>>> TradeGate Pre-Market Indications

DAX:
  • Siemens Energy (ENR TH) +1.3%
    • NOTE: DeepSeek Rattles Nvidia, But Siemens Whiplash Says More About AI
MDAX:
  • Aixtron (AIXA TH) +1.1%
SDAX:
  • Atoss Software SE (AOF TH) +6.3%
    • Atoss Software SE FY Ebit Beats Estimates
  • Medios (ILM1 TH) +1.3%
  • RENK Group AG (R3NK TH) +1.2%
  • Dermapharm (DMP TH) -2%

WSJ OpenAI’s Sam Altman and SoftBank’s Masayoshi Son Are AI’s New Power Couple

OpenAI’s Sam Altman and SoftBank’s Masayoshi Son Are AI’s New Power Couple
Japanese conglomerate is in talks to spend up to $43 billion to boost the ChatGPT developer

In his newly built palace near Tokyo, lined by stone statues of Roman emperors and surrounded by an 18-hole golf course, Masayoshi Son was stewing. After declaring for years the imminent arrival of the artificial-intelligence revolution, the chief executive officer of SoftBank Group 9984 1.41%increase; green up pointing triangle had missed out on it.

“I haven’t been able to do anything,” he thought, according to a speech he gave to SoftBank investors last year. “Can I just get old like this and die?”

As it turned out, all he needed was a new golden boy. And now Son, who has a history of latching onto charismatic startup founders, has found one in Sam Altman.

In what would be the largest-ever investment in a startup, Son is preparing to put as much as $43 billion toward Altman’s OpenAI in a pair of transactions. SoftBank is in talks to invest between $15 billion and $25 billion in the ChatGPT maker as part of a blockbuster $40 billion funding round, The Wall Street Journal reported Thursday. The round would value OpenAI at up to $300 billion—nearly double its valuation in October and an undeniable sign of Son’s confidence in its prospects.

In addition, the Japanese tech and investment conglomerate has committed $18 billion toward Stargate, a venture to build cloud computing centers for OpenAI to use, according to people familiar with the matter.

For Altman, who was traveling to Tokyo on Thursday, the tie-up provides him with a deep-pocketed backer at a critical moment. His company’s relationship with Microsoft, its biggest investor to date and longtime exclusive technology partner, has been fraying over OpenAI’s contention that it wasn’t getting enough cloud computing power. And the broader AI world has been thrown on its heels by the splashy arrival of DeepSeek, a Chinese developer of cheaply made and free-to-use AI models, which has sparked skepticism about OpenAI’s strategy of spending big on proprietary technology.

Son’s commitment to OpenAI and Stargate ensures that Altman’s company will have ample cloud computing firepower in the coming years just as it has ended the exclusivity portion of its Microsoft deal. And by leading a funding round that would be the biggest in Silicon Valley history, Son is enthusiastically endorsing Altman’s plan to keep spending gobs of cash on leading-edge AI systems.

“For all of us, the AI era represents a once-in-a-generation opportunity to help build a better, safer, healthier, and more prosperous future,” Son wrote in a widely distributed email message Thursday.

At an event hosted by his company in Washington, D.C., the same day, Altman praised DeepSeek’s technology as “great work” and framed its emergence in terms of U.S. competition with China.

“This is a reminder of the level of competition and the need for democratic AI to win,” he said.

Big gambler
Son’s plans for OpenAI eclipse his biggest-ever bets. The fortunes of the debt-friendly, risk-addicted CEO have been on a roller coaster since he emerged as a force in the 1990s. An early wager on Alibaba and Jack Ma was a highlight, while a failed $16 billion investment in WeWork and its co-founder Adam Neumann, was a black eye.

Son’s past few years have been turbulent. The $130 billion he spent through SoftBank’s Vision Fund unit—theoretically aimed at AI companies—resulted in middling overall returns. Meanwhile, SoftBank didn’t invest early in any of the generative AI companies that have defined the frenzy of the past two years.

