>>> Weekend Papers Summary

FINANCIAL TIMES
-Donald Trump's tariffs have sparked a debate at the Federal Reserve, with top policymakers deciding whether to cut interest rates this summer or hold them steady for the remainder of 2025. Christopher Waller, a potential candidate to replace Jay Powell, called for a rate cut next month and emphasized the need to base policy on data. Waller's comments came two days after the Fed kept rates on hold for its fourth consecutive meeting, following a 1 percentage point reduction in 2024. Trump has criticized the Fed for not slashing rates, calling for as much as 2.5 percentage points of cuts and referring to Powell as an "American disgrace."
-Israeli Prime Minister Benjamin Netanyahu began warning about Iran's nuclear program as a young MP in the 1990s, predicting the Islamic republic would have a weapon by the end of that decade. As prime minister, he intensified his warnings, appearing at the UN with a cartoon-style drawing of a bomb in 2012 and infuriating Barack Obama by campaigning against his efforts to limit Iran's nuclear activities by diplomatic means in an address to Congress in 2015. Netanyahu's international activities were driven by the existential threat of stopping Iran from getting a bomb. After Hamas's 2023 attack, Netanyahu's chance to follow through on his warnings seemed lost, as the failures leading up to the attack left his image as Israel's Mr. Security in tatters. His refusal to acknowledge any responsibility enraged many of his compatriots, and even members of his Likud party concede that if there had been a mechanism to replace him in the days after October 7, he might have been removed. Instead, he survived, outmaneuvering his rivals, bolstering his parliamentary majority, and ignoring protests and polls showing a solid majority of the public demanding he step down.
-European foreign ministers have urged Iran to resume negotiations with Donald Trump's administration to prevent the US from joining Israel's war against the Islamic republic. French, German, and UK ministers warned Iran that Tehran may have to give up its red line of refusing to negotiate with Washington while under Israeli attack to prevent the US from joining the operation. Both Israel and the US agreed that peace can only be achieved through diplomacy, but the US military intervention is currently being planned. The negotiations were held in Geneva, the first direct contact between western and Iranian officials since Israel launched its attack a week ago. The US president said after the talks that he would not ask Israel to stop its air strikes on Iran to accelerate negotiations for a nuclear deal with Tehran and avert Washington's involvement in the war.
- Donald Trump has hinted that his administration may be close to agreeing a deal with Harvard, suggesting his recent attacks on the elite university are coming to an end. Trump and other White House officials have demanded reforms at Harvard, accusing it of failing to act robustly against antisemitism and not providing the government with information on students who were allegedly breaking the law. Harvard rejected the claims, accusing the administration of attacking academic freedom and free speech. In response, the White House hit back with measures including cancelling billions of dollars in government funding, threatening to withdraw Harvard's tax exempt status, and blocking it from accepting international students.
-Japan has canceled a top-level meeting with the US due to the Trump administration's sudden directive to increase defense spending. The US was due to meet Japan's defense minister Gen Nakatani and foreign minister Takeshi Iwaya in Washington on July 1, but the meeting was scrapped after the US asked Japan to increase its defense spending to 3.5%, higher than its earlier request of 3%. This increased demand was made by Elbridge Colby, the third-most senior official at the Pentagon, and sparked anger in Tokyo. The tension over security issues comes as the allies hold tough trade talks after President Trump imposed "reciprocal" tariffs on Japan. The decision to cancel the meeting is also related to the July 20 Upper House elections, where the ruling Liberal Democratic party is expected to lose seats.
-The Italian region of Puglia will offer subsidized egg-freezing for healthy women, while the central government plans to promote fertility testing. The region has allocated €900,000 for "social freezing," allowing low-income residents aged 27-37 to apply for up to €3,000 towards the cost of extracting their eggs and freezing them for potential in vitro fertilization later. This initiative aims to counter the lack of births and provide women with the opportunity to realize their dream of motherhood. Puglia is the first time Italy is using public funds for non-medical reasons for egg-freezing. However, any use of eggs for IVF will require women to be married to a man, as Italy has long prohibited single or same-sex partners from having babies via in vitro fertilization.
-SoftBank founder Masayoshi Son is promoting the idea of a $1T artificial intelligence and robotics complex in Arizona, which could involve a free-trade zone and TSMC's involvement. The plan, which has been discussed with US commerce secretary Howard Lutnick, aims to bring high-tech manufacturing to the US at scale. SoftBank officials have also discussed the project with local and federal politicians to secure tax breaks. The final size of the project may vary significantly if approved, depending on the level of interest from tech groups. The Arizona concept is the latest large-scale, creative plan promoted by Son, who has already pledged $500B to the Stargate project to scale up US data centers and artificial intelligence infrastructure with OpenAI, Oracle, and Abu Dhabi's MGX.
-OpenAI's former CTO Mira Murati has raised $2B for her new artificial intelligence start-up, Thinking Machines Lab, valued at $10B. The deal, which closed recently, was one of the largest initial funding rounds in Silicon Valley's history. Murati's name and reputation were used to attract investors, and Andreessen Horowitz led the round, with participation from Sarah Guo's Conviction Partners. The fundraising demonstrates the huge investor appetite in AI and the faith in the vision of noteworthy founders to compete with companies like OpenAI, Anthropic, Google, and Meta. Murati left OpenAI in September and had previously worked as a senior product manager at Tesla. She was one of the executives who raised concerns about Sam Altman's leadership before a failed board coup to oust OpenAI's CEO in November 2023.
-Novo Nordisk's injectable obesity drug, amycretin, has shown potential to deliver higher weight loss than current market blockbusters. Participants in the trial lost an average of 24.3% of their body weight on the highest dose, compared to 1.1% for those on a placebo. The results come as the Danish pharma group races rival Eli Lilly to secure the best successor to current best sellers, Lilly's Zepbound and Novo's Wegovy, which respectively cause average weight loss of 22.5% and 15%. A tablet version of amycretin also caused an average weight loss of 13.1% on the highest dose. Novo plans to pursue further trials of both oral and injectable versions of the drug.
-The US audit regulator, the Public Company Accounting Oversight Board (PCAOB), has been granted a reprieve after a Senate parliamentarian ruled that Republicans' plan to close the agency as part of their tax and spending bill would violate Senate rules. Republicans had planned to scrap the PCAOB and hand its powers to the Securities and Exchange Commission, arguing that this would save money for taxpayers and listed companies that pay fees to fund the agency. However, the Senate parliamentarian ruled that the plan did not comply with requirements that only measures that affect the US budget can be included in the legislation. The PCAOB is responsible for inspecting accounting firms in the US and overseas that audit companies listed on US exchanges.
-Poland's culture ministry is preparing to transfer its most valuable artworks abroad in case of a Russian invasion. Culture minister Hanna Wróblewska said evacuation planning was necessary as Poland's nearly 1,000 museums could no longer operate under a theoretical security concept as Russia continues to wage war in Ukraine. The ministry is in talks with authorities abroad about hosting evacuated artworks from around 160 Polish state institutions. Private museums and galleries are also expected to follow suit. The plan, expected to be finalized by the end of the year, is part of a broader security push by Prime Minister Donald Tusk's government, which includes reinforcing border protection and doubling the size of the Polish armed forces to 500,000 troops.

