Category: 3. Business

  • Banco Santander and ionQ Show Innovation Requires Both Money and Math

    Banco Santander and ionQ Show Innovation Requires Both Money and Math

    Welcome to the Wall Street Week newsletter, bringing you stories of capitalism about things you need to know, but even more things you need to think about. I’m David Westin, and this week Ana Botín, executive chair of Banco Santander, told us the reasons for her bank’s success this year. Plus, we delved into the strange new world of quantum computing. If you’re not yet a subscriber, sign up here for this newsletter.

    By all accounts the largest bank in Spain, Banco Santander has had a very good year. Executive Chair Ana Botín points to high profits, “for shareholders, great value creation,” and a “share price up 100%.” With all that success, she sees more yet to come: “Our multiples are still very attractive compared to US banks.”

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  • Jana Partners push to break up Cooper Cos. could change the stock’s outlook

    Jana Partners push to break up Cooper Cos. could change the stock’s outlook

    Company: Cooper Companies (COO)

    Business: The Cooper Companies is a global medical device company. It operates in two business units: CooperVision and CooperSurgical. The CooperVision segment is involved in the contact lens industry, while the CooperSurgical segment is involved in the fertility and women’s health care market through its diversified portfolio of products and services, including fertility products and services, medical devices, cryostorage (such as cord blood and cord tissue storage) and contraception. CooperVision’s products include MyDay daily disposable, MyDay daily disposable toric, MyDay Energys, MyDay multifocal, Biofinity & Biofinity XR, Biofinity Energys. CooperSurgical’s portfolio includes INSORB, Lone Star, and the Doppler Blood Flow Monitor. It also offers a suite of single-use cordless surgical retractors with an integrated multi-light-emitting diode (LED) light source and dual smoke evacuation channels, and single-use surgical suction devices with an integrated, cordless radial LED light source.

    Stock Market Value: $14.41 billion ($72.49 per share)

    Activist: Jana Partners

    Ownership: n/a

    Average Cost: n/a

    Activist Commentary: Jana is a very experienced activist investor founded in 2001 by Barry Rosenstein. They made their name taking deeply researched activist positions with well-conceived plans for long term value. Rosenstein called his activist strategy “V cubed.” The three “Vs” were: (i) Value: buying at the right price; (ii) Votes: knowing whether you have the votes before commencing a proxy fight; and (iii) Variety of ways to win: having more than one strategy to enhance value and exit an investment. Since 2008, they have gradually shifted that strategy to one which we characterize as the three “Ss”: (i) Stock price – buying at the right price; (ii) Strategic activism – sale of company or spinoff of a business; and (iii) Star advisors/nominees – aligning with top industry executives to advise them and take board seats if necessary.

    What’s happening

    On Oct. 20, Jana announced that they took a position in Cooper Cos. and plan to push for strategic alternatives, including a potential transaction to combine its contact lens unit with peers such as Bausch + Lomb.

    Behind the scenes

    Cooper Cos. is a leading global medical device company operating through two segments: CooperVision and CooperSurgical. CooperVision (66% of revenue) is focused on the sale of contact lenses. CooperVision is the global leader by contact wearers and second in terms of market share (26%), competing against Johnson and Johnson (37%), Alcon (26%), and Bausch + Lomb (10%).

    The global soft contact lens market is estimated to be worth about $11 billion and is growing at 4% to 6% annually. The segment has numerous tailwinds including a steady shift into silicone hydrogel 1-day lenses (about 40% of consumers are still using non-daily lenses), global growth in contact users, and high barriers to entry for competitors. As such, this is a great business that generates EBITDA margins in the mid-30s.

    CooperSurgical (33% of revenue) is focused on women’s health services, with 60% of its fiscal year 2024 revenue derived from office and surgical (Paragard IUDs, stem cell cryostorage, medical devices) and 40% from fertility (IVF consumables, equipment, genomic and donor services). Fertility treatment is a $2 billion global market, also expected to grow at a 4% to 6% pace annually.

    For most of its history, Cooper was a pureplay vision business, until they added CooperSurgical in the 90s. Initially, this was a small – arguably tax-motivated – add-on. However, the company began heavily investing in this segment in 2017 – spending over $3 billion on the segment since.

    The problem with this shift is pretty clear – Cooper is effectively siphoning off cash from a really good contact lens business and then reinvesting it in what most people would judge to be a less attractive business. This is evident in the company’s declining returns on capital, with CooperSurgical now operating at lower margins than they did in 2017 despite these massive investments.

    A key factor behind this operational shift may be management changes. The company’s CEO Albert White, who previously led CooperSurgical, assumed leadership shortly after this expansion began. This raises a larger question about the company’s strategic focus, leading many to question why the leader of this company would not have expertise in its core business.

    These strategic missteps have been further compounded by near-term headwinds across both segments, some self-inflicted. For CooperVision, the company mismanaged market expectations for the rollout of its new daily lens product, MyDay Energys, which is now behind schedule.

    For CooperSurgical, its highest quality business, IVF, has slowed meaningfully, likely attributable to comments from President Donald Trump suggesting potential reimbursements for IVF costs, causing patients to delay treatment in anticipation of this potential coverage. As a result, top-line organic growth fell meaningfully below expectations to 2%, down from 7% the prior quarter, forcing Cooper to significantly lower its full-year guidance at its third-quarter earnings call, sending the company’s share price down 12.85% the following day. Now, Cooper is trading at a 12-month forward P/E of 16.4x — a steep discount to its 10-year average of 23.1x.

    All of this has prompted Jana Partners to announce a top portfolio position in Cooper and plans to push for strategic alternatives, including a potential transaction to combine its contact lens unit with peers such as Bausch + Lomb. While a transaction of this nature would typically raise some antitrust concerns, this may actually be the opposite case here.

    First, a merger would not result in a market leader, as the combined market share of 36% would be just below market leader J&J’s share of 37% and not too far ahead of Alcon’s 26% share.

    Secondly, these businesses are highly complementary with minimal geographical and product overlap, suggesting a reduction in the likelihood of regulatory hurdles. Notably, Bausch + Lomb has not been shy about their potential interest and also sees no regulatory issues, as CEO Brent Saunders has publicly stated that a potential combination with Cooper would “strengthen competition and create a more scaled company in the contact lens segment.”

    But Bausch + Lomb is not the only potential acquirer. Companies like European eyewear manufacturer EssilorLuxottica could also have interest and with even less regulatory uncertainty.

    As for CooperSurgical, there would certainly be private equity interest, as evidenced by Blackstone and TPG nearing a deal to acquire peer Hologic. However, Cooper shareholders may realize more value from the company cleaning up this portfolio internally – focusing more on the higher-multiple IVF business, shedding certain non-core assets, and potentially putting in new operators to execute a strong turnaround.

    Overall, with short-term headwinds likely to ease, Cooper has multiple avenues to recover its discount and open itself up for a potential rerating. Jana’s thesis is straightforward: these two businesses make no sense under the same roof and a strategic combination for the vision business could yield $300 million to 500 million synergies, which is a lot for a business with $850 million in EBITDA. But step one in their plan is convincing management that separating the two businesses is the right strategic move; and despite growing public attention, there is no guarantee that management, especially with this type of operating history, will agree.

    Should management resist, this campaign changes dramatically from a strategic thesis to a leadership/governance thesis, likely centered on appointing a new CEO with a deep background in the contact lens industry to refocus the company on its core, while still positioning it for a separation down the line.

    Jana is not outwardly calling for a management change and White may even be the best person to lead a standalone CooperSurgical business. But activism is about the power of the argument and Jana seems to make a persuasive one here. Let’s hope for all involved that management sees it that way.

    Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist investments.

