market

The chip industry has its own Lego black market. ASML created it by accident

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Rick Lenssen works as a data analyst at the Dutch company ASML and builds Lego models on the weekends. It could have remained there, a mere hobby shared with his children if the company that employs him did not design and manufacture the lithography machines necessary to produce microchips, one of the key elements of current technology and one of the key suppliers of TSMC, Samsung or Intel. Now, his Lego designs imitating the original machines reach four-digit figures on eBay. 380 million in 851 pieces. It appeared in the ASML online store at the end of November 2024: a Lego model called TWINSCAN EXE:5000, measured 35 centimeters long and cost $227.95. It reproduced the high numerical aperture extreme ultraviolet (High-NA EUV) lithography machine that the company delivered to Intel in late 2023 and that allows chips to be printed from its 2 nanometer node. The actual equipment weighs 165 tons, has more than 100,000 parts and had to be transported in three Boeing 747s. The Lego set reproduced it in the style of the popular toy brand, it included a purple ray that represented ultraviolet light and a minifigure with the full clean room suit that technicians wear. The product sheet, perhaps anticipating what was to come, already warned that multiple orders from the same customer would be cancelled. Brick Lenssen. This is the nickname given to Rick Lenssen, a 39-year-old company employee who became interested in Legos. by chanceafter taking his children to a toy fair in the Netherlands. His first personal project was an exact replica of the ASML campus in Veldhoven: two years of work, 2,500 euros out of his pocket and 25,000 pieces, with details as obsessive as the peregrine falcon that nests on a roof of the complex, accompanied by a pigeon that, according to him, acts as food. He designed everything first on the computer and assembled it in the attic of his house. Where do I put this. Lenssen then encountered a drama that will be familiar to any Lego fan: what to do once you finish building the set. He offered it to the campus itself, but they didn’t want it. Lenssen wrote to ASML’s CEO on a Friday night, and within hours he wrote back saying he loved the set. To get the model out of the attic, it had to be dismantled piece by piece (like the real ASML machines), and company workers loaded it into a van. Today it is the first thing visitors see when they arrive at the company’s reception. It’s official. The jump to merchandising officer arrived later, with a model of the skyline of the campus in charge of promoting an internal app, and then the two models of machines. He was not the first: Jeroen Ottens, an ASML engineer who had worked at Lego, I had modeled a previous version. The cheapest model in the current range, the TWINSCAN NXE:3400C, at $166.70, was not born as a commercial product either: it started as internal training tool before becoming a special edition open to the public. It took Lenssen a few weeks to design the current two sets, one with a 61-page instruction manual. Your only compensation is a copy of each model. Employees only. The sales policy is one unit per person and verified ASML email is mandatory. For weeks, some fans managed to place orders bypassing that restriction due to a security hole in networks, and measures had to be taken: in December 2024 ASML began canceling orders from buyers without an actual corporate email. The EXE:5000 file even disappeared and can only be consulted today through the Wayback Machine. The same corporate email restriction covers the rest of the merchandising of the company, yes, much less coveted: sweaters, mugs, pins and Christmas decorations. eBay fever. Of course, speculation was not long in coming, as It usually happens with Lego sets that disappear from the market. Individual sets of those designed by Lenssen have been seen for $600, while the complete collection reaches $4,500. Before closing that section of the store, ASML sold 1,355 units of the latest model (there are 44,000 company employees, possibly not all of them interested in building with toy blocks). Although the comparison is absurd, only six of the real machine have been sold. In Xataka | The great fear of the US is that ASML’s UVP machines will continue to arrive in China. So he is going to intensify his trade war

The Iran war has disrupted the jet fuel market. So Lufthansa has canceled 20,000 flights

