tech

Seoul shares surged more than 2 percent Tuesday to close at a fresh record high above the 5,900-point mark, driven by strong gains in technology shares. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 123.55 points, or 2.11 percent, to finish at an all-time high of 5,969.64.

The index has extended its upward momentum in recent weeks, surpassing the 5,000-point mark for the first time on Jan. 27 and crossing 5,500 on Feb. 12. It moved above 5,800 on Friday.

Trading volume was heavy at 1.58 billion shares worth 30.73 trillion won (US$21.3 billion), with decliners outnumbering gainers 465 to 407.

Institutions bought a net 2.37 trillion won worth of stocks, offsetting net sales of 199.16 billion won by foreign investors and 2.28 trillion won by retail investors.

The rally came despite overnight losses on Wall Street.

The Dow Jones Industrial Average fell 1.66 percent, and the tech-heavy Nasdaq Composite declined 1.13 percent.

In Seoul, investors scooped up major chip stocks ahead of an earnings report from U.S. chipmaker Nvidia later this week, while remaining cautious over U.S. President Donald Trump‘s push to impose new tariffs after the Supreme Court struck down his original sweeping duties, analysts said.

Trump signed an executive order Friday (U.S. time) authorizing new 10 percent global tariffs that took effect Tuesday. He has also threatened to raise the rate to 15 percent, though no formal order has been issued.

“Even if the global tariffs are raised to 15 percent, there will be no major impact on the local stock market because current U.S. tariffs on Korean imports already stand at 15 percent,” an analyst at IBK Securities Co. said.

Technology and automobile stocks led the gains.

Market bellwether Samsung Electronics jumped 3.63 percent to 200,000 won, while chip giant SK hynix surged 5.68 percent to a record high of 1,005,000 won.

Top automaker Hyundai Motor rose 0.19 percent to 524,000 won, and leading battery maker LG Energy Solution gained 4.17 percent to 412,500 won.

Among decliners, shipbuilder Hanwha Ocean fell 2.79 percent to 143,100 won, and Lotte Shopping declined 1.67 percent to 111,700 won.

The Korean won was quoted at 1,442.50 won against the U.S. dollar at 3:30 p.m., down 2.5 won from the previous session.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 0.4 basis point to 3.158 percent, and the return on the benchmark five-year government bonds also climbed 0.5 basis point to 3.410 percent.

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Last year, the U.S. government was able to reverse engineer a critical subcomponent for the 30,000-pound GBU-57/B Massive Ordnance Penetrator (MOP) bunker buster bomb. Leveraging technology from the Army Tactical Missile System (ATACMS) short-range ballistic missile saved years of work that would have otherwise been necessary to “eliminate obsolescence issues and meet operational demands.” The reverse-engineering effort also highlights the impacts of being locked into a single vendor, and underscores why the Pentagon is now pushing to make changes to, if not end this practice.

Details about the reverse-engineered component and other aspects of the MOP program were contained in a recent U.S. Air Force contracting announcement regarding efforts to replenish stocks of those bombs following Operation Midnight Hammer. During that operation, B-2 Spirit stealth bombers dropped 14 GBU-57/Bs on Iranian nuclear facilities. The Air Force Life Cycle Management Center (AFLCMC) had to produce a detailed justification for awarding a sole-source contract to Boeing for the production of new MOPs and the sustainment of the existing inventory. Boeing is the bomb’s current prime contractor. A redacted copy of that document is available online.

“The Government has a follow-on need for additional production of [redacted] MOP Tail Kits with projected delivery starting 10 January 2028 to replace expended units and reach the United States Air Force’s [redacted],” the so-called Justification & Approval (J&A) document explains. “The Government has a need for replenishment production of GBU-57 MOP weapon system components.”

It is unclear what the total size of the GBU-57/B inventory was before or after Operation Midnight Hammer. As of 2015, prime contractor Boeing had delivered at least 20 of the bombs, according to the Air Force. However, additional orders have been reported over the years. In 2024, a story from Bloomberg had also said that a facility in Oklahoma was being expanded to help triple or even quadruple the annual output of these bombs.

