Backed by the National Wealth Fund, the British Business Bank and M&G, Pragmatic Semiconductor is using a modular, low-capital model to scale flexible chip production at a pace Asia and the US would struggle to match.

On the Meadowfield industrial estate outside Durham, a 55,000 sq ft warehouse that spent a decade gathering dust, and the droppings of nesting seagulls, has been transformed into one of the more intriguing bets in British manufacturing. The gulls have been seen off by a hawk called Buzz; the drains have been cleared; and inside what was once a PVC piping factory, the UK’s most ambitious volume chipmaker is now in full production.

Pragmatic Semiconductor is twelve months into shipping its first commercial orders, the culmination of 14 years of work that began as a Cambridge science project. By year-end, the company expects billions of its ultra-thin, 300mm flexible chips to be leaving the Durham site bound for customers in pharmaceuticals, consumer electronics and fast-moving consumer goods. At that point, management believes Pragmatic will be the UK’s largest semiconductor manufacturer by volume.

The timing is pointed. The European Commission is this week expected to publish a refreshed Chips Act, the latest leg of Brussels’ attempt to wean the bloc off American and Asian silicon by backing home-grown semiconductor capacity. Westminster, too, has put domestic chipmaking near the top of its modern industrial strategy, with advanced manufacturing earmarked as a sector in which Britain has what ministers call a “genuine right to win”.

A different kind of chip, and a different kind of fab

Pragmatic’s edge is that it does not play the same game as TSMC, Samsung or Intel. Its proprietary thin-film transistor technology dispenses with silicon altogether, producing FlexICs, flexible integrated circuits, capable of tracking individual items through complex supply chains and giving consumers verifiable provenance in a way QR codes simply cannot. A bottle of wine can carry its full origin story; a packet of medication bought on Temu or Amazon can be authenticated as the real thing rather than a counterfeit. In time, the chips will power continuous glucose monitors and other slim, flexible medical devices used in the prevention of type-2 diabetes.

The contrast with the conventional fab model is just as striking. Where a Taiwanese or Korean facility can cost tens of billions and take months to push a wafer through its production cycle, Pragmatic’s modular plant requires materially less capital and turns chips out in days. Inside the 30-by-20-metre clean room, robots glide along ceiling tracks shuttling glass-backed substrates between a metal-oxide deposition machine, a photolithography rig that imposes the circuit image, and an etching station that chemically carves out each layer. The finished wafers, each carrying up to 50,000 chips, pass to an assembly room where they are diced and bonded to antenna-bearing circuits. The result emerges from the line looking, disarmingly, like a translucent roll of snowflake-patterned Christmas paper.

An IPO in the cross-hairs

Chief executive David Moore, who relocated from Idaho-headquartered Micron in 2023, is unambiguous about ambition. “Our goal is to be one of the largest semiconductor companies in the world,” he says. Pragmatic’s “north star”, he adds, is “a potential IPO”.

In June he is in Europe and China to meet customers, before turning to the US in July. The reception, he says, is warm. “We engage with the CEOs and chairmen of those customers. They see it as something very strategic and don’t look at us as some outlier UK-based semiconductor company. They see us as a world leader in FlexIC technology. It is now all about orders and shipping.”

Moore is, however, careful to temper near-term expectations. Each new fabrication facility, even with Pragmatic’s simplified processes, will take 12 to 14 months to bring online. The Durham site has space for seven more lines, equating to “capacity for tens of billions of ICs per year”. Significant revenues are expected this year for the first time, with a “milestone-based” path to gross margin, break-even and ultimately free cashflow.

Capital, and the british industrial strategy in action

The funding base behind that journey is unusually domestic. Pragmatic’s December 2023 raise remains the largest semiconductor venture round in European history, with around 70 per cent of the £162 million coming from UK pools of capital, the National Wealth Fund, the British Business Bank, the public/private Northern Gritstone fund and M&G’s Catalyst fund among them. A subsequent extension lifted the round to £179 million. It is precisely the sort of patient, blended-capital deployment that ministers have been pointing to as evidence the £1bn government commitment to the UK microchip industry is starting to bite, alongside earlier schemes that supported a wave of British chip start-ups.

In March 2024, HRH The Princess Royal formally opened Pragmatic Park, home to the UK’s first 300mm wafer fab, with the company committing to 500 highly skilled new jobs over five years.

