NYT : Inside Israel’s Secret Operation to Cultivate Ahmadinejad The yearslong ef



From: Laurent Chekroun (MAKOR CAPITAL MARKET) At: 07/14/26 05:42:13 UTC+2:00
Subject: NYT : Inside Israel’s Secret Operation to Cultivate Ahmadinejad The yearslong ef
Inside Israel’s Secret Operation to Cultivate Ahmadinejad
The yearslong effort to groom the former Iranian president as an intelligence asset culminated in a dramatic effort to take him to an Israeli safe house in the early days of the war. But the plan fell apart.

In early 2024, the rector of a university in Budapest received a startling request from a top Hungarian government official.

The official told the rector, Professor Gergely Deli, that Ludovika University of Public Service should hold a climate change conference and extend an invitation to an unlikely guest: Mahmoud Ahmadinejad, the widely reviled former president of Iran.

Even more shocking was the reason. The official told Mr. Deli that the conference was merely a front for Mr. Ahmadinejad to have secret discussions in Budapest with intelligence operatives from Israel, Mr. Ahmadinejad’s avowed enemy.

Mr. Deli knew that the invitation could tarnish both his own reputation and that of the university. But, he said in an interview, he believed he might be playing a role in saving lives.

“You have two enemies, and if these enemies want to talk with each other, then it’s best to do what you can to make them talk,” he said.

Mr. Ahmadinejad’s 2024 visit to the university and a second one the following year were part of a yearslong Israeli effort to groom him as an intelligence asset who, when the time came, could be installed as Iran’s new leader, according to both American and Iranian officials familiar with the operation, who spoke on the condition of anonymity to describe sensitive intelligence.

Recruiting Mr. Ahmadinejad was of such priority for Israel that the country’s then-spy chief David Barnea even traveled to the Hungarian capital in 2024 to meet with Mr. Ahmadinejad personally, according to former American officials. Soon afterward, they said, Mossad, Israel’s foreign intelligence service, notified the C.I.A. that it had been in contact with Mr. Ahmadinejad.

Israel’s decision to build a regime-change plan around Mr. Ahmadinejad is an extraordinary twist in the saga of the country’s relations with the former president, who was known for accelerating Iran’s nuclear program, calling regularly for the destruction of Israel and denying the Holocaust.

In recent years, according to American officials, Israel secretly paid money to Mr. Ahmadinejad for housing and travel, and Israeli operatives met him abroad on several occasions, including during his trips to Budapest.

The effort culminated in late February of this year — during the first days of the U.S.-Israeli war on Iran — with an audacious operation to relocate the former leader, who had been living under strict surveillance in Tehran. The goal: to set in motion the plan to topple the current regime and install Mr. Ahmadinejad.

The plan failed.

On Feb. 28, an Israeli airstrike hit Mr. Ahmadinejad’s compound, targeting the building of his bodyguards and his armored vehicle. After the strike, according to four senior Iranian officials, a black Peugeot car arrived, picked up Mr. Ahmadinejad and whisked him away at high speed from the chaotic scene.

American and Iranian officials with knowledge of the operation said the car had been driven by Mossad operatives, who took Mr. Ahmadinejad to a secret safe house in Iran.

But the former Iranian leader was upset about the frantic rescue operation, and he appeared to be disillusioned about the Israeli plan to return him to power, according to people with knowledge of what occurred.

He eventually left the safe house under circumstances that are still unclear. Mr. Ahmadinejad was not seen in public again until last Monday, when he made a brief appearance at the funeral procession for the slain supreme leader Ayatollah Ali Khamenei.

His current status remains uncertain. But four senior Iranian officials said that Mr. Ahmadinejad was in the custody of the Islamic Revolutionary Guard Corps’ intelligence wing, under house arrest now that Iran has learned about much of his interactions with Israel.

Israeli officials have not commented publicly about the plan to install Mr. Ahmadinejad as Iran’s leader, which was part of a broader attempt to topple the government in Tehran. Another element involved arming and training Iranian Kurdish opposition forces based in northern Iraq to cross into western Iran, hold territory there and eventually move toward the capital Tehran, an effort that never manifested.

