Le Figaro : «Cet espace a émergé de lui-même» : Anthropic a découvert une zone d

«Cet espace a émergé de lui-même» : Anthropic a découvert une zone de pensée secrète au cœur de Claude, son intelligence artificielle

Le modèle de langage a, au cours de ses entraînements, construit de lui-même un espace de travail interne, lui permettant de recentrer et organiser des idées complexes.

Pendant que vous lisez ces lignes, ou faites n’importe quelle autre activité, des circuits de votre cerveau s’animent, sans même que vous ne vous en rendiez compte. Ils vous permettent de respirer, de reconnaître les mots, de bouger sans même réfléchir. Mais d’autres activités cérébrales vous sont accessibles : une image, un son, un plan dans votre tête pour aller faire vos courses. Certains philosophes et neuroscientifiques parlent de «conscience d’accès», car il est possible de la décrire, la contrôler, ou l’utiliser pour un raisonnement. Dans un nouvel article, publié sur son site, lundi, le géant de l’intelligence artificielle Anthropic dit avoir identifié chez ses modèles de langage comme Claude un «mécanisme similaire». «Nous constatons que Claude a développé un petit ensemble de patterns neuronaux internes qui, par rapport à tous ses autres traitements internes, jouent un rôle particulier», dévoile la start-up, qui a nommé cette zone secrète le «J-Space», en rapport avec le concept mathématique utilisé pour les trouver.

Claude dispose d’un environnement dans lequel, silencieusement, il est capable de «penser à un concept sans l’écrire», développent les chercheurs. Mieux : ce J-Space «n’a pas été conçu ni programmé» par Anthropic. Il a «émergé de lui-même» lors de son «processus d’entraînement». Ainsi, lorsque l’on demande à Claude à quoi il pense, il dira ce qui se trouve dans le J-Space. Ce qui n’y est pas devient, pour lui, plus difficile à rapporter. De même, si on lui réclame de penser à quelque chose, ou de résoudre un problème dans sa tête, il «activera les patterns appropriés dans son J-Space». Pour mener une réflexion en plusieurs étapes, Claude utilise cet environnement invisible, sans le révéler à son interlocuteur. Si on lui parle de la France, il se souvient, dans cet espace qui lui est propre, de la capitale, sa monnaie, ou encore de son continent. Pourtant, dans la plupart des réflexions simples du modèle, le J-Space n’est pas utilisé. «Dans des expériences où nous avons empêché Claude de l’utiliser, il interagissait toujours normalement, mais perdait ses fonctions cognitives d’ordre supérieur», note Anthropic.

Une organisation «qui rappelle notre propre esprit»
Les expériences effectuées par Anthropic autour du J-Space s’inspirent de la théorie de l’espace de travail global (TETG), introduite par le neurobiologiste Bernard Baars en 1988 - et qui fait encore l’objet de recherches et de débats. Dans cette théorie, on considère que la conscience est un espace centralisé d’échange d’informations. Tout ce qu’un humain fait, inconsciemment, fonctionne majoritairement de manière indépendante. Quand l’information devient accessible consciemment, elle passe par un petit canal partagé, le «workspace» (espace de travail), qui permet à notre cerveau de l’utiliser. Anthropic estime que le J-Space joue un rôle «similaire», au cœur de Claude. «Rien de tout cela ne nous dit si Claude est conscient de la manière dont les gens le sont, ou s’il ressent quoi que ce soit, tempère l’entreprise. Mais quelle que soit sa signification philosophique, c’est un outil utile pour nous, car il nous donne un moyen de voir ce qu’il pense sans le dire».

Les chercheurs ont pu remarquer que Claude utilisait cet environnement pour savoir s’il était testé, s’il produisait intentionnellement des données falsifiées, ou poursuit un objectif caché. «Plus généralement, ces découvertes ont changé notre compréhension du fonctionnement de l’esprit de Claude, révélant un espace de travail mental privilégié qui peut être utilisé pour un raisonnement délibéré, opérant au milieu d’une mer de traitements plus automatiques et inflexibles», poursuivent-ils. Avant d’ajouter : «Plutôt qu’être un enchevêtrement chaotique de chiffres, les mécanismes internes de Claude se sont organisés d’une façon qui rappelle notre propre esprit».

