TechCrunch : The Pentagon now has its own version of ChatGPT and Grok Kirsten Ko

The Pentagon now has its own version of ChatGPT and Grok

The Pentagon has launched versions of OpenAI’s ChatGPT and xAI’s Grok, giving 3 million civilian and military personnel access to generative AI tools that have been tailored to “warfighter needs.”

ChatGPT Mil and Grok for Government — custom versions of the popular consumer generative AI tools — are now part of GenAI.mil, a centralized, secure portal launched last year.

GenAI.mil, which offered Google Gemini when it first launched, is designed to give Department of Defense employees access to commercial frontier AI models without sending sensitive government data through ordinary consumer channels. In particular, the official military version is exempt from the data collection that is difficult to avoid in consumer tech products.

And according to the Department of Defense, the generative AI portal has proven popular. GenAI.mil has already onboarded more than 1.7 million unique users out of the department’s 3 million personnel, according to the department.

These latest additions are part of the Pentagon’s broader effort to use AI tools to accelerate work and give the Department of Defense an edge without sacrificing security. They also highlight the absence of Anthropic’s Claude model and the Pentagon’s effort to work with other companies following its dispute with the frontier lab. Anthropic was labeled a supply-chain risk by the Trump administration — a designation that it is currently fighting in court — after it refused to give the Pentagon unrestricted use of its AI tools and instead insisted on certain safety guardrails.

ChatGPT Mil, which came out of the company’s OpenAI for Government program, will offer an experience familiar to commercial ChatGPT users. The tool will focus on chat, files, projects, and custom GPTs, according to the Defense Department. The tool will also support document-heavy, routine unclassified work such as administrative tasks, logistics, planning, and policy. Other features will be added over time.

The Pentagon positioned Grok’s capabilities and potential uses in much broader and more militaristic terms.

“Starshield AI’s Grok for Government will provide the warfighter with immediate productivity gains, stronger knowledge continuity and more secure and efficient collaboration,” according to the Defense Department’s press release. (SpaceX’s Starshield AI is a secure satellite network that uses the company’s existing Starlink tech.)

The department added that Grok would allow its military “to execute missions faster and with greater precision across numerous operational contexts, ranging from market research analysis for acquisition professionals to supply-chain management for logisticians.”

The Pentagon has struck deals with a number of other tech companies in a bid to boost its AI capabilities, including Amazon Web Services, Microsoft, Nvidia, and Reflection AI.

WSJ :Former Gang Leader Convicted of Tupac Shakur’s Murder After 30 Years A Neva

Former Gang Leader Convicted of Tupac Shakur’s Murder After 30 Years
A Nevada jury finds Duane ‘Keffe D’ Davis orchestrated the 1996 drive-by shooting of the legendary rapper

  • A Nevada jury convicted former Crips gang leader Duane “Keffe D” Davis of murder for orchestrating the 1996 drive-by killing of Tupac Shakur.
  • Prosecutors said Davis planned the shooting as revenge after Shakur and other rival gang members allegedly beat Davis’s nephew.
  • The defense argued that Davis’s past self-implicating statements and memoir were self-aggrandizing fiction designed to make money.

A former Crips gang leader was convicted of murder on Monday for orchestrating the drive-by killing ‌of hip-hop legend Tupac Shakur in Las Vegas three decades ago.

A Nevada jury found Duane “Keffe D” Davis, 63 years old, procured a gun and ordered a fellow South Side Crips gang member to shoot Shakur and former rap mogul Marion “Suge” Knight in an “act of revenge.” The jury reached a verdict after roughly three hours, solving a mystery that has surrounded the rapper’s death.

Davis had pleaded not guilty to a charge of first-degree murder with a deadly weapon. He didn’t appear to react when the jury forewoman announced the verdict.

Prosecutors said Davis orchestrated Shakur’s killing after the rapper and other members of a rival gang allegedly beat Davis’s nephew. Davis allegedly obtained a handgun and gathered fellow gang members into a Cadillac from which Shakur and Knight were shot on their way to a nightclub. Shakur’s death at 25 stunned the hip-hop community.

In Davis’s self-published memoir from 2019, he wrote, “I’m one of the only living eyewitnesses to Tupac’s killing.”

