PORTHCURNO (ENGLAND): Newly discovered documents have revealed the first telegraph messages and joy when England was linked for the first time with India on 23 June, 1870, via thousands of km of cables laid painstakingly below the seas, reducing time from months to minutes.

The sylvan Porthcurno valley in Cornwall, located on the Atlantic coast 506 km south-west of London, was the unlikely place of a revolution that enabled Britain and its former colonies to communicate with each other.

Museum officials told a visiting PTI correspondent that Porthcurno was the hub of international cable communications from 1870 to 1970, and a training college for the communications industry until 1993.

Now a museum housing rare equipment and details of the history of telegraph, Porthcurno has been granted millions of pounds in funding to develop an international education programme that includes community groups in India.

Among its rare archives discovered last week is a collection of the first telegraph messages sent from Porthcurno and Mumbai (then Bombay).

Until that landmark day, communication between England and India was unreliable, and often took months.
According to the document, the first message was dispatched on the night of 23 June, 1870, and a reply was received in 5 minutes, which was a technological feat at the time.The message was called a ‘complimentary telegram’ between the ‘Managing Director in London and the Manager in Bombay’.

The first message was from ‘Anderson to Stacey: How are you all?’, to which the reply was: ‘All well’.

The second message from Anderson was: ‘Please ask gentlemen of the press, Bombay, to send a message to gentlemen of the press, New York’.

After several messages that night, including some to the governor of Bombay, from Lady Mayo to viceroy Lord Mayo based in Shimla, and one from the Prince of Wales to the viceroy, a response was received from journalists based in Bombay.

It said: ‘From the Press of India to the Press of America: The Press of India sends salaam to the Press of America. Reply quick’.

The document notes that the viceroy of India had sent a telegraph to the president of the United States and “received a reply which reached him in 7 hours 40 minutes”.

The viceroy’s message, which was read in the American Congress the same evening, was: “The Viceroy of India for the first time speaks direct by telegraph with the President of the United States. May the completion of the long line of uninterrupted communication be the emblem of lasting union between the Eastern and Western World”.

Telegraphic communication with India was first established in 1864 by overland telegraph lines from Europe to the top of the Persian Gulf and then by an undersea cable to Karachi, but the overland section was never satisfactory, prompting efforts to lay more reliable cables below the sea.

In 1869, telegraph pioneer John Pender established the British Indian Submarine Telegraph Company, whose task was to lay undersea cables to India.

The five ships used to lay the thousands of km of cables were the Great Eastern, William Cory, Chiltern, Hawk and Hibernia.

It took six weeks to lay the cables from Suez to Bombay. This was followed by the laying of the final link from Malta to Porthcurno.

It was the first long distance cable ‘chain’, and opened to the public with much jubilation, museum records show.

After the link with India was established, Porthcurno was linked by undersea cables to several other areas across the world.

At its height, it was the world’s largest station with 14 cables in operation. Porthcurno’s telegraphic codename was ‘PK’.

During World War II, tunnels were dug by Cornish miners to house an underground building and Porthcurno’s entire telegraph operations.
The building today houses the museum and archives that started the communication revolution in the late nineteenth century.
Besides 1.44 million pounds funding received in January, the museum this week has been granted 35,000 pounds from the international telecommunications organisation SubOptic to develop an education project with community groups in India, among other countries.
Museum officials said the money will fund an international education programme that will benefit users from spring 2013.

It will include online learning resources, including video clips, animations and games that will enable users to discover the science of global cable-based telecommunications, as well as its impacts on local identity, democracy and culture.

Subaru is recalling nearly 70,000 vehicles in the U.S. after discovering a defect that could cause moonroof glass panels to detach from the vehicle, creating a potential hazard for other motorists.

The recall affects 69,663 model-year 2026 Subaru Forester and Forester Hybrid vehicles, according to a safety recall report filed with the National Highway Traffic Safety Administration.

According to the report, some affected vehicles may have been manufactured with power moonroof assemblies in which the glass panel was improperly bonded to the sliding frame. Over time, the adhesive bond could deteriorate, increasing the risk that the moonroof glass could separate from the vehicle while it is being driven.

The automaker said a detached glass panel could raise the risk of a crash or injury for other road users.

FORD RECALLS NEARLY 420,000 EXPEDITION AND LINCOLN NAVIGATOR SUVS OVER SEAT BELT LOCKING ISSUE

The recall covers 65,656 Forester SUVs produced between June 19, 2025, and March 13, 2026, as well as 4,007 Forester Hybrid models built between Feb. 20 and March 17, 2026.

