Core Insights - Nokia has been working to re-establish itself as a significant player in the technology industry over the past few years [1] - The company has undergone leadership changes, having its third CEO since April 2025 [1] Company Developments - Nokia's efforts to regain market position indicate a strategic shift within the company [1] - The frequent changes in leadership may reflect challenges in executing its business strategy [1] Industry Context - The technology industry is highly competitive, and Nokia's re-establishment efforts are crucial for its survival and growth [1]

Core Viewpoint - Japan is advancing the development of a quantum encryption communication network connecting the major urban areas of Tokyo, Nagoya, and Osaka, aiming for practical application by 2030 [2][5]. Group 1: Network Construction - The quantum encryption communication network will span approximately 600 kilometers and is expected to be completed by the end of the 2026 fiscal year, with practical experiments starting as early as the 2027 fiscal year [2][4]. - The network will be operated by the National Institute of Information and Communications Technology (NICT) under the Ministry of Internal Affairs and Communications, in collaboration with leading companies in communication technology such as Toshiba and NEC [4]. Group 2: Funding and Budget - The supplementary budget for the fiscal year 2025 will include hundreds of billions of yen allocated for the development of this technology [4]. Group 3: Application and Security - The network is intended for use in fields requiring high confidentiality, including the transmission of personal genomic information from medical institutions, confidential financial data, and diplomatic information from embassies [5]. - Quantum encryption communication utilizes photons to transmit encryption keys, making it theoretically unbreakable as any unauthorized attempt to intercept the information alters the state of the photons [5]. Group 4: Technological Context - The push for quantum encryption technology is driven by the anticipated advent of quantum computers around 2030, which could easily break conventional encryption methods, highlighting the need for domestically developed secure technologies from a national security perspective [5].

Market Dynamics - Huawei and ZTE have won contracts to supply 5G equipment to Vietnam, despite US government's efforts to exclude Chinese contractors from digital infrastructure projects [1] - The US government has been urging Vietnam to exclude Chinese contractors, including those involved in submarine cable projects, as a condition for advanced technology support [1] Contract Details - A consortium including Huawei secured a $23 million (23 million 美元) contract for 5G equipment [1] - ZTE won at least two contracts, including one worth over $20 million (20 million 美元) last week, for producing 5G antennas [1] Geopolitical Context - The US announced tariffs on Vietnamese goods in April [1]

Core Points - Huawei and ZTE have secured multiple 5G equipment supply contracts in Vietnam this year, indicating a strengthening relationship between China and Vietnam [1] - The U.S. has imposed tariffs on Vietnamese goods, leading to a cooling of relations, while Vietnam has increasingly adopted technology from Chinese companies [1] - Although Ericsson and Nokia have obtained contracts for Vietnam's 5G core infrastructure, Chinese companies are winning smaller projects in public procurement [1] - A consortium including Huawei won a $23 million 5G equipment contract shortly after the U.S. announced tariffs on Vietnamese goods [1] - ZTE has also secured at least two contracts, with one recently finalized, totaling over $20 million for 5G antenna orders [1] - The timing of these contracts has raised concerns among Western officials regarding their potential impact on trust in Vietnam's networks and access to U.S. advanced technology [2] Company and Industry Summary - Chinese companies, particularly Huawei and ZTE, are expanding their presence in Vietnam's telecommunications sector amid geopolitical tensions [1][2] - The contracts won by Chinese firms have become a topic of discussion among Western officials, highlighting concerns over technology trust and influence in Vietnam [2] - Major Western competitors like Ericsson and Nokia are still active in the market, but the growing success of Chinese firms indicates a shift in Vietnam's technology partnerships [1][2]

