FT : Tesla investors advised to vote against Elon Musk’s $56bn pay and Texas mov

Tesla investors advised to vote against Elon Musk’s $56bn pay and Texas move
Proxy adviser Glass Lewis says 2018 pay award is ‘excessive’ and proposed reincorporation is risky

Proxy adviser Glass Lewis has urged Tesla shareholders to vote against Elon Musk’s $56bn pay award and a proposal to reincorporate the electric vehicle maker in Texas, a major blow for the board ahead of its crucial annual meeting next month.

Glass Lewis said the chief executive’s package of share options was unduly dilutive and of “excessive size” in a report released on Saturday. It also criticised the proposed move to Texas as offering “uncertain benefits and additional risk” to shareholders.

The proxy adviser also raised issues with Musk’s “slate of extraordinarily time-consuming projects”, in particular the 2022 acquisition and ongoing overhaul of Twitter, now known as X, which it claims are distracting the billionaire from leading the world’s largest EV manufacturer. Musk also runs SpaceX, Neuralink and the Boring Company.

Tesla’s board has been lobbying investors to re-ratify the $56bn award given in 2018, which was struck down by a Delaware judge in January due to concerns over its size and the independence of the board. In response, Musk vowed to leave the state and move Tesla’s incorporation to Texas.

Tesla chair Robyn Denholm has argued that Musk deserves to be paid so much because the company hit ambitious targets for revenue and its stock price. She brushed off criticism she is too close to the CEO as “crap”.

Glass Lewis’s recommendations are significant because they influence the voting of large institutional investors such as Vanguard, Capital Group, Norges and State Street, all of whom are top-10 shareholders in Tesla and voted against the pay proposal the first time around. Nevertheless, the proposal passed with 73 per cent approval.

Fellow proxy adviser ISS is expected to release its own report soon ahead of Tesla’s June 13 annual meeting.

While winning the pay vote would not overturn the court’s decision, the carmaker hopes it will prove investors still back the package six years later and could be decisive in subsequent legal appeals.

If successful, Musk’s stake will jump to more than 20 per cent from 13 per cent. A loss would be symbolically damaging for Denholm and the rest of the board and raise questions about Musk’s future at Tesla. He has threatened to develop future artificial intelligence products elsewhere if he does not gain greater control of the automaker, which he is repositioning as an AI and robotics company.

Some large investors have indicated they are prepared to back the award regardless of proxy advice. Baillie Gifford’s flagship Scottish Mortgage Investment Trust told the FT this week that it was in favour because Musk had delivered “remarkable corporate performance leading to huge creation of value for shareholders”.

Tesla also has to persuade thousands of retail investors around the world to vote in favour of the resolutions. They account for about 30 per cent of shares, an unusually high amount for a listed company, and will be crucial in the outcome.

On the pay vote, a simple majority must be in favour, excluding those shares owned by Musk and his brother Kimbal. Reincorporation in Texas has a higher bar, requiring a majority of all shares outstanding, meaning those not cast are counted as a “no”.

Glass Lewis also recommended voting against the re-election of Kimbal to the eight-person board, warning “shareholders may reasonably consider the board’s overall independence to be a material concern.”

>>> Vanda Pharma rejects takeover proposal from Future Pak

Vanda Pharma rejects takeover proposal from Future Pak
  • Co announces that it has carefully reviewed the revised unsolicited proposal from Future Pak, LLC to acquire the Company for $7.25 to $7.75 per share in cash plus certain Contingent Value Rights ("CVRs").
  • After having consulted with financial and legal advisors, board has unanimously concluded that the proposal substantially undervalues the Company, creates significant risk and uncertainty and is not in the best interests of the Company and its shareholders.
  • Accordingly, the Board has rejected the proposal. The Board believes the revised unsolicited proposal is yet another opportunistic attempt to purchase the Company's shares at a discount to Vanda's intrinsic value. The Board and management team remain confident that Vanda's robust revenue, strong cash position and efficient operations position the Company well for significant long-term growth and value creation far in excess of the consideration offered.

Fortune : Could drugs like Ozempic and Wegovy help people live longer? Some expe

Could drugs like Ozempic and Wegovy help people live longer? Some experts see them as potential longevity pills

Could Ozempic be the answer to a longer life?

It’s the question many scientists are asking about the controversial drug, a glucagon-like peptide-1 receptor agonist (GLP-1), as some research suggests it could help humans age with less chronic diseases. The same goes for glucose-dependent insulinotropic peptide receptor agonists (GIP) such as Zepbound and Mounjaro, leaving some experts to start seeing them as potential longevity pills and considering how in the future they can be prescribed safely to more people, especially as rates of obesity continue to rise.