Instead, it was the $32 billion purchase in 2016 of Arm Holdings, a chip-design company, that became SoftBank’s golden goose. The company surged in the halo of the AI rush after SoftBank relisted it on the Nasdaq in 2023. Arm’s stock has tripled since then, and SoftBank’s stake is worth more than $140 billion—an asset that gives Son plenty of wiggle room financially.

Borrowing against its Arm stake would be one way for SoftBank, which had around $30 billion of cash as of September and has vowed to keep a large buffer on hand, to fund OpenAI. It could also sell some assets such as its stakes in T-Mobile and Deutsche Telekom, worth a combined $27 billion, according to FactSet.

SoftBank has held early talks with potential lenders to help fund its investments in OpenAI and Stargate, people familiar with the discussions said.

A blossoming bromance
Altman, one of the most charismatic and accomplished fundraisers in contemporary Silicon Valley, has talked to Son about investments dating back to at least 2017, when he ran the startup incubator Y Combinator. Altman met with Son in Tokyo, after which the SoftBank chief proposed investing in some of Y Combinator’s businesses. The talks fell apart because Son wanted to invest at larger amounts than Y Combinator’s leaders felt their business could handle, according to people familiar with the matter.

More recently, the two have discussed various projects SoftBank and OpenAI could work on together, including a potential effort to build AI chips across the world.

Over the course of 2024, Son became a convert to Altman’s vision. The SoftBank CEO gave a speech in October in which he gushed about OpenAI’s newest technology and said he had recently asked ChatGPT how to turn 10 million yen into 100 million yen—though he didn’t share its answer with the crowd.

That month, SoftBank put $500 million into a $6.6 billion fundraising round for OpenAI, though Son had wanted a larger stake, people familiar with the matter said. The next month, SoftBank launched a $1.5 billion tender offer to purchase existing shares from OpenAI employees.

Meanwhile, the SoftBank chief had been looking for just how he could make a giant AI bet. Months ago, he settled on the data-center push, according to a person familiar with the deliberations, reasoning that SoftBank could bring large chunks of cash and connections with top tech companies.

After Donald Trump’s election victory in November, the plans for Stargate began to coalesce as a way to marry SoftBank and OpenAI’s needs. Altman brought in Oracle Chairman Larry Ellison, whose company was already helping launch a data center in Texas for OpenAI to use with Microsoft’s blessing.

At a January press conference with Trump at the White House, Stargate’s founders said they were committing $100 billion to the venture and aiming to spend up to $500 billion over the next four years.

OpenAI and SoftBank initially committed about $18 billion each to Stargate, with much of OpenAI’s money expected to come from the SoftBank-led round, according to people familiar with the matter. Oracle and the United Arab Emirates fund MGX are expected to contribute money as well. The value of the Texas data center will also be counted in the initial $100 billion.

They still have billions more they need to secure.

