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An Aragonese company used the brand ‘La Mafia’ for its restaurants. Italy has managed to have it annulled in Spain

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The restaurant chain ‘The Mafia sits at the table’ it’s news. And not because of the new features of its Italian-inspired menu or because of the opening of new stores. What has made it hit the headlines (much to its chagrin) is its brand, a business card that the Republic of Italy considers offensive and takes years starring in a complicated judicial soap opera. Now Roma has achieved a key victory that puts the brand in serious danger in Spain. The key: Can the word ‘mafia’ be used happily? What has happened? The news has advanced it the diary Expansion. The Spanish Patent and Trademark Office (OEPM) has resolved that the name of ‘The Mafia sits at the table’a popular restaurant chain founded more than 20 years ago in Zaragozais “contrary to public order and good customs”, which is why it has endorsed the request for annulment made by the Government of Italy. The OEPM resolution is recent (February 26) and leaves little room for interpretation. In the opinion of its techniciansthe brand alludes to a real organization with activities “contrary to the ethical and moral principles” of the EU. Hence, I agree with Italy that it is questionable whether it can be registered and exploited on a commercial level. “It would offend the victims and their families,” he warns. Is it something new? Yes. And no. Italy has been maneuvering for years to force the Aragonese restaurant chain to abandon a name that it considers offensive. And nothing has gone wrong in his efforts. In 2015, he filed a complaint that led to the EU Intellectual Property Office (EUIPO) refusing to register the trademark at the community level. Years later (2018) it was marked equally important when the General Court of the EU (TGUE) endorsed the decision of the EUIPO and prevented the company from shielding its commercial name. What does that mean? That was more than a simple judicial victory. The decision The TGEU prevented the company from registering its trademark at the community level, which in practice left it unprotected. However, the TGUE’s decision had its limitations. For example, it did not prevent the Zaragoza chain from continuing to use its name in the dozens of restaurants it has throughout Spain. What changes now? The OEPM opinion goes one step (and several) further. The brand is no longer only annulled at the community level, but it is also doing so in Spain, a fundamental decision since ‘La Mafia sits at the table’ (remember) is a chain born 26 years ago right here, in Zaragoza. The Spanish organization has aligned itself with European justice and has come to the conclusion that the name is “contrary to public order” and “good customs”, which is why it has endorsed the request for annulment presented by Italy. Not only that. The transalpine country has already gone to the commercial courts of Barcelona to prevent the Aragonese company from continuing to use its name. What will happen now? “The resolution could be issued in less than a year and, if favorable, would force them to cease using the trademark,” explains to Expansion Josep Carbonell, partner of Fieldfisherthe office that has advised Italy in the procedure. Of course, the company also has margin (one month) to appeal the OEPM’s decision. In any case, its resolution of February 26 represents a setback for the future of the brand in its large market. What is the problem? The underlying question is very simple: can the word ‘mafia’ be used happily or not? Should its commercial use be banned? The company claims that it was inspired by a recipe book and appeals to the right to freedom of expression, remembering in passing that it is not unusual to find books, movies and series focused on the same topic. years ago in fact already clarified that its objective is not to offend anyone, but to generate an atmosphere similar to that of the ‘Godfather’ saga. For the authorities, however, the reading is somewhat different. In its resolution, the TGUE recalled that (at least in this case) using the term “banalizes organized crime” and even warned of the risk of “romanticizing” it. In a similar vein, the OEPM recalls that Spain is no stranger to this criminal organization and its activities, “contrary to the ethical principles” and “fundamental moral values ​​of the EU.” In the background there is a more complex issue, such as remember Carbonell: Is using the word ‘mafia’ in an artistic work the same as elevating it to the category of a business’ trademark? Is it an isolated case? Not at all. The Italian authorities have not only focused on the Zaragoza company. In 2024, fed up with his town being associated with organized crime, the mayor of Agrigento (Sicily) issued a municipal order to prohibit the sale of tourist souvenirs related to the mafia. The underlying reason was similar: to prevent people from doing business with (and romanticizing) an organization that, beyond the veneer that Hollywood has given it, has been causing headaches for the Italian authorities for years. Images | The Mafia 1 and 2 Via | Expansion In Xataka | Sushi was a sleeping giant of the fast food industry: in the US it has already begun to eat hamburgers

Delays and cancellations are putting a hole in Renfe’s accounts. So he’s going to start his own bus company.

