Karl Schacke
CEO & Member of Executive Board

Ladies and gentlemen, good afternoon. My name is Karl Schacke, and together with my colleague and CFO, Daniela Klauser, it is a pleasure to welcome you to ASTA’s First Quarter 2026 Earnings Webcast. Before we turn to the numbers, let me briefly remind you why ASTA is so exceptionally well positioned in a highly attractive end markets.

ASTA operates at the very core of the global energy transition, a market where demand for mission-critical copper solutions continues to accelerate, driven by electrification, grid expansion and renewable integration. This strong underlying demand provides us with high visibility and a solid foundation for continued growth. What truly sets us apart is the combination of deep engineering expertise and proprietary technology.

Our patented solutions allow us to operate in a premium segment with significant technological complexity and high entry barriers, which is why leading OEMs such as Siemens Energy, GE Vernova and Hitachi Energy and other regional players rely on us as a trusted partner. At the same time, our circular business model is a key strategic advantage.

With ongoing investments into recycling capacity, we are further strengthening supply security while actively contributing to a more sustainable value chain. Finally, our global footprint with 6 production sites across Europe, Asia and Americas allow us to combine scale with proximity. This ensures reliability, flexibility and fast execution for our customers worldwide.

Wall Street stocks posted modest gains on ​Monday as investors watched developments in U.S.-Iran peace negotiations and cheered the unveiling of a new computer chip that promises to bring artificial intelligence to personal computing.

Tech shares boosted the Nasdaq and the S&P 500 to their latest in a series of record closing highs.

U.S. President Donald ‌Trump said talks ⁠with Iran ⁠continue. Earlier, Iran’s news agency announced Tehran is halting indirect negotiations with Washington after a new round of strikes threatened to derail diplomatic efforts to ​end the war, now in its fourth month.

The intensification of hostilities sent crude prices jumping, along with worries over the extent to which ​a protracted war could result in heightened, intransitory inflation.

“We don’t really know where things stand,” said Thomas Martin, senior portfolio manager at GLOBALT in Atlanta. “The market seems to think that something’s going to get done at some point, but we don’t have ​very good information to go on, like what the Iranians really want and ⁠what Trump ‌is willing to settle for.”

Stocks added to their gains after Trump said no Israeli troops would ​go into Beirut, ​citing a call with Israeli Prime Minister Benjamin Netanyahu.
Nvidia jumped after the company unveiled a ⁠new chip that puts AI capabilities directly into personal computers.The chip is the ​result of a three-year partnership with Microsoft to “reinvent the PC” for the AI era, ​Nvidia CEO Jensen Huang said. Microsoft shares rose.

The reaction among semiconductor stocks was mixed. Qualcomm tumbled and while Intel also fell. Micron shares rose sharply, breaching the $1,000 mark for the first time.

The Philadelphia SE Semiconductor Index advanced.

In economic news, U.S. factory activity expanded in May for the fifth consecutive month as goods-makers navigate tariff and geopolitical crosswinds.

Investors will turn to Friday’s jobs report ahead of Kevin Warsh’s debut policy meeting as chairman of the U.S. Federal Reserve this month, amid fears ‌of rising inflation linked to the Iran war that could upend the stock market rally.

According to preliminary data, the S&P 500 gained 20.19 points, or 0.27%, to end at 7,600.03 points, while the ​Nasdaq Composite gained ​114.75 points, or 0.43%, to 27,087.37. ⁠The Dow Jones Industrial Average rose 44.70 points, or 0.09%, to 51,076.85.

Software stocks rebounded from heavy selling earlier this year on AI disruption fears. ServiceNow and IBM rose sharply. The software services index advanced.

“On the software side, companies that hadn’t ​been doing very well, but now are doing well today,” Martin added. “Some of that has been attributed to Nvidia comments that software is part of the solution, so the market’s coming back to” software stocks.

Cadence Design Systems jumped after launching an Nvidia-powered AI agent for chip design.

Broadcom’s earnings, due on Wednesday, will be closely parsed in the wake of solid results from Dell last week, which signaled strong AI server demand.