>>> What to look at today - 31st of December 2024

Asian equities retreated on Friday, as concerns over the impact DeepSeek will have on the artificial intelligence market pressured South Korean chipmakers. US futures climbed after robust results from Apple Inc. A gauge of the region’s shares halted a two-day gain, with SK Hynix Inc. and Samsung Electronics Co. falling in delayed reaction to the selling of AI stocks, as the nation’s markets reopened after Lunar New Year holidays. The former is a key supplier to Nvidia Corp., while Samsung’s pivotal chip division reported a smaller-than-expected profit. Markets in mainland China, Hong Kong and Taiwan remain closed.  The dollar rose against most of its Group-of-10 peers as President Donald Trump is poised to unleash his first wave of tariffs Saturday. Treasuries saw selling, while Japanese yen erased early gains ahead of Bank of Japan Governor Kazuo Ueda’s appearance in parliament. Earnings for mega-cap tech companies face heightened scrutiny after investors dumped AI-related stocks earlier this month. Nvidia shares rose Thursday but remained on track for their worst week since September. The Nasdaq 100 is also set to drop for the first week in three. Despite this week’s selloff in technology stocks, Asian equities are on pace for their first monthly advance in four as concerns over President Donald Trump’s use of tariffs eased after he held back from imposing levies on China.  US futures edged higher, partly reflecting robust results from Apple that lifted the iPhone-maker’s shares in after-market trading. Intel Corp. also rose post-market after reporting better-than-projected fourth-quarter revenue. Samsung “missed consensus, mainly from the semiconductor division,” said SK Kim, Daiwa Securities executive director and analyst, speaking on Bloomberg Television. “In semiconductors, Samsung has higher exposure to China and they are also supplying the AI chips to Chinese customers.” Treasuries fell after ending Thursday’s session little changed. The Fed’s favored inflation gauge, the personal consumption expenditures index, is due later Friday and is expected to show a small acceleration in price hikes. Elsewhere in Asia, Japanese government bond futures extended a drop ahead of Bank of Japan’s Governor Kazuo Ueda’s appearance in parliament later Friday. The yen reversed early gains after advancing Thursday in the wake of comments from BOJ Deputy Governor Ryozo Himino reaffirmed views that the authority will keep raising rates this year.   Stocks in Philippines were set to enter a bear market after its benchmark index slumped over 20% from a recent high amid concerns about economic growth. Gold was steady after touching a record high to trade around $2,795 per ounce Friday. It’s on track for the best month since March. Oil prices also gained, with West Texas Intermediate at around $73 per barrel. In the foreign exchange market, the currencies of Mexico and Canada slumped on Thursday after Trump said he would follow through on his threat to impose 25% tariffs on imports from both countries as early as Saturday. A gauge of the dollar was on track for its best week in the past seven, though still down for the month as investors parse tariff news.  US After Hours TEAM +18.9%, KLAC +4.3%, INTC +3.5%, AAPL +3.2% higher on earnings; DECK -15.8%, BZH -9.3%, OLN -8.2% lower on earnings

Nikkei +0.15% Hang Seng Closed CSI Closed Shanghai Closed Shenzen Closed

Eur$ 1.0391 CNH 7.30 CNY 7.2446 JPY 154.74 GBP 1.2426 CHF 0.9103 RUB 98.4203 TRY 35.8586 WTI$ 73.32 +0.81% Gold 2,795 BTC 104,610 -0.44% ETH 3,252 +0.21%

S&P +0.32% Nasdaq +0.67% EuroStoxx +0.02% FTSE +0.12% Dax +0.02% SMI +0.68%

Macro :
- Hedge fund Elliott warns Trump is inflating crypto bubble that ‘could wreak havoc’
- Trump’s 25% Tariff Vows Send Canada, Mexico FX Tumbling
- Automakers’ Shares Drop as Trump Reiterates 25% Tariff Pledge
- Blackstone’s Gray Calls Office Market Bottom: Financials Wrap
- DOT’s Duffy Says He’ll Visit FAA Command Center on Friday

