FT : Novo Nordisk weight-loss drug wins US approval as a daily pill

Novo Nordisk weight-loss drug wins US approval as a daily pill
Danish company will be first to market with oral obesity treatment but rival Eli Lilly is not far behind

The US drug regulator approved a daily pill version of Novo Nordisk’s Wegovy injection, giving the Danish drugmaker a head start as the first to market in the next big competitive frontier in weight-loss treatments.

The company said it is manufacturing the drug and expects to be ready for a full launch in early January. Rival Eli Lilly is also expected to soon receive regulatory approval from the Food and Drug Administration for its pill version of popular injectable Zepbound, after announcing positive results from its latest trial last week.

Dave Moore, executive vice-president of US operations at Novo Nordisk, said: “We are confident that the expansion of Wegovy to a pill will help patients who may have not sought or accepted treatment before.”

Researchers have spent decades investigating how to bring weight-loss pills to market, which could be easier to sell than injectables that some consumers find off-putting. Pfizer, Amgen and Roche have all scrapped potential obesity pills after disappointing trials in recent years.

Novo Nordisk’s early achievement will help it win back market share from rival Eli Lilly. The Denmark-based company last month said it expected sales growth to be at the lower end of its guidance this year because of lower than expected sales of Wegovy and its tandem diabetes treatment, Ozempic.

Meanwhile, Lilly has continued to benefit from surging consumer demand for its weight-loss drugs, with purchases for the treatment more than doubling in the most recent quarter thanks to strong sales in new markets.

Novo Nordisk’s weight-loss pill contains semaglutide, the active ingredient in Wegovy and Ozempic. Lilly’s weight-loss pill contains orforglipron, while the active ingredient in its weight-loss injectable Zepbound is tirzepatide.

The Wegovy pill was effective at an average weight loss of about 17 per cent of body weight at 64 weeks, compared to Eli Lilly’s average reduction of 20.2 per cent at 72 weeks.

The Wegovy pill will be available at $149 a month after the company negotiated with Donald Trump’s administration to cut prices for obesity drugs. The White House last month said Eli Lilly’s pill would cost $346 a month through TrumpRx but future pills would also be priced at $149 a month.

FT : Alphabet agrees to buy Intersect Power for $4.75bn

Alphabet agrees to buy Intersect Power for $4.75bn
Deal will help Google’s parent company expand access to generation needed to power AI development

Alphabet agreed to acquired data centre energy group Intersect Power for close to $5bn, boosting the Google parent’s power generation as it races to develop cutting-edge artificial intelligence.

The deal, announced on Monday, would enable Alphabet to bolster its data centre capacity, said Sundar Pichai, the group’s chief executive.

“Intersect will help us expand capacity, operate more nimbly in building new power generation in lockstep with new data centre load, and reimagine energy solutions to drive US innovation and leadership.”

Intersect, which is backed by private equity group TPG, develops infrastructure, including renewable power sources, for data centre campuses.

The deal to buy Intersect for $4.75bn in cash, plus debt, broadens Alphabet’s access to power at a time when the technology giant is competing with rivals including OpenAI, Elon Musk’s xAI and Meta to train and run energy-intensive AI models.

Each of those companies has sought ways of expanding their access to power, either via the grid or by generating power on-site.

Alphabet said the deal would augment its “ongoing commitment to partnering with utilities and energy developers across the sector to unlock abundant, reliable, affordable energy supply that enables the build-out of data centre infrastructure”.

The Big Tech company took a minority stake in Intersect last year, partnering with the group to develop energy plants for data centres. Those assets, as well as Intersect’s staff, are included in the transaction.

Intersect has $15bn of assets operating in the US or under construction, according to the company. Those assets, in Texas and California, were not included in the deal and would remain under the Intersect brand, the companies said.

FT : US halts offshore wind licences over national security concerns

US halts offshore wind licences over national security concerns
Shares in Ørsted, the world’s largest offshore wind developer, fell by more than 14% after announcement

The Trump administration has suspended leases on all large offshore wind projects in a fresh attack on the sector, which the US president has repeatedly criticised.

The US government cited national security concerns as it said it was pausing the leases to the “expensive, unreliable, heavily subsidised projects”, effective immediately.

In a post on X, interior secretary Doug Burgum said President Donald Trump was “bringing back common sense to energy policy and putting security FIRST!”

