the prices at which holders may be able to sell the TMRC Shares, or TMRC’s ability (if any) to sell securities to raise capital.

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The sale by TMRC of a substantial number of TMRC Shares, or the issuance of a substantial number of TMRC Shares upon exercise of TMRC’s common stock equivalents, will cause immediate and substantial dilution to existing stockholders and may depress the market price of the TMRC Shares .

In order to provide capital for the operation of TMRC’s business, it will need to enter into financing arrangements. These arrangements may involve the issuance of new TMRC Shares, preferred stock that is convertible into TMRC Shares, debt securities that are convertible into TMRC Shares or warrants for the purchase of TMRC Shares. Any of these items could result in a material increase in the number of TMRC Shares outstanding which would in turn result in a dilution of the ownership interest of existing stockholders. It is likely that any future private placements of TMRC Shares will be at prices below market, thereby further placing pressure on the price of the TMRC Shares that trade on the OTCQB — this would have the effect of (i) both reducing TMRC’s market price and diluting its current stockholders as well as (ii) negatively impacting the calculation of dilution with respect to reducing its membership interest in RTMD in the event it does not fund its cash calls with cash. As such, any future capital raises will likely adversely affect TMRC’s shareholders. In addition, these new securities could contain provisions, such as priorities on distributions and voting rights, which could affect the value of TMRC Shares.

As of March 2, 2026, TMRC has 88,216,112 TMRC Shares issued and outstanding (100,000,000 shares of common stock are authorized to be issued.)

A low market price may severely limit the potential market for the TMRC Shares.

An equity security that trades below a certain price per share is subject to SEC rules requiring additional disclosures by broker -dealers . These rules generally apply to any non -Nasdaq equity security that has a market price of less than $5.00 per share, subject to certain exceptions (a “ penny stock ”). Such rules require the delivery, prior to any penny stock transaction, of a disclosure schedule explaining the penny stock market and the risks associated therewith and impose various sales practice requirements on broker -dealers who sell penny stocks to persons other than established customers and institutional or wealthy investors. For these types of transactions, the broker -dealer must make a special suitability determination for the purchaser and have received the purchaser’s written consent to the transaction prior to the sale. The broker -dealer also must disclose the commissions payable to the broker -dealer , current bid and offer quotations for the penny stock and, if the broker -dealer is the sole market maker, the broker -dealer must disclose this fact and the broker -dealer ’s presumed control over the market. Such information must be provided to the customer orally or in writing before or with the written confirmation of trade sent to the customer. Monthly statements must be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks. Since the TMRC Shares trade at a price of less than $5.00 per share, the additional burdens imposed upon broker -dealers by such requirements could discourage broker -dealers from effecting transactions in TMRC Shares.

TMRC does not currently intend to pay cash dividends.

TMRC has not declared any dividends since incorporation and does not anticipate that it will do so in the foreseeable future. TMRC’s present policy is to retain all available funds for use in its operations and the expansion of its business. Payment of future cash dividends, if any, will be at the discretion of the TMRC Board and will depend on TMRC’s financial condition, results of operations, contractual restrictions, capital requirements, business prospects and other factors that the TMRC Board considers relevant. Accordingly, investors will only see a return on their investment if the value of TMRC’s securities appreciates.

Control by current stockholders.

The current stockholders of TMRC have elected the directors and the directors have appointed current executive officers to serve TMRC. The voting power of these stockholders could also discourage others from seeking to acquire control of TMRC through the purchase of TMRC Shares which might depress the price of TMRC Shares.

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There is not now, and there may never be, an active market for TMRC Shares.

TMRC Shares have historically been thinly traded. Currently there is a limited, sporadic and highly volatile market for TMRC Shares, and no active market for TMRC Shares may develop in the future. As a result, TMRC’s stock price as quoted by the OTCQB may not reflect an actual or perceived value. Moreover, several days may pass before any shares are traded; meaning that the number of persons interested in purchasing TMRC Shares at or near ask prices at any given time may be relatively small or non -existent . This situation is attributable to a number of factors, including, but not limited to:

•          TMRC is a small company that is relatively unknown to stock analysts, stock brokers, institutional investors and others in the investment community that generate or influence sales volume; and

•          stock analysts, stock brokers and institutional investors may be risk -averse and reluctant to follow a company such as TMRC that faces substantial doubt about the ability to continue as a going concern or to purchase or recommend the purchase of TMRC Shares until such time as TMRC becomes more viable.

As a result, an investor may find it difficult to dispose of, or to obtain accurate quotations of the price of, TMRC Shares. Accordingly, investors must assume they may have to bear the economic risk of an investment in TMRC Shares for an indefinite period of time, and may lose their entire investment. There can be no assurance that a more active market for TMRC Shares will develop, or if one should develop, there is no assurance that it will be sustained. This severely limits the liquidity of TMRC Shares and would likely have a material adverse effect on the market price of TMRC Shares and on TMRC’s ability to raise additional capital.

TMRC may issue shares of preferred stock .

The TMRC Charter authorizes the issuance of up to 10,000,000 shares of blank check preferred stock at $0.001 par value with designations, rights and preferences determined from time to time by the TMRC Board. There are currently no shares of preferred stock issued and outstanding. The TMRC Board is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, conversion, voting, or other rights which could adversely affect the voting power or other rights of the holders of the TMRC Shares. In the event of issuance, the preferred stock could be utilized, under certain circumstances, as a method of discouraging, delaying or preventing a change in control of TMRC.

Risks Relating to the Combined Company Following the Mergers

You should read and consider risk factors specific to USAR’s business and securities that will also affect USAR following the completion of the Mergers. These risks are described in the sections entitled “Risk Factors” in USAR’s Annual Report on Form 10 -K for the year ended December 31, 2025, and in other documents incorporated by reference into this proxy statement/prospectus. Please see the section entitled “ Where You Can Find More Information ” beginning on page 145 of the proxy statement/prospectus for the location of information incorporated by reference into this proxy statement/prospectus.

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THE TMRC SPECIAL MEETING

This proxy statement / prospectus is being provided to the TMRC stockholders as part of a solicitation of proxies by the TMRC Board for use at the special meeting to be held at the time and place specified below and at any properly convened meeting following an adjournment or postponement thereof. This proxy statement / prospectus provides TMRC stockholders with information they need to know to be able to vote or instruct their vote to be cast at the special meeting.

Date, Time and Place

The special meeting of TMRC stockholders will be held virtually via live webcast at w ww.virtualshareholdermeeting.com/TMRX2026S M , on Tuesday, July 28, 2026 at 10:00 a.m. Eastern Time. On or about June 29, 2026, TMRC commenced mailing this proxy statement/prospectus and the enclosed form of proxy to its stockholders entitled to vote at the special meeting.

You can access the special meeting by visiting the below website, where TMRC stockholders will be able to participate and vote online. TMRC encourages its stockholders to access the meeting 15 minutes prior to the start time leaving ample time for check -in . Please follow the instructions as outlined in this proxy statement/prospectus.

www.virtualshareholdermeeting.com/TMRX2026SM

TMRC has chosen to hold the special meeting solely via live webcast and not in a physical location.

Purpose of the Special Meeting

At the special meeting, TMRC stockholders will be asked to consider and vote on the following:

•          the Merger Proposal — a proposal to adopt the Merger Agreement, a copy of which is attached as Annex A to this proxy statement/prospectus, which is further described in the sections titled “ The Mergers ” and “ The Merger Agreement ”; and

•          the Adjournment Proposal — a proposal to approve the adjournment of the special meeting, if necessary or appropriate, to solicit additional proxies if there are not sufficient votes to adopt the Merger Agreement.

Completion of the Mergers is conditioned on the approval of the Merger Proposal.

Recommendation of the TMRC Board

At a special meeting held on March 3, 2026, the TMRC Board determined that the Merger Agreement and the Transactions are fair to and in the best interests of TMRC and the TMRC stockholders, approved and declared advisable the Merger Agreement and the Transactions and directed that the Merger Agreement be submitted to the TMRC stockholders for consideration at a meeting of such stockholders. The TMRC Board recommends that TMRC stockholders vote “FOR” the Merger Proposal and “FOR” the Adjournment Proposal .

TMRC stockholders should carefully read this proxy statement/prospectus (including the annexes hereto) and any documents incorporated by reference in their entirety for more detailed information concerning the Mergers and the Transactions.

Record Date; Stockholders Entitled to Vote

Only holders of record of TMRC Shares at the close of business on June 2, 2026 (the “ Record Date ”), will be entitled to notice of, and to vote at, the special meeting or any adjournment or postponement thereof.

On the Record Date, there were 88,339,693 TMRC Shares outstanding and entitled to vote at the special meeting. Each TMRC Share outstanding on the Record Date entitles the holder thereof to one vote on each proposal to be considered at the special meeting. TMRC stockholders may vote virtually at the meeting or by proxy through the internet or by telephone or by a properly executed and delivered proxy card with respect to the special meeting.

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TMRC has made a complete list of TMRC stockholders entitled to vote at the special meeting available for inspection at the office of its transfer agent, Securities Transfer Corporation, at 2901 N. Dallas Parkway, Suite 380, Plano, Texas, 75093 during regular business hours for a period of no less than 10 days before the special meeting. If you would like to inspect the list of TMRC stockholders of record, please call Securities Transfer Corporation at (469) 633 -0101 to schedule an appointment or request access. A certified list of eligible TMRC stockholders will be available for inspection during the special meeting on the website for that meeting, w ww.virtualshareholdermeeting.com/TMRX2026 SM .

Voting by TMRC’s Directors and Executive Officers

At the close of business on June 2, 2026, the Record Date, directors and executive officers of TMRC and their respective affiliates owned and were entitled to vote 17,083,004 TMRC Shares, representing approximately 19.3% of the TMRC Shares outstanding on that date. TMRC currently expects its directors and executive officers to vote their TMRC Shares in favor of each of the proposals to be voted on at the special meeting.

In connection with the execution of the Merger Agreement, TMRC and USAR entered into a voting and support agreement (each, a “ Voting and Support Agreement ”) with each member of the TMRC Board and each of TMRC’s executive officers. Pursuant to the Voting and Support Agreements, among other things, all of TMRC’s directors and executive officers agreed to vote all of his or her TMRC Shares in favor of the various proposals related to the Transaction and the Merger Agreement.

Quorum; Adjournment

The special meeting may be adjourned or postponed, in the absence of a quorum, by the chairman of the meeting or the affirmative vote of holders of a majority of the TMRC Shares present in person or represented by proxy and entitled to vote at the special meeting. Even if a quorum is present, the special meeting may also be adjourned in order to provide more time to solicit additional proxies in favor of adoption of the merger agreement by the chairman of the meeting or if sufficient votes are cast in favor of the Adjournment Proposal. If a sufficient number of TMRC Shares is present in person or represented by proxy and votes in favor of the Merger Proposal at the special meeting such that the Merger Proposal is approved, TMRC does not anticipate that it will adjourn or postpone the special meeting.

At any adjourned meeting, all proxies will be voted in the same manner as they would have been voted at the original convening of the special meeting, except for any proxies that have been effectively revoked or withdrawn prior to the adjourned meeting. Any adjournment or postponement of the special meeting will allow TMRC stockholders who have already submitted their proxies to revoke them at any time before their use at the special meeting that was adjourned or postponed.

Abstentions will count as votes present and entitled to vote for the purpose of determining the presence of a quorum for the transaction of business at the special meeting. Broker non -votes will not be counted as present for the purpose of determining the presence of a quorum.

Required Vote; Broker Non-Votes and Abstentions

Each TMRC Share outstanding on the Record Date is entitled to one vote on each of the Merger Proposal and the Adjournment Proposal. The required votes to approve the proposals at the special meeting are as follows:

•          The Merger Proposal requires the affirmative vote of holders of a majority of the outstanding TMRC Shares entitled to vote thereon. Failures to vote, broker non -votes and abstentions will have the same effect as votes cast “AGAINST” this proposal.

•          The Adjournment Proposal requires the affirmative vote of holders of a majority of the TMRC Shares present in person or represented by proxy at the special meeting and entitled to vote thereon. Failures to be present virtually or by proxy, including broker non -votes , will have no effect on the vote for this proposal (assuming a quorum is present). Abstentions will have the same effect as votes cast “AGAINST” this proposal.

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The approval of the Adjournment Proposal is not a condition precedent to the approval of the Merger Proposal or the closing of the Mergers.

Voting of Proxies by Holders of Record

How to Vote by Proxy if You are the Record Holder of Your Shares

If you were the record holder of your shares as of the Record Date, you may submit your proxy to vote by mail, by telephone or via the internet.

Voting via the Internet

•          Internet  — To submit your proxy via the internet, go to www.proxyvote.com . Have your proxy card in hand when you access the website and follow the instructions to vote your shares. You must log in using the 16 -digit control number located in the black rectangle next to an arrow on your Proxy Ballot Card or Voting Instruction Form. Access the proxy voting link to cast your vote. If you vote via the internet, you must do so no later than 11:59 p.m. Eastern Time on July 27, 2026.

Voting by phone

•          Telephone — To submit your proxy by telephone, call 1 -800-690-6903 . Have your proxy card in hand when you call and then follow the instructions to vote your shares. If you vote by telephone, you must do so no later than 11:59 p.m. Eastern Time on July 27, 2026.

Voting by Mail

As an alternative to submitting your proxy via the internet, you may submit your proxy by mail.

•          Mail  — To submit your proxy by mail, simply mark your proxy card, date and sign it and return it in the postage -paid envelope. If you vote by mail, your proxy card must be received no later than 6:00 p.m. Eastern Time on July 27, 2026.

How to Vote Your Shares if You are a “Street Name” Holder

If you hold your shares through a broker, bank or other nominee, also referred to as a “street name” holder, check the instructions provided by that entity to determine which options are available to you with respect to voting your shares.

General

Please be aware that any costs related to voting via the internet, such as internet access charges, will be your responsibility.

All properly signed proxies that are timely received and that are not revoked will be voted at the special meeting according to the instructions indicated on the proxies or, if no direction is indicated, they will be voted as recommended by the TMRC Board. The proxy holders may use their discretion to vote on other matters that properly come before the special meeting.

Voting Virtually by Attendance at the Special Meeting

The special meeting will be a completely virtual meeting. There will be no physical meeting location and the meeting will only be conducted via live webcast. The virtual special meeting will be held on Tuesday, July 28, at 10:00 a.m. Eastern Time. To attend the special meeting, visit ww w.virtualshareholdermeeting.com/TMRX202 6SM and enter the 16 -digit control number on the proxy card or voting instruction form you received. Stockholders of record of TMRC who wish to vote at the special meeting should follow the instructions at ww w.virtualshareholdermeeting.com/TMRX2026 SM . Online check -in will begin at 9:45 a.m., Eastern Time. Please allow time for online check -in procedures.

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The virtual stockholder meeting format uses technology designed to increase stockholder access, save TMRC and TMRC stockholders time and money, and provide TMRC stockholders rights and opportunities to participate in the meeting similar to what they would have at an in -person meeting. In addition to online attendance, we will provide TMRC stockholders with an opportunity to hear all portions of the official meeting and vote online during the meeting.

Revocability of Proxies

Any stockholder giving a proxy has the power to revoke it at any time before the proxy is voted at the special meeting. If you are a stockholder of record, you may revoke your proxy in any of the following ways:

(1)      submitting a proxy at a later time by internet or telephone until 11:59 p.m. Eastern Time on July 27, 2026;

(2)      signing and returning a new proxy card with a later date;

(3)      voting virtually at the special meeting; or

(4)      delivering, before 6:00 p.m. Eastern Time on July 27, 2026, to TMRC’s Corporate Secretary at TMRC’s executive offices at 527 21 st Street, #44, Galveston, TX 77550, a written revocation of your most recent proxy.

If you are a street name stockholder (for example, if your shares are held in the name of a bank, broker or other holder of record) and you vote by proxy, you may later revoke your proxy by informing the holder of record in accordance with that entity’s procedures.

Solicitation of Proxies

The TMRC Board is soliciting proxies for the special meeting from its stockholders. TMRC will bear the entire cost of the solicitation of proxies, including preparation, assembly and delivery, as applicable, of this proxy statement, the proxy card and any additional materials furnished to stockholders. Proxies may be solicited by directors, officers and a small number of TMRC’s regular employees personally or by mail, telephone or facsimile, but such persons will not be specially compensated for such service. TMRC has retained D.F. King & Co., Inc., a proxy solicitation firm, to assist in the solicitation of proxies for an estimated fee of approximately $18,000 plus reasonable out -of -pocket costs and expenses for the services of the firm. As appropriate, copies of solicitation material will be furnished to brokerage houses, fiduciaries and custodians that hold TMRC Shares of record for beneficial owners for forwarding to such beneficial owners. TMRC may also reimburse persons representing beneficial owners for their costs of forwarding the solicitation material to such owners.

Assistance

If you need assistance with voting via the internet, voting by telephone or completing your proxy card, or have questions regarding the special meeting, please contact TMRC’s proxy solicitor at the following address and telephone number:

D.F. King & Co., Inc.

28 Liberty Street, FL 53

New York, NY 10005

Toll -Free : (866) 796 -7184

Banks and brokers may call collect: 212 -561-5183

Email: TMRC@dfking.com

Your vote is very important regardless of the number of TMRC Shares that you own. Please submit a proxy to vote your shares via the internet, vote by telephone or sign, date and return a proxy card promptly so your shares can be represented, even if you plan to attend the special meeting.

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Tabulation of Votes

Representatives of Broadridge Investor Communication Solutions will tabulate the votes cast at the special meeting, and representatives of Broadridge Investor Communication Solutions will act as the Inspector of Election.

Householding

The SEC permits companies to send a single set of proxy materials to any household at which two or more stockholders reside, unless contrary instructions have been received, but only if the applicable stockholders provide advance notice and follow certain procedures. In such cases, each stockholder continues to receive a separate notice of the meeting and proxy card. Certain brokerage firms may have instituted householding for beneficial owners of TMRC Shares held through brokerage firms. If your family has multiple accounts holding TMRC Shares, as applicable, you may have already received a householding notification from your broker. Please contact your broker directly if you have any questions or require additional copies of this proxy statement/prospectus. The broker will arrange for delivery of a separate copy of this proxy statement/prospectus promptly upon your written or oral request. You may decide at any time to revoke your decision to household, and thereby receive multiple copies.

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PROPOSAL NO. 1

THE MERGER PROPOSAL

In the Merger Proposal, TMRC is asking its stockholders to adopt the Merger Agreement. Approval of the Merger Proposal by TMRC stockholders is required for completion of the Mergers. TMRC stockholders should read this proxy statement/prospectus carefully and in its entirety, including the annexes, for more detailed information concerning the Merger Agreement and the Mergers. Details about the Mergers, including each party’s reasons for the Mergers, the effect of approval of the Merger Agreement and related matters, are discussed in the section titled “ The Mergers ”.

Approval of the Merger Proposal requires the presence of a quorum and that the majority of outstanding TMRC Shares vote in favor of the proposal. Failures to vote, broker non -votes and abstentions will have the same effect as votes cast “AGAINST” this proposal.

The TMRC Board recommends that TMRC stockholders vote “FOR” the Merger Proposal.

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PROPOSAL NO. 2

THE ADJOURNMENT PROPOSAL

TMRC is submitting a proposal for consideration at the special meeting to authorize the named proxies to authorize the TMRC Board to adjourn or postpone the special meeting, if necessary, to permit further solicitation of proxies in favor of the Merger Proposal or to vote on other matters properly before the special meeting or to ensure that any supplement or amendment to this proxy statement/prospectus is timely provided to holders of TMRC Shares. Even though a quorum may be present at the special meeting, it is possible that TMRC may not have received sufficient votes to approve the Merger Proposal by the time of the meeting. In that event, the TMRC Board would need to adjourn the special meeting in order to solicit additional proxies. This proposal relates only to authorization of the TMRC Board to adjourn or postpone the special meeting, if necessary, to permit further solicitation of proxies in favor of the Merger Proposal or to vote on other matters properly before the special meeting.

Approval of the Adjournment Proposal requires the presence of a quorum and that the votes cast in favor of the proposal exceed the votes cast against the proposal. Abstentions and broker non -votes will have the same effect as votes cast “AGAINST” this proposal.

The TMRC Board recommends that TMRC stockholders vote “FOR” the Adjournment Proposal.

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INFORMATION ABOUT USAR

USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States, the United Kingdom, France and Brazil. Through its ownership of Less Common Metals Ltd., one of the world’s leading producers of rare earth metals and alloys, its magnet manufacturing capacity in Stillwater, Oklahoma, the Pela Ema mine in Brazil (subject to closing the Serra Verde Transaction) and the Round Top deposit in Texas, USAR operates across the entire value chain from mining to metal -making , alloy production and neodymium magnet manufacturing. USAR is establishing a secure, Western -aligned supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and industrial sectors.

USAR was formerly known as Inflection Point Acquisition Corp. II (“ Inflection Point ”) and originally incorporated on March 6, 2023 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. On August 21, 2024, Inflection Point entered into a business combination agreement (as amended, the “ Business Combination Agreement ”) by and among Inflection Point, USA Rare Earth, LLC, a Delaware limited liability company (“ USAR OpCo ”) and IPXX Merger Sub, LLC, a Delaware limited liability company and a direct wholly owned subsidiary of Inflection Point (“ Merger Sub ”). On March 12, 2025, Inflection Point completed a domestication into a Delaware corporation by filing a notice of deregistration with the Cayman Islands Registrar of Companies, together with the necessary accompanying documents, and filing a certificate of incorporation and a certificate of corporate domestication with the Secretary of State of the State of Delaware, pursuant to which Inflection Point was domesticated and continued as a Delaware corporation, changing its name to “USA Rare Earth, Inc.” On March 13, 2025 (the “ Business Combination Closing Date ”), pursuant to the Business Combination Agreement, Merger Sub merged with and into USAR OpCo, with USAR OpCo continuing as the surviving company, and on March 14, 2025, USAR Shares began trading on Nasdaq under the symbol, “USAR”.

On April 19, 2026, USAR entered into a definitive agreement to acquire 100% of Serra Verde in exchange for $300 million in cash and 126,849,307 newly issued USAR Shares. Serra Verde is the owner of the Pela Ema rare earth mine and processing plant in Goiás, Brazil. The Pela Ema mine is the only producer outside Asia capable of supplying all four magnetic rare earth elements at scale — neodymium, praseodymium, dysprosium and terbium — together with other vital rare earth elements such as yttrium. USAR expects the Serra Verde Transaction to close in the third calendar quarter of 2026. The Serra Verde Transaction is independent of the Transactions between USAR and TMRC, and neither the Closing of the Transactions nor the closing of the Serra Verde Transaction is conditioned upon the other. You can find more information on Serra Verde and the Serra Verde Transaction, by reading the filings that USAR has made with the SEC, as described under “ Where You Can Find More Information .”

On May 22, 2026, MP Materials Corp., MP Magnetics LLC, and MP Mine Operations LLC (collectively, “Plaintiffs”) sued USA Rare Earth, Inc., its Director of Magnet Operations, Kevin Elkins, and FOM Technologies Inc. alleging misappropriation of trade secrets under the Texas Uniform Trade Secrets Act, breach of contract, tortious interference, and unjust enrichment. Plaintiffs seek a temporary and permanent injunction against further alleged use and possession of their allegedly protected technology, unspecified monetary damages, and attorneys’ fees. USAR disputes the allegations and intends to vigorously defend against such claims.

USAR is incorporated in the state of Delaware and its principal office is located at 100 W Airport Road, Stillwater, Oklahoma 74075, and its telephone number is (813) 867 -6155 .

You can find more information about USAR in USAR’s filings with the SEC referenced in the section in this document titled “ Where You Can Find More Information ”.

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THE MERGERS

Terms of the Mergers

The Merger Agreement contemplates the following transactions:

•          the merger of First Merger Sub with and into TMRC, with TMRC surviving the merger as a wholly owned subsidiary of USAR at the Effective Time;

•          subject to the terms and conditions set forth in the Merger Agreement, at the Effective Time, each TMRC Share issued and outstanding immediately prior to the Effective Time (excluding any TMRC Shares as to which dissenters’ rights have been properly exercised and TMRC Shares owned by USAR, TMRC or any of their respective direct or indirect wholly owned subsidiaries) will automatically be converted into the right to receive that portion of a validly issued, fully paid and nonassessable USAR Share equal to the quotient obtained by dividing (a) 3,823,328 by (b) the aggregate number of TMRC Shares outstanding on a fully diluted basis at the Effective Time, with holders of TMRC Shares who are otherwise entitled to a fractional USAR Share receiving cash in lieu of that fractional share, without interest; and

•          promptly following the Effective Time, the merger of Second Merger Sub with and into the surviving corporation in the First Merger, with Second Merger Sub surviving the second merger as a wholly owned subsidiary of USAR.

A copy of the Merger Agreement is attached as Annex A to this proxy statement/prospectus. The Merger Agreement contains the terms and conditions of the proposed acquisition of TMRC by USAR. Under the Merger Agreement, subject to satisfaction (or, to the extent permitted by law and in accordance with the Merger Agreement, waiver) of the conditions to the Mergers set forth in the Merger Agreement and described in this proxy statement/prospectus.

As a result of the Mergers, TMRC will become a direct, wholly owned subsidiary of USAR and will no longer be a publicly held company. Following the Mergers, the TMRC Shares will no longer trade on the OTC and will be deregistered under the Exchange Act, after which TMRC will no longer be required under SEC rules and regulations to file periodic reports with the SEC.

Subject to the terms and conditions set forth in the Merger Agreement, at the Effective Time, each TMRC Share issued and outstanding immediately prior to the Effective Time (excluding any TMRC Shares as to which dissenters’ rights have been properly exercised and TMRC Shares owned by USAR, TMRC or any of their respective direct or indirect wholly owned subsidiaries) will automatically be converted into the right to receive that portion of a validly issued, fully paid and nonassessable USAR Share equal to the quotient obtained by dividing (a) 3,823,328 by (b) the aggregate number of TMRC Shares outstanding on a fully diluted basis at the Effective Time. Holders of TMRC Shares who are otherwise entitled to a fractional USAR Share will receive cash in lieu of such fractional share, without interest.

Background of the Mergers

In August 2018, TMRC and Morzev Pty. Ltd. (“ Morzev ”) entered into an agreement (the “ 2018 Option Agreement ”) whereby Morzev was granted the exclusive right to earn and acquire a 70% interest in TMRC’s Round Top Project (the “ Round Top Project ”) by financing $10 million of expenditures in connection with the Round Top Project, which equity interest could be increased to an 80% interest for an additional $3 million payment to TMRC. In November 2018, Morzev contributed the 2018 Option Agreement to a newly formed entity, USAR OpCo, and notified TMRC in May 2019 that Morzev was nominating USAR OpCo as the optionee under the terms of the 2018 Option Agreement. In August 2019, TMRC and USAR OpCo entered into an amended and restated option agreement as further amended on June 29, 2020 (the “ 2019 Option Agreement ” and collectively with the 2018 Option Agreement, the “ Option Agreement ”), whereby TMRC restated its agreement to grant USAR OpCo the exclusive right to earn and acquire a 70% - 80% interest in the Round Top Project. The 2019 Option Agreement had substantially similar terms to the 2018 Option Agreement.

On May 17, 2021, and in accordance with the terms of the Option Agreement, TMRC and USAR LLC entered into a contribution agreement whereby TMRC and USAR OpCo contributed assets constituting the Round Top Project to RTMD, a wholly -owned subsidiary of TMRC, in each case, in exchange for their ownership interests in RTMD. As a

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result of these contributions, TMRC then owned 20% of RTMD and USAR LLC owned 80% of RTMD. Concurrently therewith, TMRC and USAR OpCo, as the two members, entered into a limited liability company agreement (“ Operating Agreement ”) governing the operations of RTMD. USAR OpCo was appointed as manager of RTMD. The parties further amended the Operating Agreement on June 26, 2023 (“ Amended Operating Agreement ”) in order to adjust the provisions for satisfying capital calls. USAR OpCo continued to fund capital calls for both itself and TMRC and the relative ownership interests of RTMD were adjusted to reflect such funding based on the mechanism provided in the Amended Operating Agreement.

USAR became a publicly traded company via a de -SPAC transaction in March 2025, with USAR OpCo becoming a wholly owned subsidiary of the new parent entity USA Rare Earth, Inc, with substantially all of the assets and the business of the combined company after the de -SPAC transaction being held and operated by USAR OpCo and its subsidiaries. USAR continued to progress the Round Top Project through its controlling ownership interest in RTMD prior to and following the de -SPAC transaction.

Throughout 2025 there were regular update calls between USAR and TMRC discussing RTMD and the efforts to development the Round Top Project. Additionally, TMRC unsuccessfully spent the majority of 2025 trying to raise capital in order to satisfy the conditions necessary to enter an unrelated joint venture agreement in New Mexico.

On December 12, 2025, Anthony Marchese, Chairman of TMRC, conducted a regular update call with USAR with respect to RTMD. USAR participants included Rob Steele, CFO of USAR, Alex Moyes, SVP of Mining and Processing of USAR, and David Kronenfeld, CLO of USAR. During the call, Mr. Steele asked Mr. Marchese if TMRC would be interested in receiving an acquisition proposal from USAR. Mr. Marchese responded that TMRC’s Board would entertain all offers and would evaluate an offer depending on price and other relevant factors.

On December 29, 2025 Messrs. Kronenfeld, Moyes, and Marchese held a telephone call to discuss various items for 2026 RTMD operations including the budgeted spend for the year. On December 31, 2025, USAR delivered a draft of a letter of intent to TMRC proposing a transaction whereby USAR would deliver USAR Shares to TMRC in exchange for TMRC’s interest in RTMD. The transaction proposed in the letter of intent implied a valuation for TMRC reflecting a 10% discount from TMRC’s then -current market capitalization based on the most recent closing prices for TMRC Shares and USAR Shares on OTCQB and Nasdaq, respectively. Mr. Marchese by email acknowledging receipt of the letter of intent, and expressing reservations about a proposal offering consideration that implied a discount to TMRC’s market capitalization.

Later that day, Mr. Marchese and Michael Blitzer, Chairman of the USAR Board, conducted a phone call on the topic wherein Mr. Marchese reiterated his concerns regarding a below -market transaction price. Mr. Blitzer encouraged a counter proposal from TMRC.

On January 1, 2026, the TMRC Board held a virtual meeting to evaluate the letter of intent. During the meeting, the TMRC Board reviewed the RTMD budget and determined that TMRC’s portion of RTMD capital calls for 2026 could vary between $25 million to $50 million. The TMRC Board discussed with its management team the fact that TMRC does not control the timing or amount of the capital calls and that TMRC anticipated it would not have sufficient cash to fund those capital calls during the 2026 fiscal year. The TMRC Board also discussed the fact that its inability to fund such capital calls would reduce TMRC’s economic interest in RTMD to approximately 13% if it received a call for the maximum amount. The TMRC Board further determined that RTMD’s budget would likely be accelerated, which would trigger additional capital calls for TMRC in 2027. The TMRC Board determined that if TMRC could not fund future capital calls, this could potentially reduce TMRC’s economic interest to as little as 3%. The TMRC Board also considered the three unsuccessful separate outreaches to industry participants during 2025, and USAR OpCo’s right of first offer with respect to TMRC’s interest in RTMD, which made selling TMRC’s interest in RTMD to a third party very challenging. Additionally, the TMRC Board concluded that the most tax efficient way to effect any merger transaction of its interest in RTMD would be to sell TMRC in its entirety in a stock -for -stock transaction, in which case TMRC’s stockholder would then have the ability to participate in USAR’s three distinct business segments, as opposed to primarily an investment only in RTMD, without the danger of future dilution from capital calls. Accordingly, the TMRC Board decided to reject the proposal that involved a 10% discount to market and to pursue with USAR an at -the -market stock -for -stock acquisition and authorized TMRC’s management team, together with Mr. Marchese to proceed accordingly.

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On January 2, 2026, Mr. Marchese emailed Mr. Kronenfeld to state that the TMRC Board’s desire was for USAR to acquire all of the issued and outstanding TMRC Shares, rather than merely TMRC’s interest in RTMD. Mr. Marchese’s email also communicated TMRC’s preferred deal structure. Mr. Marchese also stated that the USAR offer undervalued TMRC Shares but that TMRC was willing to consider a transaction premised on an at -the -market exchange of stock for all of the outstanding TMRC Shares, subject to the TMRC Board, after receiving the favorable opinion of an independent financial advisor, concluding that the exchange ratio was fair to the TMRC stockholders.

On January 18, 2026, Mr. Kronenfeld delivered to TMRC a revised proposal, which included a revised draft letter of intent whereby USAR would acquire TMRC’s interest in RTMD. The proposal valued TMRC’s interest in RTMD at an amount equal to TMRC’s market capitalization based on a trailing 10 -day weighted average price of TMRC Shares. The USAR Shares delivered as consideration would also be valued on the basis of a 10 -day weighted average price. The revised proposal, by its terms, expired on January 23, 2026. The revised proposal also was conditioned on the execution of a definitive transaction agreement by the end of January 2026.

On January 23, 2026, the TMRC Board reviewed and considered the revised draft letter of intent but ultimately decided not to execute it, concluding that TMRC did not have adequate time to review and analyze the proposal, given the tight evaluation deadline of the proposal’s expiration date of January 23, 2026.

On January 26, 2026, USAR issued a press release announcing its entry into a letter of intent with the U.S. Department of Commerce regarding a potential U.S. government investment in USAR and a collaboration with the U.S. Department of Energy. The announced letter of intent covered a total investment of $1.6 billion, including $277 million in proposed federal funding and $1.3 billion in a proposed senior secured loan under the CHIPS Act. In conjunction with this announcement, USAR announced that it had also raised a common stock offering in the amount of $1.5 billion.

Later that day, Mr. Marchese and Mr. Blitzer held a conference call wherein they discussed the U.S. government’s letter of intent, during which call Mr. Blitzer expressed to Mr. Marchese that the investment, should it occur pursuant to the letter of intent, would be made in USAR and USAR would not have any obligation to use the proceeds thereof in connection with RTMD.

On the same conference call, Mr. Marchese indicated that the deadline included by USAR with its most recent proposal was not realistic. Mr. Blitzer suggested that TMRC respond to the expired draft letter of intent with suggested terms and Mr. Marchese stated that the TMRC Board would seek to engage a financial advisor and, after considering the advice of its financial advisor, respond with alternative terms. Between January 26, 2026 and February 5, 2026, representatives of TMRC conducted telephone interviews with several financial advisors with experience in mergers and acquisitions transactions similar to the one proposed by USAR and ultimately engaged Roth Capital Partners, LLC (“ Roth ”). The selection of Roth was based largely on Roth’s familiarity with TMRC as a result of prior interactions seeking to maximize shareholder value, as well as Roth’s research capabilities in the critical mineral industry. In addition, TMRC had a prior relationship with Roth in 2025, when it engaged Roth, on a best -efforts basis, to seek to raise capital for purposes of diversification. The prior engagement was not in any way related to this transaction.

On January 31, 2026, Mr. Marchese and Mr. Blitzer met in person to discuss potential transaction terms. Both agreed that it would make sense for USAR to acquire all of the TMRC Shares via a stock -for -stock transaction with an at -the -market price, in lieu of an implied discount to TMRC’s capitalization. During this meeting, Mr. Marchese and Mr. Blitzer discussed fixing the number of USAR Shares to be issued to reflect an at -the -market stock -for -stock exchange transaction. Mr. Marchese and Mr. Blitzer discussed a proposal for an acquisition of 100% of the outstanding TMRC Shares in exchange for 3.8 million USAR Shares issued by USAR and Mr. Blitzer indicated that he would be willing to propose such terms to the USAR Board.

On January 31, 2026, Mr. Blitzer sent Mr. Marchese a transaction proposal, which included a revised draft letter of intent reflecting an acquisition of 100% of the outstanding shares of TMRC by USAR in exchange for 3.8 million USAR Shares issued by USAR, conditioned on the negotiation of definitive documentation, TMRC stockholder approval, and customary regulatory approvals. The revised proposal, by its terms, expired on February 1, 2026. The TMRC Board discussed the revised letter of intent and authorized Mr. Marchese to pursue the transaction. Mr. Marchese and Mr. Blitzer held a call later that day during which they discussed their shared goal of creating an at -the -market transaction, valuing both companies at their respective current market capitalizations on a proportional basis.

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On February 1, 2026, TMRC engaged Loeb & Loeb, LLP (“ Loeb ”), as its outside counsel to represent TMRC in the proposed transaction with USAR. The selection of Loeb was made in consultation with Roth and took into account Loeb’s reputation in the financial services industry and its prior working relationship with Roth.

On February 1, 2026, Mr. Marchese transmitted a revised letter of intent to USAR that proposed that the parties sign a standstill agreement.

On February 1, 2026, White & Case LLP (“ White & Case ”), counsel to USAR, transmitted a revised letter of intent to TMRC and Loeb that, among other things, rejected the changes to the letter of intent proposed by TMRC.

On February 2, 2026, representatives of TMRC, USAR, Loeb and White & Case participated in a virtual meeting to discuss the proposed draft letter of intent. Following the meeting, Loeb circulated a new draft of the proposed draft letter of intent to USAR and White & Case that, among other things, proposed that the share consideration from USAR increase proportionally based on the exchange ratio implied by the proposed consideration of 3.8 million USAR Shares if TMRC were to issue additional TMRC Shares prior to closing, but only up to a cap of one million additional TMRC Shares.

On February 2, 2026, on behalf of USAR, White & Case transmitted a further revised letter of intent to TMRC and Loeb that, among other things: (1) removed the proposal to increase USAR’s share consideration in respect of additional TMRC Shares issued prior to closing; (2) clarified that USAR’s proposal assumed that a requirement that all outstanding securities exercisable for or convertible into TMRC Shares would be terminated at closing and that any paid exercise price remain on TMRC’s balance sheet at closing; and (3) added a 30 -day exclusivity period to negotiate definitive documentation for the proposed transaction, which would be extendible for successive 10 -day periods at USAR’s option during which TMRC would not be permitted to solicit, negotiate or enter into any alternative transactions.

On February 2, 2026, Mr. Marchese and Mr. Blitzer held a telephone conference in which they discussed the revised proposal delivered by USAR and they agreed that an exclusivity period for negotiations was appropriate.

On February 3, 2026, on behalf of TMRC, Loeb circulated a new draft letter of intent to USAR and White & Case that, among other things: (1) reintroduced TMRC’s proposal that the share consideration from USAR increase proportionally if TMRC issues additional TMRC Shares prior to closing but only up to a cap of one million additional TMRC Shares; and (2) accepted an exclusivity period for negotiations but revised the exclusivity period so that it could only be extended for a single 15 -day period and only if USAR was working in good faith towards completion of definitive documentation.

On February 3, 2026, representatives of TMRC, USAR, Loeb and White & Case participated in a virtual meeting to discuss the draft letter of intent. The parties discussed the potential increase in USAR Shares consideration if TMRC issued additional shares and USAR indicated its willingness to accept the TMRC proposal if the proportionate increase in USAR Shares consideration were to apply to the issuance of no more than an additional 500,000 TMRC Shares and only if the parties executed definitive documentation during the exclusivity period, which both parties indicated a willingness to set at 30 days.

On February 3, 2026, following such meeting, White & Case, on behalf of USAR, transmitted a further revised letter of intent (the “ LOI ”) to TMRC and Loeb that, among other things, reflected the parties’ agreement with respect to the increase in USAR Shares consideration and the 30 -day exclusivity period.

On February 3, 2026, the TMRC Board met to evaluate the terms proposed in the LOI delivered by White & Case on behalf of USAR. The LOI provided that USAR will acquire 100% of the fully diluted shares of TMRC in exchange for 3.80 million USAR Shares, subject to a proportionate upward adjustment to take into account any additional TMRC Shares issued prior to closing in connection with the exercise of warrants and the exercise or grant of equity awards, at a ratio of 0.0466558 USAR Shares for each additional TMRC Share, up to a maximum of 500,000 additional TMRC Shares. The LOI was not a legally binding obligation in respect of any of the substantive provisions of the LOI relating to the acquisition of TMRC and the parties would not be obligated to negotiate or consummate the transactions or enter into a definitive agreement. Mr. Marchese indicated that the transaction contemplated by the LOI was predicated on the TMRC Board, after receiving the favorable opinion of an independent financial advisor, concluding that the exchange ratio was fair to the TMRC stockholders.

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In addition, during the meeting the TMRC Board discussed the LOI in light of other concerns of the TMRC Board, including the concern that the weight of anticipated capital calls with respect to the Round Top Project, and the challenge TMRC would have in meeting such capital calls, could put TMRC in a position of TMRC’s interest in RTMD being diluted down to 3%. The TMRC Board also discussed that if there were capital calls beyond the time at which TMRC’s interest was diluted to 3% and TMRC was unable to fund such capital calls, then TMRC would be unable to participate in any potential profits until it funded such capital calls. The TMRC Board also considered the fact that TMRC had been unsuccessful in raising capital in 2025 in order to diversify TMRC’s business. At the end of the meeting the TMRC Board approved execution of the LOI. Later, Messrs. Marchese, Blitzer and Kronenfeld had communications that day that indicated both the TMRC Board and USAR Board had approved execution of the LOI. The USAR Board did not hold a formal meeting on the matter.

On February 3, 2026, TMRC and USAR executed the LOI.

On February 5, 2026, TMRC engaged Roth to act as its financial advisor to assess the proposed transaction and, if such assessment warranted, to prepare and deliver a fairness opinion with respect to the transaction.

On February 8, 2026, TMRC and USAR executed a mutual non -disclosure agreement, which protects confidential information furnished in connection with the proposed transaction.

On February 11, 2026, White & Case provided an initial draft merger agreement to Loeb.

On February 13, 2026, White & Case and Loeb held a virtual meeting to discuss the diligence process for each party, including the financial information regarding USAR that USAR was prepared to provide to TMRC and its representatives, including Roth, in connection with TMRC’s due diligence of USAR.

On February 15, 2026, representatives of TMRC, USAR, Loeb and White & Case participated in a virtual meeting to discuss, among other issues, the financial information, including projections, that USAR was prepared to deliver to TMRC and Roth in connection with TMRC’s due diligence of USAR. USAR’s representatives explained the basis for its inability to deliver certain financial information to TMRC.

On February 16, 2026, TMRC, at the suggestion of Loeb, engaged Potter Anderson & Corroon LLP (“ Potter Anderson ”) as its outside counsel to represent it in the proposed transaction with USAR with respect to the laws of the State of Delaware.

Between February 19, 2026, and through the date of execution on March 4, 2026, TMRC, USAR and each of their respective legal counsels engaged in numerous communications with respect to the open issues in the draft merger agreement and exchanged drafts of the merger agreement. During the course of the negotiations, significant areas of discussion involved the representations and warranties and interim operating covenants of TMRC and USAR; the amount of the termination fee payable by TMRC in connection with the termination of the transaction and the circumstances under which that fee would be payable; the potential tax treatment and related transaction structure; and conditions to closing.

On February 21, 2026, Mr. Marchese and Mr. Blitzer exchanged correspondence in which Mr. Marchese indicated that the exchange ratio contemplated in the draft merger agreement valued TMRC at a discount to its market price. Mr. Blitzer indicated a willingness to consider an increase in the amount of merger consideration if a discount persisted at the time the parties were ready to execute a definitive agreement. However, the parties concluded that if the merger consideration in the transaction was “at the market” at the time the parties signed the Merger Agreement, there should not be a need for adjustment.

On February 24, 2026, White & Case, on behalf of USAR, delivered a draft of the voting agreement to be entered into with directors and executive officers of TMRC (the “ Voting Agreement ”). Between February 24, 2026 through the date of execution on March 4, 2026, White & Case and Loeb negotiated and finalized the form of Voting Agreement.

On February 27, 2026, the TMRC Board held a meeting via video/conference call in order to discuss the USAR transaction. In attendance were Mr. Marchese, Dan Gorski, Jonathan Beigle, Cecil Wall, Don Hulse and Deepak Malhotra. Thomas C. Pritchard, an attorney of TMRC, and Chris Mathers, the CFO of TMRC, were also in attendance. Representatives of Loeb, Roth and Potter Anderson also attended.

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Mr. Marchese provided an introduction of the participants and confirmed with all board members that they have been receiving and reviewing drafts of the proposed merger agreement and the proposed voting agreement and have had, and continue to have, the opportunity to ask questions with respect to the terms and conditions of the proposed transaction.

Representatives of Roth led a detailed discussion regarding the financial analysis and processes being used in preparing the fairness opinion, including the valuation of TMRC, the implied offer value analysis of TMRC, net asset value analysis of TMRC, the WACC for TMRC, and select trading of publicly traded peer group companies of TMRC, and advised the TMRC Board that the analysis and fairness opinion were substantially complete. A robust discussion followed among counsel, Roth and the directors.

A representative of Loeb then led a detailed discussion with respect to the terms and conditions of the Merger Agreement, including the issues that remained to be resolved. A representative of Potter Anderson then led a detailed discussion of Delaware fiduciary obligations of board members.

On March 3, 2026, the TMRC Board met again to consider and vote upon the transaction. Also in attendance were representatives of Loeb, Roth, and Potter Anderson. During the board meeting, representatives of Roth led the review of Roth’s financial analysis of the transaction and provided the TMRC Board with an oral opinion (subsequently confirmed in writing) that, as of such date and based upon and subject to the procedures followed, assumptions made and qualifications and limitations on the review undertaken, and other matters considered by Roth in preparing its opinion (attached as Annex B to this proxy statement/prospectus), the Merger Consideration to be received by the stockholders of TMRC pursuant to the Merger Agreement, was fair from a financial point of view. After a robust discussion, the TMRC Board (a) determined that it is fair to and in the best interests of TMRC and its stockholders, and declared it advisable, to enter into the Merger Agreement, (b) approved the Merger Agreement and the execution, delivery and performance of the Merger Agreement by TMRC and the consummation by TMRC of the Transactions, (c) resolved, on the terms and subject to the conditions set forth in the Merger Agreement, to submit it to TMRC’s stockholders for consideration at a meeting of TMRC stockholders, and (d) resolved, on the terms and subject to the conditions set forth in the Merger Agreement, to recommend that the holders of TMRC Shares adopt the Merger Agreement.

On March 3, 2026, the USAR Board, with representatives of White & Case and members of management also in attendance, met to review the Merger Agreement and the Transactions. Members of management presented certain key commercial terms regarding the transactions to the USAR Board. A representative of White & Case summarized certain key terms regarding the Merger Agreement and Voting Agreements, including the status of the issues that remained unresolved. Following such presentations and a subsequent discussion among the USAR Board, the USAR Board (a) determined that the Merger Agreement and the Transactions are advisable and in the best interests of USAR and its stockholders and (b) approved the Merger Agreement and the execution, delivery and performance of the Merger Agreement by USAR and the consummation by USAR of the Transactions.

The Merger Agreement, Voting Agreements and other transaction documents were executed during the evening on March 4, 2026. Before the opening of market on March 5, 2026, USAR and TMRC issued a joint press release announcing the transaction.

USAR’s Reasons for the Mergers

USAR believes that the Mergers will advance its strategic objective of building a globally integrated, non -China critical minerals and technology platform. In particular, the USAR Board considered the following factors in approving the Merger Agreement:

•          The Round Top Project is an important part of USAR’s fully integrated rare earth and permanent magnet value chain across the United States, United Kingdom, France and Brazil, encompassing mining to metal -making , alloy production and neodymium magnet manufacturing, as part of USAR’s strategy of establishing a secure, Western -aligned supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and industrial sectors. The Mergers will enable USAR to acquire TMRC’s approximately 18.7% minority interest in RTMD, thereby establishing USAR as the sole operator and 100% economic beneficiary of the Round Top Project.

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•          In addition, by eliminating the outstanding minority interest, the Mergers simplify governance, unify strategic decision -making , and align capital planning and execution under a single operator which the USAR Board views as essential to support the efficient transition from development to commercial production under USAR’s AMP.

•          The Mergers will also secure for USAR the rights under existing long -term leases covering approximately 950 acres at the Round Top Project, together with prospecting rights on an additional 9,345 acres.

The USAR Board did not consider it practicable to, and did not attempt to, quantify or otherwise assign relative weights to the specific factors it considered in reaching its determination. The USAR Board viewed its position as being based on all the information and factors presented to and considered by it. In addition, individual directors may have given different weights to different information and factors.

TMRC’s Reasons for the Mergers

The TMRC Board, at a meeting held on March 3, 2026, (a) determined that it is fair to and in the best interests of TMRC and its stockholders, and declared it advisable, to enter into the Merger Agreement, (b) approved the Merger Agreement and the execution, delivery and performance of the Merger Agreement by TMRC and the consummation by TMRC of the transactions contemplated thereby (the “ Transactions ”), including the Mergers, (c) resolved, on the terms and subject to the conditions set forth in the Merger Agreement, to submit the Merger Agreement to TMRC’s stockholders for consideration at a meeting of TMRC’s stockholders and (d) resolved, on the terms and subject to the conditions set forth in the Merger Agreement, to recommend that the holders of TMRC Shares adopt the Merger Agreement.

In reaching its determinations and recommendations, the TMRC Board consulted with company management and financial and legal advisors and considered a range of factors and scenarios, including the non -exhaustive list of factors, described below, which are not presented in any relative order of importance and each of which the TMRC Board viewed as being supportive of its determination.

•          The Mergers enable TMRC stockholders to avoid the dilution that would likely result from TMRC’s inability to fund its portion of anticipated RTMD capital calls for 2026 of as much as $50 million, which could reduce TMRC’s economic interest in RTMD to as little as 3%.

•          TMRC stockholders will receive fully registered USAR Shares in the Mergers. USAR has a much larger market capitalization and greater trading liquidity than that of TMRC. TMRC stockholders, therefore, will benefit from an enhanced ability to achieve liquidity based on USAR’s daily trading volumes in the twelve months preceding the announcement of the Transactions.

•          The Merger Agreement provides for a fixed number of USAR Shares to be issued in exchange for TMRC Shares. The Merger Consideration will not fluctuate as a result of possible changes in the market prices of TMRC Shares and USAR Shares following the announcement of the Transactions, providing protection against potential downside movement in the trading price of TMRC Shares in light of the volatility of securities trading markets and commodities prices.

•          The Mergers enable TMRC stockholders to fully participate in the value and opportunities that are expected to result from the Mergers, including equity participation in a combined business with three worldwide asset portfolios: the Round Top project, the metal -making subsidiary and the magnet manufacturing facilities, which offer significantly expanded future growth potential as compared to TMRC’s minority interest in RTMD on a standalone basis.

•          The combined company resulting from the Mergers will be better positioned to invest in RTMD as a result of its market capitalization and strong balance sheet, which may be further strengthened by a potential U.S. government investment in USAR and a collaboration with the U.S. Department of Energy. The announced letter of intent covered a total investment of $1.6 billion. Consequently, TMRC stockholders will have a greater ability to reap the benefits of their investment in the Round Top project than they would have had through a potentially diluted investment in RTMD.

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•          The TMRC Board also considered the following risks inherent in maintaining the assets within the current, or a somewhat larger, standalone exploration and production company, and determined that the USAR transaction eliminated, or significantly reduced, key risks including:

•          concentration risk associated with having virtually 100% of TMRC assets tied up in RTMD;

•          the risks related to the ongoing trend of investors seeking to allocate capital to listed companies and the largest and most financially stable and critical mineral producers, which has contributed to reduced valuations for small and micro -cap companies that trade on the OTC; and

•          financial and operating risks associated with growing pressure to diversify away from solely critical minerals.

•          The TMRC Board’s detailed consideration of the opportunities and risks of various potential strategic alternatives to the Mergers available to TMRC, including (i) other potentially available strategic transactions such as an acquisition of TMRC by another industry participant large enough to execute an acquisition of TMRC or the acquisition of TMRC’s minority interest in RTMD (taking into account that USAR holds a right of first refusal pursuant to the RTMD amended and restated limited liability company agreement dated June   26, 2023 (the “ RT LLC Agreement ”)), and (ii) continuing as a stand -alone publicly traded company, and the TMRC Board’s determination that none of the possible alternatives to the Mergers was reasonably likely to present superior opportunities for TMRC to create greater value for TMRC stockholders, taking into account execution risks as well as business, financial, industry and competitive factors. In reaching such an assessment, the TMRC Board considered that no strategic alternatives emerged from its prior solicitation process in 2025, pursuant to which Roth Capital Partners, LLC reached out to three potential counterparties, which included a wide range of industry participants with market capitalizations lower than and in excess of that of USAR, on behalf of TMRC to gauge their interest in a potential transaction, all of which declined to enter into serious discussions with respect to a transaction.

•          USAR’s larger, diversified asset portfolio provides a unique opportunity for TMRC stockholders to gain equity participation in a more diversified asset base and would de -risk the TMRC stockholders’ existing concentrated exposure in RTMD.

•          USAR’s strong balance sheet has a greater ability to fund major projects at RTMD while maximizing cash returns and invest across the critical mineral value chain, optimize capital allocation across its diversified asset portfolio, explore other critical mineral opportunities, and invest in technological innovation to enhance future opportunities than TMRC has on a standalone basis.

•          USAR’s strong management team and the USAR Board will position the combined company for sustained growth and drive long -term shareholder value.

•          The complementary nature, quality and scale of assets of USAR and TMRC, including TMRC’s assets in RTMD, are complementary to those of USAR and would allow the combined company to engage in capital -efficient development. These synergies are expected to benefit TMRC stockholders by: (i) enhancing the combined company’s position globally, (ii) optimizing the combined company’s development plans to deliver greater economic efficiencies, and (iii) supporting further growth opportunities globally.

•          The combined company will have a more diversified asset portfolio and improved ability to withstand commodity supply and demand and price volatility.

•          USAR and TMRC share similar philosophies in regard to the significance of developing an end -to -end mine -to -magnet strategy.

•          The TMRC Board reviewed and considered the terms of the Merger Agreement, taken as a whole, including:

•          the representations, warranties and covenants of the parties;

•          the restrictions imposed on TMRC’s business and operations during the pendency of the Mergers are reasonable and customary for transactions like the Mergers and not unduly burdensome;

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•          the lack of any financing condition or any condition based upon receiving USAR stockholder approval, which increases the likelihood that the Mergers will be completed in a timely manner;

•          that the limitations contained in the Merger Agreement on TMRC’s ability to solicit alternative proposals from third parties or respond to unsolicited acquisition proposals would not prevent or preclude any third party from making a competing proposal, subject to the terms and conditions provided in the Merger Agreement;

•          that notwithstanding the limitations contained in the Merger Agreement on TMRC’s ability to solicit alternative proposals from third parties and terminate the Merger Agreement, the Merger Agreement allows TMRC in certain circumstances before (but not after) the adoption of the Merger Agreement by the requisite holders of TMRC Shares, to engage in discussions with third parties regarding any unsolicited acquisition proposal for TMRC that constitutes or would reasonably be expected to result in a superior proposal;

•          the ability of the TMRC Board under certain circumstances to change, withdraw or modify the recommendation that TMRC’s stockholders vote in favor of the adoption of the Merger Agreement if the TMRC Board has determined in good faith, after consultation with its legal advisors, that failing to make a change in its recommendation would be reasonably likely to be inconsistent with the TMRC Board’s fiduciary duties;

•          the provisions of the Merger Agreement that restrict TMRC’s ability to solicit possibly superior transactions and that require payment by TMRC of a $3,250,000 termination fee under the Merger Agreement in specified circumstances are reasonable in light of the circumstances and the overall terms of the Merger Agreement, consistent with fees in comparable transactions, and would not significantly discourage alternative acquisition proposals that constitute superior proposals from credible third parties willing and able to make such proposals; and

•          that there are limited circumstances in which USAR may terminate the Merger Agreement.

•          On March 3, 2026, Roth presented the TMRC Board with its financial analysis of the Mergers followed by its oral opinion, confirmed by delivery of a written opinion dated March 3, 2026, to the effect that, based upon and subject to the factors and assumptions set forth therein, the Merger Consideration to be received by the holders of TMRC Shares pursuant to the Merger Agreement was fair from a financial point of view. For a more detailed description of the opinion of Roth, see the section entitled “Opinion of TMRC’s Financial Advisor” on page 6.

•          The likelihood that the Mergers would be consummated based on, among other things, the likelihood and anticipated timing of consummating the Mergers in light of the limited scope of the conditions to closing, including the lack of a requirement for the USAR stockholders to approve the merger and lack of required regulatory approval closing conditions.

•          TMRC’s stockholders’ ability to exercise their statutory appraisal rights under Section 262 of the DGCL and receive payment of the “fair value” of their respective TMRC Shares in lieu of the Merger Consideration, subject to and in accordance with the DGCL, unless and until any such stockholder withdraws or loses such holder’s right to appraisal and payment under the DGCL.

•          The Mergers are intended, for U.S. federal income tax purposes, to qualify as a “reorganization” within the meaning of Section 368(a) of the Code.

In the course of its deliberations, the TMRC Board also considered a variety of risks and other potentially negative factors, including the following:

•          The TMRC Board considered that because the Merger Consideration is based on a fixed number of shares, TMRC stockholders will bear the risk of a decrease in the trading price of USAR Shares during the pendency of the Mergers and the Merger Agreement does not provide TMRC with a collar or a value -based termination right.

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•          The risks and contingencies relating to the announcement and pendency of the Mergers, including the potential for diversion of management and employee attention and the potential effect of the combination on the businesses of both companies and the restrictions on the conduct of TMRC’s business during the period between the execution of the Merger Agreement and the completion of the Mergers.

•          The TMRC Board considered that TMRC would be required to pay to USAR a termination fee of $3,250,000 in the event the Merger Agreement were to be terminated by USAR in certain circumstances, including in connection with a change in the TMRC Board’s recommendation to its stockholders with respect to adoption of the Merger Agreement and the possibility that such termination fee could deter a potential acquirer from proposing an alternative transaction that would provide greater value to TMRC stockholders.

•          The TMRC Board considered that the Merger Agreement required TMRC to terminate all discussions with potential alternative transaction counterparties while noting that TMRC would only have the right to respond to alternative proposals that the TMRC Board determines in good faith constitute or would reasonably be expected to result in a superior proposal and in accordance with the applicable terms of the Merger Agreement.

•          The TMRC Board considered that, based on the implied value of the Merger Consideration as of March 4, 2026, TMRC stockholders would own less than 2% of USAR after the Mergers.

•          The TMRC Board considered risks of the type and nature described under the sections entitled “ Cautionary Note Regarding Forward -Looking Statements ” and “ Risk Factors ” in addition to the following risks:

•          the risk that the Mergers will not be completed, or may not be completed on the anticipated timeline, due to the failure to satisfy one or more of the conditions to closing or for other reasons outside of TMRC’s control, and that if the Mergers are not completed, TMRC stockholders would not receive the Merger Consideration and TMRC would remain subject to the risks and uncertainties of operating as a standalone company;

•          the fact that TMRC has incurred and will continue to incur significant transaction costs and expenses in connection with the proposed Transactions, regardless of whether the Mergers are consummated;

•          the potential for litigation by stockholders in connection with the Mergers, which, even where lacking in merit, could nonetheless result in distraction and expense;

•          the provisions of the Merger Agreement that impose certain restrictions on the operations of TMRC until implementation of the Mergers, which could delay or prevent TMRC from undertaking business opportunities that may arise and could have a negative impact on TMRC’s ability to maintain its existing business and employee relationships; and

•          the public announcement of the Mergers could adversely affect TMRC’s relationships with its employees, business partners, and other stakeholders, and could result in the diversion of management attention and resources away from day -to -day operations during the pendency of the Mergers.

The TMRC Board believed that, overall, the potential benefits of the Mergers to TMRC stockholders outweighed the potential risks and uncertainties of the Mergers.

In addition, the TMRC Board was aware of and considered that TMRC directors and executive officers may have interests in the Mergers that may be different from, or in addition to, their interests as stockholders of TMRC generally.

The foregoing discussion of factors considered by the TMRC Board is not intended to be exhaustive, but it includes material factors considered by the TMRC Board. In light of the variety of factors considered in connection with its evaluation of the Mergers, the TMRC Board did not find it practicable to, and did not, quantify or otherwise assign relative weights to the specific factors considered in reaching its determinations and recommendations. Moreover, each member of the TMRC Board applied his or her own personal business judgment to the process and may have given different weight to different factors. The TMRC Board did not undertake to make any specific determination as to whether any factor, or any particular aspect of any factor, supported or did not support its ultimate

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determination. The TMRC Board based its recommendation on the entirety of the information presented. The TMRC Board believed that, overall, the potential benefits of the Mergers to TMRC stockholders outweighed the potential risks and uncertainties of the Mergers.

Opinion of TMRC’s Financial Advisor

Pursuant to an engagement letter dated February 8, 2026, the TMRC Board retained Roth Capital Partners, LLC (“ Roth ”) to render its opinion to the TMRC Board as to whether the Merger Consideration to be received by the stockholders of TMRC in connection with the Transactions pursuant to the Merger Agreement, was fair from a financial point of view.

On March 3, 2026, Roth rendered its opinion to the TMRC Board, which opinion was initially rendered orally and subsequently confirmed in writing, that, as of the date of such opinion, and based upon the assumptions made, procedures followed, matters considered, and qualifications and limitations of the review set forth in Roth’s written opinion, dated March 3, 2026 (the “ Roth Fairness Opinion ”), the Merger Consideration to be received by the stockholders of TMRC pursuant to the Merger Agreement, was fair from a financial point of view.

In the Roth Fairness Opinion, Roth noted that the Merger Agreement provided that each TMRC Share issued and outstanding prior to the Effective Time (other than any TMRC Shares as to which dissenters’ rights have been properly exercised and TMRC Shares owned by USAR, TMRC or any of their respective direct or indirect wholly owned subsidiaries) will be converted into the right to receive a pro rata portion of the 3,823,328 USAR Shares issuable to the TMRC stockholders as the Merger Consideration, based on the exchange ratio set forth in the Merger Agreement.

The full text of the Roth Fairness Opinion, which sets forth the procedures followed, assumptions made, matters considered, and qualifications and limitations of the review undertaken by Roth in rendering such opinion, is attached to this proxy statement/prospectus as Annex B and is incorporated by reference in its entirety to this proxy statement/prospectus. The Roth Fairness Opinion was prepared for the information and use of the TMRC Board (in its capacity as such) in connection with its consideration of the Transaction. The Roth Fairness Opinion was not intended to be used for any other purpose without Roth’s prior written approval in each instance, except as expressly provided for in the Roth Fairness Opinion. Roth has consented to the use of the Roth Fairness Opinion in this proxy statement/prospectus.

The Roth Fairness Opinion did not address TMRC’s underlying business decision to enter into the Merger Agreement or complete the Transaction, or the relative merits of the Transaction, as compared to any alternative transactions that were or may be available to TMRC, and does not constitute a recommendation to the TMRC Board or to any stockholder of TMRC as to how such stockholder should vote with respect to the Transaction or any other matter. The following summary of the Roth Fairness Opinion is qualified in its entirety by reference to the full text of such opinion.

For purposes of the Roth Fairness Opinion and in connection with Roth’s review, Roth, among other things:

•          reviewed a draft of the Merger Agreement;

•          reviewed certain publicly available information relating to USAR, including: (i) reported prices and trading activity for the USAR Shares; (ii) USAR’s Annual Report on Form 10 -K for the fiscal year ended December   31, 2024, and its subsequently filed Quarterly Reports on Form 10 -Q ; and (iii) equity research analyst estimates and target price ranges relating to USAR’s business, earnings, cash flow, assets, liabilities and prospects;

•          performed a discounted cash flow analysis of USAR based on publicly available equity research analyst forecasts and certain other assumptions, as directed by TMRC’s management;

•          conducted discussions with members of the senior management of TMRC concerning the business, operations, financial condition and prospects of TMRC and its proportionate interest in the assets, liabilities, and operations of RTMD;

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•          reviewed certain publicly available information relating to TMRC, including: (i) reported prices and trading activity for the TMRC Shares; (ii) TMRC’s Annual Report on Form 10 -K for the fiscal year ended August 31, 2025, and its subsequently filed Quarterly Reports on Form 10 -Q ; and (iii) the 2019 Preliminary Economic Assessment of the Round Top Project, Sierra Blanca, Texas, commissioned by the Round Top Project (the “ Preliminary Economic Assessment ”);

•          reviewed financial projections and forecasts prepared by the management of TMRC relating to the future performance of TMRC and the Round Top Project, including TMRC’s expected future ownership stake therein, and performed a discounted cash flow analysis based on such projections and forecasts;

•          reviewed and analyzed certain publicly available financial and other information of selected publicly traded companies that Roth deemed relevant and compared such information to that of USAR and TMRC;

•          participated in discussions with representatives of the TMRC Board and its legal advisors regarding TMRC’s business, the Round Top Project, and certain other matters that Roth deemed relevant for purposes of rendering its opinion; and

•          performed such other analyses, including detailed financial analyses, and considered such other factors as Roth deemed appropriate for the purpose of reviewing the proposed Transaction and rendering its opinion.

In rendering its opinion, Roth assumed and relied upon, without independent verification, the accuracy and completeness of the information that was publicly available or supplied or otherwise made available to Roth by or through the TMRC Board. Roth further relied upon the assurances of the management of TMRC that such information does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements contained therein not misleading in any material respect.

With respect to financial projections of TMRC, Roth was advised by the management of TMRC, and has assumed, that such projections have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of TMRC for the future financial performance of TMRC. Roth does not express any view as to the assumptions on which such projections are based or the assumed probabilities associated with future events contemplated thereby. The financial projections included in this proxy statement/prospectus were not prepared with a view toward compliance with published guidelines of the Securities and Exchange Commission or the guidelines established by the American Institute of Certified Public Accountants. The financial projections included in this proxy statement/prospectus have been prepared by, and are the responsibility of, TMRC’s management. BDO USA, P.C., Ham, Langston & Brezina, L.L.P., and PricewaterhouseCoopers Auditores Independentes Ltda have not audited, reviewed, examined, compiled, or applied agreed -upon procedures with respect to the financial projections included in this proxy statement/prospectus. Accordingly, BDO USA, P.C.; Ham, Langston & Brezina, L.L.P., and PricewaterhouseCoopers Auditores Independentes Ltda do not express an opinion or any other form of assurance with respect thereto. The reports of BDO USA, P.C., Ham, Langston & Brezina, L.L.P., and PricewaterhouseCoopers Auditores Independentes Ltda, incorporated by reference/included in this Form S -4 relate to previously issued financial statements and do not extend to the forecasted financial information, and should not be read to do so.

Further, no other independent accountants have compiled, examined or performed any procedures with respect to the forecasted financial information contained herein, nor have they expressed any opinion or any other form of assurance on such information or the achievability thereof, and, accordingly, such independent accountants assume no responsibility for, and disclaim any association with, the forecasted financial information. The reports of such independent accountants included or incorporated by reference herein, as applicable, relate exclusively to the historical financial information of the entities named in those reports and do not cover any other information in this proxy statement/prospectus and should not be read to do so. The forecasted financial information included in this proxy statement/prospectus speaks only as of the date on which such information was prepared, and neither USAR or TMRC undertakes any obligation, other than as required by applicable law, to update the forecasted financial information included herein to reflect events or circumstances after the date the forecasted financial information was prepared or to reflect the occurrence of anticipated or unanticipated events or circumstances.

In rendering its opinion, Roth was not provided with, and did not rely upon, any non -public financial projections or internal forecasts of USAR, including its interest in the Round Top Project, and Roth’s analyses of USAR and its interest in the Round Top Project were based solely upon publicly available information, including publicly filed reports and publicly available equity research analyst estimates.

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Roth assumed that the final executed Merger Agreement would not differ in any material respect from the draft Merger Agreement reviewed by Roth and that the Transaction would be consummated in accordance with the terms set forth in the Merger Agreement without any waiver, amendment or delay of any terms or conditions. Roth also assumed that, in connection with the receipt of all necessary governmental, regulatory or other approvals and consents required for the proposed Transaction, no delays, limitations, conditions or restrictions will be imposed that would have a material adverse effect on TMRC or the contemplated benefits expected to be derived from the proposed Transaction.

Roth is not a legal, tax, accounting or regulatory advisor, and expressed no opinion as to legal, tax, accounting or regulatory matters. Roth relied upon, without independent verification, the assessment of TMRC and its legal, tax, accounting and regulatory advisors with respect to legal, tax, accounting and regulatory matters. Accordingly, the Roth Fairness Opinion does not address any legal, tax, accounting or regulatory matters, as to which Roth understood that TMRC had obtained such advice as it deemed necessary from qualified professionals.

Roth did not perform any independent valuations or appraisals of any of the assets or liabilities (fixed, contingent or other) of TMRC or USAR, and has not been furnished or provided with any such appraisals or valuations. Roth did not undertake any independent analysis of any pending or threatened litigation, regulatory action, possible unasserted claims or other contingent liabilities, to which TMRC, USAR, or any of their respective affiliates is a party or may be subject, did not make any assumptions concerning, and therefore did not consider, the possible assertion of claims, outcomes or damages arising out of any such matters.

Roth assumed and relied upon, without independent verification, the accuracy and completeness of the information that was publicly available or supplied or otherwise made available to it by or through the TMRC Board with respect to the Round Top Project, including the information set forth in the Preliminary Economic Assessment. Roth did not conduct any independent technical or geological audit of the Round Top Project, and expressed no view on the technical feasibility thereof.

The Roth Fairness Opinion was necessarily based on the economic, monetary, market, financial and other conditions as they existed and could have been evaluated as of the date of the Roth Fairness Opinion. Events occurring after the date of the Roth Fairness Opinion could materially affect the assumptions used in preparing the Roth Fairness Opinion. Roth does not have any obligation or responsibility to update, reaffirm or revise the Roth Fairness Opinion or otherwise comment upon any circumstances, developments or events occurring after the date of the Roth Fairness Opinion.

Roth is a nationally recognized investment banking firm that provides financial advisory services and is continually engaged in the valuation of businesses and their securities in connection with mergers and acquisitions, negotiated underwritings, private placements, secondary distributions of listed and unlisted securities, and valuations for corporate, estate and other purposes. Roth was selected by TMRC based on Roth’s experience, expertise, reputation and familiarity with TMRC. The TMRC Board did not impose any limitations on Roth with respect to the investigations made or procedures followed in rendering its opinion. The Roth Fairness Opinion was approved by an authorized internal fairness committee at Roth in accordance with its customary practice.

The Roth Fairness Opinion was limited to and addressed only the fairness of the consideration to be received by the stockholders of TMRC pursuant to the Merger Agreement to the extent expressly set forth in the Roth Fairness Opinion. Roth was not asked to, nor did Roth offer any opinion on, and the Roth Fairness Opinion did not address, any other aspect or implication of the Merger Agreement or any agreement, arrangement or understanding entered into in connection with the Merger Agreement or otherwise, including, without limitation, the basic business decision to proceed with or effect the Transaction, the independent fair value of TMRC, or the fairness of the amount or nature of any compensation to any officers, directors or employees of any party to the Merger Agreement, or any class of such persons, relative to the consideration in the Merger Agreement. Further, Roth expressed no opinion on the relative merits of the Merger Agreement as compared to any alternative business strategies that might exist for TMRC, the underlying business decision of the Company to proceed with the Merger Agreement, or the effects of any other transaction in which TMRC might engage. In addition, the Roth Fairness Opinion did not address the solvency or viability of TMRC or USAR before or after the consummation of the Transaction.

In connection with its engagement by the TMRC Board, Roth agreed to receive a fee of $350,000 upon the delivery of the Roth Fairness Opinion, which is payable in cash. This fee was determined by Roth and proposed to the TMRC Board. In addition, Roth is entitled to receive an advisory fee for its services as financial advisor to TMRC in connection with the Transaction in an amount equal to 0.75% of the aggregate consideration paid to or received by TMRC in connection with the Transaction, contingent upon the completion of the Transaction. Such advisory fee will

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be paid in cash at the time of, and as a condition to, the closing of the Transaction. The advisory fee is independent of any consideration for issuance of the Roth Fairness Opinion. TMRC has agreed to indemnify Roth against certain liabilities. Roth will also be reimbursed for certain expenses in connection with its services up to a limit of $35,000 for all expenses, which limit may be modified with the consent of TMRC.

Roth is a full -service securities firm engaged in securities trading and brokerage activities, as well as providing investment banking and other financial services. In the ordinary course of business, Roth and its affiliates may acquire, hold or sell, for Roth’s or its affiliates’ own accounts and for the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of TMRC and the other parties to the Transaction, and, accordingly, may at any time hold a long or a short position in such securities. Except as described above or as set forth below, Roth has not had a material relationship with, nor has it otherwise received any fees from TMRC, USAR or any other party to the Transaction during the two years preceding the date hereof. During the two years preceding the date hereof, Roth has had certain investment banking relationships with USAR. In April 2025, Roth was engaged by USAR to act as a co -placement agent in connection with a private placement of its securities, which offering generated gross proceeds to USAR of approximately $75 million, and for which Roth received aggregate compensation of approximately $450,000 in connection with such engagement.

Summary of Material Financial Analyses

The following is a summary of material financial analyses prepared, or reviewed, by Roth and discussed with the TMRC Board in connection with the rendering of the Roth Fairness Opinion:

•          discounted cash flow analysis with respect to USAR performed by Roth;

•          selected publicly traded comparable companies analysis with respect to USAR and the Round Top Project, performed by Roth; and

•          net asset valuation analysis with respect to the Round Top Project and TMRC’s ownership interest therein, performed by Roth.

The order in which the analyses are listed above and described below does not represent the relative importance or weight given to the analyses by Roth. Some of the summaries of financial analyses include information presented in tabular format. In order to fully understand such analyses, the tables must be read together with the text of the related summary. The tables alone do not constitute a complete description of Roth’s analyses. Considering the data described below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the analyses.

Except as otherwise noted, the following quantitative information, to the extent that it is based on market data, is based on market data as it existed on or before March 3, 2026, and is not necessarily indicative of current market conditions.

Discounted Cash Flow Analysis

The discounted cash flow analysis is a “forward looking” methodology and is based on projected future cash flows to be generated by USAR which are then discounted back to March 3, 2026 (the “ Valuation Date ”). This methodology has three primary components: (i) the present value of projected standalone unlevered, after -tax free cash flows for a determined period, (ii) the present value of the terminal value of cash flows (representing firm value beyond the time horizon on the projection), and (iii) the weighted average cost of capital (“ WACC ”) used to discount such future cash flows and terminal value back to the present.

For purposes of the discounted cash flow analysis, Roth utilized publicly filed reports and publicly available equity research analyst forecasts and certain other assumptions, as directed by TMRC’s management, to calculate USAR’s projected standalone unlevered, after -tax free cash flows for the calendar years ending December 31, 2025 through December 31, 2030.

In performing its discounted cash flow analysis, Roth calculated ranges of the estimated present values of the unlevered, after -tax free cash flows of USAR forecasted to generate for 2025 to 2030 by applying discount rates, as of the Valuation Date, ranging from 13.8% to 17.8%, reflecting Roth’s estimates of USAR’s WACC, as further described below.

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The WACC was calculated using a cost of equity of 16.1% and a cost of debt of 7.2%. Roth further calculated terminal values by applying EBITDA exit multiples ranging from 11.7x to 15.7x to USAR’s terminal year 2030 EBITDA of $966 million.

The WACC was calculated by adding (i) the estimated market value of equity as a percentage of the total market value of USAR’s capital multiplied by USAR’s estimated cost of equity, and (ii) the estimated market value of debt as a percentage of the total market value of USAR’s capital multiplied by USAR’s estimated after -tax market cost of debt. The estimated market value of USAR’s debt and equity were calculated using the average debt to equity ratios of the comparable publicly traded companies. The estimated cost of equity was calculated using the capital asset pricing model, which took into account the betas of comparable publicly traded companies, the risk -free rate, a historical equity market risk premium and a historical small capitalization risk premium, which risk premiums were sourced from the 2024 Kroll Cost of Capital Module. The estimated cost of debt was based on publicly available data as of the Valuation Date.

Selected Public Companies Analysis

Roth analyzed publicly available financial and stock market data for (i) eight (8) selected publicly traded companies operating in the lithium and industrial mineral and hard rock rare mining industry with market capitalizations ranging from $62 million to $13.5 billion as of the Valuation Date for USAR (collectively, the “ USAR selected companies ”), and (ii) six selected publicly traded companies that have majority ownership in hard rock rare mineral mining projects with market capitalizations ranging from $80 million to $13.5 billion as of the Valuation Date for the Round Top Project (collectively, the “ Round Top Project selected companies ”).

Selected Public Companies Analysis for USAR

Roth selected the following publicly traded companies as the USAR selected companies that it considered generally relevant for the analysis for USAR:

•          Lynas Rare Earths Limited

•          MP Materials Corp.

•          Liontown Limited

•          Critical Metals Corp.

•          Dateline Resources Limited

•          Arafura Rare Earths Limited

•          Australian Strategic Materials Ltd

•          Resolution Minerals Ltd

Roth reviewed various financial metrics of the USAR selected companies, including enterprise values, which were calculated as fully diluted equity values based on the closing stock prices on the Valuation Date, plus, if applicable for each company, total debt (excluding leases), preferred equity, and non -controlling interests minus cash and cash equivalents.

These enterprise values were analyzed as multiples of estimated revenue and EBITDA for calendar year 2027. The financial data for the USAR selected companies was sourced from publicly available data obtained from public filings with the SEC and other data sources, and subject to the following:

•          Based on Roth’s judgment and experience, the analysis excludes the highest and lowest 25% of revenue multiples for the eight USAR selected companies. After excluding these data points, the overall low to high calendar year 2027 estimated revenue multiples observed for the USAR selected companies were 5.1x to 9.8x (with an overall median of 7.0x). Roth applied the above selected ranges for projected calendar year 2027 to corresponding data of USAR.

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•          Based on Roth’s judgment and experience, the analysis uses the median EBITDA multiple from the eight USAR selected companies as the midpoint, developing a range by subtracting and adding 2x to establish the low and high ends. After applying these data points, the overall low to high calendar year 2027 estimated EBITDA multiples observed for the USAR selected companies were 11.7x to 15.7x (with an overall median of 13.7x). Roth applied the above selected ranges for projected calendar year 2027 to corresponding data of USAR.

This analysis resulted in the reference ranges of implied value per USAR Share set forth below:

Multiples

Implied Value Per Share

Low

High

Low

High

EV/CY 2027P Revenue (1)

5.1x

9.8x

$

14.95

$

20.89

EV/CY 2027P EBITDA

11.7x

15.7x

$

30.15

$

43.61

____________

(1)        “EV” refers to enterprise value and “CY” refers to calendar year.

Selected Public Companies Analysis for the Round Top Project and Net Asset Value for TMRC

Roth selected the following publicly traded companies as the Round Top Project selected companies that it considered generally relevant for the analysis for the Round Top Project:

•          Lynas Rare Earths Limited — Mt Weld

•          MP Materials Corp. — Mountain Pass

•          Arafura Rare Earths Limited — Nolans

•          Rare Element Resources — Bear Lodge

•          VHM Limited — Goschen

•          Defense Metals Corp. — Wicheeda

Roth reviewed various financial metrics of the Round Top Project selected companies, including enterprise values, which were calculated as fully diluted equity values based on the closing stock prices on the Valuation Date, plus, if applicable for each company, total debt (excluding leases), preferred equity, and non -controlling interests minus cash and cash equivalents. Roth also reviewed each Round Top Project selected company’s ownership percentage in mining projects, including Total Rare Earth Element (TREE) and Net Asset Value (NAV) of each project as of the Valuation Date.

The enterprise values were analyzed as multiples of TREE and the NAVs were analyzed as multiples of price as of the Valuation Date. The financial and mining project data for the Round Top Project selected companies was sourced from publicly available data obtained from public filings with the SEC, each project’s technical and feasibility reports, and other data sources, and subject to the following:

•          Based on Roth’s judgment and experience, the analysis excludes the highest and lowest 25% of TREE multiples for the five Round Top Project selected companies. After excluding these data points, the overall low to high estimated TREE multiples observed for the Round Top Project selected companies were $170 million to $2.5 billion (with an overall median of $698 million). That range was further adjusted for TMRC’s expected ownership and divided by the number of TMRC Shares outstanding, which resulted in share price range of $0.19 to $2.69 per TMRC Share.

The NAV analysis is a “forward looking” methodology and is based on projected future cash flows to be generated by the Round Top Project over a 22 -year projection period, which are then discounted back to the Valuation Date. This methodology has three primary components: (i) the present value of projected standalone unlevered, free cash flows for the determined period, (ii) the projection of TMRC’s equity interest in the project over this period, as a result of expected cash calls and estimated dilution thereof, and (iii) the WACC used to discount such future cash flows back to the present.

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For purposes of the NAV analysis, Roth utilized TMRC’s management assumptions and projected cash flows for the Round Top Project based on publicly available information, as well as certain other assumptions as directed by TMRC’s management. In performing its NAV analysis, Roth calculated ranges of the estimated present values of the unlevered, free cash flows of the Round Top Project for its 22 -year projection period by applying discount rates, as of the Valuation Date, ranging from 10% to 20%, reflecting Roth’s estimates of the Round Top Project’s WACC. The WACC was calculated using a cost of equity of 15.9% and a cost of debt of 7.1%. Roth further calculated the implied value attributable to TMRC, based on forecasted ownership percentage of 4.12%, accounting for expected cash calls and resulting dilution. The value was further adjusted by estimated price to NAV multiples observed for the Round Top Project selected companies, as specified below:

•          Based on Roth’s judgment and experience, the analysis excludes the highest and lowest 25% of price to NAV multiples for the five Round Top Project selected companies. After excluding these data points, the overall low to high estimated price to NAV multiples observed for the Round Top Project selected companies were 0.08x to 0.88x (with an overall median of 0.61x). Roth subtracted the above selected ranges to derive a range for TMRC’s Adjusted NAV Per Share using TMRC’s management projected 2028 ownership interest in the Round Top Project of 4.12%.

This analysis resulted in the reference ranges of implied value per TMRC Share set forth below:

Multiples (1)

Implied Value Per Share

Low

High

Low

High

EV/Total Rare Earth Element (2)

$

170

$

2,453

$

0.19

$

2.69

TMRC Adjusted NAV

0.08x

0.88x

$

0.07

$

1.39

____________

(1)        Dollar amounts are in millions of United States dollars.

(2)        “EV” refers to enterprise value.

Miscellaneous

This summary is not a complete description of the Roth Fairness Opinion or the underlying analyses and factors considered in connection with such opinion. The preparation of a fairness opinion is a complex process involving the application of subjective business and financial judgment in determining the most appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances and, therefore, is not readily susceptible to a partial analysis or summary description. Roth believes that its analyses described above must be considered as a whole and that considering any portion of such analyses or factors considered without considering all such analyses and factors could create a misleading or incomplete view of the processes underlying Roth’s analyses and its opinion. In arriving at its fairness determination, Roth considered the results of all of its analyses and did not attribute any particular weight to any factor or analysis considered by it. Rather, it made its fairness determination on the basis of its experience and professional judgment after considering the results of all of its analyses. In performing its analyses, Roth made numerous assumptions with respect to industry performance and general business and economic conditions, such as industry growth, inflation, interest rates and many other matters, many of which are beyond the control of TMRC, USAR and their respective advisors. Any estimates used in Roth’s analyses, and the results derived from such analyses, are not necessarily indicative of actual values or future results, which may be significantly more or less favorable than suggested by such analyses. No company selected for the analyses described above is identical to TMRC and/or USAR.

In conducting its analyses and arriving at its opinion, Roth utilized a variety of valuation methods. The analyses were prepared solely for the purpose of enabling Roth to provide its opinion to the TMRC Board as to the fairness, from a financial point of view, of the Merger Consideration to be received by the stockholders of TMRC pursuant to the Merger Agreement as of the date of the Roth Fairness Opinion, and do not purport to be appraisals or necessarily reflect the prices at which these companies or securities may actually be sold, which are inherently subject to uncertainty.

The terms of the Transaction were determined through arm’s -length negotiations between TMRC and USAR and were approved by the TMRC Board and the USAR Board. The decision to enter into the Merger Agreement by TMRC was solely that of the TMRC Board. Roth did not make any recommendations as to any specific consideration to TMRC or the TMRC Board, or that any specific amount or type of consideration constituted the only appropriate consideration for the Transaction. In addition, Roth was not authorized to, and did not, solicit any expressions of interest from any other parties with respect to any transaction involving TMRC or USAR, or review other alternative

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business combinations or transactions that TMRC could pursue. As described above, the Roth Fairness Opinion and the presentation of such opinion to the TMRC Board by Roth were among a number of factors taken into consideration by the TMRC Board in making its determination to approve the Merger Agreement, the Transaction and the other transactions contemplated thereby, including the factors described elsewhere in this proxy statement/prospectus.

Interests of USAR’s Directors and Executive Officers in the Mergers

Except for their interests as stockholders of USAR, USAR’s directors and executive officers do not have any interests in the Mergers that are different from, or in addition to, those of other USAR stockholders generally.

Interests of TMRC’s Directors and Officers in the Mergers

In considering the recommendation of the TMRC Board to vote in favor of the Merger Proposal, TMRC stockholders should be aware that, aside from their interests as stockholders, TMRC’s directors and officers have interests in the Mergers that are different from, or in addition to, those of other TMRC stockholders generally. TMRC’s directors were aware of and considered these interests, among other matters, in evaluating the Mergers and in recommending to stockholders that they approve and adopt the Merger Agreement and the Mergers. TMRC stockholders should take these interests into account in deciding whether to approve the Merger Proposal. These interests include, among other things:

•          As a condition to closing of the Mergers, TMRC will cause completion of a transfer of certain assets to Mr. Daniel Gorski, the Chief Executive Officer of TMRC, to pay off certain indebtedness between Mr. Gorski and a subsidiary of TMRC prior to the Effective Time.

•          The Merger Agreement provides that for a period of six years from and after the Effective Time, USAR shall cause the surviving company to (or if the surviving company is not able, USAR shall) indemnify and hold harmless all present and former director or officer of TMRC or any of its subsidiaries and each other person who, at the request or for the benefit of TMRC or its subsidiaries, is or was previously serving as a director, officer, manager, employee or fiduciary of any other person or any benefit plan of TMRC or any benefit plan of any TMRC subsidiary (in each case, when acting in such capacity) (determined as of the Effective Time) from and against any costs or expenses (including reasonable attorneys’ fees), judgments, fines, losses, claims, damages, penalties, amounts paid in settlement (including all interest, assessments and other charges) or liabilities incurred in connection with any claim, action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative, arising out of matters existing or occurring at or prior to the Effective Time, whether asserted or claimed prior to, at or after the Effective Time as provided in the certificate of incorporation or bylaws or other governing documents of TMRC or the applicable subsidiary of TMRC in effect on the date of the Merger Agreement or any indemnification agreement between such indemnified party and TMRC or applicable subsidiary of TMRC to the fullest extent permitted under applicable law. For six years after the Effective Time, USAR shall cause the surviving company to maintain in effect provisions in the surviving company’s certificate of formation and limited liability company agreement or similar organizational documents (or in such documents of any successor to the business of the surviving company) and the organizational documents of any TMRC subsidiary regarding exculpation, indemnification of directors, officers, employees, fiduciaries and agents and advancement of fees, costs and expenses that are no less advantageous to the intended beneficiaries than the corresponding provisions in existence on the date of the Merger Agreement. From and after the Effective Time, USAR, the surviving companies of the Mergers, and each of their subsidiaries including RT, shall honor and comply with their respective obligations under any indemnification agreement with any indemnified person in effect as of date of the Merger Agreement and indemnification obligations under the RT LLC Agreement, and not amend, repeal or otherwise modify any such agreement or the RT LLC Agreement in any manner that would adversely affect any right of any indemnified party thereunder.

•          Prior to the Effective Time, TMRC may, as of the Effective Time, obtain and fully pay for “tail” insurance policies for the extension of the directors’ and officers’ liability coverage of TMRC’s existing directors’ and officers’ insurance policies with a claims period of at least six years from and after the Effective Time with respect to any claim related to any period of time at or prior to the Effective Time from an insurance carrier with the same or better credit rating as the Company’s current insurance carrier with respect to

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directors’ and officers’ liability insurance. If TMRC, for any reason, fails to obtain such “tail” insurance policies as of the Effective Time, USAR shall use its best efforts to purchase such insurance for that six -year period.

•          Under Voting and Support Agreements with TMRC and USAR, each of TMRC’s directors and executive officers, has agreed to vote all of his TMRC Shares in favor of the Merger Proposal. As of the close of business on the record date for this special meeting, the TMRC stockholders who are parties to the Voting and Support Agreements collectively owned (with sole or shared voting power) approximately 19.3% of the TMRC Shares outstanding and entitled to vote at the this special meeting.

These interests may have influenced TMRC’s directors in approving the Merger Agreement and the Mergers and making their recommendation to TMRC stockholders to vote in favor of the approval and adoption of the Merger Agreement and the Mergers.

Appraisal Rights and Dissenters ’ Rights

TMRC

General

If the Mergers are completed, TMRC stockholders of record and beneficial owners who do not vote in favor of the Merger Proposal, who continuously hold such shares as of immediately before and through the effective date of the Mergers and who properly demand appraisal of their shares may be entitled to appraisal rights in connection with the Mergers under Section 262 of the DGCL.

The following discussion is not a complete statement of the law pertaining to appraisal rights under the DGCL and is qualified in its entirety by the full text of Section 262 of the DGCL, which is attached to this proxy statement/prospectus as Annex   C . The following summary does not constitute any legal or other advice nor does it constitute a recommendation that TMRC stockholders of record or beneficial owners exercise their appraisal rights under Section 262 of the DGCL. All references in Section 262 of the DGCL to a “stockholder” and all references in this discussion of appraisal rights to a “TMRC stockholder” are to the record holders of TMRC Shares unless otherwise noted herein. All such references to a “beneficial owner” mean a person or entity who is the beneficial owner of TMRC Shares held either in voting trust or by a broker, bank or other nominee on behalf of such person or entity unless otherwise expressly noted herein. If you hold your TMRC Shares through a broker, bank or other nominee and you wish to exercise appraisal rights, you should consult with your broker, bank or the other nominee.

Any TMRC stockholder or beneficial owner contemplating the exercise of such appraisal rights should review carefully the provisions of Section 262 of the DGCL, particularly the procedural steps required to properly demand and perfect such rights. Failure to strictly follow the procedures required by Section 262 of the DGCL for demanding and perfecting appraisal rights may result in the loss of such rights.

Under Section 262 of the DGCL, where a merger agreement is to be submitted for adoption at a meeting of stockholders, such as the special meeting, the corporation, in this case TMRC, must notify not less than 20 days before the meeting each of its stockholders who was such on the record date for notice of such meeting with respect to shares for which appraisal rights are available that appraisal rights are available and include in the notice a copy of Section 262 of the DGCL.  This proxy statement / prospectus constitutes TMRC ’ s notice to its stockholders that appraisal rights are available in connection with the Mergers, and the full text of Section   262 of the DGCL is attached to this proxy statement / prospectus as Annex   C . In connection with the Mergers, any stockholder of record or beneficial owner of TMRC Shares who wishes to exercise appraisal rights, or who wishes to preserve their right to do so, should review the following discussion and Annex   C carefully because failure to timely and properly comply with the procedures specified will result in the loss of such appraisal rights. A TMRC stockholder or beneficial owner who loses his, her or its appraisal rights will be entitled to receive the consideration in the Mergers described in the Merger Agreement and elsewhere in this proxy statement / prospectus (without interest). Moreover, the process of dissenting and exercising appraisal rights requires compliance with technical

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prerequisites, and because of the complexity of the procedures for exercising the right to seek appraisal of TMRC Shares, TMRC believes that if a TMRC stockholder or beneficial owner considers exercising such rights, they should seek the advice of legal counsel.

How to Exercise and Perfect Your Appraisal Rights

TMRC stockholders or beneficial owners wishing to exercise the right to seek an appraisal of their TMRC Shares must do all of the following:

•          deliver to TMRC a written demand for appraisal before the vote on the Merger Proposal at the Special Meeting, which written demand must reasonably inform TMRC of the identity of the TMRC stockholder or beneficial owner and that the TMRC stockholder or beneficial owner intends to demand appraisal of their shares. This written demand for appraisal must be in addition to and separate from any proxy or vote abstaining from or voting against the Merger Proposal. Voting “AGAINST” or failing to vote “FOR” the Merger Proposal by itself does not constitute a demand for appraisal within the meaning of Section 262 of the DGCL;

•          not vote in favor of, or abstain from voting on, the Merger Proposal (if a TMRC stockholder) or, if a beneficial owner, not instruct their broker, bank or other nominee to vote their share(s) in favor of the Merger Proposal or instruct their nominee record holder to abstain from voting on the Merger Proposal;

•          continuously hold or beneficially own, as applicable, the TMRC Shares from the date of making the demand through the Effective Time (a TMRC stockholder or beneficial owner will lose appraisal rights if the TMRC stockholder or beneficial owner of transfers the shares before the Effective Time); and

•          file a petition in the Court of Chancery requesting a determination of the fair value of the shares within 120 days after the Effective Time. While Section 262 of the DGCL provides that the surviving corporation of the First Merger (the “First Merger Surviving Corporation”) may file such petition, the First Merger Surviving Corporation is under no obligation to and has no intention of doing so.

Written Demand

The demand for appraisal made by a TMRC stockholder or beneficial owner must be executed by or on behalf of the TMRC stockholder or beneficial owner, as applicable.

In addition, in the case of a demand for appraisal made by a beneficial owner, the demand must also reasonably identify the holder of record of the shares for which the demand is made, be accompanied by documentary evidence of the beneficial owner’s ownership of TMRC Shares (such as a brokerage or securities account statement containing such information or a letter from the broker or other record holder of such shares confirming such information) and a statement that such documentary evidence is a true and correct copy of what it purports to be, and provide an address at which such beneficial owner consents to receive notices given by the First Merger Surviving Corporation under Section 262 of the DGCL and to be set forth on the verified list required by subsection (f) of Section 262 of the DGCL. A holder of record, such as a bank, broker or other nominee, who holds TMRC Shares as a nominee or intermediary for others, may exercise his, her or its right of appraisal with respect to the shares held for one or more beneficial owners while not exercising this right for other beneficial owners. In that case, the written demand should state the number of shares as to which appraisal is sought. Where no number of shares is expressly mentioned, the demand will be presumed to cover all shares held in the name of the holder of record.

All written demands for appraisal should be addressed to TMRC at 527 21 st Street, #44, Galveston, Texas 77550; Attention: Chief Executive Officer.

Withdrawal of Appraisal

At any time within 60 days after the Effective Time, any TMRC stockholder or beneficial owner who has delivered a written demand to TMRC and who has not commenced an appraisal proceeding or joined that proceeding as a named party may withdraw his, her or its demand for appraisal and accept the Merger Consideration to be paid to TMRC Stockholders in connection with the Mergers by delivering to the First Merger Surviving Corporation a written withdrawal of the demand for appraisal and an acceptance of such Merger Consideration. Any such attempt

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to withdraw the demand made more than 60 days after the Effective Time will require written approval of the First Merger Surviving Corporation. No appraisal proceeding in the Court of Chancery will be dismissed as to any TMRC stockholder or beneficial owner without the approval of the Court of Chancery, and such approval may be conditioned upon such terms as the Court of Chancery deems just; provided, however, that any TMRC stockholder or beneficial owner who has not commenced an appraisal proceeding or joined that proceeding as a named party may withdraw his, her or its demand for appraisal and accept the Merger Consideration provided for in the Merger Agreement within 60 days after the effective date of the Mergers. If the First Merger Surviving Corporation does not approve a request to withdraw a demand for appraisal and to accept the Merger Consideration provided for in the Merger Agreement when that approval is required, or if the Court of Chancery does not approve the dismissal of an appraisal proceeding, the TMRC stockholder or beneficial owner will be entitled to receive only the appraised value determined in any such appraisal proceeding.

Notice by the First Merger Surviving Corporation

Within 10 days after the Effective Time, the First Merger Surviving Corporation will notify each TMRC stockholder and beneficial owner who has complied with Section 262 of the DGCL, and who has not voted in favor of the Merger Proposal, of the date on which the First Merger became effective.

Filing a Petition for Appraisal

Within 120 days after the Effective Time, the First Merger Surviving Corporation or any TMRC stockholder or beneficial owner who has complied with Section 262 of the DGCL and is entitled to appraisal rights under Section 262 of the DGCL may commence an appraisal proceeding by filing a petition in the Court of Chancery, with a copy served the First Merger Surviving Corporation in the case of a petition filed by a TMRC stockholder or beneficial owner, demanding a determination of the fair value of the shares held by all TMRC stockholders or beneficial owners entitled to appraisal rights who did not vote their shares in favor of the Merger Proposal and properly demanded appraisal of such shares. The First Merger Surviving Corporation is under no obligation to and has no present intention to file a petition and TMRC stockholders and beneficial owners should not assume that the First Merger Surviving Corporation will file a petition or initiate any negotiations with respect to the fair value of the TMRC Shares. Accordingly, any TMRC stockholder or beneficial owners who desire to have their shares appraised should initiate all necessary action to perfect their appraisal rights in respect of their TMRC Shares within the time and in the manner prescribed in Section 262 of the DGCL. The failure of a TMRC stockholder or beneficial owner to file such a petition in the period and manner specified in Section 262 of the DGCL could nullify the TMRC stockholder’s or beneficial owner’s previous written demand for appraisal.

If a petition for an appraisal is timely filed by a TMRC stockholder or beneficial owner and a copy thereof is served upon the First Merger Surviving Corporation, the First Merger Surviving Corporation will then be obligated within 20 days after such service to file in the office of the Register in Chancery in which the petition was filed a duly verified list, which is referred to as the “verified list,” containing the names and addresses of all TMRC stockholders or beneficial owners who have demanded appraisal for their shares and with whom agreements as to the value of their shares have not been reached by the First Merger Surviving Corporation. Upon the filing of any such petition, the Register in Chancery, if so ordered by the Court of Chancery, will give notice of the time and place fixed for the hearing of such petition by registered or certified mail to the First Merger Surviving Corporation and the TMRC stockholders or beneficial owners shown on the verified list at the addresses stated therein. Such notice will also be published at least one week before the day of the hearing in a newspaper of general circulation published in the City of Wilmington, Delaware, or in another publication deemed advisable by the Court of Chancery. The First Merger Surviving Corporation will pay the costs of such notices.

After notice has been given to the TMRC stockholders and beneficial owners as required by the Court of Chancery, the Court of Chancery is empowered to conduct a hearing on the petition to determine those TMRC stockholders or beneficial owners who have complied with Section 262 of the DGCL and who have become entitled to appraisal rights thereunder. At the hearing on such petition, the Court of Chancery may require the TMRC stockholders or beneficial owners who have demanded an appraisal for their shares and who hold TMRC Shares represented by certificates to submit their stock certificates to the Register in Chancery for notation thereon of the pendency of the appraisal proceeding; if any TMRC stockholder or beneficial owner fails to comply with such direction, the Court of Chancery may dismiss the proceedings as to such TMRC stockholder or beneficial owner.

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Determination of Fair Value

After the Court of Chancery determines the TMRC stockholders and beneficial owners that are entitled to an appraisal, the appraisal proceeding will be conducted in accordance with the rules of the Court of Chancery, including any rules specifically governing appraisal proceedings. Through such proceeding, the Court of Chancery will determine the “fair value” of the TMRC Shares, exclusive of any element of value arising from the accomplishment or expectation of the Mergers, together with interest, if any, to be paid upon the amount determined to be the fair value (subject, in the case of interest payments, to any voluntary cash payments made by the First Merger Surviving Corporation pursuant to subsection (h) of Section 262 of the DGCL that have the effect of limiting the sum on which interest accrues as described below). In determining fair value, the Court of Chancery will take into account all relevant factors. Unless the Court of Chancery in its discretion determines otherwise for good cause shown, interest from the effective time through the date of payment of the judgment will be compounded quarterly and will accrue at 5% over the Federal Reserve discount rate (including any surcharge) as established from time to time during the period between Effective Time and the date of payment of the judgment. At any time before the Court of Chancery’s entry of judgment in the proceedings, however, the Surviving Corporation may pay to each TMRC stockholder and beneficial owner entitled to appraisal an amount in cash, in which case interest will accrue thereafter only upon the sum of (i) the difference, if any, between the amount so paid by the Surviving Corporation and the fair value of the shares as determined by the Court of Chancery and (ii) interest theretofore accrued, unless paid at that time.

