TMT Daily: TOTVS/GLOB/CINT: Grok 4.5 lower token prices; TIGO: Coltel has the quality, but lacks coverage, which supports its Capex roadmap

Research evidence excerpt

TMT Daily: TOTVS/GLOB/CINT: Grok 4.5 lower token prices; TIGO: Coltel has the quality, but lacks coverage, which supports its Capex roadmap

ng of the combined operation in the country, while its main

competitor Claro still leads in coverage. That said, we expect Tigo to close this gap

over time, with 5G coverage growing ~4x by year end, meaning higher capex

through the year (we estimate $1.1bn in FY26, peaking possibly in 2Q26). As for

portability trends, while this by itself does not tell the whole story, the acquisition

of a player with more favorable portability trends should help reduce consolidated

churn.

VTEX/LWSA: An incrementally more rational marketplace environment in BZ?

What happened: According to Valor, starting August 1st, Shopee will implement

changes to its affiliate commission program, transferring responsibility for

reporting and withholding taxes on variable commissions paid to individual

influencers from the platform to sellers. Key takeaways were:

Tax responsibility shifts to sellers. Under the new model, affiliates will

continue to receive Shopee's standard commission with taxes withheld by the

platform, while additional commissions will be negotiated directly with

merchants and will become the seller's responsibility. Corporate sellers will

also be required to issue an invoice for each additional commission payment

made to affiliates.

Lower affiliate commission on video campaigns. At the same time, Shopee

announced in June that it will reduce the commission paid to affiliates on

video campaigns from 3.0% to 1.5%, effective this month.

TikTok Shop raises seller fees. Meanwhile, TikTok Shop will increase seller

fees effective July 15, raising the commission on products priced below R$ 50