TheChek News Flow

Startup investors aren’t exactly hitting pause, but they did scale back on giant rounds this past week, with just two startup financings in the multiple hundreds of millions. The biggest round went to AI infrastructure provider Modal Labs, which picked up $750 million, followed by construction automation unicorn Icon, which secured $200 million. Other sectors that attracted larger rounds this past week included biotech, insurance and AI.

1. Modal Labs, $750M, AI infrastructure: Modal Labs, a provider of cloud infrastructure for AI inference and other applications, secured $750 million in a Series D funding round led by Accel at a $15.75 billion valuation. The New York-headquartered company said it recently exceeded an annual revenue run rate of $1 billion.

2. Icon, $200M, construction tech: Austin-based Icon, a developer of robotic construction systems known for its 3D-printed homes, closed on $200 million in Series D funding led by Baillie Gifford and BlackRock. The company says it is on pace for 4x revenue growth in 2026.

3. Soufflé Therapeutics, $135M, RNA therapies: Boston-based Soufflé Therapeutics, a developer of RNA therapies, raised $135 million in Series B funding led by Juvia Group as part of a large syndicate of investors.

4. Estuary Biotherapeutics, $103M, gene therapies: Menlo Park, California-based Estuary Biotherapeutics, a developer of genetic medicines for patients with serious kidney diseases, launched with $103 million in financing. The funding includes $93 million in a Series A round led by RA Capital Management as well as $10 million in previously undisclosed seed capital.

5. Labelbox, $100M, AI tools: Labelbox, a developer of technology to train and evaluate AI models and to help deploy agents that improve with experience, picked up $100 million in Series E funding. Infinitum Partners led the financing for the 8-year-old, San Francisco-based company.

6. Suki, $90M, health AI: Redwood City, California-based Suki, a provider of AI tools that turn clinical conversations into intelligence for documentation, coding and other healthcare workflows, announced a $90 million Series E financing from backers including Healthier Capital and Crosslink Capital.

7. Abby Care, $82M, caregiver platform: Abby Care, a platform for family members to become certified, paid caregivers and deliver care at home, closed on $82 million in Series C funding, per a Fortune report. Transformation Capital led the financing for the 5-year-old, San Francisco-based startup.

8. Stand, $70M, insurance: Stand, a provider of insurance for homes in areas at higher risk of natural disasters, secured $70 million in Series C funding at a $1 billion valuation. Saga Ventures led the financing for the 3-year-old, San Francisco-based company.

9. Mueon, $65M, semiconductor systems: Mueon Corp., a semiconductor systems company building a modular platform for AI and hyperscale computing, completed a $65 million Series A funding round. Maverick Silicon led the financing for the Portland, Oregon-based company.

10. North.cloud, $60M, AI spend management: New York-based North.cloud, provider of an infrastructure spend intelligence and automation platform, raised $60 million in a Series B round led by PeakSpan Capital.

ADI Predictstreet, backed by Abu Dhabi’s royal family, paid close to $150 million for advertising rights during the World Cup

ADI Predictstreet, a newcomer to prediction markets, made a high-profile debut during World Cup broadcasts after paying FIFA more than $150 million to become the global soccer organization’s official partner.

Since late August, nearly every transaction on the platform has been made by a small network of linked accounts, according to an analysis of public data, suggesting that most of its trading volume is inauthentic.

About $108 million of the total $167 million in transactions that have been made on ADI Predictstreet through late September were made by cryptocurrency wallets that appear to be linked to the company, the data shows.

The accounts have almost exclusively traded with one another and are funded by a single cryptocurrency wallet that also collects the platform’s trading fees, the data shows. Typically, trading fees are collected by wallets associated with a platform’s owner.

