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Merck KGaA bolsters life sciences business with $11.3B Bio-Techne buy
The deal comes a matter of weeks after Kai Beckmann was promoted to CEO at Merck and signalled his intent to broaden the company's scope for M&A.
LA's political coalitions have been shifting. Nithya Raman will shuffle them even more
As Mayor Karen Bass and challenger Nithya Raman look to attract new supporters, a fault line between older and newer Angelenos could emerge.
20 everyday habits that affect your heart health
Cardiovascular disease is the world's leading cause of death — and most of its risk factors are behavioral, not genetic. These are the daily habits that matter most
What Has Andy Burnham, Britain's Likely Next Prime Minister, Said About Trump?
If Burnham’s planned leadership bid remains unchallenged, he could replace Starmer in a matter of weeks and it will likely fall on him to heal the rift between Washington and Westminster.
Scientists discover ancient brain cells that help block distractions
Scientists have discovered a tiny group of neurons in an ancient brain region that acts like a built-in focus filter, helping the brain ignore distractions and zero in on what matters most. When researchers temporarily switched off these neurons in mice, the animals became unusually distractible—similar to what is seen in ADHD—but regained normal focus as soon as the neurons were reactivated.
The US in Brief: A big night for Zohran Mamdani
Our daily political update, featuring the stories that matter
'Hacks' star admits she stormed out of Emmys after losing to costar: 'Biggest sore loser'
'Hacks' star Robby Hoffman admitted she stormed out of the Emmys after losing to costar Julianne Nicholson: 'I was the biggest sore loser,' Hoffman told 'Drag Race' icon Trixie Mattel on her podcast.
I'm a billionaire founder and father of 5. I parent them differently.
Zynga founder Mark Pincus says giving children agency, responsibility, and room for eccentricity matters more than achievement.
Stada Weighs €6 Billion Takeover of CVC-Backed Cooper Consumer Health
Stada is exploring a potential purchase of Cooper Consumer Health from its private equity owners, people familiar with the matter said, as it hunts for acquisitions on the back of record profits.
The US in Brief: Two court setbacks for Donald Trump
Our daily political update, featuring the stories that matter
There is belief talented McAtee will flourish at Forest
James McAtee battled to be seen in his debut season at the City Ground, struggling for minutes under Nottingham Forest's four managers. There is belief at the City Ground it is only a matter of time before it comes together for McAtee, despite his struggles. To much excitement from supporters, McAtee arrived on a five-year deal worth about £30m weeks after the under-21s' Euro 2025 triumph.
Exclusive: Downed US pilot reported seeing Iranian drones swarm in ‘jellyfish’ formation
A US fighter jet pilot rescued by special forces after being shot down over Iran in April described a shocking sight before ejecting from his aircraft: multiple Iranian drones hovering in the air, moving as one, in a formation that resembled a jellyfish, according to four sources familiar with the matter.
NASA’s Cold Atom Lab is creating one of the weirdest forms of matter in space
NASA’s upgraded Cold Atom Lab is turning the International Space Station into a frontier for quantum research, creating ultra-cold matter that behaves in astonishing ways. The experiments could unlock new discoveries about the universe while paving the way for powerful future technologies in space and on Earth.
Firings now underway at Office of Director of National Intelligence, source says
The large-scale cuts that President Donald Trump’s acting director of national intelligence had been considering imposing at his own office started on Monday, a source familiar with the matter told CNN.
New supply chain report claims the iPhone Ultra will be unveiled as scheduled
When it will actually be released is another matter. Last week, a report from Apple's supply chain indicated that the iPhone Ultra would be delayed. This...
Politics without decency has no bottom
Bill Britt argues democracy weakens when leaders abandon shame, restraint and the basic standards decency requires from public life today.
Kaiser's use of secret AI scribes sparks mental health privacy fears
Mental health professionals at Kaiser are raising concerns about an artificial intelligence tool that records medical appointments, saying it should have more safeguards.
Scientists thought they knew what's lurking at the centre of our Galaxy. But they may have been completely wrong this whole time | BBC Sky at Night Magazine
Could the supermassive black hole at the centre of the Milky Way Galaxy be dark matter instead? Exploring the science behind the theory.
Science Writer Takes Aim at Many Universes Theory
What these speculations point to is the way new findings have destroyed classical materialism. Materialism isn’t so much dying out as breaking up.
California braces for one of the biggest tax hikes in the last decade
California lawmakers and the governor this year are preparing to implement major tax hikes in a matter of weeks, representing one of the largest tax increases in the state within the last decade.
Arrakihs, a Spanish mission to illuminate the mystery of dark matter: ‘We have broken molds’
Four-telescope astronomical observatory is at the heart of the first space exploration to be led by the country
It's Official: Third Galaxy Found With No Dark Matter May Solve an Epic Mystery
We've never seen anything like this.
A $75,000 Problem in My Business Taught Me the One Leadership Skill That Matters Most
Great leaders demonstrate strong judgment by surfacing problems early, preserving options, and enabling teams to act before it’s too late.
Why the space in ‘health care’ matters
When STAT polled our readers on ‘health care’ vs. ‘healthcare,’ about 60% of our readers voted for one word.
AACSB Accreditation in Graduate Business: Why It Matters
The Value of AACSB Accreditation in Graduate Business: Only 6% of schools meet standards employers recognize globally for career advancement.
Calmatters: California Is Getting Ready To Increase A Health Insurance Tax. Will It Affect Your Premium?
CalMatters
The US in Brief: Meet America’s next socialist mayor
Our daily political update, featuring the stories that matter
Trump’s new acting intel chief Bill Pulte arrives early, eyes firing hundreds
President Donald Trump’s pick for acting director of national intelligence, Bill Pulte, showed up at his new job a day early on Thursday after asking for a list of every employee in the office so he could assess whether to fire them, two sources familiar with the matter told CNN.
Einstein’s “biggest blunder” may finally have an explanation
Scientists have uncovered a surprising connection between quantum gravity and an exotic quantum state of matter that could explain why the universe isn’t expanding wildly fast. The study suggests that the very shape of space-time may protect the cosmological constant from disruptive quantum effects.
California is getting ready to increase a health insurance tax. Will it affect your premium?
Private plans say they'll pass the cost to consumers — meaning families could pay $400 more a year to help keep Medi-Cal afloat.
In Good Health: The Matter Of Male Fertility
When a couple struggles to conceive, the assumption is often that there is something wrong with the woman. Women are evaluated for infertility far more often than men. But male factor infertility accounts for about half of all infertility cases. And when that’s the case, men are less likely to talk about it, seek support, or even get tested in the first place. In this installment of our “In Good Health” series, we talk about male infertility — what causes it, what can be done about it, and what it’s like to go through it.Find more of our programs online. Listen to 1A sponsor-free by signing up for 1A+ at plus.npr.org/the1a.
Single-payer healthcare in California is possible. An economic and political thicket stands in the way
A pathway to single-payer healthcare would require dozens — or even hundreds — of difficult economic and political choices.
Single-payer healthcare in California is possible. An economic and political thicket stands in the way
A pathway to single-payer healthcare would require dozens — or even hundreds — of difficult economic and political choices.
In politics: Hoyer votes a Hoyer-free ballot, Percy convicted, Schmoke steps down
Rep. Steny Hoyer votes for a congressional candidate not named Steny Hoyer, one-time Annapolis lobbyist Davion Percy convicted in federal court, and Kurt Schmoke sets a retirement date from the University of Baltimore, in political notes.
Apple Prepares Second-Generation iPhone Air for Spring 2027
Apple Inc. is preparing a second-generation iPhone Air for spring 2027, aiming to boost the appeal of the slimmed-down device, according to people with knowledge of the matter.
A deadly fungus that can infect cats and people is spreading
It’s just a matter of time before Sporothrix brasiliensis reaches the U.S. a CDC expert says.
‘Then there’s the matter of national security’
Opinion, comment and editorials of the day
Jelly Roll’s daughter speaks out on his divorce from Bunnie Xo
Jelly Roll's daughter, Bailee Ann, broke her silence on his split from Bunnie Xo, sharing she is 'disgusted by how invested' people are in the personal matter.
The US in Brief: Trump gets bruised in the Peach State
Our daily political update, featuring the stories that matter
WHO Step-by-Step programme recognized as a promising innovation for mental health in humanitarian settings
WHO, in collaboration with the Pan American Health Organization (PAHO) and Lebanon’s National Mental Health Programme, showcased Step-by-Step at the World Bank Group’s biennial Fragility Forum in Washington, DC. The forum convened more than 1500 representatives from governments, international organizations and civil society to advance the development agenda in the world’s most fragile and crisis-affected communities. WHO was invited to demonstrate Step-by-Step – a digital self-help intervention for depression, alongside innovations presented by Stanford University and Google. The World Bank Group selected Step-by-Step from among more than 50 innovations that they reviewed in the lead up to the Forum.About Step-by-StepStep-by-Step is a free digital tool developed by WHO in collaboration with Lebanon’s National Mental Health Programme and other partners, that helps people manage depression and anxiety on their own, with light guidance from a trained supporter. It uses a picture-based story to walk users through evidence-based techniques for managing common mental health conditions. Users complete five modules, with weekly contacts – of around 15 minutes each – from a trained non-specialist helper, such as a community health worker.Evidence-basedClinical trials in Lebanon involving nearly 1250 participants – including 680 Lebanese participants and 569 Syrian participants – showed that Step-by-Step significantly reduced depression, anxiety and stress, and improved daily functioning. By the end of the programme, a reduction in depressive symptoms of more than 50% was reported by almost half (46%) of Lebanese participants and more than one third (37%) of Syrian participants compared to approximately 14% of those who did not use the programme. Cost-effectiveness analyses further suggest that Step-by-Step may offer a cost-saving response to depression in humanitarian emergencies in low- and middle-income countries.Used globallyStep-by-Step is already in use nationwide in Lebanon and Thailand, as part of each country’s mental health system. In India, the NGO – Kaya Guides – has adapted Step-by-Step for delivery through a widely used messaging app. Together, these programmes have provided thousands of people with evidence-based support for depression. The content is freely available from the WHO website for any organization or country to adapt for their own context.A new implementation guideThe Fragility Forum coincided with the recent launch of WHO’s new practical guide: Psychological self-help interventions: delivering self-help for individuals, featuring Step-by-Step and Doing What Matters in Times of Stress (WHO, 2026). The guide is designed to help governments, health workers, organizations and planners bring evidence-based mental health support to more people, particularly in low-resource and crisis-affected settings.
