>>> Late December Tech Breakthroughs Summary

TECH
-MIT scientists have developed a groundbreaking method to manipulate magnetic states in antiferromagnetic materials using terahertz lasers, a leap forward for energy-efficient memory chip technology. By tuning the laser to the material’s atomic vibrations, the team induced a durable magnetic phase shift in FePS3, achieving a net magnetization previously deemed unattainable. Antiferromagnets, prized for their resistance to magnetic interference, have long been considered ideal for robust data storage but were challenging to control due to their spin-alternating structure. This breakthrough not only overcomes that hurdle but also demonstrates a light-induced magnetic state lasting milliseconds, a significant window for practical applications. With their alternating spin configurations capable of encoding binary data resistant to external influences, antiferromagnets could form the backbone of compact, high-capacity, and low-energy memory chips. This innovation, published in Nature, promises to transform the future of data storage and processing, offering a sustainable alternative to traditional magnetic technologies.
-China is advancing its brain-computer interface (BCI) technology with plans for large-scale trials of the Neural Electronic Opportunity (NEO) device in 2025, challenging Elon Musk’s Neuralink. Developed collaboratively by Neuracle Technology and Tsinghua University, NEO uses a semi-invasive approach, placing electrodes outside the brain cortex to minimize risks. Early trials have demonstrated success, including a spinal cord injury patient regaining hand functionality to perform daily tasks using a prosthetic glove. Unlike Neuralink’s direct brain implants, NEO emphasizes rapid, precise implantation and broader accessibility, becoming the first BCI to receive special approval in China for innovative medical devices. By 2027, it aims for clinical use, with applications in mobility restoration and neural signal control. China’s efforts signify a convergence of AI, biomedical engineering, and integrated circuits, fostering global competition in BCI technology.
-MIT researchers have developed a groundbreaking biosensing technology using tiny, wireless antennas to track electrical signals in biological systems with remarkable precision. These antennas, known as OCEANs (organic electro-scattering antennas), convert electrical signals into light, which can be detected using standard optical microscopes, eliminating the need for wires and amplifiers. The antennas, made from a polymer that responds to electrical activity by changing its refractive index, can detect signals as low as 2.5 millivolts, far below the typical threshold for neuron communication. This technology allows real-time, high-resolution monitoring of cellular interactions, enabling advances in understanding diseases like arrhythmia and Alzheimer’s, as well as improving targeted treatments. The antennas are fabricated using a precise nanoscale process, allowing for scalable arrays that can monitor thousands of recording sites simultaneously. Future developments aim to enhance the technology’s sensitivity and integration with nanophotonic devices for even more accurate measurements.
-Hong Kong researchers have unveiled a groundbreaking chip-based laser neuron capable of processing data at an extraordinary speed of 10 GBaud, making it a billion times faster than biological neurons. This innovation, developed at the Chinese University of Hong Kong, leverages quantum-dot laser technology to process vast datasets—such as 34.7 million images or 100 million heartbeats per second—while consuming minimal energy. Unlike traditional photonic spiking neurons, this laser-graded neuron operates without significant information loss and can perform complex machine learning tasks independently. Tested in a reservoir computing system, it demonstrated exceptional performance in pattern recognition and long-term sequence predictions, including detecting irregular heart rhythms with 98.4% accuracy. Promising applications span AI, healthcare, and climate science, with future advancements aiming to integrate multiple neurons for even greater processing capabilities. This innovation marks a transformative leap in neuromorphic computing and edge AI systems.
-Quantum researchers at the University of New South Wales have developed a groundbreaking maser device utilizing lab-grown purple diamonds with nitrogen-vacancy (NV) centers, promising to revolutionize signal amplification. This technology can amplify weak microwave signals, such as those from deep-space probes like Voyager 1, by 1000 times at room temperature, eliminating the need for costly and complex cooling systems required by traditional masers. By introducing defects into diamonds, the NV centers create a spin system that amplifies signals with minimal noise, offering clearer and more reliable data. Beyond space exploration, the maser holds potential for defense applications, particularly in enhancing radar sensitivity and precision. Researchers are now focusing on optimizing the diamond’s NV density to further improve signal clarity and reduce noise. This innovative approach could make masers more accessible and compact, opening new frontiers in communication and sensing technologies.
-Researchers at Stanford University and King Fahd University of Petroleum and Minerals have developed a portable device that creates ammonia, a key fertilizer ingredient, directly from the air using wind energy. This breakthrough offers a more sustainable and energy-efficient alternative to the century-old, energy-intensive ammonia production process, which typically requires high pressure and temperatures. By harnessing nitrogen from the air and hydrogen from water vapor, the device produces ammonia at room temperature and atmospheric pressure, making it an eco-friendly solution with minimal carbon emissions. In just two hours, the device can produce enough ammonia to fertilize plants in greenhouses, potentially enabling farmers to generate their own fertilizer on-site. This innovation could also contribute to decarbonizing industries like shipping and power generation, as ammonia is a promising clean energy carrier. While still in development, the technology could be commercially available in 2-3 years and has the potential to revolutionize agriculture and energy storage.

AI
-OpenAI’s new o3 and o3 mini reasoning AI models represent a major leap in AI capabilities, particularly excelling in benchmarks that test complex reasoning. The o3 model achieved remarkable results, scoring 96.7% on the AIME 2024 math competition and solving 25.2% of problems on EpochAI’s Frontier Math benchmark, a significant improvement from previous models. It also outperformed human-level performance on the ARC-AGI benchmark with an 87.5% accuracy in conceptual reasoning, surpassing typical PhD-level expertise. This performance has led to speculation about the proximity of these models to Artificial General Intelligence (AGI), with the o3 model showing unprecedented ability in tasks that require deep, multifaceted reasoning. The o3 mini version, designed for efficiency in coding, also offers flexible performance with adjustable reasoning levels. OpenAI’s advancements, coupled with new safety features like deliberative alignment to manage unsafe prompts, push AI closer to AGI-like abilities, setting the stage for transformative applications in various fields.
-Ambient Scientific has unveiled the Sparsh board, a groundbreaking AI module that operates on a coin cell battery for months, enabling power-efficient on-device AI applications. This innovative module, designed for tasks like human activity recognition, voice control, and acoustic event detection, is built around the ultra-low power GPX10 AI processor, which leverages advanced analog in-memory computing technology. Unlike traditional microcontroller units, the Sparsh board delivers high AI performance without compromising on battery life, making it ideal for applications in sectors such as predictive maintenance, wearable devices, and voice-controlled gadgets. The board’s integrated motion sensors, digital microphone, and Bluetooth Low-Energy module, combined with a comprehensive software stack, allow developers to rapidly prototype AI applications. Ambient Scientific's development kit and software tools support frameworks like TensorFlow and Keras, streamlining the process for developers. This launch marks a significant leap toward making battery-powered AI more accessible and practical, with applications in industries ranging from healthcare to consumer electronics.

ROBOTICS
-OpenAI is exploring a return to robotics, with discussions about developing advanced humanoid robots fueled by strategic investments in startups like Figure AI and 1X. This marks a bold shift after the company paused its robotics division in 2021. Humanoid robots, with potential applications ranging from industrial automation to in-home support, represent a burgeoning market projected to reach $66 billion by 2032. OpenAI's investments, such as Figure AI’s warehouse-adaptive robots and 1X’s androids with embodied learning capabilities, hint at a foundation for future endeavors. However, sources indicate robotics remains a secondary focus compared to OpenAI’s core mission of advancing AI models like the o3 series, known for their complex reasoning capabilities. By leveraging partnerships and possibly custom AI chips through collaborations with Broadcom and TSMC, OpenAI aims to position itself among industry giants like Tesla and Nvidia in this competitive space, signaling a long-term vision for AI-integrated robotics.

