Key Highlights

• Belimo shares rallied approximately 8% to CHF 941 following Morgan Stanley’s rating upgrade from “equal-weight” to “overweight”
• Analyst price target increased to CHF 1,100 from CHF 860, fueled by expanding data center cooling requirements
• Data center operations represented 17% of Belimo’s 2025 revenue and contributed roughly 50% to overall company growth
• Analysts forecast data center segment could comprise 38% of total company revenues by decade’s end
• Hyperscaler capital expenditure projections increased 7% for 2026 and 18% for 2027

Shares of Belimo Holding surged approximately 8% during Monday’s trading session, reaching CHF 941, following an analyst upgrade from Morgan Stanley that elevated the Swiss valve manufacturer’s price target from CHF 860 to CHF 1,100.

BELIMO Holding AG, BLHWF

The rating revision moved from “equal-weight” to “overweight,” with analysts identifying the artificial intelligence-driven data center expansion as the primary catalyst for the bullish outlook.

Data center operations comprised 17% of Belimo’s CHF 1.12 billion total sales in 2025, representing growth from 11% during the previous year. This division generated approximately half of the company’s overall growth during the period, with Morgan Stanley calculating that data center revenue expanded more than 70% on a year-over-year basis in 2025.

Analysts now anticipate that data center operations will drive more than half of company-wide growth for a minimum of three years, ultimately representing 38% of aggregate revenues by 2030.

The Critical Role of Liquid Cooling Technology

The transition from traditional air-based cooling to liquid cooling systems in artificial intelligence data centers forms the foundation of Morgan Stanley’s investment case. This technological evolution drives demand toward Belimo’s premium product portfolio.

Belimo’s Energy Valve commands approximately $1,200 per unit, substantially exceeding the company’s average selling price range of $130 to $150. Control valve sales expanded 31.3% in local currency terms during fiscal 2025, significantly outpacing damper actuators which grew 14.4%.

During the company’s 2025 earnings discussion, management emphasized that within the advanced cooling sector — particularly for processors requiring direct liquid cooling solutions — Belimo maintains “an almost dominant market share.”

Morgan Stanley additionally increased its United States hyperscaler cloud infrastructure spending projections by 7% for 2026 and 18% for 2027 following first-quarter earnings releases. Analysts now forecast 82% year-over-year capital expenditure growth in 2026 to $815 billion, followed by 38% expansion in 2027 to $1.13 trillion.

Financial Performance Projections

Morgan Stanley anticipates Belimo’s revenue will climb to CHF 1.31 billion during fiscal 2026, CHF 1.53 billion in 2027, and CHF 1.78 billion by 2028.

Earnings per share projections stand at CHF 18.33, CHF 22.42, and CHF 26.20 for these respective fiscal years. The firm’s forecasts exceed consensus expectations by 2% for 2026, expanding to 9% above consensus by 2028 and 20% by 2030.

The stock presently trades at 47.7 times Morgan Stanley’s fiscal 2026 earnings projection. Analysts contend that on a growth-adjusted valuation basis, Belimo appears more attractively priced than ABB, Siemens, Halma, and IMI.

Morgan Stanley established a bull case scenario of CHF 1,510 and a bear case projection of CHF 600.

The primary risk identified involves potential architectural changes in data center design that could integrate more liquid-cooling components within coolant distribution units, diminishing Belimo’s independent specification authority.

Monday’s rally positions the stock near its 52-week peak of CHF 975. Belimo’s recent early-2026 trading announcement, which revealed higher sales compared to the corresponding prior-year period, provided additional support for the upgrade.

Key Takeaways

• DoorDash stock has declined approximately 31% year-to-date to around $150.58, yet analysts maintain a Strong Buy consensus with an average $240.59 price target
• First-quarter revenue climbed 33% year-over-year to reach $4.04 billion, while earnings per share of $0.42 exceeded analyst expectations by $0.06
• The company is diversifying beyond restaurant delivery, expanding into grocery, retail sectors, and international markets through its Deliveroo acquisition
• Adjusted EBITDA increased 28% to $754 million during Q1, accompanied by $420 million in free cash flow generation
• With 90.64% institutional ownership, DoorDash has secured partnerships with Dollar Tree and renewed its KFC Australia DashPass agreement through 2027

Shares of DoorDash (DASH) are currently hovering around $150.58, representing a significant 31% decline year-to-date and trading near the 12-month low of $143.30. This marks a substantial retreat from the stock’s 12-month peak of $285.50.

DoorDash, Inc., DASH

However, the underlying fundamentals present a contrasting narrative.

