>>> Weekend Papers Summary

Weekend Papers Summary

FINANCIAL TIMES
-Israel expanded its offensive on Friday evening, increasing ground operations in Gaza and launching an intense air bombardment that knocked out its telecommunications systems. The escalation comes two days after Prime Minister Benjamin Netanyahu told a national audience that his government was preparing a “ground invasion” of Gaza. But it remained unclear late on Friday whether the intensification of military operations was the prelude to a wider war.
-Israeli Families of the hostages held by Hamas are slowly coalescing into a fledgling political force of their own, an influential interest group to be reckoned with even as their army bombs Gaza, where Hamas fighters are holed up in the same tunnels and bunkers as their loved ones.
-Morgan Stanley’s designated new CEO Ted Pick and his two top lieutenants were given restricted stock units that could net them tens of millions of dollars each in connection with their new roles. Morgan Stanley said the units, announced in an SEC filing on Friday afternoon, were awarded in equal amounts to the three executives: Pick, Andy Saperstein and Dan Simkowitz. Each package was worth $20M at the time of the grant, but the final value will be determined by the performance of Morgan Stanley’s stock price over the next three years. The one-time grants will not fully vest until 2027.
-Wall Street’s blue-chip equities benchmark fell by 0.5% on Friday, pushing it just over the correction threshold compared with its 2023 peak on the final day of July.

The US stock market surged in the first seven months of the year, driven by enthusiasm about artificial intelligence and optimism that the Federal Reserve was approaching the end of its campaign to raise interest rates.
-Money managers including Pimco, Janus Henderson, Vanguard and BlackRock are buying US government bonds with longer maturities, betting the pain in the Treasury market is nearly over and an elusive slowdown in the US economy may be on the horizon. Yet the US economy is in good health for now.
-Toyota, the world’s largest automaker, has recently said that it is close to achieving the ability to mass manufacture the potentially game-changing technology of solid-state batteries. Hype has been building since a series of announcements on the next-generation technology by the Japanese car manufacturer in June. Its market capitalization has surged by $26bn since then. Such batteries would allow Toyota to sell EVs that are safer, can recharge more rapidly and can drive 1,200 kilometres on a single charge — around double the company’s current average — as early as 2027.
-On Friday, former President Donald Trump claimed credit for the election of Mike Johnson as Speaker of the House of Representatives: “This time yesterday, nobody was thinking of Mike,” the former US president said. “Then we put out the word and now he is the Speaker of the House.” To some, Trump was exaggerating the role he played in elevating a little-known Louisiana lawmaker and an avowed loyalist to become presiding officer of Congress’s lower chamber, and second in the presidential line of succession after the vice-president.
-ExxonMobil remains on the hunt for deals even after buying Pioneer Natural Resources for $60B and launching a race to consolidate the sector.

NEW YORK TIMES
-Israeli Forces Step Up Bombardment and Make Another Incursion Into Gaza
Israeli military officials declined to say if the newest incursion was the start of an anticipated ground offensive.
-In New York, police arrested protesters after hundreds flooded Grand Central Terminal to demand a ceasefire in the Middle East.
-Two major Palestinian mobile networks said that their phone lines and internet services were down in Gaza.
-The US strikes on Iranian munitions stockpiles in Syria were meant to send two messages to Iran.
-Several artists have called for a boycott after Artforumfired its top editor David Velasco because of an open letter on the war in the Middle East. Velasco was removed after the magazine’s publishers said there was a flawed editorial process behind the publication of a letter that supported Palestinian liberation.
-American soldiers holding guns crouch down in low grass in front of a small road where an American tank is driving.
-Iranian proxies retaliated against American forces after strikes by US fighter jets.
-Even as food and water dwindle in Gaza, the Hamas militia remains well-stocked with supplies it amassed underground.
-Saudi officials warned the US that an Israeli invasion could be catastrophic for the Middle East.
-The Israeli writer Etgar Keret has been trying to make sense of the violence and loss around him. So far, he can’t.
-The suspect in Wednesday’s shooting in Maine is dead. The man wanted in the killing of 18 people was found dead on Friday night, the authorities said, bringing an end to a sweeping two-day manhunt.
-The shooting in Lewiston, Maine last October 25 has turned the spotlight on the state’s two senators, both of whom remain opposed to an assault weapons ban.
-Sam Bankman-Fried testified that he made ‘larger mistakes’ at FTX. Speaking in his own defense at his criminal trial, the FTX founder denied he had committed fraud but acknowledged missteps that hurt customers.
-The new House Speaker Mike Johnson has indicated, he feels that religion is at the forefront of politics and policy.
The new House speaker has put his faith at the center of his political career, and aligned himself with a cohort that some describe as Christian nationalism.
-Many in Mike Johnson’s northern Louisiana district hope his surprise elevation will bring attention to their region, which they feel has been overlooked.
-Mike Johnson has said that his views on race were shaped by raising a Black child.
-Before Adidas ended its shoe deal with Kanye West over antisemitic public remarks, it tolerated years of his abusive conduct behind the scenes.
-The Italian media mogul Silvio Berlusconi bought around 25,000 paintings before he died earlier this year. Now no one knows what to do with them.
-The US economy is doing well. Any lingering concerns about an economic slowdown in the United States were at least momentarily quieted as new data showed that the nation’s economy grew at a 4.9% annualized rate in the third quarter.
The Trump re-election team has revived its ads against Ron DeSantis in Iowa. A super PAC supporting Donald Trump is shifting its strategy again, with less than three months before the state’s first-in-the-nation caucuses.
-President Biden and other senior officials have met China’s Minister of Foreign Affairs Wang Yi ahead of a potential meeting with Chinese President Xi Jinping and amid talk of cooperation within a frosty relationship.

NY POST
-New York real estate developers slammed the judge who stripped Donald Trump of his business empire for allegedly inflating the prices of his properties — with some predicting the decision will be overturned on appeal.
Justice Arthur Engoron issued a summary judgment last month calling for a receiver and the canceling of the Trump Organization’s business certificates after state Attorney General Letitia James filed a $250M civil fraud lawsuit against the former president.
-Alphabet’s Google paid $26.3B to other companies in 2021 to ensure its search engine was the default on web browsers and mobile phones, testified senior executive Prabhakar Raghavan during the Justice Department’s antitrust trial. The amount of payments Google made for the default status has more than tripled since 2014. Google’s revenue from search advertising came in at $146.4B in 2021, while the payments for the default setting were its biggest cost.

Sky News : Struggling ASOS explores sale of TopShop brand

SkyNews : Struggling ASOS explores sale of TopShop brand
The online retailer is examining whether to dispose of what was one of the British high street’s best-known fashion brands as part of its turnaround plan, Sky News learns.

ASOS, the London-listed online fashion retailer, is exploring a sale of the TopShop brand it bought from the wreckage of Sir Philip Green's collapsed retail empire less than three years ago.

Sky News has learnt that ASOS, which will publish its delayed full-year results next week, is at the early stages of a process that could see it offload what was once one of the best-known names on the high street.

City sources said this weekend that a sale was not certain to proceed, and it was unclear how much ASOS might raise from selling the brand.

It was unclear whether any talks are already taking place with potential buyers.