QUANTUM
-Researchers at Macquarie University have made a groundbreaking discovery using common grapes to enhance the performance of quantum sensors. By pairing two grapes in a microwave setup, they found that the grapes act as microwave resonators, creating localized magnetic field hotspots that double the strength of the magnetic field. This discovery builds on previous studies that focused on electric fields but shifts the focus to magnetic fields, crucial for quantum applications. The grapes, which are primarily water, help concentrate microwave energy more efficiently than traditional materials like sapphire, aiding in the manipulation of quantum sensors such as nitrogen-vacancy centers in nanodiamonds. These centers act as tiny magnets, enabling high-performance quantum sensing. The research opens the door for smaller, more efficient quantum sensor devices by exploring alternative resonator designs. While the use of water-based materials presents challenges, it holds the potential to advance quantum sensing technology significantly.
-Researchers at Louisiana State University and Universidad Nacional Autónoma de México have unveiled quantum coherence within classical light systems, challenging traditional boundaries between classical and quantum physics. By fragmenting thermal light fields into multiphoton subsystems and using advanced photon-number-resolving detectors and orbital angular momentum measurements, they observed unexpected quantum interference patterns. While most subsystems behaved classically, a subset displayed quantum dynamics akin to entangled photon systems. This discovery highlights hidden quantum behaviors in classical systems, offering a robust platform for advancing quantum technologies, including imaging and sensors. The work also provides insights into mitigating decoherence and engineering scalable quantum systems at room temperature. Supported by key U.S. and Mexican funding agencies, this research bridges classical and quantum domains, with applications extending to condensed matter physics and quantum information science.

MATERIALS
-Researchers have developed a breakthrough material, sodium vanadium phosphate (NaxV2(PO4)3), that significantly enhances the energy density of sodium-ion batteries, achieving 458 Wh/kg—more than a 15% increase over previous versions. This advancement brings sodium-ion technology closer to competing with lithium-ion batteries in terms of energy performance. Sodium is a far more sustainable and cost-effective alternative to lithium, being much cheaper and abundant, even harvestable from seawater. The new material allows sodium ions to move smoothly in and out of the battery during charging and discharging, maintaining stable performance and delivering a continuous voltage of 3.7 volts. This efficiency boost is due to vanadium's ability to exist in multiple stable states, which improves energy storage. Beyond sodium-ion batteries, the research opens new avenues for advanced energy storage technologies, potentially offering affordable, sustainable power solutions for various applications and helping drive the transition to cleaner energy.
-China is spearheading efforts to extract lithium efficiently from low-quality brines, addressing the urgent need for sustainable solutions in the face of skyrocketing demand for EV batteries and renewable energy technologies. Researchers from Nanjing University achieved over 65% lithium recovery using advanced solvent extraction techniques at Qinghai salt lake, highlighting the untapped potential of brines like seawater, geothermal fluids, and oilfield-produced waters. Conventional methods for lithium extraction are energy-intensive and environmentally damaging, but innovations such as enhanced precipitation techniques and electrochemical separation offer promising alternatives. With global lithium reserves potentially depleting by 2029, low-quality brines present a vast and underutilized resource that could stabilize supply chains and reduce environmental impact. China, which dominates global EV battery production, is at the forefront of these efforts, blending advanced extraction methods with sustainable practices like seawater desalination and renewable energy integration. These innovations could redefine lithium sourcing, supporting the global shift to cleaner energy systems while addressing critical supply challenges.
-Chinese researchers have developed a breakthrough method for extracting uranium from seawater using a surprising and cost-effective ingredient: candle wax. Oceans contain an estimated 4.5 billion tonnes of uranium, a resource capable of fueling nuclear energy demands for over a millennium, but its low concentration has made extraction challenging. The innovative process involves combining polyamidoxime, a polymer with high metal affinity, with melted candle wax to create porous hydrogel particles resembling "cheese-like" beads. These beads, encapsulated in alginate-polyacrylic acid, demonstrated impressive uranium adsorption efficiency, capturing 4.79 milligrams per gram from real seawater and up to 8.23 milligrams in simulated environments. With reusability and high extraction rates of up to 99.5% in spiked samples, this method offers a promising, sustainable solution for long-term nuclear fuel needs, potentially revolutionizing clean energy access.
-Cornell researchers have pioneered a rocket-fuel-inspired chemical process to create nanoporous carbon with the highest reported surface area of 4,800 square meters per gram, akin to compressing a football field into a teaspoon. This breakthrough enables remarkable performance in carbon dioxide capture and energy storage applications. Utilizing hypergolic reactions—spontaneous, high-energy chemical processes previously reserved for aerospace—scientists shaped the carbon into ultraporous structures with unique five-membered molecular rings. The resulting material absorbs CO2 at nearly double the capacity of traditional activated carbons and captures 99% of its total capacity in just two minutes, making it one of the fastest sorbents available. Additionally, it boasts four times the volumetric energy density of commercial activated carbons. This innovative method not only advances carbon-based materials for environmental and energy applications but also introduces new avenues for designing high-performance catalysts and supercapacitors.

ENERGY
-Seoul-based Qcells has set a world record for solar cell efficiency with a 28.6% energy conversion rate, achieved using its innovative tandem solar cell design. By stacking a perovskite cell on top of a proprietary silicon cell, the tandem approach maximizes light absorption across different energy spectrums, moving closer to the theoretical efficiency limit of 43%. This breakthrough, certified by the Fraunhofer Institute, is especially notable as it uses scalable, mass-production-friendly processes. Qcells’ focus on large-area tandem cells aims to boost power output and reduce module requirements for high-capacity solar plants. This milestone not only pushes the boundaries of photovoltaic technology but also signals a significant leap toward commercializing highly efficient solar solutions, supporting the global transition to sustainable energy.
-Commonwealth Fusion Systems (CFS) has announced the development of the world’s first commercial 400MW nuclear fusion power plant, called ARC, which will be located in Chesterfield County, Virginia. The plant is expected to generate enough electricity to power 150,000 homes and could become operational in the early 2030s, marking a significant leap in clean energy production. This breakthrough comes after the completion of SPARC, CFS's fusion demonstration machine in Massachusetts, which is slated to achieve its first plasma in 2026 and ultimately demonstrate net fusion energy—producing more power than it consumes. Fusion energy, which uses hydrogen and lithium isotopes for fuel, promises to deliver abundant, emission-free power with no toxic waste, addressing global energy challenges. While fusion technology has faced hurdles due to the extreme temperatures required for the reaction, the successful development of SPARC is expected to pave the way for ARC. The project is anticipated to drive significant economic growth, creating hundreds of jobs and fostering regional development. However, experts caution that despite the promising advancements, it may take several years for commercial fusion energy to fully materialize.
-Tata Chemicals North America is pioneering a groundbreaking shift by planning to install eight 50 MWt microreactors at its Green River soda ash mining site in Wyoming, marking one of the first applications of nuclear power in soda ash production. These advanced BWXT microreactors, powered by the innovative and highly safe Triso fuel, stand out for their portability and ability to deliver consistent carbon-free energy and high-temperature heat, critical for refining trona ore into soda ash. Unlike conventional energy sources, the reactors provide a reliable, disruption-resistant energy supply while operating at temperatures up to 800°C, a unique capability tailored for industrial needs. This initiative not only supports U.S. government goals under the Advanced Reactor Demonstration Programme but also sets a precedent for integrating nuclear technology into energy-intensive industries. By reimagining soda ash production with cutting-edge nuclear innovation, Tata Chemicals showcases a transformative model that blends sustainability with industrial efficiency, charting a path for broader adoption across sectors.
-Researchers at the University of Liverpool have developed a groundbreaking hybrid nanoreactor that uses sunlight to efficiently produce hydrogen, advancing clean energy solutions. Inspired by natural photosynthesis, the nanoreactor combines bacterial microcompartments with synthetic microporous semiconductors. These biological structures protect sensitive hydrogenase enzymes from deactivation by oxygen, enabling sustained hydrogen production. The light-harvesting semiconductors transfer energy to these enzymes, driving the catalytic process without reliance on expensive materials like platinum. Detailed in ACS Catalysis, this innovation offers a cost-effective and sustainable approach to hydrogen production, comparable in efficiency to traditional photocatalysts. Beyond clean energy, the technology has potential applications in enzymatic engineering and biotechnology, contributing to a carbon-neutral future. This collaboration between bioengineering and chemistry showcases the power of interdisciplinary research in tackling global energy challenges.