First-quarter total orders surged 27% year-over-year, reaching 933 million. Marketplace Gross Order Value (GOV) expanded 37% to $31.6 billion. The company reported revenue of $4.04 billion, marking a 33% year-over-year increase, while delivering earnings per share of $0.42 that surpassed the $0.36 consensus estimate.

The singular disappointment came from the revenue figure. At $4.04 billion, it fell slightly short of the $4.15 billion analyst consensus, potentially contributing to the stock’s underperformance throughout the year.

Adjusted EBITDA expanded 28% to reach $754 million. The company posted GAAP net income of $184 million. Free cash flow generation totaled $420 million. The adjusted EBITDA margin relative to GOV experienced a modest compression from 2.6% to 2.4%, as DoorDash integrates Deliveroo and maintains investment in expansion initiatives.

Diversification Beyond Traditional Restaurant Delivery

The restaurant delivery segment no longer defines the entire business model. DoorDash is experiencing substantial growth across U.S. grocery, retail, apparel, automotive parts, and hardware categories. The merchant onboarding process has become more efficient, with artificial intelligence-powered tools enabling restaurants to launch operations more than 35% faster.

On the international front, the Deliveroo integration is driving accelerated growth in Monthly Active Users, order volume, and GOV throughout major European territories.

Recent commercial partnerships are providing additional momentum. The platform now features over 9,000 Dollar Tree locations offering more than 10,000 products. In Australia, KFC has extended its DashPass zero-delivery-fee promotion through 2027.

Looking ahead to Q2, DoorDash has provided guidance for Marketplace GOV ranging between $32.4 billion and $33.4 billion.

Institutional investors control 90.64% of outstanding shares. Company insiders have divested $10.9 million in stock over the previous three months, including Director Stanley Tang reducing his holdings by 52.65% during April.

Analyst Sentiment Remains Positive

The analyst community continues to support the stock. Among 36 analysts tracking DASH, 22 assign it a Buy rating, two rate it Strong Buy, and nine maintain Hold positions. Zero analysts recommend selling.

Truist maintains a $330 price target alongside a Buy recommendation. Citigroup has established a $250 target, also rated Buy. Moffett Nathanson projects a $276 price objective. The consensus price target ranges between approximately $240 and $256 depending on the compilation source, suggesting roughly 60% potential upside from present levels.

The valuation framework is prompting analysts to maintain conviction. Trading at approximately $150 with projected EPS of $5.60 for the current fiscal year, the stock carries a multiple of roughly 27.6x earnings. Should Wall Street’s consensus growth projections materialize — approximately 40% EPS expansion in FY2027 and 35% in FY2028 — the forward multiple would compress to approximately 14.6x by 2028 at today’s share price.

This valuation perspective differs dramatically from what the year-to-date price action might suggest.

The 50-day moving average currently sits at $162.74. The 200-day moving average stands at $184.18. Market capitalization totals $65.61 billion, with the company maintaining a debt-to-equity ratio of 0.27.

Key Takeaways

• Bybit integrates Plume vaults to transform dormant stablecoins into yield-generating fixed income assets.

• Partnership between Plume and Bybit delivers institutional bond access directly to crypto traders.

• Exchange users gain access to Stablecoin Yield opportunities via RWA-backed fixed income vaults.

• Plume’s vault infrastructure connects stablecoin deposits to credit instruments from PIMCO and CMBI.

• Bybit enhances its RWA Earn portfolio as stablecoin yields incorporate traditional credit markets.

Bybit has integrated Plume’s fixed income vault solutions into its RWA Earn platform, creating an additional pathway for users seeking Stablecoin Yield. This integration enables traders to redeploy dormant stablecoins sitting in their exchange wallets into institutional-grade credit instruments. The initiative marks Bybit’s continued expansion into real-world assets beyond traditional crypto lending mechanisms.

Bybit Delivers Institutional Fixed Income Through Plume Integration

The collaboration between Plume and Bybit streamlines the vault experience for everyday exchange traders. Participants can deposit stablecoins directly through Bybit Earn’s RWA interface without navigating external platforms. Consequently, Bybit establishes a seamless connection to Stablecoin Yield opportunities powered by fixed income instruments.

These vaults channel participant deposits into investment vehicles associated with PIMCO and CMBI. The underlying portfolio encompasses mortgage-backed securities, high-yield corporate debt, and investment-grade bonds from the Asia-Pacific region. This approach bases returns on credit market performance rather than cryptocurrency token volatility.

