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Iran Between Resistance and Reintegration: A Geopolitical Turning Point

Almost fifty years after the revolution in 1979 that changed the political landscape of Iran, Iran is at the crossroads of its history, which is defined by economic pressures, social pressure, and the changing geopolitical environment. The Islamic Republic was constructed as a combination of revolutionary ideology, anti-Western response, and promise of social justice. In the present day, although the ideological framework is still maintained, the sustainability of that framework is being strained increasingly by the structural economic pressures of the day, generational shifts, and changing regional hegemony.

On the economic front, Iran is continually constrained by global sanctions and inefficiency in its structure. Withdrawal by the United States from the Joint Comprehensive Plan of Action (JCPOA) and the reimposition of massive sanctions in 2018 have cut off much of the oil exports of Iranian oil, banking, and foreign investment flows. The country works well under its economic potential despite the fact that Tehran has been able to sustain limited oil sales, especially through discounted sales to China and through surrogate routes. The inflation rate has been above 40 percent during the recent years, the Iranian rial is falling drastically, and unemployment among the youth is also a burning issue. It is the middle and lower classes that are directly impacted by these economic pressures and that pose a legitimacy challenge that cannot be solved only through rhetorical means of revolution.

The internal landscape is a manifestation of long-term frustration. Frequent demonstrations regarding fuel prices, the state of the economy, and social liberation indicate the growing disparity between state discourses of resistance and the realities that the citizens encounter. The newer generation born after the revolution has lost any connection with the revolutionary memory of 1979 and perceives governance less as ideologically symbolic and more based on economic performance and individual opportunity. The policy employed by the state has been based on the repressed handling of dissent, which consists of the limitation of the mobilization of protests and the prevention of the collapse of the system. Although this is a way of maintaining short-term stability, it does not deal with structural issues like brain drain, capital flight, falling purchasing power, and diminished faith in long-term economic potential.

The main political quandary is consequently a legitimacy transformation quandary. In the past, the Islamic Republic gained legitimacy through revolutionary mobilization, religious control, and confrontation with the external hostilities, especially the United States and Israel. Nevertheless, the contemporary politics demands more and more performance-based legitimacy—providing economic growth, stability, and material changes in the quality of life. The conflict between ideological stability and realistic adjustment is the characteristic of the contemporary crossroads of Iran.

Iran is geopolitically a country that exists in the complex web of pressures. The United States is still the main external agent, which affects the Tehran strategic calculations. The policy of Washington is alternating between the engagement of diplomacy and coercion, yet the ultimate goal is the same as it is: avoiding the possibility of Iran obtaining nuclear weapons competence and reducing its impact in the region. In Tehran, it will need negotiations that will help soften sanctions and stabilize the economy, but any deal will not collapse under the perception of submission over matters of sovereignty, ballistic missile potential, and relations with the region.

Meanwhile, the nuclear and missile programs in Iran are considered to be existential threats to Israel. The shadow struggle that has been there for a long time, including cyber attacks, precision attacks, espionage, and proxy wars, has heightened strategic mistrust. The intensity of this rivalry is shown by the fact that Israel has been carrying out its operations within Iran and against Iran-related targets in Syria. Any intensification would attract Gulf states and disrupt world energy supply, especially through the Strait of Hormuz, which is a choke point in the oil markets of the world. Even minor confrontations will have a global economic impact, as Iran is strategically placed in the important maritime paths.

The regional policy of Iran has focused on the establishment of strategic depth by alliance and coalition with non-state actors and supportive governments within Lebanon, Iraq, Syria, and Yemen. This system becomes a deterrence and leverage factor, making it difficult to engage in a direct military strike on the territory of Iran. Geostrategically, this doctrine of forward defense has enhanced the bargaining power of Iran. But it is likewise causing tension with the other Arab countries and creating the impression of destabilization in the region. The recent diplomatic thaw between Iran and Saudi Arabia, which was facilitated by China, shows that both sides noticed that continued confrontation is expensive in terms of both economics and strategy.

Iran is geographically at one of the most strategic points of Eurasia. It connects the Persian Gulf with Central Asia, the Caucasus, and South Asia. The International North-South Transport Corridor is one of the major trade routes that can make Iran a major transit route between India and Russia and Europe. This geo-economic location, in theory, has colossal prospects of being rolled into new multipolar trade systems. Sanctions and political isolation in reality prevent full access to the global markets. The latter can be said to be strategic convergence, as Iran was brought closer to Russia, especially after the war in Ukraine, as a result of Western pressure. But such convergence also subjects Tehran to secondary sanctions and makes it less flexible in its East-West balancing.

