FT : Trump envoy’s tour on $450mn superyacht stirs anger in Italy Rome declines

Trump envoy’s tour on $450mn superyacht stirs anger in Italy
Rome declines to reveal cost of security for billionaire businessman Tilman Fertitta’s ‘coastal diplomacy’

Donald Trump’s ambassador to Italy, Texas-based billionaire businessman Tilman Fertitta, has triggered controversy with a two-month diplomatic outreach tour of Italian seaside towns on his private $450mn superyacht.

In celebration of the 250th independence anniversary of the US and to reaffirm US-Italy ties, Fertitta’s 117-metre vessel is cruising to 13 of Italy’s best-known coastal cities — including Palermo and northern ports such as Venice, Genoa and Trieste.

Along the way, Fertitta — whose entertainment and hospitality empire includes the Houston Rockets basketball team, the Golden Nugget casino business and Landry’s restaurants — is inviting politicians, business leaders and military personnel to visit him on the luxurious vessel Boardwalk, which has a swimming pool, mini-golf course and helipads.

Before the “coastal diplomacy” cruise got under way last month, the US embassy in Rome said Fertitta — whose grandparents emigrated to the US from the Sicilian town of Cefalù, which he also visited — “will personally fund the Boardwalk’s trip”.

The statement said the trip would allow Fertitta, whose net worth is estimated by Forbes at nearly $11bn, to “connect personally with Italian people along Italy’s coastline”. It comes as many Italians are reeling from Trump’s verbal attacks on Prime Minister Giorgia Meloni, once one of his most stalwart allies.

But there has been an outcry over the huge security operation — including a special sea surveillance mission, involving boats and helicopters from the Italian coastguard, financial police and port authorities — required to protect the ambassador and his superyacht during their voyage. 

A lawmaker from the Green Left Alliance, Luana Zanella, raised the issue in parliament on Friday morning, slamming Fertitta’s tour on his “gigantic, ultra-luxurious” yacht as little more than a “diplomatic vacation” at the cost of the cash-strapped Italian state. “This display of opulence is not right,” Zanella, who comes from Venice, said.

Valentino Valentini, vice-minister of business and industry, gave no estimate of the cost of the security operation, but said Rome was obliged under the Vienna Convention to ensure the safety, freedom and dignity of all foreign ambassadors to Italy, including with “the provision of a special guard” if necessary.

He said Fertitta had been deemed a high-risk target, entitled to “first-level exceptional protection” at all times. The Boardwalk, he said, was also entitled to protection as it was serving as Fertitta’s temporary residence, means of transport and venue for institutional meetings.

Fertitta and the US embassy in Rome have not commented publicly on the criticisms, and the US state department did not immediately respond to a request for comment.

The Boardwalk arrives in Venice on Friday, where Fertitta is expected to face angry protests from a group of locals.

‘‘It’s a very weird way to do diplomacy,” said researcher and activist Stella Faye, who is helping to organise the protests. “It’s very emblematic of the political model that Trump is trying to build joining political and economic power.”

Fertitta’s visit coincides with the city’s annual Redentore festival, which celebrates the end of a devastating plague in 1576. The Boardwalk is set to be docked along what is normally a prime public viewing spot for fireworks.

But an Italian foreign ministry official said the superyacht tour had become a cruise of “friendship and fun”, helping to reaffirm the ambassador’s personal goodwill towards Italy, after a turbulent period in the bilateral relationship.

Antonio Tajani, the foreign minister, told the FT that Fertitta was playing an important role as an interlocutor between Meloni’s government and the Trump administration, and responding to Rome’s concerns in an “active, sensitive and above all, consistently positive manner”.

>>> La Lettre - Abivax

## Version française

**L'Événement — Santé**

**La biotech Abivax réactive sa banque d'affaires Centerview pour discuter avec les Big Pharma**

Le groupe de Marc de Garidel avait suspendu fin juin les discussions avec des groupes pharmaceutiques anglo-saxons comme AstraZeneca et Eli Lilly, le temps de mener sa levée de fonds de quelque 800 millions d'euros. Ses nouvelles capacités de financement lui permettent d'aborder les négociations en vue d'un éventuel rachat sans urgence ni pression.

