
3D Semiconductor Packaging Market Size Is Likely To Reach a Valuation of Around $40.7 Billion by 2032
The 3D Semiconductor Packaging Market was valued at USD 12.2 billion in 2023 and is projected to grow from USD 14.1825 billion in 2024 to USD 40.7 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.09% during the forecast period (2024-2032). The market's growth is primarily driven by the rising demand for miniaturization of electronic devices and the rapid expansion of the information and communications industry.
Key Drivers of Market Growth
Miniaturization of Electronic Devices: Increased demand for compact and high-performance electronic products. Integration of multiple functionalities in smaller chip sizes.
Growth in Information and Communications Industries: Expansion of 5G networks and IoT applications. Rising demand for high-speed, high-efficiency semiconductor solutions.
Enhanced Performance and Power Efficiency: 3D packaging enables better heat dissipation and power management. Increased adoption in high-performance computing and AI-based applications.
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Key Companies in the 3D Semiconductor Packaging Market include
Samsung Electronics Co Ltd.
United Microelectronics Corporation
Intel Corporation
ACM Research
Taiwan Semiconductor Manufacturing Company
ASE Technology Holdings Co. Ltd.
Amkor Technology
Jiangsu Changjiang Electronics Technology Co. Ltd, among others
Market Segmentation
By Technology
3D Through-Silicon Via (TSV)
High-performance interconnect technology widely used in advanced processors.
3D Fan-Out Wafer Level Packaging (FOWLP)
Provides cost-effective and compact solutions for various applications.
3D System-in-Package (SiP)
Integration of multiple chips within a single package to enhance performance.
2.5D Interposer Packaging
Bridge between traditional and full 3D semiconductor packaging, widely used in GPUs and AI processors.
By End-User Industry
Consumer Electronics: Rising adoption in smartphones, wearables, and portable electronic devices.
Automotive: Increased use in ADAS, electric vehicles, and infotainment systems.
Telecommunications: High demand due to 5G infrastructure expansion and network upgrades.
Healthcare: Integration in medical devices for better processing and real-time data analysis.
Aerospace & Defense: Adoption in mission-critical applications requiring high reliability and compact designs.
By Region
North America: Leading region due to strong presence of semiconductor manufacturers and R&D investments.
Europe: Growth driven by automotive and industrial automation applications.
Asia-Pacific: Fastest-growing market due to high production of consumer electronics and growing semiconductor manufacturing sector.
Rest of the World: Emerging markets investing in advanced semiconductor technologies.
The 3D Semiconductor Packaging Market is experiencing rapid growth due to increasing demand for miniaturized electronic devices and technological advancements in telecommunications and AI computing. With a CAGR of 14.09% from 2024 to 2032, the market is expected to witness significant innovation, investment, and expansion across various sectors.
Metrology Market
3D Sensor Market
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National Post
a day ago
- National Post
Superior Announces Q2 2025 Results with Strong First Half; Reaffirms Guidance
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'Through disciplined cost management and strong performance outside of the wellsite business, Certarus grew EBITDA by 5% in the first half of 2025 and maintained its leadership position in the market as the sector navigates a temporary cyclical slowdown.' Article content Three Months Ended Six Months Ended June 30 June 30 (millions of dollars) 2025 2024 (2) 2025 2024 (2) U.S. Propane Adjusted EBITDA (1) – 9.6 163.6 153.5 Canadian Propane Adjusted EBITDA (1) 12.6 13.5 61.7 59.2 CNG Adjusted EBITDA (1) 27.4 27.2 82.5 78.7 Adjusted EBITDA from operations (1) 40.0 50.3 307.8 291.4 Corporate Operating Costs (1) (6.5) (7.0) (13.8) (12.5) Adjusted EBITDA (1) 33.5 43.3 294.0 278.9 Note: Beginning in Q1 2025, the contribution from wholesale activities has been rolled into the U.S. and Canadian Propane segments to better reflect how the business operates. (1) Adjusted EBITDA from operations, Corporate Operating Costs and Adjusted EBITDA are Non-GAAP Financial Measures. See 'Non-GAAP Financial Measures and Ratios' section below. (2) Comparative figures have been restated to be consistent with Superior's segment disclosure. See 'Overview of Superior and Basis of Presentation' for more information about the change in segment reporting. Article content Financial Overview Three Months Ended Six Months Ended June 30 June 30 (millions of dollars, except per share amounts) 2025 2024 2025 2024 Revenue 423.2 422.9 1,431.6 1,320.6 Gross Profit 228.9 235.2 727.8 700.4 Net earnings (loss) for the period (14.7) (45.3) 131.7 39.9 Net earnings (loss) for the period attributable to Superior per share, basic and diluted $ (19.4) $ (50.0) $ 122.3 $ 30.5 Adjusted Net Earnings per share (1)(2) $ (0.25) $ (0.23) $ 