Grace Victor

If I layer in a few other names I can create a sovereign heterogeneous 3D tech stack that bypasses Silicon Valley. I hope the Semiconductor Service Sector Bureau gets the memo and gets folks talking.😄 $A4N $AI1 $ATV $AXE $BLG $TRJ $WBT $PWH $OEC $TRJ MorseMicro

The rhetoric on X and from Elon leans overwhelmingly apocalyptic on Democrats winning. It's a mini bubble here, but I think people forget AI is bipartisan national security priority, and that $NVDA's historic rally + AI buildout acceleration happened under the Biden admin. Anyone can extrapolate a politician's negative view on AI to doompost indexes or that " $CRWV is going to go down". But in all reality, even with a Democratic governor, we'll likely just see some headwinds to individual developers, and incentives like "clean-energy tax credits" moving to other areas in AI like solar manufacturing. Rather than any market-wide doomsday scenario that the opposing party likes to portray. Even Bitcoin/Ethereum performed better under the negatively perceived regulation of Gary Gensler. Just like any major event, everyone looks at the worst case scenario like helium disruption shutting down Samsung, $TSM, and the memory trade... Then markets move on few weeks later.

"NdFeB is nearly 70% high-purity iron by weight and the US imports nearly all of it." Interesting that Hertha Metals will source ore from Minnesota Iron range: ~30% magnetite. $LMG.AX ferronickel slag is ~33% MgO plus ~15% hematite: a very useful by-product methinks.🫡

Elmet Group bought 4.99% of Vietnam’s Masan High-Tech Materials for about $125m on October 1. Alongside the stake, Masan agreed to supply and process about 1,250 metric tons of tungsten trioxide equivalent annually for at least eight years. Alarm bells rang in Brussels, where internal European Union documents warned competition from partner countries could disrupt Europe’s access to Vietnamese critical minerals, Reuters reported. Masan is a key tungsten supplier to the continent, particularly Germany, and the immediate question is who will be served first if supplies run short. The annual volume committed to Elmet equates to about 1,000 metric tons of tungsten metal. That is roughly a third of Vietnam’s estimated 2025 mine output. It also represents about 4.4% of broader European tungsten end-use demand in 2025, which Fastmarkets estimates at 28,700 metric tons of tungsten trioxide equivalent.1 Tungsten, about two and a half times as dense as iron, is used in missile componentsand armor-piercing ammunition. The US Geological Survey estimates that China controls nearly four-fifths of global tungsten mining, with Vietnam producing about a sixth of the remainder. Beijing introduced export controls on tungsten products in February 2025, increasing the importance of other sources of supply. While Elmet and Masan have worked together for more than 12 years, government involvement is new. Two weeks before it bought its stake in the Vietnamese company, Elmet disclosed a $200m Pentagon purchase of preferred stock, which includes the right for the Department of War to appoint a director to the company’s board. Peter V Anania, Elmet’s CEO, described the Vietnam deal as “building on” the Pentagon’s investment in his firm. The company said it does not intend to begin National Defense Stockpile deliveries until new supply arrives. Replenishment, it said, should not come “at the expense of existing American manufacturers”. Crucially, the assurance only mentioned American manufacturers. The company’s investor rights agreement with the Department of War is also clear that the US should get priority. Washington has an exclusive right of first negotiation for products covered by the agreement; then Elmet must satisfy orders for US defense primes, suppliers to the US defense industrial base, other American businesses, and, only after that, buyers in allied countries.

