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Dutch semiconductor chip machine maker ASML recorded a record net profit of 9.6 billion euros ($11.5 billion) in 2025 on sales of 32.7 billion euros fueled by AI-driven demand, the company reported Wednesday as it also announced plans to slash its workforce by about 1,700, about 4% of its workforce.The growth comes despite Dutch government restrictions on exports of machines that can be used to make chips that can be integrated into weapons systems. The measures, initially announced in 2023 and later expanded, are seen as part of a U.S. policy that aims at limiting China’s access to such technology.“In the last months, many of our customers have shared a notably more positive assessment of the medium-term market situation, primarily based on more robust expectations of the sustainability of AI-related demand. This is reflected in a marked step-up in their medium-term capacity plans and in our record order intake,” ASML President and Chief Executive Officer Christophe Fouquet said in a statement.In a message to employees, the company said it was cutting jobs in order to become more streamlined and efficient. It said ASML was “choosing to make these changes at a moment of strength for the company. Improving our processes and systems will allow us to innovate more and innovate better, generating further responsible growth for ASML and our stakeholders.”The job cuts are intended to sharpen ASML’s focus on engineering and innovation by streamlining the company’s technology and IT departments, the message said.The company said it expects 2026 to be “another growth year for ASML’s business” driven by sales of its extreme ultraviolet lithography systems. Associated Press
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A third round of “No Kings” protests is coming this spring, with organizers saying they are planning their largest demonstrations yet across the United States to oppose what they describe as authoritarianism under President Donald Trump.Previous rallies have drawn millions of people, and organizers said they expect even greater numbers on March 28 in the wake of Trump’s immigration crackdown in Minneapolis, where violent clashes have led to the death of two people.“We expect this to be the largest protest in American history,” Ezra Levin, co-executive director of the nonprofit Indivisible, told The Associated Press ahead of Wednesday’s announcement. He predicted that as many as 9 million people will turn out.“No Kings” protests, which are organized by a constellation of groups around the country, have been a focal point for outrage over Trump’s attempts to consolidate and expand his power.“This is in large part a response to a combination of the heinous attacks on our democracy and communities coming from the regime, and a sense that nobody’s coming to save us,” Levin said.Last year, Trump said he felt attendees were “not representative of the people of our country,” and he insisted that “I’m not a king.” ‘No Kings’ shifts focus after Minneapolis deaths The latest round of protests had been in the works before the crackdown in Minneapolis. However, the killing of two people by federal agents in recent weeks has refocused plans.Levin said they want to show “support for Minnesota and immigrant communities all over” and oppose “the secret police force that is murdering Americans and infringing on their basic constitutional rights.”“And what we know is, the only way to defend those rights is to exercise them, and you do that in nonviolent but forceful ways, and that’s what I expect to see in ‘No Kings’ three,” Levin said.Trump has broadly defended his aggressive deportation campaign and blamed local officials for refusing to cooperate. However, he’s more recently signaled a shift in response to bipartisan concern over the killing of Alex Pretti in Minneapolis on Saturday. Previous ‘No Kings’ protests have drawn millions across the US In June, the first “No Kings” rallies were organized in nearly 2,000 locations nationwide, including cities, towns and community spaces. Those protests followed unrest over federal immigration raids and Trump’s deployment of the National Guard and Marines to Los Angeles, where tensions escalated with protesters blocking a freeway and setting vehicles on fire.They were organized also in large part to protest a military parade in the nation’s capital that marked the Army’s 250th anniversary and coincided with Trump’s birthday. “No Kings” organizers at the time called the parade a “coronation” that was symbolic of what they characterized as Trump’s growing authoritarian overreach.In response, some conservative politicians condemned the protests as “Hate America” rallies.During a second round of protests in October, organizers said demonstrations were held in about 2,700 cities and towns across the country. At the time, Levin pointed to Trump’s sweeping immigration crackdown, his unprecedented promises to use federal power to influence midterm elections, restrictions on press freedom and retribution against political opponents, steps he said cumulatively represented a direct threat to constitutionally protected rights.On social media, both Trump and the official White House account mocked the protests, posting computer-generated images of the president wearing a crown.The big protest days are headline-grabbing moments, but Levin said groups like his are determined to keep up steady trainings and intermediate-level organizing in hopes of growing sustainable resistance to the Trump administration’s actions.“This isn’t about Democrats versus Republicans. This is about do we have a democracy at all, and what are we going to tell our kids and our grandkids about what we did in this moment?” Levin said. “I think that demands the kind of persistent engagement. “ Meg Kinnard can be reached at http://x.com/MegKinnardAP Meg Kinnard, Associated Press
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E-Commerce