NEW YORK TIMES
-Trump is considering last-minute diplomacy as an alternative to bombing Iran's main uranium enrichment facility in a two-week window. However, the environment is different this time, with Ayatollah Khamenei likely in hiding. Iran's foreign minister, Abbas Araghchi, is open to placing limitations on Iran's nuclear output, similar to what he and his colleagues negotiated with the United States a decade ago. However, he told European counterparts in Geneva that Iran would never negotiate as long as Israel was dropping missiles on its military bases and nuclear facilities, and carrying out targeted killings of Islamic Revolutionary Guards Corps officers and nuclear scientists. Trump, on the other hand, stated that two weeks would be the maximum time for negotiations, and dismissed the idea that the meeting in Europe would slow things down. The extent of Trump's interest in negotiations or just buying time to better prepare for a military assault and its aftermath remains unclear.
-The conflict between Israel and Iran has reached its ninth day, with Iran sending missiles towards Israel and Israel launching airstrikes against Iranian missile sites. The Israeli military claimed to have launched a wave of airstrikes against Iranian missile sites, but the full toll remains unclear. A strike in Qom killed Mohammed Said Izadi, a senior official in Iran's Quds Force responsible for maintaining ties with Palestinian armed groups. Israeli jets also struck Iranian nuclear sites in Isfahan. Talks between Iran and Europe ended without a breakthrough, with the European Union's top diplomat meeting with Iran's foreign minister in Geneva. The European effort aims to offer a diplomatic off-ramp for Iran, preventing President Trump from escalating the conflict.
-Trump's director of national intelligence, Tulsi Gabbard, posted a video on social media describing her visit to Hiroshima, Japan, and warning of the threat of nuclear war. Gabbard warned that political elites and warmongers are causing fear and tension between nuclear powers. Trump berated her for the video, stating it would scare people and officials should not discuss it.
- Trump has given himself two weeks to decide on his approach to the ongoing war between Israel and Iran, which began last week by attacking Iran. This delay could allow him to expand his options and calibrate the politics of any decision. However, it will also have real consequences for Israelis and Iranians. In Israel, civilians are rushing into bomb shelters to avoid being hit by Iranian missiles, with at least two dozen killed. In Iran, where there are fewer shelters, the death toll is higher than 200, including many civilians. Following Israeli evacuation orders, Iranian civilians have been forced to flee Tehran, leading to traffic jams, gas shortages, and internet blackouts. An American strike is not expected to end the suffering, but two weeks of diplomacy will lock us in for up to two weeks of continued fighting between Israel and Iran.
-Vice President JD Vance criticized Senator Jose Padilla for engaging in "political theater" and misspoke his name. Vance blamed Governor Gavin Newsom of California and Mayor Karen Bass of Los Angeles for the violence caused by protesters and the obstruction of immigration enforcement. He shook hands with about 20 Marines at the federal building and alternated between attacks on California Democrats and praise for law enforcement. Vance criticized Newsom and Bass for going to war against the people trying to keep the community safe. Newsom responded by asking Vance to say it to his face. Bass accused the Trump administration of orchestrating "a stunt and an experiment" by sending the California National Guard and Marines to Los Angeles, which has been mostly quiet since Saturday.
-The Trump administration has announced layoffs for over 600 employees at Voice of America, a federally funded news organization providing independent reporting to countries with limited press freedom. The reductions will shrink the staff count to less than 200, around one-seventh of its head count at the beginning of 2025. Journalists and support staff will be put on paid leave until September 1. The terminations are part of the Trump administration's ongoing attack on federally funded news networks, including Voice of America.
- President Trump has criticized the existence of the national holiday Juneteenth, which commemorates the end of slavery. He criticized the lack of non-working holidays in America, a trend Trump has been attempting to reframe the country's history involving racism and discrimination. Trump has also criticized government websites for removing words like "injustice" and "oppression," and for obscuring the contributions of Black heroes. He has also criticized the Smithsonian Institution for its "divisive, race-centered ideology" in its exhibits on race and ordered the renaming of monuments to honor Confederate soldiers who fought to preserve slavery. This pattern of actions aims to minimize, ignore, or erase the experiences and history of Black people in the United States.
- Zohran Mamdani, a Democratic socialist and assemblyman, has requested a waiver from the city's Campaign Finance Board to exceed the $8 million spending cap for the Democratic primary for mayor in New York. He aims to level the spending advantage of his chief rival, former Gov. Andrew M. Cuomo, with his super PAC, Fix the City, raising over $24 million. Mamdani has been campaigning with city comptroller Brad Lander in Brooklyn and walked the length of Manhattan, inviting his followers to join him. However, the Campaign Finance Board stated that increasing the spending cap would be against the rules, as only when a candidate not participating in the matching funds program raises more money than those participating. This was the case in the 2021 mayoral primary when Ray McGuire, a long-serving Black executive on Wall Street, blew through the spending cap, raising it from $7.3M to $10.3M.

