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Trump's mail voting crackdown tests Postal Service leader who says he's 'not political'
Long before he was the top official at the U.S. Postal Service, David Steiner was a corporate executive surfing mid-oughts television when he came across Donald Trump on “The Apprentice.” “If that is...
Valley National to acquire Bluevine for $340M
Valley National Bancorp announced its plan to acquire Bluevine, a digital banking platform for small businesses, for $340 million. The acquisition aims to strengthen Valley's funding base, expand its small-business offerings, and accelerate its artificial intelligence capabilities to enhance its position in the digital banking sector.
Inova buys two Fairfax medical buildings for $97.5M
Inova Health bought two medical office buildings in Fairfax County for $97.5 million, Newmark announced Wednesday.
Earnings matter more than politics for S&P 500 gains, BofA says
Corporate profits drive S&P 500 returns more than politics, says BofA.
Valley National Bancorp to Acquire Bluevine Inc., Accelerating Its Digital Small Business Growth Strategy and Meaningfully Enhancing Its Core Funding Capabilities
NEW YORK, N.Y. and JERSEY CITY, N.J., Sept. 28, 2026 (GLOBE NEWSWIRE) -- Valley National Bancorp (“Valley”) (NASDAQ: VLY) and Bluevine Inc. (“Bluevine”) announced today that they have entered into a definitive agreement whereby Valley will acquire Bluevine, a leading nationwide digital banking platform for small businesses. The acquisition directly aligns with Valley’s stated strategic priorities of enhancing its funding base, expanding its small business franchise, and accelerating its digital
Trump's mail voting crackdown tests Postal Service leader who says he's 'not political'
WASHINGTON (AP) — Long before he was the top official at the U.S. Postal Service, David Steiner was a corporate executive surfing mid-oughts television when he came across Donald Trump on “The Apprentice.”
Trump's mail voting crackdown tests Postal Service leader who says he's 'not political'
Long before he was the top official at the U.S. Postal Service, David Steiner was a corporate executive surfing mid-oughts television when he came across Donald Trump on “The Apprentice.” “If that is...
Democrats to probe lucrative Trump family business deals if they win midterms
Corporate donors to President Donald Trump's ballroom and participants in business deals brokered by Trump family members are expected to be among the first targets of investigations if Democrats take control of the House or Senate.
Democrats to probe lucrative Trump family business deals if they win midterms
WASHINGTON, Sept 28 (Reuters) - Corporate donors to US President Donald Trump's ballroom and participants in business deals brokered by Trump family members are expected to be among the first targets ...
WELL Health Subsidiary WELLSTAR Announces Conditional Approval for TSXV Listing and Files Filing Statement
WELLSTAR has received conditional approval from the TSX Venture Exchange as a Tier 1 issuer, subject to satisfaction of the TSXV's customary listing conditions, and is expected to commence trading on or around October 1, 2026, under the ticker symbol "WSTR".Vancouver, British Columbia--(Newsfile Corp. - September 28, 2026) - WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) ("WELL"), a digital health company focused on positively impacting health outcomes by leveraging technology to...
Lawyer who left corporate does AI training to supplement his practice
Ron Masciantonio left his job at Five Below and started his own legal practice. He says AI training is great for filling in the gaps between clients.
IRGC Reaffirms Commitment to Resistance Path on Nasrallah’s Martyrdom Anniversary
TEHRAN (Tasnim) – The Islamic Revolution Guards Corps reaffirmed its commitment to the path of Hezbollah late Secretary General Sayyed Hassan Nasrallah, saying his legacy continues to strengthen the resistance front and Lebanon’s Hezbollah.
Haverhill Chamber Names Damark Woodcraft Business of the Month
Damark Woodcraft of Haverhill is the Greater Haverhill Chamber of Commerce’s September business of the month. The company, formed more than 35 years ago, makes hand-built custom furniture, kitchens, doors and more. It helps clients design homes, offices, restaurants and other settings. Mark Brady, owner and president, incorporated the business with his father in 1991.
Cuvo Health Publishes 2026 State-by-State Virtual Clinic Compliance Report: 33 of 51 Jurisdictions Restrict the Corporate Practice of Medicine
/PRNewswire/ -- Cuvo Health, the white label telehealth platform operated by Medstra Inc., today published the 2026 State-by-State Virtual Clinic Compliance...
Business People: Evereve hires Target exec Alanna Baker to lead digital
RETAIL Evereve, an Edina-based national women’s fashion chain, announced the appointment of Alanna Baker as its first chief digital officer. Baker joins Evereve from Target Corp., where she most recently served as vice president of…
Politics chat: Trump vs the media; rolling back health and education spending
We look at President Trump's fight with some of the White House press corps, as well as his attempt to claw back $810 million in Congressionally-approved funds for health and education spending.
Politics chat: Trump vs the media; rolling back health and education spending
We look at President Trump's fight with some of the White House press corps, as well as his attempt to claw back $810 million in Congressionally-approved funds for health and education spending.
IRGC Navy Seizes Second US Military Underwater Drone
TEHRAN (Tasnim) – The Islamic Revolution Guards Corps (IRGC) Navy said on Sunday that it has seized a second underwater remotely operated vehicle (UROV) belonging to the US military in the Strait of Hormuz.
Saudi entertainment center registrations jump 62% in 2 years
Saudi Arabia's active commercial registrations for entertainment centers surged 62% from 5,216 in 2024 to 8,462 by mid-2026, driven by a growing demand for family-oriented venues. Riyadh leads with 3,580 registrations, reflecting a trend where shopping malls increasingly incorporate entertainment options, enhancing their appeal to families and children.
Visa (V) Following The UPT Deal Is The Business Payments Story Now Fully Valued
Visa’s UPT partnership puts business payments in focus Visa (V) is back in the headlines after UPT announced it will use Visa’s Currencycloud platform to power virtual EUR and GBP IBANs and real-time foreign exchange for corporate clients. Visa’s share price has cooled slightly in the short term, with the stock down 3.7% over the past month after a solid 7.5% 90 day share price return, while the 1 year total shareholder return of 9.8% and 3 year total shareholder return above 60% point to...
Is Tenet Healthcare Corporation (THC) A Solid Play on Expanding Ambulatory Business?
Tenet Healthcare Corporation (NYSE:THC) is increasingly relying on its ambulatory business as an important driver of growth, combining favorable long-term outpatient trends with attractive margins. According to BMO Capital Markets, Tenet’s ambulatory operations give the company exposure to an end market with favorable long-term growth characteristics. The firm expects continued investment in Tenet’s hospital operations […]
Georgia still tops for business following nationwide survey
Georgia’s political leaders are celebrating the state’s ranking as the top location for corporate expansions for the 13th year in a row.
Afognak takes majority stake in Alaska trucking, fuel companies
Afognak Native Corporation acquired a majority stake in three Alaska trucking and fuel companies, expanding its commercial portfolio.
Intel Panther Lake Teardown, 18A, BSPD, GAAFET, SemiAnalysis STEEL
Panther Lake debuts the first commercial implementation of backside power delivery (BSPDN), introduces Intel’s first iteration of gate-all-around (GAA) transistors, and showcases their advanced packaging capabilities with its Foveros-S assembly. With Panther Lake, Intel’s manufacturing arc has shifted from nebulous roadmaps to shipped silicon, a significant milestone on their long road back to competitive semiconductor manufacturing. To evaluate the extent of Intel’s comeback, we tore down Panther Lake. The SemiAnalysis STEEL teardown lab breaks down advanced datacenter and AI hardware. To learn more about our pipeline or to commission a teardown, contact sales@semianalysis.com. WE’RE HIRING: Architecture, floorplan, packaging, manufacturing, and labs experts. Opportunities from system to transistor and everywhere in between. Check out our Careers page. Our teardown traces 18A from its four-sheet RibbonFETs (Intel’s marketing name for GAAFETs) and gate stacks through contacts, frontside and backside wiring, and the bonded carrier. We explain how these material and integration choices improve gate control and reduce resistance, while adding capacitance, thermal resistance, and process complexity. Our measurements put Panther Lake’s 18A compute logic and TSMC N3E GPU logic at similar logic density. However, 18A does not lead TSMC N3P, N2 or Samsung SF2 in peak density. Panther Lake’s CPU cores are incremental updates, and the high-end GPU still uses TSMC N3E. Panther Lake assembles one compute tile, one GPU tile, and one I/O tile atop a passive base tile using Intel’s Foveros-S advanced packaging. Both compute tile variants use Intel 18A. The Xe3 GPU options are a 4-core GT1 tile on Intel 3 and a larger 12-core GT2 tile on TSMC N3E. Both I/O tile variants use TSMC N6. [1], [2] Our analysis centers on the PTL-U compute tile, both the 4-core and 12-core GPU tiles, as well as the 12-lane I/O tile. In conventional chips, power and signal are routed through the same frontside metal stack towards the device frontend. Power rails consume scarce routing resources near the transistors, while tall via stacks carry VDD and VSS from the coarse upper wires to local rails. Backside power delivery (BSPD) moves the main power network behind the transistor layer, to the backside, separating it from frontside signal routing. We covered BSPD and its impacts in 2024. [3], [4], [5] Intel’s BSPD implementation, branded as “PowerVia”, routes power through dedicated backside metals to nano-TSVs, which connect those rails to local source/drain (S/D) contacts. Implementing that separation requires Intel to build the interconnect stacks from both sides of the wafer. The frontside comprises the M0-M14 signal stack, while the backside comprises the BM0-BM5 power stack. M0 and BM0 are closest to the transistors. The nano-TSVs connect the two sides, but Intel patterns and etches each via from the front after forming the contacts. A narrow via runs from the side of the contact deep into the silicon substrate. Intel then completes the frontside signal metal stack, bonds the wafer to a carrier, flips it and removes the original substrate until the buried via tips are exposed. The backside metal stack is then deposited directly on the revealed vias. The nano-TSV and backside-via profiles taper in opposite directions because Intel forms them from opposite sides of the wafer. The transistor structures form the FEOL. Local contacts and nano-TSVs connect them to the wiring. M0 begins the frontside interconnect stack. The silicon carrier remains attached above the frontside interconnects. It supports the device wafer during substrate removal and backside processing and remains part of the finished chip’s thermal path. PowerVia removes the main power distribution from the congested frontside metals, routing supply through shorter and wider backside wires. Its lateral landing still occupies area in the standard cell, so it recovers less cell area than a direct backside contact. [3] Nano-TSVs beside the logic devices carry VDD or VSS from the backside power network, while signal connections continue upward through the frontside metals. Backside Interconnects Samsung SF2 data is included for comparison to Panther Lake’s within this article. SF2 is the incumbent GAA foundry node but lacks BSPD, serving as a useful reference to evaluate 18A. A full teardown of Samsung’s S26 products, processed on SF2, will be shared soon.Nanosheet-cut EDS comparison. The PowerVia supply path runs from the backside Cu rails through Mo-lined W nano-TSVs to the local transistor contacts. In this cross section, the tapered connection spans roughly 150 nm from the contact level to BM0. The Ta liner confines Cu and promotes adhesion to the surrounding stack; the AlOₓ etch stop controls the next dielectric etch above the rail. Dielectric beneath the ribbons electrically separates the devices from the backside wiring and removes the conducting silicon body below the channel. [6] AlOₓ serves as an etchstop (ES), enabling endpointing and protecting the underlying layers. Low-volatility aluminum fluoride reaction products resist the