WWD : These Collaborations Between High-End Hotels and Luxury Designers Are Wort

These Collaborations Between High-End Hotels and Luxury Designers Are Worth Adding to Cart — No Plane Ticket Required

Geotagging yourself in the middle of the Pacific Ocean is no longer cutting it. These days, refined travelers are turning to something a bit less tacky and a bit more tasteful when it comes to flaunting their globetrotting, Amex Platinum–having, passport stamp–collecting pursuits — by wearing that frequent-traveler status, quite literally, on their sleeves.

We’re talking about the intimate, and relatively new, marriage between the world’s top hotels and luxury designers, which over the years has served a few key purposes: helping a particular resort’s top one percent of loyalists identify each other from Ibiza to Innsbruck and sending guests home with a more sophisticated souvenir than a fridge magnet, all while feeding into the universal obsession with collectibles (all the better if the items are marked by a distinctly “IYKYK” air).


The Dominick, Soho, New York’s only hotel with an AAA Five Diamond designation, recently ran a partnership with Alexis Bittar, allowing clients to coordinate a bespoke jewelry box delivery to their rooms for an added fee. America’s oldest premium luggage brand Hartmann, meanwhile, is ringing in the Semiquincentennial hand in hand with Providence’s The Beatrice hotel — by letting bestsellers from its new Reserve collection for women take part in the latter’s “Rhode to Everywhere” package, on offer through the summer.

And the W Florence just teamed up with local designer Domenico Orefice on a custom leather bag that overnight guests can enjoy in the historic city and take back to wherever they’re from — repping the country’s rich legacy of leather craftsmanship with the accessory’s tanned leather finish and woven intreciatto handle.

So too can shoppers utilize this growing trend to vicariously live out adventures in destinations they’ve yet to visit, with the help of hotel merch collaborations that can be easily bought online — no plane ticket needed.

Drake’s x St. Regis, Left on Friday x Hotel Saint Vincent, Petite Plume x Viceroy, Kilometre x The Ritz-Carlton, and a handful of other unlikely duos start feeling like a more organic fit once you decipher what it is the labels and hotels have in common. That is, a desire to give consumers a one-of-a-kind experience amidst the sea of increasingly monotonous, repeatable ones across both industries — making sure no aspect of their travels goes unaccounted for, from check-in to what they’ll be wearing to dinner.

Thinking of things to pack for your next upscale and well-deserved getaway, or simply want to co-sign the wanderlust mindset without so much as stepping out of your own abode? Start here.

Eberjey x The Ritz-Carlton
Eberjey’s sleepwear and intimates have been spotted on everyone from Meghan Markle to Kylie Jenner, frequently clinching coveted placements on the Oprah’s Favorite Things list, too. Now, the circa-1996 brand is setting sail to celebrate 30 years — with its new, exclusive pajama capsule made alongside The Ritz-Carlton Yacht Collection, an ultra-luxury cruise line offshoot of the famed hotel and resort group.

There are just three pieces to enjoy, because both The Ritz-Carlton and Eberjey know that true opulence comes from intentional, if limited, designs and experiences. Cutting the ribbon on a never-before-seen print of easy, undulating waves over a shade called Memorable Blue, the 100-percent mulberry silk pajamas for men and women are meant to accompany you on your most extraordinary journeys: inviting rest, reflection, restoration, and stillness, despite the “ever-changing views on board,” according to a press release.

“As we celebrate Eberjey’s 30th anniversary, this capsule is a beautiful expression of what has always been at the heart of our brand — designing pieces that bring softness, confidence, and intention to each day,” Ali Mejia, Eberjey co-founder, wrote in a statement. “Collaborating with The Ritz-Carlton Yacht Collection allowed us to bring that philosophy to life through the lens of travel, with a print inspired by the tranquility of the sea.”

Frame x Ritz Paris
Chronic collaborators, Ritz Paris and renowned denim purveyor Frame come out with updated takes on their “Cali cool”-meets-“Parisian sophistication” merchandise practically every year — which means stock is strong online and you can find exactly what you need at frame.com to make your next visit to the City of Light even more unforgettable.

Sweatshirts dolled up with the Ritz’s sprawling, curvy signature, crisp pajama shirts, half-zips, cable cardigans, cashmere tees, and silk scarves abound. No, you won’t receive early check-in by showing up dressed in the co-branded garb from head to toe, but you just might get a knowing wink from the bartender.

Kilometre x The Ritz-Carlton
Different Ritz, same genius concept. Ahead of summer 2026, Parisian accessories maker Kilometre tapped The Ritz-Carlton to bring to life a slew of handmade straw bags nodding to the chain’s most beloved coastal locations — Laguna Niguel, Santa Barbara, Amelia Island, and Key Biscayne, to be exact.

“At The Ritz-Carlton, the most meaningful travel experiences are those that connect guests more deeply to place, culture, and community,” Jamie Hoffman, director of global marketing and partnerships at The Ritz-Carlton, said in a press release. “Our collaboration with Kilometre is an opportunity to tell that story through design, translating the spirit, color, and character of our resorts into pieces shaped by craftsmanship and sense of place.”

Come here for the vivid palm tree, flamingo, and sunset motifs; stay for the top-tier compositions and trend-aware bucket silhouette. Each bag serves as an excuse to settle down under the sun and just linger. We don’t need to be told twice.

Staud x St. Regis
Casually mention hotel fashion collaborations and people’s minds are likely to go straight to Staud for St. Regis, which had such a welcome reception last summer that the two partners continued their love affair right into winter: debuting an alpine drop that takes a page from après-ski style.

Why the joint venture continues to make sense? “Staud brings an unmistakable modern edge to glamour, and St. Regis has always been the home of glamorous travel,” George Fleck, senior vice president and global brand leader of St. Regis Hotels & Resorts, told WWD for a previous story.

Naturally, everything is sold out besides the two picks below — ideal for keeping on hand until winter-sports season commences once again.