Keep an eye on :
- ALL US : Nationwide to Buy Allstate Group Health Unit for $1.25b Cash
- AAPL US : Apple Rises as Forecast Offsets Mixed Results: Street Wrap
- AAPL US : Apple’s iPhone Sales Missed Estimates
- AOF GY : Atoss Software SE FY Ebit Beats Estimates
- ATRLJB SS : Atrium Ljungberg 4Q Rental Income Beats Estimates
- BEIJB SS : Beijer REF 4Q Operating Profit Misses Estimates
- BORR NO : Borr to Get About $125m Payment Settlement From Mexican Client
- BMAX SS : Byggmax 4Q Net Sales Beats Estimates
- ALCAR FP : Carmat Starts EU10 Million Global Offering
- CIPHR US : Cipher Mining Reports $50m PIPE From SoftBank; Shares Rise +24%
- EDF FP : EDF Raises French 2025, 2026 Nuclear Generation to 350-370TWh
- EPROB SS : Electrolux Professional 4Q Ebit Beats Estimates
- ELIS FP : Elis FY Ebitda Margin Forecast Misses Estimates, Elisa 4Q Comparable Ebitda Meets Estimates
- SFER IM : Ferragamo 4Q Revenue Beats Estimates
- HEXAB SS : Hexagon 4Q Net Sales Beats Estimates
- HPE US : US Sues to Stop HPE $14 Billion Deal to Buy Juniper Networks
- INTC US : Intel Gains With Results Better Than Feared: Street Wrap
- KER FP : Kering Sells Two Luxury Outlet Malls in Italy for €350m
- LAGRB SS : Lagercrantz 3Q Net Revenue Beats Estimates
- LHA GY : Singapore CCCS Grants Conditional Nod for SIA, Lufthansa JV
- LIFCOB SS : Lifco 4Q Net Sales Beats Estimates
- MBG GY : Mercedes Said to Explore Leasing Unit Sale Amid Broader Review
- MU US : Samsung Gets Nvidia’s Nod on Less Advanced Version of AI Memory
- NSKOG NO : Norske Skog Agrees on Settlement for Saugbrugs Rockslide
- NOVN SW : Novartis Sees '25 Net Sales Growth in Mid-to High-Single Digits (1)
- NOVOB DC : Novo Nordisk Shares Still Have a Long Road Back from 40% Slump
- NVDA US : US Probing If DeepSeek Got Nvidia Chips From Firms in Singapore
- PUIG SM : Puig 4Q Net Revenue EU1.36B
- SCYR SM : Spain’s Sacyr Board Will Propose Pedro Siguenza as CEO
- 005930 KS : Samsung’s Chip Division Underwhelms in Costly AI Memory Race (1)
- SAN FP : Sanofi’s Sarclisa Gets 2nd China Approval for Multiple Myeloma
- SCATC NO : Scatec 4Q Operating Profit Misses Estimates
- SIX2 GY : Sixt Holders Offer 600,487 Shares via Deutsche Bank: Terms
- SKFB SS : SKF 4Q Adjusted Operating Profit Beats Estimates
- 4502 JP : Takeda Shares Rise After FY Guidance Beats Estimate: Street Wrap
- UCG IM : Unpacking Italy’s M&A Wave Sweeping UniCredit to Monte Paschi
- UCG IM : UniCredit to Start ‘Golden Power’ Process Over BPM Bid: Sole
- WHR US : *WHIRLPOOL FALLS 16% IN BIGGEST DROP SINCE 2020 AFTER WEAK VIEW
- X US : Bluefin Capital Acquires 10.3% Stake in US Steel, Filings Show
- X US : US Steel Sees 1Q Adjusted Ebitda $100M to $150M, Est. $149.7M

>>> Europe : Brokers Upgrades & Downgrades - 31st of January 2025

>>> Up
* ALK-Abello Raised to Buy at Jefferies; PT 185 kroner
* BBVA Raised to Buy at HSBC; PT 13 euros
* IBM PT Raised to $290 from $260 at Argus
* Nokia Raised to Reduce at Inderes; PT 4.20 euros
* Pennon Raised to Hold at Deutsche Bank; PT 570 pence
* RVRC Holding Raised to Buy at SEB Equities; PT 60 kronor
* Sanofi Raised to Hold at Deutsche Bank
* Yara Raised to Hold at Norne Securities; PT 350 kroner

>>> Down
* Admiral Cut to Reduce at Peel Hunt; PT 2,300 pence
* Carrefour Cut to Hold at HSBC; PT 14 euros
* Dowlais Cut to Hold at Peel Hunt; PT 85 pence
* Epiroc Cut to Hold at SEB Equities; PT 230 kronor
* Kongsberg Cut to Hold at SEB Equities; PT 1,335 kroner
* Norconsult Norge Cut to Hold at SEB Equities; PT 46 kroner
* Nordea Bank Cut to Hold at SEB Equities; PT 12.63 euros
* Nordea Bank Cut to Accumulate at Inderes; PT 12.50 euros
* Sainsbury Cut to Hold at HSBC; PT 285 pence
* Tullow Cut to Hold at Panmure Liberum
* UPS Cut to Neutral at Baird; PT $130

>>> Initiation
* Azimut Rated New Neutral at Autonomous
* Bakkavor Rated New Outperform at RBC; PT 170 pence
* GE Vernova Rated New Equal-Weight at Oxcap; PT $362
* Greencore Group Rated New Outperform at RBC; PT 240 pence
* Spirax Rated New Overweight at Oxcap; PT 10,200 pence
* Volex Rated New Buy at Jefferies; PT 350 pence

>>> Call

FT : A new star emerges inside Blackstone


A new star emerges inside Blackstone
Blackstone, the world’s largest alternative manager, is flexing its muscles again after enduring a test when interest rates soared in 2022, causing many investors to sell their investments in its massive property fund, Breit.

