Core Insights - Nasdaq will review its third quarter 2025 financial results on October 21, 2025, at 8:00 AM ET, with senior management available for questions from the investment community following prepared remarks [1] - The press release and results presentation will be available on the Nasdaq Investor Relations website at approximately 7:00 AM ET on the same day [2] Company Overview - Nasdaq is a leading global technology company that serves corporate clients, investment managers, banks, brokers, and exchange operators, facilitating their interaction with global capital markets and the financial system [3] - The company aims to deliver world-leading platforms that enhance liquidity, transparency, and integrity within the global economy [3] - Nasdaq offers a diverse range of data, analytics, software, exchange capabilities, and client-centric services to help clients execute their business vision confidently [3]

RWA Tokenization Overview - RWA (Real World Assets) tokenization is considered a core pillar of the current bull cycle in Altcoins and Crypto [1] - Major players like PayPal (with its stablecoin) and Nasdaq (exploring tokenized stocks) are entering the RWA space [1] Market Perspective - The industry believes RWAs may become a core pillar of this cycle [1] Key Question - The report addresses whether the RWA tokenization boom is innovation or speculation [1]

Core Insights - Nasdaq, Inc. (NDAQ) shares have increased by 19.5% over the past year, outperforming the industry growth of 6% and the Finance sector's return of 17.2% [1] - The company has a market capitalization of $49.76 billion and an average trading volume of 3.5 million shares over the last three months [1] - NDAQ has consistently beaten earnings estimates in the last four quarters, with an average surprise of 4.36% [1] Valuation - Nasdaq shares are currently trading at a forward price-to-earnings ratio of 24.13X, which is lower than the industry average of 24.19X [2] - Other companies like Intercontinental Exchange Inc. (ICE) and CME Group Inc. (CME) are also trading at discounts to the industry average, while Cboe Global Markets (CBOE) trades at a premium [2] Growth Projections - The Zacks Consensus Estimate for Nasdaq's 2025 earnings per share indicates a year-over-year increase of 17.7%, with revenues projected at $5.14 billion, reflecting a 10.5% improvement [3] - For 2026, earnings per share and revenues are expected to increase by 11.4% and 7.2%, respectively, compared to 2025 estimates [3][4] Analyst Sentiment - Four out of twelve analysts have raised their earnings estimates for 2025, and three have done so for 2026 in the past 60 days, leading to a 1.2% and 0.5% increase in the consensus estimates for those years [8] Financial Performance - Nasdaq's return on equity over the trailing 12 months was 15.9%, surpassing the industry average of 14.5% [9] - The return on invested capital (ROIC) was 7.1%, also better than the industry average of 6% [10] Growth Strategy - Nasdaq's growth strategy focuses on increasing revenues from high-growth segments such as Market Technology and Investment Intelligence, along with expanding its Anti-Financial Crime clientele [11] - The company anticipates strong growth from its index and analytics businesses, with Capital Access Platforms expected to grow revenues by 5% to 8% in the medium term [12] Market Opportunities - Nasdaq has a significant opportunity in the anti-financial crime space, which has a total addressable market of $12.5 billion [13] - The company aims to achieve 40-50% of its revenues from SaaS solutions by 2025 [13] Dividend Policy - Nasdaq has a consistent dividend growth history and aims for a payout ratio of 35-38% by 2027 [14]

Core Insights - Nasdaq and Amazon Web Services (AWS) have expanded their strategic partnership to offer Nasdaq Calypso as a fully managed service on AWS, aiming to modernize capital markets and treasury infrastructure [1][3] - Nasdaq Calypso is designed to streamline front-to-back-office workflows, manage risk, and ensure compliance with regulatory requirements, thus eliminating the need for institutions to maintain their own infrastructure [2][4] Group 1: Partnership and Technology - The collaboration between Nasdaq and AWS is positioned to lead the transformation of capital markets infrastructure, addressing the urgent need for innovation and regulatory compliance [3] - The deployment of Nasdaq Calypso on AWS will provide a unified environment for managing trading, risk, margin, collateral workflows, and data analytics, enhancing operational efficiency [4] Group 2: Benefits of Managed Services - Financial institutions will benefit from accelerated technology modernization, access to enhanced capabilities in digital assets and AI, and optimized risk calculations through AWS's elastic data grid [4] - The managed services model allows for standardized implementation and regular updates, ensuring compliance with evolving regulations and flexibility for business expansion [4] Group 3: Market Reach and Impact - Nasdaq's technology is utilized by 97% of global systematically important banks (G-SIBs), half of the top 25 stock exchanges, and over 3,800 clients in the financial services industry, showcasing its extensive market reach [5] - The partnership aims to reduce friction in real-time data flows, simplify data architecture, and empower advanced AI analytics, unlocking new growth opportunities for financial institutions [3][4]

