记者丨黎雨辰 编辑丨张伟贤 共识，不仅凝聚于国内，同样也共鸣于世界。 2025年12月5日至6日，由南方财经全媒体集团主办，21世纪数字传媒承办，渣打银行战略支持，东方证券等机构支持的"南方财经 论坛2025年会"，在广州南方财经大厦顺利举办。 其中，在大会主论坛的"全球资本市场对话"圆桌环节，纽约证券交易所中国区代表葛辰皓，就美国资本市场年度表现、IPO动态、未 来展望以及交易所在新格局下的角色演变等议题，分享了其专业见解。 2 0 2 5是美股IPO"恢复大年" 回顾即将过去的2025年，美股市场依然展现出了强大的韧性，迅速消化不确定性。截至12月5日，标普500指数年初至今依然实现了 约15%的增长。 葛辰皓指出，年初美联储降息步伐不及预期、四月关税言论引发的市场恐慌，一度让有"美股恐慌指数"之称的VIX指数飙到年内新 高。但进入第三季度，随着美国与主要贸易伙伴关税谈判路径趋于明朗，不确定性消退推动市场回归增长。在第四季度，市场的起 伏则更多来自企业基本面，标普500成分公司第三季度财报显示盈利增长稳健，也成为近期市场上涨的重要推力。 关于备受关注的AI领域是否存在泡沫的讨论，葛辰皓表示，美股的活力就在 ...

21世纪经济报道记者 黎雨辰 广州报道 2025年12月5日至6日，由南方财经全媒体集团主办，21世纪数字传媒承办，渣打银行战略支持，东方证 券等机构支持的"南方财经论坛2025年会"，在广州南方财经大厦顺利举办。 其中，在大会主论坛的"全球资本市场对话"圆桌环节，纽约证券交易所中国区代表葛辰皓，就美国资本 市场年度表现、IPO动态、未来展望以及交易所在新格局下的角色演变等议题，分享了其专业见解。 共识，不仅凝聚于国内，同样也共鸣于世界。 回顾即将过去的2025年，美股市场依然展现出了强大的韧性，迅速消化不确定性。截至12月5日，标普 500指数年初至今依然实现了约15%的增长。 葛辰皓指出，年初美联储降息步伐不及预期、四月关税言论引发的市场恐慌，一度让有"美股恐慌指 数"之称的VIX指数飙到年内新高。但进入第三季度，随着美国与主要贸易伙伴关税谈判路径趋于明 朗，不确定性消退推动市场回归增长。在第四季度，市场的起伏则更多来自企业基本面，标普500成分 公司第三季度财报显示盈利增长稳健，也成为近期市场上涨的重要推力。 关于备受关注的AI领域是否存在泡沫的讨论，葛辰皓表示，美股的活力就在于能容纳不同声音，交易 所 ...

Bragar Eagel & Squire, P.C. Litigation Partner Brandon Walker Encourages Investors Who Suffered Losses In Klarna (KLAR) To Contact Him Directly To Discuss Their Options If you purchased or acquired Klarna IPOs and would like to discuss your legal rights, call Bragar Eagel & Squire partner Brandon Walker or Melissa Fortunato directly at (212) 355-4648. Click here to participate in the action. NEW YORK, Dec. 09, 2025 (GLOBE NEWSWIRE) -- What’s Happening? Bragar Eagel & Squire, P.C., a nationally recognized s ...

