WSJ : Faster, Higher, Stronger—and Full of Drugs. The Billionaire Quest to Hack

Faster, Higher, Stronger—and Full of Drugs. The Billionaire Quest to Hack Sports.
A new sporting competition is enticing athletes to openly use performance-enhancing drugs and break records with million-dollar paychecks. Is it a grotesque spectacle or pushing the boundaries of human achievement?

One Tuesday last February, alone in a pool in North Carolina, a former Olympic swimmer took exactly 20.89 seconds to prove that his highly-tailored doping program was working.

He was bigger, stronger, and quicker than he’d ever been in his life. And the cocktail of chemicals coursing through Kristian Gkolomeev’s body had helped him pulverize the 50-meter freestyle faster than anyone in history.

At any major competition, that turbocharged swim would have had Gkolomeev thrown out and banned. Instead, it earned him the biggest paycheck of his career: $1 million.

The world record wasn’t recognized by any major sporting authority, nor did it officially topple the mark of 20.91 set by Brazil’s César Cielo in 2009. But that was the whole point. Gkolomeev’s backers, an organization known as the Enhanced Games, weren’t trying to rewrite the old history books.

With investors that include venture capitalist Peter Thiel and Donald Trump Jr., Enhanced is attempting to push sports into a world of logical and physical extremes, unencumbered by the rules, regulations or doping controls of traditional competition. They plan to host their own Olympic-style competition in Las Vegas next year with a roster that already includes the British swimmer Ben Proud, who won silver at Paris 2024, and U.S. sprinter Fred Kerley, a multiple world champion.

The World Anti-Doping Agency has called it a “dangerous and irresponsible” undertaking. Seb Coe, the president of World Athletics, dismissed any participants as “moronic.” But organizers argue that they are simply more transparent than the regular Olympics—and finally paying athletes what they deserve.

For Gkolomeev, a 32-year-old who has represented Greece at four Summer Olympics and is the father of a toddler, the debate boiled down to this: Make another four years of sacrifices for one last shot at a medal, or close that chapter forever for a modicum of financial security. Over 14 years as a pro, his career earnings had amounted to roughly $200,000.

Gkolomeev understood that widely-publicized doping would mean he could never go back to the swimming world he knew. But by the end of last year, he had grappled with the ethical quandary and come out on the side of trying something different. The Enhanced project had realigned his entire worldview on professional sports.

The idea for a no-testing, whatever-it-takes, free-for-all version of the Olympics has an extensive history. For as long as performance enhancement has been around, there have been thought exercises and barroom debates that ask, what if athletes could just take everything? How fast would humans run? How high might they jump? How many home runs could they crush?

The philosophical arguments against it, meanwhile, have centered on sporting integrity—the idea that performance should be generated through sweat, focus, and skill, unassisted by potentially dangerous chemicals.

But the Enhanced Games have a different read on what constitutes a level playing field. They are taking taboos and turning them into hacks. Technological advantages, such as ultra-buoyant swimsuits, are encouraged. And the unapologetic use of performance-enhancing drugs is a given, tapping into the larger, often controversial movement that is challenging the rules on what we eat, how we age, and what our bodies need.

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In fact, performance-enhancing products underpin the entire enterprise.

The Enhanced Games have no corporate sponsors or broadcast deals. Instead, they have built their revenue model around the sale of training plans and supplements. The organization’s website currently offers three testosterone-boosting products, which it hopes to begin selling later this year.

The lawyer and entrepreneur behind it is Dr. Aron D’Souza, who isn’t a medical doctor, but rather holds a degree from Oxford and a Ph.D. in philosophy from the University of Melbourne. Though he has spent much of his career in tech, it was his involvement in a high-stakes legal battle that first earned him attention in the U.S.: He takes credit for devising the strategy behind Thiel’s litigation that ultimately bankrupted Gawker Media. (That said, the most surprising line on D’Souza’s CV is his role as the Honorary Consul of Moldova in Australia.)

“I’m addicted to the action,” he says.

In 2023, D’Souza decided that the action was in sports. So he founded the Enhanced Games to correct what he viewed as rampant hypocrisy that left athletes not only underpaid, but also limited in their potential by constantly shifting and arbitrary rules.

“Let’s remember in 1896, when Baron Pierre de Coubertin invents the modern Olympiad, the line was about amateur versus professional,” says D’Souza, 40. “It was somehow viewed that being a professional athlete was cheating. It was doping…That took nearly 100 years to go away.”

D’Souza speaks in the sweeping terms of a person convinced he can fix any problem—market forces and social change, inefficiencies and revolutions. He says his dream is to one day build a trillion-dollar company. Beyond that, he also believes that he can usher in new ways of living, in which performance-enhancement isn’t reserved for elite athletes, but becomes a daily fact of life.

“In 10 years time, I imagine we will not even be talking about pharmacological enhancements,” D’Souza says. “This is gonna be so commonplace, it’s going to be like Ozempic. Everyone’s going to be doing it…”

“What I’d like to be remembered for is not bringing the Enhanced Games to life, but bringing the enhanced age into existence,” he adds. “Who would want to be a Human 1.0 when you can exist in the world of Humans 2.0?”

First, though, he needed to create Swimmer 2.0.

Gkolomeev first learned about the Enhanced Games when he heard an experienced coach named Brett Hawke appear on a podcast. Hawke himself had signed up to the organization after hearing D’Souza on the Joe Rogan podcast last year.

Hawke, an Australian-born former coach of the Auburn swimming team, explained that in his years of pacing the pool deck, his greatest frustration was seeing athletes earn less than they deserved.

“Olympic swimmers, they always struggled,” Hawke says. “The athletes that I trained, these are the best swimmers in the world and they should be regarded as such.”

Gkolomeev felt that pain sharply. After last summer’s Paris Games, he was sitting at a crossroads in his career. He’d finished fifth in the 50-meter freestyle final in 21.59 seconds, coming closer than ever to an Olympic medal in 12 years of trying.

The podium was just three hundredths of a second away.

So the question facing him was whether another four-year cycle of discipline and self-denial was worth it for the chance to bridge that blink of an eye. He had no savings, no investments, and no assets. At some point, he would need to do something else. Plus, Gkolomeev couldn’t shake the feeling that others in the pool might not have always played by the same rules. His suspicions were borne out when it emerged last year that 23 Chinese swimmers had tested positive for a banned substance before the Tokyo Olympics and been cleared by their country’s national doping agency.

“As athletes, we know if something is sketchy or not,” Gkolomeev says. “I definitely know that I haven’t competed against athletes that have been doing everything according to WADA rules…They win prize money that you were probably supposed to win.”

“I was always saying to myself, give me what these guys are taking and, you know, I will be unbeatable.”

As it happened, the Enhanced Games were offering swimmers precisely that opportunity. Gkolomeev talked it over with his wife Lindsay, a former swimmer at the University of Alabama. And last fall, she reached out to Enhanced by sending an unsolicited email to the general inbox.

Soon, Gkolomeev met Hawke and the pair realized that they had never had so many training options available to them. Everything Hawke knew about workload and recovery times went out the window. So he did research, consulted doctors, and spent hours interrogating ChatGPT to explore this new realm of possibility.

Hawke had already seen dramatic results working with the Enhanced Games’ first swimmer, a former Olympian from Australia named James Magnussen. They could train six days a week. Instead of taking 24 hours to recover from a workout, he would take 12. They pushed so hard that the barrier was no longer physical, but mental and, as Hawke says, “neurological.” Magnussen was becoming a machine.

By the time he began working with Gkolomeev, Hawke had adjusted his plan to five days a week to prevent burnout. Even so, sessions could be 20% more intense than they’d been during Gkolomeev’s career and the turnaround times would be unprecedented. He expected to complete a traditional 12-week training bloc in only six.

“I’m thinking it’s endless,” Hawke says. “Where’s the limit?”

The harder part was navigating the perception from the outside world. All over the swimming ecosystem, former friends and acquaintances told Hawke that he was making an embarrassing mistake. He could talk about small doses and medical supervision all he wanted, but critics, including WADA, insisted that Enhanced was putting athletes in danger and setting a profoundly toxic example.

“I’ve lost friends over this. I’ve lost colleagues,” Hawke says. “I wasn’t naive enough to think that this wouldn’t have an impact.”

Still, Gkolomeev was ready to throw in his lot. In November, he decided there was no going back. For more than a decade, Gkolomeev had faithfully complied with every rule of life as a drug-tested athlete—the 6 a.m. knocks on his door, the supervised urine collection, and the constant updating of his whereabouts so testers could find him. All of that was about to end.

