RT Calc.eth (@Calcutat)Why are your $DREAMS going to come true?- x402- Agentic Commerce- PrivacyFor the unknowing, here is some info on @daydreamsagents 🧵 https://t.co/qHIxBcAaBw ...

RT s4mmy (@S4mmyEth)You are simply not bullish enough on the industry you log into every damn day.Here’s why:- Agentic Commerce: x402 + 8004; 2026 is going to be insane when these are used by billions of agents. Monitoring @coinbase + @ethereumfndn closely for leading this and how others like @Nethermind 8004scan support this- Reputation layer for agents; Agentic commerce won’t reach critical mass until this is solved. Protocols like @ethos_network @Ch40sChain @Moca_Network could easily provide a repository ...

DeAI and Robotics Industry Trends - Agentic commerce and robotics are gaining attention despite a broader crypto market downturn [3] - Crypto AI tools are rapidly developing, with new tools and platforms emerging [1] - Micropayments for AI agent data access are becoming a reality through protocols like x402 [1] Investment and Funding - TAOSynergies Inc invested $750k in Yuma Group's Bittensor subnet funds, split evenly between two funds ($375k each) [1] - Donut Browser raised $22 million to advance agentic crypto browsing for trading [2] Technological Advancements - Various platforms are launching new features for AI agents, including real-time intelligence, DCA trading assistants, and code assistance [1] - Advancements in robotics training are being driven by multi-modal data, with over 25k real-world robot training tasks uploaded to BitRobotNetwork [1] - New applications for AI are emerging, such as AI-powered "Eternal Museums" for preserving human civilization [1] Ecosystem Expansion - Subnet tokens are being listed on centralized exchanges (CEXs), increasing exposure to the TAO ecosystem [1] - Solana is hosting an x402 Hackathon with $100k in prizes [1] - New platforms are being developed for agentic finance and crypto browsing [2] Partnerships and Integrations - GTAOVentures is rolling out the ability to wrap alpha tokens natively within the Bittensor ecosystem, leveraging CCIP through a Chainlink partnership [1] - TalusNetwork partnered with SentientAGI to solve the distribution problem for decentralized AI Agents [2] Token Performance - MessariCrypto reported GEODNET's 217% YoY growth and 59% QoQ tokens burned [1]

U.S. Bancorp Conference Call Summary Company Overview - U.S. Bancorp is a $680 billion bank as of Q3 2025, with 42% of revenues derived from fee revenue characteristics and nearly $1 trillion in annual payment purchase volume [3][4][5] Key Industry Insights - The payments industry is growing at approximately 5% annually, with U.S. Bancorp maintaining the seventh position among the top players [11][12] - The bank's diversified distribution model includes proprietary bank-branded business (50% of revenue), co-brand business, and a white-labeled credit card issuing business [12][13] Financial Performance - The bank reported a flat cost structure of approximately $4.2 billion over the last eight quarters while increasing investments in the payments sector [5][6] - Fee income from card issuing constitutes about one-third of total revenue, with net interest income making up the remaining two-thirds [10][14] Strategic Focus Areas 1. **Payment Business Growth** - Over 90% of payment revenue comes from card issuing, which represents 26% of total bank revenue [5][6] - The bank aims for mid-single-digit growth in payment businesses with potential for upside [6][7] 2. **Product and Marketing Innovation** - Introduction of new products like the Split Card Mastercard, aimed at younger consumers, and increased marketing investment by 20% compared to previous years [19][20] - Plans to launch a similar product for small businesses to enhance service offerings [16] 3. **Technology and Digital Investments** - Significant investments in digital capabilities, including online journeys and mobile banking, to improve customer experience [17][18] - Acquisition of Bento for spend management capabilities targeted at larger small businesses [18] 4. **Embedded Payments and Software Solutions** - Growth in embedded payments, which have quadrupled compared to core acquiring capabilities [30] - Development of software solutions like Taloc for small businesses and Seleucro for healthcare [30][36] 5. **Industry Vertical Prioritization** - Focus on small to medium-sized businesses in key sectors such as retail, restaurant, and healthcare [35][36] - Successful integration of payments and banking services to enhance customer experience [35] Competitive Landscape - U.S. Bancorp competes against both legacy acquirers and emerging fintech providers, maintaining higher margins with moderate growth [26][27] - The bank's unique selling points include organizational stability, strong risk management, and integrated payment solutions [28][29] Market Trends and Consumer Behavior - The bank is observing a resilient consumer base, with a significant portion of transactions being non-discretionary spending [14][39] - The focus is on attracting affluent customers while maintaining a balanced mix of transactors and revolvers to drive diversified income [14][39] Future Outlook - U.S. Bancorp is optimistic about growth potential in the credit issuing business and plans to leverage its strengths in product offerings and customer acquisition strategies [38][39] - The bank is also exploring opportunities in agentic commerce, participating in pilots with card associations to stay ahead in this emerging space [44] Conclusion - U.S. Bancorp is strategically positioned for growth in the payments sector, with a focus on innovation, technology investments, and a diversified distribution model to enhance its competitive edge in the market [37][48]