Ciaran Mulligan, chief investment officer at M&G Life, who oversees £188 billion of client assets, says the case for institutional money is straightforward. “Our scale enables us to invest into private companies, opening up opportunities you simply don’t see in public markets. By sourcing these investments directly through our asset management teams, we can back businesses that are growing, creating jobs and driving innovation.”

The team behind the technology

Founded in Cambridge in 2010 by Richard Price and Scott White, Pragmatic has worked with the Centre for Process Innovation in Sedgefield, County Durham, since 2012. Its workforce now stands at 350, weighted heavily towards PhD-level researchers across the Sedgefield, Durham and Cambridge sites. The chair is Peter Herweck, the former chief executive of Schneider Electric and, before that, of the FTSE 100 software group Aveva, which Schneider bought for £9.5 billion in 2023. The board also includes former Intel chief engineering officer Murthy Renduchintala.

Talent retention in the North East is a quietly significant part of the story. Heather Flint, 31, moved from Lincoln to study in Newcastle, stayed on for a PhD in physical chemistry, her research was on translucent solar cells designed to be embedded in windows, and was contemplating a move south to Cambridge or overseas when she came across Pragmatic. “Staying up north was quite important to me. I just love it,” she says. The R&D team built a role around her. Three years and three promotions later, she has moved from device development to lead design scientist and now into project management. “There is something new every day.”

The company actively recruits postgraduates into its research and technical roles and apprentices into technician roles. Its youngest team member, based in Cambridge, is 21. “In the evening he builds robots for fun,” a spokeswoman noted.

The bigger picture

Whether Pragmatic ultimately lists in London, New York or both will be one of the more closely watched decisions in British technology over the next 24 months. What is already clear is that, by combining a genuinely novel product, a capital-light manufacturing model and an unusually British shareholder register, the company has handed Westminster a rare worked example of its industrial strategy actually working — and quietly assembled the sort of platform from which a UK national champion could, plausibly, take on the giants of Hsinchu, Pyeongtaek and Phoenix.

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NEW YORK — Wordle players tackling The New York Times’ popular daily puzzle on Monday, June 1, 2026, were greeted with a spicy challenge as the solution for puzzle No. 1808 was revealed as “CHILI.”

The five-letter word, referring to both a type of hot pepper and the popular stew dish, offered a flavorful twist to kick off the new month. Solvers who started with common openers containing multiple vowels quickly narrowed down possibilities, though the repeated “I” and less common “H” placement tested many players’ strategies.

According to Webster’s New World College Dictionary, “chili” refers to “the dried pod of red pepper, a very hot seasoning” or “a highly seasoned stew of meat, chili powder or peppers, and often beans.” The dual meaning added an extra layer of satisfaction for those arriving at the answer through food-related associations.

Puzzle Difficulty and Player Performance

The New York Times reported that today’s puzzle took testers an average of roughly 4.2 guesses, classifying it as moderately challenging. Many players shared grids showing success in three to five attempts, with starting words like “SLATE,” “CRANE” or “AUDIO” proving particularly effective by testing key vowels and common consonants early.

The repeated “I” required careful management of duplicate letters, a common stumbling block. Green and yellow feedback on the second or third guess often pointed solvers toward the food or spice category, helping them converge on the correct solution.

Social media platforms buzzed with reactions throughout the day. Players celebrated the culinary theme, with some noting it paired perfectly with Memorial Day weekend barbecues and summer cooking inspiration. In Seoul and other international markets, discussions highlighted how Wordle continues bridging cultural gaps through shared vocabulary challenges.

Enduring Popularity of Wordle

Since its acquisition by The New York Times in 2022, Wordle has maintained strong daily engagement. The game’s straightforward rules — guess a five-letter word in six attempts with color-coded hints — create an accessible yet addictive experience. Green tiles mark correct letters in the right position, yellow indicates correct letters in the wrong spot, and gray eliminates letters.

Puzzle No. 1808 followed Sunday’s solution “ETUDE,” continuing a pattern of varied vocabulary that mixes everyday words with more specialized terms. This balance keeps the game fresh while expanding players’ lexicons over time.

The daily reset at midnight local time fosters a global community where solvers share results using the familiar grid of colored squares. Streaks, statistics and hard mode challenges add layers for dedicated players seeking extra difficulty.

Strategic Insights for Today’s Puzzle

Effective approaches for Monday’s Wordle included prioritizing words with “C” and “H” combinations or testing common food-related terms. Players who guessed “CHILL” early often received useful feedback on the double “L” versus the correct double “I” structure.

