Core Insights - IBM plans to cut "thousands" of jobs in the current quarter as part of a strategic shift towards higher-growth software and services [1][2] - The job cuts will impact a low single-digit percentage of IBM's global workforce, which was approximately 270,000 employees at the end of 2024 [2] Group 1: Strategic Focus - IBM's consulting division faces challenges due to customer concerns about the economy, while the software division is gaining investor interest [3] - CEO Arvind Krishna aims to make the software division the largest business unit within IBM, capitalizing on increased spending in cloud services and artificial intelligence [3] Group 2: AI and Employment - In previous statements, Krishna indicated that IBM's investment in AI has led to an overall increase in employment, despite replacing some human resources roles with AI agents [4][5] - The company has leveraged AI and automation to enhance enterprise workflows, allowing for reinvestment in other areas [5] Group 3: Partnerships and Innovations - IBM has partnered with Anthropic to integrate the Claude family of large language models into its AI-first software development environment, enhancing its hybrid-cloud ecosystem [6] - The company is also developing the IBM Digital Asset Haven, a platform for managing digital assets across blockchains, in collaboration with Dfns [7]

Core Insights - Mawson Infrastructure Group Inc. has successfully dismissed an involuntary bankruptcy petition, allowing the company to pursue damages against the petitioning creditors and recover attorneys' fees [1] Company Overview - Mawson is a U.S.-based technology company focused on designing, building, and operating next-generation digital infrastructure platforms, serving sectors such as AI, high-performance computing (HPC), and digital assets including Bitcoin mining [2] - The company operates both self-mining and colocation/hosting services for enterprise customers, utilizing a vertically integrated infrastructure model aimed at scalability and efficiency [2] Strategic Positioning - A key aspect of Mawson's strategy is the use of carbon-free energy resources, including nuclear power, to support its operations, positioning the company as a competitive provider of environmentally sustainable digital infrastructure solutions [3] - Mawson currently has 129 megawatts of capacity online, with additional capacity under development, reinforcing its commitment to sustainable energy practices [3]

Core Insights - Prenetics Global Limited will release its financial results for Q3 2025 on November 10, 2025, before market open, and will hold its first earnings conference call at 8:30 a.m. Eastern Time on the same day [1][2] Company Overview - Prenetics is a leading health sciences company focused on health and longevity, with its flagship consumer brand IM8 co-founded with David Beckham, which has achieved $100 million in annual recurring revenue within 11 months of launch, marking the fastest growth in the supplements industry [3] - The company has established a Bitcoin Treasury, purchasing 1 Bitcoin per day, totaling 382 BTC as of November 4, 2025, positioning itself at the intersection of health innovation and digital assets [4]

Digital Assets Strategy - Citi's Global Head of Digital Assets, Ryan Rugg, discussed the bank's strategy for tokenized assets at Ripple Swell 2025 [1] Industry Events - Citi participated in @Ripple Swell 2025, indicating involvement in the digital asset and blockchain space [1]

>> LIVE FROM BLOOMBERG'S WORLD HEADQUARTERS IN NEW YORK. I'M SCARLET FU. TIM STENOVEC IS ON ASSIGNMENT."BLOOMBERG CRYPTO," PEOPLE, OPTIONS SHAPING THE WORLD IN FINANCE. A BITCOIN UNDER PRESSURE WITH FINANCIAL MARKETS AND RISK OFF MODE. THE ORIGINAL COIN AT A SESSION LOW AS IT'S FALLING TO THE SLOTH -- LOWEST LEVEL SINCE JUNE.ELECTION DAY IN THE U.S., WE FOCUS ON THE GROWING INFLUENCE OF THE CRYPTO INDUSTRY ON POLICY AND REGULATION. SENATOR CYNTHIA LUMMIS WILL JOIN US. IN A MOMENT, WE WILL SPEAK WITH THE FOU ...

Core Insights - The regulatory environment is increasingly favorable for digital assets, with new legislation supporting stablecoins and digital asset exchanges [2][3] - Bitcoin's price volatility remains a challenge despite its growing acceptance as a non-sovereign asset, with a trading range of $67,839.67 to $124,714.85 over the past year [4] - Circle Internet Group's USDC stablecoin is gaining traction, with circulation increasing from $61.3 billion to $75.85 billion in a quarter [5][6] Regulatory Developments - The GENIUS Act establishes a legislative foundation for stablecoins, benefiting companies like Circle Internet Group [2] - Illinois and Wyoming have enacted laws to regulate digital assets and issue stablecoins, respectively [2] - The SEC's Spring 2025 Regulatory Agenda includes potential rules for trading crypto assets on national exchanges [3] Market Trends - Bitcoin has seen increased institutional and corporate adoption, although it experienced a 9% decrease in value over the past week [4] - Coinbase has expanded its trading platform, increasing access to over 40,000 tradable assets [9] - CME Group reported record trading volumes in its crypto complex, with a 225% year-over-year increase in contracts traded [13] Company Highlights - Circle is focusing on developing USDC-based payment infrastructure, with over 100 institutions in the pipeline for its Circle Payments Network [7] - Coinbase's average daily volume of USDC held by customers reached $15 billion in Q3 2025, reflecting strong stablecoin adoption [10] - CME Group leads the global futures trading market with a 90% market share and plans to offer 24/7 trading of cryptocurrency futures and options starting early 2026 [11][13]