HEALTH
-Russian scientists claim to have developed a personalized mRNA cancer vaccine capable of tailoring treatments based on genetic analysis of individual tumors, identifying unique mutations called neoantigens with the aid of AI. Neoantigens, proteins exclusively present on cancer cells, train the immune system to recognize and destroy these cells, potentially preventing tumor recurrence. This approach, akin to ongoing research at Memorial Sloan Kettering, holds promise but remains speculative due to a lack of detailed, transparent data. Concerns are heightened by prior inconsistencies in Russian research, such as the questionable reliability of Sputnik V vaccine trials. Unlike vaccines for infectious diseases, cancer vaccines aim to treat existing cancers rather than prevent them, focusing on enhancing immune responses to specific cancer types or mutations. Globally, progress in cancer vaccines has been slow; the only FDA-approved vaccine, Sipuleucel-T, for prostate cancer, extends survival by just four months and carries significant costs. Experts caution against premature optimism, noting that universal cancer vaccines are unlikely, as they must address the complex biology of diverse cancer types. While the Russian effort aligns with the broader goal of neoantigen-based immunotherapies, critical questions remain about efficacy, scalability, affordability, and long-term impact on patient survival and quality of life. If proven effective, such advances could redefine cancer treatment, but rigorous validation and integration into accessible healthcare systems will be essential.
-Gameto has pioneered a groundbreaking fertility procedure, Fertilo, which uses stem cells to mature eggs outside the body, leading to the world’s first successful human birth using this method. Fertilo provides a safer and more efficient alternative to traditional IVF by significantly reducing the need for hormone injections, alleviating risks like ovarian hyperstimulation syndrome, and shortening the treatment cycle to just three days. The procedure uses ovarian support cells derived from human induced pluripotent stem cells (iPSCs) to aid in egg maturation, mimicking the natural process. This innovative technique eliminates up to 80% of hormone injections, offering a less invasive approach with fewer side effects. The first successful birth took place in Lima, Peru, and the method is expanding globally, with approvals in several countries and ongoing trials in the United States. Fertilo represents a major advancement in reproductive technology, making IVF more accessible and less physically taxing, while showcasing the potential of iPSC technology in fertility treatments.
-Open-source MIT's Boltz-1 AI model was unveiled on December 17th. This tool is designed to accelerate drug discovery and biomedical research by enhancing the understanding of biomolecular structures. Developed by the MIT Jameel Clinic for Machine Learning in Health, Boltz-1 offers a powerful alternative to proprietary models like AlphaFold3, democratizing access to cutting-edge tools in structural biology. By predicting protein structures with high accuracy, Boltz-1 addresses one of the major challenges in drug development, as the shape of proteins is crucial to their function. Unlike AlphaFold3, which is only partially open-source, Boltz-1's full open-source availability fosters global collaboration and allows scientists to build upon and improve the model. The MIT team has not only shared the model itself but also its entire training pipeline, inviting contributions from the scientific community. This approach promises to speed up the development of new drugs and therapies, potentially transforming biomedical research. With ongoing improvements planned, Boltz-1 is poised to play a pivotal role in the future of molecular sciences.
-Researchers at the Shenzhen Institute of Advanced Technology have developed a magnetic microrobot designed to address fallopian tube blockages, a common cause of female infertility. The microrobot, made of photosensitive resin and iron, is powered by a revolving magnetic field that drives its motion, allowing it to precisely navigate through the fallopian tube and remove obstructions. This innovative approach promises to be a less invasive alternative to traditional methods, which often involve the use of catheters and guidewires, reducing patient discomfort and complexity. The robot's ability to create a vortex to push debris and clear blockages has been validated in simulated tests. As infertility affects millions worldwide, with fallopian tube occlusion contributing to a significant portion of cases, this microrobot could revolutionize treatment options. The research team plans to refine the device further, making it more compact and capable of real-time tracking, with the ultimate goal of offering a more efficient, minimally invasive solution to fertility challenges.
-In a study, bioengineers at CZ Biohub Chicago and Northwestern University have developed the first implantable sensor capable of continuously monitoring inflammation in real time, marking a significant advancement in health tracking. The innovative device, built into a microneedle as thin as three human hairs, uses “pendulum” sensors that dynamically bind and release inflammatory proteins, providing precise, moment-by-moment data. Tested in diabetic rats, the device accurately tracked fluctuations in protein biomarkers associated with inflammation, correlating its readings with gold-standard lab tests. This technology mirrors the transformative impact of continuous glucose monitors, offering potential applications in managing inflammation-related diseases, including diabetes, arthritis, and heart disease. Designed for biocompatibility, the device could safely operate in humans for weeks, enabling researchers to explore how inflammation varies across time and conditions. With potential extensions to wearable human devices, this innovation may revolutionize chronic disease management by enabling early detection and intervention, ultimately transforming healthcare through continuous, personalized monitoring.

MOBILITY
-Researchers have developed a groundbreaking solid-state electrolyte (SSE) based on vacancy-rich ß-Li3N, which significantly enhances the performance of all-solid-state lithium metal batteries (LMBs). This advanced SSE exhibits high ionic conductivity and stability, addressing key challenges in battery development, such as dendrite formation and side reactions at the lithium interface. By incorporating lithium vacancies into the ß-Li3N structure, the team achieved a mechanism that reduces energy barriers for lithium-ion migration, enabling higher capacity, faster charge rates, and extended cycling stability. This breakthrough has the potential to boost energy densities up to 500 Wh/kg, increasing the driving range of electric vehicles to over 600 miles per charge. The new material also demonstrates exceptional stability, withstanding high current densities and maintaining over 80% capacity after thousands of charge cycles. These developments pave the way for more practical and efficient next-generation batteries for commercial use.
-Chinese firm CATL has unveiled the Bedrock Chassis, a revolutionary EV platform that sets new safety standards by withstanding 75 mph (120 km/h) frontal impacts without fire or explosion. Leveraging Cell-to-Chassis integration, the design absorbs 85% of collision energy compared to 60% in traditional chassis. Its tortoise shell-inspired structure and submarine-grade materials enhance rigidity and impact dispersion, while advanced safety features, including instant high-voltage disconnection and ultra-safe battery technology, redefine industry benchmarks. Successfully passing dual extreme safety tests, CATL’s innovation marks a leap in EV chassis design, promising safer, high-quality travel experiences, with automaker AVATR already onboard for implementation.
-China's Space Transportation has achieved a major breakthrough in supersonic flight with the successful test of a detonation ramjet engine, capable of propelling aircraft at Mach 4 (3,106 mph). This innovative engine design uses shock waves from detonation combustion to boost the thrust-to-weight ratio, reduce costs, and simplify the engine's structure by eliminating the need for compressors and turbine components. The tests, which included verification of the engine's electrical, fuel, and control systems, mark significant progress toward developing the Yunxing supersonic civilian jet. The jet, designed to fly at altitudes exceeding 65,000 feet and reach speeds up to Mach 4, promises to dramatically reduce flight times, such as traveling from Beijing to New York in just two hours. With vertical takeoff and landing capabilities, the Yunxing jet could redefine high-speed air travel, with a commercial launch targeted for 2030. These advancements in aerospace technology could pave the way for a new era of faster, more efficient air travel.

