Key Takeaways

• Evercore ISI projects an S&P 500 base target of 7,750 by the conclusion of 2026, while assigning a 30% probability to a bullish scenario of 9,000.
• Technology, communication services, and consumer discretionary sectors are expected to benefit most from AI advancements in the bull scenario.
• RBC Capital has established a 7,900 target over the next 12 months, suggesting approximately 7.7% appreciation from early May price levels.
• RBC anticipates market corrections to remain moderate at 5–10%, with more severe downturns only emerging if recession concerns resurface.
• Artificial intelligence creates a dramatic earnings divide: RBC forecasts 28% growth for AI-linked companies compared to just 6% for traditional index components.

Two prominent Wall Street research houses have published their S&P 500 projections through 2026. While both maintain optimistic outlooks, each acknowledges potential volatility ahead.

Evercore ISI: Multiple Scenarios Point Higher

Julian Emanuel, analyst at Evercore ISI, has established a year-end 2026 base case projection of 7,750 for the S&P 500. However, he assigns a significant 30% likelihood to a bull scenario that could propel the benchmark index to 9,000.

According to Emanuel, the market faces an intersection of two powerful dynamics: a technology boom powered by artificial intelligence innovations and fundamental shifts in international geopolitical structures. This convergence, he argues, expands the spectrum of potential market outcomes beyond historical norms.

Emanuel drew parallels to the 1920s and 1990s eras, highlighting what he described as “wartime-scale economic stimulus, accelerating M2 money supply, and a transformative productivity surge” coinciding with the AI transformation. His analysis suggests productivity expansion could reach 3% annually before the decade closes.

The firm advises clients to purchase long-dated call options targeting the “AI Class of 2026” portfolio companies and the QQQ exchange-traded fund to maximize exposure to potential gains. Simultaneously, Evercore recommends implementing collar strategies on S&P 500 index funds to protect against short-term volatility stemming from crude oil fluctuations and interest rate movements.

Emanuel also noted an inherent constraint within AI technology itself. He observed that large language models frequently gravitate toward consensus predictions and fail to account for tail-risk events. Consequently, sustainable competitive advantages will emerge from specialized industry knowledge and comprehensive workflow ownership rather than simple AI tool adoption.

RBC Capital: Gradual Ascent With Intermittent Volatility

Lori Calvasina, who leads U.S. equity strategy at RBC Capital, has positioned her 12-month S&P 500 price objective at 7,900. This target represents roughly 7.7% potential upside from valuation levels observed in early May.

Calvasina emphasized that the anticipated advance will include periodic setbacks. She projects corrections in the 5–10% range as likely, though she doesn’t foresee more substantial declines of 14–20% unless recessionary concerns reemerge.

RBC’s analytical framework centers on what the firm characterizes as an “AI acceleration, Middle East deceleration” environment. Their calculations assume 28% earnings expansion for AI-centered enterprises in 2027, contrasted with merely 6% growth across remaining index constituents.

The model incorporates a 5% reduction to consensus earnings expectations and projects inflation stabilizing near 3.3%, with the Federal Reserve maintaining current policy and 10-year Treasury yields hovering around 4.5%. Should inflation climb to 3.8% and prompt Fed rate increases, RBC estimates fair value would decline to the 7,400–7,500 territory.

Immediate headwinds identified by the firm include potential earnings revisions linked to geopolitical conflict effects, profit-taking activity in semiconductor equities, midterm election-related uncertainty, and elevated borrowing costs.

RBC continues to favor growth-oriented equities over value stocks, and maintains its overweight stance on U.S. markets relative to international alternatives.

EUR 1 billion note programme planned for 2026 following completion of global issuance infrastructure by the end of Q3 2026.

STOCKHOLM & RIGA — May 14, 2026 — Deploi, the institutional infrastructure layer for digital private credit, today announced the launch of its direct issuance framework on Polygon, following ISIN allocations from Nasdaq CSD for its inaugural UK Consumer Credit Notes.