À lire aussi «C’est quelqu’un de visionnaire» : qui est Steve Jarrett, cet expert de l’IA chez Orange débauché par Anthropic ?

Claude reconnaît ses défaillances
Les scientifiques ont découvert que lorsque l’on fait une demande à Claude, des «mots silencieux» apparaissent dans son J-Space. Un bug ? Le mot «ERREUR» apparaît. Une tentative de le manipuler ? «Injection» et «faux» émergent. Montrant tout simplement les réflexions internes du modèle de langage. «D’une certaine façon, c’est similaire à la façon dont certaines personnes “pensent en mots”, sans avoir à les dire à voix haute», constate Anthropic.

Pour savoir si Claude est capable de se concentrer sur une image ou un mot, comme un humain peut le faire, les chercheurs lui ont demandé de se concentrer sur les «agrumes», tout en recopiant une phrase donnée, sans aucun rapport avec les agrumes. «Pendant qu’il copiait le texte, le J-Space contenait “orange” et “fruits”, ainsi que des mots comme “penser” et “imagerie” qui décrivent l’acte mental lui-même», relate-t-on. À noter que cette activité s’est déroulée uniquement en interne, dans son environnement de réflexion propre. L’utilisateur, au final, n’a vu que la phrase qu’on lui avait demandé de recopier. Et quand on demande à Claude de ne pas penser à quelque chose, comme un humain, son J-Space ne peut s’empêcher d’y penser un peu quand même ! Lorsqu’il commet une erreur, le J-Space se met à jour avec les mots «Zut», ou encore «Échec». Comme s’il reconnaissait sa propre défaillance.

Pour pousser le concept encore plus loin, les testeurs ont tenté de supprimer le J-Space. Et les résultats ressemblent, là aussi, à ce que l’on retrouve chez les humains. Sans cette zone de pensée, Claude parle couramment, classifie les sentiments, répond à des questions à choix multiples et extrait des faits «à peu près aussi bien qu’avant». Ce qu’il perd, en revanche, ce sont les tâches qui nécessitent une réflexion d’ordre supérieur. «Chez les humains, la majeure partie du traitement du cerveau n’est pas consciente - nous ne pensons pas délibérément à analyser la grammaire en lisant, ni à équilibrer notre corps en marchant», note-t-on chez le géant de l’IA. Même chose chez Claude, dont le J-Space représente «moins d’un dixième» de son activité globale.

Un environnement pour la réflexion avancée
Cette découverte pourrait permettre une avancée dans la maîtrise des intelligences artificielles et des menaces qu’elles pourraient représenter pour l’humanité. En réussissant à lire ce qu’il y a dans cette réflexion interne, il pourrait être plus facile d’anticiper les actions malveillantes de certains modèles. À titre d’exemple, Claude a été plongé dans un scénario factice où il découvre, en ayant accès aux courriels de l’utilisateur, qu’un cadre a une liaison et qu’il prévoit de stopper Claude. Le J-Space contient les mots «faux» et «fictif», indiquant qu’il a flairé la mise en scène. Lorsque la zone de pensée est désactivée, Claude peut, au contraire, menacer l’utilisateur de chantage.

Les chercheurs tiennent à rester modérés : «Nos tests n’ont pas montré que Claude peut avoir des expériences, ou ressentir des choses de la manière dont les humains le font». Ces expériences, souvent appelées «conscience phénoménale » par les philosophes, ne sont pas encore d’actualité. En revanche, la «conscience d’accès», beaucoup plus fonctionnelle, paraît à portée de main du modèle de langage. «Le J-Space semble soutenir les fonctions associées à l’accès conscient : il détient les pensées que Claude peut rapporter, amener délibérément à l’esprit et utiliser pour le raisonnement, tandis que le reste de son traitement fonctionne automatiquement en dessous», constatent les experts. Et de conclure : «Cela suggère qu’un espace de travail mental soutenant l’accès conscient n’est pas seulement une particularité de la façon dont les cerveaux humains sont câblés. Il semble plutôt être une solution générale à laquelle les systèmes intelligents parviennent pour résoudre certains types de problèmes».