NEW YORK POST
-Israel's Defense Minister Israel Katz announced that the military had killed Saeed Izadi, a veteran commander in the Iranian Revolutionary Guards' overseas arm, in an apartment in Iran's Qom province. The commander, who led the Palestine Corps of the overseas arm, or Quds Force, was responsible for all weapons transfers from the Iranian regime to its proxies across the Middle East. The Israeli military later said it killed a second commander of the Guards' overseas arm, Benham Shariyari, during a strike on his vehicle overnight in western Tehran. The Israeli military said Shariyari supplied missiles and rockets launched at Israel to Hezbollah, Hamas, and Yemen's Houthis. There was no confirmation from the IRGC on the killing of the two commanders. The Quds Force built up a network of Arab allies known as the Axis of Resistance, establishing Hezbollah in Lebanon in 1982 and supporting the Palestinian militant Islamist group Hamas in the Gaza Strip.
-SoftBank CEO Masayoshi Son is reportedly partnering with Taiwan Semiconductor Manufacturing Company (TSMC) to build a $1T US complex for robots and artificial intelligence. The center, based in Arizona, could help bring manufacturing back to the US, similar to the production hub in Shenzhen, China. This comes amid President Trump's call for an all-hands approach to manufacturing opportunities, particularly for tech companies and automakers. Son is seeking $165 billion in US investment and has opened its first Arizona factory as a partner.

>>> Barron’s Weekend Summary

Cover:
-Barron's Top CEOs list has seen companies with attractive operating performance and stock returns edge out the S&P 500 by around a percentage point. The list focuses on leaders whose recent actions have put their companies in a better position. Companies like Duolingo, Brinker International, Casey's General Stores, Philip Morris International, Garmin, United Airlines Holdings, Palantir Technologies, Capital One Financial, and TJX Cos. have all made significant strides in their respective industries.
Luis von Ahn at Duolingo has used artificial intelligence and viral marketing to turn digital language lessons into the talk of Wall Street, resulting in shareholders making five times their money in three years. Some examples include AT&T stock, which is outperforming. And CEO John Stankey has moved the company out of show business and into broadband service. Kevin Hochman at Brinker International has turned Chili's into the envy of the casual-dining industry by taking aim at McDonald's. Darren Rebelez has turned fuel seller Casey's General Stores into a small-town pizza champ, boosting profit margins.

Interview:
-No update

Tech Trader:
-Microsoft and OpenAI, two of the world's most powerful artificial intelligence companies, have been reportedly in a heated debate over their relationship. Initially, the two companies were symbiotic, with Microsoft having access to all of OpenAI's intellectual property, including its catalog of models that underpin its Copilot products. However, OpenAI recently indicated it is willing to get down in the mud, indicating that it is willing to get down in the mud. OpenAI's reorganization in 2019 led to Microsoft investing $1 billion in OpenAI, which fueled the release of ChatGPT in November 2022. Since then, the bills have added up due to the high cost of scaling AI. The ongoing debate between the two companies could potentially lead to a messy and contentious outcome.

The Trader:
-The nuclear energy renaissance in the US is benefiting American companies that export their technology overseas. The Trump administration's goal to quadruple the nation's reactor fleet by 2050 is ambitious, but US nuclear companies are making significant profits on exports. Cameco, a uranium miner and nuclear tech company, announced a boost to its adjusted earnings due to plans for two new reactors in the Czech Republic. Other winners include Brookfield Asset Management, GE Vernova, and BWX Technologies. Cameco owns 49% of Westinghouse, a Pennsylvania company that designs the AP1000 reactor. In the Czech Republic, a Korean company is building two reactors based on the AP1000 technology and paying Westinghouse to use them.
-Coach parent Tapestry has seen a 25% rise in shares this year, reaching $82.76, a 2% gain on the S&P 500 index. Analyst Aneesha Sherman reiterated a $100 price target on Tapestry, citing its ability to attract and retain younger shoppers, such as Gen Z or millennials. She noted that 4 million new customers have shopped at Coach over the past six months, with half of them being Gen Z or millennials. Coach's average unit retail is much lower than European peers and has widened, giving the company room to boost its own Average Unit Sales (AURs) without pricing out consumers. This has allowed the company to boost its own AURs 18 out of the past 20 quarters without pricing out consumers.

Features:
-Federal Reserve Governor Christopher Waller has indicated that the economy is in a "good spot" for a summertime interest-rate cut, aligning with President Donald Trump's calls for lower rates. Trump is close to naming a successor for Fed Chair Jerome Powell, whose term ends in May 2026. Waller said he would be willing to reduce borrowing costs as early as July, despite uncertainty linked to tariffs and global oil prices. Inflation is running very close to the central bank's 2% target, allowing for a "good-news rate cut" this summer. However, the process would be gradual to monitor inflation. The Fed has been in "wait-and-see" mode since January, as officials continue to gauge the fallout from Trump's fluctuating tariff policy. The Fed unanimously voted to keep its benchmark lending rate steady at 4.375% for the fourth consecutive meeting on Wednesday, with Powell stressing the high levels of uncertainty clouding the central bank's projection.
-President Donald Trump has reaffirmed his commitment to immigration raids at work sites, but enforcement officials continue to target unauthorized immigrants at work. On Tuesday, the US Immigration and Customs Enforcement led an immigration raid at Delta Downs, a hotel, casino, and racetrack near Vinton, Louisiana. The operation targeted workers in the stables at the racetrack and those who cared for thoroughbred horses. Trump has acknowledged the potential labor and economic consequences of raids targeting workplaces and emphasized the need to protect farmers and leisure hotel owners. Delta Downs, owned by Boyd Gaming, complies fully with federal labor laws and has no Delta Downs team members involved in the matter. Boyd spokesman David Strow stated that the company will cooperate with law enforcement as requested.

Europe:
-European powers have urged Iran to revive diplomatic efforts with the US to find a solution in the standoff over its nuclear program. British, French, German, and EU top diplomats held talks in Geneva with Iranian Foreign Minister Abbas Araghchi, giving diplomacy a chance one week after Israel began its bombardment. German Foreign Minister Johann Wadephul expressed hope for further progress but did not mention a breakthrough. Araghchi, making his first trip outside Iran since the bombardment began, said Tehran was ready to "consider diplomacy" again only once Israel's aggression is stopped. He made it clear that Iran's defense capabilities are not negotiable.

