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The banks didn’t want anything to do with oil. Wall Street has solved it with the 2008 mortgage strategy

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Oil and gas producers in the United States are turning to the financial magic of Wall Street to fuel their acquisitions in a frenetic race for growth. To achieve this, they are packaging thousands of pots into investment vehicles and selling stakes to American investors, replicating the exact same model that has long been used for mortgages, auto loans and other sources of securitized income. Away from the spotlight, the number of these operations has grown rapidly in recent years. Industry experts consulted by Financial Times They estimate that the total amount of debt issued through this format already ranges between 20,000 and 30,000 million dollars. It is a fundamentally opaque market, where most transactions are closed privately. Historically, independent oil and gas producers financed its operations through loans reserve-based (RBL) and high-yield debt. However, the situation has changed drastically. Some commercial banks have reduced their exposure to the extractive sector to meet their sustainability strategies under environmental, social and governance (ESG) policies, or in response to public concern over climate change. Added to this is the fear of traditional investors of “stranded assets” and the general uncertainty about the long-term viability of the sector in the midst of the energy transition. In addition, rising interest rates have raised costs, making high-yield debt too expensive or inaccessible for many producers. To survive, companies They have found an alternative way: They transfer their mature wells, known as proven, developed and producing (PDP) reserves, to a newly created Special Purpose Entity (SPE). This entity operates independently and is structured to be “bankruptcy-remote”, ensuring that the transferred assets are completely separate from the balance sheet of the producing company and safe in the event of its bankruptcy. Attracting conservative money By isolating these high-quality assets, the bonds issued by the SPE manage to achieve an “investment grade” rating. This seal of quality attracts a new class of investors who would normally avoid oil risk: pension funds, insurance companies and large asset managers looking for structured financial products with stable returns. For the oil companies, business is great. The securitization allows them to obtain advance rates (advance rates) of between 55% and 75% of the value of the reserves, figures significantly higher than those available in traditional RBL loans. To convince credit rating agencies, the secret lies in diversification and insurance. On the one hand, thousands of assets are grouped together; for example, Raisa Energy closed an operation combining more than 3,000 wells operated by more than 50 companies in more than 20 counties. On the other hand, long-term hedges are contracted to protect investors from oil fluctuations, reaching up to 85% of the entity’s production for a period of five to seven years. The “time bomb” and the cracks in private credit But financial engineering sometimes hides structural cracks. Brandon Davis, founder of energy intelligence company AFE Leaks, describes in FT These price hedges act as a “ticking time bomb” in case other production costs increase. If the price of oil rises, the company’s income is capped because the difference goes to the hedging counterparty (usually a bank). However, if at the same time there is inflation in operating costs, such as field services or water treatment, the profit margin backing the bonds could be seriously eroded. The cracks in this engineering are not an isolated case in the energy sector, but a symptom of a greater malaise in the opaque world of private credit on Wall Street, where patience (and money) is beginning to run out. This risk is framed at a time of growing tension for the entire private credit ecosystem on Wall Street. Investors are starting to demand their money back. In Cliffwater’s $33 billion fund, clients requested to withdraw 14% of their capital in a single quarter, but the firm said it only I would pay around 50% of those requests, forcing the other half to wait. If the panic spreads, traditional banks will not escape unscathed either. Lending by US banks to non-depository financial institutions, which includes private credit, reached 1.2 trillion dollars in the middle of last year, almost tripling its share compared to a decade ago. Furthermore, as with oil wells, the securitization market as a whole is extremely sensitive to external regulatory or macroeconomic shocks. A clear example occurred recently in another sector: Mpower Financing had to postpone the sale of almost $250 million in bonds backed by loans to international students. The cause was investors’ fear of the new restrictive visa policies of the Donald Trump administration. If regulatory changes or geopolitical crises hit the energy sector unexpectedly, oil securitization could face a similar collapse in demand. The danger of forgetting the nature of the business Wall Street has packaged a high-risk industry into a tame-looking product, but geology and the global market are difficult to tame. “The trick has always been to convince the rating agencies that measures have been put in place to mitigate the risk,” warns Olivier Darmounieconomist specialized in credit markets at HEC Paris. “But that’s the inherent thing about oil and gas, it’s an inherently volatile business.” Darmouni points out the ultimate risk: “If something goes wrong, the main problem will be that oil and gas will run out of capital” if producers start defaulting on bond payments. As long as the money keeps flowing, the machine will not stop. But as Laura Parrott warnshead of private fixed income at Nuveen, the market is experiencing a lot of effervescence. In scenarios of such investment fever, he concludes, “people are going to be trapped.” Image | Photo by David Vives on Unsplash Xataka | Climate change is no longer profitable: WallStreet and large investors abandon green policies

