This week, I wrote about how the French government has been systematically replacing all third-party software with open-source alternatives. frenchtechjournal.com/la-sui…

Howdy, Frenchtechies and Non-Frenchtechies alike... We're pleased as punch to share our Q1 2026 Funding Report from The French Tech Journal (@FRTechJournal). Welcome to what we're calling The Great Concentration. Because we are fun like that... frenchtechjournal.com/the-gr…

The @FRTechJournal just published a Special Investors' Report reviewing the company's public filings and recent disclosures amid rumors it's about to close a big round to scale Calvin and Eve, its independent mobility exoskeleton. frenchtechjournal.com/is-wan…

From Arsène Lupin To Upstream Security: How Roni Carta Turned A Teenage Hacking Obsession Into Depi At 24, the Grenoble bug bounty hunter behind Depi just raised $5.9M to find supply chain attacks before they happen. frenchtechjournal.com/from-a…

Today, I am publishing AGNT: The Orchestration Economics Manifesto, a framework for what is becoming the largest value dislocation within the S&P 500 in modern memory. It rests on five claims: 1. The marginal cost of cognition is collapsing. The collapse is non-linear. A task that costs $100 in human cognitive labor today will cost $10 in 2027, $1 in 2028, and pennies in 2029. 2. As cognition becomes abundant, machines shift from tools to actors. For the first time, software receives goals, takes autonomous action, and delivers outcomes. The unit of economic production changes from the human labor hour to the orchestrated workflow. 3. Orchestration creates a new economic layer. The companies that control it capture the surplus of the entire transition. The entity that reorganizes itself around a new architecture - with intelligence at the core of workflows - and delivers outcomes from irreplaceable operational context through the Orchestration Layer captures the surplus of the transition. That entity is the AGNT. 4. Three structural laws predict who wins, who loses, and who the market is mispricing. Proximity to intent. Context depth. Workflow intelligence. Satisfy all three: you are an AGNT, the captain of the Agentic Era. Miss one: you are just a member of the crew. 5. Every company carries an embedded option that the market cannot yet price. Every company holds two value curves inside a single stock price: the fundamentals curve and the orchestration curve. The gap between them is an embedded option that runs in both directions. The destruction will be priced in days. The creation will be priced in years. These five claims are the spine of the Manifesto. Each is developed across the full text: the substrate that made cognition collapse, the shift from tools to actors, the emergence of the Orchestration Layer, the laws of durable value capture, and the hierarchy of firms, sectors, and positions that will fracture, fuse, or be repriced in the crossing. Find the full Manifesto here: orchestration-economics.com/

Today @UpwayShop raised a $60M Series C led by A.P. Moller Holding w/ money from Galvanize, Ora Global, and funds from past investors @sequoia. Founded by Stéphane Ficaja Toussaint Wattinne in 2021, Upway has raised $125M. Upway refurbishes e-bikes and sells them to consumers.