He contacted the antidoping authorities at WADA to let them know: Kristian Gkolomeev should no longer be their concern.

In order to figure out which performance-enhancing drugs he should take, Gkolomeev first needed to learn which parts of his performance stood to be upgraded.

Guided by his doctor in Orange County, Calif., he underwent a battery of tests to paint a complete picture of where he was, biologically, as an athlete. They measured everything that could be measured—his heart, his lung capacity, how he absorbed oxygen. What they found was that there was plenty of room for him to get stronger. Gkolomeev had always gotten the impression that no matter what he ate or how he trained, he hit a ceiling when he tried to gain more useful muscle. He also wanted to recover faster. With chemical help, both would be easy to fix.

Gkolomeev began “the protocol,” as he calls it, early in the year by microdosing three different drugs for a short spell, a mix of steroid hormones such as testosterone or its derivatives, metabolic regulators, and FDA-approved growth hormone. (He declined to name the specific products, because he didn’t want to encourage anyone to copy his program without medical advice.) If this regimen seems obvious for an athlete seeking immediate results, that’s because it is. When nothing is banned, there’s no reason to look for workarounds. No one has to bother with elaborate prescriptions to avoid detection or slower-acting alternatives.

Immediately, Gkolomeev identified a boost during recovery. He used to come home from a hard practice and vegetate on the couch, shattered by exhaustion. Now, it seemed as though someone had put in fresh batteries.

Then came the changes he could see, not just feel. In the space of three weeks, he was up 5 pounds with no discernible side effects. By the end of his two-month cycle, when he was ready to find out just how fast he might be, he had packed on 13 pounds of lean muscle.

“I feel different in the water, outside of the water,” he says. “My strength was good, my recovery was good, my confidence got really good. Everything, everything was just so much better. I could recover within a night and then be ready for the next day to push and push more.”

On most days, he swims less than 1,500 meters, 30 lengths of an Olympic pool, at an intensity high enough to break any amateur. Gkolomeev is a sprinter, so workouts are focused on building the explosive power to turn him into a torpedo. That much he was prepared for. The strange surprise was how quickly his body was evolving.

“When you change your body and you become stronger, it changes everything inside the water, your buoyancy, your resistance,” he says. “You need to change small things in the stroke, in your technique—I’m much heavier in the water.”

Because of that, neither Gkolomeev nor Hawke went to North Carolina in February expecting a serious attempt at the César Cielo record. Even with a faster, more buoyant suit designed for open water swimming—illegal in regular pool competition—20.91 seconds seemed out of reach. Hawke even told D’Souza that Gkolomeev probably needed more preparation. It wasn’t worth hopping on a plane to attend in person.

But from the moment Gkolomeev dove in that Tuesday, he knew he was motoring. Fifty meters. One length of an Olympic swimming pool, all in a single breath. As he pounded through the water, Gkolomeev sent waves rolling into the empty lanes beside him. And when he reached for the wall, he spun around to look at the clock: 20.89. It was a time he’d never imagined in two decades of striving.

It was also more cash than he’d ever considered possible in his former life of doing things by the book. But there it was, a round million, printed on a giant novelty check.

The reaction to Gkolomeev’s swim came swiftly. There was elation from like-minded fans who shared D’Souza’s views on the contradictions of modern sports. There was also a barrage of abuse from those who called Gkolomeev a cheater. Among some of his former peers, there was outright disgust. Four-time Olympic champion Leon Marchand, France’s hero of the Paris Games, wrote as much under one of Gkolomeev’s Instagram posts.

“This,” he typed, “is sad.”

The following month, World Aquatics went even further in June when, in the name of sporting integrity, it adopted a new bylaw that gave it the power to ban any athlete, coach, trainer, or doctor who “actively supported or endorsed a sporting event or competition that embraces scientific enhancements that include the use of Prohibited Substances or Prohibited Methods.” Gkolomeev could never return to official competition, even if he wanted to.

Enhanced responded in August by filing an $800 million lawsuit in New York’s Southern District against World Aquatics, USA Swimming, and WADA, alleging antitrust violations. The filing argues that these sporting bodies are trying to organize a de facto boycott of the Enhanced Games.

“The central element of their winner-take-all market structure is having that record book,” D’Souza says. “When they lose control of it, it’s all over for them.”

That’s why D’Souza is targeting as many iconic records as he can. As a sport with dozens of different events and clear correlation between an athlete’s engine and his results, swimming offers plenty of low-hanging fruit. But beyond the pool, D’Souza also has Usain Bolt’s 100-meter mark in his sights. And he has no doubts that the talent is there. Thousands of athletes have been in touch since the Enhanced Games project launched two years ago, he says, with “hundreds of potential Olympians” in that group.

D’Souza will need plenty of them to fill out his fields when the Games come to life next May in Vegas, with events in swimming, track, and weightlifting—and lavish appearance fees and bonuses for all. Gkolomeev will be there, at that point several cycles into the science experiment he’s running on himself. He’ll have just one objective: sweeping up more of the paychecks that swimming clean never earned him. Should he best his own mark in the 50-meter freestyle, he’ll collect another $1 million.

“I know what I did in my career,” Gkolomeev says. “I know I’ve been clean, I’ve been fair to everybody. And yeah, I have no regrets.”

WSJ : David Ellison Is Moving Fast and Spending Big to Remake Hollywood

David Ellison Is Moving Fast and Spending Big to Remake Hollywood
The industry is rooting for him to revive Paramount. His pursuit of Warner Bros. Discovery has some worried.

Newly minted Hollywood mogul David Ellison is trying to make good on a promise he made to former Paramount film chief Sherry Lansing.

Soon after closing his $8 billion purchase of Paramount, Ellison told the board member, “we’re going to go off like a rocket,” she said in an interview.

He’s been spending like he meant it.

This stretch has been frenetic even for speed-loving Ellison. Flying planes since he was a teen, he recently boasted about being one of the top 10 aerobatic pilots in the country when he was in his early 20s and having flown 300 miles an hour and 15 feet off the ground.

Less than three months into his reign at Paramount, Ellison has signed a $7.7 billion agreement to bring Ultimate Fighting Championship matches to the Paramount+ streaming service and CBS, lured “Stranger Things” creators Matt and Ross Duffer from Netflix, and bought the news and opinion site the Free Press and installed its chief Bari Weiss as editor in chief of CBS News.

On top of that, the 42-year-old movie producer-turned studio chief has made three bids in the past six weeks for Paramount’s bigger rival, Warner Bros. Discovery, a sign of his ambition to reshape the media and entertainment industry.

All of those overtures have been rebuffed by Warner Discovery, according to people familiar with the matter. His offers, backed by his father, Oracle co-founder Larry Ellison, pressured the board to put the company on the auction block earlier this week.

If Ellison succeeds in acquiring Warner Discovery, he would command an entertainment behemoth whose holdings would include the Warner and Paramount movie and television studios, the Paramount+ and HBO Max streaming services and dozens of cable networks including CNN and Comedy Central.

It would also be a meteoric rise for someone who has only just become chief executive of a publicly traded company.

Many in the industry were rooting for Ellison to get control of long-moribund Paramount. Now, though, there is significant trepidation about him adding Warner Discovery to his portfolio. Paramount itself is bracing for a wave of layoffs next week that will be in the thousands. Combining the company with Warner Discovery would likely result in even more job losses.

Filmmakers in particular are worried about two more major studios combining, which could further shrink an already challenged film industry.

Warner Bros., once seen as Hollywood’s crown jewel, released the most movies, offered talent the most lavish deals, and produced hit TV shows for numerous networks. After changing owners in a series of acquisitions, the studio has downsized significantly.

Warner has had a banner year in 2025 thanks to hits including “A Minecraft Movie,” “Superman” and “Sinners.” But its motion-picture division laid off 10% of its U.S. staff in July, showing that no amount of box office success can make up for the economic pressure faced by its parent company.

Ellison and his team have signaled they want to keep Warner Bros. Pictures operating separately from Paramount Pictures following a merger, according to a person familiar with the matter. But many in Hollywood fear the combined company would release fewer movies than the two have been producing under separate ownership.

The grimmest possibility for the filmmaking community is that Warner would become a production label under Paramount, like the former 20th Century Fox studio has become at Disney. This year the 20th Century label is releasing a handful of movies in theaters. In 2018, the last full year before it was acquired by Disney, 20th Century Fox released around a dozen films.

