Cover:
-In 2026, SpaceX's impending IPO is projected to value the company near $2 T and raise about $75B, positioning CEO Elon Musk to potentially become the first Taire. Despite high valuations allowing companies to remain private longer, mega-IPOs like those of SpaceX, Anthropic, OpenAI, Databricks, and Stripe pose significant risks. Historically, large IPOs have underperformed, and while investors may be eager to partake, trading is expected to be volatile. SpaceX's IPO could exceed Facebook's record market cap of $81B, highlighting the dramatic shift in public offerings.
Interview:
-No update
Tech Trader:
-Tech Trader highlighted a significant memory chip shortage initially discussed in December, linked to the surge in artificial intelligence market demands. Memory prices for PCs, smartphones, and gaming consoles are rising, with consumers facing the consequences of inflation. Major manufacturers, including Micron, SK Hynix, and Samsung, won't have new supply until mid-next year, leading to significant challenges for device makers. The average selling price of smartphones has increased by $100, with unit sales projected to decline by 14% in 2026. This environment signals an end to affordable smartphones and stresses the need for vendors to adapt to elevated prices for survival.
The Trader:
-Oil prices fell sharply in May, marking their worst month since 2020, yet shares of Occidental Petroleum appear to be a strong investment. Following a spike at the onset of the Iran war, West Texas Intermediate crude prices dropped 17% to $86.97 a barrel, while Brent crude saw a similar decline. The State Street Energy Select Sector SPDR ETF also fell 4.5%, influenced by speculation that oil prices would drop post-war. However, the expectation of high oil prices remains, as restoring normal production in the Middle East will be costly and time-consuming. Occidental Petroleum stands out among oil stocks due to its attractive valuation, trading at 10 times expected earnings and offering significant U.S.-based production, particularly in the Permian Basin. Analyst Betty Jiang upgraded Occidental to Overweight, predicting that crude prices could average $90 this year, solidifying its investment potential.
-Movado Group successfully combines dividend growth and earnings increases, recently raising its quarterly dividend to 40 cents per share, yielding 4.75%. In the first quarter, the company reported adjusted earnings of 32 cents per share, up from eight cents the previous year, with revenues increasing 4.5% to $142M. Shares surged 63% this year, contrasting with declines for major luxury brands like Richemont and LVMH. Movado benefits from a diverse portfolio that includes midtier luxury brands and licensed products, with 42% of its sales from the U.S., a robust market for luxury goods, despite challenges in the Middle East.
Features:
-Abby Miller Levy, co-founder of venture-capital firm Primetime Partners, emphasizes the importance of data in healthcare investments, focusing on longevity medicine. She applies a data-driven approach to her own health, utilizing advanced imaging and blood tests for early detection of diseases. Longevity medicine promotes continuous physiological monitoring and cutting-edge treatments to enhance life expectancy. Although not an official specialty, it is attracting various medical professionals and is supported by growing consumer interest in "biohacking." Companies like Eli Lilly and DexCom are advancing this field with innovative therapies and monitoring devices.
-Our exercise capacity naturally declines with age, peaking in our late 20s and dropping by about 1% annually thereafter. Key factors include a slowing maximum heart rate, muscle mass loss, and reduced inflammatory response, which affect overall physical ability. Dr. Amanda Paluch highlights a study linking step counts and mortality, while Dr. William Kraus notes that older individuals often compare to their previous performances rather than their best. Despite these challenges, regular exercise, particularly strength training, can significantly mitigate decline and improve overall health as one ages. Dr. Michael Joyner emphasizes the critical importance of retaining muscle strength over aerobic capacity in later years.
Europe:
-BP stock declined again after ousted chairman Albert Manifold issued a rebuttal post-removal, detailing his frugal management style. Manifold was dismissed for governance issues and stated he aimed to cut costs and streamline the company. He emphasized his personal choices, like making his own coffee and rejecting luxury perks, arguing that driving urgency in the organization differs from improper conduct. BP responded, affirming its stance and duty of care to employees affected by his behavior. As concerns over governance persist, BP's shares have fallen, including a 0.2% drop early Thursday.