ADI Predictstreet launched in April as part of a conglomerate led by Sheikh Tahnoon bin Zayed Al Nahyan, a member of Abu Dhabi’s royal family known as the “spy sheikh,” who serves as Abu Dhabi’s deputy ruler and national security adviser for the United Arab Emirates. The company’s deal with FIFA gave it exclusive advertising rights during 2026 World Cup matches. ADI Predictstreet aims to be “the world’s leading prediction market platform, with millions of active users,” according to the FIFA Museum’s website.

ADI Predictstreet didn’t respond to requests for comment. FIFA declined to comment.

The unusual trading patterns were identified by three Harvard University students—Joshua Gupta, William Thompson and Ashwin Vinod Kumar—who analyzed public blockchain data. The Wall Street Journal shared the students’ analysis with experts who study unusual trading activity in cryptocurrency markets. These experts concluded that trading on the platform appeared to be inorganic.

“In this case, it looks like some of the trading fees are getting recycled back into the wallets doing the trading, and the only people who would have access to these funds are the platform themself,” said Rajiv Sethi, an economics professor at Barnard College. Crypto-tracking company Solidus Labs also verified the students’ analysis.

Unusual trading began on the platform during the World Cup in early July. Two cryptocurrency wallets traded more than $81 million with each other across hundreds of different markets, some days amounting to more than 90% of trading volume on the platform. Both wallets were funded by an account that also collects trading fees for ADI Predictstreet.

After the World Cup, ADI Predictstreet’s trading volume dropped significantly. Overall, roughly 26,000 wallets have ever traded on the platform, the data shows. But since late August, a network of 795 wallets—again all funded by the fee-collecting account—have accounted for 99% of the activity on the platform, the analysis showed.

“The retail activity looks almost dead,” said Andre Guettler, a finance professor at Germany’s Ulm University.

By late September, the most hotly traded market on ADI Predictstreet’s platform was whether Democrat Ron Nirenberg, the former mayor of San Antonio, would win his race for Bexar County judge against Republican Patrick Von Dohlen. More than $650,000 appears to have been bet for or against Nirenberg, who the platform shows trading at 94% odds.

Every single trade in that market was made by one of the 795 company-linked wallets, the data shows, which traded among one another for roughly 10 days in September. The market has seen no trading since.

Nirenberg said in an interview that he hadn’t previously heard of ADI Predictstreet. In general, prediction markets on elections worry him, he said. “My instinct says it’s not helpful to our democracy.” Von Dohlen echoed those sentiments, adding that he believes his odds are significantly better than the platform predicts. “It certainly is very problematic to have outside and foreign influence in United States elections,” he said.

By comparison, combined trading volume on the much larger prediction markets Polymarket and Kalshi was less than $55,000 on the Bexar County contest as of Friday.

ADI Predictstreet is licensed by the gambling division of Gibraltar, which has embraced the moniker “Blockchain Rock” in trumpeting its openness to the crypto industry. In an interview Wednesday, Andrew Lyman, Gibraltar’s gambling commissioner, said a preliminary review of the trading patterns surfaced by the Journal found ADI is in compliance with Gibraltar’s regulations, which prohibit “self-trading.”

“There has been no consumer detriment,” Lyman said.

On Tuesday, after the Journal began asking Gibraltar’s gambling division about Predictstreet, the ADI Foundation, Predictstreet’s sister nonprofit, signed a memorandum with Gibraltar pledging to work with the territory on promoting cryptocurrencies.

ADI Predictstreet is listed in a June public filing as a subsidiary of the investment firm International Holding Company, whose chairman is Tahnoon. A company backed by Tahnoon also owns 49% of World Liberty Financial, the Trump family’s crypto venture, the Journal previously reported.

Shruti Choudhury, a spokeswoman for the investment firm, said it is “IHC’s position that ADI Predictstreet is not a subsidiary of IHC.” Choudhury didn’t respond to additional questions.

Since last year, the ADI Foundation has also signed partnerships with companies including Visa, Mastercard, BlackRock, Franklin Templeton and Bank of New York Mellon to popularize the cryptocurrency blockchain on which the prediction market is based.

