A group of activist investors (or treasury “raiders,” depending on who you ask) are proposing a treasury redemption program for GNO tokenholders.

Should proposal GIP-150, which calls for “a one-time, opt-in pro-rata treasury redemption,” pass, those in favor would receive a share of the over $220 million held by the “well-capitalized” treasury.

This move comes less than six months after Gnosis DAO voted to fire its former treasury manager KPK.

The proposal’s author, who goes by Wismerhill, argues that GNO trades at a “persistent and widening discount” to the value of the Gnosis DAO treasury.

Despite $22.5 million of recent DAO funding to Gnosis Ltd, this “discount to NAV has widened” and value accrual to GNO has been “minimal,” they add.

Voting is currently underway and runs until May 12. Despite a significant early lead for those voting in favor, 65% of the 330,000 votes cast are currently against the proposal.

Read more: DeFi gets leaner: Gnosis fires treasury manager with 88% backing

Pro-rata calculations would be based on 1.3 million eligible GNO tokens, excluding tokens held by Gnosis Ltd, which the proposal argues “already operates with DAO funding.”

This would produce a redemption value of approximately $170 per token, almost 30% above GNO’s current market price of $131.

DeFi commentator and GNO holder Ignas admits, “the RFV logic has a point” but also points out that “this is pure arbitrage trade, not some moral mission.” They voted against the proposal.

Ethereum Foundation DeFi coordinator “ivangbi” agrees that if GNO isn’t advertised as having its “bottom price line protected by the assets,” holders have no “moral” right to the treasury.

Given Gnosis’s contributions to the ecosystem, including Safe, CoW Swap, Gnosis Pay and Gnosis Chain, others were less understanding.

Gnosis’ Sebastian Bürgel questioned when “the most respected builder in the space” transitioned to a “hedge fund,” while Jito’s Nick Almond dismissed the proposal as a clear “treasury rug.” 

Anthony Leutenegger, of Aragon (the same group targeted in 2023), shows more nuance, urging for improvements in “programmatic token holder rights… [as] a powerful tool for incentive alignment.”

Previous RFV plays

The group made a series of similar plays in 2023, earning the moniker “RFV (risk-free value) Raiders,” which it rejects.

Amongst the projects targeted at the time were Rook, FEI/Tribe and Aragon, which was ultimately forced to repurpose the DAO treasury into a grants program.

Key Takeaways

• AMD delivered $10.3B in Q1 2026 sales, with data center operations emerging as the dominant revenue source
• The company’s 2025 fiscal year set records with $34.6B in total revenue and $16.6B from data center operations
• Qualcomm generated $10.6B in Q2 2026, though smartphone chips contributed $6.93B of that figure
• Qualcomm’s expansion into automotive ($959M) and IoT sectors ($1.58B) continues, yet mobile devices remain its core business
• Analyst sentiment favors AMD with a $385.86 price target compared to Qualcomm’s $172.40 average forecast

Two semiconductor powerhouses are presenting contrasting investment narratives as 2026 unfolds. While one company capitalizes on explosive data center demand, the other struggles to shake its smartphone-centric reputation.

Advanced Micro Devices announced first-quarter 2026 revenues of $10.3 billion. The company achieved a 53% gross margin alongside $1.5 billion in operating profit and $1.4 billion in net earnings.

Advanced Micro Devices, Inc., AMD

Executives highlighted data center operations as the primary catalyst for expansion. Enterprise adoption of AI inferencing capabilities and agentic AI frameworks continues driving demand for both processors and accelerators.

This strong performance followed an exceptional 2025. AMD achieved all-time high annual revenue of $34.6 billion, with data center sales alone contributing $16.6 billion. Annual operating profit reached $3.7 billion.

While AMD continues serving PC, gaming, and embedded sectors, investor attention has decisively pivoted toward server infrastructure and artificial intelligence computing.

Server Infrastructure Drives AMD Forward

MarketBeat analysts assign AMD a Moderate Buy rating, supported by 30 Buy recommendations and 2 Strong Buy assessments. The consensus price target stands at $385.86.

The investment thesis is clear-cut. AMD continues capturing market share from major cloud platforms and enterprises deploying substantial AI capital. However, elevated expectations and fierce competition in high-performance AI computing present notable headwinds.