Abivax reprend discrètement le chemin des discussions avec quelques-uns des grands laboratoires anglo-saxons en vue d'un potentiel rachat. D'après les informations de *La Lettre*, la biotech spécialisée dans le traitement de maladies inflammatoires chroniques a relancé la semaine dernière sa banque d'affaires, l'américain Centerview Partners, afin qu'elle poursuive les tractations. Ces négociations, entamées à la suite de premières marques d'intérêt l'an dernier, ont connu des rebondissements avant qu'Abivax ne procède finalement à une levée de fonds de quelque 800 millions d'euros tout début juillet (LL du 11/06/26).

Compte tenu de ses 10 milliards d'euros de valorisation boursière, après avoir vu son cours de Bourse flamber de 1 500 % sur un an, le groupe français dirigé par Marc de Garidel est devenu une cible d'acquisition chère. Peu de grands laboratoires ont les ressources financières suffisantes pour se lancer à l'assaut d'Abivax, coté à Paris et à New York.

**Des résultats cliniques bien accueillis**

Des poids lourds comme le britannique AstraZeneca et l'américain Eli Lilly sont toujours intéressés par le rachat d'Abivax (LL du 12/01/26 et 20/01/26). L'attention qu'ils portent à la biotech remonte déjà à l'été 2025, quand avaient été annoncés les résultats d'essais cliniques particulièrement prometteurs de son candidat médicament contre la rectocolite hémorragique, l'obefazimod.

Le laboratoire américain Merck & Co avait aussi manifesté son intérêt, mais il ne convoiterait pas le traitement de la maladie de Crohn, cette maladie inflammatoire du tube digestif, que développe aussi Abivax. D'où l'idée de Merck de s'allier à un autre laboratoire.

L'appétit des grands groupes pharmaceutiques s'est récemment réaffirmé avec la publication des données finales des essais cliniques de l'obefazimod, dits de phase III. Ces résultats ont confirmé la sécurité du candidat médicament, dont la commercialisation aux États-Unis est toujours prévue pour 2027, dès que la Food and Drug Administration (FDA), l'autorité sanitaire américaine, aura donné son feu vert.

Pour dissiper les doutes sur le potentiel du futur traitement, après la révélation de trois cas de cancer au cours des essais cliniques, Marc de Garidel avait même avancé le calendrier de la publication des essais, l'annonçant à fin juin au lieu de mi-juillet comme initialement prévu. L'ancien PDG du groupe pharmaceutique Ipsen avait aussi enchaîné les conférences téléphoniques avec les analystes pour rassurer le marché, après avoir vu l'action Abivax chuter de 40 % (LL du 11/06/26).

**Visibilité financière jusqu'en 2029**

Le patron d'Abivax s'est aussi fixé pour ligne de mener les discussions avec l'acquéreur potentiel sans pression ni précipitation. Grâce aux 800 millions levés tout début juillet, Marc de Garidel a doté son groupe d'une visibilité sur le financement de ses activités, notamment dans la recherche, jusqu'à fin 2029.

Dans une interview à la chaîne américaine CNBC le 10 juillet, cet ingénieur de formation s'est même dit en capacité de lancer une commercialisation autonome de l'obefazimod, c'est-à-dire sans avoir besoin d'adosser Abivax à un gros laboratoire. *« La meilleure défense pour nous, c'est en réalité l'attaque »*, a alors affirmé le dirigeant en réponse à une question sur une possible prise de contrôle de son groupe. Sur cette même chaîne, il avait déjà affiché en mars sa confiance dans la possibilité de négocier un deal aux meilleures conditions une fois les données de phase III publiées.