MILITARY
-NASA’s X-59 quiet supersonic research jet has achieved a major milestone with its first full afterburner test, a critical step toward enabling supersonic flight over populated areas. A standout feature of the X-59’s design is its ability to produce “sonic thumps” instead of the disruptive “sonic booms” associated with traditional supersonic aircraft. This is a part of NASA’s Quiet SuperSonic Technology (Quesst) mission. Powered by a 22,000-pound-thrust F414-GE-100 engine, the aircraft aims to reach Mach 1.4 at 55,000 feet. Recent tests confirmed the afterburner’s performance and integration with other subsystems, validating the design’s potential to achieve silent supersonic speeds. If successful, the X-59 could revolutionize air travel by reducing long-haul flight times and paving the way for lifting bans on supersonic flights over land. Flight testing is slated for 2025, marking the next phase in advancing sustainable and community-friendly supersonic aviation.
-BAE Systems' solar-powered drone, PHASA-35, recently achieved a milestone by flying for 24 hours at an altitude of 66,000 feet during test trials in New Mexico. As a high-altitude pseudo-satellite (HAPS), the aircraft is designed for long-endurance intelligence, surveillance, and reconnaissance missions above weather and conventional air traffic. The latest tests demonstrated its ability to carry a heavier payload—a software-defined radio sensor—and return to a serviceable condition within two days, showcasing operational readiness. Enhancements in the next model, including doubled solar power and storage capacity, aim to extend mission duration and complexity. These trials bring the PHASA-35 closer to operational deployment, expected as early as 2026, and highlight significant collaboration among BAE Systems, industry partners, and research entities. The project reflects advancements in sustainable, stratospheric surveillance technologies that promise transformative capabilities for both defense and civilian applications.
-The U.S. Navy's Electronic Attack Squadron 133 (VAQ-133) has completed a historic deployment with the next-generation ALQ-249 Next Generation Jammer (NGJ) aboard the USS Abraham Lincoln. This deployment, which took place in the Middle East and Eastern Pacific, marked the first use of the NGJ system, designed to disrupt, deny, and degrade enemy air defense and communication systems. The NGJ's advanced capabilities, including longer-range jamming, digital software updates, and Active Electronically Scanned Array technologies, significantly enhance the Navy's electronic warfare capacity. The successful deployment demonstrated the system's effectiveness in real combat scenarios, marking a significant step forward in airborne electronic attack (AEA) technology. The NGJ, which is set to replace the legacy ALQ-99 Tactical Jamming System, represents a future-proof solution for countering evolving electronic warfare threats. This deployment highlights the Navy's commitment to adapting to emerging threats with cutting-edge technology, ensuring superior operational capabilities in modern warfare.
-China has unveiled the MD-19 hypersonic drone, a groundbreaking development in drone technology that demonstrates the ability to decelerate from hypersonic to subsonic speeds for a safe horizontal landing on a runway. Launched mid-air from the Tengden TB-001 UAV, the MD-19 can be recovered and reused, significantly reducing operational costs compared to most hypersonic vessels, which are typically single-use. This innovation marks a new frontier in drone design, with the added advantage of being launched from other unmanned platforms, bypassing the need for extensive ground infrastructure. The MD-19’s impressive capabilities highlight China's rapid advancements in hypersonic technology and drones, with future developments potentially revolutionizing military and civilian applications. Additionally, the drone may utilize a rocket engine rather than an air-breathing scramjet, though more details remain under wraps. This achievement adds to China's growing lead in hypersonic systems, evidenced by other recent breakthroughs, such as a Mach 6.5 hypersonic jet prototype and new innovations in hypersonic propulsion systems.

SCIENCE
-The Earth’s magnetic North Pole is steadily shifting from Canada toward Siberia due to changes in the flow of molten iron and nickel within the planet’s outer core. This unprecedented movement, which has accelerated over the past two decades before recently slowing, is captured in the latest update to the World Magnetic Model (WMM), a key tool for navigation systems. The WMM 2025 update offers significantly improved accuracy, with tenfold greater resolution, ensuring reliable guidance for applications ranging from aviation to GPS devices. While this shift may require adjustments to navigational systems, smartphone users can expect seamless updates, improving the performance of GPS-driven apps. This new model will guide navigation for the next five years, barring unexpected changes in Earth’s magnetic behavior. The update highlights the need for ongoing monitoring to adapt to the evolving magnetic field.

SPACE
-Scientists at Heriot-Watt University, along with international collaborators, are developing bacteria-inspired solar lasers that could revolutionize energy use in space exploration. Drawing from the near-perfect light-harvesting efficiency of photosynthetic bacteria, the APACE project—funded by the European Innovation Council and Innovate UK—aims to mimic and enhance these natural processes to convert sunlight directly into laser beams. These beams could enable wireless power transmission across vast distances, supporting spacecraft, lunar bases, and even Earth-based applications. By leveraging “superradiance” in bacterial antenna complexes, researchers are creating artificial analogs and compatible laser materials to harness solar energy efficiently. With plans to prototype this technology within three years, this approach could offer a sustainable solution to space missions' energy challenges, reducing reliance on Earth-supplied resources. Beyond space, the innovation holds promise for terrestrial wireless power systems, showcasing the transformative potential of biologically inspired technology.

CLIMATE
-Researchers at the Institute of Science Tokyo have made a significant breakthrough in photochemical water oxidation, a key process for producing clean, sustainable energy. By analyzing Ru(II) photosensitizers paired with various metal oxide (MOx) catalysts under different pH conditions, they identified critical factors such as reaction potential (EMOx) and threshold pH levels that drive water oxidation efficiency. Their novel method for estimating reaction potentials simplifies catalyst evaluation, making the research more accessible and cost-effective. The findings emphasize the importance of tailoring reaction environments to enhance efficiency, laying a strategic foundation for optimizing water splitting systems. This advancement holds promise for reducing reliance on fossil fuels and accelerating the development of renewable energy technologies. By bridging gaps in understanding and improving catalyst design, the study marks a step closer to a sustainable energy future, addressing global energy challenges with innovative solutions.
-Professor Markus Stoffel, a climate expert at the University of Geneva, warns of a 1-in-6 probability of a volcanic super-eruption occurring this century, citing geological evidence. The 1815 Mount Tambora eruption, which caused global cooling and widespread agricultural failure, illustrates the potential impacts of such an event. Today, the risks are compounded by a larger global population and ongoing climate challenges. Sulfur dioxide emissions from eruptions could lead to temporary cooling by reflecting sunlight, though this would not counteract long-term warming from climate change. Immediate consequences could include significant economic losses, agricultural disruptions, and challenges for the roughly 800 million people living near active volcanoes. Scientists rely on ice cores, tree rings, and satellite data to study past and potential eruptions, but the timing and location of the next event remain uncertain, emphasizing the need for better preparedness.

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • GDYN +11.4%, CTM +5.1%, PFBC +2.7%, BUR +0.9%, SDRL +0.7%, FHB +0.5%
  • Gapping down:
    • CLW -7.6%, MMLP -1.7%, BGNE -1.2%, TAK -1.1%, ARGX -0.9%, QQQ -0.4%, IWM -0.4%, SPY -0.3%

FT : The great wealth transfer

The great wealth transfer
Big inheritances are set to transform economies, markets and society

No festive family gathering would be complete without elder relatives waxing lyrical over “the good old days”, as millennials mumble anxiously about their future. Baby boomers were indeed a lucky bunch. After the second world war, many were able to accumulate substantial fortunes as fast-growing economies propped up earnings, real estate values, and stock markets. By contrast, younger generations today have been hit by low productivity growth and several economic crises, from the 2008 financial crash to the Covid-19 pandemic. Many young adults cannot afford their own digs. And to top it off, there is the threat of climate change and geopolitical instability.

