Top analyst sees ‘opening of the floodgates for the IPO market’ after Anthropic’s filing as dotcom bubble comparisons fly
Anthropic just got a "first mover's advantage" over OpenAI on the way to Wall Street — and neither company is profitable yet.
"PROFITABLE" · 총 41건
필터 보기현재 지수
50.3
0 = 부정 우세
50 = 중립
100 = 긍정 우세
최근 7일 기준 84,616건을 분석한 결과, 뉴스 심리지수는 50.2(균형)입니다. 긍정 4,413건(5.2%)·중립 78,052건(92.2%)·부정 2,151건(2.5%)이며, 중립 비중이 뚜렷하게 높습니다. 성향 지수는 종합 15.2(중도 균형)입니다.
Anthropic just got a "first mover's advantage" over OpenAI on the way to Wall Street — and neither company is profitable yet.
“My name is Ozymandias, king of kings: Look on my works, ye mighty, and despair! Nothing beside remains. Round the decay Of that colossal wreck, boundless and bare The lone and level sands stretch far away.” — Percy Bysshe Shelley, Ozymandias “I am in blood, Stepped in so far that, should I wade no more, Returning were as tedious as go o’er.” — William Shakespeare, Macbeth PROLOGUE This is and isn’t about America’s illegal war against Iran. It is primarily about hiding an empire in plain sight and now watching it unravel in plain sight. The war against Iran becomes a consequential event in tandem with other structural weaknesses, a fillip of sorts. It reminds one of the Soviet war on Afghanistan. That war, in and of itself, did not bring down the Soviet Leviathan. The process inhered in the very make-up of the Soviet Union. The war just shoved it over the precipice. But let’s get on with our purpose here. In August 2022, then-US President Joe Biden signed the CHIPS and Science Act into law. A $280 billion legislative package, it sought to revitalise domestic semiconductor manufacturing. The act was a response to a startling vulnerability: the world’s most advanced chips, essential for everything from F-35 fighter jets to surgical equipment to artificial intelligence, are overwhelmingly manufactured by a single company, the Taiwan Semiconductor Manufacturing Company (TSMC), located on an island claimed as sovereign territory by America’s primary strategic rival, China. This dependence is not an accident of geography or a supply chain anomaly. The semiconductor industry wasn’t even hobbled by Covid 19. Despite its complex and far-flung operations, the industry works smoothly. The US dependence is the logical endpoint of a decades-long corporate strategy that maximised profit by outsourcing physical production while retaining only the high-value design and marketing ends of the value chain, the so-called “Smile Curve” strategy. The undoing of the United States in the Iran war may be far more significant than its defeats in Vietnam, Iraq and Afghanistan. It may well mark a historic milestone in the fraying of the position of the US as a global hegemon. But the seeds of this erosion of American dominance, argues Ejaz Haider, were laid long before its misadventure in Iran… The Italian economist and sociologist Giovanni Arrighi, to whom I shall return, would have been amused to see the revered smile curve — taught at prestigious business schools and which encourages firms to outsource capital-intensive manufacturing to focus solely on high-margin research and development (R&D), branding and marketing — as a classic trap of late-stage capitalism. In fact, the CHIPS Act stands as a state-level admission that this strategy, so profitable for individual corporations like Apple and NVIDIA, to name just two, has become a major geopolitical vulnerability for the US. This is the central paradox of America’s declining empire. The very mechanisms that generated unprecedented wealth have systemically dismantled the material and industrial foundations upon which that wealth ultimately rests. The decline of the American empire is not a partisan talking point. The US is a behemoth. It won’t just collapse one day like the Berlin Wall. Nor is a snapshot view the way to go. It is an ongoing structural process and a number of scholars have used longitudinal designs to analyse the trend lines. I argue that it is a slow, systemic unravelling across interconnected domains. First, the financialisation of capital, theorised most rigorously by Arrighi. Capital shifts from productive investment to speculative finance, generating short-term profits at the cost of long-term industrial vitality. It hollows out domestic industrial and political power, a process identified by American sociologist and political scientist Ho-fung Hung, who argues that off-shoring of production destroys the industrial ecosystem, skilled labour base and, ultimately, the social cohesion required for great power competition. Second, the erosion of the alliance system. And no, it’s not just Trump. Three deeper currents are involved: the gradual unravelling of the post-WWII security architecture; the economic failure of neoliberalism; and the imperial outreach baked into the very idea of neoliberalism. Third, the lateral diffusion of technologies, now commodified and everywhere. They help innovative and determined weaker powers offset the asymmetric advantage of bigger powers: Ukraine versus Russia; Hamas/Hezbollah/Houthis versus the US-Zionist duo; and now Iran versus the US-Zionist duo. As I note later in this space, the war against Iran is a much bigger setback for the US than its wars in Vietnam, Afghanistan and Iraq. Corollary: the post-WWII ‘Pax Americana’ is transitioning from a period of hegemonic stability, to use American historian Charles Kindleberger’s concept, into a protracted and likely irreversible, terminal crisis, to borrow Arrighi’s term. But let’s first begin with the peg: the war against Iran. THE PRESENT Since its inception, America has been at war: wars of choice, wars of conquest, wars for resources, wars to defend its hegemony, wars to spread “American values.” How or why does the Iran war stand out? Foremost, the conflict has confirmed the structural limits of US coercive diplomacy in a shifting multipolar world. It has exposed acute structural vulnerabilities in defence economics and inventory endurance, as well as a critical absence of pragmatic post-war planning and a misreading of societal resilience. The conflict has also underscored the changing nature of global alignments in a multipolar world. This comes with the collapse of coercive economic power. For four decades, the US has relied on sophisticated sanctions and lawfare to pressure Iran into subjugation. It has failed, showing the limits of sanctions, especially on fungible commodities. Even sanctions on non-fungible elements like technology can be circumvented. As in Iran’s case, the sanctioned state can develop indigenous expertise through varied strategies. There’s clear evidence that Tehran has developed complex and sophisticated non-dollar lifelines with China and Russia, rendering unilateral sanctions increasingly ineffective. It has used an array of strategies to blunt the effect: interchangeability (can’t sell to X; sell to Y); value retention (barter, use of cryptocurrencies); substitution and evasion (relying on third parties, covert ship-to-ship transfers, use of shell companies). Unlike the insurgencies in Vietnam, Iraq and Afghanistan, the US is not involved in ground combat in Iran (so far). It has relied on high-tech aerial and missile attacks through its formidable ISTAR (Intelligence, Surveillance, Target Acquisition and Reconnaissance) capabilities. Iran has not responded through elusive, hit-and-run ground attacks. It has countered US technology through technology in a non-contact war. But its employment of technology is grounded in asymmetric capabilities: a large arsenal of ballistic missiles, cruise missiles, and one-way attack drones. The cost-exchange ratio, by most accounts, is unfavourable for the US. For instance, the Iranian Shahed-136 one-way attack drone has an estimated unit cost of $20,000 (some estimates put it at around $10,000). It is a simple, slow-moving, and relatively easy to detect drone. But it is also cheap and plentiful. To intercept it with costly SM-2 or ESSM missiles creates a cost-exchange ratio of between 30 to one and 100 to one. It is also a shoot-and-scoot system. Iran can afford to lose hundreds of such drones and produce some 1,000 per month. The US cannot afford to fire thousands of interceptors at them. And those interceptors take three to four years to manufacture. It is a cost-asymmetric war. Similarly, the US has been pulling out assets from the Pacific to the Gulf. The USS Boxer amphibious group is an example. Diverting naval assets from the Pacific physically manifests deployment overstretch. As Robert Farley, visiting professor at US Army War College notes, resources needed to prevail in one theatre guarantee weakness in another. It’s the same with all force deployments and employments: “Every missile allocated to one target is unavailable for another.” The contrast with Vietnam, Iraq and Afghanistan is instructive. In those theatres, the US was defeated by determined insurgencies, even as it bombed and bombed. The adversaries were willing to absorb enormous casualties, drag it out and inflict mission fatigue on the US. In both Iraq and Afghanistan, broadly speaking, the US won the conventional war expeditiously but then got bogged down. In the Iran conflict, while Tehran has demonstrated the ability to absorb much pain, the US is not facing elusive insurgents but a state with a sophisticated missile programme, a sharp understanding of force employment, a network of allies across the region (Hezbollah in Lebanon, Ansar Allah in Yemen, and Hashd al-Shaabi in Iraq and Syria), and the ability to close the Strait of Hormuz, through which 20 percent of the world’s oil passes. Iran has also demonstrated adaptation under fire, used the operational strategy of dispersal and delegation, exercised deception, demonstrated growing targeting capabilities through ISR, rapid repair of underground sites after US-Zionist bombing and consistently shifted locations for counterattack operations. Can the US still bomb Iran? Of course. Will that be painful? Yes. Will Iran respond? Hell, yes. Would that raise the overall cost? You can bet your dime on it. It will be proof, yet again, that it is a slow grind and the US cannot achieve its objectives at a sustainable cost. Yet, it is stuck, because to walk away means it loses credibility. Trump needs a win; Iran is not prepared to give him that. The war has changed the ground realities. There is no status quo ante. The objectives remain strategically incompatible — ie we might get a pause, even a long one, but the essential causes remain unaddressed. Spoiler alert: Zionist entity. US President Donald Trump attending the return of the bodies of the first six American soldiers killed during the war with Iran on March 7, 2026: the lateral diffusion of technologies help innovative and determined weaker powers, such as Iran, offset the asymmetric advantage of bigger powers, such as the US | AFP THE POINTILLIST EMPIRE: HOW IT BEGAN American imperialism did not begin with grand pronouncements like the Monroe Doctrine or the Big Stick diplomacy of Theodore Roosevelt, though they give us a potent sense of a rising, expansionist power. It literally began with bird poop, which sounds about right if one were to understand imperialism as a crap enterprise. The Guano Islands Act of 1856 allowed US citizens to claim uninhabited, guano-rich islands. The act set a precedent for later overseas acquisitions. Historian Daniel Immerwahr calls this a “pointillist” empire. This practical, resource-driven, and often hidden expansion set a pattern that would define America’s power and military bases for the next century. The Mexican-American War (1846-1848) established the continental empire, seizing vast territories from Mexico. This wasn’t a war of liberation but a war of conquest, not manifest destiny but a fig leaf to cover the musty crotch of violent expansion, economic greed and racial supremacy. The 1848 Treaty of Guadalupe Hidalgo formalised the seizure of over half of Mexico’s territory. The Spanish-American War of 1898 definitively projected American power overseas. Theodore Roosevelt’s Secretary of State John Hay, in a personal letter to Roosevelt, called it a “splendid little war.” By its end, the US had seized Cuba, Puerto Rico, Guam and the Philippines. But the “splendid” label concealed a brutal reality, just like the payload of Trump’s “gorgeous B-2 bombers.” The subsequent Philippine-American War (1899-1902) resulted in Filipino genocide. That savagery has been systematically erased from American popular memory, even as Mark Twain was scathing in his condemnation and also did a fantastic job of calling out Rudyard Kipling for The White Man’s Burden. But this wasn’t all. Immerwahr documents that American forces employed waterboarding (yes, much before the darned ‘War on Terror’), concentration camps (“black sites”), and scorched-earth tactics that would be recognisable to any student of colonial atrocities. After World War I, US President Woodrow Wilson attempted a new form of imperialism: liberal internationalism, rather than direct territorial control. Much has been written about the “Wilsonian moment.” British historian and diplomat E. H. Carr called it a utopian project, divorced from the reality of power politics. In fact, it wasn’t. The project was essentially colonial and Wilson’s liberal internationalism fit it perfectly. The mandates were thriving. The US Senate’s refusal to join the League of Nations left a vacuum that no amount of idealistic pronouncements could fill. War did come. Carr gives us insights into why it became inevitable. The US emerged from the war as the leading power. The post-WWII