TechCrunch : Wiz investor unpacks Google’s $32B acquisition

Wiz investor unpacks Google’s $32B acquisition

Google closed its $32 billion acquisition of cybersecurity company Wiz this week — the biggest acquisition in Google’s history, as well as the largest ever acquisition of a venture-backed startup.

On the latest episode of TechCrunch’s Equity podcast, Rebecca Bellan, Sean O’Kane, and I were joined by Shardul Shah, a partner at Wiz’s largest shareholder Index Ventures. Shah walked us through his history with Wiz, which extends before Wiz itself — he previously backed Adallom, the startup previously founded by Wiz’s Assaf Rappaport, Ami Luttwak, and Roy Reznik.

We also asked Shah about why he thinks the company was such an appealing acquisition target, and how he responded when Wiz walked away from Google’s previous acquisition offer.

“It’s no surprise that it’s Wiz,” Shah said. “Wiz is at the center of three tailwinds: AI, cloud, and security spend.”

Read an excerpt of our conversation, edited for length and clarity, below. Shah kicked things off by noting, half-jokingly, that we may have been underselling things by calling the acquisition one of our deals of the week.

Shardul Shah: I think this should qualify as deal of the year or decade, not just the week. Can we change that? Thank you.

But it is really important for the industry. This is the largest venture-backed acquisition in history.

Rebecca Bellan: Yeah, we’ll work that out in post[-production].

Shardul: And more critically, it’s no surprise that it’s Wiz. Wiz is at the center of three tailwinds: AI, cloud, and security spend. And those are central today in light of the AI era where every single workload needs to be secured. So we’re super proud that we were the largest shareholder in the company. And yes, I think it’s at least [the] deal of the month.

Rebecca: So how long has it been? When did you initially invest in Wiz? Because this is the kind of exit that I’m sure investors dream about.

Shardul: Is it six years or 16, is a question for us internally. About 10 years ago, I joined the board of Assaf, Roy, and Ami first company, Adallom. So we got a front row seat at how they make decisions, how they develop trust and how that evolved over time.

Assaf called me on my birthday when he started Wiz. And the seed round is when I joined the board.

Anthony Ha: So, we’ve talked about this deal a couple of times before on the show, but because Wiz isn’t a consumer-facing company, I’m guessing some of our readers are familiar with it, some of it are not. Can you talk a little bit more about what it was — beyond just sitting at the intersection of these really important sectors — that you think made Wiz both an appealing investment and then eventually such an appealing acquisition target?

Shardul: At Index, the core of our business is to focus on people. And I really think the core of the acquisition was the people. Assaf is this incredible leader who can make high quality judgment calls. He’s got great intuition about people and markets. Two of his co-founders, Ami and Yinon [Costica], are almost always in contention — Ami lives in the future, [Yinon] is very, very present and Assaf has the ability to really make a decision on which voice, in which moment, might lead the way. Roy is an execution machine.

So together, they created this environment and culture of trust that allowed them to build a platform from the get-go and take on an existing category with unrivaled speed.

Sean O’Kane: There’s this fun history — fun for us, especially because we got to push them on it at Disrupt a couple of years ago, where Google approached the company and [Assaf] actually walked away from the deal. In that moment, does that almost feel validating for you, as someone who feels like you’ve identified somebody who you truly believe in and is willing to take a step that I think a lot of people would be afraid to take, in the face of such a big, at the time, exit? Maybe not as big as now, but pretty close.

Shardul: Not really. Some of it is probably because I’m irreverent and external validation doesn’t matter, despite my insecurity about you describing this as deal of the week.

I did tell the founders at one point, I think I believe in them more than I believe in themselves. The first blog I ever wrote for Index was titled “Learning to Say No,” actually directed at the Audible founders. […] When founders choose and make decisions, you trust the inputs, like how they make decisions. You don’t really concentrate on the outputs and the luck that goes into whether it’s validated or not.

Rebecca: How important was that in the acquisition of Wiz? Basically, that it’s getting what it can get from Google — funds, access to [Google’s] cloud, and more resources, but still able to maintain its own sense of leadership?

Shardul: So to your point, maybe for the audience, Wiz aims to secure cloud infrastructure and code in production. Most of their customers are part of what’s called a zero critical club, they have the context to know what to prioritize and what to act on. Google’s resources, the infrastructure, the AI talent they have, allows Wiz to extend that recognition while retaining this culture of trust and camaraderie.

Anthony: When we think about important acquisitions, they can be important in a number of different ways. They can be transformative for the acquiring company. They can also be transformative to the startup ecosystem because there’s a lot of people who are going to make a lot of money from this. And then that potentially starts whole new industries, whole new startups.

So when you think about this as a big acquisition, what do you think are going to be the biggest impacts over the next few years?

Shardul: I think it starts with inspiration. I think there’s a new imagination for what can be possible for entrepreneurs across the globe. And that’s amazing, right?

