Dalal.Holdings

https://uk.news.yahoo.com/eu-tech-chief-eyes-ai-090225847.html EU geniuses like the "Commissioner for Human Rights of the Council for Europe" Michael O'Flaherty: why should we listen to "external pressure" from firms like ASML, Siemens, Mistral etc? Let's not give in to "lobbyists"! After all, what would companies like ASML and Mistral know about regulating AI ? Clearly the laws and regulations should solely be up to Brussels guys who wear ties. They know what's best for the continent, they are experts in everything and anything concerning regulations ! Glad AI is such a Human Rights issue for the EU that it needs to strangulate the technology before it has even sprouted in Europe...

https://finance.yahoo.com/news/japan-takaichi-few-good-options-111135238.html More and more countries are taking an assertive stance. Japan and Germany seem to be on a similar trajectory of reawakening long dormant military forces... Overall, I think it is good to have more counterweights to Russia and China

The LLMs function differently than something like Wolfram Alpha which is far better at math. I think a lot of the LLMs have incorporated some version of what Wolfram has to do calculations because they used to be a lot more error prone than now, but I agree that with programming, it's very finicky and requires a good amount of human oversight

U.S. pressure from Trump administration is putting cracks on EU's regulatory regime, helping to make Europe Great Again...Ursula just swinging whichever way the wind blows ESG: https://www.bloomberg.com/news/articles/2025-11-13/eu-parliament-rolls-back-esg-rules-after-widespread-pressure AI Act: https://www.ft.com/content/af6c6dbe-ce63-47cc-8923-8bce4007f6e1 GDPR: https://www.techpolicy.press/eu-set-the-global-standard-on-privacy-and-ai-now-its-pulling-back/ CSDD: https://www.politico.com/news/2025/10/22/trump-administration-pushes-europe-to-change-corporate-climate-law-00618140 Global Shipping Climate Tax: https://www.politico.eu/article/us-donald-trump-sinks-global-shipping-climate-pollution-tax/ Cue the Leftist freakout: https://corporatejustice.org/news/press-release-european-parliaments-far-right-alliance-adopts-position-on-omnibus-i-corporate-capture-on-full-display-written-for-the-few-not-for-people-or-planet/ Oh no, not Trump, not the "Far Right"!

https://europeannewsroom.com/the-eu-parliament-says-yes-to-fewer-regulations-for-businesses-2/ Some folks in the EU try to reduce regulations that have strangled SMEs in Europe after Draghi wakes them up. The reaction from the Left and Greens is as expected: These people don't care about GDP, economic competitiveness, or overall prosperity for Europe. Meanwhile, actual business people are happy, desperate for some relief: It's not just that the EU has too many lawyers in charge. It's that it has been basically ruled by Leftists/Green environmentalists nut-jobs without anyone to question them for quite a while. If you were to question them, you were labeled as "far right", "climate denialist", etc etc

The lawyers are a problem. The nice thing about Congress and the Presidency is that they are elected by the people. The same is not true for Ursula and the Brussels gang. There is no accountability so the EU guys can get more easily carried away. Additionally, America culturally has a stronger bias towards less government intervention in the affairs of citizens whereas in Europe the citizenry tends to lean in the opposite direction. So, when American leaders go overboard, there is more accountability. A lot of this is why you saw AI regulation even in California not really come to fruition and the AI race is now basically between China and the U.S. and Europe is not even mentioned as an afterthought.

Jensen: "Regulators are lawyers...they could regulate too early. If you over-regulate, you're stifling the UK's ability to innovate. In China, as you know--technology is under-regulated and the reason for that is because the leaders in China mostly are engineers. The leaders in US are mostly lawyers. The innovations in China are running incredibly fast because they regulate late. They wait until the problems show up and then they regulate the problems...the way that engineers [typically] solve problems". Meanwhile, this was the path Europe went on with AI: let's be the first to regulate ! The people in this image are not engineers. They are the lawyer type of professional that dominates Brussels. They are actually proud of what they have built: an imposing regulatory regime (unlike engineers who actually build real world objects). Europe is run by people like this and that is its biggest problem.