Drake’s x St. Regis
St. Regis, clearly, is in high demand right now, as labels are lining up for a chance to create limited-edition merch with the hotel brand known for stunningly competent butler service and the invention of the Bloody Mary on its premises.

One of St. Regis’ latest co-conspirators is the London-based menswear mecca Drake’s. Just this month, the two put their heads together on a Father’s Day accessories assortment for the polished gentleman — complete with silk neckties, pocket squares, and hats.

“It’s been an extensive and deep collaboration, working together closely to develop some essential items for the men’s wardrobe that reflect our… values, love of craft, and history,” Michael Hill, creative director of Drake’s, shared with WWD earlier.

Elegance and quiet luxury will be his as soon as your dad (or husband) outfits himself in one of these silk neckties, pocket squares, and hats: whether he’s jetsetting to Toronto for a business meeting or relaxing stateside.

Petite Plume x Viceroy
Award-winning hospitality venture Viceroy Hotels & Resorts joined forces earlier this year with our editors’ favorite sleepwear brand, Petite Plume, to unveil a line of color-happy, stripe-clad pajamas and eye masks (perfect for packing into your carry-on or savoring from the comforts of home sweet home).

The shade choices here might seem arbitrary, but those familiar with both Petite Plume and the Viceroy should know that nothing the two companies do is ever haphazard. Per the former, the clothes contain “pale blue inspired by the Caribbean hues of Sugar Beach, rust orange echoing the Mexico’s Baja desert, and teal pulled from the lush countryside of Portugal’s Ombria Algarve, all layered with Viceroy’s signature red and warm neutrals.”

In other words, you can sample a sizable chunk of Viceroy’s portfolio from thousands of miles away as you wind down for the night and climb into something cozy. No, you’re not dreaming… yet.

Thomas Lélu x W Hotels
Artist, creative director, and curator Thomas Lélu has gone viral multiple times for his witty, handwritten aphorisms posted on social media — now also seen on billboards, stationery, and clothing alike. In 2024, W Hotels fell in love with Lélu’s playful yet thought-provoking poetry, deciding to immortalize it on a range of canvas totes and bucket hats that will first make you think and then promptly inspire an unexpected wave of goosebumps.

Sayings like “Are you in love? No, I’m at the pool”; “Wake me up when there’s no WiFi”; and “Can I stay a bit longer? Stay forever” pay tribute to humans’ collective ennui, yearning, and unfettered joy.

Fleck, at the time overseeing Marriott’s W Hotels branch as well, said the following about the launch: “Lélu’s sense of humor and style makes so much sense for us. With W Hotels, we can be more daring and take some risks.”

Here’s to stepping out of your own comfort zone and getting a little cheeky this season, goaded on by none other than the catchall resting lightly over your shoulder.

Domenico Orefice x W Florence
Last but not least, a special-edition hotel collaboration that recenters the importance of in-person connection — by being available only to those temporarily settling down in Florence’s Santa Maria Novella neighborhood. By taking advantage of the W Florence’s new “Crafted in Florence Suite Experience,” guests can get a firsthand introduction to Italian leatherwork with an architectural and capacious bag from the aforementioned Orefice.

The piece will be waiting for them in one of the hotel’s modern, light-soaked rooms, to be hauled from the Boboli Gardens and Uffizi Galleries to late-night dinner at Trattoria Zà Zà (consider it a personal recommendation from yours truly). A dining credit for a meal at one of the W’s inventive, on-site culinary hotspots also comes included in the package, so save your appetite on the last night in town — and don’t forget to put a bow on the whole vacation at the upstairs Zefiro Rooftop.

The only thing more magical than that direct view of the Duomo is Orefice’s artisanal mastery and keen attention to detail, at play in everything from the bag’s removable fringe to its gleaming hardware.

To get your hands on the product, reference the promotional code “A1475” when making your W Florence booking, valid until December 14.

The Information : ‘ChatGPT for Doctors’ Mulls New Financing at $20 Billion Valua

‘ChatGPT for Doctors’ Mulls New Financing at $20 Billion Valuation

The Takeaway
  • OpenEvidence considers new fundraise at $20 billion valuation.
  • Startup’s annualized revenue nears $300 million, doubling in seven months.
  • OpenEvidence maintains 90% gross profit margins, selling under 5% of ad inventory.

OpenEvidence, the fast-growing startup that helps doctors find medical information through an AI chatbot, has considered raising $200 million after receiving offers from investors at a valuation of around $20 billion, according to a person involved in the discussions.

The company is unlikely to proceed, in part because a round would dilute founders and other shareholders, the person said. OpenEvidence has also held acquisition talks with a large tech company in recent months, they said.

OpenEvidence is currently generating close to $300 million in annualized revenue, which implies close to $25 million in revenue per month, the person said. That’s double what it was making around seven months ago, when it was in talks to raise at a $12 billion valuation.

OpenEvidence’s revenue growth could assuage investors’ fears that AI application startups’ businesses will soon get swallowed up by the big AI labs, which are releasing competing apps. OpenAI in April released ChatGPT for Clinicians, a version of its chatbot that helps healthcare professionals with documentation and medical research.

OpenEvidence makes money by selling advertising space on its chatbot app to pharmaceutical companies, similar to the way Google sells ads on its search engine. Boosting revenue growth, it recently changed to a business model in which advertisers bid for ad space rather than pay a fixed fee, the person with knowledge said. The change increased the prices of its advertisements.

OpenEvidence is currently selling less than 5% of its ad inventory, suggesting it could generate billions of dollars in annualized revenue if it sold the rest, the person said.

The Miami-based company’s gross profit margin is currently around 90%, putting it above many other AI startups in that regard. Gross margins measure how much companies earn from their sales after subtracting the direct costs of serving its revenue-generating products, known as cost of revenue. OpenEvidence’s costs of revenue include what it pays to run servers, including AI models that power the product, and money it spends to license content from medical journals.

