Calamos U. S. Convertible Strategy Q3 2025 Commentary Calamos Investments 544 Follower s Comments Summary Market breadth creates new tailwinds for the convertible market, where small- and mid-cap growth companies are well represented. This environment proved supportive for risk assets, with equity markets delivering solid returns and credit spreads continuing their compression from earlier-year highs. The hybrid structure of convertible securities–combining equity-like growth potential with bond-like risk-mitigation characteristics–offers an attractive risk-reward proposition in this environment. This strength reflects how companies strategically use convertibles as a cost-effective tool for capitalizing on growth opportunities and refinancing other forms of debt. Our portfolio positioning remains focused on companies poised to benefit from transformative secular and cyclical trends. Summary • Equity market gains, tightening credit spreads, and easing monetary policy created a positive backdrop for the convertible market in the third quarter, and the US Convertible Strategy was positioned to capitalize on these tailwinds. This article was written by 544 Follower s Calamos Investments is a diversified global investment firm offering innovative investment strategies including U. S. growth equity, global equity, convertible, multi-asset and alternatives. The firm offers strategies through separately managed portfolios, mutual funds, closed-end funds, private funds, an exchange traded fund and UCITS funds. Clients include major corporations, pension funds, endowments, foundations and individuals, as well as the financial advisors and consultants who serve them. Headquartered in the Chicago metropolitan area, the firm also has offices in London, New York and San Francisco. For more information, please visit www. calamos. com. Comments Recommended For You.
https://seekingalpha.com/article/4846402-calamos-us-convertible-strategy-q3-2025-commentary?source=feed_all_articles
Tag Archives: transformative
Atelier Ryza Secret Trilogy Deluxe review: A welcome reunion with the homies
Here at Shacknews, I’ve talked about *Atelier* a few times. GUST and Koei Tecmo’s item synthesis and cozy vibes RPG series has had a lot of ups and downs over the past few decades.
If you’ve read my previous reviews, you might have a skewed perspective, as the most recent outing was a big down, and the one before was, excuse the cliché, a mixed bag. But dial the clock back just a bit more, and you have the current peak of Atelier mountain: Ryza. This time, we get to talk about Ryza. Banger, banger, banger.
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### The Ryza Trilogy: A Rare Direct Sequel Success
Atelier games typically come in loose trilogies, usually tied together by a theme, a location, or—very rarely—an actual character. Ryza, which started in 2017 with *Atelier Ryza: Ever Darkness & the Secret Hideout*, ended up being a whole set of direct sequels, a rare move for this series.
That’s because Ryza was such a hit, especially thanks to the debuting Nintendo Switch that year and a craze for physical copies that were constantly selling out. The series broke containment in a way GUST didn’t seem to be expecting.
You can trace that success not only to how the series evolves in the Ryza trilogy, but also to how *Atelier Ryza: Ever Darkness & the Secret Hideout* was a massive expansion in scope. Its sequels maintained that momentum, capturing lightning in a bottle and nourishing it across two sequels in a way few series can—especially in a niche where resources are inherently limited.
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### What Makes Ryza So Great?
It’s a little tough to quantify what’s so great about the Ryza series. A certain sect of the fanbase will say “thighs,” which is valid I guess, but there’s a lot more to it than that.
Ryza herself is a character with compelling energy in a series where most Atelier protagonists tend to be a little more quaint and low energy. Ryza is a go-getter who accidentally stumbles into alchemy as a side effect of a desperate want for adventure, and that’s a fun dynamic for a cozy game.
Meanwhile, the trilogy itself is an excellent use case for what a trilogy can be from a storytelling perspective. You can feel the passage of time—from how these characters’ lives develop, to their relationships with each other and even the spaces they live in.
It hits differently if you binge the trilogy rather than waiting the years between each release, but there’s still an emotional weight when, in the third game, you retrace your steps and reminisce about the past.
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### Gameplay Evolution and Nostalgia
With how much the gameplay systems change and evolve across the trilogy, there’s a transformative wonder in how differently you interact with these spaces as well. It’s like going back home after moving away, mentally tracking how different everything is, and processing the emotions those differences stir.
It’s good stuff, on top of the usual Atelier fare such as grinding numbers, bopping cute enemies with a creative and evolving combat system, and growing from making weak, crappy items to synthesizing a cartoony-ass bomb that could probably level a building.
These are special games, and I’d suggest anyone who is into RPGs but has been unsure about where to start with Atelier to jump in right here. Just be prepared to keep chasing that high for now, as GUST is still figuring things out.
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### What’s Deluxe About It, Then?
Another tradition in the world of *Atelier* is the DX branding. After a series wraps up, GUST returns to it later with a set of re-releases that make tweaks, add additional content, collect DLC for “free,” and let players snag a whole trilogy for an overall discount.
This was great for collectors too—especially for the growing Switch community at the time—because you could import physical copies of previous trilogies, getting a whole set of games on one cartridge that included English language options and all the additional extras.