Oh man first the VCs and now Jensen taking aim at regulations in Europe...doing it at Cambridge of all places. The European universities, like many American ones, have become anti-capitalist and pro-regulation. They've churned out the politicians who run the countries and the EU and we've all seen the results of that dogma. I'm worried his words at Cambridge will fall upon deaf ears. These people view regulations as good. They think that if they take their foot off regulations, it will allow American tech giants to come in and dominate Europe, so they emphatically push the "regulate" button. The problem is that by doing so, they've strangled a bunch of European startups in the crib... If course, the fancy educated types are not entrepreneurs, so they will never understand what it's like to be a risk taker and will tend to believe that regulations are a good thing...

The best is that through it all they chant, "we are protecting democracy, we are protecting democracy, we are protecting democracy!" "We need to look at your messages (Chat control) to protect democracy!" "We need to censor content online that says our migration policies are terrible (DSA) to protect democracy!" "We need to cancel this election (Romania) that voted for the guy we don't like to protect democracy!" "We need to imprison this popular political candidate (Le Pen) to protect democracy!" "We need to label this political party growing in popularity (AfD/Reform/National Rally) as an extremist party to protect democracy!" It's very Orwellian that they use the guise of "protecting Democracy" to...undermine Democracy! I'm very glad that Ursula had had to read Elon's tweets because she can no longer jump to "we are protecting democracy!":

Couldn't have said it better myself

https://www.ft.com/content/239eed1b-a268-42ec-861e-fc3047f47c32 The rise of higher end engineering firms in China is the biggest threat to Germany. In the past decade, Germany chose austerity, regulations, and green energy mandates on its industry. In that time, China instead doubled down on manufacturing, its CO2 emissions have surged way past any other country, and instead of smothering its champions, it has heavily subsidized them.

https://www.newcivilengineer.com/latest/110-companies-call-for-end-to-north-sea-oil-profits-levy-but-miliband-signals-otherwise-16-10-2025/ These are the types of people who are in the established European political parties and in offices across Brussels. The fact that this guy Miliband has a chance to be the next PM is insane. These are the European leaders who led their countries down a treacherous "Green" path with no alternative for their industrial/manufacturing sector. Unlike China which has built up massive capabilities in Solar, Batteries, and EVs, the European strategy was to impose onerous taxes, regulations, and other draconian punishments on its energy/other traditional industries with no alternative industries to replace them... The fact that Starmer now wants to drill again in the North Sea is comical.

https://open.substack.com/pub/doomberg/p/late-britain?r=g2kr4&utm_medium=ios Pretty good piece on what the UK has done to its Oil and Gas industry and as a result has significantly damaged its heavy industry. This has been driven by Green environmentalist ideologues. It resembles California (SOC saga/refiner shutdown) and Germany (nuclear plant shutdown, Russian gas dependence) in many ways. Of course, Norway is thriving in the North Sea and Starmer now wants to drill again. Too bad UK has a budget hole and now has become dependent on revenues from the “temporary” windfall taxes. UK is a mess:

I would not rule out TKMS' 212CD sub so easily. Canada needs a NATO compatible sub that can effectively patrol the arctic. Germany has also suggested that some of these subs could eventually be manufactured in Canada.

Yeah I think there are good reasons for why a country like France seems ahead of Germany now. De Gaulle's influence helped them build up militarily during the cold war as @Xerxes pointed out. Germany in the meantime was split into pieces throughout the Cold War and has only been reunified since 1990. They have also leaned more towards pacifism/self defense only due to World War 2 (similar to Japan). Then, after the Cold War, there was a "Peace Dividend" where European nations felt they no longer needed to contribute to their own defense after the collapse of the Soviet Union (meanwhile, a guy in Russia named Vladimir Putin bided his time...). So all the European countries neglected defense and many instead padded their social safety nets since the 1990s... Well, the day for the reawakening is here. Putin (and Trump) are the catalysts... I don't think Germany will go nuclear and I don't think they really need to in order to have high end military sector. They can rely on NATO/France/UK for nuclear umbrella.