“The singular most effective and consistent way of extending lifespan in animals is caloric restriction,” says Dr. Douglas Vaughan, a professor of medicine at Northwestern University and director of the Potocsnak Longevity Institute. “That’s been demonstrated to work on everything from worms to flies to mice to monkeys. If you can find a way to get people to chronically reduce their caloric intake, it sort of makes sense that it might have an effect on aging. It’s probably not as simple as that and there could be unexpected effects of these drugs that might negate or prevent the anti aging effect, but it’s a great hypothesis and it needs to be tested rigorously.”

What are GLP-1s and GIPs?
Originally, semaglutide and similar drugs were primarily developed to manage type 2 diabetes. They work by activating GLP-1 receptors and increasing insulin levels in the body and thereby decreasing glucose levels. They can help with appetite suppression and weight loss since GLP-1 receptors exist in the digestive system. Research shows these drugs delay gut motility, slowing how quickly food is digested and curbing hunger and food cravings.

However, GLP-1 receptors also exist in organ systems throughout the body such as the kidneys, heart, blood vessels, and of course, the brain. This may be why they prove beneficial for managing or preventing several other chronic diseases and reducing systemic inflammation, though undoubtedly more studies are needed to understand the mechanism of action.

What has research shown so far about their benefits?
A wide variety of research on GLP-1 and GIPs receptor agonists finds they may combat a constellation of chronic and age-related diseases including heart disease, nonalcoholic fatty liver, disease, kidney disease, sleep apnea and polycystic ovarian syndrome. Some preliminary research also finds that semaglutide, a type of GLP-1 therapy, restored the function of anti-cancer cells known as NK cells in people with obesity, potentially lowering their risk for certain types of cancer.

These drugs also appear to have neuroprotective benefits. A small study published in April in the New England Journal of Medicine found lixisenatide—another GLP-1 receptor agonist and close cousin of Wegovy and Ozempic—slowed early Parkison’s disease. Some researchers are also testing whether these drugs can prevent Alzheimer’s disease.

Even more, compelling preliminary research finds these drugs could benefit those in treatment for addiction. Animal studies, small studies on humans and anecdotal reports suggest that these medications can lower alcohol intake by curbing alcohol cravings—another lifestyle habit strongly associated with shorter lifespan and healthspan.

Most experts agree that these drugs would need to be studied more extensively for each potential indication in order to safely prescribe them outside of their FDA-approved usages, which is currently for diabetes, diabetes-related heart disease and obesity.

Purely from a statistical standpoint, it is likely that the number of people taking GLP-1 receptor agonists and related drugs will continue to increase, since by 2030 nearly half of all US adults will likely classify as obese. With that will come more chronic disease. Currently, roughly 4 in 10 adults in the US live with two or more chronic diseases, according to the US Centers for Disease Control and Prevention.

Dr. Nir Barzilai, director of the Institute for Aging Research at the Albert Einstein College of Medicine, has been studying the potential for repurposing a number of already FDA-approved medications to promote longevity. He recently published an analysis in the journal Medical Research Archives that reviewed the existing research on a number of drugs that appear to target the twelve hallmarks of aging such as mitochondrial dysfunction, cellular senescence and telomere shortening. GLP-1 receptor agonists made the shortlist after SGLT2 inhibitors, metformin and the osteoporosis drug, bisphosphonates.

Dr. Barzilai envisions a future where semaglutide and these other drugs are part of a longer term plan for disease prevention, much in the way people take over-the-counter supplements. He points out that it’s a common practice for healthy people to take vitamins and supplements that are purported to slow the effects of aging, specifically antioxidants, even though the research demonstrates that they don’t significantly impact health and we don’t know enough about their effects.

Risks of seeing these drugs as a magic bullet
However, Dr. Barzilai cautions that GLP-1 receptor agonists are not a cure-all. “I’m not here calling for doctors to give those drugs to anyone. I’m just calling their attention that we check the general therapeutic effects of those drugs. And we have to consider them because we can and we should in order to prevent, not one disease, but two or three and to decrease mortality.”

Physicians like Dr. Kinga Kiszko, an assistant professor of geriatrics and palliative medicine at the Icahn School of Medicine at Mount Sinai, caution that these medications aren’t for everyone, especially when it comes to older people. “A lot of the times where I see the new agents for diabetes is when they do more harm than good, which is sometimes just a result of polypharmacy,” she says. Dr. Kiszko would like to see more well-designed studies that measure the impact of these therapies on elderly patients. “There’s such heterogeneity in the older adult population, there are some people who we absolutely do not want to lose weight.”

