The Information : BlackRock Weighs Multibillion-Dollar Investment in SpaceX IPO

BlackRock Weighs Multibillion-Dollar Investment in SpaceX IPO

The Takeaway
  • BlackRock eyes $5 billion to $10 billion investment in SpaceX IPO
  • BlackRock CEO Fink and Musk recently travelled to China with Trump
  • Investment would be a vote of confidence in the estimated $75 billion IPO

BlackRock has discussed investing $5 billion to $10 billion in SpaceX’s initial public offering next month, people familiar with the matter said. The massive order, for an offering that could raise as much as $75 billion, would represent a vote of confidence in Elon Musk’s company from the world’s largest asset manager.

The investment would highlight the close relationship between Musk and BlackRock CEO Larry Fink, both of whom traveled to China with President Donald Trump in recent days. The investment would also reflect a growing Wall Street consensus to participate in the largest IPO in history even while SpaceX is seeking a stratospheric valuation and planning to give investors almost no ability to challenge management decisions.

A large BlackRock check would provide SpaceX with an anchor investor and could also help win over other large investors. Commitments of this size are rare: Investment bankers have found fewer than a dozen instances over the past quarter century when investors wrote checks of $1 billion or more in an IPO. Still, SpaceX’s IPO is unprecedented in size and the company will need several investment firms to invest multibillion-dollar pots of money, a person close to the deal said.

BlackRock, for its part, may feel the need to play catch-up. It invested in SpaceX privately, for a stake now worth at least $300 million, according to public mutual fund filings. But it has a much smaller stake than the positions other large public investors, including Fidelity, Baillie Gifford and Franklin Templeton, have already built.

A BlackRock spokesperson declined to comment. The amount that BlackRock ultimately offers to invest could change based on how SpaceX prices its IPO and other factors leading up to the deal. SpaceX is expected to begin its official roadshow in early June, people close to the deal said.

In the run-up to the IPO, Fink has been warming to Musk. He interviewed Musk on stage at Davos earlier this year, praising the returns of Tesla, in which BlackRock owns a big stake. “Imagine if a lot of pension funds invested with Elon when Tesla went public and how much returns for all the pension funds that invested side by side,” Fink said.

Fink closed the talk by saying, “There’s so many myths around Elon Musk. I can tell you he’s a great friend, and I constantly learn so much from him. I’m totally inspired by his vision for the future, and I don’t think it’s a bad future, and I agree with his optimism.”

SpaceX has been courting large investors, last month hosting a two-day trip to its Starbase launch pad on the southern tip of Texas and to its xAI data centers in Memphis. The trip included large contingents from mutual funds BlackRock, T. Rowe Price, Capital Group and Fidelity Investments, investors on the trip said.

“The bullish camp says, ‘You’ve never not made money betting with Elon,’” said one investor at an asset management firm who traveled on the trip.

The IPO will test the outer bounds of investors’ belief in Musk. SpaceX is going public at a valuation that would represent a steep multiple of sales, with its crucial AI strategy in flux. Key AI researchers have left the company, and much of the growth of its space business hinges on a huge, fully reusable rocket still in the testing stages.

Investors are largely drawn to SpaceX because of its significant lead over competitors in rocket launches, and its promise to use that advantage to send more lucrative payloads, such as advanced chips that can power AI models, into space.

SpaceX, meanwhile, has planned to warn investors they will have minimal say in the governance of the company and limited legal recourse. The company’s confidential IPO prospectus, excerpts of which The Information viewed, states that “mandatory arbitration” would limit shareholders’ legal rights. The company also plans to concentrate voting power with Musk, who will own a separate share class giving him 10 votes for each share, The Information previously reported.

BlackRock would make the investment in SpaceX out of its $536 billion of actively managed funds. The value of the deal depends on the size of the overall offering and its price.

>>> El Niño 2026 — 82% likely, strength still undecided

El Niño 2026 — 82% likely, strength still undecided

The May 14 NOAA CPC discussion put El Niño at 82% for May–July and 96% through winter 2026-27. Less commented on, but the part that actually drives cross-asset magnitude — verbatim from the same discussion: "no strength categorization exceeds a 37% chance."

The headline probability is one trade. The strength tail is a different one entirely. We sized the portfolio overlay accordingly — basket-rotation, not directional macro.

Three deliverables attached:

• 17-page field guide — probability, the science, regional impact map, commodity transmission matrix, Ukraine grain and Middle East / Hormuz cross-references, asset allocation, seven trade ideas ranked by Sharpe conviction
• Single-page bust dashboard — five 2014-killer signals with pre-defined position triggers, for weekly use
• 2014 drawdown reference xlsx — the historical analogue for sizing conversations

Next NOAA CPC update: 11 June. We are not deploying conviction ahead of that data point.

Happy to discuss any segment.

LC

Graham Advisors Sàrl
Institutional Research · Cross-Asset Strategy

WSJ : 20 People in Japan Died After Taking Amgen Drug

20 People in Japan Died After Taking Amgen Drug
Kissei Pharmaceutical, which sells the rare immune-disease drug in Japan, warned doctors to stop prescribing it to new patients

Twenty people in Japan who took Amgen’s rare-disease drug Tavneos have died, and at least 22 developed a potentially fatal liver injury, according to Kissei Pharmaceutical 4547 -1.94%decrease; red down pointing triangle, which sells the medicine in the country.

Kissei told doctors Friday to stop prescribing the drug to new patients.

The Japanese drugmaker said the 20 deaths occurred in people who had suffered a serious liver “impairment” and attributed 13 of the deaths to a condition, called vanishing bile duct syndrome, marked by the destruction of the ducts that carry bile out of the liver.

Kissei said causal links to Tavneos hadn’t been confirmed in all 20 deaths. Amgen AMGN -2.22%decrease; red down pointing triangle shares were down more than 2% late Friday.

An Amgen spokeswoman said the 20 deaths occurred among more than 8,500 patients treated in Japan, and that some cases involved deaths where a causal link to Tavneos hadn’t been established. She added that no deaths linked to serious liver injury have been reported among the more than 8,000 U.S. patients who have taken the drug.

CSL CSL 0.72%increase; green up pointing triangle, which holds the rights to sell the drug outside the U.S. and licensed it to Kissei for sale in Japan, said it “takes all matters of patient safety seriously” and is committed to working with regulators.

“Kissei has begun providing information to healthcare professionals, urging them to refrain from using this drug for new patients and to carefully assess the continuation of treatment for existing patients, explaining the risks of liver dysfunction and alternative treatments to ensure patient safety,” the company said.

Tavneos treats a group of rare autoimmune diseases that cause inflammation in small blood vessels. The U.S. Food and Drug Administration approved it in 2021.

The medicine went on sale in Japan in 2022, according to Kissei. Also that year, Amgen bought the drug’s developer, ChemoCentryx, for $3.7 billion.

In January, the FDA asked Amgen to voluntarily pull the drug from the U.S. market, but Thousand Oaks, Calif.-based Amgen refused.

Then in March, the FDA said it had identified 76 global cases of serious liver injury linked to Tavneos, including eight deaths. Most were reported in Japan. Of the 76 global cases the FDA identified, seven involved the syndrome, and three of those patients died.

In late April, the FDA moved to formally begin withdrawal proceedings.

The FDA has also said that ChemoCentryx had included material misstatements in its original approval application.