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The war in Iran has punished many sectors, but few have been as shaken as aviation. First for the closure of much of the Middle East airspace, causing the worst crisis that airlines have suffered since the pandemic, and later due to fear of an escalation in the price of flights. Now to these fears we have added another one that is already taking shape: the cancellation of thousands of servicesconvicted of the scarcity of jet fuel. Lufthansa just demonstrated How serious is that threat? The (other) hangover of the Iran war. That the war in Iran threatens to impact airports around the world is nothing new. In fact he already did it in its first barswhen Tehran launched a series of attacks on the rest of the Persian Gulf countries that they blocked part of the region’s air traffic and hubs as important as the terminals in Doha or Dubai. Over the last few weeks, however, two major threats have been taking shape, especially considering that we are on the verge of summer and the international flow of tourists. has been growing for years: that the war skyrocket the price of flights or (even worse) that forces Cancel services. Checking the grills. Proof of how real (and well-founded) these fears are is that between March and April several airlines have acknowledged that they will have to retouch their grills. On March 17 for example Reuters revealed that SAS, a Scandinavian company, planned to cancel a thousand flights due to the rise in fuel prices. Delta Airlines, Air Canada, Cathay Pacific either Air New Zealand They have taken similar measures, tweaking their operations. Even the Dutch KLM has had no choice but to suspend 160 services scheduled for April. One figure: 20,000 flights. If there is a company that has shown how critical the situation is, it is the German Lufthansa, one of the largest airlines of the world. Financial Times (FT) has advanced that the company will cancel around 20,000 flights between May and October to save fuel, which represents one of the biggest cuts in the sector to adapt to the war in Iran. To be more precise, the German company will eliminate 120 daily flights starting next week and will dispense with those routes departing from Munich and Frankfurt that are not profitable. Trimming will be applied well into the fall. “The price has doubled”. “In total, about 20,000 short-haul flights will be eliminated from the program through October, equivalent to approximately 40,000 metric tons of jet fuel, the price of which has doubled since the outbreak of the conflict with Iran,” explains the company, which has confirmed the cancellations coinciding with a summit of the EU focused on war. Click on the image to go to the tweet. Fuel for six weeks. Lufthansa’s decision is much better understood if one takes into account the latest wake up call of the International Energy Agency (IEA), which a few days ago warned that the jet fuel reserves that Europe manages guarantee operations only in the short term. The notice came from the mouth of the organization’s executive director, Fatih Birol, who took advantage an interview with the Associated Press to warn of the coming panorama. “We are in a critical situation and this will have serious consequences for the global economy. The longer this continues, the worse it will be for economic growth and inflation around the world. Some countries may have more energy than others, but none, absolutely none, is immune to the crisis,” Birol reflected. before stopping at the specific case of Europe and the aeronautical sector: “We have perhaps six weeks of jet fuel. Is it the only warning sign? No. Apart from Birol or the trickle of cancellations announced by airlines such as KLM or Lufthansa, there are other indicators that reveal the extent to which the sector views its jet supply with concern. The EU is already being considered impose a mandatory fuel distribution, in an effort reminiscent of that deployed during the pandemic. Not only that. In Brussels it is already spoken to look for alternative supply sources, such as jet fuel produced in the US, or the release of strategic reserves. Click on the image to go to the tweet. Tickets 24% more expensive. In the United Kingdom, airlines have asked also to the authorities to relax noise regulations or reduce taxes on flights to address supply shortages. It makes sense considering how the war is impacting prices. The BBC has disclosed a study by the consulting firm Teneo that estimates that the conflict is already being felt in air fares: on average, it estimates that the cheapest tickets are 24% more expensive than a year ago, which is explained both by the price of fuel and the route diversions caused by the war. A percentage: 40%. If the war in Iran has served anything, it is to understand (remember, rather) the strategic role that the Strait of Hormuz plays in global supply chains. Its waters not only circulate the fifth part of the world’s oil and LNG, as well urea moves for fertilizer, helium for technology industry…and (exactly!) good part of aircraft fuel. It is estimated that more than 20% of the jet fuel transported by sea last year was channeled through the strait. If we talk about Europe, that percentage is even bigger. The war has not only hit that traffic, strangled by the closure of Hormuz, it has also paralyzed supplies from Kuwait, heavy weight of the sector, and has led other countries to apply protectionist policies. For example, China it did not take long to prohibit exports of diesel, gasoline and jet fuel. As if all of the above were not enough, kerosene itself and its nature complicate the picture: Fuel cannot be stored for long without degrading, making their supply chains more sensitive to disruptions like those caused by war. Are these all warning signs? No. With summer just around the corner and a million-dollar … Read more

In London someone has paid 310 million for the most expensive house in history. It is proof that the luxury market has no ceiling