Bybit has positioned these vaults alongside its existing Earn products, creating intuitive access for stablecoin depositors. The platform also integrates the vaults with its existing custody and credit systems. This configuration delivers Stablecoin Yield while maintaining unified account oversight within Bybit’s ecosystem.

Crypto Exchanges Embrace Real-World Asset Distribution Channels

This product launch arrives amid growing interest from cryptocurrency exchanges in real-world asset offerings for yield-seeking participants. Tokenized government securities, bond-based funds, and credit-focused strategies have proliferated across leading trading platforms. As a result, Stablecoin Yield increasingly incorporates conventional financial market instruments.

Plume has developed multiple distribution channels for real-world assets throughout recent quarters. The platform previously collaborated with Ether.fi on a $100 million RWA vault designed for tokenized returns. That initiative featured credit pools, collateralized loan obligations, and bond ETF participation.

The Bybit integration advances this approach into a broader exchange ecosystem. It simultaneously provides asset managers with alternative access to cryptocurrency users without requiring direct token management. For participants, these vaults offer Stablecoin Yield sourced from securities markets rather than token-based reward mechanisms.

Plume Constructs RWA Infrastructure Around Accessible Yield Generation

Plume’s mainnet architecture emphasizes DeFi functionality integration with real-world asset products. The network supports staking mechanisms, lending protocols, and yield-generating tokens backed by off-chain assets. This Bybit collaboration aligns with Plume’s objective to simplify Stablecoin Yield accessibility.

These vault products also eliminate typical obstacles found in conventional fixed income investing. Traditional participants usually encounter higher minimum investments and extended verification processes for comparable instruments. Bybit and Plume have instead structured Stablecoin Yield through recognizable exchange product interfaces.

The offering maintains inherent risks associated with exchange operations, custody arrangements, and fixed income market fluctuations. Nevertheless, it demonstrates how centralized trading venues can facilitate access to regulated asset exposure via cryptocurrency accounts. Should user adoption increase, additional platforms may introduce comparable Stablecoin Yield solutions for inactive stablecoin balances.

The borrowing pushed the USD1 pool to 93% utilization, meaning retail depositors who had lent USD1 to the pool expecting to withdraw at will could not do so until the loans were repaid. WLFI repaid $25 million of the position, then minted $25 million in fresh USD1 days later, actively managing the token’s supply through April. World Liberty Financial did not respond to a request for comment on the report.

World Liberty is also in litigation with Justin Sun, the crypto tycoon and early buyer of WLFI governance tokens, who sued the company, alleging it improperly froze his holdings. WLFI countersued for defamation.

Some observers said the commercial impact of Sunday’s event is straightforward.

“Paying the fighters in the USD1 stablecoin would have the same economic function as writing them a check,” Todd Phillips, a crypto expert at the Klaros Group, told The Guardian. “Announcing to the world they are doing it in USD1 sounds like they are advertising to the world that USD1 is out there and that it is connected to the UFC and the White House.”

USD1’s circulating supply has grown to around $4.6 billion from $3.3 billion on Jan. 1.

The company has also applied for a banking license from the Office of the Comptroller of the Currency.

Aztec Connect, a deprecated DeFi platform tied to Aztec Network, was reportedly drained of about $2.1 million in crypto after an attacker exploited a vulnerability in the platform’s transaction verification logic. The incident highlights how “abandoned” contracts can remain viable targets long after they are officially retired.

Aztec Labs said on X that it is investigating a potential exploit affecting Aztec Connect and that roughly $2.1 million was transferred from the platform’s smart contract. The company added that the issue did not impact users or assets on the current Aztec Network.

Key takeaways

• About $2.1 million was stolen from Aztec Connect after the attacker abused its verification and settlement path.
• BlockSec said verified transactions were not effectively bound to the transaction set enforced by the ZK proof, creating a pathway to withdraw unbacked balances.
• The attacker reportedly executed the exploit seven times across seven assets, accumulating 909 ETH and 270,000 DAI, among others.
• Aztec Connect was deprecated in March 2023, with deposits halted and the team shifting to Aztec Network.
• Aztec Labs stated it has no admin keys and cannot pause or upgrade Aztec Connect, while a developer said the contracts became fully immutable.

What Aztec Labs said happened

In its public update, Aztec Labs described an apparent exploit affecting Aztec Connect’s smart contract and noted that about $2.1 million was transferred out. The firm emphasized that the incident did not affect the assets or user balances on the live Aztec Network.

Aztec Connect is linked to the privacy-focused ZK rollup ecosystem built on Ethereum. According to the same context provided in the report, Aztec Connect was an earlier version of the platform launched in 2022 as a DeFi bridge.