0.43 $ 0.29 Adjusted EBITDA from operations (1) 40.0 50.3 307.8 291.4 Adjusted EBITDA (1) 33.5 43.3 294.0 278.9 Adjusted EBITDA per share (1)(3) $ 0.13 $ 0.16 $ 1.12 $ 1.00 Adjusted EBTDA per share (1)(3) $ 0.05 $ 0.07 $ 0.95 $ 0.82 Free Cash Flow per share (1)(2) $ (0.14) $ (0.16) $ 0.81 $ 0.45 Cash dividends declared on common shares Cash dividends declared per share C$ 0.045 C$ 0.18 C$ 0.09 C$ 0.36 (1) Adjusted EBITDA from operations, Adjusted EBITDA, Adjusted EBTDA per share, Adjusted Net Earnings per share and Free Cash Flow per share are Non-GAAP Financial Measures. See 'Non-GAAP Financial Measures and Ratios' section below. (2) The basic weighted average number of outstanding shares for the three and six months ended June 30, 2025 was 227.9 million and 231.7 million (three and six months ended June 30, 2024 was 248.6 million and 248.6 million). The preferred share dividends are deducted from the numerator in this calculation. (3) The diluted weighted average number of outstanding shares for the three and six months ended June 30, 2025 was 257.9 million and 261.7 million (three and six months ended June 30, 2024 was 278.6 million and 278.6 million). The diluted weighted average number of shares assumes the exchange of the issued and outstanding preferred shares into common shares. There were no other dilutive instruments for the three and six months ended June 30, 2025 and 2024. Article content Propane Distribution Results and Superior Delivers (changes in performance are relative to the same period of 2024) Article content First half 2025 adjusted EBITDA (1) across propane operations increased by $12.6 million, or 5.9%, driven by strong volumes in Q1 and contribution from Superior Delivers. Q2 Adjusted EBITDA (1) across propane operations declined by $10.5 million due to the timing of deliveries following high-volumes in Q1 and the impact from the company's targeted improvement in delivery efficiency reducing customers' in-tank volume during the quarter. Within the wholesale business, which is now disclosed as part of the U.S. and Canadian propane segments, a temporary supply disruption in California also negatively impacted margins in the second quarter. Results from Superior Delivers continue to progress in line with expectations, contributing $5.0 million to Adjusted EBITDA (1) in the first half and $2.7 million in Q2. Within the Customer Growth pillar, the company continues to advance sophisticated pricing analytics and implement new pricing strategies. Through the Cost-to-Serve pillar, the company has begun schedule optimization and is utilizing more sophisticated delivery efficiency tools which are performing well. Additionally, scheduling optimization has been successfully deployed to more than half of the company's markets across North America and is expected to be in all markets prior to the return of the high-volume heating season. The company continues to expect Superior Delivers to contribute $20 million in Adjusted EBITDA (1) in 2025 and remains on track to deliver at least $70 million of incremental Adjusted EBITDA (1) by 2027. Article content Q2 CNG Results (changes in performance are relative to the same period in 2024) Article content H1 Adjusted EBITDA (1) increased by 4.8% to $82.5 million; Q2 Adjusted EBITDA (1) increased 0.7% to $27.4 million as strong results in the company's industrial, renewable natural gas ('RNG') and Hydrogen businesses largely offset competitive pressures in the wellsite business. The company's industry-leading fleet of mobile storage units ('MSUs'), averaged 869 in the second quarter, up 14% mainly due to additions made in the second half of 2024. Q2 volumes of 7,186,000 MMBtu increased 2.5%, while MMBtu per MSU declined by 10% reflecting wellsite market conditions and increased mix of revenue from industrial, RNG and Hydrogen segments. Revenue from Industrial, RNG, and Hydrogen increased 48%, driven by consistent work over the past several quarters to expand our business with new customers and projects in these industry segments. Certarus collaborated with Mitsubishi Power and Georgia Power to deliver the world's largest hydrogen fuel blending demonstration on an advanced class gas turbine for power generation across several weeks in May and June. The company's efficiency improvement actions drove a decrease of approximately 5% in operating cost per MMBtu during the second quarter. Article content Quarterly Dividend and Common Share Repurchases Article content Consistent with its previously communicated capital allocation strategy, Superior expects to allocate approximately C$140 million annually to share repurchases. The company is on track with its share repurchase plans and expects to renew its NCIB in mid-Q4. During H1 2025, Superior repurchased 13.6 million common shares, or approximately 5.7% of its outstanding public float, at an average price of C$6.87 per share for a total of approximately C$93.4 million, or C$95.4 million including related taxes. During Q2 2025, Superior repurchased 7.4 million common shares, or approximately 3.2% of its outstanding public float, at an average cost of C$7.30 per share