Le Figaro : Ces 40 vins italiens à tester une fois dans sa vie, entre 12 et 280

Ces 40 vins italiens à tester une fois dans sa vie, entre 12 et 280 euros

NOS CONSEILS - Le Figaro Vin vous propose un véritable tour d’Italie pour découvrir le meilleur de chaque région, avec 40 vins rouges et blancs testés et approuvés par la rédaction, à partir de 12 euros.

L’Italie a la cote. Non seulement les Français représentent à eux seuls 16,8 % du tourisme étranger venu profiter des charmes de la Botte, mais ses vins séduisent eux aussi de plus en plus. Avec des amateurs plus autant centrés sur la France qu’auparavant, l’Italie du vin a d’ailleurs tiré son épingle du jeu lors de la dernière édition de Wine Paris, le grand salon mondial organisé chaque année en février. Les crus transalpins y occupaient un hall entier, augmentant leur surface d’occupation du salon de 74% par rapport à l’édition 2024. De la Toscane au Piémont, de la Vénétie à la Sicile, la majeure partie des régions viticoles transalpines figurent dans notre grande sélection de 40 vins – rouges et blancs –, où figure tout autant de pépites à prix accessibles que quelques-unes des plus belles bouteilles du pays de Dante…

Les rouges

Biondi-Santi, Tenuta Greppo 2019 : «La bouche vous embarque dans un voyage merveilleux»Brunello di Montalcino DOCG, ToscaneNote du figaro : 96/100Prix : 240 €, prix conseillé

Un nez comme une infusion, à la fois délicat et très parfumé. C’est raffiné, avec des fruits mûrs à point, quelques notes de fraise, de moût de raisin et de jus de viande, et un peu de sous-bois. La bouche est magnifique, pleine de texture, elle vous embarque dans un voyage merveilleux, avec des fleurs séchées, du bois de santal, des champignons séchés, des amers très longs en finale.

PROCHAINEMENT CHEZ IDEALWINE : https://www.idealwine.com/fr?utm_source=PARTENAIRE-Le-Figaro&utm_medium=Article&utm_campaign=Le-Figaro

Gaja, Barbaresco 2021 : «Les aspérités et les tanins sont bien intégrés»Barbaresco DOCG, PiémontNote du figaro : 96/100Prix : 282,35 €

Un bouquet voluptueux, immédiat, aussi énergique que le sang qui bat dans les veines d’un jeune corps. L’on découvre un nez de fruits mûrs à point et de fleurs, avec une note poivrée, qui développe un univers de champignons, c’est même un peu giboyeux. La bouche est fraîche, élégante, soyeuse, avec une jutosité et une salinité qui font vibrer le vin. Les aspérités et les tanins sont bien intégrés. Une finale longue et irrésistible sur le café frais.

Disponible chez Superiore.de

G. D. Vajra, Barolo Bricco delle Viole 2020 : «Un univers enivrant de sous-bois»Barolo DOCG, PiémontNote du figaro : 96/100Prix : 84,75 €

Un nez parfumé de fruits rouges vivaces (framboise fraîche), d’une pureté exquise, qui dévoile ensuite des notes plus cuivrées et de noix séchées. En bouche, c’est un univers enivrant de sous-bois, presque truffé, qui se révèle. C’est à la fois généreux et fin, d’une merveilleuse harmonie, le tout finissant sur une longueur minérale et saline.

Disponible chez Decantalo.fr

Il Carnasciale, Carnasciale 2022 : «Une pointe sauvage qui lui donne son charme»Toscana IGT, ToscaneNote du figaro : 95,5/100Prix : 64 €, prix conseillé

Un nez fin, intrigant, avec des notes d’herbes aromatiques, de pin maritime et de poivre apportant à la fois de la délicatesse et une pointe sauvage qui lui donne son charme. Une belle tension et sapidité en bouche, qui se révèle très parfumée, équilibrée, avec des notes poivrées, résineuses et une finale juteuse, presque iodée.

Disponible prochainement chez superiore.de

Fèlsina, Rancia Chianti Classico Gran Selezione 2021 : «Avec un certain classicisme»DOCG, ToscaneNote du figaro : 95/100Prix : 46,39 €

Un nez hypnotique, comme une promenade dans une forêt magique, avec des notes de violette, d’eucalyptus, mais aussi de fruits rouges et noirs sauvages et une pointe graphite. Une bouche délectable, très belle et harmonieuse, avec un certain classicisme, qui évoque le sous-bois, les champignons, la truffe. Une longue finale chocolatée accentue le plaisir.

Disponible chez superiore.de

Masi Agricola, Costasera 2019 : «Le vin est très élégant en bouche, suave»Amarone della Valpolicella Classico DOCG, VénétieNote du figaro : 95/100Prix : 39,90 €

Un nez délicieux, très raffiné, sur les fruits rouges compotés, puis des notes tertiaires de tabac, de chocolat vanillé, de moka : c’est gourmand. Le vin est très élégant en bouche, suave, frais, ravissant, avec de très fins amers qui évoquent l’amande douce, le cacao, avant une finale presque saline.

Disponible chez Callmewine.fr

Orma 2022 : «Un équilibre impressionnant»Toscana IGT, ToscaneNote du figaro : 95/100Prix : 75,50 €

Un nez invitant, harmonieux, à la fois pur et luxuriant, de fruits noirs, aux arômes qui évoquent un jardin après la pluie. On retrouve ensuite quelques herbes aromatiques, de la réglisse et une note de graphite. La bouche, toujours d’un équilibre impressionnant, évoque le fruit noir croquant et éclatant, avec un côté poivré. Du bois parfaitement jugé et des notes délicieusement lardées en finale.

ACHETER SUR MILLESIMA : https://www.millesima.fr/orma-orma-2022.html?at_medium=display&at_campaign=lefigaro&at_creation=mea

Arnaldo Rivera, Barolo Undicicomuni 2019 : «Impressionnant et attirant»Barolo DOCG, PiémontNote du figaro : 94,50/100Prix : 40 €, prix conseillé

Un nez complexe qui marie fruits, fleurs, herbes aromatiques et réglisse, légèrement fumé : c’est à la fois impressionnant et attirant. La bouche, précise et tendue, structurée par des tanins soyeux mais sérieux, présente un beau bouquet de fleurs séchées, de bois de santal. La finale est presque maritime, très longue.

Disponible prochainement chez vinerosa.com

La Massa, Giorgio Primo 2020 : «Très bordelais dans l’esprit»Toscana IGT, ToscaneNote du figaro : 94/100Prix : 104 €

Un nez énergique et profond, expressif et généreux. Des effluves de fruits noirs délicieux. Un beau fruit en bouche, c’est fluide et en même temps très bordelais dans l’esprit. La violette et la réglisse dominent dans un ensemble presque flamboyant.

ACHETER SUR MILLESIMA : https://www.millesima.fr/la-massa-giorgio-primo-2020.html?at_medium=display&at_campaign=lefigaro&at_creation=mea

Podere Poggio Scalette, Il Carbonaione 2021 : «Une sucrosité caressante»Alta Valle della Greve IGT, ToscaneNote du figaro : 94/100Prix : 49,58 €

Un nez profond et complexe, aux notes d’orangette, mais aussi de cerise fraîche. Très pur en bouche, avec une sucrosité caressante et des arômes floraux de violette, puis viennent le menthol, l’eucalyptus, et enfin un peu de fruits noirs. Ensemble très suave.

Disponible chez Xtrawine.com

Ruffino, Riserva Ducale Oro 2020 : «Un jardin printanier en bouche»Chianti Classico Gran Selezione DOCG, ToscaneNote du figaro : 94/100Prix : 32,90 €

Nez de fruits rouges confits, de cuir, de cerise kirschée, évoluant vers des effluves délicats de sève de fleurs. Un jardin printanier en bouche, un régal, c’est fin et élégant, on se régale de groseille, avec quelques épices douces et réconfortantes, avant une finale gourmande sur le moka.

Disponibilité chez Tannico.fr

Tenuta di Trinoro 2021 : «Un beau côté sucré-salé»Toscana IGT, ToscaneNote du figaro : 94/100Prix : 350 €

Joli nez de fraise écrasée arrosée de sucre glace, de bonbon acidulé. Une sensation de gourmandise mais aussi de fraîcheur. En bouche, c’est flatteur, avec un beau côté sucré-salé, sur les fruits rouges mûrs et délicats et des petites notes carnées.

Disponibilité chez Tannico.fr

Badia a Coltibuono, Chianti Classico Riserva 2019 : «Une approche classique et emprunte de pureté»Chianti Classico Riserva DOCG, ToscaneNote du figaro : 93,5/100Prix : 31,90 €

Le nez se distingue par des notes de fruits rouges croquants, de terre mouillée et de champignons des bois. Une approche classique et emprunte de pureté. Bouche fruitée, vivace, qui offre également quelques amers, avec des notes de réglisse et une structure corsetée qui permettra de vieillir avec grâce. Parfait avec une pizza.

