India’s UAV‑Launched Missile V3 Clears Dual‑Mode Trials, Boosting Global Air Power

India’s Defence Research and Development Organisation (DRDO) has successfully completed final trials of the UAV‑Launched Precision Guided Missile‑V3 (ULPGM‑V3) at its Kurnool test range, marking a strategic milestone in indigenous defence capability under the Aatmanirbhar Bharat initiative.

DRDO has partnered with two production agencies - Bharat Dynamics Limited, Hyderabad and Adani Defence Systems & Technologies Limited, Hyderabad - for the development and production of the missiles. The system has been integrated on UAVs developed by Newspace Research and Technologies, Bengaluru for current trials.

The ULPGM missile has been developed by Research Centre Imarat, Hyderabad as the nodal lab along with other DRDO laboratories namely Defence Research & Development Laboratory (DRDL) Hyderabad, Terminal Ballistics Research Laboratory (TBRL), Chandigarh and High Energy Materials Research Laboratory (HEMRL), Pune.

Key Highlights of ULPGM‑V3 Trials

Development trials of Unmanned Aerial Vehicle Launched Precision Guided Missile-V3 in Air-to-Ground & Air-to-Air modes was successfully completed at DRDO test range near Kurnool, Andhra Pradesh. pic.twitter.com/Hl3AuJhsMP

— DRDO (@DRDO_India) May 19, 2026

• Dual‑mode capability: Effective in air‑to‑ground (anti‑tank) and air‑to‑air (drones, helicopters, airborne targets).
• Advanced Ground Control System: Integrated GCS automates readiness and launch operations.
• Indigenous development: Designed by Research Centre Imarat (RCI), Hyderabad with support from DRDL, TBRL, and HEMRL.
• Industrial collaboration: Partners include Bharat Dynamics Limited (BDL), Adani Defence Systems, and UAV integration by NewSpace Research & Technologies.
• Supply chain maturity: Trials confirmed readiness for serial mass production with MSME participation.
• Leadership recognition: Defence Minister Rajnath Singh and DRDO Chairman Samir V. Kamat hailed the achievement as a “strategic milestone.”

Technical Features

• High‑definition dual‑channel seeker: Enables day‑night precision targeting.
• Two‑way data link: Allows post‑launch target updates.
• Modular warheads: Anti‑armour, Penetration‑cum‑blast, Pre‑fragmentation.

Strategic Significance

• Force multiplier: UAV‑based PGMs reduce pilot risk and extend operational reach.
• Regional defence hub: Aligns with Andhra Pradesh’s aerospace and missile integration initiatives.
• Aatmanirbhar Bharat: Reinforces India’s push for self‑reliance in defence technologies.

Comparison Table: ULPGM‑V3 Capabilities

Feature	Details
Strike Modes	Air‑to‑Ground (anti‑tank), Air‑to‑Air (drones, helicopters, airborne targets)
Seeker System	Dual‑channel, day‑night capable
Warhead Options	Anti‑armour, Penetration‑cum‑blast, Pre‑fragmentation
Control System	Integrated GCS with automated launch readiness
Production Partners	Bharat Dynamics Ltd, Adani Defence
UAV Integration	NewSpace Research & Technologies
Supply Chain	Indigenous, MSME participation, ready for mass production

The missile has been produced entirely through the Indian defence ecosystem involving a large number of MSMEs and other industries. The trials confirmed fully mature domestic supply chain, equipped for immediate serial mass production.

Defence Minister, Shri Rajnath Singh  has complimented DRDO, PSUs, Defence cum Production Partners and industry for the successful development trials of ULPGM-V3 in Air-to-Ground mode for anti-tank role and Air-to-Air modes for Drone, Helicopter and other airborne targets. He termed it a strategic milestone achieved towards Aatmanirbharta in Defence.

Google I/O 2026: Google Turns Search Into Always‑On AI Agents

Google I/O 2026 has redefined Search into a proactive AI agent ecosystem powered by Gemini 3.5, Spark, and Omni. Search is no longer just about queries — it now continuously monitors the web, books services, generates apps, and executes tasks conversationally, marking the beginning of Google’s “agentic Gemini era.”

With the end of the Google’s flagship event, Google’s pivot: Search is no longer just about queries — it’s about proactive AI agents that help you do things.

The search engine giant announced that the Search is being rebuilt as a fusion of AI and traditional indexing — enabling users not just to find information but to understand, build, and act on it directly.

