Operator

Good morning, everyone, and thank you for waiting. Welcome to Braskem’s Second Quarter of 2026 Results Conference Call.

With us here today, we have Mr. Helcio Tokeshi, Braskem’s CEO; Mr. Carlos Brandao, Braskem’s CFO; and Mrs. Rosana Avolio, Investor Relations, Strategic Planning and Global Market Intelligence Director.

We inform you that this event is being recorded. The presentation will be held in Portuguese with simultaneous translation into English. All participants can choose which language to listen to and see the presentation using the show captions and view options button respectively. After Braskem remarks, there will be a Q&A session. Please be advised that questions must be sent through the Q&A button. I will now repeat the same instructions in Portuguese.

We inform you that this event is being recorded. The presentation will be held in Portuguese with simultaneous translation into English. All participants can choose which language to listen to and see the presentation using the show captions and view options button respectively. After Braskem remarks, there will be a question-and-answer session. Please note that questions should be submitted in writing through the Q&A button.

The audio of this event will be available on the Investor Relations website after it ends. We remind you that the participants will be able to submit questions to Braskem, which will be answered after the end of this conference by the RI (sic) [ IR ] department.

Before proceeding, we would like to clarify that any statements that may be made during this conference call regarding Braskem’s business prospects, projections, operational and financial goals are beliefs and

WeWork Global on Friday divested a 2.5 per cent stake in flexible workspace operator WeWork India Management for Rs 244 crore through open market transactions.

According to the block deal data on the BSE, WeWork Global through its affiliate, 1 Ariel Way Tenant Ltd, offloaded 35 lakh equity shares in five tranches, representing a 2.52 per cent stake in WeWork India Management.

The shares were disposed at an average price of Rs 697.55 apiece, taking the combined transaction to Rs 244.14 crore.

After the latest transaction, 1 Ariel Way Tenant Ltd’s holding in WeWork India Management declined to 12.3 per cent from 14.82 per cent.

Despite the stake sale, WeWork Global through its arm will remain the largest public shareholder in the company.

Meanwhile, Motilal Oswal Asset Management Company Ltd PMS, Motilal Oswal Mutual Fund (MF), ICICI Prudential MF, HDFC Standard Life Insurance Company Ltd, and Citigroup Global Markets Mauritius bought an equal number of shares at the same price.
Shares of WeWork India Management fell 1.57 per cent to close at Rs 707.80 apiece on the BSE.In July, WeWork India reported a consolidated net loss of Rs 4.30 crore for the first quarter of this fiscal year due to higher expenses.

The company had posted a net loss of Rs 14.10 crore in the year-ago period.

Its total income rose to Rs 700.74 crore during the April-June quarter of this fiscal year from Rs 545.71 crore in the corresponding period of the preceding year.

In 2017, WeWork India began as a joint venture between WeWork Global (US-based WeWork Inc) and Embassy Group. After WeWork Inc filed for Chapter 11 bankruptcy in the US, it moved to sell off its India stake entirely.

WeWork India is majority-owned and promoted by Embassy Group, and is the exclusive licensee of the WeWork brand in the country.

South Korea’s Kospi index entered a bull market again today, defined as a 20% rise from a recent low. Since the index’s recent bottom on July 30, it is up nearly 22%, including Thursday’s 3.6% gain. That is a quick turnaround: Its launch back into a bull-market territory happened over just 10 trading sessions.

LONDON — Britain’s benchmark FTSE 100 index closed lower Friday, extending its losing streak to a fifth consecutive session, as weakness in mining and pharmaceutical stocks offset an initially positive open driven by cooling U.S. inflation data.

The index closed down 22.56 points, or 0.21%, at 10,750.11. Trading ranged between a session high of 10,789.71 and a low of 10,723.66, following a previous close of 10,772.67. The FTSE 250, which tracks a broader set of mid-cap companies, moved in the opposite direction, ending up 29.71 points, or 0.1%, at 24,867.42, while the AIM All-Share index closed slightly higher at 800.92.