Disponible chez Tannico.fr

Elena Fucci Vini, Titolo Riserva 2019 : «Fascinant et très savoureux»Aglianico del Vulture Superiore DOCG, BasilicateNote du figaro : 93,5/100Prix : 84 €

Un nez dense et charismatique de ronce et de sève, de poivre blanc, de violette et de réglisse. En bouche, en plus du menthol et des herbes fraîches, on retrouve ces notes poivrées, portées par ces tanins texturés qui donnent encore plus de caractère à ce vin fascinant et très savoureux.

Disponible chez Bestofwines.fr

Giuseppe Cortese, Barbaresco 2021 : «Bouche très posée»Barbaresco DOCG, PiémontNote du figaro : 93,5/100Prix : 39,90 €

Nez gourmand, sensuel, de fruits pourpres et de roses fanées, évoquant presque le cuir. Bouche très posée, avec des amers nobles. Un vin sérieux à la belle structure tannique, taillé pour la garde.

Disponible chez Tannico.fr

Azelia, Barolo 2020 : «Complexe tout en restant classique»Barolo DOCG, PiémontNote du figaro : 93/100Prix : 107,21 €

Nez classique de Barolo, avec des notes évoluées et raffinées de violette, d’anis, de clou de girofle, d’orange. Gracile en bouche, complexe tout en restant classique, sur le bois torréfié et le menthol.

Disponible chez Vinoland.com

Castello di Monsanto, Vigna Il Poggio 2020 : «Un vin passe-partout»Chianti Classico Gran Selezione DOCG, ToscaneNote du figaro : 93/100Prix : 68,90 €

Un nez sûr, posé, évoquant le menthol, la réglisse, et une fraîcheur presque citronnée. La bouche est énergique et évolue sur la framboise confite, avant une finale sur les amers avec des notes superbes de cacao. Un vin passe-partout.

Disponible chez Tannico.fr

Giodo, Brunello di Montalcino 2020 : «Pur et soyeux en bouche, rafraîchissant»Brunello di Montalcino DOCG, ToscaneNote du figaro : 93/100Prix : 133,33 €

Une magnifique minéralité au nez, évoquant l’estran rocheux à marée basse, mais aussi le tabac blond, la rose fanée. Pur et soyeux en bouche, rafraîchissant, avec de beaux fruits rouges frais, et une salinité croissante sur la finale, conférant au vin un côté très digeste.

ACHETER SUR MILLESIMA : https://www.millesima.fr/giodo-brunello-di-montalcino-2020.html?at_medium=display&at_campaign=lefigaro&at_creation=mea

Giovanni Aiello, Chakra Rosso 2022 : «La bouche est bien équilibrée»Gioia Del Colle DOP, PouillesNote du figaro : 92/100Prix : 38,36 €

Un nez épais, concentré, mystérieux, aux notes de tarte aux myrtilles. La bouche est bien équilibrée entre texture veloutée et fraîcheur harmonieuse, c’est fruité et élégant, sur des notes de fraise macérée, avec de beaux amers.

Disponibilité chez Bottleofitaly.com

San Leonardo 2019 : «S’inspire également des grands crus bordelais»Vigneti delle Dolomiti IGT, Trentin-Haut-AdigeNote du figaro : 92/100Prix : 89 €

Du cuir, du tabac frais et du poivre pour un nez classique si nous étions à Bordeaux. La bouche, épicée, sur le cuir, s’inspire également des grands crus bordelais. La cuvée italienne qu’il faut goûter si vous aimez les vins de Bordeaux.

ACHETER SUR VINATIS : https://www.vinatis.com/67840-san-leonardo-2019-tenuta-san-leonardo?srsltid=AfmBOopFCRWMLQ2NgnpsApMd5XGkiWJRbMAqD8uBgSfJ9MPG6pUHCfE0?utm_source=figaro&utm_medium=partenariats&utm_campaign=11425&r=figaro&ids=flux&at_medium=Acquiz&at_campaign=figaro&at_creation=partenariats&at_variant=flux

Teularju, Chirada Ocruarana 2021 : «Entraînant et électrisant»Barbagia Rosso IGT, SardaigneNote du figaro : 92/100Prix : 48,90 €

Un bouquet ouvert, vivace, estival, de jus de cassis. Entraînant et électrisant en bouche, fluide, frais et tendu, sur des notes fruitées et florales.

Disponible chez Tannico.fr

Tommasi, De Buris Amarone Riserva 2011 : «La bouche est élégante»Amarone della Valpolicella Classico DOCG, VénétieNote du figaro : 92/100Prix : 326,67 €

Le nez, hédoniste, hypnotique, offre tout ce que l’on attend d’un Amarone (fait de raisins partiellement séchées), avec des notes de pruneau, de fraise et de rose fraîche. La bouche est élégante, avec de beaux amers, c’est fin et en même temps très gourmand, d’une jolie fraîcheur malgré une concentration immense.

ACHETER SUR MILLESIMA : https://www.millesima.fr/tommasi-de-buris-amarone-riserva-2011.html?at_medium=display&at_campaign=lefigaro&at_creation=mea

Vignamaggio, Monna Lisa Gran Selezione 2017 : «Sur le tabac et l’herbe fraîchement coupée»Chianti Classico Gran Selezione DOCG, ToscaneNote du figaro : 92/100Prix : 33,98 €

Un nez classique, empreint d’une certaine animalité, qui marie fruits, fleurs, et ces notes acidulées si particulières au chianti classico. Une bouche pleine, ample et soyeuse, sur le tabac et l’herbe fraîchement coupée, avec quelques amers qui se complexifient. Une finale fluide et assez longue.

Disponible chez Vinello.fr

Castello di Volpaia, Coltassala 2021 : «Riche et ample»Chianti Classico Gran Selezione DOCG, ToscaneNote du figaro : 91,5/100Prix : 65 €, prix conseillé

Un nez équilibré, assez classique, de fruits rouges frais, de gentiane, de violette. La bouche est riche et ample, assez soyeuse et voluptueuse, avec néanmoins un côté vif et acidulé, sur des notes d’herbes fraîches, avant une finale alléchante sur les petits fruits rouges.

DISPONIBLE PROCHAINEMENT CHEZ MILLESIMA : https://www.millesima.fr/?at_medium=display&at_campaign=lefigaro&at_creation=mea

Lamborghini, Campoleone 2019 : «Aérienne, douce et voluptueuse»Umbria IGT, OmbrieNote du figaro : 91,5/100Prix : 65 €, prix conseillé

Le nez, sur les fruits orange, dégage un beau côté végétal. La bouche est plus aérienne, douce et voluptueuse, avec de petits fruits rouges et oranges acidulés, ainsi que des notes de roses fanées, avant une longue finale.

Disponible prochainement chez cocktalis.com

Rocca delle Macìe, Sergio Zingarelli Chianti Classico Gran Selezione 2020 : «Une belle présence de fruits rouges frais»Chianti Classico Gran Selezione DOCG, ToscaneNote du figaro : 91,5/100Prix : 75 € prix conseillé

Une légère réduction au nez. Les fruits noirs, le tabac et le foin fraîchement coupé se partagent la palette aromatique, avec quelques notes torréfiées. La bouche est généreuse, complexe, équilibrée, avec une belle présence de fruits rouges frais, avant une finale chocolatée.

DISPONIBLE PROCHAINEMENT CHEZ TWIL : https://www.twil.fr/?utm_source=figaro

Sette, Barbera d’Asti 2022 : «Portée par une belle acidité»Barbera d’Asti DOCG, PiémontNote du figaro : 91,5/100Prix : 18,90 €

Un nez assez langoureux, méditatif, parfumé comme un pique-nique estival dans les champs, évoquant la liqueur de prune, des cailloux chauffés par le soleil. La bouche, portée par une belle acidité, est fraîche et vivace, fluide, sur des notes de petits fruits rouges acidulé.

ACHETER SUR IDEALWINE : https://www.idealwine.com/fr/acheter-vin/2421471-1-bouteille-Barbera-dAsti-DOC-Sette-2022-Rouge?utm_source=PARTENAIRE-Le-Figaro&utm_medium=Article&utm_campaign=Le-Figaro

Casa E di Mirafiore, Barolo Paiagallo 2020 : «Chaude comme un vent de Sahara»Barolo DOCG, PiémontNote du figaro : 91/100Prix : 57 € prix conseillé

Un nez de moka et de menthol, avec un peu de laque de chine. La bouche est chaude comme un vent de Sahara, puissant, sur des notes de fruits rouges, de café noir, de réglisse.

DISPONIBLE PROCHAINEMENT CHEZ TWIL : https://www.twil.fr/?utm_source=figaro

Parusso, Barolo Bussia 2020 : «Une pointe de liqueur amère qui évoque le Campari»Barolo DOCG, PiémontNote du figaro : 91/100Prix : 110 €, prix conseillé

Un nez invitant de fruits rouges (fraises, cerises) et de mandarine, avec quelques notes florales, entêtantes, et même une pointe de liqueur amère qui évoque le Campari. Bouche sur les fruits acidulés, d’une noble amertume, et finale saline.