But mom, dad and the grandparents’ good fortune — and, of course, their hard work — means millennials and Gen-Z do have something to look forward to: a decent inheritance. In the next 25 years, over $100tn in assets — ranging from property, aged wines and artwork — will be transferred from the boomers and older generations to their heirs in the US alone, according to Cerulli Associates, a wealth manager. Vanguard — another such firm — recently projected that over $18tn in wealth will be handed down globally by 2030. It will be the largest intergenerational transfer of assets in history.


What might it mean for our economies, markets and societies? First, not everyone will be lucky enough to have a wealthy benefactor. In America, the wealthiest 10 per cent of households will pass on the majority of the wealth. In Britain, research by the Resolution Foundation think-tank finds that the wealthiest boomers are more than twice as likely to pass on gifts to their children than their poorer counterparts. In other words, intra-generational inequalities could become entrenched, particularly if advanced economies still struggle to raise their paltry growth rates.

The economic impact also depends on what happens with the money. The financial windfalls may go largely towards paying off mortgages and the grandchildren’s university fees, or even for retiring earlier to hotter climates. That would be a plus for indebted millennials, and sunny destinations. But it may dash hopes for an inheritance-led surge in spending. Whatever happens, cash-strapped governments will take keener interest in ensuring they are taxing bequests, judiciously.


When it comes to investing, millennial and Gen Z investors tend to be less confident with traditional assets like stocks and bonds. A recent Bank of America survey found that younger generations allocate three times more of their portfolio to alternative investments such as private equity, start-ups, and crypto assets, compared to boomers and Gen X-ers. They are also more drawn to purpose-driven financing. This may add volatility to future portfolios, but it could also be a boon for environmental and social causes, as well as helping to spread finance farther.

Some inheritances could also go to waste. A 20-year US study found that 70 per cent of wealthy families lost their wealth by the second generation, and 90 per cent by the third. Estates can get tied up in family squabbles and lawsuits. Young beneficiaries with sudden riches could fritter away cash on exotic investments, or the latest meme stock craze. Succession planning and financial education will become more important. Just 40 per cent of young adults in Britain are financially literate, according to a 2023 survey. Elders might be extra precious about how they want their money to be spent.

In the coming years Christmas gifts may even take on a different meaning: instead of wrapped presents, elder relatives may seek to pass down their assets early, tax-free. That will surely enliven family holiday discussions to come.

>>> BeiGene receives second FDA approval for TEVIMBRA

BeiGene receives second FDA approval for TEVIMBRA
  • BeiGene announced the FDA has approved TEVIMBRA (tislelizumab-jsgr), in combination with platinum and fluoropyrimidine-based chemotherapy, for the first-line treatment of unresectable or metastatic HER2-negative gastric or gastroesophageal junction adenocarcinoma (G/GEJ) in adults whose tumors express PD-L1 (=1).
  • The additional indication for first-line G/GEJ cancers is based on results from BeiGene's RATIONALE-305 (NCT03777657), a randomized, double-blind, placebo-controlled, global Phase 3 trial to evaluate the efficacy and safety of TEVIMBRA in combination with chemotherapy as a first-line treatment for adult patients with advanced unresectable or metastatic G/GEJ cancer. The study met its primary endpoint and demonstrated a statistically significant and clinically meaningful overall survival (OS) benefit with a median OS of 15.0 months for patients treated with TEVIMBRA in combination with the investigator's choice of chemotherapy compared to 12.9 months for patients treated with placebo plus chemotherapy (n=997; HR: 0.80 [95% CI: 0.70, 0.92]; P=0.0011), resulting in a 20% reduction in the risk of death.
  • The pooled safety data in the application included 1,972 patients who received TEVIMBRA monotherapy in two randomized open-label, active-controlled studies (RATIONALE-302, BGB-A317-303) and five open-label, single-arm studies (BGB-A317-208, BGB-A317-204, BGB-A317-203, BGB-A317-102, BGB A317_Study_001), which enrolled 307 patients with esophageal squamous cell carcinoma and 1,665 patients with advanced or recurrent tumors. The most common Grade 3 or 4 adverse reactions for TEVIMBRA given in combination with chemotherapy were neutropenia, thrombocytopenia, anemia, fatigue, hypokalemia, hyponatremia, pneumonia, decreased appetite, rash, lymphopenia, alanine aminotransferase increased, aspartate aminotransferase increased, diarrhea, pneumonitis, and hepatitis.
  • TEVIMBRA is also approved in the U.S. as monotherapy for the treatment of adult patients with unresectable or metastatic esophageal squamous cell carcinoma (ESCC) after prior systemic chemotherapy that did not include a PD-(L)1 inhibitor. An additional Biologics License Application (BLA) is under review at the FDA for the first-line treatment of adult patients with locally advanced unresectable or metastatic ESCC.

WSJ : Germany Opened Its Doors to Migrants. Now It’s Struggling to Cope.

WSJ not FT - Sorry

From: Laurent Chekroun (MAKOR CAPITAL MARKET) At: 12/27/24 08:09:58 UTC+1:00
Subject: FT : Germany Opened Its Doors to Migrants. Now It’s Struggling to Cope.

Germany Opened Its Doors to Migrants. Now It’s Struggling to Cope.
Even before Christmas market attack, nation was straining under influx; economy needs new workers

SUHL, Germany—Ten years ago, this town in central Germany was aging, rapidly depopulating and almost universally white. Today, its population has stabilized, is younger and includes people from 92 countries.

Some longtime residents have welcomed the change, but for many others, it’s happening too fast. In May, conservative Mayor André Knapp was re-elected with more than 82% of the votes after a campaign critical of immigration, which he blamed for a rise in local crime. In September, the Alternative for Germany, or AfD, a far-right party that advocates mass deportations, won its first state election in Thuringia, where Suhl is located.

“Of course we need immigration, we need foreign workers, but we can’t have a situation where our town is getting completely overwhelmed,” said Knapp.

Many Western countries are rethinking their immigration policies and how open they want to be, even as they grapple with the effects of low birthrates and aging populations. U.S. President-elect Donald Trump made restricting immigration, including mass deportations, a central pitch in his campaign. Countries including Canada, Sweden, Denmark and the Netherlands have tightened controls, citing costs, popular pressure and security. In Austria, the anti-immigration Freedom Party won a general election in October. That same month, Poland said it would bar entry to asylum seekers and tighten visa policy. Earlier this month, Elon Musk weighed in on the issue, posting on X: “Only the AfD can save Germany.”

Germany has long been one of the world’s most welcoming nations to migrants. Between 2013 and 2023, 6.43 million more people settled in Germany than left, according to Germany’s Federal Statistics Office—the biggest inflow of any country outside the U.S., according to the United Nations.

Polls show immigration is a top issue for voters ahead of a general election in February. The concern is likely to gain urgency after a 50-year old Saudi refugee was detained on suspicion of ramming a car into a Christmas market in Eastern Germany on Dec. 20, killing five and leaving more than 200 wounded.

Some of Germany’s new arrivals are workers from other countries arriving to fill specific jobs, or students coming to study. Germany also is the most popular destination in the EU for refugees, accounting for a third of asylum applications in the bloc. Since the 2015 refugee crisis, when hundreds of thousands streamed into Europe, Germany has received 2.4 million asylum seekers, twice the population of Munich.

