money

The Dodgers won the World Series last year, and the year before that. Their lead is the largest in any division this year. That success, and the money that nourishes it, has battalions of fans beyond Los Angeles all but marching outside ballparks with picket signs reading “SALARY CAP NOW.”

It’s a reasonable thought: The Dodgers can’t possibly keep winning if they can’t keep outspending the competition.

Or can they?

“There are a lot of little things that happen behind the scenes that people don’t see,” pitcher Will Klein said. “I understand where people are coming from. It’s easy to be a fan of a smaller team and get mad at other teams outspending you.

“But I think there’s a level of care here, and wanting to win, that exceeds other groups.”

The obvious disclaimer: Any team would be better with Shohei Ohtani and Freddie Freeman and Mookie Betts and Yoshinobu Yamamoto, at a combined price of $1.6 billion. The counter argument: The Angels had Ohtani and Mike Trout and, well, you know.

It takes a roster. In Klein and pitcher Eric Lauer, the Dodgers have done something they do well besides spend: develop valuable contributors out of players discarded by other teams.

The Dodgers grabbed Lauer last month, desperate to fill a hole in their starting rotation. The Toronto Blue Jays had cut him, and he would be joining his seventh major league organization. The logical thought: The Dodgers had found a healthy arm to eat up some innings until they could find someone better.

That still might happen. But Lauer, who is set to pitch Monday, has put up a 3.22 earned-run average in four starts with the Dodgers. Four starts is a small sample size, but in that time, Lauer is a career league-average pitcher performing 28% above league average.

“They got me immediately,” Lauer said. “They figured me out right away, and they knew exactly what was going to help me.”

For Lauer, the changes affected his delivery, but the specifics were not as important as finding a kindred spirit in Connor McGuiness, the Dodgers’ assistant pitching coach.

“I’ve always had a really hard time explaining myself and what I do, because I think a little differently,” Lauer said.

“When I was with the Brewers, it was running joke that it was ‘the language of Lauer,’ because I would describe things so differently and feel things so differently that, if you weren’t close to me and you didn’t know how I operate, it was very hard to understand what I was trying to do.

“Connor just immediately got it. It was like he’s been speaking it forever.”

At one point in his career, Lauer said, he struggled to explain the sensation of catching his heel on the mound as he completed his delivery toward home plate.

“I would describe it as, ‘I was falling backwards and I would catch myself,’ and it’s a really weird concept to think somebody was falling backwards when it doesn’t look like you’re falling at all,” he said. “It looks like you’re just moving forward.

“So they were like, ‘That’s not what you’re doing’ and I was like, ‘That’s what I’m feeling.’ We have to make the connection between the feel and the real so that we can understand each other.”

Klein, who joined his fourth organization when the Dodgers acquired him in a minor league trade last June, is in his first full major league season. He has a 2.37 ERA, and his 0.7 wins above replacement is better than any Dodgers reliever besides veteran closer Tanner Scott.

Klein said other teams had made suggestions on how to improve his game, and with the Dodgers, he has added a sweeper and dumped a slider. But what he needed to do most was throw more strikes, trusting that his lively fastball and curve were good enough to beat the best players in the world.

In the minors, Klein issued 6.9 walks per nine innings. This season, he has issued 3.6 walks per nine innings.

The credit, he said, should be shared with the Dodgers’ mental skills coaches.

“It’s easy to see the guys in the batter’s box — especially when you come up watching baseball and being fans of these guys, it’s easy to see them being above yourself,” Klein said.

“But you’re on the mound with them, so you have to see that too. There’s a lot on the mental side that’s helped me here.”

Dodgers pitcher Will Klein delivers against the Tampa Bay Rays at Dodger Stadium on June 16.

(Eric Thayer / Los Angeles Times)

The Dodgers did not include Klein on their postseason roster for the first three rounds last year, but he said coaches at all levels — in the majors, at triple-A and at the Arizona training complex — never stopped checking in on him, during the season and throughout October.

“When you’re down there, they don’t forget about you up here,” he said. “That kind of commitment and care was levels above what I had experienced.”

When the Dodgers added him to the World Series roster, Klein saved the season, with four scoreless innings to close out an 18-inning victory in Game 3.

Lauer called the communication in the Dodgers’ organization “miles ahead” of any other organization in which he has played.

“The training room, the weight room, the coaching staff, the players to each other,” he said. “Every form of communication is so seamless. Everybody knows what’s going on all the time. There’s no gray area.