order was a direct lesson learned from the intervening two decades. No more “isolationism”. The US must play the role of the hegemonic stabiliser. The core argument was simple and powerful: a stable world economy requires a single power to act as lender of last resort, maintain an open market for distressed goods, and coordinate macroeconomic policies. The US did that via the Bretton Woods system, the Marshall Plan and a vast security architecture that spanned the globe. The quid for the quo? American dominance. The US was now fully involved. It bore the cost but the return on investment was handsome. It kept the US in the lead, even during the bipolarity of the Cold War and beyond. With the Berlin wall crumbling, American political scientist Francis Fukuyama became the mascot for neoliberalism. History had ended; all the wagon trains were destined for one town. Some might arrive late, but arrive they would. Europe was pacified and rebuilt. Japan was demilitarised and transformed into a manufacturing powerhouse. The dollar became the world’s reserve currency, giving the US what French President Valery Giscard d’Estaing called “exorbitant privilege.” For three decades, from 1945 to the early 1970s, this system appeared to confirm the virtues of hegemonic stability. Real GDP growth in Western Europe averaged nearly five percent annually, and the US share of world manufacturing output remained above 40 percent. But beneath the surface, the seeds of decline were already being sown. ARRIGHIAN COUNTER World-systems theorists like Immanuel Wallerstein and Giovanni Arrighi were not focused on immediate “imperial overstretch” in the manner of British historian Paul Kennedy. Kennedy argued that empires declined when their military commitments outpaced their economic base. The US, he warned, was suffering from imperial overreach. For Arrighi, the decline was gradual and subtle. He argued that capitalist hegemonies move through repeating “systemic cycles of accumulation.” A phase of material expansion where capital is invested in production, infrastructure and trade, inevitably gives way to a phase of financial expansion, where capital seeks profit through speculation, lending and financial engineering. The material foundation is hollowed out even as the financial superstructure appears to boom. This was the logic of capitalism. The “autumn” of each hegemon is marked by a dazzling financial belle époque that masks terminal decline. The smile curve strategy is the purest expression of this financialisation and Apple is a textbook case. It designs its products, develops its chips, creates the operating systems, controls the branding, marketing and the retail experience. But it manufactures almost nothing. The iPhones and MacBooks are assembled by Foxconn in Zhengzhou and by Pegatron in Shanghai. The advanced chips are fabricated by TSMC in Taiwan. The displays come from Samsung in South Korea and LG Display. Apple captures an estimated 80-90 percent of the profit from each device, while the suppliers who do the actual physical work fight over the remaining scraps. Business schools love this strategy because it maximises corporate profits and shareholder value. But as Hung argues in his work on global value chains and the Arrighian counter, what maximises corporate profits does not necessarily maximise national power. In fact, it may systematically undermine it. By outsourcing the middle of the smile curve, the US has drastically hollowed out its industrial ecosystem. Combine it with the faith in short, sharp wars of shock and awe through high-tech precision weapons and we get the full picture of what has happened in the war against Iran. This is very different from the WWII industrial base of America. This brings us to TSMC and the chokepoint crisis. It manufactures chips designed by other companies (Nvidia, AMD, Qualcomm) rather than designing and selling its own chips. Over three decades, TSMC has built an unassailable lead in advanced process nodes. By 2025, it was manufacturing 92 percent of the world’s most advanced chips. The entire global technology industry (including the US military and intelligence apparatus) became dependent on a single cluster of fabs (fabrication plants) in Hsinchu, Taichung and Tainan. China, which views Taiwan as a breakaway province to be reunited with the mainland by force if necessary, has the physical means to blockade or invade the island. Whether it would do so or should is a different debate. On ground, the People’s Liberation Army has been systematically building anti-access/area denial (A2/AD) capabilities, to prevent US intervention in a Taiwan scenario. It’s a fairly absurd position from the US point of view! Its technological supremacy is guaranteed by a factory complex on an island which, in theory, its primary strategic rival could potentially seize or blockade. To circle back to the CHIPS Act, this is the background. TSMC is now building a fab complex in Arizona. Intel is expanding in Ohio and Arizona. Samsung is building in Texas. But, as a 2023 Marketplace report noted, replicating TSMC’s “deep, deep process knowledge” will take years. The fab in Arizona has already faced delays, cost overruns, and labour disputes. Taiwanese engineers are reluctant to relocate to the United States. The set goes to Arrighi. America’s weaponisation of the dollar has accelerated efforts by China, Russia and other BRICS members to create alternatives | Shutterstock THE DOLLAR DILEMMA The dollar’s role as the world’s primary reserve currency has been a central pillar of American power since the Bretton Woods agreement of 1944. This exorbitant privilege allows the US to borrow in its own currency, run persistent trade deficits without penalty and, crucially, impose unilateral financial sanctions on states, corporations, and individuals. This weaponisation of the dollar has accelerated efforts by China, Russia and other BRICS members to create alternatives. China has been aggressively promoting its own Cross-Border Interbank Payment System (CIPS) as an alternative to Swift. The People’s Bank of China has signed bilateral currency swap agreements with dozens of countries, allowing trade to be settled in renminbi rather than dollars. Russia has demanded payment in rubles for its natural gas exports. India has established a rupee settlement mechanism for trade. Brazil and China have agreed to trade in their own currencies. The Central Bank of Brazil has announced that it is diversifying its reserves away from the dollar. And yet, the actual pace of de-dollarisation has been glacial. Several structural factors explain this “stickiness”, to use American political economist Benjamin Cohen’s term. First, there is network stickiness. The dollar’s dominance is not simply a matter of policy; it is an issue of deep, self-reinforcing infrastructure. Global supply chains, commodity exchanges, derivatives markets, and correspondent banking networks are all built around the dollar. Second, as various experts have argued, there is a lack of viable alternatives. The Chinese renminbi, despite China’s enormous economic weight, is not a free-floating, fully convertible currency. China maintains capital controls, a heavily regulated financial system, and a non-independent central bank. No foreign investor can be certain that their renminbi holdings would not be frozen or devalued by arbitrary state action. The euro, the second-largest reserve currency, is hobbled by the Eurozone’s fragmented fiscal system and the lingering scars of the 2011 debt crisis. Gold is impractical for everyday transactions. And cryptocurrencies are far too volatile and illiquid to serve as a reserve asset. Third is the absence of a deep, liquid and open bond market. A reserve currency requires a “safe asset” in which foreign central banks can park their surplus reserves. The US Treasury market, with $25 trillion in outstanding debt and extraordinary liquidity, is the only game in town. Result: while China and Russia publicly call for de-dollarisation, their central banks have themselves continued to accumulate US Treasury securities, because there is nowhere else to go. Corollary: the near-term prognosis for de-dollarisation is not collapse but slow erosion. IMF data shows the dollar’s share of global reserves has declined from over 70 percent in 2000 to approximately 58 percent in 2025. This is not a precipitous decline, but it is a steady one. The debate is not if the dollar will lose its dominance but when. I have no expertise in this area and I have relied on studying existing expertise. Most analyses measure the timeframe in decades, not years. From that, my understanding is that increasing uncertainty, further weaponisation of the dollar, continuing application of sanctions and asset freezes will (a) erode the confidence that underpins the entire system and (b) force experts (and governments) to find alternatives. EPILOGUE: TERMINAL CRISIS Two other issues are important but I am only flagging them here for paucity of space: the implosion of neoliberalism and its internal effects and the fraying of the transatlantic alliance. Both are exacerbated by Trump but neither is a direct result of his election. Both are extremely consequential. The United States has not collapsed; not yet. Nor can it be defeated from outside. But it can crumble from within. The future is not about a return to US hegemony, certainly not in a unipolar sense. The industrial base may be gone but it can be rebuilt, albeit not overnight. Alliances are frayed; trust cannot be easily restored. The fiscal position is precarious, with a $35 trillion US national debt. Internal politics is deeply polarised, with a significant portion of the American electorate believing that the system is rigged against them. A lot of these factors, singly and in combination with other factors, are self-reinforcing. The future also lies in terra incognita, a contested transition to a multipolar world, whose contours remain unknown. A recent book by German political analyst Marc Saxer, Geopolitical Conflict in the Wolf World, is a sobering structural assessment of where the world and the US are headed. “Homo homini lupus est” (Man is a wolf to man) is how Saxer begins. With that statement, we are back to Plautus and Hobbes. This is not mere rhetorical flourish. Saxer’s wolf world is an analytic category, a systemic condition characterised by the absence of a hegemon capable of enforcing rules, the demise of neoliberalism, the collapse of shared legal-normative frameworks, the return of great-power competition, the rise of Middle Powers, many with regional hegemonic aspirations, and the normalisation of coercion as a primary instrument of statecraft. As I said to Saxer during the launch of his book in Lahore, for the Global South, it has always been a wolf world. Pax Americana did not keep the peace for the periphery. It financed selective peace on credit. The bill has now come due. The writer is a journalist interested in security and foreign policies. X: @ejazhaider Published in Dawn, EOS, May 31st, 2026
China is pitching itself as the global fulcrum for the next phase of artificial intelligence and a legion of robotics companies is lining up initial public offerings to test investor appetite.Unitree Robotics, one of the most recognizable names in the industry after its robots practicing martial arts made headlines, on Monday received approval for a listing in Shanghai. Its IPO will serve as an early test for what could be a broader wave of offerings. Hong Kong alone has at least 46 robotics-related companies in the pipeline, more than 10% of applicants, according to a report. Companies that have filed IPO applications include Leju Robotics and Deep Robotics. “Chinese humanoids are one step closer to IPOs, igniting market interest on humanoids in the second half of 2026,” Sheng Zhong, head of China industrials research at Morgan Stanley, wrote in a note. “Funds from most of the Chinese humanoids’ IPOs will go toward R&D, especially robot models.” The deep pipeline of robotics IPOs mirrors the fast rise of China’s AI ecosystem, where an array of listings whipped up an investor frenzy in the past six months. It also aligns with Beijing’s push to shift high-tech industries from innovation to large-scale deployment. China is rushing to set the pace of funding, industrialization and ultimately leadership in what Nvidia Corp. CEO Jensen Huang calls “physical AI.” Shares of OneRobotics (Shenzhen) Co. jumped as much as 18% in Hong Kong on Tuesday, while component maker Leader Harmonious Drive Systems Co. gained as much as 11% on the mainland. 131456136“This is the decade of the robot – and it belongs to China,” Barclays analysts, including Zornitsa Todorova, wrote in a note last month. “This leadership reflects a decade-long, state-guided push.”The firm says China’s robotics roll-out is already unmatched, accounting for 50% of global industrial robots and 85% of humanoids in 2025. Backed by coordinated industrial policy and tight supply-chain control, humanoids could reach about 3.8% of the nation’s labor capacity by 2035, it estimates. Unitree got a nice shoutout from Nvidia’s Huang on Monday, when he showcased his company’s endeavors in robotic AI. The two companies have partnered to build humanoid “reference” machines, featuring five-fingered hands and built-in chips to replace cumbersome “Frankenrobots” in research labs.Some investors remain more cautious, though, when looking at the companies’ fundamentals. Many robotics firms are expected to burn cash for years and concerns are mounting that valuations could run ahead of earnings.A gauge of humanoid robot stocks has fallen about 13% this year, after registering a 47% gain in 2025. ChinaAMC CSI Robot ETF, a major exchange-traded fund tracking robot-related stocks, has seen net fund outflows for most of this year. Valuations were also elevated, with the sector trading at about 40 times forward earnings, compared with about 14 times for the CSI 300 Index, according to Bloomberg-compiled data.“Investors trading at such elevated valuations are typically not driven by long-term fundamentals, but rather by the pursuit of short-term price gains,” said Shen Meng, a director at Beijing-based investment bank Chanson & Co. “It indicates that sentiment is driven more by market dynamics than by conviction or long-term vision.”The state-run China Securities Journal also struck a cautious tone in an editorial published Tuesday, warning that pre-IPO valuations may outpace fundamentals, with many firms still unprofitable, raising the risk of a sharp correction if growth or commercialization disappoints. Still, prospective issuers can look at the performance of China tech IPOs this year, with many listings thousands of times oversubscribed and producing big gains on their debuts. Two of those companies, AI model developers Knowledge Atlas Technology Joint Stock Co. and MiniMax Group Inc. last month gained inclusion in the Hang Seng Tech Index after massive rallies since their January listings. For investors, the robotics companies can also offer a way to benefit from the rapid expansion of a cutting edge industry, said Zhou Nan, founder and investment director of Shenzhen Long Hui Fund Management Co.“With continued advances in AI, the robotics sector is poised for substantial long-term growth,” Zhou said. “Robotics is expected to become a key driver of enterprise value, and progressively complement or replace human labor across a wide range of use cases.”