Shares in Ørsted, the world’s largest offshore wind developer, fell by more than 14 per cent after the announcement, while those in wind turbine maker Vestas fell more than 4 per cent.

Both companies are listed in Denmark. US-listed Dominion Energy’s stock dropped 5 per cent in early morning trading.

The suspensions include Dominion Energy’s $11.3bn Coastal Virginia Offshore Wind. The project was thought to be in a favourable position because of its advanced stage of construction and the advocacy of the state’s Republican governor, Glenn Youngkin.

In a statement Dominion Energy said suspending the project for any length of time would threaten the reliability of the grid as well as thousands of jobs, and risked pushing up energy costs.

“CVOW is American owned and benefits all of our Virginia customers,” it added.

Chuck Schumer, the top Senate Democrat, said the president’s “obsession with killing offshore wind projects is unhinged, irrational and unjustified”. He said the move was a “backwards step that will drive energy bills even higher. It will kill good union jobs, spike energy costs and put our grid at risk”.

Trump has previously described wind as the “worst” and “most expensive” form of energy and has taken several steps to thwart offshore projects since taking office. 

In a press release, the Department of the Interior said Monday’s move followed “national security risks identified by the Department of War in recently classified reports”.

It also pointed to what it claimed were “inherent” risks of radar interference from the turbines. 

The announcement covers five wind farms in total. Some have previously been targeted by the administration, including Ørsted’s Revolution Wind and Equinor’s Empire Wind. Equinor said it was evaluating the order and seeking “further information from the federal government”.

Vineyard Wind, a project off the coast of Massachusetts, and Sunrise Wind, which is between Massachusetts, New York and Rhode Island, were also named in the announcement. 

In recent weeks the Trump administration’s push against offshore wind encountered a setback when a Massachusetts district court struck down a ban on issuing new permits after 17 states, Washington DC and clean energy groups sued the government. 

A federal judge in September also allowed Ørsted to continue work on the Revolution Wind farm, blocking a stop work order issued by the Trump administration. 

Today’s decision is a major blow for the developer, which had to tap shareholders for an extra $9bn in a rights issue in October after Trump’s hostility to the sector stymied its efforts to sell a stake in its Sunrise Wind project. 

The Department of the Interior said in a statement that the pause would give the government “time to work with leaseholders and state partners to assess the possibility of mitigating the national security risks posed by these projects”.

>>> What to look at today - 22nd of December 2025

Global stocks climbed as investors bet on a strong finish to the year for markets following a rally in US shares on Friday. The MSCI All Country World Index — one of the broadest measures of the equity market — rose for a third day and was headed for its highest close since Dec. 11. It is up about 20% in 2025. A gauge of Asian stocks jumped as much as 1.1%, led by tech, while US futures also advanced. Commodity markets were in the spotlight, with gold and silver hitting record highs and oil gaining amid heightened geopolitical tensions as US President Donald Trump intensified a blockade on Venezuela. Copper also reached a new peak. In Japan, bond yields rose to multi-year highs following Friday’s rate hike, while the yen strengthened after the nation’s chief currency official sent a warning on recent moves. Hopes for a year-end rally in equities grew as dip buyers late last week helped US stocks recover from a slide driven by doubts over AI exuberance and the scope for Federal Reserve easing. The S&P 500 Index added 0.9% on Friday in a second day of gains, wiping out the week’s loss as volumes spiked during a quarterly options and futures expiry, and as traders positioned for gains into 2026.  Precious metals rallied, with their haven appeal boosted by geopolitical tensions and expectations of more Fed rate cuts. Looser monetary policy is a tailwind for gold and silver, which don’t pay interest. Spot gold strengthened more than 1% to surpass the previous record of $4,381 an ounce set in October. Silver also climbed to a record and platinum advanced for an eighth straight session. Brent climbed to around $61 a barrel with US forces boarding one tanker and pursuing another one near Venezuela within weeks of first capturing a vessel. Washington has been stepping up pressure on Venezuela’s government, with Trump aiming to choke off its key revenue stream. Copper approached $12,000 a ton at the tail end of a momentous year dominated by trade turmoil, tight supply and optimism for long-term demand. The metal is on track for its biggest annual gain since 2009. Japanese markets remained in focus after the central bank raised its benchmark interest rate to the highest in 30 years on Friday. Bank of Japan Governor Kazuo Ueda chose to keep his options open rather than bolster the yen, delivering a cautious rate hike that left the currency sliding toward levels which have triggered intervention in the past.
The yen, which had weakened to as much as 157.78 per dollar, found some strength on Monday as Atsushi Mimura, the nation’s chief currency official, said he was “deeply concerned” about what he termed as “one-directional, sudden moves,” especially after the monetary policy meeting. “We’d like to take appropriate responses against excessive moves,” Mimura told reporters. Meanwhile, Japan’s benchmark 10-year yield climbed 7.5 basis points to 2.095%, a level unseen since February 1999. The two-year yield, which is sensitive to monetary policy expectations, rose to the highest since 1997. Treasuries also fell ahead of a two-year auction while a gauge of the dollar edged lower. Elsewhere, China’s commercial banks kept the one-and five-year loan prime rates unchanged, as expectations grow that the People’s Bank of China may ease policy next year. In terms of data, UK and US growth readings are due this week, as well as minutes from the Reserve Bank of Australia’s December policy meeting which may give clues to whether it could hike in February. In Japan, Tokyo inflation as well as national jobs data are due, which may help traders assess the outlook for BOJ’s policy.