DeepSeek promised them happiness as the great Chinese AI. I didn’t count on a small detail: Kimi

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Just a year ago, DeepSeek was one of the biggest scares that Silicon Valley had received dwarves. A Chinese model trained with a fraction of OpenAI’s budget equal to GPT-4 in benchmarks. Upon its arrival the message seemed clear: Western dominance of AI had its days numbered. Today, the story stands, but not thanks to DeepSeek. The DeepSeek case. DeepSeek carries months late for its V4 and, to date, has already lost three of the authors of R1, the model that catapulted them to success. The monthly downloads fell 72% in the second quarter of the year, seeing how Doubao (ByteDanec) snatched the lead. With missed dates, usage errors due to cyber attacksand the difficulty of split from NVIDIA To bet almost entirely on Huawei’s Ascend chips, Chinese alternatives like Kimi have been gaining ground. Meanwhile, on the other side of China. Moonshot AI was not born surrounded by noise like DeepSeek. It was founded in March 2023 by three former colleagues from Tsinghua University: Yang Zhilin—PhD from Carnegie Mellon, former Google Brain and Meta AI—, along with Zhou Xinyu and Wu Yuxin. There were no visible or media faces behind it, only product. That product is Kimi, and in early January 2026 the company launched it in its K2.5 version. In code and video benchmarks managed to surpass GPT-5 and Gemini Pro 3with the key to Chinese AI: its API costs between 4 and 17 times less than OpenAI’s. Those responsible for Moonshot explained how Kimi was almost at Claude’s level in software development testing, encouraging the race for open models. The money arrived. The commercial results are what really attract attention. In less than 20 days Following the launch of K2.5, Kimi’s cumulative revenue exceeded everything billed during 2025. API’s international revenue increased fourfold since November of the previous year. The consequence in valuation has been dizzying: 4.3 billion dollars in December 2025, 10 billion in February 2026, 18 billion in March. Three months, valuation multiplied by four. Kimi has thus become the fastest decacorn in Chinese business history. The Chinese maelstrom. DeepSeek was born a year ago as the great revolution that questioned the closed model of Silicon Valley. It only took a few months for Moonshot to steal the limelight and manage to be on par with – or even above – giants like Google and OpenAI in the most used models in the world. In favor of DeepSeek, it should be noted that its objective is different: it does not follow the typical startup pattern with pressure for immediate monetization and it is a gigantic AI laboratory that can afford not to win in the short term. In Xataka | DeepSeek API: what it is, what it is for, prices and how you can get one to use in your projects

Mexico has placed impossible tariffs on Chinese cars. What they didn’t imagine was that the cars were already there.

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Export to buckets. That was China’s goal in 2025 towards Mexico. Alerted by the enormous tariffs that the country was going to impose, as it has been, Chinese manufacturers have done everything possible to be faster than the Government. Now, exporting a car to Mexico from China is unfeasible. But the Chinese cars arrived months ago. taxes. Was a 20% tariff on Chinese cars too little? Mexico believes so and that is why, since January 2026, it has been applying a new 50% tariff on imports of products arriving from countries with which it does not have trade agreements. Come on, what Chinese cars now have to pay 50% tariffs to enter Mexico. The measure, explained in Motorpasión Mexico has a bit of a protectionist flavor compared to China or India (the latter country has Mexico as the third country to which it sends the most cars). But, above all, It has a lot of nods to the United Stateswith whom Mexico has a special trade agreement that has been at risk since Donald Trump returned to the White House. when you go. I will tell an anecdote from the writing of Xataka. In our Slack we have a reaction from Chenoa to point out to someone that we were already contemplating writing on a topic that he now proposes to us again. You know: “when you go…”. And that is what has happened to Mexico with China. Manufacturers, alarmed by the possibility of tariffs being raised in their country of origin (as has finally happened) began to send all the cars they could to Mexico. The result: 625,187 cars exported to Mexico in one year. They have done “a Chenoa” to Mexico. one in three. To understand the magnitude of exports, according to data from the China Passenger Car AssociationMexico is the country to which China exported the most cars in 2025. These more than 625,000 vehicles surpassed those purchased by Russia (582,738 units), which has serious difficulties in obtaining vehicles from abroad. The United Arab Emirates, with 571,937 cars imported from China, was the third country that received the most cars. The figure is enormous. And in Mexico around 1.5 million cars are bought a year. That is, if in 2026 each and every one of the cars exported by China were sold, in 2025 we would be talking about one in every three sales in the country being from Chinese manufacturers. How many are available? Those exports, of course, leave a pool of cheap cars in stock so the impact of Chinese cars on the market will continue to be felt for some time. It must be taken into account that it is calculated that China had already taken 15% market share. The storage of these cars, everything indicates, guarantees that Chinese brands continue selling at the same rate throughout the year. They point out in Motorpasión Mexico In 2025, it is estimated that Mexicans will buy just over 400,000 cars of Chinese origin. The only question is how many of them belong to the more than 630,000 cars imported last year and how much is the stock since a part of them must have been imported into the country in 2024. Photo | aboodi vesakaran and BYD In Xataka | Japan has been charging a 0% tariff on foreign cars for half a century. It will be very difficult for you to find one on the street.