Emerging Markets:
-No update

Commodities:
-The ongoing conflict between Israel and Iran has caused oil prices to rise, but the pressure on global energy costs is expected to fade soon. The risk of a sudden shortage of oil supply in the global market is usually exaggerated, as geopolitical events rarely create a shortage of crude. Iran accounts for 3% of global oil supply, but prices can jump significantly if only a small portion of what is expected to reach the market doesn't make it. A cutoff of the Strait of Hormuz would be an even bigger problem, as it passes through about a quarter of the world's oil. However, shipping would likely adjust as a result, much like when Houthi rebels in Yemen stepped up attacks on ships in the Red Sea a year ago. Despite a week of heightened hostilities, there is no evidence yet that any of Iran's oil industry has been seriously damaged. TD Securities analyst Daniel Ghali said that Brent crude at $75/bbl is already consistent with the risk premium historically required for the typical conflict in the Middle East, but tail risks remain elevated.

Streetwise:
-The ongoing conflict between Israel and Iran has caused oil prices to rise, but the pressure on global energy costs is expected to fade soon. The risk of a sudden shortage of oil supply in the global market is usually exaggerated, as geopolitical events rarely create a shortage of crude. Iran accounts for 3% of global oil supply, but prices can jump significantly if only a small portion of what is expected to reach the market doesn't make it. A cutoff of the Strait of Hormuz would be an even bigger problem, as it passes through about a quarter of the world's oil. However, shipping would likely adjust as a result, much like when Houthi rebels in Yemen stepped up attacks on ships in the Red Sea a year ago. Despite a week of heightened hostilities, there is no evidence yet that any of Iran's oil industry has been seriously damaged. TD Securities analyst Daniel Ghali said that Brent crude at $75/bbl is already consistent with the risk premium historically required for the typical conflict in the Middle East, but tail risks remain elevated

TechCrunch : The new math: Why seed investors are selling their winners earlier

The new math: Why seed investors are selling their winners earlier

Charles Hudson had just closed his fifth fund several months ago — $66 million for Precursor Ventures — when one of his limited partners asked him to run an exercise. What would have happened, the LP wondered, if Hudson had sold all his portfolio companies at Series A? What about Series B? Or Series C?

The question wasn’t academic. After two decades in venture capital, Hudson has been watching the math of seed investing change, maybe permanently. LPs who’ve previously been patient with seven-to-eight-year hold periods are suddenly asking questions about interim liquidity.

“Seven or eight years feels like a really long time” to LPs right now, says Hudson, even though “it’s always been seven or eight years.”

The reason: A steady stream of venture returns in recent years — returns that made long hold periods acceptable — has largely dried up. Coupled with the availability of other, more liquid investment options, many backers of very early-stage VC are demanding a new approach.

The analysis his LP requested revealed an uncomfortable truth, says Hudson. Selling everything at the Series A stage didn’t work; the compounding effect of staying in the best companies outweighed any benefits from cutting losses early. But Series B was different.

“You could have a north of 3x fund if you sold everything at the B,” Hudson discovered. “And I’m like, ‘Well, that’s pretty good.’”

Beyond pretty good, that realization is reshaping how Hudson thinks about portfolio management in 2025. Though now a veteran investor– Hudson has spent 22 years in VC between Precursor, an eight-year run at Uncork Capital, and another four years at In-Q-Tel earlier in his career — he says investors in very young companies are being forced to think like private equity managers, optimizing for cash returns alongside the home runs that, if they’re lucky, define their careers.

It’s not an easy mental change to make. “The companies where there’s the most secondary interest are also the set of companies where I have the greatest expectations for the future,” says Hudson.

It’s not just Hudson; his thinking about secondary sales reflects broader pressures reshaping the venture ecosystem. Hans Swildens is the founder of Industry Ventures, a San Francisco-based fund of funds and direct investment firm with stakes in 700 venture firms, and he told TechCrunch in April that venture funds are “starting to get savvier about what they need to do to generate liquidity.”

In fact, Swildens is seeing venture funds hire full-time staff members specifically to pursue alternative liquidity options, with some seed managers dedicating months to “manufacturing liquidity from their funds.”

Though this reshuffling of priorities extends far beyond any single fund, the pressure is particularly acute for smaller funds like Precursor, a traditional seed-stage fund that prides itself on backing unconventional founders like Laura Modi of Bobbie baby formula (a solo founder in a regulated industry with no prior experience) and Doktor Gurson of Rad AI (whose previous startup had failed). While firms with mega-funds like Sequoia and General Catalyst can afford to wait for $25 billion outcomes, smaller funds need to be more tactical about when and how they harvest returns.

Perhaps nowhere is the shift more visible than in Hudson’s relationships with limited partners. University endowments, once the most coveted LPs in venture, are now grappling with unforeseen challenges from the Trump administration.

Harvard, of course, is the poster child here, with federal investigations into its admissions practices, threats to research funding tied to compliance issues, and ongoing scrutiny of its substantial endowment amid calls for universities to increase their annual spending requirements or face taxation.

Hudson says that based on his conversations with LPs inside these organizations, they’ve never believed more in the power of venture, yet they’ve also never felt more hesitant about making 10- to 15-year illiquid commitments.

The result is a more complex LP base with competing needs. Some want “as much money back as soon as possible, even if that’s a suboptimal outcome in the long term,” says Hudson. Others prefer that Hudson “hold everything to maturity, because that’s what’s going to maximize [their] returns.”

Navigating these demands requires the kind of portfolio management sophistication that seed investors haven’t traditionally needed, which Hudson views with some ambivalence. Venture, he says, is starting to feel a lot less like an art and something that “feels a lot more like some of these other sub-asset classes in finance.”

Hudson isn’t without hope, he adds, but he is clear-eyed about what’s changing on the ground, as well as the opportunities those changes create.

As funds grow larger and deploy more capital, they’re becoming necessarily more algorithmic, looking for “companies in these categories, with founders from these schools with these academic backgrounds who worked at these companies,” he says.