The regime-change plan involved a “sequence of special operations, very, very unique, that was supposed to happen,” Tamir Hayman, a former head of intelligence for the Israeli Defense Forces, told the PBS talk show “Firing Line” in May, after The New York Times first revealed details of Mr. Ahmadinejad’s role in the plan. “And Ahmadinejad was part of that sequence.”

Mossad officials did not respond to requests for comment.

Ali Akbar Javanfekr, a spokesman for Mr. Ahmadinejad, declined to comment.

A post-presidential shift
As the president of Iran from 2005 to 2013, Mr. Ahmadinejad was the country’s most prominent hard-line politician. He spoke of eliminating Israel, and under his rule Iran restarted a program to enrich uranium, raising suspicions that it was pursuing a secret nuclear weapons program. Mr. Ahmadinejad ordered violent crackdowns on a nationwide uprising contesting his re-election in 2009, and, under his rule, the judiciary carried out mass executions of dissidents and jailed opponents and rivals.

But in the years after he left the presidency, Mr. Ahmadinejad tempered his views and toned down the anti-Israel rhetoric that had marked his time in office. He was often eager to show off his newly minted moderate side, granting interviews and giving speeches in which he opined on Iran’s pop music culture, criticized the country’s security forces for heavy-handed crackdowns and accused the ruling class of financial corruption.

He abandoned his signature oversize khaki windbreaker and began wearing tailored suits. He groomed his messy beard, appeared to get Botox treatment and began learning English.

In his office in Tehran, he held hourlong public meetings each morning to hear the grievances of ordinary people, some who came to him seeking help navigating government bureaucracy. On occasion, he wrote letters to government ministries recommending petitioners for loans. He traveled regularly around the country, meeting with supporters both in cities and rural provinces.

Mr. Ahmadinejad’s relationship with the Iranian government was complicated. Senior leaders marginalized him and restricted his movements, yet they allowed him a seat alongside other senior officials on a high-level council that advises the supreme leader. He attended the council’s meeting in February, a few days before the war began.

Many in Iran saw cynical political motives in Mr. Ahmadinejad’s transformation, which they viewed as an attempt to burnish his populist credentials and distance himself from ruling officials. He retained a base of support among working-class Iranians, and his advisers were certain that his goal was to one day return to power.

“Ahmadinejad would not do this for money. He has money; he has a wide economic network. He would do it for power. He wants to be at the helm of power,” Abdolreza Davari, a former close associate and senior adviser of Mr. Ahmadinejad, said in a phone interview. The two men had a falling-out several years ago.

Mr. Ahmadinejad told a handful of his closest associates and confidants about his ambitions to become Iran’s future leader with the help of foreign powers, according to an associate in his close circle, who spoke on the condition of anonymity to describe private discussions.

Mr. Ahmadinejad became disillusioned with the Islamic republic system after he was disqualified to run for president three times, the associate said, and concluded that he could not ascend to power as long as the current system remained in place.

He was concerned that, in the event of a war and regime change, Americans and Israelis would choose some opposition figure outside Iran who did not know the country and Iran would be destabilized, the associate said. He described himself to those around him as someone who could play the role of a reformer, like the former Russian president Boris Yeltsin, and said that if he came to power, Iran would recognize Israel and normalize relations as part of President Trump’s Abraham Accords, the associate said.

Israeli intelligence agencies were closely following the brewing rift between Mr. Ahmadinejad and the Iranian regime during this period, according to two Israeli defense officials familiar with intelligence assessments at that time. Of particular interest, the officials said, was Mr. Ahmadinejad’s growing resentment of Ayatollah Khamenei and other senior figures who had disqualified Mr. Ahmadinejad from running for president again.

Mr. Ahmadinejad’s actions began to arouse suspicion within the intelligence branch of Iran’s Revolutionary Guards Corps, which is responsible for safeguarding the Islamic republic against foreign interference. That suspicion grew, according to two members of the Guards and an intelligence official familiar with the case, after Mr. Ahmadinejad began sending public letters in 2017 to Mr. Trump and later to Saudi Arabia’s Crown Prince Mohammed bin Salman. Mr. Trump lavished praise on both men.

After the Israeli strike this year that initially freed Mr. Ahmadinejad from surveillance by the Guards, Iran’s intelligence agencies began investigating and piecing together his connection to Israel, according to the four officials.

