Fibre optique : SFR et Bouygues Telecom réclament des centaines de millions à Orange
Les deux opérateurs cherchent à obtenir le remboursement de l’installation des prises de fibres optiques lorsqu’un abonné les quitte. Le gendarme des télécoms leur demande de s’entendre.
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La fibre optique n’aura jamais autant été un sujet de conflit dans les télécoms. La prise d‘accès à Internet très haut débit présente dans 24,4 millions de foyers (sous la forme d’un petit boîtier blanc accroché au mur) est au centre d’un conflit de taille. Bouygues Telecom et SFR réclament au total plus de 330 millions d’euros à Orange sur l’installation de cet équipement, a appris l’Informé. L’objet du litige porte sur un ancien contrat signé avec l’opérateur historique. Il prévoit qu’Orange gère le réseau Internet très haut débit jusqu’au pied des immeubles, tandis que ses concurrents s’occupent de tirer la fibre sur les derniers mètres jusqu’au client final. Lors de l’installation de la prise dans la maison ou l’appartement de l’abonné, SFR et Bouygues prennent donc à leur charge le coût de ce raccordement. Ce coût est ensuite amorti sur vingt ans. Mais si l’abonné résilie son forfait avant (en raison d’un déménagement ou d’un changement de fournisseur), alors tous deux peuvent demander à Orange de leur restituer une partie des frais d’installation. Sauf que ce paiement n’intervient qu’au moment où un nouvel abonné reprend cette même ligne. Et c’est là toute l’affaire.
D’abord, le montant versé diminue avec le temps qui passe. Ensuite, un certain nombre de lignes ne sont jamais réactivées en raison d’une « magouille » pratiquée par les sous-traitants rémunérés pour installer les prises. Ces derniers touchent en effet plus d’argent s’ils installent un nouveau boîtier (130 euros dans ce cas), que s’ils se contentent de changer la ligne en la raccordant au boîtier existant (20 euros alors). Certains installateurs simulent donc la pose d’une seconde prise et prennent une photo comme preuve à adresser à leur donneur d’ordre. Résultat : deux lignes sont enregistrées chez les opérateurs pour un même abonné. Ce tour de passe-passe créé des doublons et a même été filmé dans un reportage d’Envoyé spécial de France 2 du 22 septembre 2022, intitulé « Fibre optique : friture sur la ligne ».
Pour remédier à ce problème, Bouygues Telecom a donc demandé à être remboursé dès qu’un abonné le quitte. Le gendarme des télécoms, l’Arcep, a donné raison à la filiale du groupe de BTP, mais en demandant aux parties de s’entendre sur une nouvelle formule de calcul à appliquer pour déterminer le montant dû par Orange. Ce dernier a contesté cette décision et vient de perdre son appel en mars. Pour lui, si certaines lignes ne sont jamais reprises, c’est en raison de la « fraude volontaire et généralisée des sous-traitants », indique-t-il aux juges. Certes, le nombre de cas semble important, mais personne n’est capable d’en mesurer l’ampleur et tous se rejettent la faute. Le juge a tranché et a considéré que l’apparition de ces doublons était due « à l’inefficacité collective des acteurs », alors que les moyens « pour la juguler ne manquaient pas ». Le tribunal a également validé la décision de créer un nouveau mode calcul pour payer SFR et Bouygues Telecom, charge à eux de s’entendre avec Orange sur une formule.
Avant même ce résultat, la filiale du groupe de BTP a fait tout seul ses comptes et a saisi le tribunal de commerce de Paris réclamant 152 millions d’euros à l’opérateur historique selon nos informations. De son côté, SFR demande 180 millions d’euros d’arriérés. Enfin, Free a pris une autre décision. Selon nos informations, il vient de signer un nouveau contrat dans lequel une formule de calcul a été négociée avec Orange qui s’applique dès à présent et solde le passé. Interrogés sur cette prise… de bec, Orange, Free, SFR et Bouygues Telecom n’ont pas souhaité faire de commentaire.
The latest viral ChatGPT trend is doing ‘reverse location search’ from photos
There’s a somewhat concerning new trend going viral: people are using ChatGPT to figure out the location shown in pictures.
This week, OpenAI released its newest AI models, o3 and o4-mini, both of which can uniquely “reason” through uploaded images. In practice, the models can crop, rotate and zoom in on photos — even blurry and distorted ones — to thoroughly analyze them.