A potential disposal is said to be one of the options being examined by Jose Antonio Ramos Calamonte, who took over as chief executive last year.

He unveiled a 12-month turnaround plan last October focused on sharpening it operating performance and reducing costs, but has been caught in the vice-like grip of soaring inflation and declining consumer spending power.

Mr Calamonte has reduced stock by 30%, exceeding a key target, and refinanced part of its borrowings.

In May, ASOS announced it had secured £275m of new debt facilities from Bantry Bay Capital, a specialist lender which also has exposure to UK retailers including Superdry.

This week, it said it would delay its annual results and strategy update until next Wednesday to enable PricewaterhouseCoopers (PwC), its auditor, to "complete its planned testing".

The company, which has seen its shares plunge by 40% over the last year, bought TopShop, TopMan, Miss Selfridge and HIIT brands in February 2021 after a fiercely fought auction run by the administrators to Arcadia Group.

The deal valued the assets at £265m, although inventory and forward purchase orders took the overall price to £330m.

The disclosure that it may now be for sale again is likely to reawaken interest from some of the losing bidders in that process.

These could include ABG, the owner of Ted Baker and a stake in David Beckham's consumer brands business, and JD Sports Fashion.

Next would also be expected to examine an offer, having snapped up high street brands such as FatFace and a big stake in Reiss.

The most obvious bidder, however, would be Frasers Group, the high street conglomerate which owns retail names ranging from Sports Direct and Jack Wills to Evans Cycles and Gieves & Hawkes.

On Friday, Sky News revealed that Frasers, founded by the billionaire Mike Ashley, was among the suitors circling WiggleCRC, owner of the online cycling brands Wiggle and Chain Reaction Cycles, which has fallen into administration.

TopShop was the jewel in the crown of Sir Philip's empire for years, providing the platform for him to become feted as 'the king of the high street'.

In 2012, he sold a 25% stake in his TopShop and TopMan subsidiaries to Leonard Green & Partners, an American private equity firm, in a deal that valued them at £2bn.

Shares in ASOS closed on Friday at 385.6p, giving it a market value of £467m.

An ASOS spokesman said: "ASOS as a policy does not comment on rumour or speculation."

WWD : Inditex Pledges to Purchase Renewcell’s Circulose

WWD : Inditex Pledges to Purchase Renewcell’s Circulose
The Zara parent company will buy 2,000 tons of textiles made with its recycled cotton pulp, a show of support after the Swedish recycler said its sales had been slower than expected.

ARIS — Swedish textile recycler Renewcell has received a pledge of support from Zara parent company Inditex.

The Spanish fast-fashion behemoth said Friday it will acquire 2,000 tons of material blend made with Renewcell’s Circulose through Hong Kong-based fiber producer Tangshan Sanyou, which has an existing offtake agreement with Renewcell. Inditex will move the material through its supply chain and integrate products into its collections.

Inditex did not indicate a price value on how much it will purchase.

The Inditex commitment is the first show of support under interim chief executive officer Magnus Håkansson since he stepped into the role Oct. 16.

Earlier this month, Renewcell reported in a trading update that sales were “slower than expected” and subsequently replaced its longtime CEO, Patrik Lundström, with the former McKinsey consultant and retail exec Håkansson until it picks a permanent replacement.

Renewcell said that while it had been increasing its production capacity and receiving strong interest from “a large number of consumer brands who want to use Circulose to fulfill their sustainability goals,” sales were not up to pace. “Sales volumes to fiber producers are behind the levels previously expected and are not likely to follow the volumes implied for 2023 by existing offtake agreements,” the company said in a statement.

The industry has long hailed textile-to-textile “circularity” as a solution to its landfill and waste problem, and a step in achieving sustainability targets, particularly in Europe with new textile collection and waste laws rolling out over the next few years. Renewcell’s tech has positioned it as pioneer, but it has suffered from low demand even as it has upped production and set up storage facilities in China to help shorten the delivery window.

Renewcell’s sales announcement caused concern in the industry that if the well-positioned company with a strong supplier network couldn’t successfully scale and sell, then it might not bode well for the long-term potential of recycling.

Sustainable fashion advocates such as Fashion for Good put out a plea in an open letter to brands. “Step in with orders to drive the economies of scale and enable widespread adoption,” wrote managing director Katrin Ley.

Inditex’s commitment should help stabilize those sales numbers.

Renewcell has long been supported by H&M, which has incorporated the textile into its Conscious Collection lines. The Swedish fast-fashion group holds about an 11.5 percent stake in the company.

Renewcell operates the world’s first commercial-scale textile waste pulp mill — meaning it breaks down used cotton and transforms it into its’ own Circulose raw material. Textile producers buy it and turn it into new viscose or lyocell.

The Swedish plant came online in November with a capacity to produce about 60,000 tons of pulp, with the target of 360,000 tons by 2030.

It’s also the second visible textile buy for Inditex this week. Wednesday the company pledged to buy 70 million euros worth of Ambercycle’s recycled polyester Cycora over the next three years.

Renewcell’s third-quarter results will be released Nov. 7.

WWD : French Luxury Houses Ready to Hit the Slopes With Ski Line Releases

French Luxury Houses Ready to Hit the Slopes With Ski Line Releases
Balenciaga hits the slopes for the first time, Balmain teams up with a luxury ski manufacturer while Chanel and Louis Vuitton continue their annual runs in style.

PARIS — French luxury brands are making ski capsules snow ahead of the opening of the winter season, blending their aesthetic flair and heritage designs with the technical demands of cold-weather dressing.

Balenciaga hits the slopes for the first time with a range that goes from technical ready-to-wear and accessories to equipment and gear for practicing skiing and snowboarding.

The lineup includes snow-worthy takes on the house’s hourglass and extra-easy puffer silhouettes, revisited in technical ripstop material, all with winter sports-appropriate details such as integrated snow skirts, ventilation systems and ski-pass holders. There also are waterproof fleece-lined jeans in stretch denim that could work on the trails as well as back in town.

Thermal layering options include hoodies, fluffy knits, fisherman-style wools and even a faux fur, while footwear includes the Alaska boot and a revisited 3XL Ski Sneaker that comes with a water-resistant interior film and removable spiked crampons.
The first winter sports line by Balenciaga goes from ready-to-wear to equipment and gear.
COURTESY OF BALENCIAGA

Gear-wise, in addition to snowboards and skis available in two sizes, there are also retractable hiking ski poles and a helmet designed with protection specialist Briko.

Chanel, on the other hand, went for the lithe silhouettes of figure skaters for this winter’s Coco Neige lineup imagined by artistic director Virginie Viard and foreshadowed by the recently released campaign featuring house ambassador Lily-Rose Depp.

In the mix is a jumpsuit in navy blue technical satin finished with jewelry buttons; a form-fitting jumpsuit in black and silver wool; plenty of reversible shearling and leather jackets, as well as lightweight sweaters, jackets and trousers made for layering.

Plenty of ski-savvy details have been included in the pieces, from a pocket inserted into a sleeve for ski passes to zips at the ankle to account for the appropriate footwear.

But there’s even more for après-ski moments.