Tech founder and provocateur Travis Kalanick made millions betting on key parts of the young adult lifestyle with Uber (transportation) and dining (ghost kitchen startup CloudKitchens). Can he hit a trifecta with a bet on tech-focused, community-driven apartments? Kalanick has partnered with Oliver Ripley, founder of the luxury hospitality company Habitas, to launch Sekra, a bid to tackle the massive multifamily housing market with a firm that will focus on building and managing upscale rental apartments. Its a market thats sure to grow: Ripley estimates 80% of people younger than 40 globally rent, and thats only going to increase as stubborn housing affordability impacts remain a key issue. In the U.S., the number of rental households has grown steadily, hitting more than 46 million last year, according to the Census Bureau, with strong growth in the percentage of Gen Z members renting. The idea is to apply layers of technology and hospitality to create a more profitable brand of rental housing; while Sekras tool and tech stack are still under development, other apartment companies have saved money by automating repairs, streamlining operations, cutting energy bills, and making the touring and leasing experience faster, reducing vacancies. There’s a real opportunity to do something different in the multifamily space, to build a global brand that sits at the cross section of community, culture, and longevity and wellness, Ripley says. [Photo: Sekra] Ripley describes Sekra as taking both a hardware and software approach. The hardware portion includes building a proprietary tech platform for operations and iterating with residents (other tech in the market such as Elise.AI has seen significant growth in recent years). The in-development resident app will incorporate programming, content, and in-unit internet of things functionalitysuch as the ability to control appliances or lightingthat will give residents an integrated experience that will command above-market rents. It also includes building a space that encourages socialization and better sleep, including consulting with sleep experts, installing noise insulation and blackout shades, and using circadian rhythm lighting. The software part means hiring ambassadors for the properties and curating the community and its residents. Ripley says the onboarding for new residents will be done by the Sekra team, the residents themselves, and through the resident app. The application of technology to a branded living experience may be harder than it looks. Evidence exists that tech can save apartment owners money: A survey by the National Apartment Association about AI usage found operators achieved 10% savings in payroll and a 15% increase in retention rates. According to Joel Steinhaus, a former WeWork exec who cofounded a coworking firm called Daybase, theres a big opportunity: The housing market is huge and there arent any dominant brands in the market. But theres a reason for that. It’s just hard to contemplate being relevant to someone in their personal space when they want to make it their own, he says. For context, a 2024 resident survey of 172,000 renters taken by industry group the National Multifamily Housing Council found that the most desired community features are fairly basic, including cell reception, a fitness center, covered parking, and a poolall sought after by more than 70% of respondents. Features like maker spaces, party rooms, conference rooms, vegetable gardens, dog parks, and others were cited by 50% or fewer renters. Sekra, which has quietly raised $12.5 million from a cadre of tech and real estate VCs and investors, including Fifth Wall, Moinian Group, and Harvey Spevak, the chairman and managing partner of Equinox, seeks to open its locations later this year, zeroing in on sites in coastal U.S. cities as well as in Riyadh, Saudi Arabia, and Dubai. Sekra will both renovate and operate existing buildings and eventually build its own new, ground-up projects. As Ripley says of the gigantic global rental market: It just felt like an industry ripe for disruption, ripe to be messed with. [Photo: Sekra] Go With The Flow A portmanteau of Sekhmet, the Egyptian goddess of healing and protection, with Ra, the Egyptian sun god, Sekra seeks to combat a few hurdles facing renters and the apartment market: the challenge of buying a home, the lack of socialization and authentic community during a global loneliness epidemic, and the blandness of much of the high-end housing stock. Early renderings show a hotel lobby-esque experience, with a muted color palette, textured materials, and plenty of curved lines. Its not the first tech-bro-helmed startup seeking to revolutionize the apartment market. WeWork founder Adam Neumann launched Flow, his own rental platform, in 2022, and has quietly built a company valued at $2.5 billion, which includes 1,000 rental units and nearly 500 condo units in South Florida, control of an under-construction 4-million-square-foot riverfront district in Miami, and holdings in Riyadh. Ripley argues that his experience with Habitas in building hospitality brand suited to young travelers makes him an ideal candidate to change the way apartments operate. Sekras seeking to create points of differentiation in areas that have long been puzzles for multifamily operators: creating authentic communities and applying tech to help streamline operations. Both goals have a profit motive. Better community means fewer move-outs and vacancieskey measures of rental housing profitabilityand more efficient operations lead to lower operating costs. Ripley claims hell be able to double retention rates. Steinhaus says that building community in real estate, as he has in his coworking firm, means being cognizant of the mistake of making too much effort. Creating community means being the host of the party, not the life of the partytoo much forced fun and performative programming may make it impossible for organic community development to take root. When asked to define programming for Sekra, Ripley mentions elements empowered by residents, and some familiar concepts: game nights, movie nights, lectures or talks, therapy nights or wellness programming, and book clubs. Brendan Wallace, CEO and cofounder of Fifth Wall, an investor in Sekra, believes Ripley and his team, with their hospitality background, are the ones who can build a single tech ecosystem that addresses all of these challenges and do a better job managing and increasing profits. Many current owners lack an understanding of the elements of hospitality and community building, Wallace says. We see this when we talk to owners. They have big ideas, and even similar notions, but they end up being poorly executed and feel kludgey.
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E-Commerce
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