In late 2025, Ajay Bhatia, chief executive of ADI’s parent company, agreed to pay about $170,000 to settle insider-trading allegations with India’s securities regulator, pertaining to information he allegedly shared while CEO of another Tahnoon-backed company. Bhatia didn’t respond to requests for comment.

What happens if the US tries to take control of the hundreds of billions blocked in Euroclear?

We have returned to the point in the geopolitical cycle where US President Donald Trump is ready to betray Ukraine in order to cosy up to Russia’s dictator Vladimir Putin. Bilateral talks with Russia, demands sprung on Ukrainians, the apparent throttling of satellite services, alleged threats to weapon supplies — there are so many echoes of previous low points.

An issue of special concern to Europe is also back in the mix: the US has floated taking oversight of hundreds of billions of Russian central bank assets blocked in the EU.

There was already debate in Europe about what to do with this money — which is mostly stuck in Euroclear, the Belgian central securities depository — as thoughts turn to the next stage of Ukrainian financing. There also remains the desire to make Russia pay. The last attempt to use the assets was successfully resisted by Belgium, which feared shouldering all the risks of doing so alone.

Germany’s chancellor has rebuffed US designs on the assets: “This is our matter, and we decide on it.” That is the right response: the asset block is a key source of EU strategic influence. But it is not well placed to resist a determined US push. If Trump really wants the money, expect a barrage of political extortion, legal manoeuvring and propaganda designed to divide Europeans and weaken their resolve.

The EU must prioritise the essentials. How to mobilise assets for Ukraine’s benefit can wait another day; what is urgent is cementing the ability to make that decision as well as reducing related risks. Most importantly, there is a weak point to address: the fate of a too-big-to-fail market infrastructure provider (Euroclear) and the public finances of a small Eurozone country (Belgium) are tied up with the fate of the assets. It shouldn’t need saying that a multitrillion-euro operation that is crucial to the working of financial markets ought not to be exposed to legal, reputational and political risks beyond its control.

On purely prudential grounds, the EU needs to fix this. Quite separately from Ukraine’s war of survival, it is a matter of sensible regulatory supervision and risk management.

What is required is conceptually straightforward: the Russia-related assets and liabilities must be shifted out of Euroclear into a standalone entity in a country more able to bear any residual risk. That may sound mundane. But mundane can be what the EU does best.

In particular, EU law empowers the European Central Bank “to restrict or limit the business, operations or network of institutions or to request the divestment of activities that pose excessive risks to the soundness of an institution” and “to require the reduction of the risk inherent in the activities, products and systems of institutions”. It can, in other words, tell Euroclear to split off the risky part of its balance sheet into a separate entity. With Russia’s claim and the cash to cover it sitting in a new unrelated bank, Euroclear’s market-critical functioning would be insulated from the risks. So would Belgium’s public finances. To break the links completely, a consortium of willing member states could buy the new bank from Euroclear’s holding company.

Such a restructuring would not change Russia’s claim or resolve Ukraine’s funding problems. But it would expand the EU’s room for manoeuvre and remove a major chink in its armour if the US sets its mind on taking control of the money. Above all, it would de-risk the Eurozone financial system.

One snag is that the ECB, which directly supervises “significant” institutions judged on their size, importance or cross-border presence — Euroclear meets this test — has invoked a legal provision for when “particular circumstances” make it “inappropriate” to shift supervision away from national level. So Belgium’s central bank remains in charge.

This is irresponsible. There can be no doubt the situation contains risks that should not be handled by Belgium alone. The ECB has not published the reasons for its decision to decline direct supervision. But it tells me that market infrastructure companies have always been thought to be better supervised by their specialised national regulator. That may make sense in most cases. It is less convincing here, where the risk clearly arises from banking liabilities owed to Moscow.

But this should not stop the ECB from acting. It can take over direct supervision anyway, or work with the national regulator. The question is not one of powers, but of judgment and will: whether it sees the current situation as risky and wants to do something about it.

