Latest news with #Scandinavia
Condé Nast Traveler
13 hours ago
- Condé Nast Traveler
The Best Hotels in Oslo
Flush with its oil spoils, this once humble, overlooked city, enveloped by mountains and fjords, has stepped quietly and confidently into its new cultural era. And true to understated Nordic form, wealth has been infused into angular architecture, art and design projects, mainly popping up along the harborfront, such as the behemoth National Museum of Art, Architecture, and Design (Scandinavia's largest) designed by German architects Kleihues + Schuwerk, and the towering Munch Museum by Spanish architect Estudio Herreros—a skyscraper seemingly melting like the painter's infamous Scream that just about brushes the melancholic Norwegian skies. The art and culture brief has extended to parks, such as Ekebergparken sculpture park, scattered to modernist effect on the city's forest fringes, and the ever-growing roster of festivals hosted by the city throughout the year (including the now legendary Oslo Jazz Festival). Yes, there's more money to mobilise it, but the city's creative, literary spirit was there long ago—back in the 18th and 19th centuries when Oslo (then Christiana, the province of Denmark and Sweden) was considered a backwater. Even then, wealthy families would support artists, architects, sculptors, musicians, and writers, as the state's coffers now do, on a much greater scale. It's the ultimate formula to avoid the unfettered, eyesore, mall-centered vulgarity of new money cities like Dubai. It's also the ultimate weekender for the culturally-inclined, with so much of the city's new offering on the house… and with its burgeoning (sea)foodie scene, floating saunas, and nature trails to boot. Some hotels in Oslo hark back to pre-independence in 1905, others embody Norway's brooding minimalism. But amid all the newness and fizz of a city brimming with ideas and cash is a curious absence, (or at least limited choice), of beautiful hotels. The Norwegians may be fat on oil profits, but tourism still accounts for 4% of their GDP. Far from a rallying cry to the chains, consider this is a gentle nudge to the independent or family-run hoteliers of this world, who are well-versed in a charming, well-designed, well-anchored boutique. Here we round up our pick of the best hotels in Oslo.
Yahoo
15 hours ago
- Business
- Yahoo
OpenAI to launch AI data center in Norway, its first in Europe
OpenAI said Thursday that it plans to launch Stargate Norway, its first AI data center in Europe, in partnership with British AI cloud infrastructure provider Nscale and Norwegian energy infrastructure firm Aker. Nscale will design and build the site, and it will be a 50/50 joint venture between the two companies. OpenAI will be an 'off-taker' in the project, buying capacity from the data center. The announcement comes as Europe races to achieve AI sovereignty and invest in data centers and compute power. Earlier this week, the bloc unveiled details of its multi-billion-dollar investment into AI infrastructure, including 10 billion euros ($11.8 billion) to set up 13 AI factories and 20 billion euros as an initial investment in the factories. Data sovereignty is key to that mission, due to the sensitive nature of business and government data. It's not clear if OpenAI's data center is a part of the European Union's plans to scale AI at home, and OpenAI did not immediately comment when contacted by TechCrunch. Nscale CEO Josh Payne told CNBC that part of the purpose of this project is to 'leverage European sovereign compute' for the benefit of the continent. Norway's AI ecosystem, like startups and scientific researchers, will get priority access to the center. CNBC also reported that Nscale and Aker have each committed around $1 billion to the initial 20 megawatt (MW) phase of the project. OpenAI says Stargate Norway will initially deliver 230 MW capacity, with plans to expand to 290 MW, and will run on 100,000 Nvidia GPUs by the end of 2026. The site will be located near Narvik, a small town in northern Norway. OpenAI said in a blog post the region is notable for its access to hydropower, a cool climate, and a 'mature industrial base.' 'The facility will run entirely on renewable power and is expected to incorporate closed-loop, direct-to-chip liquid cooling to ensure maximum cooling efficiency,' said OpenAI. 'Additionally, excess heat from the GPU systems will be made available to support low-carbon enterprises in the region.' Per the EU AI Act, which took effect in August 2024 and bans systems with 'unacceptable risk,' companies building data centers must take steps to protect the environment and be transparent about the energy consumption of AI models. Additionally, the bloc's Energy Efficiency Directive emphasizes energy efficiency in the ICT sector, which includes data centers. The directive also directs data centers exceeding certain energy input thresholds to recover waste heat. The Stargate Norway announcement comes seven months after OpenAI announced it would invest $500 billion into 10 gigawatts of AI infrastructure in the United States over the next four years, in partnership with Oracle and Softbank. The deal also follows the launch of Stargate UAE earlier this year, and a recently signed deal with the UK government to accelerate AI adoption and boost infrastructure. Sign in to access your portfolio
Vogue
15 hours ago
- Business
- Vogue
The Key to Copenhagen's Thriving Pastry Scene? The Historic Bakers' Guild