In 1832 Britain realized that it didn’t have much sun. Since then, a law requires that houses have good light

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If there is something that the United Kingdom could blame for its geography and climate, it is the gray days. Rare is the moment when the sun is not covered by clouds in Mary Poppins’ country, where natural light has become a scarce commodity to fight for. So much so, that there is a “right to light” by which homeowners can legally prevent new construction that obstructs natural light rays into their homes. This law is actually an easement established in 1832 by which the owner of a building with windows that have received natural light for more than 20 years has the right to prohibit adjacent constructions that limit it. That is, historically, a person was entitled to this if natural light and air had passed freely through their windows during that time and been enjoyed without disturbance. And these homes protected by the ordinance were marked with the “Ancient Lights” sign. Therefore, if a neighbor tried to violate this by building a structure or planting trees, the owner had the power to sue him for the “nuisance”. Of course, it is important to note that these do not only affect direct sunlight. But it gives the right to a minimum level of natural lighting, not direct rays of the sun. Although this urban planning law has undergone quite a few changes since its inception, the power of property owners to demand natural light continues to be debated in British cities. Nowadays, These “Ancient Lights” signs are still found on buildings around London and other counties such as Dorset and Kent. And the law, more than 100 years later, continues to be the protagonist of all types of litigation, becoming a headache for judges, lawyers and construction companies. The idea of ​​”having the right to light” Let’s go into more detail. A question that arises from this concept is: how much natural light does a person have the right to? And that is precisely where this law has several legal loopholes. Because a building owner’s windows don’t even have to be completely blocked by a neighboring obstruction for that right to be invoked. You simply have to maintain the same level of lighting that the owner has experienced for twenty years, something that is quite diffuse. In the 1920s, Percy Waldram, an expert in this law, proposed a system to standardize the sufficient amount of light that people could claim. He suggested that “common people” required at least one foot-candle (a measure of light intensity) for reading and other work. If the builder, including a homeowner planning an extension, identifies a risk affecting light rights, they must notify the affected homeowner and engage with them to reach an amicable agreement. This could be as compensation or a redesign to rectify or mitigate the problem. However, if there is a dispute, There are two ways to take legal action: damages and/or a court order. The first consists of granting a sum of money to compensate for the loss. The second may require demolition of part or all of the new building unless some other structural change can remedy the problem. The latter is usually too expensive. The idea for many years was that if a property owner did not take immediate steps to obtain a court order, the only remedy available to them was damages. However, a 2010 case left builders stunnedas the court held that it was possible to obtain an injunction even after the completion of the new building. In another more recent case from 2020the court granted an injunction to a property owner two years after the completion of the infringing work. The court found that the builder had proceeded with full knowledge of the risk he was taking. Is there a similar law in Spain? The easements They also exist in Spain. It is the right that the owner of a property has over the adjoining property that limits the proprietary powers of the owner thereof. In fact, it is not so uncommon to find cases in our country (especially in individual homes), in which Your neighbor has one or more windows that face directly onto your property. Is it legal? As regulated by the Civil Code in article 580no party wall can, without the consent of the other, open any window or opening in a party wall. Otherwise, the owner of a wall that is not a party wall and that is adjacent to the back of another owner may open windows or openings in the same wall. to receive lightsas long as it complies with the premises established in article 581 of the Civil Code. Furthermore, as stipulated in the article 582 of the Civil Code: “You cannot open windows with straight views, nor balconies or other similar overhangs, over the neighbor’s property, if there is not two meters of distance between the wall on which they are built and said property. Nor can you have side or oblique views over the same property, if there is not 60 cm of distance.” In Xataka | If your renovation is a pain, think about the house that cost 120 times more than its original cost: a masterpiece In Xataka | If the question is whether they forgot the elevator shaft in the tallest residential skyscraper in Spain, the answer is simple: it was much worse Image | Chris Flexen