Loungewear and denim made their debut this year, with reinterpretations of the house’s diamond quilting appearing as braided designs on cashmere pieces, and jeans with its double-C signature lasered onto their surface or dressed up in leather-laced chains.
Lily-Rose Depp wearing Coco Neige.
MIKAEL JANSSON/COURTESY OF CHANEL

At Dior, Maria Grazia Chiuri imagined an ode to getting away and the magic of the mountains in the DiorAlps line by reinventing the inspirations of her latest shows. Cue de rigeur puffer jackets form-fitting knits, and a tunic ideal for layering but also a silver ski suit or sleek white pants reinforced at the knee and zhuzhed up with navy and red piping. Ski goggles with the Dior Oblique monogram on the lenses and a charmingly vintage balaclava complete an outfit to race along the mountains while the best-selling Book Tote dressed in the Plan de Paris map print and après-ski boots will come in handy afterwards.

Options include a puffer with the monogram shape blown up to abstract proportions; knitted ribbed jumpsuits; a full-on monogram jumpsuit in blue with a red and white detailing; a black and white technical puffer, and plenty of chunky knits with a lightly retro feel.

Accessories too are dressed to impress on the slopes, from shearling embellished Capucines purses and its Keepall duffel bag revamped with technical zips to resist the elements to an alpine boot with a side pocket and a design nodding to the LV Trainer’s sole. There also are monogram helmets and ski masks for those looking to carve the slopes in style.

Balmain teamed up with Bomber for skis matching its winter range.
NELSON CASTILLO/COURTESY OF BALMAIN

New this season are a snowboard dressed in a gray glacier pattern and three sizes of skis handmade in France. Dressed in the house monogram design, these are finished with a striking red underside.
On-site performance is also the track taken by Balmain this season.

Founder Pierre Balmain, who hailed from France’s mountainous Savoy region, developed a lifelong love for mountain sports from his mother and often referenced this in his subsequent fashion collections. He even designed the uniforms for Olympic staff when France hosted the 1968 Winter Games in Grenoble.

As a nod to this, the house teamed with Italian luxury ski equipment manufacturer Bomber for a limited-edition pair of alpine skis. Available in three sizes and with a full wood-core construction, they dressed in the Balmain mini-monogram pattern first presented by Pierre Balmain in the 1980s — matching the designs of this year’s winter capsule.

WWD : Formula 1 Racer Max Verstappen’s Need for Speed

Formula 1 Racer Max Verstappen’s Need for Speed
The 26-year-old earned $64 million last year primarily in prize money, salaries and bonuses

True to the speed at which he leads his professional life, catching three-time Formula 1 world champion Max Verstappen for an interview takes patience.

In a Zoom interview while in Mexico City for Sunday’s Mexican Grand Prix, the 26-year-old spoke matter-of-factly about his track record and approach to life. It was understandable if he looked a little worse for wear — aside from gearing up for another weekend on the track, he was traveling with bodyguards reportedly due to social media threats. (Red Bull executives declined to comment about the reason on Friday.) Verstappen has also been on a tear lately, having earned $60 million in prize money, salaries and bonuses from May 2022 to 2023, and $4 million more from sponsors like Red Bull, Heineken and Viaplay. He will continue to compete on the Oracle Red Bull Racing team through 2028.

Wearing his team Red Bull jacket and baseball hat, the half-Dutch, Belgian-born racer competes under the Dutch flag. He now calls Monaco home, but the F1 circuit keeps him on the road. His career track may be genetically engrained. Verstappen’s father Jos is a former F1 driver and his mother Sophie Kumpen excelled in kart driving. At the age of 17, Max Verstappen became the youngest race winner in Formula 1 history.

Understandably, personal style was not something that Verstappen was interested in talking about, despite his Brazilian model partner Kelly Piquet being a familiar face on the designer scene. Equally at ease at Paris Fashion Week or on the F1 circuit, she knows of what she speaks. Her father Nelson was a three-time F1 World Champion and the father of her own daughter is F1 driver Daniil Kyvat. Verstappen does have a burgeoning signature apparel line, although his plan to aptly brand it “Max 1” was nixed by Nike earlier this year.

WWD: Why are you so competitive?

Max Verstappen: I don’t know. It’s how I grew up. It probably runs a bit in the family as well. From the time I was a little kid, it was something that I felt that I had inside me.

WWD: Given your father’s reputation and your mother’s accomplishments, was this your destiny? How young were you when you decided that this would seriously be your career?

M.V.: Racing, in general, I started when I was four [karting]. I was really enjoying it. [As an elementary school student, he won the Belgium Championship Mini (VAS) in 2005.] Of course, you cannot predict or plan to go all the way to Formula 1. Of course, that was the goal. But I always wanted to achieve something within racing.

WWD: Now that you have reached your 50th Grand Prix win, what are some of your long-term goals and ambitions?

M.V.: Of course, it doesn’t stop here. I want to win more races. You’re also very dependent on the whole paddock that you get every single year to try to win. But I am very confident in the team. It doesn’t stop here.

WWD: What is the peak racing speed that you reach?

M.V.: [Laughing.] Well, as fast as possible — faster than the average human being. It depends on the track, but the fastest that we hit is about 360 kph [or nearly 227 mph].

WWD: What about when you are just driving around Monaco or wherever you are?

M.V.: There it’s more about just following the rules of the road. I don’t really drive a lot at home. I just prefer to get from A to B. Monaco is quite small so [off-track driving] is really about just getting there. I race enough in my life. Once you are on a normal road it’s not about being the quickest or whatever.

WWD: What is a normal training day?

M.V.: In the morning, we would probably go for a 6 km run and after that, maybe a little spin on the bicycle as well. In the afternoon, there is a bit of weight training and neck training so that you cover basically everything that you need.

WWD: What might someone not necessarily understand about the degree of physical fitness that is needed?

M.V.: If I were to play soccer, I would be completely destroyed within those 90 minutes. It would be the same if they were to jump into a Formula 1 car, because your muscles are just not trained for it. With every sport, you have to train your specific muscles for it. The only way to do so, for me, is to drive the car.

WWD: Is the mental toughness more challenging than the physical part?

M.V.: Not for me, at least. I cannot comment for others, but not for me.

WWD: How do you explain your strategic thinking?

M.V.: It is quite straightforward. I don’t even need to think about it too much. It’s just intuition, instinct, experience. All these kinds of things come into play.

WWD: Who are two of your greatest rivals?

M.V.: Difficult to pick two. There are so many great drivers in the sport. There are also great drivers to come, right? I find it very hard to pick two to be honest.

WWD: Are there any you would like to name?

M.V.: No.

WWD: Has your father given you any advice or do you speak with him often about guidance?

M.V.: Yeah, it’s always been, “Just be yourself, be honest and stay with two feet on the ground.” That is always a very important lesson.

WWD: Regarding the booing last weekend after your F1 United States Grand Prix win in Austin [after Lewis Hamilton‘s and Charles’ Leclerc’s disqualifications], do you think that was envy?

M.V.: Of course, it’s not ideal. I am very focused on being there and just doing my job, trying to win the race and of course standing on the top step [of the winners’ podium]. To me, that’s all that matters. If someone can’t appreciate, that’s fine with me. That’s not what I am there for — trying to be liked by the people who don’t like me.

WWD: How involved are you with your apparel brand in terms of choosing products and developing things?

