TechCrunch : Pardoned Nikola founder Trevor Milton is trying to raise $1B for AI

Pardoned Nikola founder Trevor Milton is trying to raise $1B for AI-powered planes

It’s been almost exactly one year since Trevor Milton, the founder of now-bankrupt electric truck startup Nikola, was pardoned by President Trump. Now the Wall Street Journal has published one of the first deep dives into Milton’s new effort: trying to build autonomous planes.

Milton and an “investment group” purchased a downtrodden aviation company called SyberJet Aircraft late last year and he has spent the time since trying to turn the company around. That involves bringing in “dozens” of former Nikola staff, soliciting possible investors from Saudi Arabia, and spending a few hundred thousand dollars on lobbying, according to the report.

He reportedly wants to design an entirely new avionics system from the ground up that will help the company create the “first light jet to focus on artificial-intelligence flight,” which could open the door for defense contracts. But Milton, who was convicted of fraud in 2022, told the newspaper that he thinks planes will be “10 times harder than Nikola ever was.”

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • ELA +15%, DLO +9.3%, EQPT +8%, FIVE +6.8%, TIGR +4%, ARKO +3%, COTY +2.4%, ALVO +2.1%, IBCP +2%, RKLB +1.7%, CPRX +1.5%, WAT +1.2%, GEHC +0.8%, LX +0.8%
  • Gapping down:
    • ALM -16.4%, CSIQ -13.7%, GRDN -10.1%, HTFL -7.7%, MU -5.5%, BABA -4.7%, XPOF -4.4%, RCAT -4.4%, RCMT -3.1%, EVO -2.9%, GROY -2.2%, ELPC -2.1%, TRON -2%, TATT -1.8%, FDMT -1.1%, CRML -1%, STOK -0.9%, DOV -0.8%, DD -0.8%

>>> La Lettre — 19 mars 2026 | Résumé FRench & English

La Lettre — 19 mars 2026 | Résumé bilingue

🇫🇷 FRANÇAIS

1. LVMH : L’ascension silencieuse de Jean Arnault

Jean Arnault, 27 ans, directeur de l’horlogerie de Louis Vuitton, étend discrètement ses attributions à l’ensemble du pôle montres de LVMH. Il travaille en étroite collaboration avec Arnaud Nicolas, directeur général de L’Épée 1839, marque que son père a rachetée en juin 2024. Il a également réveillé les marques Gérald Genta et Daniel Roth chez Bulgari, et supervisera à partir de juin les maisons Hublot et Zenith.

Sous sa direction, le chiffre d’affaires des montres Louis Vuitton a triplé en quatre ans, atteignant environ 180 millions d’euros, avec un prix moyen par unité de 15 000 euros. Il a également lancé le “LVMH Watch Prize” pour promouvoir une nouvelle génération d’horlogers indépendants.

Sans que ses frères le sachent, il se rend plusieurs fois par mois au siège de Moynat, où il affine la stratégie de la marque depuis quatre ans. Les ventes ont progressé d’environ 30 % l’an dernier. Diplômé de l’Imperial College et du MIT (master en finance quantitative), Jean Arnault se distingue par son indépendance d’esprit au sein de la fratrie.

2. POLITIQUE — CNR : Lobbying à Bruxelles pour les barrages du Rhône

La Compagnie nationale du Rhône (CNR) maintient la pression pour conserver son monopole sur le Rhône, alors que la Commission européenne examine la proposition de loi française sur l’hydroélectricité. La présidente Laurence Borie-Bancel a rencontré l’ambassadeur de France auprès de l’UE et un eurodéputé S&D lors d’un déplacement à Bruxelles du 16 au 18 mars.

Le texte législatif, attendu au Sénat au printemps, concerne principalement EDF et la Société hydro-électrique du Midi. Bien que la CNR soit protégée jusqu’en 2041, elle surveille attentivement les articles 12 et 13, qui prévoient une libéralisation partielle du secteur.

3. DÉFENSE — DGA : Patrick Pailloux à la chasse aux fonds européens

La Direction générale de l’armement (DGA) va créer un “plateau Europe”, guichet unique pour capter les budgets de défense européens, dont les crédits doivent être multipliés par cinq à partir de 2028. La DGA s’intéresse notamment aux 131 milliards d’euros fléchés sur la défense et l’espace dans le prochain cadre financier pluriannuel.