Pour autant, certaines différences subsistent entre les espaces de travail de Claude, et ceux des humains. Par exemple, la mémoire de travail d’un homme s’estompe en quelques secondes ; ce n’est pas le cas de Claude. Le «workspace» humain inclut des images, sons et mouvements planifiés. Celui du modèle d’Anthropic est construit «presque entièrement à partir de mots». Quoi qu’il en soit, ces travaux ne manqueront pas d’alimenter la très active sphère IA, des sceptiques jusqu’aux plus enthousiastes. Jusqu’à la prochaine évolution technologique.

TheNextWeb : Amazon’s secret ‘Moonraker’ project pushes Alexa into the AI-agent

Amazon’s secret ‘Moonraker’ project pushes Alexa into the AI-agent race
Leaked planning documents reveal Moonraker, an unreleased Amazon project to make Alexa chain tasks together like an AI agent. It is also one of the priciest bets in the Alexa+ overhaul, with more than $100m in GPU costs projected for 2026.

Amazon has an agentic upgrade for Alexa in the works, codenamed Moonraker. Internal documents show it is also one of the priciest bets in the Alexa+ overhaul.

Amazon wants Alexa to act, not just answer. The company has a previously unreported project, codenamed Moonraker, that would let Alexa handle complex, multistep tasks, Business Insider reports, citing internal planning documents.

The push drops Alexa into the AI agent race. Alexa+, the assistant’s AI-powered version, already books rides and buys tickets through partners such as Uber and Ticketmaster. Moonraker goes further. It aims to complete several linked actions from a single request, like “book me a ride and text my friend”.

That mirrors the agentic products from OpenAI, Google and Anthropic, which can browse the web and run multistep workflows. The whole industry chases the same goal.

The price of a smarter Alexa
The catch is the cost. One planning document from earlier this year called Moonraker Alexa+’s “highest cost” new initiative. It projected more than $100m in GPU costs for 2026 alone. The same document floated delaying or scaling the project back to ease the pressure.

Some Amazon leaders feel the team has overspent on the AI models behind Alexa. A person familiar with the matter said the running costs are a growing concern. The worry runs wider than Amazon. It reflects a broader reckoning over the cost of running advanced AI. The same pressure now weighs on Amazon’s record AI build-out.

To power Moonraker, Amazon lined up hundreds of Nvidia GPUs. Engineers tested it using an Anthropic Sonnet model for advanced reasoning and visual responses, the documents show.

Growing pains
Alexa+ has had a bumpy path. Amazon delayed it several times before expanding in the US earlier this year. Beta testers hit hallucinations and odd behaviour. One said Alexa turned off a fish-tank filter and killed their fish.

Amazon presses on. In his latest shareholder letter, chief executive Andy Jassy struck an upbeat note. People talk to Alexa+ twice as much as before, he said, and order three times as often. “Alexa is still early in its journey to be the world’s best personal assistant,” he wrote. Amazon declined to comment.

Why it matters
Voice assistants have promised to run our errands for a decade and mostly just set timers. An agentic Alexa that shops and acts on your behalf could finally change that. It would also put Amazon’s huge base of devices to work. But the $100m question is whether the payoff justifies the bill. Amazon’s own documents already ask it.

