>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • LHX +12.7%, ORA +6.1%, RVTY +5.9%, ELVR +5.2%, HIVE +2.2%, ARGX +2.1%, OPCH +2%, BRCC +1.9%, THH +1.6%, IVZ +1.5%, ITRG +1.2%, W +1%, PSNL +0.9%, NTST +0.9%, MSTR +0.7%, APAM +0.7%
  • Gapping down:
    • TVTX -27.1%, INV -3.9%, GDS -3.3%, XPEV -1.9%, CRL -1.3%, SSSS -0.9%, COHR -0.7%, USFD -0.5%

>>> Europe : Brokers Upgrades & Downgrades - 13th of January 2026 V3(++)

>>> Up
* Aena Raised to Neutral at BofA (+)
* Albemarle Raised to Buy at Deutsche Bank; PT $185
* AMD Raised to Overweight at KeyBanc; PT $270
* Analog Devices PT Raised to $375 from $330 at KeyBanc (++)
* Anglogold Raised to Neutral at Nedbank CIB; PT $90.22
* Atoss Software Raised to Buy at Jefferies; PT 140 euros
* Bankinter Raised to Buy at Alantra Equities; PT 17 euros (++)
* Bittium Raised to Accumulate at Inderes; PT 36 euros
* CaixaBank Raised to Buy at Alantra Equities; PT 12 euros (++)
* Colgate-Palmolive Raised to Equal-Weight at Wells Fargo (++)
* Expedia PT Raised to $270 from $180 at Morgan Stanley (++)
* Intel Raised to Overweight at KeyBanc; PT $60
* ISS Raised to Buy at BofA (+)
* Kone Raised to Sector Perform at RBC
* Lagercrantz Raised to Buy at Pareto Securities; PT 240 kronor
* Land Sec. Raised to Neutral at Van Lanschot Kempen; PT 650 pence (++)
* Lattice Semi PT Raised to $95 from $85 at KeyBanc (++)
* LEG Immobilien Raised to Buy at Van Lanschot Kempen; PT 80 euros (++)
* Lufthansa Raised to Buy at DBS Bank; PT 10 euros
* Micron PT Raised to $450 from $325 at KeyBanc (++)
* Ontex Raised to Accumulate at KBC Securities; PT 6.50 euros (+)
* Pan African Raised to Overweight at Nedbank CIB; PT 149.27 pence
* PVA TePla Raised to Buy at Jefferies; PT 31 euros
* Shurgard Raised to Buy at Van Lanschot Kempen; PT 36 euros (++)
* Trustpilot Raised to Hold at Panmure Liberum; PT 220 pence (++)
* Verbio SE Raised to Buy at mwb research AG; PT 28 euros (++)
* Wereldhave Raised to Buy at Van Lanschot Kempen; PT 22 euros (++)
* Yara Raised to Buy at Danske Bank Markets; PT 445 kroner (++)
* Zalando Raised to Overweight at Barclays; PT 35 euros

>>> Down
* AB Foods PT Cut to 1,650 pence at Morgan Stanley
* ADP Cut to Underperform at BofA (+)
* Aedifica Cut to Neutral at Van Lanschot Kempen; PT 75 euros (++)
* Airtel Africa Cut to Hold at HSBC; PT 400 pence
* Alcoa Cut to Equal-Weight at Wells Fargo; PT $71 (++)
* ASM Intl Cut to Underperform at Jefferies; PT 495 euros
* Atrium Ljungberg Cut to Sell at Van Lanschot Kempen (++)
* BAE Cut to Hold at Deutsche Bank; PT 2,140 pence
* BMW Cut to Neutral at UBS; PT 93 euros
* Colonial SFL Socimi Cut to Sell at Van Lanschot Kempen (++)
* Continental Cut to Hold at Berenberg
* Derwent London Cut to Sell at Van Lanschot Kempen (++)
* Eiffage Cut to Neutral at BofA (+)
* Entain Cut to Add at Peel Hunt; PT 850 pence (+)
* FedEx Cut to Neutral at BNP Paribas; PT $280
* Ferrari Cut to Hold at HSBC
* Flutter PT Cut to $260 from $280 at Truist Secs (++)
* Getlink Cut to Underperform at BofA (+)
* Hammerson Cut to Neutral at Van Lanschot Kempen; PT 360 pence (++)
* Heineken Cut to Hold at HSBC; PT 78 euros
* Jet2 Cut to Hold at Goodbody; PT 1,525 pence (+)
* Kambi Cut to Hold at Jefferies; PT 140 kronor
* Leonardo Cut to Hold at Deutsche Bank; PT 57 euros
* Mastercard Raised to Buy at Compass Point; PT $735
* PayPal Cut to Neutral at Daiwa; PT $61
* Pyramid AG Cut to Speculative Buy at SMC Research; PT 1.60 euros (++)
* SMA Solar Cut to Hold at Jefferies
* Telia Cut to Neutral at UBS; PT 41.60 kronor
* Thales Cut to Hold at Deutsche Bank; PT 280 euros
* Traton Cut to Underweight at Morgan Stanley; PT 32 euros
* Trelleborg Cut to Sell at ABG; PT 350 kronor
* Vinci Cut to Underperform at BofA (+)
* Volvo Cut to Equal-Weight at Morgan Stanley; PT 323 kronor
* Vusion Cut to Neutral at BNP Paribas; PT 210 euros
* Wihlborgs Cut to Neutral at Van Lanschot Kempen; PT 95 kronor (++)