Financial Data and Key Metrics Changes - Broadridge reported strong first-quarter results with 8% recurring revenue growth on a constant currency basis and a 51% increase in adjusted EPS [5][21] - Total revenue increased by 12% to $1.6 billion, driven by recurring revenue growth and higher event-driven revenue [27][28] - Adjusted operating income margin expanded by 280 basis points to 15.8% [28] Business Line Data and Key Metrics Changes - Governance business revenues rose by 5%, driven by sales and healthy position growth [6][21] - Capital markets revenues grew by 6%, supported by new sales and higher trading volumes, with a notable contribution from digital asset revenues [11][23] - Wealth and investment management revenues surged by 22%, bolstered by organic growth and the acquisition of SIS [15][21] Market Data and Key Metrics Changes - Total equity position growth was 12%, with managed accounts driving this increase [7][25] - Fund position growth was 2%, impacted by the timing of communications, but mid-single-digit growth is expected for the full year [6][25] - Trade volumes rose by 17% for the quarter, indicating strong market activity [26] Company Strategy and Development Direction - Broadridge is focused on democratizing and digitizing investing, simplifying trading, and modernizing wealth management [5][16] - The company is investing in new governance solutions, expanding tokenization capabilities, and pursuing value-added acquisitions [5][16] - Tokenization is viewed as a mega trend over the next decade, with potential benefits across various asset classes [12][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the higher end of the 5%-7% recurring revenue growth range and reaffirmed guidance for 8%-12% adjusted EPS growth [5][20] - The positive economic backdrop and healthy capital markets are expected to support continued growth [4][5] - Management highlighted the importance of innovation in driving long-term growth and position expansion [16][69] Other Important Information - Broadridge completed two tuck-in acquisitions in the first quarter for a total of $56 million and repurchased $150 million of its shares [19][30] - The company recognized $4 million in digital asset revenues and recorded a $46 million unrealized gain on its digital asset holdings [20][29] Q&A Session Summary Question: Recurring revenue outlook and EPS guidance - Management explained that the recurring revenue guidance increase is primarily driven by acquisitions, offsetting lower interest rates, and strong underlying business performance [36][38] Question: Impact of government shutdown on sales cycles - Management indicated that there has been no slowdown in client conversations or deal closures due to the government shutdown, maintaining a stable selling environment [50][52] Question: Role of digital assets and tokenization in the business - Management views digital assets and tokenization as a significant opportunity, with plans to drive tokenization across various asset classes [54][56] Question: Position growth trends - Management reported strong position growth, particularly in equity positions driven by managed accounts and direct indexing [67][69] Question: Canton Network and super validator status - Management clarified that the super validator role is separate from the distributed ledger repo platform and that payments for this role are commonly made in coins [72][74]

Financial Data and Key Metrics Changes - Broadridge reported strong first-quarter results with 8% recurring revenue growth on a constant currency basis and a 51% increase in Adjusted EPS to $1.51 [5][21][28] - Total revenue increased by 12% to $1.6 billion, driven by recurring revenue growth and higher event-driven revenue [27][28] - Adjusted operating income margin expanded by 280 basis points to 15.8% [28] Business Line Data and Key Metrics Changes - Governance business revenues rose 5%, driven by sales and healthy position growth, with total equity position growth at 12% [6][21][24] - Capital markets revenues grew 6%, supported by new sales and higher trading volumes, with digital asset revenues contributing $4 million [11][23][24] - Wealth and investment management revenues grew 22%, driven by solid organic growth and the acquisition of SIS [15][24] Market Data and Key Metrics Changes - Investor participation trends remain healthy across equities and funds, with equity position growth at 12% and fund position growth at 2% [7][24] - Trade volumes rose 17% for the quarter, driven by double-digit growth in both equity and fixed income volumes [25][82] Company Strategy and Development Direction - Broadridge is focused on democratizing and digitizing investing, simplifying trading, and modernizing wealth management [5][16] - The company is investing in new governance solutions, expanding tokenization capabilities, and making value-added acquisitions [5][16] - Tokenization is viewed as a mega trend over the next 10 years, with potential benefits in various asset classes [12][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the higher end of the 5%-7% recurring revenue growth range and reaffirmed guidance for 8%-12% Adjusted EPS growth [6][20][32] - The positive economic backdrop, strong equity markets, and a pro-innovation regulatory environment are seen as beneficial for Broadridge's growth [4][5] Other Important Information - Broadridge completed two tuck-in acquisitions in the first quarter for a total of $56 million and repurchased $150 million of its shares [19][30] - The company recorded a $46 million unrealized gain on digital asset holdings, which was excluded from Adjusted EPS calculations [20][29] Q&A Session Summary Question: Recurring revenue outlook and EPS guidance - Management explained that the recurring revenue guidance was raised due to acquisitions and strong underlying business performance, while EPS growth is expected to be 8%-12% [36][38][39] Question: Impact of government shutdown on sales cycles - Management indicated that there has been no slowdown in client conversations or deal closures due to the government shutdown, maintaining a stable selling environment [50][52] Question: Role of digital assets and tokenization - Management sees digital assets and tokenization as a megatrend, with plans to drive tokenization across various asset classes and integrate digital assets into wealth management [54][56][57] Question: Position growth trends - Management reported strong position growth, particularly in equity positions, driven by managed accounts and direct indexing [67][69] Question: Canton Network and super validator status - Management clarified that the super validator role is separate from the Distributed Ledger Repo platform and that payments for this role are commonly made in coins [72][74]