Emerging Markets:
-The market is increasingly anticipating a rate hike from the Fed, influenced by a rally in equities, improving job growth, and hawkish insights from the April Federal Open Market Committee meeting. Fed Chair Kevin Warsh faces pressure as support for rate cuts appears weak among Fed members. Fed Governor Christopher Waller emphasized this shift, suggesting the easing bias should be eliminated and expressing a preference for no policy change until there is clarity on oil prices and inflation. While not advocating for a hike yet, he warned of potential hikes if inflation expectations rise, especially as the Fed nears its inflation target for the sixth consecutive year.
Commodities:
-No update
Streetwise:
-The average age of cars in the U.S. has risen to 13 years, influenced by economic conditions and changing vehicle offerings from manufacturers. Auto-parts sales have surged, with AutoZone's revenue increasing from $12.6B in 2020 to an estimated $20.5B, while O'Reilly Automotive has grown from $11.6B to an estimated $19.1B. Despite recent stock drops for both companies, analysts see potential investment opportunities. AutoZone's same-store sales grew 4.1% recently, although it missed Wall Street's expectations. Nonetheless, the company reported strong overall growth and improved operating margins, with concerns about overhead costs beginning to ease as new stores mature. The business increasingly supports professional garages, representing significant growth potential.
THE FINANCIAL TIMES
-US Defense Secretary Pete Hegseth stated that President Donald Trump remains “patient” in negotiating a deal with Iran, focusing on extending a ceasefire and reopening the Strait of Hormuz. Hegseth indicated that Trump is committed to securing a beneficial agreement that prevents Iran from acquiring nuclear weapons. He also noted that the US is prepared to resume military actions if negotiations fail. Trump's demands include Iran's commitment to forgo nuclear weapons, the immediate opening of the Hormuz Strait for unrestricted shipping, and the removal of mines from the waterway, crucial for global oil supply. Meanwhile, oil prices fell amid optimism regarding a potential agreement.
-Joseph Weizenbaum, an MIT professor, created one of the first chatbots, Eliza, in the mid-1960s and was surprised by how easily people anthropomorphized it. In his 1976 book, he expressed concern over society's tendency to imagine future applications of technology without questioning ethical implications. He was particularly dismayed by a 1966 Stanford proposal suggesting that computers could replace human therapists for handling multiple patients. Weizenbaum believed such roles require human qualities like respect and love, arguing that ethical considerations should guide the use of technology, rather than merely technical capabilities.
-Ferrari's first electric vehicle, the €550,000 Luce, has incited considerable controversy in Italy, particularly regarding John Elkann's leadership. Critics, including Transport Minister Matteo Salvini, argue that the Luce's avant-garde design betrays Ferrari's combustion-engine legacy, with Salvini claiming founder Enzo Ferrari would be "turning in his grave." The car, designed with Jony Ive and Marc Newson, represents Elkann's push to modernize Ferrari; however, this has led to scrutiny of his management of the Agnelli family's industrial empire. Former Ferrari executive Carlo Calenda condemned the Luce as an "aesthetic and technological insult," expressing concerns that Elkann is undermining both Ferrari and the broader Agnelli legacy.
-US billionaire Peter Thiel has relocated his family to Buenos Aires for three months, attracted by President Javier Milei's libertarian ideology. Thiel, founder of Palantir, has enrolled his children in a private school and purchased a mansion in Palermo Chico. He has engaged in local activities, including attending a Superclásico football match and competing in a chess tournament. As a significant tech investor, Thiel supports Republican causes and resonates with Milei's agenda to drastically reduce government spending and regulations since his election in 2023.
-German Chancellor Friedrich Merz is facing early criticism as chancellor, with speculation about Hendrik Wüst, the popular prime minister of North Rhine-Westphalia, potentially replacing him. Despite Wüst not expressing interest in Merz's position, his recent high-profile visit to Poland has fueled media discussions on a leadership change. Major outlets question Merz's suitability, and some within his Christian Democratic Union (CDU) consider the chatter as dangerous, though they deem a replacement unlikely. The internal debate highlights concerns over declining support for Merz ahead of crucial regional elections in eastern Germany.