Agentic Commerce & AI - Agentic Commerce 有望在 2026 年爆发，预计将被数十亿的代理使用 [1] - 代理信誉层至关重要，Ethos Network、Ch40sChain、Moca Network 等协议可能提供代理信誉数据存储库，从而增强经济互动 [1] - 关注新兴的 AI 优先链，这些链将 Agentic 活动作为优先事项，例如 GoKiteAI、NEARProtocol、Fetch_ai、0G_labs ICP 及其合作伙伴 [1] - AI 支持的收益，如 gaib_ai、USDai_Official、AethirCloud，鉴于对计算和 GPU 的巨大需求 [1] - KaitoAI 和 cookiedotfun 正在探索资本加权的思想份额、增强的分析和代理群，以破译时间线中的信号 [2] Robotics & Undervaluation - 过去 6 个月机器人技术改进速度惊人，预计将呈指数级增长，目前可以预购价格低于 2 万美元的机器人 [1] - 机器人领域总市值低于 4 亿美元，被严重低估 [1] Decentralized Finance (DeFi) & Traditional Finance (TradFi) - 资产管理和收益优化代理，如 gizatechxyz、almanak、yieldseekerxyz、ZyfAI_，使自动赚取 2 倍 TradFi 收益变得更容易，且没有费用和麻烦 [1] - 稳定币和 NeoBanks 正在迫使 TradFi 采用或被抛弃，关注 Tether 和 Circle 市值增长，表明更多美元进入链上，为 Agentic 基础设施的开发做好准备 [1] - 预测市场有机会颠覆传统博彩市场，为零售提供突破性用例，Vooi_io 等聚合器支持通过单一 UI 耕作多个 Perp DEX [1] - RWA（Real World Assets）的代币化是不可避免的，区块链优于当前系统 [1] Privacy & Regulation - 隐私币解决了区块链活动过于透明的问题，ZEC 价格上涨是该领域的良好营销案例 [1] - EchoDotxyz 的收购已为 ICO SZN 第二轮做好准备，一旦《Clarity Act》通过，将与 Base token 一起，以及代币持有者的股权权利如何出现 [1] Data & Tokenization - 即使是 InfoFi 仍然很原始，平台正在收集有价值的数据 [2] - 监控 DAT 的进展和 mNAV，作为机构兴趣短期上限的指标，同时监控谁在推出 DAT 作为锁定团队代币的流动性事件或出于真正的原因 [1]

Agentic Commerce & AI - Agentic Commerce 将在 2026 年迎来爆发，预计数十亿 Agent 将参与其中，行业关注 Coinbase 和以太坊基金会等领先者，以及 Nethermind 等如何提供支持 [1] - Agent 信誉层是 Agentic Commerce 达到临界规模的关键，Ethos Network、Ch40sChain 和 Moca Network 等协议可能提供 Agent 信誉数据存储库，信誉最高的 Agent 可能会获得大部分经济活动 [1] - 机器人技术在过去 6 个月内改进速度惊人，预计将呈指数级增长，目前可以预订价格低于 2 万美元的机器人，Auki、peaq、Roba_Labs 等公司正在开拓，但总市值低于 4 亿美金，行业认为被低估 [1] - AI 驱动的收益产品，如 gaib_ai、USDai_Official 和 AethirCloud，鉴于对计算和 GPU 的巨大需求，具有增长潜力 [1] - 新兴的 AI First 公链，如 GoKiteAI、NEARProtocol、Fetch_ai、0G_labs 和 ICP，优先考虑 Agent 活动，并积极寻找合作伙伴以引入真实活动到其生态系统中 [1] DeFi & TradFi Integration - 资产管理和收益优化 Agent，如 gizatechxyz、almanak、yieldseekerxyz 和 ZyfAI_，使自动赚取 2 倍于传统金融的收益变得更容易，且无需高额费用和麻烦 [1] - 稳定币和 NeoBanks 正在迫使传统金融采用或被淘汰，Tria Legion 的销售，加密货币卡的活跃以及 Plasma 的愿景，甚至 Revolut、VISA 和 Mastercard 对加密货币和 Agent 的关注都表明了这一点 [1] - Tether 和 Circle 市值增长表明有更多美元进入链上，为 Agentic 基础设施的开发做好了准备，预计未来 Agent 的经济活动将超过人类，监测其与 M2 流动性一致性非常有用 [1] Privacy & Tokenization - 隐私币解决了区块链活动过于透明的问题，ZEC 价格上涨是该领域很好的营销案例，行业认为未来会出现更好的隐私币 [1] - RWA（包括股票）的代币化是不可避免的，尽管 ASX 和 LSE 等公司之前的尝试失败了，但区块链比当前系统更好 [1] Data & Prediction Markets - 信息金融仍然处于初级阶段，平台正在收集有价值的数据，KaitoAI 和 cookiedotfun 正在探索资本加权的思想份额、增强的分析和 Agent 群，以从时间线中解读信号 [2] - 预测市场有机会颠覆传统博彩市场，为零售提供突破性用例，Vooi 等聚合器使您能够通过单个 UI 耕种多个 Perp DEX，并得到 Yzilabs 的支持，后者曾提供 10 亿美元的赠款来孵化更多 BNB 上的 AI First 项目 [1]