Adamas Intelligence, Rare Earth Mines, Magnets & Motors 2026: The Key Takeaways (4 Nov 2026) 🚨 370 delegates, one message: the "crisis" prices are not real, the bottlenecks are, and the West needs ten times more dysprosium and terbium oxide by 2030. Adamas Intelligence has published its takeaways from Rare Earth Mines, Magnets & Motors 2026 (Toronto, 28–30 Sept). Here is what matters. 🧵 💰 Crisis prices are not the future, higher ones are Speakers were unanimous: the "crisis-level" Dy and Tb prices quoted to price reporting agencies by traders in Europe and the US have no volume-backed basis in current or future trade. Adamas's own transaction data says Western-produced dysprosium oxide averaged US$365/kg (sales-weighted) in 2025 and just over US$400/kg by mid-2026. That is above, and independent of, China's benchmark, but far below the thinly traded peaks. The logic: prices far above Western marginal cost pull capacity forward, new supply competes for a limited pool of allied demand, and premiums compress toward the marginal Western producer's cost plus a durable but not extreme security-of-supply margin. Emerging Western Dy and Tb producers are pricing for long-term customers, not for the peak. Adamas expects the same for samarium and yttrium as those streams ramp. ⛓️ Bottlenecks at every step 🧲Tripling NdFeB capacity outside China by 2030 means tripling NdPr oxide supply and an order-of-magnitude increase in Dy and Tb oxide in four years. 🔥Metal and alloy making lags the magnet build-out and is the near-term choke point in the US and Europe; Japan and Vietnam are largely self-sufficient. Beyond that, the full spectrum of magnet grades and form factors outside China, and then the inputs: sulfuric and hydrochloric acid, extractants, vacuum furnaces and strip casters, with everyone building at once. Adamas's phrase: "a bumpy few years", price spikes for some, shortages for others. 🧲 Thrifting heavy rare earths, for now 🏗️📉Driven almost entirely by China's April 2025 export controls on Dy, Tb and the magnets containing them. MP Materials' James Litinsky said HREE content in EV-grade magnets is down more than 50% in two years, that MP sits 6–12 months behind China's most advanced magnet makers, and that he is pressing the team to lead by the time the 10X factory comes online. 🔩 No magnets without iron or equipment NdFeB is nearly 70% high-purity iron by weight and the US imports nearly all of it. Hertha Metals announced a US$134m Series A, US$65m of it from the US government, for a 10,000 tpa magnet-grade and steel-grade iron plant, since broken ground. Tenova covered the other gap: the cells, furnaces and process equipment Western separators and metal makers need, including the NdPr electrolytic cells it has commissioned at MP's Independence facility in Texas. 🧪 Innovations and deals 🧲Niron's iron nitride magnets, with a 1,500 tpa plant in Sartell due 2027. Advanced Magnet Lab's PM-Wire, running on NdFeB and on samarium iron nitride. Momentum Technologies' ( covered on here before) modular membrane solvent extraction from magnet swarf and tailings. On stage: Tronox's agreement with JX Advanced Metals, Hertha's raise, and Lynas's proposed A$968m acquisition of Meteoric Resources. 🎤 The Recyclers Panel♻️ Day 2, 3:00pm, moderated by Adamas's Frik Els: Ahmad Ghahreman (Founder & CEO, Cyclic Materials), Will Dawes (Director, HyProMag), Claire Blanchelande (Commercial Director, Ionic Rare Earths) and Ben Kincaid (CEO, ReElement Africa). ♻️⚗️🧪🧬Four different answers to the same feedstock problem on one stage: 🇨🇦Cyclic collects end-of-life devices and makes a mixed oxide for the separators; 🇬🇧HyProMag turns clean magnets straight back into alloy powder; 🇺🇸ReElement separates by chromatography; 🇦🇺🇬🇧Ionic Technologies separates magnet scrap and carbonates to individual oxides. The industry's own conference put recycling on the main programme next to the miners and the magnet makers, and IXR was the only ASX-listed company on the panel. Adamas has not published what was said, so no quotes here. ♻️ Where recyclers sit in this Read Adamas's bottleneck list against Belfast. Ionic Technologies produces the Dy and Tb oxide the West needs ten times more of. Its alloy partner LCM sits exactly at the metal-making choke point. AML, one of its oxide customers, and Momentum were both presenting. Tenova, which spoke on equipment, is doing the front-end engineering for the Belfast commercial plant. And for anyone modelling a recycler's revenue, Adamas's ~US$400/kg Western dysprosium number is a far more useful planning price than the quotes on the screens. 👀 Bottom Line Is there enough demand for the magnet factory boom? Adamas says yes, but capturing it is harder than building nameplate. Half of it means displacing Chinese incumbents on cost, grades and form factors that most plants now under construction will not have in commercial operation by 2030. The premium is durable, not extreme. The constraint is not demand; it is metal, reagents, equipment and heavy rare earth oxide. Plan for that market, not for the spike. #RareEarths #Dysprosium #Terbium #NdFeB #CriticalMinerals #Magnets #SupplyChain #Recycling #Adamas

On this day in 1517, Martin Luther nailed his 95 Theses to the church door at Wittenburg. Luther was a scholar and an activist; he did not intend to start a new church. But his Disputation on the Power and Efficacy of Indulgences led to the worldwide Protestant movement.

On August 31, the first two participants were injected with @PopVaxIndia’s first fridge-stable RNA vaccine candidate in a Phase I clinical trial in Australia. We built this vaccine at our RNA Foundry in Hyderabad – from computational design to GMP manufacturing. Here's how: