US policymakers are casting a wary eye on a proposed deal that would see the algorithm powering TikTok licensed to the app’s future American owners, even as China-based ByteDance moves to comply with a US law amid ongoing national security anxieties.
Representative John Moolenaar, who chairs the House Select Committee on China, warned that any arrangement allowing Beijing to retain influence—particularly through the algorithm—could jeopardise US interests.
“Anytime you have [China] with leverage over the algorithm, I think that’s a problem,” Moolenaar told attendees at a Washington policy event. As of now, he’s awaiting a security briefing with further details on the agreement.
White House deal and legal context
In the leadup to the presidential transition, former President Donald Trump issued an executive order affirming that a plan to sell TikTok’s US operations met the stringent requirements established in a landmark 2024 law.
According to that order, ownership and algorithmic control of the platform must ultimately rest with a new US-majority joint venture, with American security partners overseeing the retraining and operation of TikTok’s core recommendation engine.
The current framework calls for six of the seven board seats in the new company to be held by Americans, with ByteDance—which would also cease to be majority owner—appointing the final director. Their remaining stake in TikTok US would drop below 20 per cent, in line with federal mandates.
Technical challenges
But even in this new structure, ambiguity remains about just how much ByteDance might continue to influence TikTok’s US product. Representative Moolenaar echoed technology experts’ uncertainty about whether a complete “reprogramming”—or isolation—of the algorithm is technically feasible.
“I just believe you have to have a new algorithm, and I don’t know that you can reprogram,” he admitted, noting that the plan still has many unresolved facets.
Meanwhile, TikTok has yet to issue a public response on the matter, leaving lawmakers and the public alike with unanswered questions about the true independence and security of the famous “For You” feed.
Enforcement of the ban was recently delayed until right after the next presidential inauguration in January, but pressure remains for all parties to finalise an acceptable solution—and ensure that US user data and algorithmic decision-making are truly out of foreign hands.
Oracle aims to hit $225b in annual revenue and adjusted profits of $21 per share by 2030, CFO says.
When Oracle’s leadership lined up this week to discuss the company’s long-term vision with investors, the conversation was unmistakably centered on one thing: cloud infrastructure.
Clay Magouyrk, CEO of Oracle’s cloud unit, projected that by fiscal 2030, the cloud infrastructure segment will generate a staggering $166 billion—covering nearly three-quarters of Oracle’s total revenue by that time.
Magouyrk also underscored the diversity of Oracle’s customer base. He seemed eager to dispel any notion that OpenAI—a high-profile client—was Oracle’s only major cloud partner.
In a recent 30-day window last quarter, Oracle Cloud Infrastructure secured $65 billion in new bookings. Notably, these deals included a gigantic $20 billion commitment from Meta Platforms, alongside other large contracts involving four clients apart from OpenAI.
“This isn’t just about OpenAI,” Magouyrk stated. “We have a deep and varied pool of enterprise customers driving this momentum.”
The financial outlines Oracle shared were just as ambitious. CFO Dough Kehring revealed that by fiscal 2030, Oracle aims to hit $225 billion in annual revenue and adjusted profits of $21 per share.
This is notably more optimistic than what Wall Street expects; current analyst consensus is for $198.4 billion in sales and adjusted earnings of $18.92 per share for the same period.
Optimism
The market’s reaction was a blend of excitement and caution. Oracle’s shares closed up 3 per cent after the optimistic cloud news, though broader revenue and margin forecasts tempered enthusiasm with a 2 per cent dip in after-hours trading.
Last month, Oracle made headlines after announcing infrastructure commitments in the hundreds of billions and a $500 billion AI project partnership with OpenAI. This collaboration will reportedly deliver five new data centers, fueling both hype and scrutiny.
Meanwhile, Oracle’s most recent quarterly results showed 28 per cent growth in cloud revenue, which now sits at $7.2 billion.
Investors, ever-watchful on profitability, pressed Oracle to clarify its margin expectations—especially with the high costs of delivering AI cloud infrastructure.
The company projects these margins to land in the 30-40 per cent range for AI-specific delivery, while traditional cloud services and software for enterprise customers should continue yielding healthy 65-80 per cent margins.
These figures, Oracle insisted, would hold steady even through extended, high-value contracts. In one example, a six-year, $60 billion AI cloud contract would see Oracle shouldering about $6.4 billion in costs each year, providing clarity on how margins would be managed over time.
All told, Oracle’s bullish stance paints a future where cloud—especially next-generation AI infrastructure—serves as the company’s dominant engine for growth, with blockbuster deals and a broadening customer base poised to drive revenue sharply higher by 2030.
Partnership to bring together capital and expertise to deliver essential AI infrastructure while creating attractive investment opportunities.