A Warner Discovery acquisition would require government approval. President Trump has publicly praised the Ellisons and attended UFC matches with David. Analysts say that bodes well for the combination receiving a blessing from the administration.

Ellison got bit with the film bug as a teen, seeing movies with his mother and his younger sister Megan—also a movie producer—and going to the University of Southern California to study filmmaking.

Deciding he could learn more on a set than in a classroom, Ellison dropped out and began acting. He co-starred with James Franco in “Flyboys,” a 2006 movie about World War I pilots that was funded mostly by his father. After a second movie he was planning to act in fell apart, he pivoted to producing full-time.

With cash from his father and mentors including Steve Jobs and David Geffen, he launched Skydance Media in 2010.

“He very much embraces disruption as a positive to forward the industry,” said Gerry Cardinale, managing partner of RedBird Capital, which helped back his takeover of Paramount.

Ellison’s flying experience also helped in the making of the hit “Top Gun: Maverick,” which Skydance made with Paramount.

“He was really up-to-date on all the new aviation,” said “Top Gun: Maverick” producer Jerry Bruckheimer, who added that sometimes Ellison was too far ahead of the curve on the latest planes. “We had to tell David, ‘Listen, we can’t do it with that plane. The Navy only has a few of them and they’re not gonna give them to us,’ ” Bruckheimer said.

Ellison soon showed himself to be a sharp dealmaker and producer. His first movie from a co-financing deal with Paramount was the 2010 Joel and Ethan Coen-directed western “True Grit,” a box office and critical success that garnered 10 Oscar nominations.

Skydance quickly became a major producer of movie and television shows, including the hit “Reacher” for Amazon’s Prime Video streaming service and “Grace and Frankie” for Netflix. Ellison realized though that he needed more heft to compete against big tech and established studios.

Skydance, with backers including the Ellison family and RedBird, agreed to acquire Paramount parent National Amusements from the Redstone family and merge the storied media company with his production firm.

The deal got caught up in a lengthy regulatory review that, while frustrating, gave Ellison time to plan for his next acquisitions and start considering Warner Discovery so that he could build an entity that could truly compete with Netflix and have plenty of intellectual property to fuel a strong theatrical business, people familiar with his thinking said.

“I think he sees that there is a great landscape sitting out there right now that he can be part of leading,” said Citi Global Chair of Banking Leon Kalvaria, who advises Ellison.

To run Paramount, he assembled a team of high-profile executives including Jeff Shell, a former chief executive of NBCUniversal, and Cindy Holland, the architect of Netflix’s original programming strategy.

“The last eight weeks have just been thrilling to watch,” said Lansing, the former Paramount movie chief.

Barry Diller, the entertainment mogul who led Paramount for a decade in its heyday, said in an email, “Most people, coming into senior executive positions, on scrutiny, fail to impress. David Ellison, on scrutiny, continues to impress.”

Were Ellison to acquire Warner Discovery, a likely scenario would be combining operations of CNN and CBS, people familiar with the matter say. While the move would give CBS News journalists a cable platform and there could be tremendous cost savings, it could lead to further cuts and consolidation. No plans have been cemented, a person close to Ellison said.

Already Weiss has made waves in her three weeks at the network by asking employees to send a memo detailing their jobs. Ellison said at the time of the Weiss hire that his goal is for CBS News to “to speak to that 70% of the audience that would really define themselves at center-left to center-right.”

One thing Ellison is expected to part with, at least for now, is his Maverick-like flying habit.

“I told him he’s my key man, we’re going to tone that down a bit,” Cardinale joked.

FT : Thames Water paid £20mn to cover KKR’s due diligence for abortive bid

Thames Water paid £20mn to cover KKR’s due diligence for abortive bid
Cost adds to multimillion pound fees billed by advisers trying to secure utility’s future

Near-bankrupt Thames Water paid £20mn to cover the due diligence costs of KKR for its abortive attempt to rescue the UK’s largest water utility.

Thames Water selected KKR, the private equity giant, as its preferred bidder for an emergency rescue earlier this year. Thames Water was obliged to pay for the cost to potential buyers of assessing and researching the state of the utility’s infrastructure, operations and finances under the terms of the deal. The cost of that exercise topped £20mn, according to people familiar with the situation, largely due to fees paid to KKR’s advisers.

KKR pulled out of the deal in June, citing the risk of government intervention. It then passed its due diligence to lenders that are now trying to win approval from regulators for their own takeover of Thames Water, which provides water and sewerage services to about 16mn customers. Any deal will also need to be approved by London’s High Court.

The fees will raise concerns that cash is leaking out of the utility, which receives all of its income from customer water bills. Thames Water is struggling under the weight of £20bn debt and is trying to avoid temporary renationalisation under the government’s special administration regime after its previous owners — a clutch of pension and sovereign wealth funds — wrote off their investments and walked away from the business in 2024.

The scale of the due diligence effort, which included site visits to water and waste treatment facilities, was borne from the poor visibility Thames Water has over the state of its crumbling infrastructure, with documents revealing last year that the utility has failed to map almost a third of its sewage pipe network.

Reports produced by KKR and the creditors underscored the dangers of so-called “single point of failure risk” at some of Thames Water’s biggest sites, according to people familiar with the matter and documents seen by the Financial Times.

Coppermills water treatment works and Beckton sewage treatment works in East London were identified as the two facilities at the highest risk of outages, according to this analysis.

The cost of the due diligence work has added to a multimillion pound fee bonanza for advisers, bankers and lawyers trying to secure the financial future of the troubled company. The total advisory bill could top £200mn a debt restructuring is agreed, the High Court heard earlier this year; costs that the utility itself is covering from its own cash-strapped balance sheet.

KKR’s advisers on its abandoned bid included investment bank PJT Partners, law firm Kirkland & Ellis and management consultant Roland Berger.

Had KKR completed its rescue of Thames Water, the private equity firm would have covered the costs of its due diligence, according to a person familiar with the situation.

The senior creditors — which include US investment firms Elliott Management and Apollo Global Management — submitted their latest rescue proposal to regulator Ofwat earlier this month, pledging £3.15bn in equity and a 25 per cent writedown of the nominal value of their exposure. 

They have also asked for concessions on regulatory fines and targets. The creditors said they had “an ambition” to reduce sewage outflows by 30 per cent by 2030, well below the government’s target of 50 per cent.

Rival potential buyers including CK Infrastructure, owner of Northumbrian Water, have recently written to Ofwat claiming they have been “excluded” from the bidding process meaning it was unlikely to get the best deal for customers. CKI has indicated it would bid for Thames Water if the government puts it into its SAR.

The creditors said their plan “will see £20.5bn invested over the next five years and is the fastest and most reliable route to turn around Thames Water, deliver on customer priorities, clean up waterways and rebuild public trust.”  

KKR declined to comment on its due diligence costs.

Thames Water said: “Advisor fees are part of an extensive, complex recapitalisation; customers will not pay for these fees. We remain focused on securing a market-led recapitalisation that establishes the financial and regulatory foundations required to support the investment and performance improvements our customers expect and return the company to a stable financial foundation.”  

FT : Daniel Naroditsky, chess grandmaster, 1995-2025

Daniel Naroditsky, chess grandmaster, 1995-2025
From a child prodigy, he became one of the game’s most respected teachers and commentators

Daniel Naroditsky, the American chess grandmaster and streamer who cultivated the game’s digital renaissance, has died aged 29. One of modern chess’s most respected teachers and commentators, he was familiar to many players from their computer screens, where he sat in big headphones behind a microphone, his shelves packed with chess books.

The ancient game has been transformed into an e-sport in recent years, driven by the emergence of talented players and personalities like Naroditsky, who livestream their matches and lessons on the internet.

A speed-chess specialist, he had an uncanny ability to simultaneously play and talk about playing, unpicking knotty positions in real time and with a novelist’s ear for animating the board. He liked to discuss the “fertile preconditions” for an attack, describing certain opening sequences as “zesty”, or a knight fighting to protect a bishop “with its last breath”.

Naroditsky, who went by Danya, was born on November 9 1995 in San Mateo, California. The son of immigrants from Ukraine and Azerbaijan, he learnt to play chess from his older brother when he was six years old.

“With chess it was almost this palpable electricity that I felt,” he explained. “You’re totally in control of your own fate. There’s no luck factor. It’s you and the pieces.” A prodigy, he won prestigious youth tournaments, including a California schools championship, grade-level national competitions and the under-12 world championship. Aged 18, he became a grandmaster, the game’s highest title. He graduated in history from Stanford University.