Dr. Maria Daniela Hurtado Andrade, an assistant professor of medicine and endocrinologist at the Mayo Clinic, is already prescribing semaglutide as a tool to prevent the cascading health effect of weight gain that often leads to early death. While it’s recommended that clinicians reserve these medications for patients with a BMI of 27 or greater, she sometimes gives them to patients whose health is trending in a concerning way. Perhaps they do not currently meet the criteria for being overweight or obese, but they are gaining an average of 10 pounds annually, she says. Waiting another year to start the medication could prove detrimental to their health and up their risk for multiple chronic diseases and early death.

“I use my clinical judgment and sometimes do not adhere to the guidelines, but consider other aspects. There have been women who do not meet criteria by BMI to start these medications but I still start them, because I want to prevent disease instead of letting this happen,” says Andrade, who is also a co-investigator at the Mayo Precision Medicine for Obesity program. “In my mind, it is always case-by-case. I take into account the individual medical history, family history of risks of using these medications and then I discuss all these aspects with patients and my patients make an informed decision at the end of the day.”

The Information : Musk Plans xAI Supercomputer, Dubbed ‘Gigafactory of Compute’

Musk Plans xAI Supercomputer, Dubbed ‘Gigafactory of Compute’

The Takeaway
• Musk plans to put 100,000 GPUs in one data cluster
• The supercomputer would be 4 times bigger than current AI clusters
• Microsoft, others are also planning very large supercomputers

Elon Musk has said publicly that his artificial intelligence startup xAI will need a whopping 100,000 specialized semiconductors to train and run the next version of its conversational AI Grok. To make the chatbot smarter, he’s recently told investors xAI plans to string all these chips into a single, massive computer—or what he’s calling a “gigafactory of compute.”

In a May presentation to investors, Musk said he wants to get the supercomputer running by the fall of 2025 and will hold himself personally responsible for delivering it on time. When completed, the connected groups of chips—Nvidia’s flagship H100 graphics processing units—would be at least four times the size of the biggest GPU clusters that exist today, such as those built by Meta Platforms to train its AI models, he told investors.

Musk’s supercomputer would entail spending billions of dollars and getting access to enough power. But it could help the one-year-old startup catch up to its older and better-funded rivals, which are also planning similarly sized AI chip clusters for the next year and much bigger ones further in the future.

A cluster refers to numerous server chips that are connected by cables in a single data center so they can compute complex calculations simultaneously in a more efficient manner. Leading AI firms and cloud providers believe that bigger clusters with more computing power will lead to stronger AI.

Even on Musk’s timeline, xAI will still trail its older rivals. By the end of this year or early next year, OpenAI and its main backer Microsoft could already have a cluster the size of the one Musk envisions. OpenAI and Microsoft also have discussed developing a $100 billion supercomputer that would be several times larger, containing millions of Nvidia GPUs.

Musk plans to use much of the $6 billion xAI is raising from Sequoia Capital and others on Nvidia’s advanced chips that power the development of AI that can talk, code or analyze data the way humans do, The Information previously reported.

XAI could partner with Oracle on the supercomputer. It has been talking to Oracle executives about potentially spending $10 billion to rent cloud servers over a period of years. The startup already rents servers with about 16,000 H100 chips from Oracle, where it is the largest customer of such chips.

It will need much more for the planned supercomputer, but Nvidia has signaled that the startup has a favored status. Nvidia CFO Colette Kress named xAI in a list of half a dozen customers that will be the first to use Nvidia’s next flagship chip, Blackwell, alongside OpenAI, Amazon, Google and others.

Grok Booster

Musk’s “gigafactory of compute,” an apparent reference to the electric battery and vehicle factories set up by Musk’s Tesla, could potentially speed up the development of xAI’s Grok. Musk conceived of the AI assistant that would have fewer restrictions on speech than those made by OpenAI and Google. The company is currently training Grok 2.0 on 20,000 GPUs, Musk has said. A recent version can process documents, charts and real-world objects. Musk envisions expanding the model to audio and video, as well.

It’s not clear where Musk would build the supercomputer. Though xAI offices are in the San Francisco Bay Area, the most important factor for AI data center location is availability of power. A data center with 100,000 GPUs would likely require 100 megawatts of dedicated power, according to people with knowledge of GPU power requirements.

That is a lot more power than traditional cloud computing centers require. But it’s on par with the energy needs of AI data centers housing multiple clusters that cloud providers are running and building today. These are increasingly being built in remote or nontraditional places, where power is cheaper and more available.