ended up sneaking in errors and references that didn’t add up

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Artificial intelligence has become an everyday tool for millions of people. Today many use it to write emails, summarize documents or translate texts in a matter of seconds. However, this speed has a less visible side: generative systems can also make mistakes, invent data or alter sources without the user immediately noticing. When these errors appear in one of the largest encyclopedias in the world, the situation changes completely. That is precisely what has happened on Wikipedia with a series of translations carried out with the help of AI. The opening episode. It all started within the Wikipedia community itself. Some editors began reviewing recent translations and noticed something strange: certain texts included phrases that did not appear in the cited sources or references that did not seem to fit with what the article stated. According to 404 Mediathese translations were part of a project promoted by an organization that sought to expand the presence of Wikipedia content in different languages ​​using language models to speed up the process. When translation invents. As editors began to examine these translations in more detail, the problems became more evident. One of the cases cited by 404 Media is that of a draft article about the French royal family La Bourdonnaye. The translated text included a reference to a book and a specific page to explain the origin of the family. However, when editor Ilyas Lebleu, known on Wikipedia as Chaotic Enby, reviewed that source, he discovered that the page cited was incorrect. Lebleu added that, when doing a quick review of several translations, he also found interchanged references, phrases without a source, and cases in which paragraphs were added based on material unrelated to what was being written. It was published or remained in draft. The case also raised a relevant question: whether these errors had appeared in already published articles or whether they were detected during the review process. At least one of the problematic examples was identified in a draft translation, allowing editors to revise it before it was finalized. With the material provided here, however, it cannot be stated how many translations with problems were published and how many remained under review. Who is behind these translations. Here appears the name of Open Knowledge Association (OKA), a non-profit organization that claims to work to improve Wikipedia and other open platforms. As the organization itself explains on its website, its model consists of offering monthly stipends to collaborators and translators who work full-time expanding the encyclopedia’s content, and “taking advantage of AI (large language models) to automate most of the work.” According to 404 Media, editors who investigated the project concluded that it relied on contractors. The editors’ response. As more problematic examples appeared, the Wikipedia community decided to intervene. The editors reviewed the operation of the translation project and ended up establishing new restrictions for those who participated in it. OKA-linked translators who accumulate four strikes for unverifiable content within a six-month period may be blocked without additional notice if a new case appears. Additionally, content added by a translator that ends up being blocked may be removed preventively, unless another reputable editor takes responsibility for reviewing it. OKA explains. The organization mentioned in the debate also offered its version of the events. Jonathan Zimmermann, founder and president of the Open Knowledge Association, explained to the aforementioned media that the project’s translators work on an hourly basis and that there is no fixed goal of articles per week. In addition, he admitted that “errors happen,” although he defended that the system includes human verification and review of sources. Following the discussion on Wikipedia, he added, the organization is introducing a second review with another AI model to detect possible errors before publishing, and is studying the possibility of adding peer review mechanisms if necessary. Images | Oberon Copeland @veryinformed.com | Luke Chesser In Xataka | Sam Altman says he’s terrified of a world where AI companies believe themselves to be more powerful than the government. It’s just what you’re building

Sam Altman has spent his entire life saying one thing and doing exactly the opposite. And this time it didn’t even take 48 hours.