Market Trends & Cryptocurrency Performance - Major cryptocurrencies experienced declines, with Bitcoin falling 3% to $16,000, Ether dropping over 6% due to the Balancer exploit with losses exceeding $70 million, and Solana down more than 85% [2] - Standard Chartered envisions a future where nearly all global transactions are conducted on a digital blockchain ledger, with all money eventually becoming digital [6][7] - The industry is closely watching Block's Bitcoin payment initiatives, viewing it as a critical test for Bitcoin's viability as a payment mechanism [24][25] Company Specific News & Developments - Cipher Mining shares surged nearly 16% after Q3 results exceeded expectations, reporting a narrower than expected loss of 1 cent, and announced a new $55 billion 15-year lease with Amazon Web Services for 300 megawatts of AI computing capacity by the end of next year [2][3] - Core Scientific shares increased by more than 45%, while Core Weave shares decreased by more than 35%, following the rejection of Core Weave's $9 billion offer to acquire the crypto miner [3][4] - Web 3 firm Animoca Brands is planning to go public via reverse merger with Currency Group, where Animoca Brands shareholders would own approximately 95% of the resulting company and Currency shareholders would hold about 5% [4][5] - Mizuho is neutral on Coinbase due to its overexposure to crypto and lack of diversification, despite raising its price target to $320 after Q3 earnings beat expectations [13][14] - Mizuho is bearish on Circle, anticipating increased competition from numerous stablecoins issued by various entities [15][16][17] - Robinhood's crypto revenues nearly doubled in Q2, with expectations for Q3 to be in line to slightly better, the focus is on user adoption in new markets like Europe [18][19] - Mizuho has an outperform rating on Figure Technologies, highlighting its successful HELOC marketplace with a potential crypto catalyst in the next 2-3 years [20][21][22][23] Regulatory & Political Landscape - President Trump claimed ignorance about Binance founder Changpeng Zhao (CZ), despite granting him a pardon, and downplayed Binance's involvement with World Liberty Financial [8][9] - Trump stated his sons are more involved in crypto and warned that if the US doesn't lead in crypto, other countries like China or Japan will [10]

Market Overview - Major cryptocurrencies are experiencing declines, with Bitcoin down 3% to around $16,000 and Ether falling over 6% due to a significant exploit in the Ethereum-based DeFi protocol Balancer, resulting in losses exceeding $70 million [2][3] - The Solana Soul token has also dropped more than 8.5% [2] Company Developments - Anamoka Brands, a Web 3 focused firm, is preparing to go public through a reverse merger, which would result in its shareholders owning approximately 95% of the new entity [4][5] - The company specializes in digital asset services, tokenization, and decentralized gaming, with the merger still pending due diligence and regulatory approvals [6] Earnings Reports - Cipher Mining reported a narrower than expected loss of $0.01 per share, leading to a nearly 16% increase in its stock price [2][3] - Core Scientific's shares rose over 4.5% following its earnings announcement, while Core Weave's shares fell more than 3.5% after a failed acquisition attempt [3][4] Industry Insights - Standard Chartered's CEO, Bill Winters, predicts that nearly all global transactions will eventually be conducted on a digital blockchain ledger, indicating a significant shift in the financial system towards digital currencies [7] - The crypto earnings season is in full swing, with Coinbase and other firms reporting stronger than expected results, while Robinhood is expected to show continued growth in crypto revenues [11][18] Competitive Landscape - Mizuo has raised its price target for Coinbase to $320 following its Q3 earnings, highlighting concerns about Coinbase's heavy reliance on the crypto market without sufficient diversification [12][13] - Circle, a stablecoin issuer, is facing skepticism regarding its future as competition in the stablecoin space intensifies, with predictions of numerous stablecoins emerging from various institutions [15][16] Future Outlook - The upcoming earnings report from Robinhood is anticipated to reflect user growth and increased trading activity, particularly in the crypto sector [19] - Figure Technologies, which recently went public, is being viewed positively, although its current focus is on the HELOC marketplace rather than crypto fundamentals [20][21]