These image-analyzing capabilities, paired with the models’ ability to search the web, make for a potent location-finding tool. Users on X quickly discovered that o3, in particular, is quite good at deducing cities, landmarks, and even restaurants and bars from subtle visual clues.
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In many cases, the models don’t appear to be drawing on “memories” of past ChatGPT conversations, or EXIF data — the metadata attached to photos that reveal details such as where the photo was taken.
X is filled with examples of users giving ChatGPT restaurant menus, neighborhood snaps, facades and self-portraits, and instructing o3 to imagine it’s playing “GeoGuessr,” an online game that challenges players to guess locations from Google Street View images.
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It’s an obvious potential privacy issue. There’s nothing preventing a bad actor from screenshotting, say, a person’s Instagram Story and using ChatGPT to try to doxx them.
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Of course, this could be done even before the launch of o3 and o4-mini. TechCrunch ran a number of photos through o3 and an older model without image-reasoning capabilities, GPT-4o, to compare the models’ location-guessing skills. Surprisingly, GPT-4o arrived at the same, correct answer as o3 more often than not — and took less time.
There was at least one instance during our brief testing when o3 found a place GPT-4o couldn’t. Given a picture of a purple, mounted rhino head in a dimly-lit bar, o3 correctly answered that it was from a Williamsburg speakeasy — not, as GPT-4o guessed, a U.K. pub.
That’s not to suggest o3 is flawless in this regard. Several of our tests failed — o3 got stuck in a loop, unable to arrive at an answer it was reasonably confident about, or volunteered a wrong location. Users on X noted, too, that o3 can be pretty far off in its location deductions.
But the trend illustrates some of the emerging risks presented by more capable, so-called reasoning AI models. There appear to be few safeguards in place to prevent this sort of “reverse location lookup” in ChatGPT, and OpenAI, the company behind ChatGPT, doesn’t address the issue in its safety report for o3 and o4-mini.
We’ve reached out to OpenAI for comment. We’ll update our piece if they respond.
DOGE Comes for Clean Energy, Putting Exxon and Occidental Projects at Risk
Thousands of Energy Department jobs are expected to be eliminated as Trump goes after a favorite target
The Energy Department is preparing dramatic cuts that could halt nearly $10 billion in federal funding for clean-energy projects—and some of its highest profile partnerships with Exxon Mobil XOM 2.76%increase; green up pointing triangle and Occidental Petroleum OXY 3.28%increase; green up pointing triangle are at stake.
The proposed cuts would upend government contracts with energy companies working on hydrogen, carbon capture, long-duration energy storage and other technologies, according to department memos reviewed by The Wall Street Journal. Thousands of DOE jobs are expected to be eliminated.
The cuts are part of a broad campaign by President Trump’s Department of Government Efficiency to shrink the scale of the government and its spending. DOGE efforts, led by Trump adviser Elon Musk, have slashed contracts and resulted in thousands of job cuts across the federal workforce so far.
The $10 billion sum reflects potential funding cuts in two DOE offices and likely a slice of the DOGE-driven cancellations under consideration across the Energy Department, according to current and former officials.
Trump has made no secret of his disdain for clean energy. On Inauguration Day, he told supporters: “Big ugly windmills, they ruin your neighborhood.” His “energy dominance” plan includes unleashing American oil and gas on the world stage and reviving the dwindling coal industry.
Among the partnerships at risk of losing DOE funding are those with Exxon to use hydrogen for fuel at a large ethylene plant, NextEra Energy NEE 2.00%increase; green up pointing triangle for long-duration storage and Occidental Petroleum for carbon capture in South Texas. The companies declined to comment.
“No final decisions have been made and multiple plans are still being considered,” a DOE spokeswoman said by email.
The Energy Department has a range of responsibilities, including overseeing the nation’s nuclear weapons stockpile, research and development of new energy technologies, environmental cleanup and providing the public with energy data.
It is also considering withdrawing funding from four regional hydrogen hubs, largely in Democratic-leaning regions, while continuing to help fund three hydrogen hubs in largely Republican areas. The regional hubs are meant to accelerate the commercial use of hydrogen, which doesn’t produce carbon emissions when burned.
More than 250 projects tied to EV charging, wave energy, battery recycling, solar, wind and other technologies are at risk as well.
“I am deeply disturbed by reports that Elon Musk’s DOGE continues to relentlessly push its agenda to cancel existing contracts with U.S. businesses,” said Sen. Martin Heinrich (D., N.M.), ranking member of the Senate Energy and Natural Resources Committee. “DOGE’s indiscriminate cancellations will kill jobs, increase energy prices, make our grid less secure, and stop energy innovation.”