Overseas meetings
It is unclear when Israeli operatives first tried to recruit Mr. Ahmadinejad. Iranian officials said there was at least some contact during a 2023 trip that Mr. Ahmadinejad took to Guatemala to attend a conference focused on the environment. The invitation came from the government of Guatemala, a country that has closer diplomatic ties to Israel than most in Latin America.

Mr. Ahmadinejad almost did not make the trip, as he was stopped at the airport in Tehran by security forces who refused to issue him a boarding pass and allow him to leave the country.

He staged an hourslong sit-in at the airport, which became a public spectacle as he took photographs with ordinary Iranian travelers, airport and airline staff and posted updates on his social media pages.

Eventually, Iranian authorities allowed Mr. Ahmadinejad to board the plane and attend the conference.

“Some people told me not to travel to Guatemala; I told them my brother the minister of environment invited me,” Mr. Ahmadinejad said in one of the videos of the trip. “This is a very important country in Latin America.”

The following year, he made his first trip to Hungary to attend the Ludovika University conference, meeting in Budapest with Mr. Barnea, who led Mossad for five years, until last month.

Hungary, which was led at that time by the right-wing prime minister Viktor Orban, had perhaps closer ties to Israel than any other European nation, and Mr. Orban and Prime Minister Benjamin Netanyahu of Israel made trips to each other’s countries. Mr. Netanyahu gave a speech of his own in April 2025 at Ludovika University, which presented him with a public service award.

Two months later, Mr. Ahmadinejad returned to Budapest, just days before Israel launched a war in Iran, a visit that was a cover for him to meet with Israeli intelligence operatives.

His Iranian bodyguards from the Guards’ Ansar unit, who accompanied Mr. Ahmadinejad on all his foreign travel, reported that, on at least two occasions, he had managed to shake off his security detail and disappear for long meetings during the June 2025 trip. In a report about the trip, the bodyguards said that they had confronted Mr. Ahmadinejad about his disappearances, and that he had told them he had been meeting with university professors, according to the two Iranian Guards members and one intelligence official.

At the university conference, the former Iranian president delivered a lecture in English, surprising attendees by abandoning the signature Quranic verse he had once recited at the beginning of every speech.

Dressed in a tailored dark blue suit, he spoke about “shared humanity” and a “changing world order,” offering his own views on how a new world could emerge, according to videos from the trip posted on his social media page.

He presented Mr. Deli, the university rector, with a copy of the Book of Kings, by the ancient Iranian poet Ferdowsi. Mr. Deli gave Mr. Ahmadinejad an emblem of the university.

In an interview last month, Mr. Deli said that, in extending an invitation to Mr. Ahmadinejad, he had played the role of a “strohmann” — German for “frontman” or “puppet.”

Until last week, Mr. Ahmadinejad had not been seen in public since late February, when he was whisked away from his Tehran home in the black Peugeot.

Last Monday, he made a brief, surprise appearance as part of Ayatollah Khamenei’s funeral procession. Videos of the procession showed Mr. Ahmadinejad, wearing a heavy jacket in the 90-degree heat, with a surgical mask pulled down to his chin. Iran’s two other living former presidents, Hassan Rouhani and Mohammad Khatami, were not invited and did not appear in any of the funeral ceremonies.

Mr. Ahmadinejad stood with his head down, not speaking, flanked on all sides by what appeared to be security guards.

>>> Europe : Brokers Upgrades & Downgrades - 14th of July 2026 V3(++)

>>> Up
* Fincantieri Raised to Buy at Intesa Sanpaolo; PT 16.80 euros (+)
* Friedrich Vorwerk Group Raised to Hold at Jefferies; PT 65 euros
* FuelCell Raised to Buy at UBS; PT $27 (++)
* Halliburton Raised to Overweight at Piper Sandler; PT $43 (++)
* IMCD Raised to Buy at UBS; PT 100 euros
* Kempower Raised to Buy at Danske Bank Markets; PT 15 euros (++)
* Porsche Raised to Neutral at Mediobanca SpA; PT 49 euros (+)
* Salzgitter Raised to Buy at Jefferies; PT 66 euros
* Studentbostader i Norden Raised to Buy at Arctic Securities (+)
* Tesla’s Target Raised to $400 at Jefferies After Delivery Beat