PAKISTAN’S farmers are awaiting the next budget with growing fears and fading hopes. Their concerns this year are fundamental, as the government — amid pressure for reform — continues experimenting with subsidies, procurement prices, input-cost liberalisation and agricultural trade. The cost of this trial-and-error has become an existential problem for farmers and the agricultural sector. The agriculture sector’s fading hopes are a direct result of the government’s inability — or unwillingness — to adopt a long-term policy direction and muster the political will needed for its implementation. Deregulation of agricultural inputs has led to a continuous rise in production costs, which the government hesitates to pass on to consumers because of political consequences. Wheat policy reversals, deregulated input costs and controlled output prices are curtailing farm profitability Consequently, farmers and agri-sector experts alike agree the government should make a clear decision this year, develop a consistent policy framework, and commit resources to it in the coming budget. Iqrar Ahmad Khan, former vice chancellor of the University of Agriculture Faisalabad and author of the Punjab government’s last agricultural policy, supports the farmers’ demands. “After all, this is going to be the third budget of this government; it must decide where it wants to take the sector. If it wants to regulate agricultural inputs and trade, it should do so clearly. If it plans to deregulate, it must do so unambiguously. But it must make the direction clear. “If deregulation is the preferred path, as appears to be the case, then the government should stop interfering in the market on behalf of different stakeholders — whether farmers, consumers, traders or manufacturers — at different levels and times, and let the market find its own equilibrium.” Citing policy somersaults on wheat — the national staple around which much of the agricultural economy revolves — farmers explain how an inconsistent mix of liberalised and controlled policies is proving ruinous for growers. Responding to lenders’ demands, the federal and provincial governments withdrew from the wheat procurement process two years ago. But after a crippling price crash last year, the Punjab government lured commercial wheat buyers into the market by promising to share their financial burden and ensure profitability. Within weeks, as the entire model began to collapse, the province reverted to old tactics: raiding farmers’ stocks, seizing wheat shipments on roads and using administrative power to build up the reserves of private buyers. In the process, it incurred farmers’ wrath twice over — first by withdrawing from the wheat market and then by seizing their produce to rescue a failing liberalisation model. Such somersaults have become routine and now define the government’s handling of the entire agricultural sector. Structural weaknesses Beyond pricing and procurement issues, many believe the crisis in agriculture is also rooted in structural weaknesses that successive governments have failed to address. Dr Asif Ali, vice chancellor of Nawaz Sharif Agriculture University, argues that since landholdings in Pakistan are already highly fragmented — and continue to be divided with each passing generation — the government needs to mitigate the effects through cluster farming and crop zoning. These clusters could then be linked with providers of quality agricultural inputs, including seed, fertiliser and pesticides, which could also conduct training programmes for farmers. Such a model would help improve the marketing of agricultural produce as well. He further points out that nearly 65pc of farmers own less than five hectares of land. For such small landholders, most forms of mechanisation are either financially unaffordable or commercially impractical. He suggests the government announce measures in the budget to establish farm machinery rental centres, enabling small farmers to access equipment without bearing the full cost of ownership. A question of survival While some experts focus on structural reforms, farmers’ representatives insist the most immediate issue remains economic survival. Khalid Khokhar of the Pakistan Kissan Ittehad advocates making agriculture profitable on an urgent basis, arguing that it is no longer economically viable. He suggests the creation of a pricing commission to calculate the cost of production for each crop every year, add a 25pc profit margin and announce the price before the crop reaches the market. “Either put a cap on the cost of inputs or remove the cap on the price of outputs,” he warns. “Otherwise, farmers may soon be pushed out of business and existence.” Running dry Water sector remains the most critical challenge facing agriculture. According to data from the Indus River System Authority, water shortages remained in double digits in six of the last 10 years, touching nearly 30pc in 2022-23. Not a single year during this period was free of a water deficit. Naeem Hotiana, a farmer from central Punjab, points to a stark funding gap: the outgoing Wapda chairman demanded Rs400 billion annually to complete ongoing water projects but received only Rs35 billion — less than 10pc of the required amount. “The irrigation system was originally designed for 65pc land utilisation, whereas the current cropping intensity in Punjab has already crossed 150pc. Now combine the realities of limited surface-water availability, shrinking groundwater reserves and barely one-tenth of the required investment being provided, and imagine the situation that is emerging. Doesn’t it scare one out of one’s senses?” He warns the situation will worsen as environmental pressures mount. “Climate change, which is already testing the limits of existing water supplies, only deepens the anxiety.” Published in Dawn, June 2nd, 2026
PAKISTAN’S farmers are awaiting the next budget with growing fears and fading hopes. Their concerns this year are fundamental, as the government — amid pressure for reform — continues experimenting with subsidies, procurement prices, input-cost liberalisation and agricultural trade. The cost of this trial-and-error has become an existential problem for farmers and the agricultural sector. The agriculture sector’s fading hopes are a direct result of the government’s inability — or unwillingness — to adopt a long-term policy direction and muster the political will needed for its implementation. Deregulation of agricultural inputs has led to a continuous rise in production costs, which the government hesitates to pass on to consumers because of political consequences. Wheat policy reversals, deregulated input costs and controlled output prices are curtailing farm profitability Consequently, farmers and agri-sector experts alike agree the government should make a clear decision this year, develop a consistent policy framework, and commit resources to it in the coming budget. Iqrar Ahmad Khan, former vice chancellor of the University of Agriculture Faisalabad and author of the Punjab government’s last agricultural policy, supports the farmers’ demands. “After all, this is going to be the third budget of this government; it must decide where it wants to take the sector. If it wants to regulate agricultural inputs and trade, it should do so clearly. If it plans to deregulate, it must do so unambiguously. But it must make the direction clear. “If deregulation is the preferred path, as appears to be the case, then the government should stop interfering in the market on behalf of different stakeholders — whether farmers, consumers, traders or manufacturers — at different levels and times, and let the market find its own equilibrium.” Citing policy somersaults on wheat — the national staple around which much of the agricultural economy revolves — farmers explain how an inconsistent mix of liberalised and controlled policies is proving ruinous for growers. Responding to lenders’ demands, the federal and provincial governments withdrew from the wheat procurement process two years ago. But after a crippling price crash last year, the Punjab government lured commercial wheat buyers into the market by promising to share their financial burden and ensure profitability. Within weeks, as the entire model began to collapse, the province reverted to old tactics: raiding farmers’ stocks, seizing wheat shipments on roads and using administrative power to build up the reserves of private buyers. In the process, it incurred farmers’ wrath twice over — first by withdrawing from the wheat market and then by seizing their produce to rescue a failing liberalisation model. Such somersaults have become routine and now define the government’s handling of the entire agricultural sector. Structural weaknesses Beyond pricing and procurement issues, many believe the crisis in agriculture is also rooted in structural weaknesses that successive governments have failed to address. Dr Asif Ali, vice chancellor of Nawaz Sharif Agriculture University, argues that since landholdings in Pakistan are already highly fragmented — and continue to be divided with each passing generation — the government needs to mitigate the effects through cluster farming and crop zoning. These clusters could then be linked with providers of quality agricultural inputs, including seed, fertiliser and pesticides, which could also conduct training programmes for farmers. Such a model would help improve the marketing of agricultural produce as well. He further points out that nearly 65pc of farmers own less than five hectares of land. For such small landholders, most forms of mechanisation are either financially unaffordable or commercially impractical. He suggests the government announce measures in the budget to establish farm machinery rental centres, enabling small farmers to access equipment without bearing the full cost of ownership. A question of survival While some experts focus on structural reforms, farmers’ representatives insist the most immediate issue remains economic survival. Khalid Khokhar of the Pakistan Kissan Ittehad advocates making agriculture profitable on an urgent basis, arguing that it is no longer economically viable. He suggests the creation of a pricing commission to calculate the cost of production for each crop every year, add a 25pc profit margin and announce the price before the crop reaches the market. “Either put a cap on the cost of inputs or remove the cap on the price of outputs,” he warns. “Otherwise, farmers may soon be pushed out of business and existence.” Running dry Water sector remains the most critical challenge facing agriculture. According to data from the Indus River System Authority, water shortages remained in double digits in six of the last 10 years, touching nearly 30pc in 2022-23. Not a single year during this period was free of a water deficit. Naeem Hotiana, a farmer from central Punjab, points to a stark funding gap: the outgoing Wapda chairman demanded Rs400 billion annually to complete ongoing water projects but received only Rs35 billion — less than 10pc of the required amount. “The irrigation system was originally designed for 65pc land utilisation, whereas the current cropping intensity in Punjab has already crossed 150pc. Now combine the realities of limited surface-water availability, shrinking groundwater reserves and barely one-tenth of the required investment being provided, and imagine the situation that is emerging. Doesn’t it scare one out of one’s senses?” He warns the situation will worsen as environmental pressures mount. “Climate change, which is already testing the limits of existing water supplies, only deepens the anxiety.” Published in Dawn, June 2nd, 2026
After two years of underperformance, most home builders remain profitable and many stocks are trading at relatively low valuations.
