TECH BULLETIN

Wednesday, August 5, 2026

Tech Market Context: Macro Drivers

Key macro instruments that drive tech market movements: yields, dollar, risk appetite

Market Commentary

Today's Interesting Company News

CleanSpark Releases July 2026 Operational Update

(NASDAQ:CLSK) CleanSpark, Inc. secured a twenty-year triple-net (NNN) lease totaling $6.6 billion in contracted revenue with a high investment-grade leading global technology company at its Sandersville, Georgia, campus. The agreement includes 175 MW of critical IT load with deliveries expected to begin in Q4 2027 and offers two five-year extension options, which could increase the expected contract value to $11.6 billion. The lease is expected to generate a cumulative NOI contribution margin of nearly 100%, or an average annual NOI contribution of approximately $330 million, with estimated landlord project costs of $10-$12 million per MW of critical IT load. For July 2026, CleanSpark produced 586 bitcoin, with a peak single day production of 20.77 and an average daily production of 18.91, bringing CY2026 bitcoin produced to 4,310. As of July 31, 2026, CleanSpark's bitcoin holdings were 13,931, with an average price per bitcoin sold of $66,133. The company controlled a portfolio of more than 1.8 GW of power, land, and data centers across the United States, with 808 MW utilized and an operational hashrate of 50 EH/s. The company projects that the agreement will support the deployment of production-grade infrastructure dedicated to a range of computing workloads and anticipates continued expansion into non-bitcoin infrastructure.

Climb Signs Distribution Agreement With Harmonic Security to Help Secure Mid-Market & Enterprise AI Adoption

(NASDAQ: CLMB) Climb, an international specialty technology distributor and wholly owned subsidiary of Climb Global Solutions, Inc., announced a distribution agreement with Harmonic Security, the AI governance and control platform for the AI-first workforce. Under the agreement, Climb will offer the Harmonic AI security platform to its network of value-added resellers (VARs) and managed service providers (MSPs) across the United States. The Harmonic Security platform governs work across browsers, desktops, and the agentic AI layer, providing teams visibility into employee and agent actions and stopping risky actions and IP leakage. Climb's partners are fielding urgent questions about AI agents acting inside customer environments and pulling company IP into AI providers. Adding Harmonic Security to Climb's line card gives VARs and MSPs a way to meet that demand with a platform designed for the problem, backed by Climb's financing, quoting, and relationship-led channel support. Climb is committed to transforming distribution by providing emerging and established IT technologies, flexible financing, real-time quoting, best of breed channel operations, speed to market, and exceptional service to partners worldwide. The company projects that the agreement opens a fast-growing category their customers are already asking about.

Shopify Delivers 30%+ Growth Across GMV, Revenue, Gross Profit, and Free Cash Flow

(TSX:SHOP) Shopify announced financial results for the quarter ended June 30, 2026, reporting revenue of $3,583 million and a 34% year-over-year revenue growth rate. Gross Merchandise Volume (GMV) for the quarter was $115,567 million, up from $87,837 million in the same period last year. Gross profit reached $1,708 million, and free cash flow was $654 million, representing an 18% free cash flow margin. Operating income for the quarter was $488 million, and net income was $1,502 million, with net income excluding the impact of equity investments at $439 million. Subscription solutions revenue was $802 million, and merchant solutions revenue was $2,781 million. The company projects revenue to grow at a low-thirties percentage rate year-over-year for the third quarter of 2026, gross profit dollars to grow at a mid-to-high twenties percentage rate, operating expenses as a percentage of revenue to be 33% to 34%, stock-based compensation to be $150 million, and free cash flow margin to be in the high-teens to low-twenties.

Kaltura Announces Financial Results for Second Quarter 2026

(NASDAQ:KLTR) Kaltura, Inc. announced financial results for the second quarter ended June 30, 2026, reporting total revenue of $46.9 million and subscription revenue of $45.6 million. The company recorded a net loss of $5.5 million and Adjusted EBITDA of $5.9 million for the quarter. Kaltura achieved a record non-GAAP gross margin of 75% and its highest second-quarter adjusted EBITDA to date. The company signed a record fourteen new deals that included its AI offerings, doubling its previous record, and achieved its strongest gross retention quarter since the fourth quarter of 2022. Annualized Recurring Revenue (ARR) for the second quarter of 2026 was $184.6 million, up 8% from $170.4 million in the second quarter of 2025. The company projects third quarter 2026 subscription revenue between $43.9 million and $44.6 million, total revenue between $45.8 million and $46.5 million, and adjusted EBITDA between $2.0 million and $3.0 million. For the full year 2026, Kaltura expects subscription revenue between $176.6 million and $178.6 million, total revenue between $183.0 million and $185.0 million, and adjusted EBITDA in the range of $15.8 million to $17.2 million.