Latvia pilots citizen engagement in research grant evaluations
Latvia has introduced an element of citizen engagement to the evaluation of nationally funded research grants. The aim is to both create more connections between science and society, and to improve the quality of its evaluations. The move comes as research funders across Europe are experimenting with ways to improve evaluation processes in the face of a sharpened focus on science’s impact on society. Evaluators of grant applications submitted to Latvia’s Fundamental and Applied Research Programme (FLPP), the country’s main research funder, will this year have the option of consulting citizen feedback on challenges the public thinks science should focus on to inform their decisions. “In recent years, both public discussions and policy-level debates in Latvia have highlighted the importance of demonstrating how publicly funded research contributes to society, the economy and the resolution of real-world challenges,” said a source at the Latvian Council of Science (LCS), which manages the FLPP. “At the same time, research institutions themselves expressed interest in improving the project evaluation framework while continuing to ensure that funding is awarded to the highest-quality projects,” the source added. The citizen input comes from a survey that was conducted between 25 February and 16 March 2025, to which 1,737 people responded. It gathered information on what the public views as problem areas for Latvia, and the role of science and technology in providing solutions to these problems. A summary of these responses has been included as an annex to the FLPP 2026 call for proposals that evaluators can refer to, purely in an advisory manner, when judging proposals. Results from the survey show that the main problem areas identified by the public were in healthcare and public health, followed by the development of new treatment methods and medicines, and then digital technology, data security and cyber security. At the bottom of the list was research aimed at acquiring new knowledge about the universe, matter and the laws of nature. Further analysis looked at the public view of the possible role of science in solving these problems. The survey charted 4,167 individual responses based on open-ended questions that were derived from the participants’ answers. The analysis again found that medical and health sciences topped the scoring, with 788 responses referring to the field. Humanities and the arts were bottom of the list, with 625. Digging further into the details, the survey suggests citizens are aware of and concerned about a number of research areas. This includes technologies and innovation to improve the environment or reduce pollution, the development of modern military technologies and cybersecurity tools, and the development and application of artificial intelligence, among others. “We hope this initiative will help strengthen public trust in science and create a more meaningful dialogue between researchers and society,” the LCS source said, adding that it offers benefits to researchers, evaluators and to the general public. More space for citizen engagement in evaluationsThere is a gradual but increasing use of citizen engagement in research evaluation processes around Europe, especially in healthcare, but it remains relatively rare, said Henry Sauermann, a professor at the European School of Management and Technology in Berlin and an expert in citizen science.“Given that we are at a point where citizen involvement is extremely limited, there is presumably space for more, but it's not that we should do it just because we want to do it,” he told Science|Business. He said some research lends itself better to having citizen input, and this usually tends to be on the applied end of the science spectrum where the public can offer useful feedback based on their experiences. He added that advising scientists on certain topics to study is also a useful approach, in the way that Latvia is doing. “The public does fund a lot of science, there's a lot of tax money going into this. We of course do want to preserve academic freedom, but it's also not unreasonable to incorporate more feedback or input from citizens where possible,” he said. Related articlesCitizen science: where, when, and how to let the public contribute to researchHow can Europe cope with a flood of AI-assisted research grant proposals?Data Corner: Horizon Europe’s AI, digital and data call success rate is 5.2%There are several ways of involving citizens in science funding. The most minimal way is having a few representatives on a panel, such as members of a patient group or union. The most direct way is crowdsourcing funding for specific projects. There is an increasing number of online platforms that allow the public to chip in to support scientific proposals.Sauermann studied this in a recent paper and found that it can have its uses, but it still is not clear if there are benefits to it. There are various assumptions linked to citizen engagement, for example that it increases public trust in science, or that it provides a representative view of what the public thinks about science. These are not necessarily true, Sauermann found. People who participate in engagement activities tend to already be very trusting of science, and, on the whole, it is generally the well-off and well educated who contribute, giving a narrow view of public opinion. On whether citizen input can help manage the increasing number of proposals that are being submitted due to assistance from AI, Sauermann is more sceptical. “The obvious answer to the flood of AI-written proposals is AI-driven evaluation,” he said, adding that it doesn’t mean citizen engagement shouldn’t be a part of evaluations in a well thought-out manner. Southern Denmark’s successful approachOne successful example of citizen engagement in science evaluations was implemented in southern Denmark. Between 2019 and 2025, citizens in the region were invited to vote to fund one of five pre-selected projects in the field of healthcare. The project, called A Healthier Southern Denmark, was a collaboration between regional authorities, the University of Southern Denmark, and two media partners. Over the seven years, there were 75,000 votes and significant public engagement online and on social media. “It was a bit of a wild project, we’d never done something like that before and we were a bit nervous about what would be said in the media about it. But actually, people were very positive,” said Anne Kathrine Overgaard, one of the main organisers of the project from the University of Southern Denmark. The university and its researchers have learned a lot from the experience, particularly about engaging with society and shaping their research to match real-world needs. This is important with Europe’s increasing focus on competitiveness and bringing innovations to market faster, Overgaard said. She hopes to see more citizen engagement in evaluation processes and in science more broadly. “For many years, citizen engagement has been a bit of an add-on to proposals, just to check a box. But I think things are changing,” she said. It’s less about citizens just gathering data and more “about the dialogue between the public and the scientists,” she said. The initiative ended last year as the team wanted to regroup to find fresh momentum. The development of AI and AI-written proposals has made Overgaard reflect on how the project could be reworked to help evaluators. She hopes to bring it back in the future. “It could be a good idea to try this initiative again in a slightly re-worked format,” she said.
Inspired Entertainment (INSE) Uses Paddy Power Renewal to Reinforce Its Retail Betting Base
Inspired Entertainment, Inc. (NASDAQ:INSE) is one of the best e-gaming and sports betting stocks to buy now. The company strengthened its betting-shop exposure on May 6, when it extended its long-term agreement with Paddy Power to remain the exclusive provider of gaming terminals and content across Paddy Power’s UK retail estate. The agreement matters because […]
Central City Flower Girls: A treasured tradition marks its 94th year
CENTRAL CITY OPERA Central City News: The 94th presentation of the Central City Flower Girls got off to its usual booming start, thanks to a perfectly timed dynamite blast that reverberated from an undisclosed location within earshot of the Teller House Garden. The window-rattling boom may startle those unfamiliar with the time-honored tradition, but it generates knowing smiles and a smattering of applause from everyone else. Once the sound subsides, master of ceremonies Roopesh Aggarwal, vice president/investor relations […]
The world's first nuclear clock just ticked on — and it could help detect a fifth fundamental force of physics
By using a rare thorium nucleus as a timekeeper, physicists have demonstrated the first working nuclear clock, a device that could lead to even more precise clocks and new ways to search for dark matter.
Does the G7 still matter?
Top-nation summit has ‘lost much of its relevance’ in Donald Trump’s world, say diplomats ahead of annual gathering in Évian-les-Bains
Your medical provider might be recording your mental health care visits
Mental health professionals at Kaiser are raising concerns about an artificial intelligence tool that records appointments, saying it should have more safeguards.
CalMatters journalism honored as 'impeccable,' 'beautifully-written' and 'the definition of public service' in Golden State Journalism Awards
CalMatters won five of this year’s Golden State Journalism Awards, for public health reporting, criminal justice reporting, education reporting, courage in journalism and impact in journalism.
Why knowing who studies social science and humanities matters
In an increasingly financially constrained higher education system social science and humanities disciplines find themselves under increasing pressure. Discussing the British Academy’s new Who studies SHAPE dashboard, Almendra Guzman Rivas shows how better understanding student demographics and regional variation in provision intersect is key to framing debates about the future of social science and humanities.
Platner and Starmer remind us that character matters in politics
The UK premier has a litany of broken promises behind him, while the US Senate hopeful has shown dubious judgment
Newsom says he's on Trump's 'hit list' as Justice Department interviews governor's friends
Gov. Gavin Newsom said the Trump administration appears to be investigating him and his wife. The Democrat said agents interviewed his friends and associates.
Family Entertainment Group, LLC appoints industry veteran Nick DiMatteo, ICAE as senior vice president, equipment operations & strategy
ITASCA, Ill. — Family Entertainment Group, LLC FEG, one of the nation’s premier operators of family entertainment centers, today announced the appointment of Nick DiMatteo, ICAE as Senior V…
What Does Microplastics Contamination Have to Do with Creation?
New research reveals microplastics studies may be flawed, highlighting why observational science and biblical truth matter in interpreting evidence.
The unique World Cup position for Seattle sports fans and why it matters
What these six FIFA World Cup matches in Seattle signify is something far greater.
Honor’s Magic V6 sets three foldable firsts
But the bigger battery is the only one that matters.
Formation structure in venture-backed companies: Why getting it right early matters
Choosing the right entity early can ease fundraising, reduce tax risks and help startups avoid costly restructuring later.
Temporary Protected Status needs to be protected from political whims
Temporary may be part of the the title, but temporary protected status for immigrants shouldn't be arbitrary, write Jennica Larrison and Ben Coleman, who say a White House push to cancel TPS for a dozen countries is "nothing short of betrayal."
Trump’s U.F.C. Event Comes as Backing of Young Men, Once a Strength, Wanes
Some Republicans see a political opening in Sunday’s fights at the White House. Democrats say they see a distraction from more pressing matters.
Is SMIC N+3’s Metal Pitch Smaller than Intel 18A’s?