fluorinated plasma, allowing a thin AlOₓ film to protect the metal while the surrounding low-k dielectric is removed. [6], [7]. While the BM0 and layers above the M1 lines show double AlOx layers, Our SMIC N+3 teardown showed single AlOₓ layers. SMIC uses a simpler local AlOₓ substack, while the remaining cap and etch sequence provide the required landing protection. So why double layers? The closely spaced AlOₓ doublets provide two protected endpoints in the etch sequence. Intel documents an AlOₓ/SiN/AlOₓ stack that explains the benefit. The main dielectric plasma etch stops on the first AlOₓ film; a selective wet clear opens that film; a second plasma etch removes the intermediate SiN and stops on the second AlOₓ film. The final wet clear exposes the metal landing surface. SiN is the intermediate dielectric in Intel’s published example. [8] The second stop protects the metal through a cap breakthrough. Wide openings can etch faster than narrow ones, and etch depth varies across the wafer. Metal under an early-clearing opening would otherwise be exposed while other openings still need more etching. Staged protection widens the process window and reduces metal erosion, corrosion and void formation. [8] TSMC documents AlN/AlOₓ/SiOC/AlOₓ above Cu, with AlN blocking Cu diffusion, and a simpler AlN/SiOC/AlOₓ variant that omits one AlOx film. [9] Levels with different opening sizes, aspect ratios, pattern densities and cap materials need different etch margins. A double AlOx stop is useful where another protected endpoint justifies the added processing. The extra film adds formation, selective opening and cleaning steps, plus another set of interfaces to control adhesion, moisture, and stress. These blanket films are opened through the existing via pattern, so each film does not require another lithography mask. AlOₓ adds parasitic capacitance when it replaces lower-k dielectric; two thin AlOₓ films can nevertheless contain less AlOₓ than one thick film. Total thickness, placement, and theintermediate dielectric determine the electrical cost. Deposition chemistry also changes AlOx permittivity and residual hydroxyl content, which can oxidize the underlying metal. [7], [8], [10], [11] The backside stack separates into relatively fine BM0-BM2 wiring near the devices and coarser BM3-BM5 power distribution. The largest pitch increase occurs between BM2 and BM3. BM0’s pitch closely matches the logic-row height, fitting local power delivery to the cell rows. Higher levels aggregate current through larger conductors: routing density becomes less important than low resistance and current capacity as the network approaches the package. This hierarchy provides wide power wiring for the power delivery network without consuming scarce frontside signal-routing resources. [3] The SemiAnalysis STEEL teardown lab breaks down advanced datacenter and AI hardware. To learn more about our pipeline or to commission a teardown, contact sales@semianalysis.com. WE’RE HIRING: Architecture, floorplan, packaging, manufacturing, and labs experts. Opportunities from system to transistor and everywhere in between. Check out our Careers page. Frontside Interconnects Intel 18A combines Mo-lined W contacts and nano-TSVs with a separate backside Cu power network. Samsung SF2 keeps power on the frontside, using Ti-based contact interfaces and Ta-based barriers and Co liners around Cu wiring. In 18A standard-cell rows, backside power rails supply the devices through nano-TSVs within the cells, freeing frontside routing resources. Samsung’s M0 accommodates both power and signal connections. From the device toward M0, the connection runs through a Ti-based S/D interface, W contact fill, a Mo-lined W via, and the Cu M0 wire. Mo supplies a conductive nucleation and adhesion layer for W, replacing the resistive TiN liner used in conventional W integration. This increases the effective conduction volume within the feature while retaining W fill and its established polishing, cleaning and etching processes. Intel’s Mo/W patent describes this integration tradeoff. The nano-TSV uses the same Mo-lined W construction in the backside supply path. [12] The move from TiN to Mo is an incremental change. While a full Co or Mo fill can also reduce the volume lost to liners in very small features, it requires new integration schemes that increase complexity and risk. Cu remains attractive for wider wires due to its low resistance. As wires and vias shrink, the diffusion barrier consumes an increasing fraction of their cross-section. [12], [12], [14] Intel uses Co/Ru liners at M0-M1, Co at M2-M4, and Nb at M5-M9. The lower-level liners help Cu adhere and reduce void formation during trench fills. Applied Materials’ Endura has new thermal control that facilitate wetting process, so the thin film continuity is good enough that good capillary pressure will drive Cu atoms to the via bottom without voiding. Intel’s choice to use Nb is particularly interesting. Intel’s Nb patent describes a conductive diffusion barrier intended to reduce the barrier’s contribution to resistance relative to conventional Ta-based barriers, particularly at via bottoms where all current crosses the barrier. The patent pairs Nb in coarser levels with the option of lower-cost PVD processing. [15], [16] The upper metal layers support thicker barriers formed through physical vapor deposition (PVD) despite its worse coverage and uniformity. Meanwhile, the lower metal layers require thinner barriers deposited through conformal atomic layer deposition (ALD). Co/Ru adds another material interface and requires controlled deposition and Cu fill. Changing liners and barriers by metal layer allows Intel to optimize interconnect resistance, process complexity, and reliability. [15, 16] RibbonFET, Intel’s name for its gate-all-around FETs (GAAFETs), replaces the FinFET’s vertical fins with four stacked horizontal silicon nanosheets, allowing the gate to surround the channel on every side. The path to GAAFET begins with the planar transistor. A planar MOSFET places the gate above the channel between its source and drain. Pairing an NMOS with a PMOS transistor creates a CMOS inverter, in which the NMOS pulls the output low for a high input, and the PMOS pulls it high for a low input. The gate must retain electrostatic control of the channel to ensure clean switching. As gate lengths shrank, the drain began to compete with the gate for that control, increasing off-state leakage. Electrostatic control was restored through an architectural evolution that raised the channel into a vertical fin and wrapping the gate around three sides. Called “FinFET”, this new architecture packed more effective channel width into a smaller footprint. Further scaling made it harder to maintain both drive current and leakage within smaller cells, and reintroduced the same problems planar MOSFETs faced. Nanosheet GAAFETs close the fourth side by replacing the vertical fin with a stack of horizontal nanosheets, each surrounded by the gate. The tighter electrostatic control suppresses leakage at shorter gate lengths while stacking adds effective channel width within the cell footprint. In a FinFET process, channel width changes in discrete steps as designers must add or remove whole fins. Nanosheet width can instead be adjusted continuously within the process’s design rules. Wider sheets increase drive current, while narrower sheets reduce capacitance at the cost of drive current. Intel 18A uses stacks of four nanosheets each and varies their widths across logic and SRAM. At the process level, adding more sheets to each stack increases effective channel width and drive current, but complicates fabrication. RibbonFET vs MBCFET Samsung began GAAFET production in 2022 with SF3E, following with SF3 and now SF2. Its ‘MBCFET’ provides a useful structural comparison with Intel’s first RibbonFET implementation. [17] STEEL is digging deeper into SF2, used in the Exynos 2600, and TSMC’s GAAFET N2, used in Apple’s A20 Pro, in upcoming newsletter articles. We’re throwing some teasers on X. Let’s compare Samsung SF2’s MBCFET with Intel 18A’s RibbonFET. Subscribe Even to the untrained eye, Intel’s extra nanosheet is obvious. Intel stacks four ribbons to Samsung’s three. Samsung’s sheets are much wider in these fields, so both sheet count and width matter to the available channel perimeter. Sheet width also changes which silicon surfaces carry current. On conventional (001) silicon, wide nanosheets emphasize the broad top and bottom surfaces, favoring electron transport; the larger sidewall contribution in a narrow sheet favors hole transport. Thinner sheets improve gate control but increase confinement and scattering. This makes width and thickness part of the NMOS/PMOS balance, alongside strain and threshold voltage. [18], [19] GAAFET designs like 18A use different work-function-metal (WFM) stacks for NMOS and PMOS. Around each ribbon, a thin SiOx interfacial layer separates the silicon channel from the HfOx high-k dielectric, with La providing dipole tuning and the WFM wrapping the dielectric. NMOS uses a TiAl-based stack, while PMOS uses TiN WFM. W fills the remaining gate trench, providing a lower-resistivity path where the work-function layers are no longer needed. In this field, the PMOS stacks leave room for W between ribbons, while the NMOS stacks occupy more of those gaps. A silicon-based dielectric marks the P/N boundary, allowing the PMOS and NMOS gates, sharing the same gate trench, to be processed sequentially. Fast logic paths, retention circuits, and SRAM need a family of threshold options. Changing threshold without substantially changing device dimensions, capacitance or fabrication complexity is valuable. FinFET processes typically use different work-function-metal stacks. In a four-ribbon GAA stack, the narrow sheet-to-sheet gap limits how much WFM can fit around each channel. La in the gate dielectric creates interfacial dipoles at the SiOx/HfOx boundary, shifting effective work function and tuning threshold voltage. This gives Intel another control alongside its NMOS and PMOS WFM stacks. Low-threshold devices improve critical-path drive; higher thresholds reduce leakage elsewhere. Dipole tuning is especially useful in GAA because it changes threshold without consuming the narrow intersheet gap with thicker WFM. Precise control of La incorporation, diffusion and interface quality has long been a challenge, limiting viability in high volume production but is now seen from every leading-edge foundry. Intel’s patent describes depositing a dipole-forming oxide above HfOx and annealing it toward the interfacial oxide before completing the work-function and fill metals. This separates threshold tuning from the space available for metal. Newer research addresses the thermal cost: imec’s 2026 dipole-middle research inserts the shifter between two HfOx depositions, shortening the diffusion path while protecting SiOx during patterning. [20], [21]Matched-cut EDS, Intel 18A (left) vs. Samsung SF2 (right). Intel retains raised source/drain epi beneath its contacts, while Samsung recesses W deep into the epi to form a V-shaped Ti-lined interface. The deeper contact increases metal-to-semiconductor area and shortens the current path from the lower sheets, reducing contact and spreading resistance. It also removes epi volume and brings the contact etch closer to the channel ends. Retaining more epi preserves the material available for strain transfer, especially from SiGe into PMOS. These geometries balance contact access against stress engineering and etch margin. [22], [23] Samsung stacks three sheets to Intel’s four ribbons, and both processes use sheet width to tune drive strength. In our Samsung cross-sections, widths range roughly from 19 to 30 nm in the NPU rows and 37 to 50 nm in the CU cell. The Samsung nanosheets taper, with the widest sheet at the bottom and the narrowest at the top. Both processes use HfOx gate dielectric and Ti-based work-function stacks, with Al in the NMOS stack. In the Samsung devices shown here, the dielectric and WFM occupy the intersheet gaps, leaving W above the top sheet. Intel’s PMOS stack leaves more room between ribbons, and W fills those gaps while the thicker NMOS stack leaves W mainly in the upper trench. Gate-stack EDS maps. The W between Intel’s PMOS ribbons provides a conductive path close to the lower gates. Where WFM fills the entire gap, the gate still surrounds the channel, but voltage reaches it through the more resistive work-function films. Thinner WFM and dipole tuning preserve room for low-resistivity fill; Mo and Ru are alternative fill metals being developed for further scaling. [24] A masked, sequential WFM flow explains the different gate heights and inter-nanosheet fill. The proposed sequence below shows how separate NMOS and PMOS work-function steps produce that geometry. Enabled by the BSPDN process, Intel replaces