Disponible prochainement chez xtrawine.fr

Ces 10 vins italiens confidentiels que les sommeliers étoilés s'arrachent : http://avis-vin.lefigaro.fr/economie-du-vin/ces-10-vins-italiens-confidentiels-que-les-sommeliers-etoiles-s-arrachent-20240615

Les blancs

Alois Lageder, Löwengang Chardonnay 2021 : «Une douce salinité et cette très belle acidité»Vigneti delle Dolomiti IGT, Trentin-Haut-AdigeNote du figaro : 93,5/100Prix : 67,56 €

Au nez, d’abord une explosion de fruits mûrs, exotiques et purs (mangue, ananas). Puis des notes légèrement anisées. Plus réservé en bouche, avec une douce salinité et cette très belle acidité, subtilement beurrée, mais toujours fraîche, qui finit longuement sur les amers.

Disponible chez Superiore.de

Terra Costantino, Contrada Blandano Etna Bianco 2019 : «Un beau côté végétal»Etna Bianco DOC, SicileNote du figaro : 93,5/100Prix : 31 €, prix conseillé

Le nez, droit et raffiné de prime abord, devient complexe, minéral, offrant des notes d’ananas frais, de fruit de coque et un beau côté végétal. La bouche est gourmande, délectable, avant une finale sur l’amande amère.

Disponible prochainement chez callmewine.fr

Claudio Mariotto, Derthona 2021 : «La bouche est pulpeuse, ronde et savoureuse»Colli Tortonesi DOC, PiémontNote du figaro : 93/100Prix : 22,36 €

Très « riesling alsacien » au nez, avec ces notes pétroleuses, puissantes, ainsi que quelques effluves de poire et de fleurs blanches. La bouche est pulpeuse, ronde et savoureuse, éclatante de fruits juteux. Très belle finale sur les amers.

Disponible chez Tannico.fr

Fattoria Le Pupille, Piemme 2022 : «Bouche assez enveloppante»Toscana IGT, ToscaneNote du figaro : 93/100Prix : 85 €, prix conseillé

Un nez riche et intense d’agrumes confits, d’huile de citron, de pêche blanche, de poire noble. Bouche assez enveloppante, on évolue entre des arômes d’amande douce et un bouquet complexe et presque vanillé.

Disponible prochainement chez fattoriapupille.com

Cantina Terlano, Nova Domus Terlaner Cuvée Riserva 2022 : «Particulièrement invitant»Alto Adige DOC, Trentin-Haut-AdigeNote du figaro : 92,5/100Prix : 49,41 €

Un nez discret sur des notes de pêche, de fleur de citron, de pierre à fusil. Sa minéralité le rend particulièrement invitant. Une belle bouche pure et juteuse, pleine d’allant et de charme, sur l’ananas frais.

Disponible chez Superiore.de

Livio Felluga, Terre Alte 2021 : «Un joli vin, au caractère très particulier»Rosazzo DOCG, VénétieNote du figaro : 92,5/100Prix : 80 €

Un nez élégant de fleurs fanées, de pivoines et de poivre blanc, des notes salées et végétales sont également de la partie. Toujours du poivre blanc en bouche, avec des agrumes confits, et une finale sur de magnifiques amers. Un joli vin, au caractère très particulier.

Disponible chez Callmewine.fr

Sono Montenidoli, Montenidoli Fiore 2022 : «Un vin loquace»Vernaccia di San Gimignano DOCG, ToscaneNote du figaro : 92/100Prix : 28,50 €

Un nez attirant de financier aux amandes, de raisin frais et de pomme. Très dynamique et frais en bouche, alléchant, un vin loquace qui s’exprime sur des notes de citron, de pêche rôtie et de thym, avec une pointe saline.

ACHETER SUR IDEALWINE : https://www.idealwine.com/fr/acheter-vin/2343831-1-bouteille-Vernaccia-di-San-Gimignano-DOCG-Montenidoli-Fiore-2022-Blanc?utm_source=PARTENAIRE-Le-Figaro&utm_medium=Article&utm_campaign=Le-Figaro

Ciro Picariello, Fiano di Avellino 2022 : «Caressant en bouche»Fiano di Avellino DOCG, CampanieNote du figaro : 91,5/100Prix : 21 €

Délicat, frais et rafraîchissant au nez, aux notes subtiles de silex, de citron vert et de sel au céleri, avec une touche résineuse. Le vin est caressant en bouche, à la fois fruité et salin, avec un beau poids et de jolis amers.

Disponible chez Vinissimus.fr

Umani Ronchi, Casal di Serra 2023 : «De beaux amers en finale»Verdicchio dei Castelli di Jesi DOC Classico Superiore, MarchesNote du figaro : 91/100Prix : 12 €

Un nez vif, attirant, de pin, de craie, de zeste de citron, d’abricot. La bouche, savoureuse, saline, se construit autour des notes de pêche bien juteuse, avec de beaux amers en finale.

Disponible chez Callmewine.fr

Bisol 1542, Valdobbiadene Prosecco Superiore Molera extra dry 2023 (effervescent) : «Rond, fruité, alléchant en bouche»Valdobbiadene Prosecco Superiore DOCG, VénétieNote du figaro : 91/100Prix : 18,50 €

Un beau nez, droit, sérieux, sur une noble amertume, aux arômes d’amande fraîche et de noisette. Rond, fruité, alléchant en bouche, porté par une bulle franche, sur des notes d’abricot, avec quelques fruits exotiques.

Disponible chez Tannico.fr

Donnafugata, Ben Ryé Passito di Pantelleria 2022 (liquoreux) : «La bouche est visqueuse à souhait»Passito di Pantelleria DOC, SicileNote du figaro : 91/100Prix : 38,50 € pour 375 ml

Riche et luxuriant au nez, aux notes très vives de raisin, de tarte Tatin, d’écorce d’orange et de pignon de pin, avec une pointe d’exotisme. La bouche est visqueuse à souhait, confiturée, sur des arômes de miel et d’ananas rôti.

Disponible chez Vinissimus.fr

Note aux lecteurs : Cet article est un contenu éditorial, rédigé exclusivement par les journalistes du Figaro. Toutefois, certains liens contenus dans l’article sont affiliés, de sorte que Le Figaro est susceptible de percevoir une rémunération lorsqu’un achat est effectué à partir de ces liens.

WSJ : TSMC to Delay Japan Chip Plant and Prioritize U.S. to Avoid Trump Tariffs

TSMC to Delay Japan Chip Plant and Prioritize U.S. to Avoid Trump Tariffs
Taiwanese semiconductor maker accelerates investment in Arizona

  • TSMC is delaying its second Japanese plant while increasing investment in U.S. expansion, influenced by potential Trump tariffs.
  • It is the latest example of how an aggressive stance on trade is pulling some investment toward the U.S. at the expense of allies.
  • TSMC plans to invest at least $100 billion more in the U.S. in the coming years.

TOKYO—Taiwan Semiconductor Manufacturing is delaying construction of a second plant in Japan partly because it is pouring funds more quickly into U.S. expansion ahead of potential Trump administration tariffs, people familiar with the plans said.

The revised schedule is the latest example of how President Trump’s aggressive stance on trade is pulling some investment toward the U.S. at the expense of allies. Major technology companies have committed to expand U.S. production of artificial-intelligence servers that are currently made in places such as Mexico and Taiwan.

Many regions around the world are eager for more investment by TSMC 2330 -0.46%decrease; red down pointing triangle, which serves clients such as Apple and Nvidia and has a market capitalization of nearly $1 trillion. The U.S., Japan, Europe and TSMC’s home base of Taiwan all see semiconductors as a strategic industry and have helped finance the company’s expansion.

However, TSMC is known for its meticulous approach to capital spending, and it is concerned about building more capacity than the market can bear, analysts said. Ensuring sufficient U.S. capacity is a priority because Trump has threatened to impose tariffs on imported chips.

TSMC said early last year that it would build a second plant in southern Japan’s Kumamoto prefecture, part of a $20 billion investment plan in the country that has brought in more than $8 billion in promised support from the Japanese government.

The first Japanese site started producing chips last fall for customers such as Toyota. Construction of the second plant was initially slated to start early this year. TSMC’s chairman, C.C. Wei, said in June that there would be a slight delay because of excessive car traffic in that region of Japan.

People familiar with TSMC’s plans said further delays to the second Japanese plant were likely and the timing of the construction start could no longer be forecast with accuracy.

The delay is a blow to Japan, whose economy is beginning to suffer from 25% tariffs Trump placed on imported autos and steel. Tokyo had hoped to reach an early trade deal with the U.S., but negotiations have bogged down and Trump in recent days has attacked what he described as Japan’s unwillingness to open its markets.

A Japanese government representative said the government hasn’t heard directly from TSMC that local traffic conditions were responsible for the construction delay and doesn’t believe that was the reason. Despite the delay, Japan believes that the second factory’s production start date and planned output remain roughly the same, the representative said.

TSMC also began construction on its first European manufacturing facility in Germany in late 2024, with production targeted to begin by the end of 2027.

In March, TSMC’s Wei visited the White House and, standing alongside Trump, announced plans to invest at least $100 billion more in the U.S. over the next several years, on top of $65 billion in previously announced investments.

In April, Commerce Secretary Howard Lutnick visited Arizona for the groundbreaking of TSMC’s third chip-making facility in the Phoenix area.