Amgen said in an April letter to doctors that it “is not aware of issues with underlying patient data and remains confident” that Tavneos is an effective treatment. The company added that researchers had observed serious liver injuries during testing of Tavneos, and liver damage is a known risk of the drug. Tavneos’s label warns about the risk of liver damage.

Tavneos generated $119 million in sales in the first quarter for Amgen, up 32% from a year earlier, and accounting for less than 2% of the company’s overall drug sales.

Amgen said in its quarterly earnings release in late April that the drug “demonstrates effectiveness and a favorable benefit-risk profile,” and said that vanishing bile duct syndrome hadn’t affected patients in the U.S.

WSJ : The Messy Courtroom Drama Over AI’s Biggest Breakup

The Messy Courtroom Drama Over AI’s Biggest Breakup
The legal showdown between Elon Musk and Sam Altman revealed the personal and financial fault lines beneath Silicon Valley’s defining boom.

OAKLAND, Calif.—U.S. District Judge Yvonne Gonzalez Rogers opened the last day of testimony in the titanic trial between Elon Musk and Sam Altman’s OpenAI with a simple question: Should a trophy of a golden donkey’s backside be entered into evidence?

The judge held the statue in her hands with a bemused look. Dario Amodei, then a team lead for AI safety, had helped award it to a company intern years earlier, after Musk called the person a “jackass” for challenging him over AI safety at a company meeting.

“We think it’s pretty obvious this trophy has no relevance,” a lawyer for Musk said in court. Gonzalez Rogers opted to allow a photo of the statue given to Joshua Achiam, now OpenAI’s chief futurist, to be admitted.

The actual statue was put away before the jury of six women and three men could see it, although they were shown a photo. So went the landmark legal showdown between some of the most powerful players in AI. The three-week trial, now in the jury’s hands, was technically about allegations by Musk, the world’s richest man, that he was snookered into fronting OpenAI millions of dollars as a struggling nonprofit, only to see it morph into the world’s most powerful AI company. OpenAI argued it had to go commercial to fund its massive research needs, and that Musk supported such a move.

The proceedings revealed the mythmaking of AI’s seismic economic transformation, with heady talk of benefiting humanity and existential risk. It also exposed the AI boom’s underbelly: the grubby sidedeals, financial anxieties, short tempers and personal vendettas that have shaped modern technology every bit as much as the march toward machine consciousness.

Two days before the trial, Musk emailed OpenAI President Greg Brockman about a potential settlement offer. When Brockman suggested both sides drop their claims, Musk responded, “By the end of this week, you and Sam will be the most hated men in America. If you insist, so be it,” according to legal filings.

Musk has asked that Altman be removed as CEO, among other requests, and is seeking up to $180 billion to be paid out from OpenAI’s for-profit arm to its nonprofit parent. He also wants OpenAI’s conversion to be unwound as part of the remedies in the case. If Musk is successful, it would greatly complicate OpenAI’s potential IPO—expected as soon as later this year.

The courtroom served as a kind of leveler in an increasingly oligarchic age. Several of those who came to testify were billionaires—including Musk and Altman—accustomed to private jets and private chefs. Yet they all had to remove their electronics and pass through the same metal detectors as everyone else.

In Silicon Valley, where dressing down is the ultimate symbol of tech’s disruptive power, nearly every executive who took the stand donned suits and ties. Brockman and Altman attended the proceedings nearly every day, sitting next to each other on benches behind the OpenAI defense table, at times taking notes. Halfway through the trial, Brockman started bringing a white pillow to sit on.

Musk entered with a team of security personnel. The judge scolded the billionaire at least twice—once for his social media usage and second for saying if he loses this case, it’ll mean trouble for all charities in America.

The courthouse has strict rules for everyone, such as a ban on taking any photos inside and leaving items unattended. An elderly spectator was booted from the nearby overflow room one day for snapping a souvenir photo, protesting as he was led away by marshals that he had arrived hours early to get his spot.

Lines to the courthouse in the early days of the trial snaked through the jasmine-scented courtyard in the Bay Area’s always-gloomy early mornings. It wasn’t just tech reporters, lawyers, staffers and protesters (one held a sign that read “Everyone sucks here except protesters and media”), but also curious onlookers, eager to use the democratic structure of a public court to get a front-row seat to history.

“If you come here early, you can see people like Musk and Altman testify, and they’re the future of the world,” said Kalid Meky, 55, who commuted from his home near San Jose for nearly a week to watch from a backbench.

Spectators sat transfixed in Courtroom One of the Ronald V. Dellums federal courthouse as witnesses painted a world of robots that can solve Rubik’s Cubes, eye-popping fortunes and worries over possibly unleashing a doomsday beast. The trial took onlookers back in time to the earliest days of the boom as OpenAI and Musk’s SpaceX now race to go public.

Inside the courtroom, Gonzalez Rogers showed a mix of humor and toughness as she wrangled battalions of dark-suited attorneys lined up against each other in the wood-paneled room. “Everybody understand how the game is going to be played?” she said one morning on some evidence-handling instructions.

Yet she showed a soft spot for the nine-member jury, whose role was to advise her in the final verdict. “All the lawyers want to do nothing more than to make you happy as they can,” the judge said at one point Wednesday, turning to the panel.

Clash of the titans
The legal arguments of the case have changed many times since Musk first sued OpenAI and its CEO more than two years ago. But they have always circled around the idea that OpenAI betrayed its nonprofit mission when it created a for-profit subsidiary and took a major investment from Microsoft.

In the days before the trial, the more than 20 claims that Musk had leveled at Altman and his associates were whittled down to just two: breach of charitable trust and unjust enrichment. Musk boiled down his legal team’s main argument succinctly on the stand: “It’s not OK to steal a charity.”

His legal team’s broader point was about his place in AI history. OpenAI existed, he said, because of his own emotional connection to the human race.

He told the oft-repeated story of a conversation he had with his friend, Google co-founder Larry Page, about the future of AI. When Musk told Page that he would prefer that the AIs not wipe out all humans, Page accused him of being a “speciesist,” Musk testified.

“The reason that OpenAI exists is because Larry Page called me a speciesist,” Musk said. “That’s fundamentally it.”

Musk then teamed up with Altman, and later Brockman and famed AI researcher Ilya Sutskever, to create a nonprofit AI lab in 2015 that would be a counterweight to Google, which at the time employed most of the best AI researchers, he said.

Throughout the trial, Musk’s lawyers argued that only he had the reputation and capital to bring OpenAI into existence, even if he had multiple other day jobs at the time and left the OpenAI board a little more than two years after the company’s founding.

Altman acknowledged on the stand that Musk’s early support was critical for OpenAI’s success. Musk provided the bulk of funding in its early days—though the roughly $40 million he provided fell far short of the $1 billion he had publicly pledged.

The trial also showed Musk’s volcanic temper and mercurial side.

When OpenAI’s co-founders were negotiating a possible new for-profit structure in 2017, Brockman testified that Musk sent him and other co-founders Teslas ahead of a meeting about converting the nonprofit lab to a for-profit company that he would control. “It felt a little bit like he was buttering us up,” Brockman testified.

Musk arrived at the meeting with a painting of a Tesla as a gift, Brockman said, but after the group rejected his proposal to have a controlling share of the company, he grabbed the artwork and left.

