TECH BULLETIN

Tuesday, July 21, 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

Vertiv Expands Global Manufacturing Capacity for AI-Ready Data Center Cooling Solutions

(NYSE: VRT) Vertiv announced investments at its Tognana campus near Padua, Italy, to expand manufacturing and integrated testing capabilities for data center cooling systems. The company expects the investments to double chiller production capacity in the region by the end of 2026. Vertiv plans to complete a new large-scale testing laboratory in early 2027, which will enable testing of large-scale chillers and validate their integration with liquid cooling systems under high-density load conditions and extreme temperature ranges. The expanded capability is intended to help customers validate thermal performance under expected site conditions and deploy increasingly complex cooling systems with greater speed and confidence. The campus serves as one of Vertiv's principal centers for cooling technology development, integrating research and development, product management, manufacturing, testing, and customer engagement. The site includes a Customer Experience Center where customers and consultants can participate in witness testing of a broad range of cooling technologies across the thermal chain under real-world operating conditions. Vertiv does business in more than 130 countries.

Two Hands Corporation Advances In-House Development of Quantum Software Platform EntangleX

(OTC: TWOH) Two Hands Corporation announced an update on the ongoing in-house development of EntangleX, a quantum simulation software platform intended to make quantum circuit development and evaluation more accessible through conventional graphics processing unit ("GPU") infrastructure. The platform is being developed to allow researchers, educators, technical teams and institutional users to design and run simulated quantum circuits using GPU computing resources that may already be available within their organizations or through existing infrastructure. Development is being led by Ujjwal Roy, who is overseeing the platform's technical architecture, product development and deployment framework. Key product highlights for EntangleX include a browser-based interface, a library of commonly used quantum algorithms and circuit templates, programmatic circuit submission tools, support for multiple recognized quantum simulation methods, workload scheduling, usage tracking, access controls, audit functionality, shared workspaces, circuit-execution history, and deployment options for customer-controlled infrastructure or data-centre environments. The Company is not currently announcing a commercial launch date, customer agreement, revenue forecast or financing in connection with this update. The Company intends to provide further updates as material development milestones are reached. The Company is continuing to evaluate the platform's technical requirements, development timeline, deployment options and potential commercialization framework.

Octrado Publishes New Prop-Trading Study

(LSE/AIM:FNEWS) Octrado has announced the publication of a new study estimating the primary prop-trading market, defined as the direct annual revenue generated by proprietary trading firms, at USD 4.0 billion to USD 4.5 billion. The study further estimates the broader ecosystem value, which includes downstream brokerage fees and notionally allocated trading capital, at approximately USD 20 billion. Retail trading apps now count more than 100 million users a year, growing at roughly 20% CAGR (WEF/BCG), while global OTC FX turnover reached USD 9.6 trillion a day in April 2025, up 28% on 2022 (BIS). Platform data shows the cTrader ecosystem alone lists more than 40 prop firms, over 500 active challenges and more than 500,000 prop traders. Sample data from FPFX Tech indicates about 14% of accounts pass the evaluation and only 7% of all participants reach a payout. The study concludes that prop-trading democratises access to opportunity, not to outcomes, and that transparency, stable infrastructure and clear legal boundaries will decide the sector's next phase.

Gorilla Technology Accelerates Execution Across Its Asian AI Infrastructure Platform

(NASDAQ: GRRR) Gorilla Technology Group Inc. announced the completion of two recent bond financings, raising aggregate gross proceeds of $232 million to accelerate execution across its AI infrastructure programmes in India, Indonesia and Thailand. The most recent financing is being deployed principally towards the NeutraDC Batam programme, while the earlier financing supports Gorilla's equity contribution to the Yotta 2 programme. The NeutraDC Batam programme supports a signed five-year AI compute infrastructure contract representing approximately $2.5 billion of expected revenue, including approximately $1.3 billion from its first phase. The Yotta 1 programme in India comprises 640 high-performance servers with 5,120 GPUs and is expected to contribute approximately $500 million of revenue over five years, with the 640 servers expected to be built, shipped and deployed by end of August 2026. The Yotta 2 programme is structured to support the planned deployment of an additional 20,736 next-generation GPUs in Delhi and has an estimated project value of approximately $2.5 billion. The Korat 200MW IT-load campus in Thailand is expected to support approximately 100,000 to 110,000 next-generation GPU equivalents and has an illustrative gross revenue potential of approximately $16 billion to $18 billion over five years. The company projects revenue to commence as contracted capacity is deployed and accepted in accordance with the customer agreement, and is advancing discussions with prospective customers regarding phased capacity commitments and long-duration offtake arrangements.