For those looking for the missing piece of the puzzle, I talk about several projects in these DeAI roundupsOne of which fits this scope in the last roundup below. Can you guess which one?s4mmy (@S4mmyEth):The broader crypto market may be down, but attention is consolidating into "Agentic Commerce" + RoboticsAs public market reprice upwards [NVIDIA is the first co' to hit a $5T market cap!] it means private valuation benchmarks also re-rate upHere's a rundown since last week: https://t.co/sh27EPT2Ng ...

Summary of Shopify Inc 3Q25 Earnings Call Company Overview - **Company**: Shopify Inc (SHOP.O) - **Industry**: Software / E-commerce - **Market Cap**: $219.133 billion - **Price Target**: Increased from $165.00 to $192.00 Key Financial Metrics - **GMV (Gross Merchandise Volume)**: $92.0 billion, grew 32% YoY, exceeding consensus of $89.2 billion (+28%) [9] - **Total Revenue**: $2.844 billion, grew 31.5% YoY, above consensus of $2.758 billion (+27.5%) [9] - **Merchant Solutions Revenue**: $2.145 billion, +38% YoY, ahead of consensus of $2.060 billion (+33%) [9] - **Free Cash Flow (FCF)**: $507 million, in line with consensus [12] - **Operating Margin**: Implied Q4 operating margin of ~20%, consistent with consensus [12] Growth Drivers - **Diverse Growth Vectors**: - **Merchant Size**: Growth across all tiers, especially among merchants generating over $25 million in GMV [3] - **Merchant Cohorts**: 2025 cohort outperformed prior years [3] - **Geographical Expansion**: Europe GMV up 49% YoY (42% in constant currency), with half of total GMV growth from outside North America [3] - **Channel Growth**: Offline GMV grew 31% YoY, B2B GMV grew 98% YoY [9] Strategic Initiatives - **AI Integration**: Traffic to Shopify stores attributed to AI increased ~7x since January, with orders via AI search up ~11x [3] - **Agentic Commerce**: Shopify's strategy aligns with the shift towards agentic channels, enhancing merchant success [7] Financial Guidance and Revisions - **Revenue Guidance for Q4**: Expected to grow in the "mid-to-high 20s" YoY, ahead of consensus [12] - **GMV Estimates**: Raised by 2.5%/3.5%/4.7% for FY25/FY26/FY27, supporting revenue revisions of 1.8%/2.4%/3.3% [8] - **FCF Margin Guidance**: Q4 FCF margin expected to be slightly above Q3, implying 18-20% [12] Risks and Concerns - **Free Cash Flow Margin**: Q3 FCF margin of 17.8% was below consensus of 18.4% [12] - **Monthly Recurring Revenue (MRR)**: MRR of $193 million, +10% YoY, missed consensus of $194 million [12] - **Gross Margins**: Q3 gross margins of 48.9% were below consensus of 49.4% due to increased costs [12] - **Payments Loss Rates**: Transaction and loan losses represented 5% of revenue, above normal trendlines [12] Conclusion - Shopify continues to demonstrate strong growth across various metrics, with a solid outlook for future revenue and GMV growth. The company is well-positioned to capitalize on e-commerce trends and innovations, despite some concerns regarding margins and cash flow. The increased price target reflects confidence in Shopify's long-term growth trajectory and market positioning [8][22].