I’m really proud that there’s so many people whose lives will change as a function of this investment, that’s really meaningful and fulfilling. But I think what’s more important is the talent, the skills, and the aspirations of entrepreneurs. So we can’t wait to see what the limits are for the next generation.

The Information : Figma and HubSpot CEOs Say They Aren’t Fazed by Risks From AI

Figma and HubSpot CEOs Say They Aren’t Fazed by Risks From AI Agents. Their Disclosures Say Otherwise

The Takeaway
  • Many software executives have yet to publicly comment about the implications of superagents, also known as computer-using agents.
  • Twenty-seven software firms cited AI agents as a competitive risk this year.
  • AI agents could replicate apps or reduce their power.


Leaders at enterprise app makers such as Figma, Workday and HubSpot have downplayed threats from AI that could crimp their growth, a concern that has pressured their stocks for months. But the securities filings those leaders sign every quarter are beginning to note the competitive risks the companies face from AI agents, which their customers could use to replicate their apps or draw data from them.

So far this year, 27 software firms, including the three just mentioned, have described AI agents as a competitive risk in their securities filings, up from the seven that disclosed such risks in the same period last year, according to The Information’s analysis of filings using AlphaSense, a market research platform.

Design app Figma is arguably under the most pressure among software as a service firms, with its stock trading lower than its initial public offering price last year, in part due to concerns about its sales growth. In its 10-K filing with the Securities and Exchange Commission last month, Figma said agentic AI “may change how people access and interact with digital products in ways that reduce reliance on traditional software applications.”

On an earnings call the same day, Figma CEO Dylan Field brushed aside a question about whether AI agents will disrupt the industry for web design software.

“I think it is the case that humans will continue to use software, and increasingly, agents will, too,” he said. “And I’m excited about that.”

Field warned customers about using AI for important work. “I think right now, if you’re willing to hand off mission-critical work to agents and just let them do it unsupervised, you’re a very brave person,” he said. (He’s not wrong about the risks involved, though the comment doesn’t fully address the AI-related competition his company may face long term.)

Most companies have only been talking about AI risks in a general sense so far. Over the past two years, more than 200 software firms’ filings have referenced AI as a risk factor in terms of rising competition, cybersecurity vulnerabilities and regulatory issues. References to AI agents in particular have only just begun to trickle in.

Such dangers have grown as Anthropic, OpenAI and other AI firms have released new products to automate coding and other white-collar tasks. They’re also releasing or developing AI superagents that could use enterprise apps the way humans do—except much faster and in the background—which could lessen the power of the apps’ makers.

Many software executives have yet to publicly comment about the implications of superagents, also known as computer-using agents. Oracle executives, for instance, dodged a question about them in an earnings call last week. Revenue growth from the company’s enterprise apps has been flat for years, even as the executives have been talking up AI’s potential to boost growth for the better part of a year.

Investors are also concerned that if AI agents produce efficiency gains in the business world and slow down hiring, that would impact subscription growth for software app providers. To be sure, plenty of software firms have reported slightly accelerating sales growth lately.

Being Direct

Some software companies’ filings are more direct than others about the risks they face from AI agents, appearing to support investors’ sell-off of software stocks in what’s been dubbed the SaaS apocalypse.

Graphic design provider Adobe said in its annual report in January that it faces “increasing competition from companies offering generative and agentic AI solutions” and could see lower sales if its products don’t compete effectively.

Last week, though, the company’s soon-to-be-departed CEO, Shantanu Narayen, said in a call with investors that the company’s offerings are “uniquely designed” to meet the evolving needs of enterprises in a world filled with AI agents. The stock has tumbled 28% so far this year—even as its AI revenue has begun to surge and as overall sales grew at a slightly faster rate in the company’s first quarter, which ended Feb. 27, than in prior quarters.

During a November 2025 earnings call, HubSpot CEO Yamini Rangan said the firm, a provider of software to manage customer relationships, was “positioned to lead in the AI era and drive durable long-term growth.”

‘Market Differentiation’

HubSpot’s shares, however, have shed nearly half their value in the past six months. The company said sales growth ticked 1 percentage point lower in its quarter ending Dec. 31 compared with the previous quarter.

In its annual filing in February, HubSpot said its customers could build their own internal customer relationship management tools using AI. The company added in the filing, “We must convince [customers] that our products and solutions are superior to other solutions available to their organizations, including generic [large language models], software created using natural language prompts and generative AI (referred to as vibe coding).”

Workday’s annual 10-K filing in early March fed into the fears that its human resources app could become less valuable with the rise of agentic AI tools. The filing acknowledged potential issues in the company’s “ability to maintain market differentiation” and said it “may not be effective in convincing prospective customers that our solutions will address their needs.”