Nikkei +1.79% Hang Seng +0.08% CSI +0.89% Shanghai +0.67% Shenzen +1.20%

Eur$ 1.1717 CNH 7.0334 CNY 7.0406 JPY 157.35 GBP 1.3398 CHF 0.7948 RUB 80.0964 TRY 42.8165 WTI$ 57.15 +1.13% Gold 4,400 +1.42% BTC 88,808 0.74% ETH 3,028 +1.81% SOL 126.1690 +1.02%

S&P +0.28% Nasdaq +0.46% EuroStoxx -0.10% FTSE -0.08% Dax +0.03% SMI -0.15%

Macro :
- Trump Administration Proposes Models to Cut Medicare Spending
- EU Probes Chinese Mobile Crane Imports, Manitowoc Says
- Nine Drugmakers Strike Pricing Deals With Trump to Avoid Tariffs

Keep an eye on :
- ADDVA SS : Amplex Increases Offer Price for ADDvise (Dec. 19)
- AIR FP : France Is Hiding Information on Airbus in China: US Lawmakers
- AKTS US : Aktis Oncology Seeks to List on NASDAQ Under Symbol ‘AKTS’
- AKZA NA : Akzo Nobel CFO Extends Tenure to Support Merger With Axalta
- ANTO LN : Chinese Copper Smelter, Antofagasta Agree to Zero Fee for 2006
- APO US : Apollo Builds up Cash as It Girds for Market Turbulence: FT
- BAC US : BofA to Boost Bonuses for Investment Bankers This Year: Reuters
- BPER IM : BPER, Trade Unions Sign Agreements on Generational Turnover
- BA US : Boeing Asks FAA to Waive Emissions Rule For 777 Freighter
- BW NO : Carlyle in Talks to Buy BW Offshore
- CLN SW : Clariant Rejects Allegations of Damages Tied to Ethylene Case
- CWAN US : Permira, Warburg Near $8.4 Billion Clearwater Analytics Deal
- CYTK US : Cytokinetics Up on FDA Nod for MYQORZO for Obstructive HCM
- DIS US : Disney’s ‘Avatar 3’ Hits Theaters With $88 Million Opening, ‘Avatar 3’ Tops China Box Office in Another Win for Disney
- DUE GY : Duerr See FY2025 FCF of €100M to €200M, Saw €0M to €50M
- EQT SS : EQT to Buy Arlanda Express Operator A-Train; Price Undisclosed
- FYB GY : *FORMYCON GETS FDA APPROVAL FOR NUFYMCO
- GL FP : Galeries Lafayette in Talks to Sell Iconic BHV Building in Paris
- Golden Goose : Golden Goose Sneakers Sold by Permira to Chinese Firm HSG
- GOOGL US : Waymos Froze, Blocked Traffic During San Francisco Power Outage
- GSK LN : Samsung Biologics to Buy GSK’s US Maryland Site for $280m
- ICAD FP : Icade to Sell Marignan Building in Paris for €402M
- IBKR US : Interactive Brokers Applies for National Trust Bank Charter
- IPN FP : Ipsen Gets Exclusive Global Rights to Simcere Zaiming’s SIM061
- JNJ US : Law Firm Says Jury Delivers $65.5M Verdict Against J&J
- LAZR US : Luminar Technologies to be Delisted From Nasdaq --> -39%
- Moore Threads Tech - 688795 CH : Ex-Nvidia Billionaire Unveils New AI Chips After China IPO Debut
- MOWI NO : Mowi Enters Into Strategic Feed Pact With Skretting/Nutreco
- MUX GY : Wartsila to Divest its Gas Solutions Business to Mutares
- P911 GY : Porsche to End about 200 Charging Stations in China: Yicai
- PST IM : Poste Italiane Buys 49% of PagoPA’s Share Capital
- RIO LN : Monadelphous Notice of Award for Pact at Brockman Mine Hub
- ROG SW : FDA Approves Roche’s Subcutaneous Lunsumio Velo for Blood Cancer
- STM SP : Seatrium Shares Jump on Dispute Resolution With Maersk Affiliate
- SEM PL : Semapa Sees €400 Million Capital Gain in 2026 from Secil Sale
- SRE US : Sempra Cuts FY EPS Forecast, Guides to High End for Adj. EPS
- SKAB SS : Skanska Gets SEK1.1b Contract for San Jacinto Expressway Project
- TSLA US : Tesla Touts Post-Crash Door Safety Feature for Some of Its Cars
- TGS NO : TGS Agrees Supermajor Deal for Licensing of Imaging Anyware
- TRMDA DC : Torm, Frontline Queried By Senator in Fuel Smuggling Probe
- UBER US : Uber, Lyft Team Up With Baidu to Start Robotaxi Trials in UK
- 2202 HK : China Vanke Enters Critical Day With Just Hours to Avoid Default
- WRT1V FH : Wartsila to Divest its Gas Solutions Business to Mutares