*Matthieu Protard*

>>> Europe : Brokers Upgrades & Downgrades - 17th of July 2026 V2(+)

>>> Up
* 3M Co Raised to Overweight at JPMorgan; PT $180
* ABB Raised to Buy at Pareto Securities; PT 96.40 Swiss francs
* Adecco Raised to Outperform at BNP Paribas; PT 24 Swiss francs
* Adecco ADRs Raised to Outperform at BNP Paribas; PT $15.30
* Apple Raised to Buy at HSBC; PT $366
* ASML Raised to Buy at DZ Bank; PT 1,800 euros (+)
* Atea Raised to Buy at Danske Bank Markets; PT 180 kroner (+)
* Atlas Copco Raised to Buy at SB1 Markets; PT 225 kronor
* BMW Raised to Buy at HSBC on Neue Klasse, ‘Realistic’ Guidance
* Eltel Raised to Accumulate at Inderes; PT 14 kronor
* Emerson Electric Raised to Overweight at JPMorgan; PT $157
* Fiskars Raised to Reduce at Inderes; PT 11.50 euros
* HMS Networks Raised to Buy at Handelsbanken; PT 580 kronor
* IntegraFin Raised to Buy at Jefferies; PT 440 pence
* Johnson & Johnson Raised to Buy at Freedom Capital; PT $280
* NatWest Raised to Outperform at KBW; PT 735 pence
* Scanfil Raised to Accumulate at Inderes; PT 12.50 euros
* Sodexo Raised to Reduce at AlphaValue/Baader
* Tele2 Raised to Buy at Danske Bank Markets; PT 187 kronor (+)
* Telenor Raised to Buy at Pareto Securities; PT 150 kroner
* Telenor Raised to Buy at Danske Bank Markets; PT 157 kroner (+)
* Trelleborg Raised to Hold at ABG; PT 415 kronor
* Tritax Big Box Raised to Buy at Van Lanschot Kempen (+)
* Verkkokauppa.com Raised to Buy at Nordea; PT 4 euros
* Xilam Animation Raised to Accumulate at Euroland Corporate (+)

>>> Down
* Crest Nicholson PT Cut to 70 pence from 78 pence at Berenberg
* Datalogic Cut to Reduce at Equita; PT 5.70 euros (+)
* Delivery Hero Cut to Neutral at UBS; PT 41.50 euros
* Lem Cut to Hold at Research Partners; PT 382 Swiss francs (+)
* Lloyds Cut to Market Perform at KBW; PT 120 pence
* Nordea Bank Cut to Reduce at Inderes; PT 17.50 euros
* Rotork Cut to Hold at Berenberg; PT 503 pence
* Smaio Cut to Accumulate at Euroland Corporate; PT 8.70 euros (+)

>>> Initiation
* Zehnder Rated New Outperform at Oddo BHF; PT 84 Swiss francs

>>> Call
* Adecco Receives Upgrade From BNP Paribas: Europe Research Digest (+)
* IntegraFin Set to Be a Winner in ‘Shake-Out,’ Jefferies Upgrades
* Sobi Offers Further Upside, PT to Street-High at Berenberg

FT : The mega-IPO glut comes with a containment problem Never let your left hand

The mega-IPO glut comes with a containment problem
Never let your left hand know what your right hand is doing

It could be considered the absolute definition of a champagne problem. Goldman Sachs and Morgan Stanley’s tech investment banking teams are so dominant that they won joint lead status on all three of the big “hyperscaler” IPO deals of 2026: SpaceX, Anthropic and OpenAI.

That is really quite a triumph, because usually companies are a bit reluctant to retain the same firm that’s advising on a similar deal in the same timeframe for one of their biggest competitors. And with the fees on SpaceX likely to have been into nine figures, and similar to come, it’s very economically material to all involved.

But, problems there are. Because the reason that companies are so reluctant to share advisers with their competitors is that they are, understandably, worried about information leakage and conflicts of interest. And because the bankers are worried about getting sued, as occasionally happens, they erect great big information-proof Chinese walls internally, to make sure that nobody slips up.

Goldman Sachs and Morgan Stanley have had to create entirely separate deal teams, with no overlap of personnel between OpenAI and Anthropic, and not even any contribution from bankers who previously worked on SpaceX (where the conflict could come from any secondary sales planned once the lock-ups expire).