It’s currently running at breakeven on a cash flow basis, as the company invests in training its own models for tasks like generating medical notes and searching information from medical journals, the person said.


OpenEvidence previously raised nearly $700 million in funding from investors including Thrive Capital, DST Global, GV, Sequoia Capital and Kleiner Perkins.

Its CEO and cofounder, Daniel Nadler, previously sold an AI startup to financial research firm S&P Global for hundreds of millions of dollars in 2018.

Nadler owned 58% of OpenEvidence when the startup was valued at $12 billion, according to Forbes.

WSJ : What to Know About the Chinese AI Models Rattling U.S. Stocks Rise of prod

What to Know About the Chinese AI Models Rattling U.S. Stocks
Rise of products such as Moonshot’s Kimi K3 raises concern about tech boom’s staying power

U.S. stocks fell Friday after China’s Moonshot AI released a new artificial-intelligence model. Shares of chip companies such as Nvidia and Micron Technology were particularly hard-hit, with a major semiconductor stock index down 10% over the past week. Here is what to know about China’s AI models.

Q: What is the new model that rattled the U.S. stock market?
A: It is called Kimi K3 and comes from Moonshot, a Beijing-based startup whose name is inspired by the Pink Floyd album “The Dark Side of the Moon.” Moonshot released Kimi K3 this past week and said it planned to make it fully open-source later this month, meaning people will be generally free to download and adapt it. Moonshot says Kimi K3 is the world’s biggest open-source model with 2.8 trillion parameters, a shorthand for a model’s capabilities. External researchers estimate that Anthropic’s Claude Opus 4.8, released in May, has more than 1.5 trillion parameters.

Q: Why is this release affecting stock prices?
A: Chinese AI models are generally designed to operate using fewer computing resources and offer better cost efficiency, in part because American export controls limit China’s access to advanced chips. This year’s stock market in the U.S. has been driven by expectations of huge demand for technology hardware to develop and use AI from the likes of Google, OpenAI and Elon Musk’s SpaceX. If Chinese models gain market share, such demand may not explode after all. That is what worries some investors.

Q: Is Kimi K3 as good as the U.S. leaders?
A: The AI benchmarking site Artificial Analysis ranks Kimi K3 in third place for intelligence, behind Anthropic’s Claude Fable 5 and OpenAI’s GPT-5.6 Sol.

The consensus in both the U.S. and China has been that the best Chinese models are months behind their top U.S. counterparts, perhaps a half-year or more.

But even if the Chinese models are slightly inferior, they are good enough for many tasks. Food-delivery company DoorDash says it uses an Anthropic model for cutting-edge tasks and a Moonshot model for lower-level workloads, achieving better performance at lower cost.

Q: This isn’t the first time Chinese AI has jolted U.S. stock markets, right?
A: That’s right. A similar bout of selling took place in January 2025 when a new model was released by DeepSeek, another Chinese AI startup with a cost-efficient open-source model. But stocks soon resumed their upward move. U.S. AI companies announced hundreds of billions of dollars in investments after the DeepSeek shock, reassuring markets that the AI revolution was real.

Q: Are the Chinese models dangerous for Americans to use?
A: Beijing has implemented some censorship of the data that companies use to train models and of the output of those models. Users of Chinese open-source models can tweak the models to bypass most censorship, though some say they can’t fully undo the influence of biases built into the training data.

Some lawmakers in Washington have called for limiting or banning the use of Chinese AI models in the U.S., saying reliance on Chinese technology could be weaponized by Beijing. For his part, Chinese leader Xi Jinping on Friday cast China as a champion of AI openness and said, “We should oppose overstretching the concept of national security in the field of AI.”

Q: What are the names of these Chinese competitors?
A: Here are five companies to know, in two baskets:

Startups: Moonshot, DeepSeek and a third Chinese company, Z.AI, are among the top runners in this category. All were founded by engineers from leading Chinese universities. Z.AI is listed in Hong Kong, while the other two are planning initial public offerings.

Older internet companies: E-commerce leader Alibaba and TikTok parent ByteDance have invested heavily in AI. Alibaba has an AI model called Qwen, including open-source versions, while ByteDance’s AI offerings include a model called Seed and a video-generating tool called Seedance.

Q: What’s next for markets?
A: Talk of an AI bubble has dogged stocks for years now, yet downturns have never lasted long. Investors are focused on whether companies such as Anthropic and OpenAI can garner enough business to justify their estimated trillion-dollar valuations.

FT : Traders are increasingly betting against SpaceX just weeks after IPO Shares

Traders are increasingly betting against SpaceX just weeks after IPO
Shares of Elon Musk’s rockets and AI company have slipped below their listing price for the first time

Traders are raising their bets against SpaceX’s equity and debt just a month after Elon Musk’s rockets and AI company went public in the biggest initial public offering on record.

SpaceX’s shares this week slipped below their initial listing price of $135 for the first time, down 40 per cent from an intraday high of $225 in mid-June in the days after the billionaire’s conglomerate raised $86bn at a valuation of almost $2tn. On Friday, the stock fell more than 5 per cent to close at a fresh low of $123.99.

Short sellers betting against the shares have in the past month booked paper profits of about $4bn, according to S3 Partners data.

About 30 per cent of the roughly 640mn SpaceX shares available to trade have been borrowed to sell short, up 10 percentage points over the past 10 days, highlighting how traders are becoming increasingly sceptical of the company’s market prospects.

“Investor enthusiasm for SpaceX seems to have cooled,” said Dec Mullarkey, managing director of SLC Management. The company’s equities and bonds are suddenly “pricing in more risk”, he added.

SpaceX did not respond to a request for comment.

The sell-off has come against the backdrop of a broader downturn for richly valued, previously high-flying tech stocks at the centre of the AI investment boom. US semiconductor chips on Friday ended their worst week since last year’s “liberation day” market rout.