In determining fair value, the Court of Chancery will take into account all relevant factors. In Weinberger v. UOP, Inc. , the Supreme Court of Delaware discussed the factors that could be considered in determining fair value in an appraisal proceeding, stating that “proof of value by any techniques or methods that are generally considered acceptable in the financial community and otherwise admissible in court” should be considered, and that “[f]air price obviously requires consideration of all relevant factors involving the value of a company.” The Supreme Court of Delaware has stated that, in making this determination of fair value, the court must consider market value, asset value, dividends, earnings prospects, the nature of the enterprise and any other facts that could be ascertained as of the date of the merger that throw any light on future prospects of the merged corporation. Section 262 of the DGCL provides that fair value is to be “exclusive of any element of value arising from the accomplishment or expectation of the merger.” In Cede & Co. v. Technicolor, Inc. , the Delaware Supreme Court stated that such exclusion is a “narrow exclusion [that] does not encompass known elements of value,” but that rather applies only to the speculative elements of value arising from such accomplishment or expectation. In Weinberger , the Supreme Court of Delaware also stated that “elements of future value, including the nature of the enterprise, which are known or susceptible of proof as of the date of the merger and not the product of speculation, may be considered.”

Upon application by the First Merger Surviving Corporation or by any TMRC stockholder or beneficial owner entitled to participate in the appraisal proceeding, the Court of Chancery may, in its discretion, proceed to trial upon the appraisal before the final determination of TMRC stockholders and beneficial owners entitled to an appraisal. Any TMRC stockholder or beneficial owner whose name appears on the verified list and who has submitted such stockholder’s certificates of stock to the Register in Chancery, if required, may participate fully in all proceedings until it is finally determined that such TMRC stockholder or beneficial owner is not entitled to appraisal rights. The Court of Chancery will direct the payment of the fair value of the TMRC Shares, together with interest, if any, by the First Merger Surviving Corporation to TMRC stockholders or beneficial owners entitled thereto.

The costs of the appraisal proceedings (which do not include attorneys’ fees or the fees and expenses of experts) may be determined by the Court of Chancery and taxed upon the parties as the Court of Chancery deems equitable under the circumstances. Upon application of a TMRC stockholder or beneficial owner whose name appears on the verified list, the Court of Chancery may also order all or a portion of the expenses incurred by a TMRC stockholder or beneficial owner in connection with an appraisal proceeding, including, without limitation, reasonable attorneys’ fees and the fees and expenses of experts, to be charged pro rata against the value of all the shares entitled to an appraisal. In the absence of such an order, each party bears its own expenses.

Any TMRC stockholder or beneficial owner who had demanded appraisal rights will not, after the Effective Time, be entitled to vote shares subject to that demand for any purpose, or to receive payments of dividends or any other distribution with respect to those shares, other than with respect to payment as of a record date prior to the Effective Time. If any stockholder who demands appraisal of TMRC Shares under Section 262 fails to perfect,

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effectively withdraws or otherwise loses such holder’s right to appraisal with respect to such shares, such shares will be deemed to have been converted at the Effective Time into the right to receive the consideration provided pursuant to the Merger Agreement, without interest, upon the terms and conditions set forth therein.

If no petition for appraisal is filed within 120 days after the Effective Time, or if a TMRC stockholder or beneficial owner votes for approval of the Merger Proposal or effectively withdraws his, her or its demand for appraisal, then the right of that TMRC stockholder or beneficial owner to appraisal will cease and that TMRC stockholder or beneficial owner will be entitled to receive the consideration for his, her or its TMRC Shares provided for in the Merger Agreement. A holder who has not commenced an appraisal proceeding or joined that proceeding as a named party may withdraw his, her or its demand for appraisal by delivering to the First Merger Surviving Corporation a written withdrawal of his, her or its demand for appraisal and acceptance of the Mergers, except that any such attempt to withdraw made more than 60 days after the effective date of the Mergers will require the written approval of the First Merger Surviving Corporation. No appraisal proceeding in the Delaware Court of Chancery will be dismissed as to any stockholder without the approval of the Delaware Court of Chancery, and such approval may be conditioned upon such terms as the Delaware Court of Chancery deems just; provided, however, any TMRC stockholder or beneficial owner who has not commenced an appraisal proceeding or joined that proceeding as a named party will have the right to withdraw their demand for appraisal and to accept the terms offered upon the Mergers within 60 days after the effective date of the Mergers.

TMRC stockholders and beneficial owners considering seeking appraisal should be aware that the fair value of their respective shares as determined under Section 262 of the DGCL could be more than, the same as or less than the consideration they would receive pursuant to the Merger Agreement if they did not seek appraisal of their respective shares.      TMRC stockholders and beneficial owners who perfect their appraisal rights and who do not subsequently effectively withdraw or otherwise lose their appraisal rights will not be entitled to any consideration under the Merger Agreement.

Accounting Treatment

USAR prepares its financial statements in accordance with U.S. GAAP. The Mergers will be accounted for by using the business combination accounting rules, which requires the application of a screen test to evaluate if substantially all the fair value of the acquired assets is concentrated in a single identifiable asset or group of similar identifiable assets to determine whether a transaction is accounted for as an asset acquisition or business combination. In addition, the rules require the identification of the acquirer; the determination of the acquisition date; the determination of the fair value of consideration; and the recognition and measurement, at relative fair value, of the identifiable assets acquired, liabilities assumed and any noncontrolling interest in the consolidated subsidiaries of the acquiree. After consideration of all applicable factors pursuant to the business combination accounting rules, the Mergers will be treated as an asset acquisition under U.S. GAAP with USAR as the acquirer. The interest of TRMC in RTMD that USAR is acquiring in the Mergers represents substantially all of the fair value of the assets acquired by USAR. USAR currently owns a controlling interest in RTMD and has consolidated this entity within its historical consolidated financial statements. As the acquisition of the acquiree’s interest in RTMD represents a change in the parent’s ownership interest, the acquisition of that interest will be accounted for as a change of ownership interest within the scope of U.S. GAAP Accounting Standard Codification Topic 810.

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THE MERGER AGREEMENT

Explanatory Note Regarding the Merger Agreement

The following summarizes material provisions of the Merger Agreement, which is included as Annex A to this proxy statement/prospectus and is incorporated herein by reference in its entirety. The rights and obligations of USAR and TMRC are governed by the express terms and conditions of the Merger Agreement and not by this summary or any other information contained in this proxy statement/prospectus. TMRC stockholders are urged to read the Merger Agreement carefully and in its entirety as well as this proxy statement/prospectus before making any decisions regarding the Merger.

The Merger Agreement is included with this proxy statement/prospectus only to provide you with information regarding the terms of the Merger Agreement, and not to provide you with any other factual information regarding USAR, TMRC or their respective subsidiaries or businesses. The Merger Agreement contains representations and warranties by each of the parties to the Merger Agreement. These representations and warranties have been made solely for the benefit of the other parties to the Merger Agreement and:

•          have been made only for purposes of the Merger Agreement;

•          have been qualified by certain documents filed with, or furnished to, the SEC by USAR or TMRC, as applicable, on or after January   1, 2025 and no later than March   2, 2026;

•          have been qualified by confidential disclosures made to USAR or TMRC, as applicable, in connection with the Merger Agreement;

•          are subject to materiality qualifications contained in the Merger Agreement which may differ from what may be viewed as material by investors;

•          were made only as of the date of the Merger Agreement or such other date as is specified in the Merger Agreement; and

•          have been included in the Merger Agreement for the purpose of allocating risk between USAR and the Merger Subs, on the one hand, and TMRC, on the other hand, rather than establishing matters as facts.

You should not rely on the representations and warranties or any descriptions thereof as characterizations of the actual state of facts or condition of USAR, TMRC or any of their respective subsidiaries or businesses. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Merger Agreement, which subsequent information may or may not be fully reflected in USAR’s or TMRC’s public disclosures.

Accordingly, the representations and warranties and other provisions of the Merger Agreement should not be read alone, but instead should be read together with the information provided elsewhere in this proxy statement/prospectus and in the documents incorporated by reference into this proxy statement/prospectus. See the section titled “ Where You Can Find More Information ” contained in this proxy statement/prospectus.

This summary is qualified in its entirety by reference to the Merger Agreement.

Overview

On March 4, 2026, Texas Mineral Resources Corp., a Delaware corporation (“ TMRC ”) entered into a definitive Agreement and Plan of Merger (the “ Merger Agreement ”) by and among USA Rare Earth, Inc., a Delaware corporation (“ USAR ”), TMRC, Hamer Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of USAR (“ First Merger Sub ”) and Hamer Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of USAR (“ Second Merger Sub ” and together with First Merger Sub, the “ Merger Subs ”). The Merger Agreement provides for the successive mergers of TMRC with each of the Merger Subs, as a result of which TMRC’s business will be held by a wholly owned subsidiary of USAR, and each of the then outstanding shares of common stock, par value $0.01 per share, of TMRC (“ TMRC Shares ”) will generally be exchanged for a portion of a share (a “ USAR Share ”) of common stock, par value $0.0001 per share, of USAR, as described below.

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The Merger Agreement contemplates the following transactions:

•          the merger of First Merger Sub with and into TMRC, with TMRC surviving the merger as a wholly owned subsidiary of USAR (the “ First Merger ”) at the effective time of the First Merger (the “ Effective Time ”);

•          subject to the terms and conditions set forth in the Merger Agreement, at the Effective Time, each TMRC Share issued and outstanding immediately prior to the Effective Time (excluding any TMRC Shares as to which dissenters’ rights have been properly exercised and TMRC Shares owned by USAR, TMRC or any of their respective direct or indirect wholly owned subsidiaries) will automatically be converted into the right to receive that portion of a validly issued, fully paid and nonassessable USAR Share equal to the quotient obtained by dividing (a) 3,823,328 by (b) the aggregate number of TMRC Shares outstanding on a fully diluted basis at the Effective Time, with holders of TMRC Shares who are otherwise entitled to a fractional USAR Share receiving cash in lieu of that fractional share, without interest; and

•          promptly following the Effective Time, the merger of Second Merger Sub with and into the surviving corporation in the First Merger, with Second Merger Sub surviving the second merger as a wholly owned subsidiary of USAR (the “ Second Merger ” and together with the First Merger, the “ Mergers ” and collectively with the other transactions contemplated by the Merger Agreement, the “ Transactions ”).

The parties expect to consummate the Mergers no later than the third calendar quarter of 2026, subject to the satisfaction or waiver of the conditions precedent to such closing.

Structure and Effective Time

The Merger Agreement provides for the merger of First Merger Sub with and into TMRC at the Effective Time, with TMRC surviving the merger as a wholly owned subsidiary of USAR. Promptly following the Effective Time, as a second step in a single integrated transaction with the First Merger, the Merger Agreement also contemplates a second merger of Second Merger Sub with and into the surviving corporation in the First Merger, with Second Merger Sub surviving the second merger as a wholly owned subsidiary of USAR.

At the Effective Time, the TMRC Charter as in effect immediately prior to the Effective Time will be amended and restated in its entirety to read as set forth in Exhibit B to the Merger Agreement (and will be the certificate of incorporation of the surviving corporation) until thereafter amended as provided therein or by applicable law. The bylaws of First Merger Sub in effect immediately prior to the Effective Time will be the bylaws of the surviving corporation until thereafter amended as provided therein or by applicable law.

At the effective time of the Second Merger (the “ Second Effective Time ”), the certificate of formation of Second Merger Sub as in effect immediately prior to the Second Effective Time will be amended and restated in its entirety to read as set forth in Exhibit D to the Merger Agreement (and will be the certificate of formation of the surviving company) except that all references to Second Merger Sub’s name shall be replaced by references to “DyTb, LLC”, until thereafter amended as provided therein or by applicable law. The limited liability company agreement of Second Merger Sub in effect immediately prior to the Second Effective Time will be the limited liability company agreement of the surviving company until thereafter amended as provided therein or by applicable law.

The directors and officers of First Merger Sub at the Effective Time will be the directors and officers of the surviving corporation, from and after the Effective Time, until their successors have been duly elected or appointed and qualified, or until their earlier death, resignation or removal in accordance with the certificate of incorporation and bylaws of the surviving corporation. The officers of Second Merger Sub immediately prior to the Second Effective Time will continue as the officers of the surviving company from and after the Second Effective Time until their successors have been duly elected or appointed or until their earlier death, resignation or removal in accordance with the certificate of formation or the limited liability company agreement of the surviving company.

Unless otherwise mutually agreed in writing between USAR and TMRC, the closing of the First Merger will take place at 10:00 a.m. (Eastern Time) on the fifth business day following the day on which the last to be satisfied or waived of the conditions set forth in the Merger Agreement (other than those conditions that by their nature are to be satisfied at or immediately prior to the closing, but subject to fulfillment or waiver of those conditions) is satisfied or waived by the party entitled to benefit in accordance with the Merger Agreement.

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At the closing, USAR and TMRC will cause a certificate of merger substantially in the form of Exhibit A to the Merger Agreement to be duly executed, acknowledged and filed with the Secretary of State of the State of Delaware as provided in Section 251 of the DGCL, and make any other filings, recordings or publications required to be made by TMRC or First Merger Sub under the DGCL. The First Merger will become effective at the time when the certificate of merger has been duly filed with the Secretary of State of the State of Delaware, or at such later date or time as TMRC and USAR shall agree in writing and such time shall be specified in the certificate of merger.

Promptly after the Effective Time, Second Merger Sub will file a certificate of merger substantially in the form attached as Exhibit C to the Merger Agreement to be duly executed, acknowledged and filed with the Secretary of State of the State of Delaware as provided in Section 264 of the DGCL and Section 18 -209 of the Delaware Limited Liability Company Act (“ Delaware LLC Act ”), and make any other filings, recordings or publications required to be made by the surviving corporation or Second Merger Sub under the DGCL and Delaware LLC Act. The Second Merger will become effective at the time when the second step certificate of merger has been duly filed with the Secretary of State of the State of Delaware, or at such later date or time as TMRC and USAR shall agree in writing and such time shall be specified in the second step certificate of merger.

Merger Consideration

Subject to the terms and conditions set forth in the Merger Agreement, at the Effective Time, each TMRC Share issued and outstanding immediately prior to the Effective Time (excluding any TMRC Shares as to which dissenters’ rights have been properly exercised and TMRC Shares owned by USAR, TMRC or any of their respective direct or indirect wholly owned subsidiaries) will automatically be converted into the right to receive that portion of a validly issued, fully paid and nonassessable USAR Share equal to the quotient obtained by dividing (a) 3,823,328 by (b) the aggregate number of TMRC Shares outstanding on a fully diluted basis at the Effective Time. Holders of TMRC Shares who are otherwise entitled to a fractional USAR Share will receive cash in lieu of such fractional share, without interest, in an amount representing such holder’s proportionate interest in the net cash proceeds from the aggregation and sale by the exchange agent of USAR Shares representing the fractional USAR Shares that would otherwise be issued.

If the Mergers are completed, TMRC stockholders who do not vote in favor of the adoption of the Merger Agreement, who continuously hold their TMRC Shares through the Effective Time and who properly demand appraisal of their TMRC Shares in compliance with the requirements of Section 262 of the DGCL will not be converted into or represent the right to receive their portion of the Merger Consideration and instead will be entitled to exercise appraisal rights in connection with the Mergers under Section 262 of the DGCL. This means that holders of TMRC Shares who may exercise appraisal rights and who also have properly exercised, perfected and not waived, withdrawn or lost those appraisal rights are entitled to have their shares appraised by the Delaware Court of Chancery and to receive payment in cash of the “fair value” of their TMRC Shares, exclusive of any elements of value arising from the accomplishment or expectation of the merger, together with interest (subject to certain exceptions) to be paid on the amount determined to be fair value, if any, as determined by the Delaware Court of Chancery, so long as those holders comply exactly with the procedures established by Section 262 of the DGCL and a court of competent jurisdiction does not determine that such holders are not entitled to relief provided by Section 262 of the DGCL with respect to their TMRC Shares. For additional information about appraisal rights, see the section titled “ The Mergers — Appraisal Rights and Dissenters Rights ” contained in this proxy statement/prospectus.

If, between the date of the Merger Agreement and the Effective Time, the issued and outstanding TMRC Shares or securities convertible or exchangeable into or exercisable for TMRC Shares or the issued and outstanding USAR Shares or securities convertible or exchangeable into or exercisable for USAR Shares changes into a different number of shares or a different class by reason of any reclassification, stock split (including a reverse stock split), split -up , combination, exchange of shares, readjustment, reorganization, stock dividend or distribution, recapitalization, merger, issuer tender or exchange offer, or other similar transaction, then the Merger Consideration will be equitably adjusted, without duplication, to proportionally reflect such change.

Based upon the closing price of a USAR Share on Nasdaq of $24.64 on June 18, 2026, the last practicable trading date prior to the date of this proxy statement/prospectus, the value of the Merger Consideration was approximately $94.2 million.

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Payment and Issuance of the Merger Consideration

USAR will select an exchange agent reasonably acceptable to TMRC (the “ exchange agent ”) for the payment of the aggregate Merger Consideration in respect of the TMRC Shares as contemplated by the Merger Agreement. Promptly following the Effective Time, USAR will deposit or cause to be deposited with the exchange agent the number of USAR Shares necessary to pay the Merger Consideration pursuant to the Merger Agreement and any net cash proceeds from the sale of fractional USAR Shares.

As promptly as reasonably practicable after the Effective Time but in no event later than five business days thereafter, USAR will instruct the exchange agent to mail to each holder of record of certified TMRC Shares or book -entry TMRC Shares not held through DTC (i) a letter of transmittal and (ii) instructions advising such stockholder how to surrender its TMRC Shares or transfer the book -entry TMRC Shares to the exchange agent in exchange for the Merger Consideration.

After the Effective Time, each holder of TMRC Shares will be entitled to receive the pro rata portion of the Merger Consideration (i) upon surrender to the exchange agent of TMRC Shares that are represented by certificates, by physical surrender of such certificates in accordance with the terms of the letter of transmittal and accompanying instructions, (ii) upon the transfer of TMRC Shares that are book -entry TMRC Shares not held through DTC, in accordance with the terms of the letter of transmittal and accompanying instructions, or (iii) upon the transfer of TMRC Shares that are book -entry TMRC Shares held through DTC, including by delivery of an “agent’s message”, in accordance with DTC’s customary procedures and such other procedures as agreed by USAR, the exchange agent and DTC. Interest will not be paid or accrue in respect of any of the Merger Consideration, and the amount of any Merger Consideration paid to stockholders of TMRC may be reduced by the amount of applicable withholding taxes.

After the Effective Time, there will be no further transfers on the stock transfer books of TMRC of TMRC Shares that were outstanding immediately prior to the Effective Time. After the Effective Time, holders of a certificate or book -entry TMRC Share outstanding immediately prior to the Effective Time will cease to have any rights with respect to the TMRC Shares except as provided in the Merger Agreement or by applicable law. If, after the Effective Time, any certificate or book -entry TMRC Share are presented to the surviving company, USAR or the exchange agent for transfer, they will be canceled and exchanged for the aggregate Merger Consideration to which the stockholder thereof is entitled, pursuant to and in accordance with the Merger Agreement.

Representations and Warranties

The Merger Agreement contains a number of representations and warranties made by TMRC, with respect to TMRC and its subsidiaries, and USAR and the Merger Subs, with respect to USAR, its subsidiaries and the Merger Subs, including representations and warranties relating to:

•          corporate organization, good standing and similar matters;

•          capital structure and equity securities;

•          corporate power and authority to execute and deliver the Merger Agreement and each ancillary agreement thereto and to consummate the Transactions;

•          authorization of the Merger Agreement, the merger and the other transactions contemplated by the Merger Agreement and enforceability of the Merger Agreement;

•          required governmental filings and consents in connection with the execution, delivery and performance of the Merger Agreement and the closing of the Mergers and the other transactions contemplated by the Merger Agreement;

•          the absence of (i) with or without notice, lapse of time or both, conflicts with or breach or violation of, or default under, the charter documents or comparable governing documents, (ii) with or without notice, lapse of time or both, breach or violation of, a termination (or right of termination), cancellation (or right of cancellation) or default under, the creation or acceleration of any obligations under, the loss or reduction of any benefits under, or the creation of a lien on any of the assets of TMRC or any of its subsidiaries pursuant to any material contract, any license necessary to conduct its business or any law to which TMRC

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or its subsidiaries or USAR or its subsidiaries, as applicable, is subject and (iii) any change in the rights or obligations of any party under any contract binding upon TMRC or its subsidiaries or USAR or its subsidiaries, as applicable;

•          accuracy of reports and financial statements filed with the SEC;

•          disclosure controls and procedures and internal controls over financial reporting;

•          legal proceedings;

•          the absence of undisclosed liabilities;

•          broker’s, finder’s and similar fees payable in connection with the merger and the other transactions contemplated by the Merger Agreement;

•          compliance with applicable laws (including anti -corruption laws and trade laws), court orders and certain regulatory matters;

•          tax matters; and

•          accuracy of information supplied for inclusion or incorporation in the S -4 registration statement.

In addition, TMRC made certain representations and warranties with respect to TMRC and its subsidiaries relating to:

•          the absence of any person having, or having the right to exercise, any preemptive rights, rights of first refusal, rights to acquire or similar rights with respect to any capital stock of TMRC or its subsidiaries or any of their respective assets or properties;

•          the absence of certain changes or events, including a material adverse event, and the conduct of business in the ordinary course of business of TMRC and its subsidiaries since August   31, 2025;

•          title to assets and sufficiency of assets for the conduct of the business;

•          employee compensation and benefits matters;

•          the inapplicability of state takeover statutes or similar provisions in TMRC’s charter or bylaws and the absence of stockholders rights agreements;

•          environmental matters and compliance with environmental laws;

•          labor matters;

•          intellectual property and IT security matters;

•          data privacy and cybersecurity matters;

•          insurance matters;

•          material contracts;

•          real and personal property;

•          mining operations and permits and licenses related thereto;

•          mineral reserves and resources and rights thereto;

•          related party agreements; and

•          derivative transactions.

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In addition, USAR made certain representations and warranties with respect to USAR, its subsidiaries and the Merger Subs relating to:

•          the absence of certain changes or events, including a material adverse event, and the conduct of business in the ordinary course of business of USAR and its subsidiaries since January   1, 2025; and

•          activities of the Merger Subs.

Significant portions of the representations and warranties of TMRC, USAR and the Merger Subs are qualified as to “materiality” or the “Material Adverse Effect”. Under the Merger Agreement, a “Material Adverse Effect” with respect to TMRC or USAR is defined to mean any event, change, effect, development, state of facts, fact, condition, circumstance or occurrence that, individually or in the aggregate with all other events, changes, effects, developments, states of facts, fact, conditions, circumstances and occurrences, (a) would, or would reasonably be expected to, prevent, materially delay or materially impede the ability of TMRC or USAR, as applicable, to consummate the Mergers and the other transactions contemplated by the Merger Agreement prior to the end date or (b) is, or would reasonably be expected to be, materially adverse to the business, results of operations, or financial condition of TMRC or USAR, as applicable, and their respective subsidiaries, taken as a whole; provided that none of the following (or the results thereof) will be taken into account, either alone or in combination, in determining whether a Material Adverse Effect has occurred for purposes of clause (b) of this definition:

•          any changes in general U.S. or global economic conditions;*

•          any changes in the general conditions of the industries in which TMRC or USAR, as applicable, and their respective subsidiaries operate (including any change (on a current or forward basis) in the price of precious metals or rare earth metals or minerals, changes in commodity prices or general market prices affecting the mining industry generally);*

•          any decline in the market price or trading volume of the TMRC Shares or USAR Shares, as applicable, in and of itself (provided that the exception in this clause will not prevent the underlying events, changes, effects, developments, states of facts, conditions, circumstances and occurrences giving rise to or contributing to such decline from being taken into account in determining whether there has been a Material Adverse Effect);

•          any failure, in and of itself, by TMRC or USAR, as applicable, to meet any internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial or operating metrics for any period (provided that the exception in this clause will not prevent the underlying events, changes, effects, developments, states of facts, conditions, circumstances and occurrences giving rise to or contributing to such failure from being taken into account in determining whether there has been a Material Adverse Effect);

•          the negotiation, execution and delivery of the Merger Agreement or the public announcement or pendency of the Mergers or any of the other transactions contemplated by the Merger Agreement (provided that the exception in this clause will not apply to any representation or warranty to the extent the purpose of such representation or warranty is to address the consequences resulting from the execution and delivery of the Merger Agreement);

•          any change in applicable law or U.S. generally accepted accounting principles (“ GAAP ”) or authoritative interpretations or enforcement thereof;*

•          (A) any hurricane, tornado, earthquake, flood, fire, explosion, weather -related event, natural or man -made disaster, act of God or other force majeure events or occurrences, (B) epidemics, pandemics or disease outbreaks (including COVID -19 ) or the worsening thereof or applicable Laws (or the interpretation thereof) adopted in response thereto, or (C) any outbreak or escalation or worsening of hostilities, acts of war (whether or not declared), military actions, acts of insurrection, political unrest, riots or any act of sabotage or terrorism (foreign or domestic) including, in all cases of this clause, the response of any governmental entities thereto;* or

•          any action taken by one party or its subsidiaries at the other party’s written request.

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except, in the case of the four bullets marked with an asterisk above, to the extent that TMRC or USAR, as applicable, and their respective subsidiaries, taken as a whole, are disproportionately adversely affected thereby in any material respect as compared to other participants in the industries or geographies in which TMRC or USAR, as applicable, and their respective subsidiaries operate.

The representations and warranties of TMRC, USAR and the Merger Subs will expire upon the consummation of the Mergers.

Conduct of Business Pending the Closing

Each of TMRC and USAR has undertaken certain covenants in the Merger Agreement restricting the conduct of their respective businesses between the date of the Merger Agreement and the Effective Time.

Unless USAR otherwise approves in writing and except as contemplated by the Merger Agreement, as required by applicable laws, orders or governmental entities or as previously disclosed in writing to USAR, TMRC has agreed that during the period from the date of the Merger Agreement until the Effective Time, TMRC and its subsidiaries will use their commercially reasonable efforts to conduct their businesses in the ordinary course, consistent with past practice, and use their respective commercially reasonable efforts to:

•          preserve their business organizations intact and maintain existing relations and goodwill with governmental entities, customers, suppliers, distributors, creditors, lessors, insurers, employees and business associates;

•          maintain in effect all licenses and contracts that do not expire by their terms prior to the Effective Time;

•          keep available the services of their present officers, employees and agents;

•          maintain their material tangible assets in good working order; and

•          in the ordinary course of business consistent with past practice timely file or cause to be timely filed all tax returns (taking into account any valid extension of time within which to file) and timely pay or withhold and remit (or cause to be timely paid or withheld and remitted) all taxes shown as due on such tax returns or that are otherwise required to be paid or withheld and remitted by or on behalf of TMRC or any of its subsidiaries (unless such taxes are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been established in the applicable financial statements in accordance with GAAP).

In addition, TMRC has agreed that, subject to the exceptions listed above, it will not, and will cause its subsidiaries not to, do the following:

•          adopt or propose any change in its certificate of incorporation or bylaws or other applicable governing instruments, or terms of any security of TMRC or any subsidiary;

•          merge or consolidate itself or any of its subsidiaries with any other person or restructure, reorganize or completely or partially liquidate or propose or adopt a plan to do any of the foregoing;

•          acquire (by merger, consolidation, acquisition of stock or assets or otherwise), directly or indirectly, any other person or any material portion thereof or material equity interest therein or enter into any contract that involves a joint venture entity, limited liability company or legal partnership;

•          issue, sell, pledge, dispose of, grant, transfer or encumber (or authorize any of the foregoing) any shares of their capital stock or the capital stock of any of its subsidiaries, or securities convertible or exchangeable into or exercisable for any shares of such capital stock, or any options, warrants or other rights of any kind to acquire any shares of such capital stock or such convertible or exchangeable securities, other than the issuance of any securities of a wholly owned subsidiary of TMRC to TMRC or any other wholly owned subsidiary of TMRC;

•          make any loans, advances or capital contributions to or investments in any person (other than loans or advances between or among TMRC and any of its direct or indirect wholly owned subsidiaries or capital contributions into Round Top Mountain Development, LLC);

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•          declare, set aside, make or pay any dividend or other distribution, payable in cash, stock, property or otherwise, with respect to any of its capital stock (except for dividends paid by any direct or indirect wholly owned subsidiary of TMRC to TMRC or to any other direct or indirect wholly owned subsidiary of TMRC that are made in compliance with all contractual obligations of TMRC and its subsidiaries);

•          except with respect to the Voting and Support Agreements executed in connection with the Merger Agreement, enter into any agreement with respect to the voting of its capital stock or any shareholder rights plan;

•          reclassify, split, combine, subdivide or redeem, purchase or otherwise acquire or amend the terms of, directly or indirectly, any shares of its or its subsidiaries’ capital stock or securities convertible or exchangeable into or exercisable for any shares of its or its subsidiaries, as applicable, capital stock;

•          (A) incur any indebtedness (including any long -term or short -term debt), or issue or sell any debt securities or warrants or other rights to acquire any debt securities of TMRC or its subsidiaries, except for intercompany indebtedness among TMRC and its wholly owned subsidiaries; (B) assume, guarantee, endorse or otherwise become liable or responsible (whether directly, contingently or otherwise) for the obligations of any other person, except solely with respect to obligations by TMRC or any wholly owned subsidiary of indebtedness of TMRC or any other wholly owned subsidiary of TMRC; or (C) except for the promissory note, dated as of December   5, 2024, by and between Daniel Gorski and TMRC (the “ DG Promissory Note ”), redeem, repay, defease or cancel any indebtedness, other than as required in accordance with its terms;

•          make or authorize any payment of, accrual or commitment for, capital expenditures in excess of $20,000 individually or $50,000 in the aggregate;

•          (A) amend, modify, terminate or waive any material right under any material contract or (B) enter into any contract that would have been a material contract had it been entered into prior to the Merger Agreement;

•          (A) make any material changes with respect to accounting policies or procedures, except as required by changes in GAAP that become effective after the date of the Merger Agreement, (B) change its fiscal year or (C) make any material change in internal accounting controls or disclosure controls and procedures;

•          settle, propose to settle or compromise any action before a governmental entity if such settlement, proposed settlement or compromise (A) with respect to the payment of monetary damages, involves the payment of monetary damages by TMRC or its subsidiaries that exceed $50,000 in the aggregate, (B) that imposes any material equitable or non -monetary relief, penalty or restriction on TMRC or any of its subsidiaries (or, after the Effective Time, on USAR or any of USAR’s subsidiaries), (C) that would reasonably be expected to affect the rights or defenses available to TMRC or any of its subsidiaries in any related or similar claims that, individually or in the aggregate, are material to TMRC and its subsidiaries, taken as a whole, or (D) that involves the admission of wrongdoing by TMRC or any subsidiary of TMRC or would result in an actual or potential violation of any criminal law;

•          (A) make, change or rescind any tax election that, individually or in the aggregate, would reasonably be expected to materially and adversely affect the tax liability of TMRC or any of its subsidiaries, (B) adopt or change any tax accounting method that, individually or in the aggregate, would reasonably be expected to materially and adversely affect the tax liability of TMRC or any of its subsidiaries, (C) adopt or change any tax accounting period that, individually or in the aggregate, would reasonably be expected to materially and adversely affect the tax liability of TMRC or any of its subsidiaries, (D) amend any tax return with respect to a material amount of tax, (E) settle, compromise, concede or abandon any tax liability, claim or assessment or enter into any closing agreement with respect to taxes, in each case that exceeds $50,000 individually or $100,000 in the aggregate (together with (x) all other settlements, compromises, concessions, or abandonments with respect to any tax liability, claim or assessment or (y) closing agreements entered into, made or taken with respect to taxes, in each case of clauses (x) and (y), on or after the date of the Merger Agreement), (F) surrender any right to claim a refund of material taxes, (G) waive or extend any statute of limitations with respect to a material amount of taxes, (H) seek or obtain any ruling from a taxing authority with respect to taxes or tax matters, or (I) enter into any contract that would cause TMRC or any of its subsidiaries to have any liability for taxes of any person, other than agreements entered into in the ordinary course of business that do not primarily relate to tax matters;

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•          transfer, sell, lease, license, mortgage, pledge, surrender, encumber, divest, cancel, abandon or allow to lapse or expire or otherwise dispose of, or grant or permit any lien on, any of their properties, except licenses, operations, assets, product lines or businesses or those of any of its subsidiaries, including any equity interests of any of its subsidiaries (other than with respect to equity interests of any of its subsidiaries) in connection with goods or services provided in the ordinary course of business consistent with past practice;

•          except as required by any TMRC benefit plan existing as of the date of the Merger Agreement, (A) increase or accelerate, or promise to increase or accelerate, the payment of any compensation or benefits to any current or former directors, officers, employees, or independent contractors or consultants (who are natural persons) of TMRC or its subsidiaries, whether under a TMRC benefit plan or otherwise, (B) pay or award, or commit to pay or award, any compensation, bonuses, incentive compensation or other benefits (or accelerate the payments, rights or benefits) payable to any director, officer, consultant or independent contractor (who is a natural person) or employee of TMRC or any of its subsidiaries, whether under a TMRC benefit plan or otherwise, (C) accelerate the time of funding or payment of, or increase the amount required to fund, any TMRC benefit plan, or fund any rabbi trust or similar arrangement associated with or intended to satisfy liabilities under any TMRC benefit plan, (D) forgive any loans, or issue any loans (other than routine travel advances issued in the ordinary course of business consistent with past practice) to any of its or its subsidiaries’ directors, officers, employees, consultants or independent contractors, except for the DG Promissory Note Payoff Agreement and DG Transfer Instrument (each, as defined below), (E) amend, modify, or terminate any TMRC benefit plan or enter into, establish, adopt, amend, modify or terminate any other plan, program, policy, practice, contract, agreement or arrangement which would be a TMRC benefit plan if it were in effect on the date of the Merger Agreement, (F) adopt, enter into, modify, negotiate, amend or terminate any collective bargaining agreement, agreement with any works council or similar collective labor contract, or (G) hire or engage any employee or independent contractor or consultant (who is a natural person);

•          waive, release or assign any material rights, claims or benefits of TMRC or its subsidiaries;

•          enter into any new line of business outside of TMRC’s existing line of business as of the date of the Merger Agreement;

•          enter into or terminate any material interest rate, currency, equity or commodity swaps, hedges, derivatives, forward sales contracts or similar financial instruments other than in the ordinary course of business;

•          terminate, suspend, amend or modify in any material respect, any permit with a governmental entity;

•          enter into or amend any contract with any broker, finder, investment banker or other person under which such person is or may be entitled to any brokerage, finder’s or other similar fee or commission (whether in connection with the Transactions or otherwise); or

•          agree, authorize or commit to do any of the foregoing.

USAR has agreed that, unless TMRC consents in writing (which consent may not be unreasonably withheld, conditioned or delayed) and except as contemplated by the Merger Agreement, as required by applicable laws, orders or governmental entities, or as previously disclosed in writing to TMRC, it will use its commercially reasonable efforts to conduct its and its subsidiaries’ business in the ordinary course of business, and USAR and its subsidiaries will use their respective commercially reasonable efforts to:

•          preserve their business organization intact and maintain existing relations and goodwill with governmental entities, customers, suppliers, distributors, creditors, lessors, insurers, employees, unions and business associates; and

•          maintain all licenses and contracts that do not expire by their terms prior to the Effective Time.

In addition, USAR has agreed that, subject to the exceptions listed above, it will not, and will cause its subsidiaries not to, do the following:

•          adopt or propose any change in the USAR Charter or USAR Bylaws, or the terms of any capital stock of USAR, in each case, in a manner disproportionately adverse to TMRC’s stockholders;

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•          reclassify, split, combine, subdivide or redeem, directly or indirectly, any of its capital stock;

•          declare, set aside, make or pay any dividend or other distribution, payable in cash, stock, property or otherwise, with respect to any of its capital stock or repurchase any USAR Shares at a premium; provided that, in each case solely to the extent in compliance with the credit agreements, indentures and other contractual obligations of USAR and its subsidiaries, USAR may continue to declare and pay regular quarterly cash dividends to its stockholders not in excess of the amounts disclosed to TMRC prior to the date of the Merger Agreement, in each case in accordance with USAR’s past practice and USAR may give effect to dividend equivalent rights with respect to outstanding grants under USAR’s equity award plans;

•          propose or adopt a plan to restructure, reorganize, wind -up or completely or partially liquidate (other than with respect to its wholly owned subsidiaries);

•          except in connection with the acquisition of any person or business, whether through the acquisition of assets, securities, merger, consolidation or otherwise or a capital raising transaction, whether pursuant to a public offering (including any underwritten offering, at -the -market offering, or block trade), a private placement, or any other equity financing transaction, issue, sell, pledge, dispose of, grant, transfer, encumber, or authorize the issuance, sale, pledge, disposition, grant, transfer, lease, license, guarantee or encumbrance of, any shares of USAR capital stock or any of its subsidiaries, or securities convertible or exchangeable into or exercisable for any shares of such capital stock, or any options, warrants or other rights of any kind to acquire any shares of such capital stock or such convertible or exchangeable securities, other than the issuance of (A) any USAR Shares upon the settlement of any grant made under any USAR stock plan, (B) any securities of a subsidiary of USAR to USAR or any other subsidiary of USAR, or (C) any grants under the USAR stock plan; or

•          agree, authorize or commit to do any of the foregoing.

No-Solicitation ; Acquisition Proposals; Change in Recommendation

In the Merger Agreement, except as otherwise provided below, TMRC agreed not to, and to cause its subsidiaries and its and their respective officers and directors not to, and to instruct and use its reasonable best efforts to cause its and its subsidiaries’ other representatives not to, directly or indirectly:

•          initiate, solicit or knowingly encourage or knowingly facilitate (including by way of furnishing information), or take any other action which would reasonably be expected to lead to, any acquisition proposal;

•          enter into, engage in, maintain, continue or otherwise participate in any discussions or negotiations with (other than to state that they are not permitted to have discussions), or furnish or otherwise make available any information or data or afford access to the business, properties, assets, books or records of TMRC or its subsidiaries to, any third party, in each case, in connection with any acquisition proposal;

•          approve, endorse or recommend any acquisition proposal;

•          waive, terminate, modify or release any person from any provision of any “standstill” or similar agreement or obligation, except where the failure to do so would, in the good faith determination of the TMRC board of directors (the “ TMRC Board ”), reasonably be expected to breach the directors’ fiduciary duties under applicable law;

•          execute or enter into any agreement in principle, letter of intent, term sheet, merger agreement, acquisition agreement, option agreement, memorandum of understanding or other contract relating to, or that could be expected to lead to, an acquisition proposal (other than a customary confidentiality agreement, provided that such confidentiality agreement contains confidentiality provisions that (i) are no less favorable in the aggregate to TMRC (and its affiliates and representatives) than those contained in the confidentiality agreement between TMRC and USAR that are applicable to TMRC, (ii) do not restrict TMRC’s ability to comply with its obligations under the Merger Agreement and (iii) do not require TMRC or its subsidiaries to pay or reimburse the counter -party ’s fees, costs or expense of any nature (an “ acceptable confidentiality agreement ”)); or

•          authorize, commit, resolve or agree to do any of the foregoing.

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From the date of the Merger Agreement until the Effective Time (or if earlier, the termination of the Merger Agreement as provided therein), TMRC agreed to, and to cause its subsidiaries and use its reasonable best efforts to cause its and their respective representatives to (i) cease immediately and cause to be terminated any and all existing activities, discussions, solicitations, encouragements or negotiations, if any, with any third party and/or its representatives, with respect to any acquisition proposal, or any inquiry, proposal or offer that would reasonably be expected to lead to, any acquisition proposal, (ii) promptly (within 1 business day following the date of the Merger Agreement) request that each third party to whom confidential information has been furnished or otherwise made available by or on behalf of TMRC or any of its subsidiaries within the 12 -month period preceding the date of the Merger Agreement in connection with, or for the purpose of evaluating, an acquisition proposal return or destroy all such confidential information so furnished or otherwise made available in accordance with any applicable confidentiality agreements and (iii) terminate access to all persons (other than USAR and its representatives) to any physical or electronic data rooms relating to an acquisition proposal.

In addition, notwithstanding the restrictions described above, if, at any time prior to the adoption of the Merger Agreement by the requisite holders of TMRC Shares, TMRC receives an unsolicited bona fide acquisition proposal that did not result from a breach by TMRC or its subsidiaries or representatives of the non -solicitation provisions of the Merger Agreement that the TMRC Board determines in good faith, after consultation with its outside legal counsel and financial advisor, constitutes or would reasonably be expected to result in a superior proposal, then, before (but not after) the adoption of the Merger Agreement by the requisite holders of TMRC Shares, TMRC, upon a good faith determination by the TMRC Board (after consultation with its outside legal advisor) that failure to do so would be inconsistent with its fiduciary duties under applicable law, directly or indirectly through its representatives, may:

•          engage in negotiations or discussions with such third party making the acquisition proposal and its representatives regarding an acquisition proposal; and

•          furnish to such third party or its representatives information, including non -public information, relating to, and afford access to the business, properties, assets, books and records of, TMRC and any of its subsidiaries, in each case, subject to entering into an acceptable confidentiality agreement; provided that TMRC must promptly provide to USAR any such information that is provided to any such third party that was not previously provided to or made available to USAR; and provided, further, that TMRC and its subsidiaries must, and must cause their respective representatives to, promptly (and in any event within 24 hours) following the time (if any) that the TMRC Board determines in good faith that such acquisition proposal does not constitute and would not reasonably be expected to result in a superior proposal, terminate such negotiations, discussions and information access and request that such third party promptly return or destroy all confidential information made available to such third party.

Except in the circumstances described in the following paragraph, the TMRC Board or any committee thereof, may not, directly or indirectly: (A) (i) fail to include its recommendation that the holders of TMRC Shares adopt the Merger Agreement in the proxy statement/prospectus with respect to the Mergers when disseminated to the TMRC stockholders (and at all times thereafter prior to receipt of the vote of the requisite holders of TMRC Shares), (ii) withhold, withdraw or amend (or qualify or modify in a manner adverse to USAR and the Merger Subs) such recommendation or its approval of the Merger Agreement or the Mergers or publicly propose to do so, (iii) make any public recommendation in connection with a tender offer or exchange offer, other than a recommendation against such offer or as expressly permitted by the Merger Agreement, or fail to recommend against acceptance of such a tender or exchange offer by the close of business on the earlier of (x) the fifth business day after the commencement of such tender offer or exchange offer pursuant to Rule 14e -2 under the Exchange Act and (y) the third business day prior to the TMRC stockholder meeting at which the Merger Agreement is to be voted upon (or promptly after commencement of such tender offer or exchange offer if commenced on or after the third business day prior to such stockholder meeting), (iv) adopt, approve, recommend to its stockholders, endorse or otherwise declare advisable any acquisition proposal or resolve or agree or publicly propose to take any such actions, or (v) if an acquisition proposal has been publicly disclosed, fail to publicly without qualification reaffirm the TMRC recommendation within five business days after USAR’s written request that TMRC do so (or, relating to any acquisition proposal or material amendments, revisions or changes to the terms of any such previously publicly disclosed acquisition proposal that are publicly disclosed within the last five business days prior to the then -scheduled TMRC stockholder meeting (if applicable), fail to take the actions referred to in this clause (v), with references to the applicable five business day period being replaced with two business days) (each such action being referred to herein as an “ adverse recommendation change ”) or (B) authorize, cause or permit TMRC or any of its controlled affiliates to enter into any letter of intent, memorandum

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of understanding, agreement (including an acquisition agreement, merger agreement, joint venture agreement or other agreement), commitment or agreement in principle with respect to any acquisition proposal, other than an acceptable confidentiality agreement.

Prior to the time the requisite holders of TMRC Shares vote to adopt the Merger Agreement, but not after, the TMRC Board may, after complying with the procedure described in the following paragraph:

(i)       effect an adverse recommendation change if (and only if) (A) an intervening event occurs and (B) the TMRC Board determines in good faith, after consultation with TMRC’s outside legal counsel, that the failure to make an adverse recommendation change in response to such intervening event would be inconsistent with the exercise of its fiduciary duties to the stockholders of TMRC under applicable law, or

(ii)      effect an adverse recommendation change if (and only if) (x) TMRC receives an unsolicited bona fide acquisition proposal that did not result from a breach by TMRC of the non -solicitation restrictions described herein that is not withdrawn and (y) the TMRC Board determines in good faith, after consultation with its outside legal counsel and financial advisor, that such acquisition proposal constitutes a superior proposal.

The TMRC Board may not take any action described in the preceding paragraph unless it has first (i) caused TMRC to provide USAR at least five business days’ prior written notice of its intent to make an adverse recommendation change, which written notice must (x) in the case of an action contemplated by clause (i) of the preceding paragraph, specify in reasonable detail the circumstances related to the intervening event and the TMRC Board’s determination with respect thereto, or (y) in the case of an action contemplated by clause (ii) of the preceding paragraph, (A) state that TMRC has received an unsolicited superior proposal, (B) specify the material terms and conditions of such superior proposal, (C) identify the person making such superior proposal, and (D) enclose the most recent unredacted draft of any agreements intended to be entered into in connection with such superior proposal; (ii) caused TMRC and its representatives to provide USAR the opportunity to meet with the TMRC Board and its outside legal counsel and negotiate, to the extent USAR so wishes to negotiate, in good faith during such five business day period following delivery of such notice with USAR concerning any revisions to the terms of the Merger Agreement that USAR wishes to propose in response to the intervening event or superior proposal, as applicable; (iii) following the end of such notice period, determined in good faith after consultation with its outside legal counsel and financial advisor, that (x) in the case of an action contemplated by clause (i) of the preceding paragraph, the failure to effect an adverse recommendation change in response to such intervening event continues to be inconsistent with its fiduciary duties to the stockholders of TMRC under applicable law after taking into account any changes to which USAR has committed in writing to make to the Merger Agreement, or (y) in the case of an action contemplated by clause (ii) of the preceding paragraph, such acquisition proposal continues to constitute a superior proposal after taking into account any changes to which USAR has committed in writing to make to the Merger Agreement, and (iv) in the event of any revisions to the financial or other material terms of any applicable superior proposal, TMRC delivers to USAR a new notice describing such revisions (including copies of the most recent draft of any agreements implementing such revisions) and gives USAR an additional opportunity to negotiate changes to the terms of the Merger Agreement (except that the notice period need only be three business days).

TMRC has also agreed to notify USAR promptly (but in no event later than 24 hours) after receipt by TMRC (or any of its representatives) of any acquisition proposal or any inquiry, proposal, offer, or request for access to information that would reasonably be expected to lead to an acquisition proposal, which notice will include the material terms and conditions of any such acquisition proposal, unredacted copies of any material written communications and draft documentation received relating to such acquisition proposal and indicating the name of the person making such acquisition proposal. Thereafter, TMRC will keep USAR reasonably informed, on a timely basis, of the status and material terms of any such acquisition proposal (including any amendments thereto) and the status of any material discussions or negotiations with such person or its representatives and provide copies of all material written communications and draft documentation received relating to such acquisition proposal. Without limiting the foregoing, TMRC must promptly (and in any event within 24 hours after any determination and at least 48 hours prior to engaging or participating in any such discussions or negotiations with, or furnishing any non -public information to, such person) advise USAR in writing if TMRC determines to begin providing information or engage in discussions or negotiations concerning an acquisition proposal pursuant to the Merger Agreement.

An “ acquisition proposal ” as used herein means any inquiry, proposal (whether or not in writing) or offer from any person or group (other than USAR and its subsidiaries) relating to, in a single transaction or series of related transactions, any direct or indirect (i) acquisition of any of TMRC’s interest in Round Top Mountain Development,

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LLC, (ii) acquisition that, if consummated, would result in any person or group owning 20% or more of the consolidated assets (based on the fair market value thereof), revenues or net income of TMRC and its subsidiaries, (iii) acquisition of TMRC Shares representing 20% or more of the outstanding TMRC Shares, (iv) tender offer or exchange offer that, if consummated, would result in any person or group having beneficial ownership of TMRC Shares representing 20% or more of the outstanding TMRC Shares, (v) merger, consolidation, share exchange, business combination, recapitalization, liquidation, dissolution or similar transaction involving TMRC pursuant to which such person or group (or the equity holders of any person) would acquire, directly or indirectly, 20% or more of the aggregate voting power of TMRC or such surviving entity, or (vi) combination of the foregoing, in each case, other than the Mergers.

An “ intervening event ” as used herein means any material change, event, fact, circumstance, condition, development or occurrence that first becomes known to the TMRC Board after the date of the Merger Agreement and was not reasonably foreseeable by the TMRC Board as of the date of the Merger Agreement; provided, however, that in no event shall any of the following constitute or be deemed to contribute to or otherwise be taken into account in determining whether there has been, an intervening event: (i) the receipt, existence or terms of any acquisition proposal, or any proposal or offer that would reasonably be expected to lead to an acquisition proposal, (ii) any changes in general United States or global market conditions, (iii) any changes in the general conditions of the industries in which TMRC and its subsidiaries or USAR and its subsidiaries operate (including any change (on a current or forward basis) in the price of precious metals or rare earth metals or minerals, changes in commodity prices or general market prices affecting the mining industry generally), (iv) any outbreak or escalation of hostilities, any acts of war (whether or not declared), military actions, acts of insurrection, political unrest, riots or any act of sabotage or terrorism (foreign or domestic) including, in all cases of this clause (iv), the response of any governmental entities thereto, (v) (A) any hurricane, tornado, earthquake, flood, fire, explosion, weather related event, natural or man made disaster, act of God or other force majeure events or occurrences or (B) epidemics, pandemics or disease outbreaks (including COVID -19 ) or the worsening thereof or applicable laws (or the interpretation thereof) adopted in response thereto, (vi) any change in applicable law or GAAP (or authoritative interpretations thereof) after the date of the Merger Agreement, (vii) any change in the market price or trading volume of the TMRC Shares or the USAR Shares, in and of itself, (viii) TMRC, USAR or any of their respective subsidiaries, meeting or exceeding any applicable internal or published projections, forecasts, estimates or predictions of revenues, earnings or other financial or operating metrics for any period, or (ix) any failure, in and of itself, by TMRC or USAR to meet any applicable internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial or operating metrics for any period.

A “ superior proposal ” means an unsolicited bona fide written acquisition proposal (but substituting “50%” for all references to “20%” in the definition of such term) that did not result from a violation of the non -solicitation provisions of the Merger Agreement and that the TMRC Board has determined in its good faith judgment, after consultation with its outside legal counsel and financial advisor, and taking into account the terms and conditions and all other relevant factors (including all legal, financial and regulatory aspects of the proposal, the certainty of financing or available proceeds for such a proposed transaction, and the person making the proposal), would be more favorable to TMRC stockholders from a financial point of view than the Transactions (after taking into account (a) any revisions to the terms of the Merger Agreement that USAR has committed in writing to make pursuant to its matching rights and (b) the certainty of completion and the time likely to be required to consummate such acquisition proposal).

Nothing described above limits TMRC’s or the TMRC Board’s ability to (i) take and disclose to its stockholders a position contemplated by Rule 14d -9 , Rule 14e -2 (a) and Item 1012(a) of Regulation M -A promulgated under the Exchange Act or to make any legally required disclosure to stockholders with regard to the Transactions (provided that neither TMRC nor the TMRC Board may effect an adverse recommendation change except under the circumstances described above); (ii) issue a “stop, look and listen” communication pursuant to Rule 14d -9 (f) under the Exchange Act or (iii) disclose that the TMRC Board or any committee thereof has determined that an acquisition proposal constitutes a superior proposal, that the TMRC Board or any committee thereof intends to make an adverse recommendation change and in each case any material facts and circumstances relating thereto.

Efforts to Obtain TMRC Stockholder Approval

TMRC has agreed to (a) as soon as reasonably practicable (and in any event, within five business days) following the date on which the S -4 registration statement of which this proxy statement/prospectus forms a part is declared effective under the Securities Act and the SEC staff advises that it has no further comments on the proxy statement/prospectus, duly call and give notice of, and commence mailing of the proxy statement/prospectus to the holders of TMRC Shares as of the record date established for the special meeting to consider and vote upon the

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adoption of this Agreement, (b) as soon as reasonably practicable (but in any event within 35 calendar days) following the commencement of the mailing of the proxy statement/prospectus pursuant to clause (a) above, convene and hold the special meeting, and (c) use its reasonable best efforts to solicit proxies from its stockholders in favor of the adoption of the Merger Agreement and take all other actions necessary or advisable to secure TMRC stockholder approval.

Notwithstanding this section, TMRC may (and if requested by USAR, will be required to) adjourn or postpone the special meeting to a later date, of not more than 15 days, to the extent TMRC believes in good faith, after consultation with USAR, that such adjournment or postponement is reasonably necessary (i) to ensure that any required supplement or amendment to the proxy statement/prospectus is provided to the holders of TMRC Shares within a reasonable amount of time in advance of the special meeting, (ii) to allow reasonable additional time to solicit additional proxies necessary to obtain stockholder approval, (iii) to ensure that there are sufficient TMRC Shares (either in person or by proxy) and voting to constitute a quorum necessary to conduct the business of the special meeting, or (iv) otherwise where required to comply with applicable law. Subject to the Merger Agreement, the TMRC Board will recommend the adoption of the Merger Agreement at the special meeting and, unless there has been an adverse recommendation change permitted by and in accordance with the Merger Agreement, will include the company recommendation in the proxy statement/prospectus and take all lawful action necessary, proper or advisable on its part to solicit such adoption. Notwithstanding any adverse recommendation change, TMRC will submit the Merger Agreement to its stockholders for approval at the TMRC stockholder meeting.

Efforts to Complete the Mergers

USAR and TMRC have agreed to cooperate with each other and use (and cause their respective subsidiaries to use) their respective reasonable best efforts to:

•          take or cause to be taken all actions necessary or advisable to consummate and make effective the Mergers and other transactions contemplated by the Merger Agreement as soon as practicable, including preparing and filing as promptly as practicable all documentation to effect all necessary notices, reports and other filings;

•          obtain as promptly as practicable all consents, registrations, approvals, permits and authorizations necessary or advisable to be obtained from any third party and/or any governmental entity in order to consummate the Mergers or any of the other transactions contemplated by the Merger Agreement, including making any filings in connection therewith and supplying as promptly as reasonably practicable any additional information or documentary material that may be requested pursuant to such filings;

•          execute and deliver any additional instruments necessary to consummate the Transactions; and

•          upon the reasonable written request of USAR or either Merger Sub, obtain all necessary or appropriate consents under any material contracts to which TMRC or any of its subsidiaries is a party in connection with the Merger Agreement and the consummation of the Transactions; provided that no party or its subsidiaries shall be required prior to the Effective Time to pay any costs, expenses, consent or other similar fee or other consideration (other than immaterial administrative and/or legal costs and expenses) or agree to enter into any amendments, supplements or other modifications to (or waivers of) the existing terms of any material contract that is not conditioned upon the consummation of the Mergers, to obtain any such consent.

USAR and TMRC have agreed to cooperate in scheduling and conducting any meetings with any governmental entity, coordinating and making any applications and filings with, and resolving any investigation or other inquiry of, any agency or other governmental entity, and obtaining the required statutory approvals, consents and approvals from any governmental entity necessary, proper or advisable to consummate the Mergers, including, in each case, the strategy related thereto; provided that, in the event USAR and TMRC cannot reach an agreement after cooperating in good faith, USAR will have the final determination over such matters.

Notwithstanding anything to the contrary in the Merger Agreement, in no event will USAR or its affiliates be required to propose, negotiate, effect or agree to the sale, divestiture, license or other disposition of any assets, properties or businesses of USAR or any of its affiliates or TMRC or any of its subsidiaries, or otherwise to take (and TMRC and its subsidiaries shall not take without the prior written consent of USAR) any action that limits the freedom

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of action or otherwise restricts any of the assets, properties or businesses of USAR and its affiliates or TMRC and its subsidiaries if such action (together with any other required action) would be reasonably expected to have a material impact on (i) TMRC and its subsidiaries, taken as a whole, (ii) USAR and its affiliates, taken as a whole, or (iii) the benefits reasonably sought to be derived from the transactions. TMRC, USAR and the Merger Subs and any of their respective affiliates will not take any action with the intention to, or that would reasonably be expected to, hinder or delay the expiration or termination of any applicable waiting period under any antitrust laws, or the obtaining of approval of any applicable governmental entity, as necessary.

Fees Payable by TMRC and USAR

Whether or not the Mergers are consummated, all costs and expenses incurred in connection with the Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement will be paid by the party incurring such expense, except (a) that expenses incurred in connection with the filing fee for the S -4 registration statement and printing and mailing this proxy statement/prospectus and the S -4 registration statement will be shared equally by TMRC and USAR and (b) as otherwise expressly provided in the Merger Agreement.

Indemnification and Directors’ and Officers’ Insurance

Under the Merger Agreement, for a period of six years from and after the Effective Time, USAR will cause the surviving company to, and USAR will, if the surviving company is not able, indemnify and hold harmless each present and former director or officer of TMRC or any of its subsidiaries and each other person who, at the request or for the benefit of TMRC or any of its subsidiaries, is or was previously serving as a director, officer, manager, employee or fiduciary of any other person or any benefit plan of TMRC or any benefit plan of any of the subsidiaries of TMRC (in each case, when acting in such capacity), determined as of the Effective Time (the “ indemnified parties ”), from and against any costs or expenses (including reasonable attorneys’ fees), judgments, fines, losses, claims, damages, penalties, amounts paid in settlement (including all interest, assessments and other charges) or liabilities incurred in connection with any claim, action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative, arising out of matters existing or occurring at or prior to the Effective Time, whether asserted or claimed prior to, at or after the Effective Time, as provided in the certificate of incorporation or bylaws or other governing documents of TMRC or its applicable subsidiary in effect on the date of the Merger Agreement or any indemnification agreement between such indemnified parties and TMRC in existence as of, and disclosed to USAR prior to, the date of the Merger Agreement, to the fullest extent permitted under applicable law.

In addition, for a period of six years from and after the Effective Time, USAR will advance fees, costs and expenses (including attorney’s fees and disbursements) as incurred to the fullest extent permitted under applicable law; provided that the person to whom expenses are advanced provides an undertaking to repay such advances if it is ultimately determined by a final and nonappealable judicial determination that such person is not entitled to indemnification pursuant to the Merger Agreement or applicable law.

Any indemnified party wishing to claim indemnification under the preceding paragraph, upon learning of any such claim, action, suit, proceeding or investigation, must promptly notify the surviving company thereof, but the failure to so notify will not relieve the surviving company or USAR, as applicable, of any liability it may have to such indemnified party except to the extent such failure materially prejudices the indemnifying party.

USAR agreed to, for six years after the Effective Time, cause the surviving company to maintain in effect provisions in the surviving company’s certificate of formation and limited liability company agreement or similar organizational documents (or in such documents of any successor to the business of the surviving company) and the organizational documents of any subsidiary of TMRC regarding exculpation, indemnification of directors, officers, employees, fiduciaries and agents and advancement of fees, costs and expenses that are no less advantageous to the intended beneficiaries than the corresponding provisions in existence on the date of the Merger Agreement. From and after the Effective Time, USAR, the surviving corporation and its subsidiaries and from and after the Second Effective Time, USAR, the surviving company and its subsidiaries, in each case, will honor and comply with their respective obligations under any indemnification agreement with any indemnified party in effect as of (and disclosed or made available to USAR prior to) the date of the Merger Agreement, and indemnification obligations under the limited liability company agreement of Round Top Mountain Development, LLC, and not amend, repeal or otherwise modify any such agreement or the limited liability company agreement of Round Top Mountain Development, LLC in any manner that would adversely affect any right of any indemnified party thereunder.

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The parties agreed that, prior to the Effective Time, TMRC may, as of the Effective Time, obtain and fully pay for “tail” insurance policies for the extension of the directors’ and officers’ liability coverage of TMRC’s existing directors’ and officers’ insurance policies with a claims period of at least six years from and after the Effective Time with respect to any claim related to any period of time at or prior to the Effective Time from an insurance carrier with the same or better credit rating as TMRC’s current insurance carrier with respect to directors’ and officers’ liability insurance (collectively, “ D&O insurance ”) with benefits and levels of coverage no less favorable in any material respect to the indemnified parties than TMRC’s existing policies with respect to matters existing or occurring at or prior to the Effective Time (including in connection with the Merger Agreement or the Transactions); provided, however, that in no event will TMRC expend for such policies a premium amount in excess of the amount disclosed by TMRC to USAR in connection with the Merger Agreement. If TMRC, for any reason, fails to obtain such “tail” insurance policies as of the Effective Time, USAR will or will cause the surviving company to use its best efforts to purchase D&O insurance for such six year period with benefits and levels of coverage no less favorable in any material respect to the indemnified parties than TMRC’s existing policies as of the date of the Merger Agreement with respect to matters existing or occurring at or prior to the Effective Time (including in connection with the Merger Agreement or the transactions contemplated therein), provided, however, that in no event will USAR or the surviving company be required to expend for such policies an annual premium amount in excess of the amount disclosed by TMRC to USAR in connection with the Merger Agreement; and, provided further that if the annual premium of such insurance coverage exceeds such amount, the surviving company will obtain a policy with the greatest coverage available for a cost not exceeding such amount.

Other Covenants

The Merger Agreement contains certain other covenants and agreements, including covenants relating to:

•          cooperation between TMRC and USAR in the preparation of this proxy statement/prospectus;

•          confidentiality and access by each party to certain information about the other party and notice obligations during the period prior to the effective time of the Mergers;

•          the use of reasonable best efforts by USAR to cause the USAR Shares to be issued in the First Merger to be approved for listing on Nasdaq if required under the rules and regulations of Nasdaq;

•          cooperation between USAR and TMRC and the use of reasonable best efforts by TMRC to enable the delisting by the surviving corporation or the surviving company, as the case may be, of the TMRC Shares from OTC and the deregistration of the TMRC Shares under the Exchange Act as promptly as practicable after the effective time, and in any event no more than ten calendar days after the Closing Date;

•          cooperation between USAR and TMRC in connection with public announcements;

•          other actions by TMRC and USAR, including with respect to state takeover statutes and Section 16 of the Exchange Act;

•          cooperation between USAR and TMRC in the defense or settlement of any stockholder litigation relating to the merger, including notice and consultation obligations; and

•          tax matters, including related to the intended tax treatment.

Conditions to Completion of the Merger

The respective obligations of USAR and TMRC to complete the Mergers are subject to the satisfaction or waiver by the parties to the Merger Agreement at or prior to the Effective Time of the following conditions:

•          the receipt of the TMRC stockholder approval;

•          the authorization of the USAR Shares to be issued as Merger Consideration for listing on Nasdaq, subject to official notice of issuance if required under the rules and regulations of Nasdaq;

•          the absence of any applicable law or order that makes illegal, enjoins or otherwise prohibits the consummation of the Mergers; and

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•          the effectiveness of the registration statement, of which this proxy statement/prospectus forms a part, in accordance with the provisions of the Securities Act and no stop order suspending the effectiveness of the registration statement shall have been issued (and not rescinded), and no proceeding for that purpose shall be pending before the SEC.

In addition, each of TMRC’s and USAR’s obligations to complete the Mergers are subject to the satisfaction or waiver of the following additional conditions:

•          the representations and warranties of the other party being true and correct to the extent specified in the Merger Agreement;

•          the other party having performed or complied with, in all material respects, all of its obligations under the Merger Agreement required to be performed or complied with by it at or prior to the closing of the merger;

•          the absence, since the date of the Merger Agreement, of any Material Adverse Effect on the other party that is continuing;

•          each party shall have received at the closing a certificate on behalf of the other party by an executive officer to the effect that the foregoing conditions in this section have been satisfied; and

•          the waiting periods, if any, applicable to the Mergers will have expired or otherwise been terminated, or all requisite consents, directions or orders required to consummate the Mergers pursuant thereto will have been obtained, and, in the case of USAR, no burdensome condition shall have been imposed in connection therewith.

In addition, USAR’s obligations to complete the Mergers are subject to the satisfaction or waiver of the following conditions:

•          TMRC shall have received a duly executed agreement between Daniel Gorski and Standard Silver Corp. (“ Standard Silver ”) that, upon the repayment of all amounts due under the DG Promissory Note, (i) the DG Promissory Note is terminated and shall be of no further force or effect, (ii) the holder thereof has released and discharged Standard Silver and its affiliates (including, from and after the Effective Time, USAR and its affiliates) from any and all claims, obligations, liens and liabilities arising under or in connection with the DG Promissory Note, and (iii) the holder thereof shall have no further rights or claims against Standard Silver and its affiliates (including, from and after the Effective Time, USAR and its affiliates) arising under or in connection with the DG Promissory Note (“ DG Promissory Note Payoff Agreement ”) and such agreement is in full force and effect as of the Effective Time; and

•          USAR shall have received a copy of a duly executed transfer and assignment agreement or other document or instrument necessary to validly reconvey, transfer, and assign the property referenced in the DG Promissory Note Payoff Agreement from Standard Silver to Daniel Gorski (“ DG Transfer Instrument ”) and such instrument will have been validly conveyed, transferred and assigned from Standard Silver to Daniel Gorski and duly recorded as of the Effective Time.

Termination of the Merger Agreement

The Merger Agreement may be terminated and the Mergers may be abandoned at any time prior to the Effective Time, whether before or after receipt of the TMRC stockholder approval, under the following circumstances:

•          by mutual written consent of USAR and TMRC;

•          by either USAR or TMRC:

o         if the Mergers are not consummated by December 4, 2026 (the “end date”), except that, the right to terminate the Merger Agreement is not available pursuant to this subsection to any party that has materially breached its obligations in any manner whose actions or failure to act has been the primary cause, or primarily resulted in, the failure of the Mergers to have been consummated by the end date;

o         if the TMRC stockholder approval is not obtained at the special meeting or at any adjournment or postponement thereof; or

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o         if any law or order permanently restraining, enjoining or otherwise prohibiting the closing of the Mergers shall become final and non -appealable , except that, the right to terminate the Merger Agreement is not available pursuant to this subsection to any party whose action or failure to act has been the primary cause of, or primarily resulted in, the action or event described in this subsection, and the party seeking termination pursuant to this subsection must have complied with its obligations under the governmental notices and filings covenant (Section 6.05) of the Merger Agreement;

•          by TMRC, whether before or after the TMRC stockholder approval, if there has been a breach of any representation, warranty, covenant or agreement made by USAR or the Merger Subs in the Merger Agreement, such that (i) a condition set forth in the portions of the Merger Agreement detailing the conditions to obligations of TMRC relating to representations and warranties and the performance of obligations of USAR and the Merger Subs would not be satisfied and (ii) such breach is not curable or, if curable by the end date, USAR (A) has not commenced good faith efforts to cure such breach or failure to perform within 15 calendar days following receipt by USAR of written notice of such breach or failure to perform from TMRC stating TMRC’s intention to terminate the Merger Agreement pursuant to the Merger Agreement and the basis for such termination or (B) is not thereafter continuing to take good faith efforts to cure such breach or failure to perform;

•          by USAR, if the TMRC Board makes an adverse recommendation change or TMRC approves or enters into an alternative acquisition agreement; or

•          by USAR, if there has been a breach of any representation, warranty, covenant or agreement made by TMRC in the Merger Agreement, such that (i) a condition set forth in the portions of the agreement detailing the conditions to obligations of USAR relating to representations and warranties and the performance of obligations of TMRC would not be satisfied and (ii) such breach is not curable or, if curable by the end date, TMRC (A) has not commenced good faith efforts to cure such breach or failure to perform within 15 calendar days following receipt by TMRC of written notice of such breach or failure to perform from USAR stating USAR’s intention to terminate the Merger Agreement pursuant to the Merger Agreement and the basis for such termination or (B) is not thereafter continuing to take good faith efforts to cure such breach or failure to perform.

Effect of Termination

If the Merger Agreement is terminated and the Mergers are abandoned in accordance with the Merger Agreement, then the Merger Agreement will be void and of no effect with no liability to any person, except that no termination of the Merger Agreement will relieve any party from liability or damages to the other party resulting from fraud in the making of any representation or warranty expressly set forth in the Merger Agreement or any willful breach of the Merger Agreement.

Termination Fee; Liability for Breach

TMRC will pay to USAR a termination fee of $3,250,000 if:

•          USAR terminates the Merger Agreement because the TMRC Board makes an adverse recommendation change or TMRC approves or enters into an alternative acquisition agreement;

•          USAR or TMRC terminates the Merger Agreement due to the approval of the TMRC stockholders not having been obtained at the special meeting or at any adjournment or postponement thereof at any time after USAR would have been permitted to terminate the Merger Agreement because the TMRC Board made an adverse recommendation change or TMRC approved or entered into an alternative acquisition agreement; or

•          (A)(x) USAR or TMRC terminates because the TMRC stockholders fail to approve the Merger Agreement at the special meeting or the end date has arrived or (y) USAR terminates because TMRC breaches any of its representations, warranties, covenants or agreements in the Merger Agreement and such breach is not curable or, if curable by the end date, TMRC has not commenced good faith efforts to cure such breach or failure to perform within 15 calendar days following receipt of written notice of such breach or failure to

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perform stating USAR’s intention to terminate the Merger Agreement and the basis for such termination or is not thereafter continuing to take good faith efforts to cure such breach or failure to perform, (B) an acquisition proposal has been publicly announced or otherwise communicated to TMRC’s stockholders after the date of the Merger Agreement but prior to the date the Merger Agreement is terminated, and (C) within 12 months following the date of such termination, (1) the TMRC Board recommends that stockholders vote in favor of, or tender into, an acquisition proposal, (2) TMRC enters into an alternative acquisition agreement providing for the consummation of an acquisition proposal, or (3) an acquisition proposal is consummated (provided that for purposes of this clause (C), the term “acquisition proposal” shall have the meaning as set forth above under “ No -Solicitation ; Acquisition Proposals; Change in Recommendation ” except that all references to 20% shall be deemed to be references to 50%).

The parties have agreed that in no event shall TMRC be required to pay the termination fee on more than one occasion, and except in the case of a willful breach of the Merger Agreement, if USAR receives the full amount of the termination fee from TMRC, such payment will be the sole and exclusive remedy of USAR against TMRC and its subsidiaries and their respective former, current or future partners, stockholders, managers, members, affiliates and representatives and none of TMRC, any of its subsidiaries or any of their respective former, current or future partners, stockholders, managers, members, affiliates or representatives will have any further liability or obligation relating to or arising out of the Merger Agreement or the Transactions.

Specific Enforcement

The parties agreed that irreparable damage for which monetary damages, even if available, would not be an adequate remedy would occur in the event that any of the provisions of the Merger Agreement were not performed in accordance with their specific terms or were otherwise breached. The parties accordingly agreed that (i) the parties will be entitled to an injunction or injunctions to prevent breaches of the Merger Agreement and to specifically enforce the terms and provisions of the Merger Agreement in the Delaware Court of Chancery, without the necessity of proving the inadequacy of money damages as a remedy (and each party hereby waives any requirement for the securing or posting of any bond in connection with such remedy), this being in addition to any other remedy to which such party is entitled at law or in equity and each party will not allege and waives the defense that there is an adequate remedy available at law, and (ii) that the right of specific enforcement is an integral part of the Transactions and without that right neither TMRC nor USAR would have entered into the Merger Agreement.

Withholding Taxes

Each of TMRC, USAR, the Merger Subs, the surviving corporation, the surviving company, the exchange agent, and any other “withholding agent” under U.S. federal, state, local or foreign tax law, shall be entitled to deduct and withhold from such amounts payable or otherwise deliverable to any person pursuant to the Merger Agreement such amounts as are required to be deducted and withheld with respect to the making of any such payments under any provision of any applicable law, including the U.S. Internal Revenue Code of 1986, as amended, the U.S. Treasury regulations promulgated thereunder or any other provision of U.S. federal tax law, or under any provision of state, local or foreign tax law. Any amount deducted or withheld pursuant to the Merger Agreement, and paid over to the appropriate taxing authority, shall be treated as having been paid to the person in respect of which such deduction or withholding was made.

Modifications or Amendments; Waiver

At any time prior to the Effective Time, the Merger Agreement may be amended, modified or supplemented in writing by the parties, by action of the board of directors of the respective parties; provided that after the TMRC stockholder approval has been obtained there will be no amendment or waiver that would require the further approval of the stockholders of TMRC, under applicable law without such approval having first been obtained.

The parties may waive the conditions to each of the parties’ obligations to consummate the Mergers which are for the sole benefit of such party and may be waived by such party in whole or in part to the extent permitted by applicable law; provided that any failure or delay in exercising any right pursuant to the Merger Agreement will not constitute a waiver of such right.

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Assignment

The Merger Agreement and any of the rights, interests or obligations thereunder cannot be assigned by any of the parties (whether by operation of law or otherwise) without the prior written consent of the other parties, and any purported assignment in contravention thereof will be null and void. Subject to this anti -assignment provision and except as set forth in the Merger Agreement, the Merger Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and permitted assigns.

Governing Law

The Merger Agreement, all actions, claims, suits or proceedings in equity, in contract, in tort, or otherwise, that may be based upon, arise out of or relate to the Merger Agreement, the negotiation of the Merger Agreement or the performance of the Merger Agreement or the Transactions will be interpreted, construed and governed by and in accordance with the law of the State of Delaware without regard to the conflict of law principles thereof to the extent that such principles would have the effect of applying the laws of, or directing a matter to, another jurisdiction.

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CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS OF THE MERGERS

The following discussion is a summary of certain material U.S. federal income tax considerations for U.S. Holders and Non -U .S. Holders (each as defined below, and together, “ Holders ”) who exchange TMRC Shares for USAR Shares (including any fractional USAR Shares for which cash is received) in the Mergers. This section applies only to Holders that hold their TMRC Shares as “capital assets” for U.S. federal income tax purposes (generally, property held for investment). This discussion is limited to U.S. federal income tax considerations and does not address any estate, gift or other U.S. federal non -income tax considerations or considerations arising under the tax laws of any U.S. state, or local or non -U .S. jurisdiction. This discussion does not describe all of the U.S. federal income tax consequences that may be relevant to any particular investor in light of their particular circumstances, including any alternative minimum tax, the Medicare tax on certain investment income, the potential applicability of any tax treaties between the United States and non -U .S. governments and any different consequences that may apply to Holders subject to special rules under U.S. federal income tax law, such as:

•          banks, financial institutions or financial services entities;

•          broker -dealers ;

•          taxpayers that are subject to the mark -to -market accounting rules with respect to the TMRC Shares;

•          governments or agencies or instrumentalities thereof;

•          insurance companies;

•          regulated investment companies or real estate investment trusts;

•          partnerships (including entities or arrangements treated as partnerships) for U.S. federal income tax purposes or persons that hold the TMRC Shares through such partnerships;

•          subchapter S corporations or persons that hold the TMRC Shares through such entities;

•          grantor trusts;

•          tax -exempt entities or organizations, qualified retirement plans, individual retirement accounts, or other tax -deferred accounts;

•          cooperatives;

•          U.S. expatriates or former long -term residents of the United States;

•          except as specifically provided below, persons that directly, indirectly, or constructively own 5% or more (by vote or value) of all classes of TMRC’s stock;

•          persons that directly, indirectly, or constructively own, or immediately after giving effect to the Mergers will own, 5% or more (by vote or value) of the outstanding USAR common stock;

•          persons that acquired their TMRC Shares pursuant to an exercise of employee share options, in connection with employee share incentive plans, or otherwise as compensation;

•          persons that hold their TMRC Shares as part of a straddle, constructive sale, hedge, wash sale, conversion or other integrated or similar transaction;

•          persons that exercise appraisal rights in respect of their TMRC Shares in connection with the Mergers under Section 262 of the DGCL;

•          persons that are subject to special tax accounting rules under Section 451(b) of the Code;

•          U.S. Holders (as defined below) that hold their TMRC Shares in connection with a trade or business conducted, or a permanent establishment located, outside the United States;

•          U.S. Holders (as defined below) whose functional currency is not the U.S. dollar; or

•          “specified foreign corporations” (including “controlled foreign corporations”), “passive foreign investment companies” or corporations that accumulate earnings to avoid U.S. federal income tax.

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If a partnership (including any entity or arrangement treated as a partnership) for U.S. federal income tax purposes holds TMRC Shares, the tax treatment of such partnership and a person treated as a partner of such partnership will generally depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. Partnerships holding any TMRC Shares and persons that are treated as partners of such partnerships should consult their tax advisors as to the particular U.S. federal income tax consequences to them of the Mergers.

This discussion is based on the Code, U.S. Treasury regulations promulgated thereunder (whether final, temporary, or proposed), and judicial and administrative interpretations thereof, all as of the date hereof. All of the foregoing is subject to change, which change could apply retroactively and could affect the tax considerations described herein. The parties to the Merger Agreement have not sought, and do not intend to seek, any rulings from the IRS as to any U.S. federal income tax considerations described herein. Accordingly, there can be no assurance that the IRS will not take positions inconsistent with the considerations discussed below or that any such positions would not be sustained by a court.

THIS DISCUSSION IS ONLY A SUMMARY OF CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS ASSOCIATED WITH THE MERGERS TO HOLDERS OF TMRC SHARES WHO EXCHANGE TMRC SHARES FOR USAR SHARES IN THE MERGERS. THE U.S. FEDERAL INCOME TAX TREATMENT OF THE MERGERS TO HOLDERS OF TMRC SHARES AND TMRC MAY BE AFFECTED BY MATTERS NOT DISCUSSED HEREIN AND DEPENDS IN SOME INSTANCES ON DETERMINATIONS OF FACT AND INTERPRETATIONS OF COMPLEX PROVISIONS OF U.S. FEDERAL INCOME TAX LAW FOR WHICH NO CLEAR PRECEDENT OR AUTHORITY MAY BE AVAILABLE. EACH HOLDER OF TMRC SHARES SHOULD CONSULT ITS OWN TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO SUCH HOLDER OF THE MERGERS, INCLUDING THE APPLICABILITY AND EFFECTS OF U.S. FEDERAL, STATE AND LOCAL AND NON -U .S. TAX LAWS AND THE POTENTIAL APPLICABILITY OF ANY TAX TREATIES BETWEEN THE UNITED STATES AND NON -U .S. GOVERNMENTS.

I.         U.S. Holders

As used herein, a “ U.S. Holder ” is a beneficial owner of a TMRC Share, who or that is for U.S. federal income tax purposes:

•          an individual who is a citizen or resident of the United States;

•          a corporation that is created or organized in or under the laws of the United States or any state thereof or the District of Columbia;

•          an estate whose income is subject to U.S. federal income tax regardless of its source; or

•          a trust if (1) a U.S. court can exercise primary supervision over the administration of such trust and one or more “United States persons” (within the meaning of Section 7701(a)(30) of the Code) have the authority to control all substantial decisions of the trust or (2) it has a valid election in place to be treated as a United States person.

The U.S. federal income tax consequences of the Mergers to U.S. Holders will depend primarily on whether the Mergers qualify as a reorganization within the meaning of Section 368 of the Code (a “ Reorganization ”). TMRC and USAR intend for the Mergers, taken together, to be treated as a Reorganization and each of TMRC and USAR to be treated as “a party to a reorganization” within the meaning of Section 368(b) of the Code. Based upon customary assumptions, as well as certain representations made by, and covenants and undertakings of, TMRC and USAR, it is the opinion of Loeb & Loeb LLP, legal counsel to TMRC, that the Mergers, taken together, more likely than not qualify as a Reorganization. However, there are significant factual and legal uncertainties as to whether the Mergers will qualify as a Reorganization. For example, under Section 368(a) of the Code, the acquiring corporation must continue, either directly or indirectly through certain controlled corporations, either a significant line of the acquired corporation’s historic business or use a significant portion of the acquired corporation’s historic business assets in a business. Although we expect that requirement to be satisfied in the case of the Mergers, there is an absence of direct guidance on whether and under which circumstances the acquired corporation is treated as having conducted a historic business for purposes of satisfying that requirement in a case in which the acquired corporation, rather than conducting such a historic business directly, holds an interest in a partnership that is engaged in such a business, as is the case with respect to TMRC’s ownership of its interest in Round Top, an entity classified as a partnership for U.S. federal income

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tax purposes. Moreover, if any of the facts, assumptions, representations, covenants or undertakings by TMRC and USAR are incorrect, incomplete or inaccurate or are violated, the accuracy of the opinion may be affected and the U.S. federal income tax consequences of the Mergers could differ from those described in this proxy statement/prospectus. Neither USAR nor TMRC intends to request a ruling from the IRS with respect to the tax treatment of the Mergers, and no assurance can be given that the IRS will not challenge the treatment of the Mergers as qualifying for Reorganization treatment (or the tax consequences described below) or that a court would not sustain such a challenge.

Subject to the discussion below of cash in lieu of fractional shares, if the Mergers qualify as a Reorganization, U.S. Holders of TMRC Shares generally would not recognize gain or loss on the exchange of TMRC Shares for USAR Shares as a result of the Mergers. If so treated, each U.S. Holder’s tax basis in the USAR Shares received in the Mergers would be the same as such U.S. Holder’s tax basis in the TMRC Shares surrendered in the Mergers in exchange therefor, and the holding period of the USAR Shares received in the Mergers by such U.S. Holder would include the holding period of the TMRC Shares surrendered in the Mergers in exchange therefor. A U.S. Holder who receives cash in lieu of a fractional USAR Share in the Mergers generally would be treated as having received such fractional share in the Mergers and then as having received such cash in redemption of such fractional share. If so treated, gain or loss generally would be recognized by such U.S. Holder based on the difference between the amount of cash received and the portion of the U.S. Holder’s aggregate adjusted tax basis of the TMRC Shares surrendered that is allocable to such fractional share. Such gain or loss generally would be capital gain or loss and would be long -term capital gain or loss if such TMRC Shares have been held for more than one year at the time of the First Merger. Long -term capital gain of non -corporate U.S. Holders (including individuals) is taxed at preferential U.S. federal income tax rates. The deductibility of capital losses is subject to limitations. The U.S. federal income tax treatment of a U.S. Holder who receives cash in lieu of a fractional share is not entirely clear, however, and under certain circumstances the receipt of cash in lieu of a fractional share could be treated as being received as a distribution with respect to USAR Shares. In such a case, such U.S. Holder may have dividend income up to the amount of cash received by it in the Mergers, depending on the current or accumulated “earnings and profits” of USAR. Because the possibility of dividend treatment depends primarily upon each holder’s particular circumstances, including the application of certain constructive ownership rules, all holders of TMRC Shares should consult their tax advisors regarding the application of the foregoing rules to them in their particular circumstance.

If the Mergers fail to qualify as a Reorganization, a U.S. Holder of TMRC Shares generally would recognize gain or loss in an amount equal to the difference between (i) the fair market value of the USAR Shares received (including any fractional USAR Shares for which cash is received) in exchange for such surrendered TMRC Shares upon completion of the Mergers and (ii) the U.S. Holder’s adjusted tax basis in the TMRC Shares surrendered. Such gain or loss generally would be capital gain or loss and would be long -term capital gain or loss if such TMRC Shares have been held for more than one year at the time of the First Merger. Long -term capital gain of non -corporate U.S. Holders (including individuals) is taxed at preferential U.S. federal income tax rates. The deductibility of capital losses is subject to limitations. If so treated, a U.S. Holder’s tax basis in the USAR Shares received in the Mergers generally would be equal to the fair market value of such USAR Shares, and the U.S. Holder’s holding period in such USAR Shares generally would begin on the day following the First Merger.

For purposes of the foregoing, if a U.S. Holder acquired different blocks of TMRC Shares at different times or at different prices, such U.S. Holder should consult its tax advisor regarding the appropriate manner in which USAR Shares (including any fractional USAR Shares for which cash is received) should be allocated among different blocks of TMRC Shares.

U.S. Holders are urged to consult their tax advisors regarding the tax consequences to them of the Mergers.

II.       NON-U .S. HOLDERS

As used herein, a “ Non -U .S. Holder ” is a beneficial owner of a TMRC Share who or that is for U.S. federal income tax purposes:

•          a non -resident alien individual, other than certain former citizens and residents of the United States subject to U.S. tax as expatriates;

•          a foreign corporation; or

•          an estate or trust that is not a U.S. Holder.

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Subject to the discussion of “United States real property holding corporations” below, the Mergers are not expected to result in any U.S. federal income tax consequences to a Non -U .S. Holder with respect to the receipt of USAR Shares in exchange for TMRC Shares if the Mergers qualify as a Reorganization. If the Mergers fail to qualify as a Reorganization, a Non -U .S. Holder of TMRC Shares generally will not be subject to U.S. federal income tax on gain recognized on the exchange of TMRC Shares for USAR Shares (including any fractional USAR Shares for which cash is received) in the Mergers unless

(i)       the gain is effectively connected with the Non -U .S. Holder’s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, such gain is attributable to a permanent establishment or fixed base maintained by the Non -U .S. Holder in the United States);

(ii)      the Non -U .S. Holder is a non -resident alien individual present in the United States for 183 days or more during the taxable year of the exchange and certain other requirements are met; or

(iii)     TMRC is or has been a “United States real property holding corporation” within the meaning of Section 897(c)(2) of the Code at any time during the shorter of the five -year period preceding the First Merger or the period during which the Non -U .S. Holder held TMRC Shares and either (A) the TMRC Shares are not treated as “regularly traded” on an “established securities market” (as such terms are defined under applicable U.S. Treasury regulations) or (B) the Non -U .S. Holder owned, directly or under certain constructive ownership rules under the Code, more than 5% of the TMRC Shares at any time during the five -year period preceding the First Merger.

Based on the composition of TMRC’s assets, TMRC is expected to be a “United States real property holding corporation” (“ USRPHC ”) for its current taxable year because the fair market value of its “United States real property interests” is expected to equal or exceed 50% of the sum of the fair market value of its worldwide real property interests plus its other assets used or held for use in a trade or business, as determined for U.S. federal income tax purposes. However, such determination is factual in nature and subject to change, and no assurance can be provided as to whether TMRC is or will be a USRPHC with respect to a particular Non -U .S. Holder of TMRC Shares.

Any gain described in clause (i) above generally would be subject to U.S. federal income tax on a net income basis in substantially the same manner as if the Non -U .S. Holder were a U.S. Holder (unless an applicable income tax treaty provides otherwise), and if the Non -U .S. Holder is a corporation, it may also be subject to an additional “branch profits tax” at a 30% rate (or such lower rate as may be provided by an applicable income tax treaty). A Non -U .S. Holder described in clause (ii) above generally would be subject to tax at a rate of 30% (or such lower rate as may be provided by an applicable income tax treaty) on any gain recognized, which may be offset by U.S. -source capital losses recognized in the same taxable year (if any). If clause (iii) above applies to a Non -U .S. Holder, any gain realized by such holder generally would be subject to tax at generally applicable U.S. federal income tax rates.

If the Mergers qualify as a Reorganization for U.S. federal income tax purposes, then any gain described in clauses (i) or (ii) above (which gain is not also described in clause (iii) above) in respect of a Non -U .S. Holder of TMRC Shares that exchanges such TMRC Shares for USAR Shares (including any fractional USAR Shares for which cash is received) generally will not be treated as recognized taxable gain in the exchange. If so treated, subject to the below discussion of gain described in clause (iii) above, each Non -U .S. Holder’s tax basis in the USAR Shares received in the Mergers would be the same as such Non -U .S. Holder’s tax basis in the TMRC Shares surrendered in the Mergers in exchange therefor, and the holding period of the USAR Shares received in the Mergers by such Non -U .S. Holder would include the holding period of the TMRC Shares surrendered in the Mergers in exchange therefor.

Whether or not the Mergers qualify as a Reorganization for U.S. federal income tax purposes, in the case of gain described in clause (iii) above, such gain would be subject to tax at generally applicable U.S. federal income tax rates; further, if the TMRC Shares are not considered “regularly traded” on an “established securities market,” withholding of U.S. federal income tax may be required at a rate of 15% on the amount realized by such Non -U .S. Holder of TMRC Shares. If a Non -U .S. Holder is subject to tax under the rules described in clause (iii) above, such Non -U .S. Holder’s basis in the USAR Shares received in the Mergers would be the fair market value of such USAR Shares at the time of the First Merger, and the Non -U .S. Holder’s holding period in such USAR Shares would begin on the day following the First Merger. If a Non -U .S. Holder is not subject to tax under clause (iii) and the Mergers qualify as a Reorganization, the basis and holding period rules described above under the discussion of the Mergers qualifying as a Reorganization generally would apply to the USAR Shares received by such Non -U .S. Holder.

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A Non -U .S. Holder subject to tax as described in the preceding paragraphs is required to file a U.S. federal income tax return with the IRS.

Non -U .S. Holders are urged to consult their tax advisors regarding the tax consequences to them of the Mergers.

III.     Reporting AND BACKUP WITHHOLDING Requirements

Each Holder that receives USAR Shares (including any fractional USAR Shares for which cash is received) in the Mergers may be required to retain permanent records pertaining to the Mergers and make such records available to any authorized IRS officers and employees. Such records may include information regarding the number, basis, and fair market value of the TMRC Shares exchanged and USAR Shares received in exchange therefor (including any fractional USAR Shares for which cash is received).

Additionally, a Holder that is required to file U.S. federal income tax returns and who owned immediately before the Mergers at least 1% (by vote or value) of the total outstanding equity of TMRC may be required to attach a statement to their U.S. federal income tax returns for the year in which the Mergers are consummated that contains the information listed in U.S. Treasury regulations Section 1.368 -3 (b). Such statement must include such Holder’s tax basis in its TMRC Shares surrendered in the Mergers, the fair market value of such TMRC Shares, the date of the Mergers and the name and employer identification number of the parties to the Reorganization. Holders should consult their tax advisors regarding the application of these rules to the Mergers.

A Holder may, under certain circumstances, be subject to information reporting and backup withholding (currently at a rate of 24%) on amounts received in the Mergers, unless such Holder properly establishes an exemption or provides its correct tax identification number on an IRS Form W -9 (in the case of a U.S. Holder) or the appropriate IRS Form W -8 (in the case of a Non -U .S. Holder) and otherwise complies with the applicable requirements of the backup withholding rules. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be refunded or credited against a payee’s U.S. federal income tax liability, if any, so long as such payee furnishes the required information to the IRS in a timely manner.

All Holders of TMRC Shares are urged to consult their tax advisors as to the tax consequences to them of the Mergers. The discussion of the material U.S. federal income tax CONSIDERATIONS contained herein is intended to provide only a general discussion and is not a complete analysis or description of all potential U.S. federal income tax consequences of the Mergers. Tax consequences may vary with, or be dependent on, individual circumstances. TAX MATTERS ARE COMPLICATED AND THE TAX CONSEQUENCES OF THE MERGERS WILL DEPEND ON THE FACTS OF EACH HOLDER’S OWN SITUATION.

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BUSINESS OF TMRC

As used in this section, references to “Texas Mineral”, “the Company,” “we,” “our,” “us” or “TMRC” mean Texas Mineral Resources Corp. and its predecessors, as the context requires.

We are engaged in the business of owning, acquiring, exploring and developing mineral properties. We own an approximately 18.7% membership interest in RTMD, which entity holds two mineral property leases with the GLO to explore and develop the Round Top Project. The leases expire in 2030 with provisions for automatic renewal if RTMD is producing in paying quantities (the receipt from the sale of materials exceeds all costs and expenses associated therewith for the prior 12 months). The strategy with the Round Top Project is to develop a metallurgical process to concentrate or otherwise extract the metals from the Round Top Project’s rhyolite, conduct additional engineering, design, geotechnical work, and permitting necessary for a bankable feasibility study and then to extract mineral resources from the Round Top Project. The Round Top Project is considered an ‘exploration stage property’ under Item 1300 of Regulation S -K , in that the Round Top Project is a property that has no mineral reserves disclosed. Mineral resources that are not mineral reserves have no demonstrated economic viability.

Rare earth elements are a group of chemically similar elements that usually are found together in nature — they are referred to as the “lanthanide series.” These individual elements have a variety of characteristics that are critical in a wide range of technologies, products, and applications and are critical inputs in existing and emerging applications. Without these elements, multiple high -tech technologies would not be possible. These technologies include:

•          cell phones;

•          computer and television screens;

•          battery operated vehicles;

•          clean energy technologies, such as hybrid and electric vehicles and wind power turbines;

•          fiber optics, lasers and hard disk drives;

•          numerous defense applications, such as guidance and control systems and global positioning systems; and

•          advanced water treatment technology for use in industrial, military and outdoor recreation applications.

Because of these applications, global demand for REE is projected to steadily increase due to continuing growth in existing applications and increased innovation and development of new end uses. Interest in developing resources domestically has become a strategic necessity as there is limited production of these elements outside of China. Our ability to raise additional funds to continue to fund our participation interest in the Round Top Project may be impacted by, among other factors, future prices for REEs.

As a part of our ongoing operations, we will occasionally investigate potential new mining opportunities. We may also incur expenses associated with our investigations. These costs are expensed as incurred until such time when we have agreements in place to purchase any such mining rights.

Operations Update

USAR OpCo, the operating manager of the Round Top Project, continues to progress the Round Top Project toward operations. To date, USAR OpCo has successfully separated all heavy rare -earth elements from light rare -earth elements and is now beginning our work on individual separations including dysprosium and terbium, as well as critical minerals, such as hafnium and zirconium, from the Round Top Project ore.

History of the Round Top Project

In 2011, the Company entered into two leases with the GLO to explore and develop the Round Top Project, which leases were transferred to RTMD in 2021.

In March 2013, we purchased the 54,990 acre surface lease covering the Round Top Project, known as the West Lease, from the Southwest Wildlife and Range Foundation (“ Foundation ”) for $500,000 and the issuance of 1,063,830 TMRC Shares and agreed to support the Foundation through an annual payment of $45,000 for ten years

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to support conservation efforts within the Rio Grande Basin. The West Lease provides exclusive surface access to the area for the potential development and mining of the Round Top Project. We transferred the West lease to RTMD in 2021.

In October 2014, we executed agreements with the GLO securing the option to purchase the surface rights covering the Round Top Project mine and plant areas and, separately, a groundwater lease. The option to purchase the surface rights covers approximately 5,670 acres of which 950 acres are authorized for mining and the remaining 4,720 acres are contemplated for future use as mine processing land (e.g., for use to assist in mine development, as leach fields, and/or as plant site). The option may be exercised for all or part of the option acreage at any time during the primary term of the mineral lease as defined above. The “primary term” of the GLO mineral leases and the option is through August 2030. The option can be kept current by an annual payment of $10,000. The purchase price will be the appraised value of the surface at the time of exercising the option. The ground water lease secures the right to develop the ground water within an 8,828 -acre lease area located approximately 4 miles from the Round Top Project. This lease has an annual minimum production payment of $5,000 prior to production of water for the operation. After initiation of production payments of $0.95 per thousand gallons or $20,000 annually, whichever is greater, is required. This lease remains effective as long as the mineral lease is in effect. We transferred the option to purchase the surface rights and water lease to RTMD in 2021.

Cautionary Note

Cautionary Note to Investors:      The PEA dated August 16, 2019 was prepared in accordance with Canadian National Instrument 43 -101  — Standards of Disclosure for Mineral Projects (“ NI 43 -101 ”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “ CIM ”) —  CIM Definition Standards on Mineral Resources and Mineral Reserves , adopted by the CIM Council, as amended. The Company voluntarily had the PEA prepared in accordance with NI 43 -101 but the Company is not subject to regulation by Canadian regulatory authorities and no Canadian regulatory authority has reviewed the PEA or passed upon its accuracy or compliance with NI 43 -101 . The terms “mineral reserve”, “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms as defined in accordance with NI 43 -101 . These definitions differ from the definitions in Item 1300 of Regulation S -K under the Securities Act. Under Item 1300 of Regulation S -K standards, a “final” or “bankable” feasibility study is required to report reserves, the three -year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” while defined in NI 43 -101 and Item 1300 of Regulation S -K are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre -feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by Item 1300 of Regulation S -K standards as in place tonnage and grade without reference to unit measures. Accordingly, information in the PEA contains descriptions of our mineral deposits that may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. The Round Top Project as described in the PEA currently does not contain any known proven or probable mineral reserves under Item 1300 of Regulation S -K reporting standards. U.S. investors are urged to consider closely the disclosure in the Registrant’s latest reports filed with the SEC.  U.S. Investors are cautioned not to assume that any defined resources in these categories will ever be converted into Item 1300 of Regulation  S -K compliant reserves.

USA Rare Earth Agreement

In August 2018, the Company and Morzev entered into the 2018 Option Agreement whereby Morzev was granted the exclusive right to earn and acquire a 70% interest in the Round Top Project by financing $10 million of expenditures in connection with the Round Top Project, increasable to an 80% interest, for an additional $3 million payment to the Company. In connection with the formation of USAR OpCo in May 2019, Morzev notified the

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Company that it was nominating USAR OpCo as the optionee under the terms of the 2018 Option Agreement. In August 2019, the Company and USAR entered into the 2019 Option Agreement, whereby the Company restated its agreement to grant USAR OpCo the exclusive right to earn and acquire a 70% interest, increasable to an 80% interest, in the Round Top Project.

In May 2021, and in accordance with the terms of the Option Agreement, the Company and USAR OpCo entered into the Contribution Agreement whereby the Company and USAR OpCo contributed assets to RTMD, at the time a wholly -owned subsidiary of the Company, in exchange for their initial ownership interests in RTMD, of which the Company initially owned a membership interest equating to 20% of RTMD and USAR OpCo initially owned a membership interest equating to 80% of RTMD. Concurrently therewith, the Company and USAR OpCo as the two members entered into the Operating Agreement governing the operations of RTMD which contains customary and industry standard terms as contemplated by the Option Agreement. USAR OpCo serves as manager of RTMD.

Upon entry into the Contribution Agreement, the Company assigned the following contracts and assets to RTMD in exchange for its initial 20% membership interest in RTMD:

•          the assignment and assumption agreement with respect to the mineral leases from the Company to RTMD;

•          the assignment and assumption agreement with respect to the surface lease from the Company to RTMD;

•          the assignment and assumption agreement with respect to the surface purchase option from the Company to RTMD;

•          the assignment and assumption agreement with respect to the water lease from the Company to RTMD; and

•          the bill of sale and assignment agreement of existing data and other relevant contracts and permits with respect to RTMD owned by the Company.

Upon entry into the Contribution Agreement, USAR OpCo assigned the following assets to Round Top (or the Company, as applicable) for its initial 80% membership interest in RTMD:

•          cash to RTMD to continue to fund RTMD operations in the amount of approximately $3,761,750 comprising the balance of the $10 million required expenditure to earn a 70% interest in RTMD;

•          cash in the amount of $3 million to the Company upon exercise of the USAR OpCo option to acquire from the Company an additional 10% interest in RTMD, resulting in the aggregate ownership interest of 80% in RTMD;

•          bill of sale and assignment agreement of the Pilot Plant and other relevant contracts and permits to RTMD; and

•          bill of sale and assignment agreement of existing data and intellectual property owned by USAR OpCo to RTMD.

In June 2023, the Company and USAR OpCo adopted the Amended Operating Agreement and the following material amendments to the Amended Operating Agreement were adopted:

Cash Calls.

On the basis of the adopted program and budget (sometimes referred to as the “ RTMD Budget ”) then in effect, the manager will submit to each member monthly cash calls at least 10 days before the last day of each month, and within 10 days of receipt, (a) USAR OpCo will pay to RTMD, as an additional capital contribution, its proportionate share of the estimated cash requirements based on its interest and (b) the Company will either (i) pay to RTMD, as an additional capital contribution, its proportionate share of the estimated cash requirements based on its interest, or (ii) deliver to RTMD a written notice indicating what amount, if any, of the applicable estimated cash requirements that the Company will contribute (the “ Notice of Non -Contribution ”). Failure by the Company to deliver payment of its proportionate share of the estimated cash requirements, as an additional capital contribution,

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or to deliver a Notice of Non -Contribution within the 10 day period shall automatically be considered a “Deemed Non -Contribution ” and shall have the same effect as if the Company provided a timely Notice of Non -Contribution with respect to non -contribution of its entire proportionate share of the applicable cash call.

Remedies for Failure to Meet Cash Calls

Non -Contribution .     Capital contributions only will be made to fund programs and budgets. If the Company does not contribute all or any portion of any additional capital contribution that it is required to contribute pursuant to a Notice of Non -Contribution or a Deemed Non -Contribution (such unfunded amount shall be deemed the “ Shortfall Amount ”), then USAR OpCo shall fund the entire Shortfall Amount within 5 business days after the Notice of Non -Contribution or Deemed Non -Contribution .

Dilution.     Upon the contribution of the Shortfall Amount by USAR OpCo, the interests of the members will be recalculated based on the adjustment provision set forth below in the sub -heading “— Adjustment of Interests”.