Nvidia on Monday unveiled a new chip that will bring artificial intelligence (AI) capabilities onto laptops and desktop computers.

The new AI chip, known as RTX Spark, was built as part of a collaboration between Nvidia and Microsoft to make personal computers that are built to power AI tools.

“The PC is being reinvented,” said Nvidia CEO Jensen Huang. “For 40 years, you launched apps. Click. Type. With RTX Spark and Microsoft Windows, you ask – and the PC does the work.” 

“RTX Spark brings everything NVIDIA has built – CUDA, RTX, our AI platform – into a single superchip. Local agents. Frontier models. Creative workflows. RTX games. All on a laptop,” Huang added. “This is the new PC. The personal AI computer.”

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Nvidia’s new chip was developed with Taiwan’s MediaTek and is set to debut this fall in laptops and compact desktops from Dell, HP, Lenovo, ASUS, Microsoft Surface and MCI. 

Models from Acer and GIGABYTE that contain the chip are expected to follow.

Industry experts said the processor would overhaul engagement with AI, as it is designed to run autonomous AI agents locally rather than relying solely on cloud computing.

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Ticker	Security	Last	Change	Change %
NVDA	NVIDIA CORP.	224.36	+13.22	+6.26%
MSFT	MICROSOFT CORP.	460.49	+10.25	+2.28%

Nvidia has dominated chips used to train AI models, and is now turning its attention to an anticipated uptick in demand for inference processors, which are chips that power AI responses to user queries and the agents built to handle routine tasks.

The move into PCs represents a bet on Nvidia’s scale and AI expertise to open a large new market that has become increasingly competitive and raised concerns among investors.

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Reception for AI PCs has been mixed so far. HP reported last week the devices helped prop up quarterly sales, but Dell said earlier this year that demand had fallen short of initial expectations. Qualcomm, looking to capitalize on AI demand, has also been offering AI PCs with Microsoft.

“The RTX Spark looks to transform the traditional app-centric PC to a real useful Agentic AI personal computer which will eventually be in every home in coming years as private edge AI agents become pivotal,” said Neil Shah, Counterpoint Research co-founder. “This is going to be the ‘RTX Spark’ moment for the personal computing segment like how iPhone, ChatGPT or DeepSeek have been.”

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Nvidia stock rose about 5.5% during Monday’s trading session following the news.

Reuters contributed to this report.

McDonald’s announced on Monday that it’s rolling out a new corporate strategy that aims to make its stores easier to run for franchisees.

The announcement, called “McDonald’s > NEXT,” focuses on increasing automation, raising standards for hospitality, leaning on social media for marketing and making its food items taste better.

It comes as the fast food giant tries to hold on to lower-income consumers who’ve cut back on restaurant visits amid years of elevated prices.

McDonald’s CEO Chris Kempczinski outlined the new strategy in a message sent to the McDonald’s System and said that it aims to “unlock our next phase of growth and productivity, by bringing in more customers more often and improving unit economics.”

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“NEXT is the what. Our shared destination. You’ll write the how, with your own path shaped by your market, your customers, and your crew,” Kempczinski wrote.

McDonald’s chief restaurant experience executive Jill McDonald said in a statement that the new strategy will make its restaurants “easier to run and more enjoyable to visit.”

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Ticker	Security	Last	Change	Change %
MCD	MCDONALD’S CORP.	276.11	-3.27	-1.17%

The restaurant chain’s last corporate strategy overhaul came in 2020 and was called “Accelerating the Arches,” and focused in part on digital sales and increased marketing.

The share of U.S. customers who said the chain offers good value fell from 55% to roughly 40% between 2020 and 2024, and has largely remained there since, according to surveys from UBS Evidence Labs shared with Reuters last month.

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Kempczinski’s message noted that as customers’ experiences become increasingly automated, there’s less opportunity for connection between guests and the crew at McDonald’s franchises. He explained that with “fewer interactions, the bar for hospitality that makes people feel seen, welcomed, and valued only goes up.”

“Customers also depend on us for compelling, predictable value, and even more so with unprecedented inflation,” the CEO wrote. “While perceptions of our value have rebounded in most markets, it’s a reminder that we need to earn, and re-earn, each and every visit.”