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Renfe Viajeros… by bus. That has been one of the usual trends in recent months, with the company plagued by incidents that have prevented it from providing the service normally. The situation has been so complicated that, it is estimated, the impact of alternative services exceeds 10 million euros each year. The solution: create your own bus network. And Renfe is already looking for a partner. Looking for a partner. The information is brought The Countrywhere it is stated that Renfe is looking for a partner to start its own bus company. The idea would be very simple: Renfe would control 49% of the company and 51% would fall on the side of the collaborator. According to the newspaper, the proposal has already passed the board of directors of Renfe and Renfe Viajeros. Now, therefore, it remains to carry out the tender so that those companies that are interested in offering support to Renfe can sign up. The initial idea would be to have dozens of buses (between 50 and 100, according to the newspaper) to provide service in specific contexts. In Xataka We have contacted Renfe but when we wrote these lines we have not received a response. Because? Because Renfe is spending money on offering an alternative on wheels to its customers. When an incident interrupts the service, Renfe has to have a alternative road transport system. Right now, he has to pay an outside company, renting the buses and related expenses, such as staff. Having its own fleet would entail an expense of around 60 million euros, according to the initial accounts that have been raised. However, the newspaper points out that there are savings of between 90 and 130 million after a decade. That is, each year on average you would be saving about 10 million euros or a slightly higher figure. From the media they collect that the model used will be that of “negotiated procedure with advertising”. This means that Renfe will receive proposals but will be able to negotiate the conditions with the companies that have a more solvent offer. It is an exceptional procedure in the public procurement system. Exceptional situation. The premise, therefore, is to have a fixed fleet of buses and drivers, without having to subcontract and pay others to perform exceptional road services. Until now, the company has to search the market for drivers and buses that are available when a line is cut due to an unforeseen event. In recent years, the problem has been especially serious for the company. The DANA of Valenciathe fires in Galicia and León and the recent cutting of the southern corridor as consequence of the Adamuz accident in Córdoba has forced Renfe to maintain active service with buses for weeks. What does Renfe expect? Attract companies that have been seeing their business contract. And since The Country They point out that Renfe believes that there is more than enough business to keep the contracted buses active for at least 10 years. In fact, the contract would be for a decade, extendable to another five years, and they say that demand peaks could multiply current ones by nine. The movement could be interesting for bus companies because, right now, There are route tenders that are half dead and in which work is done with very low demand. Some of these companies would find a new outlet for their vehicles with each Renfe breakdown or incident in the infrastructure. In addition, it must be taken into account that the impact on the accounts may be greater when the incident (such as those described above) is not scheduled because forces Renfe to enter a market with few drivers and with companies that know the urgency of the company. Forced. It must be taken into account that a good part of Renfe’s business continues to be public. Therefore, you have the obligation to provide an alternative service when incidents occur on high speed but also if, for example, there are incidents on Cercanías or Rodalies. Any improvement in facilities that requires the interruption of rail traffic is replaced with buses. Photo | Pablo Nieto Abad and Fabio Romano In Xataka | Spain thought that Spain could manufacture the perfect trains for Spain. The reality: Spain is already looking for trains in Germany

The most profitable action of the AI ​​revolution in Spain is not a software company. It is a construction company

