Technology, Politics, Mind. Since 2014.
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The hidden machinery of money and power — the secret owners, staggering fortunes, and frauds behind the companies and institutions you think you know. Every film is built on court records, regulator filings, and original investigative reporting.

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Technology

Innovation ecosystems and the people building them. European startup news, global ecosystem coverage, and the engineering inside the companies shaping the technology economy.

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The archetypal high-growth founder isn’t a 20-year-old prodigy in a garage. A US Census study of 2.7 million founders found that those behind the fastest-growing 0.1% of new ventures were 45 on average—and a 50-year-old was roughly 1.8 times as likely as a 30-year-old to produce an exceptional-growth company.

A Census-linked study of 2.7 million US founders found that exceptional employment growth was associated with middle age, with relevant industry experience offering the clearest clue as to why.
  1. The company behind Ozempic cannot be taken over, because Novo Nordisk has been controlled since the 1920s by a Danish foundation whose charter obliges it to keep control, and the weight-loss boom has quietly made that foundation the largest charitable fund on Earth, ahead of the Gates Foundation
  2. AI’s first visible employment shock may be hitting the bottom rung of the career ladder: by June 2026, employment among 22–25-year-olds in highly AI-exposed occupations was running 19% behind their less-exposed peers, largely because companies were hiring fewer juniors—not firing experienced workers—raising an uncomfortable question about who becomes tomorrow’s senior analyst, lawyer or coder.
  3. Between May and December 2025, the share of American students from middle school through college using AI for homework rose from 48% to 62%. Yet 67% believed heavier AI use harms students’ critical thinking—and only about one-third said their school had established a schoolwide AI policy.
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Politics

The political and policy forces shaping technology. Capital, regulation, geopolitics, surveillance, antitrust, and the politics of innovation.

  1. Can the planet only be saved by moving beyond capitalism? We map the strongest case its supporters make, from degrowth to the doughnut, against the decoupling evidence that complicates it
  2. Across 37,073 European Research Council applications, the same proposal scored higher with reviewers who shared the applicant's citizenship and country of work — and that match moved the score about seven times as much as a shared gender did
  3. Migration generates more heat than light, but the evidence is clearer than the shouting suggests: migrants found most of America's billion-dollar companies, pay in more tax than they cost, and quietly prop up the finances of ageing societies
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Mind

The human behaviour behind the work. Decision-making, attention, identity, performance, and the everyday observations that explain how people live and work.

  1. Teams got the hiring decision right 15 percent of the time when the newcomer held the information the group needed, and 28.7 percent of the time when an original member held it — and the originals had been talking to each other for five minutes
  2. The most original thinkers weren’t simply better at dreaming up ideas or controlling them. Across 2,433 people, creativity was linked to how fluidly the brain shifted between spontaneous thought and deliberate evaluation—a rhythm general intelligence did not predict.
  3. Becoming an early riser is less about one burst of willpower than repeatedly following the same routine. In a landmark habit study, daily behaviours took a median of 66 days to become largely automatic—but individual estimates ranged from 18 to 254 days, and waking early itself wasn’t tested.
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What’s building in

Cities

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Europe

London
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On May 24, 1844, Samuel Morse sat in the US Capitol and tapped out 'What hath God wrought' to his assistant Alfred Vail 60 kilometres away in Baltimore, a phrase chosen not by Morse but by Annie Ellsworth, the young daughter of a friend, who picked it out of the Book of Numbers and then traced every letter of it on the tape in ink herself
  1. How did a treaty agreed in 1987 and eventually ratified by every nation shrink a hole in the atmosphere the size of North America back toward 1980 levels?
  2. In 1939, a self-taught excavator named Basil Brown was digging a mound on Edith Pretty's estate in Suffolk when his trowel traced the outline of a 27-metre Anglo-Saxon ship whose timber had long since rotted, leaving only iron rivets holding the shape of a vessel in the sand

North America

New York
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We tend to picture gold as an Earth metal pulled from mines, but every atom of it, in every wedding ring and central bank vault, was forged in the collision of two neutron stars before the Sun existed and rained onto the young Earth as stellar shrapnel
  1. Singapore's millionaire density hit 1 in 6 households — and the mental health data is telling a very different story about what that wealth is buying
  2. Nearly every plant on your plate is quietly chemically defended against being eaten — and a growing line of research suggests that faint, low-dose sting may be one of the underrated reasons a vegetable-heavy diet keeps you healthy

Asia

Singapore
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A 2026 study revealed how sperm whales stay suspended during their eerie vertical naps: they blow bubbles to stop their buoyant bodies from rising into the waves
  1. In 1944, an IBM machine called the Harvard Mark I clattered through a calculation for the Manhattan Project at three additions per second, fed by paper tape and operated by a young Navy lieutenant named Grace Hopper who took the graveyard shift more often than anyone and slept beside it on a cot, waking the moment the relays went quiet because a silent machine meant something had gone wrong
  2. Nobody talks about the layer underneath physical AI, and the man whose code runs on 6 billion devices just raised $5M to own it before the robot fleets arrive

Latin America

São Paulo
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In 1816, a 35-year-old French physician named René Laennec rolled a sheet of paper into a tube and pressed it against a young woman's chest because he was too embarrassed to put his ear there, and the sound of her heartbeat through the cylinder became the first stethoscope
  1. A single bolt of lightning that crossed Texas, Louisiana, and Mississippi in April 2020 stretched 768 kilometres end to end, once the longest single flash ever recorded and roughly the distance from New York City to Columbus
  2. On September 9, 1947, Grace Hopper's team at Harvard pulled a dead moth out of the Mark II computer's relay, taped it into the logbook with the note 'first actual case of bug being found,' and preserved the page that gave software its oldest metaphor

