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The Week in Market Moves | Oct 15 – 22, 2026

Company signals and market response

This analysis tracks the top company developments and how markets absorbed them through Thursday’s close, focusing on where shifting narratives translate into price action.

It is part of Tearsheet PRO’s weekly 10-Q Newsletter, where strategy meets market reaction. I track how leading banks and fintechs are evolving in public markets and how investors are pricing those moves.

Subscribe to PRO and get the full 10-Q story in your inbox every Friday!

1. U.S. Bank (USB) – Close: $60.02

  • U.S. Bank is making it easier for consumers to move recurring bills onto its cards – Payment Switch lets them shift payments such as utilities and streaming subscriptions directly from the bank’s app.
  • The tool also tracks recurring charges and flags changes, so customers can see what they are paying, spot increases, and decide which subscriptions to keep or drop.

Why it matters: U.S. Bank is making recurring bills easier for customers to manage directly from their banking app, rather than leaving those relationships scattered across dozens of merchants. It gives the bank another reason to sit at the center of customers’ everyday financial lives. It also makes switching to U.S. Bank easier because moving recurring payments is often one of the biggest hassles of changing banks.

2. J.P. Morgan Chase (JPM) – Close: $336.54

  • J.P. Morgan has deposited 50 billion naira ($37.5 million) with Nigeria’s central bank, reportedly clearing one of the final regulatory steps toward a local banking license.
  • The license would allow the bank to expand beyond its Lagos representative office into merchant banking, targeting trade finance, lending, payments and corporate banking.

Why it matters: J.P. Morgan is putting more infrastructure behind its push to capture cross-border business in markets where money movement is becoming increasingly strategic. Nigeria is particularly interesting because it is already a major hub for cross-border stablecoin activity, giving J.P. Morgan a market where traditional banking and new payment rails are developing side by side. J.P. Morgan wants to be closer to the underlying flows, not just serve them from afar.

3. Klarna (KLAR) – Close: $13.23

  • Klarna is embedding BNPL directly into FreshBooks’ invoicing and payment flows, giving small businesses a way to offer installments without a separate merchant setup.
  • The partnership puts payment flexibility closer to the point of invoicing while allowing businesses to receive predictable payment flows rather than waiting for customers to pay over time.

Why it matters: Klarna is moving BNPL further away from the checkout and deeper into the actual business workflow. For small businesses, the value proposition is less about offering another flashy payment option and more about getting paid while giving customers more time to pay. That makes software platforms like FreshBooks increasingly important distribution channels for payment providers looking to reach merchants at the moment money changes hands.

4. SoFi (SOFI) – Close: $14.77

  • SoFi is turning bank deposits into tokenized deposits through SoFi Earn, with each SOFIE token representing $1 held at SoFi Bank and carrying FDIC insurance within applicable limits.
  • Customers can earn interest on those deposits and convert them 1:1 into SoFiUSD when they want to move onto blockchain rails or use the funds for crypto.

Why it matters: This is one of the cleanest examples of a bank connecting traditional deposits and digital assets without forcing customers to choose between the two. SoFi is effectively making the deposit the starting point and the stablecoin the spending or settlement layer when needed. The bigger opportunity in tokenized money is making bank deposits more programmable and portable.

5. NVIDIA (NVDA) – Close: $212.21

  • NVIDIA is pushing open-weight AI models deeper into enterprise use, with its Nemotron model designed to handle documents, charts, and web pages and already being adapted for financial document work.
  • The broader open model market is also becoming more competitive, with Reflection launching Beam alongside major cloud and infrastructure partners. At the same time, Chinese models such as DeepSeek and MiniMax continue pushing down cost and latency.

Why it matters: The economics and deployment options around enterprise AI are changing. Banks and other regulated businesses increasingly want models they can run closer to their own data, with more control over security and infrastructure. NVIDIA bets that the next layer of AI competition will also be about who makes powerful models practical to deploy inside the enterprise.

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Jane Fraser sees a future in tokenized deposits. Coinbase shows why Citi needs stablecoins, too.

    Weekly 10-Q

    The weekly 10-Q newsletter is part of the Tearsheet Pro subscription, where I unpack the recent moves and strategies of leading banks and fintechs in the public space, coupled with stock market analysis. In your inbox every Friday!