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In the world there are expensive houses (increasingly), very expensive houses and then houses within reach only of the greatest fortunes on the planet, like the one that has just been sold in London for a whopping 270 million poundsabout 310 million euros at the exchange rate. The figure is shocking in itself (it is the same that has been paid in other parts of Europe to build a stadium), but it becomes even more interesting when another detail is known: everything indicates that it is the most expensive home sold to date in an operation of that type, focused on a single residence. To get the keys, its new owner, an influential British businessman, had to beat three royal families from the Middle East. What has happened? that the real estate market premium has just reached one of those milestones that sound almost like science fiction, at least among ordinary mortals. The British press has revealed that a wealthy businessman in the country has closed the purchase of the most expensive home sold to date. And “more expensive” can be understood in a literal sense. Although it is not easy to talk about world records in a sector in which properties do not always go on the market nor are operations advertised, the Bloomberg agency slide which is probably the largest sale in history centered on a property of its type: a single single-family home. It is not crazy if you take into account that the transaction was signed for 270 million pounds, about 310 million euros. Some sources raise the figure to more than 315 million. What is the housing like? The property is called Providence House (formerly Gordon House) and is a huge 19th century mansion located in the Chelsea neighborhood of west London. The plot once housed the residence of the British Prime Minister Robert Walpolebut for years it has belonged to Nick Candya London businessman linked to the brick sector and the Reform UK party. Beyond its privileged location, in the heart of one of the most expensive cities on the planet, the house surprises with its figures: the house stands on a plot of two acres (just over 8,000 m2) with a lake and swimming pool and Georgian style decoration. Media like Financial Times they need which has a private cinema with IMAX screen, greenhouse and the second largest garden from the center of London. It is only surpassed by the one surrounding Buckingham Palace. Who bought it? The buyer is Sunel Setiya, co-founder of Quadrature Capitala trading firm that according to Bloomberg data obtained a profit of 411 million pounds in the financial year ending January 2025. Although with Providence House he has broken all the molds, this is not the first time that Setiya has made headlines for his taste for luxury homes… and his enormous generosity in paying for them. In his day he already paid 110 million pounds for a penthouse in One Hyde Park. And that the property, of around 1,300 m2lacked interior divisions and required works. The Times details which on this occasion has had to pay more than 31 million pounds for property tax alone. The operation certainly marks a before and after in the British real estate market. The most expensive house sold in the United Kingdom before Setiya took out his checkbook was the mansion known as 2-8A Rutland Gate, awarded in 2020 for £210 million to Hui Kan Yan, founder of the Chinese developer Evergrande Group. Click on the image to go to the tweet. And who sold it? Nick Candy, another British tycoon who shares Setiya’s taste for exclusive homes. In fact, he has a penthouse in the same complex that is also for sale for around £175 million. Nick and his brother Christian are known in the sector for the development of the complex One Hyde Parkmade up of 86 apartments and duplexes in the heart of Knightsbridge. Beyond their taste for luxury homes, Setiya and Candy are at opposite poles on an ideological level. The first (Setiya) is a important donor of the Labor Party and dedicates large sums of money through his company to fighting climate change. Nick Candy however is a prominent figure of Reform UK, Nigel Farage’s far-right party. Have there been more interested parties? Ideological differences do not seem to have been an obstacle to closing the operation. In fact, to become the new owner of Providence House Setiya had to prevail over three Middle Eastern royal families also interested in the luxurious London mansion. Given its characteristics (and amounts), the operation was carried out outside the market. The operation represents a lifeline for the luxury residential market in London, which, as remember Five Daysis not going through its best moment. According to LonRes, 2025 was the second time since 2011 that no sales of more than £50 million were closed and in February transactions worth five million (or more) suffered a year-on-year drop of 55%. The puncture coincides with a tax change that directly affects properties. Image | Jaanus Jagomagi (Unsplash) In Xataka | If the question is whether house prices will rise forever, London has the answer. And it is a warning for Madrid

South Korea overtakes China as ASML’s largest market. Sanctions are already changing the world