Workday also said its new Flex Credits method of charging customers for using AI agents to access its services “may face customer resistance.” Convincing customers to pay these new agent-related charges will be a critical test for enterprise software firms in the coming years.

If Workday is facing AI threats, its performance doesn’t show that yet. Revenue growth at the HR app maker accelerated by roughly 2 percentage points in the quarter ending Jan. 31 compared to the growth it reported in the previous several quarters. In an earnings call last month, Workday executives voiced their excitement about Flex Credits as a way to monetize the AI agents its customers use to access data from the company’s apps.

“AI is a tailwind for us—it’s absolutely not a headwind,” then-CEO Carl Eschenbach said in January. He stepped down last month.

The disparity between executives’ public comments on earnings calls and the language in their regulatory filings is nothing new. A 2005 mandate by the SEC requiring companies to disclose major risk factors in filings gave leaders legal cover to make more optimistic projections about their companies’ future performance, according to a paper from Review of Accounting Studies.

Other software companies’ filings have talked about threats from their own uses of AI. Microsoft, Zoom and C3.ai, for instance, have written that potential flaws in AI tools they sell could damage their competitive position.

>>> Barron's Weekend Summary

Cover:
-As cloud computing surged in 2011, venture capitalist Marc Andreessen asserted that "software is eating the world," predicting significant transformations in the tech landscape. Microsoft benefited immensely from this trend, transitioning from stagnation to substantial growth. However, with the rise of artificial intelligence (AI), there has been a notable shift in the tech sector’s focus, resulting in a decline in software stock values, including a 28% drop in Microsoft’s stock since July, losing $1 trillion in market value. Despite this, analysts believe Microsoft is well-positioned, with RBC's Rishi Jaluria suggesting the company is undervalued and likely to see substantial revenue and earnings growth. Microsoft’s broad suite of products remains central to its business, with its Productivity & Business Processes segment generating significant revenue, though AI poses a threat to this area. The ongoing narrative suggests that the impact of AI on software markets could signal a major disruption for companies like Microsoft.

Interview:
-Hilda Applbaum, co-manager of the $144B American Funds Income Fund of America, likens her investment strategy to nurturing her blueberry bushes. She focuses on undervalued companies with at least a 2.5% yield, investing for the long term until they can rebound. Her tenure has led to significant success, with the fund outperforming 98% of peers over 15 years, averaging 8.6% returns, as noted by Morningstar. Applbaum, recognized as one of Barron’s 100 Most Influential Women in US Finance, has a solid background in economics and investment analysis. In a recent conversation, she addressed concerns about the geopolitical situation in Iran and its potential impact on energy prices and technology firms, affirming her long-term investment approach and highlighting past successes with firms like Taiwan Semiconductor Manufacturing and Broadcom.

Tech Trader:
-As the war in Iran persists, the tech sector faces significant challenges due to disrupted raw material supplies, increased interest rates, and potential cyber conflicts. The ongoing conflict has already affected the global petroleum supply, crucial for energy sources used in chip manufacturing across East Asia, particularly in Taiwan and South Korea. Major semiconductor companies like Taiwan Semiconductor Manufacturing have seen their stocks drop by 10%, with South Korean giants SK Hynix and Samsung facing declines of 14% and 15%, respectively. The reliance on Middle Eastern resources, including helium and bromine, exacerbates the situation, leading to rising prices and potential shortages that may restrict chip production at a time when demand is surging due to AI advancements. An extended war could severely impact the AI infrastructure buildout by further complicating resource availability.