Almost four years ago, we published that SMIC had started shipping 7 nm (N+1) chips. Now, SMIC is shipping its third-generation 7 nm (N+3) process in Huawei’s Kirin 9030, with a minimum metal pitch of 32.5 nm, about 10% tighter than the 36 nm minimum metal pitch shipping in Intel’s latest Panther Lake CPUs on 18A. The headline is true, but incomplete cherry picked metric. N+3 reaches the density of TSMC N6 through aggressive DUV multi-patterning and design-technology co-optimization (DTCO), but it pays for that in complexity, efficiency and process control. We found this and more in our reverse engineering and teardown where we cover SMIC’s N3 process technology, Huawei’s packaging, memory, architecture, and more. SemiAnalysis has been building a state-of-the-art teardown lab in Oregon capable of analyzing the world’s most advanced and important chips over the last year and half. We have already generated revenue on advanced datacenter chip teardowns including our recent reverse engineering of a major TSMC customer’s COUPE CPO optical engine + EIC 3D stack. This is the first public report from the SemiAnalysis Teardown Engineering & Evaluation Lab, or STEEL for short. The lab is aggressively scaling up and out and we’re excited to announce it publicly. This is a bit of inconvenient timing for TechInsights as they are private equity owned and currently being sold while having enjoyed virtually no credible competition for decades. This has led to TechInsights underinvesting in CAPEX. SemiAnalysis exceeds TechInsights in revenue despite no venture or private equity ownership and being founded only 6 years ago. Because we have no external investors and are founder led, we move faster, build faster, and we can release client chip teardowns for free regularly, while focusing on datacenter for our major clients. Here’s the first public image from our lab, the HiSilicon Kirin 9030 Pro SoC: This report will detail our teardown of the Kirin 9030 and our findings on SMIC’s N+3 process, the most advanced in China. For comparison, we’ll show our teardown of the MediaTek Helio G99, made on TSMC N6. Through this comparison, we can look at the effect of export controls – SMIC N+3 and TSMC N6 are comparable nodes, but one is heavily export-controlled, the other free to use the West’s most advanced equipment. Here we see both China’s progress and constraints. SMIC N+3 reaches TSMC N6-class logic density, but it requires far more aggressive DUV multi-patterning, so it does not match N6 on process maturity or cost. The Kirin 9030 Pro performs similarly to three-year-old Android flagships, and trails far behind the current flagship SoCs from Apple, Qualcomm, MediaTek, and Samsung. The efficiency gap is even wider. Export controls have not stopped Huawei and SMIC from shipping advanced silicon, but they have forced a different path. Without EUV, SMIC is leaning harder on DUV multi-patterning, DTCO, and increasingly complex integration. The roadmap continues forward through tighter design rules and backside power, but each step adds cost and process risk. Huawei’s τ scaling and LogicFolding show another path: stacking active logic and recovering density through advanced packaging and system-technology co-optimization (STCO). To understand the Kirin 9030, we must first understand Huawei’s SoC history. HiSilicon is Huawei’s chip design arm, responsible for the Kirin smartphone SoCs, Kunpeng server CPUs, Ascend AI accelerators, and switch/router networking silicon. Before export controls, Huawei was TSMC’s largest customer – the only customer on TSMC’s first EUV node, N7+, and among the first on N5, alongside Apple. That ended in late 2020. Huawei switched to Qualcomm SoCs in its flagship smartphones, though export controls limited them to 4G-only variants. In late 2023, Huawei returned to in-house silicon with the Kirin 9000s, a successor to the Kirin 9000, fabricated on SMIC N+2 instead of TSMC N5. In the following years, they released the Kirin 9010 and 9020 on the same N+2 process. These chips used Huawei’s in-house TaiShan CPU cores and Maleoon GPU. We have not torn down a Kirin 9020 ourselves, so the predecessor die shot is from Kurnal. The die shots show how Huawei spent its silicon budget: which functional blocks are where, and how their areas compare to the predecessor. First, a quick guide to the major blocks on the die. The total die area is nearly identical, but the 9030 uses that area more aggressively. A denser process lets Huawei fit an extra middle CPU core, more GPU and NPU cores, and larger caches into the same footprint. In contrast, the Helio G99 is a much smaller, low-cost SoC, built for budget smartphones rather than a flagship device. While the Kirin 9030 is ~140 mm², the G99 is only ~29 mm², roughly one-fifth the area. The underlying TSMC process technology, however, is directly comparable as a baseline for analyzing SMIC’s. The Kirin 9030 is an evolutionary refresh, not a clean-sheet design. Its CPU, GPU and NPU cores carry over the 9020’s families, and the gains come from three levers: the SMIC N+2-to-N+3 process step, DTCO and floorplan work, and incremental microarchitecture. Area is where the first two show up, and the 9030 scales well here. Performance and efficiency are the harder test. Huawei’s design holds up better than its node would suggest, but the chip still trails, both because N+3 sits behind the leading-edge nodes and because its cores, while competent, remain a few generations behind the newest designs. The new prime core is an incremental update. The main changes are a 10% frequency increase from 2.5 GHz to 2.75 GHz and a doubling in the L2 cache from 1 MiB to 2 MiB. Despite the increased cache, the core size decreased by 7.6%. Excluding the private L2 cache, the core size decreased by 21%. This is a large reduction for an incremental node. Compared with the TaiShan New V120 core in the Kirin 9020, the Kirin 9030’s middle core is almost unchanged architecturally, yet each core shrinks by ~22%. Most of that comes from the move from N+2 to N+3, with layout likely accounting for the rest. Visually, the most noticeable change is the increase from 3 middle cores to 4. There is also a 20% increase in the shared L3 cache of the big cluster. This helps to improve multi-core performance without sacrificing much in terms of area. Even with each core shrinking, the big CPU cluster’s total area is essentially unchanged. The per-core savings went back into an additional middle core and larger caches. The tiny cores shrank less than the prime core (excluding its L2 cache) and less than the middle cores. This is likely because fixed overhead is a larger share on a small core. We cannot resolve any architectural changes from the die shot alone, but the per-clock and efficiency gains shown below point to more than pure process and layout scaling. The area reduction was offset by a doubling of the shared L2 cache from 2 MiB to 4 MiB, leaving the total tiny CPU cluster area slightly larger. Area is the easiest improvement to see from a die shot, but it is only one part of PPA (power, performance, area). For modern logic, power and performance matter just as much, and often more. Since Dennard scaling broke down in the mid-2000s, voltage and frequency have not scaled in step with transistor dimensions, so each node has had to fight harder for gains in performance and efficiency. The starkest comparison is not Kirin 9020 versus Kirin 9030 Pro. Apple’s efficiency cores run circles around Huawei’s prime core. Apple’s low-power core delivers 20% higher integer performance while drawing only 1 W, compared with 4.5 W for Huawei’s prime core. N+3 matches TSMC N6, but N6 is several generations old. Apple and Qualcomm build on N4 and N3P, which are denser and sit on a better voltage-frequency curve, giving them a larger transistor budget and more performance per watt. The 9030’s own cores did improve. The middle and tiny cores gained 17% and 14% in per-clock integer performance over the 9020, with floating-point flat on the middle core and up 11% on the tiny. The tiny core improves cleanly, with performance rising while power falls and efficiency increases by 45% in integer and 24% in floating point. The middle core is mixed: integer performance rises but power rises faster, cutting integer efficiency by 7%, while lower power lifts floating-point efficiency 16%. Per-clock gains at the same or lower frequency are microarchitectural, so the cores are tuned, not just shrunk. Both also failed to hold their rated maximum frequencies, pointing to thermal, power, or stability limits. Per clock, the middle core sits around Arm Cortex-A720 and the tiny core near the Cortex-A520; absolute performance trails because Huawei clocks them much lower. The prime core is roughly Cortex-X2 class per clock, a 2021 design. Apple’s 2020 M1 Firestorm core is still 35% higher per clock and 57% faster in absolute integer performance at a similar 4.5 W. The current leading edge is further ahead again: the Apple M5 P-core is 60% higher per clock and 2.7× faster, the Arm C1 Ultra 45% higher and 2× faster. Matching older high-end cores per clock is a genuine design achievement. What Huawei cannot match is the voltage-frequency curve and transistor budget of leading-edge nodes, which let Apple, Qualcomm and others spend more transistors in the same area on wider cores, larger caches and deeper buffers while running at lower voltage. Huawei’s LogicFolding roadmap is one answer, stacking active logic to recover density and shorten signal paths. We return to it later. The GPU compute units (CUs) changed more visibly than the CPU cores, moving to a more rectangular layout for both the arithmetic logic unit (ALU) clusters and the CU overall. Even with ray-tracing support added, a CU shrank ~28%. However, that shrink is offset by the increase from 4 to 6 CUs and the area outside the CUs grew 33%. Overall, the GPU cluster is larger by ~10%. The GPU is where Huawei makes its biggest gains. The Maleoon 935 is not competitive with current flagships, but it is a large step up from the 920 and reaches older-flagship territory. In 3DMark it is 70% faster in Wild Life Extreme (WLE) and 79% faster in Steel Nomad Light (SNL) than the 920; with 11% higher clocks and 50% more CUs, the ~67% theoretical uplift roughly matches WLE and is beaten by SNL. It edges ahead of the Snapdragon 8+ Gen 1 in WLE and SNL, and the Dimensity 9200 and Apple A16 in WLE, but stays far behind newer parts: the Snapdragon 8 Elite Gen 5 and Dimensity 9500 are ~2.4–2.6× faster in WLE and ~3.2× faster in SNL. The Maleoon 935 is Huawei’s first GPU with hardware-accelerated ray tracing; there it lands slightly ahead of the Exynos 2200, and on par with the Apple A16, with current flagships up to 3.7× faster. The Neural Processing Unit (NPU) saw the largest structural changes of any block, moving from a Lite and a Tiny core in the Kirin 9020 to a Lite and two Tiny cores in the Kirin 9030. Both core types also show significant layout changes. This is a reversal in Huawei’s NPU design. The Kirin 9000 5G, its last flagship chip on TSMC N5, used two Lite and one Tiny core. The series of SoCs on SMIC N+2 moved to one Lite and one Tiny core, likely for area savings. With the Kirin 9030, Huawei has shifted back toward a larger multi-core NPU cluster, but with the additional area going to a Tiny core rather than a Lite core. We’re diving deep into the most advanced datacenter and AI hardware hitting the market. To learn more about what’s in the pipeline or to commission a custom teardown, contact sales@semianalysis.com. Interested in joining us on this ride and think you can be a difference maker? Check out our Careers page. Before diving into the process stack, the package and memory are worth separating from the SoC itself. The Pro variant of the Kirin 9030 carries 12 GB of Samsung DRAM, with two stacks of four dies each. The dies were identified as the K4L2E165YD, a 12 Gb LPDDR5X-9600 device fabricated on Samsung’s 1a node, the fourth generation of its 10 nm-class DRAM after 1x, 1y and 1z. 1a has shipped in volume since 2022, so this is current memory rather than older-node inventory. The 16 GB Pro Max variants we obtained were found with both CXMT and Samsung packages. The CXMT package is marked CXDD7JEDM, with two stacks of four dies, packaged in week 45 of 2025. The inferred die dimensions from X-ray computed tomography (CT) are consistent with a known density of ~0.3 Gib/mm² for the CXMT G4 process, roughly equivalent to other manufacturers’ 1z processes. The Kirin 9030 uses a typical integrated package-on-package (iPoP) stack: multiple DRAM dies in a memory package sit above an organic redistribution layer (RDL) interposer, which sits above the SoC and package substrate. The full package is then mounted to the printed circuit board (PCB) through ball-grid array (BGA) solder bumps. The memory package substrate is a thin bismaleimide-triazine (BT) laminate carrying the LPDDR5X stack. The organic RDL interposer over the SoC routes the PoP signals around the die and carries possible dummy thermal copper pillars. The package substrate, a thicker Ajinomoto Build-up Film (ABF) build-up over a BT core, fans the flip-chip bumps out to BGA pitch and embeds the power planes. The whole stack is organic. The only silicon is the SoC and the LPDDR5X dies; there is no silicon interposer. Keeping it all-organic brings the package’s coefficient of thermal expansion (CTE) close to the PCB’s, reducing board-level warpage, and avoids the cost of a silicon interposer the SoC’s bandwidth does not need. In an iPoP stack, the memory package connects to the organic RDL interposer through an array of solder bumps. Underfill fills the gap around those bumps, adding stiffness and protecting the joints from mechanical stress. The Pro and Pro Max variants differ here, which we cover behind the paywall. The die shot and architecture tell us how Huawei allocated its silicon budget. The process tells us what SMIC can manufacture. We use the Helio G99 as the process reference for TSMC N6. Both SMIC N+3 and TSMC N6 are evolutions of previous 7 nm-class nodes. We used targeted TEM cross-sections through logic and memory regions, imaged in both fin-cut and gate-cut directions. Each cross-section caption gives its horizontal field width (HFW), the real width of the imaged area. We start at the transistor fins, then move up through standard cells, local interconnect, and SRAM. SMIC has not overtaken Intel or TSMC. It uses aggressive DUV scaling and DTCO to reach N6-class density, but that density doesn’t translate into comparable performance and efficiency, for two reasons: the node gap to leading-edge nodes, and Huawei’s core designs. Fin Profile One of the most important knobs in a FinFET process is the fin profile: the shape of an individual fin and the channel where current passes from source to drain. The ideal fin is tall, narrow, and nearly vertical. A taller fin increases effective channel width, while a narrower fin improves electrostatic control by thinning the body the gate must control. Push either too far, and the process pays for it: weaker drive current, fragile fins, taper, footing and line-edge variation that hit yield and device variability. The Intel 22 nm, 14 nm, and 10 nm fin cross-sections show how FinFET nodes have improved over time. 22 nm fins were a first-generation structure, relatively short, wide and strongly tapered. The shape limits current density and reduces gate control uniformity across the height of the fin. At 14 nm and 10 nm, Intel pushed the fins taller and narrower while also making the sidewalls more vertical. Rather than shrinking the device, these changes increase the effective channel width per fin and improve electrostatic control. The trade-off is that taller fins at tighter pitches are much more difficult to manufacture. Now, let’s compare the Helio G99 on TSMC N6 with the Kirin 9030 on SMIC N+3. Both processes are in the same class, with fin