After his conviction on Monday, Davis interrupted the proceedings. “Excuse me, I’d like to have my stuff back,” he said. “And I would like to appeal this matter.”

Clark County Judge Carli Kierny said he could appeal the verdict after his sentencing. He is being held without bail.

Prosecutors told jurors that Davis was a major Compton, Calif., narcotics dealer and a leader of the South Side Crips who repeatedly admitted to his role in the fatal shooting. They said over the past 18 years, Davis implicated himself on four separate occasions through interviews with federal and local investigators, appearances in television and YouTube documentaries, and his memoir.

Defense attorney Michael Sanft argued Davis’s book was a self-aggrandizing fiction designed to profit from Tupac’s historical slaying and insisted there was little evidence to corroborate his client’s written claims.

“The book is fiction, not fact, but the state wants you to believe this is somehow a confession,” Sanft said. “He wanted to make money.”

In several interviews and the book, Davis detailed passing the firearm used in Shakur’s killing to fellow gang members in the back seat. Clark County Chief Deputy District Attorney Binu Palal questioned why Davis would implicate himself in a murder if the account was a fabrication.

“Why would he create a story that makes him legally liable for murder when he could just make himself a witness?” Palal said in court.

Bloods and Crips gang members were in Las Vegas for the heavyweight championship bout between Mike Tyson and Bruce Seldon at the MGM Grand on Sept. 7, 1996. The Bloods were allied with Knight’s Death Row Records and the South Side Crips provided security for artists such as the Notorious B.I.G., who was signed to Sean “Diddy” Combs’s rival label Bad Boy Records.

Davis, according to testimony, obtained a .40-caliber handgun and gathered fellow South Side Crips members Orlando “Baby Lane” Anderson, Deandrae “Big Dre” Smith and Terrence “Bubble Up” Brown into a rented white Cadillac to pursue Knight and Shakur, who were en route to Club 662, a Vegas nightclub owned by Knight.

Prosecutors argued the Cadillac pulled up alongside a BMW carrying Knight and Shakur at a red light at the intersection of East Flamingo Road and Koval Lane. Davis handed the weapon to the back seat, where either Smith or Anderson fired off at least seven rounds, the court heard. Davis is the only occupant of the Cadillac still alive today.

Shakur died six days later from multiple gunshot wounds.

WSJ : Anthropic Signs $35 Billion Cloud Deal Backed by Nvidia Nvidia will supply

Anthropic Signs $35 Billion Cloud Deal Backed by Nvidia
Nvidia will supply chips to Texas data center and hold the lease, another example of the company using its financial might to boost a customer

  • Anthropic signed a $35 billion cloud-computing deal with Nvidia-backed Lambda, with Nvidia holding the lease on the Texas data center.
  • Hut 8 is developing the Texas data center, and Nvidia signed an agreement with Hut 8 to secure the capacity.
  • Anthropic also signed a $45 billion deal with Nvidia-backed Nscale to rent capacity from a West Virginia site.

Anthropic has signed a cloud-computing deal worth $35 billion with Nvidia NVDA 1.48%increase; up pointing triangle-backed cloud provider Lambda, with Nvidia itself holding the lease on the data center, according to people familiar with the deal.

The data center is being developed by Hut 8, a bitcoin miner and data-center developer, in Nueces County, Texas. Nvidia signed an agreement with Hut 8 a few weeks ago to secure the capacity, the people said.

The convoluted arrangement is another example of Nvidia’s growing role in helping non-investment-grade firms such as Anthropic get access to its expensive computing resources. The deal also helped a nascent cloud provider, Lambda, secure a lucrative contract with Anthropic without needing to procure the data-center space on its own.

Lambda will use the data center Hut 8 is developing to plug in chips bought from Nvidia, which is also its investor. It is not clear how much Lambda will pay Nvidia to access the data-center space.

Anthropic has been racing to sign cloud-capacity deals after hitting a supply crunch earlier this year that coincided with its products gaining traction. The AI developer signed a $45 billion deal earlier this month with another Nvidia-backed neocloud, Nscale, to rent Nvidia capacity from its West Virginia site, according to people familiar with the deal.

Bloomberg previously reported on Nscale’s deal with Anthropic.

The Texas deal is notable in part because Hut 8 is separately developing data centers for Anthropic that will house Google’s tensor processing units, which compete with Nvidia’s chips. Google has provided financial guarantees to support those projects to help Hut 8 raise debt.