The administration is pursuing deep staffing cuts across the department. Of roughly 17,500 Energy Department positions, about 9,000 are considered essential, according to an internal memo.
Follow-through on those numbers could lead to steeper job cuts at DOE than in other parts of the federal government. Oxford Economics, a data provider and consulting firm, estimates the federal workforce of 2.4 million will shrink by 200,000, or less than 10%, by the end of the year.
More than 1,200 DOE employees either accepted a deferred resignation offer that was made to all federal employees in late January, or were put on administrative leave based on their roles promoting diversity, equity and inclusion efforts. The agency has offered another round of buyouts but hasn’t yet revealed how many people accepted.
Most of the DOE’s grants and loans have been in limbo since February, when Trump used an executive order to pause the release of federal funds appropriated under signature legislation of the Biden administration. The Infrastructure Improvement and Jobs Act and the Inflation Reduction Act were approved in 2021 and 2022 and have faced criticism from Trump as the “green new scam.”
The DOE’s Loan Programs Office, a prominent federal clean-energy program that received hundreds of billions of dollars through the IRA, has released funding for just a handful of projects, including the restart of the Palisades nuclear plant in Michigan.
Jigar Shah, who ran the office during the Biden administration, said the risk is companies will take their technologies, manufacturing and projects to other countries. The U.S. has a long history of making key advancements in technologies—including solar, battery storage and EVs—but letting China dominate their development and commercialization.
“That just makes me so sad that we had convinced all of these investors that this time was different and that we really wanted people to look to the United States to commercialize their technology, and now they’re receiving the opposite message,” Shah said.
The Electric: Inside Tesla, Analysts Predicted the Robotaxi Could Lose Money
A little over a year ago, Tesla CEO Elon Musk killed the mainstream $25,000 crossover SUV for families and pivoted the company to driverless Robotaxis and other artificial intelligence products. That decision has continued relevance for investors who are looking for Tesla—its share price down 36% this year amid declining vehicle sales—to release much-needed new models to lure customers.
In interviews with former Tesla employees and people familiar with Musk’s thinking for a long article I wrote at The Information this week, I learned that the primary context for his moves was a fixation with AI. Musk—always drawn to big potential impact—decided that the AI revolution was a challenge he had to pursue.
EVs conversely had lost their allure for him: In Musk’s eyes, these people said, he had accomplished his goal of jump-starting the EV industry. What remained was more mundane work, such as pumping out less-meaningful new models and massaging the sensibilities of Wall Street analysts.
The result of these moves will become clear soon. In the coming six weeks or so, Tesla has said it will make two big releases: the launch of the Robotaxi in Austin, Texas, and one or more “affordable” electric vehicles. These won’t be the Model 2, as the $25,000 vehicle is popularly known, but unspecified other cars costing less than Tesla’s Model 3 sedan and Y crossover SUV.
There is reason for skepticism about these coming cheaper cars. Tesla has disclosed no details about them, but leading analysts do not expect completely new models—ones that would open untapped markets and potentially attract customers to Tesla. Instead, they expect scaled-back versions of the Models 3 or Y.
If so, Tesla risks cannibalizing sales of the two original models. And that would make it more likely the company will suffer its second straight year of falling sales.
My story focused on 2022 and 2023, when some of Musk’s most senior lieutenants assigned company analysts to study the financial prospects for the Robotaxi. The studies, carried out by Tesla’s power train, financial and regulatory teams, concluded that the Robotaxi could lose money for years to come and might never be profitable.
If valid, their conclusions could be crucial: Wall Street’s valuation of Tesla is tied significantly to the Robotaxi, a driverless EV without a steering wheel, pedals or rear-view mirrors that the company’s Full Self Driving software would power. In a note to clients on Tuesday, for instance, Alexander Potter, an industry analyst with Piper Sandler, said revenue from FSD and the Robotaxi accounted for the bulk of his 20-year profit outlook for the company.
Musk’s lieutenants urged their boss to hedge his bets by producing both the Robotaxi and the Model 2, which they predicted would sell in the millions per year and bankroll Tesla’s AI efforts.
One of Musk’s big hesitations was whether the compact SUV would make enough money to justify producing it, according to the people I spoke with. One person said the substantial innovations Tesla envisioned for the Model 2, including an unusual manufacturing process, were ultraexpensive.