-Deep in Shanxi province, China, families mourn the victims of the Liushenyu coal mine explosion, which killed 82 miners—the worst mining disaster in over a decade. Work has halted as authorities manage public outrage and reinforce security around the mine and treatment hospitals. President Xi Jinping emphasized accountability and survivor rescue efforts, leading to calls for enhanced inspections of coal mining facilities. This tragedy revives concerns over mining safety in an industry crucial to China's economy, where coal constitutes over half of energy consumption and supports nearly a million jobs in Shanxi alone.
-Donald Trump encountered two legal setbacks on Friday. A Virginia district judge ordered him to halt actions related to his controversial anti-weaponization legal fund, branded a "slush fund" by critics. Concurrently, a Washington, D.C. judge blocked his attempt to shut down the Kennedy Center for renovations and mandated the removal of his name from the venue, asserting that only Congress can alter its designation. Trump criticized the judicial decisions on his Truth Social platform, expressing his disinterest in continuing efforts to revamp the venue. These rulings underscore the ongoing legal challenges Trump faces regarding initiatives aimed at solidifying his legacy and supporting loyal political allies.
-Bulgaria will face punishment for breaching Eurozone budget rules just months after joining, as the European Commission puts Sofia under an excessive deficit procedure due to an annual deficit of 3.5%. This move may increase tensions with Prime Minister Rumen Radev, who has become critical of the EU and the US since taking office. Bulgaria's deficit is projected to rise further, reaching 4.1% next year and 4.3% in 2027. Despite other countries like Germany avoiding similar penalties due to exemptions, Bulgaria's membership criteria included adhering to fiscal rules such as the 3% deficit limit.
THE NEW YORK TIMES
-A federal judge in Miami, Kathleen M. Williams, reopened President Trump’s $10B case against the I.R.S., citing “grievous allegations” of deception regarding a previous settlement. The ruling followed Trump's voluntary dismissal of the suit and came after 35 former federal judges urged for a revival to investigate the settlement's details. This agreement, which created a $1.8B fund for alleged victims of government “weaponization” by Democrats, also provided tax benefits for Trump and his businesses. Judge Williams had previously questioned the case's conflict of interest, given Trump's dual role in the lawsuit.
-Efforts to finalize a preliminary agreement between Iran and the U.S. have faced persistent challenges, with both sides accusing each other of stalling. A new draft memorandum is under discussion, nearing approval but lacking President Trump's signature. This framework aims to initiate more complex negotiations regarding Iran’s nuclear program, U.S. sanctions, and concluding the war. Recent skirmishes between U.S. and Iranian forces heighten the urgency for a resolution. The proposed agreement may include a nonaggression pact and regional cease-fires, particularly concerning Lebanon, amidst ongoing violations of a current cease-fire.
-A federal judge, Leonie M. Brinkema, has temporarily barred the government from launching President Trump’s $1.8B fund, intended to compensate individuals deemed harmed by the federal government. This order, issued by the Federal District Court for the Eastern District of Virginia, prevents the establishment of the fund or the processing of disbursements until a hearing is held in June regarding its legality, following a lawsuit from individuals claiming exclusion from the fund. The ruling poses a significant obstacle to compensating Trump’s political allies amidst growing legal challenges and bipartisan objections to the fund's goals.
-President Trump's physician, Dr. Sean P. Barbabella, released a three-page report detailing the results of his recent physical exam at Walter Reed National Military Medical Center. The report states that the 79-year-old president is in "excellent health," with strong cardiac, pulmonary, neurological, and overall physical function. It mentions that Mr. Trump underwent various tests, including an echocardiogram, following previous cardiovascular assessments and a diagnosis of chronic venous insufficiency. He has high cholesterol and takes Crestor and Zetia to manage it, along with a high daily dose of aspirin, diverging from medical recommendations.