In hundreds of earnest and erudite videos, Naroditsky taught with the edge of an elite player and the humility of a friend. “Even grandmasters can get super sloppy,” he said. Attuned not only to strategy and tactics but also to pedagogy, he had a large virtual classroom — broadcasting to hundreds of thousands of subscribers on YouTube and Twitch. He wrote a column for Chess Life and offered puzzles based on historic games at the New York Times. As a teenager, he wrote two books, covering positional ideas and complex endgames.

Though it seemed to come easily to him, he was sympathetic about the game’s difficulty, particularly for beginners. “You need extreme patience because, more so than in any other game, you’re going to suck for a while,” he told the New York Times.

In 2020, Naroditsky moved to North Carolina. He served as a coach and “resident grandmaster” at the Charlotte Chess Center, teaching the area’s top junior players.

The Financial Times interviewed Naroditsky at the elite Candidates tournament in Madrid in 2022, where he was providing live commentary for Chess.com. Bubbly but tired, he had been up all night playing speed chess with one of the competitors.

In the final months of his life, Naroditsky was forced to battle insinuations of cheating levelled by the Russian former world champion Vladimir Kramnik. For two years, Kramnik has been engaged in an anti-cheating campaign that also ensnared other prominent chess figures.

“This is a sustained, evil and absolutely unhinged attempt to destroy my life,” Naroditsky said on a podcast last October. The game’s international governing body said this week it was investigating Kramnik, citing bullying as “a particularly serious concern”. Kramnik has denied wrongdoing. “I have not bullied Daniel Naroditsky, nor ever made personal insults towards him,” he told Reuters. Kramnik posted on X that he hoped the “real truth about the circumstances and cause of this tragedy will be revealed, despite all attempts to hide it”.

Fellow streamers and grandmasters mourned Naroditsky and celebrated his contributions to the game. Levy Rozman, the streamer known as GothamChess, described him as “exceptional” and “brilliant” and called for “justice”. Magnus Carlsen, the world number one, said he had spent many hours watching Naroditsky’s videos and called his death “a great loss”. The two played chess together on Carlsen’s wedding night.

He leaves behind a trove of recorded lessons and an enormous history of play — the Chess.com history for DanielNaroditsky contains 140,646 games.

Naroditksy was visibly distraught in his final livestream as he recounted the recent toll on him. Chess and his reputation, he said, were all he had. But in a video dated October 17, he began, “I’m back better than ever”, saying that after a creative break he was planning future content. Pulling a rare chess book off his shelf he launched into a history of the English and Sicilian openings. “Hopefully this is interesting,” he said. It was.

“Rest in peace Danya, the best chess teacher that the internet has ever seen,” reads one typical comment.

The Information : OpenAI Moves to Generate AI Music in Potential Rivalry With St

OpenAI Moves to Generate AI Music in Potential Rivalry With Startup Suno

OpenAI recently made a splash with artificial intelligence that generates short videos from text prompts—say, a scene from “Lord of the Rings” but with Gen Z characters, or Pokémon’s Pikachu as “The Godfather.” Now the company has set its sights on doing the same thing with music.

OpenAI staff have been taking steps to develop AI that generates music, according to a person with knowledge of the work. For instance, the company has been working with some students from the Juilliard School to annotate music scores, according to a second person. They are providing the kind of training data that would be needed to develop AI that produces music.

The Takeaway
OpenAI is working on AI for music generation
Company has rapidly introducing new products, expanding beyond core chatbot services
New models or apps would increase rivalry with AI startups Suno, Udio
Powered by Deep Research

The efforts show how OpenAI continues to aggressively expand the types of services it provides beyond its core chatbot, with the aim of keeping its 800 million–plus users on the service longer every day and potentially finding new ways to generate revenue.

OpenAI has privately discussed generating music with text and audio prompts: for example, enabling people to ask the AI to add guitar accompaniment to an existing vocal track, according to a third person who has been involved in the discussions. The resulting product could also help people add music to videos.

If OpenAI releases a music-generating tool, that could help the company’s own expansion into advertising someday. An ad agency, for instance, could use OpenAI’s tools for tasks related to generating an ad campaign, such as brainstorming ideas for lyrics, creating a catchy jingle based on music samples or recordings, or uploading a video to mimic in terms of style, according to one of the people.

The company, recently valued at $500 billion in an employee stock sale, is also trying to catch up with rival Google. The search engine giant in May launched the second generation of its music-making model, Lyria. Google customers can use Lyria through Google Cloud, and the company has touted the ability of marketers to employ it in creating soundtracks for ads.

It is not clear what the timing of OpenAI’s music efforts is, as well as whether ChatGPT or its video-generation app, Sora, would incorporate the new music AI capabilities or whether they would be part of a stand-alone application. Spokespeople for OpenAI declined to comment.

Before the release of ChatGPT, OpenAI had developed two music-generation models—MuseNet in 2019 and Jukebox in 2020—but they are currently not available to users via its chatbot.

A music AI model that enables OpenAI users to generate music, such as vocal tracks or instrumentation, would go beyond what ChatGPT and OpenAI’s existing models do. People using ChatGPT can ask the chatbot to write lyrics, chord progressions or rhyme schemes in the style of a specific artist, for instance. But it can’t create a full song the way other AI music generators, like those developed by startups Suno and Udio, can.

Using AI to make music has taken off to some extent. Three-year-old startup Suno, which sells subscriptions to an AI-powered music generator, is generating around $150 million in annual recurring revenue, up nearly four times from a year ago.

An OpenAI foray into music would follow its launch of video app Sora, which people use to generate short-form videos similar to those on TikTok but entirely AI generated. OpenAI’s head of Sora, Bill Peebles, said in an X post earlier this month that Sora had a million app downloads in less than five days—faster than ChatGPT’s growth when it first launched in late 2022.

The company also has been developing an X-like social feed within ChatGPT where users can share how they’re using the chatbot. These social features could serve as avenues for potentially sharing any music users create with OpenAI.

OpenAI has launched other AI models that generate audio, and this technology would likely overlap with generating music such as vocals. In March, the company released updated speech-to-text and text-to-speech audio models, aimed at helping customers generate voice agents in areas like customer service.


Label Litigation

OpenAI may need to make deals with music labels to avoid copyright lawsuits. The Recording Industry Association of America, a trade group representing Universal Music Group, Sony and Warner Bros., has sued Suno and Udio, alleging that the startups trained their AI models on copyrighted songs without permission or proper compensation. The labels are demanding as much as $150,000 in damages for each song allegedly infringed, potentially totaling billions of dollars.

Both Suno and Udio have said they can use copyrighted material under the fair use doctrine in copyright law. Universal Music and Warner Music have been in talks with these companies as well as Google for AI licensing deals, the Financial Times reported earlier this month.

Google declined to comment on any potential deals with music labels over AI licensing. The company has existing music industry relationships through its ownership of YouTube.

OpenAI currently takes some precautions to prevent the use of copyrighted material, such as not allowing ChatGPT to share the full lyrics of certain songs and instead offering to summarize them. After OpenAI’s Sora app launched last month, CEO Sam Altman said in a blog post that the company would give copyright holders “more granular control over generation of characters,” suggesting it would ask them to give permission before users can generate videos based on those characters. Altman also said OpenAI will share some of the revenue it makes from video generation with copyright holders.

The company also said it has stopped Sora users from creating videos of Dr. Martin Luther King Jr. at the request of his estate, as it improves its guardrails for historical figures.

CrunchBase : The Week’s 10 Biggest Funding Rounds: More AI Megarounds (Plus Some

The Week’s 10 Biggest Funding Rounds: More AI Megarounds (Plus Some Other Stuff)

This was another active week for large startup financings. AI data center developer Crusoe Energy Systems led with $1.38 billion in fresh financing, and several other megarounds were AI-focused startups. Other standouts hailed from a diverse array of sectors, including battery recycling, biotech and even fire suppression.

1. Crusoe Energy Systems, $1.38B, AI data centers: Crusoe Energy Systems, a developer of AI data centers and infrastructure, raised $1.38 billion in a financing led by Valor Equity Partners and Mubadala Capital. The deal sets a $10 billion+ valuation for the Denver-based company.

2. Avride, $375M, autonomous vehicles: Avride, a developer of technology to power autonomous vehicles and delivery robots, announced that it secured commitments of up to $375 million backed by Uber and Nebius Group. The 8-year-old, Austin, Texas-based company said it plans to launch its first robotaxi service on Uber’s platform in Dallas this year.