>>> Initiation
* Alpha Bank Rated New Buy at William O'Neil
* AMD Rated New Buy at China Renaissance; PT $291
* Animalcare Rated New Buy at Cavendish; PT 335 pence
* DFDS Reinstated Hold at SEB Equities; PT 105 kroner
* Disney Rated New Accumulate at Phillip Secs; PT $130
* Fuchs Rated New Overweight at JPMorgan; PT 38 euros
* Galderma Rated New Hold at Deutsche Bank; PT 165 Swiss francs
* Informa Reinstated Buy at UBS; PT 1,075 pence
* Michelin Rated New Hold at Berenberg; PT 28 euros
* Pernod Ricard Rated New Neutral at Mediobanca SpA; PT 93 euros
* Pirelli Rated New Buy at Berenberg; PT 8 euros
* Planisware Rated New Buy at UBS; PT 28 euros
* Swiss Prime Rated New Underweight at Morgan Stanley

>>> Call
* Daimler Truck a Top Pick at Morgan Stanley, Traton Downgraded
* Jefferies Sees ‘Choppy Year’ Ahead For European Semiconductors
* JPMorgan Says Prepare for More Volatility in Energy Transition (++)
* TF1, M6 Fall as Bernstein Downgrades on Weak French TV Ad View (++)

>>> Europe : Brokers Upgrades & Downgrades - 13th of January 2026 V2(+)

>>> Up
* Aena Raised to Neutral at BofA (+)
* Albemarle Raised to Buy at Deutsche Bank; PT $185
* AMD Raised to Overweight at KeyBanc; PT $270
* Anglogold Raised to Neutral at Nedbank CIB; PT $90.22
* Atoss Software Raised to Buy at Jefferies; PT 140 euros
* Bittium Raised to Accumulate at Inderes; PT 36 euros
* Intel Raised to Overweight at KeyBanc; PT $60
* ISS Raised to Buy at BofA (+°
* Kone Raised to Sector Perform at RBC
* Lagercrantz Raised to Buy at Pareto Securities; PT 240 kronor
* Lufthansa Raised to Buy at DBS Bank; PT 10 euros
* Ontex Raised to Accumulate at KBC Securities; PT 6.50 euros (+)
* Pan African Raised to Overweight at Nedbank CIB; PT 149.27 pence
* PVA TePla Raised to Buy at Jefferies; PT 31 euros
* Zalando Raised to Overweight at Barclays; PT 35 euros

>>> Down
* AB Foods PT Cut to 1,650 pence at Morgan Stanley
* ADP Cut to Underperform at BofA (+)
* Airtel Africa Cut to Hold at HSBC; PT 400 pence
* ASM Intl Cut to Underperform at Jefferies; PT 495 euros
* BAE Cut to Hold at Deutsche Bank; PT 2,140 pence
* BMW Cut to Neutral at UBS; PT 93 euros
* Continental Cut to Hold at Berenberg
* Eiffage Cut to Neutral at BofA (+)
* Entain Cut to Add at Peel Hunt; PT 850 pence (+)
* FedEx Cut to Neutral at BNP Paribas; PT $280
* Ferrari Cut to Hold at HSBC
* Getlink Cut to Underperform at BofA (+)
* Heineken Cut to Hold at HSBC; PT 78 euros
* Jet2 Cut to Hold at Goodbody; PT 1,525 pence (+)
* Kambi Cut to Hold at Jefferies; PT 140 kronor
* Leonardo Cut to Hold at Deutsche Bank; PT 57 euros
* Mastercard Raised to Buy at Compass Point; PT $735
* PayPal Cut to Neutral at Daiwa; PT $61
* SMA Solar Cut to Hold at Jefferies
* Telia Cut to Neutral at UBS; PT 41.60 kronor
* Thales Cut to Hold at Deutsche Bank; PT 280 euros
* Traton Cut to Underweight at Morgan Stanley; PT 32 euros
* Trelleborg Cut to Sell at ABG; PT 350 kronor
* Vinci Cut to Underperform at BofA (+)
* Volvo Cut to Equal-Weight at Morgan Stanley; PT 323 kronor
* Vusion Cut to Neutral at BNP Paribas; PT 210 euros