Text messages between Altman and Shivon Zilis, Musk’s close associate and onetime OpenAI board member, who is the mother of four of his children, show the two strategizing on how to best manage Musk’s moods. After one particularly good late-night meeting, Musk ended the evening with what Altman described as “a long, long conversation about him showing us memes on his phone.” Altman also testified that Musk often had to be reminded of things, especially when he was upset.

The trial is just one front of Musk’s yearslong, multipronged attack on his onetime co-founders. His war against them ramped up after he founded his own rival AI company, xAI, in March of 2023, less than six months after OpenAI’s ChatGPT took the world by storm and kicked off the AI race.

Musk has used his megaphone on X, the social-media platform that he owns that continues to serve as the town square of the AI industry, to routinely bash Altman as “Scam Altman” and to attack OpenAI.

The trial offered a fresh look at major moments in OpenAI’s history, including the “blip” when Altman was briefly ousted as CEO. In one text chain admitted as evidence, Altman, Microsoft CEO Satya Nadella and other Microsoft executives batted about potential members of the new board as part of negotiations for Altman’s return. Microsoft CTO Kevn Scott at one point vetoed former Google Cloud CEO Diane Green with “strong, strong no”—a bit of candor that went viral on social media.

It also laid bare new details of its operations, as well as elements of Altman and Brockman’s entanglements. An email from the lab’s early days revealed that part of Brockman’s compensation was made up of equity paid from Altman’s family office, after the nonprofit ran out of shares of stock in the startup accelerator Y Combinator, which Altman ran at the time he co-founded OpenAI, according court documents.

In testimony, Altman confirmed that he owns substantial stakes in startups that have signed deals with OpenAI, including a third of Helion, a nuclear-energy startup. Altman said he recused himself from board discussions about Helion and OpenAI, which signed an agreement under which OpenAI would purchase electricity from Helion to power its infrastructure. He acknowledged, when pressed by Musk’s attorney, that he had participated in meetings about OpenAI’s computing needs while also serving as chairman of Helion.

Among the trove of evidence, from candid emails and private text messages to meeting notes, was Brockman’s private diary, which became something of a star witness.

Musk’s legal team never called Altman as a witness. But during cross-examination of Altman on Tuesday, Musk’s lawyer, Steven Molo, opened with a brutal barrage of questions about his character: “Are you completely trustworthy?” he asked. “I believe so,” Altman replied.

“But you don’t know whether you’re completely trustworthy?” Molo continued.

“I’ll just amend my answer to yes,” Altman replied.

A few beats later, Molo asked: “Do you always tell the truth?”

“I believe I am a truthful person,” Altman replied.

“That wasn’t my question, sir. Do you always tell the truth?” Molo asked again.

“I’m sure there’s some time in my life when I have not,” Altman replied.

Altman remained calm under the barrage, even as Molo pressed him on the testimony of other witnesses who had described him as a liar. Outside the courtroom, Musk was advancing on other fronts.

While the trial was under way, SpaceX announced a deal to lease computing power to OpenAI’s fiercest rival, Anthropic, which had found itself constrained after its Claude Code product took off.

While Altman was on the stand, Musk was also preparing to travel to China with President Trump. Musk, the onetime “First Buddy,” appeared to have re-entered the president’s inner circle, less than a year after their relationship appeared to have frayed.

The same day Musk boarded Air Force One, a group of Republican attorneys general and a congressional committee led by Republicans announced they were investigating Altman’s potential conflicts of interest that had been revealed by Wall Street Journal reporting.

So compelling was the clash of the titans that almost every day for two weeks, Lance Jackson got up at 4:40 a.m. at his home in Orinda, Calif., rode the BART to downtown Oakland and stood in line to watch the trial.

“This is really a seminal, critical trial that’s going to affect society,” the 73-year-old Jackson, a retired sketch artist. “You can see it already starting to happen with AI, we are really starting to snowball really quickly now.”

WSJ : Want a Hot Pre-IPO Company in Your Portfolio? Proceed With Caution

Want a Hot Pre-IPO Company in Your Portfolio? Proceed With Caution
Adding a sliver of the hottest private companies to your portfolio can be far more tricky than buying stocks

  • Financial advisers warn ordinary investors about the significant risks and complexities of investing in pre-IPO companies.
  • Investors can access private firms through secondary marketplaces, exchange-traded funds, closed-end funds, or crypto tokens.
  • These methods often involve high fees, a lack of transparency, and illiquidity; advisers suggest waiting until after the IPO.

It sounds like the investment opportunity of a lifetime: a chance to get in on one of the hottest names on Wall Street, before the company’s stock even starts trading.

Financial advisers say buyer beware.

It is technically possible for ordinary investors to get ahead of the coming oversize and high-profile public offerings expected in 2026—including SpaceX, OpenAI and Anthropic. Investors can get access through direct secondary marketplaces, exchange-traded funds that advertise private-company exposure and even crypto tokens that seek to mirror the performance of the company’s shares.

But all those methods vary greatly in risk level and degree of actual ownership on offer, highlighted by Anthropic’s market-rattling warning this past week that it won’t recognize investments not approved by its board. Advisers said that many private-market investments come with layers of complexity and fees that, for most people, might just not be worth the hassle.

Here’s what to know.

Who should invest in pre-IPO companies?
Once upon a time, companies like Amazon and Apple made their stock-market debut with market capitalizations under $2 billion. Now, firms wait much longer to go public—SpaceX was recently valued at $1.25 trillion—while institutions and wealthier private-market investors benefit from the growth.

While that leaves many investors curious about snagging a piece of big-name privately held firms, advisers said they rarely recommend it to clients. Those best suited to private-market investing are usually long-term, sophisticated investors who don’t mind taking on quite a bit of risk, they noted. Some platforms for buying private shares are available only to accredited investors, meaning you’ll need at least $1 million in net assets, excluding your primary residence, or at least $200,000 in individual or $300,000 in joint income.

But even then, said Patrick Huey, principal adviser at Victory Independent Planning in Naples, Fla., private-market investments probably shouldn’t make up more than a sliver of your portfolio.

“I understand wanting to be one of the first people in,” he said. ‘But even a good company can be a bad investment because of the wrong price or the wrong size.”

SPVs
One common way of getting access to pre-IPO companies is through something called a special purpose vehicle, or SPV, a private fund created to hold a specific asset. Some SPVs can be layered, meaning the fund owns another fund that owns the private company’s stock.

Those funds can also result in fees: management fees, upfront commissions, a chunk of any gains. Those charges eat into the return on your investment and are often not clearly disclosed, said Neena Mishra, director of ETF Research at Zacks Investment Research.

“There’s a lack of transparency,” Mishra said. “I think it’s best for investors to just wait until these companies go public.”

Secondary marketplaces
One place to find exposure is marketplaces run by companies such as Forge Global and Nasdaq Private Market, where investors can buy, sell or request stock in private firms. For investors interested in direct, singular exposure to a private company, these platforms are probably your best bet, said Matt Chancey, a financial planner and founder of Tax Alpha Companies in Tampa, Fla.

“Many times when investors want to go in on a private firm, they want a concentrated position,” Chancey said. On secondary platforms, he said, “you should be able to obtain a more direct ownership structure.” In the case of Forge and Nasdaq Private Market, stock transactions are completed with the approval of the issuing company, though investors might still be purchasing their stake through an SPV.

But shares of a particular firm might be unavailable, and you still won’t get the perks that come with owning a public stock—like a transparent look at the company’s financials, or the ability to sell whenever you choose.