This shouldn’t really matter in booming markets. As long as the investor demand for anything tech-flavoured is limitless, then there’s nothing to be gained from the teams talking to one another. Their only real job is to execute the transaction and fend off the disappointed phone calls from people who didn’t get as many shares allocated as they wanted.

So as long as everything’s going completely brilliantly, there’s no need to worry about anything at all..


Aha.
Oooer.

Of course, Alphaville is aware that the greatest of all fallacies is to reason from a price change. But if we were to consider that one possible reason for the rapid re-entry from orbit of both the equity and bonds of SpaceX might be that investor demand for tech megacaps wasn’t limitless, that might cause some problems. Because it would mean that the finite demand had to be allocated across three different sources of supply — Anthropic, OpenAI and SpaceX secondary sales.

Normally that’s not such a big deal, because the way in which it gets sorted out is through open market competition — if the deals all had different advisers, then it would simply be a case of “may the best team win”. Whoever was best at persuading investors (and whichever issuer had the best underlying story) would get their deal away and take the bragging rights, while the losers would be left weeping into their beer.

But it’s much more difficult for that to happen in this situation. Because although GS and MS split their capital markets advisory teams up to prevent information leakage, they didn’t also decide to set up entirely separate equity sales forces and research departments. So despite the carefully maintained Chinese walls stopping information from one deal leaking to the advisers on another, the only piece of information that anyone actually needs to know right now — the amount of investor interest in the three different transactions — is coming from the exact same source.

Which creates something of a compliance minefield for the poor old infantry on the dealing floors. To avoid creating a conflict of interest, they need to treat all three internal teams with scrupulous fairness, making sure that everyone gets perfectly unbiased feedback on their own transactions, not giving any of the bankers a clue about what they might be saying to other teams and doing their best to avoid giving any impression to buy-side clients that they might be pushing one deal a little harder than the other.

It is no aspersion whatsoever on the fine men and women of the equity sales industry to say that this will place quite extraordinary demands on their tact and professionalism. Alphaville is confident that Morgan Stanley and Goldman Sachs bankers and traders are up to the task — but it might be a good idea to delete WhatsApp from their phones for a while, to minimise the temptation to have the kind of friendly coffee catch-up that looks so much worse when it’s being discussed under subpoena.

>>> Europe : Brokers Upgrades & Downgrades - 17th of July 2026

>>> Up
* 3M Co Raised to Overweight at JPMorgan; PT $180
* ABB Raised to Buy at Pareto Securities; PT 96.40 Swiss francs
* Adecco Raised to Outperform at BNP Paribas; PT 24 Swiss francs
* Adecco ADRs Raised to Outperform at BNP Paribas; PT $15.30
* Apple Raised to Buy at HSBC; PT $366
* Atlas Copco Raised to Buy at SB1 Markets; PT 225 kronor
* BMW Raised to Buy at HSBC on Neue Klasse, ‘Realistic’ Guidance
* Eltel Raised to Accumulate at Inderes; PT 14 kronor
* Emerson Electric Raised to Overweight at JPMorgan; PT $157
* Fiskars Raised to Reduce at Inderes; PT 11.50 euros
* HMS Networks Raised to Buy at Handelsbanken; PT 580 kronor
* IntegraFin Raised to Buy at Jefferies; PT 440 pence
* Johnson & Johnson Raised to Buy at Freedom Capital; PT $280
* NatWest Raised to Outperform at KBW; PT 735 pence
* Scanfil Raised to Accumulate at Inderes; PT 12.50 euros
* Sodexo Raised to Reduce at AlphaValue/Baader
* Telenor Raised to Buy at Pareto Securities; PT 150 kroner
* Trelleborg Raised to Hold at ABG; PT 415 kronor
* Verkkokauppa.com Raised to Buy at Nordea; PT 4 euros

>>> Down
* Crest Nicholson PT Cut to 70 pence from 78 pence at Berenberg
* Delivery Hero Cut to Neutral at UBS; PT 41.50 euros
* Lloyds Cut to Market Perform at KBW; PT 120 pence
* Nordea Bank Cut to Reduce at Inderes; PT 17.50 euros
* Rotork Cut to Hold at Berenberg; PT 503 pence