The Puerto Rican star is in Madrid to perform a string of concerts, a format also chosen by Shakira: logistically efficient, highly profitable, and at risk of turning into ‘a theme park’
For Allerman, a South Korean maker of bedding, its most profitable product last year was not a duvet or mattress cover. It was semiconductor stocks. The company's investments in Samsung Electronics and SK hynix generated unrealized gains of about 37.6 billion won ($27.7 million), exceeding the operating profit it earned from its core bedding business. According to Allerman's latest audit report, the company purchased 30,000 Samsung Electronics shares and 17,132 SK hynix shares last year for a co
Shares of NMDC Steel rallied as much as 17.92% to an intraday high of Rs 52.62 during Monday's trading session after the company reported a sharp turnaround in its fourth-quarter and FY26 earnings. The stock hit a fresh 52-week high as investors cheered its return to profitability and strong revenue growth.NMDC Steel returned to profitability in the March quarter, posting a net profit of Rs 391.91 crore compared with a net loss of Rs 473 crore in the corresponding quarter last year. The company had also reported a loss of Rs 244 crore in the December 2025 quarter, making the latest earnings performance a significant turnaround.Revenue from operations jumped 37% year-on-year to Rs 3,879 crore in Q4 FY26 from Rs 2,838 crore in the same quarter last year. On a sequential basis, revenue rose sharply from Rs 3,007 crore reported in the previous quarter.The company also reported its first profitable full-year performance, posting a net profit of Rs 59 crore in FY26 compared with a substantial net loss of Rs 2,374 crore in FY25.Annual revenue from operations surged nearly 60% to Rs 13,641.81 crore, compared with Rs 8,503 crore in the previous financial year, highlighting strong growth in production and sales volumes.Further underlining the improvement in earnings quality, earnings per share (EPS) turned positive at Rs 1.34 for FY26.Valuation and Market PositionFollowing the sharp rally, NMDC Steel commands a market capitalization of approximately Rs 13,076 crore. The stock continues to trade at a Price-to-Sales (P/S) ratio of 1.15 and a Price-to-Book (P/B) ratio of 1.0.Institutional Investors Increase ExposureForeign Institutional Investors (FIIs) marginally increased their stake from 4.81% to 4.85% during the March 2026 quarter. Meanwhile, mutual fund holdings rose from 0.71% to 0.83%, indicating growing confidence among domestic institutional investors.Technical Indicators Signal StrengthFrom a technical perspective, the stock remains firmly in bullish territory. NMDC Steel is currently trading above all 8 of its key simple moving averages (SMAs), a sign of strong upward momentum.The stock's 14-day Relative Strength Index (RSI) stands at 56.9. An RSI below 30 is generally considered oversold, while a reading above 70 indicates overbought conditions. The current RSI suggests the stock has room to move higher without entering overheated territory.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
“LOOK at that thing, dude. My gosh. There’s a whole fleet of them. They’re all going against the wind … look at that thing. It’s rotating.” While this may sound like a scene from a sci-fi film, these were the voices of US Navy aviators reacting to an object detected by military sensors, in footage later known as Gimbal. The Pentagon formally released that video, along with two others, in 2020, confirming that they showed what it described as unidentified aerial phenomena. In May 2026, the Pentagon began releasing more declassified UAP material in batches through the Presidential Unsealing and Reporting System for UAP Encounters, known as PURSUE — hundreds of files and more than 50 videos, including historical records of “green orbs”, “discs” and “fireballs”, as well as newer military-linked footage. This, in its simplest form, is known as the unidentified anomalous phenomena. ‘UAP’ is the modern bureaucratic term for what the world once called Unidentified Flying Objects, UFOs. The shift in language is deliberate. UFO came carrying decades of cultural baggage: flying saucers, little green men, crashed discs, secret hangars, conspiracy radio and late-night documentaries. The term ‘UAP’ gives the state a way to talk about the mystery without surrendering to the mythology. But the public does not hear it that way. For UAP enthusiasts, an object trained pilots cannot identify, detected by military systems, moving against the wind or rotating in unusual ways, is not a neutral bureaucratic category. It is the oldest question in a new form: are we alone? And, perhaps, for good reason. The existence of UAPs does not automatically mean they are alien. It means they are unresolved. For decades, the question of UFOs, now UAPs, was made ridiculous before it was examined. The official history of UFO inquiry is full of this contradiction. Governments investigated sightings because they could not ignore them, but often spoke about them as if only the foolish would take them seriously. The infamous ‘Project Blue Book’, the US Air Force’s programme to study and debunk UFOs, became the symbol of this uneasy posture: investigate the unknown, but reassure the public that nothing extraordinary is happening, all the while hundreds of those sightings or cases remained ‘unexplained’. This is the strange irony of the alien question. Hollywood has spent more than half a century making extraterrestrial life profitable. We are culturally fluent in fictional aliens, yet when real pilots, soldiers, radar operators or civilians describe something strange in the sky, the same culture suddenly becomes embarrassed. With all of the newly declassified files, that ridicule is now becoming harder to sustain. Yet as UAPs have moved from the margins into congressional hearings, official reports and military disclosure, the official position has remained cautious. The Pentagon has released videos and records, while its All-Domain Anomaly Resolution Office, or AARO, continues to examine cases. Nasa, too, has entered the conversation, arguing for better data, better sensors and less stigma. Yet both remain careful: they acknowledge that some cases are unresolved, while Nasa’s independent study team has stated that there is no conclusive evidence in peer-reviewed scientific literature suggesting an extraterrestrial origin for UAPs, and that many cases remain difficult to resolve because the data is often incomplete, inconsistent or not collected scientifically. This is where the debate often polarises. One side treats every unexplained sighting as evidence of alien visitation. The other treats every mention of aliens as foolish claims. But both positions are oversimplified. The more honest position is harder. UAPs exist in the limited but important sense that there are sightings, sensor records, and official cases that remain unidentified. That does not automatically mean they are alien. It means they are unresolved. The difference matters. There is a ladder of probability. At the bottom are ordinary explanations: aircraft, balloons, birds, drones, satellites, debris, weather effects, optical illusions, camera artefacts and sensor errors. Many UAP cases eventually fall here. A distant object may appear impossibly fast because of camera angle; a sensor may misread distance; a pilot may misjudge size or speed. A classified aircraft may be unknown to the observer but not to the state. Higher up are more troubling possibilities: advanced surveillance systems, experimental military technology, unknown atmospheric phenomena, or limits in our sensors and perception. Only then does one arrive at the most dramatic explanation: non-human technology. That explanation is not impossible. It is simply not yet proven. The strongest argument for taking UAPs seriously is not that they prove aliens. It is that serious institutions now admit that some cases cannot be fully explained with the data available. That alone is significant. This is also why the release of Pentagon files should not be mistaken for an admission of first contact. A government disclosure is not the cinematic moment where the state finally confesses that visitors have arrived. It is more likely controlled transparency: a response to congressional pressure, public mistrust, national security uncertainty, and decades of secrecy. The alien question survives because both sides have something to explain. The believers must explain why there is still no public, verifiable physical evidence of extraterrestrial technology. The sceptics must explain why trained observers, military systems, and official institutions keep encountering cases that cannot be dismissed as fantasy. Between those two failures is where the real mystery lives. So, the million-dollar question: are we really alone? The universe is too vast for certainty to belong only to sceptics. It would be arrogant to assume life emerged only once, on one small planet, around one ordinary star. But it would also be careless to turn every unknown light in the sky into a visitor from another world. Even as a lifelong ‘believer’ and a UAP enthusiast who has consumed everything from official press conferences to Netflix documentaries on the subject, I suspect first contact may not arrive as a Spielberg-style landing on Earth. It may come more quietly: from one of Nasa’s missions to Europa, hidden in the chemistry of an ocean beneath ice. The writer is the founder of Media Matters for Democracy. Published in Dawn, June 1st, 2026
New Delhi: Travel portal Yatra Online's founders have opened discussions to sell a controlling stake with feelers having been sent to competitors and other potential buyers, people aware of the development said.The companies they have approached include Makemytrip, Paytm Travel, Rapido, Ixigo and a private equity fund, the people said. Yatra is working with advisors on the sale, they said. Suitors could submit non-binding term sheets to formally document their interest next week. Any formal offers will be subject to due diligence, they said.Also Read: Yatra bets on corporate travel as India’s business travel market heads toward $20 billion by FY27Yatra's founders include Dhruv Shringi, Manish Amin and Sabina Chopra. Shringi, also the chairman, said "there is no substance" to this information."We just reported record profits for the year, hence no reason for anyone to sell," Shringi said when ET sought his comment. "This would anyways not be the right time to do something in the travel industry," he said. The other two founders of Mumbai- and New York-listed Yatra could not be reached for comment. Emailed queries to the company did not elicit a response till press time Sunday.Ixigo and Paytm denied any interest in purchasing a controlling stake in Yatra. Makemytrip and Rapido said they would not comment on "market rumours"."That said, our inorganic growth playbook of investing in niche organisations across travel-adjacent categories has not changed," said a MakeMyTrip spokesperson.Also Read: Indians may be roaming closer to home because of a war far away"Online travel booking is becoming a crowded market. It looks ripe for consolidation," said a fund manager at an international investment firm on condition of anonymity.Yatra Online refers to itself as India's largest corporate travel services provider. The company reported consolidated total income from operations of ₹199.3 crore for the fourth quarter ended March 31, 2026, down from ₹228.5 crore a year earlier. Net profit for the quarter fell to ₹8.2 crore from ₹15.2 crore.On an annual basis, the company reported total income from operations of ₹1,032 crore for fiscal year 2026, and a net profit of ₹47 crore. Yatra said it reported its most profitable year in its history despite some "very significant" macro headwinds that impacted three months of the year.CEO Siddhartha Gupta said that its quarter four was affected by geopolitical disruptions and war-related uncertainty, which weighed on international travel demand, particularly in MICE (meetings, incentives, conferences & exhibitions).