the dense-logic silicon subfin with dielectric, removing the parasitic conduction path below the ribbons and reducing substrate-related capacitance. A retained silicon body as in classical, non-SOI, planar and FinFET designs needs junction and punchthrough-stop engineering to suppress leakage. Dielectric isolation makes that leakage less sensitive to the subfin doping profile but adds removal and fill steps. It also weakens the direct thermal path through silicon, making the contacts, metal stacks and package more important for heat extraction. [24], [26] Fluorine is concentrated around selected Intel device structures in the maps. WF6 is a standard precursor for W nucleation and fill, while barrier films protect adjacent dielectrics from fluorine attack. Low-fluorine W processes reduce the residual-F burden. Chloride-based precursors avoid introducing F during W deposition, but require control of chlorine attack, nucleation and fill quality. The integration target is a continuous, low-resistance W path with a thin protective liner and minimal chemical damage to the surrounding stack. [20], [27], [28] The SemiAnalysis STEEL teardown lab breaks down advanced datacenter and AI hardware. To learn more about our pipeline or to commission a teardown, contact sales@semianalysis.com. WE’RE HIRING: Architecture, floorplan, packaging, manufacturing, and labs experts. Opportunities from system to transistor and everywhere in between. Check out our Careers page. We measured cell height, gate pitch, metal geometry, and ribbon dimensions at the XTEM sites shown below. The tables group these dimensions by site and device polarity. Our “sheet cuts” cross the silicon channel and show the ribbons end-on. “gate cuts” run along the channel through successive gates. The 18A logic cell dimensions point to a five-track logic library while the N3E and Intel 3 cell dimensions evidence a seven-track logic library. The DDR-PHY uses wider M0 wires and much larger spacing than core logic. That trades routing density for lower wire resistance and weaker coupling between neighboring nets. The geometry suits the current delivery and coupling requirements of analog, clock, and I/O circuitry. PowerVia lets 18A combine a compact cell height with wider M0 geometry by moving the main power rails off the signal-routing tracks. That relaxes local wire scaling while preserving a small cell footprint. Cell height and gate pitch set the geometric density; pin access and routability determine how much of it a real block can use. [29] The biggest takeaway from our gate-pitch measurements is that Intel 18A compute logic and TSMC N3E GPU logic have similar density in the Bohr representative-cell model. The 18A example is 18.6% denser than the Intel 3 GPU example. Gate pitches are nearly identical across the three sites, so cell height drives most of the difference. The Bohr model combines a four-transistor NAND2 spanning three gate pitches and a 32-transistor scan flip-flop (SFF) spanning nineteen pitches, weighting their densities 60:40. The sensitivity column shows how independently changing cell height and gate pitch by ±1 nm changes the result. This compares representative cell geometries; whole-die density also depends on cell mix and placement. The 18A P-core gives M0 substantially more metal cross section than the N3E vector engine. Treating each profile as a trapezoid gives 2.63 times the area per line and 1.84 times the area after normalization by routing pitch. The larger section reduces the geometric contribution to line resistance and lowers current density for a given current. Taller and wider wires also add capacitance, so circuit delay depends on the balance of resistance and capacitance. The DDR-PHY has less metal area per routing width than the 18A core fields, while remaining above N3E. [30] Area = height × (top CD + bottom CD) / 2, including liners. Area/pitch normalizes by routing width. Taper is the symmetric sidewall angle from vertical, with the largest angle belonging to the DDR-PHY. Compute tile The measurements show how ribbon dimensions and gate-stack geometry vary across the compute tile and between NMOS and PMOS to balance channel drive, gate load and the space needed for the dielectric/WFM stack across logic, SRAM and the DDR-PHY. Width mainly changes available channel perimeter; thickness also changes electrostatic control and carrier confinement. Gate-stack thickness then determines the space left for low-resistivity fill P-core and LP E-core logic Both the P-core and LP E-core use multiple nanosheet widths. Widths are measured on high-magnification XTEMs while wider-field images demonstrate additional width choices within the LP E-core. Multiple widths are expected even within an LP E-core. Timing-critical paths, buffers and cells with different fanout need different drive strengths. The lower-magnification fields show this width diversity beyond the sites quantified in the table. L2 and L3 SRAM GAA gives SRAM designers another way to balance the pull-up (PU), pass-gate (PG), and pull-down (PD) transistors. FinFET bitcells set device strength through fin count while GAA adds nanosheet width as a sizing knob. In a 6T SRAM cell, a strong pull-down relative to the pass-gate limits read disturbance, while a strong pass-gate relative to the pull-up improves writability. During a write, the pass-gate and write driver pull the node storing “1” below the inverter trip point. During a read, the pull-down holds the node storing “0” low. Bias, threshold voltage, mismatch and assist circuitry set the remaining margin. FinFET high-current cells commonly use a PU:PG:PD fin-count pattern of 1:2:2, a device-sizing ratio rather than a current ratio. Ribbon width lets Intel balance SRAM strengths without adding whole fins. The L2 cell uses its narrowest ribbons for PU and widest for PD, improving writability and read stability respectively. Intel’s disclosed HCC operates without assist; its denser HDC uses negative-bitline write assist. Pulling the selected bitline briefly below ground increases pass-gate overdrive so it can overpower the pull-up at lower supply voltage. That buys density and low voltage writability at the cost of boosting circuitry, switching energy, and additional voltage stress that must be controlled. [31], [32] Four rectangular ribbons give the perimeter = 8 × (width + thickness), before corner rounding. PG/PU is 1.49 and PD/PG is 1.16. The L3 structures closely resemble L2 in layout and cell height. Fewer L3 nanosheet widths are tabulated because fewer high-magnification images were available. DDR PHY The DDR-PHY trades density for controlled analog behavior and reliable off-chip signaling. It contains drivers, receivers, delay circuits, and calibration logic that set drive strength, sampling time, and voltage margin. Repeated four-sheet devices with similar widths fit the use of regular transistor units for matching and programmable drive. Its wider local wiring provides room for current delivery and separation of sensitive signals, while consuming more area than a dense core-logic grid. The layout serves the memory channel’s electrical requirements as well as digital logic density. [33] The SemiAnalysis STEEL teardown lab breaks down advanced datacenter and AI hardware. To learn more about our pipeline or to commission a teardown, contact sales@semianalysis.com. WE’RE HIRING: Architecture, floorplan, packaging, manufacturing, and labs experts. Opportunities from system to transistor and everywhere in between. Check out our Careers page. Intel 3 GPU devices Vector engine logic Intel 3’s XVE logic uses two-fin PMOS and NMOS devices with power rails in M0. Its cell height and M0 pitch give a seven-track geometry, two tracks more than the 18A logic. One-fin groups also appear among the two-fin devices. Intel 3 L2 SRAM The Intel 3 L2 SRAM uses the familiar HCC sizing pattern: one PU fin, two PG fins, and two PD fins. N3E GPU devices Vector engine logic The N3E XVE field contains repeated two-fin devices with seven-track cell geometry. N3E remains a FinFET process, giving Panther Lake a direct FinFET-to-RibbonFET comparison. N3E L2 SRAM The N3E L2 SRAM uses the same PU:PG:PD fin-count pattern of 1:2:2. Panther Lake-U follows Lunar Lake’s floorplan quite closely. Both pair 4 P-cores with 4 LP E-cores and NPU, media and display engines in similar locations. Lunar Lake also uses Xe2, the direct predecessor to Panther Lake’s Xe3 GPU. This makes Lunar Lake the most direct basis for our comparisons. Arrow Lake differs in core count and uses the older Xe-LPG GPU architecture, so we only use it where it offers a more direct component-level comparison. Compute tile Panther Lake compute-tile floorplans remain sparse even months after launch. Intel 18A’s backside metal and dielectric stack must be removed without damaging the underlying structures before a clean transistor-level floorplan can be imaged. Most published die shots hide or heavily process the background, but we are quite proud of the die shot we achieved and are excited to show the work we have done. We measured the areas of the key components on the compute tile and compared them with their Lunar Lake predecessors on TSMC N3B. These help us to capture changes in block area and compare the two chips across process nodes and designs. Our total tile areas exclude the scribe-line area. The compute-plus-GPU subtotal below uses the PTL-U compute tile and GT1 GPU; it excludes the I/O tile and passive base. Individual block areas use the boundaries marked on the floorplans The compute-plus-GPU row is recomputed from the displayed PTL-U and GT1 areas. Component rows use their stated per-region counts and are not an additive partition of the whole tile. The P-core area remains almost unchanged between Lunar Lake and Panther Lake, despite L2 capacity increasing from 2.5 MiB to 3 MiB. Arrow Lake uses the same Lion Cove core as Lunar Lake but also has a 3 MiB L2. Cougar Cove fits 20% more L2 into the same P-core area. The larger private cache keeps more of each core’s working set close to its execution units, reducing access to shared L3 and DRAM. Extra capacity adds storage leakage and lookup energy, so designers balance it against avoided lower-level accesses. The shared P-core L3 cache also shrank by 14.8%. [2] Cougar Cove combines a similar footprint with Intel’s reported power-efficiency improvements. RibbonFET’s tighter channel control reduces leakage, while PowerVia reduces supply droop and allows tighter voltage guardbands. [1] Darkmont’s four-core LP E-core cluster is 5.0% smaller than Skymont’s on Lunar Lake, with most of the reduction in its L2 regions. The 1 MiB region shrank by 8.4% and the 1.5 MiB region by 14.9%. The tag arrays also use one fewer visible row. Tags identify which memory addresses the data array holds, so rearranging them changes the cache’s layout and wiring without requiring less data capacity. [2] The LP E-cores share one L2. This pools capacity and avoids duplicating all the cache machinery, but the four cores contend for its banks and bandwidth. Their separate cluster also keeps light work away from the performance cluster and its L3, allowing that larger domain to sleep. [1], [2] Cache area includes more than the storage cells. Tags identify each line, decoders select rows, sense amplifiers read the small bitline signal, and wires connect to the banks. Splitting an array into smaller sections shortens wordlines and bitlines, improving access speed, but duplicates peripheral circuits. Panther Lake’s smaller cache regions therefore reflect the complete memory implementation, including how much of each region is devoted to storage. [34] Unlike Meteor Lake and Arrow Lake, Panther Lake has no separate SoC tile. The NPU, LP E-cores, memory controllers, PHYs, media and display engines now share the compute tile. This removes an active die and keeps CPU memory traffic on one die. The cost is moving PHY and I/O-related circuitry onto 18A: drivers, receivers and analog circuits must still meet external voltage, loading and signal-integrity requirements, so their area does not shrink like dense digital logic. [1], [2] The biggest shrink comes from the NPU, which occupies 36.9% less area. NPU 5 consolidates the same total INT8 MAC count into half as many neural compute engines. Each of the three NCEs has a larger MAC array to make the complete NCE envelope 22.6% larger than an NPU 4 engine. Consolidation also halves the number of scratchpads and SHAVE DSPs, from 12 to 6. The MAC array handles matrix multiplication and convolution, while SHAVE executes vector and custom operations that fit the array poorly. [1], [2], [35] The paired floorplans identify each NCE envelope and its scratchpad, MAC, and SHAVE regions. Each measured MAC polygon is counted once per NCE in the area accounting below. The scratchpads store weights, activations, and intermediate results near the MAC arrays, allowing