Silicon anodes appear to be leading the way in the race to commercialize next-generation battery technologies for electric vehicles.

The buzz around silicon-based anodes, which promise improved power and faster charging capabilities for EVs, has been growing in recent months — just as the hype around solid-state batteries seems to have fizzled.

It comes as increasing EV sales continue to drive up global battery demand, prompting auto giants to team up with major cell manufacturers on the road to full electrification.

While some OEMs (original equipment manufacturers) have inked deals with solid-state battery developers, carmakers such as Mercedes, Porsche and GM have all bet big on silicon anodes to deliver transformative change in the science behind EVs.

A recent report from consultancy IDTechEx described the promise of advanced silicon anode materials as “immense” for improving critical areas of battery performance, noting that this potential hadn’t gone unnoticed by carmakers and key players in the battery industry.

It warned, however, that challenges such as cycle life, shelf life and — perhaps most importantly — cost, need to be addressed for widespread adoption.

Venkat Srinivasan, director of the Collaborative Center for Energy Storage Science at the U.S. government’s Argonne National Laboratory in Chicago, said silicon anodes appear to have the edge over solid-state batteries.

“If there’s a horse race, silicon does seem to be ahead at least at this moment, but we haven’t commercialized either one of them,” Srinivasan told CNBC via videoconference.

Srinivasan said five years ago silicon-anode batteries had a calendar life of roughly one year, but recent data appears to show a dramatic improvement in the durability of these materials, with some tests now projecting a three to four-year calendar life.

Unlike the cycle life of a battery, which counts the number of times it can be charged and discharged, the calendar life measures degradation over time. Typically, the calendar life of a battery refers to the period in which it can function at over 80% of its initial capacity, regardless of its usage.

Srinivasan said solid-state batteries, long billed as the “holy grail” of sustainable driving, still have a long way to go before they can match the recent progress made by silicon anodes.

“That transition still has to be made in solid-state with their metal batteries and that’s why I think you’re hearing from people that, hey, it looks like that promise hasn’t panned out,” Srinivasan said.

“That doesn’t mean we won’t get there. It may happen in a few years. It just means that it feels like today silicon is in a different part of the technology readiness level.”

Japan’s Toyota and Nissan have both said they are aiming to bring solid-state batteries into mass production over the coming years, while China’s SAIC Motor Corp reportedly said in early September that its MG brand would equip cars with solid-state batteries within the next 12 months.

Nonetheless, analysts remain skeptical about when solid-state batteries will actually make it to market.

Georgiev said several industry players have been looking into the potential of silicon anodes, from well-established anode suppliers in China and South Korea to new players like Taiwan’s ProLogium and U.S. manufacturers Group14 and Sila Nanotechnologies.

“Especially in the West, advances in the area of silicon anodes [are] seen as strategic opportunity to catch up with China, which dominates the graphite-based anode supply chains with Chinese anode producers holding 98% of the global anode market for batteries,” Georgiev said.

“However, there are significant technical challenges going to 100% silicon anode such as silicon expansion affecting the longevity of the batteries and currently there are several routes to produce silicon anodes,” he added.

Taiwanese battery maker ProLogium debuted the world’s first fully silicon anode battery at the Paris Motor Show last month, saying it’s new fast-charging battery system not only surpassed traditional lithium-ion batteries in performance and charging efficiency but also “critical industry challenges.”

ProLogium, citing test data, said it’s 100% silicon anode battery could charge from 5% to 60% in just 5 minutes, and reach 80% in 8.5 minutes. It described the advancement as an “unmatched achievement in the competitive EV market,” which will help to reduce charging times and extend the range of EVs.

Fastmarkets’ Georgiev said a big question mark over the commercialization of silicon anodes is the cost of production and whether any of the major silicon-anode producers “could produce material at scale with a consistent quality and at a competitive price — [a] major requirements of OEMs.”

“At this stage silicon anodes are used more as an additive to graphite-based anodes and in the years to come we expect to see increase of silicon share in anode, but in combination with graphite, while 100% silicon anodes will take longer time to enter the mass market,” he added.

Saudi state oil giant Aramco reported a 15.4% drop in net profit in the third-quarter on the back of “lower crude oil prices and weakening refining margins,” but maintained a 31.05 billion dividend.