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We know Florentino Pérez ample by hire galactics and for his business successes, but a priori we would not easily relate him to the rise of AI. And by not doing so we would make a serious mistake, because the manager managed to see before anyone else that this was a huge opportunity… and he is taking advantage of it almost without us realizing it. what has happened. ACS is a construction company that doesn’t seem particularly fascinating. You lay bricks, asphalt and cement, but in 2025 the data tells a fascinating story. The company obtained a net profit of 950 million euros, 15% more than the previous year, and the engine of that growth was its American subsidiary, Turnerwhose contribution to the group’s results grew by 66.6% to 549 million euros. Turner doesn’t build flats or highways. Build data centers. And therein lies the crux of the matter. AI needs big construction companies. The transformation has not happened all at once. ACS has been betting on this niche for years with a simple but powerful thesis: AI requires enormous amounts of hardware, and that hardware needs equally huge buildings with cooling, energy and security. And ACS is dedicated to precisely that: to build large buildings. In Xataka Amazon is building an empire in Aragon: it has just paid 1.5 million to expand the electrical network to its fifth data center Florentino triumphs in the US. Turner arrived earlier and stronger. In 2025, ACS won several large-scale data center contracts, including the construction of a 902-megawatt center in Wisconsin as part of the Stargate program, and a stake in the $10 billion, one-megawatt Meta campus in Indiana. Those are conventional projects. They are cities whose inhabitants are servants for this new era of AI. Go for it all. As they point out in five daysdata centers generated more than 9 billion euros in sales during 2025, and ACS has already delivered more than 9 GW of capacity all over the world. That figure is extraordinary, especially considering that in all of Spain the installed capacity barely reaches 7 GW. The Spanish company that talks the least about AI has been silently one of its great beneficiaries for years. Very much in the style of Florentino Pérez, who usually maintains a relatively low profile and succeeds without making too much noise. Stocks on the rise. The market took a while to see it, but it has reacted forcefully. ACS shares have soared 115% in the last twelve months. Today they are close to 110 euros and mark historical highs while the construction sector advances (“only”) 20%. Group sales they reached 49,848 million euros, with the US and Canada contributing 63% of the total. ACS is in practice more of a North American technological infrastructure company than a Spanish construction company. It is listed on the Ibex and is chaired by one of the great football personalities, yes, but its current driving force is not here, but in the US and in the AI ​​fever. Build and Own. ACS is not limited to executing other people’s contracts: it also wants to be the owner of what it builds. In January 2026, the company completed an alliance with Global Infrastructure Partners, BlackRock subsidiaryto create a 50/50 joint venture to develop a global data center platform with an initial capacity of 1.7 GW. Already before had bought Dornanan Irish engineering company specialized in this type of infrastructure, for 436 million euros. ACS doesn’t just want to build AI data centers: it wants to own a piece of that infrastructure. The dollar as a great risk. One of the big problems with this project is the US currency. With more than 60% of its income in North America, each fall of the dollar against the euro is a setback for the Spanish multinational. The devaluation of the dollar is already greater than 10% after the last twelve months, and that has prevented Turner’s growth from being even greater. According to Renta 4 analysts, the “currency effect” subtracted more than five percentage points from the growth of net profit. And investors warn. Analysts themselves consider that the AI ​​market has already discounted a good part of future growth. At Bloomberg, the consensus is to maintain the stock with an average target price of 88 euros, which would imply a fall of 20% compared to current levels. This is what usually happens with good economic stories: when everyone knows them, they are no longer an opportunity. But at ACS they are optimistic. Although experts are cautious, at ACS they expect that spending on infrastructure quadruples from now to 2034. In fact, they expect that the benefits of 2026 will go even further than those of 2025 and exceed 1,000 million euros. If it achieves this, Florentino’s company will have completed one of the quietest and most profitable industrial transformations in the recent history of our country. {“videoId”:”x86aas4″,”autoplay”:false,”title”:”60% of the INTERNET passes through HERE: This is the LARGEST Data Processing Center in SPAIN”, “tag”:””, “duration”:”266″} Turner is ahead. According to Data Center MagazineTurner accumulated a backlog – a portfolio of confirmed orders – of $39 billion as of August 2025. It is the dominant construction company in this segment globally, although of course it has direct competitors such as DPR Construction, Holder, Skanska or AECOM. However, none have achieved the same concentration of contracts with the hyperscalers (Meta, Amazon and Microsoft). Turner has been building its reputation as a builder of this type of facility for more than a decade, and it is very difficult to replicate that advantage quickly. The irony of ACS and Spain. There is a geographical paradox in this success story: Spain and Europe have years debating on digital sovereignty, technological dependence and the need to build own infrastructure for not to be left out of the AI ​​revolution. While this debate is taking place, the Spanish company that is most building this infrastructure is doing so almost exclusively outside of Spain. As … Read more

Marc Murtra has been at the helm of Telefónica for a year and has done something that his predecessor did not achieve in a decade: slimming down the company