Hints circulating on gaming sites included subtle references to spicy food or a hot seasoning, helping those stuck without spoiling the full answer. The word’s structure — consonant, consonant, vowel, consonant, vowel — rewarded systematic elimination strategies.

For future puzzles, experts recommend maintaining a balance between vowel testing and consonant exploration. Avoiding repeated eliminated letters and leveraging information from each guess maximizes success rates.

Cultural and Educational Value

“CHILI” as a solution rewarded players with knowledge of cuisine, botany and everyday language. In regions with strong culinary traditions involving peppers and stews, the answer resonated particularly well. The puzzle gently educates while entertaining, aligning with Wordle’s reputation for accessible learning.

In South Korea, where English practice through games remains popular, Monday’s solution offered a practical vocabulary boost related to global foods. Families and friends often compete to solve fastest, turning the daily puzzle into a social activity.

Historical Context and Game Evolution

Wordle’s journey from a simple side project by Josh Wardle to a cultural phenomenon continues in 2026. With thousands of puzzles published, the NYT Games team carefully selects words to ensure fairness, variety and appropriate difficulty.

Past June 1 solutions have ranged widely, demonstrating the game’s broad dictionary scope. Players track personal statistics, including win percentages and average guesses, fostering long-term engagement.

The game’s influence extends beyond entertainment. Educators note its benefits for vocabulary building, pattern recognition and resilience. Its free availability with optional NYT subscription features has helped sustain popularity years after the initial viral surge.

Tips for Consistent Wordle Success

• Begin with words containing multiple vowels and frequent consonants.
• Use each guess to eliminate multiple possibilities efficiently.
• Consider common letter patterns and word families.
• In hard mode, apply known correct letters immediately.
• Track personal patterns to refine starting word choices.

Monday’s puzzle highlighted the value of thematic thinking. Players unfamiliar with the word may have reached it through process of elimination, reinforcing Wordle’s gentle learning curve.

Global Community and Shared Experience

Wordle creates daily connection points across time zones. Whether solved during morning commutes in Seoul or evening routines in New York, the puzzle unites millions through collective curiosity.

Online forums and social groups dedicated to Wordle saw increased activity with discussions about strategy, near-misses and celebrations of perfect solves. The food-related answer inspired lighthearted sharing of chili recipes and summer cooking ideas.

As artificial intelligence influences many digital experiences, Wordle’s human-curated simplicity stands out. Each puzzle undergoes review to maintain solvability without excessive obscurity.

Looking Forward

Tuesday’s puzzle awaits with another fresh challenge. Wordle’s predictable daily rhythm combined with surprising vocabulary keeps players returning. The game continues evolving with occasional variants while preserving its core appeal.

For those who solved “CHILI” efficiently, the satisfaction came from connecting linguistic clues with cultural knowledge. Even those requiring more attempts appreciated the puzzle’s fair construction and relatable theme.

The New York Times Games team maintains high standards for quality and inclusivity. Wordle’s success lies in its ability to deliver small daily victories that accumulate into lasting habits and shared joy.

As players reset their streaks and share green-heavy grids, the community thrives. Monday’s spicy solution added flavor to the ongoing Wordle story, reminding solvers that even simple games can bring people together through common challenges and triumphs.

As investors enter June with hopes of seasonal strength, technical indicators are flashing warning signs that could challenge historical market trends. While June has traditionally been a positive month for Indian equities, the current geopolitical backdrop and weakening chart patterns suggest that volatility may remain elevated in the weeks ahead.

Speaking to ET Now, Rupak De, Sr Tech Analyst, LKP Securities highlighted that although June has generally delivered gains for the Nifty over the last decade, the market’s current setup appears less encouraging.

According to De, the last three Junes have ended in positive territory, and most June performances over the past 10 years have generated gains, with average returns of around 1.5%. However, he noted that historical patterns also show that after every three positive Junes, the market has often witnessed a negative June.

“So, the last three Junes have been positive if we look at the last 10 years’ data. Overall, the performance of June has been positive in most cases, but the overall return has been around 1.5%. And if we look at the overall 10-year trend, after every three positive Junes, there has been a negative June. So, I expect the market to remain volatile. Maybe this time June may be weak, and Nifty might give a negative return in June.”