repeated use without fetching them again from DRAM. Halving their number delivers the largest measured area saving but leaves less local storage for the same total MAC count. Layers that no longer fit locally require smaller working tiles or more transfers of intermediate data. The benefit depends on keeping the enlarged arrays busy while managing that tighter storage budget. [36] NPU 5 also adds native FP8. Using half the operand width of FP16 reduces storage and transfer demand, helping workloads fit the smaller local memory budget. Lower precision and format-dependent range make scaling and model validation part of deployment. Hardware activation functions further reduce work that would otherwise occupy the programmable DSPs. [1], [2] Microsoft requires an NPU to deliver at least 40 TOPS for Copilot+ PCs. Both Lunar Lake and Panther Lake meet this threshold, but Panther Lake uses significantly less silicon. GPU tiles Panther Lake is Intel’s first product with Xe3, its latest GPU architecture. It offers two different GPU tiles: a smaller GT1 tile with 4 Xe3 cores on Intel 3 and a larger GT2 tile with 12 Xe3 cores on TSMC N3E. Panther Lake allows us to compare the same GPU architecture across both Intel 3 and TSMC N3E. Wildcat Lake adds a third Xe3 implementation on Intel 18A. A future newsletter will detail Xe3 and its implementation differences across all three process nodes. GT2 scales Xe3 to a different physical layout, with render slices arranged vertically instead of GT1’s horizontal arrangement. Slice placement sets the distances to shared cache banks and the D2D interface. Those wires consume area and add delay, so scaling the number of Xe cores also requires a new balance of cache placement, routing and timing. [1] What’s immediately obvious is that the GT2 tile on TSMC N3E has much smaller Xe cores than GT1. These block areas include logic, caches, and routing. An Xe core on the GT1 tile is ~69% larger than one on Lunar Lake, and ~55% larger than one on GT2. Intel 3 therefore uses substantially more area per Xe core. The block-area gap exceeds the measured logic and SRAM density gaps, bringing routing, timing targets, cell mix, and floorplan allocation into the comparison. The measured vector/matrix engine region is almost unchanged between Lunar Lake and Panther Lake’s GT2 tile. Xe3 retains eight 512-bit vector engines and eight 2048-bit XMX engines per core. Its gains also come from feeding those engines more effectively: more resident threads hide stalls, and variable register allocation lets shaders trade registers per thread against the number of threads kept active. [1] The shared L1/SLM capacity increased by 33% from 192 KiB to 256 KiB, while its area increased only 5%, raising effective density by 27%. L1 retains reused cache lines, while software-managed SLM lets a thread group share data locally. Both reduce traffic to more distant memory. Allocating more SLM per group can also limit how many groups reside on a core at once. [1], [37] The GT1 tile carries 4 MiB of L2 against 16 MiB on the GT2 tile. GT1 divides its L2 cache into four 1 MiB banks, while GT2 uses eight 2 MiB banks. Each bank contains 128 macros, but each N3E macro stores 16 KiB, twice the Intel 3 macro’s 8 KiB capacity. The N3E macro is only 54% larger while holding twice as many bits, giving it 30% higher density: ~23.7 Mbit/mm² versus 18.3 Mbit/mm². Including bank-level circuitry, the gap widens to ~16.9 Mbit/mm² on GT2 versus ~10.4 Mbit/mm² on GT1. GT2 gains density with its macros storing more bits per unit area, and those macros occupy more of each cache bank. Larger macros spread decoder and sense-amplifier overhead across more storage, while a more compact bank layout reduces the share spent on control and routing. The compromise is longer wordlines and bitlines that carry more capacitance. [34] I/O tile Panther Lake uses two I/O tile variants, both fabricated on TSMC N6. The smaller one provides 4 PCIe 5.0 and 8 PCIe 4.0 lanes and serves lower-tier systems as well as those without a discrete GPU, while the larger one adds 8 PCIe 5.0 lanes, bringing the total to 20 lanes, for discrete-GPU connectivity. Panther Lake SKUs with the larger 10- or 12-Xe GPUs use the smaller I/O tile. [38] The smaller I/O tile adds a PCIe 4.0 block and a Thunderbolt block to Lunar Lake’s I/O layout, providing four additional PCIe 4.0 lanes and another Thunderbolt 4 port. Its repeated N6 blocks retain nearly identical areas and layouts. Reusing these proven PHYs and controllers avoids porting and requalifying external interfaces on 18A, where faster digital logic offers less benefit to circuits constrained by the off-chip link. [38] SemiAnalysis’s teardown lab (STEEL) dives deep into the world’s advanced datacenter and AI hardware. To learn more about our pipeline or to commission a teardown, contact sales@semianalysis.com. We’re hiring technical experts from system to transistor and everywhere in between. Check out our Careers page. Panther Lake offers scalability and modularity through its disaggregated packaging that partition compute, GPU, and I/O silicon into separate tiles allowing for a suite of tile configurations. This partitioning makes the package part of Intel’s node economics as it determines how much leading-edge wafer area each product consumes, which functions can remain on other processes, and how much configuration freedom Intel can offer from a shared set of tiles. Furthermore, fabricating the compute and GPU tiles separately confines the new 18A process to the compute tile and allows graphics and I/O to use other, more established, and more cost-effective processes. For Panther Lake, the GPU and I/O tiles are assembled alongside the compute tile on a passive silicon base using Foveros-S. Intel’s current technology brief lists a nominal 36 µm pitch for Foveros-S. Through-silicon vias (TSVs) in the base connect the fine wiring above to the larger package connections below. The functional tiles sit side by side on that passive base in a 2.5D configuration. [39] Our cross-section through the compute and GPU tiles shows the package’s wiring hierarchy. Microbumps connect each active tile to the passive silicon base; its fine redistribution layer (RDL) carries the short, dense tile-to-tile links. TSVs carry connections through the base to the package substrate, which fans them out to the much coarser motherboard solder joints. The base supplies interconnect, while computation remains in the active tiles above it. [39] At the compute-tile edge, the higher-magnification inset shows a local microbump spacing of approximately 25.24 µm and a feature width of 12.33 µm. These local spacings are finer than Intel’s nominal Foveros-S value. The X-ray fields further confirm tighter neighboring bumps, consistent across every die-to-die area found on each tile. Additional X-ray analysis is offered after the paywall. Putting the memory controller beside the CPU removes the D2D transfer that CPU memory requests required in Meteor Lake and Arrow Lake. This avoids the extra transmitter, receiver, and link traversal, saving interface energy and latency. Panther Lake’s separate GPU still crosses a D2D link to reach DRAM, so its larger local caches also help contain package traffic. [1], [40] Smaller dies are less likely to contain a random fatal defect, and screening them before assembly prevents one bad tile from consuming a complete package of good silicon. Reuse also spreads design and qualification work across more products. Against those gains, Intel pays for the passive base, D2D circuits, extra bonding and test steps, and losses during assembly. Cost per working product across the portfolio captures the combined effect of wafer yield, reuse, test, and assembly. [29] Wildcat Lake packaging Intel launched Core Series 3, formerly Wildcat Lake, on 16 April 2026 for value mobile and edge systems. Wildcat Lake keeps 18A but removes the passive base and combines more functions on one die to simplify the package. The two products therefore reveal two distinct ways to commercialize the same leading-edge process. [41] Wildcat Lake’s 18A die combines up to two Cougar Cove P-cores, four Darkmont LP E-cores, two Xe3 cores and a smaller NPU. A separate platform-controller die supplies I/O, connected through UCIe, Intel’s first processor implementation of the standard. Consolidating graphics remove a tile boundary and the passive base, reducing assembly complexity for a modest-bandwidth value product. It also ties CPU and graphics scaling to the same die, giving up Panther Lake’s ability to swap in a much larger GPU. [42], [43] In July 2021, Intel CEO Pat Gelsinger set out an ambitious process roadmap aimed at regaining performance leadership by 2025, later described as five nodes in four years. Five years and one CEO later, Intel’s comeback story is not as unambiguously positive as Pat may have hoped. [44], [45] Intel once set the pace for process technology, bringing high-k metal gate technology and FinFETs into volume production years ahead of the rest of the industry. Its 22 nm FinFET process reached consumers with Ivy Bridge in 2012. [46] Intel’s integrated device manufacturing (IDM) model allowed its architects and process engineers to co-optimize products and processes. Starting with Sandy Bridge, Intel dominated x86, while AMD struggled with Bulldozer. That lead faltered at 14 nm and broke at 10 nm. Intel targeted a massive 2.7× density increase, but the node arrived years late and required several revisions before it could support Intel’s full lineup. This delay forced Intel to stretch 14 nm across six generations, while TSMC moved ahead in process technology and AMD recovered in x86. By 2019, Intel was still shipping 14 nm across most of its product stack, with its 10 nm client ramp focused on Ice Lake mobile processors. Meanwhile, TSMC was shipping N7 and N7+, and AMD’s Zen 2 compute chiplets used N7 to raise core counts and improve efficiency. Intel’s process failures were central to its decline, but unsound business decisions furthered their downward slide. Product delays compounded product mistakes, pushing client, server, and FPGA roadmaps off schedule. Several attempts to enter AI (Nervana and Gaudi) and networking (Tofino) also failed to establish lasting businesses. Intel’s recovery has focused on consumer CPUs and advanced packaging. Tiger Lake, Alder Lake, Lunar Lake and now Panther Lake have restored Intel’s consumer roadmap. On the process side, Intel 4 shipped with Meteor Lake, Intel 3 with Granite Rapids and Sierra Forest, and Intel 18A with Panther Lake. Intel has also made advanced packaging part of its foundry offering. However, Intel is still playing catch-up in servers. Several Xeon generations arrived years late and trailed contemporary AMD and Arm server CPUs in performance, efficiency, and core count. The process roadmap is back, but Intel does not hold the same process-technology leadership position it held prior to 10 nm. The introduction of gate-all-around nanosheets and backside power delivery are two of the biggest changes to transistor integration in a decade. Intel took on both changes at once: 18A paired its first RibbonFET with PowerVia in Panther Lake. Panther Lake is a substantial manufacturing milestone. Our cross-sections show how RibbonFET and PowerVia reshape local contacts and wiring, while the floorplans show where architectural consolidation and process choices save area. A sustained competitive lead depends on product performance, cost, yield, and the next implementation. The SemiAnalysis STEEL teardown lab breaks down advanced datacenter and AI hardware. To learn more about our pipeline or to commission a teardown, contact sales@semianalysis.com. WE’RE HIRING: Architecture, floorplan, packaging, manufacturing, and labs experts. Opportunities from system to transistor and everywhere in between. Check out our Careers page.. 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Leadership today requires more than delivering business results. Organizations are navigating unprecedented complexity, from economic uncertainty and workforce transformation to growing expectations around corporate citizenship and community impact. At the same time, communities are looking for leaders across sectors to help address challenges that no single institution can solve alone. For Greg Cunningham, leadership has
Vector Science and Therapeutics Corp. Issues Options
Mequon, Wisconsin--(Newsfile Corp. - September 25, 2026) - Vector Science and Therapeutics Corp. (TSXV: PAIN) ("Vector" or the "Company") today announced that the Board of Directors has approved the grant of 150,000 stock options (the "Options") to an Officer of the Company in accordance with the Company's stock option plan. The Options vest in 25% tranches over a three year period, have an exercise price of C$1.80 and are exercisable for a period of five years from the date of grant. This...