The Trader:
-Real estate investment trusts (REITs) are gaining popularity amid market instability due to concerns over Iran, rising oil prices, and declining AI trade, attracting investors for their tangible assets and reliable dividends. The State Street Real Estate Select Sector SPDR ETF has risen nearly 4.5% this year, contrasting with a more than 2% drop in the S&P 500. Senior portfolio manager Iman Brivanlou highlights that REITs are benefiting from inflation and potential interest rate cuts by the Federal Reserve, making their average yield of 3.3% appealing. He recommends infrastructure REITs like American Tower and SBA Communications, and suggests that REITs focused on senior living, such as Welltower, are promising due to demographic trends. The Westwood Enhanced Income Opportunity ETF also includes Prologis and Essex Property Trust, which are expected to perform well given the current housing market challenges.
-Alibaba Group Holding stock is preparing for its fiscal third-quarter earnings report, facing challenges primarily related to fears that advancements in artificial intelligence (AI) may impact its profitability. The tech giant's shares have declined over 7% this year amidst concerns regarding Chinese consumer spending and inflation. Currently, Alibaba's stock trades at 16X earnings estimates for the coming year, which is below its 10-year average of 19 and significantly less than Amazon's 26.5X. The company is expected to report earnings of $1.67/share, a 43% decrease from the previous year, with projected revenues of $42.1B, reflecting a 9% increase. Analysts, including Citigroup's Alicia Yap, point to ongoing management changes and executive turnover in Alibaba's Qwen chatbot unit as indicative of potential strategic disagreements regarding AI. However, demand for Qwen AI services has reportedly surged during the recent Chinese Lunar New Year, suggesting resilience.
Features:
-Concerns regarding the Iran war have affected financial markets, particularly raising fears that increased oil prices could trigger a global economic slowdown. This downturn has caused a decline in copper prices, which has also affected Freeport-McMoRan, the largest US copper miner, as its stock has fallen more than 10% from its peak over the past year. Despite this, Freeport's stock is still up approximately 20% for the year and more than 75% in the last 12 months, primarily driven by expected demand from data centers requiring copper wiring. Even though copper prices have dipped, they remain approximately 4.5% higher this year and over 25% since March 2025. Wall Street has set a consensus price target of $68.62 for Freeport shares, projecting a 10% increase from current levels, although this estimate may be conservative. Kevin Smith, Chief Investment Officer of Crescat Capital, believes that the current pullback is a temporary overreaction to the Iran situation and that there is significant potential for a long-lasting bull market in copper. He views the current dip as a buying opportunity for Freeport and other copper miners, suggesting that copper prices could rise an additional 20% to 25% from their present levels.
-Iran’s heavy artillery and navy have been quickly neutralized by the US and Israel, but regaining control over the Strait of Hormuz is proving to be a prolonged challenge. The strait, a critical passage for 20% of global oil and LNG, may remain blocked for weeks, impacting energy markets and potentially leading to global recession if oil prices reach $150. Iran's Supreme Leader has expressed intentions to keep the strait closed to exert pressure, further complicating efforts as attacks on tankers and mining activity increase. The US faces a complex task in reopening the strait, with reports suggesting a varying number of mines deployed by Iran. A straightforward military solution appears elusive, given the layered defense capabilities Iran possesses.

Europe:
-The US and Israel claim that Iran’s heavy artillery and navy have been quickly neutralized, but regaining control over the Strait of Hormuz is proving to be a prolonged challenge. The strait, a critical passage for 20% of global oil and LNG, may remain blocked for weeks, impacting energy markets and potentially leading to global recession if oil prices reach $150. Iran's Supreme Leader has expressed intentions to keep the strait closed to exert pressure, further complicating efforts as attacks on tankers and mining activity increase. The US faces a complex task in reopening the strait, with reports suggesting a varying number of mines deployed by Iran. A straightforward military solution appears elusive, given the layered defense capabilities Iran possesses.

Emerging Markets:
-Venezuela has made unexpected progress since U.S. forces captured President Nicolas Maduro on January 3. Vice President Delcy Rodriguez reformed the Hydrocarbons Law, transitioning to production-sharing arrangements, and an amnesty law released over 3,000 political prisoners. Public sentiment has shifted dramatically, with 80% of Venezuelans now optimistic about the future. Oil production is expected to increase from one million to 1.5M barrels per day, primarily driven by multinationals like Chevron, Eni, and Repsol. However, reaching the historical production levels of 3.5 million barrels will require significant structural changes and improvements in the rule of law. Maria Corina Machado, the opposition leader, plans to return to Venezuela to support a transition to democracy, but internal challenges remain, especially with Diosdado Cabello’s influence. The US holds Venezuelan oil revenues pending the establishment of a representative government, while the country grapples with over $130B in sovereign debt, making large-scale investments contingent on resolving these financial issues.

Commodities:
-Since the outbreak of war in Iran, the State Street SPDR S&P Metals & Mining ETF (XME) has fallen nearly 6% from February 27 to Friday, as reported by FactSet. This ETF provides exposure to both precious and industrial metals, as well as mining companies like Alcoa, Freeport-McMoRan, and Newmont, which have seen declines of 3.35% to 4.78%. BullionVault researcher Adrian Ash indicates that the rising energy costs due to oil prices nearing $100 per barrel significantly impact mining operations, as energy constitutes a large portion of mining costs. Additionally, he notes that industrial metal prices are declining amid fears of an economic slowdown, as reduced consumer buying diminishes input demand. Continuous copper contracts (HG00) have dropped 0.5% in the past five trading days while gold prices have also decreased since early March, after reaching a peak of $5,626.80 per ounce on January 29. Ash cites that gold often declines when equities fall as investors liquidate positions to cover losses, further complicating the outlook for mining stocks amid heightened market volatility driven by geopolitical tensions.