“It’s all: ‘This is the plan, this is what we want to happen, this is how we’re going to make it happen,’ instead of: ‘This is the plan, this is what we want to happen, figure out a way to make it happen.’”

Klein raved about how the Dodgers treat player families, and about a high-tech pitching machine so lifelike that he could see what it would be like to bat against him. Lauer reflected on his experience as a first-round pick turned journeyman who went to South Korea to revive his career.

“I have a hard time saying anybody has done a better or faster job of helping me than the Dodgers,” Lauer said.

What Lauer and Klein say substantially echoes what Dodgers president of baseball operations Andrew Friedman said at last year’s World Series about turning the team into a preferred destination for players, and not just because the team wins and spends.

“Communication, being honest, having a really strong player development group in place at the major-league level, and how you treat families and treat the players,” Friedman said then, “I think matters a lot in that.”

To be clear: There is no indication the players’ union is willing to consider, let alone approve, a salary cap.

But, if that were to happen, Klein believes the Dodgers would be just fine.

“Our owners want to win, so they want to get the best product on the field, so they go and spend money,” he said, “and then everyone is mad that they want to win.

“I think they’ll find ways to win more if they can’t spend as much money. Friedman was with the Rays when they weren’t spending as much money and still had success there.

“I think they’re just better at wanting to win than some other people.”

Published on
25/06/2026 – 11:59 GMT+2

Ferrari has announced that Enrico Galliera, its chief marketing and commercial officer of more than 16 years, will step down, handing one of the most sensitive jobs in the luxury car world to an outsider.

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His successor, Massimiliano Di Silvestre, the former head of BMW’s Italian business, takes over on 1 July and will report directly to CEO Benedetto Vigna.

Galliera’s exit comes barely a month after Ferrari pulled the covers off the Luce, its first fully electric model, which received a reception few at the company were happy about.

The car, whose edgeless styling was developed with LoveFrom, the design studio founded by former Apple design chief Jony Ive, broke sharply from Ferrari’s traditional look and drew swift ridicule from enthusiasts and investors alike.

The backlash was unusually public for a brand accustomed to adoration.

Ferrari’s shares fell more than 8% in a single session after the reveal, a sharp market verdict on one of the industry’s most valuable names.

Critics lined up to attack the design, among them the company’s own former chairman, Luca Cordero di Montezemolo, who warned that the brand was risking the destruction of a legend and went so far as to suggest the famous badge be removed from the car.

Italy’s deputy prime minister, Matteo Salvini, joined in, questioning the four-door model’s price, which starts at €550,000.

However, Ferrari has firmly rejected any link between the criticism and Galliera’s departure.

According to the company, he had decided to move on some time ago and agreed to remain in place through the Luce launch before pursuing what it described as a new chapter in his career.

Vigna praised his contribution and framed the change as part of the brand’s evolution rather than a reaction to it.

An outsider for an uncertain road

Whatever the motivation, the choice of replacement is telling.

Di Silvestre brings more than two decades of experience in the premium car market, having steered BMW Italy since 2019, and represents a rare move by Ferrari to recruit its commercial chief from a rival rather than promote from within.

He inherits the task of selling an electric Ferrari to a clientele that pays a heavy premium for exclusivity, at a moment when demand for high-performance EVs has cooled.

Ferrari maintains that interest in the Luce remains strong, though investors will not get a clearer picture until the company reports its second-quarter results on 30 July.

He’s no longer a cute little kid.

He’s a $185-million man.

He’s no longer a quintessential underdog routinely pardoned for his bad defense, his questionable durability and his tendency to tighten up in the playoffs.

He’s a big dog who needs to own it.

Austin Reaves, the most beloved Laker, became the most scrutinized Laker on Wednesday with the news that he agreed to a maximum four-year, $185-million contract to remain with the team.

Kudos to him for becoming the highest-paid undrafted player in league history.

Props to him for declining a rich extension offer last summer to play out the season and bet on himself.

Congrats to the Lakers for turning a homegrown talent into a budding superstar.

Seriously, it makes you just want to hug that unkempt, headband-wearing dude and let him know how his everyman story resonates with the masses.

Except that story is finished. That book has been closed. A new volume has begun.

It’s called, “Is Austin Reaves Worth It?”

Thus far, the answer has been no.

Flash back to May, the opener of the Western Conference semifinals against the Oklahoma City Thunder, a week after he had returned to the court following a monthlong absence with an oblique injury.

Lakers guard Austin Reaves chases after a loose ball ahead of Rockets guard Amen Thompson during Game 5 of their playoff series in May.