La France adopte un modèle “suédois” de coopération : acheter européen pour mieux vendre européen. Elle encourage aussi les retours géographiques de production pour convaincre ses partenaires.

4. EDF — Une grande com’ pour les 80 ans

EDF célébrera ses 80 ans à partir du 8 avril avec une campagne orchestrée par les agences BETC, Havas Paris et Havas Media France, axée sur l’électrification des usages. Un documentaire de 60 minutes intitulé “Plus que la lumière” a été commandé à Mediawan et sera diffusé sur France TV. EDF doit prendre fin 2026 la décision finale d’investissement dans six réacteurs EPR2.

5. TECH — Voxaly teste le vote électronique pour les Français de l’étranger

Voxaly, filiale de Docaposte, a bouclé ses tests grandeur nature pour la plateforme de vote en ligne des Français de l’étranger, en vue des élections consulaires de mai 2026, un projet doté de deux millions d’euros. La nouvelle plateforme intègre une authentification via France Identité, en remplacement de l’ancien système jugé insuffisant par l’Anssi.

6. PRESSE — AFP : rapport d’audit alarmant

Le cabinet Sextant Expertise conclut qu’un quart des journalistes de l’AFP sont en risque d’épuisement professionnel, et que 21 % des salariés ont été témoins de comportements agressifs. Le directeur de l’information Phil Chetwynd, menacé d’une motion de défiance, a dénoncé “une petite bande de voix négatives et toxiques”. Les syndicats se sont saisis de l’affaire. Une réunion de négociation tendue est prévue le 26 mars.

🇬🇧 ENGLISH

1. LVMH: Jean Arnault’s Silent Rise

Jean Arnault, 27, head of Louis Vuitton’s watchmaking division, is quietly expanding his remit across the entire LVMH watch portfolio. He works closely with Arnaud Nicolas, CEO of L’Épée 1839, a brand his father was persuaded to acquire in June 2024. He has also revived the Gérald Genta and Daniel Roth brands at Bulgari, and from June will take on a supervisory role over Hublot and Zenith.

Under his leadership, Louis Vuitton watch revenues have tripled over four years to approximately €180 million, with average unit prices reaching €15,000. He has also launched the “LVMH Watch Prize” to nurture a new generation of independent watchmakers.

Without his siblings’ knowledge, he visits Moynat’s Paris headquarters several times a month, having quietly shaped its strategy for four years — sales grew around 30% last year. A graduate of Imperial College London and MIT (quantitative finance master’s), Jean Arnault stands out within the Arnault family for his independent streak.

2. POLITICS — CNR Lobbies Brussels Over Rhône Hydropower

The Compagnie nationale du Rhône (CNR) is maintaining pressure to retain its monopoly over the Rhône, as the European Commission examines France’s proposed hydropower legislation. CNR president Laurence Borie-Bancel met France’s EU ambassador and an S&D MEP during a Brussels trip from March 16–18.

The legislation, expected before the Senate this spring, primarily affects EDF. Though CNR is shielded until 2041, it is closely monitoring articles 12 and 13, which could partially open French hydropower capacity to competitors.

3. DEFENCE — DGA Targets European Defence Funds

France’s defence procurement agency (DGA) will create a “plateau Europe” — a one-stop shop to capture European defence budgets, which are set to increase fivefold from 2028. The DGA is particularly focused on the €131 billion earmarked for defence and space in the next EU multiannual financial framework.

France is adopting a “Swedish model” of reciprocal cooperation — buying European to sell European — and is encouraging geographic production offsets to reassure its partners.

4. EDF — An 80th Anniversary Communications Blitz

EDF will celebrate its 80th anniversary from April 8, with a campaign run by BETC, Havas Paris and Havas Media France, centred on electrification of everyday life. A 60-minute documentary titled “Plus que la lumière” has been commissioned from Mediawan and will air on France TV. EDF must make its final investment decision on six EPR2 nuclear reactors by end-2026.

5. TECH — Voxaly Tests Online Voting for French Abroad

Voxaly, a Docaposte subsidiary, has completed full-scale tests of its online voting platform for French citizens abroad, ahead of the May 2026 consular elections — a €2 million project. The new platform incorporates France Identité authentication, replacing the previous system deemed inadequate by the ANSSI cybersecurity agency.