Friday’s session began on a stronger note, with London stocks initially set to open around 0.3% higher after Wall Street closed at fresh record highs overnight. That optimism followed a softer-than-expected U.S. inflation reading, which eased concerns about the Federal Reserve pursuing further interest rate increases and helped lift global risk appetite heading into the European trading day. The FTSE 100 briefly climbed as high as 10,846 in early trading before steadily giving back those gains through the rest of the session.

Mining stocks emerged as the primary drag on the index. Antofagasta led the declines, falling more than 3.7% after the company cut its copper production outlook, according to Trading Economics data. Fellow miners Glencore, Fresnillo and Endeavour Mining all declined by more than 2%, while Anglo American slipped roughly 1.8%, as weaker industrial metal prices weighed broadly across the sector. Pharmaceutical stocks added to the pressure, with AstraZeneca and GSK both falling more than 2%, ranking among the session’s steepest individual losses.

Not every part of the market moved lower. The Sage Group, Experian and Relx were among the day’s top performers, posting gains of 3.92%, 3.81% and 2.69%, respectively. Energy stocks also showed relative resilience, with Shell and BP trading slightly higher as oil prices remained supported amid ongoing tensions tied to the broader U.S.-Iran standoff, which continued to weigh on sentiment even as Friday’s specific market moves were driven more directly by the mining and pharmaceutical sectors.

David Morrison, senior analyst at Trade Nation, said Friday’s decline capped off an underwhelming week for London shares, one that left analysts debating whether the pullback reflected typical seasonal thinness in summer trading or something more significant. “It looks as if momentum on London is picking up to the downside,” Morrison said, pointing to the accumulating losses across the week as a signal worth watching closely in the sessions ahead.

For the week overall, the FTSE 100 finished down 1.4%, a notable pullback for the index following a stretch of relative stability. The FTSE 250 posted a modest weekly gain of 0.1%, while the AIM All-Share climbed 0.3% over the same period, reflecting a divergence between the large-cap index, weighed down heavily by its outsized exposure to mining and commodity-linked stocks, and the broader market.

Friday’s session also unfolded against the backdrop of fresh UK economic data, with investors continuing to digest the latest gross domestic product figures released earlier in the week. Weakness in the mining sector had already been a recurring theme across the preceding sessions, with Thursday’s trading also dragged lower by declines in the same group of resource-linked stocks even as broader UK GDP data offered a mixed picture of domestic economic momentum.

The FTSE 100’s struggles this week stand in contrast to the record-setting run enjoyed by U.S. markets over the same period, with the S&P 500 closing at a fresh all-time high Thursday after clearing the 7,800 mark for the first time in the index’s history. That divergence highlighted how sector composition has shaped each market’s performance differently in recent sessions, with London’s heavier weighting toward mining, energy and pharmaceutical companies leaving the index more exposed to commodity price swings and company-specific earnings disappointments than the more technology-heavy U.S. benchmarks.

Looking ahead, market participants are likely to continue monitoring commodity prices, particularly industrial metals, along with any further developments in the geopolitical situation surrounding Iran and its potential impact on oil markets, as key factors likely to shape the FTSE 100’s performance heading into the following week. With the index having now logged losses in five straight sessions, investors will also be watching closely for any signs of stabilization once the current run of company-specific pressures, particularly within the mining sector, begins to ease.

A popular hairstyling mousse sold to salons and consumers in multiple states is being recalled over a potential explosion hazard.

Henkel Corporation is voluntarily recalling certain 6.76-ounce cans of Schwarzkopf Professional Osis Grip Extra Strong Mousse, according to an Aug. 11 notice posted by the U.S. Food and Drug Administration (FDA).

The Germany-based company said a “potential packaging issue” could allow the product to leak from the aluminum cans while under pressure, creating an explosion hazard.

POPULAR REESE’S, ALMOND JOY ICE CREAM BARS RECALLED OVER LABELING ERROR

Henkel became aware of the problem after receiving one customer complaint and two reports from salons.

“Bruising on the hand was reported by the customer and no other injuries were identified,” the FDA noted.