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McDonald’s shares were down more than 1% on Monday and are down more than 9% year to date.

Reuters contributed to this report.

NEW YORK — San Antonio Spurs guard De’Aaron Fox described teammate Victor Wembanyama’s potential as virtually limitless, telling reporters that the 22-year-old phenom’s ceiling extends “to the moon, the universe, the galaxy — whatever you wanna say,” as the Spurs prepare to face the New York Knicks in the 2026 NBA Finals.

Fox, acquired by the Spurs in a major offseason move, has had a front-row seat to Wembanyama’s rapid development. The Spurs point guard highlighted not only the French star’s extraordinary physical tools but also his leadership growth and basketball intelligence as key factors separating him from other young talents.

“I mean, Vic, like, the way that he approaches the game is, I think, different from obviously most players, but even most superstars,” Fox said. “Like, he loves the game so much, and I think, we all see the talent that he has, and how much better he grow- he, he’s, he’s grown in a basketball player.”

Wembanyama, the 2023 No. 1 overall pick, has transformed the Spurs into contenders in just his third NBA season. During the Western Conference Finals against the Oklahoma City Thunder, he averaged 27.3 points, 10.9 rebounds and 2.7 blocks per game while earning series MVP honors. His unique combination of size, skill and defensive versatility has drawn comparisons to historical greats, but Fox believes Wembanyama’s ceiling remains undefined.

“The talent will never be deniable. Like, we know what he can do. He can literally do anything that you could possibly ask for on a basketball court,” Fox continued. “But the way that he’s led throughout the course of this year, even when he wasn’t playing, even when he’s missed some games, even when he missed the playoff game in Portland, I think that’s where the growth has really been.”

The Spurs advanced to the Finals after a grueling seven-game series against the Thunder, with Wembanyama’s two-way dominance proving decisive. His ability to protect the rim while stretching the floor with three-point shooting has created matchup nightmares for opponents. At 7-foot-4 with elite mobility, Wembanyama represents a new archetype of basketball player — one who combines the rim protection of a traditional center with the perimeter skills of a guard.

Fox, who joined the Spurs this season, noted Wembanyama’s leadership evolution as particularly impressive. “That’s the biggest growth that he’s had since I’ve been around,” he said. “And the talent will never be deniable… but whenever he brings that type of mentality to the game or we need him to dominate a certain area of a game, and he brings that type of leadership, when he’s vocal, when he’s demonstrative, if he wants the ball or if he’s demonstrative of trying to get a stop, I think that’s where the most growth has come this year.”

At just 22 years old, Wembanyama has already established himself as one of the league’s premier defensive anchors while developing into a reliable scorer. His statistical profile this season — 26.8 points, 11.2 rebounds, 3.8 assists, 2.1 steals and 3.4 blocks per game — places him in rare company. He became just the third player in NBA history to average at least 26 points, 11 rebounds and 3.4 blocks in a season.

Wembanyama’s Rise and Spurs’ Contention Window

The Spurs’ unexpected Finals appearance has validated their rebuild around Wembanyama. After years of lottery selections and patient development, San Antonio has emerged as a legitimate championship contender. Coach Gregg Popovich’s system has maximized Wembanyama’s versatility, allowing him to operate as both a rim protector and floor spacer.

Fox’s arrival provided the Spurs with a proven playmaker capable of creating opportunities for Wembanyama. The backcourt duo has developed strong chemistry, with Fox’s speed and vision complementing Wembanyama’s size and skill. Their ability to push the pace while maintaining defensive intensity has been central to San Antonio’s success.

Wembanyama’s defensive impact cannot be overstated. His 3.4 blocks per game led the league for the second consecutive season. Opponents have struggled to find effective ways to attack the rim when he is on the floor, often settling for contested midrange shots or turnovers. His length and anticipation have disrupted passing lanes and altered countless shots at the basket.

Offensively, Wembanyama has expanded his game significantly. His three-point shooting has improved to 37.2 percent, forcing defenses to respect his range and creating driving lanes for teammates. His passing vision has also developed, with 3.8 assists per game showcasing his ability to find open shooters when double-teamed.