6. MEDIA — AFP Audit Reveals Serious Workplace Risks

Audit firm Sextant Expertise finds that a quarter of AFP journalists face burnout risk, and 21% of staff have witnessed aggressive behaviour in the workplace. Head of news Phil Chetwynd, facing a potential no-confidence motion, denounced what he called a toxic minority spreading negativity. Unions have seized on the issue. A tense negotiation meeting is scheduled for March 26.​​​​​​​​​​​​​​​​

>>> Europe : Brokers Upgrades & Downgrades - 19th of March 2026 V2(+)

>>> Up
* ADP Raised to Buy at UBS; PT 127 euros
* Buzzi SpA Raised to Overweight at JPMorgan; PT 58 euros
* Carnival Plc Raised to Overweight at Morgan Stanley
* Carnival Raised to Overweight at Morgan Stanley; PT $31
* Diploma PT Raised to 7,500 pence from 6,600 pence at Berenberg
* Evonik Raised to Overweight at Barclays; PT 17 euros
* Fraport Raised to Buy at BofA (+)
* Kering Raised to Outperform at Avior Capital Markets
* Mastercard Raised to Outperform at BNP Paribas; PT $600
* Nordea Bank Raised to Buy at ABG; PT 17.15 euros
* Stadler Rail Raised to Outperform at Oddo BHF
* Talanx Raised to Buy at DZ Bank; PT 125 euros (+)
* Tandem Diabetes Raised to Buy at Truist Secs; PT $35
* Tecnicas Reunidas Raised to Buy at JB Capital Markets
* Wizz Air Raised to Neutral at Citi

>>> Down
* Air France-KLM PT Cut to 9 euros from 11 euros at Deutsche Bank (+)
* Akzo Nobel Cut to Equal-Weight at Barclays; PT 47 euros
* Atria Cut to Reduce at Inderes; PT 18.50 euros
* Bunzl Cut to Equal-Weight at Barclays; PT 2,250 pence
* Coloplast Cut to Sell at Nordea; PT 400 kroner
* EasyJet PT Cut to 340 pence from 465 pence at Deutsche Bank (+)
* Lufthansa PT Cut to 7 euros from 8.60 euros at Deutsche Bank (+)
* Manitou BF Cut to Hold at Kepler Cheuvreux
* Neste Cut to Neutral at Goldman; PT 27 euros
* Nokia Cut to Sell at Inderes; PT 5.20 euros
* Pan African Cut to Equal-Weight at ABSA Securities

>>> Initiation
* Dometic Rated New Buy at SB1 Markets; PT 30 kronor
* Inventiva SACA ADRs Rated New Buy at Truist Secs; PT $13
* Rocket Lab Rated New Buy at Clear Street; PT $88
* SoFi Technologies Rated New Equal-Weight at Wells Fargo; PT $19
* YouGov Reinstated Buy at Canaccord; PT 450 pence (+)

>>> Call
* Novo Gets New Sell Rating as Bernstein Sees US Underperformance

>>> Europe : Brokers Upgrades & Downgrades - 19th of March 2026

>>> Up
* ADP Raised to Buy at UBS; PT 127 euros
* Buzzi SpA Raised to Overweight at JPMorgan; PT 58 euros
* Carnival Plc Raised to Overweight at Morgan Stanley
* Carnival Raised to Overweight at Morgan Stanley; PT $31
* Diploma PT Raised to 7,500 pence from 6,600 pence at Berenberg
* Evonik Raised to Overweight at Barclays; PT 17 euros
* Kering Raised to Outperform at Avior Capital Markets
* Mastercard Raised to Outperform at BNP Paribas; PT $600
* Nordea Bank Raised to Buy at ABG; PT 17.15 euros
* Stadler Rail Raised to Outperform at Oddo BHF
* Tandem Diabetes Raised to Buy at Truist Secs; PT $35
* Tecnicas Reunidas Raised to Buy at JB Capital Markets
* Wizz Air Raised to Neutral at Citi

>>> Down
* Akzo Nobel Cut to Equal-Weight at Barclays; PT 47 euros
* Atria Cut to Reduce at Inderes; PT 18.50 euros
* Bunzl Cut to Equal-Weight at Barclays; PT 2,250 pence
* Coloplast Cut to Sell at Nordea; PT 400 kroner
* Manitou BF Cut to Hold at Kepler Cheuvreux
* Neste Cut to Neutral at Goldman; PT 27 euros
* Nokia Cut to Sell at Inderes; PT 5.20 euros
* Pan African Cut to Equal-Weight at ABSA Securities