TSMC’s Arizona factories are the only ones outside Taiwan that are designed to produce leading-edge chips for American tech giants such as Apple, Nvidia and AMD. That aligns with the push by both the Biden and Trump administrations for greater domestic semiconductor manufacturing.

Trump has called for semiconductors to be made in America, and his administration has opened a probe that could result in semiconductor tariffs.

>>> Barrons Weekend Summary

Cover:
-Wall Street is embracing ETFs, with firms like Apollo Global Management launching the SPDR SSGA IG Public & Private Credit ETF, democratizing access to private markets. This ETF trades like a stock, allowing anyone with an account at Robinhood or Fidelity to buy a portion of Apollo's $600 billion private-credit portfolio. Firms are now packaging various aspects of their funds, including Bitcoin, leveraged bets on individual stocks, and bonds that would pay out sharply in a natural disaster. This has led to a Cambrian fund explosion, with over 4,000 ETFs listed on the New York Stock Exchange, compared to just 2,400 individual stocks. Fund companies launched over 700 ETFs last year, including 33 that track cryptocurrencies, 130 "buffered" ETFs, and dozens that magnify bets on indexes or stocks. Most new ETFs are small and nichey, holding less than $100 million in assets each. However, ETFs have taken in over $2 trillion of net inflows over the past two years, bringing total assets to nearly $11 trillion.

Interview:
-no update

Tech Trader:
-Hewlett Packard Enterprise recently closed its acquisition of Juniper Networks, a networking equipment firm that could compete with Cisco Systems and Nvidia in the market for high-speed networking equipment required in AI data centers. The deal officially closed on Wednesday, and HPE shares rose 12.6% on Monday. Oracle and C3.ai are prime candidates to add AI to their software through an acquisition. Oracle has already begun transforming itself for the AI age, moving customers to cloud-based versions of its software with annual subscriptions and building large data centers to rent out cloud servers for AI and traditional workloads. In fiscal 2025, revenue from the cloud was up 24%, while the rest of Oracle was flat on the year. C3.ai's offerings would fit nicely on top of Oracle's software, as it has 130 ready-made AI applications tailored for different industries.
Oracle could use its $11 billion in cash or its stock, which trades at a premium to its historical price/earnings ratio for the next 12 months. An Oracle/C3.ai merger would face one obstacle right off the bat: the company's founders have a history. C3 CEO Tom Siebel was among Oracle's early employees and became a top salesperson.

The Trader:
-Crocs stock has been struggling since November 2024 due to disappointing results for its HeyDude brand and concerns about sales and margins. The company makes about half of its shoes in Vietnam, which could raise costs due to tariffs. The stock has fallen about 4% this year, despite the S&P 500 index rallying 5.3%. However, Crocs's recent sales decline may be due to management missteps rather than lack of demand. Crocs stock is cheap relative to its history, peers, and the S&P 500, making it a buying opportunity if profit growth resumes next year. Analysts expect a more than 4% increase next year, and Crocs trades for just eight times 2026 EPS, below its five-year average of 10.3. Crocs' gross margin stands at nearly 58%, and consensus calls for the figure to rise going forward despite concerns about tariffs impacting profitability.
-Stocks have reached all-time highs this week, with the S&P 500 index and Nasdaq Composite both rising 1.7% and 1.6% respectively. The comeback since the trade crisis has been even more impressive, with the S&P 500 up 26% from the selloff low on April 8, while the NASDAQ has surged 34.9%. The worries from supersized tariffs and the US's artificial-intelligence dominance have slowly faded, with the momentum- and sentiment-driven market rally continuing unabated. Progress is being made in various areas, including a trade deal between the US and Vietnam, which includes 20% levies, down from 46%. Other deals, including one with India, are expected soon. The latest agreement was really about China, as many of its goods are shipped to Vietnam before entering the US. It confirms that countries acting as transshipment hubs for Chinese goods may face higher baseline tariffs and additional duties on rerouted products.

Features:
-The Trump administration is expected to unveil preliminary deals ahead of a deadline for higher tariffs on over 100 countries on July 9. Trade negotiations have been chaotic since the administration paused on the tariffs it unveiled on April 2, aiming to reduce the country's $1.2T trade deficit and many non-tariff barriers. Recent weeks have seen bouts of escalation followed by de-escalation, most famously with China, and more recently with the European Union, Canada, and Japan.
The administration's vow to strike 90 deals in 90 days is out the window, as only a preliminary agreement with the United Kingdom left 10% tariffs in place before Wednesday's announcement that Vietnam had agreed to 20% tariffs. The Trump administration also said it would levy a 40% duty on "transshipped" goods, targeting concerns that China was using Vietnam to circumvent trade restrictions. Negotiations have been complicated by factors such as domestic politics, pushback from countries against U.S. demands for a harder stance on China, and uncertainty over the fate of industry-oriented tariffs.
-The Republican megabill repeals much of the Inflation Reduction Act, gutting its funding and eliminating $7,500 electric-vehicle subsidies and credits worth 30% of the value of rooftop solar panels. However, last-minute changes to the bill have opened a window for well-capitalized companies to continue receiving tax credits for the next several years. Big solar and wind developers like NextEra, AES, EDP Renewables, and Engie should continue receiving tax credits for the next several years. Sen. Lisa Murkowski, the Republican from Alaska, convinced Republican leadership to slip in a one-year delay to requirements that companies start construction on clean-energy projects to receive grandfathered tax credits worth 30% of the project's value. The new language in the bill opens up the possibility that projects that enter service as late as 2030 could receive credits. Murkowski also got the Senate to rescind an excise tax that could have decimated wind and solar developers by penalizing projects that rely on Chinese materials. The more-benign language led clean-energy trade groups to soften their previous statements on the bill, downgrading it from a disaster to a disappointment. The work of building clean energy will only get harder from here, as the industry is a multifaceted beast that won't universally benefit from the latest version of the bill.

Europe:
-The Trump administration is expected to unveil preliminary deals ahead of a deadline for higher tariffs on over 100 countries on July 9. Trade negotiations have been chaotic since the administration paused on the tariffs it unveiled on April 2, aiming to reduce the US's $1.2T trade deficit and many non-tariff barriers. Recent weeks have seen escalation and de-escalation, with China, the European Union, Canada, and Japan being the most notable. The administration's promise to strike 90 deals in 90 days is out of the window, with only a preliminary agreement with the United Kingdom remaining in place before the announcement of Vietnam's agreement to 20% tariffs. The Trump administration also announced a 40% duty on "transshipped" goods, targeting concerns that China was using Vietnam to circumvent trade restrictions. Negotiations have been complicated by domestic politics, pushback from countries against US demands for a harder stance on China, and uncertainty over the fate of industry-oriented tariffs. President Trump reiterated the July 9 deadline and will send letters to countries informing them of their tariff rates. Despite the uncertainty, the S&P 500 index has managed to hit new highs, with investors playing down trade risks after several instances where the administration has pulled back on escalatory moves.

Emerging Markets:
-No update

Commodities:
-Silver experienced a significant increase in June, returning almost 10%, surpassing the returns of the stock and bond markets in Japan, Europe, and the US. The momentum could continue as July tends to bring favorable returns for the precious metal. The reason behind silver's gain is not easily pinpointed, but it could be due to gold's 43% climb over the past year, prompting traders to look at other stores of value and safer assets like silver. Silver could also benefit from new applications in solar panels and its essential role in the semiconductor industry as artificial intelligence booms. Investors can buy the iShares Silver Trust exchange-traded fund, the most liquid silver fund with $17B in assets, which physically holds the metal in vaults in London, giving investors direct exposure to spot prices of silver. Historical returns suggest that July has been the strongest month for the fund, with an average gain of 4.5%. Investing in most actively traded futures contracts is another option, with July's 10-year average gain at 4.1%. However, silver's gain in July is not guaranteed, as the iShares ETF has logged a positive return in July six out of 10 times.

Streetwise:
-Fake farming has become a viral phenomenon, boosting Roblox stock 171% in a year. FarmVille, launched on Facebook in 2009, reached over 30 million daily users within a year. The game's success led to a 2011 initial public stock offering and a $12.7 billion buyout from Take-Two Interactive in 2022. Now, the focus is on Grow a Garden, an agricultural simulator launched on Roblox during National Farmworker Awareness Week. Roblox is a platform for user-made games with simple graphics, popular with kids for its social elements. Grow a Garden recently set a record for most users playing simultaneously, with over 20 million users. The game has been played over 12 billion times, surpassing Epic Games shooter Fortnite. Barclays Capital analyst Ross Sandler believes Grow a Garden is the only videogame that has generated this type of engagement in such a short span of time.

