- Rolls-Royce (RRU TH) +2.9%
- Babcock (BW3 TH) +2.5%
- Legal & General (LGI TH) +1.9%
- Aker BP (ARC TH) +1.8%
- Aker BP 3Q Avg Production Beats Estimates
- Hensoldt (HAG TH) +1.8%
- Nordic Semiconductor (N0S TH) +1.7%
- Rubis (BYN TH) +1.6%
- Anglo American (NGL0 TH) +1.3%
- Copper Heatmap Steadies as Grasberg Risks Pressure Market Tone
- Leonardo (FMNB TH) +1.3%
- OMV (OMV TH) +1.3%
- OMV Adjusts Dividend Policy Following Adnoc Deal
- flatexDEGIRO (FTK TH) -1%
- GSK (GS71 TH) -1%
- ArcelorMittal (ARRD TH) -1.1%
- Ferrari (2FE TH) -1.1%
- Orange (FTE TH) -1.1%
- Watch French Stocks as Macron Faces Risk of Government Collapse
- STMicro (SGM TH) -1.3%
- Orsted (D2G TH) -1.4%
- Aumovio (AMV0 TH) -1.6%
- Terna (UEI TH) -1.7%
- Vestas (VWSB TH) -2.1%
>>> Up
* Avanza Raised to Buy at SEB Equities; PT 393 kronor
* Endomines Finland Raised to Accumulate at Inderes
* Epiroc Raised to Buy at Pareto Securities; PT 230 kronor
* Ford Raised to Hold at Jefferies; PT $12
* Glencore PT raised from 350 to 425p at Jefferies
* Grab Holdings Raised to Add at CGS Int'l; PT $7
* Grab Holdings Raised to Add at CGS Int'l; PT $7
* Micron Raised to Overweight at Morgan Stanley; PT $220
* Nestle PT raised from 71 to 72 CHF, still Underweight, at Morgan Stanley
* Sonova Raised to Neutral at Rothschild & Co Redburn
* Stellantis Raised to Neutral at Mediobanca SpA; PT $11.37
* Orion Raised to Buy at Nordea; PT 75 euros
>>> Down
>>> Down
* Ashmore Cut to Underweight at Barclays; PT 150 pence
* Diagnostyka Cut to Hold at Wood & Company; PT 203 zloty
* Sandvik Cut to Hold at Pareto Securities; PT 270 kronor
* Sandvik Cut to Hold at Pareto Securities; PT 270 kronor
* Wartsila Cut to Hold at Nordea
>>> Initiation
>>> Initiation
* Enagas Rated New Neutral at Citi; PT 12.80 euros
* FM Mattsson AB Rated New Buy at SB1 Markets; PT 65 kronor
* FM Mattsson AB Rated New Buy at SB1 Markets; PT 65 kronor
* Securitas Rated New Buy at SB1 Markets; PT 165 kronor
* Sentia Rated New Buy at Pareto Securities; PT 80 kroner
>>> Call
>>> Call
Asian stocks rose to an all-time high, led by Japanese equities, after a pro-stimulus lawmaker emerged as the country’s next leader. Bond yields rose on concern over higher spending, pushing investors toward alternative assets such as gold and Bitcoin, both of which hit records.
MSCI’s regional stock gauge advanced for a sixth consecutive day, while the Nikkei 225 index jumped 4.8% to an all-time high as Sanae Takaichi was in line to become the country’s next prime minister. The yen slid 1.7% to 150 per dollar, while falling to a record low against the euro. Longer-maturity Japanese bonds slid the most in months, with the 40-year yield surging 14 basis points, on concern a government led by Takaichi may sell more debt to finance tax cuts and stimulate the economy. US Treasuries also fell along with bond futures for Australia. Gold rose above $3,900 an ounce to yet another record, extending a rally that’s been a feature of commodity markets all year. Bitcoin also set another all-time high over the weekend. Oil advanced after OPEC+ agreed Sunday to revive just 137,000 barrels a day of halted supply — a slower pace than earlier this year. Equity-index futures for the US also rose. Stocks have been surging, looking past a US government shutdown and the threat of firing federal workers, as traders bet investments on artificial intelligence will eventually pay off for tech companies. Investors have speculated that the shutdown, which kicked in on Wednesday, will drive investors to haven assets in what market participants have begun to call the “debasement trade.” A burst of new partnerships and ChatGPT-maker OpenAI’s valuation reaching $500 billion had spurred shares. Equities have climbed to successive record highs this year, with AI optimism adding to bullish momentum from prospects for monetary policy easing and resilient earnings. While the US government shutdown meant the crucial nonfarm payrolls data didn’t get published, swap traders are confident the Federal Reserve will execute another quarter-point interest-rate cut in October. Back in Japan, Takaichi is set to become Japan’s first female prime minister after winning the Liberal Democratic Party leadership contest during the weekend. Defense equipment makers Kawasaki Heavy Industries Ltd., Japan Steel Works Ltd. and IHI Corp. all soared at least 10% at one point on Monday as Japanese defense and tech shares soared on speculation they’ll benefit from more government spending. Meanwhile, French bond futures opened lower in Asia trading on concern that the nation’s government may collapse after President Emmanuel Macron appointed a broadly unchanged cabinet.