After the strike concluded, Danish bakers merged these newly introduced Viennoiserie techniques with local ingredients, flavors, and fillings, taking the first steps towards creating the world-famous pastries of today. (In homage to the influence of their Austrian culinary counterparts, the wienerbrød, or aptly named 'Vienna bread,' remains a popular staple across Danish bakeries.) And the guild's legacy and influence is still evident today, acting as a coordinating body marking Danish royal celebrations and as a framework for this new wave of illustrious bakeries. While the Copenhagen Bakers' Guild has historically wielded immense power, culinary innovation now works hand-in-hand with these revered traditions. And few Copenhagen bakeries are as design-forward, yet accessible, as Hart Bageri. With his background working at the legendary San Francisco bakery Tartine—and with backing from Noma, the Copenhagen institution that has frequently named the world's top restaurant—Richard Hart opened his namesake bakery in 2018, with a philosophy of honoring the rules of baking while simultaneously reinventing them. Accompanying Richard at the helm was, and still is, Talia Richard-Carvajal—Hart's creative director and COO. The entrance to Hart Bageri. Photo: Carinne Geil Botta Pastries at Hart Bageri. Photo: Christina Hedegaard As I spoke to Talia, one thing became abundantly clear: to her, inspiration is everywhere. It's found in the Noma greenhouses used for R&D as they were preparing for the bakery's opening. It's found in Hay, the prominent Danish furniture company that influenced the aesthetic and design of Hart's shops and unique branding. And it continues to be enjoyed in their cardamom croissants and strawberry tarts, two popular pastries that feature a signature Hart twist. 'We very much feel like a modern Copenhagen brand,' Talia explains. 'But Denmark is somewhere that has such a strong baking tradition.' Respecting it and celebrating it is a non-negotiable. It's evident in Hart's classic pastries, staples of a traditional Danish pastry shop, the holiday-inspired seasonal creations, and even in the reverent way Talia talks about baking. She emphasizes, 'Through playing around with the mechanics, we're striving to create elevated versions without changing what is fundamentally right.' The guild's legacy of culinary evolution extends beyond the pastry shop walls, further influencing Copenhagen's broader food culture. Claus Meyer, co-founder of Noma and creator of New Nordic Cuisine, a groundbreaking, global culinary movement, opened Meyers Bageri in 2010 with a mission to highlight the best sourcing and ingredients found locally in the Nordic region. 'We've teamed up with an organic farm just across the bridge,' says Jonas Astrup, head of development and innovation at Meyers. 'Meyers works solely with organic flours and produce, and with that comes the awareness of how we produce and the potential of the raw ingredients in our region.' Dough being prepared at Meyers Bageri. Photo: Chris Tonnesen A pull-apart bread from Meyers Bageri. Photo: Chris Tonnesen But innovation and success in the kitchen thrive best when a loyal community is present. 'We were handing away the recipes for free, trying to spark enthusiasm, a movement,' he explained. 'To us, there's equal enjoyment if people have success making their own breads at home. Here's some free sourdough; you can buy a bit of flour from us.'
TechCrunch
15 hours ago
- Business
- TechCrunch
OpenAI to launch AI data center in Norway, its first in Europe
OpenAI said Thursday that it plans to launch Stargate Norway, its first AI data center in Europe, in partnership with British AI cloud infrastructure provider Nscale and Norwegian energy infrastructure firm Aker. Nscale will design and build the site, and it will be a 50/50 joint venture between the two companies. OpenAI will be an 'off-taker' in the project, buying capacity from the data center. The announcement comes as Europe races to achieve AI sovereignty and invest in data centers and compute power. Earlier this week, the bloc unveiled details of its multi-billion-dollar investment into AI infrastructure, including 10 billion euros ($11.8 billion) to set up 13 AI factories and 20 billion euros as an initial investment in the factories. Data sovereignty is key to that mission, due to the sensitive nature of business and government data. It's not clear if OpenAI's data center is a part of the European Union's plans to scale AI at home, and OpenAI did not immediately comment when contacted by TechCrunch. Nscale CEO Josh Payne told CNBC that part of the purpose of this project is to 'leverage European sovereign compute' for the benefit of the continent. Norway's AI ecosystem, like startups and scientific researchers, will get priority access to the center. CNBC also reported that Nscale and Aker have each committed around $1 billion to the initial 20 megawatt (MW) phase of the project. OpenAI says Stargate Norway will initially deliver 230 MW capacity, with plans to expand to 290 MW, and will run on 100,000 Nvidia GPUs by the end of 2026. The site will be located near Narvik, a small town in northern Norway. OpenAI said in a blog post the region is notable for its access to hydropower, a cool climate, and a 'mature industrial base.' 'The facility will run entirely on renewable power and is expected to incorporate closed-loop, direct-to-chip liquid cooling to ensure maximum cooling efficiency,' said OpenAI. 'Additionally, excess heat from the GPU systems will be made available to support low-carbon enterprises in the region.' Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | REGISTER NOW Per the EU AI Act, which took effect in August 2024 and bans systems with 'unacceptable risk,' companies building data centers must take steps to protect the environment and be transparent about the energy consumption of AI models. Additionally, the bloc's Energy Efficiency Directive emphasizes energy efficiency in the ICT sector, which includes data centers. The directive also directs data centers exceeding certain energy input thresholds to recover waste heat. The Stargate Norway announcement comes seven months after OpenAI announced it would invest $500 billion into 10 gigawatts of AI infrastructure in the United States over the next four years, in partnership with Oracle and Softbank. The deal also follows the launch of Stargate UAE earlier this year, and a recently signed deal with the UK government to accelerate AI adoption and boost infrastructure.