Exchange-traded funds
A number of exchange-traded funds advertise exposure to private firms. The Tema Space Innovators ETF, for example, includes SpaceX in its holdings alongside publicly traded space companies. The ERShares Private-Public Crossover ETF holds a “sleeve of select private companies” alongside shares of Nvidia, Meta Platforms and other public stocks.

Mishra said there are two things to consider: First, shares of the private company are likely a small portion of an ETF’s overall holdings and are mixed in with other names. Federal regulations generally restrict illiquid securities to 15% of a mutual fund or ETF’s assets.

WSJ : The Texas-Size Fight Over Rick Perry’s Nuclear Power Startup

The Texas-Size Fight Over Rick Perry’s Nuclear Power Startup
Fermi raced to go public. After an 80% drop in the stock price, its founders are battling over what comes next.

  • Fermi co-founders are in a bitter showdown after Toby Neugebauer’s ouster as CEO and his push to sell the company.
  • Fermi, planning a large data center and energy campus, hasn’t generated revenue and its shares plunged about 80% from their public debut.
  • Fermi’s board canceled a shareholder meeting and amended bylaws to require a 70% vote for director changes.

Seven months ago, former Energy Secretary Rick Perry described as genius an idea from Texas energy billionaire Toby Neugebauer to build the world’s largest data center on a dusty grazing lease near Amarillo.

“There will be an M.B.A. case study written about what you guys pulled off—I’m telling you,” Perry said to Neugebauer onstage at an October nuclear power conference.

Today, the men are on opposite sides of a bitter showdown over the company they co-founded.

Fermi FRMI -11.67%decrease; red down pointing triangle raced to go public last year—it was founded in January and held its initial public offering in October to capitalize on two booming trends: AI data centers and renewed interest in nuclear power. The startup courted investors with ambitious plans for a sprawling data-center and energy campus named for President Trump on land owned by the Texas Tech University System.

It has promised to generate enough electricity to match what many states produce, largely with natural gas-fired equipment and four large nuclear reactors. Electricity would flow directly to sprawling on-site data centers filled with rows of servers running AI workloads for tech companies.

Things haven’t gone according to plan.

Fermi, which hasn’t generated any revenue, has yet to land the kind of marquee tech tenant needed to finance the project. Insiders, including Perry’s son, have unloaded shares, which have plunged about 80% from their public debut.

The company ousted Neugebauer as CEO last month for what it called unauthorized actions, policy breaches and a pattern of abusive behavior, according to a termination letter included in court filings. Neugebauer’s legal team argues his firing was retaliatory because he and others raised governance concerns to the board.

Neugebauer—who says he, his family and current or former executives close to him hold about 40% of Fermi shares—is pushing for change. He wants to see the company sold or matched with a strategic partner that could bring a lower cost of capital, a record in construction “and a customer at the table.”

Neugebauer called a shareholder meeting in April to vote on new directors he is nominating to the board, but Fermi’s new leadership canceled it. The board on Wednesday amended the bylaws to require a 70% shareholder vote to change the number or tenure of directors, from a majority.

“Mr. Neugebauer’s proposals, taken together, would result in Mr. Neugebauer taking control of the company and advance his stated goal of selling Fermi quickly,” the board said in a statement this past week. His plan would lock in losses for shareholders given the sagging stock price, the directors added.

Neugebauer said he wants to “ensure the board considers every option,” including a sale, and called the bylaw change an “unprecedented act of entrenchment—they’re simply running scared because they don’t want shareholders to have a real voice.”

Perry, who sits on the board, said he supports the company’s new leadership.

“The team leading this next chapter has my full confidence and support,” he said in a statement. “We have the right leadership, land, permits, equipment, and partners to scale to commercial operations.”

Neugebauer and Perry’s son, Griffin Perry, discussed the idea for Fermi while on one of their frequent walks in their Dallas neighborhood. Neugebauer later brought the idea to Rick Perry, who elevated Fermi’s profile with his political connections as a longtime Texas governor and former Trump administration official. Griffin Perry’s firm said it remains the second-largest shareholder behind Neugebauer and has “strong conviction” in Fermi’s prospects.

Fermi was valued at roughly $19 billion upon its public debut in October, but its market value has since shrunk to less than $5 billion. Tensions at the company had been rising for months.

Fermi had a prospective data-center client in Amazon, but that deal didn’t materialize, according to people familiar with the matter.

Without a customer in place, the pace of construction slowed. Satellite images suggest the company started moving dirt on the site in October, but there wasn’t significant construction activity between February and late March, according to research firm Cleanview.

Dissension among the board grew, and Neugebauer’s charismatic, but at-times abrasive, style rubbed some the wrong way, some of the people said.

Fermi said in court documents that Neugebauer wreaked havoc on relationships with key counterparties and stakeholders. One told Fermi “it would not do a deal unless Fermi agreed Mr. Neugebauer would not communicate directly with its employees.”

Neugebauer, who co-founded the private-equity firm Quantum Energy Partners, is no stranger to controversy. He is the former chief executive of the failed anti-woke bank startup GloriFi, which raised tens of millions of dollars from high-profile investors, including Ken Griffin and Peter Thiel, before going bust in a matter of months. The registration paperwork for Fermi’s IPO listed the bankruptcy and related lawsuits as a potential distraction.

Neugebauer has said he remains committed to Fermi: He hasn’t sold shares but thinks the project needs a different owner, such as a hyperscaler, data-center owner or oil-and-gas developer to move forward.

“Toby Neugebauer is a fierce, successful businessman with deep energy sector experience who was able to take Fermi from an idea to a multibillion-dollar publicly traded company in less than a year,” a spokeswoman said. “He is being dragged through the mud by a small number of Fermi board members desperately clinging to power for their own gain.”

For their part, Fermi executives and board members have framed the upheaval as a pivot from a startup to an institutional “Fermi 2.0” that can offer the ingredients needed for AI projects racing to build.

The company reported on Thursday a $189 million net loss for the first quarter, along with $243 million in total cash. It said it has secured about $940 million in financing and has “a clear path to commercial power delivery later this year.” Co-President Anna Bofa said multiple prospective tenants and partners have visited Fermi’s site in the past two weeks.

“The most important message is that the market has not walked away from this asset,” she said.

WSJ : Here’s What Science Tells Us About the Risks of Hantavirus

Here’s What Science Tells Us About the Risks of Hantavirus
Rare virus has high fatality rate and can spread through the air, research shows, though it is easier to contain than Covid-19

I knew hantavirus had reached a tipping point when my own 12-year-old called out to us after bedtime to ask: “What is hantavirus, and do we have to worry about it?”

The virus that started with an outbreak on a cruise ship has infiltrated the public consciousness, and it feels like déjà vu: resurrecting painful memories of the Covid-19 pandemic that shut down the world.

There are lots of questions, misinformation and, understandably, fears. But what do we actually know about the hantavirus that has infected at least 11 people, killed three of them and led to the quarantining of dozens more across the globe? How infectious—or not—is it, and how does it spread?

U.S. health officials say Andes hantavirus usually spreads through prolonged contact with infected people, but scientists say one key study has shown that it can be spread through the air and by so-called superspreaders. Some researchers say current guidelines underplay the risks of transmission, though most still expect the outbreak to be contained.