Nikkei +5.02% Hang Seng -0.72% CSI Closed Shanghai Closed Shenzen Closed
Eur$ 1.1723 CNH 7.1443 CNY 7.1214 JPY 150.15 GBP 1.3450 CHF 0.7959 RUB 82.2743 TRY 41.6902 WTI$ 61.84 +1.58% Gold 3;931 +1.14% BTC 123,980 +1% ETH 4;538 +0.87%
S&P +0.28% Nasdaq +0.38% EuroStoxx +0.07% FTSE +0.05% Dax +0.06% SMI +0.01%
Macro :
- Trade and legal experts see up to 80% odds that the Supreme Court will rule against Trump’s global tariffs - Fortune
- German Minister Wants More State Ownership in Defense Firms: HB
- OPEC+ Meeting, Fed Minutes, Japan Vote: Week Ahead Oct. 4-10
- Trump Officials Discuss Taking Critical Metals Corp. Stake: Rtrs
- Trump Officials Discuss Taking Critical Metals Corp. Stake: Rtrs
- Hamas Agrees to Release Israeli Hostages But Sets Conditions
- Trump-Pfizer Deal Spurs Pharma Stocks’ Best Week in 23 Years
- IMF Approves Appointing Bessent’s Chief of Staff Katz as Deputy
- Oaktree Seeks Over $1 Billion Funding for Pure Data Centres
- M&A Volume to Grow 15% Next Year on Macro Stability: Barclays
- Goldman Clients Most Bullish in 10 Months as AI Rally Spurs FOMO
- South Korea’s Market Ignores Tariff Threats. AI Is Driving the Rally. - Barron's
- The Week’s 10 Biggest Funding Rounds: Another Big Week For AI And California Startups - CrunchBase
- Germany Expects Slight GDP Growth This Year, Upswing From 2026
- USDA and APHIS confirm new avian flu cases confirmed in 4 states, 1 province
- Traders Pay Steeper Price to Hedge Risk From Stocks to Gold
- ESMA Prepares to Expand Oversight of Crypto And Exchanges: FT
Keep an eye on :
Keep an eye on :
- MMM US : 3M Said to Weigh Multibillion-Dollar Industrial Assets Sale
- ABBN SW : ABB CEO Says Stockholm Strong Option for Robotics Listing: SVD
- ABBV US : AbbVie Cuts FY Adjusted EPS Forecast: Snapshot
- AI Health : AI Health Startup Heidi Gets Point72 Funds at $465 Million Value
- AIR FP : Airbus Delivered 73 Jets in September, Reuters Reports
- AKRBP NO : Aker BP 3Q Avg Production Beats Estimates
- AZN US / ALXN US : Subsidiary Alexion Pharm Receives US FDA BLA Supplement 40 approval for Ultomiris (Ravulizumab-Cwvz)
- COLD US : Americold : This Cold-Storage Stock Looks Like a Hot Buy Right Now - Barron's
- Anduril :‘We’ll Double Revenue This Year’: Anduril’s CEO on Growth, Shutdowns and Space War - The Information
- ANIM IM : Anima CEO Melzi d’Eril Resigns With Immediate Effect
- BBVA SM : Dirty tricks claims by BBVA mar end of Spanish banking’s takeover battle
- BHP LN : WA EPA Recommends Approval for BHP’s Jimblebar Expansion
- BMY US : Bristol-Myers Prelim 3Q Acquired IPR&D & Licensing Income $526m
- BMY US : Bristol-Myers Prelim 3Q Acquired IPR&D & Licensing Income $526m
- BMPS IM : Paschi Proposes Grilli as Mediobanca Chair, Melzi d’Eril CEO
- BA US : Boeing Said to Prepare for 737 Rate Hike as Soon as October
- CBG LN : What Sweden can teach the world about stock market success - FT
- EDP PL : EDP Completes Asset Rotation Deal of 1.6 GW Portfolio in US
- Energia Group : Ardian to Acquire Energia in Deal Valued at More Than €2.5b: FT
- EL FP : Nikon Shares Jump Almost 6% After EssilorLuxottica Raises Stake
- ENX FP : Euronext’s Offering for Hellenic Exchanges Starts October 6
- EXENS FP : Nato spending growth lifts small French defence firms - FT
- FCX US : Freeport Says Five More Grasberg Workers Dead After Mud Flow
- GBG LN : GB Group Shares Gain After Betaville ‘Uncooked Alert’
- GILD US : Gilead’s Lost Decade Is Over. It’s Time to Buy the Stock. - Barron's
- HNR1 GY : Hannover Re Modifies Dividend Policy, Will Raise Payout Ratio
- Harrods : Harrods Pushed into Red After Al Fayed Payouts to Ex-Staff & FT full
- Harrods : Harrods Pushed into Red After Al Fayed Payouts to Ex-Staff & FT full
- HTZ US : Hertz Announces Management Change
- HUM US : *HUMANA SHARES CLOSE HIGHER BY 11% FOR BIGGEST GAIN SINCE JULY
- Igneo : Igneo signs $1.7b deal to sell Clarus Group to Brookfield
- Ineos Car : Jim Ratcliffe’s car group wants to make the Grenadier in the US - FT
- INTC US : Ex-Databricks AI Head Eyes $1b Fundraise for Startup: TechCrunch
- KER FP : Pierpaolo Piccioli’s next act - FT & WWD
- OR FP : L’Oreal Board Set to Visit India Next Week: Mint
- LVS US : Las Vegas Sands, MGM, Wynn Stocks Decline. Why Shares of Casino Operators Are Falling.
- LDO IM : Italy’s Leonardo Set for €1.8 Billion Loan, Messaggero Reports
- LSG NO : Leroy Prelim 3Q Norway Farming Harvested Volume Beats Estimates
- LHA GY : Aurelius Is Said to Mull Sale of Ex-Lufthansa Unit
- MB IM : JPMorgan’s Grilli Tapped by Monte Paschi as Mediobanca Chairman
- MBG GY : Ratcliffe’s Ineos Seeks to Move Grenadier Production to US: FT
- META US : Meta is monitoring how much employees use AI — and turning it into a game
- NESTE FH : Finland’s Neste Faces Renewables Test After Shares Jump 130%
- 7731 JP : Nikon Shares Jump Almost 3% After EssilorLuxottica Raises Stake
- NDX1 GY : Nordex Gets Orders From Ukraine Totaling 189 Megawatt
- OKLO US : Oklo Director Sold 50,000 Shares of Nuclear Start-Up Before Selloff - Barron's
- OMV AV : OMV to Amend Existing Dividend Policy, First Payout in 2027
- Open AI : Altman Seeks to Monetize AI Video Generation With Sora
- Open AI : OpenAI is holding its developer’s day today in San Francisco with keynote to be live streamed - Hardware News ?
- PLTR US : *PALANTIR SHARES CLOSE DOWN 7.5% FOR WORST DAY SINCE AUGUST 19
- PHARM NA : Pharming Granted FDA Orphan Drug Status for Leniolisib
- QUBT US : Quantum Computing Reports $750 Million Oversubscribed Placement
- RDC GY : Redcare Pharmacy NV Prelim 3Q Revenue Meets Estimates
- SAABB SS : Saab CEO Wants to Sell Weapons With Spotify-Like Setup: Borsen
- SAB SM : BBVA CEO Says Sabadell Institutional Investors Support Bid
- SK FP : SEB Cuts FY Sales, Oper. Result from Activity Outlook
- SHEL LN : QatarEnergy to Acquire 27% Interest in Offshore Egypt Block
- SYRE US : share follow-up data out to six months from Phase 1 study of SPY002, potential best-in-class anti-TL1A agent in development for IBD
- STLA US : Stellantis Said to Plan $10 Billion in US Turnaround Investments
- SCMN SW : According to a media report, the telecommunications provider is interested in acquiring the German business of the Swiss mobile phone holding company Mobilezone.