About 900mn further SpaceX shares could become available to trade as soon as next month when certain lock-up provisions for pre-IPO investors expire. Traders who doubt there is sufficient demand for the deluge of extra equity are cashing out now as a result, market participants say.

“With more shares coming to market in August, [SpaceX] could announce that they’ve conquered the moon and found gold inside it and there still wouldn’t be enough money out there to buy the stock,” said the chief investment officer of a small North American hedge fund. His firm made $20mn shorting SpaceX earlier in July, he said.

Investors are also selling out of the company’s freshly issued debt. SpaceX raised $25bn in a huge bond offering in late June shortly after receiving an investment-grade credit rating from major rating agencies.

Yields on the company’s bonds are now trading at levels closer to those of junk-rated borrowers. The yield on a 30-year SpaceX bond has risen to 7.4 per cent from 6.7 per cent when it was sold three weeks ago, dragging the price of those notes to about 91 per cent of face value over the same period.

In a further sign of investors’ waning confidence, a market for SpaceX credit default swaps — derivatives that pay out when a company defaults — sprang up in late June.

SpaceX CDS are now trading at 158 basis points, Bloomberg data shows, meaning it would cost about $158,000 a year for five years to insure against the default of $10mn of the company’s bonds, up from $110,000 at the end of June.

FT : Iran strikes Saudi Arabia for first time in months Tit-for-tat strikes unde

Iran strikes Saudi Arabia for first time in months
Tit-for-tat strikes undermine efforts to reopen Strait of Hormuz

Iran has attacked Saudi Arabia for the first time in nearly four months, intensifying the conflict with the US across the Gulf.

Tehran also launched strikes against Kuwait and Bahrain on Saturday, as US President Donald Trump sought to pile economic pressure on Tehran in the battle for control of the Strait of Hormuz.

Trump said he would reimpose a naval blockade on Iranian ports this week. The US president had lifted the blockade last month after the warring parties signed a memorandum of understanding that extended an April ceasefire by 60 days and was supposed to reopen the strait.

The tit-for-tat strikes in recent days have posed the most serious threat to the ceasefire and upended diplomatic efforts to reopen the vital waterway.

The US military said it targeted “surveillance sites, military logistics infrastructure, underground weapons storage and maritime capabilities” in Iran overnight on Friday.

Iranian state media said on Saturday that the Islamic republic targeted Prince Sultan Air Base in the Saudi city of al-Kharj, which hosts American forces.

Saudi Arabia’s civil defence issued a warning on Saturday for a threat over Al-Kharj, 85km south-east of the capital Riyadh, as well as Yanbu, a Red Sea port with a refinery and a crude export terminal. However, it was not clear whether Yanbu was targeted.

The kingdom has shifted the majority of its oil exports to the Red Sea using an east-west pipeline after the closure of the Strait of Hormuz.

Kuwait, which along with Bahrain has borne the brunt of Iranian attacks recently, said Iran hit a power generation and water desalination plant on Saturday, the second attack on its infrastructure in two days.

The country’s military said its air-defence systems intercepted multiple waves of drone and ballistic missile attacks, while Kuwait Airways said it had to reschedule most of its flights after its airspace was temporarily closed. Several firefighters and energy sector workers were injured in the attacks, a defence ministry spokesman said. 

In neighbouring Bahrain, sirens were sounded several times as the army said it intercepted multiple aerial attacks.

The Revolutionary Guards said it attacked an American base in Bahrain and targeted the main Artificial Intelligence centre in the island kingdom.

The guards warned regional states that host US military forces and allow their territory to be used for attacks on Iran to prepare for a “corresponding response and activate their civilian defence units to protect the lives of citizens by keeping them away from potential targets”.

It said Iran limited its counterstrikes to military targets overnight, in an effort to give the US an opportunity to “change its dishonourable approach”.

In the Iranian city of Jask, desalination facilities were attacked by US forces, cutting the water supply to 10,000 people in 20 villages, according to the region’s water company.

The governor’s office in Hormozgan said the local transportation network, including a tunnel and three bridges, was also hit overnight. The tunnel collapse blocked one of the routes to Bandar Abbas, Iran’s busiest port. Three people were killed and eight injured in the strikes.

CrunchBase : The Week’s 10 Biggest Funding Rounds: No Summer Doldrums As Dollars

The Week’s 10 Biggest Funding Rounds: No Summer Doldrums As Dollars Still Flow To AI

It was not a holiday week on the funding front, as a raft of largely AI-focused companies closed big rounds. The largest of these was a $1.5 billion financing to enterprise AI startup Fireworks AI, and a Series D for meal and delivery provider Wonder. The week also included some big financings for enterprise tech, food delivery, drones and construction automation.

1. Fireworks AI, $1.5B, enterprise AI tools: Fireworks AI, a developer of tools for enterprises to turn “general-purpose models into specialized intelligence trained on their own data,” raised $1.505 billion in Series D funding. Atreides Management, Index Ventures and TCV led the financing, which set a $17.5 billion valuation for the San Mateo, California-based company.

2. Wonder, $650M, meals and delivery: Wonder, an operator of kitchens and meal delivery services, closed on $650 million in Series D funding at a $9 billion pre-money valuation. Capital will go in part toward expanding operations for the New York-based company, which currently has 140 locations.

3. Chai Discovery, $400M, life sciences AI: AI drug discovery startup Chai Discovery secured $400 million in Series C funding at a $3.8 billion valuation. Index Ventures led the financing, investing alongside Sequoia Capital, Dimension, Kleiner Perkins and others.

4. Walden Robotics, $300M, robots: Cambridge, Massachusetts-based Walden Robotics, a startup building general-purpose robots for work in manufacturing and logistics, launched out of stealth with $300 million in funding. Toyota and Deviation Capital led the round, which values the company at $1.1 billion.