>>> Initiation
* Dometic Rated New Buy at SB1 Markets; PT 30 kronor
* Inventiva SACA ADRs Rated New Buy at Truist Secs; PT $13
* Rocket Lab Rated New Buy at Clear Street; PT $88
* SoFi Technologies Rated New Equal-Weight at Wells Fargo; PT $19

>>> Call
* Novo Gets New Sell Rating as Bernstein Sees US Underperformance

>>> What to look at today - 19th of March 2026

Asian equities dropped as attacks on key energy infrastructure in the Middle East drove oil prices higher, fueling investor concern that an escalating war will add to inflation pressures. The MSCI Asia Pacific Index was down more than 2%, snapping a three-day advance, as investors trimmed risk. Japan’s Nikkei 225 slumped 2.8%, with traders also on alert for the yen’s potential breach of 160 against the dollar. US equity futures edged higher after the S&P 500 and Nasdaq 100 both fell 1.4% on Wednesday. Brent crude traded around $112 per barrel as strikes between Iran and Israel on critical energy facilities — which also caused extensive damage to the world’s largest liquefied natural gas export plant in Qatar — raised concerns of a more lasting impact from the conflict. Benchmark oil prices are surging as the Middle East conflict disrupts global trade flows and widens crude spreads. Nomura International’s Julia Wang discusses the specific risks facing Asian economies. Oil’s surge already has global central bankers fretting about price pressures. The Bank of Japan kept interest rates unchanged on Thursday, following a hold by the Federal Reserve on Wednesday, with both signaling the Middle East conflict had clouded the policy outlook. The gauge of Asian stocks is down nearly 8% in March, trailing peers in the US and Europe. Iran carried out attacks on the LNG site in Qatar, one of several energy assets it pledged to target following strikes on the Islamic Republic’s giant South Pars gas field. President Donald Trump said the US didn’t know about Israel’s assault on the field, but threatened to “blow up the entirety” of the deposit with US forces if Qatari assets get hit further. He said earlier this week that targeting oil infrastructure on Iran’s main export hub, Kharg Island, remains on the table following earlier bombing of military targets there. Fed officials continue to expect one rate cut this year though Chair Jerome Powell emphasized that to resume lowering rates, they needed to see progress in reducing inflation. “If we don’t see that progress, then we won’t see the rate cut,” Powell said in remarks to reporters after the Fed decision. His comments prompted traders to scale back expectations for rate cuts, reinforcing a higher-for-longer rate outlook amid volatility in energy markets. They are now pricing in only about 15 basis points worth of Fed easing this year, less than one full quarter-point cut. In economic forecasts released with their decision, Fed officials raised their outlook for inflation in 2026 to 2.7% from 2.4%. Notably, they saw the core measure — which excludes volatile food and energy categories — also rising to 2.7%. Treasuries sold off across the curve on Wednesday, with the two-year yield jumping about 10 basis points. It rose another three basis points to 3.80% on Thursday. Elsewhere in markets, the Philippine peso weakened past the key 60-per-dollar level as elevated oil prices weighed on the country’s economic outlook. A broader gauge of the greenback was down 0.1% after rising 0.5% on Wednesday. Gold prices steadied after tumbling nearly 4% in the previous session. BOJ Governor Kazuo Ueda will hold a press briefing later Thursday, usually convened at 3:30 p.m. Tokyo time, to elaborate on the decision and outline his view on the path for interest rates. US After Hours MU -3.2% lower on earnings; ELA +15.4%, DLO +7.9%, and FIVE +6.1% higher on earnings; HTFL -6.6%, PICS -6.2%, RCAT -2.6% lower on earnings.

Nikkei -3.38% Hang Seng -1.89% CSI -1.70% Shanghai -1.49% Shenzen -2.44%

Eur$ 1.1469 CNH 6.9034 CNY 6.9002 JPY 159.67 GBP 1.3271 CHF 0.7927 RUB 83.8861 TRY 44.3214 WTI$ 97.40 +1.12% Gold 4,853 -0.78% BTC 70,855 -0.53% ETH 2,192 +0.24%

S&P -0.10% Nasdaq -0.20% EuroStoxx -1.74% FTSE -0.96% Dax -1.88% SMI -1.18%

Macro :
- Iran War May Delay Deal Timelines, Not Derail M&A, McMaster Says
- Goldman Says Don’t Wait For Perfect Time in M&A: Financials Wrap
- Trump Seeks De-Escalation After Iran, Israel Strike Gas Hubs