Iran—Concerns about the nuclear problem continue to be the major pivot of the external affairs. Tehran maintains that its nuclear program is nonviolent and has indicated that it is free for verification. But the Western governments require more guarantees and wider negotiations, which can feature missile capabilities and regional operations. It is possible that a strictly limited nuclear deal will minimize the risks of immediate proliferation and alleviate the economic pressure, which might make the Iranian internal situation more stable. Nonetheless, such a deal may not help solve any underlying rivalries between the region but could simply freeze the situation unless there are larger regional de-escalation mechanisms. On the other hand, the inability to find any solution will lead to the further worsening of the economy and the possible military clash.

In a more geo-strategically global understanding, the balance of power between the Middle East and the rest of the world will be influenced by the course of Iran. In case Tehran manages to negotiate the lifting of sanctions and turns in the direction of economic integration with the Gulf states, it will be able to shift from the resistance-focused model to the development-oriented state step by step. This would strengthen the stability of the region, safeguard the energy security, and minimize the motivation to intervene. It would also make the regional rivalry be based more on economic rivalry rather than military rivalry, especially in terms of infrastructure rivalry, trade corridor rivalry, and energy market rivalry.

Nevertheless, should the negotiations fail and the confrontation escalate, Iran might apply the asymmetric deterrence further, increasing the range of its missiles and extending proxy bases. That way would strengthen the preemptive stance of Israel and increase the presence of the US military in the Gulf. The escalation would disorient shipping routes, exert more volatility on oil prices, and disintegrate the security infrastructure in the region. To the surrounding Arab nations, which require diversifying and changing their economies, new warfare would destroy investment conditions and long-term strategies.

On the domestic front, economic resilience is what will sustain the strategic position of Iran. The political principle of endurance can only be stretched so far as inflation undermines the wages and the depreciation of currency undermines savings. This needs structural changes: enhancing transparency, welcoming foreign investment, and a non-hydrocarbon economy, and empowering the business sector. Foreign policy victories cannot entirely offset its dissatisfaction at home without economic change.

After all, the crossroads of Iran is not only ideological but also structural. The state has to strike a compromise between sovereignty and economic need, deterrence and diplomacy, and ideological identity and practical governance. Its strategic location means that its decisions will have a far-reaching impact, not only across its frontiers, but also on the energy markets of the world, the great-power politics, and the new security order of the Middle East. The future of Iran becoming a development-oriented regional power with full membership in multipolar networks or being a sanction-bound resistance state under continuous pressure will not only dictate the internal stability of the country but also the geopolitical orientation of a long-time conflict-ridden and strategically divided region.

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2026 Winter Olympics ice hockey: Canada and USA to meet in charged final

USA meanwhile have stars of their own, but don’t have the attacking gifts of the Canadians.

“The Tkachuk brothers [Brady and Matthew], and Jack Eichel, that attacking line has worked well together,” Bennett said.

“What they have not had is much scoring from captain Auston Matthews, he has not yet taken any of the games by the horns. They are OK, but not more than that.”

However, the Americans have the best defenceman at the Games in Quinn Hughes, who scored the crucial winner against Sweden.

“He might be the best three-on-three player in the world,” said Bennett. “He loves to keep possession, and is always looking to make an exciting play.”

It sets up a mouth-watering finale of an Olympic ice hockey competition which has benefitted hugely from the return of National Hockey League (NHL) players for the first time since 2014.

The attendance of players from the top North American league was in doubt for a time over concerns about the ice quality at the unfinished Milano Santagiulia Ice Hockey Arena, but they have been a major boon for the Games.

“This is the highest level of hockey we have ever seen at an Olympics,” said Bennett. “The NHL players have made it a different world.

“At the last two Olympics, games have been good but have missed the quality in the final third, the big moments. Players didn’t have the skillset to break a game, so saw a lot of tight, dull games

“Some of what the players have been doing here has been mind-blowing. One of the goals scored for Canada, McDavid saucered this pass from the back door [behind the goal], it lands as McKinnon is shooting, on the half-volley. That’s when you recognise it.

“I have been getting phone calls from people in the hockey world, all they have been saying is, this is so good. There have been periods where Kent [Simpson, BBC co-commentator] and I have just been sat watching, smiling, laughing.”