pitch of 30-32 nm on N+3 and 34 nm in our N6 cross-section. The pitch for N6 is especially interesting as N7’s HD library is generally listed with a 33 nm fin pitch, and N6 did not shrink pitches directly. Its density gains came from DTCO instead of tighter pitches. The 34 nm pitch was stable across our sampled region and serves more as a comparison against the SMIC N+3 we have not investigated further. Pinning down N+3’s fin patterning scheme takes more than one core unit. The CPU cores show a dense ~32 nm pitch, with the pitch between N-P fin pairs alternating between 78 and 88 nm. Logic alone may be consistent with dual-pitch mandrels of 120 and 110 nm, but this is a complex and unusual approach. Combining the pitch from the the 8T SRAM, which has more complex repeat unit, with the CPU core sequence allows us to reverse engineer the patterning steps with more confidence. As both the logic and SRAM should share the same base grid, a single CD mandrel lithography pattern with 128 nm pitch undergoing SAQP produces a die-wide ~32 nm grid (128 nm/4), which supports the pitch sequencing seen in both logic and SRAM cells. In the sampled cross-sections, N+3 shows a taller, narrower, higher-aspect-ratio fin than N6. The measured fin aspect ratio is ~9.5:1 on N+3 versus 7.8:1 on N6. N+3 also shows less top rounding, with an estimated radius of ~2 nm, compared with 2.8 nm on N6. Even though the fin widths differ, the ratio of top rounding to fin width tells the same story, with N+3 at 0.37 and N6 at 0.44. In a geometric sense, lower is better; a perfectly rectangular fin would have no top-rounding penalty. These are single-digit-nanometer features measured from a handful of cuts, so treat the absolute numbers as approximate. The important result is the relative gap: N+3’s fins are consistently taller, narrower and less rounded than N6’s. We’re diving deep into the most advanced datacenter and AI hardware hitting the market. To learn more about what’s in the pipeline or to commission a custom teardown, contact sales@semianalysis.com. Interested in joining us on this ride and think you can be a difference maker? Check out our Careers page. Standard Cell A standard cell is the basic building block of chip layout: a fixed-height row pairing one NMOS and one PMOS transistor that share a gate, tiled in a grid to build logic blocks. The key dimensions are contacted gate pitch (CGP), cell height (CH), fin count, and the lower-metal routing grid. To measure density, we use the Bohr metric: a weighted average of NAND2 gate area (60%) and scan flip-flop area (40%). This represents a realistic mix of combinational and sequential logic. This metric has its limitations, especially for complex cell layouts like TSMC’s FinFLEX, which alternates cells with different fin counts. Even so, it is the best metric for a pure process-level comparison. Another important measurement is the fin pitch; it refers to the distance between two fins of the same transistor. In a FinFET process, multiple fins are used in each transistor to increase the drive current and thus performance. TSMC N6 ships both a high-density (HD) library with 2 PMOS and 2 NMOS fins per cell, and a high-performance (HP) library with 3 of each. More fins under the shared gate mean more effective channel width. HP cells switch harder at the cost of area. Designers mix the two on a die, primarily spending HP cells on timing-critical paths, and matching their PPA targets. In the Cortex-A55 core of the Helio G99, we found a cell height of 240 nm for the HD cell. MediaTek has used HD cells in the G99 to minimize die size and thus cost. As an SoC for budget smartphones at ~$100, this is essential. By contrast, we found only one library in the Kirin 9030, with 2 NMOS and 2 PMOS fins. This suggests a narrower library strategy than TSMC N6, where both HD and HP libraries are widely used. This likely reflects the smaller customer base and the more constrained domestic design and electronic design automation (EDA) ecosystem. In all three CPU cores of the Kirin 9030, we found cell heights of 228 nm, 5% smaller than on N6. This is also a reduction of 9.5% over SMIC N+2’s cell height of 252 nm. SMIC N+3 and TSMC N6’s HD library both feature a CGP of 57 nm. For SMIC, this is a 9.5% shrink over N+2. In the past, CGP and cell height alone may have been enough to compare transistor density. Now, however, we must consider scaling boosters and DTCO as well. SMIC’s density gain does not come from EUV. It comes from using every available DTCO booster aggressively. First is fin depopulation: reducing the number of NMOS and PMOS fins in each cell. The first FinFET nodes started with 3 or 4 fins for each transistor. SMIC N+3 and TSMC N6 HD both use only 2 fins per transistor, trading drive strength for density. Next is contact over active gate (COAG). By landing the gate contact directly over the active gate, instead of out over the isolation region, the cell height drops. N+3 integrates COAG while N6 does not. Our N+3 gate-cut cross-sections indicate COAG, with the gate contact sitting over the active region, while N6 shows an off-gate contact. Last is single diffusion break (SDB). Diffusion breaks are inserted between cells in the same row to provide electrical isolation, but they also introduce local layout effects (LLE), layout-dependent shifts in electrical characteristics. In the past, a double diffusion break was used, consuming the space of two CGPs. SMIC N+3 and TSMC N6 instead use SDB, saving area but increasing LLE sensitivity. This must be controlled at the process level and accurately modeled in the process design kit (PDK) so that EDA tools can account for it. Overall, SMIC N+3 has a transistor density of 113.4 MTr/mm², slightly above TSMC N6 at 107.7 MTr/mm². Even without EUV, SMIC has achieved density beyond TSMC’s mature N6 node which utilizes EUV. Metal Stack The smallest critical dimension in the teardown is M0; SMIC N+3 uses a 32.5 nm local metal pitch. That is smaller than the 36 nm M0 pitch on Intel 18A in Panther Lake. However, this does not mean that SMIC has a better process than Intel 18A or TSMC N3P. M0 is a local intra-cell routing layer. Its usefulness depends on the full interconnect stack: M1 and M2 pitch, track count, via and line resistance, design rules, mask count, overlay control, and routing flexibility. The 32.5 nm M0 is consistent with self-aligned quadruple patterning (SAQP), whose four-population line-width loading we read coarsely as alternating widths of 21.5 to 24 nm; M1 and M2, at 38 and 40 nm, are consistent with self-aligned double patterning (SADP), a single A/B split. On TSMC N6, M0, M2, and M3 sit at a relaxed ~40 nm and are consistent with SADP-class double patterning, with no need for quadruple patterning. That said, we measure M2 for example at ~43 nm, likely inflated by sparse routing. We do not assign any specific layer to EUV from our cross-sections; the distinction we can draw is double versus quadruple patterning, not lithography wavelength. Transistor-level density in the front-end-of-line (FEOL) sets an upper bound, but the design is ultimately limited by what the interconnect stack can route. The lowest metals are the most important for standard-cell density, but the semi-global and global layers determine how usable that density is at the block and chip level. Two axes are commonly used for chip cross-sections: the fin-cut and the gate-cut. The micrograph above is a fin-cut and shows metals 0 through 3. This axis lets us see the even-numbered metals, with M0 right above the fins. There are two kinds of M0 lines. The first are the power rails; these are wide wires for the VDD and VSS running horizontally at the top and bottom edges of each standard cell. The wide wires measure 55 nm across, more than double the other M0 lines. Their width minimizes resistance and reduces IR drop. The second kind are intra-cell wires, short segments within the cell that connect terminals to M1. These have alternating widths between 21.5 and 24 nm. The M0 pitch is 32.5 nm, a 19% reduction versus N+2 and N6. At this pitch, DUV patterning requires more aggressive multi-patterning, increasing mask count, overlay sensitivity, process complexity and cost. M0 is below what a single DUV-defined spacer (SADP) can resolve, so SMIC cascades a second spacer step (SAQP). The cross-section reflects the cost: the M0 trenches are visibly more re-entrant (narrower at the bottom than the top) than M1 or M2 on the same chip and carry a bright barrier-rich foot where the trench meets the etch-stop layer. That shape is partly the intended damascene profile, as a slightly narrow bottom helps void-free copper fill, but its magnitude at M0 is driven by the tight pitch and the higher trench aspect ratio. Intel 18A supports an M0 pitch of 32 nm, although Panther Lake has only shipped with a looser 36 nm pitch. This is due to Intel’s heavy usage of HP libraries. Among leading-edge nodes, 18A has the loosest M0 pitches due to PowerVia. With power routing moving to the backside, congestion is reduced, and the entire front-side metal stack can be used for signal routing. M2 is the first true inter-cell routing layer. It runs horizontally like M0 but spans across multiple cells to carry block-level signals. The M2 pitch sets the cell’s track height – the number of M2 tracks that fit between the VDD and VSS rails, defining what the library calls a 6-track or 7.5-track cell. This layer is the most important, limiting the routing of entire blocks. SMIC N+3 features a 5.7-track cell. The M2 pitch is 40 nm, a 5% decrease over N+2 and the same as N6. This shrink keeps the pitch at the edge of what is possible with double patterning. Future nodes will need to increase the number of masks for M2 as reducing the number of tracks is much harder due to the limitations in routing. The micrograph above is in the perpendicular direction, the gate-cut, and shows metals 0 through 4. This allows us to see and measure the odd-numbered vertical metal layers. The M1 pitch is 38 nm, 9.5% less than N+2 and 33% less than N6. The M1-to-gate ratio matters because it sets local routing flexibility. N+2 and N+3 use a 3:2 ratio, while N6 uses a 1:1 ratio, explaining the huge differences in M1 pitch. The more M1 lines there are compared with the gates, the more flexibility there is for power and signal crossing within the cell. Routing flexibility enables more complex and better cells. Clean fractional ratios are also preferred as a grid is periodic and improves layouts. The 3:2 ratio gives SMIC more local routing flexibility than a strict 1:1 grid, but it also complicates layout and patterning. This is a DTCO choice, with SMIC increasing process complexity to recover density and routability without EUV. This 3:2 ratio is not very popular in the leading-edge nodes. TSMC has only used it on N7+, the N5 family, and the short-lived N3(B). They have switched back to a 1:1 ratio for N3E. Intel has only used it on the 10 nm/Intel 7 family, with Intel 4, 3 and 18A all using a 1:1 ratio. Samsung is the only one still using a 3:2 ratio at the leading edge, using it in the SF4 and SF3 families. It remains to be seen if SMIC will remain at a 3:2 ratio or move to a 1:1 ratio with its future nodes. The industry is still actively exploring these local-routing ratios. At VLSI 2026, imec will be presenting work on even higher ratios, including a 2:1 scheme that can reduce area by up to 14%. We will be covering the conference in a future newsletter article. Subscribe We’re diving deep into the most advanced datacenter and AI hardware hitting the market. To learn more about what’s in the pipeline or to commission a custom teardown, contact sales@semianalysis.com. Interested in joining us on this ride and think you can be a difference maker? Check out our Careers page. The final local interconnect layer for N+3 is M3, with a pitch of 44 nm. The M3 pitch is the same as on N+2 and 10% larger than on N6. The semi-global layers carry the majority of block-level signal routing. They have a coarser pitch than the lower local layers. On leading-edge nodes, they are designed to sit at the limit of DUV single patterning. M4 through M11 pitches were found divided between 80–82 nm (M4–M6), 128 nm (M7–M10), and 148 nm (M11). Given limited sampling, it is possible these are divided further in dense routing areas. At the top are two giant metal layers, M12 and M13. These have kept the same pitches as N+2 at 1920 nm and 4600 nm respectively. While the lower layers’ pitches are generally fixed by the process and library, the upper layers vary much more in pitch and count, depending on the design. Even two smartphone SoCs on the same process can have wildly different metal stacks. The Helio G99 carries fewer routing layers, reaching coarse metal pitches of 850 nm by M9, while the larger and higher-performance Kirin 9030 keeps fine pitches until M11. SRAM At the leading edge, SRAM is much more difficult to scale than logic. TSMC’s latest nodes have seen little to no bitcell scaling, while logic still has more DTCO levers to pull. While looking for other logic libraries in the GPU compute units, we stumbled upon the SRAM. The most common type of SRAM has 6 transistors (6T), but this cell had 8 transistors (8T) instead. 