Key Highlights

• Gemini 3.5 Flash — Google’s fastest AI model yet, optimized for multi-step workflows, coding, and automation, delivering outputs up to 4x faster than rival frontier models. It now powers Search AI Mode globally.
• Search Agents — Persistent AI agents embedded in Search that monitor apartment listings, product prices, ticket availability, and news updates 24/7, notifying users automatically.
• Gemini Spark — A 24/7 proactive personal agent running in the background, capable of organizing emails, preparing briefs, coordinating events, and executing tasks across Google apps even when devices are offline.
• Gemini Omni — A multimodal AI model that can generate and edit videos, remix scenes, and combine text, images, audio, and video into new outputs. It introduces “any-to-any” creative capabilities.
• Generative UI in Search — A redesigned interface supporting multimodal inputs (text, photos, videos, files, browser tabs) and enabling users to create and manage multiple AI agents directly in Search.

Comparison: Traditional Search vs Agentic Search

Traditional Search	Agentic Search
Keyword-based queries	Conversational, multimodal inputs
Static results	Dynamic, proactive monitoring
User-driven discovery	AI-driven execution of tasks
Limited personalization	Persistent agents tailored to user needs
Informational	Transactional (bookings, shopping, automation)

Strategic Implications

• Shift in Paradigm — Search evolves from a query-response tool into a personal operating system for daily life.
• Competitive Landscape — Google’s agentic AI directly challenges OpenAI’s autonomous agents and Microsoft Copilot integrations.
• Enterprise Impact — Businesses must adapt to AI-mediated discovery and transactions, where visibility depends on integration with agentic workflows rather than SEO alone.
• User Experience — The gap between intent and execution collapses — users can move from “wanting” to “doing” instantly.

Risks & Challenges

• Privacy Concerns — Continuous monitoring raises questions about data security and consent.
• Bias & Transparency — Google promises stronger AI safety systems and SynthID verification, but concerns remain about algorithmic bias.
• Market Dependence — Businesses may become increasingly dependent on Google’s agent ecosystem for visibility and transactions.

Conclusion

Google’s I/O 2026 announcements mark the biggest overhaul of Search in its history. By embedding Gemini-powered agents into every layer of its ecosystem, Google is positioning Search as a living intelligence system — proactive, multimodal, and transactional. This shift will reshape how individuals, enterprises, and competitors interact with the digital world.

SpaceX IPO Could Deliver $60 Billion Windfall to Early Backers

SpaceX, Elon Musk’s privately held aerospace company, is widely expected to pursue an initial public offering (IPO) in the coming years. If realized, the IPO could generate returns exceeding $60 billion each for early investors, according to projections from industry analysts and venture capital insiders.

According to a report by media outlets including The Information, a SpaceX IPO could deliver more than $60 billion each to early backers Founders Fund and Valor Equity Partners, making it one of the largest venture capital windfalls in history. The figures are projections tied to a potential offering, as SpaceX has not yet formally announced IPO plans.

Early Investment and Stakes

• Founders Fund, co‑founded by Peter Thiel, invested in SpaceX during its formative years when the company was still proving the viability of reusable rockets.
• Valor Equity Partners, led by Antonio Gracias, was another early backer, supporting Musk’s vision of lowering launch costs and expanding access to space.
• Both firms hold substantial equity stakes, which have appreciated dramatically as SpaceX’s valuation surged past $180 billion in private markets.

Market Context

• SpaceX has become the dominant player in commercial spaceflight, with its Falcon 9 rockets accounting for the majority of global launches.
• Its Starlink satellite internet service has expanded to millions of subscribers worldwide, creating a recurring revenue stream that strengthens IPO prospects.
• Analysts suggest that a public listing could value SpaceX at $300 billion or more, rivaling the largest tech IPOs in history.

Strategic Implications

• For Venture Capital: A $60B+ return would rank among the largest VC payouts ever, reshaping perceptions of risk and reward in deep‑tech investing.
• For SpaceX: IPO proceeds could fund ambitious projects, including Mars colonization, Starship development, and expansion of Starlink.
• For Markets: Institutional investors would gain direct exposure to the commercial space sector, potentially driving aerospace valuations higher.

Risks and Considerations

• Regulatory hurdles: IPO timing depends on SEC filings and compliance with disclosure standards.
• Market volatility: Valuations in the tech and aerospace sectors can fluctuate sharply.
• Lock‑up periods: Early investors may face restrictions before realizing gains.

Investor Impact Table

Investor	Founder(s)	Early Role	Projected IPO Return
Founders Fund	Peter Thiel & partners	Seed‑stage backer	$60B+
Valor Equity Partners	Antonio Gracias	Early growth investor	$60B+

Editorial Note

SpaceX’s potential IPO would mark a historic moment in venture capital, cementing Musk’s company as not only a technological leader but also a financial juggernaut. The scale of returns for Founders Fund and Valor Equity Partners underscores the transformative potential of early‑stage investing in frontier technologies.