M.V.: It goes hand-in-hand in a way. What’s most important is to be yourself. That is very important in order to move forward outside of racing. Having people see the real me is the only way that they can relate to me and be a fan. That, of course, also creates your brand.

WWD: Does that mean you wear Christmas sweaters [the only nonathletic apparel offered on his e-commerce site]?

M.V.: [Chuckles.] Not necessarily.

WWD: Do you think too much is made about your affinity for the Dutch, having been born in Belgium?

M.V.: Honestly, I have never had any complaints or questions about that. I feel proud to be Dutch, but I also have a Belgian side in me. That is absolutely fine. It’s always good to be honest about that.

WWD: What do you like about living in Monaco?

M.V.: It’s safe. The environment is great, as well as for my training. Also, being [based] quite central in Europe is great for my traveling all over the world.

WWD: Do you have a few favorite countries?

M.V.: I like Japan, the U.S., the south of France, Spain. There are a lot of great countries that I have been to and ones that I still want to visit. Luckily, with F1, we’re driving in a lot of different countries. It’s good to see all these different countries on the calendar.

WWD: How do you and Kelly like to spend your time, when you are not working?

M.V.: At home, to be honest, [his expression relaxed just at the thought of it] because I am traveling so much. We do what any other normal human beings would do like normal people.

WWD: Kelly has worked with Louis Vuitton. Do you talk about business prospects together?

M.V.: Um, not so much. Of course, I keep up to date about what she’s doing or what she’s planning. It’s important to show interest in each other’s lives and work. But also, I don’t ask too many questions and just see the end result.

WWD: What would people be surprised to learn about her?

M.V.: Oh, I don’t know. I am not interested in other people learning anything about my girlfriend. What’s more important is what I have close to me as a family. That’s all that matters. I’m not interested in having other people learn how she is or whatever.

WWD: Do you have any hidden talents or skills?

M.V.: Hmm, no, I think all my talent went to racing. I’m not very good at any other sports.

WWD: Are you going to try to trademark “Max 1” again for a clothing brand [after Nike blocked an attempt earlier this year]?

Red Bull Publicist: We’re wrapping up now. Thank you.

Franc Tireur : Crimes et délires : l'édito de Raphaël Enthoven

Crimes et délires : l'édito de Raphaël Enthoven
Raphaël Enthoven

Il faudra inlassablement revenir sur la fake news du « bombardement » de l’hôpital Al-Ahli Arabi à Gaza, car elle est exemplaire de la façon dont l’information est déformée. D’un côté, la fable du Hamas, selon laquelle une armée régulière, experte en bombardements ciblés et qui largue ordinairement des bombes lourdes, a délibérément visé un hôpital, faisant « 500 morts » invisibles tout en laissant un cratère dérisoire. De l’autre, les images de quelques voitures incendiées, d’un bâtiment intact, d’une roquette qui explose à la même heure au même endroit et l’enregistrement d’une discussion entre deux terro­ristes qui accrédite la version de l’armée israélienne. Et pour tant… C’est la première version qui est la plus populaire. Comment se fait-il que le scénario le plus improbable soit celui qui recueille les faveurs de l’opinion ? Par quelle hallucination collective le monde entier a-t-il choisi de croire le Hamas, plutôt que l’évidence ? Trois facteurs y contribuent.

1. D’abord, le rôle des petits télégraphistes. Qui, dans le monde entier, reprennent mot à mot les communiqués d’une organisation tenue par eux pour un mouvement de « résistance ». En France, ces gens-là s’appellent Mathilde Panot, David Guiraud, Louis Boyard, Danièle Obono, ­Thomas Portes ou Jean-Luc Mélenchon (et donc, Antoine Léaument). Tous ont colporté sans honte le texte du Hamas, et tous ont maintenu leur post ­malgré les démentis. Et pour cause : ils valident les chiffres du Hamas comme ils auraient promu les chiffres des organisations syndicales après une manifestation. La vérité, à leurs yeux, n’est ni un but ni un ­obstacle, dans la conquête d’un ­électorat.

2. Dans l’adhésion délirante aux fables du Hamas, il y a aussi le rôle non négligeable des grands coupables, encore tout surpris d’avoir osé défendre Israël pendant vingt-quatre heures, et qui, rêvant de se refaire une vertu dans la dénonciation d’un crime de guerre, se sont rués sur l’hypothèse du bombardement comme un pénitent se jette sur le fouet. À leur décharge, il arrive à ceux-là ­d’effacer leur post. Mais eux aussi, on les trouve dans toutes les démocraties qu’ils affaiblissent en étant eux-mêmes si faibles. En France, ces gens-là s’appellent Olivier Faure.

3. Au-delà de ces haut-parleurs du pire, l’incroyable popularité de la version du Hamas tient au fait que, par la gravité du crime qu’elle dénonce, elle offre à tous ceux qui voudraient assassiner des juifs le cadeau d’une excuse. Et c’est toute la particularité du Hamas, ce nazisme dopé aux sciences sociales : son rêve est de tuer tous les juifs, mais il lui faut une justification. À la différence de ses ancêtres hitlériens qui assumaient une détestation métaphysique et injustifiée du Juif, le Hamas persiste à se présenter comme la victime de ceux qu’il rêve d’exterminer jusqu’au dernier. S’il décapite des enfants ou s’il éventre des femmes enceintes, c’est parce que Nétanyahou n’est pas gentil. S’il organise des pogroms et s’il massacre des civils, c’est à cause du « sionisme ». Les gens qui croient approfondir les choses en justifiant la barbarie du Hamas par le contexte géopolitique sont, à leur insu, les relais actifs d’une entreprise d’extermination qui n’a besoin, pour passer à l’acte, que d’un alibi.

The Information : Has Humane Created the Next iPhone—or the Next Google Glass?

Has Humane Created the Next iPhone—or the Next Google Glass?
A peek inside secretive startup Humane before the grand unveiling of its first product, the screenless, wearable Ai Pin.



The Ai Pin by Humane will feature a laser projector in place of a screen. Art by Clark Miller
In late September, a stakeholder in Humane received a humbled message from the startup. The Information had just broken the news that OpenAI CEO Sam Altman had been secretly meeting with renowned former Apple designer Jony Ive. The duo was dreaming up the “iPhone of artificial intelligence,” according to later reports, and had been speaking with SoftBank CEO Masayoshi Son about funding their plans.

Unfortunately for Humane, the idea sounded uncannily similar to the product it had been stealthily working on for years: a wearable assistant built in part on OpenAI technology. Even more embarrassing, Altman is a significant shareholder in Humane, according to filings the company has submitted to the Federal Communications Commission. The previously unreported message to stakeholders, which The Information viewed, explained that Humane was not involved in the Altman-Ive project in any way.

Altman later said his plans with Ive were in a “very nascent stage,” but the news of his straying attention couldn’t have come at a worse time for Humane. The five-year-old company had been planning to unveil the full details of its blockbuster first product, the Ai Pin, to coincide with the solar eclipse on October 14. Instead, the company quietly pushed the launch date to November 9.