Streetwise:
-Nvidia's stock, despite a staggering 22,000% increase over the last decade, is currently facing skepticism on Wall Street due to a recent temporary trading dip. Investors are uncertain whether Nvidia can sustain its exceptional growth trajectory. The upcoming Nvidia GTC 2026, which centers around artificial intelligence developments, represents a crucial opportunity for the company to bolster investor confidence. Currently, Nvidia's stock saw an 8% decline earlier this year but has recently stabilized to a decrease of only 1%. Analysts predict a significant increase in free cash flow, projecting an 85% rise to over $178B in the fiscal year ending January 2027 - a marked acceleration compared to the previous year. However, there remains a substantial $98B variance in analysts' estimates, reflecting a high level of uncertainty. Nonetheless, recent consensus forecasts have improved following Nvidia's quarterly earnings report in late February. Notably, if Nvidia meets these predictions, it has the potential to become the most prosperous company in history, surpassing notable benchmarks like Saudi Aramco's record free cash flow, influenced by geopolitical developments affecting oil markets.

FT : How will the Fed respond to the Iran war’s fallout?

How will the Fed respond to the Iran war’s fallout?
Market Questions is the FT’s guide to the week ahead

Investors will be laser focused next week on commentary from Federal Reserve chair Jay Powell about how the Fed views the risks to inflation and growth, as central bankers try to gauge the economic fallout from conflict in the Middle East

Higher oil prices are expected by some analysts to contribute to a stagflationary environment in the US economy — a combination of inflation and stagnant economic growth that is difficult to combat under the Fed’s dual mandate to keep prices low and employment high.

“It’s yet another stagflation shock,” said Stephen Douglass, chief economist at NISA Investment Advisors. “You have to pick a side and which side of the mandate Powell emphasises will be the first signal.”

Still, uncertainty over how long the conflict will go on means the Fed is likely to deviate little from its current policy.

“They’re firmly on hold. That will allow them to get clarity on what’s happening in the war and in the oil market,” Douglass said.

Traders in futures markets have turned more hawkish since the war began and anticipate only a single quarter-point cut from the Fed by the middle of 2027. It marks a dramatic shift from two weeks ago, when they expected two quarter-point cuts this year. Jill R Shah

Is the ECB still ‘in a good place’?
The European Central Bank’s monetary policy meeting on Thursday has become much more interesting than policymakers would have wished a couple of weeks ago. A longstanding consensus that borrowing costs would hold steady for the foreseeable future has been trashed.

Economists at Goldman Sachs predict that headline inflation in the Euro area will rise to almost 3 per cent in the second quarter, from 1.9 per cent in February. Traders in swaps markets have priced in at least one quarter-point increase in interest rates by the end of this year. Before the war, they were pricing a roughly 50 per cent chance that the ECB would resume the cutting cycle it began in 2024.

Many observers reckon the trauma of runaway inflation after Russia’s full-scale invasion of Ukraine in 2022 could trigger a more hawkish ECB response to the present crisis. But few if any expect it to act on Thursday. Traders in swaps markets are pricing a 90 per cent chance that it will leave borrowing costs unchanged at 2 per cent for the sixth meeting in a row.

Before they make any move, policymakers will want a better understanding of how long the conflict and its disruption to energy markets will last, given their tendency to “look through” short-term supply shocks. Moreover, while high energy prices will fuel inflation, they will also slow economic growth, and at least to some extent keep price pressures in check.

ECB president Christine Lagarde would adopt “a decidedly wait-and-see approach for now”, BNP Paribas economists wrote in a note to clients. However, they added, Lagarde was likely to ditch her mantra that monetary policy is “in a good place” and instead stress that the ECB “won’t hesitate to act to ensure price stability if required”. Olaf Storbeck

Will inflation expectations force the BoE’s hand?
Like the Fed and the ECB, the Bank of England is widely expected to leave its policy interest rate unchanged at its meeting on Thursday as it grapples with the price pressures and uncertainty unleashed by the war in the Middle East.

Traders in swaps markets are pricing an 80 per cent chance that the BoE will deliver one quarter-point rate rise by the end of this year — a sharp turnaround from the two quarter-point rate cuts that were fully priced in before the US and Israel began their bombardment.

UK inflation was previously on track to return to the BoE’s 2 per cent target by the middle of 2026. The sharp rise in global energy prices and the risk of second-round effects have put this in jeopardy.

David Miles, senior economist at the Office for Budget Responsibility, said UK inflation could be on track to end the year at about 3 per cent if oil and natural gas prices remained at their current elevated levels, rather than declining to 2 per cent as previously forecast.

Edward Allenby of Oxford Economics said the BoE’s Monetary Policy Committee “will be wary about the risks of making a policy error and is likely to err on the side of caution for now”.

If the energy shock proves shortlived, some economists say the BoE should be able to resume its cutting cycle before the end of this year. However, policymakers may be cautious about the risk of higher price growth as household inflation expectations are still above the 2010-2019 average, with consumers still feeling the strain of elevated inflation.

“The MPC will want to lean against the risk that less well-anchored inflation expectations move higher in response to a new supply shock, as this would help to lessen the likelihood of strong second-round effects forming that could keep inflation elevated for longer,” said Allenby.