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Marqeta shares tumbled more than 30% in extended trading on Monday after the company issued weaker-than-expected guidance for the fourth quarter.

Here’s how the company did compared with Wall Street estimates, based on a survey of analysts by LSEG:

• Loss per share: 6 cents, adjusted vs. 5 cents expected
• Revenue: $128 million vs. $128.1 million expected

While third-quarter results showed a slight disappointment on the top and bottom lines, Marqeta’s forecast for the current period was more concerning.

The payment processing firm said revenue in the fourth quarter will increase 10% to 12% from a year earlier. Analysts were looking for growth of over 17%, according to LSEG.

Marqeta, which primarily functions as a card-issuing platform, attributed the guidance miss to “heightened scrutiny of the banking environment and specific customer program changes.” The company has been struggling for a while, and its stock is now down more than 80% from its peak in 2021, the year it went public. The stock was down 15% for the year prior to the report.

Total processing volume of $74 billion was up more than 30% from a year earlier. Net revenue and gross profit were up 18% and 24%, respectively.

Marqeta’s digital commerce business sells payment technology designed to detect potential fraud and ensure that money is properly routed. It also issues customized physical cards that look like a credit or debit card that can be used for point-of-sale purchases.

The company has been trying to break into the buy-now, pay later business with a recently launched product called Marqeta Flex. The service brings BNPL from lenders like Affirm or Klarna to any credit card wherever Mastercard and Visa are accepted.

“It’s an orchestration layer, but it’s tied to issuing and processing and disputes and chargebacks,” CEO Simon Khalaf told CNBC at Money2020 in Las Vegas last week. “So it is not actually a Wild West in BNPL. It is actually very well established. And there is a reason why a lot of people are jumping to it.”

WATCH: Marqeta CEO on Q2 earnings

With one day to go until the U.S. general election, crypto companies have already poured tens of millions of dollars into the upcoming 2026 cycle. The pro-crypto and bi-partisan super PAC Fairshake said Monday that the committee and its affiliates have raised $78 million for the 2026 midterm elections.

That $78 million includes more than $30 million raised, plus another $48 million in new commitments from centralized crypto exchange Coinbase and Silicon Valley venture fund Andreessen Horowitz, among other companies.

Early Monday, a16z general partner Chris Dixon, who heads up the fund’s crypto book, published a note explaining why the company contributed another $23 million to Fairshake.

“Regardless of what happens in the 2024 elections, we’re committed to supporting policymakers, irrespective of party affiliation, who will work to establish a practical regulatory framework that protects consumers while allowing the industry to grow,” the letter read.

Dixon added that “supporting a PAC like Fairshake is just one crucial part of the strategy needed to achieve our larger policy goals” and that a16z would continue to meet with policymakers on both sides of the aisle to advocate for the industry.

All in, a16z has given $70 million to Fairshake as the VC looks to support the PAC’s larger mission of building a Congress comprised of pro-crypto legislators.

On Wednesday, Coinbase announced it would give another $25 million to Fairshake.

Coinbase, the largest U.S. crypto exchange, was sued by the Securities and Exchange Commission over claims that it engaged in unregistered sales of securities. It’s among Fairshake’s top contributors this cycle. The exchange has given more than $75 million to Fairshake and its affiliated PACs.

“We know we need to have pro-crypto legislation passed in this country,” Coinbase CEO Brian Armstrong said during the company’s third-quarter earnings call. Shares plummeted 15% after the company reported a miss on the top and bottom lines.

Ripple Labs is another major political donor this cycle that has given around $47 million to Fairshake. CNBC reached out for comment as to whether the company is donating to the 2026 midterm election but did not immediately hear back.

Fairshake told CNBC it’s raised around $170 million this cycle and disbursed approximately $135 million.

The majority of the group’s funds can be traced to Coinbase, Andreessen Horowitz, and Ripple Labs. The remaining balance comes from a mix of companies and individual donors. Coinbase CEO Brian Armstrong, for example, gave $1 million, while the Winklevoss twins put in $5 million.