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  • Berkshire Hathaway’s surprising new tech stake

    Berkshire Hathaway’s surprising new tech stake

    As Warren Buffett gets closer to stepping down as CEO at the end of next month, he told shareholders he will be “going quiet,” but only “sort of.”

    More on his Thanksgiving letter, which looks like it could become a substantial annual tradition, below.

    First:

    A surprising stake

    There was a notable surprise in Berkshire Hathaway’s end-of-Q3 equity portfolio snapshot, released after Friday’s closing bell.

    Someone in Omaha purchased more than 17.8 million Class A shares of Google’s parent, Alphabet.

    They are currently valued at $4.9 billion, making them the biggest Q3 addition in dollar terms.

    The news sent the stock 3.5% higher in after-hours trading.

    At this point, we don’t know who made the call.

    Buffett has typically made purchases of this size, but it doesn’t feel like his kind of stock.

    It is up 51.3% year-to-date, including a 37% climb in the third quarter.

    Also, he has traditionally shied away from tech stocks. (He considers Apple a consumer products company.)

    At the 2019 Berkshire meeting, Buffett and Charlie Munger lamented that they had “screwed up” by not buying Alphabet earlier because they “could see in our own operations how well that Google advertising was working. And we just sat there sucking our thumbs.”

    On that day, the shares were going for around $59, and they gave no indication there were prepared to rectify their error.

    Incoming CEO Greg Abel isn’t encumbered by that history, and Buffett has been handing over many of his duties to him.

    Or it could be one or both of the portfolio managers, Ted Weschler and Todd Combs.

    Stay tuned.

    Not so surprising selling

    Alphabet was by far the biggest Q3 addition at $4.3 billion, based on the September 30 price, well ahead of a $1.2 billion increase for Chubb.

    The biggest decreases, Apple and Bank of America, had been foreshadowed by hints in Berkshire’s 10-Q almost two weeks ago.

    (The Verisign reduction was disclosed in early August.)

    Berkshire’s Apple position was cut by almost 15%, or $10.6 billion, to around 238 million shares.

    It’s down 74% since Berkshire began selling two years ago.

    But Apple remains Berkshire’s largest equity position at $64.9 billion, which is 21% of the portfolio’s current value.

    The Bank of America reduction was smaller, just 6.1%, or around $1.9 billion.

    The remaining 238 million shares are currently valued at $29.9 billion, Berkshire’s third largest position, making up almost 10% of the portfolio’s current value.

    It’s been cut by 43% since early last year.

    A complete listing of Berkshire’s Q3 13F appears below. 

    ‘Sort of’

    Many of the headlines on news stories about Warren Buffett’s Thanksgiving letter on Monday included this quotation: “I’m ‘going quiet.’”

    But there was another phrase that followed that line near the top of the letter, getting its own paragraph: “Sort of.”

    Warren Buffett speaks during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2025.

    CNBC

    Starting next year, Greg Abel, “a great manager, a tireless worker and an honest communicator,” will be writing the annual meeting to shareholders and answering questions at the annual meeting. Buffett plans to sit on the arena floor with the other directors.

    But he wrote, “I will continue talking to you and my children about Berkshire via my annual Thanksgiving message.”

    This year’s letter ran a bit more than seven pages, compared to around three pages last year, and sounded a lot like the annual letters he’s been writing for decades, with sections on the importance of luck, getting old, his admiration for Berkshire shareholders, the many friends he has made over the years in Omaha, and his complete confidence in Abel’s ability to run the company.

    He also revealed that while hospitalized as a child, he received a fingerprint kit and proceeded to take prints from the nuns caring for him, because “someday a nun would go bad, and the FBI would find that they had neglected to fingerprint nuns.”

    (CNBC.com has this summary)

    The newsiest bit was his plan to “step up the pace of lifetime gifts” to the three foundations run by his children, who, like Buffett, are getting older. (They are 72,70, and 67.)

    He wants to “improve the probability that they will dispose of what will essentially be my entire estate before alternate trustees replace them.”

    But he also “wants to keep a significant amount of ‘A’ shares until Berkshire shareholders develop the comfort with Greg that Charlie and I long enjoyed.”

    The result, at least for this year, is an increase in the Class B shares (converted from Class A) going to each foundation to 400,000 shares from 300,000 shares last year.

    Including a fourth unchanged donation to a foundation named after his late wife, the total as of the date of the gifts increased 17% to $1.3 billion.

    Playing a more minor role: Class B shares are up 4% since last year’s gifts.

    The entire U.S portfolio as of September 30

    BUFFETT AROUND THE INTERNET

    Some links may require a subscription:

    BERKSHIRE STOCK WATCH

    BERKSHIRE’S TOP U.S. HOLDINGS – Nov. 14, 2025

    Berkshire’s top holdings of disclosed publicly traded stocks in the U.S., Japan, and Hong Kong, by market value, based on today’s closing prices.

    Holdings are as of September 30, 2025 as reported in Berkshire Hathaway’s 13F filing on November 14, 2025, except for:

    The full list of holdings and current market values is available from CNBC.com’s Berkshire Hathaway Portfolio Tracker.

    QUESTIONS OR COMMENTS

    Please send any questions or comments about the newsletter to me at alex.crippen@nbcuni.com. (Sorry, but we don’t forward questions or comments to Buffett himself.)

    If you aren’t already subscribed to this newsletter, you can sign up here.

    Also, Buffett’s annual letters to shareholders are highly recommended reading. There are collected here on Berkshire’s website.

    — Alex Crippen, Editor, Warren Buffett Watch

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  • Tesla requires suppliers to avoid made-in-China parts for US cars

    Tesla requires suppliers to avoid made-in-China parts for US cars

    Earlier this year, the electric-vehicle maker decided that it would stop using China-based suppliers for Tesla cars that are made in the U.S., according to people familiar with the situation. Tesla and its suppliers have already replaced some China-made components with parts made elsewhere. Tesla is aiming to switch all other components to those made outside of China in the next year or two, some of the people said.

    Tesla has been trying to reduce its dependence on China-made components for its U.S. cars since the Covid-19 pandemic disrupted the flow of goods from China, encouraging its China-based suppliers to make components elsewhere including in Mexico. But this year, after President Trump imposed stiff tariffs on Chinese imports, the company accelerated the strategy to cut out Chinese parts, the people said.

    China is a major producer and exporter of auto parts—including chips and batteries—and materials that go inside cars. Many of them are cheaper due to China’s huge production scale, lower costs and weak currency.

    Tesla executives have been grappling with the uncertainty brought by fluctuating tariff levels in the U.S.-China trade battle, which has made it difficult for the carmaker to formulate a coherent pricing strategy, some of the people said.

    The geopolitical tensions between Washington and Beijing and the fallout on the global auto supply chain have only intensified Tesla’s urgency in pursuing the China-free strategy. In recent weeks, fresh disruptions in the supply of automotive chips stemming from a spat between China and the Netherlands have triggered discussions at Tesla about the need to accelerate diversification, some of the people said.

    Tesla didn’t respond to a request for comment.

    Tesla’s strategy is the latest example of how trade and geopolitical tensions are driving a decoupling of the world’s two largest economies and increasingly redrawing global supply chains. Many American companies are seeking to exclude China-made components or manufacture outside of China when it comes to products for the U.S. market. In turn, Chinese technology companies are erasing American components and technology from their supply chains.

    The auto industry has been hit particularly hard by China-U.S. friction because of the global nature of its supply chains and business. This spring, automakers were rattled after China imposed export restrictions on certain rare earths and magnets that are widely used in cars and their production. More recently, carmakers have struggled to secure chips after China blocked the export of semiconductors made by a firm called Nexperia that are used in car lights and electronics.