WWD : Lululemon’s High-wire CEO Search Continues With Q4 in the Offing

Lululemon’s High-wire CEO Search Continues With Q4 in the Offing
The next person in the corner office is going to have plenty of work on both the brand and corporate fronts.

Bringing in a new chief executive officer always requires a little balance — but Lululemon Athletica Inc. is performing the corner office switch on a high wire.

On top of all the usual troubles that come with changing the guard at a top-tier brand, the process is unusually complicated.

  • Calvin McDonald made a quick C-suite exit following a seven-year run as CEO, which was characterized by the kind of dramatic growth that seemed unstoppable, until it stopped.
  • Lululemon’s stock price has fallen back down to Earth from the stratosphere — with the market capitalization dropping from about $60 billion two years ago to under $20 billion.
  • Activist investor Elliott Investment Management is pushing for change and advocating for Jane Nielsen, the Ralph Lauren Corp.-veteran, as the next CEO.
  • And founder Chip Wilson has turned out to be not just the company’s biggest shareholder, but its biggest critic and is now waging a proxy battle to remake the board, which will pick the next CEO.

While sources said Lululemon has been interviewing candidates, and has spent time with Nielsen and others, the process is ongoing and the big reveal is not seen as imminent.

That means the company’s fourth-quarter earnings report and conference call with analysts on Tuesday will be something of a platform for some potential internal contenders. They include Meghan Frank, who’s been Lululemon’s chief financial officer since 2020 and is now interim co-CEO along with chief commercial officer André Maestrini.

It is Frank who’s been getting the interest — at least among the betting crowd. And Wall Street will be listening closely on the call to see if there’s the voice of a big-time CEO there.

But this is a decision that will be made not by the masses, but, as Wilson has pointed out repeatedly, the board.

In an open letter last month, the billionaire founder described his campaign as an effort to “catalyze a quantum of change that is sorely needed” at Lululemon.

“The heart of the issue is a disconnect between the company’s creative engine and the board’s strategic oversight of how nonquantifiable power of brand and product translates to brand strength, margin durability, and long-term shareholder value.”

But that’s not the only take.

Simon Siegel, an analyst at Guggenheim Partners, said there were two “primary schools of thought on how to fix Lululemon.”

The first, which aligns with Wilson’s thinking, posits that the brand’s product and messaging are off.

“Therefore the fix, while easy to say and hard to do, goes back to retail 101: return the focus to the product, have merchandising and storytelling and quality as the be all, end all,” Siegel said. “If you build it, they will come.”

Siegel is not in that camp.

Instead, he thinks the brand has overstretched itself and drove unhealthy sales with less than ideal product.

“You need someone who understands and is willing to take leadership of a company, not announcing growth, but announcing strength, announcing a path to improvement,” Siegel said. “And a lot of public company CEOs believe that growth is the air they breathe. And so in scenario two, the business is best equipped to find someone with the will, with the stomach to announce a pullback in sales, a purposeful pullback in sales, to ultimately see the growth.”

While Wilson has been making a lot of the noise, the process has stirred up the question of just what are the skills needed to be CEO and where can they be found.

There is a belief among some that it’s an uneasy step from CFO to CEO, that whoever is in the big job needs to be first a product person.

Both Nielsen and Frank have done turns as CFOs, for sure, but it’s also a role now that has much more strategic impact than when they were just crushing numbers all day.

A source friendly with Nielson said she is “the whole package,” is “asking the right questions” and “gets the brand piece.”

And Joanne Crevoiserat, CEO and former CFO of Coach-parent Tapestry Inc., has proven that knowing one’s way around a spreadsheet is not necessarily a bad thing at the tippy-top.

Laurent Vasilescu, an analyst at BNP Paribas, said: “These CEOs are not designers. They are leaders. They’re running [the company], thinking about the design team, marketing team, the finance team, real estate team. That’s what they are.

“Anyone who comes in as CEO, she or he will not be designing the product,” he said. “What she or he will need to do is figure out if they have the right design team, right design directive.”

Vasilescu said Lululemon has to boost marketing and also cut back on back office costs.

“That is totally in Jane Nielsen’s wheelhouse,” he said. “That’s what she did at Ralph. She did that. So they need that as well.”

So the company’s fourth-quarter results, when they come out after the market closes on Tuesday, will be the side show.


Instead, everyone will be watching for which way the wind is blowing as Lululemon takes to the high wire.

The Bottom Line is a business analysis column written by Evan Clark, deputy managing editor, who has covered the fashion industry since 2000.

WWD : American Marquee Brands Eyeing Roberto Cavalli

American Marquee Brands Eyeing Roberto Cavalli
The New York and Redondo Beach, Calif.-based brand management company is in pole position to take control of the Italian fashion brand.

MILAN — Marquee Brands is eyeing Roberto Cavalli and is in pole position to take control of the fashion brand, according to market sources.