Migrants, defined as people living for more than 12 months outside their country of birth, made up 18.8% of the population in Germany in 2021, compared with 15.3% in the U.S. in that year, according to the United Nations.

In Germany, 42% of people under age 15 were either foreign-born or had at least one foreign-born parent—Germany’s definition of a statistical category it calls “people with a migration background”—as were 37% of people ages 15 to 24, according to government data for 2022.

Germany, which has no history of mass immigration and limited experience integrating people from other cultures, is now becoming a case study of the challenges that can emerge when migration outpaces a society’s capacity to adjust.

Most economists agree that the German economy, which has stagnated since 2019, badly needs immigrants. Germany was among the first countries in Europe to see fertility rates collapse in the 1970s. Now, as baby boomers retire, the financial burden of their mounting pension and health insurance costs will be borne by fewer workers.

Although unemployment in Germany has been edging up after two years of recession, many sectors, from engineering to health to hospitality, still complain about a crippling labor shortage. A study this year by the Bertelsmann Foundation, a nonpartisan research organization, found that Germany would need net immigration of between 288,000 and 368,000 every year between now and 2040 just to maintain the size of its workforce.

“Germany as a whole, and eastern Germany in particular, are in a demographic crisis,” said Niklas Wassmann, a center-right member of the parliament in the state of Thuringia. “For every two residents of Thuringia who retire today, only one enters the labor market. We can’t rely on technological innovation alone to maintain our growth. We need to bring people in from outside.”

Yet Germany hasn’t had much success integrating newcomers into its labor market. The unemployment rate for noncitizens last year was 14.7%, compared with 5% for citizens.

In the U.S., migrants seeking asylum typically receive no federal aid, but they are permitted to work once they submit their applications. In Germany, they aren’t generally allowed to work until they are officially deemed refugees, which can take months or even years. But they are entitled to benefits worth as much as hundreds or thousands of euros a month—which cost the federal government €29.7 billion in 2023, according to research company Statista. State governments bear additional costs.

More than 60% of the people in Germany who depend on government benefits for income are foreign-born or are second-generation migrants. Noncitizens, who make up 15% of the population, perpetrated 41% of all crimes in 2023, up from 28.7% in 2014, according to police statistics.

In a September poll conducted by Infratest dimap for public-sector broadcaster ARD, 77% of respondents said Germany needed to change its immigration policy. In a separate survey by insurer R+V, 56% said they feared the government was being overwhelmed by immigration, and 51% said they were concerned about political tensions related to the issue.

Immigration was one of the issues that divided the fractious ruling coalition in Berlin that collapsed in November. Polls show the center-right CDU is the heavy favorite to win the February election, with the AfD in second place.

“Immigration is having an impact in all aspects of life,” said Thorsten Frei, a senior CDU lawmaker and one of the architects of the party’s immigration platform, which calls for turning back asylum seekers who traveled through other safe countries on their way to Germany. “We have to recognize that we are being overstrained,” he said. “We’re not keeping up.”

Like most towns in Germany’s formerly communist east, Suhl was largely homogenous when the Berlin Wall fell. By 2013, it had fewer than 1,000 foreign-born residents. By year-end 2023, that figure had grown fivefold. Poles, Romanians, Syrians, Afghans, Ukrainians and other foreign nationals now account for more than 13% of Suhl’s 35,000 residents.

When asylum seekers arrive in Thuringia, most are sent first to live at the state’s Initial Reception Facility on the outskirts of Suhl, a hilltop complex of five-story buildings. It is meant for 800 but has routinely housed twice as many.

The facility, known by its German abbreviation EAE, is surrounded by fencing, and both occupants and employees must swipe an ID to get in. It is cramped, unhygienic and dangerous, according to local officials and current and former residents.

The asylum seekers are mostly from the Middle East, Afghanistan and Africa, with others from Russia, Iran and Turkey. Residents are housed in two buildings—one for men and another for families, pregnant women and LGBTQ people.

Security challenge
When the refugees first began arriving in 2015, “there was a lot of compassion” in town, said Karin Hornschuh, an 82-year-old who leads volunteers who organize sports activities and games for the center’s children. These days, she said, support for her efforts has all but disappeared. “Some people say they are being invaded,” she said.

Reinhard Hotop, a member of a church organization that provides asylum counseling in the camp, said sentiment began shifting in 2015 after the police stormed the facility to prevent what authorities called an attempt to lynch an Afghan man who had torn up a Quran. Over a dozen residents, police and guards were wounded. Five asylum seekers were convicted of inciting a mob.

During the pandemic, break-ins in a nearby neighborhood were traced back to the camp. Last year, the fire department was dispatched to the camp 299 times for emergencies, including two alleged arson attacks by residents.

Police figures show noncitizens are responsible for one-third of crimes in Suhl, two-thirds of shoplifting incidents and more than half of aggravated assaults.

“Just this week, I caught three guys…trying to steal €400 worth of perfume,” said Thomas Wolf, manager of the Müller drugstore. who said he was attacked twice last year by foreign shoplifters. “Last time, it left me with a torn shirt and pants and a visit to the doctor,” he said.

National crime statistics indicate that noncitizens account for a disproportionate share of crime. Among the explanations offered by local police: poverty, joblessness and the young age of migrants. Local police said some migrants need money to repay smugglers or family members who funded their journey.

The influx of migrants has emerged as a big challenge for Germany’s schools.

“Our school has about 35% of non-native speakers,” said Alexander Dorst, director of the Otto Lilienthal Community School in Erfurt, Thuringia’s capital. Younger children who can’t speak German are easier to integrate than older ones, he said. “Politicians often say, ‘Sit them in there and it’ll be fine.’ It’s not…You can’t sit a kid who can’t speak next to one who can and hope he’ll somehow catch up. It’s hell for that kid.”

Students from more than 20 nations, including a large group of Arabic speakers and a sizable Ukrainian contingent, are now split into two groups. Those with poor German initially attend a “German as a second language” class in addition to classes that don’t require fluency, such as math and art.

While German-born children of migrants tend to fare well in school, the performance of those born outside Germany has worsened over time and is below that of foreign-born students in other rich countries, according to a 2024 report by the OECD.

Dorst said his school is trying to foster a sense of belonging, but that integration can work only if foreigners don’t reach a critical mass. With so many newer students, he said, many congregate along national lines, which occasionally leads to clustering in gangs and physical confrontations.

“We must be careful that these differences don’t turn into rifts,” he said.

Many families of newer arrivals have settled in low-rent parts of the city, including in a Communist-era housing project near the school called Rieth.

“Ten years ago, foreigners made up 9.5% of Rieth’s residents,” said Wassmann, the state lawmaker. “Today it’s 32%.” Erfurt is now one of the most segregated cities in Germany, he said.

Labor problem
The state of Thuringia expects to lose 40% of its workers to retirement in the next five years. If younger foreigners are to fund the pensions of future retirees, they will need to be working. That hasn’t been happening.

Germany’s income-support system entitles anyone unemployed for longer than a year—and any worker whose income is below a certain level—to a tax-free stipend. In addition, the state pays for rent, heating, medical bills, school supplies, daycare, even mortgage interest payments. A family with three children 14 and older can get €2,425 a month in cash payments alone.

All qualified refugees are eligible, although those awaiting an asylum ruling are entitled to less support. German authorities have said it can be easier for noncitizens to qualify than for citizens because the benefit is means-tested, and authorities often struggle to estimate assets abroad.

“The cushier the safety net, the more unattractive it becomes to take up work, especially here where we have a lot of jobs that pay the minimum wage,” said Steffi Ebert, head of a work placement agency in a rural district west of Suhl.