    Nexperia is a Dutch company whose chips are largely manufactured in Europe but ultimately are exported to the world from China, where processing and packaging take place. China blocked the export of the chips after the Dutch government seized control of Nexperia from its Chinese parent, which is on a U.S. trade blacklist.

    The Dutch and Chinese governments are still fighting over the issue, even though Beijing has allowed Nexperia chips to be shipped out to some overseas customers following a summit last month between Trump and Chinese leader Xi Jinping.

    The U.S. is Tesla’s biggest market, and Tesla vehicles running on American roads are produced at the carmaker’s factories in the U.S. In China, Tesla produces cars at its Shanghai plant using mostly locally produced components. The Shanghai-made cars are shipped both within China and overseas, mostly to Asia and Europe, but not to the U.S.

    Over the years, Chinese suppliers that Tesla has been working with in China have increasingly been shipping parts globally for the carmaker’s factories elsewhere. A China-based executive said earlier this year that the Shanghai factory had some 400 direct Chinese suppliers, more than 60 of which had supplied Tesla’s global production.

    Tesla has been pursuing a strategy of cutting back on made-in-China components for its U.S. cars since Trump’s first administration. As a part of this approach, Tesla has worked with its Chinese suppliers—including those making seat covers and metal casings—to set up factories and warehouses in Mexico and Southeast Asia in recent years, people familiar with the project said.

    One Chinese-made component that Tesla is struggling to substitute is the lithium-iron phosphate battery. China’s Contemporary Amperex Technology, or CATL, has been a major supplier to Tesla for the battery, known as LFP.

    Until last year, Tesla was selling cars in the U.S. with Chinese-produced LFP batteries, but since then it stopped doing so, because they became ineligible for EV-related tax credits and also due to U.S. tariffs.

    Tesla is working to build LFP batteries for energy-storage products in the U.S. In October, the company said it expected its facility in Nevada making such battery products to start running in the first quarter of 2026.

    Tesla Chief Financial Officer Vaibhav Taneja said in April that the company was working on manufacturing LFP cells in the U.S., and on “securing additional supply chain from non-China-based suppliers.”

    “But it will take time,” he said.

    Write to Raffaele Huang at raffaele.huang@wsj.com and Yoko Kubota at yoko.kubota@wsj.com

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  • Turmoil and tensions at FDA after dramatic exit of top drug regulator | Trump administration

    Turmoil and tensions at FDA after dramatic exit of top drug regulator | Trump administration

    After the dramatic ousting of the top drug regulator at the US Food and Drug Administration (FDA) two weeks ago, officials have scrambled to find a replacement in a process that has revealed the agency’s internal cracks and tensions.

    It’s troubling news for a regulatory agency that has previously enjoyed a reputation for stability and consistency.

    On Tuesday, the US Department of Health and Human Services (HHS) announced the top spot at the Center for Drug Evaluation and Research (CDER) would be filled by a surprising candidate.

    Richard Pazdur is a respected oncology expert and longtime FDA employee – that’s not the surprising part. But he reportedly turned down the position when he was approached last week, according to Pink Sheet. That’s when top leaders began searching for other candidates.

    “It boggles the mind,” said Peter Lurie, president of the Center for Science in the Public Interest and a former associate commissioner at the FDA. “Reversals upon reversals.”

    The news comes after several upheavals at the FDA.

    George Tidmarsh, who was only appointed as CDER director in late July, resigned in early November following accusations of retaliation against a former pharmaceutical business partner and reports of strife within the agency. Tidmarsh was accused, in an explosive lawsuit, of using his position to harm his former business partner.

    George Tidmarsh. Photograph: FDA

    In the days before his ouster, Tidmarsh had opposed a new form of rapid approval, he told Stat News. The new program, called “Commissioner’s National Priority Voucher”, promised the rapid reviews of drugs – but Tidmarsh said he questioned the legality of the plan.

    Tidmarsh also reportedly sparred with Vinay Prasad, simultaneously the agency’s chief medical and scientific officer and the director of the Center for Biologics Evaluation and Research (CBER), after Prasad repeatedly bypassed Tidmarsh to ask CDER employees to do work for him.

    The HHS did not respond to the Guardian’s questions about power struggles between Tidmarsh and Prasad, but the agency did confirm that Tidmarsh was no longer employed there.

    “Secretary Kennedy expects the highest ethical standards from all individuals serving under his leadership and remains committed to full transparency,” said Emily Hilliard, press secretary.

    Prasad himself was subject to reversals. He was forced to resign in July, but he returned unexpectedly less than a week later. FDA chief Marty Makary reportedly worked to bring him back.

    “Prasad has obviously been very aggressive, and he’s not been softened by the experience of getting fired – if anything he seems to feel that he has the wind at his back because he was restored,” Lurie said. “But none of it speaks well to the kind of relations between the center directors that are necessary to make the place work.”

    The degree of discord among top FDA officials is “very unusual”, Lurie said.

    Before the job was filled by Pazdur, one CDER employee told the Guardian that “I would never take it” because the position would be a “career killer” in the turnover and tumult at the agency.

    “Plus, I’d have Vinay Prasad bitching at me or about me non-stop,” said the employee, who asked for anonymity to protect their job.

    After Tidmarsh’s departure, several longtime employees said they were not interested in the position, and Sara Brenner, principal deputy commissioner at the FDA, sent an email on Friday to some CDER employees asking whether any of them wanted to apply.

    “The whole process of appointments at FDA in the current administration has been an enormous departure from accepted practices,” Lurie said. “The degree of upheaval at the agency is really difficult to overestimate and leaves people in the agency disconcerted.”

    Opening up the position to large numbers of employees “reeks of desperation” and gives the impression that FDA leaders struggled to fill the job, he said. But Pazdur has “the right qualifications”, and choosing an FDA insider might shore up confidence and morale, Lurie added.

    “There’s a sense among people who have worked at the agency for a while that they’re under siege by people who have come from the outside with only limited understanding of the way that FDA works and that they would be better served with somebody who actually understands the institution,” he said.

    Lurie notes that the pharmaceutical industry values stability at the FDA more than anything. There is a core belief in the industry – and among the public – that FDA review is valuable in order to maintain trust and safety. “Predictability from day to day is really what they want, and otherwise, everything is in upheaval,” Lurie said.

    The FDA has developed careful and relatively uncontroversial processes over the decades for evaluating drugs, biologics and medical devices.

    “But now, everything is up for grabs,” Lurie said. “Suddenly, we have people who can get their drug reviewed in a one-day meeting.”

    In addition to disrupting its regulatory work, the chaos at the FDA may also undermine the credibility of its experts in general, particularly as top officials within the administration continue to attack scientific expertise, Lurie said.

    “If the assault on government continues at the pace that it has,” he said, the idea that the government is not to be trusted “could actually become true”.

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  • BM-MSC-derived migrasomes reverse stroke-induced thymic atrophy and immunosuppression via Pin1 delivery to thymic epithelial cells | Journal of Neuroinflammation

    BM-MSC-derived migrasomes reverse stroke-induced thymic atrophy and immunosuppression via Pin1 delivery to thymic epithelial cells | Journal of Neuroinflammation

    Animals

    A total of 150 wild-type C57BL/6J mice, comprising 130 males and 20 females, were used in this study. This cohort included 120 young adult mice (2 months old; body weight: 20–30 g), 20 aged male mice (18 months old; body weight: 30–40 g), and 10 neonatal pups (6 days old). Young adult and aged mice were supplied by GemPharmatech Co., Ltd (Nanjing, China; License No. SCXK(Yue)2020-0054). Neonatal mice were obtained from the Guangdong Medical Laboratory Animal Center (Guangzhou, China). All the mice were housed in a specific pathogen-free facility under a 12-hour light/dark cycle with controlled temperature (24 ± 2 °C) and humidity (30–70%). The animals had ad libitum access to food/water and were group-housed (5 per cage). The mice were euthanized on day 14 via isoflurane overdose (RWD; Shenzhen, China; Cat# R510-22). Animal protocols were approved by the Institutional Animal Care and Ethics Committee of Guangdong Academy of Sciences (Approval No. K2024-01–130-480; February 20, 2024) and conducted in compliance with the NIH Guide for the Care and Use of Laboratory Animals (8th ed., 2011) and ARRIVE guidelines (Percie du Sert et al., 2020).