Canada have won gold in three of the five Olympics when NHL players have featured and will fancy their chances in a game on Sunday which could be as fascinating in the stands as it is on the ice.

It is highly likely that Canadian prime minister Mark Carney will be in Milan for the game.

Not only is Canada as a country hockey-mad, but so is Carney – when working as governor of the Bank of England, he would play for a recreational team in Haringey, north London.

The big question is whether his American counterpart will also be in Italy.

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On Brink of Possible U.S. Strikes, Iran Signals a Counteroffer

Iran’s foreign minister, Abbas Araqchi, announced he would have a draft counterproposal ready in the next few days after recent nuclear talks with the U. S. This comes as President Donald Trump indicated he might consider limited military strikes to put pressure on Iran for a nuclear deal. U. S. military planning against Iran is reportedly advanced, with options including targeted attacks and potential leadership changes in Tehran if Trump orders it. Araqchi mentioned that military action would complicate diplomatic efforts.

On Thursday, Trump set a deadline of 10-15 days for Iran to reach a deal or face severe consequences, amid a military buildup in the Middle East raising war fears. While Araqchi did not specify when the counterproposal would be presented to U. S. officials Steve Witkoff and Jared Kushner, he expressed optimism about reaching a diplomatic deal soon. He stated that during recent talks, the U. S. did not demand zero uranium enrichment, and Iran has not proposed to suspend its enrichment activities. Confidence-building measures would be discussed to ensure Iran’s nuclear program remains peaceful in exchange for easing sanctions, but no specifics were given. The White House reaffirmed that Iran cannot pursue nuclear weapons or enrich uranium.

With information from Reuters

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Trump to Visit China in Late March for High-Stakes Trade Talks

U. S. President Donald Trump will visit China from March 31 to April 2, as confirmed by a White House official. The trip will include a meeting with Chinese President Xi Jinping to discuss the potential extension of a trade truce that has paused tariff increases between the two nations. Trump described the event as a significant occasion, saying it would be the “biggest display” in China’s history.

This visit marks the first meeting between the leaders since February and their first in-person encounter since an October discussion in South Korea. In that meeting, they agreed on tariff reductions in exchange for China’s action on the fentanyl trade and resuming soybean purchases. The sensitive issue of Taiwan was mostly avoided at the October meeting but was raised in February when Xi discussed U. S. arms sales to the island.

China considers Taiwan part of its territory, while Taipei denies this claim. The U. S. has unofficial ties with Taiwan and is its main arms supplier. Trump indicated that Xi might increase soybean purchases, which are essential for U. S. farmers, an important group for Trump politically.

With information from Reuters

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Winter Olympics TV schedule: Saturday’s listings

Saturday’s live TV and streaming broadcasts for the Milan-Cortina Olympics unless noted (subject to change). All events stream live on Peacock or NBCOlympics.com with a streaming or cable login. All times Pacific. 🏅 — medal event for live broadcasts.

MULTIPLE SPORTS
8 p.m. — “Primetime in Milan” (delay): Cross-country skiing, bobsled, figure skating, freestyle skiing and more. | NBC

BIATHLON
5:15 a.m. — 🏅Women’s 12.5-kilometer mass start | USA
10:30 a.m. — 🏅Women’s 12.5-kilometer mass start (re-air) | USA

BOBSLED
1 a.m. — Four-man bobsled, Run 1 | Peacock
2:55 a.m. — Four-man bobsled, Run 2 | Peacock
8 a.m. — Four-man bobsled, runs 1-2 | USA
10 a.m. — Two-woman bobsled, Run 3 | NBC
12:05 p.m. — 🏅Two-woman bobsled, final run | Peacock
12:15 p.m. — 🏅Two-woman bobsled, final run (in progress) | NBC
2:15 p.m. — Two-woman bobsled, runs 3-4 (delay) | NBC

CROSS-COUNTRY SKIING
2 a.m. — 🏅Men’s 50-kilometer mass start classic | Peacock
3:10 a.m. — 🏅Men’s 50-kilometer mass start classic (in progress) | USA
8:30 a.m. — Men’s 50-kilometer mass start classic (delay) | NBC

CURLING
🏅Women’s bronze-medal match
5:05 a.m. — Teams TBD | Peacock
7:20 a.m. — Teams TBD (delay) | USA
🏅Men’s gold-medal match
10:05 a.m. — Teams TBD | CNBC
Women’s bronze-medal match
1 p.m. — Teams TBD (re-air) | CNBC

