The London Metal Exchange’s (LME) front-month copper spread jumped to a $370-per-tonne premium on August 14, while the cash-to-three-month spread reached $434 per tonne, the highest levels since the 2021 supply squeeze. LME copper inventories have fallen for 42 consecutive days, the longest uninterrupted decline since 2014. The continued drawdown is adding to signs that the spot market is extremely tight.

HIVE Digital reported fiscal Q1 2027 revenue of $79.1 million, up 73.5% from a year earlier. Bitcoin mining revenue rose 77% to $72.1 million as the company produced 1,004 bitcoin and averaged 24.0 EH/s of hash rate. Its AI unit BUZZ generated $7.1 million in revenue, up 52% quarter over quarter, supported by a new NVIDIA GPU cluster in Manitoba. The company has raised $100 million for GPU purchases and data center expansion and is targeting $200 million in AI revenue by the end of 2026.

Sydney-based Iren Limited has completed the first cloud deployment for Microsoft under a five-year, $9.7 billion contract signed in November last year. The company also received Nvidia’s Exemplar Cloud status for its GB300 NVL72 deployment. Iren said its cloud annual recurring revenue has reached $3.7 billion and it has secured $2.8 billion in contracts with AI customers including Microsoft, Nvidia, Perplexity, Figure AI and Fireworks AI. IREN shares are up about 9% this week, lifting its market value to $15.6 billion and bringing its year-to-date gain to 19%.

IPD Group reported FY26 revenue of $414.3 million, up 16.8%, with underlying EBITDA of $55.4 million and underlying NPAT of $30.9 million, both ahead of its own guidance. Operating free cash flow conversion was 84.4%, net debt fell to $16.4 million, and the fully franked dividend rose to 14.7 cents per share. The stock surged 13% in a single session after the results, and Bell Potter said it remains positive on the outlook.

Anthropic is projecting 2028 revenue of about $190 billion to $200 billion, far above the $47 billion revenue run rate it disclosed in May, according to people familiar with its financials. The company said its revenue run rate was about $9 billion at the end of 2025 before climbing to more than $47 billion by May. It has also projected at least $10.9 billion of revenue for the second quarter of 2026, more than double the prior quarter. Anthropic expects that pace to put it on track for its first quarterly operating profit of $559 million.

Alphabet raised its full-year capital expenditure guidance to $205 billion and said Google Cloud backlog climbed to $514 billion. About 60% of its recent capex went to servers, with the remaining 40% directed to facilities and connectivity. The company holds more than $240 billion in cash and marketable securities, giving it flexibility to fund AI buildout even as free cash flow temporarily turns negative. CEO Sundar Pichai said roughly 90% of Fortune 100 companies now use the Gemini Enterprise model in some form.

Ondo Finance’s tokenized equity platform, Ondo Stocks, is holding $1.01 billion in total value locked and has recorded $27 billion in cumulative trading volume since its September 2025 launch. The platform supports more than 440 tokenized U.S. stocks and ETFs, while centralized exchanges have contributed $18 billion of volume and hold $206 million in tokenized assets. Ondo Perps, launched in July 2025, has surpassed $8 billion in total volume, including more than $5 billion over the past 30 days, with open interest peaking at $87 million. Across Ondo’s broader product suite, holder counts and transfer activity have also risen, alongside growth in its tokenized Treasury products.

Cboe has filed with the SEC seeking approval to list six Volatility Shares-managed ETFs that target 3x the daily performance of Bitcoin and Ethereum futures. The funds would use front-month contracts and roll about 20% of exposure per day over five business days. Volatility Shares’ existing 2x Bitcoin futures ETF BITX posted a -78.93% one-year NAV return and a -29.76% quarterly return. Bitcoin futures open interest stands at $79 billion and ETF inflows have resumed, while SEC approval would address exchange-rule issues tied to the 3x structure.