-As negotiations between Iran and the United States seem to approach an agreement to end hostilities, opposition from a hardline faction in Iran complicates the process. This group, influential within Parliament and the Supreme National Security Council, has been vocal against concessions to the U.S., leveraging rallies and media to disrupt talks. A finalized agreement's timeline remains uncertain, with President Trump postponing his decision after discussions with cabinet members. Meanwhile, Iran's lead negotiator expressed distrust towards Washington. The internal political struggle continues, highlighted by President Masoud Pezeshkian's criticism of state television for exacerbating divisions, emphasizing the necessity of negotiations even acknowledged by former Supreme Leader Ayatollah Ali Khamenei.
-Prime Minister Benjamin Netanyahu announced that Israeli military forces have advanced into Lebanon, deepening conflict with Hezbollah and jeopardizing a monthlong cease-fire. During a visit to troops near the Lebanese border, he confirmed that forces crossed the Litani River, a significant boundary in cease-fire agreements. Evacuation warnings were issued for southern Lebanon amid ongoing airstrikes, with over 3,300 fatalities reported since the fighting resumed in March. Concurrently, U.S.-brokered talks at the Pentagon aim to stabilize the border and halt hostilities, while political discussions are set for next week. The crossing of the Litani signifies an escalation in Israeli military operations beyond what it terms its "forward defense line," an area previously occupied since the current conflict began.
-The federal prosecutor Andrew S. Boutros, overseeing a criminal investigation into E. Jean Carroll's sexual assault allegations against Donald Trump, has faced significant challenges since his appointment as U.S. attorney for the Northern District of Illinois. Known for his prior prosecutorial experience, Boutros has pursued various criminal cases while aligning closely with Trump's political agenda, even amidst judicial pushback and a troubling environment of staff resignations and prosecutorial failures. Concerns have been raised about his commitment to the integrity of the U.S. attorney's office amidst these political pressures.
-China's growing dominance in drug development is evidenced at this year's American Society of Clinical Oncology (ASCO) meeting in Chicago, where a clinical trial conducted solely in China will be one of the featured presentations. This marks a significant milestone in the rapid expansion of China's biotechnology sector, transitioning from a minor player to an influential force in developing innovative medicines. However, U.S. officials and medical professionals express concerns about the potential risks this shift poses to research, patient safety, and America's traditional leadership in biomedicine.
THE NEW YORK POST
-The situation outside Delaney Hall detention center escalated once again on Friday night, as clashes erupted between anti-ICE protesters and law enforcement. Despite attempts by New Jersey Governor Mikie Sherrill to establish a "peaceful" protest zone, protesters ignored police orders to disperse, prompting the use of tear gas and pepper spray. Protesters chanted aggressive slogans against ICE, while police deployed riot tactics to manage the crowd, including making physical arrests. Tensions remained high as protesters questioned the presence of heavily armed agents and faced off against police forces attempting to control the protest.
-The Trump administration and Kevin O’Leary allege that opposition to data centers in the US is driven by a Chinese propaganda campaign. O’Leary, facing protests against his 40,000-acre data center project near Salt Lake City, claims foreign misinformation targets American AI infrastructure. Interior Secretary Doug Burgum supported this view, stating that areas attempting to construct data centers encounter foreign-directed propaganda. O’Leary provided "90 pages of evidence" indicating significant funding from international entities for these misinformation efforts. Similar conclusions have been reached by various tech and Trump-aligned organizations, indicating a coordinated campaign against US data center construction financed by foreign donors.
Why does Castlelake want to buy easyJet?
Budget carrier has large fleet and expensive airport slots, while its share price has been hit by Iran crisis
As the Iran war sent airline share prices tumbling, the boss of easyJet was “not surprised” the carrier had attracted a large number of short sellers betting against it.
“The share price has moved against all airlines since the start of the conflict,” Kenton Jarvis told the FT in early March. “We expect the markets to move and see an opportunity.”
Two months later, US private credit group Castlelake believes it has seen an even larger opportunity: to bid for the British low-cost airline, which has long attracted takeover speculation.
EasyJet’s share price has fallen by nearly a third in the past 12 months — the worst in the European industry. The Stoxx Europe total market airlines index is up 10 per cent in the same period.