Keep an eye on :
- 1U1 GY : 1&1 Sees 2026 Ebitda About EU800M, Est. EU686.4M
- AKSO NO : Aker Solutions Proposes NOK5.00 Extraordinary Dividend
- ALGN US : Elliott Said to Build Stake in Invisalign-Maker Align Technology
- ALO FP : Alstom Wins $437 Million Services and Refurbishment Contracts
- AZN LN : AstraZeneca Plans Shanghai Cell Therapy Hub for Production, R&D
- BEN FP : Beneteau FY Ebitda EU35.5M, Est. EU48.7M
- BA/ LN : Air Astana Holder BAE Systems Offers 6.11m GDRs at $5.10/Share
- BHG SS : BHG Group Targets 10–15% Annual Growth Over Business Cycle
- BIM FP : Biomérieux Gets IVDR CE‐Marking for Respiratory Infection Tests
- CRI FP : Compagnie Chargeurs FY Ebitda EU52.3M Vs. EU65M Y/y
- CTT PL : CTT FY Net Income EU50.7M Vs. EU45.5M Y/y
- DAE SW : Dätwyler: Pema Holding détient une part de 78,116%
- DEEZR FP : Deezer FY Adjusted Ebitda Beats Estimates - FT : French music streamer Deezer battles deluge of AI fraud
- DOCM SW : DocMorris Sees 2026 Adjusted Ebitda Loss CHF10M to CHF25M
- DD US : Dupont Plans Reverse Stock Split, to Set Ratio Later
- EQT SS : EQT-Backed Saur Said to Weigh Sale of Municipal Water Business
- EQNR NO : Equinor to Split Marketing, Midstream and Processing Area in Two
- XOM US : Oil Giants Bid $163 Million in Trump’s Record Alaska Lease Sale
- FAST NA : Fastned Reports FY Adj EBITDA of EUR 43.6 Million
- FYB GY : Formycon Postpones ‘25 Financial Statements Due To System Change
- IDR SM : Spanish Government Signals It Wants Indra’s Chairman Removed
- IOS GY : IONOS Group SE Maintains 2026 Adjusted Ebitda Margin Forecast
- IVG IM : Iveco Transfers Defense Units to Leonardo, Sets Dividend
- JMT PL : J. Martins 4Q Ebitda Beats Estimates
- LXS GY : Lanxess Sees 2026 Adj. Ebitda EU450M to EU550M, Est. EU517.7M
- LNZ AV : Lenzing FY Ebitda Misses Estimates
- LOGN SW : Logitech’s Board OKs New $1.4b Share Buyback Program
- MU US : Micron 3Q Adjusted Revenue Forecast Beats Estimates --> -6%
- NEM GY : Nemetschek Sees 2026 Ebitda Margin 32% to 33%, Est. 32.5%
- NESN SW : Synlait, Nestlé Renew Partnership to Reduce Emissions
- NXST US : California AG Files Suit Seeking to Block Nexstar-Tegna Merger
- NVDA US : Musk: SpaceX AI, Tesla to Continue Nvidia Chip Orders at Scale
- PRU LN : Prudential May Exit Life Insurance Joint Venture With ICICI: BS
- RAA GY : Rational 4Q Ebit Beats Estimates, Rational Sees 2026 Ebit Margin 25% to 26%, Est. 26.3%
- TPE GY : PVA TePla FY Outlook Below Consensus
- RATOB SS : Ratos Discontinues Business Area Structure, Announces Targets
- RKLB US : Rocket Lab Jumps on $190m Hypersonic Flight Contract
- SAF FP : Australian GPS-Alternative Unicorn Raises $110 Million for Expansion - WSJ
- SBO AV : SBO AG FY Net Income Misses Estimates
- SFQ GY : SAF-Holland SE Sees 2026 Sales EU1.70B to EU1.85B, Est. EU1.82B
- GLE FP : SocGen Completes €1.46B Share Buyback Program Announced Feb. 6
- SGL GY : SGL Sees 2026 Adjusted Ebitda EU110M to EU130M, Est. EU120.7M
- SWMR US : Tiny AI Drone Technology Company Surges 1,200% in Two Days
- SQN SW : Swissquote 2026 Pretax Profit Forecast Misses Estimates
- TGNA US : California AG Files Suit Seeking to Block Nexstar-Tegna Merger
- TTE FP : TotalEnergies to Raise Age Limits for Chairman and CEO Roles
- TIT IM : Telecom Italia, Fastweb + Vodafone in Pact for 5G Towers
- ULVR LN : Unilever, Kraft Heinz Held Talks Over Food Merger: FT
- UTDI GY : United Internet 2026 Sales Forecast Misses Estimates
- VOD LN : Telecom Italia, Fastweb + Vodafone in Pact for 5G Towers
- VNA GY : Vonovia FY Adjusted Ebitda Meets Estimates
- VOS GY : Vossloh FY Dividend per Share Misses Estimates