    Message Sara 

    Jane Fraser sees a future in tokenized deposits. Coinbase shows why Citi needs stablecoins, too.

    Citi is playing both sides of the digital money race.

    For a bank that moves nearly $6 trillion in payments daily, the next payments innovation asks: how do you make it easier for clients to move money without making it easier for them to leave your bank? 

    Citi [C] CEO Jane Fraser sees an answer in tokenized deposits, which let corporate clients use blockchain to transfer funds while keeping their money within the regulated banking system. Yet Citi’s expanded partnership with Coinbase shows the bank isn’t betting on tokenized deposits alone. It’s also building connections to stablecoins, giving clients ways to accept digital asset payments and move between crypto and traditional money.

    Fraser’s preference for deposits isn’t a rejection of blockchain

    On Citi’s October 13 earnings call, Fraser emphasized choice over a cookie-cutter approach. “Our idea is, let’s give the clients a choice between all the different platforms and capabilities. Then they can choose which is the best for their particular need. There’s not a one-size-fits-all here,” she said.

    Still, she singled out Citi Token Services and deposit tokenization as the areas where the bank sees the greatest promise.

    …

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    The Week in Market Moves | Oct 08 – 15, 2026

    Company signals and market response

    This analysis tracks the top company developments and how markets absorbed them through Thursday’s close, focusing on where shifting narratives translate into price action.

    It is part of Tearsheet PRO’s weekly 10-Q Newsletter, where strategy meets market reaction. I track how leading banks and fintechs are evolving in public markets and how investors are pricing those moves.

    Subscribe to PRO and get the full 10-Q story in your inbox every Friday!

    1. Bank of America (BAC) – Close: $51.70

    • Bank of America has deployed 1,000 contractors and 3,000 employees to patch software vulnerabilities uncovered by Anthropic’s Mythos and other frontier AI models.
    • The effort shows the emerging cost of AI-powered cybersecurity: the same models that can expose vulnerabilities at unprecedented speed can also force banks to remediate years or even decades of accumulated software weaknesses.

    Why it matters: This is one of the clearest examples yet of AI changing the economics of bank technology risk. Frontier models can significantly accelerate the discovery of flaws that banks didn’t know existed, creating a huge remediation workload on the other side. For banks, the question is increasingly whether they can keep up with the vulnerabilities AI is capable of finding.

    2. PNC (PNC) – Close: $214.94

    • PNC sees deposit mobility becoming increasingly frictionless and says banks will have to match third-party technology without giving up the service relationship attached to the checking account.
    • CEO William Demchak drew a hard line on autonomous AI transactions, calling agents acting inside customer accounts “incredibly unsafe” without stronger liability rules, authentication, and human oversight.

    Why it matters: PNC’s response is about accepting that the old friction protecting deposits is disappearing. If customers can easily shop for yield, the bank has to compete on technology, price, and service at the same time. Its investment in a new mobile app, rewards, and 55 new branches this year points to a broader answer: make the core relationship good enough that customers don’t need an outside agent to manage it.

    3. Intuit (INTU) – Close: $330.17

    • Intuit plans to acquire Sequence, an AI-native revenue management platform, to add pricing, billing, and collections capabilities to Intuit Enterprise Suite.
    • The move expands Intuit deeper into B2B software and professional services, where usage-based, seat-based, and milestone-based pricing make revenue management a lot more complicated.

    Why it matters: Intuit is moving further up the financial stack from helping businesses record what happened to helping them manage how they get paid. Revenue management is an especially interesting wedge because increasingly complex pricing models create pain that spreadsheets and generic accounting software don’t solve well. Sequence gives Intuit another piece of the workflow, and potentially another reason for a growing business to stay inside its ecosystem as its finances get more complicated.

    4. BNY (BNY) – Close: $142.09

    • BNY launched digital transfer agency capabilities that combine tokenization, distribution, and custody, extending its fund-servicing business to digitally native funds across blockchains and jurisdictions.
    • It also launched Pay-to-Wallet, allowing banks to send cross-border payments directly from bank accounts to participating retail digital wallets without having to build the infrastructure themselves.

    Why it matters: BNY is taking a pragmatic route into digital assets: rather than building a separate crypto business, it is extending capabilities it already has into new rails and asset formats. The bigger story is the infrastructure layer – tokenized funds and bank-to-wallet payments make BNY more useful as financial activity moves onto new rails. It also shows what BNY’s platform strategy looks like in practice: connecting existing businesses to solve new client problems rather than treating each new technology as a standalone business.