Qualcomm’s recent financial results paint a contrasting picture. The chipmaker posted fiscal Q2 2026 revenue of $10.6 billion with non-GAAP diluted earnings per share of $2.65.

Handset processors generated $6.93 billion of quarterly revenue. Automotive chip sales reached $959 million, while IoT products contributed $1.58 billion.

Qualcomm Seeks Revenue Diversification

Qualcomm has achieved meaningful traction beyond mobile devices. The company is expanding presence in automotive semiconductors, AI-enabled PCs, edge computing platforms, and industrial applications.

QUALCOMM Incorporated, QCOM

Yet smartphone chips continue representing the majority of revenue. Consequently, markets are not valuing Qualcomm as an AI infrastructure play comparable to AMD.

Reuters coverage indicated Qualcomm’s forward guidance fell short of investor expectations, despite management commentary suggesting supply chain constraints were moderating. Market sentiment remains closely linked to handset market cycles.

MarketBeat data shows 28 analysts following Qualcomm with a consensus price target of $172.40. Recent trading activity placed shares near $206.06, exceeding the average analyst forecast.

Qualcomm maintains a Moderate Buy consensus, though the outlook appears less unified than AMD’s.

The valuation divergence between these semiconductor companies reflects narrative clarity. AMD maintains direct exposure to AI infrastructure capital expenditure. Qualcomm possesses diversification potential but must demonstrate emerging business segments can meaningfully reduce smartphone dependency.

Qualcomm’s automotive segment generated $959 million in the latest reporting period, while IoT operations produced $1.58 billion, representing the most current available data.

Key Takeaways

• First-quarter revenue reached $199M, surpassing analyst projections of $195M by 2.1%, despite a 7.5% decline from the prior year
• Earnings per share of $0.05 aligned with expectations; shares rocketed 30.5% to $16.07 following the announcement
• Second-quarter 2026 EPS outlook ranges from $0.086 to $0.103, signaling potential for incremental improvement
• Wall Street maintains a collective “Hold” stance with a $8.00 average target — significantly under current price levels
• Leadership highlighted automotive initiatives, artificial intelligence applications, and smart eyewear as catalysts for second-half expansion

Himax Technologies (HIMX) unveiled first-quarter 2026 financial results prior to Thursday’s opening bell, triggering a dramatic 30.5% rally that propelled shares to approximately $16.98 — climbing from the previous session’s close of $12.33.

Himax Technologies, Inc., HIMX

Top-line figures registered $199 million, eclipsing the Street’s $195 million projection by 2.1%. However, this performance still represented a 7.5% contraction versus the comparable period twelve months earlier.

Per-share earnings of $0.05 met forecaster expectations. During the equivalent quarter a year prior, the firm delivered $0.11 per share.

Shares commenced premarket activity at $15.43 before advancing higher throughout the session, with trading volume exceeding 9.5 million.

Adjusted EBITDA registered $16.2 million, translating to an 8.1% margin — representing a 35.4% year-over-year compression. Operating profitability narrowed to 5.1% from 9.2% in the first quarter of 2025.

Free cash flow margin experienced a steep decline to 0.4%, contrasting sharply with 23.6% recorded during the same timeframe last year.

Inventory turnover metrics showed 100 days outstanding, modestly elevated from the preceding quarter’s 98 days but remaining 22 days beneath Himax’s five-year historical average — suggesting no immediate concerns.

Executive Commentary

Chief Executive Jordan Wu identified multiple initiatives positioned to accelerate performance throughout the remainder of 2026. He referenced a “meaningful number” of automotive engagements scheduled to commence volume manufacturing during the year’s latter half.

Wu additionally emphasized expansion in non-driver integrated circuit operations, encompassing Tcon and WiseEye AI technologies, alongside nascent opportunities in smart glasses and ultra-low-power artificial intelligence solutions.

For the second quarter of 2026, management projected earnings per share between $0.086 and $0.103 — representing progress beyond Q1’s $0.05 result.

Wall Street Perspective

Notwithstanding the earnings outperformance and share price acceleration, research coverage remains measured. The prevailing recommendation stands at “Hold” with a consensus price objective of $8.00 — approximately half the stock’s current valuation.