WWD reported last year that Cavalli’s owner Hussain Sajwani was shifting his attention from fashion to a project that is aiming to support the growing demand for data storage and processing related to AI and other technologies. He is spearheading a new major venture to develop data centers around the world, with investments of more than $20 billion through his company Edgnex.

A representative for Marquee could not immediately be reached for comment on Friday.

Last June, the Cavalli company issued a statement that said it was “working to find the best path to growth, which includes exploring strategic partnerships. This process will be carried out with the participation of all relevant stakeholders.”

Cavalli is controlled by Sajwani’s Auriel Investment SA, a subsidiary of the Dubai-based Damac Properties. For this reason, sources believe that the deal has not been signed yet, slowed down by the war in the Middle East.

The global property development company, which Sajwani established in 2002, is one of the largest in the region, with real estate projects in Dubai; Abu Dhabi, UAE; Doha; Amman, Jordan; Beirut; Jeddah and Riyadh, Saudi Arabia; Miami; Toronto, and London. Sajwani built the Trump-branded golf course in Dubai that opened in February 2017.

Sajwani, who is the chairman of Damac, bought Cavalli in 2019, after the fashion company had filed a restructuring plan with the Court of Milan. He was especially interested in Cavalli at the time because its strategic investment arm Dico International was working on a five-star hotel tower in Dubai and other hotels and residential projects have been in the pipeline, as well as Cavalli Cafés ventures. The latter plan, however, has fizzled over the years.

In 2022, Sajwani also acquired the jeweler De Grisogono.

Prior to Auriel Investment, Italian private equity fund Clessidra Sgr took control of Cavalli in 2015 through its Varenne vehicle, which at the time included L-GAM and Chow Tai Fook Enterprises Ltd.

Brand management firm Marquee has made its mark by focusing on owning just the brands and working with broad networks of partners for everything else. It was established by Neuberger Berman in 2014, works with something like 300 licensees and has experience converting brands to a licensing model. Heath Golden is CEO of Marquee, which owns Martha Stewart, Laura Ashley, Stance, America’s Test Kitchen and Isotoner, among others.

Designer Roberto Cavalli launched his namesake brand in 1970 and developed an innovative printing process on leather and denim, building a global fashion and lifestyle business with his bold animalier prints, bejeweled distressed jeans and sexy dresses. He died in Florence in April 2024 aged 83.

Cavalli’s CEO Sergio Azzolari quietly left the company last year. The brand is designed by Fausto Puglisi, who joined the house in the fall of 2020 and has been successfully embracing the vision of the late founder and increasing the brand’s visibility through the slew of celebrities who have worn it, from Taylor Swift, Beyoncé Knowles-Carter, Miley Cyrus and Jennifer Lopez to Dua Lipa, Lady Gaga and Gwen Stefani. A swim collaboration with Kim Kardashian’s Skims was revealed last year.

Mariah Carey performed at the opening ceremony of the 2026 Milano Cortina Winter Olympics in February wearing an ornate Cavalli gown featuring an Art Deco-inspired design of shimmering beads and crystal embellishments on the bodice, waist and skirt of the dress, with a dramatic train and a feathery wrap.

Electrek : Humanoid robots get to work at German BMW factory

Humanoid robots get to work at German BMW factory


After successfully piloting humanoid robots at its Spartanburg, SC plant last year, BMW is putting AI-powered machines to work building EVs at its Leipzig iFACTORY.

While other companies trade on promises and plans, BMW has been quietly testing humanoid robots at its Spartanburg, SC plant – and the results have been overwhelmingly positive. The Figure 02 humanoid robots in that project have contributed to the production of over 30,000 BMW X3s, primarily by handling the precise positioning of sheet metal for welding. This second project hopes to build on that success using new machines develped by Zurich-based Hexagon Robotics.

Unveiled last June, the new Hexagon AEON robots are equipped with AI-based motion control and sensors that can evaluate their environment and make independent decisions based on what’s around, determining more or less on their own what they need to do to carry out their instructions while avoiding people and things that might otherwise be “in the way.”

Hexagon calls that kind of decision-making, self-determining software, “Physical AI,” and the company believes it will make all the difference when it comes to integrating AEON into existing factories.

“Our aim is to be a technology leader and to integrate new technologies into production at an early stage,” explains Michael Nikolaides, Senior Vice President Production Network, Supply Chain Management at BMW Group. “Pilot projects ([ike the one at Spartanburg and this one at iFACTORY] help us to test and further develop the use of Physical AI – that is, AI‑enabled robots capable of learning, under real-world industrial conditions.”

While designing robots to look like humans likely causes more problems than it solves, it does make planning their workflows more intuitive for the humans behind the controls who are translating their own actions into robotic commands. That kind of digitization is, at least, arguably beneficial.