EasyJet is down by a staggering 75 per cent since its peak 11 years ago.
“EasyJet is the animal at the back of the pack, they are most likely the next to be picked off,” said Andrew Charlton, an analyst who runs Aviation Advocacy.
Castlelake’s statement on Friday evening said its plans were at an early stage and that there is no certainty of a bid.
Yet the announcement sparked discussion from industry executives, analysts and investors as to what the US jet financier wants with the UK’s orange airline.
Possible options include continuing to run it as an airline, operating it with a view to selling to another airline — as Castlelake did last year when Air France-KLM took a majority stake in SAS — or breaking it up.
Castlelake’s interest could also flush out other bidders — possibly a long-speculated offer from British Airways.
BA’s owner IAG has said it expects consolidation in the industry and it has already been approached by several airlines, although several people close to the company say it is not in discussions with easyJet.
One explanation for Castlelake’s timing is pure opportunism. EasyJet’s falling share price puts its valuation at £3bn, while it has £434mn of cash on hand.
“This is the time if you’re going to strike,” said one airline adviser.
“Buying aviation assets now isn’t a daft moment,” said Andrew Lobbenberg at Barclays, partly because easyJet’s assets are “attractive and undervalued by share price”.
Additionally, Castlelake, which has long experience lending to airlines and investing in aircraft, will free up cash when the sale of its stake in SAS to Air France-KLM completes. The transaction is still awaiting regulatory approval.
EasyJet has 70 per cent of the fuel it needs for the summer but it will face even higher costs if global oil prices stay elevated. “Although they will have hedged for this summer, the concern is that oil prices stay high,” said one airline adviser.
Analysts expect easyJet’s low-cost rival Wizz Air is more likely to fail in the medium term, which would free up routes, planes and passengers.
Part of easyJet’s vulnerability is its business model. It started out in 1995 with the aim of making short-haul flying as cheap as buying a pair of trousers, but has found itself squeezed in recent years.
Ryanair and Wizz Air offer even fewer frills and fly from cheaper airports — keeping their costs lower — while traditional carriers such as British Airways have pared back their short-haul offering to look far more like a low-cost carrier.
“EasyJet is probably the most exposed of the European airlines because of its hybrid model,” said Charlton. It is “just a ‘mini-me’ for the EU long-haul legacy carriers” but without offering the business class seats that bring in extra revenue.
EasyJet’s founder Sir Stelios Haji-Ioannou still holds about 15 per cent of the company’s shares.
The EU’s rules prevent a non-EU owner from holding a majority share of any EU airline. These still apply to easyJet as the UK remains in the EU flying area, despite Brexit. But the rules are malleable. For example, a deal would be unlikely to be blocked by the European Commission if the alternative is an airline failing, analysts say.
The company has a medium-term target of making £1bn of profit, aided by its holidays business, which has been growing strongly. But analysts expect it to make less than £100mn this year, down from £665mn a year ago, and that 10-figure goal “looks distant today”, said Lobbenberg at Barclays.
Its price/earnings ratio for last year is above the European average, but below that of global airlines.
The business should be a “favoured investment opportunity for when there is a credible peace in the Iran conflict”, Lobbenberg said.
Perhaps its fleet is the attraction for Castlelake. EasyJet has 356 aircraft, with another 287 on order. It will receive roughly 90 of these in the next three years. Some 42 per cent of its aircraft are leased, though it owns almost all of the next-generation models, the A320neo and A321neo.
Castlelake is one of the airline’s lease owners, people close to the business said. Even with only its current aircraft, analysts say the value of easyJet’s fleet is greater than the airline’s market capitalisation.
The industry is short of planes after years of slower deliveries from Boeing and Airbus, forcing many airlines to run older aircraft.
However, this period of scarcity is beginning to ebb. Deliveries are increasing, while the bankruptcy of US budget carrier Spirit Airlines freed up more than 100 planes — all narrow-body aircraft used by easyJet and other short-haul carriers.
“Narrow-body supply is not that tight anymore after the bankruptcy of Spirit and given poor demand overall, so it is not very easy to flip that fleet,” said one airline investor.
