Category: 3. Business

“The Lord of the Rings,” or LotR to those in the know, isn’t just standard reading among those in the tech industry.

It also inspires their ventures.

Billionaire PayPal cofounder Peter Thiel, for instance, has started several companies inspired by the J.R.R. Tolkien series.

The fantasy trilogy, a sequel to 1937’s “The Hobbit,” was first published in the mid-1950s. It follows an unlikely hero, Frodo Baggins, as he and a team of allies adventure across Middle Earth to destroy a powerful ring that could bring darkness to the world if it fell into the hands of Sauron, the dark lord.

On Halloween in 2018, the Salesforce Tower, a hallmark of the San Francisco skyline, was lit to resemble the ever-watchful “Eye of Sauron.”

“‘Lord of the Rings’ represents a group of people going out and doing something extraordinary,” Quinn Reilly, a longtime fan who helped organize the Salesforce tower lighting, previously told BI. “That’s not unlike the mission that most startups set out to go on.”

Here is an ongoing list of Silicon Valley’s top “Lord of the Rings”-inspired companies.

Erebor

Billionaire tech founder Palmer Luckey’s new digital bank for startups and cryptocurrency companies is named after the Lonely Mountain, the wealthy subterranean kingdom and Dwarven stronghold in “The Lord of the Rings.”

The bank is set to be valued at $2 billion, sources told BI, and has funding from Thiel, via his Founders Fund, and Joe Lonsdale, via 8VC.

Anduril

Another Luckey venture, the defense-tech startup Anduril, founded in 2017, is named after the legendary sword used by Aragorn, a hero in “The Lord of the Rings” story. Anduril means “Flame of the West.”

The company has been at the forefront of AI-powered innovations in warfare, from drones to autonomous weapons systems.

Palantir

Palantir — founded in 2003 by Peter Thiel, Joe Lonsdale, Stephen Cohen, and Alex Karp — is a government-focused software giant. It takes its name from the mystical, all-powerful seeing stone in “The Lord of the Rings” series.

Mithril Capital

Thiel launched Mithril Capital in 2012 to invest in late-stage startups. The firm, which counts Vice President JD Vance among its alumni, takes its name from a valuable and rare precious metal used to make armor and jewelry in “The Lord of the Rings.” It’s a symbol of wealth and status.

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Durin Mining

The startup, founded by Ted Feldmann last year, builds and automates drill rigs for mineral discovery. Its name is inspired by a lineage of dwarf kings in “The Lord of the Rings.” Dwarves are famous for their mining skills.

Rivendell One LLC

Rivendell, often described in the novels as a hidden sanctuary in Middle Earth, is home to the elven kingdom. It is also a trust that Thiel uses to invest and manage his Facebook shares.

Lembas LLC

Lembas, another investment vehicle Thiel founded, is a special food made by elves in “The Lord of the Rings” series. It’s light and nutritious and a good snack that sustains elves as they travel across Middle Earth.

Valar Ventures

Valar Ventures, a venture capital firm cofounded by Thiel, Andrew McCormack, and James Fitzgerald, is a reference to a group of powerful beings with godlike powers revered in Middle Earth.

There’s also a startup called Valar that is building gigasites for nuclear reactors.

Sauron Systems

This home security system that leverages AI is named after Sauron, the main character of “The Lord of the Rings,” who seeks the powerful ring to rule all of Middle Earth. The Eye of Sauron is ever-watchful and all-seeing.

In a recent paper, Stanford researchers Mason Kamb and Surya Ganguli proposed a mechanism that could underlie the creativity of diffusion models. The mathematical model they developed suggests that this creativity is a deterministic consequence of how those models use the denoising process to generate images.

In rough terms, diffusion models are trained to sort of uncover an image from an isotropic Gaussian noise distribution that is the outcome of the training process from a finite set of sample images. This process consists of gradually removing the Gaussian noise by learning a scoring function that points in gradient directions of increasing probability.

If the network can learn this ideal score function exactly, then they will implement a perfect reversal of the forward process. This, in turn, will only be able to turn Gaussian noise into memorized training examples.

This means that, to generate new images that are far from the training set, the models must fail to learn the ideal score (IS) function. One way to explain how this occurs is by hypothesizing the presence of inductive biases that may provide a more exact account of what diffusion models are actually doing when creatively generating new samples.

By analyzing how diffusion models estimate the score function using CNNs, the researchers identify two such biases: translational equivariance and locality. Translational equivariance refers to the model’s tendency to reflect shifts in the input image, meaning that if the input is shifted by a few pixels, the generated image will mirror that shift. Locality, on the other hand, arises from the convolutional neural networks (CNNs) used to learn the score function, which only consider a small neighborhood of input pixels rather than the entire image.