New Delhi, In a significant move, the government has allowed companies to invest up to 10 per cent of their CSR funds in zero coupon zero principal instruments issued by not for profit organisations through a social stock exchange.Under the Companies Act, 2013, a certain class of profitable companies are required to shell out at least two per cent of their three-year average annual net profit towards CSR (Corporate Social Responsibility) activities in a particular financial year.The corporate affairs ministry has introduced the item 'subscription to zero coupon zero principal instruments on Social Stock Exchange' in Schedule VII, which pertains to activities allowed for CSR activities under the Companies Act."This amendment is aimed at providing significant ease of compliance to the companies and will also help Not for Profit Organisations (NPOs), to raise funding for public welfare projects in a transparent and regulated manner."These NPOs will be able to issue zero-coupon, zero-principal instruments on the Social Stock Exchange (SSE) in accordance with the Securities and Exchange Board of India's Regulations," the ministry said in a release on Friday.Expenditure incurred by the CSR-mandated companies for such instruments shall not exceed ten per cent of the total CSR expenditure for the particular financial year.To facilitate the implementation of CSR through zero coupon zero principal instrument, amendments have been done in the CSR Policy Rules, 2014.Now, under the rules, the definition of NPO and zero coupon zero principal instrument' has been introduced.Anshul Jain, Partner Regulatory at consultancy PwC India, said companies can now invest their CSR funds into such instruments issued through an SSE.It helps in furtherance of a transparent and credible mode of funding CSR projects by the companies and enables social enterprises to access a wider pool of capital, Jain said.
Need a profitable home for your hard-earned $70,000? Here's how much interest you could earn with a CD account now.
A group of right-brained entrepreneurs is capitalizing on Gen Z's love for analog experiences and turning their talents into profitable side hustles.
Anthropic PBC raised $65 billion in a funding round that valued the artificial intelligence company at $965 billion including the new investment, eclipsing rival OpenAI’s value for the first time.The funding, announced Thursday, was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital. Each of the lead investors put in more than $2 billion, according to people familiar with the matter. Sequoia declined to comment. The other three firms did not respond to a request for comment.Alphabet Inc.’s Google contributed several billion dollars to the round as part of a previously announced commitment to invest up to $40 billion in Anthropic over time, according to people familiar with the matter. Amazon.com Inc. invested $5 billion in the round, also as part of a prior commitment, Anthropic said in a blog post.Google declined to comment. Micron Technology Inc., Samsung Electronics Co. and SK Hynix Inc. also contributed an undisclosed amount, helping to push the round well above Anthropic’s initial $30 billion target.The large round came together in a matter of weeks, a sign of strong investor demand for the Claude maker. In late April, Anthropic had been weighing whether to pursue new financing at a more than $900 billion valuation after receiving several inbound proposals, Bloomberg News has reported. The artificial intelligence startup then kicked off advanced discussions earlier this month.Founded in 2021 by a group of former OpenAI employees, Anthropic has since emerged as a leader in the AI sector. Anthropic has developed a series of AI tools aimed at overhauling the way businesses handle tasks from coding to cybersecurity. Anthropic and OpenAI are both expected to go public as soon as this fall, Bloomberg News has reported. Anthropic is still expected to proceed with an IPO on that timeline after the latest funding, one person said.Anthropic declined to comment.Anthropic expects to post $10.9 billion in revenue for the second quarter, more than doubling from the prior three-month period as demand surges for its AI software, Bloomberg News has reported. The company is also on pace for its first profitable quarter.The company has told investors that its annualized run rate revenue will surpass $50 billion by the end of next month, people familiar with the matter said. Anthropic’s run rate, a metric that projects full-year revenue based on sales from a shorter period, was $4 billion in July of last year.OpenAI was most recently valued at $852 billion in a funding round completed in March. The company is expected to confidentially file draft paperwork to go public in the coming days or weeks.
The carrier has become the country’s most profitable by catering to affluent travelers, but it is facing stiffer competition from United.
Major Chinese electric vehicle makers, including BYD, Chery and Geely, are scaling back their expansion into Canada — a strategic entry point to North America beyond the US market, where intensifying anti-China trade policies have effectively shut out Chinese EVs. Experts indicate the shift could help Hyundai Motor Group to defend its ground in the profitable market, where demand for high-margin SUVs and eco-friendly vehicles remains strong. According to a recent report by Automotive News Canada
“Obsession” is, well, the obsession of the box office. That’s after the low-budget horror film earned $22 million from 2,655 North American theaters in its second weekend and a projected $28.2 million through the Memorial Day holiday. Those ticket sales are 30% above its debut (an impressive $17.2 million from 2,615 cinemas) — a virtually […]
Given how integral the Internet has become to everyday tasks such as shopping, paying bills, and holding virtual meetings, it’s interesting that nearly 30 percent of the global population still has no access to it. More than 2 billion people are still offline, according to a report released in November by the International Telecommunication Union. More and more people are being connected, though, thanks to IEEE Future Networks’ Connecting the Unconnected (CTU) and similar programs. Since 2021, the technical community has been working to accelerate the development, standardization, and deployment of 5G, 6G, and future generations. Every year, CTU holds a worldwide competition to seek out innovators who are in the early stages of developing technologies or applications to provide greater access. It also holds an annual summit that brings together experts, community leaders, and other interested parties to discuss strategies to expand access and foster digital inclusion. CTU expanded in several ways last year. It launched regional summits to focus on local connectivity issues, organized community-focused events, and established an expanded mentorship program to further support contest winners and the next generation of technological innovators impacting humanity. The program also partners with the IEEE Standards Association (IEEE SA) to develop guidelines for some of the submitted innovations. “IEEE Future Networks has created a community to bring all these initiatives working on digital connectivity together in a single platform and leverage the IEEE brand to help raise the visibility of their work,” says IEEE Life Fellow Sudhir Dixit, a CTU cochair and a Basic Internet Foundation cofounder, which also works to expand Internet access. A contest for new connectivity methods The CTU challenge, launched in 2021, typically receives 200 to 300 submissions each year, Dixit says. Last year 245 projects from 52 countries were submitted. Participants include academics, nonprofit organizations, startups, and students. Projects can be entered into one of three categories. The Technology Applications category is for new connectivity methods or innovations that broaden broadband access. Those who improve the affordability of Internet services can enter the Business Model category. The Community Enablement category is for strategies that promote public broadband adoption. After selecting a category, entrants choose between two tracks based on their project’s maturity. The proof-of-concept route is for early-stage but functional technology that has already produced results. The conceptual path is for projects in the theoretical phase that have not undergone full testing. “IEEE Future Networks has created a community to bring all these initiatives working on digital connectivity together in a single platform and leverage the IEEE brand to help raise the visibility of their work.” —Sudhir Dixit, Connecting the Unconnected cochair Last year’s challenge submission period was from March to June, with judging phases from June through November. The 20 winners presented their solutions in December at a virtual Winners Summit. Fourteen projects received prize money, ranging from US $500 to $2,500. Six finalists earned an honorable mention at the summit. The awards amounts have varied over the years, based on the sponsorship. Among the winners were a solar-powered community broadband network in Tanzania, a low-cost method for accessing the Internet that uses FM radio and a short message service (SMS), and a strategy for utilizing India’s rural broadband infrastructure to deliver medical services to people living in isolated, tribal, and other underserved regions. “Our job is to help further develop the technology, look for gaps, and see if it is good enough to be applied to rural villages, like those in Africa and India,” says IEEE Fellow Ashutosh Dutta, who is a CTU cochair and a professor at Johns Hopkins University, in Baltimore. “The idea behind the contest is to make sure the technology actually gets implemented at the grassroots level and is being used by the local community.” This year’s challenge submission period runs until 19 June, with judging phases from July through October. The finalists of the 2025 IEEE Connect the Unconnected challenge describe their projects.IEEE Future Networks Local connectivity discussions The CTU program hosted three regional summits last year. The North American event was held in September in Washington, D.C. In November, the Global/Asia-Pacific meeting took place in Bangalore, India; it was co-located with the IEEE Future Networks World Forum. The Europe, Middle East, and Africa summit also was held in November, in Abuja, Nigeria. Topics discussed at the summits included infrastructure solutions for universal connectivity; sustainable business models; scaling homegrown technologies; and policy, regulation, and financing issues. As of press time, the dates for this year’s regional summits had not been announced. Community-focused events To help bridge the gap between ideas and their deployment, the Connect a Community event was established to demonstrate how some new technologies might benefit people. The inaugural event was held in November in Bengaluru, India. During the daylong program, 10 of the challenge winners demonstrated their connectivity solutions to villagers from seven rural communities. Dutta credits IEEE Life Fellow Rakesh Kumar with devising the event. Kumar chairs IEEE Future Directions, which was where Future Networks got its start in 2017 as the 5G Initiative. “Kumar wants to ensure the winning technologies are going to be useful for the community,” Dutta says. Providing entrepreneurs with business skills Dixit says the Future Networks team believed that simply conducting a competition and distributing prizes wasn’t enough. “We wanted to follow up with the winners, monitor their progress, and help them turn their ideas into a business,” he says. To accomplish that, IEEE launched the Empowerment Through Mentorship program, in which budding entrepreneurs are paired with industry leaders and experienced mentors who provide them with 1,000 days of guidance, coaching them on scaling up their business. “We launched the mentorship program to further the cause,” Dixit says. “These people may be good at developing technology, but they don’t know the marketing challenges, how to raise money, and other factors.” The Lemelson Foundation, an organization in Portland, Ore., that partners with IEEE, collaborated