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Marc Murtra wears just over a year at the head of Telefónica and the 2025 numbers begin to validate its thesis: concentrate on four markets (Spain, Brazil, Germany and the United Kingdom) and avoid the rest. Group income have grown by 1.5%, up to 35,120 million eurosand the adjusted profit reaches 2,122 million. On paper, it works. Why is it important. Telefónica has done in two years what it was not able to do in a decade: get rid of Latin American ballasts (Argentina, Peru, Uruguay, Ecuador…) and redraw its perimeter. The result is a smaller, but more predictable company. And in Spain, where it has not grown since 2008, it has once again shown signs of life: +1.7% in revenue, up to 13,012 million. The backdrop. The Álvarez-Pallete stage cut the debt of the Alierta stage by halfbut it was still a brutal debt and the company had a geographical dispersion that consumed a lot of management energy without a return that was far from proportional. Murtra has opted for surgery: sell assets, continue reducing debt (337 million less in 2025, it is already at 26,824 million) and bet on markets where Telefónica has real muscle. The logic is clear. And the execution, reasonably clean. Between the lines. Brazil is now the financial heart of the group, and that has implications that go beyond quarterly results. Vivo, Telefónica’s local brand in the country, has earned more than 1,000 million euros net in 2025, 11.2% morewith an Ebitda of 41.7% that would make any European telecom company blush. Its 5G network already covers two-thirds of the Brazilian population and leads the market by number of customers. Brazil should no longer be considered an emerging market with potential: right now it is the most mature and profitable asset that Telefónica has. There is also a background reading that the results do not make explicit but that the context does suggest: the demand for data in Latin America is accelerating precisely now due to the pull of AI: more consumption in the cloud, more traffic, more need for infrastructure. Telefónica has sold its Latin American subsidiaries just when that market may be entering a new phase of growth. It is the big question that presumably no one at Telefónica wants to answer openly. Main winner? Brazil, without a doubt, but also Spain. The domestic business has broken a curse of almost two decades and is beginning to generate cash in a stable manner. That debt goes down, albeit slowly, while income goes up, is the combination that the market has been waiting for for years. Main loser? The United Kingdom. Virgin Media O2 (VMO2), the joint venture in which Telefónica has 50%, has registered net losses of 1,852 million euros in 2025 (up from £19m the previous year) following a goodwill impairment charge of more than £1bn. Its income has fallen 5.3%. And by 2026, the company itself expects service revenue to drop between 3% and 5% more, dragged down by integration with Daisy Group in May 2025. The British telecommunications market is in a price war that has no easy winners, and VMO2 has been sailing against the tide for some time. The big question. Murtra has shown the ability to clean up the balance and simplify the map. What has not yet been demonstrated is that Telefónica can grow organically and sustainably in its four key markets. Spain and Brazil are making progress, but Germany continues to be a story of pending consolidation and the United Kingdom is getting complicated. The plan is well designed. Now it’s time to execute it. In Xataka | We need more and more data centers. And Telefónica is building them in its old telephone exchanges Featured image | Telephone

In 1985 the most valuable company in the world had 400,000 employees. In 2026 the most valuable company in the world will have 40,000 employees

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36,000 employees. Is the approximate number of the template of what, today, is the most valuable company in the world: NVIDIA. It may seem like a lot of employees, but the figure takes on another dimension when we compare it to what was the most valuable company in the world, IBM, which once had a whopping 400,000 employees on its payroll in 1985. More inhabitants than many cities The IBM of the 80s needed a veritable army of employees to function. It reached its peak in 1985, with a total of 405,000 employees hired all over the world, a figure that exceeds the population of cities such as Alicante, Bilbao or Córdoba. Currently, large technology companies have enormous staff, but all of them are very far from what IBM was (except for Amazon which due to its global retail business, has a much larger staff). According to bullfincher datathis is the number of employees of the big tech: Alphabet (Google): 190,000 Microsoft: 228,000 Apple: 166,000 Goal: 78,000 NVIDIA: 36,000 The case of NVIDIA draws attention, which with only 36,000 employees stands out as the most valuable company of the moment. Right now its market capitalization is 4 trillion dollarsalthough reached 5 billion at the end of last year. And what about the money? But let’s get to the important thing: How much money did IBM generate with that workforce? They count in The Chip Letter that, in 1985, IBM brought in 50,000 million dollars, which adjusted for inflation it would be about 150 billion dollars. Let’s see how it looks compared to what big technology companies entered in 2025: Alphabet: 402.8 billion Microsoft: 281.7 billion Apple: 416,000 million Goal: 200,000 million NVIDIA: 130 billion (2024) IBM was a true giant in its time, but even adjusting for inflation, its income pales compared to what big technology companies earn today. The only exception is NVIDIA, which has not yet reported its results for 2025, so the figure is that of 2024. Still, if we compare the volume of employees, NVIDIA makes each employee much more profitable. We talk about $3.61 million per employee compared to $370,000 per employee in the case of IBM, almost ten times more profitable. Productivity has skyrocketed How have companies managed to maximize profitability per employee? The key is in digitalization and how it has boosted productivity. Already in 2013 there was talk that technology had made Productivity will increase by 480% since the 70s. If we go to the specific case of IBM and NVIDIA, the first was mainly dedicated to the manufacture of mainframe computers or mainframesa process that in itself was much more laborious, at a time when manufacturing more meant having more employees on production lines. NVIDIA is a company fablessmeaning that those who manufacture their GPUs are other companies like TSMC, and they also do it with much faster and more efficient automated processes. This leaves its 36,000 employees “free” to focus on chip design and architecture, allowing them to scale faster and with much less labor. However, there is something in which no technology company manages to surpass what IBM once was: its degree of transversal dominance. He kept around the 70% market share mainframes, But it was also a leader in minicomputers, microcomputers and the software that accompanied them, from databases to compilers. Image | Apple (edited with Gemini) In Xataka | Company CEOs say AI is saving them a day of work a week. Employees say otherwise