For instance, Microsoft and OpenAI are building a large-scale data center in Wisconsin that’s separate from the $100 billion supercomputer and will cost around $10 billion to compete, and Amazon Web Services is building some AI data centers in Arizona.

Tesla, now headquartered in Austin, is also developing a supercomputer called Dojo, which is based on a chip it built in-house to help run the AI software behind the self-driving capabilities in its vehicles. Musk said during a call with investors in April that Tesla also has 35,000 Nvidia H100s to train its self-driving AI, and it plans to have access to more than double that amount by the end of the year.

CrunchBase : The Week’s 10 Biggest Funding Rounds: Scale AI’s Massive $1B Deal L

The Week’s 10 Biggest Funding Rounds: Scale AI’s Massive $1B Deal Leads Slower Week

It was a slower week for big rounds compared to many of the past few. Nevertheless, the week saw a $1 billion round go to yet another AI startup, and biotech and blockchain also saw some big deals.

1. Scale AI, $1B, artificial intelligence: This week was like many — one topped with a big AI round. Scale AI raised $1 billion in a round led by Accel that values the data labeling and evaluation startup at a stunning $13.8 billion. The valuation is nearly double the $7.3 billion the San Francisco-based startup hit after a $325 million raise in April 2021. The new financing included some of the biggest names in tech, with Nvidia, Meta and Amazon all investing. The new Scale AI round is the second $1 billion raise for a U.S.-based AI startup this month, after CoreWeave raised a whopping $1.1 billion in a fresh funding round led by Coatue in a deal valuing the company at $19 billion, per The Wall Street Journal. Scale AI plays a key role in creating large language models and accurately labeling text, images, video and voice data. The startup also creates and fine-tunes data sets.

2. AltruBio, $225M, biotech: AltruBio was the biggest biotech raise of the week, securing a $225 million Series B led by BVF Partners. The San Francisco-based startup is developing therapeutics for the treatment of ulcerative colitis and other immunological diseases. The new cash will be used to support ongoing and planned Phase 2 clinical trials in ulcerative colitis. Founded in 2000, AltruBio has raised nearly $328 million, per Crunchbase.

3. Farcaster, $150M, blockchain: Is Web3 funding back? It saw a little pickup in Q1, and more rounds like this will help, as Web3 social media platform Farcaster raised a $150 million round led by Paradigm. The startup will use the new cash to grow its user base and add developer tools. In March, it was reported Merkle Manufactory — the Web3 social media firm behind Farcaster — was in talks with venture investors about a new funding round that would value the company at more than $1 billion.

4. Suno, $125M, artificial intelligence: Investors can’t get enough of different ways to use generative AI. Music startup Suno snared a $125 million round led by Lightspeed Venture Partners, Nat Friedman, Daniel Gross, Matrix and Founder Collective. The Cambridge, Massachusetts-based startup allows users to create songs from simple text prompts, generating voice, lyrics and music. In announcing the deal, the company said 10 million people have already made music using Suno even though it released its first product just eight months ago.

5. Progentos Therapeutics, $65M, biotech: Watertown, Massachusetts-based Progentos Therapeutics closed a $65 million Series A led by Netherlands-based Forbion Capital Partners. The biotech company is looking to regenerate myelin and restore function for patients with multiple sclerosis — a condition that affects nearly 3 million people worldwide. Founded last year, this is the company’s first announced raise, per Crunchbase.

6. (tied) Allez Health, $60M, healthcare: Carlsbad, California-based Allez Health, formerly Zense-Life, raised a $60 million Series A+ led by Osang Healthcare. The startup develops smart biosensors for connected digital health platforms. Founded in 2018, the company has raised more than $62 million, per Crunchbase.

6. (tied) Tuesday Health, $60M, healthcare: Nashville, Tennessee-based Tuesday Health, a supportive care organization delivering care and support for seriously ill patients and caregivers, locked up a $60 million strategic investment from Valtruis, The Blue Venture Fund, Mass General Brigham Ventures and CareSource. Founded last year, this is the company’s first announced raise, per Crunchbase.

8. 280 Earth, $50M, climate tech: Mountain View, California-based 280 Earth, a direct air capture startup to remove carbon dioxide from the atmosphere, raised a $50 million Series B from a handful of investors, including Alphabet. Founded in 2022, this is the company’s first announced raise, per Crunchbase.

9. Wayspring, $45M, healthcare: Nashville, Tennessee-based Wayspring, a substance use disorder care startup, raised a reported $45 million round led by CVS Health Ventures. Founded in 2012, the company has raised $161 million, per Crunchbase.