The approach works for deploying large amounts of capital efficiently, but it misses the “weird and wonderful” companies that have defined Hudson’s best returns and kept Precursor in the game.

“If you’re going to hire people just off a resume screener tool,” he says, “you’re going to miss people who maybe have really relevant experiences that the algorithm doesn’t catch.”

You can hear our full interview with Hudson via TechCrunch’s StrictlyVC Download podcast. New episodes come out every Tuesday.

Correction: This story originally listed ByHeart as a Precursor portfolio company; the organic baby formula maker it has backed is Bobbie.

TechCrunch : After trying to buy Ilya Sutskever’s $32B AI startup, Meta looks to

After trying to buy Ilya Sutskever’s $32B AI startup, Meta looks to hire its CEO

Mark Zuckerberg’s AI talent hiring spree continues. In recent months, Meta tried to acquire Safe Superintelligence, the $32 billion AI startup co-founded by OpenAI’s former chief scientist, Ilya Sutskever, according to a report from CNBC on Thursday.

Sutskever ultimately turned Meta down, according to CNBC, but the company is now in talks to hire Safe Superintelligence’s co-founder and CEO, Daniel Gross. Earlier this week, The Information reported that Meta was in talks to hire Gross, as well as former GitHub CEO Nat Friedman. Meta is also reportedly taking a stake in Friedman and Gross’ joint venture firm, NFDG, which has invested in prominent AI startups such as Perplexity and Character.AI.

Gross and Friedman could significantly beef up Meta’s AI superintelligence lab, adding leaders who have experience running and investing in AI research labs. Earlier this month, Meta announced that Scale AI CEO Alexandr Wang, and several executives from the data labeling startup, would join the company as well.

FT : SoftBank chief pitches $1tn AI and robotics complex in Arizona

SoftBank chief pitches $1tn AI and robotics complex in Arizona
Masayoshi Son has raised concept with US commerce secretary and hopes to involve chipmaker TSMC

SoftBank founder Masayoshi Son is pushing the idea of a vast $1tn artificial intelligence and robotics complex in the US state of Arizona that could include the establishment of a free-trade zone and the involvement of the world’s biggest chipmaker, TSMC.

The plan, which Son has raised with US commerce secretary Howard Lutnick, is aimed at bringing high-tech manufacturing into the country at scale, said three people familiar with the concept, which was first reported by Bloomberg.

SoftBank officials have also discussed it with local and federal politicians in an effort to secure tax breaks, according to the same people.

The final size of the project, if approved, may vary significantly, depending on the level of interest from tech groups, the people warned.

SoftBank and TSMC declined to comment. Lutnick did not respond to a request for comment.

The Arizona concept is the latest large-scale, creative plan to be promoted by the SoftBank chief. He has already pledged $500bn to the Stargate project to scale up US data centres and artificial intelligence infrastructure with OpenAI, Oracle and Abu Dhabi’s MGX.

Stargate funding is coming from project finance, a model that could be repeated if his latest venture comes to fruition.

Son has staked his reputation on AI and built a web of partnerships and capital stakes with companies including Nvidia and OpenAI, as well as a host of smaller companies through the group’s Vision Fund investment vehicles. He hopes to leverage many of these in the new project.

The SoftBank chief has also remained close to President Donald Trump. He was one of the first foreign visitors to Mar-a-Lago, the president’s Florida home, following his re-election and is spending large amounts of time in the US.

A person familiar with the matter said TSMC had yet to be formally approached about the plan.

The Taiwanese chipmaker has a massive US investment plan in place and is beginning mass production of advanced chips in Arizona this year.

Another person said Son had floated the idea of free-trade zones in various US states to encourage investment from countries such as Taiwan, suggesting the already ambitious Arizona plan could be replicated if successful.

Son has also suggested various iterations of a joint US-Japan investment vehicle to make large-scale plays in tech and infrastructure across the US.

WWD : Saucony Lands in London’s Covent Garden With New Community-focused Flagshi

Saucony Lands in London’s Covent Garden With New Community-focused Flagship
Located at 4 James Street, the new store spans two floors and aims to serve as a hub for London’s running and sneaker communities.

Saucony has landed in London.

Located at 4 James Street in the heart of Covent Garden, the new 3,695-square-foot store spans two floors and aims to serve as a hub for London’s running and sneaker communities.

The Wolverine Worldwide-owned brand added that the store “draws inspiration from the river that inspired the brand’s name, featuring natural, flowing architectural elements and textural finishes designed to evoke Saucony’s heritage while creating a calming and welcoming environment.”

Cameron Black, vice president of Europe, Middle East and Africa at Saucony, told WWD sister publication FN in an interview ahead of the opening that this new store is a “key part” of the shoe label’s brand-building strategy.

“For a brand that has been very focused on wholesale, physical stores provide us with the ability to talk to engage with consumers in a way that we would never otherwise, really do on a daily basis,” Black said. “As we learn from these in-person environments, it will help shape the brand to ultimately be more consumer oriented.”

The executive added that the other key factor was making an impact in such a global and influential city was important for the brand’s growth.

“In early 2024, we were looking into how we can accelerate growth in the brand and where we can invest,” Black noted. “While looking at Europe, we made the decision to focus our energy on London with our sponsorship on the London 10K race. We also showed up at the London marathon last year for the first time in a very big way. These all led up to this moment we have now. So, we are super excited.”

Black added that James Street, where the new store is located, is the busiest street in terms of soccer in all of Europe. He noted that 44 million people will be going past the new Saucony store annually, with an estimated 600,000 consumers walking in the door every year. “That’s going to have a very positive impact,” he said.

The “impact” of the company’s new London store was first teased in December in an exclusive interview with Chris Hufnagel, chief executive officer of Wolverine Worldwide.

“There’s just tons of foot traffic and good tenants next to us, so we’re excited,” Hufnagel told FN at the time — which was his first major interview since becoming CEO. “I love the fact of going up against the competition. I love sitting next to them and seeing how we’re doing versus how they’re doing. Saucony competes against some amazing brands, and I think if we want to be in the discussion with those brands, we have to show up. So, I think it’ll be good for our brands, good for our teams, good for our consumers, and certainly good for competition.”

