>>> Pasqal Holding SA announces an evolution of its collaboration framework with

Pasqal Holding SA announces an evolution of its collaboration framework with the French Public Authorities
  • Co is announcing an evolution of the areas of its collaboration with the French public authorities to now focus on commercial applications, in line with the company's growth strategy and innovation priorities.
    This evolution includes the termination of Pasqal's participation in the defense program LSQUARE, to which Pasqal participated in its first phase and successfully completed all the technological objectives. Pasqal thanks the French Direction générale de l'armement of the Ministry of the Armed Forces for having supported it during the first phase of the defense program LSQUARE.
  • Pasqal is now invited to participate in the civil public support programs currently being defined. As a first step in this civil collaboration, the company has been requested by the French Secrétariat général pour l'investissement and the French Direction générale des entreprises to submit a specific research and development program for fault-tolerant quantum computing (FTQC) based on neutral atoms, and consistent with Pasqal's advanced technology level and commercial maturity.

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • MX +11.8%, MTUS +6.4%, INCY +6.2%, BUR +5.8%, AMPX +5.6%, NHP +4.8%, CDXS +4.5%, KOD +4.5%, FOXF +4.0%, FISN +3.5%, OMSE +2.8%, CF +2.6%, STLA +2.4%, MIRM +2.4%, BTU +2.3%, TNDM +2.2%, NGEN +2.1%, PBF +2.0%, NIO +2.0%, HAFN +1.7%, PSX +1.7%, CVX +1.6%, MPC +1.6%, HIG +1.5%, VLO +1.5%, TTE +1.4%, DINO +1.2%, ADM +1.1%, QGEN +1.0%
  • Gapping down:
    • GFI -15.3%, MNOV -8.9%, SSRM -6.1%, HBM -6.0%, SI -5.8%, B -4.3%, BE -3.9%, BAK -3.9%, CRCL -3.6%, WOLF -3.4%, HOOD -3.4%, META -3.1%, ARLP -2.6%, BTGO -2.4%, ORCL -2.1%, HPE -2.0%, RIO -2.0%, USAR -1.9%, RKLB -1.7%, TM -1.7%, JBI -1.7%, NXPI -1.7%, NET -1.6%, MNST -1.6%, IBN -1.6%, GNRC -1.5%, PANW -1.5%, BA -1.4%, MP -1.4%, TMC -1.3%, CRWD -1.3%, NU -1.3%, FTNT -1.2%, AKAM -1.1%

>>> Europe : Brokers Upgrades & Downgrades - 28th of Sept 2026 V2(+)

>>> Up
* Agfa-Gevaert Raised to Accumulate at KBC Securities (+)
* Biogaia Raised to Buy at SB1 Markets; PT 135 kronor
* CF Industries Raised to Neutral at Rothschild & Co Redburn
* DNB Bank Raised to Buy at ABG; PT 352 kroner
* Instalco AB Raised to Buy at Pareto Securities; PT 48 kronor
* Netum Group Raised to Reduce at Inderes; PT 55 euro cents
* Verbund Raised to Hold at Deutsche Bank; PT 60 euros (+)

>>> Down
* Ayvens Cut to Neutral at UBS; PT 10.50 euros
* Cibus Real Estate Cut to Hold at Nordea
* FM Mattsson AB Cut to Neutral at SB1 Markets; PT 125 kronor
* Pandox Cut to Hold at Nordea
* PepsiCo Cut to Hold at Deutsche Bank; PT $138
* PPI Public Property Invest Cut to Hold at Nordea
* Rentokil PT Cut to 370 pence from 490 pence at Jefferies
* Roblox Cut to Underperform at Jefferies; PT $38

>>> Initiation
* Cellavision Rated New Buy at Arctic Securities; PT 205 kronor
* Cipher Digital Reinstated Buy at Jones; PT $35
* CoreWeave Rated New Buy at Jones; PT $160
* Datadog Rated New Buy at William O'Neil
* IREN Ltd Reinstated Neutral at Jones
* Jenoptik Reinstated Buy at Stifel; PT 55 euros
* Maire Rated New Buy at Citi; PT 18 euros
* MARA Holdings Reinstated Buy at Jones; PT $22
* Pandox Rated New Neutral at Van Lanschot Kempen; PT 170 kronor
* Remedy Entertainment Cut to Accumulate at Inderes; PT 23 euros
* SharonAI Rated New Buy at Jones; PT $80