“Digitalization improves the competitiveness of our production, here in Europe and worldwide,” says Milan Nedeljković, Member of the Board of Management of BMW AG, Production. “The symbiosis of engineering expertise and artificial intelligence opens up entirely new possibilities in production.”

You can watch BMW’s newest mechanical Turk employee at work in the company’s official release video, below, then let us know what you think of AEON in the comments.

Back in January, I wrote an article about a fresh order for more than forty new Freightliner eCascadia electric semi trucks being deployed in Texas. In the comments, Harry Tuttle wrote, “Hmmm. Not Teslas. How about that.”

I wonder what you guys are going to write on this one.

Video :

>>> BYD — THE GLOBAL CONSOLIDATOR - M&A Strategy, Target Identification & Valuat

BYD — THE GLOBAL CONSOLIDATOR
M&A Strategy, Target Identification & Valuation | March 15, 2026

Stella Li (BYD EVP) confirmed in São Paulo the group is open to acquiring legacy OEMs. We have been through the targets, the numbers, and the politics. Here is what matters.

▎THE OPPORTUNITY
• NSANY — Primary target. 0.26x P/BV, mkt cap ~$8.3bn, TTM rev $76.5bn. No white knight post-Honda collapse. Even ex-M&A, this is the most compelling distressed-industrial setup in global auto right now.
• Opel / Vauxhall (Stellantis) — EU brownfield play. Bypasses the 45% EU tariff wall on Chinese-built EVs. Stellantis at 0.28x P/BV. Bloomberg confirmed Xiaomi/Xpeng talks 12-Mar — BYD is the logical next call.
• Maserati — Brand optionality at ~€1-2bn. Geely/Lotus playbook. <7 cars/day at Modena.

▎THE CONSTRAINT — AND WHY MOST NOTES GET THIS WRONG
Political risk is the central variable, not valuation. Three factors that kill outright acquisition:
1. Employment — 5.5M jobs in Japanese auto alone (8% of workforce). Every politician in Yokohama, Sunderland and Smyrna (TN) is a veto point.
2. Regulatory — METI Economic Security Act (JP), EU Foreign Subsidies Regulation, UK NSI Act 2022, US connected vehicle ban 2027. All operational, all apply to BYD.
3. Dealer networks — 6,000+ Nissan outlets across 160 markets. Organised opposition, direct legislative access. Geely spent 18 months fighting Swedish dealers on Volvo.
Our call: outright acquisition probability <15% in 3 years. Asset-level deals (plants, minority stakes, IP licensing) are the realistic path — but deliver a fraction of the strategic value.

▎NOT IN PLAY — REGARDLESS OF VALUATION
• Renault — French state 15% stake, €7.4bn auto net cash, not a distressed seller. Tech partnership candidate, not M&A target.
• Toyota, VW, Hyundai — Political blockers are structural, not cyclical.

▎THE TRADE
Long NSANY on distressed value (0.26x P/BV is the floor thesis — M&A optionality is a free option on top). Watch STLA European asset separation announcements for the Opel catalyst.

Full PDF note attached — includes political opposition deep dive and original Electrek source article.

Laurent Chekroun
For professional investors only. Not investment advice.

TechCrunch : US Army announces contract with Anduril worth up to $20B

US Army announces contract with Anduril worth up to $20B

The U.S. Army said late Friday that it has signed a 10-year contract with defense tech startup Anduril. The deal could be worth up to $20 billion.

According to the announcement, the contract starts with a five-year “base period,” with the option to extend the deal for an additional five years, and it includes Anduril hardware, software, infrastructure, and services.

The Army describes the agreement as a single enterprise contract consolidating what had been “more than 120 separate procurement actions for Anduril’s commercial solutions.”

“The modern battlefield is increasingly defined by software,” said Gabe Chiulli, the chief technology officer at the Department of Defense’s Office of the Chief Information Officer, in a statement. “To maintain our advantage, we must be able to acquire and deploy software capabilities with speed and efficiency,”

Anduril was co-founded by Palmer Luckey, who was previously known for selling VR startup Oculus to Facebook (now Meta). Facebook fired Luckey after controversy erupted following a news report that he’d donated to a pro-Trump political group.

Luckey has repeatedly insisted that the media misrepresented his political views, but according to a recent feature in The New York Times, Luckey and Anduril have been embraced by the second Trump administration, thanks to his vision for remaking the U.S. military with autonomous fighter jets, drones, submarines, and more. The company (named, like Palantir, for a magical object in “The Lord of the Rings”) brought in around $2 billion in revenue last year, the NYT says.

Separate reports suggest that Anduril is in talks to raise a new funding round at a $60 billion valuation.

This announcement also comes as the Department of Defense is locked in a dispute with Anthropic, with the AI company suing the DoD over its designation as a supply chain threat following a failed contract negotiation, while OpenAI has faced consumer backlash and at least one executive departure after signing a Pentagon deal of its own.