The MOP’s tail kit, also designated KMU-612/B, contains the bomb’s GPS-assisted inertial navigation system (INS) guidance package and other systems. It is combined with a BLU-127/B penetrating “warhead” and other components, including advanced fuzes designed to help produce the maximum destructive effect on a target after burrowing deep down into the ground, to create a complete GBU-57/B bomb, or all-up-round (AUR).

GBU-57 MOP test

“In August of 2025, the Government successfully reverse engineered a critical subcomponent of the MOP weapon system saving 4-years of design work and enabling the utilization of existing Army ATACMS technology to eliminate obsolescence issues and meet operational demands,” according to the J&A document. “However, the time to reverse engineer all MOP components would result in unacceptable delays in meeting mission requirements.”

The MOP J&A does not elaborate on the ATACMS technology in question, or what company or companies may now be in line to produce the resulting subcomponent for the bombs. Lockheed Martin is the current prime contractor for ATACMS, a family of short-range ballistic missiles that you can read more about here. It should also be noted that the U.S. military’s reverse-engineering parts of key weapon systems is not entirely uncommon, especially if the original source of the components in question has gone out of business or otherwise no longer exists.

The J&A document says it would take an estimated 60 months, or five years, to create an entirely new MOP tail kit design and then go through the required processes to certify it for operational use. It also explains why the KMU-612/B tail kit, specifically, is so central to the need to award a new sole-source contract to Boeing.

“With regards to IP [intellectual property] rights, The [Redacted] Company is the Original Equipment Manufacturer (OEM) of the MOP weapon system and retains ownership of the intellectual property data associated with the munition’s tail kit,” it explains. “In particular, [redacted] owns the technical data package and manufacturing process methodologies of the tailkit unit entirely. [Redacted] has uniquely acquired expertise over a period of ~18 years of adapting this specialized weapon to meet evolving mission needs as MOP transitioned from proof-of-concept to full operational capability. This expertise pertains, but is not limited to, knowledge of the guidance algorithms, navigation systems, hardware components, specialized test equipment, and software critical to producing and sustaining the MOP weapon system.”

“The other components and sub-components, as noted above, have been proprietary to [redacted] from the inception of this weapon system. The USG [U.S. government] does not own or control, via license or by other IP rights, any computer software, methodologies, or technical drawings,” the document adds. “[Redacted] was queried in August 2025 as to the potential of selling IP rights to the USG for the MOP weapon system and the USG was denied.”

That being said, “over the course of the ~18 years of MOP development to the AURs acquired today the USG has, at certain junctures, been able to separate from the sole-source environment for this weapon with Boeing,” the J&A notes. “The USG was able to break away the Warhead Cases for the MOP under a weapon design agent effort, thereby giving the USG complete IP control over the Warhead TDP. Based on the IP ownership of this TDP the USG awards contracts competitively.”

The prospect now of new U.S. strikes against targets in Iran, including deeply buried nuclear sites and other facilities, highlights the continued importance of the depth and readiness of the GBU-57/B inventory. There is clear evidence that Iranian authorities have taken new steps to try to shield key elements of the country’s nuclear program from future attacks, either from the air or on the ground. MOP has been and continues to be the only conventional munition capable of prosecuting many of these targets, and was specifically designed from the outset with sites in Iran top of mind. A conflict with Iran is not the only scenario where the bombs would be relevant. North Korea and China, among others, have also invested heavily in underground and other hardened facilities.

The huge bunker busters are otherwise the definition of high-value, low-density munitions. At present, they can only be employed operationally by B-2 bombers. Each B-2 can also only carry two of the bombs at once. MOP is expected to be an important part of the arsenal of the future B-21 Raider, which is smaller than the B-2 and is expected to be able to carry a single one of these bunker busters.

The details in the MOP J&A document also underscore broader issues surrounding IP rights and ‘vendor lock’ in the U.S. defense contracting space that have increasingly been coming to the forefront in recent years. Competition inherently creates opportunities to lower costs and diversify supply chains. A broader supplier base also offers benefits when it comes to scaling up production of key subcomponents and complete systems.