Genpact Named Rising Star in ISG Provider Lens™ 2026 Databricks Ecosystem Partners Report

(NYSE: G) Genpact announced it has been named a Rising Star in the ISG Provider Lens™ 2026 Databricks Ecosystem Partners (Global) report. Genpact was recognized in Modernization and AI/ML Enablement Services and Managed Data and Optimization Services for its capabilities in data modernization, AI-ready data foundations, managed data optimization, and agent integration. ISG defines a Rising Star as a provider with a promising portfolio, strong market understanding, and evidence of significant progress over the past 12 months, with the potential to reach the Leader quadrant within 12 to 24 months. Genpact is the only Rising Star named in this year's report. The recognition reinforces Genpact's Agentic Operations strategy, which focuses on embedding data product engineering, semantic modeling, and agent integration directly into workflows. Genpact addresses enterprise pressure to turn fragmented data estates, legacy systems, and AI pilots into scalable business outcomes by building AI-ready data foundations. The company leverages process intelligence and artificial intelligence to deliver measurable outcomes for the world's leading enterprises.

Rocket One Expands AI Infrastructure Platform Through Strategic Partnership With Placeve to Advance Defense, Space, and Intelligent Edge Computing

(NASDAQ:RKTO) Rocket One Inc. announced a strategic collaboration with Placeve Inc., including an initial investment in Placeve. The collaboration is expected to support Rocket One's long-term strategy of building an AI infrastructure platform serving the rapidly expanding defense, space and intelligent edge computing markets. Placeve's photonic-electronic AI processor technology is currently being evaluated through NASA's Materials International Space Station Experiment (MISSE) program aboard the International Space Station. The collaboration is expected to include joint engineering initiatives focused on AI hardware integration, software optimization, AI workload acceleration, performance-per-watt improvements, validation testing and deployment pathways for commercial, defense and orbital environments. Rocket One holds exclusive rights to certain technologies, including a nanomagnetic matrix multiplier architecture intended as a hardware accelerator for machine learning and AI workloads, and related magnetic memory technology. The Company's biotechnology pipeline, including HT-001, HT-KIT, HT-ALZ, and its GDNF-based metabolic program, will continue to be advanced under a wholly owned subsidiary. The companies expect to accelerate validation and potential commercialization of energy-efficient AI computing solutions.

SuperQ Quantum Selected for Canadian Government-Backed Dual-Use U.S. Defence Program; Secures Inclusion in Premier U.S. Defence Accelerator With Q-Branch

(CSE: QBTQ) SuperQ Quantum Computing Inc. announced its selection into the Canada and Q-Branch Dual-Use Accelerator, delivered by Q-Branch in partnership with the Canadian Consulate General in Dallas. SuperQ has executed a formal agreement with His Majesty the King in Right of Canada, as represented by the Minister of Foreign Affairs (Global Affairs Canada), to support its strategic expansion into U.S. defence, federal, and industrial markets. The company has secured inclusion in Fed Supernova 2026, North America's premier defence innovation mega-event taking place in Austin, Texas, with Phase 1 of the accelerator commencing July 20, 2026, and Phase 2 occurring August 18-20, 2026. SuperQ will utilize the accelerator to fast-track U.S. market adoption of its flagship hybrid classical-quantum orchestration platform, Super™, Super OS™, SuperPQC™, and the in-development Super Nova™ hardware. Private venture capital investment in defense tech reached $49.9 billion globally across 966 deals, and the U.S. dual-use venture market is evaluated at $49 billion, while the global GovTech dual-use platform market reached $24.7 billion in 2025. The U.S. Department of Defense committed over $17.5 billion to emerging technologies such as quantum computing and post-quantum cybersecurity in 2025. The company projects the expected commercialization and adoption of the SuperPQC™ module and the Super™ platform and associated professional services, as well as the anticipated growth of quantum cybersecurity threats and future performance of its autonomous quantum optimization and PQC tools.

Ionik Streamlines Operating Structure and Aligns Businesses Under SHIFT44 and Q1Media

(TSXV: INIK) (OTCQB: INIKF) Ionik Corporation announced an organizational alignment that simplifies its corporate leadership and operating structure following completion of the Company's US$100 million credit facilities and comprehensive debt reorganization announced on June 23, 2026. The alignment organizes Ionik's operations around its two established market-facing brands, SHIFT44 and Q1Media. Since 2022, Ionik has completed a series of strategic acquisitions to add complementary capabilities spanning customer acquisition, performance marketing, first-party data, media activation and omnichannel campaign execution. Jeff Collins will transition from his current dual role as Chief Financial Officer and Chief Operating Officer to a dedicated Chief Financial Officer role, and Kevin Ferrell will transition from his role as President to a strategic advisory role. Veronica Colquhoun has resigned from the Company, including her roles as Legal Counsel and Corporate Secretary, and Ted Hastings, Chief Executive Officer, has assumed the role of Corporate Secretary. The Company expects the streamlined structure to reduce corporate complexity, sharpen accountability and support continued investment in platform integration, proprietary first-party data and AI-enabled marketing capabilities. Forward-looking statements in the release include the expected benefits of the organizational alignment, anticipated effects on operating efficiency, accountability, execution and growth, and continued investment in platform integration, first-party data and AI-enabled capabilities.