Morgan Stanley reaffirmed an “equal weight” position with an $8.00 target during February. Wall Street Zen elevated the stock from “Sell” to “Hold” in March.

Institutional ownership accounts for roughly 69.8% of outstanding shares. Goldman Sachs expanded its holdings by 127.6% during the first quarter, acquiring more than 134,000 additional shares. Royal Bank of Canada similarly increased its position by 3.7% throughout the identical timeframe.

Sell-side projections anticipate revenue advancement of 14% over the coming twelve months, trailing the broader industry benchmark.

The stock’s 50-day moving average rests at $9.29, while the 200-day moving average stands at $8.61 — both substantially beneath Thursday’s trading activity.

Himax exhibits a price-to-earnings multiple of 67.30 and a beta coefficient of 2.03, underscoring its characteristically turbulent trading behavior. The debt-to-equity ratio measures a modest 0.02.

Market capitalization touched $3.00 billion in the wake of Thursday’s movement.

Anthropic finance agents have added new fuel to the debate over AI and jobs. The company’s latest banking tools aim to automate routine finance work, while critics worry about entry-level roles. At the same time, Coinbase says AI already helps teams move faster and work with fewer layers. The discussion now centers on whether AI will cut jobs or change them.

Key insights

• Anthropic finance agents target pitchbooks, KYC checks, valuations, and monthly close tasks.
• Coinbase says AI boosts output and supports smaller, more efficient teams.
• Economists say AI may reshape work and roles more than eliminate jobs.

Anthropic Targets Routine Finance Work

Anthropic introduced 10 AI finance agents for banks, insurers, and other firms. The tools handle common tasks such as pitchbooks, KYC file screening, valuation reviews, monthly book closes, and financial analysis. The company said the system combines skills, connectors, and subagents to support finance workflows.

Anthropic also said firms can customize the agents to fit internal risk rules and approval systems. The launch matters because financial services now rank as the company’s second-largest source of enterprise revenue after technology. That detail has drawn attention from firms watching how fast AI spreads across office work.

Job Fears Spread Across Wall Street

The release quickly triggered concern online. One X user wrote, “Anthropic just automated the first-year analyst job at every bank on Wall Street.” Others used phrases such as “Claude Cowork SaaSpocalypse” to describe the reaction. The comments reflect rising anxiety around junior finance and software roles.

Some users also linked the launch to broader pressure on outsourced services and IT work. Anthropic said humans still review and approve outputs before client delivery or filing. The company added that the agents can work inside Claude tools or through managed workflows that run over longer tasks, including overnight operations.

Coinbase CEO Links AI Shift to Workforce Cuts

Coinbase CEO Brian Armstrong added to the debate after saying the exchange would cut about 14% of its workforce. In an internal email, he pointed to weak market conditions and rapid AI progress. He said AI lets engineers finish in days what used to take weeks.

Armstrong also said Coinbase wants to become more “AI-native,” with smaller AI-assisted teams and fewer management layers. He called the shift an “inflection point” and said the company aims to become “leaner, faster, and more efficient.”

Economists and investors remain split on the broader labor impact. A16z argued that an “AI job apocalypse” is a “complete fantasy.” Its view is that technology often changes work rather than removes it. For now, Anthropic finance agents and similar tools show that AI is already changing how firms organize work.

Bitcoin lenders at Consensus Miami 2026 said crypto lending must look and feel more like traditional banking if it wants institutional capital to keep flowing in.

Bitcoin lenders at Consensus Miami 2026 argued that the future of crypto lending does not lie in making finance more decentralized. It lies in convincing institutional borrowers that bitcoin-backed credit can behave predictably enough to resemble the system they already trust.

Alexander Blume, founder and CEO of Two Prime, said institutional borrowers often reject crypto-native structures not because they oppose bitcoin, but because the operational complexity surrounding DeFi is difficult to justify to boards, risk committees, and shareholders.

“The moment you start trying to explain how any of this stuff works, they’re just like, No… We’ll pay more. Don’t lose my money,” Blume said, capturing the divide between crypto-native structures and institutional risk tolerance. He distilled the gap into a single observation:

“Our whole financial system is set up to have someone else to blame,” arguing that institutions still prefer identifiable intermediaries and standardized processes over fully autonomous financial systems.