>>> Weekend Papers Summary

FINANCIAL TIMES
-Boston Consulting Group (BCG) was involved in a multimillion-dollar contract to launch an aid scheme for the shattered Gaza enclave. The firm helped establish the Israel- and US-backed Gaza Humanitarian Foundation and supported a related security company. However, BCG disavowed the project, which has been marred by the deaths of hundreds of Palestinians, and fired two partners last month. The project, codenamed "Aurora," spanned over seven months, covering over $4M of contracted work and involving internal discussions at senior levels of the firm. Over a dozen BCG staff worked on the project between October and late May. The BCG team also built a financial model for the postwar reconstruction of Gaza, including cost estimates for relocating hundreds of thousands of Palestinians and the economic impact of mass displacement. BCG claims that senior figures were misled on the scope of the work by the project partners.
- Brussels has announced plans to build up emergency stockpiles of critical minerals and cable repair kits amid growing concerns over the EU's vulnerability to attack. The European Commission has outlined a stockpiling strategy, urging member states to coordinate backup supplies of food, medicines, and nuclear fuel. The strategy also aims to accelerate work on EU-level stockpiles of items such as cable repair modules and commodities like rare earths and permanent magnets, crucial for energy and defense systems. The EU's strategy is part of a wider push to improve the security and resilience of the 27-country bloc. Last month, German Chief of Defense General Carsten Breuer warned that Russia could attack an EU member state within the next four years. The higher-risk environment is driven by increased activity from hacktivists, cybercriminals, and state-sponsored groups.
-US President Donald Trump has threatened to impose 17% tariffs on EU agricultural exports, escalating the trade conflict with Brussels. The move, which EU officials view as an escalation of the transatlantic dispute, comes ahead of a July 9 deadline to agree a deal between the two trading giants. Trump imposed a 20% "reciprocal" tariff in April but reduced it to 10% until July 9 to allow for talks. EU officials had been expecting duties to remain at the baseline rate. Trump has demanded exemptions from regulations and a cut in US trade surplus, but EU officials have rejected Washington's latest proposals on exemptions and food tariffs. The EU is attempting to secure its own carve-outs for some products, including aircraft parts and spirits.
-Hamas has expressed a positive response to a US-backed proposal for a ceasefire in Gaza, indicating it will enter negotiations to end 21 months of war with Israel. However, Arab media reports suggest the group is seeking minor amendments to the proposal, making it unclear whether Hamas's response would be acceptable to Israel, Qatar, Egypt, and the US. Hamas is prepared to enter a new round of negotiations on the mechanism for implementing the framework. The group has delivered its response to the proposal, which includes a 60-day ceasefire, through international mediators following internal consultations and consultations with other Palestinian factions and forces. The Israeli government has not responded to the Hamas response, and Donald Trump is optimistic about a Gaza deal next week. The family of an Israeli hostage has demanded an immediate cabinet meeting to discuss the Hamas response.
-The Trump administration's caprice in policymaking has made it challenging for businesses to make long-term decisions about supply chains. Relocating plants is an eight- to 10-year decision, but mitigating the status quo is the likely strategy. Trump's "liberation day" tariffs were blunted by his announcement of a 90-day pause within a week, shifting the mood from panic to qualified concern. As countries clamor to strike fresh deals with Trump before the July 9 deadline, deep unease still lingers in global boardrooms and supply chains. Many companies are resorting to holding strategies, such as stockpiling goods and increasing the use of bonded warehouses. Storage costs for bonded warehousing are now up to four times the cost of non-bonded premises. Port congestion, where ships still carry 90% of global trade, is another ripple effect. At Europe's largest port, Rotterdam, chief executive Boudewijn Siemons predicts that prices for consumers will rise as companies continue to reorient goods flows.
-China's first Legoland, one of the world's largest, opened its gates this weekend, hoping to attract visitors despite pressure on consumer spending in the world's second-biggest economy. Legoland Shanghai, located 50km outside the city, includes a Lego replica of the city's distinctive skyline and will have over 75 rides, other models, and the company's signature yellow figures, using 85mn bricks. Merlin Entertainments, the UK-based company jointly operating Legoland Shanghai with the local government, is aiming to strengthen its presence in China. China's theme park industry is the world's second-largest after the US, and recent expansions and new projects, often drawing on foreign intellectual property, reflect high hopes for growth in an economy where consumer demand has lacked momentum.
-Donald Trump and Volodymyr Zelensky have discussed Ukraine's air defense needs amid escalating Russian strikes. The call came after a record Russian air attack on Ukraine, which included 539 Iran-designed drones and 11 cruise and ballistic missiles. The attack primarily targeted Kiev. Russia has stepped up its bombardments, launching its previous largest aerial assault last weekend. Moscow's troops are advancing on eastern battlefields at their fastest pace since November, threatening several Ukrainian strongholds. Zelenskyy and Trump agreed to work together to strengthen air defense protection. Ukrainian President Zelensky has repeatedly expressed willingness to purchase Patriot air defense batteries, interceptors, and other weapons. The discussion reflects a further warming of relations between the two nations.
-Castel Gandolfo, a small town south of Rome, is reclaiming its status as a Vatican outpost as Pope Leo XIV reinstates the customary summer retreat and other symbolic privileges discarded by his predecessor. The first American to lead the world's 1.4bn Catholics, Leo arrives at the 55-hectare papal estate for a two-week stay. During his visit, the sports fan and fitness enthusiast is expected to reflect on his new role, using the tennis court and possibly the pool built by Pope John Paul II. Local officials, business owners, and residents are bracing for an influx of pilgrims, security personnel, and support staff. Mayor Alberto de Angelis urged Leo to take up residence after his May election, stating that Castel Gandolfo is "part of the heart of the city."
- Israel's defense minister, Israel Katz, has stated that the country aims to maintain "aerial superiority" over Iran to protect itself from future threats from the Islamic republic. The UN confirmed that inspectors who provided information on Tehran's nuclear program had left Iran, following a 12-day war with Israel. Katz's mission now is to prepare a "blue and white" enforcement plan to prevent Iran from threatening Israel again. The outline echoes Israel's interpretation of a ceasefire with Hezbollah in Lebanon, where the air force continues to carry out air strikes even after the ceasefire in November 2024. The instructions come at a time when there is less information available about Iran's nuclear activities and there has been no independent assessment of the damage to Iran's nuclear facilities since US President Donald Trump announced a ceasefire last week. The location of Iran's enriched uranium stockpiles remains unknown.