3. Redwood Materials, $350M, battery recycling: Battery recycling company Redwood Materials closed a $350 million Series E round led by Eclipse Ventures with participation from new investors including Nvidia’s NVentures. Founded in 2017, the Carson City, Nevada-based company has raised over $2 billion in known equity funding to date.

4. Uniphore, $260M, agentic AI: Uniphore, developer of an AI platform for businesses to deploy agentic AI, closed on $260 million in a Series F round that included backing from Nvidia, AMD, Snowflake Ventures and Databricks Ventures. The round sets a $2.5 billion valuation for the Palo Alto, California-based company.

5. Sesame, $250M, voice AI and smart glasses: San Francisco-based Sesame, a developer of conversational AI technology and smart glasses, picked up $250 million in a Series B round led by Sequoia Capital. The startup is headed by former Oculus CEO and co-founder Brendan Iribe.

6. OpenEvidence, $200M, AI for medicine: OpenEvidence, developer of an AI tool for medical professionals that has been nicknamed the “ChatGPT for doctors” reportedly raised $200 million in a GV-led round at a $6 billion valuation. Three months earlier, OpenEvidence pulled in $210 million at a $3.5 billion valuation.

7. Electra Therapeutics, $183M, biotech: Electra Therapeutics, a developer of therapies against novel targets for diseases in immunology and cancer, secured $183 million in a Series C round. Nextech Invest and EQT Life Sciences led the financing for the South San Francisco, California-based company.

8. LangChain, $125M, AI agents: LangChain, developer of a platform for engineering AI agents, picked up $125 million in fresh funding at a $1.25 billion valuation. IVP led the financing for the 3-year-old, San Francisco-based company.

9. ShopMy, $70M, brand marketing: New York-based ShopMy, a platform that connects brands and influencers, landed $70 million in a funding round led by Avenir. The financing sets a $1.5 billion valuation for the 5-year-old company.

10. Seneca, $60M, fire suppression: Seneca, a startup developing a fire suppression system that includes autonomous drones that help spot and put out fires, launched publicly with $60 million in initial funding. Caffeinated Capital and Convective Capital led the financing for the San Francisco-based company.

Barron's : How Trump Sparked a New Era of State Capitalism

How Trump Sparked a New Era of State Capitalism
Washington is pushing legal boundaries to secure supply chains and shore up national security. Both parties have bought in.

Uncle Sam is becoming America’s most powerful investor, taking big stakes in companies to bolster supply chains and make money for taxpayers. Both goals have bipartisan support, which suggests this new shareholder activism will far outlast President Donald Trump’s administration.

Under this unfolding form of American state capitalism, the U.S. is pushing the boundaries of its legal authority to invest billions of dollars in a growing number of companies in return for stock. A third driving force is to beat China, whose control over some materials and manufacturing processes has exposed critical national security weaknesses for the U.S. amid trade tensions.

Under Trump, the government has taken stakes in chip maker Intel and critical minerals firms such as MP Materials and Lithium Americas. Lawyers say some company boards are clamoring to take on the government as a shareholder, while others are wary that they may be forced to give up equity or some sort of control in exchange for permits or other approvals. Some managers believe U.S. investment has given their firms a leg up, although free-market advocates warn there is a litany of examples where government heavy-handedness has had poor consequences for the economy. While some Democrats criticize the moves as lacking strategy, the taking of equity stakes in some cases has bipartisan support.

Trump officials say they’re just getting started. Treasury Secretary Scott Bessent has said the White House is homing in on industries critical to U.S. national security. The idea is to avoid an overreliance on China, which government officials say has manipulated prices to undercut U.S. industries and give itself a strategic advantage.

“I wouldn’t be surprised” if the U.S. took more stakes in private companies, Bessent said at a CNBC event on Oct 15. “When you are facing a non-market economy like China, then you have to exercise industrial policy.”

Just as often, the White House’s targets seem to be ones of opportunity. The U.S. took its stake in Intel days after Trump called for the ouster of its CEO, with Trump arguing that he was rectifying an unfair deal for taxpayers made by President Joe Biden’s administration. In November 2024, the Biden administration announced that Intel would receive nearly $8 billion in grants to support the company’s $100 billion investment in building semiconductor projects in the U.S., but the U.S. didn’t receive any equity as part of the deal.

In addition to the national security goals, White House and cabinet officials say they want to make money for taxpayers. “Why are we giving a company worth $100 billion this kind of money? What is in it for the American taxpayer? And the answer Donald Trump has is we should get an equity stake for our money,” U.S. Commerce Secretary Howard Lutnick told CNBC as the Intel stake was completed.

The Defense Department invested $400 million in July in MP Materials, which operates a rare earth mine in California. The preferred stock and warrant for common stock give the government a 15% stake in the company, making the U.S. its largest shareholder. As part of the deal, the government also guaranteed a minimum price for some of its rare earth products and said the Pentagon would find customers for 100% of the magnets produced at a new facility for a decade after its completion.

This month, the government struck two more critical minerals deals, taking 5% stakes in Vancouver-based Lithium Americas and in one of its joint ventures, and a 10% stake in Vancouver-based Trilogy Metals with warrants to acquire another 7.5% of the company. In addition to the money, the U.S. approved a 211-mile road for a mineral project in Alaska, reversing a decision made by Biden.

A U.S. investment is “enormously accelerating and transformational and valuable,” says Brian Menell, CEO of TechMet, a mining and mineral investments company. The first Trump administration invested $25 million in TechMet in 2020 through the U.S. International Development Finance Corp., which Congress originally created in 2018 to support development projects in low-income countries. The DFC during the Biden administration invested another $80 million.

A U.S. equity investment de-risks projects in the eyes of other investors and foreign governments. Menell says the U.S. involvement was a major selling point when TechMet raised $180 million from the Qatar Investment Authority.

“Governments around the world are very respectful of U.S. interests unless they’re completely stupid,” Menell says. “It’s been positive for us everywhere.”

Despite talk early in the administration of creating a sovereign-wealth fund, the White House says it isn’t seeking to build a large portfolio of U.S. companies. It sees equity stakes as just part of its tool kit to firm up the U.S. supply chain. “The point with equity stakes is that the president is making sure the taxpayer isn’t needlessly giving out money with no strings attached,” said a White House official, who called any financial returns to taxpayers an “ancillary benefit” to national security interests.

There is no one person at the White House tasked with overseeing a portfolio of investments, the official said.

Critics note that taking stock in a company doesn’t necessarily do much to firm up supply chains. The U.S.’s original deal with Intel provided the company with grants, loans, and tax incentives in exchange for the company meeting certain milestones to build semiconductor projects in the U.S., an endeavor that Intel and other chip makers said wasn’t otherwise economically viable. As part of the deal to convert the grants and loans into equity, the Trump White House removed the milestones.

Some deals have given the U.S. influence over corporate actions but without any stock. In August, Nvidia and Advanced Micro Devices agreed to give the U.S. 15% of their revenue from artificial-intelligence chip sales to China in exchange for export licenses. Later in the month, the White House said the deal hadn’t been finalized—and China banned the chip sales, in any case. An Nvidia spokesman declined to comment. AMD didn’t respond to a request for comment.

As a condition for approving the sale of U.S. Steel to Japan’s Nippon Steel, the government received a so-called “golden share,” giving it veto power over some corporate actions.

“These demands to take a percentage of profits or actual equity ownership to operate in different markets are nothing more than extortion schemes,” says Jeffrey Sonnenfeld, president of the Yale Chief Executive Leadership Institute.

The rare-earth deals have kicked off a gold rush among companies looking to see if they can get Uncle Sam as an investor as well. Just this week, The Wall Street Journal reported that some quantum computing companies are in discussions to give the Commerce Department equity stakes in exchange for funding. The Commerce Department in a statement to Barron’s said it is not negotiating equity stakes with quantum companies.

Y. David Scharf, one of Trump’s former attorneys, says 20 to 30 companies—in industries ranging from critical minerals to manufacturing and robotics—have reached out to him to see if he could help line up a U.S. investment, which he has whittled down to a “handful” for pitches to government agencies. Although the investment discussions are often to further national security interests, he says government officials are also looking for a positive investment return.

“Everyone is working across the table from each other to make money,” says Scharf.

The government hasn’t released a comprehensive accounting of what it has made from its investments, but anecdotally, the returns so far are robust.

TechMet’s Menell says the government has made 30% annually on its investment in the private company. MP Materials recently traded at around $83, more than double the conversion and exercise price that the company gave the government in its funding deal. In exchange for deferring $184 million in debt payments, the government received 5% of Lithium Americas, a stake worth $93 million. And in perhaps its most lucrative investment, the government in August agreed to buy 9.9% of Intel at $20.47 per share, a discount to the market price. The stock recently traded at around $38.