>>> Initiation
* Zehnder Rated New Outperform at Oddo BHF; PT 84 Swiss francs

>>> Call
* IntegraFin Set to Be a Winner in ‘Shake-Out,’ Jefferies Upgrades
* Sobi Offers Further Upside, PT to Street-High at Berenberg

>>> What to look at today - 17th of July 2026

Asian stocks fell alongside US equity-index futures as a selloff in chipmakers deepened with investors questioning whether they had rallied too far and too fast earlier this year. Oil climbed. MSCI’s Asia Pacific equities gauge dropped 2.1%, with Japan’s Nikkei 225 Stock Average losing 4.4%. Taiwan Semiconductor Manufacturing Co. dropped more than 4% as the chip bellwether’s solid earnings outlook was overshadowed by a higher spending forecast. Kioxia Holdings Corp. sank by 15% in Tokyo, halving its market capitalization in just a month. Netflix Inc. also weighed on sentiment, with shares falling 9% in extended trading after the company forecast a second straight quarter of slowing sales growth. Equity-index futures for the Nasdaq 100 Index retreated almost 1%.  Elsewhere, Brent rebounded from Thursday’s losses as hostilities across the Middle East continued to escalate and shipping traffic slumped in the Strait of Hormuz. The commodity traded just below $85 a barrel and was up 12% for the week, on track for its biggest weekly gain since April and rekindling inflation concerns. Technology stocks have come under pressure in recent weeks as investors increasingly question whether this year’s blistering AI-driven rally has run too far, too fast. While softer US inflation has eased expectations of an immediate Federal Reserve interest-rate hike and Middle East tensions continue to drive oil prices, the focus remains on AI earnings for evidence that billions of dollars in spending will translate into returns. In other corners of the market, Government bonds edged lower in Australia and Japan. Treasuries were little changed, with the yield on the benchmark 10-year holding at 4.55%. The yen traded around 162.45 per dollar even as Japan’s Finance Minister Satsuki Katayama renewed her warning of possible intervention in the market as the currency continued to hover near its lowest level in four decades. Gold was on track for its biggest weekly loss since early June as renewed hostilities in the Middle East and rising oil prices fueled speculation the Federal Reserve may keep interest rates higher for longer. The dollar was a touch stronger against most of its major peers. That was due to a combination of the selloff in technology stocks, rising energy prices, and higher US real yields, said Chidu Narayanan, chief Asia Pacific strategist at Wells Fargo in Singapore. Attention remained firmly on the semiconductor sector as investors questioned whether tech stocks had become too richly valued. Alphabet Inc. sank 4.4% Thursday after Google was said to be months behind schedule in delivering its flagship AI model. Traders are grappling with whether the more than $725 billion the four biggest US AI operators are expected to spend this year will translate into returns. The Philadelphia Semiconductor Index has dropped about 19% from a June peak. A gauge of Asian semiconductor makers was headed for its biggest weekly decline since early March, with Japanese companies taking a hit on Friday and South Korean markets closed. US After Hours NFLX -8.2% lower on earnings; ISRG -11%, STAA -8.5%, FFIN -3.4%, AA -2.9% also lower on earnings/guidance.

Nikkei -5,38% Hang Seng -2,52% CSI -3,97% Kospi -6.37% Shanghai -3,12% Shenzen -3.15%

Eur$ 1.1438 CNH 6.7767 CNY 6.7751 JPY 162.40 GBP 1.3465 CHF 0.8089 RUB 78.1000 TRY 47.1627 WTI$ 79.84 +1.13% Gold 3,989 -0.07% BTC 63,455 -0.96% ETH 1,849 -1.12%

S&P -0.90% Nasdaq -1.55% EuroStoxx -0.87% FTSE -0,48% Dax -0.66% SMI -0,20%

Macro :
- Burnham to Back North Sea Oil, Take Control of Thames Water
- Fed’s Jefferson Says Policy Well Positioned If Inflation Cools
- Coatue Leads Databricks Funding Round at $188 Billion Valuation
- *STOXX EUROPE 600 SEEN AT 647 AT END-2026, BLOOMBERG POLL SHOWS