Financial Data and Key Metrics Changes - In Q3 2025, non-GAAP net income reached $10.6 million, reflecting a 41% year-over-year growth [22][20] - Non-GAAP subscription gross margins exceeded 80% for the first time, with a non-GAAP operating margin of 16%, an improvement of 230 basis points year over year [20][22] - Total gross margin, including services, reached 77.5%, an expansion of 270 basis points year over year [21] Business Line Data and Key Metrics Changes - Subscription revenue increased to $58.4 million, up 8% in U.S. dollars and 7% in FX neutral compared to Q3 2024 [20] - B2B commerce is emerging as a significant growth driver, with new U.S. deals showing a roughly equal split between B2C and B2B [5][34] - Retail media is highlighted as a key growth revenue stream, with successful campaigns validating the potential of this segment [5][8] Market Data and Key Metrics Changes - GMV reached $5.0 billion, up 13% in U.S. dollars and 12% FX neutral [20] - Brazil's performance was in line with expectations, showing a modest deceleration of a couple of percentage points quarter over quarter [20][47] - Argentina faced additional challenges, with performance worse than expected due to weak consumer sentiment [20] Company Strategy and Development Direction - The company is focusing on four growth pillars: global expansions, B2B use case customers, retail media, and agentic commerce [3][5] - There is a strong emphasis on AI-driven transformation, with investments aimed at building an AI-native platform to enhance operational efficiency and customer experience [9][39] - The company aims to deepen its focus on scaling in the U.S. and Europe, expanding B2B and retail media products, and accelerating AI transformation [25][34] Management's Comments on Operating Environment and Future Outlook - The management noted that while the macro environment in Latin America remains challenging, the company is confident in its long-term growth potential [24][34] - There is an expectation of continued headwinds in Argentina, with a cautious outlook for the rest of the year [36] - The company anticipates FX neutral year-over-year subscription revenue growth of 5%-10% for Q4 2025, with a target of $65.8-$68.8 million [25] Other Important Information - The company ended the quarter with approximately $200 million in cash, representing about 25% of its market capitalization [23] - Free cash flow for the quarter was $7.5 million, reaching a free cash flow margin of 13% [22] - The company repurchased almost $100 million of shares across four programs, with 4.5 million shares repurchased in Q3 at an average price of $4.14 per share [23][24] Q&A Session Summary Question: Sequential increase in R&D expenditures and employee decline - Management confirmed that R&D investments are increasing as they see it as pivotal for the company's future, while the decline in employees is due to AI productivity gains [28][29] Question: Churn trends in the LATAM market - Churn remains stable, with longer sales cycles observed but no significant loss of deals to competitors [31][32] Question: Outlook for Argentina post-elections - Argentina remains a tough market with high interest rates and limited credit availability impacting consumption [36] Question: AI investments and monetization - AI is viewed as a transformative force rather than just a monetization tool, with a focus on enhancing operational efficiency and customer relationships [38][39] Question: Free cash flow expectations and working capital optimization - The company expects free cash flow margins in the high teens, with ongoing efforts to optimize working capital despite market volatility [42][46] Question: Update on U.S. operations and impact of marketplaces - U.S. operations are on track, with strong traction in B2B deals, while marketplaces are seen as complementary rather than a threat [49][53]

Core Insights - BigCommerce has been recognized as a Challenger in the 2025 Gartner Magic Quadrant for Digital Commerce Platforms for the sixth consecutive year, indicating its strong position in the market [1][2] Company Overview - Commerce (Nasdaq: CMRC) is the parent company of BigCommerce and provides an open, AI-driven commerce ecosystem designed to empower businesses to innovate and grow [4] - BigCommerce is a flexible enterprise ecommerce platform that supports brands, retailers, manufacturers, and merchants of all sizes, allowing them to scale and adapt without being locked into rigid systems [5] Market Position - The Gartner report evaluated 19 digital commerce platform vendors based on their ability to execute and completeness of vision, which helps application leaders make informed decisions [2] - Gartner defines digital commerce as technology that enables customers to purchase goods and services through interactive experiences, providing necessary information for buying decisions [2] Strategic Focus - BigCommerce's strategy includes investments in agentic commerce, enhancing B2B and B2C capabilities, and deeper integrations with partners to improve digital operations for brands and retailers globally [2]