Subaru traced the issue to the manufacturing process, saying some moonroof assemblies may not have received the proper amount of primer, a bonding agent needed to securely attach the glass panel to the sliding frame. The moonroof assemblies were supplied by Webasto Roof Systems Inc. in Kentucky.

The company began investigating the issue after receiving a report on Feb. 26 that a moonroof glass panel had detached from a vehicle. A supplier investigation later indicated that some assemblies may have been produced with improper bonding between the glass and frame.

Subaru said it received three technical reports related to the condition between Feb. 26 and March 25. The company said it is not aware of any crashes or injuries linked to the defect.

NISSAN RECALLS OVER 51K SUVS AFTER SOFTWARE DEFECT CAUSES DASHBOARD SCREENS TO FAIL

The automaker decided on May 21 to conduct a voluntary safety recall “out of an abundance of caution,” according to the filing.

Dealers will inspect affected moonroof glass panels and replace the assembly if necessary at no cost to owners. Subaru said the issue was corrected in production on March 10.

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A representative for Subaru did not immediately respond to FOX Business’ request for comment.

Dealer notifications began May 28, while owner notification letters are expected to be mailed by July 24. Vehicle owners will be able to check whether their SUV is included in the recall through Subaru or NHTSA recall lookup tools.

In April 2026, Thai exports grew 23.1%, driven by electronics and US demand, while imports surged 45%, causing a record trade deficit; SCB EIC raised the 2026 export forecast to 7.8%.

Strong Growth in Thai Exports in April 2026

Thailand’s export engine is running hot—powered by electronics, AI‑related demand, and a rebound in agriculture. But imports are running even hotter, especially in energy and electronic components, pushing the trade deficit to unprecedented levels.

Key Drivers

• Electronics exports jumped 64.6%, benefiting from the global electronics upcycle and AI/data‑center investment trends .
• Electronics alone contributed 13.2 percentage points to total export growth .
• Exports to the US surged 44.2%, with electronics to the US up 93.8% .
• Agricultural exports rebounded 17.9%, led by fruit exports (+74.3%), especially durian (+109.5%) .
• Middle East exports rebounded 19.3%, but almost entirely due to a one‑off spike in jewelry/precious stones (+1,157%)

Thai exports surged to USD 31.6 billion in April 2026, expanding by 23.1% year-on-year and accelerating from 18.7% the previous month. This growth exceeded expectations, driven primarily by electronics, which grew 64.6%, benefiting from the global technology upcycle and strong demand from key markets like the US. Agricultural exports also rebounded with a 17.9% increase, especially fresh fruits like durian.

Exports to the US rose 44.2%, partly due to reduced tariffs and increased shipments of electronics and other products. However, exports to the Middle East rebounded mainly due to a sharp rise in jewelry exports.

Record-High Imports and Trade Deficit

Imports in April rose 45%, the highest in nearly five years, reaching USD 41.6 billion. This increase was driven by raw materials, intermediate goods, fuel—including crude oil prices impacted by Middle East tensions—and capital goods for technology sectors. Imports from China and Taiwan expanded substantially as Thailand sourced key inputs for its electronics manufacturing. Consequently, the trade deficit hit a record USD 10 billion for the month, with a cumulative deficit of nearly USD 19.5 billion during January-April 2026.

Revised Outlook for 2026 Trade Performance

SCB EIC has revised its 2026 export growth forecast upward to 7.8%, citing robust performance in electronics and improved global trade forecasts by WTO and IMF. The expansion in AI-related products and rising global gold demand also supports this outlook. Meanwhile, imports are expected to rise 15.8%, fueled by strong capital goods demand and higher fuel import costs. Despite potential risks from US tariff measures, Thailand’s export sector remains resilient, supported by ongoing global electronics upcycles and technology investments, especially in data centers.

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NEW YORK — Navitas Semiconductor Corp. (NVTS) has delivered explosive gains in 2026, fueled by its gallium nitride (GaN) and silicon carbide (SiC) power semiconductor technologies tailored for artificial intelligence data centers and high-efficiency power applications, but analysts remain divided on whether the current valuation supports fresh buying or warrants caution.

The stock has surged dramatically year-to-date, climbing over 280% in some measures, propelled by a strategic partnership with Nvidia showcased at Computex 2026 and sequential revenue growth. Shares recently traded in the mid-to-high $20s after a series of sharp rallies tied to positive AI infrastructure developments.

Recent Performance and Key Catalysts

Navitas reported first-quarter 2026 revenue of $8.6 million, an 18% sequential increase, with non-GAAP gross margins expanding to 39.0%. The company guided for second-quarter revenue of $10.0 million plus or minus $0.5 million, signaling continued momentum in high-power segments critical for AI and energy infrastructure.