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In the first quarter of 2026, South Korea has accounted for 45% of ASML salesthe Dutch manufacturer of lithography machinery without which no advanced chip exists. China, which until now led the same ranking with 36%, has fallen to 19%. The order of the semiconductor world has been inverted in the duration of a ‘Q’. Why is it important. ASML is the only company on the planet capable of manufacturing extreme ultraviolet (EUV) lithography machinesessential to produce chips less than 7 nanometers. Whoever controls access to ASML controls, to a large extent, which countries can manufacture elite semiconductors. That is why the figures for the first quarter of 2026 are not just another balance sheet but a way to understand the geopolitical map in real time. Or at least with “only” three weeks of latency. In figures: South Korea: 45% of ASML sales in Q1 2026 (up from 22% in the previous quarter). China: 19% (up from 36%). Taiwan: 23% (up from 13%). ASML’s total net sales in the quarter: €8.8 billion. Net profit: 2,760 million euros (+17% year-on-year). Sales forecast for 2026, revised upwards: between 36,000 and 40,000 million euros. The context. The United States has been building a sanctions architecture for years designed to disconnect China from access to advanced semiconductor technology. ASML, a Dutch company but with technology whose development has also involved American and British partners, stopped selling its EUV machines to China years ago. In 2023 added restrictions on more advanced DUV/UVP systems. What the first quarter data show is that this fence already has measurable effects on real sales flows. Between the lines. South Korea’s jump is not explained only by the Chinese fall. Samsung and SK Hynix They are in full race to build high-end memory capacity (the type of chip that powers AI data centers), and both companies have accelerated their orders for EUV machines. SK Hynix has committed nearly 12 trillion won (about 8.2 billion euros) in EUV lithography equipment for its Cheongju and Yongin factories. And Samsung, for its part, has placed a bulk order for approximately 20 EUV machines as part of a larger purchase of 70 systems for its P5 plant in Pyeongtaek. The underlying message is that the demand for AI is already sold in advance. According to ASML CEO Christophe Fouquet, customers in the memory segment have already exhausted their capacity for the entire year. Supply will not meet demand in the foreseeable future and prices continue to skyrocket. Main loser? China, without access to EUV, has been using older DUV systems for years and multiple exposure techniques to approach the 7 nanometer nodes. This translates into chips that are more expensive to produce and have lower yields. Companies like SMIC, ChangXin or Yangtze Memory Technologies operate under increasing financial pressure: the more exposures you need to compensate for the absence of EUV, the worse the production economics. The big question. Can China build its own ASML? There are prototypes in development and the ambition to achieve mass production of EUVs before 2030 is public and no one hides it. That doesn’t mean we can take it for granted: neither Nikon nor Canonwho have dominated lithography for decades, have managed to develop EUV systems. ASML is where it is because it spent years working to achieve it, and it also did so with a very well-coordinated ecosystem: Carl Zeiss optics, specialized laser technology, thousands of components from suppliers around the world… Replicating that from scratch, under sanctions, in less than five years, is a titanic task even for a country of 1.4 billion inhabitants and an excessive ambition. Yes, but. The restrictions, in fact, have not sunk China, but have forced it to adapt. SMIC produces 7 nanometer chips using alternative techniques, although at higher cost and on a smaller scale. The pace of state investment in semiconductors has not slowed down. And the fact that several engineers who have worked at ASML have ended up in Chinese projects has raised alarms on the other side of the Pacific. China has built its current position on a long-term mindset. The sanctions close the shortest path, but that does not mean that other paths do not exist. In Xataka | China prepares a 2nm AI chip to end NVIDIA’s dominance. Your problem is how you are going to manufacture it Featured image | ASML

The CNMV has tested AI to invest in the stock market for ten months. The conclusions are very revealing

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In recent months there has been a recurring discourse that we see on social networks and that sell us again that “get rich quick” message. That message is “use AI to invest in the stock market.” The interesting thing comes when we see how the CNMV has published a study in which it has precisely attempted to analyze that premise. Although this organization warns of the risks of investing with AI, there is another important message in the conclusions: LLMs are not bad investors per se. They are bad at following vague instructions, which is just how most people use them. The CNMV study. Two researchers from the CNMV, Ricardo Crisóstomo and Diana Mykhalyuk, have published a study methodologically serious (but imperfect) and very interesting: they used four AI models for ten months live, from April 2025 to January 2026. They chose ChatGPT, Gemini, DeepSeek and Perplexity as models. The process was simple but demanding: each month they asked each model to identify the five stocks in the Ibex35 index with the best expected performance (to buy) and the five with the worst expected performance (to sell short). Then the real result was measured at the end of the month, and here there was no historical data selected just because: the real market was the only arbiter of all the functioning of the models. The models evolved. One of the most significant aspects of the study is that its creators recognized a methodological problem that was difficult to avoid: during those ten months, the versions of the four models were updated several times. The Gemini of April 2025 was not the same than that of January 2026for example, and that could influence the results. The researchers commented that it was impossible to know with certainty whether an improvement or deterioration in performance was due to the prompt strategy, market conditions in that period, or simply because the model changed. The prompt is everything. Three were also tested prompt types very different, and that gave rise to conclusions that were neither alarmist nor did they create false expectations: they were “it depends.” Thus, their results showed that everything depended on the type of supervision that these models had: If the LLMs were asked generic questions such as “What stocks should I buy?”, they failed repeatedly. There were computational errors, incorrect interpretations and also the famous hallucinations of chatbots. Curiously, the only one that made a profit was ChatGPT. The problem is that people who use AI to invest probably use this mode of action. But if prompts prepared with iterative reviews and human supervision at each step were used, Perplexity achieved a monthly return of 3.5% on the IBEX35. Gemini and ChatGPT also improved their behavior if given more precise instructions, and DeepSeek was the worst ranked overall. There is another finding: when models receive official regulatory documentation or business results reports, their predictive accuracy improves significantly. The LLMs they reason better on concrete and verified facts than generating analysis from scratch on information that they themselves search for on the web. financial hallucinations. The CNMV study points out that financial markets are especially demanding for AI models because they require complex processes. They have to retrieve and collect information dynamically, they have to reason in multiple steps, they have to be numerically precise, and they have to know this market, and all in real time. Chatbots are trained to generate “convincing” textsso the incentive here is that the investment recommendation “sounds good” even though it is completely wrong. The confidence with which AI models present incorrect financial analysis is proportional to the risk they pose to those who use them without checking whether what they say makes sense. In short: do not trust AI to invest right off the bat. The Reddit user’s experiment was equally striking, but hardly conclusive. Source: Reddit. The Reddit experiment. A Reddit user named Blotter-fyi rode in November from 2024 a platform called Rallies.ai which gave several AI agents access to real-time financial data and money to make stock market operations. Four months later, with the S&P index down 7% since the start, five of the models are outperforming that index, although only two have positive returns in absolute terms. The author himself was the first to warn that four months are insufficient to reach a conclusion: it could be luck, the market or simply the prompt. Nof1’s experiment was fascinating, but it made it clear that AI models don’t typically make money investing in crypto. Source: Nof1. Nof1 and crypto fascination. Another particularly striking experiment was the one that the company nof1.ai made with its Alpha Arena. He put six AI models to compete, gave them 10,000 real dollars each and gave them two weeks to trade cryptocurrency derivatives without human intervention. The most striking result was not who won, but who lost: GPT-5 ended with more than 25% losses and Gemini with close to a negative 40%. Meanwhile, the Chinese models Qwen and DeepSeek dominated in terms of good performance. They iterated with other models, 32 in total, and of all of them only six achieved a positive return: the rest lost money. Grok-4.20 was the big winner ahead of GPT-5.1 and DeepSeek v3.1. Maybe you shouldn’t just let AI invest for you. The conclusions after these experiments are clear. Four months of a model outperforming the S&P index in a bear market does not prove that AI is a good investor. Only in that specific period, with that specific marketthat model made decisions that turned out to be less bad than those in the index. To see if this makes sense takes years, multiple market conditions, and many instances of the same experiment running in parallel. The same happens with Nof1 – especially short – and with a more serious and methodical process like that of the CNMV, which was also surrounded by events whose impact on the final result was uncertain. Faced with so many unknowns, the conclusion seems clear: … Read more