AITX's RAD Secures First Order From Major New National Dealer Partner

(OTC:AITX) Artificial Intelligence Technology Solutions, Inc. announced that its wholly owned subsidiary, Robotic Assistance Devices, Inc. (RAD), has received an initial order for one RIO 360™ autonomous solar powered security trailer through a new dealer partner ranked among the ten largest security services providers in the United States. The order was placed for a Fortune 500 and S&P 500 specialty contracting and facilities services company, marking RAD's first business generated through the new dealer relationship. The company is not disclosing the identity of the dealer, the end user, or the commercial terms of the order. RAD solutions are specifically designed to deliver cost savings of between 35% and 80% compared to traditional manned security and monitoring. AITX is redefining the nearly $50 billion (US) security and guarding services industry with its AI-driven Solutions-as-a-Service model. All RAD technologies, AI-based analytics and software platforms are developed in-house. The company's solutions are deployed across a wide range of industries including enterprises, government, transportation, critical infrastructure, education, and healthcare.

All Nippon Airways Builds Cloud Network Hub With Equinix

(NASDAQ:EQIX) Equinix, Inc. announced that All Nippon Airways Co., Ltd. (ANA) has transformed its digital infrastructure with Equinix Fabric to support the next generation of passenger services, including reservations, boarding, customer communications and operational systems. ANA established a centralized cloud network hub that reduced network provisioning time by approximately 80%. The airline is facing a projected 10x increase in global data volumes. ANA operates approximately 280 aircraft across more than 200 domestic and international routes. The company targets a 30% reduction in its five-year total cost of ownership. ANA is the only Japanese airline to have earned SKYTRAX's 5-Star rating every year since 2013 and is a four-time recipient of the Air Transport World's (ATW) Airline of the Year award.

GlobalFoundries Reports Second Quarter 2026 Financial Results

(NASDAQ:GFS) GlobalFoundries Inc. announced preliminary financial results for the second quarter ended June 30, 2026, reporting revenue of $1.786 billion. The company achieved a gross margin of 28.3% and a non-IFRS gross margin of 29.9%, with net income of $167 million and non-IFRS net income of $256 million. Diluted earnings per share were $0.30, and non-IFRS diluted earnings per share were $0.46. In July 2026, GlobalFoundries signed a letter of intent with the U.S. Department of Commerce for a $300 million award and completed the acquisition of Photeon Technologies' integrated voltage regulator business. The company also completed the acquisition of Synopsys’ ARC Processor IP Solutions business in June 2026 and launched Quantum Technology Solutions in May 2026, accelerated by an expected $375 million grant from the U.S. Department of Commerce. The company projects third quarter 2026 net revenue of $1,885 million ± $25 million, gross margin of 29.5% ± 100bps, and diluted EPS of $0.37 ± $0.05.

Flash Signs Term Sheet for 51% of Bongo; Deal Gives Access to 300M Viewers, ~$10M Revenue, EBITDA Accretive

(NASDAQ: FLZH) Flash Sports & Media Holdings, Inc. announced it has entered into a non-binding term sheet to acquire a 51% controlling interest in Bongo Holdings Pte Ltd. Bongo is described as one of South Asia's leading digital media, streaming and content distribution platforms, reaching more than 300 million viewers and owning digital brands with over 73 million social media followers. The proposed structure includes a 60% cash and 40% equity consideration mix, and provides for up to an additional $12 million management earnout tied to future revenue and EBITDA growth. Bongo is generating close to US$10 million in annual revenue, according to financial information provided by Bongo management. The Company expects Bongo to contribute positive EBITDA following closing, before giving effect to transaction expenses, purchase-accounting adjustments and financing costs. The term sheet is non-binding except for provisions relating to exclusivity, transaction-expense reimbursement, governing law and the binding effect of those provisions. The transaction is expected to significantly accelerate Flash's global expansion strategy by providing immediate technology infrastructure, distribution scale and access to high-growth Asian markets.