Now it’s Ryza’s turn.
Like before, you can catch up on the Ryza trilogy if you missed it earlier, at a lower price point and with additional features such as new story content, new playable characters, secret bosses, and more. It’s a great deal and even a decent deal for Atelier fans willing to double dip.
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### The Console Generation Crossover
What’s interesting here is the weird intersection of console generations that happened between the first Ryza and its sequels—and in Nintendo’s case, after as well.
Being a smaller developer in the grand scheme of things, GUST is known for fun, breezy, and beautiful games, but not necessarily for fidelity and performance at the top of the line. But the Ryza DX series came with a unique opportunity, especially for the first game.
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### FPS Dreams, Shattered
*Atelier Ryza 1* runs beautifully on PlayStation 5. Having a classic *Atelier* game that looks this good and runs smoothly is a wonderful thing, and a great excuse to upgrade from the PS4 version without a doubt.
On the Switch 2, however, you’re capped at a locked 30 frames per second. The tradeoff is that it runs with more muscle in the lighting and reflection department than the original Switch version, and it’s clearly running at 1080p in handheld mode — all while maintaining that locked 30 fps without breaking a sweat.
So it looks amazing and doesn’t have those weird jitters the recent *Persona 3 Reload* port suffers from. But as a game with some hybridized real-time elements in its turn-based combat system, that frame rate on PlayStation looks *really* good.
Sadly, there’s no option to choose performance mode at the expense of some visual upgrades, considering the Switch 1 version is playable and runs at a smooth, locked 30 fps on Switch 2 as well.
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### Performance on Ryza 2 and 3
Performance concerns are less significant for *Ryza 2* and *3*, which were already released on PS5 and were finicky there to begin with. For example, the PS5 version of *Ryza 2* can run at 60 fps in performance mode, but you have to manually limit the resolution output in the console UI to get there.
Having these run at a smooth 30 fps on Switch 2 is a welcome outcome—expecting 60 fps on Switch 2 would have been foolish.
Overall, it’s a strangely fun exercise in going back over history, tracking how things can change across hardware releases, managing expectations, and finding what to appreciate.
*Ryza 1* is the only bummer part, and even then it’s still an improvement.
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### Looking Ahead
Hopefully as time goes on, we can have more stable expectations for Nintendo Switch 2 ports. As of now, it still feels like the Wild West.
And don’t get me started on the physical aspect—that’s a whole other issue and not as relevant to this review.
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### Final Thoughts
Ultimately, the *Atelier Ryza Secret Trilogy Deluxe* series is a treat for fans and a brilliant new way for possible newcomers to jump into the best the Atelier series currently has to offer.
It’s a perfect way to try *Atelier* for the first time, especially since you don’t have to buy the whole trilogy upfront if you don’t want to. But it’s an excellent deal considering the new content and upgrades.
Even if the Switch 2 version isn’t the perfect edition I had in mind, it’s still a great chunk of RPG goodness for the new console.
Regardless of the platform, Ryza’s three-part adventure was a big deal the first time around for real reasons—and the DX version only serves as reinforcement.
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### Availability
The *Atelier Ryza Secret Trilogy Deluxe Pack* is available on November 13, 2025, for PC, PlayStation 4 and 5, Nintendo Switch, and Switch 2.
A Switch 2 code was provided by the publisher for this review.
https://www.shacknews.com/article/146782/atelier-ryza-secret-trilogy-deluxe-review-score
Nasdaq Embeds AI Capabilities in Surveillance Platform
**Nasdaq Unveils Advanced AI Enhancements to Market Surveillance Platform**
Nasdaq, Inc. has announced a series of significant enhancements to its market surveillance platform following the successful completion of a pilot that embedded advanced AI functionality throughout every stage of market abuse investigation.
The platform, already trusted by financial institutions worldwide—including 50 exchanges and 20 international regulators—offers cutting-edge capabilities that cover the entire investigation spectrum, from anomaly detection to regulatory enforcement.
**Addressing Sophisticated Market Manipulation**
“Manipulative actors are increasingly coordinating sophisticated schemes through indirect relationships that evade traditional detection methods, demanding equally sophisticated tools that can unmask hidden connections and advance at a faster rate than the threats we face,” said Edward Probst, Head of Regulatory Technology at Nasdaq.
With growing adoption of these enhanced functionalities, Nasdaq is uniquely positioned to leverage the collective strength of its client community in upholding the integrity of global capital markets.
**Challenges with Traditional Detection Methods**
As market manipulation schemes become more sophisticated across jurisdictions, reliance on manual detection processes has proven increasingly ineffective and labor-intensive.
Nasdaq’s new AI-driven detection capabilities utilize extensive industry and internal data sets to deliver comprehensive activity assessments and predictive analytics, dramatically improving detection accuracy while reducing false positives. This empowers market operators and participants to more precisely identify high-risk activities and instruments.