How the verification weakness enabled withdrawals

Security firm BlockSec said the attacker took advantage of a mismatch in how Aztec Connect verified transactions versus how it settled them on Ethereum.

BlockSec’s explanation focused on how the system handled the relationship between verified transactions and the ZK proof’s enforced transaction set. In its view, transactions approved through Aztec Connect’s verification route were not effectively bound to the transaction set enforced by the ZK proof. That gap allowed the contract’s verification and settlement logic on Ethereum to interpret the transaction list differently.

With that inconsistency, the attacker could place transactions such that the contract credited value without the corresponding validation occurring on Ethereum. BlockSec said this enabled the creation of unbacked balances, which could then be withdrawn.

BlockSec also reported that the attacker repeated the technique multiple times—seven times across seven different assets—rather than relying on a single sweep.

Reported assets taken and the broader hacking backdrop

The theft reportedly included 909 Ether (ETH), 270,000 Dai (DAI), 167 wrapped staked ETH, and several other cryptocurrencies. A separate post from CertiK had been cited in the original reporting as showing examples of some of the assets taken.

The Aztec Connect incident comes amid a busy stretch for DeFi exploits. DeFiLlama data referenced in the reporting indicates that $44 million worth of crypto has been stolen so far this month from at least 12 separate exploits.

Earlier in June, the largest theft mentioned was tied to a private key compromise on the Humanity Protocol, with $30 million reportedly lost on June 8. The reporting also points to a separate Syscoin Bridge incident the day prior, where $8 million was allegedly stolen through a fake proof exploit.

Why the “deprecated” label didn’t stop the attack

Aztec Connect was officially deprecated in March 2023, when deposits were halted and the team redirected development resources to the next-generation Aztec Network. However, the deprecation process did not eliminate the risk posed by the underlying smart contract logic.

Aztec Labs stated it holds no admin keys and therefore cannot pause or upgrade the system. This means the platform’s inability to be adjusted by the team can leave known or emergent logic flaws unaddressed—especially if the contract’s code remains on Ethereum.

A crypto developer identified as “Param” also said the Aztec Connect smart contracts became fully immutable, meaning they could no longer be upgraded or paused.

That combination—deprecation without upgrade authority—helps explain how an exploit can surface well after a product is retired. As noted in the reporting, the incident is another reminder that abandoned or deprecated DeFi contracts can still attract attackers years later, particularly when the exploit depends on fundamental contract semantics rather than on temporary operational parameters.

What to watch next

Investigators will likely focus on whether the withdrawn funds were immediately moved through liquidity venues or remain trackable in on-chain flows, while the Aztec ecosystem’s response may center on confirming the scope of impact and strengthening boundaries between verification and settlement logic. For users, the practical takeaway is to treat deprecated contracts as still risky: immutable code can remain exploitable long after deposits are shut off.

Key Takeaways

• Brent crude tumbled more than 4% to trade under $84 per barrel following news of a US-Iran interim agreement
• The framework includes reopening the Strait of Hormuz, a critical waterway handling approximately 20% of worldwide oil shipments
• President Trump announced the “toll free opening” of Hormuz alongside the lifting of America’s naval blockade
• Officials plan to sign the formal agreement in Switzerland this Friday, followed by a 60-day ceasefire window
• Market experts caution that challenges persist, including potential mines in the passage and ambiguity surrounding implementation details

Global oil markets experienced a significant downturn Monday following confirmation that Washington and Tehran have negotiated an interim framework to conclude their extended confrontation and restore access through the Strait of Hormuz.

Brent crude declined more than 4% to approximately $83.79 per barrel. West Texas Intermediate slumped 4.6% to hover near $81. Both primary benchmarks reached their lowest points since March 10.

President Donald Trump unveiled the arrangement via social media platforms, declaring his authorization for the “toll free opening” of the Strait of Hormuz while simultaneously lifting the US naval blockade. “Ships of the World, start your engines. Let the oil flow!” his post proclaimed.

Iran’s Deputy Foreign Minister Kazem Gharibabadi verified that negotiators had finalized a deal. He indicated the complete text would remain confidential until the formal signing ceremony in Switzerland, scheduled for Friday.

The conflict erupted in late February following coordinated US and Israeli military operations against Iran concerning its nuclear development program. Tehran retaliated by blocking the Strait of Hormuz and executing attacks throughout the Persian Gulf region. Washington countered with its own naval blockade targeting Iranian-affiliated vessels.

During the height of tensions, Brent crude surged beyond $120 per barrel. Maritime disruptions, elevated insurance premiums, and concerns about extended supply constraints combined to drive prices upward.