Galaxy Announces Second Quarter 2026 Financial Results

(NASDAQ:GLXY) Galaxy Digital Inc. reported a Q2 2026 net loss of $(85) million and diluted and adjusted EPS of $(0.09), primarily due to the depreciation of digital asset prices in the quarter. The company achieved Q2 2026 adjusted gross profit of $43 million and adjusted EBITDA of $(77) million, with total equity of $2.7 billion and cash and stablecoin holdings of $2.5 billion as of June 30, 2026. Galaxy expanded its data center footprint by acquiring three new sites in Texas for AI data centers, increasing its total power pipeline to over 5.7 GW. The company completed delivery of 200 MW of gross power - 133 MW of critical IT load - at its Helios data center campus in West Texas, under a 15-year lease agreement with CoreWeave. On July 28, Galaxy completed a private offering of $3.5 billion of senior secured notes due 2031 to fund construction of Helios I, Phase II. Galaxy ended Q2 with $7.1 billion in combined assets under management and assets under stake, and entered a multi-year agreement with BNY, which oversees more than $60 trillion in assets under custody, to advance digital asset infrastructure. The company projects Phase I to generate quarterly leasing revenue of approximately $80 million and an expected quarterly project-level Adjusted EBITDA margin of over 90% beginning in the third quarter of 2026.

VPG Reports Fiscal 2026 Second Quarter Results; Orders of $96 Million Reflect Continued Strength in Key Markets

(NYSE: VPG) Vishay Precision Group, Inc. announced its fiscal 2026 second quarter results, reporting net revenues of $83.9 million, an increase of 11.7% compared to the prior year period. The company recorded a gross profit margin of 38.6% versus 40.7% a year ago, and an operating margin of (0.4%) compared to 3.6%. Adjusted EBITDA was $5.5 million with an adjusted EBITDA margin of 6.5%. Bookings for the quarter were $95.5 million, resulting in a book-to-bill ratio of 1.14, and the company received a vendor nomination letter from its initial humanoid robotics customer. The second quarter net loss attributable to VPG stockholders was $1.7 million, or $0.13 per diluted share, compared to net earnings of $0.3 million, or $0.02 per diluted share, in the prior year period. The company projects organic annual revenue growth in fiscal 2026 above the 8% to 10% range previously outlined and expects to deliver approximately $6 million of cost savings in 2026 as part of a three-year goal of achieving $20 million in cost reductions.

Infosys and Metsä Group Expand Strategic Collaboration to Drive AI-led IT Transformation

(NSE: INFY) (BSE: INFY) (NYSE: INFY) Infosys announced a significant expansion of its long-standing collaboration with Metsä Group, a globally operating forest industry company based in Finland, under a multi-year engagement. Infosys will support the transformation of Metsä Group's IT landscape towards a more efficient, unified, and AI-ready operating model, delivering end-to-end IT services across the company's global operations. Infosys will manage Metsä Group's application management, cloud operations, workplace services, on-site IT/OT interface support, and service desk operations across both mill and office locations. Central to the transformation is Infosys Topaz Fabric, a purpose-built, composable and open agentic services suite, that will power agentic AI capabilities and embed intelligence across Metsä Group's IT operations. Metsä Group's sales totalled EUR 5.8 billion in 2025, and the company employs about 8,800 people. Infosys employs over 325,000 people and enables businesses in 59 countries to unlock AI value at scale. The company projects that the engagement will help drive productivity, economies of scale, continuous innovation, and cost savings for Metsä Group.

Tuya Smart Launches Tuya AI Coding, Enabling Users to Build Their Own AI-Powered Lifestyle Apps With Natural Language

(NYSE: TUYA; HKEX: 2391) Tuya Smart has officially launched Tuya AI Coding, an AI-native no-code application development platform enabling users to turn ideas into AI-powered lifestyle applications with just a single prompt. The platform supports one-click deployment, social media platform sharing, and is built on Tuya's global AI+IoT technology stack, offering device connectivity, cloud services, and data intelligence. Tuya AI Coding provides native support for access to more than 100,000 SKUs and connects to Tuya's cloud infrastructure spanning more than 200 countries and regions. As of Mar 31, 2026, the Tuya AI Developer Platform had over 1,970,000 registered AI developers from more than 200 countries and regions. Gartner predicts that 75% of new applications worldwide will be built using low-code development approaches by year end 2026. The platform lowers the technical barrier by 90%, compressing development time from months to minutes. The company projects that Tuya AI Coding will accelerate real-world transformation by enabling applications to integrate with Tuya's AI hardware ecosystem.