As for what consumers can expect to see inside the store, Black noted that there will be a dedicated areas for events like product launches and collaborations, as well as 100 community lockers available for runners to store their belongings during community activations. The location also features an in-store coffee station, dynamic lighting and DJ decks, the exec said.

Black also teased a new try-on experience that will be available at the store.

“We’ve built a treadmill into the floor and created a screen that wraps all the way around to your peripheral vision,” the exec explained. “Content will play on the screen so that you can actually feel like you are running the London 10K from within the store. We wanted to provide a dynamic and experiential moment for consumers to try on the shoes and really decide if this is the right fit for them. It’s also about creating moments where people want to be in the store for longer and enjoy the space.”

More moments are expected to cap off the store’s grand opening weekend. Visitors to the store can look forward to bespoke in-store customization experiences, live DJ sets and exclusive giveaways, as well as a first look at Saucony’s latest run and lifestyle collections.

The brand also said that the first 100 customers will receive a one-of-a-kind gift to commemorate the occasion, with “additional surprises” in the works.

Following its grand opening, the store will host a regular program of events, including community collaborations, training sessions, workshops and community runs. The first major activations will take place throughout the week leading up to the Saucony London 10K, which takes place on July 13, and the Saucony Shoreditch 10K on Sept. 21.

The opening comes one month after Saucony posted double-digit growth in the first quarter of 2025. At Saucony, net sales in the first quarter were $129.8 million, a 29.6 percent increase from $100.1 million just a year ago.

As for the whole company, total revenue in the first quarter of 2025 for Wolverine Worldwide was $412.3 million, up 4.4 percent from $394.9 million the same time last year. Ongoing total revenue in the first quarter — which excludes the results of the Sperry business, which was sold in January 2024 — was also $412.3 million, an increase of 5.5 percent from $390.8 million the prior year period.

WWD : LVMH Wins Luxury Grand Prix at Cannes Lions for Olympics Campaign

LVMH Wins Luxury Grand Prix at Cannes Lions for Olympics Campaign
Faced with a ban on advertising in competition areas, LVMH found creative ways to promote its 150 million euro sponsorship of the world’s biggest sporting event.

GOLD STANDARD: LVMH Moët Hennessy Louis Vuitton’s Olympics campaign has won a gold medal.

The world’s biggest luxury group was awarded the Luxury Grand Prix at the 2025 Cannes Lions advertising festival for its 360-degree activation developed as premium partner of the Paris 2024 Olympic and Paralympic Games, it said on Friday.

Faced with a ban on advertising in competition areas, LVMH found creative ways to promote its 150 million euro sponsorship of the world’s biggest sporting event.

Louis Vuitton created trunks for the medals and torches, as well as the trays used in medal ceremonies, and was featured in a segment of the opening ceremony. Chaumet designed medals, Berluti outfitted Team France, and Dior dressed performers in the opening and closing ceremonies including Celine Dion, Lady Gaga and Aya Nakamura.

Sephora animated the torch relay and Moët Hennessy, the official Champagne supplier, celebrated victories in all the dedicated celebration spaces. LVMH also designed and produced the uniforms for medal presenters.

LVMH worked with Havas Play and Havas Paris for creative execution, Publicis for media and press strategy, and Auditoire for the design of the Maison LVMH pavilion in Paris.

The Luxury Lion, renamed after launching last year as the Luxury and Lifestyle category, is one of 30 Lions Awards handed out at the festival, billed as the world’s largest gathering of the advertising and creative communications industry.

The jury was headed by Mathilde Delhoume-Debreu, global brand officer at LVMH, and included South African designer Thebe Magugu, Brazilian designer Naya Violeta and Kenya Hunt, editor in chief of Elle U.K., alongside a host of ad executives.

The award aims to highlight creative campaigns that “not only honor brand heritage but also embrace the future by leveraging digital innovation and addressing the changing values of new consumer demographics,” organizers said.

LVMH-owned Loewe won last year for its stop-motion animation film featuring its collaboration with Japanese ceramics studio Suna Fujita.

“This Grand Prix is an immense joy for all our teams and maisons,” said Antoine Arnault, LVMH’s head of communication, image and environment and unofficial Mr. Olympics. “One year later, we are just as proud. We are thrilled to have showcased France through our craftsmanship and contributed to creating unforgettable memories of an adventure that captivated the entire world.”

The Information : Canva, Generating Significant Cash, Discusses Share Offer at $

Canva, Generating Significant Cash, Discusses Share Offer at $37 Billion Valuation

The Takeaway
• Canva discusses arranging a sale of $400 million to $500 million in existing shares
• Sale would value startup at $37 billion, 8% off peak
• Design startup generated about $175 million in cash in Q1

Canva is about to buy itself a little more time before a long-anticipated initial public offering.

The Australian maker of design software is in talks to arrange a sale of shares held by current and former employees that would value the company at $37 billion, according to two people with knowledge of the fundraise. That’s just shy of its peak valuation of $40 billion four years ago.

The sale resembles moves by other mature private firms such as Stripe and SpaceX, which have also let employees and early investors cash out in lieu of doing an IPO.

Canva has told potential investors the sale would amount to $400 million to $500 million worth of shares, according to one of the people. It comes as the 13-year-old startup continues to increase its revenue and generate cash. In the first quarter, it generated $150 million in earnings before interest, taxes, depreciation, and amortization as well as free cash flow of about $175 million.

If it continues at that rate for the rest of the year, it would be on track to generate about $700 million in free cash flow for the year. That’s above the amount for some other recent IPO candidates such as installment lender Klarna, which generated $587 million in cash last year, but it’s far lower than Stripe’s $2.2 billion in free cash flow last year.

Canva is currently generating a little more than $3 billion in annualized revenue, according to a person close to the company. That implies it’s now generating about $750 million a quarter. In the first quarter, it generated roughly $660 million in revenue, according to one of the people with knowledge of the fundraise. Adobe, for reference, made $5.87 billion in sales in the quarter ended May 30.