Maximum Dilution.     The dilution of the Company shall not fall below a 3% interest in RTMD (the “ Minimum Percentage Interest ”). Upon the contribution by USAR OpCo of a Shortfall Amount which otherwise would result in a dilution of the Company below the Minimum Percentage Interest, USAR OpCo will receive a priority distribution of available cash, in addition to a distribution of available cash to which USAR OpCo otherwise is entitled to receive as a result of its proportionate additional capital contribution pursuant to the applicable cash call request, up to the Shortfall Amount that would have resulted in the Company’s interest being further diluted but for the Minimum Percentage Interest (the “ Priority Distribution ”). The Priority Distribution will continue until USAR OpCo has been reimbursed for its contribution of the Shortfall Amount that would have resulted in the Company having an interest below the Minimum Percentage Interest, after which time the members shall receive distributions of available cash pro rata in proportion to their respective interests.

Adjustment of Interests.     If USAR OpCo contributes the Shortfall Amount, then the then current interest of the Company will be reduced (subject to the Minimum Percentage Interest), effective as of each cash call under an additional capital contribution for the applicable program and budget, by a fraction, expressed as a percentage:

•          the numerator of which equals the Shortfall Amount actually funded by USAR OpCo; and

•          the denominator of which equals the market capitalization of the Company.

In October 2025, RTMD sent a cash call notice for the November 2025 RTMD cash call in the aggregate amount of $903,978, of which $734,429 was contributed by USAR OpCo and $169,549 was to be contributed by the Company but the Company elected to incur dilution rather than to fund its portion. The dilution to the Company’s membership interest in RTMD with respect to the November 2025 RTMD cash call notice was calculated as follows: (A) the USAR OpCo ownership interest in RTMD at September 30, 2025 was 81.260% and the Company’s ownership interest in RTMD at September 30, 2025 was 18.740%; (B) the Company provided a Notice of Non -Contribution in October 2025 stating that it will not contribute the $169,549 which then became the Shortfall Amount; (C) USAR OpCo contributed its $734,429 plus the Shortfall Amount; (D) the Company as of the date of the Notice of Non -Contribution had a market capitalization of $126,783,791; and (E) as the Shortfall Amount equaled 0.134% of the Company’s market capitalization, the Company’s percentage Interest in RTMD was reduced to approximately 18.7% as of December 31, 2025.

Distributions

Cash in excess of authorized reserves will be distributed to the members pro -rata in proportion to their respective interests on a periodic basis as determined by the management committee. RTMD will be required to make tax distributions to each member. Once USAR OpCo has been paid the Priority Distribution, if applicable, all distributions made in connection with the sale or exchange of all or substantially all of RTMD’s assets and all distributions made in connection with the liquidation of RTMD will be made to the members pro -rata in accordance with their respective interests.

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Other material terms of the Amended Operating Agreement that remain unchanged are as follows:

Management .

A management committee will make the major decisions of RTMD, such as approval of the respective program and budget, and the manager will implement such decisions. The management committee consists of three representatives of the members, with two being appointed by USAR OpCo and one by the Company which is Dan Gorski. The representatives vote the ownership percentage interests of their appointing member.

Management Committee Meetings .

Meetings will be held every three months unless otherwise agreed. For matters before the management committee that require a vote, voting is by simple majority except for certain “major decisions” that require a unanimous vote. So long as the Company maintains a 15% or greater ownership interest, the nine decisions identified in the bullet points below require unanimous approval. If the Company’s ownership interest falls below 15%, the number of unanimous decisions is reduced to five (being the first five bullet points below). If the Company is acquired by a REE mining company or sells its ownership interest to a REE mining company, in each case who elects a majority of the Company’s board, this unanimous approval requirement can be suspended by USAR OpCo, at its option. The major decisions requiring unanimous approval, as set forth above, are:

•          approval of an amendment to any program and budget that causes the program and budget to increase by 15% or more, except for emergencies;

•          other than purchase money security interests or other security interests in RTMD equipment to finance the acquisition or lease of RTMD equipment used in operations, the consummation of a project financing or the incurrence by RTMD of any indebtedness for borrowed money that requires the guarantee by any member of any obligations of RTMD;

•          the redemption of all or any portion of an ownership interest, except for limited circumstances provided for in the Operating Agreement;

•          the issuance of an ownership interest or other equity interest in RTMD, or the admission of any person as a new member of RTMD, other than in connection with the exercise of a right of first offer by a member;

•          substitution of a member under certain circumstances and dissolution of RTMD;

•          a decision to grant authorization for RTMD to file a petition for relief under any chapter of the United States Bankruptcy Code, to consent to such relief in any involuntary petition filed against RTMD by any third party, or to admit in writing any insolvency of RTMD or inability to pay its debts as they become due, or to consent to any receivership of RTMD;

•          acquisition or disposition of significant mineral rights, other real property or water rights outside of the area of interest as set forth in the Operating Agreement or outside of the ordinary course of business;

•          the merger of RTMD into or with any other entity; and

•          the sale of all or substantially all of RTMD’s assets.

Manager .

The manager will manage, direct and control operations in accordance with program and budget, will prepare and present to the management committee a proposed program and budget, and will generally oversee and implement all of the day to day activities of RTMD. The manager will conduct necessary equipment and materials procurement and property and equipment maintenance activities, with all operations to be conducted in accordance with adopted program and budget.

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Permitted Transfers .

Certain transfers are permitted under the Amended Operating Agreement, including transfers to affiliates or through certain mergers or other forms of business reorganization. A member may also encumber its ownership interest provided that if the ownership interest is foreclosed upon, the other member has a pre -emptive right to acquire such ownership interest at the foreclosure sale. If the transfer is a “permitted transfer ,” the transferee is automatically admitted as a member; otherwise unless the other member agrees, the transferee is only an economic interest holder with no voting or other rights held by a member.

Right of First Offer .

If a member desires to transfer all or a portion of its ownership interest to a third party (other than a permitted transfer), it may do that without the consent of the other member so long as it gives the other member the first right to purchase its ownership interest on the same terms. If the other member does not elect to purchase the ownership interest on such terms, the member may sell its ownership interest on such terms and the transfer will be a permitted transfer.

Drag -Along Right .

If USAR OpCo accepts a bona fide offer to purchase its entire ownership interest and all other rights under the Operating Agreement from an unrelated third party, the Company will then be obligated to sell its entire ownership interest and all other rights under the Amended Operating Agreement to the unrelated third party on the same terms and conditions as are accepted by USAR OpCo.

Current Ownership in Round Top .

Pursuant to the Amended Operating Agreement, USAR OpCo initially owned membership interests equating to 80% of Round Top and the Company initially owned membership interests equating to 20% of Round Top. These ownership interests have been and will be adjusted further under a variety of circumstances, including a decision by us not to fund in cash our portion of an RTMD Budget. Currently, USAR OpCo and the Company are obligated, subject to an election by the Company not to fund in cash its portion of an RTMD cash call and in lieu thereof to incur dilution to its membership interests, to fund further expenditures in proportion to their respective ownership interests. We did not fund any of our $631,042 cash call requirements during the fiscal year ended August 31, 2025 (total cash call for RTMD was $3,304,829) which resulted in the dilution of our RTMD membership interest to 18.779% at August 31, 2025. Subsequent thereto, we received cash calls for September, October and November 2025 which resulted in the dilution of our RTMD membership to approximately 18.7% as of December 31, 2025. We have not been advised by USAR OpCo with respect to any preliminary estimate of the RTMD Budget for the fiscal year ending August 31, 2026. Last year we were not advised as to any RTMD Budget. In the prior year, we were advised that the estimated budget for the fiscal year ended August 31, 2024 was anticipated to be between $15 million to $20 million, with the Company’s portion estimated to be between $3 million to $4 million. During the fiscal year ended August 31, 2024, the total expenditure on the Round Top Project by USAR OpCo (as we elected not to fund our portion, have USAR OpCo fund our portion, and in lieu thereof to incur dilution) was $4,200,996 (of which $898,740 was our portion funded by USAR OpCo when we elected to incur dilution rather than fund). It is possible that the RTMD Budget for the current fiscal year ending August 31, 2026 will exceed prior year cash calls, and it should be expected that in future periods the RTMD Budget will be higher. The Company likely will decide to incur dilution to its then current membership interest in lieu of funding in cash its RTMD Budget obligations during this fiscal year, as it currently does not have sufficient capital to fund any cash calls during this current fiscal year (and only has sufficient cash to fund estimated general and administrative expenses and related costs through August 2026); consequently our ownership interest in the Round Top Project will likely be further diluted during this current fiscal year. We will be required to raise additional capital to fund future cash calls from RTMD (unless we elect in lieu of making cash contributions to dilute our membership interest percentage, which dilution could be significant), and there can be no assurance that we will be able to raise the necessary capital to fund future RTMD cash calls (or to fund estimated general and administrative expenses subsequent to August 2026). We estimate that our current cash is sufficient to fund estimated general and administrative expenses and related costs through August 2026. See “ TMRC’s Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources .”

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Operations of the Round Top Project

During the fiscal year ended August 31, 2025, the total cash calls by RTMD, and expenditures in RTMD, was $3,304,829 used primarily to optimize the leaching and developing of the CIX/CIC processing of the Round Top Project. It is unclear what the preliminary estimate of the RTMD Budget will be for the fiscal year ending August 31, 2026. Initial process design work has been carried out at USAR’s facility in Wheat Ridge, Colorado. The Round Top Project will require additional time and further expenditure to complete a bankable feasibility study. The Company lacks sufficient capital to fund any cash calls during the current fiscal year or thereafter and we expect to incur dilution to our then current membership interest in lieu of funding our RTMD cash calls during 2026.

Potential Santa Fe Gold Corporation / Alhambra Project

In November 2021, the Company entered into a mineral exploration and option agreement with Santa Fe Gold Corporation (“ Santa Fe ”), which agreement was amended in May 2024. Under the option agreement, the Company has the right to pursue a joint venture arrangement with Santa Fe to jointly explore and develop one or more target silver properties to be selected by the Company among patented and unpatented mining claims held by Santa Fe within the project area located in the Black Hawk Mining District in Grant County, New Mexico. Completion of a joint venture agreement, if any, is subject to the successful outcome of a multi -phase exploration plan leading to a bankable feasibility study planned to be undertaken in the near future by the Company. Under the contemplated terms of the proposed joint venture agreement, the Company would be project operator and initially own 50.5% of the joint venture while Santa Fe would initially own 49.5%. Additional terms of the joint venture are to be negotiated between the Company and Santa Fe in the future. There can be no assurance that the Company and Santa Fe will enter into a formal joint venture agreement, that there will be a successful outcome to any multi -phase exploration plan, that we will have the financial resources to fund exploration activities in the future, that any bankable feasibility study will be completed, or that this project will be commercialized.

Under the terms of the option agreement, the Company plans to conduct a district -wide evaluation among the patented and unpatented claims held by Santa Fe, as well as the area of interest, consisting of geologic mapping, sampling, trenching, radiometric surveying, geophysics, drilling and/or other methods as warranted. Based on the district -wide evaluation, the Company would designate a “project area or areas,” the size or sizes of which will be decided at the time, and commence development work. The property covered in the option agreement is approximately 1,600 acres and covers approximately 75% of the Black Hawk Mining District. The area to be studied also includes a two -mile radius “area of interest.” The term of the option is for so long as the Company continues to conduct exploration activities in the Project Area (although there can be no assurance that the Company will continue to conduct exploration activities in any future period, due to lack of financial resources or otherwise) and can be exercised on 60 days’ notice to Santa Fe. During the term of the option and subject to limited exceptions, Santa Fe has agreed not to transfer any portion of its patented and unpatented mining claims within the Black Hawk Mining District without granting the Company the right of first refusal. In October 2024, a Minimum Impact Exploration Permit, No. GR094EM, was issued by the New Mexico Mining and Minerals Division related to the project area.

The Black Hawk district and the Alhambra mine, in particular, are historically known for the occurrence of native silver lenses, randomly distributed in narrow carbonate veins. The “ore shoots” are small, ranging from ten feet to seventy feet along the vertical axis and five to fifty feet along the horizontal axis. We believe that the excessive cost of locating and mining these small “ore shoots” has been the principal reason for the inability to sustain a mining operation in this district.

Because of the high native silver content of ore historically mined in the district, we have considered the use of geophysics to locate these small lenses and pods, with the goal to make potential development and mining feasible. We have worked with a geophysical service provider and consultants, and have completed four phases of electromagnetic surveying in the immediate area of the Alhambra mine. The method producing the most meaningful geological data is a method called NANOTEM by its developer, Zonge International. This technique was developed to locate small electrically conducting objects such as pipes, underground tanks and unexploded ordinance. Working with consultants and with Zonge International this technique was modified and applied to the immediate area of the Alhambra mine. Results are encouraging and plans have been made to conduct a diamond drilling campaign to test the electrically conductive anomalies detected to date. This drilling is sited to test these “anomalies” within the geologically favorable area along the vein immediately to the north of the Alhambra mine workings.

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During April and May 2025, 20 diamond drill holes aggregating 2751 feet were drilled at the historic Alhambra mine; eight drill holes were directed to test electro -magnetic anomalies separate from the Alhambra vein itself; three were multi -targeted to test electro -magnetic features and also to intersect the Alhambra vein; eight were drilled to intersect the Alhambra vein in the upper workings; and one was abandoned. Planning of the next phase of exploration is ongoing and while there can be no assurance that further exploration will continue, such continuation will be guided by analysis of the drill core.

Potential Steeple Rock Project

The Company entered into a non -binding letter of intent with Steeple Rock Holding Company, LLC (“ Steeple Rock ”) to explore the possibility of entering into a mining venture involving (i) four mines, being the Billali mine, the Jim Crow mine, the inactive Imperial mine, and the Carlisle mine, all located on patented mining claims in Grant County, New Mexico, and (ii) certain related assets including a 150 tons per day, unassembled flotation mill located in Duncan, Arizona. New Mexico Minimum Impact Mining permits are in effect for the Billali mine, which also holds a valid Federal Discharge Permit, and the Jim Crow and adjacent Imperial mine which are operated under a common permit. The millsite holds a valid operating permit issued by the State of Arizona. The Carlisle mine is currently unpermitted.

The initial anticipated capital required for the potential project, in an amount to be determined and agreed upon by the parties, is expected to be used for the initiation of mining and milling operations. There can be no assurance that entry into the non -binding letter of intent will result in a definitive agreement or, if a definitive agreement is reached, the potential project will proceed on the preliminary and general terms described above or at all. Legal, regulatory, business and financial diligence, along with the procurement of necessary capital to proceed with this potential project in an amount to be determined (of which there can be no assurance the necessary capital can be procured to proceed with this potential project), will need to be satisfactorily completed by the parties, as well as other customary conditions and approvals. No exploration costs were incurred with respect to this potential project in the fiscal year ended August 31, 2025.

We may acquire up to a 50.1% interest in this potential project by contribution of the Carlisle mine and by raising the initial capital needed, in an amount to be determined, to assemble the mill and commence development and production.

Trends — Markets

Rare earth elements, or REEs, are a group of chemically similar elements that usually are found together in nature — they are referred to as the “lanthanide series.” These individual elements have a variety of characteristics that are important in a wide range of technologies, products, and applications and are critical inputs in existing and emerging applications including: computer hard drives, cell phones, clean energy technologies, such as hybrid and electric vehicles and wind power turbines; multiple high -tech uses, including fiber optics, lasers and hard disk drives; numerous defense applications, such as guidance and control systems and global positioning systems; and advanced water treatment technology for use in industrial, military and outdoor recreation applications. As a result, global demand for REE is projected to due to continuing growth in existing applications and increased innovation and development of new end uses. Interest in developing resources domestically has become a strategic necessity as there is limited production of these elements outside of China. Our ability, if any, to raise additional funds in order to fund our expected cash calls in RTMD may be impacted by future prices for REEs.

Sources and Availability of Raw Materials

The Round Top Project is currently in the exploration stage and as such RTMD does not require any significant raw materials in order to carry out its primary operating activities. The goal of RTMD is to continue to fund the exploration and development of the Round Top Project to determine whether it is commercially feasible, of which there can be no assurance. The raw materials that the current operations of RTMD rely upon are gasoline and diesel fuel for the exploration vehicles and for the heavy equipment required to build roads and conduct drilling operations. Water is expected to be provided per service contract by Eagle Mountain Gang or through other sources.

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Seasonality

Seasonality in the State of Texas is not a material factor to our operations for our project.

Competition

The mining industry is highly competitive. RTMD competes with numerous companies, some of which have greater financial resources available to them. RTMD may, therefore, be operating at a disadvantage in the course of acquiring mining properties and obtaining materials, supplies, labor, and equipment. Additionally, RTMD is and we are and will continue to be an insignificant participant in the business of exploration and mineral property development. A large number of established and well -financed companies are active in the mining industry and will have an advantage over RTMD and the Company if they are competing for the same properties. Nearly all such entities have greater financial resources, technical expertise and managerial capabilities than ourselves and, consequently, RTMD and the Company will be at a competitive disadvantage in identifying possible mining properties and procuring the same.

China accounts for the vast majority of rare earth element production. While rare earth element projects exist outside of China, very few are in actual production. Further, given the timeline for current exploration projects to come into production, if at all, it is likely that the Chinese will be able to dominate the market for rare earth elements into the future. This gives the Chinese a competitive advantage in controlling the supply of rare earth elements and engaging in competitive price reductions to discourage competition. Any increase in the amount of rare earth elements exported from other nations, and increased competition, may result in price reductions, reduced margins and loss of potential market share, any of which could materially adversely affect our operations. As a result of these factors, RTMD and the Company may not be able to compete effectively against current and future competitors.

Government Approvals

The exploration, drilling and mining industries operate in a legal environment that requires permits to conduct virtually all operations. Thus permits are required by local, state and federal government agencies. Local authorities, usually counties, also have control over mining activity. The various permits address such issues as prospecting, development, production, labor standards, taxes, occupational health and safety, toxic substances, air quality, water use, water discharge, water quality, noise, dust, wildlife impacts, as well as other environmental and socioeconomic issues.

Prior to receiving the necessary permits to explore or mine, the operator must comply with all regulatory requirements imposed by all governmental authorities having jurisdiction over the project area. Very often, in order to obtain the requisite permits, the operator must have its land reclamation, restoration or replacement plans pre -approved . Specifically, the operator must present its plan as to how it intends to restore or replace the affected area. Often all or any of these requirements can cause delays or involve costly studies or alterations of the proposed activity or time frame of operations, in order to mitigate impacts. All of these factors make it more difficult and costly to operate and have a negative and sometimes fatal impact on the viability of the exploration or mining operation. It is possible that future changes in these laws or regulations could have a significant impact on our business as well as RTMD’s business, causing those activities to be economically reevaluated at that time.

Effect of Existing or Probable Government and Environmental Regulations

Mineral exploration, including mining operations are subject to governmental regulation. The Round Top Project’s operations may be affected in varying degrees by government regulation such as restrictions on production, price controls, tax increases, expropriation of property, environmental and pollution controls or changes in conditions under which minerals may be marketed. An excess supply of certain minerals may exist from time to time due to lack of markets, restrictions on exports, and numerous factors beyond our control. These factors include market fluctuations and government regulations relating to prices, taxes, royalties, allowable production and importing and exporting minerals. The effect of these factors cannot be accurately determined. This section is intended as a brief overview of the laws and regulations described herein and is not intended to be a comprehensive treatment of the subject matter.

Overview.     Like all other mining companies doing business in the United States, RTMD is subject to a variety of federal, state and local statutes, rules and regulations designed to protect the quality of the air and water, and threatened or endangered species, in the vicinity of its operations. These include “permitting” or pre -operating approval requirements designed to ensure the environmental integrity of a proposed mining facility, operating requirements

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designed to mitigate the effects of discharges into the environment during exploration, mining operations, and reclamation or post -operation requirements designed to remediate the lands affected by a mining facility once commercial mining operations have ceased.

Federal legislation in the United States and implementing regulations adopted and administered by the Environmental Protection Agency, the Forest Service, the Bureau of Land Management, the Fish and Wildlife Service, the Army Corps of Engineers and other agencies -in particular, legislation such as the federal Clean Water Act, the Clean Air Act, the National Environmental Policy Act, the Endangered Species Act, the National Forest Management Act, the Wilderness Act, and the Comprehensive Environmental Response, Compensation and Liability Act -have a direct bearing on domestic mining operations. These federal initiatives are often administered and enforced through state agencies operating under parallel state statutes and regulations.

The Clean Water Act.      The federal Clean Water Act is the principal federal environmental protection law regulating mining operations in the United States as it pertains to water quality.

At the state level, water quality is regulated by the Environment Department, Water and Waste Management Division under the Water Quality Act (state). If our exploration or any future development activities might affect a ground water aquifer, it will have to apply for a Ground Water Discharge Permit from the Ground Water Quality Bureau in compliance with the Groundwater Regulations. If exploration affects surface water, then compliance with the Surface Water Regulations is required.

The Clean Air Act.      The federal Clean Air Act establishes ambient air quality standards, limits the discharges of new sources and hazardous air pollutants and establishes a federal air quality permitting program for such discharges. Hazardous materials are defined in the federal Clean Air Act and enabling regulations adopted under the federal Clean Air Act to include various metals. The federal Clean Air Act also imposes limitations on the level of particulate matter generated from mining operations.

National Environmental Policy Act (NEPA).      NEPA requires all governmental agencies to consider the impact on the human environment of major federal actions as therein defined.

Endangered Species Act (ESA).      The ESA requires federal agencies to ensure that any action authorized, funded or carried out by such agency is not likely to jeopardize the continued existence of any endangered or threatened species or result in the destruction or adverse modification of their critical habitat. In order to facilitate the conservation of imperiled species, the ESA establishes an interagency consultation process. When a federal agency proposes an action that “may affect” a listed species, it must consult with the United States Fish and Wildlife Service (“ USFWS ”) and must prepare a “biological assessment” of the effects of a major construction activity if the USFWS advises that a threatened species may be present in the area of the activity.

National Forest Management Act.      The National Forest Management Act, as implemented through title 36 of the Code of Federal Regulations, provides a planning framework for lands and resource management of the National Forests. The planning framework seeks to manage the National Forest System resources in a combination that best serves the public interest without impairment of the productivity of the land, consistent with the Multiple Use Sustained Yield Act of 1960.

Wilderness Act.      The Wilderness Act of 1964 created a National Wilderness Preservation System composed of federally owned areas designated by Congress as “wilderness areas” to be preserved for future use and enjoyment.

The Comprehensive Environmental Response, Compensation and Liability Act (CERCLA).      CERCLA imposes clean -up and reclamation responsibilities with respect to discharges into the environment, and establishes significant criminal and civil penalties against those persons who are primarily responsible for such discharges.

The Resource Conservation and Recovery Act (RCRA).      RCRA was designed and implemented to regulate the disposal of solid and hazardous wastes. It restricts solid waste disposal practices and the management, reuse or recovery of solid wastes and imposes substantial additional requirements on the subcategory of solid wastes that are determined to be hazardous. Like the Clean Water Act, RCRA provides for citizens’ suits to enforce the provisions of the law.

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National Historic Preservation Act.      The National Historic Preservation Act was designed and implemented to protect historic and cultural properties. Compliance with the Act is necessary where federal properties or federal actions are undertaken, such as mineral exploration on federal land, which may impact historic or traditional cultural properties, including native or Indian cultural sites.

In the fiscal year ended August 31, 2025, RTMD incurred minimal costs in complying with environmental laws and regulations in relation to its operating activities.

Employees

Including our executive officers, we currently have two full -time employees. We also utilize the services of qualified consultants with geological and mineralogical expertise as well as an individual for accounting services.

Investment Company Act Exclusion

Section 3(c)(9) of the Investment Company Act of 1940, as amended (“ 1940 Act ”), provides that a company “substantially all of whose business consists of owning or holding oil, gas, or other mineral royalties or leases, or fractional interests therein, or certificates of interest or participation in or investment contracts relative to such royalties, leases, or fractional interests” is not an investment company within the meaning of the 1940 Act. The Company has determined that this exemption applies to it giving consideration to the following four factors:

•          Whether the exempted activity constitutes “substantially all” of the Company’s business.

The Company has owned mineral leases since 2011, substantially all of our business to date has been comprised of owning and developing the mineral leases and, after the May 2021 “farm -down ” of its 100% interest in the mineral leases, substantially all of our business continues to be comprised of owning and holding a certificate of interest and a participation in the mineral leases owned by RTMD. The Company’s mineral assets historically, as well as the value of the certificate of interest at August 31, 2025, have been booked at cost in accordance with accounting principles generally accepted in the United States of America (“ GAAP ”). We have an accumulated deficit of approximately $45.1 million at August 31, 2025 as a result of owning and developing the Round Top Project.

•          Whether the Company owns or trades in the mineral leases.

The Company has owned the mineral leases, which are now owned by RTMD, since 2011 and neither the Company nor RTMD is in the business of dealing or trading in the mineral leases.

•          What qualifies as an eligible asset for purposes of the exception.

The statute specifically references mineral leases and our mineral leases were owned by the Company and are now owned by RTMD. In accordance with Regulation S -K Item 1300 that governs disclosure by registrants engaged in mining operations, the definition of mineral resource is “a concentration or occurrence of material of economic interest in or on the Earth’s crust.” Our rare earth elements and minerals underlying the mineral leases meet that definition, as well as does coal, silver, gold and other material mined for economic value by registrants involved in mining operations. The SEC staff has recognized that an excepted entity can also engage in related business activities such as exploring, developing, and operating the eligible assets.

•          What qualifies as a “certificate of interest or participation in” or an “investment contract relative to” the eligible assets.

The statute allows a company to own a “certificate of interest” or “participation in” the mineral leases. The SEC staff has advised that limited partnership interests and/or similar securities issued by entities that themselves own the leases constitute “certificate of interest or participation in or investment contracts” related to such leases. The Company’s 18.7% membership interest (as of December 31, 2025) in RTMD constitutes a “certificate of interest” and a “participation in” the mineral leases that are owned by RTMD.

The Company intends to continue to conduct its business operations in order to continue to be excluded from the definition of an “investment company” under the 1940 Act.

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Properties of TMRC

Executive and Field Offices

Our headquarters are located at 527 21 st Street, #44, Galveston, Texas 77550. Our accounting functions are conducted by personnel in Galveston, Texas and Castle Rock, Colorado, all under the supervision of our chief financial officer.

Overview of the Round Top Project

The Round Top Project is considered an ‘exploration stage property’ under Item 1300 of Regulation S -K , in that the Round Top Project is a property that has no mineral reserves disclosed. Mineral resources that are not mineral reserves have no demonstrated economic viability. The Round Top Project is currently owned by RTMD in which we had an 18.7% membership interest as of December 31, 2025.

Description and Access of RTMD

The Round Top Project is located in Hudspeth County approximately eight miles northwest of the town of Sierra Blanca. The property is reached by truck on a private dirt road that turns north off Interstate 10 access road approximately one mile west of the town of Sierra Blanca. A railroad line is located near the Round Top Project and a spur line stops at a stone quarry within three miles of the Round Top Project.

Round Top Location Map

September 2011 Lease

In September 2011, the Company entered into a new mining lease with the GLO covering Sections 7 and 18 of Township 7, Block 71 and Section 12 of Block 72, covering approximately 860 acres at Round Top Mountain in Hudspeth County, Texas. The mining lease issued by the GLO provided for the right to explore, produce, develop, mine, extract, mill, remove, and market uranium, rare earth elements, all other base and precious metals, industrial minerals and construction materials and all other minerals excluding oil, gas, coal, lignite, sulfur, salt, and potash. The term of the lease is nineteen years from the execution date of the lease so long as minerals are produced in paying quantities. This lease was assigned to Round Top in May 2021.

Under the lease, RTMD is obligated to pay the State of Texas a lease bonus of $142,518; $44,718 of which the Company previously paid upon the execution of the lease, and $97,800 which will be due and payable by RTMD upon the submission of a supplemental plan of operations to conduct mining. Upon the sale of minerals removed from the Round Top Project, RTMD will be required to pay the State of Texas a $500,000 minimum advance royalty.

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Thereafter, RTMD will be required to pay the State of Texas a production royalty equal to 8% of the market value of uranium and other fissionable minerals and 6.25% percent of the market value of all other leased minerals.

If paying quantities have not been obtained, RTMD may pay additional delay rental fees to extend the term of the lease for successive one year periods pursuant to the following schedule:

Per Acre

Amount

Total

Amount

September 2, 2025 – 2029

$

200

$

178,873

In August 2025, RTMD paid the State of Texas a delay rental to extend the term of the lease in an amount equal to $178,873.

November 2011 Lease

In November 2011, the Company entered into a mining lease with the State of Texas covering approximately 90 acres contiguous with and extending the September 2011 Lease. Under the lease, the Company paid the State of Texas a lease bonus of $20,700 which was paid upon the execution of the lease. Upon the sale of minerals removed from the Round Top Project, RTMD will be required to pay the State of Texas a $500,000 minimum advance royalty. Thereafter, RTMD will be required to pay the State of Texas a production royalty equal to 8% of the market value of uranium and other fissionable minerals and 6.25% percent of the market value of all other leased minerals. The term of the lease is nineteen years from the execution date of the lease so long as minerals are produced in paying quantities. This lease was assigned to RTMD in May 2021.

If paying quantities have not been obtained, RTMD may pay additional delay rental fees to extend the term of the lease for successive one year periods pursuant to the following schedule:

Per Acre

Amount

Total

Amount

November 1, 2025 – 2029

$

200

$

18,000

In August 2025, RTMD paid the State of Texas a delay rental to extend the term of the lease in an amount equal to $18,000.

March 2013 Lease

On March 6, 2013, the Company purchased the surface lease at the Round Top Project, known as the West Lease, from the Southwest Wildlife and Range Foundation (since renamed the Rio Grande Foundation) for $500,000 cash and 1,063,830 TMRC Shares valued at $500,000. The Company also agreed to support the Foundation through an annual payment of $45,000 for ten years to support conservation efforts within the Rio Grande Basin. The West Lease comprises approximately 54,990 acres. The purchase of the surface lease provides unrestricted surface access for the potential development and mining of the Round Top Project. The West Lease was assigned to RTMD in May 2021.

October 2014 Surface Option and Water Lease

In October 2014, the Company executed agreements with the GLO securing the option to purchase the surface rights covering the potential Round Top Project mine and plant areas and, separately, a groundwater lease. The option to purchase the surface rights covers approximately 5,670 acres of which 950 acres are authorized for mining and the remaining 4,720 acres are contemplated for future use as mine processing land (e.g., for use to assist in mine development, as leach fields, and/or as plant site). RTMD may exercise the option for all or part of the option acreage at any time during the sixteen year primary term of the mineral lease. The option can be kept current by an annual payment of $10,000. The purchase price will be the appraised value of the surface at the time of exercising the option.

The ground water lease secures the right to develop the ground water within an 8,828 acre lease area located approximately 4 miles from the Round Top deposit. This lease has an annual minimum production payment of $5,000 prior to production of water for the operation. After initiation of production, RTMD will pay $0.95 per thousand gallons or $20,000 annually, whichever is greater. This lease remains effective as long as the mineral lease is in effect.

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This option and groundwater lease were assigned to RTMD in May 2021.

March 2021 Purchased the South ½ of Section 45, Block 71, Township 6, T&P RR Survey

This ½ section comprising 320 acres more or less is owned by RTMD. This tract is contiguous with the Surface Option area and was assigned to RTMD in May 2021.

May 2021 Easements

On May 7, 2021, the Company purchased a road, water line and power line easement extending slightly over a mile from the western boundary of the Water lease to the southeastern corner of the Section 45 tract. This easement completes the arrangements for the main access road from State Highway 111, across the Water Lease and into the Surface Option area, and was assigned to RTMD in May 2021.

Geology of Round Top

The Round Top Project area lies within the Texas Lineament Zone and Trans -Pecos Trend. The lineament is a northwest trending structural zone where Laramide thrust faulting followed by basin and range normal faulting were active. Tertiary igneous activity is also associated with the lineament zone, both intrusive and extrusive.

Locally the project area is characterized by five Tertiary rhyolite bodies that intruded Cretaceous sedimentary rocks. The rhyolites occur as laccoliths, mushroom -shaped bodies emplaced at relatively shallow depths. At the current erosional levels, laccoliths form resistant peaks with relief up to 2,000 feet. The rhyolites are enriched with various minerals which may or may not be economical to recover. The rare earth elements are located within the intrusive rhyolite body.

Sedimentary rocks exposed in the area are middle to upper Cretaceous limestone shales and sandstones. The limestone, where it is in contact with the microgranites, is the host for fluorspar mineralization.

Initial exploration took place in the mid -1980 ’s. During the course of this exploration, approximately 200 drill holes were drilled, targeting potential beryllium mineralization which penetrated varying thicknesses of the rhyolite volcanic rock that makes up the mass of Round Top Mountain.

The Texas Bureau of Economic Geology, working with the project geologists, conducted an investigation of the rhyolite to better understand its rare metal content. The study identified beryllium mineralization and rare earth mineralization in the rhyolite. They analyzed a series of samples from outcrop and drill holes and studied the geochemistry and mineralogy of the rhyolite. The results of their research were published in the GSA, Geological Society of America, Special Paper 246, 1990.

Carlisle Mine

In December 2024, Dan Gorski, our chief executive officer and a director, assigned all of his ownership interest in the Carlisle mine and related real estate to a wholly -owned subsidiary of the Company in consideration for a $75,000 promissory note, without interest, due and payable by the Company in December 2025, secured by the property conveyed. Mr. Gorski acquired this property for $75,000 in 2022. The Carlisle mine and related real estate consist of the following:

•          Carlisle Millsite, patent No. 280, described as Section   12, township 17S, range 21W, comprising 5.00 acres, more or less;

•          Homestead Lode, patent No. 283, described as Section   12, township 17S, range 21W, comprising 17.91 acres, more or less;

•          Columbia Lode, patent No. 284, Described as Section   12, township 17S, range 21W, comprising 19.46 acres, more or less; and

•          Carlisle Lode, patent No. 279, described as Section   01, township 17S, range 21W, comprising 20.660 acres, more or less.

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TMRC’S MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

As used in this section, references to “Texas Mineral”, “the Company,” “we,” “our,” “us” or “TMRC” mean Texas Mineral Resources Corp. and its predecessors, as the context requires.

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing elsewhere in this proxy statement / prospectus. This discussion and analysis contains forward -looking statements that involve risks, uncertainties and assumptions. See “Cautionary Note Regarding Forward -Looking Statements.” Our actual results may differ materially from those anticipated in these forward -looking statements as a result of many factors, including, but not limited to, those set forth under “Risk Factors” and elsewhere in this proxy statement / prospectus.

Overview

We are engaged in the business of owning, acquiring, exploring and developing mineral properties. We own an approximately 18.7% membership interest (as of December 31, 2025) in RTMD, which entity holds two mineral property leases with the GLO to explore and develop a 950 -acre rare earths project located in Hudspeth County, Texas, known as the Round Top Project. The leases expire in 2030 with provisions for automatic renewal if RTMD is producing in paying quantities (the receipt from the sale of materials exceeds all costs and expenses associated therewith for the prior 12 months). The business strategy of RTMD is to develop a metallurgical process to concentrate or otherwise extract the metals from the Round Top Project’s rhyolite, conduct additional engineering, design, geotechnical work, and permitting necessary for a bankable feasibility study and then to extract mineral resources from the Round Top Project. There can be no assurance that RTMD will be successful in this endeavor. The Round Top Project has not established as of the date hereof that any of the properties contain any probable mineral reserves or proven mineral reserves under Item 1300 of Regulation S -K nor can there be any assurance that this will occur.

Rare earth elements are a group of chemically similar elements that usually are found together in nature — they are referred to as the “lanthanide series.” These individual elements have a variety of characteristics that are critical in a wide range of technologies, products, and applications and are critical inputs in existing and emerging applications. Without these elements, multiple high -tech technologies would not be possible. These technologies include:

•          cell phones;

•          computer and television screens;

•          battery operated vehicles;

•          clean energy technologies, such as hybrid and electric vehicles and wind power turbines;

•          fiber optics, lasers and hard disk drives;

•          numerous defense applications, such as guidance and control systems and global positioning systems; and

•          advanced water treatment technology for use in industrial, military and outdoor recreation applications.

Because of these applications, global demand for REE is projected to increase due to continuing growth in existing applications and increased innovation and development of new end uses. Interest in developing resources domestically has become a strategic necessity as there is limited production of these elements outside of China. Our ability to raise additional funds to continue to fund our participation interest in the Round Top Project may be impacted by future prices for REEs.

Operations Update

USAR OpCo, the operating manager of the Round Top Project, continues to progress the Round Top Project toward operations. To date, USAR OpCo has successfully separated all heavy rare -earth elements from light rare -earth elements and is now beginning our work on individual separations including dysprosium and terbium, as well as critical minerals, such as hafnium and zirconium, from the Round Top Project ore.

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History of the Round Top Project

In May 2021, we contributed our assets in the Round Top Project to RTMD in exchange for our original 20% membership interest in RTMD. Between September 1, 2024 through August 31, 2025, we elected not to contribute an aggregate of $631,042 to fund our cash calls, and our membership interest in RTMD was diluted from 20% to 18.779%. Our membership interest in RTMD was approximately 18.715% as of the date of this proxy statement/prospectus.

As a part of our ongoing operations, we will occasionally investigate new mining opportunities. We may also incur expenses associated with our investigations. These costs are expensed as incurred until such time when we have agreements in place to purchase such mining rights.

Investment Company Act Exclusion

Section 3(c)(9) of the 1940 Act provides that a company “substantially all of whose business consists of owning or holding oil, gas, or other mineral royalties or leases, or fractional interests therein, or certificates of interest or participation in or investment contracts relative to such royalties, leases, or fractional interests” is not an investment company within the meaning of the 1940 Act. The Company has determined that this exemption applies to it giving consideration to the following four factors:

•          the exempted activity (ownership of our certificate of interest in the underlying mineral leases) constitutes “substantially all” of our business;

•          we own, and do not trade, in the certificate of interest in the mineral leases or the underlying mineral leases;

•          mineral leases qualify as an eligible asset for purposes of the exception; and

•          a membership interest in a limited liability company constitutes a “certificate of interest or participation in” or an “investment contract relative to” the eligible assets.

The Company intends to continue to conduct its business operations in order to continue to be excluded from the definition of an “investment company” under the 1940 Act.

Our financial statements have been prepared assuming that the Company will continue as a going concern.

Our financial statements have been prepared assuming that the Company will continue as a going concern. The Company has an accumulated deficit from inception through February 28, 2026, of approximately $46,157,000 and has yet to achieve profitable operations, and projects further losses in the development of its business. At February 28, 2026, the Company had a working capital surplus of approximately $3,738,000; however the Company’s ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to meet its obligations and pay its liabilities arising from normal business operations when they come due. The Company doesn’t expect to generate revenue from operations in the near future.

The Company does not have sufficient capital to fund its portion of the Round Top cash calls expected during the fiscal year ending August 31, 2026 or thereafter. The Company has sufficient cash to fund expected general and administrative expenses and related costs (including costs related to the Merger Agreement and Transaction) through August 31, 2026. During the six months ended February 28, 2026, we did not fund our $1,260,311 portion of the $6,748,702 total cash call by Round Top, and elected to incur dilution to our Round Top membership interest which was reduced to 18.505% at February 28, 2026. Subsequent to February 28, 2026, pursuant to the March 2026 cash call of $1,834,579 (our portion of the cash call was $339,104), we did not fund our portion, and we elected to incur dilution to our Round Top membership interest which was reduced to 18.422% at March 31, 2026. We have been informed by Round Top that the total remaining estimated budget for the 2026 calendar year is approximately $10,520,000, to be funded pro -rata by the Company and USAR. The failure of the Company to make required cash calls to Round Top during the remainder of the 2026 calendar year will result in further dilution to our current 18.422% ownership interest. We currently expect to incur continued dilution to our membership interest in Round Top rather than to fund our cash call obligations during the remainder of the 2026 calendar year. There can be no assurance that the Company will be able to raise the necessary capital to fund its cash calls (if it determines not to continue to incur dilution). We have no firm commitments for equity or debt financing and any financing that may be obtained will be on a best efforts basis. Based on these factors, there is substantial doubt as to the Company’s ability to continue as a going concern for a period of twelve months from the issuance date of these financial statements. The failure to obtain sufficient financing may cause us to curtail, cease or discontinue operations.

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Liquidity and Capital Resources

Recent Convertible Debt Financing

In February 2025, pursuant to the closing of the $1,098,000 of debt financing, the Company issued unsecured promissory notes in the principal amount of $1,098,000 and, as additional consideration for effecting the loans, the Company issued warrants to purchase an aggregate of up to 10,980,000 shares of common stock.

On August 9, 2025, the notes in an aggregate principal amount of $1,098,000 were converted by the holders into an aggregate of 3,660,000 shares of common stock pursuant to the terms of the fixed conversion rate in the notes. As a result of the conversion of the notes in the aggregate principal amount of $1,098,000 into an aggregate of 3,660,000 shares of common stock, these notes were extinguished in full.

During the six months ended February 28, 2026, (i) holders exercised warrants to purchase 2,100,000 shares of the Company’s common stock at an exercise price of $0.30 per share (resulting in the Company receiving aggregate cash consideration of $630,000) and (ii) holders of warrants to purchase 8,880,000 shares of common stock exercised these warrants on a cashless, net issuance exercise basis and were issued 6,187,472 shares of common stock. No warrants issued in connection with the February 2025 transaction remain outstanding.

Transfer of USAR Common Stock by Mr. Gorski to the Company and Subsequent Sale by the Company of the USAR Common Stock

On January 12, 2026, Mr. Gorski (chief executive officer and director of the Company) assigned to the Company 157,686 shares of USAR common stock that were previously issued by USAR to Mr. Gorski, originally as an award of incentive units granted by USAR to Mr. Gorski in May 2020 and subsequently such award of incentive units automatically converted into USAR common stock in connection with the closing of the USAR business combination in March 2025 (“Business Combination”), for his personal services rendered with respect to advancing the Round Top project. These shares of USAR common stock, when issued to Mr. Gorski as an award of incentive units in May 2020, had nominal value. As the result of USAR completing its Business Combination, its shares of common stock commenced trading on The Nasdaq Stock Market LLC and, as such, the market value of the USAR shares transferred to the Company by Mr. Gorski, based on the closing price on the date the shares were actually received by the Company, was approximately $3,480,000 and was recorded as additional paid -in capital. At February 28, 2026, the shares were marked to market and had a value of approximately $2,980,000 with an unrealized loss of approximately $500,000 recognized as an other (expense) in the consolidated statements of operations. On March 10, 2026, the Company sold these 157,686 shares of USAR common stock for total net proceeds of $2,999,000.

Liquidity

At February 28, 2026, our accumulated deficit was approximately $46,157,000 and our cash position was approximately $790,000. We had a working capital surplus of approximately $3,738,000. Round Top has not commenced commercial production on the Round Top Project. We have no revenues from operations and anticipate we will have no operating revenues until production from the Round Top Project, if any, of which there can be no assurance. This property is in the exploration stage.

During the six months ending February 28, 2026, we did not fund our cash call obligations pursuant to the Operating Agreement. In lieu of funding our $1,260,311 portion of the $6,748,702 total cash call by Round Top during the six months ended February 28, 2026, we incurred dilution in our membership interest, reducing our membership interest from 18.779% at August 31, 2025 to 18.505% at February 28, 2026. In March 2026, in lieu of funding our $339,104 portion of the April 2026 $1,834,579 total cash call by Round Top, we incurred dilution in our membership interest, reducing our membership interest from 18.505% to 18.422% at March 31, 2026. We have been informed by Round Top that the total remaining estimated budget for the 2026 calendar year is approximately $10,520,000, to be funded pro -rata by the Company and USAR. The Company likely will decide to incur dilution to its then current membership interest in lieu of funding in cash its Round Top budget obligations during the 2026 calendar year, as it currently does not have sufficient capital to fund any cash calls; consequently our ownership interest in the Round Top Project will likely be further diluted during the 2026 calendar year. We will be required to raise additional capital to fund future cash calls from Round Top (unless we elect in lieu of making cash contributions to continue diluting our membership interest percentage, which dilution could be significant, and there can be no assurance that we will be able

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to raise the necessary capital to fund future Round Top cash calls. We estimate that our current cash position is only sufficient to fund estimated general and administrative expenses (including costs related to the Merger Agreement and Transaction) through August 2026.

While we do not have sufficient cash on hand to fund any portion of the Round Top budget during our current fiscal year and through the end of the 2026 calendar year, we do estimate that we have sufficient capital to fund our estimated general and administrative expenses (including costs related to the Merger Agreement and Transaction) through August 31, 2026. Therefore, we will need to raise additional capital to fund our portion of the Round Top budget if we elect not to dilute our Round Top membership interest. If we elect to dilute our Round Top membership interest (through choice or as a result of the failure to raise capital), such event will result in the dilution to our Round Top membership interest. If we are not able to raise capital to fund our estimated general and administrative expenses past our current fiscal year, we will likely need to curtail operations. The most likely source of future financing presently available to us is through the sale of our securities. Any sale of our shares of common stock will result in dilution of equity ownership to existing stockholders. This means that if we sell shares of common stock, more shares will be outstanding and each existing stockholder will own a smaller percentage of the shares then outstanding. Moreover, the actual or perceived sale of additional shares of our common stock to raise capital could depress the price of our common stock which could adversely impact our ability to raise capital, result in more dilution to be incurred by existing stockholders, and also negatively impact the dilution calculation with respect to our Round Top membership interest. Alternatively, we may rely on debt financing and assume debt obligations that require us to make substantial interest and capital payments. Also, we may issue or grant warrants or options in the future pursuant to which additional shares of common stock may be issued. Exercise of such warrants or options will result in dilution of equity ownership to our existing stockholders. We have no firm commitment with respect to obtaining debt or equity financing and, accordingly, we will be reliant upon a best efforts financing strategy. Accordingly, there is no assurance that we will be able to raise necessary capital, if any, to (i) fund our portion of the Round Top budget during the fiscal year ending August 31, 2026 and through the end of the 2026 calendar year (in the event we decide not to incur dilution to our membership interest) and (ii) fund general and administrative expenses past our current fiscal year, the failure of which would likely cause us to curtail, discontinue or cease our operations.

Results of Operations

Fiscal Years ended August 31, 2025 and 2024

Revenue

During the fiscal year ended August 31, 2025 and 2024, we had no revenues. For the fiscal year ended August 31, 2025, our net loss was approximately $1,933,000. We are not currently profitable. As a result of ongoing operating losses, we had an accumulated deficit of approximately $45,110,000 as of August 31, 2025.

Operating expenses and resulting losses from operations .

We incurred exploration costs for the fiscal years ended August 31, 2025 and 2024, in the amount of approximately $337,000 and $76,000, respectively. Expenditures during fiscal year 2025 and 2024 were primarily used to fund project contractors for our potential New Mexico mining exploration. Currently most of the expenditures associated with the USAR OpCo joint venture are funded by our joint venture partner, USAR OpCo.

Our general and administrative expenses for the fiscal year ended August 31, 2025 were approximately $872,000 of which approximately $261,000 were stock compensation for services. The remaining expenditures were primarily for payroll, professional fees and other general and administrative expenses necessary for our operations.

Our general and administrative expenses for the fiscal year ended August 31, 2024 were approximately $877,000 of which approximately $245,000 were stock compensation for services. The remaining expenditures were primarily for payroll, professional fees and other general and administrative expenses necessary for our operations.

We had losses from operations for the fiscal years ended August 31, 2025 and 2024 totaling approximately $1,209,000 and $954,000, respectively. We had a net loss for the fiscal year ended August 31, 2025 and 2024 totaling approximately $1,933,000 and $833,000, respectively. We earned interest from our cash balances of approximately $21,000 and $36,000 for the years ended August 31, 2025 and 2024, respectively. Other income in fiscal 2024 also

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included $85,000 as a reimbursement for expenses incurred in a prior fiscal year. Interest expense in fiscal 2025 included approximately $746,000 to accrete debt discount to interest expense associated with the value assigned to the detachable warrants.

Six months ended February 28, 2026 and February 28, 2025

General and Revenue

We had no operating revenues during the six months ended February 28, 2026 and February 29, 2025. We are not currently profitable. As a result of ongoing operating losses, we had an accumulated deficit of approximately $46,157,000 as of February 28, 2026.

Operating expenses, other income (expenses) and resulting losses from Operations.

We incurred exploration costs for the six months ended February 28, 2026 and February 28, 2025, in the amount of approximately $20,000 and $26,000, respectively. The expenditures for the six months ended February 28, 2026 and February 28, 2025 were primarily for exploration costs for the Black Hawk project in New Mexico. During the six months ended February 28, 2026 and February 28, 2025, any exploration expenditures for mining activities at Round Top were funded by RTMD. We account for our interest in RTMD under the proportional consolidation method. Under the proportional consolidation method, we record our share of expenses of RTMD within the income statement in the same line items that we would if we were to consolidate our financial statements with RTMD.

Our general and administrative expenses for the six months ended February 28, 2026 and February 28, 2025, respectively, were approximately $543,000 and $411,000. For the six months ended February 28, 2026 and February 28, 2025, this amount included approximately $168,000 and $104,000, respectively, in stock -based compensation to directors and Common Stock. The remaining expenditures were primarily for payroll and related taxes and benefits, professional fees and other general and administrative expenses necessary for our operations.

For the six months ended February 28, 2026 and February 28, 2025, we earned approximately $15,000 and $6,000, respectively, in interest income from depository accounts. Other expense for the six months ended February 28, 2026 includes approximately $500,000 as a change in value of our USAR common stock.

For the six months ended February 28, 2025, we recognized approximately $39,000 in interest expense related to accretion of debt discount recognized on our convertible notes.

We had losses from operations for the six months ended February 28, 2026 and February 28, 2025 totaling approximately $562,000 and $437,000, respectively.

We had net losses for the six months ended February 28, 2026 and February 28, 2025 totaling approximately $1,047,000 and $471,000, respectively.

Three months ended February 28, 2026 and 2025

General and Revenue

We had no operating revenues during the three months ended February 28, 2026 and February 28, 2025. We are not currently profitable. As a result of ongoing operating losses, we had an accumulated deficit of approximately $46,157,000 as of February 28, 2026.

Operating expenses, other income (expenses) and resulting losses from Operations.

We incurred exploration costs for the three months ended February 28, 2026 and February 28, 2025 in the amount of approximately $15,000 and $4,000, respectively. The expenditures for the three months ended February 28, 2026 and February 28, 2025 were primarily for exploration costs for the Black Hawk project in New Mexico. During the three months ended February 28, 2026 and February 28, 2025, any exploration expenditures for mining activities at Round Top were funded by RTMD. We account for our interest in RTMD under the proportional consolidation method. Under the proportional consolidation method, we record our share of expenses of RTMD within the income statement in the same line items that we would if we were to consolidate our financial statements with RTMD.

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Our general and administrative expenses for the three months ended February 28, 2026 and February 28, 2025 were approximately $296,000 and $200,000, respectively. For the three months ended February 28, 2026 and February 28, 2025, this amount included approximately $81,000 and $51,000, respectively, in stock -based compensation to directors. The remaining expenditures were primarily for payroll and related taxes and benefits, professional fees and other general and administrative expenses necessary for our operations.

For the three months ended February 28, 2026 and February 28, 2025, we earned approximately $9,000 and $2,000, respectively, in interest income from depository accounts. Other expense for the three months ended February 28, 2026 includes approximately $500,000 as a change in value of our USAR common stock.

For the three months ended February 28, 2025, we recognized approximately $39,000 in interest expense related to accretion of debt discount recognized on our convertible notes.

We had losses from operations for the three months ended February 28, 2026 and February 28, 2025 totaling approximately $311,000 and $204,000, respectively.

We had net losses for the three months ended February 28, 2026 and February 28, 2025 totaling approximately $801,000 and $242,000, respectively.

Off-Balance Sheet Arrangements

None

Recently Issued Accounting Pronouncements

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations, financial position, or cash flow.

Critical Accounting Estimates

Management’s discussion and analysis of financial condition and results of operations is based on our financial statements, which have been prepared in accordance with U.S. GAAP. Preparation of financial statements requires management to make assumptions, estimates and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and the related disclosures of contingencies. Management bases its estimates on various assumptions and historical experience, which are believed to be reasonable; however, due to the inherent nature of estimates, actual results may differ significantly due to changed conditions or assumptions. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our financial statements are fairly presented in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material.

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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS OF USAR

The following table sets forth information regarding the beneficial ownership of the USAR Shares and USAR Series A Preferred Stock as of June 9, 2026 for:

•          each person who was named as USAR’s executive officer or director, and all of USAR’s executive officers and directors as a group; and

•          each person who is a beneficial owner of more than 5% of a class of USAR’s equity securities.

The information below is based on an aggregate of 244,658,413 USAR Shares, and 1,224,351 shares of USAR Series A Preferred Stock issued and outstanding as of June 9, 2026. Beneficial ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she, or it possesses sole or shared voting or investment power over that security, including preferred stock and warrants that are convertible or currently exercisable or convertible or exercisable within 60 days. In the table below, shares issuable upon the conversion of shares of USAR Series A Preferred Stock and the exercise of USAR Preferred Investor Warrants that are currently exercisable or exercisable within 60 days are considered outstanding and beneficially owned by the person holding such USAR Series A Preferred Stock and/or USAR Preferred Investor Warrants for the purpose of computing the percentage ownership of that person but are not treated as outstanding for the purpose of computing the percentage ownership of any other person. USAR Shares issuable upon conversion of USAR Series A Preferred Stock take into account accrued and unpaid payment -in -kind dividends as of June 9, 2026 and the current conversion price of $7.00. USAR Shares issuable upon exercise of USAR Preferred Investor Warrants are based on the current exercise price of $7.00.

Percentage of total voting power in the table below reflects the voting power of the named persons with respect to all outstanding shares of USAR Common Stock and USAR Series A Preferred Stock as a single class. As of June 9, 2026, the holders of USAR Common Stock are entitled to one vote per share and each holder of USAR Series A Preferred Stock is entitled to a number of votes equal to the number of shares of USAR Series A Preferred Stock held by such holder as of June 9, 2026 multiplied by 1.9437 and rounded up to the nearest whole share.

Directors and Executive Officers (1)

Number of

USAR

Shares

%

Number of

shares of

Series A

Preferred

Stock

%

Total

Voting

%

Michael Blitzer (2)

1,687,152

*

411,018

33.6

%

*

Barbara Humpton

—

—

—

—

—

Thomas Caulfield (3)

55,455

*

—

—

*

David Kronenfeld (4)

122,804

*

—

—

*

Otto Schwethelm (5)

30,483

*

—

—

*

Michael Senft (6)

30,483

*

—

—

*

Carolyn Trabuco (7)

18,783

*

—

—

*

William Robert Steele Jr. (8)

42,002

*

—

—

*

All officers and directors as a group (8 individuals)

1,864,358

*

411,018

33.6

%

*

Five Percent Holders

Alyeska Master Fund, L.P. (9)

13,191,881

5.4

%

—

—

5.4

%

Blackrock, Inc. (10)

12,850,199

5.3

%

—

—

5.2

%

The Critical Minerals Trust (11)

15,580,745

6.4

%

—

—

6.3

%

Inflection Point Fund I, LP (12)

1,242,610

*

343,137

28.0

%

*

Bowon M&P Co., Ltd. (13)

2,153,877

*

367,000

30.0

%

*

Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B (14)

404,874

*

103,196

8.4

%

*

____________

*          Less than one percent

(1)        Unless otherwise noted, the business address of each person is 100 W Airport Road, Stillwater, Oklahoma 74075, c/o USAR.

(2)        Consists of (i) 872,500 shares of USAR Common Stock held by the Michael Blitzer 2012 Revocable Living Trust, (ii) 411,018 shares of USAR Series A Preferred Stock held by the Michael Blitzer 2012 Revocable Living Trust and (iii) 814,652 issuable upon conversion of 411,018 shares of USAR Series A Preferred Stock held by the Michael Blitzer 2012 Revocable Living Trust. Mr. Blitzer is the grantor and trustee of the Michael Blitzer 2012 Revocable Living Trust and holds voting and investment discretion with respect to the securities held of record by the Michael Blitzer 2012 Revocable Living Trust. Mr. Blitzer disclaims any beneficial ownership of the securities held by the Michael Blitzer 2012 Revocable Living Trust, other than to the extent of any pecuniary interest he may have therein.

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(3)        Consists of 55,455 USAR Shares owned by the Thomas Caulfield Revocable Trust.

(4)        Consists of 122,804 USAR Shares. Mr. Kronenfeld is included in the table because he was a named executive officer of USAR for the fiscal year ended December 31, 2025, and is therefore a “named executive officer” for purposes of Item 403(b) of Regulation S -K . Mr. Kronenfeld ceased serving as an executive officer of USAR on March 9, 2026, and is not a current executive officer or director of USAR. Mr. Kronenfeld’s shares are not included in the totals shown for all directors and executive officers as a group, which consist of current directors and executive officers.

(5)        Consists of 30,483 USAR Shares owned.

(6)        Consists of 30,483 USAR Shares owned.

(7)        Consists of 18,783 USAR Shares owned.

(8)        Consists of 42,002 USAR Shares owned.

(9)        Alyeska Investment Group, L.P., the investment manager of Alyeska Master Fund, L.P. (“ Alyeska ”), has voting and investment control of the shares held by Alyeska. Anand Parekh is the Chief Executive Officer of Alyeska Investment Group, L.P. and may be deemed to be the beneficial owner of such shares. Mr. Parekh, however, disclaims any beneficial ownership of the shares held by Alyeska. The registered address of Alyeska Master Fund, L.P. is at c/o Maples Corporate Services Limited, P.O. Box 309, Ugland House, South Church Street George Town, Grand Cayman, KY1 -1104 , Cayman Islands. Alyeska Investment Group, L.P. is located at 77 W. Wacker, Suite 700, Chicago IL 60601.

(10)      Based on information supplied by BlackRock, Inc. (“ BlackRock ”) in a Schedule 13G filed with the SEC on April 27, 2026. According to the Schedule 13G, BlackRock has sole power to dispose or to direct the disposition of 12,850,199 USAR Shares and BlackRock has sole power to vote or direct the vote of 12,625,734 USAR Shares as of March 31, 2026. The address for Blackrock is 50 Hudson Yards, New York, NY 10001.

(11)      Consists of 15,580,745 USAR Shares held of record by The Critical Minerals Trust, of which Mordechai Gutnick is the trustee. Mr. Gutnick is the sole beneficial owner of such shares.

(12)      Consists of (i) 562,500 USAR Shares held by (“ Inflection Point Fund ”), (ii) 343,137 shares of USAR Series A Preferred Stock held by Inflection Point Fund, and (680,110) USAR Shares issuable upon conversion of 343,137 shares of USAR Series A Preferred Stock held by Inflection Point Fund. Inflection Point Asset Management LLC and Inflection Point GP I LLC are the investment manager and general partner, respectively, of Inflection Point Fund. Voting and dispositive power over securities beneficially owned by Inflection Point Fund are vested in an investment committee of three members, including Michael Blitzer, Chairman of the USAR Board, Kevin Shannon, an advisor to USAR’s Board, and a third individual who does not have, and has not had during the past three years, any relationship with USAR or any of its predecessors or affiliates. Under the so -called “rule of three,” if voting and dispositive decisions regarding an entity’s securities are made by two or more individuals, and a voting and dispositive decision requires the approval of a majority of those individuals, none of the individuals is deemed a beneficial owner of the entity’s securities. The business address of Inflection Point Fund is 1680 Michigan Ave, Suite 700 #1016, Miami Beach, FL 33139.

(13)      Consists of (i) 367,000 shares of USAR Series A Preferred Stock held by Bowon M&P Co., Ltd. (“ Bowon ”), (ii) 727,406 USAR Shares issuable upon conversion of 367,000 shares of USAR Series A Preferred Stock held by Bowon, and (iii) 1,426,471 USAR Shares issuable upon exercise of a Preferred Investor Warrant held by Bowon. The address for Bowon is Nabul -Li 133, Samho -Eup , Youngam -Gun , Jeonnam, South Korea. USAR was informed by Bowon that the beneficial owner of the shares held of record by Bowon is Mr. Kwangshik Ma.

(16)      Consists of (i) 103,196 shares of USAR Series A Preferred Stock, (ii) 204,538 USAR Shares issuable upon conversion of 103,196 shares of USAR Series A Preferred Stock at the initial exercise price and excluding any accrued and unpaid payment -in -kind dividends and (iii) 200,336 USAR Shares issuable upon exercise of a Preferred Investor Warrant. Ayrton Capital LLC, the investment manager to Alto Opportunity Master Fund, SPC — Segregated Master Portfolio B, has discretionary authority to vote and dispose of the shares held by Alto Opportunity Master Fund, SPC — Segregated Master Portfolio B and may be deemed to be the beneficial owner of these shares. Waqas Khatri, as the managing member of Ayrton Capital LLC, the investment manager of Alto Opportunity Master Fund, SPC — Segregated Master Portfolio B, may be deemed to share beneficial ownership of the reported securities. Ayrton Capital LLC and Mr. Khatri each disclaim any beneficial ownership of these securities. The business address for Alto Opportunity Master Fund, Ayrton Capital LLC and Mr. Khatri is c/o Ayrton Capital, 55 Post Road West, 2 nd Floor Westport, Connecticut 06880.

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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS OF TMRC

The following table sets forth information as of June 8, 2026, regarding the ownership of TMRC Shares by: (i) each Named Executive Officer, each director and all of TMRC’s directors and executive officers as a group; and (ii) each person who is known by us to own more than 5% of TMRC’s shares of common stock. The number of shares beneficially owned and the percentage of shares beneficially owned are based on 88,339,693 shares of common stock outstanding as of June 8, 2026. “Named Executive Officer” means: (a) each principal executive officer, (b) the two most highly compensated executive officers other than the principal executive officer, at the end of the most recently completed financial year; and (c) up to two additional individuals who would be an Named Executive Officer under paragraph (b) but for the fact that the individual was not serving as an executive officer of TMRC at the end of that financial year. There are only two Named Executive Officers, each of which is listed below. TMRC only has two employees, being our Named Executive Officers.

Beneficial ownership is determined in accordance with the rules and regulations of the Securities and Exchange Commission. Except as indicated in the footnotes to this table, and as affected by applicable community property laws, all persons listed have sole voting and investment power for all shares shown as beneficially owned by them.

Name and Address of Beneficial Owner

Number of

Shares of

Common Stock

Beneficially

Owned

Percent of

Class

Beneficially

Owned

Daniel E. Gorski

7,213,090

8.2

%

Anthony Marchese

7,195,532

​ (1)

8.2

%

Cecil Wall

1,743,780

​ (2)

2.0

%

Wm Chris Mathers

448,454

*

Jonathan Beigle

60,767

*

Donald E. Hulse

176,585

*

Deepak Malhotra

244,796

*

All directors and executive officers as a group (7 persons)

17,083,004

19.3

%

Navajo Transitional Energy Company

9,361,883

​ (3)

10.6

%

LaVern K Lund

9,537,968

​ (3)

10.8

%

Peter Jr. Denetclaw

9,525,172

​ (3)

10.8

%

____________

*          Less than 1%.

(1)        Consists of (i) 5,171,492 TMRC Shares owned individually, (ii) 2,024,040 TMRC Shares registered in the name of the Insiders Trend Fund, LP., an entity in which Mr. Marchese serves as general partner and chief investment officer.

(2)        Consists of 47,112 TMRC Shares owned directly by Mr. Wall and 1,696,668 TMRC Shares in the name of various trusts or entities controlled by Mr. Wall.

(3)        Based solely on the Schedule 13/A filed on December 2, 2025 jointly by Navajo Transitional Energy Company (“NTEC”), LaVern K Lund, and Peter Jr. Denetclaw. NTEC may be deemed to be the beneficial owner of 9,361,883 TMRC Shares, Mr. Lund may be deemed to be the beneficial owner of 9,537,968 TMRC Shares, and Mr. Denetclaw may be deemed to be the beneficial owner of 9,525,172 TMRC Shares. The principal business address of NTEC, LaVern K Lund, and Peter Jr. Denetclaw is 527 21 st Street, #44, Galveston, TEXAS, 77550.

It is believed by TMRC that all persons named have full voting and investment power with respect to the shares indicated, unless otherwise noted in the table and the footnotes thereto. Under the rules of the SEC, a person (or group of persons) is deemed to be a “beneficial owner” of a security if he or she, directly or indirectly, has or shares the power to vote or to direct the voting of such security, or the power to dispose of or to direct the disposition of such security. Accordingly, more than one person may be deemed to be a beneficial owner of the same security.

Holders

The approximate number of holders of record of TMRC’s Common Stock as of June 2, 2026 was 538.

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COMPARATIVE PER SHARE MARKET PRICE AND DIVIDEND INFORMATION

The USAR Shares are listed on the Nasdaq Stock Market LLC under the symbol “USAR,” and the TMRC Shares are quoted on OTCQB under the symbol “TMRC.” The following table sets forth the closing sale prices per USAR Share and TMRC Share on (i) March 4, 2026, the last full trading day prior to the public announcement of the execution of the Merger Agreement, (ii) June 2, 2026, the Record Date, and (iii) June 18, 2026, the last practicable trading date prior to the date of this proxy statement/prospectus. The table also shows, for each date, the assumed exchange ratio and the implied value of the consideration per TMRC Share, in each case calculated for illustrative purposes only. The assumed exchange ratio for each date below reflects the quotient of 3,823,328 USAR Shares being issued as Merger Consideration divided by the aggregate number of TMRC Shares outstanding on a fully diluted basis on the given date. The quotations the TMRC Common Stock reflect inter -dealer prices without retail mark -up , mark -down or commission and may not necessarily represent actual transactions.

Date

USAR

Common Stock

Closing Price

TMRC

Common Stock

Closing Price

Assumed

Exchange

Ratio

Implied Value of

Per Share Stock

Consideration

March 4, 2026

$

18.91

$

0.86

0.043340473

$

0.8196568

June 2, 2026 (the Record Date)

$

30.70

$

1.17

0.043279843

$

1.3286912

June 18, 2026

$

24.64

$

0.89

0.043279843

$

1.066415

Dividends

Neither USAR nor TMRC has ever paid a cash dividend on its common stock. The Merger Agreement limits the ability of TMRC to declare or pay dividends prior to completion of the Mergers, without the consent of USAR.

The USAR Series A Preferred Stock accrues dividends daily at the rate of 12% per annum of the stated value (if paid in kind), plus the amount of previously accrued dividends paid in kind, or 10% per annum of the stated value (if paid in cash), plus the amount of previously accrued dividends. Such dividends compound semi -annually .

The declaration, amount, and payment of any future dividends on USAR Shares is at the sole discretion of USAR’s Board, and we may reduce or discontinue entirely the payment of such dividends at any time. USAR’s Board may take into account general and economic conditions, our financial condition and operating results, our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax, and regulatory restrictions and implications on the payment of dividends by us to our stockholders or by our subsidiaries to us, and such other factors as USAR’s Board may deem relevant.

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DESCRIPTION OF CAPITAL STOCK OF USAR

The following summary of the material terms of the capital stock of USAR is not intended to be a complete summary of the rights and preferences of such securities, and is qualified by reference to the USAR Charter, the Series A Preferred Stock Certificate of Designation, as amended, the USAR Bylaws, and the forms of USAR Preferred Investor Warrant, described herein, and certain provisions of Delaware law. We urge you to read each of those documents in their entirety for a complete description of the rights and preferences of our securities.

General

USAR’s Charter authorizes the issuance of 800,000,000 shares, consisting of:

•          750,000,000 USAR Shares, par value $0.0001 per share; and

•          50,000,000 shares of preferred stock, par value $0.0001 per share.

Except as otherwise required by the USAR Charter, including the Series A Preferred Stock Certificate of Designation, as amended, and any other certificates of designation that USAR may file in the future, the holders of USAR Shares shall vote together as a single class (or, if any holders of shares of preferred stock are entitled to vote together with the holders of USAR Shares, as the USAR Series A Preferred Stock is entitled to do, as a single class with such holders of preferred stock) on all matters submitted to a vote of our stockholders.

Common Stock

Voting rights.      Each holder of record of USAR Shares, as such, shall have one vote for each USAR Share that is outstanding and held of record or by proxy on all matters on which stockholders are entitled to vote generally. The holders of USAR Shares do not have cumulative voting rights.

Dividend rights.      Subject to applicable law and the rights, if any, of the holders of any outstanding series of preferred stock or any other class or series of stock, in each case having a preference over or the right to participate with the USAR Shares with respect to the payment of dividends and other distributions in cash, property or shares of USAR stock, dividends and other distributions may be declared and paid ratably on USAR Shares out of USAR’s assets that are legally available for this purpose at such times and in such amounts as the USAR Board, in its discretion, shall determine.

The payment of future dividends on the USAR Shares will depend on USAR’s financial condition, and is subject to the discretion of the USAR Board. There can be no guarantee that cash dividends will be declared. USAR’s ability to declare dividends may be limited by the terms and conditions of other financing and other agreements entered into by USAR or any of its subsidiaries from time to time.

Rights upon liquidation.      In the event of dissolution, liquidation or winding up of USAR, after payment or provision for payment of the debts and other liabilities of USAR and subject to the rights, if any, of the holders of any outstanding series of preferred stock or any class or series of stock having a preference over or the right to participate with the USAR Shares with respect to the distribution of assets of USAR upon such dissolution, liquidation or winding up of USAR, the holders of USAR Shares shall be entitled to receive the remaining assets of USAR available for distribution to its stockholders ratably in proportion to the number of shares held by them.

Other rights.      The holders of USAR Shares have no pre -emptive  or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the USAR Shares. The rights, preferences and privileges of holders of the USAR Shares are, and will be, subject to those of the holders of any shares of preferred stock that USAR has issued and that USAR may issue in the future.

Preferred Stock

1,224,351 shares of preferred stock, all of which are designated as USAR Series A Preferred Stock, are issued and outstanding as of June 9, 2026. The USAR Charter authorizes the USAR Board to establish one or more series of preferred stock. Unless required by law or any stock exchange, the authorized shares of preferred stock will be available for issuance without further action by the holders of USAR Shares. 15,000,000 shares of preferred stock were initially designated as USAR Series A Preferred Stock. Each share of USAR Series A Preferred Stock has a stated value of $12.00.

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The USAR Board has the discretion to determine the powers, preferences and relative, participating, optional and other special rights, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of USAR without further action by the stockholders. Additionally, the issuance of preferred stock may adversely affect the holders of the USAR Shares by restricting dividends on the USAR Shares, diluting the voting power of the USAR Shares or subordinating the liquidation rights of the USAR Shares. As a result of these or other factors, the issuance of preferred stock could have an adverse impact on the market price of the USAR Shares.

The USAR Board adopted the Series A Preferred Stock Certificate of Designation creating the USAR Series A Preferred Stock.

Dividends:      The USAR Series A Preferred Stock accrues dividends daily at the rate of 12% per annum of the stated value (if paid in kind), plus the amount of previously accrued dividends paid in kind, or 10% per annum of the stated value (if paid in cash), plus the amount of previously accrued dividends. Such dividends compound semi -annually .

Liquidation Preference:      Upon any liquidation or deemed liquidation event, the holders of USAR Series A Preferred Stock will be entitled to receive out of the available proceeds, before any distribution is made to holders of USAR Shares or any other junior securities, an amount per share equal to the greater of (i) 100% of the Accrued Value (as defined in the Series A Preferred Stock Certificate of Designation) or (ii) such amount per share as would have been payable had all shares of USAR Series A Preferred Stock been converted into USAR Shares immediately prior to the liquidation event. Thereafter, the holders of USAR Series A Preferred Stock will be entitled to receive their pro -rata  share, of the remaining available proceeds available for distribution to stockholders, on an as -converted  to USAR Shares basis.

Voting:      The USAR Series A Preferred Stock will (i) vote together with the USAR Shares as a single class, except as required by law and (ii) as noted below under “ Protective Provisions ”. Each holder of USAR Series A Preferred Stock shall be entitled to cast the number of votes equal to the number of whole USAR Shares into which the shares of USAR Series A Preferred Stock held by such holder are convertible as of the record date for determining stockholders entitled to vote on such matter.

Protective Provisions:      While at least 20% of the shares of USAR Series A Preferred Stock issued as of the closing of USAR’s business combination with Inflection Point Acquisition Corp. II on March 13, 2025 (the “ Business Combination Closing ”) were held by Inflection Point Asset Management LLC, and certain other holders of USAR Series A Preferred Stock and their respective affiliates, USAR was not permitted to, without the affirmative vote or action by written consent of holders of at least a majority of the issued and outstanding shares of USAR Series A Preferred Stock (the “ Requisite Holders ”), take certain enumerated actions. Because that ownership threshold is no longer met, the protective provisions no longer apply.

Conversion:      Each share of USAR Series A Preferred Stock is convertible into USAR Shares at any time at the option of the holder at a rate equal to the Accrued Value, divided by the then -applicable  conversion price. The conversion price was initially $12.00, subject to adjustments for stock dividends, splits, combinations and similar events and customary anti -dilution  adjustments, including with respect to future issuances or sales of USAR Shares at prices less than $10.00 per share, and is $7.00 per share as of the date of this prospectus.

Put Rights:      Unless prohibited by applicable law governing distributions to stockholders, the USAR Series A Preferred Stock shall be redeemable at the option of the Requisite Holders commencing any time after the 5 th  anniversary of the Business Combination Closing at a price equal to the Accrued Value.

Call Rights:     Unless prohibited by applicable law governing distributions to stockholders, the USAR Series A Preferred Stock shall be redeemable at the option of USAR commencing any time (A) prior to the 1 st  anniversary of the Business Combination Closing at a price equal to the 150% of the Accrued Value, (B) on or after the 1 st  anniversary but prior to the 2 nd  anniversary of the Business Combination Closing at a price equal to the 140% of the Accrued Value, (C) on or after the 2 nd  anniversary of the Business Combination Closing but prior to the 3 rd  anniversary of the Business Combination Closing at a price equal to the 130% of the Accrued Value, (D) on or after the 3 rd  anniversary of the Business Combination Closing but prior to the 4 th  anniversary of the Business Combination Closing at a price equal

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to the 120% of the Accrued Value, (E) on or after the 4 th  anniversary of the Business Combination Closing but prior to the 5 th  anniversary of the Business Combination Closing at a price equal to the 110% of the Accrued Value, or (F) on or after the 5 th  anniversary of the Business Combination Closing at a price equal to the 100% of the Accrued Value.

Preferred Investor Warrants

USAR has issued the USAR Preferred Investor Warrants initially exercisable for up to 5,279,412 USAR Shares, subject to adjustment. As of June 9, 2026, the outstanding USAR Preferred Investor Warrants are exercisable for up to 2,436,518 USAR Shares, subject to adjustment, after giving effect to reductions in the exercise price and corresponding increases to the number of underlying USAR Shares and exercises of USAR Preferred Investor Warrants through June 9, 2026.

The USAR Preferred Investor Warrants were immediately exercisable upon issuance as of the Business Combination Closing and expire five years from the date of the Business Combination Closing at 5:00 p.m., New York City time (the “ PIW Termination Date ”). The USAR Preferred Investor Warrants include customary cash and cashless exercise provisions. Each USAR Preferred Investor Warrant was initially exercisable at $12.00 per USAR Share, subject to the same anti -dilution  and other adjustments as the USAR Series A Preferred Stock. The current exercise price is $7.00 per share.

The USAR Preferred Investor Warrants do not include any redemption features. The USAR Preferred Investor Warrants may be exercised on a cashless basis if, at any time after the six -month  anniversary of the Business Combination Closing, there is not an effective registration statement with respect to the USAR Shares issuable upon exercise of the USAR Preferred Investor Warrants. On the PIW Termination Date, the USAR Preferred Investor Warrants will be automatically exercised on a cashless basis. To exercise on a cashless basis, the holder of the USAR Preferred Investor Warrant would pay the exercise price by surrendering the USAR Preferred Investor Warrant (or part thereof) for that number of USAR Shares equal to the quotient obtained by dividing (x) the product of the number of USAR Shares underlying the USAR Preferred Investor Warrant, multiplied by the excess of the daily volume weighted average price of the USAR Shares on the date specified by the USAR Preferred Investor Warrant less the exercise price of such USAR Preferred Investor Warrant by (y) the daily volume weighted average price of the USAR Shares on the date specified by the USAR Preferred Investor Warrant.

The holders of USAR Preferred Investor Warrants will not have the rights or privileges of holders of USAR Shares or any voting rights in respect of the USAR Preferred Investor Warrants or underlying USAR Shares until they exercise their USAR Preferred Investor Warrants and receive USAR Shares. After the issuance of USAR Shares upon exercise of the USAR Preferred Investor Warrants, each holder will be entitled to one vote for each USAR Share held of record on all matters to be voted on by stockholders.

Anti-Takeover Effects of the USAR Charter, the USAR Bylaws and Certain Provisions of Delaware Law

The provisions of the USAR Charter, the USAR Bylaws and the DGCL summarized below may have an anti -takeover effect and may delay, defer or prevent a tender offer or takeover attempt that you might consider in your best interest, including an attempt that might result in your receipt of a premium over the market price for your USAR Shares.

The USAR Certificate of Incorporation and the USAR Bylaws contain certain provisions that are intended to enhance the likelihood of continuity and stability in the composition of the USAR Board and that may have the effect of delaying, deferring or preventing a future takeover or change in control of us unless such takeover or change in control is approved by such board of directors.

These provisions include:

•          Authorized but Unissued Capital Stock.     The authorized but unissued shares of preferred stock will be available for future issuance without stockholder approval. These additional shares may be utilized for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions and employee benefit plans. The existence of authorized but unissued shares of preferred stock could render more difficult or discourage an attempt to obtain control of a majority of USAR Shares by means of a proxy contest, tender offer, merger or otherwise.

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•          No Cumulative Voting for Directors.     The DGCL provides that stockholders are not entitled to cumulate votes in the election of directors unless a corporation’s certificate of incorporation provides otherwise. The USAR Charter does not provide for cumulative voting. As a result, the holders of USAR Shares representing a majority of the voting power of all of the outstanding shares of our capital stock will be able to elect all of the directors then standing for election.

•          Quorum.     The USAR Bylaws provide that at all meetings of the USAR Board, a majority of the total number of directors that USAR would have if there were no vacancies on the USAR Board will constitute a quorum for the transaction of business.

•          Action by Written Consent.     Any action required or permitted to be taken by USAR’s stockholders must be effected at a duly called annual or special meeting of such holders and may not be effected by any consent in lieu of a meeting of stockholders by such holders; provided, however, that any action required or permitted to be taken by the holders of preferred stock, voting separately as a series or separately as a class with one or more other such series, may be taken without a meeting, without prior notice and without a vote, to the extent expressly so provided by the applicable certificate(s) of designation relating to such series of preferred stock.

•          Special Meetings of Stockholders.     The USAR Charter provides that, except as otherwise required by law and subject to the rights of the holders of any series of preferred stock, special meetings of USAR stockholders for any purpose or purposes may be called at any time only by or at the direction of the Chair of the USAR Board or by a resolution adopted by the affirmative vote of a majority of the total number of directors that USAR would have if there were no vacancies on the USAR Board, but such special meetings may not be called by stockholders or any other person or persons.

•          Advance Notice Procedures.     The USAR Bylaws establish an advance notice procedure for stockholder proposals to be brought before an annual meeting of the stockholders, and for stockholder nominations of persons for election to the USAR Board to be brought before an annual or special meeting of stockholders. Stockholders at an annual meeting will only be able to consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of the USAR Board or by a stockholder who was a stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has given the secretary of USAR timely written notice, in proper form, of the stockholder’s intention to bring that business or nomination before the meeting. Although the USAR Bylaws do not give the USAR Board the power to approve or disapprove stockholder nominations of candidates or proposals regarding other business to be conducted at a special or annual meeting, as applicable, the USAR Bylaws may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed or may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain control of USAR.

Limitations on Liability and Indemnification of Officers and Directors

The DGCL authorizes corporations to limit or eliminate the personal liability of directors and officers to corporations and their stockholders for monetary damages for breaches of directors’ fiduciary duties, subject to certain exceptions. The USAR Charter includes a provision that eliminates the personal liability of directors and officer for monetary damages for any breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL. The effect of these provisions is to eliminate the rights of the USAR Charter and its stockholders, through stockholders’ derivative suits on USAR’s behalf, to recover monetary damages from a director or officer for breach of fiduciary duty as a director or officer, including breaches resulting from grossly negligent behavior. However, exculpation does not apply to any director or officer or if such director or officer has acted in bad faith, knowingly or intentionally violated the law, authorized illegal dividends or redemptions or derived an improper benefit from his or her actions as a director.

The USAR Bylaws provide that we must indemnify and advance expenses to directors and officers to the fullest extent authorized by the DGCL. USAR is also expressly authorized to carry directors’ and officers’ liability insurance providing indemnification for directors, officers and certain employees for some liabilities. USAR believes that these indemnification and advancement provisions and insurance are useful to attract and retain qualified directors and executive officers.

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The limitation of liability, indemnification and advancement provisions in the USAR Charter and the USAR Bylaws may discourage stockholders from bringing a lawsuit against directors and officers for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit USAR and its stockholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. USAR believes that these provisions, liability insurance and any indemnity agreements that may be entered into are necessary to attract and retain talented and experienced directors and officers.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to USAR’s directors, officers and controlling persons pursuant to the foregoing provisions, or otherwise, USAR has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

There is currently no pending material litigation or proceeding involving any of USAR directors, officers or employees for which indemnification is sought.

Transfer Agent and Registrar

The Transfer Agent and registrar for the USAR Shares is Continental Stock Transfer & Trust Company.

Listing

The USAR Shares are listed on Nasdaq under the symbol “USAR.”

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COMPARISON OF RIGHTS OF USAR STOCKHOLDERS AND TMRC STOCKHOLDERS

The rights of TMRC’s stockholders are currently governed by TMRC’s Certificate of Incorporation dated August 29, 2012 (including any amendment, the “ TMRC Charter ”) and TMRC’s Bylaws dated August 29, 2012 (the “ TMRC Bylaws ”). If the Mergers are completed, TMRC’s stockholders will become stockholders of USAR, and their rights will be governed by USAR’s certificate of incorporation (as amended, the “ USAR Charter ”) and the bylaws of USAR (as amended, the “ USAR Bylaws ”). The following table sets forth a comparison the TMRC stockholders’ rights under the TMRC Charter and TMRC Bylaws and USAR’s stockholder’s rights under USAR Charter and USAR Bylaws.

The following summary does not purport to be a complete summary of the TMRC Charter, TMRC Bylaws, USAR Charter, or USAR Bylaws. We urge you to read each of those documents in their entirety.

TMRC

USAR

Authorized Capital Stock

The TMRC Charter authorizes the issuance of up to 110,000,000 shares, consisting of: 100,000,000 shares of common stock, par value $0.01 per share; and 10,000,000 shares of preferred stock, par value $0.001 per share.

See Article 5 of the TMRC Charter.

The USAR Charter authorizes the issuance of up to 800,000,000 shares, consisting of: 750,000,000 shares of common stock, par value $0.0001 per share, and 50,000,000 shares of preferred stock, par value $0.0001 per share.

See Article IV, subsection A of the USAR Charter .

Voting

Pursuant to the DGCL, the holders of TMRC Shares have one vote for each share held.

See Article 1.8 of the TMRC Bylaws.

Pursuant to the USAR Charter, each holder of USAR Shares is entitled to one vote for each share held and each holder of USAR Series A Preferred Stock is entitled to a number of votes per share of USAR Series A Preferred Stock equal to the number of USAR Shares into which such share of USAR Series A Preferred Stock is convertible at the applicable time.

See Article IV, subsection C of the USAR Charter and Section 4.B of the Series A Preferred Stock Certificate of Designation.

Rights of Preferred Stock

None. TMRC does not have any shares of preferred stock issued and outstanding.

The USAR Board has the discretion to determine the powers, preferences and relative, participating, optional and other special rights, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock.

The USAR Board adopted the Series A Preferred Stock Certificate of Designation creating the USAR Series A Preferred Stock.

There are currently 1,224,351 shares of USAR Series A Preferred Stock outstanding.

For additional information on the terms of the USAR Series A Preferred Stock, please see the section entitled “ Description of Capital Stock ” and the Series A Preferred Stock Certificate of Designation.

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TMRC

USAR

Number and Qualification of Directors

The TMRC Bylaws provide that the board shall consist of one or more members, and the number of directors shall be determined from time to time by resolutions of the stockholders or by resolution of the TMRC Board.

See Article 2.2 of the TMRC Bylaws.

The USAR Charter and the USAR Bylaws provide that, subject to the rights, if any, of any series of preferred stock to elect additional directors under circumstances specified in a certificate of designation for preferred stock, the authorized number of directors may be fixed from time to time only by a resolution adopted by a majority of the total number of directors that the company would have if there were no vacancies on the USAR Board.

See Article VI, subsection A of the USAR Charter and Section 15 of the USAR Bylaws.

Structure of the Board; Election of Directors

The TMRC Bylaws provide that directors are elected annually.

The USAR Charter provides that, subject to the rights granted to the holders of any one or more series of preferred stock then outstanding, at each annual meeting of stockholders, the directors of USAR shall be elected annually by stockholders and shall hold office until the next annual meeting of stockholders and until his or her successor shall have been duly elected and qualified, or until his or her earlier death, resignation, retirement, disqualification or removal.

See Section VI, subsection B of the USAR Charter.

Removal of Directors

The TMRC Bylaws provide that any director may be removed from office at any time, either with or without cause, by the affirmative vote of stockholders having a majority of the voting power of TMRC.

See Article 2.13 of the TMRC Bylaws.

The USAR Bylaws provide that, subject to the rights, if any, of the holders of any series of preferred stock to elect directors, any director may be removed from office at any time, with or without cause, by the affirmative vote of the holders of at least a majority in voting power of all the then outstanding shares of stock of USAR entitled to vote on the election of such director, voting together as a single class.

See Section 17 of the USAR Bylaws .

Supermajority Voting Provision

None.

In addition to any vote required by applicable law or the USAR Charter (including any certificate of designation relating to any series of preferred stock), the amendment, alteration, repeal or rescission of, in whole or in part, or the adoption of any provision inconsistent with, the following provisions in the USAR Charter shall require the affirmative vote of the holders of at least 66⅔% in voting power of all the then -outstanding shares of stock of USAR entitled to vote thereon, voting together as a single class: Article V (amendment to USAR Charter and USAR Bylaws), Article VI (Board), Article VII (D&O liability), Article VIII (stockholder consent in lieu of meeting, annual and special meetings of stockholders), Article IX (stockholder relationships) and Article X(B) (forum).

See Article V, subsection A of the USAR Charter.

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TMRC

USAR

Cumulative Voting

The TMRC Bylaws provide that there is no cumulative voting in the election of directors.

The USAR Charter provides that the holders of USAR Shares shall not have cumulative voting rights.

See Article IV, subsection C of the USAR Charter.

Vacancies on the Board of Directors

The TMRC Bylaws provide that vacancies on the TMRC Board may be filled by a vote of the directors then in office, though less than a quorum, in any way approved by the meeting.

See Article 2.5 of the TMRC Bylaws.

The USAR Bylaws provide that, subject to the rights, if any, of the holders of any series of preferred stock to elect additional directors under circumstances specified in a certificate of designation for preferred stock, newly created directorships resulting from any increase in the authorized number of directors and any vacancies on the USAR Board resulting from death, resignation, disqualification, removal or other cause may be filled only by the affirmative vote of a majority of the remaining directors then in office, even though less than a quorum of the USAR Board, or by a sole remaining director.

See Section 16 of the USAR Bylaws.

Special Meeting of the Board of Directors

Special meetings of the TMRC Board may be called for any purpose permitted by Chairperson of the TMRC Board, the President, the Chief Executive Officer, the Secretary or any two directors.

See Article 2.9 of the TMRC Bylaws.

Special meetings of the USAR Board may be called by the Chairman on one day’s notice to each director by whom such notice is not waived, given in a manner permitted by Section 28 or by the DGCL, and will be called by the Chairman, in like manner and on like notice, upon the request of a majority of the total number of directors that the company would have if there were no vacancies on the USAR Board.

See Section 20 of the USAR Bylaws .

Amendment of Bylaws

The TMRC Bylaws provide that TMRC Board and TMRC stockholders shall have the power to adopt, amend, alter, or repeal the bylaws.

See Article IX of the TMRC Bylaws.

The USAR Charter permits the USAR Board to amend, alter, repeal or rescind the USAR Bylaws without the consent or vote of the stockholders of USAR.

See Article V, subsection (B) of the USAR Charter .

The USAR Bylaws permit holders of outstanding shares of capital stock to adopt, amend or repeal the USAR Bylaws, provided they receive the affirmative vote of at least two -thirds  of the voting power.

See Section 40 of the of the USAR Bylaws and Article V, subsection B of the USAR Charter.

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TMRC

USAR

Quorum

The TMRC Bylaws provide that the presence, in person or by proxy, of the holders of record of a majority in voting power of all outstanding shares of stock of TMRC entitled to vote at such meeting shall constitute a quorum for the transaction of business at such meeting.

See Article 2.10 of the TMRC Bylaws.

The USAR Bylaws provide that, except as otherwise provided by law or in a certificate of designation for preferred stock, the holders of a majority in voting power of the shares of stock issued and outstanding and entitled to vote at the meeting, present in person or represented by proxy, will constitute a quorum at a meeting of stockholders for the transaction of business thereat.

See Section 6 of the USAR Bylaws.

Stockholder Action by Written Consent

The TMRC Bylaws provide that any action required or permitted to be taken by the stockholders may be taken without a meeting, without prior notice and without a vote, if all members of the TMRC Board or committee, as the case may be, consent thereto in writing or by electronic transmission and the writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of the TMRC Board or committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form.

See Article 11 of the TMRC Bylaws.

Under the USAR Charter, any action required or permitted to be taken by the stockholders of USAR must be effected at a duly called annual or special meeting of such holders and may not be effected by any consent in lieu of a meeting of stockholders by such holders; provided, however, that any action required or permitted to be taken by the holders of preferred stock, voting separately as a series or separately as a class with one or more other such series, may be taken without a meeting, without prior notice and without a vote, to the extent expressly so provided by the applicable certificate(s) of designation relating to such series of preferred stock.

See Article VIII, subsection A of the USAR Charter.

Special Stockholder Meetings

The TMRC Bylaws provide that special meetings of stockholders may be called by the TMRC Board, President, Chief Executive Officer or by one or more of the stockholders holding shares in the aggregate entitled to cast not less than 20% of the votes at that meeting.

See Article 1.3 of the TMRC Bylaws.

The USAR Charter provides that except as otherwise required by law and subject to the rights of the holders of any series of preferred stock, special meetings of the stockholders of USAR for any purpose or purposes may be called at any time only by or at the direction of the Chairman of the USAR Board or by a resolution adopted by the affirmative vote of a majority of the total number of directors that the company would have if there were no vacancies on the USAR Board, but such special meetings may not be called by stockholders or any other person or persons.

See Article VIII, subsection B of the USAR Charter.

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TMRC

USAR

Notice of Stockholders Meetings

The TMRC Bylaws provide that, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, the means of remote communications, if any, by which the stockholders and proxy holders may be deemed to be present in person and vote at such meeting, the record date for determining the stockholders entitled to vote at the meeting, if such date is different from the record date for determining the stockholders entitled to notice of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Except as otherwise provided in the DGCL, the certificate of incorporation or these bylaws, the written notice of any meeting of the stockholders shall be given not less than 10 nor more than 60 days before the date of the meeting to each stockholder entitled to vote at such meeting as of the record date for determining the stockholders entitled to notice of the meeting.

See Article 1.4 of the TMRC Bylaws.

The USAR Bylaws provide that, notice of every meeting of stockholders, stating the place, if any, date and time thereof, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called, will be given, in a form permitted by Section 28 of the USAR Bylaws or by the DGCL, not less than ten nor more than 60 days before the date of the meeting to each stockholder of record entitled to vote at such meeting, except as otherwise provided by law.

See Section 4 of the USAR Bylaws.

Stockholder Nominations of Persons for Election of Directors

None.

The USAR Bylaws permit stockholders to nominate directors for election at an annual meeting or at a special meeting (but only if the election of directors is a matter specified in the notice of meeting given by or at the direction of the person calling such special meeting) of stockholders, subject to the provisions of the USAR Charter. To nominate a director, the stockholder must provide the information required by the USAR Bylaws. In addition, the stockholder must give timely notice to USAR’s secretary in accordance with the USAR Bylaws.

See Sections 10 and 11 of the USAR Bylaws.

Stockholder Proposals (Other than Nominations of Persons for Election of Directors)

None.

The USAR Bylaws establish an advance notice procedure for stockholders who wish to present a proposal before an annual meeting of stockholders. The USAR Bylaws provide that the only business that may be conducted at an annual meeting of stockholders is business that is (a) specified in the notice of such meeting (or any supplement or amendment thereto) given by or at the direction of the USAR Board or any authorized committee of the USAR Board, (b) otherwise properly brought before such meeting by or at the direction of the USAR Board, or (c) otherwise properly brought before such meeting by a stockholder present in person who (A) was a record owner of USAR Shares at the time of giving the notice and is such a stockholder at the time of the such meeting, (B) is entitled to vote at such meeting, and (C) has complied with notice procedures specified in the USAR Bylaws in all applicable respects.

See Sections 9 and 11 of the USAR Bylaws.

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TMRC

USAR

Limitation of Liability of Directors and Officers

The TMRC Charter provides that to the fullest extent permitted by law, a director of TMRC shall not be personally liable to TMRC or to its stockholders for monetary damages for any breach of fiduciary duty as a director.

See Article 8 of the TMRC Charter.

The USAR Charter provides that to the fullest extent permitted by law, a director or officer of USAR shall not be personally liable to USAR or its stockholders for monetary damages for breach of fiduciary duty owed to USAR or its stockholders.

See Article VII, subsection A of the USAR Charter.

Indemnification of Directors, Officers, Employees and Agents

Pursuant to the TMRC Bylaws, TMRC shall indemnify its directors, officers to the fullest extent allowed by DGCL. It is within the discretion of the TMRC whether to advance any funds in advance of the disposition of any action, suit or proceeding. TMRC shall have power to indemnify its employees and agents to the extent not prohibited by the DGCL.

See Article V of the TMRC Bylaws.

Pursuant to the USAR Bylaws, USAR will indemnify its directors and officers to the fullest extent permitted by law. USAR has entered into and expects to continue to enter into agreements to indemnify its directors, executive officers and other employees as determined by our board of directors. Under the terms of such indemnification agreements, USAR is required to indemnify each of our directors and officers, to the fullest extent permitted by the laws of the state of Delaware, if the basis of the indemnitee’s involvement was by reason of the fact that the indemnitee is or was USAR’s director or officer or was serving at USAR’s request in an official capacity for another entity. The indemnification agreements also require USAR, if so requested, to advance all reasonable fees, expenses, charges and other costs that such director or officer incurred, provided that such person will return any such advance if it is ultimately determined that such person is not entitled to indemnification by USAR. It is within the discretion of the USAR Board to indemnify and advance expenses to any employee or agent of USAR and to any person (in addition to an indemnitee) serving at the request of USAR as an officer, director, employee or agent of any other enterprise.

See Section 27 of the USAR Bylaws.

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OTHER PROPOSED ACTION

The TMRC Board does not intend to bring any other matters before the special meeting, nor does it know of any matters that other persons intend to bring before the special meeting. If, however, other matters not mentioned in this proxy statement/prospectus properly come before the special meeting, the persons named in the accompanying form of proxy will vote thereon in accordance with the recommendation of the TMRC Board.

STOCKHOLDER PROPOSALS AND SUBMISSIONS

If the Mergers are completed as currently anticipated, TMRC does not expect to hold an annual meeting of stockholders in 2026. If the Mergers not completed as anticipated, TMRC may hold a 2026 annual meeting of stockholders. Pursuant to Rule 14a -8 under the Exchange Act, a stockholder who intends to present a proposal at TMRC’s annual meeting of stockholders, if held in 2026, and who wishes the proposal to be included in the proxy statement and form of proxy for that meeting must submit the proposal in writing a reasonable time before TMRC begins to print and send its proxy materials in connection with such meeting, after which date such stockholder proposal will be considered untimely. Such proposal must be submitted to our executive offices located at 527 21 st Street, #44, Galveston, TX 77550, attention Chief Executive Officer.

In order for proposals of stockholders made outside of Rule 14a -8 to be considered “timely” within the meaning of Rule 14a -4 (c) promulgated under the Exchange Act, such proposals also must be received by the Secretary at the above address a reasonable time before TMRC begins to print and send its proxy materials in connection with such meeting.

Whether or not you expect to be present at the special meeting, we ask that you please sign and return the enclosed proxy card, or submit your proxy by the internet or telephone, promptly. If you are a stockholder of record and attend the special meeting and wish to vote in person, you may withdraw your proxy at any time prior to the vote.

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LEGAL MATTERS

The validity of the common stock offered hereby has been passed upon by White & Case LLP, New York, New York.

EXPERTS

The consolidated financial statements of USA Rare Earth, Inc. as of December 31, 2025 and 2024 and for each of the years then ended, incorporated by reference in this prospectus and in the registration statement have been so incorporate in reliance on the report of BDO USA, P.C. (formerly HORNE LLP), an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

The audited historical financial statements of SVRE Holdings Ltd. incorporated in this Prospectus by reference to USA Rare Earth, Inc.’s Current Report on Form 8 -K dated May 12, 2026 have been so incorporated in reliance on the report of PricewaterhouseCoopers Auditores Independentes Ltda., independent auditors, given on the authority of said firm as experts in auditing and accounting.

The consolidated financial statements of Texas Mineral Resources Corp. as of August 31, 2025 and 2024 and each of the years in the two -year period ended August 31, 2025, included in this Proxy Statement/Prospectus have been audited by Ham, Langston & Brezina, L.L.P., independent registered public accounting firm, as stated in their report which is included herein. Such financial statements have been so included in reliance on the report of Ham, Langston & Brezina, L.L.P., an independent registered public accounting firm, given on the authority of said firm as experts in accounting and auditing.

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WHERE YOU CAN FIND MORE INFORMATION

USAR files annual, quarterly and current reports, proxy statements and other information with the SEC. You may access this information at the SEC’s internet website that contains reports, proxy statements and other information regarding issuers, including USAR, who file electronically with the SEC. The address of that site is www.sec.gov . The information contained on the SEC’s website is expressly not incorporated by reference into this proxy statement/prospectus.

USAR has filed with the SEC a registration statement on Form S -4 of which this proxy statement/prospectus forms a part. The registration statement registers the USAR Shares to be issued to TMRC stockholders in connection with the merger. The registration statement, including the attached exhibits and annexes, contains additional relevant information about USAR and TMRC, respectively. The rules and regulations of the SEC allow USAR to omit certain information included in the registration statement from this proxy statement/prospectus.

In addition, the SEC allows USAR to disclose important information to you by referring you to other documents filed separately with the SEC. This information is considered to be a part of this proxy statement/prospectus, except for any information that is superseded by information included directly in this proxy statement/prospectus or incorporated by reference subsequent to the date of this proxy statement/prospectus as described below.

This proxy statement/prospectus includes as annexes or incorporates by reference the documents listed below that USAR have previously filed with the SEC. They contain important information about the companies and their financial condition.

•          Annual Report on Form 10 -K for the year ended December   31, 2025, filed with the SEC on March   30, 2026.

•          Quarterly Report on Form 10 -Q for the quarter ended March 31, 2026, filed with the SEC on May 14, 2026.

•          The information in our Definitive Proxy Statement on Schedule 14A , filed with the SEC on April   23, 2026 that is responsive to Part III of Form 10 -K .

•          Current Reports on Form 8 -K filed with the SEC on January   26, 2026 , January   29, 2026 , February   3, 2026 , March   5, 2026 , March   12, 2026 , April   20, 2026 , April   20, 2026 , April   23, 2026 , May 13, 2026 (filed at 9:27 a.m.), June 2, 2026 , June 3, 2026 , June 4, 2026 , June 5, 2026 , June 15, 2026 and June 18, 2026 (except, with respect to each of the foregoing, for the portions of such reports which were deemed to be furnished and not filed).

•          The description of our Common Stock in Exhibit 4.5 to our Annual Report on Form 10 -K for the year ended December   31, 2025, and as may be further amended by any amendments or reports filed for the purposes of updating this description.

In addition, USAR incorporates by reference any future filings they make with the SEC under Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this proxy statement/prospectus and until the date that the offering is terminated, including all such documents we may file with the SEC after the date of the initial registration statement and prior to the effectiveness of the registration statement (excluding, in each case, any current reports on Form 8 -K to the extent disclosure is furnished and not filed). Those documents are considered to be a part of this proxy statement/prospectus, effective as of the date they are filed. In the event of conflicting information in these documents, the information in the latest filed document should be considered correct.