BATM Advanced Communications: First Order for Tactical Encryption Platform

(LSE: BVC) BATM Advanced Communications Limited announced that it has received its first order, worth c. $1.6m, for a tactical encryption platform. The Group delivered a proof-of-concept of the platform during the first half of 2026, which has now transitioned to an initial supply order to be delivered in the current year. The platform is described as hardware based and quantum-era-ready, providing military-grade encryption and compliance with the highest security standards. The order follows projects with a long-standing customer to develop next-generation cyber capabilities, including tactical encryption. Moti Nagar, Chief Executive Officer of BATM, stated that this represents a significant expansion of their cybersecurity offer and entry into a new market. The company looks forward to delivering this initial order and receiving further contracts in due course. The announcement also notes that forward-looking statements are based on current opinions, evaluations, and estimations of the Group's management.

Paylocity Announces Fourth Quarter and Fiscal 2026 Financial Results

(NASDAQ:PCTY) Paylocity Holding Corporation announced Q4 2026 Recurring & Other Revenue of $415.6 million, up 12.4% year-over-year, and Q4 2026 Total Revenue of $444.7 million, up 11.0% year-over-year. FY 2026 Recurring & Other Revenue was $1.651 billion, up 12.2% year-over-year, and FY 2026 Total Revenue was $1.771 billion, up 11.0% year-over-year. FY 2026 GAAP net income increased 18.8% to $269.7 million from $227.1 million in FY 2025, and Adjusted EBITDA increased 12.3% to $654.9 million from $583.0 million in FY 2025. The company repurchased $398.1 million or 2.8 million shares of common stock during FY 2026, and $697.8 million or 4.6 million shares repurchased since May 2024. Paylocity completed the acquisition of Grayscale Labs, Inc. in April 2026 and launched new products including Ignite AI, Paylocity Retirement, and Elevate Solutions. The company projects FY 2027 Recurring and other revenue in the range of $1.777 billion to $1.792 billion, and Total revenue in the range of $1.880 billion to $1.895 billion. Management expects FY 2027 Adjusted EBITDA to be in the range of $690.0 million to $700.0 million.

Corvex Signs Multi-Year Agreement to Provide NVIDIA Blackwell GPUs

(NASDAQ:MOVE) Corvex, Inc. announced it has signed a multi-year agreement to provide clusters of NVIDIA Blackwell GPUs connected with NVIDIA Quantum-2 InfiniBand networking to a leading AI company. The company installed and commissioned high-density, liquid-cooled NVIDIA HGX B200 capacity approximately two weeks after the equipment arrived, operating within an existing air-cooled facility without a facility rebuild or move to a new site. The multi-year agreement expands on an earlier customer commitment and includes dedicated high-speed storage and CPUs. Corvex delivered the first portion of the cluster in the first quarter of 2026, with the remaining capacity delivered in the second and third quarters. The expansion is funded through a combination of debt financing, customer pre-payment, and cash on hand. Revenue for the transaction has been recognized throughout the year as portions of the cluster have been delivered, with full run-rate revenue starting midway through the current quarter. Corvex's product suite includes AI Factories and GPU Clusters, Confidential Computing, and the Corvex Token Factory, an inference platform currently in development.

Innoviz Technologies to Develop LiDAR-Based Perception Stack for Highway Driving With Top 10 Global Automotive OEM

(NASDAQ: INVZ) Innoviz Technologies Ltd. announced the development of a LiDAR-based perception stack with a top 10 global automotive OEM. The project will deliver Innoviz's InnovizTwo LiDAR and perception software for a highway operational design domain, running on an NVIDIA-powered compute platform. The perception stack includes core functions such as Point Cloud Plus (PC+), Obstacle Detection, Object Detection, and Object Classification, capable of classifying each pixel as drivable or non-drivable and identifying objects including pedestrians, cars, trucks, and two-wheelers. Innoviz serves as a Tier-1 supplier to leading automotive manufacturers and extends its sensing solutions into defense, homeland security, industrial, and smart infrastructure markets. The company operates across the U.S., Europe, and Asia, and offers its automotive-grade LiDAR sensors under the Perciz brand for defense and security applications. The announcement contains forward-looking statements regarding the anticipated technological capability of Innoviz's products, projected future operational and financial results, and expectations regarding the impact of geopolitical developments in the Middle East including the evolving conflict in Israel on its ongoing operations.

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