Such measures of financial strength are the kinds investors and investment bankers say they want to see before a privately held startup starts planning a public offering. The company, which employs more than 5,000, has been profitable for eight years and has more than $1 billion in the bank, according to a person close to the company.

Canva executives led by CEO and co-founder Melanie Perkins have said a public listing is in its future, but not soon. In November, the company hired Kelly Steckelberg as its new chief financial officer, in part because she had taken Zoom Video public in 2019.

But Perkins and co-founder Cliff Obrecht have said they want to focus on making product investments that future public investors will prioritize, such as investments in artificial intelligence.

Canva charges from $15 per user, per month, to more than $30 a month for groups of at least three people to access its premium features for creating visual content, from flyers and social media graphics to pitch decks and résumés. It’s increasingly focused on selling to corporate customers in contracts worth more than $1 million.

The software, which competes head-to-head with long-standing Adobe products such as Photoshop, has roughly 240 monthly active users, up from 226 million at the end of the year, and counts 26 million paying subscribers.

Over the last year, Canva has also been actively acquiring companies to boost its AI capabilities. This week the company said it was buying MagicBrief, an Australian startup that sells AI-powered advertising analytics tools. In July, it bought Leonardo AI, another Australian AI startup, whose technology now powers some of Canva’s AI image-generation software.

In the meantime, it has joined a parade of mostly older startups arranging large sales of existing shares that allow longtime employees and investors to cash out of their private stock holdings, without a public listing.

In early 2024, the company arranged for a sale of more than $1 billion of employees and investors’ shares in a deal that valued it at $26 billion. In October, investors valued the company at $32 billion in a secondary sale. Both those valuations are down from Canva’s peak of $40 billion in 2021, when it raised $200 million from investors led by T. Rowe Price.

The Australian Financial Review earlier reported it was planning a new share sale without details on price or size.

Meanwhile, Figma, an American rival that focused more on corporate clients than Canva did initially, in April filed confidentially with the Securities and Exchange Committee for an IPO.

Figma was generating roughly $900 million in annual recurring revenue at the end of last year.

CrunchBase : The Week’s 10 Biggest Funding Rounds: Energy, Defense Tech Led

The Week’s 10 Biggest Funding Rounds: Energy, Defense Tech Led

Energy for AI and automated defense tech led this week’s largest U.S. venture funding deals. Vertical software solutions driven by AI in sports, healthcare and financial services were also a strong theme.

1. TerraPower, $650M, energy: Terrapower, co-founded by Bill Gates in 2006, is back on the top of the list with a $650 million funding to build nuclear energy solutions. The Bellevue, Washington-based company’s first nuclear project is being built in Wyoming, in partnership with the U.S. Department of Energy and is slated to be ready in 2030. Nvidia invested in the startup for the first time through its NVentures investment arm, along with Gates and shipbuilder HD Hyundai.

2. Applied Intuition, $600M, autonomous vehicles: Applied Intuition is back on the list with its largest funding to date, a $600 million Series F funding led by BlackRock and Kleiner Perkins. Founded in 2017, the company was valued at $15 billion, up 150% from its $6 billion valuation a year ago. The Mountain View, California-based company’s vehicle intelligence platform is used in the trucking and automotive industry as well as defense, construction, mining and agriculture. The company says its technology is used by 18 of the top 20 automakers as well as the U.S. Department of Defense.

3. Teamworks, $235M, sportstech: Teamworks, a software platform that powers elite sports teams — more than 6,500 of them — raised a $235 million Series F led by Dragoneer Investment Group which valued the company at $1.2 billion. The Durham, North Carolina-based company’s software to manage teams, coaching, performance and recruitment is used by the majority of NFL, MLB , Premier League, NBA, MLS teams, NHL teams, DI NCAA athletic departments, and Olympic federations. The 15-year-old company has raised more than $400 million per Crunchbase data.

4. (tied) Ramp, $200M, fintech: Ramp raised a $200 million Series E valuing the 6-year-old corporate credit card and expense management company at $16 billion. The funding was led by Founders Fund, which has now led multiple rounds in the fintech startup. Ramp’s current valuation more than doubled from its prior valuation just over a year ago at $7.65 billion. New York-based Ramp serves more than 40,000 companies and has raised over $1.4 billion over time.

4. (tied) Commure, $200M, healthcare: Commure closed on $200 million in funding from General Catalyst’s Customer Value Fund. Founded in 2017, Mountain View, California-based Commure counts 130 health systems across the country as customers for its services, which assist hospitals with AI note-taking, billing and customer management.

6. Juniper Square, $130M, fintech: San Francisco-based Juniper Square raised $130 million for fund management software that valued the 2014-founded company at $1.1 billion. The funding was led by fintech investor Ribbit Capital. Over 2,000 funds use the software with adoption growth by private equity and venture capital firms.

7. Tennr, $101M, healthcare: Tenner raised a $101 million Series C funding to address the logjam for healthcare providers when customers referred for specialized services are often lost in the manual process. The funding round was led by IVP with participation from prior investors Lightspeed Venture Partners and Andreessen Horowitz, among others. The New York-based company, founded in 2021, was valued at $605 million.

8. Mach Industries, $100M, defense tech: Mach Industries manufactures unmanned weapon systems for the defense industry. The 3-year-old company, based in Huntington Beach, California, was valued at $470 million in a round led by Bedrock and Khosla Ventures. The company has raised a total of $185 million, per Crunchbase.

9. EigenLabs, $70M, blockchain: a16z crypto has purchased $70 million in EIGEN tokens from Seattle-based Eigen Foundation. The tokens will support the developer ecosystem building apps on top of Ethereum.

10. Actio Biosciences, $66M, biotech: Actio Biosciences raised a $66 million Series B for advancing trials for precision drugs for epilepsy and Charcot-Marie-Tooth disease. The funding to the San Diego-based company founded in 2021 was led by healthcare investors Deerfield Management and Regeneron Ventures.

Big global deals
The biggest deal of the week came from Europe:
  • Berlin-based AI defense company Helsing raised the largest funding this week, a $694 million Series D at a $13.9 billion value led by European investor Prima Materia. The company has raised $1.5 billion to date, with its prior valuation at $5.4 billion in July 2024.