It’s on the offensive again after raising $171bn and investing $134bn in 2024, not far off the New York-based group’s activity in 2021 when chief executive Stephen Schwarzman professed an “out of body experience” as cash sloshed around freely.

In its fourth-quarter results, Blackstone’s relatively nascent infrastructure business emerged as a driver of better than expected returns.

Its $43bn perpetual infrastructure fund soared about 20 per cent for the year, lifting its fee-related performance revenues by $1.2bn, or 728 per cent, from the same time in 2023.

At the helm of Blackstone’s infrastructure unit is a rising star inside the group who was name-checked by Schwarzman in front of shareholders on Thursday.

In 2017, Sean Klimczak was tasked with getting Blackstone on the map in infrastructure, an area where non-US groups such as Brookfield, Macquarie and EQT dominate. The efforts didn’t start off swimmingly — a Saudi Arabia-backed effort initially stalled.

Meanwhile, independent infrastructure investment outfits including Global Infrastructure Partners and Stonepeak, which had been spun out of Blackstone, had their assets soar.

But Blackstone’s now collected $55bn in infrastructure assets and believes it has positioned itself to be a major player. It has been bolstered by winning investments such as gas export pioneer Cheniere Energy Partners and data centre operator QTS.

Schwarzman said the toils of building businesses internally carry “significant economic benefits as compared to a strategy of bolt-on acquisitions”, an apparent reference to a wave of infrastructure-related deals such as BlackRock’s $12.5bn takeover of GIP last year.

FT : Stellantis gears up for Trump’s America

Stellantis gears up for Trump’s America
Just before Donald Trump’s inauguration, the scion of Italy’s billionaire Agnelli family John Elkann joined a swelling list of high-powered executives to visit the returning US president.

As ever with Trump, a deal was on the cards. Days later, the Dodge and Jeep maker Stellantis, which Elkann chairs, committed to invest $5bn across its US car factories.

The move is part of Elkann’s plan to turn around the struggling carmaker, after the company parted ways with charismatic but uncompromising chief executive Carlos Tavares last month.

Stellantis’s share price has cratered in the past year as it has struggled with a shortfall in demand for its cars. Tavares’s unrelenting style also damaged relations, not least with US dealers saddled with high-priced vehicles they were unable to shift.

Since Tavares’s departure, Elkann has jetted across Europe to improve relations with the leaders of Italy, France and the EU, cancelled lay-offs in the US and refreshed Stellantis’s management teams.

His visit to Trump may prove the most important step yet in his strategic reset.

Beyond the $5bn investment, Elkann is betting that he can use Trump’s EV scepticism and deregulation push to Stellantis’s advantage.

He told Trump he would back the new administration’s shift away from Joe Biden’s EV targets. The carmaker will launch a number of new models in 2025, across hybrid, electric and petrol formats.

While Elkann may have won Trump’s favour, there are challenges ahead. The company continues to supply the US from Canada and Mexico, who are both threatened with tariffs.

And whoever Elkann chooses as Stellantis’s next chief executive will face the same challenges as the rest of the car industry: increasing competition from China and a long-term slowdown in new car sales.

FT : Grab your popcorn, Masa Son is back

Grab your popcorn, Masa Son is back

SoftBank plots its OpenAI affair
Masayoshi Son has been laying low in recent years, rebuilding the strength of his tech conglomerate SoftBank. DD has missed his often adventurous financial forays.

Masa has been circling the AI craze with relative quiet, but finally he’s within grasp of securing a seat at the table of Silicon Valley’s great investment craze.