    Isolation of human bone marrow mesenchymal stem cells (BM-MSC)

    Heparinized bone marrow aspirates were obtained from healthy donors (recruited via the Third Affiliated Hospital of Sun Yat-sen University) after providing informed consent. BM-MSC were isolated via Ficoll-Paque (1.077 g/mL; GE Healthcare, Cat# 17−1440-02) density gradient centrifugation. The cells were cultured in MSC basal medium (Gibco, Cat# A11577-01) supplemented with BM-MSC growth supplement (Gibco; Cat# A13829-01). For migrasome inhibition, BM-MSC at 70% confluence were treated with blebbistatin (BLEB, 50 µM, 24 h; MCE, Cat# HY-13441). The study was approved by the Ethics Committee of the Third Affiliated Hospital of Sun Yat-sen University (Approval No. 2022-2; September 2, 2022) following ISSCR guidelines (2021).

    Primary culture of thymic epithelial cells (TEC)

    The primary culture of thymic epithelial cells was performed as previously described with modifications [51]. Primary cells were characterized by immunofluorescence staining for the epithelial markers CK5 and CK8 (Fig. S13A).

    Materials

    Six 2–5-day-old neonatal mice were used. The complete media used were as follows: DMEM/F12 supplemented with human HDL (100 µg/mL), transferrin (50 µg/mL), insulin (5 µg/mL), hydrocortisone (2.7 × 10⁻⁷ mol/L), EGF (20 ng/mL), sodium selenite (25 ng/mL), and T3 (1 × 10⁻¹⁰ mol/L). Primary digestion: 1.5 mg/mL collagenase IV (Sigma, Cat# C5138) + 500 U DNase I (Sigma, Cat# D5025) in 10 mL of PBS. Passage digestion: 0.25% trypsin + 15 KU DNase I in 10 mL of Ca²⁺/Mg²⁺-free PBS.

    Primary culture protocol

    The neonates were disinfected with 75% ethanol for 30 s and placed in a biosafety cabinet. Thymic glands were excised via midline thoracic incisions and transferred to DMEM/F12. The samples were minced into 1 mm³ fragments and washed twice with complete medium (300 × g, 5 min). The mixture was digested with primary digestion solution at 37 °C for 90 min with gentle agitation every 10 min. The mixture was subsequently centrifuged (300 × g, 5 min) and washed twice with medium. Thirty to forty fragments were plated in a 25 cm² flask with 5 mL of complete medium. Nonadherent debris was removed after 3 days. The epithelial cell islands emerged within 2‒3 days and reached 80% confluency within 2‒3 weeks.

    Subculture protocol

    At confluency, the cells were digested with 2 mL of passage mixture (37 °C, 15–20 min). The digestion was stopped with 200 µL of 1% soybean trypsin inhibitor (Sigma, Cat# T6522). The cells were subsequently centrifuged (300 × g, 5 min) and passaged at a 1:3 ratio in fresh medium.

    Murine models of acute cerebral ischemic stroke

    Focal cerebral ischemia was established via the transient middle cerebral artery occlusion (tMCAO) paradigm, which was modified from established protocols [52]. The animals were anesthetized with isoflurane (5% in 1 L/min gas flow for induction, 1.5% for maintenance in 30% O₂/70% N₂O) with the core temperature regulated at 37.0 ± 0.5 °C via a feedback-controlled heating pad. Preemptive analgesia consisted of meloxicam (2.0 mg/kg, s.c.) administered 1 h before incision, combined with local lidocaine infiltration (1.5 mg/kg) at the surgical margins. Postoperatively, meloxicam (0.5 mg/kg, s.c.) was injected daily from 24 to 72 h to manage inflammatory pain. Through microsurgical exposure of the carotid bifurcation, a silicone-coated monofilament (Doccol Corp, 6 − 0) was retrograde introduced into the external carotid stump and advanced 9–11 mm through the internal carotid artery to achieve MCA trunk occlusion. Laser Doppler perfusion imaging (PeriFlux 5000, Perimed AB) confirmed the efficacy of vascular occlusion through real-time cortical blood flow monitoring at bregma − 2 mm coordinates. Regional cerebral blood flow (CBF) was continuously recorded during the preischemia, ischemia, and 15-min postreperfusion phases (see Supplementary Fig. 1C for group-specific data). Animals demonstrating < 70% perfusion reduction from baseline (calculated as ischemic core CBF/preocclusion CBF ×100%) or exhibiting intraoperative mortality were eliminated per predefined exclusion criteria. After 60 min of ischemia, controlled reperfusion was achieved through withdrawal of the filament under antithrombotic surveillance. Sham controls underwent identical cervical dissection without vascular occlusion.

    BM-MSC transplantation and migrasome administration in mice

    For transplantation, 2 × 106 BM-MSC (passages 5–8) in 0.2 mL of PBS were infused via the retro-orbital venous sinus 2 h post-tMCAO. For migrasome delivery, BM-MSC-derived migrasomes (10 mg/kg in 0.2 mL PBS) were administered through the same route at the same time point (2 h post-induction). This standardized protocol eliminates temporal variables as confounders in therapeutic efficacy comparisons.

    Assessment of neurological function

    Modified Garcia scores (0–3 scale across five domains: body proprioception, vibrissae touch, limb symmetry, lateral turning, and forelimb walking) were evaluated daily for 3 days after tMCAO.

    Infarct volume analysis

    Six serial coronal sections obtained at regular intervals (2 mm spacing) through the middle cerebral artery territory were subjected to immunohistochemical labeling using a monoclonal neuronal nuclei marker (NeuN; clone EP3978, dilution 1:1000; Abcam ab177487). Digital image analysis was performed on systematically sampled tissue sections by an independent researcher blinded to the experimental conditions via ImageJ 1.53e software (National Institutes of Health). Structural damage quantification accounts for tissue edema via the following calculation: Final infarct volume (mm³) = (Vcontra – Vipsi_noninfarct) × section thickness × sampling interval, where Vcontra represents the contralesional hemispheric volume and Vipsi_noninfarct indicates preserved neuronal tissue volume in the injured hemisphere.

    Behavioral tests

    Sensorimotor functions were assessed via rotarod and foot-fault tests performed 1–3 days before tMCAO and 3–5 days after tMCAO. Cognitive functions were evaluated with the Morris water maze (WTIM) (days 9–13 post-tMCAO) and novel object recognition test (ORTM) (day 11 post-tMCAO). A schematic timeline is provided in Supplementary Fig. 11A.

    Novel object recognition

    The test was conducted in an open-field arena containing two geometrically identical polypropylene objects. After a 60-min familiarization phase with identical objects, one object was replaced with a novel stimulus (matched in size but differing in surface texture) for a 10-min test phase. Exploration time (nose-point proximity ≤ 2 cm) was quantified via automated video tracking (EthoVision 15.0, Noldus). Cognitive performance was assessed by the normalized recognition index (RI = Tnovel/[Tnovel + Tfamiliar] ×100%) and discrimination index (DI = [Tnovel – Tfamiliar]/[Tnovel + Tfamiliar]).