Middle East

Tel Aviv
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US hits Iranian nuclear site as Hormuz shipping stalls and troop deaths mount
  1. Roughly 80% of the cheese in the US and other major markets is now made with an enzyme produced by genetically modified microbes, not from calf stomachs — and most shoppers have no idea
  2. Iran wiped Stryker's devices, ShinyHunters defaced Canvas during finals, and DOGE allegedly uploaded every American's SSN to an unsecured server — and the connective tissue between these stories isn't what most analysts think

Deep dive on

Regulation

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Editorial columns

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Technology

Canal Letter

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SoftBank is putting $200 million into the excavator-automation startup Gravis Robotics, whose headline productivity figure was stated two different ways on announcement day, with no published method behind either version

Gravis says its retrofit kits deliver "up to a 30% boost" against peak manual operation. It also told Inc. the machines have delivered "about 30 percent on multiple projects" against human-operated equipment. The specialist Inc. asked wants to know what was measured.
  1. Cambridge Aerospace was just valued at $3.4 billion, less than two years after it was founded — and the two numbers that would let anyone test that valuation, the price of one Skyhammer and the size of its UK contract, have never been published as figures
  2. A federal judge is about to decide whether Washington can punish AI vendors for saying no
  3. Nadella pitches swappable AI models as Microsoft scales MAI models and Maia chips
All in Canal Letter →

Politics

Cabinet

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The company behind Singha beer removed one of its heirs from every executive role days after an abuse allegation went public — a reckoning Asian family dynasties usually avoid

When Boonrawd Brewery cut ties with Sunit Scott, it did in public what family conglomerates in the region almost always handle in private. The speed and visibility of that decision is its own story.
  1. South Korea approved single-stock leveraged ETFs, then banned new ones two months later — inside the margin unwind that pushed forced selling to seven times last year's pace
  2. The EU’s AI Act starts requiring chatbot and deepfake labels on August 2 — while its tougher rules on hiring, biometrics and migration are pushed back to December 2027
  3. The EU says Instagram and Facebook’s addictive design likely breaks its rules — and it wants autoplay and infinite scroll off by default
All in Cabinet →

Mind

Field Notes

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More than six in ten of the Americans and Chinese in a preregistered survey said people have grown less cooperative across a sixty-year span, a belief the authors set against two cross-temporal meta-analyses reporting rises in cooperation in laboratory social dilemmas over the decades those series cover

Sixty-five per cent of the American respondents and 62.1 per cent of the Chinese ones said people have become less considerate, helpful or cooperative over a sixty-year span reaching a few years into the future.
  1. 1,339 teachers were each shown a student's exercise with a wrong mark already on it, and the ones told an algorithm had set the mark finished further from the fair grade than the ones told a colleague had — but only where the mark was too harsh, with no detectable difference where it was too generous
  2. Does the cat or the dog take the edge off a bad day? A five-day study that pinged 188 pet owners at random found that under stress, interacting more with a dog went with keeping more good mood and interacting more with a cat went with more bad mood, and reported no general stress-buffering effect
  3. Research suggests we file the strangers we deal with under the job independently of the person — in a Yale reading experiment, readers took about 213 milliseconds longer over the closing words when one customer replaced another than when one postal worker did
All in Field Notes →

Funding

The Term Sheet

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During the Second World War, when sugar, butter and cream were rationed and rival firms quietly swapped in cheaper ingredients to keep selling, a California sweet-maker refused to lower its quality, kept its recipes exactly as they were, and made peace with producing less candy and closing each shop the moment the day's stock ran out.

A California candy maker's wartime refusal to cheat—sticking with premium ingredients while competitors cut corners—became a lesson in how principle can outlast expedience.
  1. Cursor went from $100 million in annualized revenue to $2 billion in just 13 months—a twentyfold surge that outpaced the early growth of Slack and Zoom and ranks among the fastest revenue expansions ever reported by a software company.
  2. While most food publishers spent 2025 panicking about Google's AI Overviews eating their traffic, one blog quietly stopped treating Google as the plan, posting to Facebook three times a day, adding half a million followers in about six months, and rebuilding on a platform most of the industry had already written off
  3. In January 2026, the largest human–AI creativity comparison yet tested language models against 100,000 people. GPT‑4 beat the average person at generating unexpected associations — but even the most creative half of humanity outperformed every model tested, with the top 10% far ahead.
All in The Term Sheet →

AI & Deep Tech

Machine Room

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One of the most counterintuitive findings from the first wave of AI productivity research is that the biggest gains often go to the people who were weakest to begin with — one study found productivity jumped 34% for novice workers while experienced employees barely improved, suggesting AI may compress skill advantages that once took years to build.

Early workplace studies suggest generative AI can sharply steepen the learning curve for novices, while offering much smaller gains to experts.
  1. The claim that people's welfare matters more than profit tangles two very different ideas: an empirical one, that treating staff well and making money usually go together, which the evidence supports, and a moral one, about which should win when they genuinely conflict
  2. An Espoo robotics startup just raised €6.4 million to put “physical AI” into infrastructure factories — robotic 3D printers that monitor their own production, paired with a new concrete mix being developed to become carbon-negative rather than carbon-heavy.
  3. For decades, automation fears focused on factory workers while knowledge workers looked comparatively safe. AI's trajectory has begun to flip that assumption: software developers, financial analysts and junior lawyers are already seeing parts of their work compressed or automated, while robots capable of broadly replacing human factory workers remain years behind.
All in Machine Room →

Free field brief

The Empire File

How money, ownership, and power actually move behind the companies you think you know. Built for people who watch our documentaries. Sundays you also get The Undercurrent.

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