>>> Initiation
* Alpha Bank Rated New Buy at William O'Neil
* AMD Rated New Buy at China Renaissance; PT $291
* Animalcare Rated New Buy at Cavendish; PT 335 pence
* DFDS Reinstated Hold at SEB Equities; PT 105 kroner
* Disney Rated New Accumulate at Phillip Secs; PT $130
* Fuchs Rated New Overweight at JPMorgan; PT 38 euros
* Galderma Rated New Hold at Deutsche Bank; PT 165 Swiss francs
* Informa Reinstated Buy at UBS; PT 1,075 pence
* Michelin Rated New Hold at Berenberg; PT 28 euros
* Pernod Ricard Rated New Neutral at Mediobanca SpA; PT 93 euros
* Pirelli Rated New Buy at Berenberg; PT 8 euros
* Planisware Rated New Buy at UBS; PT 28 euros
* Swiss Prime Rated New Underweight at Morgan Stanley

>>> Call
* Daimler Truck a Top Pick at Morgan Stanley, Traton Downgraded
* Jefferies Sees ‘Choppy Year’ Ahead For European Semiconductors

>>> Europe : Brokers Upgrades & Downgrades - 13th of January 2026

>>> Up
* Albemarle Raised to Buy at Deutsche Bank; PT $185
* AMD Raised to Overweight at KeyBanc; PT $270
* Anglogold Raised to Neutral at Nedbank CIB; PT $90.22
* Atoss Software Raised to Buy at Jefferies; PT 140 euros
* Bittium Raised to Accumulate at Inderes; PT 36 euros
* Intel Raised to Overweight at KeyBanc; PT $60
* Kone Raised to Sector Perform at RBC
* Lagercrantz Raised to Buy at Pareto Securities; PT 240 kronor
* Lufthansa Raised to Buy at DBS Bank; PT 10 euros
* Pan African Raised to Overweight at Nedbank CIB; PT 149.27 pence
* PVA TePla Raised to Buy at Jefferies; PT 31 euros
* Zalando Raised to Overweight at Barclays; PT 35 euros

>>> Down
* AB Foods PT Cut to 1,650 pence at Morgan Stanley
* Airtel Africa Cut to Hold at HSBC; PT 400 pence
* ASM Intl Cut to Underperform at Jefferies; PT 495 euros
* BAE Cut to Hold at Deutsche Bank; PT 2,140 pence
* BMW Cut to Neutral at UBS; PT 93 euros
* Continental Cut to Hold at Berenberg
* FedEx Cut to Neutral at BNP Paribas; PT $280
* Ferrari Cut to Hold at HSBC
* Heineken Cut to Hold at HSBC; PT 78 euros
* Kambi Cut to Hold at Jefferies; PT 140 kronor
* Leonardo Cut to Hold at Deutsche Bank; PT 57 euros
* Mastercard Raised to Buy at Compass Point; PT $735
* PayPal Cut to Neutral at Daiwa; PT $61
* SMA Solar Cut to Hold at Jefferies
* Telia Cut to Neutral at UBS; PT 41.60 kronor
* Thales Cut to Hold at Deutsche Bank; PT 280 euros
* Traton Cut to Underweight at Morgan Stanley; PT 32 euros
* Trelleborg Cut to Sell at ABG; PT 350 kronor
* Volvo Cut to Equal-Weight at Morgan Stanley; PT 323 kronor
* Vusion Cut to Neutral at BNP Paribas; PT 210 euros

>>> Initiation
* Alpha Bank Rated New Buy at William O'Neil
* AMD Rated New Buy at China Renaissance; PT $291
* Animalcare Rated New Buy at Cavendish; PT 335 pence
* DFDS Reinstated Hold at SEB Equities; PT 105 kroner
* Disney Rated New Accumulate at Phillip Secs; PT $130
* Fuchs Rated New Overweight at JPMorgan; PT 38 euros
* Galderma Rated New Hold at Deutsche Bank; PT 165 Swiss francs
* Informa Reinstated Buy at UBS; PT 1,075 pence
* Michelin Rated New Hold at Berenberg; PT 28 euros
* Pernod Ricard Rated New Neutral at Mediobanca SpA; PT 93 euros
* Pirelli Rated New Buy at Berenberg; PT 8 euros
* Planisware Rated New Buy at UBS; PT 28 euros
* Swiss Prime Rated New Underweight at Morgan Stanley