Core Insights - Nasdaq reported an increase in short interest across its listed securities as of the mid-September settlement date compared to August 29 [2] Summary by Category - **Short Interest Data** - Short interest in 5,014 securities totaled 17,146,159,646 shares at the September 15 settlement date [2] - This represents an increase from 4,988 issues and 16,958,657,192 shares reported previously [2]

Core Insights - The total short interest in Nasdaq Global Market securities increased to 14,035,983,054 shares as of September 15, 2025, up from 13,901,511,651 shares on August 29, 2025, indicating a growing bearish sentiment among investors [1] - The average short interest across all 5,014 Nasdaq securities reached 17,146,159,646 shares, reflecting an increase from 16,958,657,192 shares in the previous reporting period [3] Nasdaq Global Market - Short interest in 3,341 Nasdaq Global Market securities totaled 14,035,983,054 shares at the end of the settlement date of September 15, 2025, compared to 13,901,511,651 shares in the prior period [1] - The mid-September short interest represents an average of 2.49 days, slightly up from 2.39 days in the previous reporting period [1] Nasdaq Capital Market - In the Nasdaq Capital Market, short interest in 1,673 securities totaled 3,110,176,592 shares at the end of the settlement date of September 15, 2025, compared to 3,057,145,541 shares previously [2] - This represents an average daily volume of 1.08 days, down from 1.10 days in the prior reporting period [2] Overall Market Summary - The total short interest across all Nasdaq securities reached 17,146,159,646 shares as of September 15, 2025, compared to 16,958,657,192 shares in the previous reporting period [3] - The average daily volume for all securities is now 2.01 days, compared to 1.97 days previously [3] Short Sale Definition - A short sale is defined as the sale of a security that the seller does not own or any sale consummated by the delivery of a borrowed security [4]

Group 1 - Nasdaq announced the delisting of certain securities that were previously suspended from trading on its platform [2] - The specific securities listed for delisting include Digital Brands Group (DBGI) warrants, which were suspended on December 18, 2024 [2]

Market Sentiment - The CNN Money Fear and Greed index showed a decline in overall market sentiment, remaining in the "Greed" zone with a reading of 61.7, down from 62.3 [5] - U.S. stocks settled lower, with the Nasdaq Composite falling more than 200 points and the S&P 500 ending a three-day winning streak [1] Economic Indicators - The S&P Global U.S. Composite PMI slowed to 53.6 in September from 54.6 in August, indicating softer growth in services and manufacturing [2] - The U.S. current account deficit decreased by 42.9% to $251.3 billion in the second quarter [2] Sector Performance - Most sectors on the S&P 500 closed positively, with energy, real estate, and utilities stocks showing the biggest gains [3] - Information technology and consumer discretionary stocks closed lower, bucking the overall market trend [3] Company Earnings - Investors are awaiting earnings results from Cintas Corp., Thor Industries Inc., and KB Home [4]

Core Insights - BTQ Technologies has experienced significant volatility in its stock performance since the peak of the quantum sector rally in December [1] - The company is categorized as a microcap stock within the quantum technology sector [1] Company Overview - BTQ Technologies is involved in the quantum technology space, which has seen fluctuating interest and investment [1] - The company has a focus on cryptocurrency and blockchain technology, with a team that includes enthusiasts and traders with extensive experience in the field [1] Market Context - The quantum sector has been characterized by a rally followed by a downturn, impacting various stocks including BTQ Technologies [1] - The overall sentiment in the quantum technology market has shifted since the peak, leading to challenges for microcap stocks like BTQ [1]

Core Viewpoint - U.S. stocks are in a historic bear market when measured against gold, despite nominal gains in stock indices [1][2][3] Group 1: Market Performance - The Dow Jones Industrial Average, when priced in gold, has declined over 24% in 2025, 33% since the end of 2023, and nearly 70% since 2000 [1][2] - The current stock market gains are viewed as an illusion created by inflation, which distorts the real performance of equities [2][3] Group 2: Gold's Role - Gold has reached new record highs near $3,800, reflecting a nearly 44% year-to-date gain, reinforcing its status as a safe-haven asset amid inflation [4] - Schiff argues that gold reveals the underlying weakness of U.S. stocks and cautions that ignoring gold may lead investors to overlook the depth of the ongoing market decline [5]