- TEF SM : *TELEFONICA READIES PLAN TO CUT AT LEAST 6,000 JOBS: EXPANSION
- TSLA US : Tesla’s Bearish Engulfing Line Yday Suggests Top in the Shares
- TSLA US : Tesla’s insurance arm accused of ‘egregious delays’ and ‘systemic failures’ by CA regulator - TechCrunch
- TSLA US : Lawsuit blames Cybertruck door handles for death of three teens in Tesla crash - Electrek
- TBTG LN : LED-Mask Maker Beauty Tech’s Shares Rise 6% in London Debut
- THEON NA : Nato spending growth lifts small French defence firms - FT
- TNG FP : Transgene to Present New Immunological Data from Phase I Trial of Individualized Therapeutic Cancer Vaccine, TG4050, at SITC
- Tytan Technology : German Army to Tap Anti-Drone Startup Tytan for Air Defense: FAS
DAX:
- Brenntag (BNR TH) +1.1%
- Adidas (ADS TH) +1%
- Hannover Re (HNR1 TH) +0.9%
- Hannover Re Modifies Dividend Policy, Will Raise Payout Ratio
- Rheinmetall (RHM TH) +0.8%
- Leader in Robot Mine-Clearing May Expand on Rheinmetall Backing
- Daimler Truck (DTG TH) +0.7%
- Bayer (BAYN TH) -1%
MDAX:
- Redcare Pharmacy NV (RDC TH) +2.8%
- Redcare Pharmacy NV Prelim 3Q Revenue Meets Estimates
- Hensoldt (HAG TH) +2%
- Krones (KRN TH) +1.2%
- K+S (SDF TH) +1%
- Aixtron (AIXA TH) +0.9%
- flatexDEGIRO (FTK TH) -0.6%
- IONOS Group SE (IOS TH) -0.6%
SDAX:
- Elmos Semiconductor (ELG TH) +1.8%
- GFT (GFT TH) +1.5%
- Energiekontor (EKT TH) +1.3%
- LPKF (LPK TH) +1.2%
- Douglas AG (DOU TH) +1.1%
- Cancom (COK TH) -0.6%
- Salzgitter (SZG TH) -0.6%
- Eckert & Ziegler (EUZ TH) -0.7%
- Borussia Dortmund (BVB TH) -0.8%
- SMA Solar (S92 TH) -0.8%
As China’s population falls, 300,000-strong robot army keeps factories humming
The country leads the world in newly installed industrial robots, far ahead of Japan and the US
China’s factories welcomed 295,000 newly installed industrial robots last year, easing fears the nation’s manufacturing juggernaut could falter after the population declined for a third consecutive year.
The robot boom in the rapidly ageing society is helping offset some of the challenges of a declining workforce and bolstering its manufacturing edge, which is set to sharpen further as humanoid technology matures, analysts said.
China’s population has declined since 2022, with a decrease of 1.39 million last year. But the country now boasts a record 2.027 million active industrial robots, leading the world by a wide margin, according to the 2025 edition of the International Federation of Robotics (IFR) World Robotics Report.
More than half of the world’s 542,000 new robots were installed in Chinese factories in 2024, according to the September report. The machines weld car frames, assemble electronic devices and move heavy loads with precision, filling labour gaps caused by the demographic shift.
“It’s an inevitable trend that more simple, repetitive tasks will be done by robots in the future, though some creative and complex tasks still require human ingenuity,” said Professor Gao Xudong from Tsinghua University’s School of Economics and Management.
“Despite the shrinking overall population, with improvements in workforce education and the widespread use of robots, China’s manufacturing industry has no problem in maintaining and enhancing its competitive edge,” he added.
China’s population fell by about 0.1 per cent last year, according to government data. But robot installations during the same period rose by 5 per cent to 295,000 units, accounting for 54 per cent of new industrial robots worldwide, according to the IFR report.
Japan followed China with 44,500 new installations, while the United States ranked third with 34,200. Total installations globally rose by 9 per cent to 4.664 million in 2024.
Humanoid robots represent the next stage in industrial upgrades. While exact order numbers for the smart machines – which resemble humans – are unavailable, companies are progressing quickly from research and development to commercial-scale deployment.
In August, Guangdong-based Tiantai Robot secured a landmark order for 10,000 humanoid robots – the largest single order in the industry’s history – targeting the country’s elderly care market.
Still, Gao of Tsinghua University said China will still need large numbers of skilled talent to support its intelligent industries, such as robot maintenance technicians.
By 2030, the country is projected to face a shortage of 50 million high-skilled blue-collar workers, according to a report published by China’s Human Resources and Social Security Information Centre in April.
China hastens to break down Babel barrier with large language models and wearable tech
No longer the domain of sci-fi or tech pranksters, translation glasses and earbuds are reality as Chinese firms fuse AI and AR hardware
How close are we to rebuilding the legendary Tower of Babel? China is rolling out a suite of AI tools that may soon make cross-language communication seamless.
In the Bible’s Book of Genesis, humanity came together to build a tower that would reach the heavens. To disrupt their ambitious project, God introduced one simple change: people would speak different languages.
Chaos engulfed the construction site, and the unfinished tower came to be known as Babel – a word derived from the Hebrew for “confusion”.
The metaphor is clear: language barriers hinder human collaboration.
Science fiction author Douglas Adams took the idea further in The Hitchhiker’s Guide to the Galaxy when he introduced the “Babel Fish” – a small, yellow fish that, when placed in the ear, could instantly translate any alien language, complete with accents and dialects. With it, interstellar diplomacy and even cross-species romance became possible.
Today, with the rapid advancement of AI translation, the Babel Fish no longer seems far-fetched. Translation apps support most of the world’s languages, while large language models can generate real-time bilingual subtitles for videos.
“What we have now are cloud-based Babel Fish that rely on internet connectivity. But translation models have matured enough to become deployable directly on smartphones, enabling real-time translation during calls,” said an AI expert from Honor AI, who asked not to be named.