To those closely watching the firm, Humane appears well positioned to secure a foothold in the budding market for AI devices. It has raised over $240 million from Microsoft, Tiger Global Management and Marc Benioff's Time Ventures. It was founded by two well-regarded former Apple executives, Imran Chaudhri and Bethany Bongiorno, who assembled an all-star team of several dozen former Apple designers, engineers and executives. And it has already mustered a buzzy marketing campaign that’s taken the Ai Pin to the TED Talks stage and the runways of Paris Fashion Week, where it adorned the lapel of supermodel Naomi Campbell.

The co-founders’ ambitious vision for a future of “ambient computing” aims to free humankind from our addiction to screens, allowing us to become more fully engaged with the physical world around us. If widely adopted, Humane’s technology could also disrupt the advertising-driven attention economy that has come to define the big tech ecosystem.

But as expectations for Humane and its Ai Pin mount, some close to the company have expressed nagging doubts about Humane’s debut product and its overall business strategy. In conversations with former employees, current investors and industry observers, questions arose about the company’s approach to user privacy and the form factor of the Ai Pin itself. In particular, some worry that the device’s front-facing camera will alienate segments of the public who fear being recorded against their will.

While several former company insiders praised married co-founders Chaudhri and Bongiorno for the consistency of their vision across the years, others suggested the pair’s commitment to their original idea for the product may have fostered blind spots around its viability. The Ai Pin is not a neglible purchase; it is expected to cost as much as $1000 and require a monthly data subscription, according to sources familiar with the company’s plans. (A company spokesperson declined to confirm specifics about the device's pricing or features, stating that “Humane will be sharing full product details when the device is unveiled on Nov 9.”)

Altman and Ive are not the only potential competitors nipping at its heels. On October 3, Rewind, an AI company focusing on personalized memory aids, abruptly announced the pre-order for its first device, the $59 microphone-equipped Rewind Pendant.

On October 17, Meta’s Smart Glasses hit the market, enabled with Meta’s AI voice assistant. Even an unfunded prototype for an AI assistant necklace called Tab, created by a 20-year-old founder, was enough to whip up excitement last month on X. And with the looming threat of slow-moving behemoths like Apple, Google and Amazon on the horizon, Humane’s head start in the AI device market will only take it so far.

All of these companies are betting that the next frontier in consumer AI lies in personalized agents—always-on chatbots like ChatGPT attuned to your wants and needs. Now the race is on to find the right form factor to integrate the technology seamlessly into people’s lives.

But the biggest challenges the companies will face are likely more existential than hardware related. Ultimately, they’ll have to answer the fundamental question: Is society ready for devices that know us as well as we know ourselves?

Humane was founded in 2018 by the husband-and-wife team of Chaudhri and Bongiorno, who met while working on the iPad at Apple. Chaudhri, a designer and inventor whose name appears on hundreds of patents, has developed some of the mobile features and interfaces that today feel like second nature, from the iPhone’s widget-filled dashboard to the swipe-to-unlock gesture. Bongiorno, a former director of software engineering at Apple, was often the person overseeing the rollout of such features.

Despite—or perhaps because of—their role in bringing iPhones, iPads and iPods into our everyday lives, the Humane leadership team has made it their mission to end the tyranny of screens and bring back face-to-face connection.

The alternative they’ll present at next month’s Ai Pin launch is a small, screenless device about the size of a saltine cracker, equipped with a camera, a microphone and speaker, a variety of sensors, and a laser projector. The device is meant to secure magnetically to a user’s clothing, allowing its camera, with a 180-degree field of view, to take in the world around the wearer.

A Qualcomm Snapdragon chip, typically found in larger devices, will deliver smartphone-level speed, connectivity, camera capabilities and security. According to FCC filings first noticed by journalist Janko Roettgers, the company will operate as a mobile virtual network operator, allowing the device to operate completely independent of a smartphone or computer.

The Ai Pin’s outputs seek to be elegantly minimalist. It can respond out loud to inquiries, as well as indicate notifications and different modes using haptics, vibrations and light patterns. But what really sets the hardware apart from wearable predecessors like the Apple Watch, Oura Ring or Fitbit is its software’s ability to converse with the user.

Building on OpenAI’s GPT-4, Humane has developed a proprietary LLM designed to incorporate maximal context into user requests. With a simple finger tap, users can activate an AI-powered voice assistant that the company believes will act as a personalized, hyperintelligent agent, answering any question imaginable.

In May, the company trademarked the phrase “Catch me up,” which prompts the assistant to deliver a digest of updates gathered from emails, text messages and calendar invites. The assistant can also draw on data collected about the user, along with environmental cues, to handle elaborate queries such as, “Does this lunch work with my diet?” or “Would this make a good gift for my niece?”

This is the aspect of Humane’s pitch that wowed many investors. “When we first looked at it in October last year, hardware was one thing, but we thought the multimodal input system that produced accurate answers with simple commands was its core strength,” said Samuel Kim, who led SK Network’s venture investment in the company. “This was before OpenAI and other AI players launched multimodal AI,” he added, referring to the ability to process multiple forms of data, such as images, speech and text, simultaneously.

“Many AI skills, features, what used to be discrete ‘apps,’ meld into a voice that handles it all, and few people will really want those walls restored,” said Michael Stewart, and investor at Microsoft venture fund M12. Microsoft particpated in Humane’s Series C round earlier this year.

Several people familiar with the company's roll-out strategy warned against getting too fixated on the inaugural product’s November 9 launch. They suggested that Humane is hoping to create a total paradigm shift in consumer computing. Partnerships with Volvo and LG suggest future potential to lean into the Internet of things, integrating Humane technology into home appliances and in-car systems.

“The vision is much larger than one device,” said one former employee. “It’s an entire platform.”

Humane’s founders have been outspoken in their desire to end our addiction to the smartphone. The devices they once helped build at Apple have since been linked to a worldwide loneliness epidemic, populationwide declines in physical and mental health, and shortened attention spans. Yet as any of the 310 million smartphone users in the U.S. can tell you, the conveniences they afford make it almost impossible to break the habit.

The trouble is, once that smartphone comes out of your pocket, the apps on there are incentivized to keep your eyeballs glued to them—in part so that you can view more ads. This is why, according to Dave Vondle, director of experimentation and publishing at global design company Ideo, “The thing that people want to get away from is deeper than just screens. The screen has become a symbol for divided attention.” By escaping the “attention economy,” devices “could be designed in ways that are better for everybody’s mental health.”

Of course, what those ads buy users is free or cheap access to entertainment and connectivity. But that might be changing, said Jenna Fizel, Ideo’s senior director of emerging technology: “There seems to be, culturally, this desire to pay for our electronics and our virtual experiences differently than we currently are.”

Because they have no screens on which to display ads, devices like Humane’s won’t have as much incentive to get users hooked on all-day usage. That raises questions, however, about whether the company will be able to drive revenue through hardware and subscription sales alone.

One former employee confirmed that Humane wanted to distance itself from the surveillance advertising model. “There’s a lot of good around it,” the person said, alluding to a business model that’s not ad supported or dependent on users staying “heads-down inside of a phone.” However, they added, “I question, personally, how much people actually want that. Because people want their TikTok, you know.”

Despite a concerted effort to distance itself from the originator of the smartphone, Apple, that corporation has loomed large in Humane’s company psyche.