SoftBank is in talks to invest as much as $25bn in OpenAI, the darling at the heart of the AI frenzy. The deal would make the Japanese group OpenAI’s biggest financial backer.

The investment would be part of a bigger funding round of about $40bn at Sam Altman’s company, which would push the ChatGPT-maker’s valuation to $300bn, the FT reported late on Thursday.

Masa’s known for majorly leveraging up his investments (one banker in 2019 said there were “layers of leverage upon leverage”). This cuts two ways: when things turn sideways, they implode. But a good call can lead to massive payouts.

When it comes to AI, is Masa buying in at the end of the cycle?

SoftBank’s famous for a few spectacular blow-ups. WeWork’s valuation plummeted after it had to scrap its IPO plan (and then later, filed for bankruptcy). SoftBank’s ties and backing of Greensill Capital also ended in disaster.

So, for a few years, Masa has kept under the radar, licking his wounds while building up a strong conviction that AI would be the centrepiece of his next great set of investments.

And the spigot of massive tech investments has once again opened up, coaxing him to make a big dice roll.

SoftBank’s one of just four investors who have pledged a total of $100bn to fund Stargate, a major new data centre project unveiled last week. (Others backing the project touted by President Donald Trump include Oracle, Abu Dhabi state fund MGX and OpenAI.)

The ties between OpenAI and SoftBank are multiplying quickly. The new potential $25bn investment would cover the latter’s commitment to the US infrastructure project, according to several people familiar with the plans.

When it comes to bets on AI, Masa has had some good luck so far. His investment in Arm — of which SoftBank’s still the majority shareholder — has made him a fortune, with the stock trebling since going public.

This has given him a new stockpile of assets to leverage in every which way to seed his bets. Such firepower has historically become a fount of entertainment for Wall Street, or just good drama.

Please join DD in pulling up a seat with some popcorn and a stiff drink in hand, because our boy’s officially back.

FT : Luxury slowdown? Not at haute couture

Luxury slowdown? Not at haute couture
Alessandro Michele made his couture debut at Valentino and Schiaparelli revived the corset

Valentino creative director Alessandro Michele, the Italian designer who formerly ushered maximalism back into fashion and helped transform Gucci into a €10bn powerhouse between 2015 to 2022, was evidently born for haute couture. He made his debut on that stage on the penultimate night of couture week in Paris, in a show called “Vertigineux” — meaning “breathtaking”, “dizzy”.

The name was apt, inspired by the idea of using lists to form order in chaos and the Italian philosopher Umberto Eco’s essay on that subject. Models in taut, voluminous and excessively ruffled dresses and capes walked out against a black screen that flashed the look number and a running ticker tape of the words that informed each look: boarding school, uniform, plissé, Goethe, et cetera. Silhouettes ran the gamut of costume history, drawing on the 16th- and 18th-century court dresses of Queen Elizabeth and Marie Antoinette respectively, the harem trousers of the late Belle Époque, and the sharp-shouldered jackets and narrow skirts of 1940s Hollywood.

Theatrical, imaginative and ambitious in scale, the looks were also firmly rooted in the Valentino archives of the ’60s and ’70s. There were splashes of cardinal red, while black-and-white polka dots made an appearance on a cropped evening jacket and a ruffled ball dress. A diaphanous chiffon floral-print dress worn by Anjelica Huston in a 1972 shoot was reimagined as a robe à la française with a wide skirt draped over panniers. But the collection was more costume than clothes, and Michele’s exuberant, expansive, more-is-more interpretations lacked the beauty and elegance that have long comprised the essence of the house.

This and the week’s other couture collections were unveiled as luxury groups wrestle with a year-long spending slowdown, particularly acute among young consumers turned off by the recent hike in luxury prices.

But the sector-wide slowdown has not affected haute couture, says Sidney Toledano, former chief executive of LVMH Fashion Group, who spoke to the FT backstage at Dior in his capacity as a member of the executive committee of the Fédération de la Haute Couture et de la Mode. “What is suffering is accessible luxury, not the high end,” he said. “The high-end customers [still] have high [spending] power. They buy haute couture because they want quality, they want detail, they want creativity.”