Analog Devices to Acquire Empower Semiconductor for $1.5 Bn

• Addresses a critical challenge in AI – delivering high-density, energy-efficient compute as power and thermal demands limit system scale
• Further advances ADI’s position as a leading strategic, system-level grid-to-core power partner for hyperscalers and AI silicon developers. 
• Expands ADI’s total addressable market in AI compute power delivery with Integrated Voltage Regulator (IVR) and Silicon Capacitor technology solutions

Analog Devices, Inc. (NASDAQ: ADI) and Empower Semiconductor today announced that they have entered into a definitive agreement under which ADI will acquire Empower in an all-cash transaction for $1.5 billion.

As AI compute scales, power density – not just total watts – has become the limiting factor. Delivering high-density, high-efficiency power at the point of compute, while responding to fast-changing demands, is now one of the most critical challenges in system design.

Together, ADI and Empower will help shape the power delivery architecture for AI and other compute-intensive applications. By enabling power conversion closer to the processor, the combined solution shortens the power delivery path and improves efficiency to support higher-performance, higher-density systems. Building on its leadership in high-performance power management, ADI is investing in its system-level platform to deliver a step-change in performance, density, and efficiency from grid to core.

"AI infrastructure is fundamentally reshaping how power must be delivered, with energy now the most persistent constraint to scaling next-generation systems. ADI already delivers some of the highest-performance power management solutions in the industry, and with Empower we are further expanding our portfolio to help customers rearchitect their power systems and achieve the compute densities next-generation AI demands. The impact of this technology extends well beyond AI data centers to any domain where energy constrains what is possible,” said Vincent Roche, CEO and Chair at ADI.

Empower was founded to solve the hardest problem in AI power delivery – the power bottleneck that is limiting AI throughput. Our technology enables the power density, speed and efficiency required by AI processors to reach their full potential, unleashing generations of performance improvements. The combination of ADI’s power management platform, scale and operational excellence, along with the system level benefits our merger enables, will accelerate our adoption with customers, said Tim Phillips, CEO of Empower Semiconductor.

Empower’s silicon capacitors are already in production, and IVR programs are advancing in close collaboration with leading hyperscalers and AI silicon providers – capabilities ADI will accelerate through its scale, manufacturing, and customer reach.

Transaction Details

Under the terms of the agreement, which has been approved by the Boards of Directors of both companies, ADI will pay Empower’s stockholders $1.5 billion in an all-cash purchase price. The transaction is expected to close in the second half of calendar year 2026, subject to customary closing conditions and the expiration of the applicable waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Following the closing of the Transaction, Mr. Phillips will continue leading IVR technology efforts as part of ADI.

About Analog Devices, Inc.

Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, AI, and software technologies into solutions that combat climate change, reliably connect humans and the world, and help drive advancements in automation and robotics, mobility, healthcare, energy and data centers. With revenue of more than $11 billion in FY25, ADI ensures today's innovators stay Ahead of What's Possible. Learn more at www.analog.com and on LinkedIn and X.

About Empower Semiconductor

Empower Semiconductor, based in Silicon Valley, powers the AI revolution with its FinFast™ technology by reducing the energy footprint and total cost of ownership of data centers. Its integrated voltage regulators deliver on-demand scalable power with the speed, precision and signal integrity required by AI processors. Empower’s power-management architecture is designed to shrink solution footprint, height and component count, achieving vertical power delivery with robust power density and efficiency. Learn more at www.empowersemi.com and follow us on LinkedIn.

Advisors

PJT Partners is acting as financial advisor to ADI, and Wachtell, Lipton, Rosen & Katz as legal counsel; Barclays is acting as financial advisor, and Goodwin Procter as legal counsel to Empower.

All trademarks and registered trademarks are the property of their respective owners.

Lighthouse Canton Appoints Abhay Laijawala as India Chief Investment Officer (CIO)

• Appointment strengthens India investment leadership as the organisation targets USD 10 billion in AUM by 2027
• Hiring signals Lighthouse Canton's deepening commitment to India as a core growth market

Lighthouse Canton, a global investment institution with over USD 5 billion in assets under management, today announced the appointment of Abhay Laijawala as Chief Investment Officer (CIO) for India. The appointment underscores India's position as a core growth market for the organisation and its commitment to building a scaled, institutional-grade investment platform anchored in India's deepening capital markets.