>>> Call
* Daimler Truck a Top Pick at Morgan Stanley, Traton Downgraded
* Jefferies Sees ‘Choppy Year’ Ahead For European Semiconductors

>>> What to look at today - 13th of January 2026

Asian shares climbed to a record as cheaper valuations and regional growth prospects drew investors broadening their focus beyond US markets. The MSCI Asia Pacific Index advanced 1% to an all-time high, with most subsectors gaining. Asian shares have outpaced the S&P 500 this year, even as the US benchmark also hit a record high. Gold and silver pared earlier losses as Citigroup Inc. issued a bullish outlook for them. Much of the action was in Japan, where stocks jumped and government bond yields surged on speculation that Prime Minister Sanae Takaichi might call a snap election. The yen dropped to its weakest level against the dollar since July 2024, as losses accelerated following a report on elections. Defense and nuclear stocks rose in the so-called “Takaichi trade,” which has helped fuel equity gains, bond losses and a weak Japanese currency.  Asian shares, relatively cheaper even after three years of gains, face key risks this week from US inflation data and a possible Supreme Court ruling on President Donald Trump’s tariffs. The momentum in stocks suggested investors are looking beyond the US, where renewed attacks by the Trump administration on the Federal Reserve have raised concerns over central-bank independence. Global investors have become “more open to geographically diversifying their equity exposure, and has been presented with some new reasons to potentially do so as the new year has gotten underway,” wrote Lori Calvasina, US equity strategist at RBC Capital Markets LLC, in a note.  Asian shares are cheaper compared with US benchmarks. The MSCI Asia Pacific Index trades at about 15 times earnings, compared with about 22 times for the S&P 500 and 25 times for the Nasdaq 100, according to data compiled by Bloomberg. Elsewhere, Treasuries and a gauge of the dollar steadied after declining during the US session as the Trump administration escalated its attacks on the Fed. On Sunday, Fed Chair Jerome Powell said the central bank had been served grand jury subpoenas from the Justice Department threatening a criminal indictment. The latest salvo between the Trump administration and the Fed comes as investors navigate a chaotic backdrop.  The president has taken aim at credit card companies, homebuilders and defense contractors — while also considering a US role in the Iranian protests after capturing Venezuela’s leader earlier in January. Late Monday, Trump said he would impose a 25% tariff on any country that’s “doing business” with Iran, sending crude oil higher.
The US core consumer price index, regarded as a measure of underlying inflation because it strips out volatile food and energy costs, is seen rising 2.7% in December from a year earlier.  Fourth-quarter US earnings, meanwhile, kick off in earnest later this week and are expected to show healthy performance, according to Michael Casper and Wendy Soong at Bloomberg Intelligence.  Investors in Asia are focused on the developments in Japan. The yen underperformed its Group-of-10 peers amid speculation a snap election would lead to higher fiscal outlay and faster inflation. The currency extended its losses and fell as much as 0.5% to 158.91 per dollar on Tuesday, surpassing the previous low of 158.87 in January 2025. Local media reported Takaichi, who has sought to mitigate the impact of rising costs of living with a stimulus package, may call for a vote.  US After Hours TVTX -18.9% under pressure following guidance; RVTY +5.9% and OPCH +4.5% higher on guidance; ORA +3.3% on 20-year PPA with Switch.

Nikkei +3.10% Hang Seng +0.54%% CSI -0.74%% Shanghai -0.73% Shenzen -1.55%

Eur$ 1.1655 CNH 6.9708 CNY 6.9754 JPY 158.74 GBP 1.3476 CHF 0.7972 RUB 78.3683 TRY 43.1546 WTI$ 59.74 +0.40% Gold 4,598.06 +0.02% BTC 91,399 +0.53% ETH 3,118 +1.07%

S&P -0.06% Nasdaq -0.12% EuroStoxx +0.30% FTSE -0.05% Dax +0.14% SMI -0.11%

Macro :
- Scoop: Bessent told Trump that investigation of Fed chair creates a "mess"
- Trump Administration Close to Finalizing Taiwan Trade Pact
- Trump Says Microsoft Will Make Changes on Data Centers
- Citigroup Sees Gold at $5,000 and Silver at $100 in Bull Market
- Coutts in talks with Apollo and Ares over private markets funds for rich clients