FIGURE SKATING
11 a.m. — Exhibition gala | Peacock
11:55 a.m. — Exhibition gala (in progress) | NBC
12:50 p.m. — Exhibition gala (in progress) | NBC

FREESTYLE SKIING
1 a.m. — Men’s skicross, qualifying | Peacock
1:45 a.m. — 🏅Mixed team aerials, final | USA
2:55 a.m. — 🏅Men’s skicross, finals | Peacock
8:45 a.m. — Men’s skicross, finals (delay) | USA
9:15 a.m. — Mixed team aerials, final (re-air) | USA
10:30 a.m. — 🏅Women’s freeski halfpipe, final | NBC
1:30 p.m. — Mixed team aerials, final (re-air) | NBC

HOCKEY
🏅Men’s bronze-medal game
11:40 a.m. — Teams TBD | USA

SKI MOUNTAINEERING
4:30 a.m. — 🏅Mixed team relay | Peacock

SPEEDSKATING
6 a.m. — 🏅Men’s and women’s mass start, semifinals and finals | Peacock
7 a.m. — 🏅Men’s and women’s mass start, semifinals and finals (in progress) | NBC

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Winter Olympics TV schedule: Friday’s listings

Friday’s live TV and streaming broadcasts for the Milan-Cortina Olympics unless noted (subject to change). All events stream live on Peacock or NBCOlympics.com with a streaming or cable login. All times Pacific. 🏅 — medal event for live broadcasts.

MULTIPLE SPORTS
8 p.m. — “Primetime in Milan” (delay): Bobsled, speedskating, curling, hockey and more. | NBC

BIATHLON
5:15 a.m. — 🏅Men’s 15-kilometer mass start | USA
9:15 a.m. — 🏅Men’s 15-kilometer mass start (re-air) | NBC

BOBSLED
9 a.m. — Two-woman bobsled, Run 1 | NBC, Peacock
10:50 a.m. — Two-woman bobsled, Run 2 | Peacock
1:15 p.m. — Two-woman bobsled, runs 1-2 | USA

CURLING
Women semifinals
5:05 a.m. — Teams TBD | Peacock
5:05 a.m. — Teams TBD | Peacock
6 a.m. — Teams TBD (in progress) | USA
🏅Men’s bronze medal match
10:05 a.m. — Teams TBD | Peacock

FREESTYLE SKIING
1 a.m. — Women’s skicross, qualifying | USA
3 a.m. — 🏅Women’s skicross, finals | USA
10 a.m. — Women’s skicross, finals (re-air) | USA
10:30 a.m. — 🏅Men’s freeski halfpipe, finals | NBC

HOCKEY
Men’s semifinals
7:40 a.m. — Canada vs. Finland | Peacock
8:50 a.m. — Canada vs. Finland (in progress) | USA
12:10 p.m. — U.S. vs. Slovakia | NBC

SHORT TRACK SPEEDSKATING
11:15 a.m. — 🏅Women’s 1,500 meters; men’s 5,000-meter relay finals | USA

SPEEDSKATING
7:30 a.m. — 🏅Women’s 1,500 meters | USA

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UK travellers heading to USA could face £20,000 bill ‘on average’

Forgetting this vital add-on for your getaway could leave travellers thousands out of pocket

Thousands of holidaymakers will be heading across the Atlantic this year, many driven by the 2026 FIFA World Cup, but they could be risking £20,000 on average if they don’t arrange vital protection before jetting abroad. While most are trying to sort flights, accommodation and match tickets, experts have urged people to double check their travel insurance too.

Dr Asimah Hanif, an NHS GP working with travel insurance provider Staysure, explained that medical care abroad can often leave travellers out of pocket. However, in the United States this can be an even bigger problem as there is no universal healthcare and medical costs are known to run into the thousands for standard hospital treatment.

She said: “Many people assume they will only need medical care abroad in the event of a serious emergency. However, this overlooks more common health issues such as heat exhaustion or infectious illnesses like flu, which can easily spread in crowded, hot environments.

“For older travellers, or those with pre-existing medical conditions, these seemingly minor issues can quickly lead to the need for medical treatment and result in significant costs, particularly in the United States.”

The FIFA World Cup will be taking place across Mexico, Canada and the United States this summer, with ticket demand breaking records and thousands planning to attend. For many, this will be a once-in-a-lifetime experience.