The continued extent of Lockheed Martin’s control over the F-35 Joint Strike Fighter program is perhaps the most widely known example of the negative impacts of vendor lock. U.S. officials have been outspoken about the maintenance and sustenance challenges this has created, especially when it comes to the timely sourcing of spare parts, and the operational risks this creates. TWZ previously explored the particular issues surrounding the F-35 in an in-depth feature.

Foreign F-35 operators, especially in Europe, are now also facing regular questions about what could happen to the jets if the U.S. were to cut off access to various sustainment pipelines in light of new diplomatic strains with Washington. Just this past weekend, Dutch State Secretary for Defense Gijs Tuinman caused a stir when he asserted it would be possible to “jailbreak an F-35 just like an iPhone” if necessary, as you can read more about here.

In recent years, successive U.S. administrations have made securing greater IP rights and ensuring opportunities for competition key elements in negotiating new defense contractors. As an example, the Air Force previously made clear that avoiding the F-35 program’s vendor lock was a top priority for the acquisition of the F-47 sixth-generation stealth fighter. President Donald Trump’s administration is now pursuing a host of new contracting reforms, in part to further break up the locks that private companies have on programs like the Joint Strike Fighter.

“We will enable third-party integration without prime contractor bottlenecks. Success will be measured by the ability of qualified vendors to independently develop, test and integrate replaceable — excuse me, replacement modules at the component level throughout the system life cycle,” War Secretary Pete Hegseth said in a speech last November. “There’s no more complacency and no more monopolies.”

At that time, Hegseth had also acknowledged Byzantine processes and other contracting hurdles that the U.S. military had created for itself over the years.

How “the sole-source environment” surrounding the GBU-57/B continues to evolve now remains to be seen. A successor to that bomb, called the Next Generation Penetrator (NGP), is also now in development, and Boeing is involved in that effort, too. The Pentagon’s experiences with MOP, together with the new contracting reform push, are likely to inform how the replacement weapons are acquired.

In the meantime, U.S. authorities continue to try to free elements of the MOP program from vendor lock, including now by repurposing technology originally designed for the ATACMS short-range ballistic missile.

Contact the author: joe@twz.com

French President Macron and Brazilian leader Lula expected to attend summit aimed to outline global AI governance and collaboration.

India is hosting an artificial intelligence summit this week, bringing together heads of state and tech executives with hot-button issues on the agenda, including job disruption and child safety.

Prime Minister Narendra Modi will on Monday afternoon inaugurate the five-day AI Impact Summit in New Delhi, which aims to declare a “shared roadmap for global AI governance and collaboration”.

“This occasion is further proof that our country is progressing rapidly in the field of science and technology,” and it “shows the capability of our country’s youth”, he said in an X post on Monday.

Touted as the biggest edition yet, the Indian government is expecting 250,000 visitors from across the sector, including 20 national leaders and 45 ministerial-level delegations.

It comes at a pivotal moment as AI rapidly transforms economies, reshapes labour markets and raises questions around regulations, security and ethics.

From generative AI tools that can produce text and images to advanced systems used in defence, healthcare and climate modelling, AI has become a central focus for governments and corporations across the world.

The summit, previously held in France, the United Kingdom and South Korea, has evolved far beyond its modest beginnings as a meeting tightly focused on the safety of cutting-edge AI systems into an all-purpose jamboree trade fair in which safety is just one aspect.

‘AI should be used for shaping humanity’

India – the world’s most populous nation and one of the fastest-growing digital markets – sees the summit as an opportunity to project itself as a bridge between advanced economies and the Global South.

Officials said the country’s experience in building large-scale digital public infrastructure, including digital identity and payment platforms, offers a model for deploying AI at scale while keeping costs low.

“The goal is clear: AI should be used for shaping humanity, inclusive growth and a sustainable future,” India’s Minister for Electronics and Information Technology Ashwini Vaishnaw said.

French President Emmanuel Macron and Brazilian President Luiz Inacio Lula da Silva are among the world leaders who are attending the summit.

Google Chief Executive Sundar Pichai, Qualcomm CEO Cristiano Amon, OpenAI CEO Sam Altman, Microsoft President Brad Smith and AMI Labs Executive Chairman Yann LeCun are also expected to attend.