10. Pratika, $35.5M, edtech: Palo Alto, California-based language learning app Pratika raised a $35.5 million Series A led by Blossom Capital. Founded in 2022, the company has raised $36.5 million, per Crunchbase.

Big global deals
While Scale AI’s massive raise dwarfed all others, there was another big AI raise abroad.
  • AI translation and language startup DeepL locked up a $300 million round at a $2 billion post-money valuation in a round led by Index Ventures. The valuation is about double its previous $1 billion-plus valuation from January 2023.

>>> G7 Fin Mins draft statement: Making progress on considering ways to use prof

G7 Fin Mins draft statement: Making progress on considering ways to use profits from frozen Russian assets to help Ukraine, and will present options at leaders' summit in June

- G7 expresses concerns about China's comprehensive use of non-market policies and practices that undermine our workers, industries and economic resilience; Will consider taking steps to ensure a level playing field with China, in line with WTO principles

- Ministers seek to sign off on first pillar of the global minimum tax deal by end of June 2024
- German Fin Min Lindner: G7 agreed on the goal of further financing Ukraine in 2025, but not how to do it
- Italy Fin Min Giorgetti: There are problems with approving the first pillar of the global minimum tax reform plan
- EU has to decide what to do regarding tariff hikes on Chinese goods
- China's industrial overcapacity has an impact on all of us

WWD : The Latest Greek Island Luxury Resorts Are Inviting Travelers to Experienc

The Latest Greek Island Luxury Resorts Are Inviting Travelers to Experience New Spots in the Aegean
The Cyclades' newest boutique resorts invite visitors to venture beyond the area's most popular tourist destinations.
For seasoned Greece-bound travelers, the “Mykonos or Santorini?” debate has been replaced by a different question this summer: “Where to next?” The Cyclades’ newest boutique resorts invite visitors to venture beyond the area’s most popular tourist destinations, where unique experiences (and fresh beaches) await. Here are three islands to consider.
Gundari on Folegandros
Gundari, located on the small island of Folegandros, is among the latest luxury properties opening in time for the peak summer season.
“It’s an island that still has very much a strong soul,” says Gundari founder and chief executive officer Ricardo Larriera. He compares Folegandros’ appeal to what the nearby Santorini was like 30 years ago, before the island’s popularity soared, leading to its main towns becoming overrun with hotels, nightlife appeal and tourist-driven shops. “It still feels untouched because the locals are still living in and around the island, the locals are still farming, the locals are still wandering around on their donkeys,” adds Larriera of Folegandros, which is a 45-minute boat ride from Santorini. “You really get a sense of timelessness there.”
Gundari
Gundari, which began welcoming visitors in May, is Folegandros’ first luxury resort. Larriera, who’s based in Australia, first visited the island several years ago at the recommendation of a Greek expat friend. Blown away by the location’s natural beauty and intimacy of the local community, Larriera saw an opportunity to bring an elevated boutique hotel to the island. He also set out to make Gundari a case study in meshing sustainability with uncompromised luxury hospitality, drawing inspiration from the Aman hotel brand.
“Our positioning is focused on giving people a really raw, nature and dramatic landscape-based luxury experience,” he says, adding that Gundari will appeal to a more independent luxury traveler — someone who’s comfortable with taking a chance on a less-trodden location, and taking their travel itinerary into their own hands. Leading up to the opening, resort bookings were led by American and British travelers, a signal of international appetite for a new summer destination in the area.
Gundari resort entrance.
COURTESY
The property offers sea-view suites and villas, some with private pools. There is a spa onsite, and a seasonal-driven restaurant and bar featuring a menu designed by Michelin-starred Greek chef Lefteris Lazarou. Room rates start at 520 euros per night.
Folegandros’ main town and “crown jewel” is Chora, located on a high cliff with winding maze-like streets, originally constructed to ward off pirates. Today, the vibrant town boasts charming restaurants and bars, free from car traffic. Other island attractions include the Church of Panagia, secluded beaches, and scenic vistas well worth the trek.
Gundari room.
The main pool at Gundari.
COURTESY
One&Only Kéa Island
Kéa is one hour from Athens, making it the closest Cyclades island to mainland Greece: 30 minutes by boat, 15 by helicopter. The resort offers one- and two-bedroom suites, with views of the sea or island landscape. Each option is outfitted with a private pool and deck, and design elements are rooted in highlighting the island’s natural beauty with high ceilings and open archways, and materials like local marble. Onsite dining includes a “farm and sea to table” restaurant, pool bar, and the Bond Beach Club, which boasts a resident DJ and Latin-Asian cuisine. Kéa will appeal to travelers looking for a less scene-y scene, with plenty of hiking paths and ancient ruins, and the island’s notable Lion of Kéa sculpture from 600 BC. The luxury of privacy and seclusion comes at a price: with the brand firmly rooted in the ultra-luxury category, room prices start at $2,750 euros during peak season.