Owner of digital wallet GCash set to start trading in region’s biggest debut this year

South-east Asia is set to notch up its biggest IPO this year when the owner of the Philippines’ most popular digital payments platform goes public.

Mynt, which owns Filipino digital wallet GCash, will raise almost $1bn in the Philippines’ biggest listing, boosting the region’s muted capital markets. Trading is expected to start on Tuesday.

GCash has about 41mn monthly active users, or a third of the country’s population. The platform is used widely to pay bills, transfer funds and pay for purchases from millions of merchants, as well as offering loans. 

Mynt, whose shareholders include Ant International, Mitsubishi UFJ Financial Group and the Philippines’ Globe Telecom, priced its offering at 6.60 pesos a share, valuing the company at about $7bn.

That was well below the guidance of “up to 10 pesos” per share that Mynt had indicated in its prospectus.

The IPO is set to raise 60.9bn pesos ($971mn) if the company sells all 9.23bn shares on offer, including the overallotment option.

There were 71 listings in south-east Asia in the first nine months of the year — 11 per cent fewer than the same period last year, according to Deloitte data. The offers raised a total of $3.6bn, down 9 per cent.

However, the region’s IPO market was “showing renewed momentum, although the recovery remains selective”, said Tay Hwee Ling of Deloitte Southeast Asia.

The return of larger and more mature IPO candidates “signals improving confidence among institutional and international investors”, Tay added.

Stronger equity market performance, improving visibility around interest rate rises and regulatory reforms in some markets have supported offerings across the region, according to analysts and bankers.

South-east Asian IPO volumes have been muted compared with markets in China and India, but there are signs that bourses in the region are coming back to life.

Malaysia is the most active south-east Asian market by volume, accounting for about two-thirds of all listings across the region, according to Deloitte. 

In Vietnam the government has been pushing to expand the role of capital markets and equity funding as a way to meet ambitious growth targets at a time of rising borrowing costs. 

The Vietnamese government wants to double the value of its stock market by 2030, said Thuy Anh Nguyen, a director at Vietnamese fund manager Dragon Capital.

Increasing the number of listings is one way to help achieve that goal, she added. “It’s clear that the economy needs more funding and it cannot rely on bank loans to do that.”

FTSE Russell’s decision last October to upgrade Vietnam to emerging market status had helped bolster the country’s appeal to foreign investors and would bring about more listings, Nguyen said.

Other IPOs that have raised more than $500mn this year include Singapore’s UI Boustead Reit, Malaysia’s Sunway Healthcare Holdings and Vietnam’s Dien May Xanh.

Jingkai Yew, Citi’s Asean head of equity capital markets, said investor appetite for offerings in the region had improved this year, encouraging bigger groups to come to market.

“These are companies that are national champions. Over the quiet years in south-east Asia, these companies have continued to grow, becoming more and more profitable,” Yew said.

The IPO pipeline remained “strong” for sectors including real estate, healthcare and tech, he said, with momentum set to be maintained next year.

Investors have been burned by other tech listings in the region. Ride-hailing and delivery service companies Grab and GoTo raised billions of dollars in their IPOs about five years ago, but both their share prices have since slumped due to intense competition and increasing regulatory scrutiny.

While Grab and GoTo were lossmaking businesses when they listed, GCash posted net profit of $282mn last year. 

Its IPO could prompt other Asian fintech companies to go public, said Yew Kiang Chan, EY’s Asean IPO leader. “GCash represents an opportunity in a very new industry. It will serve as a good barometer . . . we will begin to see a flurry of good payment service companies seeking an IPO.”

-President Donald Trump has exempted Russia from additional sanctions required under a new law after reaching an agreement with Moscow to release diesel supplies. The reprieve comes as Washington considers easing restrictions on Russian and Iranian shadow-fleet tankers to contain surging fuel prices ahead of the midterm elections. The administration's willingness to relax energy sanctions underscores the growing conflict between its geopolitical objectives and domestic inflation concerns, particularly as Ukraine resumes attacks on Russian refineries and European governments insist sanctions should remain until Moscow ends the war.