In July, Hut 8 disclosed that a “high-investment-grade company” signed 15-year leases for its entire 700-megawatt Texas campus, but didn’t name the tenant. Hut 8 did say that the $20 billion facility would be designed to support Nvidia chips.

In July, Nvidia announced an initiative to offer credit support to so-called neoclouds such as Lambda in exchange for a cut of their cloud revenue. But the firm recently paused some deals in that program, the Journal reported. It couldn’t be learned whether Lambda is required to provide Nvidia with a share of the revenue it generates at the Texas site.

WSJ : SEC Presses Investment Firms to Prove They Have Access to Shares in Hot St

SEC Presses Investment Firms to Prove They Have Access to Shares in Hot Startups
The Wall Street Journal reported recently on a fund that touted exposure to SpaceX but later told investors the shares were sold before its IPO

  • The SEC has increased examinations of firms behind special purpose vehicles that claim to offer exposure to private company investments.
  • SEC examiners are asking registered investment advisers for proof that their SPVs own or have exposure to the claimed private company shares.
  • The regulatory scrutiny follows rising investor complaints and a marketing blitz ahead of SpaceX’s and Anthropic’s planned IPOs.

The Securities and Exchange Commission has stepped up its examinations of firms behind so-called special purpose vehicles that purport to offer exposure to private company investments.

SEC examiners have been asking registered investment advisers for proof that their SPVs own or have exposure to the shares in private companies that they claim to, according to people familiar with the matter.

Regulators decided to take a closer look following increased investor complaints and a marketing blitz by such funds ahead of SpaceX’s SPCX 1.55%increase; up pointing triangle blockbuster initial public offering and Anthropic’s planned IPO, some of the people said.

The details
The SEC’s examinations so far have typically involved document requests and some include an in-person component, one of the people said. They can take anywhere from several weeks to a year.

SPVs hold shares in private companies either directly or indirectly, by investing themselves or in other funds with stakes. They proliferated in recent years as companies stayed private for longer and individual investors wanted to profit from their ballooning valuations.

SPVs operate under few regulations, and the SEC has the authority to check the funds that are held by registered investment advisers. Some SPVs are offered by firms that are technically outside of the SEC’s purview, though if there is an issue of fraud, the SEC has authority to investigate and take action.

The context
Cracks in the SPV universe are already appearing. The Wall Street Journal recently reported on an SPV fund that touted pre-IPO exposure to SpaceX but later told investors the shares were sold before trading in the rocket company began, limiting investors’ expected gains.

Another investment firm that sold stakes in pre-IPO companies filed for bankruptcy protection last year, citing investigations into its business and questions about what its customers even owned.

Some large private companies are also worried about possible bad actors in the SPV world. Anthropic in May updated a notice on its website saying it wouldn’t recognize sales of company stock that haven’t been approved by its board and called out several online platforms that resell interests both directly and indirectly through SPVs.

WSJ : Washington’s Deadly New Headache: an al Qaeda-Houthi Terrorist Alliance On

Washington’s Deadly New Headache: an al Qaeda-Houthi Terrorist Alliance
One man helped broker an arms trade between two militant groups that threatens another key oil-shipping route in the Middle East

On a balmy evening, Jibril “One-Armed” Yahya Ali and his new bride set out for a honeymoon drive along the beach outside al-Ghaydah, Yemen.

Jibril, a Somali, and his Yemeni wife had met through a mutual acquaintance, an arms dealer who helped Jibril buy military-grade weapons from Yemen’s Houthi rebels. Jibril would then smuggle the arms to al-Shabaab, an Islamist insurgent group fighting to overthrow the government in Somalia.

The budding alliance benefited both sides. Al-Shabaab, the world’s richest al Qaeda wing, had cash but needed weapons and training. The Houthis had sophisticated arms and tech know-how, but coveted money and a new perch for attacks against the West.

The exchange also made Jibril a target.

On Feb. 12, four months after Jibril married Budoor Murshid, the couple took the Toyota Corolla on their sunset drive. Budoor’s phone rang. They parked, and Budoor stepped outside to take the call.

Moments later, a U.S. missile slammed through the car roof. Rather than explode, it sliced up the Corolla like a weaponized can opener.