What is hantavirus?
First, hantavirus is a family of viruses that typically spreads to humans from rodent droppings or urine such as when someone inhales particles near infected rodents. The Andes species of hantavirus—responsible for the cruise-ship outbreak—is the only type that spreads between people.

The main danger with hantavirus is that it often develops into a severe lung infection that kills about 38% of infected people. This is a very high fatality rate—much higher than deaths caused by the virus behind Covid-19—but the virus is less contagious. Only about 100 to 200 cases of Andes hantavirus crop up in humans a year, largely in Argentina and Chile.

Gustavo Palacios, a professor of microbiology at the Icahn School of Medicine Mount Sinai in New York City, says most human-to-human transmission involves close contact among family members or healthcare providers treating infected patients.

One major exception is a transmission chain that he and co-researchers documented in a 2020 study in the New England Journal of Medicine, detailing an outbreak in Argentina between 2018 and 2019. It is the largest documented outbreak of Andes hantavirus.

In that outbreak, one person infected with the virus from a rodent spread it to 33 other people, resulting in 11 deaths. The majority of spread centered on three symptomatic individuals who infected others through seemingly casual contact at a crowded indoor birthday party and at a wake. At least one infection occurred from a brief, passing interaction at the party.

The Argentine researchers found that the so-called “superspreaders” had higher viral loads, were sicker and had signs of liver damage.

Transmission through the air
They calculated that the virus’s infectiousness—an estimate of how many people one contagious person will infect on average—is 2.1. That is lower than for measles and some strains of Covid-19 but higher than for influenza. It’s not insignificant.

Palacios noted that when isolation and social-distancing measures were implemented, the number went down quickly. “In conditions when people are not aware, this virus might be transmissible, especially at the beginning of an outbreak,” he says.

Dr. Josh Schiffer, an infectious-disease modeler and physician at the Fred Hutchinson Cancer Research Center in Seattle, says the study makes clear that Andes hantavirus can be transmitted through the air. It remains unknown whether the transmission is through droplets—typically emitted when someone sneezes or coughs—or aerosols, which are smaller and can be emitted and inhaled from talking or even breathing and linger in the air for hours. Aerosols contributed to the quick spread of Covid-19.

But Schiffer says several characteristics of the Andes hantavirus make it easier to contain than the virus that causes Covid-19. Most transmission seems to occur after a person develops symptoms; the long incubation period allows for plenty of time to do contact tracing; and superspreader events seem to contribute to most infections.

“That’s what makes it very different from SARS-CoV-2 and really most respiratory viruses,” says Schiffer.

Questions about CDC guidance
Guidance from the Centers for Disease Control and Prevention has shifted over the past week. It now states that Andes hantavirus spread is usually limited to people in prolonged direct physical contact, in close or enclosed spaces, or exposed to body fluids or respiratory secretions.

Some scientists say the guidance understates the possibility of airborne spread in indoor settings.

“The best outbreak investigation we have contradicts the message we have of close, prolonged contact,” says Joseph Allen, a professor and director of the Healthy Buildings program at Harvard T.H. Chan School of Public Health. “It’s not just intimate contact, it’s not just close contact. There is evidence that it spread without those things happening but it was absent from the official messaging for at least a week.”

Allen is concerned that the improper guidance could lead to people who are now home under self-quarantine taking their quarantine less seriously than they should—particularly with the incubation period being up to 42 days.

In his view, “the long incubation period creates challenges” because Allen says he isn’t convinced that there’s no pre-symptomatic transmission. Even though a wide outbreak isn’t anticipated, new cases could surface every few weeks, he notes.

The good news is the virus has shown no signs of mutating to make it better at infecting people.

Palacios is involved in a genomic sequencing of the virus, and so far it looks similar to previous versions. “I feel confident no more secondary cases are going to be observed,” he says, “but we should acknowledge that we don’t know everything.”

So at the moment, no you don’t have to wear a mask. But our understanding of the virus is limited and evolving. We haven’t seen a hantavirus outbreak that looks like this before, spreading to multiple corners of the world.

It appears possible for the virus to spread through the air, not just through bodily fluids and intimate contact. This is something the general public should know so that the proper precautions are taken, and we can limit transmission and go about our business.

WSJ : A $400 Swatch Watch Is Driving Fans Insane

A $400 Swatch Watch Is Driving Fans Insane
A collaboration between Swatch and Audemars Piguet generated surprising hype—and fierce debate


Earlier this week, when the Swiss watch brands Swatch and Audemars Piguet announced a collaboration, many fans were hoping that they would get an affordable version of a legendary style. Some speculated that a riff on the iconic Royal Oak was on the way.

What they got instead was a rainbow-colored pocket watch.

The Royal Pop pocket watch, revealed on Tuesday, has a multicolor body complete with a lanyard. It went on sale at Swatch stores on Saturday, at a starting price of $400. (A version with a seconds subdial runs for $420.)

News of the release generated significant hype, alongside fierce debate over the design. Still, people lined up days in advance to get their hands on the pocket watches. Representatives for Swatch and Audemars Piguet declined interview requests.


In recent years, Swatch has captured attention with limited-edition products made in partnership with luxury makers Omega and Blancpain—versions of those brands’ iconic pieces rendered in Swatch’s colorful Bioceramic material. Priced in the low-to-mid hundreds, the watches appealed to both longtime collectors and total newbies. They also held significant value on the resale market, with some listed online for nearly $1,000.

But even with those collaborations, some fans still saw a partnership between Swatch and Audemars Piguet—whose pieces can command six figures—as pie-in-the-sky. “One of the dream ones was always, like, ‘Wouldn’t it be cool if they did something with the Royal Oak?’” said Tony Traina, the writer of the watch newsletter Unpolished, referring to Audemars Piguet’s flagship model. “And it was always, like, ‘Yeah, but that would never happen.’”

When Swatch began teasing its partnership with Audemars Piguet, eagle-eyed fans went down watch-history rabbit holes. Keen observers knew that in the 1980s Swatch released a line of “Pop” watches that could be removed from their frames and affixed to bags or jackets. “Something like what they came out with was kind of always the reasoned or informed opinion of what would be coming,” Traina said.

That didn’t stop frenzied corners of the internet from using AI to conjure images of a hoped-for model: an affordable ceramic version of the Royal Oak wristwatch. Some, on seeing the images, complained that their Royal Oaks—often starting at $30,000 on the secondary market—would be devalued.

Zoë Abelson, who sources and sells watches through her company Graal, noticed that Swatch-AP content took over her Instagram feed, which was normal enough, given her profession. Less normal? “The amount of messages that I received from friends who are not into watches, just wanting to speculate and talk about it and ask me what I think it is, was pretty incredible,” she said.

It was one thing, said Joshua Ganjei, CEO of the Boston watch retailer European Watch Company, when Swatch collaborated with Omega and Blancpain—luxury brands, to be sure, but corporate siblings under the Swatch Group umbrella. “Now you’re talking about the Swatchification of a Holy Trinity watch, and that changes things,” he said, using the watch-obsessive term for pieces from Audemars Piguet, Patek Philippe and Vacheron Constantin.

Early birds began lining up outside the Swatch store in Times Square nearly a week before the new pocket watches were released.

“We’ve been here since Sunday. After Mother’s Day, we came here,” Arvey Valderrama, 35, said on Thursday from a folding chair set up snugly against the Swatch shop’s exterior, where a hundred or so others were waiting in line.