for a total of approximately C$53.2 million. Declaring a quarterly common share dividend of C$0.045 per share, payable to shareholders of record as of September 29, 2025. The common share dividend will be payable on October 15, 2025. Debt and Leverage Article content The company's Leverage Ratio (1) as of Q2 2025 was 3.8x, compared to 3.7x at Q1 2025 due to the higher US dollar value of Canadian dollar denominated debt and lower Q2 2025 Adjusted EBITDA. Q2 2025 leverage was flat compared with 3.8x at Q2 2024. The company now expects to end 2025 with a Leverage Ratio of ~3.7x, up slightly from the prior target of 3.6x, mainly due to a stronger-than-forecast Canadian dollar. The company is maintaining its mid-2027 target of 3.0x. On August 8 th, the company and its syndicate of lenders executed an amendment to both secured revolving credit facilities. Under the amendments, the C$750M core revolver term has been extended to August 2030 and the limit has been converted to US$600M. The C$550M side car facility term has been extended to August 2028. These amendments provide the company with ample flexibility to execute its strategic plan. Article content MD&A and Financial Statements Article content Superior's MD&A and the unaudited condensed Consolidated Financial Statements as at and for the quarter ended June 30, 2025 provide a detailed explanation of Superior's operating results. These documents are available online on Superior's website at Article content Superior Plus Financial Reports Article content and on Superior's profile at Article content SEDAR+ Article content . Article content 2025 Second Quarter Conference Call Article content A conference call and webcast to discuss the 2025 second quarter financial results will be held at 8:30 AM EDT on Wednesday, August 13, 2025. To register as a participant, please use the following link: Article content Register Here Article content . The webcast will be available for replay on Superior's website at: Article content Article content under the Events section. Article content About Superior Plus Article content Superior is a leading North American distributor of propane, compressed natural gas, renewable energy and related products and services, servicing approximately 750,000 customer locations in the U.S. and Canada. Through its primary businesses, propane distribution and CNG, RNG and hydrogen distribution, Superior safely delivers low carbon Article content 1 Article content fuels to residential, commercial, utility, agricultural and industrial customers not connected to a pipeline. By displacing more carbon intensive fuels, Superior is a leader in the energy transition and helping customers lower operating costs and improve environmental performance. Article content 1 Superior defines 'low carbon' and 'lower carbon' fuels as those with a lower carbon intensity than fossil fuels that may be utilized in the same application (e.g. diesel, gasoline). Article content Forward-Looking Information Article content This news release contains information or statements that are or may be 'forward-looking statements' within the meaning of applicable Canadian securities laws. When used in this presentation, the words 'may', 'will', 'should', 'expect', 'plan', 'anticipate', 'believe', 'estimate', 'predict', 'forecast', 'project', 'intend', 'target', 'potential', 'continue' or the negative of these terms or terminology of a similar nature as they relate to Superior or an affiliate/subsidiary of Superior are intended to identify forward-looking statements. Forward-looking statements in this news release include, without limitation, information and statements relating to: Superior's future financial position, the anticipated initiatives, impact of, and our ability to successfully execute on the Article content transformation, expected 2025 EBITDA growth, expected 2025 Adjusted EBITDA growth of $20 million attributable to Article content Superior Delivers Article content initiatives in 2025 and $70+ million by 2027, expected allocation of capital to share repurchases in 2025, expected renewal of an NCIB in 2025, anticipated increases in shareholder value and expected Leverage Ratio at 2025 and the company's mid-term target leverage ratio. Article content Forward-looking information is provided to provide information about management's expectations and plans for the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions, and expectations that Superior believes are reasonable in the circumstances, including assumptions about our ability to execute on the goals and targets of the Superior Delivers transformation, including $35 million in Adjusted EBITDA growth from cost-to-serve improvements, $30 million in Adjusted EBITDA growth from customer growth initiatives; and $5 million in Adjusted EBITDA growth from the company's wholesale business activities, in each case, from 2025 to 2027; foreign exchange rates; competition; expected average weather; interest rates remaining flat with the current level; number and average acquisition price of common shares repurchased; management's estimates and expectations in relation to future