    5. U.S. Bancorp (USB) – Close: $57.39

    • In Q3’26, credit card balances rose 11.5% year over year to $40.2 billion, while net charge-offs fell to 3.29%; consumer spending remains resilient despite higher rates and softer sentiment.
    • Consumer deposits hit another quarterly record, but U.S. Bank says it hasn’t yet seen third-party AI agents automatically move customer cash between banks.

    Why it matters: U.S. Bank is already thinking about what happens when agents start moving deposits. If agents can compare rates and shift cash automatically, deposit stickiness becomes much harder to take for granted. For now, U.S. Bank believes the operational complexity keeps that threat at bay, giving banks time to build their own optimization tools before the relationship gets mediated by an agent.

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    Financial companies are building closer to the customer

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      The weekly 10-Q newsletter is part of the Tearsheet Pro subscription, where I unpack the recent moves and strategies of leading banks and fintechs in the public space, coupled with stock market analysis. In your inbox every Friday!

      Message Sara 

      Note: This week’s 10Q story is out today following Monday’s Columbus Day holiday.

      Financial companies are building closer to the customer

      Every firm wants a little more of the financial relationship.

      Last week, I wrote about Nubank reportedly eyeing Monzo to expand its financial relationships into another market. Now, that deal appears to be off the table. So instead, let’s look at a couple of recent M&As that did happen and ask what makes these deals worth pursuing.

      EverBank and WaFd are putting a digital bank, commercial lending platform, and branch network under one roof. Circle is buying the banking relationships and local payment rails that sit around its USDC stablecoin.

      EverBank and WaFd want digital AND branch

      On September 7, EverBank Financial and WaFd announced a $3.9 billion all-stock reverse merger that will create a bank with about $75 billion in assets, $59 billion in deposits, and more than 250 financial centers across 11 states. The transaction is expected to close in early 2027. WaFd will be the legal surviving holding company, but the combined company will take the EverBank name and EVBK ticker. EverBank shareholders will own 59.2% of the combined company. At the bank level, WaFd Bank will merge into EverBank, N.A., with EverBank continuing as the surviving bank.

      This is a combination of two franchises that have built very different strengths. EverBank has built a national specialty bank around digital deposits and commercial lending. WaFd brings a longstanding branch network and relationship-based commercial banking franchise across the Western U.S.

      …

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      The Week in Market Moves | Oct 01 – 08, 2026

      Company signals and market response

      This analysis tracks the top company developments and how markets absorbed them through Thursday’s close, focusing on where shifting narratives translate into price action.

      It is part of Tearsheet PRO’s weekly 10-Q Newsletter, where strategy meets market reaction. I track how leading banks and fintechs are evolving in public markets and how investors are pricing those moves.

      Subscribe to PRO and get the full 10-Q story in your inbox every Friday!

      1. Wells Fargo (WFC) – Close: $82.03

      • Wells Fargo is adding debit-card personalization to its mobile app, letting customers upload their own photos or choose from a curated design gallery.
      • The move comes alongside the bank’s recent push to bring international remittances into the same mobile banking experience, making the app increasingly central to everyday financial activity.

      Why it matters: Wells Fargo is finding small ways to make a traditional banking product feel more personal and more useful without rebuilding the underlying account. Debit is becoming a daily interface for younger customers, and features like personalization, payments, and remittances give the bank more reasons to stay in that interface.

      2. J.P. Morgan Chase (JPM) – Close: $331.42

      • Chase is adding payroll to Chase Business Online, allowing small businesses to manage payroll, taxes, and employee payments alongside their banking and payments.
      • The service is powered by Gusto, extending a work relationship that has been in place since 2023.

      Why it matters: Payroll is one of those financial tasks businesses cannot afford to get wrong, and it sits directly alongside cash flow, payments, and working capital. By putting it inside the banking platform, Chase gets another piece of the business operating stack and another reason for an SMB to keep more of its financial life there. The bigger opportunity is more about owning the workflow around the business account.

      3. U.S. Bank (USB) – Close: $57.03

      • U.S. Bank launched Protect 360, combining credit monitoring with alerts when customers’ personal information appears on data-broker sites and tools to help remove exposed information.
      • The service comes in a free tier and a $9.99-a-month premium version, pushing identity protection beyond a traditional bank security feature and into a potential recurring service.