The first issuance, Series 2026/CON/001, enables regulated digital debt issuance for consumer credit assets, with individual notes of up to EUR 5 million. The issuance forms part of Deploi’s EUR 1 billion note programme for 2026, with planned expansion capacity of up to EUR 5 billion following the expected completion of its global issuance infrastructure by the end of Q3 2026.

Approximately EUR 100 million in additional issuance volume through Assetera is already lined up over the next six months, reflecting early institutional demand for regulated, blockchain-native private credit products.

Deploi’s infrastructure is designed to modernize the operational backbone of private credit by replacing slow, manual fund structures with programmable issuance, settlement, servicing, and risk-management infrastructure.

“The legacy private credit model is operationally outdated,” said Oskars Jepsis, Founder of Deploi. “Investors and lending partners increasingly expect faster execution, greater transparency, and more flexible access to credit opportunities. Deploi is building the infrastructure to replace fragmented, manual processes with scalable digital issuance and settlement rails purpose-built for modern private credit markets.”

Deploi’s issuance and registry infrastructure is anchored on EVM-compatible chains, with Polygon serving as the initial settlement layer ahead of planned expansion to Canton Network infrastructure.

The notes are issued and settled through Assetera, the EU-regulated DLT trading platform licensed under the MiFID II framework, enabling compliant access for European investors.

“Private credit has long been inaccessible to most European investors due to structural barriers — high minimums, opacity, and illiquidity. By providing the regulated infrastructure for Deploi’s instruments, Assetera removes those barriers while maintaining full MiFID II compliance. This partnership demonstrates precisely what regulated DLT infrastructure makes possible: institutional-grade yield products, compliantly distributed at scale across Europe,” said Thomas Labenbacher, CEO of Assetera.

“Private credit is a massive market, but it still runs on outdated infrastructure. What Deploi is doing with direct issuance and bringing this onchain with Polygon is a clear step toward making these markets more efficient, transparent, and easier to access for institutional participants.” Marc Boiron, CEO at Polygon Labs.

Early Market Traction

Deploi enters the market with growing institutional demand and active issuance momentum, including:

• Initial live product focused on UK consumer credit
• Notes issued in tranches of up to EUR 5 million
• EUR 1 billion note programme planned during 2026
• Approximately EUR 100 million in additional issuance volume through Assetera already lined up over the next six months
• Target yields ranging from 6–18%, depending on underlying asset structures
• Buy-side engagement from digital asset and yield-focused institutional investors

Infrastructure & Settlement

Deploi combines regulated issuance infrastructure with blockchain-native settlement and servicing capabilities:

• Regulated Settlement: Assetera acts as Deploi’s licensed trading and settlement venue.
• Onchain Registry: Digital debt instruments and registry records are anchored on Polygon.
• Scalable Issuance Framework: Deploi’s 2026 note programme is structured to support direct issuance across multiple private credit asset classes as global issuance infrastructure is completed.

About Deploi

Deploi is a Nordics-based financial infrastructure provider enabling private credit originators to issue institutional-grade digital debt securities directly to global investors through regulated blockchain infrastructure.

Deploi’s platform is designed to support programmable issuance, settlement, servicing, and risk management for private credit markets, helping originators and investors access more efficient, transparent, and scalable debt capital markets infrastructure.

About Assetera

Assetera is the first EU-regulated DLT trading platform for securities and real-world assets. Licensed by the Austrian FMA under MiFID II and VASP frameworks, Assetera enables compliant distribution of tokenized financial products across Europe.

About Polygon Labs

Polygon Labs develops blockchain infrastructure for scalable payments and financial markets. Its technology supports institutions, fintechs, and enterprises building onchain financial applications at global scale.

Media Contact

Disclaimer

This announcement is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities or financial instruments. Any investment in private credit instruments involves risk, including the potential loss of capital. Target yields are not guaranteed and may vary depending on the underlying asset structure, market conditions, borrower performance, and other risk factors. Securities referenced in this announcement may only be offered to eligible investors in accordance with applicable laws and regulations.

Justin Sun moved 41.99m Spark worth $1.23m from Spark to HTX, adding to roughly 610m SPK in exchange-bound flows since 2025 and renewing sell-pressure and governance worries.