However, common football ailments like slips and trips can spell financial disaster for some. The summer heat and long journey is also expected to increase the likelihood of injuries and illness among the crowds.

Staysure data from 2025 showed biggest claims in these countries were for hospital treatment, emergency care and medical repatriation. The average claim had a cost of close to £20,000 with some extreme cases even exceeding £1million.

Dr Asimah added: “These are not unusual scenarios, things like chest pain, dehydration, infections or a fall can mean scans, overnight hospital stays or specialist treatment. In North America, those costs escalate very quickly.”

She warned that one of the biggest mistakes travellers and football fans can make this year is leaving their travel insurance for the last minute or assuming they won’t need it at all.

She added: “Travel insurance is not just about lost luggage or delays. It is about making sure you are protected financially and medically if something unexpected happens. With the right cover, you can focus on enjoying the experience rather than worrying about worst case scenarios.”

The doctor encouraged people to try arrange medical travel insurance as soon as their trip is booked.

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Analysis: Will Big Tech’s colossal AI spending crush Europe’s data sovereignty?

Several Big Tech companies have reported earnings in recent weeks and provided estimates for their spending in 2026, along with leading analysts’ projections.


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The data point that seems to have caught Wall Street’s attention the most is the estimated capital expenditure (CapEx) for this year, which collectively represents an investment of over $700bn (€590bn) in AI infrastructure.

That is more than the entire nominal GDP of Sweden for 2025, one of Europe’s largest economies, as per IMF estimates.

Global chip sales are also projected to reach $1tn (€842bn) for the first time this year, according to the US Semiconductor Industry Association.

In addition, major banks and consulting firms, such as JPMorgan Chase and McKinsey, project that total AI CapEx will surpass $5tn (€4.2tn) by 2030, driven by “astronomical demand” for compute.

CapEx refers to funds a company spends to build, improve or maintain long-term assets like property, equipment and technology. These investments are meant to boost the firm’s capacity and efficiency over several years.

The expenditure is also not fully deducted in the same year. CapEx costs are capitalised on the balance sheet and gradually expensed through depreciation, representing a key indicator of how a company is investing in its future growth and operational strength.

The leap this year confirms a definitive pivot that began in 2025, when Big Tech is estimated to have spent around $400bn (€337bn) on AI CapEx.

As Nvidia founder and CEO Jensen Huang has repeatedly stated, including at the World Economic Forum in Davos last month, we are witnessing “the largest infrastructure build-out in human history”.

Hyperscalers bet the house

At the top of the spending hierarchy for 2026 sits Amazon, which alone is guiding to invest a mammoth $200bn (€170bn).

To put the number into perspective, the company’s individual AI CapEx guidance for this year surpasses the combined nominal GDP of the three Baltic countries in 2025, according to IMF projections.

Alphabet, Google’s parent company, follows with $185bn (€155bn), while Microsoft and Meta are set to deploy $145bn (€122bn) and $135bn (€113bn) respectively.

Oracle also raised its 2026 CapEx to $50bn (€42.1bn), nearly $15bn (€12.6bn) above earlier estimates.

Additionally, Tesla projects double the spending with almost $20bn (€16.8bn), primarily to scale its robotaxi fleet and advance the development of the Optimus humanoid robot.

Another of Elon Musk’s companies, xAI, will also spend at least $30bn (€25.2bn) in 2026.

A new $20bn (€16.8bn) data centre named MACROHARDRR will be built in Mississippi, which Governor Tate Reeves stated is “the largest private sector investment in the state’s history”.

xAI will also expand the so-called Colossus, a cluster of data centres in Tennessee that has been described by Musk as the world’s largest AI supercomputer.

Furthermore, the company was acquired by SpaceX in an all-stock transaction at the start of this month.

The merger valued SpaceX at $1tn (€842bn) and xAI at $250bn (€210bn), creating an entity worth $1.25tn (€1.05tn), reputedly the largest private company by valuation in history.

There are also reports that SpaceX intends to IPO sometime this year, with Morgan Stanley allegedly in talks to manage the offering that now includes exposure to xAI.

Elon Musk stated that the goal is to build an “integrated innovation engine” combining AI, rockets and satellite internet, with long-term plans that include space-based data centres powered by solar energy.

Conversely, Apple continues to lag in spending with “only” a projected $13bn (€10.9bn).

However, the company announced a multi-year partnership with Google last month to integrate Gemini AI models into the next generation of Apple Intelligence.