Consolidation Breakdown Raises Near-Term Concerns

Beyond seasonal trends, De pointed to fresh technical weakness that emerged at the start of the month. He observed that the Nifty has broken below a rising trendline on the daily chart, a development that typically signals weakening momentum and increases the risk of further downside.
The breakdown, coupled with prevailing geopolitical uncertainties, has contributed to a cautious outlook for the benchmark index.
“When we are starting June, we have negative data. Today, Nifty has given a consolidation breakdown and has fallen below a rising trendline on the daily time frame. The sentiment looks bearish for the short term, and I expect the bearish sentiment to continue in the next few weeks as well.”
Key Levels to Watch on Nifty
From a technical perspective, De identified important support and resistance zones that traders should closely monitor.

According to him, Nifty has immediate support around the 23,250 mark. A breach of this level could open the door for a deeper correction towards 22,700. On the upside, the 24,000 level remains a significant hurdle that needs to be crossed before sentiment improves materially.

“On the lower end, Nifty has support at 23,250. Below that, it might correct further towards 22,700. So overall, sentiment looks bearish. On the higher end, resistance is there at 24,000. Till the time it remains below 24,000, bearish sentiment might prevail in the market.”

Bank Nifty Also Showing Signs of Weakness
The cautious outlook is not limited to the broader market. De believes the banking index is also displaying technical weakness after failing to sustain above a key moving average resistance level.

Bank Nifty encountered resistance near its 50-day exponential moving average during the week and eventually closed below that level, reinforcing the bearish undertone.

“Next week, I expect overall bearishness. If we consider Bank Nifty, Bank Nifty is looking a bit bearish. During this week, it faced resistance around the 50-day exponential moving average, and it closed below it. The near-term sentiment for the banking index is also looking a bit bearish.”

Critical Support and Resistance for Bank Nifty
For Bank Nifty, De sees 53,000 as a crucial support level. Any sustained move below this mark could trigger additional downside pressure. On the upside, 54,700 remains a strong resistance zone that traders should keep an eye on.

“On the lower end, we have support at 53,000, and below that it might correct further. Whereas on the higher end, we have a very good resistance at 54,700. Till the time Bank Nifty remains below 54,700, sentiment is likely to remain bearish for Bank Nifty.”

Outlook
While historical seasonality has generally favored bulls during June, technical indicators currently suggest a more cautious approach. With Nifty and Bank Nifty both trading below important resistance levels and broader uncertainty weighing on sentiment, market participants may need to brace for heightened volatility and the possibility of a weaker-than-usual June performance.

Shares of Inox Wind tumbled 8% on Monday after the company reported a consolidated net profit of Rs 105.68 crore for the January-March quarter of FY26, down 45% year-on-year (YoY) from Rs 190 crore in the corresponding quarter last year.

Shares of the company crashed to Rs 85.61 apiece on NSE, the lowest level since April 10 this year. The firm’s revenue from operations, meanwhile, fell over 2% YoY to Rs 1,244 crore during the fourth quarter of the financial year, which ended on March 31, 2026, from Rs 1,275 crore in the year-ago period. Total income declined marginally to Rs 1,306 crore, while total expenses increased more than 5% YoY to Rs 1,162 crore during the quarter under review.

Inox Wind’s EBITDA declined 6% YoY to Rs 333 crore. For the entire financial year 2026, the company reported a 3% rise in bottom line to Rs 449 crore.

JM Financial on Inox Wind

JM Financial highlighted that the company’s Q4 results were an “all-around” miss on estimates. Its revenue was nearly 25% lower than the brokerage’s estimates. “Since management has not shared details, we estimate execution of 85 MW versus 252 MW QoQ/236 MW YoY. Adjusted PAT moderated to Rs 1.1 billion (-44% YoY, -55% JMFe, -52% consensus). The company has an order book of 3.1GW including 1.5 GW from CESC and 750 MW from group companies. Given the challenges in connectivity, RoW and PPAs, we expect IWL to execute 900 MW/1,100 MW during FY27/28,” it said.

The domestic brokerage maintained its ‘Add’ rating on the shares of Inox Wind, but reduced its target price to Rs 101 apiece. This implies an upside potential of nearly 9% from the stock’s previous closing price of Rs 93.02 apiece.

Motilal Oswal on Inox Wind

Motilal Oswal also highlighted that Inox Wind reported a weak set of numbers for Q4. However, it highlighted that the visibility of recurring captive order inflows from Inox Clean, which plans to add 3GW of renewable capacity annually with 20-30% expected to be wind-based, management’s strategy to gradually increase pure equipment supply contracts’ share in the order book from 27% currently to 75% over time, which should improve working capital efficiency and margins, and management’s FY27 revenue growth guidance of 75% YoY with EBITDA margins of 20-22% were the key things it liked about the results.