Musk doubted that Tesla could make the Model 2 cheaply enough or that it would sell as well as his lieutenants predicted without cannibalizing sales of the Model Y, the best-selling car of any type in the world in 2023 and last year. He repeatedly asked his lieutenants why the company couldn’t simply make a cheaper version of the Model Y.
“In order to see revolutionary benefits, the cost differential between your current products and the new products really need to be significant. Otherwise you’re just eating into margins,” one person said.
As it was, Musk had embarked on about $10 billion in spending for 2024 to develop Tesla’s AI products, including chips from Nvidia, sensors for cars and Tesla’s Dojo supercomputer, used to train its self-driving software.
“That’s a lot for a car company, and especially one that has ongoing energy, battery investments, vehicle investments, new factories that need expansion, lots of other projects ongoing,” this person said. “So as demand is sagging, you have some tough decisions to make.”
Archer Aviation wants to help New Yorkers skip airport traffic with electric air taxis
New York City is one of those places in the world where you can get a dollar slice at 2 in the morning or have a burger delivered in under 30 minutes, but you’ll still spend two hours crawling down the highway to catch a flight.
Archer Aviation wants to change that with air taxis that it envisions flying passengers from Manhattan to nearby airports within 15 minutes.
The startup on Thursday unveiled its proposed air taxi network for New York City in partnership with United Airlines, which would allow passengers to tack on an Archer ride to their traditional airline tickets.
“We’re starting with nine core nodes,” Adam Goldstein, co-founder and CEO of Archer, told me during an interview at Casa Cipriani, a members-only club at the bottom tip of Manhattan, watching helicopters land at the Downtown Skyport. Nikhil Goel, Archer’s chief commercial officer,
“So you have the three big international airports – JFK, La Guardia, Newark,” Goldstein continued. “You have the three big heliports, [including] the Downtown Skyport, and then the east and west side heliports. And then the three big regionals – Teterboro, Westchester, and Long Island Republic.”
Archer Aviation’s proposed air taxi network in New York City.Image Credits:Archer Aviation
Archer has shared a similar vision for air taxi networks in cities like Los Angeles. The company is still waiting on the Federal Aviation Administration to approve its aircraft – a five-seat eVTOL (electric vertical takeoff and landing vehicle) dubbed Midnight – before it can even begin testing the routes it has planned.
Archer also still needs to get a pilot into one of its aircraft to test-fly it. So far, the company has only flown the plane autonomously with no humans inside. Its competitors, Joby Aviation and Beta Technologies, have both piloted flights.
Goldstein seemed hopeful that Archer would achieve the necessary certifications in 2026, telling TechCrunch that it would have an update about piloted flights at its next earnings call. The company went public in 2021 via a special-purpose acquisition merger, and has raised $3.36 billion to date, per PitchBook, via public and private fundraises.
In the meantime, Archer is laying the groundwork, setting up infrastructure and operations. For that, partnerships are essential.
In NYC, United will help with aircraft storage, maintenance, charging setup, and setting up vertiports (landing pads for eVTOLs) at airports. Archer has also teamed up with the fixed-base operators that run the Manhattan helipads — Atlantic Aviation, Signature, and Modern Aviation — which, Goldstein says, will give Archer passenger access and help set up the charging infrastructure.
“What makes New York very compelling is it’s the number one helicopter commuting city in the world, outside of Sao Paulo,” Goel said.
“You don’t have to squint very hard to imagine any of these helicopters that are flying by on Hudson simply replacing them with one of our aircraft. The routes are already there. The air traffic already knows how to work with them. The FBOs and the landing facilities are already there. So there’s no systemic changes that are necessary.”
Archer’s plan is to start small, bringing up to five aircraft to NYC — and other cities — to practice running the routes before launching. Ten to 20 years down the line, the goal is to fly hundreds of aircraft across several cities. Archer last month began constructing Midnights at its production facility in Georgia that it built in partnership with strategic investor Stellantis. It plans to build 650 aircraft annually by 2030.
Aside from NYC and LA, Archer also plans to launch in San Francisco and Miami, but the timeline is still dependent on FAA certification, and the company hasn’t picked its first U.S. launch city.
The company also has plans to launch an air taxi service in Abu Dhabi, where regulations are less strict, later this year. Goldstein said the proposed network for NYC gives people a vision they can understand.
“We’re hoping people look at [Abu Dhabi] and say, ‘Oh, it’s real. How is New York gonna work?’”