His team’s latest research was presented at Interspeech 2025, a top international conference on audio technology held in Rotterdam in August, and has been integrated into commercially available smartphones.
To fit the computational and power constraints of mobile devices, these on-device translation models have been miniaturised, but their performance remains uncompromised, according to the expert.
He said the system, while occupying just 800MB of memory, recognises seven languages in real time – even in low-connectivity environments such as lifts and underground parking garages – and could operate offline for enhanced privacy, making it ideal for call translation.
“The speech model uses an autoregressive reasoning process, predicting the next word based on context. This allows it to perform streaming recognition with almost no delay – unlike traditional translators that require a full sentence before processing.”
Using the analogy of building a block tower, he said that the team modified the model with a multi-head reasoning algorithm. If the original process was akin to building one-handed, the new method used both hands, stacking two blocks at a time.
This accelerated inference, boosting response speed by 38 per cent while increasing accuracy by 16 per cent.
“While most current translation models are designed for call translation – filtering out filler words and casual repetitions – they can also be fine-tuned to learn specialised terminology, idioms, slang, and even perform translations in legal or medical fields.”
According to the expert, the rise of wearable tech was accelerating the trend. Beyond smartphones and portable translators, simultaneous interpretation earbuds and smart glasses are already entering the market.
“Such IoT [Internet of Things] devices can capture subtle visual cues – gestures, expressions and other multimodal signals – that are crucial to communication. When combined with emotional reasoning in large models, they enable seamless, natural exchanges without the need to glance at a screen,” he said.
Viral videos show the human impact of AI-enhanced translation devices, such as a social media post by Chinese-American firm iTourTranslator which shows a Chinese tourist walking into a US store wearing smart glasses that instantaneously project bilingual subtitles from the clerk’s speech.
But what once astonished both parties is now being mass-produced.
At the Beijing Culture Forum on September 23, attendees – including a former French prime minister – tried out a pair of domestically developed augmented reality (AR) translation glasses.
Weighing just 49 grams (1.7 ounces) and produced by Beijing-based LLVISION, the glasses purportedly translate more than 100 languages with a delay of under 500 milliseconds, displaying subtitles directly in the wearer’s field of vision.
Earlier, at the International Association of Science Parks and Innovation Areas (IASP) 2025 world conference on September 17, the same glasses provided real-time translation for 800 participants from 97 countries and regions.
As a fusion of Chinese AI and AR hardware, the product represents a successful example of a Chinese home-grown tech firm exporting innovation abroad, according to the Guangming Daily.
Once AI can accurately convey not only meaning but also emotion and cultural nuance, humanity may, in a sense, speak “one language” again.
How China Secretly Pays Iran for Oil and Avoids U.S. Sanctions
Hidden arrangement secured by prominent Chinese insurer connects Tehran with its biggest customer
- China uses a hidden funding conduit to pay Iran for oil, bypassing U.S. sanctions and deepening economic ties, Western officials said.
- Up to $8.4 billion in oil payments flowed through this system last year to finance Chinese infrastructure projects in Iran, officials say.
- The arrangement, according to the officials, involves Sinosure, a Chinese state-owned insurer, and a secretive financial entity called Chuxin.
U.S. sanctions make it nearly impossible to pay Iran for its oil. China has figured out how to do it anyway, in an arrangement that has largely been secret.
The hidden funding conduit has deepened economic ties between the two U.S. rivals in defiance of Washington’s efforts to isolate Iran.
The barter-like system works like this, according to current and former officials from several Western countries, including the U.S.: Iranian oil is shipped to China—Tehran’s biggest customer—and, in return, state-backed Chinese companies build infrastructure in Iran.
Completing the loop, the officials say, are a Chinese state-owned insurer that calls itself the world’s largest export-credit agency and a Chinese financial entity that is so secretive that its name couldn’t be found on any public list of Chinese banks or financial firms.
The arrangement, by sidestepping the international banking system, has provided a lifeline to Iran’s sanctions-squeezed economy. Up to $8.4 billion in oil payments flowed through the funding conduit last year to finance Chinese work on large infrastructure projects in Iran, according to some of the officials.
Iran exported $43 billion of mainly crude oil last year, according to estimates by the U.S. Energy Information Administration. Western officials estimate that around 90% of those exports go to China.
China has been the predominant buyer of Iranian oil since 2018, when President Trump pulled the U.S. out of the 2015 nuclear accord and reimposed U.S. sanctions.
Two weeks after returning to office, Trump ordered the use of “maximum pressure” to force Tehran to curb its nuclear program and end support for allied militia groups. The directive sought to drive Iranian oil exports to zero.
Since then, the U.S. has imposed sanctions on Chinese individuals and small entities, but Iranian exports to China have continued largely unabated.
Beijing also provides political support for Iran. In September, Chinese leader Xi Jinping hosted Iranian President Masoud Pezeshkian at a multinational summit and at a military parade attended by the leaders of Russia and North Korea—a group joined in opposition to a U.S.-led world order.
Western nations succeeded recently in reimposing international sanctions on Tehran that were lifted under the 2015 nuclear deal, a European response to Iran’s breaches of the accord. China and Russia said the move was against international law.
China has also deemed Washington’s Iran sanctions to be illegal. But because the sanctions threaten companies that do business with Iran with penalties that include being locked out of the international financial system, Beijing has been wary of exposing its large firms to sanctions risks. China’s customs authorities haven’t reported any purchases of Iranian crude since 2023.
In addition to targeting Iranian exports of energy products, Washington has imposed sanctions on most Iranian banks, including its central bank, making it extremely difficult to transfer money to Iran.
The hidden workaround
The system through which Iranian crude is exchanged for Chinese-built infrastructure involves two primary players: China’s large state insurance company Sinosure and a China-based financing mechanism that the officials all referred to as Chuxin. The officials pieced together their understanding of the system through financial documents, intelligence assessments and diplomatic channels.
In the arrangement, some of the officials said, an Iranian-controlled company registers the sale of oil to a Chinese buyer controlled by state-owned oil trader Zhuhai Zhenrong, a U.S. sanctions target.
The Chinese buyer, in return, deposits hundreds of millions of dollars each month with Chuxin, officials said. Chuxin then delivers the funds to Chinese contractors that perform engineering work in Iran, in projects whose financing is insured by Sinosure. Sinosure serves as the financial glue that holds the projects together.
