Baidu Accelerates Global Robotaxi Rollout

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[1] Uber targets robotaxi services in ten countries in 2026 - Automotive World (https://www.automotiveworld.com/news/455938/ ...)[2] WeRide and Uber launch robotaxi service in Dubai - Automotive World (https://www.automotiveworld.com/news/weride-a ...)[3] Delivering More for Our Riders in a Year of Incredible Growth - CleanTechnica (https://cleantechnica.com/2025/12/11/deliveri ...)

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Dec 13 2025, 06:24

Microsoft Power Deal Earns Constellation Industry Award

## Executive Summary **Constellation Energy Corporation** (**CEG**) has been awarded "Energy Deal of the Year" at the 27th Annual Platts Global Energy Awards. The recognition is for its 20-year power purchase agreement (PPA) with **Microsoft** (**MSFT**) to support the restart of the Crane Clean Energy Center. This award underscores a critical developing trend: the technology industry's escalating demand for large-scale, reliable, and clean energy to power the rapid expansion of data centers and artificial intelligence infrastructure. ## The Event in Detail The award, presented by **S&P Global Energy**, highlights the innovative structure of the long-term agreement between **Constellation** and **Microsoft**. This PPA directly facilitates the recommissioning of the Crane Clean Energy Center, ensuring a dedicated supply of clean power. While the award itself carries reputational value, its primary significance is in validating the strategic importance of the underlying transaction, which serves as a financial and operational cornerstone for both entities. ## Deconstructing the Financial Mechanics The 20-year PPA is a cornerstone financial instrument that provides significant long-term stability. For **Constellation**, it guarantees a predictable, multi-decade revenue stream, de-risking the investment required to bring the Crane facility back online. For **Microsoft**, it secures a fixed cost for a substantial volume of clean energy, hedging against future electricity market volatility. This strategic sourcing is critical for managing the immense operational expenditures associated with powering a global network of data centers, particularly as the company pursues its goal to be carbon negative by 2030. The deal serves as a functional blueprint for how technology firms can underwrite new clean energy generation. ## Market Implications This PPA exemplifies the increasing convergence of the technology and energy sectors. The immense energy appetite of companies like **Microsoft**, driven by the computational demands of AI, is creating a new class of industrial energy consumers. Energy providers that can offer large-scale, reliable, and carbon-free power are positioned to benefit significantly. This trend establishes a new, durable demand driver for the energy market. For **Constellation**, this deal cements its status as a premier energy supplier to the high-growth technology sector. This award-winning transaction, coupled with its recent strategic moves—including a $26.6 billion deal to acquire Calpine that makes it the largest wholesale power provider in the United States—signals an aggressive strategy to dominate the evolving energy landscape. ## Broader Context **Microsoft's** deal with **Constellation** is not an isolated event but a component of a much larger, multi-pronged energy and sustainability strategy. The technology giant has recently engaged in several massive carbon removal credit purchases, including a 3.6 million metric ton deal with bioenergy plant C2X and other agreements with Vaulted Deep and CO280. These actions illustrate the immense pressure on technology companies to secure power and offset emissions as their operational footprints expand. The AI boom has triggered an arms race for energy, making long-term PPAs and direct investments in energy infrastructure a strategic necessity for maintaining growth and meeting ambitious corporate climate pledges.