5. Brinc, $125M, drones: Seattle-based Brinc, a developer of drones for use in public safety and emergency operations, raised $125 million in fresh funding. Motorola Solutions led the financing, with participation from Index Ventures, and Figma founder and CEO Dylan Field.

6. (tied) TerraFirma, $100M, construction automation: Austin-based TerraFirma, a developer of AI-enabled software and autonomous robotics technology for the construction industry, landed $100 million in new funding, bringing total investment to date to $115 million.

6. (tied) Spectro Cloud, $100M, enterprise AI: Spectro Cloud, a provider of AI infrastructure management software, said it raised more than $100 million in a Series D round led by Goldman Sachs Alternatives. The financing brings total capital raised by San Jose-based Spectro Cloud to $260 million.

8. Singularity, $80M, defense tech: Singularity, a startup focused on developing air defense technology, emerged from stealth with $80 million in Series A funding. Khosla Ventures and Felicis led the financing, which set a $400 million valuation for the Los Angeles-based company.

9. (tied) Flex, $70M, fintech: San-Francisco-based fintech startup Flex, a private banking platform for high-net-worth business owners, raised $70 million in a Series B1 financing led by Halo Fund. The round follows the company’s $60 million Series B in December.

9. (tied) State Affairs, $70M, AI and policy: State Affairs, an AI platform for policy and regulation, secured $70 million in Series A funding led by Khosla Ventures and Founders Fund.

TechCrunch : Vertu wants executives to pay $6,880 for an AI agent — here’s how i

Vertu wants executives to pay $6,880 for an AI agent — here’s how it actually performs

AI has become the smartphone industry’s latest battleground, with manufacturers racing to add AI-powered features to attract mainstream consumers. Vertu is taking a different path. The UK-founded luxury phone maker, known for hand-finished devices often costing tens of thousands of dollars, sells status instead of specs. Its Alphafold, a foldable phone, targets affluent buyers, particularly chief executives, pairing luxury materials with an AI agent designed to automate parts of an executive’s working day.

So I put that pitch to the test. Rather than focusing on benchmark scores, camera comparisons, and media consumption — the staples of most smartphone reviews — I spent a few days using the foldable the way Vertu says its customers would: managing documents, analyzing spreadsheets and contracts, planning business trips, automating routine tasks, and relying on its AI agent as a digital companion throughout the working day. The question wasn’t whether it was a good smartphone, but whether it was a good executive smartphone.

At the heart of the Alphafold is Hermes Agent, a pre-installed AI agent built on top of the open-source Hermes project, which the company says can analyze files, automate tasks across apps, remember conversations, and hand off requests to a human concierge when needed. Unlike most smartphone AI assistants that largely just respond to prompts, Hermes is designed to execute multi-step workflows on users’ behalf, making it the centerpiece of Vertu’s pitch rather than the foldable hardware itself.

Physically, the Alphafold, which starts at $6,880, looks and feels every bit like a luxury device. The review unit I received was wrapped in genuine calfskin leather with titanium accents, setting it apart from mainstream foldables that largely rely on glass or synthetic finishes. It’s clearly built for buyers who see their phone as both a tool and a status symbol.

Compared with the Samsung Galaxy Z Fold 7, which I used as a reference device throughout this review, the 264-gram Alphafold feels noticeably heavier than Samsung’s 215-gram foldable. The extra weight is apparent during prolonged use, though it never feels unwieldy. The Alphafold’s curved frame also makes it easier to unfold than the Galaxy Z Fold 7’s flatter edges. Samsung’s design, however, feels sleeker and more comfortable to hold when folded, making it easier to use one-handed.
Vertu’s Alphafold with a Calfskin Leather back and Samsung’s Galaxy Z Fold 7 with a Glass BackImage Credits:Jagmeet Singh / TechCrunch
The Alphafold also arrives in packaging that feels more akin to a jewelry presentation case than a smartphone box. The oversized box opens to reveal neatly arranged drawers containing bundled accessories, including a leather sleeve and charging cables, reinforcing the sense that Vertu is selling a luxury experience rather than just a handset.
Vertu Alphafold’s with a luxury packagingImage Credits:Jagmeet Singh / TechCrunch
Beneath the premium materials, however, the Alphafold tells a different story. During the review, I noticed striking similarities between the device and the $1,100 ZTE Nubia Fold — from the hinge design and dimensions to the placement of the speakers, microphones, and the fingerprint reader. The most visible distinction is Vertu’s leather-clad rear panel, though. System information also revealed ZTE identifiers in parts of the software.

When asked about these observations, Vertu confirmed to TechCrunch that the Alphafold was developed through a specialist supply-chain partnership involving ZTE/Nubia’s hardware platform, component integration, and production engineering. However, the company said it was responsible for the luxury materials, software experience, quality control, and after-sales service. ZTE did not respond to a request for comments.
ZTE Nubia FoldImage Credits:YMobile.jp
This isn’t new for Vertu. In a 2023 review of the MetaVertu, Wired reported that the device appeared to be based on a ZTE Nubia handset, citing hardware similarities and comments from Counterpoint Research that Vertu had been adapting existing ZTE models with luxury materials and custom software.

Still, focusing solely on the hardware misses the point of the Alphafold. Vertu’s real bet is not on building a better foldable but on whether executives will pay for an AI agent that helps them get through the working day more efficiently.

Over several days, I used the Alphafold as my primary smartphone, replacing routine prompts with real executive-style workflows. Instead of asking Hermes to write emails or answer trivia questions, I tasked it with analyzing spreadsheets and contracts, planning business trips, managing my schedule, and automating actions across multiple apps. I then compared the experience with Samsung’s Galaxy Z Fold 7 running Google’s Gemini.
Vertu Alphafold and Samsung Galaxy Z Fold 7Image Credits:Jagmeet Singh / TechCrunch
The testing evolved as I went. Early software builds struggled to upload files, analyze images, and connect to Vertu’s concierge service. After I reported these issues to Vertu, the company rolled out server-side fixes that restored the missing functionality, allowing the remaining tests to be completed.