    Morris water maze test

    Hippocampus-dependent spatial learning was evaluated on postoperative days 9–13 via a modified protocol. The apparatus consisted of a circular pool (150 cm diameter) filled with titanium dioxide-opacified water and a hidden acrylic platform (11 × 11 cm) submerged 20 mm below the surface. Hidden platform training (days 9–12): Four daily trials (60 s/trial) were conducted with randomized entry points. The mice were allowed 30 s on the platform after each trial, with spatial cues maintained in the testing room. Probe trial (day 13): The platform was removed, and the time spent in the target quadrant during a 60-sec session was recorded to assess spatial memory retention.

    Rotarod

    Preoperative acclimatization included 3 consecutive days of speed-ramping training (0–300 rpm over 360 s), with day 3 performance used as the baseline. Post tMCAO assessments (day 3) employed identical parameters (6-min acceleration phase followed by constant speed). Trials terminated when an animal disengaged from the rod or underwent ≥ 2 cycles of passive rotation. Motor persistence latency (fall/spin duration) was calculated as the average of three trials.

    Foot fault

    Rodents underwent preoperative gridwalk acclimatization for 3 consecutive days on a 40 × 20 cm elevated grid (4 cm² apertures), with baseline forelimb coordination quantified from day 3 performance metrics. Post-tMCAO assessments on day 3 involved 60-second trials recorded under controlled lighting. Total ambulatory steps and forelimb misplacements (limb descent below the grid plane) were manually quantified by two independent observers blinded to the treatment groups, with the error frequency expressed relative to motion intensity (faults per 100 steps).

    Isolation of BM-MSC-derived migrasomes

    BM-MSC cultures at 50% confluence provided conditioned media for vesicle isolation. Sequential differential centrifugation (1,000 g ×10 min →4,000 g ×20 min) was used to clarify the supernatants prior to ultracentrifugation (100,000 g ×70 min, Optima XE-100, Beckman Coulter) for EV enrichment. Migrasome harvesting required fibronectin-coated substrates (0.1 µg/cm², Corning® BioCoat™) with trypsinization (0.125% TrypLE™) at 50% confluence. The processed supernatants were subjected to staged clarification (1,000 × g/4,000 × g), followed by pelleting at 20,000 × g for 30 min. Contaminant elimination protocols involve iterative washing cycles (PBS + matching centrifugal forces).

    Bulk RNA sequencing and data analysis

    Thymic RNA was isolated via TRIzol-based protocols with RNA integrity validation (RIN ≥ 8.0, Bioanalyzer 2100). Sequencing libraries were prepared via the NEBNext Ultra II Directional RNA Library Kit (E7760S) following ribosomal RNA depletion (NEBNext rRNA Removal Kit). Pooled libraries were subjected to 150 bp paired-end sequencing on NovaSeq 6000 SP flow cells (Illumina, 40 M reads/sample). Differentially expressed genes were identified via DESeq2 (v1.40.2) with significance thresholds (FDR-adjusted p < 0.05, |log2FC|≥1). Functional annotation was performed through clusterProfiler (v4.4.4) via the current GO (2023–10 release) and Reactome (v84) databases.

    Quality control of the bulk RNA-seq data was performed through principal component analysis (PCA), relative log expression (RLE) diagnostics, and expression distribution assessment (Fig. S14). PCA was conducted on the basis of the FPKM-normalized gene expression values across all the samples. The raw count matrices were processed via edgeR. Library size normalization was performed via calcNormFactors with TMM weighting, followed by calculation of variance-stabilized log₂ (CPM + 1) values. The RLE diagnostics were visualized via the EDASeq package. Expression distributions were evaluated through: density plots and boxplots of log₂-transformed raw counts (log₂ (count + 1)) to mitigate variance inflation from highly expressed genes. Analogous visualizations of log₂ (FPKM + 1) values to account for gene length and sequencing depth effects. This comprehensive suite of quality assessment analyses (PCA, RLE, expression distribution diagnostics based on the basis of counts and FPKM) demonstrates that our bulk RNA-seq data from thymic tissue are of high quality and free from major technical artifacts.

    ScRNA-seq and data analysis

    Thymic cell suspensions were prepared from a total of 12 mice (n = 4 biologically independent mice per group for Veh, BM-MSC, and Migrasome treatments). Cell suspensions were centrifuged at 800 × g for 5 min. Pelleted cells underwent CD45 based enrichment via anti-mouse CD45 MicroBeads and magnetic-activated cell sorting (MACS). To ensure sufficient cell numbers for capturing rare TEC subsets and to minimize inter-individual variation, CD45 enriched cells from the 4 mice within the same treatment group were pooled at equal quantities, resulting in one final sample pool per group for sequencing. The cells were sorted at a CD45⁻:CD45⁺ ratio of 5:1 to further enrich TEC.

    Single-cell libraries were prepared with sorted cells (viability > 85%) loaded onto chromium microfluidic chips (10X Genomics) employing 3’ chemistry. All samples from the three groups were processed simultaneously in a single batch for tissue processing, cell sorting, library construction, and sequencing to prevent technical batch effects. Barcoding was performed via the Chromium Controller (10X Genomics). Reverse transcription and library construction were performed via the Chromium Single Cell 3’ v2 Reagent Kit (10X Genomics) per the manufacturer’s protocol. Libraries were sequenced on Illumina platforms (paired-end).

    The raw sequencing data were subjected to quality control via fastp with adapter trimming and quality filtering (Q20 threshold). Processed reads were demultiplexed and aligned to the mm10 reference genome using Cell Ranger with default parameters. Digital gene expression matrices were generated through unique molecular identifier (UMI) counting.

    Downstream analysis was performed in Seurat (v5.0) with sequential filtering: genes detected in < 3 cells were excluded, cells with < 1000 expressed genes were excluded and potential doublets identified by scDblFinder were removed. The cell clusters were annotated based on canonical markers. Differentially expressed genes (adjusted p < 0.05, |log₂FC|>1) underwent functional enrichment via clusterProfiler with gene length bias correction. Significantly enriched GO terms and KEGG pathways (FDR < 0.05) were reported. Pseudotime trajectories were reconstructed using monocle3 with default graph learning parameters.

    Liquid chromatography-tandem mass spectrometry (LC‒MS/MS) analysis

    The migrasome protein composition was characterized via liquid chromatography tandem mass spectrometry (LC‒MS/MS). Proteins were resolved via SDS‒PAGE (12% separating gel) and stained with Coomassie Brilliant Blue R-250. Gel slices containing target proteins were subjected to in-gel tryptic digestion (16 h, 37 °C) prior to analysis. Mass spectrometry was performed via a Q Exactive system (Thermo Fisher Scientific) with nanoelectrospray ionization (NanoFlex source). Raw spectral data processing, including protein identification and quantitative analysis, was executed through the PEAKS Studio platform (v8.5) under strict filtering criteria (FDR < 1%).

    Histological analyses

    Thymus samples were fixed in 4% paraformaldehyde (PBS, pH 7.4) for 48 h, followed by paraffin embedding. Next, 8-µm-thick sections were subjected to xylene-mediated deparaffinization and rehydration in graded ethanol. The tissue architecture was visualized through Mayer’s hematoxylin (6 min)/eosin Y (90 s) staining, with optical microscopy (Nikon Eclipse Ci-L) imaging at 40–400× magnification for cortical–medullary demarcation analysis.

    Flow cytometric analysis

    Flow cytometry was performed using a BD Biosciences FACS analyzer. The data were analyzed with FlowJo software (v10.8), and the gating strategies are detailed in Supplementary Fig. 3.