On Tuesday, after Swatch and Audemars Piguet released official photos of the pocket watches, a number of folks decided they were no longer interested, according to people who stayed in the line.

Rodney Smalls, 28, kept his place in line. “It’s AP—so anyway it goes, it’s a smart investment,” said Smalls on Thursday, using an abbreviation for Audemars Piguet.

Buyers of the new pocket watch are limited to purchasing one per store per day. Potential resellers said they hoped to get anywhere from $1,500 to $4,000.

Smalls said that if he got a watch, he would hold onto it for a while, betting that it would appreciate. If he were to never sell it, or if he is able to snag a second, he is hoping that Swatch will eventually release a wristband that he’d be able to pop the pocket watch into.

But that wasn’t a dealbreaker for Smalls. Since he often wears a suit for his security work, he said, “I would actually wear it as a pocket watch.”

FT : Frank O’Hara and the end of the ‘American Century’

Frank O’Hara and the end of the ‘American Century’
The poet and curator was at the forefront of US efforts to project its high art as forcefully as its military might abroad — an idea that now looks dead

Frank O’Hara was born on March 27 1926. For much of his life, however, he celebrated his birthday on the wrong day. O’Hara was born into an emotionally complicated household in Massachusetts, to parents who were overwhelmed by Catholic guilt about sex before marriage and decided that a later date, June 27, would be for the best.

The mistake has a certain irony for a poet famous for his attentiveness to the marking of occasions both special and ordinary: birthdays, deaths, homecoming parties, farewell lunches, weddings, rendezvous kept and missed, a jazz concert at the Five Spot and a performance at the New York City Ballet. Even brunch (especially brunch). In one of his best-known “I do this, I do that” poems, “The Day Lady Died”, a shoeshine is pinned to an exact moment: “It is 12:20 in New York a Friday/three days after Bastille Day, yes/it is 1959”. The lines carry the echo of the French Revolution; as if private time were always brushing up against historical time, as if any day might contain the possibility of dramatic change or self-reinvention.

However we reckon the date of his birth, this year marks O’Hara’s centenary. His fixation on the present moment, “beautiful, and interesting, and modern”, was not merely temperamental.

It belonged to a wider atmosphere in which American life was accelerating, as the country began to imagine its culture in outward-facing terms — a nation projecting its high art as forcefully as its military might abroad. In 1941, the publishing magnate Henry Luce had termed this confident, expansive vision the “American Century”.

Today, at a moment when it feels as though those ideas are in decline, O’Hara’s work returns us to that atmosphere of charged immediacy. To read him now is to see how differently we live, as the openness of his America gives way to a more inward 21st-century culture, shaped by digital mediation and a waning belief in the soft power of art to serve US interests overseas.

O’Hara was one of the leading lights of the poetry scene in mid-century New York. He moved in the orbit of the abstract expressionist painters, but he had a more complicated history. After serving as a sonarman for the US Navy in the Pacific, he entered Harvard University on the GI Bill and met the poet John Ashbery, who encouraged him to move to New York in 1951. There, O’Hara became an assistant curator at the Museum of Modern Art (MoMA) and a familiar presence in the lofts and studios of New York’s artists, inspiring portraits by Alex Katz, Alice Neel and Elaine de Kooning.

The 1950s were a time of cold war tensions abroad and postwar prosperity at home. McCarthyism had coaxed a national paranoia into public life, stifling dissent and chilling political discourse in the process. Against that climate of suspicion, O’Hara and his artistic circle pushed back, celebrating intimacy, friendship and the ordinary textures of the city, refusing the era’s pressures to declare and conform. In the years before the 1969 Stonewall riots, when police could arrest people for wearing fewer than three articles of clothing deemed appropriate to their sex, O’Hara’s open homosexuality was itself a quiet form of defiance. He fell in love often and exuberantly, most deeply with the Canadian ballet dancer Vincent Warren, whose beautiful sense of movement O’Hara once claimed made the works of Leonardo, Michelangelo and the impressionists entirely dispensable.


Instead of politics or religion (he had quickly abandoned his youthful Catholicism, which he later described as “at best an oversolemn introduction to cosmic entertainment”), O’Hara placed his faith in painting, and in the metropolitan pleasures of New York. “In a capitalist country,” he once remarked, “fun is everything.” If poets of another age had sought idyllic pastures far from the city’s corrupting distractions and grime, O’Hara’s poems embraced what Ashbery called his “creatively messy New York environment” with its “scent of garbage, patchouli, and carbon monoxide” — and its endless possibilities. “One need never leave the confines of New York,” O’Hara reflected in his prose-poem “Meditations in an Emergency”, “to get all the greenery one wishes — I can’t even enjoy a blade of grass unless I know there’s a subway handy, or a record store or some other sign that people do not totally regret life.”

This is pure O’Hara: regret, usually a backward-looking feeling, becomes a spur to live fully in the present. He was “a priest who got into a different business”, recalled Katz who, in 1960, completed a nearly life-sized portrait of his friend: “Even on his sixth martini, second pack of cigarettes and while calling a friend ‘a bag of shit’, and roaring off into the night, Frank’s business was being an active intellectual . . . He was out to improve the world whether we liked it or not . . . the frightening amount of energy he invested in our art, and our lives often made me feel like a miser.” And, in that regard, he personified the spirit of the age.

Something else was happening in Manhattan in the 1950s. The city was undergoing a decisive shift in cultural gravity, as the meridian of modern art, long anchored in Paris, moved across the Atlantic. Critics and collectors came to see the work of the abstract expressionists, or the “New York School”, as somehow embodying the pressures and possibilities of American life. Their paintings were positioned as the antithesis of the doctrinaire socialist realism sanctioned by the Soviet Union. Where Soviet art sought heroic images of workers and party leaders, the mural-scale canvases of the New York painters could be presented as the product of artistic individualism: improvised, resistant to centralised control and marked by an anxiety that could only arise where artists were left to choose for themselves.

The movement’s emphasis on personal expression and freedom came to stand, however imperfectly, for the values of American democracy.

If the US was going to win the cold war, it would need to demonstrate that it possessed an advanced culture of its own, not merely the capacity to furnish Europeans with affordable washing machines. Abstract expressionism was presented as a distinctly modern American art — one capable of speaking back to Europe on equal terms.


The American critic Eve Cockroft put it like this: “It is ironic but not contradictory that in a society . . . in which political repression weighed as heavily as it did in the United States, Abstract Expressionism was for many the expression of freedom . . . of artists completely without fetters.”

MoMA positioned itself at the centre of this new world. In July 1952, Nelson Rockefeller, the museum’s chairman, established an International Program to promote American modern art abroad. Rockefeller, who moved effortlessly through the revolving doors of culture, politics and finance, and would later become governor of New York, was the son of Abby Aldrich Rockefeller, one of the three “adamantine ladies” who had founded the museum in 1929. Both New York men of wealth and appetite, Rockefeller and President Donald Trump could not be more different in their cultural instincts: Rockefeller believed art conferred legitimacy on power; Trump believes power confers legitimacy on everything, art included.

Rockefeller conceived the initiative as both a cultural undertaking and an instrument shaped by cold war politics. For its champions and critics, the International Program was a “Marshall Plan in the field of ideas”.

It was into this new world of art and international ambition that O’Hara would step, moving easily between cramped downtown studios and the more formal channels of cultural diplomacy.