126,000 hectares of almond trees are about to flood a market that does not need them

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Tick ​​tock If you go to any Spanish countryside and stay very still, very silent; Immediately, you will start listening to it. Tick ​​tock, tick tock. It’s subtle, I admit. Almost imperceptible if you don’t pay attention. But it is there and no one can deny it: a ticking time bomb within the country’s agribusiness in the form of the 126,000 hectares of almond plantations that are about to come into production. It is the chronicle of an announced crisis. The almond, the fashionable fruit. In 2016, Javier López-Bellidoprofessor at the School of Agricultural Engineers of the University of Castilla – La Mancha, He told me he was worried because “lately, there is no conversation with farmers that does not include the word ‘almond tree’.” And there were good reasons for it; although they can all be summarized in the same way: a hectare of almond trees is twice as profitable as one of oranges. According to experts, it also had a wonderful future: “The demand market for almonds is on the rise throughout the world, so all experts agree that, at least within the next decade, this nut will have a great market outlet, especially abroad,” said Doménec Nàcher by Asaja in El Mundo. However, López Bellido I wasn’t so clear. This trend was going to translate into many farmers going into debt with an eye on the high prices of almond grains and they were going to find a saturated market that was going to suffocate them little by little. And that, word for word, is what is happening. And it’s been 10 years. Today, Spain is the second largest producer in the world almond In fact, the almond tree is already the most extensive woody crop in Spain and only in the last decade has grown 34%. Furthermore, as I said, right now there are 126,000 hectares of almond trees that have not yet matured enough. But they will. The thing is that we have already seen this movie. It is literally the same mechanism that has caused the lemon crisis: first a price-pull effect, then uncontrolled expansion and, later, calm while those trees reach production age. A calm that lasts until the almonds reach a saturated market and everything collapses. We know what is going to happen, but no one is very clear how to stop it. And that is the great drama of the Spanish countryside. One of many, it is true; but an especially bloody one: one that takes advantage of the desperation of farmers and ends up leaving them bankrupt. And of those dusts, these sludge. Image | Mercedes White In Xataka | How the “hen with the golden lemons” has become a trap for the Spanish countryside

The most buoyant market right now is selling streaming and satellite images of US movements to Iran.