Yahoo
20 hours ago
- Business
- Yahoo
Novo Nordisk Stock is on Sale- A Cash Flow Giant
Despite a steep 65% drop from its all-time high of 145.99 a share in the prior 12 months, Novo Nordisk remains one of the most operationally sound businesses on the planet. As an investor, you are getting exposure to the booming GLP-1 drug market and the stable, cash-rich insulin and diabetes care business, serving a patient base that literally depends on these treatments with their lives. Novo's execution is reflected clearly in its financials and with a deeper look into the fundamentals, the conclusion is obvious: the stock is trading well below its intrinsic value. The most recent guidance update on 7/29 is nowhere near as dire as the market is reacting, 8-14% earnings growth is actually rather good for a company at such valuations. NVO Earnings and Income - DCF & Peer Comparisons Warning! GuruFocus has detected 1 Warning Sign with NVO. Based on a discounted cash flow (DCF) model with extremely conservative assumptions we can see that assuming these undemanding earnings targets can be met, the stock is significantly undervalued. With EPS derived from recent reporting: EPS TTM 3.37, EPS MRQ .92 imputing future quarters estimates and guidance, this would arrive at a estimate for the 2025 calendar year of 3.72 earnings per share (in line with major investment bank analysts): Earnings Available to Shareholders (2025): USD 3.72/share Short-term growth rate (5 years): 3% Long-term growth rate: 3% Discount rate: 7% These are deliberately sandbagged inputs, Novo's actual operational growth over the past 5+ years has supported growth much higher than 3% and projections/guidance (As of 7/29 Novo Nordisk updated EPS guidance to mid range of ~10%) are much higher. Even with these cautious numbers, the discounted cash flow ascribes an downside case- intrinsic value of USD 83 per share, and with a current price of 68 a share, this implies a greater than 22% upside along with a significant margin of safety given how conservative the model inputs are. With a bear case and essentially no idiosyncratic growth, the company is still well below its intrinsic value, when utilizing more realistic model inputs for a discounted cash flow, the pricing divergence is even more extreme. The Gurufocus fair value (a DCF using earnings growth reflective of reality, rather than a bear case) has the intrinsic value at 144, which albeit a bull case, does not seem out of line with execution as recent earnings have been comparably strong (even if the share price is not reflecting this) with MRQ revenue coming in a +20% year over year, and earnings +15%. These earnings numbers are clearly positive and reflective of a company executing in a growing market rather than a bearish/declining operation. The price to earnings is exceptionally compressed for the exposure Novo Nordisk offers, its largest competitor Eli Lilly trades at a massive premium with a multiple 64x trailing earnings, and both have comparable market share in the mid ~40% range. While LLY absolutely deserves a premium due to the wildly profitable GLP-1 market, NVO trades at such an extreme discount with similar operations and collectively similar exposure, (42b revenue NVO vs 49b revenue LLY) the value becomes clear. This is not a market where one company/monopoly is the only beneficiary of diabetic and obesity treatments (as LLY is priced to reflect), the reality is much more balanced between the two firms. Based on a conservative suite of numbers reflecting essentially no growth beyond inflation, it is clear that the the company makes far more money than the market is giving the company credit for and the risk and return profile is heavily skewed to the upside. Market Overreaction: A Classic "Buy the rumor, sell the news" Despite dominating the fast-growing GLP-1 drug class and beating expectations for years, the market's pricing seems to be stuck in a "buy the hype, sell the reality" cycle. The recent dip following CagriSema's Phase 3 trial update is a textbook case. Expectations were set sky high, and decent results resulted in a major decline in market cap. But if you zoom out from the short-term narrative games, the fundamentals look extremely strong and the stock still looks cheap. CagriSema is Novo's next-generation combination therapy, combining semaglutide (from Wegovy/Ozempic fame), with a longer acting amylin analogue. The goal is improved glycemic control and superior weight loss in one injection. Phase 3 results delivered what they were supposed to: meaningful, sustained weight loss and glucose reductions even if not as effective as hype would suggest. The market's muted response wasn't due to weak data fundamentally, it was due to a sell-the news mentality after a wave of