>>> Call
* Equity Positoning Higher Despite Fund Outflows: Deutsche Bank (+)
* S&P 500 Market Breadth at Lowest Since Dot-Com Bubble: Goldman (+)
* Haleon Placed on Negative Catalyst Watch at JPMorgan, PT Cut
* Instalco Raised to Buy at Pareto on ‘Attractive Setup’ (+)
* JPMorgan Strategists Say the Case for AI Stocks Is Constructive (+)
* Maire New Buy at Citi on Support From Increasing Gas Investment
* Pandox, Cibus Cut to Hold at Nordea on Higher Interest Rates (+)
* Rexel’s GCG Deal ‘Hits Strategic Sweet Spot,’ Bernstein Says

La Lettre : Départs en série au sein du groupe Soitec L'industriel grenoblois sp

Départs en série au sein du groupe Soitec

L'industriel grenoblois spécialiste des semi-conducteurs fait face à trois
départs depuis la deuxième quinzaine de septembre. Cette valse
intervient alors que le directeur général, nommé récemment, tente
d'insuffler un vent nouveau au discret champion du silicium français.
La cloche des départs a tinté trois fois depuis mi-septembre chez Soitec. Le comex du
fabricant grenoblois de semi-conducteurs a tout d'abord perdu deux de ses membres,
qui ont officiellement "saisi de nouvelles opportunités", selon l'expression convenue des
communiqués internes. Le directeur de la stratégie, Steve Babureck, est le premier
d'entre eux à être parti. Venu du broker Exane en 2011, il a rejoint Soitec pour y piloter
les relations avec les investisseurs. Il a ensuite ajouté à son portefeuille la stratégie,
devenue ensuite son périmètre unique. Longtemps basé à Singapour, il a pris la viceprésidence
exécutive et la tête de la branche américaine de l'entreprise en octobre 2025.
Lors de la deuxième moitié de mandat de Pierre Barnabé, le précédent directeur
général de Soitec, Steve Babureck était un peu tombé en disgrâce. Pierre Barnabé a
quitté ses fonctions le 31 mars 2026, lui aussi pour "raisons personnelles·; alors que la
crise de gouvernance de 2025 accélérait la fin de sa trajectoire dans l'entreprise (LL du
05/02/~ .

Le portefeuille de Steve Babureck sera scindé en deux. L'actuel directeur général de
Soitec, Laurent Rémont, s'emploiera à piloter la stratégie industrielle du groupe et ce,
jusqu'à nouvel ordre. Quant aux process stratégiques, ils reviendront à Albin
Jacquemont, le directeur financier.

Relations tendues aux RH
Le groupe grenoblois aux 2 100 salariés a aussi enregistré le départ de sa DRH, Jeannette
Schuh. Recrutée en octobre 2023, celle-ci s'est rapidement retrouvée en terrain miné, en
raison notamment d'un rapport de plus en plus conflictuel avec les organisations
syndicales et de tensions croissantes avec ses équipes. La vacance du poste de Jeannette
Schuh pourrait susciter rapidement la candidature de Delphine Segura-Vaylet, déjà
membre du board de Soitec et, depuis un an, DRH du groupe de conseil et ingénierie
Artelia. Ces deux mouvements au comex interviennent alors que Soitec entre dans une
phase sensible. L'entreprise est à la fois chahutée et boostée par le marché de
l'intelligence artificielle (IA), la microélectronique étant devenue aujourd'hui l'enjeu de
souveraineté par excellence, aussi bien pour l'industrie française qu'européenne.
Enfin, Emmanuel Sabonnadière, ancien membre du comex, fait valoir ses droits à la
retraite après cinq ans passés chez Soitec. Responsable du programme de
développement des "SmartSiC'; ces plaquettes innovantes à base de carbure de silicium
destinées au marché automobile, cet ingénieur avait un long passé industriel : il avait
été auparavant directeur du CEA-Leti, ce laboratoire d'électronique fondé en 1967 à
Grenoble et rattaché au Commissariat à l'énergie atomique et aux énergies
alternatives (CEA), avant de piloter la division transformateurs d'Alstom T&D. Sur la
touche depuis le printemps, il occupait un poste de conseiller auprès du directeur
général.