You can obtain any of the other documents listed above from the SEC, through the SEC’s website at the address indicated above, or from USAR, by requesting them in writing or by telephone as follows:

USA Rare Earth, Inc.

100 W Airport Road

Stillwater, OK 74075

(813) 867 -6155

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USAR will furnish without charge to each person, including any beneficial owner, to whom a prospectus is delivered, upon written or oral request, a copy of any or all of the documents incorporated by reference. Exhibits to the filings will not be sent, however, unless those exhibits have specifically been incorporated by reference in this prospectus. You can also find information about USAR at its internet website at https: // www.usare.com / . Information contained on these websites does not constitute part of this proxy statement/prospectus.

You may also obtain documents incorporated by reference into this document by requesting them in writing or by telephone, at the following address and telephone number:

USA Rare Earth, Inc.

100 W. Airport Road

Stillwater, OK 74075

(813) 867 -6155

If you are a stockholder of TMRC and would like to request documents, please do so by July 21, 2026, which is five business days before the special meeting, to receive them before the meeting. If you request any documents from USAR, USAR will mail them to you by first class mail, or another equally prompt means, within one business day after USAR receives your request.

This proxy statement/prospectus is a prospectus of USAR and a proxy statement of TMRC for the special meeting. Neither USAR nor TMRC has authorized anyone to give any information or make any representation about the Mergers or USAR or TMRC that is different from, or in addition to, that contained in this proxy statement/prospectus or in any of the materials that USAR has incorporated by reference into this proxy statement/prospectus. Therefore, if anyone does give you information of this sort, you should not rely on it. If you are in a jurisdiction where offers to exchange or sell, or solicitations of offers to exchange or purchase, the securities offered by this document or the solicitation of proxies is unlawful, or if you are a person to whom it is unlawful to direct these types of activities, then the offer presented in this document does not extend to you. This proxy statement/prospectus is dated June 29, 2026. You should not assume that the information is accurate as of any date other than that date, and neither its mailing to TMRC stockholders nor the issuance of USAR Shares in the Mergers will create any implication to the contrary.

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INDEX TO FINANCIAL STATEMENTS

Texas Mineral Resources Corp.

Page

Audited Consolidated Financial Statements as of and for the fiscal years ended August 31, 2025 and 2024

Report of Independent Registered Public Accounting Firm Ham, Langston & Brezina, L.L.P., Houston, Texas (PCAOB ID No. 298)

F-2

Financial Statements

Consolidated Balance Sheets – August 31, 2025 and 2024

F-4

Consolidated Statements of Operations – Years ended August 31, 2025 and 2024

F-5

Consolidated Statements of Cash Flows – Years ended August 31, 2025 and 2024

F-6

Consolidated Statements of Shareholders’ Equity – Years ended August 31, 2025 and 2024

F-7

Notes to Consolidated Financial Statements

F-8

Unaudited Consolidated Financial Statements as of and for the three and six months ended February 28, 2026 and 2025

Consolidated Balance Sheets – February 28, 2026 (Unaudited) and August 31, 2025

F-25

Consolidated Statements of Operations – Three and six months February 28, 2026 and 2025 (Unaudited)

F-26

Consolidated Statements of Shareholders’ Equity – Three and six months February 28, 2026 and 2025 (Unaudited)

F-27

Consolidated Statements of Cash Flows – Three and six months February 28, 2026 and 2025 (Unaudited)

F-28

Notes to Interim Consolidated Financial Statements (Unaudited)

F-29

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of

Texas Mineral Resources Corp.

Galveston, Texas

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Texas Mineral Resources Corp. (the Company) as of August 31, 2025 and 2024, and the related consolidated statements of operations, shareholders’ equity, and cash flows for each of the years in the two -year period ended August 31, 2025, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of August 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two -year period ended August 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company does not have sufficient cash on hand to fund general and administrative expenses as they become due or to meet its funding requirements for its interest in Round Top Mountain Development, LLC, which would result in dilution of its ownership interest. The Company has not generated any revenues and the Company does not have resources sufficient to meet the projected funding requirements. This raises substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters also are described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relate.

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Convertible Notes with Detachable Warrants — Refer to Note 2 and Note 6 to the financial statements

Critical Audit Matter Description

During the year ended August 31, 2025, the Company issued convertible promissory notes with detachable warrants. As described in Note 6, the Company was required to allocate the proceeds received between the convertible promissory notes and the warrants and assess the conversion features for embedded derivatives requiring bifurcation in accordance with the relevant guidance. Auditing management’s determination of the accounting for the convertible notes and detachable warrants was complex and involved significant judgement in determining whether the warrants a required to be classified as equity or a liability and whether the embedded features require derivative accounting treatment.

How We Addressed the Matter in Our Audit

Our audit procedures with respect to management’s assessment of the accounting for the convertible notes and warrants, included the following, among others:

•          We inspected and reviewed the warrant agreements to evaluate the Company’s determination that the warrants should be classified as equity, including evaluating and assessing management’s application of the relevant accounting standards.

•          We inspected and reviewed the convertible promissory notes to evaluate the Company’s assessment of the convertible promissory notes for embedded features requiring bifurcation in accordance with the relevant accounting standards.

•          We evaluated the accuracy and completeness of the Company’s presentation and related disclosures of these instruments in accordance with the relevant accounting standards.

/s/ Ham, Langston & Brezina, L.L.P.

We have served as the Company’s auditor since 2020.

Houston, Texas

November 28, 2025

PCAOB ID #298

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TEXAS MINERAL RESOURCES CORP.

CONSOLIDATED BALANCE SHEETS

August 31, 2025 and 2024

2025

2024

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

590,350

$

428,197

Prepaid expenses and other current assets

41,460

62,690

Total current assets

631,810

490,887

Restricted investment

38,766

—

Mineral properties, net

490,606

415,606

TOTAL ASSETS

$

1,161,182

$

906,493

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable and accrued liabilities

$

50,400

$

42,664

Notes payable, related party

75,000

—

Total current liabilities

125,400

42,664

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ EQUITY

Preferred stock, par value $0.001; 10,000,000 shares authorized, no shares issued and outstanding as of August 31, 2025 and 2024

—

—

Common stock, par value $0.01; 100,000,000 shares authorized, 78,855,273 and 74,343,826 shares issued and outstanding as of August 31, 2025 and 2024, respectively

788,553

743,439

Additional paid-in capital

45,357,513

43,297,421

Accumulated deficit

(45,110,284

)

(43,177,031

)

Total shareholders’ equity

1,035,782

863,829

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

1,161,182

$

906,493

The accompanying notes are an integral part of these consolidated financial statements.

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TEXAS MINERAL RESOURCES CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Years Ended August 31, 2025 and 2024

2025

2024

OPERATING EXPENSES

Exploration costs

$

336,885

$

76,325

General and administrative

871,708

877,278

Total operating expenses

1,208,593

953,603

LOSS FROM OPERATIONS

(1,208,593

)

(953,603

)

OTHER (EXPENSE) INCOME, NET

Interest income

21,473

35,594

Interest expense

(746,133

)

Other income

—

85,000

Total other (expense) income, net

(724,660

)

120,594

NET LOSS

$

(1,933,253

)

$

(833,009

)

Net loss per common share Basic and diluted

$

(0.03

)

$

(0.01

)

Weighted average shares outstanding Basic and diluted

74,998,154

73,934,797

The accompanying notes are an integral part of these consolidated financial statements.

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TEXAS MINERAL RESOURCES CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years Ended August 31, 2025 and 2024

2025

2024

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

$

(1,933,253

)

$

(833,009

)

Adjustments to reconcile net loss to net cash used in operating activities:

Stock based compensation

261,073

244,753

Accretion of debt discount

746,133

—

Changes in operating assets and liabilities:

Prepaid expenses and other assets

21,230

(23,112

)

Accounts payable and accrued liabilities

7,736

(50,742

)

Net cash used in operating activities

(897,081

)

(662,110

)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of restricted investment

(38,766

)

—

Net cash used in investing activities

(38,766

)

—

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from exercise of common stock options and warrants

—

11,000

Proceeds from convertible debt and detachable warrants

1,098,000

—

Net cash provided by financing activities

1,098,000

11,000

NET CHANGE IN CASH AND CASH EQUIVALENTS

162,153

(651,110

)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

428,197

1,079,307

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

590,350

$

428,197

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:

Cash paid for interest expense

$

—

$

—

Cash paid for income taxes

$

—

$

—

NON-CASH INVESTING AND FINANCING ACTIVITIES:

Mineral properties acquired under notes payable, related party

$

75,000

$

—

Issuance of detachable warrants and discount on convertible notes

$

746,133

$

—

Conversion of convertible notes into common stock

$

1,098,000

$

—

The accompanying notes are an integral part of these consolidated financial statements.

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TEXAS MINERAL RESOURCES CORP.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

For the Years Ended August 31, 2025 and 2024

Preferred Stock

Common Stock

Additional

Paid-in

Capital

Accumulated

Deficit

Total

Shares

Amount

Shares

Amount

Balance at August 31, 2023

—

$

—

73,728,262

$

737,283

$

43,047,824

$

(42,344,022

)

$

1,441,085

Stock based compensation

—

—

565,564

5,656

200,022

—

205,678

Common stock options issued for services

—

—

—

—

39,075

—

39,075

Common stock issued upon exercise of options and warrants

—

—

50,000

500

10,500

—

11,000

Net loss

—

—

—

—

—

(833,009

)

(833,009

)

Balance at August 31, 2024

—

—

74,343,826

743,439

43,297,421

(43,177,031

)

863,829

Stock based compensation

—

—

851,447

8,514

252,559

—

261,073

Issuance of detachable

warrants

—

—

—

—

746,133

—

746,133

Conversion of note payable to common stock

—

—

3,660,000

36,600

1,061,400

—

1,098,000

Net loss

—

—

—

—

—

(1,933,253

)

(1,933,253

)

Balance at August 31, 2025

—

$

—

78,855,273

$

788,553

$

45,357,513

$

(45,110,284

)

$

1,035,782

The accompanying notes are an integral part of these consolidated financial statements.

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TEXAS MINERAL RESOURCES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2025 AND 2024

NOTE 1 — ORGANIZATION AND NATURE OF BUSINESS

Texas Mineral Resources Corp. (the “Company”) was incorporated in the State of Nevada in 1970 as Standard Silver Corporation. In 2010, the Company changed its name from “Standard Silver Corporation” to “Texas Rare Earth Resources Corp”. In 2012, the Company changed its state of incorporation from Nevada to Delaware under a plan of conversion dated August 24, 2012. In 2016, the Company changed its name to Texas Mineral Resources Corp.

We are a mining company engaged in the business of owning, acquiring, exploring and developing mineral properties. At August 31, 2025, we owned a 18.779% membership interest in Round Top Mountain Development, LLC, a Delaware limited liability company (“Round Top” or “RTMD”), which entity holds two mineral property leases with the GLO to explore and develop a 950  -acre rare earths project located in Hudspeth County, Texas, known as the Round Top Project. The leases expire in 2030. Round Top also holds prospecting permits covering 9,345 acres adjacent to the Round Top Project. The business strategy of Round Top is to develop a metallurgical process to concentrate or otherwise extract the metals from the Round Top Project’s rhyolite, conduct additional engineering, design, geotechnical work, and permitting necessary for a bankable feasibility study and then to extract mineral resources from the Round Top Project. The Round Top Project has not established as of the date hereof that any of the properties contain any probable mineral reserves or proven mineral reserves under Item 1300 of Regulation S -K (“Item 1300”).

NOTE 2 — SUMMARY OF ACCOUNTING POLICIES

Exploration-Stage Company

Since January 1, 2009, the Company has been classified as an “exploration stage” company for purposes of Item 1300 of the U.S. Securities and Exchange Commission (“SEC”). Under Item 1300, companies engaged in significant mining operations are classified into three categories, referred to as “stages” — exploration, development, and production. Exploration stage includes all companies that do not have established reserves in accordance with Item 1300. Such companies are deemed to be “in the search for mineral deposits.” Notwithstanding the nature and extent of development -type or production -type activities that have been undertaken or completed, a company cannot be classified as a development or production stage company unless it has established reserves in accordance with Item 1300.

Basis of Presentation

The Company’s financial records are maintained on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

Principles of Consolidation

The consolidated financial statements include the accounts of Texas Mineral Resources Corp and its proportionate interest in the assets, liabilities, and operations of Round Top and the Company’s wholly -owned subsidiary, Standard Silver, Inc. All significant intercompany balances and transactions have been eliminated.

Going Concern

These financial statements have been prepared assuming that the Company will continue as a going concern. The Company has an accumulated deficit from inception through August 31, 2025, of approximately $45,110,000 and has yet to achieve profitable operations, and projects further losses in the development of its business.

At August 31, 2025, the Company had a working capital surplus of approximately $506,000, however the Company’s ability to continue as a going concern is dependent upon its ability to generate profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. These financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that may be necessary should we be unable to continue as a going concern.

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TEXAS MINERAL RESOURCES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2025 AND 2024

NOTE 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)

We do not have sufficient cash on hand to fund any portion of the Round Top Budget during our current fiscal year. We have sufficient capital to fund our estimated general and administrative expenses only through August 31, 2026. In accordance with our current projected budget, the Company does not have sufficient capital to fund its total cash calls during the fiscal year ending August 31, 2026. Failure by the Company to make required cash calls to Round Top during the twelve month period from the issuance date of these financial statements, would result in dilution to its membership interest in Round Top, which is 18.779% at August 31, 2025. Accordingly, the Company may be required to raise additional capital to fund its obligations during the fiscal year ending August 31, 2026. There can be no assurance that the Company will be able to raise the necessary capital to fund its cash calls (if it elects not to dilute its membership interest in lieu of funding the cash calls) and expected general and administrative expenses. The Company may also seek to obtain short -term loans from the directors of the Company. Based on these factors, there is substantial doubt as to the Company’s ability to continue as a going concern for a period of twelve months from the issuance date of these financial statements.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents currently consists of demand deposits and money market accounts at commercial banks. The Company maintains cash and cash equivalents at banks selected by management based upon their assessment of the financial stability of the institution. Balances periodically exceed the federal depository insurance limit; however, the Company has not experienced any losses on deposits.

Mineral Exploration and Development Costs

All exploration expenditures are expensed as incurred. Costs of acquisition and option costs of mineral rights are capitalized upon acquisition. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. If the Company does not continue with exploration after the completion of the feasibility study, the mineral rights will be expensed at that time. Costs of abandoned projects are charged to mining costs including related property and equipment costs. To determine if these costs are in excess of their recoverable amount, periodic evaluation of carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with ASC 360 -10-35-15 ,  Impairment or Disposal of Long -Lived Assets.

Warrants

The Company has issued freestanding warrants to purchase shares of common stock in connection with financing activities (see Note 6) and accounts for them in accordance with applicable accounting guidance as either liabilities or as equity instruments depending on the specific terms of the warrant agreements.

Issuance of Debt and Equity

The Company issues complex financial instruments which include debt and equity features. We analyze each instrument under Accounting Standards Codification (“ASC”) 480,  Distinguishing Liabilities from Equity , ASC 815,  Derivatives and Hedging  and, ASC 470,  Debt , in order to establish whether such instruments should be classified as debt or equity in the financial statements, and whether they include any embedded derivatives.

Debt Discount

The debt discount, which reduces the related debt balance in the balance sheets, is comprised of the issuance date fair value of warrants issued with the debt. The debt discount is amortized to interest expense over the contractual term of the related debt using the effective interest method.

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TEXAS MINERAL RESOURCES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2025 AND 2024

NOTE 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)

Share-based Payments

The Company estimates the fair value of share -based compensation on the date of grant using the Black -Scholes valuation model, in accordance with the provisions of ASC 718,  Stock Compensation . Key inputs and assumptions used to estimate the fair value of stock options include the exercise price of the award, the expected option term, market price of the underlying common stock, volatility of the common stock, risk -free rate, and dividend yield. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by the option holders, and subsequent events are not indicative of the reasonableness of the original estimates of fair value.

Income Taxes

Income taxes are computed using the asset and liability method, in accordance with ASC 740,  Income Taxes . Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax basis of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

The Company recognizes and measures a tax benefit from uncertain tax positions when it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company recognizes a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company adjusts these liabilities when its judgement changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate or future recognition of an unrecognized tax benefit. These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined. The Company recognizes interest and penalties related to unrecognized tax positions within the income tax expense line in the consolidated statements of operations. Management believes the Company has no uncertain tax positions at August 31, 2025 and 2024.

Basic and Diluted Income (Loss) Per Share

The Company computes income (loss) per share in accordance with ASC 260,  Earnings Per Share , which requires presentation of both basic and diluted earnings per share on the face of the consolidated statements of operations. Basic income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period, including stock options and warrants using the treasury method. Dilutive income (loss) per share excludes all potential common shares if their effect is anti -dilutive .

At August 31, 2025, options to purchase 820,000 shares of common stock and warrants to purchase 10,980,000 shares of common stock were outstanding but not included in the computation of dilutive earnings per share because these options and warrants were antidilutive.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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TEXAS MINERAL RESOURCES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2025 AND 2024

NOTE 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)

Fair Value Measurements

The Company accounts for assets and liabilities measured at fair value in accordance with ASC 820,  Fair Value Measurements and Disclosures.  ASC 820 emphasizes that fair value is a market -based measurement, not an entity -specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified with Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).The three levels of inputs used to measure fair value are as follows:

•          Level 1:    Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets.

•          Level 2:    Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

•          Level 3:   Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

The Company’s financial instruments consist principally of cash and cash equivalents, restricted investment and accounts payable and accrued liabilities. The carrying amounts of such financial instruments in the accompanying financial statements approximate their fair values due to their relatively short -term nature. It is management’s opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments.

Segment Reporting

In accordance with ASC Topic 280 — “Segment Reporting (ASC 280)” the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any material intra -segment sales and transfers of assets. The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer (the “CEO”). The CEO, with the Chief Financial Officer assesses the performance and makes operating decisions of the Company on a consolidated basis, based on the Company’s net increase/decrease in shareholder’s equity resulting from operations (“net income”/”net loss”). Company assets are not reviewed by the CODM at a different asset level or category, but at the consolidated level. As the Company’s operations are comprised of a single operating segment, the segment assets are reflected on the accompanying Consolidated Balance Sheets as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

Reclassifications

Certain prior period amounts have been reclassified to conform to current period presentation. The reclassification had no effect on the reported results of operations.

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023 -07 , “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. ASU 2023 -07 requires additional disclosures for segment reporting, including disclosure of the title and position of the Chief Operating Decision Maker and requires a public entity that has a single reportable segment to provide all the disclosures required by amendments in ASU 2023 -07 , and all existing segment disclosures in Topic 280. ASU 2023 -07 is effective for fiscal periods beginning after December 15, 2023.

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TEXAS MINERAL RESOURCES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2025 AND 2024

NOTE 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)

The Company adopted ASU 2023 -07 effective for its Annual Report on this Form 10 -K for the year ended August 31, 2025. Since ASU 2023 -07 addresses only disclosures, the adoption did not have a significant impact on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023 -09 , “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under ASU 2023 -09 , companies must consistently categorize and provide greater disaggregation of information in the rate reconciliation and further disaggregate income taxes paid. ASU 2023 -09 is effective for companies for annual reporting periods beginning after December 15, 2024. The Company does not expect the adoption of ASU 2023 -09 to have a significant impact on its consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024 -03 , “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220 -40 ): Disaggregation of Income Statement Expenses”. Under ASU 2024 -03 companies are required to disclose disaggregated information about certain costs and expenses in the notes to the financial statements. ASU 2024 -03 is effective for companies for annual reporting periods beginning after December 15, 2026. The requirements can be applied either prospectively or retrospectively. Although early adoption is permitted, the Company will adopt the pronouncement when the pronouncement becomes effective on January 1, 2027. The Company does not expect the adoption of ASU 2024 -03 to have a significant impact on its consolidated financial statements.

NOTE 3 — JOINT VENTURE ARRANGEMENTS

In August 2018, the Company and Morzev Pty. Ltd. (“Morzev”) entered into an agreement (the “2018 Option Agreement”) whereby Morzev was granted the exclusive right to earn and acquire a 70% interest in the Round Top Project by financing $10 million of expenditures in connection with the Round Top Project, increasable to an 80% interest, for an additional $3 million payment to the Company. Morzev began engaging in business as USA Rare Earth and in May 2019 notified the Company that it was nominating USA Rare Earth, LLC (“USARE”) as the optionee under the terms of the 2018 Option Agreement. In August 2019, the Company and USARE entered into an amended and restated option agreement as further amended on June 29, 2020 (the “2019 Option Agreement” and collectively with the 2018 Option Agreement, the “Option Agreement”), whereby the Company restated its agreement to grant USARE the exclusive right to earn and acquire a 70% interest, increasable to an 80% interest, in the Round Top Project.

In May 2021, and in accordance with the terms of the Option Agreement, the Company and USARE entered into a contribution agreement (“Contribution Agreement”) whereby the Company and USARE contributed assets to Round Top, at the time a wholly -owned subsidiary of the Company, in exchange for their initial ownership interests in Round Top, of which the Company initially owned a membership interest equating to 20% of Round Top and USARE initially owned a membership interest equating to 80% of Round Top. Concurrently therewith, the Company and USARE as the two members entered into a limited liability company agreement (“Operating Agreement”) governing the operations of Round Top which contains customary and industry standard terms as contemplated by the Option Agreement. USARE serves as manager of Round Top.

Upon entry into the Contribution Agreement, the Company assigned the following contracts and assets to Round Top in exchange for its initial 20% membership interest in Round Top:

•          the assignment and assumption agreement with respect to the mineral leases from the Company to Round Top;

•          the assignment and assumption agreement with respect to the surface lease from the Company to Round Top;

•          the assignment and assumption agreement with respect to the surface purchase option from the Company to Round Top;

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TEXAS MINERAL RESOURCES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2025 AND 2024

NOTE 3 — JOINT VENTURE ARRANGEMENTS (cont.)

•          the assignment and assumption agreement with respect to the water lease from the Company to Round Top; and

•          the bill of sale and assignment agreement of existing data and other relevant contracts and permits with respect to Round Top owned by the Company.

Upon entry into the Contribution Agreement, USARE assigned the following assets to Round Top (or the Company, as applicable) for its initial 80% membership interest in Round Top:

•          cash to Round Top to continue to fund Round Top operations in the amount of approximately $3,761,750 comprising the balance of the $10 million required expenditure to earn a 70% interest in Round Top;

•          cash in the amount of $3 million to the Company upon exercise of the USARE option to acquire from the Company an additional 10% interest in Round Top, resulting in the aggregate ownership interest of 80% in Round Top;

•          bill of sale and assignment agreement of the Pilot Plant and other relevant contracts and permits to Round Top; and

•          bill of sale and assignment agreement of existing data and intellectual property owned by USARE to Round Top.

In June 2023, the Company, USARE and the manager amended and restated the Operating Agreement and the following material amendments to the Operating Agreement were adopted:

Cash Calls

On the basis of the adopted program and budget then in effect, the manager will submit to each member monthly cash calls at least 10 days before the last day of each month, and within 10 days of receipt, (a) USARE will pay to RTMD, as an additional capital contribution, its proportionate share of the estimated cash requirements based on its interest and (b) the Company will either (i) pay to RTMD, as an additional capital contribution, its proportionate share of the estimated cash requirements based on its interest, or (ii) deliver to RTMD a written notice indicating what amount, if any, of the applicable estimated cash requirements that the Company will contribute (the “Notice of Non -Contribution ”). Failure by the Company to deliver payment of its proportionate share of the estimated cash requirements, as an additional capital contribution, or to deliver a Notice of Non -Contribution within the 10 day period shall automatically be considered a “Deemed Non -Contribution ” and shall have the same effect as if the Company provided a timely Notice of Non -Contribution with respect to non -contribution of its entire proportionate share of the applicable cash call.

Remedies for Failure to Meet Cash Calls

Non -Contribution .     Capital contributions only will be made to fund programs and budgets. If the Company does not contribute all or any portion of any additional capital contribution that it is required to contribute pursuant to a Notice of Non -Contribution or a Deemed Non -Contribution (such unfunded amount shall be deemed the “Shortfall Amount”), then USARE shall fund the entire Shortfall Amount within 5 business days after the Notice of Non -Contribution or Deemed Non -Contribution .

Dilution.     Upon the contribution of the Shortfall Amount by USARE, the interests of the members will be recalculated based on the adjustment provision set forth below in the sub -heading “— Adjustment of Interests”.

Maximum Dilution.     The dilution of the Company shall not fall below a 3% interest in RTMD (the “Minimum Percentage Interest”). Upon the contribution by USARE of a Shortfall Amount which otherwise would result in a dilution of the Company below the Minimum Percentage Interest, USARE will receive a priority distribution of

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TEXAS MINERAL RESOURCES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2025 AND 2024

NOTE 3 — JOINT VENTURE ARRANGEMENTS (cont.)

available cash, in addition to a distribution of available cash to which USARE otherwise is entitled to receive as a result of its proportionate additional capital contribution pursuant to the applicable cash call request, up to the Shortfall Amount that would have resulted in the Company’s interest being further diluted but for the Minimum Percentage Interest (the “Priority Distribution”). The Priority Distribution will continue until USARE has been reimbursed for its contribution of the Shortfall Amount that would have resulted in the Company having an interest below the Minimum Percentage Interest, after which time the members shall receive distributions of available cash pro rata in proportion to their respective interests.

Adjustment of Interests.     If USARE contributes the Shortfall Amount, then the then current interest of the Company will be reduced (subject to the Minimum Percentage Interest), effective as of each cash call under an additional capital contribution for the applicable program and budget, by a fraction, expressed as a percentage:

•          the numerator of which equals the Shortfall Amount actually funded by USARE; and

•          the denominator of which equals the market capitalization of the Company.

Distributions

Cash in excess of authorized reserves will be distributed to the members pro -rata in proportion to their respective interests on a periodic basis as determined by the management committee. RTMD will be required to make tax distributions to each member. Once USARE has been paid the Priority Distribution, if applicable, all distributions made in connection with the sale or exchange of all or substantially all of RTMD’s assets and all distributions made in connection with the liquidation of RTMD will be made to the members pro -rata in accordance with their respective interests.

Other material terms of the Operating Agreement that remain unchanged are as follows:

Management

A management committee will make the major decisions of RTMD, such as approval of the respective program and budget, and the manager will implement such decisions. The management committee consists of three representatives of the members, with two being appointed by USARE and one by the Company which is Dan Gorski. The representatives vote the ownership percentage interests of their appointing member.

Management Committee Meetings

Meetings will be held every three months unless otherwise agreed. For matters before the management committee that require a vote, voting is by simple majority except for certain “major decisions” that require a unanimous vote. So long as the Company maintains a 15% or greater ownership interest, the nine decisions identified in the bullet points below require unanimous approval. If the Company’s ownership interest falls below 15%, the number of unanimous decisions is reduced to five (being the first five bullet points below). If the Company is acquired by a REE mining company or sells its ownership interest to a REE mining company, in each case who elects a majority of the Company’s board, this unanimous approval requirement can be suspended by USARE, at its option. The major decisions requiring unanimous approval, as set forth above, are:

•          approval of an amendment to any program and budget that causes the program and budget to increase by 15% or more, except for emergencies;

•          other than purchase money security interests or other security interests in RTMD equipment to finance the acquisition or lease of RTMD equipment used in operations, the consummation of a project financing or the incurrence by RTMD of any indebtedness for borrowed money that requires the guarantee by any member of any obligations of RTMD;

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TEXAS MINERAL RESOURCES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2025 AND 2024

NOTE 3 — JOINT VENTURE ARRANGEMENTS (cont.)

•          substitution of a member under certain circumstances and dissolution of RTMD;

•          the issuance of an ownership interest or other equity interest in RTMD, or the admission of any person as a new member of RTMD, other than in connection with the exercise of a right of first offer by a member;

•          the redemption of all or any portion of an ownership interest, except for limited circumstances provided for in the Operating Agreement;

•          a decision to grant authorization for RTMD to file a petition for relief under any chapter of the United States Bankruptcy Code, to consent to such relief in any involuntary petition filed against RTMD by any third party, or to admit in writing any insolvency of RTMD or inability to pay its debts as they become due, or to consent to any receivership of RTMD;

•          acquisition or disposition of significant mineral rights, other real property or water rights outside of the area of interest as set forth in the Operating Agreement or outside of the ordinary course of business;

•          the merger of RTMD into or with any other entity; and

•          the sale of all or substantially all of RTMD’s assets.

Manager

The manager will manage, direct and control operations in accordance with program and budget, will prepare and present to the management committee a proposed program and budget, and will generally oversee and implement all of the day to day activities of RTMD. The manager will conduct necessary equipment and materials procurement and property and equipment maintenance activities, with all operations to be conducted in accordance with adopted program and budget.

The Company accounts for its interest in Round Top using the proportionate consolidation method, which is an exception available to entities in the extractive industries, thereby recognizing its pro -rate share of the assets, liabilities, and operations of Round Top in the appropriate classifications in the financial statements.

NOTE 4 — MINERAL PROPERTIES

As further discussed in Note 3, Joint Venture Arrangements, in May 2021, the Company assigned all rights and obligations related to the Round Top Project to Round Top in exchange for a 20% interest. The following discussion of the “August 2010 Lease”, “November 2011 Lease”, “March 2013 Lease”, and “October 2014 Surface Option and Water Lease” pertain to the Round Top Project and were assigned to Round Top in May 2021.

August 2010 Lease

On August 17, 2010, the Company executed a new mining lease with the Texas General Land Office covering Sections 7 and 18 of Township 7, Block 71 and Section 12 of Block 72, covering approximately 860 acres at Round Top Mountain in Hudspeth County, Texas. The mining lease issued by the Texas General Land Office provides for the right to explore, produce, develop, mine, extract, mill, remove, and market rare earth elements, all other base and precious metals, industrial minerals and construction materials and all other minerals excluding oil, gas, coal, lignite, sulfur, salt, and potash. The term of the lease is nineteen years so long as minerals are produced in paying quantities.

Under the terms of the lease, Round Top is obligated to pay the State of Texas a total lease bonus of $142,518. The Company paid $44,718 upon the execution of the lease, and Round Top will be required to pay the remaining $97,800 upon submission of a supplemental plan of operations to conduct mining. Upon the sale of any minerals removed from the Round Top Project, Round Top will pay the State of Texas a $500,000 minimum advance royalty.

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TEXAS MINERAL RESOURCES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2025 AND 2024

NOTE 4 — MINERAL PROPERTIES (cont.)

Thereafter, if paying quantities of minerals are obtained, Round Top will be required to pay the State of Texas a production royalty equal to eight percent of the market value of uranium and other fissionable materials removed and sold from the Round Top Project and six and one quarter percent of the market value of all other minerals removed and sold. If paying quantities have not been obtained, Round Top may pay additional delay rental fees to extend the term of the lease for successive one (1) year periods pursuant to the following schedule:

Per Acre

Amount

Total

Amount

September 2, 2025 – 2029

200

178,873

In August 2025, Round Top paid the State of Texas a delay rental to extend the term of the lease in an amount equal to $178,873.

November 2011 Lease

On November 1, 2011, the Company executed a mining lease with the State of Texas covering approximately 90 acres of land that is adjacent to the August 2010 Lease. Under the lease, the Company paid the State of Texas a lease bonus of $20,700 upon the execution of the lease. Upon the sale of minerals removed from the Round Top Project, Round Top will be required to pay the State of Texas a $50,000 minimum advance royalty. Thereafter, if paying quantities of minerals are obtained, Round Top will be required to pay the State of Texas a production royalty equal to eight percent of the market value of uranium and other fissionable materials removed and sold from the Round Top Project and six and one quarter percent of the market value of all other minerals. If paying quantities have not been obtained, Round Top may pay additional delay rental fees to extend the term of the lease for successive one (1) year periods pursuant to the following schedule:

Per Acre

Amount

Total

Amount

November 1, 2025 – 2029

200

18,000

In August 2025, Round Top paid the State of Texas a delay rental to extend the term of the lease in an amount equal to $18,000.

March 2013 Lease

On March 6, 2013, the Company purchased the surface lease at the Round Top Project, known as the West Lease, from the Southwest Wildlife and Range Foundation (since renamed the Rio Grande Foundation) for $500,000 cash and 1,063,830 shares of common stock valued at $500,000. The Company also agreed to support the Foundation through an annual payment of $45,000 for ten years to support conservation efforts within the Rio Grande Basin. The West Lease comprises approximately 54,990 acres. The purchase of the surface lease provides unrestricted surface access for the potential development and mining of the Round Top Project.

October 2014 Surface Option and Water Lease

On October 29, 2014, the Company announced the execution of agreements with the Texas General Land Office securing the option to purchase the surface rights covering the potential Round Top project mine and plant areas and, separately, a groundwater lease. The option to purchase the surface rights covers approximately 5,670 acres over the mining lease. Round Top may exercise the option for all or part of the option acreage at any time during the sixteen -year primary term of the mineral lease. The option can be maintained through annual payments of $10,000. The purchase price will be the appraised value of the surface at the time of option exercise. All annual payments have been made as of the date of this filing.

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TEXAS MINERAL RESOURCES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2025 AND 2024

NOTE 4 — MINERAL PROPERTIES (cont.)

The ground water lease secures the right to develop the ground water within a 13,120 -acre lease area located approximately 4 miles from the Round Top deposit. The lease terms include an annual minimum production payment of $5,000 prior to production of water for the operation. After initiation of production Round Top will pay $0.95 per thousand gallons or $20,000 annually, whichever is greater. This lease remains in effect so long as the mineral lease is in effect.

Potential Santa Fe Gold Corporation / Alhambra Project

In November 2021, the Company entered into a mineral exploration and option agreement with Santa Fe Gold Corporation (“Santa Fe”). Under the option agreement, the Company has the right to pursue a joint venture arrangement with Santa Fe to jointly explore and develop a target silver property to be selected by the Company among patented and unpatented mining claims held by Santa Fe within the Black Hawk Mining District in Grant County, New Mexico. Completion of a joint venture agreement, if any, is subject to the successful outcome of a multi -phase exploration plan leading to a bankable feasibility study to be undertaken in the near future by the Company. Under the contemplated terms of the proposed joint venture agreement, the Company would be project operator and initially own 50.5% of the joint venture while Santa Fe would initially own 49.5%. Additional terms of the joint venture are to be negotiated between the Company and Santa Fe in the future.

Under the terms of the option agreement, the Company plans to conduct a district -wide evaluation among the patented and unpatented claims held by Santa Fe, as well as the area of interest, consisting of geologic mapping, sampling, trenching, radiometric surveying, geophysics, drilling and/or other methods as warranted. Based on the district -wide evaluation, the Company would designate a “project area or areas,” the size or sizes of which will be decided at the time, and commence development work. The property covered in the option agreement is approximately 1,600 acres and covers approximately 75% of the Black Hawk Mining District. The area to be studied also includes a two -mile radius “area of interest.” The term of the option is for so long as the Company continues to conduct exploration activities in the Project Area (although there can be no assurance that the Company will continue to conduct exploration activities in any future period, due to lack of financial resources or otherwise) and can be exercised on 60 days’ notice to Santa Fe. During the term of the option and subject to limited exceptions, Santa Fe has agreed not to transfer any portion of its patented and unpatented mining claims within the Black Hawk Mining District without granting the Company the right of first refusal.

Carlise Mine

In December 2024, Dan Gorski, our chief executive officer and a director, assigned all of his ownership interest in the Carlisle mine and related real estate to a wholly -owned subsidiary of the Company in consideration for a $75,000 promissory note, without interest, due and payable by the Company in December 2025, secured by the property conveyed. Mr. Gorski acquired this property for $75,000 in 2022. The Carlisle mine and related real estate consist of the following:

•          Carlisle Millsite, patent No. 280, described as Section   12, township 17S, range 21W, comprising 5.00 acres, more or less;

•          Homestead Lode, patent No. 283, described as Section   12, township 17S, range 21W, comprising 17.91 acres, more or less;

•          Columbia Lode, patent No. 284, Described as Section   12, township 17S, range 21W, comprising 19.46 acres, more or less; and

•          Carlisle Lode, patent No. 279, described as Section   01, township 17S, range 21W, compromising 20.660 acres, more or less..

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TEXAS MINERAL RESOURCES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2025 AND 2024

NOTE 5 — RECLAMATION

In connection with a Minimum Impact Exploration Permit No. GR094EM issued by the New Mexico Mining and Minerals Division, the Company was required to provide an irrevocable standby letter of credit as financial support for reclamation costs. As of August 31, 2025 and August 31, 2024, there were $38,766 and $0, respectively, of outstanding letters of credit. The Company has legally pledged a certificate of deposit in the amount of $38,766, which is included in non -current restricted investments, for purposes of settling reclamation obligations that may become due.

NOTE 6 — CONVERTIBLE NOTES PAYABLE

Notes and Warrants Issued Pursuant to the Loan Agreements Dated February 10, 2025

On February 20, 2025, pursuant to the closing of the $848,000 of debt financing in accordance with the Loan Agreements dated February 10, 2025, the Company issued to thirteen accredited investors unsecured promissory notes in the principal amount of $848,000 (“Notes”) and, as additional consideration for effecting the loans, on February 20, 2025, the Company issued these thirteen investors warrants (“Warrants”) to purchase an aggregate of up to 8,480,000 shares of common stock, par value $0.01 per share (“Common Stock”).

The Notes issued to the thirteen investors (i) are in the aggregate principal amount of $848,000, (ii) do not bear interest, (iii) mature and are due and payable on August 10, 2025, (iv) are convertible at any time on or prior to the maturity date, at the option of the holders, into shares of Common Stock at a conversion price of $0.30 per share, and (v) are exchangeable, at the option of the holders, into any Company debt or equity securities issued by the Company for cash consideration in any financing exceeding $1,000,000 that closes on or prior to August 10, 2025, by exchanging the principal amount of the Note(s) for an investment in the financing equal to the principal amount of the Note(s) so exchanged. The principal amount of $848,000 is convertible into an aggregate of 2,826,667 shares of Common Stock. The Notes are prepayable by the Company at any time, without penalty, prior to maturity. Upon an event of default, the Notes may become immediately due and payable.

The Warrants issued to the thirteen investors are exercisable, at any time on or prior to February 10, 2030, to purchase an aggregate of 8,480,000 shares of Common Stock at a purchase price of $0.30 per share. The Company has granted piggy -back registration rights with respect to the resale of the shares of Common Stock underlying the Warrants and, commencing on February 10, 2026, if the resale of the underlying shares may not be effected pursuant to an effective resale registration statement, the Warrants provide for a net issuance exercise.

On February 20, 2025, with respect to these thirteen investors, the Company issued to: (i) four of these investors that are directors Notes representing an aggregate principal amount of $203,000 (convertible into up to 676,667 shares of Common Stock) and Warrants exercisable to purchase up to 2,030,000 shares of Common Stock, with Mr. Marchese being issued a Note in the principal amount of $100,000 and a Warrant exercisable for 1,000,000 shares of Common Stock, Mr. Wall being issued Notes in the aggregate principal amount of $75,000 and Warrants exercisable for an aggregate of 750,000 shares of Common Stock, Mr. Gorski being issued a Note in the principal amount of $20,000 and a Warrant exercisable for 200,000 shares of Common Stock, and Mr. Malhotra being issued a Note in the principal amount of $8,000 and a Warrant exercisable for 80,000 shares of Common stock; and (ii) three of these investors that are adult family members of Mr. Marchese were issued Notes in the aggregate amount of $225,000 (convertible into up to 750,000 shares of Common Stock) and Warrants exercisable to purchase up to 2,250,000 shares of Common Stock.

The Company received $848,000 in gross proceeds from the offering. At inception, the proceeds for the Notes and Warrants were allocated on a relative fair value basis. The Company assessed the Notes for embedded derivatives requiring bifurcation in accordance with ASC 815 -15 and did not bifurcate any derivatives.

The Notes are measured at amortized cost. Interest expense, representing the amortization of the $575,235 of initial relative fair value of the Warrants is amortized using an effective interest rate of 250% over the term of the Notes. The Company recorded $575,235 of interest expense related to the Notes during the year ended August 31, 2025.

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TEXAS MINERAL RESOURCES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2025 AND 2024

NOTE 6 — CONVERTIBLE NOTES PAYABLE (cont.)

During the year ended August 31, 2025, all of the Company’s Notes were converted into shares of the Company’s common stock pursuant to the terms of the respective note agreements. Upon conversion, the aggregate principal amount of $848,000 was converted into 2,826,667 shares of common stock at a conversion price of $0.30 per share. As a result of the conversion, the carrying amount of the Notes was reclassified from liabilities to shareholders’ equity, and no gain or loss was recognized. Following the conversion, the Company had no convertible notes outstanding as of August 31, 2025.

The Warrants met all requirements to be classified in equity pursuant to ASC 815 -40 .

Notes and Warrants Issued Pursuant to the Loan Agreements Dated February 18, 2025

On February 18, 2025, the Company entered into a Loan Agreement (identical to the Loan Agreement dated February 10, 2025) with two accredited investors (one of which is the adult son -in -law of Mr. Wall), pursuant to which the two accredited investors agreed to lend the Company an aggregate principal amount of $250,000.

On February 20, 2025, pursuant to the closing of the $250,000 of debt financing in accordance with the Loan Agreements dated February 18, 2025, the Company issued to the two investors unsecured Notes (identical to the Notes issued pursuant to the Loan Agreements dated February 10, 2025) in the principal amount of $250,000 and, as additional consideration for effecting the loans, on February 20, 2025, the Company issued to these two investors Warrants (identical to the Warrants issued pursuant to the Loan Agreements dated February 10, 2025) to purchase an aggregate of up to 2,500,000 shares of Common Stock.

The Notes issued to the two investors (i) are in the aggregate principal amount of $250,000, (ii) do not bear interest, (iii) mature and are due and payable on August 10, 2025, (iv) are convertible at any time on or prior to the maturity date, at the option of the holders, into shares of Common Stock at a conversion price of $0.30 per share, and (v) are exchangeable, at the option of the holders, into any Company debt or equity securities issued by the Company for cash consideration in any financing exceeding $1,000,000 that closes on or prior to August 10, 2025, by exchanging the principal amount of the Note(s) for an investment in the financing equal to the principal amount of the Note(s) so exchanged. The principal amount of $250,000 is convertible into an aggregate of 833,333 shares of Common Stock. The Notes are prepayable by the Company at any time, without penalty, prior to maturity. Upon an event of default, the Notes may become immediately due and payable.

The Warrants issued to the two investors are exercisable, at any time on or prior to February 10, 2030, to purchase an aggregate of 2,500,000 shares of Common Stock at a purchase price of $0.30 per share. The Company has granted piggy -back registration rights with respect to the resale of the shares of Common Stock underlying the Warrants and, commencing on February 10, 2026, if the resale of the underlying shares may not be effected pursuant to an effective resale registration statement, the Warrants provide for a net issuance exercise.

On February 20, 2025, with respect to one of two investors who is an adult son -in -law of Mr. Wall, the Company issued a Note in the principal amount of $50,000 (convertible into up to 166,667 shares of Common Stock) and Warrants exercisable to purchase up to 500,000 shares of Common Stock.

The Company received $250,000 in gross proceeds from the offering. At inception, the proceeds for the Notes and Warrants were allocated on a relative fair value basis. The Company assessed the Notes for embedded derivatives requiring bifurcation in accordance with ASC 815 -15 and did not bifurcate any derivatives.

The Notes are measured at amortized cost. Interest expense, representing the amortization of the $170,898 of initial relative fair value of the Warrants is amortized using an effective interest rate of 267% over the term of the Notes. The Company recorded $170,898 of interest expense related to the Notes during the year ended August 31, 2025.

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Table of Contents

TEXAS MINERAL RESOURCES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2025 AND 2024

NOTE 6 — CONVERTIBLE NOTES PAYABLE (cont.)

During the year ended August 31, 2025, all of the Company’s Notes were converted into shares of the Company’s common stock pursuant to the terms of the respective note agreements. Upon conversion, the aggregate principal amount of $250,000 was converted into 833,334 shares of common stock at a conversion price of $0.30 per share. As a result of the conversion, the carrying amount of the Notes was reclassified from liabilities to shareholders’ equity, and no gain or loss was recognized. Following the conversion, the Company had no convertible notes outstanding as of August 31, 2025.

The Warrants met all requirements to be classified in equity pursuant to ASC 815 -40 .

NOTE 7 — INCOME TAXES

The following table sets forth a reconciliation of the federal income tax benefit to the United States federal statutory rate of 21% for the years ended August 31, 2025 and 2024:

2025

2024

Income tax benefit at 21% statutory rate

$

405,983

$

174,932

Stock-based compensation

(54,825

)

(51,398

)

Amortization of debt discount

(156,688

)

—

Other

136,567

—

Increase in valuation allowance

(331,037

)

(123,534

)

$

—

$

—

The tax effects of the temporary differences between reportable financial statement income and taxable income are recognized as a deferred tax asset and liability. Significant components of the deferred tax assets are set out below along with a valuation allowance to reduce the net deferred tax asset to zero.

Management has established a valuation allowance because, based on an analysis of the tax benefits underlying deferred tax assets, it is unable to establish that it is more -likely - than -not that a tax benefit will be realized. Significant components of deferred tax asset at August 31, 2025 and 2024 are as follows:

2025

2024

Net operating loss carryforward

$

5,070,788

$

4,810,496

Difference in property and equipment basis

1,047,789

977,043

Less valuation allowance

(6,118,577

)

(5,787,539

)

Net deferred tax asset

$

—

$

—

As a result of a change in control effective in April 2007, net operating losses prior to that date may be partially or entirely unavailable under tax law, to offset future income and; accordingly, these net operating losses are excluded from deferred tax assets.

The net operating loss carryforward in the approximate amount of $24,147,000 began to expire in 2028.

The Company files income tax returns in the United States and in one state jurisdiction. With few exceptions, the Company is no longer subject to United States federal income tax examinations for fiscal years ended on or before August 31, 2021 and no longer subject to state tax examinations for years prior to 2023.

NOTE 8 — SHAREHOLDERS’ EQUITY

The Company’s authorized capital stock consists of 100,000,000 shares of common stock, with a par value of $0.01 per share, and 10,000,000 preferred shares with a par value of $0.001 per share.

All shares of common stock have equal voting rights and, when validly issued and outstanding, are entitled to one non -cumulative vote per share in all matters to be voted upon by shareholders. Shares of common stock have no pre -emptive , subscription, conversion or redemption rights and may be issued only as fully paid and non -assessable

F-20

Table of Contents

TEXAS MINERAL RESOURCES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2025 AND 2024

NOTE 8 — SHAREHOLDERS’ EQUITY (cont.)

shares. Holders of common stock are entitled to equal ratable rights to dividends and distributions with respect to the common stock, as may be declared by the Company’s Board of Directors (the “Board”) out of funds legally available. In the event of a liquidation, dissolution or winding up of the affairs of the Company, the holders of common stock are entitled to share ratably in all assets remaining available for distribution to them after payment or provision for all liabilities and any preferential liquidation rights of any preferred stock then outstanding.

Following is an analysis of common stock issuances during the years ended August 31, 2025 and 2024:

Issuances during the fiscal year ended August 31, 2025

In October 2024, we issued 244,599 shares of Common Stock related to director fees earned and expensed during the year ended August 31, 2024.

During the year ended August 31, 2025, the Company issued 606,848 shares of common stock valued at a market value of $175,373, as payment for director fees. In addition, the Company recognized stock compensation and a corresponding charge to additional paid -in capital in the amount of $85,700 for director’s fees earned during the quarter ended August 31, 2025. The Company issued the related 123,132 shares of Common Stock in October 2025.

On August 12, 2025, the Company issued 3,660,000 shares of Common Stock upon conversion of its convertible notes payable. See Note 6, Convertible Notes Payable, for additional discussion.

In connection with the loan agreements dated February 10, 2025, the Company issued warrants that are exercisable, at any time on or prior to February 10, 2030, to purchase an aggregate of 8,480,000 shares of Common Stock at a purchase price of $0.30 per share. The Company has granted piggy -back registration rights with respect to the resale of the shares of Common Stock underlying the warrants and, commencing on February 10, 2026, if the resale of the underlying shares may not be effected pursuant to an effective resale registration statement, the warrants provide for a net issuance exercise.

In connection with the loan agreements dated February 18, 2025, the Company issued warrants that are exercisable, at any time on or prior to February 10, 2030, to purchase an aggregate of 2,500,000 shares of Common Stock at a purchase price of $0.30 per share. The Company has granted piggy -back registration rights with respect to the resale of the shares of Common Stock underlying the warrants and, commencing on February 10, 2026, if the resale of the underlying shares may not be effected pursuant to an effective resale registration statement, the warrants provide for a net issuance exercise.

The warrants were determined to be a separate unit of account from the convertible notes based on an evaluation of the contractual terms of the convertible notes and the warrant agreements. As a result, amount were allocated to the convertible notes and the warrants using the relative fair value method at the date of issuance. At issuance, the fair value of the warrants and convertible notes totaled approximately $3,500,000 and $1,600,000, respectively. The proceeds assigned to the warrants totaling $746,133 was recognized as additional paid -in capital and a corresponding discount on the convertible notes. The fair values of the warrants as of the issuance date were determined using the Black -Scholes option pricing model and the following assumptions:

Risk-free interest rate

4.34% – 4.40%

Expected dividend yield

0.00%

Expected term in years

5.00

Expected volatility

89.86%

There were 10,980,000 warrant shares issued and outstanding as of August 31, 2025. See Note 6 — Convertible Notes Payable for further discussion of the warrants and Note 10 — Subsequent Events for warrants exercised subsequent to August 31, 2025.

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Table of Contents

TEXAS MINERAL RESOURCES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2025 AND 2024

NOTE 8 — SHAREHOLDERS’ EQUITY (cont.)

Issuances during the fiscal year ended August 31, 2024

In October 2023, the Company issued 56,547 shares of common stock to directors for fees earned and expensed during the year ended August 31, 2023.

During the year ended August 31, 2024, the Company issued 509,017 shares of common stock valued at a market value of $152,845, as payment for director fees. In addition, the Company recognized stock compensation and a corresponding charge to additional paid -in capital in the amount of $52,833 for director’s fees earned during the quarter ended August 31, 2024. The Company issued the related 244,599 shares of common stock in October 2024.

During the year ended August 31, 2024, the holder of 50,000 common stock options were exercised for total cash consideration of $11,000. The exercise price of the common stock options was $0.22 per share.

Options

The following table sets forth certain information as of August 31, 2025 and 2024 concerning common stock that may be issued upon the exercise of options issued under the Amended 2008 Plan and outside of the Amended 2008 Plan (all options are fully vested and exercisable at August 31, 2025 and 2024):

Shares

Weighted

Average

Exercise

Price

Weighted

Average

Remaining

Contractual

Life

Aggregate

Intrinsic

Value

Outstanding, vested and exercisable at

1,030,000

$

0.80

2.79

$

693,300

Options granted

120,000

1.97

—

—

Options exercised

(50,000

)

0.22

—

—

Options cancelled/forfeited/expired

(180,000

)

0.45

—

—

Options vested and exercisable at August 31, 2024

920,000

1.06

3.25

784,476

Options granted

—

—

—

—

Options exercised

—

—

—

—

Options cancelled forfeited/expired

(100,000

)

0.22

—

—

Options vested and exercisable at August 31, 2025

$

820,000

$

1.16

2.59

$

—

In September 2008, the Board adopted the 2008 Stock Option Plan (the “2008 Plan”), which was approved by the Company’s shareholders and provided 2,000,000 shares available for grant. In 2011, 2012, and 2016, the Board adopted amendments to the 2008 Plan, approved by the shareholders, that increased the shares available for issuance under the 2008 Plan by a total of 7,000,000 shares (as amended, the “Amended 2008 Plan”). No further securities are eligible to be issued pursuant to the Amended 2008 Plan.

During the year ended August 31, 2025, the Company did not grant any stock options.

During the year ended August 31, 2024, the Company granted a total of 120,000 non -qualified , non -plan stock options, with a fair value of $39,075 on the date of grant, to a consultant. The fair value of the options was determined using the Black -Scholes option -pricing model. The weighted average assumptions used to calculate the fair market value are as follows: (i) risk -free interest rate of 4.00%, (ii) estimated volatility of 202% (iii) dividend yield of 0.00% and (iv) expected life of all options of 5 years. The Company recognized the full $39,075 as compensation expense during the year ended August 31, 2024.

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Table of Contents

TEXAS MINERAL RESOURCES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2025 AND 2024

NOTE 8 — SHAREHOLDERS’ EQUITY (cont.)

Warrants

Warrant activity for the years ended August 31, 2025 and 2024 was as follows:

Shares

Weighted

Average

Exercise

Price

Weighted

Average

Remaining

Contractual

Life (In Years)

Aggregate

Intrinsic

Value

Outstanding and exercisable at August 31, 2023

—

$

—

—

$

—

Warrants granted

—

—

—

—

Warrants exercised

—

—

—

—

Warrants cancelled/forfeited/expired

—

—

—

—

Outstanding and exercisable at August 31, 2024

—

—

—

—

Warrants granted

10,980,000

0.30

4.5

—

Warrants exercised

—

—

—

—

Warrants cancelled forfeited/expired

—

—

—

—

Outstanding and exercisable at August 31, 2025

10,980,000

$

0.30

4.5

$

9,442,800

NOTE 9 — RELATED PARTIES

Certain members of our board of directors and their immediate family members participated in the Loan Agreements as further discussed in Note 6 — Convertible Notes Payable.

In December 2024, the Company acquired an ownership interest in the Carlisle Mine and related real estate from Dan Gorski, the Company’s Chief Executive Officer and a director, in consideration for a promissory note in the amount of $75,000. See Note 4 — Mineral Properties, for additional information.

During the three and twelve months ended August 31, 2025, the Company engaged a family member of a board member for consulting purposes and incurred and paid $1,500, in costs which is included in general and administrative expenses in the accompanying consolidated statements of operations.

NOTE 10 — SUBSEQUENT EVENTS

Subsequent to August 31, 2025, holders of the Company’s outstanding equity -classified warrants issued in February 2025 exercised an aggregate of 2,100,000 warrants to purchase 2,100,000 shares of the Company’s common stock at an exercise price of $0.30 per share. The Company received total cash proceeds of approximately $630,000 in connection with these warrant exercises.

Because the warrants were previously classified within shareholders’ equity, the exercises did not result in the recognition of any gain or loss in the Company’s consolidated statement of operations. The proceeds from the exercises were recorded as increases to common stock and additional paid -in capital.

Following these exercises, 8,880,000 warrants remain outstanding as of the date these financial statements were issued.

F-23

Table of Contents

TEXAS MINERAL RESOURCES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2025 AND 2024

NOTE 10 — SUBSEQUENT EVENTS (cont.)

On October 15, 2025, the Company issued an aggregate of 123,132 shares of Common Stock to its directors in lieu of cash directors’ fees and on October 15, 2025, the Company issued 257,407 shares of Common Stock to a director upon a cashless exercise of a previously issued Common Stock option.

Management evaluated subsequent events through November 28, 2025, the date the financial statements were available to be issued, and determined that no other material subsequent events occurred that would require adjustment to or disclosure in the accompanying consolidated financial statements.

F-24

Table of Contents

TEXAS MINERAL RESOURCES CORP.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

February 28,

2026

August 31,

2025

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

789,564

$

590,350

Marketable equity securities

2,980,265

—

Prepaid expenses and other current assets

112,745

41,460

Total current assets

3,882,574

631,810

Restricted investment

38,766

38,766

Mineral properties, net

490,606

490,606

TOTAL ASSETS

$

4,411,946

$

1,161,182

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable and accrued liabilities

$

69,756

$

50,400

Note payable, related party

75,000

75,000

Total current liabilities

144,756

125,400

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ EQUITY

Preferred stock, par value $0.001; 10,000,000 shares authorized, no shares issued and outstanding as of February 28, 2026 and August 31, 2025

—

—

Common stock, par value $0.01; 100,000,000 shares authorized, 88,216,112 and 78,855,273 shares issued and outstanding as of February 28, 2026 and August 31, 2025, respectively

882,161

788,553

Additional paid-in capital

49,542,434

45,357,513

Accumulated deficit

(46,157,405

)

(45,110,284

)

Total shareholders’ equity

4,267,190

1,035,782

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

4,411,946

$

1,161,182

The accompanying notes are an integral part of these interim consolidated financial statements.

F-25

Table of Contents

TEXAS MINERAL RESOURCES CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Six and Three Months Ended February 28, 2026 and February 28, 2025

(Unaudited)

Six Months Ended

Three Months Ended

2026

2025

2026

2025

OPERATING EXPENSES

Exploration costs

$

19,517

$

25,737

$

14,530

$

4,002

General and administrative expenses

542,563

411,394

296,051

200,385

Total operating expenses

562,080

437,131

310,581

204,387

LOSS FROM OPERATIONS

(562,080

)

(437,131

)

(310,581

)

(204,387

)

OTHER (EXPENSE) INCOME

Interest expense

—

(39,425

)

—

(39,425

)

Change in value of equity securities

(499,865

)

—

(499,865

)

—

Other income

14,824

5,506

9,112

1,859

Total other (expense) income

(485,041

)

(33,919

)

(490,753

)

(37,566

)

NET LOSS

$

(1,047,121

)

$

(471,050

)

$

(801,334

)

$

(241,953

)

Net loss per share:

Basic and diluted net loss per share

$

(0.01

)

$

(0.01

)

$

(0.01

)

$

(0.00

)

Weighted average shares outstanding:

Basic and diluted

81,158,463

74,587,075

81,769,868

74,732,468

The accompanying notes are an integral part of these interim consolidated financial statements.

F-26

Table of Contents

TEXAS MINERAL RESOURCES CORP.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

For the Six Months Ended February 28, 2026 and February 28, 2025

(Unaudited)

Preferred Stock

Common stock

Additional

Paid-in

Capital

Accumulated

Deficit

Total

Shares

Amount

Shares

Amount

Balance at August 31, 2025

—

$

—

78,855,273

$

788,553

$

45,357,513

$

(45,110,284

)

$

1,035,782

Stock based compensation

—

—

123,132

1,231

85,769

—

87,000

Common stock issued upon cashless exercise of options

—

—

257,407

2,574

(2,574

)

—

—

Common stock issued upon exercise of options and warrants

—

—

2,100,000

21,000

609,000

—

630,000

Net loss

—

—

—

—

—

(245,787

)

(245,787

)

Balance at November 30, 2025

—

—

81,335,812

813,358

46,049,708

(45,356,071

)

1,506,995

Stock based compensation

—

—

111,729

1,117

80,282

—

81,399

Common stock issued upon cashless exercise of options and warrants

—

—

6,768,571

67,686

(67,686

)

—

—

Contribution of marketable equity securities

—

—

—

—

3,480,130

—

3,480,130

Net loss

—

—

—

—

—

(801,334

)

(801,334

)

Balance at February 28, 2026

—

$

—

88,216,112

$

882,161

$

49,542,434

$

(46,157,405

)

$

4,267,190

Balance at August 31, 2024

—

$

—

74,343,826

$

743,439

$

43,297,421

$

(43,177,031

)

$

863,829

Stock based compensation

—

—

244,599

2,446

50,391

—

52,837

Net loss

—

—

—

—

—

(229,097

)

(229,097

)

Balance at November 30, 2024

—

—

74,588,425

745,885

43,347,812

(43,406,128

)

687,569

Stock based compensation

—

—

244,599

2,446

48,224

—

50,670

Issuance of detachable warrants

—

—

—

—

746,133

—

746,133

Net loss

—

—

—

—

—

(241,953

)

(241,953

)

Balance at February 28, 2025

—

$

—

74,833,024

$

748,331

$

44,142,169

$

(43,648,081

)

$

1,242,419

F-27

Table of Contents

TEXAS MINERAL RESOURCES CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Six Months Ended February 28, 2026 and February 28, 2025

(Unaudited)

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

$

(1,047,121

)

$

(471,050

)

Adjustments to reconcile net loss to net cash used in operating activities:

Stock based compensation

168,399

103,507

Accretion of debt discount

—

39,425

Change in value of equity securities

499,865

—

Changes in current assets and liabilities:

Prepaid expenses and other current assets

(71,285

)

14,697

Accounts payable and accrued liabilities

19,356

7,176

Net cash used in operating activities

(430,786

)

(306,245

)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of restricted investment

—

(37,600

)

Net cash used in investing activities

—

(37,600

)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from exercise of common stock options and warrants

630,000

—

Proceeds from convertible notes and detachable warrants

—

1,098,000

Net cash provided by financing activites

630,000

1,098,000

NET CHANGE IN CASH AND CASH EQUIVALENTS

199,214

754,155

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

590,350

428,197

CASH AND CASH EQUIVALENTS, END OF PERIOD

$

789,564

$

1,182,352

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Interest paid

$

—

$

—

Taxes paid

$

—

$

—

NON-CASH INVESTING AND FINANCING ACTIVITIES

Mineral properties acquired under note payable, related party

$

—

$

75,000

Issuance of detachable warrants and discount on convertible notes

$

—

$

746,133

Contribution of marketable equity securities

$

3,480,130

$

—

The accompanying notes are an integral part of these interim consolidated financial statements.

F-28

Table of Contents

Texas Mineral Resources Corp.

Notes to Interim Consolidated Financial Statements

February 28, 2026

(Unaudited)

NOTE 1 — GENERAL

Exploration-Stage Company

Since January 1, 2009, Texas Mineral Resources Corp. (“we”, “us”, “our”, the “Company”) has been classified as an “exploration stage” company for purposes of Regulation S -K Item 1300 of the U.S. Securities and Exchange Commission (“SEC”). Under SEC Regulation S -K Item 1300, companies engaged in significant mining operations are classified into three categories, referred to as “stages” — exploration, development, and production. Exploration stage includes all companies that do not have established reserves in accordance with Item 1300. Such companies are deemed to be “in the search for mineral deposits.” Notwithstanding the nature and extent of development -type or production -type activities that have been undertaken or completed, a company cannot be classified as a development or production stage company unless it has established reserves in accordance with Item 1300.

Basis of Presentation

The accompanying unaudited interim consolidated financial statements of Texas Mineral Resources Corp. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the SEC, and should be read in conjunction with the audited financial statements and notes thereto contained in our annual report on Form 10 -K , for the year ended August 31, 2025, dated November 28, 2025, as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year ended August 31, 2025, as reported in our annual report on Form 10 -K , have been omitted.

Principles of Consolidation

The consolidated financial statements include the accounts of Texas Mineral Resources Corp., its wholly -owned subsidiary Standard Silver Corp. and its proportionate interest in the assets, liabilities, and operations of Round Top Mountain Development Company, LLC (“Round Top” or “RTMD”). All significant intercompany balances and transactions have been eliminated.

Going Concern

These financial statements have been prepared assuming that the Company will continue as a going concern. The Company has an accumulated deficit from inception through February 28, 2026, of approximately $46,157,000 and has yet to achieve profitable operations, and projects further losses in the development of its business.

At February 28, 2026, the Company had a working capital surplus of approximately $3,738,000, however the Company’s ability to continue as a going concern is dependent upon its ability to generate profitable operations in the future and/or obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. These financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that may be necessary should we be unable to continue as a going concern.

We do not have sufficient cash on hand to fund our portion of the Round Top budget, being our portion of the Round Top cash calls, during our current fiscal year. We believe we have sufficient capital to fund our estimated general and administrative expenses through August 31, 2026. Failure by the Company to fund required cash calls to Round Top during the twelve -month period from the issuance date of these financial statements would result in dilution to its membership interest in Round Top, which is 18.505% at February 28, 2026. Accordingly, the Company may be required to raise additional capital to fund its Round Top cash call obligations during the fiscal year ending August 31, 2026 and there can be no assurance that the Company will be able to raise the necessary capital to fund

F-29

Table of Contents

Texas Mineral Resources Corp.

Notes to Interim Consolidated Financial Statements

February 28, 2026

(Unaudited)

NOTE 1 — GENERAL (cont.)

its cash calls if it elects not to dilute its membership interest in lieu of funding the cash calls. Based on these factors, there is substantial doubt as to the Company’s ability to continue as a going concern for a period of twelve months from the issuance date of these financial statements.

Segment Reporting

In accordance with ASC Topic 280 — “Segment Reporting (ASC 280)” the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any material intra -segment sales and transfers of assets. The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer (the “CEO”). The CEO, with the Chief Financial Officer assesses the performance and makes operating decisions of the Company on a consolidated basis, based on the Company’s net increase/decrease in shareholder’s equity resulting from operations (“net income”/“net loss”). Company assets are not reviewed by the CODM at a different asset level or category, but at the consolidated level. As the Company’s operations are comprised of a single operating segment, the segment assets are reflected on the accompanying Consolidated Balance Sheets as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

NOTE 2 — JOINT VENTURE ARRANGEMENTS

The Company accounts for its interest in RTMD using the proportionate consolidation method, which is an exception available to entities in the extractive industries, thereby recognizing its pro -rata share of the assets, liabilities, and operations of RTMD in the appropriate classifications in the financial statements.

NOTE 3 — MINERAL PROPERTIES

The following discussion under “— RTMD Mineral Properties” provides a history of the ownership and obligations of the Round Top Project, of which we, as of February 28, 2026, held a 18.505% proportionate interest and USA Rare Earth, Inc. (“USAR”) held an 81.495% proportionate interest.

RTMD Mineral Properties

Au g ust 2010 Lease

On August 17, 2010, the Company executed a new mining lease with the Texas General Land Office covering Sections 7 and 18 of Township 7, Block 71 and Section 12 of Block 72, covering approximately 860 acres at Round Top Mountain in Hudspeth County, Texas. The mining lease issued by the Texas General Land Office provides for the right to explore, produce, develop, mine, extract, mill, remove, and market rare earth elements, all other base and precious metals, industrial minerals and construction materials and all other minerals excluding oil, gas, coal, lignite, sulfur, salt, and potash. The term of the lease is nineteen years and so long thereafter as minerals are produced in paying quantities.

Under the terms of the lease, Round Top is obligated to pay the State of Texas a total lease bonus of $142,518. The Company paid $44,718 upon the execution of the lease, and Round Top will be required to pay the remaining $97,800 upon submission of a supplemental plan of operations to conduct mining. Upon the sale of any minerals removed from the Round Top Project, Round Top will pay the State of Texas a $500,000 minimum advance royalty. Thereafter, if paying quantities of minerals are obtained, Round Top will be required to pay the State of Texas a production royalty equal to eight percent of the market value of uranium and other fissionable materials removed and

F-30

Table of Contents

Texas Mineral Resources Corp.

Notes to Interim Consolidated Financial Statements

February 28, 2026

(Unaudited)

NOTE 3 — MINERAL PROPERTIES (cont.)

sold from the Round Top Project and six and one quarter percent of the market value of all other minerals removed and sold. If paying quantities have not been obtained, Round Top may pay additional delay rental fees to extend the term of the lease for successive one (1) year periods pursuant to the following schedule:

Per Acre

Amount

Total

Amount

September 2, 2025 – 2029

200

178,873

In August 2025, Round Top paid the State of Texas a delay rental to extend the term of the lease in an amount equal to $178,873.

November 2011 Lease

On November 1, 2011, the Company executed a mining lease with the State of Texas covering approximately 90 acres of land that is adjacent to the August 2010 Lease. Under the lease, the Company paid the State of Texas a lease bonus of $20,700 upon the execution of the lease. Upon the sale of minerals removed from the Round Top Project, Round Top will be required to pay the State of Texas a $50,000 minimum advance royalty. Thereafter, if paying quantities of minerals are obtained, Round Top will be required to pay the State of Texas a production royalty equal to eight percent of the market value of uranium and other fissionable materials removed and sold from the Round Top Project and six and one quarter percent of the market value of all other minerals. If paying quantities have not been obtained, Round Top may pay additional delay rental fees to extend the term of the lease for successive one (1) year periods pursuant to the following schedule:

Per Acre

Amount

Total

Amount

November 1, 2025 – 2029

200

18,000

In August 2025, Round Top paid the State of Texas a delay rental to extend the term of the lease in an amount equal to $18,000.

March 2013 Lease

On March 6, 2013, the Company purchased the surface lease at the Round Top Project, known as the West Lease, from the Southwest Wildlife and Range Foundation (since renamed the Rio Grande Foundation) for $500,000 cash and 1,063,830 shares of common stock valued at $500,000. The Company also agreed to support the Foundation through an annual payment of $45,000 for ten years to support conservation efforts within the Rio Grande Basin. The West Lease comprises approximately 54,990 acres. The purchase of the surface lease provides unrestricted surface access for the potential development and mining of the Round Top Project.

October 2014 Surface Option and Water Lease

On October 29, 2014, the Company announced the execution of agreements with the Texas General Land Office securing the option to purchase the surface rights covering the potential Round Top project mine and plant areas and, separately, a groundwater lease. The option to purchase the surface rights covers approximately 5,670 acres over the mining lease. Round Top may exercise the option for all or part of the option acreage at any time during the sixteen -year  primary term of the mineral lease. The option can be maintained through annual payments of $10,000. The purchase price will be the appraised value of the surface at the time of option exercise. All annual payments have been made as of the date of this filing.

F-31

Table of Contents

Texas Mineral Resources Corp.

Notes to Interim Consolidated Financial Statements

February 28, 2026

(Unaudited)

NOTE 3 — MINERAL PROPERTIES (cont.)

The ground water lease secures the right to develop the ground water within a 13,120 -acre lease area located approximately 4 miles from the Round Top deposit. The lease terms include an annual minimum production payment of $5,000 prior to production of water for the operation. After initiation of production Round Top will pay $0.95 per thousand gallons or $20,000 annually, whichever is greater. This lease remains in effect so long as the mineral lease is in effect.

Other Mineral Properties

Potential Santa Fe Gold Corporation / Alhambra Project

In November 2021, the Company entered into a mineral exploration and option agreement with Santa Fe Gold Corporation (“Santa Fe”). Under the option agreement, the Company has the right to pursue a joint venture arrangement with Santa Fe to jointly explore and develop a target silver property to be selected by the Company among patented and unpatented mining claims held by Santa Fe within the Black Hawk Mining District in Grant County, New Mexico. Completion of a joint venture agreement, if any, is subject to the successful outcome of a multi -phase exploration plan leading to a bankable feasibility study to be undertaken in the near future by the Company and there can be no assurance that any joint venture agreement will be completed. Under the contemplated terms of the proposed joint venture agreement, the Company would be project operator and initially own 50.5% of the joint venture while Santa Fe would initially own 49.5%. Additional terms of the joint venture are to be negotiated between the Company and Santa Fe in the future.

Under the terms of the option agreement, the Company plans to conduct a district -wide evaluation among the patented and unpatented claims held by Santa Fe, as well as the area of interest, consisting of geologic mapping, sampling, trenching, radiometric surveying, geophysics, drilling and/or other methods as warranted. Based on the district -wide evaluation, the Company would designate a “project area or areas,” the size or sizes of which will be decided at the time, and commence development work. The property covered in the option agreement is approximately 1,600 acres and covers approximately 75% of the Black Hawk Mining District. The area to be studied also includes a two -mile radius “area of interest.” The term of the option is for so long as the Company continues to conduct exploration activities in the Project Area (although there can be no assurance that the Company will continue to conduct exploration activities in any future period, due to lack of financial resources or otherwise) and can be exercised on 60 days’ notice to Santa Fe. During the term of the option and subject to limited exceptions, Santa Fe has agreed not to transfer any portion of its patented and unpatented mining claims within the Black Hawk Mining District without granting the Company the right of first refusal.

Carlise Mine

In December 2024, Dan Gorski, our chief executive officer and a director, assigned all of his ownership interest in the Carlisle mine and related real estate to a wholly -owned subsidiary of the Company in consideration for a $75,000 promissory note, without interest, due and payable by the Company upon demand, secured by the property conveyed. Mr. Gorski acquired this property for $75,000 in 2022. The Carlisle mine and related real estate consist of the following:

•          Carlisle Millsite, patent No. 280, described as Section   12, township 17S, range 21W, comprising 5.00 acres, more or less;

•          Homestead Lode, patent No. 283, described as Section   12, township 17S, range 21W, comprising 17.91 acres, more or less;

•          Columbia Lode, patent No. 284, Described as Section   12, township 17S, range 21W, comprising 19.46 acres, more or less; and

F-32

Table of Contents

Texas Mineral Resources Corp.

Notes to Interim Consolidated Financial Statements

February 28, 2026

(Unaudited)

NOTE 3 — MINERAL PROPERTIES (cont.)

•          Carlisle Lode, patent No. 279, described as Section   01, township 17S, range 21W, compromising 20.660 acres, more or less.

See Note 7 — Subsequent Events, for additional information.

NOTE 4 — RECLAMATION

In connection with a Minimum Impact Exploration Permit No. GR094EM issued by the New Mexico Mining and Minerals Division, the Company was required to provide an irrevocable standby letter of credit as financial support for reclamation costs. As of both February 28, 2026 and August, 31, 2025, there were $38,766 of outstanding letters of credit. The Company has legally pledged a certificate of deposit in the amount of $38,766, which is included in non -current restricted investments, for purposes of settling reclamation obligations that may become due.

NOTE 5 — SHAREHOLDERS’ EQUITY

The Company’s authorized capital stock consists of 100,000,000 shares of common stock, with a par value of $0.01 per share, and 10,000,000 preferred shares with a par value of $0.001 per share.

All shares of common stock have equal voting rights and, when validly issued and outstanding, are entitled to one non -cumulative vote per share in all matters to be voted upon by shareholders. Shares of common stock have no pre -emptive , subscription, conversion or redemption rights and may be issued only as fully paid and non- assessable shares. Holders of common stock are entitled to equal ratable rights to dividends and distributions with respect to the common stock, as may be declared by the Company’s Board of Directors (the “Board”) out of funds legally available. In the event of a liquidation, dissolution or winding up of the affairs of the Company, the holders of common stock are entitled to share ratably in all assets remaining available for distribution to them after payment or provision for all liabilities and any preferential liquidation rights of any preferred stock then outstanding.

In February 2025, pursuant to the closing of $1,098,000 of debt financing in accordance with loan agreements, the Company issued unsecured promissory notes in the principal amount of $1,098,000 (which notes were converted in full into 3,660,000 shares of common stock in August 2025) and, as additional consideration for effecting the loans, the Company issued five -year warrants to purchase an aggregate of up to 10,980,000 shares of common stock. During the six months ended February 28, 2026, (i) holders exercised warrants to purchase 2,100,000 shares of the Company’s common stock at an exercise price of $0.30 per share (resulting in the Company receiving aggregate cash consideration of $630,000) and (ii) holders of warrants to purchase 8,880,000 shares of common stock exercised these warrants on a cashless, net issuance exercise basis and were issued 6,187,472 shares of common stock. As of February 28, 2026, no warrants issued in connection with the February 2025 transaction remain outstanding.

Because the warrants were previously classified within shareholders’ equity, the exercises (both on a cash and cashless basis) did not result in the recognition of any gain or loss in the Company’s consolidated statements of operations. The exercises were recorded as increases to common stock and additional paid -in capital.

On October 15, 2025, the Company issued an aggregate of 123,132 shares of common stock related to director fees earned and expensed during the year ended August 31, 2025.

During the quarter ended November 30, 2025, a total of 500,000 common stock options were exercised on a cashless basis into 257,407 shares of common stock. The common stock options had exercise prices of $1.31.

During the quarter ended November 30, 2025, the Company recognized stock compensation and a corresponding charge to additional paid -in capital in the amount of $87,000 for director’s fees earned during the quarter. The Company issued the related 111,729 shares of common stock in January 2026.

F-33

Table of Contents

Texas Mineral Resources Corp.

Notes to Interim Consolidated Financial Statements

February 28, 2026

(Unaudited)

NOTE 5 — SHAREHOLDERS’ EQUITY (cont.)

In February, 2026, the Company entered into an option redemption -exchange agreement with a consultant whereby the consultant’s options to purchase 340,000 shares of Company common stock at an exercise price of $1.97 per share, issued by the Company to consultant in accordance with a consulting agreement dated August 31, 2013, as subsequently amended, were redeemed in full by the Company in exchange for the issuance by the Company of 45,250 shares of Company common stock.

During the quarter ended February 28, 2026, the Company recognized stock compensation and a corresponding charge to additional paid -in capital in the amount of $81,399 for director’s fees earned during the quarter. The Company issued the related 123,581 shares of common stock in March 2026.

NOTE 6 — RELATED PARTIES

In December 2024, the Company acquired an ownership interest in the Carlisle mine and related real estate from Dan Gorski, the Company’s chief executive officer and a director, in consideration for a promissory note in the amount of $75,000. See Note 3 — Mineral Properties and Note 7 — Subsequent Events, for additional information.

On January 12, 2026, Mr. Gorski (chief executive officer and director of the Company) assigned to the Company 157,686 shares of USAR common stock that were previously issued by USAR to Mr. Gorski, originally as an award of incentive units granted by USAR to Mr. Gorski in May 2020 and subsequently such award of incentive units automatically converted into USAR common stock in connection with the closing of the USAR business combination in March 2025 (“Business Combination”), for his personal services rendered with respect to advancing the Round Top project. These shares of USAR common stock, when issued to Mr. Gorski as an award of incentive units in May 2020, had nominal value. As the result of USAR completing its Business Combination, its shares of common stock commenced trading on The Nasdaq Stock Market LLC and, as such, the market value of the USAR shares transferred to the Company by Mr. Gorski, based on that closing price on the date the shares were actually received by the Company (a level 1 input), was approximately $3,480,000 and was recorded as additional paid -in capital. At February 28, 2026, these shares were marked to market and had a value of approximately $2,980,000 with an unrealized loss of approximately $500,000 recognized as an other (expense) in the consolidated statements of operations for the three and six months ended February 28, 2026.

NOTE 7 — SUBSEQUENT EVENTS

Entry into Merger Agreement

As previously announced in an 8 -K filing with the SEC on March 5, 2026, the Company entered into an Agreement and Plan of Merger dated March 4, 2026 (“Merger Agreement”) with USAR, Hamer Merger Sub, Inc., a wholly owned subsidiary of USAR (“Merger Sub 1”), and Hamer Merger Sub, LLC, a wholly owned subsidiary of USAR (“Merger Sub 2”). Pursuant to the Merger Agreement, the Company will enter into a series of mergers with Merger Sub 1 and Merger Sub 2 that will result in the business of the Company being held by a wholly owned subsidiary of USAR, and the common stock of the Company being converted into the right to receive the merger consideration described below (“Transaction”).

The Merger Agreement provides that, among other things and upon the terms and subject to the conditions found in the Merger Agreement, the following steps will occur as part of a single integrated transaction on the closing date of the Merger (“Closing”).

(a)       Merger Sub 1 will merge with and into the Company (the “First Merger”), the separate existence of Merger Sub 1 will cease, and the Company will be the surviving corporation of the Merger and a wholly owned subsidiary of USAR (such entity from and after the Merger, the “Surviving Corporation”);

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Table of Contents

Texas Mineral Resources Corp.

Notes to Interim Consolidated Financial Statements

February 28, 2026

(Unaudited)

NOTE 7 — SUBSEQUENT EVENTS (cont.)

(b)      the Surviving Corporation will merge with and into Merger Sub 2 (the “Second Merger”), the separate existence of the Surviving Corporation will cease, and Merger Sub 2 will be the surviving company of the Merger and a wholly owned subsidiary of USAR that holds all of the assets of the Company;

(c)       all of the issued and outstanding shares of Company common stock prior to the effective time of the First Merger will be converted into the right to receive a fraction of a share of common stock of USAR determined as described below; and

(d)      USAR will issue to the holders of Company common stock an aggregate of 3,823,328 shares of USAR common stock pro rata according to the number of shares of Company common stock owned.

Under the Merger Agreement, each share of Company common stock that is issued and outstanding immediately prior to the effective time of the First Merger shall automatically be cancelled and cease to exist in exchange for the right to receive a fraction of a newly issued share of USAR common stock, equal to the total number of shares of Company common stock outstanding on the Closing divided by the 3,823,328 shares of USAR common stock being issued in the Transaction.

Our board of directors has approved and declared advisable the Merger Agreement and the Transaction and resolved to recommend that our stockholders approve the Merger Agreement, the Transaction and related matters.

In connection with the execution of the Merger Agreement, the Company and USAR entered into a voting and support agreement (each, a “Voting and Support Agreement”) with each member of the Company’s board of directors and each of the Company’s executive officers. Pursuant to the Voting and Support Agreements, among other things, all of the Company’s directors and executive officers agreed to vote all of their shares of Company common stock in favor of the various proposals related to the Transaction and the Merger Agreement and any other matters necessary or reasonably requested by USAR for consummation of the Transaction and against any action reasonably expected to impede, delay or materially and adversely affect the Transaction.

The Merger Agreement contains customary representations, warranties and covenants as well as conditions to Closing. One of the Closing conditions is that the Carlisle mine and related real estate is transferred to Mr. Gorski at or prior to Closing in consideration for the cancellation and discharge of the $75,000 promissory note owed by the Company to Mr. Gorski. Additionally, the Merger Agreement provides for termination rights and sets forth a termination fee equal to $3,250,000 owed by the Company to USAR under certain circumstances.

Sale of USAR Common Stock

On March 10, 2026, the Company sold its 157,686 shares of USAR common stock, assigned by Mr. Gorski to the Company on January 12, 2026, for total net proceeds of $2,999,000.

Other

Management evaluated subsequent events through April 14, 2026, the date the financial statements were available to be issued, and determined that no other material subsequent events occurred that would require adjustment to or disclosure in the accompanying consolidated financial statements.

F-35

Table of Contents

Annex A

Dated March 4, 2026

Agreement and Plan of Merger

among

Texas Mineral Resources Corp.

as Company,

USA Rare Earth, Inc.

as Parent,

Hamer Merger Sub, Inc.

as First Merger Sub,

and

Hamer Merger Sub, LLC

as Second Merger Sub

Table of Contents

Table of Contents

Annex A

Page Nos.

ARTICLE I THE MERGER; CLOSING; EFFECTIVE TIME

A-2

Section 1.01

The Mergers.

A-2

Section 1.02

Closing

A-2

Section 1.03

Effective Time

A-2

Section 1.04

Effect of the Mergers.

A-3

ARTICLE II ORGANIZATIONAL DOCUMENTS OF THE SURVIVING CORPORATION and the Surviving Company

A-3

Section 2.01

The Certificate of Incorporation of the Surviving Corporation; the Cer tificat e of Formation of the Surviving Company

A-3

Section 2.02

The Bylaws; Limited Liability Company Agreement

A-3

ARTICLE III DIRECTORS AND OFFICERS OF THE SURVIVING CORPORATION and the surviving Company

A-3

Section 3.01

Directors

A-3

Section 3.02

Officers

A-4

ARTICLE IV EFFECT OF THE MERGERs ON Securities; EXCHANGE OF CER TIFICATE S

A-4

Section 4.01

Effect on Securities

A-4

Section 4.02

Exchange of Company Shares

A-4

Section 4.03

Appraisal Rights

A-7

Section 4.04

Adjustments

A-7

Section 4.05

Termination of Company Stock Plan

A-8

Section 4.06

Withholdings

A-8

Section 4.07

Tax Treatment of the Mergers

A-8

ARTICLE V REPRESENTATIONS AND WARRANTIES

A-8

Section 5.01

Representations and Warranties of the Company

A-8

Section 5.02

Representations and Warranties of Parent and Merger Subs

A-23

ARTICLE VI COVENANTS

A-29

Section 6.01

Interim Operations

A-29

Section 6.02

Acquisition Proposals

A-32

Section 6.03

Proxy Filing; Information Supplied

A-35

Section 6.04

Stockholders Meeting

A-36

Section 6.05

Filings; Other Actions; Notification

A-37

Section 6.06

Access and Reports

A-38

Section 6.07

Stock Exchange Listing and Delisting

A-38

Section 6.08

Publicity

A-38

Section 6.09

Expenses

A-39

Section 6.10

Indemnification; Directors’ and Officers’ Insurance

A-39

Section 6.11

Other Actions by the Company and Parent

A-40

Section 6.12

Litigation

A-41

Section 6.13

Obligations of Merger Subs

A-41

Section 6.14

Tax Matters

A-41

Annex A-i

Table of Contents

Annex A

Page Nos.

ARTICLE VII CONDITIONS

A-41

Section 7.01

Conditions to Each Party’s Obligation to Effect the Mergers

A-41

Section 7.02

Conditions to Obligations of Parent and Merger Subs

A-42

Section 7.03

Conditions to Obligations of the Company

A-43

ARTICLE VIII TERMINATION

A-43

Section 8.01

Termination by Mutual Consent

A-43

Section 8.02

Termination by Either Parent or the Company

A-43

Section 8.03

Termination by the Company

A-44

Section 8.04

Termination by Parent

A-44

Section 8.05

Effect of Termination and Abandonment

A-44

ARTICLE IX MISCELLANEOUS AND GENERAL

A-45

Section 9.01

Survival

A-45

Section 9.02

Modification or Amendment

A-46

Section 9.03

Waiver of Conditions

A-46

Section 9.04

Counterparts

A-46

Section 9.05

GOVERNING LAW AND VENUE; WAIVER OF JURY TRIAL; SPE CIFIC  PERFORMANCE; REMEDIES

A-46

Section 9.06

Notices

A-47

Section 9.07

Entire Agreement

A-48

Section 9.08

No Third Party Beneficiaries

A-48

Section 9.09

Severability

A-48

Section 9.10

Interpretation; Construction

A-48

Section 9.11

Assignment

A-49

Section 9.12

Company Disclosure Letter

A-49

Section 9.13

Parent Disclosure Letter

A-50

ARTICLE X CERTAIN DEFINITIONS

A-50

Section 10.01

Definitions

A-50

Exhibits

Exhibit A

Form of Certificate of Merger

Exhibit B

Surviving Corporation Certificate of Incorporation

Exhibit C

Form of Second Step Certificate of Merger

Exhibit D

Surviving Company Certificate of Formation

Annex A-ii

Table of Contents

AGREEMENT AND PLAN OF MERGER

This Agreement and Plan of Merger (as the same may be amended from time to time in accordance with its terms, this “ Agreement ”), dated as of March 4, 2026, is by and among Texas Mineral Resources Corp., a Delaware corporation (the “ Company ”), USA Rare Earth, Inc., a Delaware corporation (“ Parent ”), Hamer Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“ First Merger Sub ”), and Hamer Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Parent (“ Second Merger Sub ” and together with First Merger Sub, the “ Merger Subs ” and each a “ Merger Sub ”). The Company, Parent and each of the Merger Subs are each referred to herein as a “ Party ” and collectively, the “ Parties .”

RECITALS

WHEREAS, Parent desires to acquire the Company on the terms and subject to the conditions set forth in this Agreement;

WHEREAS, each of the Merger Subs was formed solely for the purpose of engaging in the transactions contemplated by this Agreement, has not conducted any business, other than organizational matters, prior to the date hereof and has no, and prior to the Effective Time will conduct no business and will have no, assets, liabilities or obligations of any nature other than those incidental to its formation or incorporation, as applicable, or pursuant to this Agreement and the Mergers (as defined below);

WHEREAS, in furtherance of such acquisition of the Company by Parent, and on the terms and subject to the conditions set forth in this Agreement and in accordance with the Delaware General Corporation Law (the “ DGCL ”), First Merger Sub shall be merged with and into the Company (the “ First Merger ”), with the Company surviving the First Merger as a wholly owned Subsidiary of Parent, and each outstanding Company Share (other than Excluded Shares) shall be converted into the right to receive the Merger Consideration on the terms and subject to the conditions set forth in this Agreement;

WHEREAS, the Parties intend that, as a second step in a single integrated transaction with the First Merger and in accordance with the DGCL and the Delaware Limited Liability Company Act (the “ Delaware LLC Act ”), that the Surviving Corporation (as defined below) be merged with and into Second Merger Sub (the “ Second Merger ” and together with the First Merger, the “ Mergers ”), with Second Merger Sub surviving the Second Merger as a wholly owned subsidiary of Parent;

WHEREAS, the Board of Directors of the Company (the “ Company Board ”) has (a) determined that it is fair to and in the best interests of the Company and its stockholders, and declared it advisable, to enter into this Agreement, (b) approved this Agreement and the execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby (the “ Transactions ”), including the Mergers, (c) resolved, on the terms and subject to the conditions set forth in this Agreement, to submit this Agreement to the Company’s stockholders for consideration at a meeting of Company’s stockholders and (d) resolved, on the terms and subject to the conditions set forth in this Agreement, to recommend that the holders of Company Shares adopt this Agreement;

WHEREAS, the Board of Directors of Parent (the “ Parent Board ”), the Board of Directors of First Merger Sub (the “ First Merger Sub Board ”), each have unanimously (a) determined that it is in the best interests of Parent and each Merger Sub, respectively, and declared it advisable, to enter into this Agreement and (b) approved this Agreement and the execution, delivery and performance of this Agreement by Parent and each Merger Sub, respectively, and the consummation by Parent and the Merger Subs, respectively, of the Transactions, including the Mergers; and

WHEREAS, concurrently with the execution of this Agreement, and as a condition of, and inducement to, the willingness of Parent to enter into this Agreement, each member of the Company Board and each executive officer of the Company have entered into agreements to vote in favor of the Transactions with Parent (the “ Voting and Support Agreements ”);

WHEREAS, the Parties desire and intend that, for U.S. federal income tax purposes, the Mergers, taken together, will be treated as an integrated transaction, described in Rev. Rul. 2001-46, 2001-2 C.B. 321, that qualifies as a “reorganization” within the meaning of Section 368(a)(1)(A) of the Code (the “ Intended Tax Treatment ”); and

Annex A-1

Table of Contents

WHEREAS, the Company, Parent and each Merger Sub desire to make certain representations, warranties, covenants and agreements in connection with this Agreement.

NOW, THEREFORE, IT IS AGREED: in consideration of the representations, warranties, covenants and agreements contained herein, the Parties agree as follows:

ARTICLE I

THE MERGER; CLOSING; EFFECTIVE TIME

Section 1.01 The Mergers.

(a) On the terms and subject to the satisfaction or waiver, as applicable, of the conditions set forth in this Agreement and in accordance with Section 251 the DGCL, at the Effective Time, First Merger Sub shall be merged with and into the Company and the separate corporate existence of First Merger Sub shall thereupon cease. The Company shall be the surviving corporation in the First Merger (the “ Surviving Corporation ”) and a wholly owned Subsidiary of Parent, and the separate corporate existence of the Company with all of its property, rights, privileges, immunities, powers, franchises and authority shall continue unaffected by the First Merger, except as set forth in Article II .

(b) As part of a single integrated plan, promptly following the Effective Time, upon the terms and subject to the conditions set forth in this Agreement and in accordance with the DGCL and the Delaware LLC Act, the Surviving Corporation shall be merged with and into Second Merger Sub and the separate corporate existence of the Surviving Corporation shall thereupon cease. Second Merger Sub shall be the surviving company in the Second Merger (the “ Surviving Company ”) and a wholly owned Subsidiary of Parent, and the separate corporate existence of Second Merger Sub with all of its property, rights, privileges, immunities, powers, franchises and authority shall continue unaffected by the Second Merger, except as set forth in Article II .

Section 1.02 Closing . Unless otherwise mutually agreed in writing between the Company and Parent, the closing for the First Merger (the “ Closing ”) shall be effected by the electronic exchange of signatures by electronic transmission or, if such exchange is not practicable, such Closing shall take place at the offices of White & Case LLP, 1221 Avenue of the Americas, New York, NY 10020, at 10:00 A.M. (Eastern Time) on the fifth (5 th ) Business Day following the day on which the last to be satisfied or waived of the conditions set forth in Article VII (other than those conditions that by their nature are to be satisfied at or immediately prior to the Closing, but subject to the fulfillment or waiver of those conditions) is satisfied or waived by the Party entitled to the benefit thereof in accordance with this Agreement or at such other time, location or date as Parent and the Company shall mutually agree in writing. The date on which the Closing actually takes place is referred to as the “ Closing Date ”.

Section 1.03 Effective Time .

(a) On the terms and subject to the conditions set forth in this Agreement, at the Closing, the Company and Parent will cause a Certificate of Merger substantially in the form attached hereto as Exhibit A (the “ Certificate of Merger ”) to be duly executed, acknowledged and filed with the Secretary of State of the State of Delaware as provided in Section 251 of the DGCL, and make any other filings, recordings or publications required to be made by the Company or First Merger Sub under the DGCL. The First Merger shall become effective at the time when the Certificate of Merger has been duly filed with the Secretary of State of the State of Delaware, or at such later date or time as the Company and Parent shall agree in writing and such time shall be specified in the Certificate of Merger (the “ Effective Time ”).

(b) Promptly after the Effective Time, Second Merger Sub shall file a Certificate of Merger substantially in the form attached hereto as Exhibit C (the “ Second Step Certificate of Merger ”) to be duly executed, acknowledged and filed with the Secretary of State of the State of Delaware as provided in Section 264 of the DGCL and Section 18-209 of the Delaware LLC Act, and make any other filings, recordings or publications required to be made by the Surviving Corporation or Second Merger Sub under the DGCL and Delaware LLC Act. The Second Merger shall become effective at the time when the Second Step Certificate of Merger has been duly filed with the Secretary of State of the State of Delaware, or at such later date or time as the Company and Parent shall agree in writing and such time shall be specified in the Second Step Certificate of Merger (the “ Second Effective Time ”).

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Section 1.04 Effect of the Mergers.

(a) The First Merger shall have the effects set forth in this Agreement and the relevant provisions of the DGCL. Without limiting the generality of the foregoing and subject thereto, at the Effective Time, all of the property, rights, privileges, immunities, powers, franchises and authority of the Company and First Merger Sub shall vest in the Surviving Corporation and all debts, liabilities and duties of the Company and First Merger Sub shall become the debts, liabilities and duties of the Surviving Corporation.

(b) The Second Merger shall have the effects set forth in this Agreement and in the relevant provisions of the DGCL and the Delaware LLC Act. Without limiting the generality of the foregoing, and subject thereto, at the Second Effective Time, all of the property, rights, privileges, immunities, powers, franchises and authority of the of the Surviving Corporation and Second Merger Sub shall vest in the Surviving Company and all debts, liabilities, and duties of the Surviving Corporation and Second Merger Sub shall become the debts, liabilities, duties and obligations of the Surviving Company.

ARTICLE II

ORGANIZATIONAL DOCUMENTS

OF THE SURVIVING CORPORATION and the Surviving Company

Section 2.01 The Certificate of Incorporation of the Surviving Corporation; the Certificate of Formation of the Surviving Company .

(a) The certificate of incorporation of the Company as in effect immediately prior to the Effective Time shall, at the Effective Time, be amended and restated in its entirety to read as set forth in Exhibit B (the “ Charter ”) (and shall, by virtue of the First Merger, and without any further action by Parent, the Company, or Merger Sub, be the certificate of incorporation of the Surviving Corporation from and after the Effective Time), until thereafter amended as provided therein or by applicable Law.

(b) The certificate of formation of Second Merger Sub as in effect immediately prior to the Second Effective Time shall, at the Second Effective Time, be amended and restated in its entirety to read as set forth in Exhibit D (the “ Certificate of Formation ”) (and shall, by virtue of the Second Merger, and without any further action by Parent, the Company, or Merger Subs, be the certificate of formation of the Surviving Company from and after the Second Effective Time), until thereafter amended as provided therein or by applicable Law.

Section 2.02 The Bylaws; Limited Liability Company Agreement .

(a) The Parties shall take all actions necessary so that the bylaws of the Company as in effect immediately prior to the Effective Time shall, at the Effective Time, be amended and restated in their entirety to be in the form of the bylaws of First Merger Sub in effect immediately prior to the Effective Time (the “ Bylaws ”).

(b) The Parties shall take all actions necessary so that the limited liability company agreement of Second Merger Sub as in effect immediately prior to the Second Effective Time shall, at the Second Effective Time, be amended and restated in its entirety to be in the form of the limited liability company agreement of Second Merger Sub in effect immediately prior to the Second Effective Time (the “ LLCA ”), except that all references to Second Merger Sub’s name shall be replaced by references to “DyTb, LLC”, until thereafter amended as provided therein or by applicable Law.

ARTICLE III

DIRECTORS AND OFFICERS

OF THE SURVIVING CORPORATION and the surviving Company

Section 3.01 Directors . The Parties shall take all actions necessary so that the members of the First Merger Sub Board immediately prior to the Effective Time shall, from and after the Effective Time, be the directors of the Surviving Corporation until their successors have been duly elected or appointed and qualified or until their earlier death, resignation or removal in accordance with the Charter and the Bylaws.

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Section 3.02 Officers . The Parties shall take all actions necessary such that (a) the officers of First Merger Sub immediately prior to the Effective Time shall, from and after the Effective Time, be the officers of the Surviving Corporation until their successors have been duly appointed or until their earlier death, resignation or removal in accordance with the Charter and the Bylaws; and (b) the officers of Second Merger Sub immediately prior to the Second Effective Time shall, from and after the Second Effective Time, be the officers of the Surviving Company until their successors have been duly appointed or until their earlier death, resignation or removal in accordance with the Certificate of Formation and the LLCA.

ARTICLE IV

EFFECT OF THE MERGERs ON Securities;

EXCHANGE OF CERTIFICATES

Section 4.01 Effect on Securities . At the Effective Time, as a result of the First Merger and without any action on the part of the holder of any capital stock of the Company or on the part of the Parties:

(a) Each share of the common stock, par value $0.01 per share, of the Company (each a “ Company Share ,” and collectively, the “ Company Shares ”) issued and outstanding immediately prior to the Effective Time (other than Appraisal Shares, Company Shares owned by Parent, any Merger Sub or any other direct or indirect wholly owned Subsidiary of Parent and Company Shares owned by the Company or any direct or indirect wholly owned Subsidiary of the Company, and in each case, not held on behalf of third parties (each an “ Excluded Share ”)) shall be converted into, and become exchangeable for, the right to receive that portion of a validly issued, fully paid and nonassessable Parent Share equal to the Exchange Ratio (the “ Merger Consideration ”), subject in all events to Section 4.02(f) . At the Effective Time, all of the Company Shares (other than Excluded Shares) shall cease to be outstanding, shall automatically be cancelled and shall cease to exist and each certificate (a “ Certificate ”) formerly representing any of the Company Shares, and each uncertificated Company Share represented by book entry (each, a “ Book Entry Company Share ”), other than in each case those representing Excluded Shares, shall thereafter represent only the right to receive, without interest, (A) the Merger Consideration and (B) the right, if any, to receive (1) pursuant to Section 4.02(f)  cash in lieu of fractional Parent Shares into which such Company Shares have been converted pursuant to this Section 4.01(a)  and (2) any distribution or dividend payable pursuant to Section 4.02(d)  (if any).

(b) Each Company Share that is an Excluded Share shall be cancelled and shall cease to exist, with no consideration paid in exchange therefor.

(c) At the Effective Time, each share of common stock, par value $0.01 per share, of First Merger Sub issued and outstanding immediately prior to the Effective Time shall be automatically converted into one share of common stock, par value $0.01 per share, of the Surviving Corporation and such shares, collectively, shall constitute the only outstanding shares of capital stock of the Surviving Corporation.

(d) Subject to the terms and provisions of this Agreement, at the Second Effective Time, and by virtue of the Second Merger and without any action on the part of Parent, Merger Subs or the Company or any holder of securities of Parent, Merger Subs or the Company, each share of capital stock of the Surviving Corporation issued and outstanding immediately prior to the Second Effective Time shall be cancelled without any consideration therefor and each limited liability company interest of Second Merger Sub shall remain unchanged and continue to remain outstanding as a limited liability company interest in the Surviving Company.

Section 4.02 Exchange of Company Shares .