Keep an eye on :
- ADKO AV : Brandes Investment Partners Supports NLB Offer for Addiko Shares
- ADP FP : Groupe ADP June Passenger Traffic -1.4%
- AIR FP : Boeing, Airbus Vie for Major Plane Order From Jet Lessor SMBC
- AMUN FP : Amundi Says SBI Funds Management IPO Price Set at Top of Range
- BEIAB SS : Beijer Alma Reports 2Q Revenue of SEK 2.13 Billion, Compared With FactSet Estimates of SEK 2.13 Billion
- BETSB SS : Betsson 2Q Operating Profit Beats Estimates
- CS FP : AXA Sells Its Ardian Stake as ACM, Wafra Expand Their Ownership
- BHG SS : BHG Group 2Q Sales Beat Estimates
- CTEK SS : CTEK 2Q Sales Miss Estimates
- COTN SW : Comet Disappointed With US Court Decision of New XP Power Trial
- CVC NA : CVC DIF to Sign Deal to Buy Ecoeridania, Sole Reports
- 699925 CH : CMXT : CXMT’s mega IPO draws frenzy from retail investors to DeepSeek founder’s fund
- DANSKE DC : Danske Bank Boosts FY Net Income Forecast (1)
- DSY FP : Dassault Systèmes in Talks to Buy ArisGlobal for About $2b: FT
- DBV FP : DBV Tech 1H Net Loss $98.0M
- EQT SS : EQT 1H Adjusted Ebitda Beats Estimates
- ESSITYA SS : Activist Investor Cevian Acquires 5.6% Stake in Essity
- EVO SS : Evolution 2Q Ebitda Misses Estimates
- GF SW : Georg Fischer 1H Ebit Loss CHF33M, Est. Profit CHF80.6M
- GOOGL US : Alphabet Sinks on Gemini Delay Report, Struggles At 50-Day
- INSTAL SS : Instalco 2Q Sales Beat Estimates
- KEMIRA FH : Kemira Maintains FY Revenue Forecast
- LAGRB SS : Lagercrantz 1Q Net Revenue Beats Estimates
- LINDEX FH : Lindex 2Q Net Sales EU259.5M
- ISP IM : Paschi Casts Doubts Over Intesa Bid, Suggests Studying BPM Plan
- BMPS IM : Banco BPM Welcomes Paschi Board Statement on Tie-up Proposal
- MTRS SS : Munters 2Q Net Sales Miss Estimates
- NOVN SW : Novartis Kidney Drug Fabhalta Gets FDA Traditional Approval
- ORIOLA FH : Oriola 2Q Net Sales Miss Estimates
- PSKY US : Paramount Judge Skeptical of Consumer Suit Over Warner Bros Deal
- RATOB SS : Ratos 2Q Oper Profit From Cont Ops SEK1.35B Vs. SEK834M Y/y
- RIEN SW : Rieter 1H Net Loss CHF54.9M Vs. Loss CHF20.0M Y/y
- SAABB SS : Saab 2Q Operating Profit Beats Estimates
- SCST SS : Scandi Standard 2Q Operating Income Beats Estimates
- SKAB SS : Skanska 2Q Operating Profit Beats Estimates
- S92 GY : SMA Solar Sees FY Sales EU1.63B to EU1.73B
- SKFB SS : SKF 2Q Adjusted Operating Profit Beats Estimates
- SPCX US : SpaceX Scrubs Launch of Starship Rocket After Engine Failure
- TELIA SS : Telia 2Q Adjusted Ebitda Meets Estimates
- TOM NO : Tomra 2Q Revenue EU405M
- TTE FP : Slim’s Carso Buys Stake in Mexican Oil Field From TotalEnergies
- TRUEB SS : Truecaller 2Q Revenue Beats Estimates
- VEND NO : Vend Marketplaces 2Q Ebitda Misses Estimates
- VPLAYB SS : Viaplay 2Q Sales SEK5.51B
- VIMIAN SS : Vimian 2Q Revenue Beats Estimates
- VOD LN : Niel’s Vega to Buy Additional 2.74% of Vodafone Shares
- VOLCARB SS : Volvo Car CEO Says China Downturn Came Faster Than Expected
- VOW GY : German State Backs Israel Defense Co Ops on Volkswagen Site:Rtrs