Core Insights - Tempo, a blockchain focused on stablecoins and payments, has launched its public testnet, allowing developers to build on the network [1] - The network is compatible with the Ethereum Virtual Machine and has received design input from major global firms including OpenAI, Shopify, and Visa [2] - Tempo has announced new partnerships with Mastercard, UBS, and Klarna, which plans to launch a stablecoin on the Tempo network [2] Group 1: Testnet Launch and Features - The Tempo testnet is now open for public use, enabling various stakeholders to engage with the platform [3] - Key features include dedicated payment lanes for guaranteed blockspace and low fees, as well as stablecoin-native gas for transactions [4] - The network supports use cases such as microtransactions, global payments, remittances, agentic commerce, and tokenized deposits [5] Group 2: Partnerships and Development - Coastal Bank is collaborating with Tempo to innovate financial infrastructure [4] - The network is currently operated by a rotating set of four validators, with plans to incorporate independent validators and partners as it approaches mainnet launch [6] - Tempo raised $500 million at a $5 billion valuation to advance its blockchain development, and has added a top Ethereum researcher to its team [7] Group 3: Competitive Landscape - Circle, the issuer of USDC, is also developing a payments-focused blockchain called Arc, which has launched its testnet with participation from firms like Visa and Goldman Sachs [7]

Company Overview - Klarna Group plc is a prominent fintech player offering flexible payment tools, including buy now pay later, direct pay, and installment options [3] Allegations and Financial Performance - Edelson Lechtzin LLP is investigating potential violations of federal securities laws involving Klarna Group plc due to allegations of providing potentially misleading business information to investors [1] - On November 18, 2025, Klarna reported a record third-quarter revenue that exceeded market expectations in its first earnings report as a publicly traded company [4] - Despite the strong revenue performance, Klarna posted a net loss of $95 million, primarily due to increased provisions for potential credit losses [4] - Provisions for potential credit losses rose to 0.72% of gross merchandise volume, up from 0.44% the previous year, with total provisions reaching $235 million, significantly above analyst estimates of $215.8 million [4] - Following the earnings report, Klarna's stock price fell by 9.3% on November 18, 2025 [5]

Summary of PubMatic Conference Call - December 09, 2025 Company Overview - **Company**: PubMatic (NasdaqGM:PUBM) - **Industry**: Digital Advertising and Advertising Technology - **Founded**: Approximately 20 years ago, led by technology co-founders - **Focus**: AI-driven ad tech, delivering value to buyers, publishers, data owners, and commerce media networks [3][5][6] Key Points and Arguments Macro Environment - **Q3 Performance**: PubMatic reported solid Q3 results, exceeding guidance on both revenue and earnings, with significant growth in CTV (Connected TV) and merchant revenues [10][11] - **Revenue Breakdown**: CTV business accounts for nearly 20% of revenues, growing double digits; merchant revenues represent about 10% and grew over 80% [10][11] - **Market Sentiment**: Some consumer discretionary verticals showed muted seasonality in October, but overall confidence remains due to a diverse set of ad verticals [10][12] Industry Dynamics - **Blurring Lines**: The distinction between buy-side and sell-side is diminishing, with advertisers focusing more on performance, transparency, and control [13][14] - **Curation and AI**: PubMatic is leveraging AI to enhance curation capabilities, providing an efficient platform for buyers to access valuable data sets [17][18] Diversification Strategy - **DSP Relationships**: PubMatic is diversifying its exposure to various Demand-Side Platforms (DSPs), focusing on performance buyers and mid-tier DSPs, which grew 25% year-over-year [20][21] - **Trade Desk Relationship**: The relationship with The Trade Desk has stabilized, with PubMatic being the first sell-side platform to participate in their Price Discovery initiative [22] Regulatory Environment - **Google Trial**: The ongoing trial against Google is seen as a potential positive for PubMatic, with expectations for behavioral remedies that could create a more level playing field [23][24][25] AI Initiatives - **AI Leadership**: PubMatic is positioned as a leader in AI capabilities, with significant improvements in infrastructure and product offerings [27][28][31] - **Activate Product**: The Activate platform has seen 100% year-over-year revenue growth, allowing buyers to execute campaigns efficiently [34][35] CTV Business - **Market Position**: PubMatic works with over 90% of the top 30 global streamers, with CTV revenues growing over 50% in the last quarter [36][37] - **Innovative Offerings**: New formats like pause ads and a live sports marketplace are contributing to growth in the CTV segment [36][37] Investment Focus - **Future Investments**: CTV, Activate, and AI initiatives will be prioritized for investment in 2026, with a balanced approach to resource allocation [38][39] - **Growth Expectations**: Anticipated re-acceleration of growth in the second half of 2026, particularly excluding the Trade Desk and political advertising impacts [42][43] Additional Important Insights - **Customer Feedback**: Positive feedback from clients like Mars Petcare highlights the effectiveness of the Activate platform [35] - **Unified Platform**: PubMatic emphasizes a unified platform approach, allowing seamless execution of campaigns across various data sources [18] This summary encapsulates the key insights and strategic directions discussed during the PubMatic conference call, highlighting the company's performance, market dynamics, and future growth opportunities.