      Why it matters: Fraud prevention is increasingly moving upstream. Banks have historically focused on detecting suspicious activity around transactions, but identity exposure often happens much earlier in the chain. U.S. Bank is positioning itself around the customer’s broader digital identity, before a compromised piece of information turns into a financial loss. This gives the bank a potentially more proactive role in protecting the relationship, rather than just cleaning up after fraud happens.

      4. Block (XYZ) – Close: $75.23

      • Block is reportedly facing an FTC investigation following consumer complaints about frozen accounts and access to funds, adding another layer of regulatory scrutiny around Cash App.
      • The inquiry is still developing, and the available reporting does not establish wrongdoing or clarify the precise scope of the investigation.

      Why it matters: For a digital financial platform, restricting an account can be a necessary fraud-control measure, but it can also become a customer-access problem when money is trapped. That tension gets harder to manage as fintechs take on more functions traditionally associated with banks. The scrutiny around Block puts a familiar question back on the table: how much friction can a financial platform introduce in the name of protection before the protection itself starts damaging trust?

      5. Coinbase (COIN) – Close: $172

      • Coinbase is expanding its Samsung partnership to bring USDC directly into Samsung Wallet, with the U.S. rollout expected in the last week of October.
      • Samsung Wallet users will see USDC as the default dollar stablecoin, giving Coinbase access to a much broader consumer distribution channel without requiring users to start inside a crypto exchange.

      Why it matters: This is ultimately a distribution play for stablecoins. Coinbase has plenty of infrastructure around USDC, but getting stablecoins into everyday consumer wallets addresses a different problem: where people actually encounter and use them. The Samsung relationship puts USDC closer to the payment interface, but it also exposes the bigger challenge ahead. Distribution can make stablecoins easier to access, but it still has to create a compelling reason for consumers and businesses to actually use them.

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      AI is the car, and you are the driver: Bank of America’s approach to AI learning

      Most academic curricula do not yet include formal Gen AI instruction, so for many new hires, the first structured lesson in working with Gen AI happens on the job. At Bank of America, which has more than 200,000 teammates, the design of that lesson carries real weight.  This responsibility is overseen by The Academy, the bank’s award-winning onboarding, education, and professional development organization.

      Michael Wynn, Academy Enterprise Learning and AI Strategy Executive, leads this work. He anchors it in a single metaphor: “AI is the car, and you are the driver.”

      For Wynn, Gen AI training begins in the analog. New teammates receive a pen and write down the outcome they want, the context that matters, and how they will know whether an answer is good. Wynn calls it a reflection technique that shows “the value of slowing down to think before you prompt,” and it builds the critical thinking and problem definition that make later prompting sharper.

      Judgment stays with the person

      At The Academy, strategic prompt design workshops and responsible use of AI training come first. The opening prompting course introduces a “human in the lead” concept, so teammates understand from day one that they remain accountable for reviewing, editing, and approving anything AI produces. …

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      U.S. Bank is building its small business relationship around the way owners run their businesses

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        U.S. Bank is building its small business relationship around the way owners run their businesses

        The super-regional bank wants a bigger share of small businesses’ financial activity.

        A credit card gives a bank a closer look at how its small business clients run their day-to-day operations. The transactions reveal spending patterns, recurring costs, employee activity, and how the business manages its cash. U.S. Bank is increasingly building its small business strategy around this broader view of the customer relationship.

        The bank’s two new cards, the U.S. Bank Business Essentials Visa Card and U.S. Bank Business Essentials Plus Visa Signature Card, are the latest additions to its small business strategy that has expanded well beyond checking accounts and loans. The cards offer unlimited 2% cash back on everyday business purchases, while the Plus card adds 5% cash back on a top spending category, up to $200,000 annually. Both can earn additional cash back when paired with qualifying balances in a U.S. Bank business checking account.

        “Our goal is to build long-lasting relationships with small business owners through integrated solutions, not simply give them a card,” Courtney Kelso, U.S. Bank’s Senior Executive VP of Payments, Consumer, and Small Business, said in the press release.

        From products to workflows

        U.S. Bank has used the past couple of years to expand beyond individual small business products and build around the workflows that connect them.