A company has filled a neighborhood with sidewalk outlets to charge electric cars. Their results are contradictory

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In 2022, a German company called Rheinmetall proposed a new charging solution: put outlets on the sidewalks. Trying to find solutions for those who wanted to jump to an electric or plug-in hybrid car but did not have a garage, the company proposed a system to charge on the same street, without having to go to an electric station. Three years later: we have the results. A pilot test. After receiving approval from the authorities, the company began a pilot in 2024 in central Cologne and Lindenthala residential neighborhood of the city characterized by its low and individual houses. Neighborhood where, by the way, you will find the status of the local soccer team. The idea is simple, you park on the sidewalk and on the ground, on the curb, you find a plug hidden in a cover. You scan a code printed on it and connect the car with your own charging cable for AC use. As if it were any other charging point, both ends are joined and when the payment is completed, it is passed through the use of a mobile application. The results. In general terms, the results have been good. According to the company, a total of 2,800 charging cycles were carried out in the pilot test in one year. On average, the cars recharged 18 kWh, which in the city means more than 100 kilometers of autonomy for an electric car and between 80 and 100 kilometers on the highway (depending on its efficiency). They point out that each day the plug has been used an average of twice a day and that its availability has been 99%, so there have hardly been any breakdowns. The figure is good if we compare it with the European and Spanish average. In our country, public outlets They are only used 1.5 times a day and, on average, each charger is only busy between 30 and 120 minutes a day in Europe. Customer opinion. The company has conducted a survey of users who have offered their point of view to the system. It included the score given by the drivers (five points maximum) and some notes, complaints or recommendations made by customers. In total, the system has obtained 4.38 points out of five. But, above all, they have received very positive evaluations among customers over 60 years old, who value the simplicity of the system. In addition, they highlight that the plugs have not been damaged by water and that vandalism or uncivil acts (such as not picking up pet excrement) have not been found to have been a problem when recharging. A curious solution is that the cover that hides the plug has been designed to open with a small push of the charging cable, allowing the customer to lift said cover without having to touch it with their hand. Good idea, with some cracks. They point out in forumelectriccars that one of the main problems with this type of charging points is the cost of the plug. Each one of them, which has refrigeration and air conditioning to improve charging, costs 5,000 euros, so it is a bad idea compared to a traditional home charger. Furthermore, if you want to get the most out of the system, it would be necessary to reserve space for these charging points on the street, so there is no difference with any other public charging point unless the street is filled with plugs. That is, as happens with public outlets that are not located at a gas station, the parking space is reduced to reserve spaces that are not always occupied. Other proposals. Public charging is one of the great challenges that the electric car represents. One of its advantages is to leave the house with a charged car or, at least, take advantage of its parking lot to fill its batteries since alternating current is slow and most of the time a car is stopped. The most obvious proposal is the electric stations, with a huge number of high-power plugs available. another is fill shopping and leisure centers with chargerssince a visit to fully recharge the battery can take days or weeks (depending on daily trips) without plugging in our car. With an average of 50 kilometers per day, a car that drives 500 kilometers of autonomy in the city has 10 days to go without plugging the car back in, just three days a month. But if we want to bring public charging to the city streets, Portugal, United Kingdom either Netherlands have been experimenting with public outlets on streetlights. The system is as simple as including sockets on the curbs but with the difference that the socket comes from a street lamp and does not require installation on the ground. The paradox of slow recharging. The problem with this type of recharge is that slow charging takes hours and hours with the car plugged in. If a socket charges our car at 7.4 kW of power, it will be necessary to spend about 10 hours to completely fill the battery of a 60 kWh vehicle, a small size that is on the border between those who want the car for an urban environment and those who want to dare to travel with him. Those refills They are interesting if the price is low But they require that, to get the most out of it, we have to leave the car parked there for an entire working day or an entire night. The system, therefore, is certainly inefficient in terms of servicing more than one car. To charge at this power, the data says that most electric car drivers charge at home. Outside of it, the customer usually chooses to recharge at higher powers. For example, a 50 kW plug can now fully charge a car in less than three hours, which is the time we spend watching a movie at the cinema. And on a trip, the most practical thing is usually to look for … Read more