8T SRAM adds two transistors to form a dedicated read port. Unlike a 6T cell, where reading disturbs the storage, the decoupled read port removes read-disturb, improving read stability and letting the cell be pushed harder for performance. At first glance, the cut looked like an unusual logic library, with each cell row having 3 fins of one polarity and 5 fins of another. The rows also alternated in orientation. Energy-dispersive X-ray spectroscopy (EDS) resolved our confusion. The cut had not landed on the GPU logic, but on the SRAM macro beside it. The unusual fin pattern was due to the SRAM library. We return to EDS in the process flow analysis behind the paywall. SRAM libraries are not like traditional logic libraries. Due to the unequal number of PMOS and NMOS transistors, they require specialized rules and layout libraries. They do not need the flexibility of logic libraries, so they are hyper-optimized for one purpose: dense, reliable memory. The SRAM cell we found is a 1:2:2-2:2 cell. This means there is 1 fin per pull-up (PU) PMOS transistor, and 2 fins per pull-down (PD) and pass-gate (PG) NMOS transistor. These 2 PU, 2 PD and 2 PG transistors would usually form a single 6T high-current cell (HCC). An 8T HCC adds a read-pull-down (RPD) and a read-pass-gate (RPG) NMOS transistor, each with two fins. We measured a cell height of 406 nm, which brings the bitcell size to 0.0463 µm². That is a theoretical peak density of 21.6 Mib/mm². We estimate that a 6T HCC would have a cell height of 292 nm and a size of 0.0337 µm². This is ~12% larger than a 6T HCC on Intel 3 and 4. We also estimate the 6T high-density cell (HDC) to have a cell height of 228 nm and a size of 0.0260 µm². This is coincidentally the same as the logic standard-cell height measured earlier. The estimate puts the cell near Samsung 7LPP/5LPP and slightly below TSMC N7/N6. That is a theoretical peak density of 38.5 Mib/mm². 6T HDC is arguably the most important cell as it is used for the largest caches in a chip, the L3 caches and system-level cache (SLC). Both the Kirin 9020 and 9030 have split the SLC into 4 banks to raise total SLC bandwidth. In the Kirin 9030, the SLC increased from 2 MiB to 3 MiB per bank. Correspondingly, the number of arrays within the bank also increased by 50%, from 16 to 24. Each array can store 128 KiB and forms an orderly pattern on the die shot. From the Kirin 9020 to the Kirin 9030, the area of a 128 KiB SLC array decreased from 0.0477 mm² to 0.0392 mm², an 18% shrink. The achieved density is 25.5 Mib/mm², 66% of the theoretical maximum. While the SLC was quite similar across both chips, the L3 has seen some major changes, particularly in terms of its layout. The total capacity also went up from 10 MiB to 12 MiB. Much like the SLC, the L3 is also split into 4 banks. In the Kirin 9020, an L3 bank consisted of 16× 128 KiB arrays and 16× 32 KiB arrays. However, an L3 bank in the Kirin 9030 instead consists of 48× 64 KiB arrays. In the Kirin 9020 L3, a 128 KiB array was 0.0513 mm² and a 32 KiB array was 0.0154 mm². The size of the 128 KiB array is different on the L3 and SLC as the assist circuitry for the two arrays differs depending on their purpose. In the Kirin 9030 L3, a 64 KiB array is 0.0210 mm². Although not a like-for-like comparison, normalized for capacity, it is 18% smaller than the 9020’s 128 KiB L3 array and 31% smaller than its 32 KiB L3 array. The achieved density is slightly lower than the SLC, at 23.8 Mib/mm², 62% of the theoretical maximum. Unlike the L3 and SLC, the prime cores’ private L2 cache uses a 2-bank design. As the prime cores’ L2 is latency-critical, it likely uses 6T HCC instead of 6T HDC. The 9020 has 16 arrays in each bank while the 9030 has 32. Each array has a capacity of 32 KiB. A 32 KiB array in the L2 shrank from 0.0171 mm² to 0.0142 mm², ~17% smaller. The density is 17.6 Mib/mm², ~59% of the theoretical maximum for 6T HCC. SRAM scaled well from N+2 to N+3, shrinking by ~19%, close to the theoretical logic shrink. The caveat is that N+2’s bitcells were unusually large, bigger than comparable 7 nm-class nodes, so part of the gain is catch-up rather than true scaling. With the insights from STEEL’s teardowns, we will be doing a deep dive into SRAM in a future newsletter article. Subscribe Everything above came out of a single STEEL teardown: die annotation, block-level area analysis and TEM cross-sections through logic and SRAM. We’re diving deep into the most advanced datacenter and AI hardware hitting the market. To learn more about what’s in the pipeline or to commission a custom teardown, contact sales@semianalysis.com. Future Roadmap The same cross-sections that pin down N+3 also show where SMIC can go next. Although N+3 is already close to the practical limits of DUV multi-patterning in several layers, SMIC still has a few scaling levers left. A theoretical N+4 would likely start with cell height. N+3 uses 5 M0 tracks between its power rails. Moving to 4 M0 tracks, as on SMIC N+2 and TSMC N6, could reduce cell height by roughly 15%. The routing grid is only one side of the shrink; the front end also must fit into the smaller cell. One possible FEOL lever is reducing the p-to-n isolation spacing from two diffusion grid units to one. Intel used this scaling booster on Intel 4, and TSMC did so on its N3 family. This path trades layout flexibility for density. Fewer M0 tracks reduce local routing resources, while tighter p-to-n spacing raises integration and design-rule difficulty. M2 is also constrained by the cell height shrink. For SMIC to maintain a ~5.7-track cell, M2 would need to move toward ~35 nm. That would move another layer into SAQP territory. SMIC could also reduce the CGP from 57 nm to 54 nm. Intel reached a similar CGP on Intel 10 nm/Intel 7 without EUV. The local interconnect is also tougher. If SMIC keeps the 3:2 M1-to-gate ratio, M1 would need to shrink to 36 nm and would likely require SAQP as well. If SMIC moves to a 1:1 ratio, M1 could relax to 54 nm, but it would give up routing flexibility. Under this theoretical path, we estimate that SMIC N+4 could reach a cell height of 198 nm and a CGP of 54 nm, implying a Bohr density of 137.8 MTr/mm², on par with TSMC N5 or Samsung SF4. However, the difficulty is cumulative. Each step is individually plausible, but together they make N+4 harder than the transition from N+2 to N+3. It will likely take longer, cost more, and carry less process margin. A theoretical N+5 would require a larger integration shift. One possible path is backside contacts (BSCon), moving power routing and source/drain contacts to the backside, which would reduce front-side routing pressure and enable another reduction in cell height. The front-side metal pitches could relax to reduce the process complexity. M0 would likely relax slightly to ~34 nm, and M2 and M4 pitches could relax further. CGP is unlikely to shrink much further. Even with EUV, 48 nm has been the practical limit for yield and process control. This approach would allow N+5’s cell height to fall to 170 nm and its CGP to 53 nm. This implies a Bohr density of 163.6 MTr/mm², on par with Intel 18A’s HP library. However, this would not make N+5 cost-competitive with the leading edge. It would reach a similar density through a much more expensive route. The integration difficulty rises sharply, with new process flows for backside alignment, wafer thinning, contact reveal, and backside metallization. Past this point, standard density and interconnect scaling become increasingly unattractive. That is where Huawei’s roadmap stops looking like a normal foundry roadmap and starts looking like a packaging roadmap. At ISCAS 2026, Huawei unveiled its tau (τ) scaling law, reframing process scaling in the time domain. τ is the time cost of data movement and processing: switching delays in transistors, RC signal propagation delays in circuits, compute, memory, and networking latency. Outside Huawei’s terminology, this is called system-technology co-optimization. This is Huawei’s answer to its lack of EUV lithography. Without EUV, planar density cannot keep pace with TSMC, Intel, or Samsung. If transistor density cannot shrink further, Huawei’s alternative is to shorten wires, reduce buffering, and stack logic vertically. “LogicFolding”, Huawei’s implementation of this new scaling idea, is, in practice, an aggressive 3D stacking approach. AMD V-Cache places SRAM above or below a CPU die. AMD’s MI350X places active interposer dies (AIDs) underneath accelerator and compute dies (XCDs), with the AIDs handling cache, IO interfaces, the network-on-chip (NoC) and embedded metal-insulator-metal (MIM) capacitors. With LogicFolding, parts of the same logic block are split across multiple active dies bonded face-to-face at ultra-fine pitch. This allows Huawei to shorten some critical paths and reduce buffer overhead, not merely add cache capacity or offload the IO and interconnect. Shortening wires is where the higher clocks come from. A large share of a modern core’s delay and energy budget goes into driving long interconnects and the repeater buffers along them. LogicFolding distributes a block’s critical-path gates across multiple stacked tiers bonded at a very fine pitch, so the bond interface behaves like an additional metal layer and the longest paths get shorter. That is how Huawei expects to recover frequency and efficiency it cannot get from the process alone. Huawei’s roadmap shows its intent. Prime core frequency is targeted to rise from 2.75 GHz in the Kirin 9030 to roughly 5 GHz by 2031, far beyond what planar scaling alone could deliver. Prime cores with 3.1 and 3.39 GHz clocks are being tested in its labs, although their power consumption is unknown. Beyond that, chips are in the design, simulation or pathfinding phase, meaning the frequencies are targets. However, the direction matters more: LogicFolding also helps with performance, not just density. The catch is that Huawei’s density claim is not directly comparable to foundry densities. A stacked design can report more transistors per package footprint by adding active layers, even if each patterned die remains well behind TSMC or Intel in front-end density. This is how Huawei can claim to reach foundry 14A-equivalent density by 2031. This is not a like-for-like foundry comparison, with Huawei using stacked logic and measuring density per package footprint. On a normalized Bohr-density basis, SMIC N+3 is ~114 MTr/mm², 38% less than Intel 18A’s HD library. Huawei’s 3D roadmap closes the gap by stacking active logic, reaching 215 MTr/mm² by 2030. In 2031, the roadmap density jumps to 295 MTr/mm², implying either a third active layer, partial EUV insertion or aggressive planar DUV scaling. Huawei’s methodology makes other foundries look much denser as well. Applying it to AMD’s MI450X with an N2 top die on an N3P base die yields a theoretical density of 460.2 MTr/mm² in 2026, compared with Huawei’s 295 MTr/mm² in 2031. This Kirin 9030 does not use LogicFolding, remaining in a conventional mobile SoC package. Instead, it forms the baseline for how far Huawei and SMIC can push planar scaling. Future teardowns of Kirin and Ascend chips will show both planar logic density and Huawei’s hybrid bonding solutions. Export controls changed China’s optimization problem rather than ending it. EUV restrictions raised the cost and complexity of leading-edge manufacturing without freezing it. SMIC reaches N6-class logic density through DUV immersion, SAQP and DTCO, while Huawei shifts more of the burden onto architecture, packaging and system-level integration. Future nodes will be tougher. N+3 still had room to tighten local metals and reduce cell height and CGP. Further scaling without EUV leaves fewer levers. More aggressive multi-patterning adds masks and overlay error. SMIC can keep pushing DUV, but each step will get more expensive and less forgiving. The design side is just as critical. Huawei had domestic EDA tools and flows before the Kirin 9030, with the Kirin 9000s, 9010 and 9020 making that clear. Huawei was able to ship multiple consumer SoCs on SMIC N+2 and N+3 while cut off from the Western EDA stack. US export controls restricted EDA tools for advanced chips in 2022 but did not target tools for more mature chips. In 2025, the US government briefly placed much broader restrictions on EDA software from Synopsys, Cadence, and others, before lifting them less than two months later as part of a trade deal tied to rare earths. Huawei has been unable to access those tools because it remains on a US trade blacklist. That forced Huawei, SMIC and Chinese academic institutions to build their own tools and flows. Researchers at Peking University recently announced a prototype EDA tool for Huawei’s LogicFolding architecture, which requires a new flow to handle the multilayer layout and floorplan. This is not the same as replacing the full Synopsys or Cadence stack, but it shows where domestic EDA is headed: toward tighter co-optimization between architecture, process and packaging. These advances are also diffusing into the Chinese ecosystem. SMIC is licensing its N+2 and N+3 processes to HLMC/Hua Hong at the government’s direction rather than by choice. If the same process learning feeds into Ascend accelerators for AI training and inference, the choke point shifts from one named fab to an ecosystem. Alibaba’s T-Head silicon arm and Cambricon, a Chinese AI chip designer that is expected to supply ByteDance, could also be major beneficiaries. Sanctions aimed at SMIC alone become less effective once the manufacturing knowledge has spread to other fabs and design houses. China is not closing the gap with Intel, Samsung and TSMC. The teardown shows the opposite in several places: no EUV, no backside power, higher process complexity, and visible trade-offs. But China is still advancing. If domestic chips become good enough for phones, inference, networking and security-sensitive workloads, they can matter strategically without matching TSMC at the leading edge. Behind the paywall, we show what else STEEL can do, with material and process flow analysis of SMIC N+3, and analysis of the Kirin 9030 package. We’re diving deep into the most advanced datacenter and AI hardware hitting the market. To learn more about what’s in the pipeline, access the full Kirin 9030 and SMIC N+3 analysis or to commission a custom teardown, contact sales@semianalysis.com.
The Best Time to Take Vitamin E for Better Skin Health
Looking for the best time to take vitamin E for skin health? Dietitians say timing matters less than what you pair it with.
Why I’m voting Democrat
It makes no sense to be a Republican in Colorado. Or a Democrat for that matter. On the day I turned 18, even before I bought my first legal 3.2 beer (remember 3.2 beer?), I went to the courthouse and registered to vote (remember registering to vote?). I joined the Republican Party. Even at 18, […]
Politics ain’t beanbag. But character still matters.
