Elon Musk attends the U.S.-Saudi Investment Forum in Washington, D.C., U.S., November 19, 2025.
Evelyn Hockstein | Reuters
Elon Musk’s artificial intelligence startup xAI is expected to close a $15 billion round at a $230 billion pre-money valuation next month, sources familiar with the matter told CNBC’s David Faber.
The deadline for allocation is the end of day on Tuesday, with the round expected to close on Dec. 19, the sources said.
This confirms earlier CNBC reporting that the company was raising $15 billion. The Tesla CEO later called the report on the round “False” in a post on the social media platform X.
At the time, sources told CNBC that xAI would use a large portion of the money for funding graphics processing units responsible for powering large language models.
CNBC had previously reported in September that the startup was looking to raise $10 billion at a $200 billion valuation.
The funding round is yet another sign of the insatiable demand for AI tools. Companies, including OpenAI and Anthropic, have raised billions and reached sky-high valuations as investors pour more money into companies building foundational AI models.
Sam Altman’s OpenAI finalized a $6.6 billion-share sale at a $500 billion valuation last month, and Reuters recently reported that the ChatGPT maker was eying a $1 trillion initial public offering.
Anthropic closed a $13 billion funding round in September that roughly tripled its valuation from March.
Musk’s xAI is responsible for creating the Grok chatbot that has come under fire for disseminating hate speech, including antisemitic content. The company recently debuted Grokipedia, an AI-powered competitor to Wikipedia.
In March, Musk announced the merger of xAI with X in a deal valuing the social media platform at $33 billion.
Tommaso Mancini-Griffoli will join the BIS on 1 March 2026.
The Board of Directors of the Bank for International Settlements (BIS) has appointed Tommaso Mancini-Griffoli as Head of the BIS Innovation Hub (BISIH). He will lead the BIS Innovation Hub in its mission to foster international collaboration among central banks on innovative financial technology.
He is currently Assistant Director in the Monetary and Capital Markets Department of the IMF, responsible for payments, currencies and financial market infrastructures. He will join the BIS on 1 March 2026 for a five-year term. As Head of the BIS Innovation Hub, he will be a member of the Executive Committee of the BIS.
The BIS Innovation Hub has a global footprint across seven centres around the world – in Frankfurt/Paris (for the Eurosystem), Hong Kong SAR, London, Singapore, Stockholm (for the Nordic countries), Switzerland and Toronto. The BIS Innovation Hub also has in place a strategic partnership with the Federal Reserve System.
Through its broad project portfolio, the BIS Innovation Hub works together with central bank partners to explore projects that have the potential to enhance the resilience and efficiency of the global financial system. It also monitors critical trends in technology affecting central banking, works closely to complement the research work of the BIS and serves as a focal point for a network of over 200 central bank experts on innovation.
Mr Mancini-Griffoli joined the IMF in 2011 and has held a number of leadership roles covering monetary policy and central banking operations as well as payments and financial market infrastructures. He is currently the Chair of the IMF coordination group on digital money and represents the IMF in international forums.
Prior to joining the IMF, Mr Mancini-Griffoli was a senior economist advising the board of the Swiss National Bank on monetary policy. He previously held roles at Goldman Sachs, the Boston Consulting Group and a technology startup in Silicon Valley.
He holds a PhD in economics from the Graduate Institute in Geneva, an MA in economics from the London School of Economics and a double BA in economics and international relations from Stanford University.
He succeeds Cecilia Skingsley, who was appointed County Governor of the County Administrative Board of Stockholm, Sweden in June. The Deputy General Manager of the BIS, Andréa M Maechler, is the Acting Head of the Innovation Hub until Mr Mancini-Griffoli joins the BIS in March 2026.
After Shein, Temu, and Alibaba, another major Chinese online retailer is making inroads into France: JD.com. The e-commerce heavyweight has set its sights on Fnac Darty, one of France’s best-known cultural and electronics retailers.
In late October, JD.com also launched its JoyBuy shopping platform in France and several other European markets, positioning itself to compete not only with other Chinese platforms but with Amazon, which still dominates online retail in the region.