>>> Stoxx 600 Pre-Market Indications

  • Nemetschek (NEM TH) +3.2%
    • Nemetschek FY Ebit Beats Estimates
  • Equinor (DNQ TH) +3.1%
    • Equinor to Split Marketing, Midstream and Processing Area in Two
  • 3i (IGQ5 TH) +2.2%
  • Standard Life PLC (1BF TH) +2%
  • Shell (R6C0 TH) +0.9%
  • BP (BPE5 TH) +0.6%
  • Dassault Systemes (DSYA TH) -2.1%
  • Bilfinger (GBF TH) -2.2%
  • Zalando (ZAL TH) -2.3%
  • Prysmian (AEU TH) -2.3%
  • Thyssenkrupp (TKA TH) -2.4%
  • Fortum (FOT TH) -2.4%
  • Rational (RAA TH) -2.5%
    • Rational Sees 2026 Ebit Margin 25% to 26%, Est. 26.3%
  • Infineon (IFX TH) -2.6%
  • Aurubis (NDA TH) -2.7%
  • Fresnillo (FNL TH) -3.1%

>>> TradeGate Pre-Market Indications

DAX:
  • Vonovia (VNA TH) -0.2%
    • Vonovia FY Adjusted Ebitda Meets Estimates
  • Deutsche Post (DHL TH) -1.8%
  • BASF (BAS TH) -2.1%
  • Infineon (IFX TH) -2.1%
  • Bayer (BAYN TH) -2.2%
  • Zalando (ZAL TH) -2.7%
MDAX:
  • Nemetschek (NEM TH) +4.3%
    • Nemetschek FY Ebit Beats Estimates
  • IONOS Group SE (IOS TH) +2.8%
    • IONOS Group SE Maintains 2026 Adjusted Ebitda Margin Forecast
  • Evonik (EVK TH) +0.6%
    • Evonik Raised to Overweight at Barclays; PT 17 euros
  • United Internet (UTDI TH) -1.5%
    • United Internet 2026 Sales Forecast Misses Estimates
  • Lufthansa (LHA TH) -1.8%
  • Delivery Hero (DHER TH) -2%
  • Aixtron (AIXA TH) -2.3%
    • Watch Chip-Equipment Stock as Micron Plans to Boost Spending
  • Lanxess (LXS TH) -2.7%
    • Lanxess Sees 2026 Adj. Ebitda EU450M to EU550M, Est. EU517.7M
SDAX:
  • Heidelberger Druck (HDD TH) +2.1%
  • SMA Solar (S92 TH) -2%
  • Vossloh (VOS TH) -2.4%
    • Vossloh Sees 2026 Sales EU1.56B to EU1.66B
  • SAF-Holland SE (SFQ TH) -2.6%
    • SAF-Holland SE Sees 2026 Sales EU1.70B to EU1.85B, Est. EU1.82B
  • PVA TePla (TPE TH) -3%
    • RTT News: PVA TePla AG Announces Fall In Full Year Profit

>>> QATAR STATE ASSETS — GLOBAL LISTED & DIRECT HOLDINGS (as a reminder)

QATAR STATE ASSETS — GLOBAL LISTED & DIRECT HOLDINGS
QIA / Qatar Holding / Qatar Airways / QSI | As of Mar 2026
════════════════════════════════════════════════════════

FUND OVERVIEW
- AUM: ~$557bn (SWF Institute, Aug 2025)
- Disclosed listed equity book: ~$78bn across 34+ names
- Geo split: Qatar ~33% / Europe ~40% / US ~20% / Asia ~7%
- CEO: Mohammed Saif Al-Sowaidi (appt. Nov 2024)