Jibril died instantly. A friend spirited Budoor away.

The airstrike was an opening shot in the American effort to disrupt the unlikely alliance between two implacable U.S. foes: al-Shabaab militants who have been fighting in Somalia for two decades, and the Houthi rebels, longtime beneficiaries of weapons and training from Iran’s Islamic Revolutionary Guard Corps.

For the U.S., Jibril’s death came too late to stop the chain of events he helped set in motion.

The Houthis and al-Shabaab had been sectarian adversaries until Jibril and others brokered a partnership that now threatens to further destabilize the Middle East and energy markets worldwide. Their home countries, Yemen and Somalia, sit on opposite shores of the Gulf of Aden, through which 12% of the world’s seaborne oil passed before the Iran war.

With the Strait of Hormuz all but closed by Iranian forces, the gulf could serve as an escape route for Middle East oil. Except the Houthis have come to the aid of their allies in Tehran, attacking Saudi-linked oil tankers with missiles and drones in the Red Sea.

Since at least 2023, Jibril had served as a liaison between the two militant groups, united in their hatred of America and Israel, according to U.S., Somali and Yemeni officials.

Jibril was killed two weeks before the U.S. began the war with Iran. He never saw his legacy—how two U.S.-designated terrorist groups, locked in a marriage of convenience, inherited a strategic maritime pinch-point that empowers them to threaten the global oil trade in a time of crisis.

“You have al-Shabaab, al Qaeda’s largest and most lucrative affiliate, gaining access to more sophisticated weapons and training,” U.S. Gen. Dagvin Anderson, commander of American forces in Africa, told The Wall Street Journal.

“On the other side, the Houthis are extending their geographic reach, gaining a foothold that could further destabilize one of the world’s most critical economic chokepoints,” he said. “This isn’t just a regional problem. It has global implications.”

Two American sources familiar with the operation confirmed it was a U.S. airstrike that killed Jibril. U.S. Central Command, in charge of American forces in the Middle East, said it wasn’t a military operation. A Central Intelligence Agency spokesperson declined to say whether the spy service was behind the killing.

Yemen’s ambassador to the U.S. declined an interview request. Houthi officials didn’t respond to written questions about the group’s relationship with al-Shabaab. Budoor couldn’t be reached for comment.

Enemy of my enemy
The Houthis, predominantly Shia Muslims, and al-Shabaab, which adheres to Sunni Islam, are among the hundreds of millions divided by a seventh-century schism over who was the rightful successor to the Prophet Muhammad. The sectarian split still flares into violence in spots from Afghanistan to Iraq to Syria.

Common enemies, however, now unite the Houthis and al-Shabaab. “They hate the West, they hate Israel,” said Abdulaahi Mohamed Ali, a former Somali intelligence chief.

Yemen’s Counter-Terrorism Service described Jibril as “one of the key figures in strengthening ties between the Houthis and al-Shabaab through the exchange of expertise and coordination, particularly in facilitating the transfer of weapons and military equipment,” according to an internal assessment reviewed by the Journal.


Jibril moved clandestinely between Somalia and Yemen, operating as al-Shabaab’s liaison with Houthi command, according to Matt Bryden, a former United Nations official who monitored arms flows to Somalia. Bryden outlined Jibril’s life and death in a closed-door intelligence briefing in June attended by U.S. special-operations personnel and East African government officials.

Jibril, 38 years old when he died, had studied veterinary medicine in Yemen and ran a charity in Mogadishu, Somalia’s capital. He owned a foreign-exchange outlet and an import-export firm. He bore scars from gunshot wounds. His injuries earned him the nickname Gacaamey—roughly translated as one-armed—despite his having both limbs.

The Houthis provided Jibril with a furnished apartment in San’a, the rebel-controlled Yemeni capital, according to the briefing, and he attended official functions. The rebels issued him a phony but convincing Yemeni passport under an assumed name, according to a document viewed by the Journal.

In 2024, al-Shabaab dispatched a more senior envoy, Sheikh Ahmed Elmi Samatar, to work alongside Jibril. Samatar presented the Houthis with a lengthy weapons wish list, viewed by the Journal, which included shoulder-fired antiaircraft missiles, 107 mm Katyusha rockets, Dragunov sniper rifles, explosive attack drones, antitank missiles and U.S. night-vision gear.