    Sample preparation

    Peripheral blood was collected in heparinized tubes, lysed with ACK buffer (Gibco, Cat# A1049201), and washed with PBS. Brain tissue: Ipsilateral hemispheres were digested with 0.25% trypsin-EDTA (37 °C, 25 min) and filtered through 70-µm strainers. Thymic epithelial cells were mechanically dissociated, digested with collagenase (37 °C, 30 min), and filtered through 70-µm strainers. Thymus/spleen immune cells: Mechanically homogenized and filtered through 70-µm strainers.

    Staining protocol

    Single-cell suspensions were fixed/permeabilized via the Intracellular Fixation & Permeabilization Buffer Set (Invitrogen, Cat# 00−5123-43, 00–5223-56). The following antibodies were used: PerCP-anti-mouse CD45 (1:400; Biolegend 103132, clone 30-F11), FITC-anti-mouse CD3 (1:400; Biolegend 100204, clone 17A2), PE-anti-mouse CD19 (1:400; Biolegend 152408, clone 1D3), PE/Cy7-anti-CD11b (1:400; Biolegend 101216, clone M1/70), BV421-anti-F4/80 (1:400; Biolegend 123132, clone 8M8), APC/Cy7-anti-Ly6G (1:400; Biolegend 108424, clone RB8-8C5), FITC-anti-Ki67 (1:200; BD 556026, clone B56), APC-anti-EPCAM (1:400; Biolegend 118213, clone G8.8), PE/Cy7-anti-Ly51 (1:400; Biolegend 108313, clone M5/114.15.2), anti-AIRE (1:400; Abcam ab243169, clone 5H12), and APC-anti-MHCⅡ(1:400; Biolegend 107607), FITC-anti-CD90 (1:400; Biolegend 328108, clone 5E10), APC-anti-CD34 (1:400; Biolegend 343509, clone 581), PE-anti-CD73 (1:400; Biolegend 344003, clone AD2), PE-anti-CD105 (1:400; Biolegend 120414, clone MJ7/18), APC-anti-mouse IL-2 (Biolegend, 503809), PE/Cyanine7-anti-mouse IFN-γ (Biolegend, 505825), APC/Cy7-streptavidin (Biolegend 405208), Ulex europaeus agglutinin-1 (UEA-1; Vector Labs B-1065).

    Immunofluorescence staining

    For in vivo experiments, the mice were euthanized at 7 or 14 days post-tMCAO and transcardially perfused with 10 mL of PBS followed by 10 mL of 4% paraformaldehyde (PFA, pH 7.4). The brains were sectioned coronally (25 μm thick), while the thymus tissues were embedded in optimal cutting temperature (OCT) compound and cryosectioned at 5 μm. In vitro experiments, TECs or BM-MSC were seeded on poly-L-lysine (Sigma, Cat# P2636)-coated coverslips. The cells were fixed with 4% PFA for 20 min at room temperature. Sections or fixed cells were permeabilized/blocked with PBS containing 0.03% Triton X-100 and 3% BSA for 1 h at room temperature. The sections were incubated with the following antibodies overnight at 4 °C: rabbit anti-NeuN (1:300; Abcam ab177487), mouse anti-MBP (1:300; Merck Millipore MABT1499), rabbit anti-EPCAM (1:1000; Servicebio GB11274), rabbit anti-CK5 (1:1000; Servicebio GB111246), mouse anti-CK8 (1:1000; Servicebio GB12233), mouse anti-Ki67 (1:500; Abcam ab279653), rabbit anti-P21 (1:500; Affinity Biosciences AF6290), and rabbit anti-Pin1 (1:500; Abcam ab192036). The washed samples were incubated for 1 h at room temperature (light-protected): Cy3-conjugated anti-rabbit (1:1000; Jackson 115–165–003), Alexa Fluor 488-conjugated anti-mouse (1:1000; Jackson 112–545–003), and Alexa Fluor 647-conjugated anti-rabbit (1:1000; Jackson 111–605–003) antibodies. The cell membranes were labeled with wheat germ agglutinin (WGA, 1 µg/mL; Invitrogen W7024).

    Lentiviral infection of BM-MSC

    TSPAN4 overexpression

    To overexpress Tspan4 in BM-MSC, human TSPAN4 cDNA was cloned and inserted into the lentiviral transfer vector TK-PCDH-copGFP-T2A-Puro via NheI/BamHI restriction sites, whose sequence was as follows: gctagcATGGCTAGGGCATGCAGGCTGTCAAGTACCTGATGTTCGCCTTCAACCTGCTCTTCTGGCTGGGCGGATGTGGTGTGCTGGGCGTGGGCATCTGGCTGGCTGCCACCCAGGGCTCTTTCGCCACACTCAGCTCTAGCTTTCCAAGCCTTTCTGCCGCTAACCTGCTGATCATCACTGGTGCTTTCGTGATGGCAATCGGCTTCGTCGGCTGTCTGGGCGCTATCAAAGAGAACAAGTGCCTCTTGCTGACATTCTTTCTCTTGCTGCTGCTGGTGTTTCTGCTGGAGGCTACAATCGCCATCTTGTTCTTCGCCTATACCGACAAGATTGACAGGTACGCACAGCAGGACCTGAAGAAAGGCCTGCATCTGTATGGCACACAGGGTAACGTGGGCTTGACCAACGCCTGGTCTATCATTCAGACAGACTTCAGATGCTGCGGCGTGAGCAACTACACAGACTGGTTTGAGGTCTACAACGCTACCAGAGTGCCTGACAGCTGCTGCTGCTTGGAGTTTAGCGAATCTTGTGGACTGCATGCA.

    TSPAN4 knockdown

    A Tspan4-targeting shRNA was designed. From the three candidate sequences, the most efficient shRNA target sequence: GATCGTGGATAGCTACGACGTGATTCCTCGAGGAATCACGTCGTAGCTATCCATTTTTT was cloned and inserted into the lentiviral transfer vector pLVX-shRNA2-ZsGreen1-Puro via BamHI/EcoRI.

    Pin1 overexpression

    To overexpress Pin1 in BM-MSC, human Pin1 cDNA was cloned and inserted into the lentiviral transfer vector pLV-PGK-ZsGreen(GSP2A)PURO-CMV via XhoI-EcoRI restriction sites, whose sequence was as follows: CTCGAGGCCACCATGGCGGACGAGGAGAAGCTGCCGCCCGGCTGGGAGAAGCGCATGAGCCGCAGCTCAGGCCGAGTGTACTACTTCAACCACATCACTAACGCCAGCCAGTGGGAGCGGCCCAGCGGCAACAGCAGCAGTGGTGGCAAAAACGGGCAGGGGGAGCCTGCCAGGGTCCGCTGCTCGCACCTGCTGGTGAAGCACAGCCAGTCACGGCGGCCCTCGTCCTGGCGGCAGGAGAAGATCACCCGGACCAAGGAGGAGGCCCTGGAGCTGATCAACGGCTACATCCAGAAGATCAAGTCGGGAGAGGAGGACTTTGAGTCTCTGGCCTCACAGTTCAGCGACTGCAGCTCAGCCAAGGCCAGGGGAGACCTGGGTGCCTTCAGCAGAGGTCAGATGCAGAAGCCATTTGAAGACGCCTCGTTTGCGCTGCGGACGGGGGAGATGAGCGGGCCCGTGTTCACGGATTCCGGCATCCACATCATCCTCCGCACTGAGTGAGAATTC.

    Pin1 knockdown

    A Pin1-targeting shRNA was designed. From the four candidate sequences, the most efficient shRNA target sequence: GATCGGCCATTTGAAGACGCCTCGTTCTCGAGAACGAGGCGTCTTCAAATGGCTTTTTT was cloned and inserted into the lentiviral transfer vector pLVX-shRNA2-Puro via BamHI/EcoRI.