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A Mecano’s great song —I know, this is very Kiss FM—he said that ‘the face you see is a Signal ad’. And in case any of our painfully young readers don’t know, Signal is a brand of toothpaste. And if there is anyone whose face is exactly like that, it is Sam Altman, CEO of OpenAI, who with a perfect and convincing smile tries to convince the world that his company is just as perfect and convincing. For many people, today is not the case. what has happened. These days we have seen how the US and its Department of Defense (or War, as they like to call it now) have decided that if any AI company wants to work with them, they are going to have to let them use the AI ​​as they see fit. That we have to massively spy on people? He spies on her, totally, we have already done it. What should we tell AI to develop lethal autonomous weapons? Well too. Anthropic stands. But lo and behold, precisely the company that was working with the Pentagon He said that oranges from China. Anthropic, which had been collaborating with the Government for months—Claude was used for the arrest of Nicolás Maduro—, has made it clear that there are red lines that he will not cross. If Anthropic doesn’t want to, let OpenAI do it. At the Pentagon they have threatened to turn Anthropic into a pariah company, but at the moment they have not made any official move. What has happened is that the US Government has decided to change its technological partner. OpenAI has replaced Anthropic and appears to have reached an agreement to work with US defense and security agencies. Sam Altman seizes the opportunity. This has been indicated by Sam Altman, who in an ad on Twitter (I still resist calling her “X”) explained that her company had agreed deploy their models on the US War Department’s classified network. The curious thing is that this agreement establishes the same red lines that Anthropic had: no espionage on American citizens and no autonomous weapons. In the official announcement they even highlight that their agreement “has more safeguards than any previous agreement for classified AI deployments, including Anthropic’s.” There is, for example, one more requirement: that their models not be used for “social credit” systems with which citizens are rated based on the information collected from them. But. Although both Sam Altman and the company’s blog appear to place limits on the War Department’s use of its AI, the terms of that agreement contradict Altman’s claims. The announcement mentions a specific paragraph of the agreement that explicitly states the following: The War Department may use the AI ​​system for all lawful purposes, consistent with applicable law, operational requirements, and well-established security and oversight protocols. “The AI ​​system will not be used to independently direct autonomous weapons in any case where human control is required by law, regulation or Department policy, nor will it be used to make other high-risk decisions that require approval from a similarly competent human decision-maker.” Mass spying on American citizens is legal in certain scenarios as part of the Patriot Act that was passed after the 9/11 attacks, and that would allow AI to process data and communications collected by mass surveillance systems. Jeremy Lewin, a State Department official, has indicated that this agreement “flows from the pillar of ‘all legitimate use’”, and points out that what Altman proposes regarding red lines is not as clear-cut as it seems. Internal protests. Last Friday at 5:01 p.m., Anthropic was due to accept the Pentagon’s terms, but it did not do so. During that morning, several OpenAI and Google employees showed their support for the ethical and moral positioning of the rival company, and almost 800 of them (681 from Google, 96 from OpenAI) signed an open letter entitled “We will not be divided.” Altman says one thing, does another. In an interview with CNBCSam Altman said on CNBC that despite all the differences he has with Anthropic, “I trust them as a company, and I think they really care about safety.” On Thursday, the CEO of OpenAI sent an internal statement expressing his desire for “things to de-escalate between Anthropic and the Department of Defense.” The message came to nothing less than two days later, when he announced the agreement with the same Department. Altman says one thing, does another. In an interview with CNBCSam Altman said on CNBC that despite all the differences he has with Anthropic, “I trust them as a company, and I think they really care about safety.” On Thursday, the CEO of OpenAI sent an internal statement expressing his desire for “things to de-escalate between Anthropic and the Department of Defense.” The message came to nothing less than two days later, when he announced the agreement with the same Department. The world against OpenAI. Many have ended up criticizing OpenAI’s way of acting on social networks. On Reddit they appeared several messages that encouraged users to “Cancel ChatGPT” with thousands of positive votes and also thousands of comments in which the tone was indignant with the way in which OpenAI and Sam Altman have taken advantage of this circumstance. We have seen critical movements in the past —Facebook, Netflix—, but it usually happens that after these first moments, companies end up recovering from the criticism and even come out stronger for a simple reason: Human beings have very bad memories. In Xataka | OpenAI has a problem: Anthropic is succeeding right where the most money is at stake

In the 70s Álava left an entire town under its airport. What I didn’t know was that it was hiding a treasure of 5,000 medieval coins.