Chuxin isn’t named among the nearly 4,300 banking firms registered by China’s top industry regulator, and couldn’t be found on publicly available official lists of financial firms and company registries.
The Iranian crude that reaches China takes an indirect route to mask its origins, involving ship-to-ship transfers and often mixing in oil from other nations, the U.S. government and industry experts say.
Beijing’s underwriter
Sinosure, formally China Export & Credit Insurance, is a financial tool of China’s central government that supports Beijing’s international development priorities—a mandate with particular significance in a politically sensitive location such as Iran.
Sinosure had supported over $9 trillion in trade and investment activities around the world as of the end of last year, according to the company.
In Iran, Chinese infrastructure projects tend to be huge state-directed endeavors, including airports, refineries and transport projects, managed by China’s largest state banks and engineering groups.
China made over $25 billion in financial commitments to build infrastructure in Iran between 2000 and 2023, according to AidData, a research lab at William & Mary in Williamsburg, Va. Sinosure had a direct role in 16 of the 54 documented deals.
The U.S., which has used targeted sanctions against Chinese firms, hasn’t blacklisted companies for doing civilian work in Iran. Nor has it targeted a large Chinese bank.
No documentation in the public domain could be found directly linking Sinosure with the oil-for-construction arrangement in Iran.
In response to questions, China’s Foreign Ministry said that it is unaware of the arrangement, opposes “illegal unilateral sanctions,” and that international law allows for normal cooperation between nations. Zhuhai Zhenrong and Sinosure didn’t respond to requests for comment about the arrangement.
Officials at the Iranian mission to the United Nations didn’t comment on the payment mechanism or on China’s oil purchases.
China’s framework for doing infrastructure work in Iran likely mirrors a documented Sinosure agreement in Iraq, said AidData executive director Brad Parks. Under that 20-year deal, Sinosure backstops Chinese lending for Chinese projects in exchange for oil.
“Every creditor and every construction contractor has to come under this umbrella,” said Parks.
Chinese infrastructure work in Iran has increased since a 2021 25-year partnership deal. The projects are critical for Iran, which has struggled to maintain basic services, such as water and electricity.
Iran is also able to recover some of its oil sales revenue by buying goods directly in China. It also manages to bring some of the revenue back to its region to use, U.S. officials say.
“Iranian entities rely on shadow banking networks to evade sanctions and move millions,” John K. Hurley, undersecretary of the Treasury for terrorism and financial intelligence, said last month, announcing sanctions on people and entities in the United Arab Emirates and Hong Kong for allegedly coordinating the transfer of funds.
Neither Sinosure nor Chuxin has been hit with U.S. sanctions. The Treasury Department declined to comment on the description of the activities of the Chinese entities.
Elon Musk Gambles Billions in Memphis to Catch Up on AI
xAI aims to win tech arms race with ‘Colossus’ data centers, thrown up at lightning speed; city divided over massive power and water demands
MEMPHIS—For Elon Musk, ground zero of the artificial intelligence arms race is a 114-acre tract of grass and swamp on the state line of Tennessee and Mississippi.
This once-sleepy plot of land, filled with groves of water-rooted tupelo trees at its western edge, is now part of a growing empire Musk is accumulating in the Deep South, just a few miles from Elvis Presley’s homestead at Graceland.
Labor crews hired by Musk’s xAI were excavating power equipment on the site—a defunct energy plant just over the state line in Mississippi—and preparing to build a new plant capable of generating over a gigawatt of electricity, enough to power around 800,000 homes. Engineering permits show that Musk plans to route transmission lines that will connect the new power plant to a million-square-foot data center that is also under development just north of the border, in Tennessee.
Memphis is the front line of Musk’s costly foray into the AI wars. His artificial intelligence company, xAI, has already built one massive data center here in the Bluff City that it calls the world’s largest supercomputer. That facility, called “Colossus,” houses over 200,000 Nvidia chips and powers the technology behind the AI chatbot Grok. Now, Musk is close to finishing the second facility, which will be even bigger. He calls it Colossus 2.
The AI arms race is shaping up as the most expensive corporate battle of the 21st century, with the belief that the first to the finish line will dominate the market, making speed crucial. Money also makes the difference: The more cutting-edge chips companies have, the smarter their models are. But at this stage it’s unclear if or when the enormous investments will pay off.
Technology companies that are splashing out to hire AI talent are writing even bigger checks to build the infrastructure needed to power cutting-edge AI models. Morgan Stanley estimates companies will spend over $3 trillion on AI infrastructure through 2028.
Musk, who has been at the forefront of innovation in electric vehicles, rockets and brain-computer interfaces, is in the unusual position of playing catch-up to rivals like Sam Altman’s OpenAI. Finishing Colossus 2 will cost tens of billions of dollars, some AI and data center experts say. The Nvidia chips alone cost a fortune: Musk will need to spend at least $18 billion for the roughly 300,000 more chips he needs to complete the Memphis project, a person familiar with the project’s financials said. Musk said in July that Colossus 2 will have a total of 550,000 chips and has separately signaled it could eventually have a million processing units.
Musk is burning cash at a breakneck clip. Earlier this year, xAI raised $10 billion through a combination of debt and equity. The company was slated to run through about $13 billion in cash in 2025, according to projections shared with creditors a few months ago, The Wall Street Journal previously reported.
Musk turned to his privately held SpaceX to chip in $2 billion, an unusual move for a company that rarely makes outside investments. Some executives have left xAI after clashing with Musk’s advisers over concerns about the startup’s management and financial health.
“In typical xAI and Elon fashion, the company’s future is highly unpredictable,” said Dylan Patel, CEO of SemiAnalysis, an independent research company focused on the semiconductor and artificial intelligence industries. “Elon will do everything he can to not lose to Sam Altman.”
Musk’s gamble is playing out in real time in Memphis. Among the locals, his arrival has kindled hopes of an economic renaissance, but it has also stoked controversy. Musk’s data centers will probably bring in only a few hundred jobs to Memphis while consuming millions of gallons of water a day and more electricity than is needed to power all the city’s homes. Natural-gas turbines powering the data centers have brought pollution and controversy over their use—xAI has argued that many of the structures are temporary and don’t require a permit. Some residents question plans for the utility to issue rebates to xAI for building the new power structures it needs.