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In recent years, the number of active satellites in orbit has exceeded 7,500many of them dedicated to observing the Earth with a precision that allows us to distinguish objects just a few meters away. At the same time, millions of position signals from aircraft and ships were broadcast every minute openly throughout the planet. Never before has there been so much accessible information about what is happening, in almost real time, anywhere on the planet. A new war market in real time. The war in Iran has opened a unexpected showcaseor where each military movement becomes almost immediate content, packaged and disseminated as if it were a live event by an international artist. Chinese technology companies have detected that opportunity and have begun to offer detailed analysis on US bases, deployments and operations using open data combined with artificial intelligence. What previously required state intelligence resources is now presented as an accessible, visual and viral product, capable of circulating both on social networks and specialized platforms. The result is a kind military streaming where the movements of a superpower are transformed into information merchandise. Fusion between open data and AI. I counted this week the Washington Post that the core of this phenomenon is in the combination of public sources (such as satellite images, flight trackers or maritime data) with algorithms capable of processing them on a large scale. Here are companies that we had already talked about before like MizarVisionwhich use these resources to reconstruct entire deployments, identify aircraft types or follow naval group routes in near real time. Although much of the data already existed, the difference now is in speedautomation and the ability to cross-reference information on a massive scale, turning simple scattered signals into coherent military narratives. This drastically reduces the distance between the public and the strategic. Intelligence as a commercial product. The real turn is not only in technology, but in the business model that surrounds her. These companies do not operate like traditional intelligence agencies, but rather as suppliers that sell visibility on military operations, promoting their capabilities with real examples of active conflicts. Signatures as Jing’an Technology They have even gone so far as to publish alleged records of communications or mission reconstructionsreinforcing the idea that they can “see everything.” Thus, war ceases to be just a geopolitical scenario and becomes a source of income based on the exploitation of raw information transformed into digestible intelligence. Money flows in only one direction. Behind this apparent democratization of intelligence there is a very specific economic flow that mainly benefits the Chinese technological ecosystem. They remembered in the post that many of these companies have grown under the umbrella of the integration strategy Beijing civil-militaryreceiving funding and indirect support to develop dual capabilities. Every report sold, every analysis disseminated and every platform used rstrengthens that industrial fabricfeeding a circuit where data (often generated by Western infrastructures) ends up generating value within China. In practice, monitoring the movements of the United States not only exposes its operations, but also helps finance the technological development of a strategic competitor. A diffuse but growing threat. Although US authorities doubt that these companies can penetrate truly sensitive systems, the problem lies not so much in absolute precision as in the trend that they can represent. The ability to map movements, detect patterns and anticipate deployments is already a advantage in scenarios crisis, even if the data is not perfect. Furthermore, this model offers China an additional advantage: it can benefit from the information without officially getting involvedusing private companies as intermediaries. The consequence is something of a new type of battlefield, one where open, processed and commercialized information becomes a strategic weapon in itself. Image | MizarVision In Xataka | The US is redrawing the map of its bases in Europe. And none of the countries that have said “no to war” appear In Xataka | Of all the paradoxes of the war in the Middle East, few imagined this ending: with a “half-way” deal between the US and Iran

With the RAM market in crisis, an unexpected winner appears: China

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The saying goes that, in a troubled river, fishermen gain. In the case of the RAM crisisto a troubled market, manufacturers profit. All devices need NAND chips. They are the ones that go into the RAM memory or the storage that is used from the mobile phone to the car, the router and the SD memories and Samsung, SK Hynix and Micron are the ones that control the majority of the production. The data centers need a huge amount of memorywhich has caused everything other than producing for them to be missing out on a large portion of the pie, which is why the three companies have thrown themselves into it. And, since their most important factories cannot do more, they have made the decision to inject a lot of money into China, which is not their favorite scenario, but what gives immediate relief. And all the extra RAM they make… it’s not going to be for us. Exploited. A few weeks ago we said that Jensen Huang, boss of NVIDIA, had met with senior officials from the Asian technology industry, including executives from TSMC and Samsung. He told the first ones to get their act together because NVIDIA was going to need a lot of wafers this year. In the seconds, more of the same, but with HBM4 memory new generation. Shortly after, it was Lisa Su, AMD’s boss, who visited Samsung’s offices in South Korea to reach a deal for HBM4 memory of South Koreans for AMD’s new platform focused on artificial intelligence. Everything moves to the tune of AI training and inference. We are talking about Samsung, but SK Hynix is ​​also developing new generation memory and the objective is the same: to produce everything possible because, although as users we cannot buy RAM or SSD and Valve can’t make the Steam Machinethey are doing great. Wons galore. The problem is that, although the numbers come out, the production lines can’t take it anymore. There are very few companies to create RAM that supplies a brutal demand, and that means that they either expand… or they don’t arrive. And that is precisely what they are doing, but looking at the industrial fabric that can serve as support: what they have been manufacturing in China. In SCMP we can read that Samsung is going to intensify its investment in its Xi’an plant. Specifically, 67.5% compared to the previous year. This will bring the investment to 465.4 billion won -about 264 million euros- in the Chinese plant. This is Samsung’s only plant abroad, and also one of the company’s most important because it is estimated to produce 40% of South Koreans’ NAND memory. The million-dollar investment comes after a few years of hiatus, but they are not the only ones. SK Hynix is ​​also going to inject 581.1 billion won -331 million euros- into its Dalian plant. It is 52% more than in the previous period and the largest disbursement since they acquired the factory in 2022. Immediate relief. The information They point out that it is not so much to produce more, but to satisfy the demand for cutting-edge memories. Recently, Samsung began mass manufacturing the HBM4 memory and SK Hynix the fastest DDR5 memory, and this strategy is focused on the two plants manufacturing that advanced memory instead of the rest of the factories having to adapt to the cutting-edge memory creation processes in order to continue dedicating themselves to other types of NAND chips. It also responds to a more pragmatic vision. Setting up a memory factory is not cheap, but above all, it is not fast. It takes about four or five years to build, polish the clean rooms and optimize the operational lines. It is much faster to adapt existing factories to obtain a much faster response. The reason is that they need wafers, and they need them now. From SK warned that the global shortage of wafers exceeds 20% and, probably, the situation will continue until 2030. Not very favorable weather. The curious thing is that this increase in investments occurs when the situation between China and the United States continues to be very turbulent. Although they have been relaxing, the United States imposed export controls on advanced chip manufacturing equipment destined for China. As much as Samsung is moving money and advanced machines to Samsung, it is in China and that means they must obey Washington’s order. There is licenses and annual permits and, both Samsung and SK Hynix, have a deadline to be able to send tools to their facilities, which are the ones they are taking advantage of because it is estimated that China represents 40% of Samsung’s NAND production and between 40% and 45% of SK Hynix’s. In fact, the company has another plant in Wuxi from which 30% of its NAND chips come out. China, from chill. Whether there is an upsurge in export orders or not remains to be seen. What is on the table at this moment is that China, “without doing anything” (and this with many quotes) is emerging as a very important player in this playing field. It is not only that Samsung and SK Hynix, the two most powerful in the sector, have greatly increased investment in their territory, but that their own RAM companies can see in this scenario the boost they needed to place themselves in the global conversation. One of the largest manufacturers in the country is CXMT and not only have they been polishing their manufacturing process in recent months to create 8,000 MHz DDR5 memories, but they have scaled their production capacity to reach a global market share of between 11% and 13%. Together with the manufacturer YMTC, they are emerging as an opportunity for brands like Lenovo, Dell or Asus, which need RAM to continue selling computers, have available without drastically increasing the price of their equipment. But hey, as we have said more than once in recent weeks, all the extra RAM they manufacture is … Read more