EasyJet has landing slots at several prestigious airports including Brussels, Frankfurt and Paris CDG, as well as a dominant position at London Gatwick. Its UK spread means it is the default short-haul local carrier for many British citizens for whom BA’s Heathrow base is too far away.
John Strickland, who runs JLS Consulting, said a bid from Castlelake “suggests confidence in the low-cost model in Europe, in contrast to the US, and equally in easyJet’s position as second largest low-cost carrier here, with a valuable slot portfolio at numerous primary airports”.
Radiation Device Placed in Brain Cuts Tumor Recurrence, Boosts Survival
A postage stamp-sized implant eliminates a dangerous waiting period that has long worsened outcomes for cancer patients
- A new study found GammaTile, a radioactive wafer, nearly doubled survival rates for brain tumor patients.
- The study showed tumors grew back in 1% of GammaTile patients versus 12% of those receiving standard treatment.
- GammaTile avoids a two-month wait for external radiation after surgery, delivering direct radiation to the tumor site.
Brain tumors are one of the most devastating consequences of cancer’s spread—hard to treat and highly deadly. Scientists have found that using a radioactive implant precisely where a tumor was removed in the brain can help patients get their cancer treated more quickly and in many cases, live longer.
A new study showed that GammaTile, a radioactive wafer the size of a postage stamp, nearly doubled survival rates and nearly eliminated tumor regrowth in people who had it placed in the spot where brain tumors were surgically removed.
Between 100,000 and 200,000 Americans a year are diagnosed with cancer so advanced it has spread to the brain. Typically, patients get those tumors surgically removed and follow up with radiation therapy from a device outside of their body, rather than from within it.
The tiles are already cleared by the Food and Drug Administration. Until this study, which will be presented at the American Society of Clinical Oncology annual meeting this weekend, no large randomized trial had shown that they worked better than the traditional approach for these types of brain tumors.
In the new study, involving 230 people, nearly two-thirds of those given the tiles were alive two years later, compared with around a third of those who got standard radiation after surgery. Tumors grew back at the surgical site in just 1% of patients who got the implants, versus 12% of those who got the standard treatment.
“That survival difference is pretty astonishing,” said Dr. Molly Blau, a radiation oncologist at Fred Hutch Cancer Center in Seattle who wasn’t involved in the study. Blau said the results could fuel conversations with surgeons at her institution about investing in a GammaTile program.
After brain tumors are removed, a surgeon uses the tiles to line the walls of the empty cavities. The tiles can be cut to fit the contours of the space. They deliver a concentrated dose of radiation directly to the tissue most likely harboring remaining cancer cells. The tiles, made of collagen, become largely inert within weeks and are absorbed into the body. The process adds as little as two to three minutes to the operation.
The way these brain tumors are currently treated, patients have to wait up to two months after surgery to recover before returning for radiation, during which they are normally taken off chemotherapy, leaving cancer elsewhere in the body unchecked.
“That treatment gap is very anxiety provoking for patients and their families,” said Dr. Michael Garcia, chief medical officer of privately held GT Medical Technologies, the Arizona-based company that makes the tiles.
Stacy Dixon was able to avoid that wait. Weeks after she learned that her stage-four melanoma had spread to her brain and lungs, she traveled from her home in Tulsa, Okla., to Houston to become one of the first patients in the GammaTile clinical trial.
A surgeon from the University of Texas MD Anderson Cancer Center removed her brain tumor and lined the cavity with the implants in late November 2022.
Dixon, 47, described the brain surgery and recovery as remarkably easy. She returned home in time for Thanksgiving after a two-night stay in the hospital.
The safety of GammaTile treatment was comparable to standard radiation, according to the researchers, but the study found that cancer spread to the fluid-filled lining of the brain and spine in 9.7% of patients who received the tiles, compared with 3% in the other group. That gap wasn’t statistically significant, and Blau of Fred Hutch said that it wouldn’t necessarily deter her from offering the treatment.
Implementing a GammaTile program isn’t simple: It requires certification through state health authorities, specialized training for neurosurgeons and radiation physicists and buy-in across the oncology, radiology and surgery departments. The credentialing process alone can take up to six months, Blau said.