Affected batch codes include:

• 2901X4577N, 2901X4578N, 290265P91O, 290665Q30O, 290855N31O, 290866R38P, 290994281N, 291046L06P, 291174W17N, 291435H76O, 291435H77O, 291455N33O, 291515A59O, 291515A99O, 291515B01O, 291555N33O, 291615B01O, 291616B68P, 291716B69P, 291825E960, 291925E96O, 292015B73O, 2928Y538BO, 2928Y539BO, 293066U32P

RECALL ISSUED FOR DOG AND HORSE MEDICATION AFTER GLASS FIBER FOUND IN VIALS

The recalled mousse was distributed through 21 distributors in Alaska, Arizona, California, Florida, Michigan, Missouri, New Jersey, Ohio, Pennsylvania, South Carolina, Texas and Washington, according to the FDA.

It was also sold directly to hair professionals and consumers.

NEARLY 12 MILLION BOTTLES OF ROHTO EYE DROPS RECALLED OVER STERILITY CONCERNS, FDA ANNOUNCES

CLICK HERE TO GET FOX BUSINESS ON THE GO

Consumers who purchased one of the recalled cans are encouraged to return it to the place of purchase for a full refund.

FOX Business reached out to Henkel for comment.

Corporate events offer a clear opportunity to showcase company values directly to industry leaders, potential clients, and business partners.

Choosing the right person to convey your core message shapes how the brand gets perceived across the market. High-impact keynote presenters transform ordinary corporate gatherings into memorable experiences that spark immediate action. Selecting speakers who match your corporate identity turns routine business presentations into powerful growth drivers.

Choosing the Right Voice for Your Business

Finding an authentic figurehead to represent your brand demands careful thought and strategic direction. As explained by JLA Speakers, partnering with established agencies gives organizations direct access to top talent who captivate the room’s attention effortlessly. These seasoned professionals possess rare communication skills needed to hold audience interest and drive core commercial messages home. Their industry experience helps shape complex corporate ideas into clear, engaging narratives.

Selecting a spokesperson requires evaluating how well their personal style matches your company culture. A mismatched presenter creates confusion, whereas a well-matched personality reinforces trust among corporate attendees. Taking time to review past keynote recordings helps verify that the chosen presenter mirrors your brand’s core principles. Professional presenters adapt their tone to suit diverse corporate audiences seamlessly.

Align Speaker Expertise with Strategic Goals

Every corporate event aims to hit specific targets, from boosting workforce motivation to announcing major commercial expansions. Industry research indicates that success depends on pairing speaker backgrounds directly with defined event objectives. Selecting an expert with relevant domain knowledge guarantees that every story shared resonates deeply with corporate attendees. Specialized knowledge adds credibility to your corporate message, making complex industry concepts accessible to all listeners.

Inspirational leaders who bring high energy, drive, and humor leave lasting positive impressions on corporate crowds. These dynamic personalities uplift audiences and deliver actionable business insights that teams can put into practice. Aligning speaker traits with expected outcomes turns standard speeches into memorable brand moments. Event organizers gain higher attendee satisfaction scores when keynotes directly address practical business priorities.

Plan Booking Timelines Far Ahead

Securing top corporate talent requires a forward-thinking strategy and early scheduling efforts. Booking industry leaders 6 to 12 months in advance is recommended to guarantee access to peak talent. Delaying outreach often leaves organizers with limited choices or compromised event schedules. High-profile presenters maintain packed schedules, so early contact protects your event date.

Early preparation provides ample time to coordinate presentation content, practice runs, and stage arrangements. Organizers can collaborate closely with speakers to tailor messages directly to attendee demographics. Long lead times guarantee smooth coordination and eliminate last-minute logistical friction. Thorough preparation gives marketing teams extra margin to build event publicity around confirmed keynotes.

Interactive Formats That Engage the Room

Modern corporate presentations are shifting away from traditional one-way lectures toward dynamic audience participation. Keynotes increasingly integrate elements that involve the audience directly, turning a speech into an experience[cite: 2]. Involving listeners directly maintains high energy levels throughout the presentation and keeps attention focused on core themes. Interactive presentation styles encourage attendees to reflect on how business concepts apply to their daily work.