Core Insights - The AI industry is facing unprecedented bottlenecks as large model parameters reach trillion-level, with issues such as low efficiency of Transformer architecture, high computational costs, and disconnection from the physical world becoming increasingly prominent [2][4][38] - ZTE's recent paper, "Insights into Next-Generation AI Large Model Computing Paradigms," analyzes the core dilemmas of current AI development and outlines potential exploratory directions for the industry [2][38] Current State and Bottlenecks of LLMs - The performance of large language models (LLMs) is heavily dependent on the scaling laws, which indicate that ultimate performance is tied to computational power, parameter count, and training data volume [4][5] - Building advanced foundational models requires substantial computational resources and vast amounts of training data, leading to high sunk costs in the training process [5][6] - The efficiency of the Transformer architecture is low, with significant memory access demands, and the current hardware struggles with parallel operations in specific non-linear functions [6][7] Challenges in Achieving AGI - Current LLMs exhibit issues such as hallucinations and poor interpretability, which are often masked by the increasing capabilities driven by scaling laws [9][10] - There is ongoing debate regarding the ability of existing LLMs to truly understand the physical world, with criticisms focusing on their reliance on "brute force scaling" and lack of intrinsic learning and decision-making capabilities [9][10] Engineering Improvements and Optimizations - Various algorithmic and hardware improvements are being explored to enhance the efficiency of self-regressive LLMs, including attention mechanism optimizations and low-precision quantization techniques [12][13][14] - Innovations in cluster systems and distributed computing paradigms are being implemented to accelerate training and inference processes for large models [16][17] Future Directions in AI Model Development - The industry is exploring next-generation AI models that move beyond the Next-Token Prediction paradigm, focusing on models based on physical first principles and energy dynamics [24][26] - New computing paradigms, such as optical computing, quantum computing, and electromagnetic computing, are being investigated to overcome traditional computational limitations [29][30] ZTE's Exploration and Practices - ZTE is innovating at the micro-architecture level, utilizing advanced technologies to enhance AI accelerator efficiency and exploring new algorithms based on physical first principles [36][38] - The company is also focusing on the integration of hardware and software to create more efficient AI systems, contributing to the industry's shift towards sustainable development [38]

As filed with the United States Securities and Exchange Commission on November 25, 2025. Registration No. 333-290758 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 3 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Actelis Networks, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 3669 52-2160309 (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer ...

Financial Performance - Clearfield's Q4 fiscal year 2025 net sales were $41.1 million, a 13% increase from $36.2 million in the prior year's fourth quarter[77] - Fiscal year 2025 sales grew to $150.1 million, up 20% from $125.6 million in fiscal year 2024; Gross profit margin increased to 33.7% from 20.6%[77] - The company's balance sheet remains strong with $166 million of cash, short-term and long-term investments[76] - Clearfield recorded positive cash flow from continuing operations of approximately $10 million in the fourth quarter and $26.5 million for the full fiscal year 2025, including a reduction of inventory of $13.6 million[76] - The company invested $16.5 million to repurchase 551000 shares during the 12-month period ended September 30, 2025[76] Market Position and Growth Strategy - Clearfield will use its position as a leading provider of fiber distribution and management equipment in the Tier 2 and Tier 3 U S Broadband Service Provider Market for continued growth[24] - Estimated Rural TAM of $6 Billion Over Ten Years[31] - U S Backhaul market by 2030 is projected to be $16 billion, driven by 5G densification which drives fiber transport demand[42] - North America Data Center Capacity is expected to have a CAGR of approximately 16%[53] Future Outlook - The company forecasts annual net sales of $160 million to $170 million and annual net income per share of $0.48 to $0.62[80]

Core Viewpoint - Clearfield, Inc. has increased its share repurchase program from $65 million to $85 million, reflecting the Board's belief that the current share price does not fully represent the company's long-term potential [2]. Group 1: Share Repurchase Program - The Board of Directors has authorized an increase in the share buyback program, allowing for an additional $20 million in repurchases, bringing the total available for repurchase to approximately $28.4 million when combined with the remaining $8.4 million as of September 30, 2025 [2]. - The repurchase program will be executed through various methods, including open-market transactions and block trades, in accordance with relevant securities regulations [2][3]. - The program does not obligate Clearfield to repurchase a specific amount of stock during any period and will be funded by cash on hand [3]. Group 2: Company Overview - Clearfield, Inc. specializes in designing, manufacturing, and distributing fiber optic management, protection, and delivery products for communications networks [4]. - The company serves a diverse range of markets, including traditional and alternative carriers, cable TV companies, utilities, enterprises, data centers, and military sectors [4]. - Clearfield is headquartered in Minneapolis, MN, and deploys over one million fiber ports annually [4].