NEW YORK TIMES
-President Trump signed a domestic policy bill into law during Independence Day celebrations, highlighting tax cuts in the legislation while downplaying cuts to Medicaid and other assistance for poor Americans. The bill, which was narrowly passed by the House, was accompanied by a flyover of B2 bombers, the same aircraft used in the recent bombing of Iran. Trump praised the massive tax cuts included in the bill and downplayed the unpopularity of the legislation in polls and the potential impact of spending cuts. He said, "The largest spending cut, and yet, you won't even notice it," while standing with the first lady, Melania Trump, on the balcony of the White House.
-Flooding in Central Texas began early Friday, killing at least 24 people and leaving 25 girls missing. The flooding continued in some areas early Saturday morning. The missing girls were at Camp Mystic near Hunt, Kerr County. Parents posted photos of their children online and others went to reunification centers to find missing loved ones. An unknown number of people were also missing. Texas officials said that some National Weather Service alerts had underestimated the risks. The most urgent alerts came in overnight, in the early hours of Friday. The rain that caused the flooding in Hunt eased up on Friday night, but a flood wave was moving down the Guadalupe River. Heavy rain was falling overnight in other pockets of Central Texas under flash flood warnings, affecting more than 30,000 people. Hundreds of emergency personnel were searching for stranded and missing people, and the Texas National Guard made 237 rescues and evacuations using helicopters and rescue swimmers.
-Israel has achieved significant success in its fight against its enemies, including Hezbollah in Lebanon, Hamas in Gaza, Houthis in Yemen, and Iran itself. After three-quarters of a century of fighting hostile neighbors, Israel has almost vanquished its enemies, including Hezbollah in Lebanon, Hamas in Gaza, Houthis in Yemen, and Iran itself. The exercise of raw power has allowed Israel to have a future mostly free from immediate threats, with the risk of a nuclear Iran diminished or possibly gone. Israel has stable relations with Persian Gulf Arab states, and Prime Minister Benjamin Netanyahu has cemented his partnership with President Trump. However, the war in Gaza and attacks on Iran and Lebanon have undercut Israel's standing among the world's democracies.
-Hamas has responded positively to a proposal for a 60-day cease-fire with Israel and is ready to initiate negotiations on implementing it. It is unclear whether Hamas is demanding any significant changes to the plan or if any gaps could be easily bridged or create new hurdles to an agreement. The two sides have come close before to such agreements, only to see them unravel at the last minute over the details. President Trump announced on Tuesday that Israel had agreed to the conditions for a temporary truce, and he called on Hamas to do the same. The two sides have come close before to such agreements, only to see them unravel at the last minute over the details.
-President Trump's domestic policy law has shifted the burden of healthcare, food assistance, and other programs onto state governments. As a result, states are bracing for the added burdens of the law, as Washington shifts much of the burden onto them. Governor JB Pritzker of Illinois and legislative leaders might hold a special session to deal with the new law, even though the recently passed state budget already includes $100 million to cover shortfalls in federal funding. Gov. Katie Hobbs of Arizona has warned that even her state's $1.6B emergency fund will be insufficient to weather the coming changes, as she believes that even if she cuts every single thing in the state, she doesn't have the money to backfill all these cuts. The federal budget bill is considered "devastating" for her state.
-Iran is seeking allies in the emerging economies group BRICS, which aims to counter the United States and other Western powers. However, military strikes on Iran are testing its unity. The Islamic republic, which has been weakened in the Middle East, is expected to use the BRICS summit to gain more explicit support from the group. Iran, a newcomer to the group, will join a two-day meeting in Rio de Janeiro, where it will demonstrate its power as it faces sanctions and threats of more military strikes over its nuclear program. The BRICS group issued a statement expressing "grave concern" after Israel and the United States launched military strikes on Iran last month. Despite this, the alliance, which represents over half of the world's population, has not outright criticized Israel or the United States. Analysts expect Iran to use the summit as an opportunity to show it has powerful allies.
-The Supreme Court has rejected a last-ditch attempt to block the deportations of eight men to South Sudan, who have been held at the U.S. military base camp in Djibouti for several weeks. The deportations were ruled to move forward after the court ruled that the deportations could proceed. The eight men the government hopes to deport to South Sudan have been held at the base for several weeks.
-China has paid a high price for its dominance in rare earths, as its mines and refineries produce most of the world's rare earth metals and a few crucial kinds of rare earths. This has given China's government near complete control over a critical choke point in global trade. However, for decades, toxic sludge from rare earth processing has been dumped into a four-square-mile artificial lake in northern China. In south-central China, rare earth mines have poisoned dozens of once-green valleys and left hillsides stripped to barren red clay.
The industrialized world, on the other hand, had tighter regulations and stopped accepting even limited environmental harm from the industry as far back as the 1990s, when rare earth mines and processing centers closed elsewhere.
-Justice Ketanji Brown Jackson, the first Black woman to serve on the Supreme Court, has been a vocal critic of her conservative colleagues and their approach to the Trump agenda. In solo dissents this term, she accused the conservative majority of lawless bias. Justice Amy Coney Barrett responded to her criticism on the term's last day. Jackson, who wrote just five majority opinions, has been criticized for taking lawless shortcuts and placing a judicial thumb on the scale in favor of President Trump. She called the majority's opinion in the birthright citizenship case, issued on the final day of the term, "an existential threat to the rule of law." Jackson, who just concluded her third term, has become the court's newest member and has quickly emerged as a forceful critic of her conservative colleagues and their approach to the Trump agenda.
-Immigration arrests in Virginia have accelerated at a rate more than that of almost any other state, according to lawyers and advocates. The pace of immigration arrests has shot up across the country under the second Trump term, but few places have seen a spike quite as sharp as in Virginia. Immigration and Customs Enforcement (ICE) arrests in the state by ICE agents are up more than 350 percent since 2024, one of the steepest increases in the country. This outpaces the growth in ICE arrests in Democratic-run states like California and New York and Republican-controlled states like Florida and Texas. Nearly 3,000 people were arrested by ICE in Virginia in the first five months of 2025, on par with numbers in a much larger state like New York. It is not entirely clear why Virginia, a politically middle-of-the-road state, has become such a magnet for immigration enforcement.
-Under Trump's crackdown, a new crop of immigrant rights groups has emerged, with networks of volunteers focused on responding to federal actions. As the crackdown intensifies, so could confrontations. One example is the LUCE Immigrant Justice Network of Massachusetts, which was preparing for a situation when a call came in March about a group of officers taking away a young woman in a hijab. Within minutes, volunteers were sent out to verify the report in Somerville, a suburb northwest of Boston. They arrived to empty streets and began knocking on doors to help them piece together what occurred. One neighbor offered footage from a home security camera. The LUCE Immigrant Justice Network of Massachusetts has been preparing for such situations and has been preparing for such moments. As the crackdown becomes more intense, so could confrontations.

NEW YORK POST
-In a guest editorial, Prof. Bjorn Lomborg (a well-known Danish political scientist and statistician who gained global recognition for his critique of ecological crisis theories climate change exaggerations) targets the media and its irresponsible manipulations of heat waves. He observes that most western media is warning of dangerously high temperatures in the US and Europe, with headlines like "Extreme Heat Is Breaking America" and "Lethal heat is Europe's new climate reality" highlighting the urgency of climate action. However, this narrative only tells a misleading fraction of the story. Heat waves are photogenic and immediately visible, and heat kills within just a few days of temperatures going up, as it swiftly alters the electrolytic balance in weaker, often older people. These deaths are tragic and often preventable, but the media seldom reports on deaths from cold, which kills slowly over months due to the body constricting peripheral blood vessels to conserve heat.
-President Donald Trump stated that Iran has not agreed to inspections of its nuclear program or to cease enriching uranium. He stated that Tehran's nuclear program has been set back permanently, although it could be restarted at a different location. Trump will discuss Iran with Israeli Prime Minister Benjamin Netanyahu during his visit to the White House. Trump stated that he would not allow Tehran to resume its nuclear program and that Iran did want to meet with him. The UN nuclear watchdog has pulled its last remaining inspectors from Iran as a standoff deepens over their return to the country's nuclear facilities bombed by the US and Israel. The US and Israel claim that Iran is enriching uranium to build nuclear weapons, while Tehran insists its nuclear program is for peaceful purposes. Israel launched its first military strikes on Iran's nuclear sites in a 12-day war with the Islamic Republic three weeks ago.
-Taiwan's TSMC plans to delay its chip plant project in Japan and prioritize operations in the United States to avoid tariffs imposed by President Trump, according to the Wall Street Journal. TSMC stated that its investment plans in the U.S. would not impact existing investment plans in other regions and that its global manufacturing expansion strategy is based on customer needs, business opportunities, operating efficiency, government support, and cost economic considerations.

FT : Octopus Energy plans to demerge tech arm Kraken

Octopus Energy plans to demerge tech arm Kraken
Software platform makes billing more efficient for utility companies

Octopus Energy is planning to demerge its technology arm Kraken Technologies, creating a standalone entity that could be valued at up to $10bn.

The UK-based energy supplier is set to separate from the business following rapid growth over the past few years, according to people familiar with the matter.  

Octopus Energy was founded in 2015, in part to prove the Kraken technology, and is now the UK’s largest household energy supplier, overtaking Centrica’s British Gas this year. 

Investment banks have been invited to pitch for the demerger which would happen within the next 12 months, according to Sky News which first reported the plans. 

The new entity would be owned by current Octopus Energy shareholders while new investors may also be sought for a minority stake. Octopus Energy may retain a small stake, according to people familiar with the matter. Kraken could be valued at up to $10bn, they added.

The technology platform is designed to make customer billing more efficient as well as develop new tariffs and optimise the use of electric cars, solar panels and other technology. 

Octopus, led by chief executive Greg Jackson, uses the technology itself and also licences it to other energy and water companies around the world, including rivals such as Eon and EDF. 

Bosses want the company to be serving 100mn accounts by 2027. In May it announced it was contracted to serve more than 70mn accounts, after signing up National Grid’s US business as the first large US utility to adopt the platform. 

The technology has been key to Octopus Energy’s appeal to investors, helping propel it to a valuation of $9bn in May 2024 when major shareholders such as Generation Investment Management and Canada Pension Plan Investment Board increased their stakes. Galvanize Climate Solutions and Lightrock came in a month later at the same valuation.

Veery Maxwell, co-head of innovation and expansion at Galvanize, told the Financial Times in January: “Octopus has managed to position itself as a high-trust brand and disrupter — but of sufficient scale that customers aren’t taking start-up risk. Kraken is the software platform that underpins that offering.”

Octopus Energy has steadily been making Kraken more independent, in part to try and fend off any concerns among Kraken customers about potential conflicts of interest. 

That has included appointing a Kraken chief executive, Amir Orad, and chair, Gavin Patterson, the former BT chief executive. Demerging the business would be a step further, people familiar with the matter said.  

It is also likely to fuel speculation about a possible listing for Kraken. In January, Jackson said he was “open-minded” about the company’s future.

Octopus declined to comment.

WSJ : Congo Braces for HIV Surge After U.S. Funding Stops

Congo Braces for HIV Surge After U.S. Funding Stops
The virus is quickly spreading in what should be the country’s most economically productive regions

Eastern Congo faces an HIV crisis due to U.S. funding cuts for antiretrovirals after Trump and Musk reduced foreign aid.
Rape victims in Congo are being turned away from clinics due to shortages of post-exposure prophylaxis treatment kits.
The U.N. reports sexual assaults in eastern Congo have spiked 38% and estimates a child was raped every half-hour.

The mineral-rich provinces of South and North Kivu along the eastern flank of the Democratic Republic of Congo should be among its most productive.

They are home to a fifth of the vast country’s population and are the site of some of its most valuable mines, where men flock to extract coltan and other critical minerals used to produce smartphones, laptops and electric vehicles. Women run roadside restaurants and bars. Millions of people live in camps, displaced by roaming militias, near the borders with Rwanda and Uganda.

Rape is rife. So is HIV.

For years, Congolese women relied on U.S.-supplied antiretrovirals such as post-exposure prophylaxis kits, to prevent infection after an assault. But the funds for those programs dried up after President Trump and his then-right-hand man, Elon Musk, cut funding for most of America’s foreign-assistance programs, including many anti-HIV initiatives.