Leaving time for audience interaction after a speech helps you forge valuable connections with potential clients and business partners. Direct conversations create genuine engagement, allowing prospective clients to clarify key concepts on the spot. Interactive sessions transform passive audience members into active participants in your corporate narrative. These open exchanges build commercial trust and strengthen long-term industry relationships.

Elevate Brand Perception Through Powerful Messaging

Presenters who deliver memorable messages rely on proven visual and structural tools to reinforce key ideas. Incorporating structured visual formats and clear takeaways guarantees high memory retention long after events finish.

• Research shows that people remember 95% of information from videos, compared to only 10% from text.
• Strong presentation skills empower audiences to see branding as more than image – as the key to influence and opportunity.
• Real-world case studies build immediate commercial credibility with decision-makers in the room.
• Clear action steps allow attendees to apply key concepts immediately within their organizations.

Combining compelling storytelling with structured visual aids elevates standard presentations into impactful brand statements. Commercial reach grows naturally when articulate presenters deliver practical, memorable takeaways.

Measuring Long-Term Impact From Keynote Presentations

Evaluating event success requires looking beyond immediate applause to track tangible business results. Gathering attendee feedback through post-event surveys provides clear data on message retention and brand perception changes. Tracking website visits, inbound leads, and contract conversions after the event helps quantify financial returns on event investments.

Repurposing keynote content across digital channels extends the lifespan of corporate events. Recording high-value speeches allows marketing teams to create short video clips, editorial articles, and social media posts. Sharing these key insights across digital platforms keeps your brand message active in industry discussions.

Selecting powerful speakers gives companies a clear advantage when communicating business goals to key stakeholders. Thoughtfully matched presenters build commercial trust, inspire action, and position organizations for long-term commercial success. Investing in experienced talent guarantees that every corporate presentation delivers measurable value and lasting audience impact.

A $900 million bet Google parent Alphabet took on Elon Musk‘s rocket company SpaceX in 2015 was worth roughly $94 billion at the end of June, a 100-fold jump, according to a Reuters report.

Alphabet is by far the largest single institutional shareholder in SpaceX following the company’s $86 billion IPO in June, a Reuters analysis of public quarterly filings found.

Other investors who disclosed their holdings after the IPO include early backer Fidelity Investments, Saudi Arabia’s sovereign wealth fund — the Public Investment Fund — and Hancock Prospecting, the holding company controlled by Australian mining magnate Gina Rinehart.

The filings reveal the stakes SpaceX’s backers built as the company grew from a closely held startup into a publicly listed giant. Along with separate disclosures on early investments, including Alphabet’s, they show just how dramatically the value of some of those early bets has multiplied.

The 13F data is a snapshot as of June 30, filed up to six weeks later — it won’t reflect any buying or selling since then as per Reuters’ report. It also has limits given SpaceX’s vast investor base and the shifting timeline for when different stakes become eligible for public trading, the Reuters report said.

“It’s very, very difficult to tease out which of these institutions were holding pre-IPO shares,” said Steve Sosnick, market strategist at Interactive Brokers.
Alphabet had however revealed the $900 million investment in SpaceX in 2015, which has enabled measuring the extent of growth over time.Sosnick noted that the 13F filings don’t show investors’ lockup status or their plans for cashing in on pre-IPO gains.

Alphabet held 551.2 million SpaceX shares at the end of the quarter, valued at about $94.2 billion based on SpaceX’s June 30 price of $170.86, according to the filing. At Thursday’s price, the stake was worth roughly $77.9 billion, but still represented 86.5 times Alphabet’s original investment.

Fidelity Investments held 302.6 million SpaceX shares, followed by Gigafund Management with 171.8 million, Saudi Arabia’s PIF with 154.1 million, Baillie Gifford with 51.4 million and BlackRock with 51 million. Hancock Prospecting held 8 million shares.

The five largest reported holders made up for nearly three-quarters of SpaceX’s reported shares. Separately, SpaceX said Elon Musk owned a 48.4% stake in the company.

SpaceX was listed on June 12 at $135 a share. The stock closed at $141.29 on Thursday, up 4.7% from its IPO price but down 17.3% from its June 30 close.