While the world fights for the most advanced chips, there is a company making gold with the ones that go inside your washing machine

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If you have walked through an industrial estate, you have surely come across the typical warehouse with the sign “Spare Parts and Bearings (Insert name)”. And it’s easy for you, at that moment, to wonder what the hell a bearing is and how the rest of the businesses are closing, except for ‘Rodamientos Paco’. Well, in the world of technology there is also a ‘Paco Bearings’. Is called Texas Instruments and, in full era of sophisticated chips, artificial intelligence and quantum computingis breaking it with something very specific. Boring chips. In short. Companies are in the middle of the results presentation period. In this round, the managers inform their shareholders about the direction of the company, while allowing us to learn about data on upcoming devices or business plans. Texas Instruments usually goes unnoticed in these more ‘techie’ times, but they are finishing up a fiscal year with very positive numbers. The fourth quarter they closed with 4,420 million and anticipate increasing to 4,680 million in the first quarter. In the last three months, its share value has increased by 18%. Its shares are among the highest among companies in the same sector and, as we said before, the curious thing is that it is doing all this almost silently. Live outside the hype. You can constantly read information about cutting-edge chips on Xataka. It is true that the current nature of components is marked by the current RAM memory crisis either of SSDsbut the snapdragonthe Apple Silicon, the latest from NVIDIA or AMD It is what usually marks the conversation. They are the most sophisticated and interesting chips, but a coffee maker does not need a chip like that. That’s where Texas Instruments comes into play. Because calling their chips “boring” is not an exaggeration. They are outside the AI ​​hype, the data centers and the most exciting features because its market is different: sensors, connectivity, controllers. Where are Texas Instruments chips? In routers, smart refrigerators, washing machines, air conditioners, as secondary chips in televisions, in remote controls, in calculators or in smart smoke detectors. But they not only make chips, but also another series of integrated circuits for wireless communications, signal processing in all types of devices and even sensors that detect tire pressure, engine temperatures or the air conditioning system. Texas Instruments chips and sensors are in… everything. Even in weapons. An example of a tiny sophisticated chip in the headphone stick… with only 16 KB of RAM. Because you don’t need more Huge investment. And the company is not sitting idly by with the huge amount of money it is making with its ubiquity strategy. a few days ago, Bloomberg reported on the agreement that Texas Instruments had reached to buy Silicon Labs. Also American, also with ‘boring’ chips that They are inside ‘things’ of all kinds. The operation is not closed, but the smell of it caused Silicon Labs shares to increase 51% to more than $206. The curious thing? That Texas Instruments is willing to pay more: up to $231 per share to investors. The operation has not been closed, but there is talk of a purchase of 7.5 billion dollars, well above the 4.5 billion that Silicon Labs is “worth.” Great year ≠ perfect year. All of this is… outrageous, but it indicates something very specific: they are spending a lot of money to reinforce a huge, stable market that goes unnoticed in a time when everything revolves around artificial intelligence and sophisticated technology. The purchase of Silicon Labs, paying such a high premium per share, shows that they know very well what they are getting into and the value of a market in which they are a key player. But one thing must also be noted: although revenues rose, annual profits did not increase at the same rate. He total invoiced increased by 13%, but as they have also invested more, this increase in costs reduced the profit margin, which “barely” increased by 4.2%, with some quarters being worse than others (in Q4 they fell by 3.5%). They haven’t had a perfect fiscal year, but there is one thing that is undeniable: they are still the kings of their niche. If we can describe being everywhere as a “niche”. In Xataka | While half the world looks for an alternative to Taiwan, Jensen Huang is very clear about the harsh reality: there is no

A Japanese toilet company has been manufacturing key parts in the chip industry for years. And now it is going to be key in AI