On the wrong lessons to take from the successes of Graham Platner and Ken Paxton.
Your blood pressure reading contains a hidden number — and here’s why it matters
Pulse pressure, which can indicate how stiff your blood vessels are, provides a window into heart and brain health.
Fallout 3 Unreal Engine 5 Remake Footage Appears Online
Fallout 3 may well be getting an official remake at some point, but in the meantime, fans have taken matters into their own hands.
Supercomputer illuminates subatomic particle that helps hold matter together
A team of researchers has leveraged a supercomputer at the U.S. Department of Energy's (DOE) Argonne National Laboratory to reveal the internal structure of a pion in unprecedented detail. The findings ...
MacBook Pro Or MacBook Air: Which Apple Laptop Lasts Longer?
The MacBook Pro and MacBook Air generally last the same amount of time, but it depends on how well the owner takes care of them, plus the silicon matters.
Why grandparents matter more than ever for children's mental health
A child psychologist says grandparents are more important than ever as youth mental health challenges continue to rise. He argues that children need supportive relationships, meaningful conversations, and a sense of purpose—not just pressure to achieve. Grandparents can help by listening, encouraging, and creating positive experiences that strengthen emotional resilience.
Why grandparents matter more than ever for children's mental health
A child psychologist says grandparents are more important than ever as youth mental health challenges continue to rise. He argues that children need supportive relationships, meaningful conversations, and a sense of purpose—not just pressure to achieve. Grandparents can help by listening, encouraging, and creating positive experiences that strengthen emotional resilience.
Texas Tech officials address sports betting controversy surrounding transfer QB Brendan Sorsby
Texas Tech University Athletics' top leadership released an unprecedented 21-minute video defending quarterback Brendan Sorsby’s court-ordered return to the field, framing his permanent NCAA gambling ban as a matter of recovering from a medical addiction.
Slow ICE reporting on infectious illnesses threatens El Paso outbreak response, health authority says
El Paso’s top public health official warned that delays in ICE reporting of infectious illnesses at detention facilities are hampering outbreak response efforts and endanger the broader community.
What Genres and Streamers Won 2025? And Who Lost? Plus Six Strategy Thoughts
(Welcome to the Entertainment Strategy Guy, a newsletter on the entertainment industry and business strategy. I write a weekly Streaming Ratings Report and a bi-weekly strategy column, along with occasional deep dives into other topics, like today’s article. Please subscribe.) Okay, time for the tenth and final article in my ten-part series recapping 2025. As I wrote two articles ago, my barometer for whether these articles are worth writing/publishing is whether they yield strategic insights, and once again, every subsection in this article has a strategic takeaway (or two). Honestly, these are the most important takeaways, since I step back and look holistically at the streaming wars in 2025. After I declare which streamers won and lost the year and which genres won and lost the year, I have six bonus thoughts. If you’d like to review the whole series... You can find the film flops here and here. You can find the TV shows flops here and here. You can find the top films here. You can find the top TV shows here, here and here. Then I declared my winners and losers in various categories here. You can find my 2024 recaps here. You can find the 2023 recaps here and here. And my 2022, 2021 and 2020 are all stored here. Yeah, it’s halfway through the year, and I’m just finishing this series up now. This year, I tried to space things out to not clog up my writing calendar, plus I had to wait for Fallout to (finally) drop off the charts. Well, that ended up pushing this series wayyyyy too far back on the calendar. Oh well. Next year, the goal will be to finish this series in March, but frankly, I just need more staff to make that happen. So please subscribe. Or, if you’re an advertiser (movie studio, FYC firm, or other), please reach out. Subscribe Streamer of the Year: Netflix Honorable Mention: Paramount (and CBS) So, just last week, I wrote about how Netflix has lost seven of its top twelve scripted shows in the last year. And I shared two very dour looks at Netflix’s potential slowdown this year and last. Guess what? They’re still the number one streamer in America. In 2025, they dominated new streaming shows (even if most of those new hit shows aren’t coming back for future seasons), they had the two biggest films, and they had the top returning TV show by a mile. The world is complicated, nuanced and messy. There may be warning signs of a future Netflix slowdown, but in 2025, Netflix was still the number one streamer. Note what I didn’t say? That Netflix has “won” the streaming wars, because obviously the streaming wars are still ongoing and, more importantly, YouTube is still growing—so now YouTube has “won” the streaming wars?—while Netflix’s share of TV consumption has stalled out. Avoid simplistic talking points, especially if they’re constantly repeated and could fit on a bumper sticker. I had trouble picking the second-place streamer this year, because all of the candidates for second place—Prime Video, HBO Max, and Paramount+—had some hits, but no one stood out. Then I saw this update from Nielsen on the top shows on TV in the 2025-206 season. Sure enough, Netflix had five of the top ten shows! And they had ten of the top 31 shows and fifteen of the top fifty. But CBS/Paramount+ actually had more shows in the top thirty and the top fifty. Paramount+/CBS had twelve of the top thirty shows and nineteen of the top fifty. Let me emphasize that: CBS/Paramount+ had more top shows in the 2025-2026 season than Netflix. And this look was just for TV shows, not live sports, an arena Netflix barely plays in. Meanwhile, Paramount-Skydance’s market cap is a fraction of Netflix’s. That’s weird, right? Streaming Loser of the Year, TV… We’re just getting started with this issue, but the rest is for paid subscribers of the Entertainment Strategy Guy, so if you’d like to find out… ...what streamer lost the year in TV... …whether Netflix could win the title for “film” streamer too… …who won the Disney vs Warner Bros. battle for theaters… ...what TV genres won and lost the year... ...what film genres won and lost the year... ...what film genre people think is thriving on streaming but isn’t… …why F-BOSSS TV shows don’t hold the same sway in the 2020s… …what it means to “flop” as a film on streaming… …UK shows underperforming on streaming… And a lot more... ...please subscribe! We can only keep doing this great work with your support. If you’d like to read more about why you should subscribe, please read this article about the Streaming Ratings Report, why it matters, why you need it, and why we cover streaming ratings best.
Jan. 6 debanking probe once floated as way to pad anti-weaponization fund
A Justice Department probe examining whether some of the nation’s biggest banks closed accounts of defendants charged in the 2021 Capitol riot and others for political reasons has been raised to the Trump administration as a way to support it’s efforts to compensate people the president claims were victims of weaponization, according to people briefed on the matter.
Exclusive: US military rushed to prepare ground mission to capture Iran’s uranium, but Trump paused it, sources say
The US’ top general made a secret, rushed visit to US Central Command headquarters in Florida late last month to be briefed in person on plans for the US military to send ground troops into Iran to forcibly seize its highly enriched uranium, the key component necessary to produce a nuclear weapon, two sources familiar with the matter told CNN.
Opinion: Georgia lawmakers can erase Black districts but they shouldn't
Black and minority voices matter in the U.S. House and Georgia General Assembly.
Science Says This Is The Absolute Best Time To Have A Snack
A snack can help provide your body with the fuel it needs to get through the day with energy, but according to science it matters what time you eat it.
Google Pixel updates left phones useless, bootlooping for some – a fix is now in sight
Some Google Pixel phones have been hit with bootloop issues, but a fix is now available, sort of. For the...
Your brain built a reality bubble. Literature, science, and philosophy can pop it.
Our brains give us a usable version of the world, not a complete one. A neuroscience and a physicist show why that gap matters for bias, free will, and the responsibility we carry into whatever happens next.
Newsom handpicked a generation of California politicians. Can they help him run for president?
An entire generation of California elected officials owe their current jobs and their political prospects to Gavin Newsom.
Social Security is Facing a Political Crisis
On Tuesday the Social Security Trustees released their latest report on the system’s finances. The numbers didn’t change much: Unless something is done, the Old Age Survivors and Disability Insurance (OASDI) program, Social Security’s official name, will be unable to pay full benefits starting in either 2032 or 2034, depending on some technical issues. That’s not far away: If the Trustees are right, the prospect of a Social Security crisis will loom over the next presidential administration. It’s important to understand, however, the nature of the looming crisis. It won’t be an economic crisis. It won’t even be a serious fiscal crisis. Whatever you may have heard, Social Security isn’t in danger of going bankrupt. What we’re facing, instead, is potential political crisis. Congress and the White House could easily take action to sustain America’s retirement system. But given the current state of our politics, there’s no guarantee that they will. There is a widespread misunderstanding of how Social Security works. While Social Security was designed to look like a pension fund, it isn’t. A pension fund pays benefits out of a stock of assets it has accumulated over time. In contrast, Social Security operates as a government transfer program, like food stamps or Medicaid. Now, unlike food stamps — but like the highway trust fund — Social Security is on paper supported by a dedicated tax, the payroll tax, that is assigned to that program. But I say “on paper” because from an economic point of view assigning the payroll tax to Social Security is just an accounting convention. What matters for the U.S. economy is the overall balance between government spending and government revenue, not the difference between one type of spending and one source of revenue. So there’s no inherent economic significance to the fact that by 2034 payroll tax receipts will be insufficient to cover promised benefits. There is, however, a legislative issue. As long as the Social Security Administration can pay benefits out of payroll taxes and its cash reserve, there’s no need for Congress to vote each year to authorize benefits — they just keep going out until further notice. However, once those resources become insufficient, benefits will fall —by 17 percent according to the Trustees — unless Congress passes new legislation that “tops up” Social Security’s finances. Yet the current administration and Republican party are such extremists that there is a real risk that Social Security will be held hostage on behalf of their goals. If this should come to pass, the hostage-takers will claim that shoring up Social Security is unaffordable. Right on cue, Mike Johnson, the Trump-sycophant Speaker of the House, declared on Monday that “entitlement programs” like Social Security “have to be adjusted and fixed,” and that Republicans will introduce a plan to that effect next year. But this is a ploy, because while the cost of maintaining Social Security benefits at their promised level isn’t trivial, it is in fact affordable. According to the Trustees’ report, the actuarial balance of OASDI up through 2050 — the amount of additional funds it would need to keep paying full benefits for the next 25 years — is 1.06 percent of GDP. To put that number in perspective, the Trump administration proposes increasing military spending next year by $420 billion, equivalent to about 1.4 percent of GDP – without any discussion of whether that’s affordable Yet how did we get to the point where Social Security will need to be topped up? The main answer is that we have an aging population, with a growing ratio of retirees collecting benefits to workers paying into the system: Trump’s anti-immigration policies are making this problem worse. According to the Trustees’ report, lower immigration will deepen Social Security’s financial hole because many immigrants are working-age adults who will pay into the system for decades before they collect benefits. In fact, this problem may be much bigger than the report acknowledges: The report’s baseline assumption is that we’ll have net immigration of almost 1.2 million people a year, and even the pessimistic case assumes 750,000 a year. Meanwhile actual net immigration has already been cut far below that — and may now be negative. Moreover, Social Security is being financially damaged by growing income inequality in America. Payroll taxes are levied only on wages up to $184,500, and they don’t touch capital income. With the distribution of income increasingly shifting from labor to capital, as well as becoming more unequal among wage-earners, revenue from the Social Security payroll tax has been falling as a share of national income. From 1990 to 2024, it fell from 5.02 percent of gross domestic income to 4.46 percent. Which brings me to the question that, these days, we ask about everything: How might Social Security be affected by the advent of AI? A short answer: If, as many of us fear, AI accelerates rising income inequality, it will further reduce the payroll tax receipts that currently pay for Social Security and further endanger its finances. On the other hand, if AI, as its advocates promise, leads to faster economic growth, it will increase the potential tax base that could and should be used to support Social Security and other social insurance programs. But to take advantage of that larger base, we’ll have to get serious about taxing wealth and capital income. Is Social Security in trouble? Yes, but only because of the way its financing is currently structured — a structure that no longer works well because our society and economy have become so unequal. Moreover, Trump’s immigration policies are further endangering its already deteriorating financial condition. So don’t believe Republicans’ gaslighting that it will be necessary to cut Social Security benefits. All that is necessary to preserve Social Security is political will to raise taxes on the wealthy and a sensible immigration policy. MUSICAL CODA Actually 67 under current law.