Sosnick told Reuters that SpaceX remains one of the most actively traded stocks among customers at Interactive Brokers, receiving a “fresh jolt of buying last week when market fears about what would happen when the first lockup expiry arrived proved to be unfounded.”

SpaceX shares fell 3% on Thursday but remain up 30% since August 5. Retail investors turned net sellers for the first time since the IPO on Friday, selling a net $4.5 million worth of shares, according to Vanda Research, which tracks self-directed investors.

A new study from researchers in Finland has found that adults who drink more coffee tend to have leaner body composition and distinct hormonal profiles compared with lighter coffee drinkers, adding new detail to the long-running scientific effort to understand why coffee consumption has repeatedly been linked to a lower risk of conditions such as type 2 diabetes and cardiovascular disease.

The study, conducted at the University of Oulu, analyzed data from 2,264 participants, all 46 years old, who are part of the Northern Finland Birth Cohort 1966, a long-running population study. Researchers examined how habitual coffee consumption related to circulating metabolites, cardiometabolic risk markers and sex hormones. The findings were published July 16 in the European Journal of Nutrition.

Despite having similar body mass index measurements, participants who consumed more coffee had lower total and visceral fat and greater skeletal muscle mass than those who drank less coffee, according to the study. In both men and women, higher coffee consumption was also associated with lower circulating levels of branched-chain amino acids, biomarkers that previous research has linked to insulin resistance and an increased risk of type 2 diabetes when chronically elevated.

The most pronounced hormonal differences emerged specifically among men. Higher coffee consumption in male participants was linked to a more favorable glucose-insulin profile, along with higher concentrations of total and bioavailable testosterone and increased levels of sex hormone-binding globulin, a protein that regulates how much testosterone circulates freely in the bloodstream. At the same time, free testosterone and the free androgen index, a separate measure of androgen activity, were modestly lower among men who drank more coffee. In women, hormonal associations were more limited, primarily showing up as higher sex hormone-binding globulin levels and lower measures of free androgens.

Luca Verroest, the study’s lead author and a doctoral researcher at the University of Oulu, said the findings point to a distinct biological signature tied to coffee consumption that held up even after accounting for other factors. “Coffee is consumed by millions of people every day, yet we still know surprisingly little about how it relates to our metabolism and hormones,” Verroest said, adding that the hormonal pattern observed in the study “didn’t disappear even after we took into account BMI and lifestyle factors,” and that several of the associations differed notably between men and women.

The research team said the results suggest hormonal pathways may play a role in explaining the broader relationship between coffee consumption and metabolic health that has been documented in earlier studies. However, because the study was observational, meaning researchers analyzed existing data rather than conducting a controlled experiment, the findings demonstrate associations rather than establishing a direct cause-and-effect relationship between coffee intake and the metabolic and hormonal differences observed.

The study carries particular relevance in Finland, which ranks among the highest coffee-consuming countries in the world, with annual per-person consumption averaging around 11.8 kilograms, or roughly 26 pounds, of coffee. That high baseline consumption across the study population may have made it easier for researchers to detect meaningful differences between higher- and lower-consuming groups within the cohort.

Looking ahead, the research team said the findings provide a foundation for future studies aimed at determining whether coffee itself directly drives the observed biological changes, and at identifying which specific compounds within coffee might be responsible. According to the University of Oulu, those questions are currently being investigated in animal models, with the longer-term goal of eventually progressing to human intervention studies, in which researchers would directly test coffee’s effects under controlled conditions rather than relying solely on observational population data. The researchers cautioned that further research will be needed before the findings could be used to inform formal dietary recommendations.

The new study adds to a broader body of research examining coffee’s relationship to human health, an area that has produced a wide range of findings over the years, some more consistent than others. Earlier research has linked moderate coffee consumption to a range of potential benefits, including reduced risk of type 2 diabetes and cardiovascular disease, though the precise biological mechanisms behind those associations have remained an active area of scientific investigation. The Oulu team’s focus on sex hormones and detailed metabolic markers offers a more granular look at some of the physiological pathways that might underlie those previously observed associations.