(a) At or prior to the Effective Time, Parent shall enter into an agreement in form and substance reasonably acceptable to the Company with an exchange agent selected by Parent and reasonably acceptable to the Company (the “ Exchange Agent ”) for the payment of the aggregate Merger Consideration in respect of the Company Shares in accordance with this Article IV . Promptly following the Effective Time, Parent shall deposit, or shall cause to be deposited, with the Exchange Agent, to be held in trust for the benefit of the holders of Company Shares, (i) the number of Parent Shares equal to the aggregate Merger Consideration (excluding any consideration pursuant to Section 4.02(f) ), (ii) any cash proceeds from the sale of fractional Parent Shares pursuant to Section 4.02(f) , and (iii) as necessary from time to time after the Effective Time, if applicable, any cash and dividends or other distributions with respect to the Parent Shares to be issued or to be paid pursuant to Section 4.02(d) , in exchange for Company Shares outstanding immediately prior to the Effective Time, deliverable upon due surrender of the Certificates (or affidavits

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of lost, stolen or destroyed Certificates in lieu thereof as provided in Section 4.02(h) ) or Book Entry Company Shares pursuant to the provisions of this Article IV (such cash, certificates for Parent Shares and evidence of Book Entry Parent Shares, together with the amount of any dividends or other distributions payable pursuant to this Article IV with respect thereto, in the aggregate, the “ Exchange Fund ”). The Exchange Agent shall invest the cash available in the Exchange Fund as directed by Parent; provided that such investments shall be in obligations, funds or accounts typical for (including having liquidity typical for) transactions of this nature and shall not affect the amounts payable to holders of Company Shares. Any interest and other income resulting from such investment shall become a part of the Exchange Fund, and any amounts in excess of the amounts payable under Section 4.01(a)  shall be promptly returned to Parent. The Exchange Agent shall also act as the agent for the Company’s stockholders for the purpose of receiving and holding their Certificates and Book Entry Company Shares and shall obtain no rights or interests in the shares represented thereby.

(b) As promptly as reasonably practicable after the Effective Time but in no event later than five (5) Business Days thereafter, Parent shall instruct the Exchange Agent to mail to each holder of record of Company Shares (other than Excluded Shares) that are evidenced by Certificates or Book Entry Company Shares not held through the Depository Trust Company (“ DTC ”) (i) a letter of transmittal which shall be in customary form and specify that delivery shall be effected, and risk of loss and title to the Certificates or Book Entry Company Shares shall pass only upon delivery of the Certificates (or affidavits of lost, stolen or destroyed Certificates in lieu of the Certificates as provided in Section 4.02(h) ) or transfer of the Book Entry Company Shares to the Exchange Agent (including customary provisions with respect to delivery of an “agent’s message” with respect to Book Entry Company Shares) and (ii) instructions for use in effecting the surrender of the Certificates (or affidavits of lost, stolen or destroyed Certificates in lieu of the Certificates) or transferring the Book Entry Company Shares to the Exchange Agent in exchange for the Merger Consideration and any cash paid in lieu of fractional Parent Shares payable pursuant to Section 4.02(f)  and any dividends or distributions, in each case, which the holder has the right to receive pursuant to Section 4.02(d) . With respect to Book Entry Company Shares held through DTC, Parent and the Company shall cooperate to establish procedures with the Exchange Agent and DTC to ensure that the Exchange Agent will transmit to DTC or its nominees as soon as reasonably practicable on or after the Closing Date but in no event later than five (5) Business Days thereafter, upon surrender of Company Shares (other than Excluded Shares) held of record by DTC or its nominees in accordance with DTC’s customary surrender procedures, the Merger Consideration, any cash in lieu of fractional Parent Shares pursuant to Section 4.02(f)  and any dividends or distributions, in each case, to which the beneficial owners thereof are entitled pursuant to the terms of this Agreement, including pursuant to Section 4.02(d) .

(c)  Procedures for Surrender .

(i) After the Effective Time, and (A) upon surrender to the Exchange Agent of Company Shares (other than Excluded Shares) that are Certificates, by physical surrender of such Certificates (or affidavit of lost, stolen or destroyed Certificate in lieu of a Certificate, as provided in Section 4.02(h) ) in accordance with the terms of the letter of transmittal and accompanying instructions, (B) upon the transfer of Company Shares (other than Excluded Shares) that are Book Entry Company Shares not held through DTC, in accordance with the terms of the letter of transmittal and accompanying instructions (including the delivery of any other documents the Exchange Agent may reasonably require), or (C) upon the transfer of Company Shares (other than Excluded Shares) that are Book Entry Company Shares held through DTC, including by delivery of an “agent’s message,” in accordance with DTC’s customary procedures and such other procedures as agreed by Parent, the Exchange Agent and DTC, the holder of such Company Shares shall be entitled to receive in exchange therefor, and Parent and the Surviving Company shall cause the Exchange Agent to pay and deliver in exchange thereof as promptly as practicable but in no event later than five (5) Business Days thereafter, (1) the number of Certificates of Parent Shares or Book Entry Parent Shares representing, in the aggregate, the whole number of shares that such holder has a right to receive pursuant to Section 4.01(a) , (2) any dividends or other distributions payable pursuant to Section 4.02(d) , and (3) any cash in lieu of fractional Parent Shares payable pursuant to Section 4.02(f) , if applicable.

(ii) In the event of a transfer of ownership of Company Shares that are not registered in the transfer records of the Company, the Exchange Agent may make payment of the proper amount of Merger Consideration to such transferee if (A) in the case of Book Entry Company Shares, written instructions authorizing the transfer of the Book Entry Company Shares are presented to the Exchange Agent, (B) in the case of Certificates, the Certificates formerly representing such Company Shares are surrendered to the Exchange Agent, and (C) the written instructions, in the case of clause (A), and Certificates, in the case of clause (B), are accompanied by all documents required to evidence and effect such transfer and to evidence that any applicable stock transfer Taxes have been paid

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or are not applicable, in each case, in form and substance, reasonably satisfactory to Parent and the Exchange Agent. If any Parent Shares are to be delivered to a Person other than the holder in whose name any Company Shares are registered, it shall be a condition of such exchange that the Person requesting such delivery shall pay any transfer or other similar Taxes required by reason of the transfer of Parent Shares to a Person other than the registered holder of any Company Shares, or shall establish to the satisfaction of Parent and the Exchange Agent that such Tax has been paid or is not applicable.

(iii) No interest shall be paid or accrue on any cash payable upon surrender of the Company Shares. Any Certificate that has been surrendered shall be voided and cancelled by the Exchange Agent.

(d)  Distributions with Respect to Unexchanged Company Shares . All Parent Shares to be issued pursuant to the First Merger shall be deemed issued and outstanding as of the Effective Time and, whenever a dividend or other distribution is declared by Parent in respect of Parent Shares, the record date for which is at or after the Effective Time, that declaration shall include dividends or other distributions in respect of all Parent Shares constituting Merger Consideration issuable pursuant to this Agreement. No dividends or other distributions in respect of the Parent Shares shall be paid to any holder of any unsurrendered Certificate or untransferred Book Entry Company Share until such Certificate (or affidavits of lost, stolen or destroyed Certificates in lieu of the Certificate as provided in Section 4.02(h) ) or Book Entry Company Share is transferred for exchange in accordance with this Article IV . Subject to the effect of applicable Laws, following surrender of any such Certificate (or affidavits of lost, stolen or destroyed Certificates in lieu of the Certificate as provided in Section 4.02(h) ) or transfer of such Book Entry Company Share that has been converted into the right to receive the Merger Consideration, there shall be issued and/or paid to the holder of the certificates representing whole Parent Shares (or as applicable, Book Entry Parent Shares) issued in exchange therefor, without interest, (i) at the time of such surrender or transfer, the dividends or other distributions with a record date after the Effective Time theretofore payable with respect to such whole Parent Shares (and not previously paid) and (ii) at the appropriate payment date, the dividends or other distributions payable with respect to such whole Parent Shares with a record date after the Effective Time but prior to such surrender and with a payment date subsequent to surrender or transfer, as applicable.

(e)  Transfers . After the Effective Time, there shall be no transfers on the stock transfer books of the Company of the Company Shares that were outstanding immediately prior to the Effective Time. After the Effective Time, the holders of any Certificate or Book Entry Company Shares outstanding immediately prior to the Effective Time shall cease to have any rights with respect to such Company Shares except as otherwise provided for herein or by applicable Law. If, after the Effective Time, any Certificate or Book Entry Company Share is presented to the Surviving Company, Parent or the Exchange Agent for transfer, it shall be cancelled and exchanged for the aggregate Merger Consideration (and to the extent applicable, cash in lieu of fractional Parent Shares payable pursuant to Section 4.02(f)  and/or any dividends or other distributions pursuant to Section 4.02(d) ) to which the holder thereof is entitled pursuant to this Article IV .

(f)  Fractional Company Shares . Notwithstanding any other provision of this Agreement, no fractional Parent Shares will be issued and any holder of Company Shares entitled to receive a fractional Parent Share (determined after aggregating all Company Shares with respect to such holder) but for this Section 4.02(f)  shall be entitled to receive a cash payment in lieu thereof, without interest, that shall be calculated by the Exchange Agent and shall be an amount (rounded to the nearest cent) representing such holder’s proportionate interest in the cash proceeds (net of all commissions, transfer Taxes and other out-of-pocket costs and expenses of the Exchange Agent incurred in connection with such sales) from the aggregation and sale by the Exchange Agent of Parent Shares representing the fractional Parent Shares (rounded to the nearest whole share) that would otherwise be issued on behalf of all such holders that would otherwise be entitled to receive such fractional Parent Shares. No such holder shall be entitled to dividends, voting rights or any other rights in respect of any fractional Parent Shares. The Parties acknowledge that payment of such cash consideration in lieu of issuing fractional Parent Shares is not separately bargained-for consideration, but merely represents a mechanical rounding off in accordance with Section 155 of the DGCL for purposes of avoiding the expense and inconvenience that would otherwise be caused by the issuance of fractional shares.

(g)  Termination of Exchange Fund . Any portion of the Exchange Fund (including the proceeds of any investments of the Exchange Fund and any Parent Shares) that remains unclaimed by the stockholders of the Company for one (1) year after the Effective Time shall, subject to applicable Law, be delivered to Parent. Any holder of Company Shares (other than Excluded Shares) who has theretofore not complied with this Article IV shall thereafter look only to Parent or the Surviving Company for delivery of any Merger Consideration (and to the extent applicable,

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cash in lieu of fractional Parent Shares payable pursuant to Section 4.02(f)  and/or any dividends or other distributions pursuant to Section 4.02(d) ), payable and/or issuable pursuant to Section 4.02 upon due surrender of their Certificates (or affidavits of lost, stolen or destroyed Certificates in lieu of the Certificates as provided in Section 4.02(h) ) or transfer of Book Entry Company Shares, in each case, without any interest thereon. Notwithstanding the foregoing, none of the Surviving Corporation, Surviving Company, Parent, Merger Subs, the Exchange Agent or any other Person shall be liable to any former holder of Company Shares for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar Laws. Any portion of the Exchange Fund which remains undistributed to the holders of Company Shares immediately prior to the time at which the Exchange Fund would otherwise escheat to, or become property of, any Governmental Entity, shall, to the extent permitted by Law, become the property of Parent, free and clear of all claims or interest of any Person previously entitled thereto.

(h)  Lost, Stolen or Destroyed Certificates . In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the Person claiming such Certificate to be lost, stolen or destroyed and, if required by Parent, the posting by such Person of a bond in a reasonable amount and upon such terms as may be required by Parent as indemnity against any claim that may be made against Parent, the Exchange Agent or any of Parent’s Subsidiaries (including, the Surviving Corporation or the Surviving Company) with respect to such Certificate, the Exchange Agent will issue, in exchange for such lost, stolen or destroyed Certificate, the applicable Merger Consideration, and (to the extent applicable) any cash pursuant to Section 4.02(f)  or unpaid dividends or other distributions pursuant to Section 4.02(d) , that would have been payable or deliverable in respect thereof pursuant to this Agreement had such lost, stolen or destroyed Certificate been surrendered.

(i)  No Dividends or Distributions . No dividends or other distributions with respect to capital stock of the Surviving Corporation with a record date after the Effective Time or the limited liability company interests of the Surviving Company with a record date after the Second Effective Time will be paid to the holder of any unsurrendered Certificates or Book Entry Company Shares.

Section 4.03 Appraisal Rights . Notwithstanding anything in this Agreement to the contrary, Company Shares that are issued and outstanding immediately prior to the Effective Time and that are held by any Person who did not vote in favor of the adoption of this Agreement (or consent thereto in writing) and who is entitled to demand and properly demands appraisal of such Company Shares pursuant to, and who complies in all respects with, all provisions of Section 262 of the DGCL (such shares, “ Appraisal Shares ” until such time as such Person fails to perfect, effectively withdraws, waives or otherwise loses such Person’s appraisal rights under the DGCL with respect to his or her Appraisal Shares, at which time such shares shall cease to be Appraisal Shares, as applicable) shall not be converted into or represent the right to receive the Merger Consideration as provided in Section 4.01(a), but rather the holders of Appraisal Shares shall be entitled in lieu thereof only to those rights provided to Persons holding Appraisal Shares under Section 262 of the DGCL, including the right to payment by the Surviving Corporation of the “fair value” of such Appraisal Shares as determined in accordance with and to the extent provided thereby (it being understood and acknowledged that at the Effective Time, such Appraisal Shares shall no longer be outstanding, shall automatically be canceled and shall cease to exist, and such holder shall cease to have any rights with respect thereto other than the rights afforded by Section 262 of the DGCL); provided, however, that if any such holder shall fail to perfect or otherwise shall waive, withdraw or lose the right to appraisal under Section 262 of the DGCL with respect to Appraisal Shares, or a court of competent jurisdiction determines that such holder is not entitled to the relief provided by Section 262 of the DGCL with respect to any Company Shares, then the right of such holder to seek appraisal of such Company Shares shall cease and such Company Shares shall be deemed to have been converted as of the Effective Time into, and to have become exchangeable solely for, the right to receive the Merger Consideration, without interest (and to the extent applicable, cash in lieu of fractional Parent Shares payable pursuant to Section 4.02(f) and/or any dividends or other distributions pursuant to Section 4.02(d)). Prior to the Effective Time, the Company shall give prompt notice, and in any event within two (2) Business Days of receipt, to Parent of any demands received by the Company for appraisal of any Company Shares and any withdrawals of such demands and of any other communications received by the Company pursuant to Section 262 of the DGCL, and Parent shall participate in and direct all negotiations and proceedings with respect to such demands. Prior to the Effective Time, the Company shall not, without the prior written consent of Parent, make any payment with respect to, or settle or offer to settle, any such demands, or agree to do any of the foregoing.

Section 4.04 Adjustments . Notwithstanding anything in this Agreement to the contrary, if, between the date of this Agreement and the Effective Time, the issued and outstanding Company Shares or securities convertible or exchangeable into or exercisable for Company Shares or the issued and outstanding Parent Shares or securities

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convertible or exchangeable into or exercisable for Parent Shares, shall have been changed into a different number of shares or a different class by reason of any reclassification, stock split (including a reverse stock split), s plit-u p, combination, exchange of shares, readjustment, reorganization, stock dividend or distribution, recapitalization, merger, issuer tender or exchange offer, or other similar transaction, then the Merger Consideration shall be equitably adjusted, without duplication, to proportionally reflect such change and as so adjusted shall, from and after the date of such event, be the Merger Consideration; provided that nothing in this Section 4.04 shall be construed to permit the Company or Parent to take any of the foregoing actions with respect to its securities to the extent otherwise prohibited by the terms of this Agreement.

Section 4.05 Termination of Company Stock Plan . On or prior to the date hereof, the Company, the Company Board, or the appropriate committees of the Company Board, as applicable, have adopted any resolutions and taken, or caused to be taken, any actions which are necessary or appropriate to terminate the Company Stock Plan.

Section 4.06 Withholdings . Notwithstanding anything in this Agreement to the contrary, each of the Company, Parent, Merger Subs, the Surviving Corporation, the Surviving Company, the Exchange Agent, and any other “withholding agent” under U.S. federal, state, local or foreign Tax Law, shall be entitled to deduct and withhold from such amounts payable or otherwise deliverable to any Person pursuant to this Agreement such amounts as are required to be deducted and withheld with respect to the making of any such payments under any provision of any applicable Law, including the Code, the Treasury Regulations or any other provision of U.S. federal Tax Law, or under any provision of state, local or foreign Tax Law. Any amount deducted or withheld pursuant to this Section 4.06 , and paid over to the appropriate Taxing Authority, shall be treated as having been paid to the Person in respect of which such deduction or withholding was made.

Section 4.07 Tax Treatment of the Mergers . For U.S. federal income tax purposes, the Mergers, taken together, are intended to qualify for the Intended Tax Treatment. The Parties hereby (i) adopt this Agreement as a “plan of reorganization” within the meaning of Sections 1.368-2(g) and 1.368-3(a) of the Treasury Regulations, (ii) agree to file and retain such information with respect to the Mergers as shall be required under Section 1.368-3 of the Treasury Regulations, and (iii) agree to file all Tax and other informational returns with respect to the Mergers on a basis consistent with such characterization, unless required to do otherwise pursuant to a final determination as defined in Section 1313(a) of the Code (or pursuant to any similar provision of applicable state, local or foreign Law). Each of the Parties acknowledge and agree that each such Party (a) has had the opportunity to obtain independent legal and tax advice with respect to the transactions contemplated by this Agreement and (b) is responsible for paying its own Taxes, including any adverse Tax consequences that may result if the Mergers are determined not to qualify for the Intended Tax Treatment.

ARTICLE V

REPRESENTATIONS AND WARRANTIES

Section 5.01 Representations and Warranties of the Company . Except as set forth in the Company Reports publicly filed with the SEC on or after January 1, 2025, and no later than two (2) Business Days prior to the date of this Agreement (without giving effect to any amendment to any such Company Reports filed on or after the date that is two (2) Business Days prior to the date of this Agreement) (excluding, in each case, any disclosures set forth in any risk factor Section or in any other Section to the extent they are forward-looking statements or cautionary, predictive or forward-looking in nature) it being agreed that nothing disclosed in the Company Reports will be deemed to modify or qualify the representations and warranties set forth in Section 5.01(a) , Section 5.01(b) , Section 5.01(c) , Section 5.01(d)(ii) , Section 5.01(j)(iv) , Section 5.01(t)  or, subject to Section 9.12 , in the disclosure letter delivered to Parent by the Company prior to entering into this Agreement (the “ Company Disclosure Letter ”), the Company hereby represents and warrants to Parent and Merger Subs that:

(a)  Organization, Good Standing and Qualification . The Company and each Subsidiary of the Company is a legal entity duly organized, validly existing and in good standing under the Laws of its respective jurisdiction of organization, and each of the Company and its Subsidiaries has all requisite corporate or similar power and authority to own, lease and operate its properties and assets and to carry on its business as presently conducted. The Company and each Subsidiary of the Company is qualified or licensed to do business and is in good standing to do business as a foreign corporation or other legal entity in each jurisdiction where the ownership, leasing or operation of its assets or properties or conduct of its business requires such qualification, except where the failure to be so qualified or in good standing, or to have such power or authority, would not constitute a Company Material

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Adverse Effect. The Company has, at least two (2) Business Days prior to the execution of this Agreement, made available to Parent complete and correct copies of the Company’s and its Subsidiaries’ certificates of incorporation and bylaws or comparable governing documents, each as amended to the date of this Agreement, and each as so made available is in full force and effect. The Company and its Subsidiaries are not in breach, default, or violation of their respective certificates of incorporation and bylaws or comparable governing documents in any material respect. Section 5.01(a)  of the Company Disclosure Letter contains a correct and complete list, as of the date of this Agreement, of each Subsidiary of the Company and jurisdiction where the Company and its Subsidiaries are organized, formed, or incorporated. No Subsidiary of the Company owns or has any outstanding right or interest in any Company Shares.

(b)  Capital Structure .

(i) The authorized capital stock of the Company consists of 110,000,000 shares of stock, of which 100,000,000 shall be Company Shares and 10,000,000 shall be shares of preferred stock, par value $0.001 per share (“ Company Preferred Shares ”). As of the close of business on March 2, 2026 (the “ Capitalization Date ”), (A) 88,216,112 Company Shares were issued and outstanding (not including Company Shares held in treasury), (B) no Company Shares were held in treasury, (C) no Company Preferred Shares were issued or outstanding, (D) no Company Shares were issued and outstanding pursuant to awards granted, or reserved and available for issuance, under the Company Stock Plan and (E) (1) no other shares of capital stock or other voting securities of the Company were issued, reserved for issuance or outstanding and (2) there are no other equity interests or securities convertible into or exchangeable for Company Shares or equity awards pursuant to which Company Shares are issuable, reserved for issuance or outstanding. All issued and outstanding Company Shares are, and any additional Company Shares issued after the Capitalization Date in accordance with Section 6.01(a)  will be, duly authorized, validly issued, fully paid and non-assessable. Each of the outstanding shares of capital stock or other securities of each of the Subsidiaries of the Company is duly authorized, validly issued, fully paid and non-assessable and owned by the Company or by a direct or indirect wholly owned Subsidiary of the Company, free and clear of all Liens (other than Permitted Liens). Except as set forth above in Section 5.01(b)(i) , for changes after the date of this Agreement in compliance with Section 6.01(a)  or consented to by Parent in writing, there are no (A) shares of capital stock or other securities of, or ownership interests in, the Company or any Subsidiary of the Company, (B) securities of the Company or any Subsidiary of the Company convertible into or exchangeable or exercisable for, valued by reference to, or giving any Person a right to subscribe for or acquire, any shares of capital stock or other securities of or ownership interests in the Company or any Subsidiary of the Company, (C) preemptive or other outstanding rights, options, warrants, subscriptions, conversion rights, stock appreciation rights, redemption rights, repurchase rights, agreements, arrangements, calls, commitments or rights of any kind that (1) give any Person the right to purchase, subscribe or acquire from the Company or any Subsidiary of the Company or (2) obligate the Company or any Subsidiary of the Company to issue or sell, any capital stock, securities of, or ownership interests in, or securities convertible into or exchangeable or exercisable for capital stock or securities of, or ownership interests in, the Company or any Subsidiary of the Company, or (D) obligations of the Company or any Subsidiary of the Company to issue, deliver, sell, repurchase, redeem or otherwise acquire or cause to be issued, delivered, sold, repurchased, redeemed, or otherwise acquired any capital stock or securities of, or ownership interests in, or any securities convertible into or exchangeable or exercisable for any capital stock or securities of, or ownership interests in, the Company or any Subsidiary of the Company. The Company has no outstanding bonds, debentures, notes or other obligations the holders of which have the right to vote (or convertible into or exercisable for securities having the right to vote) with the stockholders of the Company on any matter. There are no dividends or distributions that have been declared by the Company. There are no stockholder agreements, voting trusts or other agreements or understandings to which the Company or any Subsidiary of the Company is a party with respect to the voting of or restricting the transfer of the capital stock or other equity interests of the Company or any Subsidiary of the Company.

(ii)  Section 5.01(b)(ii)  of the Company Disclosure Letter sets forth each Subsidiary of the Company that is not wholly owned by the Company or another wholly owned Subsidiary of the Company and, in each case, the respective jurisdiction of organization, a statement of the capitalization and the name of every other equity holder (or Person holding a right to acquire equity) of such Subsidiary of the Company.

(iii)  Section 5.01(b)(iii)  of the Company Disclosure Letter sets forth a complete and correct list of each Person in which the Company or any Subsidiary of the Company holds any shares or other equity interests, other than the Subsidiaries of the Company and RT (each, a “ Company Invested Entity ”), including the portion of the equity interests of such entities held by the Company or the applicable Subsidiary of the Company, and the respective jurisdiction of incorporation or organization of each Company Invested Entity. The Company or a Subsidiary of the Company, as set forth in Section 5.01(b)(iii)  of the Company Disclosure Letter, owns, of record and beneficially, all

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shares and other equity interests in each such Person listed as owned by it in Section 5.01(b)(iii)  of the Company Disclosure Letter, free and clear of all Liens (other than Permitted Liens). Except as set forth in Section 5.01(b)(iii)  of the Company Disclosure Letter, neither the Company nor any of its Subsidiaries has any (A) interests in a material joint venture or, directly or indirectly, equity securities or other similar equity interests in any Person other than the Subsidiaries of the Company, or (B) obligations, whether contingent or otherwise, to consummate any material additional investment in any Person. The Company has made available to Parent as of the date of this Agreement complete and correct copies of the organizational documents of each Company Invested Entity and all stockholders’ or similar agreements with respect to each Company Invested Entity, each as amended prior to the execution of this Agreement and each organizational documents and stockholders’ or similar agreement, as made available to Parent, is in full force and effect, and neither the Company nor any of its Subsidiaries is in material violation of any of the provisions of such organizational documents or stockholders’ or similar agreement.

(c)  Corporate Authority; Approval .

(i) The Company has all requisite corporate power and authority and has taken all corporate action necessary in order to execute, deliver and perform its obligations under this Agreement and each other Ancillary Agreement to which it is a party and to consummate the Transactions, subject only to the adoption of this Agreement by the holders of a majority of the voting power of the issued and outstanding Company Shares entitled to vote on such matter at a stockholders’ meeting duly called and held for such purpose (the “ Requisite Company Vote ”). The Requisite Company Vote is the only vote of the holders of capital stock of the Company that is necessary under applicable Law, OTC rules, and the Company’s certificate of incorporation and bylaws to adopt, approve and authorize this Agreement and the Transactions. This Agreement and each Ancillary Agreement to which it is a party has been duly executed and delivered by the Company and, assuming due execution and delivery by each of Parent and Merger Subs, constitutes a valid and binding agreement of the Company enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar Laws of general applicability relating to or affecting creditors’ rights and to general equity principles (the “ Bankruptcy and Equity Exception ”).

(ii) The Company Board has, at a meeting duly called and held, (A) approved this Agreement and declared advisable and in the best interest of its stockholders, the acquisition of the Company by Parent by means of the Mergers, and resolved subject to Section 6.02, to recommend the adoption of this Agreement to the holders of Company Shares (the “ Company Recommendation ”), (B) approved the inclusion of the Company Recommendation in the Prospectus/Proxy Statement, subject to Section 6.02 , and (C) directed that this Agreement be submitted to the holders of Company Shares for their adoption. The Company Board has taken all necessary action so that Parent will not be an “interested stockholder” or prohibited from entering into or consummating a “business combination” with the Company (in each case as such term is used in Section 203 of the DGCL) as a result of the execution of this Agreement, the Ancillary Agreements or the consummation of the Transactions in the manner contemplated hereby.

(d)  Governmental Filings; No Violations; Certain Contracts, Etc.

(i) Other than the filings and/or notices (A) pursuant to Section 1.03 , (B) under any applicable national, federal, state or foreign applicable Laws that are designed to govern foreign investment or competition, or intended to prohibit, restrict or regulate actions having the purposes or effect of monopolization, lessening of competition or restraint of trade (the “ Antitrust Laws ”), the Exchange Act and the Securities Act, (C) required to be made with the OTC, and (D) under state securities, takeover and “blue sky” Laws, no notices, reports or other filings are required to be made by the Company with, nor are any consents, registrations, approvals, permits or authorizations required to be obtained by the Company from, any U.S. or foreign governmental or regulatory authority, agency, commission, division, department, autonomous constitutional body, instrumentality, official, ministry, organization, unit, body, court or other legislative, executive or judicial governmental entity or self-regulatory organization, including the OTC (each, a “ Governmental Entity ”), in connection with the execution, delivery and performance by the Company of this Agreement and each Ancillary Agreement to which it is a party and the consummation of the Mergers and the other Transactions, or in connection with the continuing operation of the business of the Company and its Subsidiaries following the Effective Time, except those that the failure to make or obtain would not constitute a Company Material Adverse Effect.

(ii) The execution, delivery and performance by the Company of this Agreement and each Ancillary Agreement to which it is a party do not, and the consummation of the Mergers and the other Transactions will not, (A) with or without notice, lapse of time or both, contravene, conflict with or result in a breach or violation of, or default under, the certificate of incorporation or bylaws of the Company or the comparable governing documents

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of any of its Subsidiaries, (B) with or without notice, lapse of time or both, constitute or result in a breach or violation of, a termination (or right of termination), a cancellation (or right of cancellation) or default under, the creation or acceleration of any obligations under, the loss or reduction of any benefits under, or the creation of a Lien on any of the assets of the Company or any of its Subsidiaries pursuant to (1) any Material Contract; (2) any License necessary to conduct its business as presently conducted; or (3) assuming (solely with respect to performance of this Agreement and the consummation of the Mergers and the other Transactions) compliance with the matters referred to in Section 5.01(d)(i)  and obtaining the Requisite Company Vote, any Law to which the Company or any of its Subsidiaries is subject, (C) any change in the rights or obligations of any party under any Contract binding upon the Company or any of its Subsidiaries, or (D) give rise to or result in any Person having, or having the right to exercise, any preemptive rights, rights of first refusal, rights to acquire or similar rights with respect to any capital stock of the Company or its Subsidiaries or any of their respective assets or properties, except, in the case of clauses (B) , (C)  or (D)  above, for any such breach, conflict, violation, termination, default, creation, acceleration, loss, Lien, right or change that would not constitute a Company Material Adverse Effect.

(e)  Company Reports; Financial Statements .

(i) The Company has filed or furnished, as applicable, on a timely basis all forms, statements, certifications, prospectuses, registration statements, reports, schedules and documents (including exhibits and other information incorporation therein) required to be filed or furnished by it with the SEC pursuant to the Exchange Act or the Securities Act since January 1, 2023 (the “ Applicable Date ”) (the forms, statements, reports and documents filed or furnished since the Applicable Date and those filed or furnished subsequent to the date of this Agreement, including any amendments and supplements thereto, the “ Company Reports ”). Each of the Company Reports, at the time of its filing or being furnished (or in the case of a registration statement under the Securities Act, at the time such registration statement was declared effective by the SEC or in the case of proxy materials, at the time of the relevant meeting) complied, or if not yet filed or furnished, will when so filed or furnished comply, in all material respects with the applicable requirements of the Securities Act, the Exchange Act and the Sarbanes-Oxley Act of 2002 (the “ Sarbanes-Oxley Act ”), and any rules and regulations promulgated thereunder applicable to the Company Reports. As of the date of this Agreement, there are no outstanding or unresolved comments in comment letters received from the OTC or the SEC with respect to any Company Reports and none of the Company Reports (other than confidential treatment requests) is, to the Company’s Knowledge, the subject of ongoing OTC or SEC review. There are no internal investigations, or, to the Knowledge of the Company, any OTC or SEC inquiries or investigations or other governmental inquiries or investigations pending or, threatened, in each case regarding any accounting practices of the Company. As of their respective dates (or, if amended prior to the date of this Agreement, as of the date of such amendment), and in the case of a registration statement under the Securities Act, at the time such registration statement was declared effective by the SEC and in the case of proxy materials, at the time of the relevant meeting, the Company Reports did not, and none of the Company Reports filed with or furnished to the SEC subsequent to the date of this Agreement will when so filed or furnished, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances in which they were made, not misleading. The Company is in compliance in all material respects with the applicable listing and corporate governance standards, rules and regulations of the OTC.

(ii) The Company maintains disclosure controls and procedures required by Rule 13a-15 or 15d-15 under the Exchange Act. Such disclosure controls and procedures are reasonably designed to ensure that (i) all material information required to be disclosed by the Company is recorded and reported on a timely basis to the individuals responsible for the preparation of the Company’s filings with the OTC and the SEC and other public disclosure documents (including auditors and the audit committee of the Company Board as appropriate to allow timely decisions regarding required disclosure and to make the certifications required pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act) and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. The Company’s management has completed an assessment of the effectiveness of the Company’s internal control over financial reporting in compliance with the requirements of Section 404 of the Sarbanes-Oxley Act for the fiscal year ended August 31, 2025. The Company maintains internal control over financial reporting (as defined in and meeting the requirements of Rule 13a-15 or 15d-15, as applicable, under the Exchange Act). Such internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes policies and procedures that (A) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company and its Subsidiaries, as applicable, (B) provide reasonable assurance that transactions are recorded as necessary to permit preparation of

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financial statements in accordance with GAAP, and that receipts and expenditures of the Company and its Subsidiaries, as applicable, are being made only in accordance with authorizations of management and directors of the Company, and (C) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s or any of its Subsidiaries’, as applicable, assets that could have a material effect on its financial statements. There (1) are no significant deficiencies in the design or operation of its internal controls over financial reporting that are reasonably likely to adversely affect the Company’s, ability to record, process, summarize and report financial information and has identified for the Company’s auditors and audit committee of the Company Board any material weaknesses in internal control over financial reporting, (2) is not, and since the Applicable Date, has not been any illegal act or fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting, and (3) is not, and since the Applicable Date, has not been, any “extensions of credit” (within the meaning of Section 402 of the Sarbanes-Oxley Act) or prohibited loans to any executive officer of the Company (as defined in Rule 3b-7 under the Exchange Act) or director of the Company or any of its Subsidiaries. The Company has made available to Parent as of the date of this Agreement a summary of any such disclosure made by management to the Company’s independent registered public accounting firm and audit committee since the Applicable Date.

(iii) Each of the financial statements included in or incorporated by reference into the Company Reports (including the related notes and schedules) fairly presents in all material respects, the consolidated financial position of the Company and its consolidated Subsidiaries as of its date and each of the consolidated statements of operations, comprehensive income, changes in equity and cash flows included in or incorporated by reference into the Company Reports, including any related notes and schedules, fairly presents in all material respects, the results of operations, cash flows, retained earnings (loss) and changes in financial position, as the case may be, of the Company and its consolidated Subsidiaries for the periods set forth therein (subject, in the case of unaudited statements, to notes and normal year-end audit adjustments that will not be material in amount or effect), in each case in accordance with GAAP consistently applied during the periods involved, except as may be noted therein.

(iv) Neither the Company nor any of its Subsidiaries has, since the Applicable Date, received any material, written unresolved complaint, allegation, assertion or claim regarding the accounting or auditing practices, procedures, methodologies or methods of the Company or any of its Subsidiaries or their respective internal accounting controls, and no attorney representing the Company or any of its Subsidiaries, whether or not employed by the Company or any of its Subsidiaries, has, to the Knowledge of the Company, reported in writing credible evidence of a material violation of securities Laws, breach of fiduciary duty or similar violation by the Company or any of its Subsidiaries or their respective officers, directors, employees or agents to the Company Board or any committee thereof or to the General Counsel, Chief Executive Officer or Chief Financial Officer of the Company.

(v) The Company Shares are listed and quoted for trading on the OTCQB and the Company has not taken any action which would reasonably be expected to result in the delisting or suspension of the Company Shares on or from OTCQB and the Company is currently in compliance in all material respects with the applicable listing, corporate governance, and other standards, rules, policies and regulations of applicable securities Laws and the standards, rules, regulations and policies of the OTCQB to which the listing and quotation for trading of the Company Shares is subject.

(f)  Absence of Certain Changes .

(i) Since August 31, 2025, except for the negotiation of, and entry into, this Agreement and the Ancillary Agreements, the Company and its Subsidiaries have conducted their respective businesses in the ordinary course of such businesses consistent with past practice in all material respects.

(ii) Since August 31, 2025, through the date of this Agreement, there has not been any Company Material Adverse Effect.

(iii) Since August 31, 2025, through the date of this Agreement, there has not been any action taken by the Company or event that would have required the consent of Parent pursuant to Section 6.01 had such covenant applied after August 31, 2025.

(g)  Litigation and Liabilities . There are no civil, criminal or administrative actions, suits, claims, charges, complaints, inquiries, audits, examinations, hearings, arbitrations, investigations or other proceedings pending or, to the Knowledge of the Company, threatened against the Company or any of its Subsidiaries which

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would, individually or in the aggregate, reasonably be expected to result in any claims against, or obligations or liabilities of, the Company or any of its Subsidiaries, and neither the Company nor any of its Subsidiaries is a party to or subject to the provisions of any judgment, order, writ, injunction, decree or award of any Governmental Entity, except in each case for those that would not constitute a Company Material Adverse Effect. There are no liabilities or obligations of the Company or any of its Subsidiaries of any kind whatsoever, whether accrued, contingent, known or unknown, asserted or unasserted, absolute, determined, determinable or otherwise, and whether or not accrued other than: (i) liabilities or obligations disclosed and provided for in the most recent balance sheet included in the Company Reports or in the notes to such balance sheet; (ii) liabilities or obligations incurred in the ordinary course of business consistent with past practice since the date of the most recent balance sheet included in the Company Reports; (iii) liabilities or obligations incurred in connection with the Transactions; and (iv) liabilities or obligations that would not constitute a Company Material Adverse Effect. Neither the Company nor any of its Subsidiaries is a party to, nor has any commitment to become a party to, any joint venture, off-balance sheet partnership or any similar Contract (including any Contract relating to any transaction or relationship between or among the Company and any of its Subsidiaries, on the one hand, and any unconsolidated Affiliate, including any structured finance, special purpose or limited purpose entity or Person, on the other hand) or any “off-balance sheet arrangements” (as defined in Item 303(a) of Regulation S-K under the Securities Act), where the result, purpose or effect of such Contract is to avoid disclosure of any material transaction involving, or material liabilities of, the Company or any of its Subsidiaries, in the Company’s consolidated financial statements or the Company Reports.

(h)  Title to Assets; Sufficiency . The Company and its Subsidiaries have good and valid title to all material tangible assets owned by them as of the date of this Agreement, including all material tangible assets (other than capitalized or operating leases) reflected on the Company’s audited balance sheet in the most recent Annual Report on Form 10-K (the “ Balance Sheet ”) filed by the Company with the SEC prior to the date hereof, except for tangible assets sold or otherwise disposed of in the ordinary course of business since the date of such Balance Sheet, free and clear of all Liens other than Permitted Liens, except where such failure would not constitute a Company Material Adverse Effect. All facilities, machinery, equipment, fixtures, vehicles and other tangible personal properties and tangible assets owned, leased or used by the Company and its Subsidiaries: (i) are adequate and sufficient in all material respects for the conduct of the business of the Company and its Subsidiaries as currently conducted; and (ii) are in good operating condition, subject to normal wear and tear and reasonably fit and usable for the purposes for which they are being used.

(i)  Employee Benefits .

(i)  Section 5.01(i)(i)  of the Company Disclosure Letter sets forth an accurate and complete list, as of the date of this Agreement, of each Company Benefit Plan. No Company Benefit Plan is maintained outside of the United States for the benefit of current and former service providers of the Company or any of its Subsidiaries who are situated outside of the United States or otherwise is subject to the Laws of any Governmental Entity other than those of the United States.

(ii) With respect to each Company Benefit Plan, the Company has made available to Parent accurate and complete copies of the following items (in each case, only if applicable): (A) plan documents and all related trust agreements, insurance contacts, or other funding arrangements or other documentation embodying or governing the terms of such Company Benefit Plan; (B) written descriptions of the material terms of any Company Benefit Plans that are not set forth in writing; (C) the most recent summary plan description together with the summary or summaries of material modifications thereto; (D) the most recent financial statement and actuarial valuation report prepared in respect thereof, (E) the most recently filed Form 5500 annual report (with all applicable attachments) or other annual report required to be filed with any Governmental Entity; (F) all material, nonroutine correspondence to or from any Governmental Entity received in the last three (3) years with respect to any Company Benefit Plan; and (G) copies of the most recent IRS determination letter or opinion with respect to each such Company Benefit Plan.

(iii) Each Company Benefit Plan that is intended to be qualified under Section 401(a) of the Code is so qualified and has received or is entitled to rely on a favorable determination letter or opinion to that effect from the IRS, and, to the Knowledge of the Company, no fact or event has occurred since the date of such determination letter or opinion letter from the IRS that would adversely affect the qualification of any such Company Benefit Plan.

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(iv) Except as would not constitute a Company Material Adverse Effect, (A) each Company Benefit Plan has been maintained in compliance with its terms and all applicable Laws, including ERISA and the Code, (B) there are no pending or, to the Knowledge of the Company, threatened actions, disputes, suits, claims, arbitrations or legal, administrative or governmental action against any Company Benefit Plan, any fiduciary thereof, the Company or any of its Subsidiaries (other than claims for benefits in the ordinary course), and (C) all contributions, premiums and any other payments required to be made by the Company or any of its Subsidiaries to any Company Benefit Plan have been made, or have been properly accrued for, on or before their applicable due dates.

(v) To the Knowledge of the Company none of the Company, nor any of its Subsidiaries, nor any officer of the Company or of any of its Subsidiaries nor any of the Company Benefit Plans, any trusts created thereunder or any trustee or administrator or “party in interest” or “disqualified person” with respect to a Company Benefit Plan, has engaged in a “prohibited transaction” (as such term is defined in Section 406 of ERISA or Section 4975 of the Code) or any other breach of fiduciary responsibility that could subject any Company Benefit Plan, the Company, any of its Subsidiaries or any officer of the Company or of any Subsidiary to any Tax or penalty on prohibited transactions imposed by such Section 4975 of the Code or to any material liability under Section 502(i) or 502(1) of ERISA.

(vi) Neither the Company nor any of its Subsidiaries has any liability in respect of, and no Company Benefit Plan provides for, post-employment or post-retirement health or medical or life insurance benefits for retired, former or current employees of the Company or any or its Subsidiaries (or any beneficiary thereof), other than for continuation coverage required to be provided pursuant to Section 4980B of the Code or any local applicable Laws at the retired, former, or current employee’s sole expense.

(vii) Neither the Company nor any of its Subsidiaries, nor any of their respective ERISA Affiliates, sponsors, maintains or contributes to, or has any liability with respect to, or has ever sponsored, maintained, contributed to, been required to contribute to, or had liability with respect to any Multiemployer Plan, any other “employee pension benefit plan,” as defined in Section 3(2) of ERISA that is subject to Title IV or Section 302 of ERISA or Section 412 of the Code, any “multiple employer plan” subject to Sections 4063 or 4064 of ERISA or Section 413(c) of the Code, or any “multiple employer welfare arrangement” as defined in Section 3(40) of ERISA (in all cases, whether or not subject to ERISA). No liability under Section 302 or Title IV of ERISA or Section 412 of the Code has been incurred by the Company, any of its Subsidiaries or any of their respective ERISA Affiliates that has not been satisfied in full.

(viii) The execution and delivery of this Agreement, the Requisite Company Vote or other approval of this Agreement, and the consummation of the Transactions will not, either alone or in combination with another event: (A) result in the accelerated vesting or payment of, or any increase in, or in the funding (through a grantor trust or otherwise) of, any compensation or benefits to any present or former employee, consultant or director, officer or independent contractor of the Company or any of its Subsidiaries; (B) result in the entitlement of any present or former employee, consultant, director, officer or independent contractor of the Company or any of the Subsidiaries to any compensation or benefits; (C) limit or restrict the right of the Company to merge, amend or terminate any of the Company Benefit Plans; (D) result in any forgiveness of Indebtedness or obligation to fund benefits with respect to any such employee, director, officer, consultant or independent contractor of the Company or any of its Subsidiaries; or (E) directly or indirectly cause the Company or any of its Subsidiaries to transfer or set aside any assets to fund any benefits under any Company Benefit Plan.

(ix) The execution and delivery of this Agreement, the Requisite Company Vote or other approval of this Agreement, and the consummation of the Transactions will not, either alone or in combination with another event, could result in the payment, provision, or retention of any amount that could be characterized as an “excess parachute payment” within the meaning of Section 280G(b)(1) of the Code or be nondeductible under Section 4999 of the Code.

(x) Neither the Company nor any of its Subsidiaries has an obligation to gross-up or otherwise reimburse any current or former director, officer, employee or independent contractor of the Company or any of its Subsidiaries for any Taxes or interest or penalty related thereto incurred by such individual under Section 409A of the Code, Section 4999 of the Code, or otherwise.

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(j)  Compliance with Laws .

(i) The Company and its Subsidiaries are and have at all times in the past three (3) years been in compliance with all and have not violated or defaulted under any applicable U.S. federal, state, local, territorial, municipal, provincial or foreign laws, statutes, acts, constitutions, edicts, ordinances, treaties, conventions, codes, common laws or any rules, regulations, standards, judgments, rulings, orders, writs, injunctions, decrees, arbitration awards, agency requirements, licenses or permits issued, promulgated, adopted or applied by any Governmental Entity (collectively, “ Laws ”), except for violations that would not constitute a Company Material Adverse Effect. Except with respect to regulatory matters covered by Section 6.05 , no investigation, examination, audit, review or other proceeding by any Governmental Entity with respect to the Company or any of its Subsidiaries is, to the Knowledge of the Company, pending or threatened, nor has any Governmental Entity indicated in writing an intention to conduct the same, except, in each case, as would not constitute a Company Material Adverse Effect. Except as would not constitute a Company Material Adverse Effect, (x) the Company and its Subsidiaries, have each obtained and is in compliance with all permits, certifications, approvals, registrations, consents, decrees, classifications, waivers, approvals, authorizations, franchises, variances, exemptions, allowances, credits and orders issued or granted by a Governmental Entity (“ Licenses ”) necessary to conduct its business as presently conducted (y) the Company and its Subsidiaries have paid all fees and assessments due and payable in connection therewith, and (z) all such Licenses are valid and in full force and effect and no suspension or cancellation of any of the Licenses is pending or, to the Knowledge of the Company, threatened, and the Company and its Subsidiaries are in compliance with the terms of the Licenses, except, in each case, where such failure would not constitute a Company Material Adverse Effect.

(ii) (A) The Company, its Subsidiaries, their respective directors, officers and employees and, to the Knowledge of the Company or its Subsidiaries, their respective agents are, and at all times in the past three (3) years have been, in compliance with the Anti-Corruption Laws and the Trade Laws, (B) the Company and its Subsidiaries have developed and currently implement a compliance program that includes corporate policies and procedures designed to ensure compliance with the Anti-Corruption Laws and the Trade Laws, (C) there have been no voluntary disclosures by the Company or any of its Subsidiaries under any Anti-Corruption Law or Trade Law, (D) no Governmental Entity has notified the Company or any Subsidiary of the Company in writing of any actual or alleged violation or breach of any Anti-Corruption Law or Trade Law, (E) neither the Company nor any Subsidiary of the Company has undergone or is undergoing any audit, review, inspection, survey or examination of records or, to the Company’s Knowledge, investigation, relating to the Company’s or any such Subsidiary’s compliance with any Anti-Corruption Law or Trade Law, (F) neither the Company nor any Subsidiary of the Company nor any of their respective directors, officers, employees or, to the Company’s Knowledge, agents has been or is now under any administrative, civil or criminal charge or indictment or, to the Company’s Knowledge, investigation alleging non-compliance with the Anti-Corruption Laws or the Trade Laws, and (G) since the Applicable Date, neither the Company nor any Subsidiary of the Company nor any of their respective directors, officers, employees or, to the Company’s Knowledge, agents has been or is now a party to any administrative or civil litigation alleging noncompliance with any Anti-Corruption Law or Trade Law.

(iii) Neither the Company nor any of its Subsidiaries, nor any director, officer or employee of the Company or any of its Subsidiaries, or, to the Company’s Knowledge, any agent or other Person acting for, on behalf of, or at the direction of the Company or any of its Subsidiaries has provided, offered, gifted or promised, directly or indirectly, anything of value to any Government Official, political party or candidate for government office, nor provided or promised anything of value to any other Person while knowing that all or a portion of that thing of value would or will be offered, given, or promised, directly or indirectly, to any Government Official, political party or candidate for government office, for the purpose of:

(A) influencing any act or decision of such official, party or candidate in his or her official capacity, inducing such official, party or candidate to do or omit to do any act in violation of their lawful duty, or securing any improper advantage for the benefit of the Company or its Subsidiaries; or

(B) inducing such official, party or candidate to use his or her influence with his or her government or instrumentality to affect or influence any act or decision of such government or instrumentality, in order to assist the Company or its Subsidiaries in obtaining or retaining business for or with, or directing business to, any Person.

(iv) Neither the Company, its Subsidiaries nor any of their respective officers, managers, directors, employees or, to the Knowledge of the Company, agents or other Representatives, is a Person that is, or is owned or controlled by Persons that are, (i) the subject or target of any sanctions implemented, administered or

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enforced by the United States (including, but not limited to, the U.S. Department of the Treasury’s Office of Foreign Assets Control, the U.S. Department of Commerce and the U.S. Department of State), the United Nations Security Council, the European Union and any Member State of the European Union, His Majesty’s Treasury in the United Kingdom, or any other relevant sanctions authority (collectively, “ Sanctions ”), or (ii) located, organized, or resident in a country, region or territory that is the target of Sanctions (including, currently, Cuba, Iran, North Korea, Syria and the Crimea, the so-called Donetsk People’s Republic and so-called Luhansk People’s Republic Regions of Ukraine) (hereinafter, each, a “ Sanctioned Country ”). Neither the Company, its Subsidiaries nor any of their respective officers, managers, directors or, to the Knowledge of the Company, employees, agents or other Representatives is or has been, since April 24, 2019, engaged in any dealings or transactions, directly or indirectly, with or involving any Person, or in or involving any Sanctioned Country, that at the time of such dealing or transaction is or was the subject or target of Sanctions. Neither the Company, its Subsidiaries and their respective directors, officers, employees, and, to the Knowledge of the Company, consultants and Representatives has, since April 24, 2019, made any disclosure (voluntary or otherwise) with respect to an apparent or actual violation of Sanctions or Trade Laws or has been the subject of any actual or, to the knowledge of the Company, any asserted or threatened charge, claim, proceeding, action, investigation or inquiry with respect to potential or actual violations of Sanctions or Trade Laws. The Company, its Subsidiaries, and their respective officers, managers, directors, employees or, to the Knowledge of the Company, any Representatives have at all times complied with, are in compliance with, and shall remain in compliance with all applicable Sanctions and Trade Laws, and have implemented and maintain in effect policies and procedures reasonably designed to ensure compliance with Sanctions and Trade Laws.

(k)  Takeover Statutes . No “fair price,” “moratorium,” “control share acquisition” or other similar a nti-take over statute or regulation (each, a “ Takeover Statute ”) or any anti-takeover provision in the Company’s certificate of incorporation or bylaws is applicable to the Company, the Company Shares, the Mergers or the other Transactions. As of the date of this Agreement, there is no stockholder rights plan, “poison pill” antitakeover plan or similar device in effect to which the Company or any of its Subsidiaries is subject, party or otherwise bound.

(l)  Environmental Matters . Except as would not constitute a Company Material Adverse Effect:

(i) In the past three (3) years, the Company and each Subsidiary of the Company has been in compliance with all Environmental Laws, which compliance includes, but is not limited to, obtaining all Licenses and other governmental authorizations required under Environmental Laws for the conduct of their respective businesses (the “ Environmental Permits ”), and complying with the terms and conditions thereof. Since the Applicable Date, (A) neither the Company nor any Subsidiary of the Company has received any written communication alleging that the Company or any Subsidiary of the Company is not in such compliance, and (B) to the Knowledge of the Company, there is no reasonable basis for the revocation, adverse modification, or non-renewal of any Environmental Permits held by the Company or any Subsidiary of the Company, or for the denial of any pending application for, or modification of the proposed terms of, any Environmental Permit necessary for the Company or any Subsidiary of the Company to operate as currently planned.

(ii) There is no Environmental Claim pending or, to the Knowledge of the Company, threatened against the Company or any Subsidiary of the Company, or to the Knowledge of the Company against any Person whose liability for any Environmental Claim the Company or any Subsidiary of the Company has retained or assumed either contractually or by operation of law.

(iii) To the Knowledge of the Company, there are no Hazardous Substances at, in, under or migrating to or from properties owned or leased by the Company or any Subsidiary or with respect to which the Company or any Subsidiary has any Mining Rights that require investigation, control, monitoring, removal, restoration, rehabilitation, reclamation or remediation under Environmental Laws.

(iv) To the Knowledge of the Company, except with respect to the matters that have been fully resolved prior to the date of this Agreement with no further liability or obligations, there are no past or present actions, activities, circumstances, facts, conditions, events or incidents, including the presence, Release or threatened Release of any Hazardous Substance, that would reasonably be expected to form the basis of any Environmental Claim against, or any liability under any Environmental Law of, the Company or any Subsidiary of the Company, or any Person whose liability the Company or any Subsidiary of the Company has retained or assumed either contractually or by operation of law.

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(v) There has been no environmental investigation, study, audit, review, or other analysis conducted since the Applicable Date prepared by or for the Company or that are otherwise in the possession, custody or control of the Company or any Subsidiary, addressing potentially material environmental liabilities with respect to any current or prior business of the Company or any Subsidiary or any property or facility now or previously owned, leased or operated by the Company or any Subsidiary which has not been made available to Parent prior to the date hereof, excluding routine environmental monitoring conducted by the Company in the ordinary course of operations.

(vi) The Company and its Subsidiaries have evaluated their respective restoration, rehabilitation, mine closure, reclamation, remediation, and other operational and post-operational obligations under Environmental Laws and applicable Environmental Permits, has complied during the past three (3) years with all requirements under Environmental Laws and applicable Environmental Permits respecting those obligations, and has sufficient financial assurance in place to satisfy those and any reasonably anticipated obligations. A true, correct, and complete list of all financial assurance mechanisms (including their amounts) posted or provided by such Company or its Subsidiaries, and currently in effect, to comply with Environmental Laws and Environmental Permits is set forth in Section 5.01(l)(vi)  of the Company Disclosure Letter. Neither such Company nor any of its Subsidiaries has received any unresolved or pending written notice from Governmental Entity indicating that such financial assurance is or may be insufficient to satisfy the requirements of Environmental Laws, applicable Environmental Permits, or any applicable closure or reclamation plans.

(m)  Taxes . Except as has not and would not constitute a Company Material Adverse Effect:

(i) The Company and each of its Subsidiaries (A) has timely filed or caused to be timely filed (taking into account any valid extension of time within which to file) all Tax Returns required to be filed by it and all such filed Tax Returns are true, correct and complete in all respects and were prepared and filed in accordance with applicable Law; (B) has timely paid or withheld and remitted (or caused to be timely paid or withheld and remitted) all Taxes that are required to have been paid or withheld and remitted by it in respect of its income, assets, properties or otherwise, as applicable, other than Taxes that are not yet due and payable or that are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been established in the applicable financial statements in accordance with GAAP; and (C) does not have in effect any waiver or extension of any statute of limitations with respect to Taxes or any waiver or extension of time with respect to a Tax assessment or deficiency and no request for any such waiver or extension is currently pending.

(ii) There are no pending audits, examinations, investigations or other proceedings in respect of Taxes or Tax matters of the Company or any of its Subsidiaries, and none of the Company or any of its Subsidiaries has received written notice of any threatened audits or investigations relating to any Taxes or Tax matters that remain pending.

(iii) A true, complete and accurate copy of each Tax Return filed by or on behalf of the Company or any of its Subsidiaries prior to the date of this Agreement with respect to a Tax period ending on or after the Applicable Date has been made available to Parent.

(iv) There are no pending claims that have been made in writing against the Company or any of its Subsidiaries by any Taxing Authority in a jurisdiction where the Company or its Subsidiaries did not file Tax Returns that the Company or any of its Subsidiaries is or may be subject to taxation by, or required to file any Tax Return in, that jurisdiction.

(v) Neither the Company nor any of its Subsidiaries (A) is or has been a member of an affiliated, combined, consolidated or unitary Tax group other than a Tax group of which the Company or any of its Subsidiaries was the common parent, or (B) has any liability for Taxes of any Person (other than the Company or such applicable Subsidiaries) (1) under Treasury Regulations Section 1.1502-6 (or any similar provision of state, local or foreign Law), (2) as a transferee or successor, or (3) by Contract, other than agreements entered into in the ordinary course of business that do not primarily relate to Tax matters.

(vi) Neither the Company nor any of its Subsidiaries has distributed stock of another Person, or has had its stock distributed by another Person, during the five (5) year period prior to the date of this Agreement, in a transaction in which the parties to such distribution treated the distribution as one to which Section 355 of the Code applied.

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(vii) Neither the Company nor any of its Subsidiaries has participated in any reportable transaction within the meaning of Treasury Regulations Section 1.6011-4(b).

(viii) No Liens for Taxes exist with respect to any of the Company’s assets or properties or those of its Subsidiaries, except for Permitted Liens.

(ix) No closing agreements, private letter rulings, determinations, technical advice memoranda or similar agreements or rulings have been requested, entered into or issued by any Taxing Authority with respect to the Company or any of its Subsidiaries.

(x) Neither the Company nor any of its Subsidiaries will be required to include any item of income in or exclude any item of deduction from taxable income for any Tax period beginning on or after the Effective Time, as a result of any (A) change in accounting method for a Tax period ending at or before the Effective Time under Section 481(c) of the Code (or any similar provision of state, local or foreign Law), (B) a ruling or written agreement with any Taxing Authority, including a “closing agreement” as described in Section 7121 of the Code (or any similar provision of state, local or foreign Law), (C) installment sale or open transaction disposition made prior to the Effective Time, (D) prepaid amount received or deferred revenue recognized on or prior to the Effective Time, (E) election under Section 108(i) of the Code (or any similar provision of state, local or foreign Law), or (F) intercompany item under Treasury Regulations Section 1.1502-13 or an excess loss account under Treasury Regulations Section 1.1502-19.

(xi) Neither the Company nor any of its Subsidiaries owns any interest in a “controlled foreign corporation” within the meaning of Section 957 of the Code or any “passive foreign investment company” within the meaning of Section 1297 of the Code.

(n)  Labor Matters .

(i) Neither the Company nor any of the Subsidiaries of the Company is, or has ever been, a party to, bound by, negotiating, or required to negotiate, and no employee of the Company or any of its Subsidiaries is bound by, any collective bargaining agreement, agreement with any works council, or similar collective labor contract. To the Knowledge of the Company, at present, and at all times since the Applicable Date, no demand has been made or petition filed or proceedings initiated by an employee or group of employees of the Company or any of its Subsidiaries with any labor relations board or other Governmental Entity seeking recognition of any labor organization, and to the Knowledge of the Company, none of the foregoing have been threatened. Except as would not constitute a Company Material Adverse Effect, at present, and at all times since the Applicable Date, (A) neither the Company nor any of its Subsidiaries has been the subject of a slowdown, strike, picketing, boycott, group work stoppage, labor dispute, unfair labor practice charge, grievance, labor arbitration, lockout, or, to the Knowledge of the Company, attempt to organize or union organizing activity, or any similar activity or dispute, against or affecting the Company or any of its Subsidiaries or any of their respective employees, and, to the Knowledge of the Company, none of the foregoing has been threatened, (B) there are no claims, actions, or other similar proceedings pending or, to the Knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries brought by any current or former employee, officer, director or independent contractor of the Company or its Subsidiaries (or any applicant for such position), or related to the Company’s and its Subsidiaries’ labor and employment practices, and (C) there are no grievances or unfair labor practice complaints pending, or to the Knowledge of the Company, threatened against the Company or any of its Subsidiaries before the National Labor Relations Board or any other Governmental Entity.

(ii) Since the Applicable Date, neither the Company nor any of the Company’s Subsidiaries has taken any action that constitutes a “mass layoff” or “plant closing” as defined in the Worker Adjustment and Retraining Notification Act of 1988, or any similar state or local plant closing or mass layoff statute, rule or regulation (the “ WARN Act ”), has announced or planned any such action, or has incurred any liabilities under the WARN Act that remains unsatisfied.

(iii) Since the Applicable Date, (i) to the Company’s Knowledge, no allegations of violence, sexual harassment, sexual misconduct or sexual assault have been made against any member of the Company Board or employee of the Company or any of its Subsidiaries in their respective capacities as such, and (ii) neither the Company nor any of its Subsidiaries has entered into any settlement agreements related to allegations of violence, sexual harassment, sexual misconduct or sexual assault involving any member of the Company Board or employee of the Company or any of its Subsidiaries.

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(iv) The Company and the Subsidiaries of the Company are and have been since the Applicable Date in compliance with all applicable Laws respecting employment and employment practices, including all Laws respecting terms and conditions of employment, health and safety, wages and hours, pay equity, child labor, immigration, employment discrimination, disability rights or benefits, equal opportunity, plant closures and layoffs, affirmative action, workers’ compensation, labor relations and unemployment insurance, except for noncompliance as would not constitute a Company Material Adverse Effect.

(o)  Intellectual Property .

(i)  Section 5.01(o)(i)  of the Company Disclosure Letter sets forth a correct and complete list of all Company Intellectual Property currently registered or subject to a pending application for registration (the “ Registered IP ”), indicating for each item therein, (A) the record owner, (B) the registration or application number and (C) the applicable filing jurisdiction or Internet domain registrar.

(ii) Except as would not constitute a Company Material Adverse Effect, (A) the Company and the Subsidiaries of the Company solely and exclusively own or have a valid and sufficient right or license, free and clear of all Liens and Orders, other than Permitted Liens, to use (I) all Company Intellectual Property and (II) all other Intellectual Property that is both licensed to the Company or one of its Subsidiaries and used in or necessary for the operation of their businesses as currently conducted; (B) in the past three (3) years, no proceedings or Orders are pending or, to the Knowledge of the Company, have been threatened (including cease and desist letters or requests for a patent license) against the Company or any Subsidiary of the Company with regard to any Intellectual Property and no written claim challenging the ownership, use, validity or enforceability of any of the Registered IP has been received by the Company or any of its Subsidiaries; (C) the operation of the Company’s business and the businesses of the Subsidiaries of the Company as currently conducted and as conducted in the past three (3) years did not and does not infringe, misappropriate, or otherwise violate any Intellectual Property of any other Person and, to the Knowledge of the Company, no Person is infringing, misappropriating, or otherwise violating, or has infringed, misappropriated, or otherwise violated, any Company Intellectual Property; and (D) the Registered IP is subsisting, unexpired, valid and enforceable and in full force and effect.

(iii) The Company and each Subsidiary of the Company have taken and take commercially reasonable actions to maintain and protect the confidentiality of Trade Secrets and other confidential information included in the Company Intellectual Property, in each case to the extent any of the foregoing (a) derives economic value from not being generally known to other Persons or (b) is protectable as a trade secret under applicable Law. Except as would not constitute a Company Material Adverse Effect, to the Knowledge of the Company, there has not been any disclosure or use without authorization by any other Person of any such Trade Secrets, except to the extent that such Person is under an obligation of confidentiality pursuant to written, valid and appropriate non-disclosure agreements which have not, to the Knowledge of the Company, been breached.

(iv) The Company and each Subsidiary of the Company take commercially reasonable actions to maintain and protect the integrity, security and operation of their software and systems (and all information transmitted thereby or stored therein), and there have been no material violations of the policies and procedures of the Company or any Subsidiary of the Company in the past three (3) years with respect to the matters described in this clause (iv) .

(v) The Company and each of the Subsidiaries of the Company have obtained from all parties (including current or former employees, officers, directors, consultants and contractors) who have created or developed any portion of, or otherwise who would have any rights in or to, Company Intellectual Property enforceable present assignments of any work, invention, improvement or other rights in or to such Company Intellectual Property to the Company or its Subsidiaries, except where failure to do so would not constitute a Company Material Adverse Effect.

(p)  Data Privacy and Cybersecurity.

(i) The Company and its Subsidiaries have at all times maintained in place adequate policies and commercially reasonable security measures, controls, technologies, polices and safeguards reasonably designed to protect Personal Information, Company Data and confidential information related to the businesses of each of the Company and its Subsidiaries from a Security Breach. The Company and its Subsidiaries have implemented a reasonable plan, or plans, that, as appropriate, (A) identifies internal and external risks to the security of Personal

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Information, Company Data and confidential information related to the businesses of each of the Company and its Subsidiaries; (B) implements, monitors and maintains commercially reasonable administrative, electronic and physical safeguards to control those risks; (C) maintains notification procedures in compliance with applicable Laws in the case of any breach of security compromising data, including data containing Personal Information, Company Data or confidential information related to the businesses of each of the Company and its Subsidiaries; and (D) provides for the prevention of data loss. The Company and its Subsidiaries (including its subcontractors) maintain disaster recovery and business continuity plans, procedures and facilities that are commercially reasonable and that materially satisfy contractual and legal obligations with respect to the businesses of each of the Company and its Subsidiaries.

(ii) Neither the Company nor its Subsidiaries has experienced any material Security Breach. The Company and its Subsidiaries have at all times used in all material respects commercially reasonable controls, technologies, processes and practices to detect, identify and remediate Security Breaches. The information technology and software applications owned and operated by the Company do not contain any worms, virus, spyware, keylogger software or other vulnerability, faults or malicious code or other devices designed or reasonably expected to adversely impact the functionality of or permit unauthorized access or to disable or otherwise harm any information technology or software applications.

(iii) The Company and its Subsidiaries have complied in all material respects with all relevant requirements of any applicable data protection, cybersecurity Law, Order, Company policies, contractual requirements, including compliance with their own data protection principles, requests from data subjects for access to data held by the Company and its Subsidiaries and any Law, Order or industry standard requirements relating to the registration of data users insofar as the same pertain to any aspect of the businesses of each of the Company and its Subsidiaries. Each of the Company and its Subsidiaries has complied in all material respects and is currently conducting its business in compliance in all material respects with all applicable Laws governing the privacy, security or confidentiality of Personal Information. The Company and its Subsidiaries have not received any Order or other notification from a Governmental Entity or any other Person regarding non-compliance or violation of any data protection Law or information security-related incident. The Company and its Subsidiaries have not been required by applicable Law or contract to notify in writing, any person or entity of any personal data or information security-related incident. All data gathered and collected from third party sources have been gathered and collected without material violation of any data protection principles, Law, Contract or Intellectual Property right held by third parties. No Person has claimed any compensation from the Company for the loss of or unauthorized disclosure or transfer of personal data.

(q)  Insurance . As of the date hereof, the Company and its Subsidiaries have insurance policies with reputable insurance carriers covering the Company and its Subsidiaries and their employees, properties and assets which provide full and adequate coverage for all normal risks incident to the business of the Company and its Subsidiaries and their respective properties and assets, are in breadth of coverage and amount at least equivalent to that carried by Persons of similar sizes and engaged in similar businesses and subject to similar perils or hazards, copies of which have been made available to Parent. All insurance policies (“ Insurance Policies ”) with respect to the business and assets of the Company and the Subsidiaries of the Company are in full force and effect and all premiums due thereon have been paid in full, and no written notice of cancellation, termination, non-renewal or amendment has been received with respect to any such Insurance Policy, except for such failures to be in full force and effect that have a Company Material Adverse Effect. Neither the Company nor any of the Subsidiaries of the Company is in material breach or default, and neither the Company nor any of the Subsidiaries of the Company have taken any action or failed to take any action which, with notice or the lapse of time, would constitute such a material breach or default, or permit termination or modification of any material Insurance Policies. With respect to each of the legal proceedings set forth in the Company Reports, no such insurer has informed the Company or any of the Subsidiaries in writing of the Company of any denial of coverage, or questioned or dispute such coverage, except for such denials that would not constitute Company Material Adverse Effect. The Company and the Subsidiaries of the Company have not received any written notice of cancellation of any of the Insurance Policies, except for such cancellations that would not constitute a Company Material Adverse Effect. All appropriate insurers under the Insurance Policies have been timely notified of all material pending litigation and other potentially insurable material losses to the Company of which the Company has Knowledge, and all appropriate actions have been taken to timely file all claims in respect of such insurable matters.

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(r)  Material Contracts . Section 5.01(r)  of the Company Disclosure Letter sets forth a list of each Material Contract to which the Company or any of its Subsidiaries is, as of the date of this Agreement, a party or by which it or its assets or properties are bound. Each Material Contract is valid and binding on the Company and its Subsidiaries as applicable and, to the Knowledge of the Company, each other party thereto, and is in full force and effect, and neither the Company nor any of its Subsidiaries, nor, to the Knowledge of the Company, any other party to a Material Contract is (with or without the lapse of time or the giving of notice, or both) in breach or violation of any provision of, or in default under, any Material Contract, and no event has occurred that, with or without notice, lapse of time or both, would constitute such a breach, violation or default, except for breaches, violations or defaults that, would not constitute a Company Material Adverse Effect. A true, complete and accurate copy of each Material Contract has previously been delivered to Parent. No party to any Material Contract has (i) exercised any termination rights with respect thereto, or (ii) given written notice of intent not to renew any Material Contract, in the case of clauses (i) and (ii) except as would not constitute a Company Material Adverse Effect. To the Company’s Knowledge, no Material Contract is invalid, there are no grounds for termination, rescission, avoidance or repudiation of any Material Contract and the Company has not received written or oral notice of termination of any Material Contract.

(s)  Real and Personal Property .

(i)  Section 5.01(s)(i)  of the Company Disclosure Letter sets forth a correct and complete list, as of the date of this Agreement, of all real property owned by the Company and any Subsidiary of the Company (the “ Owned Real Property ”). Except as would not constitute a Company Material Adverse Effect, the Company and its Subsidiaries have good and marketable title to all of the Owned Real Property free and clear of all Liens other than Permitted Liens. Neither the Company nor its Subsidiaries has granted, or is obligated under, any option, right of first offer, right of first refusal or similar contractual right to sell or dispose of the Owned Real Property or any portion thereof or interest therein.

(ii)  Section 5.01(s)(ii)  of the Company Disclosure Letter sets forth a correct and complete list, as of the date of this Agreement, of all leases, or subleases, that cover real property used by the Company or any of its Subsidiaries (each such lease or sublease, a “ Real Property Lease ”) and sets forth the street address of the real property that is the subject of any Real Property Lease (the “ Leased Real Property ,” and together with the Owned Real Property, the “ Real Property ”). Except as would not constitute a Company Material Adverse Effect, (A) the Company and its Subsidiaries have a valid leasehold interest in the Leased Real Property free and clear of all Liens other than Permitted Liens and each Real Property Lease is valid and in full force and effect, (B) neither the Company nor any of its Subsidiaries, nor, to the Company’s Knowledge, any other party to a Real Property Lease, has violated any provision of, or taken or failed to take any act which, with or without notice, lapse of time, or both, would constitute a default under the provisions of such Real Property Lease, and neither the Company nor any of its Subsidiaries has received written notice that it has breached, violated or defaulted under any Real Property Lease, (C) no Person other than the Company and its Subsidiaries leases, subleases, licenses or otherwise has a right to use or occupy any of the Real Property, and (D) all improvements located on the Real Property are in sufficiently good condition and repair (ordinary wear and tear excepted) to allow the business of the Company and its Subsidiaries to be operated in the ordinary course as currently operated. A true, complete and accurate copy of each material Real Property Lease has previously been made available to Parent.

(iii) The mining rights, permits, licenses, leases, claims (patented or unpatented), agreements, or concessions (or similar) granted to, or owned by, or purported to be granted to, or owned by, the Company or its Subsidiaries (the “ Mining Rights ”) (A) are owned by and, to the extent required by Law, duly filed and registered in the name of, or for the benefit of, the Company or a Subsidiary of the Company with good and valid title thereto in accordance with all applicable Laws, (B) are in full force and effect and valid, subsisting, and enforceable against the parties thereto, (C) may be disposed of, in part or in full, by the Company or its Subsidiaries at any time (including, following the Closing, the Surviving Corporation and the Surviving Company), and (D) no other Person (other than the Company and its Subsidiaries) has any right, title, or interest in, to, or under any such Mining Rights or has filed or registered an application for any competing or conflicting mining rights, permits, licenses, leases, claims (patented or unpatented), agreements, or concessions (or similar) against such Mining Rights. During the three (3) year period prior to the date of this Agreement, neither the Company nor any of its Subsidiaries has received any notice, whether written or oral, from any Governmental Entity or any Person of any default, revocation, expropriation, or challenge to ownership, adverse claim or intention to revoke, expropriate or challenge the interest of the Company or its Subsidiaries in any of the Mining Rights. Except pursuant to the DG Promissory Note Payoff Agreement and the DG Transfer Instrument, none of the directors or officers of the Company or its Subsidiaries holds any right, title, or

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interest in, nor has taken any action to obtain, directly or indirectly, any right, title and interest in the Mining Rights or any other Real Property or in any rights, permits, licenses, leases, claims (patented or unpatented), agreements, or concessions or similar right to explore for, exploit, develop, mine or produce minerals, ore, or metals from or in any manner in related to each Company Real Property and any other properties located within 30 kilometers of any Real Property.

(t)  Brokers and Finders . Neither the Company nor any of its officers or directors has employed any broker or finder or incurred any liability for any brokerage fees, commissions or finders fees in connection with the Mergers or the other Transactions, except that the Company has employed the Persons identified in Section 5.01(t)  of the Company Disclosure Letter as its financial advisor in connection with the Transactions. The Company has made available to Parent a complete and accurate copy of all agreements pursuant to which any advisor to the Company is entitled to any fees, expenses or indemnification in connection with the Mergers. The Company has received the opinion of Roth Capital Partners, LLC that, based on and subject to the assumptions, limitations, qualifications and other matters considered in connection with the preparation of its opinion, the Merger Consideration to be received by the holders of Company Shares (other than Excluded Shares) in the Transaction is, as of the date of such opinion, fair, from a financial point of view, to such holders.

(u)  Operations . All exploration, development and mining operations on the Company’s Real Property have been conducted in all material respects in accordance with reasonable and prudent international mining industry practices. All applicable royalties (whether statutory or contractual), overriding royalty interests, production payments, net profits, earnouts, streaming agreements, metal pre-payment or similar agreements, interest burdens, payments and obligations due and payable, or performable, as the case may be, on or prior to the date hereof under, with respect to, or on account of, any direct or indirect assets of the Company and its Subsidiaries, have been, in all material respects: (i) duly paid; and (ii) duly performed.

(v)  Mineral Reserves and Resources . The estimated proven and probable mineral reserves and estimated indicated, measured and inferred mineral resources disclosed in the Company Reports have been prepared and disclosed in all material respects in accordance with accepted mining, engineering, and geoscience industry practices and applicable Laws. The Company and its Subsidiaries hold any material mineral or access rights and interests necessary to explore for, develop, mine, produce, process or refine, minerals, concentrates or similar for development purposes on the Company’s and its Subsidiaries’ properties, including the Mining Rights.

(w)  Related Party Agreements . Except as disclosed in the Company Reports, neither the Company nor any of its Subsidiaries are party to any transaction or arrangement under which any (a) present or former executive officer or director of the Company or any of its Subsidiaries, (b) beneficial owner (within the meaning of Section 13(d) of the Exchange Act) of 5% or more of any class of equity of the Company or (c) Affiliate, “associate” or member of the “immediate family” (as such terms are respectively defined in Rules 12b-2 and 16a-1 of the Exchange Act) of any of the foregoing is a party to any actual or proposed loan, lease or other contract with or binding upon the Company or any of its Subsidiaries or owns or has any interest in any of their respective properties or assets, in each case as would be required to be disclosed by the Company pursuant to Item 404 of Regulation S-K promulgated under the Exchange Act.

(x)  Information Supplied . The information supplied or to be supplied by the Company for inclusion or incorporation by reference in the S-4 Registration Statement (including the Prospectus/Proxy Statement), shall not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances in which they are made, not misleading at: (a) the time such information is filed, submitted or made publicly available (provided, if such information is revised by any subsequently filed amendment or supplement to the S-4 Registration Statement prior to the time the S-4 Registration Statement is declared effective by the SEC, this clause (a) shall solely refer to the time of such subsequent revision or supplement); (b) the time the S-4 Registration Statement is declared effective by the SEC; (c) the time the Prospectus/Proxy Statement included in the S-4 Registration Statement (or any amendment thereof or supplement thereto) is first mailed to the stockholders of the Company; or (d) the time of Company Stockholders Meeting. Notwithstanding the foregoing provisions of this Section 5.01(x) , no representation or warranty is made by the Company with respect to information or statements made in the S-4 Registration Statement (including the Prospectus/Proxy Statement) or any amendment thereof or supplement thereto which were not supplied by or on behalf of the Company.

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(y)  Derivative Transactions . Neither the Company nor any of its Subsidiaries have any material obligations or liabilities, direct or indirect, vested or contingent in respect of any streaming transactions, rate swap transactions, basis swaps, forward rate transactions, commodity swap, commodity options, equity or equity index swaps, equity or equity index options, bond options, interest rate options, foreign exchange transactions, cross-currency rate swap transactions or currency options or other similar transactions (including any option with respect to any such transactions) or any combination of such transactions.

(z)  No Other Representations or Warranties . The Company acknowledges that it is relying on its own investigation, examination and valuation of the Transactions. Except for the representations and warranties expressly contained in Section 5.02 , the Company acknowledges that neither Parent, Merger Subs nor any Person acting on their behalf makes any other express or any implied representations or warranties with respect to (i) Parent or any of its Subsidiaries, any of their businesses, operations, assets, liabilities, condition (financial or otherwise) or prospects or any other matter relating to Parent or the Subsidiaries of Parent or (ii) the accuracy or completeness of any documentation, forecasts or other information provided by Parent, Merger Subs or any Person acting on their behalf to the Company, any Affiliate of the Company or any Person acting on any of their behalf.

Section 5.02 Representations and Warranties of Parent and Merger Subs . Except as set forth in the Parent Reports publicly filed with the SEC on or after January 1, 2025, and no later than two (2) Business Days prior to the date of this Agreement (without giving effect to any amendment to any such Parent Reports filed on or after the date that is two (2) Business Days prior to the date of this Agreement) (excluding, in each case, any disclosures set forth in any risk factor Section or in any other Section to the extent they are forward-looking statements or cautionary, predictive or forward-looking in nature) (it being agreed that nothing disclosed in the Parent Reports will be deemed to modify or qualify the representations and warranties set forth in Section 5.02(b) ) or in the corresponding sections or subsections of the disclosure letter delivered to the Company by Parent prior to entering into this Agreement (the “ Parent Disclosure Letter ” and together with the Company Disclosure Letter, the “ Disclosure Letters ”) (it being agreed that disclosure of any item in any Section or subsection of Parent Disclosure Letter shall be deemed disclosure with respect to any other Section or subsection of the Parent Disclosure Letter to the extent that the relevance of such item to such Section or subsection is reasonably apparent on its face), Parent and each Merger Sub hereby represent and warrant to the Company that:

(a)  Organization, Good Standing and Qualification . Each of Parent, Merger Subs and each other Subsidiary of Parent is a legal entity duly organized, validly existing and in good standing under the Laws of its respective jurisdiction of organization, and each of Parent and its Subsidiaries has all requisite corporate or similar power and authority to own, lease and operate its properties and assets and to carry on its business as presently conducted. Each of Parent, Merger Subs and each other Subsidiary of Parent is qualified or licensed to do business and is in good standing to do business as a foreign corporation or other legal entity in each jurisdiction where the ownership, leasing or operation of its assets or properties or conduct of its business requires such qualification, except where the failure to be so qualified or in good standing, or to have such power or authority, would not, individually or in the aggregate, reasonably be expected to have a Parent Material Adverse Effect. Parent has, at least two (2) Business Days prior to the execution of this Agreement, made available to the Company complete and correct copies of Parent’s, Merger Sub’s, Second Merger Sub’s and each of Parent’s Significant Subsidiaries’ certificates of incorporation and bylaws or comparable governing documents, each as amended to the date of this Agreement, and each as so made available is in full force and effect. Parent and its Significant Subsidiaries are not in breach, default, or violation of their respective certificates of incorporation and bylaws or comparable governing documents. Section 5.02(a)  of the Parent Disclosure Letter contains a correct and complete list, as of the date of this Agreement, of each Significant Subsidiary of the Company and jurisdiction where the Company and its Significant Subsidiaries are organized, formed, or incorporated. No Subsidiary of Parent owns or has any outstanding right or interest in any Parent Shares.

(b)  Capital Structure .

(i) The authorized capital stock of Parent consists of 750,000,000 Parent Shares and 50,000,000 shares of Series A Preferred Stock, par value $0.0001 per share (“ Parent Preferred Stock ”). As of the close of business on the Capitalization Date, (A) 217,940,638 Parent Shares were issued and outstanding (not including Parent Shares held in treasury), (B) no Parent Shares were held in treasury, (C) 1,224,351 shares of Parent Preferred Stock were issued and outstanding, (D) 2,436,518 Parent Shares were issuable upon the exercise of outstanding options to purchase Parent Shares, (E) 2,022,103 Parent Shares were subject to outstanding restricted stock units (including performance stock units, assuming achievement of the applicable performance measures at the maximum level) of

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Parent, (F) 10,869,187 Parent Shares were reserved and available for issuance under the USA Rare Earth, Inc. 2024 Omnibus Incentive Plan (the “ Parent Stock Plan ”), and (G) no other shares of capital stock or other voting securities of Parent were issued, reserved for issuance or outstanding.

(ii) All outstanding Parent Shares are, and all Parent Shares reserved for issuance, when issued upon exercise thereof or in accordance with the respective terms thereof, will be, issued in compliance with all applicable Laws, applicable listing and corporate governance standards, rules and regulations of the SEC, and, to the extent applicable, all applicable U.S. federal and state securities registration exemptions, and duly authorized, validly issued, fully paid and non-assessable. Each of the outstanding shares of capital stock or other securities of each of Parent’s Subsidiaries is duly authorized, validly issued, fully paid and non-assessable and owned by Parent or by a direct or indirect wholly owned Subsidiary of Parent, free and clear of all Liens. Except as set forth in Section  5.02(b)(i ) , and for changes after the date of this Agreement in compliance with Section 6.01(b) , there are no (A) shares of capital stock or other securities of, or ownership interests in, Parent, (B) securities of Parent or any of its Subsidiaries convertible into or exchangeable or exercisable for, valued by reference to, or giving any Person a right to subscribe for or acquire, any shares of capital stock or other securities of or ownership interests in Parent or any Subsidiary, (C) preemptive or other outstanding rights, options, warrants, subscriptions, conversion rights, stock appreciation rights, redemption rights, repurchase rights, agreements, arrangements, calls, commitments or rights of any kind that (1) give any Person the right to purchase, subscribe or acquire from Parent or any Subsidiary or (2) obligate Parent or any of its Subsidiaries to issue or sell, any capital stock, securities of, or ownership interests in, or securities convertible into or exchangeable or exercisable for capital stock or securities of, or ownership interests in, Parent or any Subsidiary, or (D) obligations of Parent or any Subsidiary to issue, deliver, sell, repurchase, redeem or otherwise acquire or cause to be issued, delivered, sold, repurchased, redeemed, or otherwise acquired any capital stock or securities of, or ownership interests in, or any securities convertible into or exchangeable or exercisable for any capital stock or securities of, or ownership interests in, Parent or any Subsidiary (other than in connection with (x) the payment of the exercise price of options to purchase Parent Shares (including in connection with “net” exercises), (y) Tax withholding in connection with the exercise options to purchase Parent Shares and vesting of restricted stock units of Parent, and (z) forfeitures of options to purchase Parent Shares or restricted stock units of Parent). Parent has no outstanding bonds, debentures, notes or other obligations the holders of which have the right to vote (or convertible into or exercisable for securities having the right to vote) with the stockholders of Parent on any matter. There are no dividends or distributions that have been declared by Parent. There are no stockholder agreements, voting trusts or other agreements or understandings to which Parent or any Subsidiary of Parent is a party with respect to the voting of or restricting the transfer of the capital stock or other equity interests of Parent or any Subsidiary of Parent.

(iii) The authorized capital stock of First Merger Sub consists of 100 shares of common stock, par value $0.01 per share, all of which are validly issued and outstanding. The authorized equity interests of Second Merger Sub consists of 100 limited liability company interests, all of which are validly issued and outstanding. All of the issued and outstanding capital stock of First Merger Sub is, and at the Effective Time will be, and all of the issued and outstanding limited liability company interests of Second Merger Sub is, and at the Second Effective time will be, in each case, owned by Parent, and there are (A) no other shares of capital stock, limited liability company interests, voting securities, or other equity interests of Merger Subs, (B) no securities of Merger Subs convertible into or exchangeable for shares of capital stock, limited liability company interests, voting securities, or other equity interests of Merger Subs, and (C) no options or other rights to acquire from Merger Subs, and no obligations of any Merger Sub to issue, any capital stock, limited liability company interests, voting securities or securities convertible into or exchangeable for capital stock, limited liability company interests, or voting securities of Merger Subs, as applicable. Merger Subs have not conducted any business prior to the date of this Agreement, other than organizational matters and have no, and with respect to Merger Sub, prior to the Effective Time and with respect to Second Merger Sub, prior to the Second Effective Time, will have no, assets, liabilities or obligations of any nature other than those incident to its formation or incorporation, as applicable, and pursuant to this Agreement and the Mergers and the other Transactions.

(c)  Corporate Authority; Approval .

(i) Each of Parent and each Merger Sub has all requisite corporate or limited liability company power and authority and has taken all corporate or limited liability company action, as applicable, necessary in order to execute, deliver and perform its obligations under this Agreement and each Ancillary Agreement to which to which Parent or each Merger Sub, as applicable, is a party and to consummate the Transactions, subject only to the adoption of this Agreement by Parent as the sole stockholder of First Merger Sub and sole member of Second Merger

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Sub (which will occur promptly following the execution of this Agreement). This Agreement and each Ancillary Agreement to which Parent or each Merger Sub, as applicable, is a party has been duly executed and delivered by Parent and each Merger Sub and constitutes a valid and binding agreement of Parent and each Merger Sub enforceable against Parent and each Merger Sub in accordance with its terms, subject to the Bankruptcy and Equity Exception.

(ii) The Parent Board and First Merger Sub Board, have each, at a meeting duly called and held (or by written consent in lieu of a meeting), unanimously determined that it is in the best interests of Parent and Merger Subs, respectively, and declared it advisable, to enter into this Agreement and approved this Agreement, the Transactions, including the Mergers, and the issuance of Parent Shares in the First Merger on the terms and subject to the conditions set forth in this Agreement, and the First Merger Sub Board has resolved to submit the Agreement to the sole stockholder of Merger Sub, for adoption and approval, and has recommended that the sole stockholder of First Merger Sub vote in favor thereof. Parent, in its capacity as the sole stockholder of First Merger Sub and sole member of Second Merger Sub, has approved and adopted this Agreement and the Transactions contemplated thereby, including the Mergers. The shareholders of Parent are not required to vote to approve the Transactions, including the Mergers, under applicable Law.

(d)  Governmental Filings; No Violations; Certain Contracts, Etc.

(i) Other than the filings and/or notices (A) pursuant to Section 1.03 , (B) under the Antitrust Laws, the Exchange Act and the Securities Act, (C) required to be made with Nasdaq, and (D) under state securities, takeover and “blue sky” Laws, no notices, reports or other filings are required to be made by Parent with, nor are any consents, registrations, approvals, permits or authorizations required to be obtained by Parent or Merger Subs from any Governmental Entity in connection with the execution, delivery and performance by Parent and each Merger Sub of this Agreement and each Ancillary Agreement to which Parent or any Merger Sub, as applicable, is a party and the consummation of the Mergers and the other Transactions, or in connection with the continuing operation of the business of Parent and its Subsidiaries following the Effective Time, except those that the failure to make or obtain would not constitute a Parent Material Adverse Effect.

(ii) The execution, delivery and performance by Parent and each Merger Sub of this Agreement and each Ancillary Agreement to which Parent or each Merger Sub, as applicable, is a party does not, and the consummation of the Mergers and the other Transactions will not (A) with or without notice, lapse of time or both, contravene, conflict with or result in a breach or violation of, or a default under, the certificate of incorporation or bylaws of Parent or Merger Sub, the certificate of formation or limited liability company agreement of Second Merger Sub, or the comparable governing documents of any of Parent’s other Subsidiaries, (B) with or without notice, lapse of time or both, constitute or result in a breach or violation of, a termination (or right of termination), a cancellation (or right of cancellation) or default under, the creation or acceleration of any obligations under, the loss or reduction of any benefits under, or the creation of a Lien on any of the assets of Parent or Merger Subs or any other Subsidiary of Parent pursuant to (1) any Material Contract; (2) any License necessary to conduct its business as presently conducted; or (3) assuming (solely with respect to performance of this Agreement and the consummation of the Mergers and the other Transactions) compliance with the matters referred to in Section 5.02(d)(i) , any Law to which Parent or any of its Subsidiaries is subject, or (C) any change in the rights or obligations of any party under any Contract binding upon Parent or any of its Subsidiaries, except, in the case of paragraph (B)  or (C)  above, for any such breach, conflict violation, termination, default, creation, acceleration, loss, Lien, right or change that would not constitute a Parent Material Adverse Effect.

(e)  Parent Reports; Financial Statements .

(i) Parent has filed or furnished, as applicable, on a timely basis all forms, statements, certifications, prospectuses, registration statements, reports, schedules and documents (including exhibits and other information incorporation therein) required to be filed or furnished by it with the SEC pursuant to the Exchange Act or the Securities Act since the Applicable Date (the forms, statements, reports and documents filed or furnished since the Applicable Date and those filed or furnished subsequent to the date of this Agreement, including any amendments and supplements thereto, the “ Parent Reports ”). Each of the Parent Reports, at the time of its filing or being furnished (or in the case of a registration statement under the Securities Act, at the time such registration statement was declared effective by the SEC or in the case of proxy materials, at the time of the relevant meeting) complied, or if not yet filed or furnished, will when so filed or furnished, comply in all material respects with the applicable requirements of the

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Securities Act, the Exchange Act and the Sarbanes-Oxley Act, and any standards, rules and regulations promulgated thereunder applicable to the Parent Reports. As of the date of this Agreement, there are no outstanding or unresolved comments in comment letters received from the SEC with respect to any Parent Reports and none of the Parent Reports (other than confidential treatment requests) is the subject of ongoing SEC review. There are no internal investigations, any SEC inquiries or investigations or other governmental inquiries or investigations pending or, to the Knowledge of Parent, threatened, in each case regarding any accounting practices of Parent. As of their respective dates (or, if amended prior to the date of this Agreement, as of the date of such amendment), and in the case of a registration statement under the Securities Act, at the time such registration statement was declared effective by the SEC and in the case of proxy materials, at the time of the relevant meeting, the Parent Reports did not, and none of the Parent Reports filed with or furnished to the SEC subsequent to the date of this Agreement will when so filed or furnished, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances in which they were made, not misleading. Parent is in compliance in all material respects with the applicable listing and corporate governance standards, rules and regulations of Nasdaq.

(ii) Parent maintains disclosure controls and procedures required by Rule 13a-15 or 15d-15 under the Exchange Act. Such disclosure controls and procedures are reasonably designed to ensure that all material information required to be disclosed by Parent is recorded and reported on a timely basis to the individuals responsible for the preparation of Parent’s filings with the SEC and other public disclosure documents (including auditors and the audit committee of the Parent Board as appropriate to allow timely decisions regarding required disclosure and to make the certifications required pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act) and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Parent’s management has completed an assessment of the effectiveness of Parent’s internal control over financial reporting in compliance with the requirements of Section 404 of the Sarbanes-Oxley Act for the fiscal year ended December 31, 2025. Parent maintains internal control over financial reporting (as defined in and meeting the requirements of Rule 13a-15 or 15d-15, as applicable, under the Exchange Act). Such internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes policies and procedures that (A) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of Parent and its Subsidiaries, (B) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of Parent and its Subsidiaries, are being made only in accordance with authorizations of management and directors of Parent, and (C) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of Parent and its Subsidiaries assets that could have a material effect on its financial statements. There (1) are no significant deficiencies in the design or operation of its internal controls over financial reporting that are reasonably likely to adversely affect Parent’s ability to record, process, summarize and report financial information and has identified for Parent’s auditors and audit committee of the Parent Board any material weaknesses in internal control over financial reporting, (2) is not, and since the Applicable Date, any illegal act or fraud, whether or not material, that involves management or other employees who have a significant role in Parent’s internal control over financial reporting, and (3) is not, and since the Applicable Date, there has not been, any “extensions of credit” (within the meaning of Section 402 of the Sarbanes-Oxley Act) or prohibited loans to any executive officer of Parent (as defined in Rule 3b-7 under the Exchange Act) or director of Parent or any of its Subsidiaries. Parent has made available to the Company as of the date of this Agreement a summary of any such disclosure made by management to Parent’s independent registered public accounting firm and audit committee since the Applicable Date. Since the Applicable Date, no material complaints from any source regarding accounting, internal accounting controls or auditing matters, and no material concerns from employees of Parent regarding questionable accounting or auditing matters, have been received by Parent.

(iii) Each of the financial statements included in or incorporated by reference into the Parent Reports (including the related notes and schedules) fairly presents in all material respects, or, in the case of the Parent Reports filed after the date of this Agreement, will fairly present in all material respects, the consolidated financial position of Parent and its consolidated Subsidiaries, as of its date and each of the consolidated statements of operations, comprehensive income, changes in equity and cash flows included in or incorporated by reference into the Parent Reports including any related notes and schedules, fairly presents in all material respects, or, in the case of Parent Reports filed after the date of this Agreement, will fairly present in all material respects, the results of operations, cash flows, retained earnings (loss) and changes in financial position, as the case may be, of Parent and

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its consolidated Subsidiaries for the periods set forth therein (subject, in the case of unaudited statements, to notes and normal year-end audit adjustments that will not be material in amount or effect), in each case in accordance with GAAP consistently applied during the periods involved, except as may be noted therein.

(iv) Neither Parent nor any of its Subsidiaries has received any material, written unresolved complaint, allegation, assertion or claim regarding the accounting or auditing practices, procedures, methodologies or methods of Parent or any of its Subsidiaries or their respective internal accounting controls, and no attorney representing Parent or any of its Subsidiaries, whether or not employed by Parent or any of its Subsidiaries, has, to the Knowledge of Parent, reported in writing credible evidence of a material violation of securities Laws, breach of fiduciary duty or similar violation by Parent or any of its Subsidiaries or their respective officers, directors, employees or agents to the Parent Board or any committee thereof or to the General Counsel, Chief Executive Officer or Chief Financial Officer of Parent.

(f)  Absence of Certain Changes .

(i) Since January 1, 2025, through the date of this Agreement, Parent and its Subsidiaries have conducted their respective businesses in the ordinary course of such businesses.

(ii) Since January 1, 2025, through the date of this Agreement, there has not been any Parent Material Adverse Effect.

(g)  Litigation and Liabilities . There are no civil, criminal or administrative actions, suits, claims, charges, complaints, inquiries, audits, examinations, hearings, arbitrations, investigations or other proceedings pending or, to the Knowledge of Parent, threatened against Parent or any of its Subsidiaries which would, individually or in the aggregate, reasonably be expected to result in any claims against, or obligations or liabilities of, Parent or any of its Subsidiaries, and neither Parent nor any of its Subsidiaries is a party to or subject to the provisions of any judgment, order, writ, injunction, decree or award of any Governmental Entity, except in each case for those that would not constitute a Parent Material Adverse Effect. There are no liabilities other than: (i) liabilities disclosed and provided for in the most recent balance sheet included in the Parent Reports or in the notes to such balance sheet; (ii) liabilities incurred in the ordinary course of business consistent with past practice since the date of the most recent balance sheet included in the Parent Reports; (iii) liabilities incurred in connection with the Transactions; and (iv) liabilities that do not or would not constitute a Parent Material Adverse Effect.

(h)  Brokers and Finders . None of Parent, Merger Subs or any of their respective officers, directors or employees has employed any broker or finder or incurred any liability for any brokerage fees, commissions or finders fees in connection with the Mergers or the other Transactions, except that Parent has employed the Persons identified in Section 5.02(h)  of the Parent Disclosure Letter as its financial advisors in connection with the Transactions, the fees of which will be paid by Parent or a Subsidiary of Parent.

(i)  Compliance with Laws . Parent and its Subsidiaries are, and have at all times in the past three (3) years been, in compliance with all, and have not violated or defaulted under any, Law, except for violations that would not constitute a Parent Material Adverse Effect. Except with respect to regulatory matters covered by Section 6.05 , no investigation, examination, audit, review or other proceeding by any Governmental Entity with respect to Parent or any of its Subsidiaries is, to the Knowledge of Parent, pending or threatened, nor has any Governmental Entity indicated in writing an intention to conduct the same, in each case, as would not constitute a Parent Material Adverse Effect. Except as would not constitute a Parent Material Adverse Effect, (x) Parent and its Subsidiaries have each obtained. and is in compliance with, all Licenses necessary to conduct its business as presently conducted, (y) Parent and its Subsidiaries have paid all material fees and assessments due and payable in connection therewith, and (z) all such Licenses are valid and in full force and effect and no suspension or cancellation of any of the Licenses is pending or, to the Knowledge of Parent, threatened, and Parent and its Subsidiaries are in compliance with the terms of the Licenses, in each case, where such failure would not constitute a Parent Material Adverse Effect.

(j)  Taxes . Except as has not and would not constitute a Parent Material Adverse Effect:

(i) Parent and each of its Subsidiaries (A) has timely filed or caused to be timely filed (taking into account any valid extension of time within which to file) all Tax Returns required to be filed by it and all such filed Tax Returns are true, correct and complete in all respects and were prepared and filed in accordance with applicable Law; (B) has timely paid or withheld and remitted (or caused to be timely paid or withheld and remitted) all

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Taxes that are required to have been paid or withheld and remitted by it in respect of its income, assets, properties or otherwise, as applicable, other than Taxes that are not yet due and payable or that are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been established in the applicable financial statements in accordance with GAAP; and (C) does not have in effect any waiver or extension of any statute of limitations with respect to Taxes or any waiver or extension of time with respect to a Tax assessment or deficiency and no request for any such waiver or extension is currently pending.

(ii) There are no pending audits, examinations, investigations or other proceedings in respect of Taxes or Tax matters of Parent or any of its Subsidiaries, and none of Parent or any of its Subsidiaries has received written notice of any threatened audits or investigations relating to any Taxes or Tax matters that remain pending.

(iii) There are no pending claims that have been made in writing against Parent or any of its Subsidiaries by any Taxing Authority in a jurisdiction where Parent or its Subsidiaries did not file Tax Returns that Parent or any of its Subsidiaries is or may be subject to taxation by, or required to file any Tax Return in, that jurisdiction.

(iv) Neither Parent nor any of its Subsidiaries has participated in any reportable transaction within the meaning of Treasury Regulations Section 1.6011-4(b).

(v) No Liens for Taxes exist with respect to any of Parent’s assets or properties or those of its Subsidiaries, except for Permitted Liens.

(k)  Information Supplied . The information supplied or to be supplied by Parent for inclusion or incorporation by reference in the S-4 Registration Statement (including the Prospectus/Proxy Statement) shall not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances in which they are made, not misleading at (a) the time such information is first mailed to the stockholders of the Company; or (d) the time of the Company Stockholders Meeting. Notwithstanding the foregoing provisions of this Section 5.02(k) , no representation or warranty is made by Parent with respect to information or statements made in the S-4 Registration Statement (including the Prospectus/Proxy Statement) or any amendment thereof or supplement thereto which were not supplied by or on behalf of Parent.

(l)  Additional Tax Matters .

(i) Each Merger Sub was incorporated or formed solely for the purpose of engaging in the transactions contemplated by this Agreement, has not conducted any business prior to the date hereof and has no, and prior to the Effective Time will conduct no business and will have no, assets, liabilities or obligations of any nature other than those incidental to its incorporation or formation, as applicable, or pursuant to this Agreement and the Mergers.

(ii) All of the limited liability company or other equity interests in Second Merger Sub will be owned by Parent, and Second Merger Sub will be, since formation and through the time immediately after the consummation of the Second Merger, disregarded as an entity (within the meaning of Section 301.7701-3 of the Treasury Regulations) separate from Parent.

(m)  No Other Representations or Warranties . Except for the representations and warranties expressly contained in Section 5.01 , each of Parent and each Merger Sub acknowledges that neither the Company nor any Person acting on its behalf makes any other express or any implied representations or warranties with respect to (i) the Company or any Subsidiaries of the Company, any of their businesses, operations, assets, liabilities, condition (financial or otherwise) or prospects or any other matter relating to the Company or the Subsidiaries of the Company or (ii) the accuracy or completeness of any documentation, forecasts or other information provided by the Company or any Person acting on any of their behalf to Parent or Merger Subs, any Affiliate of Parent or any Person acting on any of their behalf.

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ARTICLE VI

COVENANTS

Section 6.01 Interim Operations .