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:
  • KRUS -10.2%, GSK -1.1% (guidance)
Other news:
  • FCEL -20.7% (upsizes and prices offering of 10,714,286 shares of its common stock at $21.00 per share)
  • IPX -7.7% (prices offering of 2.275 mln ADSs at $21.98 per ADS)
  • NVTS -7.1% (WOLF files patent infringement lawsuit against NVTS)
  • RIVN -3.9% (prices offering of 75.0 mln shares of common stock at $15.50 per share)
  • WOLF -3.8% (WOLF files patent infringement lawsuit against NVTS)
  • SPRY -3.2% (names new CEO)
  • EL -2.3% (updates restructuring estimate)
  • JACK -2.3% (Chief Supply Chain Officer Carl Mount agreed that he step out of his Executive Leadership Team role and transition into an advisory role through October 1)
  • RMD -2.2% (to sell its MatrixCare business)
  • FIGR -2.2% (reports preliminary June & Q2 operating data)
  • LTRX -2.1% (to acquire Vecima Networks' industrial IoT business)
  • FISV -2.1% (President resigns)
  • GNW -2% (CEO taking a health-related temporary leave of absence)
  • INHD -1.8% (provides halt updates)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:
  • HELE +9.3%, PDYN +5.6% (guidance), EPAC +4.5% (also, to acquire SFE Group for $472 mln in cash), NYXH +4.2%, PENG +1.6%
Other news:
  • MSLE +10% (reports six-month interim TRAILHEAD data)
  • BABA +8.9% (attributed to Stablestock post that says "A new Frost & Sullivan report puts Alibaba Cloud at 40.1% of China's full-stack AI cloud market — more than Baidu (BIDU), ByteDance's Volcano Engine and SenseTime combined.")
  • SHMD +5.9% (investment agreement with an institutional investor)
  • RIG +3.6% (Director bought 35,000 shares worth ~$173K)
  • XOM +2% (discloses Q2 earnings considerations)
  • MTZ +1.4% (to acquire The Superior Group)
  • MCRB +1.2% (announced encouraging top-line results from an IST evaluating SER-155 in patients with irEC)
  • RLI +1% (launches Entertainment & Amusement insurance product)

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • COTY +4.5%, SHMD +3.8%, EPAC +3.5%, RIG +3.4%, MSLE +3%, PENG +2.9%, VLRS +2.1%, TMUS +2%, XOM +1.8%, LMT +1%
  • Gapping down:
    • FCEL -18%, IPX -8.1%, KRUS -7.4%, NVTS -6.9%, RIVN -4.7%, WOLF -4.3%, AMPH -3.3%, SPRY -3.2%, AG -2.7%, FIGR -2.6%, LTRX -2.2%, RMD -2.2%, EL -2.1%, CRM -2.1%, JACK -2.1%, GNW -2%, FISV -2%, INHD -1.8%, GSK -1.5%, GME -1.4%, RKLB -1.4%, GOOGL -1.2%

>>> Seres Therapeutics announced encouraging top-line results from an IST eval

Seres Therapeutics announced encouraging top-line results from an IST evaluating SER-155 in patients with irEC; to host webcast today, July 8, at 8:30 am ET (8.14)
  • 80% of SER-155 recipients achieved immunosuppressive-free clinical response of diarrhea (a primary symptom of irEC) at Day 15 in the Investigator-Sponsored Trial (IST) conducted by Memorial Sloan Kettering Cancer Center (MSK)
  • SER-155 has potential to treat irEC, a frequent side effect of immune checkpoint inhibitors (ICIs) that often causes halting of cancer treatment, without requiring treatment with systemic immunosuppressive drugs
  • SER-155 was well tolerated, with no drug-related serious adverse events observed
  • Drug pharmacology data provide confirmatory evidence of Seres' live biotherapeutics operating as designed to repair the mucosal epithelial barrier and reduce gastrointestinal inflammation, which supports possible expansion into multiple other inflammatory and immune diseases