on the mentorship program. The foundation’s philanthropic strategy is to cultivate a robust ecosystem for entrepreneurs in East Africa, India, and the United States. It does so by providing the entrepreneurs with tools including financing options and access to communities that share their passion. The foundation chose to partner with IEEE “because of its powerful international network and focus on electrical engineering, which is a critical element of communications and energy infrastructure globally,” says Kory Murphy, Lemelson’s program officer for U.S. invention and entrepreneurship. “Other factors include IEEE’s focus on nontraditional or disadvantaged areas in India,” Murphy says, “and its recognition that mentorship is critical for the successful deployment of new technologies.” IEEE began an early pilot project in 2023 with support of a grant from the Lemelson Foundation, to determine if a sustained entrepreneurship mentorship program was valuable and necessary, he says. It then conducted a survey through 2024 to collect information to better understand the needs of stakeholders, mentors, and entrepreneurs in hard-to-reach areas in India. While the early pilot program was restricted to that country, its intent was to learn from the experience and share the findings globally, he says. “Our job is to help further develop the technology, look for gaps, and see if it is good enough to be applied to rural villages, like those in Africa and India.” —Ashutosh Dutta, Connecting the Unconnected cochair “The foundation’s involvement was aimed at testing certain activities, partnership strategies, and understanding the budgetary requirements for a prepilot program,” he says. “The primary goal of the foundation is to enable conditions for innovation to occur within regional systems, especially addressing the opportunity for sustained, systematic, and relational mentorship in technology innovation.” The Empowerment Through Mentorship program is structured into three tiers. One focuses on individuals and their needs, the program/technical level focuses on the invention, and the venture level guides participants from the initial concept through product testing and validation. Within each track, participants engage in activities such as networking, securing financial support, and pitching their innovations, Murphy says. “The 1,000-day approach reflects the belief that it requires a long period of time to coach and support those who traditionally are excluded,” he says. CTU mentors can be IEEE members or nonmembers who are successful entrepreneurs and own small or large companies, Dixit says. They also can work in academia. “They need to be passionate about training and mentoring other people,” Dixit says. “We have created a curriculum that covers topics such as ways to get financing from investors and how to turn ideas into a profitable business. It’s not the technology that will make the product successful; it’s everything else that goes into it.” Rural broadband architecture standards To determine whether any of the challenge’s submitted projects have the potential to become a standard, the CTU working group collaborates with the IEEE SA Industry Connections program’s 6G Rural Connectivity and Intelligent Village activity. Projects considered for standards do not have to be winners. Any project that has successfully passed the first phase, completed the second-phase requirements, and requested a review may be considered. Typically, about half of the submitted projects are reviewed for possible standard implications, Dutta says. “We selected about 60 submissions that could be potentially standardized,” he says. “Out of those, we work with IEEE SA’s rapid reactive standards activity group to narrow them down to five or 10 that can be potentially standardized. “The CTU program is not only about developing a technology or implementing it, but also standardizing it so that people around the world can use the standard.” One such project led to the development of IEEE P1962, “Standard for Providing Broadband Connectivity to Rural Infrastructure by Utilizing Solar Panels as Optical Communication Receivers.” It specifies an architecture for an optical receiver that uses solar panels and associated circuitry to provide energy-efficient, affordable, and high-speed optical wireless communication. “CTU has created a platform for the world to bring their ideas to one single place where people can talk to each other about them,” Dixit says. “We are a unifying force. We bring these many dimensions together to connect the unconnected.” CTU Challenge Winner: Community Radio Bolo The Connecting the Unconnected program offers contestants benefits that extend beyond the recognition and rewards. One participant who benefited is Ritu Srivastava, a telecommunications engineer and IEEE member. She placed first in the 2022 technical concept category for her project, Community Radio Bolo (CR Bolo). The verb bolo means speak in Hindi. Internet services in India’s rural areas are either unavailable or have spotty coverage. People there rely on community radio stations to get news about local events and issues. There are about 300 such stations in India, Srivastava says. To provide broadband Internet access in the Bhadrak district of Odisha, India, she developed a cost-effective hybrid network that uses an online and offline wireless mesh network installed on the tower of community radio station Radio Bulbul. Several transceiver locations, known as access points, are located at schools and community centers that are within a 5- to 7-kilometer radius, connecting them with Radio Bulbul. CR Bolo includes a plug-and-play interactive voice response system that is coupled with the hybrid wireless network. The automated telephony technology routes callers using voice commands or a telephone’s keypad to the appropriate department. The system also has a direct-to-consumer platform where manufacturers sell their products through websites or mobile apps. “CR Bolo is a unique method of leveraging rural traditional technologies and infrastructure combined with modern technology to provide meaningful access to communities,” Srivastava says, “improving livelihood opportunities and creating social and economic viability for CR stations.” She says she plans to expand the project to other rural communities in India. She will incorporate a large language model and offer a learning management system to deliver training programs and educational courses, she says. Winning CTU inspired her to become a more active IEEE volunteer, she says. She is working with the IEEE Standards Association to develop guidelines for the architecture of broadband technology used in rural areas. Because of her entrepreneurial experience, CTU hired her in 2023 to assist with the challenge and the Empowerment Through Mentorship program. Srivastava is a director at Jadeite Solutions in New Delhi. The consulting company offers nonprofit organizations that are developing socioeconomic programs with project evaluation, impact assessment, financial reviews, and similar services. She credits CTU with giving her and her community-centered model more exposure: “The CTU challenge has given me a lot of other opportunities in terms of networking, funding resources, publishing my research in IEEE journals, and presenting at national and international conferences.”
“Why are you here?” Fabrizio Pilo, an electrical engineer, asks me as we sit in an outdoor café near his home in Cagliari, an ancient city on the island of Sardinia. It’s a fair question. I’m a journalist from the United States. I’d just stepped off my flight 2 hours prior and come straight to this meeting, suitcase still stowed in my rental car. I’m here to see three intriguing new energy projects under development in Sardinia. I’d heard there’s strong public resistance to renewable energy, and I want to understand why that is. I tell Pilo, who is vice rector for innovation at the University of Cagliari, that I hope he’ll share some insights before I head out on a reporting trip across the island. (My answer seems to satisfy him, and he kindly gives me an hour of his time). This won’t be the first time that I’m asked to explain my presence on the island. I’d expected it, to some extent; I’m a foreign journalist poking around, after all. What I didn’t expect was the depth of Sardinians’ distrust, not just of journalists, but of any outsider, particularly ones with authority. Over the last few years, developers of wind and solar projects, most of whom aren’t from here, have been absorbing the bulk of this smoldering, communal wariness. Activists Maria Grazia Demontis [left] and Alberto Sala, photographed inside the archaeological monument Giants’ Tomb of Pascarédda, have worked to stop the construction of wind farms by organizing protests and taking legal actions through their organization Gallura Coordination. Luigi Avantaggiato In fact, the resistance is so widespread among Sardinians that over the course of two months in 2024, a grassroots petition to ban new wind and solar projects gathered over 210,000 certified signatures. That’s more than a quarter of Sardinia’s typical voter turnout and represents a cross-party consensus. People stood in long lines in public squares to sign. And it worked: Political leaders responded swiftly with an 18-month moratorium on renewable energy construction. “I’ve never seen so much engagement for anything” in Sardinia, says Elisa Sotgiu, a literary sociologist at the University of Oxford, who was born and raised on the island. “Sardinia has a bunch of problems like enormous unemployment. There’s lots of emigration because there are no jobs. It’s one of the poorest areas in Europe. The area is just decaying,” she says. “And yet the thing people are demonstrating against is renewable energy.” And the opposition continues: A network of mayors has mobilized for the cause. Thousands of people show up at organized protests. Activists vandalize grid equipment. Families are passing down these stories of resistance to their children as a point of pride. Local media outlets are egging it on, frequently publishing misinformation tinged with fearmongering. These aren’t just NIMBY complaints—not in the pejorative sense, at least. The resistance, and the distrust underlying it, is rooted in the island’s complex history, both recent and ancient. It’s based on a past that the Sardinian people carry with them—a past that has seeded a deep sense of suspicion and vulnerability. Resistance, I learn, is part of what it means to be Sardinian. Fabrizio Giulio Luca Pilo, vice rector of innovation at the University of Cagliari, has been working to help Sardinia transition to cleaner, more reliable energy. Luigi Avantaggiato “It is a very sad situation,” Pilo tells me. “There are a lot of economic reasons to do the [energy] transition.” It could attract new companies such as data centers, which would create new jobs, he argues. It could reduce Sardinia’s reliance on imported gas and fuel, making the island more independent. New economic activity on the island might help reverse its population decline, he adds. And while what’s happening on Sardinia is unique, it also represents a larger trend: A growing number of communities around the world are opposing wind- and solar-farm construction, to the consternation of stakeholders. By 2025, nearly one-fourth of the counties in the United States had enacted some impediment to new utility-scale wind and solar energy—up from as few as 15 percent two years earlier, according to a USA Today analysis. In Africa, community pushback successfully canceled major projects such as the 60-megawatt Kinangop Wind Park in Kenya. In India, local pastoralists are challenging the 13-gigawatt Ladakh solar and wind project. And the European Union’s top-down push for renewable energy has created opposition in many communities. Their reasons vary—land-use preferences, generational ethos, government resentment, property values, economic effects, aesthetics—but all of these struggles have this in common: The resisters are passionate and they are often successful in blocking development. This is a looming problem for the energy transition. Unlike large, centralized coal and nuclear power plants, renewable