One&Only Kéa Island
RUPERT PEACE
One&Only Kéa Island
RUPERT PEACE
Kéa Island
RUPERT PEACE

Odera Tinos
Marriott has opened Odera, its newest Autograph Collection property, on the island of Tinos, about a 20-minute boat ride away from Mykonos. Odera is the island’s first luxury hotel, offering visitors 77 rooms and suites, most with panoramic views of the sea and opening out on shared and private plunge pools. Onsite restaurants led by chef Dimitris Skarmoutsos offer Mediterranean cuisine with a distinctly Tinian influence, including local wines with the island’s distinct terroir. Tinos is home to the Panagia Evangelistria church, a prominent pilgrimage destination; other attractions include the Museum of Marble Crafts, located in the “marble village” of Pyrgos, and, of course: the beaches. Room rates start at around $282 euros a night.
The entrance to Odera.
A guest room at Odera.
GIORGOS ZONDI

WWD : Saint Laurent Productions’ ‘Emilia Perez’ Wins Big at Cannes Closing Cerem

Saint Laurent Productions’ ‘Emilia Perez’ Wins Big at Cannes Closing Ceremony
The musical won a joint best actress prize for Adriana Paz, Karla Sofía Gascón, Selena Gomez, and Zoe Saldana, plus the jury prize for director Jacques Audiard.

CANNES – Saint Laurent Productions’ “Emilia Perez” won big on the closing night of the Cannes Film Festival, with the movie being awarded a joint best actress prize for all its leads, as well as the third place jury prize for director Jacques Audiard.

Adriana Paz, Karla Sofía Gascón, Selena Gomez, and Zoe Saldana were awarded the best actress prize as an ensemble for the musical comedy.

“Barbie” director Greta Gerwig served as president of the jury, alongside actresses Lily Gladstone, Eva Green, and Ebru Ceylan, actors Omar Sy and Pierfrancesco Favino, and directors J.A. Bayona, Hirokazu Kore-eda and Nadine Labaki.

“Women together — that’s something we wanted to honor when we made this award,” said Gerwig when announcing the unusual prize. “Each of them is a standout, but together they are transcendent.”

It is the first time the jury has awarded a collective acting prize for actresses, though Léa Seydoux and Adèle Exarchopoulos were jointly awarded the Palme d’Or with director Abdellatif Kechiche a decade ago for “Blue is the Warmest Color.”

Gascón is also the first trans actress to win a best actress prize in Cannes. Saint Laurent dressed her for the occasion in an asymmetrical black jersey dress, brass earrings and cuffs and a pair of classic patent pumps.

Gascón accepted the award solo and dedicated the prize to all trans people. “I want these people to come to believe, like in ‘Emilia Perez,’ that it is always possible to improve, that everyone can become a better person. So, all of you who have made us suffer, it is also time for you to change,” she said.

The film, also starring Édgar Ramirez, has been one of the buzziest at Cannes, and its winning of two prizes is also a rarity as the jury traditionally gives just one prize per film.

The top prize of Palme d’Or went to Sean Baker’s “Anora” starring Mikey Madison as a stripper-turned-call girl who marries the son of a Russian oligarch.

“This, literally, has been my singular goal as a filmmaker for the past 30 years, so I’m not really sure what I’m going to do with the rest of my life,” Baker said upon accepting the award.

He also encouraged viewers to see films on the big screen. “The future of cinema is where it started – in a movie theater,” he said. “The world has to be reminded that watching a film at home while scrolling through your phone, answering emails and half paying attention is just not the way, although some tech companies would like us to think so.”

Madison attended the ceremony wearing Chanel, as she has been dressed throughout the festival.

Demi Moore, who had been tipped for best actress for her mindbending role in “The Substance,” attended the film in a black and white couture gown from Celine.

The film, costarring Margaret Qualley and Dennis Quaid, took the best screenplay prize for director Coralie Fargeat.

“This film speaks to the experience of women in the world,” Fargeat said when accepting the prize. The movie is set as a feminist body horror film commentary on the tyranny of youth and beauty.

“I really believe that movies can change the world, so I hope this movie will be a little stone to build new foundations. I really think we need a revolution, and I don’t think it has really started yet,” she said.