How Investors May Respond To AMC Entertainment Stock Stronger Theater Attendance
AMC Entertainment Holdings recently approved changes to its certificate of incorporation to declassify the board, shorten director terms to the next annual meeting, and remove limits on board size, while also arranging large new secured debt facilities and a US$71.75 million shelf registration tied to 25,000,000 Class A shares for an ESOP offering. The combination of a simpler, annually elected board, sizeable refinancing of secured borrowings, and equity made available for employee...
ProTributeBands.com Clarifies Direct Booking Model for Corporate Event Entertainment Planners
SAN RAMON, CA - September 25, 2026 - PRESSADVANTAGE -ProTributeBands.com, the curated booking and lead generation platform for high-end tribute bands, has outlined how its direct-booking structure works for event planners seeking corporate event entertainment. Under the model, bands featured on the platform negotiate terms and close each booking directly with the client, while ProTributeBands follows up to keep the transaction moving smoothly.The structure separates ProTributeBands.com from traditional booking agencies that insert themselves into every contract. Rather than acting as an intermediary that controls the final agreement, the platform connects event planners, performing arts centers, festivals, wedding clients, and private party hosts with pre-screened, national-act-caliber tribute acts, then steps back so the parties can settle details themselves. The platform maintains contact with both sides to ensure momentum is not lost during the process.Founded by David Victor, former guitarist and co-lead vocalist of the multiplatinum band BOSTON, ProTributeBands.com features tribute acts covering artists such as Queen, The Beatles, ABBA, Journey, The Eagles, and Pink Floyd. Selected bands receive optimized profile pages and booking leads generated through the platform."Event planners often assume a booking platform means another layer of negotiation and markup," said David Victor, Founder of ProTributeBands.com. "The approach here is different. The bands negotiate terms and close each booking directly, which keeps the conversation honest and the details accurate. The platform stays involved by following up so nothing stalls between the first inquiry and the signed agreement."The direct-booking method reflects how corporate and private event planning typically operates. Planners frequently need to confirm technical requirements, stage dimensions, scheduling, and performance specifics with the people who will actually be on stage. By allowing those conversations to happen between the client and the band, the model aims to reduce miscommunication that can occur when information passes through a third party.ProTributeBands.com applies a screening process before an act appears on the platform, focusing on production quality, musicianship, and readiness for larger venues. The company ranks tribute bands across categories including Queen, The Beatles, The Eagles, Journey, Pink Floyd, and BOSTON tributes, drawing on performance quality and audience response.The ProTributeBands guide to hiring a tribute band offers additional context for planners weighing these decisions, covering topics such as understanding the audience and event, assessing entertainment value, viewing an act in person before hiring, and reviewing rider and insurance requirements. The guide addresses the practical considerations planners face when selecting an act for a corporate function, festival, or private celebration."A tribute production for a corporate audience has to hold the room the same way a headline act would," Victor said. "The vetting exists so planners can trust that the act they see listed can deliver at that level, and the direct-booking structure lets them confirm every detail with the band before committing."ProTributeBands.com serves clients across the United States and abroad, working with tribute acts that perform at performing arts centers, summer concert series, product launches, corporate parties, private parties, and wedding receptions. The platform also accepts artist submissions from tribute bands seeking consideration for inclusion. The company operates online at protributebands.com.###For more information about ProTributeBands.com, contact the company here:ProTributeBands.comDavid Victor(925) 236-0217hello@protributebands.com11040 Bollinger Canyon Road Suite E-938, San Ramon, CA 94582
The UTC program where students learn to sell — and land the job before they graduate - Gary W. Rollins College of Business
At UTC's John "Art" Phillips Sales Institute, students train in a filmed sales lab, practice with AI buyers and connect with vetted corporate partners — three of four land their first job with one.
Demolition Proposed for Portions of the Business Block Ruins - Palisadian-Post
After months of an uneasy status quo with the stark remains of the historic but devastated Business Block building, Los Angeles City Councilwoman Traci Park’s office is attempting to move forward with a plan to demolish and clear half the still-standing walls, while preserving the remaining portions to be incorporated in the site’s eventual redevelopment.… Keep reading
BBC Sport’s digital revamp poses wider questions about purpose of the corporation
Some staff fear digital approach will pull BBC towards commercial model built around football, leaving minority sports and older TV viewers behind
OBDC announces eight businesses selected for 2026 Laine Business Accelerator
OLEAN — The Olean Business Development Corporation (OBDC) has announced the selection of eight businesses for the sixth cohort of its signature program, the Laine Business Accelerator, continuing t…
Pioneer of China NewCo model sued in US over trade secret misuse, double-dealing
A legal feud unfolding in New York is putting a spotlight on the work of a business development veteran who is credited for pioneering one of biopharma’s hottest dealmaking mechanism: the China “NewCo” model. In a lawsuit originally filed in New York state court and recently moved to federal court, China’s Lepu Medical Technology has alleged that biopharma business development consultant Su Zhang, who was hired to help shop its GLP-1 weight-loss candidates to Western partners, engaged in corporate double-dealing and trade secret leaks. According to the complaint, while acting as Lepu’s primary dealmaking liaison for a group of obesity and metabolic disease drug candidates, Zhang was secretly double-dipping as the acting chief business officer for a direct competitor, BrightGene Pharmaceutical. “She never adequately disclosed the role, never sought Lepu’s consent, and never proposed any safeguard,” Lepu alleged in its complaint, which was filed in July after Zhang’s consulting firm, CoDevCo, sought certain transaction-based success fees from its angry customer through an arbitration process in Singapore. Lepu, the parent company of Lepu Biopharma, has asked Zhang to pay back its $500,000 retainer and disgorge all benefits she received during the alleged breaches of fiduciary duty, plus other damages and relief. The company has also requested the court grant injunctions to protect Lepu’s trade secrets. The ill-fated partnership officially kicked off in December 2024, when Lepu tapped CoDevCo as its “exclusive business development mechanism” to identify collaborators for the company’s drug candidates. According to Lepu’s complaint, Zhang personally negotiated and signed the agreement as managing director for CoDevCo, which used her home address. Before the Lepu deal, Zhang made a name following a short stint as the global head of business development for Hengrui Pharmaceuticals. It was during her tenure that Hengrui signed a landmark deal granting exclusive rights for a portfolio of GLP-1 assets to Hercules, which was at that time newly established by a group of private equity and venture capital firms. In addition to the regular upfront and milestone payments, Hengrui also gained an equity stake in Hercules, which later became Kailera Therapeutics. The Hengrui-Hercules deal opened a new paradigm, where a Chinese biopharma company spins off certain early-stage assets to investors for further development through the creation of a new company abroad. The “NewCo” model quickly came into vogue as it allows Western investors to access high-potential assets originating from China at an early stage while giving the Chinese licensors an opportunity to reap long-term benefits through equity stakes in the new firms. The NewCo model proved its value when Kailera staged a record-breaking $625 million IPO on Nasdaq this April, merely two years into the Hengrui deal. Related Kailera CEO 'knew we were in a good spot' before obesity biotech's record-breaking $625M IPO On her LinkedIn page, Zhang described her work at Hengrui as “[b]uilding team and capability from the ground up,” forming NewCo and major pharma partnerships worth billions of dollars. Lepu clearly wanted that kind of track record to help boost its own cardiometabolic portfolio, which includes a range of assets for obesity, Type 2 diabetes, fatty liver disease and muscle preservation during weight loss treatment. “Lepu’s pipeline is very valuable, but only if Lepu could secure the right international partner to expand into the overseas market during the available commercial window,” the company argued in its complaint. The Chinese biotech said it had little knowledge of U.S. laws, customs or business practices in the business development field, and therefore “needed to rely entirely” on the expertise of Zhang and her team as the firm’s first engagement of a U.S.-based BD consultant. “Zhang’s dominating influence on the business development strategy is further evidenced by the fact that she personally controlled the business-development communications on behalf of Lepu with potential partners,” Lepu said in its complaint. After entering the deal, Zhang introduced Lepu to her four associates. According to Lepu’s version of events, all of them were allegedly employed at different time points to perform similar jobs at other Chinese companies that Lepu described as its competitors, while having access to Lepu’s confidential information. As such, Lepu described Zhang’s team as “a roster of individuals whose primary professional loyalty, by virtue of their concurrent full-time employment, ran to Lepu’s competitors.” As well as the specific examples set out in the case, a look at Lepu’s deals over the period suggests Zhang may have been involved in at least one transaction. During their partnership, Lepu, through its subsidiary Shanghai Minwei Biotechnology, also out-licensed its GLP-1/GIP/FGF21 agonist MWN105 to a NewCo called Sidera Bio in the fall of 2025. The deal included an upfront and near-term payment of $35 million, up to $1.01 billion in milestones, and a 9.99% stake in the Danish startup. It seems likely that Zhang facilitated the Minwei deal given that Lepu is on record as having used CoDevCo as its “exclusive business development mechanism.” The big shock for Lepu came in the form of a news article on June 25, 2025. The article, reporting on phase 2 data for BrightGene’s GLP-1/GIP receptor agonist BGM0504, identified Zhang as acting chief business officer of the Lepu rival. Blindsided by her association with BrightGene, Lepu confronted Zhang in July 2025. “Lepu was given assurances that there was nothing to be concerned about and told that Zhang would explain the matter to Lepu,” Lepu alleged in its complaint. “Zhang never did.” Lepu claimed that Zhang had the motive and opportunity to steer potential prospective partners toward BrightGene or other competitors. Later, in February 