Researchers are also evaluating the tiles for patients with newly diagnosed glioblastoma—an aggressive brain cancer that doesn’t involve spreading from another organ—in a continuing study.
Kuo: Apple’s iPhone camera roadmap includes a costly upgrade
Analyst Ming-Chi Kuo is out with a new look at Apple’s upcoming iPhone camera plans, including an under-the-hood ultra-wide module change and a surprisingly steep cost increase. Here are the details.
iPhone 18 Pro’s variable aperture lens to get pricier
It has been widely reported that later this year, one of the biggest changes to the iPhone 18 Pro’s camera system will be the debut of a variable-aperture Main camera, in contrast to the current fixed-aperture design.
However, that might come at a steep cost. According to analyst Ming-Chi Kuo, the new variable aperture lens will carry a 50% higher average selling price than Apple’s current high-end 7P lens system.
He says that Apple will source 40-50% of these components from Sunny Optical, which has also been supplying the MacBook Neo’s compact camera module (CCM), with Largan remaining the company’s main supplier.
This alone shouldn’t mean that Apple will increase the price of the iPhone 18 Pro and iPhone 18 Pro Max, but the component cost increase couldn’t come at a worse time, as Apple is already dealing with rising memory costs that are putting pressure on its margins.
A new ultra-wide module for 2028 iPhones
Beyond the iPhone 18 Pro, Kuo also shared an interesting tidbit about the camera modules expected for 2028 iPhones.
According to the analyst, the “2028 iPhone’s ultra-wide CCM is expected to drop flip-chip in favor of an improved COB version.”
In other words, Apple is planning to move away from the current flip-chip packaging method, where the image sensor is mounted face-down and connected to the module substrate through tiny solder bumps, adopting an improved chip-on-board design for the ultra-wide camera module instead.
Kuo doesn’t explain what improvements to the chip-on-board design made Apple decide to move away from flip-chip packaging, mentioning only that Sunny Optical is also ”well positioned to become a supplier.”
You can read Kuo’s full post here, which also includes details on Sunny Optical’s work around optical components for a rumored OpenAI “smartphone and another pocket / mobile device.”
SpaceX awarded $6.45B in Space Force contracts ahead of IPO
SpaceX is headed toward what’s expected to be the largest IPO ever next month, and now it has received a major boost from the Trump administration.
On Friday, the U.S. Space Force announced it’s giving SpaceX $4.16 billion as part of a contract to build satellites that will be part of a missile and air defense system that President Trump is calling the “Golden Dome.”
The announcement follows a separate contract the Space Force awarded to Elon Musk’s company earlier this week worth $2.29 billion. That contract involves SpaceX building a communications network in low Earth orbit.
The contracts reinforce a disclosure that was detailed in SpaceX’s IPO filing made public last week: The company is heavily dependent on government contracts. One-fifth of SpaceX’s revenue in 2025 came from government agencies.
Musk poured around $300 million into helping elect Trump and has remained close with the president. But SpaceX has also dominated the launch market over the last decade; it’s not surprising the federal government keeps turning toward SpaceX for contracts like these. Still, the company warned investors in its IPO filing that its “business with governmental entities is subject to changes in policies, priorities, regulations, mandates, and
funding levels.”
Iran’s Hard-Liners Try to Derail Potential Deal With the U.S.
A political fight is playing out in Iran, where the small but loud faction of hard-liners has used rallies, state media and private and
As Iran and the United States appeared to be nearing an agreement to end hostilities this week, not everyone in Iran was on board.
The hard-line faction, a fringe but loud group with members in Parliament and a seat on the Supreme National Security Council, has openly opposed any concessions to Washington, using rallies, state media and private and public statements as tools to try to derail a deal.
It remains unclear when an actual agreement will be announced, if at all. President Trump met for two hours with cabinet members in the Situation Room at the White House on Friday, but he put off making a final decision, according to a senior administration official. Iran’s lead negotiator, Gen. Mohammad Bagher Ghalibaf, said in a social media post earlier in the day that Tehran did not trust Washington and that no step would “be taken before the other side acts first.”