Musk’s pitch to Memphis is that he is building infrastructure that will benefit the city. The company has promised to construct a giant wastewater recycling facility, to be used in its cooling system, that would help reduce demand on the Memphis aquifer. The company has also donated funds to Memphis schools and other organizations and hired workers to go around the city and pick up trash.
“In one year, xAI has become the second largest taxpayer in the city and county after FedEx,” said Bill Dunavant III, a Memphis businessman who sits on the board of directors of the city’s chamber of commerce.
Critics say the project is a big risk and could leave residents with pollution caused by the natural-gas turbines and higher electricity bills stemming from the extreme demand on power.
“Memphis is desperate,” said Batsell Booker, a 65 year-old retired firefighter who lives in the neighborhood next to Colossus. “And this is not the first time that they have been so desperate for companies. They come in and promise them the world.”
xAI declined to comment.
A spokesman for the Greater Memphis Chamber of Commerce, which has acted as a representative for xAI’s activities in Memphis, said xAI has demonstrated “substantial economic commitment to our region, without any tax incentives.”
Memphis city officials didn’t respond to a request for comment. Southaven, Miss., the town across the border that is the location of the power plant for Colossus 2, has called the deal with xAI “a great partnership.”
Courting Musk
Even though Musk has called AI humanity’s “biggest existential threat,” he was a co-founder of OpenAI alongside Altman in 2015. He left after the two had a falling-out after Musk demanded that he should become its CEO or have it merge with Tesla, the electric-vehicle maker controlled by Musk.
He set out to build his own artificial intelligence and got a boost from his acquisition of Twitter in 2022. The never-ending flow of posts on the platform provided a stream of information that, combined with publicly available internet data, could make it a powerful base for training a large language model.
In 2023, Musk incorporated xAI and soon launched Grok. By that point, OpenAI had already vaulted far ahead in the AI race with the launch of ChatGPT. Musk moved to raise $1 billion from investors and contacted existing data center providers, hoping to find a facility that could house 100,000 Nvidia chips and become a hub for AI training. Nothing was available.
“We got time frames from 18 to 24 months. That means losing was a certainty,” Musk said about that time during the launch of Grok 3 in February. “The only option was to do it ourselves.”
Musk and his team looked at eight locations across the U.S. where they could build a data center before turning to Memphis, people familiar with the matter said. Eventually, they zeroed in on the city because of an abandoned factory there that was previously home to Electrolux, a Swedish appliance manufacturer that had closed the facility and laid off around 500 hundred workers a few years earlier.
Musk’s company signed a lease on the building in March 2024. Musk and his staff told the chamber of commerce that xAI had three main concerns when setting up shop in Memphis: power, water and speed.
From the start, local officials were eager to court Musk. Memphis, the seat of Shelby County, was once a prosperous city when it was at the heart of the American cotton industry up through the mid-20th century. But globalization took a toll on the industry, and while some logistics companies such as FedEx have thrived, the region’s economy has struggled. “xAI is going to be a $40 billion or $50 billion investment for our city,” said Dunavant, the businessman on the chamber of commerce’s board.
During one conversation in early 2024, the head of the chamber, local businessman Ted Townsend, teamed up with the head of Memphis’s local utility provider to convince Musk that he would have all the power he needed in the city, people familiar with the call said.
Memphis Light, Gas and Water, the utility, denied xAI was assured they would have all the power they needed. “They were informed that a system impact study would be conducted to determine what would be required to serve the load without adversely impacting existing customers or the bulk electric system,” said a spokeswoman for the utility. If any impacts are identified, xAI would be required to pay for upgrades, she said.
Artificial intelligence requires massive amounts of power. “Each unit is doing a very simple calculation, but there are so many such small units, and overall, the power consumption is really huge,” said Shaolei Ren, professor of computer science at the University of California, Riverside. “A server with 16 chips, smaller than a piece of checked baggage, needs the same power as five to 10 households.”
xAI representatives said they would be willing to build a lot of the infrastructure that xAI would need, including power substations around the former Electrolux factory, and they promised to turn over the works to the city for public use in exchange for rebates on the company’s utility bills.
Representatives from MLGW, the utility, agreed to the rebate programs, which have drawn some criticism from local environmental groups because they believe it is effectively a subsidy for xAI, while the high demand on the power grid and cost of new infrastructure will result in higher bills for consumers.
The utility said that xAI’s construction of a substation wouldn’t impact residential rates, which are set by the utility’s board of commissioners and approved by the city council.
“xAI agreed to build substations to MLGW specifications at xAI’s expense for a reduction in their electric bill for a period of time. It’s not unusual for companies to do this—we’ve made this same agreement with other large load customers,” the spokeswoman said. “It also puts downward pressure on rates because we are not using ratepayer dollars to build infrastructure.”
Colossus erected
While city officials were in the loop, state officials were in the dark as Musk began work on the facility in May. The board of directors of the Tennessee Valley Authority, which generates most of the electricity used in the state, wasn’t notified about xAI’s intent to open the data center until the Greater Memphis Chamber of Commerce announced it publicly in June, people familiar with the matter said. (Musk has since started to work more closely with the governor as one of his other companies, the Boring Company, works on a tunnel connecting Nashville’s downtown to its airport.)
A spokesman for TVA said it believes in the importance of using “American energy dominance to win the AI race” and is working with MLGW and xAI on any additional requests for load.
A spokeswoman for the Tennessee governor didn’t respond to a request for comment.
Musk went to Memphis himself in the summer of 2024, actually helping to build out cabling to ensure the chips being installed by his team were able to simultaneously process huge amounts of information.
In order to get electricity from the local utility, xAI had to first refurbish nearby power substations that could handle the large electric load Colossus would require. The work on the first substation would take nearly a year.
Musk couldn’t wait, so he set up 14 natural-gas turbines as a temporary power source for the data center. To help cool down the processing chips, Musk said he rented about a quarter of the country’s mobile cooling capacity, while the company worked with SuperMicro to procure liquid-cooled server racks for longer-term use. Musk also had a farm of Tesla batteries installed and reprogrammed to help ensure that the power supply to the building was smooth.
By September 2024, after bottlenecks and false starts, the team was ready to put the Memphis supercomputer to work training Grok, using some 42,000 Nvidia chips that had been installed. It had taken 122 days to make that breakthrough. “There is only one person in the world who could do that,” Nvidia CEO Jensen Huang said of Musk in an interview with the BG2 podcast.