Now, nearly six months on, the region is threatened by a destabilizing cycle of infection and death, puncturing whatever economic gains might be possible in such a volatile corner of Africa.

Health workers say they have had to start turning away sexual-assault victims looking for post-rape treatment kits. “Most of the women call me crying,” said Noella Ndoole, a protection officer for CARE International, a global charity, who receives several calls a day from distressed women. “They are very worried, but we have no drugs to give them.”

A State Department spokesman says the U.S. supports other programs such as rapid HIV testing and the provision of antiretroviral drugs in other parts of Congo, including the capital, Kinshasa. But it is unable to extend them to the conflict zones in the east, one of the worst affected regions. Humanitarian officials worry that new infections among the working-age population will soar, stirring fresh concern about the region’s future.

A fresh wave of cases is especially worrying in Congo, where PEP and other drugs have helped reduce deaths from HIV/AIDS to around 14,000 a year, from as high as 200,000 before the onset of the U.S. funding programs, according to UNAIDS, the United Nations’ HIV/AIDS agency.

Part of the reason is the level of violence, which is especially high in South and North Kivu.

Humanitarian officials now refer to the region as the rape capital of the world, with the U.N. reporting sexual assaults there spiking 38% over the same period last year after a rebel group known as M23, backed by Rwanda, staged a violent takeover of two major cities.

Before Rwanda and Congo signed a U.S.-brokered deal last week to stop sponsoring armed groups in eastern Congo, the U.N. estimated that a child was raped every half-hour in the region. It is too soon to determine whether the pact will effectively rein in the patchwork of militias operating there.

Jeremy Kahindo said that in April she was pinned to the ground by two armed men, who took turns raping her in Kibumba, a small town 10 miles north of the rebel-held city of Goma. The 42-year-old mother of three walked two hours to a CARE clinic, where a nurse gave her painkillers and antibiotics to treat wounds sustained in the attack. Then the nurse sent her home because the clinic had run out of PEP treatments, Kahindo said.

“The health workers told me there was nothing more they could do for me—there were no drugs,” she said.

Kahindo soon tested positive for HIV. CARE officials confirmed her account.

In Congo’s eastern provinces, charities distributed some 97,560 post-rape treatment kits to women and girls last year, procured largely with U.S. funds, according to CARE. Aid workers say women in the region now need nearly double that number, even as the supply is drying up.

Until this year, the U.S. had been Congo’s largest aid donor, providing more than $1 billion annually in assistance through charities providing medical care, food and other vital supplies to millions of vulnerable people. Worldwide, the U.S. President’s Emergency Plan for AIDS Relief had been providing the bulk of PEP kits and other antiretroviral drugs to poor countries. U.S. officials say the program, launched in 2003 by then-President George W. Bush, has saved more than 25 million lives.

PEP treatment can reduce the risk of HIV infection by more than 90% if administered within 72 hours of an assault. The drug must be taken daily for 28 days, health experts say.

“If taken correctly, it prevents the majority of rape victims from contracting HIV,” said Dr. Chris Rawlings Kaganda, a Ugandan physician.

Aid agencies now warn the funding cuts will lead to soaring HIV infection rates in Congo, especially in the east. HIV prevalence rates in eastern Congo are already as high as 3.5%, more than double the 1.4% national rate. The shortage of PEP kits is so dire that sometimes survivors of sexual violence visit several clinics, only to return home unsuccessful and exhausted, the 72-hour treatment window having passed, according to humanitarian officials.

Kanzira Kihanga says she wasn’t surprised to learn in May that she was infected by the virus that causes AIDS. The 21-year-old believes she contracted the virus after back-to-back rapes by armed men. After the first attack, she went to a clinic but was only given half a dose of the PEP medication. Two weeks later, she was raped again as she walked to the clinic to pick up the remainder of the dosage.

“I just went home to prepare my mind for the worst,” she said. “My parents are very worried. They think I will die very soon.”

A recent survey of more than 100 hospitals in eastern Congo by the International Committee of the Red Cross found nearly three-quarters of them had run out of essential medicines because of the supply issues triggered by the U.S. funding cuts.

“Even pain medicines like paracetamol and ibuprofen are running out,” said Etienne Penlap, the Red Cross health coordinator in Congo.

And while stories of suffering abound, the toll could get significantly worse. Further foreign-aid cuts in Trump’s 2026 budget proposal could result in 675,000 additional AIDS deaths across the world that year, according to the Washington-based Center for Global Development. Congo may run out of antiretroviral drugs by August, according to its Health Ministry.

FT : Brussels to stockpile critical minerals because of war risk

Brussels to stockpile critical minerals because of war risk
Strategy part of efforts to improve bloc’s resilience to conflict and climate change

Brussels says it will build up emergency stockpiles of critical minerals and cable repair kits as concerns mount over the EU’s vulnerability to attack.

“The EU faces an increasingly complex and deteriorating risk landscape marked by rising geopolitical tensions, including conflict, the mounting impacts of climate change, environmental degradation, and hybrid and cyber threats,’’ the European Commission said in a draft document setting out a stockpiling strategy, seen by the Financial Times.

Member states should co-ordinate backup supplies of food, medicines and even nuclear fuel, the EU executive said. It would also accelerate work on EU-level stockpiles of items such as cable repair modules “to ensure prompt recovery from energy or optical cable disruptions” and commodities such as rare earths and permanent magnets, which are crucial for energy and defence systems.

Several instances of potential sabotage to underwater communication cables and gas pipelines in recent years have caused concern about the vulnerability of critical infrastructure.

The strategy is part of a wider push by the EU to improve the security and resilience of the 27-country bloc. Last month, General Carsten Breuer, the German chief of defence, warned that Russia could attack an EU member state within the next four years.

The higher-risk environment was driven by ‘‘increased activity from hacktivists, cybercriminals and state-sponsored groups”, the document said.

The EU is also more susceptible than many other regions to the effects of climate change as it is warming twice as fast as the global average. Wildfires in Crete forced 5,000 people to evacuate the island this week.

In a report commissioned by the EU in October, former Finnish president Sauli Niinistö said that security should be considered a “public good” and called for a preparedness mindset.

On stockpiling, he said that Brussels should “define targets to ensure minimum levels of preparedness in different crisis scenarios, including in the event of an armed aggression or the large-scale disruption of global supply chains”.

The EU in March also advised households to stockpile essential supplies to survive at least 72 hours of crisis.

The bloc already maintains a fleet of firefighting planes and helicopters, a medical evacuation plane, and items such as field hospitals and critical medical supplies across 22 EU countries as part of its emergency response effort for natural disasters.

But the commission said it would establish a “stockpiling network” to improve co-ordination between EU countries. There was “limited common understanding of which essential goods are needed for crisis preparedness against the backdrop of a rapidly evolving risk landscape”, it said in the document.

It would also start compiling regularly updated lists of essential supplies tailored to each region and crisis type. Member states should better incentivise the private sector to help with stockpiling, such as through tax credits, it said.

The bloc should also work with allies on “shared warehousing” and co-ordinate better on managing resources and dual-use infrastructure with Nato.

The need for investment in critical stockpiling would also be considered in proposals for its new multiannual budget, which are due to be put forward later this month.

The draft document is due to be published next week and could change ahead of its presentation.

FT : Dealmakers hit pause on M&A as caution rules the boardroom

Dealmakers hit pause on M&A as caution rules the boardroom
Number of deals struck worldwide falls to lowest in a decade, outside Covid-19 lockdown period

Dealmaking slumped in the second quarter to the lowest level in a decade, excluding the early months of the pandemic, as Donald Trump’s “liberation day” tariffs extended a run of uncertainty that has forced dealmakers to pull back from all but the largest takeovers.

The total number of deals announced in the three months to June 30 fell to about 10,900, according to data from the London Stock Exchange Group. Excluding the second quarter of 2022, when Covid-19 lockdowns upended global markets and just 10,600 deals were unveiled, the figure was the lowest since the start of 2015.

Dealmakers had initially expected that a more conservative White House would pull back on regulation and unleash a wave of takeovers.

Instead, companies and investors have had to navigate a more perilous geopolitical backdrop than anticipated, with the announcement of wide-ranging tariffs by the US on April 2 and conflicts in the Middle East driving volatility in markets.

“Following the initial exuberance of the first month or two, the attitude in the boardroom has been cautious,” said Lorenzo Corte, global head of transactions at the law firm Skadden. 

Despite the escalation of trade tensions since the start of the quarter in April, the LSEG data show that the value of transactions held steady from the first quarter of the year at $969bn, propped up by a handful of strategic megadeals.


Deals worth more than $10bn have risen by three-quarters this year, with top transactions in the second quarter including Cox’s $35bn takeover of Charter Communications, a $33bn take-private of Toyota Motor’s biggest subsidiary, and a consortium led by Abu Dhabi National Oil Company’s $24bn acquisition of Australia’s Santos.

“There’s pent up demand to do large strategic transactions,” said Jim Langston, partner at law firm Paul Weiss. “If companies are going to make a bet on M&A, they want it to be something that moves the needle, that the reward is worth the risk. ”

The uncertain outlook for economic growth, inflation and the dollar have also acted as a particular drag on the private equity industry, making it more difficult to value assets.