Haute couture represents the pinnacle of high fashion, and while not a significant business in its own right, designers and executives say it is beneficial for strengthening ties with top-tier clients, or VICs; for recruiting talent across all levels of the organisation; and above all for boosting the image of the house. “Who has a big fragrance business?” said Toledano. “J’adore? No 5? Haute couture names. Because it’s the dream.”

There were more than a few Texan accents among the ranks of clients lining Schiaparelli’s white-carpeted catwalk at the Petit Palais. Designer Daniel Roseberry hails from Dallas, and he knows how to woo the long-standing couture clients of that region, with their oil millions. They looked fabulous trading air-kisses in the sinuous black and heavy gold of past couture collections (a combination Schiaparelli has, impressively, come to own).

Drawing on the myth of Icarus and the ultra-feminine forms of mid-century haute couture, Roseberry poured his models into flesh-coloured dresses with improbably small-waisted corsets, with padded hips and necklines swooping low enough to reveal the bras beneath. Founder Elsa Schiaparelli’s bestselling fragrance, Shocking, mimicked the curvaceous silhouette of American actress Mae West, so there was a strong archival link here.

“Whenever we’ve tried to do a bias-cut dress without a silhouette, it doesn’t feel like us,” Roseberry explained backstage. “So we took a silk georgette dress and put it on top of a shaped bustier.”

It was excellently and meticulously executed, drawing on early 19th-century embroidery techniques — liquid Japanese bugle beads, satin stitch — made modern by an almost minimalist restraint in decoration and purity of line. There was however something jarring about seeing models laced into corsets small enough to wrap their hands around later followed by the designer himself, dressed in a polo shirt and Carhartt jeans. “The things I felt were creatively correct three years ago are different today,” Roseberry offered. “I wanted people to be really focused on the work and the craft and what the ateliers can do.”

There was a keen sense of history in this and many of the season’s other collections. At Dior, designer Maria Grazia Chiuri turned to the brief two-year period, from 1958 to 1960, when a young Yves Saint Laurent succeeded Christian Dior as creative director, aged just 21, and introduced the light, simple, youthful Trapeze line. (His tenure there ended when he was called up for military service.) A second reference point was Lewis Carroll’s Alice’s Adventures in Wonderland — all of which made her look hard at the silhouettes in this collection, Chiuri said backstage before the show.

She recut the house Bar jacket, Mad Hatter-style, into a frock coat paired with a black mini skirt and ballet flats that laced above the knee; teamed ruffled bodices in broderie anglaise with pannier skirts cut away to reveal calves and thighs (black bows referenced Saint Lauren); and draped bronze and gold evening dresses over caged crinolines, built traditionally in horsehair coir and left uncovered but for fine ribbons of floral embroidery that brushed the ground. A neutral palette kept it cohesive. It was one of Chiuri’s stronger couture collections for Dior to date.

Armani Privé, the couture arm of Giorgio Armani, is neither historic nor exactly modern — aesthetically it sits in its own camp of diaphanous sheer silk trousers worn under tunics or soft unstructured jackets (for day) or beaded (for evening). What was nice here was the combination of lightness and freedom of movement, which was largely missing among all the waspish corsets and stiff crinolines found in other collections. And the embroidery was top notch. “It may not be to my taste,” a seatmate observed, “but you can see why the man became a couturier.”

The models were however strikingly thin. Blame Ozempic, or perhaps it’s a sign of a nascent reactionism within the fashion industry, a refusal to kowtow to cancel culture and unofficial watchdogs such as Instagram account Diet Prada. Plus-sized models were almost non-existent at couture week — a rare exception was Paloma Elsesser, who made an appearance at Ludovic de Saint Sernin’s guest collection for Jean Paul Gaultier.

Jean Paul Gaultier began taking on a new guest designer for each couture collection after Gaultier himself retired in 2020, and it has been a surprising success, bringing freshness and novelty to a house with a rich archive and helping to keep its fragrances on the bestseller lists. At 34, Ludovic de Saint Sernin is the youngest designer to step into the role, and he delivered a sensuous, mythical and gender-fluid collection that drew on mermaids, sailors and waterfowl for inspiration (the title was “Le Naufrage” or “Shipwreck”).