It was a strong year for female directors, as the second place Grand Prix went to Payal Kapaidia for “All We Imagine As Light.” The film tells the stories of a trio of women in Mumbai.

In the best actor award, Jesse Plemmons won for his role in “Kinds of Kindness,” Oscar-winner Yorgos Lanthimos’ latest surrealist film. Plemmons was not present to accept the award, but he attended the premiere on the arm of wife Kirsten Dunst earlier in the festival.

“Star Wars” director George Lucas was given an honorary Palme d’Or, a lifetime achievement award of sorts, presented by good friend and fellow San Franciscan Francis Ford Coppola, whose own film “Megalopolis” screened earlier in the festival.

WSJ : America’s New Island Fighters Are Preparing for Conflict—a Stone’s Throw F

America’s New Island Fighters Are Preparing for Conflict—a Stone’s Throw From Taiwan
The Wall Street Journal flew out with U.S. Marines to remote locations from where they might one day fight China

ITBAYAT, Philippines—The U.S. and Philippine marines arrived in waves on this little island nearly 100 miles from the southern tip of Taiwan. A platoon clutching automatic rifles and machine guns sprang from Black Hawks and took up positions around the airfield. In a whirl of hot air and dust, Chinook helicopters lowered dozens more men.

They unloaded fuel cans, sacks of ready-to-eat meals and cases of medical supplies, small drones and satellite-communications gear—everything they would need for a three-day stay.

If their ride had continued north, they would reach Taiwan in less than an hour.

This was a military exercise, the guns had no ammunition and the Javelin missile launcher had no missiles. But the marines were preparing for a real-world conflict, fine-tuning a strategy they see as critical to fighting China in its neighborhood—from strings of islands close to it.

This terrain is meant to be in their wheelhouse.

They belong to the 3rd Marine Littoral Regiment, created two years ago as part of a sweeping redesign to better prepare the U.S. Marine Corps for great-power rivalry after decades of fighting in Iraq and Afghanistan. The Wall Street Journal flew out with them to Itbayat—90 minutes by helicopter from the nearest large Philippine island—and island-hopped to remote Philippine military sites they were operating from during the drills.

In a conflict, these Marines would move forward—as far and as fast as possible—with missiles and radars. They would fan out in small groups across islands and coastlines. Then, they would keep moving so that China’s missiles, sensors and drones wouldn’t find them.

The adversary would have to “expend an awful lot of resources to figure out where we are and what we’re doing,” said Col. John Lehane, the commander of the 2,500-strong Hawaii-based regiment. “We complicate his decision-making.”

In practice, it isn’t that easy to do.

Operating in austere, far-flung locations presents lots of problems. Some islands have sizable runways but others have only small helipads. Remote coastal areas aren’t always connected by roads wide enough to move radar systems and missile batteries. The Marines need small ships to maneuver but don’t have them.

In war, threats would be everywhere, making it harder to bring them supplies. China has a formidable arsenal of missiles, as well as drones of all shapes and sizes. And it has an advantage—fighting in what it considers its backyard, in the vicinity of its naval fleet, military bases and an extensive surveillance network.

Part of the Marines’ goal is to bog down China in the early stages of a conflict, buying time for other U.S. forces to get in place. From the front line, they would get a close-up picture of the battle space using sensors and small drones, and fire missiles to destroy Chinese ships or send back targeting data to U.S. and allied warplanes or ships to strike.

These smaller, more nimble units would act as a 21st-century littoral cavalry, said Benjamin Jensen, a senior fellow at the Washington, D.C.-based Center for Strategic and International Studies who teaches at the Marine Corps University.

“The ideal case is that you have these fluid forces that are flowing up and down the first island chain, so you’re constantly forcing [China] to look for you,” he said, referring to a stretch of territory from Japan to Taiwan, the northern Philippines and the South China Sea. That would impose a “tremendous tax” on China’s intelligence network, he said.

“Every sensor China tasks to look for a Marine Corps littoral regiment is a sensor that isn’t tasked on another target,” Jensen said. “You want them to go on wild-goose chases.”

To do that, these Marines need to square some circles.

Travel light while still being lethal. Get food, fuel and missiles across sprawling island chains. Gather tons of information about the enemy’s movements without giving away their own.

And do all that up close to China, where turning on a radio or a radar could make them a target.

Over the past two years, the 3rd Marine Littoral Regiment has trained on Hawaiian islands, simulated combat in California and made four trips to the Philippines. They are rehearsing tactics to communicate while remaining hidden, such as creating a lot of noise in the electromagnetic spectrum to confuse enemy forces, or drawing attention to different aspects of the formation that might or might not be something.