economic and business conditions and the resulting impact on growth and accretion in various financial metrics; the absence of significant undisclosed costs or liabilities associated with acquisitions; and other assumptions disclosed in Superior's 2025 Q2 MD&A available at SEDAR+ at and on Superior's website at No assurance can be given that these assumptions and expectations will prove correct. Those assumptions and expectations are based on information currently available to Superior, including information obtained from third-party industry analysts and other third-party sources, and the historic performance of Superior's businesses and businesses it has acquired. Superior cautions that the assumptions used to prepare such forward-looking information, including estimated financial guidance, could prove to be incorrect or inaccurate. Article content The forward-looking information is also subject to the risks and uncertainties set forth below. By its very nature, forward-looking information involves numerous assumptions, risks and uncertainties, both general and specific. Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect, as many important factors are beyond our control, Superior's actual performance and financial results may vary materially from those estimates and expectations contemplated, expressed or implied in the forward-looking information. These risks and uncertainties include the success and of, and timing to achieve, the initiatives being pursued pursuant to the Superior Delivers program, ongoing capital requirements of the businesses, weather differing materially from the five year average weather, market conditions, demand and competition for CNG in jurisdictions where CNG operates, economic activity in the oil and gas sector, commodity prices, risks relating to incorrect assessments of value when making acquisitions, failure to realize expected cost-savings and synergies from acquisitions, increases in debt service charges, the loss of key personnel, fluctuations in foreign currency and exchange rates, fluctuations in commodity prices, increasing rates of inflation, inadequate insurance coverage, liability for cash taxes, counterparty risk, compliance with environmental laws and regulations, reduced customer demand, operational risks involving our facilities and equipment, force majeure, labour relations matters, our ability to access external sources of debt and equity capital, and the risks identified in (i) our 2024 Annual MD&A under the heading 'Risk Factors' and (ii) Superior's most recent Annual Information Form. The preceding list of assumptions, risks and uncertainties is not exhaustive. Article content When relying on our forward-looking information to make decisions with respect to Superior, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking information is provided as of the date of this document and, except as required by law, Superior does not undertake to update or revise such information to reflect new information, subsequent or otherwise. For the reasons set forth above, investors should not place undue reliance on forward-looking information. Article content The estimates and targets regarding Superior's future financial performance, including, but not limited to, estimated target of incremental Adjusted EBITDA of $70 million from the Superior Delivers transformation by 2027, are provided herein to assist readers in understanding Superior's estimated and targeted financial results, and such information may not be appropriate for other purposes. Superior and its management believe that such information has been prepared based on assumptions that are reasonable in the circumstances, reflecting management's best estimates and judgements, and represents, to the best of management's knowledge and opinion, Superior's estimated and targeted financial results. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. Article content Non-GAAP Financial Measures and Ratios Article content Throughout this news release, Superior has identified specific terms, including ratios, that it uses that are not standardized measures under International Financial Reporting Standards ('Non-GAAP Financial Measures') and, therefore may not be comparable to similar financial measures disclosed by other issuers. Information to reconcile these Non-GAAP Financial Measures to the most directly comparable financial measures in Superior's condensed consolidated financial statements as at and for the three months ended June 30, 2025 ('Q2 2025 Financial Statements') is provided below. Certain additional disclosures for these Non-GAAP Financial Measures, including an explanation of the composition of these financial measures, how they provide helpful information to an investor, and any additional purposes management uses for them, are incorporated by reference from the 'Non-GAAP Financial Measures and Reconciliations' section in Superior's 2025 Second Quarter MD&A dated August 13, 2025, available on Article content . Article content Adjusted EBITDA is consistent with the Segment profit (loss) disclosed in Note 18 Reportable Segment Information of the Financial