Digimarc (DMRC) outperforms the Russell 2000 on the AI-provenance re-rate

Highest torque on the exact catalyst (co-authored the C2PA watermarking standard; Art 50 recommends C2PA). But a falling knife: FY25 net loss $32M, ARR declining (contract expirations), thin balance sheet, and academic evidence that watermarks are removable threatens the core IP. EHIQ sub-even: the Aug-2 catalyst likely does NOT overcome deteriorating fundamentals. High-variance lottery, not a holding.