The biggest find in twelve years of GTA archeology came from an Edinburgh flea market and a used Xbox 360

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It’s fascinating when we discover details years (even decades) after a game’s release that hadn’t come to light before. Secret levels in classics that everyone had examined from cover to cover, unrevealed meanings, unsolved puzzles… and sometimes, versions of the games that should never have seen the light of day and that give clues about the ideas that were considered in the development process. The latest case in that sense: ‘GTA IV’. What has happened? Last weekend, a user of GTAForums known as janmatant He paid £5 at a flea market in Edinburgh for an Xbox 360 in not very good condition. At home he discovered that the console was running Xshell, the operating system for Microsoft development kits. The 120 GB hard drive contained a single game: a beta version of ‘Grand Theft Auto IV’ dated November 2007, several months before its commercial release. The treasures he found were poured into the thread GTA IV Beta Huntwho has been tracking unreleased content from the game since 2014 (and which has generated 14 new pages of comments since posting janmatant). GTA IV on the trail. That the discovery occurred in Edinburgh is not at all coincidental. Rockstar North has been based in the capital since it was DMA Design, in 1987, and that is why the console ended up in the hands of a scrap dealer, a process that clearly should not have happened. Development kits are proprietary hardware that Microsoft distributes exclusively to studios (and in those days also to the press) to run games in conditions close to the final hardware. In theory, at the end of a project cycle, those units are returned or destroyed, but this was not the case. 118 gigabytes of Liberty City. After confirming by the serial number that the devkit was authentic, janmatant uploaded the content to the Internet Archive under the title “Great Stealing of Vehicles four XDK”. The 118 GB file is it executable on a real Xbox 360 with debugging tools, although a fully playable version is not yet ready. The most immediate find was the Liberty City ferries. The barges appear in the game’s first trailer and in some cutscenes, but in the final game they are just a set piece. The realistic ‘GTA IV’ opted for a world focused on cars and taxis and in its day, Obbe Vermeij, former technical director of Rockstar North, counted that the shuttles were removed late in development, with models already finished. Zombie mode. There had always been rumors about a zombie mode for which we had never had solid evidence. Herein build We find hospital beds with direct references to zombies, early models of infected characters and several animations associated with this variant. The Cutting Room Floorthe wiki dedicated to documenting cut content in video games, had already listed the project as “Z: Resurrection” based on code fragments found in the final version, but without visual material to support it. A former Rockstar developer It has taken away some of the epicness of the matter: According to him, zombie mode was simply an “experiment” that artists and programmers played to develop in parallel, not a formal production line. That doesn’t mean the discovery is minor, but rather that the creative leeway within Rockstar North in 2007 allowed a team to test out survival horror mechanics during development. Other divergences. The build includes other substantial differences from the final game. The silenced pistol is in this version’s arsenal, along with other unfinished weapons and a notable number of incomplete animations and unreplaced audio markers, as is the case with any half-developed game. The models of some NPCs are different from the final ones, and the character of Michelle, the FIB informant who appears as Niko Bellic’s early romantic interest, has a look here that forum users describe as strangely disturbing. What may be most surprising to any fan of the game is that about half of the radio stations sound completely different. ‘GTA IV’ has one of the most elaborate soundtracks in the saga, with dozens of real music licenses distributed on thematic stations. That half of that content changed between November 2007 and the April 2008 release says a lot about the licensing negotiation process in the final phases of development. What does Rockstar do? After everything that happened, Rockstar Games and Take-Two have not issued public statements. Although companies have a reputation for relentlessly pursuing leaks, the author of this leak purchased the console legally. In any case, he has put the devkit up for sale on eBay for £800. It’s not too much for material of such magnitude, but the truth is that, once on the Internet, access to these secrets is universal. In Xataka | The best video games of 2026 and the most interesting ones to come