These added AI features build upon existing platform functionalities that streamline the triage and examination processes for suspected abuse cases, enabling global regulators to accelerate enforcement actions against market misconduct.
Nasdaq plans to roll out these enhancements to all market surveillance platform customers starting in Q4 2025.
**Transforming Market Abuse Detection, Analysis, and Regulatory Review**
During a strategic partnership with the Capital Markets Authority of Saudi Arabia, the pilot AI-powered anomaly detection tools were employed to identify unusual activity linked to predefined behavioral patterns.
The pilot achieved an 80% identification rate of pump-and-dump schemes using historical data—significantly outperforming traditional detection methods.
“We welcome the opportunity to partner with Nasdaq and demonstrate our relentless commitment to maintaining the trust and integrity of Saudi Arabia’s capital market,” said Saeed Ali Juraybi, Director of Market Surveillance and Analysis at the Capital Markets Authority of Saudi Arabia.
“The dramatic improvement in detection accuracy experienced during the pilot validates the transformative potential of these AI capabilities. Global capital markets face increasingly sophisticated, cross-border threats, and this technology represents a quantum leap in our ability to identify and combat market manipulation.
By working collectively to develop and enhance innovative new tools, we can stay ahead of emerging threats.”
**Tailored Surveillance Across Global Markets**
Nasdaq’s surveillance technology supports the world’s most comprehensive range of asset classes and market structures, connecting to vast data sets throughout the lifecycle of trades and subsequent review processes.
“Each market segment benefits from tailored multi-agent behaviors adapted to specific trading patterns and regulatory requirements,” explained Tony Sio, Head of Regulatory Strategy and Innovation at Nasdaq.
“The platform’s machine learning models continuously learn and adapt to new market conditions and manipulation tactics. This dynamic defense system equips market operators and regulators to stay one step ahead of sophisticated market abuse schemes.”
**Broad Commitment to Fighting Financial Crime**
As part of Nasdaq’s broader mission to combat financial crime, Nasdaq Verafin recently introduced the Agentic AI Workforce—a suite of digital workers designed to revolutionize the efficiency and effectiveness of financial institutions’ anti-money laundering (AML) programs.
Globally, Nasdaq’s technology serves 97% of systematically important banks, half of the world’s top 25 stock exchanges, 35 central banks and regulatory authorities, and over 3,800 clients across the financial services industry.
Leveraging deep industry experience, technological expertise, and cloud-managed services, Nasdaq continues to help financial services firms solve complex operational challenges while driving modernization across the industry.
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*Source: Nasdaq*
https://www.marketsmedia.com/nasdaq-embeds-ai-capabilities-in-surveillance-platform/
AMD shares surge 25% on chip supply deal with OpenAI
**AMD Shares Soar 25% Following Major AI Chip Supply Deal with OpenAI**
*By Mudit Dube | October 6, 2025*
Advanced Micro Devices (AMD) has entered into a multi-year agreement to supply artificial intelligence (AI) chips to OpenAI, marking a significant milestone for both companies. This landmark deal is expected to generate tens of billions of dollars in annual revenue for AMD and offers OpenAI an option to acquire up to a 10% stake in the chipmaker.
The partnership serves as a strong endorsement of AMD’s AI chips and software capabilities and aligns with the company’s strategic efforts to deepen its presence in the fast-expanding AI market.
**Market Reaction: Shares Surge 25%**
Following the announcement, AMD shares jumped 25% in premarket trading. Forrest Norrod, AMD’s Executive Vice President, described the deal as “certainly transformative, not just for AMD, but for the dynamics of the industry,” highlighting its potential to reshape the AI chip landscape.
The agreement involves deploying hundreds of thousands of AMD AI chips and graphics processing units (GPUs), representing a capacity of six gigawatts over several years beginning in the second half of 2026.
**OpenAI to Establish 1-Gigawatt Facility Using AMD Chips**
A key component of the deal includes OpenAI’s plan to establish a one-gigawatt facility powered by AMD’s next-generation MI450 series chips starting next year. This facility is expected to kickstart revenue generation for AMD shortly thereafter.
AMD anticipates that this partnership, combined with ripple effects from other customers, could bring in more than $100 billion in new revenue over the next four years.
**Context and Industry Impact**
OpenAI CEO Sam Altman expressed confidence that the collaboration with AMD will help the organization build sufficient AI infrastructure to support its ambitious projects.
This development follows NVIDIA’s announcement to invest up to $100 billion in OpenAI and supply at least 10 gigawatts of its systems. Meanwhile, OpenAI continues to work on developing its own AI-specific silicon in partnership with Broadcom, underscoring its multi-faceted approach to building robust AI hardware capabilities.
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This deal marks a pivotal moment in the AI hardware sector, emphasizing AMD’s growing influence and OpenAI’s commitment to scaling its AI infrastructure through diverse strategic partnerships.
https://www.newsbytesapp.com/news/business/amd-inks-multi-year-ai-chip-deal-with-openai/story