In 1951, as a 25-year-old, O’Hara had arrived in Manhattan at just the right time. The triangle of blocks below 14th Street, stretching from the Lower East Side across Greenwich Village to the waterfront bars of the West Village, was a romantic enclave of cheap digs in which the penniless avant-garde stayed warm with “tomato soup” made from free hot water and ketchup at the Waldorf Cafeteria — and made the first great paintings in American modern art. On many nights at the Cedar Tavern on University Place, one could find Jackson Pollock, Franz Kline, Willem de Kooning and Robert Motherwell arguing loudly over whiskey and beer beneath the bar’s dim lights.

Modern poets tended to have rather boring day jobs. T S Eliot was a bank clerk who spent his late twenties shuffling paperwork in the foreign transactions department at Lloyds Bank; Wallace Stevens merrily slogged through 40 years as an executive in the suburban Connecticut insurance industry; Philip Larkin was a librarian in Hull. O’Hara, by contrast, worked at MoMA just as New York was becoming the capital of modern art, shepherding major acquisitions and writing catalogue essays that helped define some of the most radical art of his time.

O’Hara’s swift ascent through the ranks of MoMA would today make any professional curator, armed with specialised degrees in art history, wince. Having started out selling postcards on the front desk in 1951 (he got the job so that he could see a Henri Matisse retrospective every day for free), O’Hara left the museum in 1953 for a couple of years to write criticism for Art News before returning to a plum curatorial position in 1955. Walter Rasmussen, a close friend and MoMA colleague, noted that he was soon “under suspicion as a gifted amateur”, with his “very closeness to the artists . . . questioned as a danger to critical objectivity”.

Championing these artists was a plucky generation of exiled dealers and entrepreneurial gallerists, such as Peggy Guggenheim and Betty Parsons, but the abstract expressionists’ success was also the product of a new postwar order. As American capitalism expanded, the New York art scene did too. For the Trotskyite critic turned militant anti-communist Clement Greenberg, the self-appointed flag-bearer of the abstract expressionists, the implications were clear. The “main premises of western art”, he announced, had at last “migrated to the United States, along with the center of gravity of industrial production and political power”.

Manhattan was becoming the future and now its painters had a new kind of art to match. By 1949, Luce’s Life magazine was asking whether Pollock might be “the greatest living painter in the United States”. Two years later, society photographer Cecil Beaton staged a Vogue photo shoot for Dior in front of Pollock’s “drip” paintings. What had begun as the unruly energy of downtown bohemia was quickly absorbed into the circuits of fashion, media and money that defined the new cultural capital.

O’Hara worked within this emerging nexus of art and political and economic power, even as his instincts pulled in another direction. Much of his work for MoMA — especially after he joined the International Program in 1955 — took place overseas, drawing him into the murky, clandestine world of cold war cultural politics. The same art that circulated through the bars and studios below 14th Street was to be enlisted in a wider campaign of cultural projection.

With Dorothy Miller, O’Hara co-curated The New American Painting, a 1958-59 landmark exhibition of 81 works by 17 abstract expressionists that travelled to major European cities. In London, the show drew the highest-paying attendance in the history of the Arts Council’s exhibitions at the Tate Gallery. Nevile Wallis of The Observer argued that American painters had found forms equal to an era of dread and technological upheaval, their canvases “clearly attuned to the phenomena of our time” and charged with a “mysterious and universal import”. In 1958, O’Hara co-curated the American Pavilion at the Venice Biennale — the art world’s Olympics — where Mark Tobey became the first American since James McNeill Whistler in 1895 to win the International Prize for Painting.

Today, the Pavilion remains a site of national self-imagination but just duller. Last week, I saw the relatively little-known sculptor Alma Allen’s display at the 2026 Biennale: works that might not be gaudy-neoclassical enough for Mar-a-Lago but would be happily at home in an anonymous lobby of one of Trump’s more provincial hotels — Pine Hill, New Jersey, for instance. Recent funding cuts and the withdrawal of support for cultural programmes under the Trump administration have underscored that belief in art and ideas as instruments of American soft power is waning. In March 2025, following Elon Musk’s dismissal of the international broadcaster Voice of America as a “relic of the past” that “nobody listens to” any more, Trump ordered the US Agency for Global Media — the body that oversees VOA — to be reduced to the minimum level required by law. What resulted was not simply a diminished US cultural presence abroad, but a nation less certain of the value of projecting one at all. A US federal judge subsequently ruled that the effective shutdown violated the Administrative Procedure Act, ordering the agency’s operations, staffing and broadcasting activities to be fully restored.

O’Hara was not a very political person — or at least he liked to seem that way. Even during the activist decade of the 1960s, and as a close friend of figures like Allen Ginsberg, he found loud ideological declarations gauche and preferred the freedom to change his mind. Yet he was a progressive at heart and a life-long anti-fascist ever since he resented being made to pray for Franco’s success in grade school.

He never doubted the abstract expressionists’ bona fides or their authenticity. For him, it was inconceivable that their work would serve merely as window-dressing or chic decoration for Upper West Side penthouses. It was raw and real, built from the residue of everyday life. In an uncertain and anxious moment in American history, their painting offered a model of commitment that he found irresistible. This conviction is evident in his 1959 monograph on Pollock — the first devoted to the artist — published in the same year that O’Hara organised Pollock’s memorial retrospective at the Musée National d’Art Moderne in Paris. (Pollock had died three years earlier in a drunken car crash in Springs, Long Island.)

In the book, O’Hara lingers over Pollock’s “classical period”, pausing before the painting “Full Fathom Five”, with its familiar drips and splattered paint marks — the “linear trailings of black, flowery-white and aluminum” that have come to stand for Pollock’s brief but monumental achievement. Yet O’Hara looked closer, attending less to the gesture than to the debris caught on the surface: “a number of extraneous objects . . . like souvenirs of accident: a cigarette, half its paper torn off to expose the tobacco, two keys, nails, a cluster of tacks, and paint-tube tops making little blind eyes here and there”. For O’Hara, these fragments registered the contingencies of making itself, the small physical traces of a struggle between accident and intuitive decision-making. It was these qualities that he sought to cultivate in his poetry. Pollock, he concluded, exemplified “the affirmation of an artist who was totally conscious of risk, defeat and triumph. He lived the first, defied the second and achieved the last.”

Now a 30-year-old, and allegedly a day after Pollock’s funeral, O’Hara wrote “A Step Away from Them”, a poem that records a frenetic carousel of images captured on his break from the museum: “It’s my lunch hour, so I go/for a walk among the hum-colored/cabs . . .” before reaching Times Square “where the sign/blows smoke over my head”.

As O’Hara moved through the city streets, the plentiful distractions of a consumerist metropolis — a cheeseburger on the corner, neon in daylight, magazines with nudes, more cigarettes — unfolds with the quickened sense of attention that would become his signature style. Yet beneath the poem’s buoyant surface runs a quieter awareness of mortality. Pollock’s death shadows the walk, briefly surfacing in a passing line before dissolving again into the flow of the afternoon.

Many of O’Hara’s poems read less like escapes from work than dispatches from inside it. In the poem “Radio”, O’Hara bemoans a working week of trudging “fatiguingly/from desk to desk in the museum”, but his Saturday afternoon is redeemed by listening to classical music and having “my beautiful de Kooning” — the painting “Summer Couch”, which O’Hara owned and hung on the wall of his apartment at 326 East 49th Street — to “aspire to”. Spending time with paintings was a busman’s holiday for him, and that was the way he liked it. While some museum bureaucracy was unavoidable, he succeeded in his position because, as his friend the critic Irving Sandler put it, “What was really important about his public role was that it augmented his private role, that of the friend of the artists.”