-Anthropic has offered Blackstone a double-digit yield on financing for AI chips, illustrating the increasingly expensive capital requirements of artificial intelligence infrastructure. The privately held developer received the highest junk-grade credit rating in June, reflecting concerns about the financial risks associated with its rapid expansion. The proposed financing highlights the growing importance of private credit in funding AI development and the premium investors are demanding to support projects whose long-term profitability remains uncertain.

-Technology shares suffered their largest weekly decline since Trump's “liberation day” tariff announcement, as doubts about AI infrastructure spending triggered a broader retreat from risk. Australian data-center companies Firmus and AirTrunk contributed to market anxiety through troubled financing and listing plans, while investors sold data-center bonds and sought refuge in US Treasuries. The selloff has exposed the vulnerability of highly leveraged AI projects to deteriorating credit conditions, with lenders increasingly distinguishing financially sustainable operators from companies dependent on continuous capital raising.

-Brent crude climbed to a five-month high of $110 a barrel following a renewed escalation in the Middle East, adding to inflationary pressures already intensified by the Iran war. Rising fuel costs are affecting household purchasing power, corporate expenses and monetary policy expectations. US inflation has reached 3.7%, while higher transportation and energy costs threaten further increases in grocery prices. The oil rally is also complicating Washington's sanctions policy toward Russia and Iran as the administration seeks to prevent energy prices from becoming a decisive midterm election issue.

-SoftBank is negotiating the acquisition of American security services company Allied Universal, potentially expanding the Japanese investment group's exposure to physical security and outsourced business services. The proposed transaction would represent a diversification beyond SoftBank's prominent technology and AI investments. Allied Universal's extensive operations would provide access to recurring corporate and institutional security spending, although the financial terms and prospects for completing the deal remain unclear.

-Apple has reported extraordinary demand for its foldable iPhone, with initial supplies selling out following the device's introduction. The strong reception suggests that the company may have identified a new premium smartphone category capable of stimulating replacement demand in a mature market. Its success could strengthen Apple's position against established foldable-device competitors, although sustained sales will depend on production capacity, pricing and consumer acceptance beyond the initial launch.

-Citigroup has become the latest major American bank to restrict AI agents from accessing customer accounts, reflecting mounting concerns about security, authentication and liability as autonomous software begins performing financial tasks. The move follows broader efforts by financial institutions to assess the risks posed by AI-driven systems, including planned G7 simulations of coordinated attacks against banks. Regulators and lenders face growing pressure to establish safeguards before autonomous agents become deeply integrated into payment systems and customer financial services.

-US illegal border crossings from Mexico have fallen to their lowest level in nearly 60 years, marking a significant shift in migration patterns and border enforcement outcomes. The decline provides the Trump administration with a politically important result ahead of the midterm elections, although its economic consequences may extend to industries dependent on migrant labor. The figures also sharpen the debate over whether restrictive immigration policies can be maintained without aggravating labor shortages and wage pressures.

-Rising fuel prices are accelerating global electric-vehicle sales and threatening the remaining market for diesel-powered passenger cars in Europe. Higher operating costs are strengthening the economic appeal of electric vehicles, potentially improving demand even as manufacturers confront competition from Chinese producers and uncertainty over government incentives. The shift could benefit automakers with competitive electric models while adding pressure on European manufacturers that remain heavily invested in conventional powertrains.

-North Korea is strengthening its physical connections with China and Russia through new bridges, reinforcing the country's economic and strategic relationships with its two principal neighbors. Improved cross-border infrastructure could facilitate trade, transportation and potentially military-related logistics as Pyongyang deepens cooperation with Moscow and Beijing. The developments suggest that North Korea's regional integration is advancing despite international sanctions and efforts by Western governments to restrict its access to strategic goods.