Partnership boasts prominent financial backers, including the Kuwait Investment Authority and Temasek, emphasising AIP’s vision to mobilise large-scale capital and shape the AI ecosystem.
MGX, the Artificial Intelligence Infrastructure Partnership (AIP), and BlackRock’s Global Infrastructure Partners (GIP)—together forming a powerful consortium—have unveiled their plan to acquire all outstanding equity in Aligned Data Centres.
The seller, private infrastructure funds managed by Macquarie Asset Management and its co-invest partners, will transfer full ownership to the consortium. This blockbuster transaction values Aligned at an estimated $40 billion, underscoring the immense significance of next-generation cloud and AI infrastructure in today’s digital age.
About AIP and its ambitions
AIP, established through collaboration with BlackRock, GIP (as part of BlackRock), MGX, Microsoft, and NVIDIA, is dedicated to expanding AI-related infrastructure and fueling global economic growth powered by artificial intelligence.
Bayo Ogunlesi, Chair and CEO of GIP, reinforced that Aligned’s adaptable platform, combined with AIP’s capital, will build innovative, resilient communities and drive transformative global growth.
The partnership boasts prominent financial backers, including the Kuwait Investment Authority and Temasek, emphasising AIP’s vision to mobilise large-scale capital and shape the AI ecosystem.
Larry Fink, Chair and CEO of BlackRock as well as AIP, highlighted the transformative role of AI in the economy and emphasised that the partnership brings together capital and expertise to deliver essential AI infrastructure while creating attractive investment opportunities.
Aligned’s meteoric rise
In just under a decade, Aligned has cemented its status as a global leader in the data centre sector. Designing, developing, and operating advanced campuses, the company serves major hyperscalers, cloud innovators, and leading enterprises.
Its impressive portfolio consists of 50 data campuses and a combined capacity exceeding five gigawatts, with locations spanning strategic digital gateways such as Northern Virginia, Chicago, Dallas, Phoenix, Ohio, Salt Lake City, São Paulo, Querétaro, and Santiago.
Ahmed Yahia Al Idrissi, CEO of MGX and AIP Vice Chairman, pointed to AI’s reengineering effect on the global economy and stressed the foundational importance of scaled computing infrastructure.
Operational excellence and innovations
Aligned attributes its robust growth to operational excellence and a forward-thinking management team. Their solutions—Gigascale, Build-to-Scale, and Multi-Tenant Enterprise—feature patented technologies in air, liquid, and hybrid cooling, ensuring adaptability even for energy-intensive AI workloads in regions with limited power availability.
The company’s strong supply chain, strategic partnerships, and proactive land acquisition strategies support its mission to set industry standards for efficiency and reliability.
Financial strength remains a cornerstone of Aligned’s business, allowing agility and sustained expansion. Following the acquisition, Aligned will continue to be headquartered in Dallas, Texas, retaining its leadership under CEO Andrew Schaap and his team.
Consortium’s strategic strengths
This historic investment merges the unique expertise of three premier players:
AIP’s capacity to orchestrate large-scale strategic partnerships and mobilize significant capital.
MGX’s specialised focus on global AI and advanced technology investments.
GIP’s proven track record of operating large, complex infrastructure assets worldwide.
With the consortium’s strategic and financial support, Aligned is positioned to accelerate its reach, pioneer new data centre solutions, and meet the ballooning demand for cutting-edge digital infrastructure fueling AI’s growth.
For AIP, this marks its inaugural investment, advancing toward a target of deploying $30 billion in equity, and up to $100 billion with debt included. Aligned’s established customer relationships, presence in high-value digital markets, and experienced management team make it an ideal anchor for AIP’s vision to build the backbone of the world’s AI infrastructure.
Andrew Schaap, CEO of Aligned, celebrated the partnership as a catalyst to advance sustainable, scalable digital infrastructure for tomorrow’s economy—leveraging the global reach and resource depth of its new backers.
Subject to regulatory and customary approvals, the deal is anticipated to close in the first half of 2026. The current leadership will stay on board, ensuring continuity and expertise as Aligned enters a new phase of expansion.
Riboflavin isn’t just a morning supplement; it serves as a stable, efficient alternative to the expensive metal catalysts that have held back previous glucose battery designs.
The ultimate dream: a scalable, affordable battery built from non-toxic, everyday materials, providing residential energy storage that feels as natural as sugar in your coffee.
When we think of the batteries that power our homes and devices, we usually picture something heavy, metallic, and maybe just a little intimidating.
But researchers have just tossed a sweet new twist into the mix. A team reporting in ACS Energy Letters has put vitamin B2 (a.k.a. riboflavin) and glucose—the very sugar found in plants and the snacks in your kitchen—at the heart of an innovative battery prototype.