What emerged over days of testing was a more nuanced picture than the company’s claims might suggest. Hermes impressed when analyzing local files and spreadsheets, areas where Gemini on Samsung’s foldable still relied on manually uploaded documents during my testing. It was also more willing to automate actions across apps and complete multi-step workflows. But that greater autonomy came with trade-offs, raising questions about when an AI should act independently and when it should ask for clarification.

Can Vertu’s Hermes Agent replace an executive assistant?
One of the first tests simulated a common executive scenario before leaving for the airport. I asked Hermes Agent on the Alphafold to message a contact that I was running 20 minutes late, navigate to the airport, switch the phone to Do Not Disturb, and remind me to call the hotel in 15 minutes. The agent sent the message, enabled Do Not Disturb, and opened Google Maps with directions to the airport. It did not, however, automatically begin navigation and instead set the reminder for 9:08 p.m., despite the request being made at 2:32 a.m. for a reminder 15 minutes later.
Image Credits:Jagmeet Singh / TechCrunch
Running the same request on Samsung’s Galaxy Z Fold 7 produced a different experience. Rather than attempting every action immediately, Gemini asked follow-up questions, including which airport I wanted to travel to and whether the reminder should be created in Google Tasks or Samsung Reminder. Once I made those selections, it created the reminder for the correct time.
Hermes was more willing to act autonomously, while Gemini preferred to confirm details before proceeding. As a result, Hermes completed more of the requested workflow, but Gemini ultimately produced the more accurate outcome.

Planning a business trip
A second test focused on a more open-ended task. I asked Vertu’s Hermes Agent to organize a business trip from Mumbai to Pune, including a morning flight, a hotel recommendation, and adding the itinerary to my calendar. The agent responded that there were no direct morning flights available for the requested journey and offered a Contact Butler button to escalate the request to Vertu’s concierge service. It also created a calendar entry for the wrong dates, scheduling the trip for 7 July instead of 18–19 July, leaving the workflow incomplete.
Image Credits:Jagmeet Singh / TechCrunch
Gemini on Samsung’s Galaxy Z Fold 7 took a different approach. After determining that no suitable direct morning flight was available for the requested journey, it continued planning the trip by suggesting alternative travel options rather than handing the task off.

Working with business documents
Business documents revealed a mixed picture, too. I asked both Hermes Agent and Gemini to analyze a locally saved financial spreadsheet, summarize the quarterly results, and determine whether third-quarter sales figures were included.

During my original testing, Hermes analyzed an uploaded sales spreadsheet and correctly summarised the Q2 figures. However, when I returned to the same conversation days later, it no longer recognized the previously shared document, instead responding: “I cannot access files stored directly on your local device. Please upload or attach the Sales spreadsheet here in the chat, and I will gladly analyze the Q2 data for you.”
Image Credits:Jagmeet Singh / TechCrunch
Gemini also required the spreadsheet to be uploaded initially, but retained the context of the conversation. Days later, it was still able to answer follow-up questions about the document, correctly identifying the North region as generating the highest sales without requiring the file to be uploaded again.

Taken together, the testing suggested Hermes Agent is an ambitious AI assistant rather than a finished one. Its willingness to act autonomously often made it feel more like an agent than Gemini on Samsung’s phone, but that same approach occasionally produced incomplete workflows, incorrect outputs, and inconsistent behavior. The pace of updates during the review also suggested Vertu is actively refining the platform, meaning today’s experience may not be the same one buyers encounter a few months from now.

Beyond general assistance, Vertu has built Hermes around a collection of specialist AI agents aimed at affluent professionals, including agents focused on legal advice and investment insights, along with the option to escalate certain requests to a human concierge. The idea is to position the Alphafold as more than a premium smartphone, instead presenting it as a digital assistant for executives.

In practice, however, the specialist agents should be treated as starting points rather than authoritative advisers. They can provide useful summaries and recommendations, their responses remain AI-generated and should be independently verified before being relied upon for legal, financial, or other high-stakes decisions. The option to escalate certain requests to Vertu’s concierge service underscores the current limits of AI agents. Human expertise still matters.

Vertu is also positioning the Alphafold as a business platform rather than just a smartphone. The company demonstrated an integrated enterprise resource planning (ERP) system designed to give executives access to business data and workflows from the device. My testing, however, was limited to a demonstration environment, making it difficult to assess how the feature performs in day-to-day use or how well it integrates with existing enterprise systems.

The security aspect
For Alphafold’s target audience, security may matter as much as AI. Executives are unlikely to use an assistant that analyses contracts, financial reports, and business plans if they are uncertain where that data is processed or stored.
Vertu says conversations with Hermes Agent are encrypted and are not used to train public AI models. According to the company, users can also choose where their data is processed, with enterprise deployments supporting private infrastructure for organizations that require greater control over sensitive information.

Vertu backs those claims up with a dedicated “A5” security chip, which it says provides hardware-level protection for sensitive data, encrypted communications, and digital credentials. Those claims couldn’t be independently verified during testing, but they’re central to Vertu’s pitch to executives and enterprises.

Living with the Alphafold
Away from AI, the Alphafold behaves much like any modern flagship foldable. The battery comfortably lasted more than a day during testing. However, the absence of wireless charging is a surprising omission at this price, particularly when Samsung’s Galaxy Z Fold 7 supports convenient Qi charging alongside wired USB-C charging.
Vertu Alphafold lasts for over a day on a single chargeImage Credits:Jagmeet Singh / TechCrunch
The camera app also includes a document scanning mode under a “Smart AI” setting that can recognize paperwork and save them with enhancements, making it useful for digitizing contracts, receipts, and other business documents. Samsung offers a comparable scanning experience through its own camera software, so this is feels more like a parity feature than a differentiator.

