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1. French industrial production soars.

Data from INSEE showed industrial production in France surged by 3.8% month-over-month in June 2025, far exceeding market expectations of a 0.8% increase.

This marked the strongest monthly growth in industrial activity since July 2020. The French jump in June was entirely due to the manufacture of aircraft and spacecraft.

The CAC40 (red) has been underperforming the DAX for the last two years and looks like a trade with an attractive risk-reward.

2. Berkshire is not jumping back into the market.

The king of long-term investing posted a drop in operating profit, and economic uncertainty hurt one of the largest corporate cash piles on the market, according to the Berkshire Hathaway first half of the year financial report that dropped over the weekend.

Berkshire has fallen more than 16% from the start of the year, as the company shifted its stock holdings into a massive cash pile that many have called ‘dry powder’, ready to deploy when high equity prices reach a sell-off point.

3. How expensive is Palantir versus peers?

4. The ripple effects of higher defence spend will boost the activities of European Telcos.

Increased spending on cybersecurity & communications could represent an incremental €10-22bn revenue opportunity by 2035.

As an example, Orange has set up a new arm, named Defense & Security. This division will be dedicated to the defence and homeland security industries, serving both public and private sector clients (France & Europe).

Here is an overview of European Telco exposure to potential increases in defence budgets.

5. The US and China are turning to nuclear as a strategic energy source for data centers in the AI race.

Today, China is building ~30 large-scale nuclear reactors, compared to 0 in the US, as shown below.

However, the US is turbocharging its nuclear ambitions, thanks to hyperscaler demands and multilateral support following decades of neglect. In his recent Executive Order, President Trump set forces in motion to increase nuclear capacity in the US ~4x by 2050, starting with the construction of ten large reactors by 2030.

Meanwhile, reports emerged late Monday that Transportation Secretary Sean Duffy will announce plans this week to build a nuclear reactor on the moon (!), the latest example of the Trump White House's support for nuclear power.

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