Justin Sun has resumed large Spark (SPK) withdrawals from Spark, moving 41.99 million tokens worth approximately $1.23 million to his HTX exchange in another suspected sell‑side transaction, according to on-chain data flagged by pseudonymous analyst ai_9684xtpa and relayed by ChainCatcher. The latest transfer follows a roughly two‑week lull in activity, suggesting Sun is again cycling staking rewards or accumulated balances from the Spark protocol into centralized venues rather than compounding them on-chain.

Since September 2025, Sun-linked wallets have routed around 610 million SPK to exchanges, with an estimated aggregate value near $19.08 million at the time of transfer, ChainCatcher’s running tally shows. While these movements do not prove immediate market sells, the consistent pattern of exchange-bound flows has led analysts and traders to treat them as de facto supply overhang that can cap upside or accelerate drawdowns when liquidity thins.

Pattern of SPK offloads raises pressure on the token

The latest move continues a broader trend of Sun monetizing rewards and ecosystem allocations across projects he influences, echoing earlier scrutiny over his handling of other tokens on networks associated with TRON and HTX. Each fresh SPK transfer into HTX expands the pool of coins that can be market‑sold into bids, potentially dampening spot demand from users who interact with Spark for its lending and staking features rather than for speculative trading.

Traders watching SPK’s order books now have to factor in the possibility of further tranches coming online if Sun maintains his current pace, especially given the roughly eight‑month history of repeated, multi‑million token transfers. For long‑term holders, the concern is less about any single $1.23 million move and more about the signaling effect of a key insider consistently sending rewards off‑platform instead of holding or deploying them inside the Spark ecosystem.

Governance and transparency questions resurface

The repeated flows also sharpen governance questions around how much effective control Sun still exerts over Spark and related assets, even when formal structures appear decentralized on paper. Large, opaque insider movements can erode confidence among smaller holders who lack visibility into Sun’s trading intentions or any internal agreements that might constrain his selling behavior.

Sun has previously dismissed similar concerns around his trading activity in other ecosystems, arguing that his moves are routine treasury and liquidity management rather than opportunistic dumping. However, the combination of regular SPK transfers to HTX, the cumulative $19.08 million value involved, and the absence of detailed public communication around those flows leaves SPK in the crosshairs whenever broader market sentiment turns risk‑off.

The online gambling industry has long been shaped by a handful of major operators. Bet365 and 888casino sit near the top of that list. Both have spent years building their reputations, expanding their game libraries, and attracting millions of players worldwide. But the market is shifting. A new wave of crypto-focused platforms is emerging, and among them, ZunaBet is drawing attention as a platform built from the ground up for a different kind of player. This article breaks down how these three platforms compare across games, payments, bonuses, loyalty programs, and overall direction.

Bet365: The Scale Operator

Bet365 is one of the biggest names in online gambling globally. Founded in 2000, the UK-based operator holds licenses in multiple regulated markets and is known primarily for its sportsbook, which is widely considered one of the most comprehensive in the world. Its casino arm offers a solid selection of slots, table games, and live dealer options from well-known providers.

Bet365 operates on a traditional fiat model. Deposits and withdrawals are handled through credit cards, bank transfers, PayPal, and other standard payment methods. The platform does not currently support cryptocurrency payments. Its welcome offers tend to be modest compared to some competitors, with a focus on sports betting promotions rather than large casino bonuses.

The loyalty system at Bet365 is relatively straightforward. There is no elaborate tiered program with public rakeback percentages. Instead, the platform relies on periodic promotions, free bets, and retention offers tailored to individual players. For many users, Bet365’s strength lies in its reliability, breadth of sports markets, and global reach rather than flashy bonus structures.

888casino: The Long-Running Brand

888casino has been around since 1997, making it one of the oldest online casino brands still in operation. It holds licenses from the UK Gambling Commission and the Malta Gaming Authority, among others. The platform offers a wide library of slots, jackpot games, table games, and a live casino section powered by providers like Evolution and NetEnt.