In April, Chaudhri teased Humane’s Ai Pin in a TED Talk titled “The Disappearing Computer.” While onstage, he pulled up a photo of a toddler strapped into a mixed-reality headset and noise-canceling headphones. With a pained look, he said, “The future is not on your face.” The goggles on the child looked strikingly similar to the Vision Pro that Apple would announce two months later—a project Chaudhri likely would have been aware of, given that its development began in 2015.

“The strangest thing for me was how anti-Apple people were,” said one former Humane employee. “When the Vision Pro was unveiled, almost everyone on Slack was bashing it”— including ex-Apple employees who’d worked on the product, the person said.

The circumstances of Chaudhri’s departure from Apple might explain some of this. According to Tripp Mickle’s book “After Steve,” Chaudhri wrote an email to his design colleagues a month before he planned to officially resign from his role as director of design in 2017. In his note, he suggested that his river of inspiration had run dry. The note allegedly triggered insecurities among the remaining team members, who feared it implied that Apple itself was running low on inspiration. Ive and Apple’s design vice president, Alan Dye, fired Chaudhri on the spot, according to Mickle, before he was able to collect the Apple shares that were coming due as part of his compensation package. (Neither Ive, Dye, nor Chaudhri responded to a request for comment.)

Ive and Dye’s concerns may have been valid. Former Humane employees said many of the people who joined the startup from Apple were eager to return to a founder-led company. The passion that used to drive these employees’ work at Apple had died along with its founder, Steve Jobs, in 2011, according to former Humane workers.

Chaudhri and Bongiorno recruited some of Apple’s veteran talent to fill top roles at the new company, including Ken Kocienda, head of project engineering; Rubén Caballero, technical adviser; and Patrick Gates, chief technology officer. Those three alone had spent a combined 43 years at Apple. At one time or another, Humane has hired over 90 former Apple employees, an astonishing number for a company that as of March employed about 200 people in total.


In 2019, the partners at Kindred Ventures—who had just led Humane’s seed round—introduced the team at Humane to Sam Altman. OpenAI had released GPT-2 to developers earlier that year, and Altman was eager to visualize ways in which future consumer devices and operating systems could integrate LLMs.

Altman has praised the 2013 film “Her,” in which a lonely man played by Joaquin Phoenix falls in love with an AI operating system named Samantha, which he carries around in his breast pocket in the form of a small folding device. “The things ‘Her’ got right—like the whole interaction models of how people use AI—that was incredibly prophetic,” he told a crowd at the Dreamforce conference in September.

Altman co-led Humane’s Series A in 2020 with his friend and frequent co-investor Lachy Groom, tweeting that the company was building “the first genuinely new computing platform I've seen since OpenAI!” According to FCC filings, Altman has accumulated 14.93% equity in the company, making him its largest shareholder. Board directors include Groom, Valia Ventures’ Khaled Jalanbo and Kindred Ventures’ Steve Jang. Altman has demonstrated his ongoing support for the startup, participating in three investment rounds, including the Series C in March.

Investors said they were drawn to Humane’s very early vision of a hardware endpoint for generative AI tools—the kind of sci-fi hardware that tech’s major players are only now beginning to introduce to the public. Stewart recalled previewing Humane’s product in the fall of 2021 and finding its capabilities astonishing. “The team had working mockups of the device that still had some latency and word-error flaws,” he said. But the demo “clearly introduced—for the first time to my eyes and ears—an interactive and useful combination of computer vision and object classification with language synthesis using an earlier version of GPT.” He continued: “I felt it was the first time seeing a plausible use case of personal generative AI.”

By all appearances, Altman and Humane were fully aligned in their mission to create the definitive AI hardware. But then, along came Jony Ive. According to one source, when the news broke last month of Altman’s meetings with the designer, a riff on the “distracted boyfriend” meme circulated the Humane office, labeling Altman as the distracted boyfriend and Ive as the woman walking by. The neglected girlfriend was Humane.

As early as Altman’s talks with Ive may be, they constitute a significant threat to Humane and other device makers’ plans. SoftBank CEO Masayoshi Son, who has promised to make his business “the investment company for the AI revolution,” has reportedly promised $1 billion in funding for the project. (SoftBank Ventures also participated in Humane’s $100 million Series B.)

And Humane isn’t the only startup feeling blindsided. Altman also participated as an angel investor in two seed rounds for Dan Siroker’s company, Rewind, in 2020 and 2022. “I pitched him on this idea...that now everyone’s talking about, but I’ve been talking about for a while, for wearable hardware,” said Siroker. “Within three days he wired $1 million of his own money to do that. Very rarely do investors do that, and with such conviction so quickly.”

However, until this reporter informed him of Altman’s involvement with Humane, Siroker had no idea his star investor was also Humane’s. “Oh, interesting. I missed that,” he said when told of Altman’s investment in a rival. Then he joked, “Well, then I’ll be more careful with what I tell him!”

Humane’s desire to create a shift in personal computing has extended not only to the product they are building but also to the company’s work culture. Chaudhri and Bongiorno, said one former employee, “are absolutely delightful people. They treat everyone with kindness, respect and as their equal, which is rare given their position.” Several former employees also commented on the refreshing work-life balance at Humane compared with tech giants like Apple.

Humane did, however, borrow one significant element of Apple’s culture: its outward-facing secrecy. Until April’s TED Talk, the company had operated in near-blackout stealth. Even employees recruited for the company didn’t know what kind of product they’d be working on until their first day on the job. But once employees signed their rigorous nondisclosure agreements, Humane’s co-founders “tried to make Humane an open culture, which is a high contrast from Apple’s high internal secrecy culture,” according to a former employee.

While Humane is a “design-led organization,” another former employee noted, it is also “different from Apple in that engineering and design aren’t divided arbitrarily.” Pockets of employees had come from other companies like Fitbit, Nest, and Google, but Apple’s influence was undeniably dominant. The ex-Apple contingent, according to several former employees, borrowed processes from their former employer, creating a divide between those who’d worked at Apple and those who hadn’t.

“Moving as fast as they are, sometimes it’s good to have a bunch of people from the same place so at least they know how to execute together. But definitely it’s not without its friction,” said one former employee.

As much as former employees admired the founders’ unshakable nature, some felt there was a fine line between constancy and tunnel vision. At its worst, according to one former employee, the lack of “diversity of opinion and work style” made it difficult to dissent. “Cult followers tend to not question,” said another ex-employee. “I questioned [things], which was not a popular thing to do and was probably seen as me not believing in the product.”

One of the biggest topics debated internally was the question of privacy. Humane’s current privacy policy defines its data usage permissions quite liberally. The policy states that “third-party partners” may “collect information about your online activities”; that the company will share data “as may be required by applicable laws and regulations or requested by any judicial process or governmental agency”; and that it will collect data “to provide you with content and offers tailored to your interests.”

Though the company has remained tight-lipped about product details in the lead-up to its November launch, it insisted that it will avoid privacy problems by being clear and transparent with users about what kind of information it is asking for and why. “The first point of discussion with any feature was how to gain and keep user trust, to keep them informed,” said a former employee. A spokesperson for Humane echoed these sentiments: “Privacy is at the core of Humane's values. Since day zero we have aimed to build a product that is more transparent about its behaviors than the devices people use today.”
Much of this focus apparently came from CTO Gates, who led development of iCloud, FaceTime and iMessage while at Apple, and who was deeply impacted by the experience of processing subpoena requests at the tech giant.