On its face, the government’s terms have often looked dilutive to private shareholders. But in the early days, a U.S. investment has almost always been accompanied by a surge in the target’s share price. Shareholders have enjoyed gains alongside the government.

Trump officials have pointed to several industries they view as critical to national security interests that could end up getting U.S. investments. Lutnick and Trump in interviews have suggested that defense contractors, who often have the U.S. as their biggest or only customer, could be targets. At the CNBC event on Oct. 15, Bessent said that the U.S. had identified seven critical industries where equity stakes might be on the table, but didn’t name them. “We’re not going to come in and take stakes in nonstrategic industries,” he said. “We do have to be very careful not to overreach.”

The Treasury Department didn’t respond to requests for comment on what the seven industries are.

In many cases, the government is giving support to industries that traditionally have found it too risky or expensive to operate in the U.S. Setting up a rare earths mine is risky even before taking into account the minerals’ highly volatile prices. Steel companies for years have said they can’t compete with China’s state-sponsored companies, which sell some forms of steel at prices that would cause the U.S. firms to lose money. Congress passed the Chips and Science Act in 2022 in part because nearly all advanced chipmaking happens in Taiwan.

“There’s a shared bipartisan sense that these are sectors and industries that we want to make sure we have good domestic production and stockpiles of,” says Beacon Policy Advisors analyst Owen Tedford. “There is some degree of shared bipartisan belief that even if the method isn’t the best, the outcome will be worthwhile in the long term.”

The government’s track record in taking equity stakes is mixed. To help stabilize the financial system, the U.S. in 2008 under the Troubled Asset Relief Program took equity stakes in major banks, insurer American International Group, and auto companies. Government officials in 2014 said they had recovered $441.7 billion from those investments, compared with $426.4 billion disbursed—a positive return, but one that critics say wasn’t commensurate with the risk.

Though taking equity stakes outside of crises is unusual, legal experts say there’s nothing inherently illegal about it. Congress authorized the government to take stock in companies through the International Development Finance Corp., which has made some rare earths deals. The act that enabled the funding for the Intel deal didn’t explicitly talk about the U.S. taking shares but it didn’t prohibit it, either. And since Intel voluntarily entered the agreement, it isn’t clear who would sue.

“So long as the companies formally consent to the government shares, the government is unlikely to face lawsuits in court,” wrote former Biden White House official Peter Harrell on the Lawfare website.

The push for government equity stakes may even continue if a Democrat wins the White House. Sen. Bernie Sanders (Ind., Vt.) praised the Intel deal in a statement, saying that “the taxpayers of America have a right to a reasonable return” in exchange for grants to chip makers. Some officials from the Biden White House say there’s nothing inherently wrong with the tactic of taking equity in exchange for government help.

“An equity stake is an industrial policy tool just like a grant, a tax credit, a loan, or a tariff. They can be used in smart and strategic ways, but also be used in clumsy and misapplied ways,” says Alex Jacquez, chief of policy and advocacy at Groundwork Collaborative and a former White House official in Biden’s National Economic Council. Jacquez says Trump seemed to be treating the equity investments as “a vanity play” and “personal portfolio.”

The chief executives of some of America’s top corporations sounded alarm bells at a gathering last month in Washington. They expressed acute anxiety that Trump is asserting unprecedented control over company governance. “They view this as a huge mistake,” says Sonnenfeld, who organized the meeting.

Many leaders of large companies blanch at the government taking equity but won’t speak out in public for fear of becoming a Trump target, says Sonnenfeld. What’s more, some of them see winning U.S. government support as a way to undercut rivals and get a short-term opportunity “to get a brief stock pop,” he says.

In the longer term, there’s a risk of government heavy-handedness undermining the conditions that have made the U.S. economy successful relative to its peers, says Norbert Michel, a vice president at the Cato Institute, a libertarian think tank.

“You don’t have to go too far to get to a completely different economic system,” Michel says. “There’s no clearly defined line that says, ‘Well, if you only have the government taking a 5% stake in five companies then it’s not fascism or not socialism.’ We shouldn’t be doing this, because that’s where this leads.”

What comes after the U.S. builds its portfolio is mostly unknown. With Intel, the White House agreed not to take governance rights. But it has already put its thumb on the scale in other arrangements. Trump exercised his U.S. Steel veto power for the first time last month, blocking a decision to stop processing raw steel at a plant in Illinois. A White House official in September told Barron’s that stopping processing was “perhaps a sensible business decision,” but against U.S. interests.

A U.S. Steel spokeswoman says there would have been no layoffs, in any case, and called the Trump administration “a great friend to the American steel industry.”

>>> Weekly Market Update

As US stocks opened up this week, the consternation about banks and potential boogeymen on their balance sheets quickly abated. Sentiment and breadth were positive despite little hope that DC lawmakers were moving towards any deal to reopen the US government. Earnings season forged further to the forefront of most investors’ minds amid a deluge of consumer and industrial earnings announcements. By mid-week, rotation could be seen in portions of the equity markets as well as flows into US Treasury debt. High flying sectors like metals and AI stack-related names saw relative weakness while industrial groups, healthcare, and staples responded better following the posting of key quarterly results. On Tuesday, gold prices saw one of the wildest trading moves in more than a decade after months of run up. Prices dropped more than 6% from most recent high, snapping a 10-week winning streak. Crude prices continued tracking lower, heading further into the mid to high $50’s range before bouncing meaningfully into the end of the week. The US Department of Energy indicated it would purchase 1M barrels for the SPR and, perhaps more importantly, the Trump Administration announced additional sanctions aimed directly at Russian oil producers amid the President’s growing frustration with Putin over the Ukraine war.

UK stocks and bonds experienced early relative strength in the wake of cooler than expected UK CPI data. Eurozone and German PMIs exceeded forecasts, boosting the euro to a three-week high versus sterling. UK PMIs were better as well, with manufacturing coming in above all estimates. Friday’s September US CPI print was below estimates which solidified expectations the Fed will cut two more times this years including next week. The delayed inflation reading buoyed risk appetite and sentiment, further offsetting stepped up rhetoric from President Trump surrounding his tariff policy. Canada returned as a flash point on the trade front while key members of the Administration arrived in Asia ahead of a still-on-for-now summit between Xi and Trump next week.
In corporate events this week, earnings season intensified the scrutiny of some high flying high tech ventures, and allowed some other sectors to shine through. 3M Company gave investors an excellent report and share surged as management touted a China business that remains resilient and growing, a rare case amid the trade war. GE Aerospace also kept chugging along with a strong earnings report and higher guidance, while also announce the $5.3B acquisition of the remaining 50% stake in its Prolec GE venture. General Motors reported spectacular numbers and was rewarded with a breakout in its share price, as executives trimmed their forecast for tariff impacts and confirmed the slowdown in the EV since the end of US subsidies. Ford also had great Q3 numbers, outweighing a FY guidance cut related to a supply issue resulting from a fire at the premier aluminum sheet provider in the US (Novelis). Tesla had worse number to report, missing estimates and warning that it has become difficult to measure the impacts of shifting global trade and fiscal policies on the automotive and energy supply chains. On the AI front, Google scored a deal worth tens of billions of dollars from the surging OpenAI challenger Anthropic, poaching some business from Amazon’s AWS. Some of the market’s most speculative names got a new boost reports stating they would get favorable treatment for the Trump Administration. Oklo and other small nuclear reactor names were helped by a report that indicated the nuclear startups would be given access to nuclear grade plutonium. Meanwhile, quantum computing names saw a correction in the sector halted by reports that the White House is mulling taking stakes in the highly strategic sector. For the trading week, the S&P ended up 1.9%, the DJIA gained 2.2%, and the Nasdaq added 2.3%.