(a)  Covenants of the Company . The Company covenants and agrees as to itself and its Subsidiaries that, after the date of this Agreement and prior to the Effective Time (unless Parent shall otherwise approve in writing) and except as expressly contemplated by this Agreement, as required by applicable Law or as set forth on Section 6.01(a)  of the Company Disclosure Letter, it shall use its commercially reasonable efforts to conduct its and its Subsidiaries’ business in the ordinary course of business, consistent with past practice, and it and its Subsidiaries shall use their respective commercially reasonable efforts to preserve their business organizations intact and maintain existing relations and goodwill with Governmental Entities, customers, suppliers, distributors, creditors, lessors, insurers, employees, and business associates, maintain in effect all Licenses and Contracts that do not expire by their terms prior to the Effective Time and keep available the services of its and its Subsidiaries’ present officers, employees and agents and maintain their material tangible assets in good working order and, in the ordinary course of business consistent with past practice timely file or cause to be timely filed all Tax Returns (taking into account any valid extension of time within which to file) and timely pay or withhold and remit (or cause to be timely paid or withheld and remitted) all Taxes shown as due on such Tax Returns or that are otherwise required to be paid or withheld and remitted by or on behalf of the Company or any of its Subsidiaries (unless such Taxes are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been established in the applicable financial statements in accordance with GAAP). Without limiting the generality of and in furtherance of the foregoing, from the date of this Agreement until the Effective Time, except (x) as otherwise expressly required by this Agreement or required by any applicable Law, (y) as Parent may approve in writing, or (z) as set forth in the relevant subsection of Section 6.01(a)  of the Company Disclosure Letter, the Company will not and will not permit its Subsidiaries to:

(i) adopt or propose any change in its certificate of incorporation or bylaws or other applicable governing instruments, or the terms of any security of the Company or any Subsidiary;

(ii) (A) merge or consolidate itself or any of its Subsidiaries with any other Person or (B) restructure, reorganize or completely or partially liquidate or propose or adopt a plan to do any of the foregoing;

(iii) acquire (by merger, consolidation, acquisition of stock or assets or otherwise), directly or indirectly, any other Person or any material portion thereof or material equity interest therein or enter into any Contract that involves a joint venture entity, limited liability company or legal partnership;

(iv) issue, sell, pledge, dispose of, grant, transfer, encumber, or authorize the issuance, sale, pledge, disposition, grant, transfer, lease, license, guarantee or encumbrance of, any shares of its capital stock or the capital stock of any of its Subsidiaries, or securities convertible or exchangeable into or exercisable for any shares of such capital stock, or any options, warrants or other rights of any kind to acquire any shares of such capital stock or such convertible or exchangeable securities, other than the issuance of any securities of a wholly owned Subsidiary of the Company to the Company or any other wholly owned Subsidiary of the Company;

(v) make any loans, advances or capital contributions to or investments in any Person (other than loans or advances between or among the Company and any of its direct or indirect wholly owned Subsidiaries or capital contributions into RT);

(vi) declare, set aside, make or pay any dividend or other distribution, payable in cash, stock, property or otherwise, with respect to any of its capital stock (except for dividends paid by any direct or indirect wholly owned Subsidiary of the Company to the Company or to any other direct or indirect wholly owned Subsidiary of the Company that are made in compliance with all contractual obligations of the Company and its Subsidiaries);

(vii) except with respect to the Voting and Support Agreements, enter into any agreement with respect to the voting of its capital stock or any shareholder rights plan;

(viii) reclassify, split, combine, subdivide or redeem, purchase or otherwise acquire or amend the terms of, directly or indirectly, any of its or its Subsidiaries’ capital stock or securities convertible or exchangeable into or exercisable for any shares of its or its Subsidiaries, as applicable, capital stock;

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(ix) (A) incur any Indebtedness (including any long-term or short-term debt), or issue or sell any debt securities or warrants or other rights to acquire any of its debt securities or its Subsidiaries debt securities, except for intercompany Indebtedness among the Company and its wholly owned Subsidiaries; (B) assume, guarantee, endorse or otherwise become liable or responsible (whether directly, contingently or otherwise) for the obligations of any other Person, except solely with respect to obligations by the Company or any wholly owned Subsidiary of the Company of Indebtedness of the Company or any other wholly owned Subsidiary of the Company; or (C) except for the DG Promissory Note, redeem, repay, defease or cancel any Indebtedness, other than as required in accordance with its terms;

(x) make or authorize any payment of, accrual or commitment for, capital expenditures, in each case, in excess of $20,000 individually or $50,000 in the aggregate;

(xi) (A) amend, modify, terminate or waive any material right under any Material Contract or (B) enter into any Contract that would have been a Material Contract had it been entered into prior to this Agreement;

(xii) (A) make any material changes with respect to accounting policies or procedures, except as required by changes in GAAP that become effective after the date of this Agreement, (B) change its fiscal year, or (C) make any material change in internal accounting controls or disclosure controls and procedures;

(xiii) except as permitted by Section 6.01(a)(xiv)(E) , settle, propose to settle or compromise any action before a Governmental Entity if such settlement, proposed settlement or compromise (A) with respect to the payment of monetary damages, involves the payment of monetary damages by the Company or its Subsidiaries that exceed $50,000 in the aggregate (together with all other settlements or compromises after the date of this Agreement), (B) that imposes any material equitable or non-monetary relief, penalty or restriction on the Company or any of its Subsidiaries (or, after the Effective Time, on Parent or any of Parent’s Subsidiaries), (C) that would reasonably be expected to affect the rights or defenses available to the Company or any of its Subsidiaries in any related or similar claims that, individually or in the aggregate, are material to the Company and its Subsidiaries, taken as a whole; provided that, notwithstanding any of the foregoing, the Company may not settle, propose to settle or compromise any claim or action that is covered by Section 6.12 except as is expressly permitted by Section 6.12 , or (D) that involves the admission of wrongdoing by the Company or any Subsidiary of the Company or would result in an actual or potential violation of any criminal Law;

(xiv) (A) make, change or rescind any Tax election that, individually or in the aggregate, would reasonably be expected to materially and adversely affect the Tax liability of the Company or any Subsidiary of the Company, (B) adopt or change any Tax accounting method that, individually or in the aggregate, would reasonably be expected to materially and adversely affect the Tax liability of the Company or any Subsidiary of the Company, (C) adopt or change any Tax accounting period that, individually or in the aggregate, would reasonably be expected to materially and adversely affect the Tax liability of the Company or any Subsidiary of the Company, (D) amend any Tax Return with respect to a material amount of Tax, (E) settle, compromise, concede or abandon any Tax liability, claim or assessment or enter into any closing agreement with respect to Taxes, in each case that exceeds $50,000 individually or $100,000 in the aggregate (together with (x) all other settlements, compromises, concessions, or abandonments with respect to any Tax liability, claim or assessment or (y) closing agreements entered into, made or taken with respect to Taxes, in each case of clauses (x) and (y), on or after the date of this Agreement), (F) surrender any right to claim a refund of material Taxes, (G) waive or extend any statute of limitations with respect to a material amount of Taxes, (H) seek or obtain any ruling from a Taxing Authority with respect to Taxes or Tax matters, or (I) enter into any Contract that would cause the Company or any of its Subsidiaries to have any liability for Taxes of any Person, other than agreements entered into in the ordinary course of business that do not primarily relate to Tax matters;

(xv) transfer, sell, lease, license, mortgage, pledge, surrender, encumber, divest, cancel, abandon or allow to lapse or expire or otherwise dispose of, or grant or permit any Lien on, any of its properties, licenses, operations, assets, product lines or businesses or those of any of its Subsidiaries, including any equity interests of any of its Subsidiaries, except (other than with respect to equity interests of any Subsidiary of the Company) in connection with goods or services provided in the ordinary course of business consistent with past practice;

(xvi) except as required by the terms of any Company Benefit Plan existing as of the date of this Agreement, (A) increase or accelerate, or promise to increase or accelerate, the payment of any compensation or benefits to any current or former directors, officers, employees, or independent contractors or consultants (who are natural persons) of the Company or its Subsidiaries, whether under a Company Benefit Plan or otherwise, (B) pay or

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award, or commit to pay or award, any compensation, bonuses, incentive compensation or other benefits (or accelerate the payments, rights or benefits) payable to any director, officer, consultant or independent contractor (who is a natural person) or employee of the Company or any of its Subsidiaries, whether under a Company Benefit Plan or otherwise, (C) accelerate the time of funding or payment of, or increase the amount required to fund, any Company Benefit Plan, or fund any rabbi trust or similar arrangement associated with or intended to satisfy liabilities under any Company Benefit Plan, (D) forgive any loans, or issue any loans (other than routine travel advances issued in the ordinary course of business consistent with past practice) to any of its or its Subsidiaries’ directors, officers, employees, consultants or independent contractors, except for the DG Promissory Note Payoff Agreement and DG Transfer Instrument, (E) amend, modify, or terminate any Company Benefit Plan or enter into, establish, adopt, amend, modify, or terminate any other plan, program, policy, practice, Contract, agreement or arrangement which would be a Company Benefit Plan if it were in effect on the date of this Agreement, (F) adopt, enter into, modify, negotiate, or amend or terminate any collective bargaining agreement, agreement with any works council, or similar collective labor contract, or (G) hire or engage any employee or independent contractor or consultant (who is a natural person);

(xvii) waive, release or assign any material rights, claims or benefits of the Company or its Subsidiaries;

(xviii) enter into any new line of business outside of the Company’s existing line of business as of the date hereof;

(xix) enter into or terminate any material interest rate, currency, equity or commodity swaps, hedges, derivatives, forward sales contracts or similar financial instruments other than in the ordinary course of business;

(xx) terminate, suspend, amend or modify in any material respect, any permit with a Governmental Entity;

(xxi) enter into or amend any Contract with any broker, finder, investment banker or other Person under which such Person is or may be entitled to any brokerage, finder’s or other similar fee or commission (whether in connection with the Transactions or otherwise); or

(xxii) agree, authorize or commit to do any of the foregoing.

(b)  Covenants of Parent . From the date of this Agreement until the Effective Time, except (x) as otherwise expressly contemplated by this Agreement or required by applicable Law, (y) as Company may approve in writing (such approval not to be unreasonably withheld, conditioned or delayed), or (z) as set forth in the relevant subsection of Section 6.01(b)  of the Parent Disclosure Letter, Parent shall it shall use its commercially reasonable efforts to conduct its and its Subsidiaries’ business in the ordinary course of business, and it and its Subsidiaries shall use their respective commercially reasonable efforts to preserve their business organizations intact and maintain existing relations and goodwill with Governmental Entities, customers, suppliers, distributors, creditors, lessors, insurers, employees, unions and business associates and maintain in effect all Licenses and Contracts that do not expire by their terms prior to the Effective Time and Parent will not and it will cause its Subsidiaries not to:

(i) adopt or propose any change in its certificate of incorporation or bylaws, or the terms of any capital stock of Parent, in each case, in a manner disproportionately adverse to the Company stockholders;

(ii) reclassify, split, combine, subdivide or redeem, directly or indirectly, any of its capital stock;

(iii) declare, set aside, make or pay any dividend or other distribution, payable in cash, stock, property or otherwise, with respect to any of its capital stock or repurchase any Parent Shares at a premium; provided that, in each case solely to the extent in compliance with the credit agreements, indentures and other contractual obligations of Parent and its Subsidiaries, (A) Parent may continue to declare and pay regular quarterly cash dividends to the holders of Parent Shares in an amount not in excess of the amount set forth in Section 6.01(b)(iii)  of the Parent Disclosure Letter, in each case in accordance with Parent’s past practice, and (B) Parent may give effect to dividend equivalent rights with respect to outstanding grants under the Parent Stock Plan, any similar Parent plan;

(iv) propose or adopt a plan to restructure, reorganize, wind-up or completely or partially liquidate (other than with respect to its wholly owned Subsidiaries);

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(v) except in connection with the acquisition of any Person or business, whether through the acquisition of assets, securities, merger, consolidation or otherwise or a capital raising transaction, whether pursuant to a public offering (including any underwritten offering, at-the-market offering, or block trade), a private placement, or any other equity financing transaction, issue, sell, pledge, dispose of, grant, transfer, encumber, or authorize the issuance, sale, pledge, disposition, grant, transfer, lease, license, guarantee or encumbrance of, any shares of its capital stock or the capital stock of any of its Subsidiaries, or securities convertible or exchangeable into or exercisable for any shares of such capital stock, or any options, warrants or other rights of any kind to acquire any shares of such capital stock or such convertible or exchangeable securities, other than the issuance of (A) any Parent Shares upon the settlement of any grants made under any Parent Stock Plan, or any similar Parent plan; (B) any securities of a Subsidiary of Parent to Parent or any other Subsidiary of Parent; or (C) any grants under the Parent Stock Plan, or any similar Parent plan; or

(vi) agree, authorize or commit to do any of the foregoing.

(c)  Interim Communications by the Company . Prior to making any written or oral communications disseminated to the employees or independent contractors of the Company or its Subsidiaries pertaining to compensation, benefit or other matters related to the Transactions, the Company shall provide Parent with a copy of the intended communication, and Parent shall have a reasonable period of time to review and comment on the communication but shall respond in any event within two (2) Business Days and the Company shall incorporate all reasonable comments received from Parent. The Parties shall cooperate in providing any such mutually agreeable communication.

Section 6.02 Acquisition Proposals .

(a)  No-Shop . The Company agrees that, except as expressly permitted by this Section 6.02 , it shall not and it shall cause its Subsidiaries and its and their respective directors and officers not to, and shall instruct and use its reasonable best efforts to cause its and its Subsidiaries’ other Representatives not to, directly or indirectly:

(i) initiate, solicit or knowingly encourage or knowingly facilitate (including by way of furnishing information), or take any other action which would reasonably be expected to lead to, any Acquisition Proposal;

(ii) enter into, engage in, maintain, continue or otherwise participate in any discussions or negotiations with (other than to state that they are not permitted to have discussions), or furnish or otherwise make available any information or data or afford access to the business, properties, assets, books or records of the Company or any of its Subsidiaries to, any Person other than Parent and each Merger Sub, or any of their Affiliates or any of their respective Representatives (a “ Third Party ”), in each case, in connection with any Acquisition Proposal;

(iii) approve, endorse or recommend any Acquisition Proposal;

(iv) waive, terminate, modify or release any Person from any provision of any “standstill” or similar agreement or obligation; provided, that, if the Company Board determines in good faith, after consultation with the Company’s outside legal counsel, that such action or the failure to take such action would reasonably be expected to be in breach of the directors’ fiduciary duties under applicable Law, the Company may, with prompt written notice to Parent thereafter, waive any such standstill provision solely to the extent necessary to permit a third party (if it has not been solicited in breach of this Section 6.02 ) to make an Acquisition Proposal to the Company Board;

(v) execute or enter into any agreement in principle, letter of intent, term sheet, merger agreement, acquisition agreement, option agreement, memorandum of understanding or other Contract (other than an Acceptable Confidentiality Agreement entered into in accordance with Section 6.02(c) ) relating to, or that could be expected to lead to, an Acquisition Proposal (an “ Alternative Acquisition Agreement ”); or

(vi) authorize, commit, resolve or agree to do any of the foregoing.

(b)  Cessation of Discussions . From the date of this Agreement until the Effective Time, or, if earlier, the termination of this Agreement in accordance with Article VIII , the Company shall, and shall cause its Subsidiaries and use its reasonable best efforts to cause its and their respective Representatives to, (i) cease immediately and cause to be terminated any and all existing activities, discussions, solicitations, encouragements or negotiations, if any, with any Third Party and/or its Representatives, with respect to any Acquisition Proposal, or any inquiry, proposal or offer that would reasonably be expected to lead to, any Acquisition Proposal (ii) promptly (in any event within

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one (1) Business Days following the date hereof) request that each Third Party to whom confidential information has been furnished or otherwise made available by or on behalf of the Company or any of its Subsidiaries within the twelve (12) month period preceding the date of this Agreement in connection with, or for the purpose of evaluating, an Acquisition Proposal return or destroy all such confidential information so furnished or otherwise made available in accordance with any applicable confidentiality agreements and (iii) terminate access to all persons (other than Parent and its Representatives) to any physical or electronic data rooms relating to an Acquisition Proposal.

(c)  No-Shop Exception . Notwithstanding anything to the contrary in Section 6.02(a) , or Section 6.02(b) , between the date of this Agreement and the time the Requisite Company Vote is obtained, if (i) the Company receives an unsolicited bona fide written Acquisition Proposal that did not result from a breach by the Company or its Subsidiaries or Representatives of this Section 6.02 that the Company Board determines in good faith, after consultation with its outside legal counsel and financial advisor, that such Acquisition Proposal constitutes or would reasonably be expected to result in a Superior Proposal, then, before (but not after) the Requisite Company Vote is obtained, the Company, upon a good faith determination by the Company Board (after consultation with its outside legal advisor) that failure to do so would be inconsistent with its fiduciary duties under applicable Law, directly or indirectly through its Representatives, may (A) engage in negotiations or discussions with such Third Party making the Acquisition Proposal and its Representatives regarding an Acquisition Proposal and (B) furnish to such Third Party or its Representatives information, including non-public information, relating to, and afford access to the business, properties, assets, books and records of, the Company and any of its Subsidiaries, in each case, subject to entering into an Acceptable Confidentiality Agreement; provided, that the Company shall (i) promptly provide to Parent any such information that is provided to any such Third Party that was not previously provided to or made available to Parent and (ii) only pursuant to customary “clean-room” or other appropriate procedures, provide such portions of documents or information to the extent relating to any pricing or other matters that are highly sensitive or competitive in nature, if the exchange of such information (or portions thereof) would reasonably be likely to be harmful to the operation of the Company or its Subsidiaries in any material respect; provided , further , that the Company and its Subsidiaries shall, and shall cause their respective Representatives to, promptly (and in any event within 24 hours) following the time (if any) that the Company Board determines in good faith that such Acquisition Proposal does not constitute and would not reasonably be expected to result in a Superior Proposal, terminate such negotiations, discussions and information access and request that such Third Party promptly return or destroy all confidential information made available to such Third Party.

(d)  Restrictions on Changes of Recommendation . Subject to Section 6.02(e)  and Section 6.02(g) , the Company Board and each committee thereof shall not, directly or indirectly: (A)(i) fail to include the Company Recommendation in the Prospectus/Proxy Statement when disseminated to the Company’s stockholders (and at all times thereafter prior to receipt of the Requisite Company Vote), (ii) withhold, withdraw or amend (or qualify or modify in a manner adverse to the other Parties) the Company Recommendation or its approval of this Agreement or the Mergers or publicly propose to do so, (iii) make any public recommendation in connection with a tender offer or exchange offer, other than a recommendation against such offer or as expressly permitted by Section 6.02(f) , or fail to recommend against acceptance of such a tender or exchange offer or Acquisition Proposal by the close of business on the earlier of (x) the fifth (5 th ) Business Day after the commencement of such tender offer or exchange offer pursuant to Rule 14e-2 under the Exchange Act and (y) the third (3 rd ) Business Day prior to the Company Stockholders Meeting, as the same may be postponed in accordance with Section 6.04 (or promptly after commencement of such tender offer or exchange offer if commenced on or after the third (3 rd ) Business Day prior to the date the Company Stockholders Meeting is held), (iv) (except as permitted by Section 6.02(e) ) adopt, approve, recommend to its stockholders, endorse or otherwise declare advisable any Acquisition Proposal or resolve or agree or publicly propose to take any such actions, or (v) if an Acquisition Proposal has been publicly disclosed, fail to publicly without qualification reaffirm the Company Recommendation within five (5) Business Days after Parent’s written request that the Company do so (or, relating to any Acquisition Proposal or material amendments, revisions or changes to the terms of any such previously publicly disclosed Acquisition Proposal that are publicly disclosed within the last five (5) Business Days prior to the then-scheduled Company Stockholders Meeting (if applicable), fail to take the actions referred to in this clause (v) , with references to the applicable five (5) Business Day period being replaced with two (2) Business Days) (each such action set forth in this Section 6.02(d)  with respect to the Company Board being referred to herein as an “ Adverse Recommendation Change ”) or (B) authorize, cause or permit the Company or any of its controlled Affiliates to enter into any letter of intent, memorandum of understanding, agreement (including an acquisition agreement, merger agreement, joint venture agreement or other agreement), commitment or agreement in principle with respect to any Acquisition Proposal, other than an Acceptable Confidentiality Agreement entered into in accordance with (c) .

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(e)  Permitted Changes of Recommendation . Notwithstanding anything contained in this Section 6.02 to the contrary, prior to the time the Requisite Company Vote is obtained, but not after, the Company Board may, after complying with Section 6.02(g) ,

(i) effect an Adverse Recommendation Change if (and only if) (A) an Intervening Event occurs and (B) the Company Board determines in good faith, after consultation with the Company’s outside legal counsel, that the failure to make an Adverse Recommendation Change in response to such Intervening Event would be inconsistent with the exercise of its fiduciary duties to the stockholders of the Company under applicable Law, or

(ii) (A) effect an Adverse Recommendation Change if (and only if) (x) the Company receives a unsolicited bona fide Acquisition Proposal that did not result from a breach by the Company of this Section 6.02 that is not withdrawn and (y) the Company Board determines in good faith, after consultation with its outside legal counsel and financial advisor, that such Acquisition Proposal constitutes a Superior Proposal.

(f)  Certain Permitted Disclosure . In addition, nothing contained in this Section 6.02 shall prevent the Company or the Company Board from (i) taking and disclosing to its stockholders a position contemplated by Rul e 14d-9 , Rule 14e-2(a) and Item 1012(a) of Regulation M-A promulgated under the Exchange Act or from making any legally required disclosure to stockholders with regard to the Transactions ( provided that neither the Company nor the Company Board may effect an Adverse Recommendation Change unless permitted by Section 6.02(e) ), (ii) issuing a “stop, look and listen” communication pursuant to Rule 14d-9(f) under the Exchange Act, or (iii) disclosing that the Company Board or any committee thereof has determined that an Acquisition Proposal constitutes a Superior Proposal, that the Company Board or any committee thereof intends to make an Adverse Recommendation Change and in each case any material facts and circumstances relating thereto.

(g)  Match Rights . The Company Board shall not take any action set forth in Section 6.02(e)  unless it has first:

(i) caused the Company to provide Parent at least five (5) Business Days’ prior written notice of its intent to make an Adverse Recommendation Change (a “ Specified Event Notice ”), which notice shall (x) in the case of an action contemplated by Section 6.02(e)(i) , specify in reasonable detail the circumstances related to the Intervening Event and the Company Board’s determination with respect thereto, or (y) in the case of an action contemplated by Section 6.02(e)(ii) , (A) state that the Company has received an unsolicited Superior Proposal, (B) specify the material terms and conditions of such Superior Proposal, (C) identify the Person making such Superior Proposal, and (D) enclose the most recent unredacted draft of any agreements intended to be entered into in connection with such Superior Proposal (it being understood and agreed that the delivery of the notification contemplated by this clause  (i)  shall not, in and of itself, constitute an Adverse Recommendation Change);

(ii) caused the Company and its Representatives to provide Parent the opportunity to meet with the Company Board and its outside legal counsel and negotiate, to the extent Parent so wishes to negotiate, in good faith during such five (5) Business Day period following delivery of the Specified Event Notice (the “ Notice Period ”), with Parent concerning any revisions to the terms of this Agreement that Parent wishes to propose in response to such Intervening Event or Superior Proposal, as applicable; and

(iii) following the end of the Notice Period, determined in good faith after consultation with its outside legal counsel and financial advisor, that (x) in the case of an action contemplated by Se ction 6.02(e)(i) , the failure to effect an Adverse Recommendation Change in response to such Intervening Event continues to be inconsistent with its fiduciary duties to the stockholders of the Company under applicable Law after taking into account any changes to which Parent has committed in writing to make to this Agreement, or (y) in the case of an action contemplated by Section 6.02(e)(ii) , such Acquisition Proposal continues to constitute a Superior Proposal after taking into account any changes to which Parent has committed in writing to make to this Agreement; provided , however , that, in the case of a Specified Event Notice in response to a Superior Proposal, if, during the Notice Period, any revisions are made to the financial or other material terms of the Superior Proposal that is the subject of such Specified Event Notice, the Company shall deliver to Parent a new notice describing such revisions (and providing copies of the most recent draft of any agreements implementing such revisions) and shall comply with the requirements of clause (i)  and clause (iii)  of this Section 6.02(g)  (except that the Notice Period for such Superior Proposal shall be reduced from five (5) Business Days to three (3) Business Days).

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(h)  Notice of Acquisition Proposals . The Company shall notify Parent promptly (but in no event later than 24 hours) after receipt by the Company (or any of its Representatives) of any Acquisition Proposal or any inquiry, proposal, offer, or request for access to information that would reasonably be expected to lead to an Acquisition Proposal, which notice shall include the material terms and conditions of any such Acquisition Proposal, unredacted copies of any material written communications and draft documentation received relating to such Acquisition Proposal and indicating the name of the Person making such Acquisition Proposal, and thereafter the notifying Party shall keep the other Party reasonably informed, on a timely basis, of the status and material terms of any such Acquisition Proposal (including any amendments thereto) and the status of any material discussions or negotiations with such Person or its Representatives (without prejudice to the restrictions set forth in Sections 6.02(a) , 6.02(a)(v)  and the other provisions of this Section 6.02 ) and provide copies of all material written communications and draft documentation received relating to such Acquisition Proposal. Without limiting the foregoing, the Company shall promptly (and in any event within 24 hours after any determination and at least forty-eight (48) hours prior to engaging or participating in any such discussions or negotiations with, or furnishing any non-public information to, such person) advise Parent in writing if the Company determines to begin providing information or engage in discussions or negotiations concerning an Acquisition Proposal pursuant to Section 6.02(c) .

(i)  Representatives . Notwithstanding anything to the contrary in this Section 6.02 , any action, or failure to take action, by a Representative of the Company that is taken by, at the direction of, or at the request of the Company or its Subsidiaries or their respective directors, officers, employees or Affiliates in violation of this Section 6.02 shall be deemed to be a breach of this Section 6.02 by the Company. In the event any Representative of the Company or its Subsidiaries (other than any director, officer, employee or Affiliate of the Company or its Subsidiaries) takes any action on behalf of the Company, which, if taken by the Company, would constitute a breach of this Section 6.02 , and the Company does not cure such breach within three (3) Business Days of the date on which the Company obtains actual knowledge of such breach, then the Company shall be deemed to be in breach of this Section 6.02 .

Section 6.03 Proxy Filing; Information Supplied .

(a) As promptly as reasonably practicable following the date of this Agreement (but in no event later than twenty (20) days), Parent and the Company shall promptly and jointly prepare and file with the SEC the prospectus/proxy statement relating to the Company Stockholder Meeting (the “ Prospectus/Proxy Statement ”) in preliminary form, and Parent shall as promptly as reasonably practicable prepare and file with the SEC the Registration Statement on Form S-4 to be filed with the SEC by Parent in connection with the issuance of Parent Shares in the First Merger, which shall include the Prospectus/Proxy Statement (the “ S-4 Registration Statement ”). Parent and the Company each shall use its reasonable best efforts to have the Prospectus/Proxy Statement cleared by the SEC as promptly as practicable after such filing, and Parent shall use its reasonable best efforts to have the S-4 Registration Statement declared effective under the Securities Act as promptly as practicable after its filing (and keep the S-4 Registration Statement effective for so long as may be necessary to consummate the Merger), and promptly thereafter the Company shall mail the Prospectus/Proxy Statement to its stockholders. Each of the Parties shall promptly furnish to the other all non-privileged information concerning such Party that is required by applicable Law to be included in the Prospectus/Proxy Statement or the S-4 Registration Statement so as to enable Parent to file the S-4 Registration Statement and the Company to file the Prospectus/Proxy Statement. Each of the Company, Parent and each Merger Sub shall promptly correct any information provided by it or any of its Representatives for use in the Prospectus/Proxy Statement or the S-4 Registration Statement if and to the extent that such information is discovered by the Company, Parent or Merger Subs, as applicable, to be or to have become false or misleading in any material respect. Each of the Company and Parent shall, as promptly as practicable after the receipt thereof, provide the other Party with copies of any written comments and advise the other Party of any oral comments with respect to the Prospectus/Proxy Statement or the S-4 Registration Statement received by such Party from the SEC, including any request from the SEC for amendments or supplements thereto, and shall provide the other with copies of all other material or substantive correspondence between it and its Representatives, on the one hand, and the SEC, on the other hand. Notwithstanding the foregoing, prior to filing the Prospectus/Proxy Statement and the S-4 Registration Statement or responding to any comments of the SEC with respect thereto, each of the Company and Parent shall provide the other Party and its counsel a reasonable opportunity to review such document or response (including the proposed final version of such document or response) and consider in good faith the comments of the other Party in connection with any such document or response. No filing of, or amendment or supplement to, the S-4 Registration Statement or the Prospectus/Proxy Statement will be made by either Parent or the Company, respectively, without the other’s prior written consent (not to be unreasonably withheld, conditioned or delayed) and without providing the other Party a reasonable opportunity

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to review and comment thereon. None of the Company, Parent or their respective Representatives shall agree to participate in any material or substantive meeting or conference (including by telephone) with the SEC, or any member of the staff thereof, in respect of the Prospectus/Proxy Statement or the S-4 Registration Statement unless, to the extent permitted by the SEC, it consults with the other Party in advance and, to the extent permitted by the SEC, allows the other Party to participate. Parent shall advise the Company, promptly after receipt of notice thereof, of the time of effectiveness of the S-4 Registration Statement, and the issuance of any stop order relating thereto or the suspension of the qualification of Parent Shares for offering or sale in any jurisdiction, and each of the Company and Parent shall use its reasonable best efforts to have any such stop order or suspension lifted, reversed or otherwise terminated.

(b) The Company and Parent each agrees, as to itself and its Subsidiaries, that none of the information supplied or to be supplied by it or its Subsidiaries for inclusion or incorporation by reference in (i) the S-4 Registration Statement (and any amendment or supplement thereto) will, at the time the S-4 Registration Statement is filed and the date it becomes effective under the Securities Act or any post-effective amendment thereto is filed or is declared effective, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and (ii) the Prospectus/Proxy Statement and any amendment or supplement thereto will, at the date of mailing to the Company stockholders and at the time of the Company Stockholders Meeting, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The Company and Parent will cause the S-4 Registration Statement to comply as to form in all material respects with the applicable provisions of the Securities Act and the rules and regulations thereunder.

(c) If at any time prior to the Requisite Company Vote, any information relating to the Company or Parent, or any of their respective Affiliates, officers or directors, should be discovered by the Company or Parent that should be set forth in an amendment or supplement to either of the Prospectus/Proxy Statement or the S-4 Registration Statement, so that either of such documents would not include any misstatement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, the Party that discovers such information shall promptly notify the other Party and an appropriate amendment or supplement describing such information shall promptly be prepared and filed with the SEC and, to the extent required under applicable Law, disseminated to the Company stockholders.

(d) Each of the Company and Parent shall, upon request, furnish to the other all information concerning itself, its Subsidiaries, directors, officers and (to the extent reasonably available to the applicable Party) stockholders and such other matters as may reasonably be necessary or advisable in connection with any statement, filing, notice or application made by or on behalf of the Company, Parent or any of their respective Subsidiaries, to the SEC or the OTC or Nasdaq, as applicable, in connection with the Prospectus/Proxy Statement and the S-4 Registration Statement.

Section 6.04 Stockholders Meeting . Subject in all events to the terms of this Agreement, the Company shall (a) as soon as reasonably practicable (and in any event within five (5) Business Days) following the date on which the S-4 Registration Statement is declared effective under the Securities Act and the SEC staff advises that it has no further comments on the Prospectus/Proxy Statement or that the Company may commence mailing the Prospectus/Proxy Statement, duly call and give notice of, and commence mailing of the Prospectus/Proxy Statement to the holders of Company Shares as of the record date established for, a meeting of holders of the Company Shares (the “ Company Stockholders Meeting ”) to consider and vote upon the adoption of this Agreement, (b) as soon as reasonably practicable (but in any event within thirty-five (35) calendar days) following the commencement of the mailing of the Prospectus/Proxy Statement pursuant to clause (a)  above, convene and hold the Company Stockholders Meeting, and (c) use its reasonable best efforts to solicit proxies from the Company stockholders in favor of the adoption of this Agreement and take all other actions necessary or advisable to secure the Requisite Company Vote; notwithstanding this Section 6.04 , the Company may (and if requested by Parent, shall be required to) adjourn or postpone the Company Stockholders Meeting to a later date, of not more than fifteen (15) days, to the extent the Company believes in good faith, after consultation with Parent, that such adjournment or postponement is reasonably necessary (i) to ensure that any required supplement or amendment to the Prospectus/Proxy Statement is provided to the holders of Company Shares within a reasonable amount of time in advance of the Company Stockholders Meeting, (ii) to allow reasonable additional time to solicit additional proxies necessary to obtain the Requisite Company Vote, (iii) to ensure that there are sufficient Company Shares represented (either in person or by proxy) and voting to constitute a quorum necessary to conduct the business of the Company Stockholders Meeting, or (iv) otherwise where required to comply with applicable Law. Subject to Section 6.02 , the Company Board shall recommend the adoption of the Agreement at the

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Company Stockholders Meeting and, unless there has been an Adverse Recommendation Change permitted by and in accordance with Section 6.02(e) , shall include the Company Recommendation in the Prospectus/Proxy Statement and take all lawful action necessary, proper or advisable on its part to solicit such adoption. For the avoidance of doubt, notwithstanding any Adverse Recommendation Change, the Company shall submit this Agreement to its stockholders for approval at the Company Stockholders Meeting and nothing contained herein (unless this Agreement is terminated in accordance with Article VIII prior to the Company Stockholders Meeting) shall relieve the Company of such obligation.

Section 6.05 Filings; Other Actions; Notification .

(a)  Cooperation .

(i) Subject to the terms and conditions set forth in this Agreement, the Company and Parent shall cooperate with each other and use (and shall cause their respective Subsidiaries to use) their respective reasonable best efforts to (A) take or cause to be taken all actions necessary or advisable to consummate and make effective the Mergers and the other Transactions as soon as practicable, including preparing and filing as promptly as practicable all documentation to effect all necessary notices, reports and other filings, (B) obtain as promptly as practicable all consents, registrations, approvals, permits and authorizations necessary or advisable to be obtained from any third party and/or any Governmental Entity in order to consummate the Mergers or any of the other Transactions, including making any filings in connection therewith and supplying as promptly as reasonably practicable any additional information or documentary material that may be requested pursuant to such filings, consents, registrations, approvals, permits and authorizations, (C) execute and deliver any additional instruments necessary to consummate the Transactions and (D) upon the reasonable written request of Parent or any Merger Sub, obtain all necessary or appropriate consents under any Material Contracts to which the Company or any of its Subsidiaries is a party in connection with this Agreement and the consummation of the Transactions; provided , that no Party or its Subsidiaries shall be required prior to the Effective Time to pay (and the Company and its Subsidiaries shall not, without the prior written consent of Parent, pay) any costs, expenses, consent or other similar fee or other consideration (other than immaterial administrative and/or legal costs and expenses) or agree to enter into any amendments, supplements or other modifications to (or waivers of) the existing terms of any Material Contract that is not conditioned upon the consummation of the Mergers, to obtain any such consent of any Person under any Material Contract. Parent and the Company shall cooperate in scheduling and conducting any meetings with any Governmental Entity, coordinating and making any applications and filings with, and resolving any investigation or other inquiry of, any agency or other Governmental Entity, obtaining the required statutory approvals, consents, and approvals from any Governmental Entity necessary, proper or advisable to consummate the Mergers, including, in each case, the strategy related thereto; provided, that, in the event Parent and the Company cannot reach an agreement after cooperating in good faith, Parent shall have the final determination over such matters.

(ii) Notwithstanding anything in this Agreement to the contrary, in no event shall Parent or its Affiliates be required to propose, negotiate, effect or agree to, the sale, divestiture, license or other disposition of any assets, properties or businesses of Parent or any of its Affiliates or the Company or any of its Subsidiaries or otherwise to take, and the Company and its Subsidiaries shall not take without the prior written consent of Parent, any action that limits the freedom of action or otherwise restricts any of the assets, properties or businesses of Parent and its Affiliates or the Company and its Subsidiaries if such action (together with any other required action) would be reasonably expected to have a material impact on (A) the Company and its Subsidiaries, taken as a whole, (B) Parent and its Affiliates, taken as a whole, or (C) the benefits reasonably sought to be derived from the Transactions (a “ Burdensome Condition ”). The Company, Parent and each Merger Sub and any of their respective Affiliates shall not take any action with the intention to, or that would reasonably be expected to, hinder or delay the expiration or termination of any applicable waiting period under any Antitrust Laws, or the obtaining of approval of any applicable Governmental Entity, as necessary.

(b)  Information . The Company and Parent each shall, upon request by the other, use reasonable best efforts to furnish the other with all information concerning itself, its Subsidiaries, directors, officers and stockholders and such other matters as may reasonably be necessary or advisable in connection with any statement, filing, notice or application made by or on behalf of Parent, the Company or any of their respective Subsidiaries to any third party and/or any Governmental Entity in connection with the Mergers and the Transactions; provided that the limitations set forth in the provisos to Section 6.06 shall apply to the Company’s and Parent’s obligations, mutatis mutandis .

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(c)  Status .

(i) Subject to applicable Law and as required by any Governmental Entity, the Company and Parent each shall keep the other apprised of the status of matters relating to completion of the Transactions, including promptly informing the other of any substantive oral communication with, and promptly furnishing the other with copies of written notices or other communications received by Parent or the Company, as the case may be, or any of its Subsidiaries, from, any Governmental Entity with respect to such Transactions. Subject to Section 6.05(a) , neither the Company nor Parent shall permit any of its Representatives to participate in any substantive meeting or discussion with any Governmental Entity in respect of any filings, investigation or other inquiry relating to the Transactions unless it, to the extent permitted by Law, consults with the other Party in advance and, to the extent permitted by such Governmental Entity, gives the other Party the opportunity to attend and participate thereat.

(ii) Without limiting the generality of Section 6.05(a)  or Section 6.05(c)(i) , the Company and Parent shall each promptly advise the other Party if it obtains knowledge of (A) any written notice or other written communication from any counterparty to a Contract with regard to any action, consent, approval or waiver that is required to be taken or obtained with respect to such Contract in connection with the consummation of the Mergers (and provide a copy thereof) or (B) any written notice or other written communication from any other Person alleging that the consent of such Person is or may be required in connection with the Mergers (and provide a copy thereof). The Company shall notify Parent as promptly as practicable of any written notice or other written communication received after the date of this Agreement from any party to any Material Contract to the effect that such Party has terminated or intends to terminate or otherwise materially and adversely modify its relationship with the Company or any Subsidiary of the Company. Notwithstanding the foregoing, a Party’s failure to comply with this Section 6.05(c)(ii)  ( provided that such failure was not in bad faith) shall not constitute a failure of any condition set forth in Article VII to be satisfied, or otherwise provide any other Party the right not to effect the Transactions, except to the extent that any other provision of this Agreement independently provides such right.

Section 6.06 Access and Reports . Subject to any applicable Law, upon reasonable notice, the Company shall (and shall cause its Subsidiaries to) afford Parent and its Representatives reasonable access, during normal business hours throughout the period prior to the Effective Time, to its officers, directors and employees, properties, books, Contracts and records and, during such period, shall (and shall cause its Subsidiaries to) furnish promptly to Parent all information concerning its business, properties and personnel as may reasonably be requested, provided that the foregoing shall not require the Company (i) to permit any inspection, or to disclose any information, that in the reasonable judgment of the Company would result in the disclosure of any Trade Secrets of third parties or violate any of its obligations with respect to confidentiality, (ii) to disclose such documents or information that are reasonably pertinent to any adverse actions, claims, suits or proceedings between the Company and its Affiliates, on the one hand, and Parent and its Affiliates, on the other hand, or (iii) to disclose any privileged information or information subject to attorney work product protection of the Company or any of its Subsidiaries. Notwithstanding anything in this Section 6.06 to the contrary, the Company shall use reasonable best efforts to obtain any consents of third parties that are necessary to permit such access or make such disclosure and shall otherwise use reasonable best efforts to permit such access or disclosure, including pursuant to the use of “clean team” arrangements pursuant to which certain Representatives of Parent could be provided access to any such information. All requests for information made pursuant to this Section 6.06 shall be directed to such officer of the Company designated by the Company. All such information shall be governed by the terms of the Confidentiality Agreement.

Section 6.07 Stock Exchange Listing and Delisting . Parent shall use its reasonable best efforts to cause the Parent Shares to be issued in the First Merger to be approved for listing on Nasdaq if required under the rules and regulations of Nasdaq, subject to official notice of issuance, prior to the Closing Date. Prior to the Closing, the Company shall cooperate with Parent and use reasonable best efforts to take, or cause to be taken, all actions, and do or cause to be done all things, reasonably necessary, proper or advisable on its part under applicable Laws and rules and policies of the OTC to enable the delisting by the Surviving Corporation or the Surviving Company, as the case may be, of the Company Shares from the OTC and the deregistration of the Company Shares under the Exchange Act as promptly as practicable after the Effective Time, and in any event no more than ten (10) calendar days after the Closing Date.

Section 6.08 Publicity . The initial press release regarding the Transactions shall be a joint press release, and thereafter, unless an Adverse Recommendation Change shall have occurred, and except with respect to press releases and other public statements in connection with Section 6.02 (to the extent expressly permitted

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pursuant to Section 6.02 ), the Company and Parent each shall obtain the consent of the other Party, which shall not be unreasonably withheld, conditioned or delayed prior to issuing any press releases or otherwise making public announcements with respect to the Mergers and the other Transactions unless such Party determines, after consultation with outside counsel, that it is required by applicable Law or by any listing agreement with or the listing rules of a national securities exchange or an interdealer quotation system or a trading market to issue or cause the publication of any press release or other public announcement with respect to the Mergers, this Agreement or the other Transactions, in which event such Party shall endeavor, on a basis reasonable under the circumstances, to provide a meaningful opportunity to the other Party to review and comment upon such press release or other announcement as far in advance as is reasonably practicable and shall give due consideration to all reasonable additions, deletions or changes suggested thereto. Notwithstanding the foregoing, the Company and Parent (and their respective Subsidiaries) may make statements that substantially reiterate (and are not inconsistent with) previous press releases, public disclosures or public statements made by the Parties in compliance with this Section 6.08 . Nothing in this Section 6.08 shall restrict or prohibit the Parties from making any announcement from the date hereof through the Effective Time to its respective employees, customers and other business relations to the extent such Party, as the case may be, determines in good faith that such announcement is necessary or advisable and is consistent in all substantive respects with previous press releases or public disclosures relating to the Mergers and this Agreement.

Section 6.09 Expenses . Whether or not the Mergers are consummated, all costs and expenses incurred in connection with this Agreement, the Mergers and the other Transactions shall be paid by the Party incurring such expense, except (a) that expenses incurred in connection with the filing fee for the S-4 Registration Statement and printing and mailing the Prospectus/Proxy Statement and the S-4 Registration Statement shall be shared equally by Parent and the Company and (b) as otherwise expressly set forth in this Agreement.

Section 6.10 Indemnification; Directors’ and Officers’ Insurance .

(a) For a period of six (6) years from and after the Effective Time, Parent shall cause the Surviving Company, and Parent shall, if the Surviving Company is not able, to indemnify and hold harmless each present and former director or officer of the Company or any of its Subsidiaries and each other Person who, at the request or for the benefit of the Company or any of its Subsidiaries, is or was previously serving as a director, officer, manager, employee or fiduciary of any other Person or any benefit plan of the Company or any benefit plan of any of the Subsidiaries of the Company (in each case, when acting in such capacity), determined as of the Effective Time (the “ Indemnified Parties ”), from and against any costs or expenses (including reasonable attorneys’ fees), judgments, fines, losses, claims, damages, penalties, amounts paid in settlement (including all interest, assessments and other charges) or liabilities incurred in connection with any claim, action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative, arising out of matters existing or occurring at or prior to the Effective Time, whether asserted or claimed prior to, at or after the Effective Time, as provided in the certificate of incorporation or bylaws or other governing documents of the Company or the applicable Subsidiary of the Company in effect on the date of this Agreement or any indemnification agreement between such Indemnified Parties and the Company in existence as of, and disclosed to Parent prior to, the date hereof, to the fullest extent permitted under applicable Law (and Parent shall also advance fees, costs and expenses (including attorney’s fees and disbursements) as incurred to the fullest extent permitted under applicable Law, provided the Person to whom expenses are advanced provides an undertaking to repay such advances if it is ultimately determined by a final and nonappealable judicial determination that such Person is not entitled to indemnification hereunder or thereunder).

(b) Any Indemnified Party wishing to claim indemnification under Section 6.10(a) , upon learning of any such claim, action, suit, proceeding or investigation, shall promptly notify the Surviving Company thereof, but the failure to so notify shall not relieve the Surviving Company or Parent, as applicable, of any liability it may have to such Indemnified Party except to the extent such failure materially prejudices the indemnifying party.

(c) For six (6) years after the Effective Time, Parent shall cause the Surviving Company to maintain in effect provisions in the Surviving Company’s certificate of formation and limited liability company agreement or similar organizational documents (or in such documents of any successor to the business of the Surviving Company) and the organizational documents of any Subsidiary of the Company regarding exculpation, indemnification of directors, officers, employees, fiduciaries and agents and advancement of fees, costs and expenses that are no less advantageous to the intended beneficiaries than the corresponding provisions in existence on the date of this Agreement (including with respect to the Indemnified Parties). From and after the Effective Time, Parent, the Surviving Corporation and its Subsidiaries and from and after the Second Effective Time, Parent, the Surviving Company and its Subsidiaries, in each

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case, including RT, shall honor and comply with their respective obligations under any indemnification agreement with any Indemnified Party in effect as of (and disclosed or made available to Parent prior to) the date of this Agreement and indemnification obligations under the RT LLC Agreement, and not amend, repeal or otherwise modify any such agreement or the RT LLC Agreement in any manner that would adversely affect any right of any Indemnified Party thereunder.

(d) Prior to the Effective Time, the Company may, as of the Effective Time, obtain and fully pay for “tail” insurance policies for the extension of the directors’ and officers’ liability coverage of the Company’s existing directors’ and officers’ insurance policies with a claims period of at least six (6) years from and after the Effective Time with respect to any claim related to any period of time at or prior to the Effective Time from an insurance carrier with the same or better credit rating as the Company’s current insurance carrier with respect to directors’ and officers’ liability insurance (collectively, “ D&O Insurance ”) with benefits and levels of coverage no less favorable in any material respect to the Indemnified Parties than the Company’s existing policies with respect to matters existing or occurring at or prior to the Effective Time (including in connection with this Agreement or the Transactions); provided , however , that in no event shall the Company expend for such policies a premium amount in excess of the amount set forth in Section 6.10(d)  of the Company Disclosure Letter. If the Company, for any reason, fails to obtain such “tail” insurance policies as of the Effective Time, Parent shall or shall cause the Surviving Company to use its best efforts to purchase D&O Insurance for such six (6) year period with benefits and levels of coverage no less favorable in any material respect to the Indemnified Parties than the Company’s existing policies as of the date of this Agreement with respect to matters existing or occurring at or prior to the Effective Time (including in connection with this Agreement or the Transactions), provided , however , that in no event shall Parent or the Surviving Company be required to expend for such policies an annual premium amount in excess of the amount set forth in Section 6.10(d)  of the Company Disclosure Letter; and, provided further that if the annual premium of such insurance coverage exceed such amount, Parent or the Surviving Company shall obtain a policy with the greatest coverage available for a cost not exceeding such amount.

(e) If Parent or the Surviving Company or any of their respective successors or assigns (i) shall consolidate with or merge into any other corporation or entity and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) shall transfer all or substantially all of its properties and assets to any individual, corporation or other entity, then, and in each such case, proper provisions shall be made so that the successors and assigns of Parent or the Surviving Company shall assume all of the obligations set forth in this Section 6.10 .

(f) The provisions of this Section 6.10 are intended to be for the benefit of, and shall be enforceable by, each of the Indemnified Parties and their respective successors, heirs, assigns and legal representatives. From and after the Effective Time, the obligations of Parent and the Surviving Company under this Section 6.10 shall not be terminated, amended or modified in any manner so as to adversely affect any Indemnified Party (including their successors, heirs and legal representatives) to whom this Section 6.10 applies without the consent of such Indemnified Party.

(g) The rights of the Indemnified Parties under this Section 6.10 shall be in addition to any rights such Indemnified Parties may have under the certificate of incorporation or bylaws or other governing documents of the Company or any of its Subsidiaries, or under any applicable Contracts or Laws.

Section 6.11 Other Actions by the Company and Parent .

(a)  Takeover Statute . If any Takeover Statute is or may become applicable to the Mergers or the other Transactions, each of Parent and the Company and their respective boards of directors shall grant such approvals and take such actions as are necessary so that such Transactions may be consummated as promptly as practicable on the terms contemplated by this Agreement and otherwise act to eliminate (or to the extent elimination is not possible, minimize) the effects of such statute or regulation on such Transactions.

(b)  Section 16 Matters . The Company Board and the Parent Board shall, prior to the Effective Time, take all such actions as may be necessary or appropriate pursuant to Rule 16b-3(d) and Rule 16b-3(e) under the Exchange Act to exempt (i) the disposition of Company Shares and other derivative securities with respect to Company Shares, (ii) the conversion of Company Shares and other derivative securities with respect to Company Shares into Parent Shares or other derivative securities with respect to Parent Shares, as the case may be, and (iii) the acquisition of Parent Shares or other derivative securities with respect to Parent Shares as the case may be, pursuant to the terms

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of this Agreement by officers and directors of the Company subject to the reporting requirements of Section 16(a) of the Exchange Act or by employees of the Company who may become an officer or director of Parent subject to the reporting requirements of Section 16(a) of the Exchange Act.

(c) The Company agrees that prior to the Effective Time, neither the Company nor any of its Subsidiaries shall (i) file any registration statement (other than on Form S-8) or (ii) consummate any unregistered offering of securities that by the terms of such offering requires subsequent registration under the Securities Act.

Section 6.12 Litigation . Prior to the Effective Time, the Company will provide Parent with prompt notice of any and all litigation or other legal proceedings commenced or threatened in writing by a Company stockholder against the Company or any of its Subsidiaries, or their respective Boards of Directors, in each case in connection with, arising from or otherwise relating to or regarding the Mergers or the Transactions, including any legal proceeding alleging or asserting any misrepresentation or omission in the Prospectus/Proxy Statement or any other communications to the Company stockholders, other than any legal proceedings among the Parties and their Affiliates (“ Transaction Litigation ”) (including by providing copies of all pleadings with respect thereto) and keep Parent reasonably informed on a current basis with respect to the status thereof and promptly furnish Parent with copies of communications received or documents filed. The Company and Parent shall cooperate in the defense and settlement of any Transaction Litigation. The Company shall promptly notify Parent of such litigation (including any threats thereof) and (i) consult with Parent on, and consider in good faith all of Parent’s comments to, all filings, pleadings and responses proposed to be filed or submitted by or on behalf of the Company prior to such filing or submission, (ii) give Parent the opportunity to participate in the Company’s defense or settlement of any Transaction Litigation at Parent’s sole cost and expense and (iii) consult with Parent with respect to the proposed strategy, material actions and significant decisions (including relating to defense, settlement and prosecution) with respect to any Transaction Litigation. The Company agrees that it shall not settle or offer to settle any Transaction Litigation without the prior written consent of Parent, which consent shall not be unreasonably withheld, conditioned or delayed.

Section 6.13 Obligations of Merger Subs . Parent shall take all action necessary to cause each Merger Sub, the Surviving Corporation, and the Surviving Company to perform their respective obligations under this Agreement.

Section 6.14 Tax Matters .

(a)  Intended Tax Treatment . Each of the Parties shall (and shall cause their respective Affiliates to) use its reasonable best efforts (1) to cause the Mergers, taken together, to qualify for the Intended Tax Treatment, and (2) not to knowingly take any action not required by this Agreement or fail to take any action required by this Agreement that could reasonably be expected to prevent or impede the Mergers, taken together, from qualifying for the Intended Tax Treatment; provided, that, notwithstanding any provision in this Agreement to the contrary, following the Mergers, neither Parent nor any Subsidiary of Parent (including, without limitation, the Surviving Company and its Subsidiaries) shall be obligated to retain any assets of the Company or any of its Subsidiaries other than those that, in the sole discretion of Parent, exercised in good faith, are directly related to the ownership and operation of RT and its business.

(b)  Tax Opinions . If, in connection with the preparation and filing of the S-4 Registration Statement (including the Prospectus/Proxy Statement), the SEC requires that a tax opinion be prepared and submitted to the SEC regarding the tax treatment of the Mergers, each Party shall use reasonable best efforts to execute and deliver customary Tax representation letters to counsel rendering such opinion in form and substance reasonably satisfactory to such counsel.

ARTICLE VII

CONDITIONS

Section 7.01 Conditions to Each Party’s Obligation to Effect the Mergers . The respective obligation of each Party to effect the Mergers is subject to the satisfaction or waiver by the Parties at or prior to the Effective Time of each of the following conditions:

(a)  Company Stockholder Approval . This Agreement shall have been duly adopted by holders of Company Shares constituting the Requisite Company Vote in accordance with applicable Law and the certificate of incorporation and bylaws of the Company.

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(b)  Nasdaq Listing . The Parent Shares issuable to the Company stockholders pursuant to this Agreement shall have been authorized for listing on Nasdaq subject to official notice of issuance if required under the rules and regulations of Nasdaq.

(c)  No Injunctions or Restraints . No Governmental Entity shall have enacted, issued, promulgated, enforced or entered any Law or Order that makes illegal, enjoins or otherwise prohibits the consummation of the Mergers.

(d)  S-4 . The S-4 Registration Statement shall have become effective in accordance with the provisions of the Securities Act. No stop order suspending the effectiveness of the S-4 Registration Statement shall have been issued (and not rescinded), and no proceedings for that purpose shall be pending before the SEC.

Section 7.02 Conditions to Obligations of Parent and Merger Subs . The obligations of Parent and each Merger Sub to effect the Mergers are also subject to the satisfaction or waiver by Parent at or prior to the Effective Time of the following conditions:

(a)  Representations and Warranties . Each of the representations and warranties of the Company set forth in (i)  Section 5.01 (other than Section 5.01(a)  ( Organization, Good Standing and Qualification ), Section 5.01(b)  ( Capital Structure ), Section 5.01(c)  ( Corporate Authority, Approval ), Section  5.01(d)(ii)(A ) ( N on-Co ntravention ), Section 5.01(f)(ii)  ( Absence of Certain Changes ), and Section 5.01(t)  ( Brokers and Finders )) shall be true and correct (without regard to “materiality,” “Company Material Adverse Effect” and similar qualifiers contained in such representations and warranties) as of the date of this Agreement and as of the Closing Date as though made on and as of such date and time (except to the extent that any such representation and warranty expressly speaks as of another date, in which case such representation and warranty shall only be required to be so true and correct as of such other date), other than for such failures to be so true and correct that would not constitute a Company Material Adverse Effect, (ii)  Section 5.01(b)(i) and Section 5.01(b)(ii)  shall be true and correct as of the date of this Agreement and as of the Closing Date as though made on and as of such date and time (except to the extent that any such representation and warranty expressly speaks as of another date, in which case such representation and warranty shall only be required to be so true and correct as of such other date), except for de minimis inaccuracies, and (iii)  Section 5.01(a)  ( Organization, Good Standing and Qualification ), Section 5.01(b)  (other than Sectio n 5.01(b)(i )  and Section 5.01(b)(ii))  ( Capital Structure ), Section 5.01(c)  ( Corporate Authority, Approval ), Section 5.01(d)(ii)(A)  ( No n-Contrave ntion ), Section 5.01(f)(ii)  ( Absence of Certain Changes ), and Section 5.01(t)  ( Brokers and Finders ) shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date as though made on and as of such date and time (except to the extent that any such representation and warranty expressly speaks as of another date, in which case such representation and warranty shall only be required to be so true and correct as of such other date).

(b)  Performance of Obligations of the Company . The Company shall have performed and complied with, in all material respects, all of its obligations under this Agreement required to be performed or complied with by it at or prior to the Closing.

(c)  No Company Material Adverse Effect . Since the date of this Agreement, there shall not have occurred any Company Material Adverse Effect that is continuing.

(d)  DG Promissory Note Payoff Agreement . The Company shall have received the DG Promissory Note Payoff Agreement duly executed by all parties thereto and the DG Promissory Note Payoff Agreement is in full force and effect as of the Effective Time.

(e)  DG Transfer Instrument . Parent shall have received a copy of the DG Transfer Instrument duly executed by DG and Standard Silver, and the Property (as defined in the DG Promissory Note Payoff Agreement) shall have been validly conveyed, transferred and assigned from Standard Silver to DG and duly recorded as of the Effective Time.

(f)  Officer’s Certificate . Parent shall have received at the Closing a certificate signed on behalf of the Company by an executive officer of the Company to the effect that the conditions set forth in Section 7.02(a) , Section 7.02(b) , Section 7.02(c) , Section 7.02(d)  and Section 7.02(e)  have been satisfied.

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(g)  Regulatory Consents . The waiting periods, if any, (and any extensions thereof pursuant to an agreement with a Governmental Entity) applicable to the Mergers will have expired or otherwise been terminated, or all requisite consents, directions or orders required to consummate the Mergers pursuant thereto will have been obtained without the imposition of a Burdensome Condition.

Section 7.03 Conditions to Obligations of the Company . The obligation of the Company to effect the Mergers is also subject to the satisfaction or waiver by the Company at or prior to the Effective Time of the following conditions:

(a)  Representations and Warranties . Each of the representations and warranties of Parent and Merger Subs set forth in (i)  Section 5.02 (other than Section 5.02(a)  ( Organization, Good Standing and Qualification ), Section 5.02(b)  ( Capital Structure ), Section 5.02(c)  ( Corporate Authority, Approval ), Section 5. 02(d)(ii)  ( No n-Contrav ention ), Section 5.02(f)(ii)  ( Absence of Certain Changes ), and Section 5.02(h)  ( Brokers and Finders )) shall be true and correct (without regard to “materiality,” “Parent Material Adverse Effect” and similar qualifiers contained in such representations and warranties) as of the date of this Agreement and as of the Closing Date as though made on and as of such date and time (except to the extent that any such representation and warranty expressly speaks as of another date, in which case such representation and warranty shall only be required to be so true and correct as of such other date), other than for such failures to be so true and correct that would not constitute a Parent Material Adverse Effect, (ii)  Section 5.02(b)(i)  and Section 5.02(b)(ii)  shall be true and correct as of the date of this Agreement and as of the Closing Date as though made on and as of such date and time (except to the extent that any such representation and warranty expressly speaks as of another date, in which case such representation and warranty shall only be required to be so true and correct as of such other date), except for de minimis inaccuracies, and (iii)  Section 5.02(a)  ( Organization, Good Standing and Qualification ), Section 5.02(b)  (other than Secti on 5.02(b)(i ) and Section 5.02(b)(ii) ) ( Capital Structure ), Section 5.02(c)  ( Corporate Authority, Approval ), Section 5.02(d)(ii) ( Non-Contrav ention ), Section 5.02(f)(ii)  ( Absence of Certain Changes ), and Section 5.02(h)  ( Brokers and Finders ) shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date as though made on and as of such date and time (except to the extent that any such representation and warranty expressly speaks as of another date, in which case such representation and warranty shall only be required to be so true and correct as of such other date).

(b)  Performance of Obligations of Parent and Merger Subs . Each of Parent and each Merger Sub shall have performed and complied with, in all material respects, all of their respective obligations under this Agreement required to be performed or complied with by them at or prior to the Closing.

(c)  No Parent Material Adverse Effect . Since the date of this Agreement, there shall not have occurred any Parent Material Adverse Effect that is continuing.

(d)  Officer’s Certificate . The Company shall have received at the Closing a certificate signed on behalf of Parent and each Merger Sub by an executive officer of Parent to the effect the conditions set forth in Section 7.03(a) , Section 7.03(b) , and Section 7.03(c)  have been satisfied.

(e)  Regulatory Consents . The waiting periods, if any, (and any extensions thereof pursuant to an agreement with a Governmental Entity) applicable to the Mergers will have expired or otherwise been terminated, or all requisite consents, directions or orders required to consummate the Mergers pursuant thereto will have been obtained.

ARTICLE VIII

TERMINATION

Section 8.01 Termination by Mutual Consent . This Agreement may be terminated and the Mergers may be abandoned at any time prior to the Effective Time, whether before or after the Requisite Company Vote is obtained, by mutual written consent of the Company and Parent.

Section 8.02 Termination by Either Parent or the Company . This Agreement may be terminated and the Mergers may be abandoned at any time prior to the Effective Time, whether before or after the Requisite Company Vote, by either Parent or the Company if:

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(a) the Mergers shall not have been consummated by December 4, 2026 (the “ End Date ”); provided that the right to terminate this Agreement pursuant to this Section 8.02(a)  shall not be available to any Party that has materially breached its obligations under this Agreement in any manner whose action or failure to act has been the primary cause of, or primarily resulted in, the failure of the Mergers to have been consummated by the End Date;

(b) the adoption of this Agreement by the stockholders of the Company shall not have been obtained at the Company Stockholders Meeting or at any adjournment or postponement thereof taken in accordance with this Agreement; or

(c) any Law or Order permanently restraining, enjoining or otherwise prohibiting consummation of the Mergers shall become final and non-appealable provided , however , that the right to terminate this Agreement pursuant to this Section 8.02(c)  shall not be available to a Party whose action or failure to act has been the primary cause of, or primarily resulted in, the action or event described in this Section 8.02(c)  occurring; and provided further that , the Party seeking to terminate this Agreement pursuant to this Section 8.02(c)  shall have complied with its obligations under Section 6.05 .

Section 8.03 Termination by the Company . This Agreement may be terminated and the Mergers may be abandoned by the Company at any time prior to the Effective Time:

(a) whether before or after the Requisite Company Vote is obtained, if there has been a breach of any representation, warranty, covenant or agreement made by Parent or Merger Subs in this Agreement, such that (i)  Section 7.03(a) , Section 7.03(b) , or Section 7.03(c)  would not be satisfied and (ii) such breach is not curable or, if curable by the End Date, Parent (A) shall not have commenced good faith efforts to cure such breach or failure to perform within fifteen (15) calendar days following receipt by Parent of written notice of such breach or failure to perform from the Company stating the Company’s intention to terminate this Agreement pursuant to this Section 8.03(a)  and the basis for such termination or (B) is not thereafter continuing to take good faith efforts to cure such breach or failure to perform.

Section 8.04 Termination by Parent . This Agreement may be terminated and the Mergers may be abandoned at any time prior to the Effective Time by Parent if:

(a) if an Adverse Recommendation Change shall have occurred or the Company approves or enters into an Alternative Acquisition Agreement; or

(b) there has been a breach of any representation, warranty, covenant or agreement made by the Company in this Agreement, such that (i)  Sections 7.02(a) , Section 7.02(b)  or Section 7.02(c)  would not be satisfied and (ii) such breach is not curable or, if curable by the End Date, the Company (A) shall not have commenced good faith efforts to cure such breach or failure to perform within fifteen (15) calendar days following receipt by the Company of written notice of such breach or failure to perform from Parent stating Parent’s intention to terminate this Agreement pursuant to this Section 8.04(b)  and the basis for such termination or (B) are not thereafter continuing to take good faith efforts to cure such breach or failure to perform.

Section 8.05 Effect of Termination and Abandonment .

(a) The Party terminating this Agreement pursuant to this Article VIII (other than pursuant to Section 8.01 ) must deliver written notice thereof to the other Parties setting forth in reasonable details the provision of this Article VIII pursuant to which this Agreement is being terminated and the facts and circumstances forming the basis for such termination pursuant to such provision. Any proper and valid termination of this Agreement pursuant to this Article VIII will be effective immediately upon the delivery of written notice by the terminating Party to the other Parties. Except as otherwise provided in this Section 8.05 , in the event of termination of this Agreement and the abandonment of the Mergers pursuant to this Article VIII , this Agreement shall become void and of no effect with no liability to any Person on the part of any Party (or of any of its Representatives or Affiliates); provided , however , and notwithstanding anything in the foregoing to the contrary, that (i) no such termination shall relieve any Party of any liability or damages to the other Party resulting from fraud in the making of any representation or warranty expressly set forth herein or any Willful Breach of this Agreement and (ii) the provisions set forth in this Section 8.05 and Art icle IX shall survive termination of this Agreement.

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(b)  Payment of Termination Fee by the Company .

(i) If this Agreement is terminated by Parent pursuant to Section 8.04(a)  ( Company Adverse Recommendation Change ), then the Company shall pay to Parent, by wire transfer of immediately available funds, $3,250,000 (the “ Termination Fee ”) within two (2) Business Days following the date of any such termination by Parent; provided , that if either Parent or the Company terminates this Agreement pursuant to Section 8.02(b)  ( Company Stockholder Approval Not Obtained ) at any time after Parent would have been permitted to terminate this Agreement pursuant to Section 8.04(a)  ( Company Adverse Recommendation Change ), this Agreement shall be deemed terminated by Parent pursuant to Section 8.04(a)  ( Company Adverse Recommendation Change ) for purposes of this Section 8.05(b)(i) .

(ii) If (A) this Agreement is terminated by Parent or the Company pursuant to Section 8.02(a)  ( Termination for End Date ) or Section 8.02(b)  ( Company Stockholder Approval Not Obtained ), or by Parent pursuant to Section 8.04(b)  ( Company Terminable Breach ), (B) an Acquisition Proposal has been publicly announced or otherwise communicated to the Company’s stockholders after the date of this Agreement and before the date this Agreement is so terminated, and (C) within twelve (12) months following the date of such termination (1) the Company Board has recommended that stockholders vote in favor of, or tender into, an Acquisition Proposal, (2) the Company has entered into an Alternative Acquisition Agreement providing for the consummation of an Acquisition Proposal, or (3) an Acquisition Proposal has been consummated ( provided, that for purposes of this Section 8.05(b)(ii)(C) , each reference to “20%” in the definition of Acquisition Proposal shall be deemed to be a reference to “50%”), then the Company shall pay to Parent in cash in immediately available funds, concurrently with the occurrence of the applicable event described in Section 8.05(b)(ii)(C) above, the Termination Fee.

(iii) The Company acknowledges that the agreements contained in this Section 8.05(b)  are an integral part of the Transactions, and that, without these agreements, Parent and each Merger Sub would not enter into this Agreement. Accordingly, if the Company fails to promptly pay the amount due pursuant to this Section 8.05(b) , and, in order to obtain such payment, Parent or any Merger Sub commences a suit that results in a judgment against the Company requiring payment of the Termination Fee or reimbursement of expenses set forth in this Section 8.05(b)  or any portion of such amounts, the Company shall pay to Parent and each Merger Sub their costs and expenses (including attorneys’ fees) in connection with such suit, together with interest on the amount of the fee, at the prime rate (as published in The Wall Street Journal ) in effect on the date such payment was required to be made, from the date such payment was required to be made through the date of payment.

(c)  Exclusive Remedy . The Parties agree and understand that in no event shall the Company be required to pay the Termination Fee on more than one occasion. Except in the case of a Willful Breach of this Agreement, if Parent receives the full amount of the Termination Fee from the Company in the circumstances described in Section 8.05(b)(i)  or (ii) , such payment shall be the sole and exclusive remedy of Parent against the Company and its Subsidiaries and their respective former, current or future partners, stockholders, managers, members, Affiliates and Representatives and none of the Company, any of its Subsidiaries or any of their respective former, current or future partners, stockholders, managers, members, Affiliates, or Representatives shall have any further liability or obligation relating to or arising out of this Agreement or the Transactions.

(d)  Liquidated Damages . Without in way limiting the rights of the Parties to seek specific performance or other equitable remedy pursuant to Section 9.05 , the Company, Parent and each Merger Sub acknowledge and agree that the Termination Fee is not a penalty, but rather is liquidated damages in a reasonable amount that will compensate Parent in the circumstances in which such Termination Fee is payable for the efforts and resources expended and opportunities foregone while negotiating this Agreement and in reliance on this Agreement and on the expectation of the consummation of the Mergers, which amount would otherwise be impossible to calculate with precision.

ARTICLE IX

MISCELLANEOUS AND GENERAL

Section 9.01 Survival . This Article IX and the agreements of the Company, Parent and Merger Subs contained in Article II , Article III , Article IV , Section 6.07 ( Stock Exchange Listing and Delisting ), Section 6.09 ( Expenses ), Section 6.10 ( Indemnification; Directors’ and Officers’ Insurance ) and Article IX shall survive the consummation of the Mergers. All other representations, warranties, covenants and agreements in this Agreement shall not survive the consummation of the Mergers.

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Section 9.02 Modification or Amendment . Subject to the provisions of applicable Law, at any time prior to the Effective Time, this Agreement may be amended, modified or supplemented in writing by the Parties, by action of the board of directors of the respective Parties; provided, that after the Requisite Company Vote has been obtained there shall be no amendment or waiver that would require the further approval of the stockholders of the Company under applicable Law without such approval having first been obtained.

Section 9.03 Waiver of Conditions . The conditions to each of the Parties’ obligations to consummate the Mergers are for the sole benefit of such Party and may be waived by such Party in whole or in part to the extent permitted by applicable Law. Any failure or delay in exercising any right pursuant to this Agreement will not constitute a waiver of such right.

Section 9.04 Counterparts . This Agreement may be executed in any number of counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same agreement.

Section 9.05 GOVERNING LAW AND VENUE; WAIVER OF JURY TRIAL; SPECIFIC PERFORMANCE; REMEDIES .

(a) THIS AGREEMENT, ALL ACTIONS, CLAIMS, SUITS OR PROCEEDINGS IN EQUITY, IN CONTRACT, IN TORT OR OTHERWISE, THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE TO THIS AGREEMENT, THE NEGOTIATION OF THIS AGREEMENT OR THE PERFORMANCE OF THIS AGREEMENT OR THE TRANSACTIONS SHALL BE INTERPRETED, CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT SUCH PRINCIPLES WOULD HAVE THE EFFECT OF APPLYING THE LAWS OF, OR DIRECTING A MATTER TO, ANOTHER JURISDICTION. The Parties hereby irrevocably submit to the personal jurisdiction of the courts of the State of Delaware and, if such courts will not have jurisdiction, the Federal courts of the United States of America located in the State of Delaware solely in respect of the interpretation and enforcement of the provisions of this Agreement and of the documents referred to in this Agreement, and in respect of the Mergers and the other Transactions, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement of this Agreement or of any such document, that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in said courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts, and the Parties irrevocably agree that all claims relating to such action, proceeding or transactions shall be heard and determined in such a Delaware State or Federal court. The Parties hereby consent to and grant any such court jurisdiction over the person of such Parties and, to the extent permitted by Law, over the subject matter of such dispute and agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 9.06 or in such other manner as may be permitted by Law shall be valid and sufficient service thereof.

(b) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE NEGOTIATION OF THIS AGREEMENT, THE PERFORMANCE OF THIS AGREEMENT OR THE TRANSACTIONS. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED TO SUCH PARTY, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.05 .

(c) The Parties agree that irreparable damage for which monetary damages, even if available, would not be an adequate remedy would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that (i) the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in the Court of Chancery of the State of Delaware, without the necessity of proving

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the inadequacy of money damages as a remedy (and each Party hereby waives any requirement for the securing or posting of any bond in connection with such remedy), this being in addition to any other remedy to which such Party is entitled at Law or in equity and each Party agrees that it shall not allege, and each Party hereby waives the defense, that there is an adequate remedy available at Law, and (ii) the right of specific enforcement is an integral part of the Transactions and without that right neither the Company nor Parent would have entered into this Agreement. The Parties further agree that (i) by seeking the remedies provided for in this Section 9.05(c) , a Party shall not in any respect waive its right to seek any other form of relief that may be available to a Party under this Agreement, including, subject to Section 8.05(c) , monetary damages in the event that this Agreement has been terminated or in the event that the remedies provided for in this Section 9.05(c)  are not available or otherwise are not granted and (ii) nothing contained in this Section 9.05(c)  shall require any Party to institute any proceeding for (or limit any Party’s right to institute any proceeding for) specific performance under this Section 9.05(c)  before exercising any termination right under Article VIII (and pursuing damages after such termination) nor shall the commencement of any action pursuant to this Section 9.05(c)  or anything contained in this Section 9.05(c)  restrict or limit any Party’s right to terminate this Agreement in accordance with the terms of Article VIII or pursue any other remedies under this Agreement that may be available then or thereafter. The Parties acknowledge and agree that any Party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in accordance with this Section 9.05(c)  shall not be required to provide any bond or other security in connection with any such order or injunction.

(d) Except as otherwise provided herein, any and all remedies herein expressly conferred upon a Party will be deemed cumulative with and not exclusive of any other remedy conferred hereby or by law or equity upon such Party, and the exercise by a Party of any one remedy will not in and of itself preclude the exercise of any other remedy; provided , that the Parties acknowledge and agree that, while a Party may pursue a grant of specific performance prior to the valid termination of this Agreement, following a valid termination of this Agreement, under no circumstances shall such Party be permitted or entitled to seek a grant of specific performance to cause the Closing to occur or to enforce any provision of this Agreement which does not survive such termination.

Section 9.06 Notices . Any notice, request, instruction or other document or communication to be given to any Party hereunder shall be in writing and will be deemed to have been duly delivered and received hereunder (a) upon delivery if personally delivered by hand providing proof of delivery, (b) on the date sent by email (provided that no “bounce back” or similar message of non-delivery is received with respect thereto), or (c) when delivered if sent by a nationally recognized overnight courier service (with confirmation of delivery), in each case to the intended recipient as set forth below:

(a) if to Parent or Merger Subs:

USA Rare Earth, Inc.

100 West Airport Road

Stillwater, OK 74075

Attention: David Kronenfeld

Email: david.kronenfeld@usare.com

(with a copy, which shall not constitute notice, to):

White & Case LLP

1221 Avenue of the Americas

New York, NY 10020

Attention: Joel Rubinstein; Gregory Pryor; Joseph F. Rosati

E-mail: joel.rubinstein@whitecase.com; gpryor@whitecase.com; joseph.rosati@whitecase.com

(b) if to the Company:

Texas Mineral Resources Corp.

527 21 st Street, #44

Galveston, TX 77550

Attention: Anthony Marchese

Email: amarchese@tmrcorp.com

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(with a copy, which shall not constitute notice, to):

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attention: Mitchell Nussbaum; Megan Stombock

Email: mnussbaum@loeb.com; mstombock@loeb.com

or to such other Persons or addresses as may be designated in writing by the Party to receive such notice as provided above.

Section 9.07 Entire Agreement . This Agreement (including any exhibits and schedules hereto), the Ancillary Agreements, and the Non-Disclosure Agreement dated February 8, 2026, between Parent and the Company (the “ Confidentiality Agreement ”) constitute the entire agreement, and supersede all other prior agreements, understandings, representations and warranties both written and oral, among the Parties, with respect to the subject matter of this Agreement.

Section 9.08 No Third Party Beneficiaries . Parent, each Merger Sub and the Company hereby agree that their respective representations, warranties and covenants set forth herein and in the Ancillary Agreements are solely for the benefit of the Parties, in accordance with and subject to the terms of this Agreement and the Ancillary Agreements and are not intended to, and do not, confer upon any Person other than the Parties any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth herein, except (a) as provided in Section 6.10 ( Indemnification; Directors’ and Officers’ Insurance ) and (b) if the Effective Time occurs, the right of the Company’s shareholders to receive the Merger Consideration, cash in lieu of fractional Parent Shares pursuant to Section 4.02(f)  and any distribution or dividend payable pursuant to Section 4.02(d)  in accordance with Article IV . The Parties further agree that the rights of third party beneficiaries under Section 6.10 shall not arise unless and until the Effective Time occurs.

Section 9.09 Severability . The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions of this Agreement. If any provision of this Agreement, or the application of such provision to any Person or any circumstance, is invalid or unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application of such provision, in any other jurisdiction.

Section 9.10 Interpretation; Construction .

(a) The table of contents and headings herein are for convenience of reference only, do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions of this Agreement. Where a reference in this Agreement is made to a Section or Exhibit, such reference shall be to a Section of or Exhibit to this Agreement unless otherwise indicated. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” Unless the context otherwise requires, “neither,” “nor,” “any,” “either” and “or” are not exclusive. The words “hereof,” “herein” and “herewith” and words of similar import will, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement. The words “made available to Parent,” “furnished,” “provided” or “delivered” and words of similar import refer to documents or information posted to the “Project Hammer – VDR” file on SharePoint by or on behalf of the Company by no later than 5:00 p.m. Eastern Time on March 2, 2026, or that has been filed with the SEC and is publicly accessible on the SEC’s Electronic Data Gathering, Analysis and Retrieval (EDGAR) database at least two (2) Business Days prior to the date hereof. All references to lists or copies of any documents (including those “made available to Parent,” “furnished,” “provided” or “delivered” and words of similar import (as applicable)) shall mean true, correct and complete copies of such lists or documents, as applicable. All pronouns and all variations thereof will be deemed to refer to the masculine, feminine or neuter, singular or plural, as the identity of the Person may require. The defined terms contained in this Agreement are applicable to the singular, as well as to the plural, forms of such terms. References to any statute, rule, regulation, law or Law shall be deemed to refer to all applicable Laws as amended or supplemented from time to time and to any rules, regulations and interpretations promulgated thereunder. All references to “$” or “cents” in this Agreement are to United States dollars

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or divisions thereof. References to any agreement or Contract are to that agreement or Contract as amended, modified or supplemented from time to time, in accordance with its terms. References to any Person include the successors and permitted assigns of that Person. The word “extent” in the phrase “to the extent” means the degree to which a subject or other thing extends, and such phrase does not mean simply “if.”

(b) The Parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement.

(c) References to days mean calendar days unless otherwise specified. The measure of a period of one month or year for purposes of this Agreement will be the date of the following month or year corresponding to the starting date. If no corresponding date exists, then the end date of such period being measured will be the next actual date of the following month or year (for example, one month following May 18 is June 18 and one month following May 31 is July 1). When calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period will be excluded and if the last day of such period is a non-Business Day, the period in question shall end on the next succeeding Business Day. References to “from” or “through” any date mean, unless otherwise specified, from and including or through and including such date, respectively.

(d) A reference to any specific legislation or to any provision of any legislation includes any amendment to, and any modification, re-enactment or successor thereof, any legislative provision substituted therefor and all rules, regulations and statutory instruments issued thereunder or pursuant thereto, except that, for purposes of any representations and warranties in that Agreement that are made as a specific date, references to any specific legislation will be deemed to refer to such legislation or provision (and all rules, regulations and statutory instruments issued thereunder or pursuant thereto) as of such date. References to any agreement or Contract are to that agreement or Contract as amended, modified or supplemented from time to time, and any exhibits, schedules, annexes, statements of work, riders and other documents attached thereto.

(e) References to “writing” mean the representation or reproduction of words, symbols or other information in a visible form by any method or combination of methods, whether in electronic form or otherwise, and including writings delivered by electronic delivery. References to “written” will be construed in the same manner.

Section 9.11 Assignment . Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the Parties (whether by operation of law or otherwise) without the prior written consent of the other Parties. Any purported assignment in contravention hereof shall be null and void. Subject to the preceding sentence and except as set forth herein, this Agreement will be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and permitted assigns.

Section 9.12 Company Disclosure Letter . The Parties agree that the disclosure set forth in any particular section or subsection of the Company Disclosure Letter will be deemed to be an exception to (or, as applicable, a disclosure for purposes of) (a) the representations and warranties (or covenants, as applicable) of the Company that are set forth in the corresponding Section or subsection of this Agreement; and (b) any other representations and warranties (or covenants, as applicable) of the Company that are set forth in this Agreement, but in the case of this clause (b)  only if the relevance of that disclosure as an exception to (or a disclosure for purposes of) such other representations and warranties (or covenants, as applicable) is reasonably apparent on the face of such disclosure, notwithstanding the omission of any reference or cross-reference thereto. Each capitalized term used in the Company Disclosure Letter but not otherwise defined therein has the meaning given to such term herein. The Company Disclosure Letter may include items that are not material in order to avoid any misunderstanding, and such inclusion, or any references to dollar amounts herein or in the Company Disclosure Letter, shall not be deemed to be an acknowledgement or representation that such items are material, to establish any standard of materiality or to define further the meaning of such terms for purposes hereof or otherwise. Notwithstanding any provision of this Agreement to the contrary, the Company Disclosure Letter are “facts ascertainable” as that term is used in Section 251(b) of the DGCL, and does not form part of this Agreement but instead operates upon the terms of this Agreement as provided herein in accordance with Section 268(b) of the DGCL.

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Section 9.13 Parent Disclosure Letter . The Parties agree that the disclosure set forth in any particular section or subsection of the Parent Disclosure Letter will be deemed to be an exception to (or, as applicable, a disclosure for purposes of) (a) the representations and warranties (or covenants, as applicable) of Parent and Merger Subs that are set forth in the corresponding Section or subsection of this Agreement; and (b) any other representations and warranties (or covenants, as applicable) of Parent and Merger Subs that are set forth in this Agreement, but in the case of this clause (b)  only if the relevance of that disclosure as an exception to (or a disclosure for purposes of) such other representations and warranties (or covenants, as applicable) is reasonably apparent on the face of such disclosure, notwithstanding the omission of any reference or cross-reference thereto. Each capitalized term used in the Parent Disclosure Letter but not otherwise defined therein has the meaning given to such term herein. The Parent Disclosure Letter may include items that are not material in order to avoid any misunderstanding, and such inclusion, or any references to dollar amounts herein or in the Parent Disclosure Letter, shall not be deemed to be an acknowledgement or representation that such items are material, to establish any standard of materiality or to define further the meaning of such terms for purposes hereof or otherwise. Notwithstanding any provision of this Agreement to the contrary, the Parent Disclosure Letter are “facts ascertainable” as that term is used in Section 251(b) of the DGCL, and does not form part of this Agreement but instead operates upon the terms of this Agreement as provided herein in accordance with Section 268(b) of the DGCL.

ARTICLE X

CERTAIN DEFINITIONS

Section 10.01 Definitions . For the purposes of this Agreement, the following terms shall have the meanings specified in this Section 10.01 .

“ Acceptable Confidentiality Agreement ” means a confidentiality agreement that (i) contains provisions that are no less favorable in the aggregate to the Company (and its Affiliates and Representatives) than those contained in the Confidentiality Agreement that are applicable to the Company, (ii) does not contain terms that restrict the Company’s ability to comply with its obligations under this Agreement (including Section 6.02 ) and (iii) that does not contain any provision requiring the Company or its Subsidiaries to pay or reimburse the counter-party’s fees, costs or expense of any nature.

“ Acquisition Proposal ” means any inquiry, proposal (whether or not in writing) or offer from any person or group (other than Parent and its Subsidiaries) relating to, in a single transaction or series of related transactions, any direct or indirect (i) acquisition of any of the Company’s interest in RT, (ii) acquisition that, if consummated, would result in any person or group owning twenty percent (20%) or more of the consolidated assets (based on the fair market value thereof), revenues or net income of the Company and its subsidiaries, (iii) acquisition of Company Shares representing twenty percent (20%) or more of the outstanding Company Shares, (iv) tender offer or exchange offer that, if consummated, would result in any person or group having beneficial ownership of Company Shares representing twenty percent (20%) or more of the outstanding Company Shares, (v) merger, consolidation, share exchange, business combination, recapitalization, liquidation, dissolution or similar transaction involving the Company pursuant to which such person or group (or the equity holders of any person) would acquire, directly or indirectly, twenty percent (20%) or more of the aggregate voting power of the Company or such surviving entity, or (vi) combination of the foregoing, in each case, other than the Mergers.

“ Adverse Recommendation Change ” has the meaning set forth in Section 6.02(d) .

“ Affiliate ” means, when used with respect to any Party, any Person who is an “affiliate” of that Party within the meaning of Rule 405 promulgated under the Securities Act.

“ Agreement ” has the meaning set forth in the Preamble.

“ Alternative Acquisition Agreement ” has the meaning set forth in Section 6.02(a)(v) .

“ Ancillary Agreements ” means the Confidentiality Agreement, the Voting and Support Agreements, and the other documents certificates and instruments and agreements among the Parties as contemplated by or referred to herein.

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“ Anti-Corruption Laws ” means all U.S. and non-U.S. Laws related to the prevention of corruption and bribery, including the U.S. Foreign Corrupt Practices Act of 1977, as amended, the Canada Corruption of Foreign Public Officials Act of 1999, the UK Bribery Act 2010, the legislation adopted in furtherance of the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or any other applicable Law that prohibits bribery, corruption, fraud or other improper payments.

“ Antitrust Laws ” has the meaning set forth in Section 5.01(d)(i) .

“ Applicable Date ” has the meaning set forth in Section 5.01(e)(i) .

“ Appraisal Shares ” has the meaning set forth in Section 4.03 .

“ Balance Sheet ” has the meaning set forth in Section 5.01(h) .

“ Bankruptcy and Equity Exception ” has the meaning set forth in Section 5.01(c)(i) .

“ Book Entry Company Share ” has the meaning set forth in Section 4.01(a) .

“ Book Entry Parent Shares ” means uncertificated Parent Shares represented by book entry.

“ Burdensome Condition ” has the meaning set forth in Section 6.05(a)(ii) .

“ Business Day ” means any day ending at 11:59 p.m. (Eastern Time), other than a Saturday or Sunday or a day on which banks are required or authorized to close in the City of New York.

“ Bylaws ” has the meaning set forth in Section 2.02(a) .

“ Capitalization Date ” has the meaning set forth in Section 5.01(b)(i) .

“ Certificate ” has the meaning set forth in Section 4.01(a) .

“ Certificate of Formation ” has the meaning set forth in Section 2.01(b) .

“ Certificate of Merger ” has the meaning set forth in Section 1.03(a) .

“ Charter ” has the meaning set forth in Section 2.01 .

“ Closing ” has the meaning set forth in Section 1.02 .

“ Closing Date ” has the meaning set forth in Section 1.02 .

“ Code ” means the United States Internal Revenue Code of 1986, as amended.

“ Commerce Department ” means the United States Department of Commerce.

“ Company ” has the meaning set forth in the Preamble.

“ Company Benefit Plan ” means (a) all “employee benefit plans” (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA) and (b) all other compensation or benefit plans, programs, policies, practices, agreements or other arrangements, whether or not subject to ERISA, including, all cash, equity-based, incentive, bonus, employment, consulting, retention, change of control, health, medical, dental, disability, accident, life insurance, vacation, relocation, loan, fringe benefit, severance, retirement, supplemental retirement, profit sharing, pension, deferred compensation, defined contribution, savings, or termination plans, programs, policies, practices agreements or other arrangements, in each case of paragraphs (a)  and (b), that are sponsored, maintained, contributed to or required to be contributed to by the Company or any of its Subsidiaries, or with respect to which the Company or any of its Subsidiaries has any current, potential, or contingent liability, in each case, for the benefit of any current or former employee, director, or individual independent contractor (or any dependent or beneficiary thereof).

“ Company Board ” has the meaning set forth in the Recitals.

“ Company Data ” means any and all data and information received, generated, collected, owned or processed by or on behalf of the Company in connection with the operation of its business.

“ Company Disclosure Letter ” has the meaning set forth in Section 5.01 .

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“ Company Intellectual Property ” means any and all Intellectual Property owned (or purported to be owned), in whole or in part, by the Company or any of its Subsidiaries, and includes all Registered IP.

“ Company Invested Entity ” has the meaning set forth in Section 5.01(b)(iii) .

“ Company Material Adverse Effect ” means any event, change, effect, development, state of facts, fact, condition, circumstance or occurrence that, individually or in the aggregate with all other events, changes, effects, developments, states of facts, fact, conditions, circumstances and occurrences, (a) would, or would reasonably be expected to, prevent, materially delay or materially impede the ability of the Company to consummate the Mergers and the other Transactions prior to the End Date or (b) is, or would reasonably be expected to be, materially adverse to the business, results of operations, or financial condition of the Company and its Subsidiaries, taken as a whole; provided that none of the following (or the results thereof) shall be taken into account, either alone or in combination, in determining whether a Company Material Adverse Effect has occurred for purposes of clause (b)  of this definition: (i) any changes in general United States or global economic conditions, (ii) any changes in the general conditions of the industries in which the Company and its Subsidiaries operate (including any change (on a current or forward basis) in the price of precious metals or rare earth metals or minerals, changes in commodity prices or general market prices affecting the mining industry generally), (iii) any decline in the market price or trading volume of the Company Shares, in and of itself ( provided that the exception in this clause (iii)  shall not prevent the underlying events, changes, effects, developments, states of facts, conditions, circumstances and occurrences giving rise to or contributing to such decline from being taken into account in determining whether there has been a Company Material Adverse Effect), (iv) any failure, in and of itself, by the Company to meet any internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial or operating metrics for any period ( provided that the exception in this clause (iv)  shall not prevent the underlying events, changes, effects, developments, states of facts, conditions, circumstances and occurrences giving rise to or contributing to such failure from being taken into account in determining whether there has been a Company Material Adverse Effect), (v) the negotiation, execution and delivery of this Agreement or the public announcement or pendency of the Mergers or any of the other Transactions ( provided that the exception in this clause (v)  shall not apply to any representation or warranty to the extent the purpose of such representation or warranty is to address the consequences resulting from the execution and delivery of this Agreement or the consummation of the Transactions), (vi) any change in applicable Law or GAAP (or authoritative interpretations or enforcement thereof), (vii) (A) any hurricane, tornado, earthquake, flood, fire, explosion, weather-related event, natural or man-made disaster, act of God or other force majeure events or occurrences, (B) epidemics, pandemics or disease outbreaks (including COVID-19) or the worsening thereof or applicable Laws (or the interpretation thereof) adopted in response thereto, or (C) any outbreak or escalation or worsening of hostilities, acts of war (whether or not declared), military actions, acts of insurrection, political unrest, riots or any act of sabotage or terrorism (foreign or domestic) including, in all cases of this clause (vii), the response of any Governmental Entities thereto, or (viii) any action taken by the Company or its Subsidiaries at Parent’s written request; except, in the cases of clauses (i), (ii), (vi) and (vii), to the extent that the Company and its Subsidiaries, taken as a whole, are disproportionately adversely affected thereby in any material respect as compared to other participants in the industries or geographies in which the Company and its Subsidiaries operate.

“ Company Preferred Shares ” has the meaning set forth in Section 5.01(b)(i) .

“ Company Recommendation ” has the meaning set forth in Section 5.01(c)(ii) .

“ Company Reports ” has the meaning set forth in Section 5.01(e)(i) .

“ Company Share ” has the meaning set forth in Section 4.01(a) .

“ Company Stock Plan ” means the Texas Mineral Resources Corp. Amended and Restated 2008 Stock Option Plan, as amended from time to time.

“ Company Stockholders Meeting ” has the meaning set forth in Section 6.04 .

“ Confidentiality Agreement ” has the meaning set forth in Section 9.07 .

“ Contract ” means any agreement, lease, license, contract, note, mortgage, indenture, arrangement, franchise, arrangement, commitment, understanding, joint venture, partnership, instrument, or other right or obligation (whether written or oral).

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“ D&O Insurance ” has the meaning set forth in Section 6.10(d) .

“ Delaware LLC Act ” has the meaning set forth in the Recitals.

“ DG ” means Daniel Gorski.

“ DG Promissory Note ” means that certain promissory note, dated as of December 5, 2024, by and between DG and the Company.

“ DG Promissory Note Payoff Agreement ” means an agreement, in form and substance reasonably satisfactory to Parent, between DG and Standard Silver that, upon the repayment of all amounts due under the DG Promissory Note as set forth therein in property, (i) the DG Promissory Note is terminated and shall be of no further force or effect, (ii) the holder thereof has released and discharged Standard Silver and its Affiliates (including, from and after the Effective Time, Parent and its Affiliates) from any and all claims, obligations, Liens and liabilities arising under or in connection with the DG Promissory Note, and (iii) the holder thereof shall have no further rights or claims against Standard Silver and its Affiliates (including, from and after the Effective Time, Parent and its Affiliates) arising under or in connection with the DG Promissory Note.

“ DG Transfer Instrument ” means such transfer and assignment agreement, grant, deed, bill of sale, or other document or instrument necessary to validly reconvey, transfer, and assign the Property (as defined in the DG Promissory Note Payoff Agreement), from Standard Silver to DG which such DG Transfer Instrument shall include indemnification provisions in favor of the Company and its Affiliates (including, from and after the Effective Time, Parent and its Affiliates) in respect of any and all liabilities to the extent arising out of, or relating to the DG Promissory Note Payoff Agreement and the DG Transfer Instrument in form and substance reasonably satisfactory to Parent.

“ DGCL ” has the meaning set forth in the Recitals.

“ Disclosure Letters ” has the meaning set forth in Section 5.02 .

“ DTC ” has the meaning set forth in Section 4.02(b) .

“ Effective Time ” has the meaning set forth in Section 1.03(a) .

“ End Date ” has the meaning set forth in Section 8.02(a) .

“ Environmental Claim ” means any claim, action, cause of action, suit, proceeding, investigation, removal or remedial action, request for information, decree, order, demand or notice (written or oral) by any Person alleging actual or potential liability (including, actual or potential liability for investigatory costs, cleanup costs, indemnification, governmental response costs, natural resources damages, remedial or other property damages, compliance or enforcement costs, personal injuries, attorneys’ or consultants’ fees or penalties) arising out of, based on, resulting from or relating to (a) the presence, Release of or exposure to any Hazardous Substance, or (b) circumstances forming the basis of any violation, or alleged violation, of any Environmental Law.

“ Environmental Law ” means Law relating to: (a) pollution or the protection, restoration, rehabilitation, mine closure, reclamation, remediation, investigation or restoration of the environment or natural resources, (b) the handling, disposal, use, presence, sale, distribution, marketing, labeling, importation, exportation, generation, treatment, storage, Release or threatened Release of, or contamination by, any Hazardous Substance, (c) health and safety relating to exposure to any hazardous, dangerous or toxic substances, or (d) consumer product, worker or environmental warnings as relates to exposure to hazardous, dangerous or toxic substances.

“ Environmental Permits ” has the meaning set forth in Section 5.01(l)(i) .

“ ERISA ” means the Employee Retirement Income Security Act of 1974.

“ ERISA Affiliate ” means all employers (whether or not incorporated) that would be treated together with any other employer (whether or not incorporated), as a “single employer” within the meaning of Section 414 of the Code.

“ Exchange Act ” means the Securities Exchange Act of 1934.

“ Exchange Agent ” has the meaning set forth in Section 4.02(a) .

“ Exchange Fund ” has the meaning set forth in Section 4.02(a) .

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“ Exchange Ratio ” means the quotient obtained by dividing (a) the Parent Share Consideration by (b) the aggregate number of Company Shares outstanding as of the Effective Time on a fully diluted basis.

“ Excluded Share ” has the meaning set forth in Section 4.01(a) .

“ First Merger ” has the meaning set forth in the Recitals.

“ First Merger Sub ” has the meaning set forth in the Preamble.

“ First Merger Sub Board ” has the meaning set forth in the Recitals.

“ GAAP ” means generally accepted accounting principles in the United States as of the date of this Agreement.

“ Government Official ” means any officer or employee of a Governmental Entity or any department, agency or instrumentality thereof, including state-owned entities, or of a public organization or any person acting in an official capacity for or on behalf of any such government, department, agency, or instrumentality or on behalf of any such public organization.

“ Governmental Entity ” has the meaning set forth in Section 5.01(d)(i) .

“ Hazardous Substance ” means any substance that is listed, classified or regulated pursuant to, or that may give rise to standards of conduct or liability under, any Environmental Law, including any petroleum product, compound or by-product, explosive material, volatile organic compounds, semi-volatile organic compounds, asbestos-containing material, lead-containing paint or plumbing, polychlorinated biphenyls, dioxins, heavy metals, per- and polyfluoroalkyl substances, mold, radioactive material and radon.

“ Indebtedness ” means, excluding the DG Promissory Note, with respect to any Person, without duplication, as of the date of determination: (a) all obligations of such Person for borrowed money, including accrued and unpaid interest, and any prepayment fees or penalties; (b) all obligations of such Person evidenced by bonds, debentures, indentures, notes or similar instruments; (c) all obligations of such Person issued or assumed as the deferred purchase price of property or service (including any potential future earn-out, purchase price adjustment, release of “holdback” or similar payment); (d) all lease obligations of such Person which have been or should be, in accordance with GAAP, recorded as capitalized lease liabilities; (e) all Indebtedness of others secured by a Lien on property or assets owned or acquired by such Person, whether or not the Indebtedness secured thereby have been assumed; (f) all obligations of such Person under interest rate, currency or commodity derivatives or hedging transactions or similar arrangement (valued at the termination value thereof); (g) all letters of credit, performance bonds or surety bonds issued for the account of such Person, to the extent drawn upon; (h) any earned, owed, or accrued, but unpaid, salaries, wages, or other compensation (including, severance) or unpaid expense reimbursements and accrued but unused vacation or similar paid time off, or any unfunded deferred compensation or pension or other defined benefit liability, and any employer-side payroll or similar Taxes thereon; (i) deferred or unpaid purchase price liabilities related to past acquisitions; (j) payment obligations arising in connection with earnouts, “seller financing” or other contingent payment obligations (other than contingent indemnification obligations that have not matured and as to which no claims have been made or, to the Knowledge of the Company, threatened); (k) all obligations of such person to purchase, redeem, retire, defease, or otherwise acquire for value any capital stock of such person or rights to acquire such capital stock; (l) direct or indirect guarantees or other contingent liabilities with respect to any indebtedness, obligation, claim or liability of any other person of a type described in clauses (a) through (k) above, and with respect to any indebtedness, obligation, claim or liability of a type described in clauses (a) through (1) above, all accrued and unpaid interest, premiums, penalties, breakage costs, unwind costs, fees, termination costs, redemption costs, expenses and other charges with respect thereto.

“ Indemnified Parties ” has the meaning set forth in Section 6.10(a) .

“ Insurance Policies ” has the meaning set forth in Section 5.01(q) .

“ Intellectual Property ” means any and all rights in or to any of the following anywhere in the world, whether registered or unregistered: (a) trademarks, service marks, brand names, certification marks, collective marks, d/b/a’s, Internet domain names, logos, symbols, trade dress, trade names, and other indicia of origin, all applications and registrations for the foregoing, and all goodwill associated therewith and symbolized thereby, including all renewals of same; (b) inventions and discoveries, whether patentable or not, and all patents, registrations, invention disclosures and applications therefor, including divisions, divisionals, continuations, continuations-in-part and renewal applications,

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renewals, extensions, validations, counterparts and reissues, and other Governmental Entity-issued indicia of invention ownership (including certificates of invention, petty patents, and patent utility models); (c) Trade Secrets; (d) published and unpublished works of authorship, whether copyrightable or not (including databases and other compilations of information), copyrights therein and thereto, and registrations and applications therefor, and all renewals, extensions, restorations and reversions thereof; (e) Internet domain names and social media accounts or user names; and (f) all other intellectual property or proprietary rights.

“ Intended Tax Treatment ” has the meaning set forth in the Recitals.

“ Intervening Event ” means any material change, event, fact, circumstance, condition, development or occurrence that first becomes known to the Company’s Board after the date of this Agreement and was not reasonably foreseeable by the Company’s Board as of the date of this Agreement; provided , however , that in no event shall any of the following constitute or be deemed to contribute to or otherwise be taken into account in determining whether there has been, an Intervening Event: (i) the receipt, existence or terms of any Acquisition Proposal, or any proposal or offer that would reasonably be expected to lead to an Acquisition Proposal, (ii) any changes in general United States or Global Market conditions, (iii) any changes in the general conditions of the industries in which the Company and its Subsidiaries or Parent and its Subsidiaries operate (including any change (on a current or forward basis) in the price of precious metals or rare earth metals or minerals, changes in commodity prices or general market prices affecting the mining industry generally) (iv) any outbreak of escalation of hostilities, any acts of war (whether or not declared), military actions, acts of insurrection, political unrest, riots or any act of sabotage or terrorism (foreign or domestic) including, in all cases of this clause (iv), the response of any Governmental Entities thereto, (v) (A) any hurricane, tornado, earthquake, flood, fire, explosion, weather related event, natural or man made disaster, act of God or other force majeure events or occurrences or (B) epidemics, pandemics or disease outbreaks (including COVID-19) or the worsening thereof or applicable Laws (or the interpretation thereof) adopted in response thereto, (vi) any change in applicable Law or GAAP (or authoritative interpretations thereof) after the date of this Agreement, (vii) any change in the market price or trading volume of the Company Shares or the Parent Shares, in and of itself, (viii) the Company or Parent, or any of their respective Subsidiaries, meeting or exceeding any applicable internal or published projections, forecasts, estimates or predictions of revenues, earnings or other financial or operating metrics for any period, or (ix) any failure, in and of itself, by the Company or Parent to meet any applicable internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial or operating metrics for any period.

“ IRS ” means the United States Internal Revenue Service.

“ Knowledge ” means (a) with respect to the Company, the actual knowledge after reasonable inquiry of the individuals listed in Section 10.01(b)  of the Company Disclosure Letter and (b) with respect to Parent, the actual knowledge after reasonable inquiry of the individuals listed in Section 10.01(a)  of the Parent Disclosure Letter.

“ Law ” has the meaning set forth in Section 5.01(j)(i) .

“ Leased Real Property ” has the meaning set forth in Section 5.01(s)(ii) .

“ Licenses ” has the meaning set forth in Section 5.01(j)(i) .