2026, one of Zhang’s associates joined BrightGene as the vice president for global business development, according to the complaint. Around the same time, Lepu sent written demand letters asking Zhang to account for her BrightGene role, identify what confidential data were shared with the rival firm, and provide any conflict-of-interest or firewall policies during the engagement. According to Lepu, neither CoDevCo nor Zhang answered the questions in their responses. Related Novo vs. KBP: How a $1.3B deal turned into a fraud accusation and an international legal fight In a motion to dismiss filed with the U.S. District Court in the Eastern District of New York on Sept. 4, Zhang’s legal team argued that Lepu’s agreement was signed with CoDevCo, and that an employee of the contractor does not owe fiduciary duties to the client. In its complaint, Lepu said: “That CoDevCo was the contracting entity does not insulate Zhang from personal liability for duties she personally undertook and personally breached.” Taking the argument one step further, the defending party argued that the consulting agreement “does not create a fiduciary relationship even between CoDevCo and Lepu; instead, it identifies CoDevCo as an independent contractor retained to market Lepu’s business to potential western partners.” Although CoDevCo was Lepu’s exclusive business-development contractor, there were no terms stipulating that the consulting firm should serve only Lepu, Zhang’s lawyer noted. As to Lepu’s claims that Zhang misappropriated trade secrets, the defendant argued that Lepu authorized the use of the information so Zhang’s team could perform their service per the agreement. In a rebuttal filed on Sept. 11, Lepu’s lawyer set out why they believe the Chinese biotech satisfied New York law’s misappropriation definition by alleging that the defendant used a trade secret “in breach of a duty or through improper means.” As an alternative to dismissing the suit, the defendant suggested the action should be stayed pending outcomes from the arbitration of a separate case in Singapore. While NewCo pioneer Zhang is defending her business arrangements, momentum behind the NewCo trend has continued unabated into 2026. Through August, Chinese biotech assets have spurred 15 NewCo deals this year, according to local trade publication PharmaDJ.
Herd Health Playbook: Vaccines, Timing and the Value of a VCPR
A tailored vaccination schedule and an established relationship with a veterinarian help producers prevent outbreaks and handle emergencies before they start.
Can the Left Make America Fun Again?
Hi friends, I’ve got a piece in The New York Times today about how collective joy — participatory, youthful, anti-corporate — can defeat Trumpism and transform our lives. The basic argument is that politics used to be embedded in communal life: dances, sports leagues, union halls. As that infrastructure disappeared — and more of everyday life was atomized and privatized — politics became something broadcast at people rather than something they did together. NYC-DSA and Zohran provide another model, where socials and face-to-face organizing are tied to a fight vs the corporations that fenced off so much of the good life. Rebuilding that kind of collective fun, I argue, could help bring young people back into politics and, by redistributing America’s wealth, make everyday life more joyful. I would super appreciate it if you’d read the piece, share it, or post comments on it. Thank you! p.s. FYI, Opinion writers don’t get any say over their headlines! More Take action to support the fight of licensed deck officers at Alaska Tanker Company and Overseas Shipholding Group to win a first union contract. This is one of the most important, and underreported, unionization campaigns in America: these workers have a huge amount of power over domestic energy distribution and maritime supply chains, and they’re still without a contract two years after having voted overwhelmingly to unionize. Please sign the public petition here, and if you’re an academic you can sign this support letter.
Delta Announces Multiple Innovations for Corporate Travel Customers
Focus is on NDC strategy, dealing with disruptions and introducing new Delta Business site
Unicorn Overlord director Takafumi Noma announces fantasy IP IGNISPHERE and action RPG DAWNGAZER for PS5, Switch 2, and PC
Publisher Good Smile Company and developer Monochrome Corporation have announced new fantasy intellectual property IGNISPHERE, and the first game set in that world, DAWNGAZER, led by Unicorn Overlo…
Microsoft Copilot+ Branding Disappears from Latest Surface PCs
Microsoft's recent Snapdragon-powered Surface Laptop and Surface Pro launch was surprisingly absent the usual Copilot+ branding, aside from as a callout to the inclusion of the actual AI assistant on the devices. Apparently, this was an intentional branding change, according to Surface Corporate...
Lennar model homes expected to open in October
Lennar Corp., the second largest homebuilder in the U.S., announced today that in October model homes will be open for tours in five Central Iowa residential communities. In May, the Miami, Fla.-based company confirmed to the Business Record that it was entering the Des Moines market. At the time, company officials declined to say in…
AMC Entertainment Shareholders Reject Governance Changes, Back Equity Plan
AMC Entertainment (NYSE:AMC) shareholders rejected several corporate-governance amendments at the company’s 2026 annual meeting, while approving an increase in shares available under its equity incentive plan and electing three Class 3 directors. Chairman and Chief Executive Officer Adam Aron said
First in entrepreneurial excellence: FSU celebrates local businesses at inaugural Impact Awards Gala
The Entrepreneurial Impact Awards Gala provided a formal night out for Fayetteville’s business community. The event took place at the Rudolph Jones Student Center on Thursday, Sept. 10. Photo by GFBJ. Fayetteville State University (FSU) and the Fayetteville-Cumberland Regional Entrepreneur and Business HUB (FSU HUB) came together to celebrate Fayetteville’s business community. The two organizations rolled out the blue carpet at the Rudolph Jones Student Center for their inaugural Entrepreneurial Impact Awards Gala held on Thursday, Sept. 10.The gala honored outstanding entrepreneurs and business leaders who demonstrate excellence, foster growth and inspire the next generation of innovators within the FSU and broader business community.FSU HUB Director Dr. Tamara Colvin was able to highlight that this new milestone was a great way to show local success stories, not just tell.“That one-stop shop that’s across the street, we never promised that everyone would be successful, but what we did promise was access. Four years ago, we opened up an entire ecosystem: counseling, capital, contracts, connections, certifications,” shared Colvin. “I want to thank the judges who took up hard work for choosing tonight’s honorees. That’s never an easy task when the whole region is full of people worth recognizing at the HUB. We practice what we preach: Res Non Verba: Deeds, not words.” A few of the inaugural recipients of the awards shared their statements with the Greater Fayetteville Business Journal.STUDENT ENTREPRENEUR Boolean Wiring LLC, Esean Rose, owner “I am truly honored and grateful to receive the Student Entrepreneur of the Year Award. I want to thank Fayetteville State University, the judges and everyone who has supported me throughout this journey. This award represents more than recognition for where Boolean Wiring is today. To me, it represents the potential of where we are going. I am excited about growing the company, creating jobs, serving our community and building something that can have an impact far beyond Fayetteville.”VETERAN-OWNED BUSINESS SpeediPrint Inc., Dazrell Fleming, owner “I’m honored to accept the Veteran-Owned Business Award on behalf of the entire SpeediPrint team. A special thank you to Dr. Tamara Colvin for creating this opportunity through the Entrepreneurial Impact Awards, and to my mentor, Mr. Julius Cook, whose guidance during the Boots to Business program truly paid off. This recognition reflects the hard work of my staff and the trust our customers place in us every day — I’m grateful to serve this community and excited for what’s ahead.”MULTI-GENERATIONAL EXCELLENCE BJL Construction, Cleopatrice Robinson, president“This award is especially meaningful because we are more than a business — we are the continuation of a family legacy built through faith, hard work, craftsmanship, integrity and service. I gratefully acknowledge my grandfather, Deacon Benjamin “BJ” Lacy, Jr., whose example helped establish the foundation upon which our family’s entrepreneurial legacy was built. I also honor my father, the late Dr. Wilson Lacy, former president of BJL Construction. Working alongside him was both an opportunity and an education. He taught me that a business’s reputation had to be earned on every project through honesty, excellence, quality and service. As the current president, I recognize that I did not arrive at this moment alone. I stand on the shoulders of those who came before me, and I am sustained by those who continue to walk beside me.”MICRO BUSINESS Maybridge Development, LLC, Latisha Perkins, owner “I accept this award with so much pride and a whole lot of gratitude. First and foremost, I want to thank my higher power for continuing to guide me and give me the strength to keep going.When I first started this business and moved here to Fayetteville, I had no clue what I was getting myself into. This business has turned me every which way but loose, and I definitely had some moments where I was ready to just pack it up and head back to Georgia. I want to thank my Maybridge team, my village, The Hub, the FCEDC team and all the people and organizations here in Fayetteville who have believed in me and Maybridge and helped us get here.”COMMUNITY IMPACT Greater Life of Fayetteville, Georgeanna Pinckney, CEO & executive director “We are deeply honored to be recognized by FSU and the FSU HUB with the Community Impact Award presented to Greater Life of Fayetteville. I am especially grateful for this recognition because it tells us that you see what we do – and, more importantly, why we do what we do. Our commitment is to serve, empower and create meaningful opportunities for youth and families in our community. Most importantly, we give God first and foremost all the glory. We thank Him for giving us the wisdom, strength, vision and unity to continue doing this great work in our community.” SMALL BUSINESS OF THE YEAR Crowder Trucking LLC, Carlos & Valerie Morrison Crowder, owners “I want to thank God for always keeping his hands on Crowder Trucking. I’m truly honored and grateful to receive the Small Business Award from the FSU HUB. Running a small business is not always easy. There are long days, difficult decisions, unexpected challenges and plenty of moments when you have to remind yourself why you started. But there are also incredible moments like this one that remind you that the hard work is worth it,” shared Valerie Morrison Crowder.OTHER WINNERS INCLUDE: Alumni Entrepreneur - The Two-Six Project, Grant Bennett, founder and president Fayetteville State University Faculty Award - Dr. Christy Swinson Emerging Business Award - Genuine Luxury Beauty Salon Legacy Award - Gillis Farms Inc. Industry Titan of the Year - Eaton Corporation Entrepreneur of the Year- Let Me Cater to You, Chef Judith Cage, owner
WSFS Financial Corp. opens 1st office in Lancaster County
Delaware-based WSFS Financial Corp. has expanded to Lancaster County with the opening of its first location here.