But in Iran the political fight continues. State television, which is controlled by a hard-line director, has amplified the divisions in the country and portrayed negotiations as a failure. On Monday, President Masoud Pezeshkian scolded state television in a meeting with its senior leaders, calling on them to avoid sowing discord.
Mr. Pezeshkian said even Ayatollah Ali Khamenei, the former supreme leader killed on the first day of the war, “agreed that we must go to the negotiation table.”
“But now,” he continued, “we are advertising that we should not negotiate.”
At a packed rally of hard-line supporters in Tehran on Friday, large crowds waved flags and chanted for defiance. A state television reporter asked some attendees if Iran should retreat or continue fighting the United States and Israel. “We want them to punish them good,” one woman attendee said. “Stand firm, we are with you until our last drop of blood,” said one man.
“Trump must know that Iran, as the victor and conqueror of the field, sets the terms,” said Ebrahim Azizi, a conservative lawmaker and the head of Parliament’s national security and foreign policy committees, in a social media post on Friday.
Analysts close to the government in Iran say that the hard-line faction represents a minority view, both in the general public and among officials. Still, ignoring it risks alienating the part of the population that has been among the most loyal supporters of the Islamic Republic through political and social upheavals.
“This faction does not speak for the majority of Iranians and has been marginalized from key decision making; the nuclear talks are proceeding despite their disapproval,” said Mehdi Rahmati, a political analyst in Tehran, in a telephone interview. But, he added, “the system needs to come up with a plan to control them and keep them in check, otherwise they can become very dangerous for Iran’s stability.”
Even Iran’s new supreme leader, Ayatollah Mojtaba Khamenei, who is the son of the slain former leader, is not immune from their ire. On Thursday, a hard-line lawmaker cleric, Hamid Rasaee, took a jab at Ayatollah Khamenei in a social media post titled, “Who is worthy of the supreme leadership?” (Ayatollah Khamenei, who has been in hiding since the start of the war in late February, has expressed support for the nuclear negotiating team in written statements.)
Mr. Rasaee wrote that the Prophet Noah had a son who was a nonbeliever and a rebellious black sheep, and that “familial relations don’t necessarily make for being righteous.”
The comparison was quickly condemned by political figures and Iranian media outlets, which accused him of undermining Ayatollah Khamenei’s credibility for political score settling.
Mr. Rasaee backtracked on Friday in another post, saying bad actors had misinterpreted his comments.
Earlier in the negotiations, Ali Bagheri Kani, a hard-liner who serves as the deputy secretary of the national security council, wrote a letter to Ayatollah Khamenei saying the Iranian negotiators, led by Mr. Ghalibaf, had been too conciliatory to the Americans when they sat across the table from Vice President JD Vance in Islamabad, according to two senior Iranian officials familiar with the letter. He asked the supreme leader to intervene and set guardrails for talks, the officials said.
The move was viewed in political circles as an effort to undermine the negotiating team and Mr. Ghalibaf, who is a close ally and friend of the new supreme leader. Mr. Bagheri Kani, who was a nuclear negotiator in the previous administration in Iran, was also the only member of the national security council who refused to sign a joint letter in April, written by Mr. Ghalibaf and Mr. Pezeshkian to the supreme leader, laying out the necessity for an agreement with Mr. Trump.
The letter warned that the economic situation was dire, the government faced an acute budget crisis, and there could be mass riots, the two senior officials said. They spoke on condition of anonymity to discuss sensitive issues.
Mr. Bagheri Kani not only did not sign the letter but shared its contents with hard-line members of Parliament, who in turn publicized the dispute. But Ayatollah Khamenei stood by his negotiating team, the two officials said, privately and publicly issuing statements of support.
On Thursday, Ayatollah Khamenei issued a new statement noting the reopening of Parliament for the first time since the war began. The statement called on all lawmakers to remain united and “refrain from nonsense political divisions and magnifying social divisions.” He said doing so would play into the enemy’s plan to divide and conquer.