>>> What to look at today - 28th of Sept 2026

Bonds and stocks dropped as Middle East tensions flared following President Donald Trump’s rejection of Iran’s latest proposal to reopen the Strait of Hormuz, denting some of the optimism that lifted markets late last week. Shorter-maturity Treasuries led losses, with the rate-sensitive two-year yield climbing five basis points to 4.90%. The benchmark 10-year yield advanced four basis points, erasing Friday’s decline spurred by expectations that US and Iranian negotiators were exploring a phased deal that would reopen the vital waterway. Brent crude gained 1.6% to about $106 a barrel after Iran said it wouldn’t soften its demands and stuck to a seven-day proposal for reopening the Strait of Hormuz. The dollar rose against most of its major peers. Gold dropped 1.8% as the impasse over the waterway kept energy costs elevated and maintained pressure on the Federal Reserve to raise interest rates to combat inflation. MSCI’s index of Asian stocks slipped 0.5%, with benchmark equity gauges in mainland China and South Korea dropping more than 2%. Futures for the Nasdaq 100 Index fell 0.6%. Oil remains a key driver for markets as elevated energy costs add to inflation pressures and bolster expectations for further rate increases. Last week, the average yield on a gauge of global bonds climbed above 4% for the first time since 2007, raising concerns that higher borrowing costs may eventually weigh on the economy and on company earnings. Elsewhere, the pound steadied as UK police investigated a potential terrorism incident after five men were arrested near an air base used in US strikes on Iran. Trump said the suspects were “looking to do big damage” to the facility. In tariff-related news, the US released details of a plan to slash tariffs on roughly $30 billion of imported goods on each side following a summit between Trump and Xi Jinping.  Volatility may persist this week, with the Fed’s preferred inflation gauge and US jobs reports set to shape expectations for at least one more rate increase this year, following the central bank’s first hike since 2023 earlier this month.
Back to the Middle East, Trump said he expects negotiations to resume this week despite rejecting Tehran’s latest offer, Axios reported. He also said he’s thinking “very seriously” about a ban on diesel exports. Several Fed officials have pointed to resilient economic growth and a strong labor market as reasons further tightening may be needed. Cleveland Fed President Beth Hammack said those factors, along with concerns about government debt, are helping drive long-term Treasury yields higher.  Traders are fully pricing at least one more 25 basis-point hike before year-end. Treasury Secretary Scott Bessent struck a more dovish tone, saying policymakers should keep an “open mind” on rates as productivity gains from artificial intelligence and deregulation may help contain inflation.

Nikkei -0.28% Hang Seng +0.56% CSI -2.44% Kospi -2.42% Shanghai -1.95% Shenzen -3.32%

Eur$ 1.1389 CNH 6.7163 CNY 6.7147 JPY 157.78 GBP 1.3245 CHF 0.8293 RUB 84.3883 TRY 48.9809 WTI$ 93.33 +1.08% Gold 4,195 -2.12% BTC 83,225 -1;46% ETH 2,644.5 -1.32%

S&P -0.40% Nasdaq -0.80% EuroStoxx +0.22% FTSE +0.15% Dax +0.17% SMI +0.44%

Macro :
- Trump Set to Roll Back Biden-Era Auto Fuel Economy Standards
- China Consistently, Firmly Supports UN, Vice President Says
- White House Signals It Won’t Ban Diesel Exports, Senator Says
- US Permit Talks Include Faster Approvals for Power Lines, Pipes
- White House Blocks CNN From Trip on Air Force One
- Piper’s Johnson Flags Yield Pain Points for S&P: Equity Insight
- Gold Fields Is Said to Express Interest in Buying Northern Star