>>> Stoxx 600 Pre-Market Indications

  • Telenor (TEQ TH) +2%
    • Telenor Raised to Buy at Pareto Securities; PT 150 kroner
  • Abivax (2X1 TH) +1.1%
  • Sandoz Group (D8Y TH) +0.8%
  • Danske Bank (DSN TH) +0.8%
    • *DANSKE BANK SEES FY NET DKK23B TO DKK25B, SAW DKK22B TO DKK24B
  • BMW (BMW TH) +0.1%
    • BMW Raised to Buy at HSBC on Neue Klasse, ‘Realistic’ Guidance
  • Hochtief (HOT TH) -2.4%
  • Nordex (NDX1 TH) -2.5%
  • Siemens Energy (ENR TH) -2.9%
  • Infineon (IFX TH) -3.9%
  • BE Semiconductor (BSI TH) -4.6%
  • Aixtron (AIXA TH) -4.6%
  • AT&S (AUS TH) -4.8%
  • STMicro (SGM TH) -5.1%
    • Infineon, STMicro’s AI Power Gains Set to Extend Beyond Kyber
  • ASM Intl (AVS TH) -5.2%
  • Nokia (NOA3 TH) -5.4%

>>> TradeGate Pre-Market Indications

DAX:
  • BMW (BMW TH) +0.3%
    • BMW Raised to Buy at HSBC on Neue Klasse, ‘Realistic’ Guidance
  • Deutsche Bank (DBK TH) -1.3%
  • Zalando (ZAL TH) -1.3%
  • Siemens (SIE TH) -1.4%
  • Siemens Energy (ENR TH) -2.2%
  • Infineon (IFX TH) -3.4%
MDAX:
  • Nordex (NDX1 TH) -2.5%
  • Jenoptik (JEN TH) -3.5%
  • Siltronic (WAF TH) -3.9%
  • Aixtron (AIXA TH) -4.4%
  • SUSS MicroTec (SMHN TH) -4.9%
SDAX:
  • SMA Solar (S92 TH) +9.9%
    • SMA Solar Having ‘Terrific’ First Half, Lifts Outlook: Jefferies
  • Heidelberger Druck (HDD TH) -1%
  • PVA TePla (TPE TH) -1.3%
  • Deutsche PBB (PBB TH) -2.1%
  • LPKF (LPK TH) -4.7%
  • Dermapharm (DMP TH) -5.5%
    • Financial regulator BaFin investigates Dermapharm’s annual financial statements: APA

FT : Revolut and Spotify investor warns Europe over reliance on US tech Founder

Revolut and Spotify investor warns Europe over reliance on US tech
Founder of VC firm Lakestar has raised a $300mn ‘resilience’ fund to back European dual-use and defence tech start-ups

A leading European tech investor that backed Spotify and Revolut has warned that the continent’s dependence on American technology and capital has become a strategic vulnerability.

Klaus Hommels, founder of venture capital firm Lakestar, said recent moves by Washington to restrict Anthropic from exporting sensitive AI models were the latest sign that Europe needed to build greater technological independence.

“If you don’t get the message now and still believe these fairy tales that are told to you by the salespeople of American technologies, then this is without responsibility,” Hommels told the FT.

“You need to be as independent as you can, and that means the technology as well as the financing of the technology,” he added.

His warning comes as Lakestar said it had raised a $300mn “resilience” fund that will back dual-use and defence technology companies across Europe and other Nato-allied countries, with investors including the UK’s BAE Systems.

Hommels, who also chairs the Nato Innovation Fund’s geopolitical and strategic advisory council, last year signalled plans to stop raising generalist venture funds at Lakestar as he turned his focus towards boosting Europe’s resilience.

Lakestar has tapped former US top diplomat Mike Pompeo, former UK chief of defence staff Sir Nicholas Carter and former German armed forces chief of staff Volker Wieker, along with the UK tech entrepreneur Martha Lane Fox for the fund’s advisory board.