A major catalyst came in early June when Navitas announced its collaboration with Nvidia’s MGX ecosystem to accelerate 800 VDC AI infrastructure solutions. The company’s 800 V-to-6 V DC-DC power delivery board was featured in Nvidia’s showcase, driving significant investor enthusiasm and multiple double-digit daily gains.

This alignment with Nvidia positions Navitas at the heart of the AI power efficiency boom, where gallium nitride technology offers advantages in speed, efficiency and size compared to traditional silicon solutions. Management highlighted the shift under its “Navitas 2.0” strategy toward higher-margin, high-power markets.

Analyst Consensus and Valuation Debate

Wall Street’s view remains cautious overall. According to multiple aggregators tracking eight to nine analysts as of early June 2026, the consensus rating stands at Hold. The average 12-month price target sits around $12.88 to $14.46, implying substantial downside from recent trading levels.

Ratings breakdown shows a mix: two Buy recommendations, five to six Holds, and one or two Sells. Price targets range from as low as $8 to highs near $21. Analysts acknowledge strong secular tailwinds in AI data centers but cite elevated valuations, execution risks and competition as reasons for restraint.

Some forecasts point to ongoing revenue pressure in the near term before a sharper rebound in 2027, with the company still operating at a loss while investing heavily in growth. The stock’s beta above 3.5 underscores its volatility, making it suitable primarily for risk-tolerant investors.

Growth Drivers and Market Opportunity

Navitas specializes in next-generation power semiconductors that address critical challenges in AI servers, electric vehicles, renewable energy and industrial applications. Demand for more efficient power conversion is exploding as data centers consume massive electricity, and GaN/SiC technologies promise meaningful reductions in energy loss and heat generation.

The Nvidia partnership validates Navitas’ technology and opens doors to broader ecosystem adoption. Participation in high-profile events like Computex has amplified visibility, with analysts noting potential for design wins that could accelerate revenue inflection.

Longer-term, the addressable market for power semiconductors in AI and electrification remains vast. Navitas’ focus on high-power solutions positions it to capture share as hyperscalers and infrastructure providers prioritize efficiency. Sequential growth in Q1 and Q2 guidance reflect early success in this transition.

Risks and Challenges

Despite the upside narrative, several headwinds persist. The company continues to report operating losses, and revenue remains modest compared to larger semiconductor peers. Intense competition from established players in GaN and SiC spaces could pressure margins and market share.

Share issuance activity, including ATM equity offerings, has raised dilution concerns among some investors. Insider selling in prior periods has also drawn attention, though often viewed in the context of compensation and liquidity. Macroeconomic factors, such as fluctuating interest rates and potential slowdowns in AI capex, add uncertainty.

Valuation metrics remain stretched by traditional standards, with some estimates highlighting multiples well above peers even after recent growth. This leaves limited room for error if execution falters or broader tech sentiment cools.

Investment Considerations for 2026

For growth-oriented investors with a multi-year horizon, Navitas offers compelling exposure to the AI power infrastructure theme. The Nvidia collaboration and improving margins provide tangible catalysts, potentially supporting further upside if revenue ramps accelerate as projected.

Conservative investors or those seeking near-term stability may prefer to wait for valuation compression or clearer evidence of sustained profitability. The stock’s high volatility demands careful position sizing and stop-loss discipline. Diversification across the semiconductor sector can mitigate company-specific risks.

Upcoming catalysts include the Q2 earnings report expected in early August and progress updates on design wins or new partnerships. Broader AI spending trends and competitive dynamics will also influence performance.

Broader Semiconductor Landscape

Navitas operates within a dynamic industry benefiting from AI, electrification and energy transition megatrends. While larger players dominate headlines, specialized innovators like Navitas can deliver outsized returns when technological advantages align with market needs. However, the sector’s cyclical nature and rapid innovation cycles require ongoing monitoring.

As 2026 progresses, Navitas’ ability to convert its technology edge and partnerships into consistent revenue growth and path to profitability will determine whether the stock rewards bulls or validates the more cautious analyst targets. The company’s trajectory exemplifies both the promise and pitfalls of early-stage plays in high-growth technology areas.

Investors should conduct thorough due diligence, consider their risk tolerance and consult financial advisors. While the AI-driven opportunity appears substantial, disciplined execution and favorable market conditions will be essential for Navitas to deliver long-term shareholder value in a competitive environment.

Wall Street’s nine-week winning streak ended with a thud on Friday, as red-hot technology stocks suffered their largest ​daily decline this year after a hot May jobs report fueled fears of a hawkish policy pivot from the U.S. Federal Reserve.