Keep an eye on :
- ABBV US : FDA approves Juvmo (Tavapadon) NDA for treatment of Parkinson's Disease
- ADARX US : Adarx Pharma Climbs 14% After $446.3 Million Upsized IPO
- AGFB BB : Siris to Buy 19.1% Stake in Agfa-Gevaert
- BABA US : China May Let Alibaba Buy New Nvidia Chips, The Information Says
- AMZN US : Amazon Gets EU Scrutiny on Possible Seller Price Curbs
- AMZN US : Kuehne+Nagel CEO Expects to Ride AI-Driven Cargo Wave Into 2029
- AAL LN : De Beers bets on consumers’ taste for the real to restore natural diamonds’ sparkle
- AAPL US : Apple Hit With $5.7 Billion Patent Verdict Over iPhone, Apple Watch Haptics
- Ardian : Heathrow’s third runway delayed as new target deadline revealed
- BAS GY ; BASF Confirms Exploratory Talks To Buy Evonik
- BA US : Boeing Identifies 737 Max Software Glitch That May Prompt Delays
- CVX US : Pentagon-Backed Oil Company Is Set to Vie for Chevron's Crown in Venezuela -- WSJ
- C US : Citigroup Targets More Than $3 Billion Banamex IPO, Taps Banks
- COXG SM : *COX TO TRIPLE INVESTMENT TO €10B IN NEW PLAN: CEO TO EXPANSIÓN
- ACA FP : Credit Agricole’s BforBank to Cut a Quarter of Staff: Les Echos
- DUE GY : Duerr Places €200M Schuldschein Loan
- EBS AV : Erste Seeks to Buy Up to 26% Additional Erste Bank Polska Stake
- GSK LN : GSK Can Beat Merck in Small-Cell Lung Cancer With Merck Snag
- GOOGL US : Google DeepMind Exodus Sparks VC Frenzy for AI’s Next Big Thing
- Holtec Nuclear IPO : Holtec Nuclear Withdraws IPO Registration Statement
- IBAB BB : Penn Medicine, IBA Form Noventra Oncology Alliance JV
- INCY US : Mirum, Incyte’s Zilurgisertib Gets FDA Approval
- IFX GY : Infineon’s $1.44b Thai Semiconductor Plant to Open Oct. 1
- ISP IM : Intesa’s Fideuram Lost €36 Million in Fraud, Corriere Reports
- KNIN SW : Kuehne+Nagel CEO Expects to Ride AI-Driven Cargo Wave Into 2029
- KOG NO : Awarded $404M US Navy contract
- OR FP : Armani to Begin Stake Sale Talks With LVMH, Loréal, FT Reports
- MC FP : Armani to Begin Stake Sale Talks With LVMH, Loréal, FT Reports
- MCD US : McDonald’s Sell-Off Hits 30% as Big Mac Inflation Spurs Pushback
- MDM FP : Maisons du Monde 1H Ebitda EU27.1M
- MRK US : Daiichi, Merck Withdraw I-DXd’s Biologics License Application
- META US : Meta Loses New Mexico Trial, Could See $219 Billion Penalty
- MSFT US : Microsoft Reboots Copilot, Targets Corporate Consumer
- NST AU : Gold Fields Is Said to Express Interest in Buying Northern Star
- NST AU : Australia’s biggest gold miner rejects $27bn takeover bid - FT
- NU US : Nubank Said in Talks to Buy Monzo for Up to £10 Billion
- NU US : Advent Among PE Firms Interested in Minority Stake in Monzo: Sky
- Odido IPO : Apax Nears Deal to Buy Warburg Out of Odido Joint Investment:FT
- ORCL US : Oracle Co-CEOs Get $870m Combined in Options Awards
- ORCL US : Ellison Pledges $9.2 Billion More in Oracle Shares for Loans
- PSKY US : Paramount Skydance to Move Listing to NYSE from Nasdaq
- PYPL US : PayPal Shares Rise as Betaville Alert Speculates on M&A
- Polymarket IPO : Polymarket Wagers on Bank Failures Trigger FDIC Concerns
- RXL FP : Rexel to Buy GCG to Expand in High-Growth Infrastructure Areas
- ROP SW : Roche’s Gazyva Gets FDA Nod for Idiopathic Nephrotic Syndrome
- SIE GY : Siemens Launches Fresh AI Reinvention Drive to Boost Returns
- 000660 KS : SK Hynix’s Solidigm Is Said to Weigh US IPO as Soon as 2027
- 000660 KS : SK Hynix Drops as Subsidiary Solidigm’s US IPO Reports Sour Mood
- TIT IM : Poste’s Telecom Italia Bid Draws 82.25% Acceptance on Final Day
- 2330 TT : TSMC 2nm Capacity May Reach 120,000 Wafers by Year-End: EDN
- TFIN IM : Icop Raises All-Stock Bid for Trevi to Top Webuild Offer
- UCB BB : UCB to Present 23 Abstracts at EADV Congress
- VSURE SS : Verisure Bets on AI Partnerships to Counter Disruption Concerns

>>> Europe : Brokers Upgrades & Downgrades - 28th of Sept 2026

>>> Up
* Biogaia Raised to Buy at SB1 Markets; PT 135 kronor
* CF Industries Raised to Neutral at Rothschild & Co Redburn
* DNB Bank Raised to Buy at ABG; PT 352 kroner
* Instalco AB Raised to Buy at Pareto Securities; PT 48 kronor
* Netum Group Raised to Reduce at Inderes; PT 55 euro cents

>>> Down
* Ayvens Cut to Neutral at UBS; PT 10.50 euros
* Cibus Real Estate Cut to Hold at Nordea
* FM Mattsson AB Cut to Neutral at SB1 Markets; PT 125 kronor
* Pandox Cut to Hold at Nordea
* PepsiCo Cut to Hold at Deutsche Bank; PT $138
* PPI Public Property Invest Cut to Hold at Nordea
* Rentokil PT Cut to 370 pence from 490 pence at Jefferies
* Roblox Cut to Underperform at Jefferies; PT $38