-Italy has secured an agreement with the European Union intended to reduce domestic electricity prices, addressing a persistent competitive disadvantage for Italian manufacturers. High energy costs have weighed particularly heavily on electricity-intensive industries, weakening their position against producers elsewhere in Europe and Asia. The arrangement could provide relief to industrial companies while illustrating growing pressure on Brussels to accommodate national energy-policy measures as European governments seek to protect manufacturing capacity.

-Investors have increased bets that the Federal Reserve will leave interest rates unchanged in October following comments by Chair Kevin Warsh, who faces an increasingly difficult inflation environment. US consumer-price inflation has accelerated to 3.7%, driven partly by the Iran war and higher energy costs, reducing the central bank's room to ease monetary policy. Warsh's communication strategy is attracting attention as markets attempt to determine how the Fed will balance persistent price pressures against emerging financial stress in the technology sector.

-Meta and Apple are collaborating on an AI model tailored to Mac computers, bringing together two technology companies whose competitive interests have frequently diverged. The initiative could improve the performance of AI applications running on Apple's hardware while extending Meta's influence across consumer computing platforms. The collaboration reflects a wider shift toward specialized models designed for particular devices and operating environments rather than relying exclusively on large, centralized AI systems.

-President Trump signed an executive order exempting Russia from sanctions mandated under legislation named after the late Republican senator Lindsey Graham, following an agreement with Moscow over diesel supplies. The decision marks a significant concession to Vladimir Putin as relations between Washington and Kyiv deteriorate. Trump has condemned Ukraine's renewed strikes against Russian oil refineries, raising concerns that the administration could further restrict American operational assistance. The dispute threatens to undermine Ukraine's military position while exposing growing differences between Washington and European governments over how to end the war.

-Katie Zacharia was dismissed as White House press secretary after just five days, following questions about her professional credentials and handling of her first briefing. Her abrupt departure underscores continuing personnel instability within the Trump administration and comes as the White House confronts mounting criticism over foreign policy, inflation and its handling of the midterm election campaign. The controversy surrounding Zacharia's account of her legal career contributed to the unusually rapid collapse of her appointment.

-The US federal budget deficit approached $2T as higher interest payments, spending on the Iran war and tariff refunds undermined the Trump administration's promised fiscal savings. Rising borrowing costs are increasing pressure on federal finances despite efforts to reduce government expenditure. The deterioration illustrates the difficulty of controlling deficits while simultaneously financing military operations, servicing accumulated debt and implementing trade policies that generate substantial refund obligations. Persistent fiscal imbalances could complicate monetary policy and increase the Treasury's long-term financing requirements.

-Russia appears to be intensifying efforts to influence American voters ahead of the November midterm elections, including social media campaigns designed to exploit divisions over US support for Israel. The activity seeks to aggravate domestic political tensions through contentious foreign-policy issues rather than relying exclusively on overtly pro-Russian messaging. The developments raise renewed concerns about foreign interference as political campaigns increasingly contend with sophisticated digital manipulation and the proliferation of AI-generated political content.

-Meta has withdrawn $25M from its planned midterm election spending, while political campaigns are deploying an estimated $137M worth of AI-generated advertising. The developments illustrate competing approaches to political influence as technology companies and campaign organizations reassess their strategies. Separately, Representative Alexandria Ocasio-Cortez contributed $1M to support Abdul El-Sayed's Michigan campaign, underscoring the importance progressive Democrats attach to the contest. Young voters are also showing signs of moving away from Trump and the Republican Party, potentially complicating Republican efforts to retain congressional control.

-Israeli settlers attacked Palestinian olive harvesters and a Washington Post journalist in the occupied West Bank, amid another escalation in violence surrounding the annual harvest. Olive cultivation is both an important source of Palestinian agricultural income and a central element of the territory's cultural identity. The attacks highlight the vulnerability of Palestinian communities during harvesting season and the continuing difficulty of protecting civilians and journalists as tensions persist across the occupied territories.