Germany sets high hurdles for those who want to work. Asylum seekers aren’t permitted to work for at least three months after arrival. Electricians and mechanics aren’t allowed to own their own business or hire employees until they complete a vocational course. Economists and politicians said Germany is slow in recognizing foreign qualifications for doctors and teachers.

Millions of migrants now depend on government support. In the rural district west of Suhl, 35% of the recipients of income support are noncitizens, compared with almost none a decade ago, Ebert said.

Nationwide, almost half of recipients are noncitizens. Only 18% of the more than one million Ukrainian refugees work and earn enough not to qualify for benefits, compared with 65% of them in the U.K. and 61% in Poland, according to government data compiled by Statista.

Economists agree that Germany’s growing migrant community could be a boon. Statistically, foreigners are more likely to own their own businesses. On Erfurt’s Johannesstrasse, boarded up stores have given way to a Syrian market, Arab barbershops and Asian grocers. Thuringia has become a logistics and transport hub that employs many migrant workers, many of them taking jobs that would otherwise go unfilled.

“The only reason Thuringia has stable employment is our success in bringing migrants into the labor market,” said Irena Michel, head of the state labor agency for central Thuringia.

For decades, Suhl was a left-wing stronghold. In 2018, it elected Knapp, a center-right politician, on a promise to fix immigration problems. In September, the nativist AfD party won the state election in Thuringia with more than 30% of the vote—its best ever showing there.

“When [former German Chancellor] Angela Merkel failed to close the borders after the migration crisis started, we warned about what would happen,” said Stefan Möller, the AfD’s No. 2 official in Thuringia. “And people now see that our warnings have come to pass.”

At the end of the summer, delegates from Germany’s federal government and mainstream opposition parties gathered at Chancellor Olaf Scholz’s office to discuss ways to curb the influx. The trigger was the arrest of a Syrian whose asylum request had been rejected and who was suspected of killing three people in an attack claimed by Islamic State.

Days later, Germany reintroduced border controls. Scholz, a center-left politician, has pledged to deport undocumented migrants “in a big way,” and recently reintroduced sanctions for welfare recipients who refuse to work.

Merz, the center-right CDU chairman who polls suggest could become Germany’s next chancellor after the February election, wants all asylum seekers who travel through another EU country on their way to Germany to be turned back.

The Information : Where Is Venture Capital Going in 2025?

Where Is Venture Capital Going in 2025?

Dealmakers, it’s been a history-making year.

OpenAI raised $6.6 billion, the largest venture capital fundraise in history—only to have Databricks beat that record with its $10 billion haul in December. Then there were the acqui-hires, topped by Google paying $2.7 billion for the talent and technology behind Character AI.

But the year wasn’t just up and to the right. Several well-known startups shut down, including fintech Synapse, which filed for bankruptcy and left customers searching for their money, and Forward Health, a direct-to-consumer healthcare company that raised more than $400 million. A bevy of e-commerce and creator economy startups also shuttered operations, as did early-stage venture capital firm Countdown Capital. And some prominent investors left firms such as Sequoia Capital, Founders Fund, Index Ventures and Lux Capital.

If 2024 was about separating winners and losers, what will 2025 bring?

More investors will start their own funds

Other than chasing fundraising deals for artificial intelligence companies, I’ve been busy the past few months running after the senior partners leaving VC firms.

In December, Bilal Zuberi, a general partner at Lux Capital known for his investments in robotics and deep tech companies, left to plot his own hundred million–dollar fund. Michelle Volz, formerly an investor on Andreessen Horowitz’s American Dynamism team, is raising a fund to back defense and supply chain companies. Earlier this year, a trio of top investors from Index, Andreessen Horowitz and Bessemer Venture Partners raised $350 million for their debut fund.

I haven’t seen so many new funds launched since 2021. It has me wondering if there are enough limited partners to back everyone’s dreams. Next year, I’ll closely track how successful these individuals are in raising their own funds.

As for firms that are already investing but struggling to generate returns, there will be opportunities for consolidation.

I predict VC mergers every year, but we’re finally seeing evidence that they are arriving. In June, General Catalyst acquired Indian firm Venture Highway. And earlier this month, 360 Venture Collective bought a significant management stake in early-stage firm Backstage Capital. Next year will bring more acquisitions as VC firms are stuck in a waiting game for returns. Sure, many firms are eager for home runs, ideally in the form of initial public offerings, but for a majority of smaller shops, there may be pressure to sell off their stakes and provide some immediate liquidity for their limited partners.

“Research founders” will have growing pains

My look into the rise of Daniel Gross, a prolific investor and now a co-founder of Safe Superintelligence, an AI research lab, along with Ilya Sutskever, OpenAI’s former chief scientist, highlighted an idea proliferating across Silicon Valley: Investors are seeking out founders with research backgrounds who grasp the complexities of AI—and can identify potential breakthroughs. VC firms are cozying up to research labs to find these founders.

In 2025, I expect some growing pains. Research-oriented founders will need to figure out how to go from pitch to revenue faster; that may challenge founders accustomed to academia’s more leisurely pace. We may see some new founder-CEOs step down, or be joined by a co-CEO who is more sales and marketing minded.

Databricks and Perplexity co-founder Andy Konwinski, a computer scientist who recently co-founded Laude Ventures, said some of these researcher-founders may need help from investors. “How do we help them turn their discovery into a billion-dollar company?” he told me recently.

When I asked if that meant his firm may invest in labs or AI companies that aren't commercially focused, he smiled and emphasized that Laude Ventures is obsessed with “actual early product traction” and a road map to revenue.

Sovereign capital will face new challenges

Sovereign wealth funds from the Middle East made appearances on several capitalization tables this year, continuing a trend of investing directly in startups as well as in VC firms. MGX, a partnership between Abu Dhabi wealth fund Mubadala Investment Co. and tech conglomerate G42, launched a $100 billion fund to back AI companies. MGX then poured hundreds of millions of dollars into both OpenAI and Databricks.

But the incoming administration of Donald Trump may create hurdles by imposing more scrutiny on foreign capital moving into U.S. companies. The Committee on Foreign Investment in the U.S. has been reviewing these deals for years. During Trump’s first term, CFIUS tightened its reviews of foreign investments, particularly those coming from China.

Even so, I expect we’ll see more sovereign wealth funds open offices in the U.S. and try to cozy up to lawmakers to create better relationships and work on U.S. projects. As I reported last month, G42 is moving toward opening a U.S. office after distancing itself from China in response to geopolitical pressure from the U.S.

SPV mania will continue

Special purpose vehicles are now a common way for VCs to invest in startups, as we wrote time and time again this year.

I expect the mania to continue. But retail investors, founders and some firms will grow wary of double-layer SPVs or misleading marketing. I can’t get two sentences out of my head from my last feature on this topic: “An OpenAI spokesperson said the company restricts the ability of investors to indirectly transfer their shares to other investors. If they do so without OpenAI’s approval, the company can cancel their equity stakes and keep the capital.” Talk about real consequences.

L'Informé : Satisfaction, la machine à cash d’Arthur

Satisfaction, la machine à cash d’Arthur
L’animateur star de la Une fête ses trente de carrière à la télé ce 26 décembre, alors que sa société de production affiche une santé financière insolente. Révélations.

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Ce jeudi soir, TF1 s’apprête à célébrer un anniversaire en grande pompe. La chaîne consacre plus de trois longues heures de programmes à son animateur vedette, Arthur, qui fête ses trois décennies de télé. « Entre vous et moi, on peut dire que c’est une histoire qui dure. Trente ans déjà. Qui aurait pu imaginer », a publié le bateleur de 58 ans sur son compte Instagram suivi par plus de 3,2 millions d’internautes. Parions que l’émission fera la part belle aux meilleures vannes de l’animateur, ou à ses nombreux fous rires survenus en plateau. Gageons, en revanche, qu’elle passera assez vite sur une autre facette du trublion : son caractère redoutable en affaires.