>>> Initiation
* Cellavision Rated New Buy at Arctic Securities; PT 205 kronor
* Cipher Digital Reinstated Buy at Jones; PT $35
* CoreWeave Rated New Buy at Jones; PT $160
* Datadog Rated New Buy at William O'Neil
* IREN Ltd Reinstated Neutral at Jones
* Jenoptik Reinstated Buy at Stifel; PT 55 euros
* Maire Rated New Buy at Citi; PT 18 euros
* MARA Holdings Reinstated Buy at Jones; PT $22
* Pandox Rated New Neutral at Van Lanschot Kempen; PT 170 kronor
* Remedy Entertainment Cut to Accumulate at Inderes; PT 23 euros
* SharonAI Rated New Buy at Jones; PT $80

>>> Call
* Haleon Placed on Negative Catalyst Watch at JPMorgan, PT Cut
* Maire New Buy at Citi on Support From Increasing Gas Investment
* Rexel’s GCG Deal ‘Hits Strategic Sweet Spot,’ Bernstein Says

>>> Stoxx 600 Pre-Market Indications

  • Persimmon (OHP TH) +4%
  • Barratt Redrow (3BA TH) +2.9%
  • Akzo Nobel (AKU1 TH) +1.4%
    • Akzo Nobel Raised to Outperform at Oddo BHF; PT 67 euros
  • Aker BP (ARC TH) +1.3%
  • Erste (EBO TH) +1.2%
    • Erste Plans to Raise Polish Stake in Deal Worth Up to $5 Billion
  • Legal & General (LGI TH) +1.2%
  • HSBC (HBC1 TH) +1%
  • Alcon AG (2U3 TH) -1%
  • Anglo American (NGL0 TH) -1%
  • STMicro (SGM TH) -1.2%
  • Sabadell (BDSB TH) -1.2%
  • Frontline (HF6 TH) -1.2%
  • Evolution (E3G1 TH) -1.4%
  • Leonardo (FMNB TH) -1.6%
  • Aixtron (AIXA TH) -1.6%
  • AT&S (AUS TH) -2%
  • Fresnillo (FNL TH) -3.8%

FT : Goldman’s hedge fund bonanza

Goldman’s hedge fund bonanza

AI hedge fund Situational Awareness became the biggest prime brokerage client at Goldman Sachs this year. That reveals the fund’s importance before it suffered tens of billions of dollars in losses.

Lending to Situation Awareness made Goldman more than $200mn in fees this year. This topped the amount it earned from any other client in its prime brokerage business financing hedge funds, according to people familiar with the matter, write Joshua Franklin, Jill R Shah and Arjun Neil Alim. 

Having shot to fame following some highly profitable bets on AI, Leopold Aschenbrenner’s fund became one of the biggest overall clients of Goldman’s trading division this year, the people added. 

It is virtually unheard of on Wall Street for a fund such as Situational Awareness, which is barely two years old, to so quickly become such a large client of an investment bank like Goldman, sitting alongside blue-chip hedge funds including Citadel and Millennium. 

The fees for Goldman became so large because of the rapid growth of Aschenbrenner’s fund as well as the types of trades he was making. 

Aschenbrenner, whose firm remains a client of Goldman, told his investors in July that he would no longer borrow money to magnify its bets. That would mean that future fees for Goldman would not be on the same scale as before the losses.

Goldman and Situational Awareness declined to comment.

Aschenbrenner, a 24-year-old former OpenAI researcher with no trading experience, founded Situational Awareness in 2024 with a few hundred million dollars in assets, racking up returns of more than 400 per cent and growing the fund to more than $20bn. 

>>> TradeGate Pre-Market Indications

DAX:
  • Heidelberg Materials (HEI TH) +1%
MDAX:
  • Jenoptik (JEN TH) +2%
    • Jenoptik Reinstated Buy at Stifel; PT 55 euros
  • Aroundtown (AT1 TH) +1%
  • Aixtron (AIXA TH) -1.2%
  • FlatexDEGIRO (FTK TH) -1.3%
SDAX:
  • Duerr (DUE TH) +1.6%
  • Eckert & Ziegler (EUZ TH) +1%
  • Deutsche PBB (PBB TH) -1%
  • HelloFresh (HFG TH) -1.3%