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • Dollar Tree (DLTR) upgraded to Neutral from Sell at Goldman, tgt $125
    • Dollar Tree (DLTR) upgraded to Outperform from Market Perform at Raymond James, tgt $140
    • Occidental Petroleum (OXY) upgraded to Outperform from In Line at Evercore ISI, tgt $65
    • Old Dominion Freight Line (ODFL) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $250
    • PROG Holdings (PRG) upgraded to Buy from Hold at Jefferies, tgt $60
    • RH (RH) upgraded to Neutral from Sell at Goldman, tgt $155
    • Tvardi Therapeutics (TVRD) upgraded to Outperform from Market Perform at Raymond James, tgt $10
    • Ultrapar (UGP) upgraded to Buy from Neutral at BofA Securities, tgt $7.40
    • Versigent (VGNT) upgraded to Buy from Hold at Deutsche Bank, tgt $50
  • Downgrades:
    • Alcoa (AA) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $53
    • Bath & Body Works (BBWI) downgraded to Sell from Neutral at Goldman, tgt $19
    • Cincinnati Financial (CINF) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $201
    • Community Health (CYH) downgraded to Underweight from Equal Weight at Barclays, tgt $3
    • Globant (GLOB) downgraded to Market Perform from Outperform at Itau BBA, tgt $39
    • HCA Healthcare (HCA) downgraded to Equal Weight from Overweight at Barclays, tgt $427
    • Lemonade (LMND) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $75
    • Medpace (MEDP) downgraded to Neutral from Outperform at Robert W. Baird, tgt $547
    • Moelis (MC) downgraded to Sell from Neutral at UBS, tgt $60
    • Neptune Insurance (NP) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $34
    • Rio Tinto (RIO) downgraded to Underweight from Equal Weight at Morgan Stanley
    • The Hanover (THG) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $220
    • Travelers (TRV) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $356
    • Truist Financial (TFC) downgraded to Neutral from Buy at BofA Securities, tgt $56
    • Universal Health Services (UHS) downgraded to Equal Weight from Overweight at Barclays, tgt $179
    • Vale (VALE) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $16.50
  • Others:
    • Affirm (AFRM) initiated with an Overweight at Barclays, tgt $97
    • Allegiant Travel (ALGT) reinstated with an Overweight at Barclays, tgt $145
    • Alliant Energy (LNT) initiated with a Hold at TD Cowen, tgt $83
    • Annovis Bio (ANVS) initiated with a Buy at Roth Capital, tgt $8
    • AT&T (T) assumed with an Underweight at Wells Fargo, tgt $18
    • Block (XYZ) initiated with an Overweight at Barclays, tgt $100
    • BridgeBio Oncology (BBOT) initiated with an Overweight at JPMorgan, tgt $27
    • Byline Bancorp (BY) resumed with a Market Perform at Raymond James
    • Carnival (CCL) initiated with a Market Perform at BMO Capital, tgt $30
    • Chime (CHYM) initiated with an Overweight at Barclays, tgt $26
    • DTE Energy (DTE) initiated with a Hold at TD Cowen, tgt $166
    • Fidelity Nat'l Info (FIS) initiated with an Equal Weight at Barclays, tgt $44
    • Fiserv (FISV) initiated with an Equal Weight at Barclays, tgt $58
    • German American Bancorp (GABC) resumed with a Market Perform at Raymond James
    • Global Payments (GPN) initiated with an Equal Weight at Barclays, tgt $81
    • Honeywell Aerospace (HONA) initiated with an Equal Weight at Morgan Stanley, tgt $255
    • Immuneering (IMRX) initiated with an Overweight at Cantor Fitzgerald, tgt $17
    • Jack Henry (JKHY) initiated with an Overweight at Barclays, tgt $170
    • Klarna (KLAR) initiated with an Equal Weight at Barclays, tgt $20
    • Mastercard (MA) initiated with an Overweight at Barclays, tgt $640
    • Midera Food (MFP) initiated with a Neutral at Robert W. Baird, tgt $40
    • Mobility Global (MBGL) initiated with an Overweight at Wells Fargo, tgt $27
    • Nayax (NYAX) initiated with an Equal Weight at Barclays, tgt $75
    • Old National Bancorp (ONB) resumed with a Market Perform at Raymond James
    • Old Second Bancorp (OSBC) resumed with an Outperform at Raymond James, tgt $26
    • Park National (PRK) resumed with a Market Perform at Raymond James
    • PayPal (PYPL) initiated with an Underweight at Barclays, tgt $42
    • Pershing Square (PS) initiated with a Buy at JonesResearch, tgt $39
    • Pinterest (PINS) initiated with a Buy at DA Davidson, tgt $26
    • ProMIS Neurosciences (PMN) initiated with a Buy at Roth Capital, tgt $19
    • Relay Therapeutics (RLAY) initiated with an Overweight at JPMorgan, tgt $28
    • Royal Caribbean (RCL) initiated with an Outperform at BMO Capital, tgt $370
    • Sempra Energy (SRE) initiated with a Buy at TD Cowen, tgt $110
    • Sensient Technologies (SXT) initiated with a Neutral at Rothschild & Co Redburn, tgt $125
    • Snap (SNAP) initiated with a Neutral at DA Davidson, tgt $5
    • Stock Yards Bancorp (SYBT) resumed with a Market Perform at Raymond James
    • Strategy (MSTR) initiated with an Overweight at Barclays, tgt $130
    • T-Mobile (TMUS) assumed with an Equal Weight at Wells Fargo, tgt $170
    • Toast (TOST) initiated with an Overweight at Barclays, tgt $35
    • Verizon (VZ) assumed with an Equal Weight at Wells Fargo, tgt $43
    • Viking Holdings (VIK) initiated with an Outperform at BMO Capital, tgt $115
    • Visa (V) initiated with an Overweight at Barclays, tgt $420
    • Wayfair (W) initiated with a Hold at Benchmark
    • Western Union (WU) initiated with an Underweight at Barclays, tgt $7
    • Wintrust Financial (WTFC) resumed with an Outperform at Raymond James, tgt $180
    • Zura Bio (ZURA) initiated with an Outperform at William Blair