anticipation. But the drug has huge potential, especially for patients who don't respond as well to semaglutide alone or who struggle with injectable compliance. Commercially, CagriSema could extend the lifecycle of Novo's GLP-1 franchise and further entrench its position in obesity and diabetes care. Also regardless of what markets would like to think, advertising and marketing do have an impact on utilization, this is an area where Novo Nordisk also excels. This isn't a binary biotech moonshot this is incremental product evolution from a company already generating billions in profit off GLP-1s. Historical and Continued Leadership in Development Novo didn't just ride the GLP-1 wave it outright created it. From Victoza to Ozempic and now Wegovy, the Danish giant has steadily refined this drug class over more than a decade. GLP-1s improve insulin secretion, suppress appetite, and now seem to offer benefits in areas as varied as cardiovascular health and potentially even Alzheimer's. Competitors like Eli Lilly have elbowed into the space with its alternative Mounjaro, but Novo's pipeline and manufacturing scale are still competitive. The company is vertically integrated, disciplined, and ruthlessly consistent, the company has executed on 20 years of straight revenue growth, with only two quarters of decline, the company has an incredible operational history regardless of how the market is treating its equity. Novo Nordisk Revenue History: Exceptional Consistency *MacroTrends. (n.d.). Novo Nordisk revenue chart An Investor Friendly Capital Allocation Novo Nordisk's capital return program is as clean as it gets. The company has been repurchasing shares aggressively recently completing $3.5 billion USD in buybacks and its share count has been consistently declining. The share repurchase graph looks exactly as you would want as an investor: smooth, down and to the right (Given recent share declines I would estimate an acceleration in buybacks due to higher value-cost ongoing). *NVO Shares Outstanding Macrotrends This isn't just cosmetic. With Novo generating strong free cash flow and little need for outside capital, each year's buyback ratchets up per-share earnings, dividends, and long-term compounding (I would expect an additional buyback authorization in the interim given share declines as well) Earnings history has also been a showcase in consistency. The firm rarely surprises, because it doesn't have to. Novo just executes. In a world where drug pipelines are often full of maybe someday assets, Novo lives in the now. Novo Nordisk Earnings Per Share History: *MacroTrends. (n.d.). Novo Nordisk EPS chart Global Trends and Possible Risks The global diabetes and obesity crisis isn't slowing down. If anything, it's accelerating especially in middle-income countries now catching up to Western lifestyles along with aging populations in developed countries. That means more demand, more patients, more prescriptions. At the same time, GLP-1s are expanding from strictly diabetes indications to broader metabolic health and obesity. This is an astonishingly massive TAM estimated to be 100+ Billion by 2030, and Novo is front and center. Insurance reimbursement is expanding. Social stigma around weight loss medications is decreasing. And crucially: this is a class of drugs people stay on. GLP-1s aren't one-and-done pills, they're long-term regimens. That means recurring revenue, pricing power, and huge switching costs. Competitive Pipeline and Risks Heavy Exposure to the U.S. Market: A substantial portion of Novo's revenue is generated from the United States, making the company vulnerable to regulatory shifts, pricing pressures, or changes in reimbursement policy from insurers or government programs like Medicare. GLP-1 Competition and Pricing Pressure: While Novo leads the GLP-1 space based on market share, competitors like Eli Lilly are gaining ground. Increased competition could compress pricing power or require higher R&D and marketing spend to defend market share. The Market Has NVO Wrong: Trading Well Below Fair Value Novo Nordisk is a fortress. It has a world-class pipeline, dominant GLP-1 market share, secular growth trends in its favor, and a pristine capital return program. Yet it trades like a company with flatlined growth and looming competition risk. CagriSema's lukewarm market reaction looks more like short-term irrationality than a reflection of long-term value. Meanwhile, even using lowball assumptions, Novo screens cheap by nearly any financial metric. With a strong history of execution, upside optionality in pipeline innovation, and an ever-expanding TAM, this is the kind of stock you quietly buy, hold, and forget. And right now, it's on sale This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