New Delhi declaration

The summit has the loose themes of “people, progress, planet” – dubbed the “three sutras”.

Like previous editions, the India AI Impact Summit is not expected to result in a joint binding political agreement. It is more likely that the event could end with a nonbinding pledge or declaration on goals for AI development.

Last year’s edition, the Paris AI Action Summit, was dominated by United States Vice President JD Vance’s speech in which he rebuked European efforts to curb AI’s risks by warning global leaders and tech industry executives against “excessive regulation” that could hobble the rapidly growing AI industry.

AI summits have evolved since the first meeting in November 2023, barely a year after the launch of ChatGPT, which stoked excitement and fear about the capabilities of generative artificial intelligence.

That meeting at a former code-breaking base north of London was attended only by official delegations from 28 countries and the European Union, along with a small number of AI executives and researchers, and was focused on keeping AI safe and reining in its potentially catastrophic risks.

Seth Hays, author of the Asia AI Policy Monitor newsletter, said talk at the summit would likely centre around “ensuring that governments put up some guardrails, but don’t throttle AI development”.

“There may be some announcements for more state investment in AI, but it may not move the needle much, as India needs partnerships to integrate on the international scene for AI,” Hays told the AFP news agency.

Some of the biggest names behind the artificial intelligence boom are looking to stack Congress with allies who support lighter regulation of the emerging technology by drawing on the crypto industry’s 2024 election success.

Marc Andreessen, Ben Horowitz and OpenAI co-founder Greg Brockman are among tech leaders who’ve poured $50 million into a new super political action committee to help AI-friendly candidates prevail in November’s congressional races. Known as Leading the Future, the super PAC has taken center stage as voters grow increasingly concerned that AI risks driving up energy costs and taking away jobs.

As it launches operations, Leading the Future is deploying a strategy that worked two years ago for crypto advocates: talk about what’s likely to resonate with voters, not the industry or its interests and controversies. For AI, that means its ads won’t tout the technology but instead discuss core issues including economic opportunity and immigration — even if that means not mentioning AI at all.

“They’re trying to be helpful in a campaign rather than talking about their own issue all the time,” said Craig Murphy, a Republican political consultant in Texas, where Leading the Future has backed Chris Gober, an ally of President Trump, in the state’s hotly contested 10th congressional district.

This year, the group plans to spend up to $125 million on candidates who favor a single, national approach to AI regulation, regardless of party affiliation. The election comes at a crucial moment for the industry as it invests hundreds of billions of dollars in AI infrastructure that will put fresh strains on resources, with new data centers already blamed for driving up utility bills.

Leading the Future faces a growing challenge from AI safety advocates, who’ve started their own super PAC called Public First with a goal of raising $50 million for candidates who favor stricter oversight. On Thursday, Public First landed a $20-million pledge from Anthropic PBC, a rival to OpenAI that has set itself apart from other AI companies by supporting tougher rules.

Polls show deepening public concern over AI’s impact on everything from jobs to education to the environment. Sixty-two percent of US adults say they interact with AI at least several times a week, and 58% are concerned the government will not go far enough in regulating it, according to the Pew Research Center.

Jesse Hunt, a Leading the Future spokesman, said the group is “committed to supporting policymakers who want a smart national regulatory framework for AI,” one that boosts US employment while winning the race against China. Hunt said the super PAC backs ways to protect consumers “without ceding America’s technological future to extreme ideological gatekeepers.”

The political and economic stakes are enormous for OpenAI and others behind Leading the Future, including venture capitalists Andreessen and Horowitz. Their firm, a16z, is the richest in Silicon Valley with billions of dollars invested in AI upstarts including coding startup Cursor and AI leaderboard platform LM Arena.

For now, their super PAC is doing most of the talking for the AI industry in the midterm races. Meta Platforms Inc. has announced plans for AI-related political spending on state-level contests, with $20 million for its California-based super PAC and $45 million for its American Technology Excellence Project, according to Politico.

Other companies with massive AI investment plans — Amazon.com Inc., Alphabet Inc. and Microsoft Corp. — have their own corporate PACs to dole out bipartisan federal campaign donations. Nvidia Corp., the chip giant driving AI policy in Washington, doesn’t have its own PAC.