Specifically, the collaboration will focus on overhauling Siri and enhancing on-device AI features. Therefore, one could say that Apple is outsourcing a lot of the investment it needs to be competitive on AI development.

As for Nvidia, it will report earnings and release projections on 25 February.

The company is primarily in the business of selling AI chips, and is expected to get the lion’s share of the Big Tech’s spending. Particularly, for the build-out of data centres.

In last August’s earnings call, CEO Jensen Huang estimated a cost per gigawatt of data centre capacity between $50bn (€42.1bn) and $60bn (€50.5bn), with about $35bn (€29.5bn) of each investment going towards Nvidia hardware.

The great capital rotation

Wall Street has had mixed feelings about the enormous spending Big Tech companies have planned for 2026.

On the one hand, investors understand the necessity and urgency of developing a competitive edge in the artificial intelligence age.

On the other, the sheer scale of the spending has also spooked some shareholders. The market’s tolerance hinges on demonstrable ROI from this year onwards, as the investments are also increasingly financed with massive debt raises.

Morgan Stanley estimates that hyperscalers will borrow around $400bn (€337bn) in 2026, more than double the $165bn (€139bn) that was loaned out in 2025.

This surge could push the total issuance of high-grade US corporate bonds to a record $2.25tn (€1.9tn) this year.

Currently, projected AI revenue for 2026 is nowhere near matching the spending, and there are valid concerns. For instance, the possibility of hardware rapidly depreciating due to innovation, and other high operational costs such as energy usage.

It can be confidently stated that the numbers have a heavy reliance on future success.

As Google CEO Sundar Pichai acknowledged this month, there are “elements of irrationality in the current spending pace”.

Back in November, Alex Haissl, an analyst at Rothschild & Co, became a dissenting voice as he downgraded ratings for Amazon and Microsoft.

In a note to clients, the analyst wrote “investors are valuing Amazon and Microsoft’s CapEx plans as if cloud-1.0 economics still applied”, referring to the low-cost structure of cloud-based services that allowed Big Tech firms to scale in the last two decades.

However, the analyst added “there are a few problems that suggest the AI boom likely won’t play out in the same way, and it is probably far more costly than investors realise”.

This view is also shared by Michael Burry, who is best known for being among the first investors to predict and profit from the subprime mortgage crisis in 2008. Burry has argued that the current AI boom is a potential bubble pointing to unsustainable CapEx.

Big Tech’s AI race is funded by a tremendous amount of leverage. Whether this strategy will pay off, and which companies will be the winners and the losers, only time will tell.

At the moment, Nvidia certainly seems to be a great beneficiary. Moreover, Apple has a distinct approach by increasing third party reliance, through a partnership with Google, instead of massively scaling their spending. It is a different trade-off.

Europe’s industrial deficit

Amid all this spending, urgent questions have also been raised about Europe’s ability to compete in a race that has become a battle of balance sheets.

For the European Union, the transatlantic contrast is sobering. While American firms are mobilising nearly €600bn in a single year, the EU’s coordinated efforts do not even match the financial firepower of the lowest spender among the US tech titans.

Brussels has attempted to rally with the AI Factories initiative, and the AI Continent Action Plan launched last April, which aim to mobilise public-private investments.

However, the numbers tell a stark story. Total European spending on sovereign cloud data infrastructure is forecast to reach just €10.6bn in 2026.

While this is a respectable 83% increase year-on-year, it remains a rounding error compared to the US AI build-out.

Last year, at the time when the initiatives mentioned were being discussed, the CEO of the French unicorn Mistral AI, Arthur Mensch, stated that “US companies are building the equivalent of a new Apollo program every year”.

Mensch also added that “Europe is building excellent regulation with the AI Act, but you cannot regulate your way to computing supremacy”.

Mistral represents one of the only flickers of European resistance in the AI race. The French company is employing the same strategy as most of Big Tech and aggressively expanding its physical footprint.

In September 2025, Mistral AI raised a €1.7bn Series C at a valuation of almost €12bn, with the Dutch semiconductor giant ASML leading the round by singly investing €1.3bn.

During the World Economic Forum in Davos last month, Mistral’s CEO confirmed a €1bn CapEx plan for 2026.

Just last week, the company also announced a major €1.2bn investment to build a data centre in Borlänge, Sweden.