Keep an eye on :
- ABBV US : AbbVie and Trump Administration Reach Agreement
- AGR AV : Agrana 3Q Ebit EU46.4M
- AIR FP : Airbus Delivered 793 Aircraft in 2025, Target Was About 790
- AIR FP : ENGINE SHORTAGES WILL STILL BE A PROBLEM IN 2026: AIRBUS
- AIR FP : Aviation Capital to Order 50 Boeing 737 Max Series Aircraft
- ALV GY : Aware Super Buys Into €2.6 Billion European Mall Platform
- AMS SW : Ams-Osram Says It’s in Advanced Talks to Sell Some Businesses
- AAPL US : Apple, Google Confirm Multiyear Deal for AI Technology, Siri
- MT NA : Italian steel plant demands €7bn in damages from ArcelorMittal
- ARGX BB : Argenx Gets US Priority Review for Vyvgart in AChR-Ab gMG
- BBVA SM : BBVA to Generate €49B in Capital by 2028: Chairman
- BA US : Aviation Capital to Order 50 Boeing 737 Max Series Aircraft
- BC IM : Brunello Cucinelli 4Q Net Revenue Meets Estimates, Brunello Cucinelli Results In-Line, May Reassure: Street Wrap
- CAVA US : Cava Names Doug Thompson COO
- CTY1S FH : Citycon Decides on One-Time Equity Repayment of €0.20/Share
- ACA FP : Credit Agricole Confirms ECB Approval to Boost Banco BPM Stake
- EDF FP : EDF Could IPO Up to 30% of Edison Unit in Milan Exchange: Sole
- GILD US : Gilead Gains During Presentation, Says Yeztugo Guidance Reached
- GOOGL US : Wayfair Partners With Google on AI-Powered Shopping; Shares Rise
- KOMN SW : CFO Christian Maeder to Leave Komax Group End of June
- LEON SW : Leonteq Gets German License Extension From Regulator BaFin
- LISN SW : Lindt & Spruengli FY Sales Meet Estimates
- LLBN SW : LGT and LLB Establish Liechtensteinisches Pfandbriefinstitut
- MAERSKB DC : Maersk Sails Through Red Sea With Another Container Vessel
- MDT US : Medtronic Partners With Neuralink Rival Precision for Brain Tech
- MRK US : Merck Wants to Do More Multi Tens of Billion-Dollar Deals
- META US : Meta Plans to Cut Around 10% of Employees in Reality Labs Business
- ML FP : Michelin Says CEO Florent Menegaux’s Term Renewed for Four Years
- NDX1 GY : Nordex 4Q 2025 Order Intake EU3.18b Vs. EU2.89b Y/y
- NVDA US : Nvidia Says No Upfront Payment Needed for H200 Chips: Reuters
- ONTEX BB : Ontex Accelerates CEO Transition, Launches Strategic Review
- Open AI ; OpenAI Set to Run Another Super Bowl Ad as Chatbot Competition Heats Up -- WSJ
- ORSTED DC : Orsted Wins Ruling to Resume US Wind Project Halted by Trump (3)
- 000660 KS : SK Hynix Plans to Invest $13 Billion in New Chip Packaging Plant
- SN/ LN : Smith & Nephew to Buy Integrity Orthopaedics for Initial $225M
- SECARE SS : Symrise AG to Divest Terpenes and Invest in Swedencare
- SIKA SW : Sika Reports FY Preliminary Sales of CHF11.2B
- SLBD US : Solid Biosciences Gets FDA Orphan Drug Designation for SGT-212
- SZU GY : Suedzucker 9M Operating Profit EU95M Vs. EU236M Y/y
- SY1 GY : Symrise AG to Divest Terpenes and Invest in Swedencare
- TOM2 NA : TomTom and Miovision partner to deliver advanced data analytics for improved traffic signal optimization
- UCB BB : UCB Confirms 2025 Outlook on Strong Performance
- URW FP : Unibail-Rodamco-Westfield Holder Offers 2.2M Shares: Terms
- WBD US : Warner Bros. Says Paramount Yet to Address Deficiencies of Offer

>>> TradeGate Pre-Market Indications

DAX:
  • Symrise (SY1 TH) +4.6%
    • Symrise AG to Divest Terpenes and Invest in Swedencare
  • Zalando (ZAL TH) +2.4%
    • Zalando Raised to Overweight at Barclays; PT 35 euros
  • Siemens Energy (ENR TH) +0.5%
    • Watch European Clean-Energy Stocks After Orsted Wins US Ruling
  • BMW (BMW TH) -0.9%
    • BMW Cut to Neutral at UBS; PT 93 euros
  • Continental (CON TH) -0.9%
    • Continental Cut to Hold at Berenberg
MDAX:
  • TKMS (TKMS TH) +2.4%
  • Fuchs (FPE3 TH) +1.8%
  • Nordex (NDX1 TH) -0.3%
    • Nordex 4Q 2025 Order Intake EU3.18b Vs. EU2.89b Y/y
  • Traton (8TRA TH) -3.8%
    • Daimler Truck a Top Pick at Morgan Stanley, Traton Downgraded
SDAX:
  • PVA TePla (TPE TH) +4.5%
    • PVA TePla Raised to Buy at Jefferies; PT 31 euros
  • Atoss Software (AOF TH) +2.8%
    • Atoss Software Raised to Buy at Jefferies; PT 140 euros
  • SMA Solar (S92 TH) -3.5%
    • SMA Solar Cut to Hold at Jefferies