Like Bet365, 888casino operates entirely on fiat payment rails. Players can deposit using Visa, Mastercard, Skrill, Neteller, and similar options. There is no cryptocurrency support. The welcome bonus at 888casino typically sits in the low-to-mid hundreds of dollars range, depending on the market and current promotion. It is competitive but not among the largest in the industry.

888casino uses a tiered VIP program with levels that unlock based on activity. Benefits include bonus offers, faster withdrawals, and dedicated account managers at higher tiers. The system is functional but follows the same general template used by most traditional operators. There is nothing particularly unique about it compared to other legacy casino loyalty programs.

ZunaBet: The Crypto-First Challenger

ZunaBet launched in 2026 and takes a fundamentally different approach. Built by a team with over 20 years of combined industry experience, it was designed from the start as a crypto-first platform. It is owned by Strathvale Group Ltd and operates under an Anjouan gaming license.

The numbers are hard to ignore. ZunaBet offers over 11,000 games from 63 providers, including Pragmatic Play, Hacksaw Gaming, Evolution, Yggdrasil, and BGaming. That makes it one of the larger game libraries among crypto-focused casinos. The selection covers slots, RNG table games, and live dealer titles. Alongside the casino, ZunaBet runs a full sportsbook covering football, basketball, tennis, NHL, and esports titles like CS2, Dota 2, League of Legends, and Valorant. Virtual sports and combat sports round out the offering.

Where ZunaBet stands apart most clearly is payments. The platform supports over 20 cryptocurrencies, including BTC, ETH, USDT across multiple chains, SOL, DOGE, ADA, and XRP. There are no platform processing fees, and withdrawals are fast. For players who already hold crypto, this removes the friction of converting to fiat, waiting for bank processing times, or dealing with card declines that sometimes affect gambling transactions.

The welcome bonus is significantly larger than what Bet365 or 888casino typically offer. ZunaBet provides up to $5,000 plus 75 free spins spread across three deposits. The first deposit gets a 100% match up to $2,000 plus 25 spins. The second gives 50% up to $1,500 plus 25 spins. The third adds another 100% up to $1,500 plus 25 spins. That total package puts it well above the industry average for welcome offers.

Loyalty Programs: Traditional Tiers vs. Gamified Progression

This is where the philosophical difference between old and new platforms becomes most visible. Bet365 keeps things simple with ad hoc promotions. 888casino uses a tiered VIP system that rewards volume but follows a familiar pattern. Neither platform offers transparent, publicly stated rakeback percentages at each tier.

ZunaBet takes a different route with its dragon evolution loyalty system. The program has six tiers — Squire, Warden, Champion, Divine, Knight, and Ultimate — each with a clearly stated rakeback rate. Players start at 1% rakeback and can progress to 20% at the highest level. The program also includes tier-based free spins up to 1,000, VIP club access, double wheel spins, and a gamified mascot called Zuno. It is designed to feel more like progression in a game than a standard rewards program, which appeals to a generation of players who grew up with video games and expect that kind of engagement.

Crypto vs. Traditional Platforms

The broader trend behind ZunaBet’s approach is worth noting. Traditional operators like Bet365 and 888casino built their businesses around fiat currencies, regulated banking systems, and payment processors that come with their own fees and processing times. That model works and has worked for decades.

But crypto-native platforms are growing because they solve specific problems. Transactions are faster. Fees are lower. Players in regions with limited banking access can participate more easily. Privacy preferences are better served. And for the growing number of people who hold cryptocurrency as a primary asset, being able to gamble without converting to fiat is a practical advantage, not just a novelty.

ZunaBet sits squarely in this space. It was not built as a traditional casino that added crypto later. It was designed around crypto from day one, and that shapes everything from its payment infrastructure to its bonus structure to its target audience.

Where Things Stand

Bet365 and 888casino are not going anywhere. They have the licenses, the brand recognition, and the user bases to remain major players for years to come. They serve a broad market and do it well.

But ZunaBet represents something different. It is a platform built for players who want more games, bigger bonuses, transparent loyalty rewards, and the ability to use crypto without friction. With over 11,000 games, a full sportsbook, 20+ supported cryptocurrencies, and a loyalty program that clearly states what you earn at every level, it is positioning itself as the next step in what online casinos can look like.