Investor interest in defence technology has surged on the promise of higher military spending by Europe’s governments following Russia’s full-scale invasion of Ukraine in 2022. The conflict and the proliferation of drones have also spurred changes in battlefield technology.

Lakestar has backed several of the region’s leading defence technology start-ups, including the UK drone interceptor group Cambridge Aerospace, the $18bn German drone firm Helsing and rocket start-up Isar Aerospace.

In 2024, Hommels said he would invest more than €100mn of his own money in defence start-ups, warning that it was clear even before Donald Trump’s re-election as US president that Europe needed to boost its resilience. 

While he believes there was a role for US venture capitalists to back European defence tech start-ups, Hommels warned: “It is important that the overall governance is European . . . if there’s an escalative situation the governance needs to be in a situation to prioritise European interests first.”

Hommels said he believed this year would be key for European defence tech start-ups to prove the efficacy of their technologies and push to win military contracts.

He also called for European defence tech companies to pursue mergers in order to create larger competitors, improving their chances of winning procurement deals.

“The biggest advantage we have over China, Iran and Russia is we can mobilise private capital,” he said. “The moment there is procurement you feel there is recognition, you feel you become part of the ecosystem and the flywheel of leveraging private capital works.”

FT : A Europe that’s losing at tech could still achieve quantum supremacy The UK

A Europe that’s losing at tech could still achieve quantum supremacy
The UK and EU have committed twice as much money as the US to investments in the computing sector

Europe lost the race to be a leader in artificial intelligence almost before it had begun. By the time Mistral, the closest thing the continent has to an AI champion, secured its first round of funding in 2023, OpenAI had already raised more than $13bn. London-based DeepMind sold itself to Google nearly a decade earlier. Yet the next race might at least be closer.

In the burgeoning quantum computing industry, Europe is attracting a far greater share of venture capital funding than normal. European businesses raised $404mn in the first quarter, according to PitchBook data, just a fraction behind the $417mn raised in North America — mainly the US. 

The gap was wider last year, with Europe’s $1.4bn around 60 per cent of the North American total. But that’s still a far better ratio than in the wider start-up world. In venture capital more broadly, European companies raised only 24 per cent of what American groups managed.

In some respects, this relative strength shouldn’t be surprising. The so-called “father of quantum computing” is a British physicist, after all. But then a Briton invented the World Wide Web, and that didn’t turn the UK into a great centre of internet companies.

The UK and the rest of Europe have historically been held back by two related problems: they have fared poorly at commercialising promising research, and — for the few start-ups that did emerge — there was not enough money around to help them scale up.


In recent years, governments have been trying to address both issues. Many emerging UK groups have links to the National Quantum Technologies Programme, presciently set up more than a decade ago to encourage the “development and commercialisation” of quantum tech. Several recent deals involved spinouts from public institutions. Oxford Quantum Circuits began in the University of Oxford’s physics department; Quantum Motion was started by researchers at Oxford and University College London; Quobly started in France’s CEA-Leti research institute.

All three have raised money in the past few months in deals that included a mix of public and private funds — the two UK groups were both backed by the British Business Bank, the state development bank, while Quobly was helped by the EU’s $4bn start-up fund. Between them, the UK and EU have committed twice as much money as the US to quantum computing investments, according to PitchBook. 

Contrast this with other emerging areas like nuclear fusion, where Europe seems to be following the classic pattern of strong research but weak commercialisation. Europeans have published more scientific articles on fusion than the US, according to the EU, but private funding to European businesses between 2022 and 2025 was less than 20 per cent of the US total.

Progress in quantum should at least help challenge that narrative, and weaken the common argument that the US has some sort of inherent cultural advantage when it comes to starting companies. With the right encouragement, Europe should be able to compete in other emerging technologies too.

Like a quantum bit — the fundamental building block in a quantum computer — the quantum industry is in a superposition: in other words, all potential outcomes are still possible. That doesn’t guarantee European groups will end up as winners, but at least for once they have a chance.