Leadership Growth Beyond Statistics

Fox emphasized that Wembanyama’s leadership has been the most impressive aspect of his development. Even during games he missed due to injury, Wembanyama remained engaged on the sidelines, communicating with teammates and maintaining a positive presence. This intangible growth has elevated the entire Spurs roster.

“He’s 22, and the sky is — I mean, he’s at the sky right now, but I mean, whatever you wanna say, the moon, the universe, the galaxy, whatever you wanna say, that’s the limit for him, as a player and as a leader, being able to do this at 22 already,” Fox said.

The comment reflects the basketball world’s growing consensus that Wembanyama possesses unlimited potential. At his current trajectory, he could challenge for MVP honors in the coming seasons while anchoring a perennial contender in San Antonio. His combination of physical gifts and work ethic has drawn praise from coaches, players and executives across the league.

Spurs’ Path to the Finals

San Antonio’s journey to the Finals has been remarkable. After years of rebuilding, the addition of Fox and incremental improvements from young players like Jeremy Sochan and Keldon Johnson have created a balanced roster around Wembanyama. The team’s defensive identity, spearheaded by Wembanyama, has been particularly impressive.

Their seven-game series victory over the Oklahoma City Thunder showcased resilience and tactical adaptability. Wembanyama’s ability to dominate both ends of the floor in crucial moments proved decisive. The Spurs will now face the Knicks in the Finals, presenting a new set of challenges against New York’s physical style and veteran leadership led by Jalen Brunson.

What the Future Holds for Wembanyama

Fox’s comments underscore the excitement surrounding Wembanyama’s trajectory. At 22, he has already achieved what many players spend entire careers pursuing. His defensive prowess alone makes him a perennial Defensive Player of the Year candidate, while his offensive development suggests he could become a consistent scoring champion.

The basketball community has watched Wembanyama’s growth with fascination. From his early days as a prospect with unprecedented physical tools to his current status as a Finals participant, his progression has been remarkable. Coaches and scouts consistently praise his basketball IQ and willingness to learn.

As the Finals begin, all eyes will be on Wembanyama’s performance against the Knicks. His ability to impact both ends of the floor against a physical, experienced opponent will be a key storyline. Regardless of the series outcome, his trajectory suggests continued ascent toward superstar status.

Fox’s prediction that Wembanyama’s ceiling extends to “the universe” captures the sense of unlimited potential surrounding the young star. While basketball history is filled with promising talents who failed to meet expectations, Wembanyama’s combination of physical gifts, work ethic and basketball intelligence suggests he may be different.

For the Spurs organization, Wembanyama represents the cornerstone of a potential dynasty. The team’s patient rebuilding approach has paid dividends, creating a foundation for sustained success. As Wembanyama continues developing, San Antonio’s future appears exceptionally bright.

The basketball world will continue watching Wembanyama’s journey with great interest. From his early struggles adjusting to NBA physicality to his current status as a Finals participant, his growth has been remarkable. Fox’s comments from inside the locker room provide valuable insight into the young star’s character and potential.

As the 2026 NBA Finals get underway, Wembanyama stands at the threshold of greatness. Whether he leads the Spurs to a championship this year or in the future, his impact on the game appears destined to be profound. The basketball universe, as Fox suggested, may indeed be his limit.

This story discusses suicide. If you or someone you know is having thoughts of suicide, please contact the National Suicide Prevention Lifeline at 1-800-273-TALK (8255).

Florida Attorney General James Uthmeier on Monday filed a lawsuit against OpenAI and CEO Sam Altman that claims the artificial intelligence (AI) giant’s chatbots were unsafe and that the company ignored the potential harms they posed to users.

OpenAI has been among the leaders in the AI space since it launched the groundbreaking chatbot known as ChatGPT in November 2022. The company is moving toward a highly anticipated IPO and has seen its estimated valuation surge to more than $850 billion in the past four years.

Florida’s lawsuit claims that OpenAI’s rise “is attributable to a web of deceit and the exploitation of users (including Floridians), leveraging their data and safety to boost OpenAI’s market value at unacceptable costs.”