>>> Stoxx 600 Pre-Market Indications

  • Abivax (2X1 TH) +4%
  • Telecom Italia (TQI TH) +2%
    • Telecom Italia’s Board Backs Proposal to Convert Savings Shares
  • M&G (7MP TH) +1.8%
  • Sika (SIKA TH) +1.5%
  • DSM-Firmenich (ZX6 TH) +1.2%
  • Legal & General (LGI TH) +1.1%
  • Ferrovial (8ZQ TH) +1.1%
  • Aker BP (ARC TH) +1.1%
  • Fresnillo (FNL TH) +1%
  • BAE (BSP TH) +1%
  • Hensoldt (HAG TH) -1%
  • Leonardo (FMNB TH) -1%
  • Huhtamaki (HUKI TH) -1%
  • Novo (NOV TH) -1.1%
  • Voestalpine (VAS TH) -1.2%
  • Reckitt (3RB TH) -1.3%
  • Vodafone (VODI TH) -1.4%
  • TAG Immobilien (TEG TH) -1.4%
  • Carnival Plc (POH1 TH) -1.6%
  • Indra (IDA TH) -1.7%

>>> TradeGate Pre-Market Indications

DAX:
  • No major movers
MDAX:
  • TAG Immobilien (TEG TH) -1.2%
  • Hensoldt (HAG TH) -1.5%
SDAX:
  • Medios (ILM1 TH) +2.7%
  • Duerr (DUE TH) +2.4%
  • Hornbach Holding (HBH TH) +1.7%
  • Stabilus (STM TH) -1%
  • PSI Software SE (PSAN TH) -1.3%
  • Eckert & Ziegler (EUZ TH) -1.3%
  • Kloeckner (KCO TH) -1.6%
  • Dermapharm (DMP TH) -2.4%

The Information : Local Crime Fighting Gets Anduril-ized: How Tech Startups Are

Local Crime Fighting Gets Anduril-ized: How Tech Startups Are Changing City Police Forces
Technology like surveillance drones and Palantir-style software is now being sold to public safety agencies of all sizes—prompting more questions about its ultimate use.

Recently, Nick Noone, co-founder and CEO of Peregrine, was introduced to Candace Parker, sports broadcaster and retired WNBA star, by mutual friends. They hit it off. The two share a passion for athletics. (Noone was a Stanford gymnast.) And both have an interest in startups. (Parker is an active angel investor.) After Noone described how his startup sells Palantir-esque data analytics software to local police and public safety departments, Parker insisted that he meet someone she knew: Shaquille O’Neal.