    Lentivirus production and transduction

    The recombinant plasmid was amplified from DH5α E. coli and purified via the NucleoBond Xtra Midi EF Kit (Macherey-Nagel, Cat# 740420). The transfer vector, packaging plasmid pSPAX2 (Addgene #12260), and envelope plasmid pMD2. G (Addgene #12259) were mixed at a 3:2:1 mass ratio in OPTI-MEM (Gibco, Cat# 31985070). PEI MAX transfection reagent (Polysciences, Cat# 23966) was added at a DNA: PEI ratio of 1:1. After 12 h, the medium was replaced with complete DMEM. The viral supernatant was harvested at 48 h post transfection and clarified by centrifugation (800 × g, 10 min). BM-MSC (passage 5) were transduced with viral supernatant (MOI = 20) in the presence of polybrene via centrifugation (1000 × g, 32 °C, 2 h), followed by 48 h of culture in fresh medium. The transduction efficiency was validated via RT‒PCR (primers in Table S1) and Western blotting with anti-rabbit-TSPAN4 (Signalway Antibody, ab109264, 1:1000) and anti-rabbit-Pin1(Abcam, ab192036, 1:1000) antibodies.

    Western blot

    Protein was extracted with RIPA buffer (Beyotime, Cat# P0013) and centrifuged (12,000 × g, 15 min, 4 °C). The protein concentration was determined via a BCA assay (Beyotime, Cat# P0012), with 40 µg of total protein loaded per lane. The samples were denatured (95 °C, 5 min) and separated on 12% SDS‒PAGE gels (80 V for 30 min, then 120 V for 60 min). Proteins were transferred to PVDF membranes (Merck Millipore, Cat# ISEQ00010) via wet transfer (100 V, 90 min, 4 °C). The membranes were blocked with 5% BSA/TBST for 1 h at RT. The following primary antibodies were used overnight at 4 °C: mouse anti-Ki67 (1:1,000; Abcam ab279653), rabbit anti-NAMPT (1:1,000; Affinity Biosciences DF6059), rabbit anti-P21 (1:1,000; Affinity Biosciences AF6290), rabbit anti-γH2A. X (1:1,000; Affinity Biosciences AF3187), rabbit anti-TSPAN4 (1:1,000; Signalway Antibody ab109264), rabbit anti-Pin1 (Abcam, ab192036, 1:1000), mouse anti-β actin (Servicebio, GB15001, 1:2000) and mouse anti-GAPDH (1:10,000; Proteintech 60004-1-Ig) antibodies. HRP-conjugated anti-mouse/rabbit IgG (1:5,000; Proteintech SA00001-1/SA00001-2) was added for 1 h at RT. The signals were developed with SuperSignal™ West Pico substrate (Thermo Fisher, 34580) and quantified via Image Lab 6.1 (Bio-Rad).

    Real-time polymerase chain reaction (RT‒PCR) and TREC analysis

    Total RNA was isolated via the EScience RNA Extraction Kit (Cat# RN001) according to the manufacturer’s instructions. The RNA purity was verified via a Nanodrop (A260/A280 = 1.8–2.2). One microgram of RNA was reverse transcribed in a 20 µL volume via the EScience Fast Reverse Transcription Kit (Cat# RT001), which contained 1 µL of cDNA, SYBR Green qPCR mix (Dongsheng Biotech, Cat# P2092a), and gene-specific primers (sequences in Supplementary Table S1) in a final volume of 20 µL. Amplification was performed on a QuantStudio 5 Real-Time PCR System (Applied Biosystems) under the following conditions: 95 °C for 30 s (initial denaturation); 40 cycles of 95 °C for 5 s (denaturation) and 60 °C for 34 s (annealing/extension); and melt curve analysis at 95 °C for 15 s, 60 °C for 60 s, and 95 °C for 15 s. The ΔΔCt method was employed with GAPDH as the endogenous reference, with the data normalized to the means of the control groups. For TREC quantification, genomic DNA was isolated from peripheral blood. TREC signal joints were quantified by qPCR using primers specific for the δRec-ψJα recombination event in C57BL/6J mice, with amplification of the T-cell receptor alpha constant region (TRAC) used the endogenous normalization standard (sequences in Supplementary Table S1). The ΔΔCt method was employed with TRAC as the endogenous reference, with the data normalized to the means of the control groups.

    Negative staining transmission electron microscopy (TEM)

    Thymus samples were fixed in 4% paraformaldehyde (PBS, pH 7.4) for 48 h, followed by paraffin embedding. Next, 8-µm-thick sections were subjected to xylene-mediated deparaffinization and rehydration in graded ethanol. The tissue architecture was visualized through Mayer’s hematoxylin (6 min)/eosin Y (90 s) staining, with optical microscopy (Nikon Eclipse Ci-L) imaging at 40–400× magnification for cortical–medullary demarcation analysis.

    Enzyme-linked immunosorbent assay (ELISA)

    Plasma was isolated from peripheral blood by centrifugation (15,000 × g, 15 min, 4 °C) and stored at −80 °C until analysis. Plasma levels of LBP, LPS, CRP, thymosin α1 (Tα1), thymosin β4 (Tβ4), and thymosin β10 (Tβ10) were measured via the following ELISA kits according to the manufacturers’ protocols: a mouse LBP ELISA Kit (MEIMIAN, Cat# MM-44515M1), a mouse LPS ELISA Kit (MEIMIAN, Cat# MM-0634M1), a mouse CRP ELISA Kit (MEIMIAN, Cat# MM-0074M1), a mouse Tα1 ELISA Kit (MEIMIAN, Cat# MM-44450M1), a mouse Tβ4 ELISA Kit (MEIMIAN, Cat# MM-64220H1), and a mouse Tβ10 ELISA Kit (MEIMIAN, Cat# MM-64224H1).

    Statistical analysis

    All the results are presented as the standard deviations (SDs). Prior to inferential testing, all datasets underwent dual diagnostic verification: normality assessment with the Shapiro-Wilk test (significance threshold α = 0.05) and homoscedasticity evaluation with Levene’s test (threshold P > 0.10 for variance homogeneity). Parametric tests (independent Student’s t-tests or one-way ANOVA) were applied strictly when both assumptions were satisfied. For data violating parametric assumptions (non-normality or heteroscedasticity), Wilcoxon rank-sum tests were systematically implemented for median comparisons between independent samples based on rank-transformed data. All post hoc pairwise comparisons following ANOVA were subjected to Benjamini-Hochberg false discovery rate (FDR) correction. To ensure unambiguous interpretation of FDR-adjusted q-values distinct from conventional p-values, a dedicated annotation system was adopted: #q < 0.05, ##q < 0.01, ###q < 0.001 (replacing asterisk-based notation). All the statistical tests were two-sided, with α = 0.05 defining significance. Analyses were performed via SPSS Statistics 25.0 package (Nonparametric Tests module v3.1).

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  • Capital Smart Motors Unveils Another EV in Pakistan

    Capital Smart Motors Unveils Another EV in Pakistan

    Capital Smart Motors has unveiled its new subcompact electric hatchback, the JMEV EV3, at the Pakistan Auto Show in Karachi. The company is the same importer that introduced the JMEV Elight, which remains one of the most affordable electric sedans in Pakistan.

    The EV3 is aimed at buyers looking for an entry level electric car suitable for daily city travel. CSM has not yet announced the price or booking schedule for the EV3. For now, the company has displayed the model at PAPS and shared its international specifications.

    Officials also said an upper variant will be introduced in January. The EV3 measures 3720 by 1640 by 1535 millimetres with a wheelbase of 2390 millimetres.

    Via: PakWheels

    It offers a WLTP driving range of 271 kilometres and produces 67 horsepower with 125 newton metres of torque. The hatchback is equipped with a 30 kilowatt hour lithium iron phosphate battery and supports both alternating current and direct current charging.