energy is geographically spread out, so it touches far more communities. Sardinia offers one of the clearest cases of what can go wrong when renewable-energy developers and authorities fail to consider the complexities of the local situation on the ground. Why is Sardinia resisting renewable energy? Roughly the size of New Hampshire, Sardinia juts out of the Mediterranean Sea about 200 kilometers west of Italy’s mainland. Technically it’s part of Italy, but Sardinians are quick to point out their island’s autonomous status—a subtle way of saying, “We do things our way.” Its mountains seem to echo the sentiment. With the highest peaks running in a chain along the east side of the island, Sardinia resolutely turns its back to the mainland. At first glance, the island looks like the kind of place that’s ripe for an energy transition. Its two coal plants are aging and are targeted to be shut down to meet climate commitments. It has no nuclear power, nor does it produce its own natural gas. Wind and sun, however, are abundant and could easily meet the energy needs of Sardinia’s sparse population of about 1.5 million. But while the resources may be ready for a transition, the people emphatically are not. When I first arrive in Sardinia and take in its beauty, I assume that the impetus behind the fight against wind and solar farms boils down to how they look. Waves of silicon, metal, and concrete would spoil views of Sardinia’s stunning beaches, rugged mountains, ancient pastures, and idyllic medieval villages, after all. Residents of the city of Orgosolo in 1969 famously stopped the construction of a military firing range on communal grazing land known as Pratobello. Its village walls are still covered in murals advocating social protest and antiauthoritarianism. Luigi Avantaggiato But the island’s aesthetic—and the tourism industry that depends on it—are only part of the equation. The far stronger cultural forces at play are rooted in Sardinia’s past. Over millennia, the island has endured successive invasions from outsiders seeking to exploit the land. These incursions, and Sardinians’ rebellious responses to them, have become an integral part of the island’s identity passed down through generations. The invasions started with the relatively peaceful settlement of the Phoenicians in the 9th and 8th centuries B.C.E. Then came the Romans, the Byzantines, and the Iberians, who conquered with violence, looting, and enslavement. But legend has it that despite the might of these ancient conquerors, pockets of Sardinia sometimes managed to defend themselves. “Not even the Roman empire could conquer the shepherds of the highland regions,” is the oft-repeated tale. Whether that’s true or just an idealization is beside the point; such stories serve as an enormous source of pride and identity. Sardinia exported about 30 percent of the electricity it generated in 2025, largely to Corsica and the Italian mainland via two existing submarine cables. The island is “fiercely proud of its identity…especially in the center of Sardinia, which was the most resistant part,” says Andrea Vargiu, a sociologist at the University of Sassari in Sardinia. “This long history of exploitation is still in our DNA, along with a proud sense of autonomy,” he says. Sardinia’s unification, in the mid-1800s, with what would become the Kingdom of Italy is seen by many as an act of colonization. It didn’t help that Italy then proceeded to exploit Sardinia’s forests and other resources for the benefit of the mainland—a practice that continued through the 20th century, says Vargiu. Sardinian bandits sometimes fought back with their own sense of justice, settling matters through raids, kidnappings, and violence. Their stories live on in Sardinian lore with an almost mythical quality, the brigands admired for their intractability. Pasquale Mereu, mayor of Orgosolo, helped organize the Pratobello 24 movement against renewable energy in Sardinia. Luigi Avantaggiato Italy’s use of the island for military purposes particularly irked locals. In a famous case in 1969, residents of the town of Orgosolo successfully thwarted the construction of a firing range on communal grazing land known as Pratobello. That name has since become synonymous with the defense of one’s territory, and a rallying cry. “Sardinia has always been a land of conquest,” says Pasquale Mereu, mayor of Orgosolo, who spoke with IEEE Spectrum through an interpreter. “We believe that even today we are still a colony of Italy, and I’m not ashamed to say it even though I represent an institution.” A longstanding mural on one of his village’s walls reads: “You are in the territory of Orgosolo; here the people rule supreme and the government obeys.” Sardinia’s History Shapes its Identity Driving around the island and talking to people, I can feel the weight of Sardinia’s history—and people’s propensity for holding onto it. Elaborate heritage festivals occur nearly every autumn weekend in the island’s interior. They’re well attended, multigenerational affairs that aim to keep old traditions alive. In the medieval town of Belvì, men roast chestnuts—marroni—over an open fire in a frying pan the size of a swimming pool and then serve them to the crowd by shoveling them into troughs. They’re delicious. In an adjacent amphitheater, the crowd sways along to costumed performers leading traditional dances. Then there are the Bronze Age stone structures, called nuraghi, that are pretty much everywhere. Built before the violent conquests, these conical towers have come to symbolize a romanticized vision of the heyday of Sardinia’s independence. More than 7,000 of them remain, ranging from unremarkable piles of rocks to complex towers, each one carefully documented on an interactive online map. I visit one of the more intact ones that’s fenced off and requires an admission fee. As I take some video with my phone, an employee asks me who I am and what I’m doing and informs me I’ll need to get permission from the government before posting anything online. This rock hollowed out by erosion and walled up with stones was likely used by shepherds as a shelter near the historic Sardinian village of Tempio Pausania. Luigi Avantaggiato But in interviews with residents, I’m continually reminded of the darker side of Sardinia’s past. People often bring up painful things that happened 50 or 500 years ago. A middle school science teacher named Giannina Serpi, and her husband, Roberto Moro, meet me at a café in the seaside town of Sant’Antioco. When I ask why people are so opposed to renewable energy, they (like many people I interviewed) point to the 1970s. Sheep return from pasture in Bonorva, Sardinia, near the Bonorva wind farm operated by EDF Renewables. Luigi Avantaggiato That decade brought a new kind of exploitation: not by empires or governments, but by technology companies. Petrochemical, aluminum, and other industrial companies from overseas built factories on the island, creating jobs and adjacent businesses. But after a few decades, economic and geopolitical factors led the companies to close the factories, sinking local economies and in some cases leaving behind toxic contamination. In the northern city of Porto Torres, several petrochemical plants, a thermoelectric power plant, and an industrial harbor employed about 8,000 workers in the early 1970s. But the oil crises of that decade took its toll on jobs, and when environmental contamination became evident in the 1990s, employment plunged further. By 2010, most of the petrochemical plants had closed. Studies show that residents of Porto Torres during that time had curiously high rates of death from cancer, although there is no consensus on the cause. Similarly, studies have found higher rates of lead in children in the Portovesme area in the southwest, about a 20-minute drive from where I sit with Serpi and Moro in Sant’Antioco. There, the U.S. aluminum producer Alcoa operated a smelter that employed about 500 people and supported an estimated 1,500 adjacent jobs. But the company shut down the smelter in 2012. Three years earlier, Russian aluminum manufacturer Rusal had idled its Eurallumina factory nearby. The impacts of these events still feel fresh, Serpi explains through a digital translator. She says she teaches this history to her students but doesn’t tell them how to feel about it. “I let them decide,” she says. Energy Colonialism in Sardinia Against this backdrop, renewable-energy developers in the early 2010s began sizing up Sardinia. They were drawn by the cheap land, low population, strong wind, and sun that shines an average of about 300 days a year. EF Solare Italia commissioned an 11-MW solar plant in 2010. Rome-based Enel Green Power began construction of a 90-MW wind farm in Portoscuso the following year. Other developers followed, and they mostly came from elsewhere—mainland Italy, Europe, and later, China. The way many Sardinians saw it, the new plants didn’t bring many long-lasting jobs. Most of the work ended after the design and installation phases, and profits went back to the companies’ headquarters outside of Sardinia, they argued. People called it “energy colonialism” and lauded landowners who refused to sell or lease their property to developers. Pink granite called Ghiandone Limbara was extracted from the Sinnada quarry in northern Sardinia from the late 1970s to 2011. Luigi Avantaggiato The uncle of Oxford’s Sotgiu is one of those landowners. She says that a couple of years ago a solar company asked him if he would allow the installation of an array on his family farm in Logudoro in Sardinia’s interior. “From that, he would have gotten something around €150,000 a year, which is more money than he’s seen in his life,” says Sotgiu. The money could have covered his three kids’ college education, she says. “But he refused.” He had many reasons. For one, switching from sheep grazing to the more passive business of leasing land would have put the fate of his income in the hands of an outsider. “If you deprive a region of any sort of economy that is self-reliant, then it’s really fragile,” says Sotgiu. Her uncle didn’t trust that the income would last, and worried he’d be left with a ruined farm, she says. Plus, his farm has been in the family for generations and one of his sons is interested in continuing the business. “So I understand his pride in saying, ‘No, this is my farm, I don’t care about the money,’” she says. Sardinia has one of the largest carbon footprints per capita in Europe. Despite that kind of grassroots resistance, development continued. In 2023, the Italian government authorized the construction of a 1-GW submarine power cable to connect Sardinia to Sicily and the Italian mainland. When completed, the bidirectional cable, called the Tyrrhenian Link, will increase electricity exchange between the regions, bolster grid reliability, and help grid operators efficiently use more renewable energy. Sardinian activists, however, view the cable as a way to justify even more construction of wind and solar plants, and to export the island’s energy for the benefit of non-Sardinians. The island already exports about 30 percent of its electricity, largely to Corsica and the Italian mainland via two existing submarine cables. The Florinas wind farm, commissioned in 2004, was one of the earliest wind farms built in Sardinia. Luigi Avantaggiato And then came the tipping point. In June 2024, in an effort to meet the European Union’s 2030 renewable energy targets, Italy committed to building more than 80 GW of new wind and solar energy capacity over December 2020 levels. The national government divvied up the burden among its regions and told Sardinia to build its portion, 6.2 GW. The move triggered an onslaught of requests from wind and solar developers wanting to build projects in Sardinia. The queue at one point topped 50 GW of grid-connection requests. That represented more than 700 solar and wind projects, many of which came from companies outside of Sardinia. The southern newspaper L’Unione Sarda ran wild with the numbers. Almost daily, for months, it published stories about the “wind assault.” The call-to-arms posts urged people to protest. “The Attack on the Landscape Does Not Stop; The Threat From Agrivoltaics Is Growing,” read