Viktor & Rolf is another house bankrolled by a lucrative fragrance business, and whose designers, Viktor Horsting and Rolf Snoeren, don’t take couture too seriously. In fact they often approach it with humour, flipping dresses upside down or adorning them with emojis, and this season they showed the same quintessential French look — a trenchcoat, a white blouse, blue trousers — 24 ways: shrinking or widening or elongating sleeves and shoulders and trains to dramatically change the silhouette. The results were neither beautiful nor wearable, but then they are not destined for the backs of the uber rich — the main clients for their pieces are museums.

Chanel is between designers, announcing in December that Bottega Veneta’s Matthieu Blazy will soon be stepping in the role made vacant by Virginie Viard, who left the house last year. The studio should be proud of the collection they produced here, which was light and simple and unmistakably Chanel with its tweed skirt suits and long pastel dresses, stripped of the cumbersome cuts and cluttery gold jewellery and belts of the past few years. These clothes weren’t exciting or challenging, but they were timeless — pieces a Chanel client could invest in and wear forever.

Also making his debut this week, but in ready-to-wear, was Lanvin’s Peter Copping, formerly the creative director of Oscar de la Renta and Nina Ricci, who for three years quietly directed Balenciaga’s couture collections under creative director Demna. For two years Lanvin has been without a designer and its future looked bleak.

But under Copping, Lanvin is now in safe hands. For his debut he proposed a full wardrobe, comfortable and luxurious, drawing on the Lanvin archives and founder Jeanne Lanvin’s own wardrobe. There were generously cut flannel and tweed coats for men and women, knit dresses with sculptural shoulders and sleeves, and perfect cocktail dresses — a category that has not been well-catered for in recent years — of gold lamé and thin grey grosgrain ribbon stitched together. It all looked comfortable enough to sleep in. Though categorised as ready-to-wear, the collection was more like demi-couture.

Some models carried bags: totes in chocolate and burgundy calf-hair, and leather bucket bags punctuated with metal eyelets, which Copping said are an important part of the strategy to restore Lanvin’s fortunes. He added that he was happy to have a network of 30 stores to build a direct business through; at Nina Ricci he had two.

Copping acknowledged he is starting at the house during a challenging time for luxury. “But I am quite happy to start this during a slowdown. Because for me there’s only one way, and hopefully that’s going to be up.”

FT : Intel sales slide as chipmaker pursues turnaround strategy

Intel sales slide as chipmaker pursues turnaround strategy
Silicon Valley group’s shares tick up even as its revenue outlook misses forecasts

Intel reported a decline in sales and a net loss in the fourth quarter as the US chipmaker attempts a turnaround after turmoil that led to the ouster of chief executive Pat Gelsinger last year.

The Silicon Valley group said its revenues fell 7 per cent year on year in the fourth quarter to $14.3bn. It also posted a net loss of about $126mn, compared with a $2.7bn profit in the same period the previous year. Analysts had forecast a fourth-quarter loss of $838mn on sales of $13.8bn.

“The cost-reduction plan we announced last year to improve the trajectory of the company is having an impact,” said David Zinsner, interim co-CEO and chief financial officer. “We are fostering a culture of efficiency across the business while driving towards greater returns on our invested capital and improved profitability.”

Intel is still searching for a replacement chief executive to try to revive its fortunes. Gelsinger was forced out in December after four years as CEO amid mounting pressure from investors who lost faith in his vision for turning around the business by reinventing it as a client-facing chip manufacturing business. The company reported a $16.6bn loss in the third quarter of 2024, the largest quarterly loss in its history.

Intel’s forecasts for sales and profits in the first quarter of 2025 fell short of Wall Street projections. The group said current quarter revenues will be between $11.7bn and $12.7bn, missing average analysts’ estimates of $12.9bn.

Intel’s shares rose about 2 per cent in after-hours trading in New York.