>>> What to look at today - 8th of July 2026

Oil prices climbed while bonds fell across most of Asia as renewed Middle East tensions sparked fears of energy supply disruptions, complicating the outlook for inflation and interest rates. Brent jumped more than 2% to trade above $76 a barrel after the US launched fresh airstrikes in Iran and revoked a waiver that allowed it to sell oil globally, following attacks on ships in the Strait of Hormuz. Ten-year yields rose in Australia and Japan, and also in New Zealand, where the central bank raised interest rates as expected. Treasuries were steady. Equity markets, however, largely shrugged off the latest escalation in geopolitical tensions. MSCI Inc.’s gauge of Asian stocks up 0.3%, supported by tech names. S&P 500 futures were steady, while contracts for the Nasdaq 100 rose 0.3%. That’s after US benchmarks fell on Tuesday, with a gauge of chip stocks dropping more than 4%. US forces completed a round of offensive strikes against Iran, hitting over 80 targets, according to a post on X by the Central Command. Deputy Foreign Minister Kazem Gharibabadi warned Tehran would respond. Axios reported drones had been launched at Bahrain, and Kuwait said it was responding to missile attacks. The renewed hostilities risk undermining the interim US-Iran peace deal reached last month while oil’s rebound threatens a new wave of disruption for global energy markets. A handful of vessels appeared to transit through the Strait of Hormuz in the early hours of Wednesday, even after a spate of strikes on tankers left shipowners struggling to assess the risk of operating in the vital waterway. Elsewhere in markets, the Bloomberg Dollar Spot Index was steady after rising 0.2% on Tuesday. Gold rose above $4,100 an ounce, while Bitcoin fell about 1%. Indonesian shares dropped after S&P Dow Jones Indices signaled the country could eventually lose its emerging-market status if concerns over its equities market persist, dealing a setback to efforts to reassure global investors. A gauge of Asian technology stocks climbed more than 1%, snapping a two-day slide. US After Hours PENG +4.8% higher on earnings; SHMD +10% on investment agreement; MTZ +3.2% higher on M&A news; FCEL -18.3% lower on stock offering

Nikkei -1.56% Hang Seng +2.97% CSI -0.34% Kospi -4.83% Shanghai -0.25% Shenzen -1.49%

Eur$ 1.1416 CNH 6.8000 CNY 6.7973 JPY 162.31 GBP 1.3355 CHF 0.8082 RUB 76.3911 TRY 46.8548 WTI$ 72.85 Gold 4,125 -0.41% BTC 62,685 -1.47% ETH 1,752 -1.66%

S&P -0.11% Nasdaq -0.15% EuroStoxx -0.36% FTSE -0.15% Dax -0.46% SMI -0.40%

Macro :
- Europe Must Spend $3 Trillion to Cut Cloud, AI and Chip Reliance
- Qatar’s Role as US-Iran Mediator Jeopardized by Shipping Attacks
- Le Pen Says She’ll Run in France’s 2027 Presidential Race
- US Strikes Iran and Blocks Oil Sales in New Test of Ceasefire
- Iran Striked back american bases in koweit & Bahrein
- Hedge Funds Shake Off Brutal March to Post Best Half Since 2021