JD.com, known in China as Jingdong, was founded in Beijing in 1998 by entrepreneur Liu Qiangdong, also called Richard Liu. It began as a small physical shop before expanding online.
Today, it is one of China’s biggest e-commerce companies, generating nearly $160 billion (€138.36bn) in sales in 2024 and ranking as the country’s third-largest online retailer, behind Alibaba and Temu owner PDD Holdings.
Czech billionaire Daniel Křetínský, through his firm Vesa Equity Investment, is currently the largest shareholder in Fnac Darty with around 28.3% of the company.
His position gives him significant influence over what happens next and he is effectively the main counterweight to JD.com’s arrival. Křetínský can either increase his stake to keep the retailer under European control, or use the Chinese interest as an opportunity to sell part of his holding and cash out.
The second-largest shareholder is Ceconomy AG, the German group behind MediaMarkt and Saturn, which owns about 22% of the capital. The rest of the company is split among various investment funds, smaller shareholders, employees and the group itself, with the remainder traded on the stock market.
This summer, JD.com launched a takeover bid for Ceconomy. If successful, the €2.2 billion deal would give JD.com indirect control of Ceconomy’s stake in Fnac Darty, strengthening its foothold in the European retail sector. The acquisition is currently being finalised in Germany.
Fnac Darty, best known for its electronics, books and household appliances, operates mainly in France but also has stores in Spain, Portugal, Belgium, Switzerland, Luxembourg and a number of African and Middle Eastern countries.
The French Ministry of the Economy — known as Bercy — closely monitors all foreign investments in French companies and projects involving Chinese firms are subject to even tighter scrutiny.
The government is not only assessing the financial implications of such deals, it is also examining possible risks to France’s cultural sovereignty and its ability to maintain control over how cultural content is created, distributed, and curated.
To educate the public and allied health professionals, Prevent Blindness offers free, expert-approved educational resources on GA including a fact sheet and a series of social media graphics, available in English and Spanish, a dedicated web page and expert and patient videos. This year’s GA Week is generously supported by Silver sponsor Apellis Pharmaceuticals, Inc.
Vision changes due to GA may include:
However, in the early stages of GA, there may be no notable symptoms. This can delay early diagnosis and treatment during a critical period to preserve sight.
“Geographic atrophy can profoundly affect the independence and quality of life of millions of patients and their families,” said Jeff Todd, president and CEO of Prevent Blindness. “Our goal at Prevent Blindness is to bring GA into the spotlight- ensuring people recognize the symptoms, understand their options, and feel empowered to seek care earlier.”
Prevent Blindness recently hosted the community forum “Geographic Atrophy: Knowledge, Hope, and Help,” designed for those who have been diagnosed with GA, and/or their care partners. The discussion, available for viewing free online, includes an overview of GA, patient experiences of individuals living with the condition, and resources available to GA patients. This virtual event was supported by funding from Apellis, Astellas, and Johnson & Johnson.
Panelists of the “Geographic Atrophy: Knowledge, Hope, and Help” forum include:
Additional educational videos from Prevent Blindness include the Focus on Eye Health Series episodes:
A recent study from the Centers for Disease Control and Prevention found that one in four adults with vision loss reported anxiety or depression. For those experiencing vision loss or blindness from GA, or other eye diseases or conditions, Prevent Blindness offers the Vision Loss and Mental Wellness resource from its Living Well With Low Vision program. Prevent Blindness strongly encourages those experiencing mental wellness issues, and their care partners, to contact a mental health professional, and seek out support groups of others who are living with GA.
For more information on GA, visit https://preventblindness.org/geographic-atrophy. For more information on wet and dry AMD, visit https://preventblindness.org/amd-age-related-macular-degeneration/. For more information on low vision and mental wellness, visit https://lowvision.preventblindness.org.
About Prevent Blindness
Founded in 1908, Prevent Blindness is the nation’s leading volunteer eye health and safety organization dedicated to fighting blindness and saving sight. Focused on promoting a continuum of vision care, Prevent Blindness touches the lives of millions of people each year through public and professional education, advocacy, certified vision screening and training, community and patient service programs and research. These services are made possible through the generous support of the American public. Together with a network of affiliates, Prevent Blindness is committed to eliminating preventable blindness in America. For more information, visit us at PreventBlindness.org, and follow us on Facebook, X, Instagram, Threads, LinkedIn, TikTok, and YouTube.