Statements. Adjusted EBITDA from operations is the sum of U.S. Propane, Canadian Propane, and CNG Segment profit (loss). Adjusted EBITDA per share is calculated by dividing Adjusted EBITDA by the weighted average outstanding shares assuming the exchange of the issued and outstanding preferred shares into common shares. Article content Adjusted EBTDA is calculated as Adjusted EBITDA less interest on borrowings and interest on lease liability. Adjusted EBTDA per share is calculated by dividing Adjusted EBTDA by the weighted average outstanding shares assuming the exchange of the issued and outstanding preferred shares into common shares. Article content Corporate Operating Costs are defined as Corporate Segment profit (loss) disclosed in Note 18 Reportable Segment Information of the condensed consolidated financial statements as at and for the three months ended June 30, 2025. Article content Capital Expenditures are inclusive of purchases of property, plant and equipment and intangible assets and lease additions. Article content Leverage Ratio is determined by dividing Superior's Net Debt by its Pro Forma Adjusted EBITDA, both of these components are Non-GAAP Financial Measures. Proforma Adjusted EBITDA is Adjusted EBITDA calculated on a 12-month basis giving effect to acquisitions, if any, to the first day of the calculation period. Proforma Adjusted EBITDA was calculated by taking the sum of the year ended December 31, 2024 Adjusted EBITDA ($455.5 million) and the Adjusted EBITDA for the six months ended June 30, 2025 ($294.0 million) less the Adjusted EBITDA for the six months ended June 30, 2024 ($278.9 million). Net Debt is calculated as the sum of borrowings after deferred financing fees ($1,809.2 million) reduced by cash and cash equivalents ($21.6 million) as at June 30, 2025. Article content Free Cash Flow per share is calculated as Segment Profit (Loss) ($33.5 million) less interest expense ($20.7 million), taxes paid ($10.6 million), capital expenditures ($27.5 million), transaction, restructuring and other costs ($2.4 million) and the preferred share dividend paid in the period ($4.7 million). Free Cash Flow per share is calculated by dividing Free Cash Flow by the weighted average common outstanding shares. This calculation excludes changes in non-cash operating working capital and other, which can fluctuate meaningfully and from quarter to quarter and can therefore detract from the purpose of the metric which is to demonstrate the performance from the underlying operations. Article content Adjusted Net Earnings is calculated as segment profit for the period ($33.5 million) and adjusting for depreciation and amortization ($64.5 million), taxes ($2.5 million), gain (loss) on disposal ($1.6 million), finance expense ($21.4 million) and the preferred share dividend paid in the period ($4.7 million). Adjusted Net Earnings per share is calculated by dividing Adjusted Net Earnings by the weighted average common shares outstanding. This metric was changed from the prior quarter to align the treatment of gains (losses) on financial and non-financial derivatives and foreign currency translation to be consistent with Adjusted EBITDA. Article content Article content Article content Article content Article content Contacts Article content Superior Plus Corp. Article content Article content Website: Article content Article content Article content E-mail: Article content investor-relations@ Article content Article content Article content Article content


The Market Online
a day ago
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Canopy Growth, Silver North Resources, Vonovia
Market volatility continues to rise, yet the US stock markets are still managing to defend their record highs. The price of silver made a comeback last week, closing above the USD 38 mark after several weeks of sideways movement. The ongoing uncertainty in both geopolitical and fiscal policy could help propel the precious metal to reach new highs, which should benefit both producers and exploration companies alike. This article is disseminated in partnership with Apaton Finance GmbH. It is intended to inform investors and should not be taken as a recommendation or financial advice. Canopy Growth – Surprising gains The cannabis industry, once celebrated, has been in a downward spiral for years. One of the leading players, Canopy Growth, has lost 99.90% of its value since its all-time high of CAD 766.80 and is currently trading at CAD 1.72. However, there are opportunities for a rebound, and the chances of a strong recovery are reflected in the latest quarterly figures. One of the leading cannabis companies in both the recreational and medical segments beat analysts' forecasts. Canopy Growth reported a loss of USD 0.16 per share in the first quarter, slightly missing the consensus estimate of minus USD 0.15. Revenue rose 9% year-on-year to USD 64.12 million, significantly exceeding the expected USD 47.91 million. Growth was primarily driven by the Canadian market for recreational and medical cannabis, as well as higher international cannabis sales. Net revenue in the Canadian recreational