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Toto, world famous for their toilets with a trickle that we usually miss so much when we return from Japan, has been quietly manufacturing key components for the semiconductor industry for decades. Just like account Financial Times, an activist fund has focused on that part of its business, and the market is starting to pay attention. What has happened. Palliser Capital, a UK-based activist fund, has sent a letter to Toto’s board of directors arguing that the advanced ceramics the company works on are being ignored and underestimated by the market. The fund, which owns a stake among the 20 largest in the company, according to share from FT, calls Toto “the most underrated and overlooked AI memory beneficiary.” What is important. Toto is not just a bathroom company. Since 1988 it has been manufacturing the so-called ‘electrostatic chucks’ in series.‘ (electrostatic jaws), high-precision ceramic components used in the manufacture of NAND memory chips to hold silicon wafers during the production process, controlling temperature and avoiding contamination. This business, which they fit within their “advanced ceramics” division, already represents around 42% of the company’s total operating profit, according to data from Bloomberg. The connection with AI. He data center boom for artificial intelligence has skyrocketed the demand for memory chips. Companies like Meta, Amazon or large memory manufacturers (SK Hynix, Samsung, Kioxia) are accelerating their production to face a widespread shortage. That translates into more demand for the components that Toto manufactures. The company’s ceramic technology is also specially adapted for cryogenic etching, a process that is expected to gain popularity as memory chips become more complex and layered. Business tips. According to share The fund also criticizes that Toto is not explaining well to investors the importance of this segment and that the allocation of internal capital is not prioritizing this lucrative sector. The fund proposes that the company expand its ceramics business, sell cross-stakes in other companies and make better use of its 76 billion yen in cash (about $496 million). If Toto did all that, Palliser estimates the stock could rise more than 55%. The market had already started to move. Toto shares have accumulated a revaluation of more than 60% in the last year. Just like share Bloomberg, at the end of January, after the support of Goldman Sachs, which raised the value to buy pointing to the memory shortage as a tailwind, the stock rose 11% in a single day, its biggest rise in five years. Be careful with the warnings. The idea that Toto would have that competitive advantage before other competitors can be at that level comes from Palliser himself, who has an obvious interest in making that narrative credible. Tom’s Hardware points out that while electrostatic jaws play a real role in advanced manufacturing processes, whether that translates into sustained growth still depends in part on large memory manufacturers committing to expanding production and, for now, they are being cautious faced with the risk of oversupply if the AI ​​market cools. The phenomenon is not exclusive to Toto. Japan has a long history in chip production, which has led companies with very different profiles to develop businesses related to semiconductors almost without anyone noticing. Just like share Bloomberg, Ajinomoto, known for its broths and its mastery of umami, makes insulating films for chips based on its expertise with amino acids. Kao, a cosmetics company, has a silicon wafer cleaning business. The AI ​​business is revaluing companies that, a priori, had nothing to do with it. And Toto is the latest example of this. Cover image | Taylor Vick and Upgraded Points In Xataka | What future awaits artists with the rise of AI? In Ireland they see it so black that they are already preparing a basic income

Renfe has not yet found a company for its maintenance

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The high-speed trains with which Spain debuted the AVE in 1992 They have been left without a maintenance contract. So it affirms the ABC, ensuring that Renfe put out to tender the service for more than 164 million euros and the tender has been void, so the operator has not yet found any company to take charge of it. The problem. As the media reports, Renfe called a public tender in June 2025 to award a private company the maintenance and repair of its oldest AVE trains, those of the 100 and 100F series, the same ones with which the first high-speed commercial line in Spain, the Madrid-Seville, was inaugurated in April 1992. The tender budget amounted to almost 165 million euros, according to inform the ABC, through the documentation published on the State Contracting Platform. The middle point that Renfe only received one offer and discarded it as it was considered invalid. What trains are and why they matter. The 100 series was born from an order that Renfe placed in 1988 to the French manufacturer Alstom: 24 high-speed trains based on the Atlantique TGV, adapted to the Spanish market. They were, at the time, a milestone: the first railway system in the world to commit to refunding the ticket if the train arrived more than five minutes late (has aged quite a bit this commitment today). After more than 30 years behind them, these vehicles continue to circulate on some lines of the network. How maintenance worked until now. The previous contract was in the hands of Irvia Mantenimiento Ferroviario SA, a company established in January 2008 by Renfe Operadora itself and Alstom Transporte. As detailed by the company on its website, for five years it has been in charge of the maintenance of 14 series 100 trains and 10 of the 100F series at the bases of Cerro Negro (Madrid), La Sagra (Toledo) and Can Tunis (Barcelona). Just like share In the middle, its tasks covered both preventive and corrective maintenance as well as online technical assistance and repairs resulting from accidents or vandalism. That contract expired on November 30, 2025, according to ABC. Why doesn’t anyone show up? It is clear that maintaining a fleet of trains of this age is not attractive for the sector. The 100 series models have more than 30 years of service, which implies difficulties in finding spare parts, specific engineering and technical personnel specialized in already obsolete systems. Furthermore, according to account ABC, to this is added that Renfe did not publish the specifications openly, so any interested company had to physically travel to the Renfe Viajeros headquarters in Madrid to collect the documentation. According to share In the media, the operator justified this by the volume of the file. What happens now? Renfe has no current contract for the maintenance of its oldest AVE and no company willing to take on the task. The operator has not publicly explained how it will cover this service or if it plans to relaunch the contest with new conditions, so we will have to see what the future holds for these trains. What we do know is that the 100 and 100F series are still in circulation, which makes this even more of a situation of some urgency if the safety of travelers is to be maintained. We’ll see how everything turns out. Cover image | Wikipedia In Xataka | Renfe has launched a real-time map to know where your surroundings are in 2025. And it works quite well