“Well, she’s on TV with Shaq,” Noone explained. “And she told me, ‘Shaq loves public safety.’” After she put them in touch, O’Neal and Noone spoke over FaceTime. A few weeks later, Shaq called Noone back. “It was, like, 6 p.m.—I’m out on a date at dinner—and I get a FaceTime from Shaq, and he’s like, ‘Yo, you got to meet the police chief of Baton Rouge: he’s the man,” said Noone, doing a fair Shaq impression.

He was recalling the story from his Baton Rouge hotel room one afternoon last month, having flown to Louisiana to meet the police chief earlier in the morning after O’Neal connected them. They didn’t strike a deal that day, but he left feeling optimistic. “It was a great preliminary conversation,” said Noone, having long honed a slow and steady sweet talk for winning over government bureaucrats, a skill he first developed while working at Palantir.

Noone fully expects the Baton Rouge chief will sign. “In the next, like, three to six months,” he said. He anticipates the chief will put in a call to his peers with the New Orleans Police Department, which already uses Peregrine; such existing customers prize Peregrine’s products for making it easy to search department records and data through simplistic, Google Search–style prompts, among other features. And besides, Noone, 37, can speak with the confidence of someone who has watched his company’s revenue climb more than sevenfold in two years to $75 million in 2025.

“There is just so much money out there for this,” he said.

That’s something of an understatement. America is experiencing a full-on boom in startups developing technology meant to combat crime, track crime, study crime, reduce crime, analyze crime—and many other tasks related to public safety. Venture capitalists are hugely eager, too, and have tossed those companies over $2 billion in the last two years, more than quintuple the amount from the prior two years. In Peregrine’s case, the startup received a roughly $400 million valuation last year—and then a $2.5 billion one in March from a fundraising led by Sequoia Capital.

At least two dozen such companies have joined the burgeoning field, finding willing customers in cities of all sizes across the country—ranging from major metros like Atlanta, Los Angeles, Las Vegas and San Francisco, to midsize cities such as Albuquerque, N.M., and Newark, N.J., to hundreds of small towns.

Drones are some of the most popular products, and news footage of drones in action regularly goes viral on social media as the country adjusts to an eerie new era of increasingly high-tech local police forces.

Many other startups sell software for digitizing parts of public safety that haven’t changed much in recent decades. RapidSOS, for instance, sells AI-powered software for handling 911 calls and other emergencies, while Kodex has a web platform, popular with public safety agencies and private businesses alike, that simplifies how companies track and respond to government subpoenas and other requests for user data and information. Dozens of firms—ranging from Fidelity and AT&T to OpenAI and Coinbase—use it.

Kodex co-founder Matt Donahue, 33, got the idea for the company after several years at the FBI, where he sometimes needed to fax such information requests. “I just got married, and when I was telling my wife’s relatives what I do for work—and I would explain what Kodex is—they’re like, ‘Wait, something like that doesn’t already exist?’” Donahue recalled.

Very few of these businesses sell directly to consumers, and the ones that have tried to do so have found pretty limited demand: Most people want the police and other parts of the government to maintain public safety—they don’t want to pay extra to do so themselves.

Rather, the vast majority of such startups want to do exactly what Palantir did with spies and federal law enforcement agencies and what Anduril did with the military: Win lucrative, recurring local government contracts, wedging themselves into markets Silicon Valley once mostly totally ignored, and take advantage of a culture shift within the technology industry, which no longer looks at purveying goods to the Man with disinterest and distaste.

Think of this period in time as I’ve come to: as the Anduril-ization of crime fighting.

“Palantir and SpaceX had to crawl, so that Anduril could walk, so that these new companies can run,” said David Ulevitch, a general partner at Andreessen Horowitz, which has funded many of these startups (and Anduril, too). Of course, Andreessen Horowitz isn’t alone: Many of the major venture capital outfits have piled in, including Founders Fund and Greycroft.

“There was broad social stigma against supporting the police,” Ulevitch said. “And people just didn’t think these were big markets, and now they’ve realized they’re massive markets.”

While Silicon Valley technologists may be more comfortable with public safety tech, the proliferation of such software and hardware has led to mounting worries that America is turning into a highly digitalized police state in local communities. The shift follows the longstanding adoption of similar technology among federal agencies.