-Mathematician Terence Tao, a Fields Medal recipient, has become a prominent participant in the debate over artificial intelligence and the future of mathematical research. His engagement reflects growing questions about whether increasingly capable AI systems will transform mathematical discovery, verification and the role of human intuition. The discussion extends beyond mathematics to the broader scientific community, where researchers are assessing the opportunities and limitations of AI-assisted reasoning and the implications for traditionally human-centered intellectual work.

-Firefighters in California are struggling to contain rapidly expanding wildfires as strong winds and hot conditions threaten additional outbreaks. The Norte fire in Orange County grew quickly on Friday, prompting evacuation orders affecting thousands of residents. The emergency highlights the persistent exposure of populated areas to fast-moving fires and the difficulties emergency services face when adverse weather accelerates their spread. Property damage, displacement and infrastructure disruption remain major concerns as firefighters attempt to establish containment.

-A lawsuit arising from an alleged sexual assault at Cornell University has triggered a campaign to identify the woman who brought the allegations against seven former students, exposing her to online hostility. University trustees have publicly supported the administration amid student protests and criticism of its handling of the controversy. The dispute has intensified scrutiny of institutional accountability, privacy protections for complainants and the role of social media in high-profile campus sexual-assault cases.

-Netflix is attempting to restore investor confidence through management changes and layoffs after replacing its chief content officer amid pressure on its share price. The restructuring reflects concerns about the streaming company's strategic direction and the effectiveness of its content investments. Management faces the challenge of sustaining subscriber engagement and profitability while controlling programming expenses in an increasingly competitive entertainment market.

-The National Institutes of Health hospital board has criticized Robert F. Kennedy Jr. over a proposed vaccine-injury clinic, highlighting tensions between the administration's health-policy priorities and established medical institutions. The dispute raises questions about the scientific standards, clinical oversight and institutional independence governing federal health initiatives. It also illustrates the continuing political controversy surrounding vaccine safety and the interpretation of adverse-event evidence.

-Canadian Prime Minister Mark Carney has accused the United States of seeking to divide Canada as Alberta prepares for a separatist vote, introducing a new source of tension into an already strained bilateral relationship. The allegation comes amid growing Canadian concerns about American interference in domestic politics and the implications of Washington's increasingly confrontational approach to its northern neighbor. Alberta's separatist movement also raises questions about Canadian political cohesion and the province's strategic importance to North American energy production.

-Amazon has warned that it could relocate thousands of workers from New York City over proposed labor legislation backed by Mayor Zohran Mamdani. The company directly or indirectly employs approximately 12,000 hourly workers in the city, more than twice its comparable workforce in Quebec. Industry analysts point to the Canadian province's experience as a potential warning about how stricter labor regulations could influence corporate investment and employment decisions. The dispute illustrates mounting tensions between New York's progressive municipal government and major employers.

-American household finances are showing increasing signs of strain, with a new study finding that more than one-quarter of consumers cannot cover all their monthly bills. The findings come amid persistent inflation, elevated borrowing costs and rising energy prices, suggesting that financial pressures extend well beyond lower-income households. Separately, the US housing market faces a widening imbalance, with sellers outnumbering buyers by 63%, the largest gap since the housing crash, reflecting deteriorating affordability and weakening demand.

Related: C AAPL META NFLX AMZN SFTBY RAGSX 9984.JP

- Accounting errors involving warrants and convertible debentures materially misstated FY2025, Q3 2025, Q1 2026 and Q2 2026 financial statements; affected figures should no longer be relied upon. The errors do not affect Rev, gross margin, Op loss, cash, operating cash flows, EBITDA or non-GAAP Op income (loss).

- Plans to restate the periods in amended SEC filings as soon as reasonably practicable. Identified a material weakness in internal control over financial reporting.

- Obtained waivers from default under its credit facilities, convertible debentures and senior secured notes related to the restatements; cannot assure it will obtain remaining waivers on acceptable terms or at all.