>>> Stoxx 600 Pre-Market Indications

  • Orsted (D2G TH) +9.2%
    • Orsted Wins Ruling to Resume US Wind Project Halted by Trump (3)
  • Symrise (SY1 TH) +4%
    • Symrise AG to Divest Terpenes and Invest in Swedencare
  • Vestas (VWSB TH) +2.4%
    • Watch European Clean-Energy Stocks After Orsted Wins US Ruling
  • Zalando (ZAL TH) +2.3%
  • Fuchs (FPE3 TH) +1.8%
  • Novo (NOV TH) +1.7%
  • Aker BP (ARC TH) +1.4%
  • Continental (CON TH) -1.1%
    • Continental Cut to Hold at Berenberg
  • Roche (RHO5 TH) -1.1%
  • Vinci (SQU TH) -1.2%
  • Carrefour (CAR TH) -1.3%
  • ASM Intl (AVS TH) -1.8%
    • ASM Intl Cut to Underperform at Jefferies; PT 495 euros
  • Sika (SIKA TH) -2%
    • Sika Reports FY Preliminary Sales of CHF11.2B

The Information : OpenAI Agrees to Buy AI Healthcare App For About $100 Million

OpenAI Agrees to Buy AI Healthcare App For About $100 Million

The Takeaway
  • OpenAI has agreed to buy AI healthcare app Torch for about $100 million in equity
  • Torch’s technology unifies disparate medical data for personalized insights
  • Acquisition should bolster OpenAI’s personalized ChatGPT health assistant plans

OpenAI has agreed to buy Torch, a one-year-old AI healthcare app, for about $100 million in equity, according to a person with direct knowledge of the acquisition.

Torch enables customers to view and analyze their health data from health systems such as Kaiser Permanente, medical scanning firms like Prenuvo, and apps that track physical activities such as Apple Health. The deal value includes $60 million now and the rest in equity to retain employees, according to a second person familiar with the acquisition.

The purchase of the startup could bolster OpenAI’s own plans to offer a personalized healthcare assistant in ChatGPT that analyzes medical records and advises customers on health issues. Torch says its product relies in part on AI models from OpenAI to provide personalized medical insights based on the data. It isn’t clear how many people use Torch, which operates as a chatbot and is open to a private group of users.

All four employees of Torch, including CEO Ilya Abyzov, plan to join OpenAI. They started Torch last year after their last startup—health clinic operator Forward—shut down in late 2024. The startup has raised a small amount of early funding from ex-Forward CEO Adrian Aoun, who also co-founded Torch, First Round Capital and others.

After Torch’s founders posted on X about the deal, OpenAI said on X: “Bringing this together with ChatGPT Health opens up a new way to understand and manage your health.”

The acquisition comes as AI-native startups rush to capitalize on public interest in using chatbots to answer health-related questions and resolve long-standing healthcare problems. such as the difficulty of collecting their own health history.

Last week, OpenAI said it was introducing a ChatGPT Health tab that people could use to ask questions informed by their own medical records and data from fitness apps, including Apple Health and MyFitnessPal. Over the weekend, Anthropic unveiled healthcare features for its chatbot Claude, including giving subscribers the ability to connect Claude to their medical records and fitness results.

For OpenAI, the Torch employees bring technical experience in uniting disparate medical information and accurately valuing them. For instance, the software can figure out how to navigate conflicting data, say from a fitness tracker and doctor’s office.

WSJ : Military Experts Reject Trump’s Logic That U.S. Must Own Greenland to Defe

Military Experts Reject Trump’s Logic That U.S. Must Own Greenland to Defend It
President’s assertion runs counter to decades of policy and undermines deterrence, say former military and diplomatic officials

President Trump’s assertion that the U.S. must own Greenland for defense contradicts decades of U.S. policy and undermines its global network of bases, experts say.
The U.S. operates over 128 foreign bases in at least 51 countries without owning the land, relying on bilateral agreements with host nations.
Critics argue that Trump’s stance on Greenland weakens alliance solidarity and American credibility, posing a threat to the 32-country NATO alliance.

President Trump’s assertion that the U.S. must own Greenland to expand its defenses there runs counter to decades of policy and undermines the deterrence of its global network of bases and alliances, say former American military and diplomatic officials.

Trump has said the U.S. should have full control of the island, a semiautonomous Danish territory that is larger than Alaska. In recent days, he has said the U.S. needs to own it to assure Arctic and U.S. security.