Verdict
The Alphafold is an ambitious attempt to build an AI-first luxury smartphone, but the execution falls short of its price tag. Despite its premium materials and exclusive services, the core hardware offers little that cannot be found in significantly less expensive foldables, while Hermes Agent remains an evolving platform rather than a compelling reason to spend thousands more.

Ultimately, Vertu is asking buyers to pay a substantial premium for branding, craftsmanship, and an ecosystem of AI and concierge services built on top of an established smartphone platform. Based on my testing, that premium is difficult to justify, particularly when Samsung’s Galaxy Z Fold 7 offers a more mature foldable experience with comparable day-to-day functionality at a fraction of the price. With Samsung’s next-generation Galaxy Z Fold 8 expected very soon, the Alphafold’s value proposition becomes even harder to defend.

TechCrunch : Databricks hits $188B valuation, extending its run as AI’s favorite

Databricks hits $188B valuation, extending its run as AI’s favorite second act

Databricks on Thursday announced a new round of funding that values the company at $188 billion. The round was led by Coatue.

Databricks didn’t disclose exactly how much it raised; it said the money isn’t in its hands yet and that the round will close later this summer. (Other outlets have since reported the raise is roughly $3 billion.) While it’s unusual for a company to announce before it gets the money, a VC tells TechCrunch that the deal is solid, with so many firms wanting in that the company had no reason to keep its shiny new valuation a secret.

In fact, Databricks has been on a year-and-a-half fundraising tear as it successfully transitioned its image into an AI provider and not just a yesteryear SaaS sensation. Yesteryear being back in the BC times (Before ChatGPT).

Only five months ago, in February, Databricks closed a $5 billion Series L raise at a $134 billion valuation. Five months before that, in September 2025, it raised $1 billion at a $100 billion valuation. And roughly nine months before that, in December 2024, it raised what was a record-breaking round at the time of $10 billion at a $62 billion valuation.

Databricks has raised so many rounds over the years that this latest one became the subject of memes about running out of letters of the alphabet. “Turning on alerts for when we get a Series AA,” one person posted.

But its image reconstruction has been legit. Founded in 2013, it initially grew to success back in the big data era, with software that enabled enterprises to store enormous amounts of data in the cloud, yet produce speedy analytics.

Because it already sat on troves of enterprise data, Databricks was then well-positioned to respond as companies started wanting AI with the same security and governance they expect from traditional enterprise software.

The company began rolling out one AI product after another, like Lakebase, its database built for AI agents, and Unity, its AI gateway, along with a “meta-harness” called Omnigent that manages multiple agents.

Databricks also increasingly became known as one of the big examples of enterprises adopting more affordable Chinese-based open-weight models (models whose underlying code is published for anyone to use and modify) for cost control, one of the big trends of 2026. It is a particular champion of Z.ai’s GLM 5.2 as a model for coding.

Last week Databricks CEO Ali Ghodsi shared the results of some internal benchmarking done to manage his own AI costs for his 3,000 software engineers.

The company compared AI models on the actual tasks its programmers do. Not surprisingly, in the blog post revealing the results, Databricks shared that “open models, and GLM 5.2 in particular, are now able to handle even the highest level of task difficulty” in coding, and at a total lower cost than proprietary models from Anthropic and OpenAI.

But it did surprise people by finding that the choice of harness — the agentic coding tool, like Codex or Claude Code, that wraps around a model and manages its context and instructions — equally impacted costs. It found that open-source harness Pi to be one of the best at managing context surrounding each prompt, and therefore one of the lowest costs choices without sacrificing quality.

“The lesson here isn’t that one harness is always cheaper or that native harnesses are worse,” the post declared. “Instead, model choice is only one piece of the puzzle.”

All of this has added to Databricks image as an AI company, even if it wasn’t founded as an AI lab. This, in turn, has granted it the AI-halo for raising money and leaping its valuation. As we previously reported, the AI effect is so strong these days, that even sandwich shop Jersey Mike’s mentioned AI 22 times in its S-1 documents.

WSJ : AI Chip Startup Etched Is in Talks for $20 Billion Valuation Startup is al

AI Chip Startup Etched Is in Talks for $20 Billion Valuation
Startup is also raising capital at $10 billion valuation in separate round led by Sequoia

  • Etched, an AI chip startup, is set to quadruple its valuation to about $20 billion in a new funding round led by the firm Jane Street.
  • The company is also raising capital at a $10 billion valuation in a separate round led by Sequoia Capital.
  • Etched is testing its initial chip design and working to validate its first product to fulfill $1 billion in demand from customers, according to the firm’s website.

Etched, a startup developing AI chips in competition with Nvidia NVDA -2.21%decrease; down pointing triangle, is set to quadruple its valuation to about $20 billion in a new funding round led by an existing investor, the firm Jane Street, according to people familiar with the matter.

Benefiting from a frenzied market for venture-capital investments in artificial-intelligence startups, the San Jose, Calif.-based company is also raising capital at a $10 billion valuation in a separate round led by Sequoia Capital, the people said. The financings haven’t closed, and the terms of the deals could still change.

Such back-to-back financings have become more commonplace in Silicon Valley in the midst of the AI boom. Startups are frequently selling stakes at one valuation and then quickly raising more capital at far higher prices—a reflection of the bargaining power companies have over investors scrambling to invest in the leading AI players.

Etched has said it is building a chip for running AI models, also known as inference. According to the firm’s website, it is testing its initial chip design and working to validate its first product to fulfill $1 billion in demand from customers.

While Nvidia is the leading vendor of AI chips, a wave of startups is trying to challenge its dominance, buoyed by the success of Cerebras Systems and Groq. Many of the new startups are developing chips tailored for inference, including the U.K. startup Fractile and SambaNova. Nvidia’s dominance is rooted in the capability of its graphics processing units, or GPUs, at training AI models.

Etched was founded in 2022 by Gavin Uberti, Chris Zhu and Robert Wachen, who are Harvard dropouts. Earlier investors in the company include the investment firm Stripes, Peter Thiel, Ribbit Capital and Primary Venture Partners.