Unlike systems like Alexa that are always passively listening for their “wake word,” the Ai Pin only activates with a press of the finger. To alleviate concerns about the intrusive nature of a front-facing camera, the device also includes a privacy indicator called the Trust Light.

“The Trust Light indicates when its input, optical or audio sensors are active, ensuring full transparency and data security,” said the company spokesperson. “The Ai Pin privacy chip also protects it from being exploited, which means if it’s ever physically tampered with, it will shut down and require service from Humane to restore operation.”

The company has yet to offer a detailed description of the Ai Pin’s encryption standards, but finding trustworthy solutions to privacy and data-gathering questions could be what makes or breaks the company.

Tech history is littered with the remains of wearable devices that failed to catch on, from the infamous Google Glass to Jawbone’s Bluetooth earpiece to Narrative Clip’s life-logging camera. Hardware presents a notorious challenge for new startups, thanks to its capital-intensive research and development process, the difficulty of manufacturing at scale and the risks associated with trying to shift consumer behavior.

Competition in the space also promises to be fierce—Humane is just one of several companies taking a stab at the AI wearable concept. While Meta has enabled its Smart Glasses with a Meta AI voice assistant, the company seems to be focusing its marketing more on the product’s livestreaming and content-sharing capabilities. Like the Ai Pin, Meta’s product will display a pulsing light while recording. To ease privacy concerns, the company promises that “recordings and text transcripts are processed to respond to your request but not stored.” The product retails at $299.

The AI-powered Rewind Pendant, though a far cheaper product at $59, is perhaps a more apt comparison. The Pendant also runs on GPT-4 and will rely on an “always listening” model. The device will, however, require verbal permission at the beginning of every conversation with a new person. (The system uses voice recognition to give ongoing permission to frequent speakers.) Given those permissions, the Pendant’s goal is to record and transcribe everything its wearer says or hears, allowing them to easily organize and search their previous conversations.

Founder and CEO Siroker, who has struggled with hearing loss, said the always-listening device aims “to do for memory what a hearing aid did for my hearing, what glasses do commonly for vision.” Unlike his competitors, he is fiercely opposed to including a camera in the product. The Rewind’s privacy solution is to store the data gathered locally on the device rather than uploading that information to the cloud. The company has also made a bold promise on its website to “never sell your data or do advertising.”

While Humane has not publicly revealed the exact pricing on its Ai Pin, the company seems to have chosen to market it as a luxury product. Naomi Campbell was selected to be the first person spotted publicly with an Ai Pin, at Paris Fashion Week. According to the presentation at Coperni’s spring-summer 2024 fashion show, the device will come in a variety of casings, including matte black, white and silver, and black and gold. With the monthly subscription and the premium price tag, it’s unlikely the Ai Pin will target the mass market right off the bat.
The public caught a first glimpse of the Ai Pin on model Naomi Campbell's lapel at Paris Fashion Week in September. Photo by Victor Lochon/Getty Images.

Of course, the trade-off for butler-level personalization is substantial data collection and sharing with third parties. “There’s certain value-adds that you cannot do without an external network or connecting to the cloud,” explained one former Humane employee, referring to the kinds of personalized recommendation services the Ai Pin can provide. “The key is convincing people of the value of that, so that they can make the choice to opt in.”

Humane is currently valued at $850 million, and it has no plans to fundraise again soon, according to a source familiar with the company’s financial situation. But some former employees questioned whether Humane will be able to buy itself enough time to bring its full vision to life.

A series of patents filed between 2018 and 2023 offer glimpses of what might lie in Humane’s future. While the first model is only capable of projecting simple laser displays, such as app icons and buttons, upon a user’s hand, the company’s patents leave space for a projector capable of displaying photos and videos. Another patent, filed by Chaudhri and Bongiorno, is devoted entirely to tracking fertility using body temperature and user input data.

Other patents theorize that the device could track a user’s biometric data (such as heart rate, body temperature and perspiration levels) to “estimate an emotional state of the user” and guess how significant the scene they’re witnessing is to them. Using this information, the device could decide independently when to activate its camera and microphone. One patent imagines that the Ai Pin will leave a parent free to engage in their child’s birthday party, knowing that their device will capture key memories at the right moments all on its own.

Several former employees raised concerns about whether a first-mover startup like Humane can fend off tech giants like Apple, Google and Amazon—who may have been caught off guard by the generative AI revolution but are now playing catch-up with a full arsenal of resources.

“Humane’s saving grace is that Siri is garbage,” said one former employee. “But will it be garbage forever? In my opinion, an Apple Watch with an AI-powered Siri would bring down Humane’s value proposition significantly.”

This month, the Apple Watch 9 rolled out a new feature that allows users to interact with the device using hand gestures, not unlike Humane’s functionality. Analysts also recently reported that Apple could begin rolling out generative AI features as part of its iOS 18 operating system in 2024.

Amazon, too, is charging full-speed ahead on AI development, as CEO Andy Jassey recently made clear to The Information. The company has promised to integrate generative AI into Alexa via a custom-built LLM by early next year, for a more personalized and conversational experience.

With the big incumbents closing in, anticipation for the Humane’s November 9 launch event has included its share of nerves. “It is of course difficult to iterate hardware at the speed of how AI is unfolding now, so the actual product intro is a moment of high risk,” acknowledged M12 investor Stewart.

Yet even former employees who expressed frustrations about Humane’s strategy largely seemed to be rooting for the scrappy startup. Especially given Chaudhri and Bongiorno’s expertise in designing and managing major hardware features, Humane’s fans are counting on the visionary co-founders having a road map that can withstand a few detours.

As one former employee put it, “They’re not betting the farm on one thing.”

CrunchBase : The Week’s 10 Biggest Funding Rounds: Anthropic Rules With $500M Ro

The Week’s 10 Biggest Funding Rounds: Anthropic Rules With $500M Round; Aiolos Bio Nabs Large Raise

After a slow week last week — where the top raise was only $57 million — this week saw a nice pickup thanks again to AI. Four companies raised nine-figure rounds and there were several other big rounds just under that. Of course, Anthropic’s round late in the week was the top raise, but biotech took three of the top five spots.

1. Anthropic, $500M, artificial intelligence: Just last month, San Francisco-based company Anthropic — a ChatGPT rival with its AI assistant Claude — inked a deal with Amazon for the e-commerce and cloud titan to invest up to $4 billion in the AI startup. But why stop there when there are more billions of dollars to be had? The WSJ reported late Friday that previous investor Google agreed to invest up to $2 billion in the OpenAI competitor. The deal includes $500 million upfront and an additional $1.5 billion more over time, per the report. The new investment is just the latest in what has become a fundraising spree for Anthropic this year. In February, it was reported that Google had invested between $300 million and $400 million in the startup. In May, the company raised a $450 million Series C led by Spark Capital. In August, Anthropic raised a $100 million round from SK Telecom. The Amazon deal followed late last month.

