The Rundown: Edition 28 – Happy New Year!

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London Stock Exchange rebound gathers momentum

The final quarter of 2025 saw a flurry of listing activity with 11 UK IPOs, bringing the 2025 total to 23. Despite widespread economic uncertainty, the global IPO market showed signs of stabilisation in 2025, fuelling hope of a steady recovery throughout 2026. UKTN

Fund managers brace for tech stock sell-off

Fuelled by fears of “insane” over-valuations and bubbles in parts of the AI sector, some fund managers have started to sell off their “Magnificent 7” shares altogether, instead turning to emerging markets for cheaper exposure to AI. FT

US suffers setback in battle to break up big tech

American efforts to break up big tech companies have faced setbacks, with judges reluctant to order tech giants such as Google and Meta to spin off large segments of their businesses. The drive to curb big tech’s anti-competitive behaviour began under the first Trump administration and was expanded under Biden’s. FT

AI expert delays timeline for its destruction of humanity

Former OpenAI employee Daniel Kokotajlo believes it will take longer than initially expected for AI platforms to code autonomously and therefore reach superintelligence. In April, the AI expert envisioned a scenario in which unchecked AI led to superintelligent systems outmanoeuvring world leaders and ultimately destroying humanity. Guardian 

Claude developer Anthropic eyes $10bn raise

Anthropic, the AI giant behind the Claude chatbot, is planning to raise $10 billion in a round led by GIC, Singapore’s sovereign-wealth fund, and Coatue Management, according to the Wall Street Journal. The investment would value Anthropic at $350 billion. WSJ

UK fintech market valued at £2.6bn

Investment in British fintech companies in 2025 trailed only the US market – which was valued at £18.6 billion –according to a report by Innovate Finance, which found that global investment increased by 21% to £39.4 billion. UKTN

Engitix raises $25m Series A extension

The London-based biotech startup, which is developing treatments for solid tumours and fibrosis, has announced the new funding from Netherton Investments, a fund controlled by the billionaire hedge fund manager Michael Platt. Bloomberg

Spanish AI voice startup Tucuvi secures $20m Series A

Tucuvi, which has developed voice technology that makes minor clinical decisions while on a phone call with patients, has announced a Series A round led by Cathay Innovation and Kfund, with participation from Frontline Ventures, Seaya Ventures, and Shilling. Tech.EU

The European crystal ball

The year ahead will be a busy one for European tech policy. Among the decisions to keep an eye on are rulings on the EU AI Act, the EU Innovation Act, the Quantum Act, and the Public Procurement Act. Sifted

War, supply chains and sovereignty: Experts predict big trends for 2026

According to Andriy Dovbenko, Principal and Founder of TechExchange; Mike Smeed, Managing Director of InMotion Ventures; and Volodymyr Levykin, CEO and Founder of Skyrora, respectively, war, geopolitics, supply chains and sovereignty will shape the next phase of technological innovation. Entrepreneur

GEO will outshine SEO

Generative engine optimisation (GEO) is expected to overtake search engine optimisation (SEO) as the focus of digital strategies in 2026. As a result, businesses are set to prioritise AI chatbots and agentic workflows over traditional search rankings. LinkedIn

Fully autonomous vehicles stuck in the car park – for now

Despite spending more than $100 billion over the past 15 years, companies aspiring to develop a vehicle where no human intervention is required are still some way off their goal, argues John Thornhill. Nvidia CEO Jensen Huang thinks otherwise. FT Happy New Year! We’re nine days into 2026, and it’s already pretty manic out there. We’ll give you a break from geopolitics, but here are a few early trends to cross our desks.

In the last edition of The Rundown, we mentioned how ‘life-logging’ wearable AI devices might really take off this year. Smart rings are finally going mainstream – largely in part thanks to Finnish brand, Oura, which is on track for $1 billion in revenue for 2025. Then there are AI smart rings that can record your meetings and act as a “personal assistant”. Let’s see just how far these rings rise in popularity and how the benefits (health or otherwise) of wearables increase.

Another topic – albeit very different – to monitor is whether or not certain features on Elon Musk’s AI tool, Grok, will be banned. At present, the AI assistant can digitally undress people at other users’ request, which Jess Phillips, the Minister for Safeguarding and Violence Against Women and Girls, described as an “absolute disgrace”. The government has refused to rule out boycotting X (formerly Twitter), and the UK could be the first country to make it illegal to possess tools designed to ­generate non-consensual intimate content.