150 years ago, Spain made a unique decision in the world. Ouigo and Iryo believe that Renfe uses it to get them out of the market

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They have no rolling stock. And the worst of all (for them) is that they are not going to have it. Ouigo, Iryo and a third rolling stock company have raised their voices before the National Markets and Competition Commission (CNMC) to make it clear that the current system with two gauges of track reduces their competitiveness in our country compared to Renfe. And it doesn’t seem like it’s going to change in the short term. What has happened? The CNMC has published a document with the name “Report on technical barriers to the provision of railway services”. It sets out the challenges and interventions that Spain should carry out in the coming years. It specifies that the Spanish railway system has the obligation to improve interoperability with its neighboring countries, both to facilitate the flow of passengers and goods. But there is a drawback: the track widths. And this inconvenience has a very relevant economic impact. They complain. In the document the different postures are collected of those involved. And it states that “Ouigo, Iryo and a rolling stock manufacturer (which is not specified) warn that the uncertainty regarding the schedule and details of the Gauge Migration Plan, as well as the unification of the electrification system and the implementation of the ERTMS signaling system, makes decision-making on strategic investments difficult, and they ask that the Gauge Migration Plan be prepared and published as soon as possible.” In short: the two operators and the rolling stock manufacturer complain that Adif does not have a clear plan as to whether the Iberian high-speed track gauges are going to adapt to European standards, which move in standard gauge. The same happens with the unification of the electrification system and the definitive implementation of the ERTMS system. And they defend themselves. The position of Adif and Renfe is set out in the same document. Both companies “point out that incorporating gauge change technology in the rolling stock and infrastructure is less expensive and entails fewer interruptions in traffic than the migration of the infrastructure. On the other hand, both the AESF and the DG of the Railway Sector indicate that, in addition to Talgo, there is a second manufacturer of variable gauge rolling stock for high speed, CAF, although they admit that it is currently only approved to operate at 250 km/h.” In short: neither Renfe nor Adif They believe that adapting to the standard width is economically profitable given the high economic impact. The bottleneck. What Ouigo and Iryo defend is that the current situation and the commitment to trains with wide gauge technology leaves them behind. They have two reasons to maintain this. CAF can supply trains with this technology but they are only approved to travel at a maximum of 250 km/h. Talgo is the only company with this technology with approval to circulate up to 350 km/h. They are known as Talgo AVRIL but their production is committed to Renfe. And the results are not satisfactory either.. Beyond these two manufacturers, no one seems to want to get involved in the production of trains capable of changing tracks between standard and Iberian gauge. And the fact is that their production means meeting a demand that is still a niche or a rarity in the world railway system. Very juicy. The reluctance of Adif and Renfe is not strange either. For Adif it would mean a huge investment that has to be able to make profitable with the rest of the operators when the vast majority of current corridors in Spain already operate with standard gauge. For its part, Renfe does not want to let go of this trick either. Right now, the high speed to Galicia needs trains that are capable of moving between the Iberian gauge and the standard gauge if you do not want to transfer and the Spanish company is the only one that has the trains for this. The Galician corridor has also emerged as one of the most profitable. Travel has grown so much that it has made airlines retreat and now that they have to liberalize the line, maintaining the current situation guarantees that they will continue to be the only ones that will be able to offer this trip without transfers, which is a clear competitive advantage. Photo | Falk2 In Xataka | “Whoever wants to come, should invest”: Ouigo wanted to enter the Madrid-Galicia AVE but now sees it as impossible before 2030

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