The suit says that because of misrepresentations by OpenAI and Altman about ChatGPT have led to a “litany of harms” that was driven by their “insatiable quest to win the AI arms race and amass large fortunates, despite knowing the danger of ChatGPT.”

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Here’s a look at five of the most explosive claims in Florida’s lawsuit against OpenAI and Sam Altman.

OpenAI prioritized product and revenue over safety

Florida’s lawsuit notes that OpenAI and Altman said in 2023 they would create a “superalignment team” that would harness 20% of its computing power over four years to achieve scientific and technical breakthroughs to control AI that becomes smarter than humans.

The complaint claims OpenAI only allocated 1% to 2% of its computing power to the problem, with researchers noting it was occurring on older tech and the least powerful chips, and expressed suspicions that better hardware was reserved for profit-generating activities.

Jan Leike, head of the superalignment team, said in an email to the board of directors before the superalignment team was dissolved that “OpenAI has been going off the rails on its mission… We are prioritizing the product and revenue above all else, followed by AI capabilities, research and scaling, with alignment and safety coming third.”

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GPT-4o rollout had flawed safety testing

OpenAI’s GPT-4o model was released in May 2024 and the lawsuit claims that the company moved up its launch to a day before the release of an updated AI model launched by tech rival Google – a move which had the effect of “making proper safety testing impossible.”

“Instead of the months of testing required to test ChatGPT-4o, which was capable of processing text, image, and audio, OpenAI did a one-week evaluation,” the suit alleged. “When safety personnel demanded additional time to test how the system could be flawed or cause harm to users, Altman personally overruled them.”

It added that OpenAI’s preparedness team that is tasked with evaluating catastrophic risks before the release of AI models later admitted that GPT-4o’s safety testing process was “squeezed” and “not the best way to do it.”

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ChatGPT accused of encouraging harmful and violent behavior

The lawsuit also accuses OpenAI’s chatbot of encouraging or abetting a range of harmful and violent activities.

The complaint said that the accused killer of University of South Florida graduate students Nahida Bristy and Zamil Limon used ChatGPT in plotting the crime, with the chatbot providing information on how to dispose of human bodies, change a car’s VIN number and how police investigate vehicles at crime scenes.

Florida also accused OpenAI’s ChatGPT of aiding the perpetrator of a 2025 mass shooting on the campus of Florida State University. The accused killer asked ChatGPT about topics like how many people he would need to kill to become notorious, operating a handgun, political violence, school shootings and provided information about when the university’s student union was busiest.

The suit also detailed cases in which ChatGPT bypassed its safeguards to help teenagers compose suicide notes. Adam Raine, a 16-year-old, died from suicide after extensive conversations with ChatGPT, which the complaint said “promoted and aided his suicide, volunteering information that would assist in his death.”

Triggering AI addiction

Florida’s lawsuit claims that the use of AI chatbots by children is leading to them “becoming unhealthily attached to AI such as ChatGPT and that it is detrimentally effecting [sic] their lives office,” according to a Drexel University study.

“The study discovered that in many cases, teens began using the technology for psychological support or entertainment, but their use evolves into dependency and even patterns associated with addiction. Some reported their overuse disrupted sleep, caused academic struggles, and strained relationships,” the suit said.

Monetizing sycophancy

“Defendants make money through ChatGPT affirming whatever users tell it and drawing them deeper into delusions,” the lawsuit claimed, adding that one feature rolled out in 2025 that has since been dubbed “sycophancy” allowed ChatGPT to optimistically parrot users’ responses.

The filing noted a Washington Post report that found ChatGPT tells users “yes” about 10 times as often as it tells them “no” – a dynamic which creates “a kind of personalized echo chamber in which ChatGPT endorse[s] falsehoods and conspiracy theories.”

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The Florida AG’s office added that when ChatGPT “mimics supportive human empathy to supplant human relationships as friend, ally, collaborator, or even romantic partner” to its user, it “not only provides more conversational data to OpenAI for improving ChatGPT, but also, among other things, prompts users to pay for higher cost subscriptions to facilitate more conversations.”

FOX Business reached out to OpenAI for comment.