Selling was concentrated among chip stocks and other technology favorites that have surged higher in recent weeks as the Nasdaq Composite Index and S&P 500 rose repeatedly to fresh highs.

All three major U.S. stock indexes closed sharply lower, with ‌plunging chip stocks ⁠dragging the ⁠tech-laden Nasdaq down by its largest one-day percentage loss since last year.

The S&P 500 ended its nine-week run of Friday-to-Friday gains, its longest weekly winning streak since one that ended in December ​2023.

“After the record run we’ve seen the last nine weeks in equities, specifically tech and semiconductors, the dam just broke today,” said Ryan Detrick, chief market strategist ​at Carson Group in Omaha. “Obviously, the stronger-than-expected jobs report puts the Fed in a tough spot regarding any interest rate cut for the rest of the year. And the market is throwing a fit by hitting the big winners so far this year.”

Rising interest rates and the Iran war weighed on ​sentiment heading into the weekend, but many investors said they expected tech stocks to continue rallying.
“The market ⁠reaction today ‌was more driven by positioning rather than fundamentals,” said Ohsung Kwon, chief equity strategist at Wells Fargo. “The semiconductor sector was ​way overbought. That’s why we’re ​seeing the selloff. I don’t think it’s the end of the semi bull market.” The U.S. economy added 172,000 jobs ⁠in May, according to the Labor Department, more than double analyst expectations, while the unemployment rate ​held firm at 4.3%. The robust report was double-edged: it provided reassurance of U.S. economic health, but ​all but killed any hopes of an interest rate cut from the Fed in the near future.Financial markets are pricing in a growing likelihood of a rate hike at the conclusion of the Fed’s December meeting, according to CME’s FedWatch tool.

Fading hopes for a near-term resolution to the Middle East war and reopening the Strait of Hormuz are stirring fears that energy price pressures could morph into wider, systemic inflation. Iran reaffirmed its support for Hezbollah and demanded that Israel withdraw its troops from southern Lebanon, further complicating efforts to secure a near-term peace deal that would include the resumption of traffic through the ‌crucial strait. U.S. President Donald Trump’s administration has negotiated three truces, and while fighting has been greatly reduced, the two sides continue to trade airstrikes.

According to preliminary data, the S&P 500 lost 199.64 points, or 2.63%, to end at 7,384.67 points, ​while the Nasdaq Composite lost ​1,117.38 points, or 4.16%, to 25,713.58. The ⁠Dow Jones Industrial Average fell 684.53 points, or 1.33%, to 50,877.40.

Nvidia, the largest company by market value, fell sharply, as did smaller rivals Intel, Micron, AMD and Broadcom. Lululemon Athletica slumped after the athletic apparel maker cut its annual profit forecast and projected second-quarter earnings well below Wall Street estimates. Cooper Companies rose ​after the contact lens maker beat estimates for second-quarter results.

Cryptocurrency firms Coinbase and Strategy were pulled lower by bitcoin’s sharp drop. S&P Global said it would not change the eligibility requirements for its major indices, which effectively rules out a swift entry for Elon Musk’s SpaceX to the benchmark S&P 500 after it goes public in what would be the world’s biggest initial public offering.

S&P Dow Jones Indices will announce the results following its rebalancing after markets close. Chipmaker Marvell Technology, which boasts over $270 billion in valuation, is among the contenders to be added to the benchmark index.

Anne McElvoy and guests discuss the concentration, distribution and morality of wealth now and look back at An Inquiry into the Nature and Causes of the Wealth of Nations, published by the Scottish economist and philosopher Adam Smith in 1776, which gives an early account of what builds nations’ wealth and introduced concepts such as free markets, the division of labour, and productivity.

Our guests for this episode of BBC Radio 4’s Friday night ideas discussion programme are:

Vicky Pryce, economist and business consultant and co-author of Mismanaged Decline What Politicians Won’t Tell You About the Economy

Maha Rafi Atal, Adam Smith Senior Lecturer in Political Economy at the University of Glasgow and author of the forthcoming book When Companies Rule: Corporate Power from the East India Company to Silicon Valley. The University is holding a series of events to mark the 250th anniversary of the publication of The Wealth of Nations.

Dafydd Daniel, Lecturer in Divinity at the University of St Andrews

Allister Heath, business journalist

Hettie O’Brien, Guardian writer and author of The Asset Class: How Private Equity Turned Capitalism Against Itself

Producer: Eliane Glaser

You can hear another discussion about searching for economic solutions in the most recent episode of Start the Week, Radio 4’s Monday morning discussion programme where Tom Sutcliffe was joined by Mariana Mazzucato, Jeremy Hunt and Patrick Foulis.

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