(Robert Gauthier / Los Angeles Times)

The Lakers needed Reaves to set the tone. He instead laid an egg, shooting three for 16 from the field and zero for five from beyond the arc, his body knocked clear to Tulsa by a physical Thunder defense.

Two games later, same thing, he shoots five for 13 and one for five from deep, allowing the Thunder to pound him to a pulp.

With Luka Doncic out and LeBron James exhausted, the Lakers desperately needed Reaves to pick up the slack. He dropped it, again and again, and the Lakers were swept.

It was the same thing in the spring of 2025, when Reaves crumbled in the first-round series-clinching loss to the Minnesota Timberwolves, shooting five for 14 and two for 10 in a performance that was, as usual, generally overlooked because he tried so hard and accepted his shortcomings so honestly.

That’s not going to work anymore. That’s not going to be enough anymore.

With this new deal, Reaves becomes the Lakers’ second cornerstone along with Doncic. They are now officially a one-two punch. They are now a twin-engine scoring machine that can rival any similar duo in the NBA.

Guards Austin Reaves and Luka Doncic are the new one-two punch of the near future for the Lakers.

(Gina Ferazzi / Los Angeles Times)

Doncic has lived up to his end of the bargain. Will Reaves?

And what about defense? For $185 million, you’d think you could get some defense. Doncic needs his running mate to compensate for his questionable defensive skills, and Reaves has yet to do that.

Simply by earning his way onto the Lakers roster five years ago, Reaves has been a great role model for everyone who has ever been ignored or shunned or marginalized. But did the Lakers fall in love with his legend and ignore his frailties?

Yes, he averaged 23 points per game last season. But he only played in a career-low 51 games because of calf and oblique injuries, and will he add the muscle required to fend off such problems in the future?

Yes, he has been a great interview while admirably and publicly holding himself and his teammates accountable. But he’s always been able to lead from the shadows. How will he react when 185 million microphones are pointed at him?

In a postgame interview after the Lakers’ final loss against Oklahoma City this spring, Reaves was at his aw-shucks best.

“I take life day by day and I’m just blessed to have an opportunity to play for this organization, play a kid’s game,” he said, “I make good money. But like I said, I don’t think about what I’m really going to do in the future, just day by day.”

Lakers guard Austin Reaves consults with coach JJ Redick during a break in the action during Game 3 of the series against the Oklahoma City Thunder in May.

(Robert Gauthier / Los Angeles Times)

That tone has to change. He now has to think about the future because he is the future, of this team, of this organization, of the hopes of this city.

With all of Reaves’ shortcomings, one can almost see the unsentimental Dodgers officials looking at Wednesday’s news and saying, “Wait, they did what?”

But in the end, the Lakers didn’t really have a choice. There wasn’t a free agent available who could match Reaves’ prolific shooting, and nobody who could match the Laker-centric story of his personal journey.

Renowned softie Rob Pelinka, who should count Reaves as one of his greatest successes, was so moved by the opportunity to bring him back that he mentioned the Lakers colors when answering a question about him.

“He started his journey here as a Laker and has made it very clear to us that he wants his journey to continue as a Laker,” Pelinka said during exit interviews this spring. “We want his odyssey to continue to unfold in the purple and gold.”

And so it will, for at least several more years, Reaves now occupying a Lakers leading sidekick role made famous during their championship years by the likes of Anthony Davis and Pau Gasol.

How sweet. How scary.

Published on
25/06/2026 – 10:43 GMT+2

Micron, one of only a handful of companies able to make advanced memory chips at scale, said on Wednesday that revenue in the third quarter reached $41.4 billion (€36.5bn), more than four times the $9.3 billion (€8.2bn) it recorded in the same period last year.

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The figure also comfortably beat the roughly $35.7 billion (€31.4bn) analysts had forecast, while profit climbed even more dramatically.

The Idaho-based group posted net income of $28.24 billion (€24.9bn), or $24.67 per share, against less than $2 billion (€1.7bn) a year ago. Adjusted earnings of $25.11 a share sailed past the $20.49 expected.

The market reaction to the impressive results was immediate.

Micron shares rose more than 15% in after-hours trading to around $1,213, leaving the company valued at roughly $1.16 trillion (€1tn).

The stock has now climbed about 700% over the past year, one of the most dramatic re-ratings of any large company through the AI boom, reflecting a fundamental shift in the economics of the AI build-out.

The vast data centres being constructed by hyperscalers such as Amazon, Microsoft, Google and Meta, which have collectively earmarked hundreds of billions of dollars in capital spending this year, depend on enormous quantities of high-bandwidth memory, a specialised chip that sits alongside the processors made by Nvidia and others.