Key Insights - Major market movements are influenced by tech giants, pharmaceutical innovations, and changes in UK tax policies [2] Tech Giants and Streaming Services - Alphabet (GOOGL) is approaching a $4 trillion market capitalization, with shares rising over 5% to a record high of $315.90, reflecting a year-to-date gain of nearly 70% driven by AI optimism [3][9] - Spotify (SPOT) shares increased by 3.9% in premarket trading as the company plans to raise US subscription prices in Q1 next year, following previous price hikes in over 150 markets [4][9] Pharmaceutical Breakthroughs - Novo Nordisk (NVO) shares rose 3.8% after positive results from the Amycretin trial, which showed up to 14.5% weight loss at 36 weeks and significant reductions in HBA(1c) levels for 89.1% of participants; Phase 3 trials are set to begin in 2026 [6][9] Corporate Restructuring - Nokia (NOK) plans to delist its shares from the Euronext Paris stock exchange by December 31, 2025, due to trading volume and cost considerations, while continuing to be listed on Nasdaq Helsinki and NYSE [7][9] UK Economic Landscape - The UK government is considering significant tax policy changes, including a reduction in the sugar tax threshold and the introduction of a tourist tax for English cities to fund local services [8][10][9] - The UK CBI Retailing Reported Sales for November showed a decline to -32, indicating ongoing challenges in the retail sector amid weak consumer confidence [11] Cryptocurrency Market - The cryptocurrency market is preparing for a $13.3 billion monthly options expiry for Bitcoin (BTC), which is trading below its "max pain" point, suggesting potential volatility [12]

Core Viewpoint - Nokia Corporation has announced its delisting from the Euronext Paris stock exchange, with the delisting expected to take effect on December 31, 2025, following approval from the Board of Euronext Paris [1][3]. Summary by Sections Delisting Announcement - The decision to delist was made after a review of trading volumes, costs, and administrative requirements associated with the listing on Euronext Paris, which was initially established in April 2015 during the acquisition of Alcatel-Lucent [2]. Impact on Operations - The delisting will not affect Nokia's daily operations in France or its listings on Nasdaq Helsinki and the New York Stock Exchange, where shares are traded as American Depositary Receipts [3]. Voluntary Sales Facility - A voluntary sales facility will be established to allow shareholders to sell their Nokia shares listed on Euronext Paris. Shareholders can trade until December 30, 2025, the last trading day before the delisting [4][9]. - Shareholders wishing to sell their shares through this facility must instruct their financial intermediaries to deliver shares to Société Générale between December 2, 2025, and December 15, 2025 [5]. Sale Process - Shares delivered to Société Générale will be sold on Nasdaq Helsinki starting January 2, 2026, at the prevailing market price. Nokia will not be involved in the sale process, which will be managed independently by Société Générale [6][8]. - Société Générale will calculate the average sale price during the sales period and transfer the proceeds to shareholders once received [7]. Indicative Calendar - Key dates related to the voluntary sales facility and delisting include: - Euronext notice regarding the Sales Facility: November 27, 2025 - Beginning of the voluntary Sales Facility period: December 2, 2025 - End of the voluntary Sales Facility period: December 15, 2025 - Last day of trading on Euronext Paris: December 30, 2025 - Delisting from Euronext Paris: December 31, 2025 - Sale on Nasdaq Helsinki: Beginning January 2, 2026 [11].