Tuya Smart Accelerates Physical AI Commercialization With Strategic Investment in Robopoet

(NYSE: TUYA, HKEX: 2391) Tuya Smart made a strategic investment in Robopoet's recently closed RMB 100 million pre-A financing round. Robopoet's debut product Fuzozo has achieved cumulative domestic sales approaching 300,000 units as of June 2026. During the 618 Shopping Festival, Fuzozo sold 40,000 units, ranking first in Tmall's AI toy category, while Walulu sold 8,000 units, and AOOMII Smart AI Companion Robot, AI Scruffy Cat, and Wozzi each reached approximately 5,000 units in sales. The round also drew participation from existing backers Sequoia China and GSR Ventures, along with two other new investors. Tuya provided critical support in either product innovation or market expansion for these products. The company projects that AI hardware is entering a phase of explosive growth and will continue to open its global AI cloud platform capabilities and overseas resources to support AI hardware innovators. Tuya has deployed proprietary technologies including the Personal Voice Activity Detection (PVAD) model, Physical AI Foundation V2.8, WukongAI 3.0, T-RTC real-time communication network, Physical Action Model, and OmniMem V2.0 long-term memory system.

Ceragon Secures Additional Five-Year, $70 Million Agreement With Tier-1 APAC Mobile Operator

(NASDAQ: CRNT) Ceragon announced that a long-standing Tier-1 APAC customer has awarded Ceragon a new five-year agreement valued at approximately USD $70 million. Under the agreement, Ceragon will continue supplying transport solutions and services to support the operator's nationwide mobile network infrastructure, helping to expand and modernize its 4G and 5G transport network. The new agreement includes the supply and deployment of Ceragon's recent technologies such as IP-50CX, IP-50GP, and E-band solutions including IP-50E, IP-50EX, and IP-50EXP. The expanded scope also includes dedicated technical support resources working alongside the operator's teams, as well as the potential future expansion of managed services to include Ceragon Insight network monitoring software. Ceragon solutions are deployed by more than 600 service providers, as well as more than 1,600 private network owners, in more than 130 countries.

Netcall: FY26 Trading Update

(AIM: NET) Netcall plc reported a trading update for the financial year ended 30 June 2026, stating revenue is anticipated to increase by 20% to £57.7m (FY25: £48.0m), including organic growth of 12%. Adjusted EBITDA is anticipated to increase by 23% to £12.1m (FY25: £9.8m), with the Adjusted EBITDA margin rising to 21% (FY25: 20%). Cloud Annual Contract Value (Cloud ACV) increased by 37% to £46.3m (FY25: £33.9m), including underlying organic growth of 24%. Total ACV grew by 27% to £53.7m (FY25: £42.2m), and sales of Netcall's AI-related products reached almost three times the prior-year level, with more than 40% of new Cloud sales orders including these products. The integration of Jadu, acquired in December 2025, achieved annualised cost synergies of close to £1.0m and initial cross-sales. The Group ended FY26 with net cash of £21.0m (FY25: £27.2m), after acquisition-related payments of £13.4m during the year, net of cash acquired. The company projects continued investment in Liberty and further accretive M&A opportunities, with a record sales pipeline at the start of FY27.

B&R Technology Merger Corp. Announces Pricing of $325 Million Initial Public Offering

(NASDAQ:GLOBAL) B&R Technology Merger Corp. announced the pricing of its initial public offering of 32,500,000 units at $10.00 per unit. The units will be listed on the Nasdaq Global Market ("Nasdaq") under the symbol "BRTMU" commencing on July 21, 2026. Each unit consists of one Class A ordinary share of the Company and one-third of one warrant, each whole warrant entitling the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share. The Company has granted the underwriters a 45-day option to purchase up to 4,875,000 additional units at the initial public offering price to cover over-allotments, if any. Citigroup Global Markets Inc. ("Citigroup") is acting as sole bookrunner and representative of the underwriters. A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission (the "SEC"). The Company expects that the Class A ordinary shares and warrants will be listed on Nasdaq under the symbols " BRTM" and " BRTMW," respectively, once the securities constituting the units begin separate trading.

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