Bipartisan push

To ensure consistent messaging across party lines, Leading the Future has created two affiliated super PACs — one spending on Republicans and another on Democrats. The aim is to build a bipartisan coalition that can be effective in Washington regardless of which party is in power.

Texas, home of OpenAI’s massive Stargate project, is one of the states where Leading the Future has already jumped in. Its Republican arm, American Mission, has spent nearly $750,000 on ads touting Gober, a political lawyer who’s previously worked for Elon Musk’s super PAC and is in a crowded GOP primary field for an open House seat.

The ads hail Gober as a “MAGA warrior” who “will fight for Texas families, lowering everyday costs.” Gober’s campaign website lists “ensuring America’s AI dominance” as one of his top campaign priorities. Gober’s campaign didn’t respond to requests for comment.

In New York, Leading the Future’s Democratic arm, Think Big, has spent $1.1 million on television ads and messages attacking Alex Bores, a New York state assemblyman who has called for tougher AI safety protocols and is now running for an open congressional seat encompassing much of central Manhattan.

The ads seize on Democrats’ revulsion over Trump’s immigration crackdown and target Bores for his work at Palantir Technologies Inc., which contracts with Immigration and Customs Enforcement. Think Big has circulated mailings and text messages citing Bores’ work with Palantir, urging voters to “Reject Bores’ hypocrisy on ICE.”

In an interview, Bores called the claims in the ads false, explaining that he left Palantir because of its work with ICE. He pointed out the irony that Joe Lonsdale, a Palantir co-founder who’s backed the administration’s border crackdown, is a donor to Leading the Future.

“They’re not being ideologically consistent,” Bores said. “The fact that they have been so transparent and said, ‘Hey, we’re the AI industry and Alex Bores will regulate AI and that scares us,’ has been nothing but a benefit so far.”

Leading the Future’s Democratic arm also plans to spend seven figures to support Democrats in two Illinois congressional races: former Illinois Representatives Jesse Jackson Jr. and Melissa Bean.

Following crypto’s path

Leading the Future is following the path carved by Fairshake, a pro-cryptocurrency super PAC that joined affiliates in putting $133 million into congressional races in 2024. Fairshake made an early mark by spending $10 million to attack progressive Katie Porter in the California Democratic Senate primary, helping knock her out of the race in favor of Adam Schiff, the eventual winner who’s seen as more friendly to digital currency.

The group also backed successful primary challengers against House incumbents, including Democrats Cori Bush in Missouri and Jamaal Bowman in New York. Both were rated among the harshest critics of digital assets by the Stand With Crypto Alliance, an industry group.

In its highest-profile 2024 win, Fairshake spent $40 million to help Republican Bernie Moreno defeat incumbent Democratic Senator Sherrod Brown, a crypto skeptic who led the Senate Banking Committee. Overall, it backed winners in 52 of the 61 races where it spent at least $100,000, including victories in three Senate and nine House battlegrounds.

Fairshake and Leading the Future share more than a strategy. Josh Vlasto, one of Leading the Future’s political strategists, does communications work for Fairshake. Andreessen and Horowitz are also among Fairshake’s biggest donors, combining to give $23.8 million last year.

But Leading the Future occasionally conflicts with Fairshake’s past spending. The AI group said Wednesday it plans to spend half a million dollars on an ad campaign for Laurie Buckhout, a former Pentagon official who’s seeking a congressional seat in North Carolina with calls to slash rules “strangling American innovation.” In 2024, during Buckhout’s unsuccessful run for the post, Fairshake spent $2.3 million supporting her opponent and eventual winner, Democratic Rep. Donald Davis.

Regulation proponents

“The fact that they tried to replay the crypto battle means that we have to engage,” said Brad Carson, a former Democratic congressman from Texas who helped launch Public First. “I’d say Leading the Future was the forcing function.”

Unlike crypto, proponents of stricter AI regulations have backers within the industry. Even before its contribution to Public First, Anthropic had pressed for “responsible AI” with sturdier regulations for the fast-moving technology and opposed efforts to preempt state laws.