“ Lien ” means any lien (statutory, regulatory, or otherwise), charge, pledge, hypothecation, mortgage, lease, restriction, covenant, title defect, assignment, encumbrance, adverse right, community or material property interest, claim, option, right of first refusal, preemptive right or security interest of any kind or nature whatsoever, including reclamation obligations and any restriction on the voting or transfer of any security (except for those imposed by applicable securities Laws).

“ LLCA ” has the meaning set forth in Section 2.02(b) .

“ Material Contract ” means with respect to the Company and its Subsidiaries, any of the following Contracts:

(i) that is or would be required to be filed by the Company as a “material contract” pursuant to Item 601(b)(10) of Regulation S-K under the Securities Act;

(ii) pursuant to which the Company or any Subsidiary of the Company has any material continuing “earn-out” or other contingent payment obligations arising in connection with the acquisition or disposition by the Company or any of its Subsidiaries;

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(iii) containing any standstill or similar provision remaining in effect pursuant to which the Company or any Subsidiary of the Company has agreed not to acquire securities or material assets of another Person;

(iv) relating to any issuance or potential issuance of any securities of the Company or any of its Subsidiaries;

(v) with a Governmental Entity;

(vi) that (A) limits in any material respect either the type of business in which the Company or its Subsidiaries (or in which Parent or any of its Subsidiaries after the Effective Time) may engage or the manner or locations in which any of them may so engage in any business (including through “non-competition” or “exclusivity” provisions), (B) would require the disposition of any material assets or line of business of the Company or its Subsidiaries or, after the Effective Time, Parent or its Subsidiaries, or (C) grants “most favored nation” status that, following the Transactions, would apply to Parent or any of its Subsidiaries, including the Surviving Corporation and its Subsidiaries and the Surviving Company and its Subsidiaries;

(vii) that, (A) is an indenture, loan or credit Contract, security agreement, bond, loan note, mortgage Contract, letter of credit or other Contract representing or otherwise in respect of or relating to Indebtedness of the Company or any Subsidiary of the Company in an outstanding principal amount in excess of $50,000, individually or in the aggregate, (B) is a guarantee by the Company or any Subsidiary of the Company of Indebtedness or any other obligation of any Person other than the Company or a wholly owned Subsidiary of the Company in excess of $50,000, individually or in the aggregate, or (C) provide for any Lien on any asset of the Company or any Subsidiary of the Company;

(viii) involving the guarantee, assumption or acting as a surety by the Company or any of its Subsidiaries in respect of any liabilities or obligations of another Person (including letters of credit, surety bonds, credit assurances, agreements relating to the posting of cash collateral, certificates of deposit, or any other type of credit or financial support provided by the Company or any of its Subsidiaries);

(ix) that, excluding any agreement between the Parties or their Affiliates with respect to RT, grants (A) rights of first refusal, rights of first negotiation or similar pre-emptive rights, or (B) puts, calls or similar rights, to any Person (other than the Company or a wholly owned Subsidiary of the Company), in each case with respect to any asset that is material to the Company or any of its Subsidiaries;

(x) that was entered into to settle any litigation and which imposes ongoing obligations on the Company or included any acknowledgement of guilt or liability;

(xi) limiting or restricting the ability of the Company or any of its Subsidiaries to declare or pay dividends or make distributions in respect of their capital stock, partner interests, membership interests or other equity interests;

(xii) pursuant to which (A) the Company or any of its Subsidiaries grants to any third party any license, release, covenant not to sue or similar right with respect to Company Intellectual Property, (B) the Company or any of its Subsidiaries receives a license, release, covenant not to sue or similar right with respect to any material Intellectual Property owned by a third party, (C) any Third Party has developed or has been engaged by the Company or any of its Subsidiaries to develop any Intellectual Property for or on behalf of the Company or any of its Subsidiaries; or (D) is entered into to settle or resolve any Intellectual Property related dispute or otherwise affecting the Company’s or any of its Subsidiaries’ rights to use or enforce any Company Intellectual Property, including settlement agreements, coexistence agreements, covenant not to sue agreements, and consent to use agreements; in each of (A) to (D) above, excluding any and all (v) non-negotiated, standard form licenses pertaining to open source software; (w) non-exclusive licenses incidental to the lease, sale or purchase of products or services; (x) non-exclusive outbound licenses granted to customers and suppliers in the ordinary course of business; (y) inbound licenses of generally commercially available, off-the-shelf software in object code form; and (z) employee, independent contractor, sub-contractor, or consultant agreements and nondisclosure agreements entered into in the ordinary course of business on the Company’s or its Subsidiaries’ standard forms;

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(xiii) excluding any agreement between the parties with respect to RT, that is a partnership, limited liability company, joint venture, profit-sharing, or other similar agreement or arrangement relating to the formation, creation, operation, management or control of any partnership, limited liability company or joint venture in which the Company owns, directly or indirectly, any voting or economic interest of 10% or more, other than with respect to any wholly owned Subsidiary of the Company;

(xiv) that relates to the acquisition or disposition of any business, assets, or equity of the Company or any of its Subsidiaries in each case, whether by merger, scheme of arrangement, purchase or sale of stock or assets or otherwise, in excess of $50,000;

(xv) that requires or is expected to require in the next year aggregate annual payments by or to the Company or any of its Subsidiaries in excess of $50,000;

(xvi) that obligates the Company and its Subsidiaries to provide continuing indemnification or a guarantee of obligations of a third party after the date hereof in excess of $50,000;

(xvii) that is a contractual royalty, production payment, net profits, earn-out or similar contract on a material property of such Party that has a value or expected value in excess of $50,000 from the date hereof;

(xviii) involving any exchange traded, over-the-counter or other swap, cap, floor, collar, futures contract, forward contract, option or any other derivative financial instrument or contract including commodities;

(xix) that purports to limit or contains covenants expressly limiting in any material respect the freedom of the Company or any of its Subsidiaries to: (A) compete with any Person in a product line or line of business; (B) operate in any geographic area; (C) solicit customers; including any non-competition covenants, employee and customer non-solicit covenants, exclusivity restrictions, rights of first refusal or most-favored pricing clauses or (D) to purchase or acquire an interest in any other Person;

(xx) (other than those made in the ordinary course): (A) that provide for the grant of any preferential rights to purchase or lease any tangible asset of the Company or any of its Subsidiaries; or (B) provide for any exclusive right to sell or distribute any material product or service of the Company or any of its Subsidiaries;

(xxi) that obligates the Company and its Subsidiaries to make any capital commitment or expenditure in excess of $50,000 excluding any agreement between the Parties or their Affiliates with respect to RT;

(xxii) under which the Company or any of its Subsidiaries has advanced or loaned any amount of money to any of its officers, directors, employees or consultants, in each case with a principal amount in excess of $50,000;

(xxiii) with any of the top ten (10) vendors, suppliers, distributors, or other service provider (excluding legal, accounting, tax and similar professional service providers whose Contracts may be cancelled without material liability to the Company or its Subsidiaries upon notice of 90 days or less) to the Company and its Subsidiaries, taken as a whole, determined on the basis of spend, by the Company and its Subsidiaries, taken as a whole, for the twelve (12) months ended August 31, 2025;

(xxiv) with any of the top ten (10) customers of the Company and its Subsidiaries, taken as a whole, determined on the basis of revenue, by the Company and its Subsidiaries, taken as a whole, for the twelve (12) months ended August 31, 2025;

(xxv) any Contract that requires the Company, its Subsidiaries or any third party to either take delivery of goods or pay a specified amount (a “take-or-pay” Contract);

(xxvi) relating to or involving Mining Rights; or

(xxvii) that is otherwise material to the Company and its Subsidiaries, taken as a whole.

“ Mergers ” has the meaning set forth in the Recitals.

“ Merger Consideration ” has the meaning set forth in Section 4.01(a) .

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“ Merger Subs ” has the meaning set forth in the Preamble.

“ Mining Rights ” has the meaning set forth in Section 5.01(s)(iii) .

“ Multiemployer Plan ” means a “multiemployer plan” within the meaning of Section 4001(a)(3) of ERISA.

“ Nasdaq ” means the Nasdaq Global Market.

“ Notice Period ” has the meaning set forth in Section 6.02(g)(ii) .

“ Order ” means any order, writ, assessment, decision, injunction (whether temporary, preliminary or permanent), decree, judgment, ruling, award, settlement or stipulation issued, promulgated or entered into by or with any Governmental Entity.

“ OTC ” means OTC Markets Group, Inc., the operator of OTCQB and other quotation marketplaces (or any successors to any of the foregoing).

“ OTCQB ” means the OTCQB® Venture Market operated by the OTC (or any successor to the foregoing).

“ Owned Real Property ” has the meaning set forth in Section 5.01(s)(i) .

“ Parent ” has the meaning set forth in the Preamble.

“ Parent Board ” has the meaning set forth in the Recitals.

“ Parent Disclosure Letter ” has the meaning set forth in Section 5.02 .

“ Parent Material Adverse Effect ” means any event, change, effect, development, state of facts, fact, condition, circumstance or occurrence that, individually or in the aggregate with all other events, changes, effects, developments, states of facts, fact, conditions, circumstances and occurrences, (a) would, or would reasonably be expected to, prevent, materially delay or materially impede the ability of Parent to consummate the Mergers and the other Transactions prior to the End Date or (b) is, or would reasonably be expected to be, materially adverse to the business, results of operations or financial condition of Parent and its Subsidiaries, taken as a whole; provided that none of the following (or the results thereof) shall be taken into account, either alone or in combination, in determining whether a Parent Material Adverse Effect has occurred for purposes of clause b of this definition: (i) any changes in general United States or global economic conditions, (ii) any changes in the general conditions of the industries in which Parent and its Subsidiaries operate (including any change (on a current or forward basis) in the price of precious metals or rare earth metals or minerals, changes in commodity prices or general market prices affecting the mining industry generally), (iii) any decline in the market price or trading volume of the Parent Shares, in and of itself ( provided that the exception in this clause (iii) shall not prevent the underlying events, changes, effects, developments, states of facts, conditions, circumstances and occurrences giving rise to or contributing to such decline from being taken into account in determining whether there has been a Parent Material Adverse Effect), (iv) any failure, in and of itself, by Parent to meet any internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial or operating metrics for any period ( provided that the exception in this clause (iv) shall not prevent the underlying events, changes, effects, developments, states of facts, conditions, circumstances and occurrences giving rise to or contributing to such failure from being taken into account in determining whether there has been a Parent Material Adverse Effect), (v) the negotiation, execution and delivery of this Agreement or the public announcement or pendency of the Mergers or any of the other Transactions (provided that the exception in this clause (v) shall not apply to any representation or warranty to the extent the purpose of such representation or warranty is to address the consequences resulting from the execution and delivery of this Agreement or the consummation of the Transactions), (vi) any change in applicable Law or GAAP (or authoritative interpretations or enforcement thereof), (vii) (A) any hurricane, tornado, earthquake, flood, fire, explosion, weather-related event, natural or man-made disaster, act of God or other force majeure events or occurrences, (B) epidemics, pandemics or disease outbreaks (including COVID-19) or the worsening thereof or applicable Laws (or the interpretation thereof) adopted in response thereto, or (C) any outbreak or escalation or worsening of hostilities, acts of war (whether or not declared), military actions, acts of insurrection, political unrest, riots or any act of sabotage or terrorism (foreign or domestic) including, in all cases of this clause (vii), the response of any Governmental Entities thereto, or (viii) any action taken by Parent or its Subsidiaries at Company’s written request; except, in the cases of clauses (i), (ii), (vi) and (vii), to the extent that Parent and its Subsidiaries, taken as a whole, are disproportionately adversely affected thereby in any material respect as compared to other participants in the industries or geographies in which Parent and its Subsidiaries operate.

Annex A-58

Table of Contents

“ Parent Preferred Stock ” has the meaning set forth in Section 5.02(b)(i) .

“ Parent Reports ” has the meaning set forth in Section 5.02(e)(i) .

“ Parent Share ” means the common stock, par value $0.0001 per share, of Parent.

“ Parent Share Consideration ” means 3,823,328 Parent Shares.

“ Parent Stock Plan ” has the meaning set forth in Section 5.02(b)(i) .

“ Parties ” has the meaning set forth in the Preamble.

“ Party ” has the meaning set forth in the Preamble.

“ Permitted Lien ” means (a) any Lien for Taxes not yet due and payable or which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been established in the applicable financial statements in accordance with GAAP, (b) vendors’, mechanics’, materialmen’s, carriers’, workers’, landlords’, repairmen’s, warehousemen’s, construction and other similar Liens arising or incurred in the ordinary and usual course of business consistent with past practice or with respect to liabilities that are not yet due and payable or, if due, are not delinquent or are being contested in good faith by appropriate proceedings and for which adequate reserves have been set aside for the payment thereof, (c) Liens imposed by applicable Law with respect to the Owned Real Property or Leased Real Property (e.g., zoning and building restrictions), (d) Liens or deposits in connection with workers’ compensation, unemployment insurance, and other social security legislation, (e) Liens relating to intercompany borrowings among a Person and its wholly owned Subsidiaries, (f) defects, irregularities or imperfections of title which do not materially interfere with, or materially impair the use of, the property or assets subject thereto, (g) Liens that constitute non-exclusive licenses to Intellectual Property granted to customers or suppliers in the ordinary course of business, (h) Liens that will be terminated in connection with or prior to Closing or (i) Liens in connection with any agreement between the Parties or their Affiliates with respect to RT.

“ Person ” means any individual, corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization, Governmental Entity or other entity of any kind or nature.

“ Personal Information ” shall mean any information relating to an identified or identifiable natural person or an identified or identifiable legal entity (which such information is similarly protected as Personal Information under applicable law); an identifiable person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier, or to one or more factors specific to his or her physical, physiological, genetic, mental, economic, cultural or social identity.

“ Prospectus/Proxy Statement ” has the meaning set forth in Section 6.03(a) .

“ Real Property ” has the meaning set forth in Section 5.01(s)(ii) .

“ Real Property Lease ” has the meaning set forth in Section 5.01(s)(ii) .

“ Registered IP ” has the meaning set forth in Section 5.01(o)(i) .

“ Release ” means disposing, discharging, injecting, spilling, leaking, pumping, pouring, leaching, dumping, emitting, placing, discarding, abandoning, escaping or emptying into or upon the indoor or outdoor environment, including any soil, sediment, subsurface strata, surface water, groundwater, ambient air, the atmosphere or any other media.

“ Representatives ” means, when used with respect to Parent, Merger Subs or the Company, the directors, officers, employees, consultants, financial advisors, accountants, legal counsel, investment bankers and other agents, advisors and representatives of Parent, Merger Subs, or the Company, as applicable, and its respective Subsidiaries.

“ Requisite Company Vote ” has the meaning set forth in Section 5.01(c)(i) .

“ RT ” means Round Top Mountain Development, LLC, a Delaware limited liability company.

“ RT LLC Agreement ” means the Amended and Restated Limited Liability Company Agreement of RT between and among Parent, Company and RT dated June 26, 2023.

Annex A-59

Table of Contents

“ S-4 Registration Statement ” has the meaning set forth in Section 6.03(a) .

“ Sanctioned Country ” has the meaning set forth in Section 5.01(j)(iv) .

“ Sanctions ” has the meaning set forth in Section 5.01(j)(iv) .

“ Sarbanes-Oxley Act ” has the meaning set forth in Section 5.01(e)(i) .

“ SEC ” means the United States Securities and Exchange Commission.

“ Second Effective Time ” has the meaning set forth in Section 1.03(b) .

“ Second Merger ” has the meaning set forth in the Recitals.

“ Second Merger Sub ” has the meaning set forth in the Preamble.

“ Second Step Certificate of Merger ” has the meaning set forth in Section 1.03(b) .

“ Securities Act ” means the Securities Act of 1933.

“ Security Breach ” means, with respect to the Company or its Subsidiaries, any event or circumstance in which any Person gains unauthorized access to or engages in unauthorized processing of (A) any Personal Information, Company Data or confidential information related to the Company and its Subsidiaries and held by the Company and its Subsidiaries or any other Person on their behalf; or (B) any databases, computers, servers, storage media (e.g., backup tapes), network devices or other devices or systems that process Personal Information, Company Data or confidential information related to the Company and its Subsidiaries and owned or maintained by the Company and its Subsidiaries, their customers or vendors, or any other Persons on their behalf.

“ Significant Subsidiary ” is as defined in Rule 1.02(w) of Regulation S-X promulgated pursuant to the Exchange Act.

“ Specified Event Notice ” has the meaning set forth in Section 6.02(g)(i) .

“ Standard Silver ” means Standard Silver Corp., a Delaware corporation and wholly owned Subsidiary of the Company.

“ Subsidiary ” means, when used with respect to any Person, any corporation, partnership, limited liability company or other organization, whether incorporated or unincorporated, of which (a) such Person or any of its Subsidiaries is a general partner or holds a majority of the voting interests of a partnership, (b) at least a majority of the securities or ownership interests having by their terms ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions is directly or indirectly owned or controlled by such Person or by one or more of its Subsidiaries, or (c) that is required to be consolidated in such Person’s financial statements under GAAP; provided, that, for the avoidance of doubt, RT shall not be considered a Subsidiary of the Company for purposes of this definition.

“ Superior Proposal ” means an unsolicited bona fide written Acquisition Proposal (but substituting “50%” for all references to “20%” in the definition of such term) that did not result from a violation of Section 6.02 and that the Company Board has determined in its good faith judgment, after consultation with its outside legal counsel and financial advisor, and taking into account the terms and conditions and all other relevant factors (including all legal, financial and regulatory aspects of the proposal, the certainty of financing or available proceeds for such a proposed transaction, the Person making the proposal), would be more favorable to the Company’s stockholders from a financial point of view than the transaction contemplated by this Agreement (after taking into account (a) any revisions to the terms of this Agreement that Parent has committed in writing to make pursuant to Section 6.02(f)(iii)  and (b) the certainty of completion and the time likely to be required to consummate such Acquisition Proposal).

“ Surviving Company ” has the meaning set forth in Section 1.01(b) .

“ Surviving Corporation ” has the meaning set forth in Section 1.01(a) .

“ Takeover Statute ” has the meaning set forth in Section 5.01(k) .

Annex A-60

Table of Contents

“ Tax ” means all federal, state, local and foreign income, profits, franchise, gross receipts, alternative minimum, environmental, customs duty, license, capital stock, severance, stamp, payroll, sales, employment, unemployment, social security, disability, use, property, withholding, excise, production, value added, ad valorem, occupancy, transfer, registration, goods and services, abandonment or unclaimed property, escheat, estimated or other taxes or governmental fees, duties or assessments, in each case in the nature of a tax, together with all interest, penalties and additions imposed with respect to such amounts and any interest in respect of such penalties and additions, whether disputed or not.

“ Tax Return ” means all returns, reports and documents (including elections, declarations, disclosures, schedules, estimates, claims for refund and information returns) or other information or filing supplied to or required to be supplied to a Taxing Authority relating to Taxes or Tax matters, including any amendment or attachment thereto.

“ Taxing Authority ” means any Governmental Entity having jurisdiction in matters relating to Taxes.

“ Termination Fee ” has the meaning set forth in Section 8.05(b)(i) .

“ Third Party ” has the meaning set forth in Section 6.02(a)(ii) .

“ Trade Laws ” means any Law concerning the importation, exportation, re-exportation or deemed exportation of products, technical data, technology and/or services, and the terms and conduct of transactions and making or receiving of payment related to such importation, exportation, re-exportation or deemed exportation, including, but not limited to, as applicable, (a) the Tariff Act of 1930, and the Laws, regulations, and programs administered or enforced by the Commerce Department, the United States International Trade Commission, United States Customs and Border Protection, United States Immigration and Customs Enforcement and their predecessor agencies, (b) the Export Administration Act of 1979, (c) the Export Administration Regulations, including related restrictions with regard to transactions involving persons and entities on the Commerce Denied Persons List or Entity List, (d) the Arms Export Control Act, (d) the International Traffic in Arms Regulations, including related restrictions with regard to transactions involving persons and entities on the Debarred List, (e) the International Emergency Economic Powers Act, (f) the Trading With the Enemy Act, (g) the embargoes and restrictions administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control and the U.S. Department of State, (h) orders of the President of the United States regarding embargoes and restrictions on transactions with designated countries and entities, including but not limited to Persons and entities designated on the Specially Designated Nationals and Blocked Persons List, the Foreign Sanctions Evaders List and the Sectoral Sanctions Identifications List, and (i) the anti-boycott regulations administered by the U.S. Commerce Department and the U.S. Treasury Department.

“ Trade Secrets ” means all confidential or proprietary information, trade secrets and know-how, including processes, schematics, business methods, formulae, drawings, prototypes, models, designs, customer lists and supplier lists, and all rights therein or thereto.

“ Transaction Litigation ” has the meaning set forth in Section 6.12 .

“ Transactions ” has the meaning set forth in the Recitals.

“ Treasury Regulations ” means the United States Treasury regulations promulgated under the Code.

“ Voting and Support Agreements ” has the meaning set forth in the Recitals.

“ WARN Act ” has the meaning set forth in Section 5.01(n)(ii) .

“ Willful Breach ” means a material breach of this Agreement that is a consequence of an act or failure to act undertaken or omitted to be taken by the breaching Party with the actual knowledge that the taking of such act or failure to take such act would constitute a material breach of this Agreement.

(Signature Pages Follow)

Annex A-61

Table of Contents

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized officers of the Parties as of the date first written above.

TEXAS MINERAL RESOURCES CORP.

By

/s/ Daniel E. Gorski

Name:

Daniel E. Gorski

Title:

Chief Executive Officer

[ Signature Page to Merger Agreement ]

Annex A-62

Table of Contents

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized officers of the Parties as of the date first written above.

USA RARE EARTH, INC.

By

/s/ David Kronenfeld

Name:

David Kronenfeld

Title:

Chief Legal Officer

HAMER MERGER SUB, INC.

By

/s/ David Kronenfeld

Name:

David Kronenfeld

Title:

President, Secretary, Treasurer

HAMER MERGER SUB, LLC

by: USA Rare Earth, Inc., its Sole Member

By

/s/ David Kronenfeld

Name:

David Kronenfeld

Title:

Chief Legal Officer

[ Signature Page to Merger Agreement ]

Annex A-63

Table of Contents

EXHIBIT A

Form of Certificate of Merger

[Attached]

Annex A-64

Table of Contents

CERTIFICATE OF MERGER

OF

HAMER MERGER SUB, INC.

WITH AND INTO

TEXAS MINERAL RESOURCES CORP.

Pursuant to Title 8, Section 251(c) of the General Corporation Law of the State of Delaware (the “ DGCL ”), Texas Mineral Resources Corp., a Delaware corporation (the “ Corporation ”), hereby certifies the following information relating to the merger of Hamer Merger Sub, Inc., a Delaware corporation (“ Merger Sub ”), with and into the Corporation (the “ Merger ”):

FIRST: The name and jurisdiction of incorporation, of each of the constituent entities (the “ Constituent Entities ”) in the Merger are:

Name

Jurisdiction of Incorporation

Texas Mineral Resources Corp.

Delaware

Hamer Merger Sub, Inc.

Delaware

SECOND: The Agreement and Plan of Merger, dated as of March [•], 2026, by and among the Corporation, USA Rare Earth, Inc., a Delaware corporation, Merger Sub, and Hamer Merger Sub, LLC, a Delaware limited liability company (the “ Merger Agreement ”), setting forth the terms and conditions of the Merger, has been approved, adopted, certified, executed and acknowledged by each of the Constituent Entities in accordance with the requirements of Title 8, Section 251(c) of the DGCL.

THIRD: The Constituent Entity surviving the Merger shall be Texas Mineral Resources Corp. (the “ Surviving Corporation ”), which shall continue its existence as a corporation governed under the laws of the State of Delaware.

FOURTH: At the Effective Time, the certificate of incorporation of the Surviving Corporation in effect immediately prior to the Effective Time shall be amended and restated in its entirety to read as set forth on Exhibit A attached hereto and, as so amended and restated, shall be the Certificate of Incorporation of the Surviving Corporation at (and with effect from and after) the Effective Time until further amended pursuant to the DGCL.

FIFTH: The Merger shall be effective on [•], 2026, at [•] AM Eastern Time (the “ Effective Time ”).

SIXTH: The executed Merger Agreement is on file at a place of business of the Surviving Corporation, located at 100 West Airport Road, Stillwater, Oklahoma 74075.

SEVENTH: A copy of the Merger Agreement will be furnished by the Surviving Corporation, on request and without cost, to any stockholder of either of the Constituent Entities.

[ Signature page follows ]

*****

Annex A-65

Table of Contents

IN WITNESS WHEREOF, the undersigned has caused this Certificate of Merger to be duly executed as of the date first written above.

Texas Mineral Resources Corp.

By:

Name:

Title:

Authorized Signatory

Annex A-66

Table of Contents

Exhibit A

AMENDED AND RESTATED

CERTIFICATE OF INCORPORATION

See attached.

Annex A-67

Table of Contents

EXHIBIT B

Surviving Corporation Certificate of Incorporation

[Attached]

Annex A-68

Table of Contents

AMENDED AND RESTATED

CERTIFICATE OF INCORPORATION

OF

TEXAS MINERAL RESOURCES CORP.

____________________________________________

FIRST: The name of the Corporation (the “ Corporation ”) is

Texas Mineral Resources Corp.

SECOND: The registered office of the Corporation in the State of Delaware is located at 1521 Concord Pike, Suite 201, Wilmington, Delaware 19803. The name of its registered agent in the State of Delaware at such address is Corporate Creations Network Inc.

THIRD: The purpose of the Corporation is to engage, directly or indirectly, in any lawful act or activity for which corporations may be organized under the DGCL.

FOURTH: The total authorized capital stock of the Corporation shall be 100 shares of common stock, $0.01 par value per share.

FIFTH: The business of the Corporation shall be managed under the direction of the Board of Directors of the Corporation (the “ Board of Directors ”) except as otherwise provided by law. The number of directors of the Corporation shall be fixed from time to time by, or in the manner provided in, the By-Laws of the Corporation (the “ By-Laws ”). Election of directors need not be by written ballot unless the By-Laws shall so provide.

SIXTH: The Board of Directors may make, alter or repeal the By-Laws except as otherwise provided in the By-Laws adopted by the Corporation’s stockholders.

SEVENTH: The directors shall be protected from personal liability, through indemnification or otherwise, to the fullest extent permitted under the DGCL.

1. A director shall under no circumstances have any personal liability to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director except for those breaches and acts or omissions with respect to which the DGCL expressly provides that this provision shall not eliminate or limit such personal liability of directors. Neither the modification or repeal of this paragraph 1 of Article SEVENTH nor any amendment to the DGCL that does not have retroactive application shall limit the right of the directors hereunder to exculpation from personal liability for any act or omission occurring prior to such amendment, modification or repeal.

2. The Corporation shall indemnify each director and officer of the Corporation (including the heirs, executors, administrators and other personal representatives of such person) to the fullest extent permitted by applicable law, except as may be otherwise provided in the By-Laws, and in furtherance hereof the Board of Directors is expressly authorized to amend the By-Laws from time to time to give full effect hereto, notwithstanding possible self-interest of the directors in the action being taken. Neither the modification or repeal of this paragraph 2 of Article SEVENTH nor any amendment to the DGCL that does not have retroactive application shall limit the right of the directors and the officers to indemnification hereunder with respect to any act or omission occurring prior to such modification, amendment or repeal.

3. Expenses, including attorneys’ fees, judgments, fines and amounts paid in settlement, actually and reasonably incurred by any person who may have a right of indemnification under this Article SEVENTH in defending any threatened, pending or completed suit, action or proceeding (whether civil, criminal, administrative or investigative in nature or otherwise) may be paid by the Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the director, officer, employee or agent defendant to repay such amount where the director, officer, employee or agent defendant has been adjudged to have engaged in intentional acts of willful misconduct, acts or omissions not in good faith, or acts or omissions which are knowing violations of law.

EIGHTH: The Corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate of Incorporation in the manner now or hereafter prescribed by statute, and all rights conferred herein upon the Corporation’s stockholders, directors and officers are granted subject to this reservation.

    *

Annex A-69

Table of Contents

EXHIBIT C

Form of Second Step Certificate of Merger

[Attached]

Annex A-70

Table of Contents

CERTIFICATE OF MERGER

OF

TEXAS MINERAL RESOURCES CORP.

WITH AND INTO

HAMER MERGER SUB, LLC

Pursuant to Title 8, Section 264(c) of the Delaware General Corporation Law (the “ DGCL ”) and Section 18-209(c) of the Delaware Limited Liability Company Act (the “ Act ”), Hamer Merger Sub, LLC, a Delaware limited liability company (“ Merger Sub ”), in connection with the merger of Texas Mineral Resources Corp., a Delaware corporation (the “ Company ”), with and into Merger Sub (the “ Merger ”), hereby certifies as follows:

FIRST: The names and states of formation or incorporation, as applicable, of the constituent entities to the Merger (the “ Constituent Entities ”) are:

Name

Jurisdiction of Formation or Incorporation

Hamer Merger Sub, LLC

Delaware

Texas Mineral Resources Corp.

Delaware

SECOND: An Agreement and Plan of Merger, dated as of March [•], 2026, by and among USA Rare Earth, Inc., a Delaware corporation, Merger Sub, Hamer Merger Sub, Inc., a Delaware corporation (“ Merger Sub ”), and the Company (the “ Merger Agreement ”), has been approved, adopted, certified, executed and acknowledged by each of the Constituent Entities in accordance with the DGCL and the Act.

THIRD: At the Effective Time, Merger Sub shall be the surviving entity (the “ Surviving Entity ”), and the name of the Surviving Entity shall be “DyTb, LLC”.

FOURTH: At the Effective Time, the certificate of formation of Merger Sub in effect immediately prior to the Effective Time shall be amended and restated in its entirety to read as set forth on Exhibit A attached hereto and, as so amended and restated, shall be the certificate of formation of the Surviving Entity at (and with effect from and after) the Effective Time until further amended pursuant to the Act.

FIFTH: The Merger shall be effective on [•], 2026, at [•] AM Eastern Time (the “ Effective Time ”).

SIXTH: An executed copy of the Merger Agreement is on file at an office of the Surviving Entity at 100 West Airport Road, Stillwater, Oklahoma 74075.

SEVENTH: An executed copy of the Merger Agreement will be furnished by the Surviving Entity, on request and without cost, to any member or stockholder, as applicable, of either of the Constituent Entities.

*

Annex A-71

Table of Contents

IN WITNESS WHEREOF, the undersigned has caused this Certificate of Merger to be duly executed as of the date first written above.

Texas Mineral Resources Corp.

By:

Name:

David Kronenfeld

Title:

Authorized Signatory

Annex A-72

Table of Contents

Exhibit A

AMENDED AND RESTATED

CERTIFICATE OF FORMATION

[see attached]

Annex A-73

Table of Contents

EXHIBIT D

Surviving Company Certificate of Formation

[Attached]

Annex A-74

Table of Contents

AMENDED AND RESTATED

CERTIFICATE OF FORMATION

OF

DYTB, LLC

A DELAWARE LIMITED LIABILITY COMPANY

1. Name . The name of the limited liability company formed and continued hereby is DyTb, LLC (the “ Company ”).

2. Registered Office and Registered Agent . The Company’s registered office in the State of Delaware is located at 1521 Concord Pike, Suite 201, in the City of Wilmington, New Castle County, Delaware 19803. The registered agent of the Company for service of process is Corporate Creations Network Inc. located at 1521 Concord Pike, Suite 201, in the City of Wilmington, New Castle County, Delaware 19803.

    *

Annex A-75

Table of Contents

ANNEX B

Opinion of Roth Capital Partners, LLC

March 4, 2026

Board of Directors

Texas Mineral Resources Corp.

527 21 st Street

Galveston, TX 77550

Members of the Board of Directors:

Roth Capital Partners, LLC (“Roth,” “us” or “we”) understands that Texas Mineral Resources Corp., a Delaware corporation (the “Company”), proposes to enter into an Agreement and Plan of Merger substantially in the form of the Draft Merger Agreement (the “Merger Agreement”), by and among the Company, USA Rare Earth, Inc., a Delaware corporation (“Parent”), a newly formed Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), a newly formed Delaware corporation and a wholly owned subsidiary of Parent, and a newly formed Delaware limited liability company and a wholly owned subsidiary of Parent (“Second Merger Sub”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Merger Agreement.

As more specifically set forth in the Merger Agreement and the other agreements to be executed in connection therewith, and subject to the terms, conditions and adjustments set forth therein, the following transactions (collectively, the “Transaction”) are expected to be consummated at the Closing: (i) Merger Sub merge with and into the Company, with the Company continuing as the surviving corporation (the “Surviving Corporation”) and becoming a wholly owned subsidiary of Parent (the “First Merger), and each share of the common stock, par value $0.01 per share, of the Company (each, a “Company Share” and collectively, the “Company Shares”) issued and outstanding prior to the Effective Time other than Excluded Shares shall be converted into the right to receive a pro rata portion of the aggregate number of the shares of the common stock, par value $0.0001 per share, of Parent (each, a “Parent Share” and collectively, the “Parent Shares”) deemed to be the Parent Share Consideration, as determined in accordance with the Merger Agreement and which, for purposes of the opinion set forth herein, we have assumed is equal to 3,823,328 Parent Shares (the “Merger Consideration”); and (ii) as a second step in a single integrated transaction with the First Merger, the Surviving Corporation will merge with and into Second Merger Sub (the “Second Merger”), with Second Merger Sub surviving the Second Merger and continuing as a wholly owned subsidiary of Parent.

By virtue of the First Merger, each Company Share issued and outstanding prior to the Effective Time (other than Excluded Shares) will be converted into the right to receive a pro rata portion of the Parent Share Consideration, based on the Exchange Ratio set forth in the Merger Agreement (the “Merger Consideration”).

The Merger Consideration consists solely of Parent Shares, with cash payable in lieu of any fractional Parent Shares or as otherwise specified in the Merger Agreement. There is no collar or other price-based adjustment to the Exchange Ratio.

You have asked us to render an opinion, as of the date hereof, as to the fairness, from a financial point of view, of the Merger Consideration to be received by the Company’s shareholders in connection with the Transaction.

Annex B-1

Table of Contents

Board of Directors

Texas Mineral Resources Corp.

March 4, 2026

For purposes of the opinion set forth herein, we have, among other things:

i.       reviewed a draft of the Agreement and Plan of Merger, dated March 4, 2026 (the “Draft Merger Agreement”);

ii.     reviewed certain publicly available information relating to Parent, including: (i) reported prices and trading activity for Parent Shares; (ii) Parent’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and Parent’s subsequently filed Quarterly Reports on Form 10-Q; and (iii) equity research analyst estimates and target price ranges relating to Parent’s business, earnings, cash flow, assets, liabilities and prospects;

iii.  performed a discounted cash flow analysis of Parent based on publicly available equity research analyst forecasts and certain other assumptions, as directed by the Company’s management;

iv.     conducted discussions with members of the senior management of the Company concerning the business, operations, financial condition and prospects of the Company and its proportionate interest in the assets, liabilities, and operations of Round Top Mountain Development Company, LLC (the “Round Top Project”);

v.      reviewed certain publicly available information relating to the Company, including (i) reported prices and trading activity for Company Shares, (ii) the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2025, and the Company’s subsequently filed Quarterly Reports on Form 10-Q, and (iii) the Preliminary Economic Assessment of the Round Top Heavy Rare Earth, Lithium and Critical Minerals Project, Hudspeth County, Texas, commissioned by the Round Top Project and publicly available at https://tmrcorp.com/_resourc es/reports/TMRC-NI43-101-PEA-2019-16-August-2019.pdf (the “Preliminary Economic Assessment”);

vi.     reviewed financial projections and forecasts prepared by the management of the Company relating to the future performance of the Company and the Round Top Project, including the Company’s expected future ownership stake therein, and performed a discounted cash flow analysis based on such projections and forecasts;

vii. reviewed and analyzed certain publicly available financial and other information of selected publicly traded companies that we deemed relevant and compared such information to that of Parent and the Company;

viii.participated in discussions with representatives of the Board of Directors of the Company (the “Board of Directors”) and its legal advisors regarding the Company’s business, the Round Top Project, and certain other matters we deemed relevant for purposes of rendering this opinion; and

ix.     performed such other analyses, including detailed financial analyses, and considered such other factors as we deemed appropriate for the purpose of reviewing the proposed Transaction and rendering this opinion.

We have assumed and relied upon, without independent verification, the accuracy and completeness of the information that was publicly available or supplied or otherwise made available to us by or through the Board of Directors. We have further relied upon the assurances of the management of the Company that such information does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements contained therein not misleading in any material respect.

With respect to financial projections of the Company, we have been advised by the management of the Company, and we have assumed, with your consent, that such projections have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of the Company of the future financial performance of the Company. We express no view as to the assumptions on which such projections are based or the assumed probabilities associated with future events contemplated thereby.

Annex B-2

Table of Contents

Board of Directors

Texas Mineral Resources Corp.

March 4, 2026

We note that we were not provided with, and did not rely upon, any non-public financial projections or internal forecasts of Parent, including its interest in the Round Top Project, and our analyses of Parent and its interest in the Round Top Project were based solely upon publicly available information, including publicly filed reports and publicly available equity research analyst estimates.

In addition, we have assumed that the final executed Merger Agreement will not differ in any material respect from the Draft Merger Agreement reviewed by us and that the Transaction will be consummated in accordance with the terms set forth in the Merger Agreement without any waiver, amendment or delay of any terms or conditions. We have also assumed that, in connection with the receipt of all necessary governmental, regulatory or other approvals and consents required for the proposed Transaction, no delays, limitations, conditions or restrictions will be imposed that would have a material adverse effect on the Company or the contemplated benefits expected to be derived from the proposed Transaction.

We are not legal, tax, accounting or regulatory advisors. We have relied upon, without independent verification, the assessment of the Company and its legal, tax, accounting and regulatory advisors with respect to legal, tax, accounting and regulatory matters.

In arriving at our opinion, we have not performed any appraisals or valuations of any specific assets or liabilities (fixed, contingent or other) of the Company or Parent, and have not been furnished or provided with any such appraisals or valuations. Without limiting the generality of the foregoing, we have undertaken no independent analysis of any pending or threatened litigation, regulatory action, possible unasserted claims or other contingent liabilities, to which Parent, the Company or any of their respective affiliates is a party or may be subject, and at your direction and with your consent, our opinion makes no assumption concerning, and therefore does not consider, the possible assertion of claims, outcomes or damages arising out of any such matters.

We have assumed and relied upon, without independent verification, the accuracy and completeness of the information that was publicly available or supplied or otherwise made available to us by or through the Board of Directors with respect to the Round Top Project, including the information set forth in the Preliminary Economic Assessment. We have not conducted any independent technical or geological audit of the Round Top Project, and express no view on the technical feasibility thereof.

Our opinion addresses only the fairness, from a financial point of view, as of the date hereof, of the Merger Consideration to be received by the Company’s shareholders pursuant to the Merger Agreement. Our opinion does not in any manner address any other aspect or implication of the Merger Agreement or any agreement, arrangement or understanding entered into in connection with the Merger Agreement or otherwise, including, without limitation, the basic business decision to proceed with or effect the Transaction, the independent fair value of the Company, or the fairness of the amount or nature of any compensation to any officers, directors or employees of any party to the Merger Agreement, or any class of such persons, relative to the consideration in the Merger Agreement. Our opinion also does not address the relative merits of the Merger Agreement as compared to any alternative business strategies that might exist for the Company, the underlying business decision of the Company to proceed with the Merger Agreement, or the effects of any other transaction in which the Company might engage. In addition, our opinion does not address the solvency or viability of the Company or Parent before or after the consummation of the Transaction.

The issuance of this opinion was approved by an authorized internal fairness committee of Roth in accordance with our customary practice. Our opinion is necessarily based on the economic, monetary, market, financial and other conditions as they exist and can be evaluated, and the information made available to us, as of the date hereof. We express no opinion as to the underlying valuation, future performance or long-term viability of the Company or Parent. Further, we express no opinion as to the actual value of the Company Shares or the Parent Shares to be issued in the Transaction, or the prices at which such shares will trade at any time before or after the announcement of the Transaction or between announcement and the closing thereof. It should be understood that, although subsequent developments or events may affect various assumptions used by us in preparing our opinion, we do not have any obligation to update, revise or reaffirm our opinion based on such developments, events or otherwise and we expressly disclaim any responsibility to do so. Our opinion does not address any legal, tax or accounting matters.

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Board of Directors

Texas Mineral Resources Corp.

March 4, 2026

Roth has been engaged by the Company to render this opinion to the Board of Directors, and we will receive a fee for our services in connection with the rendering of this opinion, which fee will be payable upon delivery of this opinion and is not contingent upon our conclusion as to fairness. In addition, Roth is acting as financial advisor to the Company in connection with the proposed Transaction and will receive a separate fee for such advisory services, which fee is contingent upon the consummation of the Transaction. The Company has also agreed to reimburse our expenses and to indemnify us for certain liabilities arising out of our engagement. Except as described above, we will not receive any other compensation in connection with the Transaction.

We note that, in connection with performing and rendering our services to the Board of Directors, we were not authorized by the Board of Directors to, and did not, solicit any expressions of interest from any other parties with respect to any transaction involving the Company or Parent, or review other alternative acquisitions or transactions that the Company could pursue.

Roth is a full-service securities firm engaged in securities trading and brokerage activities, as well as providing investment banking and other financial services. In the ordinary course of business, we and our affiliates may acquire, hold or sell, for our and our affiliates’ own accounts and for the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of the Company, Parent and the other parties to the Transaction, and, accordingly, may at any time hold a long or short position in such securities.

During the two years preceding the date hereof, Roth has had certain investment banking relationships with Parent. In April 2025, Roth acted as a co-placement agent in connection with a private placement of securities by Parent, which generated gross proceeds of approximately $75   million, and for which Roth received aggregate compensation of approximately $450,000 in connection with such engagement.

Except as described above or as otherwise set forth herein, Roth has not had any other material relationship with, nor otherwise received material fees from, the Company, Parent or any other parties to the Transaction during the two years preceding the date hereof.

Consistent with applicable legal and regulatory requirements, Roth has adopted policies and procedures to establish and maintain the independence of our research departments and personnel. As a result, our research analysts may hold views, make statements or investment recommendations and/or publish research reports with respect to the Company or the Transaction that differ from the views of our investment banking personnel.

This opinion has been prepared for the information of the Board of Directors for its use in connection with its consideration of the Transaction. Except as described below, this opinion shall not be disclosed, referred to or published (in whole or in part), nor shall any public reference to us be made, without our prior written approval. The Board of Directors may furnish copies of this letter to the Board of Directors’ legal counsel.

On the basis of and subject to the foregoing, we are of the opinion, as of the date hereof, that the Merger Consideration to be received by the Company’s shareholders pursuant to the Merger Agreement is fair from a financial point of view.

Very truly yours,

/s/ ROTH Capital Partners, LLC

ROTH Capital Partners, LLC

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ANNEX C

SECTION 262 OF THE

GENERAL CORPORATION LAW OF THE STATE OF DELAWARE

APPRAISAL RIGHTS

Appraisal Rights.

(a) Any stockholder of a corporations of this State who holds shares of stock on the date of the making of a demand pursuant to subsection (d) of this section with respect to such shares, who continuously holds such shares through the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, who has otherwise complied with subsection (d) of this section and who has neither voted in favor of the merger, consolidation, conversion, transfer, domestication or continuance nor consented thereto in writing pursuant to § 228 of this title shall be entitled to an appraisal by the Court of Chancery of the fair value of the stockholder’s shares of stock under the circumstances described in subsections (b) and (c) of this section. As used in this section, the word “stockholder” means a holder of record of stock in a corporation; the words “stock” and “share” mean and include what is ordinarily meant by those words; the words “depository receipt” mean a receipt or other instrument issued by a depository representing an interest in 1 or more shares, or fractions thereof, solely of stock of a corporation, which stock is deposited with the depository; the words “beneficial owner” mean a person who is the beneficial owner of shares of stock held either in voting trust or by a nominee on behalf of such person; and the word “person” means any individual, corporation, partnership, unincorporated association or other entity.

(b) Appraisal rights shall be available for the shares of any class or series of stock of a constituent, converting, transferring, domesticating or continuing corporation in a merger, consolidation, conversion, transfer, domestication or continuance to be effected pursuant to § 251 (other than a merger effected pursuant to § 251(g) of this title), § 252, § 254, § 255, § 256, § 257, § 258, § 263, § 264, § 266 or § 390 of this title (other than, in each case and solely with respect to a converted or domesticated corporation, a merger, consolidation, conversion, transfer, domestication or continuance authorized pursuant to and in accordance with the provisions of § 265 or § 388 of this title):

(1) Provided, however, that no appraisal rights under this section shall be available for the shares of any class or series of stock, which stock, or depository receipts in respect thereof, at the record date fixed to determine the stockholders entitled to receive notice of the meeting of stockholders, or at the record date fixed to determine the stockholders entitled to consent pursuant to § 228 of this title, to act upon the agreement of merger or consolidation or the resolution providing for the conversion, transfer, domestication or continuance (or, in the case of a merger pursuant to § 251(h) of this title, as of immediately prior to the execution of the agreement of merger), were either: (i) listed on a national securities exchange or (ii) held of record by more than 2,000 holders; and further provided that no appraisal rights shall be available for any shares of stock of the constituent corporation surviving a merger if the merger did not require for its approval the vote of the stockholders of the surviving corporation as provided in § 251(f) of this title.

(2) Notwithstanding paragraph (b)(1) of this section, appraisal rights under this section shall be available for the shares of any class or series of stock of a constituent, converting, transferring, domesticating or continuing corporation if the holders thereof are required by the terms of an agreement of merger or consolidation, or by the terms of a resolution providing for conversion, transfer, domestication or continuance, pursuant to § 251, § 252, § 254, § 255, § 256, § 257, § 258, § 263, § 264, § 266 or § 390 of this title to accept for such stock anything except:

a. Shares of stock of the corporation surviving or resulting from such merger or consolidation, or of the converted entity or the entity resulting from a transfer, domestication or continuance if such entity is a corporation as a result of the conversion, transfer, domestication or continuance, or depository receipts in respect thereof;

b. Shares of stock of any other corporation, or depository receipts in respect thereof, which shares of stock (or depository receipts in respect thereof) or depository receipts at the effective date of the merger, consolidation, conversion, transfer, domestication or continuance will be either listed on a national securities exchange or held of record by more than 2,000 holders;

c. Cash in lieu of fractional shares or fractional depository receipts described in the foregoing paragraphs (b)(2)a. and b. of this section; or

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d. Any combination of the shares of stock, depository receipts and cash in lieu of fractional shares or fractional depository receipts described in the foregoing paragraphs (b)(2)a., b. and c. of this section.

(3) In the event all of the stock of a subsidiary Delaware corporation party to a merger effected under § 253 or § 267 of this title is not owned by the parent immediately prior to the merger, appraisal rights shall be available for the shares of the subsidiary Delaware corporation.

(4) [Repealed.]

(c) Any corporation may provide in its certificate of incorporation that appraisal rights under this section shall be available for the shares of any class or series of its stock as a result of an amendment to its certificate of incorporation, any merger or consolidation in which the corporation is a constituent corporation, the sale of all or substantially all of the assets of the corporation or a conversion effected pursuant to § 266 of this title or a transfer, domestication or continuance effected pursuant to § 390 of this title. If the certificate of incorporation contains such a provision, the provisions of this section, including those set forth in subsections (d), (e), and (g) of this section, shall apply as nearly as is practicable.

(d) Appraisal rights shall be perfected as follows:

(1) If a proposed merger, consolidation, conversion, transfer, domestication or continuance for which appraisal rights are provided under this section is to be submitted for approval at a meeting of stockholders, the corporation, not less than 20 days prior to the meeting, shall notify each of its stockholders who was such on the record date for notice of such meeting (or such members who received notice in accordance with § 255(c) of this title) with respect to shares for which appraisal rights are available pursuant to subsection (b) or (c) of this section that appraisal rights are available for any or all of the shares of the constituent corporations or the converting, transferring, domesticating or continuing corporation, and shall include in such notice either a copy of this section (and, if 1 of the constituent corporations or the converting corporation is a nonstock corporation, a copy of § 114 of this title) or information directing the stockholders to a publicly available electronic resource at which this section (and, § 114 of this title, if applicable) may be accessed without subscription or cost. Each stockholder electing to demand the appraisal of such stockholder’s shares shall deliver to the corporation, before the taking of the vote on the merger, consolidation, conversion, transfer, domestication or continuance, a written demand for appraisal of such stockholder’s shares; provided that a demand may be delivered to the corporation by electronic transmission if directed to an information processing system (if any) expressly designated for that purpose in such notice. Such demand will be sufficient if it reasonably informs the corporation of the identity of the stockholder and that the stockholder intends thereby to demand the appraisal of such stockholder’s shares. A proxy or vote against the merger, consolidation, conversion, transfer, domestication or continuance shall not constitute such a demand. A stockholder electing to take such action must do so by a separate written demand as herein provided. Within 10 days after the effective date of such merger, consolidation, conversion, transfer, domestication or continuance, the surviving, resulting or converted entity shall notify each stockholder of each constituent or converting, transferring, domesticating or continuing corporation who has complied with this subsection and has not voted in favor of or consented to the merger, consolidation, conversion, transfer, domestication or continuance, and any beneficial owner who has demanded appraisal under paragraph (d)(3) of this section, of the date that the merger, consolidation or conversion has become effective; or

(2) If the merger, consolidation, conversion, transfer, domestication or continuance was approved pursuant to § 228, § 251(h), § 253, or § 267 of this title, then either a constituent, converting, transferring, domesticating or continuing corporation before the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, or the surviving, resulting or converted entity within 10 days after such effective date, shall notify each stockholder of any class or series of stock of such constituent, converting, transferring, domesticating or continuing corporation who is entitled to appraisal rights of the approval of the merger, consolidation, conversion, transfer, domestication or continuance and that appraisal rights are available for any or all shares of such class or series of stock of such constituent, converting, transferring, domesticating or continuing corporation, and shall include in such notice either a copy of this section (and, if 1 of the constituent corporations or the converting, transferring, domesticating or continuing corporation is a nonstock corporation, a copy of § 114 of this title) or information directing the stockholders to a publicly available electronic resource at which this section (and § 114 of this title, if applicable) may be accessed without subscription or cost. Such notice may, and, if given on or after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, shall, also notify such stockholders of the effective date of the merger, consolidation, conversion, transfer, domestication or continuance. Any stockholder entitled to appraisal rights

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may, within 20 days after the date of giving such notice or, in the case of a merger approved pursuant to § 251(h) of this title, within the later of the consummation of the offer contemplated by § 251(h) of this title and 20 days after the date of giving such notice, demand in writing from the surviving, resulting or converted entity the appraisal of such holder’s shares; provided that a demand may be delivered to such entity by electronic transmission if directed to an information processing system (if any) expressly designated for that purpose in such notice. Such demand will be sufficient if it reasonably informs such entity of the identity of the stockholder and that the stockholder intends thereby to demand the appraisal of such holder’s shares. If such notice did not notify stockholders of the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, either (i) each such constituent corporation or the converting, transferring, domesticating or continuing corporation shall send a second notice before the effective date of the merger, consolidation, conversion, transfer, domestication or continuance notifying each of the holders of any class or series of stock of such constituent, converting, transferring, domesticating or continuing corporation that are entitled to appraisal rights of the effective date of the merger, consolidation, conversion, transfer, domestication or continuance or (ii) the surviving, resulting or converted entity shall send such a second notice to all such holders on or within 10 days after such effective date; provided, however, that if such second notice is sent more than 20 days following the sending of the first notice or, in the case of a merger approved pursuant to § 251(h) of this title, later than the later of the consummation of the offer contemplated by § 251(h) of this title and 20 days following the sending of the first notice, such second notice need only be sent to each stockholder who is entitled to appraisal rights and who has demanded appraisal of such holder’s shares in accordance with this subsection and any beneficial owner who has demanded appraisal under paragraph (d)(3) of this section. An affidavit of the secretary or assistant secretary or of the transfer agent of the corporation or entity that is required to give either notice that such notice has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein. For purposes of determining the stockholders entitled to receive either notice, each constituent corporation or the converting, transferring, domesticating or continuing corporation may fix, in advance, a record date that shall be not more than 10 days prior to the date the notice is given, provided, that if the notice is given on or after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, the record date shall be such effective date. If no record date is fixed and the notice is given prior to the effective date, the record date shall be the close of business on the day next preceding the day on which the notice is given.

(3) Notwithstanding subsection (a) of this section (but subject to this paragraph (d)(3)), a beneficial owner may, in such person’s name, demand in writing an appraisal of such beneficial owner’s shares in accordance with either paragraph (d)(1) or (2) of this section, as applicable; provided that (i) such beneficial owner continuously owns such shares through the effective date of the merger, consolidation, conversion, transfer, domestication or continuance and otherwise satisfies the requirements applicable to a stockholder under the first sentence of subsection (a) of this section and (ii) the demand made by such beneficial owner reasonably identifies the holder of record of the shares for which the demand is made, is accompanied by documentary evidence of such beneficial owner’s beneficial ownership of stock and a statement that such documentary evidence is a true and correct copy of what it purports to be, and provides an address at which such beneficial owner consents to receive notices given by the surviving, resulting or converted entity hereunder and to be set forth on the verified list required by subsection (f) of this section.

(e) Within 120 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, the surviving, resulting or converted entity, or any person who has complied with subsections (a) and (d) of this section and who is otherwise entitled to appraisal rights, may commence an appraisal proceeding by filing a petition in the Court of Chancery demanding a determination of the value of the stock of all such stockholders. Notwithstanding the foregoing, at any time within 60 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, any person entitled to appraisal rights who has not commenced an appraisal proceeding or joined that proceeding as a named party shall have the right to withdraw such person’s demand for appraisal and to accept the terms offered upon the merger, consolidation, conversion, transfer, domestication or continuance. Within 120 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, any person who has complied with the requirements of subsections (a) and (d) of this section, upon request given in writing (or by electronic transmission directed to an information processing system (if any) expressly designated for that purpose in the notice of appraisal), shall be entitled to receive from the surviving, resulting or converted entity a statement setting forth the aggregate number of shares not voted in favor of the merger, consolidation, conversion, transfer, domestication or continuance (or, in the case of a merger approved pursuant to § 251(h) of this title, the aggregate number of shares (other than any excluded stock (as defined in § 251(h)(6)d. of this title)) that were the subject of, and were not tendered into, and accepted for purchase or exchange in, the offer referred to in § 251(h)(2) of this title)), and, in either case, with respect to which demands for appraisal have been received and the aggregate

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number of stockholders or beneficial owners holding or owning such shares (provided that, where a beneficial owner makes a demand pursuant to paragraph (d)(3) of this section, the record holder of such shares shall not be considered a separate stockholder holding such shares for purposes of such aggregate number). Such statement shall be given to the person within 10 days after such person’s request for such a statement is received by the surviving, resulting or converted entity or within 10 days after expiration of the period for delivery of demands for appraisal under subsection (d) of this section, whichever is later.

(f) Upon the filing of any such petition by any person other than the surviving, resulting or converted entity, service of a copy thereof shall be made upon such entity, which shall within 20 days after such service file in the office of the Register in Chancery in which the petition was filed a duly verified list containing the names and addresses of all persons who have demanded appraisal for their shares and with whom agreements as to the value of their shares have not been reached by such entity. If the petition shall be filed by the surviving, resulting or converted entity, the petition shall be accompanied by such a duly verified list. The Register in Chancery, if so ordered by the Court, shall give notice of the time and place fixed for the hearing of such petition by registered or certified mail to the surviving, resulting or converted entity and to the persons shown on the list at the addresses therein stated. The forms of the notices by mail and by publication shall be approved by the Court, and the costs thereof shall be borne by the surviving, resulting or converted entity.

(g) At the hearing on such petition, the Court shall determine the persons who have complied with this section and who have become entitled to appraisal rights. The Court may require the persons who have demanded an appraisal for their shares and who hold stock represented by certificates to submit their certificates of stock to the Register in Chancery for notation thereon of the pendency of the appraisal proceedings; and if any person fails to comply with such direction, the Court may dismiss the proceedings as to such person. If immediately before the merger, consolidation, conversion, transfer, domestication or continuance the shares of the class or series of stock of the constituent, converting, transferring, domesticating or continuing corporation as to which appraisal rights are available were listed on a national securities exchange, the Court shall dismiss the proceedings as to all holders of such shares who are otherwise entitled to appraisal rights unless (1) the total number of shares entitled to appraisal exceeds 1% of the outstanding shares of the class or series eligible for appraisal, (2) the value of the consideration provided in the merger, consolidation, conversion, transfer, domestication or continuance for such total number of shares exceeds $1 million, or (3) the merger was approved pursuant to § 253 or § 267 of this title.

(h) After the Court determines the persons entitled to an appraisal, the appraisal proceeding shall be conducted in accordance with the rules of the Court of Chancery, including any rules specifically governing appraisal proceedings. Through such proceeding the Court shall determine the fair value of the shares exclusive of any element of value arising from the accomplishment or expectation of the merger, consolidation, conversion, transfer, domestication or continuance, together with interest, if any, to be paid upon the amount determined to be the fair value. In determining such fair value, the Court shall take into account all relevant factors. Unless the Court in its discretion determines otherwise for good cause shown, and except as provided in this subsection, interest from the effective date of the merger, consolidation, conversion, transfer, domestication or continuance through the date of payment of the judgment shall be compounded quarterly and shall accrue at 5% over the Federal Reserve discount rate (including any surcharge) as established from time to time during the period between the effective date of the merger, consolidation or conversion and the date of payment of the judgment. At any time before the entry of judgment in the proceedings, the surviving, resulting or converted entity may pay to each person entitled to appraisal an amount in cash, in which case interest shall accrue thereafter as provided herein only upon the sum of (1) the difference, if any, between the amount so paid and the fair value of the shares as determined by the Court, and (2) interest theretofore accrued, unless paid at that time. Upon application by the surviving, resulting or converted entity or by any person entitled to participate in the appraisal proceeding, the Court may, in its discretion, proceed to trial upon the appraisal prior to the final determination of the persons entitled to an appraisal. Any person whose name appears on the list filed by the surviving, resulting or converted entity pursuant to subsection (f) of this section may participate fully in all proceedings until it is finally determined that such person is not entitled to appraisal rights under this section.

(i) The Court shall direct the payment of the fair value of the shares, together with interest, if any, by the surviving, resulting or converted entity to the persons entitled thereto. Payment shall be so made to each such person upon such terms and conditions as the Court may order. The Court’s decree may be enforced as other decrees in the Court of Chancery may be enforced, whether such surviving, resulting or converted entity be an entity of this State or of any state.

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(j) The costs of the proceeding may be determined by the Court and taxed upon the parties as the Court deems equitable in the circumstances. Upon application of a person whose name appears on the list filed by the surviving, resulting or converted entity pursuant to subsection (f) of this section who participated in the proceeding and incurred expenses in connection therewith, the Court may order all or a portion of such expenses, including, without limitation, reasonable attorney’s fees and the fees and expenses of experts, to be charged pro rata against the value of all the shares entitled to an appraisal not dismissed pursuant to subsection (k) of this section or subject to such an award pursuant to a reservation of jurisdiction under subsection (k) of this section.

(k) Subject to the remainder of this subsection, from and after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, no person who has demanded appraisal rights with respect to some or all of such person’s shares as provided in subsection (d) of this section shall be entitled to vote such shares for any purpose or to receive payment of dividends or other distributions on such shares (except dividends or other distributions payable to stockholders of record at a date which is prior to the effective date of the merger, consolidation, conversion, transfer, domestication or continuance). If a person who has made a demand for an appraisal in accordance with this section shall deliver to the surviving, resulting or converted entity a written withdrawal of such person’s demand for an appraisal in respect of some or all of such person’s shares in accordance with subsection (e) of this section, either within 60 days after such effective date or thereafter with the written approval of the corporation, then the right of such person to an appraisal of the shares subject to the withdrawal shall cease. Notwithstanding the foregoing, an appraisal proceeding in the Court of Chancery shall not be dismissed as to any person without the approval of the Court, and such approval may be conditioned upon such terms as the Court deems just, including without limitation, a reservation of jurisdiction for any application to the Court made under subsection (j) of this section; provided, however that this provision shall not affect the right of any person who has not commenced an appraisal proceeding or joined that proceeding as a named party to withdraw such person’s demand for appraisal and to accept the terms offered upon the merger, consolidation, conversion, transfer, domestication or continuance within 60 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, as set forth in subsection (e) of this section. If a petition for an appraisal is not filed within the time provided in subsection (e) of this section, the right to appraisal with respect to all shares shall cease.

(l) The shares or other equity interests of the surviving, resulting or converted entity to which the shares of stock subject to appraisal under this section would have otherwise converted but for an appraisal demand made in accordance with this section shall have the status of authorized but not outstanding shares of stock or other equity interests of the surviving, resulting or converted entity, unless and until the person that has demanded appraisal is no longer entitled to appraisal pursuant to this section.

Annex C-5

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The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL

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The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL

The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL

Zacks Equity Research

June 26, 2026 5 min read

• MU

-0.50%

• NOVN.SW

+1.41%

• QCOM

+0.65%

• MUU

-0.98%

• CHPX

-1.27%

For Immediate Release

Chicago, IL – June 26, 2026 – Zacks.com announces the list of stocks and featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Micron Technology MU, Direxion Daily MU Bull 2X ETF MUU and GraniteShares 2x Long MU Daily ETF MULL, AXS Knowledge Leaders ETF KNO, iShares MSCI USA Value Factor ETF VLUE, Strive U.S. Semiconductor ETF SHOC, Global X AI Semiconductor & Quantum ETF CHPX and First Trust Nasdaq Semiconductor ETF FTXL.

Here are highlights from Friday's Analyst Blog:

Top Research Reports for JPMorgan, Novartis & Qualcomm

On June 24, 2026, Micron Technology delivered another blockbuster quarter, reinforcing the strength of the AI memory cycle. The stock jumped 15% in after-hours trading following the announcement.

Record Quarter Crushes Expectations

Micron reported fiscal third-quarter results that comfortably beat Wall Street estimates. Revenues of $41.46 billion topped the Zacks Consensus Estimate of $36.52 billion. Adjusted EPS of $25.11 outperformed the Zacks Consensus Estimate of $20.98.

Revenues surged more than fourfold from $9.3 billion a year ago. Net income soared to $28.24 billion compared with $1.89 billion in the year-ago period.

Looking ahead, Micron projected fourth-quarter revenue of approximately $50 billion, far above the Zacks Consensus Estimate of $42.64 billion.

AI Demand Keeps Memory Markets Tight

The AI revolution continues to reshape the memory industry. Demand from data centers is consuming available production capacity, pushing up prices not only for high-performance AI memory but also for chips used in smartphones, laptops and automotive applications.

Supply shortages in memory and storage could take years to fully ease, even as industry capacity gradually improves through 2028, per management, as quoted on CNBC.

Perhaps the most significant development was Micron's announcement of 16 long-term customer agreements spanning three to five years.Thesecustomers include the likes of data center operators and automakers, per CNBC.

Sturdy Margins

Gross margin climbed to a record 84.9%, up from 74.9% in the previous quarter and just 39% a year earlier. The company expects margins to expand further to roughly 86% in the current quarter, as quoted on Yahoo Finance.

The numbers suggest that the memory market remains exceptionally tight rather than showing signs of weakening.

Data Center Business Leads the Charge

Story Continues

All four business segments delivered explosive growth, with data centers standing out as the primary driver.

Data center revenues jumped more than sevenfold to $11.5 billion from $1.53 billion a year earlier. Cloud memory revenues surged over 300% to $13.77 billion, while the mobile and client segment grew 250% to $11.52 billion. Automotive and embedded applications more than quadrupled, reaching $4.63 billion in sales.

AI Customers Are Securing Supply, Not Just Buying Chips

The broader takeaway for investors is that AI customers increasingly view memory as a strategic bottleneck rather than a commodity input.

Advanced AI systems require enormous amounts of high-speed memory. Micron's technology serves as a key component in chips produced by NVIDIA and Alphabet, as well as the servers that contain those processors.

As a result, customers are locking in long-term access to supply instead of relying on spot markets. The shift could help reduce Micron's historical earnings volatility and create a steadier growth profile.

ETFs in Focus

Against this backdrop, below we highlight a few ETFs that are heavy on Micron. While leveraged Micron ETFs include the likes of Direxion Daily MU Bull 2X ETF and GraniteShares 2x Long MU Daily ETF , these are risky bets.

AXS Knowledge Leaders ETF , iShares MSCI USA Value Factor ETF , Strive U.S. Semiconductor ETF , Global X AI Semiconductor & Quantum ETF and First Trust Nasdaq Semiconductor ETF has considerable weight in MU shares.

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss . This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.

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Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch

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标的：`FTXL`来源：Zacks发布日期：2026-06-25重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：642

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Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch

Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch

Sanghamitra Saha

June 26, 2026 3 min read

• MU

-0.50%

• FTXL

-1.23%

• CHPX

-1.27%

• KNO

-0.48%

• MUU

-0.98%

On June 24, 2026, Micron Technology MU delivered another blockbuster quarter, reinforcing the strength of the AI memory cycle. The stock jumped 15% in after-hours trading following the announcement.

Record Quarter Crushes Expectations

Micron reported fiscal third-quarter results that comfortably beat Wall Street estimates. Revenues of $41.46 billion topped the Zacks Consensus Estimate of $36.52 billion. Adjusted EPS of $25.11 outperformed the Zacks Consensus Estimate of $20.98.

Revenues surged more than fourfold from $9.3 billion a year ago. Net income soared to $28.24 billion compared with $1.89 billion in the year-ago period.

Looking ahead, Micron projected fourth-quarter revenue of approximately $50 billion, far above the Zacks Consensus Estimate of $42.64 billion.

AI Demand Keeps Memory Markets Tight

The AI revolution continues to reshape the memory industry. Demand from data centers is consuming available production capacity, pushing up prices not only for high-performance AI memory but also for chips used in smartphones, laptops and automotive applications.

Supply shortages in memory and storage could take years to fully ease, even as industry capacity gradually improves through 2028, per management, as quoted on CNBC.

Perhaps the most significant development was Micron's announcement of 16 long-term customer agreements spanning three to five years.Thesecustomers include the likes of data center operators and automakers, per CNBC.

Sturdy Margins

Gross margin climbed to a record 84.9%, up from 74.9% in the previous quarter and just 39% a year earlier. The company expects margins to expand further to roughly 86% in the current quarter, as quoted on Yahoo Finance.

The numbers suggest that the memory market remains exceptionally tight rather than showing signs of weakening.

Data Center Business Leads the Charge

All four business segments delivered explosive growth, with data centers standing out as the primary driver.

Data center revenues jumped more than sevenfold to $11.5 billion from $1.53 billion a year earlier. Cloud memory revenues surged over 300% to $13.77 billion, while the mobile and client segment grew 250% to $11.52 billion. Automotive and embedded applications more than quadrupled, reaching $4.63 billion in sales.

AI Customers Are Securing Supply, Not Just Buying Chips

The broader takeaway for investors is that AI customers increasingly view memory as a strategic bottleneck rather than a commodity input.

Advanced AI systems require enormous amounts of high-speed memory. Micron's technology serves as a key component in chips produced by NVIDIA and Alphabet, as well as the servers that contain those processors.

Story Continues

As a result, customers are locking in long-term access to supply instead of relying on spot markets. The shift could help reduce Micron's historical earnings volatility and create a steadier growth profile.

ETFs in Focus

Against this backdrop, below we highlight a few ETFs that are heavy on Micron. While leveraged Micron ETFs include the likes of Direxion Daily MU Bull 2X ETF MUU and GraniteShares 2x Long MU Daily ETF MULL, these are risky bets.

AXS Knowledge Leaders ETF KNO, iShares MSCI USA Value Factor ETF VLUE, Strive U.S. Semiconductor ETF SHOC, Global X AI Semiconductor & Quantum ETF CHPX and First Trust Nasdaq Semiconductor ETF FTXL has considerable weight in MU shares.

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Micron Technology, Inc. (MU) : Free Stock Analysis Report

iShares MSCI USA Value Factor ETF (VLUE): ETF Research Reports

First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports

Strive U.S. Semiconductor ETF (SHOC): ETF Research Reports

Global X AI Semiconductor & Quantum ETF (CHPX): ETF Research Reports

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Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?

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标的：`PSI`来源：Zacks发布日期：2026-06-18重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：727

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Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?

Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?

Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now? · Zacks

Zacks Equity Research

June 18, 2026 3 min read

• PSI

-1.37%

Designed to provide broad exposure to the Technology ETFs category of the market, the Invesco Semiconductors ETF (PSI) is a smart beta exchange traded fund launched on 06/23/2005.

What Are Smart Beta ETFs?

The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market.

Because market cap weighted indexes provide a low-cost, convenient, and transparent way of replicating market returns, they work well for investors who believe in market efficiency.

On the other hand, some investors who believe that it is possible to beat the market by superior stock selection opt to invest in another class of funds that track non-cap weighted strategies--popularly known as smart beta.

These indexes attempt to select stocks that have better chances of risk-return performance, based on certain fundamental characteristics or a combination of such characteristics.

This area offers many different investment choices, such as simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies; however, not all of these strategies can deliver superior results.

Fund Sponsor & Index

Managed by Invesco, PSI has amassed assets over $2.86 billion, making it one of the larger ETFs in the Technology ETFs. Before fees and expenses, this particular fund seeks to match the performance of the Dynamic Semiconductor Intellidex Index.

The Dynamic Semiconductor Intellidex Index is comprised of stocks of semiconductor companies. The Index is designed to provide capital appreciation by thoroughly evaluating companies based on a variety of investment merit criteria, including fundamental growth, stock valuation, investment timeliness and risk factors.

Cost & Other Expenses

Cost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive cousins if all other fundamentals are the same.

Annual operating expenses for this ETF are 0.56%, making it on par with most peer products in the space.

It's 12-month trailing dividend yield comes in at 0.04%.

Sector Exposure and Top Holdings

Even though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.

Representing 100% of the portfolio, the fund has heaviest allocation to the Information Technology sector.

Story Continues

Taking into account individual holdings, Kla Corp (KLAC) accounts for about 5.28% of the fund's total assets, followed by Advanced Micro Devices Inc (AMD) and Broadcom Inc (AVGO).

The top 10 holdings account for about 46.23% of total assets under management.

Performance and Risk

So far this year, PSI has added roughly 112.38%, and is up roughly 199.15% in the last one year (as of 06/18/2026). During this past 52-week period, the fund has traded between $56.20 and $175.60.

The fund has a beta of 1.80 and standard deviation of 38.81% for the trailing three-year period, which makes PSI a high risk choice in this particular space. With about 32 holdings, it has more concentrated exposure than peers .

Alternatives

Invesco Semiconductors ETF is an excellent option for investors seeking to outperform the Technology ETFs segment of the market. There are other ETFs in the space which investors could consider as well.

iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $44.06 billion in assets, VanEck Semiconductor ETF has $72.67 billion. SOXX has an expense ratio of 0.34% and SMH changes 0.35%.

Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Technology ETFs

Bottom Line

To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.

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Implementation Note issued June 17, 2026

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Applied Digital 获得最高 5.5 亿美元循环信贷安排

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来源：Applied Digital发布日期：2026-06-08重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1066

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Applied Digital Secures Revolving Credit Facility of Up To $550 Million in Support of Strategic Growth

Applied Digital Secures Revolving Credit Facility of Up To $550 Million in Support of Strategic Growth

June 08, 2026 8:00am EDT

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DALLAS, June 08, 2026 (GLOBE NEWSWIRE) -- Applied Digital Corporation (NASDAQ: APLD) (“Applied Digital” or the “Company”), a leading designer, builder and operator of high-performance, sustainably engineered data centers and colocation services for Artificial Intelligence (“AI”), networking, and blockchain workloads, today announced that it closed a revolving credit facility (the “Credit Facility”) on May 29, 2026. The Credit Facility was arranged by Goldman Sachs and provides for up to $350 million of committed capacity with an additional accordion option of up to $200 million. Proceeds from the Credit Facility will be used to support the pre- and post-lease development of the Company’s data center projects and for working capital and other general corporate purposes.

"The strong support we received from this syndicate of leading financial institutions underscores the scale of the opportunity before us and the confidence our banking partners have in our ability to execute,” said Saidal Mohmand, Chief Financial Officer of Applied Digital. “As demand for AI and high-performance computing infrastructure continues to accelerate, this facility is intended to provide additional flexibility to advance our development pipeline while maintaining a disciplined approach to capital allocation. We believe this agreement further supports the quality of our platform, the strength of our customer relationships, and the long-term value creation potential of our business."

The Credit Facility is secured by certain non-data center project assets, has a scheduled maturity of May 29, 2029, and bears interest at the Secured Overnight Financing Rate (SOFR) plus 225 basis points or at the Alternative Base Rate plus 125 basis points.

Applied Digital also entered into a Memorandum of Understanding with CoreWeave on June 5, 2026, to assign the lease with CoreWeave for Building 3 at the Polaris Forge 1 campus to a CoreWeave subsidiary, if that subsidiary achieves an investment grade credit rating.

Goldman Sachs acted as Lead Left Arranger Bookrunner and First National Bank of Omaha, Mizuho Bank, Royal Bank of Canada, Banco Santander and Wells Fargo Bank served as Joint Lead Arrangers and Joint Bookrunners. First National Bank of Omaha serves as Administrative Agent and Collateral Agent under the Credit Facility.

About Applied Digital

Applied Digital (Nasdaq: APLD) named Best Data Center in the Americas 2025 by Datacloud — designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, networking, and blockchain workloads. Headquartered in Dallas, TX, and founded in 2021, the company combines hyperscale expertise, proprietary waterless cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its award-winning Polaris Forge AI Factory model.

Caution About Forward-Looking Statements

Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives, and future financing plans. These statements use words, and variations of words, such as “will,” “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “proven,” “deliver,” “outlook,” “expect,” “project” and “predict.” Other examples of forward-looking statements may include, but are not limited to, (i) statements that reflect perspectives and expectations regarding lease agreements and any current or prospective data center campus development; (ii) statements about the high-performance computing (HPC) industry; (iii) statements of company plans and objectives, including the company’s evolving business model, or estimates or predictions of actions by suppliers; (iv) statements of future economic performance; (v) statements of assumptions underlying other statements and statements about the company or its business; and (vi) the company’s plans to obtain future project financing. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the company’s expectations and projections. These risks, uncertainties, and other factors include, among others: whether or not our customers exercise the renewal options under their leases with us (if not, we will not recognize further revenue from such customer under its respective lease); our ability to complete construction of our data center campuses as planned; the lead time of customer acquisition and leasing decisions and related internal approval processes; [whether the CoreWeave lease assignment to the MOU will occur;] changes to artificial intelligence and HPC infrastructure needs and their impact on future plans; costs related to the HPC operations and strategy; our ability to timely deliver any services required in connection with completion of installation under lease agreements; our ability to raise additional capital to fund the ongoing datacenter construction and operations; our ability to obtain financing of datacenter leases and more broadly for our development and general corporate activities; our dependence on principal customers, including our ability to execute and perform our obligations under our leases with key customers; our ability to timely and successfully build new hosting facilities with the appropriate contractual margins and efficiencies; power or other supply disruptions and equipment failures; the inability to comply with regulations, developments and changes in regulations; cash flow and access to capital; availability of financing to continue to grow our business; decline in demand for our products and services; maintenance of third party relationships; and conditions in the debt and equity capital markets. A further list and description of these risks, uncertainties, and other factors can be found in the company’s most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, including in the sections captioned “Forward-Looking Statements” and “Risk Factors,” and in the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov , on the company’s website ( www.applieddigital.com ) under “Investors,” or on request from the company. Information in this press release is as of the dates and time periods indicated herein, and the company does not undertake to update any of the information contained in these materials, except as required by law.

Media Contact

JSA (Jaymie Scotto & Associates)

(856) 264-7827

jsa_applied@jsa.net

Investor Relations Contacts

Matt Glover or Ralf Esper

Gateway Group, Inc.

(949) 574-3860

APLD@gateway-grp.com

Source: Applied Digital Corporation

Released June 8, 2026

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Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat

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标的：`FTXL`来源：Zacks发布日期：2026-06-05重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：897

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Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat

Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat

Aparajita Dutta

June 5, 2026 4 min read

• AVGO

-0.97%

• SOXQ

-1.65%

• SOXX

-1.64%

• SMH

-2.18%

• FTXL

-1.23%

Shares of Broadcom Inc. AVGO plunged nearly 13% on June 4, 2026, despite the company announcing upbeat second-quarter fiscal 2026 results. The tech giant's infrastructure software revenues totaled $7.18 billion and grew 9% year over year, but fell short of analysts' expectations of $7.32 billion (as cited in CNBC). This shortfall may have weighed on investor sentiment and was reflected in the chipmaker's decline in the latest trading session.

This may encourage investors seeking exposure to AVGO to consider buying on the dip, particularly as the company's AI semiconductor revenues are expected to exceed $100 billion in fiscal 2027.

However, single-stock investing inherently exposes your portfolio to concentrated corporate vulnerabilities. In the case of AVGO, the explosive growth of its custom AI application-specific integrated circuit (ASIC) business comes with a distinct catch: lower profit margins. Notably, the company's fiscal second-quarter gross margin suffered a loss of 230 basis points year over year, primarily owing to its semiconductor business.

This margin pressure, compounded by slowing growth in the highly profitable infrastructure software segment that missed Wall Street expectations, threatens the cash-generating engine that supports Broadcom's capital-intensive AI strategy.

For investors looking to capitalize on AVGO's better-than-expected revenue growth from its AI business without being fully exposed to the company-specific challenges, a more prudent strategy would be to invest in semiconductor exchange-traded funds (ETFs) with significant exposure to this chipmaker.  This approach should help mitigate risks from customer concentration, such as Broadcom's reliance on a handful of hyperscale clients, or geopolitical factors like recent government scrutiny of its customer Anthropic.

But before diving straight into these ETFs, let us review AVGO's overall performance in the fiscal second quarter.

A Brief Analysis of AVGO's Q2 Results

Broadcom's second-quarter fiscal 2026 adjusted earnings per share surpassed the Zacks Consensus Estimate by 1.7%, while its revenues beat the consensus mark by a whisker.

Its AI revenues more than doubled on a year-over-year basis.

AVGO ended the fiscal second quarter with an inventory of $3.4 billion as it continued to secure components to support strong AI demand.

Its Semiconductor Solutions segment registered record revenues worth $15 billion, which reflected a 79% year-on-year growth driven by AI.

AVGO expects to generate infrastructure software revenues of approximately $8.9 billion in the fiscal third quarter, suggesting an improvement of 31% year over year.

Story Continues

The company expects its AI revenues to triple in the fiscal third quarter to $16 billion, falling short of Wall Street's consensus forecast of approximately $17.2 billion.

However, AVGO expects its quarterly gross margin to shrink to 74%.

As Broadcom seeks to deliver high-performance compute capacity at the lowest possible cost and power consumption for leading AI frontier labs, including Anthropic and OpenAI, it is developing the AI XPV platform with Apollo, Blackstone and other major investors with the aim to deploy more than 20 gigawatts of compute capacity by 2028.

Broadcom-Heavy ETFs to Buy

Invesco PHLX Semiconductor ETF SOXQ

This fund, with a market value worth $2.63 billion, offers exposure to the 31 largest U.S.-listed securities of companies engaged in the semiconductor business. Of these, AVGO holds the fourth spot, with a 7.76% share of the fund.

SOXQ has surged 92.3% year to date. The fund charges 19 basis points (bps) as fees and sports a Zacks ETF Rank #1 (Strong Buy). It traded at a good volume of 4.79 million shares in the last trading session.

VanEck Semiconductor ETF SMH

This fund, with net assets worth $71.71 billion, provides exposure to 26 companies involved in semiconductor production and equipment. Of these, AVGO holds the sixth spot, with a 6.44% share of the fund.

SMH has soared 74.3% year to date. The fund charges 35 bps as fees and sports a Zacks ETF Rank #1. It traded at a good volume of 10.40 million shares in the last trading session.

iShares Semiconductor ETF SOXX

This fund, with net assets worth $40.47 billion, offers exposure to 30 U.S. companies that design, manufacture, and distribute semiconductors. Of these, AVGO holds the fourth spot, with a 6.11% share of the fund.

SOXX has skyrocketed 100.1% year to date. The fund charges 34 bps as fees and sports a Zacks ETF Rank #1.  It traded at a good volume of 11.41 million shares in the last trading session.

First Trust NASDAQ Semiconductor ETF FTXL

This fund, with net assets worth $2.66 billion, provides exposure to 34 U.S. semiconductor companies. Of these, AVGO holds the fifth spot, with a 5.94% share of the fund.

FTXL has skyrocketed 110.8% year to date. The fund charges 60 bps as fees and sports a Zacks ETF Rank 1. It traded at a volume of 0.21 million shares in the last trading session.

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Broadcom Inc. (AVGO) : Free Stock Analysis Report

VanEck Semiconductor ETF (SMH): ETF Research Reports

iShares Semiconductor ETF (SOXX): ETF Research Reports

First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports

Invesco PHLX Semiconductor ETF (SOXQ): ETF Research Reports

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8-K

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来源：Alphabet / Microsoft发布日期：2026-06-05重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1614

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8-K

Depositary Shares, each representing a 1/20th interest in a share of 6.25% of Series A Mandatory Convertible Preferred Stock, par value $0.001 per Depositary Shares, each representing a 1/20th interest in a share of 6.25% of Series B Mandatory Convertible Preferred Stock, par value $0.001 per false 0001652044 0001652044 2026-06-05 2026-06-05 0001652044 us-gaap:CommonClassAMember 2026-06-05 2026-06-05 0001652044 goog:CapitalClassCMember 2026-06-05 2026-06-05 0001652044 goog:DepositarySharesEachRepresentingA120thInterestInAShareOf6.25PercentOfSeriesAMandatoryConvertiblePreferredStockParValue0.001PerShareMember 2026-06-05 2026-06-05 0001652044 goog:DepositarySharesEachRepresentingA120thInterestInAShareOf6.25PercentOfSeriesBMandatoryConvertiblePreferredStockParValue0.001PerShareMember 2026-06-05 2026-06-05 0001652044 goog:A2.375SeniorNotesDue2028Member 2026-06-05 2026-06-05 0001652044 goog:A2.500SeniorNotesDue2029Member 2026-06-05 2026-06-05 0001652044 goog:A4.125SeniorNotesDue2029Member 2026-06-05 2026-06-05 0001652044 us-gaap:SeniorNotesMember 2026-06-05 2026-06-05 0001652044 goog:A2.875SeniorNotesDue2031Member 2026-06-05 2026-06-05 0001652044 goog:A3.450SeniorNotesDue2032Member 2026-06-05 2026-06-05 0001652044 goog:A4.625SeniorNotesDue2032Member 2026-06-05 2026-06-05 0001652044 goog:A3.000SeniorNotesDue2033Member 2026-06-05 2026-06-05 0001652044 goog:A3.125SeniorNotesDue2034Member 2026-06-05 2026-06-05 0001652044 goog:SeniorNotesDue2034Member 2026-06-05 2026-06-05 0001652044 goog:A3.375SeniorNotesDue2037Member 2026-06-05 2026-06-05 0001652044 goog:A3.500SeniorNotesDue2038Member 2026-06-05 2026-06-05 0001652044 goog:A4.100SeniorNotesDue2039Member 2026-06-05 2026-06-05 0001652044 goog:A5.500SeniorNotesDue2041Member 2026-06-05 2026-06-05 0001652044 goog:A4.000SeniorNotesDue2044Member 2026-06-05 2026-06-05 0001652044 goog:A3.875SeniorNotesDue2045Member 2026-06-05 2026-06-05 0001652044 goog:A4.500PercentSeniorNotesDue2045Member 2026-06-05 2026-06-05 0001652044 goog:A4.000SeniorNotesDue2054Member 2026-06-05 2026-06-05 0001652044 goog:A5.875SeniorNotesDue2058Member 2026-06-05 2026-06-05 0001652044 goog:A4.800SeniorNotesDue2063Member 2026-06-05 2026-06-05 0001652044 goog:A4.375SeniorNotesDue2064Member 2026-06-05 2026-06-05 0001652044 goog:A6.125SeniorNotesDue2126Member 2026-06-05 2026-06-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

June 5, 2026

ALPHABET INC.

(Exact name of registrant as specified in its charter)

Delaware

001-37580

61-1767919

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

1600 Amphitheatre Parkway

Mountain View , CA 94043

(Address of principal executive offices, including zip code)

( 650 ) 253-0000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Class A Common Stock, $0.001 par value

GOOGL

Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

Class C Capital Stock, $0.001 par value

GOOG

Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

Depositary Shares, each representing a 1/20th interest in a share of 6.25% of Series A Mandatory Convertible Preferred Stock, par value $0.001 per share

GOOGM

Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

Depositary Shares, each representing a 1/20th interest in a share of 6.25% of Series B Mandatory Convertible Preferred Stock, par value $0.001 per share

GOOGN

Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

2.375% Senior Notes due 2028

—

Nasdaq Stock Market LLC

2.500% Senior Notes due 2029

—

Nasdaq Stock Market LLC

4.125% Senior Notes due 2029

—

Nasdaq Stock Market LLC

3.200% Senior Notes due 2030

—

Nasdaq Stock Market LLC

2.875% Senior Notes due 2031

—

Nasdaq Stock Market LLC

3.450% Senior Notes due 2032

—

Nasdaq Stock Market LLC

4.625% Senior Notes due 2032

—

Nasdaq Stock Market LLC

3.000% Senior Notes due 2033

—

Nasdaq Stock Market LLC

3.125% Senior Notes due 2034

—

Nasdaq Stock Market LLC

3.625% Senior Notes due 2034

—

Nasdaq Stock Market LLC

3.375% Senior Notes due 2037

—

Nasdaq Stock Market LLC

3.500% Senior Notes due 2038

—

Nasdaq Stock Market LLC

4.100% Senior Notes due 2039

—

Nasdaq Stock Market LLC

5.500% Senior Notes due 2041

—

Nasdaq Stock Market LLC

4.000% Senior Notes due 2044

—

Nasdaq Stock Market LLC

3.875% Senior Notes due 2045

—

Nasdaq Stock Market LLC

4.500% Senior Notes due 2045

—

Nasdaq Stock Market LLC

4.000% Senior Notes due 2054

—

Nasdaq Stock Market LLC

5.875% Senior Notes due 2058

—

Nasdaq Stock Market LLC

4.800% Senior Notes due 2063

—

Nasdaq Stock Market LLC

4.375% Senior Notes due 2064

—

Nasdaq Stock Market LLC

6.125% Senior Notes due 2126

—

Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Amended and Restated Alphabet Inc. 2021 Stock Plan

At the Annual Meeting of Shareholders of Alphabet Inc. (“ Alphabet ”) held on June 5, 2026 (the “ 2026 Annual Meetin g”), Alphabet’s shareholders approved the amendment and restatement of the Alphabet Inc. Amended and Restated 2021 Stock Plan (the “ 2021 Stock Plan ”) to increase the share reserve by 200,000,000 shares of Class C capital stock.

A description of the 2021 Stock Plan and related matters was set forth in Alphabet’s definitive proxy statement on Form 14A filed with the U.S. Securities and Exchange Commission on April 24, 2026 (the “ 2026 Proxy Statement ”) and is qualified in its entirety by reference to the full text of the 2021 Stock Plan, a copy of which is being filed as Exhibit 10.01 to this Form 8-K.

Item 5.07.

Submission of Matters to a Vote of Security Holders.

At the 2026 Annual Meeting, Alphabet’s shareholders voted on fourteen proposals as set forth below, all of which are described in detail in the 2026 Proxy Statement. Holders of the shares of Class A common stock were entitled to one vote per share held as of the close of business on April 6, 2026 (the “ Record Date ”) and holders of the shares of Class B common stock were entitled to ten votes per share held as of the Record Date. Holders of the shares of Class A common stock and holders of the shares of Class B common stock voted together as a single class on all matters (including the election of directors) submitted to a vote of shareholders at the 2026 Annual Meeting. The number of votes cast for and against and the number of abstentions and broker non-votes with respect to each matter voted upon are set forth below.

1. The individuals listed below were elected at the 2026 Annual Meeting to serve as directors of Alphabet until the next annual meeting of shareholders or until their respective successors have been duly elected and qualified:

Director Nominee

For

Against

Abstentions

Broker Non-Votes

Larry Page

12,104,689,848

253,760,809

11,977,407

580,489,723

Sergey Brin

12,126,817,980

231,787,871

11,822,213

580,489,723

Sundar Pichai

12,220,219,180

138,074,133

12,134,751

580,489,723

John L. Hennessy

10,516,289,201

1,833,243,807

20,895,056

580,489,723

Frances H. Arnold

11,125,866,749

1,227,795,726

16,765,589

580,489,723

R. Martin “Marty” Chávez

12,239,289,361

117,748,177

13,390,526

580,489,723

L. John Doerr

11,355,761,435

1,001,798,113

12,868,516

580,489,723

Roger W. Ferguson Jr.

12,185,427,819

171,708,679

13,291,566

580,489,723

K. Ram Shriram

11,759,506,386

595,590,333

15,331,345

580,489,723

Robin L. Washington

11,699,766,304

657,754,018

12,907,742

580,489,723

2. The ratification of the appointment of Ernst & Young LLP as Alphabet’s independent registered public accounting firm for the fiscal year ending December 31, 2026 was approved. There were no broker non-votes on this matter.

For

Against

Abstentions

12,451,743,976

486,022,124

13,151,687

3. The amendment and restatement of the 2021 Stock Plan to increase the share reserve by 200,000,000 shares of Class C capital stock was approved.

For

Against

Abstentions

Broker Non-Votes

11,172,299,966

1,181,470,416

16,657,682

580,489,723

4. The compensation awarded to Alphabet’s named executive officers, as described in the 2026 Proxy Statement, was approved, on an advisory basis.

For

Against

Abstentions

Broker Non-Votes

9,989,122,717

2,333,576,331

47,729,016

580,489,723

5. A shareholder proposal regarding an enhanced disclosure on climate goals was not approved.

For

Against

Abstentions

Broker Non-Votes

906,706,984

11,427,222,293

36,498,787

580,489,723

6. A shareholder proposal regarding a report on water usage and AI development was not approved.

For

Against

Abstentions

Broker Non-Votes

185,107,844

12,131,395,079

53,925,141

580,489,723

7. A shareholder proposal regarding equal shareholder voting was not approved.

For

Against

Abstentions

Broker Non-Votes

3,847,324,128

8,502,953,219

20,150,717

580,489,723

8. A shareholder proposal regarding a viewpoint diversity risk report was not approved.

For

Against

Abstentions

Broker Non-Votes

19,216,908

12,324,947,838

26,263,318

580,489,723

9. A shareholder proposal regarding a report on politicized content moderation was not approved.

For

Against

Abstentions

Broker Non-Votes

25,617,853

12,299,460,438

45,349,773

580,489,723

10. A shareholder proposal regarding a report on impact of U.S. immigration policy was not approved.

For

Against

Abstentions

Broker Non-Votes

224,647,230

12,098,472,610

47,308,224

580,489,723

11. A shareholder proposal regarding a report on data privacy was not approved.

For

Against

Abstentions

Broker Non-Votes

743,788,468

11,587,651,785

38,987,811

580,489,723

12. A shareholder proposal regarding AI Board oversight was not approved.

For

Against

Abstentions

Broker Non-Votes

461,472,553

11,863,462,046

45,493,465

580,489,723

13. A shareholder proposal regarding a report on AI-generated misinformation was not approved.

For

Against

Abstentions

Broker Non-Votes

1,145,766,202

11,179,823,623

44,838,239

580,489,723

14. A shareholder proposal regarding a report on AI data usage oversight was not approved.

For

Against

Abstentions

Broker Non-Votes

1,510,607,181

10,806,830,963

52,989,920

580,489,723

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

No.

Description

10.01

Alphabet Inc. Amended and Restated 2021 Stock Plan

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ALPHABET INC.

June 11, 2026

/s/ Kathryn W. Hall

Kathryn W. Hall

Assistant Secretary

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Should You Invest in the Invesco Semiconductors ETF (PSI)?

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Should You Invest in the Invesco Semiconductors ETF (PSI)?

Should You Invest in the Invesco Semiconductors ETF (PSI)?

Should You Invest in the Invesco Semiconductors ETF (PSI)? · Zacks

Zacks Equity Research

June 2, 2026 3 min read

• PSI

-1.37%

• IVZ

-2.21%

Launched on June 23, 2005, the Invesco Semiconductors ETF (PSI) is a passively managed exchange traded fund designed to provide a broad exposure to the Technology - Semiconductors segment of the equity market.

While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.

Sector ETFs are also funds of convenience, offering many ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Technology - Semiconductors is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 1, placing it in top 6%.

Index Details

The fund is sponsored by Invesco. It has amassed assets over $2.54 billion, making it one of the larger ETFs attempting to match the performance of the Technology - Semiconductors segment of the equity market. PSI seeks to match the performance of the Dynamic Semiconductor Intellidex Index before fees and expenses.

The Dynamic Semiconductor Intellidex Index is comprised of stocks of semiconductor companies. The Index is designed to provide capital appreciation by thoroughly evaluating companies based on a variety of investment merit criteria, including fundamental growth, stock valuation, investment timeliness and risk factors.

Costs

Investors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.

Annual operating expenses for this ETF are 0.56%, making it on par with most peer products in the space.

It has a 12-month trailing dividend yield of 0.05%.

Sector Exposure and Top Holdings

ETFs offer a diversified exposure and thus minimize single stock risk but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.

This ETF has heaviest allocation in the Information Technology sector -- about 100% of the portfolio.

Looking at individual holdings, Kla Corp (KLAC) accounts for about 5.28% of total assets, followed by Advanced Micro Devices Inc (AMD) and Broadcom Inc (AVGO).

The top 10 holdings account for about 46.23% of total assets under management.

Performance and Risk

The ETF has added about 94.82% and is up about 201.85% so far this year and in the past one year (as of 06/02/2026), respectively. PSI has traded between $53.08 and $161.63 during this last 52-week period.

Story Continues

The ETF has a beta of 1.78 and standard deviation of 37.59% for the trailing three-year period, making it a high risk choice in the space. With about 32 holdings, it has more concentrated exposure than peers.

Alternatives

Invesco Semiconductors ETF holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, PSI is a great option for investors seeking exposure to the Technology ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.

iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $38.76 billion in assets, VanEck Semiconductor ETF has $68.57 billion. SOXX has an expense ratio of 0.34%, and SMH charges 0.35%.

Bottom Line

To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Invesco Semiconductors ETF (PSI): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?

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Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?

Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?

Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now? · Zacks

Zacks Equity Research

June 2, 2026 3 min read

• FTXL

-1.23%

A smart beta exchange traded fund, the First Trust NASDAQ Semiconductor ETF (FTXL) debuted on 09/20/2016, and offers broad exposure to the Technology ETFs category of the market.

What Are Smart Beta ETFs?

For a long time now, the ETF industry has been flooded with products based on market capitalization weighted indexes, which are designed to represent the broader market or a particular market segment.

A good option for investors who believe in market efficiency, market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns.

There are some investors, though, who think it's possible to beat the market with great stock selection; this group likely invests in another class of funds known as smart beta, which track non-cap weighted strategies.

Based on specific fundamental characteristics, or a combination of such, these indexes attempt to pick stocks that have a better chance of risk-return performance.

While this space offers a number of choices to investors, including simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies, not all these strategies have been able to deliver superior results.

Fund Sponsor & Index

FTXL is managed by First Trust Advisors, and this fund has amassed over $2.5 billion, which makes it one of the larger ETFs in the Technology ETFs. FTXL seeks to match the performance of the Nasdaq US Smart Semiconductor Index before fees and expenses.

The Nasdaq US Smart Semiconductor Index is a modified factor weighted index, designed to provide exposure to US companies within the semiconductor industry.

Cost & Other Expenses

When considering an ETF's total return, expense ratios are an important factor. And, cheaper funds can significantly outperform their more expensive cousins in the long term if all other factors remain equal.

Operating expenses on an annual basis are 0.60% for this ETF, which makes it on par with most peer products in the space.

FTXL's 12-month trailing dividend yield is 0.13%.

Sector Exposure and Top Holdings

ETFs offer diversified exposure and thus minimize single stock risk, but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.

Representing 100% of the portfolio, the fund has heaviest allocation to the Information Technology sector.

When you look at individual holdings, Intel Corporation (INTC) accounts for about 8.89% of the fund's total assets, followed by Nvidia Corporation (NVDA) and Broadcom Inc. (AVGO).

Story Continues

Its top 10 holdings account for approximately 60.46% of FTXL's total assets under management.

Performance and Risk

Year-to-date, the First Trust NASDAQ Semiconductor ETF return is roughly 100.06% so far, and was up about 215.43% over the last 12 months (as of 06/02/2026). FTXL has traded between $86.19 $262.95 in this past 52-week period.

The ETF has a beta of 1.69 and standard deviation of 35.67% for the trailing three-year period. With about 35 holdings, it has more concentrated exposure than peers .

Alternatives

First Trust NASDAQ Semiconductor ETF is an excellent option for investors seeking to outperform the Technology ETFs segment of the market. There are other ETFs in the space which investors could consider as well.

iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $38.76 billion in assets, VanEck Semiconductor ETF has $68.57 billion. SOXX has an expense ratio of 0.34% and SMH changes 0.35%.

Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Technology ETFs

Bottom Line

To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names

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标的：`PSI`来源：24/7 Wall St.发布日期：2026-05-31重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1484

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The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names

The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names

Austin Smith

June 1, 2026 8 min read

• NVDA

-2.21%

• ^GSPC

-1.01%

• MU

-0.50%

• LRCX

-2.39%

• INTC

-2.00%

Quick Read

• Invesco Semiconductors ETF (PSI) gained 104.96% from Dec 31, 2025 to May 26, 2026, dramatically outperforming the S&P 500's 10.07% and iShares Semiconductor ETF's 89.42% due to its equal-weight structure holding 3.86% in Nvidia instead of the typical megacap concentration, with top holdings in Micron Technology (MU), Lam Research (LRCX), and Intel (INTC) that benefited from surging memory chip pricing and semiconductor capital equipment spending.

• PSI's exceptional 2026 performance reflected the broadening of AI capital spending beyond megacap GPU designers to memory makers and equipment suppliers, a structural tailwind that is already largely priced in at current valuations, making future gains dependent on sustained memory pricing strength and hyperscaler capex momentum.

• Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Invesco Semiconductors ETF didn't make the cut. Grab the names FREE today .

A $10,000 position in Invesco Semiconductors ETF ( NASDAQ:PSI ) on the last trading day of 2025 was worth ~$20,496 by the close on May 26, 2026, and that is the kind of arithmetic that ruins dinner parties. Your brother-in-law at Goldman is up 10.07% in the S&P 500. Your friend who only buys the Nasdaq 100 through Invesco QQQ Trust ( NASDAQ:QQQ ) is up 18.88%. The hedge fund manager at the end of the table, the one who keeps mentioning his Sharpe ratio, is somewhere in between. And the cheapest, most boring sleeve of a semiconductor ETF that almost nobody at those tables holds is up 104.96% in not quite five months.

That is the headline. The mechanism is the more interesting part, and so is the question of whether a reader who shows up to the chart in late May 2026 is buying the same setup or a much more expensive version of it.

The Arithmetic, On A Specific Day, In Plain Dollars

PSI opened 2026 at an adjusted price of $78.86 on the December 31, 2025 close. It traded at $161.63 on the May 26, 2026 close, including a 5.13% single-session move on the way there. So $10,000 became ~$20,496, or roughly a double in ~100 trading days. That is total return on an adjusted basis. The figure does not require a cherry-picked entry inside the window, because the window starts on the calendar year boundary. It is the boring, defensible version of the headline.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Invesco Semiconductors ETF didn't make the cut. Grab the names FREE today .

Stretch the lens out and the picture is louder. PSI is up 217.23% over the trailing year, 298.59% over five years, and 1,793.3% over ten. The Motley Fool ran the numbers in late 2025 and noted that $100 invested ten years ago was worth ~$920 today, an 820% total return versus the S&P 500's 233%. None of this is leverage. PSI is a plain, unlevered, fully invested basket.

Story Continues

The benchmark comparison is what gives the 2026 number its edge. iShares Semiconductor ETF ( NASDAQ:SOXX ), the cap-weighted competitor most institutions actually own, is up 89.42% year to date. That is an enormous number on its own. PSI still has ~15 percentage points on it. Against the S&P 500 the gap is closer to 95 percentage points. There are not many active equity funds in the world that are going to print that kind of relative number in 2026, which is the reason the title of the article uses the phrase it uses.