A U.S. military intelligence official confirmed that al-Shabaab sought advanced weaponry from the Houthis, in addition to rifles, machine guns and ammunition.

Yemeni government officials arrested Samatar in January 2025 and later released him in a prisoner exchange with the Houthis, according to the briefing. Samatar returned to Somalia, leaving Jibril to press al-Shabaab’s interests in Yemen.

Jibril continued to broker arms shipments, and al-Shabaab dispatched two weapons experts to Yemen to assist him. After Jibril’s killing, al-Shabaab picked a replacement in Yemen to continue the work, Bryden said. Jibril’s wife is on the run, he said.

Front companies in Yemen disguise the shipments as civilian products and move them to Mukalla and other ports, the Yemeni intelligence report said. The weapons cross the Gulf of Aden in speedboats or fishing vessels and are transferred ashore on poorly monitored sections of coastline in northern Somalia, according to the U.S. military-intelligence official. They are transported to al-Shabaab combat units in southern Somalia, where the insurgents’ activities are concentrated.

In April 2025, the U.S. destroyed two unflagged boats entering Somali waters from Yemen, carrying what U.S. Africa Command described as advanced conventional weapons. It isn’t clear what items on the lengthy al-Shabaab wish list have reached the militants in Somalia. But the idea that al-Shabaab might acquire attack drones or other arms capable of striking U.S. and Somali bases from the air makes both militaries nervous.

“I don’t know what their plans are, but there’s definitely something cooking,” said Brig. Gen. Ahmed Abdullahi Sheikh, a former commander of Somali special forces.

Complicating security concerns was Israel’s decision in December to recognize the independence of Somaliland, a region within the northwest of Somalia’s acknowledged borders that declared itself a separate country in 1991.

Somaliland could provide Israel access to Berbera, a Red Sea port city with a runway so long that NASA once rented it as an emergency landing strip for the space shuttle. Berbera could give the Israelis another position where they could monitor and attack their Houthi enemies.

Michael Milshtein, a former senior Israeli intelligence officer, said the Houthis were front of mind when Israel recognized Somaliland as an independent nation. “Military deployment in Somaliland gives you a very strong position to confront the Houthis,” he said.

The Israeli government didn’t respond to requests for comment.

In a televised speech this month, Houthi leader Abdul Malik al-Houthi said the group was closely monitoring Israeli actions in Somaliland, which he alleged were aimed at controlling the Gulf of Aden, the Bab al-Mandeb strait and the Red Sea.

“We will move at any time to target any activity or presence of the Israeli enemy in Somaliland,” al-Houthi said.

Traffic stop
In June, a four-person Houthi delegation set sail from Yemen, crossed the Gulf of Aden and came ashore in southern Somalia. The men trekked through the bush to meet with their counterparts in Jilib, the de facto capital of al-Shabaab-held territory, according to a regional intelligence source.

The Houthis sought to coordinate the disruption of Israeli activities in Berbera, fearing the port would serve as Israel’s permanent platform for surveillance and attacks on Yemen, according to the briefing and the intelligence source. The Houthis promised al-Shabaab leaders more advanced weapons and training, according to a report, viewed by the Journal, from one of the regional intelligence source’s agents.

Al-Shabaab fighters regularly travel to Yemen for Houthi training to build more lethal roadside bombs as well as operate advanced weaponry. At least 100 al-Shabaab fighters have made the trip, the U.S. military-intelligence official said. The U.N. reported last year that al-Shabaab sends classes of about 30 militants to learn marksmanship, antiaircraft operations and techniques for making more lethal booby-trap bombs.

In 2024, the first batch of trainees completed a pre-travel course that included religious education and advice on how to endure limited family communications while overseas, according to information gathered by the regional intelligence source. There was a goodbye ceremony and motivational speeches for the departing militants.

In his June briefing, Bryden said a group of al-Shabaab fighters spent three months this year in Sa’dah, Yemen, studying drone assembly and systems that allow operators to see the view from drone cameras as if they were in a cockpit. Houthi trainers also travel to Somalia to coach al-Shabaab on drone operations, the U.S. military official said.

Al-Shabaab, which pays in cash, can well afford the Houthi goods and services.