Abhay Laijawala, MD & India CIO, Lighthouse Canton

Reporting to Group CIO, Sunil Garg, Abhay will lead Lighthouse Canton's India investment strategy, overseeing asset allocation, and both discretionary and non-discretionary client portfolios, in addition to development of high-conviction, differentiated investment themes and ideas. The India Investment team, reporting to Abhay, is an integral part of Lighthouse Canton’s Global Investment team.

Speaking on the appointment, Shilpi Chowdhary, Group CEO, Lighthouse Canton, said, “India is central to Lighthouse Canton's next phase of growth, and we are committed to building a leading presence here. Capital formation is accelerating, investor sophistication is rising, and the regulatory environment continues to mature in ways that reward institutional-grade thinking. We are scaling with purpose, and that means investing in leadership that matches our ambition. Abhay brings exactly the depth of experience and conviction this moment calls for, and his appointment reflects how seriously we are investing in India for the long term.”

Sunil Garg, MD & Chief Investment Officer, Lighthouse Canton, said, "As one of the leading emerging markets, India is core to global asset allocation. The opportunity is well understood but capturing it requires someone who has seen the market through multiple cycles and knows how to build disciplined strategies around it. Abhay has spent over three decades doing that. He brings research depth, institutional credibility, and a clear-eyed view of how Indian investments fit within a global portfolio. Our India investment capability will be significantly stronger with him leading it."

Commenting on his new role, Abhay Laijawala, MD & Chief Investment Officer, India, Lighthouse Canton, said, “What drew me to Lighthouse Canton is its unique positioning as a genuinely integrated platform across public markets, alternatives, and cross-border capital flows, a combination very few organisations in this space can credibly offer. My core focus will be building a differentiated, high-conviction investment process that delivers optimal outcomes across market cycles. What also set the Lighthouse Canton apart is its extensive use of technology to elevate client experience in an environment of increasingly dynamic global markets, a depth of commitment I have simply not encountered at any organisation in my career to date.”

Abhay brings over 30 years of experience in Indian equities, with a career that spans the full arc of the market's evolution, from India's opening to foreign institutional investors (FIIs) post the 1991 reforms to its emergence as a $5 trillion equity market, where FIIs today hold approximately 15% ownership. A highly ranked analyst and strategist, he has been a prominent voice on Indian equity strategy, ESG investing, and commodity cycles, contributing regularly to industry forums and investor platforms.

Prior to joining Lighthouse Canton, Abhay served as Head of Offshore Investments at Canara Robeco Mutual Fund. Before that, he was Managing Director and Fund Manager at Avendus, where he led the firm's ESG strategy and large-cap equity offerings. He spent a decade at Deutsche Bank as Head of Equity Research, overseeing coverage of over 120 stocks and authoring the bank's India Equity Strategy. His previous stints also include JP Morgan, Citi Bank and HSBC.

The appointment is part of Lighthouse Canton's broader global expansion strategy, underpinned by a sustained build-out of its leadership team across core growth markets and new geographies. In India, the organisation has recently appointed Gurjeet Sohi, a nearly three-decade Deutsche Bank veteran, as Managing Director and Head of Wealth Management, and Muffazal Arsiwalla as Managing Director and Head of Capital Solutions and Advisory, signalling a push into higher-value advisory and UHNW coverage.

As part of its India expansion, Lighthouse Canton plans to grow its headcount from 220 to over 400 in the next two years, scale its India wealth and asset management business to USD 4 billion by 2027, and expand from six to 20 cities across the country, positioning India as a core growth engine within the organisation's broader target of USD 10 billion in AUM by 2027.

Beyond India, the organisation entered a strategic partnership with Taiwan-based investment firm Draco Evolution in April 2026, accelerating its push into North Asia's wealth corridor.

These moves follow on from Lighthouse Canton’s USD 40 million funding round in November 2025, led by Peak XV Partners with participation from Nextinfinity and Qatar Insurance Company, its first external fundraise in its decade-long history. The capital is being deployed to strengthen the balance sheet, expand alternative investment capabilities, and accelerate geographic growth.

Lighthouse Canton is an independent global investment institution enhancing cross-border capital flows between Asia, the Middle East, and Europe. Headquartered in Singapore with offices in Dubai, India, and London, it serves ultra-high-net-worth individuals, family offices, founders, and institutional investors through an integrated platform spanning wealth management, asset management, and advisory and capital solutions.

Management business comprises strong internal product capabilities in hedge funds, private equity, traditional fundamental analysis, investing through multiple strategies in real estate private equity, private credit, venture capital, growth debt, public equities, and global macros.