“When we own it, we defend it. You don’t defend leases the same way. You have to own it,” Trump said Friday. “And we’ll have to defend Greenland. If we don’t do it, China or Russia will.”

But military officials and diplomats say the U.S. has built the world’s most formidable assembly of overseas military bases without owning foreign soil.

The Defense Department manages or uses more than 128 foreign bases in at least 51 countries, according to a Congressional Research Service report from 2024. Independent analyses have said the total number, including smaller facilities, could top 750 installations in 80 countries and territories. Many date to World War II and the Cold War.

In almost all cases, land is provided by host countries under bilateral agreements, without a change of ownership. Host countries generally permit the U.S. to build and operate facilities, as spelled out in detailed diplomatic documents.

“We don’t need ‘ownership’ in order to conduct all the operations we would like to do,” said retired Navy Adm. James Stavridis, a former supreme allied commander of the North Atlantic Treaty Organization.

Overseas bases are the backbone of America’s global defense posture, which a Defense Department document describes as “the fundamental enabler of U.S. defense activities and military operations,” which also advances U.S. strategic interests, according to the Congressional report. Of 1.3 million active-duty U.S. military personnel, almost 13% are based overseas, according to the Defense Department.

The biggest U.S. overseas military installations are in Japan, Germany and South Korea. Those countries and other allies not only provide land but also contribute to U.S. operating costs.

According to the Pentagon, more than 53,000 active-duty troops are stationed in bases across Japan and more than 36,000 are in Germany. Landstuhl Regional Medical Center there is the Pentagon’s largest overseas medical facility, treating servicemembers from across the hemisphere. The adjacent Ramstein Air Base employs more than 12,000 service members and civilians on approximately 4,000 acres.

Over the past 15 or so years the Pentagon has shifted away from running its own large overseas installations to using sites belonging to allies and partners, an approach dubbed “places, not bases,” according to the Congressional report.

The Guantánamo Naval Station in Cuba is an exception where the host country deems U.S. presence illegitimate. The facility was established under open-ended diplomatic agreements struck decades before the 1958 communist revolution. But even there, the U.S. doesn’t own the land.

Greenland, located just north of eastern Canada, is a crucial gateway to the Arctic Ocean. It also sits beneath the flight paths of potential intercontinental ballistic missiles fired from parts of Russia or China.

Danish leaders have said Greenland isn’t up for grabs and any decisions about the island’s future lies primarily with its 57,000 residents.

The U.S. since the 1940s has considered Greenland crucial to national security and during the Cold War had 17 bases on the territory. The U.S. now operates just one base there, a Space Force facility focused on tracking potential missile attacks.

Denmark, a founding member of NATO, has said it is open to discussing an expanded U.S. footprint on Greenland. Copenhagen last year also bowed to pressure from Trump and pledged to significantly boost its own Arctic military presence.

“Greenland, and the sovereign state Denmark, have always been courteous and responsive hosts going back many decades,” said Stavridis.

Richard Fontaine, who served as a foreign-policy adviser to former Republican Sen. John McCain, among other diplomacy-related positions, said Trump’s argument that “you don’t defend leases” amounts to a “No One Washes a Rental Car theory of international relations.” In other words, a country only defends or cares about its own territory, but not that of other countries.

“That makes sense for private property but not for nations,” said Fontaine, who now runs the Center for a New American Security, a think tank in Washington. He said that the U.S. is committed to defending many allies without owning their territory.

Trump defended Israel last year, Fontaine noted as an example, and many allies have fulfilled pledges to defend the U.S. “The whole point of alliances is mutual defense of one another’s territory,” he said.

U.S. Air Force Gen. Alexus Grynkewich, NATO’s supreme commander, said on Sunday in Sweden that allies are expanding joint Arctic activities and “military cooperation in this region has never been stronger.” He declined to “comment on the political dimensions of recent rhetoric.”

Former U.S. Ambassador to NATO Ivo Daalder said Trump’s stated desire to take Greenland “poses a grave threat” to the 32-country alliance.

“Merely suggesting that the U.S. can only be secure if it owns Greenland raises fundamental questions about its willingness to defend countries that it doesn’t own,” said Daalder.

Daalder was one of 14 former diplomats and national-security officials from both parties who on Friday published a letter praising Denmark as a staunch ally and criticizing Trump’s posture on Greenland.

“Far from strengthening U.S. security, musing about taking Greenland only weakens Alliance solidarity, undermines American credibility as a trusted ally, and diminishes deterrence,” the letter says.