Jay Stanley, a senior policy analyst with the ACLU, fears Silicon Valley is handing local police what amounts to an ecosystem of mass surveillance. “And mass surveillance is not a good thing,” he said. “Law enforcement should not proceed collecting information on everybody all the time: Just because we cando something doesn’t mean we shoulddo something.”

The new technology’s nationwide spread is ironic given how much of it comes from one very specific place: the Bay Area. Indeed, the initial groundswell of interest around it partly stems from the tech elite’s concerns about crime close to home. San Francisco, in particular, has had a very public battle with crime and drug use in recent years, leading to the recall of San Francisco District Attorney Chesa Boudin in 2022 and the election two years later of San Francisco Mayor Daniel Lurie, who has trumpeted his efforts to decrease crime—particularly in neighborhoods like Union Square and the Financial District.

When I spoke to venture capitalist Cyan Banister, who has funded several public safety startups, she described sensing a “vibe shift” among investors and founders toward increased policing in the Bay Area—and investment in public safety startups. “We don’t want to live with prison bars on our windows,” she said.

Sitting in a glass-walled conference room in San Mateo, Calif., Adam Bry was discussing how a technology once mostly associated with warfare—drones—is becoming an important part of police departments’ crime-fighting toolbox when a quadcopter drone whizzed past the window behind him. Very shortly, the drone—made by Skydio, the company Bry, 39, runs—vanished out of sight.

Skydio keeps several hundred of its flagship X10 drones across its campus, with many installed in rooftop charging pods. At any point in the day, a good number of them are cruising around the company’s property as its engineers test new features. When I visited Bry, I found they had a tendency to appear when I was least expecting them.

“Ohhh,” Bry said when I mentioned it. “You get used to it.”

Police in places like New York, San Francisco and smaller cities use the drones to conduct overhead surveillance. (Meanwhile, corporate customers such as utilities and construction firms buy them, too, to examine their facilities from above.) In New York, for instance, police have apprehended subway surfers—people riding atop moving metro cars—after spotting them with a drone. And in San Francisco, officers have relied on drones to follow car thefts as they happen—as well as nab a person who stole $15,000 in goods from the Union Square Burberry store. The X10 drones can fly autonomously, or someone can steer them manually via a device purposefully made to resemble a videogame controller.

These drones represent Skydio’s renewed chance at life. Like several other companies selling public safety tech, Skydio started out as a consumer business. But the company, co-founded by Bry and his MIT classmates Matt Donahoe and Abraham Bachrach in 2014, couldn’t outmuscle its Chinese competitors, especially Shenzhen-based DJI, the leading maker of consumer drones. (Police departments also use DJI’s drones.) So Skydio began to shift its focus to selling drones to public safety agencies and private companies in 2020, ending its consumer business entirely in 2023.

A new Skydio drone, the R10, has been designed to prioritize indoor flight, which allows police to scout an active crime scene without sending in any humans. The R10 will further turn up the company’s rivalry with Seattle-based Brinc, run by Blake Resnick, a 25-year-old former Thiel Fellow, who started the company eight years ago. Brinc’s specialty is its Lemur drone, also specialized to fly indoors. The aircraft can push open a door, break glass and transmit live video, audio and a lidar map of a building.

“So police know exactly what they’re responding to,” Resnick said.

All U.S. drone companies could get a real boost from a relatively little-noticed turn of events in Washington: Starting next week, DJI and another Chinese drone company, Autel Robotics, could face a ban on new sales in the U.S., stemming from a complicated bit of government machinations that involve both the Trump and Biden administrations.

“This will completely change my business,” Resnick said. “It’ll completely change every drone manufacturer’s business.”

Drone footage is just one of many forms of video, text and data that can get sucked into the software made by Nick Noone’s Peregrine.

He initially developed the plan for the startup while spending five years at Palantir. There, he worked within a small group that found itself frequently reassigned based on the company’s current most urgent problem—whether that involved internal budgets or frantic phone calls from a retail client that had discovered human trafficking within a part of its business. (Both were actual issues the unit faced, Noone insists.) After a while, Noone realized Palantir’s complicated and expensive software limited its pool of customers.

“It’s a whale hunt,” he said.

Noone quit Palantir in 2017, figuring he could make simpler but similar software and sell it at a lower price to smaller government agencies that could never afford Palantir—or grasp its software. He was right, and at the moment, Peregrine has been averaging a half-dozen new contracts a week. The typical contract brings in about $250,000 in annual revenue, though some are for as little as $30,000, and usually the deals last three to five years.