Drawing inspiration from human body
It’s all inspired by the way our bodies break down glucose for energy, relying on enzymes to shuttle electrons and spark life’s processes. Channeling this natural genius, the researchers built a flow cell battery—a system well-known for allowing electrolytes to circulate and convert stored chemical energy into electricity—using riboflavin as a key ingredient.
In this design, the vitamin acts as a mediator, efficiently ferrying electrons from the glucose-based electrolyte to the battery’s electrodes.
Why riboflavin and glucose?
According to lead author Jong-Hwa Shon, the target was clear: create a safe, affordable, and sustainable battery using materials that are non-toxic and abundant. Glucose fits the bill—it’s cheap, plentiful, and harvested from an array of plant sources.
Riboflavin, meanwhile, isn’t just a morning supplement; it serves as a stable, efficient alternative to the expensive metal catalysts that have held back previous glucose battery designs.
How the prototype works?
The new battery relies on two carbon-based electrodes—one positive, one negative—bathed in different electrolytes.
Around the negative electrode, glucose and riboflavin mingle, while the positive electrode gets either potassium ferricyanide (handy for precise measurements) or, more ambitiously, oxygen, which mimics real-world fuel cells and keeps things thrifty for practical use. The magic happens as riboflavin catalyses electron flow, helping unlock the latent energy in sugar.
The results put a smile on my face. The potassium ferricyanide version packed enough punch to rival today’s vanadium-based flow cells—yes, those same hefty batteries found in industrial settings.
The oxygen-powered version lagged slightly, as reactions at the electrodes were slower and riboflavin tended to break down in light, prompting self-discharge. But, even with these hurdles, power density still edged out the results of previous all-organic glucose batteries.
Where does this leave us? The team aims to shore up weaknesses by shielding riboflavin from light and refining how the battery cell is engineered. The ultimate dream: a scalable, affordable battery built from non-toxic, everyday materials, providing residential energy storage that feels as natural as sugar in your coffee.
If they succeed, we might soon be storing clean energy in tech that’s both sweet and safe.
While utility prices have risen, reflecting broader inflationary pressures, telecom remains a rare deflationary sector.
From being the goldmines of the late 1990s today’s telecoms sector is a much more uncertain investment.
As the industry looks to the future, finding a balance between affordable services for users and the financial health needed to support ongoing modernisation will be crucial.
Telecoms services are no longer a matter of convenience or progress – they are vital. The global economy is now driven by digital transactions, remote collaboration, and real-time communication, all of which rely on secure and reliable networks.
But the role of telecommunications extends beyond commerce. In healthcare, digital networks make possible everything from electronic patient records to telemedicine, allowing doctors to consult with patients hundreds of miles away.
In education, online platforms bridge geographic divides, giving students access to resources and teachers they might never otherwise encounter. For governments, telecom networks provide the infrastructure for emergency services, public safety alerts, and civic administration.
Just as clean water protects public health, and electricity powers hospitals and schools, telecommunications sustain the systems that keep societies informed, safe, and cohesive.
Connectivity has become as essential to well-being as any other utility. Social ties increasingly depend on digital platforms, particularly for those separated by distance.
For many, access to the internet determines whether they can apply for a job, access social services, or even participate in democratic processes.
Dario Betti, CEO of Mobile Ecosystem Forum.
The pandemic underscored this reality: when offices, schools, and even social gatherings moved online, those without reliable connectivity faced exclusion and hardship. In the twenty-first century, to be disconnected is to be disadvantaged in ways that echo the struggles of communities without electricity or running water in earlier eras.
So, falling telecoms prices is good news – right?
At first glance, falling telecoms prices may seem like an unequivocal win for consumers. But for telecoms businesses, it’s a concerning trend.
Worrying numbers
Italy provides a picture of the situation in many parts of the world. According to the country’s communications authority, AGCOM, telecom services in Italy are now 30 per cent cheaper than they were a decade ago.
In France, prices are down 26.1 per cent over the same period. Across the European Union (EU27), the average decline is 9.7 per cent.
As the value of telecom services—when adjusted for inflation—has effectively been halved, operators are left grappling with a critical question: How can they fund the ongoing modernisation of networks and services when revenues are shrinking?
The need for investment in 5G, fibre, and next-generation infrastructure is greater than ever, yet the price users pay for these services continues to fall.
The AGCOM survey’s international benchmark underscores this paradox: Italy leads Europe in telecom affordability, but the sustainability of this model is now in question. As the industry looks to the future, finding a balance between affordable services for users and the financial health needed to support ongoing modernisation will be crucial.
Telecoms lag behind energy, water and waste
The situation is even more striking in Italy when compared to other utilities—such as energy, water, and waste—which have all outperformed communications in terms of price trends.