    Key features include a 10.1 inch touchscreen, LED headlights and taillights, fifteen inch alloy wheels, digital climate control and mobile app connectivity. The EV3 provides safety features such as two airbags, vehicle stability assistance, hill assist, ISOFIX and a tyre pressure monitoring system.

    Rear parking sensors and a full panoramic parking view are also included.

    Via: PakWheels


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  • A Major Leak Spills a Chinese Hacking Contractor’s Tools and Targets

    A Major Leak Spills a Chinese Hacking Contractor’s Tools and Targets

    The United States issued a seizure warrant to Starlink this week related to satellite internet infrastructure used in a scam compound in Myanmar. The action is part of a larger US law enforcement interagency initiative announced this week called the District of Columbia Scam Center Strike Force.

    Meanwhile, Google moved this week to sue 25 people that it alleges are behind a “staggering” and “relentless” scam text operation that uses a notorious phishing-as-a-service platform called Lighthouse.

    WIRED reported this week that the US Department of Homeland Security collected data on Chicago residents accused of gang ties to test if police files could feed an FBI watchlist—and then, crucially, kept the records for months in violation of domestic espionage rules.

    And there’s more. Each week, we round up the security and privacy news we didn’t cover in depth ourselves. Click the headlines to read the full stories. And stay safe out there.

    China’s massive intelligence apparatus has never quite had its Edward Snowden moment. So any peak inside its surveillance and hacking capabilities represents a rare find. One such glimpse has now arrived in the form of about 12,000 documents leaked from the Chinese hacking contractor firm KnownSec, first revealed on the Chinese-language blog Mxrn.net and then picked up by Western news outlets this week. The leak includes hacking tools such as remote-access Trojans, as well as data extraction and analysis programs. More interesting, perhaps, is a target list of more than 80 organizations from which the hackers claim to have stolen information. The listed stolen data, according to Mrxn, includes 95 GB of Indian immigration data, three TB of call records from South Korean telecom operator LG U Plus, and a mention of 459 GB of road-planning data obtained from Taiwan, for instance. If there were any doubts as to whom KnownSec was carrying out this hacking for, the leak also reportedly includes details of its contracts with the Chinese government.

    The cybersecurity community has been warning for years that state-sponsored hackers would soon start using AI tools to supercharge their intrusion campaigns. Now the first known AI-run hacking campaign has surfaced, according to Anthropic, which says it discovered a group of China-backed hackers using its Claude tool set extensively in every step of the hacking spree. According to Anthropic, the hackers used Claude to write malware and extract and analyze stolen data with “minimal human interaction.” Although the hackers bypassed Claude’s guardrails by couching the malicious use of its tools in terms of defensive and whitehat hacking, Anthropic says it nonetheless detected and stopped them. By that time, however, the spy campaign had successfully breached four organizations.

    Even so, fully AI-based hacking still isn’t necessarily ready for prime time, points out Ars Technica. The hackers had a relatively low intrusion rate, given that they targeted 30 organizations, according to Anthropic. The AI startup also notes that the tools hallucinated some stolen data that didn’t exist. For now, state-sponsored spies still have some job security.

    The North Koreans raising money for the regime of Kim Jong Un by getting jobs as remote IT workers with false identities aren’t working alone. Four Americans pleaded guilty this week to letting North Koreans pay to use their identities, as well as receiving and setting up corporate laptops for the North Korean workers to remotely control. Another man, Ukrainian national Oleksandr Didenko, pleaded guilty to stealing the identities of 40 Americans to sell to North Koreans for use in setting up IT worker profiles.

    A report from 404 Media shows that a Customs and Border Protection app that uses face recognition to identify immigrants is being hosted by Google. The app can be used by local law enforcement to determine whether a person is of potential interest to Immigration and Customs Enforcement. While platforming the CBP app, Google has meanwhile recently taken down some apps in the Google Play Store used for community discussion about ICE activity and ICE agent sightings. Google justified these app takedowns as necessary under its terms of service, because the company says that ICE agents are a “vulnerable group.”

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  • Fruit rates announced

    Fruit rates announced

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    BAHAWALPUR, Nov 15 (APP): The Market Committee Department of the Government of Punjab has released updated fruit prices for Bahawalpur and its surrounding areas.

    According to an official press release, the price of Pomegranate (Qandahari) has been set at Rs 670 per kilogram, while Guava is priced at Rs 185 per kg. Japani Fruit will cost Rs 270 per kg, and Apple (Gaja) is priced at Rs 275 per kg. The price of Apple (Blackish Red) is set at Rs 335 per kg, while Apple Golden is priced at Rs 220 per kg, and Apple Irani at Rs 280 per kg. Citrus Kinno will be available for Rs 65 per kg, and Dates Irani will cost Rs 316 per kg. Grapes Sundarkhani are priced at Rs 850 per kg, while Grapes Gola will be sold for Rs 525 per kg. Grapefruit and Musami are both priced at Rs 65 and Rs 70 per kg, respectively. Orange Shikri is available at Rs 58 per kg, and Bananas are priced at Rs 125 per dozen.

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  • Should Globant’s (GLOB) Earnings Miss and Buyback Amid AI Growth Require Investor Action?

    Should Globant’s (GLOB) Earnings Miss and Buyback Amid AI Growth Require Investor Action?

    • Globant reported third-quarter 2025 results with revenue of US$617.14 million, slightly above the previous year’s figure, but net income and earnings per share both declined substantially year-over-year, prompting concerns about operational efficiency.

    • The company announced a US$125 million share repurchase program and highlighted record growth in its AI-driven pipeline, including expanded partnerships and increasing client adoption of subscription-based AI solutions.

    • We’ll examine how Globant’s earnings miss, despite pipeline growth and a buyback, shapes its investment outlook going forward.

    These 13 companies survived and thrived after COVID and have the right ingredients to survive Trump’s tariffs. Discover why before your portfolio feels the trade war pinch.

    To be a Globant shareholder today, you need to believe that its AI-driven offerings and expanding partnerships will convert a record pipeline into sustained, profitable growth, despite evidence of near-term earnings pressure. The latest results saw revenue edge higher, but declining margins and a cautious Q4 outlook reinforce that the pace of digital transformation projects and client adoption of new AI models remain the most important catalysts, while unpredictability in deal conversions is the key risk. In the short term, the impact of this earnings miss reinforces concerns about demand softness rather than changing the underlying drivers, so the main risk remains material for now.

    Among the recent announcements, Globant’s US$125 million share repurchase program stands out in context. It signals confidence in its long-term opportunity, but also draws attention to current margin pressure and the need to reassure investors as the business works to scale its new AI and subscription-oriented initiatives. This move does not reduce the importance of converting backlog into actual revenue, especially given the subdued growth outlook.

    By contrast, investors should be aware of how persistent delays in deal conversions and an unpredictable pipeline could affect…

    Read the full narrative on Globant (it’s free!)

    Globant’s narrative projects $3.0 billion revenue and $242.1 million earnings by 2028. This requires 6.1% yearly revenue growth and a $131.8 million earnings increase from $110.3 million.

    Uncover how Globant’s forecasts yield a $95.62 fair value, a 57% upside to its current price.

    GLOB Community Fair Values as at Nov 2025

    Six Simply Wall St Community members provided fair value estimates for Globant, ranging from US$61.97 to US$120.50 per share. With revenue growth continuing to trail analyst expectations, the risks from delayed deal closures and slower client demand remain at the forefront for many investors.

    Explore 6 other fair value estimates on Globant – why the stock might be worth just $61.97!

    Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.

    Our top stock finds are flying under the radar-for now. Get in early:

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include GLOB.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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