For a new generation of players who think in crypto, expect gamified experiences, and want transparency in their rewards, ZunaBet is the platform to watch.

Key Takeaways

• Bank of America maintained its Underperform stance on Salesforce (CRM), setting a $160 price target that suggests approximately 8% downside from current trading levels.
• The firm highlighted three primary challenges: sluggish new customer acquisition, constrained expansion opportunities with existing accounts, and questionable AI revenue generation capabilities.
• Shares of CRM began Monday’s session at $173.77, hovering close to the 52-week low of $163.52, reflecting a 25% decline over the last half-year.
• Contrasting with BofA’s pessimistic outlook, the broader analyst community rates CRM as a Moderate Buy with a consensus target of $274.56.
• The company delivered fourth-quarter results exceeding expectations with $3.81 EPS and $11.20 billion in revenue, while authorizing a substantial $25 billion stock repurchase initiative.

Bank of America reaffirmed its Underperform position on Salesforce (CRM) at the start of the week, establishing a $160 price objective — calculated using 9x CY27 EV/FCF — which indicates potential downside of approximately 7.9% from the opening price of $173.77.

Salesforce, Inc., CRM

Shares of CRM kicked off Monday’s trading session dangerously close to the 52-week bottom of $163.52, after experiencing a substantial 25% pullback throughout the preceding six-month period. The stock currently trades significantly below its 50-day moving average of $184.17.

BofA identified three fundamental concerns driving its bearish thesis: lackluster growth in new customer acquisition, minimal opportunities to expand wallet share with current customers, and what analysts characterized as a questionable AI monetization strategy.

The financial institution perceives Salesforce as evolving from a high-velocity growth company into a mature enterprise focused on cash generation. BofA’s projections anticipate annual revenue growth around the 10% mark moving forward — representing a notable deceleration from the company’s historical expansion trajectory.

However, Salesforce’s underlying business metrics remain solid. The enterprise software giant delivered fourth-quarter earnings of $3.81 per share, surpassing analyst projections of $3.05 by a substantial $0.76 margin. Quarterly revenue reached $11.20 billion, narrowly exceeding the Street’s $11.18 billion estimate and representing 12.1% year-over-year growth.

Wall Street’s Broader Perspective

Bank of America’s bearish position represents a clear outlier. Among 39 analysts tracking the stock, 25 recommend buying, 11 suggest holding, and merely two — including BofA — advocate selling. One analyst has assigned a Strong Buy rating. The average price target stands at $274.56.

Truist Securities affirmed its Buy recommendation with a $280 price objective following the company’s TDX developer conference. Barclays sustained its Overweight rating alongside a $252 target. Jefferies continues to recommend buying the stock, though it reduced its price target from $375 down to $250.

Salesforce has implemented strategic measures to bolster shareholder value. This past March, the board greenlit a $25 billion share buyback authorization, empowering management to repurchase as much as 14.1% of shares outstanding — typically interpreted as leadership’s conviction that shares are trading below intrinsic value.

Director Purchases and Institutional Movements

Two board members executed stock purchases during March. Laura Alber acquired 2,571 shares at an average price of $194.58, while David Blair Kirk purchased 2,570 shares at $194.62. Both transactions represented significant increases to their respective holdings.

Institutional investors control 80.43% of outstanding shares, with multiple funds expanding their positions during the fourth quarter. Brighton Jones grew its stake by 13.7%, while Revolve Wealth Partners increased its holdings by 12.6%.

Salesforce recently reorganized its revenue reporting framework into two distinct segments — Agentforce Apps and Data 360 — mirroring evolution in its product portfolio. The company has also deepened its strategic alliance with Google Cloud to implement AI agents throughout Slack and Google Workspace environments.

Looking toward FY2027, Salesforce has projected EPS ranging from $13.11 to $13.19, with first-quarter guidance between $3.11 and $3.13. Current analyst consensus anticipates full-year EPS of $9.71.

The stock trades at a P/E ratio of 22.25 with a beta of 1.14, maintaining a robust gross profit margin of 77.68% and a conservative debt-to-equity ratio of 0.18.