Because the software needs to pull in data from all sorts of places, it’s complicated to set up. After a customer signs a deal, a Peregrine employee spends much of the next three months troubleshooting onsite with staff. Those employees generally have a data and software background. Peregrine also employs a number of former cops, who will travel and help their tech-minded colleagues understand what police department customers actually want.

Peregrine’s browser-based software, which relies heavily on AI, can parse both structured data (such as spreadsheets and databases) and unstructured data (images, PDFs, video). It can, for instance, create a 3-D map of a wildfire’s spread that shows where various models suggest it will go next. It can show whether schools are within the blaze’s path and provide a real-time display of ambulances and police cars in the area.

As I mentioned, the software has a powerful search function, too. If an officer searches for “swastika,” say, they will find every mention of the word within the transcripts, records and files uploaded and connected to Peregrine. A search for “swastika tattoo” will turn up both every written instance of the phrase—as well as every image the department has of a swastika tattoo, with the AI identifying the symbol and the fact that it’s a tattoo. Say an officer is looking for someone with a swastika tattoo on their left ankle: A search for “swastika tattoo left ankle” will quickly display every photo the department has of a left ankle with a swastika tattoo on it.

Peregrine’s software resembles the technology I picture in a Hollywood espionage thriller, the kind that would seem too simplistic to exist in real life. So when Noone showed it off to me last week at Peregrine’s Manhattan offices, I gawked at it. And then it gave me a profound sense of the chills. Watching Noone reveal Peregrine’s neat tricks was the same eye-widening experience I’ve gotten from uncovering a new use of ChatGPT—except, of course, Peregrine deals in matters of life and death.

Noone insists Peregrine greatly limits any chance of police misuse because it allows agencies to restrict what data each user can access. A patrol officer, for instance, might be able to see only a fraction of what a homicide detective can. Still, it’s pretty easy to imagine someone accidentally receiving more access than they should have.

Another thought then crossed my mind. If Noone, a person professing his good intentions, could create Peregrine—a much more powerful police AI than I could’ve imagined—then it’s chilling to consider what a person with malicious intentions could assemble, given the tremendous advancements in the underlying AI technology behind Peregrine.

It made me think pretty instantly about “Minority Report,” Steven Spielberg’s cautionary tale of police analytics and efforts to predict crime. I asked Noone whether he could easily make a Peregrine feature that tries to predict someone’s habits or whereabouts based on information fed to it by the police.

“With any one company is the capacity to do a lot of things: Of course we could,” he said. “Do we? No.”

Since Peregrine makes software the public never sees, it has largely escaped backlash from citizens and privacy advocates. The same can’t be said for Flock Safety, an Atlanta-based crime tech startup that has been a consistent magnet for ill feelings.

Flock’s main product is a license-plate–reading camera that it sells to cities, mounting the cameras on poles in public areas such as busy intersections. Since they’re relatively inexpensive—just about $3,000 a year—cities install them en masse. Sometimes Flock sells them to private businesses and groups like homeowners associations that want to monitor passing cars, and sometimes those organizations share their footage with the police.

The cities’ police departments can access the footage through Flock software. Police can use the program to find an image of a specific license plate and set it to alert them in real time when it spots that plate. Officers can also use natural-language prompts within an AI-powered search: For example, “blue F-150 truck” will find footage of blue F-150s. Another AI feature promises to identify possible accomplices in a crime by highlighting vehicles spotted near one police are already tracking.

Just in the past week or so, Flock cameras have attracted negative headlines everywhere from Greenville, Miss., to Cambridge, Mass., to Santa Barbara, Calif., with critics mostly blasting them as an invasion of privacy.

The ACLU’s Jay Stanley thinks the Flock cameras will usher in a period in the U.S. where “anybody living in this country could find themselves in the crosshairs of law enforcement just because some algorithm—about which we know nothing—has decided that your driving patterns are suspicious.”

Flock Safety CEO and founder Garrett Langley, 38, thinks opponents to his technology “enjoy a privilege that I don’t have: which is they get to debate hypotheticals and present no solutions to a known problem”—namely, crime. And he feels the ultimate responsibility for how his tech gets used should fall squarely on local governments.

“That puts the onus on our elected officials,” he said. “That’s why we elected them.”