Producteur, Arthur a créé sa société, Satisfaction The TV Agency, en 2010 et peut se targuer d’une rentabilité exceptionnelle. À l’origine de Vendredi tout est permis, l’entreprise affiche un chiffre d’affaires de 16,5 millions d’euros (stable sur deux ans), pour un bénéfice net de 13,38 millions d’euros, soit une étonnante marge nette de 81 % ! De quoi faire pâlir jusqu’aux géants de la tech américaine, même si ces données non consolidées intègrent les profits des filiales mais pas leur chiffre d’affaires.

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Les dernières années ont été riches en rebondissements. En 2018 selon Capital, le patron a d’abord tenté de vendre sa société et approché pour cela plusieurs leaders du secteur, comme Endemol, Fremantle ou Mediawan. Sans succès. Arthur a alors changé de stratégie et décidé de construire son propre groupe à coups d’acquisitions successives : la Grosse Équipe (les Anges de la téléréalité), Ah Production (La villa des cœurs brisés), Enibas (Météo à la carte sur France 3), ou encore Ellimac, la société de l’animateur Camille Combal (Camille & Images…).  « Je choisis des sociétés extrêmement agiles et créatives, auxquelles je laisse toute leur liberté et leur autonomie, a expliqué l’animateur dans les colonnes du Figaro. Je n’achète pas des résultats financiers, j’achète du talent. » Plus récemment, en 2020, il s’est offert Satisfy et Starling (Qui veut être mon associé ? sur M6 pour le premier et Qui veut gagner des millions ? sur TF1 pour le second), deux entreprises jusqu’ici détenues par Sony Pictures Television. À cette occasion, la major japonaise a pris 20 % du capital de Satisfaction, valorisant le petit empire d’Arthur pas moins de 144 millions d’euros.

Depuis, cette valeur s’est érodée, évaluée à 113 millions d’euros dans les comptes du Nippon. La faute à une série de déconvenues. D’abord, en 2021, la star de TF1 a perdu son contrat avec NRJ12 sur les Anges, et subi l’arrêt de District Z. Mais c’est surtout la suppression de l’émission quotidienne les Z’amours sur France 2 au bout de 26 ans d’antenne qui a porté un coup sévère à la filiale Satisfy. La patronne du groupe public, Delphine Ernotte-Cunci, a justifié ce choix par la volonté de mettre à l’antenne des formats inventés en France en remplacement de ceux dérivés de créations américaines, comme c’était le cas des Z’amours adapté de The Newlywed game. L’émission a donc été remplacée par Chacun son tour animé par Bruno Guillon. Plus récemment, France 2 n’ a pas renouvelé l’émission comique En bande organisée et Juge Arthur s’est limité à un test sans lendemain sur TF1.

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Malgré ces déconvenues, le groupe, grâce à toutes ses acquisitions, est aujourd’hui un des plus gros producteurs français. Peut-être pas le « le deuxième toutes catégories confondues » comme le prétend Arthur mais, selon le magazine Écran Total, il se classe tout de même quatrième dans les programmes de flux sur la saison 2023-2024 avec plus de 923 heures au compteur. Derrière Banijay, Mediawan et France TV Studios, qui l’a récemment doublé.

Mais le producteur ne se laisse pas désarçonner. Il a déjà repris sa course effrénée aux acquisitions. Ces dernières ambitions se sont portées surtout en dehors de l’Hexagone. Depuis 2023, il s’est attaqué à de nouveaux marchés que ce soit en Espagne, en Angleterre, aux Pays-Bas… Outre-Manche, il a pris 5 % du capital du producteur Yes Yes Media pour une somme estimée à environ 350 000 livres. Il a aussi noué des partenariats avec Keshet en Israël ou le britannique Fulwell 73, et s’est allié au Néerlandais Talpa de John de Mol (connu pour l’émission Big Brother) – Satisfaction a notamment adapté en France son jeu The Floor, à la conquête du sol. Diffusé sur France 2 il y a un an, ce programme, animé par Cyril Féraud, doit même reprendre à la fin du mois. À noter toutefois que si la création d’une société commune avec le néerlandais, baptisée Satisfaction-Talpa France, avait aussi été annoncée dans un communiqué en 2021, on n’en trouve aucune trace aujourd’hui au registre du commerce.

Avec une fortune estimée à 600 millions d’euros selon le magazine Challenges et une carrière de 30 ans derrière lui, Arthur n’a plus peur de rien. Il s’est permis une émission de téléréalité Frenchie Shore interdite aux moins de 16 ans sur Paramount + et MTV qui en a choqué plus d’un. Le concept ? Les dix plus grands fêtards de France se retrouvent au cap d’Agde pour faire la fête. De quoi provoquer les critiques de l’ancienne ministre de la Culture, Rima Abdul Malak, jugeant le programme « à la limite de la pornographie ». En guise de réponse, Arthur avait indiqué chez Puremedias : « J’invite les gens choqués par Frenchie Shore à se rendre cinq minutes sur TikTok pour voir… ». Un an plus tard, une deuxième saison, encore plus trash, vient de débuter. Sans susciter d’indignation politique.

Contactée, la porte-parole d’Arthur Françoise Doux n’a pas répondu.

FT : Japan’s Nikkei index heads for best year-end close since 1989

Japan’s Nikkei index heads for best year-end close since 1989
Equity markets have finally surpassed bubble-era levels during rally led by domestic investors

Japan’s benchmark Nikkei 225 stock index is on track for a record year-end close, finally surpassing a mark reached 35 years ago during the country’s 1980s economic bubble.

The index closed the year’s penultimate trading session on Friday 1.8 per cent higher at 40,281 points, with gains led by Toyota, Sony and Uniqlo parent Fast Retailing. Japan’s final trading session of the year is on Monday.

Takeo Kamai, head of execution services at CLSA Securities in Tokyo, said the market had been boosted by a “Santa rally” of dealmaking news and the prospect that Japan’s corporate giants would act more in line with investor interests.

“With the recent megamerger news of Honda and Nissan and news about more shareholder returns from Japan’s number one market cap heavyweight Toyota, there could be some cautiously opportunistic investors for a rekindling of the ‘buy Japan’ story for the upcoming year,” said Kamai.

Before this year, the Nikkei’s all time-peak was just under 39,000 points, reached in the final trading session of 1989 following years of investor euphoria about the power of Japanese companies and the value of the country’s property.

The subsequent end of Japan’s speculative mania left foreign and domestic investors deeply sceptical about the country’s equity markets, in an economy that was stagnant for decades.

But in 2024, a sustained rally driven by company share buybacks, activist funds and retail investors finally pushed stocks beyond the bubble-era levels.

The Nikkei surged to an all-time high above 42,000 points in July while the broader Topix index, with a large number of medium-sized companies, surpassed its bubble-era peak in the same month.

Analysts said this year’s rally was all the more surprising because it was not propelled by foreign investors, historically the biggest deciding factor in the momentum of Japanese stocks.

Foreigners were net sellers in 2024 of about $32bn of cash stocks and futures, mostly in the second half of the year, according to the operator of the Tokyo Stock Exchange.

Since the start of the year, the Nikkei has risen just over 21 per cent, putting it among the best-performing major indices in the world as shareholder activism reached a record, the weak yen boosted the attractiveness of exports and corporate earnings hit an all-time high in the June-September quarter.

Traders said a year-end close above 40,000 would be a powerful symbol for retail and institutional investors as the government encourages households to shift more savings into equities and other investments.

Since the start of 2024, individuals have been allowed to park more of their savings in Nippon individual savings accounts, which offer long-term tax protection and have proved more attractive than analysts expected.