════════════════════════════════════════════════════════
EUROPE — LISTED EQUITIES
════════════════════════════════════════════════════════

ENERGY & UTILITIES
- IBE SM | Iberdrola SA | 6.98% | ~€9.5bn | #1 shareholder; trimmed from 8.69% in 2025
- GLEN LN | Glencore PLC | 8.20% | ~$3.4bn | via Qatar Holding
- RWE GY | RWE AG | strat. | €2.4bn invested (2023); exact % undisclosed
- NG/ LN | National Grid PLC | disclosed holding; size undisclosed

FINANCIALS
- BARC LN | Barclays PLC | 2.90% | (peak 12.7% at 2008 crisis recapitalisation)
- DBK GY | Deutsche Bank AG | <3% | HBJ personal €1.75bn injection (2014)
- LSEG LN | London Stock Exchange| ~5% | ~$5bn market value

INDUSTRIALS / AUTO
- VOW GY | Volkswagen AG | 14.60% | via Qatar Holding; board seat held
- HOT GY | Hochtief AG | disclosed stake; size undisclosed
- SIE GY | Siemens AG | disclosed; ~Bloomberg confirmed, size undisclosed

MEDIA
- MMB FP | Lagardère SA | 13.00% | via Qatar Holding

RETAIL
- SBRY LN | J Sainsbury PLC | ~22% | largest shareholder
- ECI SM | El Corte Inglés | 10% | via HBJ personal (unlisted, private co.)

REAL ESTATE (LISTED)
- INMCOL SM| Inmobiliaria Colonial | 20% | since 2018

TRANSPORT
- IAG LN | Intl Airlines Group | 25.14% | via Qatar Airways; largest shareholder
| BA, Iberia, Aer Lingus, Vueling

════════════════════════════════════════════════════════
EUROPE — DIRECT / UNLISTED ASSETS
════════════════════════════════════════════════════════

REAL ESTATE (UK)
- The Shard, London | 95% | iconic 310m tower, SE1
- Canary Wharf Group | 50% | co-owned w/ Brookfield
- Harrods, Knightsbridge | 100% | acq. 2010 from Al-Fayed (~£1.5bn)
- Chancery Rosewood Hotel | 100% | ex-US Embassy, 30 Grosvenor Sq; opened Sep 2025
- Claridge's / Berkeley / Connaught | partial | via Maybourne Hotel Group

REAL ESTATE (EUROPE)
- 52 Champs-Élysées, Paris | 100%
- Porta Nuova, Milan | 100% | LEED+WELL Gold business district
- One Ocean Port Vell, Barcelona | 100%

INFRASTRUCTURE
- Heathrow Airport (HAH) | 20% | acq. 2012; + £650m add. investment 2017

ENERGY
- Rolls-Royce SMR | undisclosed | low-carbon nuclear tech

FRANCE STRATEGIC BLOC (historical; partial exits possible)
- TotalEnergies | 4%
- Airbus (ex-EADS) | 6%
- Vinci SA | 5%
- Veolia Environnement | 5%
- Vivendi | disclosed
- Air Liquide / GDF Suez / France Telecom / Areva — disclosed; sizes undisclosed

TECH / GROWTH (EU)
- Alice & Bob (quantum, Paris) | co-lead w/ Bpifrance
- Ardian Semiconductor | anchor investor
- Bpifrance | +€300m committed (2024)
- Innovafeed | lead; €250m round (2022)
- Checkout.com (UK unicorn) | undisclosed

════════════════════════════════════════════════════════
AMERICAS
════════════════════════════════════════════════════════

REAL ESTATE
- Empire State Realty Trust | 9.90% | acq. 2016
- Asia Sq Tower 1, Singapore | 100% | $2.5bn acq. 2016 (APAC classified here)
- Manhattan West / Park Lane Hotel| disclosed; partial stakes

SPORTS
- Monumental Sports & Ent. | 5%+ | $4.05bn invested; Wizards/Capitals/Mystics

TECH / AI (US)
- Databricks | undisclosed | part of $15bn raise (Jan 2025)
- xAI (Elon Musk) | undisclosed | part of $6bn round C (Dec 2024)
- Cresta (AI) | lead | $125m round (Nov 2024)
- Instabase | undisclosed | $100m series D (Jan 2025)
- Anthropic | undisclosed | part of $13bn round

CONSUMER / FOOD
- Eat Just | lead | $200m round (2021)