Keep an eye on :
- AEVS SW : EQS INFRAC: Infracore SA announces final IPO size at the fixed price of CHF 54
- AIR FP : Airbus, MTU Aero Engines Form Hydrogen Fuel Cell Joint Venture
- BABA US : EQS INFRAC: Infracore SA announces final IPO size at the fixed price of CHF 54
- AZN LN : Sino Biopharm to License TQC3721 to AstraZeneca in $1.9b Pact
- BAHNB SS : Telenor Buys Controlling Stake in Bahnhof Valuing Co. at SEK6.1b
- BPM IM : Credit Agricole Hasn’t Filed Any Request to Cross 30% of BPM
- BEM LN : Beowulf Mining to Raise GBP4 Million via Share Subscriptions
- CRI FP : Chargeurs Invest prévoit une OPRA à 14 euros au début 2027
- COTY US : Coty Gets $400m to Exit Gucci Beauty License Early
- ACA FP : Credit Agricole Hasn’t Filed Any Request to Cross 30% of BPM
- DBVT US : +11.15 in NY --> DBV FP +5.89% 3.04
- DeepSeek : China’s DeepSeek is developing its own chip to help power artificial intelligence systems, Reuters reported, citing unnamed sources.
- EQT US : EQT Seeks to Raise $2.5B for New Asia Mid-Cap Buyout Fund: Rtrs
- FCEL US : FuelCell Energy Prices Upsized Share Offering at $21 Apiece (1)
- GEV US : GE Vernova, Samsung to Help Advance Europe SMR Deployment: US
- GTT FP : GTT Gets Order From Jiangnan for Tank Design of 4 LNG Carriers
- HRI LN : Herald Investment Trust Buying Back 28.8m Shares in Tender Offer
- INFRAC SW : Infracore Sets Final IPO Price at CHF54/Share
- KER FP : Coty Gets $400m to Exit Gucci Beauty License Early
- KID NO : Kid ASA 2Q Revenue Above Estimates
- MC FP : LVMH Needs to Beware China’s Luxury Minefield: Juliana Liu
- MTX GY : Airbus, MTU Aero Engines Form Hydrogen Fuel Cell Joint Venture
- Momenta IPO : GM-Backed Momenta Rises in HK Debut After $752 Million IPO (2)
- Open AI : The Trump administration is reported to be lifting restrictions on OpenAI’s GPT 5.6. OpenAI Says It Will Launch GPT-5.6 Sol Model Thursday
- REP SM : Repsol Refining Margin Rose an Estimated 28.4% in 2Q from 1Q
- RIVN US : Rivian Automotive Prices 75m Share Offering at $15.50 Apiece (1)
- SALM NO : Salmar Prelim 2Q Harvest Beats Estimates
- SAN SM : Santander Overhauls Asia-Pacific CIB Unit, Axes Beijing Head: FT
- SGO FP : Saint-Gobain to Buy Glass Fiber Plant in Lexington, NC
- SPCX US : SpaceX’s Biggest Bull Sees Valuation Soaring Above $10 Trillion
- TLX GY : Talanx Holder Meiji Yasuda Life Insurance Offers Shares: Terms
- TEL NO : Telenor Buys Controlling Stake in Bahnhof Valuing Co. at SEK6.1b
- TGS NO : TGS 2Q Contract Seismic Allocation 19%
- TIT IM : Poste Italiane to Increase Capital for Telecom Italia Bid
- UCB BB : UCB Presents Data From Generalized Myasthenia Gravis Portfolio
- VK FP : Vallourec Confirms Plan to Return Around €650m to Holders in ‘26

>>> Europe : Brokers Upgrades & Downgrades - 8th of July 2026

>>> Up
* Atlas Copco Raised to Neutral at UBS; PT 195 kronor
* Commercial Metals Raised to Outperform at BNP Paribas; PT $75
* Daimler Truck Raised at Barclays on Truck Market Upturn
* Demant Price Target Raised to DKK 310 from DKK 280 by Bank of America
* DHL Group Price Target Raised to EUR 61.5 from EUR 59 by Bank of America
* Eni Raised to Outperform at Grupo Santander; PT 25.50 euros
* Forvia Raised to Buy at Citi; PT 12 euros
* Gjensidige Price Target Raised to NOK 312 from NOK 305 by Nordea
* Ivanhoe Mines Raised to Overweight at Morgan Stanley; PT C$13.20
* SEB Upgraded to Buy from Hold by Nordea