MON 10-20
(AU) White House releases sheet on critical minerals framework with Australia; DOD will invest in Gallium refinery; US additionally secures more access to US beef in Australia; Australia funds will raise US investment to $1.44T by 2035
(CN) US's National Foreign Trade Council said to urge Trump administration to cancel a rule that is leading to drop off in US exports and will result in foreign trade partners cutting US firms out of global trade flows – press
(KR) South Korea and US reportedly agree to sign trade MOU during Trump's visit – press
(UR) Reportedly during Friday's meeting, Trump told Zelenskiy he was losing the war, warning: “If Putin wants it, he will destroy you”; Trump also reportedly said that Russia’s economy is “doing great”, in a sharp contrast to his recent public remarks - FT (update)
(VE) Reportedly Pres Trump’s military build-up off the coast of Venezuela is aimed at convincing President Maduro and his inner circle that staying in power will be more costly than leaving - FT (update)
BABA Said to have introduced Aegaeon computing pooling solution that it said led to an 82% cut in the number of Nvidia graphics processing units (GPUs) needed to serve its AI models and potentially reshaping AI workloads – SCMP
CCK Reports Q3 $2.24 v $1.98e, Rev $3.20B v $3.19Be; Raises FY guidance
CLF Reports Q3 -$0.45 v -$0.48e, Rev $4.7B v $4.89Be; Entered MoU with undisclosed major global steel producer; Notes Q3 results show a richer sales mix and improved pricing and expect this trend to accelerate into 2026; Geological surveys at Michigan and Minnesota sites show key indicators of rare-earth mineralization
ODFL Announces general rate increase (GRI) of 4.9% applicable to rates established under the existing ODFL 559, 670, and 550 tariffs effective Nov 3, 2025; Intended to partially offset the rising costs of real estate, new equipment, technology investments, and competitive employee wage and benefit packages
OPENAI.IPO Reportedly ChatGPT's new user growth slowed after April; global DAU growth has flattened over the past month; October is on pace for an 8.1% m/m drop in the percentage change of global downloads, though the app still adds millions of installs per day - TechCrunch citing third-party app intelligence firm Apptopia (update)

TUES 10-21
(CA) CANADA SEPT CPI M/M: +0.1% V -0.1%E Y/Y: 2.4% V 2.2%E
(JP) JAPAN PARLIAMENT FORMALLY ELECTS TAKAICHI AS PRIME MINISTER
(JP) Japan PM Takaichi: Don’t see need to review BOJ-govt accord now; Determined to defend Japan's national interests through diplomacy and security; Now is not time to dissolve Parliament; No need to review BoJ-govt agreement now; BoJ's monetary policy is part of broader economic policy, for which the govt holds responsibility
(US) Dept of Energy to purchase 1M bbl for Strategic Petroleum Reserve (SPR) for delivery in Dec 2025 and Jan 2026 – press
(US) Redfin: U.S. home prices rose 0.2% from a month earlier in September on a seasonally adjusted basis; On a year-over-year basis, home prices rose 3%, the slowest rate recorded in Redfin Home Price Index (RHPI) data going back to 2012
ABNB CEO Chesky: OpenAI not ready for integration with AirBNB; Airbnb 'relies heavily' on Alibaba's Qwen models to power its AI customer service agent – press
ADS.DE Reports prelim Q3 Op €736M v €688Me, Rev €6.63B v €6.7Be; Raises FY Op outlook on brand momentum and tariff mitigation
CB Reports Q3 core op income $7.49 v $5.94e, Net Premiums Written $14.9B v $13.8B y/y
ELV Reports Q3 $6.03 v $4.98e, Rev $50.1B v $49.5Be; Notes dynamic healthcare environment
GE Reports Q3 $1.66 adj v $1.46e, Rev $12.2B v $10.3Be; Raises outlook again due to expectations of Q4
GM Reports Q3 $2.80 v $2.25e, Rev $48.6B v $44.2Be; Raises outlook
GOOGL Reportedly Antrophic in talks for Google cloud deal worth tens of billions of Dollars - press
HAL Reports Q3 $0.58 adj v $0.50e, Rev $5.60B v $5.39Be
META Announces JV with Funds Managed by Blue Owl Capital to Develop the $27B Hyperion Data Center; To hold a 20% stake
OKLO US DOE said to be planning to offer companies access to nuclear grade plutonium; Oklo and France's Newcleo said to be among the applicants – FT
OPENAI.IPO ChatGPT Atlas browser understands the information it's displaying, integrates sidechat for searching and aggregating information - video presentation
MMM Reports Q3 $2.19 v $2.10e, Adj Rev $6.3B v $6.25Be; Raises FY EPS and organic Rev outlook
NOC Reports Q3 $7.67 adj v $6.49e, Rev $10.4B v $10.7Be; Raises FY EPS view and cuts Rev
PHM TTN Summary of 08:30ET Earnings Call: Early-Oct trends mirror Q3; Buyers proceeding with caution despite lower rates due to economic and job concerns; Sees potential ~$1.5k/home build cost increase starting in 2026; Land spend for 2025 set at ~$5 billion (5% y/y decline), maintaining a robust pipeline to support future growth when demand rebounds
RTX Reports Q3 $1.70 adj v $1.42e, Rev $22.5B v $21.5Be; Raises guidance
WAL Reports Q3 $2.28 v $2.11e, Net Rev $938M v $888Me
WBD Warner Bros. Discovery confirms initiates Review of Potential Alternatives to Maximize Shareholder Value

WED 10-22
(CN) EU said to prepare trade options to counter China rare earths restrictions - press
(CN) Trump administration said to consider plan to restrict global exports to China that contain or are made with US software – press
(RU) US Treasury Dept: Targeting Russian integrated oil & gas companies Rosneft and Lukoil in latest round of sanctions [**Note: Pres Trump later on sanctions: "We hope they won't be on for long and that the war will be settled"]
(UK) SEPT CPI M/M: 0.0% V 0.2%E; Y/Y: 3.8% V 4.0%E
(US) Automakers are pushing for Trump administration to refrain from imposing new tariffs on factory robots and industrial machinery - press
(US) Tier1 analysts after call with legal experts: Legal experts judged that it’s too hard to predict the outcome of the IEEPA case; In terms of the timeline, the case could be decided by some time in December at the earliest. Experts agreed that if the court found tariffs to be unlawful then they would need to be refunded. Revenue from all IEEPA enacted tariffs totaled $89bn in FY 25
(US) TRUFLATION PROXY OF US AGGREGATED INFLATION INDEX ROSE TO 2.3% (HIGHEST SINCE FEB) V 2.2% W/W V 1.4% BEFORE 'LIBERATION DAY'
AAPL *REPORTEDLY DRASTICALLY CUTTING IPHONE AIR PRODUCTION ORDERS, BUT SAME TIME BOOSTING ORDERS FOR OTHER IPHONE 17 MODELS – Nikkei
AKZA.NL Reports Q3 Net -€194M v +€164Me, Adj EBITDA €385M v €386e, Rev €2.55B v €2.52Be; Notes Net hit by €300M provision related to court case; India divestment on track to close in Dec
APH Reports Q3 $0.93 v $0.79e, Rev $6.19B v $5.48Be; Organic net sales +41% y/y; Raises quarterly dividend 51.5% to $0.25 from $0.165 (indicated yield 0.78%)
CA.FR Reports Q3 Rev €22.6B v €23.4Be; Affirms outlook; CFO declined to comment on whether political crisis in France could impact demand in Q4
GOOGL Willow quantum chip demonstrates the first-ever algorithm to achieve verifiable quantum advantage on hardware
HEIA.NL Reports Q3 adj Rev €7.33B v €7.36Be; Guides FY25 volumes to decline modestly
HLT Reports Q3 $2.11 v $2.04e, Rev $3.12B v $3.02Be; Sees stronger RevPAR growth over the next several years
KER.FR Reports Q3 Rev €3.42B v €3.31Be
KNX *TTN Summary of 16:30ET Earnings Call: Taking a cautious view on Q4: LTL demand appears softer in the first two weeks of Q4 versus normal seasonality; base freight demand has been stable through mid-October, but the usual seasonal build hasn’t materialized and recent “overnight” peak projects may not recur
LRCX Reports Q1 $1.26 v $1.22e, Rev $5.32B v $5.22Be; Guides Q2 strong
META Reportedly Meta is cutting several hundred roles from its AI unit even as it continues to hire for its newer TBD Lab – Axios
POLITIX TTN Research Alert: The New Gerrymander (“Dummymander”) Trilemma: Inside the State-by-State Redistricting Blitz That Sets the House Math Before a Single Ad Airs; How Texas, Missouri, and North Carolina Built a Quiet R+7 and Why California’s Prop 50 Could Lower Bar for Dems Next Month
SAP.DE Reports Q3 €1.59 v €1.46e, Rev €9.08B v €9.13Be; Guides FY cloud Rev to lower end of range and Op profit to upper end of range (update)
TSLA Reports Q3 $0.50 adj v $0.53e, Rev $28.1B v $26.5Be; Difficult to measure the impacts of shifting global trade and fiscal policies on the automotive and energy supply chains
TSLA TTN Summary Earnings Call: Tesla A5 AI chip design removes legacy GPU/ISP blocks for radical simplicity; Confident we can expand Tesla's production [does not provide timeline]; production-intent Optimus prototype will be ready to show off in Q1, likely February or March; Musk says Tesla’s idle cars could provide 100GW of distributed inference capacity
VRT Reports Q3 $1.24 v $1.00e, Rev $2.68B v $2.58Be; Raises outlook; Guides Q4 Rev strong; Organic Orders ~+60% y/y; Sees strategically positioned to deliver strong growth for the balance of 2025 and for 2026
VRT Provides look into 2026; Expecting AI infrastructure deployment in EMEA to accelerate in 2026; While tariffs remain fluid and uncertain, our execution of tariff countermeasures remains in focus. We are currently positioned to materially offset this impact exiting first quarter 2026, driving a year-over-year tailwind for full year 2026 - earnings slides