a July 2024 headline. Unsubstantiated articles tried to link wind and solar developers to organized crime. “It was scaremongering,” says Sotgiu. “It was a little dishonest, as I saw it, because they kept exaggerating and scaring people into thinking that we were going to be invaded.” (Representatives of the newspaper declined to comment.) The numbers did scare people. Lost was the fact that a grid-connection request is just the start of a multiyear process that involves permitting and legal review and often ends in withdrawn or downsized projects. Submitting a request is inexpensive, and developers often cast a wide net by entering lots of these queues globally to increase the odds of being accepted. In the end, only a fraction come to fruition. In other words, building all, or even most, of the requested 50 GW was never going to happen. “I tried to explain this” to the public, says an industrial engineer at the University of Cagliari, in Sardinia, who asked to remain anonymous to avoid any detrimental impacts of speaking out. “I went to the regional television station. But it’s difficult with technical information. And the newspaper communication is so bad, and its impact is so strong in the community, that it’s very difficult to change people’s minds,” he says. Pratobello 2024 and Anti-Wind Protests And so the collective angst caused by powerful outsiders, industry, and the state united Sardinians into a singular cause. Faced with what felt like another attempted conquest, they did what their families and community had taught them to do: They resisted. Says Mereu: “This is what we are rebelling against: the idea that Sardinians are few and therefore must put up with everything.” In a nod to the 1969 resistance in Orgosolo, they dubbed the movement “Pratobello 2024.” Activist groups, called “committees,” organized protests, and created social media campaigns and videos. Thousands of people started showing up at planned demonstrations. A lawyer went on a hunger strike. Vandals unscrewed bolts on wind turbine blades and set fire to grid and construction equipment. Italy’s transmission system operator, Terna, had to switch to company cars without logos to avoid being targeted. Students studying the electricity system in a master’s program sponsored by Terna were verbally attacked at an airport, according to a professor at their school who spoke with me about the violence. Celebrities got involved. Italian actress and Bond Girl Caterina Murino met with Sardinia’s president to ask her to reject wind farms. Murino posted on Instagram: “Nobody touch Sardinia!!!!” On Italian national TV, the jazz legend Paolo Fresu performed on trumpet while popular TV host Geppi Cucciari read an impassioned lament about the exploitation of the island. Sardinian author Erre Push penned a graphic novel titled Fàula Birdi about a protagonist who resisted an imposition from outsiders. He wrote it upon the request of the activist group ReCommon, whose mission is to “challenge corporate and state power responsible for the plunder of territories.” Push hopes the book will inspire more people to follow the protagonist’s lead. “Renewables are another imposition like in the past—not to help Sardinians but to help external people like industry managers or founders of companies,” he told me through an interpreter. Concerned about the influx of solar and wind farms being built in Sardinia by outsiders, Roberto Pusceddu, under his pen name Erre Push, published a graphic novel that aimed to inspire young people to resist such impositions. Luigi Avantaggiato Mereu and a network of mayors drafted the petition that gathered so many signatures. The people had spoken. In response, Sardinian politicians passed a law that imposed an 18-month ban on construction of wind and solar projects within 7 km of a nuraghe or other archeological site. It wasn’t a total ban, but it might as well have been. “If you put a circle with a 7-km radius around each archeological site, you cover all of Sardinia,” says Emilio Ghiani, a power systems expert at the University of Cagliari. “In this way, it is impossible to find a place to install a new plant.” The move was like giving the Italian government—and the EU’s clean energy targets—the middle finger. And it sent renewable-energy developers scrambling. One company building an agriphotovoltaic plant raced to bring construction to 30 percent completion, which the new law said was the threshold for being allowed to proceed. The company asked not to be named in this story to avoid trouble. Furious, the government in Rome challenged the Sardinian regional law in Italy’s Constitutional Court, and in January this year it prevailed. In its decision, the court rejected the law, saying that renewable-energy projects should be evaluated case by case. Project development quickly resumed. So did the backlash. A headline in L’Unione Sarda declared: “Enough With Top-Down Decisions Without Consulting Communities.” Sardinia’s Renewable Energy Conflict Where the island goes from here is unclear. There’s a willingness among a portion of the population to move forward with an energy transition. For example, some of Sardinia’s largest cheese makers are powering their operations with renewable energy and installing systems to utilize waste heat for efficiency. But for the most part, the public isn’t budging in its resistance. Researchers are trying to dispel inaccurate information, but regional newspapers seem bent on perpetuating fear. Plus, there are technical issues to work out before a full-scale energy transition can be made. Sardinia’s transmission system was built around the centralized generation of two coal plants; it wasn’t made for the distributed generation of wind and solar plants. Renewables require a more dynamic grid, more energy storage, and a wider range of power sources to compensate for their intermittency. Engineers are working on it, but they’ve got a ways to go. The new Tyrrhenian Link undersea power cable will help with that. By connecting Sardinia, Sicily, and the mainland, the cable creates more flexibility in the system. When wind or solar generation slows in Sardinia, for example, electricity from the mainland can fill in the gap, and vice versa. “It will increase the reliability of the system, and after it’s installed, it will be possible to switch off the old generation plants that use coal,” says Ghiani. In January, Terna finished laying the western section of the cable between Sardinia and Sicily, and in April it completed the eastern section between Sicily and Campania on the mainland. Doing so set a world record for power cable depth, at 2,150 meters below sea level, according to Terna. Italy originally ordered Sardinia’s two coal plants to shut down by 2025 but later extended the deadline to 2038. The link is one of the most innovative high-voltage direct current (HVDC) projects in Europe. It can move up to a gigawatt of power and reverse that power flow nearly instantaneously. By using voltage source converter (VSC) technology, it can also help prevent power-flow problems by regulating frequency and smoothing out oscillations in the grid in real time. And it has black-start capability: In the event of a shutdown, it can help restore the grid without relying on an external electric network. These features are particularly helpful for an isolated network like Sardinia’s. Italy has created new incentives and regulations to build a market for grid-scale energy storage. Having plenty of storage is a key to scaling up renewables because it provides backup power when the wind isn’t blowing or the sun isn’t shining. To this end, Italy created MACSE, an auction that gives storage developers revenue certainty. Its name translates to mechanism for the procurement of electricity storage capacity. The first auction round, in September, successfully awarded 10 GWh. Energy experts in Sardinia are also working with policymakers to change the rules around grid-connection requests. But these kinds of nerdy details don’t grace most household conversations. Industrial Sites Host Energy Storage Something more accessible that the public can get behind is building renewables on Sardinia’s abandoned industrial sites. “To be honest, not everything is so beautiful here. We have a lot of industrial areas where you can place PV panels. We have a lot of rooftops,” electrical engineer Pilo says. “We have unused coal mines.” I visit one such project that’s proceeding with local support—or at least without much opposition. It’s a coal mine near Gonnesa that shut down in 2018 and is now being turned into a data center and a pumped-hydro energy storage system. The plan is to move water through the mine’s vertical geometry via an enclosed membrane—like a soft pipe—and use the flow to turn a turbine that generates electricity. The water then gets pumped back to the surface and stored in pear-shaped vessels above ground. The scheme will help power the data center, which will be built both above and below ground, including in the mine’s largest chambers nearly 500 meters below the Earth’s surface. Energy Vault will remove old mining equipment from the Carbosulcis coal mine near Gonnesa to make way for an underground data center [above]. It will be powered by a pumped-hydro energy storage system that flows through the mine’s vertical geometry and stores water in above-ground tanks [top].Luigi Avantaggiato Energy storage developer Energy Vault is building it, and despite being based in Lugano, Switzerland—that is, not Sardinia—the company seems to have avoided protest. It helps that the mine is owned by Carbosulcis, a Sardinian regional-government-owned company, which is calling the shots on the project. Plus, doing nothing with the mine costs money. The mine closed eight years ago because it wasn’t profitable, but Carbosulcis must continue maintaining it because of its high methane emissions, which require monitoring and ventilation to prevent explosions and leaks. Carbosulcis managers figured that if they’re going to continue putting money and personnel into the mine, they might as well do something useful with it, Luca Manzella, vice president for Europe, Middle East, and Africa at Energy Vault, says as he and I tour the mine. An innovative project in Sardinia’s interior—Energy Dome’s grid-scale carbon dioxide battery—seems to be avoiding protest as well. Built in a gated industrial complex near Ottana, this energy-storage facility looks like a giant bubble—the kind that fits over a stadium or tennis complex. It’s filled with carbon dioxide that is compressed to store 200 MWh of electricity for the grid. Although the bubble is visible from several of the surrounding hillside villages, and although the developer is headquartered on the mainland, there’s little sign of public pushback. Energy Dome began operating its 20-megawatt, long-duration energy-storage facility in July 2025 in Ottana, Sardinia. In partnership with Google, the company this year aims to build replicas of the system on multiple continents.Luigi Avantaggiato Another path forward is through “energy communities.” In this grassroots approach, consumers work together to build their own solar plant or other power generation. Dozens of these communities are already active on the island, according to the Sardinian Electricity Association, a group that provides guidance to consumers. But by far the greatest need is for energy developers and authorities to understand the people and the history of the land on which they want to build. “When Europe or the national government make a law, they have to also consider the background of Sardinian people and why they are so afraid,” says Simone Micheletti, CEO at Futura Group, a renewable-energy developer based in Serramanna, Sardinia. “You cannot apply the same law to Sweden and Sicily. Sometimes you need to understand [the situation] locally,” he says. Decision makers everywhere would be wise to listen. Otherwise, they may suffer the same fate as their counterparts in Sardinia: despised by locals, delayed by politics, and surprised at how badly it all went. Special thanks to Luigi Avantaggiato for interpreting and additional reporting. This story was updated on 13 May, 2026 to correct the percentage of electricity that Sardinia exports.