Pre-Deal Price Decline Already Underway

Prices had been retreating over recent weeks as indicators mounted that negotiators were approaching an agreement. Reports suggested limited crude shipments through the strait had quietly resumed, while major industrialized nations accessed strategic petroleum reserves to alleviate supply pressures.

China, ranking among the globe’s largest oil consuming nations, simultaneously reduced its purchasing activity throughout the crisis period.

Framework Agreement Components

The preliminary accord establishes provisions for ceasing military operations and restoring Hormuz access within 30 days under Iranian management. Reports indicate the framework additionally encompasses sanctions relief, constraints on Iran’s nuclear activities, and measures to restore normal Iranian oil export operations.

The arrangement establishes a 60-day negotiating period focused on Iran’s nuclear program. Trump revealed to the New York Times that failure to secure an agreement on nuclear matters could prompt renewed military intervention.

Despite encouraging developments, market analysts recommended measured expectations. The waterway potentially contains uncleared mines requiring removal operations. Insurance companies may maintain elevated premium rates for vessels transiting the route.

“We still need to understand what the deal means,” said Chris Weston of Pepperstone Group. “Even with the strait slated to open on Friday, there could be mines still.”

Energy producers cautioned that reactivating oil production from idled Persian Gulf facilities could require several months due to infrastructure damage and operational complexities.

Reduced crude prices may diminish inflationary pressures confronting central banking institutions. The US Federal Reserve convenes for its policy meeting on June 16-17 and is anticipated to maintain current interest rates.

TLDR

• Aerodrome, Base network’s leading decentralized exchange, introduces Predictive Allocation this July
• The new framework shifts from traditional weekly governance voting to forward-looking incentive distribution
• Users who successfully predict high-activity pools will capture increased fee revenue shares
• The mechanism incorporates prediction market principles where forecasting and capital allocation merge
• The platform targets sophisticated traders and autonomous AI agents with this infrastructure upgrade

Aerodrome is preparing to deploy its most significant protocol enhancement since its 2023 debut on Coinbase’s Base blockchain. The decentralized trading platform will introduce Predictive Allocation this July, fundamentally restructuring how liquidity rewards flow to its various trading pools.

As the dominant decentralized exchange operating on Base, Aerodrome currently employs a governance structure where token holders allocate rewards based on historical fee performance across pools.

Shifting from Historical Data to Future Forecasting

Alex Cutler, founder of Dromos Labs—the development team powering Aerodrome—identifies a fundamental limitation in the existing framework. The system relies on backward-looking metrics rather than forward-thinking analysis.

Predictive Allocation fundamentally restructures this approach. Participants will allocate incentives to pools they anticipate will generate significant trading activity in the future, rather than rewarding pools based solely on past performance.

Accurate forecasters will capture enhanced fee revenue portions. Incorrect predictions yield diminished returns.

“The liquidity is now moving in an anticipatory way ahead of where the market is,” Cutler said.

The framework takes inspiration from prediction market mechanics, where economic incentives drive participants toward accurate forecasting. However, a crucial distinction exists.

In conventional prediction markets, participants wager on outcomes beyond their control. Within Predictive Allocation, channeling resources toward a specific pool simultaneously creates the liquidity infrastructure that drives that pool’s success. Forecasting and investing become indistinguishable actions.

Appealing to Sophisticated Market Participants

Dromos Labs engineered this system specifically for professional trading operations and artificial intelligence-powered market participants.

These entities require streamlined, information-dense trading environments. The upgraded framework provides algorithmic transparency and systematic incentive structures that Cutler expects will attract this demographic.

“This is optimized for an increasingly agentic commerce layer,” Cutler said.

By minimizing the temporal gap between demand fluctuations and liquidity positioning, the protocol seeks to reduce price slippage while enhancing execution quality for retail participants.

Aerodrome confronts growing competition from alternative DEXs and routing aggregators on Base, a network experiencing rapid expansion since launching its mainnet. This upgrade represents a strategic effort to solidify and expand the platform’s dominant position.

Dromos Labs frames the overarching innovation as a “production market”—a capital allocation mechanism for navigating uncertainty and compensating accurate market analysis.

Cutler articulates ambitions extending beyond the July deployment. He envisions Aerodrome achieving for spot market trading what Hyperliquid accomplished in perpetual futures markets.

“We want to do that for spot markets,” he said.

The Predictive Allocation framework goes live in July. Whether it succeeds will hinge on participants’ forecasting accuracy and the ecosystem’s adaptation speed to these restructured incentive mechanics.