It was O’Hara’s own death in 1966 that prevented him from curating the first major survey of de Kooning at MoMA. The Rotterdam-born painter, who had arrived in New York as a stowaway in 1926, believed O’Hara was the only American he could trust to undertake the project.

O’Hara died at the age of 40, in July 1966, after a 23-year-old accidentally careered a White Cap Taxi Company jeep into him on a Fire Island beach in the early hours after a party. At his funeral, Larry Rivers — painter, jazz saxophonist and notorious philanderer — gave the eulogy for his longtime collaborator and one-time lover. He declared: “Frank O’Hara was my best friend. There are at least 60 people in New York who thought Frank O’Hara was their best friend.” The poet’s absence left a noticeable gap in postwar American culture: few figures had moved so easily between the studio, the museum, the poem and the street.

O’Hara’s most enduring advice for anyone looking to art for guidance amid the confusions of the present can be found in his 1964 interview with David Smith on the TV series Art: New York, in which he reflects on the sculptor’s wrought iron and stainless steel works. For O’Hara, they were not merely objects to be admired but occasions for a certain discipline of attention — a reminder that the seriousness of art lies in the alertness it demands from those who encounter it.

As he commented: “They present a total attention, and they are telling you that that is the way to be: on guard. In a sense, they are benign, because they offer themselves for your pleasure. But beneath that kindness is a warning: don’t be bored, don’t be lazy, don’t be trivial, and don’t be proud. The slightest loss of attention leads to death.”

More than 60 years later, the warning has acquired a different kind of edge. The America O’Hara moved through — anxious and conformist but still convinced that its culture was something worth sending into the world — has given way to one less certain of that proposition. Rockefeller’s International Program, the American Pavilion at Venice, The New American Painting at the Tate: all were expressions of a belief, however cynically administered, that the US had something to say, and that painting was one way of saying it. The apparatus still exists, just about. But the vision that once sustained a programme of American high art abroad is being dismantled with conviction, not disinterested neglect. The imagery America now projects most fluently is AI-generated: optimised, authorless — the president rendered as Christ healing the sick.

O’Hara’s poems were only accidentally interested in America as an idea — they were actively concerned with what the people he loved did on a Friday lunchtime before the long weekend. But that insistence on the local and the particular was itself a form of political argument: here was an art rooted in individual freedom, in the unglamorous ecstasy of the present moment. It was an art whose every impulse was towards the immediate rather than the instrumental.

His poems capture the passing of hours and the conditions under which those hours are lived: the pressures of conformity, the allure of freedom, the small, stubborn acts of attention through which a life takes shape. In an age where experience is parcelled out through screens, artificial intelligence and algorithms, O’Hara’s commitment to marking the energy of the moment — to all those lunch breaks, paintings, friends and chance encounters — carries an unexpectedly political charge. It locates culture not in what a nation chooses to project, or not, abroad, but in what can be seen, felt and shared within the fabric of everyday life. He was born, officially, on the wrong day. He spent his life making the right one matter.

FT : Europe Express: the spectre of Jordan Bardella

Europe Express: the spectre of Jordan Bardella
The French far-right could dynamite the relationships fundamental to the European project

Passing the baton
We will find out which far-right candidate on July 7, when a Paris court rules on the appeal brought by Marine Le Pen, parliamentary leader of the Rassemblement National party, against her conviction for fraud, which came with a five-year ban on holding elected office. 

Le Pen has said she will hand the baton to party president Jordan Bardella if she loses her appeal. Her chances of overturning the sentence or drastically reducing the disqualification from office appear slim, given the evidence against her in the case. 

Theoretically, if she persisted with her candidacy, while still banned, it would in effect trigger a further review by the Constitutional Council, France’s highest court on electoral matters, of her right to run. The risk is if she lost that appeal, the RN would be forced to switch horses perilously late in the race. 

Pole position
There’s a long way to April’s first round election, but whether it is Le Pen or Bardella, the RN looks all but assured of coming comfortably first on 32-35 per cent, according to an Elabe poll in late March.

Meanwhile, as my colleague Leila Abboud explains, there is an usually crowded field of potential runners and riders on the political centre ground including in Macron’s camp. Unless they can coalesce in the coming months, the chances of a far right victory will only grow.

For all these reasons, Bardella’s moves and utterances are attracting closer scrutiny in European capitals. In an interview with Frankfurter Allgemeine Zeitung this week, Bardella promised friendship and co-operation with Germany if elected. There was room for co-operation with German Chancellor Friedrich Merz on cutting business regulation, watering down the EU’s green deal and clamping down on immigration, he said. 

These are issues where Merz has already found common cause with Italy’s rightwing prime minister Giorgia Meloni. The echo with Meloni seems deliberate: Bardella would like to be seen as similarly sensible and pragmatic, working with like-minded rightwing leaders to change the EU from the inside.

No Meloni
In reality, Bardella would be anything but, as his FAZ interview underscored. If he was president, France would unilaterally pull out of EU asylum and immigration policy and disregard its legal obligations under EU law in this field. It would also rip up EU rules on electricity market pricing.

The RN would also pull France out of Nato’s integrated military command once Russia’s war against Ukraine is over. To be sure, this would be reverting to the country’s position within the alliance from 1966 to 2009. But US disengagement from Nato under Donald Trump has changed the context dramatically. For Europeans, there is no real alternative than pulling together more closely to “Europeanise” Nato. France and the UK are leading those efforts.

Collision course
In contrast to Bardella, Meloni has remained fully committed to the Atlantic alliance and has stuck studiously to Italy’s EU obligations, although recent proposals from Rome to change electricity pricing may well fall foul of the bloc’s rules. 

If cherry picking EU policies was not bad enough, two other Bardella proposals would go down particularly badly in Berlin (neither of them, funnily enough, cropped up in his interview with the German daily). The RN wants to unilaterally cut billions from the French contribution to the EU budget, an affront to Germany which has long been the EU’s paymaster and will balk at having to pay more because of Paris. Bardella has also floated the idea, radioactive in Germany, of the European Central Bank monetising French debt.

Policies like these would put Paris on a collision course with Berlin, not just with the EU institutions, dynamiting a Franco-German relationship that for all its tensions and limitations has been fundamental to the European project. 

Double blow
The German political establishment is already reeling from its estrangement from the US, so the “idea that they lose the axis with Paris, that’s a double blow”, says the senior EU policymaker.

The French far-right threat has been hanging over Europe for a long time, said a senior European diplomat, but the damage would be greater now given a dearth of leadership elsewhere in the bloc, including in Berlin. EU officials are sceptical that Merz and Meloni, despite their conservative kinship, could form a replacement for the Franco-German engine.

“If you have a rather dysfunctional German government and a populist rightwing French government opposed to new proposals coming from Brussels, the EU would become even more dysfunctional than it is now,” the diplomat said.

Ben’s picks of the week: 
Sarah White examines the le Total bashing gripping France, a proxy for suspicion of capitalism in populist times.

Paola Tamma and Barbara Moens look at what would happen to tech services in Europe if the US pulled a killed switch.