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He Vitoria airport It may not be the largest, the best connected or the busiest in the country, but it stands out for the volume of merchandise it moves. Last month it exceeded 5,400 tonswhich consolidates it as Aena’s fourth busiest aerodrome, only behind Barajas, El Prat and Zaragoza. If the Alava terminal works, moving cargo, planes and hundreds of thousands of passengers, it is thanks to an old village that ended up buried in the 70s: Otaza. The most curious thing is that he did it with a hidden medieval treasure. The price of growing. In the 1970s, Álava businessmen found themselves with a dilemma. If they wanted to continue growing, they needed better connections, regular flights that would allow them to reach the rest of the metropolises in Spain and Europe. They had the Salburua airfieldinaugurated in 1935, but it did not seem like the best solution, so the technicians had to look for alternatives. And they found her. After evaluating several locations in the region, such as Ullibarri Arrazua. Salvatierra or Zurbano concluded that the best solution was to set up a new aircraft facility on the land of the town of Foronda. A work in record time. The project had the support of the Provincial Council and moved forward with astonishing speed. At least for the deadlines that infrastructures the size of an airport usually handle today. The construction of the aerodrome was approved in 1972 and in 1976 Civil Aviation gave its OK to the first phase. The works, remember The Mailinvolved the construction of a 2,200 x 45 m flight runway, in addition to the operating systems. The work (and procedures) continued to advance at a good pace during the following years. In 1978, the institutional machinery was launched to contract the control tower, accesses and urbanization and just two years later (the January 30, 1980) the ministry officially opened Vitoria Airport to national and international passenger traffic. In April of that same year Iberia inaugurated one of its most important lines, the one that exalts it with Madrid. Sew and sing, right? Not at all. The construction of the terminal encountered a problem: the proximity of a small village that ended up being located 370 meters from the runway. His name: Otaza. The population had a long history and it even had its own church, but it was not what is said to be very populous. It is estimated that at the beginning of the 19th century it hosted only about thirty of people, more or less what there were in 1974, when according to The Mail 26 neighbors lived there. The Álava authorities were therefore faced with a dilemma: What should take priority, the new airfield or a village with a handful of families? And the pickaxe arrived. The expropriation was not what is called simple. Not all the neighbors willingly agreed to leave their homes and in fact there were a few ‘numantinos’ (not many, it is true) who did not leave until the end. Their efforts did not prevent the bulldozers from taking Otaza away. In October 1979, the regional press reported how, after a break and despite not yet having reached a total agreement with the neighbors, the authorities had resumed the demolition work. The Bishopric had fewer objections, which reached an agreement that allowed the village temple to be demolished. The pickaxe had to work little. A few days later, on November 2, the demolition was completed. A town to remember. That was the end of Otaza. Although in its day the town had welcomed dozens of people, had a church and services, the expropriation of the land and the demolition works sealed its fate. Shortly after completing the works, the authorities agreed the disappearance of the council, which is now part of Astegieta. However, as EITB recalls, it was not the only town affected by the works on the new terminal. Antezana of Foronda He also paid a ‘toll’ for Álava to have its own flights. One last surprise. Otaza’s story could have ended there if it weren’t for the fact that shortly after his ‘death’, in April 1980, a family decided to take a walk through the grounds. During the walk, as they passed near the church of San Emeterio and San Celedonio, they found a jar with coins. The piece caught their attention enough to report it to the authorities, who confirmed that it was a curious treasure: more than 5,000 coins of copper and silver minted during the reigns of Alfonso I of Aragon and Alfonso VIIIbetween the 12th and 13th centuries. Today it is known as “the treasure of Otaza”. Images | WikipediaGoogle Earth and Mikelo (Flickr) In Xataka | Barajas needed to improve its roads but a baroque hermitage made it complicated. Solution: put it in a roundabout

“We didn’t expect this.” A Ukrainian drone has revealed a Russian arsenal in a warehouse, and the surprise has been huge: the missiles are animals