════════════════════════════════════════════════════════
ASIA-PACIFIC
════════════════════════════════════════════════════════

- Kokusai Electric (Japan) | 5.00% | chipmaker; acq. 2024
- ChinaAMC | 10.00% | agreed Jun 2024; regulatory pending
- Kingdee (HK: 0268) | 4.26% | Chinese software; acq. Dec 2023
- Reliance Retail Ventures (IN) | 1.00% | $1bn; 2023
- McDonald's China | anchor | $1bn continuation fund (Nov 2024)
- Swiggy (IN) | undisclosed | part of $700m round (2022)
- Trendyol (TR) | undisclosed | $1.5bn round (2021)
- Rebel Foods (IN) | undisclosed | $175m+$25m (2021/2025)

════════════════════════════════════════════════════════
DOMESTIC (QATAR)
════════════════════════════════════════════════════════

- Qatar National Bank (QNBK QD) | majority | largest bank MENA
- Ooredoo (ORDS QD) | majority | telecom, 12-country footprint
- Industries Qatar (IQCD QD) | significant | petrochem & fertilisers
- Masraf Al Rayan (MARK QD) | significant | Islamic bank
- Barwa Bank | significant | domestic bank
- Kahramaa | state | electricity & water authority
- Qatar Airways | 100% state-owned

════════════════════════════════════════════════════════
SPORTS / MEDIA / ENTERTAINMENT
════════════════════════════════════════════════════════

- Paris Saint-Germain FC | 100% | via Qatar Sports Investments (QSI); acq. 2011
- beIN Media Group | 100% | pan-regional sports broadcaster
- Miramax (film library) | 100% | via beIN; Pulp Fiction, Shakespeare in Love etc.

════════════════════════════════════════════════════════
LUXURY / FASHION (via Mayhoola for Investments)
════════════════════════════════════════════════════════

- Valentino Fashion Group | 100% | acq. 2012 ~€700m from Permira
- Balmain | 100% | acq. 2023
- Pal Zileri | 100%

════════════════════════════════════════════════════════
KEY VEHICLE MAP
════════════════════════════════════════════════════════

QIA (sovereign fund, parent)
└─ Qatar Holding — intl listed equity + RE + media
└─ Qatari Diar — real estate development
└─ Qatar Investments — domestic equity book (~$100bn post-2016 split)
└─ Hassad Food — agri / food supply chain
└─ Qatar National Hotels — domestic hospitality (Ritz-Carlton Doha, Sheraton, etc.)
Qatar Airways (100% state)
└─ Stake in IAG, Cathay Pacific, China Southern
Qatar Sports Investments (QSI)
└─ PSG, sports rights
Mayhoola for Investments
└─ Valentino, Balmain, Pal Zileri
HBJ Personal (ex-PM Sheikh Hamad bin Jassim)
└─ Deutsche Bank, El Corte Inglés (separate from QIA)

════════════════════════════════════════════════════════
NOTE: QIA opacity score 17/100 (2024 assessment). Fund
does not publish full portfolio. Figures from regulatory
filings, Bloomberg, press disclosures & SWF research.
Stake sizes marked "undisclosed" = confirmed investment,
% not publicly registered.
════════════════════════════════════════════════════════
Laurent Chekroun | Mar 19, 2026

TechCrunch : Two Palantir veterans just came out of stealth with $30 million and

Two Palantir veterans just came out of stealth with $30 million and a Sequoia stamp of approval

Edra, a New York-based startup that says it helps companies automate workflows by turning their existing operational data into a living knowledge base, just picked up a meaningful vote of confidence: a $30 million Series A led by Sequoia, with participation from 8VC and A*, the venture firm founded by serial entrepreneur Kevin Hartz.

The founders are worth paying attention to. Eugen Alpeza and Yannis Karamanlakis say they met at university 13 years ago and spent years at Palantir before going out on their own — Alpeza building out major commercial accounts and leading the launch of Palantir’s AI Platform; Karamanlakis as the company’s first Forward Deployed AI Engineer, focused on getting AI models out of demos and into actual production.


The problem they’re tackling is straightforward. Companies are sitting on loads of useful operational data — emails, logs, support tickets, chat histories — but have no good way to act on it. Edra says it analyzes that data automatically, builds a knowledge base from it, and keeps it updated. Current use cases center on IT service management and customer support. Customers already include HubSpot, ASOS, Cushman & Wakefield, and easyJet.