Chapter, a Medicare startup with links to Vance, Thiel, and Ramaswamy, just raised a round at $1.5B valuation
Chapter, a Medicare advisory startup co-founded by former Republican presidential hopeful Vivek Ramaswamy, has closed a $75 million funding round at a valuation of $1.5 billion led by private equity and venture firm Stripes.
The startup helps seniors choose Medicare health plans analyzing doctors, hospitals, and prescription drug coverage. Unlike many other Medicare insurance brokers, Chapter claims to prioritize client needs over insurer profits.
Naraya, the VC firm founded by Vice President J.D. Vance, led Chapter’s Series A round in 2020. Peter Thiel, who also invested in the company, assumed Vance’s board seat when Vance resigned to run for Senate in 2021.
While Thiel has since resigned from Chapter’s board, Democrat Donna Shalala, who served as Secretary of Health and Human Services during the Clinton administration and was later a U.S. Congresswoman, has filled the vacancy. Shalala told Bloomberg that Ramaswamy’s role and investments from Republicans Vance and Thiel were not an issue. “I don’t think of the company as political.”
Saudi defence minister visits Iran ahead of US talks
Prince Khalid bin Salman is the highest-ranking royal to hold meetings in Tehran in decades
Saudi Arabia’s defence minister met with senior Iranian officials in Tehran on Thursday, days before Iran is due to hold a second round of talks with the US over the Islamic republic’s nuclear programme.
Prince Khalid bin Salman — a younger brother of Crown Prince Mohammed bin Salman, the kingdom’s de facto leader — is the highest level Saudi royal to visit Iran in decades. His trip comes amid fears among Arab states about the risk of renewed conflict in the region if diplomatic efforts fail to resolve the escalating stand-off between Iran and the US.
“Saudi is clearly sending a message to Tehran that it will not be a conduit in any fashion towards an attack on Iran,” said Ali Shihabi, a Saudi commentator close to the royal court. “The kingdom supports President [Donald] Trump’s efforts to find a diplomatic solution to the nuclear crisis, and doesn’t want a war.”
The Saudi state news agency said Prince Khalid would “discuss bilateral relations and issues of common interest”.
US envoy Steve Witkoff is due to hold talks with Iranian foreign minister Abbas Araghchi on Saturday as the Trump administration pressures Tehran to reach a deal that would severely curb its nuclear activity.
While insisting he wants an agreement to resolve the crisis, US President Donald Trump has repeatedly threatened Iran with military action if Tehran refuses to accept a deal. He has also deployed more American forces to the region — including a second aircraft carrier and US bombers.
Saudi Arabia is concerned about Iran’s nuclear ambitions and has long viewed Tehran as its main regional rival, accusing it of being a destabilising force in the region by backing militant groups. But Riyadh is also worried that if the US and Israel launch strikes against Iran, Tehran could retaliate by attacking its oil infrastructure, either directly or through proxies.
During Trump’s first term, Prince Mohammed was one of the staunchest backers of the US president’s decision seven years ago to withdraw from the 2015 nuclear accord Tehran signed with world powers and impose waves of sanctions on the republic as a part of a “maximum pressure” campaign.
But Saudi Arabia was rocked in 2019 when a sophisticated missile and drone attack, blamed on Iran, struck the heart of its oil infrastructure, temporarily knocking out half the kingdom’s crude output.
Riyadh then sought to de-escalate tensions with Tehran, culminating in March 2023 with the kingdom and the republic agreeing to restore diplomatic relations under a Chinese-brokered deal after a seven-year hiatus.
Prince Khalid’s delegation to Iran includes the Saudi ambassador to Yemen, where the kingdom has fought a long war against Iran-backed Houthi rebels. The kingdom has sought to extricate itself from that conflict, agreeing a fragile truce in 2022, but the peace process stalled after the Houthis launched attacks on shipping in the Red Sea.
Riyadh has avoided becoming directly involved in the US efforts to deter the Houthi attacks, which the Trump administration has escalated by launching waves of strikes against the rebels.
The Saudi leadership has sought to avoid stoking tensions with Tehran, particularly after Hamas’s October 7 attack in 2023 triggered a wave of regional hostilities that led to Israel and Iran launching missile strikes against each other.
Iran has actively sought to improve its relations with Saudi Arabia and the United Arab Emirates, another Gulf state that backed Trump’s to abandon the 2015 nuclear accord, as part of its efforts to counter US sanctions, and American and Israeli pressure.