WSJ : A Battery That Lasts 50% Longer Is Finally in Production

A Battery That Lasts 50% Longer Is Finally in Production
Solid-state batteries have long been elusive, but a firm that supplied cells to the Defense Department could be first to get them into consumer electronics

Key Points

What's This?

Ion Storage Systems is producing solid-state batteries with a unique design inspired by hydrogen fuel-cell technology.

Ion’s batteries could last 50% longer and charge faster, with near-zero risk of fire, potentially revolutionizing electronics and EVs.

The company has shipped test cells to potential customers, including the Department of Defense and consumer electronics companies.

It’s an unlikely technology, developed in an unlikely place, at an unlikely time.

Ion Storage Systems’ novel solid-state batteries were inspired by hydrogen fuel-cell technology. The company’s high-energy-density batteries are now in production in a factory in Beltsville, Md. And though the U.S. is pulling back on investments in many energy technologies, a key backer is the Energy Department.

In other words, in an emerging battery category that could revolutionize electronics, Ion is one to watch.

Solid-state batteries—which trade the gooey center of conventional lithium-ion batteries for a solid core—have the potential to improve smartphones and EVs alike. Ion’s unusual approach could yield power cells that last 50% longer, charge significantly faster, and have a near-zero chance of catching fire when damaged.

Then again, that’s long been the promise in a field notorious for dashing the hopes of both startups and established giants. Despite decades of trying to make solid-state batteries commercially viable, we still haven’t seen any outside of niche applications. Automakers have announced partnerships with solid-state battery makers, yet none have moved beyond testing.

Investors have been so disappointed that global venture-capital investment in such companies is on track to be at its lowest level since 2017, according to data from research firm PitchBook.

These are reasons to doubt Ion will succeed. Yet on a recent visit to the company’s pilot factory in Maryland, what I saw convinced me—as well as investors including Toyota Ventures and the Advanced Research Projects Agency-Energy—that the company has a chance. If Ion realizes its potential, it could allow the U.S. and its allies to leapfrog China’s battery giants in the race to electrify all our transportation and industrial systems.

The company recently began shipping finished cells to potential customers, who are testing them. This includes the Department of Defense, which found in early trials that the cells held up, as well as electronics makers that aren’t ready to go on the record. The company earned an ARPA-E scale-up grant of $20 million because it showed momentum in making and shipping products, the initial necessary step in driving down costs.

If you’ve heard of solid-state batteries before, it’s because more or less everyone is working on them. More than a dozen startups are in some phase of development, and over the past decade, at least as many have died trying. All the big automakers are testing, researching or investing in this tech. Both China and the U.S. see the development of these batteries as strategically important. Their dual promise of maximum energy density and broad battery-chemistry compatibility is a siren song none can resist.

But here’s the problem: Standard solid-state batteries expand and contract as they charge and discharge, which can fracture the cell and render it useless.

To contain the “breathing” movement, companies engineer springs and metal plates inside their solid-state battery packs. This adds weight and volume, negating the energy-density advantage. The expanding and contracting also make it impossible to incorporate early solid-state batteries into consumer electronics. And it hasn’t helped that solid-state batteries previously required an entirely different kind of manufacturing than traditional batteries.

In 2013, Eric Wachsman, a materials scientist at the University of Maryland, turned one of his Ph.D. students loose on the problem. Wachsman never cared much for batteries, having focused on their promising competitor, hydrogen fuel cells.

Together, he and his student, Greg Hitz, discovered the possibility of incorporating into lithium-ion batteries the same porous, rigid, ceramic substrates that are essential to making fuel cells.

Instead of the complicated layer-cake inside typical lithium-ion batteries (graphite, a liquid electrolyte, a plastic separator, more electrolyte, a layer of metal alloys) there are just three: lithium metal, this ceramic, and the usual metallic alloy.

The microscopic holes in the ceramic serve to buffer the expansion and contraction of the lithium as it moves through the battery. That’s a big deal: It means Ion’s cells can be encased in soft foil pouches, just like conventional lithium-ion batteries.

Making the key ceramic layer of Ion’s batteries is tricky, requiring clean, controlled environments akin to chip factories. But once produced, the rest of the process is mostly the same as making normal batteries. This ease of manufacturing is what lured Ion’s new chief executive, Jorge Schneider, after stints at General Motors and a company that sells lithium to the battery industry.

“Here is a revolutionary technology, without the capital intensity of putting together a Gigafactory to make it work,” says Schneider, about his motivation to come aboard.

This should allow Ion to partner with big battery makers and use their existing facilities. Hitz won’t say which, but giants like LG, Panasonic and Samsung would all be logical partners.

Ion’s current, small-scale manufacturing is the first step. It has to convince early-adopter customers that its near-term higher production costs are justified by the increased energy density of its cells—up to 50% better than the best conventional lithium-ion batteries.

Even “customer” is a loose term: The companies are accepting test batches of Ion’s solid-state batteries. Ion wouldn’t share their names, but Wachsman puckishly acknowledged that it’s “every consumer electronics company you can think of.”

On one table at its factory, a smartwatch and wireless earbuds had been disassembled to show how small the cells inside them were—perfect first applications for this tech. The Defense Department tested Ion’s batteries as a way to lighten the load that soldiers must carry.

Jonathan Geurkink, senior emerging-tech analyst at PitchBook, says it’ll be easier to gauge success in the solid-state battery business once a maker begins shipping products at volume.

Once reliable, economically viable solid-state batteries do arrive, their value will go beyond making our cars drive farther and our phones last longer. Their energy densities will enable the electrification of heavy equipment such as airplanes and long-haul trucks, as well as futuristic gadgets like all-day smart glasses.

As my tour of Ion’s factory wound down, I asked Schneider what would stop Chinese companies from getting Ion’s secret sauce. For decades, China has used its partnerships to learn the secrets of American battery makers and other tech innovators. He says Ion isn’t making any deals with Chinese battery companies, and it probably never will.

Standing before a set of blueprints that would enable Ion technology to be incorporated into existing battery factories, he says there are plenty of other manufacturers, from countries allied with the U.S., that are eager to work with his company.