In a partnership with the Swedish operator, EcoDataCenter, the facility will be designed to offer “sovereign compute” compliant with the EU’s strict data standards, and leveraging Sweden’s abundant green energy.

Set to open in 2027, this data centre will provide the high-performance computing required to train and deploy Mistral’s next-generation AI models.

This is an important move for the company, as it is the first infrastructure project outside France, and it is also a core venture for European data sovereignty.

Meanwhile, US tech titans are attempting to placate European regulators by offering “sovereign-light” solutions. Several Big Tech projects have been rolled out for “localised cloud zones”, for example in Germany and Portugal, promising data residency.

However, critics argue these remain technically dependent on US parent companies, leaving the European industry vulnerable to the whims of the American economy and foreign policy.

As 2026 unfolds, the stakes are clear. The US is betting the house, and its credit rating, on AI dominance.

Europe, cautious and capital-constrained, is hoping that targeted investments and regulation will be enough to carve out a sovereign niche in a world increasingly run on American technology.

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Winter Olympics TV schedule: Monday’s listings

Monday’s live TV and streaming broadcasts for the Milan-Cortina Olympics unless noted (subject to change). All events stream live on Peacock or NBCOlympics.com with a streaming or cable login. All times Pacific. 🏅 — medal event for live broadcasts.

MULTIPLE SPORTS

8 p.m. — “Primetime in Milan” (delay): Figure skating, skiing, bobsled, short track speedskating and more. | NBC

ALPINE SKIING
1 a.m. — Men’s slalom, Run 1 | USA
4:20 a.m. — 🏅Men’s slalom, Run 2 | Peacock
4:30 a.m. — 🏅Men’s slalom, Run 2 (in progress) | USA
11:45 a.m. — Men’s slalom (re-air) | NBC

BOBSLED
1 a.m. — Two-man bobsled, Run 1 | Peacock
2:55 a.m. — Two-man bobsled, Run 2 | Peacock
4 a.m. — Two-man bobsled, runs 1 and 2 (delay) | USA
10 a.m. — Women’s monobob, Run 3 | NBC
12:05 p.m. — 🏅Women’s monobob, final run | Peacock
12:30 p.m. — 🏅Women’s monobob, final run (in progress) | NBC

CURLING
Women (round robin)
12:05 a.m. — China vs. Canada | Peacock
12:05 a.m. — Denmark vs. Britain | Peacock
12:05 a.m. — Sweden vs. Switzerland | Peacock
Men (round robin)
5:05 a.m. — Czechia vs. Canada | Peacock
5:05 a.m. — Britain vs. Norway | Peacock
5:05 a.m. — Italy vs. China | Peacock
5:05 a.m. — Sweden vs. Germany | Peacock
Women (round robin)
7:15 a.m. — China vs. Canada (delay) | USA
Men (round robin)
8:30 a.m. — Britain vs. Norway (delay) | USA
Women round robin
10:05 a.m. — U.S. vs. Italy | Peacock
10:05 a.m. — Japan vs. Canada | Peacock
10:05 a.m. — South Korea vs. China | Peacock
10:05 a.m. — Switzerland vs. Britain | Peacock

FIGURE SKATING
8:30 a.m. — Pairs free skate, warmup | Peacock
10:45 a.m. — Pairs free skate, Part 1 | USA
12:55 p.m. — 🏅Pairs free skate, Part 2 | NBC

FREESTYLE SKIING
10:30 a.m. — 🏅Women’s big air, final | NBC

HOCKEY
Women’s semifinals
7:40 a.m. — U.S. vs. Sweden | NBC
12:10 p.m. — Canada vs. Switzerland | Peacock
1:15 p.m. — Canada vs. Switzerland (in progress) | USA

SHORT TRACK SPEEDSKATING
2 a.m. — 🏅Women’s 1,000 meters final and more | Peacock
3:55 a.m. — Women’s 1,000 meters, final (delay) | USA
9:45 a.m. — Women’s 1,000 meters final and more (delay) | USA

SKI JUMPING
9 a.m. — 🏅Men’s super team, large hill | Peacock

SNOWBOARDING
1:30 a.m. — Women’s slopestyle, qualifying | Peacock
1:50 a.m. — Women’s slopestyle, qualifying (in progress) | USA
5 a.m. — Men’s slopestyle, qualifying | Peacock
5:30 a.m. — Men’s slopestyle, qualifying (in progress) | USA
7 a.m. — Women’s slopestyle, qualifying (delay) | NBC

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