The Signal
OpenAI appears to be repositioning its enterprise strategy around vertical-specific deployment rather than horizontal platform plays. The timing is interesting — this follows Anthropic’s agent SDK launch and Google’s Gemini 2.5 release. The moat conversation has shifted from “who has the best model” to “who has the best integration surface.” If you’re building on any of these platforms, the next six months of API stability are not guaranteed.
Deal Radar
Three European defence primes are forming a consortium bid for the next tranche of EU procurement. The structure suggests Brussels is finally serious about reducing dependency on US platforms for C4ISR systems. Rheinmetall and Leonardo are the names to watch. Saab remains the dark horse — their electronic warfare portfolio is underpriced relative to its strategic value.
Energy Pulse
Swiss FCR-D Up prices settled at 18.4 EUR/MW yesterday, holding above the 30-day average despite warmer-than-forecast temperatures. The spread between peak and off-peak EPEX day-ahead narrowed to 34 EUR/MWh, compressing arbitrage margins for battery operators. Spring shoulder season is approaching — historically the worst quarter for pure arbitrage strategies but the best for stacking reserve participation.
Thread Tracker
The Iran nuclear talks remain stalled on enrichment thresholds. Market hasn’t priced in a breakdown yet — crude is trading as if agreement is inevitable. Worth watching the 72-hour window after the IAEA board meeting on Thursday.
Notable Reads
Matt Levine’s latest on the SEC’s new position regarding tokenised securities is worth the read. The regulatory framework is starting to resemble what Luxembourg implemented three years ago with its blockchain laws — the Americans are catching up, as they do.