Musk decided to name the data center Colossus—a reference to a popular trilogy of sci-fi novels from the 1960s by D.F. Jones, in which scientists built a supercomputer named Colossus that gained autonomy and plunged the world into war and chaos.
As more chips came online, Colossus needed even more power. At its peak, Musk had around 35 natural-gas turbines at the Colossus site, capable of producing 420 megawatts of power, enough to power the roughly 250,000 homes in the Memphis city limits.
The turbines were very large and emitted enough nitrogen oxides and other pollutants to require a permit from local authorities, according to an August 2024 letter from the Southern Environmental Law Center to the Shelby County Health Department reviewed by the Journal. But xAI wasn’t required to obtain a permit for them because the setup was supposed to be temporary, health officials said in July this year to the legal nonprofit.
In the poor, mostly Black neighborhoods of South Memphis near the data center, residents said they smelled the pollutants not long after xAI started operations.
Booker, the retired firefighter, said he started smelling gas in the air when he would go out to garden in his backyard. “It had everyone terrified,” he said, saying the neighborhood over the years has had a high concentration of people who have died from cancer and respiratory illnesses. Some public health experts attribute the increased rates to environmental pollutants from nearby industrial sites.
In August 2024, the Southern Environmental Law Center wrote to Memphis city officials to question how xAI was able to get a permitting exception that it said was meant for much smaller turbines. “This was essentially an unpermitted power plant,” said Amanda Garcia, a senior attorney for the legal nonprofit.
Gregg Fortunato, a public health official in the Shelby County Health Department, warned xAI’s power consultants in an October 2024 email that “political pressures” were mounting over the use of the turbines.
In January, after Colossus had been operating for about six months, xAI applied for a permit for 15 of the natural-gas turbines at Colossus. They moved 13 turbines elsewhere, with some going to a storage facility in Mississippi. The permit requires that xAI measure the turbines’ emissions and keep them below a certain threshold.
At Colossus 2, however, around seven turbines—physically located across the state line in Mississippi—are now operating without a permit.
Mississippi approved the use of the turbines in Southaven but “implored” xAI to minimize the emission of nitrogen oxides and other pollutants, according to a July 29 letter to the company from Jaricus Whitlock, the air division chief of the Mississippi Department of Environmental Quality, reviewed by the Journal.
The Mississippi Department of Environmental Quality said regulations specifically provide for the temporary operation of mobile source turbines, and the agency has ensured compliance with the regulations. Mayor Darren Musselwhite of Southaven said that MDEQ has approved temporary operations, and therefore xAI is currently in compliance with MDEQ standard requirements.
xAI plans to install a total of 18 temporary turbines at the site, according to correspondence between xAI and Mississippi environmental officials reviewed by the Journal. In August, xAI filed an application for a permit to eventually have 41 permanent natural-gas turbines in Southaven that could generate over a gigawatt of power, according to the correspondence.
Transmission lines feed power to the data center on the Tennessee side of the border.
In Memphis, city officials are trying to show citizens they aren’t letting xAI take advantage of its poorest neighborhoods. In June, the city said an air quality test near the data centers found pollutants were “too low to detect or well below established safety protocols.” In August, the Memphis City Council voted to designate 25% of xAI’s Memphis tax revenues for communities near the facilities.
After the first Colossus went online last year, Musk quickly put Grok on the map, impressing AI experts with some of the model’s capabilities. This year, it outperformed models from OpenAI and Google in several advanced tests, including one that asks Ph.D.-level questions about topics ranging from ancient linguistics to gravitational physics. Its popularity also jumped when xAI rolled out a range of avatars that users could speak with directly, including one named Ani, a scantily clad female stylized like an anime character.
But xAI’s chatbot also drew criticism this summer when it started to post violent and antisemitic comments directed at users on X. xAI had to temporarily disable the chatbot on social media and issue a public apology for “the horrific behavior that many experienced.”
In July, Musk said the Colossus 2 facility was getting ready to start training Grok. He also said he is importing a prefabricated power plant from abroad to power the whole operation.
On the financing front, Musk is exploring a way to stock up on $12 billion worth of chips without buying them outright, instead leasing them through a complex financing arrangement with an outside partner, the Journal previously reported. He continues to look elsewhere in his empire for potential financial support: Tesla shareholders will vote in November on a proposal for the EV maker to invest an unspecified amount in xAI, following in SpaceX’s steps.
Musk has said he doesn’t see any limits in the AI race. “I think we’ll see artificial intelligence continue to scale up to where most of the power of the sun is harnessed” for the technology, and “ultimately most of the power of the galaxy,” he said at the All-In Summit last month.
Rio Tinto to Roll Out New Tech in Hunt For More Metals, More Cheaply
Demand for key energy minerals is set to grow rapidly
- Rio Tinto signed a five-year, multimillion-dollar deal with Ideon Technologies to use subatomic particle technology for mineral exploration.
- Ideon’s technology will be deployed at six Rio Tinto sites, including a U.S. copper mine and Australian iron-ore operations.
- The technology aims to reduce drilling by 40% to 80%, lowering costs, environmental impact, and shortening project timelines.
Rio Tinto has signed a five-year deal with Canada’s Ideon Technologies to roll out technology that harnesses subatomic particles created by supernova explosions to help find and map deposits rich in minerals faster, cheaper and more accurately.
Under the multimillion-dollar agreement, the world’s second-biggest miner by market value will initially adopt Ideon’s technology at six sites around the world, said Gary Agnew, Ideon’s co-founder and chief executive. That includes at a big U.S. copper mine and within its mammoth iron-ore business in Australia, Rio Tinto’s profit engine, he said.
Miners are seeking new ways to bolster production of metals they expect will be highly sought after for a boom in clean energy and data centers. Demand for key energy minerals is set to grow rapidly and there is expected to be a large shortfall of copper and lithium by 2035 based on the existing project pipeline, the International Energy Agency said in a May report.
They are also under pressure to mine more cheaply and efficiently, particularly after recent inflation pressures and lower prices for some commodities eroded profits. Rio Tinto in August installed a new CEO, former iron-ore chief Simon Trott, promising a sharpened focus on costs.
“It’s six sites to kind of get the ball rolling in a meaningful way,” Ideon’s Agnew said in an interview. “Those operations become the poster children of this technology and what it can do, that is then the vehicle for the next phase of sites to adopt.”