Germany has the money and ability to build up its own indigenous program and broader defense sector that can probably surpass all the other european countries in due time. Will it take a while and cost some? Sure. But they can afford it. If Europe wants to be more militarily independent from the U.S., Germany provides the best shot. Germany can become the major European arms maker over time. They have long been the major European industrial/manufacturing powerhouse with high amounts of exports to its neighbors. They can build up the tech know how in defense. There is no reason why what Dassault, Saab, etc have cannot be replicated and even surpassed.

Yes, the problem with a drone company is the nosebleed valuation. I am looking mostly for conventional suppliers that I think will likely need to emerge if the continent is truly going to rearm.

If Europeans want to develop a 6th gen fighter on their own, they should, but if they think the 100B Euro budget will be enough, they are kidding themselves. They should look at the F-35 program costs, adjust up for inflation and added technology of achieving 6th gen. They are not budgeting enough for the program at 100B EUR. People will get upset and the headlines will look ugly when the budget far surpasses this number... If you have to work with the French, then you'll probably need to add even more to the cost and the timeline.

I like this idea, but I'm on a mission to pursue this strategy outside the United States: in Europe, and preferably Germany if possible. Let me know if you find any names that will be the suppliers for the future European defense industry because that to me looks more exciting I've added some 4X0.DE (Austrian company). Their management seems highly promotional and their projections very optimistic. If they even achieve a fraction of what they project, I think shares will be ok

These guys could just buy more F-35s and wait to buy whatever 6th gen fighter the U.S. builds. Instead they insist on building their own. France needs a fighter that works with its next aircraft carrier, but do they even have enough money for a carrier ? I thought their priorities were for pensioners… Germany has the fiscal space to build a fighter program. They can build up a whole slew of suppliers out of their damaged auto industry. Maybe MTU can build the engines. This is the type of engineering Germans excel at… I think working with France is not worth the headaches…

The PRN.L trading has significantly underperformed management expectations. Trading at 1.09B GBP valuation on LSE which is much lower than the 1.5B GBP mgmt was saying and even 1.2B GBP bankers revised down to recently...

https://www.nbim.no/en/investments/all-investments/#/2025/investments/equities Looking at Norway's Sovereign wealth fund's top equity investments ranked by value and the top of the list is dominated by U.S. firms. This list tells you that there is something very wrong about the investment situation in Europe...that a European country like Norway should have to look to the United States for places to put its capital. It will take a lot of deep, structural reforms to make Europe as investable as the U.S. and it will take time. It's only when lists like this change to contain more European firms is how you'll know EU's efforts to increase investment in their companies are successful. So far, they have not been successful--rather, this list represents an epic fail for the investing climate in Europe

Spain’s Indra has experience in radar systems and is likely to be involved (and this is a good way to induce Spain to meet NATO defense spend targets). France is the question mark. The talk is UK’s BAE and/or Sweden’s Saab might replace France’s Dassault. Of course, partnering with UK would be awkward because a lot of Europeans feel the UK should be punished for Brexit and should not be able to tap some of the new EU defense funds… There’s always so much pent up resentment and drama among European countries that it’s no wonder why they have a hard time getting anything done together. I actually think if the Germans put enough time and effort into this, they could pull it off successfully alone (with Spain as a minor partner maybe)…they have a history of developing highly capable weapons…

I don't do DCFs

https://www.politico.eu/article/eu-commission-plans-major-financial-markets-shakeup-in-bid-to-boost-investment/ https://taxation-customs.ec.europa.eu/news/making-europes-savings-work-better-investment-opportunities-european-citizens-strengthen-european-2025-09-30_en https://www.gisreportsonline.com/r/savings-and-investment-union/ After a long period of smothering its own small companies, EU is now desperate to get more people to invest in EU businesses. Is Europe becoming uninvestable? Well, all those conservative European citizens who put their savings in low yield accounts now need to be pushed to invest like American citizens do per the EU... Europe will become much more investable when more European citizens put their savings into European investments ! And the EU needs to do much more by getting out of the way of regulating many of these firms to death. GDPR, DSA, DMA EUDR, AI Act (The Alphabet Soup) all need to have a hatchet taken to them...