Two decades of conduct undertakings produced compliance theatre and little structural change. Enforcers in three jurisdictions are now shifting toward structural relief.
Newsroom
Everyone watches EUV tool shipments. The constraint on accelerator supply has moved downstream to packaging capacity, and it does not scale on the same timeline.
Computational design now produces candidate binders in days. Experimental characterisation still takes months, and the backlog is changing which claims get published.
Registration was supposed to end selective publication. Two decades on, compliance with reporting requirements remains close to a coin flip, and enforcement is rare.
Aggregate dollars are up sharply. Deal count is flat and the median round is smaller, which means the recovery is concentrated in a handful of very large cheques.
Platforms spent a decade replacing curators with ranking models. Several are now rebuilding editorial teams, and the reason is retention rather than principle.
Municipal heat plans are proliferating, but they rely on airport weather stations that systematically understate the temperatures residents actually experience.
Section
Hard reporting on the systems behind modern software: AI models and the infrastructure that trains them, chip supply, developer tooling, platform power, and the security failures that keep repeating.
Training budgets get the headlines, but serving costs are quietly killing products. Six teams shared their per-request economics, and the pattern is consistent.
Section
How money moves and who it moves for. Funding rounds read sceptically, unit economics taken apart, labour markets, antitrust, and the quarterly numbers that reveal more than the press release.
Two decades of conduct undertakings produced compliance theatre and little structural change. Enforcers in three jurisdictions are now shifting toward structural relief.
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