Micron has said its entire 2026 output of these chips is already sold out under fixed-price contracts.

According to CEO Sanjay Mehrotra, the results reflect what he called the strategic value of memory in the AI era.

The company pointed to a series of multi-year customer agreements that it expects to make earnings more durable and predictable, a notable claim in an industry long defined by brutal boom-and-bust cycles.

Margins to rival the biggest names

What has startled analysts most is Micron’s profitability.

The company reported a gross margin of around 85% for the quarter, a level that now rivals or exceeds those of far larger technology names such as Nvidia and Meta, an extraordinary position for a memory maker historically squeezed by volatile chip prices.

The tightness of supply, with new factories not expected to add meaningful output until 2028, has handed producers exceptional pricing power.

Micron’s guidance was more striking still.

The company expects revenue of around $50 billion (€44bn) in the current quarter and adjusted earnings of roughly $31 a share, implying the boom is accelerating rather than fading. It is ramping up investment to match, lifting planned capital spending to about $27 billion (€23.7bn) this fiscal year and signalling a further jump in 2027, management told analysts during the earnings call.

The results offer reassurance to investors betting that AI infrastructure spending remains robust, with Micron’s order book serving as a real-time gauge of that demand.

The open question, as ever in the memory industry, is how long the upswing can last before supply catches up. Even the most bullish observers acknowledge that risk has not completely disappeared.

Published on
24/06/2026 – 14:16 GMT+2

Meta CEO Mark Zuckerberg has given the green light to develop a prediction market app, according to the New York Times, as Meta moves to capitalise on one of the fastest-growing sectors in tech and finance.

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The app is currently being referred to as Arena internally and would let users earn points for correctly predicting the outcomes of events such as sports results, political developments and stock market moves but without any real money changing hands, at least initially.

It would operate independently of Meta’s existing social platforms, though those could funnel users towards it, according to the reporting.

What is a prediction market?

A prediction market is essentially a financial exchange where people buy and sell contracts or bets tied to the outcome of real-world events.

Each contract is a simple yes-or-no question, such as whether a certain candidate will win an election, a team will come out first in a championship or if a major political figure will pass by a certain date.

On Polymarket and Kalshi, the two most popular prediction market platforms, users buy contracts that pay out $1 if they are right and nothing if they are wrong.

As more people trade those contracts, the price reflects the market’s probability of the event occurring. If a bet is worth 40 cents, there’s a 40% chance of it happening, according to the people who have placed bets.

Fans of prediction markets argue the mechanism produces more accurate forecasts than polls or political analysts because participants have real money on the line.

Polymarket and Kalshi

The two dominant platforms in the space are Polymarket and Kalshi, which together generated around 85–90% of the roughly $44 billion (€40bn) in total trading volume recorded in 2025.

Polymarket, founded in 2020 by New York University dropout Shayne Coplan, operates globally on the blockchain. In October 2025, the New York Stock Exchange’s parent company invested $2 billion (€1.8bn) in the platform, in a major sign that Wall Street was taking the sector seriously.

Kalshi, founded in 2018 by two MIT graduates, spent years winning regulatory approval before launching as the first prediction market sanctioned by the US Commodity Futures Trading Commission (CFTC).

The turning point came in October 2024, when a US court ruled Kalshi could legally offer election contracts 32 days before the presidential election. Monthly trading volume has since surged from less than $5 billion (€4.6bn) in September 2025 to around $24 billion (€21.8bn) in April 2026, overtaking the roughly $14 billion (€12.7bn) wagered monthly through legal or traditional US sportsbooks.

Donald Trump Jr. becoming an investor in Polymarket and a paid adviser to Kalshi, while federal regulators adopted a more permissive stance, also helped fuel the boom.

The risks

The boom has not come without controversy and legal cases have mounted, with a former special forces soldier getting arrested over allegations he used insider knowledge of a US operation to capture Venezuelan president Nicolás Maduro to place a winning trade on Polymarket worth around $400,000 (€365,000).

Some US states have begun suing the platforms, arguing they are running illegal gambling operations without proper licences. The Trump administration has responded by suing the states that have moved to ban prediction markets, creating a messy legal standoff between federal and state authority.

A New York Times review found that Polymarket published hundreds of false and misleading social media posts, while Politico uncovered a campaign to pay influencers to praise the platform’s supposed accuracy.

Whether Meta’s gamified, cashless version of the concept can avoid those pitfalls or will simply serve as a gateway to them remains unclear.