Racks of servers are being replaced by equipment the size of laptops, and 3-D printers are making repair parts. “We are continually refining the balance between what is the lightest package I can put there to reduce the logistics burden while still making sure that it is combat credible and able to fight,” Lehane said.

‘Seeing it, taking pictures of it’
During the recent exercises in late April and early May, several small teams flew to three tiny islands scattered across the strategic Luzon Strait.

Their presence signaled that the island-hopping Marines were getting out, with their allies, to the places from where they might fight Chinese forces someday.

“We do assessments on the islands all the time,” said Lt. Col. Mark Edgar, who helped oversee the exercises. “Everything from what those airstrips can support to what a port can support to what a beach can support.”

They tracked how many gallons of fuel they were burning. They landed helicopters on fields, or “hasty landing sites.” They purified water from a creek using a portable system.

For three days on Itbayat, home to 3,000 civilians, they camped out in an abandoned building near the airstrip. They sent out patrols to the local town, which would be a potential source of food and water in a crisis, and to the ports. They measured roads and bridges to figure out what vehicles they could bring, and pushed up to the island’s north, which faces Taiwan, for a closer look.

A different team went further to Mavulis, a tiny speck of land at the northern Philippine frontier, just 88 miles from Taiwan. They linked up with the small rotational detachment of the Philippine military—no civilians live there—and went fishing together. They learned, in planning for the trip, that they couldn’t land Osprey aircraft on the island. Out on patrols, they discovered that mountainous paths that looked walkable on satellite images were in fact not.

“Nothing replaces putting a Marine on the ground and actually looking at that terrain,” said Edgar. “That’s where we learned the most, what we call physical reconnaissance: which is just being there, seeing it, taking pictures of it, understanding it.”

They are also learning what they really need and don’t have: ships to move Marines and their gear between islands or from one point on the coast to another. Without them, the Marines are constrained by rugged terrain, small bridges and narrow roads, and dependent on helicopters, which are more visible and carry smaller loads.

Plans to produce the ships are delayed and construction hasn’t begun.

China’s ‘defensive bubble’
The littoral regiments face two problems, said Mark Cancian, a former colonel in the Marine Corps. First, resupplying missiles at austere locations inside China’s “defensive bubble” in a conflict would be hard. Cancian, who ran a wargame last year that featured island-hopping Marines, said the risk was that after a few useful strikes, they would run out.

Access was the other hurdle, he said. Manila would likely welcome the Marines if a fight broke out in the South China Sea, where it faces direct threats from Beijing. But whether it would do the same to help the U.S. repel a Chinese attack on Taiwan is much less certain.

The Marines have two littoral regiments—one in Hawaii and one based in Okinawa, Japan. A third regiment is pending.

Cancian said the Marines would be most effective if they were already in position at the time that hostilities erupt, giving the Japan-based regiment an advantage because they have the ability to move down the country’s Ryukyu Islands that stretch southwest to Taiwan, he said. The Hawaii-based Marines might have to fight their way in.

That regiment is spending more time in the Philippines. They arrived in April for the recently concluded exercises, called Balikatan, and will stay through June when they participate in another set of drills. By then, many of them will have clocked as many as five of the past 14 months in the Philippines.

That increases the chances they’ll be around if a crisis erupts.

Holding a foot in the door
The alliance between Manila and Washington is stronger than it has been in decades. The U.S. doesn’t have bases in the country, but it has an agreement giving it access to Philippine military sites to upgrade facilities on them. Washington struck a deal last year to expand that access to four more, taking the total to nine.

If China moved to invade Taiwan, American forces would want to shift some U.S. warplanes to these sites. The idea would be to disperse U.S. aircraft across an array of bases and even civilian airfields in the region to make it harder for China to target them and to provide the U.S. different avenues for strike, said Becca Wasser, a senior fellow at the Center for a New American Security who runs wargames.

The Marine littoral regiments, meanwhile, would mobilize to try to restrain the Chinese fleet within the first-island chain, Wasser said. That is, block them from moving outside the first-island chain and from threatening American forces attacking from further back.

The Marines would also aim to counter China’s “anti-access” strategy aimed at locking down the area and making it too dangerous for U.S. forces to come close to Taiwan.

“We hold our foot in the door so that the door can’t be slammed shut for the rest of the joint force and that puts us at risk potentially,” said Lt. Col. James Arnold, who heads the 3rd Marine Littoral Regiment’s anti-air battalion. “That’s why we’re working every day on tactics that would allow us to do that effectively and survivably.”