Anthropic employees have also contributed to candidates targeted by Leading the Future, including a total of $168,500 for Bores, Federal Election Commission records show. A super PAC Dream NYC, whose only donor in 2025 was an Anthropic machine learning researcher who gave $50,000, is backing Bores as well.

Carson, who’s co-leading the super PAC with former Republican Rep. Chris Stewart of Utah, cites public polling that more than 80% of US adults believe the government should maintain rules for AI safety and data security, and says voter sentiment is on Public First’s side.

Public First didn’t disclose receiving any donations last year, according to FEC filings. But one of the group’s affiliated super PACs, Defend our Values PAC, reported receiving $50,000 from Public First Action Inc., the group’s advocacy arm. The PAC hasn’t yet spent any of that money on candidates.

Crypto’s clout looms large in lawmakers’ memory, casting a shadow over any effort to regulate the big tech companies, said Doug Calidas, head of government affairs for AI safety group Americans for Responsible Innovation.

“Fairshake was just so effective,” said Calidas, whose group has called for tougher AI regulations. “Democrats and Republicans are scared they’re going to replicate that model.”

Allison and Birnbaum write for Bloomberg.

A tech executive who made a fortune developing education software, then waded into the fight against homelessness, is now entering the race for Los Angeles mayor.

Adam Miller, co-founder of Better Angels, a nonprofit focused on preventing homelessness and building affordable housing, filed paperwork on Wednesday to run against Mayor Karen Bass in the June 2 primary election.

Miller, in an interview, said the city is on a downward trajectory and beset with problems — and needs someone with strong leadership skills at City Hall.

“A lot of the issues we face in the city are management problems, and I know how to manage,” he said. “I’ve managed effectively teams that are big and small. I’ve managed teams that are domestic and international. And I’ve managed programs at every stage, so I know how to scale things up and make them operate at scale for a big system.”

The 56-year-old entrepreneur and nonprofit executive is making his move at a moment when the candidate lineup remains unsettled. Even with Saturday’s deadline for filing candidate paperwork fast approaching, some are still undecided on whether to run.

Los Angeles County Supervisor Lindsey Horvath has spent several days hinting that she may jump into the race, while also taking shots at Bass on CNN and elsewhere.

Maryam Zar, who founded the Palisades Recovery Coalition in the wake of the Palisades fire, is also weighing a run. Even real estate developer Rick Caruso, who publicly ruled out a mayoral bid last month, told KNX on Wednesday that he may reconsider.

Former L.A. schools Supt. Austin Beutner, who launched his campaign in October, has been out of the public eye since the death of his 22-year-old daughter on Jan. 6. Reality TV star Spencer Pratt has spent the last several weeks promoting his book “The Guy You Loved to Hate,” and emerged earlier this week to file his candidate paperwork.

Community organizer Rae Huang has been courting the city’s left-leaning voters, appearing with podcaster Hasan Piker in a conversation about housing policy.

Meanwhile, Bass has been using the trappings of her office to promote her work, scheduling two State of the City speeches in a three-month span. The first of those, delivered Monday, sounded in many ways like a campaign stump speech, except longer.

After Miller filed his paperwork, Bass spokesperson Douglas Herman immediately derided him, describing Miller as a “wealthy venture capitalist” who sold software that helped large companies “systematically lay off workers.”

“The last thing Los Angeles needs now is another self-funder who doesn’t understand the crisis of affordability in our city,” Herman said. “Mayor Karen Bass will continue working to solve the biggest problems facing our city with groundbreaking efforts on housing affordability, reductions in street homelessness and public safety stats sitting at 60-year lows.”

Miller pushed back on the mayor’s statement, saying his company’s software was used for training and helping employees build their skills. He said that, although he will provide a loan to his campaign to get things started, he will be raising money like any other campaign.

Miller is the former chief executive of Cornerstone OnDemand, the global training and development company that he built over more than two decades, growing it to more than 3,000 employees. The publicly traded company was sold in 2021 to a private equity firm for $5.2 billion, he said.

The Brentwood resident has been heavily focused on philanthropy, serving as chair of the nonprofit 1P.org, which is a charitable foundation that provides funding to other nonprofit groups.