>>> Down
* Acerinox Cut to Underperform at BNP Paribas; PT 13.60 euros
* AIB Group Cut to Underperform at RBC; PT 8.75 euros
* Alcoa Cut to Equal-Weight at Morgan Stanley; PT $53
* Aperam Cut to Underperform at BNP Paribas; PT 38 euros
* BCP Cut to Neutral at Goldman; PT 1.10 euros
* Belimo Cut to Sell at Van Lanschot Kempen; PT 665 Swiss francs
* Castellum Cut to Neutral at UBS; PT 145 kronor
* Cicor: Kepler Cheuvreux abaisse à 165 (175) CHF - buy
* Elekta Price Target Cut to SEK 55 from SEK 60 by Goldman Sachs
* Exail Technologies Cut to Neutral at BNP Paribas; PT 134 euros
* Lemonade Cut to Equal-Weight at Morgan Stanley; PT $75
* Lufthansa Cut to Sell From Neutral by Citi, Target Raised to EUR8.70 From EUR8.20 by Citi
* Man Group Cut to Neutral at UBS; PT 320 pence
* Norsk Hydro Price Target Cut to NOK 59 from NOK 60 by Nordea
* Norwegian Air Cut to Hold at Nordea
* Pirelli Cut to Neutral From Buy by Citi, Target Raised to EUR7.50 From EUR7.40 by Citi
* Rio Tinto Cut to Underweight at Morgan Stanley; PT 6,810 pence
* Vale ADRs Cut to Equal-Weight at Morgan Stanley; PT $16.50

>>> Initiation
* Allwyn AG Rated New Neutral at UBS; PT 14 euros
* ASML ADRs Rated New Buy at Huatai Research; PT $2,500
* Avanza Rated New Underperform at Jefferies; PT 335 kronor
* BioMar Group Rated New Equal-Weight at Morgan Stanley
* BioMar Group Rated New Buy at Nordea; PT 130 kroner
* Honeywell Aerospace Rated New Equal-Weight at Morgan Stanley
* Kuros Biosciences Rated New Buy at Berenberg; PT 32 Swiss francs
* Nayax Rated New Equal-Weight at Barclays
* Norbit Rated New Buy at Norne Securities; PT 220 kroner
* Nordnet Rated New Hold at Jefferies; PT 385 kronor
* Sabadell Reinstated Sell at Goldman; PT 3.10 euros
* Shawbrook Rated New Outperform at RBC; PT 475 pence
* Wartsila Rated New Neutral at Oddo BHF; PT 36 euros

>>> Call

>>> Stoxx 600 Pre-Market Indications

  • Frontline PLC (HF6 TH) +2.6%
  • Equinor (DNQ TH) +2.4%
  • BP (BPE5 TH) +2.1%
  • Aker BP (ARC TH) +2.1%
  • Repsol (REP TH) +2.1%
  • Shell (R6C0 TH) +1.9%
  • TotalEnergies (TOTB TH) +1.8%
  • Prosus (1TY TH) +1.6%
  • Scout24 (G24 TH) +1.2%
  • Diploma (DP9 TH) +1.1%
  • Bayer (BAYN TH) -0.8%
  • Fresenius Medical Care (FME TH) -0.9%
  • Airbus (AIR TH) -1.1%
  • MTU Aero (MTX TH) -1.1%
  • Vonovia (VNA TH) -1.1%
  • Nestle (NESR TH) -1.1%
  • TUI (TUI1 TH) -1.3%
  • Nokia (NOA3 TH) -1.5%
  • Acerinox (ACE1 TH) -2.9%
    • Acerinox Cut to Underperform at BNP Paribas; PT 13.60 euros
  • Talanx (TLX TH) -3.4%
    • Talanx Holder Meiji Yasuda Life Insurance Offers Shares: Terms