This 'picks-and-shovels' AI play is breaking out of resistance after seven years, the charts show
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Business Wire
25 minutes ago
- Business Wire
Priority Technology Holdings, Inc. Announces Strategic Asset Acquisition and Secures $50 Million Financing Facility
ALPHARETTA, Ga.--(BUSINESS WIRE)--Priority Technology Holdings, Inc. (NASDAQ: PRTH) ("Priority" or the "Company"), the payments and banking solution that streamlines collecting, storing, lending and sending money to unlock revenue opportunities, today announced the successful closing of the acquisition of certain assets of Boom Commerce ('Boom') and the closing of a new $50 million residual financing credit facility. Priority acquired the revenue agreements and customer relationships of Boom, an existing reseller partner of Priority, in the transaction. Boom's leadership team of Sabin Burrell (CEO) and John Hynes (COO) will join Priority. 'Boom Commerce is a seamless addition to our direct sales channel. Their proven ability to attract enterprise customers and sell value added services is well positioned to advance our product sales initiative,' said Tom Priore, Chairman and CEO of Priority. 'We expect the acquisition of Boom to provide approximately $5 million of incremental revenue in 2025 while the adjusted EBITDA benefit will be almost $6 million given the reduction in cost of sales from lower third-party residuals.' Priority also secured a $50 million delayed draw term loan facility which will finance the purchase of eligible residual receivables and loan receivables, supporting Priority's continued expansion into alternative financing solutions. 'As we continue to optimize our capital structure, we are excited to work alongside Värde Partners to establish a new residual financing facility that will provide Priority with the flexibility to further support our ISO and ISV reseller base with incremental capital to help them accelerate their growth and make their portfolio worth more at Priority," said Tim O'Leary, Chief Financial Officer of Priority. "We believe the securitization style credit facility is unique for this asset class and a further testament to Priority's ability to remain at the forefront of the market as we continue to drive value for our partners and stakeholders." About Priority Priority is the payments and banking solution that enables businesses to collect, store, lend and send funds through a unified commerce engine. Our platform combines payables, merchant services, and banking and treasury solutions so leaders can streamline financial operations efficiently — and our innovative industry experts help businesses navigate and build momentum on the path to growth. With the Priority Commerce Engine, leaders can accelerate cash flow, optimize working capital, reduce unnecessary costs, and unlock new revenue opportunities. To learn more about Priority (NASDAQ: PRTH), visit Forward Looking Statements This press release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services, and other statements identified by words such as 'may,' 'will,' 'should,' 'anticipates,' 'believes,' 'expects,' 'plans,' 'future,' 'intends,' 'could,' 'estimate,' 'predict,' 'projects,' 'targeting,' 'potential' or 'contingent,' 'guidance,' 'outlook' or words of similar meaning. These forward-looking statements include, but are not limited to, the Purchase Agreement and our ability to close on the Purchase Agreement. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive risks, trends and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking statements. Our actual results could differ materially, and potentially adversely, from those discussed or implied herein. We caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. You should evaluate all forward-looking statements made in this press release in the context of the risks and uncertainties disclosed in our SEC filings, including our most recent Annual Report on Form 10-K filed with the SEC on March 6, 2025. These filings are available online at or We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences we anticipate or affect us or our operations in the way we expect. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.
Business Insider
26 minutes ago
- Business Insider
OpenAI chairman compares AI to the dot-com boom: There's lots of 'snake oil' but some 'real value being created'
Within the AI boom — or bubble, as Sam Altman called it at a recent dinner — there will be winners and losers. Some will likely soar like Amazon did out of the dot-com days; others may flounder like In the late 1990s, the stock market reached new heights, propelled by the rise of digital-first companies. The dot-com bubble eventually burst, sending companies like Webvan and into bankruptcy. That era also spawned some of the tech mammoths we still use today, like Amazon and eBay. OpenAI chairman Bret Taylor thinks that era and the AI boom have a lot in common. On the "ACQ2" podcast, he said that the dot-com boom is often remembered only for the companies left in the rubble after the bubble burst. "If you say dot-com, people come back with failures," Taylor said. "If you look at the S&P 500 now and you look at the amount of value from companies created in that, one could argue that actually almost all of the exuberance and hype was totally warranted." 25 years later, some of the " magnificent seven" tech stocks can be traced back to that time period. Amazon went public in 1997 and weathered the dot-com bust; Google was founded during the boom, but didn't go public until after. Some mark Microsoft's 2001 antitrust ruling as the top of the bubble. "It, in fact, did change commerce in fundamental ways," Taylor said. "It did change the financial system in fundamental ways. It changed everything." AI has been buoying the market in a similar way. VCs are pouring billions into AI startups, and Big Tech is investing tens of billions into AI infrastructure, talent, and related capex. In July, Nvidia became the first company to hit a $4 trillion market cap on the back of AI companies' demand for its GPUs. Morgan Stanley recently predicted that AI productivity gains could lead the S&P 500 to gain up to $16 trillion. The market fervor has led some skeptics to call AI a bubble — and compare it to the dot-com era before it. Tech guru Erik Gordon told BI that "more investors will suffer than suffered in the dot-com crash, and their suffering will be more painful." Altman himself compared AI to a bubble at a recent dinner attended by reporters. "When bubbles happen, smart people get overexcited about a kernel of truth," Altman said, according to The Verge. "Are we in a phase where investors as a whole are overexcited about AI? My opinion is yes. Is AI the most important thing to happen in a very long time? My opinion is also yes." "Someone is going to lose a phenomenal amount of money," Altman reportedly said in reference to AI startups comprising "three people and an idea" that receive massive investments. "We don't know who, and a lot of people are going to make a phenomenal amount of money. My personal belief, although I may turn out to be wrong, is that, on the whole, this would be a huge net win for the economy." Taylor takes a similarly positive spin on the bubble question, comparing it to the dot-com boom. He referenced jokes about the word "agentic" being overused. "You have a lot of snake oil," he said. But there are also real, sustainable companies that Taylor predicts will stick around. Unsurprisingly, he pointed to the seismic growth of ChatGPT, which sported 100 million users just over two months after its app launch and remains dominant on the App Store. Taylor also pointed to AI software companies that serve the B2B market, like Lovable, a vibe coding platform for creating apps and websites. "I think there's very real value being created here," he said.
Bloomberg
26 minutes ago
- Bloomberg
Nvidia's Icy Reception in China Is Buying Time for Huawei
Don't be fooled by China's icy response to America's policy reversal that will allow a key Nvidia Corp. artificial intelligence chip back on the mainland. The country's AI ambitions currently rely on Nvidia's hardware, and authorities know that — even if they won't admit it. But by fanning fears of alleged security or environmental concerns, they're buying time for Huawei Technologies Co. to catch up while keeping trade talks pressure on the US.