Global private-equity backed acquisitions slowed sharply between the first and second quarters of the year, from about 2,500 in the first three months to closer to 1,850 in the second. There were 1,250 fewer private equity deals struck in the first half of this year compared with the same period in 2024.

Dealmakers have focused on public company takeovers and the sale or carve-out of assets regarded as no longer core, according to Jens Welter, Citi’s head of North America investment banking coverage.

Such transactions include KKR’s £4.7bn acquisition of London-listed industrial group Spectris, and BP’s exploration of a sale for its lubricants arm Castrol. Welter said that dealmakers were adding in terms to contracts to help agree transactions in choppier markets.

“While we expect the take-private and corporate carve-out volumes to remain at record levels, transactions are highly structured involving rollovers and deferred mechanisms,” Welter said.

Some advisers remained optimistic that a stabilising geopolitical outlook would lead to a pick-up in activity in the second half of the year.

Oliver Smith, co-head of Davis Polk’s M&A practice, said the build-up in demand felt like the early days of the Covid-19 pandemic.

“People realised then that the sky wasn’t falling in and things picked up for a while,” said Smith. “It feels like that moment in time is coming once companies get used to the uncertainty.”

Barrons : Oil Is Gushing in These 3 Countries. Who Loves Trump’s ‘Drill, Baby, D

Oil Is Gushing in These 3 Countries. Who Loves Trump’s ‘Drill, Baby, Drill’

President Donald Trump isn’t the only one who wants to drill, baby, drill.

Left-leaning Brazilian President Luiz Inácio Lula da Silva, better known for hugging the rainforest, just greenlit oil exploration at the mouth of the Amazon.

Ideological antipode Javier Milei of Argentina lately inked a deal with Italy’s Eni to export liquefied natural gas from the vast Vaca Muerta shale deposit. Nigerian President Bola Ahmed Tinubu called out the army to fight the pipeline siphoning that has devastated his country’s crude exports.

Surging production globally will yield a surplus of eight million barrels a day as oil demand peaks around 2030, the International Energy Agency predicts. That could be an obstacle to the U.S. president’s oft-repeated plans for “energy dominance.”

“Marginal producers in the U.S. are at risk with prices below $70 a barrel,” says Jacob Mandel, research lead at Aurora Energy Research. “At least a few million barrels a day fit in that category.” U.S. benchmark West Texas Intermediate currently trades around $67.

Brazil is the rising power in world oil thanks to its giant “pre-salt” fields, unique offshore deposits left behind when South America and Africa separated. Production, which was less than three million barrels a day in 2022, should hit 4.5 million by 2030, says Monique Greco, head of oil & gas research at Itau BBA.

Break-even cost for the pre-salt gushers is around $35 a barrel, she estimates. Lula is looking to the Amazon Basin when pre-salt tapers off in the next decade.

Shares in national oil company Petróleo Brasileiro look undervalued given these hot prospects and an underrated management, Greco adds.

“Petrobras trades at a discount because of perceived risks of government influence,” she says. “We take a more benign view.”

Argentina is the sleeping giant of global oil, or one of them. Vaca Muerta is a nearly virgin formation with similar potential to the U.S. Permian Basin. Chevron and Shell joined a consortium late last year to build a $3 billion pipeline to coastal export terminals, with capacity up to 900,00 barrels a day.

“Pipeline infrastructure has been the main bottleneck there,” notes Patrick Gibson, research director for global oil supply at Wood Mackenzie.

Nigeria is an oil wild card. Tinubu’s crackdown on bandits who “tap” the African giant’s remote pipeline network has already lifted output to 1.5 million barrels a day, from about one million two years ago.

Global majors like Shell and TotalEnergies have divested assets to local players like Seplat Energy, which “understand local issues better,” says Pranav Joshi, who covers Africa for Rystad Energy. Seplat’s shares have nearly doubled in the past two years.

Further output increases may come tougher for Nigeria, though, Joshi thinks. “We need to see some execution evidence to go beyond 1.6 million barrels,” he says.

OPEC, which still pumps 40% of the world’s oil, looks more interested in protecting market share than propping prices at the moment, says Simon Henderson, director of Gulf and energy policy at the Washington Institute.

The cartel is tipping a second straight 411,000 barrel-per-day increase at its July 6 meeting, despite a 20% price drop over the past year. “The most likely candidate to be cut in the market is the U.S.,” Henderson notes.

Multiyear oil market forecasts are imprecise at best, Woodmac’s Gibson cautions, hinging on variables such as electric vehicle expansion and Chinese industrial demand.

Barrons : AI Is Fueling Mergers. Here Are 2 That Make Sense.

AI Is Fueling Mergers. Here Are 2 That Make Sense.

When Hewlett Packard Enterprise got government approval to close its acquisition of Juniper Networks this past weekend, the stock soared. More often an acquirer’s stock falls on deal news. But the age of artificial intelligence is changing the equation.

For HPE, the fit is particularly good. Juniper, a networking equipment firm, puts it in a much better spot to compete against Cisco Systems and Nvidia in the market for the high-speed networking equipment that is required in AI data centers.

HPE shares rose 12.6% on Monday, making it the top performing stock in the S&P 500 on the day. The deal officially closed on Wednesday.

Success breeds imitation, and there may be other legacy tech companies looking to the merger market to improve their AI position. I’m not an investment banker, but here are some deals I wouldn’t be surprised to see—and that could get a good reception from the market.

Oracle and C3.ai: Oracle is a prime candidate to add AI to its software through an acquisition.

Oracle has already begun transforming itself for the AI age. With perfect timing in 2020, Oracle began running the Microsoft playbook: Transform from a legacy software maker into a cloud company. It has been moving customers to cloud-based versions of its software with annual subscriptions, while at the same time building large data centers to rent out cloud servers for AI and traditional workloads. In fiscal 2025, revenue from the cloud was up 24%, while the rest of Oracle was flat on the year.

Ironically for a software company, Oracle’s AI play to date has largely been in hardware: AI cloud servers. It could use an AI software merger that, grafted on to existing Oracle offerings, would leverage the mountains of proprietary data customers have in Oracle databases.

Enter C3.ai. C3’s offerings would fit nicely on top of Oracle’s software. C3 has 130 ready-made AI applications tailored for different industries, solving problems and helping to predict outcomes. Today, its customers are clustered in energy, manufacturing, government, and the military.

C3’s revenue grew by 25% to $389 million in fiscal 2025, but it posted a $289 million loss. The culprits were sky-high expenses, 183% of revenue. But in a merger, sales and administrative expenses, which together represented 86% of revenue, would be trimmed heavily once integrated into Oracle’s large sales force and bureaucracy.

After a sharp selloff this year, C3 has a $4.2 billion market capitalization. Oracle could use its $11 billion in cash, or its stock, which trades at a premium to its historical price/earnings ratio for the next 12 months. Paying with cash could hamper Oracle’s plans for data center investment, coming in at $21.2 billion last year, tripled from the year before, and future plans may require more debt, now at $109 billion. In the end, competing capital requirements may be the largest hurdle for this merger.

An Oracle/ C3.ai merger would face one obstacle right off the bat. The company’s founders have a history. C3 CEO Tom Siebel was among Oracle’s early employees, and became a top salesperson. In the early 1990s, Larry Ellison, Oracle’s chairman, rejected Siebel’s idea for a new product. Siebel left Oracle and took his idea to form Siebel Systems, which became successful.

As Siebel’s software got traction, a long war of words emerged between the two. In the end, Ellison and Siebel made up enough to agree to an acquisition, with Oracle paying $5.85 billion for Siebel Systems in 2005. Another deal would make sense.

Check Point Software and SentinelOne. Check Point Software Technologies is a pioneer in cybersecurity. Its software builds a wall around corporate networks, but increasingly, workers are doing things outside those walls, like working from home or using cloud applications. Check Point also has a cloud-security product that is mature and integrated with its network security.

SentinelOne’s strength is AI-driven “endpoint security,” proactively protecting employee devices no matter what network they are connected to. Check Point has its own endpoint solution, but SentinelOne’s is a more popular product.

Check Point grew revenue by 6% last year, a much slower pace than 20 years ago, but it also generates a lot of free cash flow, which has largely gone to share repurchases. Check Point has reduced its share count by 55% since 2005, becoming a classic “value” play. Now it could turn back to growth.

SentinelOne is a much younger company, growing smartly. Revenue rose by 32% last fiscal year, but, like C3.ai, it took a huge loss, with total expenses at 140% of revenue. Some 82% of its revenue went to sales and administrative costs, the kind of expenses that would be greatly reduced after a merger, also thanks to Check Point’s larger scale and existing sales force.

SentinelOne has a market capitalization of $6.8 billion, and the stock is down 12% over the past year, versus a gain of 12.5% for S&P 500.

The bet here is that a combined offering covering network, cloud, and endpoint security would allow Check Point to upsell its existing base of over 100,000 customers. Check Point had just $1.5 billion in cash and short-term investments at the end of March. The deal could be all-stock, or Check Point, which has no debt, could borrow to finance the purchase.

As with any deal, integration is expensive, so shareholders would need to be patient. It could be worth the wait.