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From the early stages of the Russian invasion of Ukraine, when tanks were advancing while logistics columns were bogged down and fuel was scarce, the war began to reveal an uncomfortable paradox: the more modern it became in the skies, more “medieval” It was done on the ground. In fact, in that space where drones, satellites and trenches coexist, the return of solutions from the past apparently overcome was an early sign that the conflict was going to be, above all, a test of resistance. The latest Ukrainian discovery has confirmed that the wear and tear is tremendous. The return of the war of attrition. The irony is that the war in Ukraine has been shedding any illusion of modernity to return, as the days go by, to brutal logic of wear, one in which the quantity and capacity to take losses They weigh more than any technological “game changer”, and where the Russian army, pressured by the massive consumption of material and men, is beginning to show obvious signs of logistical exhaustion. On the southern and eastern front, the shortage of armored vehicles and modern systems is no longer hidden with silence, but is manifest in improvised solutions reminiscent of conflicts from another era and centuries, while Moscow insists on maintaining constant pressure on Ukrainian defenses at any cost. Cavalry in the 21st century. This wear and tear became visible at the beginning of 2026 when Ukrainian units detected and neutralized Russian assaults carried out on horseback, a tactic that seemed banished from modern warfare but that reappeared in sectors such as Oleskiivka in response to lack of means conventional. We are talking about small assault groups that advanced mounted, supported by prior reconnaissance, in infiltration attempts that ended up being aborted by drones and fire defensive, leaving such an absurd image (and repeated) as revealing: many horses survived, but the soldiers did not, and the Russian army confirmed that it was willing to resort to any available resources to sustain its offensive. The drone and the impossible arsenal. Now, the scene What finally condensed this drift came several weeks later, when a Ukrainian drone sneaked through the destroyed roof of a hidden warehouse, several kilometers from the line of contact, with the usual expectation of finding ammunition, fuel or military vehicles. What happened gives an idea of ​​these four years of slow war that has worn down both sides. Instead of artillery and technology to advance, the camera showed something that looked like something out of a rural garage: aging civilian cars, motorcycles from another era, and saddled horses, an “arsenal” as unexpected as it is eloquent of the state of the war in many areas. The message. “We didn’t expect to see this. It was really unusual,” said the drone pilot. to the Insider mediumspeaking on condition that he only be identified by his callsign “Cosmos.” “We were hoping to find some armored vehicles,” he added. He video It went viral because it summarized in seconds the real state of Russian logistics, but also because it demonstrated that those animals were not an isolated anecdote, but part of a system that already uses cheap and expendable media to move and attack under the constant threat of drones. Russia and the logic of sacrifice. For the Ukrainian commanders, this discovery is neither trivial nor a simple curiosity, but rather proof of a way of waging war based on accepting massive losses of material and personnel, replacing armored by civilian cars and horses because they are easier to replace. This logic, which prioritizes the attrition of the enemy, even if the cost is enormous, explains why Moscow continues to advance slowly, launching assaults with many times obsolete or improvised in regions such as Donbas, even when the monthly casualty figures, according to NATOreach levels that are difficult to sustain. If you will, the drone that expected to find missiles and found animals ended up portraying, better than any report, a war that moves backwards while consuming everything at hand. Image | 82nd Air Assault Brigade, State Border Guard Service of Ukraine In Xataka | It is evident that Russia can absorb thousands and thousands of casualties. So Ukraine is already designing a much riskier plan In Xataka | An unprecedented experiment is happening in Ukraine: bombs have turned dogs into other animals

The US recorded something strange underground and didn’t know what it was. Now he has just accused China of pressing the nuclear button

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During the Cold War, even at times of greatest nuclear tension, Washington and Moscow maintained an unwritten rule: If a test was done, the world had to find out. The explosions were political signals as much as military experiments, designed to be seen, measured and, of course, feared. Therefore, talking about detonations so small that they barely leave a seismic trace and about tests designed not to be detected, generates great concern. The United States just accused China exactly that. An unprecedented accusation. It happened last Friday, when the United States denounced China for having carried out at least a nuclear test with explosive performance in 2020 and to prepare for other low-power ones, a complaint made in Geneva through by Undersecretary Thomas DiNanno just as the classical arms control framework is collapsing after the New START expiration. According to Washington, Beijing would have resorted to decoupling techniques to dampen seismic signals and hide underground detonations, an accusation of enormous political significance because it breaks the previous ambiguity and indicates for the first time a specific date, the June 22, 2020in the midst of debate over whether the United States should recover the option of testing nuclear weapons again. The diffuse limit. The technical and legal background is key to understanding the controversy, since both China and the United States have signed, but not ratified the Comprehensive Nuclear Test Ban Treatyallowing subcritical testing no self-sustaining nuclear reaction but prohibits any explosion with measurable output. Washington maintains that Beijing would have crossed that line with evidence very low powerdifficult to detect, while the body in charge of verification, the Comprehensive Nuclear Test Ban Treaty Organization, ensures that its network did not detect no event compatible with a nuclear explosion that day, thus underlining the fragility of a control system that never came into full force. Lop Nur, satellites and silent expansion. It we have counted other times. American suspicions are also supported by satellite images and intelligence analysis that point to intense activity in the historic Lop Nur polygonwith new excavations, tunnels and drilling that could be used for both subcritical tests and higher performance detonations. This movement fits with the rapid expansion of the Chinese arsenal, which would already exceed the 600 nuclear warheads and could reach a thousand before 2030reinforcing the perception in Washington that the real strategic challenge is no longer Moscow but a Beijing with the capacity and will to challenge US military primacy. A new nuclear race scenario. The Washington complaint comes accompanied by a clear political message: without binding limits, transparency or verification mechanisms that include China, the system inherited from the Cold War ceases to serve, and the United States reserves the right to adopt “parallel steps”including the resumption of testing, if it considers that other actors are breaking the rules. Beijing strongly rejects accusations, claims its moratorium and its doctrine of no first use, but the simple verbal clash shows a change of phase, one with the risk that the end of New START and mutual distrust open the door to a new nuclear race in which small, almost invisible explosions can have enormous strategic consequences. Image | CCTV In Xataka | Nuclear fusion is humanity’s great utopia in the short term: China has already set a date for it In Xataka | China is building something that looks like an oil well. It is actually a nuclear bunker with a command center