WSJ : The U.S. and Iran Creep Toward a Wider War With Escalating Attacks Strikes

The U.S. and Iran Creep Toward a Wider War With Escalating Attacks
Strikes on more sensitive targets across the Persian Gulf risk setting off a spiral as neither side backs down

Fighting between the U.S. and Iran has expanded, with the American military striking a broader range of targets and moving jet fighters to the region.
The U.S. has conducted seven consecutive days of strikes, hitting bridges and other targets in Iran’s interior in an effort to stop attacks on Gulf shipping.
Iran has responded by broadening the geographical reach of its attacks, including strikes on Kuwait, Qatar, Oman and shipping vessels.

Fighting between the U.S. and Iran has expanded, with the American military striking a broader range of targets and moving jet fighters into the Middle East while Tehran launches attacks across the Persian Gulf.

The fighting is focused on control of the Strait of Hormuz but this round raises the risk of a return to a larger war. The U.S. is hitting bridges and other targets in Iran’s interior to increase pressure across Iran to force an end to attacks on Gulf shipping, after a deal to open the waterway collapsed last week. Iran has responded with broader and deadlier attacks.

A return to a wider conflict would put upward pressure on oil prices—which have already risen more than 10% this week—and weigh on the global economy, risks President Trump has made clear concern him. Iran also faces a massive rebuilding challenge and a population deeply unhappy with the government.

So both sides have incentives to avoid a major flare up. But each is pushing for leverage, raising fear of an escalatory spiral that gets out of hand, said Saeid Golkar, an expert on Iran’s security services who teaches at the University of Tennessee at Chattanooga.

“This escalation is rapidly intensifying and getting out of control,” he said. “There is a risk we will go back to a total war even if neither side wants it.”

The strait was supposed to be opened under a memorandum of understanding Trump signed with Iran a month ago. The deal fell apart amid new Iranian attacks on shipping aimed at shutting down a U.S. effort to shepherd traffic through the strait along the coast of Oman.

Iran believes the agreement gives it the right to manage traffic through the strait and wants ships to pass through a northern route along the Iranian coast.

U.S. officials said earlier this week that Trump was leaning toward expanding U.S. military operations to break the diplomatic logjam. The U.S. was moving jet fighters back to the Middle East from Europe, according to flight tracking data and a person familiar with the matter.

More than 2,000 Marines from the 11th Marine Expeditionary Unit are also operating in the region after spending time in the Pacific. The military released photos of the Marines boarding and searching a commercial vessel in the Gulf of Oman as the U.S. ramps up enforcement of its blockade of Iranian ports.

The U.S. has now carried out seven consecutive days of strikes, the biggest escalation since the preliminary deal was signed in June. Like other days, U.S. Central Command said Friday afternoon, Eastern time, that the new round of strikes are “designed to continue degrading Iranian military capabilities.”

Recent targets have included multiple bridges in an effort to cut off supply routes to the port and naval base at Bandar Abbas on the Strait of Hormuz. The port normally handles 90% of the country’s container traffic. Iran also uses the facilities to attack ships, The Wall Street Journal has reported, citing a senior U.S. official.

Several attacks on bridges were reported in and around Bandar Abbas during Thursday night’s U.S. strikes, and highways connecting the port city to nearby provinces were declared closed, according to Iran’s state broadcaster IRIB.

Iranian state media and a U.S. defense official said the U.S. has been striking targets throughout the country and not just along the coast. The official said the targets include weapons and surveillance systems that Iran has used to attack commercial shipping. Among the targets are small boats, coastal-radar sites, air-defense systems and missile- and drone-storage facilities.

The U.S. has repeatedly hit Chabahar, Iran’s only deep water, oceanic port. Defense Secretary Pete Hegseth posted a picture of the collapse of a maritime-communications tower in Chabahar, which sits more than 350 miles east of the strait near the Pakistan border.

Iranian authorities have confirmed the facility was struck and insisted it was used for civilian purposes, such as search-and-rescue operations for fishermen at sea. Chris Long, a former British naval officer in the Persian Gulf, said the tower could also have served as an observation and intelligence post.

“We are likewise winning big in Iran, and you will see the fruits of that labor very, very shortly,” Trump said in a prime-time address Thursday night.

Throughout the war, Tehran’s strategy has been to out-escalate and outlast the U.S. It now says it is broadening the geographical reach of its attacks in response to the intensification of U.S. attacks.

In recent days it has expanded beyond routine attacks on U.S. bases in Bahrain and Kuwait.

Overnight, Iran fired a ballistic missile at a U.S. base in Saudi Arabia after avoiding hitting the kingdom, a more sensitive target, in exchanges of fire under the interim deal to stop the fighting. U.S. troops were injured by attacks on Jordan but returned to duty, a senior U.S. official said.

On Friday, Kuwait said Iranian strikes damaged a power and desalination plant, a provocative escalation particularly at the height of summer that forced it to activate emergency plans. The country’s military said 32 drone attacks had been intercepted since early Thursday.

Iran also has begun attacking Qatar and Oman—two countries involved in efforts to find a diplomatic solution—and stepped up its attacks on shipping.

On Thursday, officials in Iraq said drones had targeted a tanker and a containership at its southern ports, as well as Iraq’s northern Kurdish region. The area’s biggest natural-gas field was shut amid credible threats it would be attacked. Iraqi Kurdish authorities said more drones were intercepted above the regional capital of Erbil on Friday.

No one has claimed the strikes in Iraq, but Iran and its local allies have frequently launched drones there.

Another vessel was attacked by an unknown projectile near the Strait of Hormuz on Friday, according to the U.K. Maritime Trade Operations, which is affiliated with the Royal Navy.

Ship tracker Kpler said traffic through Hormuz has dropped to a three-week low. Half were Iranian ships, and most of the traffic went through the Iranian route.