        In 2025, …

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        The Week in Market Moves | Sept 24 – Oct 01, 2026

        Company signals and market response

        This analysis tracks the top company developments and how markets absorbed them through Thursday’s close, focusing on where shifting narratives translate into price action.

        It is part of Tearsheet PRO’s weekly 10-Q Newsletter, where strategy meets market reaction. I track how leading banks and fintechs are evolving in public markets and how investors are pricing those moves.

        Subscribe to PRO and get the full 10-Q story in your inbox every Friday!

        1. Citi (C) – Close: $127

        • Citi is letting bank clients access multiple cross-border instant-payment markets through one SWIFT connection and account structure, without separate local banking relationships or infrastructure. The initial rollout covers major currencies including AUD, GBP, INR, and USD. 
        • The service combines Citi’s Global Clearing network and WorldLink with SWIFT’s payments scheme, giving banks a single route into multiple real-time payment networks.

        Why it matters: Cross-border payments have historically been messy precisely because every market brings its own rails, relationships, and technical requirements. Citi is trying to make that complexity sit behind one connection. The interesting part is less “faster payments” than who gets to become the connective layer between fragmented domestic instant-payment systems.

        2. Intuit (INTU) – Close: $282.78

        • Intuit’s QuickBooks is now connected to Meta’s Muse for Small Business, allowing businesses to move from conversations with the AI assistant into financial workflows such as invoicing, cash-flow analysis, and business performance insights.
        • Muse can call on QuickBooks to execute selected tasks, while Meta is also connecting the assistant to a broader set of business tools including Shopify, Stripe, Slack, and Canva.

        Why it matters: The important part is where the financial software now sits. QuickBooks has traditionally been the place a business goes to manage its books; increasingly, the interaction may start somewhere else, and the software becomes the system executing the task. For Intuit, this means extending QuickBooks’ financial intelligence into the AI interfaces where small-business owners are already working.

        3. Robinhood (HOOD) – Close: $111.15

        • Robinhood is bringing AI agents directly into its app, allowing customers to create agents that can research markets, build strategies, and execute trades, with customers able to choose whether trades require approval. 
        • It is also preparing 24/7 weekend trading for select equities, alongside perpetual futures and earnings contracts, extending Robinhood further into always-on active trading.

        Why it matters: Robinhood is moving the trading interface from “I place the trade” to “I set the strategy and the agent acts.” This changes the role of the brokerage from execution venue to something closer to an operating layer for an investor’s financial decisions. It also raises a harder question: how much autonomy should sit between a customer and a trade?.

        4. Fifth Third (FITB) – Close: $50.41

        • Fifth Third has launched Innovation Banking by combining Comerica’s 34-year technology and life-sciences banking franchise with its Newline embedded banking platform. 
        • The offering brings venture banking, payments, treasury, lending, capital markets, and wealth management into one relationship, with Fifth Third identifying a potential $10 billion multi-year deposit opportunity.

        Why it matters: This is Fifth Third trying to turn the Comerica acquisition into additional scale. The model is built around staying with startups as they move from early operating needs into financing, capital markets, and wealth. This gives the bank a way to compete for the relationship earlier and potentially keep more of it as companies mature.

        5. BMO (BMO) – Close: $166.30

        • BMO and Mastercard are embedding BMO virtual card payments directly into enterprise software used for ERP, procurement, accounts payable, and travel management. BMO is the first Mastercard issuer in Canada to offer the capability. 
        • Eligible corporate card clients can initiate and manage payments inside those software platforms rather than switching between operational systems and banking portals.

        Why it matters: The battle for commercial payments is increasingly moving away from the bank portal. If finance teams already run procurement and AP inside another piece of software, the bank has a choice: make customers come back to its interface or put the payment capability inside theirs. BMO is choosing the latter, keeping the bank involved without requiring the customer to leave the workflow.

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        Chime is turning a seven-year-plus bank partnership into vertical integration

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          Chime is turning a seven-year-plus bank partnership into vertical integration

          Chime’s longest-running partnership is becoming an acquisition.

          Chime’s model rested on a clear separation of roles. The neobank owned the customer relationship, technology, and product experience; a partner bank supplied the regulated infrastructure underneath it.