In the Protein Era, Even He-Man Is Hawking Supplements
To promote “Masters of the Universe,” Mattel, the toymaker behind the movie, tapped into one of the hottest trends in health and wellness: protein.
Business Restructuring Review Vol. 25 No. 3 May-June 2026
In This Issue Texas Bankruptcy Court Adopts Barnet Rule Requiring Foreign Debtor to Have U.S. Assets to Be Eligible for Chapter 15 Relief In In re Siu-Fung Ceramics Holdings Limited, No. 24-33299, 2026 WL 382424 (Bankr. S.D. Tex. Feb. 10, 2026), the court denied petitions for chapter 15 recognition of Hong Kong bankruptcy and liquidation proceedings commenced on behalf of an individual debtor and a group of companies that he owned or controlled. According to the court: (i) the corporate debtors' Hong Kong liquidation proceeding was not eligible for chapter 15 recognition because the attorney retainer upon which such relief was based was not funded until nine months after the chapter 15 petition date; and (ii) the individual debtor's Hong Kong bankruptcy case could not be recognized because the debtor's "center of main interests" on the chapter 15 petition date was not in Hong Kong, and he did not even maintain an "establishment" there. [read more …] Southern District of Texas Clarifies Post-Purdue Course for Consensual Third-Party Releases and Gatekeeping Provisions In In re Container Store Group, Inc., 676 B.R. 356 (S.D. Tex. 2026), appeal filed, No. 26-20166 (5th Cir. Apr. 14, 2026), cross appeal filed, No. 26-20166 (5th Cir. Apr. 24, 2026), the U.S. District Court for the Southern District of Texas addressed consensual third-party releases and gatekeeping provisions in the aftermath of the U.S. Supreme Court's ruling in Harrington v. Purdue Pharma L.P., 603 U.S. 204 (2024). Consistent with existing Fifth Circuit precedent, the court confirmed that, in appropriate circumstances, consent for third-party releases may be obtained through a creditor's failure to opt out of granting that consent. But, the court ruled, consent through an opt-out mechanism essentially can never be inferred for creditor classes that stand to receive no recovery under a chapter 11 plan and that are deemed to reject the plan by operation of applicable bankruptcy law. Instead, those classes must affirmatively opt in to any release. The court also narrowed and remanded the bankruptcy court's acceptance of a broad gatekeeping provision, ruling that such provisions must correspond to the restrictions established by Fifth Circuit precedent. [read more …] Delaware Bankruptcy Court: Initial Transferee Need Not Be Defendant in Fraudulent Transfer Avoidance and Recovery Litigation The Bankruptcy Code gives a bankruptcy trustee the power to avoid asset transfers that are either made with the intent to defraud creditors or that are "constructively" fraudulent because an insolvent debtor did not receive adequate value in exchange. The Bankruptcy Code also permits recovery of an avoided transfer from not only the initial recipient, but also from subsequent transferees. Courts disagree over whether a transfer must actually be avoided before the trustee can seek recovery from a subsequent transferee and whether the initial transferee must also be a defendant in the recovery litigation against a subsequent transferee. The U.S. Bankruptcy Court for the District of Delaware weighed in on this debate in Phillips v. SS Associates LLC (In re ONH AFC CS Investors, LLC), No. 23-10931 (CTG), 2026 WL 312892 (Bankr. D. Del. Feb. 4, 2026). The court adopted the majority view, ruling that the initial transferee need not be a defendant in avoidance and recovery litigation against a subsequent transferee, but that the trustee must establish the elements necessary to avoid the initial transfer as part of the recovery litigation. [read more …] New York Bankruptcy Court Weighs In on Adequate Assurance of Future Performance under Assigned Leases and Chapter 11 Plan Exculpation Provisions In order to assume and assign an executory contract or unexpired lease, a bankruptcy trustee must cure most defaults under the agreement and provide "adequate assurance" of the assignee's future performance. However, the Bankruptcy Code provides no guidance as to the meaning of "adequate assurance" other than with respect to shopping center leases. In In re Broadway Realty I Co. LLC, No. 25-11050, 2026 WL 147505 (Bankr. S.D.N.Y. Jan. 19, 2026), the U.S. Bankruptcy Court for the Southern District of New York examined this issue in connection with a proposed assignment of thousands of residential leases as part of a free-and-clear sale of debtors' properties. The court held that "adequate assurance" does not mean a guarantee of the assignee's future performance, but merely demonstration that the assignee has the ability to satisfy the underlying obligations. The bankruptcy court also ruled that an exculpation provision in the debtors' chapter 11 plan exonerating non-estate fiduciaries from liability for actions taken in connection with the chapter 11 case was unobjectionable, provided it was limited in scope to postpetition conduct and actions taken in connection with implementation of the plan after its effective date. [read more …] Newsworthy Corinne Ball (New York) (Hall of Fame), Bruce Bennett (Los Angeles), Carl E. Black (Cleveland), Jeffrey B. Ellman (Atlanta), Brad B. Erens (Chicago), Gregory M. Gordon (Dallas), Heather Lennox (Cleveland/New York), Joshua M. Mester (Los Angeles), and Kevyn D. Orr (Washington) were included in the 2026 edition of Lawdragon 500 Leading Bankruptcy and Restructuring Lawyers. The Daily Business Review selected Isel M. Perez (Miami) as an "On the Rise" winner for the Florida Legal Awards. The Florida Legal Awards annually recognize those who have made significant contributions to the legal industry in Florida. Dan T. Moss (Washington/New York) was inducted as a Fellow in the 37th Class of the American College of Bankruptcy at its Annual Meeting in March 2026 in San Antonio, Texas. Christine Borries (Munich) was ranked in the practice area Restructuring/Insolvency in the 2026 edition of Chambers Germany. The 2027 edition of The Best Lawyers in Singapore™ recognized Sushma Jobanputra (Singapore) in the practice area Insolvency & Reorganization. The restructuring transaction involving Eissmann Automotive North America, Inc. received the "2025 Turnaround of the Year (Large Company)" at the Turnaround Management Association (Detroit) Annual Awards Reception. T. Daniel Reynolds (Cleveland) and Nick Buchta (Cleveland) represented subsidiaries of Eissmann Group Automotive in connection with the parent company's German insolvency proceedings. Roger Dobson (Sydney) is among 40 Jones Day lawyers recognized by The Best Lawyers in Australia 2027 for his contributions in Banking and Finance Law; Distressed Investing & Debt Trading; Insolvency and Reorganization Law; Litigation. An article written by Corinne Ball (New York) titled "Ard Finance—A Global Enterprise Combining an LME With a Foreign Insolvency Proceeding and Chapter 15" was published in the April 21, 2026, edition of the New York Law Journal. An article written by Alex Sapp (New York) titled "Recent Developments in Section 510—Subordination" was published in the 2025 edition of the Norton Annual Survey on Bankruptcy Law. An article written by Brad B. Erens (Chicago) titled "New York Bankruptcy Court Approves Insider DIP Litigation Financing" was published on April 6, 2026, by Lexis Practical Guidance. An article written by Corinne Ball (New York), Dan T. Moss (Washington/New York), David S. Torborg (Washington), and Isel M. Perez (Miami) titled "New York District Court Affirms Narrow Scope of 'Public Policy Exception' in Chapter 15 Cases" was published on April 6, 2026, by Lexis Practical Guidance. An article written by Jeffrey B. Ellman (Atlanta) titled "Statutory Cap on Lease Rejection Damage Claims in Bankruptcy Applies to Solvent Debtors" was published on April 6, 2026, by Lexis Practical Guidance. An article written by Trisha L. Mowbray (Real Estate; Chicago) and Ryan Sims (Washington) titled "Chapter 11 Plan that Abridged Non-Debtor Lessee's Rights to Remain in Possession After Rejection Unconfirmable as Having Been Proposed in Bad Faith" was published on April 6, 2026, by Lexis Practical Guidance. Lawyer Spotlight: Ben Rosenblum Ben Rosenblum, a partner in the New York Office, represents debtors, creditors, and other parties in out-of-court restructurings and court-supervised proceedings, including chapter 11 cases, municipal bankruptcies, international insolvency matters, and stockbroker liquidations. His experience spans industries such as manufacturing, shipping, mining, aviation, energy, real estate, and telecommunications. Ben's notable debtor representations include Peabody Energy, the City of Detroit, Chrysler LLC, Spansion Japan, and Dana Corporation. Significant creditor representations include General Maritime Corporation, Calpine Corporation, American Home Mortgage, and Murray Energy. He currently represents creditors in Puerto Rico's restructuring. He also has extensive experience advising financial institutions on bankruptcy law as applied to derivatives.
Split verdict on California health taxes as cost-of-living anxiety takes its toll
LA County's Measure ER clung to a narrow lead while Contra Costa's similar measure went down in defeat — a divide experts attribute to growing anxiety over the cost of living.
Two huge California unions clash over money, political clout this election season
A union representing teachers and one representing health care workers took opposing stances on issues and with candidates for governor.
LinkedIn launches new effort in push to capture business advertisers
LinkedIn is aiming to burnish its position as a go-to platform for business advertisers with a new team of marketing experts that it expects to generate an annualized run rate of $100 million next fiscal year, a source familiar with the matter said.