Based on these insights, the researchers built a mathematical model aimed at optimizing a score function for equivariance and locality, which they called an equivariant local score (ELS) machine.

An ELS machine is a set of equations that can calculate the composition of denoised images and compared its output with that of diffusion models such as ResNets and UNets trained on simplified models. What they found was “a remarkable and uniform quantitative agreement between the CNN outputs and ELS machine outputs”, with an accuracy of around 90% or higher depending on the acutal diffusion model and dataset considered.

To our knowledge, this is the first time an analytic theory has explained the creative outputs of a trained deep neural network-based generative model to this level of accuracy. Importantly, the (E)LS machine explains all trained outputs far better than the IS machine.

According to Ganguli, their research explains how diffusion model create new images “by mixing and matching different local training set image patches at different locations in the new output, yielding a local patch mosaic model of creativity”. The theory also helps explain why diffusion models make mistakes, for example generating excess fingers or limbs, due to excessive locality.

This result, while compelling, initially excluded diffusion models that incorporate highly non-local self-attention (SA) layers, which violate the locality assumption in the researchers’ hypothesis. To address this, the authors used their ELS machine to predict the output of a publicly available UNet+SA model pretrained on CIFAR-10 and found that it still achieved significantly higher accuracy than the baseline IS machine.

According to the researchers, their results suggest that locality and equivariance are sufficient to explain the creativity of convolution-only diffusion models and could form the foundation for further study of more complex diffusion models.

The researchers also shared the code they used to train the diffusion models they used in the study.

Carmakers are on track to meet existing UK electric car sales targets despite having successfully lobbied the government to water them down.

Electric car sales made up 21.6% of sales in the first half of 2025, only marginally below the 22.06% share needed to meet existing rules once concessions are taken into account, according to an analysis by New AutoMotive, a thinktank.

The Conservative government under Rishi Sunak brought in the zero-emission vehicle (ZEV) mandate. It forced carmakers to sell an increasing proportion of electric cars or face steep fines of up to £15,000 for every vehicle above their fossil fuel quota.

However, in April the business secretary, Jonathan Reynolds, confirmed the Labour government would relax the rules after an intensive lobbying campaign by the UK car industry against the policy.

The Vauxhall maker Stellantis blamed its decision to close its Luton van factory on the mandate, although earlier comments by executives appeared to undermine that argument.

Carmakers are aiming for a headline target of 28% electric sales to avoid fines this year, but “flexibilities” within the rules mean the effective target – as calculated by New AutoMotive – is much lower.

That is because manufacturers are allowed to borrow electric sales from later years and to gain credit for cutting emissions by selling more hybrids. After the government climbdown manufacturers are to be given more freedom on how they meet their yearly targets and to face lower fines.

Ben Nelmes, the chief executive of New AutoMotive, said: “Carmakers are within touching distance of their targets for 2025 before taking into account the government’s decision to weaken the targets for this year.

“This impressive progress should reassure ministers that ambitious targets spur the innovation and dynamism the UK needs to achieve net zero and get ahead in the global shift towards electric vehicles.”

Weakening the rules could benefit individual carmakers in particular. New AutoMotive’s analysis suggests the Japanese carmaker Nissan is the farthest away from what it needs to achieve in 2025, as it waits for its factory in Sunderland in northern England to start production of its new Leaf electric car.

Toyota and JLR, maker of the Jaguar and Land Rover brands, are also well behind their effective targets.

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The decision to weaken the targets is expected to mean significant extra carbon emissions, despite government claims that the impact would be “negligible”.

The Society of Motor Manufacturers and Traders chief executive, Mike Hawes, said that with one in four new car buyers choosing an EV last month, the market was moving forward “but not at the pace needed”.

“The headline figures belie the fact that just 13% of private buyers have gone fully electric this year, with growth driven by fleets which benefit from compelling fiscal incentives,” said Hawes.

“The lack of natural demand among private consumers has forced manufacturers into unsustainable discounting and led them to seek increased regulatory flexibilities to avoid the double whammy of having to incentivise sales and pay punitive fines.”

Britons were wary of going electric for a number of reasons, including higher vehicle costs and an inconsistent and expensive array of public charge points, Hawes said, adding: “The best way to encourage drivers to trade in their older, more polluting vehicles for new zero emission ones would be for government to emulate other countries and reintroduce the compelling purchase incentives it once provided.”

The latest oil supply shockwave unleashed by OPEC+ is set to swell a surplus later this year, pressuring prices for producers the world over while answering US President Donald Trump’s calls for lower fuel costs.

