What’s going on here?

South Korean chipmaker FuriosaAI turned down an $800 million buyout offer from Meta – seemingly determined to prove that size doesn’t matter after all.

What does this mean?

You’d be forgiven for mistaking FuriosaAI as the latest installment in the Fast and Furious franchise. But really, it’s a startup making chips to power AI systems – and top-of-the-line ones, too. The firm’s new processor, RNGD (pronounced “renegade”), is designed to challenge chip behemoth Nvidia’s offerings. And Furiosa's chips have already made it out of the lab and into trial runs with big clients like LG AI Research and Saudi Aramco. So it’s no wonder Meta made a bid, eager to lock down a stream of high-end chips – especially given Nvidia’s tight grip on the increasingly expensive market.

Why should I care?

For markets: Europe’s bite might match its bark.

European firms mentioned AI a record number of times in their latest round of earnings calls, with even non-tech companies embracing the newest stage of the digital age. And they’re not just talking about it, either: many are implementing the tech to cut costs or increase productivity. Philips is using it to speed up diagnostics, Adecco to streamline recruitment, and Elisa to automate customer service and marketing. Investors should take note: businesses are putting the theory that AI can move margins into practice. And if they do it right, European firms could even catch up to US rivals.

Zooming out: There’s no chip on South Korea’s shoulder.

South Korea isn’t resting on its laurels – or, uh, its FuriosaAI. The country wants to build the world’s biggest chipmaking hub and secure its spot in the global supply chain. And South Korea’s not just making the chips: it’s designing its own from the ground up, too. Because with the ongoing breakdown of international trade, the less a country can rely on foreign tech, the better.

What’s going on here?

A prominent trader at Mercuria – one of the world's biggest energy and commodity trading firms – thinks that copper could ride this momentum all the way to record-breaking prices.

What does this mean?

Global copper prices have ramped up 14% this year, with the metal’s benchmark on the London Metal Exchange briefly topping $10,000 a ton. And Mercuria’s well-known trader thinks that number could jump as high as $13,000. But right now, it’s American price tags drawing attention: US copper is trading at $1,500 per ton more than the global average, with tariffs expected to limit imports into the country. So traders have been shipping every gram they can into the States, leaving the rest of the world short on supply – not least China, which usually buys over half the world’s copper.

Why should I care?

For markets: Shovels at the ready.

The US president wants to bolster America’s domestic mining industry, determined to reduce the country’s reliance on international trading partners. By relaxing permit restrictions and greenlighting more mining projects, the US could cement itself as a major producer of the metal – and attract investment from all around the world. Think Rio Tinto or BHP: companies capable of building up significant operations in the States. But mining bosses have been let down before: after decades spent dealing with sluggish admin and policy U-turns, some are bracing for more talk than action.

The bigger picture: The situation’s critical.

Critical minerals like lithium and cobalt are – as the name suggests – critical for tech, defense, and infrastructure. That’s why import-dependent countries are reassessing supply chains and international relationships, given the geopolitical landscape right now. Mineral-rich nations, meanwhile, are tightening up their exports, pushing out foreign companies, and starting new state-owned mining ventures. The message is clear: to be successful, companies will need to have the right assets in the right places – or at least have friends who do.