Fairshake was launched last year by a consortium of crypto firms and is one of the top-spending PACs in 2024, even against oil companies and banks, which have historically been big political contributors. Nearly half of all the corporate money flowing into the election has come from the crypto industry, according to a report from the nonprofit watchdog group Public Citizen. 

Fairshake’s spending, which has targeted House and Senate races in the 2024 cycle, is effective. Public Citizen’s report found that of the 42 primary races that attracted money from crypto-backed super PACs, 36 were won by the candidate backed by the crypto industry.

Fairshake’s corporate and individual donors want crypto laws in the U.S.

Dixon and others say they’re looking for comprehensive market structure legislation for digital assets and a law to govern stablecoins, tokens pegged to the value of a real-world asset that are now virtually synonymous with U.S. dollar-pegged coins.

“Many industries come to DC asking to roll back rules, and we have come to DC asking to establish them,” Dixon wrote in his post on Monday.

The head of oil producer alliance OPEC brushed off forecasts of dwindling crude demand in the coming year, saying there was too much pessimism in the market — despite the group extending production cuts just one day prior in an attempt to shore up prices amid subdued global consumption.

“Well, for OPEC, we have demand growth this year at 1.9 million barrels a day,” OPEC Secretary-General Haitham Al Ghais told CNBC’s Dan Murphy Monday at the Adipec energy conference in Abu Dhabi.

“Now some people might say this is on the high side, but other independent analysts, researchers in the market have it at similar levels,” he said. “Some have it at [what] we believe [are] very low levels. We’re still quite robust on demand.”

“I think there’s a bit too much doom and gloom and pessimism in terms of the demand outlook by some corners in the market, in terms of analysts and research, but we believe, still, our numbers are in line with many other independents,” Al Ghais said.

The Vienna-based oil producer group in mid-October downwardly revised its projections for oil demand growth in the near-term, forecasting growth of 1.93 million barrels a day this year and 1.64 million barrels a day in 2025. This compared to previous forecasts of 2.03 million and 1.74 million barrels a day, respectively.

While the outlook figure was trimmed, it’s still dramatically higher than that of the Paris-based International Energy Agency, which sees global oil demand increasing by roughly 900,000 barrels per day this year and close to 1 million barrels per day in 2025.

“We have lowered down our demand numbers, to be fair, in the last couple of months, by about 100,000 to 200,000 barrels a day,” Al Ghais said. “Nevertheless, we remain at 1.9 [million] and this is higher than the historical average, the pre-pandemic and even the post-pandemic recovery rate, which was around 1.2 million barrels per day.”

The forecasts come amid a slowing Chinese economy, which has significantly hit oil demand and abundant global supply. China is the world’s largest crude importer and the second-largest crude consumer, after the United States.

When asked about concerns over China’s economic trajectory, the OPEC chief replied: “We have China growing at 0.6 million barrels a day this year … I think the outliers who are looking at China growing at 0.1 [million barrels a day] or hardly any growth, are the outliers. We are not the outliers.”

He added that the group is “seeing some very positive numbers coming out of the U.S. economy” and that it sees “good signs in the petrochemical industry, aviation sector.”

Numerous economists expect China’s economic growth to remain relatively weak in 2025 despite recent stimulus measures implemented by Beijing. The measures announced in late September failed to elicit a strong reaction from markets, while slowed growth since the Covid-19 pandemic and increasing adoption of electric vehicles has slashed oil demand in the world’s second-largest economy.

The comments came just one day after OPEC+ member countries agreed to delay a planned December output increase by one month, causing U.S. crude futures to jump over 2%. West Texas Intermediate was up 2.24% to $71.73 per barrel and international benchmark Brent crude rose 2.17% to $75.27 by 12 p.m. in London.

“This is not the first time we delayed the increase, which is supposed to be phased in gradually … This is just a continuation of our policy of making sure that we’re very attentive to the market,” Al Ghais said, adding that there is more to be seen and deliberated before the next ministerial meeting on Dec. 1.

“This is nothing unusual that has not been, let’s say, part of the modus operandi of OPEC+ since our agreement has been in place,” he said.

OPEC+, which consists of OPEC member states and several producer countries outside the organization, has implemented a series of cuts and extensions of them since late 2022 amid rising supply around the world in an effort to shore up the market.