The study was conducted by researchers affiliated with the University of Oulu’s Research Unit of Biomedicine and Internal Medicine and its Arctic Biobank infrastructure for population studies, with additional contributions from researchers at Poznan University of Medical Sciences in Poland, Imperial College London and Brunel University London. All participants provided written informed consent, and the study was approved by the Ethical Committee of the Northern Ostrobothnia Hospital District in Oulu, Finland.

With coffee remaining one of the most widely consumed beverages in the world, researchers say understanding its underlying biological effects on metabolism and hormone regulation could eventually help inform more precise, evidence-based guidance around its consumption, though for now, the study’s authors are clear that its findings represent an association worth investigating further rather than a basis for new dietary advice.

Goldman Sachs Group Inc., Blackstone Inc. and Apollo Global Management Inc. had been working tirelessly for months to draw up debt deals that would help developers of artificial intelligence systems pay for chips from Nvidia Corp.

With slow progress on the complex deals, Nvidia’s chief executive officer, Jensen Huang, decided to change tack: He went public this week with the effort, saying the group is aiming to collectively finance AI computing deals totaling $500 billion — a round figure with no obvious provenance.

In doing so, he was seeking to assure Nvidia’s investors that there are plenty of deep-pocketed firms ready to finance his clients, particularly AI startups such as Anthropic PBC and OpenAI that are key to Nvidia’s future demand. While he’s bullish on AI spending overall, his company has been seeking to broaden its customer base beyond hyperscalers including Microsoft Corp. and Amazon.com Inc., many of which are trying to create their own components.

Huang wanted something else, too. After months of working with the trio of financiers, his $5.5 trillion firm called the original group up just days before the announcement to say that three other lenders — KKR & Co., BlackRock Inc. and Brookfield — were joining the pack and committing to financing a chunk of the debt.

With the partnership out in the open, some of the largest firms on Wall Street are standing by to arrange hundreds of billions of dollars in financing for chip deals, while Nvidia itself will backstop a portion of those deals with guarantees. No deals were signed by the time of the announcement, which was left deliberately vague, according to people familiar with the matter who asked not to be identified discussing private talks.

Investors have been concerned that Santa Clara, California-based Nvidia, whose chips are crucial in many of the data centers powering the global AI surge, and other companies have been stoking a bubble in the industry through circular financing. That’s been fueled by deals where Nvidia has invested in some of its clients such as CoreWeave Inc.
Initially, the financing venture’s framing unnerved debt investors, concerned about how exposed it left the chipmaker to more leverage. But that eased as Huang clarified that Nvidia’s support would be for as much as 25% of an opportunity and the firm would assess each project on a case-by-case basis.

“The announcement reflects the financing need as we look to build out digital and AI related infrastructure in the coming years,” Alan Synnott, global head of real assets at advisory firm Mercer, said in an interview. “With these partnerships, you’ll actually see a range of strategies developing likely across infrastructure, real estate credit, and maybe even private equity that will offer investors a lot more access paths.”

Representatives for Goldman, Apollo, Blackstone, KKR and BlackRock declined to comment. A Nvidia spokesperson had no immediate response, while a representative for Brookfield didn’t respond to a request for comment.

Earlier this week, when Huang appeared with executives from the six firms on CNBC to talk up the deal, the segment lasted more than 30 minutes and included few additional details. Goldman CEO David Solomon, Blackstone President Jon Gray, Apollo President Jim Zelter and Brookfield CEO Bruce Flatt appeared in studio with Huang, while KKR’s Waldemar Szlezak, who leads its digital infrastructure business globally, also joined. BlackRock CEO Larry Fink was on video while traveling.

Now, those executives are turning to their clients, including sovereign wealth funds, pension funds and insurance firms, to gauge their appetite for buying up the debt. Executives in the television discussion indicated that some of the money could come from retail investors.

The $500 billion commitment has no set time frame and is a combination of deals that have been discussed, as well as forecasts of demand in the near future, according to people familiar with the matter. Each lender will be able to vet individual customers for creditworthiness before committing.