segment climbed 43% to CAD 27 million. This was due to stronger sales expansion and high demand for flowers and processed products such as pre-rolled joints. In the medical segment in Canada, revenues increased by 13%, supported by more insured customers, larger order quantities and an expanded product range in the online shop. The subsidiary Storz & Bickel generated revenue of CAD 15 million, a decline of 25% compared to the strong prior-year quarter. Uncertain consumer sentiment and the high comparative figure had a negative impact. For the second half of 2025, Storz & Bickel plans to launch a new vaporizer, which the Company believes has great sales potential. Silver North Resources – Ideal conditions Precious metals are booming, which is no surprise given the current geopolitical and fiscal uncertainty. While gold is likely to test the USD 3,500 mark again, the price of silver managed to stay above the important horizontal resistance level of USD 38 per ounce last week. Unlike its big brother, silver not only has a reputation as a safe haven, but also has the advantage of being increasingly in demand as an industrial metal, primarily for alternative energy sources and artificial intelligence hardware. Producers and promising exploration companies such as Silver North Resources (TSXV:SNAG) are naturally benefiting from the rising silver price. The Canadian company has two properties in its portfolio that could significantly increase its current market capitalization of CAD 15.35 million in the medium term. The Haldane property, which borders directly on Hecla Mining's area, is considered particularly promising. The first 27 drill holes have already yielded exceptionally high silver grades of over 300 grams per tonne. In order to further explore the area and obtain additional data, another drilling program is scheduled to start in August. Ten drill holes with a total length of around 2,500 meters are planned to expand the Keno-type silver-lead-zinc mineralization at the newly discovered Main Fault target. At least three high-grade silver veins have been identified there to date. The second flagship project, the Tim Project, is located near Watson Lake and in close proximity to Coeur Mining's Silvertip mine. The property benefits from solid infrastructure and has demonstrated anomalous values of silver, lead, and zinc. Last year, project partner Coeur Mining conducted an initial drilling program on site, the results of which have not yet been published. Silver North shares have benefited from both the rising silver price and positive fundamental developments, now trading at CAD 0.25, reflecting a gain of nearly 210%. The stock declined last week after Silver North Resources announced the completion of a private placement totaling CAD 268,235, which will be used to fund the exploration and development of its properties. Vonovia – Real estate slump over? Europe's leading private residential real estate company also presented strong figures. Vonovia made significant progress in the first half of 2025 and raised its forecast for adjusted pre-tax profit. The DAX-listed company now expects EUR 1.85 to 1.95 billion instead of the previous EUR 1.75 to 1.85 billion. Management expects adjusted EBITDA to be at the upper end of the previous target range of EUR 2.7 billion to EUR 2.8 billion. The long-term targets for 2028 remain unchanged. In the period from January to June, adjusted operating profit rose by 12% to EUR 1.42 billion. While the largest contribution from the rental business increased only slightly, the Value-Add, Recurring Sales, and Development segments posted more significant growth. Adjusted EBT, which is important for the dividend calculation, climbed 11% to EUR 984 million, corresponding to earnings per share of EUR 1.20, up from EUR 1.09 in the previous year. Net profit after taxes amounted to EUR 795 million, compared with a loss of EUR 508 million in the first half of 2024. Vonovia shares benefited from the positive outlook and climbed by around 5% after publication. The chart picture would brighten significantly if the horizontal resistance level of EUR 28.86 were to be exceeded. Cannabis company Canopy Growth reported better-than-expected figures, triggering a rebound. The German real estate sector may also have bottomed out, judging by the figures and forecasts of real estate developer Vonovia. Silver North Resources shares are benefiting from both rising silver prices and fundamental business developments. Conflict of interest Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as 'Relevant Persons') currently hold or hold shares or other financial instruments of the aforementioned companies and speculate on their price developments. In this respect, they intend to sell or acquire shares or other financial instruments of the companies (hereinafter each referred to as a 'Transaction'). Transactions may thereby influence the respective price of the shares or other financial instruments of the Company. In this respect, there is a concrete conflict of interest in the reporting on the companies. 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