Keith Dagostino Grant Advances Business Education Through New Hofstra University Student Opportunity
Undergraduate Applicants Invited to Submit Essays Demonstrating Resilience, Leadership, and Business Career AmbitionsOyster Bay, New York--(Newsfile Corp. - September 24, 2026) - The Keith Dagostino Grant announces a one-time scholarship opportunity for undergraduate students at Hofstra University who are pursuing business-related studies or preparing for careers in business. The initiative recognizes students who demonstrate resilience, leadership, and a commitment to professional development..
CVS Health; Criteo Agree to Pay $20.5 Million to Resolve Website Tracking Litigation
Settlements have been agreed to resolve class action litigation against CVS Health & Criteo and American Wellness Corp. The lawsuits stem from their CVS & Health and Criteo have agreed to pay $20.5 million to resolve class action litigation over the use of website tracking tools. American Wellness Corp. has agreed to pay $2 million to settle a similar class action complaint.
SEAL Awards Marks Ten Years of Honoring Business Sustainability and Climate Reporting
This month marks the tenth anniversary of SEAL Awards, an organization dedicated to recognizing corporate sustainability leadership, funding early-career...
Sorrell College of Business cuts ribbon on new Corporate Partnership Program
Troy University’s Sorrell College of Business officially launched its Sorrell Corporate Partnership Program on Tuesday with a ribbon cutting ceremony in John Robert Lewis Hall on the Troy Campus. The initiative is designed to strengthen relationships between the college and business throughout the region while providing students with greater access to business leaders and career...Read More
Los Alamos Small Business, Wolf & Mermaid Enchanted Cafe, Selected As New Food And Beverage Contractor For National Laboratory
Pictured at the fireside chat panel September 15 at Northern New Mexico College are, from left, Pat Vanderpool – Executive Director of the Regional Development Corporation, Scott Baird –…
Entertainment in the AI Era: Music, Games and Film: 2nd LA CorpGov Forum
CorpGov hosted the second LA CorpGov Forum on Sept. 18, 2026, at The Huntington Library in San Marino, California. This event brought together members of the financial community from both LA and beyond in panels focused on the finance of entertainment and media, sports, along with capital markets and shareholder activism. Panel: Entertainment in the […] The post Entertainment in the AI Era: Music, Games and Film: 2nd LA CorpGov Forum appeared first on CorpGov.
Why McDonald's is following Walmart and Amazon into the advertising business
McDonald's is following the lead of Amazon and Walmart as it starts its own media network.
Guardians reach 2 million fans again. Here’s what drove business.
The Guardians saw gains in group and premium sales, corporate partnerships and TV advertising during another strong season at Progressive Field.
I Lost My Corporate Job While My Business Was Losing Money — Here’s 6 Lessons I Learned
Here are the hard-earned emotional and tactical lessons that helped me navigate a struggling franchise, rebuild my mindset and become a more resilient business owner.
Regent Bank Amphitheater Opens Its Doors This December, Marking VENU's Entry into the Oklahoma Live Entertainment Market
BROKEN ARROW, Okla., September 23, 2026--Venu Holding Corporation ("VENU" or the "Company") (NYSE AMERICAN: VENU), an owner, operator, and developer of premium live entertainment destinations, today announced that Regent Bank Amphitheater will open to the public on December 4 and 5, 2026 with its Winter Preview, featuring A Magical Cirque Christmas. Fans can sign up at regentbankamphitheater.com to be the first to know when tickets go on sale.
Exceptional Earnings and AI Immunity Fuel Hinge Health’s (HNGE) Performance
Osterweis Capital Management, an investment management firm, released its Q2 2026 investor update for its “Osterweis Opportunity Fund”. You can download a copy of the letter here. The fund returned 35.34% in the quarter, significantly outperforming the Russell 2000 Growth Index’s 25.71% gain. Robust corporate profits, AI investment, easing oil-shock concerns, strong labor markets, and […]
Sphere and Disguise partner to advance immersive entertainment
Sphere Entertainment and Disguise have announced a new multi-year partnership to develop advanced technologies custom-made for Sphere’s immersive entertainment venue. Since Sphere opened in 2023, Disguise has served as a key technology partner supporting the delivery of Sphere’s groundbreaking live residency productions and corporate events. For these events, Sphere uses Disguise media servers and software
How Is Carnival Corporation Stock Performance Compared to Other Leisure and Entertainment Stocks
Carnival Corporation has significantly lagged its peers over the past year, even as Wall Street analysts remain strongly optimistic about the company’s future prospects.
Business Ethics Is a Discipline, Not a Disposition
What does a board director need beyond a moral character? Plenty, writes Ask an Ethicist columnist Vera Cherepanova, who says
Manufacturer GAF Earns Salute to Business Award
GAF , a Standard Industries company and North America’s largest roofing and waterproofing manufacturer, was recently honored by the Economic Development Corporation Michigan City (EDCMC) with a …
BizTrip AI Brings Business Travel Booking Directly Into Claude and ChatGPT
SAN FRANCISCO, September 23, 2026--BizTrip AI, makers of agentic AI for corporate travel management, today announced that its core trip-planning and booking experience is now available natively inside both Claude and ChatGPT. The integration uses the Model Context Protocol (MCP) — specifically MCP "apps," which support rich, interactive rendering directly in a chat conversation — allowing travelers to search, compare, and book business travel without switching to a separate app or website.
Miller appoints Tysers' Murrell to lead sport and entertainment insurance
Miller has hired Katie Murrell from Tysers as director of sport, entertainment, corporate and accident and health, the (re)insurance broker said on Wednesday.
Pete Buttigieg Slams ‘Corruption’ in US Politics: ‘Corporate Money Is Flooding the Election’ and Big Pharma Will ‘Get Their Way’
Former Transportation Secretary Pete Buttigieg criticized what he described as corruption in U.S. politics, arguing that corporate money and political incentives have left Americans without a system t...
Exclusive | Split on US investments stalls Chinese business visit alongside Xi, sources say
With the window for travel narrowing by the hour, uncertainty surrounds the inclusion of corporate leaders in China’s delegation.
Dealroom.co | Ande raises $52M Series A to manage corporate entertainment spend
What's the deal? Ande, an AI-native network for corporate entert…
Actall Appoints Barry Prestage as Business Development Director
Real-time location systems provider Actall Corporation has appointed Barry Prestage as Business Development Director.
Durable Business Strengths Underpin Vontier Corp’s (VNT) Long-Term Growth Outlook
The London Company, an investment management company, released its second-quarter 2026 investor letter for its “Small Cap Strategy.” U.S. equities rebounded in the quarter, driven by AI infrastructure spending and positive earnings. The letter can be downloaded here. Despite this optimism, rate outlook uncertainty persisted. Technology, previously weak, surged to lead the market, especially in semiconductors, […]
Entertainment-Booking Startup Ande Raises $52 Million From Lightspeed, Redpoint
Personal AI agents like Instinct and Muse have promised to take away the hassle of booking hard-to-get restaurant reservations, Broadway tickets and sporting events. Now, a startup is coming out of stealth to do the same for corporate entertainment—events, group dining, catering, sporting events ...
With new Macs, Apple aims to take on Microsoft, Nvidia in a rush to lower AI costs
When Apple's new desktop computers start shipping Tuesday, the company's executives will make an unusual pitch to corporate buyers: They are cheaper than renting data centers.
With new Macs, Apple aims to take on Microsoft, Nvidia in a rush to lower AI costs
SAN FRANCISCO, Sept 22 (Reuters) - When Apple's new desktop computers start shipping Tuesday, the company's executives will make an unusual pitch to corporate buyers: They are cheaper than renting data centers. Apple's upgraded Mac Minis and Mac Studios which can cost nearly $20,000 and handle AI tasks locally will go head-to-head against new desktop machines that Nvidia and PC makers are rolling out, expected to be the focus of a Microsoft Windows event in San Francisco next month.
Optimi Health Appoints Dr. Michael Blough as Chief Clinical Development Officer
Supports Optimi’s planned Phase 2 psilocybin trial in major depressive disorder and Phase 3 MDMA trial in PTSDVANCOUVER, British Columbia, Sept. 22, 2026 (GLOBE NEWSWIRE) -- Optimi Health Corp. (NASDAQ: OPTH) (CSE: OPTI) (FSE: 8BN) ("Optimi" or the "Company"), a commercial-stage pharmaceutical manufacturer of regulated psychedelic drug products, today announced the appointment of Michael Blough, Ph.D., as Chief Clinical Development Officer. Dr. Blough has significant experience leading Health Ca
Wave Life Sciences Appoints Monika Vnuk as Chief Business Officer
Wave Life Sciences appoints Monika Vnuk, MD, as Chief Business Officer to lead business and corporate development efforts.Quiver AI SummaryWave Life Sciences Ltd. announced the appointment of Dr. Monika Vnuk as Chief Business Officer, bringing extensive experience from her previous roles at Sanofi, Blackstone, and Pfizer. In her new role, Dr. Vnuk will oversee business and corporate development, as well as alliance management, aimed at advancing
Letters: Disney isn’t only corporate offender | Donalds’ hollow tax claim | Data centers will harm society
Disney is making donations to political candidates who support Disney interests. Why is that surprising? This is what all corporations do.
Can the States Stop the Corporate Domination of Our Politics?
States giveth corporations the right to exist, so the states can taketh away their political spending power—or at least, Hawaii and Montana are trying.