THRS 10-23
(AR) White House: Confirms increasing Argentina beef import tariff rate quota to 80K tons to reduce prices
(CN) Reportedly China state oil companies suspending seaborne imports of Russian crude out of fear over Western sanctions – press
(CN) CHINA COMMUNIST PARTY 4TH COMMUNIQUE: Approves draft of next 5-year plan (2026-31); replaces 11th Central Party Committee members (highest personnel turnover since 2017 amid an ongoing military purge); To greatly revitalize consumption ; To boost homegrown tech and core tech breakthroughs
(EU) EURO ZONE OCT ADVANCE CONSUMER CONFIDENCE: -14.2 V -15.0E
(JP) RENGO [LARGEST TRADE UNION IN JAPAN] SEEK WAGE HIKES OF 5% OR MORE IN 2026 V 5.25% ON AVERAGE IN 2025 - PRESS
(US) SEPT EXISTING HOME SALES: 4.06M V 4.06ME
(US) Tier1 analysts: Now expect the Fed to stop QT at the end of Oct vs prior expectation at end Dec; Elevated repo prints over recent days drove our change; At Oct FOMC we now expect 2 things: (1) QT cessation at end Oct (2) mortgage repayments immediately invested into UST bills. MBS to UST bills should be $10-20b/m.
(US) Trump Admin planning to open nearly all of US coast to offshore drilling exploration – press
AAL Reports Q3 -$0.17 v -$0.27e, Rev $13.7B v $13.6Be; Guides Q4 strong and raises FY outlook
AIR.FR Leonardo, Airbus and Thales confirm MoU to create a leading European player in space; The new company expected to be operational in 2027
DOW Guides Q4 Rev $9.4B v $10.0Be; Affirms FY25 Capex ~$2.5B (prior: ~$2.5B) - earnings slides
DOW Reports Q3 -$0.19 v -$0.31e, Rev $10.0B v $10.2Be; Notes near-term market backdrop remains largely unchanged across the end markets Dow serves
DSV.DK Reports Q3 (DKK) Adj Net 3.73B v 3.00B y/y, EBIT 5.43B v 4.42B y/y, Rev 72.0B v 44.1B y/y; Notes integration of Schenker maintained strong momentum; Trims outlook citing current market uncertainties related to trade tariffs, the geopolitical landscape, including the Red Sea situation, and macroeconomic factors, are expected to persist
F Reports Q3 $0.45 v $0.38e, Rev $50.5B v $42.7Be; Cuts outlook; Sees $1.5-2B adj EBIT hit in 2025 from Novelis fire, expect to mitigate at least $1.0B of adjusted EBIT in 2026
Flexport CEO: This time around [ahead of Nov 1st' tariff deadline] volumes haven’t dropped, importers all seem to think Trump will back off the 100% tariff increase before Nov 1st; Their cargo is already on the water though, so if the tariffs do go into effect next week will be brutal for importers. (update)
INTC Reports Q3 $0.23 adj v $0.01e, Rev $13.7B v $13.1Be; "Current demand is outpacing supply, a trend we expect will persist into 2026.”
NEM Reports Q3 $1.71 v $1.29e, Rev $5.52B v $4.97Be
NOKIA.FI Reports Q3 €0.06 v $0.06e, Rev €4.83B v €4.64Be; Notes order intake trends in Optical Networks and IP Networks remained strong
ROG.CH Reports Q3 (CHF) Rev 14.9B v 15.2Be; Notes groundbreaking next-generation sequencing technology set to launch next year
SMCI Q1 update: Recent design wins in excess of $12B; Affirms FY26 Rev $33B [does not provide specific Q1 guidance]
TMUS Reports Q3 $2.41 v $2.42e, Rev $22.0B v $21.8Be; Raises EBITDA and net additions outlook
TRU Reports Q3 $1.10 v $1.04e, Rev $1.17B v $1.13Be; Announces new up to $1B increase to share buyback
UNA.NL Reports Q3 Rev €14.7B v €14.9Be; Sees H2 ahead of H1; Ice Cream Demerger expected to complete in Q4 2025
ORCL *Reportedly banks anticipate launch of $38B debt offering as soon as Monday to fund Oracle-tied data centers - press

FRI 10-24
(US) PRES. TRUMP: THE RONALD REAGAN FOUNDATION HAS JUST ANNOUNCED THAT CANADA HAS FRAUDULENTLY USED AN ADVERTISEMENT THAT INTERFERES WITH THE US SUPREME COURT; ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED - post on Truth Social
(CA) Canada PM Carney: We can't control trade policy of US; We recognize US policy has changed; Stand ready to pick up on trade talks progress when US is ready - comments before departing for Malaysia for ASEAN summit
(IN) India and US reportedly discussing a few non-tariff barriers and are very close to a trade deal - press cites official (unclear if Indian or US)
(FR) FRANCE'S SOCIALISTS HAVE REPORTEDLY THREATENED TO TOPPLE THE GOVT BY MONDAY IF THEIR BUDGET CONDITIONS ARE NOT MET; WOULD FILE A NO-CONFIDENCE BILL EARLY NEXT WEEK IF BILLIONAIRES ARE NOT FORCED TO PAY MORE TAX – PRESS
(CO) US Treasury Dept's Office of Foreign Asset Controls (OFAC) places Specially Designated National (SDN) sanctions Colombia Pres Petro
(US) Pres Trump said to plan new class of Navy warships to counter China and other threats - WSJ
(US) Fed proposes changes to increase bank stress test transparency; Will disclose and solicit feedback on stress test models and scenarios for first time under new proposal; Fed will vote on proposed changes later today (10/24)
(CA) Ontario govt: Will take down anti-tariff ads after US Pres Trump ends trade talks - Canadian press
(US) SEPT CPI M/M: 0.3% V 0.4%E; Y/Y: 3.0% V 3.1%E (highest annual pace since Jan)
(US) OCT FINAL UNIVERSITY OF MICHIGAN CONFIDENCE: 53.6 V 54.5E; Current conditions: 58.6 v 60.8e (lowest since Nov 2022); 5-10 year inflation expectations 3.9% v 3.7%e
(US) OCT PRELIMINARY S&P MANUFACTURING PMI: 52.2 V 52.0E (3rd month of expansion); Expectations about year ahead output dropping to one of the lowest seen over the past three years; Companies are also concerned over disappointing export sales, especially in manufacturing, and factories are seeing an unprecedented rise in unsold stock.
(UK) OCT PRELIMINARY MANUFACTURING PMI: 49.6 V 46.6E (above all estimates, 1-year high, but 13th month of contraction)
(DE) GERMANY OCT PRELIMINARY MANUFACTURING PMI: 49.6 V 49.5E (40th month of contraction)
(FR) FRANCE OCT PRELIMINARY MANUFACTURING PMI: 48.3 V 48.2E (2nd month of contraction)
(US) Cleveland Fed’s Inflation Nowcast still sees Sept CPI Y/Y (to be released today) to re-accelerate again to 3.0% from 2.9%; Sees Oct CPI Y/Y (to be out next month if US govt reopens) to stay unchanged at 3.0%
PG CEO: Rescinded price increases in Canada which helped a lot in the quarter; We will see what the President says tonight - CNBC
IBM Exec: IBM is running quantum computing algorithm on widely available AMD chips - press interview
P911.DE Reports 9M Oper €40M v €4.0B y/y, Rev €26.9B v €28.6B y/y; Sees FY25 charges €3.1B for strategic realignment; Need to discuss large-scale realignment with employee reps; Must assume market conditions won't improve for foreseeable future
BAM Said to enter discussions with Santee Cooper to buy two dormant nuclear reactors in South Carolina - WSJ