New OMB rule could break science in the United States
The drug that saved your mother. The treatment your doctor recommended. The clinical trial that bought someone you love more time. None of it was inevitable. It required a system built to operate outside politics and sustained over decades, because science doesn’t operate on the timeline of a politician. That system is now under direct threat. The Office of Management and Budget (OMB) has proposed a new rule to regulate all federal grants, not just science, but housing, education, defense, NASA and everything in between, that would fundamentally change how research is conducted in the United States. There have been a lot of fires in the past 16 months, and if everything is an emergency, nothing is an emergency. But this is a very big deal. These rules would strip away the independence that has kept science from becoming a political tool. The good news is there’s still something we can all do. How the grant system was designed to work When I was a new faculty member, I was full of millions of ideas, so I sat down and wrote an NIH proposal. I worked on it for months and thought it was so good. Then I sent it to my mentor. It came back covered in comments. Places where my reasoning wasn’t as airtight as I’d thought, methods that could be stronger, gaps in my thinking that I had been too close to the work to see. It stung, as honest feedback always does, but peer review almost always makes the work better. In fact, it’s the backbone of how American science has functioned for generations. At NIH, submitted proposals go to a panel of scientists who have experience in the field. These are the people who can read research methods and spot their weaknesses, who understand when an experiment is designed well and when it isn’t. Applications are scored rigorously, and often only the top 3-20% of proposals receive funding. The people making funding decisions are required to justify them based on these reviews. To be clear: this is not a perfect system, and good science still goes unfunded more often than any of us would like due to limited resources. There is also criticism that peer review may undervalue bold ideas that are risky but could have high payoffs. But the peer review system is nonetheless a meaningful part of the grant selection process. While thoughtful and careful changes could improve the system, the changes being proposed by OMB will not make things better. The rule that could change everything Through this OMB proposal, the system that helps decide what gets funded is being dismantled. There are many troubling elements buried in this proposal, but three provisions stand out in particular. Each would be damaging alone. Together, they would change what kind of science gets done in America, and who it serves. 1. Political appointees would decide which science gets funded, and peer review would be explicitly sidelined or ignored. The guidelines your doctor follows, the standards that determine what’s in your air and water, the drugs that get approved for your family: all of it starts with a funding decision. Right now, that decision is made by scientists who can evaluate whether the work is actually sound and whether it could move the needle forward. Under this proposal, funding decisions could be made by political appointees. The careful, expertise-driven review process that shapes grant funding would be effectively sidelined. That means that a poorly designed study could get funded simply because someone in a political office liked the sound of it, while rigorous, important work doesn’t get funded because it no longer aligns with the administration’s priorities. In other words, critical work that benefits all of us could now be missed just because it has become politically inconvenient. 2. Grants could be canceled at any point, without warning, in the middle of ongoing work. Say your tax dollars have been paying for a cancer study for two years. The grant was awarded for five years, so the team is mid-experiment. There are three additional years’ worth of answers that could change how the disease is treated for hundreds of thousands of people. With this new rule, the federal government could cancel the remaining funding tomorrow, walk away from the commitment it made with your money, and have no legal obligation to finish what it started. This is a huge waste of money. There are rarely other sources of funding for this work, which means the team, the graduate students, postdocs, and research staff who have dedicated years of their careers to this project could lose their jobs. Patients who have contributed their time to studies may not see it turn into useful learnings for others. Every hour of work already completed could result in nothing useful. Science can take decades to get to tangible outcomes. It needs a stable funding system to flourish. 3. Researchers would have a harder time communicating their findings without pre-approval from the federal government. There is a saying from Sir Mark Walport: “Science isn’t finished until it’s communicated.” Science is no use to anyone if it is kept locked away in the labs that produced the data. The proposed rule could make communicating research findings harder in a number of ways: Make it harder for scientists to widely share their findings in scientific journals. Publication costs, including journal fees that allow for broad public access, could not be paid for by federal funds which is often how scientists pay these costs. Restrict researchers from engaging publicly about how their findings should inform policy or public health guidelines. This would restrict scientists from doing the work that transforms years of lab work into decisions that actually affect people’s lives. Make it harder for scientists to attend conferences. Conferences would now need to be approved by the federal agency at the time of grant award. This disadvantages conferences or publications that are not politically aligned. Conferences are a key way in which scientists learn about work happening in their field so they can collaborate and build on each other’s findings. What good is science with a muzzle? The long-term impact These changes could (and hopefully would) be reversed under the next administration. But by then, damage has been done. Once projects are halted or denied funding by political appointees, people leave their science careers for other paths or even leave the country to do their amazing science elsewhere. You cannot pause a scientific study the way you pause a subscription you decided isn’t useful anymore. You cannot freeze a research team that depends on salaries to feed their families, causing a scramble for replacement funding that, in most cases, simply does not exist. When the money stops, everything stops, and all the work in progress and its potential are lost. Despite all of the language about reducing waste, fraud, and abuse, this new proposed rule increases the administrative burden tremendously. Every researcher watching this unfold will make a rational decision: don’t start anything that will take a decade to finish. This includes not building a team around funding that could vanish, or asking the big questions that need patience and stability to answer. The most consequential science, the kind that produces the treatments and the breakthroughs that reach your doctor’s office twenty years from now, is exactly the science that would be abandoned first. This is still a proposal, so we can all do something Some worry this rule is already a done deal. But by law, OMB is required to open a public comment period. Those comments matter because they inform members of Congress, they can be used in litigation, and they create a public record. So here’s what you can do: Submit a public comment. The public comment period on this proposed change is open until July 13. Anyone can submit a comment, and OMB is required to respond to substantial ones. Each comment must be different to count as distinct; identical comments will be counted only once. Comment as an individual, not on behalf of your organization. Here’s a full resource to help you, with useful examples, but in general: Share a story about how science or federal funding has benefitted you or is involved in your work. Are you or someone you loved a cancer survivor? Do you know someone with Alzheimer’s? Have you received NIH/NSF or other federal funding? All of these can be stories you use to highlight why you care. Explain why you’re worried about these proposed changes. You can use the wording found here or in other resources to help you. Ask them to withdraw this proposed rule. Contact your elected representatives. Congress allocates money to federal agencies to spend, and it has oversight of how that process works. You can let your representatives know this proposed change concerns you and ask them to intervene. There are levers they can push that can help at this moment. Let others know why federal funding matters. This isn’t just about science, but ALL federal grants, including for education systems, defense projects, and more. The process, including the importance of federal funding, is invisible to many. We can all make it more visible by sharing how science benefits us and why we value it. You can also share this article, or any of the resources linked here, to help spread awareness! Bottom line We are quickly losing ground in scientific research in the U.S. More changes, like the proposed rule by OMB, would decimate our ability to conduct research here, leaving us all worse off: fewer treatments for pancreatic cancer, less research on pollution impacts, fewer answers for patients with rare disease, and more unaddressed health needs. The impact will be very real for all of us, regardless of where we stand politically. Using our voices for science is more important than ever. Love, LM Big thanks to Dr. Megan Ranney for reading this over and providing brilliant insights, as always. Dr. Liz Marnik, PhD, is Executive Director of The Evidence Collective at YLE and a science communicator and immunologist working at the intersection of public trust, science, and public health. You can find her on Substack, LinkedIn, Instagram and Threads. Your Local Epidemiologist (YLE) comprises a team of experts, ranging from physicians to immunologists to epidemiologists to nutritionists, working together with one goal: to “Translate” ever-evolving public health science so that people are well-equipped to make evidence-based decisions. The YLE suite of newsletters reaches over 475,000 people across more than 132 countries. This newsletter is free to everyone, thanks to the generous support of fellow YLE community members. To support the effort, subscribe or upgrade below: Subscribe
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Charlie Baur can trace his racing story back to a Christmas morning in Michigan — the kind that starts with snow on the ground and ends with a throttle in a kid’s hands. “I remember being 3 years old and then for Christmas that year, my parents had gotten me a 120 cc snowmobile,” Baur said. Long before sprint cars, he was a Michigan kid on snowmobiles, dirt bikes, four-wheelers and jet skis — and a regular at car shows and races with his family. Photo courtesy of Charlie Baur That early exposure became a calling. At 12, he sat in a sprint car for the first time and knew he’d found the next chapter. He started in quarter midgets, moved to go-karts, and the day before he turned 16 — one day shy of the minimum age required by track insurance — he made his first sprint car start after convincing officials to let him race. Five years later, Baur is still pushing forward, now racing sprint cars on both pavement and dirt while pursuing an automotive business education at Northwood University — with a clear-eyed understanding that motorsports encompasses more than what happens under the lights on Saturday night. “It’s a business,” said Charlie, a 20-year-old who calls Fenton, Michigan, home when he’s not at a racetrack or at Northwood’s residential campus in Midland, Michigan. Photo courtesy of Charlie Baur Racing is the product — but preparation is the job To the average fan, race day begins around dinner time. For a team, race day can be a 12-hour shift — plus the work that came before it. And Baur’s racing operation is a family affair. “The team is my parents and myself,” he said, explaining they own the cars, maintain equipment and manage the business side — from sponsor relations to budgeting. On race weekends, the core group includes Baur and his parents (Eric and Stefanie), plus a couple of additional hands (Alex Photiou and Robert Flannigan) who help with the intensity and pace of trackside work. That structure has shaped how he thinks about efficiency and professionalism. “We’ve always kind of had the mentality of we’re never working on the car for maintenance at the track,” he said. “Our goal is to do as little work as possible to the car because it should be ready when that car rolls out of the trailer to go racing.” That mindset shows up in routines: bolt checks, tire procedures, safety equipment and a repeatable process designed to limit errors. “Once I fire the car up and put my helmet on, that’s when it’s go time,” he said. “You can plan as much as possible for how the race is going to play out, but until you take the green flag … you don’t know how it’s going to go.” Photo courtesy of Charlie Baur First-generation driver, student of the game In racing, “first-generation” matters — and Baur wears that label with pride. “A lot of the drivers are third or fourth generation,” he said. “My family has never been in motorsports. So for me, we’ve always looked at it as we’re new to it and we want to be as different as possible. From a marketing standpoint, it helps us stand out.” It also pushes him to seek out mentors — especially veteran drivers who have seen every scenario, solved every problem and won in multiple eras. Baur credits accomplished driver Jason Blonde, a 10-time champion, for becoming his driver coach and helping him develop as a competitor. “To me, learning from Jason helps me because he has had lots of success and knows what to do,” Baur said. “You have to humble yourself and say, ‘I don’t know what to do; can you help me out?’” That willingness to learn extends off the track, too. Baur says one of his biggest challenges is not a mechanical limitation, but credibility. “It’s my age,” he said. “Some people won’t take me seriously because I’m so young. Even though … I do know what we’re talking about and have a general idea.” His answer has been to out-prepare, out-communicate and treat the operation like a real enterprise — because it is. Photo courtesy of Charlie Baur Northwood’s role: Turning passion into a plan Baur is majoring in automotive aftermarket management and pursuing an accelerated path that pairs undergraduate study with graduate work. He’s also exploring how to align his studies with motorsports-focused coursework as Northwood advances related programs and pathways. He sees the value clearly: motorsports needs business-literate professionals who understand budgets, sponsorship, marketing, operations and long-term strategy — and who can translate between the language of the shop and the language of the boardroom. That’s why his Northwood experience isn’t limited to the classroom. He has been involved with the Northwood University International Auto Show and serves as motorsports chair — a leadership role that demands outreach, contracts, coordination and a steady professional demeanor. “There’s so much outside work that makes the auto show successful that people don’t realize,” he said. “And it is truly student led.” He’s also participated in industry experiences through Northwood at major events such as AAPEX, SEMA and PRI, along with other automotive networking events — opportunities he describes as a fast track to understanding how business really gets done. “You learn a lot in the classroom,” he said. “But if you learn it and you can’t apply it to the real world, it loses its value. Or if you learn it and can apply it, but you don’t know anyone, it is still of no value.” In his words, Northwood helps him win because it “gives me the tools to succeed” — including flexibility and faculty support as he balances travel and racing commitments with academics. Photo courtesy of Charlie Baur Racing as an ecosystem — and a talent gap waiting to be filled Baur is blunt about what he sees across the motorsports world: a deep bench of experienced professionals, and not enough young talent entering the pipeline. “I go to car shows, I go to these different events, and typically … the average age is between 45 to 55,” he said. “There’s not a lot of young people going into the motorsports world.” That reality reinforces Northwood’s communications focus: positioning motorsports not as a narrow lane, but as a wide ecosystem of business careers — sponsorship, logistics, data, media, leadership, hospitality and innovation — with real demand for prepared graduates. It also shapes how Baur talks to younger students who love racing but aren’t sure what their future looks like. “If you have a passion for motorsports, there’s gonna be a spot for you somewhere,” he said, emphasizing that driving is only one of many career paths — and that local tracks and hands-on experience are often the best first step. But if someone is interested in driving as a career path, it will take a team to make that happen. Baur’s team includes Stahl’s Motors and Music Experience, Rhino Racing, Randy Wise Buick GMC Chevrolet, Western Michigan Fleet Parts, Mother’s Polish, Schaeffer’s Oil, Hepfner Racing Products, Ameriguard Storage Centers, Justice Brothers, Race 1 Wraps, TBM Brakes, Behind Your Design, CharlieBaur.com and Northwood University. “There are so many people who invest not only in myself but in my race team and who believe in us to succeed,” he added. Pictured: Charlie Bauer’s sprint race car. Looking ahead: A headline worth chasing Ask Baur to imagine 2035, and he’ll give you two answers — one dream, one blueprint. “In a perfect world,” he said, “winning the Indy 500.” Realistically, he wants to build a life where business ownership and racing reinforce each other and where he can pay forward the help he has received by mentoring younger drivers, especially those trying to break into motorsports without a family legacy. “When I retire from full-time racing, I want to be able to provide the same opportunities that were presented to myself to the next generation of drivers,” Baur said. “I know how difficult it is to get your foot in the door.” For now, the focus is simple: keep building the operation, keep learning the business, and keep showing up prepared — because in sprint car racing, as in life, process matters. And once the helmet goes on? “It’s go time,” Baur said. Photo courtesy of Charlie Baur Learn more Students interested in motorsports careers — whether in competition, team operations, marketing, finance, sponsorship, data, or management — can explore opportunities through Northwood University’s Center for Automotive and Mobility Studies. For Charlie Baur’s latest motorsports adventures, follow Charlie_Baur and Charlie Baur Racing on social media. To learn more about Northwood’s Bachelor of Business Administration in Automotive and Mobility Studies and motorsports management concentration, visit www.northwood.edu/programs/automotive-mobility-studies/. Photo courtesy of Charlie Baur Pictured: Charlie Baur at Butler Motor Speedway on May 31, 2026. Share this page
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