Tehran and Washington described the first round of talks last Saturday as positive and constructive.
But this week Witkoff reiterated that the Islamic regime “must stop and eliminate” its nuclear enrichment programme to secure a deal, after he had earlier hinted that the Trump administration may be willing to allow Tehran to continue some low-level enrichment.
Iranians officials insist that giving up its enrichment programme would be a red line for the republic.
Research Calls I
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Upgrades
- Bank of America (BAC) upgraded to Buy from Accumulate at Phillip Securities, tgt $45
- Canadian Solar (CSIQ) upgraded to Neutral from Sell at Citigroup, tgt $8
- Generac (GNRC) upgraded to Buy from Neutral at Citigroup, tgt $138
- H.B. Fuller (FUL) upgraded to Outperform from Neutral at Robert W. Baird, tgt $60
- Intuit (INTU) upgraded to Outperform from Sector Perform at Scotiabank, tgt $700
- MongoDB (MDB) upgraded to Neutral from Sell at Redburn Atlantic, tgt $170
- Nasdaq (NDAQ) upgraded to Buy from Neutral at Redburn Atlantic, tgt $91
- Warby Parker (WRBY) upgraded to Buy from Hold at Loop Capital, tgt $27
- Yeti (YETI) upgraded to Sector Weight from Underweight at KeyBanc
- Bank of America (BAC) upgraded to Buy from Accumulate at Phillip Securities, tgt $45
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Downgrades
- Amkor Technology (AMKR) downgraded to Sector Weight from Overweight at KeyBanc
- AngloGold Ashanti (AU) downgraded to Reduce from Hold at HSBC, tgt $35
- Bill (BILL) downgraded to Neutral from Buy at Seaport Research
- Ballard Power (BLDP) downgraded to Sell from Neutral at Citigroup, tgt $1
- Coty (COTY) downgraded to Market Perform from Outperform at Raymond James
- Enphase Energy (ENPH) downgraded to Sell from Neutral at Citigroup, tgt $47
- Fiserv (FI) downgraded to Sell from Neutral at Redburn Atlantic, tgt $150
- Gold Fields (GFI) downgraded to Hold from Buy at HSBC, tgt $21
- iCAD (ICAD) downgraded to Hold from Buy at Laidlaw
- iCAD (ICAD) downgraded to Neutral from Buy at BTIG Research
- Microsoft (MSFT) downgraded to Sector Weight from Overweight at KeyBanc
- Novo Nordisk (NVO) downgraded to Market Perform from Outperform at BMO Capital, tgt $64
- Progressive (PGR) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $288
- PayPal (PYPL) downgraded to Sell from Neutral at Seaport Research, tgt $49
- Sunrun (RUN) downgraded to Neutral from Buy at Citigroup, tgt $7
- Teradyne (TER) downgraded to Sector Weight from Overweight at KeyBanc
- Vale (VALE) downgraded to Sector Perform from Outperform at RBC Capital
- Amkor Technology (AMKR) downgraded to Sector Weight from Overweight at KeyBanc
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Others
- Anika Therapeutics (ANIK) initiated with a Buy at B. Riley Securities, tgt $21
- Bicara Therapeutics (BCAX) initiated with an Underweight at Wells Fargo, tgt $8
- Cadiz (CDZI) initiated with a Buy at Roth Capital, tgt $10
- Evolus (EOLS) initiated with a Buy at BTIG Research, tgt $21
- Lithium Americas (LAC) resumed with an Outperform at Evercore ISI
- Netflix (NFLX) assumed with an Overweight at Piper Sandler
- RedCloud (RCT) initiated with a Buy at Rosenblatt, tgt $5
- Relay Therapeutics (RLAY) initiated with an Equal Weight at Wells Fargo, tgt $4
- Roku (ROKU) assumed with a Neutral at Piper Sandler
- Sunrise Realty Trust (SUNS) initiated with an Outperform at Oppenheimer, tgt $12
- Trade Desk (TTD) assumed with a Neutral at Piper Sandler
- Twin Disc (TWIN) initiated with a Buy at Longbow, tgt $12
- Xoma (XOMA) initiated with a Buy at The Benchmark Company, tgt $35
- Anika Therapeutics (ANIK) initiated with a Buy at B. Riley Securities, tgt $21
The Sovereign Wealth Effect: America’s New Tool for Rebalancing the Global Trading System