2. Aiolos Bio, $245M, biotech: Investors have always backed startups looking to take on asthma and other respiratory ailments. That continues with this week’s $245 million Series A for San Francisco- and London-based Aiolos Bio. Atlas Venture, Bain Capital Life Sciences, Forbion Capital Partners and Sofinnova Investments led the massive round. The newly launched company plans to use the fresh cash for phase 2 clinical trials of its lead drug candidate, AIO-001, designed for patients with moderate to severe asthma. More than 20 startups have been funded in the past several quarters and have raised close to $1.8 billion total, per Crunchbase data. The company that has received the most funding on the list is Waltham, Massachusetts-based Upstream Bio, which has raised more than $400 million to date.

3. (tied) Island, $100M, cybersecurity: Venture funding to cybersecurity startups is down 30% year to year, but this week saw a handful of good-sized rounds going to U.S.-based security firms. None were bigger than Dallas, Texas-based cybersecurity startup Island’s $100 million Series C led by Prysm Capital and valuing it at $1.5 billion. Island offers an enterprise browser that the company says enhances both security and productivity of workers, giving security teams control of what is often referred to as the “last mile” — how end-users interact with work and web applications. The enterprise browser developer raised a $115 million Series B at a $1.3 billion valuation last year led by Insight Partners. Founded in 2020, the company has now raised $385 million, per Crunchbase.

3. (tied) Pony.ai, $100M, autonomous vehicles: It may not have been a great week for the autonomous driving sector in general, as Cruise’s driverless taxi service in San Francisco was suspended. However, it was a good week for Fremont, California-based Pony.ai, which announced a $100 million investment from the Neom Investment Fund. The new deal is a joint venture to develop and deploy autonomous vehicles in Neom and other parts of the Middle East/North Africa region. Founded in 2016, the company has raised $1.3 billion, per Crunchbase.

5. Triveni Bio, $92M, biotech: Yet another biotech makes it high on the list. Waltham, Massachusetts-based Triveni Bio closed a $92 million series A financing co-led by Atlas Venture and Cormorant Asset Management. The startup is developing treatments for atopic dermatitis, asthma and other inflammation and immunology disorders. This is the company’s first outside raise, per Crunchbase.

6. Rampart Bioscience, $85M, biotech: Next-generation biologics developer Rampart Biosciences locked up an $85 million Series A led by Forbion Capital Partners. The company has developed a proprietary DNA-based medicines platform — called HALO — which is designed to produce highly potent and redosable therapies. The company’s current lead program is for the treatment of hypophosphatasia, an often fatal genetic disease that prevents bone mineralization. Founded in 2019, the company has raised $125 million, per Crunchbase.

7. Adlumin, $70M, cybersecurity: Washington, D.C.-based Adlumin, a managed detection and response startup, raised a $70 million Series B led by SYN Ventures. Founded in 2016, the company has raised nearly $129 million, per Crunchbase.

8. MangoBoost, $55M, IT infrastructure: Seattle-based data processing unit developer MangoBoost has raised a $55 million Series A co-led by IMM Investment and Shinhan Venture Investment. It was reported the new round gave the startup around a $300 million valuation. Founded in 2022, the company has raised nearly $66 million, per Crunchbase data.

8. (tied) AgentSync, $50M, insurance: Denver-based insurance infrastructure startup AgentSync raised an additional $50 million co-led by existing investors Craft Ventures and Valor Ventures. Founded in 2018, AgentSync has raised $161 million, per the company.

8. (tied) Censys, $50M, cybersecurity: Ann Arbor, Michigan-based threat hunting and exposure management startup Censys raised $75 million in a mix of equity and debt. The $50 million equity portion of the round was led by Decibel Partners, GV, Greylock and Intel Capital. The $25 million in debt funding was led by SVB Capital. Founded in 2017, the company has raised $128 million, per Crunchbase.

Big global deals
No round was bigger than Anthropic’s raise, but another across the pond was close.

  • London-based property and real estate firm Canary Wharf Group locked up a venture round worth approximately $486 million.

Barrons : ON Semiconductor Got Caught in the Chip Stock Selloff. Why It’s Time t

ON Semiconductor Got Caught in the Chip Stock Selloff. Why It’s Time to Buy.

Chip stocks have gotten crushed recently—and shares of ON Semiconductor are no exception. It’s cheap now, and could pop if it beats earnings expectations on Monday.

ON stock (ticker: ON) is down about 25% to a recent $81.16 from its record high hit this summer amid tech-sector weakness and concerns about restrictions on exporting to China. The decline was compounded by a selloff in the chip sector on Wednesday caused by

Texas Instruments, which missed sales forecasts when it reported earnings after Tuesday’s close and said it saw weak demand from industrial customers. That caused all semi stocks to fall—iShares Semiconductor ETF
SOXX declined 4%—and ON, which sells to some of those same customers, dropped 4.6%, closing at its lowest level in five months.

With the stock down so much in a short time, though, much of those concerns are likely reflected in ON’s shares. And with the company set to report earnings on Monday, it will have a chance to show that concerns about China, industrials, and other businesses are holding up just fine.

“Longer term, ON is on a much better road map in terms of the demand outlook,” says Mizuho analyst Vijay Rakseh. “No reason why it shouldn’t be a buy.”

The short-term is the problem right now and earnings could be the solution. Analysts project sales of $2.15 billion in the third quarter and earnings of about $1.34 a share. Both would be slightly lower than during the same period one year ago, almost entirely because of a decline in consumer-related chip sales. The company, though, said on its second-quarter earnings call that its forward guidance, which analysts use to configure their estimates, was conservative because of the economic picture.

ON, though, has a track record of beating earnings estimates, topping forecasts in 17 of the last 20 quarters, according to FactSet, and has grown sales at about 11% annually in the past four years. That’s why “we remain buyers ahead of ON’s print on 10/30 and reiterate our overweight rating and $130 price target,” writes Wells Fargo analyst Gary Mobley.

The China issue, meanwhile, isn’t as damaging to ON as it is to others. Chips meant for electric vehicles and many consumer electronics, which comprise a significant portion of ON’s sales, were kept out of the restrictions. “ON is not impacted by the ban,” says Deutsche Bank analyst Ross Seymour.

Nor is the company as exposed to industrials quite the way Texas Instruments is. ON gets almost half its revenue from the auto industry, which needs chips for software-based technologies. These products are higher priced, and the company says it expects annual sales to grow in the high teens in these segments. It’s a big reason why analysts project total revenue growth of about 12% annually from the start of this year through 2026, when sales could hit $11.7 billion. These chips are more profitable, too, and analysts expect gross margins to rise to over 50% by 2026, which could power close to 16% annual bottom-line growth through that year.

Combine that with stock buybacks and EPS would grow almost 18% a year to $8.48 by 2026. The company plans to use about half of its cash flow for repurchases, which is achievable, given that it will likely slow down its increases of long-term investments such as new equipment.

The growth—and any evidence of it on its upcoming earnings—should drive the cheap stock higher. It trades at just under 15 times EPS estimates for the coming 12 months, below its peak for the year of just over 20 times. It trades at less than the S&P 500 times, and it’s expected to grow EPS faster than the index.

“ON is relatively cheap,” says John McGinn, analyst at Laffer Tengler Investments, which is now considering buying shares.

We recommend doing the same.