While utility prices have risen, reflecting broader inflationary pressures, telecom remains a rare deflationary sector. This dynamic benefits consumers in the short term but puts increasing pressure on operators’ ability to invest and innovate.
Utilities such as gas and power have experienced dramatic price hikes.
In Italy, over the past four years, gas prices soared by 76.0 per cent, and power prices jumped by 64.5 per cent. Water and waste services also saw increases of 19.0 per cent and 7.3 per cent, respectively.
Even urban transport and trains, while more stable, still posted modest increases. By contrast, the price index for communications services fell by 10.9 per cent in the same period.
According to AGCOM’s data, while the general price index in Italy has risen by 18.1 per cent over the last four years, the price index for communications services (including postal services, fixed and mobile telephony, pay TV, and related items) has decreased by 10.9 per cent.
The AGCOM summary price index (ISA), which tracks a basket of ten communication-related items, dropped by 6.6 per cent over four years and three per cent year-on-year. In contrast, regulated services at the local and national levels increased by 9.7 per cent and 3.4 per cent, respectively.
Profitability and pressure
The profitability statistics for the telecom sector seem to show reason for concerns. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) margins have reduced significantly, and investors no longer treat telecoms as a safe, steadily yielding sector.
New opportunities—IoT services, digital platforms, even fintech integrations—remain exciting but marginal against the colossal weight of connectivity revenues. The price of “the pipe” is consistently falling even as demand for capacity grows.
Telecoms companies have generally been incredibly resilient with margins and cash-flow discipline, as well as headcount savings. However, the progressive ARPU (Average Revenue Per Unit) erosion is having a serious impact on some.
According to a 2025 report from BCG, telcos face an increasing challenge to cover their cost of capital. The study shows median ROIC (Return On Employed Capital) of around 7–8 per cent in recent years, dipping to about 6.7 per cent in 2024, while sector WACC (Weighted Average Cost of Capital) rose to about 7.1 per cent.
So, telecoms on average were making less than 7 per cent returns but the cost of investing money was higher at over 7 per cent on average making this a leaky bucket. Given the size of the debt for the telco sectors, that is a worrying trend.
Looking at averages can be misleading, but there are surely some telcos out there that are earning at a lower rate than they are borrowing money. In other words, far from being the goldmines of the late 1990s, today telecoms is a much more uncertain investment.
Dario Betti is CEO of MEF (Mobile Ecosystem Forum) a global trade body established in 2000 and headquartered in the UK with members across the world. As the voice of the mobile ecosystem, it focuses on cross-industry best practices, anti-fraud and monetisation. The Forum, which celebrates its 25th anniversary in 2025, provides its members with global and cross-sector platforms for networking, collaboration and advancing industry solutions.
UAE Cybersecurity Council and the Securities and Commodities Authority to craft strong regulatory and technical standards.
The UAE is making bold moves to reinforce its leadership in cybersecurity and secure digital finance.
The UAE Cybersecurity Council and the Securities and Commodities Authority (SCA) initiated a strategic partnership focused on fortifying the cybersecurity foundations of the nation’s capital markets. This aligns tightly with the UAE’s vision for a safe, innovative, and globally competitive digital economy under its “We the UAE 2031” strategy.
The new alliance is designed to set world-class security standards for the financial sector. By revamping regulatory frameworks and enhancing cyber protections, the initiative aims to solidify investor confidence and attract top-tier global digital asset firms, including virtual asset service providers.
The ultimate goal is to make the UAE a beacon for digital financial innovation and inclusion throughout the region.
Waleed Saeed Al Awadhi, CEO of the SCA, has been a vocal advocate for this vision. He underscores that the SCA’s partnership with the Cybersecurity Council springs from a core dedication to nurturing a robust and sustainable digital transformation across all financial market activities.
“Crafting strong regulatory and technical standards has been a recurring theme in his leadership, as these measures remain critical for countering cyber risks and building lasting trust in digital transactions.”
Enhancing investor confidence
On the cybersecurity front, Dr. Mohamed Al Kuwaiti, Head of Cybersecurity for the UAE Government, sees this partnership as pivotal for broadening the country’s cyber resilience.
He highlights that in the financial sector, where trust and credibility are non-negotiable, bolstering cybersecurity enhances investor confidence and lays the groundwork for a vibrant, safe digital economy.
Of course, the urgency of these efforts is underscored by an increasingly hostile threat landscape. Threat actors—including sophisticated Advanced Persistent Threat (APT) groups—are evolving in both their motives and their methods, making it imperative for financial institutions to boost early threat detection and proactive cyber monitoring.
The SCA, in line with the directives of the UAE’s wise leadership, is determined to remain a regulatory pacesetter, both regionally and on the global stage.