Core Insights - Affirm Holdings, Inc. (AFRM) is experiencing a significant increase in active consumers, with a 24% year-over-year growth in the first quarter of fiscal 2026, driven by higher retention rates and new consumer acquisitions through partnerships [1][8] - The company's transparent, interest-free payment options are particularly appealing to younger shoppers, contributing to a broader shift towards pay-over-time models in digital commerce [2] - Total transactions increased by 52.2% year-over-year in the first quarter, leading to a 33.6% growth in total revenues, largely due to repeat customer transactions [3][8] Business Environment - Despite positive growth indicators, the company faces challenges such as higher funding costs, evolving buy now, pay later (BNPL) regulations, and changes in consumer borrowing behavior [4] - Competitors like Klarna Group plc and PayPal Holdings, Inc. are also performing well, with Klarna reporting a 32% year-over-year increase in active users and PayPal showing a 7% increase in net revenues [5][6] Financial Performance - Affirm's shares have gained 11.8% year-to-date, outperforming the industry average of 10.2% [7] - The forward price-to-sales ratio for AFRM is 5.03, above the industry average of 4.98, indicating a higher valuation compared to peers [10] - The Zacks Consensus Estimate for Affirm's fiscal 2026 earnings suggests a remarkable 566.7% growth from the previous year, with a revenue growth estimate of 26% year-over-year [12]

Klarna Group (NYSE:KLAR) is one of the best new tech stocks to buy right now. Earlier on November 20, UBS analyst Timothy Chiodo lowered the firm’s price target on Klarna to $46 from $48 and kept a Buy rating on the shares. This sentiment came out when Klarna showed strong Q3 2025 results, with both Gross Merchandise Volume/GMV and revenue growing by more than 20% year-over-year and exceeding expectations due to factors like the expansion of the merchant network, the forging of key retail partnerships, suc ...

Tempo, a payments-focused blockchain backed by Stripe and crypto investment firm Paradigm, has launched its public testnet, a key step in its effort in making stablecoin payments for mainstream use. Tempo has also unveiled a roster of new additions to the network’s partner group, including buy-now-pay-later firm Klarna, predictions market Kalshi, payments giant Mastercard and Swiss global bank UBS. They join a group of earlier design partners such as Deutsche Bank, Visa, Shopify, OpenAI and Nubank. Initi ...

Core Insights - Klarna has expanded its flexible payment products to be available at checkout on Apple Pay in France and Italy, enhancing convenience and control for millions of eligible shoppers [1][2][3] Expansion and Adoption - The expansion follows strong consumer adoption in Denmark, Spain, Sweden, the U.S., UK, and Canada, where Klarna's payment options have gained popularity [2] - With this launch, Klarna's services are now accessible in eight major markets, providing consumers with more choices and flexibility in payment methods [2] Payment Options - Eligible customers can split purchases into three monthly installments or pay up to 30 days later, all interest-free. For higher-value purchases, longer payment periods are available with competitive interest rates starting from 0% [3][4] - Klarna applies industry-leading underwriting to ensure responsible lending before approving payments [4] Security and Privacy - Payments made with Klarna through Apple Pay are secure and private, with Apple not retaining any transaction information linked to users [4] User Base and Market Position - Klarna boasts over 114 million active consumers globally and processes approximately 3.4 million transactions daily, aiming to be available at every checkout [5][7] - The company partners with over 850,000 retailers, including major brands like Uber, H&M, and Nike, to drive growth and customer loyalty [7][8]