>>> Down
* ABB Cut to Neutral at SB1 Markets; PT 88.06 Swiss francs
* Apple Cut to Underweight at KeyBanc; PT $250
* Cellavision Cut to Hold at Pareto Securities; PT 150 kronor
* EssilorLuxottica Cut to Neutral at Goldman; PT 200 euros
* Finnair Cut to Sell at Nordea; PT 3.80 euros
* Finnair Cut to Sell at OP Corporate Bank; PT 3.60 euros (++)
* HelloFresh Cut to Reduce at Kepler Cheuvreux; PT 3.50 euros
* Nokian Renkaat Cut to Hold at SEB Equities; PT 13 euros
* Pearson Cut to Neutral at JPMorgan; PT 1,420 pence
* Tryg Cut to Underweight at Morgan Stanley; PT 145 kroner
* Unicaja Cut to Underweight at Barclays; PT 3.10 euros
* Zealand Pharma Cut to Hold at Jefferies; PT 320 kroner

>>> Initiation
* Alm Brand Rated New Hold at Berenberg; PT 17 kroner
* Buzzi SpA Rated New Hold at Jefferies; PT 49.50 euros
* First Solar Reinstated Hold at Truist Secs; PT $249
* Nano Nuclear Energy Rated New Hold at Truist Secs; PT $22
* Oklo Rated New Hold at Truist Secs; PT $55

>>> Call
* EssilorLuxottica Cut to Neutral as Goldman Sees Lower Growth (+)
* Friedrich Vorwerk Group Raised to Hold at Jefferies on Valuation (+)
* Salzgitter Rises as Jefferies Upgrades on EU Steel Quotas (++)
* Zealand Pharma Cut to Hold at Jefferies on Lack of Catalysts (+)

>>> Europe : Brokers Upgrades & Downgrades - 14th of July 2026 V2(+)

>>> Up
* Fincantieri Raised to Buy at Intesa Sanpaolo; PT 16.80 euros (+)
* Friedrich Vorwerk Group Raised to Hold at Jefferies; PT 65 euros
* IMCD Raised to Buy at UBS; PT 100 euros
* Porsche Raised to Neutral at Mediobanca SpA; PT 49 euros (+)
* Salzgitter Raised to Buy at Jefferies; PT 66 euros
* Studentbostader i Norden Raised to Buy at Arctic Securities (+)
* Tesla’s Target Raised to $400 at Jefferies After Delivery Beat

>>> Down
* ABB Cut to Neutral at SB1 Markets; PT 88.06 Swiss francs
* Apple Cut to Underweight at KeyBanc; PT $250
* Cellavision Cut to Hold at Pareto Securities; PT 150 kronor
* EssilorLuxottica Cut to Neutral at Goldman; PT 200 euros
* Finnair Cut to Sell at Nordea; PT 3.80 euros
* HelloFresh Cut to Reduce at Kepler Cheuvreux; PT 3.50 euros
* Nokian Renkaat Cut to Hold at SEB Equities; PT 13 euros
* Pearson Cut to Neutral at JPMorgan; PT 1,420 pence
* Tryg Cut to Underweight at Morgan Stanley; PT 145 kroner
* Unicaja Cut to Underweight at Barclays; PT 3.10 euros
* Zealand Pharma Cut to Hold at Jefferies; PT 320 kroner

>>> Initiation
* Alm Brand Rated New Hold at Berenberg; PT 17 kroner
* Buzzi SpA Rated New Hold at Jefferies; PT 49.50 euros
* First Solar Reinstated Hold at Truist Secs; PT $249
* Nano Nuclear Energy Rated New Hold at Truist Secs; PT $22
* Oklo Rated New Hold at Truist Secs; PT $55

>>> Call
* EssilorLuxottica Cut to Neutral as Goldman Sees Lower Growth (+)
* Friedrich Vorwerk Group Raised to Hold at Jefferies on Valuation (+)
* Zealand Pharma Cut to Hold at Jefferies on Lack of Catalysts (+)