Why PSI And Not One Of The Famous Semi ETFs

The mechanism here is mostly one structural choice. PSI equal-weights ~30 semiconductor companies tracked through the Dynamic Semiconductor Intellidex Index. Cap-weighted funds like SOXX and the VanEck Semiconductor ETF lean hard on the largest two or three names, which in practice means a very large slug of the two biggest megacap chip designers does most of the work. PSI carries only 3.86% in NVIDIA, which sounds like a handicap until you notice what 2026 has actually rewarded.

Memory chips and semiconductor capital equipment. Those are the two pockets the equal weight forces you into, and they are the two pockets that PineBridge and others spent the late-2025 outlook season flagging. PineBridge's 2026 equity piece called out a rebound in memory and continued investments in advanced logic, with wafer fabrication equipment spending expected to rise on the back of those two threads. PSI's top weights have sat on Micron Technology, Lam Research, and Intel, which is to say, the memory cycle and the "pick and shovel" toolmakers. When those two pockets run, an equal-weight semis ETF outruns a cap-weighted one because the cap-weighted one is mostly concentrated in the single largest GPU designer.

The second piece of the mechanism is the AI capex story finally broadening out from the obvious winners. JPMorgan's 2026 outlook framed it directly, with tech sectors accounting for 36% of S&P 500 earnings and 56% of the index's capital spending growth over the last 12 months. That spending is not staying inside the megacap GPU designer. It is flowing to the people who build the memory, the etch tools, the deposition tools, the test equipment, and the specialty foundries. PSI's TradingView writeup in late April flagged a 182.6% surge from its 52-week low, attributing the run to the AI boom and the domestic chip production push. A Tower Semiconductor holding inside the basket was up 444% on a 12-month basis on the strength of defense radar and supply-chain reshoring work.

So the engine is identifiable. Equal weight plus a sector tailwind that rewards the second and third tier of names more than the megacap. The expense ratio is 0.56%, AUM is ~$1.29 billion, and the beta is 1.58. None of those numbers are unusual for the category. The performance came from holdings.

What A Reader Buying In Late May 2026 Is Actually Buying

This is the part the dinner-party victory lap leaves out. PSI rose 13% in the past week and 19.85% in the past month. SOXX rose 14.77% in the past week. Anything moving that fast is pricing in a lot of forward good news before the news lands. Morningstar's 2026 outlook tracks its Global Next Generation AI Index against fair value and notes the index sits above fair value, having ranged from 74% to 114% of fair value since 2023. An Intellectia AI valuation note from early April put PSI itself in the "fair" zone based on forward P/S ratio versus its 5-year average, with the caveat that the level "seems unsustainable despite strong revenue growth." That was 47 dollars ago on the chart.

The conditions that produced the run are mostly still in place. Wafer fab equipment spending is still expected to grow. Memory pricing has not rolled. The reshoring story still has years of capex behind it. PineBridge's view of ~25% annual growth in datacenter equipment for the next four to five years, anchored to electrical infrastructure constraints, is the kind of structural call that has held up across multiple outlook cycles. The setup is intact. It is also a lot more expensive than it was on January 2.

Three indicators are worth watching from here, all of them observable without a Bloomberg terminal. First, the memory pricing tape, because contract DRAM and NAND pricing from the largest US memory maker is what makes the largest single weight in PSI move. Second, the quarterly capex guidance from the hyperscalers and from TSMC, because that capex is the order book for the major wafer fab equipment toolmakers. Third, the Philadelphia Semiconductor Index, which is what SOXX is built around, because if SOXX rolls, PSI is going to roll harder given its higher beta. Vanguard's 2026 piece flagged that AI investment's outsized contribution to economic growth represents the key risk factor in 2026, which is a polite way of saying that if AI capex blinks, semis blink first.

The honest read is that PSI's 2026 was earned, and that the mechanism is identifiable and largely structural. The fund did exactly what it was built to do during a regime that happened to suit it. That is the durable part. The part that will not repeat on the same scale is the starting price. You can still own the mechanism. You cannot still own the entry. Watch memory pricing and watch hyperscaler capex, because that is where the next leg, up or down, is going to show up first.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Invesco Semiconductors ETF didn't make the cut. Grab the names FREE today .

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After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade

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标的：`FTXL`来源：24/7 Wall St.发布日期：2026-05-29重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1255

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After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade

After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade

David Beren

May 29, 2026 6 min read

• SMH

-2.18%

• ASML.AS

-3.84%

• LRCX

-2.39%

• SOXX

-1.64%

• FTXL

-1.23%

Quick Read

• iShares Semiconductor ETF (SOXX) tracks 30 U.S.-listed chip stocks with a 0.34% expense ratio and returned 87% year-to-date by capturing broad supplier exposure to the AI capex cycle; VanEck Semiconductor ETF (SMH) concentrates on 25 names including Taiwan Semi (9%), ASML, and Lam Research with 4% Netherlands and 9% Taiwan exposure, returning 65% year-to-date; First Trust Nasdaq Semiconductor ETF (FTXL) uses factor-weighted screening to emphasize semicap equipment and memory stocks including Micron and Credo, returning 99% year-to-date at a 0.60% fee with $1.48B in assets.

• Hyperscaler AI capital spending projected near 25% annual growth through 2030 is distributing dollars across the semiconductor supply chain from chip designers to foundries to lithography equipment makers, and each ETF captures different layers of this structural shift.

• The analyst who called NVIDIA in 2010 just named his top 10 stocks and First Trust NASDAQ Semiconductor ETF wasn't one of them. Get them here FREE .

After three years of hyperscaler capital spending feeding through to chip designers, foundry capacity, and lithography backlogs, the semiconductor ETF complex has separated into distinct buckets. iShares Semiconductor ETF ( NASDAQ:SOXX ), VanEck Semiconductor ETF ( NASDAQ:SMH ), and First Trust Nasdaq Semiconductor ETF ( NASDAQ:FTXL ) are the three broad U.S.-listed vehicles that capture the trade in clean, liquid form. They differ in construction, and that difference has produced a wide spread in performance during the current cycle.

Goldman Sachs Asset Management's 2026 outlook frames the backdrop bluntly: the AI capex boom is "driving business and investment activity" while the rest of the U.S. economy softens. PineBridge and MetLife describe datacenter equipment growth as "essentially locked in for the next four to five years" with annual growth near 25%. That is the structural setup behind the three funds below.

SOXX: The Largest, Broadest Way to Own the Cycle

SOXX tracks the NYSE Semiconductor Index, a modified market-cap weighted basket of 30 U.S.-listed chip names. The investment logic is straightforward: AI capex is a flow of dollars moving from a small group of hyperscalers to a wide set of suppliers, and SOXX owns enough of that supplier base to capture the cycle without making a single-name bet. The fund's expense ratio runs at 0.34%, with the fact sheet referenced as of March 2026.

The analyst who called NVIDIA in 2010 just named his top 10 stocks and First Trust NASDAQ Semiconductor ETF wasn't one of them. Get them here FREE .

Story Continues

The modified weighting matters, as a pure cap weighting would allow NVIDIA to dominate to a degree that resembles holding a single stock. The cap on top names spreads exposure into equipment makers and analog franchises that benefit from the same capex wave through a different mechanism. On the positive side, SOXX is up roughly 87% year-to-date and 180% over the trailing year, mirroring the trajectory of hyperscaler order books since the deepseek-driven reset early last year.

The trade-off: SOXX is U.S.-listed only, so there is no direct exposure to ASML or TSMC. However, investors who view the lithography and foundry layers as the truest bottleneck in the AI buildout will find that exclusion meaningful.

SMH: Concentrated Exposure to the Choke Points

SMH tracks the MarketVector US Listed Semiconductor 10% Capped Screened Index and holds 25 names. The fund carries $6.3 billion in net assets with an expense ratio of 0.35%. The point of owning SMH rather than SOXX is the willingness to let the largest, most capacity-constrained companies drive returns.

The top holdings as of May 27, 2026, are NVIDIA at 16%, Taiwan Semi at 9%, Intel at 8%, Advanced Micro Devices at 7%, and Broadcom at 7%. Micron sits at 6%. Equipment names, including ASML, Lam Research, and Applied Materials, make up around 12% of the fund. Geographically, about 4% sits in the Netherlands and 9% in Taiwan, reflecting exposure to the foundry and lithography links of the chain that SOXX skips.

As it stands, SMH returned 65% year-to-date and 152% over one year, lagging SOXX in 2026, but the lag tracks the way capital has rotated within the cycle. Memory and equipment names have outrun the largest cap-weighted incumbents over the past several months, and SMH's heavier top-5 concentration has worked against it during that rotation. As Eric Jhonsa put it on a recent podcast, "demand keeps staying ahead of supply" , which has favored capacity providers over the design layer.

The trade-off is concentration: a bad quarter from AMD or Broadcom moves SMH in a way it would not move SOXX, and international tickers add a second layer of geopolitical sensitivity around Taiwan and export controls.

FTXL: The Smart-Beta Outsider That Has Quietly Led the Group

FTXL represents our value play here. This fund tracks Nasdaq's unique AlphaDEX index, which ranks chip stocks by growth, value, and momentum metrics and then groups them into tier-weighted buckets. Its structural management fee sits right at 0.60%, marking it the costliest option among these choices. According to its latest official regulatory filing, the product managed roughly $1.48 billion in total investor assets as of the close of March.

That construction is what makes FTXL relevant to the AI capex theme rather than a generic diversified bet. The factor screen pulls in semicap equipment, memory, and connectivity names at weightings that the cap-weighted indexes underemphasize. As of March 31, 2026, top positions included NVIDIA at 8%, Intel at 8%, Broadcom at 8%, Qualcomm at 8%, and Micron at 7%. The portfolio extends to 34 holdings, including KLA, Marvell, ON Semiconductor, Astera Labs, and Credo, names that benefit from datacenter interconnect and advanced packaging spend.

The performance has been a surprise to the group. FTXL returned 99% year-to-date and 219% over the trailing 12 months. Memory rebound, semicap order strength, and recovery in second-tier analog names have all rewarded the factor tilt. That outperformance does not annualize cleanly into a thesis, and the fund's smaller AUM and 0.60% fee are real costs.

The tradeoff: factor methodologies rebalance on a schedule, which can mean trimming winners that the cap-weighted indexes keep riding. FTXL also concentrates on roughly the same names as SOXX and SMH at the top, so the diversification benefit is structural rather than dramatic.

Choosing Between the Three

The decision rests on which part of the AI capex chain an investor wants exposure to. SOXX is the default broad vehicle, leaning toward U.S.-listed designers and integrated manufacturers, and the largest pool of capital. SMH provides direct exposure to the foundry and lithography sectors through TSMC and ASML, with a concentration that cuts both ways. FTXL leans into semicap equipment, memory, and emerging interconnect names through a factor screen, with a higher fee and a smaller asset base, but a 2026 return profile that has run ahead of the two larger funds.

NVIDIA's own framing, that AI capex grows "3x to 4x" by the end of the decade, sets a long runway. Each of these three funds expresses a different view on which part of that spending compounds fastest.

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The Most-Compared ETFs Right Now — And What They Reveal

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标的：`FTXL`来源：etf.com发布日期：2026-05-28重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1127

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The Most-Compared ETFs Right Now — And What They Reveal

The Most-Compared ETFs Right Now — And What They Reveal

ETF.com Staff

May 29, 2026 6 min read

• QQQ

-1.50%

• SOXL

-4.92%

balance Every month, tens of thousands of investors come to ETF.com not to read about ETFs—but to compare them head to head. The ETF Comparison Tool lets users stack any two (or three) funds side by side across costs, performance, holdings, and flows. Over the last 28 days, 96,861 users ran a pure ticker-vs-ticker comparison on our tool. What they searched tells a story about where investor attention—and anxiety—is right now.

Semiconductors Are the Runaway #1 Theme

Nothing comes close. The single most-searched matchup on the entire site is SMH vs. SOXX , with 2,478 active users—more than double the next most popular pair. Semiconductor ETFs dominate the top of the list in a way no other category does.

The matchup map is deep: SMH vs. QQQ (1,153 users), SMH vs. SOXQ (896), SOXQ vs. SOXX (708), QQQ vs. SOXX (367), SOXL vs. SOXX (367), SMH vs. CHPS (193), DRAM vs. SMH (151). When you add up every comparison that includes a semiconductor ETF, it's the most-trafficked category on the tool by a wide margin—likely north of 9,000 users in the period.

The debate isn't just VanEck vs. iShares. Investors are drilling down: broad semis vs. leveraged semis, pure-play chip designers vs. the full supply chain, large-cap leaders vs. smaller names in PSI and FTXL . The semiconductor trade is alive, contested, and highly researched.

The Growth ETF Wars

The second biggest storyline is a four-way fight between SCHG , VUG , QQQM , and QQQ . Investors are trying to figure out which growth ETF deserves the core slot in their portfolio—and they're not finding an obvious answer.

SCHG vs. QQQM drew 917 users. QQQM vs. VGT pulled 809. QQQ vs. VUG got 743. VUG vs. QQQM attracted 717. SCHG vs. VUG : 620. VUG vs. VGT : 587. QQQ vs. VGT : 581. The three-way matchup VUG vs. QQQM vs. SCHG added another 459.

What's notable is how often SCHG appears. Schwab's large-cap growth fund has quietly become a serious challenger to QQQ for cost-conscious investors, and the comparison traffic reflects that. SCHG 's 0.04% expense ratio versus QQQ 's 0.20% is a conversation that 2,000+ users a month are actively having.

Core Portfolio Fundamentals Still Drive Volume

Amid all the thematic excitement, the bread-and-butter comparisons remain extremely popular. QQQ vs. SPY (771 users), VTI vs. VOO (706), IVV vs. VOO (587), QQQ vs. VOO (583), SPY vs. IVV (566)—these are the "which foundational ETF should I own" questions that never go out of style.

The QQQ vs. QQQM comparison (629 users) deserves special mention. These are essentially the same index at different price points, but investors are clearly still working through whether the switch makes sense for their situation. At this volume, it's one of the most practically useful comparisons on the tool.

Story Continues

Nuclear Energy: The Sleeper Hit

One of the more surprising findings in the data is how actively investors are researching uranium and nuclear ETFs. URA vs. NLR drew 459 users—more than many mainstream equity matchups. NLR vs. URNM pulled 355. URA vs. URNM : 291. URNM vs. URA : 168. NLR vs. URA : 143. URNJ vs. URNM : 80.

That's a niche category generating well over 1,500 comparison sessions. For a theme most investors couldn't have named three years ago, nuclear is getting serious due diligence. The nuances matter to this crowd: physical uranium vs. uranium miners, pure-play vs. diversified nuclear, large producers vs. junior miners.

Momentum Has a Moment

SPMO —Invesco's S&P 500 Momentum ETF—appears in six different matchups across the top of the data. VOO vs. SPMO (570), QQQ vs. SPMO (569), QQQM vs. SPMO (538), VGT vs. SPMO (288), SPY vs. RSP (567). Investors are stress-testing momentum against their core holdings, asking whether chasing factor performance makes sense at this point in the cycle.

The RSP comparison is a related tell: equal-weight vs. cap-weight (567 users) is a question that resurfaces whenever concentration risk is on investors' minds. When the top 10 names in the S&P 500 account for a record share of the index, the equal-weight alternative starts looking interesting—at least interesting enough to compare.

AI and Robotics: Still Being Figured Out

The AI ETF category is generating real comparison traffic, but the matchups suggest investors are still sorting out which funds belong in which bucket. AIQ vs. BOTZ: 512 users. BOTZ vs. ARKQ: 330. BOTZ vs. ROBO: 253. BOTZ vs. AIQ: 185. AIQ vs. CHAT: 267. IRBO vs. BOTZ: 131.

BOTZ shows up as the reference point—the ETF everyone else gets compared to. But the high volume across multiple AI/robotics pairs suggests this is a category where investors haven't landed on a consensus pick. That's an opportunity for editorial clarity.

Defense Goes Mainstream

Defense ETF comparisons spiked in ways consistent with investors responding to geopolitical headlines. XAR vs. PPA: 253 users. XAR vs. ITA: 196. SHLD vs. ITA: 185. PPA vs. ITA: 133. These aren't abstract research queries—they read like investors actively deciding where to put new money in a sector they've recently decided to own.

Space ETFs show up nearby: UFO vs. ARKX (352), NASA vs. UFO (111), UFO vs. ROKT (68). The overlap with defense themes—several space ETFs hold significant aerospace and defense names—suggests some investors are treating the two categories as adjacent bets.

Cash and Short-Duration Bonds: Not Going Anywhere

Despite rate cut expectations, investors are still actively comparing their cash-parking options. TBIL vs. SGOV : 384 users. SGOV vs. BIL : 319. VBIL vs. SGOV : 296. BOXX vs. SGOV : 139. BIL vs. SGOV : 79.

The BOXX comparison is notable—it signals that some investors are now aware of the more exotic cash-management structures and are doing genuine due diligence on them. The T-bill ETF category has matured from a novelty into a crowded, actively-researched space.

What the Data Tells Us

Taken together, the comparison traffic over the last 28 days paints a picture of an investor base that is engaged, specific, and often ahead of the mainstream narrative. Semiconductors are being researched at a depth that goes well beyond "I want chip exposure." Growth ETFs are being evaluated on cost and construction, not just performance. Nuclear energy has graduated from talking point to portfolio consideration.

The comparison tool is, in a sense, a live map of investor decision-making—not what people bought, but what they were thinking about buying. Right now, they're thinking hard about chips, growth factors, nuclear power, and momentum. We'll keep tracking it.

Find other ETF Comparisons using ETF.com's ETF Comparison Tool

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Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2027 Financial Results

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Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2027 Financial Results

Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2027 Financial Results

May 27, 2026

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Q1 Net Revenue: $2.418 billion, a new record, grew by 28% year-on-year

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Q1 Gross Margin: 52.1% GAAP gross margin; 58.9% non-GAAP gross margin

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Q1 Diluted income per share: $0.04 GAAP diluted income per share; $0.80 non-GAAP diluted income per share

SANTA CLARA, Calif.--(BUSINESS WIRE)--

Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the first quarter of fiscal year 2027.

Net revenue for the first quarter of fiscal 2027 was $2.418 billion, $18.0 million above the mid-point of the Company’s guidance provided on March 5, 2026.

GAAP net income for the first quarter of fiscal 2027 was $34.5 million, or $0.04 per diluted share. Non-GAAP net income for the first quarter of fiscal 2027 was $718.0 million, or $0.80 per diluted share. Cash flow from operations for the first quarter was $638.8 million, a record high.

The Company completed the acquisition of Celestial AI, Inc. (“Celestial”) on February 2, 2026 and the acquisition of XConn Technologies Holdings, Ltd. (“XConn”) on February 10, 2026. Marvell’s financial results include the results of Celestial and XConn for the period from the dates of acquisition through the first quarter of fiscal 2027.

“Marvell delivered record first-quarter fiscal 2027 revenue of $2.418 billion, up 28% year-over-year, and guided second-quarter revenue to $2.7 billion at the mid-point, representing 35% year-over-year growth. We expect revenue growth to continue accelerating each quarter throughout fiscal 2027, driven by continued strength in our data center business,” said Matt Murphy, Marvell’s Chairman and CEO. “We are seeing exceptional AI-related bookings, and as a result, we are significantly raising Marvell’s revenue outlook for both fiscal 2027 and fiscal 2028 compared with the guidance we provided last quarter. This improved outlook is being driven by strong demand across a broad set of Marvell solutions, including 800G and 1.6T scale-out optics, 51.2T Ethernet scale-out switches, scale-up optical solutions for NPO and CPO applications, scale-across datacenter interconnect modules, and custom XPU and XPU-attach solutions.”

Second Quarter of Fiscal 2027 Financial Outlook

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Net revenue is expected to be $2.700 billion +/- 5%.

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GAAP gross margin is expected to be 52.1% to 53.1%.

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Non-GAAP gross margin is expected to be 58.25% to 59.25%.

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GAAP operating expenses are expected to be approximately $960 million.

-

Non-GAAP operating expenses are expected to be approximately $600 million.

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Basic weighted-average shares outstanding are expected to be 899 million.

-

Diluted weighted-average shares outstanding are expected to be 915 million.

-

GAAP diluted net income per share is expected to be $0.37 +/- $0.05 per share.

-

Non-GAAP diluted net income per share is expected to be $0.93 +/- $0.05 per share.

GAAP diluted EPS is calculated using basic weighted-average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted-average shares outstanding when there is a GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted-average shares outstanding. The Company calculated EPS under the two-class method as a result of the issuance of the Series A Convertible Preferred Stock on March 31, 2026.

Conference Call

Marvell will conduct a conference call on Wednesday, May 27, 2026 at 1:45 p.m. Pacific Time to discuss results for the first quarter of fiscal year 2027. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ . Interested parties may also join the live conference call via telephone by using the ‘Call me™’ link provided in the press release on May 4, 2026, and on the Quarterly Earnings section of the Marvell Investor Relations website, to receive an instant automated call back. To join the call via telephone with operator assistance, please dial 1-877-407-8291 or 1-201-689-8345. A replay of the call can be accessed by dialing 1-877-660-6853 or 1-201-612-7415, passcode 13760544 until Tuesday, June 2, 2026.

Discussion of Non-GAAP Financial Measures

Non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, acquisition and divestiture related costs, restructuring and other related charges (gains), (including, but not limited to, recognition of contractual obligations, employee severance costs, and facility exit related charges), change in fair value of contingent consideration liability and forward stock purchase contract, resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell’s core business. Although Marvell excludes the amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and that such amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of intangible assets contributed to Marvell’s revenues earned during the periods presented and are expected to contribute to Marvell’s future period revenues as well.

Marvell uses a non-GAAP tax rate to compute the non-GAAP tax provision. This non-GAAP tax rate is based on Marvell’s estimated annual GAAP income tax forecast, adjusted to account for items excluded from Marvell’s non-GAAP income, as well as the effects of significant non-recurring and period specific tax items which vary in size and frequency, and excludes tax deductions and benefits from acquired tax loss and credit carryforwards and changes in valuation allowance on acquired deferred tax assets. Marvell’s non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate such as tax law changes; acquisitions; significant changes in Marvell’s geographic mix of revenue and expenses; or changes to Marvell’s corporate structure. For the first quarter of fiscal 2027, a non-GAAP tax rate of 11.0% has been applied to the non-GAAP financial results.

Marvell believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Marvell’s financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance.

Externally, management believes that investors may find Marvell’s non-GAAP financial measures useful in their assessment of Marvell’s operating performance and the valuation of Marvell. Internally, Marvell’s non-GAAP financial measures are used in the following areas:

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Management’s evaluation of Marvell’s operating performance;

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Management’s establishment of internal operating budgets;

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Management’s performance comparisons with internal forecasts and targeted business models; and

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Management’s determination of the achievement and measurement of certain types of compensation including Marvell’s annual incentive plan and certain performance-based equity awards (adjustments may vary from award to award).

Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell’s business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell’s results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent.

Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. Words such as “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “forecasts,” “targets,” “may,” “can,” “will,” “would” and similar expressions identify such forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, the statements describing our financial outlook and future period revenues. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: risks related to our ability to estimate customer demand and future sales accurately; our ability to define, design, develop and market products for the data center and communications markets; risks related to our dependence on a few customers for a significant portion of our revenue, particularly as our major customers comprise an increasing percentage of our revenue, as well as risks related to a significant portion of our sales being concentrated in the data center end market; risks related to the potential impact of AI on our business model and products; risks related to the rapid growth of the Company; risks that our customers develop their own solutions, vertically integrate which may reduce the need for our products, or acquire fully developed solutions from third parties; our ability to secure design wins from our customers and prospective customers; our ability to complete and realize the anticipated benefits of any acquisitions, divestitures and investments; supply chain disruptions or component shortages that may impact the production of our products including our kitting process or may impact the price of components which in turn may impact our margins on any impacted products and any constrained availability from other electronic suppliers impacting our customers’ ability to ship their products, which in turn may adversely impact our sales to those customers; the impact of international conflict (such as the current armed conflicts in the Ukraine and in Israel and the Middle East) and economic volatility in either domestic or foreign markets including risks related to trade conflicts or tensions, regulations, and tariffs, including but not limited to, trade restrictions imposed on our Chinese customers; risks related to changes in general macroeconomic conditions, or expectations of such conditions, such as high or rising interest rates, macroeconomic slowdowns, recessions, inflation, and stagflation; risks related to higher inventory levels; risks related to cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; our ability to realize the expected benefits from restructuring activities; the risk of downturns in the semiconductor industry or our customer end markets; our ability to retain and hire key personnel; risks related to our return to working full time in the office; cybersecurity risks; our ability to limit costs related to defective products; risks related to our debt obligations; delays or increased costs related to completing the design, development, production and introduction of our new products due to a variety of issues, including supply chain cross-dependencies, dependencies on EDA and similar tools, dependencies on the use of third-party, business partner or customer intellectual property, collaboration and synchronization requirements with business partners and customers, requirements to establish new manufacturing, testing, assembly and packing processes, and other issues; our reliance on our manufacturing partners for the manufacture, assembly, testing and packaging of our products; risks related to the ASIC business model which requires us to use third-party IP including the risk that we may lose business or experience reputational harm if third parties, including customers, lose confidence in our ability to protect their IP rights; the risks associated with manufacturing and selling products and customers’ products outside of the United States; decreases in gross margin and results of operations in the future due to a number of factors, including high or increasing interest rates and volatility in foreign exchange rates; severe financial hardship or bankruptcy of one or more of our major customers; the effects of transitioning to smaller geometry process technologies; the impact of any change in the income tax laws in jurisdictions where we operate and the loss of any beneficial tax treatment that we currently enjoy; the outcome of pending or future litigation and legal and regulatory proceedings; risk related to our Sustainability program; the impact and costs associated with changes in international financial and regulatory conditions; our ability and the ability of our customers to successfully compete in the markets in which we serve; our ability and our customers’ ability to develop new and enhanced products and the adoption of those products in the market; our ability to scale our operations in response to changes in demand for existing or new products and services; risks associated with acquisition and consolidation activity in the semiconductor industry, including any consolidation of our manufacturing partners; our ability to protect our intellectual property; risks related to the issuance of preferred stock; risks related to the impact of future pandemics; our maintenance of an effective system of internal controls; financial institution instability; and other risks detailed in our SEC filings from time to time. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business described in the “Risk Factors” section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

About Marvell

To deliver the data infrastructure technology that connects the world, we’re building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world’s leading technology companies for over 30 years, we move, store, process and secure the world’s data with semiconductor solutions designed for our customers’ current needs and future ambitions. Through a process of deep collaboration and transparency, we’re ultimately changing the way tomorrow’s enterprise, cloud and carrier architectures transform—for the better.

Marvell ® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.

Marvell Technology, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

(In millions, except per share amounts)

Three Months Ended

May 2,

2026

January 31,

2026

May 3,

2025

Net revenue

$

2,417.8

$

2,218.7

$

1,895.3

Cost of goods sold

1,157.0

1,070.8

942.9

Gross profit

1,260.8

1,147.9

952.4

Operating expenses:

Research and development

652.3

536.0

507.7

Selling, general and administrative

258.4

198.0

186.4

Restructuring related charges (gains), net

10.7

9.5

(12.3

)

Total operating expenses

921.4

743.5

681.8

Operating income

339.4

404.4

270.6

Interest expense

(52.8

)

(50.8

)

(48.7

)

Other income (expense), net

(203.3

)

28.0

(6.0

)

Interest and other loss, net

(256.1

)

(22.8

)

(54.7

)

Income before income taxes

83.3

381.6

215.9

Provision (benefit) for income taxes

48.8

(14.5

)

38.0

Net income

$

34.5

$

396.1

$

177.9

Net income per share — basic

$

0.04

$

0.47

$

0.21

Net income per share — diluted

$

0.04

$

0.46

$

0.20

Weighted-average shares outstanding - common stock and preferred stock assuming conversion:

Basic

882.0

848.0

864.8

Diluted

893.3

856.2

875.6

Marvell Technology, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

(In millions)

May 2,

2026

January 31,

2026

Assets

Current assets:

Cash and cash equivalents

$

3,843.6

$

2,638.8

Accounts receivable, net

1,871.7

2,186.6

Inventories

1,400.9

1,388.0

Prepaid expenses and other current assets

347.8

247.2

Total current assets

7,464.0

6,460.6

Property and equipment, net

972.5

935.0

Goodwill

13,883.5

11,062.2

Acquired intangible assets, net

2,561.5

1,754.7

Deferred tax assets

319.8

345.9

Other non-current assets

1,743.2

1,726.9

Total assets

$

26,944.5

$

22,285.3

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

709.7

$

1,073.8

Accrued liabilities

1,335.6

1,337.1

Accrued employee compensation

231.5

309.8

Short-term debt

—

499.8

Total current liabilities

2,276.8

3,220.5

Long-term debt

4,961.3

3,970.8

Other non-current liabilities

1,490.6

785.6

Total liabilities

8,728.7

7,976.9

Stockholders’ equity:

Preferred stock

—

—

Common stock

1.8

1.7

Additional paid-in capital

16,877.5

12,950.9

Retained earnings

1,336.5

1,355.8

Total stockholders’ equity

18,215.8

14,308.4

Total liabilities and stockholders’ equity

$

26,944.5

$

22,285.3

Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)

Three Months Ended

May 2,

2026

May 3,

2025

Cash flows from operating activities:

Net income

$

34.5

$

177.9

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

95.4

84.2

Stock-based compensation

207.6

142.1

Amortization of acquired intangible assets

225.2

245.7

Change in fair value of contingent consideration liability

331.8

—

Change in fair value of forward stock purchase contract

(81.1

)

—

Restructuring related charges (gains), net

—

(14.0

)

Deferred income taxes

13.8

(4.3

)

Other expense, net

23.2

44.1

Changes in assets and liabilities, net of acquisitions:

Accounts receivable

314.9

(115.6

)

Prepaid expenses and other assets

(28.5

)

24.1

Inventories

(11.4

)

(69.9

)

Accounts payable

(355.9

)

(37.4

)

Accrued employee compensation

(84.4

)

(117.6

)

Accrued liabilities and other non-current liabilities

(46.3

)

(26.4

)

Net cash provided by operating activities

638.8

332.9

Cash flows from investing activities:

Purchases of technology licenses

(0.5

)

(1.1

)

Purchases of property and equipment

(155.7

)

(118.8

)

Proceeds from sales of property and equipment

—

25.9

Acquisitions, net of cash acquired

(1,270.9

)

—

Other, net

5.7

(0.1

)

Net cash used in investing activities

(1,421.4

)

(94.1

)

Cash flows from financing activities:

Repurchases of common stock

(200.0

)

(340.0

)

Proceeds from employee stock plans

3.3

0.6

Proceeds from issuance of preferred stock

2,000.0

—

Tax withholding paid on behalf of employees for net share settlement

(227.2

)

(50.2

)

Dividend payments to stockholders

(53.8

)

(51.8

)

Payments on technology license obligations

(27.2

)

(26.8

)

Proceeds from borrowings

998.9

200.0

Principal payments of debt

(500.0

)

(32.8

)

Other, net

(6.6

)

(0.2

)

Net cash provided by (used in) financing activities

1,987.4

(301.2

)

Net increase (decrease) in cash and cash equivalents

1,204.8

(62.4

)

Cash and cash equivalents at beginning of period

2,638.8

948.3

Cash and cash equivalents at end of period

$

3,843.6

$

885.9

Marvell Technology, Inc.

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In millions, except per share amounts)

Three Months Ended

May 2,

2026

January 31,

2026

May 3,

2025

GAAP gross profit

$

1,260.8

$

1,147.9

$

952.4

Special items - expenses (income):

Stock-based compensation

14.2

10.5

11.2

Amortization of acquired intangible assets

150.8

148.8

169.4

Restructuring related charges (a)

(2.0

)

—

—

Other cost of goods sold (b)

—

1.6

0.5

Total special items

163.0

160.9

181.1

Non-GAAP gross profit

$

1,423.8

$

1,308.8

$

1,133.5

GAAP gross margin

52.1

%

51.7

%

50.3

%

Stock-based compensation

0.6

%

0.5

%

0.6

%

Amortization of acquired intangible assets

6.3

%

6.7

%

8.9

%

Restructuring related charges (a)

(0.1

)%

—

%

—

%

Other cost of goods sold (b)

—

%

0.1

%

—

%

Non-GAAP gross margin

58.9

%

59.0

%

59.8

%

GAAP operating expenses

$

921.4

$

743.5

$

681.8

Special items - (expenses) income:

Stock-based compensation

(193.4

)

(132.5

)

(130.9

)

Amortization of acquired intangible assets

(74.4

)

(74.8

)

(76.3

)

Restructuring related charges (a)

(10.7

)

(9.5

)

12.3

Other (c)

(66.0

)

(9.7

)

(0.7

)

Total special items

(344.5

)

(226.5

)

(195.6

)

Non-GAAP operating expenses

$

576.9

$

517.0

$

486.2

GAAP operating income

$

339.4

$

404.4

$

270.6

Special items - expenses (income):

Stock-based compensation

207.6

143.0

142.1

Amortization of acquired intangible assets

225.2

223.6

245.7

Restructuring related charges (a)

8.7

9.5

(12.3

)

Other cost of goods sold (b)

—

1.6

0.5

Other (c)

66.0

9.7

0.7

Total special items

507.5

387.4

376.7

Non-GAAP operating income

$

846.9

$

791.8

$

647.3

GAAP operating margin

14.0

%

18.2

%

14.3

%

Stock-based compensation

8.6

%

6.4

%

7.5

%

Amortization of acquired intangible assets

9.3

%

10.1

%

13.0

%

Restructuring related charges (a)

0.4

%

0.4

%

(0.6

)%

Other cost of goods sold (b)

—

%

0.1

%

—

%

Other (c)

2.7

%

0.5

%

—

%

Non-GAAP operating margin

35.0

%

35.7

%

34.2

%

GAAP interest and other loss, net

$

(256.1

)

$

(22.8

)

$

(54.7

)

Special items - expenses (income):

Change in fair value of contingent consideration liability, net of forward stock purchase contract

250.7

—

—

Other (c)

(34.7

)

(7.8

)

7.4

Total special items

216.0

(7.8

)

7.4

Non-GAAP interest and other loss, net

$

(40.1

)

$

(30.6

)

$

(47.3

)

GAAP net income

$

34.5

$

396.1

$

177.9

Special items - expenses (income):

Stock-based compensation

207.6

143.0

142.1

Amortization of acquired intangible assets

225.2

223.6

245.7

Restructuring related charges (a)

8.7

9.5

(12.3

)

Other cost of goods sold (b)

—

1.6

0.5

Change in fair value of contingent consideration liability, net of forward stock purchase contract

250.7

—

—

Other (c)

31.3

1.9

8.1

Pre-tax total special items

723.5

379.6

384.1

Other income tax effects and adjustments (d)

(40.0

)

(90.6

)

(22.0

)

Non-GAAP net income

$

718.0

$

685.1

$

540.0

GAAP weighted-average shares outstanding — basic

882.0

848.0

864.8

GAAP weighted-average shares outstanding — diluted

893.3

856.2

875.6

Non-GAAP weighted-average shares outstanding — diluted

893.3

856.2

875.6

GAAP diluted net income per share

$

0.04

$

0.46

$

0.20

Non-GAAP diluted net income per share

$

0.80

$

0.80

$

0.62

(a)

Restructuring and other related items include gain on sale of property, recognition of contractual obligations, employee severance costs, facility exit related charges, and other.

(b)

Other cost of goods sold include product claim related matters.

(c)

Other costs in operating expenses, operating income and interest and other loss, net include acquisition and divestiture related costs, gain or loss on investments, and gain on sale of intellectual property.

(d)

Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 11.0% for the three months ended May 2, 2026. Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 10.0% for the three months ended January 31, 2026 and May 3, 2025.

Marvell Technology, Inc.

Outlook for the Second Quarter of Fiscal Year 2027

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In millions, except per share amounts)

Outlook for Three Months Ended

August 1, 2026

GAAP net revenue

$2,700 +/- 5%

Special items:

—

Non-GAAP net revenue

$2,700 +/- 5%

GAAP gross margin

52.1% - 53.1%

Special items:

Stock-based compensation

~0.8%

Amortization of acquired intangible assets

~5.3%

Non-GAAP gross margin

58.25% - 59.25%

Total GAAP operating expenses

~$960

Special items:

Stock-based compensation

282

Amortization of acquired intangible assets

72

Restructuring related charges

1

Other

5

Total non-GAAP operating expenses

~$600

GAAP diluted net income per share

$0.37 +/- $0.05

Special items:

Stock-based compensation

0.33

Amortization of acquired intangible assets

0.23

Other income tax effects and adjustments

(0.05)

Other

0.05

Non-GAAP diluted net income per share

$0.93 +/- $0.05

Quarterly Revenue Trend (Unaudited)

Our product solutions serve two end markets: (i) data center and (ii) communications and other. These markets and their corresponding customer products and applications are noted in the table below:

End market

Customer products and applications

Data center

-

Cloud and on-premise Artificial intelligence (“AI”) systems

-

Cloud and on-premise ethernet switching

-

Cloud and on-premise network-attached storage (“NAS”)

-

Cloud and on-premise AI servers

-

Cloud and on-premise general-purpose servers

-

Cloud and on-premise storage area networks

-

Cloud and on-premise storage systems

-

Data center interconnect (“DCI”)

Communications and other

Enterprise networking

-

Campus and small medium enterprise routers

-

Campus and small medium enterprise ethernet switches

-

Campus and small medium enterprise wireless access points (“WAPs”)

-

Network appliances (firewalls, and load balancers)

-

Workstations

Carrier infrastructure

-

Broadband access systems

-

Ethernet switches

-

Optical transport systems

-

Routers

-

Wireless radio access network (“RAN”) systems

Consumer

-

Broadband gateways and routers

-

Gaming consoles

-

Home data storage

-

Home wireless access points (“WAPs”)

-

Personal Computers (“PCs”)

-

Printers

-

Set-top boxes

Automotive/industrial

-

Advanced driver-assistance systems (“ADAS”)*

-

Autonomous vehicles (“AV”)*

-

In-vehicle networking*

-

Industrial ethernet switches

-

United States military and government solutions

-

Video surveillance

* These customer products and applications were divested as part of the automotive ethernet business sale on August 14, 2025.

Quarterly Revenue Trend (Unaudited) (Continued)

Three Months Ended

% Change

Revenue by End Market

(In millions)

May 2,

2026

January 31,

2026

May 3,

2025

YoY

QoQ

Data center

$

1,832.7

$

1,651.3

$

1,440.6

27

%

11

%

Communications and other

585.1

567.4

454.7

29

%

3

%

Total Net Revenue

$

2,417.8

$

2,218.7

$

1,895.3

28

%

9

%

Three Months Ended

Revenue by End Market

% of Total

May 2,

2026

January 31,

2026

May 3,

2025

Data center

76

%

74

%

76

%

Communications and other

24

%

26

%

24

%

Total Net Revenue

100

%

100

%

100

%

View source version on businesswire.com: https://www.businesswire.com/news/home/20260527144543/en/

For further information, contact:

Ashish Saran

Senior Vice President, Investor Relations

408-222-0777

ir@marvell.com

Source: Marvell Technology, Inc.

Released May 27, 2026

-

email Email Alerts

-

location_city Company Profile

-

contact_page Contacts

-

rss_feed RSS News Feed

-

account_tree Sitemap

-

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Company

-

Awards

-

Industry Associations

-

Trade Compliance

-

Trademarks

-

The Marvell Code

Support

-

Driver Downloads

-

Customer Portal Login

-

Support by Product

-

Marvell Concern Line

Careers

-

University Recruiting

-

Jobs at Marvell

Worldwide

-

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-

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-

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-

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Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?

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英文原文

Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?

Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?

Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)? · Zacks

Zacks Equity Research

May 19, 2026 3 min read

• FTXL

-1.23%

Looking for broad exposure to the Technology - Semiconductors segment of the equity market? You should consider the First Trust NASDAQ Semiconductor ETF (FTXL), a passively managed exchange traded fund launched on September 20, 2016.

Retail and institutional investors increasingly turn to passively managed ETFs because they offer low costs, transparency, flexibility, and tax efficiency; these kind of funds are also excellent vehicles for long term investors.

Additionally, sector ETFs offer convenient ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Technology - Semiconductors is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 2, placing it in top 13%.

Index Details

The fund is sponsored by First Trust Advisors. It has amassed assets over $2.19 billion, making it one of the larger ETFs attempting to match the performance of the Technology - Semiconductors segment of the equity market. FTXL seeks to match the performance of the Nasdaq US Smart Semiconductor Index before fees and expenses.

The Nasdaq US Smart Semiconductor Index is a modified factor weighted index, designed to provide exposure to US companies within the semiconductor industry.

Costs

Since cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF's expense ratio.

Annual operating expenses for this ETF are 0.6%, making it on par with most peer products in the space.

It has a 12-month trailing dividend yield of 0.15%.

Sector Exposure and Top Holdings

While ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund's holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.

This ETF has heaviest allocation in the Information Technology sector -- about 100% of the portfolio.

Looking at individual holdings, Intel Corporation (INTC) accounts for about 8.89% of total assets, followed by Nvidia Corporation (NVDA) and Broadcom Inc. (AVGO).

The top 10 holdings account for about 60.46% of total assets under management.

Performance and Risk

The ETF return is roughly 77.34% so far this year and was up about 169.1% in the last one year (as of 05/19/2026). In that past 52-week period, it has traded between $81.51 and $248.97.

The ETF has a beta of 1.69 and standard deviation of 35.66% for the trailing three-year period. With about 35 holdings, it has more concentrated exposure than peers.

Story Continues

Alternatives

First Trust NASDAQ Semiconductor ETF holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, FTXL is a great option for investors seeking exposure to the Technology ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.

iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $32.51 billion in assets, VanEck Semiconductor ETF has $60.42 billion. SOXX has an expense ratio of 0.34%, and SMH charges 0.35%.

Bottom Line

To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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Bitcoin Core 31.0版本说明

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Bitcoin Core 31.0

Bitcoin Core 31.0

Bitcoin Core installation binaries can be downloaded from bitcoincore.org and the source-code is available from the Bitcoin Core source repository.

v31.0 Release Notes

Bitcoin Core version 31.0 is now available from:

https://bitcoincore.org/bin/bitcoin-core-31.0/

This release includes new features, various bug fixes and performance

improvements, as well as updated translations.

Please report bugs using the issue tracker at GitHub:

https://github.com/bitcoin/bitcoin/issues

To receive security and update notifications, please subscribe to:

https://bitcoincore.org/en/list/announcements/join/

With the release of this new major version, versions 28.x and

older are at “End of Life” and will no longer receive updates.

In accordance with the security policy, we will in two weeks disclose:

-

Medium and high severity vulnerabilities fixed in 29.0 . There is one of these.

-

Low severity vulnerabilities fixed in 31.0 . There are none of these.

How to Upgrade

If you are running an older version, shut it down. Wait until it has completely

shut down (which might take a few minutes in some cases), then run the installer

(on Windows) or just copy over /Applications/Bitcoin-Qt (on macOS) or

bitcoind / bitcoin-qt (on Linux).

Upgrading directly from a version of Bitcoin Core that has reached its EOL is

possible, but it might take some time if the data directory needs to be

migrated. Old wallet versions of Bitcoin Core are generally supported.

Compatibility

Bitcoin Core is supported and tested on the following operating systems or

newer: Linux Kernel 3.17, macOS 14, and Windows 10 (version 1903). Bitcoin Core

should also work on most other Unix-like systems but is not as frequently tested

on them. It is not recommended to use Bitcoin Core on unsupported systems.

Notable changes

The default -dbcache value has been increased to 1024 MiB from 450 MiB on

systems where at least 4096 MiB of RAM is detected. This improves performance

but increases memory usage. On some systems (for example when running in

containers), the detected RAM may exceed the memory actually available, which

can lead to out-of-memory conditions. To maintain the previous behavior, set

-dbcache=450 . See

reduce-memory.md

for further guidance on low-memory systems. ( #34692 )

Mempool

The mempool has been reimplemented with a new design (“cluster mempool”), to

facilitate better decision-making when constructing block templates, evicting

transactions, relaying transactions, and validating replacement transactions

(RBF). Most changes should be transparent to users, but some behavior changes

are noted:

-

The mempool no longer enforces ancestor or descendant size/count limits.

Instead, two new default policy limits are introduced governing connected

components, or clusters, in the mempool, limiting clusters to 64 transactions

and up to 101 kB in virtual size. Transactions are considered to be in the same

cluster if they are connected to each other via any combination of parent/child

relationships in the mempool. These limits can be overridden using command-line

arguments; see the extended help ( -help-debug ) for more information.

-

Within the mempool, transactions are ordered based on the feerate at which

they are expected to be mined, which takes into account the full set, or

“chunk”, of transactions that would be included together (e.g., a parent and its

child, or more complicated subsets of transactions). This ordering is utilized

by the algorithms that implement transaction selection for constructing block

templates; eviction from the mempool when it is full; and transaction relay

announcements to peers.

-

The replace-by-fee validation logic has been updated so that transaction

replacements are only accepted if the resulting mempool’s feerate diagram is

strictly better than before the replacement. This eliminates all known cases of

replacements occurring that make the mempool worse off, which was possible under

previous RBF rules. For singleton transactions (that are in clusters by

themselves) it’s sufficient for a replacement to have a higher fee and feerate

than the original. See delvingbitcoin.org

post

for more information.

-

Two new RPCs have been added: getmempoolcluster will provide the set of

transactions in the same cluster as the given transaction, along with the

ordering of those transactions and grouping into chunks; and

getmempoolfeeratediagram will return the feerate diagram of the entire

mempool.

-

Chunk size and chunk fees are now also included in the output of

getmempoolentry .

-

The “CPFP Carveout” has been removed from the mempool logic. The CPFP carveout

allowed one additional child transaction to be added to a package that’s already

at its descendant limit, but only if that child has exactly one ancestor (the

package’s root) and is small (no larger than 10kvB). Nothing is allowed to

bypass the cluster count limit. It is expected that smart contracting use-cases

requiring similar functionality employ TRUC transactions and sibling eviction

instead going forward.

-

Some additional discussion can be found at

doc/policy/mempool-terminology.md

and

doc/policy/mempool-replacements.md .

P2P and network changes

• Normally local transactions are broadcast to all connected peers with which we

do transaction relay. Now, for the sendrawtransaction RPC this behavior can be

changed to only do the broadcast via the Tor or I2P networks. A new boolean

option -privatebroadcast has been added to enable this behavior. This improves

the privacy of the transaction originator in two aspects:

• Their IP address (and thus geolocation) is never known to the recipients.

• If the originator sends two otherwise unrelated transactions, they will not

be linkable. This is because a separate connection is used for broadcasting

each transaction. ( #29415 )

-

New RPCs have been added to introspect and control private broadcast:

getprivatebroadcastinfo reports transactions currently being privately

broadcast, and abortprivatebroadcast removes matching transactions from the

private broadcast queue. ( #34329 )

-

Transactions participating in one-parent-one-child package relay can now have

the parent with a feerate lower than the -minrelaytxfee feerate, even 0 fee.

This expands the change from 28.0 to also cover packages of non-TRUC

transactions. Note that in general the package child can have additional

unconfirmed parents, but they must already be in-mempool for the new package to

be relayed. ( #33892 )

• The release has asmap data embedded for the first time, allowing the asmap

feature to be used without any externally sourced file. The embedded map was

created on 2026-03-05 . Despite

the data being available, the option remains off-by-default. Users still need to

set -asmap or -asmap=1 explicitly to make it possible to use a peer’s ASN

(ISP/hoster identifier) in netgroup bucketing in order to ensure a higher

diversity in their peer set.

Updated RPCs

-

gettxspendingprevout has 2 new optional arguments: mempool_only and

return_spending_tx . If mempool_only is true it will limit scans to the

mempool even if txospenderindex is available. If return_spending_tx is true,

the full spending tx will be returned. In addition if txospenderindex is

available and a confirmed spending transaction is found, its block hash will be

returned. ( #24539 )

-

The getpeerinfo RPC no longer returns the startingheight field unless the

configuration option -deprecatedrpc=startingheight is used. The

startingheight field will be fully removed in the next major release. ( #34197 )

-

The getblock RPC now returns a coinbase_tx object at verbosity levels 1,

2, and 3. It contains version , locktime , sequence , coinbase and

witness . This allows for efficiently querying coinbase transaction properties

without fetching the full transaction data at verbosity 2+. ( #34512 )

REST API

• A new REST API endpoint

( /rest/blockpart/<BLOCK-HASH>.<bin|hex>?offset=<OFFSET>&size=<SIZE> ) has been

introduced for efficiently fetching a range of bytes from block <BLOCK-HASH> .

( #33657 )

Build System

• The minimum supported Clang compiler version has been raised to 17.0 ( #33555 ).

• The minimum supported GCC compiler version has been raised to 12.1 ( #33842 ).

Updated settings

-

The -paytxfee startup option and the settxfee RPC are now deleted after

being deprecated in Bitcoin Core 30.0. They used to allow the user to set a

static fee rate for wallet transactions, which could potentially lead to

overpaying or underpaying. Users should instead rely on fee estimation or

specify a fee rate per transaction using the fee_rate argument in RPCs such as

fundrawtransaction , sendtoaddress , send , sendall , and sendmany .

( #32138 )

-

Specifying -asmap or -asmap=1 will load the embedded asmap data instead of

an external file. In previous releases, if -asmap was specified without a

filename, this would try to load an ip_asn.map data file. Now loading an

external asmap file always requires an explicit filename like

-asmap=ip_asn.map .

-

The -maxorphantx startup option has been removed. It was previously

deprecated and has no effect anymore since v30.0. ( #33872 )

-

tor has been removed as a network specification. It was deprecated in favour

of onion in v0.17.0. ( #34031 )

-

When -logsourcelocations is enabled, the log output now contains just the

function name instead of the entire function signature. ( #34088 )

-

The default -dbcache value has been increased to 1024 MiB from 450 MiB

on systems where at least 4096 MiB of RAM is detected. This is a performance

increase, but will use more memory. To maintain the previous behaviour, set

-dbcache=450 . ( #34692 )

-

-privatebroadcast is added to enable private broadcast behavior for

sendrawtransaction .

New settings

• -txospenderindex enables the creation of a transaction output spender index

that, if present, will be scanned by gettxspendingprevout if a spending

transaction was not found in the mempool. ( #24539 )

GUI changes

-

The GUI has been updated to Qt 6.8. ( #34650 )

-

The createwallet , createwalletdescriptor and migratewallet commands are

filtered from the console history to improve security and privacy. ( gui#901 )

-

The Restore Wallet dialog shows an error message if the restored wallet name

is empty. ( gui#924 )

Fee Estimation

The Bitcoin Core fee estimator minimum fee rate bucket was updated from 1

sat/vB to 0.1 sat/vB , which matches the node’s default minrelaytxfee . This

means that for a given confirmation target, if a sub-1 sat/vB fee rate bucket is

the minimum tracked with sufficient data, its average value will be returned as

the fee rate estimate.

Restarting a node with this change invalidates previously saved

estimates in fee_estimates.dat , the fee estimator will start tracking fresh

stats.

IPC Interface

• The IPC mining interface now requires mining clients to use the latest

mining.capnp schema. Clients built against older schemas will fail when

calling Init.makeMining and receive an RPC error indicating the old mining

interface is no longer supported. Mining clients must update to the latest

schema and regenerate bindings to continue working. ( #34568 )

• Mining.createNewBlock now has a cooldown behavior (enabled by default)

that waits for IBD to finish and for the tip to catch up. This usually prevents

a flood of templates during startup, but is not guaranteed. ( #34184 )

• Mining.interrupt() can be used to interrupt Mining.waitTipChanged and

Mining.createNewBlock . ( #34184 )

• Mining.createNewBlock and Mining.checkBlock now require a context

parameter.

• Mining.waitTipChanged now has a default timeout (effectively infinite /

maxDouble ) if the client omits it.

• BlockTemplate.getCoinbaseTx() now returns a structured CoinbaseTx instead

of raw bytes.

• Removed BlockTemplate.getCoinbaseCommitment() and

BlockTemplate.getWitnessCommitmentIndex() .

• Cap’n Proto default values were updated to match the corresponding C++

defaults for mining-related option structs (e.g. BlockCreateOptions ,

BlockWaitOptions , BlockCheckOptions ).

Credits

Thanks to everyone who directly contributed to this release:

• 0xb10c

• Alexander Wiederin

• Alfonso Roman Zubeldia

• amisha

• ANAVHEOBA

• Andrew Toth

• Anthony Towns

• Antoine Poinsot

• ANtutov

• Anurag chavan

• Ava Chow

• bensig

• Ben Westgate

• billymcbip

• b-l-u-e

• Brandon Odiwuor

• brunoerg

• Bruno Garcia

• Calin Culianu

• Carl Dong

• Chandra Pratap

• Chris Stewart

• Coder

• Cory Fields

• da1sychain

• Daniela Brozzoni

• Daniel Pfeifer

• David Gumberg

• dergoegge

• Dmitry Goncharov

• Enoch Azariah

• Eugene Siegel

• Fabian Jahr

• fanquake

• Fibonacci747

• flack

• frankomosh

• furszy

• glozow

• Greg Sanders

• Hao Xu

• Hennadii Stepanov

• Henry Romp

• Hodlinator

• ismaelsadeeq

• janb84

• jayvaliya

• joaonevess

• John Moffett

• Josh Doman

• kevkevinpal

• l0rinc

• Luke Dashjr

• Mara van der Laan

• MarcoFalke

• marcofleon

• Martin Zumsande

• Matthew Zipkin

• Max Edwards

• Murch

• Musa Haruna

• naiyoma

• nervana21

• Novo

• optout

• pablomartin4btc

• Padraic Slattery

• Pieter Wuille

• Pol Espinasa

• pythcoiner

• rkrux

• Robin David

• Roman Zeyde

• rustaceanrob

• Ryan Ofsky

• SatsAndSports

• scgbckbone

• Sebastian Falbesoner

• sedited

• seduless

• Sergi Delgado Segura

• Sjors Provoost

• SomberNight

• sstone

• stickies-v

• stratospher

• stringintech

• Suhas Daftuar

• tboy1337

• TheCharlatan

• Tim Ruffing

• Vasil Dimov

• w0xlt

• WakeTrainDev

• Weixie Cui

• willcl-ark

• Woolfgm

• yancy

• Yash Bhutwala

• yuvicc

• zaidmstrr

As well as to everyone that helped with translations on

Transifex .

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文章

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

来源：Nebius / SEC发布日期：2026-03-20重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：299

中文摘要

该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。

英文原文

原文

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

March

20, 2026

NEBIUS GROUP N.V.

Schiphol Boulevard 165

1118 BG, Schiphol, the Netherlands.

Tel: +31 202 066 970

(Address, Including ZIP Code, and Telephone

Number,

Including Area Code, of Registrant&rsquo;s Principal

Executive Offices)

Indicate by check mark whether the registrant files or will file annual

reports under cover of Form 20-F or Form 40-F.

Form 20-F

x Form 40-F ¨

INCORPORATION BY REFERENCE

This Report on Form 6-K is hereby incorporated

by reference into the Company&rsquo;s Registration Statements on Form F-3ASR (File No. 333-286932) and Form S-8 (File No. 333-286934),

including any prospectuses forming a part of such Registration Statements, to the extent not superseded by documents or reports subsequently

filed or furnished.

INDEX TO EXHIBITS

Exhibit No.

Description

4.1

Indenture dated as of March 20, 2026, between the Company and U.S. Bank Trust Company, National Association, as trustee, for the 1.250% Convertible Senior Notes due 2031

4.2

Form of 1.250% Convertible Senior Note due 2031 (included in Exhibit 4.1)

4.3

Indenture dated as of March 20, 2026, between the Company and U.S. Bank Trust Company, National Association, as trustee, for the 2.625% Convertible Senior Notes due 2033

4.4

Form of 2.625% Convertible Senior Note due 2033 (included in Exhibit 4.3)

99.1

Press release of the Company dated March 20, 2026, announcing the closing of the Company&rsquo;s private offering of convertible senior notes

SIGNATURES

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

NEBIUS GROUP N.V.

Date: March 20, 2026

By:

/s/ Boaz Tal

Boaz Tal

General Counsel

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美国加密资产监管解释

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

来源：SEC / U.S. Senate Banking Committee发布日期：2026-03-17重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：495

中文摘要

该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。

英文原文

SEC Clarifies the Application of Federal Securities Laws to Crypto Assets

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Press Release

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SEC Clarifies the Application of Federal Securities Laws to Crypto Assets

For Immediate Release

2026-30

Washington D.C., March 17, 2026 —

The Securities and Exchange Commission (SEC) today issued an interpretation clarifying how the federal securities laws apply to certain crypto assets and transactions involving crypto assets. This is a major step in the Commission’s efforts to provide greater clarity regarding the Commission’s treatment of crypto assets, and complements Congressional endeavors to codify a comprehensive market structure framework into statute. The Commodity Futures Trading Commission (CFTC) joined the interpretation to provide guidance that the CFTC and its staff will administer the Commodity Exchange Act consistent with the Commission’s interpretation.

“After more than a decade of uncertainty, this interpretation will provide market participants with a clear understanding of how the Commission treats crypto assets under federal securities laws. This is what regulatory agencies are supposed to do: draw clear lines in clear terms,” said SEC Chairman Paul S. Atkins. “It also acknowledges what the former administration refused to recognize – that most crypto assets are not themselves securities. And it reflects the reality that investment contracts can come to an end. This effort serves as an important bridge for entrepreneurs and investors as Congress works to advance bipartisan market structure legislation, which I look forward to implementing with Chairman Selig in the near future.”

“For far too long, American builders, innovators, and entrepreneurs have awaited clear guidance on the status of crypto assets under the federal securities and commodity laws,” said CFTC Chairman Michael S. Selig. “With today’s interpretation, the wait is over. Chairman Atkins and I are committed to fostering a regulatory environment that allows the crypto industry to flourish in the United States with clear and rational rules of the road. Today’s joint agency action reflects a shared commitment to developing workable, harmonized regulations for the new frontier of finance.”

The Commission interpretation:

• Provides a coherent token taxonomy for digital commodities, digital collectibles, digital tools, stablecoins, and digital securities.

• Addresses how a “non-security crypto asset”—which is a crypto asset that itself is not a security—may become subject to, and how it may cease to be subject to, an investment contract.

• Clarifies the application of federal securities laws to airdrops, protocol mining, protocol staking, and the wrapping of a non-security crypto asset.

Market participants—from innovators and issuers to individual investors—should review this interpretation to better understand the regulatory jurisdiction between the SEC and CFTC. The interpretation will be published on SEC.gov and in the Federal Register.

###

Last Reviewed or Updated: March 17, 2026

Resources

• Fact Sheet

• Commission Interpretation

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NVIDIA 与 Coherent 宣布多年期战略合作

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

来源：Coherent发布日期：2026-03-02重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：287

中文摘要

该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。

英文原文

NVIDIA, Coherent Partner on Next-Gen Data Center Optics

3/2/2026

For Immediate Release

NVIDIA AND COHERENT ANNOUNCE STRATEGIC PARTNERSHIP TO DEVELOP OPTICS TECHNOLOGY TO SCALE NEXT-GENERATION DATA CENTER ARCHITECTURE

SANTA CLARA, CA . and  SAXONBURG, PA . -- NVIDIA and Coherent Corp. (NYSE: COHR) today announced a multiyear strategic agreement to advance the frontier of advanced optics technologies, including manufacturing capacity and research and development, to enable next-generation AI infrastructure.

The nonexclusive agreement includes an NVIDIA multibillion-dollar purchase commitment and future access and capacity rights for advanced laser and optical networking products. In addition, NVIDIA is investing $2 billion in Coherent to support research and development, future capacity and operations as Coherent builds out its U.S.-based manufacturing capabilities.

Optical interconnects and advanced package integration are foundational to the next phase of AI infrastructure, as they unlock ultrahigh-bandwidth, energy-efficient connectivity across AI factories. This expanded partnership harnesses NVIDIA’s leadership in AI, accelerated computing and networking, and Coherent’s expertise in optical innovation and advanced manufacturing, enabling Coherent to scale its R&D and manufacturing capacity to support the global buildout of next-generation AI data centers.

“Computing has fundamentally changed. In the age of AI, software runs on intelligence with tokens generated in real time by AI factories for every interaction and every context,” said Jensen Huang, founder and CEO of NVIDIA. “With Coherent, NVIDIA is pioneering next-generation silicon photonics to enable AI infrastructure at unprecedented scale, speed and energy efficiency.”

“This strategic relationship underscores Coherent’s role as a key enabler of next-generation AI data center infrastructure,” said Jim Anderson, CEO of Coherent. “We are proud to expand our 20-year relationship with NVIDIA by increasing their access to include multiple product families to help them build the AI data centers of the future.”

Link to press release

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Marvell当前暂无待举行投资者活动

重要性2/5 中低

仅能确认MRVL当前活动日历为空，没有新增财务或经营证据。

标签

标的：`MRVL`来源：Marvell Technology, Inc.发布日期：未提供发布时间重要性：2/5 中低评级理由：仅能确认MRVL当前活动日历为空，没有新增财务或经营证据。评级依据：calendar_only原文字数：187

中文摘要

核心结论

Marvell（美满电子）的投资者关系日历显示当前没有已安排的未来活动。页面主要列示5月至6月已经举行的业绩电话会和行业会议，无法提供新的经营或财务判断。

重要性评级

评级：2/5（中低）

页面与MRVL直接相关，但没有未来事件、经营数据或新增公司公告，对当日日报只具有日程核验价值。

关键事实

• 页面明确显示当前没有即将举行的活动。
• 最近列示的历史活动为BofA Securities（美国银行证券）全球科技会议，时间为美东时间 06/03 17:40（UTC+8 06/04 05:40）。
• Evercore全球TMT（科技、媒体与通信）会议时间为美东时间 06/02 18:50（UTC+8 06/03 06:50）。
• 2027财年第一季度业绩电话会已于美东时间 05/27 16:45（UTC+8 05/28 04:45）举行。
• 页面还列出03/17至03/19（未给出具体时刻）的OFC（光纤通信会议）等更早活动。
• 用户可订阅未来活动和新闻稿提醒，但页面没有给出下一次业绩发布日。

作者观点与证据

该页面是公司活动清单，没有作者判断。可验证事实仅限活动状态、历史日期和会议名称，不能从日历推导业务趋势、客户需求或财务表现。

与相关标的的关系

内容直接关联MRVL的信息披露日程，但没有形成新的公司催化或基本面证据。历史会议材料若需用于研究，应另行读取演示文稿、电话会实录或财务公告。

时效性与限制

页面未标注发布日期；截至美东时间 07/18 00:46（UTC+8 07/18 12:46）被收录时，未来活动栏为空。动态日历可能随后更新。

后续跟踪

• 下一次业绩电话会的正式日期。
• 新增行业会议和投资者活动。
• 对应活动的演示文稿、实录和监管文件。

英文原文

IR Calendar

Upcoming Events

There are no upcoming events scheduled at this time.

Sign up here to receive notices about

upcoming events and press releases.

Past Events

Jun 3, 2026 2:40 pm PDT

BofA Securities 2026 Global Technology Conference

Jun 2, 2026 3:50 pm PDT

2026 Evercore Global TMT Conference

May 27, 2026 1:45 pm PDT

Q1 2027 Marvell Technology, Inc. Earnings Conference Call

Mar 17 – Mar 19, 2026

OFC 2026

Mar 5, 2026 1:45 pm PDT

Q4 2026 Marvell Technology, Inc. Earnings Conference Call

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Coherent投资者页面停留在三季报入口

重要性2/5 中低

该页面主要承担资料导航功能，缺少当前财务数据和新事件细节。

标签

标的：`COHR`来源：web-enrichment:company发布日期：未提供发布时间重要性：2/5 中低评级理由：该页面主要承担资料导航功能，缺少当前财务数据和新事件细节。评级依据：historical_information, navigation_page原文字数：112

中文摘要

核心结论

Coherent（光电与材料技术公司）的投资者关系首页仍以2026财年第三季度业绩为主要入口，并提供财务新闻、演示材料、年报、美国证券交易委员会文件和治理资料链接。页面没有呈现财务数字或下一次业绩日期。

重要性评级

评级：2/5（中低）

页面与COHR直接相关，但内容属于导航和历史业绩入口，对当日日报的事实增量较低。

关键事实

• 首页突出显示2026财年第三季度业绩。
• 对应网络直播时间为美东时间 05/06 16:30（UTC+8 05/07 04:30）。
• 页面提供第三季度投资者演示材料入口。
• 其他栏目包括财务新闻、投资者演示、年度文件、SEC（美国证券交易委员会）文件、公司治理及ESG（环境、社会和治理）报告。
• 页面另设“Coherent交易”入口，但摘录没有说明交易内容。
• 原文没有收入、利润、指引、订单或下一次业绩发布时间。

作者观点与证据

这是公司投资者关系导航页，没有形成经营观点。能够确认的内容只有栏目结构和历史业绩直播时间；“Coherent交易”的性质、状态及影响缺少正文支持。

与相关标的的关系

页面直接关联COHR，但无法据此评估近期经营变化。第三季度业绩和潜在交易需要读取相应新闻稿、演示文稿及监管文件后才能形成有效判断。

时效性与限制

页面未提供发布日期，截至美东时间 07/18 00:46（UTC+8 07/18 12:46）被收录时仍展示5月第三季度业绩入口，且部分内容显示正在加载。

后续跟踪

• 下一次业绩发布日期和电话会安排。
• 第三季度完整财务结果及管理层指引。
• “Coherent交易”页面的正式文件与进展。
• 最新监管文件和投资者演示材料。

英文原文

Investor Relations | Coherent

Investor Relations

Coherent Investor Relations: financial, stock, and earnings information.

Third-Quarter Fiscal Year 2026 Results

Webcast: May 6, 2026 at 4:30 PM ET

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格芯8月5日公布二季度业绩

重要性3/5 中

未来业绩会时间明确且与公司直接相关，但材料仅为活动日历，缺少财务数据和管理层信息。

标签

来源：GlobalFoundries Inc.发布日期：未提供发布时间重要性：3/5 中评级理由：未来业绩会时间明确且与公司直接相关，但材料仅为活动日历，缺少财务数据和管理层信息。评级依据：公司事件直接相关, 未来日程具时效性, 官方一手来源, 事实密度有限原文字数：371

中文摘要

核心结论

GlobalFoundries（格芯）计划于美东时间 08/05 08:30（UTC+8 08/05 20:30）召开2026财年第二季度业绩电话会。投资者关系页面还列出投资者日、行业会议和业务网络研讨会，当前最具时效性的事项是二季度业绩更新。

重要性评级

评级：3/5（中）

页面提供了明确的未来公司事件时间，对格芯公司跟踪具有直接价值；原文只有日程和链接，没有业绩数据、管理层指引或会议内容，因此事实密度有限。

关键事实

• 2026财年第二季度业绩电话会定于美东时间 08/05 08:30（UTC+8 08/05 20:30）举行，并提供网络直播入口。
• 2026年投资者日已于美东时间 05/07 09:00（UTC+8 05/07 21:00）举行，页面提供网络直播和演示材料。
• 2026财年第一季度业绩电话会已于美东时间 05/05 08:30（UTC+8 05/05 20:30）举行，并附第一季度业绩演示材料。
• 公司于美东时间 03/10 16:30（UTC+8 03/11 04:30）举行光子与先进封装主题业务网络研讨会。
• 页面还列出TD Cowen、J.P. Morgan（摩根大通）和Morgan Stanley（摩根士丹利）等机构会议的历史活动。

作者观点与证据

页面属于公司官方投资者活动日历，不包含作者立场。未来二季度业绩电话会的日期与直播安排来自公司一手信息；历史会议条目只能证明活动安排，无法替代会议演示、财务报表或管理层发言内容。

与相关标的的关系

该日程与GlobalFoundries（格芯）直接相关，二季度业绩电话会将更新其收入、利润率、资本开支、产能利用率和业务展望。页面元数据未提供股票代码，也没有披露任何业绩数字。

时效性与限制

页面未标注发布日期，采集时间为美东时间 07/18 00:46（UTC+8 07/18 12:46）。活动安排可能调整，应以后续公司公告和直播页面为准。

后续跟踪

• 二季度收入、毛利率和自由现金流。
• 汽车、通信基础设施及物联网需求变化。
• 光子、先进封装和边缘人工智能业务进展。
• 资本开支、产能利用率及后续财务指引。

英文原文

Events | GlobalFoundries Inc.

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美股事实摘要

• 报价事实：上涨 2 / 下跌 16 / 震荡 0；广度 11.11%；平均较前交易日 -1.52%。
• 公开新闻/财报讨论覆盖：18 / 18 个标的；新闻条目 144 条。

公开数据对照

标的	IBKR 当前价	K线收盘	K线来源	差异	5D	20D	K线行数
MSFT	394.01	393.82	Yahoo Finance chart API	+0.05%	+2.26%	+3.93%	124
NVDA	202.55	202.81	Yahoo Finance chart API	-0.13%	-3.86%	-0.90%	124
MRVL	186.76	188.68	Yahoo Finance chart API	-1.02%	-19.99%	-34.83%	124
GFS	57.56	57.48	Yahoo Finance chart API	+0.14%	-16.66%	-28.72%	124
APLD	25.61	25.79	Yahoo Finance chart API	-0.70%	-17.21%	-43.41%	124
USAR	15.73	15.65	Yahoo Finance chart API	+0.53%	-15.31%	-33.55%	124
SOXX	521.81	521.81	Yahoo Finance chart API	+0.00%	-10.24%	-12.99%	124
SOXL	134.00	135.47	Yahoo Finance chart API	-1.09%	-29.54%	-42.07%	124
FTXL	224.90	226.74	Yahoo Finance chart API	-0.81%	-10.75%	-16.27%	124
PSI	143.22	143.22	Yahoo Finance chart API	-0.00%	-10.16%	-14.49%	124
DRAM	52.10	52.72	Yahoo Finance chart API	-1.18%	-16.37%	-24.63%	73
KMEM	17.57	17.57	Yahoo Finance chart API	-0.02%	-17.47%	N/A	12
VRT	288.50	289.56	Yahoo Finance chart API	-0.37%	-9.19%	-8.82%	124
COHR	276.66	277.60	Yahoo Finance chart API	-0.34%	-14.45%	-26.73%	124
CRCL	60.39	60.46	Yahoo Finance chart API	-0.12%	-8.59%	-24.98%	124
SPCX	124.14	123.99	Yahoo Finance chart API	+0.12%	-14.67%	-35.36%	24
GOOG	345.75	346.12	Yahoo Finance chart API	-0.11%	-2.51%	-4.41%	124
NBIS	177.93	177.71	Yahoo Finance chart API	+0.12%	-19.09%	-36.74%	124

期权链事实

观察标的：MSFT, NVDA, MRVL, GFS, APLD, USAR, SOXX, SOXL, FTXL, PSI, DRAM, KMEM, VRT, COHR, CRCL, SPCX, GOOG, SPY, QQQ, NBIS

来源：Yahoo Finance 公开期权链

覆盖：19 / 20 个观察标的。

标的	ATM IV	Put/Call Vol	Put/Call OI	Max Pain	最大OI	期限结构	Vol/OI异常	大单数	新闻数
MSFT	40.45%	0.36	0.62	375.00	C 450.00 (31,509) / P 350.00 (11,050)	6D 40.45% / 27D 48.38% / 62D 41.35% / 90D 39.58%	5		5
NVDA	44.43%	0.68	0.83	200.00	C 190.00 (106,426) / P 170.00 (93,169)	6D 44.43% / 27D 42.01% / 62D 44.37% / 90D 43.74%	8		5
MRVL	96.09%	0.54	1.14	200.00	C 290.00 (11,459) / P 75.00 (11,293)	6D 96.09% / 27D 94.58% / 62D 98.66% / 90D 94.49%	8	0	5
GFS	87.63%	1.32	1.61	80.00	C 100.00 (1,310) / P 55.00 (8,670)	34D 87.63% / 90D 81.78% / 181D 78.23% / 552D 74.28%	0	0	5
APLD	98.34%	0.40	0.50	33.50	C 60.00 (14,844) / P 35.00 (3,663)	6D 98.34% / 27D 114.55% / 62D 106.86% / 90D 107.64%	6	0	5
USAR	91.89%	0.49	0.57	18.00	C 22.00 (13,439) / P 25.00 (9,124)	6D 91.89% / 27D 96.78% / 41D 92.87% / 62D 93.16%	2	0	5
SOXX	67.29%	1.60	0.66	562.50	C 670.00 (18,499) / P 500.00 (3,970)	6D 67.29% / 27D 66.28% / 62D 61.87% / 90D 60.58%	8	0	5
SOXL	198.19%	1.62	1.80	165.00	C 420.00 (16,343) / P 80.00 (13,256)	6D 198.19% / 27D 192.40% / 62D 178.70% / 125D 170.09%	8	0	5
FTXL	64.83%	0.72	0.31	250.00	C 300.00 (376) / P 280.00 (68)	34D 64.83% / 62D 31.36% / 153D 28.21%	0	0	5
PSI	61.76%	0.15	0.11	145.00	C 205.00 (1,150) / P 130.00 (45)	34D 61.76% / 125D 61.69% / 216D 60.85%	0	0	5
DRAM	109.13%	0.91	1.17	60.00	C 70.00 (26,502) / P 50.00 (58,356)	6D 109.13% / 27D 108.90% / 62D 97.83% / 90D 95.13%	8	0	5
VRT	85.07%	1.20	1.70	295.00	C 330.00 (2,904) / P 240.00 (6,082)	6D 85.07% / 27D 85.62% / 62D 77.32% / 90D 74.97%	1	0	5
COHR	101.17%	0.71	1.21	310.00	C 250.00 (2,135) / P 255.00 (1,999)	6D 101.17% / 27D 110.35% / 62D 103.18% / 90D 100.10%	0	0	5
CRCL	92.24%	0.64	1.08	65.00	C 100.00 (5,300) / P 35.00 (7,777)	6D 92.24% / 27D 104.57% / 62D 94.50% / 90D 92.82%	8		5
SPCX	76.32%	0.53	1.01	141.00	C 330.00 (155,580) / P 150.00 (47,369)	6D 76.32% / 27D 90.33% / 62D 82.77% / 90D 79.75%	8		5
GOOG	58.63%	0.74	1.02	360.00	C 430.00 (10,896) / P 330.00 (26,324)	6D 58.63% / 27D 41.65% / 62D 36.61% / 90D 36.11%	8		5
SPY	14.61%	1.65	2.84	749.00	C 750.00 (33,004) / P 520.00 (210,053)	6D 14.61% / 27D 15.42% / 62D 15.76% / 90D 15.82%	8		0
QQQ	26.88%	1.59	1.39	715.00	C 790.00 (38,893) / P 570.00 (68,155)	6D 26.88% / 27D 26.65% / 62D 25.76% / 90D 26.13%	8		0
NBIS	156.74%	1.32	1.80	200.00	C 350.00 (15,980) / P 170.00 (35,274)	6D 156.74% / 27D 155.98% / 62D 142.48% / 90D 136.53%	7		5

大单 / 异常成交历史

大单成交历史来自每日/每次期权链快照的高成交合约记录，不是逐笔成交 tape。 当前显示：本次快照 Top 80。

观察时间	标的	合约	方向	Strike	到期	Volume	OI	IV	Vol/OI	估算权利金
2026-07-18 04:25:48.226Z	NVDA	NVDA260918P00210000	put	210.00	2026-09-18	61,021	75,601	41.92%	0.81	$110,295,458
2026-07-18 04:25:48.226Z	SPY	SPY260918P00710000	put	710.00	2026-09-18	27,399	27,903	18.29%	0.98	$25,316,676
2026-07-18 04:25:48.226Z	NVDA	NVDA260918P00170000	put	170.00	2026-09-18	60,818	93,169	47.95%	0.65	$22,806,750
2026-07-18 04:25:48.226Z	QQQ	QQQ260724P00725000	put	725.00	2026-07-24	7,306	6,509	31.37%	1.12	$22,254,076
2026-07-18 04:25:48.226Z	NVDA	NVDA260918C00010000	call	10.00	2026-09-18	1,133	1,464	264.06%	0.77	$21,849,905
2026-07-18 04:25:48.226Z	QQQ	QQQ260724P00690000	put	690.00	2026-07-24	26,255	9,113	28.19%	2.88	$21,765,395
2026-07-18 04:25:48.226Z	SPY	SPY260918P00660000	put	660.00	2026-09-18	50,300	15,847	24.04%	3.17	$20,044,550
2026-07-18 04:25:48.226Z	SPCX	SPCX260724P00180000	put	180.00	2026-07-24	3,086	1,214	190.33%	2.54	$17,065,580
2026-07-18 04:25:48.226Z	QQQ	QQQ260918P00900000	put	900.00	2026-09-18	820	0	37.48%	N/A	$16,831,730
2026-07-18 04:25:48.226Z	QQQ	QQQ260724P00700000	put	700.00	2026-07-24	13,133	9,721	25.98%	1.35	$16,383,417
2026-07-18 04:25:48.226Z	QQQ	QQQ260918P00660000	put	660.00	2026-09-18	9,693	42,457	27.27%	0.23	$15,528,186
2026-07-18 04:25:48.226Z	QQQ	QQQ260724C00700000	call	700.00	2026-07-24	19,266	1,435	25.63%	13.43	$14,805,921
2026-07-18 04:25:48.226Z	NVDA	NVDA260724C00205000	call	205.00	2026-07-24	36,924	24,026	43.65%	1.54	$14,215,740
2026-07-18 04:25:48.226Z	NVDA	NVDA260918C00200000	call	200.00	2026-09-18	8,366	45,799	46.81%	0.18	$14,180,370
2026-07-18 04:25:48.226Z	NVDA	NVDA260724C00210000	call	210.00	2026-07-24	70,262	16,242	42.02%	4.33	$14,052,400
2026-07-18 04:25:48.226Z	GOOG	GOOG261016P00350000	put	350.00	2026-10-16	5,212	701	33.37%	7.44	$12,769,400
2026-07-18 04:25:48.226Z	NBIS	NBIS260724C00167500	call	167.50	2026-07-24	5,681	18	159.52%	315.61	$11,830,683
2026-07-18 04:25:48.226Z	QQQ	QQQ261016P00650000	put	650.00	2026-10-16	6,471	5,404	27.36%	1.20	$11,761,043
2026-07-18 04:25:48.226Z	NVDA	NVDA260724C00207500	call	207.50	2026-07-24	41,312	5,145	42.69%	8.03	$11,670,640
2026-07-18 04:25:48.226Z	SPY	SPY260724P00745000	put	745.00	2026-07-24	16,370	12,974	14.86%	1.26	$11,278,930
2026-07-18 04:25:48.226Z	QQQ	QQQ260918C00600000	call	600.00	2026-09-18	1,049	5,918	38.98%	0.18	$11,013,976
2026-07-18 04:25:48.226Z	NVDA	NVDA261016P00205000	put	205.00	2026-10-16	6,150	6,342	41.40%	0.97	$10,916,250
2026-07-18 04:25:48.226Z	SPY	SPY260724P00740000	put	740.00	2026-07-24	22,207	11,193	15.60%	1.98	$10,792,602
2026-07-18 04:25:48.226Z	QQQ	QQQ260814C00700000	call	700.00	2026-08-14	5,823	110	26.86%	52.94	$10,693,940
2026-07-18 04:25:48.226Z	QQQ	QQQ260918P00675000	put	675.00	2026-09-18	5,191	11,720	25.97%	0.44	$10,511,775
2026-07-18 04:25:48.226Z	GOOG	GOOG261016P00340000	put	340.00	2026-10-16	5,334	1,752	33.82%	3.04	$10,481,310
2026-07-18 04:25:48.226Z	NBIS	NBIS260724P00210000	put	210.00	2026-07-24	2,786	4,973	144.19%	0.56	$10,203,725
2026-07-18 04:25:48.226Z	SPCX	SPCX260918P00150000	put	150.00	2026-09-18	2,857	47,369	79.54%	0.06	$9,670,945
2026-07-18 04:25:48.226Z	NVDA	NVDA260724P00205000	put	205.00	2026-07-24	15,988	11,822	43.30%	1.35	$9,592,800
2026-07-18 04:25:48.226Z	NVDA	NVDA260918C00180000	call	180.00	2026-09-18	3,212	17,460	50.02%	0.18	$9,563,730
2026-07-18 04:25:48.226Z	QQQ	QQQ260724P00680000	put	680.00	2026-07-24	17,399	10,011	30.26%	1.74	$9,369,362
2026-07-18 04:25:48.226Z	QQQ	QQQ260724P00698000	put	698.00	2026-07-24	8,130	509	26.42%	15.97	$9,361,695
2026-07-18 04:25:48.226Z	QQQ	QQQ260724P00691000	put	691.00	2026-07-24	10,679	740	27.99%	14.43	$9,231,996
2026-07-18 04:25:48.226Z	SPY	SPY261016C00680000	call	680.00	2026-10-16	1,215	421	26.53%	2.89	$9,207,878
2026-07-18 04:25:48.226Z	QQQ	QQQ260724C00695000	call	695.00	2026-07-24	8,634	1,594	26.80%	5.42	$8,996,628
2026-07-18 04:25:48.226Z	QQQ	QQQ260918C00525000	call	525.00	2026-09-18	494	941	50.21%	0.52	$8,669,947
2026-07-18 04:25:48.226Z	QQQ	QQQ260724P00695000	put	695.00	2026-07-24	8,505	5,249	26.96%	1.62	$8,649,585
2026-07-18 04:25:48.226Z	QQQ	QQQ261016C00355000	call	355.00	2026-10-16	250	1	75.12%	250.00	$8,575,375
2026-07-18 04:25:48.226Z	QQQ	QQQ260724P00699000	put	699.00	2026-07-24	7,019	802	26.20%	8.75	$8,412,272
2026-07-18 04:25:48.226Z	SPY	SPY260724C00745000	call	745.00	2026-07-24	16,965	4,319	13.78%	3.93	$8,194,095
2026-07-18 04:25:48.226Z	SPY	SPY260918P00750000	put	750.00	2026-09-18	3,897	19,414	13.59%	0.20	$7,926,498
2026-07-18 04:25:48.226Z	CRCL	CRCL260918P00140000	put	140.00	2026-09-18	1,001	1,120	130.27%	0.89	$7,907,900
2026-07-18 04:25:48.226Z	QQQ	QQQ260724C00690000	call	690.00	2026-07-24	5,801	132	27.95%	43.95	$7,845,853
2026-07-18 04:25:48.226Z	SPY	SPY260724P00746000	put	746.00	2026-07-24	10,359	2,032	14.61%	5.10	$7,598,327
2026-07-18 04:25:48.226Z	NVDA	NVDA260918C00205000	call	205.00	2026-09-18	5,268	19,460	46.14%	0.27	$7,585,920
2026-07-18 04:25:48.226Z	NVDA	NVDA260724C00195000	call	195.00	2026-07-24	7,574	2,824	47.21%	2.68	$7,517,195
2026-07-18 04:25:48.226Z	SPCX	SPCX260724P00125000	put	125.00	2026-07-24	13,105	10,504	75.34%	1.25	$7,469,850
2026-07-18 04:25:48.226Z	SPCX	SPCX260918P00125000	put	125.00	2026-09-18	4,262	12,187	82.26%	0.35	$7,415,880
2026-07-18 04:25:48.226Z	QQQ	QQQ260724C00689000	call	689.00	2026-07-24	5,168	16	28.16%	323.00	$7,330,808
2026-07-18 04:25:48.226Z	SPCX	SPCX261016C00150000	call	150.00	2026-10-16	6,376	1,974	79.74%	3.23	$7,013,600
2026-07-18 04:25:48.226Z	QQQ	QQQ260724P00685000	put	685.00	2026-07-24	10,399	21,638	29.25%	0.48	$6,967,330
2026-07-18 04:25:48.226Z	SPY	SPY260724P00747000	put	747.00	2026-07-24	8,804	4,254	14.44%	2.07	$6,906,738
2026-07-18 04:25:48.226Z	NVDA	NVDA260724P00210000	put	210.00	2026-07-24	7,456	4,586	42.33%	1.63	$6,822,240
2026-07-18 04:25:48.226Z	SPY	SPY260918C00750000	call	750.00	2026-09-18	3,966	33,004	16.21%	0.12	$6,684,693
2026-07-18 04:25:48.226Z	SPY	SPY260724P00728000	put	728.00	2026-07-24	31,942	31,331	17.98%	1.02	$6,580,052
2026-07-18 04:25:48.226Z	QQQ	QQQ260814P00705000	put	705.00	2026-08-14	2,726	256	24.48%	10.65	$6,486,517
2026-07-18 04:25:48.226Z	QQQ	QQQ260918C00690000	call	690.00	2026-09-18	1,814	14,145	27.94%	0.13	$6,285,510
2026-07-18 04:25:48.226Z	SPY	SPY260918C00760000	call	760.00	2026-09-18	5,342	14,381	15.03%	0.37	$6,148,642
2026-07-18 04:25:48.226Z	NBIS	NBIS260724P00165000	put	165.00	2026-07-24	6,040	16,798	165.09%	0.36	$6,070,200
2026-07-18 04:25:48.226Z	QQQ	QQQ260918P00700000	put	700.00	2026-09-18	2,040	64,135	23.59%	0.03	$6,018,000
2026-07-18 04:25:48.226Z	QQQ	QQQ260918P00650000	put	650.00	2026-09-18	4,243	34,809	28.21%	0.12	$5,817,153
2026-07-18 04:25:48.226Z	NVDA	NVDA261016P00200000	put	200.00	2026-10-16	3,758	14,750	42.13%	0.25	$5,759,135
2026-07-18 04:25:48.226Z	NBIS	NBIS260724C00175000	call	175.00	2026-07-24	3,361	2,225	157.42%	1.51	$5,612,870
2026-07-18 04:25:48.226Z	NBIS	NBIS260724P00177500	put	177.50	2026-07-24	3,622	459	158.33%	7.89	$5,577,880
2026-07-18 04:25:48.226Z	SPCX	SPCX260724P00200000	put	200.00	2026-07-24	724	1,238	170.12%	0.58	$5,524,120
2026-07-18 04:25:48.226Z	NVDA	NVDA260724P00200000	put	200.00	2026-07-24	14,918	14,606	44.75%	1.02	$5,445,070
2026-07-18 04:25:48.226Z	SPY	SPY260724C00746000	call	746.00	2026-07-24	12,380	1,595	13.54%	7.76	$5,317,210
2026-07-18 04:25:48.226Z	QQQ	QQQ260724P00660000	put	660.00	2026-07-24	24,480	6,955	34.17%	3.52	$5,299,920
2026-07-18 04:25:48.226Z	QQQ	QQQ260918P00690000	put	690.00	2026-09-18	2,075	17,721	24.51%	0.12	$5,269,463
2026-07-18 04:25:48.226Z	SPY	SPY260724C00740000	call	740.00	2026-07-24	6,477	2,362	15.17%	2.74	$5,094,161
2026-07-18 04:25:48.226Z	SPY	SPY260918P00610000	put	610.00	2026-09-18	25,176	13,764	29.93%	1.83	$4,984,848
2026-07-18 04:25:48.226Z	SPCX	SPCX261016P00100000	put	100.00	2026-10-16	5,939	19,709	80.54%	0.30	$4,929,370
2026-07-18 04:25:48.226Z	SPCX	SPCX260724C00130000	call	130.00	2026-07-24	16,699	708	77.51%	23.59	$4,926,205
2026-07-18 04:25:48.226Z	NBIS	NBIS260724P00180000	put	180.00	2026-07-24	2,975	15,441	154.15%	0.19	$4,871,563
2026-07-18 04:25:48.226Z	NVDA	NVDA260724C00215000	call	215.00	2026-07-24	51,778	29,031	41.21%	1.78	$4,841,243
2026-07-18 04:25:48.226Z	MSFT	MSFT260918C00420000	call	420.00	2026-09-18	2,843	10,434	42.32%	0.27	$4,825,993
2026-07-18 04:25:48.226Z	QQQ	QQQ260814P00700000	put	700.00	2026-08-14	2,208	690	25.09%	3.20	$4,784,736
2026-07-18 04:25:48.226Z	NVDA	NVDA260724C00200000	call	200.00	2026-07-24	7,317	7,551	45.12%	0.97	$4,756,050
2026-07-18 04:25:48.226Z	QQQ	QQQ260724C00685000	call	685.00	2026-07-24	2,802	291	29.02%	9.63	$4,746,588
2026-07-18 04:25:48.226Z	QQQ	QQQ260724P00675000	put	675.00	2026-07-24	10,856	6,663	31.25%	1.63	$4,689,792

技术指标事实

标的	类型	Benchmark	最新价	Strength	1H 支撑 / 压力	4H 支撑 / 压力	1D 支撑 / 压力	数据限制
MSFT	美股/ETF	SPY	394.0100	-0.93	388.9180 (-1.29%；摆动高点/摆动低点/布林下轨) / 394.0764 (+0.02%；摆动低点/MA60/摆动高点)	391.6434 (-0.60%；摆动高点/摆动低点/MA20) / 395.8283 (+0.46%；MA5/摆动高点/MA10)	389.4850 (-1.10%；MA10) / 394.4320 (+0.16%；MA5/摆动高点)	-
NVDA	美股/ETF	SPY	202.5500	0.96	200.0542 (-1.23%；布林下轨/摆动低点) / 203.0329 (+0.24%；摆动低点/MA5/MA10)	199.9828 (-1.27%；摆动高点/摆动低点/布林下轨) / 202.8960 (+0.17%；摆动高点/摆动低点/MA5)	202.5667 (-0.12%；MA20/布林中轨/摆动低点) / 204.8380 (+1.00%；MA10)	-
MRVL	美股/ETF	SPY	186.7600	-18.16	186.6683 (-0.05%；摆动低点/MA20/布林中轨) / 188.4100 (+0.88%；MA10)	186.6880 (-0.04%；MA5) / 192.0960 (+2.86%；MA10)	179.8898 (-4.66%；布林下轨) / 192.1500 (+1.84%；摆动高点)	-
GFS	美股/ETF	SPY	57.5600	-19.17	57.3564 (-0.35%；摆动低点/摆动高点/MA20) / 58.5050 (+1.64%；摆动低点/摆动高点)	55.0600 (-4.34%；布林下轨/摆动低点/区间极值) / 57.5720 (+0.02%；MA5)	53.4923 (-6.94%；布林下轨) / 57.9300 (+0.78%；摆动低点)	-
APLD	美股/ETF	SPY	25.6100	-28.66	25.1475 (-1.81%；摆动低点) / 25.7276 (+0.46%；MA10/MA20/布林中轨)	24.8224 (-3.08%；布林下轨) / 25.7371 (+0.50%；MA5)	22.4367 (-13.00%；布林下轨) / 27.7140 (+7.46%；MA5)	-
USAR	美股/ETF	SPY	15.7300	-26.61	15.7273 (-0.02%；摆动低点/MA5/MA20) / 16.1253 (+2.51%；布林上轨/摆动高点)	15.1136 (-3.92%；布林下轨/摆动低点/区间极值) / 15.7680 (+0.24%；MA5)	15.4700 (-1.15%；摆动低点) / 16.3300 (+4.34%；摆动高点)	-
SOXX	美股/ETF	SPY	520.6600	-4.13	520.5356 (-0.02%；摆动低点/MA5/MA20) / 525.4300 (+0.92%；摆动低点)	508.7973 (-2.28%；布林下轨) / 521.7720 (+0.21%；MA5)	514.8421 (-1.34%；布林下轨) / 522.2400 (+0.08%；摆动低点)	-
SOXL	美股/ETF	SPY	134.0000	-18.78	132.4000 (-1.19%；摆动低点) / 134.4377 (+0.33%；MA5/MA20/布林中轨)	123.2451 (-8.03%；布林下轨) / 135.2800 (+0.96%；MA5)	135.0200 (-0.33%；摆动低点) / 150.3300 (+10.97%；摆动低点)	-
FTXL	美股/ETF	SPY	224.9000	-6.90	222.1594 (-1.22%；布林下轨) / 226.9212 (+0.90%；摆动低点/MA5/MA10)	- / -	220.8963 (-2.58%；摆动低点/布林下轨) / 229.9400 (+1.41%；摆动低点)	4H 少于 60 根K线；4H 无可用K线
PSI	美股/ETF	SPY	142.5000	-6.68	142.4318 (-0.05%；摆动高点/MA20/布林中轨) / 144.0000 (+1.05%；摆动低点)	- / -	141.7200 (-1.05%；摆动低点) / 143.8050 (+0.41%；摆动低点)	4H 少于 60 根K线；4H 无可用K线
DRAM	美股/ETF	SPY	52.1000	-4.83	51.9962 (-0.20%；摆动高点/摆动低点/MA20) / 52.9690 (+1.67%；摆动高点/MA10)	49.3418 (-5.29%；布林下轨) / 52.2920 (+0.37%；MA5)	50.0037 (-5.15%；布林下轨) / 55.2350 (+4.77%；摆动高点/摆动低点)	-
KMEM	美股/ETF	SPY	17.5700	N/A	- / -	- / -	16.2900 (-7.29%；区间极值) / 18.7160 (+6.52%；MA5)	1H 少于 60 根K线；1H 无可用K线；4H 少于 60 根K线；4H 无可用K线；1D 少于 60 根K线
VRT	美股/ETF	SPY	288.5000	-7.04	288.1230 (-0.13%；摆动高点/摆动低点/MA20) / 290.5570 (+0.71%；MA10)	283.1708 (-1.85%；布林下轨) / 288.6247 (+0.04%；摆动低点/MA5)	287.1100 (-0.85%；摆动低点) / 293.6167 (+1.40%；摆动低点)	-
COHR	美股/ETF	SPY	276.6600	-21.34	273.3633 (-1.19%；摆动高点/MA20/布林中轨) / 277.1013 (+0.16%；摆动低点/MA5/MA10)	274.9760 (-0.61%；MA5) / 281.0095 (+1.57%；MA10/摆动低点)	259.7792 (-6.42%；布林下轨) / 291.0000 (+4.83%；摆动低点)	-
CRCL	美股/ETF	SPY	60.3900	-19.23	59.2080 (-1.96%；布林下轨/摆动低点) / 60.3901 (+0.00%；摆动低点/MA20/布林中轨)	- / -	59.2900 (-1.94%；摆动低点) / 61.7150 (+2.08%；摆动低点)	4H 少于 60 根K线；4H 无可用K线
SPCX	美股/ETF	SPY	124.1400	N/A	123.0000 (-0.92%；摆动低点) / 124.3483 (+0.17%；MA5/摆动低点/MA10)	122.1591 (-1.60%；摆动低点/区间极值/布林下轨) / 125.0620 (+0.74%；MA5)	122.1200 (-1.51%；区间极值) / 124.0140 (+0.02%；布林下轨)	1D 少于 60 根K线
GOOG	美股/ETF	SPY	345.7500	-2.90	341.1519 (-1.33%；布林下轨/摆动低点/区间极值) / 347.6121 (+0.54%；MA10/MA5/摆动低点)	344.4350 (-0.38%；摆动高点) / 349.2477 (+1.01%；摆动低点/MA5)	343.6300 (-0.72%；摆动低点) / 348.7500 (+0.76%；摆动低点)	-
NBIS	美股/ETF	SPY	177.9300	-18.22	- / -	174.6600 (-1.84%；MA5) / 181.0170 (+1.74%；MA10/摆动低点)	172.2500 (-3.07%；摆动低点) / 183.0000 (+2.98%；摆动低点)	1H 少于 60 根K线；1H 无可用K线
BTCUSDT	Crypto	BTCUSDT	63,940.2000	0.00	63,849.5769 (-0.14%；摆动高点/MA20/布林中轨) / 64,618.7948 (+1.06%；摆动高点/摆动低点/布林上轨)	63,677.6490 (-0.41%；摆动高点/摆动低点/MA60) / 64,381.1380 (+0.69%；MA20/布林中轨/摆动高点)	62,891.7850 (-1.64%；MA20/布林中轨) / 64,127.6033 (+0.29%；MA10/摆动高点/MA5)	自身为基准
ETHUSDT	Crypto	BTCUSDT	1,842.6600	5.30	1,836.8138 (-0.32%；摆动低点/布林下轨/MA20) / 1,863.7794 (+1.15%；布林上轨/摆动高点/摆动低点)	1,837.1518 (-0.30%；摆动高点/MA5/MA10) / 1,855.9000 (+0.72%；摆动高点)	1,829.7195 (-0.70%；MA10/摆动高点) / 1,848.7800 (+0.33%；摆动高点)	-
SOLUSDT	Crypto	BTCUSDT	75.1600	-2.46	74.7299 (-0.57%；摆动低点/布林下轨/MA20) / 75.6213 (+0.61%；摆动低点/摆动高点/布林上轨)	73.9804 (-1.57%；布林下轨/摆动低点) / 75.3480 (+0.25%；MA5/MA10/摆动低点)	75.1420 (-0.02%；摆动高点/MA60) / 76.2270 (+1.42%；摆动高点/MA5/摆动低点)	-

账户、公开补充与来源

公开数据补充

重要文章与快讯

• 美国6月CPI、6月进口价格、7月褐皮书与美联储H.4.1共同定义通胀、增长和流动性基线。CPI月度降温与进口成本上升并存，长端收益率仍高。
• EIA周度石油摘要显示商业原油库存减少170万桶、商业石油总库存增加1330万桶、炼厂开工率96.2%；它构成油价冲击的供给缓冲反证。
• Nebius担保融资公告与伙伴基础设施模式分别定义资金成本与资产持有边界。完整契约、客户和利用率是下一层证据。
• 欧盟Google约束措施给出安卓AI互操作与搜索数据共享的分阶段实施节点；GOOG财报提供商业影响的最近验证。
• Circle全国信托银行资质、Circle增长与储备收益结构及Visa稳定币平台形成CRCL监管、规模与竞争三条验证线。
• USAR稀土氧化物样品仍处第三方认证前；纯度、良率、成本、批量稳定性和客户承购是商业化门槛。
• Meta与Anthropic潜在算力租赁尚未签约；Vertiv订单与积压仍显示电力与冷却需求强。AI基础设施同时面对需求增长、供给竞争和融资回报约束。

金十快讯

• 7月18日12:11：科威特拦截来自伊朗的导弹和无人机。快讯援引科威特军方，原始声明尚未逐项核验。
• 7月18日04:56：WTI与布伦特结算。分别收于82.49和88.10美元/桶，日涨4.48%和4.59%。
• 7月18日06:03：CME利率概率。7月维持利率不变85.6%，9月累计加息25bp为51.2%；该概率会随市场变化。
• 7月18日04:07：费城半导体指数回撤超过20%。本周跌10%，市场标签不替代需求和盈利验证。
• 7月18日10:15：算电多维协同。政策与产业表述支持电力基础设施方向，但没有项目级资本开支时间表。

未来验证清单

1. 霍尔木兹官方通航、吞吐、港口、油轮运费与战争险；WTI/布伦特近月曲线是否持续走强。
2. GOOG 7月22日财报中的Cloud、AI资本开支、利润率与DMA执行；APLD 7月27日的客户验收、利用率、收入确认和融资跑道；VRT 7月29日订单与积压更新。
3. NBIS完整信贷契约、客户现金流覆盖与伙伴模式经济性；CRCL的OCC条件、USDC份额和Coinbase分销条款；USAR的LCM认证。
4. 半导体价格与申购分歧能否由SOXX、PSI、DRAM及持仓完成K线共同确认；公司KPI是否继续支持持有或扩大暴露。
5. BTC 63,850—63,678、ETH 1,836.8—1,837.2与SOL 75.14—74.73的完成K线表现；是否新增风险位另由资金流、市场结构和组合暴露共同决定。
6. T-Bill三只候选是否恢复非零IBKR ASK_YIELD、ask price与size；有效报价出现前只保留TreasuryDirect官方参考，不执行收益率比较。

IBKR 账户与保证金

| --- |--- | | 已连接 |是 | | 持仓数 |已隐藏 | | 错误数 |0 |

| --- |--- |--- |--- | | 已隐藏 |AvailableFunds |已隐藏 |USD | | 已隐藏 |BuyingPower |已隐藏 |USD | | 已隐藏 |GrossPositionValue |已隐藏 |USD | | 已隐藏 |InitMarginReq |已隐藏 |USD | | 已隐藏 |MaintMarginReq |已隐藏 |USD |

持仓上下文

• 已隐藏
• 已隐藏
• 已隐藏

数据源列表

• Binance 合约市场数据
• IBKR 行情数据
• IBKR 账户与持仓数据
• Merkl 官方奖励数据
• Yahoo Finance 公开期权链
• Yahoo Finance 历史行情
• Yahoo Finance 新闻检索
• 金十数据快讯事实雷达