OPEC and its allies have reason to believe the surge will find buyers, at least in the short-term, and price hikes by group leader Saudi Arabia following the decision symbolize that confidence. But even before Saturday’s surprise move — taken after just 10 minutes on a video conference call — global oil markets already seemed to be on borrowed time before the arrival of a winter glut.

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The second quarter of 2025 delivered a wave of impactful FDA approvals across a spectrum of rare and chronic diseases, expanding treatment options and advancing precision medicine. Highlights included the first-ever therapies approved for immunoglobulin G4-related disease with inebilizumab and alkaptonuria with nitisinone, marking long-awaited milestones for underserved patient communities. New approvals for atrasentan in IgA nephropathy and beremagene geperpavec gene therapy for recessive dystrophic epidermolysis bullosa also broke new ground in nephrology and dermatology, respectively, providing innovative options where few existed before.

Meanwhile, regulatory progress in respiratory and infectious diseases brought approvals like once-daily roflumilast foam for scalp and body psoriasis, mepolizumab for eosinophilic COPD, and clesrovimab for RSV prevention in infants, reflecting a trend toward targeted therapies that simplify treatment and improve adherence. Additionally, the approval of twice-yearly lenacapavir for HIV prevention offered a transformative new approach to PrEP, while new treatments for giant cell arteritis and generalized myasthenia gravis underscored the quarter’s broad reach in expanding care.

Check out this Q2 2025 FDA news month in review for a recap of HCPLive’s coverage of the top FDA approvals and research from the past few months:

Top FDA Approvals in Q2 2025:

1. Atrasentan (Vanrafia)
Date: April 2, 2025

Indication: Reducing proteinuria in patients with IgA nephropathy (IgAN)

Background: Approval based on interim results from the phase 3 ALIGN trial, where atrasentan demonstrated significant reductions in proteinuria. These findings support its use as a disease-modifying therapy in IgAN, addressing a critical unmet need in this patient population.

Related Content: Understanding Atrasentan (Vanrafia) for IgA Nephropathy, with Richard Lafayette, MD

2. Inebilizumab (Uplizna)
Date: April 3, 2025

Indication: Treatment of adults with immunoglobulin G4-related disease (IgG4-RD)

Background: Approval supported by data from the phase 3 NATRON trial, in which inebilizumab significantly reduced the risk of disease flare compared to placebo. This marks the first FDA-approved therapy specifically for IgG4-RD, a chronic fibroinflammatory condition previously managed with less targeted treatments.

3. Beremagene Geperpavec (Vyjuvek)
Date: April 29, 2025

Indication: Treatment of recessive dystrophic epidermolysis bullosa (RDEB)

Background: Approval based on data from the GEM-3 trial, showing Vyjuvek, a topical gene therapy, significantly improved wound healing and skin integrity in patients with RDEB. Vyjuvek is the first gene therapy approved for this devastating genetic skin disorder.

4. Upadacitinib (Rinvoq)
Date: April 29, 2025

Indication: Treatment of giant cell arteritis (GCA) in adults

Background: Approval based on results from the SELECT-GCA trial, where upadacitinib achieved sustained remission and reduced glucocorticoid use. This provides a novel oral treatment option for patients with GCA, expanding therapeutic choices for this inflammatory vascular disease.

5. Nipocalimab (Zilbrysq)
Date: April 30, 2025

Indication: Treatment of generalized myasthenia gravis (gMG) in adults and children aged ≥12 years

Background: Approval based on data from the Vivacity-MG study, which demonstrated that nipocalimab significantly improved muscle strength and reduced disease severity in patients with gMG, offering a new targeted therapy for this neuromuscular disorder.

6. Mepolizumab (Nucala)
Date: May 22, 2025

Indication: Treatment of eosinophilic chronic obstructive pulmonary disease (COPD)

Background: Approval based on phase 3 trials demonstrating mepolizumab significantly reduced exacerbation rates in patients with elevated eosinophil counts. Mepolizumab becomes the first biologic approved for this COPD phenotype, marking an advance in personalized respiratory care.

7. Roflumilast Foam 0.3% (Zoryve)
Date: May 22, 2025

Indication: Treatment of plaque psoriasis involving the scalp and body in patients aged ≥12 years

Background: Approval supported by positive results from the phase 3 ARRECTOR trial, where once-daily roflumilast foam provided significant improvements in psoriasis affecting hard-to-treat areas like the scalp. This non-steroidal topical option expands treatment choices for patients.