“The more times you are late for work, the harder it will be for the company to fire you”

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Arriving late to work every day, leaving before your time or committing various irregularities in your day can cause your company to give you a warning, sanction you or, in the most serious cases, even apply a disciplinary dismissal for breaching the conditions you accepted in your employment contract. However, as labor lawyer Juanma Lorente highlights in one of his recent videosif you do it repetitively and the company does not warn you for it, that violation can become your best ally to protect you from disciplinary dismissal. Being late is bad, but it can protect you. The labor expert explains in his video a legal paradox in which the company’s inaction can turn an infraction into the best defense for a worker against a legal claim for disciplinary dismissal. The lawyer explains the situation with a very simple example: “Imagine that you have been late to work for 2 years. 5, 10 or 15 minutes and the company does not tell you anything. You arrive and sign in with the real time at which you are arriving and the company tolerates it. From one moment to the next, after two years of arriving late, you find a dismissal letter in which they fire you for arriving late.” According to Lorente, this dismissal would be unfair because the company allowed the “habit” of being late for two years, without reacting in all that time. The expert assures that this inaction represents a tacit permissiveness of that conduct, which is why it could not be used as a reason for dismissal before a judge. Silence gives consent. Although it may be incongruous, since the employee’s violation is effectively proven, the repetition of this behavior without a response from the company is known as corporate tolerance. As and how do they count From the Lex-it law firm, this case occurs when a company is aware of the worker’s repeated infraction, such as repeated delays, but does not sanction it for a long time. This means that a subsequent dismissal for the same reason is seen as unfair by the judges, since the company seemed to accept it and “tolerate” the infraction. As the labor lawyer points out, “If he has not previously sanctioned you for the same thing, has allowed it and has tolerated it, he will not be able to use it to fire you.” ​This principle forces companies to follow a scale of sanctions that is applied from the first infraction of employees: from a simple specific warning to suspensions, before reaching disciplinary dismissal. Ignoring this scale of warnings means that the company cannot allege it as a “direct” reason for dismissal because, according to the court, the company tolerated this behavior. The Supreme Court has already applied it. The Supreme Court has confirmed this doctrine in several rulings in which disciplinary dismissals have been rejected because companies have cited infractions as reasons for dismissal that they have tolerated for years without any warning. The result in all cases has been to reject the disciplinary dismissals and declare them unfair dismissals with compensation of 33 days per year worked, despite it being proven that, in fact, the employee had been committing a violation of the conditions for a long time. In one of those sentencesthe Supreme Court states: “Sanctioning with the greatest severity (disciplinary dismissal) conduct that had previously been tolerated, without any prior warning to the employee that such tolerance was going to end, would be contrary to the employer’s good faith.” ​A practical example: he was late 176 times. A very clear example of this legal paradox is found in the case of the employee of an optician in Asturias who arrived late to her job up to 176 times without the company reprimanding her for it. When the company informed him of his disciplinary dismissal, the Superior Court of Justice of Asturias considered it “irrational, disproportionate and incongruous.” The reason was that the company had demonstrated business tolerance by allowing 176 delays without warning or sanctioning the employee, and resorting directly to disciplinary dismissal. In Xataka | Going to the bathroom is not work: a Swiss court allows a company to force its employees to clock in when they go to the bathroom Image | Unsplash (Campaign Creators)

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