How lip-syncing to AI let Forced Entertainment ‘play the game of theatre’
Today we have a fascinating piece by long-time Forced Entertainment fan Ben Kulvichit, speaking to Tim Etchells about their latest show Cold Sweat, how they are integrating lip-sync and AI voices into their work, the question of ‘authenticity’ on stage, and how lip-sync has even opened the door for them to make “something a little bit like drama”. This piece is a paid partnership with the Southbank Centre, where you can see Cold Sweat next month – we’re very grateful to the Southbank Centre for their ongoing support for Exeunt. Holly Williams ‘It was immediately interesting and uncanny’ **By Ben Kulvichit** “Is the microphone on?” So goes one of the opening lines of Signal to Noise, delivered by a human performer lip-syncing to an AI-generated voice. The voice is American, cheery but sluggish, slowed down into a gelatinous drawl. It repeats ad infinitum in a farce of stuckness; an answer never materialises. I find myself asking the same question as I hop on a Google Meet call with Tim Etchells, the artistic director of Forced Entertainment. We spend five or ten minutes frowning at each other, muting and unmuting, me gesticulating in semaphore into my webcam, checking if I am coming through now, restarting the laptop. To Etchells, I appear exaggeratedly mouthing words, my voice missing. In this gloopy purgatory of broken communication, life imitates art imitates life imitates art. We try a Zoom instead. Forced Entertainment, the pioneering British theatre company who have been at the avant-garde of performance since the 1980s, turned an interesting artistic corner with Signal to Noise, created on the occasion of their 40th anniversary. The whole performance employed this lip-sync technique to AI voices; on the face of it a left-field move from a company whose identity has long been grounded in the earthy, immediate presences of its performers and its unassuming, low-tech approach to theatricality. The technique, however, turned out to provide the company with a “rich new seam” of artistic enquiry, and has now spawned a trilogy of works. The second instalment, Cold Sweat, plays at Sheffield Theatres, Southbank Centre, and Lancaster Arts in October, while the third part, Everything Must Go, has been touring in Europe and is slated to come to the UK in 2027. As is often the case with Forced Entertainment shows, the main conceit for this work didn’t arrive until quite late. They were “four or five weeks into rehearsals for Signal to Noise,” Etchells recalls, and getting nowhere. Away from rehearsals, he had been playing around with feeding “weird texts” to AI voices to see how they would cope with them – “basically for my own amusement” – and was compelled by the uniformly “serviceable, benign, good-natured” tone they would read in, no matter how poetic, fractured or experimental the writing. On a hunch, he brought some examples into rehearsals and the performers gave lip-syncing a go. “It was immediately interesting and uncanny,” he recalls, with the performers having to deal in the moment with the problem of mapping themselves onto another artificial ‘performer,’ which itself was dealing with the problem of a very human text. “Almost all the writing for these projects would be useless to us unless it was done in this way,” says Etchells. “We wouldn’t know what to do with it. It’s too poetic. It’s too fictional. It’s too tangled.” But exploring lip-syncing along to the text has opened “an enormous reservoir of ways of thinking about writing and performing.” Subscribe to Exeunt, and get two in-depth pieces on theatre a week, direct to your inbox Subscribe Forced Entertainment have long been sifting through the detritus of popular culture, from daytime TV to end-of-the-pier vaudeville, magic acts and clown shows, to find frameworks for their own unusual entertainments. Lip-syncing, then, makes sense for them to experiment with. As a mode of performance, it’s wired into popular consciousness through pop stars trying to convince stadium audiences of their liveness, or those same voices as channeled through the made-up lips of contestants on RuPaul’s Drag Race, or movie dialogue spreading virally through the host bodies of TikTok users. For Etchells, lip-syncing is often about “approaching real voices and trying to take on their aura,” subsuming that original human presence into yours. “There’s a very basic, elemental sort of theatre magic to it, produced in this very easy way.” This broad approach resonates with instances of lip-syncing within contemporary performance, too. In works like Re-Member Me and Showmanism, performance artist Dickie Beau acts as a kind of spirit medium for archival recordings (this process of re-membering – as in, giving corporeal form to voices – relies on his masterfully precise actor’s technique), while Frankie Thompson is similarly possessed by a host of characters ranging from a nine-year-old Jacob Rees-Mogg to Cliff Richards, all of whom she finds compellingly nauseating, in the exorcism ritual that is her latest show, Horrible Things. What’s different about Forced Entertainment’s use of lip-syncing is that here, there is no original presence to be channeled. The performers are instead taking on what Etchells describes as “the voices of nobody,” or rather the “phantasmic, aggregated echoes” of the many many voices on whose data the AI has been trained, and which are now conjuring into existence words they never actually said. There is a sort of mournful, empty quality to these voices, having “washed up” far away from the people they originally belonged to, to find themselves in stranger’s mouths listing objects, wondering if anyone can hear them and glitching in interminable loops. There is a cold, sad anonymity to it all. Etchells remarks that occasionally the software company he used has notified him that particular people are withdrawing their voices from the platform, instructing him to cease use of those voices. Using these technologies in performance certainly brings up ethical questions around digital rights, consent, identity and ownership, although in the grand scheme of things, Etchells is fairly blasé about it: of all the purposes someone’s voice might be put to without their knowledge, “an avant-garde performance is probably the least of their worries.” [ ](https://exeuntmagazine.substack.com/p/frankie-thompson-horrible-things-essay-mental-health-compulsive-behaviours-pleasance-courtyard-soho-theatre) [ Frankie Thompson: How I manage my own ‘horrible things’ at the Edinburgh Fringe ](https://exeuntmagazine.substack.com/p/frankie-thompson-horrible-things-essay-mental-health-compulsive-behaviours-pleasance-courtyard-soho-theatre) Exeunt · Aug 25 [ Read full story ](https://exeuntmagazine.substack.com/p/frankie-thompson-horrible-things-essay-mental-health-compulsive-behaviours-pleasance-courtyard-soho-theatre) For the performers, though, lip-syncing to these strange, artificial voices is an odd task, requiring them to bend their live, human presence into the shapes produced by machines. Politically, it mirrors processes that are already at play in the continued computational automation of human life. Etchells brings up James Bridle’s writings on new technologies as a reference point: one example Bridle gives is of “chaotic storage”, a logistics technique employed by Amazon fulfilment centres whereby items are stored not according to traditional methods of categorisation or alphabetisation, but in a way that an algorithm determines to produce the most efficient routes for ‘picking’ based on customer purchase patterns. This appears completely random and incomprehensible to humans, with paddling pools sitting next to USB sticks sitting next to blowtorches, and so for the warehouse workers, the process of picking items becomes completely reliant on technology which tells them where to go. Our world is increasingly being designed not with humans in mind, but rather machines. As Etchells puts it, “technology malforms the space, and then you end up having to live in it.” Initially, Forced Entertainment tried their best to live in the world of machines: “I was in the it’s-got-to-be-perfect school of lip-sync,” says Etchells. But with their aesthetic being so tied to the failing act, the slipping mask, the shoddy costume, “it’s no surprise really that that didn’t last.” Instead, the performers got to enjoy being late for a line, or playing games with each other, “stealing” each other’s voices. Etchells compares it to the principles of ventriloquism, in which a free-floating voice unattached to a body is fundamentally discomforting and “sort of traumatic”. That discomfort is equally as alluring to Forced Entertainment as the satisfaction of precision, the pretence of authenticity only interesting if shown to be a pretence. Lip-sync has also opened up new avenues for the company. Having been allergic all their lives to Plays-with-a-capital-P, with Cold Sweat Forced Entertainment find themselves approaching something a little bit like drama. Rather than the presentational arena of Signal to Noise’s open white stage, Cold Sweat places us more decisively in a “fictional locale”: what appears to be “the aftermath of some disastrous party or backyard drinking binge” where three figures – family members, or neighbours, perhaps – are the last ones standing. “It’s all quite acrimonious and accusatory, everyone’s talking over each other.” For Etchells, this more fictional mode is “a door that we’ve never been able to open. We’ve just never really gone there.” Perhaps it is the technique of lip-syncing, an extra buffer of mediation, that allows them to venture away from the here-and-now without feeling that they have to commit to the “psychological claptrap” that comes along with acting; to be able to “play the game of theatre, without getting one’s hands too dirty.” As I wonder how else the impulses behind Forced Entertainment’s work have changed over time, it occurs to me that over the last ten years of new creations, with the exception of If All Else Fails, the company’s performers haven’t ever spoken on stage: there were two shows without any language at all, Out of Order and Under Bright Light, and then this trilogy of lip-sync works. Etchells agrees it’s a shift away from earlier productions, that were so often about “the actual voices of the performers and their actual presences. We had a lot of money, in some ways, on an authentic approach to what it might mean to speak on the stage.” But this sense of authentic presence itself had a fakeness to it; these days, Etchells can’t stand that mode of being onstage where performers “are here to be cheeky and witty versions of themselves. I don’t want to be charmed.” Pulling back into a more anonymous space has resulted in works that feel slightly sharper-edged, more brutal in a way. “All of these shows are post-Brexit, post-Trump, post-truth, post-everything,” Etchells notes. Speech, charisma, authenticity – these things feel politically loaded, and perhaps warmth and openness just don’t feel like the right tools to reflect the world we’re living in. “It feels like the space is closing down, and we’re trying to deal with the fact that the system, the structure that you’re in, is more oppressive and more powerful. It probably always was, but I think we’re just more tuned to it now.” Yet even without their voices, the performers’ distinctive presences – ones that many audiences have followed around for years, if not decades – still, inevitably, shine through as they physically navigate whatever unending task the system of the piece has set for them. They’re still trying to keep up with the onslaught of text, still running about, changing costumes, moving stuff around. The human is always stuck in the teeth of the machine, jamming the smooth, frictionless cheeriness of the not-real, gesticulating silently, trying desperately to communicate. Cold Sweat is at Sheffield Theatres, 2 to 3 October; Southbank Centre, London, 9 to 10 October; Lancaster Arts, 14 October [ ](https://exeuntmagazine.substack.com/p/exeunt-recommends-the-best-autumn-theatre-2026-lives-of-others-standard-of-living-our-friends-in-the-north-lanny-) [ Exeunt recommends... the best autumn theatre ](https://exeuntmagazine.substack.com/p/exeunt-recommends-the-best-autumn-theatre-2026-lives-of-others-standard-of-living-our-friends-in-the-north-lanny-) Exeunt · Sep 16 [ Read full story ](https://exeuntmagazine.substack.com/p/exeunt-recommends-the-best-autumn-theatre-2026-lives-of-others-standard-of-living-our-friends-in-the-north-lanny-) This piece was paid for by the Southbank Centre. Such support helps Exeunt to keep publishing the most interesting writing, about the most exciting theatre. Interested in partnering with Exeunt? Visit our Advertise with Exeunt page, where you can get more information, download an advertising pack, and find our contact details.
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