The militant group brings in at least $100 million a year extorting money from Somali businesses and passersby at roadside checkpoints and the port of Mogadishu, according to a U.S. intelligence assessment. Al-Shabaab also exploits artisanal gold mines along the northern Cal Madow Mountains, according to Abdullahi, the former Somali commander.

The U.S. military has conducted some 40 airstrikes against al-Shabaab targets in Somalia this year, compared with 41 for all of 2025, according to U.S. Africa Command.

For the Houthis, gaining a southern perch in Somalia overlooking commercial traffic through the Gulf of Aden is as important as cash from al-Shabaab.

“Traditionally, the relations between Houthis and al-Shabaab were purely transactional,” Awes Yusuf Ahmed, Somalia’s national security adviser, said in an interview. “That doesn’t mean there aren’t some new factors added after the Iran-U.S.A. war which can be of strategic importance.”

Among the Houthis’ aspirations, according to the briefing, is securing al-Shabaab’s help deploying radar to monitor ships in the waters they share.

WSJ : How Amazon’s ‘Secret’ Ad Pricing System Worked, According to the FTC A fed

How Amazon’s ‘Secret’ Ad Pricing System Worked, According to the FTC
A federal lawsuit alleges the e-commerce giant raised the price floor in some auctions after bids had been entered, costing advertisers billions

The Federal Trade Commission sued Amazon AMZN -2.50%decrease; down pointing triangle.com on Monday, alleging the e-commerce giant deceived advertisers by secretly raising the minimum price they had to pay to place ads promoting their products.

In a complaint, the agency said advertisers lost over $20 billion as a result of the practice, which began in 2018, and consumers paid higher prices as a result. Amazon said the lawsuit is “misguided” and that the FTC’s claim “fundamentally misunderstands how advertisers operate.” Amazon said it looks forward to making its case in court.

Here’s how the FTC says it worked.

The auction
The allegations center on an auction system Amazon uses to determine prices for ads known as Sponsored Products, Sponsored Brands and Sponsored Display. These are the ads consumers see when they are searching for products on Amazon.com and its mobile app.

The method of auction is meant to give bidders confidence by ensuring the winning bidder pays only nominally more than the second-place bidder. For example, if the highest bid for a piece of ad inventory is $15 and the second-highest bid is $12, the winning bidder would be charged $12.01. This method is commonly employed by tech companies for advertising auctions.

The ‘secret’ reserve price
In 2018, Amazon began changing some ad auctions in a way it believed some advertisers wouldn’t notice, the FTC’s complaint said.

In the changed auctions, Amazon introduced what it referred to internally as a “soft reserve” pricing system, according to the complaint. Instead of having the winner pay just above the second-highest bidder, Amazon started charging advertisers higher prices set after an auction was completed. According to the complaint, some Amazon employees referred to the soft-reserve prices as “post-hoc pricing adjustments,” and acknowledged that “[a]dvertisers may not be expecting” them.

Amazon said the changes were designed to maintain the value of premium ad inventory after changes that made ads more relevant caused prices to drop. The company said roughly 92% of placed ads aren’t given to the highest bid and that the practice doesn’t harm advertisers.

The impact
Amazon operates the third-largest digital-ad platform in the world behind Alphabet’s Google and Meta Platforms. The company didn’t apply the new bidding structure to all advertising auctions, the FTC’s complaint said. In recent years, Amazon has intervened in auctions in this way 70% to 80% of the time, implementing a higher surcharge on auctions during the Christmas holiday season and other peak shopping events, the complaint said.

FTC Chairman Andrew Ferguson said on X that the higher ad prices generated by the soft-reserve prices drove retail price increases that “hit essential goods, like food and grocery items ordinary Americans rely on.” Amazon said its ad practices had no harm on consumers.

“It’s about raising rivals’ costs and adding Amazon’s bottom line,” said Shaoul Sussman, former associate director for litigation in the Bureau of Competition at the FTC.

FT : Elliott builds stake in French industrial gas group Air Liquide Activist US

Elliott builds stake in French industrial gas group Air Liquide
Activist US hedge fund has targeted several European corporate giants in recent years

Elliott Management has built a stake in French industrial gas group Air Liquide, setting the stage for the activist hedge fund’s latest campaign targeting a European corporate giant. 