Rio Tinto declined to comment on the agreement. Both companies declined to share the specific value of the deal.
Ideon puts sensitive quantum sensors deep beneath the Earth’s surface to help miners map mineral deposits—as well as old mining tunnels, subterranean caves and potentially dangerous air pockets, among other things—using a technique known as muon tomography.
Muons are a type of subatomic particle created in the atmosphere. They constantly hit and penetrate every part of the Earth’s surface. As the muons pass through the ground, they slow and decay. Ideon’s sensors identify fewer muons when the earth is dense, and more when it isn’t.
The startup pairs information from those sensors with other data sets to produce what it says is like an X-ray or CT—short for computed tomography—of what’s belowground. “We’re ‘X-raying’ the Earth,” said Agnew.
Unlike those medical-imaging techniques, the technology doesn’t emit harmful radiation, using naturally occurring cosmic energy instead, he said. It also scans a significantly bigger area, collecting data from hundreds of millions of cubic meters of earth at any one time, he said.
Ideon’s technology can help miners like Rio Tinto get the most from existing sites, or so-called brownfield expansions, Agnew said. Miners have been spending more exploring near current mining operations rather than on undeveloped land, as new discoveries can be hard to find, take decades to develop and face challenges including huge upfront costs and possible community opposition.
Rio Tinto has already been working with the startup for several years, including testing its technology at the giant Kennecott copper mine in Utah. “Certainly we will be back at Kennecott” under the initial phase of the agreement, Agnew said.
Miners are especially eager to get their hands on more copper, arguably the most essential metal for a clean-energy transition because of its use as an electrical conductor and a market facing big challenges from a lack of new discoveries and falling concentrations of metal in existing pits.
Ideon has been working with several of the world’s biggest mining companies, including BHP Group and Vale, although Rio Tinto is the first major miner to agree to a global rollout, said Agnew.
The CEO of BHP, the world’s biggest miner by market value, last year called muon tomography “cutting-edge” work in a speech to the China Development Forum.
“Muons are a type of cosmic radiation that allow us to scan and map underground deposits faster and more accurately than before,” Mike Henry said, according to prepared remarks.
Ideon is backed by Palo Alto, Calif.-based venture-capital firm Playground Global.
Agnew said its technology can reduce drilling by 40% to 80%, lowering costs and environmental impact, and shortening project timelines.
“If you have two drill holes, you’re basically guessing what happens in between,” he said. “We help fill in the gaps.”
Trump Praises Putin’s Offer to Extend Nuclear Treaty
Accord capping number of long-range nuclear weapons was due to expire in February but would be extended by a year
- President Trump praised a Kremlin proposal to extend limits on long-range nuclear weapons for one year, preserving a key arms-control element.
- The New START treaty limits each side to 1,550 deployed nuclear warheads and 700 land-based ballistic missiles, submarine-launched missiles and strategic bombers that carry them.
- Critics argue the New START treaty is outdated as it excludes Russia’s shorter-range tactical nuclear weapons and China’s expanding nuclear arsenal.
President Trump on Sunday praised a Kremlin proposal to continue the limits on long-range nuclear weapons for one more year, which would preserve a main element of the last major arms-control agreement between the U.S. and Russia.
“Sounds like a good idea to me,” Trump said Sunday when asked about the Russian offer.
Russian President Vladimir Putin said last month that he was prepared to adhere to the caps in the New START agreement for an additional year after the accord expires in February.
Proponents of the deal say that keeping the weapons ceilings in place will provide a measure of stability when there are sharp tensions between Moscow and the West over Russia’s invasion of Ukraine and provide time for the U.S. and Russia to negotiate a follow-on accord.
Critics say that keeping the New START treaty, which covers U.S. and Russian strategic forces, will preclude the U.S. from expanding its arsenal to respond to China’s growing nuclear capabilities.
The question over how to limit long-range nuclear weapons has become all the more important as the arms-control framework that has regulated the military competition between Washington and Moscow has crumbled over the past decade.
The U.S. withdrew from the treaty with Russia banning intermediate-range American and Russian missiles based on land in 2019 after accusing Moscow of developing an illegal ground-launched cruise missile. Lesser arms-control agreements have also gone by the wayside
President Joe Biden extended the New START treaty for five years in one of his first major foreign-policy actions. But the treaty was buffeted by tensions over Russia’s invasion of Ukraine.
In 2023, the U.S. accused the Russians of violating the New START agreement by denying on-site inspections, impeding strict monitoring of the treaty. Putin responded by suspending Russia’s participation in the treaty.
Even so, the two sides were careful not to abandon the caps in nuclear forces, which limits each side to no more than 1,550 deployed nuclear warheads. It also sets a limit of 700 on the land-based ballistic missiles, submarine-launched missiles and strategic bombers that carry them.
In his comments Sunday, Trump didn’t say if the U.S. was coupling its acceptance of the Russian idea with proposals of its own or whether it had formally responded to the Kremlin offer. The White House didn’t immediately respond to a request for comment.
The New START treaty entered into force in 2011 and can’t be formally extended a second time. But nothing prevents the two sides from opting to observe its weapons ceilings after it expires.
The idea of prolonging the treaty has drawn criticism from some nuclear-arms experts who say the New START treaty is out of date because it doesn’t apply to Russia’s shorter-range tactical nuclear weapons or cover China’s growing nuclear arsenal.
“China, not Russia, is America’s foremost geopolitical rival, and Beijing is engaging in the most rapid nuclear weapons expansion since the 1960s,” said Matthew Kroenig of the Atlantic Council, who was a national security adviser to the 2012 Mitt Romney and 2016 Marco Rubio presidential campaigns. “Bilateral arms control deals with Moscow alone won’t cut it. It is not the 1970s anymore.”
But other arms-control proponents said extending the New START ceilings would buy time for talks on a follow-on deal.
“Now, the Kremlin and the White House need to formalize the arrangement and immediately direct their teams to begin negotiations on a new more comprehensive agreement or agreements that address difficult issues with which the two sides have long struggled,” said Daryl Kimball, the executive director of the Arms Control Association.
Putin’s willingness to adhere to New START limits for another year doesn’t mean that negotiating a follow-on accord would be easy. In his comments last month, Putin also criticized the possible development of U.S. space-based antimissile defenses as a “destabilizing” action.
Trump is mounting a major program to develop space-based and other antimissile defenses, which he has dubbed “Golden Dome.”