          Now Chime is bringing that back-end infrastructure in-house. The firm will acquire Stride Bank for $590 million in cash, renaming the Oklahoma-based institution to Chime Bank, N.A., and making it a wholly owned subsidiary. Stride has been Chime’s bank partner for more than seven years. The deal is expected to close in the first half of 2027, subject to regulatory approvals.

          The move comes as Chime itself has become a different kind of business. It now has more than 10 million active members and a product portfolio spanning payments, credit, liquidity, and investing. Its ambition has expanded, too: The firm increasingly wants to be the account customers use as the center of their financial lives.

          At this point, the bank underneath the experience becomes harder to treat as someone else’s problem.

          When the partner becomes part of the platform

          …

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          The Week in Market Moves | Sept 17 – 24, 2026

          Company signals and market response

          This analysis tracks the top company developments and how markets absorbed them through Thursday’s close, focusing on where shifting narratives translate into price action.

          It is part of Tearsheet PRO’s weekly 10-Q Newsletter, where strategy meets market reaction. I track how leading banks and fintechs are evolving in public markets and how investors are pricing those moves.

          Subscribe to PRO and get the full 10-Q story in your inbox every Friday!

          1. Coinbase (COIN) – Close: $199.01

          • Coinbase is letting eligible U.S. retail customers request IPO shares at the offer price before trading begins, starting with Oura.
          • The move pushes Coinbase further beyond crypto, adding primary-market access to its broader “Everything Exchange” strategy.

          Why it matters: Coinbase is moving closer to becoming a single front door for more of the financial markets, rather than a crypto venue that happens to offer stocks. IPO access moves the platform upstream, from trading securities after they list to helping distribute them before they hit the public market. The emerging question is how far Coinbase can take that model as it layers stocks, crypto, stablecoins, and other financial products into one account.

          2. J.P. Morgan Chase (JPM) – Close: $337.35

          • J.P. Morgan is reportedly exploring whether outside funding sources, potentially including private credit, could take on card applicants the bank declines.
          • The model could separate the decision to extend credit from J.P. Morgan’s own balance sheet, while giving co-brand partners a way to approve more customers.

          Why it matters: The move opens up the possibility of changing how a major bank manages the boundary between its own risk appetite and the demands of its card partners. J.P. Morgan could keep its underwriting standards while creating another channel for applicants it doesn’t want to put on its balance sheet. The model is still early, and J.P. Morgan says it has no plans for a second-look program, so the significance is in the direction being explored, not a finished product.

          3. SoFi (SOFI) – Close: $16.75

          • SoFi is moving its entire $25 billion debit and credit card program to stablecoin settlement using SoFiUSD and Mastercard’s network.
          • Customers and merchants don’t have to change how they pay; the blockchain-based shift happens underneath the existing card experience.

          Why it matters: This is a different stablecoin adoption story: no new wallet, payment method, or consumer behavior required. The experiment is really about whether tokenized dollars can replace pieces of the settlement machinery behind cards, potentially changing liquidity, reconciliation, and cross-border money movement. If the same stablecoins can settle large volumes repeatedly, the economics may depend on how much financial activity they can support.

          4. Block (XYZ) – Close: $76.39

          • Square sellers can now manage their Apple Maps presence, business information, and customer action links directly from Square Dashboard.
          • It extends Square’s push to make merchants discoverable wherever consumers are searching, including Apple, ChatGPT, Claude, and Alexa+.

          Why it matters: Block’s Square is increasingly treating discovery as part of the commerce stack, not something merchants have to manage separately from payments and operations. Square wants to help control the path from “find this business” to “buy from this business,” even when that journey happens outside Square’s own products. As AI and platform-based discovery take over more consumer searches, owning that connective tissue could become increasingly valuable.

          5. Bank of America (BAC) – Close: $56.12

          • Bank of America plans to add 1,000 apprentices over two years, on top of the more than 800 it already hires annually.
          • It is also committing $150 million to workforce development, expanding apprenticeship opportunities across consumer banking, technology, operations, and client-facing roles.

          Why it matters: The move comes as Bank of America is expanding both its physical footprint and its technology operations, making workforce capacity a more immediate strategic issue. Apprenticeships give the bank another way to build talent for roles that don’t necessarily require a traditional four-year degree. The combination of hiring, training, and branch expansion points to a broader bet that the bank’s next phase won’t be purely digital – it will require people and infrastructure on the ground as well.