New York-based Elliott had engaged with Air Liquide in recent weeks after building a position in the company, according to people familiar with the matter. The exact size of the stake and Elliott’s demands could not immediately be established. 

Air Liquide, which has a market capitalisation of €108bn, making it France’s eighth-biggest company, would be Elliott’s most high-profile target on the Euronext stock exchange. In 2018, the hedge fund pushed for changes at drinks maker Pernod Ricard after building a 2.5 per cent stake.

Elliott, which has $80.3bn of assets under management, has been prolific across Europe in recent years, making investments in London-listed BP and London Stock Exchange Group as well as German energy company RWE.

Air Liquide is among the largest suppliers of gases including oxygen, hydrogen and nitrogen for use in heavy industry. Elliott has longstanding experience in the industrials sector, having recently influenced Honeywell’s three-way break-up.

Shares in Air Liquide are up just 5 per cent since the start of the year. Its margins have for a long time lagged its US-listed rival Linde, another major supplier of industrial gases, which has a market capitalisation of $226bn.

Air Liquide’s margin performance started to fall behind its rival eight years ago when Germany-based Linde struck a deal to merge with US-based Praxair, using the merger as a springboard to overhaul and optimise operations.

By the end of last year, Air Liquide’s margins stood at 21 per cent, compared with 30 per cent for Linde. Analysts project that the margin gap between the two rivals will remain consistent through till 2030.

Air Liquide has never launched a large-scale share repurchase programme, returning just €14bn to investors over the past decade via dividends and buybacks. Over the same period, Linde has returned €45bn to investors.

Air Liquide also has an electronics division, which is the world’s biggest provider of natural gases used to manufacture AI chips, generating 10 per cent of the group’s revenues.

Analysts have pushed for more information and targets for how this business unit could benefit from the flood of cash from the AI boom ahead of Air Liquide’s capital markets day in October, with Bank of America projecting this segment could grow between 15 and 20 per cent a year.

Air Liquide and Elliott did not immediately respond to requests for comment.

FT : Shein shares slide 10% in Hong Kong trading debut Fast-fashion retailer com

Shein shares slide 10% in Hong Kong trading debut
Fast-fashion retailer completes long-delayed IPO at bargain-basement valuation

Shein shares fell sharply below their offer price on Tuesday as the fast-fashion retailer made its long-awaited trading debut in Hong Kong.

The company had priced shares at HK$48.56 ($6.19) in the middle of its range, raising HK$13.6bn ($1.7bn) and valuing Shein at just over $26bn.

However, the stock fell as much as 10 per cent in the first minutes of trading to about HK$43.72 ($5.58), pushing the online retailer’s valuation below $25bn, before regaining some ground.

“What the consumer sectors offer just doesn’t seem to be particularly compelling compared to technology at the moment,” said William Bratton, head of cash equity research for Asia-Pacific at BNP Paribas.

The lacklustre debut comes in stark contrast to other recent IPOs in Asia, with memory-chip maker CXMT and humanoid robot maker Unitree both soaring about 460 per cent on their trading debuts.

Covid pandemic lockdowns and social media hype from “Shein hauls” drew young consumers to its affordable fashion and earned the company a valuation of about $100bn following a 2022 private fundraising round.

However, investor enthusiasm began to ebb later that year and the next fundraising valued Shein at $66bn. The company is also battling trade investigations in the EU and US.

Shein’s previous attempts to list in New York and London were derailed by opposition from politicians and regulators amid scrutiny of its Chinese supply chain. In July Chinese regulators approved the company’s application to list in Hong Kong.

The company is now one of the world’s biggest listed fashion groups with a valuation roughly equal to Swedish retailer H&M, although both are worth far less than Zara owner Inditex at about $213bn.

If the share price decline persists throughout Shein’s first day of trading, Goldman Sachs — the “stabilisation manager” for the initial public offering — is likely to step in and buy its stock on the open market.

Shein’s net profit fell to $2bn last year after peaking at $3.4bn in 2024, while net profit margins narrowed sharply to 4.9 per cent from 8.7 per cent over the same period.

The company reported a net loss of $99mn in the first quarter as it flagged the risks of US and EU trade tensions to its business. In May 2025, Washington scrapped a tariff exemption for small packages that Shein had used to ship clothing directly to customers in the US.