The domestic brokerage lowered its FY27 and FY28 EBITDA estimates by 7% and 6% respectively. It maintained its ‘Buy’ rating on the shares of Inox Wind, with a target price of Rs 110 per share, implying an upside potential of more than 18% from the stock’s previous closing price.

Inox Wind share price

Inox Wind shares have fallen more than 4% in one week and around 8% in one month to close at Rs 93.02 apiece on Friday. The stock is down more than 24% so far in 2026 and nearly 52% in one year.

In the longer term, the shares of the company have delivered returns of more than 169% over three years and 386% over five years. The company currently has a market capitalisation of nearly Rs 9,307 crore. The stock’s P/E ratio stands at nearly 36.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Shares of Asian Paints rallied as much as 4% to their day’s high of Rs 2,778 on the BSE on Monday after the company reported a consolidated net profit of Rs 1,172 crore for the fourth quarter of FY26, marking a 69% year-on-year increase from Rs 692 crore posted in the corresponding quarter last year. Revenue from operations during the January-March quarter rose 11% to Rs 9,228.46 crore, compared with Rs 8,349.59 crore reported a year earlier.

During the quarter under review, total income increased by more than 11% year-on-year to Rs 9,418 crore. Total expenses rose at a slower pace, increasing nearly 8% to Rs 7,829.17 crore.

EBITDA for the quarter rose 24.4% year-on-year to Rs 1,787 crore from Rs 1,436.2 crore in the corresponding period last year. EBITDA margin expanded by more than 200 basis points to 19.3%, compared with 17.2% a year earlier.

For the full financial year ended March 31, 2026, Asian Paints reported a consolidated net profit of Rs 4,325.35 crore, up 18% from Rs 3,667.23 crore recorded in the previous financial year. Annual revenue from operations rose around 5% year-on-year to Rs 35,583.54 crore in FY26.

Asian Paints shares: Buy, sell or hold?

Nomura raised its target price to Rs 3,600 (35% upside) while maintaining a Buy rating, highlighting that the company not only retained but improved its guidance despite cumulative price hikes of around 13.5% year-to-date, including 10.5% implemented in April-May and a further 3% increase announced to dealers.
The brokerage noted that management’s decision to maintain volume growth guidance of 8-10% signals confidence in a strong demand environment. It also pointed to improved product mix guidance of -3% to -4%, compared with the earlier expectation of -5% to -6%, driven by a greater push towards premium and luxury paints, implying high-teens sales growth in FY27. The brokerage also maintained its operating margin guidance of 18-20% despite raw material inflation and competitive pressures. Nomura believes there is a high probability of crude oil prices moderating from current levels over the next six months, which could further support margins.
Motilal Oswal maintained its Neutral rating on Asian Paints with a target price of Rs 2,750, implying a modest upside of up to 3%. The brokerage raised its FY27 and FY28 earnings estimates by 3%-4%, citing better-than-expected revenue performance. However, it cautioned that the uncertain geopolitical environment and persistent inflationary pressures could continue to weigh on overall demand. Management has guided for high single-digit volume growth in FY27 despite significant price hikes, supported by a favourable base, more painting days due to El Niño conditions and an extended festive season.
The brokerage expects standalone EBITDA margins of 19.1% and 19.5% for FY27 and FY28, respectively, while consolidated margins are projected at 18.2% and 18.6%. It also noted that paint demand has remained subdued over the past two years, and recent price increases could delay a broader demand recovery. To counter competitive pressures, Asian Paints continues to focus on product innovation, strengthening brand salience, regionalisation and execution.

JM Financial upgraded Asian Paints to Add with a target price of Rs 2,815, implying an upside of 5.4%. The brokerage believes the company’s FY27 revenue outlook remains encouraging, supported by management’s volume growth guidance of 8-10%. Combined with double-digit price increases, including hikes of around 10.4% already implemented and an additional 2-4% announced from June, along with a lower adverse mix impact of 3-4%, this is expected to drive mid-teen sales growth in FY27. JM Financial noted that demand trends remained stable during April and May, while management remains optimistic about business momentum in the second and third quarters of FY27, aided by a longer festive season.

Also read: PSU bank stocks vs private banks in FY27: The valuation trap you need to avoid

The brokerage also highlighted that management has reiterated its EBITDA margin guidance of 18-20% despite significant raw material inflation, supported by price hikes, sourcing efficiencies, an improved product mix and calibrated spending. However, the company expects competitive intensity in the paints sector to remain elevated.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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