>>> Europe : Brokers Upgrades & Downgrades - 14th of July 2026

>>> Up
* Friedrich Vorwerk Group Raised to Hold at Jefferies; PT 65 euros
* IMCD Raised to Buy at UBS; PT 100 euros
* Salzgitter Raised to Buy at Jefferies; PT 66 euros
* Tesla’s Target Raised to $400 at Jefferies After Delivery Beat

>>> Down
* ABB Cut to Neutral at SB1 Markets; PT 88.06 Swiss francs
* Apple Cut to Underweight at KeyBanc; PT $250
* Cellavision Cut to Hold at Pareto Securities; PT 150 kronor
* EssilorLuxottica Cut to Neutral at Goldman; PT 200 euros
* Finnair Cut to Sell at Nordea; PT 3.80 euros
* HelloFresh Cut to Reduce at Kepler Cheuvreux; PT 3.50 euros
* Nokian Renkaat Cut to Hold at SEB Equities; PT 13 euros
* Pearson Cut to Neutral at JPMorgan; PT 1,420 pence
* Tryg Cut to Underweight at Morgan Stanley; PT 145 kroner
* Unicaja Cut to Underweight at Barclays; PT 3.10 euros
* Zealand Pharma Cut to Hold at Jefferies; PT 320 kroner

>>> Initiation
* Alm Brand Rated New Hold at Berenberg; PT 17 kroner
* Buzzi SpA Rated New Hold at Jefferies; PT 49.50 euros
* First Solar Reinstated Hold at Truist Secs; PT $249
* Nano Nuclear Energy Rated New Hold at Truist Secs; PT $22
* Oklo Rated New Hold at Truist Secs; PT $55

>>> Call

>>> What to look at today - 14th of July 2026 - Bastille Day {FR}

Oil advanced for a second day and Asian stocks fell as the standoff between the US and Iran intensified, reigniting inflation concerns and boosting bets for an interest-rate hike. Brent rose as much as 2.8% to $85.64 after President Donald Trump reinstated the US blockade of Iranian ships transiting the Strait of Hormuz. Trump also demanded a 20% reimbursement on all other cargo shipped through the waterway. Treasuries and the dollar steadied as traders awaited Tuesday’s US consumer price index data. Money markets priced in about 50% odds of a Fed rate hike in July as Governor Christopher Waller said officials may need to raise rates to tame price pressures. MSCI’s gauge of Asia Pacific shares were little changed in volatile trading as South Korea’s Kospi Index swung between gains of as much as 2.5% and losses as steep as 5.3%. Equity-index futures indicated a weak start for European shares. The latest wave of attacks between the US and Iran dashed hopes for a near-term normalization of traffic through the Strait of Hormuz. The escalation adds another layer of uncertainty in a pivotal week for markets, with earnings season kicking off alongside US inflation data and Fed Chair Kevin Warsh’s congressional testimony, both seen as key to the outlook for interest rates. The flare-up comes as investors are increasingly questioning whether the enormous sums being poured into artificial intelligence will generate commensurate returns. An AI-fueled stock rout in South Korea on Monday spilled over into the US market, underscoring concerns that the boom has become overextended. The Philadelphia Semiconductor Index slumped 4.8%. “Uncertainty around the Middle East continues, but we think the AI wave is what will drive markets over the next few weeks, especially as earnings season kicks off,” said Sonu Varghese at Carson Group. Attention remained on the chip sector, with SK Hynix Inc. shares rising as much as 1% after slumping 9% earlier. Elsewhere, the yen rose against the dollar and Japanese government bonds advanced across the curve, after Finance Minister Satsuki Katayama’s comments fueled expectations that the government is stepping up efforts to attract cash to domestic markets. Meanwhile, Fed’s Waller said on Monday that policymakers may need to raise rates in the near term if underlying inflation continues to signal broad price pressures. In data due Tuesday, the consumer price index is expected to slow to 3.8% in the year through June, from 4.2% in May, according to a Bloomberg survey of economists. Warsh will also make his first appearance before Congress as Fed chair. US After Hours TREX +4.6% as it realigns distribution network and guides higher; MBX -11.7% after it names new CEO and new CFO; PENG -6.7% on convertible notes offering.

Nikkei +0.26% Hang Seng -0.07% CSI +0.84% Kospi +0.96% Shanghai +0.83% Shenzen +1.03%

Eur$ 1.1394 CNH 6.7817 CNY 6.7804 JPY 162.28 GBP 1.3366 CHF 0.8136 RUB 76.7978 TRY 47.0358 WTI$ 79.82 +2.09% Gold BTC ETH

S&P +0.09% Nasdaq +0.41% EuroStoxx -0.45% FTSE -0.03% Dax -0.42% SMI

Macro :
- UK Grid Operator Starts Independent Probe Into Heat Wave
- Calpers Notches 14.8% Return in Fiscal 2026, Driven By Stocks
- EU Nations to Discuss Impact of Methane Rules on Energy Securitydis

Keep an eye on :
- AQ SS : AQ Group 2Q Sales Beat Estimates
- AKSO NO : Aker Solutions Sees FY Revenue NOK50B to NOK55B
- ARJOB SS : Arjo Maintains FY Organic Revenue Forecast
- AZA SS : Avanza 2Q Operating Income Beats Estimates
- BACTIB SS : Bactiguard 2Q Revenue Beats Estimates
- BALDB SS : Balder 2Q Rental Income Beats Estimates
- BUFAB SS : Bufab 2Q Sales Above Estimates
- DMP GY : Sees FY Outlook Revenue of EUR 1.182B - 1.218B, Compared With FactSet Consensus Estimates of EUR 1.2 Billion -->-4.5%
- DNB NO : DNB Bank 2Q Return on Equity Beats Estimates, DNB Bank to Launch Up to NOK4.8 Billion Share Buyback
- DOM SS : Dometic 2Q Net Sales Meet Estimates
- DRW3 GY : Draegerwerk Prelim 2Q Net Sales About EU847m
- DUNI SS : Duni 2Q Sales Above Estimates
- ERICB SS : Ericsson 2Q Adjusted Ebita Meets Estimates
- EL FP : Meta Is Flooding the Market With Smartglasses. Privacy Advocates Are Up in Arms. -- WSJ
- EVT GY : Evotec Cuts FY Revenue Forecast
- GALP PL : Galp 2Q Refining Margin Misses Estimates
- GOOGL US : Swiss Competition Body Investigates Google Over Android Feature
- HLAG GY : Hapag-Lloyd Boosts FY Ebitda Forecast
- HMS SS : HMS Networks 2Q Sales Above Estimates
- INW IM : Inwit to Pursue Trial After Court Setback on Relief From TIM
- KVUE US : Kenvue Shares Slip After Tylenol Case Revived by Appeals Court
- KESKOB FH : Kesko June Comparable Sales +7.5%
- KREATE FH : Kreate 2Q Revenue Beats Estimates
- LIFCOB SS : Lifco 2Q Net Income Beats Estimates
- LIME SS : Lime Technologies 2Q Sales Above Estimates
- LULU US : Lulu’s to Review Strategic Options
- NCCB SS : NCC 2Q Net Sales Miss Estimates
- NAS NO : Norwegian Air 2Q Operating Revenue Misses Estimates
- NSKOG NO : Norske Skog 2Q Total Operating Income Misses Estimates
- NVDA US : Nvidia halves Asia buyer list in China chip crackdown
- OHLA SM : JPMorgan SE to Offer 83m OHLA Shares in Hedging Transaction
- OHLA SM : OHL Holders Forjar, Solid Rock to Buy Additional 7.22% Stake --> OHL Shares Offering Prices at EU0.4446/Share
- PSKY US : Paramount Says Merger Challenge ‘Must Be Rejected’
- 1SMA GY : Germany’s Smag Sinks in Debut as Defense Stock Appetite Ebbs
- SOF BB : TPG, Sofina, Multiples in race to pick up $80-100 million stake in Giva
- 9984 JP : SoftBank, Sierra Tie Up on AI Customer Service in Japan
- SWON SW : Softwareone Names Raphael Erb as CEO After Crayon Integration
- SPCX US : SpaceX Moving Toward Faster Launch Cadence, Raymond James Says
- SPI LN : Spire Healthcare Chair Cheshire Steps Down: Sky
- MSTR US : Strategy Raises Reserve to $3 Billion With Stock Sale
- TIM IM : Inwit to Pursue Trial After Court Setback on Relief From TIM
- 8TRA GY : Traton Preliminary 2Q Adj. Operating Profit €957m
- TLW LN : Tullow To Sell Kenya Rights to Gulf Energy for $9m
- VITB SS : Vitec Software 2Q Sales Above Estimates
- VOS GY : Vossloh Cuts FY Sales Forecast
- WOSG LN : Watches of Switzerland FY Revenue Meets Estimates
- XVIVO SS : Xvivo 2Q Sales Above Estimates
- YPFD AR : Argentina IPO Pipeline Grows as YPF Unit Files for US Listing

>>> Stoxx 600 Pre-Market Indications

  • Equinor (DNQ TH) +2.4%
  • Eni (ENI TH) +1.5%
  • Repsol (REP TH) +1.5%
  • Shell (R6C0 TH) +1.3%
  • BP (BPE5 TH) +1.3%
  • Schneider Electric (SND TH) -1%
  • Lufthansa (LHA TH) -1%
  • Nordex (NDX1 TH) -1%
  • Zalando (ZAL TH) -1.2%
  • Fraport (FRA TH) -1.2%
  • Hochtief (HOT TH) -1.4%
  • Puma (PUM TH) -1.5%
  • Nokia (NOA3 TH) -2%
  • Pearson (PES TH) -3.3%
    • Pearson Cut to Neutral at JPMorgan; PT 1,420 pence
  • Ericsson (ERCB TH) -4.1%
    • Ericsson Earnings Fall as Kit Maker Faces Rising Costs

>>> TradeGate Pre-Market Indications

DAX:
  • Zalando (ZAL TH) -1.2%
MDAX:
  • Salzgitter (SZG TH) +4.8%
    • Salzgitter Raised to Buy at Jefferies; PT 66 euros
  • Fraport (FRA TH) -1.1%
  • Puma (PUM TH) -1.5%
SDAX:
  • Einhell (EIN TH) +3.1%
  • Verbio SE (VBK TH) +1.5%
  • SFC Energy (F3C TH) +1.5%
  • Dermapharm (DMP TH) -2.5%
  • ASTA Energy Solutions AG (1AST TH) -3.8%
  • Evotec (EVT TH) -23%
    • Evotec Cuts FY Revenue Forecas

TechCrunch : Hermes agent maker Nous Research in talks for new funding at $1.5B

Hermes agent maker Nous Research in talks for new funding at $1.5B valuation

Nous Research, the startup behind the open-source Hermes agent, is finalizing a new round of funding led by Robot Ventures, with significant participation from USV and other prominent investors at a $1.5 billion valuation, according to three sources with knowledge of the deal. The company is raising at least $75 million, and fielded a high level of interest from investors, according to the people.

Nous Research declined to comment. USV and Robot Ventures didn’t respond to our request for comment.

The company was founded in 2023 by Jeffrey Quesnelle, Karan Malhotra, Ryan Teknium, Shivani Mitra. Before this round, it had raised a total of $70 million in funding from investors including Paradigm, Robot Ventures, North Island Ventures, OSS Capital, and Balaji Srinivasan, according to Crunchbase.

Weeks after Openclaw’s agent went viral, Nous Research released its own competitor called Hermes. OpenClaw is an agent that runs locally on a PC and can perform tasks on behalf of the user. One key difference is that Hermes shipped with built-in “skills,” such as web search, coding and image understanding. Furthermore, it was designed to automatically learn from people’s usage and build more skills without manual intervention. Additionally, the startup has released language models focused on coding and math.

Just like Openclaw, users can automate tasks with Hermes and chat with these agents or receive messages from them in apps like Telegram and Discord. These tools have become increasingly popular as they allow users to run their AI agents remotely and around the clock.

Open-source and widely adopted, Hermes has amassed a massive following on GitHub, boasting roughly 214,000 stars and nearly 40,000 forks. Developers can run Hermes on a desktop or on a virtual private server.

But Nous Research also offers a cloud-hosted version, which some users may find to be more user-friendly, avoiding any setting up on their own machines. The hosted version is available via various paid tiers ranging from $20-$200 a month.

Sources say the new funding will help to expand Hermes’ products and business model further.