Dec 13 2025, 06:10

Analysts Boost Citigroup, Alphabet Targets

## Executive Summary Wall Street has issued strong votes of confidence for **Citigroup (C)** and **Alphabet (GOOG)**, with J.P. Morgan upgrading the banking giant and TD Cowen increasing its price target for the tech behemoth. The analyst actions reflect optimism in **Citigroup's** ongoing turnaround strategy and **Alphabet's** successful integration of artificial intelligence into its core products. These endorsements have provided further momentum to both stocks, which have already posted significant gains year-to-date. ## The Event in Detail ### Citigroup Upgraded on Turnaround Momentum J.P. Morgan upgraded **Citigroup's** stock to "Overweight" from "Neutral," validating the strategic simplification and restructuring efforts led by CEO Jane Fraser. The bank's shares have gained approximately 59% this year, outpacing rivals like **JPMorgan Chase (JPM)** and **Bank of America (BAC)**. Despite this rally, **Citigroup** stock trades at a lower valuation, with a forward price-to-earnings ratio of 11.2, compared to 15.04 for **JPM** and 12.5 for **BAC**. Analysts at J.P. Morgan noted that "improvement in profitability will be the key driver to further upside." ### Alphabet Target Raised on AI Growth TD Cowen reiterated its "Buy" rating on **Alphabet** and raised its price target from $335 to $350. The firm's confidence is based on strong adoption of **Alphabet's** Gemini AI and its integration into Google Search. According to survey data, the use of AI Overviews is driving higher user engagement. TD Cowen has increased its forecast for Google Search's compound annual growth rate to 10.2% over the next five years and projects that Gemini could reach 850 million monthly average users by the end of 2025. ## Market Implications The dual endorsements from major analyst firms reinforce positive investor sentiment for two distinct but powerful market narratives. For **Citigroup**, the upgrade suggests that its complex, multi-year turnaround is yielding tangible results and gaining credibility, potentially closing the valuation gap with its peers. For **Alphabet**, the revised target underscores the successful monetization and strategic deployment of AI to enhance its dominant search business, positioning it competitively in the ongoing AI arms race. ## Expert Commentary Market analysts have been vocal in their support for both companies. On **Citigroup**, Wells Fargo analyst Mike Mayo, a long-time bull on the stock, stated, "Citi has been our top pick for 2025... It continues to be our top pick for 2026." He previously forecasted that the stock could double in three years. J.P. Morgan analysts added context to the upgrade: > "These [turnaround efforts] should continue to improve Citi's profitability over time - RoTCE should increase more than peers. Valuation has improved from the lows and improvement in profitability will be the key driver to further upside." Regarding **Alphabet**, TD Cowen detailed the drivers behind its revised estimates: > "We are raising GOOG Search estimates on our positive U.S. survey data which indicates i) ramping Gemini chatbot usage following the launch of Gemini 3, ii) continued increases in Search engagement driven by AI Mode and AI Overviews usage, and iii) an increasing share of ChatGPT users that are also using Gemini." ## Broader Context The positive outlook for **Citigroup** aligns with J.P. Morgan's expectation that the broader banking sector is poised to benefit from a "solid economy, strong markets, and a favorable regulatory environment in 2026." Meanwhile, **Alphabet's** success with Gemini highlights a critical trend in the technology sector, where established leaders are leveraging their scale and existing platforms to deploy generative AI. This strategy not only defends their market share but also creates new avenues for growth and user engagement, demonstrating a clear path to AI monetization.

Dec 13 2025, 06:07

Russian Court Triggers $129M Freeze on Google's French Assets

## The Event in Detail The court-appointed administrator of **Google's** defunct Russian subsidiary has successfully obtained a temporary freeze on approximately €110 million ($129 million) of assets in France belonging to parent company **Alphabet Inc.** The action was executed by a French bailiff based on three rulings issued between 2024 and 2025 by Moscow arbitration courts, which operate under international commercial law. The legal basis for the seizure is a ruling by a Russian tribunal that found **Google** guilty of an illegal dividend payment made in 2021, valued at around 10 billion roubles ($126 million). This event follows the 2022 bankruptcy filing of **Google Russia**, which occurred after Russian authorities seized its local bank account in the months following the invasion of Ukraine. ## Market Implications While the frozen amount is financially negligible for **Alphabet**, a corporation with a market capitalization of approximately $3.8 trillion, the strategic implications are significant. This action marks a rare and assertive attempt by Russian authorities to use international legal channels to target the overseas assets of Western corporations. It escalates the financial tensions between Russia and the West, creating a precedent for future actions. Under French law, the temporary freeze requires the liquidator's lawyers to file for formal recognition within one month to prevent its expiration. **Google** has the right to challenge the temporary freeze. The subsequent legal process for a French court to formally recognize and enforce the foreign arbitration decisions could extend for up to a year-and-a-half. The liquidator's legal representatives have stated their intent to pursue similar enforcement actions in Spain, Turkey, and South Africa. ## Expert Commentary William Julie of the law firm WJ Avocats, representing the Russian liquidator, confirmed the legal grounds for the action. He stated that the Russian tribunal's decision on the illegal dividend payment is the foundation for the enforcement efforts. Separately, regarding Russia's broader legal strategy, Alexandra Prokopenko, a former Russian Central Bank official and a fellow at the Carnegie Russia Eurasia Center, commented on Russia's lawsuit against **Euroclear**. She noted, “A Moscow court cannot force **Euroclear** to comply, and any ruling would be unenforceable abroad. But it is not meaningless: It creates formal documentation of Russia’s legal claims and serves as a political signal ahead of international litigation.” ## Broader Context This asset freeze against **Google** is unfolding against the backdrop of a larger financial conflict. The European Union is finalizing a plan to use an estimated €210 billion in frozen Russian sovereign assets—the majority of which are held at the Brussels-based depository **Euroclear**—as collateral for a substantial loan to Ukraine. The EU's proposal involves an indefinite freeze on these assets, removing the need for a unanimous roll-over vote every six months and mitigating the risk of a veto from member states like Hungary, which has expressed opposition. In response, Russia has initiated legal action against **Euroclear** in a Moscow court, which the Russian Central Bank has framed as a response to “unlawful activities” denying Moscow access to its funds. This tit-for-tat legal maneuvering signals a new phase in the economic dimension of the conflict, where both sides are leveraging legal and financial systems to exert pressure.