Miller said he and his wife, Staci, while mapping out their philanthropic work, chose to focus on intractable problems at the local, state, national and global level. Locally, he said, homelessness was the issue they identified as the most intractable.

1P.org has been providing funding to Better Angels, which has been working to build affordable housing while also distributing micro-loans to families facing eviction. In addition, the nonprofit has developed an app to help homeless outreach workers stay connected.

Sara Reyes, executive director of SELAH Neighborhood Homeless Coalition, said its 700 volunteers use Better Angels’ outreach app to maintain relationships with one another and their clients in neighborhoods stretching from Hollywood to Atwater Village.

The app is not integrated with the homeless database maintained by the Los Angeles Homeless Services Authority, a city-county partnership, and would be more effective if it was, Reyes said.

Miller said the city needs help with issues that go well beyond homelessness. For example, he said, city leaders have made L.A. “one of the least developer friendly cities in the country,” hindering the construction of new homes.

“We have a major housing shortage,” he said. “We have an unacceptable number of people who are unhoused. We have affordability issues. I’d say city cleanliness is on the decline. We are not well prepared for disasters, as was clearly seen last year.”

Dutch firm says it expects strong growth in 2026, countering fears of an investment bubble.

Tech giant ASML has reported a quarterly record in orders of its chip-making equipment, boosting hopes for the sustainability of the artificial intelligence boom and countering fears of an investment bubble.

The Dutch firm said on Wednesday that it booked orders worth 13.2 billion euros ($15.8bn) in the final quarter of 2025, more than half of which were for its most advanced extreme ultraviolet (EUV) lithography machines.

ASML logged orders worth 7 million euros during the same period the previous year.

Net sales came to 9.7 billion euros in the October-December period, ASML said, taking sales for all of 2025 to 32.7 billion euros.

Net profit for the year was 9.6 billion euros, up from 7.6 billion euros in 2024.

The Veldhoven-based company forecast net sales of between 34 billion euros and 39 billion euros in 2026.

ASML Chief Executive Officer Christophe Fouquet said the company’s chip-making customers had conveyed a “notably more positive assessment” of the market situation in the medium term based on expectations of strong AI-related demand.

“This is reflected in a marked step-up in their medium-term capacity plans and in our record order intake,” Fouquet said in a statement.

“Therefore, we expect 2026 to be another growth year for ASML’s business, largely driven by a significant increase in EUV sales and growth in our installed base business sales.”

Fouquet also said the company would cut about 1,700 jobs, most of them at the leadership level, amid concerns work processes had become “less agile”.

“Engineers in particular have expressed their desire to focus their time on engineering, without being hampered by slow process flows, and restore the fast-moving culture that has made us so successful,” Fouquet said.

The proposed cuts, which would affect positions in the Netherlands and the United States, represent about 4 percent of ASML’s 44,000-strong global workforce.

ASML holds an effective monopoly on the production of machinery used by TSMC, Samsung Electronics, and Intel to make the most advanced AI chips.

The company sells only about 50 of its extreme ultraviolet (EUV) lithography machines each year, with each unit costing about 250 million euros.

ASML’s share price surged on Wednesday, with its stock up nearly 6 percent as of 9.30am local time.

“ASML’s latest results suggest the AI boom is still in full swing, with strong orders and a bullish outlook,” said Russ Mould, investment director at AJ Bell.

“However, job cuts in the business would suggest it is not getting carried away with the strength of current trading.”

ASML’s restructuring “looks like a sharper focus on efficiencies and different ways of working, rather than saying there isn’t enough work for existing staff to do,” Mould added.

“Nonetheless, it’s a sign that the AI craze might be trying to catch its breath.”

Tech giants such as Meta, OpenAI, Nvidia and Oracle have poured billions of dollars into AI in the expectation that the technology will deliver dramatic changes to how people work and live.

Global AI-related spending is forecast to hit $2.53 trillion in 2026 and $3.33 trillion in 2027, according to projections by technology insights firm Gartner.

The investment boom has propelled the US stock market to record highs, stoking concerns about the sustainability of huge spending on a technology whose promise remains largely unrealised.