SOURCE Prevent Blindness
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Wondering if Iberdrola is a bargain or looking expensive these days? You are not alone, and it is time to dig into what really drives the value behind the stock.
The share price has had a strong run this year, up 32.5% year-to-date and 39.0% over the last 12 months. There was a slight dip of 0.8% in the past week.
Recent headlines have been buzzing about Iberdrola’s expansion into offshore wind projects and new partnerships, pushing the company’s global reach. These strategic moves helped explain much of the recent upward momentum and have also refocused investors’ attention on the long-term growth story in renewable energy.
Despite all this excitement, Iberdrola currently scores a 0/6 on our valuation checks for being undervalued. This means it does not pass any of our six undervaluation tests. Next, we will cover the different ways the stock’s value can be assessed, but stick around for an even better approach to valuation at the end of the article.
Iberdrola scores just 0/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.
The Discounted Cash Flow (DCF) model estimates a company’s value by projecting its future cash flows and discounting them back to today’s terms. This approach helps gauge what the business is really worth, regardless of daily share price movements.
Iberdrola’s current Free Cash Flow stands at approximately €5.0 Billion. Analyst estimates cover the next several years, with projections indicating a notable decline in free cash flow over the coming decade. By 2028, discounted free cash flow is expected to be €1.7 Billion, and further extrapolations suggest a continued drop, reaching around €539 Million (discounted) by 2035. These declining figures are calculated in Euros, the company’s reporting currency.
Based on this DCF method, Iberdrola’s estimated intrinsic value is €3.50 per share. This is considerably lower than its current market price, and the model implies the stock is trading at a 413.8% premium to its fair value. This suggests that Iberdrola is substantially overvalued by this measure.
Result: OVERVALUED
Our Discounted Cash Flow (DCF) analysis suggests Iberdrola may be overvalued by 413.8%. Discover 922 undervalued stocks or create your own screener to find better value opportunities.
Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Iberdrola.
The Price-to-Earnings (PE) ratio is often a go-to valuation measure for profitable companies like Iberdrola, as it offers a simple way to assess whether the market price reflects current earnings power. A “fair” PE ratio varies from company to company and is typically shaped by factors such as expected earnings growth and business risk. Higher growth or lower risk usually leads to a higher reasonable PE, while companies with slower growth or more uncertainty tend to warrant lower multiples.
The Sean M. Healey & AMG Center for ALS at Mass General Brigham has selected Tiziana Life Sciences as one of the companies to enter the Healey ALS MyMatch Program for testing intranasal foralumab in a biomarker-driven phase 2a clinical trial for ALS. This trial is partially funded by the ALS Association’s Hoffman ALS Clinical Trial Awards Program.
The Healey ALS MyMatch program is changing the field of early phase ALS clinical trials (Phase 1b/2a). The program uses a personalized approach, an efficient program architecture and central governance that allows for faster trial access for participants across multiple sites and faster and better trials for drug developers. An ALS MyMatch trial evaluates if an experimental treatment being tested for ALS is safe, how it works at a molecular level or how much of a dosage to give to have a biological effect in ALS. Information learned from a successful ALS MyMatch trial can help refine strategy for future phase 2/3 clinical trials, whether the experimental treatment should be tested in select subgroups of ALS individuals with certain disease characteristics or more broadly in all people with ALS. ALS MyMatch uses smart tools like genetics, blood and spinal fluid biomarkers and artificial intelligence to help choose the right drug for the right people with ALS and track how well it works.
Expert ALS scientist members of the ALS MyMatch Therapy Evaluation Committee selected Tiziana Life Sciences to work with the Healey & AMG Center on a new trial to include in the program. The trial will be led by Principal Investigators Suma Babu, MBBS, MPH, Co-Director of the Neurological Clinical Research Institute (NCRI) and Healey & AMG Center at Mass General Brigham, and James Berry, MD, MPH, Chief of the Division of ALS and Motor Neuron Diseases at Mass General Brigham.