While much of the total amount will be raised through private credit markets, the scale is so large that public markets will need to be tapped. That’s expected to come in the form of bonds — many set to be tens of billions of dollars each — issued by special vehicles that would lease chips to Nvidia clients.

One person involved in the announcement described Huang’s intention as setting up a debt shopfront as an advertisement to customers and concerned investors. If the deals don’t happen as announced or go awry, that could pose a risk to the reputation of the financing partners and Nvidia, the person said.

For some of the financing partners, the venture promises that the companies will be in line to collect fees from the deals. While Goldman is the only firm with a dedicated banking arm, Apollo could also unlock more fees as it expands its trading operation, selling larger chunks of the loans it originates to other investors and making markets for clients.

For Goldman, it’s the culmination of years of building up close ties to the chipmaker. Jung Min, who was named Goldman’s co-head of its technology, media and telecom practice last year after two decades at the firm, has covered Nvidia for years from his San Francisco base. Toshiya Hari, the former Goldman analyst who covered Nvidia, joined Nvidia last year to work in investor relations.

The splashy affair contrasts with a similar announcement from Broadcom Inc. just weeks earlier. The chipmaker tapped Apollo and Blackstone as anchor investors for plans to finance more than 20 gigawatts of compute capacity for frontier AI labs including Anthropic and OpenAI through 2028 — potentially requiring hundreds of billions of dollars.

Broadcom, however, already had $35 billion of financing in hand through a deal with Apollo and Blackstone when it unveiled the partnership.

Broadcom backstopped most of the debt on that first deal to help attract investors, while Apollo structured the deal to keep the borrowing off Broadcom’s balance sheet. Blackstone has already sounded out investors for another transaction of more than $30 billion, Bloomberg reported.

The Nvidia debt deals will vary according to the type of customer and the owner of the data centers that will house the chips. The collateral that backs the loans is expected to be some combination of the underlying chips and the offtake agreements, said some of the people.

If a deal goes awry and Nvidia clients can’t afford the chips, the chips can be rented by others, helping to reduce the risk of individual Nvidia customers defaulting on the debt, according to some of the people.

Skeptics say that valuations of the underlying chips is currently inflated by record demand, driven by the hype around AI. One of the worries is that the intense buildup of AI infrastructure might fuel an oversupply of computing power years in the future.

For all the questions, there’s no doubt other banks and investment firms still want in. JPMorgan Chase & Co.’s asset management arm, for one, is discussing how it can be involved as well, according to a person familiar with the matter. A spokesperson for the bank declined to comment.

And just minutes after Monday’s announcement, Morgan Stanley, long a significant lender to AI infrastructure, put out a release saying it was launching a framework to facilitate $1.5 trillion of funds in US innovation and national security. Top of its list: AI and advanced computing.

Operator

Good morning, everyone. Thank you for standing by, and welcome to BIO-key International Second Quarter 2026 Conference call. [Operator Instructions] As a reminder, this conference is being recorded today, Friday, August 14, 2026. I will now turn the call over to Bill Jones of Investor Relations. Please go ahead.

William Jones

Thank you, Chloe. Hosting today are BIO-key’s Chairman and CEO, Mike DePasquale; and its CFO, Ceci Welch. As a reminder, today’s call and webcast, as well as answers to investor questions, include forward-looking statements. These are subject to risks and uncertainties that may cause actual results to differ materially from current expectations. Words such as anticipate, believe, expect, plan, or project, and similar words identify and express forward-looking statements. These statements are made based on beliefs, assumptions, and information currently available to management, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act.

For a more complete description of these risks and uncertainties that affect future performance, please see risk factors in the company’s annual report on Form 10-K and the current Form 10-Q with the SEC. Listeners are cautioned not to place undue reliance on forward-looking statements made as of today, and the company makes no obligation to revise or disclose revisions to forward-looking statements to reflect circumstances or events occurring after this call.

Now I’ll turn the call over to Mike to begin. Mike?

Michael DePasquale
Chairman & CEO

Thanks, Bill, and thank you all for joining us this morning. After my remarks, Ceci will review the financials, and then we will take