Why TradFi standards are reshaping bitcoin credit

Ledn CEO Adam Reeds said the most important question a borrower should ask is “where is your Bitcoin stored.” Lygos CEO Jay Patel added that borrowers now need to “underwrite the lender” before entering any bitcoin-backed credit arrangement.

The panel placed particular weight on rehypothecation, the practice of relending pledged collateral, which Patel called “the biggest point in my mind” and a key driver of the 2022 lending crisis that took down Celsius, Voyager, and BlockFi.

The post-collapse shift has pushed the industry toward products centred on transparent custody, standardized contracts, and clearly identified counterparties.

As crypto.news reported, BitGo launched a unified financing platform in April that allows institutions to borrow and lend from a single custody account, directly addressing the fragmentation the panel described.

The bitcoin credit market has grown to approximately $10 billion in less than a year, with Consensus panelists calling it one of the fastest product launches in capital markets history.

Miami — Tether.io Head of Government Affairs Jesse Spiro said the crypto industry sees the 2026 U.S. midterm elections as a critical test for whether Washington’s recent embrace of digital assets will endure.

“What we’ve seen is a lot of good immersion and progress over the last year,” Spiro said during a panel discussion at the Consensus Miami 2026 conference, pointing to the passage of the GENIUS Act and progress on market structure legislation. “But as with anything else, the apple cart can always get upset.”

Spiro warned that the elections could have a “seismic impact” on the industry’s trajectory, even as crypto advocacy groups prepare to deploy major political spending and grassroots organizing.

“Crypto should not be partisan,” Spiro said. “Best case is that we have members that are supportive of the industry, supportive of the ecosystem, supportive of good policy.”

Other panelists argued the industry’s political influence is only growing ahead of November.

Colin McLaren, Head of Government Relations at the Solana Policy Institute, said crypto’s political efforts are now focused on “durability,” ensuring that the future of Congress continues advancing industry priorities, including tax reform and protections for developers.

“You can make the down payment on a house, but you’ve got to keep paying the mortgage,” McLaren said, referring to crypto’s campaign spending efforts after the industry poured hundreds of millions into the 2024 election cycle.

Mason Lynaugh, Executive Director of Stand With Crypto, said the group’s nearly 3 million members are increasingly viewing elections as “an accountability moment.”

“They’re going to show up and support the people that supported them,” Lynaugh said, adding that crypto voters are highly motivated and could sway close races. “If something is decided by 4,000 votes, 5,000 votes … all we have to do is turn them out.”

Read more: Crypto is at bottom of U.S. voters’ priorities heading into elections, CoinDesk survey shows

Senator Ashley Moody took the Consensus Miami 2026 stage on Thursday to tell the crypto industry how she sees the relationship between Washington and digital assets.

Senator Ashley Moody took the Consensus Miami 2026 stage on Thursday alongside Digital Chamber CEO Cody Carbone to discuss how Washington should engage with the digital asset industry. It is her first Consensus appearance, part of a broader push by federal officials to be seen at the industry’s biggest annual event.

The session comes at a pivotal moment for crypto legislation. The CLARITY Act is racing toward a potential Senate Banking Committee markup before the May 21 Memorial Day recess, with Senators Cynthia Lummis and Bernie Moreno warning that failure pushes the next window to 2030.

As crypto.news reported, Ripple CEO Brad Garlinghouse called the past week a “big positive shift” in Senate momentum from the same stage on Day 1.

A Senate debut for crypto policy

Moody’s appearance follows Senator Kirsten Gillibrand’s Day 2 remarks, covered by crypto.news, in which Gillibrand expressed optimism about the CLARITY Act’s path through Congress.

CFTC Chairman Michael Selig and White House official Patrick Witt also attended Consensus 2026 for the first time, as the Senate Banking Committee targets a CLARITY Act markup the week of May 11.

Consensus 2026 drew more than 20,000 attendees to Miami Beach, with institutional participation at approximately 35% of the audience, representing an estimated $10 trillion in assets under management.

Morgan Stanley and JPMorgan are first-time sponsors. Washington’s engagement with crypto has shifted from occasional to consistent, and Moody’s Consensus debut is one more marker of that change.