Howard Weiner, MD, Professor of Neurology, Harvard Medical School and Co-Director of the Ann Romney Center for Neurologic Diseases at Mass General Brigham, is a key scientific collaborator in the ALS MyMatch trial. His groundbreaking preclinical work with foralumab has laid the foundation for bench-to-bedside translation of foralumab into clinical trials for multiple neurological diseases, including multiple sclerosis (MS), Alzheimer’s disease, and multiple system atrophy (MSA). Now, in partnership with Tiziana Life Sciences, Dr. Weiner is helping advance foralumab’s potential in ALS. “Based on the effect of foralumab in ALS models and in MS and Alzheimer’s disease, my team and I are hopeful that foralumab will affect disease progression in ALS,” says Dr. Weiner.
Tiziana Life Sciences’ investigational product, foralumab, is a fully human anti-CD3 monoclonal antibody that has been shown to stimulate T regulatory cells when administered by a nasal spray. Neuroinflammation and immune dysregulation, particularly involving T-cell dysfunction and microglial activation, are increasingly recognized as key drivers of disease progression in ALS. Preclinical and clinical evidence indicate that nasally administered foralumab stimulates regulatory T cells in cervical lymph nodes, which then migrate to the central nervous system (CNS) to suppress pathogenic inflammation and restore microglial homeostasis.
“We are thrilled to finalize design and move towards next steps of trial conduct of this multi-site trial with Tiziana Life Sciences,” states Dr. Babu. “The trial will use cellular and biofluid biomarkers alongside advanced brain imaging to better understand how the drug works in the brain and to group participants in the trial based on their unique disease profile.”
“New treatments are urgently needed to make ALS livable and cure it, so we are pleased to see intranasal foralumab continue to advance in development. This ALS MyMatch trial will be a crucial first step toward larger trials that can determine efficacy,” said Kuldip Dave, PhD, Senior Vice President of Research at the ALS Association. The Association previously funded the preclinical development of foralumab through its Barnett Drug Development Program.
ALS MyMatch is a multi-site, collaborative initiative that currently brings together four trial-ready, high enrolling ALS research centers and is a Network of Excellence for ALS (NEALS) affiliated program. Research centers include Mass General in Boston; University of Minnesota in Minneapolis, Minn.; Northwestern University in Evanston, Ill.; and Nova Southeastern University in Fort Lauderdale, Fla. ALS MyMatch has partnered with the Acceleration Centers of Enrollment (ACE) program, a community-driven philanthropic partnership program focused on expediting start up and recruitment at study centers. Additional trials and high performing sites will be added as the program grows. Organizations can apply on the ALS MyMatch website.
For more information about ALS MyMatch, please visit: massgeneral.org/neurology/als/research/healey-mymatch
About the Sean M. Healey & AMG Center for ALS at Mass General Brigham
At the Sean M. Healey & AMG Center for ALS at Mass General Brigham, we are committed to bringing together a global network of scientists, physicians, nurses, foundations, federal agencies, and people living with ALS, their loved ones, and caregivers to accelerate the pace of ALS therapy discovery and development.
Launched in November 2018, the Healey & AMG Center, under the leadership of Merit Cudkowicz, MD and a Science Advisory Council of international experts, is reimagining how to develop and test the most promising therapies to treat the disease, identify cures and ultimately prevent it.
With many clinical trials and lab-based research studies in progress right now, we are ushering in a new phase of ALS treatment and care. Together, we will find the cures.
About the Neurological Clinical Research Institute
The Neurological Clinical Research Institute (NCRI) at Mass General Brigham is an academic research organization composed of innovative researchers experienced and passionate about designing, developing, facilitating, and conducting multicenter clinical trials in neurological diseases. Our mission is to accelerate translational research in neurological disorders by initiating clinical development of novel therapies and leading trials of these compounds. We strive to be at the cutting edge of innovative trial design to accelerate therapy development by creating new trial methodology, discovering novel biomarkers and refining outcome measures.