Related content: Understanding Roflumilast Foam’s FDA Approval for Scalp and Body Psoriasis, with Jennifer Soung, MD

8. Clesrovimab (Enflonsia)
Date: June 9, 2025

Indication: Prevention of RSV lower respiratory tract disease in neonates and infants entering their first RSV season

Background: Approval based on pivotal phase 2b/3 CLEVER trial data, which showed clesrovimab reduced RSV-associated medically attended lower respiratory infections by 60.5% and hospitalizations by 84.3% through 5 months. Enflonsia is the first RSV preventive given at a fixed 105 mg dose regardless of weight, offering durable protection for infants.

Related Content: RX Review: RSV Prevention Strategies and the Changing Epidemiologic Landscape

9. Garadacimab-gxii (ANDEMBRY)
Date: June 16, 2025

Indication: Prophylactic prevention of hereditary angioedema (HAE) attacks in patients aged ≥12 years

Background: Approval based on the phase 3 VANGUARD trial, where garadacimab-gxii achieved ≥99% median reduction in HAE attacks compared to placebo, with 62% of treated patients remaining attack-free. ANDEMBRY is the first HAE therapy targeting factor XIIa, offering once-monthly subcutaneous administration.

https://www.hcplive.com/view/fda-approves-first-twice-yearly-hiv-prevention-option

FDA Approves Lenacapavir, First Twice-Yearly HIV Prevention Option

On June 18, 2025, Gilead announced FDA approval of lenacapavir (Yeztugo) as a twice-yearly injectable pre-exposure prophylaxis (PrEP) for preventing sexually acquired HIV in adults and adolescents weighing at least 35 kg. Based on phase 3 PURPOSE 1 and PURPOSE 2 trials, lenacapavir demonstrated superior efficacy with zero HIV infections in cisgender women during the study and significantly fewer infections in men and gender-diverse individuals compared to daily oral PrEP. This novel dosing regimen offers a transformative option to improve adherence and reduce stigma associated with more frequent PrEP dosing.

FDA Approves Nitisinone (HARLIKU) for Treatment of Alkaptonuria

On June 19, 2025, Cycle Pharmaceuticals announced FDA approval of nitisinone (HARLIKU) for reducing urine homogentisic acid in adults with alkaptonuria (AKU), making it the first and only treatment approved for this rare genetic disorder. Based on a post-hoc analysis of a 2009 trial, nitisinone demonstrated improvements in patient-reported outcomes and physical function over three years, supporting its efficacy despite the original trial missing its primary endpoint. HARLIKU’s approval offers a long-awaited option to address the significant disease burden, including joint damage and decreased mobility, in AKU patients.

The U.S. dollar has long been recognized as an important currency around the world, but there have been growing concerns this year that it may be losing value.

Be Aware: Fidelity Says This Is a Surprising Risk of Holding Too Much Cash — Do You Have Too Much

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According to J.P. Morgan, “The U.S. dollar is the world’s primary reserve currency, and it is also the most widely used currency for trade and other international transactions. However, its hegemony has come into question in recent times due to geopolitical and geostrategic shifts.”

Specifically, J.P. Morgan noted a few reasons the U.S. dollar is losing value. It pointed to the following reasons for de-dollarization, which is the significant reduction in the use of the dollar in world trade and money transactions:

• In the commodities space, energy transactions are more often being priced in non-USD currencies.

• U.S. banks are not being involved in new payment systems used for cross-border deals.

• The USD’s share of FX reserves, a commonly used barometer of dollar importance, has decreased.

I’m a Financial Advisor: My Wealthiest Clients All Do These 3 Things

Some financial experts who talked to GOBankingRates said there are a few ways the U.S. dollar losing value may be a good thing for the average American’s wallet.

Annie Cole, EdD, money coach and founder of Money Essentials for Women, said to think about it this way: Imagine the U.S. dollar is tied equally with the European currency — the euro. Suddenly, the U.S. dollar weakens, making European businesses more likely to look to buy American goods over European goods.

Cole said this kickstarts a cycle of foreign countries buying American goods, injecting the American economy with outside cash, potentially creating increased demand for American goods and perhaps creating more American jobs.

According to Andrew Lokenauth, money expert and owner of BeFluentInFinance, “Here’s what I tell my clients — a weaker dollar typically means stronger stock market returns. My portfolio analysis shows that when the dollar drops 10%, multinational companies in the S&P 500 often see earnings jump 15 to 20% due to overseas revenue conversion.”

Finally, Lokenauth added that inflation from a weakening dollar can benefit homeowners with fixed-rate mortgages. According to him, a 5% annual inflation rate essentially gives a homeowner a 5% discount on their mortgage balance in real terms.

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This article originally appeared on GOBankingRates.com: J.P. Morgan: 3 Reasons the US Dollar Is Losing Value — and Why It Might Be Good for Your Wallet