Greenlanders Begin to Take Trump’s Calls for the Island Seriously

Administration officials have been scornful of such thinking, reflecting a fundamental shift in American foreign policy that was set out most starkly last month in a new national-security strategy. Its fifth paragraph says that after the Cold War, “American foreign policy elites convinced themselves that permanent American domination of the entire world was in the best interests of our country. Yet the affairs of other countries are our concern only if their activities directly threaten our interests.”

The document is being seen as a playbook for U.S. action. White House deputy chief of staff Stephen Miller said on CNN last week that the U.S. “is the power of NATO” and that for the U.S. to secure the Arctic region and defend NATO interests, “obviously Greenland should be part of the United States.”

Even serving politicians from Trump’s own party have denounced that position.

Sen. Thom Tillis (R., N.C.) said on Wednesday in the Senate that Miller’s assertion of a need to own Greenland “is absurd.” Tillis, the Republican leader of the bipartisan Senate NATO Observer Group and a Trump supporter, lauded Denmark’s contribution to the U.S.-led war in Afghanistan as exemplary.

“This nonsense on what’s going on with Greenland is a distraction” for Trump, Tillis said, praising the president. “And the amateurs who said it was a good idea should lose their jobs.”

FT : Microsoft warns that China is winning AI race outside the west

Microsoft warns that China is winning AI race outside the west
DeepSeek’s technology is being rapidly adopted across Africa and beyond, tech group’s research shows

Microsoft has warned that US AI groups are being outpaced by Chinese rivals in the battle for users outside the west, as China combines low-cost “open” models with hefty state subsidies to gain an edge.

Brad Smith, Microsoft’s president, told the FT that the rapid adoption of Chinese AI start-up DeepSeek’s technology in emerging markets such as Africa underscores the competition American firms face around the world. 

“We have to recognise that right now, unlike a year ago, China has an open-source model, and increasingly more than one, that is competitive,” he said. “They benefit from subsidisation by the Chinese government. They benefit from subsidies that enable [them] to basically undercut American companies based on price.”

His comments come as new research from Microsoft found that the release of DeepSeek’s R1 large language model a year ago helped accelerate the uptake of AI worldwide, particularly in the global south, due to its “accessibility and low cost”. 

That has also led to China overtaking the US in the global market for so-called “open” AI models, which are often free to use, modify and integrate by developers. 

In contrast, US tech groups such as OpenAI, Google and Anthropic have instead focused on maintaining full control of their most advanced technology, profiting from it through customer subscriptions or enterprise deals.

Microsoft’s research, which is based on usage data from the tech group’s products, estimated the Chinese group has an 18 per cent share of the AI market in Ethiopia and 17 per cent in Zimbabwe. 


Smith said African countries would need broader investment from “international development banks” or “lending facilities” in order to build data centres and subsidise electricity costs.

“If we rely on private capital flows alone, I don’t think that will be sufficient to compete with a competitor that is subsidised to the degree that Chinese companies often are, especially in those parts of the world,” he said. 

However, Bright Simons, vice-president at the IMANI think-tank in Ghana and an expert on AI, said there was no “scientifically rigorous way” to determine whether DeepSeek was forging ahead in Africa, but that open-source Chinese AI systems offered cheap alternatives.

“Africans can’t afford very expensive solutions apart from open source, so you have to go to [Meta’s] Llama or Chinese options,” he said. They were also using homegrown small language models, such as Masakhane, a pan-African model, and the South African InkubaLM, he said.

Microsoft’s research also found that in countries where US technology products are limited or restricted, DeepSeek had gained a considerable lead, with a 56 per cent market share in Belarus, 49 per cent in Cuba and 43 per cent in Russia. 


DeepSeek shocked Silicon Valley when it introduced its powerful AI reasoning model R1 last year, which it claimed was trained at a lower cost with less computing power.

DeepSeek is expected to release its long-awaited new AI model before the lunar new year holiday.

Microsoft’s research showed that AI adoption is currently concentrated in developed countries, with nearly a quarter of the global north using AI in the fourth quarter of 2025, compared to 14 per cent of the global south, and 16 per cent globally. 

Smith said the growing gap was a “cause for concern” and cautioned that “if we don’t address a growing AI divide, it’s likely to perpetuate and broaden the great economic divide between north and south”.

He noted that this was a key battlefront in the US’s competitive race with China, and said more investment was required from private companies to build data centres and provide skills training, as well as investment from governments and financial institutions.

“What we do have is, as American companies, a stronger reputation for trust. We have access to better chips than the Chinese companies do . . . [but] you always have to compete on price,” he added.

Smith warned that a lack of attention to the uptake of AI in regions like Africa, with young, fast-growing populations, could lead to the rise of systems that are not aligned with democratic values.

“If American tech companies or western governments were to close their eyes to the future in Africa, they would be closing their eyes to the future of the world more broadly, and I think that would be a grave mistake,” he added.