Researchers extracted photos and statuses from 3.5 billion WhatsApp users. Meta didn’t react until they told him.

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Between December 2024 and April 2025, a team from the University of Vienna identified 3.5 billion active phone numbers on WhatsApp (practically its entire user base) from a single server and without encountering too much technical resistance. They processed more than a hundred million numbers per hour and extracted not only the existence of accounts, but also public keys, profile photos, status texts, and device metadata. They did it without having to hide, from the same university IP, same server, five accounts. For four months, no one in Meta noticed. Why is it important. This is not the first time that this vulnerability has been demonstrated, as it has already occurred in 2012 and 2021but the first at this scale and speed. The finding exposes a structural contradiction in WhatsApp: Your architecture should show whether a number is registered to enable contact discovery… …but that functional need collides with the privacy of its users. Knowing who uses WhatsApp in countries where it is prohibited, such as China, Burma or North Korea, can have serious consequences. There they detected 2.3 million, 1.6 million and five accounts respectively (not five million, just five). The investigation, published a few weeks ago in NDSS 2026shows that this crack not only persists, but has widened. The context. The researchers developed ‘libphonegen’, a tool that reduces the search space from billions of theoretical combinations of possible mobile phone numbers to “just” 63 billion real candidates for 245 countries. Using unofficial WhatsApp clients that directly access the XMPP API, they queried these numbers at a rate of 7,000 per second. Neither his IP was blocked nor his accounts sanctioned. Meta did not respond until researchers explicitly reported the finding in March of this year, and countermeasures did not arrive until October, just a couple of months ago. The figures. He dataset resulting five times higher the scandal of scraping from Facebook 2021: India leads the document with 749 million users (21% of the total), followed by Indonesia and Brazil. In Spain, 46.5 million accounts. 81% use Android. More than half have a public profile photo. 29% have the status text visible. Between the lines. The researchers were able to infer the operating system by analyzing initialization patterns of the cryptographic keys. Android starts certain identifiers at zero. iOS does this in random values. This detail matters because iPhone users are higher-value targets for attackers. They also detected that public keys are reused. They found 2.3 million different keys used on 2.9 million different devices. In Burma and Nigeria, tens of thousands of numbers shared the same key, pointing either to faulty implementation or outright fraud. They even found twenty American numbers that use a private key composed only of zeros. In detail. The method is not limited to confirming the existence of the accounts. For each one they extracted public keys, timestamps and the list of linked devices. This allows you to build detailed profiles without accessing the content of the messages. The age of the device can be estimated by counting key rotations. The “popularity” of a user is inferred by the frequency of depletion of their prekeys single usewhich are consumed every time you start a new conversation. Researchers downloaded 77 million profile photos of the +1 rank (prefix for the United States and Canada) in a matter of hours. 66% of them contained recognizable faces. They also found disturbing status texts, such as those from traffickers listing prices, accounts business advertising drugs or publicly visible corporate emails from governments and armies. And now what. Meta has deployed probabilistic cardinality counters to limit how many unique accounts a user can query without blocking legitimate contact discovery. It has also restricted bulk access to status photos and texts. The researchers confirmed that the measures work in subsequent tests. But no countermeasures protect those who were already listed during the months in which the system has been wide open. The big question. For four months, from a university server without even hiding their identity, they looted practically the entire user base of the most used application on the planet without anyone at Meta realizing until they were explicitly told. If these researchers were able to do it under these conditions, who else did it before without telling anyone? In Xataka | WhatsApp brings the big update of the season: the most important change is not on the mobile, but on the computer Featured image | Dimitri Karastelev

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