WSJ : Data-Center Builders Are Racing to Offload Stakes Worth Billions Unrelenti

Data-Center Builders Are Racing to Offload Stakes Worth Billions
Unrelenting demand for computing power has investors looking for chances to own the physical infrastructure behind AI

  • U.S. data-center developers are working with bankers to sell majority equity stakes worth tens of billions of dollars this summer.
  • Rising construction costs and shortages of labor and parts are forcing some operators to seek deeper-pocketed backers to fund expansions.
  • A potential sale of a majority stake in Dallas-based DataBank could reach as much as $25 billion.

America’s data-center developers are ready to cash in on the AI boom.

Data-center builders and operators across the U.S. are working with bankers to sell majority equity stakes worth tens of billions of dollars in their companies this summer, according to people familiar with the efforts.

Bankers are working to sell stakes in firms including Netrality Data Centers, DataBank, Edged, EdgeCore Digital Infrastructure and others with properties located from Phoenix to Atlanta. They are pitching private-equity firms on a hot asset class benefiting from unrelenting demand for computing power.

Sales of data-center operators are on the rise as owners of these firms seek exits and investor interest in owning the physical infrastructure behind advanced artificial intelligence grows. A massive backlog of demand for server capacity pushed companies to pursue novel strategies to secure more of it, from renting chips from direct competitors to launching data centers into orbit.

Shortages of everything from electricians and plumbers to gas turbines and memory chips have driven the cost of building new data centers ever higher. Nvidia Chief Executive Jensen Huang recently estimated the cost of building a gigawatt of new computing power using his company’s architecture could soon reach $80 billion to $100 billion. Some operators have been forced to seek deeper-pocketed backers to fund their next phase of expansion, according to several people working on the deals.

Among the largest potential deals in the works is the sale of a majority stake in Dallas-based DataBank, which could reach as much as $25 billion, according to people with knowledge of the process. DataBank is owned by a consortium led by DigitalBridge that also includes Swiss Life, EDF Invest and Australian pension fund AustralianSuper.

EdgeCore Digital Infrastructure, a Denver-based data-center developer and operator of data centers for large cloud providers, asked potential buyers to submit offers last week, according to a person with direct knowledge. EdgeCore is owned by Partners Group, a Swiss private investment firm that has poured billions into the company to support expansions in Virginia, Arizona and other markets.

The potential stake-sale talks are at varying stages, and some might not result in sales, the people said. KKR’s newly formed Helix Digital Infrastructure is among those evaluating the assets, according to a person with direct knowledge, in addition to other firms.

The current push builds on a record. In 2025, data-center M&A hit about $50 billion, more than double the prior year, according to S&P Global Market Intelligence.

Whether there are enough buyers with the means to absorb so many large deals at once this summer remains an open question. Ravi Purohit, the co-head of infrastructure at Paul Weiss, said that while plenty of investors want exposure to data centers, only a handful of firms can afford multibillion-dollar deals.

“There are not that many people who can write those checks,” Purohit said.

Bankers and investors involved in data-center sales this summer say guaranteed access to electrical power is a major factor in deal valuations. Concerns around rising costs and delays might also drive some buyers to tie some of their payments to completion of milestones, they said.

Private-equity firms have increasingly added data-center operators to their portfolios.

Blackstone took a roughly 49% stake in Rowan Digital Infrastructure, a hyperscale developer backed by Quinbrook Infrastructure Partners, in April. The private-equity giant also bought data center developer QTS for around $10 billion in 2021.

Last year, a consortium led by BlackRock’s Global Infrastructure Partners and MGX agreed to buy Aligned Data Centers for about $40 billion, the largest data-center deal ever. The acquisition is expected to close in the coming weeks. The prior record was Blackstone’s roughly $16 billion acquisition of AirTrunk in 2024.

But as these megadeals scale up, developers are increasingly running into fierce local opposition, driven by residents’ anxieties over rising utility bills, noise and advanced AI services in general. In some cases, it has pushed developers to pause or walk away from projects. This all makes investing in data centers riskier than it was in the past, investors said.

“I think people are downplaying the significance of Nimbyism in this country right now,” Purohit said, adding that companies looking to sell this summer will be scrutinized for how they plan to handle it.

“The more they can demonstrate to buyers that they have a constructive relationship with these communities…that actually goes a really long way,” he said.